El Pollo Loco Holdings Inc (LOCO) 2026 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by. Welcome to the El Pollo Loco second quarter 2026 earnings conference call. (Operator Instructions) Please note that this conference is being recorded today, August 6, 2026. Now I’d like to turn the conference over to Ira Fils, the company’s Chief Financial Officer.

各位女士、先生，大家好。感謝各位稍候。歡迎參加 El Pollo Loco 2026 年第二季財報電話會議。(接線員指示) 請注意，本次會議將於今日 2026 年 8 月 6 日錄音。現在我想把會議交給公司財務長 Ira Fils。

Thank you, operator, and good afternoon. By now, everyone should have access to our second quarter 2026 earnings release, which can be found at www.elpolloloco.com in the investor relations section. 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 new products and growth opportunities, strategic and operational initiatives, expectations regarding sales and margins, potential changes to our product platforms, capital expenditure plans, the ability of our franchisees to drive growth, expectations regarding commodity and wage inflation, remodel plans, and our 2026 guidance, among others.

謝謝接線員，大家下午好。到目前為止，各位應該都已取得我們 2026 年第二季財報新聞稿，可在 www.elpolloloco.com 的投資人關係專區查閱。在我們開始正式發言之前，我需要提醒各位，我們今天的討論將包含前瞻性陳述，包括與新產品與成長機會、策略與營運措施、對銷售與利潤率的預期、產品平台可能的變更、資本支出計畫、加盟商推動成長的能力、對原物料與薪資通膨的預期、改裝計畫，以及我們 2026 年的財測指引等相關陳述。

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. For a more detailed discussion of the risks that could impact our future operating results and financial condition, we refer you to our recent SEC filings, including our Form 10-K for the year ended December 31, 2025, as well as our Form 10-Q for the second quarter of 2026, which we expect to file tomorrow and encourage you to review at your earliest convenience.

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。這些陳述亦受到多項風險與不確定性影響，可能導致實際結果與我們目前預期存在重大差異。如需更詳細了解可能影響我們未來營運結果與財務狀況的風險討論，請參閱我們近期向美國證券交易委員會（SEC）提交的文件，包括截至 2025 年 12 月 31 日止年度的 Form 10-K，以及 2026 年第二季的 Form 10-Q；我們預計將於明日提交，並建議您在方便時儘早查閱。

During today’s call, we will discuss non-GAAP measures, which we use for financial and operating decision-making and as a means to evaluate period-to-period comparisons and which we believe can be useful to investors 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. 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，我們將討論非 GAAP 指標；我們將其用於財務與營運決策，以及用來評估各期間之間的比較，並且我們相信這些指標可協助投資人評估我們的表現。這些補充資訊不應被孤立看待，亦不應作為依據 GAAP 編製之結果的替代。與可比 GAAP 指標的調節表已載於我們的財報新聞稿中，該新聞稿可於我們網站的投資人關係專區取得。

With respect to the adjusted EBITDA 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 revenue on a forward-looking basis. Now, I would like to turn it over to our CEO, Liz Williams.

關於我們在今天電話會議中將提供的調整後 EBITDA 展望，請注意，我們未提供與最直接可比的前瞻性 GAAP 財務衡量指標之調節，因為在不付出不合理努力的情況下，我們無法以合理確定性預測用於以前瞻性基礎計算營業利益與公司自營營收之非 GAAP 調整項目的金額或發生時點。現在，我想把時間交給我們的執行長 Liz Williams。

Thank you, Ira, and good afternoon, everyone. We are pleased with our second quarter results of systemwide same-store sales growth of 3.9% and restaurant level margin of 19.5%, which demonstrate the sustainability of the improvements we’ve made over the past two years. What’s more encouraging is that we achieved this performance through a combination of sales layers and operational improvements, which gives us confidence in the long-term sustainability of our growth.

謝謝你，Ira，各位下午好。我們對第二季的表現感到滿意：全系統同店銷售成長 3.9%，餐廳層級利潤率為 19.5%，這些結果展現了我們過去兩年所做改善的可持續性。更令人鼓舞的是，我們是透過銷售層面的多重驅動因素與營運改善的組合達成這項表現，這讓我們對長期成長的可持續性更有信心。

More specifically, our top-line performance this quarter was driven by a combination of our strategic pillars, notably with strong brand activation and menu innovation, a targeted focus on providing value through our digital channels, and operational excellence. With that, let me walk you through our progress across our strategic pillars. Let’s start with brand that wins, which continues to be anchored by menu innovation.

更具體而言，本季的營收表現是由我們策略支柱的組合所帶動，尤其是強勁的品牌啟動與菜單創新、透過數位渠道提供價值的聚焦策略，以及卓越營運。接下來，我將帶各位回顧我們在各項策略支柱上的進展。先從「致勝品牌」開始，而這一支柱仍以菜單創新為核心。

First, our Loco Tenders, which launched at the end of the first quarter, brought new guests to the brand, many of whom who had not considered El Pollo Loco before, and they broadened our appeal beyond our core fire-grilled chicken loyalists. Notably, our tenders generated significant buzz and excitement. From social media conversation to word of mouth, this craveable product, done with our own twist, put El Pollo Loco back in the conversation in a way that we haven’t seen in years.

首先，我們的 Loco Tenders 於第一季末推出，為品牌帶來新客群，其中許多人過去並未考慮 El Pollo Loco；同時也讓我們的吸引力不再僅限於核心的炭烤雞忠實顧客。值得一提的是，我們的雞柳引發了大量話題與熱度。從社群媒體討論到口耳相傳，這款令人垂涎、帶有我們獨特風格的產品，讓 El Pollo Loco 重新回到市場話題中心，這是我們多年未見的情況。

Our high-quality Mexican seasoned Loco Tenders, paired with our new Pollo Loco Sauce, drove trial across income and age cohorts, but notably with a new, younger consumer. They were additive to check and popular in snacking and late evening day parts. As these were always planned as an LTO, we are taking the learnings and already thinking of ways to bring them back in the future.

我們高品質、墨西哥風味調味的 Loco Tenders，搭配全新的 Pollo Loco Sauce，帶動不同收入與年齡族群的試吃體驗，尤其吸引了新的、較年輕的消費者。它們提升了客單價，並在點心與深夜時段特別受歡迎。由於這些產品原本就規劃為限時供應（LTO），我們正在吸收相關學習，並已開始思考未來讓它們回歸的方式。

We believe we’ve only scratched the surface of what is possible with Loco Tenders. Following tenders, in late June, we introduced Loaded Quesadillas, available in two flavors: queso with our creamy cilantro sauce and street corn with our creamy chipotle sauce, both with our citrus-marinated fire-grilled chopped chicken breast wrapped in a warm flour tortilla and grilled to order.

我們相信，Loco Tenders 的可能性才剛剛展露一角。在雞柳之後，我們於 6 月下旬推出 Loaded Quesadillas，提供兩種口味：起司（queso）搭配我們的濃郁香菜醬，以及街頭玉米（street corn）搭配我們的濃郁墨西哥辣椒（chipotle）醬；兩者皆以柑橘醃製的炭烤切丁雞胸肉，包裹在溫熱的麵粉餅中，並依點單現烤。

We designed these for portability and value, giving guests a satisfying eat they can enjoy on the go at a price of less than $10 a la carte or $10.99 for a combo meal, which includes chips, salsa, and a drink. We also gave our Loco Rewards members early exclusive access ahead of the general launch. The early guest response has been strong, and we believe Loaded Quesadillas strengthens our lineup within handheld and on-the-go occasions.

