麥當勞 (MCD) 2025 Q1 法說會逐字稿

Hello, and welcome to McDonald's first-quarter 2025 investor conference call. At the request of McDonald's Corporation, this conference is being recorded. (Operator Instructions)

您好，歡迎參加麥當勞2025年第一季投資者電話會議。應麥當勞公司的要求，本次會議正在錄製。（操作員指示）

I would now like to turn the conference over to Mr. Dexter Congbalay, Vice President of Investor Relations for McDonald's Corporation. Mr. Congbalay, you may begin.

現在，我想將會議交給麥當勞公司投資者關係副總裁 Dexter Congbalay 先生。康巴萊先生，您可以開始。

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.

大家早安，感謝大家的收看。今天與我一起參加電話會議的還有董事長兼執行長 Chris Kempczinski；和財務長 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. 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.

提醒一下，我們的收益報告和 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查閱，今天電話會議上提到的任何非 GAAP 財務指標與其相應的 GAAP 指標的對帳表也可在我們的網站上查閱。

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

根據今天上午準備好的發言，我們將回答您的問題。請將自己限制為一個問題，然後重新進入隊列以詢問其他問題。今天的電話會議正在進行網路直播，並且還將透過我們的網站進行錄製重播。

And now, I'll turn it over to Chris.

現在，我將把話題交給克里斯。

Thanks, Dexter, and good morning, everyone. We entered 2025 knowing that it would be a challenging time for the QSR industry due to macroeconomic uncertainty and pressures weighing on the consumer. During the first quarter, geopolitical tensions added to the economic uncertainty and dampened consumer sentiment more than we expected.

謝謝，德克斯特，大家早安。進入 2025 年，我們知道由於宏觀經濟的不確定性和消費者的壓力，這對 QSR 產業來說將是一個充滿挑戰的時期。第一季度，地緣政治緊張局勢加劇了經濟不確定性，並比我們預期的更嚴重地抑制了消費者信心。

We believe McDonald's can weather these difficult conditions better than most, as we have proven time and time again, and expect to outperform our competitors by harnessing the strength of our brand and the power of our global scale. However, we're not immune to the volatility in the industry or the pressures that our consumers are facing.

我們相信，麥當勞能夠比大多數公司更好地度過這些困難時期，正如我們一次又一次證明的那樣，並期望透過利用我們的品牌實力和全球規模的力量來超越我們的競爭對手。然而，我們也無法免受產業波動或消費者面臨的壓力的影響。

Our global comp sales in the first quarter declined by 1%. And while we expected global QSR industry traffic would be down in the first quarter, actual industry traffic fell more than we anticipated in several of our large markets, including the US.

我們第一季的全球同店銷售額下降了 1%。雖然我們預計第一季全球 QSR 產業客流量會下降，但包括美國在內的幾個大型市場的實際行業客流量降幅超過了我們的預期。

In the US, overall QSR industry traffic from the low-income consumer cohort was down nearly double digits versus the prior year quarter. Unlike a few months ago, QSR traffic from middle-income consumers fell nearly as much, a clear indication that the economic pressure on traffic has broadened.

在美國，低收入消費者群體的速食業整體客流量與去年同期相比下降了近兩位數。與幾個月前不同的是，來自中等收入消費者的 QSR 客流量下降幅度幾乎相同，這清楚地表明經濟對客流量的壓力已經擴大。

However, traffic growth from the high-income cohort remained solid, illustrating the divided US economy, where low- and middle-income consumers in particular are being weighed down by the cumulative impact of inflation and heightened anxiety about the economic outlook.

然而，高收入群體的客流量成長依然穩健，顯示美國經濟出現分化，尤其是低收入和中等收入消費者正受到通貨膨脹的累積影響和對經濟前景日益加劇的擔憂的拖累。

We know that leadership in value and affordability is paramount in an environment like this. And we have been expanding and refining our value proposition to meet the needs of our consumers, especially our low- and middle-income cohorts, as well as families internationally.

我們知道，在這樣的環境下，價值和可負擔的領先地位至關重要。我們一直在擴大和完善我們的價值主張，以滿足消費者的需求，特別是中低收入群體以及國際家庭的需求。

Building upon the actions we began to take in 2024, we now have everyday affordable price menus, or EDAP, and entry-level meal bundles in each of our big five international operated markets. As we've said before, these are the building blocks of what good value means to us, pairing an EDAP menu with items priced at compelling entry-level price points with strong meal bundles.

基於我們在 2024 年開始採取的行動，我們現在在五大國際營運市場中都推出了日常平價菜單（EDAP）和入門級套餐。正如我們之前所說，這些都是我們理解「物有所值」的基石，將 EDAP 菜單與價格極具吸引力的入門級價位的菜餚以及強大的套餐相結合。

In early January in the US, we launched our McValue platform, which is a new branded equity similar to the Saver menu in the UK and the Loose Change menu in Australia, both of which have been in place for over 10 years.

1月初，我們在美國推出了McValue平台，這是一個新的品牌資產，類似英國的Saver菜單和澳洲的Loose Change菜單，這兩個菜單都已經存在了10多年。

In this environment, we remain focused on the factors within our control, including delivering outstanding operational execution. We believe the scaled combination of our value platforms, the introduction of innovative new products, and the execution of world-class promotional and marketing campaigns provide a compelling offering for our customers, not just bringing them in the door, but offering them the feel-good moments they've come to count on from our brand.

在這種環境下，我們仍然專注於我們能控制的因素，包括提供出色的營運執行。我們相信，我們價值平台的規模化組合、創新型新產品的推出以及世界一流的促銷和行銷活動的執行將為我們的客戶提供極具吸引力的產品，不僅能吸引他們進門，還能為他們提供我們品牌所期待的美好時刻。

For example, just a few weeks ago, we launched a marketing campaign in partnership with the Minecraft movie, our largest global campaign yet, with participation by more than 100 markets. As part of this campaign, we've combined exclusive digital in-app and gaming experiences with in-store collectibles for fans, young and old, through happy meals and the core menu-inspired Minecraft movie meal.

例如，就在幾週前，我們與《我的世界》電影合作推出了一項行銷活動，這是我們迄今為止最大的全球活動，有超過 100 個市場參與。作為活動的一部分，我們透過開心樂園餐和以核心菜單為靈感的 Minecraft 電影套餐，將獨家數位應用程式內和遊戲體驗與店內收藏品相結合，為年輕和年長的粉絲提供便利。

We're encouraged by the consumer response to the Minecraft movie campaign and by our overall performance in April, which illustrates the benefit of our value platforms working in conjunction with full-margin promotions and outstanding marketing execution. We continue to expect our guest count and market share performance will improve from the first quarter low point, driven by our emphasis on strong value and affordability execution that we have been addressing.

消費者對《我的世界》電影活動的反應以及我們四月份的整體表現令我們感到鼓舞，這體現了我們的價值平台與全利潤促銷和出色的營銷執行相結合所帶來的好處。我們繼續預計，我們的客人數量和市場份額表現將從第一季的低點回升，這得益於我們一直強調的強大價值和可負擔性的執行。

The introduction of exciting new menu items, such as the nationwide launch of McCrispy Chicken Strips in the US, should contribute to this growth. However, we remain cautious about the overall health of the consumer.

令人興奮的新菜單的推出，例如在美國全國範圍內推出的 McCrispy 雞柳，應該會促進這一增長。然而，我們仍然對消費者的整體健康狀況保持謹慎。

Before I hand it over to Ian to discuss segment performance, I also wanted to touch on the creation of McDonald's Global Restaurant Experience Team. It's significant for two reasons. First, through the new integrated structure, we'll be able to execute faster, which means ideas can start showing up in our restaurants even sooner.

在我將主題交給伊恩來討論部門表現之前，我還想談談麥當勞全球餐廳體驗團隊的創建。它之所以重要有兩個原因。首先，透過新的整合結構，我們將能夠更快地執行，這意味著想法可以更快地在我們的餐廳中體現。

We can achieve and scale cross-functional product innovations like Best Burger, Big Arch, and McCrispy faster than ever before with menu, supply chain, operations, and speedy lab teams all in one place. It also increases our ability to develop and scale tech innovation in new ways, such as ready-on-arrival, Internet of Things-enabled restaurant equipment, and Google Cloud connectivity through the eyes of a restaurant general manager to ensure they're all working in coordination with each other.

透過將菜單、供應鏈、營運和快速實驗室團隊集中在一個地方，我們可以比以往更快地實現和擴展 Best Burger、Big Arch 和 McCrispy 等跨職能產品創新。它還提高了我們以新方式開發和擴展技術創新的能力，例如即用型、支援物聯網的餐廳設備，以及透過餐廳總經理的視角實現的 Google Cloud 連接，以確保它們相互協調工作。

Second, the category structure with dedicated leaders for beef, chicken, and beverages gives us better accountability and a sharper line of sight into what it takes to win in each of these verticals. Increasingly, we're competing against specialists, and so we're bringing a specialist focus into McDonald's.

其次，在牛肉、雞肉和飲料領域擁有專門領導的品類結構，讓我們能夠更好地承擔責任，更清楚地了解如何在每個垂直領域中取得成功。我們與專業企業的競爭日益激烈，因此我們將專業化重點引入麥當勞。

In beverages, for example, we've discovered some interesting learnings through our CosMc's test, which has better informed our understanding of consumers' customization preferences and interest in new emerging beverage categories. Later this year, in partnership with our franchisees, we'll be launching a beverage test in the US in some of our existing McDonald's restaurants that will incorporate new menu items inspired by CosMc's. We'll share more details on this in the coming months as we continue to test, learn, and position ourselves for growth in this space.

例如，在飲料方面，我們透過 CosMc 的測試發現了一些有趣的發現，這讓我們更了解消費者的客製化偏好和對新興飲料類別的興趣。今年晚些時候，我們將與特許經營商合作，在美國現有的一些麥當勞餐廳推出飲料測試，其中將加入受 CosMc's 啟發的新菜單項目。我們將在未來幾個月分享更多細節，因為我們將繼續測試、學習並為該領域的發展做好準備。

As Jill McDonald steps up to lead the restaurant experience team, we welcome Manu Steijaert with his rich market perspective and lifelong understanding of customers' needs to the role of President of our International Operated Market segment. Jo Semples, previously President of the International Developmental License Markets, will now assume responsibility for McDonald's France, which is one of our largest and most important markets globally.

隨著吉爾·麥克唐納 (Jill McDonald) 接任餐廳體驗團隊領導，我們歡迎擁有豐富市場視角和對客戶需求終身理解的馬努·斯泰賈特 (Manu Steijaert) 擔任我們國際營運市場部門的總裁。前國際發展許可市場總裁喬·森普爾斯 (Jo Semples) 將負責麥當勞法國公司，法國公司是我們全球最大、最重要的市場之一。

And Dario Baroni, who previously oversaw our mid-sized IOM markets, will backfill Jo as our IDL President. I'm immensely proud to see these proven leaders taking on new opportunities in some of our most important roles, demonstrating the depth of talent we possess within our organization.

