El Pollo Loco Holdings Inc (LOCO) 2025 Q2 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the El Pollo Loco second-quarter 2025 earnings conference call. (Operator Instructions) Please note that this conference is being recorded today, July 31, 2025.

女士們、先生們，大家好，感謝你們的支持。歡迎參加 El Pollo Loco 2025 年第二季財報電話會議。（操作員指示）請注意，本次會議將於今天（2025 年 7 月 31 日）進行錄製。

And now I would like to turn the conference over to Ira Fils, the company's Chief Financial Officer. Please go ahead.

現在我想將會議交給公司財務長艾拉·菲爾斯 (Ira Fils)。請繼續。

Thank you, operator, and good afternoon. By now, everyone should have access to our second-quarter 2025 earnings release. If not, it can be found at www.elpolloloco.com in the Investor Relations section.

謝謝接線員，下午好。現在，每個人都應該可以看到我們 2025 年第二季的收益報告。如果沒有，您可以在 www.elpolloloco.com 的投資者關係部分找到。

Before we begin our formal remarks, I need to remind everyone that our discussions today will include forward-looking statements, including statements related to our growth opportunities, strategic and operational initiatives, expectations regarding sales and margins, potential changes to our product platforms, capital expenditure plans, expectations regarding kiosk rollouts, the ability of our franchisees to drive growth, expectations regarding commodity and wage inflation, remodel plans, and our 2025 guidance, among others.

在我們開始正式發言之前，我需要提醒大家，我們今天的討論將包括前瞻性陳述，包括與我們的增長機會、戰略和運營計劃、對銷售和利潤的預期、我們產品平台的潛在變化、資本支出計劃、對自助服務終端推出的預期、我們的特許經營商推動增長的能力、對商品和工資通脹的預期、改造計劃以及我們的 2025 年指導增長的陳述。

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 currently expect.

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性的影響，可能導致實際結果與我們目前的預期有重大差異。

We refer you to our recent SEC filings, including our Form 10K for the year ended 2024 previously filed, as well as our Form 10Q for the second quarter to be filed for a more detailed discussion of the risks that could impact our future operating results and financial condition. We expect to file our 10Q for the second quarter of 2025 tomorrow ad would encourage you to review that document at your earliest convenience.

請您參閱我們最近向美國證券交易委員會 (SEC) 提交的文件，包括我們先前提交的截至 2024 年的 10K 表格，以及我們將要提交的第二季 10Q 表格，以便更詳細地討論可能影響我們未來經營業績和財務狀況的風險。我們預計明天提交 2025 年第二季的 10Q 報告，並鼓勵您儘早查看該文件。

During today's call, we will discuss non-GAAP measures which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. And reconciliations to comparable GAAP measures are available in our earnings release, which is available in the Investor Relations section of our website.

在今天的電話會議中，我們將討論我們認為有助於評估我們績效的非公認會計準則指標。不應孤立地考慮這些附加資訊的呈現，也不應將其視為根據 GAAP 編制的結果的替代方案。我們的收益報告中包含了與可比較 GAAP 指標的對帳訊息，您可以在我們網站的「投資者關係」部分找到該報告。

With respect to the restaurant contribution margin outlook we will be providing on today's call, please note that we have not provided a reconciliation to the most directly comparable forward-looking GAAP financial measure because, without unreasonable efforts, we are unable to predict with reasonable certainty the amount of or timing of non-GAAP adjustments that are used to calculate income from operations and company-operated restaurant revenue on a forward-looking basis.

關於我們將在今天的電話會議上提供的餐廳貢獻利潤率展望，請注意，我們尚未提供與最直接可比的前瞻性 GAAP 財務指標的對賬，因為如果不付出不合理的努力，我們就無法以合理的確定性預測用於前瞻性計算營業收入和公司經營餐廳收入的非 GAAP 調整的金額或時間。

Now I would like to turn it over to our CEO, Liz Williams.

現在我想把發言權交給我們的執行長 Liz Williams。

Thank you, Ira, and good afternoon, everyone. During the second quarter, we made meaningful progress against our strategy as the investments we've made in our brand relaunch and menu innovations are resonating with our customers. Despite ending the quarter with slightly negative sales performance, we saw modest sequential improvement in overall sales and achieved a return to positive system-wide traffic growth. This traffic growth reflects our careful balance of innovation and value in response to the current macroeconomic environment.

謝謝你，艾拉，大家下午好。在第二季度，我們在策略方面取得了有意義的進展，因為我們在品牌重塑和菜單創新方面所做的投資得到了客戶的共鳴。儘管本季末的銷售業績略有下滑，但整體銷售額較上季略有改善，全系統客流量也恢復正成長。這種流量成長反映了我們為應對當前宏觀經濟環境而對創新和價值進行的謹慎平衡。

Given value conscious consumer behaviors, we implemented targeted discounting through Taco Tuesday, our app-only offers, third-party delivery promotions, and traditional coupons. Importantly, we took this targeted approach rather than discounting our everyday menu. It's clear that consumers are looking for better deals, and these offers resonated with our customers in driving traffic.

鑑於消費者註重價值的行為，我們透過 Taco Tuesday、僅限應用程式的優惠、第三方送貨促銷和傳統優惠券實施了有針對性的折扣。重要的是，我們採取了這種有針對性的方法，而不是減少我們的日常菜單。顯然，消費者正在尋找更好的交易，這些優惠引起了我們客戶的共鳴，從而增加了流量。

In addition, even as we invested in transactions through targeted value offerings and continued to roll off pricing, we were able to drive year-over-year margin expansion. Through our focus on operational excellence, we grew both restaurant level and corporate profitability on both a dollar and margin basis.

此外，即使我們透過有針對性的價值產品投資交易並繼續降低定價，我們仍然能夠推動利潤率的逐年擴大。透過專注於卓越運營，我們在美元和利潤基礎上都提高了餐廳水平和企業盈利能力。

Overall, progress takes time, especially in this consumer environment, but we believe we are on the right track in our journey to achieve long-term sustainable growth. As we look ahead, we will remain focused on the growth drivers we've put in place, including menu innovation, improved four wall operations, continued digital growth, and unit development.

整體而言，進步需要時間，尤其是在當前的消費環境下，但我們相信，我們在實現長期可持續成長的道路上走在正確的軌道上。展望未來，我們將繼續專注於已經實施的成長動力，包括菜單創新、改進的四牆營運、持續的數位成長和單位發展。

With that, let me give you an update on each of these drivers starting with our brand and menu innovation. At the heart of our Brand that Wins pillar lies our signature fire-grilled citrus marinated chicken, the cornerstone of our brand's success and differentiator.

接下來，讓我從我們的品牌和菜單創新開始，向您介紹每個驅動因素的最新情況。我們的「致勝品牌」支柱的核心是我們的招牌火烤柑橘醃雞，這是我們品牌成功和差異化的基石。

During the second quarter, we introduced our new fresco wrap and salads, which perfectly demonstrate the versatility of our fire-grilled chicken platform. These products feature our signature citrus marinated fire-grilled chicken breast with premium leafy greens served as a salad or in a whole wheat tortilla wrap with hand-sliced avocados, [case of] fresco, and our new citrus vinaigrette.