我們在設計上強調便攜與高性價比，讓顧客以不到 10 美元的單點價格，或以 10.99 美元購買套餐（包含薯片、莎莎醬與飲料），即可享用一份令人滿足、適合外帶邊走邊吃的餐點。我們也讓 Loco Rewards 會員在正式上市前享有提前的專屬體驗。早期顧客回饋相當強勁，我們相信 Loaded Quesadillas 能強化我們在手持式與外帶即食情境中的產品陣容。

We also introduced a new coffee platform to the menu this quarter with our ChataCoffee lineup, featuring our signature Horchata iced coffee and cold foam. We designed our new beverages to capture an afternoon pick-me-up occasion, which we believe is a meaningful and underserved day part for our brand. Alongside items like our tenders and quesadillas, we see this as part of a broader snacking occasion that brings guests into our restaurant outside of traditional mealtime, and also helps in building check.

本季我們也在菜單上推出全新的咖啡平台：ChataCoffee 系列，主打我們的招牌 Horchata 冰咖啡與冷泡沫（cold foam）。我們設計這些新飲品是為了抓住下午提神的消費情境；我們認為這對我們品牌而言是一個重要且尚未被充分服務的時段。搭配雞柳與墨西哥起司餅等品項，我們將其視為更廣泛的點心情境的一部分，能在傳統用餐時段之外把顧客帶進餐廳，同時也有助於提升客單價。

We are just getting started with beverages and look forward to even more innovation in the upcoming quarters. As we head into the second half of the year, we are encouraged by the strength of our innovation pipeline. Two new double chicken burrito bowls will be coming this fall, as well as a new pumpkin spice churro and caramel apple ChataCoffee.

我們在飲品方面才剛起步，並期待在接下來幾季帶來更多創新。隨著我們進入下半年，我們對創新產品管線的強勁表現感到鼓舞。今年秋季將推出兩款新的雙倍雞肉墨西哥捲餅碗（double chicken burrito bowls），以及全新的南瓜香料吉拿棒（pumpkin spice churro）與焦糖蘋果 ChataCoffee。

We also continue to test new salads, wraps, and sandwiches as we prepare for 2027. In short, we remain committed to keeping our menu craveable, relevant, and fresh, giving guests new reasons to visit. Our Let’s Get Loco campaign continues to build momentum and has found new ways to put our new menu items in front of our guests, often by showing up where our brand hasn’t historically been invited.

我們也持續測試新的沙拉、捲餅、以及三明治，為 2027 年做準備。總之，我們仍致力於讓菜單保持令人垂涎、貼近需求且常保新鮮，為顧客提供新的到訪理由。我們的 Let’s Get Loco 行銷活動持續累積動能，並找到新的方式把新菜單品項呈現在顧客面前，往往是透過出現在過去我們品牌較少被邀請參與的場域。

In late June, around National Go Skateboarding Day, we launched our Quesadillas for Kickflips activation, featuring Olympic skateboarder Paige Heyn. This content resonated well beyond our usual audience, drawing praise from across the skateboarding world, including from the editor-in-chief of Thrasher magazine, one of the most recognized voices in that community.

在 6 月下旬、接近「全國滑板日」（National Go Skateboarding Day）之際，我們推出 Quesadillas for Kickflips 品牌啟動活動，邀請奧運滑板選手 Paige Heyn 參與。這些內容的共鳴遠超出我們平常的受眾，並獲得滑板圈各方好評，包括《Thrasher》雜誌總編輯的稱讚；該雜誌是該社群中最具代表性的聲音之一。

We followed that with our Hold It Like It’s Hot campaign, which put our new ChataCoffee, Loaded Quesadillas, and black beans into real, everyday moments to highlight how portable and delicious these products are. We continue to expand our presence with brand partnerships, working with brands like Igloo Coolers, FANCHEST, and Tapatío all throughout the quarter, as we were showing up in live sports. From our media presence during the World Cup to free food giveaways for at-home watch parties, we were there.

接著我們推出 Hold It Like It’s Hot 行銷活動，將全新的 ChataCoffee、Loaded Quesadillas 與黑豆融入真實的日常情境，凸顯這些產品的便攜性與美味。我們也持續透過品牌合作擴大曝光，整個季度與 Igloo Coolers、FANCHEST 與 Tapatío 等品牌合作，並在現場體育賽事中露出。從世界盃期間的媒體曝光，到在家觀賽派對的免費餐點贈送，我們都在場。

We believe this combination of timely, culturally relevant marketing and strong menu innovation is exactly the kind of engine that builds lasting brand loyalty and something that we will continue to lean into as we carry the momentum through the rest of the year. Turning to our loyalty and digital business, which continues to contribute to our top-line performance.

我們相信，這種及時且具文化相關性的行銷與強勁的菜單創新相結合，正是能夠建立長期品牌忠誠度的引擎；我們也將在今年剩餘時間延續這股動能，持續加大投入。接著談到我們的忠誠度與數位業務，該業務持續為我們的營收表現做出貢獻。

Digital sales, including our app, web, and kiosk channels, represented approximately 28% of system sales and were up 13% year-over-year. Our Loco Rewards members continued to be an important growth driver for the brand. These members visited approximately three times more annually than non-loyalty members. We use a strategic approach with our loyalty offers based on segmentation and purchase behavior.

數位銷售（包括我們的App、網站與自助點餐機渠道）約占系統銷售額的28%，年增13%。我們的Loco Rewards會員持續成為品牌的重要成長動能。這些會員每年的到店次數約為非忠誠會員的三倍。我們依據分眾與購買行為，對忠誠度優惠採取策略性作法。

These targeted offers deployed throughout the quarter, together with more frequent communications, drove not only frequency growth but also check growth among our loyalty members, outpacing non-loyalty guests by more than double. As a reminder, we center our loyalty program around three things: giving members everyday value, tailoring offers based on purchase behavior, and giving our most loyal guests access to exclusive experiences.

本季期間推出的這些精準優惠，加上更頻繁的溝通，不僅帶動到店頻次成長，也推升忠誠會員的客單成長，其表現超過非忠誠顧客逾兩倍。提醒一下，我們的忠誠度計畫聚焦三件事：為會員提供日常價值、依購買行為量身打造優惠，以及讓最忠誠的顧客享有專屬體驗。

Starting with everyday value, our weekly Loco Friday Drops, providing great offers and value each Friday on some of our best menu items, and our Sunday Spread, an abundant value on family chicken meals, have continued to be consistent performers for the program. These all-member deals, combined with our segmented offers based upon purchase history, have both contributed to the frequency and check growth.

先從日常價值談起，我們每週的Loco Friday Drops——每週五在部分最受歡迎的菜單品項上提供超值優惠——以及Sunday Spread——為家庭雞肉餐提供豐富的超值組合——持續是該計畫的穩定強項。這些面向全體會員的優惠，結合我們基於購買歷史的分眾優惠，皆對到店頻次與客單成長有所貢獻。

In addition to these deals, our exclusive giveaways, early access to menu items, and prizes have created engagement in our loyalty program. As we look ahead, in early Q3, we launched Loco Days, a summer-themed promotion featuring exclusive prizes, deals, and a grand prize VIP experience at the iHeartRadio Music Festival. Early engagement in the promotion has exceeded expectations and we look forward to future growth of our loyalty program.

