麥當勞 (MCD) 2024 Q3 法說會逐字稿

Hello, and welcome to McDonald's third 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. Scott Meader, Interim Treasurer for McDonald's Corporation. Mr. Meader, you may begin.

您好，歡迎參加麥當勞 2024 年第三季投資者電話會議。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臨時財務主管 Scott Meader 先生。米德先生，您可以開始了。

Good morning, everyone, and thank you for joining us. With me on the call today are Chairman and Chief Executive Officer, Chris Kempczinski; and Chief Financial Officer, Ian Borden. As a reminder, the forward-looking statements in our earnings release and 8-K filing also apply to our comments on the call today.

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；和財務長伊恩·博登。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。

Both of those documents are available on our website as are reconciliations of any non-GAAP financial measures mentioned on today's call, along with their corresponding GAAP measures. Following prepared remarks this morning, we will take your questions. (Event Instructions) Today's conference call is being webcast and is also being recorded for replay via our website. And now I'll turn it over to Chris.

這兩份文件以及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都可以在我們的網站上找到。在今天早上準備好的發言之後，我們將回答你們的問題。 （活動說明）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音重播。現在我將把它交給克里斯。

Thanks, Scott, and good morning, everyone. I look forward to sharing our third quarter performance and the progress we have made on key initiatives against the challenging backdrop for the QSR sector. Before I do that, I want to address the recent E. coli cases related to slivered onions in a handful of US states. While the situation appears to be contained and though it didn't affect Q3 numbers, it's certainly an important development, which I know is on many of your minds.

謝謝斯科特，大家早安。我期待分享我們第三季的業績以及在快餐業充滿挑戰的背景下我們在關鍵舉措上取得的進展。在此之前，我想先談談最近在美國幾個州發生的與洋蔥條有關的大腸桿菌病例。雖然情況似乎得到了控制，並且沒有影響第三季的數據，但這無疑是一個重要的進展，我知道你們很多人都這麼想。

For over 70 years, McDonald's commitment to food safety has been uncompromising. Nothing is more important to us than the safety of our customers, and we've been proud of our industry leadership in this area. The last serious public health issue in the US associated with McDonald's occurred more than 40 years ago. The recent spate of E. coli cases is deeply concerning, and hearing the reports of how this has impacted our customers has been wrenching for us.

70 多年來，麥當勞對食品安全的承諾始終堅定不移。對我們來說，沒有什麼比客戶的安全更重要的了，我們為自己在這一領域的行業領先地位感到自豪。美國上一次與麥當勞相關的嚴重公共衛生問題發生在 40 多年前。最近發生的一系列大腸桿菌病例令人深感擔憂，聽到有關這對我們客戶造成的影響的報告讓我們感到痛苦。

On behalf of the entire system, we are sorry for what our customers have experienced. We offer our sincere and deepest sympathies, and we are committed to making this right. One of our core values is to do the right thing, and that has been and will be our guide as we address the situation. After the CDC first informed us of the investigation, we were able to quickly link the cases identified to slivered onions from one facility at our Taylor Farms supplier.

我們代表整個系統，並對客戶的經歷表示歉意。我們表示誠摯和最深切的同情，並致力於糾正這個問題。我們的核心價值之一是做正確的事，這一直是並將繼續成為我們解決這個問題的指南。在疾病預防控制中心首次通知我們調查情況後，我們能夠快速將發現的病例與泰勒農場供應商的一個設施中的洋蔥條聯繫起來。

We swiftly removed them from our supply chain. We understand from health authorities that slivered onions from Taylor Farms Colorado Springs facility are the likely source of contamination. McDonald's has stopped sourcing onions from this facility indefinitely. Importantly, the Colorado Department of Agriculture confirmed on Sunday that they did not detect E. coli in the samples of beef patties from our restaurants and have no further plans to test.

我們迅速將它們從我們的供應鏈中刪除。我們從衛生當局了解到，科羅拉多斯普林斯泰勒農場工廠生產的洋蔥條可能是污染源。麥當勞已無限期停止從該工廠採購洋蔥。重要的是，科羅拉多州農業部周日證實，他們在我們餐廳的牛肉餅樣本中沒有檢測到大腸桿菌，並且沒有進一步的測試計劃。

This supports our investigation that ruled out Quarter Pounder patties as the source. Based on this information, we are confident we can return Quarter Pounders to menus. On Sunday, we announced that our beef suppliers are producing a new supply of fresh beef patties in the impacted areas, and we expect all restaurants in the US to resume the sale of Quarter Pounders in the coming week.

這支持了我們的調查，排除了四分之一磅肉餅的來源。根據這些信息，我們有信心將四分之一磅重物重新納入菜單。週日，我們宣布我們的牛肉供應商正在受影響地區生產新的新鮮牛肉餅，我們預計美國所有餐廳將在下週恢復四分之一磅牛肉餅的銷售。

We are proud of our franchisees' unwavering commitment to food safety and for executing our stringent food safety procedures. Doing the right thing also means communicating openly and transparently. Our US President, Joe Erlinger, has been regularly sharing updates with the system of the actions we are taking, and Joe will continue to do so as the investigation begins to wind down.

我們為特許經營者對食品安全的堅定承諾以及執行嚴格的食品安全程序感到自豪。做正確的事也意味著公開透明的溝通。我們的美國總統喬·埃林格一直定期與系統分享我們正在採取的行動的最新情況，隨著調查開始結束，喬將繼續這樣做。

As I said at the outset, serving customers safely is our top priority. We'll never compromise on that. I want to thank the health authorities for their strong partnership. I'm relieved that this situation appears to be contained, and I remain confident in the safety of eating at McDonald's. Let's turn now to the update on our performance in Q3.

正如我一開始所說，安全地服務客戶是我們的首要任務。我們永遠不會在這一點上妥協。我要感謝衛生當局的強而有力的合作關係。看到這種情況似乎得到了控制，我感到很欣慰，而且我對在麥當勞就餐的安全性仍然充滿信心。現在讓我們來看看第三季業績的最新情況。

On our last call, we shared the QSR sector had meaningfully slowed in many of our markets with industry traffic declines in several major markets and that consumers, especially those in the low-income category, were choosing to eat at home more often. This trend continued in the third quarter.

在我們上次的電話會議中，我們分享了許多市場的快餐行業顯著放緩，幾個主要市場的行業客流量下降，而且消費者，特別是低收入群體的消費者，更頻繁地選擇在家就餐。這一趨勢在第三季度持續延續。

QSR traffic has remained pressured, reflecting industry-wide challenges. And while we anticipated a challenging environment in 2024, our performance so far this year has fallen short of our expectations. While the QSR industry has slowed, we recognize that there are still many factors within our control to impact performance guided by our Accelerating the Arches strategy.

快餐客流量仍面臨壓力，反映出整個產業面臨的挑戰。儘管我們預計 2024 年將面臨充滿挑戰的環境，但今年迄今的表現並未達到我們的預期。儘管快餐業已經放緩，但我們認識到，在我們的加速拱門策略指導下，仍有許多因素在我們的控制範圍內影響績效。

We're encouraged by signs of progress in the third quarter and the more consistent market share traction we are seeing, especially in the US, which included strong compelling value platforms, which is fundamental to the McDonald's brand promise.

我們對第三季的進展跡象和我們看到的更穩定的市場份額牽引力感到鼓舞，特別是在美國，其中包括強大的引人注目的價值平台，這是麥當勞品牌承諾的基礎。

Menu innovation, which excited our customers with great tasting food; and strong marketing prowess that drove engagement on higher-margin core items. We have spoken before about our customers recognizing us as the value leader versus our key competitors, but our value leadership gap has shrunk.

菜單創新，以美味的食物讓我們的顧客興奮不已；強大的行銷能力推動了高利潤核心產品的參與。我們之前曾說過，我們的客戶認為我們是相對於主要競爭對手的價值領導者，但我們的價值領導者差距已經縮小。

In response, we have moved with urgency in partnership with our franchisees to improve our value offerings in most of our major markets. Some examples that have launched in the quarter are the EUR4 happy meals in France, 3 for GBP3 in the UK. And in Canada, we're providing value to our customers through price pointed coffee starting at just $1.

作為回應，我們緊急與我們的特許經營商合作，以改善我們在大多數主要市場的價值產品。本季推出的一些例子包括：在法國推出 4 歐元的開心樂園餐，在英國推出 3 英鎊的開心樂園餐。在加拿大，我們透過起價僅為 1 美元的定向咖啡為客戶提供價值。

And to provide our customers with simple everyday affordability they can count on, we're employing strategies that are designed to work together to generate sustainable guest talent led growth and increased market share.

為了向我們的客戶提供他們可以信賴的簡單的日常負擔能力，我們正在採用旨在共同努力產生可持續的客座人才主導的成長和增加的市場份額的策略。

As we have said before, we view good value as including both entry-level items and meal bundles at affordable price points. This means offering everyday affordable price menus, or EDAP, in our markets. At McDonald's, we define EDAP as a platform with an assortment of items all priced at compelling, entry-level price points, generally including breakfast, beef, and chicken sandwich options.

正如我們之前所說，我們認為以實惠的價格提供入門級商品和套餐是物有所值的。這意味著在我們的市場上提供日常實惠的價格菜單（EDAP）。在麥當勞，我們將 EDAP 定義為提供各種商品的平台，所有商品均以引人注目的入門級價格點定價，通常包括早餐、牛肉和雞肉三明治選項。

We will pair EDAP platforms with strong meal bundles to provide our customers with entry-level meals at affordable price points. Blending EDAP and meal bundles under a branded value platform allows us to invest in and build recognition and affinity with our customers.

我們將把 EDAP 平台與強大的餐點套餐結合起來，以實惠的價格為我們的客戶提供入門級餐點。在品牌價值平台下混合 EDAP 和餐點套餐使我們能夠投資於客戶並建立認可和親和力。

So when they're thinking about an affordable option for food, we're top of mind, which is why we've been able to capitalize on branded equities like Loose Change in Australia and the Saver platform in the UK for over 10 years.

