Kura Sushi USA Inc (KRUS) 2025 Q4 法說會逐字稿

Good afternoon ladies and gentlemen, and thank you for standing by. Welcome to the Kura Sushi USA 4th quarter 2025 earnings call. At this time, all participants have been placed in a listen-only mode, and the lines will be open for your questions following the presentation. Please note that this call is being recorded.

女士們、先生們，下午好，感謝各位的耐心等待。歡迎參加 Kura Sushi USA 2025 年第四季財報電話會議。目前，所有參與者都已進入唯讀模式，演講結束後將開放提問通道。請注意，本次通話正在錄音。

On the call today, we have Hajime, Jimmy Uba, President and Chief Executive Officer, Jeff Yo, Chief Financial Officer, and Benjamin, senior Vice President, Investor Relations and System Development.

今天參加電話會議的有：Hajime、總裁兼執行長Jimmy Uba、財務長Jeff Yo，以及負責投資者關係和系統開發的高級副總裁Benjamin。

And now, I would like to turn the call over to Mr. Porkin. Please go ahead.

現在，我想把電話交給波金先生。請繼續。

Thank you, operator. Good afternoon, everyone, and thank you all for joining. By now, everyone should have access to our fiscal fourth quarter 2025 earnings release. It can be found at www.ursoi.com in the investor relations section. A copy of the earnings release has also been included in the AK we submitted to the SEC. Before we begin our formal remarks, I need to remind everyone that part of our discussions today will include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1,995. These forward-looking statements are not guarantees of future performance, and therefore you should not put undue reliance on them.

謝謝接線生。各位下午好，感謝各位的參與。現在，所有人都應該可以查閱我們 2025 財年第四季的財報。可以在www.ursoi.com的投資者關係部分找到相關資訊。我們也已將獲利報告副本包含在提交給美國證券交易委員會的AK文件中。在我們正式發言之前，我需要提醒大家，我們今天的部分討論將包含 1995 年《私人證券訴訟改革法案》所定義的前瞻性陳述。這些前瞻性陳述並非對未來績效的保證，因此您不應過度依賴它們。

These statements are also subject to numerous risks and uncertainties that could cause actual results to differ materially from what we expect. We refer all of you to our SEC filings for a more detailed discussion of the risks that could impact our future operating results and financial condition.

這些聲明也受到許多風險和不確定因素的影響，可能導致實際結果與我們的預期有重大差異。有關可能影響我們未來經營業績和財務狀況的風險的更詳細討論，請各位參閱我們向美國證券交易委員會提交的文件。

Also during today's call, we will discuss certain non-GAAP financial measures which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation, nor as a substitute for results prepared in accordance with GAAP, and the reconciliations to comparable GAAP measures are available in our earnings release. With that out of the way, I would like to turn the call over to Jimmy.

在今天的電話會議中，我們還將討論一些我們認為有助於評估我們績效的非GAAP財務指標。不應孤立地看待這些補充信息，也不應將其視為按照公認會計準則編制的結果的替代品，與可比公認會計準則指標的調節表可在我們的盈利報告中查閱。既然這件事已經解決了，我想把電話交給吉米。

Thank you, Ben, and thank you to everyone for joining us today.

謝謝你，本，也謝謝今天所有到場的各位。

I'm incredibly proud of what our team achieved during fiscal 2025 as we delivered our strongest class of restaurant openings in recent memory, adding a record of 15 new locations.

我為我們團隊在 2025 財年取得的成就感到無比自豪，我們實現了近年來最強勁的餐廳開幕潮，新增了創紀錄的 15 家門市。

We also successfully managed our corporate year and expenses, resulting in an annual audacity with a growth of over 30%.

我們也成功管理了公司年度預算和支出，實現了超過 30% 的年度成長，成績斐然。

These accomplishments are particularly significant given the volatile consumer environment and the tariff pressures we navigated throughout the year, which have negatively impacted our top-line results and the restaurant level margins.

考慮到全年動盪的消費環境和關稅壓力，這些成就尤其意義重大，因為這些因素對我們的營收和餐廳利潤率產生了負面影響。

Nevertheless, our team remains resilient, and we continue to believe that our focus on execution has positioned as well for continued growth in fiscal 2026.

儘管如此，我們的團隊依然保持韌性，我們仍然相信，我們對執行力的重視也為2026財年的持續成長奠定了基礎。

Total sales for the fiscal fourth quarter was $1779.4 million representing comparable sales growth of 0.2%, led by traffic growth of 0.5% and partially offset by plus and mix of negative 0.3%. Cost of goods sold as a percentage of sales was 28.4% as compared to the prior year quarters, 2028.5%. I am exceptionally proud of our purchasing team who negotiate tirelessly to mitigate higher ingredient cost so we can continue to provide the best value possible for our guests.

第四財季總銷售額為 17.794 億美元，同店銷售額成長 0.2%，其中客流量成長 0.5%，但部分被客流量和產品組合的負成長 0.3% 所抵銷。銷售成本佔銷售額的百分比為 28.4%，而去年同期為 2028.5%。我為我們的採購團隊感到無比自豪，他們不懈努力地談判，以降低不斷上漲的原料成本，從而使我們能夠繼續為顧客提供盡可能最好的價值。

Labor as a percentage of sales improved by 30 basis points to 31.1% as compared to the prior year period of 31.4%. Meeting the expectations for year over year improvements for labor in Q4 that we had shared in the previous earning scores.

勞動成本佔銷售額的比例較上年同期的 31.4% 提高了 30 個基點，達到 31.1%。第四季勞動成本年增符合預期，這與我們在先前的獲利報告中所述一致。

In spite of ongoing labor inflation, we have been able to offset these cost increases through aggressive operational initiatives and system implementations.

儘管勞動成本持續上漲，但我們透過積極的營運措施和系統實施，已經能夠抵銷這些成本成長。

I have some exciting news on this front that I will discuss shortly.

我在這方面有一些令人振奮的消息，稍後會和大家分享。

Turning to real estate, we closed the fiscal 2025 with three store openings in the fourth quarter.

再來看房地產方面，我們在 2025 財年第四季開設了三家門市。

The Woodlands, Texas, Salt Lake City, Utah, and Boulder, Colorado.

德州伍德蘭茲、猶他州鹽湖城和科羅拉多州博爾德。

Salt Lake City and the Boulder are the first units in their respective markets, and as with every new market we've entered to date, have been a very strong performance.

鹽湖城和博爾德是各自市場中的首批項目，就像我們迄今為止進入的每個新市場一樣，都取得了非常強勁的業績。

Subsequent to quarter end, we opened 3 units, Acadia and Modesto in California and Freefold, New Jersey.

季度末之後，我們在加州的阿卡迪亞和莫德斯託以及新澤西州的弗里福德開設了 3 家分店。

With another 6 units under construction, the new fiscal year is off to a great start.

隨著另外 6 套住房正在建設中，新的財政年度開局良好。

We expect to open 5 to 6 units in the first half of the fiscal year and open the remaining units in the back half of the year.

我們預計在本財年上半年開設 5 至 6 個單元，其餘單元將在下半年開設。

I'm excited to announce we are in the process of introducing status tiers to our reverse program.

我很高興地宣布，我們正在為我們的反向支付計劃引入等級制度。

We're currently performing exploratory research to determine what kind of incentives resonate most strongly with our guests.

我們目前正在進行探索性研究，以確定哪些類型的激勵措施最能引起顧客的共鳴。

This marks the first major update to our rewards program since we introduced the punch.

這是自我們推出積分獎勵計劃以來，獎勵計劃的首次重大更新。

We are very excited to take our rewards program to the next level and look forward to keeping you updated on its progress.

我們非常高興能將我們的獎勵計劃提升到一個新的水平，並期待隨時向您報告最新進展。

On system development, we have largely completed the revisions we have been working on for the reservation system.

在系統開發方面，我們已經基本完成了預訂系統的修改工作。

With these updates completed, we expect to begin marketing the reservation system to non-reward members beginning in the fiscal second quarter.