在第二季度，我們推出了新的新鮮捲餅和沙拉，完美地展示了我們的火烤雞平台的多功能性。這些產品以我們的特色柑橘醃製火烤雞胸肉和優質綠葉蔬菜為特色，可作為沙拉或全麥玉米餅卷，配以手工切片的鱷梨、[一箱] 新鮮蔬菜和我們的新柑橘油醋汁。

Importantly, the fresco salads and wraps address key consumer demands for both quality and portability, with both being convenient for on-the-go consumption. The positive guest feedback we've received validates our strategic focus on flavor innovation that leverages our core differentiator while addressing evolving consumer needs.

重要的是，新鮮沙拉和捲餅滿足了消費者對品質和便攜性的關鍵需求，方便隨時隨地食用。我們收到的正面客戶回饋證實了我們對風味創新的策略重點，這種創新利用了我們的核心差異化因素，同時滿足了不斷變化的消費者需求。

Building on this momentum, we recently launched our new premium chicken quesadillas in two bold flavors, creamy chipotle and salsa Verde. These handcrafted offerings feature all white meat fire-grilled chicken with 100% jack cheese complimented by our signature sauces and served with handmade guacamole at no extra cost available as a $9.99 combo, these quesadillas deliver on both portability and value, which are key attributes among younger consumers and busy families seeking convenient meal options.

在這股動能的推動下，我們最近推出了兩種口味的全新優質雞肉玉米餅，分別是奶油墨西哥辣椒味和莎莎綠味。這些手工製作的食品包括全白肉火烤雞肉和 100% 傑克奶酪，配以我們的招牌醬汁，並配以手工製作的鱷梨醬，無需額外付費，以 9.99 美元的價格提供組合，這些油炸玉米餅兼具便攜性和價值，是尋求便捷用餐選擇的年輕消費者和忙碌家庭的關鍵屬性。

We are pleased with the early performance of quesadillas and expect momentum to build over time as product awareness continues to grow. Importantly, these launches demonstrate our strategic approach to menu innovation with each product leveraging our core differentiator of fire-grilled chicken, while also expanding into new consumer occasions. The fresco line captures the fresh, health-conscious segment while our quesadillas serve the consumer that's on the go.

我們對墨西哥玉米餅的早期表現感到滿意，並預計隨著產品知名度的不斷提高，其發展勢頭將逐漸增強。重要的是，這些產品的發布展示了我們對菜單創新的策略方針，每種產品都利用了我們火烤雞的核心差異化因素，同時也擴展到新的消費場合。Fresco 系列抓住了新鮮、注重健康的消費者群體，而我們的 quesadillas 則服務於忙碌的消費者。

As we look ahead, we continue to build our culinary innovation pipeline and are excited by some of the other craveable portable products that we have planned for the remainder of the year, like our Street Corn and Queso Crunch burrito bowls.

展望未來，我們將繼續建立我們的烹飪創新管道，並對我們計劃在今年剩餘時間內推出的一些其他令人垂涎的便攜式產品感到興奮，例如我們的街頭玉米和 Queso Crunch 墨西哥捲餅碗。

And also, our upcoming market tests like our new flavor-forward Mexican Caesar and Street Corn salads, our cold foam cooler beverages, and lots of exciting chicken innovation, including new seasoned chicken tenders paired with dipping sauces and chicken sandwiches, like no other chicken sandwich you've seen in the market. We look forward to sharing more details on future calls.

此外，我們即將進行的市場測試包括我們新推出的風味濃鬱的墨西哥凱撒沙拉和街頭玉米沙拉、我們的冷泡沫飲料以及許多令人興奮的雞肉創新，包括搭配蘸醬和雞肉三明治的新調味雞柳，這是您在市場上從未見過的雞肉三明治。我們期待在未來的電話會議中分享更多細節。

Building on our culinary team's menu innovation, we took a significant step toward the modernization of our brand during the quarter with an updated approach to marketing and brand positioning with our new Let's Get Loco brand campaign that launched in May of this year. This brand relaunch and evolution emphasizes our 50-year heritage of fire grilling chicken and actually cooking in our restaurants daily, a true competitive advantage in the QSR industry.

在我們烹飪團隊菜單創新的基礎上，我們在本季度向品牌現代化邁出了重要一步，透過今年 5 月推出的全新 Let's Get Loco 品牌活動，我們更新了行銷和品牌定位方法。此次品牌的重新推出和發展強調了我們 50 年的火烤雞傳統以及每天在餐廳實際烹飪的傳統，這是 QSR 行業真正的競爭優勢。

Some may call this loco commitment to quality chicken and fresh ingredients crazy, but for us, loco is anything but crazy. Loco is about being unapologetic about our passion, and we are passionate about making the most delicious chicken. As we share our passion with the world, we are inviting others to share their passion with us as we embrace what makes us all a little loco.

有些人可能會說，這種對優質雞肉和新鮮食材的執著追求是瘋狂的，但對我們來說，這絕對不是瘋狂的。Loco 對我們的熱情毫不掩飾，我們熱衷於製作最美味的雞肉。當我們與世界分享我們的熱情時，我們也在邀請其他人與我們分享他們的熱情，因為我們擁抱讓我們都變得瘋狂的東西。

Importantly, our new positioning directly addresses our key differentiator in a crowded restaurant landscape, our authentic commitment to quality. As we look forward, our brand evolution provides the foundation for all of our marketing efforts and creates a cohesive narrative that supports everything we do. We believe this passion-driven positioning rooted in our brand's absence will resonate with both existing and new customers alike.

重要的是，我們的新定位直接解決了我們在擁擠的餐廳環境中的關鍵差異化因素，即我們對品質的真正承諾。展望未來，我們的品牌演變將為我們所有的行銷工作奠定基礎，並創造一個支持我們所做的一切的有凝聚力的敘述。我們相信，這種以我們的品牌缺失為基礎的熱情驅動定位將引起現有客戶和新客戶的共鳴。

We've also extended this passion-driven approach to marketing collaboration with pro basketball players, Dalton Knecht and Arike Ogunbowale. Most recently, we've leveraged our partnership with Dalton Knecht to introduce our first ever food truck with the launch of quesadillas in June. And we have something equally exciting planned with Arike later this year. These partnerships reflect our commitment to aligning with athletes who share our values of dedication, excellence, and passionate pursuit of their craft.

我們也將這種以激情為導向的方法擴展到與職業籃球運動員 Dalton Knecht 和 Arike Ogunbowale 的行銷合作。最近，我們利用與 Dalton Knecht 的合作關係，於 6 月推出了我們的第一輛美食卡車，並推出了玉米餅。今年晚些時候，我們還計劃與 Arike 合作推出同樣令人興奮的項目。這些合作關係體現了我們致力於與那些與我們有著共同價值觀的運動員保持一致，即奉獻、卓越和對運動的熱情追求。

Another top priority in our brand transformation is our hospitality mindset pillar, which we accomplished through operational excellence. Over the last few quarters, we have heightened our focus on standards and accountability, together with customer service and customer recovery.