因此，當他們考慮價格實惠的食品選擇時，我們是首要考慮的，這就是為什麼我們十多年來一直能夠利用澳洲的 Loose Change 和英國的 Saver 平台等品牌股票。

Value and affordability will remain at the forefront of our conversations with markets around the world as we continue to monitor the environment and listen to our customers. We spoke last quarter about our belief that delivering value and affordability in markets will have a positive halo effect on the business, and that's a great segue into the work we've driven across the MCD growth pillar this quarter where we see compounding effects between our value offerings driving traffic and our full margin promotions growing average check.

隨著我們繼續監控環境並傾聽客戶的意見，價值和可負擔性將仍然是我們與世界各地市場對話的首要內容。上個季度我們談到了我們的信念，即在市場上提供價值和可承受性將對業務產生積極的光環效應，這是我們本季度在MCD 增長支柱上推動的工作的一個很好的延續，我們看到我們的價值產品推動流量成長，我們的全額利潤促銷使平均支票不斷增長。

Recently, we launched the Collector's Edition campaign, which brought back some of our most loved keepsakes with a twist, giving fans a memory that they can hold in their hands. Running in over 30 markets, the campaign featured core equities across all dayparts and drove high check, full margin traffic into our restaurants.

最近，我們推出了珍藏版活動，以獨特的方式帶回了一些我們最喜歡的紀念品，為粉絲們提供了可以握在手中的回憶。該活動在 30 多個市場開展，在所有時段都展示了核心股票，並為我們的餐廳帶來了高支票、全額保證金客流量。

Collector's Edition captured our fans' attention, while keeping operations simple and giving customers more reason to purchase core menu items. The campaign drove customers to our restaurants, especially in the US, where the promotion ran alongside the $5 meal deal. Collector's Edition maximize the power and scale of our global brand, while ensuring local flexibility and cultural relevance to connect fans in unexpected ways.

珍藏版吸引了我們粉絲的注意力，同時保持操作簡單，讓顧客有更多理由購買核心菜單項目。該活動吸引了顧客來到我們的餐廳，尤其是在美國，促銷活動與 5 美元餐點優惠同時進行。珍藏版最大限度地發揮了我們全球品牌的力量和規模，同時確保了當地的靈活性和文化相關性，以意想不到的方式與粉絲建立聯繫。

Similarly, the UK&I market leaned into One McDonald's Way for creative excellence by tapping into a winning formula starting in our US market. The UK's near sellout of the Grimace Shake promotion in 48 hours is proof that when we share and scale world-class ideas across markets, we can maximize impact and have our creative work harder for us.

同樣，英國和英國市場也透過利用從美國市場開始的成功模式，向「One McDonald's Way」尋求卓越創意。英國的 Grimace Shake 促銷活動在 48 小時內幾乎售罄，這證明，當我們在各個市場分享和推廣世界一流的創意時，我們可以最大限度地發揮影響力，並讓我們的創意工作更加努力。

Australia also followed suit by bringing Grimace down under at the beginning of October with both the world-famous Grimace Shake and the Grimace Meal. And that same formula, listening to our customers, investing in innovation and pairing that with fresh marketing ideas is working across our core menu offerings as well. We have spoken at length regarding the potential of chicken as a massive category worldwide that's twice the size of beef and growing much faster. There is significant room for us to grow our share.

澳洲也緊隨其後，於十月初將「鬼臉」帶入澳大利亞，推出了世界著名的「鬼臉奶昔」和「鬼臉餐」。同樣的公式，傾聽客戶的聲音，投資於創新，並將其與新鮮的行銷理念結合，也適用於我們的核心菜單產品。我們已經詳細討論了雞肉作為全球範圍內一個龐大類別的潛力，其大小是牛肉的兩倍，而且增長速度更快。我們的份額還有很大的成長空間。

And we're working to meet the moment and take advantage of its growth. We have continued to see strong progress this quarter with the majority of our largest markets growing share. The US took an exciting step to evolve their menu offerings at the beginning of the month with a limited time, full margin offering that has proven successful across several markets in the prior years, the Chicken Big Mac.

我們正在努力迎接這一刻並利用它的發展。本季我們持續取得強勁進展，大多數最大市場的份額都在成長。美國在本月初邁出了令人興奮的一步，推出了限時、全額保證金的菜單產品，這種產品在前幾年的多個市場上都取得了成功，即雞肉巨無霸。

And our plan to scale the McCrispy equity across nearly all our markets by the end of 2025 is on track with the McCrispy Chicken sandwich that is expected to be available in over 70 markets by the end of 2024. Chicken isn't the only focus in our menu innovation efforts. The pilot of our larger burger offering, Big Arch, now in three international markets, Portugal, Germany, and Canada, shows that we're listening to consumer taste and delivering.

我們計劃在 2025 年底將 McCrispy 股權擴大到幾乎所有市場，這一計劃正在順利進行，預計到 2024 年底，McCrispy 雞肉三明治將在 70 多個市場上市。我們推出的大型漢堡產品 Big Arch 現已在葡萄牙、德國和加拿大這三個國際市場進行試點，這表明我們正在傾聽消費者的口味和交付。

We're encouraged by the results showing the Big Arch has universal appeal with sizable opportunity across markets. And thanks to the success of the pilot, we're accelerating plans. And we'll work with franchisees and partners to deploy the Big Arch faster into more international markets in 2025. Finally, as we consider our 4Ds, after a successful pilot of Ready on Arrival, or ROA, in the US, we are working with rest of our top six markets to deploy this technology by the end of 2025.

我們對結果感到鼓舞，這些結果表明大拱門具有普遍的吸引力，並且在各個市場上都有相當大的機會。由於試點的成功，我們正在加快計劃的實施。我們將與特許經營商和合作夥伴合作，在2025 年更快地將Big Arch 部署到更多的國際市場。 ，我們正在與 2025 年底，其餘六大市場將部署該技術。

We know from the US that ROA helps not only with smoother restaurant execution as crew can better sequence in the kitchen, but also drives higher customer satisfaction scores by reducing wait times. And by building one of the largest loyalty programs in the world in just a few years, system-wide sales to loyalty members in the quarter totaled nearly $8 billion globally, with our aim to reach 250 million active users by the end of 2027, well within our reach.

我們從美國了解到，ROA 不僅有助於餐廳更順利地執行，因為工作人員可以更好地在廚房排序，還可以透過減少等待時間來提高客戶滿意度。透過在短短幾年內建立世界上最大的忠誠度計劃之一，本季面向忠誠會員的全系統銷售額在全球範圍內總計近80 億美元，我們的目標是到2027 年底達到2.5 億活躍用戶，在我們力所能及的範圍內。

We continue to demonstrate how markets are getting smarter and closer to the customer by employing a multichannel strategy. We know as we drive loyalty adoption, we increase the frequency of visit and the spend from these customers over time.

我們持續展示市場如何透過採用多通路策略變得更加智慧、更貼近客戶。我們知道，隨著我們推動忠誠度的採用，我們會隨著時間的推移增加這些客戶的訪問頻率和支出。

Despite the external challenges we are facing, the bright spots we see in execution and performance are clear indications that Accelerating the Arches is the right strategy to grow our business over the long term. We know we have more work to do to sustain guest count-led growth and continued market share gains, but I am very confident in our growth strategy and our ability to deliver outstanding execution for our customers. Now I'll turn it over to Ian.

儘管我們面臨外部挑戰，但我們在執行和績效中看到的亮點清楚地表明，加速拱門是長期發展我們業務的正確策略。我們知道，要維持以客人數量為主導的成長和市場份額的持續成長，我們還有更多工作要做，但我對我們的成長策略以及為客戶提供出色執行力的能力非常有信心。現在我將把它交給伊恩。

Thanks, Chris, and good morning, everyone. We acknowledge that our performance so far this year has fallen short of expectations, with negative global comp sales for the quarter amid a challenging industry environment.

謝謝克里斯，大家早安。我們承認，我們今年迄今的業績未達預期，在充滿挑戰的產業環境下，本季全球公司銷售額為負。

However, US comp sales were positive for the third quarter, which was driven by taking action on what we can control, providing compelling value, generating menu excitement, and using the full power of our marketing.

然而，第三季美國公司的銷售額呈正成長，這是由於我們在我們可以控制的範圍內採取行動，提供令人信服的價值，產生令人興奮的菜單，並充分利用我們的行銷力量。

As a result, the US outperformed the QSR industry comp sales and comp guest counts for the quarter. In fact, this quarter's comp guest count gap to most near-end competitors was the highest since the first quarter of 2023.

因此，美國本季的表現優於 QSR 產業的銷售額和賓客人數。事實上，本季的賓客人數與大多數近端競爭對手的差距是自 2023 年第一季以來的最高水準。

This was achieved through a combination of more compelling value through the $5 meal deal, alongside great marketing, such as the Collector's Edition campaign, which delivered a significant increase in average check for its two-week run before selling out.

這是透過 5 美元套餐帶來的更具吸引力的價值與出色的營銷相結合來實現的，例如收藏版活動，該活動在售完之前的兩週內使平均支票顯著增加。

Consistent with what Joe said last quarter, we wanted to see three things from the $5 meal deal, first, improved brand perceptions around value and affordability; second, making sure it connected with a single user, especially the lower-income consumer; and third, a shift in guest counts to drive both the short and long-term health of our business.

與 Joe 上季度所說的一致，我們希望從 5 美元的餐點交易中看到三件事：第一，改善品牌對價值和可負擔性的認知；其次，確保它與單一用戶，尤其是低收入消費者建立聯繫；第三，客人的變化有助於推動我們業務的短期和長期健康發展。

The $5 meal deal has done just that and continue drawing customers back into our restaurants throughout the quarter, maintaining an average check north of $10 and being profitable for our franchisees. We saw increased traction, particularly with low-income consumers, successfully growing traffic share with this group for the first time in over a year.

5 美元的餐點交易就做到了這一點，並在整個季度繼續吸引顧客回到我們的餐廳，將平均支票維持在 10 美元以上，並為我們的特許經營商帶來利潤。我們看到了吸引力的增加，特別是低收入消費者的吸引力，一年多來首次成功增加了該群體的流量份額。

That is why, together with our US franchisees, we've committed to extending the $5 meal deal into December as we work towards sustainable guest count-led growth. Looking forward, our US leadership team is solidifying the details behind the future US value platform, working together with our franchisees to get it right for our customers by blending the best thinking from around the world as well as our own history in the US.

