Jack in the Box Inc (JACK) 2026 Q2 法說會逐字稿

Ladies and gentlemen, thank you for standing by. My name is Christa and I will be your conference operator today. At this time, I would like to welcome everyone to Jack in the Box second-quarter 2026 earnings conference call. (Operator Instructions)

各位女士、先生，感謝您稍候。我叫 Christa，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Jack in the Box 2026 會計年度第二季財報電話會議。（接線員指示）

Thank you. I would now like to turn the conference over to Rachel Webb, Vice President of Investor Relations. Rachel, please go ahead.

謝謝。現在我想將電話會議交給投資人關係副總裁 Rachel Webb。Rachel，請開始。

Thanks, operator, and good afternoon everyone. We appreciate you joining today's conference call, highlighting results from our second quarter of fiscal 2026.

謝謝接線員，各位下午好。感謝各位參加今天的電話會議，我們將重點說明 2026 會計年度第二季的業績表現。

With me today, our interim Chief Executive Officer, Mark King; Chief Financial Officer, Dawn Hooper; and Senior Vice President of Strategic Finance, [Jeremy Corzine]. Following their prepared remarks, we will be happy to take questions from our covering sell-side analysts. Note that during both our discussion and Q&A, we may refer to non-GAAP items. Please refer to the non-GAAP reconciliations provided in the earnings release, which is available on our Investor Relations website at jackinthebox.com.

今天與我一同出席的有：代理執行長 Mark King；財務長 Dawn Hooper；以及策略財務資深副總裁 [Jeremy Corzine]。在他們的事先準備發言之後，我們很樂意回答負責覆蓋我們的賣方分析師提問。請注意，在我們的討論與問答期間，可能會提及非 GAAP 項目。請參閱新聞稿中提供的非 GAAP 調節表；該新聞稿可於我們的投資人關係網站 jackinthebox.com 取得。

We will also be making forward-looking statements based on current information and judgments that reflect management's outlook for the future. However, actual results may differ materially from these expectations because of business risks.

我們也將基於目前資訊與判斷發表前瞻性陳述，以反映管理層對未來的展望。然而，由於商業風險，實際結果可能與這些預期有重大差異。

We therefore consider the safe harbor statement in the earnings release and the cautionary statements in our most recent Form 10-K to be part of our discussion. Material risk factors, as well as information relating to company operations are detailed in our most recent form 10-K, 10-Q, and other public documents filed with the SEC and are available on our Investor Relations website.

因此，我們將財報新聞稿中的安全港聲明，以及我們最近一期 Form 10-K 中的警示性聲明視為本次討論的一部分。重大風險因素以及與公司營運相關的資訊，已詳載於我們最近一期 Form 10-K、10-Q 及其他向 SEC 提交的公開文件中，並可於我們的投資人關係網站查閱。

And with that, I would like to turn the call over to our interim Chief Executive Officer, Mark King.

接下來，我想把電話交給我們的代理執行長 Mark King。

Thanks, Rachel, and good afternoon, everyone. I really appreciate you joining us. And I'm really excited to be here today as interim CEO.

謝謝 Rachel，各位下午好。非常感謝各位加入我們。我也很高興今天以代理執行長的身分在此與各位交流。

Before I dive in, I want to start by wishing Lance Tucker well. On behalf of the board and everyone at Jack in the Box. I want to say thank you for all Lance has done in the past year in laying a strong foundation and a clear strategic path to the JACK on Track plan by simplifying this business.

在我開始之前，我想先祝福 Lance Tucker 一切順利。我代表董事會以及 Jack in the Box 的所有同仁，感謝 Lance 在過去一年所做的一切：透過簡化業務，為 JACK on Track 計畫奠定了堅實基礎並明確了策略方向。

So first, why am I here? Jack is an iconic brand with deeply engaged stakeholders in a business model that generates meaningful cash flow. Since I joined the Board of Directors, my excitement for this brand has only grown. This brand has tremendous potential, and we are only scratching the surface of the opportunities we have ahead of us. The Board and I firmly believe that we are on the right path and we have the right strategy in place, and as interim CEO, my focus will be on accelerating the JACK on Track initiatives already underway.

那麼，首先，我為什麼會在這裡？Jack 是一個具代表性的品牌，擁有高度投入的利害關係人，以及能產生可觀現金流的商業模式。自從我加入董事會以來，我對這個品牌的熱情只增不減。這個品牌潛力巨大，而我們目前只是觸及未來機會的表面而已。董事會與我堅信我們走在正確的道路上，也已具備正確的策略；作為代理執行長，我的重點將是加速推進已在進行中的 JACK on Track 各項措施。

In addition to accelerating JACK on Track, one of the first things I've tasked the leadership team with, is to operate with the renewed sense of urgency, an urgency to improve operating results and enhance shareholder value. The leadership team here at Jack is strong, and I'm excited to work alongside them to get Jack to positive same store sales and transaction growth. By empowering our team members, employees, and franchisees to obsess over our guest in a best-in-class guest experience, I'm confident we can capture incremental sales, even in the current pressured consumer environment.

除了加速 JACK on Track 之外，我交付領導團隊的首要任務之一，是以全新的緊迫感來營運——一種改善營運成果並提升股東價值的緊迫感。Jack 的領導團隊很強，我也很期待與他們並肩合作，讓 Jack 的同店銷售與交易量回到正成長。透過賦能我們的團隊成員、員工與加盟主，專注於以同級最佳的顧客體驗來服務來賓，我有信心即使在目前消費者承壓的環境下，我們仍能取得額外的銷售成長。

We've already made significant progress. Year-to-date, we've streamlined our marketing calendar, which has helped our operational execution in the restaurants. We have also better balanced our value and premium messaging, which improved our sales trends throughout the second quarter and into the third quarter.

我們已經取得顯著進展。今年迄今，我們精簡了行銷檔期，這有助於餐廳端的營運執行。我們也更妥善地平衡了「超值」與「高端」訊息傳達，進而在第二季以及進入第三季後改善了銷售趨勢。

Improving the guest experience is central to everything we do. Alongside the operational improvements, Shannon McKinney, our COO, has already made, we are sharpening our focus on the quality of food and the appearance of our restaurants. Many refreshers are proving to be a high ROI level, delivering measurable sales improvements with limited capital outlay. We've more than doubled our pace year-to-date in our accelerating the rate for both company and franchise restaurants that are benefiting from this mini refresh program. I'm confident that we can increase the pace of our progress by further simplifying and executing our strategic initiatives with discipline.

提升顧客體驗是我們一切工作的核心。除了營運改善之外，我們的營運長 Shannon McKinney 已經推動多項措施；我們也正更聚焦於餐點品質與餐廳外觀。許多小型翻新（mini refresh）已證明具有高投資報酬率（ROI），在資本支出有限的情況下帶來可衡量的銷售提升。今年迄今，我們在推動公司自營與加盟餐廳採用此小型翻新計畫的速度已超過倍增。我有信心，透過進一步簡化並以紀律執行策略措施，我們能加快進展步伐。

We also know our success is not possible without the success of our franchisees. We will continue to put franchisees at the front and center of every decision we make, driving stronger margins and profitability for our franchisees and for Jack in the Box. Helping to ensure franchisees thrive is not just one single initiative, but rather our core focus across all operations every day.