完成這些更新後，我們預計將從第二財季開始向非獎勵會員推廣預訂系統。

As you may have guessed when I mentioned this earlier, I'm extremely pleased to announce that we have secured commercial use certification for our robotic dishwasher and are currently in the process of installing these machines in eligible restaurants.

正如我之前提到的，您可能已經猜到了，我非常高興地宣布，我們的機器人洗碗機已獲得商業用途認證，目前正在符合條件的餐廳安裝這些機器。

As a reminder, our initial expectation was that the robotic dishwasher opportunity would be largely limited to new openings, with only 5 to 10 restaurants eligible for retrofitting.

需要提醒的是，我們最初的預期是，機器人洗碗機的機會將主要限於新開業的餐廳，只有 5 到 10 家餐廳符合改造條件。

But now we expect to be able to retrofit approximately 50 restaurants of our existing 82.

但現在我們預計能夠對現有 82 家餐廳中的約 50 家進行改造。

We expect to have the majority of the retrofit rollout during this fiscal year and to see labor improvements of approximately 50 basis points for restaurants that receive the retrofits.

我們預計大部分改造工程將在本財政年度內完成，接受改造的餐廳的勞動成本將降低約 50 個基點。

Fiscal 2025 was defined by incredible cross-departmental efforts to do everything that we could to mitigate an unfriendly environment.

2025 財年的特點是各部門通力合作，盡一切可能緩解不利環境。

Our commitment to growing corporate profitability remains unabated as demonstrated by the strides we've made in other city EBITA and other settlement income.

我們致力於提高公司獲利能力的承諾絲毫未減，我們在其他城市 EBITA 和其他結算收入方面取得的進展就證明了這一點。

We have made great strides in honing our unit expansion strategies and have built a pipeline that allows us to capitalize on the opportunities represented by previously unexplored smaller DMAs.

我們在完善單位擴張策略方面取得了長足進步，並建立了一條管道，使我們能夠利用以前未開發的較小DMA所代表的機會。

The efforts by the operations team and their implementation of new systems have created lasting efficiency gains.

營運團隊的努力以及新系統的實施，帶來了持久的效率提升。

I am very grateful for all of our team members who generated the good news we get to share at each earnings goal. I don't see that changing.

我非常感謝我們團隊的所有成員，正是他們的努力讓我們在每個獲利目標達成時都能分享這些好消息。我認為這種情況不會改變。

Yes, I'll hand it over to you to discuss our financial results and the liquidity.

是的，我會把這個主題交給你，以便我們討論財務表現和流動性問題。

Thanks Jimmy.

謝謝你，吉米。

For the fourth quarter, total sales were $79.4 million as compared to $66 million in the prior year period.

第四季總銷售額為 7,940 萬美元，而上年同期為 6,600 萬美元。

Comparable restaurant sales performance compared to the prior year period was 0.2%, with traffic growth of 0.5% and price and mix of 0.3%. Comparable sales in our West Coast market were 0.6%, and comparable sales in our southwest market were positive 1.6%. Effective pricing for the quarter was 3.5%. On November 1st, we took a 3.5% menu price increase, and after lapping prior year increases, our effective price for the first quarter will be 4.5%. Beginning in the first quarter of fiscal 2027, we will no longer be providing regional breakdowns for comparable sales, as regional comps are largely determined by the timing of infills, and we don't believe that they are indicative of overall company trends.

與去年同期相比，餐廳銷售額成長了 0.2%，客流量成長了 0.5%，價格和產品組合成長了 0.3%。我們在西海岸市場的同店銷售額成長了 0.6%，在西南市場的同店銷售額成長了 1.6%。本季有效定價為 3.5%。11 月 1 日，我們的菜單價格上漲了 3.5%，加上前一年的漲幅，第一季的實際價格將上漲 4.5%。從 2027 財年第一季開始，我們將不再提供可比較銷售額的區域細分數據，因為區域可比銷售額很大程度上取決於填充式銷售的時間，我們認為它們並不能反映公司的整體趨勢。

Turning now to our costs, food and beverage costs as a percentage of sales were 28.4% compared to 28.5% in the prior year quarter.

現在來看我們的成本，食品和飲料成本佔銷售額的 28.4%，而去年同期為 28.5%。

During the quarter, we begin to see the impact of tariffs and our cost of goods sold of approximately 70 basis points.

本季度，我們開始感受到關稅的影響，銷售成本增加了約 70 個基點。

Labor and related costs as a percentage of sales were 31.1% as compared to 31.4% in the prior year quarter due to operational efficiencies and pricing, partially offset by wage inflation.

由於營運效率和定價的提高，勞動力及相關成本佔銷售額的百分比為 31.1%，而去年同期為 31.4%，但部分被薪資上漲所抵銷。

Occupancy and related expenses as a percentage of sales were 7.1% compared to the prior year quarters, 7%.

入住率及相關費用佔銷售額的百分比為 7.1%，而去年同期為 7%。

Depreciation and amortization expense as a percentage of sales was 4.7% as compared to the prior year quarters, 4.6%. Other costs as a percentage of sales were 15% compared to the prior year quarter's 14.4% due to sales deleverage and higher marketing costs.

折舊和攤銷費用佔銷售額的百分比為 4.7%，而去年同期為 4.6%。由於銷售槓桿作用減弱和行銷成本增加，其他成本佔銷售額的百分比為 15%，而去年同期為 14.4%。

General and administrative expenses as a percentage of sales were 11.7% as compared to 20.3% in the prior year quarter, due to the lapping of litigation costs incurred during the prior fiscal year, partially offset by higher compensation related expenses.

一般及行政費用佔銷售額的百分比為 11.7%，而上年同期為 20.3%，這是由於上一財政年度發生的訴訟費用結轉所致，但部分被更高的薪酬相關費用所抵銷。

On a full year basis, general and administrative expenses as a percentage of sales were 13.3%, representing a 300 basis point improvement over the prior years, 16.4%. G&A expenses as a percentage of sales, excluding litigation costs for the fourth quarter, were 11.4%, as compared to the prior year quarters, 13.2%. G&A expenses as a percentage of sales, excluding litigation costs for the full year, were 12.5% as compared to the prior years, 14.1%. And we did not have any impairment charges in the fourth quarter of fiscal '25 as compared to 2.4% in the prior year quarter.

以全年計算，一般及行政費用佔銷售額的百分比為 13.3%，比前幾年的 16.4% 提高了 300 個基點。第四季一般及行政費用佔銷售額的百分比（不包括訴訟費用）為 11.4%，而去年同期為 13.2%。年度一般及行政費用佔銷售額的百分比（不包括訴訟費用）為 12.5%，而去年同期為 14.1%。與上年同期2.4%的減損費用相比，我們在2025財年第四季沒有提列任何減損費用。

Operating income was $1.5 million compared to an operating loss of $5.8 million in the prior year quarter, mainly due to the lower G&A and the impairment expenses just discussed.

本季營業收入為 150 萬美元，而上年同期營業虧損為 580 萬美元，主要原因是 G&A 費用和剛才討論的減損支出減少。

Income tax expense was $43,000 compared to $19,000 in the prior year quarter.

所得稅費用為 43,000 美元，而去年同期為 19,000 美元。

Net income was $2.3 million or $0.18 per share compared to a net loss of $5.2 million or 46 cents per share in the prior year quarter.

淨利潤為 230 萬美元，即每股 0.18 美元，而去年同期淨虧損為 520 萬美元，即每股虧損 0.46 美元。

Adjusted net income was $2.5 million or $0.20 per share as compared to adjusted net income of $1 million or $0.09 per share in the prior year quarter.

經調整後的淨利潤為 250 萬美元，即每股 0.20 美元，而上年同期經調整後的淨利潤為 100 萬美元，即每股 0.09 美元。

Restaurant level operating profit as a percentage of sales was 19.8% compared to 20.9% in the prior year quarter.