因此，我們與我們的美國特許經營商一起致力於將 5 美元餐點優惠延長至 12 月，努力實現以客人數量為主導的可持續增長。展望未來，我們的美國領導團隊正在鞏固未來美國價值平台背後的細節，與我們的特許經營商合作，透過融合世界各地的最佳思維以及我們在美國的歷史，為我們的客戶提供合適的平台。

We have plans to introduce the more holistic US value platform in quarter one next year. While value has been at the forefront of conversations, we have remained laser-focused on running great restaurants. We ignited our restaurant crews' competitive spirit in the US by running competitions aimed to increase guest counts, improve the speed of service and refine our digital execution, and it worked.

我們計劃在明年第一季推出更全面的美國價值平台。雖然價值一直是討論的焦點，但我們仍然專注於經營一流的餐廳。我們透過舉辦旨在增加客人數量、提高服務速度和完善數位化執行力的競賽，激發了美國餐廳工作人員的競爭精神，並且效果顯著。

The US customer satisfaction scores reached an all-time high, and service times at the drive thru have dropped by double digits compared to last year. This focus on operational excellence was also true internationally, where across all big five IOM markets, we increased customer satisfaction scores compared to last year.

美國顧客滿意度分數創歷史新高，得來速服務時間與去年相比下降了兩位數。這種對卓越營運的關注在國際上也是如此，在所有五個 IOM 市場中，與去年相比，我們的客戶滿意度得分均有所提高。

And while we will continue to focus on ensuring we have the right price points for our customers, we will not forget about all of the intangibles that create great value, knowing that providing a great experience, particularly now, is fundamental. Turning to our international business, our internationally operated market comp sales were negative for the quarter, reflective of the contracting QSR industry, where customers continue to be more intentional with the dollars they spend, mostly driven by France and the UK.

雖然我們將繼續專注於確保為客戶提供合適的價格，但我們不會忘記所有創造巨大價值的無形資產，因為我們知道提供良好的體驗（尤其是現在）至關重要。談到我們的國際業務，本季我們國際營運的市場銷售收入為負，這反映了 QSR 產業的萎縮，客戶在消費方面繼續更加謹慎，這主要是由法國和英國推動的。

While we continue to have opportunity on value and affordability in France, we have started to see signs of improvement in market trends since the launch of the McSmart menu. We also know that we have an opportunity with families. And the EUR4 happy meal, which commenced in late August, is providing an uplift to that category.

雖然我們在法國繼續擁有價值和承受能力方面的機會，但自從 McSmart 菜單推出以來，我們已經開始看到市場趨勢改善的跡象。我們也知道我們有機會與家人在一起。 8 月下旬推出的 4 歐元快樂大餐正在提升這一類別。

We are working at pace with our franchisees in IOM markets to offer everyday affordable price menus coupled with entry-level meal bundles as we are not consistently delivering both in all markets today. We will continue to take a forensic approach to evaluating our offerings, acting with agility to ensure we are delivering against the expectations of our customers. We are beginning to see progress.

我們正在與 IOM 市場的特許經營商合作，提供日常實惠的價格菜單以及入門級餐包，因為我們目前並未在所有市場上一致地提供這兩種服務。我們將繼續採取取證方法來評估我們的產品，敏捷地採取行動，以確保我們的交付不辜負客戶的期望。我們開始看到進展。

For example, in the UK and Germany, we have grown traffic share in environments that have further deteriorated since Q2. The UK drove excitement amongst customers by providing compelling value propositions across all occasions with the return of the 3 for GBP3 menu, by providing a GBP 2.79 breakfast bundle and by capitalizing on consumer excitement through the launch of the Grimace Shake discussed earlier.

例如，在英國和德國，我們在自第二季以來進一步惡化的環境中增加了流量份額。英國透過在所有場合提供引人注目的價值主張（3 英鎊菜單的回歸）、提供 2.79 英鎊的早餐套餐以及透過推出前面討論的 Grimace Shake 來充分利用消費者的興奮感，激發了消費者的熱情。

And being further inspired by the success seen in the US, the UK recently launched a GBP5 meal bundle to further strengthen value positioning. And in Germany, we saw another great example of layering on a full margin item with the Big Arch pilot on top of an already successful McSmart platform, providing halo effects to the business.

受到美國成功的進一步啟發，英國最近推出了 5 英鎊的套餐，以進一步強化價值定位。在德國，我們看到了另一個很好的例子，在已經成功的 McSmart 平台上使用 Big Arch 試點，對全利潤項目進行分層，為業務帶來光環效應。

And building upon McSmart's success, Germany enhanced this platform with the launch of an expanded McSmart menu at the end of September. This extended the range of affordable meal bundle options at different price points to meet our customers where they are. And we are seeing a strong initial consumer response and positive incrementality.

在 McSmart 成功的基礎上，德國於 9 月底推出了擴展的 McSmart 菜單，增強了該平台。這擴大了不同價位的實惠套餐選擇範圍，以滿足我們客戶的需求。我們看到消費者最初的強烈反應和積極的增量。

And in our IDL segment, positive comp sales in Latin America were offset by the impact from the ongoing war in the Middle East as well as performance in China continuing to be negatively impacted by weaker consumer sentiment and spending. As we have stated before, as long as the war in the Middle East continues, we expect our business to continue to be impacted.

在我們的 IDL 部門，拉丁美洲的積極銷售被中東持續戰爭的影響以及中國的業績繼續受到消費者信心和支出疲軟的負面影響所抵消。正如我們之前所說，只要中東戰爭持續下去，我們預期我們的業務就會繼續受到影響。

Turning to the P&L, adjusted earnings per share was $3.23 for the quarter, an increase compared to the prior year of about 1% in constant currencies. Despite the pressured consumer spending environment we've discussed this morning, top line results generated over $3.8 billion in restaurant margin for the quarter, and our year-to-date adjusted operating margin of nearly 47% highlights the durability of our business model.

就損益表而言，本季調整後每股收益為 3.23 美元，以固定匯率計算，較上年增長約 1%。儘管我們今天早上討論了消費者支出環境面臨的壓力，但本季的營收結果使餐廳利潤超過38 億美元，而我們年初至今調整後的營業利潤率接近47%，凸顯了我們業務模式的持久性。

Results for the quarter reflected lower G&A spend, primarily due to lower incentive-based costs and continued prioritization around current year run the business spend. We continue to invest in our strategic transformation efforts, focused on forward-looking investments that will drive long-term growth and efficiency. As expected, results also reflected higher interest expense.

本季度的業績反映了一般管理支出的減少，這主要是由於基於激勵的成本降低以及圍繞本年度業務支出的持續優先考慮。我們繼續投資於策略轉型工作，重點關注將推動長期成長和效率的前瞻性投資。正如預期的那樣，業績也反映出利息支出的增加。

And we now expect the company's interest expense to increase by approximately 11% for the full year, and our adjusted effective tax rate for the quarter was about 21%. With respect to the remainder of the year, we are reaffirming the other aspects of our financial outlook for 2024 under the assumption that the public health situation that Chris spoke to upfront will not have a material impact to our business.

我們現在預計公司全年利息支出將成長約11%，我們調整後的本季有效稅率約為21%。對於今年剩餘時間，我們重申 2024 年財務前景的其他方面，前提是克里斯預先談到的公共衛生狀況不會對我們的業務產生重大影響。

And finally, in September, our Board of Directors approved a 6% dividend increase to the equivalent of $7.08 per share annually. This marked the 48th consecutive dividend increase, reinforcing our continued confidence in the Accelerating the Arches growth strategy and our ability to continue to drive long-term profitable growth for all stakeholders.

最後，在 9 月份，我們的董事會批准將股息增加 6%，相當於每年每股 7.08 美元。這標誌著連續 48 次增加股息，增強了我們對加速拱門成長策略的持續信心，以及我們繼續為所有利害關係人推動長期獲利成長的能力。

We remain consistent in our commitment to our capital allocation priorities, first, to invest in opportunities to grow the business and drive strong returns; and second, returning remaining free cash flow to shareholders over time through our dividend and share repurchases. And with that, let me turn it back over to Chris.

我們始終堅持對資本配置優先事項的承諾，首先，投資於發展業務並帶來豐厚回報的機會；其次，隨著時間的推移，透過股利和股票回購將剩餘的自由現金流返還給股東。接下來，讓我把它轉回給克里斯。

Thank you, Ian. One of the things we're known for is our ability to innovate and grow our business at an unmatched scale, while still using our influence to help have a positive impact on the communities in which we operate. Giving back has been a celebrated part of McDonald's culture since the beginning. In the wake of Hurricanes Helene and Milton, it has been incredibly challenging across the Southeast US.

謝謝你，伊恩。我們聞名的一件事是我們能夠以無與倫比的規模進行創新和發展業務，同時仍利用我們的影響力來幫助對我們經營所在的社區產生積極影響。自成立以來，回饋社會一直是麥當勞文化的重要組成部分。在颶風海倫和米爾頓之後，美國東南部地區面臨著難以置信的挑戰。

As a system, we will be contributing more than $2 million in direct and in-kind aid, which includes crew relief efforts and serving roughly 50,000 free hot meals to our most impacted communities across North Carolina, Georgia, and Florida. Thank you to our franchisees, suppliers, and everyone across the entire system for doing all they can to help those impacted in those areas.

作為一個系統，我們將提供超過 200 萬美元的直接援助和實物援助，其中包括船員救援工作，並向北卡羅來納州、喬治亞州和佛羅裡達州受影響最嚴重的社區提供約 50,000 份免費熱餐。感謝我們的特許經營商、供應商以及整個系統中的每個人竭盡全力幫助這些地區受影響的人們。

Furthermore, I'm extremely proud of the work the McDonald's system does on a daily basis to prioritize driving change toward a more sustainable and inclusive future. Recently, we shared that in 2023, we reduced barriers to employment for 2.2 million young people and communities around the world through training programs and job opportunities, two years ahead of schedule.

此外，我對麥當勞系統每天所做的工作感到非常自豪，這些工作優先考慮推動變革，邁向更永續和包容的未來。最近，我們分享了到2023年，我們透過培訓計劃和就業機會為全球220萬年輕人和社區減少就業障礙，比原計劃提前兩年。

And we raised $53 million in 2023 through our roundup for the Ronald McDonald House Charities program. In fact, this year, we are celebrating the charity's 50th anniversary. Whether it's charitable contributions across all three legs of this stool and from customers volunteering at more than 250 local chapters or product promotions benefiting the charity, the impact of RMHC and McDonald's partnership over the past five decades is profound.

