Kura Sushi USA Inc (KRUS) 2026 Q1 法說會逐字稿

Good afternoon, ladies and gentlemen, and thank you for standing by. Welcome to the Kura Sushi USA, Inc. fiscal first-quarter 2026 earnings conference call. (Operator Instructions) 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, Inc. 2026 財年第一季財報電話會議。（操作員指示）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 Uttz, Chief Financial Officer; and Benjamin Porten, Senior Vice President of Investor Relations and System Development.

今天參加電話會議的有：總裁兼執行長 Hajime Jimmy Uba；財務長 Jeff Uttz；以及投資者關係和系統開發資深副總裁 Benjamin Porten。

And now, I'd like to turn the call over to Mr. Porten.

現在，我想把電話交給波滕先生。

Thank you, operator. Good afternoon, everyone, and thank you all for joining. By now, everyone should have access to our fiscal first-quarter 2026 earnings release. It can be found at www.kurasushi.com in the Investor Relations section. A copy of the earnings release has also been included in the 8-K we submitted to the SEC.

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 2026 財年第一季的財報。您可以在www.kurasushi.com的投資者關係部分找到相關資訊。獲利報告的副本也包含在我們提交給美國證券交易委員會的 8-K 文件中。

Before we begin our formal remarks, I need to remind everyone that part of our discussion today will include forward-looking statements as defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are not guarantees of future performance, and therefore, you should not put undue reliance on them. 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.

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。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.

在今天的電話會議中，我們還將討論一些非GAAP財務指標，我們認為這些指標有助於評估我們的表現。此次提供的補充資訊不應被孤立地看待，也不應被視為替代按照公認會計準則編制的結果，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。

With that out of the way, I would like to turn the call over to Jimmy.

既然這件事已經解決了，我想把電話交給吉米。

Thanks, Ben, and Happy New Year to everyone for joining us on the call today. We are making good progress towards the goals we laid out in our annual guidance and was achieving qualitative comparable sales on a full-year basis. Regarding our goal of 16 new restaurant openings, we have 10 units under construction on top of the four restaurants opened to date.

謝謝Ben，也祝福今天參加我們電話會議的各位新年快樂。我們在實現年度業績指引中製定的目標方面取得了良好進展，並且在全年基礎上實現了可比較銷售額的良好表現。關於我們開設 16 家新餐廳的目標，除了目前已開業的 4 家餐廳外，我們還有 10 家餐廳正在建設中。

Our commitment to aggressive cost management as reduced -- as a percentage of sales by 80 basis points on an as-of-date basis. We are also able to deliver labor as a percentage of sales renewing our confidence in our ability to improve labor cost by 100 basis points in fiscal 2026. The first quarter has created a strong foundation for data on as we enter the easier comparisons of Q2 and Q3.

我們對積極成本管理的承諾已降低——截至目前，成本佔銷售額的百分比降低了 80 個基點。我們也可以按銷售額的百分比提供勞動成本，這讓我們更有信心在 2026 財年將勞動成本降低 100 個基點。第一季的數據為我們進入第二季和第三季更容易進行比較奠定了堅實的基礎。

Total sales for the fiscal first quarter was $73.5 million representing comparable sales growth of negative 2.5%, outperforming the comp expectations we have shared during our last earnings call. We were very pleased to see the sequential improvement at the end of the quarter and for this momentum to have continued past November.

財年第一季總銷售額為 7,350 萬美元，年減 2.5%，超過了我們在上次財報電話會議上分享的預期。我們非常高興地看到季度末業績環比改善，而這種勢頭延續到了 11 月之後。

Most of it, as a percentage of sales, was 29.9% in as compared to the prior year quarter, 29%. As a reminder, we took 3.5% price on November 1, so Q1 did not see the full quarter benefit. Also, as we have previously discussed, we expect full year COGS to be around 30% after considering the impact of tariffs and achieving the full benefit of our menu price adjustment. Labor as a percentage of sales was 32.5% compared to the prior year period, 32.9% due to a number of initiatives relating to operating costs.

其中大部分佔銷售額的百分比為 29.9%，而去年同期為 29%。提醒一下，我們在 11 月 1 日採取了 3.5% 的價格措施，因此第一季並未獲得全部季度收益。此外，正如我們之前討論過的，考慮到關稅的影響並充分發揮菜單價格調整的效益，我們預計全年銷售成本將達到 30% 左右。勞動成本佔銷售額的百分比為 32.5%，而上年同期為 32.9%，主要是由於與營運成本相關的多項措施所致。

Shifting to real state. We opened four restaurants in the first quarter, Acadia and Modesto in California and freehold lowering it in New Jersey. We currently have 10 restaurants under construction, including one in California and one in sharp, both of which are new markets for us. As we have mentioned in the last earnings this call, fiscal '25 was the strongest of class in recent memory. And the restaurants we've opened to date are continuing this trend. We expect to open one more unit in the fiscal second quarter and for the remainder opened in the back half of the year.

轉向房地產領域。第一季我們開了四家餐廳，分別位於加州的阿卡迪亞和莫德斯托，以及新澤西州的永久產權降低。我們目前有 10 家餐廳正在建設中，其中一家在加州，一家在夏普，這兩個地方對我們來說都是新市場。正如我們在上次財報電話會議上所提到的，2025財年是近年來業績最強勁的一個財年。我們迄今為止開設的餐廳也延續了這一趨勢。我們預計在第二財季再開設分店，其餘分店則將於下半年開設。

Turning to marketing. We are currently engaged in our campaign recovery, coinciding with the relief of carbon air liters for stage 2. As part of our efforts to maximize the impact of each collaboration, we have introduced IPS, Mr. Fresh domes, and touch panels, which have been well received by our guests. As we mentioned in our last earnings call, such is ongoing for the introduction of US program status tiers.

轉向市場行銷。我們目前正在進行競選恢復工作，這與第二階段碳排放空氣量的減少同時進行。為了最大限度地發揮每次合作的影響，我們推出了 IPS、Mr. Fresh 穹頂和觸控面板，這些都受到了顧客的好評。正如我們在上次財報電話會議上提到的那樣，美國項目等級制度的引入工作正在進行中。

We also began advertising of our reservation system for the first time during the holidays. In preparation for the reservation systems marketing campaign, we have also recovered the reservation system from our live program with the hopes of encouraging production, while moving the user friction created by required [the user affliction] and allowing guests to press reservations directly through the color website or our Kura stages.

假期期間，我們也首次開始宣傳我們的預訂系統。為了籌備預訂系統行銷活動，我們也從直播節目中恢復了預訂系統，希望以此鼓勵生產，同時消除用戶因需要預訂而產生的摩擦，並允許客人直接透過彩色網站或我們的 Kura 舞台進行預訂。

In other system development news, the manufacturing of our [lower technical shop] is proceeding on schedule, and we continue to expect to begin installation in Q3 and to have the majority of 50 eligible existing residents. Better fitted by the end of the fiscal year.

在其他系統開發新聞方面，我們的[下部技術車間]的製造正在按計劃進行，我們仍然預計將在第三季度開始安裝，並為 50 位符合條件的現有居民中的大多數提供服務。到財政年度結束時會更合適。

To conclude, we are pleased with the progress we made toward towards the goal we shared with our annual guidance. We believe were on the right path to achieving positive comp sales for the year. I would like to express my thanks to every one of our team members at the restaurant and support center for their partnership in achieving these goals.

