麥當勞 (MCD) 2024 Q2 法說會逐字稿

Hello, and welcome to MacDonald second quarter 2024 investor conference call. At the request of McDonald's Corporation, this conference is being recorded. (Operator Instructions) I would now like to turn the conference over to Mr. Mike Cieplak, Investor Relations Officer for McDonald's Corporation. Mr. Cieplak, you may begin.

您好，歡迎參加麥克唐納 2024 年第二季投資者電話會議。應麥當勞公司的要求，本次會議正在錄製。 （操作員指示） 我現在想將會議轉交給麥當勞公司投資者關係官 Mike Cieplak 先生。 Cieplak 先生，您可以開始了。

Morning, everyone, and thank you for joining us. With me on the call today are Chairman and Chief Executive Officer, Chris Kempczinski; Chief Financial Officer, Ian Borden; and President of McDonald's USA, Joe Erlinger.

大家早安，感謝您加入我們。今天與我一起參加電話會議的是董事長兼執行長 Chris Kempczinski；財務長伊恩‧博登；以及麥當勞美國公司總裁 Joe Erlinger。

As a reminder, the forward-looking statements in our earnings release and 8-K filing also apply to our comments on the call today. Both of those documents are available on our website as our reconciliations of any non-GAAP financial measures mentioned on today's call, along with their corresponding GAAP measures.

提醒一下，我們的收益發布和 8-K 文件中的前瞻性陳述也適用於我們今天在電話會議上的評論。這兩份文件均可在我們的網站上取得，作為我們對今天電話會議中提到的任何非公認會計原則財務指標及其相應的公認會計原則指標的調節表。

Following prepared remarks this morning, we will take your questions. Please limit yourself to one question and then reenter the queue for any additional questions. Today's conference call is being webcast and is also being recorded for replay via our website.

在今天早上準備好的發言之後，我們將回答你們的問題。請只回答一個問題，然後重新進入隊列以回答任何其他問題。今天的電話會議正在進行網路直播，並透過我們的網站進行錄製並重播。

And now I'll turn it over to Chris.

現在我將把它交給克里斯。

Thanks, Mike, and good morning, everyone. Beginning last year we warned of a more discriminating consumer, particularly among lower-income households. And as this year progressed, those pressures have deepened and broadened. The QSR sector has meaningfully slowed in the majority of our markets and industry traffic has declined in major markets like the US, Australia, Canada, and Germany.

謝謝麥克，大家早安。從去年開始，我們就警告消費者，尤其是低收入家庭，有更具歧視性的消費者。隨著今年的進展，這些壓力不斷加深擴大。在我們的大多數市場中，速食業的發展速度明顯放緩，美國、澳洲、加拿大和德國等主要市場的產業流量也有所下降。

In several markets, we also continue to be negatively impacted by the war in the Middle East. These external pressures certainly weighed on our performance for the quarter with declines in comparable sales globally and across each of our segments. But there were also factors within our control that contributed to our underperformance, most notably our value execution.

在一些市場，我們仍持續受到中東戰爭的負面影響。這些外部壓力無疑影響了我們本季的業績，全球和每個細分市場的可比較銷售額均下降。但我們控制範圍內的一些因素也導致了我們的表現不佳，最明顯的是我們的價值執行。

For 70 years, McDonald’s has defined value in our industry, and we are taking meaningful actions across the world to assert our leadership. The hallmark of a great company is its ability to perform in good times and bad, and we are resolved to reignite share growth in all our major markets, regardless of the prevailing market conditions. This won't happen overnight, but it will happen.

70 年來，麥當勞定義了我們產業的價值，我們正在世界各地採取有意義的行動來維護我們的領導地位。偉大公司的標誌是其在順境和逆境中都能表現出色的能力，無論當前的市場狀況如何，我們都決心在所有主要市場重新實現份額增長。這不會在一夜之間發生，但它將會發生。

The unique competitive advantages of McDonald's afford us many levers to pull, and we have the financial wherewithal to sustain our investments as needed. One area of strength, is our restaurant teams who continue to execute with excellence to serve our customers in local communities, creating a better customer experience has delivered operational improvements, improved service times and increased customer satisfaction across most of our major markets.

麥當勞獨特的競爭優勢為我們提供了許多槓桿，我們擁有必要的財務資金來維持我們的投資。我們的優勢領域之一是我們的餐廳團隊，他們繼續以卓越的方式為當地社區的客戶提供服務，創造更好的客戶體驗，從而改善了我們大多數主要市場的運營，縮短了服務時間並提高了客戶滿意度。

And it's this relentless focus on execution that will give customers more reasons to visit our restaurants more frequently. Leaning into the power of our core menu also leads to outstanding execution in our kitchens. Our deployment of best burger is a great example of this. Now deployed in over 80% of markets, the training and focus on the basics ensures we deliver the gold-standard product, our customers expect, which is driving elevated taste and quality perceptions.

正是這種對執行力的不懈關注，讓顧客有更多理由更頻繁地光顧我們的餐廳。充分利用我們核心菜單的力量還可以讓我們的廚房實現出色的執行力。我們部署的最佳漢堡就是一個很好的例子。現在已部署在超過 80% 的市場中，培訓和對基礎知識的關注確保我們提供客戶期望的黃金標準產品，從而推動品味和品質認知的提升。

We remain on track to have best burger deployed in nearly all markets by the end of 2026. And as we announced late last year, we continue to innovate across our core menu to address unmet customer need with a more satiating burger that will provide great value for money.

我們仍有望在2026 年底前在幾乎所有市場推出最好的漢堡。滿足的客戶需求。

This new burger, which we're piloting across three international markets this year includes two beef patties perfectly layered with melted cheese, crispy toppings and a tangy McDonald sause. It's a quintessential McDonald's burger with a twist on our iconic familiar flavors named the big arch, we plan to test and learn through the end of the year to gather learnings before scaling more broadly internationally.

這款新漢堡今年將在三個國際市場進行試點，其中包括兩片完美分層的牛肉餅，上面舖有融化的起司、酥脆的配料和濃鬱的麥當勞醬。這是一款典型的麥當勞漢堡，與我們熟悉的標誌性口味「大拱門」有所不同，我們計劃在今年年底進行測試和學習，以收集經驗教訓，然後再在國際上進行更廣泛的擴展。

We continue to have a significant opportunity for growth in chicken, a category that's twice the size of beef globally and growing at a faster rate. By featuring our beloved icons like McNuggets, McChicken while driving growth in emerging favorites like the McCrispy and McSpicy, our chicken sales are now on par with beef sales.

我們繼續擁有雞肉成長的重大機會，該類別的全球規模是牛肉的兩倍，並且成長速度更快。透過推出麥克雞、麥雞等深受喜愛的經典產品，同時推動麥脆皮和麥辣等新興美食的成長，我們的雞肉銷售現已與牛肉銷量持平。

The McCrispy chicken sandwich is now offered in more than 55 of our markets around the globe and through our plans to further expand our McCrispy equity, we will continue to capture chicken market share.

McCrispy 雞肉三明治現已在全球超過 55 個市場提供，透過我們進一步擴大 McCrispy 股權的計劃，我們將繼續佔領雞肉市場份額。

As we continue to build on our $17 billion brands across our core menu, our digital penetration also continues to grow. Loyalty membership has now reached 166 million members, pacing ahead of expectations as we work towards our ambition of 250 million members and identified users now represent 25% of system-wide sales.

隨著我們繼續在核心菜單上打造價值 170 億美元的品牌，我們的數位滲透率也在不斷增長。忠誠會員人數現已達到 1.66 億，超出了我們的預期，因為我們正在努力實現 2.5 億會員的目標，並且已確定的用戶目前佔全系統銷售額的 25%。

We know that engaged loyalty customers spend more and visit more often. And as a result, we're driving digital market share gains and continuing to build on our understanding of customer preference, personalization, and behaviors.

我們知道，忠誠度高的客戶會花費更多、訪問更頻繁。因此，我們正在推動數位市場份額的成長，並繼續加深對客戶偏好、個人化和行為的理解。

But as I said in my opening, we recognize that in several large markets, including the US, we have an opportunity to improve our value execution. Consumers still recognize us as the value leader versus our key competitors, but it's clear that our value leadership gap has recently shrunk. We are working to fix that with pace.

但正如我在開場白中所說，我們意識到，在包括美國在內的幾個大型市場，我們有機會提高我們的價值執行力。與我們的主要競爭對手相比，消費者仍然認為我們是價值領導者，但很明顯，我們的價值領導者差距最近已經縮小。我們正在努力加快解決這個問題。

For the last several years, our system has sustained significant inflationary cost increases ranging from 20% to 40%, depending on the market. As we absorb these cost increases in partnership with our franchisees, we look for ways to protect restaurant profitability via productivity efforts and selective price increases. These price increases disrupted long-running value programs and led consumers to reconsider their buying habits.

在過去的幾年裡，我們的系統的通膨成本持續大幅成長，幅度從 20% 到 40% 不等，具體取決於市場狀況。當我們與特許經營商合作吸收這些成本增加時，我們尋找透過提高生產力和選擇性漲價來保護餐廳獲利能力的方法。這些價格上漲擾亂了長期運作的價值計劃，並導致消費者重新考慮他們的購買習慣。

In some markets like Germany, Spain and Poland, the flexibility of their value programs like McSpart have allowed them to quickly make adjustments that were embraced by consumers and drove market share gains. In other markets like the US with their $1, $2, $3 value program, a more comprehensive rethink has been required. Our US President, Joe Erlinger is on the call and we'll share more about our plans in just a minute.

在德國、西班牙和波蘭等一些市場，McSpart 等價值計劃的靈活性使他們能夠快速做出調整，受到消費者的歡迎並推動市場份額的成長。在其他市場，例如美國，其價值計劃為 1 美元、2 美元、3 美元，因此需要更全面的重新思考。我們的美國總統喬·埃林格正在接聽電話，我們將在一分鐘內分享更多有關我們計劃的資訊。

The point is we know how to do this. We wrote the playbook on value, and we are working with our franchisees to make the necessary adjustments. McDonald's competitive strengths are formidable and growing. Our brand is as strong as ever. Yet again, Cantor recognized McDonald's as the world's fifth most valuable brand and the number one most valuable non-tech brand.

關鍵是我們知道如何做到這一點。我們編寫了價值手冊，並且正在與特許經營商合作進行必要的調整。麥當勞的競爭優勢非常強大，而且還在不斷增強。我們的品牌一如既往地強大。坎托再次將麥當勞評為全球第五大最有價值品牌和第一大最有價值非科技品牌。

We're executing with excellence and our restaurant operations are an area of strength. Our digital footprint within the industry is unmatched and growing as we build one of the world's largest loyalty programs. And we're flexing our investment muscle to accelerate new restaurant openings as we also build consumer restaurant and company technology platforms that will drive cost efficiencies and accelerate innovation.