我們也知道，若沒有加盟主的成功，我們不可能成功。我們將持續把加盟主置於每一項決策的核心，為加盟主以及 Jack in the Box 推動更強的毛利與獲利能力。確保加盟主蓬勃發展並非單一措施，而是我們每天在所有營運面向的核心重點。

While we certainly have more work ahead of us, Jack in the Box is positioned to create sustainable value for our shareholders. I look forward to working closely with the Jack in the Box team and franchisees, and engaging with our shareholders, while Board members conduct a search for the company's next CEO.

雖然我們前方確實仍有許多工作要做，但 Jack in the Box 已具備為股東創造可持續價值的良好定位。我期待與 Jack in the Box 團隊與加盟主密切合作，並與股東保持互動，同時董事會成員也將進行公司下一任執行長的遴選。

I'll now turn it over to Dan to walk through the details of our second quarter results. Dawn?

接下來我把時間交給 Dan，請他帶各位了解第二季業績細節。Dawn？

Thanks, Mark, and good afternoon, everyone. I will start by reviewing the details on our performance in the second quarter, as well as provide more detail relating to our JACK on Track plan.

謝謝你，Mark，各位下午好。我將先回顧第二季的表現細節，並提供更多與我們 JACK on Track 計畫相關的說明。

The second quarter's sales for sales for Jack in the Box decreased 3.8% Comprised of a franchise restaurant, same store sales decrease of 3.9%, and a company owned same store sales decrease of 2.8%. This resulted primarily from a decline in transactions, partially offset by many price increases.

第二季 Jack in the Box 的銷售額下降 3.8%。其中，加盟餐廳同店銷售下降 3.9%，公司自營餐廳同店銷售下降 2.8%。此結果主要源於交易量下滑，部分被多次調價所抵銷。

As Mark mentioned, second quarter results reflect a better balancing of premium and value promotions. We improved transactions quarter over quarter with our value offering of much better deals. This was balanced with check growth from our premium innovation in Smashed Jack Sliders. Sliders are available as a one-piece add on, a three-piece combo, a munchie meal, and a party pack allowing guests to purchase them across different occasions.

如 Mark 所提到，第二季的結果反映出我們在高端與超值促銷之間取得更佳平衡。透過更具吸引力的超值優惠，我們的交易量較上一季有所改善；同時，藉由高端創新產品 Smashed Jack Sliders 帶動客單成長。Sliders 可作為單件加購、三件套餐、munchie meal，以及派對分享包（party pack）提供，讓顧客能在不同消費情境下購買。

We also improved the offer lineup on our first- and third-party digital channels in the quarter which drove higher more profitable checks. This combination reinforced the barbell strategy is working and we see that momentum continuing in our third quarter. So far, quarter-to-date same-store sales are approaching flat.

本季我們也改善了第一方與第三方數位渠道的優惠組合，帶動更高且更具獲利性的客單。這樣的組合強化了「槓鈴策略」正在奏效，我們也看到這股動能延續到第三季。截至目前，第三季迄今的同店銷售已接近持平。

Turning to margins, Jack's restaurant level margin percentage in the second quarter decreased to 16.4%, down from 19.6%. Food and packaging costs as a percentage of sales were 28.9% for the quarter, increasing 110 basis points from the prior year. This was driven by commodity inflation of 5% in the quarter. We continue to see elevated beef costs and expect inflation to maintain at the double digits through Q3 and moderate in Q4. We also expect deflation and other commodities, such as dairy, to offset some of this pressure.

接著談毛利率。Jack 第二季餐廳層級毛利率降至 16.4%，低於去年的 19.6%。本季食品與包材成本占銷售比重為 28.9%，較去年增加 110 個基點，主要由本季 5% 的原物料通膨所致。我們仍持續看到牛肉成本居高不下，並預期通膨在第三季將維持雙位數，第四季則趨於緩和。我們也預期其他原物料（如乳製品）出現通縮，將抵銷部分壓力。

Labor costs as a percentage of sales were 35.6% and increasing 180 basis points from the prior year. This increase was primarily related to a change in the mix of restaurants. Occupancy and other costs increased 40 basis points driven primarily by sales, deleverage and higher rent. Franchise level margin was $60.5 million, or 37.9% of franchise revenues compared to $68.3 million, or 40% a year ago. The decrease was mainly driven by lower sales driving lower rent revenue and royalties, a decrease in the number of restaurants, as well as lower lease termination fees.

人事成本占銷售比重為 35.6%，較去年增加 180 個基點。此增幅主要與餐廳組合變動有關。租金占用與其他成本增加 40 個基點，主要由於銷售下滑造成的槓桿效應不利（deleverage）以及租金上升。加盟層級毛利為 6,050 萬美元，占加盟收入的 37.9%，相較去年為 6,830 萬美元、占比 40%。下降主要由於銷售較低導致租金收入與權利金降低、餐廳數量減少，以及租約終止費用較低。

SG&A for the quarter was $26.4 million, or 10.4% of revenues as compared to $28.2 million, or 10.6% a year ago. The decrease of $1.8 million was primarily due to the market fluctuations of our COLI policies, as well as lower legal costs partially offset by higher stock based compensation due to prior year forfeitures. Excluding net COLI gains, G&A was 2.3% of total system wide sales for the quarter.

本季 SG&A 為 2,640 萬美元，占營收的 10.4%，相較去年為 2,820 萬美元、占比 10.6%。減少的 180 萬美元主要由於我們 COLI 保單的市場波動，以及法律費用降低；部分被因前一年沒收（forfeitures）而導致本期股權基礎薪酬增加所抵銷。排除 COLI 淨收益後，本季 G&A 占全系統銷售總額的 2.3%。

Our Transition Services Agreement, or TSA, following the Del Taco sale concluded in the second quarter. We generated income associated with the TSA of approximately $600,000 in the second quarter and $1.5 million year to date. This income is included in our reported G&A figures.

我們在出售 Del Taco 後所簽訂的《過渡服務協議》（Transition Services Agreement，簡稱 TSA）已於第二季結束。我們在第二季確認與 TSA 相關的收入約 60 萬美元，年初至今約 150 萬美元。該收入已納入我們所揭露的一般及行政費用（G&A）數據中。

The effective tax rate for continuing operations for the second quarter of 2026 was 27.7% compared to 27.6% for the same quarter a year ago. The adjusted tax rate used to calculate the non-GAAP operating earnings per share in the current quarter was 31.1%. Earnings from continuing operations was $12.5 million for the second quarter of 2026, as compared to $20.7 million for the same quarter of the prior year.

2026 年第二季持續營運的有效稅率為 27.7%，去年同期為 27.6%。本季用於計算非 GAAP 營運每股盈餘的調整後稅率為 31.1%。2026 年第二季持續營運收益為 1,250 萬美元，相較去年同期為 2,070 萬美元。

We reported GAAP diluted earnings per share from continuing operations for the second quarter of $0.65 compared to $1.09 in the same period of the prior year.

我們公布第二季持續營運的 GAAP 稀釋每股盈餘為 0.65 美元，去年同期為 1.09 美元。

Operating earnings per share was $0.76 for the quarter versus $1.25 in the same quarter of the prior year.