總之，我們對在實現年度指導目標方面取得的進展感到滿意。我們相信我們正走在實現今年同店銷售額正成長的正確道路上。我要感謝餐廳和支援中心的每一位團隊成員，感謝他們為實現這些目標所付出的努力和合作。

Jeff, now I'll hand it over to you to discuss our financial results on the liquidity.

傑夫，現在我把發言權交給你，來討論我們關於流動性的財務表現。

Thanks, Jimmy. For the first quarter, total sales were $73.5 million as compared to $64.5 million in the prior year period. Comparable restaurant sales performance compared to the prior year period was negative 2.5% and with a negative traffic of 2.5% and flat price and mix.

謝謝你，吉米。第一季總銷售額為 7,350 萬美元，而去年同期為 6,450 萬美元。與去年同期相比，餐廳銷售額下降了 2.5%，客流量下降了 2.5%，價格和產品組合保持不變。

Comparable sales in our West Coast market were negative 2.8% and comparable sales in our Southwest market were negative 2.7%. Effective pricing for the quarter was 3.5%. On November 1, we took a 3.5% menu price increase and after lapping prior increases, our effective price for the second quarter will be 4.5%.

我們在西海岸市場的同店銷售額下降了 2.8%，在西南市場的同店銷售額下降了 2.7%。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%，加上先前的漲幅，第二季的實際價格將上漲 4.5%。

As a reminder, beginning in the first quarter of fiscal 2027, we will no longer provide regional breakdowns for comparable sales. As regional comps are largely determined by the timing of infills, and we do not believe that they are indicative of overall company trends.

再次提醒，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資料。由於區域比較很大程度上取決於填充式開發的時間，我們認為它們並不能反映公司的整體趨勢。

Turning to costs. Food and beverage costs as a percentage of sales were 29.9% and compared to 29% in the prior year quarter due to tariffs on imported ingredients. Labor and related costs as a percentage of sales were 32.5% as compared to 32.9% in the prior year quarter due to pricing and initiatives related to operations, offset by sales deleverage and labor inflation. Occupancy and related expenses as a percentage of sales were 7.9% compared to the prior year quarter, 7.4%, due to sales deleverage.

接下來談談成本。由於進口原料徵收關稅，食品和飲料成本佔銷售額的 29.9%，而去年同期為 29%。由於定價和與營運相關的舉措，勞動力及相關成本佔銷售額的百分比為 32.5%，而去年同期為 32.9%，但被銷售槓桿化和勞動力通膨所抵消。由於銷售槓桿作用減弱，入住率及相關費用佔銷售額的百分比為 7.9%，而去年同期為 7.4%。

Depreciation and amortization expenses as a percentage of sales were 5.4% as compared to the prior year quarter's 4.8% and due to sales deleverage and remodel costs. Other costs as a percentage of sales were 16.1% as compared to the prior year quarter's 14.5% due to sales deleverage and higher marketing costs. This line is also impacted by tariffs as some of the expenses in this category come from overseas purchases.

折舊和攤銷費用佔銷售額的百分比為 5.4%，而去年同期為 4.8%，這是由於銷售槓桿降低和改造成本造成的。由於銷售槓桿作用減弱和行銷成本上升，其他成本佔銷售額的百分比為 16.1%，而去年同期為 14.5%。該支出也受到關稅的影響，因為該類別中的部分支出來自海外採購。

General and administrative expenses as a percentage of sales were 13%, which includes 30 basis points in litigation accruals and as compared to 13.5% in the prior year quarter. Operating loss was $3.7 million compared to an operating loss of $1.5 million in the prior year quarter, largely due to tariff pressures on our food and beverage costs and other cost line items. Income tax expense was $36,000 as compared to $39,000 in the prior year quarter.

一般及行政費用佔銷售額的 13%，其中包括 30 個基點的訴訟準備金，而去年同期為 13.5%。營業虧損為 370 萬美元，而去年同期營業虧損為 150 萬美元，主要是由於關稅壓力導致食品飲料成本和其他成本項目受到影響。所得稅費用為 36,000 美元，而去年同期為 39,000 美元。

Net loss was $3.1 million or negative $0.25 per share compared to a net loss of $1 million or negative $0.08 per share in the prior year quarter. Adjusted net loss, which excludes the litigation accrual, was $2.8 million or negative $0.23 per share as compared to an adjusted net loss of $1 million or negative $0.08 per share in the prior year quarter. Restaurant-level operating profit as a percentage of sales was 15.1% compared to 18.2% in the prior year quarter. Adjusted EBITDA was $2.4 million as compared to $3.6 million in the prior year quarter. And at the end of the fiscal quarter, we had $78.5 million of cash equivalents and investments and no debt.

淨虧損為 310 萬美元，即每股虧損 0.25 美元，而去年同期淨虧損為 100 萬美元，即每股虧損 0.08 美元。調整後的淨虧損（不含訴訟準備金）為 280 萬美元，即每股虧損 0.23 美元，而上年同期經調整後的淨虧損為 100 萬美元，即每股虧損 0.08 美元。餐廳層級的營業利潤佔銷售額的百分比為 15.1%，而去年同期為 18.2%。調整後 EBITDA 為 240 萬美元，而去年同期為 360 萬美元。截至本財季末，我們擁有 7,850 萬美元的現金等價物和投資，且無任何債務。

And lastly, I'd like to reiterate our following guidance for fiscal year 2026. We expect total sales to be between $330 million and $334 million. We expect to open 16 new units, maintaining annual unit growth rate above 20%, with average net capital expenditures per unit continuing to approximate $2.5 million. We expect G&A expenses as a percentage of sales to be between 12% and 12.5%. And we expect full year restaurant level operating profit margins to be approximately 18%.

最後，我想重申我們對 2026 財年的以下指導。我們預計總銷售額將在 3.3 億美元至 3.34 億美元之間。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。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。我們預計全年餐廳層面的營業利潤率約為 18%。

With that, I will turn things back over to Jimmy.

這樣，我就把事情交還給吉米了。

Thanks, Jeff. This concludes our prepared remarks. We are now happy to answer any questions that you have.

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。

Operator, please open the room for questions. As a reminder, during the Q&A session, I may answer in Japanese before my response is translated into English.

接線員，請開放提問室。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。

(Operator Instructions) Sharon Zackfia, William Blair.

（操作說明）Sharon Zackfia，William Blair。

I wanted to talk about the decision to decouple the reservation system from loyalty. Can you talk about kind of what led to that decision where you're not seeing loyalty members kind of react as you had hoped? And then as you started to market it, what is early read then potentially bolstering in those shoulder periods, which is what I think kind of was the hope for scenario with the reservation system.

我想談談將預訂系統與會員忠誠度系統脫鉤的決定。您能否談談導致您做出這項決定的原因，以及為何沒有看到忠誠會員的反應如您所願？然後，隨著你開始進行市場推廣，早期閱讀量可能會在淡季期間得到提振，我認為這就是預訂系統所希望達到的效果。

Yeah. Sharon, this is Ben. So in terms of reward member uptake on the reservation system, we're actually extremely pleased more than half of visits by rewards members or being done through the reservation system. So uptake is frankly better than expected, and so that's been very encouraging.

