麥當勞 (MCD) 2026 Q2 法說會逐字稿

Hello, and welcome to McDonald's second-quarter 2026 investor conference call. At the request of McDonald's Corporation, this conference is being recorded. (Operator Instructions)

大家好，歡迎參加麥當勞 2026 年第二季投資人電話會議。應麥當勞公司要求，本次會議將被錄音。(接線員指示)

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.

現在我想把會議交給麥當勞公司投資人關係副總裁 Dexter Congbalay 先生。Congbalay 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.

各位早安，感謝各位加入我們。今天與我一同出席電話會議的有董事長暨執行長 Chris Kempczinski，以及財務長 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.

提醒各位，我們財報新聞稿與 8-K 申報文件中的前瞻性陳述，同樣適用於我們今天在電話會議中的評論。這兩份文件可於我們網站取得；網站上也提供今天電話會議中提及之任何非 GAAP 財務衡量指標的調節表，以及其對應的 GAAP 指標。

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 a replay via our website.

今天上午的預備發言結束後，我們將回答各位的提問。(活動指示) 本次電話會議將以網路直播方式進行，並同時錄音，供日後透過我們網站重播。

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

現在，我把時間交給 Chris。

Good morning, everyone, and thank you for joining us. Before Ian gets into the detailed results for the quarter, I want to do two things: recap our progress under our Accelerating the Arches strategy and highlight how McDonald's remains positioned for long-term value creation; and provide a snapshot of the quarter, what worked, what didn't, and what we're doing to address our opportunities.

各位早安，感謝各位加入我們。在 Ian 進一步說明本季的詳細結果之前，我想做兩件事：回顧我們在「加速金拱門（Accelerating the Arches）」策略下的進展，並強調麥當勞如何持續保持長期價值創造的有利定位；同時提供本季概況——哪些做得好、哪些不如預期，以及我們將如何因應並把握機會。

At the end of our prepared remarks, I'll preview McDonald's NEXT in advance of our Investor Day. We'll also share some additional perspective on our leadership change in the US and why Skye Anderson's past accomplishments give me confidence that she's the right leader for this moment.

在我們預備發言的最後，我將在投資人日之前，先行預告 McDonald's NEXT。我們也會就美國市場的領導層變動分享更多觀點，並說明 Skye Anderson 過去的成就為何讓我有信心，她正是此刻最合適的領導者。

Almost six years ago, we unveiled our Accelerating the Arches strategy to drive our next chapter of growth and build the foundation for our digital-first future. The strategy worked. We've grown systemwide sales roughly $40 billion and operating income by over $3 billion. We've done this by focusing on our three growth pillars, our MCDs, as we like to call them.

將近六年前，我們推出「加速金拱門」策略，以推動下一階段成長，並為我們以數位優先的未來奠定基礎。這項策略奏效了。我們的系統銷售額（systemwide sales）成長約 400 億美元，營業利益增加超過 30 億美元。我們之所以能做到，是因為聚焦於三大成長支柱——我們喜歡稱之為 MCDs。

We maximized our marketing by leaning into our fans to create cultural moments that drove consumer engagement and restaurant traffic. As a result, over the last six years, our brand relevance with the critical US Gen Z consumer has increased, and we now hold a significant advantage versus our primary competitor.

我們透過貼近粉絲、創造文化時刻來最大化行銷效益，進而帶動消費者互動與餐廳來客數。因此，在過去六年中，我們品牌在關鍵的美國 Z 世代消費者中的相關性提升，且相較主要競爭對手，我們如今擁有顯著優勢。

The McDonald's brand remains one-of-one in our industry and among the most powerful brands in the world. We committed to our iconic core menu by focusing on our $17 billion brands with a particular focus on our critical beef, chicken, and beverage categories. We created a global category structure to increase our pace of innovation, and we're already seeing significant benefits from this focus, most notably in beverages.

麥當勞品牌在本產業中仍是獨一無二，也是全球最具影響力的品牌之一。我們致力於經典核心菜單，聚焦於我們 170 億美元規模的品牌，特別著重於關鍵的牛肉、雞肉與飲料品類。我們建立全球品類架構以提升創新速度，而我們已經看到此一聚焦帶來的顯著效益，其中最突出的是飲料。

And we've doubled down on the four Ds. In digital, we built the industry's largest customer platform with nearly 220 million active loyalty users, and we're now among the largest loyalty programs in the world. In delivery, we've grown an efficient business with an industry-leading cost structure that generates more than $20 billion in annual system-wide sales.

