麥當勞 (MCD) 2025 Q2 法說會逐字稿

Hello, and welcome to McDonald's second quarter 2025 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. Dexter Congbalay, Vice President of Investor Relations for McDonald's Corporation. Mr. Congbalay, you may begin.

您好，歡迎參加麥當勞2025年第二季投資人電話會議。應麥當勞公司的要求，本次會議正在錄製。（操作員指示）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 today on the call 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. 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.

大家早安，謝謝大家。感謝您加入我們。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。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。根據今天上午準備好的發言，我們將回答您的問題。（活動說明）今天的電話會議正在進行網路直播，同時也會被錄製並透過我們的網站重播。

And now I'll turn it over to Chris.

現在我將把時間交給克里斯。

Thanks, Dexter, and good morning, everyone. In the second quarter, McDonald's delivered global system-wide sales growth of over 6% in constant currency and global comparable sales growth of nearly 4%. This includes driving positive comparable guest counts globally despite a challenging backdrop for the industry. In this landscape, the power of McDonald's value and affordability platforms, exciting marketing and menu offerings and world-class execution are working together to drive comparable sales results and guest count growth as we also accelerate new restaurant development. Our internationally operated market segment, comp sales increased by 4%, with all markets driving positive comp sales growth.

謝謝，德克斯特，大家早安。第二季度，麥當勞全球全系統銷售額以固定匯率計算成長超過6%，全球可比銷售額成長近4%。儘管行業面臨挑戰，但這包括在全球範圍內推動可比較客人數量的成長。在這種情況下，麥當勞的價值和可負擔平台的力量、令人興奮的營銷和菜單產品以及世界一流的執行力共同推動了可比銷售業績和客人數量的增長，同時我們也加快了新餐廳的發展。我們的國際營運市場部門同店銷售額成長了 4%，所有市場都推動同店銷售額正成長。

Our international developmental license markets delivered comp sales growth of more than 5.5%, led by Japan and with positive comps across all geographies. The results speak for themselves. When we get our value proposition right and execute with excellence, good performance follows. As we shared last quarter, all of our big five IOM markets now have both meal bundles and everyday affordable price or EDAP menus in place. Our EDAP menus feature a variety of sandwiches, snacks and beverages, typically priced below $4, pounds or euros.

我們的國際開發授權市場實現了超過 5.5% 的銷售額成長，其中日本的銷售額成長最為顯著，所有地區的銷售額均呈現成長動能。結果不言而喻。當我們正確理解價值主張並出色地執行時，就會產生良好的績效。正如我們上個季度所分享的，我們五大 IOM 市場現在都已提供套餐和日常實惠價格或 EDAP 菜單。我們的 EDAP 菜單提供各種三明治、小吃和飲料，價格通常低於 4 美元、英鎊或歐元。

Value and affordability scores improved across the majority of our major IOM markets as these offerings as well as offers available through the McDonald's app, continue to gain traction and awareness with consumers. Despite continued high inflation across most of Europe, our IOM markets are being prudent about pricing actions, knowing the continued challenging environment for many of our consumers.

隨著這些產品以及透過麥當勞應用程式提供的優惠繼續受到消費者的關注和關注，我們大多數主要 IOM 市場的價值和可負擔性得分都有所提高。儘管歐洲大部分地區通膨率持續居高不下，但我們的馬裡蘭州市場在定價方面仍持謹慎態度，因為我們了解許多消費者面臨的持續挑戰性環境。

I recently visited Germany and saw firsthand how the market is executing our playbook and outperforming the competition. McDonald's Germany is defining good value in the market with a clear EDAP menu, Big Smart Snacks that just launched a few months ago. They've paired this EDAP menu with compelling meal bundles, giving them a strong one, two value punch.

我最近訪問了德國，親眼目睹了市場如何執行我們的策略並超越競爭對手。麥當勞德國公司幾個月前剛推出清晰的 EDAP 菜單和 Big Smart Snacks，以在市場上建立良好的價值。他們將這份 EDAP 菜單與引人注目的套餐搭配在一起，帶來強大的一、二價值衝擊。

At the same time, Germany launched exciting marketing and full margin menu innovations such as the Chicken Big Mac, which hit record high sales in the market during its first full week of launch. As a result, this quarter in Germany, we drove positive sales and guest count gaps versus nearing competitors and gained market share despite what continues to be a challenging industry environment. Turning to the US business. Comp sales were up 2.5% in the quarter.

同時，德國推出了令人興奮的行銷和全利潤菜單創新，例如雞肉巨無霸，在推出的第一個整週內就創下了市場銷售新高。因此，本季在德國，儘管行業環境依然充滿挑戰，但我們的銷售額和客人數量與接近的競爭對手相比仍然保持正增長，並獲得了市場份額。轉向美國業務。本季同店銷售額成長了 2.5%。

We outperformed near competitors on both comp sales and comp guest counts. Certainly, overall QSR traffic in the US remained challenging as visits across the industry by low-income consumers once again declined by double digits versus the prior year period. Reengaging the low-income consumer is critical as they typically visit our restaurants more frequently than middle- and high-income consumers. This bifurcated consumer base is why we remain cautious about the overall near-term health of the USconsumer. In this environment, we will continue to remain agile with respect to our value offerings to ensure the US strengthens its leadership in value and affordability.

我們在銷售額和客戶數量方面都超越了其他競爭對手。當然，美國整體的 QSR 客流量仍然充滿挑戰，因為低收入消費者對該行業的訪問量與去年同期相比再次下降了兩位數。重新吸引低收入消費者至關重要，因為他們通常比中高收入消費者更頻繁地光顧我們的餐廳。正是由於這種分裂的消費者群體，我們對美國消費者的近期整體健康狀況保持謹慎。在這種環境下，我們將繼續保持靈活的價值產品供應，以確保美國加強其在價值和可負擔性方面的領導地位。

Overall, we've made good progress with our value offerings. The $5 Meal Deal continues to resonate with consumers as we recently celebrated the one-year anniversary of the program. We've also continued to see incrementality from our McValue platform which also includes our Buy 1, Add 1 for a Dollar deal, which launched at the beginning of this year.

總體而言，我們在價值產品方面取得了良好的進展。我們最近慶祝了 5 美元套餐一周年，該計劃繼續引起消費者的共鳴。我們也繼續看到 McValue 平台的增量，其中還包括我們今年年初推出的「買一送一，每美元加一」的交易。

And of course, we're excited to welcome Snack Wraps back onto the menu after a nine-year hiatus. We launched Snack Wrap with an attractive $2.99 nationally advertised price point and early results are encouraging. Our franchisees also recognize the importance of the $2.99 price point, and we're excited to announce that they recently voted to extend this advertising through the end of the year. But we recognize that consumers' value perceptions are most influenced by our core menu pricing.

當然，我們很高興歡迎 Snack Wraps 在時隔九年後重新回到菜單上。我們推出了 Snack Wrap，在全國範圍內以極具吸引力的 2.99 美元的價格進行宣傳，早期結果令人鼓舞。我們的特許經營商也認識到 2.99 美元價格點的重要性，我們很高興地宣布，他們最近投票決定將此廣告延長至今年年底。但我們體認到，消費者的價值觀念最受我們核心菜單定價的影響。

We're working closely and collaboratively with our US franchisees on this opportunity, and we're developing ideas for how we might address this as an entire system. In combination with strong value, we're also unlocking growth across our most important menu categories of beef, chicken and beverages. Ian will discuss beef and chicken shortly, but I'd like to touch on beverages. The work of our beverage category team is rapidly moving forward.

我們正在與美國特許經營商就這一機會進行密切合作，並且正在製定如何作為整個系統解決這一問題的想法。除了強大的價值之外，我們還在推動我們最重要的菜單類別——牛肉、雞肉和飲料的成長。伊恩很快就會討論牛肉和雞肉，但我想談談飲料。我們的飲料品類團隊的工作正在快速推進。

As we recently announced exciting things are brewing with an upcoming test in about 500 restaurants in the US with a beverage lineup that includes a variety of options from Cold Coffee and Fruity Refreshers to crafted soda and energy. We've been able to quickly embed CosMc's key learnings into our McDonald's core business, demonstrating the speed, scale, system prowess and efficiency of our cross-functional category teams. We're finding new ways to tap into what customers want and believe no one is better positioned than McDonald's to deliver more of these moments to our fans.

正如我們最近宣布的那樣，令人興奮的事情正在醞釀中，我們即將在美國約 500 家餐廳進行測試，測試的飲料陣容包括從冷咖啡和水果清涼飲料到精製蘇打水和能量飲料等各種選擇。我們能夠將 CosMc 的關鍵學習成果快速融入麥當勞的核心業務中，展現出我們跨職能類別團隊的速度、規模、系統實力和效率。我們正在尋找新的方式來滿足顧客的需求，並相信沒有人比麥當勞更有能力為我們的粉絲帶來更多這樣的時刻。

Finally, central to our Accelerating the Arches strategy is aligning our greatest assets, our iconic brand and unmatched size and scale with the power of data and technology. It's happening in three distinct ways. We're reimagining how we improve the restaurant experience, transforming how we engage our most loyal brand fans and modernizing the employee experience. Our progress to digitize the Arches is unleashing the full potential of our size and scale, all while strengthening our foundation, such as increasing the reliability of our systems.

最後，我們「加速拱門」策略的核心是將我們最寶貴的資產、我們的標誌性品牌和無與倫比的規模與數據和技術的力量結合起來。它以三種不同的方式發生。我們正在重新構想如何改善餐廳體驗、改變我們吸引最忠實的品牌粉絲的方式以及實現員工體驗的現代化。我們在數位化拱門方面取得的進展充分發揮了我們規模的潛力，同時加強了我們的基礎，例如提高了系統的可靠性。

As I said during our investor update in late 2023, when we first introduced the restaurant, consumer and company platforms, we believe they can create a step change in our sales and margin trajectory over time. slowly at first, with increasing speed and impact as we scale like no other brand can. We're excited to see this start coming to life. In our restaurant platform in partnership with Google, we're developing edge computing, which extends the cloud to our restaurants. Edge is the digital foundation for the next generation of restaurant innovation that powers AI and Internet of Things enabled restaurants. The expected benefits are many. Increased restaurant uptime and enhanced customer and crew experience, improved food quality and cost savings opportunities.