是的。莎倫，這是本。因此，就獎勵會員對預約系統的接受度而言，我們實際上非常滿意，超過一半的獎勵會員到訪都是透過預約系統完成的。因此，實際接受度比預期要好，這非常令人鼓舞。

We really just wanted to open it up to a bigger audience. It's a big ask to have somebody install an app just for one function. And so we felt let them experience how useful it is and then maybe we'll be able to convert them into rewards members after the fact as obviously, we want as many people to join the rewards program as possible as they tend to visit more and spend more per visit.

我們只是想讓更多人能夠接觸到它。讓用戶僅僅為了使用一個功能而安裝一個應用程序，這要求太高了。因此，我們覺得應該讓他們體驗它的實用性，然後或許之後我們就能把他們轉化成獎勵會員，因為很明顯，我們希望盡可能多的人加入獎勵計劃，因為他們往往會更頻繁地光顧，並且每次光顧消費更多。

And so that's been very encouraging. We started marketing the reservation system more post decoupling in the last week of December. And so they're really -- there's pretty limited data in terms of what we've seen in that one week of advertising. But what is really encouraging is that for the people that have tried it, they basically use it forever. And so I think it's just a matter of awareness, and there remains upside to be unlocked for the reservation system.

這非常令人鼓舞。我們在 12 月最後一週解除合約後，開始加強對預訂系統的推廣力度。所以，就我們這短短一週的廣告投放情況來看，目前的數據確實非常有限。但真正令人鼓舞的是，那些嘗試過的人基本上都會一直使用它。所以我認為這只是一個意識問題，預訂系統還有很大的提升空間。

And then it sounded like trends ended more strongly as you went throughout the quarter, and it sounds like that continued through December. And I know you reiterated, I think, plans for slightly positive comps for the year.

然後，聽起來隨著季度的推進，各種趨勢的結束勢頭越來越強勁，而且這種情況似乎一直持續到 12 月。我知道你重申了今年業績略微向好的計畫。

Jeff, just given comparisons do get so easy here in the February quarter, do you expect comps to be positive as well in the February quarter?

Jeff，鑑於二月季度比較數據非常容易，你預計二月季度的比較數據也會是正成長嗎？

Sure. Thank you for your question, Sharon. Please answer your question in Japanese.

當然。謝謝你的提問，莎倫。請用日語回答您的問題。

(spoken in Japanese)

（日文）

Sure. So in terms of our expectations regarding Q2 comps, we absolutely expect positive comps -- in the November call, we mentioned our negative mid-single-digit expectations for Q1 comps. They came in at negative 2.5%, which obviously indicates that November ended up being a very strong month.

當然。因此，就我們對第二季同店銷售額的預期而言，我們絕對預期同店銷售額將實現正成長——在 11 月的電話會議上，我們提到了我們對第一季同店銷售額的負個位數預期。他們的業績為-2.5%，這顯然表明11月是一個非常強勁的月份。

One particular item that's been of exceptional encouragement for us is that following the November -- we took pricing on November 1, but November traffic and price mix improved over the prior months. And that trend has also continued into Q2. And so standing where we are today, month and change into the quarter, we feel very good about Q2 comps.

對我們來說，尤其令人鼓舞的是，11 月之後——我們在 11 月 1 日調整了價格，但 11 月的客流量和價格組合比前幾個月有所改善。這一趨勢也延續到了第二季。因此，截至目前，本季已過去一個月多，我們對第二季業績感到非常樂觀。

That's great. Good to hear. Thank you.

那太棒了。很高興聽到這個消息。謝謝。

Jeremy Hamblin, Craig-Hallum.

傑里米·漢布林，克雷格-哈勒姆。

Thanks. And I wanted to hit on a couple of the kind of cost line items here. So first question, regarding food cost is we don't know what's going to happen with tariffs. Clearly, it's been a significant headwind. I think, Jeff, you'd called out maybe about 200 basis points for FY26. But if there were a change as we started to see some relief on tariffs impacting food costs, how long would it take for that to flow into your financials? Would it be 60 days, 90 days if that change were to happen?

謝謝。我想重點談談其中幾個成本項目。所以第一個問題，關於食品成本，我們不知道關稅會如何改變。顯然，這是一個很大的阻力。傑夫，我想你之前預測2026財年可能會成長200個基點左右。但是，如果隨著關稅減免對食品成本的影響逐漸緩解，這種情況會改變，那麼這種改變需要多久才能反映在您的財務狀況中？如果這種變化發生，需要60天還是90天？

And then also wanted to just ask about other operating expense category, which I think includes utilities, repairs and maintenance, insurance

另外，我還想問其他營運費用類別，我認為包括水電費、維修保養費和保險費。

, credit card fees, et cetera. Just to get a sense for, let's say, the expected impact that you might have on that category with, let's say, a positive 2.5% comp versus a down 2.5% comp that you had in Q1. What type of leverage deleverage would you see under that hypothetical?

信用卡手續費等等。為了讓大家了解一下，假設你第一季業績成長了 2.5%，而第二季業績下降了 2.5%，那麼你對該類別的預期影響是什麼。在這種假設情況下，您認為會出現哪種類型的槓桿去槓桿化？

Yeah. Jeremy, I'll answer the question on food costs, and then I'll turn it over to Jimmy to give some color on the other cost line item. But as it relates to food costs, looking in the past, generally, we buy four to six months' worth of product. So it will take a little bit of time to get through the product that we have on and in order to see a benefit and a reduction in tariffs. That being said, where food cost is ending up for the year and our 30% estimate, I'm quite pleased with that number.

是的。傑里米，我來回答關於食品成本的問題，然後我會把問題交給吉米，讓他詳細解釋另一項成本。但就食品成本而言，回顧過去，我們通常會購買四到六個月的食品。因此，我們需要一些時間才能體驗到我們目前的產品，並看到其帶來的好處和關稅的降低。也就是說，考慮到今年的食品成本最終佔比與我們預估的 30%，我對這個數字相當滿意。

When we first started looking at this, it could have been somewhere between 300% and 400% impact. But because of the great negotiations that were done with the suppliers as well as negotiating just the prices of things, tariffs aside, I'm very pleased with that 30% number, if the tariffs are reduced or do go away, that number could get back into the 28%, again, where it was.

當我們最初開始研究這個問題時，其影響可能在 300% 到 400% 之間。但是，由於與供應商進行了出色的談判，並且除了關稅之外，還就商品價格進行了談判，我對 30% 這個數字非常滿意。如果關稅降低或取消，這個數字可能會回到之前的 28%。

And that's really the only headwind that we've really seen as far as COGS is uncontrollable inputs such as tariffs, so we're optimistic. We'll see what happens over the next few months as it relates to tariffs, but ending up at the 30% number is still something that we, as a company, are pretty proud of given the headwinds of the tariffs pose to us.

就銷售成本而言，我們真正看到的唯一不利因素是關稅等不可控投入，因此我們持樂觀態度。接下來幾個月關稅方面會發生什麼，我們拭目以待。但考慮到關稅給我們帶來的不利影響，最終達到 30% 的稅率，我們公司仍然感到非常自豪。

This is Jimmy. I'll answer your question about other cost line, but I'll speak in Japanese.

這是吉米。關於其他費用項目的問題，我會用日文回答。

(spoken in Japanese)

（日文）

In terms of the other cost line item, the biggest impact, unfortunately, for other costs as well as tariffs. Most of our promotional materials come from China. So our baker upon toys or giveaway items. Those come from China, and they've been experiencing pretty heavy tariffs. And so that's been a meaningful pressure on the other cost line item.