我們品牌轉型的另一個首要任務是我們的熱情好客理念支柱，我們透過卓越的營運實現了這一目標。在過去的幾個季度中，我們更加重視標準和責任，以及客戶服務和客戶恢復。

When something doesn't go as planned in the restaurant, we have to take action. From new tools and training to new programs and best in class third-party partners, these efforts are having an impact. As an example, we recently began utilizing service management group for S&G data to track customer service and feedback.

當餐廳裡的事情沒有按計劃進行時，我們必須採取行動。從新工具和培訓到新計劃和一流的第三方合作夥伴，這些努力正在產生影響。例如，我們最近開始利用服務​​管理組的 S&G 數據來追蹤客戶服務和回饋。

We are benchmarking our progress against the industry. The increase in actionable customer comments has been helpful for our restaurant teams and is beneficial for accuracy, quality, and service. While our consistency across the system, both company and franchise locations, continues to improve, the data has highlighted we still have an opportunity across specific day parts.

我們正在根據行業情況來衡量我們的進步。可操作的客戶評論的增加對我們的餐廳團隊很有幫助，並且有利於準確性、品質和服務。雖然我們整個系統（包括公司和特許經營地點）的一致性不斷提高，但數據顯示我們在特定的時段仍有機會。

Our goal is to get our consistency and quality of service to match that of our food quality at all times. While we've made substantial progress in the second quarter, we still have work to do. With the high quality of our food, we have a high bar to meet, but we are up for the challenge.

我們的目標是始終確保我們的服務品質與食品品質保持一致。雖然我們在第二季取得了實質進展，但我們仍有工作要做。由於我們的食品品質很高，所以我們要滿足很高的標準，但我們已經準備好迎接挑戰。

Turning now to our digital-first pillar, we have continued to improve our app experience, making it easier for Loco Rewards members to add points to their orders, and we have also increased the value proposition by providing more frequent offers to our most loyal customers. We have done this through in-app offers, loyalty member exclusive menu items, and our loco Friday Drops. These new offers or experiences drop every Friday exclusively for our Loco Rewards members. The combination of all of this activity has positively impacted frequency of our Loco Rewards members by 5.6% year over year, and we are pleased with these early results.

現在轉向我們的數位優先支柱，我們不斷改進我們的應用程式體驗，使 Loco Rewards 會員更輕鬆地在訂單中添加積分，並且我們還透過向最忠實的客戶提供更頻繁的優惠來增加價值主張。我們透過應用程式內優惠、忠誠會員專屬菜單以及我們的瘋狂星期五特惠實現了這一目標。這些新優惠或體驗每週五專門為我們的 Loco Rewards 會員提供。所有這些活動的結合對我們的 Loco Rewards 會員的頻率產生了積極影響，同比增加了 5.6%，我們對這些早期結果感到滿意。

We have also invested in growing our third-party delivery business in the last few months as delivery gives us the ability to reach more consumers that either don't have an El Pollo Loco near them or are looking for the convenience of delivery.

在過去的幾個月裡，我們也投資擴大了第三方配送業務，因為配送使我們能夠接觸到更多附近沒有 El Pollo Loco 或正在尋求配送便利的消費者。

Our food travels well and, through special offers and deliveries, we are able to introduce El Pollo Loco to new consumers. Tied to our brand relaunch in May, our app, web, and kiosks all received a refresh with upgraded branding and a light user interface and experience updates.

我們的食物運輸很方便，透過特別優惠和送貨，我們能夠向新消費者介紹 El Pollo Loco。與我們 5 月的品牌重新發布相結合，我們的應用程式、網站和資訊亭均進行了更新，包括升級的品牌、精簡的用戶介面和體驗更新。

For the quarter, our digital business, which includes kiosks, grew to 25.5% of sales compared to 17.1% in the second quarter of last year. We have a robust roadmap for the back half of 2025 and through 2026 that will allow us to continue to improve the overall customer experience of our digital platforms while further optimizing for business performance.

本季度，包括自助服務終端在內的數位業務佔銷售額的 25.5%，而去年第二季為 17.1%。我們為 2025 年下半年和 2026 年制定了完善的路線圖，這將使我們能夠繼續改善數位平台的整體客戶體驗，同時進一步優化業務績效。

Turning to our winning economic pillar, during the quarter, we continue to make improvement to our unit economics through methodical cost savings and asset modernization initiatives, delivering restaurant-level operating profit margins of over 19%. We continue to see enhanced labor productivity with a continued focus on efficiency.

談到我們成功的經濟支柱，在本季度，我們繼續透過有條不紊的成本節約和資產現代化措施來改善單位經濟，實現餐廳級營業利潤率超過 19%。我們繼續看到勞動生產力的提高，並繼續關注效率。

From better using technology and kitchen equipment, to having more success routines for opening and closing shifts, our team members are putting more into customer service hours while also delivering savings. These strong results, along with our visibility into the opportunities ahead, give us the confidence to maintain our expectations for full year restaurant-level contribution margins of 17.25% to 17.75%.

從更好地利用技術和廚房設備，到擁有更多成功的開班和結束班次的例行程序，我們的團隊成員在投入更多客戶服務時間的同時還節省了成本。這些強勁的業績以及我們對未來機會的預見性使我們有信心維持全年餐廳級貢獻利潤率 17.25% 至 17.75% 的預期。

Lastly, let me update you on our unit growth pillar. During the quarter, we were able to bring some of our new iconic design to life with our recent restaurant opening in Arizona. This new design features an enduring yet modern and efficient design that is uniquely El Pollo Loco. Our restaurant in Kingman, Arizona marks our fifth new franchise unit open in the last 12 months, with an average unit volume settling in at about $2.4 million.

最後，讓我向您介紹我們的單位成長支柱。在本季度，我們最近在亞利桑那州開設了餐廳，將一些新的標誌性設計帶入了生活。這種新設計具有持久而又現代、高效的設計，是 El Pollo Loco 獨有的。我們位於亞利桑那州金曼的餐廳是我們在過去 12 個月內開設的第五家新特許經營店，平均每家店的營業額約為 240 萬美元。

Up next is our 500th El Pollo Loco, which will open in Colorado Springs, Colorado in the second half of 2025. More importantly, we remain confident in our plan to open at least 10 new restaurants in 2025, representing the largest system-wide unit growth since 2022.

接下來是我們的第 500 家 El Pollo Loco，它將於 2025 年下半年在科羅拉多州科羅拉多斯普林斯開業。更重要的是，我們對 2025 年開設至少 10 家新餐廳的計畫充滿信心，這將代表自 2022 年以來全系統最大的單位成長。

In addition, thanks to the hard work of our real estate team and our franchise partners, we have the opportunity to almost double this pace in 2026. As a reminder, the majority of these new openings will be outside of California.

此外，由於我們的房地產團隊和特許經營合作夥伴的辛勤工作，我們有機會在 2026 年將這一速度提高近一倍。需要提醒的是，這些新開的店鋪大部分位於加州以外。

Today, we have restaurants under development in Arizona, Colorado, Idaho, New Mexico, Texas, and Washington. Modernizing our restaurants through remodeling also remains a crucial component of our development strategy and brand evolution. If you recall, we've implemented a two-tier approach on remodeling with a cost-effective five-year refresh program and more comprehensive 10-year remodel.