我們執行卓越，餐廳營運是我們的優勢領域。隨著我們建立世界上最大的忠誠度計劃之一，我們在行業中的數位足跡是無與倫比的並且不斷增長。我們正在發揮我們的投資力量來加速新餐廳的開業，同時我們也建立消費者餐廳和公司技術平台，以提高成本效率並加速創新。

We do not take these advantages for granted, however, and we are committed to delivering for our customers and shareholders every day. Where our customers tell us, we have value opportunities, we will address them.

然而，我們並不認為這些優勢是理所當然的，我們致力於每天為我們的客戶和股東提供服務。如果客戶告訴我們，我們有有價值的機會，我們就會解決它們。

Listening to customers and staying agile, led to the development of our accelerating the arches strategy, and I'm confident that it remains the right playbook for our business. Continued focus on gold-standard execution and our growth pillars are the right actions to grow market share and return to restaurant traffic growth.

傾聽客戶的意見並保持敏捷性，促進了我們加速拱門策略的發展，我相信它仍然是我們業務的正確策略。繼續關注黃金標準執行和我們的成長支柱是增加市場份額和恢復餐廳客流量成長的正確行動。

To share more on the US segment, I'll now hand it over to Joe.

為了分享更多關於美國部分的信息，我現在將其交給喬。

Thanks, Chris, and good morning. It's been a few years since I've participated in a McDonald's earnings call. And I want to start by reflecting a bit about the progress McDonald's USA has achieved since that call back in 2021.

謝謝克里斯，早安。我已經好幾年沒有參加麥當勞的財報電話會議了。首先，我想回顧一下美國麥當勞自 2021 年電話會議以來的進展。

Over the past three years, we've significantly moved the needle in several areas like loyalty, which has grown to over 20% of our US system-wide sales and over 37 million 90 day active users.

在過去的三年裡，我們在忠誠度等多個領域取得了顯著進展，忠誠度已增長到我們美國全系統銷售額的 20% 以上，90 天活躍用戶超過 3700 萬。

We've also improved our chicken market share with the launch of McCrispy. As I said, then it was the accumulation of our decisions, grounded in our values that continued to keep the McDonald's brand relevant for our customers and meaningful for our people, providing a strong foundation for future growth.

隨著 McCrispy 的推出，我們也提高了雞肉市場份額。正如我所說，正是我們基於價值觀的決策的積累，才繼續保持麥當勞品牌與我們的客戶的相關性和對我們的員工的意義，為未來的成長提供了堅實的基礎。

That continues to be our approach as we're now focused on raising the bar on our customer experience considering our customers' current reality. Since the very beginning and Chris touched on this earlier, we've earned our success through excellent QSC and V, quality, service, cleanliness, and value.

這仍然是我們的做法，因為考慮到客戶目前的現實，我們現在專注於提高客戶體驗的標準。從一開始，克里斯早些時候就談到了這一點，我們透過卓越的 QSC 和 V、品質、服務、清潔度和價值贏得了成功。

And as we've evolved our approach time and again over the years to match the changing expectations of our customers, we continue to deliver an exceptional customer experience today. In this last quarter, McDonald's USA delivered its highest ever year to date customer satisfaction scores.

多年來，隨著我們一次又一次地改進我們的方法，以滿足客戶不斷變化的期望，我們今天繼續提供卓越的客戶體驗。在最後一個季度，麥當勞美國公司取得了今年迄今為止最高的客戶滿意度得分。

While I'll share more about the $5 meal deal in a moment, both the Bacon Cajun Ranch McCrispy and Grandma's McFlurry promotions drove sales along with cultural buzz and brand relevance. All said, our business performance reflects industry-wide challenges in the current context, one, where customers are making thoughtful choices about when and where they eat?

雖然我稍後會分享更多有關 5 美元套餐的信息，但 Bacon Cajun Ranch McCrispy 和 Grandma's McFlurry 的促銷活動以及文化熱度和品牌相關性都推動了銷售。總而言之，我們的業務表現反映了當前背景下全行業面臨的挑戰，一是客戶在何時何地就餐時做出深思熟慮的選擇？

And while we always work hard to provide value to our customers, they're telling us that they want to see and experience even more value from McDonald's. And we're listening as we remain laser focused on providing great value to our fans this summer and beyond.

雖然我們始終努力為客戶提供價值，但他們告訴我們，他們希望看到和體驗麥當勞的更多價值。我們正在傾聽，同時我們仍然專注於在今年夏天及以後為我們的粉絲提供巨大的價值。

So we tapped into ideas that already exist within our system. Our restaurants in upstate New York have been running a local $5 meal deal that was highly successful, performing well with lower income customers and driving overall incremental sales. By leveraging learnings from within our own system, we brought this to life for customers across the US.

因此，我們利用了我們系統中已有的想法。我們在紐約州北部的餐廳一直在當地開展 5 美元餐飲優惠活動，該優惠非常成功，在低收入顧客中表現良好，並推動了整體增量銷售。透過利用我們自己系統內的經驗教訓，我們為美國各地的客戶實現了這一點。

We've seen a lot of enthusiasm and the number of $5 meal deals sold are above expectations. Trial rates of the deal are highest amongst lower income consumers and sentiment towards the brand around value and affordability has begun to shift positively.

我們看到了大家的熱情，5 美元套餐的銷售數量超出了預期。該交易的試用率在低收入消費者中最高，並且圍繞價值和可負擔性的品牌情緒已開始積極轉變。

To date 93% of our restaurants in the US have committed to extending the offer even further into the summer. And there are other ways customers can experience great value at McDonald's.

迄今為止，我們在美國 93% 的餐廳已承諾將優惠延長至夏季。顧客還可以透過其他方式在麥當勞體驗巨大的價值。

We continue to provide a steady stream of offers on the mobile app, including nationwide free fry Fridays, where you can get a free medium fry every Friday with any $1 purchase on the app.

我們繼續在行動應用程式上提供源源不絕的優惠，包括全國各地的免費油炸週五，您可以在每週五在應用程式上購買任意1 美元即可獲得一份免費的中度油炸食品。

And as we work through the important details of a future US value platform, we will continue to make decisions grounded in insights with the customer at the center. At the end of the day, we expect customers will continue to feel the pinch of the economy and a higher cost of living for at least the next several quarters in this very competitive landscape. So we believe it's critical for us to consider these factors in order to grow market share and return to sustainable guest count led growth for the brand.

當我們研究未來美國價值平台的重要細節時，我們將繼續基於以客戶為中心的洞察力做出決策。最終，我們預計，在這個競爭激烈的環境中，至少在接下來的幾個季度裡，客戶將繼續感受到經濟的壓力和更高的生活成本。因此，我們認為，考慮這些因素對於增加市場份額並恢復以可持續客人數量為主導的品牌成長至關重要。

McDonald's is uniquely positioned to succeed in this environment, given our size, scale and competitive advantages. We have a fully modernized restaurant estate. We have a simplified menu that focuses on our core while never shying away from bringing back fan favorites at the right times or pursuing the right new product innovations.

考慮到我們的規模、規模和競爭優勢，麥當勞處於獨特的地位，能夠在這種環境中取得成功。我們擁有一座完全現代化的餐廳莊園。我們有一個簡化的菜單，專注於我們的核心，同時從不迴避在正確的時間帶回粉絲的最愛或追求正確的新產品創新。

We have built one of the largest loyalty programs in the industry. And we're continuing to lead with a long-term mindset, making decisions that meet our customers where they are and where they need us right now, while also putting a path for sustained success. And now I'll turn it over to Ian.

我們建立了業內最大的忠誠度計劃之一。我們將繼續以長遠的心態來領導，做出滿足客戶所在位置和他們現在需要我們的決策，同時也為持續成功鋪路。現在我將把它交給伊恩。

Thanks, Joe, and good morning, everyone. As Chris mentioned on top of the call, despite the very real near term, challenges facing the sector. We remain confident that our long term strategy, rooted in customer insights and built on our inherent competitive advantages is right for our business. When we combine deep insights with the power of our brand, we tap into what our customers love most about McDonald's, connecting with them on an emotional level through celebrating the rituals and memories that make our brand so special.

謝謝喬，大家早安。正如克里斯在電話會議中提到的那樣，儘管短期內該行業面臨著非常現實的挑戰。我們仍然相信，我們的長期策略植根於客戶洞察並建立在我們固有的競爭優勢之上，適合我們的業務。當我們將深刻的見解與品牌的力量結合時，我們就挖掘了顧客最喜歡麥當勞的地方，透過慶祝使我們的品牌如此特別的儀式和記憶在情感層面上與他們建立聯繫。

At the heart of our brand are our local communities and the customers we serve each and every day. Strong restaurant-level execution against our MCD growth drivers, coupled with compelling value will be critical to giving customers more reasons to visit McDonald's more often.

我們品牌的核心是我們的當地社區和我們每天服務的客戶。針對我們的 MCD 成長驅動力的強大餐廳級執行力，加上令人信服的價值，對於讓顧客有更多理由更頻繁地光顧麥當勞至關重要。

And as you heard from Chris and Joe, we're delivering higher customer satisfaction and improved service times across most of our major markets. Our MC&D's are deeply interconnected, and it's at the intersection of our growth drivers that we continue to deepen our relationships with customers and create a consistent and enjoyable restaurant experience while offering the delicious and affordable food they love.

正如您從克里斯和喬那裡聽到的那樣，我們在大多數主要市場上提供了更高的客戶滿意度和更好的服務時間。我們的 MC&D 緊密相連，正是在我們成長動力的交匯處，我們不斷加深與客戶的關係，創造一致且愉快的餐廳體驗，同時提供他們喜愛的美味且價格實惠的食物。

As Chris mentioned, we still have an opportunity to strengthen our holistic value proposition across markets, and we recently met with each of our largest markets, we're ensuring that we have a winning value offering was front and center in every discussion.

正如克里斯所提到的，我們仍然有機會加強我們跨市場的整體價值主張，而且我們最近與每個最大的市場進行了會面，我們確保我們在每次討論中都將提供獲勝的價值產品作為首要和中心。

We're taking a forensic approach to evaluating our offerings and acting with urgency and agility to implement solutions to deliver against customer expectations. Germany has continued their holistic approach to value with a 360 degree affordability strategy, including McSmart at the center and are consistently driving elevated levels of customer awareness.

我們採用取證方法來評估我們的產品，並緊急且敏捷地實施解決方案，以滿足客戶的期望。德國繼續實施以 McSmart 為中心的 360 度可負擔性策略的整體價值方法，並不斷提高客戶意識。

This is a best-in-class example of listening to the customer, designing a program that meets them where they are and ultimately delivering incremental sales, customer satisfaction and market share gains.