除上述優惠外，我們的專屬贈品活動、菜單品項搶先體驗與獎品也提升了忠誠度計畫的互動度。展望未來，我們在第三季初推出Loco Days，以夏日主題促銷，包含專屬獎品、優惠，以及在iHeartRadio音樂節的VIP大獎體驗。該促銷的早期互動表現超出預期，我們也期待忠誠度計畫未來持續成長。

Our off-premise digital business, inclusive of delivery, continues to gain strength as we have launched segmented deals targeting new customers at the snack and late evening day parts. For lunch, we have expanded our roster of third-party partners focused on groups and catering services. In total, our off-premise digital business represents almost 17% of sales and has increased 12% year-over-year. While we’re pleased with the growth, we believe there is still significant opportunity to grow this channel.

我們的店外數位業務（包含外送）持續增強，因為我們推出分眾優惠，鎖定點心與深夜時段的新客群。在午餐方面，我們擴大第三方合作夥伴名單，聚焦團體與外燴服務。整體而言，我們的店外數位業務約占銷售額的17%，年增12%。雖然我們對此成長感到滿意，但我們認為該渠道仍有顯著的成長空間。

At the intersection of digital and operational excellence is technology. We continue to make great progress in modernizing our capabilities. From in-restaurant training to analyzing consumer feedback to a more effective help desk for our restaurant general managers, our use of technology and AI tools is improving our insights and capabilities.

在數位化與營運卓越的交會點上，是科技。我們在能力現代化方面持續取得良好進展。從餐廳內訓練、分析消費者回饋，到為餐廳總經理提供更有效的服務台，我們運用科技與AI工具正在提升洞察與能力。

In just a few months, we have made great strides in our capabilities with the addition of Vadim Parizher, who joined us earlier this year as our Chief Technology Officer. His leadership in digital, data, and technology is unlocking opportunity and insights across the business. We look forward to sharing more about our technology advancements in future calls. Moving on to operational excellence and our hospitality mindset, I’m pleased with the continued progress we made this quarter in improving guest experience and overall customer satisfaction.

短短幾個月內，隨著Vadim Parizher的加入，我們在能力建置上取得長足進展；他於今年稍早加入並擔任首席技術長。他在數位、數據與科技方面的領導，正在為全公司釋放機會與洞察。我們期待在未來的電話會議中分享更多科技進展。接著談到營運卓越與待客心態，我很高興本季我們在提升顧客體驗與整體顧客滿意度方面持續取得進展。

System satisfaction scores continued to move in the right direction on a year-over-year basis, and we saw improvement across the board from order accuracy to speed of service to overall friendliness. This kind of consistent incremental progress is exactly what we set out to build, and it reflects the discipline our teams have in driving operational excellence every day.

系統滿意度分數在年對年基礎上持續朝正向發展，我們在點餐正確性、服務速度與整體友善度等各方面都看到改善。這種持續且逐步的進步正是我們希望建立的成果，也反映出團隊每天推動營運卓越的紀律。

As we look forward to national expansion with new restaurant openings, we will continue to build our operational people capability as this is the single most critical item in ensuring consistency and execution across our restaurants. We know there is room to have even more of a consistent guest experience that builds long-term loyalty. We are focused on the investment in people, tools, training, and technology to get us there.

展望隨著新餐廳開幕而推進全國擴張，我們將持續強化營運端的人才能力，因為這是確保各餐廳一致性與執行力的最關鍵單一要素。我們知道仍有空間打造更一致的顧客體驗，以建立長期忠誠度。我們正專注於在人員、工具、訓練與科技上的投資，以達成目標。

Shifting to financial metrics, we are proud to have coupled our sales momentum with winning unit economics. In Q2, we delivered another solid restaurant level margin of 19.5%, comfortably within our 18% to 20% long-term target range. We are pleased with this result, especially in light of the significant cost pressure in produce during the quarter. Even with this headwind, our underlying cost discipline continues, which speaks to the margin focus we’ve built over the past several years.

轉向財務指標，我們很自豪能在銷售動能之上，同時實現優異的單店經濟效益。第二季我們再度交出穩健的餐廳層級利潤率19.5%，穩穩落在我們18%至20%的長期目標區間內。我們對此結果感到滿意，尤其考量本季蔬果成本承受顯著壓力。即便面臨這項逆風，我們的基礎成本紀律仍在延續，這也顯示過去幾年我們所建立的利潤率導向。

We will continue to manage the levers within our control closely, including labor productivity, waste reduction, and disciplined menu pricing. We are watching our key commodities as we move through the back half of the year. As we said last quarter, we will also balance the goals of driving year-over-year margin expansion with the need for value offers and investment in innovation, technology, and unit growth. We believe we can do all of these and be in the healthy margin range.

我們將持續緊密管理可控的槓桿，包括人力生產力、減少耗損，以及有紀律的菜單定價。在今年下半年推進過程中，我們正密切關注主要大宗原物料。如同上季所說，我們也將在推動年對年利潤率擴張的目標，與提供超值優惠及投資於創新、科技與單店成長的需求之間取得平衡。我們相信我們可以同時做到這些，並維持在健康的利潤率區間。

Let me now touch on our new unit growth pillar. First, we were pleased to welcome Tara Hinkle in late June to the El Pollo Loco family as our new Chief Development Officer. Tara joined us with extensive industry experience and expertise that spans development operations, market planning, franchise recruiting, and finance, with experience from brands like Taco Bell, Starbucks, and The Coffee Bean & Tea Leaf.

接下來談談我們的新店成長支柱。首先，我們很高興在6月下旬迎接Tara Hinkle加入El Pollo Loco大家庭，擔任新的首席發展長。Tara具備豐富的產業經驗與專業，涵蓋開發營運、市場規劃、加盟招募與財務，並曾服務於Taco Bell、Starbucks與The Coffee Bean & Tea Leaf等品牌。

We remain confident in our goal of opening 18 to 20 new restaurants system-wide this year, nearly double our 2025 pace. Our new restaurants continue to open with strength, which reinforces our confidence in the appeal for fire-grilled chicken and the El Pollo Loco brand as we continue our nationwide expansion. A good proof point of this progress came at the end of June when our franchise partner opened our first restaurant in Idaho, making the entry into our 10th state.

我們仍對今年全系統新開18至20家餐廳的目標充滿信心，幾乎是我們2025年開店速度的兩倍。新餐廳持續以強勁表現開出，進一步強化我們對火烤雞以及El Pollo Loco品牌吸引力的信心，並支持我們持續推進全國擴張。6月底的一個有力佐證是，我們的加盟夥伴在愛達荷州開出第一家餐廳，讓我們進入第10個州。

The Idaho restaurant is run by an experienced franchise group with more than 25 years in the El Pollo Loco system, and we already have a second location scheduled to open later this fall, with three to four more planned in the market as it develops. Less than two years ago, El Pollo Loco operated in just seven states. Since then, we’ve added Washington, New Mexico, and now Idaho.

愛達荷州的餐廳由一個在El Pollo Loco系統中深耕超過25年的資深加盟團隊營運；我們也已排定今年秋季稍晚開出第二個據點，並規劃隨著市場發展再開三到四家。不到兩年前，El Pollo Loco僅在七個州營運。自那之後，我們新增了華盛頓州、新墨西哥州，而現在又加入愛達荷州。

Three new states in under 24 months. As we look forward, the vast majority of our openings will continue to be outside of California. Our new unit growth continues to benefit from the second-generation sites, where we are achieving lower development costs than the typical ground-up build. Together with our value engineering initiative, we remain focused on overall new unit economics.

在不到24個月內新增三個州。展望未來，我們絕大多數的新店開幕仍將位於加州以外。我們的新店成長持續受惠於第二代店址，這類店址的開發成本低於一般從零開始的新建案。結合我們的價值工程（value engineering）計畫，我們仍專注於整體新店單位經濟效益。

As we look forward to becoming a national brand, we are encouraged by the discussions and the level of interest with prospective franchise partners. Over the past couple of months, we’ve hosted discovery days at our restaurant support center with new franchise groups representing opportunities across the country. These visits have been positive, and we are in discussions on various development agreements.