正如我在 2023 年底的投資者更新中所說的那樣，當我們首次推出餐廳、消費者和公司平台時，我們相信它們可以隨著時間的推移在我們的銷售和利潤軌跡上創造一個階躍變化。起初很慢，但隨著我們規模的擴大，速度和影響力會越來越大，這是其他品牌無法做到的。我們很高興看到這一切開始變成現實。在我們與Google合作的餐廳平台上，我們正在開發邊緣運算，將雲端擴展到我們的餐廳。Edge 是下一代餐廳創新的數位基礎，為支援人工智慧和物聯網的餐廳提供支援。預期的益處有很多。增加餐廳的正常運作時間，增強顧客和員工的體驗，提高食品品質並節省成本。

We're currently live with edge in hundreds of US restaurants and are beginning to deploy it internationally. Running great restaurants is just one component of serving up great customer experience. Our fans want greater personalization, convenience and value. And bringing millions more consumers into the McDonald's digital universe is how we're ensuring customers feel seen and satisfied with each and every visit.

目前，我們已在數百家美國餐廳推出 Edge 服務，並開始在國際上推廣。經營一流的餐廳只是提供優質顧客體驗的一個組成部分。我們的粉絲想要更有個性、更便利、更有價值。將數百萬消費者帶入麥當勞的數位世界是我們確保顧客每次光臨都感到被重視和滿意的方式。

In 2023, we set a goal to reach 250 million 90-day active loyalty users by the end of 2027. As of this quarter, we've reached more than 185 million 90-day active users across 60 loyalty markets. In the US alone, on average, the same customer visits 10.5 times in the year before joining the loyalty program and then 26 times in the year after joining. They are earning points in the app and using them to unlock exclusive deals. And thanks to our recent partnership in the US, customers were able to extend rewards to new experiences like the Snapchat Plus subscription with premium features.

2023 年，我們設定的目標是到 2027 年底達到 2.5 億 90 天活躍忠誠度用戶。截至本季度，我們已覆蓋 60 個忠誠度市場，擁有超過 1.85 億 90 天活躍用戶。光是在美國，同一位顧客在加入忠誠度計畫之前每年平均光顧 10.5 次，加入後每年平均光顧 26 次。他們在應用程式中賺取積分並使用積分來解鎖獨家優惠。而且由於我們最近在美國建立的合作夥伴關係，客戶能夠將獎勵擴展到新的體驗，例如具有高級功能的 Snapchat Plus 訂閱。

Fans ordering on the app are already saving time with ready on arrival. Our geofencing technology can let our restaurants know when to start your order. In the US, restaurants with ready on arrival can reduce wait times for food pickup by more than 50%, and in many cases, eliminate them all together. Ready on arrival is deploying in restaurants across five of the top six markets and we're on track to launch in the last of the top six later this year.

透過應用程式訂購的粉絲已經節省了到貨時間。我們的地理圍籬技術可以讓餐廳知道何時開始您的訂單。在美國，採用「到店即取」服務的餐廳可以將取餐等待時間減少 50% 以上，在許多情況下，甚至可以完全消除等待時間。「Ready on arrived」 服務正在六大市場中的五大市場餐廳中部署，我們計劃在今年稍後在六大市場中的最後一家餐廳推出該服務。

Finally, we're applying new technology across the company that will change our ways of working. We're moving from hundreds of legacy systems to standardized modern global platforms to help our employees be more efficient and make data-driven decisions while increasing the speed of innovation. We took a couple of big steps towards improving processes by going live with a new finance system in the first wave of markets just a few weeks ago and rolling out a new HR or human capital management system in the second wave of markets this past quarter. We're modernizing McDonald's at a pace which will enhance not just the customer experience, but provide new capabilities for our system.

最後，我們正在整個公司應用新技術，這將改變我們的工作方式。我們正在從數百個遺留系統轉向標準化的現代全球平台，以幫助我們的員工提高效率並做出數據驅動的決策，同時提高創新速度。幾週前，我們在第一波市場中推出了新的財務系統，並在上個季度在第二波市場中推出了新的人力資源或人力資本管理系統，朝著改進流程邁出了幾大步。我們正在對麥當勞進行現代化改造，這不僅是為了提升顧客體驗，也是為了為我們的系統提供新的功能。

With that, I'll turn it over to Ian.

說完這些，我就把麥克風交給伊恩。

Thanks, Chris, and good morning, everyone. Our performance in the second quarter shows that customers continue to choose McDonald's as a trusted destination for the food they love, that's delivered with the quality, convenience and value they expect. Our financial results in the quarter were largely in line with our expectations. Global comparable sales increased 3.8% with comp sales growth up sequentially from the first quarter's low point. Importantly, the sequential improvement was broad-based with comp sales and guest count performance accelerating in each segment.

謝謝，克里斯，大家早安。我們第二季的業績表明，顧客繼續選擇麥當勞作為他們喜愛的食品的可信賴的去處，並提供他們期望的品質、便利性和價值。本季的財務表現基本上符合我們的預期。全球可比銷售額成長 3.8%，同店銷售額增幅較第一季的低點有所回升。重要的是，連續的改善是廣泛的，每個部門的銷售額和客人數量表現都在加速。

Our ability to adapt within a challenging environment remains a core strength. Execution of our Accelerating the Arches strategy and our ability to implement and scale necessary adjustments drove positive results in the quarter, including market share gains across a majority of our larger international markets. For example, in France, we've continued to widen our positive comp guest count gap to Niren competitors. This was supported by the successful launch at the end of March of a new EDAP platform, which we paired with compelling meal bundles that are resonating with value-conscious consumers. The EDAP platform includes several a la carte offerings, each under EUR3.

我們在充滿挑戰的環境中適應的能力仍然是我們的一個核心優勢。我們「加速拱門」策略的執行以及我們實施和擴大必要調整的能力推動了本季度的積極業績，包括我們在大多數較大的國際市場的市場份額的成長。例如，在法國，我們與 Niren 競爭對手的正面客人數量差距持續擴大。這得益於 3 月底成功推出的新 EDAP 平台，我們將其與引人注目的套餐搭配在一起，引起了注重價值的消費者的共鳴。EDAP 平台包括幾種單點服務，每項價格低於 3 歐元。

We've seen an increase in take rates for all items and continued increases in customer value and affordability perceptions and overall customer satisfaction scores. In addition, in early April, we introduced the big arch. It was our top-selling large burger in France following its launch, and that trend continued after the media campaign ended. We followed the Big Arch's rollout in France by launching it in the UK in mid-June.

我們看到所有商品的接受率都有所提高，客戶價值和可負擔性認知以及整體客戶滿意度得分持續上升。此外，四月初，我們引進了大拱門。自推出以來，它就成為我們在法國最暢銷的大漢堡，而且在媒體宣傳活動結束後，這一趨勢仍然持續。繼 Big Arch 在法國推出之後，我們於 6 月中旬在英國推出了這款產品。

Early results are meeting our expectations, fueled by positive response to the marketing campaign and social media bus and we're looking to build on Big Arch's success as we continue efforts to improve the UK's overall performance. While we recognize that restoring sustained positive performance in the UK will take time. As we've demonstrated most recently in France and Australia, we have a solid track record of identifying areas of improvement and executing turnaround plans that deliver results.

早期結果符合我們的預期，這得益於行銷活動和社群媒體的積極回應，我們希望在 Big Arch 的成功基礎上繼續努力，提高英國的整體表現。儘管我們認識到恢復英國持續的積極表現需要時間。正如我們最近在法國和澳洲所展示的那樣，我們在發現改進領域和執行取得成果的扭轉計劃方面有著良好的記錄。

In addition to launching Big Arch in France and the UK, we're working to unlock growth in beef by continuing to implement Best Burger across the globe. Today, it's currently in more than 80 markets, and we expect it will be in nearly all markets by the end of 2026. Chicken also remains a significant opportunity. It's a larger global category than beef and continues to grow at a faster rate. In the second quarter, we increased chicken market share across our top 10 markets. and we remain on track to grow our global chicken share by 100 basis points by the end of 2026, in line with the target we shared at our investor update in late 2023.

除了在法國和英國推出 Big Arch 之外，我們還致力於透過繼續在全球推廣 Best Burger 來促進牛肉業務的成長。如今，它已覆蓋 80 多個市場，我們預計到 2026 年底它將覆蓋幾乎所有市場。雞肉也仍然是一個重要的機會。它是比牛肉更大的全球類別，並且繼續以更快的速度成長。在第二季度，我們增加了十大市場的雞肉市場份額。我們仍有望在 2026 年底前將全球雞肉市佔率提高 100 個基點，這與我們在 2023 年底投資者更新中分享的目標一致。

Chicken was key to driving sales growth and overall market share gains in Australia in the quarter. The market saw its first share gains in a couple of years thanks in part to the Hot Honey Chicken campaign featuring both McCrispy and McSpicy options that worked in conjunction with the strong foundation of value and affordability that has now been put in place. Australia also introduced big Wings in early June as a permanent menu item with performance to date exceeding our expectations, further strengthening our chicken portfolio.

雞肉是本季推動澳洲銷售成長和整體市場份額成長的關鍵。市場份額在幾年內首次出現增長，部分原因在於「熱蜂蜜雞」活動推出了 McCrispy 和 McSpicy 兩種選擇，與目前已建立的強大價值和可負擔性基礎相得益彰。澳洲也在 6 月初推出了大雞翅作為永久菜單項目，迄今為止的表現超出了我們的預期，進一步增強了我們的雞肉產品組合。

Chicken also helped to drive our performance in China in the second quarter, where we gained market share, not only in the category, but in overall QSR as well. While we're pleased with our relative performance in China, the near-term macroeconomic environment remains challenging. Despite these headwinds, we remain confident in the long-term potential of the China market and remain on track to deliver on our new restaurant opening target there this year.

雞肉也有助於推動我們第二季在中國的業績，我們不僅在雞肉類別中獲得了市場份額，而且在整個 QSR 市場中也獲得了市場份額。雖然我們對在中國的相對錶現感到滿意，但近期宏觀經濟環境仍充滿挑戰。儘管面臨這些不利因素，我們仍然對中國市場的長期潛力充滿信心，並有望在今年實現在中國開設新餐廳的目標。

In addition to our commitment to the core menu and exciting innovations, we leveraged the One McDonald's Way approach to creative excellence this quarter. This drove positive comp guest count gaps to near-end competitors in the US and across the majority of our major international markets. The centerpiece of this One McDonald's Way approach was the marketing campaign in partnership with a Minecraft movie our largest global campaign ever with participation by more than 100 markets.

除了致力於核心菜單和令人興奮的創新之外，本季我們還利用了「One McDonald's Way」方法來實現卓越的創意。這使得我們與美國以及大多數主要國際市場的近端競爭對手的可比較客人數量差距擴大。「麥當勞方式」的核心是與《我的世界》電影合作的行銷活動，這是我們迄今為止最大的全球行銷活動，有超過 100 個市場參與。

The consumer response to this campaign was incredibly strong. It boosted guest counts in each of our major markets. most of which sold out of the Minecraft Collectibles ahead of the intended promotion window. In the US, in addition to leveraging One McDonald's way to marketing, we're staying agile and we'll continue to focus on strong execution to drive market share growth. We launched McCrispy Strips in May and saw an initial groundswell of excitement and high levels of customer satisfaction.