之前負責我們中型 IOM 市場的 Dario Baroni 將接替 Jo 擔任我們的 IDL 總裁。我非常自豪地看到這些經驗豐富的領導者在我們最重要的職位上承擔新的機遇，展示了我們組織內部擁有的深厚的人才。

I'll now turn it over to Ian.

現在我將把發言權交給伊恩。

Thanks, Chris, and good morning, everyone. Overall, our first-quarter financial results reflect the increasingly challenging industry and consumer pressures that Chris mentioned up front.

謝謝，克里斯，大家早安。總體而言，我們的第一季財務表現反映了克里斯前面提到的日益嚴峻的行業和消費者壓力。

Against this backdrop, combined with severe weather conditions primarily in North America and the impact of the leap day last year, our first-quarter global comp sales declined 1%. Global comp sales were essentially flat when the leap day impact is excluded.

在此背景下，加上主要在北美的惡劣天氣條件以及去年閏日的影響，我們第一季的全球同店銷售額下降了 1%。如果排除閏日的影響，全球同店銷售額基本上持平。

In the US, comp sales declined 3.6%, largely reflecting broad-based consumer challenges, particularly amongst the lower and middle-income cohorts. However, while comparable guest counts also declined versus the prior year, we delivered a positive comp guest count gap to most near-end competitors supported by the launch of our McValue platform, which incorporated the $5 meal deal offering, the buy-one-add-one-for-a-dollar component, and our in-app exclusive digital offers.

在美國，同店銷售額下降了 3.6%，這主要反映了消費者普遍面臨的挑戰，尤其是中低收入群體。然而，雖然與前一年相比，可比客流量也有所下降，但得益於 McValue 平台的推出，我們與大多數近端競爭對手的可比客流量差距仍然很大，該平台包含 5 美元的套餐優惠、買一加一優惠以及我們的應用內獨家數字優惠。

As with our value platforms in other markets, we'll remain agile to ensure McValue continues to meet consumer needs and positions us for success in a challenging marketplace. While we may adjust our current McValue offerings over time, for the remainder of 2025, we'll continue to include everyday value meal deals starting at $5, given how the current $5 meal deal, in particular, has resonated with customers.

與我們在其他市場的價值平台一樣，我們將保持靈活性，以確保 McValue 繼續滿足消費者的需求，並使我們在充滿挑戰的市場中取得成功。雖然我們可能會隨著時間的推移調整目前的 McValue 產品，但在 2025 年的剩餘時間裡，我們將繼續提供 5 美元起的日常超值套餐，因為目前的 5 美元套餐尤其引起了顧客的共鳴。

In quarter one, we also launched a national marketing campaign celebrating 50 years of breakfast at McDonald's with a national Egg McMuffin Day and expanding the availability of bagel sandwiches nationwide to strengthen our position and drive traffic in this important day part.

在第一季度，我們還啟動了一項全國性的營銷活動，以全國性的雞蛋麥滿分日來慶祝麥當勞早餐 50 週年，並在全國範圍內擴大百吉餅三明治的供應，以鞏固我們的地位，並在這個重要的節日期間吸引客流。

In addition to delivering exciting menu innovation and world-class marketing efforts, we remain committed to driving operational excellence and running great restaurants. One key measure for how we are performing is the customers' experience when visiting McDonald's. In the first quarter, we raised our customer satisfaction scores to an all-time high in the US.

除了提供令人興奮的菜單創新和世界一流的行銷努力之外，我們還致力於推動卓越營運和經營一流的餐廳。衡量我們業績表現的關鍵指標是顧客光臨麥當勞時的體驗。第一季度，我們在美國的客戶滿意度得分達到了歷史最高水準。

Now, turning to our international business. In most of our major markets, we're seeing a similar story in regards to the challenging industry environment and softening consumer sentiment. In our international operated market segment, comp sales declined 1% versus the prior year quarter. Results were mixed across the individual markets, including negative comps in the UK.

現在，談談我們的國際業務。在我們大多數主要市場中，我們都看到了類似的情況，即產業環境充滿挑戰，消費者情緒低落。在我們國際營運的市場領域，同店銷售額較去年同期下降了 1%。各市場的結果好壞參半，其中英國的業績表現不佳。

QSR industry traffic growth was positive in only two of our big five markets. However, we drove a positive comp guest count gap to most near-end competitors across the majority of our largest markets, demonstrating the strength of our value platforms and how they're resonating with consumers.

在我們五大市場中，只有兩個市場的 QSR 產業客流量實現了正成長。然而，在我們最大的大多數市場中，我們與大多數近端競爭對手的可比較客人數量差距都很大，這展示了我們價值平台的實力以及它們如何引起消費者的共鳴。

In addition, as in the US, we have also raised our customer satisfaction scores to all-time highs in nearly all of the international operated markets, including the big five. In France, we continued to realize the benefits of our turnaround efforts despite a challenging industry environment. For the first time in nearly three years, we delivered positive market share gains in the quarter, driven by the success of our value offerings, including a EUR4 Happy Meal and a value meal partnership with League One.

此外，與美國一樣，我們在幾乎所有國際營運市場（包括五大市場）的客戶滿意度評分也提高到了歷史最高水準。在法國，儘管產業環境充滿挑戰，我們仍持續實現扭虧為盈努力的效益。近三年來，我們在本季首次實現了市場份額的正成長，這得益於我們價值產品的成功，包括 EUR4 開心樂園餐和與英甲聯賽的超值套餐合作。

At the end of March, we also launched a new EDAP menu, featuring a variety of items with price points of under EUR3. We're complementing these value offerings with strong menu news, such as the recent launch of the Big Arch, with positive results, marking another step in the continued expansion of this large, satiating burger.

三月底，我們還推出了新的 EDAP 菜單，其中包含價格低於 3 歐元的各種商品。我們透過強大的菜單新聞來補充這些有價值的產品，例如最近推出的 Big Arch，並取得了積極的成果，標誌著這種大而可口的漢堡在持續擴張方面又邁出了一步。

In Germany, QSR industry traffic continued to contract in the first quarter, but we drove a positive comp guest count gap to near-end competitors and increased market share behind a new comprehensive value offering, McSmart Snacks, which is an EDAP platform. We now have all aspects of good value and affordability effectively integrated in the market and working in conjunction with meal bundles, which will be complemented with exciting menu and marketing news through the year.

在德國，QSR 產業的客流量在第一季度繼續萎縮，但我們透過推出新的綜合價值產品 McSmart Snacks（一個 EDAP 平台）推動了與近端競爭對手的客流量差距，並增加了市場份額。現在，我們已將物有所值和價格實惠的各個方面有效地融入市場，並與套餐相結合，並將在全年提供令人興奮的菜單和行銷新聞。

In Canada, where QSR industry traffic increased in the first quarter, we delivered both positive comparable sales and guest count performance, driven in part by our $1 coffee offering and our Hockey Showdown limited-time promotion. As a Canadian, I can tell you that Canadians are extremely enthusiastic hockey fans. This passion was evident in the results, with the Hockey Showdown promotion being one of the top-performing earned media brand affinity campaigns with over 50 million impressions and driving a lift to the overall sandwich category.

在加拿大，第一季 QSR 產業的客流量有所增加，我們實現了可比銷售額和客流量雙雙成長，部分原因是我們提供 1 美元的咖啡和 Hockey Showdown 限時促銷活動。身為加拿大人，我可以告訴你，加拿大人是極度熱情的冰球迷。這種熱情在結果中顯而易見，曲棍球對決促銷活動是表現最佳的贏得媒體品牌親和力活動之一，其展示次數超過 5000 萬次，並推動了整個三明治類別的銷量增長。

And in the UK, where QSR industry traffic declined versus the prior year quarter, we are actively addressing the opportunities that are within our control. We understand what it takes to succeed in the UK market, which continues to build upon their value and affordability foundation; and we remain confident in our ability to revitalize the business by improving our execution and leveraging successful strategies from other markets.

在英國，快餐業的客流量與去年同期相比有所下降，我們正在積極抓住我們能夠控制的機會。我們了解在英國市場取得成功需要什麼，這將繼續鞏固其價值和可負擔性基礎；我們仍然有信心，透過改善執行力和借鑒其他市場的成功策略，我們有能力振興業務。

And lastly, to round out the big five, in Australia, we are making progress despite declining QSR industry traffic. With a new Managing Director in place, we look forward to seeing our momentum built.

最後，在澳大利亞，儘管快餐業客流量下降，但我們仍在取得進展。隨著新任董事總經理的上任，我們期待看到公司發展動能的增強。

Finally, in our international developmental licensed markets, comp sales for the quarter were up 3.5%, largely driven by positive results in the Middle East and Japan. And in China, our performance remained stable, driven by an increase in delivery share, the success of the big bites value meal, and strong performance in chicken.

最後，在我們的國際開發授權市場，本季度同店銷售額成長了 3.5%，這主要得益於中東和日本的積極業績。在中國，我們的業績保持穩定，這得益於外賣份額的增加、大口超值套餐的成功以及雞肉的強勁表現。

Turning to the P&L, adjusted earnings per share were $2.67 for the quarter, which includes a $0.04 headwind from foreign currency translation. Adjusted earnings per share increased by 1% compared to the prior year in constant currencies.

談到損益表，本季調整後的每股盈餘為 2.67 美元，其中包括外幣折算帶來的 0.04 美元的不利影響。以固定匯率計算，調整後每股盈餘較上年成長 1%。

Despite the challenging market conditions, top-line results generated over $3.3 billion of restaurant margins for the quarter, and adjusted operating margin was about 45.5%, highlighting the durability of our business model.

儘管市場環境充滿挑戰，但本季的營收業績仍創造了超過 33 億美元的餐廳利潤，調整後的營業利潤率約為 45.5%，凸顯了我們商業模式的持久性。

Results for the quarter included lower company-operated margins, reflecting pressured top-line results and commodity inflation, particularly in Europe. This was partially offset by lower G&A spend, which was primarily driven by the timing of investment and the comparison to prior year costs related to our biannual worldwide convention.

本季業績包括公司營運利潤率下降，反映出營業收入壓力和商品通膨，尤其是在歐洲。這被較低的 G&A 支出部分抵消，這主要是由於投資時機以及與去年與我們每兩年一次的全球大會相關的成本相比。

We remain focused on optimizing our run-the-business spend as we continue to invest in our strategic growth priorities, such as digital and technology and our transformation efforts led by our global business services organization that will drive long-term efficiency.