展望成為全國性品牌的目標，我們對與潛在加盟夥伴的討論以及其興趣程度感到鼓舞。過去幾個月，我們在餐廳支援中心舉辦了探索日（discovery days），接待代表全國各地機會的新加盟團隊。這些參訪成果正面，我們也正就多項開發協議進行討論。

We expect to have more details to share on future calls and remain confident that our development pipeline is building nicely and supports our continued expansion across the country. On the restaurant refresh initiative, we remain pleased with our results. On average, we continue to see a mid-single-digit sales lift in the locations we’ve refreshed, consistent with what we’ve shared on prior calls.

我們預期在未來的電話會議中分享更多細節，並持續有信心我們的開發管線正穩健成形，支持我們在全國範圍內的持續擴張。關於餐廳翻新計畫，我們對成果仍感到滿意。平均而言，我們持續看到已翻新門店的銷售額提升約中個位數百分比，與我們在先前電話會議中分享的情況一致。

We’ll continue to be thoughtful about pacing this initiative in a way that supports our teams without disrupting day-to-day operations. In summary, we are proud of our quarterly performance and the work we have done over the last two and a half years in transforming the El Pollo Loco brand. Our menu innovations are driving real trial and repeat, and our marketing and loyalty engines are amplifying that momentum. Our operation scores continue to improve, and we are back to healthy margin expansion and unit growth.

我們將持續審慎拿捏此計畫的推進節奏，以支持我們的團隊，同時不干擾日常營運。總結而言，我們為本季表現以及過去兩年半在轉型 El Pollo Loco 品牌方面所做的工作感到自豪。我們的菜單創新正帶動實質的嘗試與回購，而我們的行銷與會員忠誠引擎正在放大這股動能。我們的營運評分持續改善，並且我們已回到健康的利潤率擴張與門店成長軌道。

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

接下來，我把電話會議交給 Ira，請他更詳細說明我們第二季的財務結果。

Thank you, Liz, and good afternoon, everyone. For the second quarter ended July 1st, 2026, total revenue was $129.6 million compared to $125.8 million in the second quarter of 2025. Company-operated restaurant revenue increased 3.7% to $108.1 million from $104.3 million in the same period last year. The $3.8 million increase in company-operated restaurant sales was driven by 3% growth in company-operated comparable restaurant sales, as well as sales from the three company restaurants opened since the second quarter of 2025. The growth in comparable restaurant sales included a 4.2% increase in average check size, partially offset by a 1.1% decrease in transactions. During the second quarter, our effective price increase versus 2025 was approximately 3.4%.

謝謝你，Liz，各位下午好。截至 2026 年 7 月 1 日止的第二季，總營收為 1.296 億美元，較 2025 年第二季的 1.258 億美元增加。公司自營餐廳營收較去年同期增加 3.7%，由 1.043 億美元增至 1.081 億美元。公司自營餐廳銷售額增加 380 萬美元，主要來自公司自營同店銷售成長 3%，以及自 2025 年第二季以來新開的三家自營餐廳所貢獻的銷售。同店銷售成長包含平均客單價上升 4.2%，部分被交易筆數下降 1.1%所抵銷。第二季期間，相較 2025 年我們的有效提價幅度約為 3.4%。

Franchise revenue decreased 3.8% to $12.9 million during the second quarter, driven by a $1.1 million decrease in franchise IT pass-through revenue related to the franchise rollout of our new point-of-sale system completed in 2025. Franchise revenue did benefit from a 4.5% increase in comparable restaurant sales and revenue associated with 11 franchise-operated restaurant openings subsequent to the second quarter of 2025. The 4.5% increase in comparable franchise store sales consisted of a 5.3% increase in average check size, partially offset by a 0.8% decrease in transactions. For the second quarter, system-wide same-store sales were up 3.9%, with system-wide transactions down 0.9%. We are very pleased to report that the positive sales momentum we experienced in Q2 has continued into the third quarter.

第二季加盟營收下降 3.8%至 1,290 萬美元，主要因 2025 年完成新 POS（銷售點）系統於加盟體系的導入後，與加盟 IT 轉付（pass-through）營收相關的金額減少 110 萬美元所致。加盟營收亦受惠於同店銷售成長 4.5%，以及 2025 年第二季之後新開的 11 家加盟店所帶來的相關營收。加盟同店銷售成長 4.5%主要由平均客單價上升 5.3%構成，部分被交易筆數下降 0.8%所抵銷。第二季全系統同店銷售成長 3.9%，全系統交易筆數下降 0.9%。我們很高興報告，第二季所見的正向銷售動能已延續至第三季。

System-wide comparable store sales for the third quarter to date through July 29th, 2026 increased 5.8%, consisting of a 4.4% increase in company-operated restaurants and a 6.6% increase in franchise restaurants. Looking ahead, we believe same-store sales for the third quarter will be in the 3.5% to 4.5% range. Turning to expenses, food and paper cost as a percentage of company restaurant sales increased approximately 90 basis points year-over-year to 25.4%, primarily due to commodity inflation of 4.1%, primarily produce, combined with increased discounts and menu mix shifts. These increases were partially offset by higher menu pricing. We expect commodity inflation to be in the 2.5% to 3.5% range for the full year 2026.

截至 2026 年 7 月 29 日的第三季迄今，全系統同店銷售成長 5.8%，其中公司自營餐廳成長 4.4%，加盟餐廳成長 6.6%。展望未來，我們認為第三季同店銷售將落在 3.5%至 4.5%的區間。接著談費用：食品與包材成本占公司餐廳銷售額的比例年增約 90 個基點至 25.4%，主要由 4.1%的原物料通膨（以生鮮蔬果為主）所致，並疊加折扣增加與菜單組合變化。上述增加部分被較高的菜單定價所抵銷。我們預期 2026 全年原物料通膨將落在 2.5%至 3.5%的區間。

Labor and related expenses as a percentage of company restaurant sales decreased about 90 basis points year-over-year to 29.9% as we continue to benefit from improvements in operating efficiencies, along with lower health insurance and workers’ compensation costs. In addition, labor as a percentage of sales benefited from leverage on the 3% company-owned comparable store sales. Wage inflation during the second quarter was under 1% for all our company-owned locations. For the full year 2026, we expect wage inflation of between 1.5% to 2.5%. Occupancy and other operating expenses as a percentage of company restaurant sales decreased 30 basis points year-over-year to 25.3%, primarily due to lower liability insurance costs, lower utilities, and lower other controllable expenses, which offset increases from higher delivery and mobile ordering fees and higher repairs and maintenance expenses.

人工及相關費用占公司餐廳銷售額的比例年減約 90 個基點至 29.9%，我們持續受惠於營運效率改善，以及較低的健康保險與勞工補償成本。此外，人工費用占比亦受惠於公司自營同店銷售成長 3%所帶來的規模槓桿。第二季我們所有自營據點的薪資通膨低於 1%。對 2026 全年，我們預期薪資通膨介於 1.5%至 2.5%。租金占用與其他營運費用占公司餐廳銷售額的比例年減 30 個基點至 25.3%，主要因責任保險成本較低、公用事業費用較低，以及其他可控費用下降，抵銷了外送與行動點餐費用上升以及維修與保養費用增加的影響。

Our restaurant contribution margin for the second quarter improved to 19.5%, compared to 19.1% in the year-ago period. As we continue our path of margin improvement, we expect our restaurant level margin for the full year 2026 to be between 18.25% to 18.75%, an increase from the 17.8% we ran for the full year of 2025. In addition, we expect our restaurant margins in the third quarter of 2026 to be between 18% and 18.5%, which is in line with the 18.3% we posted in the third quarter of 2025. General and Administrative expenses decreased to $7.1 million compared to $13.5 million in the prior year. The decrease was primarily due to $6.3 million received from a legal settlement, lower shareholder activism-related expenses, and lower restructuring and executive transition-related costs. The decrease was partially offset by higher legal fees, new store pre-opening costs, and other General and Administrative expenses.