消費者對這次活動的反應非常強烈。它增加了我們每個主要市場的客人數量。其中大部分的 Minecraft 收藏品在預定的促銷窗口之前就已售罄。在美國，除了利用「一個麥當勞」的方式進行行銷外，我們還將保持敏捷，並將繼續專注於強有力的執行，以推動市場份額的成長。我們在五月推出了 McCrispy Strips，最初就引起了熱烈的反響，顧客滿意度也很高。

We followed it with the highly anticipated snack wraps in mid-July at a $2.99 nationally advertised price point. And we've been encouraged by the positive consumer response so far, which we believe comes from pairing the right product with the right value proposition. We have also recently updated our McValue Meal offerings by introducing the daily double, a new burger meal that provides customers with more entry-level meal options. McValue now has 3 meal deal offerings, and customers can continue to find a $5 meal at their local restaurant.

隨後，我們在 7 月中旬推出了備受期待的零食捲餅，全國廣告價為 2.99 美元。到目前為止，消費者的正面反應令我們感到鼓舞，我們相信，這源自於將正確的產品與正確的價值主張結合。我們最近也更新了我們的 McValue 套餐，推出了每日雙份漢堡套餐，這是一個新的漢堡套餐，為顧客提供更多入門級的餐點選擇。McValue 目前提供 3 種套餐，顧客可以繼續在當地餐廳找到 5 美元的套餐。

US leadership team and our US franchisees are confident about the calendar for the remainder of the year, which includes exciting news across all levers of our plan, value, menu and marketing. However, as Chris noted, US restaurant traffic, especially for the QSR industry remains challenging. Accordingly, we will leave no stone unturned when exploring ways to drive guest count-led growth and strengthening our value leadership. As Chris mentioned, we're working closely and collaboratively with our US franchisees to evaluate the opportunity to improve upon our core menu offerings. We know what it takes to win. And as a market leader, we plan to leverage our size, scale and financial strength to deliver for our customers.

美國領導團隊和我們的美國特許經營商對今年剩餘時間的日程安排充滿信心，其中包括我們計劃、價值、菜單和行銷等各個層面的令人興奮的消息。然而，正如克里斯所指出的，美國餐廳客流量，尤其是快餐業的客流量仍然充滿挑戰。因此，我們將竭盡全力探索推動客人數量成長和加強價值領導地位的方法。正如克里斯所提到的，我們正在與美國特許經營商密切合作，以評估改進核心菜單產品的機會。我們知道要取得勝利需要什麼。作為市場領導者，我們計劃利用我們的規模和財務實力為客戶提供服務。

Turning to the P&L. Adjusted earnings per share were $3.19 for the quarter, an increase of about 5% versus the prior year quarter in constant currencies. Adjusted operating margin was nearly 47% for the first half of the year, highlighting the durability of our business model. Despite continued pressure on consumer spending, top line results generated nearly $4 billion of restaurant margin for the quarter. That's an increase of about 5% in constant currency, driven primarily by franchise margin performance.

轉向損益表。本季調整後每股收益為 3.19 美元，以固定匯率計算比去年同期成長約 5%。上半年調整後的營業利益率接近47%，凸顯了我們商業模式的持久性。儘管消費者支出持續面臨壓力，但本季的營收業績仍為餐廳帶來了近 40 億美元的利潤。以固定匯率計算，這一成長約為 5%，主要受特許經營利潤率表現的推動。

With respect to the remainder of the year, the headwinds facing our business and consumers in the US and our top international markets remain largely the same, while cost pressures in some markets, most notably in Europe, have become more challenging. Nonetheless, we continue to target a full year adjusted operating margin in the mid- to high 40% range and above the 46.3% adjusted operating margin in 2024. This includes the expected impact from tariffs that are currently in place. However, we're adjusting our full year margin target for company-operated restaurants to be around the 14.8% that we delivered in 2024, which we had previously targeted to increase slightly.

就今年剩餘時間而言，我們在美國和主要國際市場的業務和消費者面臨的阻力基本上保持不變，而一些市場（尤其是歐洲）的成本壓力變得更具挑戰性。儘管如此，我們仍將全年調整後營業利潤率的目標定為 40% 中高水平，並高於 2024 年 46.3% 的調整後營業利潤率。這包括目前實施的關稅的預期影響。不過，我們將公司自營餐廳的全年利潤率目標調整為 2024 年實現的 14.8% 左右，此前我們的目標是略有提高。

We're still targeting G&A as a percentage of system-wide sales to be about 2.2% for the full year. We continue to remain disciplined with investments in our strategic growth priorities, including digital, technology and our transformation efforts led by our global business services organization. Below the operating line, we're projecting our full year interest expense to increase by about 4% compared to 2024. That's at the low end of our previous estimate of 4% to 6%, largely due to lower-than-expected increases in average interest rates. We continue to target a full year effective tax rate of 20% to 22% with some quarterly volatility.

我們仍將全年一般及行政費用佔全系統銷售額的比例定為 2.2% 左右。我們將繼續嚴格投資於我們的策略性成長重點，包括數位、技術和由我們的全球商業服務組織領導的轉型工作。在營業線以下，我們預計全年利息支出將比 2024 年增加約 4%。這處於我們先前估計的 4% 至 6% 的低端，主要是由於平均利率的增幅低於預期。我們繼續將全年有效稅率設定為 20% 至 22%，但每季都會有些波動。

We currently estimate the tailwind from the impact of foreign currency translation on adjusted earnings per share to be about $0.15 based on current exchange rates. That's up from our previous estimate of about a $0.05 tailwind. As always, our updated estimate is directional guidance only as rates will likely change as the year progresses.

根據目前匯率，我們目前估計外幣折算對調整後每股盈餘的影響約為 0.15 美元。這高於我們之前估計的約 0.05 美元的順風。像往常一樣，我們更新的估計僅是方向性指導，因為利率可能會隨著時間的推移而變化。

Finally, we remain on pace to open approximately 2,200 restaurants globally this year and continue to target about a quarter of these openings to be in our US and IOM segments. We expect to open more than 1,600 restaurants in our IDL markets, including about 1,000 in China. In total, we continue to expect slightly over 4% unit growth from the nearly 1,800 net restaurant additions in 2025.

最後，我們今年仍將在全球開設約 2,200 家餐廳，並繼續將其中約四分之一的目標設在美國和馬裡蘭州。我們預計將在 IDL 市場開設超過 1,600 家餐廳，其中約 1,000 家在中國。總體而言，我們繼續預期 2025 年餐廳淨增數量將接近 1,800 家，單位成長率將略高於 4%。

Overall, despite the ongoing industry headwinds, McDonald's is well positioned due to the resiliency of our business and our overall financial strength. We're on track to deliver our financial targets for the year. and remain confident in our ability to drive long-term profitable growth for the system and to create value for our shareholders. We remain confident in our Accelerating the Arches strategy and believe with strong execution, it will continue to deliver.

總體而言，儘管行業持續面臨逆風，但麥當勞憑藉其業務的彈性和整體財務實力，仍處於有利地位。我們有望實現今年的財務目標，並對我們推動系統長期獲利成長和為股東創造價值的能力充滿信心。我們對我們的「加速拱門」策略充滿信心，並相信透過強有力的執行，它將繼續發揮作用。

As shown in the majority of our IOM and IDL markets in the second quarter, having a solid foundation of value and affordability is critical. And when we get value menu and marketing to work together, consumers increasingly choose McDonald's.

正如我們第二季大多數 IOM 和 IDL 市場所顯示的那樣，擁有堅實的價值和可負擔性基礎至關重要。當我們將超值菜單和行銷結合起來時，越來越多的消費者會選擇麥當勞。

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. I want to take a moment to reflect on what continues to set McDonald's apart. Seven years in, we remain one of the most culturally relevant brands in the world. Our recent global Minecraft movie campaign is just the latest example of the strength of our brand and a reminder that McDonald's isn't just a restaurant, we are a part of people's lives, they're routines and their favorite moments. McDonald's was once again named as the most valuable global restaurant brand by Kantar.

謝謝，伊恩。我想花點時間來思考麥當勞的獨特性。七年過去了，我們仍然是世界上最具文化影響力的品牌之一。我們最近的全球 Minecraft 電影宣傳活動只是我們品牌實力的最新例證，並提醒人們麥當勞不僅僅是一家餐廳，我們還是人們生活的一部分，是他們的日常生活和他們最喜歡的時刻。麥當勞再次被凱度評為全球最有價值的餐飲品牌。

It's a testament to the trust that we've built with customers and the consistency of our brand experience around the world. That legacy is intentional. We recently brought together our top leaders from around the world as part of our routine planning process to shape our plans for 2026 and beyond. One thing was clear throughout our time together. When we make a commitment to value and affordability and couple that with world-class marketing and menu innovation, we can drive strong results.

這證明了我們與客戶建立的信任以及我們在全球範圍內的品牌體驗的一致性。這項遺產是有意為之。作為例行規劃流程的一部分，我們最近召集了來自世界各地的高層領導人，共同製定 2026 年及以後的計劃。我們在一起的整個過程中，有一件事是很清楚的。當我們致力於價值和可負擔性，並將其與世界一流的行銷和菜單創新相結合時，我們就能取得強勁的業績。

Our continued opportunity lies in the ability to execute with discipline at a scale that only McDonald's can deliver. We know that when we focus on what we can control and execute, we win. We're seeing that internationally, and I'm confident that we're taking the right steps to get value and affordability right in the US. Time and again, McDonald's has demonstrated its ability to remain agile to meet the moment by focusing on what we do best, delivering great food, exceptional value and memorable experiences. With the dedication of our franchisees, the passion of our crew and the power of our global scale, McDonald's is uniquely positioned to lead the industry we help to find today and into the future.

我們持續的機會在於能夠以只有麥當勞才能達到的規模嚴格執行。我們知道，當我們專注於我們能夠控制和執行的事情時，我們就會勝利。我們在國際上看到了這一點，我相信我們正在採取正確的措施，在美國實現價值和可負擔性。麥當勞一次又一次地證明了其保持靈活性以滿足時代需求的能力，專注於我們最擅長的領域，提供美味的食物、卓越的價值和難忘的體驗。憑藉我們特許經營商的奉獻精神、我們員工的熱情以及我們全球規模的力量，麥當勞擁有獨特的優勢，可以引領我們所幫助發現的當今和未來的行業。

With that, we'll take your questions.

這樣，我們就可以回答您的問題了。

(Operator Instructions)

（操作員指示）

David Palmer, Evercore.