餐廳層級的營業利潤佔銷售額的百分比為 19.8%，而去年同期為 20.9%。

And adjusted Ebaov was $7.4 million as compared to $5.5 million in the prior year quarter.

調整後的 Ebaov 為 740 萬美元，而去年同期為 550 萬美元。

Turning to our cash and investments, at the end of the fiscal 4th quarter, we had $92 million in cash equivalents and investments, and no debt.

再來看我們的現金和投資，截至第四財季末，我們擁有 9,200 萬美元的現金等價物和投資，並且沒有債務。

And lastly, I'd like to provide the following guidance for fiscal year 2026.

最後，我想就 2026 財年提供以下指導意見。

We expect total sales to be between $330 and $334 million.

我們預計總銷售額將在 3.3 億美元至 3.34 億美元之間。

We expect to open 16 new units, maintaining an annual unit growth rate above 20%, with average net capital expenditures per unit continuing to approximate $2.5 million.

我們預計將開設 16 個新單元，維持 20% 以上的年單元成長率，每個單元的平均淨資本支出將繼續約為 250 萬美元。

We expect general and administrative expenses as a percentage of sales to be between 12 and 12.5%. And lastly, we expect full year restaurant level operating profit margins to be approximately 18%.

我們預計一般及行政費用佔銷售額的比例將在 12% 至 12.5% 之間。最後，我們預計全年餐廳層面的營業利潤率約為 18%。

And with that, I'll turn it back over to Jimmy.

好了，現在我把麥克風交還給吉米。

Thanks, Jeff. This concludes our prepared remarks. We are now happy to answer any questions you have. Operator, please open the line for questions. As a reminder, during the Q&A session, I may answer in Japanese before my response is translated into English.

謝謝你，傑夫。我們的發言稿到此結束。我們現在很樂意回答您提出的任何問題。接線員，請開通提問線。再次提醒，在問答環節中，我可能會先用日文回答問題，然後再將我的答案翻譯成英文。

Thank you. We will now be conducting a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. A confirmation tone will indicate your one is in the question queue. You may press 2 to remove yourself from the queue. For participants using see-through equipment, it may be necessary to pick up the handset before pressing the key.

謝謝。接下來我們將進行問答環節。如果您有任何疑問，請按下電話鍵盤上的 1。確認音會提示您的問題已進入問題佇列。您可以按 2 將自己從佇列中移除。對於使用透明設備的參與者，可能需要在按下按鍵之前拿起聽筒。

One moment please while we pose the questions.

請稍等片刻，我們正在提問。

First question comes from Jeremy Hamblin with Craig Howe, please go ahead.

第一個問題來自傑里米·漢布林和克雷格·豪，請提問。

Thanks and congrats on the strong profitability here.

謝謝，也祝賀你們取得如此強勁的獲利。

I wanted to just dive into what you saw over the course of the last several months. I think you were, on the July call, very pleased with how quarter to date, com trends were.

我想深入了解你在過去幾個月裡看到了什麼。我認為在7月份的電話會議上，您對本季迄今為止的com趨勢非常滿意。

Maybe things softened a little bit in the August period but I I wanted to see if you know you could give us a kind of a sense of where quarter to date trends were and then you you've had a bunch of IP collabs and just to understand you know how effective those been I know you've had kind of shorter periods than you previously had on the collabs but. You know some color on on on what you're seeing out there, especially in context that the number of restaurants have seen some softening in September and October.

或許八月情況有所緩和，但我希望你能為我們介紹一下本季至今的趨勢，以及你最近開展的一系列IP合作，我想了解一下這些合作的效果如何。我知道你最近的合作週期比以前短一些，但是…你知道，對於你所看到的市場情況，尤其是考慮到9月和10月餐廳數量有所下降，你需要了解一些細節。

Sure, thank you, Jeremy, for your first question. Please allow me to speak in Japanese. He's going to, then he's going to pronounce it.

當然，謝謝你，傑里米，提出的第一個問題。請允許我用日語發言。他會這麼做，然後他會把它念出來。

(spoken in foreign language)

（用外語說）

So, hi Jeremy, this is Ben. Over the last several months, we, we've certainly been seeing the same macro pressures that our peers have been reporting, and we, we're not immune to them either.

嗨，傑里米，我是本。在過去的幾個月裡，我們當然也看到了與同行們所報告的相同的宏觀壓力，而且我們也無法免受這些壓力的影響。

Our, we're very pleased with the work that the marketing team has done. They, they've done a phenomenal job. They're really.

我們非常滿意行銷團隊的工作。他們，他們做得非常出色。他們確實如此。

Doing everything in their power to to drive comps and the the quarter would have been, a much more difficult without all their efforts and so the IT collabs that you had mentioned is certainly the quarter would have been worse without them. It's hard to assess. Impact on a numerical basis, but they definitely made a difference in the quarter. The upside from the reservation system, the light rice and the 25 plates, cumulatively had a little bit of a contribution, but that's what got us to positive comps between all those different factors, all those.

他們竭盡全力推動業績成長，如果沒有他們的努力，本季將會更加艱難。因此，你提到的IT合作，如果沒有他們的參與，本季的業績肯定會更糟。很難評估。從數字上看影響不大，但它們確實對本季業績產生了影響。預訂系統、清淡米飯和 25 道菜帶來的好處，加起來確實起到了一定的作用，但正是這些因素讓我們在所有這些不同的因素之間取得了積極的對比結果。

Efforts were largely offset with the backboard pressures that you'd mentioned, but we were pleased to come in with, positive costs for the quarter.

正如你所提到的，籃板壓力很大程度上抵消了我們的努力，但我們很高興本季實現了正成本。

And then in terms of, quarter to date we've seen the same operating environment as we've entered, our first quarter.

就本季至今而言，我們看到的經營環境與我們進入第一季時的情況相同。

Yeah, so I don't see.

是啊，我沒看到。

(spoken in foreign language)

（用外語說）

Well this isn't this is.

嗯，這不是，這是。

Not going to be a usual practice going forward. We just felt, given that we're already 2 quarter or 2 months into the quarter that it made sense for us to share our expectations, based off of the results to date and, our internal expectations. Unfortunately, our expectation for Q1 is to come in. Negative mid-single-digits. This is not a reflection in terms of worsening performance or a worsening environment, but really just a reflection of the quarter of the year over year comparisons for Q4 and Q1, and the delta is pretty cleanly about 500 basis points between those two quarters.

今後不會再有這種慣例了。鑑於本季度已經過去了兩個季度或兩個月，我們覺得有必要根據迄今為止的業績和我們內部的預期，分享我們的預期。很遺憾，我們預計第一季業績將無法實現。負個位數。這並不反映業績惡化或環境惡化，而只是反映了第四季度和第一季同比數據的比較，這兩個季度之間的差異非常明顯，約為 500 個基點。

Well. (spoken in foreign language)

出色地。（用外語說）

Like, to, just to remind you, the numbers that we're lapping, Q4, was lapping a negative 3% comp and so a relatively easy comparison, whereas, Q1 we're lapping a 2% or a positive 2%. And so just given that we came out about flat in Q4 over while lapping that 3, our expectation is that, well, that same delta which would get us to that mid-single negative mid-single-digit number for our Q1 comp expectation.

例如，提醒一下，我們第四季的數據是年減 3%，所以比較起來相對容易；而第一季的數據是年增 2% 或 2%。鑑於我們在第四季度基本上持平，同時與第三季度重疊，我們的預期是，同樣的增量將使我們第一季的同店銷售預期達到個位數負值。

That being said, we remain, our goal remains to deliver positive comps for the year. We think we can get, flat to slightly positive. Q1 remains the most difficult comparison as we enter Q2 and Q3, we'll be lapping a negative 5% comp and a negative 2% comp. Those will also coincide, with the, with some of our stronger IP collaborations will have benefited from pricing that we took in November and we'll also, hopefully benefit from.