本季營運每股盈餘為 0.76 美元，去年同期為 1.25 美元。

Adjusted EBITDA was $51.3 million for the quarter down from $61.5 million in the prior year, due primarily to lower sales performance and restaurant closures.

本季調整後 EBITDA 為 5,130 萬美元，低於去年同期的 6,150 萬美元，主要因銷售表現較弱及餐廳關閉所致。

As we have discussed, JACK on Track is focused on bolstering the long term financial performance of the company by strengthening the balance sheet and positioning the company for sustainable growth.

如我們先前所討論，JACK on Track 的重點在於透過強化資產負債表並讓公司具備可持續成長的定位，來提升公司的長期財務表現。

We continue to be focused on debt reduction. Our total debt outstanding at quarter end was $1.6 billion and our net debt to adjusted EBITDA leverage ratio was 6.9 times. We are also in the process of withdrawing excess COLI funding of approximately $71 million, which is expected to be used along with cash on hand to prepay approximately $99 million of the August 2026 tranche early in the third quarter.

我們仍專注於降低負債。季末我們的未償還總債務為 16 億美元，淨負債對調整後 EBITDA 的槓桿比率為 6.9 倍。我們也正進行提領約 7,100 萬美元的多餘 COLI 資金，預計將與手上現金一併使用，於第三季初提前償還約 9,900 萬美元的 2026 年 8 月到期分期款。

Considering this pre-payment, our pro forma leverage ratio is approximately 6.2 times. As you saw in today's earnings release, we are actively pursuing the refinancing of our August 2026 and February 2027 tranches and plan to give you an update later this summer once we have more details.

考量此筆提前償還後，我們的備考槓桿比率約為 6.2 倍。如同你在今日的財報新聞稿中所見，我們正積極推動 2026 年 8 月與 2027 年 2 月到期分期款的再融資，並計畫在今年夏末、待細節更明確後再向各位更新。

As it pertains to real estate sales, we have generated $14.7 million of proceeds year to date. We expect to sell additional real estate with proceeds of approximately $35 million to $45 million by the end of the fiscal year with the expectation that these proceeds along with cash on hand would be utilized to pay down debt. We do expect closures to accelerate in the back half of the year. In particular, as franchisees see the clear path to recapture sales, they have increased their desire to close earlier than their franchise agreement expiration.

就不動產出售而言，年初至今我們已取得 1,470 萬美元的處分收入。我們預期在本會計年度結束前，將再出售其他不動產，取得約 3,500 萬至 4,500 萬美元的收入，並預期該等收入將與手上現金一併用於償還債務。我們確實預期下半年關店速度將加快。特別是當加盟商看到明確的銷售回補路徑時，他們更傾向於在加盟合約到期前提早關店。

We are also being strategic with our capital expenditures. Year to date, through the second quarter our capital expenditures were $34.5 million, which primarily included spending on restaurant information technology and new restaurants. As a reminder, roughly $5 million of this was due to timing of payments associated with the Chicago restaurant openings in Q4 of last year.

我們在資本支出方面也採取策略性作法。年初至今截至第二季，我們的資本支出為 3,450 萬美元，主要用於餐廳資訊科技與新店開設。提醒一下，其中約 500 萬美元是因去年第四季芝加哥餐廳開幕相關款項的支付時點所致。

Given our year-to-date performance, as well as expectations for the remainder of the year, we did update certain guidance measures as reflected in our release. For fiscal year 2026, we now expect same-store sales decline of low-single digits. As expected, Q1 was our lowest point and we anticipate a steady improvement through Q3 and further into Q4.

基於年初至今的表現以及對今年剩餘期間的預期，我們已如新聞稿所示更新部分指引項目。就 2026 會計年度而言，我們目前預期同店銷售將呈現低個位數下滑。如預期所示，第一季是我們的低點，我們預期至第三季將穩步改善，並在第四季進一步改善。

We're excited about the marketing lineup we have in the back half of this fiscal year. Our upcoming marketing campaign features a culturally relevant collab with Hot Ones, featuring two new Hot Ones munching meals. We will also have consistent value and you'll see us round out the year with premium innovation, further improving trends from a more balanced barbell strategy.

我們對本會計年度下半年的行銷排程感到振奮。我們即將推出的行銷活動將與 Hot Ones 進行具文化相關性的合作，推出兩款全新的 Hot Ones「munching meals」套餐。我們也將持續提供一致的超值選擇，並在年底以高端創新作結，透過更均衡的「槓鈴策略」進一步改善趨勢。

We expect restaurant level margin of approximately 17%, which includes mid-single-digit commodity inflation and low-single-digit wage inflation. We expect franchise level margin of $265 million to $275 million. This reflects our latest expectations about closures and selling real estate.

我們預期餐廳層級毛利率約為 17%，其中包含中個位數的食材通膨與低個位數的薪資通膨。我們預期加盟層級毛利為 2.65 億至 2.75 億美元。此反映我們對關店與不動產出售的最新預期。

As we've noted in our guidance, the timing of these elements could shift and as such have an impact on franchise level margin. With the TSA behind us, we now have better visibility into steady state G&A for the Jack in the Box standalone brand, we expect G&A to be approximately 2.3% of system wide sales. We anticipate SG&A which includes advertising to be between $115 million and $125 million. As a reminder, this excludes any gains or losses from COLI.

如我們在指引中所提到，這些要素的時點可能會變動，因而影響加盟層級毛利。隨著 TSA 已告一段落，我們對 Jack in the Box 單一品牌在穩態下的 G&A 有了更清晰的能見度；我們預期 G&A 約為系統整體銷售額的 2.3%。我們預期 SG&A（包含廣告）將介於 1.15 億至 1.25 億美元之間。提醒一下，以上不包含 COLI 的任何收益或損失。

And lastly, we expect adjusted ebitda to be between $225 million to $235 million for the year. The rest of our guidance that remains unchanged is listed in today's earnings release.

最後，我們預期全年調整後 EBITDA 將介於 2.25 億至 2.35 億美元之間。其餘維持不變的指引已列於今日的財報新聞稿中。

In closing, we continue to make steady progress on JACK on Track and we continue to build a stronger foundation for sustainable long term growth. We look forward to keeping you updated on our progress throughout this fiscal year.

總結來說，我們在 JACK on Track 上持續取得穩健進展，並持續打造更強健的基礎，以支持可持續的長期成長。我們期待在本會計年度期間持續向各位更新我們的進度。

Thanks again for your time this afternoon. Operator, please open the line for questions.

再次感謝各位今天下午撥冗參與。接線員，請開放提問。

(Operator Instrucitons) Jeff Bernstein, Barclays.

（接線員指示）Barclays 的 Jeff Bernstein。

Great. Thank you very much. My first question, Mark, curiously the skill set you think is needed to accelerate the turnaround plan. I'm just wondering maybe what are your top priorities for that new hire and maybe in the interim role, what do you think should be first and foremost to accelerate the turnaround? And then I had one follow-up.

很好，非常感謝。我的第一個問題，Mark，我很好奇你認為要加速這項扭轉計畫需要哪些技能組合。我想請教你對這位新聘人選的首要優先事項是什麼？以及在過渡期間的角色上，你認為要加速扭轉，最重要、最優先該做的是什麼？另外我還有一個追問。

Yeah. Well, thanks for the question, Jeff. First of all, I just want to say the JACK on Track is progressing nicely. When I was hired, initially to be on the Board, brought on the Board, it was something that was a big part of the discussion. So certainly I'm a big fan of JACK on Track.