這是傾聽客戶意見、設計滿足客戶需求的計劃並最終實現增量銷售、客戶滿意度和市場份額增長的最佳範例。

As we scale best practices across the system markets like France and Australia have adopted their own version of the McSmart platform and early results have been encouraging.

隨著我們在整個系統市場中擴展最佳實踐，法國和澳洲等市場已經採用了自己版本的 McSmart 平台，早期結果令人鼓舞。

And in May, the UK offered smaller, more affordable bundles of their own, with their three for GBP3 mix-and-match menu that resonated with customers looking for more affordable options.

5 月份，英國推出了自己的更小、更實惠的套餐，其中 3 英鎊的混合搭配菜單引起了尋求更實惠選擇的顧客的共鳴。

And to address an opportunity to offer more compelling value at breakfast, which remains the fastest-growing daypart in the market, the Canadian market recently launched a new price point at beverage value offering our customers, the coffee they love every day, starting at just a $1.

為了抓住機會提供更具吸引力的早餐價值（早餐仍然是市場上成長最快的時段），加拿大市場最近推出了飲料價值的新價格點，為我們的客戶提供他們每天喜愛的咖啡，起價僅為1 美元。

McDonald's has long been an affordable destination for communities to come together and share a meal. But it's always been about more than just price. This quarter, we continued to elevate the experience, combining our delicious food with unique mobile app and in-restaurant experiences, ultimately delivering value however, and whenever customers decided to order and enjoy their McDonald's favorites.

麥當勞長期以來一直是社區聚在一起共享餐點的實惠目的地。但問題始終不只是價格。本季度，我們繼續提升體驗，將美味的食物與獨特的行動應用程式和餐廳內體驗相結合，最終在客戶決定訂購和享受他們喜愛的麥當勞美食時提供價值。

Germany leaned into the Easter Holiday with a fun and interactive calendar promotion where customers enjoyed a daily deal available exclusively in the mobile app from discounts on our most iconic menu items like the Big Mac or Chicken McNuggets to unique meal deals, that promotion drove remarkable engagement and significant growth in loyalty sales.

德國在復活節假期期間推出了有趣的互動日曆促銷活動，客戶可以享受行動應用程式中獨家提供的每日優惠，從我們最具標誌性的菜單項目（如巨無霸或麥樂雞）的折扣到獨特的餐食優惠，該促銷活動帶動了顯著的參與度以及忠誠度銷售的顯著增長。

In Italy drove traffic to our restaurants with summer days, a similar seasonal calendar campaign featuring a variety of exciting meal bundles. And a local favorite the frequent flyer program returned to the Canadian market this quarter to engage loyalty members with a new approach to gamification, the market launched a nationwide scavenger hunt for fry icons, which could then be entered on the mobile app for free loyalty points or free fries, nearly 3.5 million codes were entered throughout the promotion, driving meaningful lifts to the fry category.

在義大利，夏季我們開展了類似的季節性日曆活動，推出各種令人興奮的套餐，為我們的餐廳帶來了客流量。當地人喜愛的飛行常客計劃本季重返加拿大市場，以新的遊戲化方式吸引忠誠會員，該市場在全國範圍內發起了一場尋找油炸圖標的尋寶遊戲，然後可以在移動應用程序上輸入這些圖標以獲得免費的忠誠積分或免費薯條，整個促銷過程中輸入了近 350 萬個代碼，顯著提升了薯條類別的銷售。

Even with strong execution against our accelerating the arches growth drivers, performance this quarter reflects a pressured industry landscape in the US as well as across many of our largest international markets.

儘管我們在加速成長驅動力方面採取了強有力的執行力，但本季的業績反映了美國以及我們許多最大的國際市場面臨壓力的行業格局。

Our international operated market comps were negative. Reflective of this broad-based pressure where customers continue to be more intentional with the dollars they spend. And performance in France. In our IDL segment, positive comp sales in Latin America and Japan were offset by the impact from the ongoing war in the Middle East and a less confident consumer in China.

我們的國際營運市場比較為負。反映了這種廣泛的壓力，即客戶繼續更加謹慎地花錢。並在法國演出。在我們的 IDL 部門，拉丁美洲和日本的銷售業績被中東持續戰爭和中國消費者信心不足的影響所抵消。

Despite the pressured top line growth we've discussed this morning, we drove adjusted earnings per share of $2.97 for the quarter, a decrease compared to the prior year of about 5% in constant currencies. This was primarily due to a higher effective tax rate of nearly 21% for the quarter. Elevated interest expense as expected and less other nonoperating income due partially to lower interest income.

儘管我們今天早上討論了營收成長面臨的壓力，但本季調整後每股收益為 2.97 美元，按固定匯率計算，與上年相比下降了約 5%。這主要是由於本季有效稅率較高，接近 21%。利息支出如預期增加，並減去其他非營業收入，部分原因是利息收入減少。

Top line results generated over $3.5 billion of restaurant margins for the quarter and a year to date adjusted operating margin of over 46%, highlighting the durability of our business model. This was offset by higher G&A due to continued investments in digital and technology as well as enterprise transformation efforts and costs associated with our biennial worldwide convention.

本季餐廳獲利超過 35 億美元，年初至今調整後營業利潤超過 46%，凸顯了我們業務模式的持久性。由於對數位和技術的持續投資以及與兩年一次的全球大會相關的企業轉型努力和成本，這被較高的一般管理費用所抵消。

As we've talked about before, driving long-term growth requires making the right strategic and forward-looking investments, and we are committed to continuing to invest in our platforms and growth drivers while relentlessly prioritizing current year run the business spend.

正如我們之前談到的，推動長期成長需要正確的策略和前瞻性投資，我們致力於繼續投資於我們的平台和成長動力，同時堅持不懈地優先考慮本年度的業務支出。

While we expect industry challenges to persist, we believe we are well positioned with the unique size and scale that only the McDonald's system can provide. They remains significant power in focusing on what's within our control, offering our customers delicious food at unparalleled value and convenience that will drive future market share gains and guest count growth. With this is our North Star, we believe we're poised to deliver long-term growth for our system and our shareholders.

雖然我們預計行業挑戰將持續存在，但我們相信我們處於有利位置，擁有隻有麥當勞系統才能提供的獨特規模和規模。他們仍然在專注於我們控制範圍內的事情方面發揮著重要作用，為我們的客戶提供無與倫比的價值和便利的美味佳餚，這將推動未來的市場份額增長和客人數量增長。這是我們的北極星，我們相信我們已準備好為我們的系統和股東帶來長期成長。

Now, as most of you know, this is Mike's last earning call with McDonald's. So before I close I'd like to take a moment to personally thank Mike for his significant contributions to our brand. He served as a trusted adviser to our senior leadership team by playing a key role in developing and communicating our strategy.

現在，正如你們大多數人所知，這是麥克在麥當勞的最後一次財報電話會議。因此，在結束之前，我想花點時間親自感謝麥克對我們品牌的重大貢獻。他是我們高階領導團隊值得信賴的顧問，在製定和傳達我們的策略方面發揮關鍵作用。

Mike has been at McDonald's almost as long as I have and his deep knowledge of our business and ability to foster relationships with stakeholders has been invaluable to me, especially as I've taken on the role as CFO. On behalf of everyone at McDonald's Mike, thank you. We wish you all the best for the future.

麥克在麥當勞工作的時間幾乎和我一樣長，他對我們業務的深入了解以及與利益相關者建立關係的能力對我來說非常寶貴，特別是當我擔任財務長時。麥克代表麥當勞的所有人，謝謝你。我們祝福您未來一切順利。

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

有了這個，我會把它轉回給克里斯。

Thanks, Ian. Earlier this month, we brought leaders together to discuss our goals and objectives as we further establish McDonald's as a leading global consumer brand. As a team, we are committed to act with urgency, cementing our value leadership, growing share in areas like chicken and bolstering loyalty through digital customer acquisition, adoption, and retention on a global scale.

謝謝，伊恩。本月早些時候，我們召集領導人聚集在一起討論我們進一步將麥當勞打造成全球領先消費品牌的目標和目標。作為一個團隊，我們致力於緊急行動，鞏固我們的價值領先地位，增加在雞肉等領域的份額，並透過在全球範圍內獲取、採用和保留數位客戶來增強忠誠度。

And we are continuing to lean into our three pillars, MC and D, as our blueprint and engine for growth while leveraging technology to transform how we operate across all platforms. Even as the world around us continues to change, we know the power of the McDonald's brand will prevail.

我們將繼續依靠我們的三大支柱：MC 和 D，作為我們的藍圖和成長引擎，同時利用科技改變我們在所有平台上的運作方式。即使我們周圍的世界不斷變化，我們也知道麥當勞品牌的力量將佔上風。

We're digital forward, values-driven, and culture led and will continue to reinvent ourselves to meet our customers and restaurant teams where they are today and where they're going tomorrow. With more than 40,000 locations across the globe, we have hold a presence that we believe few in our industry could ever hope to match.

我們以數位化為導向，以價值為導向，以文化為主導，並將繼續重塑自我，以滿足我們的客戶和餐廳團隊的今天和明天的需求。我們在全球擁有 40,000 多個分支機構，相信在我們的行業中很少有人能夠與之匹敵。

We offer the best franchising opportunity in the world, offering a familiar beacon of support for the over 40,000 communities where we live, work, and serve. And we're just getting started. We're making progress towards our ambition of 50,000 restaurants by the end of 2027. And when we combine our strategy with great value and high-level execution, we are confident we will further our leadership position.

我們提供世界上最好的特許經營機會，為我們生活、工作和服務的 40,000 多個社區提供熟悉的支援燈塔。我們才剛開始。我們正在朝著 2027 年底前開設 50,000 家餐廳的目標邁進 當我們將我們的策略與巨大價值和高水準執行力相結合時，我們有信心進一步鞏固我們的領導地位。

As I close, I want to extend a sincere thank you to our franchisees, suppliers and employees around the world for their continued resilience and unwavering commitment to serving our customers and local communities.

在結束之際，我要向我們世界各地的特許經營商、供應商和員工致以誠摯的謝意，感謝他們持續的韌性和堅定不移地致力於為我們的客戶和當地社區提供服務。

And with that, we'll begin Q&A.

接下來，我們將開始問答。

(Operator Instructions)

（操作員說明）

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

Hi. Thank you very much. Certainly, McDonald's has access to consumer, data consumer information that almost no corporation in the world does. And when I consider 6 months ago, 12 months ago, it was fairly well known -- the restaurant industry would see a fairly wide pricing gap versus grocery, and many consumers would have drawn down their excess savings from COVID that we would be in an environment where value, quite frankly would be more necessary.