2023 年，我們透過麥當勞叔叔之家慈善計畫籌集了 5,300 萬美元。事實上，今年我們正在慶祝該慈善機構成立 50 週年。無論是凳子所有三個腿的慈善捐款，還是來自 250 多個當地分會的顧客志願者，還是有利於慈善機構的產品促銷，RMHC 和麥當勞在過去 50 年的合作關係產生了深遠的影響。

And we are proud to be its founding and forever partner. When our system works together to put our customers and communities first, there are few things we can't achieve. McDonald's is not a stranger to adversity, but we have always risen to the challenge and come out stronger as a business.

我們很自豪能夠成為其創始者和永遠的合作夥伴。當我們的系統共同努力將客戶和社區放在第一位時，幾乎沒有什麼事情是我們無法實現的。麥當勞對逆境並不陌生，但我們總是迎接挑戰，並作為一家企業變得更強大。

While there is still work to be done, when we execute with precision whether through a sharp focus on delivering great value or by staying culturally relevant with global campaigns like Collector's Edition, we do succeed, even in tough environments. This is why I am confident that Accelerating the Arches is fit for purpose, and we have the right plan in place to make our restaurants and company stronger than ever. And with that, we can transition to Q&A.

雖然仍有工作要做，但當我們精確執行時，無論是透過專注於提供巨大價值，還是透過與珍藏版等全球活動保持文化相關性，即使在艱難的環境中，我們也確實取得了成功。這就是為什麼我相信加速拱門是符合目的的，我們制定了正確的計劃來使我們的餐廳和公司比以往任何時候都更強大。這樣，我們就可以過渡到問答。

(Operator Instructions)

（操作員說明）

David Palmer, Evercore.

大衛·帕爾默，Evercore。

It should probably be said that you had done a great job in those four months leading up to this food safety issue and really stabilizing traffic with the [4 for $5]. A lot of this might have seemed unlikely back in May or June. And then it seemed like you're really reinflating the check with the Chicken Big Mac. So obviously, a shame on many levels that this has gone down like this.

也許應該說，在導致這個食品安全問題的四個月裡，你們做得很好，並且透過 [4 美元 5] 真正穩定了交通。在五月或六月，很多事情似乎不太可能發生。然後看起來你真的用雞肉巨無霸給支票重新充氣。很明顯，這件事在很多層面上都是一種恥辱，事情就這樣惡化了。

But I guess the question now is, how can you adjust? How can you help the consumer move on from a marketing stance and maybe a plan going forward? I know you're not going to, on a public call, share your monthly plans here. But what are some of the things that you can do or have done in situations like this to help improve the trajectory in sales and help the consumer move on after these food safety headlines?

但我想現在的問題是，你該如何調整？您如何幫助消費者從行銷立場和未來計劃中繼續前進？我知道您不會在公開電話會議上在這裡分享您的每月計劃。但是，在這種情況下，您可以做或已經做了哪些事情來幫助改善銷售軌跡並幫助消費者在這些食品安全頭條新聞之後繼續前進？

David, it's Chris. Thanks for the question. And let me just say again that we are certainly very sorry if someone got sick at our restaurant for eating an onion that we used on our QPC. And I am relieved that I think we are now past this and on the road to getting back to serving our customers as we are used to doing. I think you raised an important point, which is how do we make sure that we are reinforcing the trust that we've earned over the years with our customers on food safety.

大衛，是克里斯。謝謝你的提問。讓我再說一遍，如果有人在我們餐廳因為吃了我們在 QPC 上使用的洋蔥而生病，我們當然非常抱歉。我感到欣慰的是，我認為我們現在已經克服了這一點，並且正在重新像我們習慣的那樣為客戶提供服務。我認為您提出了一個重要的觀點，那就是我們如何確保加強我們多年來贏得的客戶對食品安全的信任。

And I'd say it starts with how we've handled this issue. And I think as you've seen, we have tried to be very transparent on this issue. We worked very collaboratively with the health authorities, and we took very swift and decisive actions.

我想說，這要從我們處理這個問題的方式開始。我認為正如你所看到的，我們試圖在這個問題上保持非常透明。我們與衛生當局密切合作，並採取了非常迅速和完美的行動。

So I think the first thing is just how we've handled the issue. Now that we're moving and we view it as being behind us, you're bringing up the second point, which is how do we get the momentum back in the business that we clearly saw leading up to this very unfortunate event. And I think there's a variety of things there. I think certainly, we're seeing success with the $5 meal deal.

所以我認為首先是我們如何處理這個問題。現在我們正在行動，我們認為它已經過去了，你提出了第二點，那就是我們如何恢復業務的勢頭，我們清楚地看到導致這一非常不幸的事件。我認為那裡有各種各樣的東西。我認為，我們確實看到了 5 美元餐費的成功。

We're going to have food innovation. As well in Q4, we're going to continue to be driving digital. And I think we stand ready to do more if we need to, to make sure that we are bringing the full resources of McDonald's to bear to reengage that customer.

我們將進行食品創新。與第四季一樣，我們將繼續推動數位化。我認為，如果需要的話，我們隨時準備好採取更多行動，以確保我們充分利用麥當勞的資源來重新吸引該客戶。

So you saw out of COVID, we made some moves and we did some things to make sure that we could reengage the customer. And if we have to make some of those same moves in the US, we're prepared to do that. So I think it's going to be a combination of getting back to what was working prior to this very unfortunate event and then supplementing it as needed with additional activity to make sure that we get that customer back into the restaurants.

所以你看到，在新冠疫情期間，我們採取了一些行動，做了一些事情來確保我們能夠重新吸引客戶。如果我們必須在美國採取一些同樣的舉措，我們也準備好這樣做。因此，我認為這將是一個結合，首先要回到這個非常不幸的事件之前的工作狀態，然後根據需要通過額外的活動來補充它，以確保我們讓顧客回到餐廳。

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

The question is on value, and I want to position it in a way that, in certain cases, McDonald's has talked about kind of one global solution to certain platforms. I think about the McCrispy, which is a global product. But value was something that was expressed within countries. And even within a country, in a lot of cases, it's actually dependent on the app to communicate value on a personalized level to customers.

問題在於價值，我想以一種方式來定位它，在某些情況下，麥當勞已經談到了針對某些平台的全球解決方案。我想到了 McCrispy，這是一款全球產品。但價值是在國家內部表達的。即使在一個國家/地區內，在許多情況下，它實際上也依賴應用程式向客戶傳達個人化的價值。

Now tell me if I'm wrong, but I do sense a shift that value will kind of be communicated more on a global basis with items under a certain price point and combos, what have you. And that does seem to be a fairly significant shift back to what we were talking about in the past one to two years ago.

現在告訴我我是否錯了，但我確實感覺到一種轉變，即價值將在全球範圍內通過特定價格點和組合下的物品進行更多的傳達，你有什麼。這似乎確實是一個相當重大的轉變，回到了我們過去一兩年前所討論的情況。

So I guess, just relative to your expectations, what really did change from a value perspective that we're kind of thinking about more global solutions at this point? And can we get to a point when the app is really the driver of the value in the future? Or is that something that is just going to take a little bit more time to come?

所以我想，相對於您的期望，從價值角度來看，我們目前正在考慮更多全球解決方案，真正發生了什麼變化？我們能否達到應用程式真正成為未來價值驅動力的程度？或者這只是需要更多時間才能實現？

Hi, John, it's Chris. Thanks for the question. It gives me an opportunity to just clarify. I can tell you absolutely, categorically, positively, value is done at the market level. We do not come up with global value solutions that then get top down out to the market. It's something that's very core to this business, which is value, as you pointed out, is inherently a local decision because of the local competitive set, things going on in that country.

嗨，約翰，我是克里斯。謝謝你的提問。這給了我一個澄清的機會。我可以絕對、肯定、肯定地告訴你，價值是在市場層面完成的。我們不會提出全球價值解決方案，然後自上而下地推向市場。這是這項業務的核心內容，正如您所指出的，價值本質上是一個本地決定，因為當地的競爭環境以及該國正在發生的事情。

So this has been and will continue to be something that is driven at the market level. I think maybe what you're seeing is we are getting better at sharing frameworks and strategies that are working. And when we find something that's working in one market, certainly, it would be -- we'd be remiss if we didn't share that learning and opportunity with other markets to pick up on.

因此，這已經並將繼續是市場層面驅動的事情。我想也許你看到的是我們在共享有效的框架和策略方面做得越來越好。當然，當我們發現某些東西在一個市場中有效時，如果我們不與其他市場分享這種學習和機會，那就是我們的失職。

So that's where you've seen things like McSmart that's been picked up by a number of different markets, but with the execution varying underneath that. So I think the way I would look at it is we have a global framework on how we think about value and there's a number of different ways to deliver value. We talk about you need to have a strong EDAP platform, which means entry-level price points that can bring the consumer into the restaurant.

因此，您可以看到像 McSmart 這樣的產品已被許多不同的市場採用，但其執行情況卻有所不同。因此，我認為我的看法是，我們有一個關於如何思考價值的全球框架，並且有許多不同的方式來提供價值。我們談到你需要有一個強大的 EDAP 平台，這意味著可以將消費者帶入餐廳的入門價格點。

You also need to have meal deal programs that would be like the $5 meal deal that you saw in the -- that you're seeing currently in the US. And then you can overlay on top of that in-app offers, promotions, other things like that. So that would sort of be the general framework of how we think about value and what we have learned through all of our experience on what works. But how that gets applied is very much left at the market level.

您還需要製定膳食優惠計劃，就像您目前在美國看到的 5 美元膳食優惠一樣。然後您可以疊加應用程式內優惠、促銷或其他類似內容。因此，這將是我們如何思考價值以及我們透過所有有效經驗所學到的知識的總體框架。但如何應用這很大程度取決於市場層面。

And maybe just a build, John, to Chris' points, which I think just because you talked about digital, digital certainly continues to grow in importance, but it's still a minority of our customers. And obviously, over the mid- to long term, digital will become a much bigger part.