同時，我們也加碼投入四個 D。在數位方面，我們打造了業界最大的顧客平台，活躍會員（active loyalty users）接近 2.2 億人，現已躋身全球最大的會員忠誠計畫之一。在外送方面，我們建立了具效率的業務，擁有業界領先的成本結構，每年創造超過 200 億美元的系統銷售額。

In drive-through, we've modernized operations and invested in technologies that have improved accuracy and reduced service times. And in development, we're well on our way to 50,000 restaurants, thanks to the most aggressive expansion of new restaurants in our history, all while keeping our existing restaurant estate among the industry's most modernized.

在得來速方面，我們現代化營運並投資技術，提升正確率並縮短服務時間。在展店發展方面，憑藉公司史上最積極的新店擴張，我們正穩步邁向 50,000 家餐廳，同時也讓既有餐廳資產維持在業界最現代化之列。

As we've executed against these growth pillars, we've also done the hard work behind the scenes to integrate our systems for a digital-first future. We're now close to having all our major markets on one app, one loyalty program, one pricing engine, one HR system, and one finance system. This will drive cost savings, accelerate innovation, harden security, and enhance stability.

在推動這些成長支柱的同時，我們也在幕後投入大量心力，整合系統以迎接數位優先的未來。我們距離讓所有主要市場採用同一個 App、同一套會員忠誠計畫、同一個定價引擎、同一套人資系統與同一套財務系統已相當接近。這將帶來成本節省、加速創新、強化資安並提升穩定性。

Critically, with all our data soon to be pooled in a global data lake, we'll also be well positioned to capitalize on the new opportunities afforded by artificial intelligence. You'll hear more about all of this at our Investor Day in September.

更重要的是，隨著我們的資料即將彙整至全球資料湖（global data lake），我們也將具備良好條件，把握人工智慧帶來的新機會。關於這些內容，您將在 9 月的投資人日聽到更多。

Now that I've recapped the progress under Accelerating the Arches and highlighted our continuing efforts toward long-term value creation, I'm going to provide a snapshot of our second quarter. McDonald's system-wide sales grew 4% in constant currency, reflecting the growing contribution from new unit openings. Global comparable sales grew 1.3%, with positive comparable sales growth across each of our operating segments.

在回顧「加速金拱門」的進展並強調我們持續致力於長期價值創造之後，我將提供第二季的概況。麥當勞系統銷售額以固定匯率計成長 4%，反映新店開幕帶來的貢獻持續增加。全球同店銷售（comparable sales）成長 1.3%，且我們各營運區隔皆呈現正向同店成長。

Our international markets, which contribute more than half of our system-wide sales and operating profit, continue to demonstrate that our playbook is working. Strong execution and value offerings, menu innovation, and creative marketing across many of our international markets continue to resonate with customers and supported results that were broadly in line with our expectations.

我們的國際市場貢獻了超過一半的系統銷售額與營業利益，並持續證明我們的作法有效。在多個國際市場中，強勁的執行力與超值方案、菜單創新以及創意行銷持續引起顧客共鳴，並支撐了整體結果大致符合我們的預期。

Turning to the US. After a solid start to the year, the business slowed significantly, posting comparable sales growth of 0.8% in the quarter. This was below our expectations and something we're going to address in greater detail on today's call. We don't have a strategy problem; we simply didn't execute at the level we needed to in the second quarter.

接著談美國市場。在今年開局穩健之後，業務明顯放緩，本季同店銷售成長 0.8%。這低於我們的預期，我們將在今天的電話會議中更深入說明並加以處理。我們不是策略出了問題；只是第二季的執行沒有達到我們所需要的水準。

Our execution opportunities fall into three buckets. First, although we've restored our overall value and affordability leadership, our restaurant-level results show that execution was inconsistent across the system. The strongest-performing restaurants consistently executed our new everyday affordable price menu and delivered strong restaurant operations. We need that same level of execution in all our restaurants.

我們的執行改善機會可分為三個面向。第一，雖然我們已恢復整體在價值與可負擔性上的領導地位，但餐廳層級的結果顯示，系統內的執行並不一致。表現最強的餐廳能持續落實我們新的「每日平價」菜單，並展現強勁的餐廳營運。我們需要所有餐廳都達到同樣的執行水準。

Second, our restaurant teams were overwhelmed by too many deployments in the quarter, which led to less-efficient restaurant operations. This impacted customer service times. And as service times went up, satisfaction scores went down. And third, our marketing programs didn't deliver against expectations.