第二季餐廳貢獻毛利率提升至 19.5%，相較去年同期為 19.1%。在我們持續改善利潤率的路徑上，我們預期 2026 全年餐廳層級利潤率將介於 18.25%至 18.75%，高於 2025 全年的 17.8%。此外，我們預期 2026 年第三季餐廳利潤率將介於 18%至 18.5%，與我們在 2025 年第三季達成的 18.3%大致一致。一般及行政費用（G&A）降至 710 萬美元，去年同期為 1,350 萬美元。下降主要因收到 630 萬美元的法律和解款、股東行動主義相關費用降低，以及重整與高階主管交接相關成本下降。上述下降部分被較高的法律費用、新店開幕前成本，以及其他一般及行政費用所抵銷。

Excluding the impact of the $6.3 million favorable legal settlement as a percentage of sales, G&A decreased to 10.3%, or 50 basis points. During the second quarter, we recorded a provision for income taxes of $5.2 million, for an effective tax rate of 28.8%. This compares to a provision for income taxes of $3 million and an effective tax rate of 29.6% in the prior year period. We reported GAAP net income of $12.8 million, or $0.43 per diluted share in the second quarter, compared to GAAP net income of $7.1 million, or $0.24 per diluted share in the prior year period. Adjusted EBITDA for the second quarter of 2026 was $19.1 million, compared to $18.5 million in the second quarter of 2025.

若排除 630 萬美元有利法律和解對銷售額比例的影響，G&A 占比降至 10.3%，下降 50 個基點。第二季我們認列所得稅費用準備 520 萬美元，有效稅率為 28.8%。相較之下，去年同期所得稅費用準備為 300 萬美元，有效稅率為 29.6%。第二季我們依 GAAP 報告的淨利為 1,280 萬美元，稀釋後每股盈餘為 0.43 美元；去年同期 GAAP 淨利為 710 萬美元，稀釋後每股盈餘為 0.24 美元。2026 年第二季調整後 EBITDA 為 1,910 萬美元，較 2025 年第二季的 1,850 萬美元增加。

Adjusted net income for the second quarter was $8.9 million, or $0.30 per diluted share, compared to adjusted net income of $8.2 million, or $0.28 per diluted share in the second quarter of last year. Please refer to our earnings release for a reconciliation of non-GAAP measures. As Liz mentioned earlier, we are pleased with our increasing pace of new store development as we open five new franchise locations and one new company location in the second quarter. Since the end of the second quarter, we have opened an additional two locations, bringing our 2026 year-to-date new store openings to 10, and we remain on track to deliver a total of 18-20 new openings in 2026.

第二季調整後淨利為 890 萬美元，稀釋後每股盈餘為 0.30 美元；相較去年第二季調整後淨利為 820 萬美元，稀釋後每股盈餘為 0.28 美元。非 GAAP 指標的調節表請參閱我們的財報新聞稿。如 Liz 先前提到的，我們對新店開發加速的步伐感到滿意，第二季我們新開了 5 家加盟店與 1 家自營店。自第二季結束以來，我們又新增開出 2 家門店，使 2026 年迄今新店開幕數達到 10 家；我們仍按計畫在 2026 年達成合計 18 至 20 家新開店。

In regard to our remodeling efforts, during the second quarter, we completed six franchise restaurant remodels and five company remodels, bringing the remodels completed for the first half of the year to 24, consisting of 12 franchise remodels and 12 company remodels. In terms of liquidity, as of July 1st, 2026, after a net paydown of $21 million on our revolver, during the preceding 26 weeks, we had $30 million of debt outstanding and $13.3 million in cash and cash equivalents. Subsequent to the end of the quarter, on August 4th, 2026, we amended our $150 million revolving credit facility, extending the term to August 4th of 2031. With that, we would like to provide you with the following updated guidance for 2026.

關於我們的改裝工作，在第二季我們完成了六家加盟餐廳改裝與五家直營餐廳改裝，使得上半年完成的改裝總數達到24家，其中包含12家加盟改裝與12家直營改裝。就流動性而言，截至2026年7月1日，在前26週期間我們於循環信貸額度淨償還2,100萬美元之後，我們有3,000萬美元的未償債務，以及1,330萬美元的現金及約當現金。在季度結束後，於2026年8月4日，我們修訂了1.5億美元的循環信用融資，將到期日延長至2031年8月4日。基於此，我們希望向各位提供以下2026年的最新指引。

We are increasing our system-wide comparable store sales growth guidance to now be between 3.5% and 4.5% for the full year. We are increasing our adjusted EBITDA guidance to be between $68 million and $70 million. We are reducing our expected capital spending to be between $33 million and $37 million. In addition, we now expect depreciation and amortization expenses to be between $18 million and $18.5 million for the year. We are maintaining the following guidance: the opening of at least three to four company-operated restaurants and 15 to 16 franchise-operated restaurants, G&A expenses between $52 million and $54 million, excluding one-time charges or benefits, and finally, an estimated effective income tax rate of approximately 29% to 29.5% before discrete items. This concludes our prepared remarks.

我們將全系統同店銷售成長指引上調至全年介於3.5%至4.5%。我們將調整後EBITDA指引上調至介於6,800萬美元至7,000萬美元。我們將預期資本支出下調至介於3,300萬美元至3,700萬美元。此外，我們目前預期全年折舊與攤銷費用介於1,800萬美元至1,850萬美元。我們維持以下指引不變：至少新開三至四家直營餐廳與15至16家加盟餐廳；一般及行政（G&A）費用介於5,200萬美元至5,400萬美元（不含一次性費用或收益）；最後，於不含離散項目前的預估有效所得稅率約為29%至29.5%。以上為我們事先準備的發言。

We’d like to thank you again for joining us on the call today. We are now happy to answer any questions that you may have. Operator, please open the line for questions.

再次感謝各位今天參與本次電話會議。我們現在很樂意回答各位可能有的任何問題。接線員，請開放提問。

(Operator Instructions) Todd Brooks, Benchmark StoneX.

(接線員指示) Todd Brooks，Benchmark StoneX。

Hey, congrats on another solid quarter and continued momentum into the third quarter. Great to see.

嘿，恭喜又交出一個穩健的季度表現，並且第三季延續動能。很高興看到。

Thanks, Todd.

謝謝你，Todd。

If we can, Liz, if we can talk about franchisees. You gave us some good color last quarter about some of the magnitude of the openings in Washington and New Mexico. Now you’ve added Idaho on top of it. What are you seeing for kind of continued strength and performance in newer markets?

如果可以的話，Liz，我們談談加盟商。上季你提供了一些很好的資訊，說明在華盛頓州與新墨西哥州開店的規模。現在你又把愛達荷州也加進來了。你們在較新的市場看到哪些持續的強勁與表現？

Yes. Appreciate the question. Our newer markets are opening really well. We’re very pleased with the strength of the sales. Most are opening above system average, particularly when it’s the first restaurant in the first state and/or first market, they’re opening to just blockbuster lines and, quite frankly, exceeding our expectations, which is, you know, giving us a belief that the fire grilled chicken is resonating and our brand is resonating.