約翰，克里斯的觀點可能只是一個構建，我認為正是因為你談到了數位化，數位化的重要性肯定會繼續增長，但它仍然只占我們客戶的一小部分。顯然，從中長期來看，數位化將成為更重要的部分。

And then we'll obviously bring value to life at an individual level with a lot of data and insights, which allow us to really effectively target value that's most relevant for that individual consumer. But I think it's still going to be quite a while where front counter value, so to speak, is going to continue to be important. And obviously, right now, that's the area of greatest opportunity and why we're focused on getting that right as Chris talked to.

然後，我們顯然將透過大量數據和見解在個人層面上為生活帶來價值，這使我們能夠真正有效地瞄準與個人消費者最相關的價值。但我認為，可以說，前台價值在相當長的一段時間內仍將繼續發揮重要作用。顯然，現在這是機會最大的領域，也是我們像克里斯所說的那樣專注於實現這一目標的原因。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Great. I just wanted to come back to any additional insights on the public health situation. I know you mentioned not expecting it to have a material impact on the business. Just if anything, either kind of on latest trajectory, anything on expectations going forward if I interpreted that comment correctly or any other financial implications to call out here?

偉大的。我只是想回到有關公共衛生狀況的任何其他見解。我知道您提到不希望它對業務產生重大影響。如果有的話，無論是在最新的軌跡上，還是在我正確解釋該評論的情況下，對未來的預期有什麼影響，或者在這裡指出的任何其他財務影響？

Dennis, it's Ian. Let me deal with that one. And I think it's a good question and obviously one that I think is important to answer. So just bear with me for a couple of minutes because I just want to give some upfront context, and then I'll get back to specifically what you asked. I think our US business has done a really nice job of kind of responding to the heightened expectations from customers around value and affordability with the $5 meal.

丹尼斯，我是伊恩。讓我來處理一下那個。我認為這是一個很好的問題，而且顯然我認為回答這個問題很重要。請耐心聽我幾分鐘，因為我只想先提供一些背景信息，然後我會具體回答您所問的內容。我認為我們的美國業務做得非常好，滿足了顧客對 5 美元餐的價值和承受能力的更高期望。

And then as Chris talked about, really combining that with great marketing execution through things like the Collector's Edition or as we saw in early October, LTO events or menu excitement like the Chicken Big Mac. And that's where we kind of get that one plus one equal to three outcome, which is more customers visiting and more of those customers spending more in those visits, driving check and, obviously, profitability.

然後，正如克里斯所說，透過珍藏版或我們在 10 月初看到的 LTO 活動或雞肉巨無霸等令人興奮的菜單，真正將其與出色的行銷執行相結合。這就是我們得到一加一等於三的結果的地方，即更多的客戶來訪，更多的客戶在這些訪問中花費更多，從而推動支票，顯然也提高了盈利能力。

We talked about in the opening remarks that the US has significantly outperformed the QSR industry with comp guest count and traffic gaps at their highest point since the beginning of '23. And then we also talked about that $5 meal doing exactly what we had kind of set out to have it achieve.

我們在開場白中談到，美國的餐飲業表現明顯優於 QSR 產業，其客流量和客流量差距均達到 23 年初以來的最高點。然後我們還談到了那頓 5 美元的飯菜完全符合我們的預期。

Two of those things that I think are really important is for the first time in over a year, we gained share with lower-income consumers. And we also saw that customers that were buying that $5 meal were also visiting us more frequently.

我認為其中真正重要的兩件事是一年多來我們第一次獲得了低收入消費者的份額。我們還發現，購買 5 美元餐點的顧客也更頻繁地來訪我們。

So if you think about us getting back to guest count-led growth, I think, certainly, those things were starting to come to life. We ended the third quarter on an upward trajectory in the US business. And then obviously, we started our Chicken Big Mac LTO on October 10.

因此，如果你考慮我們回到以客人數量為主導的成長，我想，當然，這些事情已經開始成為現實。我們的美國業務在第三季結束時呈上升趨勢。顯然，我們在 10 月 10 日開始了雞肉巨無霸 LTO。

And I would say if you looked at just the first three weeks of October in the US business, we had comp sales of close to mid-single-digit positive and comp guest counts positive just a little bit below that. So a really strong start to -- a really strong finish to the end of the third quarter, a really strong start to the fourth quarter when you consider that we were still operating in a very challenging broader industry context.

我想說的是，如果你只看一下 10 月前三週的美國業務，我們的同業銷售額接近中個位數，而同業賓客人數略低於這個數字。因此，當你考慮到我們仍然在一個非常具有挑戰性的更廣泛的行業環境中運營時，第三季末的一個非常強勁的開局，第四季度的一個非常強勁的開局。

I think, of course, as you would expect, there's been an impact in the US business as a result of the food safety incident. And that positive momentum that I just talked about, we saw that shift to kind of having daily negative sales and guest count results since the beginning of the food safety incident.

當然，我認為，正如你所預料的那樣，食品安全事件對美國商業造成了影響。我剛才談到的正面勢頭，自食品安全事件開始以來，我們看到了每日銷售額和客人數量結果出現負數的轉變。

I think as Chris talked about, our focus has been on, obviously, moving swiftly and decisively, working closely with all the relevant health authorities to protect consumers, getting to a clear understanding of the root cause and obviously trying to bring clarity for everyone as quickly as we could.

我認為正如克里斯所說，我們的重點顯然是迅速而果斷地採取行動，與所有相關衛生當局密切合作以保護消費者，清楚地了解根本原因，並顯然試圖讓每個人都清楚盡快。

And certainly, now that, that's been addressed, as you heard Chris talk about, we're working to kind of get Quarter Pounders back on our menus in all of the limited number of restaurants that were impacted. I think what I would say is we certainly believe the most significant events are behind us, and the work to do right now is focused on restoring consumer confidence, getting our US business back to that strong momentum that I just talked about. And I think we're really confident in our ability to do that.

當然，既然這個問題已經解決，正如你聽到克里斯所說的那樣，我們正在努力讓四分之一磅重的食物重新出現在所有受到影響的有限餐廳的菜單上。我想我想說的是，我們當然相信最重要的事件已經過去，現在要做的工作重點是恢復消費者信心，讓我們的美國業務恢復到我剛才談到的強勁勢頭。我認為我們對我們做到這一點的能力非常有信心。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Just maybe to follow on the last comments, Ian, and maybe Chris can comment on this. With respect to the advertising message that you're thinking about over the next three to six months, a lot of it's been focused on value. And you've had success there and some great initiatives.

也許只是跟進最後的評論，伊恩，也許克里斯可以對此發表評論。關於您在未來三到六個月內考慮的廣告訊息，其中許多都集中在價值上。你們在那裡取得了成功並採取了一些偉大的舉措。

But I'm wondering if you think some of those dollars are going to need to be allocated toward a message about the brand and restoring sort of the confidence in the brand fundamentals as opposed to being so focused on value and product initiatives at least in the near term.

但我想知道您是否認為其中一些資金需要分配給有關品牌的信息並恢復對品牌基本面的信心，而不是至少在市場上如此專注於價值和產品計劃近期。

Yeah. Thanks, David. We're going to do what we need to do to get the growth back into the business. And certainly, if there's an aspect of that which is around reassuring the public, we're prepared to do that. I think I don't view it as an or, I view it as an and. I think we can do both.

是的。謝謝，大衛。我們將採取我們需要做的事情來讓業務恢復成長。當然，如果有一個方面是為了讓公眾放心，我們準備這樣做。我認為我不將其視為“或”，而是將其視為“與”。我認為我們可以兩者兼得。

I think we can make sure that we're communicating the steps that we've taken and if there is lingering unease out there to be able to address that. At the same time, I think we can also continue to be driving value. And I think we can be driving marketing news.

我認為我們可以確保我們正在傳達我們已經採取的步驟，以及是否存在揮之不去的不安，以便能夠解決這個問題。同時，我認為我們還可以繼續推動價值。我認為我們可以推動行銷新聞。

And so one of the things about McDonald's is we have, I think, ample resources to address whatever the business opportunity is. And we're prepared to do that. I know the US team right now is actually, over the next couple of days, engaging with our franchisees thinking about what our plans need to look like, and I'm sure this will be a topic of conversation. But we're going to do what we need to do to make sure we've got -- get the momentum back in the business.

因此，我認為，麥當勞的一大特點是，我們擁有充足的資源來應對任何商業機會。我們準備這樣做。我知道美國團隊現在實際上正在與我們的特許經營商接觸，思考我們的計劃需要是什麼樣子，我相信這將成為討論的話題。但我們將做我們需要做的事情，以確保我們已經恢復業務勢頭。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

I appreciate the comments just kind of on the US recently. I guess, some of the other pieces in 4Q, and I know you're kind of sticking to the overall annual guidance for the most part. Should we infer though that there is -- you are seeing kind of some traction in IOM and IDL, and you think that there can be some sales momentum there as we go into the fourth quarter? Do you think that SG&A is still kind of similarly favorable as we saw in 3Q? And just any other kind of key moving parts as we think about the last quarter of the year?

我很欣賞最近對美國的評論。我想，第四季度的其他一些內容，我知道你們在很大程度上堅持整體年度指導。我們是否應該推斷，您看到了 IOM 和 IDL 的一些吸引力，並且您認為當我們進入第四季度時，那裡可能會有一些銷售動力？您認為 SG&A 仍然像我們在第三季看到的那樣有利嗎？當我們想到今年最後一個季度時，還有其他類型的關鍵活動部件嗎？

Yeah. Thanks, Brian. So I think a couple of things. I think on -- in the IOM markets, as you heard us talk about in our upfront remarks, the industry environment remains challenging. There's no doubt about that. I think consumers are under pressure. The industry is contracting in a number of our largest IOM markets. And in fact, that contraction worsened in the third quarter in several of those markets.

是的。謝謝，布萊恩。所以我想有幾件事。我認為，在 IOM 市場，正如您在前面的評論中聽到的那樣，行業環境仍然充滿挑戰。毫無疑問。我認為消費者是有壓力的。我們許多最大的 IOM 市場的產業正在萎縮。事實上，其中幾個市場的收縮在第三季進一步惡化。

Obviously, as a result of that, I think consumers continue to be discerning with where, with whom they're spending money. And some of those consumers are certainly choosing to eat out more often. I think the consumers -- I think while there's broad consumer pressure, I think certainly lower income consumers and families are consumers that are under more acute kind of pressures, I think, on disposable income, obviously, two really important parts of our consumer base.