第二，本季部署項目過多，使餐廳團隊不堪負荷，導致餐廳營運效率下降。這影響了顧客服務時間。而當服務時間拉長，滿意度分數就下降。第三，我們的行銷方案未能達到預期。

I'm going to turn the call over to Ian now to cover our results and these execution opportunities in greater detail.

接下來我把電話會議交給 Ian，請他更詳細說明我們的業績以及這些執行改善機會。

Thanks, Chris, and good morning, everyone.

謝謝你，Chris，各位早安。

In the second quarter, McDonald's system-wide sales grew 4% in constant currency. Global comparable sales grew 1.3%, reflecting a challenging consumer environment that saw QSR industry traffic in several of our largest markets continue to be flat to negative. Global comparable sales were also impacted by execution that was below our expectations in the US business, as Chris just highlighted.

第二季，麥當勞系統銷售額以固定匯率計成長 4%。全球同店銷售成長 1.3%，反映消費環境具挑戰性；在我們數個最大市場中，速食餐廳（QSR）產業來客數持續持平至下滑。如同 Chris 剛才所強調，全球同店銷售也受到美國業務執行低於我們預期的影響。

For the first half of the year, system-wide sales grew 5% in constant currency and global comparable sales increased 2.5%. Starting with the US, comparable sales grew 0.8% for the quarter and 2.3% for the first half. As Chris noted, we're not satisfied with our second-quarter comparable sales growth.

今年上半年，以固定匯率計算的系統整體銷售成長5%，全球同店銷售成長2.5%。先從美國來看，同店銷售本季成長0.8%，上半年成長2.3%。如Chris所提到的，我們對第二季同店銷售成長並不滿意。

As we discussed on our Q1 call, we had a slow start to the quarter, with comparable sales slightly negative in April as we lapped last year's highly successful Minecraft campaign. In late April, we augmented our McValue program with a new under-$3 Everyday Affordable Price, or EDAP, menu. Similar offerings have been consistently successful across our top international markets. We also added a $4 breakfast meal deal.

如同我們在第一季電話會議中討論的，本季開局較慢；由於去年非常成功的Minecraft活動形成高基期，4月同店銷售略為負成長。4月底，我們在McValue方案中新增了低於3美元的「每日平價」（Everyday Affordable Price，EDAP）菜單。類似的產品組合在我們主要的國際市場一向表現穩健成功。我們也新增了4美元的早餐套餐優惠。

Inconsistent restaurant-level execution of the EDAP menu and consumer awareness levels below target resulted in lower incrementality than we expected. At the same time, the business pulled back on digital offers and removed our Buy One, Add One for $1 feature to offset the investment behind McValue. In combination, all of these factors negatively impacted visits from some of our most loyal customers. We estimate that these value execution factors accounted for about two-thirds of the customer traffic underperformance relative to our expectations for the quarter.

EDAP菜單在餐廳端的執行不一致，以及消費者認知度低於目標，導致增量效果低於我們的預期。同時，為了抵銷McValue背後的投資，業務端縮減了數位優惠，並取消了「買一件、加1美元再加購一件」（Buy One, Add One for $1）的方案。綜合而言，這些因素對部分最忠誠顧客的來客數造成負面影響。我們估計，這些價值方案執行相關因素約占本季客流量低於預期的三分之二。

The remainder of our underperformance can largely be attributed to our FIFA campaign in June. While the campaign provided a lift to the business and generated excellent system excitement, the campaign underperformed versus our expectations.

其餘的表現不如預期，主要可歸因於6月的FIFA活動。雖然該活動帶動了業務並激發了系統內的高度熱度，但其表現仍低於我們的預期。

Importantly, we're taking actions in the near term to address these opportunities. For instance, starting next week, we're launching more national digital flash offers to re-energize our high-frequency customers. In addition, we're going to target our most loyal users with more personalized digital offerings.

重要的是，我們正採取短期行動來把握並改善這些機會。例如，從下週開始，我們將推出更多全國性的數位限時快閃優惠，以重新帶動高頻顧客的活躍度。此外，我們也將以更個人化的數位優惠鎖定最忠誠的用戶。

We'll also be reallocating marketing dollars throughout the second half of the year to increase support behind our proven value offerings, such as Extra Value Meals. While we've been pleased to see our value and affordability scores improve significantly since last year, we remain ready to adjust as needed. We have been consistent. We will not get beaten on value.