我們將繼續專注於優化我們的業務營運支出，同時繼續投資於我們的策略成長重點，例如數位和技術以及由我們的全球業務服務組織領導的轉型工作，這將推動長期效率。

With respect to the remainder of the year, while we remain cautious about consumer sentiment, we are reaffirming our full-year 2025 financial targets that we outlined in February, which include the impact from tariffs that are currently in place. We expect foreign currency translation to be a tailwind to 2025 earnings per share of about $0.05 per share based on current exchange rates.

今年剩餘時間的表現，儘管我們對消費者情緒保持謹慎，但我們重申了 2 月概述的 2025 年全年財務目標，其中包括現行關稅的影響。根據目前匯率，我們預期外幣折算將對 2025 年每股盈餘產生推動作用，達到每股約 0.05 美元。

That's a significant change versus our previous estimated headwind of $0.20 to $0.30 per share, reflecting the recent weakening of the US dollar versus major currencies. As always, this is directional guidance only, as rates will likely change as the year progresses.

與我們先前估計的每股 0.20 美元至 0.30 美元的逆風相比，這是一個重大變化，反映了近期美元兌主要貨幣的疲軟。像往常一樣，這只是方向性指導，因為利率可能會隨著時間的推移而變化。

Despite the ongoing industry headwinds, we know that McDonald's is well-positioned to succeed due to the resiliency of our business and our overall financial strength; and we remain confident in our ability to deliver long-term profitable growth for the system and to create value for our shareholders.

儘管行業持續面臨阻力，但我們知道，憑藉業務的彈性和整體財務實力，麥當勞完全有能力取得成功；我們仍然有信心，我們有能力為系統帶來長期盈利增長，並為股東創造價值。

And with that, let me turn it back over to Chris.

現在，讓我把話題交還給克里斯。

Thanks, Ian. A couple weeks ago, McDonald's top leaders from around the world gathered in Hyderabad, India, to discuss the path forward on our strategic priorities.

謝謝，伊恩。幾週前，來自世界各地的麥當勞高層領導人齊聚印度海得拉巴，討論我們戰略重點的前進方向。

We're clear on the enablers of our Accelerating the Arches growth strategy and specifically our commitments to sustaining leadership on value and affordability, capitalizing on our new category teams to strengthen customers' taste perceptions of our food and accelerate menu innovation, ensuring restaurants deliver feel-good experiences where customers keep coming back and employees are excited to work, and continuing to lead with our values as the foundation of how we do business.

我們清楚「加速拱門」成長策略的推動因素，特別是我們對保持在價值和可負擔性方面的領導地位的承諾，利用我們的新類別團隊來加強顧客對我們食物的味覺感知並加速菜單創新，確保餐廳提供良好的體驗，讓顧客不斷回頭，員工對工作充滿熱情，並繼續以我們的價值觀作為我們開展業務的基礎。

After meetings like this, I'm always impressed by the strength and resilience of McDonald's three-legged stool. It was yet another reminder of the ways our dedicated franchisees, hard-working crew, and arguably the best global supply chain in the world come together to make sure the golden arches shine brightest for our customers, even during challenging times. It's a defining feature of our system.

參加完這樣的會議後，我總是對麥當勞三條腿凳的強度和彈性印象深刻。這再次提醒我們，我們敬業的加盟商、辛勤工作的團隊以及可以說是世界上最好的全球供應鏈如何齊心協力，確保即使在充滿挑戰的時期，金色拱門也能為我們的客戶閃耀最耀眼的光芒。這是我們系統的決定性特徵。

Our commitment to serving local communities is not just our mission, it's the essence of our franchisee model. We're a global brand, but an incredibly local business. Thousands of franchisees running our restaurants have a deep connection to the communities they serve and a keen sense of how we can bring the most positive impact and add the most value.

我們致力於服務當地社區不僅是我們的使命，更是我們的特許經營模式的精髓。我們是一個全球品牌，但同時也是一家極為在地化的企業。經營我們餐廳的數千名特許經營商與他們所服務的社區有著深厚的聯繫，並且敏銳地意識到我們如何帶來最積極的影響並增加最大的價值。

In most communities, if not markets where we operate, McDonald's and its franchisees is one of the largest employers. When it comes to providing quality ingredients, we prioritize sourcing from local farmers and suppliers to serve the food our customers love most.

在大多數社區（如果不是我們經營的市場），麥當勞及其特許經營者是最大的雇主之一。在提供優質食材方面，我們優先從當地農民和供應商採購，以提供顧客最喜歡的美食。

While we anticipate that the economic environment will remain challenging in the near term, I'm confident that our Accelerating the Arches strategy is fit to drive guest count-led growth and market share gains and maximize our MCD growth pillars for the long term. It's a strategy that's rooted in our customer insights and built on our inherent competitive advantages, and it's the playbook we need to regain form in 2025.

雖然我們預計短期內經濟環境仍將充滿挑戰，但我相信我們的「加速拱門」策略能夠推動以客人數量為主導的成長和市場份額的成長，並最大限度地實現我們 MCD 的長期成長支柱。這項策略根植於我們對客戶的洞察，並建立在我們固有的競爭優勢之上，也是我們在 2025 年重振旗鼓所需的策略。

Just a couple weeks ago, we marked McDonald's 70th anniversary. In celebrating longevity, we're actually honoring leadership. 70 years of setting the standard for innovation, pioneering the drive-through, advancing our menu, and embracing digital transformation to build the best restaurant experience.

就在幾週前，我們慶祝了麥當勞成立 70 週年。在慶祝長壽時，我們實際上是在尊重領導力。 70 年來，我們致力於制定創新標準、開創免下車服務、改進菜單並擁抱數位轉型，以打造最佳餐廳體驗。

Time and again, we've proven that our foundation is strong, our commitment to customers unwavering, and our ambition to lead unparalleled. This business has demonstrated an innate ability to anticipate and respond to change. Our agility has always been a key strength, now more than ever, and it gives us confidence in the future, even amid macroeconomic uncertainty.

我們一次又一次地證明了我們的基礎是堅實的，我們對客戶的承諾是堅定不移的，我們領先的雄心壯志是無與倫比的。該企業已展現出預測和應對變化的先天能力。敏捷性一直是我們的關鍵優勢，現在比以往任何時候都更重要，即使在宏觀經濟不確定的情況下，它也讓我們對未來充滿信心。

We'll stay true to what makes us uniquely McDonald's, great food, exceptional value, and an inclusive environment that welcomes all. Thanks to the strength of our system, McDonald's is well-positioned to seize the opportunities before us and keep shaping the future of our industry.

我們將堅持麥當勞的獨特之處：美味的食物、卓越的價值以及歡迎所有人的包容性環境。憑藉著我們系統的強大，麥當勞能夠抓住眼前的機遇，繼續塑造我們產業的未來。

With that, we'll take questions.

接下來，我們將回答問題。

(Operator Instructions) Our first question is from Dennis Geiger.

（操作員指示）我們的第一個問題來自丹尼斯·蓋格。

I wanted to ask a bit more about the US and what sounds like an encouraging response to the Minecraft marketing campaign and to your value platforms into the second quarter. Recognizing the consumer's pressure, but also that select 1Q headwinds have evaded maybe a bit, could you talk a little more about how you're thinking about your recent US sales trajectory, underlying momentum, looking ahead over the coming quarters, given some of the exciting marketing and menu news and the overall execution that you touched on?

我想多問一些關於美國的情況，聽起來對 Minecraft 行銷活動和第二季的價值平台的回應令人鼓舞。認識到消費者的壓力，但同時也認識到第一季度的一些不利因素可能已經消除，您能否再談談您對近期美國銷售軌跡、潛在發展勢頭的看法，展望未來幾個季度，並結合一些令人興奮的營銷和菜單新聞以及您提到的整體執行情況？

Hi, Dennis. It's Chris. Yeah, I think the year is evolving as we expect it would. We knew that in Q1, it was about getting our McValue menu embedded, getting consumers aware of that. And then we were going to be introducing marketing news in Q2 that was going to also soon be followed by menu news.

你好，丹尼斯。是克里斯。是的，我認為這一年的發展正如我們所預期的。我們知道，在第一季度，我們要嵌入 McValue 菜單，讓消費者意識到這一點。然後我們將在第二季推出行銷新聞，隨後還將推出菜單新聞。

And so Q1 was for us always going to be the toughest quarter in the year. And then we're expecting to see momentum build as the year progressed.

因此，對我們來說，第一季永遠是一年中最艱難的季度。然後，我們預計隨著時間的推移，這一勢頭將會增強。

As we mentioned in the opening comments, we were really encouraged by our Minecraft promotion globally. In the US, this was planned to be a four-week promotion. And I think we ended up selling out of the Minecraft collectibles within 10 days to 14 days. So the response exceeded certainly what we were planning for.

正如我們在開場白中提到的那樣，我們在全球範圍內的 Minecraft 推廣確實讓我們感到鼓舞。在美國，這計劃是一個為期四週的促銷活動。我認為我們的 Minecraft 收藏品最終會在 10 到 14 天內銷售一空。因此，反響肯定超出了我們的預期。

And then we've just started doing the soft sell of our chicken strips, our McCrispy Chicken Strips. Advertising hasn't yet started on that, but we're seeing in the restaurants that are selling strips a nice take rate on that as well.

然後我們就開始軟性地推銷我們的雞柳條，我們的麥克里皮雞柳條。雖然這方面的廣告還沒開始，但我們看到，販售牛排的餐廳也取得了不錯的利潤率。

So I think how we expected the year, it's evolving that way. The key for us now for the balance of the year is about execution. And you've got to -- in an environment where there is a pressured consumer, you've got to simply out-execute your competitors. And that means you've got to out-execute them on your value programs. You've got to out-execute them when it comes to marketing and menu innovation.

所以我認為，正如我們對今年的預期，它正在按照這樣的方式發展。對我們來說，今年餘下時間的關鍵在於執行。你必須－在消費者面臨壓力的環境中，你必須超越你的競爭對手。這意味著你必須在價值計劃上超越他們。在行銷和菜單創新方面，你必須比他們做得更好。

And I think we've seen plenty of evidence that when you do that, there's growth out there to be had. But certainly, if your execution isn't sharp in a challenged environment, you're not going to be able to expect growth. And so that's -- I think where we're focused right now is about making sure we do world-class execution.

我認為我們已經看到大量證據表明，當你這樣做時，就會有成長。但可以肯定的是，如果你在充滿挑戰的環境中執行力不夠敏銳，你就無法期望成長。所以——我認為我們現在的重點是確保我們能夠做到世界一流的執行。

David Palmer, Evercore.

大衛·帕爾默，Evercore。

I'm wondering if you can give us some color about some of your key IOM countries. In what ways are the consumer economic dynamics and McDonald's value perception different today and the challenges different than what we see in the US?