顯然，因此，我認為消費者會繼續辨別他們在哪裡、和誰一起花錢。其中一些消費者肯定會選擇更頻繁地外出用餐。我認為消費者——我認為雖然存在廣泛的消費者壓力，但我認為低收入消費者和家庭肯定是承受更嚴重壓力的消費者，我認為，在可支配收入方面，顯然，這是我們消費者基礎的兩個非常重要的部分。

I think for all of those reasons, that's why obviously we have such a heightened focus on value and affordability and making sure we get that right for the context we're in each and every one of our markets. I think the US results are a really strong data point that when we get that right, get that value and affordability proposition right, we're going to win in the environment we're in.

我認為出於所有這些原因，這就是為什麼我們如此高度關注價值和可負擔性，並確保我們在每個市場的背景下都能做到這一點。我認為美國的結果是一個非常強大的數據點，當我們正確地提出正確的價值和可負擔性主張時，我們將在我們所處的環境中獲勝。

And we're going to obviously win better, I think, than anyone else is doing. And we know we can continue to drive better momentum, even in those more difficult context. I think we're certainly seeing, what I'll call, some early signs of progress in several of our international markets, where we are seeing that our comp guest count, that our comp traffic gap versus our near-end competitive set is positive.

我認為，我們顯然會比其他任何人都取得更好的勝利。我們知道，即使在更困難的環境下，我們也可以繼續推動更好的勢頭。我認為我們肯定會看到，我所說的，我們的幾個國際市場取得進展的一些早期跡象，我們看到我們的競爭對手人數，我們的競爭對手流量與近端競爭對手的差距是積極的。

But we want to get that in place in every one of our key international markets. We want that to be as strong as we feel the opportunity exists for it to be, and we want to make sure that it's consistent. And so I think there's more work to do on that front.

但我們希望在每個主要國際市場都實現這一目標。我們希望它的強度與我們認為存在的機會一樣強大，並且我們希望確保它是一致的。所以我認為在這方面還有更多工作要做。

Obviously, we're continuing to move at pace to get that in place. And I think you'll see a few more things coming in over the next quarter or so around that, so that we are in position to be best placed in '25, irregardless of the context around us.

顯然，我們將繼續加快步伐以實現這一目標。我認為你會在下個季度左右看到更多的事情發生，這樣無論我們周圍的環境如何，我們都能夠在 25 年處於最佳位置。

And we're going to obviously continue to measure our performance through are we taking share irregardless of that environment. I think on G&A, look, obviously, when G&A, the metric is as a percentage of sales and you've got pressure on sales, there's going to be obviously some implied pressure on that G&A metric.

顯然，無論環境如何，我們都將繼續透過我們是否佔據份額來衡量我們的業績。我認為在 G&A 方面，顯然，當 G&A 指標佔銷售額的百分比並且銷售面臨壓力時，G&A 指標顯然會受到一些隱含壓力。

I think we are trying to do everything possible. And as you saw, we expect to be able to continue to deliver against our guidance this year. We're doing that obviously because we've got some relief on kind of the incentive-based part of G&A.

我認為我們正在盡一切可能。正如您所看到的，我們預計今年將繼續實現我們的指導目標。我們這樣做顯然是因為我們對一般管理費用中基於激勵的部分有了一些緩解。

But we're also being very disciplined in our current year spending in areas like travel, meetings, professional services, all the things that you would expect us to be doing in the current context, while continuing to invest, obviously, in our enterprise transformation efforts and the strategic growth opportunities that we have in areas like digital and technology, which we know are critical to ensure we have a strong growth pipeline as we look forward.

但我們今年在旅行、會議、專業服務等領域的支出也非常嚴格，以及您期望我們在當前背景下做的所有事情，同時顯然繼續投資於我們的企業轉型我們在數位和技術等領域的努力和策略性成長機會，我們知道這對於確保我們在未來擁有強大的成長管道至關重要。

I would just add and maybe reiterate what Ian said, we are seeing a tough industry. UK, France, Germany, Australia, those are all markets where the industry traffic is down. That said, we are either gaining share or seeing sequential improvement in all of our major markets, which is encouraging.

我想補充一點，也許重申伊恩所說的話，我們看到的是一個艱難的行業。英國、法國、德國、澳大利亞，這些都是產業流量下降的市場。也就是說，我們在所有主要市場中要么正在獲得份額，要么看到連續改善，這是令人鼓舞的。

But I would also tell you, I'm not satisfied with the pace. And I think there's more that we need to do to step up and accelerate. There's a number of adjustments that are being made in each individual market to augment their value programs. And I think we have an opportunity to overlay on top of that some stronger marketing efforts as well.

但我也想告訴你，我對這個節奏並不滿意。我認為我們需要做更多的事情來加快步伐。每個市場都在進行一些調整，以增強其價值計劃。我認為我們還有機會在此基礎上進行一些更強有力的行銷努力。

So seeing progress, but I'm not fully satisfied with the pace on international. And that's the focus for us as we close out this year is making sure we get off to a fast start in 2025.

所以看到了進步，但我對國際賽事的步伐並不完全滿意。在今年結束時，我們的重點是確保我們在 2025 年有一個快速的開始。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

A clarification and a question, please. The clarification is just you talked about the average check at $10 for those checks that have a $5 meal. I think though that might be lower than what your -- overall, your aggregate, your average averages, if you will.

請澄清並提出問題。需要澄清的是，您剛剛談到了那些包含 5 美元餐點的支票的平均支票價格為 10 美元。我認為，如果你願意的話，這可能會低於你的話——總體的、你的總和、你的平均水平。

So as you think -- as you launch this kind of holistic value platform, should I be thinking about perhaps a negative mix headwind for the -- maybe the year ahead just as there's sort of a reset in ordering patterns with the recognition that your traffic gains are certainly the -- should be another priority? So that's a clarification.

因此，正如您所想的那樣，當您推出這種整體價值平台時，我是否應該考慮可能會在未來一年出現負面的混合逆風，因為認識到您的流量會導致訂購模式發生某種重置收益當然應該是另一個優先事項嗎？這是一個澄清。

And then just a question on -- it looks like McOpCo margins were a bit lower than we expected maybe because of value, but maybe because of deleverage. Is there anything in this margin dynamics or sales trends that your franchisees are seeing that would change how they think about adding new units as you look to accelerate unit growth?

然後只是一個問題——看起來 McOpCo 的利潤率比我們預期的要低一些，可能是因為價值，但也可能是因為去槓桿化。當您希望加速單位成長時，您的特許經營者看到的這種利潤動態或銷售趨勢中是否有任何東西會改變他們對增加新單位的看法？

Sara, let me start on that, and then I'll let Chris weigh in if he wants to add anything. I think on the $5 meal, as you pick up a check north of $10, that is slightly below our overall average check in the US. But we consider that to be a really strong check when you look at, obviously, the $5 price point. I think if you go back to what I talked about a little bit earlier, obviously, what we're trying to do with stronger value and affordability is drive more traffic and more guest counts.

莎拉，讓我從這個開始，然後如果克里斯想補充什麼，我會讓他參與其中。我認為，對於 5 美元的餐食，當你收到的支票超過 10 美元時，這略低於我們在美國的整體平均支票。但顯然，當您考慮 5 美元的價格點時，我們認為這是一個非常強有力的檢查。我想，如果你回到我之前談到的內容，顯然，我們正在努力以更強的價值和可負擔性來推動更多的流量和更多的客人數量。

And as we bring more traffic and guest counts into the restaurants, we're pairing that with things like the Collector's Edition or the Chicken Big Mac, LTO. That's where we're going to get that check growth and profit growth. So we're not worried about that, maybe that -- let's call it, that value component because at the end of the day, we've got to have that in place, I think, to be competitive and to drive market share progress.

隨著我們為餐廳帶來更多的客流量和客人數量，我們將其與珍藏版或雞肉巨無霸、LTO 等搭配。這就是我們將獲得支票成長和利潤成長的地方。所以我們並不擔心這一點，也許是——讓我們稱之為價值部分，因為歸根結底，我認為我們必須將其落實到位，以保持競爭力並推動市場份額的進步。

And we feel really good that if we -- as we execute on marketing -- great marketing, as we execute on great menu news, that's where we're going to get consumers spending more, which will drive, obviously, the check and profitability as we saw towards the end of the third quarter and as we saw in the start of the fourth quarter as I talked about earlier. So that's the dynamic there.

我們感覺非常好，如果我們在行銷上執行出色的行銷，在我們執行出色的菜單新聞時，這就是我們將讓消費者花更多錢的地方，這顯然會推動支票和盈利能力正如我們在第三季末和第四季初所看到的那樣，正如我之前談到的。這就是那裡的動態。

On McOpCo margin, you're right. They did come in, obviously it did come in on a percentage basis a little lower in the third quarter. I think there were a number of things at play there. Obviously, we still have pretty muted top line growth, which is going to put pressure on margin from a percentage standpoint because we still have cost impacts that are hitting the business.

關於 McOpCo 的利潤，你是對的。他們確實進來了，顯然第三季的百分比確實略低一些。我認為其中有很多因素在起作用。顯然，我們的營收成長仍然相當緩慢，從百分比的角度來看，這將對利潤率構成壓力，因為我們仍然受到影響業務的成本影響。

I think if you just use the US as a specific example, we've got just above kind of mid-single-digit wage pressure, which is obviously coming in large part from the more significant increases in California earlier in the year plus, obviously, overall wage increases. So you've got that pressure.

我認為，如果你只用美國作為一個具體的例子，我們的工資壓力略高於中個位數，這顯然在很大程度上來自於今年早些時候加州更顯著的增長，顯然，總體工資上漲。所以你有這樣的壓力。

You still got commodity pressure, even though this year, we expect '24 increase in commodities to be in that low single-digit range. We've got some carryover impacts from higher inflation rates in '23 through the first part of the year and still some increase there.

儘管今年我們預計 24 年大宗商品的增幅將在較低的個位數範圍內，但大宗商品仍面臨壓力。 23 年上半年通膨率上升給我們帶來了一些遺留影響，而且這種影響仍然有所增加。

So you've got cost pressures, more muted sales growth. And then I think for sure, there's a little bit of an impact from, I think, the affordability positioning. Obviously, that's an investment, a short-term investment that we think is really important to make because, obviously, we grow margins and we grow profitability by growing volume.