我們也將在下半年重新配置行銷預算，以加大對已驗證有效的價值方案（例如超值套餐 Extra Value Meals）的支持。雖然我們樂見自去年以來「價值」與「可負擔性」評分顯著提升，但我們仍隨時準備在需要時進行調整。我們一直很一致。我們不會在價值上被打敗。

As Chris noted, operations metrics worsened in the quarter as restaurant teams were overwhelmed with too many complicated deployments. We've already taken steps to simplify restaurant operations by eliminating several non-customer facing activities over the remainder of the year so that our restaurant teams can focus on delivering a great experience for our customers. In short, we're acting with urgency to improve our baseline guest traffic and put the US business in a stronger position as we exit 2026.

如Chris所提到的，由於餐廳團隊被過多且複雜的部署壓得喘不過氣，本季營運指標惡化。我們已採取措施簡化餐廳營運，在今年剩餘期間取消數項非面向顧客的活動，讓餐廳團隊能專注於為顧客提供優質體驗。總之，我們正以緊迫感採取行動，改善基礎來客量，並在2026年結束時讓美國業務處於更強勢的位置。

Now turning to the International Operated Markets. Comparable sales increased 1.5%, driven by Germany, Australia, and the UK again this quarter. These markets continue to demonstrate that our playbook across value (technical difficulty) and marketing delivers solid results when well executed despite a challenging industry environment.

接著談國際自營市場（International Operated Markets）。同店銷售成長1.5%，本季同樣由德國、澳洲與英國帶動。這些市場持續證明，即使在具挑戰的產業環境下，只要執行到位，我們在價值（技術難度）與行銷方面的作戰手冊仍能帶來穩健成果。

After recording slightly negative comparable sales in April, as we mentioned in our Q1 call, IOM's performance improved as expected over the balance of the quarter, with comparable sales returning towards more normalized levels in May and June, and this has largely continued into July. On value, the majority of our top IOM markets benefited from strong EDAP menu offerings and meal deals as they have continued to respond to evolving consumer needs.

如同我們在第一季電話會議中提到的，IOM在4月同店銷售略為負成長後，於本季其餘期間的表現如預期改善；5月與6月同店銷售回到較正常化的水準，且此趨勢大致延續至7月。在價值方面，多數主要IOM市場受惠於強勁的EDAP菜單與套餐優惠，持續回應不斷演變的消費者需求。

Menu innovation behind chicken continued to drive growth across these markets, with Australia and Germany both gaining chicken share in the quarter. Australia generated momentum with its Korean BBQ McCrispy limited-time offering, one of the market's strongest chicken LTOs in recent years, while Germany continued its successful Chicken for Every Moment campaign featuring a mix of core products and LTOs. Germany also successfully launched our new specialty beverage platform in early May with an assortment of crafted sodas, refreshers, cold coffee, and Red Bull energizers. We're excited about the performance to date and our strong position in a category in its early stages of development.

以雞肉為核心的菜單創新持續帶動這些市場成長，澳洲與德國本季皆提升了雞肉品類市占。澳洲以韓式BBQ McCrispy限時供應（LTO）帶動動能，這是該市場近年最強勢的雞肉LTO之一；德國則延續其成功的「每個時刻都有雞肉」（Chicken for Every Moment）活動，結合核心產品與LTO組合。德國也在5月初成功推出我們全新的特色飲品平台，提供多款調製汽水、清爽飲品（refreshers）、冷萃咖啡，以及Red Bull能量飲品。我們對目前的表現感到振奮，並在仍處於早期發展階段的品類中占據強勢地位。

In regard to great marketing, two specific campaigns in the quarter are strong examples of how our market teams are bringing global ideas to life while executing them in locally relevant ways. The Menu Heist campaign, which we now have had success with in multiple markets, ran in Australia and showcased a curated selection of international McDonald's menu favorites, exceeding expectations. And in Germany, Grimace returned to the market with a full menu of purple-themed offerings, driving significant social interaction, including 57 million views across social platforms, and reinforcing the emotional connection to our brand while benefiting top-line performance.