我想知道您是否可以向我們介紹一些主要的國際移民組織國家。現今的消費者經濟動態和麥當勞的價值觀念有哪些不同？面臨的挑戰與美國相比有哪些不同？

It sounds like so far in this earnings season, like the global consumer companies, whether it's the informal eating out market or the instant consumable guys, are doing a little bit better overseas than you would have thought. It seems to be fairly firm in terms of the consumer backdrop. I don't know how you feel about that for your key markets. So any juxtaposition to the US would be helpful.

聽起來，到目前為止，在這個收益季節，全球消費品公司，無論是非正式外出用餐市場還是即時消費品公司，在海外的表現都比你想像的要好一些。從消費者背景來看，它似乎相當穩固。我不知道您對您的主要市場有何看法。因此，任何與美國並列的現像都會有所幫助。

Yeah. I think generally, David, that's a fair characterization. If I were to just do a survey of the world, I think Europe -- it's really country by country. As Ian mentioned, there's only two countries that we've actually seen industry growth.

是的。大衛，我認為總體而言，這是一個公平的描述。如果我要對世界進行調查，我認為歐洲——實際上是一個國家一個國家地調查。正如伊恩所提到的，只有兩個國家真正實現了產業成長。

But I think generally, we feel good about the value programs that we have in place in all big -- all of our big five markets. And we're seeing that when you pair that with good menu and marketing execution, you can see great performance or very good performance.

但我認為總體而言，我們對我們在所有五大市場實施的價值計劃感到滿意。我們發現，當你將其與良好的菜單和行銷執行相結合時，你會看到出色的表現或非常好的表現。

So I think Europe challenged. But again, if you have the right value in marketing, you can get that. I think the issue in Europe may be a little bit different than the US. It's just -- it's a very inflationary environment in Europe, particularly because of beef.

所以我認為歐洲提出了挑戰。但同樣，如果你在行銷方面有正確的價值觀，你就能實現這一點。我認為歐洲的問題可能與美國略有不同。只是——歐洲的通貨膨脹非常嚴重，尤其是因為牛肉。

And so you've got high-single-digit inflation running through the P&L because of what's going on in Europe. That compared to the US, where F&P inflation is low single digits. So it's a more inflationary environment in Europe, which means we just have to be really judicious about how and where we take pricing in that environment.

因此，由於歐洲的局勢，你的損益表中出現了高個位數的通貨膨脹。相較之下，美國的食品和包裝通膨率僅為個位數。因此，歐洲的通膨環境更加嚴峻，這意味著我們必須非常謹慎地考慮在這種環境下如何以及在何處定價。

I think, as Ian mentioned, in China, we've seen the business stabilize there. We're encouraged by what we're seeing from our China business. Latin America, I think, continues to perform okay. And then if you go to places like Japan, the business is performing solidly there.

我認為，正如伊恩所提到的，在中國，我們已經看到業務趨於穩定。我們對於中國業務的進展感到鼓舞。我認為拉丁美洲的表現仍然良好。如果你去日本這樣的地方，你會發現那裡的業務表現穩健。

So I think relative to the US -- the US and the pressure on that lower income consumers are probably the most noteworthy thing. Seeing traffic declines of nearly 10% with that low income consumer, I think, is the defining feature of what we see in the US relative to the rest of the world.

因此我認為相對於美國而言——美國及其低收入消費者面臨的壓力可能是最值得關注的事情。我認為，低收入消費者的客流量下降近 10% 是美國相對於世界其他地區的顯著特徵。

Hey, David. It's Ian. Let me just add a couple of comments to what -- the context that Chris has outlaid. And I'll just use our big five IOM markets as a bit of a bellwether. Because obviously, it's just building on what Chris laid out.

嘿，大衛。我是伊恩。我只想針對克里斯所闡述的背景補充幾點評論。我將以 IOM 的五大市場作為風向標。因為很明顯，這只是基於克里斯所闡述的內容而建立的。

But I mean, I think it's -- certainly, there's still challenge in our industry, obviously, in particular, I think just with lower income consumers and families, which are a big part, as you know, of our international business. I think there are pressures there.

但我的意思是，我認為——當然，我們的行業仍然存在挑戰，顯然，特別是對於低收入消費者和家庭來說，正如你所知，他們是我們國際業務的重要組成部分。我認為那裡存在壓力。

I think what we feel -- obviously, as you've heard us talk a lot about, what we're focused on is what's within our control. And we feel really good, as you heard us talk about up front, in the fact that in those big five markets, we've now got through the fourth -- first quarter, the essential components of strong value in place in each of those big five markets with EDAP programs and then entry level meal bundles.

我認為我們的感受——顯然，正如你所聽到我們多次談論的那樣，我們所關注的是我們能夠控制的事情。正如您聽到我們前面談到的，我們感覺非常好，事實上，在五大市場中，我們已經度過了第四季度（第一季度），透過 EDAP 計劃和入門級套餐，我們在五大市場中都具備了強大價值的基本要素。

So I think despite the fact that in three of those five markets, we're continuing to see a contracting industry traffic, we're taking share in the majority of those markets. Because I think we're starting to see those value platforms work.

因此我認為，儘管在這五個市場中的三個市場中，我們繼續看到行業流量萎縮，但我們仍在大多數市場中佔據份額。因為我認為我們開始看到這些價值平台發揮作用。

And as Chris said, when you combine that -- and I'll use France as the example -- with new and exciting menu news like the big Arch launch, which happened in France in early April -- and we're seeing some good early results there -- you start providing those reasons for consumers to visit.

正如克里斯所說，當你把這一點與令人興奮的菜單新聞（例如 4 月初在法國推出的大型 Arch 菜單）結合起來時（我們在那裡看到了一些良好的早期結果），你就開始為消費者提供光顧的理由了。

So again, it's certainly not an easy landscape. But we certainly feel like the business is well positioned on the back of the work that we did through '24 and into the beginning of this quarter.

所以，這當然不是一個容易的景象。但我們確實覺得，憑藉我們在 2024 年和本季初所做的工作，業務處於有利地位。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question is on the US McValue platform. And I was hoping maybe you can elaborate on how you think the current construct of that value is working in the current environment and whether you think adjustments are needed.

我的問題是關於美國McValue平台的。我希望您能詳細說明您認為該價值觀的當前構造在當前環境中如何發揮作用，以及您是否認為需要進行調整。

And I guess the nature of my question is, when you think back to the last major downturn in consumer spending, you had the dollar menu in place. And that worked quite well and allowed for significant share gains. So I'm wondering if you need sharper entry level price points on the value menu in today's environment.

我想我的問題的本質是，當你回想上次消費支出的大幅下滑時，你會發現當時的菜單是一美元的。這項舉措非常有效，並帶來了顯著的市場份額成長。所以我想知道在當今環境下您是否需要在價值菜單上提供更清晰的入門價格點。

Just as background -- so the introduction of McValue, as you'll recall, was about getting a branded platform established that we expect to sustain over time. And the point of that was to allow for flexibility, to allow for us over time to change the individual items within that based on what we're seeing from a competitive set, based on what we're seeing in terms of consumer responsiveness, et cetera. So it's designed to be agile.

如背景所示——正如你們所記得的，McValue 的推出是為了建立一個我們希望能夠長期維持的品牌平台。這樣做的目的是為了提供靈活性，讓我們能夠隨著時間的推移，根據我們所看到的競爭對手的情況、根據我們所看到的消費者反應等來改變其中的個別項目。所以它的設計非常敏捷。

As you think about McValue, we feel really good about how the $5 meal deal is performing. And Ian talked about in his comments, the fact that there's alignment in the US system, that that $5 meal is going to continue through the balance of the year. There may be some additional meals at different price points that get offered on top of that. But at a $5 meal, there's going to be that continuing for the balance of the year.

當您想到 McValue 時，我們對 5 美元套餐的表現感到非常滿意。伊恩在評論中談到，事實上，美國的體係是一致的，5 美元一餐將在今年年底前繼續提供。在此基礎上，可能還會提供一些不同價位的額外餐點。但對於一頓 5 美元的餐點來說，這種情況將會持續到今年年底。

I think when you look at the buy one, add one for a dollar, I'd say our view on that is it's performing okay. But frankly, it's not driving nearly the amount of incrementality that we're seeing with the buy one or with the $5 meal deal. And at the end of the day, value programs -- the ultimate barometer for performance of a value program is its ability to drive incrementality.

我認為，當你看到買一送一，我會說我們對此的看法是它的表現還不錯。但坦白說，它帶來的增量遠不及買一送一或 5 美元套餐帶來的增量。歸根究底，價值計畫－衡量價值計畫績效的最終標準是其推動增量的能力。

And we're seeing incrementality for the meal deal 10, 13, 12 points higher than what we're seeing with the buy one, add one for a dollar. The buy one, add one for a dollar, certainly there's a strong take rate; but it's not driving as much incrementality.

我們發現套餐的增量比買一送一的增量高出 10、13、12 個百分點。買一送一隻需一美元，當然有很高的接受率；但它並沒有帶來太多的增量。

And so I think this is a question for the US team with franchisees, is any value program requires an investment of margin dollars to get that established. And is the buy one, add one for a dollar the best investment of margin dollars?

所以我認為這是針對擁有特許經營權的美國團隊的一個問題，任何價值計劃是否都需要投資保證金才能建立。那麼，買一送一，只要一美元，是不是保證金的最佳投資方式呢？

I think there's probably an opportunity to look for greater incrementality, but that's going to be a conversation that happens in the US. And as to any pivots that -- I think time will tell on that.

我認為可能有機會尋求更大的增量，但這將是在美國發生的對話。至於任何轉變——我認為時間會證明一切。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Maybe just on that topic, I think you're still running something like mid-single digit menu pricing in the US. And obviously, I know you don't control that. But I wonder, as that continues to go up -- but then you talk more about the value platform and then you maybe put more items on it. I mean, does that -- does the spread between the different sides of the menu become a problem?

也許就這個主題而言，我認為您在美國仍然在運行類似中等個位數的菜單定價。顯然，我知道你無法控制這一點。但我想知道，隨著這個數字繼續上升——但隨後你會更多地談論價值平台，然後你可能會在其上放置更多項目。我的意思是，菜單不同側面之間的分佈會成為一個問題嗎？

Do you think there is going to be like continued negative mix shift as you talk more about value? I don't know if maybe innovation is a way to solve that because you can introduce items that are at a lower price point. I mean, maybe strips fit that mold. But how do you think about that dynamic over the medium to longer term?

當您更多地談論價值時，您是否認為會出現持續的負面組合轉變？我不知道創新是否是解決這個問題的方法，因為你可以推出價格較低的產品。我的意思是，也許條帶適合這種模式。但您如何看待中長期的動態？

Sure. Well, it's certainly something that you need to be mindful of. We're always taking a look at it. I think part of what we've described here is you've got to have strong value and affordability programs, but they have to be paired with great full margin marketing and menu innovation. And that -- when you do the two of those in combination, you get an outcome, a result, that is positive for the franchisee P&L, positive for our P&L, et cetera.