大衛·帕爾默，Evercore。

It sounds like you're still exploring ways to bolster value perception in the US ahead of anything there. Could you just speak to where you think McDonald's value and affordability scores are today in the US, perhaps before and after Snack Wrap in your recent McValue menu changes, where is the consumer perception today versus McDonald's in the past and versus nearing competitors and maybe even fast casual competitors. And if there's a difference between the US perception in terms of value versus other key IOM markets, would love to hear about that as well.

聽起來您仍在探索如何先於美國增強其價值觀。您能否談談您認為目前麥當勞在美國的價值和可負擔性得分是多少，也許是在您最近的 McValue 菜單變化中推出 Snack Wrap 之前和之後，與過去的麥當勞以及接近的競爭對手甚至快速休閒競爭對手相比，今天的消費者看法如何？如果美國與馬裡蘭州其他主要市場在價值上的看法有差異，我們也很樂意聽取意見。

David, it's Chris. Thanks for the question. I think when we talk about value, it's important that we really break it down and get very specific about the different consumer segments. And I'll start with our most loyal consumers. And these are the ones who are on our loyalty program. Roughly a quarter of our business in the US is on our loyalty program. And what we see is, if you are a loyalty member at McDonald's, we have exceptional value and affordability scores amongst those consumers.

大衛，我是克里斯。謝謝你的提問。我認為，當我們談論價值時，重要的是我們要真正將其分解，並具體地了解不同的消費者群體。我先從我們最忠實的消費者開始。這些人都是我們忠誠度計劃的成員。我們在美國大約四分之一的業務都來自我們的忠誠度計劃。我們看到的是，如果你是麥當勞的忠誠會員，我們在這些消費者中擁有極高的價值和可負擔性評分。

And probably that's most evidenced by what I shared in the prepared remarks, which is the uptick that you see in terms of frequency when we have a loyal consumer in our loyalty program going from 10 -- roughly 10 visits to 26 visits. So I think with our loyalty members, our most McDonald's customers, we are really good position as it relates to value and affordability perception.

這可能最能證明我在準備好的發言中所分享的內容，即當我們的忠誠度計劃中擁有忠實消費者時，其訪問頻率會從 10 次（大約 10 次）上升到 26 次。因此，我認為，對於我們的忠誠會員，也就是大多數麥當勞顧客來說，我們在價值和可負擔性認知方面處於非常有利的地位。

If you move then to the McValue program, McValue is working. And if you think about what we have with McValue, we have the $5 Meal Deal, which is the anchor for that. That continues to perform very well for us. And then we also have the Buy 1, Add 1 For a Dollar program. What's interesting is those two programs are very complementary.

如果您轉到 McValue 程序，McValue 正在運行。如果您想想我們與 McValue 合作的情況，我們有 5 美元套餐，這是該計劃的核心。這對我們來說仍然表現得非常好。我們還有「買一送一，一美元加一」的計畫。有趣的是，這兩個項目非常互補。

If you look at consumers who are using both, it's only about 8% or so. We're actually using both. So they're going after to very different occasions, twp very different users, but compelling to both. So I feel good about the loyalty program. I feel good about where we are with McValue, but the issue where the opportunity is if you add those two up, that's, call it, roughly 50% of the business.

如果你看看同時使用這兩種產品的消費者，你會發現這比例只有 8% 左右。我們實際上兩者都在使用。因此，他們針對的是截然不同的場合、截然不同的用戶，但對兩者都有吸引力。所以我對忠誠度計劃感覺很好。我對 McValue 的現狀感到滿意，但問題是，如果將這兩者加起來，機會就大約佔業務的 50%。

And we know there is the other 50% that today isn't coming into a restaurant isn't using McValue, isn't using the loyalty program, and that's where we have the opportunity, which is around core menu pricing that we talked about in our prepared remarks. Today, too often, if you're that consumer, you're driving up to the restaurant and you're seeing combo meals could be priced over $10 and that absolutely is shaping value perceptions and shaping value perceptions in a negative way. So we've got to get that fixed.

我們知道，今天還有另外 50% 的顧客沒有光顧我們的餐廳，沒有使用 McValue，沒有使用忠誠度計劃，而這正是我們的機會所在，也就是我們在準備好的評論中談到的核心菜單定價。如今，如果你是那種消費者，你開車去餐廳時經常會看到套餐的價格超過 10 美元，而這絕對會塑造你的價值觀念，而且是以負面的方式塑造你的價值觀。所以我們必須解決這個問題。

As I mentioned in my remarks, we're having, I think, very active and productive conversations with the franchisees, but the single biggest driver of what shapes consumers overall perception of McDonald's value is the menu board. And it's when they drive up to the restaurant and they see the menu board that's what's shaping -- that's the number one driver.

正如我在演講中提到的，我認為我們正在與特許經營商進行非常積極和富有成效的對話，但影響消費者對麥當勞價值整體看法的最大驅動因素是菜單板。當他們開車來到餐廳並看到菜單板時，他們就會產生購買意圖——這是最重要的驅動因素。

So we've got more work to do on that in the US. I'd say on the IOM side of the business, we're in a better position on that. Part of it is, as I mentioned in the remarks as well, we have a really strong EDAP program in all of our markets. So these are essentially $1, $2, $3, $4, euro, pound whatever the currency is. But that is proving to be a very strong addition to the value programs in the IOM market.

因此我們在美國還有很多工作要做。我想說，就國際移民組織業務方面而言，我們在這方面處於更有利的地位。部分原因是，正如我在評論中提到的，我們在所有市場都有非常強大的 EDAP 計劃。所以這些基本上是 1 美元、2 美元、3 美元、4 美元、歐元、英鎊，無論是什麼貨幣。但事實證明，這對 IOM 市場的價值計劃來說是一個非常強大的補充。

And then also, as I mentioned, our operators there have been very prudent, and I think are doing the right things to make sure that our core menu pricing continues to be at leadership levels in the market. I would just note also on our international side, it's not as competitive a market as it is in the US. There's a lot of different players in the US. We don't face the same breadth of those players or competitors in our international markets. And so I think it's a little bit easier for us to stand out and represent good value in international.

而且，正如我所提到的，我們在那裡的運營商非常謹慎，我認為他們正在做正確的事情，以確保我們的核心菜單定價繼續處於市場領先水平。我還要指出的是，就我們的國際市場而言，它的競爭並不像美國市場那麼激烈。美國有很多不同的參與者。我們在國際市場上面臨的參與者或競爭對手並不相同。因此，我認為我們更容易在國際上脫穎而出並展現良好的價值。

So Ian, I don't know if you have anything to add. He's shaking his head, no. So we'll go to the next question.

伊恩，我不知道您是否還有什麼要補充。他搖搖頭，沒有。我們來討論下一個問題。

Dennis Geiger.

丹尼斯·蓋格。

I wanted to ask a little bit more about the US and what sounds like encouraging momentum into the third quarter given the positive response to Snack Wraps. Can you talk a little more about how you think about the US sales trajectory and underlying momentum over the coming quarters given the exciting value menu and marketing news you mentioned on the way, but also relative to the challenged industry traffic trends that you noted?

我想多問一些關於美國的情況，鑑於 Snack Wraps 的積極反響，第三季的勢頭聽起來令人鼓舞。鑑於您提到的令人興奮的價值菜單和行銷新聞，以及您所指出的充滿挑戰的行業流量趨勢，您能否進一步談談您對未來幾季美國銷售軌跡和潛在發展勢頭的看法？

Dennis, it's Ian. Yes, let me start that, and Chris will certainly weigh in and add some texture at the end. Look, I think as you said, the industry environment certainly remains challenging. I think we saw overall QSR traffic in Q2 negative, which was consistent with what we saw in Q1. I think Chris certainly touched on a little bit the consumer.

丹尼斯，我是伊恩。是的，讓我開始吧，克里斯肯定會在最後加入並添加一些內容。看，我認為正如你所說，產業環境肯定仍然充滿挑戰。我認為我們看到第二季的整體 QSR 流量為負，這與我們在第一季看到的情況一致。我認為克里斯確實稍微觸及了消費者。

But if you think just about the consumer environment, I mean, we've got lower income consumers that remain under pressure, their visits to QSR were down double-digit again in Q2. I think the middle-income consumer was marginally positive in visits in Q2, so a little bit better than Q1 and then we've got the kind of higher income consumer who continues to kind of grow visits, I think, positively and consistently. So I think that is what we touched on upfront. You've got a bit of this kind of bifurcated consumer environment. I think we expect those kind of dynamics and headwinds to kind of continue through the rest of the year.

但如果你只考慮消費環境，我的意思是，我們的低收入消費者仍然面臨壓力，他們去 QSR 的次數在第二季再次下降了兩位數。我認為中等收入消費者在第二季度的訪問量略有增加，比第一季略好一些，然後我們又看到了高收入消費者，他們的訪問量繼續增加，我認為，這種增加是積極而持續的。所以我認為這就是我們之前討論過的問題。您會遇到這種分裂的消費者環境。我認為我們預計這種動態和逆風將持續到今年剩餘時間。

I think what we do feel good about is just kind of what is within our control. And I think as we talked about upfront, we feel very confident about the lineup of kind of marketing and menu activities that we've got planned in the US business for the rest of the year. I think if you start a little bit with kind of Q2 and just the dynamics of what took place as you'll remember, we had a really strong activation to start Q2, which was the global Minecraft activation. We ran out early, but generated some really strong momentum.

我認為，我們所感覺良好的事情只是我們可以控制的事情。我認為，正如我們之前所討論的，我們對今年剩餘時間在美國業務中計劃的一系列行銷和菜單活動非常有信心。我認為，如果您從第二季度開始稍微回顧一下當時發生的動態，您就會記得，我們在第二季度開始時有一個非常強大的激活，即全球 Minecraft 激活。我們很早就耗盡了，但卻產生了一些非常強勁的勢頭。

But I would say we saw sales moderate through Q2 as I think those headwinds kind of persisted. And I think if you think of what we talked about at the beginning of the year, we set upfront at the beginning of the year that we thought the back half of the year would be stronger than the front half of the year, I think that remains our belief. And then I think if you look at a little bit more texture, we certainly believe will be stronger in the US business than Q3 simply because we've got that lapping of the food safety event that we worked through in Q4 last year.

但我想說，我們看到第二季的銷售額有所放緩，因為我認為這些不利因素仍然存在。我認為，如果你想想我們在年初談論的內容，我們在年初就確定了下半年將比上半年表現更好，我認為這仍然是我們的信念。然後，我認為，如果你看更多的內容，我們當然相信美國業務將比第三季更強勁，因為我們已經解決了去年第四季的食品安全事件。

And I think if the dynamic maybe just to have as context in Q3 is we'll be lapping the start of the $5 Meal, which, as Chris touched on earlier, was a really strong and probably kind of our first significant incremental effort on value and affordability in the USbusiness that work really well. So those are a bit of dynamics. I think the headline would be, we certainly feel confident about what's in our control. We've got some opportunity, as Chris touched on, that we're working towards to kind of address that value, broader value and affordability. But I think the kind of the consumer headwinds are -- we certainly expect to persist through the remainder of the year.