在出色行銷方面，本季有兩個具體活動是強而有力的例子，展現我們各市場團隊如何將全球創意落地，並以符合在地的方式執行。「Menu Heist」活動（我們已在多個市場取得成功）於澳洲推出，主打精選的國際麥當勞人氣菜單品項，表現超出預期。而在德國，Grimace回歸市場，推出完整的紫色主題菜單，帶動大量社群互動，包括跨社群平台共5,700萬次觀看，並強化與品牌的情感連結，同時也有助於營收表現。

Of our top five IOM markets, France's performance, again, fell short of our expectations. While it will take some time to improve alignment and execution across the system in France, we are clear on what's needed to drive performance. One element that is foundational is consistent everyday value. The market recently extended their EUR4 Happy Meal component and reintroduced nationally price-pointed meal deals that are resonating with consumers.

在我們前五大IOM市場中，法國的表現再次低於我們的預期。雖然要改善法國系統內的協同與執行仍需一些時間，但我們清楚知道推動績效所需的關鍵。其中一項基礎要素是穩定一致的日常價值方案。該市場近期延長了4歐元快樂兒童餐（Happy Meal）組合內容，並重新推出全國統一定價的套餐優惠，正獲得消費者共鳴。

Turning to the International Developmental Licensed Markets. Comparable sales increased 1.9%. Japan again led the way by delivering its 10th consecutive quarter of positive comparable guest count growth. This reflects strong execution behind our loyalty platform, which launched less than a year ago and already has nearly 20 million 90-day active users who are visiting us more often. The segment's comparable sales growth was tempered by results in China, where we expect the macro environment and the consumer backdrop to remain challenging in the near term.

接著談國際發展型授權市場（International Developmental Licensed Markets）。同店銷售成長1.9%。日本再次領先，連續第10個季度實現同店來客數正成長。這反映出我們在會員忠誠平台上的強勁執行；該平台推出未滿一年，90天活躍用戶已接近2,000萬，且來店頻率更高。該分部的同店銷售成長受到中國表現的抑制；我們預期短期內總體環境與消費者情勢仍將具挑戰。

Turning to the P&L. Our top-line performance drove adjusted earnings per share of $3.38, which included a $0.03 benefit from foreign currency translation. On a constant currency basis, this represents a 5% increase versus the prior year.

接著談損益表（P&L）。我們的營收表現帶動調整後每股盈餘（EPS）達3.38美元，其中包含外幣換算帶來的0.03美元正面效益。以固定匯率計算，這較去年成長5%。

We currently estimate a tailwind of about $0.15 from the impact of foreign currency translation on full-year 2026 adjusted EPS based on current exchange rates. That's down from our previously estimated range of a $0.20 to $0.30 tailwind. As always, this is directional guidance only because rates will continue to change as we move throughout the remainder of the year.

以目前匯率為基礎，我們目前估計外幣換算對2026全年調整後EPS的影響將帶來約0.15美元的順風。這低於我們先前估計的0.20至0.30美元順風區間。一如既往，這僅為方向性指引，因為匯率將在今年剩餘期間持續變動。

In the second quarter, we generated more than $4 billion in restaurant margins. And our year-to-date adjusted operating margin was 46.9%, highlighting the resiliency of our business model.

第二季，我們創造了超過40億美元的餐廳利潤（restaurant margins）。而年初至今的調整後營業利益率為46.9%，凸顯我們商業模式的韌性。

General and administrative expenses were 2.2% of system-wide sales, consistent with our expectations for the quarter and included expenses associated with our biennial Worldwide Convention with franchisees. We remain on track for G&A to be about 2.2% of system-wide sales for the full year.

一般及行政費用（G&A）占系統整體銷售的2.2%，符合我們對本季的預期，並包含與我們每兩年一次、與加盟商共同舉辦的全球年會（Worldwide Convention）相關的費用。我們仍按計畫推進，預期全年G&A約占系統整體銷售的2.2%。

Chris and I are focused on managing our enterprise cost structure. We've made investments over the last couple of years to consolidate and upgrade our global systems and processes with a clear goal of delivering future efficiency. In 2027, we expect that we'll begin to see the benefits from those investments as we seek to lower G&A percentage spend.