儘管如此，我們的目標仍然是實現今年的業績成長。我們認為可以達到持平或略微正收益。第一季仍然是最難比較的季度，因為進入第二季度和第三季度，我們將分別面臨 -5% 和 -2% 的同比變化。這些也將與我們一些更強大的智慧財產權合作項目同時發生，這些項目將受益於我們在 11 月採取的定價策略，我們也希望能夠從中受益。

Greater adoption from the reservation for the reservation system as we start to market it to non-rewards members.

隨著我們開始向非獎勵會員推廣，預訂系統的採用率將會提高。

I appreciate the color on that. And then just a follow-up here on the unit development, make sure I understood.

我喜歡它的顏色。然後，關於單元開發，我再跟進一下，確保我理解正確。

So 16 new units for the year, I think you said 5 to 6 in the first half of fiscal '26 and 3 quarter to date. Do you anticipate it opening up any more in Q1?

所以今年新增了 16 台設備，我想你說過 2026 財年上半年新增了 5 到 6 台，也就是截至目前為止的 3 個季度。你預計第一季它會進一步開放嗎？

And then just confirming that you're 5 to 6 in the first half of the year and then roughly 10 in the back half of the year.

然後確認一下，上半年你的年齡是 5 到 6 歲，下半年大約是 10 歲。

So, I'm sorry I don't go to the.

所以，很抱歉我不去。

Yeah, we're expecting to open one more in Q1 and then we would open, 1 or 2 in Q2.

是的，我們預計第一季再開設一家，然後第二季再開設一到兩家。

In the prepared remarks we mentioned that 6 units were under construction, but the majority of them we, we've just broken ground. And so, while we do have a lot of units under construction, our Expectation for the first half of the year is to open 5 or 6 units total.

我們在準備好的發言稿中提到有 6 個單位正在建設中，但其中大部分我們才剛破土動工。因此，雖然我們有很多單元正在建設中，但我們預計今年上半年總共將開放 5 到 6 個單元。

Thanks for the color. I'll hop out of the queue.

謝謝你提供的色彩。我先退出隊伍。

Thanks Chairman. You can hear.

謝謝主席。你能聽到。

Me.

我。

Next question. Mark Smith with Lake Street Capital Markets. Please proceed.

下一個問題。馬克史密斯，來自 Lake Street Capital Markets。請繼續。

Yeah, hi guys, you got Alexterning on the line for Mark Smith today. Thanks for taking my questions.

是的，大家好，今天馬克史密斯將與 Alexterning 連線。謝謝您回答我的問題。

In the prepared remarks, you highlighted around 50 basis points of labor improvement from the robotic dishwasher rollout, and that you said you'd be retrofitting about 50 restaurants. How quickly do you expect that to be, kind of implemented, and then when will we see the full impact on the P&L?

在準備好的演講稿中，您強調了機器人洗碗機的推廣將帶來約 50 個基點的勞動力改善，並且您表示將對大約 50 家餐廳進行改造。您預計這項措施需要多久才能落實到位？之後我們何時才能看到它對損益表的全面影響？

Hi y certification implementation.

您好，y認證實施。

Right.

正確的。

So, as it relates to the robotic dishwashers, we placed our order to the manufacturer after we got certification, and so they're in the process of, developing. Thing for just manufacturing them now it's a proprietary piece of equipment so we can't get it, just off the rack or whatever and so really that that's the biggest bottleneck for us just getting them made and then shipped over from Japan to the United States. Our expectation is that the implementation in earnest will really start in Q3 and while we do expect to get. The majority of the eligible restaurants retrofitted during fiscal '26. The impact, from a labor perspective, would be much more pronounced in fiscal '27 than fiscal '26. Our expectations for the benefit from.

所以，關於機器人洗碗機，我們在獲得認證後向製造商下了訂單，他們目前正在進行開發。現在製造這些產品需要專用的設備，所以我們無法直接購買現成的產品，因此，這才是我們面臨的最大瓶頸，即如何生產這些產品，然後從日本運到美國。我們預計，真正的實施工作將在第三季開始，雖然我們確實希望能夠得到。2026 財年期間，大多數符合資格的餐廳都進行了改造。從勞動力角度來看，2027 財年的影響將比 2026 財年的影響更加明顯。我們對收益的期望。

The robotic dishwashers and fiscal '26 are reflected in the RLOPM guidance that we shared earlier.

機器人洗碗機和 2026 財年的情況已反映在我們先前分享的 RLOPM 指導意見中。

That being said, as Jimmy is as impatient as I am, he's going to Japan, to knock on the doors of the factory and, speak with the President and ask for them to expedite things as much as they can. And so hopefully we'll be able to get these in a little bit sooner than we're expecting right now.

話雖如此，吉米和我一樣沒有耐心，他要去日本，敲開工廠的大門，與總裁交談，要求他們盡可能加快進度。所以，希望我們能比預期更早拿到這些貨物。

That that's great color there. Last one for me, you mentioned tariffs a little bit impacting you in the quarter, given the ongoing back and forth for tariffs on, Japan and Vietnam, can you give an update on supplier negotiations? What level of cost sharing you're seeing, have you taken or do you anticipate taking any additional pricing to offset those costs?

那顏色真好看。最後一個問題，您提到關稅在本季度對您造成了一些影響，鑑於目前日本和越南的關稅問題仍在反覆出現，您能否介紹一下供應商談判的最新進展？目前看到的成本分攤水準如何？您是否已經或預計會採取任何額外的定價措施來抵銷這些成本？

Hey, it's Jeff. So the, we took 3.5% on November 1st, as we mentioned in the preferred remarks, and that was after the negotiations we had with the suppliers and as we also said in the prepared remarks we saw about a 70 basis point impact in Q4 and going forward after we took the, menu price increase and these negotiations are still ongoing but they're much more progressed than they were in the past but currently where we stand. Is that we expect our COGS for fiscal '26 to be at least 30%, around the 30% range, so you know we thought.

嘿，我是傑夫。因此，正如我們在預先準備的發言稿中提到的，我們在 11 月 1 日上調了 3.5% 的稅率。這是在我們與供應商進行談判之後的結果。正如我們在預先準備的發言稿中也提到的，我們在第四季度及以後的預算調整中看到了大約 70 個基點的影響。這些談判仍在進行中，但比過去進展得更快，這就是我們目前的處境。我們預計 2026 財年的銷售成本至少為 30%，在 30% 左右，所以你知道我們當時是這麼想的。

Interested transparency that it would just be useful to everybody to just kind of tell you what we thought COGS is going to end up at. So call it about 30%, and that's also why we gave the restaurant level operating profit margin guidance as well. That was a new piece of guidance for us that we gave this time that we've never given in the past and just given the volatility of what's going on, we just thought in the interest of transparency that it was just a good thing to help the street and help everybody out of what we expect going forward.

出於對透明度的考慮，我覺得告訴大家我們認為 COGS 最終會達到多少，對大家都有好處。所以就暫定為 30% 左右吧，這也是我們給出餐廳層級營業利益率預期的原因。這是我們這次發布的一條新的指導方針，我們過去從未發布過。鑑於當前局勢的不穩定性，我們認為，為了保持透明度，這樣做有助於市場和所有人了解我們預期的未來發展趨勢。

That's great color. Thank.

顏色真好看。感謝。

You guys.

你們。

Thank you.

謝謝。

Next question. Jeff Bernstein with Barclays, please go ahead.

下一個問題。巴克萊銀行的傑夫伯恩斯坦，請開始吧。

Hi, great, this is product on for Jeff. How are you guys? .

您好，太好了，這是給傑夫的產品。你們好嗎？。

Jimmy, hey.

吉米，嘿。

Hi. A.

你好。一個。

Big picture question, about 26, what kind of strategic changes do you guys, foresee, with the brand? Obviously we've heard all sorts of commentary from restaurants, about how the consumer is challenged. And people are looking for value, what are you, what steps are you taking to kind of address that current environment and, more excitingly, what new markets have you the most excited, for 26? And I have a follow-up. Thanks.