至於其他成本項目，不幸的是，影響最大的不僅是其他成本，還有關稅。我們的宣傳資料大多來自中國。所以我們的麵包師傅會把玩具或贈品送給顧客。這些商品來自中國，一直面臨相當高的關稅。因此，這對另一項成本構成了相當大的壓力。

And Jeremy, as you mentioned, the sales deleverage that we had, while the comps came in better than expected, they were still negative. And so we saw cell-leverage on fixed and semi-fixed costs. utilities were up just on an absolute basis. We've seen that broadly across our restaurant base.

傑里米，正如你所提到的，我們遇到了銷售槓桿下降的問題，雖然同店銷售額比預期要好，但仍然為負。因此，我們看到固定成本和半固定成本的槓桿作用增強。公用事業費用絕對值上漲。我們在所有餐廳中都普遍看到了這種情況。

And then lastly, the pricing that we took in November. And so we did not receive that benefit in September or October. And in terms of -- please --

最後，還有我們在 11 月採用的價格。因此，我們在九月和十月都沒有收到這筆款項。至於——請--

(spoken in Japanese)

（日文）

That being said, with the pricing that we took in November -- in spite of the pricing that we took on November 1, we saw traffic improve in November and December. We also saw price mix improve in November and December. And we expect to -- for that to flow through and give us better leverage on our other costs, which were actually -- we're already starting to see. And so that's really encouraging for where we'll land at the end of the quarter.

也就是說，儘管我們在 11 月 1 日採取了定價策略，但我們看到 11 月和 12 月的客流量有所改善。我們也看到11月和12月的價格結構有所改善。我們期望這種情況能夠持續下去，並讓我們更好地應對其他成本，而實際上，我們已經開始看到這種情況了。所以，這對我們本季末的業績來說確實令人鼓舞。

Got it. Thanks for taking the questions and good luck.

知道了。感謝您回答問題，祝您好運。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Great. Jeff, I wanted to check with the shelf registration that you guys saw last week what are you monitoring for as you think about when you would potentially tap into it?

偉大的。Jeff，我想確認你們上週看到的貨架登記情況，你們在考慮何時可能入手時，會關注哪些方面？

I haven't really given a timeline on that. When we did the capital raise a year ago, Andrew, in November of 2024, my thought was potentially that could be the last one. Right now, where we're looking at where restaurant level margins at 18% versus 20% just for good corporate housekeeping and to be ready when the time comes, if it does.

我還沒有給出具體的時間表。安德魯，一年前，也就是 2024 年 11 月，我們進行融資的時候，我的想法是那可能是最後一次了。目前，我們正在關注餐廳層面的利潤率在 18% 到 20% 之間的情況，這只是為了保持良好的公司內部運作，並在時機成熟時做好準備（如果真的發生的話）。

Just wanted to have that shell registration the same out there going to be ready. But we still have $75 million of cash and investments on our balance sheet. So we're pretty liquid, pretty strong on that side. But it's just something I wanted to have out there in case the time comes, certainly want to keep an eye on where the share price is and if the share price becomes attractive, and there was a reason we wanted to go on to capital. It's just being ready.

只是想確保外殼註冊資訊已經準備就緒。但我們的資產負債表上仍有 7,500 萬美元的現金和投資。所以我們資金流動性很強，這方面實力雄厚。但我想把這件事說出來，以防萬一時機成熟。當然，我肯定想密切關注股價走勢，如果股價變得有吸引力，我們就會考慮增持。關鍵在於做好準備。

Okay. That's helpful context. And then we didn't reiterate 18% rational margins, I hear you on the 30% COGS target. I hear you're at about 32% labor. But I'm just curious, does the margin target embed any additional price in 2026? I'm just trying to better understand the opportunities to improve the other operating costs amid to tariffs.

好的。提供的背景資訊很有幫助。然後我們沒有重申 18% 的合理利潤率，我明白你說的 30% 的銷售成本目標。我聽說你們的勞動成本大約是 32%。但我很好奇，利潤率目標是否包含了 2026 年的任何額外價格？我只是想更了解在關稅政策的背景下，還有哪些機會可以降低其他營運成本。

(spoken in Japanese)

（日文）

Okay. Relating to the 18% annual guidance that we provided in the November call, that already contemplated 15% resalable operating profit margin we had for Q1. And so there's we're fully -- tracking relative to our own expectations. In terms of the pricing, we feel that -- as it stands today, we have no further expectations to take price in fiscal '26. We think the pricing that we took on November is adequate.

好的。關於我們在 11 月電話會議上給出的 18% 的年度指導意見，其中已經考慮到了我們第一季 15% 的可轉售營業利潤率。所以，我們完全按照我們自己的預期進行追蹤。就定價而言，我們認為——就目前而言，我們沒有在 2026 財年進一步定價的預期。我們認為11月份的定價是合理的。

The flow-through that we're seeing is actually better than expected. And so that's really encouraging there. And yes, between those two things, we remain extremely confident about that 18% full year target.

我們看到的流通情況實際上比預期的要好。所以這確實令人鼓舞。是的，基於這兩點，我們對全年18%的成長目標仍然非常有信心。

(spoken in Japanese)

（日文）

And on another note, following the November pricing, we're already seeing leverage on our labor cost line earlier than expected. It's really encouraging making a statement more confident in terms of hitting that 100-basis point labor leverage number, and opening up the possibility for maybe better than 100 basis points.

另外，繼 11 月的定價之後，我們已經比預期更早看到了勞動成本的槓桿作用。發表聲明，表示更有信心達到 100 個基點的勞動力槓桿率目標，這確實令人鼓舞，而且有可能超過 100 個基點。

Very good. Thank you, guys.

非常好。謝謝大家。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Thank you very much. First question is just on the comp trends. You talked about the improvement to close the quarter and seemingly sustaining into the second quarter and very confident in that positive for the second quarter. I'm just trying to unpack how much you think is due to your own company-specific efforts versus the macro?

偉大的。非常感謝。第一個問題僅關於競爭趨勢。你談到了本季末的改善，而且這種改善似乎會延續到第二季​​度，你對第二季度的積極前景非常有信心。我只是想弄清楚你認為其中有多少是公司本身努力的結果，又有多少是宏觀因素造成的？

I know there's lots of investor optimism around near-term benefits from lapping inclement weather and lapping the tariff headwinds, maybe benefits from tax refunds and stimulus. So just trying to get your sense for how much you attribute to your own internal initiatives versus maybe your confidence of the broader industry that will accelerate from here with those factors? Or if you don't believe that to be the case, perhaps why not? And then I had one follow-up.

我知道投資人對近期惡劣天氣和關稅逆風的影響有所緩解，以及退稅和刺激措施帶來的好處抱持著很高的樂觀態度。所以，我只是想了解一下，您認為自身內部舉措的重要性佔多大比例，而您對整個行業在這些因素作用下將加速發展的信心又佔多大比例？如果你不相信情況確​​實如此，那為什麼不呢？然後我還有一次後續跟進。

(spoken in Japanese)

（日文）

Looking to Q1, we outperformed the industry on a number of metrics, which we're very encouraged by. That was really par for the course for us historically, it hasn't been the case necessarily for the last year and sort of return to that position has been very encouraging. We think the promotions that we had in November played a big part.