Chris 和我專注於管理我們的企業成本結構。過去幾年，我們已投資以整合並升級全球系統與流程，明確目標是帶來未來效率。我們預期在 2027 年將開始看到這些投資的效益，並致力於降低一般及行政費用（G&A）占比支出。

As we mentioned last quarter, in relation to margin performance at our US company-operated restaurants, we continue to evaluate the optimal franchisee versus company ownership balance to maximize system value. As part of this ongoing work across both the US and International markets, we expect incremental company-owned restaurant divestitures, some of which occurred in the second quarter, to continue in 2026 and beyond. We'll provide more details on our refranchising efforts and our G&A outlook during our Investor Day in September.

如同我們上季提到的，針對美國公司自營餐廳的利潤率表現，我們持續評估特許經營商與公司持有之間的最佳所有權平衡，以最大化系統價值。作為這項在美國與國際市場同步推進的持續工作的一部分，我們預期公司自營餐廳的額外剝離將持續發生，其中部分已在第二季發生，並將延續至 2026 年及以後。我們將在 9 月的投資人日提供更多關於再特許經營（refranchising）工作的細節，以及我們對 G&A 的展望。

We continue to be highly disciplined allocators of capital towards new restaurants based on our ability to generate attractive returns. We've completed our new restaurant pipeline analysis that Chris and I spoke about last quarter. Due to the current pressured consumer environment, coupled with the cumulative inflationary impact on development costs, we now expect to reach 50,000 restaurants globally in 2028. That's a slight adjustment to our previous plans to reach that level by the end of 2027.

我們持續以高度紀律將資本配置於新餐廳，並以能否創造具吸引力的報酬為依據。我們已完成新餐廳開發管線分析，這也是 Chris 和我上季談到的內容。由於目前受壓的消費者環境，加上開發成本累積的通膨影響，我們現在預期將於 2028 年在全球達到 50,000 家餐廳。這相較於我們先前計畫在 2027 年底達成該目標，屬於小幅調整。

Yet, even with this change, this continues to be the fastest period of restaurant growth in McDonald's history. And we remain on track to open about 2,600 gross restaurants by the end of this year.

然而，即使有這項變動，這仍是麥當勞歷史上餐廳成長最快的時期。而我們仍按計畫在今年底前新開約 2,600 家餐廳（總開店數）。

As we look ahead, Chris and I remain very confident about our pathway to enhancing shareholder value. We have both led large parts of the operating business in prior roles and have demonstrated the ability to actively address and solve issues to drive strong performance. That's exactly what we're working together to accomplish in the coming quarters.

展望未來，Chris 和我對提升股東價值的路徑仍然非常有信心。我們過去在不同職務中都曾領導營運業務的重要部分，並已展現主動面對並解決問題、以推動強勁表現的能力。這正是我們在接下來幾個季度共同努力要達成的目標。

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

接下來，我把時間交還給 Chris。

Thanks, Ian.

謝謝，Ian。

As we've discussed today, the opportunities we see in the US are largely execution focused, and we're acting with urgency to address them. At the same time, we're equally focused on driving sustainable long-term growth and strengthening our competitive advantages.

如同我們今天所討論的，我們在美國看到的機會多半聚焦於執行面，而我們正以緊迫感採取行動加以因應。同時，我們也同樣專注於推動可持續的長期成長，並強化我們的競爭優勢。

That's why, at our Worldwide Convention in June, we introduced McDonald's NEXT, our new growth strategy with a clear ambition to be more customers' first choice. We'll do this by improving the taste and quality of our food, engaging and co-creating with our fans in exciting new ways, and simplifying our restaurants so our crew can deliver great hospitality for our guests to what they do best.

因此，在 6 月的全球年會上，我們推出了 McDonald's NEXT——我們全新的成長策略，明確的企圖是成為更多顧客的第一選擇。我們將透過提升食品的口味與品質、以令人興奮的新方式與粉絲互動並共同創作，以及簡化餐廳營運，讓我們的團隊成員能把最擅長的事做好，為顧客提供卓越的款待體驗。

These priorities are highly complementary to the execution improvements we're focused on today. And while this plan will require system investment, we expect it will also be meaningfully self-funded by the many productivity opportunities that we see in our company and franchisee restaurant P&Ls, along with the strong top-line growth that it will deliver.

這些優先事項與我們目前聚焦的執行改善高度互補。雖然此計畫需要系統性投資，但我們預期它也將在很大程度上自給自足，資金來源包括我們在公司自營與特許經營餐廳損益表（P&L）中看到的眾多生產力機會，以及該計畫將帶來的強勁營收成長。

The system is behind this new strategy. In a post-event survey, more than 90% of owner-operators see how McDonald's NEXT will drive growth. And they're energized by the growth and productivity opportunities available to us and confident in our system's ability to execute against them. We'll share in detail on Investor Day why McDonald's NEXT represents such a massive opportunity to catalyze our global business, including in the US, building on a foundation created through Accelerating the Arches.