我認為，如果只是以第三季的背景來看，那麼我們將會推出 5 美元套餐，正如克里斯之前提到的那樣，這是一個非常強大的舉措，可能是我們在美國業務中在價值和可負擔性方面做出的第一次重大增量努力，效果非常好。這些是一些動態。我認為標題應該是，我們對於自己能掌控的事情充滿信心。正如克里斯所提到的，我們有一些機會，我們正在努力實現這種價值、更廣泛的價值和可負擔性。但我認為，我們預期這種消費逆風肯定會持續到今年剩餘時間。

David Tarantino.

大衛塔倫提諾。

I was hoping you could unpack the key drivers for the IOM segment this past quarter. And in particular, I guess, what drove the strength? And do you think that this is more structural in nature and something that can be sustained as you look forward? Or were there some maybe just successes on the promotion side that might have helped the most recent quarter. Anything you can offer there would be helpful.

我希望您能解釋一下上個季度 IOM 部門的主要驅動因素。我想，具體來說，是什麼推動了這種力量？您是否認為這在本質上更具結構性並且能夠持續下去？或者可能只是促銷方面的一些成功對最近一個季度有所幫助。您提供的任何幫助都會有所幫助。

David, let me start, and then I'm sure Chris will weigh in here. Look, I mean, I think we've talked, as you know, very consistently about this. I think we've done a lot of work over the last 12 to 18 months in IOM to really get what I'll call the solid foundational elements of value and affordability in place, which is that EDAP or everyday affordable price kind of platform with those choices of entry-level items in place. We've got that now in place in every one of our large international markets plus the entry-level value meals. So it's that foundation on value and affordability.

大衛，讓我先開始，然後我相信克里斯會在這裡發表意見。你看，我的意思是，正如你所知，我認為我們已經非常持續地談論過這個問題。我認為，在過去的 12 到 18 個月裡，我們在 IOM 做了很多工作，真正獲得了我所說的價值和可負擔性的堅實基礎要素，即 EDAP 或日常可負擔價格平台，其中包含入門級物品的選擇。我們現在已經在每個大型國際市場以及入門級超值套餐中實施了這項措施。所以這是基於價值和可負擔性。

And I would say we've seen meaningful improvements in our value and affordability scores across all of those key large IOM markets. So we know that what we've done on value and affordability is resonating in this kind of challenging environment in most of those markets. And then it's -- when we kind of get that foundation in place and which is helping us, I think, to drive some stronger fundamental momentum and pair that with the great menu in marketing execution. And I think we saw in Q2 some really strong execution on menu and marketing across our key IOM markets, obviously, the quarter started, as we've talked about already with that Minecraft activation, which was successful in all of our key markets. And then we had some really strong other activities, the Chicken Big Mac in Germany, which kind of set records from a promotional standpoint in the German marketplace.

我想說的是，我們在所有這些主要的大型 IOM 市場中都看到了價值和可負擔性評分的顯著提高。因此，我們知道，我們在價值和可負擔性方面所做的努力在大多數市場中都引起了這種充滿挑戰的環境中共鳴。然後，當我們把這個基礎打好後，我認為這將幫助我們推動更強勁的基本勢頭，並將其與出色的營銷執行菜單相結合。我認為我們在第二季度看到了我們在主要 IOM 市場中菜單和營銷方面執行得非常出色，顯然，正如我們已經討論過的，本季度開始時 Minecraft 的激活在我們所有主要市場都取得了成功。然後，我們還有一些非常強大的其他活動，例如德國的雞肉巨無霸，從促銷的角度來看，它在德國市場創下了記錄。

We had the launch of big arch in both France and the UK in the quarter. And then in Australia, as an example, we had this hot honey Chicken activation as well as the introduction of McWings, which is exceeding our expectations. So to me, it's those three fundamental pillars of our Accelerating the Arches strategy that have come together supported by getting that foundation strongly in place on value and affordability, which is really meeting consumers where they are and I think a continued challenging external environment.

本季我們在法國和英國推出了 Big Arch。以澳洲為例，我們推出了熱蜂蜜雞活動以及麥香雞翅，這超出了我們的預期。因此，對我來說，我們的「加速拱門」策略的三大基本支柱匯聚在一起，並在價值和可負擔性上奠定了堅實的基礎，這真正滿足了消費者的需求，我認為外部環境仍然充滿挑戰。

Yes, I would just add a couple of things. I think Ian touched on this, but we talked about value menu innovation and marketing. And in this environment, you got to go 3 for 3. If you go 1 for 3, if you go 2 for 3, you're not going to be putting up the kind of performance that I think we would all aspire to in terms of being able to really have outsized share gains. And so credit to our international teams that they're going 3 for 3 right now.

是的，我只想補充幾點。我認為伊恩談到了這一點，但我們討論的是價值菜單創新和行銷。在這種環境下，你必須三戰三勝。如果你 3 比 1 或 3 比 2，那麼你將無法實現我們都渴望的那種業績，即無法真正獲得超額的市場份額。因此，值得稱讚的是，我們的國際團隊目前正在以 3 比 3 的成績前進。

And of course, it's on us to continue to execute and make sure that we're doing it. The other thing I would just note is we've had significant inflation in our international markets, particularly in Europe. Beef prices, you've probably seen some of the headlines here, but beef prices are up by 20% in Europe for a number of different reasons, but primarily it's a supply issue. And in the face of what, in most markets is high single digit inflation. Our franchisees are being disciplined on pricing.

當然，我們要繼續執行並確保我們正在這樣做。我想指出的另一件事是，我們的國際市場，尤其是歐洲，出現了嚴重的通貨膨脹。牛肉價格，您可能已經看到這裡的一些頭條新聞，但歐洲的牛肉價格上漲了 20%，原因有很多，但主要是供應問題。而面對的是大多數市場都處於高個位數的通貨膨脹。我們的特許經營商在定價方面受到嚴格約束。

The pricing taken is low single digits. So I think our franchisees recognize that even in the face of continuing high inflation on inputs continuing inflation around labor, being disciplined and making sure that we're leading on value and affordability is the foundation for what we're seeing in our international business.

採取的定價是低個位數。因此，我認為我們的特許經營者認識到，即使面臨持續的高通膨投入和持續的勞動力通膨，嚴守紀律並確保我們在價值和可負擔性方面處於領先地位，是我們國際業務的基礎。

And maybe just one final look, David, I just -- because I think it's always so important because to the essence of what we do. I mean, our operational execution metrics continue to improve. And I think the result from that and from what the work we've done on value and affordability is that our overall customer satisfaction scores continue to improve across all of those key markets as well. So I think we're doing all these things, and we're delivering a better execution for the customer, which is obviously really important when customers, I think, are being more discerning about their choices.

也許最後再看一眼，大衛，我只是——因為我認為這對我們所做的事情的本質來說總是很重要。我的意思是，我們的營運執行指標持續改善。我認為，由此產生的效果以及我們在價值和可負擔性方面所做的工作是，我們在所有主要市場的整體客戶滿意度得分也在持續提高。所以我認為我們正在做所有這些事情，我們正在為客戶提供更好的執行，當客戶對他們的選擇更加挑剔時，這顯然非常重要。

Brian Harbour.

布萊恩·哈伯。

I guess just, Chris, you talked a lot about some of the technology initiatives and stuff like that. And I know it's early days on some of those. But how should we sort of gauge the success of those? I mean are you already seeing some cost benefits, for example. On the corporate side, do you think that those are driving sales in some markets? Or do you think that, that will be the case as you deploy them? How should we think about the success of those?

我想，克里斯，你談了很多關於一些技術舉措和類似的東西。我知道其中一些還處於早期階段。但我們該如何衡量這些措施的成功呢？我的意思是，例如，您是否已經看到了一些成本效益。從公司方面來看，您認為這些因素會推動某些市場的銷售嗎？或者您認為，部署它們時就會出現這種情況？我們該如何看待這些的成功？

Sure. Well, thanks for the question. I'll kind of address each of the three platforms that we've talked about from a tech standpoint and talk about the benefits that we are seeing and then the benefits that we anticipate seeing. On the consumer platform, we've talked about our goal, our aspiration is to get to that 250 million 90-day active loyalty members. I think we're making really good progress on that.

當然。嗯，謝謝你的提問。我將從技術角度來談談我們討論過的三個平台，並談談我們看到的好處以及我們預期看到的好處。在消費者平台上，我們已經談到了我們的目標，我們的願望是獲得 2.5 億 90 天活躍忠誠會員。我認為我們在這方面取得了非常好的進展。

As I've noted a couple of times now, we're seeing that, that loyalty program drives significant increases in frequency, which at the end of the day, when 80% to 90% of the population comes to McDonald's, our opportunity is always around frequency. And so getting more and more consumers to be in our loyalty program, that's how we're going to drive this business because it's going to be frequency-led growth. So I feel good about that, and we've got a whole pipeline of enhancements that we're going to continue to make on the consumer side in the years ahead that I think are only going to deepen consumers' experience and relationship with McDonald's. On the restaurant side, I'd say we're still early days on this. And we talked about having ready on arrival.

正如我多次提到的那樣，我們看到忠誠度計劃推動了顧客光顧頻率的顯著增加，當 80% 到 90% 的顧客來到麥當勞時，我們的機會就始終圍繞著顧客光顧頻率。因此，讓越來越多的消費者加入我們的忠誠度計劃，這就是我們推動這項業務的方式，因為它將實現頻率驅動的成長。所以我對此感到很高興，而且我們還有一系列的改進措施，我們將在未來幾年繼續在消費者方面做出改進，我認為這只會加深消費者與麥當勞的體驗和關係。在餐廳方面，我想說我們在這方面還處於早期階段。我們討論了抵達後的準備工作。

We're seeing significant speed of service improvements. We're seeing that increased customer satisfaction. We're seeing that, that makes the job easier for crew. So we're starting to see benefits attached to that. But some of the other bigger ideas that we're working on, things like automated order taking, things like having Internet of Things so that our ship managers actually know when equipment is in need of service before it actually goes down, things like what we're calling Boost, which is essentially this shift manager AI-enabled capability.