是的。感謝提問。我們的新市場開店表現非常好。我們對銷售的強勁表現感到非常滿意。多數新店開幕時的表現高於全系統平均，尤其當它是某州和／或某市場的第一家餐廳時，開幕就出現非常驚人的排隊人潮，坦白說，超出我們的預期；這也讓我們相信，炭烤雞的產品定位與我們的品牌正在引起共鳴。

It also gives us the confidence to open more units and those franchisees to open more units in those markets. Like I mentioned, Idaho, the second Idaho location is coming on board in the next couple of months. They’re already looking for additional sites. Similarly, up in Washington, we’ve got just one unit. We have been working on finding additional sites up there.

這也讓我們更有信心開出更多店，並讓那些加盟商在這些市場開出更多店。如我提到的，愛達荷州的第二個據點將在接下來幾個月內加入。他們已經在尋找更多店址。同樣地，在華盛頓州我們目前只有一家店。我們一直在那裡尋找更多店址。

Following on with the rest of the quarter, we’ll have restaurants opening in New Mexico and Colorado, another one in Washington, as I mentioned, and then a few more in California and one in New Mexico. You know, just really pleased with how these are opening and our franchise partners, it’s giving a lot of confidence to them, and then additional new partners who are looking at coming into the brand.

在本季接下來的時間，我們將在新墨西哥州與科羅拉多州開店；如我所提，華盛頓州也會再開一家；接著在加州還會有幾家，以及在新墨西哥州再開一家。我們對這些新店的開幕表現非常滿意；對我們的加盟夥伴而言，這帶來很大的信心，也吸引更多新的夥伴考慮加入品牌。

I wanted to follow up on that because I think you used the word national three or four times during the prepared remarks. These discovery days and the outbound work that you’re doing to build a pipeline of interest with potential franchisees, can you give us a sense of how far afield the interest in the brand is reaching? Does it feel contiguous? Are you seeing interest nationwide, which kind of helps prove out that concept of fire-grilled chicken working anywhere in your mind? I’m just curious how this is developing as it goes.

我想就此追問一下，因為我注意到你在事先準備的發言中用了「全國」這個詞三、四次。關於這些說明會（discovery days）以及你們對外拓展、建立潛在加盟商興趣管道的工作，你能否讓我們了解品牌的吸引力目前延伸到多遠？感覺是相鄰擴張嗎？你是否看到全國性的興趣，從而在你看來有助於驗證「炭烤雞」這個概念在任何地方都能行得通？我只是好奇這個發展的情況。

There is nationwide interest. While we have been rather contiguous over the years, particularly West Coast and down into the South, as we went over to Texas and just a couple in Louisiana. Jumping across the country is certainly something that we are considering doing, talking with folks and there’s a lot of population on the East Coast, and just throughout different parts of the country.

確實有全國性的興趣。過去多年我們的拓展相對偏向相鄰區域，特別是在西岸並往南延伸；後來我們進入德州，也在路易斯安那州開了幾家。跨越到全國另一端當然是我們正在考慮的方向；我們也在與一些人士洽談，東岸人口眾多，此外全國各地不同區域也都有機會。

We don’t think it has to be contiguous. We certainly could see a world where we could go to jump many states and go across the country. It really just depends on how these conversations progress over the next couple of months. Hopefully, we’ll share more in upcoming calls to that effect.

我們不認為一定要採取相鄰擴張。我們確實可以想像一種情境：我們可以跨越許多州，直接拓展到全國另一端。這主要取決於未來幾個月這些對話的進展。希望在接下來的電話會議中，我們能就此分享更多。

That’s great. Then just a final question, I’ll jump back in queue. If you’re going to make a jump into non-contiguous and a new territory, a new market, what are you looking for in that franchisee partner and in your outreach, are those type of partners being drawn to the brand? Do you have to go find them? Just kind of if you could give us the criteria and the interest from that type of partner. Thanks.

太好了。最後一個問題，我之後再回到排隊序列。如果你們要跳到非相鄰的新區域、新市場，你們在加盟夥伴身上會看重什麼？在你們的對外接觸中，這類夥伴是否會被品牌吸引而主動靠近？還是你們必須主動去找他們？如果可以的話，請談談你們的篩選標準，以及這類夥伴的興趣程度。謝謝。

Certainly. The partners that we’re talking with are partners that have experience in the restaurant space, multi-units. We want partners that are a great fit with the brand, that love the brand, have the enthusiasm for the brand. They believe in the economic story of the brand. Also they have a proven track record in the restaurant space. They’re great operators. That’s really important to us.

當然。我們正在洽談的夥伴，多半在餐飲領域有經驗，且具備多店經營經驗。我們希望夥伴與品牌高度契合，喜愛品牌，並對品牌充滿熱情。他們相信品牌的經濟效益故事。同時，他們在餐飲領域有可驗證的實績。他們是很優秀的營運者。這對我們非常重要。

They’ve done this before. They know how to do new store development. They know how to do grand openings. They know how to do just great customer service. We also have the benefit of a fabulous franchise system today. I can’t say enough great things about our existing franchise partners. We’re talking with many of them about their desires to be in additional states.

他們以前做過這些事。他們知道如何進行新店開發。他們知道如何操作盛大開幕。他們知道如何提供卓越的顧客服務。我們也受益於目前非常出色的加盟體系。我怎麼稱讚我們現有的加盟夥伴都不為過。我們也正與其中許多人討論他們想進入更多州的意願。

As I mentioned in the remarks, our partner up in Idaho is a partner that’s been in the system for many years, and so that’s just been a great opening for many reasons, but one of which is he knows the El Pollo Loco system, and he has just a great team that was able to get trained and ready to go with great efficiency.

如我在發言中提到的，我們在愛達荷州的夥伴已在體系內多年；因此這次開店在許多方面都非常成功，其中一個原因是他熟悉 El Pollo Loco 的體系，而且他有一支很棒的團隊，能以很高的效率完成訓練並做好開店準備。

Okay, thanks, Liz.

好的，謝謝你，Liz。

Yeah. Thank you.

是的。謝謝。

(Operator Instructions) Matt Curtis, D.A. Davidson.

(接線員指示) Matt Curtis，D.A. Davidson。

Hey, guys. Thanks for taking the question. I want to talk about comp trends. July accelerated, in terms of traffic, relative to the second quarter. I just was wondering if you could unpack what drove the sequential acceleration. Was it LTO momentum, loyalty activity, easier comparisons, or something else? Given the guidance for the full third quarter on comps, it implies a deceleration. Is that just a function of more difficult comparisons, in August and September, or is there something else going on we should be aware of?

嗨，各位。謝謝讓我提問。我想談談同店銷售（comp）趨勢。就來客量而言，7 月相較第二季有所加速。我想請你們拆解一下，這個環比加速是由什麼驅動的。是限時優惠（LTO）的動能、會員忠誠活動、更容易的比較基期，或是其他因素？依照你們對第三季整季同店的指引，似乎意味著會放緩。這只是因為 8 月和 9 月的比較基期更困難，還是還有其他我們需要留意的事情？

Thanks for the question. I’ll start and then hand it over to Ira for the back half of that. I would say all of the above, when you gave the list. We were proud of how our Loaded Quesadillas got off to a great start. It’s a nice eat at a great value, combined with just the media that we’ve had behind it, and also, we wish we could have a World Cup advertising in the month of July every year. Usually, people aren’t watching live sports in July, and we think that that certainly got eyeballs on El Pollo Loco.