展望第一季度，我們在多項指標上都優於行業平均水平，這令我們非常鼓舞。從歷史角度來看，這確實是我們的正常表現，但在過去一年並非如此，而如今能夠重回正軌，這令人非常鼓舞。我們認為11月份的促銷活動發揮了重要作用。

And really with Jimmy's earlier comment about the biggest element of surprise in terms of November, that was the pricing flow through and the traffic growth that we saw post price. And so your commentary about macro, I mean, it's still just a couple of months, but that reinterprets an improvement in the consumer. And so that's very encouraging there.

正如吉米之前所說，11 月最大的驚喜在於價格走勢以及價格調整後流量的成長。所以你對宏觀經濟的評論，我的意思是，雖然現在才幾個月的時間，但這重新詮釋了消費者的改善。所以這非常令人鼓舞。

In terms of other company-specific comps, that comp benefit starts in December. And so November would not have benefited from that.

至於其他公司特定的補償金，該補償金福利從 12 月開始發放。因此，11 月並不會從中受益。

(spoken in Japanese)

（日文）

And when we were speaking about the industry comparisons up, I meant to say November and onwards, not Q1.

當我們談到產業比較時，我指的是 11 月及以後，而不是第一季。

Got you. And just to clarify, I know you often talk about a two-year stack. And if you held that first quarter trend it would imply maybe a positive 4% or 5% in the second quarter as you compare to ease by, I think, 700 basis points. So I'm just trying to clarify, I think you said you assume modest positive comp for the full year. Just trying to clarify that. And did your trend in November and December improve on a one-year or a two-year stack basis? Just trying to get a sense for the underlying momentum versus just comparisons.

抓到你了。另外，為了澄清一下，我知道你經常談到兩年的建造計劃。如果維持第一季的趨勢，那麼與第一季相比，第二季可能會有 4% 或 5% 的正成長，我認為會下降 700 個基點。我只是想確認一下，我記得您說過您假設全年薪酬會有適度的正增長。我只是想澄清一下。那麼，從一年或兩年的累積資料來看，您在 11 月和 12 月的趨勢是否有所改善？我只是想了解潛在的發展勢頭，而不僅僅是進行比較。

(spoken in Japanese)

（日文）

Without providing commentary on the comp performance to date, we remain very, very confident about our ability to hit flat to slightly positive comps the momentum as we exited the quarter was very encouraging. And to give me repeated comments that momentum has continued. And so we feel very good about achieving that flat to positive comp for the full year.

雖然我們不打算對迄今為止的同店銷售業績發表評論，但我們仍然非常有信心實現同店銷售持平或略有增長的目標，本季末的勢頭非常令人鼓舞。而且他們一再告訴我，這種勢頭仍在持續。因此，我們對全年實現持平或略有成長的目標感到非常滿意。

Understood. And then just to clarify, I think you said -- we know you opened four units in the first quarter, and you have 10 more under construction. I'm guessing it's not surprising to you or maybe you turn these units around faster, but you're talking about 16 for the full year. it seems that you already have 14 with good visibility. Just wondering how much lead time is needed in terms of construction that you're confident in that 16 plus relative to the 14 you have visibility on today?

明白了。然後為了澄清一下，我想您說過——我們知道您在第一季開設了四家分店，還有 10 家正在建設中。我猜這對你來說並不意外，或許你們的周轉速度更快，但你們說的是全年16個單元。看起來你們已經有14個單元的展示效果很好。我想知道，相對於目前您能看到的 14 個項目，您需要多少施工提前期才能確保 16 個項目以上的進度？

(spoken in Japanese)

（日文）

Looking at the fiscal '26 pipeline, we think that the 16 unit target is the upper bound we continue to find at the appropriate target. We don't expect that to change. There might be a little bit of benefit in terms of faster lead times, but that's not really something that we expect. It should pretty much be business as usual. So we opened four in Q1.

從 2026 財年的發展規劃來看，我們認為 16 台的目標仍然是我們認為合適的上限。我們預計這種情況不會改變。交貨週期可能會有一點好處，但這並不是我們真正期望的。一切應該基本照常進行。所以我們在第一季開了四家店。

We expect to open 1 in Q2 and the remainder are in the back half. Yes. And so for those 10 units, a lot of them just broke ground. And so yes, you could keep that in mind for modeling purpose, that would be great.

我們預計第二季開設 1 家門市，其餘門市將在下半年開設。是的。因此，這 10 個單位中，很多都是破土動工的。所以，是的，你可以把這一點記在心裡，用於建模，那就太好了。

But presumably, you have two more to get you to that 16 that maybe haven't broke ground yet, but you have a good line of sight to.

但想必你還有兩個專案可以讓你達到那 16 個專案的目標，這兩個專案可能還沒有破土動工，但你已經有很好的進展了。

Yes.

是的。

Jon Tower, Citi.

Jon Tower，花旗銀行。

Great. Maybe just circling back to a comment that Jimmy, you had just made maybe, Ben, it was you in response to the question. You had mentioned that the promos that you had done in November had played a decent part in terms of getting some traffic back into stores and lifting sales.

偉大的。也許我們剛剛回到吉米說的那句話，本，也許是你對這個問題的回答。您曾提到，您在 11 月開展的促銷活動在吸引客流回店和提升銷售額方面發揮了相當不錯的作用。

Can you dig into that a little bit? Like what exactly did you do during that window? Is it something that you feel like you can repeat in the future? And how can you -- or is it something that was just one-off and you don't expect to bring to future windows?

能稍微深入研究一下嗎？那段時間你具體做了什麼？你覺得將來可以重複做這件事嗎？你怎麼能這樣做呢？或者這只是一次性的嘗試，你不打算在未來的櫥窗設計中採用？

(spoken in Japanese)

（日文）

Jon, so as it relates to November, we had our second lumpy give away. And that outperformed our expectations a little bit. We had a gift card promotion. We typically have whatever year as we get closer to the holidays. But really, the biggest factor for the November outperformance was our LTO or cure reserve.

Jon，說到11月份，我們進行了第二次大放送。這比我們預期的還要略微超出一些。我們當時搞了個禮品卡促銷活動。通常情況下，隨著假期臨近，我們會收到年份不等的通知。但實際上，11 月份業績超預期的最大因素是我們的長期或補救儲備。

This month for November, the sort of theme item was soccer bacon and we weren't sure how big of a hit bacon sushi would be. But in retrospect, in hindsight, of course, bacon sushi is going to be a slam dunk. And so that really was a big hit for us.

11 月的主題菜是足球培根，我們當時並不確定培根壽司會有多受歡迎。但事後看來，培根壽司當然會大獲成功。所以這對我們來說確實是個巨大的成功。

In terms of whether or not it's replicable, we're not -- we don't have plans to have another software vacant, but there's nothing to preclude that in the future. Certainly, we're putting as much energy as we can into our LTOs. We know that, that's a really -- it's another lever for us. But looking to December, while we don't have another LTO food LTO along those lines, we have our most exciting IP at the year curvy. And so we're not to give a dead horse, but we're really happy with how December shaking out.