是的，謝謝你的問題，Jeff。首先我想說，JACK on Track 的推進情況相當不錯。我當初受聘時，最初是加入董事會、被延攬進董事會，這也是討論中的重要部分。所以我當然是 JACK on Track 的忠實支持者。

I think, short-term, we really need to address transactions and same-store sales. I do have quite a bit of experience in the category and with driving sales and transactions. So for me, it's a holistic look at our innovation value and core products, how do we construct the windows, and as importantly, how do we drive marketing around those.

我認為短期內，我們確實需要處理交易量與同店銷售。我在這個品類以及推動銷售與交易量方面有相當多的經驗。對我而言，這需要以整體角度檢視我們的創新、價值與核心產品；我們要如何建構菜單板（windows），同樣重要的是，我們要如何圍繞這些來推動行銷。

I think we have so much variety, it'd be nice to really focus on a few key items that can move the needle a little bit. So those are my first thoughts when I've been on the job now for 72 hours, but yeah, those are my those are my comments.

我認為我們的品項非常多元，如果能真正聚焦在少數幾個能稍微帶動成效的關鍵項目會很好。這些是我在上任 72 小時後的第一些想法；是的，以上就是我的看法。

Understood. 72 hours seems like plenty of time.

了解。72 小時看起來已經是相當充裕的時間了。

Thanks, Jeff.

謝謝你，Jeff。

Yeah, follow-up question is just on the franchisee health. Obviously, you haven't been on the Board that long, but I know you've had lots of experience working with franchisees in the past, and I think we discussed this last quarter, but figured I would get your opinion. It would seem like the franchisee fo wall margins and profits are under pressure.

是的，我的追問是關於加盟商的健康狀況。顯然你加入董事會的時間不長，但我知道你過去在與加盟商合作方面有很多經驗，而且我想我們上季也討論過這點，所以想聽聽你的看法。看起來加盟商的店面層級毛利率與獲利正承受壓力。

So beyond the JACK on Track, I'm wondering if there's anything in the short-term you can do a conversations you're having with franchisees to help them navigate the difficult environment? Whether it's financial support or otherwise, it seems like you're asking them to do some more refreshes or some more bigger picture remodels, but it just seems tough in this environment. So just wondering if there's any conversations around how corporate can potentially help franchisees in any way? Thank you.

因此，除了 JACK on Track 之外，我想請教短期內是否有任何你們能做的事，或你們正在與加盟商進行的對話，來協助他們度過這個艱難的環境？不論是財務支援或其他方式。你們似乎也要求他們做更多翻新或更大規模的改裝，但在這樣的環境下看起來很不容易。所以想了解是否有任何關於總部如何在各方面協助加盟商的討論？謝謝。

Yeah, thanks for the question, Jeff. Well, I do know that our COO, Shannon McKinney, has constructed a committee with made up of both franchisees and people from corporate to look at the challenge. I believe that a lot of the profitability will be in simplifying the menu, the backof house. And I think we have to move really fast. That's one of the areas I think that we haven't moved fast enough on. And I do believe that will unlock profitability, labor, some of the things that we can control short-term.

是的，謝謝你的問題，Jeff。我確實知道我們的營運長（COO）Shannon McKinney 已成立一個委員會，由加盟商與總部人員共同組成，來檢視這項挑戰。我相信許多獲利改善將來自於簡化菜單與後場作業。我也認為我們必須動作非常快；這是我覺得我們過去推進不夠快的領域之一。我確實相信這將釋放獲利能力、改善人力等一些我們短期內可以掌控的事項。

When there's price increases on commodities, there's not a lot we can do about that. So I think it's really around menu, it's around key items, and it's around back the house. Those are short-term things that we'll address.

當大宗商品價格上漲時，我們能做的其實不多。所以我認為重點真的在菜單、關鍵品項，以及後場作業。這些都是我們會在短期內著手處理的事項。

Thank you.

謝謝。

Brian Bittner, Oppenheimer.

Brian Bittner，Oppenheimer。

Hi, thanks, this is Mike Tamis on for Brian. You called up the improving same store sales in the third quarter and you said they're approaching flat. So can you help us just unpack for us what you believe drove that improvement and maybe how that compares to the industry? And then I have a follow-up after that. Thank you.

嗨，謝謝，我是代替 Brian 的 Mike Tamis。你提到第三季同店銷售改善，並說正在接近持平。能否請你幫我們拆解一下，你認為是什麼驅動了這項改善，以及這與產業表現相比如何？之後我還有一個追問。謝謝。

Yeah, I'll take that question. So yeah, I'm pretty excited about the we're seeing. We think the back half of the year is going to -- we think Q4 is going to be the strongest. And I think what really got started to see some momentum in Q2 was a more Wells Fargo strategy. We have our much better deals that really hit and drove transactions, and then we balance that with our Sliders, which are broadly appealing and can support different dining occasions. It can be used as an add-on, a three-piece combo, munchie meal and party pack. So I think there was a lot going on there.And continuing with our barbell strategy, this quarter, what we've seen just really reinforces that that's the right thing to continue the momentum.

好的，我來回答這題。是的，我對我們看到的情況感到相當振奮。我們認為下半年會——我們認為第四季會是最強的。我覺得在第二季開始看到一些動能，主要是更偏向 Wells Fargo 的策略。我們推出的「更超值優惠」確實奏效並帶動交易量，接著我們再用 Sliders 來平衡，這個品項受眾更廣，也能支援不同的用餐情境。它可以作為加購、三件組套餐、宵夜餐（munchie meal）以及派對分享包。總之，我覺得這裡面有很多因素在發揮作用。而且延續我們的「槓鈴策略」，本季我們看到的結果更強化了這是正確方向，應該持續推進以延續動能。

Additionally, I'd just say operationally, with Shannon and his team and their operations excellence, we're starting to see a lot of green sheets. I'll say they're from internal, what we're seeing in internal measures on customer satisfaction, as well as externally on just improving accuracy, friendliness, et cetera, like with those bright spots, those are lead indicators that things are getting better. And when you have good operations in your restaurants that's going to help drive sales

另外我也想補充，在營運面，Shannon 和他的團隊推動營運卓越，我們開始看到很多「綠表」。我會說，這些是我們內部衡量的顧客滿意度指標所呈現的結果；同時在外部也看到改善，例如正確性、友善度等等。這些亮點都是領先指標，顯示情況正在變好。當餐廳營運做得好，就會有助於帶動銷售。

Thanks. And then, you did mention improving trends into the fourth quarter thinking it would be the strongest. So I think the back half of the year implies sort of flat to above 4% comps and and to get to low single-digits for the full year. So what do you think are the catalysts and differences that would keep you at sort of like flattish in the back half of the quarter, which is where you are now versus maybe achieving the top end of that implied outlook? Thanks.