目前，我們正在亞利桑那州、科羅拉多州、愛達荷州、新墨西哥州、德克薩斯州和華盛頓州籌建餐廳。透過改造使我們的餐廳現代化也是我們發展策略和品牌發展的重要組成部分。如果你還記得的話，我們實施了雙級改造方法，即具有成本效益的五年更新計劃和更全面的十年改造。

We continue to work alongside our franchisees with a goal to update approximately half of our total system over the next four years. As with any construction project, there are factors that we can't control, such as local permitting process, which has resulted in some projects being pushed a couple of months and into next year.

我們將繼續與我們的特許經營商合作，目標是在未來四年內更新我們整個系統的大約一半。與任何建築項目一樣，有些因素是我們無法控制的，例如當地的許可程序，這導致一些項目被推遲幾個月甚至到明年。

With that in mind, for the year, we're now expecting to remodel between 55 to 65 system-wide restaurants, 20 of which have already been completed through the end of the second quarter. The remodeled restaurants look fresh and modern and have positive feedback coming in with excitement from customers and team members.

考慮到這一點，我們預計今年將改造 55 至 65 家全系統餐廳，其中 20 家已在第二季末完工。改造後的餐廳看起來清新、現代，顧客和團隊成員都給了正面的回饋。

We are happy with the early sales and the economic returns we are seeing thus far from the remodeling effort and are encouraged by the acceleration in projects over the upcoming quarters. We look forward to updating you on our transformation journey as the year progresses, but in closing, I believe the second quarter results clearly demonstrate the momentum we're building across all aspects of our business.

我們對早期的銷售情況以及改造工程迄今為止帶來的經濟回報感到滿意，並對未來幾季專案加速推進感到鼓舞。我們期待今年向您通報我們的轉型歷程，但最後，我相信第二季的業績清楚地表明了我們在業務各個方面所建立的勢頭。

The initiatives we've put in place are delivering meaningful results, thanks to the hard work and dedication of each of our team members and our franchise partners and their execution against our five strategic pillars. As we look ahead, we will remain focused on the long-term opportunity of El Pollo Loco to become the nation's favorite fire-grilled chicken restaurant.

由於我們每個團隊成員和特許經營合作夥伴的辛勤工作和奉獻精神以及他們根據我們的五大戰略支柱的執行，我們所實施的舉措正在取得有意義的成果。展望未來，我們將繼續專注於 El Pollo Loco 的長期發展機遇，使其成為全國最受歡迎的火烤雞餐廳。

With that, let me turn the call over to Ira for a more detailed discussion of our second-quarter financial results.

說到這裡，請容許我將電話轉給艾拉，以便更詳細地討論我們的第二季財務表現。

Thank you, Liz, and good afternoon, everyone. For the second quarter ended June 25, 2025, total revenue was $125.8 million compared to $122.2 million in the second quarter of 2024.

謝謝你，利茲，大家下午好。截至 2025 年 6 月 25 日的第二季度，總營收為 1.258 億美元，而 2024 年第二季為 1.222 億美元。

Company-operated restaurant revenue increased 2% to $104.3 million from $102.3 million in the same period last year. The $2 million increase in company-operated restaurant sales was primarily driven by a 1.2% increase in company-operated comparable restaurant sales as well as additional sales from the opening of two restaurants during or subsequent to the second quarter of 2024.

公司自營餐廳收入從去年同期的 1.023 億美元成長 2% 至 1.043 億美元。該公司自營餐廳銷售額增加 200 萬美元，主要原因是公司自營可比餐廳銷售額成長 1.2%，以及 2024 年第二季或之後開設兩家餐廳帶來的額外銷售額。

The increase in comparable restaurant sales included a 1.5% increase in average check size and a slight decrease in transactions of only 0.3%. During the second quarter, our effective price increase versus 2024 was about 3.1%. Franchise revenue increased 14.8% to $13.4 million during the second quarter, driven by $1.6 million in IT pass through revenue related to the franchisee rollout of our new point-of-IT sale system, which is offset by a corresponding expense in franchise expenses.

同店餐廳銷售額的成長包括平均帳單金額增加 1.5%，交易量僅略微下降 0.3%。在第二季度，與 2024 年相比，我們的有效價格漲幅約為 3.1%。第二季特許經營收入成長 14.8% 至 1,340 萬美元，這得益於與特許經營商推出新的 IT 銷售點系統相關的 160 萬美元 IT 轉嫁收入，但特許經營費用中的相應支出抵消了這一收入。

In addition, the increase in franchise revenue was due to the five new franchise operated restaurant openings during or subsequent to the second quarter of 2024. The increase in franchise revenue was partially offset by comparable restaurant sales decrease of 1.1%.

此外，特許經營收入的增加是由於 2024 年第二季或之後開設了五家新的特許經營餐廳。特許經營收入的成長被可比餐廳銷售額 1.1% 的下降部分抵消。

While franchise comparable sales were down 1.1%, we are very encouraged to see franchise traffic growth continue to accelerate, with traffic up 1.5% in the second quarter for our franchise system, which drove the positive system-wide traffic of 0.8% that Liz mentioned earlier.

雖然特許經營可比銷售額下降了 1.1%，但我們非常高興地看到特許經營客流量增長繼續加速，第二季度我們的特許經營系統客流量增長了 1.5%，這推動了 Liz 之前提到的全系統客流量 0.8% 的正增長。

Looking ahead, third quarter to date through July 23, 2025, system-wide comparable store sales decreased 0.7%, consisting of a 0.6% increase in company-operated restaurants and a 1.4% decrease in franchise restaurants. As we look to the remainder of the year, the trends are certainly mixed. Although we saw some positive growth weeks in May and June, July has been choppier.

展望未來，截至 2025 年 7 月 23 日的第三季度，全系統同店銷售額下降 0.7%，其中公司自營餐廳銷售額增長 0.6%，特許經營餐廳銷售額下降 1.4%。展望今年剩餘時間，趨勢肯定是好壞參半。儘管我們在五月和六月看到了一些積極的增長，但七月的情況更加動盪。

We expect a modest improvement in our comp trends through the remainder of the third and into the fourth quarter, driven by continued momentum with our brand relaunch quesadillas combined with full innovation, additional pricing, and easier prior year quarterly compares as we move through the year.

我們預計，在第三季度剩餘時間和第四季度，我們的同店銷售趨勢將略有改善，這得益於我們品牌重新推出的墨西哥玉米餅的持續增長勢頭，以及全年的全面創新、額外定價和更容易的上一季度比較。

Even with all those tailwind activities, we acknowledge the macro environment is not ideal and there are headwinds with consumer dynamics out of our control. We remain excited about the long-term potential of the brand and believe our brand relaunch and menu innovations will serve as important foundations for our growth over time, supported by additional initiatives currently under development.

即使有這些順風活動，我們也承認宏觀環境並不理想，並且存在著我們無法控制的消費者動態逆風。我們對該品牌的長期潛力仍然感到興奮，並相信我們的品牌重新推出和菜單創新將成為我們長期成長的重要基礎，並得到目前正在開發的其​​他舉措的支持。

Turning to expenses. Food and paper costs as a percentage of company restaurant sales decreased 70 basis points year over year to 24.4% due to higher menu pricing and approximately 40 basis points of commodity deflation during the second quarter, which was partially offset by higher discounting.