至於它是否可以複製，我們目前還沒有計劃再創建一個軟體空缺，但未來也沒有任何跡象表明會這樣做。當然，我們正在盡我們所能投入大量精力到我們的LTO（長期發行）項目上。我們知道，這確實是——這對我們來說是另一個槓桿。但展望十二月，雖然我們沒有類似的限時特惠食品，但我們今年最令人興奮的IP產品是Curvy。所以我們就不多說了，但我們對十二月的安排真的非常滿意。

Okay. Yeah. And that kind of leads to a question just regarding -- you had mentioned earlier the idea of advertising the reservation system and reservation program more broadly to the non rewards members. And I'm just curious to hear where you guys think the brand -- well, where the brand is today with respect to broad advertising, which I don't think it does much of -- but where you want to be over time, either as a percentage of sales, what medium do you want to go in?

好的。是的。這就引出了一個問題——您之前提到過，要向非獎勵會員更廣泛地宣傳預訂系統和預訂計劃。我很好奇你們認為這個品牌——嗯，就目前這個品牌在廣泛的廣告宣傳方面所處的位置而言（我認為它在這方面做得併不多）——但隨著時間的推移，你們希望達到什麼程度，無論是以銷售額的百分比來衡量，還是希望進入哪個媒介？

And frankly, where the message should be to guests? Is it more about, a, this is what Kura Sushi is? Or is it more about a call to action in terms of LTOs, like whether it's the core reserve or it's the Kirby IP tie in? If you could expand on that, that would be great.

坦白說，該向客人傳達什麼訊息呢？是不是更應該說，這就是Kura Sushi的本質？或者，這更多的是關於長期發行方面的行動號召，例如核心儲備還是 Kirby IP 的合作？如果你能詳細闡述一下，那就太好了。

Yeah. So I wouldn't expect us to do anything like television advertising. We're very happy with the marketing efforts to date. We think that they've done a phenomenal job just in terms of spending our ad dollars effectively, primarily on social media, influencers, et cetera. But those have been exceptional in terms of return on ad spend.

是的。所以我認為我們不會做類似電視廣告之類的事情。我們對迄今為止的行銷工作非常滿意。我們認為他們在有效運用廣告預算方面做得非常出色，主要體現在社群媒體、網紅等方面。但就廣告支出回報率而言，這些廣告效果非常出色。

I'd say that there's probably going to be more of an emphasis on call to actions, to your point. Our rewards members very much are moved by call to action. And so that's going to be an ongoing point of focus, especially because they're continuing to trend upward in terms of spend, which is great.

我覺得，正如你所說，未來可能會更加重視行動號召。我們的獎勵計劃會員非常容易被行動號召所打動。因此，這將是我們持續關注的重點，尤其是因為他們的支出持續呈上升趨勢，這非常好。

Okay. So just rewards members in general, now that we're pretty far I think we're a year in or so, maybe I'm off a little bit. But can you speak to how they have moved in terms of either frequency and/or spending levels versus where we started off a year or so ago?

好的。所以總的來說，就是獎勵會員。現在我們已經走了相當長的一段路，我想大概一年左右的時間了，也許我記不太清楚了。但您能否談談與我們一年前左右剛開始時相比，他們在消費頻率和/或消費水平方面發生了哪些變化？

Yeah. So we're now up to 1 million members, if we're counting newsletter members, it's actually 1.7 million members. And so that's really been very aggressive growth, thanks to the efforts of the marketing team.

是的。所以我們現在有 100 萬會員，如果算訂閱郵件的會員，實際上是 170 萬會員。因此，這確實是一種非常迅猛的成長，這要歸功於行銷團隊的努力。

In terms of the spend, a two-person ticket -- per person, they spend about $6 more. And so that's a pretty meaningful difference. And they visit more than or even triple a non-member?

就消費而言，雙人票——每人大約要多花 6 美元。所以這確實是一個相當有意義的差異。他們的訪問量是一般會員的三倍甚至更多？

Okay, awesome. I will pass along. I appreciate you taking the questions.

好的，太棒了。我會轉達。感謝您回答這些問題。

Mark Smith, Lake Street Capital.

馬克史密斯，湖街資本。

I'm curious if there's any other demographic or geographic trends that you saw in the quarter or even post quarter that are worth calling out, for instance, I'm curious if you saw any impact when government shutdown ended. Did that drive any incremental traffic or spend or anything else to call out here in the quarter?

我很好奇，在本季度甚至下個季度，您是否觀察到其他值得一提的人口統計或地理趨勢？例如，政府停擺結束後，您是否觀察到任何影響？這是否在本季度帶來了任何額外的流量、消費或其他值得一提的指標？

(spoken in Japanese)

（日文）

Thank you. So the major change that we have seen is just the broad-based improvement from November onward really are not seeing any sort of differences on a regional or geographic basis. As we've mentioned in the past, the differential between any given region in terms of comp performance is really driven more by the timing of infills than anything else. And so it's really just been a broad-based improvement, both in traffic and ticket. And so that's been really, I guess, I keep coming back to the word encouraging, but it really has been encouraging.

謝謝。因此，我們看到的主要變化是從 11 月開始的全面改善，在區域或地理方面真的沒有看到任何差異。正如我們過去提到的，任何給定區域在性能方面的差異，實際上更多地取決於填充的時間，而不是其他因素。因此，無論是在交通方面還是在罰單方面，都確實取得了全面的改善。所以，我想，我一直在用「令人鼓舞」這個詞來形容這件事，但它確實令人鼓舞。

Excellent. And then as we look at restaurant level margins, I'm curious if you could talk about comp units versus noncomp restaurants kind of where the margins are shaking out for each? And then if we've seen any real change over time in one or the other?

出色的。然後，當我們查看餐廳層面的利潤率時，我很想知道您能否談談同店餐廳和非同店餐廳的利潤率是如何分佈的？那麼，隨著時間的推移，我們是否看到其中一方或另一方發生了任何真正的變化？

(spoken in Japanese)

（日文）

So we haven't really commented too much on the difference between comp and noncomp unit performance. What we have said is that historically, new units have pretty strong honeymoons. They'll have elevated revenues, but they're not as efficient as managing costs as a more seasoned restaurant. And so the oral OPMs, they actually end up taking about the same.

所以我們還沒有真正對競爭單元和非競爭單元性能之間的差異進行過多評論。我們之前說過，從歷史資料來看，新單元的蜜月期通常都很長。他們的收入會更高，但在成本控制方面不如經驗豐富的餐廳有效。因此，口服 OPM 的最終服用量實際上差不多。

James Sanderson, Northcoast Research.

James Sanderson，北海岸研究公司。

I wanted to go back to the labor line item. Just wondering if you could walk through any milestones or key drivers operationally that you'll need in order to achieve that 100 basis point improvement? And when we can expect that to build in the next three quarters?

我想回到人工成本這一項。我想請問您能否詳細說明一下，為了實現這 100 個基點的提升，您需要在營運方面達到哪些里程碑或關鍵驅動因素？那麼，我們預計未來三個季度內何時才能看到這種成長？

(spoken in Japanese)

（日文）

James, in terms of waiver, as it relates to Q1, the biggest driving factor was the pricing that we've taken. We feel that we're making great progress in terms of the leverage that we expect to make for the full year and have no concerns about hitting that 100 basis point target and in fact, feel that there is a real possibility that we'll be able to get their even to get even beyond 100 basis points of leverage.