謝謝。接著你也提到第四季的趨勢改善，認為會是最強的一季。所以我理解下半年意味著同店可能從持平到高於 4%，全年則達到低個位數成長。那你認為有哪些催化劑與差異，會讓你們在下半年維持目前這種偏持平的狀態（也就是你們現在的位置），或是有機會達到這個隱含展望的上緣？謝謝。

Yeah,. So I think if you look at the back half of the year, there's a lot of exciting things ahead. We are -- we know value is important. We continue to focus on value [free window], continue with our much better deals with the $5 price point. We also have an exciting World Cup FIFA event that we think is going to boost our sales in Q3. We're also leaning into non-food items.

好的。所以我認為如果看下半年，前面有很多令人興奮的事情。我們——我們知道「價值」很重要。我們會持續聚焦價值（[free window]），持續推動我們在 5 美元價位帶的「更超值優惠」。我們也有一個令人興奮的世界盃 FIFA 活動，我們認為這會在第三季帶動銷售。我們也會更著力於非食品品項。

Jibbis were a hit. We're going to bring back Jibbis. We realize that that's something that customers want and others have been successful at, so we're going to continue more with that. Collabs, we believe, are important as well. We have our Hot Ones promotion mentioned in our script, and that's coming in our next window. But just a lot of exciting things going on.

Jibbis 很受歡迎。我們會把 Jibbis 帶回來。我們意識到這是顧客想要的，而且其他品牌也做得很成功，所以我們會在這方面投入更多。我們也認為聯名合作（Collabs）同樣重要。我們在講稿中提到的 Hot Ones 活動，會在下一個檔期推出。總之，有很多令人興奮的事情正在進行。

And like I said, I think we're going to begin to see more in the back half of the year, the benefits from all the ops improvements that we've made.

而且如我所說，我認為在下半年，我們會開始看到我們所做的所有營運改善所帶來的更多效益。

Thank you.

謝謝。

Brian Harbor, Morgan Stanley.

Brian Harbor，Morgan Stanley。

Yeah, thanks. Good afternoon. Just on your comments about the store closures. Has there been any change to, the number targeted there or how you might think about that? Or is this just sort of a a timing shift at this point?

是的，謝謝。下午好。關於你們提到的門店關閉，你們的目標數量或你們對此的看法是否有任何改變？還是說目前只是時間點上的調整？

Yeah, no. The number is still the same. I'll tell you that the closures have been slower than we had initially anticipated. We do think closures are going to accelerate in the back half of the year. We mentioned that franchisees are starting to show more interest in closing restaurants sooner. We are seeing a very attractive sales transfer benefit of about 30% on average. Also, we're going to be dedicating more resources to engaging with landlords on exiting the leases, because we believe that's the biggest hurdle that's keeping franchisees from closing more underperforming restaurants.

是的，沒有。數量仍然相同。我可以告訴你，關店進度比我們最初預期的要慢。我們確實認為下半年關店會加速。我們提到加盟商開始更有興趣更早關閉餐廳。我們看到非常有吸引力的銷售轉移效益，平均約 30%。此外，我們也會投入更多資源與房東協商退出租約，因為我們認為這是阻礙加盟商關閉更多表現不佳餐廳的最大門檻。

Okay, understood. Thanks. Just to have these refinancing conversations. I mean, what is -- what do you anticipate might be needed there? Or is this somewhat just about the cost of refinancing? Could you say anything more about how those conversations have proceeded or what steps you're taking to get there faster to the extent that you could talk about it?

好的，了解，謝謝。關於這些再融資的討論，我是說——你預期可能需要做些什麼？還是這主要只是再融資成本的問題？你能否再多談一些這些討論目前的進展，或你們正在採取哪些步驟以加快進度（在你能談的範圍內）？

Yeah, like I mentioned, we'll have more details to share later this summer. But we are actively working with our advisors and are regularly eva evaluating the market conditions. Obviously, there is a headwind on the cost side, but we're we're evaluating all available structures and we'll optimize our solution based on market conditions.

是的，如我提到的，我們會在今年夏末分享更多細節。但我們正與顧問積極合作，並且定期評估市場狀況。顯然在成本面存在逆風，但我們正在評估所有可行的架構，並會依據市場狀況來最佳化我們的方案。

Thank you.

謝謝。

Sara Senatore, Bank of America.

Sara Senatore，Bank of America。

Hey, Isiah Austin on for Sarah. Thanks for the question. Just thinking about the revised coop margin guide. It implies a sequential step up in the second half versus the first. Just squaring that with the unchanged commodity and wage inflation outlook and just how 3Q and 4Q are typically your weakest margin quarters. What -- could you kind of help me bridge getting to getting from current margins to around 18% in the back half?

嗨，我是代替 Sarah 的 Isiah Austin。謝謝這個問題。就修訂後的合作社（coop）毛利率指引來看，它意味著下半年相較上半年會逐季走升。考量到你們對大宗商品與薪資通膨展望並未改變，而且第三季與第四季通常是你們毛利率最弱的季度——你能否幫我串起來，說明要如何從目前的毛利率走到下半年約 18%？

Yeah. So I'll say just from a commodity standpoint, obviously beef is the most impactful and the leading reason why we're guiding to mid single-digit, single-digits, beef is up double-digits Q1, Q2, and Q3. We do expect it to moderate in Q4 to low-single-digits. So we do expect to get some relief on that front.

好的。我會說就大宗商品而言，顯然牛肉影響最大，也是我們指引到中個位數、個位數（通膨）的主要原因；牛肉在第一季、第二季與第三季都是雙位數上漲。我們預期第四季會趨緩到低個位數。因此我們確實預期在這方面會獲得一些緩解。

Also, if you think about Chicago, the Chicago market, we talked about that in Q1, was a new market for us. Eight restaurants, company operated. We did have some, I would say, difficulties entering that market that caused our margins to be lower. The good news is that, in Q2, we are seeing -- starting to see some upside in Chicago from a top-line perspective and also a bottom line. And there is more momentum, because as we get operations to where we need to be, there's a little more work to do there. We will add an additional sales layer by expanding operating hours.

另外，如果你想到芝加哥——芝加哥市場，我們在第一季談過，那對我們來說是新市場。八家餐廳、公司直營。我們在進入該市場時確實遇到一些——我會說——困難，導致我們的毛利率較低。好消息是，在第二季，我們看到——開始看到芝加哥在營收端以及獲利端都有一些上行。而且動能正在增強，因為當我們把營運調整到需要的水準時——那裡還有一些工作要做——我們會透過延長營業時間來增加一層額外的銷售。

All right, thanks. And then also just thinking about the revised com guidance. Where do you all feel like you fell short of expectations, like with the value, innovation, maybe a specific day part and I guess what what's the current plan to address your weaknesses.

好的，謝謝。然後再談修訂後的同店（com）指引，你們覺得自己是在哪些方面未達預期？例如價值、創新、也許是某個特定時段（day part）？以及目前的計畫是什麼，用來改善你們的弱點？

Yeah, I think we start the quarter, with a niche premium item. And so as you look to kind of where we saw the back half of the quarter land, the premium item, I already mentioned was our sliders and it had a more broad appeal to it. So, I think that's where we started to see the trends turn, but that's kind of niche premium item that we started out the quarter with. It wasn't as successful as we had anticipated.