談到費用。食品和紙張成本占公司餐廳銷售額的百分比同比下降 70 個基點至 24.4%，原因是第二季度菜單價格上漲和商品通貨緊縮約 40 個基點，但折扣增加部分抵消了這一影響。

We expect commodity inflation to be in the 0.5% to 1.5% range for the full-year 2025. As a reminder, our commodity base is largely domestic, with chicken being the largest component. Internationally, our largest exposures include avocados, tomatoes, and packaging.

我們預計 2025 年全年大宗商品通膨率將在 0.5% 至 1.5% 之間。提醒一下，我們的商品基礎主要是國內的，其中雞肉是最大的組成部分。在國際上，我們最大的曝光對象包括酪梨、番茄和包裝。

Labor and related expenses as a percentage of company restaurant sales decreased 130 basis points year over year to 30.8% as we benefited from continued gains in operating efficiencies primarily driven through improvements in labor deployment and scheduling, the continued use of technology and equipment to simplify team member roles, along with menu price increases.

勞動力及相關費用占公司餐廳銷售額的百分比年減 130 個基點至 30.8%，因為我們受益於營運效率的持續提高，這主要得益於勞動力部署和調度的改善、繼續使用技術和設備簡化團隊成員角色以及菜單價格上漲。

Wage inflation during the second quarter was 0.6% for all our company-owned locations. For the full-year 2025, we expect wage inflation of between 3% and 4% for all our company owned locations. Occupancy and other operating expenses as a percentage of company restaurant sales increased 150 basis points year over year to 25.6%, primarily due to higher third-party delivery related expenses, utilities, rent, and [cam], repairs and maintenance, and higher other operating expenses.

我們公司所有自營工廠的第二季薪資通膨率為 0.6%。就 2025 年全年而言，我們預計公司所有分公司的薪資通膨率將在 3% 至 4% 之間。入住率和其他營運費用占公司餐廳銷售額的百分比年增 150 個基點至 25.6%，主要原因是第三方配送相關費用、水電費、租金和 [cam]、維修和保養費用增加以及其他營運費用增加。

Our restaurant contribution margin for the second quarter improved to 19.1% compared to 18.6% in the year ago period. For the full-year 2025, we continue to expect our restaurant contribution margin to be in the 17.25% to 17.75% range.

我們第二季的餐廳貢獻利潤率從去年同期的 18.6% 提高到 19.1%。對於 2025 年全年，我們繼續預期餐廳貢獻利潤率將在 17.25% 至 17.75% 之間。

In addition, I want to remind you that our restaurant contribution margin already contemplates the impacts from tariffs, which we anticipate will be relatively minimal as our largest commodity cost chicken is domestically sourced and we have limited international exposure in the remainder of our commodity basket.

此外，我想提醒您，我們的餐廳貢獻利潤率已經考慮了關稅的影響，我們預計關稅的影響將相對較小，因為我們最大的商品成本雞肉來自國內，而我們其餘商品的國際影響力有限。

General and administrative expenses increased 120 basis points year over year to 10.8% of total revenue, primarily due to an increase of $0.8 million in stock compensation expense, $0.8 million in special legal and professional fees related to shareholder activism and related matters, and $0.7 million in restructuring and executive transition costs. These increases were partially offset by $600,000 decrease in other general administrative expenses.

一般及行政開支較上年同期增加 120 個基點，佔總收入的 10.8%，主要由於股票薪酬開支增加 80 萬美元、與股東積極行動及相關事宜相關的特殊法律及專業費用增加 80 萬美元，以及重組及高管過渡費用增加 70 萬美元。這些增加的部分被其他一般行政費用的 600,000 美元減少所抵消。

During the second quarter, we recorded a provision for income taxes of $3 million for an effective tax rate of 29.6%. This compares to a provision for income taxes of $3.2 million and an effective tax rate of 29.3% in the prior year period. We reported GAAP net income of $7.1 million or $0.24 per diluted share in the second quarter compared to GAAP net income of $7.6 million or $0.25 per diluted share in the prior year period.

第二季度，我們提列了 300 萬美元的所得稅準備金，有效稅率為 29.6%。相較之下，去年同期的所得稅準備金為 320 萬美元，實際稅率為 29.3%。我們報告第二季的 GAAP 淨收入為 710 萬美元或每股攤薄收益 0.24 美元，而去年同期的 GAAP 淨收入為 760 萬美元或每股攤薄收益 0.25 美元。

Adjusted net income for the quarter was $8.2 million or $0.28 per diluted share compared to adjusted net income of $7.8 million or $0.26 per diluted share in the second quarter of last year. Please refer to our earnings release for a reconciliation of non-GAAP measures.

本季調整後淨收入為 820 萬美元，即每股攤薄收益 0.28 美元，而去年第二季調整後淨收入為 780 萬美元，即每股攤薄收益 0.26 美元。請參閱我們的收益報告以了解非公認會計準則 (non-GAAP) 指標的對帳。

In regard to new unit development, we opened one franchise store in Arizona during the second quarter. Regarding our remodeling effort, during the second quarter, we completed 12 franchised restaurant remodels and 4 company remodels, bringing our total completed remodels for 2025 to 20 through the end of June.

在新單位開發方面，我們在第二季在亞利桑那州開設了一家特許經營店。關於我們的改造工作，在第二季度，我們完成了 12 家特許經營餐廳的改造和 4 家公司改造，截至 6 月底，我們在 2025 年完成的改造總數達到 20 家。

So far, we've been very pleased with the results of our new iconic remodel image. For the seven company remodels completed with the new image, we have seen on average a mid single digit uplift in sales which is in line with our expectations.

到目前為止，我們對新的標誌性改造形象的效果非常滿意。對於採用新形象完成改造的七家公司，我們看到平均銷售額出現了中等個位數的成長，這符合我們的預期。

In terms of liquidity, as of June 25, 2025, we had $69 million of debt outstanding and $9 million in cash and cash equivalents. Subsequent to the end of the second quarter, we paid down an additional $1 million on our revolver, resulting in our debt outstanding of $68 million as of July 31, 2025. Additionally, during the second quarter, we repurchased 3,479 shares for approximately $0.1 million.

在流動性方面，截至 2025 年 6 月 25 日，我們有 6,900 萬美元的未償債務和 900 萬美元的現金和現金等價物。第二季結束後，我們又償還了 100 萬美元的循環信貸，截至 2025 年 7 月 31 日，我們的未償債務為 6,800 萬美元。此外，在第二季度，我們以約 10 萬美元回購了 3,479 股。

Finally, based on our results to date, we would like to provide you with the following guidance for 2025. The opening of 10 to 11 system-wide restaurants, including 9 to 10 franchise restaurants and up to one company-owned restaurant. Capital spending of $31 million to $34 million, G&A expenses of $48 million to $51 million, excluding one-time charges, and an estimated effective income tax rate of 29% to 29.5% before discrete items.

最後，根據迄今為止的成果，我們想為您提供以下 2025 年的指導。開設10至11家全系統餐廳，包括9至10家特許經營餐廳及最多1家公司自營餐廳。資本支出為 3,100 萬美元至 3,400 萬美元，一般及行政費用為 4,800 萬美元至 5,100 萬美元（不含一次性費用），扣除單項項目前預計有效所得稅率為 29% 至 29.5%。

This includes our prepared remarks. We would like to thank you again for joining us on the call today, as we are now happy to answer any questions that you may have.