當然。嗯，這確實是你需要注意的事情。我們一直在關注它。我認為我們在這裡所描述的部分內容是，你必須擁有強大的價值和可負擔性計劃，但它們必須與出色的全利潤行銷和菜單創新相結合。而且 — — 當你將這兩者結合起來時，你就會得到一個結果，這個結果對於特許經營商的損益表來說是積極的，對於我們的損益表來說也是積極的，等等。

I think what you're talking about there in terms of trade and how we think about F&P inflation, you have to just be very disciplined on these things. And I think one of the things that we spend a lot of time with our franchisees on is looking at pass-through rates, making sure that we're being judicious about how and where we take pricing. And I think there's been a lot of good progress on that.

我認為，就貿易而言以及我們如何看待食品和包裝通膨而言，你必須對這些事情非常自律。我認為我們與加盟商花費大量時間討論的事情之一就是研究轉嫁率，確保我們明智地選擇如何以及在何處定價。我認為在這方面已經取得了很多進展。

And then as you think about other incremental programs that you may need to do, certainly, we test those. We'll do different modeling on those to make sure that, in total, the P&L works. I think you can't really decompose and take each individual item. You have to look at it in totality and say, does this program work for our franchisees, for the company?

然後，當您考慮可能需要執行的其他增量程序時，我們當然會對它們進行測試。我們將對這些進行不同的建模，以確保整體而言損益表有效。我認為你無法真正分解並取出每個單獨的物品。你必須全面地看待它並說，這個計劃對我們的特許經營商、對公司有用嗎？

But Ian, I don't know if you have anything else you want to add to that.

但是伊恩，我不知道您是否還有其他要補充的。

Just maybe a couple of things I'd add. I mean, you're right if we use the US as the example that menu pricing, obviously, as you would expect, has been coming down, as inflation's been coming down. And I think we were just under mid-single digit in Q1. Most of that, frankly, was carryover from price taken in 2024.

我只想補充幾點。我的意思是，如果我們以美國為例，你是對的，菜單定價顯然如你所料一直在下降，因為通貨膨脹一直在下降。我認為我們第一季的成長率略低於個位數中段。坦白說，其中大部分是 2024 年價格的結轉。

So assuming inflation keeps coming down, I would expect the contribution from price to continue to moderate in line with that. As Chris said, I mean, obviously what we've been doing in the US, and we're in this non-comparable period, is we've obviously responded to the needs of the consumer. And we've put stronger value and affordability in place.

因此，假設通貨膨脹持續下降，我預期價格的貢獻將繼續隨之放緩。正如克里斯所說，我的意思是，顯然我們在美國所做的事情，以及我們正處於這個不可比擬的時期，我們顯然已經回應了消費者的需求。我們也提供了更高的價值和更實惠的價格。

If you remember, the $5 meal went in place at the end of June in 2024. And so there certainly is -- until we get more comparable, there is a bit of a mix adjustment. Obviously, the purpose of that mix adjustment, as Chris was talking to, is we want to drive stronger underlying momentum in the business. We want to drive guest count-led growth.

如果你還記得的話，5 美元的餐點將於 2024 年 6 月底開始實行。所以確實存在——在我們獲得更多可比性之前，需要進行一些混合調整。顯然，正如克里斯所說的那樣，進行這種組合調整的目的是我們希望推動業務發展更加強勁的潛在勢頭。我們希望推動客人數量帶動的成長。

Then as you get that guest count-led growth and you start complementing that with things like Minecraft or chicken strips, you get the check growth, the profit growth, which is obviously the total outcome that you're looking for. But I think until we get to quarter three this year, you're going to continue to see a bit of that mix play in check and margin until we get more comparable.

然後，當你獲得以客人數量為主導的增長，並開始用 Minecraft 或雞肉條等產品來補充時，你就會獲得支票增長、利潤增長，這顯然是你所尋求的總體結果。但我認為，直到今年第三季度，你將繼續看到這種混合效應在控制和利潤率方面有所體現，直到我們變得更具可比性。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Ian, last quarter, you talked about moderate US same-store sales embedded within your 2025 US MEC-OPCO outlook. And I'm curious, just following 1Q's challenge performance and your cautious view on the consumer, but couple that with the sharp improvement in April sales, if moderate US same-store sales growth still holds for 2025. Or has your embedded assumption changed?

伊恩，上個季度，您在對 2025 年美國 MEC-OPCO 展望中提到了美國同店銷售額將適中。我很好奇，僅僅根據第一季的挑戰表現和您對消費者的謹慎看法，再加上 4 月份銷售額的大幅改善，美國同店銷售額的溫和增長是否會持續到 2025 年。還是你的內在假設已經改變了？

And maybe just quickly, if you could also touch on your expectations for 2025 US MEC-OPCO margins, that would also be helpful.

也許只是快速地，如果您也能談談對 2025 年美國 MEC-OPCO 利潤率的預期，那也會有所幫助。

I think what I would say is I think on margins, I think we continue to believe if we use MEC-OPCO margins as the example in the US for this year, for the total year on a percentage basis, we expect to be slightly up on a percentage basis versus where we were in 2024.

我想說的是，就利潤率而言，我認為我們仍然相信，如果我們以今年美國的 MEC-OPCO 利潤率為例，按百分比計算，我們預計全年利潤率將比 2024 年的水平略有上升。

Obviously, as we've talked about a fair bit this morning, there's still a fair bit of uncertainty in the external environment. And as we've talked about, we're obviously focused on what we can control. We feel really good about the lineup of activities that the US business and the US system have got for the rest of the year, including things obviously like Minecraft and chicken strips, which are coming to life over the next few days.

顯然，正如我們今天上午所討論的那樣，外部環境仍然存在相當多的不確定性。正如我們所討論的，我們顯然專注於我們能夠控制的事情。我們對美國業務和美國系統在今年剩餘時間開展的一系列活動感到非常滿意，其中顯然包括 Minecraft 和雞肉條等將在未來幾天內推出的活動。

But the environment around us is uncertain. And as you've heard me say many times before, obviously, margin growth ultimately is going to be driven by strong top-line growth. And obviously, that's what we're working hard in regards to the things that are within our control to deliver over the remainder of the year.

但我們周圍的環境是不確定的。正如您之前多次聽我說過的那樣，顯然利潤率的成長最終將由強勁的營收成長所推動。顯然，這就是我們正在努力實現的、我們能夠控制的、在今年剩餘時間內要實現的目標。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

I guess maybe one clarification and a question. The clarification was on the UK. I know that's been historically a very strong business for you. And I couldn't tell if that was one of the markets where you were taking share. And if not, if there was any role of new competition that might be affecting you.

我想也許需要澄清一點並提出一個問題。該澄清是針對英國的。我知道這對你們來說一直是一個非常強大的業務。我無法判斷這是否是你們佔據份額的市場之一。如果沒有，那麼是否有任何新的競爭角色可能會對您產生影響。

And then the question is on the US. Do you have a sense whether those declines in the QSR traffic maybe are coming because people are shifting into other segments? I ask because I think there's a view that maybe the gap between QSR value and other segments, whether it's fast casual or full service, has narrowed. So I didn't know if that was just maybe an intra-industry share shift.

接下來的問題是關於美國。您是否認為 QSR 客流量的下降可能是因為人們轉向了其他領域？我之所以問這個問題，是因為我認為有一種觀點認為，QSR 的價值與其他領域（無論是快餐休閒還是全方位服務）之間的差距可能已經縮小。所以我不知道這是否只是行業內部的份額轉移。

As to the UK, the UK is not yet gaining share. So there's still work for us to do in the UK. I'd say the share losses are to the people that we should be beating.

至於英國，英國的份額尚未增加。所以我們在英國還有很多工作要做。我想說，我們應該打敗那些遭受份額損失的人。

So I don't think that new competitors are the issue that we need to focus on in the UK. It's about our execution and just doing a better job in that market. So that's the UK.

所以我不認為新的競爭對手是我們在英國需要關注的問題。這關乎我們的執行力，以及我們在那個市場上做得更好的事。這就是英國。

As it relates to the US, just the relative size of the QSR industry versus fast casual, for example, or casual dine, the math just doesn't work. I mean, the gains that you might see with a couple of the players in casual dine are dwarfed relative to the size of the QSR industry.

就美國而言，僅就 QSR 產業與快餐店或休閒餐廳等的相對規模而言，數學計算根本行不通。我的意思是，與速食業的規模相比，休閒餐飲業中的一些參與者所獲得的利益可能微不足道。

So I don't think it's really accurate to say that this is just a shift amongst the different components. I think we are seeing that people are just being more judicious about cutting back on visits.

因此，我認為說這只是不同組件之間的轉變並不準確。我認為我們看到人們在減少訪問次數方面更加明智。

And so what you're seeing is you're seeing a decline in frequency where perhaps morning, which is usually, I think, a bellwether day part occasion, morning now is a place that you're seeing people who are choosing either to skip breakfast or they're choosing to eat at home for breakfast. And I think that's more to explain what's going on in the US versus any segment shift.

所以你看到的是，你看到頻率正在下降，也許早上，通常，我認為，是一天中一個重要的時刻，早上，現在你會看到人們選擇不吃早餐，或選擇在家吃早餐。我認為這更能解釋美國正在發生的事情以及任何細分市場的轉變。

Hey, Sara. It's Ian. Maybe just a couple of points of texture to build on what Chris has mentioned. I think in the UK, as he said, I mean, I think we clearly believe we've got opportunities that are within our control from an execution standpoint. We've got work to do there.

嘿，薩拉。我是伊恩。也許只是基於克里斯所提到的幾點紋理。我認為在英國，正如他所說，我的意思是，我認為我們清楚地相信，從執行的角度來看，我們擁有可以掌控的機會。我們在那裡有工作要做。

I would just point a little bit to France. I think UK is a much narrower set of opportunities to address. But I think if you think of the complexity of challenge we've had in France, the progress we've made, I think that gives us a lot of confidence in our ability to translate the appropriate learnings and get our UK business back to where we expect it to be.

我只想稍微提到法國。我認為英國的機會範圍要窄得多。但我認為，如果你想想我們在法國面臨的挑戰的複雜性以及我們所取得的進展，我認為這會讓我們對我們轉化適當的經驗教訓並使我們的英國業務回到我們預期水平的能力充滿信心。

On the US, just to emphasize what Chris said, I mean, the big thing is people are just visiting less. And that speaks to, I think, the pressure on consumers; consumer sentiment, obviously; the things that we've been talking about for a while now; inflationary pressures; interest rates that are weighing obviously particularly on lower consumers. And that's spilling over into middle-income consumers right now.