是的，我認為我們在本季一開始推出的是一個較小眾的高價位品項。因此當你看我們在本季後半段的表現時，我先前提到的高價位品項是我們的 sliders，它的受眾更廣。所以我認為趨勢開始轉變就是從那裡開始，但本季一開始的那個小眾高價位品項，並沒有像我們預期的那麼成功。

Yeah, just to be specific, that was our hot mess for which sold a little bit less as you think about that compared to like a Slider, for example. And so as we move into the back half of the year, you'll see more broadly appealing options on the higher end of the barbell.

是的，具體來說，那就是我們的 hot mess；相較於例如 Slider 這類產品，它的銷量略低。因此當我們進入下半年時，你會看到在「槓鈴」高端那一側，會有更多受眾更廣的選項。

Thank you.

謝謝。

Christine Cho, Goldman Sachs.

Christine Cho，高盛。

Yes, thank you so much. Dawn, I think you noted the improvements to the offer lineup across both first and third-party digital channels in the quarter that drove higher and more profitable checks. Could you elaborate a little bit more -- give us a little bit of update on progression of digital sales, dynamics between transaction versus check growth, and how these factors have contributed to enhanced profitability of the channel? Thank you.

是的，非常感謝。Dawn，我想你提到本季在第一方與第三方數位通路的優惠組合都有所改善，進而帶動更高、且更有利潤的客單價。你能否再多說一點——請給我們一些數位銷售進展的最新情況、交易量相對於客單價成長之間的動態，以及這些因素如何促成通路獲利能力的提升？謝謝。

Yeah. So one of the key things we've been digging into -- this is Rachel, by the way, digging into is looking at each channel's profitability compared to the others, and one thing that -- as we opt into potential promotions or franchisees opt into promotions, it's really important that we get that balance between discounting to drive transactions with the higher check benefit right.

好的。所以我們一直在深入研究的一個關鍵點——順帶一提，我是 Rachel——就是比較各通路相對於其他通路的獲利能力。而其中一件事是——當我們選擇加入某些促銷，或加盟商選擇加入促銷時，我們必須在「透過折扣帶動交易量」與「提高客單價所帶來的效益」之間取得平衡，對吧。

And so we've taken over the past, I'd call it, six or so months to really dig in with our franchisees and understand all of the these channels and the top-line benefits from these channels to really find a better mix, and so we had some changes on our first party platform to still have great offers for our guests, but not as such aggressive discounting percentage that it impacts profitability. And so, obviously there's a balance there.

因此，在過去我稱之為大約六個月左右的時間裡，我們確實與加盟商一起深入分析並了解所有這些通路，以及這些通路在營收端的效益，以找出更好的組合。因此，我們在第一方平台上做了一些調整，仍然為顧客提供很棒的優惠，但折扣幅度不再那麼激進，以免影響獲利能力。當然，這之間需要拿捏平衡。

We've been working hand in hand with franchisees to make sure that the offer mechanics makes sense. I think that answered part of your question. If I didn't answer it all, please chime in.

我們一直與加盟商密切合作，確保優惠機制是合理的。我想這回答了你問題的一部分。如果我沒有完全回答到，請再補充提問。

No, that's great. Thank you. And just another one. I know you launched the new matcha drinks in February. Any early responses from guests and whether that signals a broader move towards more diverse beverage and snack categories?

不，這很棒。謝謝。再問一個。我知道你們在二月推出了新的抹茶飲品。顧客的早期反應如何？這是否意味著未來會更廣泛地朝向更多元的飲料與點心品類發展？

Generally speaking, the beverage category has been a bright spot for the industry. And Jack can come to market in very unique ways, waning into different flavors and different offers for our guests. And so you've probably seen matcha, you've seen a couple others that are very unique to drive some trial. And so we have seen some good success with those, and you'll see us pulse those throughout the remainder of the year.

整體而言，飲料品類一直是產業的亮點。Jack 能以非常獨特的方式切入市場，為顧客帶來不同的口味與不同的優惠。因此你可能已經看到抹茶，也看到其他幾款非常獨特、用來帶動嘗鮮的產品。我們確實看到一些不錯的成功，你也會看到我們在今年剩餘時間持續以節奏性方式推出這些產品。

Thank you.

謝謝。

Chris O'Call, Stifel.

Chris O'Call，Stifel。

Thanks. Good afternoon. This is Patrick on for Chris. Mark, I had a follow-up on marketing. Do you believe that there could be a need for the company to support marketing with maybe company funded investments in the second half where you work to bend the curve on sales or do you feel like there's adequate resources at this point to do what you need to do for a market?

謝謝。下午好。我是 Patrick，代 Chris 提問。Mark，我想追問行銷方面。你認為公司在下半年是否可能需要以公司資金投入來支持行銷，以便拉升銷售曲線？還是你覺得目前資源已足夠，能完成市場端需要做的事？

So Patrick, I would say at this point, probably not qualified to say that because I haven't really do dove in that much, but I don't think the issue is that we don't have enough money funded by the marketing fund. I think it's how we use it and how we be more efficient with it and how we're more integrated in telling stories and having fewer items that carry more impact. And I think that's how we find efficiency. So I think we're fine on the marketing side -- marketing fund side.

Patrick，我會說目前我可能還不太適合下這個結論，因為我還沒有深入到那個程度，但我不認為問題在於行銷基金的資金不足。我認為關鍵在於我們如何使用它、如何更有效率地使用，以及如何更整合地講好品牌故事，用更少的項目帶來更大的影響。我認為效率就是這樣找出來的。所以我覺得在行銷端——行銷基金端——我們是足夠的。

Got it, that's helpful. And then I know the company reduced prices fairly recently on some of its core bundles and the plans that that decision is resonating with guests on the value front. And just as you guys think about the cord menu, is there more work to do there? Or do you feel like the pricing architecture is where it needs to be from that perspective?

了解，這很有幫助。接著我知道公司最近針對一些核心套餐下調了價格，而看起來這個決策在「價值感」方面引起顧客共鳴。那麼當你們思考核心菜單時，這方面還有更多工作要做嗎？還是你覺得從這個角度來看，定價架構已經到位？

Yeah. So I'll start. This is Rachel. I'll start and then I'll hand it over to Mark. So in general, we had a few combos on our menu, like you mentioned, that we had sort of capped pricing at $9.99 to be more affordable for our guests. And generally speaking, we've seen improvements in value scores, affordability scores. There's a handful of metrics that we monitor, on a day-to-day basis. But as it pertains to the overall menu structure or value equation, I don't know if it 's too soon, Mark, for you to chime in on that, but if you have some thoughts, feel free to share.

好的。我先回答。我是 Rachel。我先說，然後再交給 Mark。整體而言，正如你提到的，我們菜單上有幾個組合餐，我們把價格大致封頂在 9.99 美元，讓顧客更負擔得起。整體來說，我們看到價值評分、可負擔性評分有所改善。我們每天都會監控一系列指標。但就整體菜單結構或價值方程式而言，我不確定現在是否還太早讓你補充，Mark；不過如果你有想法，歡迎分享。

Yeah, Patrick. I wouldn't say that one of the most important things in driving same-store sales is the pricing structure. So I think we have to look at how do we really become a relevant value brand so that we can compete with some of the other category or some of the other competitors out there. Our core is really important and obviously LTOs to drive interest and the different windows.