謝謝你的問題。我先回答，後半段再交給 Ira。我會說你列的那些因素都有。我們對 Loaded Quesadillas 一推出就有很好的開局感到很自豪。它是很划算、很好吃的選擇，再加上我們背後的媒體投放；另外，我們也希望每年 7 月都能有世界盃的廣告效應。通常 7 月大家不太看現場體育賽事，而我們認為這確實讓更多人注意到 El Pollo Loco。

Also, in terms of just the momentum that the brand was experiencing, and then, in terms of as we think about the lap from last year as well, you think about with everything going on last year, people weren’t coming out of their homes as much, and so some of that certainly has come back as well. In fact, we’re seeing even some trends where people are eating in the dining room more, whereas last year, if they were coming out, maybe they were going through the drive-thru. I would say all of those factors have played a role. As we look into the back half of the year.

另外，就品牌本身的動能而言，以及我們在思考與去年同期比較時，你會想到去年發生那麼多事情，大家不太走出家門，所以其中一部分現在也確實回來了。事實上，我們甚至看到一些趨勢是，顧客更常在內用區用餐；而去年如果他們出門，可能更多是走得來速。我會說這些因素都扮演了角色。當我們展望今年下半年時。

As we think about our full-year guidance for the year and even for the quarter, we ran a 3.9% in Q2, and if you think about the midpoint of the guidance for both Q3 and Q4, that’s right at 4%. Really consistent with what we ran in Q2. I will tell you, there is a little bit of about a 200 basis point change as you go into Q4 versus Q3 in regards to the compares get tougher as you move into Q4. As you can see by our guidance, we feel great about what’s going on from a same-store sales trend, and we really foresee Q3 being pretty much on the same pace as Q2.

當我們思考全年指引、甚至單季指引時，第二季我們做到 3.9%，而如果你看第三季與第四季指引的中位數，大約就是 4%。基本上與第二季的表現非常一致。我會告訴你，從第三季進入第四季，大約會有 200 個基點的變化，主要是因為進入第四季後比較基期會更具挑戰。從我們的指引你也看得出來，我們對同店銷售趨勢的進展感到很有信心，而且我們確實預期第三季大致會與第二季維持相同步調。

Okay, got it. Separately on Loco Tenders, can you maybe just expand on what you learned from the Loco Tenders in terms of new guest acquisition, repeat rates, check impact, and all of that? Given that the product brought new guests into the brand, it sounds like.

好的，了解。另外關於 Loco Tenders，你們能否再多談一些你們從 Loco Tenders 學到的東西，例如新客獲取、回購率、客單價影響等等？聽起來這個產品確實為品牌帶來了新客。

Yeah.

是的。

I just wonder, what needs to be true for Tenders to return in a more permanent or recurring way?

我也想問，要讓 Tenders 以更永久或更常態的方式回歸，需要具備哪些條件？

Yeah. In terms of what needs to be true, Tenders did great for us, and we’ll come around to the answers to some of those first questions. On the back half, the Tenders, we had always planned as a limited time offer for the main reason of having some of the equipment in the restaurants to be able to hold them, so that we could operate at a higher velocity, and just operationally, we could execute them for just a better execution. We’re working with the system now. We’re testing holding equipment so that they could be a permanent menu item.

是的。就需要具備哪些條件而言，Tenders 對我們表現非常好；而你前面那些問題，我們也會逐一回答。先談後半段：我們一開始就把 Tenders 規劃為限時優惠，主要原因是餐廳需要一些設備來保溫/暫存，這樣我們才能以更高的出餐速度運作，並且在營運面能更好地執行、把品質做得更到位。我們目前正與整個系統一起推進。我們正在測試保溫/暫存設備，讓它們有機會成為常態菜單品項。

What gives us the confidence in earning that spot for a permanent menu item was that Tenders drove a lot of incrementality, particularly around a new consumer, with that younger consumer, but also that consumer that is wanting something more portable, that consumer that wants them late night. We saw a higher incidence and attach rate through delivery coupled by late night.

讓我們有信心認為它值得成為常態菜單品項的原因，是 Tenders 帶來了很高的增量效益，特別是在新客方面：包括更年輕的消費者，也包括那些想要更方便攜帶的消費者，以及想在較晚時段用餐的消費者。我們看到外送的發生率與加購率更高，且與晚間時段的需求相互帶動。

And when I say late night, for us, late night is like eight to 10 o’clock in the evening. We’re not even talking true deep into late night. It was really evident that this fit a need state also in snacking, which was in the afternoon as well. We also just were really pleased with how it helped with check across the board, all times of the day. We learned a lot there.

我說的「晚間時段」，對我們而言大概是晚上 8 點到 10 點。我們甚至還不是在談真正深夜的時段。很明顯地，這也符合零食/點心（snacking）的需求情境，下午時段同樣如此。我們也非常滿意它對整體客單價的提升效果，涵蓋一天中的各個時段。我們從中學到很多。

The other thing that we’re going back into test, and we’ll learn some more is different ways to enjoy Tenders. We have a great menu item that has the Tender in a wrap. That’s, again, a portable, more robust eat. I personally love the Tender chopped up on a salad. There’s a lot of things that we can do with Tenders, and I think you’ll see a lot more over the upcoming quarters.

另外一件我們會回到測試、並進一步學習的事情，是以不同方式享用 Tenders。我們有一個很棒的菜單品項，是把 Tender 做成捲餅（wrap）。那同樣是方便攜帶、而且更有飽足感的一餐。我個人很喜歡把 Tender 切碎加在沙拉上。Tenders 還有很多延伸做法，我想你們在接下來幾個季度會看到更多。

Okay. Got it. Thanks very much for the time.

好的。了解。非常感謝你們撥冗。

Thank you.

謝謝。

Todd Brooks, Benchmark StoneX.

Todd Brooks，Benchmark StoneX。

Don’t get rid of me yet. I have one for Ira that I forgot to ask here. Ira, you talked about produce cost pressure in the quarter. I’ve heard from a couple of other operators that it was very spiky, but relatively short-lived. If you look at the COGS pressure that you talked about, I guess, what proportion of that was related to produce? Are you finding that it is more short-lived and kind of retrenching here as we get into Q3? If that’s the case, just wondering about the 19.1% restaurant level margin in Q2 versus the 18 and a quarter for, sorry, the 18 to 18 and a half.

先別把我掛掉。我還有一個要問 Ira 的問題，剛剛忘了問。Ira，你提到本季蔬果成本的壓力。我從其他幾家業者那邊也聽說，波動很尖銳，但持續時間相對短。如果看你提到的銷貨成本（COGS）壓力，我想問其中有多少比例是與蔬果相關？你們是否也發現這比較短暫，並且在進入第三季時開始回落？如果是這樣，我想再請教第二季 19.1% 的餐廳層級毛利率，相較於你們指引的 18% 到 18.5%（抱歉，剛剛口誤說成 18 又四分之一）的差異。

To answer the first part, about three-quarters of the COGS pressure that we did see in Q2 was related to produce in particular. We have seen it mitigate some. There’s still a little pressure there, but it has mitigated some. We’re seeing some pressure on some other lines. We’ve seen some pressure in packaging, and we’ve seen some pressure in oil costs. Not as significant as what we’ve seen in produce. There’s been some fuel pressure as well for delivery charges as far as getting things to the restaurant. We’ve got all that baked in do we think about our guidance when we think about the balance of the year and margins as we look forward.