你好。非常感謝。當然，麥當勞可以獲得消費者的數據消費者訊息，而世界上幾乎沒有任何一家公司可以做到這一點。當我考慮 6 個月前、12 個月前時，這是眾所周知的——餐飲業與雜貨業的價格差距相當大，許多消費者會從新冠疫情中提取多餘的儲蓄，而我們將陷入困境。坦白說，更需要價值的環境。

So I just wanted to get a sense of really what changed so significantly from the consumer's perspective relative to your expectations in the last 6 to 12 months and if I can, how McDonald's kind of pivots itself from being reactionary from a value perspective, from a consumer trend perspective to more anticipating changing needs before they happen as opposed to after. Thank you so much.

所以我只是想了解過去 6 到 12 個月裡，從消費者的角度來看，相對於你的期望，到底發生了什麼顯著的變化，如果可以的話，麥當勞如何從價值角度、從消費者趨勢的觀點是在需求改變之前而不是在需求發生之後進行預測。太感謝了。

Hi, John, thanks for the question. You're right in that last year you may remember we were talking about there being pressure on the consumer and particularly that low-income consumer that was notable in a few of our major markets. And what has happened in the intervening period of time is that we've seen more market have this same sort of slowed down, and it is certainly most pronounced with that low-income consumer. But we're also seeing an impact with larger groups, particularly around families in Europe that we're seeing this as people are just looking to economize.

嗨，約翰，謝謝你的提問。你說得對，去年你可能還記得我們談論過消費者面臨的壓力，特別是在我們的一些主要市場中值得注意的低收入消費者。在此期間發生的情況是，我們看到更多的市場出現了同樣的放緩，而低收入消費者的情況無疑最為明顯。但我們也看到了對更大群體的影響，尤其是歐洲的家庭，我們看到這種影響是因為人們只是想節省開支。

You're also right that we're looking at a continued gap between food at home and food away from home inflation the gap is about 3% right now or 300 basis points gap between the two. So you are seeing consumers being much more discretionary as they treat restaurants. You're seeing that the consumer is eating at home more often, you're seeing more deals seeking from the consumer and you're just seeing, I think, a trade down even within units per transaction or within mix.

你說得也對，我們正在考慮國內食品和國外食品通膨之間的持續差距，目前差距約為 3%，即兩者之間的差距約為 300 個基點。所以你會看到消費者在對待餐廳時更加謹慎。你會看到消費者更頻繁地在家吃飯，你會看到消費者尋求更多的交易，我認為你只是看到，即使在每筆交易的單位或組合內，交易也有所下降。

All of those things for us are indicators that the consumer across a number of these markets is being very discriminating and I would point out consumer sentiment in most of our major markets remains low. And so your point around how do we make sure that we're anticipating where these customers are going and what the value is a required? I think is a fair question and what we've done is in a number of places, you've seen us and heard us talk about what we're doing with McSmart, what we're doing with McSaver, some of the things that we put in place in the US.

對我們來說，所有這些都表明許多市場的消費者非常具有歧視性，我想指出的是，我們大多數主要市場的消費者信心仍然很低。那麼您的觀點是，我們如何確保我們預測這些客戶的去向以及所需的價值是什麼？我認為這是一個公平的問題，我們在很多地方所做的事情，您已經看到我們並聽到我們談論我們正在使用McSmart 所做的事情，我們正在使用McSaver 所做的事情，以及我們正在做的一些事情我們在美國實施了。

But I think it's also clear to us that in several markets, in a number of markets that you need to have a broader value platform and that trying to move the consumer with narrow offerings that our one item or a few items is just not sufficient for the context that we're in.

但我認為我們也很清楚，在某些市場中，在許多市場中，你需要擁有更廣泛的價值平台，並且試圖透過我們的一種或幾種產品的狹窄產品來吸引消費者是不夠的我們所處的環境。

And so what's going on in markets around the world is looking at how do we further broaden, what some of the value platform offerings could be as we also perhaps look for other places that we can dial down. And that conversation, as you know, with our franchisees takes a moment. It's not something that happens immediately. But I would say that there's good recognition across our franchisee base that we need to be providing value, we need to be providing a broader level of value.

因此，世界各地市場正在考慮如何進一步拓寬，一些價值平台產品可能是什麼，同時我們也可能尋找其他可以縮減的地方。如您所知，與我們的特許經營商的對話需要一些時間。這不是立即發生的事情。但我想說的是，我們的加盟主群體充分認識到我們需要提供價值，我們需要提供更廣泛的價值。

And at the same time, we've got a lot of other levers. So this is not all about value, we've got levers around what we can do from a menu standpoint. We've got some great equities that we need to be driving there. And there's more we need to be doing from a marketing standpoint and stepping up on marketing.

同時，我們還有很多其他手段。因此，這不僅僅與價值有關，從菜單的角度來看，我們有一些手段可以做些什麼。我們有一些很棒的股票需要我們去推動。從行銷的角度來看，我們還需要做更多的事情，加強行銷力道。

So I'd say the changes that we're working on and talking about with our markets, just it's around value, it's making sure that as we're facing, certainly a more difficult environment than even what we anticipated last year, that we've got that value offering but we're also using the other things that are at our disposal to get this business back to where we know it should be performance.

因此，我想說的是，我們正在努力並與市場討論的變化，只是圍繞價值，它確保我們面臨的環境肯定比我們去年預期的更加困難，我們我們已經提供了這種價值，但我們也利用我們可以支配的其他東西來讓這項業務恢復到我們所知道的績效水準。

David Palmer, Evercore.

大衛·帕爾默，Evercore。

Thanks, and congratulations, Mike. Thank you for your help through the years. As far as the my question, I guess I'd like to focus on the IOM countries. How does the challenges in your key markets differ from the US in terms of market share versus the informal eating out sales trends? In the US it feels like McDonald's is still in a safe state of searching and perhaps negotiating to find the right value message ahead of menu news that might happen later.

謝謝，並祝賀你，麥克。感謝您多年來的幫助。至於我的問題，我想我想專注於國際移民組織國家。就市場佔有率與非正式外食銷售趨勢而言，您的主要市場面臨的挑戰與美國有何不同？在美國，麥當勞似乎仍處於安全的搜尋狀態，或許還可以在稍後可能發生的菜單新聞之前進行談判，以找到正確的價值資訊。

Are you at a similar stage of searching and perhaps negotiating with franchisees about value overseas. Where are you in terms of how satisfied you are, where you are in terms of the value message? Thanks so much.

您是否正處於類似的階段，正在尋找海外加盟商，或許還在與加盟商就海外價值進行談判。您的滿意度如何？非常感謝。

Yeah, thanks, David. I'll have Ian start and then if there's anything I need to add. I'll do that. But Ian I'll let you start.

是的，謝謝，大衛。我會讓伊恩開始，然後如果有什麼我需要補充的話。我會去做。但伊恩，我會讓你開始。

Sure. Morning, David, thanks for the question. Look, I mean, I'll just start, I think with a bit of context, which is as you heard Chris in his opening remarks, talk about I mean, I think the pressures on the industry and consumers that we're seeing are broad based in nature.

當然。早安，大衛，謝謝你的提問。聽著，我的意思是，我想先講一些背景，正如你在克里斯的開場白中聽到的那樣，我的意思是，我認為我們看到的行業和消費者面臨的壓力是本質上基礎廣泛。

And I think if you look across our IOM markets, which you will know, historically, I think we've had a have been a real strength to our system. I think that external pressure has heightened and I think certainly gotten more significant in several of those markets through the second quarter. And so I think it's still -- what I'll call an evolving situation.

我認為，如果你縱觀我們的 IOM 市場，你就會知道，從歷史上看，我認為我們的系統一直具有真正的優勢。我認為外部壓力已經加劇，而且我認為第二季度其中幾個市場的壓力肯定變得更大。所以我認為這仍然是一種不斷變化的情況。

We've talked a lot about value and affordability over the last couple of quarters, as you know, we've kind of highlighted McSmart, which is an entry-level meal, affordable meal option that we put in place in Germany at the beginning of 2023 and Germany has been consistently one of our most strongly performing markets even in a much more difficult context over the last couple of quarters in the marketplace.

在過去的幾個季度裡，我們談論了很多關於價值和承受能力的問題，如你所知，我們有點強調了McSmart，這是我們一開始在德國推出的一種入門級餐食，價格實惠的餐點選擇2023 年，德國一直是我們表現最強勁的市場之一，即使在過去幾季的市場環境更加困難的情況下也是如此。

So I think it's part of it is just the evolutional, what's happening with the consumer, what's happening with the industry, I think we have strong alignment engagement with our franchisees across our international markets. I think we're working very collaboratively and constructively to get the right programs and platforms in place from a value and affordability standpoint, they part of it's just been -- that the landscape and the consumer is evolving and those platforms and offers have needed to be sharpened. And I think, better positioned to be delivering in the current context.

所以我認為這只是進化的一部分，消費者正在發生什麼，行業正在發生什麼，我認為我們與國際市場上的特許經營商有著強有力的合作。我認為我們正在非常協作和建設性地工作，從價值和可承受性的角度來看，制定正確的計劃和平台，它們只是其中的一部分——景觀和消費者正在不斷發展，這些平台和產品需要被削尖。我認為，在當前的背景下，我們能夠更好地實現目標。

And so I think we're moving with speed and pace as you've heard us talk about before, but the environment, I think has been changing and context has been evolving. And I think we're just trying to get ahead of that as we've talked about in kind of our opening remarks.

因此，我認為我們正在以速度和步伐前進，正如您之前聽到我們談論的那樣，但我認為環境一直在變化，背景一直在演變。我認為我們只是想提前實現這一點，正如我們在開場白中談到的那樣。

Yeah, what I would just add is if you look at our IOM markets, the good news is, if you think about Germany with McSmart, you've got Canada with McPicks, you've got UK with savers menu. Australia has McSmart and also loose change menu, France has McSmart. We have the value platform by establishing those markets. And there's good consumer awareness of those value platforms.

是的，我要補充的是，如果你看看我們的 IOM 市場，好消息是，如果你想到德國有 McSmart，加拿大有 McPicks，英國有儲蓄菜單。澳洲有 McSmart，菜單也很寬鬆，法國有 McSmart。透過建立這些市場，我們擁有了價值平台。消費者對這些價值平台有很好的認知。

The work that's underway and Ian alluded to, this is making sure that underneath those value platforms that we have the right items at the right price points to reflect where the market's at today. And so there are markets like the UK, for example, where they're making changes to the menu in France as well. They're adding a EUR4 happy meal, so there's changes that are happening underneath those value menus to make sure that we are appropriately positioned for what we see now as the market context.

伊恩提到，正在進行的工作是確保在這些價值平台下，我們以正確的價格提供正確的產品，以反映當今的市場狀況。例如，在英國等市場，他們也在改變法國的菜單。他們正在添加 4 歐元的快樂大餐，因此這些超值菜單下正在發生一些變化，以確保我們針對我們現在所看到的市場環境做出適當的定位。

But the fact that we have those menu platforms established that there's good awareness on those I feel like that is a positive versus in the US. We're obviously there starting to do a little bit more work about what the long-term value platforms could look like.