我們看到服務改善的速度顯著加快。我們看到客戶滿意度提高。我們看到了這一點，這使得機組人員的工作變得更加輕鬆。因此我們開始看到其帶來的好處。但我們正在研究的其他一些更大的想法，例如自動訂單處理，例如物聯網，這樣我們的船舶管理人員就可以在設備真正故障之前知道它何時需要維修，例如我們所說的 Boost，它本質上是輪班經理的人工智慧功能。

All those things are still very early days for us. Those are going to roll out over the next couple of years. And as that happens, I think you're going to see kind of this 1 plus 1 equals 3 benefit, which is it's going to improve the restaurant experience for the customer. It's going to improve the restaurant experience for the crew person and it needs to be able to deliver cost savings, productivity to the franchisee to ultimately enable the investment that goes behind these things. Lastly, on the company side, we've talked about -- we've rolled out our finance system.

所有這些事情對我們來說都還處於早期階段。這些措施將在未來幾年內推出。當這種情況發生時，我認為你會看到這種 1 加 1 等於 3 的好處，那就是它將改善顧客的餐廳體驗。它將改善工作人員的餐廳體驗，並且能夠為特許經營者節省成本、提高生產力，最終實現這些背後的投資。最後，在公司方面，我們已經討論過——我們已經推出了我們的財務系統。

We've rolled out our HR system. We've set up a global business center in India. We have one that's also up and running in Mexico. That's going to give us better capabilities. It's going to mean that we can move faster. And yes, ultimately, it's going to deliver cost savings that's going to ultimately show up in our G&A line as a percent of system-wide sales. So all of those things are coming to four. I'd say we're probably most advanced on the consumer side. I think you're going to see the restaurant and company platform benefits emerge over the next couple of years.

我們已經推出了人力資源系統。我們在印度設立了一個全球商業中心。我們在墨西哥也有一個正在運行的。這將賦予我們更好的能力。這意味著我們可以行動得更快。是的，最終，它將帶來成本節約，這些成本最終將體現在我們的 G&A 費用中，佔全系統銷售額的百分比。所以所有這些事情都歸結為四件。我想說我們可能是在消費者方面最先進的。我認為您將在未來幾年內看到餐廳和公司平台優勢的顯現。

Maybe just a couple of builds to what Chris said, just maybe as a reminder because I think as we lay these out remember in the investor event at the end of '23, what we talked about is these would be tech-enabled platform, as Chris has touched on, which means getting -- moving away because we've been a very decentralized business as we've grown over history. And so we've become very disaggregated. It's about how do we move from common platforms, standard infrastructure that allows us to scale innovation at speed get the benefits of our size and scale, as I've talked about previously, starting to come to their full advantage because we can start leveraging scale to drive efficiency.

也許只是對克里斯所說的進行一些補充，也許只是作為一種提醒，因為我認為當我們在 23 年底的投資者活動中提出這些內容時，我們討論的是這些將是技術支持的平台，正如克里斯提到的那樣，這意味著 - 離開，因為隨著我們歷史的發展，我們一直是一個非常分散的業務。因此，我們的結構變得非常分散。這是關於我們如何從通用平台、標準基礎設施轉變，使我們能夠快速擴大創新規模，獲得規模和範圍帶來的好處，正如我之前談到的，開始充分發揮它們的優勢，因為我們可以開始利用規模來提高效率。

And I think just a reminder on, I think as we've talked about before, '25 and '26 and frankly, into the beginning of '27, I'll call the investment years. or significant investment years to kind of build the platform, to build the capability. I think it's really, as we get beyond that investment period, we'll start to see more of the kind of efficiency benefits. And certainly, we can talk more at that point about how those are going to come to life.

我想提醒一下，正如我們之前討論過的，25 年、26 年，坦白說，到 27 年初，我會稱之為投資年，或者重要投資年，用於建立平台和能力。我認為，隨著我們度過投資期，我們將開始看到更多的效率效益。當然，我們可以進一步討論如何將這些目標變成現實。

Sarah Senatore, Bank of America.

莎拉參議員，美國銀行。

Actually, two quick clarifying questions. The first is, I think last quarter, you had said that the middle-income consumer was seeing decline similar to the low income. Does that does that persist? I'm just trying to understand if you're still seeing maybe a broader weakness? And then on the loyalty, maybe you can help reconcile the sort of going from 10.5 times to 26 times is more than doubling transactions.

實際上，有兩個快速澄清的問題。首先，我認為上個季度您曾說過，中等收入消費者的消費支出下降趨勢與低收入消費者類似。這種情況會持續嗎？我只是想知道您是否仍然看到更廣泛的弱點？然後就忠誠度而言，也許您可以幫助協調從 10.5 倍到 26 倍的交易量。

And yet I suspect it looks like your transactions in the US were down kind of low single digits. Maybe just the loyalty membership, is it big enough yet? I know you combined it with $5 Meals and said that was 50% or maybe it's just the over-indexing to other lower income consumers is offsetting that. But I wanted to sort of think about how loyalty because it's such a huge lift could drive going forward if you expand that loyalty program. So two questions there.

但我懷疑你們在美國的交易量似乎下降了個位數。也許只是忠誠會員，這已經夠大了嗎？我知道你把它與 5 美元的餐費結合起來，說這是 50%，或者也許只是對其他低收入消費者的過度指數抵消了這一點。但我想思考一下忠誠度如何提升，因為如果擴大忠誠度計劃，它將帶來巨大的推動力。所以有兩個問題。

Sara, it's Chris. Very quickly, the middle-income has improved in Q2 versus Q1. So we're seeing that, that's gone to slightly positive in Q2. And then on your question around loyalty, the short answer is it's just not big enough. It's not at the size yet.

薩拉，我是克里斯。與第一季相比，第二季的中等收入群體狀況迅速改善。因此我們看到，第二季的情況略有改善。關於你提出的忠誠度問題，簡短的回答是，忠誠度還不夠高。它還沒有達到那個尺寸。

And at the same time, we're seeing, like Ian mentioned, we're seeing high -- we're seeing double-digit declines with that low-income consumer, and we and the industry over-indexed to that low-income consumer. So I think for us, that's why we're so focused on driving our 90-day actives and increasing that number because as you get more and more consumers into that, you're going to see the frequency benefits.

同時，正如伊恩所提到的那樣，我們看到低收入消費者的消費量出現了兩位數的下降，我們和整個產業對低收入消費者的依賴程度過高。所以我認為對我們來說，這就是為什麼我們如此專注於推動我們的 90 天活性並增加這個數字，因為隨著越來越多的消費者參與其中，您將看到頻率優勢。

And today, as I mentioned in the US, it's roughly around a quarter of our consumers are in the loyalty program, but when we look to markets like China, when you can get the number to 90% or something along those lines, that's when you would see some really significant benefits attached to that. So that's the aspiration, but I think it's -- right now, it's just a little bit early to be able to see the benefits, the full benefits that you're asking about.

今天，正如我在美國提到的，大約有四分之一的消費者加入了忠誠度計劃，但當我們放眼中國這樣的市場時，當你能將這個數字提高到 90% 左右時，你就會看到隨之而來的真正顯著的好處。這就是我們的願望，但我認為──現在，要看到你所問到的好處、全部好處還為時過早。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

The industry has been talking about weakness in the consumer base and lower income consumer base really since at least the second half of 2023. So it's been quite some time. So I'm really hoping for some diagnostics, I guess, at this point in terms of why that's happening. If I were to take a step back and look at your compression of pricing versus grocery year-on-year total employment, gas prices some of the normal pressures that would be affecting quick-service traffic quite frankly, don't exist, at least from a macro perspective. So can you explain, I guess, what's happening in the US? And is US potentially a leading indicator for other major markets or might other major markets, in some ways, be a leading indicator for the US.

至少從 2023 年下半年以來，業界一直在談論消費者群體的疲軟和低收入消費者群體。已經過去相當長一段時間了。所以我真的希望能夠得到一些診斷，以了解為什麼會發生這種情況。如果我退一步來看看價格壓縮與雜貨店同比總就業人數、汽油價格等一些會影響快餐服務流量的正常壓力，坦白說，至少從宏觀角度來看，這些壓力並不存在。那麼你能解釋一下美國正在發生什麼嗎？美國是否可能成為其他主要市場的領先指標，或者其他主要市場在某種程度上是否可能成為美國的領先指標。

Well, I think if I had an easy quick answer to that, I'd probably be working in the government because I think that is a big question for all of us to try to unpack. But I would just note a few things. With the low-income consumer, despite improvements in wage gains, real incomes are down. So real incomes are down with the low-income consumer. That absolutely is going to put pressure on visits into the QSR industry.

嗯，我想如果我能簡單快速地回答這個問題，我可能會在政府工作，因為我認為這對我們所有人來說都是一個需要努力解開的大問題。但我只想指出幾點。對於低收入消費者來說，儘管薪資成長有所改善，但實際收入卻下降了。因此，低收入消費者的實際收入下降。這絕對會給 QSR 行業的訪問量帶來壓力。

Second thing is there's a lot of anxiety and unease with that low-income consumer I think we could all speculate the reasons for that, probably tariffs and the impact that, that might have questions around employment situation. But it's clear from the data that there's also beside real incomes being down, that sentiment is being down is down. And the result of that is you're seeing people either skip occasions, so they're skipping a daypart like breakfast or they're trading down either within our menu or they're trading down to eating at home. So those would be sort of my simple kind of read on what's going on. But I'd say -- that's as much conjecture as it is being able to point to specific things. It's a big question for the industry.

第二件事是低收入消費者有很多焦慮和不安，我想我們都可以推測出其中的原因，可能是關稅及其影響，這可能會對就業狀況產生疑問。但數據清楚地表明，除了實際收入下降之外，情緒也在下降。結果是，你會看到人們要麼跳過某些場合，例如跳過早餐這樣的時段，要麼在我們的菜單中減少用餐次數，要麼減少到在家吃飯。這些就是我對正在發生的事情的簡單解讀。但我想說的是──這既是猜測，也是能夠指出具體的事情。這對業界來說是一個大問題。

And I think the only hook to Chris' comments, John, would just be -- I mean, internationally, I think we're seeing pretty similar dynamics. I think maybe the additional point that we've talked about previously in international as we see families under pressure, families just because they have obviously a larger kind of population within their family to kind of serve. I think they're also very value conscious, and I think under pressure for similar reasons to what Chris articulated. I think the only difference internationally, as Chris talked about a little bit earlier is probably we have less competitive pressure. So we are clear choice and I think are still winning because of what we've done with value and affordability. But as we've talked about a lot, we've got to work even harder to make sure were attractive for all consumers, including the lower-income consumer.