因此，你面臨成本壓力，銷售成長更加疲軟。然後我認為可以肯定的是，我認為負擔能力定位會產生一些影響。顯然，這是一項投資，一項我們認為非常重要的短期投資，因為顯然，我們透過增加銷量來提高利潤率和獲利能力。

And we want to be in a position to be able to do that. And clearly, that $5 meal is doing exactly what we want in that area. So we feel really confident about our ability to grow margin percent over the mid and longer term as we drive that stronger traffic and volume growth in the business.

我們希望能夠做到這一點。顯然，5 美元的一餐正是我們在該領域想要的。因此，隨著我們推動業務流量和銷售的強勁成長，我們對中長期提高利潤率的能力充滿信心。

Maybe I'll just clean up the one other thing that you asked about, Sara, which was around development. And right now, we're seeing good returns on our new units. As we look at the US, we're on pace to hit our development goals in the US. It's certainly something that we pay very close attention to.

也許我會清理你問的另一件事，薩拉，這是關於開發的。現在，我們的新設備獲得了良好的回報。看看美國，我們正在努力實現我們在美國的發展目標。這當然是我們非常密切關注的事情。

But right now, from our vantage point, we don't see any impact to our development goals. And as you know, as we've talked about on prior calls, this is something that we spent a fair bit of time looking at and being pretty detailed in our assessment of the opportunity. And we make these decisions over a longer time period. There will be ups and downs with the business. But from our vantage point, the long-term development opportunity that we saw in the US, that stays intact.

但目前，從我們的角度來看，我們沒有看到對我們的發展目標有任何影響。如您所知，正如我們在之前的電話會議中談到的那樣，我們花了相當多的時間研究並在評估機會時非常詳細地介紹了這一點。我們會在更長的時間內做出這些決定。事業上會有起有落。但從我們的角度來看，我們在美國看到的長期發展機會仍然完好無損。

Eric Gonzalez, KeyBanc.

艾瑞克‧岡薩雷斯 (Eric Gonzalez)，KeyBanc。

Just as a follow-up to that with regards to the $5 meal. In the last earnings call, it seemed like the traffic was more than offset by the lower mix as the consumers trade down. But as you move through the quarter, I'm guessing those comp dynamics shifted more favorably as it was paired the Collector's cup and, more recently, the Chicken Big Mac.

就像 5 美元餐的後續行動一樣。在上次的財報電話會議上，隨著消費者的消費下降，客流量似乎被較低的組合所抵消。但隨著本季的進展，我猜這些競爭動態會發生更有利的變化，因為它與收藏杯和最近的雞肉巨無霸配對。

So maybe you can comment on that and discuss how that experience is shaping the discussion with your franchisees around more permanent value contract that I think you said slated for the first quarter.

因此，也許您可以對此發表評論，並討論這種經驗如何影響與您的特許經營商圍繞更永久價值合約的討論，我認為您所說的定於第一季度進行。

Sure. As we talked about, I think what we've seen is it's a pretty simple formula at the end of the day on what you need to do to get that good balance of traffic and sales growth in the business. You need to, at the foundation, have a strong value proposition. And that's been the focus for us in a number of our markets, either strengthening, adding to, adjusting our value programs, so that we have that good foundation.

當然。正如我們所討論的，我認為我們所看到的是，歸根結底，這是一個非常簡單的公式，說明您需要做什麼才能在業務中實現流量和銷售成長的良好平衡。從根本上來說，你需要有一個強而有力的價值主張。這一直是我們在許多市場的重點，無論是加強、增加或調整我們的價值計劃，以便我們擁有良好的基礎。

You need to then overlay on top of that food news that can excite the customer, and you have to have great marketing behind it. And when you do that with news and great marketing, you can get strong full margin check that goes along with some of those value programs.

然後，您需要疊加可以激發顧客興趣的食品新聞，背後必須有出色的行銷。當您透過新聞和出色的行銷來做到這一點時，您可以獲得與其中一些價值計劃相伴隨的強大的全額保證金檢查。

And I think that's exactly what we saw in the US. You had the $5 meal deal, but you also had things that were growing margin and check getting added on top of that. So that's the focus for us in all the various markets is strong value programs, great food news and innovation paired with strong marketing. And if we execute and do that well, which by the way is the essence of our Accelerating the Arches strategy, when we do that well, the business responds.

我認為這正是我們在美國看到的情況。你有 5 美元的膳食優惠，但你也有不斷增長的利潤和支票的增加。因此，我們在各個市場的重點是強大的價值計劃、精彩的食品新聞和創新以及強大的行銷。如果我們執行並做得很好，順便說一下，這就是我們加速拱門策略的本質，當我們做得好時，業務就會做出反應。

And maybe just the only kind of build I would make on that is if you just go back to, I think, what Chris talked about in his opening remarks. So if you look at food news like the Big Arch that we've had in three pilot international markets for the last several months where we're seeing really strong results, so again, I think there's certainly demand from consumers for that exciting food news.

我想，也許我唯一能做的就是回到克里斯在開場白中談到的內容。因此，如果你看看過去幾個月我們在三個試點國際市場上發布的「大拱門」這樣的食品新聞，我們看到了非常強勁的結果，所以我再次認為，消費者肯定對這一令人興奮的食品新聞有需求。

When they visit us, obviously, they still are buying. And these promotions or activities when they're done well are resonating really well. You heard us talk about the Collector's Edition where we ran through that in two weeks because the demand was just so strong. We saw incredibly strong demand in the first couple of weeks of October for Chicken Big Mac.

當他們訪問我們時，顯然他們仍在購買。這些促銷或活動做得好的話，會產生很好的共鳴。您聽到我們談論收藏版，我們在兩週內完成了該版，因為需求非常強勁。十月的前幾週，我們看到對雞肉巨無霸的需求異常強勁。

So consumers still want that excitement. They want great ideas and great food news. But obviously, for some of our consumers, they're just really looking for that value and affordability. So we've got to get both of those in place and get them working together, as I talked about before, where we had that one plus one kind of equal to three overall outcome.

所以消費者仍然想要那種刺激。他們想要偉大的想法和偉大的食物新聞。但顯然，對我們的一些消費者來說，他們只是真正在尋找價值和負擔能力。因此，我們必須將兩者落實到位並讓它們協同工作，正如我之前談到的那樣，我們得到了一加一等於三的整體結果。

And I just would add. I think it was a question on a prior call about Big Arch. Given that it's a higher ticket item in this environment, I think the question was, is a product like that resonating. And what we've seen in our three markets so far is it's doing great. And that's why we've decided we're going to accelerate it into more markets next year.

我只想補充一下。我認為這是之前電話中關於大拱門的問題。鑑於它在這種環境下是一個更高的票價項目，我認為問題是，這樣的產品是否會引起共鳴。到目前為止，我們在三個市場上看到的表現都很好。這就是為什麼我們決定明年加速進入更多市場的原因。

So I think there's -- the consumer still sees it as a good value, albeit at a higher check, but they're also using it. It's clearly meeting an unmet need. And when we have good marketing behind it, that can be a nice add-on and complement to the overall ticket. So those are -- that to me is just a great example of it's not all about the low entry-level price points. When you have good food news and marketing on top of it, you can get that check build that we've been talking about.

所以我認為，消費者仍然認為它很有價值，儘管價格較高，但他們也在使用它。它顯然滿足了未滿足的需求。當我們有良好的行銷支援時，這可以成為一個很好的附加功能，並對整體門票進行補充。所以這些對我來說只是一個很好的例子，它不僅僅涉及低入門價格點。當您有好的食品新聞和行銷訊息時，您就可以得到我們一直在談論的檢查構建。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Just a quick follow-up on the sales impact of the food safety incident. Are you seeing the impact more concentrated in the affected areas in the Midwest? Or is pressure more broad-based? And then just on the US comp, can you just talk about the composition across traffic, price and mix during the quarter? And any additional commentary on what you're seeing across the low, middle and high income cohorts?

只是快速跟進食品安全事件對銷售的影響。您是否認為影響更集中在中西部受影響地區？或者壓力是否更廣泛？然後就美國的情況而言，您能否談談本季的流量、價格和組合組成？對於您在低收入、中等收入和高收入人群中看到的情況還有什麼其他評論嗎？

Well, I think as you would expect, for sure, there is a bit more impacted in the concentrated areas where the news and attention has been a little bit more specific. And I think there obviously -- just with the broader news and lack of clarity early on that there's a bit of a broader impact as I talked about earlier.

嗯，我認為正如你所期望的那樣，毫無疑問，在新聞和關注更加具體的集中領域受到更大的影響。我認為顯然，正如我之前談到的，只是由於更廣泛的消息和早期缺乏明確性，才會產生更廣泛的影響。

But as I said, I think the most significant events are behind us now. And we certainly are fully focused on getting the US business back to the momentum that we were seeing at working hard to kind of restore confidence of all of our consumers.

但正如我所說，我認為最重要的事件現在已經過去了。我們當然完全專注於讓美國企業恢復我們所看到的勢頭，並努力恢復所有消費者的信心。

So I think that's the focus. I think on, I guess, the dynamics, I won't get into a lot of detail on that. I think we've talked a fair bit about that already in the call today. I think, as I said, we exited the third quarter with stronger momentum, had a really strong start to the beginning of the fourth quarter. I think the $5 meal obviously continued to work well.

所以我認為這是重點。我想，我想，動態，我不會詳細討論這一點。我想我們在今天的電話會議中已經對此進行了相當多的討論。我認為，正如我所說，我們以更強勁的勢頭結束了第三季度，並在第四季度初有了一個非常強勁的開局。我認為 5 美元的餐點顯然仍然有效。

And I think that continue to resonate even more strongly as we work through the quarter. And then as we were getting that kind of combination with some of the menu news and marketing excitement and execution that we were delivering, we were getting a pretty strong check lift as well at points, particularly kind of towards the end of the quarter and into the fourth quarter. So I think those would be maybe a bit of a texture that I would give you.