但事實上，我們已經建立了這些菜單平台，人們對這些平台有很好的認識，我認為這與美國相比是積極的。顯然，我們已經開始對長期價值平台的外觀做更多的工作。

Brian Harbor, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Yeah, thank you. Good morning, I had a question on digital, right, because obviously it's continuing to grow. You've continued to add members, there's actually a lot of really good value available on that platform. But it hasn't really offset some of the sales challenges that you're seeing right now. So I guess what gives you kind of the confidence that, that could change or what do you think needs to be done differently there? Do you think it's kind of resonating? And is that a place to continue to drive value going forward?

是的，謝謝。早安，我有一個關於數位化的問題，對吧，因為顯然它正在持續成長。您不斷增加會員，平台上實際上有很多非常有價值的東西。但它並沒有真正抵消您現在看到的一些銷售挑戰。所以我想是什麼讓你有信心，這可能會改變，或者你認為需要採取什麼不同的做法？你覺得這樣有共鳴嗎？這是一個繼續推動價值前進的地方嗎？

Yeah, it's a great question. We feel really good about our digital business, and we're seeing strong performance on the digital business as I alluded to in the opening. I think the challenge on digital right now is basically only about 25% of our customers are on digital in terms of identified customers.

是的，這是一個很好的問題。我們對我們的數位業務感覺非常好，正如我在開頭提到的，我們看到數位業務的強勁表現。我認為目前數位化面臨的挑戰基本上是，就已識別的客戶而言，我們的客戶中只有約 25% 使用數位化。

And so as you think about what you need to do, to drive the overall business we just don't have digital yet at the size and with the penetration that needed to move the entire business. And I think some of what has happened as you sort of look at things is, we probably were a little over rotated on digital versus broad everyday value that we're offering available to all consumers, those who maybe aren't yet on our digital platform.

因此，當您考慮需要做什麼來推動整體業務時，我們還沒有達到推動整個業務所需的數位化規模和滲透率。我認為，當你看待事物時，我們可能在數字方面有點過度旋轉，而不是我們向所有消費者提供的廣泛的日常價值，那些可能還沒有使用我們的數字的人平台。

So that's the work that's underway. I think in time, certainly, as you know, digital is going to continue to grow for us. We're going to get more and more customers on our digital platform. And I think in a couple of years' time, particularly as you get to 250 million users, that's a different conversation about how digital can drive value. But today, we just don't have the penetration where we needed to be to move 75% of the business that's not on digital. And so that's the value work that we just have been talking about.

這就是正在進行的工作。我認為，正如你所知，隨著時間的推移，數位技術將繼續為我們發展。我們將在我們的數位平台上吸引越來越多的客戶。我認為幾年後，特別是當你擁有 2.5 億用戶時，關於數位化如何驅動價值的討論將會有所不同。但如今，我們還沒有達到將 75% 的非數位化業務轉移所需的滲透率。這就是我們剛才討論的價值工作。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good morning. I had a couple of questions on the US value initiatives. First, I was hoping you could elaborate on the effectiveness of the $5 meal deal that you're running and whether you're seeing the sales or traffic inflection you had anticipated from that program.

早安.我對美國的價值倡議有幾個問題。首先，我希望您能詳細說明您正在運行的 5 美元餐點交易的有效性，以及您是否看到了該計劃所預期的銷售或流量變化。

And then secondly, I think, Chris, you mentioned it's necessary to have more of a platform idea in all of your key markets. And I'm just wondering in the US how those conversations are going with franchisees and whether franchisees are supportive of a broader national value platform and when that might happen? Thanks.

其次，克里斯，我認為您提到有必要在所有關鍵市場中擁有更多的平台理念。我只是想知道在美國與特許經營商的對話進展如何，特許經營者是否支持更廣泛的國家價值平台以及何時會發生？謝謝。

Thanks, David. Appreciate the questions. Come relative to the $5 meal deal, it's really performed and done exactly what we wanted it to do. First, we wanted to see a change and improved brand perceptions around value and affordability and it's done that.

謝謝，大衛。感謝您提出的問題。相對於 5 美元的餐點交易來說，它的執行效果確實符合我們的要求。首先，我們希望看到圍繞價值和可負擔性的品牌認知發生變化並得到改善，而我們已經做到了。

We wanted to make sure that it connected with the single user, especially the lower income consumer. And we've seen that through increasing trial rates by that consumer base. Our two lowest income cohorts, the other $45,000 cohort, and the $45,000 to $75,000 cohort we saw an increasing trial and participation around the $5 meal deal throughout the life of the promotion, which was incredibly encouraging.

我們希望確保它與單一用戶，尤其是低收入消費者建立聯繫。我們透過消費者群不斷提高的試用率看到了這一點。我們的兩個收入最低的群體，另一個是45,000 美元的群體，以及45,000 美元至75,000 美元的群體，在整個促銷活動期間，我們看到圍繞5 美元餐食交易的嘗試和參與不斷增加，這是非常令人鼓舞的。

And then lastly, obviously, we wanted to see a shift in guest counts to drive both the short and long-term health of the business. And ultimately, I believe in guest count led growth and it was begun to do that, it hasn't yet translated into sales. The average check though has been over $10 for the $5 meal deals. So we do feel comfortable about the add-on that's happening as part of that program.

最後，顯然，我們希望看到客人數量的變化，以推動業務的短期和長期健康發展。最終，我相信客人數量帶動了成長，並且已經開始這樣做，但尚未轉化為銷售。不過，5 美元的餐費平均花費超過 10 美元。因此，我們確實對該計劃中出現的附加組件感到滿意。

To relative to the longer-term platform, obviously, this is a big investment for us and our franchisees. When you think about the dollar menu which existed for over 10 years and when you think about dollar menu, $1, $2, $3, that's been in place now for over six years. We just need to be very thoughtful and considered as we work through what our national everyday value and affordability platform will be.

顯然，相對於長期平台，這對我們和我們的加盟商來說是一筆巨大的投資。當你想到已經存在了 10 多年的一美元菜單時，當你想到一美元菜單、1 美元、2 美元、3 美元時，它已經存在了六年多了。當我們研究我們的國家日常價值和負擔能力平台時，我們只需要非常深思熟慮和深思熟慮。

That work is happening in good partnership with our franchisees. And so we're comfortable that we'll get to the right answer. There's no question that the franchisees see the impact and the importance of a valued national everyday value and affordability platform. And so we're working through that at pace with them.

這項工作是在與我們的特許經營商的良好合作夥伴關係下進行的。因此，我們很高興能夠得到正確的答案。毫無疑問，加盟商看到了一個有價值的全國日常價值和負擔能力平台的影響和重要性。因此，我們正在與他們一起解決這個問題。

In the meantime, obviously, we're continuing to offer consumers great value with the $5 meal deal extending in 93% of our restaurants into August, and we're working with our franchisees to extend that even longer. We continue to offer great value via the app, which Chris just talked about a bit. And we also continue to have a lot of local deals at what we call our business unit level. So we'll continue to squarely offer consumers value throughout the summer and into the fall.

同時，顯然，我們將繼續為消費者提供超值優惠，將93% 的餐廳的5 美元套餐優惠延長至8 月份，並且我們正在與特許經營商合作，將優惠期限延長到更長的時間。我們繼續透過該應用程式提供巨大的價值，克里斯剛剛談到了這一點。我們也繼續在我們所謂的業務部門層級進行大量本地交易。因此，我們將在整個夏季和秋季繼續為消費者提供價值。

Sara Senatore with Bank of America.

美國銀行的薩拉·參議員。

Great, thank you. I wanted to ask about the sort of margin implications and in particular, maybe talk about whether you'll need additional franchisee support for either US or IOM and specifically, we seem to be seeing actually some deflation and in some beef -- trimmings and other cuts, which is very different from what we have been seeing.

太好了謝謝。我想問一下利潤率的影響，特別是，也許可以談談您是否需要美國或國際移民組織的額外特許經營商支持，具體來說，我們似乎實際上看到了一些通貨緊縮，以及一些牛肉——輔料和其他削減，這與我們所看到的非常不同。

So to the extent that you are offering more value, you'll have a permanent value platform. Is some of that funded by lower input costs such that maybe there's less margin pressure and or is that something that you'll have to address with franchisees I know in IOM markets you had given some franchisee support. I'm not sure where that stands now, but is there any contemplation of again investing either the own franchisee or perhaps contributing to marketing funds and anything from McDonald's corporate to help I guess the lessen the burden. Thanks.

因此，只要您提供更多價值，您就會擁有一個永久的價值平台。其中一些是由較低的投入成本資助的，這可能會減少利潤壓力，或者是你必須與特許經營商解決的問題，我知道在 IOM 市場上你已經給予了一些特許經營商支持。我不確定現在情況如何，但是否考慮再次投資自己的特許經營商，或者可能向行銷資金以及麥當勞公司提供的任何資金捐款，以幫助減輕負擔。謝謝。

Morning Saratore, and I'll start and then I think maybe Chris or Joe make might jump in at the end. Look, I mean, I think as you said from a margin pressure standpoint, I mean, obviously, the top line performance has been more muted. So that obviously creates a level of pressure. But I think if you use kind of our [McCap Co] margins as a bit of a proxy, you would have seen that they've held up pretty well through the quarter simply because as you noted, we are certainly seeing much lower levels of inflation in areas like food and paper, which are down at the kind of low single digit level.

早安，薩拉托雷，我會開始，然後我想克里斯或喬可能會在最後加入。看，我的意思是，我認為正如您從利潤壓力的角度所說的那樣，我的意思是，顯然，營收表現更加平淡。這顯然會造成一定程度的壓力。但我認為，如果您使用我們的 [McCap Co] 利潤率作為代理，您會發現它們在本季度保持得很好，因為正如您所指出的，我們肯定會看到較低的水平食品和紙張等領域的通貨膨脹率降至較低的個位數水準。

I mean, obviously, labor inflation, particularly in the US is a little higher still, especially with some of the minimum wage changes in places like California. I think in terms of -- just kind of maybe kind of trying to answer your broader part of your question. I mean, value and affordability is kind of a fundamental part of our business model and I think our owner operators understand that and obviously understand that, that's something strategically that we always need to have in place, as you would have heard us talk previously about, I mean we don't subsidize pricing.

我的意思是，顯然，勞動力通膨，特別是在美國，仍然要高一些，尤其是在加州等地的最低工資發生了一些變化的情況下。我認為——也許只是試圖回答你問題中更廣泛的部分。我的意思是，價值和承受能力是我們商業模式的基本組成部分，我認為我們的業主經營者理解這一點，並且顯然理解這一點，這是我們始終需要具備的戰略性東西，正如您之前聽到我們談論的那樣，我的意思是我們不補貼定價。

So we want to get to the right outcomes and do that on a way -- in a way that it's going to be sustainable and profitable for both our operators and for MacDonald and I think over time, we know that strong affordability and value is what drives volume-led growth as you heard Joe touch on and volume obviously is ultimately what drives sustainable profit and cash flow for the business and for the system.