從宏觀角度來看，關於第 26 點，你們預見到該品牌將會發生哪些策略性的改變？顯然，我們已經聽到了來自餐廳的各種評論，談到消費者面臨的挑戰。人們都在尋求價值，那麼，為了應對當前的環境，您正在採取哪些措施？更令人興奮的是，對於 26 年，您最期待哪些新市場？我還有一個後續問題。謝謝。

Hi.

你好。

Just keeping in mind that, we're in an environment right now where guests are extremely price sensitive and are managing their frequency being that much more thoughtful about where they're spending their restaurant dollars. We were, very diligent in our processes as, we approached the November pricing. We added a value question to the end of meal survey.

請記住，我們現在所處的環境是，顧客對價格極為敏感，他們會控制用餐頻率，因此在餐飲消費方面會更加謹慎。在11月定價之前，我們做事非常認真細緻。我們在膳食調查的最後增加了一個關於價值判斷的問題。

Which validated our beliefs that our guests continued to believe that we provide really an unbeatable value. We also conducted a consumer insight study. We actually, we got granular to the point where we were doing separate studies by geography to see the elasticity by market. And so we feel that the pricing that we took really sort of threaded the needle in terms of, what was, what's appropriate. In terms of the efforts that we're making, it's really they're, we're not betting the farm on any one big thing, it's really just.

這證實了我們的想法，即我們的顧客仍然認為我們提供的物超所值。我們也進行了一項消費者洞察研究。實際上，我們細緻到按地理位置進行單獨研究，以了解不同市場的彈性。因此，我們覺得我們採取的定價策略在合理性方面做得恰到好處。就我們所做的努力而言，我們並沒有把全部希望寄託在任何一件大事上，真的只是如此。

The diligent small things all coming together from every department it's it's really the approach that we've always taken it's just. Lots and lots of small incremental improvements which cumulatively give us that massive value advantage. We didn't want to force a 20% margin in fiscal 26%, that we really, we didn't want to basically trade the future potential traffic for one year of better margins. We really want our guests to continue to see us as providing an unbeatable value and, yeah, we.

各部門一絲不苟地做好每一件小事，這正是我們一直以來所採取的方法。無數細微的改進累積起來，為我們帶來了巨大的價值優勢。我們不想在第 26 財年強行實現 20% 的利潤率，我們真的不想為了一年的更高利潤率而犧牲未來的潛在客流量。我們真心希望我們的客人繼續認為我們提供無與倫比的價值，是的，我們。

Didn't want to be short-sighted as it relates to fiscal.

不想在財政方面目光短淺。

26.

26.

I collaboration. (spoken in foreign language)

我合作。（用外語說）

In terms of the things that we're working on, this is, a very fundamental thing for any sort of restaurant business, but we're very focused on improving our products both from the menu development perspective and, a sourcing perspective. They've really been doing a phenomenal team. There's a reason we call them out every call. They, they're just tireless in their efforts, and it's really kind of staggering how consistently they've been able to improve our.

就我們正在努力的方向而言，這對於任何類型的餐飲企業來說都是非常基礎的事情，但我們非常注重從菜單開發和採購兩個方面來改進我們的產品。他們真是一支非常優秀的團隊。我們每次都點名批評他們是有原因的。他們孜孜不倦地努力，他們不斷改進我們的工作，這真的令人震驚。

Or proteins in particular and so we've got a number of high, you know.

或者特別是蛋白質，所以我們有很多高…你知道的。

Japan sourced LTOs that we're looking forward to, which we expect will be a big hit from our guests. We know that the IP campaigns are a very big opportunity for us. We're pretty happy with the pipeline that we've built, but we know that there's more opportunities to be wrung from each campaign. And so we really want to use each one as a learning opportunity and build on that so that we can. Really, yeah, maximize the opportunity that we see there. A couple other things that we're working on is, as we mentioned in the prepared remarks, we're, working on introducing the tiered statuses to our rewards program, and we're also going to begin marketing the reservation system to non-rewards members and so all those things together would be, some of the things that we have on the docket.

我們非常期待從日本進口的限時特供產品，預計這些產品將深受顧客喜愛。我們知道，IP行銷活動對我們來說是一個非常大的機會。我們對目前建立的管道相當滿意，但我們也知道每個行銷活動還有更多機會可以挖掘。因此，我們真心希望將每一次經驗視為學習機會，並在此基礎上不斷進步。是的，要充分利用我們所看到的機會。我們正在努力做的其他幾件事，正如我們在準備好的發言稿中提到的，我們正在努力為我們的獎勵計劃引入分級狀態，我們還將開始向非獎勵會員推廣預訂系統，所有這些事情加起來，就是我們議程上的一些事項。

Got it. That's super helpful color. And then my follow-up, was for Jeff. Looks like the company ended fiscal '25 at, exactly 12.5% of sales when it comes to G&A, and I know you mentioned in your prepared remarks that you expect fiscal '26 to be at 12% to 12.5%, so at the midpoint you're assuming about 25 basis points of leverage, and I can certainly.

知道了。這個顏色非常實用。然後我的後續問題，是給傑夫的。看來該公司 2025 財年的一般及行政費用佔銷售額的比例正好是 12.5%，我知道您在準備好的發言稿中提到，您預計 2026 財年這一比例將在 12% 到 12.5% 之間，所以您假設的中間值槓桿基點率約為 25 個基點，我當然可以。

Appreciate what's happening in today's environment, but that's just.

欣賞當今環境的現狀，但僅此而已。

Not as much leverage as we're used to seeing in the past, and I know Jeff, it's longer-term. I know you want to get the company to that sub 10% level. Just what's changed in fiscal 26? Is there just a deliberate strategy to allow for less leverage, or is there another round of investment in certain areas? Just, anything you can kind of help us unlock what's going on with G&A. Thanks.

不像過去那樣有那麼大的影響力了，而且我知道傑夫，這是長期的考量。我知道你想把公司的成長率降到10%以下。2026財年究竟發生了哪些變化？這是一種刻意降低槓桿率的策略，還是在某些領域進行新一輪投資？任何能幫助我們了解 G&A 到底發生了什麼事的信息，你都非常感謝。謝謝。

Yeah, so really look at it on a kind of an average year basis. We got 160 basis points of leverage this year, compared to last year. I was expecting under 100, so we were able to pull some savings from fiscal '26 forward into the fiscal 25, so when you look at it on a two year basis, even if we did hit that midpoint, that's still almost 100 basis points of leverage per year when you look at it that way and it, we can't really. Parse it out year by year by year we take the savings when we can get them and we were fortunate to get the savings earlier on, than we thought. So I'm looking at on a year by year basis and because we expect, we got much more than we expected I didn't want to overshoot next year. I'm hoping we can beat that at the beginning of the year. That's our starting guidance and we'll do our very best to, bump that guidance up in one of our future calls but right now I think that that's a proved number between 12% to 12.5%.

是的，所以最好以一年的平均值來看。與去年相比，我們今年的槓桿率為 160 個基點。我原本預計會低於 100，所以我們能夠將 2026 財年的部分節省提前到 2025 財年，因此，從兩年的角度來看，即使我們達到了中點，每年仍然有近 100 個基點的槓桿，這樣看來，我們真的無法接受。我們逐年計算，盡可能節省開支，幸運的是，我們比預期更早節省了開支。所以我按年來看待這個問題，因為我們預計，我們得到的比預期的多得多，我不想明年超出預期。我希望我們能在年初就戰勝那個對手。這是我們最初的預期，我們會盡最大努力在未來的電話會議中提高預期，但目前我認為 12% 到 12.5% 是一個比較合理的數字。

Makes perfect sense.

完全合情合理。

Thank you so much for the color.

非常感謝您提供的顏色。

You bet thanks.

不客氣，謝謝。

Thank you.

謝謝。

Next question. Andrew Charles with CD Twent, please go ahead.