約翰，我認為克里斯的評論唯一的亮點是——我的意思是，在國際上，我認為我們看到了非常相似的動態。我認為，也許我們之前在國際上討論過的另一個問題是，我們看到家庭面臨壓力，因為他們顯然必須為家庭中更多的人口服務。我認為他們也非常注重價值，我認為他們面臨壓力的原因與克里斯所表達的類似。我認為國際上唯一的區別，正如克里斯之前談到的，可能是我們的競爭壓力較小。因此，我們是明確的選擇，我認為我們仍然會獲勝，因為我們在價值和可負擔性方面所做的努力。但正如我們多次談到的，我們必須更加努力，確保對所有消費者，包括低收入消費者，都具有吸引力。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Great. Maybe a clarification and then a question. First, on the G&A spend for the balance of the year, I think based on where it's trending year-to-date, it implies effectively a nice uptick in spend in the back half relative to system sales. So maybe you can clarify what's going on there? And then secondly, just curious, Chris, you hit on the idea that beverage is a fairly large opportunity.

偉大的。也許先澄清一下，然後再提問。首先，關於今年餘額的一般及行政費用支出，我認為根據今年迄今為止的趨勢，這實際上意味著下半年相對於系統銷售的支出將大幅上升。那麼也許您可以澄清一下那裡發生了什麼？其次，只是好奇，克里斯，你認為飲料是一個相當大的機會。

You're investing a lot of time and energy and testing it right now. Curious how you see that hitting on the menu going forward, assuming much of it runs through the test well. Is this something that's going to be core to that value platform specifically that every day either McValue platform or Meal Deal platform? Or do you see it kind of playing well across the premium and the everyday value platforms in the US.

您現在投入了大量的時間和精力來測試它。好奇您如何看待菜單的點擊，假設其中大部分內容都通過了測試。這是不是將成為價值平台的核心，特別是每天的 McValue 平台或 Meal Deal 平台？或者您認為它會在美國高端和日常價值平台上表現良好。

John, let me just get the G&A clarification out of the way, and then I'll let Chris touch on your question around beverages. I mean, I think the kind of natural cycle of G&A spend is back-half weighted. And frankly, generally fourth quarter weighted. I think it's just the reality of a lot of the projects kind of take time to get up to full speed. And I think as you've heard us talk a lot about -- we've got a lot of activity in regards to areas like transformation and some of the work we're driving in tech and digital. And it's just that, I think, is kind of the spending pattern that we anticipate this year, which is pretty typical, but probably a little bit more kind of back half weighted this year than maybe what we've seen in prior years.

約翰，讓我先解釋一下一般及行政費用，然後讓克里斯回答你關於飲料的問題。我的意思是，我認為 G&A 支出的自然週期是後半加權的。坦白說，一般來說，第四季是加權的。我認為現實情況是很多項目都需要時間才能完全完成。我想，正如你們聽到我們談論的很多那樣——我們在轉型等領域開展了很多活動，並且在技術和數位領域開展了一些工作。我認為，這只是我們今年預期的支出模式，相當典型，但今年的後半部分加權可能比前幾年略高一些。

On beverages, I would just say, obviously, what we've talked about in the past is just the big opportunity that we see in beverages. It's really large market opportunity. It's growing and it's more profitable than food. So there's a lot of things to like, which is why us as well as, I think, a few of our competitors are also excited about this. What we learned through the CosMc's tests that we've talked about previously is it's not nearly as complicated as we thought because what we discovered is actually the consumer isn't looking to design the beverage from sort of a blank slate.

關於飲料，我只想說，顯然，我們過去談論的只是我們在飲料中看到的巨大機會。這確實是一個很大的市場機會。它正在不斷增長，而且比食物更有利可圖。所以有很多事情值得喜歡，這就是為什麼我們以及我們的一些競爭對手也對此感到興奮。透過之前討論過的 CosMc 測試，我們了解到事情遠沒有我們想像的那麼複雜，因為我們發現消費者實際上並不想從零開始設計飲料。

They actually want to be given a recipe and then they just want to make adjustments around the edges on that. And so what we've got with our beverage tests that we're doing now is we're bringing a much more expanded lineup of beverage offerings into the market to see what resonates with customers. I think on your question on value, Certainly, there's always going to be parts of the beverage opportunity where we'll have on the value menu. As you've known from the past, coffee has been a great way for us to drive traffic. They've done dollar coffee in Canada for a long period of time.

他們實際上想要得到一個食譜，然後他們只想在食譜上做一些調整。因此，我們現在進行的飲料測試是為了向市場推出更廣泛的飲料產品線，看看哪些產品能引起顧客的共鳴。關於您關於價值的問題，我認為，當然，我們總是會在價值菜單上提供部分飲料機會。正如您過去所知，咖啡一直是我們吸引客流的好方法。他們在加拿大經營一元咖啡已有很長一段時間了。

I imagine you're going to continue to see that there will be some beverages that continue to live on the value menu. But I think the bigger opportunity for us is you can actually get a lot of full margin products from these beverage offerings. And so that's what we're getting after. I think that's why we're excited in the franchisees because you're not going to have to discount all of these. Now there's actually, for us, benefit because the -- a lot of these are priced with some of our competitors, gives us an area to come underneath that. But relative to what we do from a value menu standpoint, we're not going to have to go all the way to putting everything on the value menu.

我想你會繼續看到一些飲料繼續留在超值菜單上。但我認為對我們來說更大的機會是你實際上可以從這些飲料產品中獲得很多全利潤產品。這就是我們所追求的。我認為這就是我們對特許經營商感到興奮的原因，因為你不必對所有這些都打折。現在，這對我們來說實際上是有好處的，因為許多產品的定價與我們的一些競爭對手的定價相同，這為我們提供了低於競爭對手的價格空間。但相對於我們從超值選單的角度所做的，我們不必把所有東西都放到超值選單上。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

I wanted to follow up on the menu architecture. It seems like it's been a bit more difficult perhaps in recent years to get franchisees to coalesce around national price points. given some of the differences in costs across markets and reading into some of your commentary regarding your current efforts on the core menu, I guess what can actually be done to solve some of those challenges? Is it more about adding items at entry-level price points like Snack Wraps more national price points? Anything more you can share there would be helpful.

我想跟進菜單架構。近年來，讓特許經營商在全國價格點上達成一致似乎有些困難。考慮到不同市場之間的成本差異，以及您對目前在核心菜單上所做的努力的一些評論，我想，實際上可以做些什麼來解決其中的一些挑戰呢？是否更多地是在入門級價格點添加商品，例如零食捲餅等更俱全國性價格點的商品？如果您能分享更多信息，將會很有幫助。

Sure. Well, there's been pricing. There's been inflation pressure in the US. There's been inflation pressure, as I've mentioned in IOM. That certainly has added pressure on the franchisee P&L to be able to take pricing to offset that.

當然。嗯，已經有定價了。美國通膨壓力。正如我在國際移民組織所提到的，存在通貨膨脹壓力。這無疑給特許經營商的損益表增加了壓力，需要透過定價來抵消這一損失。

And then that also then disrupts the value programs that were in place, which has led to all the efforts that we've done over the last 18 months to get that fixed. I think there still is absolutely a need and a benefit for having actually advertised price points. And we know that when you have a nationally advertised price point, it drives significantly more incrementality than if everybody is off sort of doing their own pricing, which is why something like what we're doing with the Snack Wrap, the $2.99, the fact that the franchisees have endorsed that for the balance of the year to stay at that price point. I think we have good alignment with the franchisees, on the need and the power of doing nationally advertised price points.

這也會破壞現有的價值計劃，這導致我們在過去 18 個月中付出了所有努力來解決這個問題。我認為，實際公佈價格點仍然是絕對必要的，而且是有好處的。我們知道，當你有一個全國性的廣告價格點時，它會帶來比每個人都自己定價更大的增量，這就是為什麼我們對 Snack Wrap 所做的那樣，2.99 美元的價格，事實上特許經營商已經認可在今年剩餘時間內保持在這個價格點。我認為，我們與特許經營商在全國範圍內宣傳價格點的必要性和力量方面保持了良好的一致。

At the same time, the wage rates that exist across the USare quite varied. And so we need to respect that and work with the franchisees on how do we solve for that in a way that works for everybody's P&L. It's not easy, but I think we've shown the ability with whether it's the $5 Meal Deal, the $2.99 that we can come together and do it. But all of these things take a lot of conversations and collaborate collaboration with the franchisees.

與此同時，美國各地的工資水平差異很大。因此，我們需要尊重這一點，並與特許經營者合作，找到適合每個人損益的方式來解決這個問題。這並不容易，但我認為我們已經展示了我們的能力，無論是 5 美元的套餐，還是 2.99 美元的套餐，我們都可以齊心協力做到這一點。但所有這些事情都需要與特許經營者進行大量的對話和協作。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

You've reiterated your plans to open 2,200 stores this year on track to growing stores around 4%. But are there any factors that you're closely watching that could impact the development pipeline for 2026 and beyond. Any shift the margin dynamics or store economics your franchisees are seeing that could change the demand for opening new stores.

您重申了今年開設 2,200 家門市的計劃，並計劃實現門市數量增長約 4%。但是，您是否密切注意哪些因素可能會影響 2026 年及以後的發展進程？加盟商所看到的利潤動態或商店經濟的任何變化都可能改變開設新店的需求。

Christine, let me take that. Well, look, I think we're -- as we talked about in our upfront remarks, we're really confident about delivering the 2,200 gross openings for this year. And I think we've got a really strong and robust pipeline. As you know, we are in the process of kind of accelerating our pace of development. We'll get to basically about 1,000 gross openings a year in our owned markets by 2027, that commitment that we made at the end of '23 to get to 50,000 restaurants.

克里斯汀，讓我來接手。嗯，看，我認為我們——正如我們在前期演講中談到的那樣，我們對今年實現 2,200 個影院的總開張數非常有信心。我認為我們擁有真正強大而穩健的管道。如您所知，我們正在加快發展步伐。到 2027 年，我們自有市場每年將新開餐廳約 1,000 家，這是我們在 2023 年底做出的承諾，即每年新開餐廳數量達到 50,000 家。

I mean at the end of the day, we make our decision based on the returns that we generate. Obviously, we want to make sure we have a really strong starting point. So we've closely watched kind of the first year performance. But ultimately, what we're also looking for is what do we expect the longer-term return to be for those locations. I think as I've touched on previously, we continue to see solid starting points for new restaurants.

我的意思是，最終我們會根據所產生的回報做出決定。顯然，我們希望確保我們有一個真正強大的起點。因此，我們密切關注第一年的表現。但最終，我們還在尋找的是，我們預期這些地點的長期回報是多少。我認為，正如我之前提到的，我們繼續看到新餐廳的堅實起點。

We continue to see returns that are kind of in line with our expectations. I think, obviously, any time you accelerate, there's always the potential risk that you can have some slippage in the quality. So we're monitoring that very, very closely. And it goes back. And I think as we've talked about before, to I think the volume and the solidity of the work that we did leading up to kind of making that commitment at our Investor Day in 2023 and really getting granular on the opportunity and really precise on where those kind of open trading areas were, which is what our pipeline is addressing.