其中包括我們準備好的發言。我們再次感謝您今天參加我們的電話會議，我們很樂意回答您可能提出的任何問題。

Operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Jake Bartlett, Truist Securities.

（操作員指示）Jake Bartlett，Truist Securities。

Great, thanks for taking the question. I had a number. I wanted to start with, you mentioned kind of a challenging, macro environment. I'm hoping for a little more detail. You're obviously doing a lot to counteract that and it's nice to see some impact, but I just want to make sure I understand how strong the headwind is that you're fighting against with all of your initiatives.

太好了，謝謝你回答這個問題。我有一個號碼。首先，您提到了一個具有挑戰性的宏觀環境。我希望能提供更多細節。顯然，你們正在做很多事情來抵消這種影響，並且很高興看到一些影響，但我只是想確保我了解你們在所有舉措中所面對的逆風有多麼強大。

Sure, thanks for the question, Jake. So you're right, things like innovation with our fresca salads and wraps and we only got a few days of quesadilla in on this quarter, but really the salads and wraps together with value, so I spoke about just some of the targeted value that we had out there, whether it was in the app or through the traditional couponing, through delivery.

當然，謝謝你的提問，傑克。所以你說得對，例如我們的新鮮沙拉和捲餅的創新，我們本季度只推出了幾天的墨西哥玉米餅，但實際上沙拉和捲餅具有價值，所以我只談到了我們所擁有的一些目標價值，無論是在應用程序中，還是通過傳統的優惠券，通過送貨。

All of that is really helping and you saw it in the transaction growth. When we see the consumer headwinds, it's really across all different income groups, and it's a bit -- we keep saying choppy in the industry. It's the fact that, at the beginning of the month you see a lot more activity. Towards the end of the month, when consumers are waiting for a payday or a payday effect, you see it even more pronounced.

所有這些都確實有幫助，您可以從交易增長中看到這一點。當我們看到消費者面臨的逆風時，它確實存在於所有不同收入群體中，而且有點——我們一直說這個行業不穩定。事實上，在月初你會看到更多的活動。接近月底，當消費者等待發薪日或發薪日效應時，你會看到這種現象更加明顯。

We're also seeing it as consumers are really reacting to the value which tells me that a consumer wants to spend or wants to enjoy our products, but they're limited on what they can spend and so that's -- you see value even more pronounced and more attractive in that dynamic.

我們也看到，消費者確實對價值做出了反應，這告訴我，消費者想要消費或想要享受我們的產品，但他們的消費能力有限，因此，在這種動態中，你會看到價值更加明顯、更具吸引力。

Got it. And in terms of the franchise, traffic obviously great to see, but there's seems to be a big drag on check specifically for the franchise overall. Well, what is the dynamic going on there? Is there a little more discounting potentially going on, a little more focus on value in those markets?

知道了。就特許經營而言，客流量顯然很好，但對於整個特許經營來說，這似乎是一個很大的拖累。那麼，那裡的情況是怎麼樣的呢？這些市場是否可能會出現更多折扣，更重視價值？

A couple of things. If you remember last year, we had the very large minimum wage increase in California, where a lot of our restaurants are, and so there was a lot of pricing taken last year. And I would say the franchisees, if you remember, they took a little bit more than a company did.

有幾件事。如果你還記得去年，我們在加州（我們的許多餐廳所在地）大幅提高了最低工資，因此去年我們採取了許多定價措施。我想說的是，如果你還記得的話，特許經營商賺的錢比公司多一點。

And so this year is -- they're lapping that and just our ability to take price in this value-conscious environment, we're just not taking a lot of price which is healthy, and I appreciate that we're not doing that and that's helping us grow the transactions, so that is some of it.

所以今年的情況是 - 他們正在努力做到這一點，而我們只是在這個注重價值的環境中定價，我們只是沒有收取太多的價格，這是健康的，我很欣賞我們沒有這樣做，這有助於我們增加交易，所以這就是其中的一部分。

And then also you can imagine when prices get a little bit higher, say if they are higher at one restaurant than another, that's going to make the value even more attractive. And then we also are seeing in some instances we had some franchise partners experiment with different promotions and family meal discounts that were just greater than what we were doing in corporate restaurants.

然後你也可以想像，當價格稍微上漲時，比如說一家餐廳的價格比另一家餐廳的價格高，這將使價格更具吸引力。我們還發現，在某些情況下，我們讓一些特許經營合作夥伴嘗試不同的促銷和家庭餐折扣，這些折扣比我們在公司餐廳做的要多。

Got it. And then, my last question, and I'll jump back in the queue, maybe come back, but it's on the acceleration of unit growth. It sounds like you're talking about 20, 20-plus for 2026, a doubling, as you mentioned the fastest growth in in some time here.

知道了。然後，我的最後一個問題，我會回到隊列中，也許會回來，但這是關於單位成長加速的問題。聽起來您說的是 2026 年將達到 20 甚至 20 以上，即翻一番，正如您所提到的，這是一段時間以來最快的增長。

One question is just your level of confidence that will be achieved, whether it's really dependent entirely or mostly on franchise development. And then, what's giving the franchisees the confidence to do that? It's obviously a challenging environment still. What are they seeing that's making them so confident to really accelerate growth like we haven't seen in a while?

一個問題是您將要實現的信心水平，它是否真的完全取決於或主要取決於特許經營的發展。那麼，是什麼讓加盟主有信心這麼做呢？顯然這仍然是一個充滿挑戰的環境。他們看到了什麼，讓他們如此有信心真正加速成長，這是我們很久沒有看到的？

Right, so the exciting part of the brand, despite having the macro environment that we have, the good news is our average unit volumes are $2.2 million. We have a healthy business that's getting even healthier as the 1.5 years we've really focused on unit profitability and everything, as -- you've seen the margin expansion.

是的，所以這個品牌令人興奮的部分是，儘管我們擁有宏觀環境，但好消息是我們的平均單位銷售量為 220 萬美元。我們的業務很健康，而且由於我們在過去一年半中真正專注於單位盈利能力和一切，我們的業務正在變得更加健康，正如您所看到的利潤率擴大。

So pretty amazing that even in a world, where labor costs are increasing, value and discounting is increasing, we're also increasing the unit level margins. And so you put that together, a healthy business model inspires franchise partners to want to build. And then when you couple that with the fact that we have taken a lot of cost out of the building and the restaurant, that also is very inspirational. And then you layer on an incentive to get franchise partners even more excited, you put that all together and our returns are back in a place where it's a healthy return and they're inspired to grow again.

非常令人驚訝的是，即使在勞動成本不斷增加、價值和折扣不斷增加的世界裡，我們也在提高單位利潤率。所以，綜合起來，健康的商業模式可以激勵特許經營夥伴的建設慾望。然後，當你把這一點與我們在建築和餐廳上節省大量成本的事實結合起來時，這也是非常鼓舞人心的。然後，你再透過激勵措施讓特許經營夥伴更加興奮，把所有這些結合起來，我們的回報就會回到健康的水平，並激勵他們再次成長。

And so moving to your question on confidence on the pipeline, very confident on the pipeline. So as I look out over the next year, and I have the confidence to be able to give that number, that's because many of those sites either have leases signed or some of those sites are under development, because nowadays some sites take over a year to get open.