關於美國，我只想強調克里斯所說的話，我的意思是，最大的問題是人們去美國旅遊的次數減少了。我認為這說明了消費者面臨的壓力；顯然是消費者情緒；我們已經談論過一段時間的事情；通膨壓力；利率顯然對低收入消費者造成特別大的壓力。目前，這種趨勢已經蔓延至中等收入消費者。

And I think when we get value and affordability right, like the $5 meal, as we've talked about before, we know that is bringing consumers back in to visit us. And we know when they buy something like the $5 meal, they're visiting us more frequently. And so if we know that we can get value and affordability right, we can win in the context of what's going on in the marketplace.

我認為，當我們把價值和可負擔性做好的時候，例如我們之前談到的 5 美元套餐，我們知道這會吸引消費者回來光顧。我們知道，當他們購買 5 美元一頓飯之類的東西時，他們會更頻繁地光顧我們。因此，如果我們知道我們可以獲得正確的價值和可負擔性，我們就能在市場環境中獲勝。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

You'd mentioned, Chris, earlier expanding a beverage test. And I was curious if you could dig into that opportunity a little bit more, perhaps what you're expecting from this over time. Are there investments you're anticipating the franchisees will need to make on an equipment side?

克里斯，你之前提到擴大飲料測試。我很好奇您是否可以更深入地探討這個機會，也許您對此有什麼期望。您是否預期特許經營商需要在設備方面進行投資？

And frankly, how you see positioning this platform for the company over time. Do you see this as a full margin product or perhaps playing on the value front as well? Just maybe sizing up the opportunity and how you see it being communicated to the consumer over time.

坦白說，您如何看待這個平台在未來為公司帶來的定位。您是否認為這是一款全利潤產品或是一種價值產品？也許只是評估一下機會以及您如何看待它隨著時間的推移傳達給消費者。

Sure. Well, I think as we look at the opportunity from a macro perspective, there's a lot of growth that we see in beverages. And the profitability of beverages is very attractive.

當然。嗯，我認為，當我們從宏觀角度看待這個機會時，我們會看到飲料產業有很大的成長空間。而且飲料的獲利能力非常誘人。

So when you think about profit pool growth in the industry, we expect beverages is going to be a place where there's significant growth in the profit pool. And we're -- frankly, we think there's more that we can be doing to capture our fair share of that.

因此，當您考慮行業利潤池成長時，我們預期飲料產業將成為利潤池顯著成長的領域。坦白說，我們認為我們還可以做更多的事情來獲得我們應得的份額。

We capture on coffee, for example -- we're probably roughly around 10% of the coffee share. We think we can be doing better than that. And then there's growth in other places where you're seeing energy and some other areas that are also strong growth where we don't participate at all.

以咖啡為例，我們佔了約 10% 的咖啡份額。我們認為我們可以做得更好。然後，你會看到其他地方也出現了成長，例如能源領域，還有一些我們根本沒有參與的領域也出現了強勁成長。

And so when we think about that, we think there's a lot that we can do. Part of what we've tried to be thinking through is, how do we get after that opportunity? And part of the impetus for us to go do CosMc's was a belief that if we try to do it within an existing restaurant, that the complexity may be too great and would impact speed of service and some other things.

因此，當我們考慮到這一點時，我們認為我們可以做很多事情。我們一直在思考的一個問題是，我們要如何抓住這個機會？我們選擇 CosMc's 的部分動力是，我們相信，如果我們嘗試在現有餐廳內開展這項業務，其複雜性可能會太大，並會影響服務速度和其他一些方面。

And so the thought was, do we need to maybe look at quarantining the complexity in a standalone concept like we did with CosMc's? And one of the things -- I think there's two big things that we've learned out of CosMc's, which are informing the next phase of learning here.

所以我們的想法是，我們是否需要像對待 CosMc 一樣，考慮在獨立概念中隔離複雜性？其中一件事——我認為我們從 CosMc 中學到兩件重要的事情，它們為下一階段的學習提供了指導。

The first is that while there is some customization, actually 80% of the order, the consumer wants it to be recipied. So this is not give me a blank slate and I'm going to design endless customization. 80% of it is recipied, and then there's some customization that goes on the end. So the complexity or the risk of complexity as we've discovered with CosMc's isn't as great as what we thought it would be.

首先，雖然有一些定制，但實際上 80% 的訂單，消費者都希望能夠收到。所以這不是給我一張白紙然後我要設計無盡的訂製。其中 80% 是已收到的，最後還會進行一些客製化。因此，我們在 CosMc 中發現的複雜性或複雜性的風險並不像我們想像的那麼大。

I think the other thing that we've learned on CosMc's is anytime it has a McDonald's brand attached to it, the consumer is going to want to buy food with that. And so versus some others that are largely beverage-dominated concepts, food is still going to always be an important part of whatever our beverage offering is because that's consumer's expectation for the McDonald's brand.

我認為我們從 CosMc's 中學到的另一件事是，只要它帶有麥當勞品牌，消費者就會想購買帶有該品牌的食物。因此，與其他一些主要以飲料為主的概念相比，食品仍然是我們提供的任何飲料的重要組成部分，因為這是消費者對麥當勞品牌的期望。

And so all of that is informed now. Let's take that into a McDonald's restaurant and see what an expanded lineup of beverages could look like. And let's understand what that means in terms of driving incremental traffic, but also food attachment that goes with that.

現在所有這些都已告知。讓我們把它帶到麥當勞餐廳，看看擴大後的飲料陣容會是什麼樣子。讓我們了解一下這對於推動增量流量以及隨之而來的食物依戀意味著什麼。

So as to the ultimate investment that's going to be required, I don't think we know because we don't know the answer yet. But we're going to continue to test and learn. And what I do know is that we're committed to going after beverages. It's part of why we set up beverages as one of our key three category structures, just because of the opportunity that we see there.

至於最終需要多少投資，我認為我們不知道，因為我們還不知道答案。但我們將繼續測試和學習。我所知道的是，我們致力於飲料事業。這也是我們將飲料設為三大主要類別結構之一的原因之一，因為我們在那裡看到了機會。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

A two-parter, if I may. Firstly, it's fairly apparent, looking around the country, the amount of core menu pricing difference that you have. And obviously, I understand all the different economic and competitive reasons for that. But the reality is that there's not a lot of price certainty specifically around the core menu.

如果可以的話，我會把它分成兩個部分。首先，環顧全國，核心菜單定價的差異是相當明顯的。顯然，我了解造成這種情況的各種不同的經濟和競爭原因。但實際情況是，核心菜單的價格並沒有太大的確定性。

So do you think that that is an opportunity? Is it a risk? I mean, if you were to pull menus in certain places down. So just do talk about core menu price certainty and whether that makes sense to drive that.

那麼您認為這是一個機會嗎？這有風險嗎？我的意思是，如果你將某些地方的菜單拉下來。因此，只需討論核心菜單價格的確定性以及這是否有意義即可。

And secondly, the boneless chicken market is changed actually quite significantly from the last time you had chicken select. So if you can comment on the rate of success that you're expecting from this version of McCrispy maybe versus what you had before when the competitive market was in fact different.

其次，與上次選擇雞肉相比，無骨雞肉市場實際上發生了相當大的變化。因此，如果您可以評論您期望這個版本的 McCrispy 的成功率，也許與以前相比，當競爭市場實際上不同時。

Sure. Well, at the end of the day, pricing is an inherently local decision, and it's informed by the trading area that exists around each of our individual restaurants. And our commitment and the focus is we need to make sure that relative to the trading area that we're competing in, that we're offering strong value. And that's what shows up on both the menu board and that also shows up with the promotions and digital offers that we're running.

當然。好吧，歸根結底，定價本質上是一個本地決定，並且受到我們每家餐廳周圍的貿易區的影響。我們的承諾和重點是，我們需要確保相對於我們所競爭的貿易領域，我們提供強大的價值。這就是菜單板上顯示的內容，也是我們正在進行的促銷和數位優惠中顯示的內容。

So I think about it less as around having predictability across the country around a common menu. And it's more about we need to be competitive within the trading areas that we're competing.

因此，我認為，這不太關乎全國各地圍繞共同菜單的可預測性。更重要的是我們需要在我們所競爭的貿易領域中保持競爭力。

I think if you look at what's been going on with menu prices right now, because the inflation has come down and we're not nearly seeing as inflationary an environment as we saw certainly last year and in 2023, you're not seeing the big moves on core menu that you saw previously. And I would expect that that's going to continue.

我認為，如果你看看現在菜單價格的走勢，由於通貨膨脹已經下降，而且我們看到的通貨膨脹環境遠不如去年和 2023 年那麼高，你不會看到核心菜單出現之前那樣的大變動。我希望這種情況能夠持續下去。

As I mentioned, F&P inflation's low single digits. So there's not a lot of pressure on that. And I think our franchisees also recognize how important it is for us to stay disciplined on this. And we look at pass-through rates, as I described earlier, to make sure that we understand the consumer's willingness to accept any pricing. So that would be my comment on that.

正如我所提到的，F&P 通膨率處於低個位數。因此這方面壓力不大。我認為我們的特許經營者也認識到我們在這方面保持紀律的重要性。正如我之前所述，我們會專注於轉嫁率，以確保我們了解消費者接受任何定價的意願。這就是我對此的評論。

As to how the market's changed, certainly. there's been a ton of growth in that space. And it's an area that we're hearing from our customers that they're looking for us to have a great offering there. And they're thinking about other ways that we can participate in that market.

至於市場如何變化，當然是這樣的。該領域已經取得了巨大的成長。我們從客戶那裡聽說，他們希望我們能在這一領域提供優質的產品。他們正在考慮讓我們參與該市場的其他方式。

And so we've talked about -- chicken strips is going to be our first re-entry in that. We feel excited about doing it under the McCrispy platform. We think we can get a halo benefit that's associated with that. And then we've also set up that McCrisp. Once you have the strips in, strips is going to allow for us to reintroduce snack wraps, which is going to be coming later in the year as well.

我們已經討論過了——雞肉條將是我們首次重新進入這一領域的產品。我們很高興能在 McCrispy 平台下進行這項工作。我們認為我們可以獲得與此相關的光環效益。然後我們也設定了 McCrisp。一旦有了條帶，我們就可以重新推出零食捲餅，這也將在今年稍後推出。

So I think for us, it's just the market continues to show the consumer is interested in this product. We want to make sure that we're meeting our customers' needs on that. And I think what we've got with both strips and then later with snack wraps is going to be a great addition to the menu.

所以我認為對我們來說，這只是市場繼續表明消費者對該產品感興趣。我們希望確保滿足客戶的需求。我認為我們推出的這兩種薯條以及之後的小吃卷將為菜單帶來很大的補充。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

I wanted to unpack US comps a bit more. Can you talk about what you're seeing across the low, middle, and high-income consumer? I know you mentioned industry traffic, but trying to get a better sense of what's going on with market share across cohorts.