James，就豁免而言，就第一季而言，最大的驅動因素是我們採取的定價策略。我們認為，就全年預期槓桿率而言，我們取得了巨大進展，對實現 100 個基點的目標毫不擔心，事實上，我們認為很有可能實現甚至超過 100 個基點的槓桿率。

In terms of the factors that need to go right, so to speak, for us to hit that, those are already in play or in place. They're largely going to be driven by the initiatives that we put in the last fiscal year. So the reservation system, the new touch pedals, the new Mr. Fresh dome, those cumulatively will get us at least those 100 basis points. And any sort of labor initiatives, just the benefit trends along with seasonality.

要實現這一目標，需要哪些有利因素，這些因素目前都已經到位或正在發揮作用。它們很大程度上將受到我們在上一個財政年度推出的各項舉措的驅動。所以，預訂系統、新的觸控踏板、新的 Mr. Fresh 穹頂，這些加起來至少能為我們帶來 100 個基點。以及任何類型的勞動力舉措，僅僅是福利趨勢與季節性之間的關係。

And so we were, frankly, a little bit surprised to see benefit as early as we did, and we just expect that to become more pronounced as sales grow and we're better able to leverage fixed costs.

坦白說，我們有點驚訝這麼快就看到了成效，我們預期隨著銷售額的成長和我們更好地利用固定成本，這種成效會更加明顯。

Okay. So not necessarily need to see the robotic dishwash there's another technology into the store in order to achieve that gain?

好的。所以，不一定要看到機器人洗碗機，還有其他技術可以引入商店來實現這一目標嗎？

(spoken in Japanese)

（日文）

Yeah. So the robotic dishwasher are contemplated in that 18%, but the impact is going to be pretty minimal for the full 18% RPM. And so we'll see even more benefit as we enter fiscal '27, we've got more of the system updated to have robotic dishwashers. And so if we're able to implement these sooner than expected, that's a potential point of opportunity as well.

是的。因此，機器人洗碗機也被考慮在內，但這 18% 的轉速影響將非常小，因為 18% 的轉速對機器人洗碗機的影響微乎其微。因此，隨著我們進入 2027 財年，我們將看到更大的好處，因為我們的系統已經更新，並配備了機器人洗碗機。因此，如果我們能夠比預期更早實施這些措施，那也是一個潛在的機會點。

All right. All right. Very good. Could you also review the collaborations you offered in the first quarter if they performed to your expectations?

好的。好的。非常好。您能否也回顧一下您在第一季提出的合作項目，看看它們是否達到了您的預期？

(spoken in Japanese)

（日文）

In terms of Q1's collaborations, we had Demon Slayer in September. That was the second month of Demon Slayer and then we had One Piece in October and November, both met our expectations.

就第一季的合作項目而言，我們在九月與《鬼滅之刃》進行了合作。那是《鬼滅之刃》播出的第二個月，然後十月和十一月是《海賊王》，這兩部作品都達到了我們的預期。

Okay. Very good. Last question for me. I just wondered if you had thought about your long-term growth target rate of about 300 units in the United States if you had revised that.

好的。非常好。最後一個問題。我只是想知道，如果您修改了在美國的長期成長目標（大約 300 台），您是否考慮過這個目標。

(spoken in Japanese)

（日文）

If we do have plans for a formal update, we'll be sure to let everybody know. But in the meantime, we will let the analysts provide their own estimates on that bigger number.

如果我們有正式更新計劃，一定會通知大家。但同時，我們將讓分析師們對這個更大的數字做出自己的估計。

All right. Thank you very much.

好的。非常感謝。

George Kelly, ROTH Capital Partners.

喬治凱利，ROTH Capital Partners。

Hey, everyone. Thanks for taking my questions. So first one, just to revisit the tariff conversation. Just want to make sure I'm capturing everything properly. So your 30% COGS target for the year bakes in, is it a 200-basis point impact from tariffs? And then can you quantify the tariff impact on your other expense line?

大家好。謝謝您回答我的問題。首先，我們來回顧一下關稅問題。我只是想確保我把所有內容都正確記錄下來了。所以，你們今年的 30% 銷售成本目標已經包含在內，那麼關稅會帶來 200 個基點的影響嗎？那麼，您能否量化關稅對您其他支出項目的影響？

(spoken in Japanese)

（日文）

Hey, George. As it relates to the other costs, the impact was largely on the promotional items, the bigger upon prices and the giveaways. Cumulatively, as a percentage of sales, there was about a 40- to 50-basis point impact from tariffs. This is prepricing. And so post-November results, that should ease a little bit. But it is a pretty meaningful step up in our promotional costs.

嘿，喬治。至於其他成本方面，影響主要體現在促銷品上，尤其是價格和贈品。累計來看，關稅對銷售額的影響約為 40 至 50 個基點。這是預定價。因此，11月選舉結果公佈後，這種情況應該會有所緩解。但這對於我們的宣傳成本來說，無疑是相當顯著的成長。

On house sold, 30% is where we think it's going to end up for the year. It is about a 200-basis point impact, but we've had some other pretty good negotiations that have offset that a little bit. So when you look at the math, from last year, you get to 30%, I think it's like it will end up being like 150 basis points delta between the two years. But the tariff impact alone is pretty significant at 200 basis points, but we had some other good negotiations that have offset that a little bit, which is why we ended up at 30% for the year.

在房屋銷售方面，我們認為今年的最終成交量將達到 30%。這大約會造成 200 個基點的影響，但我們進行了一些其他相當不錯的談判，在一定程度上抵消了這種影響。所以，從去年的計算來看，漲幅達到了 30%，我認為兩年之間的差距最終會達到 150 個基點。但光是關稅的影響就相當顯著，達到了 200 個基點，不過我們進行了一些其他不錯的談判，稍微抵消了這一影響，所以我們最終的年增長率達到了 30%。

Okay. Okay. Helpful. And then second question I had is just related to promotions. You sound very pleased with how Kirby is performing. So I guess the question is, is the performance there I understand Kirby, that's a big draw a big partner. But how have you executed it differently? Is it partly sort of an internal execution issue, maybe you're monetizing it better or advertising at better -- so I wonder if that's sort of part of the reason.

好的。好的。很有幫助。我的第二個問題與晉升有關。聽起來你對柯比的表現非常滿意。所以我想問的是，那裡的表現如何？我理解柯比，那是一個很大的吸引力，一個重要的合作夥伴。但你們是如何以不同的方式執行的呢？這是否部分是內部執行問題，也許你們在盈利或廣告投放方面做得更好——所以我懷疑這是否是部分原因。

And then a second question is, can you talk at all about your future planned promotions for the remainder of the year?

第二個問題是，您能否談談今年剩餘時間您計劃進行的促銷活動？

(spoken in Japanese)

（日文）

George, as it relates to Kirby, there were a number of things that we tried for the first time with this collaboration. We have these customized Mr. Fresh dome. And so instead of just a clear go, you have a Kirby protecting your sushi. And we also updated the touch pedals to be Kirby-themed.

喬治，就柯比而言，我們在這次合作中嘗試了很多以前從未做過的事情。我們有這些訂製的Mr. Fresh保鮮罩。所以，不是一切順利，而是卡比在保護你的壽司。我們也把觸控踏板更新成了卡比主題。

These are both very well received by guests. We really want to try to just provide new things and continue to grow the experience. And so the guests feel that much more that it's something that can't be missed.