因此，我們希望獲得正確的結果，並以一種對我們的運營商和麥克唐納都可持續且有利可圖的方式做到這一點，我認為隨著時間的推移，我們知道強大的承受能力和價值才是真正的價值。

I think as we get some of these ideas in place, obviously what we want to bring them to life in creative and effective ways. And we're going to put all of the resources of our system against making sure that we execute this and put ourselves in a position to win in a difficult environment. But I may just kind of let Joe or Chris weigh in.

我認為，當我們將其中一些想法落實到位時，顯然我們希望以創造性和有效的方式將它們變為現實。我們將投入我們系統的所有資源，以確保我們執行這一目標，並使自己能夠在困難的環境中獲勝。但我可能會讓喬或克里斯參與其中。

Yeah, I would just add, I mean our franchisees in the US are in a very strong financial position. So they have the financial firepower, both in terms of cash flows as well as equity to make investments and they can make those investments across their P&L. You actually look at gross margin in the 20 years pre-COVID, we're actually at a high right now versus those 20 years.

是的，我想補充一點，我的意思是我們在美國的特許經營商的財務狀況非常強勁。因此，他們擁有進行投資的現金流量和股權方面的財務實力，並且可以在損益表中進行這些投資。事實上，你看看新冠疫情爆發前 20 年的毛利率，與過去 20 年相比，我們現在實際上處於高位。

So we feel very good about the ability of our franchisees to invest be at their P&L or otherwise, and we are working through with them right now, look at the overall profitability of the $5 meal deal, but we think they've got the ability to invest. And so we're comfortable with the position in the US.

因此，我們對特許經營商在損益表或其他方面進行投資的能力感到非常滿意，我們現在正在與他們合作，看看 5 美元餐食交易的整體盈利能力，但我們認為他們有能力投資。因此，我們對美國的現狀感到滿意。

Yeah, my only add is I just would underline the word Ian use, which is sustainable. We're only interested in doing things that are sustainable strategies that we can continue. And so that's going to be our guide as we think about where we need to go on these things. And there is a lot of, I think, strength within our system -- financial strength within our system to implement the necessary changes, but they have to be sustainable for us.

是的，我唯一的補充是我只是想強調「伊恩使用」這個詞，這是可持續的。我們只對做那些我們可以繼續的永續策略的事情感興趣。因此，當我們考慮需要在這些事情上採取哪些行動時，這將成為我們的指南。我認為，我們的系統內部有許多實力——我們系統內的財務實力來實施必要的變革，但這些變革必須對我們來說是可持續的。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Thank you, and thanks, Mike, for all your help, best of luck. Wanted to focus again on the meal deal. Appreciate all the insights there. Specifically as it relates to customer awareness in the US of the meal deal and sort of thinking about the marketing message or the marketing intensity.

謝謝你，謝謝麥克，謝謝你的幫助，祝你好運。想再關注餐飲交易。欣賞那裡的所有見解。具體來說，它與美國客戶對餐飲交易的認知以及對行銷訊息或行銷強度的思考有關。

Is that something you could help frame up for us where it is right now? Is it something that ramps and kind of related, just thinking about the time line, generally from a new marketing -- a new value platform or a new bigger of value offer to count -- contribution. Is there a way historically in environments like this to kind of think about how that time line looks? Thank you.

您可以幫助我們制定目前的情況嗎？它是不是某種斜坡和某種相關的東西，只要考慮一下時間線，通常來自新的行銷——一個新的價值平台或一個新的更大的價值提供——貢獻。在這樣的環境下，歷史上是否有方法可以思考時間線的樣子？謝謝。

Yeah, I think what we're learning from this is the power of our national voice, McDonald's as we exited 2023, we looked at the value that we had at a local level and felt very comfortable that, that value was compelling but what we lacked was obviously a strong national voice. It took us some time to work with our franchisees to achieve that national voice.

是的，我認為我們從中學到的是我們全國聲音的力量，麥當勞，當我們退出2023 年時，我們看到了我們在地方層面所擁有的價值，並感到非常放心，這種價值是引人注目的，但我們顯然缺乏的是強有力的國家聲音。我們花了一些時間與我們的特許經營商合作，以實現全國性的聲音。

And as we talked about the $5 meal deal is something that already existed in upstate New York. And when you look at, when we applied that national voice of what happened in upstate New York, which had already had the deal. Trial and participation rates actually doubled in upstate New York.

正如我們所討論的，5 美元餐點優惠在紐約州北部已經存在。當你看，當我們用全國性的聲音來報導紐約州北部發生的事情時，那裡已經達成協議了。紐約州北部的審判率和參與率實際上翻了一番。

And so you also see them the power of the actual message, the importance of a message actually being price pointed, as you know, we have a BOGO buy one get one promotion that we've run in January, and we saw trial and participation rates for the $5 meal deal, 70% greater than that January buy one get one window.

所以你也看到了實際訊息的力量，訊息實際定價的重要性，如你所知，我們在一月份舉辦了「BOGO」買一送一促銷活動，我們看到了試用和參與5 美元餐費的價格比1 月買一送一的價格高出70%。

So that is the power of national marketing. The awareness that brings. I won't get into specific numbers around awareness. But certainly when we launch our new national every day, value, and affordability platform, building awareness of that platform will be absolutely critical. Just like we've done obviously in the past with dollar menu $1, $2, $3 in the dollar menu.

這就是全國行銷的力量。帶來的意識。我不會談論有關意識的具體數字。但當然，當我們推出新的全國日常、價值和負擔能力平台時，建立對該平台的認識絕對至關重要。就像我們過去在美元菜單中對美元菜單 $1、$2、$3 所做的那樣。

My only add on the pace question is that ultimately is on us. There's nothing externally that drives the pace. It's all an internal thing. And so we've seen in some markets like France, for example, where there's strong alignment, we can move very quickly in other places. It requires more conversations because of the breadth of the changes.

我對速度問題唯一的補充是，最終取決於我們。沒有任何外部因素可以推動步伐。這都是內在的事。因此，我們在法國等一些市場看到，在這些市場上有很強的一致性，我們可以在其他地方迅速採取行動。由於變化的廣度，它需要更多的對話。

But at the end of the day, we've shown the capacity to move quickly and my hope would be certainly that in a market like the US, I think Joe and the team are having great discussions with franchisees about the importance of getting to that value platform that we've talked about.

但歸根結底，我們已經展示了快速行動的能力，我希望在像美國這樣的市場中，我認為喬和團隊正在與特許經營商就實現這一目標的重要性進行深入討論我們已經討論過的價值平台。

Jeff Bernstein, Barclays.

傑夫·伯恩斯坦，巴克萊銀行。

Great, thank you very much. Just looking outside the US perhaps I was hoping to touch on France and China. France, I'm just wondering if you think it's more of a McDonald's specific issue, which I think is what maybe you referred to in the past versus a macro issue and how you view the competition there. And then in China, I know you mentioned that consumers less confident.

太好了，非常感謝。看看美國以外的地區，也許我希望談談法國和中國。法國，我只是想知道您是否認為這更多是麥當勞的具體問題，我認為這可能是您過去提到的與宏觀問題以及您如何看待那裡的競爭的問題。然後在中國，我知道你提到消費者信心不足。

I'm just wondering if you're seeing anything to give you pause on an otherwise aggressive unit growth outlook or maybe a change in strategy? What are you seeing in the US brand pushback or anything along those lines would be helpful. Thank you.

我只是想知道您是否看到任何事情讓您暫停原本激進的單位成長前景或可能改變策略？您在美國品牌的抵制中看到了什麼，或類似的任何事情都會有所幫助。謝謝。

Sure. Thanks for the question, Jeff. Well, starting with France. Certainly what we've seen in France has been a slowdown, but I think you're also accurate in reflecting that, the fact is we're losing share in France and that suggests to me that there is still an opportunity for us to improve our performance.

當然。謝謝你的提問，傑夫。好吧，從法國開始。當然，我們在法國看到的情況是放緩，但我認為你也準確地反映了這一點，事實是我們正在失去法國的份額，這對我來說表明我們仍然有機會改善我們的表現。

A couple of things for us. One that we've talked about in the past has been -- it is a very competitive market right now. We're seeing a competitor there who's being aggressive on pricing. Certainly, that's one element. I've talked about some of the things we're doing to enhance our McSmart menu to make sure that we're competitive on pricing.

對我們來說有幾件事。我們過去討論過的一個問題是──現在是一個競爭非常激烈的市場。我們看到那裡的競爭對手在定價上非常激進。當然，這是一個因素。我已經談到了我們正在做的一些事情，以增強我們的 McSmart 菜單，以確保我們在價格上具有競爭力。

Second, because France has such a meaningful business with families, families is that key consumer for us over there. That's where they're coming back with the EUR4 happy meal. So that's addressing the family issue. And then we are also looking at what can we be doing to make sure that we're engaging with customers around where our brand is positioned.

其次，由於法國與家庭的業務如此有意義，因此家庭是我們在那裡的主要消費者。他們就是在那裡帶著 4 歐元的快樂大餐回來的。所以這就是解決家庭問題。然後我們也在研究我們可以做些什麼來確保我們圍繞我們的品牌定位與客戶互動。

France is one of the markets, it has a higher Muslim population. And so when you think about the Middle East, the impact that we're seeing in France, has been more than maybe in other markets because of that population. So there's a lot, that the team is looking at doing on how do we make sure we're telling our story from a marketing standpoint at the local level.

法國是市場之一，其穆斯林人口較多。因此，當你想到中東時，我們在法國看到的影響可能比其他市場更大，因為那裡的人口。因此，團隊正在考慮做很多事情，以確保我們從本地行銷的角度講述我們的故事。

But I think it's fair to say that we have an opportunity to get back to share growth in France, the market has slowed down, but the market is still delivering a modest, very small growth, and we want to participate more in that.

但我認為可以公平地說，我們有機會恢復法國的股票成長，市場已經放緩，但市場仍在實現適度的、非常小的成長，我們希望更多地參與其中。

In the case of China. China is a very competitive environment right now. And as you've seen from another a number of other consumer companies, it is highly promotional. Consumer sentiment in China is quite weak and you're seeing both in our industry and across a broad range of consumer industries, the consumer being very, very much deals seeking.

就中國而言。中國現在是一個競爭非常激烈的環境。正如您從其他一些消費公司看到的那樣，它的促銷力度很大。中國的消費者情緒相當疲軟，您可以看到，無論是在我們的行業還是在廣泛的消費產業中，消費者都非常非常尋求交易。

In fact, we're seeing a lot of switching behavior in terms of just consumers, whatever is the best deal, that's where they end up going. Positively in that environment, one, we're holding share. So our business in China is holding share.