我們繼續看到符合我們預期的回報。我認為，顯然，任何時候加速，總是存在品質下降的潛在風險。因此我們正在非常密切地監視這一點。然後它又回來了。我認為，正如我們之前談到的，我們在 2023 年投資者日做出這項承諾之前所做的工作量和紮實程度，以及對機會的細緻把握以及對這些開放交易區位置的精準定位，正是我們正在解決的問題。

So of course, we're going to continue to monitor that. Of course, we're going to continue to make sure the quality is delivering. But again, I think we feel really confident about where we are and on pace to kind of deliver to what we've kind of laid out.

因此，我們當然會繼續監控這一點。當然，我們將繼續確保品質。但我再次認為，我們對目前的狀況充滿信心，並且能夠按計劃實現我們所設定的目標。

And the only thing I would add on that when we were all together with our leadership -- our market leadership in late June. We looked at pipelines for the next few years, and our pipelines are in really good shape. I feel very good about that. And I'd say when you're doing development, the first year two is maybe a little bit more challenged because it takes a while to get the pipeline filled. But as we look now to the out years, we're in great shape on our pipeline.

我唯一想補充的是，我們在 6 月底與我們的領導層——我們的市場領導層——聚在一起。我們研究了未來幾年的管道，我們的管道狀況非常好。我對此感覺非常好。我想說，當你進行開發時，第一年和第二年可能會面臨更大的挑戰，因為需要一段時間才能填滿管道。但展望未來幾年，我們的管線狀況非常好。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Chris, with the upcoming specialty beverage test in the US, what are you monitoring for to decide this is something you're looking to expand further. And if you could also just touch on the time line, is this is something that you're finding to be successful, could you see the pilot expanded to more stores beyond the initial 500 later in 2025?

克里斯，美國即將進行特色飲料測試，您將關注哪些方面來決定是否進一步擴大這項業務。如果您能簡單談談時間表的話，您認為這項計劃是否成功，到 2025 年下半年，試點範圍是否會擴大到最初的 500 家門市之外的更多門市？

Sure. Thanks for the question. Well, I'd say with any test, we're looking for the consumer reaction, and we're looking for the uptake on buying these products and then also understanding how that works with the rest of the menu is an add-on, sort of to get a full read on this. I think as we've talked about -- we feel good about the operational elements of this. And the test that we have in place, we think operationally is going to be sound.

當然。謝謝你的提問。好吧，我想說，對於任何測試，我們都在尋找消費者的反應，我們在尋找購買這些產品的興趣，然後還要了解它與菜單其他部分如何配合，這是一種附加功能，可以全面了解這一點。我想正如我們所討論的——我們對此的操作要素感到滿意。我們認為，我們已經進行的測試在操作上是合理的。

But ultimately, it's going to be able to then give us the confidence about the scale of the opportunity and how aggressively and how quickly we go after it. So in my mind, I don't see us going from 500 restaurants to 1,000. I mean this is 500 restaurants to then when are we going full market potential.

但最終，它將使我們對機會的規模以及我們追逐機會的積極性和速度充滿信心。所以在我看來，我們不認為我們的餐廳數量會從 500 家增加到 1,000 家。我的意思是，如果已經有 500 家餐廳，我們什麼時候才能充分發揮市場潛力？

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

I wanted to double click on the comment that you were making earlier, is on consumers being more deserting with the dollars also in the breakfast day part, perhaps consuming coffee home a little bit more. So I'm wondering if you can share what is the breakfast mix today? And how does it compare versus the pre-COVID? And then the real question is, how are you strengthening your foundations in the daypart? And how much does that depend on your kind of results on the new beverage lineup versus strengthening the value for consumers?

我想雙擊您之前所作的評論，即消費者在早餐時段也更加捨棄金錢，也許會更多地在家喝咖啡。所以我想知道您是否可以分享今天的早餐搭配是什麼？與新冠疫情之前相比如何？那麼真正的問題是，您如何在白天鞏固自己的基礎？這在多大程度上取決於新飲料系列的成果，而不是加強消費者的價值？

Yes. Thanks for the question. Well, as you note, and I would agree the breakfast daypart is the most economically sensitive daypart because it's the easiest daypart for a stress consumer to either skip breakfast or choose to eat breakfast at home. And we, as well as the rest of the industry are seeing that the breakfast daypart is absolutely the weakest daypart in the day. So I think that's confirmation of the economic stress that we've talked about, the weakness overall in the industry in the breakfast day part.

是的。謝謝你的提問。嗯，正如你所說，我同意早餐時段是經濟上最敏感的時段，因為對於壓力消費者來說，這是最容易不吃早餐或選擇在家吃早餐的時段。我們以及業內其他公司都發現，早餐時段絕對是一天中最薄弱的時段。所以我認為這證實了我們所談論的經濟壓力，即早餐行業整體的疲軟。

That said, I think this is still an area for us where if you've got the right value programs in place, you can drive and get that consumer to come into your restaurant. And so the US earlier in the year, as you know, started going back in advertising breakfast nationally, which is something that we haven't done for a period of time. There's also conversations around what more we might be able to do with breakfast value. So for us, breakfast is still a big part of the business.

話雖如此，我認為這對我們來說仍然是一個領域，如果你制定了正確的價值計劃，你就可以吸引消費者來到你的餐廳。正如你所知，美國在今年早些時候開始在全國範圍內恢復早餐廣告，這是我們一段時間以來沒有做過的事情。我們也在討論如何進一步提高早餐的價值。所以對我們來說，早餐仍然是業務的重要組成部分。

It's one that we think we have a right to win in, but it's one that right now is under pressure because of the economic issues that I've cited, and there's work underway to figure out what else we need to do to restimulate growth there.

我們認為我們有權贏得這場戰爭，但由於我提到的經濟問題，這場戰爭目前正面臨壓力，我們正在研究還需要做些什麼來重新刺激經濟成長。

Jeff Bernstein, Barclays.

巴克萊銀行的傑夫伯恩斯坦。

Chris, franchise sentiment, it seems like it's critical as they're key to so many of these initiatives. No doubt, I assume their health and volumes and profits are still industry-leading, but perhaps down year-over-year. So just wondering, as you mentioned, you're working closely with them to improve the menu offering, the value of the core. How would you describe those discussions with franchisees, specially around value in the US and unit growth outside of the US, it does seem like you're focused on accelerating those growth components and the partnership with franchisees who is critical. So I'm just wondering how those relationships are going relative to past quarters or years?

克里斯，特許經營情緒似乎至關重要，因為它們是許多此類舉措的關鍵。毫無疑問，我認為他們的健康狀況、銷售和利潤仍然處於行業領先地位，但可能比去年同期有所下降。所以只是想知道，正如您所提到的，您正在與他們密切合作以改善菜單，提高核心價值。您如何描述與特許經營商的討論，特別是圍繞美國的價值和美國以外的單位增長，看起來您確實專注於加速這些增長要素以及與至關重要的特許經營商的合作。所以我只是想知道這些關係相對於過去幾季或幾年如何？

Sure. Well, as you know, I mean the relationship and our partnership with our franchisee partners is everything because ultimately, what gets executed in the restaurant is what's going to drive the business. It's tough to always generalize with the franchisees. We have 5,000 franchisees around the world. It's almost a country-by-country conversation.

當然。嗯，如你所知，我的意思是我們與特許經營夥伴的關係和夥伴關係是最重要的，因為最終，餐廳裡執行的事情才是推動業務發展的動力。總是很難對特許經營者做出概括。我們在全球擁有 5,000 家特許經營商。這幾乎是一場針對各國的對話。

But I'd say broadly, with our franchisees, the same ones that we've talked about with the consumer exists with the franchisees. And they're sort of two sides of the same coin. The more the consumer is concerned, the more our franchisees are concerned. At the same time, our franchisees are seeing this cost inflation most pronounced in Europe, but there's continuing cost and particularly labor inflation in the US. So all of that, I'd say, creates unease, let's just say, with franchisees on these things.

但我想說的是，從廣義上講，對於我們的特許經營者來說，我們與消費者討論的問題也同樣存在於特許經營商中。它們就像是同一枚硬幣的兩面。消費者越關心，我們的加盟主就越關心。同時，我們的特許經營商發現成本上漲在歐洲最為明顯，但美國的成本上漲，尤其是勞動力上漲，仍在持續。所以我想說，所有這些都讓特許經營者對這些事情感到不安。

You asked about development. I think that's another depends on the market really. But I think in some places where the consumer is perhaps decreasing visits to the industry it does raise a question around what is the appropriate development pace in that market if traffic is declining. What we talk about in all of this is that McDonald's success has been winning on value and affordability. And that if we're winning on value and affordability with our brand, with our menu innovation, we're absolutely going to be able to take share and then taking sure you're going to be able to grow cash flow.

您詢問的是發展問題。我認為這確實取決於市場。但我認為，在某些消費者可能減少訪問該行業的地方，這確實引發了一個問題：如果流量下降，該市場的適當發展速度是多少。我們在談論這一切時，都認為麥當勞的成功在於其價值和可負擔性。如果我們憑藉品牌和菜單創新贏得價值和可負擔性，我們絕對能夠佔領市場份額，然後確保能夠增加現金流。

And so I think that's the conversation we're having with franchisees right now, which is cash flow growth is within our control if we execute the playbook. On the unit development side, a lot of where we're doing unit development is where we don't have penetration. So the impacts are maybe not as significant as sometimes our franchisees are concerned or worried about and at this point, we're not having any difficulty finding franchisees, and I'm talking globally, we're not having difficulty finding franchisees or willing to take on these restaurants. So to me, that ultimately is showing their underlying confidence in our unit development plans.

所以我認為這就是我們現在與特許經營商進行的對話，即如果我們執行劇本，現金流成長就在我們的控制範圍內。在單位開發方面，我們進行單位開發的許多領域都是我們尚未滲透的。因此，影響可能沒有我們的加盟商有時擔心或擔心的那麼大，目前，我們在尋找加盟商方面沒有任何困難，而且就全球而言，我們在尋找加盟商或願意接手這些餐廳方面沒有任何困難。所以對我來說，這最終表明了他們對我們的單位發展計劃有潛在的信心。

Thanks, everyone, for joining us today. If you have any follow-up questions, please shoot me an e-mail, and then we can schedule a call for some time today or in the coming days. Again, thank you, and have a good day.

感謝大家今天加入我們。如果您有任何後續問題，請給我發送電子郵件，然後我們可以安排在今天或未來幾天的某個時間進行通話。再次感謝您，祝您有美好的一天。

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，並享受美好的一天。