這兩款產品都深受賓客好評。我們真心希望能夠持續推出新內容，持續提升使用者體驗。因此，客人們更加覺得這是不容錯過的體驗。

(spoken in Japanese)

（日文）

And we are very, very pleased with the results.

我們對結果非常非常滿意。

Okay. That's great. And can you comment at all about future promotions for the year?

好的。那太棒了。能否透露一下今年未來的促銷活動計畫？

Yes, sorry. Sure. So Kirby runs through the end of January, and then we have San Rio for February. And then March and April, we have Jujutsu Kaisen to coincide with our new anime season.

是的，抱歉。當然。所以 Kirby 的活動會持續到一月底，然後二月會有 San Rio 的活動。然後三月和四月，我們將迎來《咒術回戰》，與我們的新動畫季同期播出。

Okay, thank you.

好的，謝謝。

Todd Brooks, Benchmark Stone X.

Todd Brooks，基準石 X。

Okay, great. Thanks. And thanks for squeezing me in. A couple of questions, a few leftovers here. If we're thinking about the same-store sales guidance you provided for the full year and the price increase that we took at the beginning of November, what's the right way to think about P mix for the balance of the year as we're kind of building into a component of same-store sales?

好的，太好了。謝謝。謝謝你擠出時間陪我。這裡還有幾個問題和一些遺留問題。如果我們考慮您提供的全年同店銷售指導以及我們在 11 月初進行的價格上漲，那麼在將產品納入同店銷售組成部分的過程中，我們應該如何正確地考慮今年剩餘時間的 P 組合呢？

(spoken in Japanese)

（日文）

(spoken in Japanese)

（日文）

(spoken in Japanese)

（日文）

In terms of the components of comp, we'd be pretty low to share the price and mix expectations just given -- well, early results post the November pricing has been very, very encouraging. It's really just two months, and so it's hard for us to extrapolate onwards or outwards. That being said, we do feel very confident that we'll be able to achieve that flat to slightly positive just based off of our trajectory to date as well as the easier comparisons that we're enjoying now.

就競爭成分而言，鑑於 11 月定價後的早期結果非常非常令人鼓舞，我們不敢透露價格和組合預期。實際上只有兩個月的時間，所以我們很難向前或向外推斷。也就是說，根據我們迄今為止的發展軌跡以及我們現在所處的相對有利的比較環境，我們非常有信心能夠實現持平或略微盈利的目標。

Okay. Fair enough. Second, in the other cost. I just wanted to clarify, when you talk about elevated marketing cost, was that referring to kind of the promotional cost around tariff-related or upon pressures and -- okay. So as far as marketing spend on the brand itself, there's really no change year-over-year.

好的。很公平。其次，在其他成本方面。我只是想澄清一下，當你談到行銷成本上升時，是指與關稅相關的促銷成本，還是指壓力下的促銷成本？好的。因此，就品牌本身的行銷支出而言，實際上與往年相比沒有任何變化。

This was that tariff-related pressure that you were pointing to.

這就是你之前提到的與關稅相關的壓力。

(spoken in Japanese)

（日文）

As it really so costs, if we're comparing year-over-year, the comps for the prior year quarter were 1.8% against the negative 2.5% that we posted for the current quarter. And so that alone gets you pretty meaningful deleverage.

若按年比較，成本確實會下降，上年同期的年減幅為 1.8%，而本季則為 -2.5%。僅此一項就能帶來相當可觀的去槓桿化效果。

So that, together with the tariff impact, is how we got to the current quarter's other costs. That being said, in terms of the comp being a drag and deleveraging, we expect that dynamic to flip with Q2 as we comp positive. We expect the other costs to stabilize.

因此，加上關稅的影響，就構成了本季的其他成本。也就是說，就同店銷售額成長拖累和去槓桿化而言，我們預期隨著第二季同店銷售額成長為正，這種動態將會逆轉。我們預計其他成本將趨於穩定。

Okay. Great. And the final one for me, and this goes back when you guys talked about the environment coming out of the pandemic and just kind of competitive destination the closures that you've seen I'm just thinking about if you guys are absorbing 200 basis points of tariff sure, if we sort of think about independent competitors and absorbing that kind of 300 to 400 basis points of pressure that Jeff was talking about related to tariffs.

好的。偉大的。最後一個問題，這要追溯到你們之前討論疫情後的環境以及競爭激烈的目的地，以及你們看到的關閉情況。我只是在想，如果你們要承受 200 個基點的關稅，那當然可以；但如果我們考慮一下獨立競爭對手，他們要承受 Jeff 所說的與關稅相關的 300 到 400 個基點的壓力，那又會怎樣呢？

Are we seeing another wave of kind of mom-and-pop type of closures as you're continuing to roll out across the country here, where you just got a more open runway as you continue to grow your footprint?

隨著你們在全國範圍內不斷擴張，我們是否會看到另一波類似夫妻店式的倒閉潮？因為你們在不斷擴大商業版圖的過程中獲得了更廣闊的發展空間。

Unfortunately, yes. I mean, we can't quantify it. And it's never good to see people got business, but this is a pretty consistent pattern. Whether or not there are going to be closures on the scale of the pandemic, I mean I don't think that will be the case. But regardless of whether a restaurant closes out right, I still think that we'll be able to capture traffic just because the pricing that our direct competitors are taking to offset their costs are only serving to highlight the incredible value that we offer.

很遺憾，是的。我的意思是，我們無法量化它。看到人們生意興隆總不是好事，但這卻是相當普遍的模式。至於是否會出現像疫情期間那樣大規模的停業，我的意思是，我認為不會發生。但無論一家餐廳最終是否關門歇業，我仍然認為我們能夠吸引客流，因為我們的直接競爭對手為了抵消成本而採取的定價策略，只會更加凸顯我們提供的超值服務。

(spoken in Japanese)

（日文）

And then looking to November, we took 3.5% pricing. Granted, 2.5% was rolling off. And so we were offsetting A big part of the pricing is to offset that, but 3.5% is an unusually large step-up for us. We typically price at increments of 1% to 2% historically. And the fact that traffic and mix have only grown since is extremely encouraging.

然後展望 11 月，我們採用了 3.5% 的定價。誠然，2.5% 的成長勢頭正在逐漸減弱。因此，我們採取的措施很大程度上是為了抵消這種影響，但 3.5% 的漲幅對我們來說是一個異常大的漲幅。根據歷史經驗，我們的定價通常以 1% 到 2% 的增量遞增。而且，交通流量和車型組合自那時起只增不減，這非常令人鼓舞。

It's only been a couple of months, and so we don't want to read too much into it, but one possible interpretation is that the 3.5% that we've taken pales in comparison to the pricing that our competitors are taking. And that is why our traffic grows in spite of the pricing.

僅僅過了幾個月，所以我們不想過度解讀，但一種可能的解釋是，我們所收取的 3.5% 的費用與競爭對手收取的費用相比微不足道。這就是為什麼儘管價格高昂，我們的流量仍然成長的原因。

Thank you. And ladies and gentlemen, that does conclude today's question-and-answer session as well as today's teleconference. We thank you for your participation. You may disconnect your lines at this time, and have a wonderful day.

謝謝。女士們、先生們，今天的問答環節和電話會議到此結束。感謝您的參與。現在您可以斷開線路了，祝您有美好的一天。

Portions of this transcript that were spoken by an interpreter present on the live call.

本文字記錄的部分內容由現場通話中的口譯員翻譯。