我認為，隨著我們整個季度的工作，這一點將繼續產生更強烈的共鳴。然後，當我們將這種與我們提供的一些菜單新聞、行銷興奮和執行力結合起來時，我們在某些​​時候也得到了相當強勁的檢查提升，特別是在季度末和進入季度末時。第四季。所以我認為這些可能是我會給你的一點質感。

Jeff Bernstein, Barclays.

傑夫·伯恩斯坦，巴克萊銀行。

Great. Just following up on the US value component. It seems like the $5 value offer response has been encouraging. I'm wondering whether there's any key metrics you can share, whether it's the mix of sales that you see from value more broadly or whether it's the $5 menu in particular or any detail on that share growth. I think you said the first time in over a year, you've seen share growth with that lower-income consumers. Any support around that?

偉大的。只是跟進美國價值部分。 5 美元的超值優惠反應似乎令人鼓舞。我想知道您是否可以分享任何關鍵指標，無論是您從更廣泛的價值中看到的銷售組合，還是特別是 5 美元的菜單或有關份額增長的任何細節。我想你說這是一年多來你第一次看到低收入消費者的份額成長。有什麼支持嗎？

And just to clarify, I think you said a more holistic value platform in the first quarter of '25. Kind of reminds me of maybe the prior $1, $2, $3 menu where the consumer has options to choose among a variety of items. So any color you can provide in terms of directionally what you're thinking about what that means for a more holistic value platform in the first quarter would be very helpful.

澄清一下，我認為您在 25 年第一季提到了一個更全面的價值平台。這讓我想起了之前的 1 美元、2 美元、3 美元菜單，消費者可以在多種商品中進行選擇。因此，您可以提供的任何顏色，就您正在考慮的方向而言，這對於第一季更全面的價值平台意味著什麼，都會非常有幫助。

Sure. Well, first, on the elements of what we're seeing, I think Ian hit some of the key criteria that we're looking for. But certainly, when we launched the $5 meal deal, we wanted to see that it would improve value perception with the consumer, and we've seen evidence of that.

當然。嗯，首先，就我們所看到的要素而言，我認為伊恩滿足了我們正在尋找的一些關鍵標準。但當然，當我們推出 5 美元餐點優惠時，我們希望看到它能夠提高消費者的價值認知，而且我們已經看到了這方面的證據。

We wanted to see that it could engage the low-income consumer in particular. We've seen evidence of that. We wanted to see that it could drive guest counts. We were seeing strong evidence of that. And then we were getting incremental check on top of that, that allowed us to have a positive lift between -- meaning that we saw comp sales growing faster than GC.

我們希望看到它能夠特別吸引低收入消費者。我們已經看到了這方面的證據。我們希望看到它可以增加客人數量。我們看到了強而有力的證據。然後我們在此基礎上進行增量檢查，這使我們能夠在兩者之間取得積極的提升 - 這意味著我們看到比較銷售的增長速度快於 GC。

So all of those kind of key metrics that we had outlined at the outset of that program, we've seen that deliver. As you think about then what our longer-term value program needs to look like, we're not going to get into the specifics of that on this call. I alluded, too, this is something that we're in active conversations right now with our franchisees on.

因此，我們在該計劃開始時概述的所有這些關鍵指標，我們都已經看到了。當您思考我們的長期價值計劃需要是什麼樣子時，我們不會在這次電話會議上討論具體細節。我也提到過，我們現在正在與我們的特許經營商進行積極的對話。

But I think you can anticipate it's going to have a few components. It needs to have this EDAP component that we've talked about. It needs to have a meal deal component, whether that's a $5 meal deal or some other meal deal. That will be something that's included in it. And it needs to be able to incorporate some of the digital offers that we do.

但我認為你可以預見它將有一些組件。它需要有我們已經討論過的 EDAP 元件。它需要有一個餐點交易組件，無論是 5 美元的餐食交易還是其他餐食交易。這將是其中包含的內容。它需要能夠整合我們提供的一些數位產品。

So as you think about what this is going to look like, I think you can look to some of our other markets where we have platforms like either a McSmart or a Saver, where you've got a branded platform that can house all of these various individual value components. And I think that's what you should expect to see from us launching in Q1 of next year.

因此，當您考慮這會是什麼樣子時，我認為您可以看看我們的其他一些市場，在這些市場中，我們擁有 McSmart 或 Saver 等平台，您擁有一個可以容納所有這些的品牌平台各種單獨的價值成分。我認為這就是您應該期望我們在明年第一季推出的產品。

Jeff, I just might add a bit on the first part of your question. I think as you heard me talk about earlier, we had a positive comp gap versus the industry on both traffic and sales during the quarter. So that would tell you that what we were doing was resonating with all consumers, obviously, not just lower-income consumers. And that goes back, I think, to what we've talked about a couple of times today, which is strong value and affordability positioning and exciting menu news and marketing execution.

傑夫，我可能會補充你問題的第一部分。我想正如您之前聽到我所說的那樣，本季度我們在流量和銷售額方面與行業相比都存在積極的差距。所以這會告訴你，我們所做的事情顯然引起了所有消費者的共鳴，而不僅僅是低收入消費者。我認為，這可以追溯到我們今天多次討論的內容，即強大的價值和負擔能力定位以及令人興奮的菜單新聞和行銷執行。

So we feel the UA did a really nice job during the quarter of resonating broadly with consumers. The specific data points that we've talked about already was just, obviously, we've gained share with lower-income consumers, which is a really important part of our consumer base is for the first time over a year.

因此，我們認為 UA 在本季做得非常好，引起了消費者的廣泛共鳴。我們已經討論過的具體數據點很明顯，我們已經獲得了低收入消費者的份額，這是我們消費者基礎的一個非常重要的部分，這是一年多以來的第一次。

So I think that's a very specific and important proof point. But I think also buyers of the $5 meal are visiting us more frequently. So we're winning more visits. Some of those visits are obviously going towards the $5 meal, but some of those visits going to other things on the menu.

所以我認為這是一個非常具體且重要的證據。但我認為 5 美元餐點的購買者也更頻繁地來訪我們。所以我們贏得了更多的訪問量。其中一些訪問顯然是為了 5 美元的餐點，但其中一些訪問是為了菜單上的其他食物。

And that's what you start seeing when you start getting consumers back into the restaurants on a more regular basis. So I think we feel pretty good about the specific outcomes, but also the broader outcomes and those proof points.

當你開始讓消費者更定期地回到餐廳時，你就會開始看到這一點。因此，我認為我們對具體結果感到非常滿意，但也對更廣泛的結果和這些證據點感到滿意。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Great. I guess, maybe just following up on Sara's question earlier regarding store margins. I was hopeful that you could maybe provide some color on your thoughts into '25, given the dynamics that have played out this year in the market and some of the plans you have for value.

偉大的。我想，也許只是跟進薩拉之前關於商店利潤的問題。考慮到今年市場的動態以及您制定的一​​些價值計劃，我希望您能夠對 25 年的想法提供一些見解。

And then on top of that, just broadly speaking, how you're thinking about the brand's pricing power more so in the US relative to other markets in the world, given the macro backdrop where it seems like we've got a mixed consumer with respect to demand and jobs. And just curious, do you think the brand can kind of price in line with inflation next year? Or is it going to have to kind of track below?

最重要的是，從廣義上講，考慮到我們似乎擁有混合消費者的宏觀背景，相對於世界其他市場，您如何更多地考慮該品牌在美國的定價能力尊重需求和就業。只是好奇，您認為該品牌明年的價格能夠與通貨膨脹保持一致嗎？或者它必須在下面進行跟踪？

Well, look, I think on margins, I would just go back to if you think about the momentum that we have been able to drive in the US business through the third quarter and at least the start of October, it's that kind of momentum that's going to be able to drive margin growth, both in percentage and dollars.

好吧，看，我認為在利潤率方面，如果你考慮一下我們在第三季度和至少十月初在美國業務中所推動的勢頭，我會回顧一下，這就是這種勢頭將能夠推動利潤率增長，無論是百分比還是美元。

And I think as you've heard us say today, we feel really confident we can get momentum back restored into the US business to where it was. And as we do that, we certainly feel confident about our ability to drive margin leverage because, at the end of the day, if we've got greater volume, that's what allows us to obviously drive margins over time.

我認為正如您今天聽到的那樣，我們非常有信心將美國業務的勢頭恢復到原來的水平。當我們這樣做時，我們當然對我們提高保證金槓桿的能力充滿信心，因為歸根結底，如果我們的交易量更大，那麼我們就能隨著時間的推移明顯提高利潤率。

So I would say we feel good about our ability to do that as we're able to drive sales. And I think as we look into '25, we certainly feel confident in that. I think in terms of pricing power, you've heard us talk a lot about the more challenging environment, particularly in our international markets. consumers are certainly remaining resistant to pricing.

所以我想說，我們對我們做到這一點的能力感到滿意，因為我們能夠推動銷售。我認為，當我們展望 25 年時，我們當然對此充滿信心。我認為就定價能力而言，您已經聽到我們談論了很多更具挑戰性的環境，特別是在我們的國際市場。消費者肯定仍然抵制定價。

But there are obviously different ways to kind of get at pricing. There's obviously taking price increases, but we've also got the ability through great marketing, through full kind of margin promotions or menu excitement, things like the Big Arch, where we can get more effective pricing by just obviously influencing our mix.

但顯然有不同的定價方式。顯然價格會上漲，但我們也有能力透過出色的行銷，透過全面的利潤促銷或菜單興奮，例如大拱門，我們可以透過明顯影響我們的組合來獲得更有效的定價。

And I think we're going to obviously continue to be thoughtful about incremental pricing action because I think there's a lot of resistance. I think there's plus pressure as a result of that on flow-through rates. I think we still feel we can get pricing. But I think that is going to be at more conservative levels until we get the right momentum back in the business in each and every one of our markets. And I think that certainly, that opens up more opportunity as we look forward.

我認為我們顯然會繼續考慮增量定價行動，因為我認為存在著許多阻力。我認為流通率會面臨額外的壓力。我認為我們仍然覺得我們可以獲得定價。但我認為，在我們每個市場的業務恢復正確的勢頭之前，這將處於更保守的水平。我認為，這當然會為我們帶來更多的機會。

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

好的。我們的通話到此結束。謝謝你，克里斯。謝謝你，伊恩。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。現在您可以斷開連接，祝您有美好的一天。