下一個問題。Andrew Charles 和 CD Twent，請開始。

Great, thank you. This is Zach Ogden on for Andrew. So it looks like new store productivity did improve from 2024 to 2025. So you are you able to quantify what new store AVs are relative to the system average of roughly $4 million? Or maybe if you could qualitatively speak to what's driving that improvement, and if it's one or two units driving that strong new store productivity, or if you're seeing more of a broad-based improvement.

太好了，謝謝。這裡是紮克‧奧格登，替安德魯為您報道。由此看來，2024 年至 2025 年間，新店的生產力確實有所提升。那麼，您能否量化新店的平均價值（AV）相對於系統平均價值（約 400 萬美元）的水平？或者，您能否定性地談談是什麼因素推動了這種改善，以及是一兩個部門推動了新店的強勁增長，還是出現了更廣泛的改善？

Thanks.

謝謝。

So if I need yonks.

所以如果我需要很多年。

So I just like the caveat this, by. (spoken in foreign language)

所以，我只是喜歡這個附加條件，但…（用外語說）

Starting, by mentioning that we don't have an AUV target, we have a cash on cash return target. That being said, Zach, you basically got it right. The Pressure on the AUVs that we saw, that we reported today versus a year ago was largely due to the new entrance to the AUV comp base, but also to your earlier point, the fiscal '25 stores are spectacular. They, they've been one of the strongest, classes in recent memory. It's not limited to one or two units, and, we're very excited to see those join the AUV comp base, and we expect that number to improve with, their entry.

首先要說明的是，我們沒有 AUV 目標，我們只有現金報酬率目標。也就是說，札克，你基本上說對了。我們今天報告的 AUV 所面臨的壓力，與一年前相比，主要是由於 AUV 競爭基礎的新成員加入，但正如你之前提到的，2025 財年的門市表現非常出色。他們是近年來最強大的班級之一。這不僅限於一兩台設備，我們非常高興看到它們加入 AUV 競爭行列，我們預計隨著它們的加入，這個數字將會提高。

I thought about it and. (spoken in foreign language)

我考慮了一下。（用外語說）

To come up and, on the note of AUV just as I mentioned before, it's not a target for us, and there are a lot of things that can, impact AUVs. Just something as simple as store size doesn't necessarily reflect performance, but we did want to, internally corroborate the things are as strong as we felt and.

說到 AUV，正如我之前提到的，它不是我們的目標，而且有很多因素會影響 AUV。像店鋪規模這樣簡單的因素並不一定能反映業績，但我們確實想在內部證實這些因素是否像我們感覺到的那樣強勁。

They are, the sales per square foot for fiscal '24 and 25 are unchanged, and that's, I think, a more meaningful metric of, our productivities.

確實如此，2024 財年和 2025 財年的每平方英尺銷售額保持不變，我認為這才是衡量我們生產力的更有意義的指標。

Great, thanks. And then my follow-up question is Jeff, the guidance for new store bill costs stayed at $2.5 million which is what it was in fiscal '25. So I mean that's pretty encouraging considering you previously talked about a $300,000 to $400,000 impact from tariffs. So is the impact from tariffs not as bad as you thought, or are they just offsets to it?

太好了，謝謝。然後我的後續問題是，傑夫，新店帳單成本的指導值保持在 250 萬美元，與 2025 財年相同。所以我的意思是，考慮到你之前提到關稅會造成 30 萬到 40 萬美元的影響，這確實令人鼓舞。所以關稅的影響並沒有你想像的那麼糟糕，還是說關稅只是起到了一定的抵銷作用？

Let me first clear, it's the same as it was in 25 and 24, so for a couple of years, which we're very proud of. That's a net number. It, the cost to build did go up a little bit because of tariffs, but be, we're now getting better TI allowances from our landlord. So when you offset the TI allowance against the higher build, it comes out to a net about 2.5%. So our cash out of pocket remained the same.

首先我要說明的是，這和 25 年和 24 年的情況一樣，持續了好幾年，我們為此感到非常自豪。這是淨額。雖然由於關稅的原因，建造成本確實略有上升，但我們現在從房東那裡獲得了更好的裝修補貼。因此，當以較高的配置來抵銷 TI 配額時，淨增額約為 2.5%。因此，我們實際支付的現金金額保持不變。

Got it thanks guys.

明白了，謝謝各位。

Thanks.

謝謝。

Thank you.

謝謝。

Next question. Brian Mullen with Piper Sandler, please go ahead.

下一個問題。Brian Mullen 和 Piper Sandler，請開始。

Hi, this is Alison Armstrom on for Brian Mullen.

大家好，我是艾莉森‧阿姆斯特羅姆，代布萊恩‧穆倫為您報道。

Thank you for taking the question. Just a quick one on the reservation system. Sounds like it's off to a strong start. At this point, are you able to quantify the impact? And if not, just anything new that you've learned, with a few more months underway?

感謝您回答這個問題。關於預訂系統，簡單提一下。聽起來開局不錯。目前，您能夠量化這種影響嗎？如果沒有，那麼在接下來的幾個月裡，你學到了什麼新東西嗎？

Thank you.

謝謝。

Yeah, it's hard to tease out the impact of any one initiative, and that's always been the case for us. The roll out of the reservation system coincided with the resuming of our IP collaborations, and so there's just a lot going on. We're really happy to see positive traffic, but as you can see with the numbers, our comps were sort of were more or less flat and so it's. The reservation system wasn't a massive traffic driver. It's, I think it supported the quarter from being weaker, but it wasn't, a massive thing.

是的，很難評估任何一項措施的影響，對我們來說一直都是如此。預約系統的推出恰逢我們恢復知識產權合作，所以最近有很多事情正在發生。我們很高興看到客流量有所增長，但正如您從數據中看到的，我們的同店銷售額基本上持平，情況就是這樣。預約系統並沒有帶來巨大的流量成長。我認為它支撐了該季度業績，使其不至於更疲軟，但這並不是什麼大事。

But that also doesn't surprise us given that we haven't got, we really haven't meaningfully advertised it. It's basically just organic discovery from our existing rewards members, and I, I'm really excited to see what numbers, we can see from it once we, advertise it to the broader audience in terms of learnings, we've. I, I've, we've been able to identify some things that just make it easier to use both for our servers, and for the guests and so this should actually.

但考慮到我們並沒有真正進行過有效的宣傳，這並不讓我們感到驚訝。這基本上是現有獎勵會員的自然發現，我非常興奮地想看看，一旦我們將其推廣到更廣泛的受眾，我們能從中獲得哪些經驗教訓。我已經，我們已經找到了一些方法，可以讓我們伺服器和客人使用起來更加方便，所以這實際上應該會有幫助。

Allow us By reducing all front of house savings, incremental front of house savings as we introduce these improvements.

允許我們透過減少所有前廳節省，並在引入這些改進措施時逐步減少前廳節省。

Thank you.

謝謝。

Thank you.

謝謝。

Next question. JP Wong with Rock Capital Partners. Please go ahead.

下一個問題。JP Wong 與 Rock Capital Partners 合作。請繼續。

Hey guys and thank you for taking the questions here maybe just to sort of focused around the guidance but one if I think about kind of the comp expectations that you guys just mentioned for the upcoming year. Can you give us a sense of how much maybe the upgraded reward system and the broader marketing of reservation are are baked into that, expectation, is there any risk that those underperforming would, harm comp expectations or is that really just upside to what you guys have underwritten right now?

大家好，感謝你們回答這些問題，可能這些問題都集中在指導方面，但我想問的是，關於你們剛才提到的來年的競爭預期。您能否讓我們了解一下，升級後的獎勵制度和更廣泛的預訂行銷在多大程度上融入了預期？表現不佳的員工是否會損害薪酬預期？或者這真的只是你們目前承保範圍內的利多因素？

I, so in terms of the revenue guidance, really all the guidance that we shared, it does not hinge on the IP campaigns or the reservation system. Those would be gravy opportunities for upside, but, we know that it's really hard to proactively, quantify the impact of new initiatives and so we don't make that into full, our revenue estimates just, for the sake of.