好的，Patrick。我不會說同店銷售最重要的驅動因素之一就是定價結構。所以我認為我們必須思考：我們如何真正成為一個具備「價值感」且與時俱進的品牌，才能與其他品類或其他競爭對手競爭。我們的核心產品非常重要，當然還有 LTO（限時供應）來帶動興趣，以及不同時段的窗口。

So there's a real science to building a pricing structure that -- I think, Katelyn, who came to us from Yum brands, our new CMO will help a lot there because she comes with a lot of experience. So that's one of the first things we're going to look at really is how do we price in these three different areas, hopefully to drive brands, but also then to drive profitability for the franchisees.

因此，建立定價結構其實是一門科學——我認為 Katelyn（我們的新任 CMO，從 Yum Brands 加入）在這方面會提供很大幫助，因為她有很多經驗。所以我們首先要看的事情之一，就是我們如何在這三個不同領域進行定價，希望能帶動品牌表現，同時也能提升加盟商的獲利能力。

Great, helpful. Thank you, guys.

很好，很有幫助。謝謝各位。

Lauren Silverman, Deutsche Bank.

Lauren Silverman，德意志銀行。

Thank you very much. I wanted to ask on quarter-to-date comps. Nice to hear about the improvement. How much do you attribute it to company-specific initiatives versus easing compares? And it's more broadly, a lot going on in the industry, macro heads, gas prices. Are you seeing any impact on the consumer? Any changes in how the consumer is using the brand or any differences you're seeing across regions? Thank you.

非常感謝。我想問一下本季迄今的同店表現（comps）。很高興聽到有所改善。你們認為其中有多少是公司自身舉措帶來的，多少是因為比較基期變得容易？另外更廣泛來看，產業與總體環境有很多變化、油價等因素。你們是否看到對消費者有任何影響？消費者使用品牌的方式是否有任何改變？或是不同地區之間是否有差異？謝謝。

Yeah. Hi, Lauren. So I'll say, we do think it's not just easy compare. Like I said, [it's] like that on balanced cardinal strategy in the second [half] of the quarter. And from an ops perspective, when you look at our internal and external scores, they're scoring higher. So that would lead you to believe that some of the sales is coming from our excellence. Sorry, I forgot your second question. (laughter)

好的。嗨，Lauren。我會說，我們確實認為不只是因為比較基期變容易。就像我說的，在本季後半段，我們採取了那種更平衡的核心策略。從營運角度來看，當你看我們的內部與外部評分，它們都更高。這會讓你相信，部分銷售成長來自於我們的卓越表現。抱歉，我忘了你的第二個問題。（笑聲）

Okay. Anything on like related to gas prices and whether you're seeing any impact from the rising gas prices and whether that's come out in terms of just regional differences in comps across markets?

好的。那像是油價相關的部分呢？你們是否看到油價上升帶來任何影響？以及這是否反映在各市場之間同店表現的區域差異上？

I would say, last year, we saw the largest headwinds from a consumer perspective. And so as we start to lap some of those, we don't expect a significant impact from the macro trends. And as Dawn mentioned, one of our misses early last year was the lack of value, and we've got that consistently this year. So we expect it to be a little bit more normalized of a trend as opposed to what we experienced at the back half of last year.

我會說，去年我們從消費者角度看到的逆風最大。因此當我們開始逐步跨越那些基期時，我們不預期總體趨勢會帶來顯著影響。而且如 Dawn 所提到的，我們去年年初的一個失誤是缺乏價值感，而今年我們一直穩定地提供價值。因此我們預期趨勢會更趨於正常化，而不是像去年下半年那樣的情況。

Are you seeing any differences across markets or pretty consistent across the system?

你們在各市場之間有看到任何差異嗎？還是整個系統都相當一致？

Yeah. It's been pretty consistent, yeah.

是的，整體來說相當一致。

Hey, Lauren. This is Mark. Obviously since I'm here with two women, I'd just like to say something about all these macros. I mean, if you look in the last week or so, some of our competitors -- actually quite a few of our competitors have had good comps year on year. And so there's no reason we can't. And yes, there's headwinds, but there's always some type of headwind. Our challenge really is how do we combat that? How do we construct the menu, the pricing, the marketing to be relevant in today's marketplace, and there's no reason we can't.

嗨，Lauren。我是 Mark。顯然我現在和兩位女性一起在這裡，所以我也想就這些總體因素說幾句。我的意思是，如果你看最近一週左右，我們的一些競爭對手——其實相當多的競爭對手——年對年同店表現都不錯。所以我們沒有理由做不到。是的，確實有逆風，但總是會有某種逆風。我們真正的挑戰是如何對抗它？我們如何打造菜單、定價與行銷，使其在當今市場中具備相關性？我們沒有理由做不到。

Great, thank you very much.

很好，非常感謝。

Logan Reich, RBC Capital Markets.

Logan Reich，RBC Capital Markets。

Hey, good afternoon. Thanks for taking my questions. I wanted to follow-up on the quarter-to-date commentary in the in the full year same-store sales guidance should we think -- or I guess just thinking about the comms for Q3, you talked about about flat escorted to date, but you also talked about World Cup being an opportunity and some other initiatives. I guess, just how should we think about Q3 comps, in regards to that? And then anything specific you guys have planned for the World Cup and as it relates to marketing or me innovation? Thank you.

嗨，午安。謝謝讓我提問。我想追問一下你們在年初至今的評論，以及全年同店銷售指引中的年初至今說法——我們應該怎麼看？或者我想只是從Q3的溝通角度來想，你們提到年初至今大致持平，但也談到世界盃是一個機會以及其他一些措施。我想問的是，我們應該如何看待Q3的同店表現（comps）？另外，你們針對世界盃是否有任何具體計畫，特別是與行銷或菜單創新相關？謝謝。

Yeah. So I mean, I'll say we do expect to see continuing momentum on the same-store sales side as we exit Q3 and go into Q4, we do expect to be positive. Again, Q4 is expected to be our strongest quarter of the year. We do have a really exciting collaboration coming towards the end of the year that we cannot speak to, but super, super excited about it. And I think it's going to drive a lot of excitement with our customers as well.

是的。所以我的意思是，我會說我們確實預期在同店銷售方面，隨著我們走出Q3並進入Q4，動能會持續；我們確實預期會轉為正成長。再說一次，Q4預期會是我們全年最強的一季。我們在年底前後會有一個非常令人興奮的合作案，目前還不能對外透露，但我們非常、非常期待。我認為這也會為我們的顧客帶來很大的興奮感。

Great, thanks. And then my follow-up is just on the ops. Any, like, low-hanging fruit or where do you see the biggest opportunity from an operations perspective in the business over the next few quarters?

很好，謝謝。那我追問一下營運面。從營運角度來看，未來幾季在業務上有沒有什麼「低垂的果實」或你們認為最大的機會在哪裡？

Yeah, Logan, I would say this. I think, Shannon, our COO, is fantastic. And I think he's made a real effort to to spend time in the marketplace where hiring people who will now work with franchisees out there on running their restaurants, finding profitability, training. I think the ops effort is really off to a great start. And that's one area that we probably need to double down on in terms of supporting and resources, because that is what's going to ultimately drive franchisees and better operating standards. And have standards that we can hold franchisees too, which in the long run helps them.