所以回到你關於管道信心的問題，我對管道非常有信心。因此，當我展望未來一年時，我有信心能夠給出這個數字，這是因為其中許多站點要么已經簽署了租約，要么其中一些站點正在開發中，因為現在一些站點需要一年多的時間才能開放。

So as we look at the pipeline, we see that. One of the other factors that's helping us with development is also the second-generation sites that we're finding. So talked about this over the last couple of months. As different concepts have had to close, their misfortune has become our fortune in the sense that you can pick up one of those sites, you don't have to do as expensive of a buildout because you already have walk-in coolers and framing and bathrooms and hoods. You really have to come in and, of course, redesign it and rebrand it, but it's sometimes as much as half the cost of a traditional build, so that makes the returns even higher. So I would say it's a lot of factors, but giving us great confidence that the flywheel is going again for El Pollo Loco.

因此，當我們查看管道時，我們就會看到這一點。幫助我們發展的另一個因素是我們正在尋找的第二代網站。所以過去幾個月一直在談論這個問題。由於不同的概念不得不關閉，他們的不幸成為了我們的幸運，因為您可以選擇其中一個站點，而不必進行昂貴的擴建，因為您已經擁有步入式冷藏室和框架以及浴室和抽油煙機。當然，你確實必須重新設計它並重新命名它，但有時它的成本只有傳統建築的一半，因此回報更高。所以我想說，有很多因素，但我們非常有信心，El Pollo Loco 的飛輪將再次運轉。

Jeremy Hamblin, Craig Hallum Capital Group.

傑里米·漢布林 (Jeremy Hamblin)，克雷格·哈勒姆資本集團 (Craig Hallum Capital Group)。

Hey, this is Will on for Jeremy. Thanks for taking my questions. I just wanted to start with same-store sales trends for the quarter. It's some sequential improvement. Could you maybe walk through in a bit more detail how Q2 progressed after May? And then maybe what the rest of Q3 looks like in terms of comp? I think August and September might be a little tougher than July, but just anything you could call it there would be helpful.

嘿，我是威爾，代替傑瑞米。感謝您回答我的問題。我只是想從本季的同店銷售趨勢開始。這是一些連續的改進。您能否更詳細地介紹一下 5 月之後第二季的進度？那麼從競爭角度來看，第三季的剩餘情況會是怎麼樣呢？我認為八月和九月可能比七月更難一些，但無論你如何稱呼它都會有所幫助。

Yeah, we definitely saw sequential improvement. I think we had talked about being down around -- a little around 1% in April, and we saw sequential improvement as we walked through into May and then even more so in June as some of the marketing initiatives that we were doing really started to take hold around the brand relaunch, which happened in mid-May and the frescas. And some of the things that we were doing, coupled with that in regards to discounting, really helped drive that traffic and really helped that back part of the quarter, Q2.

是的，我們確實看到了連續的改善。我想我們已經討論過 4 月份的下降幅度在 1% 左右，但進入 5 月份後，我們看到了連續的改善，6 月份的改善更為明顯，因為我們在 5 月中旬和 frescas 期間進行的品牌重新發布期間開展的一些營銷活動開始真正發揮作用。我們所做的一些事情，加上折扣，確實有助於推動流量，並確實為第二季後半段帶來了幫助。

And we did see a little bit of a slowdown in in July. As you know, the timing of the July 4 wasn't great. We saw a little noise there. And as we mentioned on the call, it's just been a little choppy so far in quarter to date, but we do feel very confident in a lot of the things that we're doing to continue to keep the recent acceleration we've seen in traffic going.

我們確實看到七月份出現了一些放緩。如你所知，7 月 4 日這個時機並不好。我們發現那裡有點噪音。正如我們在電話會議上提到的那樣，本季迄今為止的情況有些不穩定，但我們對我們正在做的許多事情非常有信心，可以繼續保持近期流量的加速成長。

I was just going to add, as we feel confident at the back half of the year in terms of the sales trends. The things that are underpinning that are the innovation and the continued thoughtful value that we spoke about. The brand relaunch off to a good start, only just beginning.

我只是想補充一點，因為我們對下半年的銷售趨勢充滿信心。支撐這一點的是我們談到的創新和持續深思熟慮的價值。品牌重新推出有了良好的開端，但這只是個開始。

So right now, the media in the middle of the summer is not great. And so as we get into the fall and we just get better media and media placement, we'll really be able to accelerate telling consumers about the brand relaunch. And then also a lot of effort going in behind service improvements and just operational improvements that we think will help with sales comps as well.

所以現在，夏季中旬的媒體表現並不好。因此，隨著我們進入秋季，我們獲得更好的媒體和媒體定位，我們將能夠真正加快向消費者告知品牌重新推出的訊息。我們也投入了大量精力來改善服務和運營，我們認為這也將有助於提高銷售額。

Yeah, and then just to follow up on that. I'm curious if you had any more color to share in terms of how the quesadilla and the fresco wraps have been mixing, and then how early results have performed against your guys' initial testing.

是的，然後繼續跟進。我很好奇您是否可以分享更多關於墨西哥玉米餅和新鮮捲餅如何混合的詳細信息，以及早期結果與您的初步測試相比如何。

Yes, so the fresca -- we looked at fresca as wraps and salads together. And so, those were mixing in the 4% to 5% in total. And we've -- the wraps were always planned to phase out as we brought in quesadilla. And so we still have the salads and we love the fact that the salads have a following. Those are still mixing at a couple points of sales mix. They are not on promotion with a small dedication on the menu.

是的，所以 fresca——我們將 fresca 視為捲餅和沙拉的組合。因此，這些混合在一起的比例總計為 4% 到 5%。而且我們一直在計劃逐步淘汰捲餅，引入墨西哥玉米餅。因此我們仍然有沙拉，我們很高興看到沙拉擁有一群追隨者。這些仍然在幾個銷售點混合。他們沒有在菜單上做任何促銷活動，只是在菜單上做了一些小改動。

And then the quesadilla got out of the gates, up at about 4 to 5 points of mix and continues to grow. We're just a couple weeks into quesadilla. And like I mentioned, the media behind quesadilla is not that great, so we've got some plans over the next couple of weeks. No one's more excited for some good football on TV to bring some eyeballs, but to continue to get the word out of our quesadilla. In addition, all of the social and the just the buzz going around quesadilla.

然後，墨西哥玉米餅就開始出爐了，混合物的含量大約是 4 到 5 個點，並且還在繼續增長。我們才剛開始做墨西哥玉米餅幾週。正如我所提到的，墨西哥玉米餅背後的媒體並不是那麼好，所以我們在接下來的幾週內制定了一些計劃。沒有人比電視上播放精彩的足球比賽更能吸引眼球，但我們更希望繼續宣傳我們的玉米餅。此外，所有的社交活動和圍繞著墨西哥玉米餅的討論都很熱烈。

I can answer your question compared to test, mixing higher than we saw on test.

我可以回答你的問題，與測驗相比，混合程度比我們在測驗中看到的要高。

Matt Curtis, William Blair.