所以，就收入預期而言，我們分享的所有預期，實際上都不取決於 IP 活動或預訂系統。這些本應是帶來額外收益的絕佳機會，但我們知道，要主動量化新舉措的影響是非常困難的，因此，我們不會僅僅為了量化而量化，就將其完全納入我們的收入預測中。

Yeah, just to be prudent and.

是的，只是為了謹慎起見。

On the note of guidance. (spoken in foreign language)

謹此提供指導意見。（用外語說）

.

。

We think maybe you know you might have raised an eyebrow when you saw our revenue range, combined with our commentary that we expect to be able to hit flat or slightly positive comps for the full year. This is really a reflection of the opening cadence we touched on this a little bit in prayer of remarks, but that is really, the bridge there.

我們覺得，當您看到我們的收入範圍，以及我們預計全年能夠實現持平或略微增長的業績時，您可能已經感到驚訝了。這其實反映了我們在禱詞中稍微提到的開場節奏，但這確實是連結兩者之間的橋樑。

I'm sorry.

對不起。

Oh, right, so if, it's typically you were to use a mid-year convention for revenue, at 50%, we would recommend 40% or even less just looking at the.

哦，對了，所以如果通常情況下，你打算利用年中大會來獲取收入，佔比 50%，我們建議 40% 甚至更低，這只是基於目前的情況來看。

The cadence of openings.

開場白的節奏。

Great thank you and then just switching over to kind of the four wall guide, just kind of curious obviously the environment hasn't gotten any better since July but just curious if you could kind of just give us a sense of what's changed since we talked in July when it sounded like maybe there was some some optimism about really ramping back towards that 20%.

非常感謝。接下來，我想談談一些更具體的問題，例如自七月以來環境顯然沒有好轉，但您能否讓我們了解一下自七月我們談話以來發生了哪些變化？當時聽起來大家對真正恢復到 20% 的目標抱持著一些樂觀態度。

That.

那。

You, with the 20% you're referring to the RLOM.

你，你說的20%是指RLOM嗎？

Yeah, the restaurant.

對，就是那家餐廳。

Level.

等級。

Okay, I know I know.

好吧，我知道我知道。

That's 1 k cost you. (spoken in foreign language)

那可是花了你1000塊。（用外語說）

Like, so JP, to answer your question first, really the major difference between, when we last met in July and the discussion today. It would be just the expectations for our cognitive change, as Jeff had mentioned in the prepared remarks, the impact to tariffs in Q4 were 70 basis points and so on a four year basis that impact was Not very much.

JP，先回答你的問題，我們上次在七月見面和今天的討論之間最大的區別在於…正如傑夫在準備好的演講稿中提到的那樣，這只是我們對認知變化的預期，第四季度關稅受到的影響為 70 個基點，因此從四年來看，這種影響並不大。

We had 18.4%, but Looking to this year, we have the full impact, all quarters instead of just Q4. We're, we know that we took price and will benefit from that, but you typically only get about half of flow through. And then as we look to other costs we've seen meaningfully elevated utility costs and tariffs impacting non-cog items as well. And so with all those in mind and all of those pressures in mind, we felt that 18% was the appropriate number for us.

我們之前有 18.4% 的增幅，但展望今年，我們將看到全面的影響，所有季度都會受到影響，而不僅僅是第四季度。我們知道我們選擇了價格策略，並且會從中受益，但通常情況下，你只能獲得大約一半的利潤。此外，當我們審視其他成本時，我們發現公用事業成本和關稅大幅上漲，也對非生產性商品產生了影響。因此，考慮到所有這些因素和壓力，我們認為 18% 對我們來說是合適的數字。

To expect for fiscal '26.

預計2026財年。

But I'll get everything in Monday. That being said, emphasis for fiscal '26, 20% remains the overall goal, and we hope to get back to that as soon as possible.

但我周一會把所有東西都收到。也就是說，2026 財年的重點仍然是 20% 的總體目標，我們希望盡快恢復到這個目標。

And also keep in mind that you know with COGS of 28.6% this year and an expectation of 30% next year that's 140 basis points but our restaurant level operating profit margin guidance is only 40 basis points lower than what we ran this year.

另外，請記住，今年的銷售成本率為 28.6%，預計明年將達到 30%，即 140 個基點，但我們對餐廳層面的營業利潤率預期僅比今年低 40 個基點。

So we're.

所以我們是。

Yeah, but we're able to control the rest of the P&L.

是的，但我們能夠控制損益表的其餘部分。

Okay, so I'll call you, okay.

好的，那我打給你，好嗎？

Thank you guys for the color. Best of luck.

謝謝你們提供的色彩。祝你好運。

Oh, never mind.

哦，沒事了。

Sorry.

對不起。

Next question. Tanya Anderson with William Blair, please proceed.

下一個問題。請坦妮亞·安德森和威廉·布萊爾繼續。

Hi, most of my questions have been answered, but just, to follow-up, you mentioned that there were some things that you noticed with the reservation system that you could do to improve it, and I was wondering if you can give a little bit more detail on that. And second, on the IT collaboration, I mean, given that you're kind of building out this portfolio and you have a mix of the known collaborations and. Maybe some new or more experimental new collaborations, maybe experimental ways of doing the collaborations I think you mentioned last quarter that might have more risk. How much control do you have about the over the exact timing and flow of all these collaborations per year, like during the year and throughout the, I'm curious about that. Thanks.

您好，我的大部分問題都已得到解答，但為了跟進一下，您提到您注意到預訂系統存在一些可以改進的地方，我想知道您能否就此提供更多細節。其次，關於 IT 合作，我的意思是，鑑於您正在建立這個產品組合，並且您擁有已知的合作方式和…或許可以嘗試一些新的、更具實驗性的合作方式，或許可以嘗試一些你上個季度提到的、更有風險的合作方式。您對每年所有這些合作的具體時間和流程有多少控制權，例如在一年中以及貫穿整個賽季的時間安排，我很想知道。謝謝。

Yeah, so in terms of the collaboration timing this, we're generally at the mercy of the licensers they TRY to they they typically have their own marketing schedule, which generally speaking works in our favor because they want to partner with us when they're advertising something, but in terms of just, having control over the timing, that, that's not really something that we can do. In terms of the reservation system, this is going to get pretty inside baseball, but, in terms of guest facing improvements, I think the most obvious one, and the most meaningful one would be for guests to be able to pull their own reservation information. Right now you get it in a text. If you've made a reservation a week ago, it's, you're not going to be able to find that text, and that's a pretty big headache, not just for the guests, but for the servers as well. And I know because I.

是的，就合作時間而言，我們通常受制於授權方，他們通常會盡力配合。他們通常有自己的行銷計劃，這通常對我們有利，因為他們希望在宣傳某些內容時與我們合作。但是，就控制時間而言，這並非我們所能做到的。就預訂系統而言，這有點涉及內部細節，但就面向客人的改進而言，我認為最明顯、最有意義的改進是讓客人能夠自行獲取預訂資訊。現在你只能透過簡訊收到。如果你一周前預訂了座位，你就找不到那條短信了，這不僅對客人來說是個大麻煩，對服務員來說也是。我知道，因為我…

Was desperately trying to find people's reservation numbers when I was testing out the program and it's just not fun. And so that, that's really one of the big things that I meant, when I was talking about labor savings for front of house. The other is, we're changing the way that we, that servers can seat parties and it doesn't really make a big difference from an operations perspective, but basically the way that we're, the way that it was set up before, we needed, we.

我在測試這個程式的時候，拼命想找出大家的預訂號碼，這可真不是一件輕鬆的事。所以，這正是我所說的節省前廳勞動成本的重點之一。另一方面，我們正在改變伺服器安排客人就座的方式，從營運角度來看，這並沒有造成太大的影響，但基本上，我們以前的設定方式，我們需要改變。

We're working it in a way that made it impossible to collect correct data and this shift it will allow us to for the first time really get accurate data and then we can make adjustments and.