事實上，我們看到了許多消費者的行為轉變，無論什麼是最好的交易，這就是他們最終會去的地方。在這種環境下，第一，我們持有股份。所以我們在中國的業務是控股的。

And the second thing that I would say is that we are still seeing good returns on our new unit openings. So there's -- from our vantage point a lot of runway around growth on new units. And we are laser focused on the returns that we get from new units. If those were to ever dip below what we would consider to be an acceptable return threshold, we would certainly relook at our opening pace in China.

我要說的第二件事是，我們仍然看到新單位開業帶來的良好回報。因此，從我們的角度來看，新單位的成長還有很多空間。我們非常關注從新設備中獲得的回報。如果這些回報低於我們認為可接受的回報門檻，我們肯定會重新考慮我們在中國的開放步伐。

But right now, what we're seeing is the returns on new openings are holding up. And so from our vantage point, the 1,000 restaurants per year pace that we've been on, we're still working toward that number in 2024.

但現在，我們看到新開張的報酬率保持不變。因此，從我們的角度來看，我們一直以每年 1,000 家餐廳的速度前進，我們仍在努力在 2024 年實現這一數字。

Jeff, I might just hook on to Chris, because I just want to -- I know you were asking about France, but I think it is important just to kind of reinforce a little bit of what we touched on earlier, which is I mean, I think the external trends and pressures that we're seeing on the industry on the consumer, I think are broad based across IOM.

傑夫，我可能只是想聯繫克里斯，因為我只是想——我知道你問的是法國，但我認為加強我們之前提到的一點很重要，這就是我的意思，我認為我們看到的產業對消費者的外部趨勢和壓力，我認為在整個IOM 都有廣泛的基礎。

I think consumers are being, as you've heard us say earlier, more discerning about where, when and what they eat. And I would say we don't expect significant changes in that environment for the next few quarters. So obviously, as you've heard us talk a lot about we're kind of laser focused on this forensic review of kind of our value and affordability positioning in each of our key markets.

我認為，正如您之前聽到我們所說的那樣，消費者對於在哪裡、何時以及吃什麼變得更加挑剔。我想說的是，我們預計未來幾季這種環境不會發生重大變化。顯然，正如您所聽到的，我們非常關注我們在每個關鍵市場的價值和可承受性定位的取證審查。

We're going to position ourselves to win, and we're moving, I think with a sense of urgency, but obviously at the pace to get that right. And as you've heard us talk a lot about we've got the system strength and know how to put us in that winning position.

我們將為自己做好勝利的準備，我認為我們正在採取行動，帶著緊迫感，但顯然我們的步伐是正確的。正如您所聽到的，我們經常談論我們擁有系統實力，並且知道如何使我們處於勝利的位置。

I would just say, I think the third quarter has certainly started similarly to how the second quarter ended. And we're seeing, I think negative comps trends occur across IOM and frankly, across each of our three operating segments.

我只想說，我認為第三季的開始肯定與第二季的結束方式類似。我們看到，我認為整個 IOM 以及坦白說，我們的三個營運部門都出現了負面的競爭趨勢。

Eric Gonzalez, KeyBanc.

艾瑞克‧岡薩雷斯 (Eric Gonzalez)，KeyBanc。

Hey, good morning and thanks for the question. I'm just curious that trade down, on the past McDonald's was thought of as a defensive action because in economic downturns will pull share from more expensive category. So I'm just curious why you think you might not be getting the trade down that you dependent on the past and whether that's assumption value perception or something that could be addressable in the value construct. Thanks.

嘿，早上好，謝謝你的提問。我只是好奇，在過去，麥當勞的降價被認為是一種防禦行動，因為在經濟低迷時期，麥當勞會從更昂貴的類別中奪取份額。所以我只是好奇為什麼你認為你可能無法根據過去的情況進行交易，以及這是否是假設價值感知或可以在價值結構中解決的問題。謝謝。

Yeah, thanks, Eric. Well, I think we are seeing trade down, but what we're seeing is that the loss of the low income consumers greater than the trade-down benefit until you're seeing with that low income consumer. In many cases, they're dropping out of the market eating at home and finding other ways to economize cutting down on trips. So we are seeing the benefit of trade down, but it's just not enough to offset the pressure that we're seeing on that low-income consumer.

是的，謝謝，艾瑞克。嗯，我認為我們正在看到貿易下降，但我們看到的是，低收入消費者的損失大於貿易下降帶來的好處，直到你看到低收入消費者為止。在許多情況下，他們會放棄在家吃飯的市場，轉而尋找其他方式來減少出行，從而節省開支。因此，我們看到了貿易下降的好處，但這還不足以抵銷低收入消費者所面臨的壓力。

Lauren Silverman, Deutsche Bank.

勞倫‧西爾弗曼，德意志銀行。

Hey, thank you, guys. I wanted to follow up on how you're thinking about comps in the back half of the year. So quarter to date, so running negative. Should we -- are you expecting that to I guess, continue through the third quarter. When can we start to talk about positive comps in the back half of the year that fourth quarter as a base case, right, now. Any commentary there would be helpful. Thank you.

嘿，謝謝你們，夥計們。我想跟進你們對今年下半年的比較的看法。到目前為止，本季業績呈負數。我猜你是否期待這種情況，我們應該繼續到第三季嗎？我們什麼時候可以開始談論今年下半年第四季的正面業績作為基本情況，就現在。那裡的任何評論都會有幫助。謝謝。

Hi, Lauren. It's Ian. So just maybe just to reiterate a few things. I mean, I think as I said, the pressures are broad-based, and we're seeing those pressures, I think, on the industry and on the consumer across almost every one of our large owned markets globally.

嗨，勞倫。是伊恩。所以也許只是重申一些事情。我的意思是，正如我所說，壓力是廣泛的，我認為，我們在全球幾乎每個大型自有市場的行業和消費者身上都看到了這些壓力。

And as I said, I don't think we, -- I don't -- we certainly don't profess to have a, I think, a crystal ball on how the future will look like. But we don't expect that we're going to see a change in that environment over the next few quarters.

正如我所說，我不認為我們——我不——我們當然不會聲稱擁有一個關於未來會是什麼樣子的水晶球。但我們預計未來幾季這種環境不會改變。

I mean, I think that's why we're laser focused on getting value and affordability, right, as you heard, Chris just say I think it's not even so much about consumers moving from us to others. It's about consumers in that low income category and I think families, which are obviously two big cohorts of our consumer base across most of our markets just eating out less frequently than they have been previously.

我的意思是，我認為這就是為什麼我們專注於獲得價值和可負擔性，對吧，正如你所聽到的，克里斯只是說我認為這甚至與消費者從我們轉向其他人無關。這是關於低收入類別的消費者，我認為家庭，顯然是我們大多數市場的消費者群的兩大群體，只是外出用餐的頻率比以前少了。

I think we're confident that if we get our value and affordability propositions, right. If we get them into that winning position in each marketplace, that will encourage consumers to come back when they can.

我認為，如果我們的價值和承受能力主張是正確的，我們就有信心。如果我們讓他們在每個市場中佔據制勝地位，這將鼓勵消費者盡可能地回來。

I think if you take examples of what some of our markets done. I'll use the UK as a bit of an example that ran a campaign in the end of May, beginning of June, a three for GBP3 mix-and-match campaign, they also have done a GBP1.99 happy meal offer in the app.

我想如果你舉一些我們的一些市場所做的例子。 I'll use the UK as a bit of an example that ran a campaign in the end of May, beginning of June, a three for GBP3 mix-and-match campaign, they also have done a GBP1.99 happy meal offer in the應用程式.

When we run compelling affordable options like that, we know we're able to draw consumers back and we know we are best positioned to be able to do that. So that's certainly what we're focused on. As I said, certainly don't claim that we can predict I think when the environment will turn or when the consumer will turn, I think what we're focused on is making sure that we're winning in the current context in each and every one of our markets and that we're positioned to accelerate our momentum as this challenging environment begins to turn in each one of our markets as we look forward.

當我們推出這樣令人信服的實惠選擇時，我們知道我們能夠吸引消費者回來，我們也知道我們最有能力做到這一點。這當然是我們關注的重點。正如我所說，當然不要聲稱我們可以預測環境何時會發生變化或消費者何時會發生變化，我認為我們關注的是確保我們在當前的環境下在每個方面都取得勝利我們的每一個市場，隨著我們展望未來，這個充滿挑戰的環境開始在我們的每個市場轉變，我們將加速我們的發展勢頭。

Yeah, the only thing I'd add is McDonald at its essence. This is a growth business, and so we're not accepting negative comps is just sort of the way it is because of the consumer headwinds. We absolutely are committed to getting this business back to growth.

是的，我唯一要補充的是麥當勞的本質。這是一個成長型業務，因此我們不接受負面補償，這只是因為消費者的不利因素。我們絕對致力於讓這項業務恢復成長。

Foundation of that is the value platforms that we've talked about, but we need to do more on menu innovation. We've got more levers that we can do on digital and certainly getting our marketing to be more of a contributor as it was last year. I think all of those things need to work in combination to get the business back to where we know its rightful places.

其基礎是我們談到的價值平台，但我們需要在菜單創新上做更多的事情。我們在數位化方面擁有更多的槓桿，當然也能讓我們的行銷像去年一樣發揮更大的作用。我認為所有這些事情需要結合起來，才能讓業務回到我們所知道的正確位置。

Brian Bittner, Oppenheimer.

布萊恩比特納，奧本海默。

Thanks. Good morning. Chris, you said in your prepared remarks that your value leadership gap versus the competition has shrunk. I'm just curious, how are you measuring this gap? What informs you that it has shrunk.

謝謝。早安.克里斯，您在準備好的發言中表示，您與競爭對手的價值領先差距已經縮小。我只是好奇，你是如何衡量這個差距的？什麼告訴你它已經縮小了。

And just secondly, what gives you the confidence you can reignite this gap with value at a time when everyone seems to be getting much more aggressive on value? Is it the success you're seeing with the $5 deal? Or what else is fueling the confidence that this gap can reignite?

其次，當每個人似乎都在價值方面變得更加積極時，是什麼讓您有信心重新點燃這種價值差距？這是您所看到的 5 美元優惠的成功嗎？或者還有什麼因素可以增強人們對這差距能夠重新點燃的信心？

Sure. Thanks for the question. So there's two ways that we measure value. They're both consumer-based surveys, but one is we get to just the overall brand impression and we serving consumers around the world for their brand impression of how McDonald's does on both value and affordability.