我想進一步了解美國公司的情況。您能談談您對低收入、中收入和高收入消費者的看法嗎？我知道您提到了行業流量，但我想更好地了解各個群體的市場份額情況。

Are you seeing any increase in value mix as a result of McValue? And then any color on what you're seeing across Regions and date bars would be helpful.

您是否看到 McValue 帶來的價值組合增加？然後，您在區域和日期欄上看到的任何顏色都會有所幫助。

It's Ian. Well, look, I think I'll just reiterate what we've talked about a fair bit. I mean, I think there's pressure on both low- and middle-income consumers in the US I think, as you heard Chris say, low-income consumer was down close to double-digit. Middle-income consumer in the quarter from an industry perspective was down close to that.

我是伊恩。好吧，看，我想我只是重申我們已經討論過的內容。我的意思是，我認為美國的低收入和中等收入消費者都面臨壓力，正如克里斯所說，低收入消費者的人數下降了近兩位數。從行業角度來看，本季中等收入消費者的數量接近這一水平。

High-income consumer is still spending pretty consistently and pretty robustly. And as you've heard us talk about before, I mean, we over-index to low consumers in terms of our mix versus industry mix, and I think -- to a lower extent, but also over-index to middle-income consumers.

高收入消費者的支出仍然相當穩定且強勁。正如您之前聽到我們談論的那樣，我的意思是，就我們的產品組合與行業產品組合而言，我們對低收入消費者的指數過高，而且我認為 - 在較低程度上，我們對中等收入消費者的指數也過高。

And so obviously, as those consumers are softer, that's already going to put pressure for us, which is where having the strong value and affordability that we've talked about come into play is really important so that we're winning.

顯然，隨著這些消費者變得更加溫和，這已經給我們帶來了壓力，而我們所談論的強大的價值和可負擔性對於我們獲勝來說真的很重要。

And I think I would just emphasize that in Q1, if you look at our comp guest count gap versus the majority of our near-end competitors, that was positive through Q1. So that obviously tells us that we're winning on a traffic -- on a comparable traffic basis versus the broader industry.

我想我只想強調的是，在第一季度，如果你看看我們與大多數近端競爭對手的可比較客人數量差距，你會發現第一季的差距是正面的。所以這顯然告訴我們，我們在流量方面獲勝了——與整個行業相比，我們在可比較流量方面獲勝了。

So again, our work is to continue to make sure we've got the proposition despite, I think, what's happening with consumers to be winning in the context. As I said, I think I've got a strong value and affordability lineup, and we're starting to see even better momentum as we get into things like Minecraft.

所以，我們的工作是繼續確保我們能夠堅持我們的主張，無論消費者的情況如何，我認為我們都能取得勝利。正如我所說，我認為我擁有強大的價值和可負擔性陣容，當我們進入 Minecraft 等產品時，我們開始看到更好的動力。

And we feel really confident, as Chris was talking about, with the strips launch that's going to happen over the next few days. And as we get that combination to come together, we feel pretty good about being able to win against all those consumer groups as we work through the rest of the year.

正如克里斯所說的那樣，我們對未來幾天即將推出的漫畫感到非常有信心。當我們將這種組合結合在一起時，我們很高興能夠在接下來的一年中贏得所有這些消費者群體的支持。

Greg Francfort, Guggenheim.

古根漢美術館的格雷格·弗蘭克福特。

My question is, maybe before this value launch, my understanding was a lot of the value that the customer was using was going through the mobile app. And that part of the value launch was maybe to diversify that message a little bit. I'm curious how that's evolved since the value launch and if the mix of value that's going through the mobile platform is where you want it to be, above, below. Any thoughts on that?

我的問題是，也許在這次價值發布之前，我的理解是客戶使用的許多價值都是透過行動應用程式實現的。價值發布的這一部分可能是為了稍微多樣化這一訊息。我很好奇自價值發布以來它是如何演變的，以及透過行動平台的價值組合是否達到了你想要的水平，是高於還是低於。對此有什麼想法嗎？

Yeah. It's tough to generalize on that because within the app, there's local value that's being offered. And so there's national value, and then there's local value that goes in combination with that.

是的。很難對此進行概括，因為應用程式內部提供了本地價值。因此，有國家價值，還有與之結合的當地價值。

I do think what we've talked about in previous calls is that until you get to a point where the usage of the app is the majority of your traffic, relying on that as the primary source of value, it just doesn't work. Because you're not reaching the majority of your consumers.

我確實認為，我們在之前的通話中討論過，除非你的應用程式的使用量佔了流量的大部分，否則依靠它作為主要價值來源是行不通的。因為你還沒有接觸到大多數消費者。

And so for that reason, having a broad platform like we have McValue that's available to everybody, I think, is important. It's an imperative that you have that, which is why we've spent the time and energy getting that launched properly.

因此，我認為，擁有像 McValue 這樣可供所有人使用的廣泛平台非常重要。你必須擁有它，這就是我們花費時間和精力來正確啟動它的原因。

The digital offers are going to continue. They've probably come down a tick on that. It's tough to know how much of that was related to pulling back on digital offers versus just having a stronger McValue proposition out there that maybe is now driving someone to choose McValue as opposed to the digital offer.

數位化服務將會持續下去。他們可能已經對此表示不滿。很難知道這在多大程度上與撤回數位優惠有關，還是只是因為有了更強大的 McValue 主張，也許現在才促使人們選擇 McValue 而不是數位優惠。

So I don't think there's anything specific that you should infer from any mix change that we're doing. There's not a purposeful pullback in digital offers to do more on McValue, but I think you're certainly seeing the consumer change as our offers change.

因此，我認為您不應該從我們所做的混合變化中推斷出任何具體的東西。我們並沒有刻意減少數位優惠以在 McValue 上做更多事情，但我認為隨著我們的優惠發生變化，您肯定會看到消費者發生變化。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

There are some rising concerns on international boycotts, generally speaking, at US brands. So I'm wondering if you have seen any signs of weakness attributable to that and how you're expecting that to be evolving. And to the extent that you did, which markets are you seeing under most pressure and what proactive measures are you contemplating to continue to protect the brand that you have so far?

總體而言，人們對國際上抵制美國品牌的擔憂日益加劇。所以我想知道您是否看到了由此引起的任何疲軟跡象，以及您預計這種情況將如何發展。就您所做的而言，您認為哪些市場面臨的壓力最大？您正在考慮採取哪些主動措施來繼續保護您現有的品牌？

Sure. Well, we've actually spent some time researching this. And we've done three different surveys, global surveys, in all of our top markets to just assess the consumer's perspective. And we asked it in the context of three things. How does the consumer feel about America, the country? How does the consumer feel about American brands? And then specifically, how does the consumer feel about McDonald's?

當然。嗯，我們實際上花了一些時間研究這個問題。我們在所有主要市場進行了三項不同的調查，即全球調查，以評估消費者的觀點。我們根據三個方面提出了這個問題。消費者對美國這個國家有何感受？消費者對美國品牌有何看法？那麼具體來說，消費者對麥當勞的感覺如何？

And the good news from our perspective is there has been no change in how the consumer globally feels about the McDonald's brand. So we're not seeing any American sentiment have any impact on our business. What we have seen in our survey work is that there has been an increase in people in various markets saying that they are not going to be or they're going to be cutting back their purchase of American brands.

從我們的角度來看，好消息是全球消費者對麥當勞品牌的看法沒有改變。因此，我們沒有看到美國情緒對我們的業務產生任何影響。我們在調查中發現，各市場中越來越多的人表示他們不會或將要減少購買美國品牌。

And we've seen an uptick in any American sentiment, call it 8 to 10 points increase in any American sentiment. Most pronounced in Northern Europe and Canada, not a big deal in Latin America, not a big change or nothing that we're seeing in Asia.

我們看到美國情緒上升，可以說美國情緒上升了 8 到 10 個百分點。在北歐和加拿大最為明顯，在拉丁美洲沒有什麼大問題，在亞洲也沒有看到什麼大的變化。

But again, the key point here is while there has been, I think, an uptick in general any American sentiment, that's had no impact on our business. And consumer sentiment toward the McDonald's brands remain strong.

但關鍵在於，我認為，儘管美國情緒總體上升，但這對我們的業務沒有影響。消費者對麥當勞品牌的熱情依然高漲。

And maybe just the piece I'd add on the end, Danilo, is just, I mean, I think one of the strengths, as you know, of our business model is that the vast majority of our restaurants are operated by franchisees that live and work and support the communities they do business in. And obviously, we operate in over 100 countries.

最後我想補充的是，達尼洛，正如你所知，我認為我們商業模式的優勢之一是，絕大多數餐廳都是由特許經營商經營的，他們生活、工作並支持他們經營所在社區。顯然，我們的業務遍及 100 多個國家。

We're very successful in all those countries that we operate. I think that's because our business and our brand has been able to adapt appropriately to the cultures and communities that we do business in. And I think certainly most of our -- the vast majority of consumers understand and appreciate that.

我們在開展業務的所有國家都取得了巨大的成功。我認為這是因為我們的業務和品牌能夠適當地適應我們開展業務的文化和社區。我認為，我們絕大多數消費者肯定都理解並欣賞這一點。

Eric Gonzalez, KeyBanc.

艾瑞克·岡薩雷斯（Eric Gonzalez），KeyBanc。

It's clear that McDonald's is at its best when it offers compelling value to drawing guests and has something differentiated or craveable for the customer to trade into. We saw this prior to the public health incident with the collector's cups and the chicken Big Mac. Is it fair to say it's the first quarter lack to the second half of that equation?

顯然，當麥當勞提供極具吸引力的價值來吸引顧客，並讓顧客產生差異化或渴望購買的東西時，它就處於最佳狀態。在收藏杯和雞肉巨無霸引發公共衛生事件之前，我們就看到了這種情況。可以公平地說，這是第一季的不足，而第二季的不足則導致了第二季的不足嗎？

And as we moved into the second quarter, you had a winner with the Minecraft meal. But that boost isn't something that's going to last more than a few weeks. So I'm just wondering if you have enough in the marketing and innovation pipeline on the premium side that's going to drive a more sustainable lift in sales?

當我們進入第二季度時，Minecraft 套餐成為了贏家。但這種提振作用不會持續超過幾週。所以我只是想知道，你們在高端市場的營銷和創新管道是否有足夠的能力來推動銷售的更永續的成長？

Well, I think as I touched on, we're excited about, in the US and in our other markets, the balance of your plans that we have. And it's not just relying on one thing.

嗯，我想正如我所提到的，我們對美國和其他市場的平衡計劃感到非常興奮。而且它不只依賴一件事。

I think as we look at our marketing plans, there's a steady flow of menu innovation that goes from now through the end of the year in a number of our markets. And then there's also marketing programs that we have on top of this.