我們先前的工作方式導致無法收集正確的數據，而這次的轉變將使我們第一次真正獲得準確的數據，然後我們就可以進行調整。

Decisions based off of that. And so I, I'm really excited for that. It's not very flashy, but it will make a big difference in terms of our planning for what we can do with the reservation system.

基於此所做的決定。所以，我對此感到非常興奮。雖然它並不花哨，但它將對我們規劃如何使用預訂系統產生重大影響。

Next question. Todd Brooks with benchmarks StoneX. Please go ahead.

下一個問題。Todd Brooks 和 StoneX 的基準測試。請繼續。

Hey, thanks for taking my questions.

嘿，謝謝你回答我的問題。

Jeff, can we talk about.

傑夫，我們能談談嗎？

I think you said M was down 30 basis points last quarter. Obviously the consumer weakened across the course of the quarter, I guess. Did Mix weaken as well as far as side menu attach or beverage attached?

我記得你說過M上季下降了30個基點。顯然，消費者在本季整體上有所疲軟。Mix 的側邊菜單或飲料配件是否也出現了同樣的問題？

And within that down mid single-digit cop expectation for Q1, is there a deeper kind of drag on price mix versus what we saw in fiscal 4Q?

鑑於第一季預期銷售額將下降至個位數中段，與第四財季相比，價格組合是否會受到更深層的拖累？

I know Cuba. (spoken in foreign language)

我了解古巴。（用外語說）

Todd, just to clarify, are you asking about what we're seeing differently between Q4 and Q1, or is this just a general question about mix?

Todd，我澄清一下，你是想問第四季和第一季之間有哪些不同之處，還是只是想了解產品組合方面的整體情況？

I was just trying to tie it to what people are seeing with the consumer. Did mix slow during the course of Q4 to end up at down 30 basis points, but the consumer maybe tightened their wallets a little bit more and didn't attach the same way as the quarter went on.

我只是想把它和人們在消費者身上看到的情況連結起來。第四季混合消費成長放緩，最終下降了 30 個基點，但消費者可能稍微收緊了錢包，不像本季後期那樣積極消費。

And what's the price mix assumption within the down mid single-digit guidance for the first quarteram store sales.

對於第一季門市銷售額的個位數中下滑預期，其價格組合假設為何？

No, can you 4 to 1 you've got 4 Q3 to to go to I know I know to call to the I know I collaboration I know. (spoken in foreign language)

不，你能 4 比 1 嗎？你有 4 個 Q3 去我知道我知道打電話給我知道我合作我知道。（用外語說）

We certainly have seen, tech management. We, in Q4 we had a number of initiatives that were intended to drive.

我們當然已經看到了技術管理的問題。我們在第四季推出了一系列旨在推動發展的措施。

Improvement in mix such as the light rice, the 25th plate, experimentation with the spending thresholds associated with giveaways, but just with this overall environment, and the consumer not feeling as strong as they might have six months ago, those efforts.

改進產品組合，例如推出清淡米飯、推出第 25 份餐盤、嘗試與贈品相關的消費門檻，但就整體環境而言，消費者感覺不如六個月前那麼堅定，這些努力都無濟於事。

The timing is not right in terms of, trying to drive mix and so really our focus is on traffic. This is how we've approached every economic downturn in the past. We know that people are going to control check and so what we do want is just to make sure that they come in the door. We're working a lot on menu development. We touched on this a little bit earlier, but we want people to be coming in because we have new great items that they want to TRY and and then come back because they liked it so much. And so that's one of the things that we're excited for. We expect to start seeing.

現在時機還不成熟，不宜推動產品組合，所以我們的重點其實是交通流量。過去我們應對每一次經濟衰退都是這樣做的。我們知道人們會進行檢查，所以我們想要的只是確保他們能進門。我們正在大力改進菜單。我們之前稍微提到過這一點，我們希望人們是因為我們有很棒的新產品而來，他們想嘗試一下，然後因為非常喜歡而再次光顧。所以，這是我們感到興奮的事情之一。我們預計會開始看到。

The results of those efforts starting in Q3.

這些努力的成果從第三季開始顯現。

Okay, great, second question, I don't know if you guys have ever talked about.

好的，太好了，第二個問題，我不知道你們有沒有討論過。

Your customer profile, but if you look at performance across the quarter, did you see?

看看你的客戶概況，但如果你看一下整個季度的業績，你發現什麼了嗎？

Any big disparities by income cohort or age cohort or geographically that would be instructive to share with us?

依收入群體、年齡層或地理劃分，是否有任何顯著差異，希望與我們分享這些差異能為我們帶來啟發？

There have really been no meaningful changes in demographic patterns or behavior that we've seen and so nothing to call out.

我們沒有看到人口結構或行為方面有任何實質的變化，所以沒有什麼值得特別指出的。

That being said. (spoken in foreign language)

話雖如此。（用外語說）

We, we've, we're seeing a lot of reports about a weaker Gen Z consumer, and, some of our best performing restaurants rely on, university or college traffic, and so we're keeping a very close eye on those units, but we're not seeing anything that would, cause.

我們看到很多關於 Z 世代消費者消費能力下降的報道，而我們一些業績最好的餐廳依賴於大學或學院的客流量，所以我們正在密切關注這些餐廳，但我們沒有看到任何可能導致這種情況的因素。

Concern for us at this point.

目前我們很擔心。

Great and then then I'll give you a chance for the commercial here. I know.

很好，那我就給你一個機會來拍這個廣告。我知道。

Typically you'll give us a forward look and and a and a tease for the some upcoming IP partnerships that you might want to share. I didn't know if.

通常情況下，你會給我們一些展望，並透露一些你可能想分享的即將到來的智慧財產權合作計畫。我不知道是否。

Other than Kirby, if there was anything else you wanted to highlight coming in the next 2 or 3 partnerships.

除了 Kirby 之外，您還有什麼想重點介紹的嗎？接下來還有 2 到 3 個合作項目。

Yeah, the next one that we have is Sanrio. We're working with a couple characters from that Sanrio universe that we've deliberately chosen. I'll, I won't spoil it for the marketing team. I'll let them unwrap that present, but I'm really excited about that, not just because, I think those characters are probably the strongest properties we could pick among the Sanrio stable, but also. This is going to be a shorter period, a one month campaign instead of a two month campaign and so it's another opportunity for us to explore how these differences can.

好的，下一個是三麗鷗。我們正在使用幾個我們特意挑選的來自三麗鷗宇宙的角色。我，我不會劇透給行銷團隊的。我會讓他們自己去拆禮物，但我對此感到非常興奮，不僅因為我認為這些角色可能是我們在三麗鷗旗下能挑選出的最強大的角色，而且也因為。這將是一場較短的宣傳活動，為期一個月而不是兩個月，因此這是我們探索這些差異如何產生影響的另一個機會。

Affect the response that we see from our guests.

影響我們從客人那裡得到的回饋。

Okay, and then Kirby following that, was that the cadence of the 1st 3 that you talked about last quarter?

好的，接下來是 Kirby，那是你上個季度提到的前 3 個的節奏嗎？

Kirby is actually the next one.

下一個其實是卡比。

And so, we entered the year, Demon Slayer, we did, we're in one piece now, we'll have Kirby coming up in December, January, and then February we'll be Sanria.

就這樣，我們進入了新的一年，我們推出了《鬼滅之刃》，現在一切都很順利，接下來12月會有《星之卡比》，1月會有《星之卡比》，2月我們會推出《三麗鷗》。

Okay perfect thanks.

好的，謝謝。

Thank you, do.

謝謝，請便。

Thank you. This concludes today's teleconference. You may disconnect your lines at this time and thank you for your participation.

謝謝。今天的電話會議到此結束。您可以暫時斷開線路，感謝您的參與。