當然。謝謝你的提問。所以我們有兩種衡量價值的方法。它們都是基於消費者的調查，但其中之一是我們只獲得整體品牌印象，並且我們為世界各地的消費者提供服務，了解他們對麥當勞在價值和承受能力方面的品牌印象。

Affordability being a more specific thing around, typically price points value being a broader metric that speaks to a number of different things. So it all survey based. Like I said, there's part of it, which is looking at brand image and then we also have a second survey that we do around most recent experience. And that gives us a little bit more of a current snapshot of where we are seeing other consumer.

可負擔性是一個更具體的事物，通常價格點價值是一個更廣泛的指標，涉及許多不同的事物。所以這一切都基於調查。就像我說的，其中一部分是考察品牌形象，然後我們也圍繞著最近的體驗進行了第二次調查。這讓我們對其他消費者的情況有更多的了解。

And it's been particularly on the most recent visit that we're seeing our leadership gap is shrinking, our brand image scores around value and affordability. We still are very strong there and we're seeing those gaps hold up. But on the more recent visit, that we are seeing some of the pressure, some of the decrease, still leading, but that margin may be shrinking, couple of points in a market, for example.

特別是在最近一次訪問中，我們看到我們的領導差距正在縮小，我們的品牌形像在價值和承受能力方面得分。我們在那裡仍然非常強大，我們看到這些差距仍然存在。但在最近的一次訪問中，我們看到了一些壓力，一些下降，仍然領先，但利潤率可能正在縮小，例如市場中的幾個點。

In terms of what gives us confidence about our ability to continue to lead on value, it starts with the fact that for 70 years we bled out value. And for 70 years, we've led on value because it's what the brand stands for. And frankly, we can buy food and paper at a better price than anybody else. So we have an underlying competitive advantage that we can buy at a lower price than anybody else in our industry.

就讓我們對繼續引領價值的能力充滿信心而言，首先是 70 年來我們不斷流失價值。 70 年來，我們一直在價值方面處於領先地位，因為這是品牌所代表的意義。坦白說，我們可以以比其他人更好的價格購買食品和紙張。因此，我們擁有潛在的競爭優勢，我們可以比業內其他任何人以更低的價格購買。

The other thing is the way that the consumer defines value. Yes, there's a price point component to it. But the other thing that we see in all of our value work is that there are intangibles that consumers think about around how they define good value or not.

另一件事是消費者定義價值的方式。是的，它有一個價格點組成部分。但我們在所有價值工作中看到的另一件事是，消費者會圍繞著如何定義良好的價值來思考一些無形的東西。

Things like, for example, how convenient is the restaurant. Things like, for example, how clean the restaurant is. Things like how tasty is the food. Those typically are representing maybe 25% to 30% of consumers value perception. So it's not just about hitting low price points. It's also the overall experience you can deliver.

例如，餐廳有多方便。例如，餐廳的乾淨程度等。例如食物有多好吃。這些通常代表了大約 25% 到 30% 的消費者價值觀念。因此，這不僅僅是為了達到低價點。這也是您可以提供的整體體驗。

And as you've heard us talk about in the past, our restaurant estate is in great shape. Our restaurants are running of strong execution. Service times are improving around the world. The CSAT scores are high. So I think we've got a lot of things from the intangibles that are working in our favor. And as you've heard us talk about on this call, there's other things that we're doing to make sure from a value standpoint, particularly around value platforms and products and price points that we're where the consumer exact expects us to be.

正如您過去聽到我們談論的那樣，我們的餐廳莊園狀況良好。我們的餐廳執行力很強。世界各地的服務時間都在改善。 CSAT 分數很高。所以我認為我們從無形資產中得到了很多對我們有利的東西。正如您在這次電話會議上聽到的那樣，我們正在做其他事情，以確保從價值的角度來看，特別是在價值平台、產品和價格點方面，我們符合消費者的確切期望。

Brian, I might just do two little hooks on Chris's just on that second bit about why we can win. I mean, I just, I wouldn't underestimate the power of the equity we have in some of our menu items that when we get those items priced at the right price point in the current context for consumers, I think that's unique to us to scale and level of marketing dollars we have available as a system that we can direct to support these platforms that we get this as we get them in place is unmatched.

布萊恩，我可能會在克里斯的第二部分關於我們為什麼能獲勝的問題上做兩點小勾引。我的意思是，我只是，我不會低估我們在某些​​菜單項目中所擁有的權益的力量，當我們在當前的環境下以適合消費者的價格點定價這些項目時，我認為這對我們來說是獨一無二的作為一個系統，我們可以直接支援這些平台，我們所擁有的行銷資金的規模和水準是無與倫比的。

And then I'll just double click on one. Chris touched on the experience. I mean, we've talked the last couple of quarters. I think Joe would talk to the fact that our customer satisfaction scores in the US are at kind of an all-time high for this point in the year. We're seeing that pretty consistently around the world.

然後我只需雙擊其中一個即可。克里斯談到了這段經歷。我的意思是，我們過去幾個季度已經討論過。我認為喬會談論這樣一個事實：我們在美國的客戶滿意度得分在今年這個時候處於歷史最高水平。我們在世界各地都經常看到這種情況。

We're getting faster. We're delivering a better experience and when you put all that together, that's what kind of defines value for the consumer. And we certainly are adamant and relentless that we're going to get that out right in each and every market to be in a winning position.

我們越來越快了。我們正在提供更好的體驗，當你把所有這些放在一起時，這就是為消費者定義的價值。我們當然堅定不移，堅持不懈，我們將在每個市場上都做到這一點，從而取得勝利。

Jake Bartlett, Truist.

傑克‧巴特利特，真理論者。

Great. Thanks from taking the question. Mine was just really a clarification on your commentary about recent trends, and that's the US. I think overall, you said that the third quarter starting as the second quarter ended, I just want to make sure that, that's true for the US.

偉大的。感謝您提出問題。我的只是對你對近期趨勢的評論進行澄清，那就是美國。我認為總的來說，你說第三季從第二季結束開始，我只是想確保這一點對美國來說是正確的。

And I guess if that's true, and it would -- I think, implies below what was reported for the second quarter, if that's true in the commentary that the $5 meal is doing, what you hoped, how does that mesh? It seems like the $5 meal you're happy with, but it doesn't seem to have really driven an improvement. Just wanted to make sure I understand the commentary there on recent trends and what's driving it.

我想如果這是真的，我想，這意味著下面第二季度報告的內容，如果評論中說 5 美元的餐食是真的，那麼你希望什麼，這如何吻合？看起來 5 美元的一餐你很滿意，但它似乎並沒有真正帶來改善。只是想確保我理解那裡對最近趨勢及其驅動因素的評論。

That's right, Jake. So we obviously exited the second quarter as we lapped the agreements per day meal and shake with negative comps. And then we have experienced negative comps here in July. The success obviously we've seen is the shift in traffic that we're experiencing.

沒錯，傑克。因此，我們顯然退出了第二季度，因為我們以負補償的方式完成了每日膳食和奶昔的協議。然後我們在七月經歷了負面的補償。我們所看到的成功顯然是我們正在經歷的流量轉變。

And in my 22 years of experience at McDonald's, traffic and guest counts usually comes before sales. And so we've got some exciting, some promotions upcoming here in the second half of the year. And we think that if we can get the traffic moving, you will see customers obviously willing to spend more.

根據我在麥當勞 22 年的經驗，客流量和客人數量通常會先於銷售額。因此，我們將在今年下半年推出一些令人興奮的促銷活動。我們認為，如果我們能讓流量流動，你會看到客戶顯然願意花更多錢。

Remember that the customer that's coming in for the $5 meal deal, they are buying more than just a $5 meal deal because we see that average check at around little over $10. So that's why we feel strongly about how the $5 meal deals connecting in the marketplace and specifically with that and consumer, which has been our opportunity.

請記住，來購買 5 美元餐點優惠的顧客，他們購買的不僅僅是 5 美元餐點優惠，因為我們發現平均支票價格約為 10 美元多一點。這就是為什麼我們對 5 美元餐點如何在市場上建立聯繫，特別是與市場和消費者建立聯繫有強烈的感覺，這一直是我們的機會。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Great. Thanks for taking the question. Maybe just a similar line of thinking in terms of your expectations for store margins for the balance of the year? Obviously, you've got some good guys with respect to inflation coming off, but I think pricing is also rolling off a little bit and now it seems like promotional activity is going to be ramping. So how should we anticipate the impact on store margins both in the US business and the IOM segment for the balance of '24 perhaps into early '25?

偉大的。感謝您提出問題。也許您對今年剩餘時間商店利潤的預期也有類似的想法？顯然，在通貨膨脹方面有一些好人，但我認為價格也有所下降，現在看來促銷活動將會增加。那麼，我們該如何預測 24 年剩餘時間（或許到 25 年初）對美國業務和 IOM 部門的商店利潤率的影響？

Hi, John, it's Ian. Let me try and get that one. We'll look, I think, as you would have seen through the first half, even with more muted at top line growth. Restaurant margins have held up pretty well. Obviously, as you noted, we will take -- or certainly expect to take less pricing through the year, just obviously managing through the current context, wherein we still got a fair bit of carryover pricing from 2023.

嗨，約翰，我是伊恩。讓我試著去拿那個。我想，我們會像你在上半年看到的那樣，即使營收成長更加疲弱。餐廳的利潤保持得相當不錯。顯然，正如您所指出的，我們將採取——或者肯定期望全年採取更少的定價，顯然是在當前環境下進行管理，其中我們仍然從 2023 年開始獲得相當多的結轉定價。

So that's certainly helps a little bit. And as I talked about earlier, certainly inflation on food and paper and other cost items outside of wages, has come down substantially from where it's been over the last couple of years. So that's helpful.

所以這肯定有一點幫助。正如我之前談到的，食品、紙張和工資以外的其他成本項目的通貨膨脹肯定比過去幾年大幅下降。所以這很有幫助。

The US, obviously, as I talked about, we've got the wage pressures, particularly from California. So that's certainly a headwind that we're working through. But -- and I think overall, if you think about the year, I think we certainly expect if I use company operated margins as a proxy for those to be down a little bit from where we ended in 2023. But I think pretty good in terms of where you, when you consider the overall context of what we're working through this year.

顯然，正如我所說，美國面臨著薪資壓力，特別是來自加州。所以這肯定是我們正在努力克服的阻力。但是，我認為總體而言，如果你考慮這一年，我認為如果我使用公司營運利潤率作為代表，我們肯定預計這些利潤率會比 2023 年結束時略有下降。當你考慮我們今年工作的整體背景時，你會發現你所處的位置。

Okay, that concludes our call. Thank you, Chris. Thank you, Ian. Thank you, Joe. Thanks, everyone, for joining. Have a great day.

好的，我們的通話就到此結束。謝謝你，克里斯。謝謝你，伊恩。謝謝你，喬。謝謝大家的加入。祝你有美好的一天。

This concludes McDonald's Corporation investor call. You may now disconnect and have a great day.

麥當勞公司投資者電話會議到此結束。您現在可以斷開連接並度過愉快的一天。