是的，Logan，我會這麼說。我認為我們的營運長Shannon非常出色。我覺得他確實投入很大心力在市場端，去招募人員，讓他們能在第一線與加盟主合作，協助餐廳營運、提升獲利、訓練。我認為營運端的努力真的有一個很好的開始。這也是我們可能需要加倍投入、提供更多支援與資源的一個領域，因為這最終會推動加盟主、並帶來更好的營運標準。同時也建立我們可以要求加盟主遵循的標準，長期來看其實也會幫助他們。

Got it. Thank you very much.

了解。非常感謝。

Jim Sanderson, Northcoast Research.

Jim Sanderson，Northcoast Research。

Hey, thanks for the question. I just wanted to follow-up to the quarter-to-date concerns. In the past you've talked about your exposure to Hispanic consumers and low-income. How are those groups trending relative to your system averages that those cohorts?

嗨，謝謝讓我提問。我想追問一下年初至今的疑慮。過去你們談過對西語裔消費者以及低收入族群的曝險。這些族群相對於你們系統平均的趨勢如何？這些客群（cohorts）表現怎麼樣？

Yeah. So, so far we've seen that the Hispanic consumers have -- the trends have improved stronger than than the rest, which makes sense given what we're starting to roll over now. The other thing I would just say is within the quarter, we're rolling over so far, quarter to date, the strongest hurdle from the prior year. And so that will also give us a little bit of tailwind as we exit Q3, in addition to all of the initiatives that we outlined for the lineup of the remainder of the year.

是的。到目前為止，我們看到西語裔消費者的趨勢——改善幅度比其他族群更強，這也合理，因為我們現在開始進入「去年同期基期」的比較區間。另外我想補充的是，就本季而言，截至目前年初至今，我們正在跨越去年同期最強的比較門檻（hurdle）。因此，當我們走出Q3時，這也會帶來一些順風（tailwind），再加上我們先前所說、今年剩餘時間的一系列措施。

Okay. So it sounds to me as if you're getting a little bit better traction from those cohorts?

好的。聽起來這些族群的帶動效果稍微更好一些？

That's correct.

沒錯。

Okay, thank you. And then another quick follow-up on the closures. I think you have a guided [50 to 100]. Given we're past the halfway mark pretty much where do we think that will land for the year? I'm assuming [40 to 60], is that pretty reasonable for the second half?

好的，謝謝。再快速追問一下關店。我記得你們指引是[50到100]家。考量我們差不多已經過了上半年，你們認為全年會落在哪裡？我猜下半年大概[40到60]家，這樣合理嗎？

Yeah, I would say probably higher. We're definitely going to be in the range. As I mentioned, I think in the prepared remarks, we do expect closures to accelerate in the back.

是的，我會說可能會更高一些。我們肯定會落在那個區間內。如我先前在準備好的講稿中提到的，我們確實預期下半年關店速度會加快。

All right, I'll pass it on. Thank you very much.

好的，我把問題交給下一位。非常感謝。

(Operator Instructions) Gregory Francfort.

（接線員指示）Gregory Francfort。

Hey, thanks for the question. Mark, I guess, I'm curious your perspective on how much do you think Jack's challenges have been in an asset-based problem, a marketing problem, or an ops problem? And may maybe within the asset-based problem, how much of that capital improvement in in dollars that need to get spent? Do you think are Jack's responsibilities versus maybe the franchise these responsibilities going forward?

嗨，謝謝讓我提問。Mark，我想了解你的看法：你認為Jack目前的挑戰，有多少是資產面（asset-based）問題、行銷問題，或營運（ops）問題？另外也許就資產面問題而言，需要投入的資本改善金額（以美元計）有多少？你認為這是Jack總部的責任，還是未來更偏向加盟主的責任？

How do you encourage them to kind of come up with the dollars to do that? Thanks.

你們要如何鼓勵他們拿出資金來做這些投入？謝謝。

Well, those are a couple of questions there, Gregory, but I mean, by definition, the capital investments need to come from franchisees. I mean, it's how the system is actually constructed. I know right now the system is challenged from a profitability standpoint, so we're trying to be very aware of that.

嗯，Gregory，你這裡其實問了幾個問題。不過按定義來說，資本投資必須由加盟主出資。我的意思是，這就是整個系統的建構方式。我知道目前整個系統在獲利能力方面面臨挑戰，所以我們也會非常留意這點。

So -- but from a capital investment, I think that is the franchisee responsibility. I think, where has Jack struggled? I think it's across the board. I don't think there's one area. I think we can shore up ops, and I think Shannon's off to a good start.

所以——但就資本投資而言，我認為那是加盟主的責任。至於Jack在哪裡做得不夠好？我認為是全面性的，我不覺得只有單一領域。我們可以補強營運，我認為Shannon已經有一個好的開始。

I think bringing in a really talented CMO in Katelyn Zborowski is going to help a lot. We do not have a food problem. We have all kinds of innovation that we can figure out how to position. So I think going forward, it's -- what is the menu look like? How do we construct the menu and pricing to be able to drive people into our restaurants?

我認為引進非常有才華的行銷長（CMO）Katelyn Zborowski會有很大幫助。我們沒有食物產品的問題。我們有各式各樣的創新，只是需要想辦法把它定位好。所以我認為接下來的重點是——菜單要長什麼樣子？我們要如何設計菜單與定價，才能把人帶進我們的餐廳？

And then the customer experience just needs to be better, and that comes from brand standards, franchisee execution, are helping on training and education. So I think it's all of that. And I think that's -- that will be my focus for the coming months.

然後顧客體驗也需要更好，而這來自品牌標準、加盟主的執行，以及我們在訓練與教育上的協助。所以我認為是所有這些面向。我想這也會是我接下來幾個月的工作重點。

Really helpful.

非常有幫助。

One thing to add to that is, we've had a reimage program in place with our franchisees. Now isn't obviously the time to do an extensive re-image, but we do have, what we're calling, our mini refreshes, which is a paint with strapping of the parking lot, landscaping, given the majority of our business is outside the restaurant. There's a lot of excitement. The cost is low. We're seeing same-store sales benefits of low single-digits after they're done. So a lot of excitement and something we can do in the short-term to help boost our image and bring in customers.

再補充一點：我們與加盟主已經有一個門店重塑（reimage）計畫。現在顯然不是做大規模重塑的時機，但我們有所謂的「小型翻新」（mini refreshes），包括重新粉刷、停車場重新畫線（strapping）、景觀整理；因為我們大部分的生意是在餐廳外完成的。大家對此很興奮，成本也低。我們看到完成後同店銷售有低個位數的提升。因此這是很令人振奮、且短期內可做的事情，能幫助提升我們的形象並帶來顧客。

And that concludes our question-and-answer session. I would now like to turn the conference back over to Mark King for closing comments.

以上為我們的問答環節。現在我想把電話會議交回給Mark King做結語。

Thank you, and thank you, everyone, for tuning in today and for listening. And I look forward to meeting all of you and seeing you in the coming months. And we will be back in touch within a few months. Thank you

謝謝，也謝謝各位今天收聽與參與。我期待在接下來幾個月與各位見面。我們也會在幾個月內再與各位聯繫。謝謝。

Ladies and gentlemen, this does conclude today's conference call. Thank you for your participation, and you may now disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位的參與，您現在可以掛線。