馬特柯蒂斯、威廉布萊爾。

Just another question on the new menu items. I mean, you launched fresca, May, then quesadilla. It seems like right at the end of the quarter. I mean, it's good to hear they've gotten a favorable reception. But I'm wondering if you've seen any associated transaction list that you can discern. Or alternatively, if you've seen any trade-off on average ticket, just given the more value-oriented price points.

關於新菜單項目的另一個問題。我的意思是，你們在五月推出了 fresca，然後是 quesadilla。看起來就像是本季末了。我的意思是，聽到他們受到好評真是太好了。但我想知道您是否看到任何可以辨別的相關交易清單。或者，如果您看到平均票價有任何權衡，只需給出更注重價值的價格點。

Yeah. So we are seeing -- the nice part about the transaction lift is we're seeing more frequency from our existing customers, and the innovation does that with existing customers. It gives them a reason to want to come in more. I also believe that that is, again, because of those operational improvements that we're making and then some of the deals. So it's hard to tease apart which piece is driving each part of that but pleased to see the increased frequency from existing. And then we are seeing new customers. So I attribute reaching new customers more so to the innovation, so it's certainly helping as well.

是的。因此，我們看到交易量提升的一個好處是，我們看到現有客戶的購買頻率更高了，而創新對現有客戶實現了這一點。這讓他們有理由想要更多參與其中。我還相信，這又是由於我們正在進行的營運改進以及一些交易。因此，很難區分哪個部分在推動各個部分，但很高興看到現有頻率的增加。然後我們就會看到新客戶。因此，我認為吸引新客戶更多地歸功於創新，所以它肯定也有幫助。

Okay. And I know it's still early, but could you tell us a bit more about the initial reaction to the rebrand, particularly in your core LA market? And basically, what I'm trying to get at is do you have a sense of how much this helped you get back to positive transactions by the end of the second quarter?

好的。我知道現在還為時過早，但您能否告訴我們更多關於品牌重塑的初步反應，特別是在您的核心洛杉磯市場？基本上，我想知道的是，您是否知道這對您在第二季末恢復正交易有多大幫助？

So again, I would say it's part of the whole mix. Hard to tease apart what's attributed to that specifically. But one of the things that we were very pleased to see was, again, as we launched the new customers in terms of just newer folks to the brand, we did see a notable uptick there which, again, would tell us that it's doing its part.

因此，我再次強調，它是整體的一部分。很難區分具體是什麼導致了這個現象。但我們非常高興看到的一件事是，當我們向新客戶（即新客戶）推出該品牌時，我們確實看到了顯著的上升，這再次告訴我們它正在發揮自己的作用。

I believe though that that will build over time, just because getting eyeballs on that, especially, given our size, it just takes time. And then also with the brand relaunch, there's so many different touch points. So I put in the bucket of brand relaunch just as importantly how the restaurant looks.

但我相信，隨著時間的推移，這一進程將會加快，因為要吸引人們的關注，特別是考慮到我們的規模，這需要時間。隨著品牌的重新推出，也出現了許多不同的接觸點。因此，我認為品牌重塑與餐廳的外觀同樣重要。

And so as we get around to remodeling more and more restaurants that too -- even if it's not someone's home restaurant, if they're across town and they get to see a remodeled restaurant, that too helps fulfil this whole brand relaunch persona, whether you see it on TV or in social or you drive by it. So that’ll take some time to build as well.

因此，當我們開始改造越來越多的餐廳時，即使這不是某人的家庭餐廳，如果他們在城鎮的另一邊看到一家改造後的餐廳，這也有助於實現整個品牌重塑的形象，無論你是在電視上、社交媒體上看到它，還是開車經過它。所以這也需要一些時間來建構。

Marshall Pittman, Jefferies.

馬歇爾·皮特曼，傑富瑞。

I just want to touch on pricing and margins quickly. Are you still expecting about 2% pricing in the back half with the additional increase coming? And can you just talk about confidence in taking that increase despite an uncertain macro and consumer appetites for value out there?

我只是想快速談談定價和利潤。您是否仍預計下半年價格將上漲 2% 左右，並且還會進一步上漲？儘管宏觀經濟情勢不確定，消費者對價值的需求也很大，您能否談談您對實現這一成長的信心？

Yeah. What we did do is we're moving up a price increase that we had planned for later in the quarter to move -- in Q3 to move up in earlier in the quarter. So we should see Q3 about 2.5% pricing. And when we get into Q4, we'll be about [2.7%]. It is more about moving it a little earlier than it is taking more pricing.

是的。我們所做的就是將原計劃在本季末的價格上漲提前到第三季初。因此我們應該看到第三季的定價約為 2.5%。當我們進入第四季度時，我們將[2.7%]。這更多的是將其提前一點，而不是採取更多的定價。

And I think what we found is it's -- we're being really thoughtful and surgical about the types of pricing we're taking. For example, we had a great opportunity to take our combo pricing up from [250 to 280], so a very targeted type of price increases. And that's really -- and it helps us balance how we've gotten a little more aggressive with our discounting, which has really helped, among other things, drive some of the traffic that we've seen.

我認為我們發現，我們對所採取的定價類型非常深思熟慮，並且經過精心設計。例如，我們有很好的機會將我們的組合價格從 [250 到 280] 提高，因此這是一種非常有針對性的價格上漲。這確實 - 並且它幫助我們平衡了我們在折扣方面變得更加激進的方式，這確實有助於推動我們看到的一些流量。

Okay, and just to follow up. We've talked about a margin target for the full year of 7.25% to 7.75%. Obviously, strong results in the second quarter here. Do you think that that range is still realistic or could we see a little bit of upside in the back half?

好的，只是為了跟進一下。我們已經討論過全年利潤率目標為 7.25% 至 7.75%。顯然，第二季的業績表現強勁。您認為這個範圍是否仍然現實，或者我們是否可以看到後半部分有一點上漲？

Yeah, we think that range is realistic. We always believe there's upside. We're always working to kind of beat what we put out there, obviously. But we feel pretty good about where we're at. From a commodity standpoint, we have a lot of visibility to where we're at. We have very limited exposure to any international purchases, so tariffs aren't as a bigger concern for us. And so we're working hard to continue to drive that margin improvement.

是的，我們認為這個範圍是現實的。我們始終相信，事情還有好的一面。顯然，我們一直在努力超越我們所推出的產品。但我們對於目前的狀況感到十分滿意。從商品的角度來看，我們非常清楚自己所處的位置。我們接觸的國際採購非常有限，因此關稅對我們來說並不是一個大問題。因此，我們正在努力繼續提高利潤率。

Thank you. Ladies and gentlemen, we have reached the end of today's question and answer session. I would now like to turn the call back over to Liz Williams for closing remarks.

謝謝。女士們、先生們，今天的問答環節已經結束。現在我想將電話轉回給利茲威廉斯，請她做最後發言。

Thanks again, everyone, for your interest in El Pollo Loco. We look forward to talking to you again next quarter. Have a great evening.

再次感謝大家對 El Pollo Loco 的關注。我們期待下個季度再次與您交談。祝您有個愉快的夜晚。

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

其中包括今天的電話會議。現在您可以斷開線路。感謝您的參與。