先回答第一部分：我們在第二季看到的銷貨成本（COGS）壓力，大約有四分之三是特別與蔬果相關。我們確實看到壓力有所緩解。仍然還有一點壓力，但已經緩和了一些。我們也在其他一些項目上看到壓力。我們看到包材有一些壓力，也看到食用油成本有一些壓力。但都不如蔬果那麼顯著。另外，燃料成本上升也對配送費用造成壓力，也就是把物料運到餐廳的成本。在我們思考全年剩餘期間的指引、以及展望未來的毛利率時，我們已把這些因素都納入考量。

Okay. It’s kind of anticipatory based on what you’re seeing now, not baking in any relief from these levels currently.

好的。這有點是基於你們目前所看到的情況所做的前瞻判斷，而不是在目前這些水準下就把任何緩解因素納入考量。

We definitely have relief from produce. There’s still some other items where we’re feeling pressure on.

我們在農產品方面確實有一些緩解。但仍有其他一些品項讓我們感受到成本壓力。

Okay, perfect. Thank you.

好的，完美。謝謝。

Jeremy Hamblin, Craig-Hallum.

Jeremy Hamblin，Craig-Hallum。

Thanks. I’ll add my congratulations on the strong results. Just want to come back to the question around the Q3 guide. If we look back, I don’t think that the compares actually get tougher in August or September. I think they’re pretty similar to what July looked like. Just wanted to see if you could confirm that. Just maybe some assumption that there’s a moderation from the current 5.8% level.

謝謝。我也要恭喜你們交出強勁的業績。我想回到關於第三季指引的問題。如果回頭看，我不認為在8月或9月的比較基期會變得更艱難。我覺得它們和7月看起來相當類似。只是想確認你們是否同意。也許是基於一個假設：目前5.8%的水準會有所降溫。

That’s exactly right, Jeremy. The balance of the quarter is pretty similar to what July was. I think the way to think about it is more about the balance of the quarter being more similar to what Q2 was. And that really, in July, we had some outsized benefit from some things that Liz mentioned are, we had some great advertising Mentions and spots related to the World Cup. It really worked hard for us this year. Live sports is great for us from a media standpoint, and it, again, played really well for us. I think July was a little more outsized, and as we think about the quarter in a whole, kind of the midpoint of our guide, that’s where you think about where our trend is.

完全正確，Jeremy。本季剩餘期間的情況與7月非常相似。我認為可以這樣理解：本季剩餘期間更接近第二季的狀況。而且7月我們確實從Liz提到的一些因素中獲得了較大的額外助益，也就是我們在世界盃相關方面獲得了一些很棒的廣告提及與曝光版位。今年這對我們的帶動效果非常明顯。從媒體角度來看，現場體育賽事對我們很有利，而且再次證明對我們的表現非常加分。我認為7月的表現稍微偏強；當我們看整個季度時，以我們指引的中點來看，那就是你應該用來理解我們趨勢的位置。

Got it. Have to ask, since it’s kind of topical here, some other kind of Mexican food concepts have been thrown some curve balls here with their sourcing. Have you kind of scoured your food sourcing to ensure no potential issues with jalapeños, anything like that? Have you seen any impact at all with those headlines that are reaching consumers?

了解。我得問一下，因為這也是近期的熱門話題：其他一些墨西哥料理品牌在採購來源方面遇到了一些突發狀況。你們是否已經全面檢視你們的食材採購，以確保不會在墨西哥辣椒（jalapeños）之類的品項上出現任何潛在問題？那些消費者看到的新聞標題，對你們有任何影響嗎？

Yeah. We take food safety utmost seriousness. Of course, we’ve scoured every bit of our supply chain and work really closely with our suppliers. El Pollo Loco was not involved in any of the lettuce recalls. There was no lettuce product pulled, and no illnesses have been linked to us. All of our lettuce is currently sourced from the USA. All of that.

是的。我們對食品安全極度重視。當然，我們已經徹底檢視供應鏈的每一個環節，並與供應商密切合作。El Pollo Loco 並未涉及任何生菜召回事件。我們沒有任何生菜產品被下架，也沒有任何疾病案例與我們有關聯。我們目前所有生菜都來自美國。就是這些。

Then on the peppers, we don’t use jalapeño peppers, we use serrano peppers, and we also don’t use the supplier that I know people are talking about right now. We continue to be vigilant with the supply chain, and it’s definitely part of the industry and caring deeply about that. In terms of benefit, it’s hard to tease out. I think possibly, we probably got a little bit of help from it.

至於辣椒方面，我們不使用墨西哥辣椒（jalapeño），我們使用的是塞拉諾辣椒（serrano），而且我們也沒有使用我知道大家目前正在談論的那家供應商。我們會持續對供應鏈保持警覺，這絕對是產業的一部分，我們也非常重視。至於是否因此受益，很難拆解出來。我想也許我們確實得到了一點點幫助。

I know our salad business, it is a core part of our menu, and it remains strong. Don’t have any worries in terms of consumer demand there. Particularly in the summertime, they’re really popular items, and they continue to remain strong.

我知道我們的沙拉業務是菜單的核心組成之一，而且仍然表現強勁。就消費者需求而言，我們沒有任何擔憂。尤其在夏季，這些品項非常受歡迎，而且持續維持強勢。

Got it. Then, want to come to the CapEx for a second. I think you lowered it by about $3 million to $4 million, but you’re maintaining your unit growth. You might have mentioned it, but can you just talk about kind of the lowering of that? Presumably, the new units are coming in at or below budget. Just color you might be able to share on that.

了解。接著我想談一下資本支出（CapEx）。我認為你們把它下調了大約300萬到400萬美元，但仍維持門店數成長。你們可能有提到，但能否再談談為什麼會下調？推測新店的建置成本是在預算內或低於預算。如果可以的話，請分享一些補充說明。

Yeah, great question, Jeremy. Where we really took the CapEx tipping down is more just the timing of our remodel program. We’re very happy, we’re very pleased with the results of the remodel program. We’re continuing to move forward. Just as we evaluate, A, the timing of permits, number one, and two, making sure that we’re deploying the right resources internally from an operations.

是的，這是個好問題，Jeremy。我們資本支出下調主要是因為翻新計畫的時程安排。我們對翻新計畫的成果非常滿意、也非常高興。我們會持續推進。只是我們在評估時，第一是許可證核發的時程，其次是確保我們在營運端能在內部配置到合適的資源。

And from a development standpoint, we’ve just pulled the timing back a little bit of it, and that’s really the first driver of the lowered CapEx. The second one is a little bit what Liz has mentioned. We’re still testing, and we’re working on holding equipment, which we feel like if the tests go, that’s something we’re going to move forward with. It’s just more of a timing issue than a cancellation of a project.

從開發角度來看，我們只是把部分時程稍微往後調整，這是資本支出下調的第一個主因。第二個原因也有點像Liz提到的。我們仍在測試，並在研究保溫設備；如果測試結果順利，這會是我們接下來要推進的項目。這比較是時程問題，而不是取消專案。

Got it. One other housekeeping item. With the extension of your credit agreement, what’s the interest rate that we should expect?

了解。還有一個例行性問題。隨著你們延長信貸協議，我們應該預期的利率是多少？

The spread from what we were paying before will be going up by about 50 basis points.

相較於我們之前支付的水準，利差將上升約50個基點。

Thank you.

謝謝。

Ladies and gentlemen, we’ve reached the end of today’s question and answer session. I’d like to turn the call back over to Liz Williams for closing remarks.

各位女士、先生，我們已到達今天問答環節的結束。我想把電話交回給Liz Williams作結語。

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

再次感謝各位對 El Pollo Loco 的關注。我們期待在下個季度再次與各位交流。祝各位今晚愉快。

This will conclude today’s conference. You may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束。您現在可以掛斷電話線。感謝您的參與。