我認為，當我們審視我們的行銷計劃時，我們會發現從現在到今年年底，我們的許多市場都會不斷進行菜單創新。此外，我們也制定了行銷計劃。

And I think part of when you get strong menu news paired with strong marketing, beyond just the benefit that you get in the window, you start to see improvement in baseline. And so that would be our expectation is as we continue to have more menu innovation, as we continue to have strong marketing programs, it has a positive impact on baseline, which is the gift that keeps on giving.

我認為，當你獲得強大的菜單新聞與強大的行銷相結合時，除了你在視窗中獲得的好處之外，你還會開始看到基線的改善。因此，我們的期望是，隨著我們繼續進行更多的菜單創新，隨著我們繼續擁有強大的行銷計劃，它將對基線產生積極的影響，這是一份持續給予的禮物。

And Eric, maybe just to build -- I mean, I think you touched on it. But as you remember, we had really strong momentum in our US business pre the food safety incident. Obviously, that was a disruption.

艾瑞克，也許只是為了建立——我的意思是，我認為你已經提到了這一點。但正如您所記得的，在食品安全事件發生之前，我們的美國業務發展勢頭非常強勁。顯然，這是一種破壞。

As we said in our last call, expected in Q1 this year that the impacts of the food safety incident would be fully behind us. They are. We fully recovered.

正如我們在上次電話會議上所說，預計今年第一季食品安全事件的影響將完全過去。是的。我們完全康復了。

But if you just think of the sequence of activities that we've had in the US business, obviously, the disruption of the food safety incident, full focus on an effort on recovery. Then we've spent Q1 really getting the McValue brand, equity, and platform embedded and emphasized.

但如果你想想我們在美國業務中開展的一系列活動，顯然，食品安全事件的中斷，全力以赴的努力恢復。然後，我們花了第一季的時間真正嵌入和強調 McValue 品牌、資產和平台。

So we really haven't until Minecraft in April had a big consumer resonating menu or marketing focused activity. And I think you're right. Those things are obviously moments in time. But as you do those and as you do those consecutively, you continue to add to the momentum that you're building in the business.

因此，直到 4 月 Minecraft 推出之前，我們還沒有推出引起消費者共鳴的大型菜單或以行銷為中心的活動。我認為你是對的。那些事情顯然都是時間中的瞬間。但是，當你這樣做並且連續這樣做時，你就會繼續增強你在業務中建立的勢頭。

So you start that momentum, obviously, with the strong value and affordability; and then you build on that with each of these activities. And as we talked about earlier, we certainly feel really confident about the lineup of activities that our US business has, starting with Minecraft and over the remaining course of the year.

因此，顯然，您憑藉強大的價值和可負擔性開啟了這一勢頭；然後您透過每項活動來鞏固這一成果。正如我們之前談到的，我們對美國業務的一系列活動充滿信心，從 Minecraft 開始，一直到今年剩餘時間。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Actually, perfect follow up to my question. I feel like you do have a lot of new news coming. Again, you mentioned Minecraft in April, crispy chicken in May, snack wrap to follow. I know in the past, there was maybe some caution on too much new news at McDonald's in terms of the impact on speed of service and operations at the restaurant level.

實際上，完美地回答了我的問題。我感覺你確實有很多新消息要發布。再次，您提到了四月份的 Minecraft、五月份的脆皮雞以及隨後的小吃卷。我知道過去，麥當勞可能對過多的新消息持謹慎態度，擔心其對餐廳的服務速度和營運產生影響。

So just wondering how you feel the teams are able to handle that when obviously speed is so important. And it ties into -- I think you mentioned that you're competing so much more against specialists now, which I assume are peers focused on one specific line or product.

所以我只是想知道，當速度如此重要時，您認為團隊能夠如何處理這個問題。這與—我想您提到過，您現在與專家的競爭更加激烈，我認為他們是專注於某一特定產品線或產品的同行。

I'm just wondering how your new team can be more effective and better competing against some of those players and the early learnings you have or expectations you have in terms of being able to better compete against those single line competitors.

我只是想知道你的新球隊如何更有效地與其中一些球員競爭，以及你在與那些單線競爭對手更好地競爭方面所獲得的早期經驗或期望。

Yeah, sure. I'll address the specialist question, then I'll let Ian pick up the first part of your question. But one of the things that I think we're seeing is, as I mentioned, that there are more people that are going after specific product verticals, whether that's chicken, whether that's beverages. You're seeing that in salads and some other places.

是的，當然。我先回答專家的問題，然後讓伊恩回答你問題的第一部分。但我認為我們看到的情況之一是，正如我所提到的，越來越多的人開始關注特定的產品垂直領域，無論是雞肉還是飲料。您可以在沙拉和其他一些地方看到這種情況。

And our menu -- and part of what I think is the appeal of McDonald's is that we have a broad menu. And it's a menu that can attract the whole family because there's something for everybody on our menu. The challenge with that, if you're a managing director running a country, is at the end of the day, you're just focused on in total hitting your comp sales target, hitting your profit target, et cetera.

我們的菜單——我認為麥當勞的吸引力之一就在於我們擁有豐富的菜單。這份菜單可以吸引全家人，因為我們的菜單上可以滿足每個人的需求。如果你是管理一個國家的總經理，那麼挑戰就在於，到最後，你只需要集中精力實現銷售目標、利潤目標等等。

And while you pay attention or you're looking at your share within those individual verticals, you're not waking up every single day thinking about, am I gaining share in chicken? Am I gaining share in beef? Am I gaining share in beverages? You're thinking about, am I gaining market share in total?

當你關注或關注自己在各個垂直領域的份額時，你不會每天醒來就想，我的雞肉市場份額是否正在增長？我的牛肉份額增加了嗎？我的飲料市佔率增加了嗎？你在想，我總體上是否獲得了市場份額？

And so the opportunity for us is to have teams that have that degree of focus; who are waking up every single day, looking at our performance across the globe, and making sure that we absolutely are winning in chicken, that we're winning in beverages, that we're winning in beef or continue to win in beef.

因此，我們的機會就是擁有具有這種專注度的團隊；他們每天醒來，都會關注我們在全球的表現，確保我們在雞肉、飲料和牛肉領域絕對獲勝，或者繼續獲勝。

And I think part of what we wanted to do with that as well is -- to win in these categories, it's not just coming up with a marketing idea or coming up with a brand name. It goes to supply chain and sourcing. So what's the type of product that we're sourcing?

我認為，我們想要做的部分是──要想在這些類別中獲勝，而不僅僅是提出一個行銷理念或一個品牌名稱。它涉及供應鍊和採購。那我們採購的產品類型是什麼呢？

It goes to the equipment that we're using. It goes to the processes that we're doing in the restaurant. It goes to certainly the menu offering and the menu innovation that goes along with that and then how we activate that with consumers.

它會進入我們正在使用的設備。它涉及到我們在餐廳裡所做的流程。這當然涉及到菜單的提供和隨之而來的菜單創新，以及我們如何與消費者一起啟動它。

Now, with these category teams, we have all of those groups working in combination underneath a category leader who, again, is charged with waking up every single day and focused on winning in their specific vertical. So that, I think, is going to be the power for us.

現在，有了這些類別團隊，我們讓所有這些小組在類別負責人的領導下協同工作，類別負責人每天醒來都專注於在特定垂直領域取得勝利。所以我認為這將成為我們的力量。

Ultimately, how it gets executed is going to be at the country level. But I think we have a good one-two punch between a focus at the country level, but also keeping an eye toward making sure that we're winning globally in these important categories.

最終，如何執行將由國家層級決定。但我認為，我們在關注國家層面的同時，也著眼於確保我們在這些重要類別中取得全球勝利，這兩者之間有著良好的組合拳頭。

Morning, Jeffrey. Maybe just let me touch on the other part of your question. And I think the US is the perfect example to lean into what you've been asking. But if you think of what our US business did, it was obviously through the learnings we had in COVID and just the need during that period to get much clearer and simpler in the menu.

早上好，傑弗裡。也許我只是想談談你問題的另一部分。我認為美國就是一個完美的例子，可以證明你所問的問題。但是，如果你想想我們的美國業務是如何運作的，這顯然是透過我們在 COVID 期間的經驗教訓以及在那段時間裡讓菜單變得更加清晰和簡單的需要來實現的。

And the US has done, I think, a phenomenal job as a system on getting really focused on a strong core menu and then building on that core menu over the last several years. So they greatly reduced the complexity from an execution. And I think the evidence of that is, as we talked about, we hit an all-time high from a customer satisfaction metric result in Q1 this year, which I think speaks to how the US has continued to improve execution and how customers have responded to that.

我認為，美國作為一個系統，在過去幾年中做了非常出色的工作，真正專注於強大的核心菜單，並在此基礎上進行構建。因此他們大大降低了執行的複雜性。我認為證據就是，正如我們談到的，今年第一季我們的客戶滿意度指標創下了歷史新高，我認為這說明了美國如何持續改善執行情況以及客戶對此的反應。

I think if you think about what we're doing with strips and then later in the year with wraps building on that, it goes back to what Chris has talked about a lot previously, which is we're focused on platforms, right? McCrispy is a platform. So the McCrispy sandwich was the first element of that.

我認為，如果你想想我們正在做的事情，以及今年晚些時候在此基礎上進行的包裝，這又回到了克里斯之前經常談論的內容，那就是我們專注於平台，對嗎？McCrispy 是一個平台。因此，麥克脆皮三明治就是其中的第一個元素。

We're now building on that with strips and then later in the year with wraps, which means we keep investing to build and strengthen the equity behind the product. And then we're just addressing the needs from consumers that when we do things like menu architecture research, we can really see what are the opportunity areas in chicken and how do we address those behind the equity that we're putting in place and continue to build on that.

我們現在正在以此為基礎推出條狀產品，並在今年稍後推出包裝產品，這意味著我們將繼續投資以建立和加強產品背後的權益。然後，我們只是在滿足消費者的需求，當我們進行菜單架構研究等工作時，我們可以真正看到雞肉中的機會領域是什麼，以及我們如何解決我們正在實施的公平性背後的問題，並繼續在此基礎上發展。

So we feel really good about where we are, the capacity we have to add the items that are in our plan and not have that have an impact on execution, which, as you know, is always critically important.

因此，我們對目前的狀況感到非常滿意，我們有能力添加計劃中的項目，而不會對執行產生影響，正如你所知，這始終至關重要。

Thanks, everyone, for joining the call today. If you have any follow-up questions or would like a call, please contact us and we could set something up. Again, have a good day. Thank you.

感謝大家今天參加電話會議。如果您有任何後續問題或想要致電，請聯絡我們，我們可以為您安排。再次祝您有美好的一天。謝謝。

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並享受美好的一天。