整個系統都支持這項新策略。在活動後的調查中，超過 90% 的業主經營者認為 McDonald's NEXT 將推動成長。他們也因我們可掌握的成長與生產力機會而備受鼓舞，並對系統的執行能力充滿信心。我們將在投資人日詳細分享，為何 McDonald's NEXT 代表一個能夠催化我們全球業務（包括美國）的巨大機會，並建立在「加速金拱門（Accelerating the Arches）」所奠定的基礎之上。

But we're not waiting to get after the opportunities within McDonald's NEXT. As we've been saying internally, NEXT is now. One area where we are actioning NEXT now is in beverages. The launch of our new beverage platform in May was an important part of upgrading our taste and quality. Early results exceeded our expectations across our lead markets of the US, Canada, and Germany.

但我們不會等到那時才著手推進 McDonald's NEXT 的機會。正如我們在內部所說，NEXT 就是現在。我們現在就落實 NEXT 的一個領域是飲料。我們在 5 月推出全新的飲料平台，是提升口味與品質的重要一環。在美國、加拿大與德國等主要市場，初期成果超出我們的預期。

In the US, sales are ahead of plan. Guest checks are higher, and we're seeing new occasions emerge throughout the day. We've also seen strong food attachment rates on these orders. The addition of Red Bull Energizers in the US in the coming weeks will only further this momentum.

在美國，銷售表現優於計畫。客單價更高，且我們看到全天出現新的消費情境。我們也看到這些訂單有強勁的餐點搭配（food attachment）比率。未來幾週在美國加入 Red Bull Energizers 產品，將進一步延續這股動能。

Another way we're actioning NEXT now is through our people. Central to McDonald's NEXT is elevating the experience we offer customers in our restaurants, from the taste and quality of our food to the hospitality that we provide. None of that happens without our people, which is why, on October 5, we'll officially launch a program to retrain the 2 million plus restaurant crew, company employees, and supplier partners who work under the Golden Arches on gold standard taste, quality, and hospitality. October 5 is Ray Kroc's birthday, something we also call Founder's Day, so it's fitting that we start on this day the largest training exercise undertaken in our history.

我們現在落實 NEXT 的另一種方式是透過我們的人才。McDonald's NEXT 的核心，是提升我們在餐廳提供給顧客的體驗，從食品的口味與品質到我們提供的款待服務。沒有我們的人員，這些都無法實現；因此，我們將於 10 月 5 日正式啟動一項計畫，重新訓練在金色拱門旗下工作的 200 萬名以上餐廳團隊成員、公司員工與供應商夥伴，使其達到黃金標準的口味、品質與款待。10 月 5 日是 Ray Kroc 的生日，我們也稱之為創辦人日，因此在這一天啟動我們史上規模最大的訓練行動，格外合適。

Finally, a few words on our leadership transition in the US. We announced this morning that Skye Anderson is the new President of McDonald's US effective today. Skye's appointment reflects the depth of leadership across McDonald's and completes a planned transition with Joe Erlinger, who has assisted with this change.

最後，談幾句關於我們在美國的領導層交接。我們今天上午宣布，Skye Anderson 自即日起出任麥當勞美國總裁。Skye 的任命反映了麥當勞深厚的領導人才梯隊，也完成了與 Joe Erlinger 的既定交接安排；Joe 在此變動過程中提供了協助。

Skye is an exceptional leader with 26 years of experience across multiple parts of our business, including finance, operations, market leadership, global business services, and most recently as Chief Operating Officer of McDonald's USA. Throughout her career, she has consistently been a hands-on leader who has demonstrated strong business judgment and operational discipline. Skye is a change agent, driving positive performance.

Skye 是一位卓越的領導者，擁有 26 年跨多個業務領域的經驗，包括財務、營運、市場領導、全球業務服務，以及最近擔任麥當勞美國的營運長（COO）。在其職涯中，她一貫是親力親為的領導者，展現出強健的商業判斷力與營運紀律。Skye 是推動變革的關鍵人物，帶動正向績效。

I've had the opportunity to work closely with Skye throughout much of her career. When I led the US business, I asked her to relocate from Australia, first to run our West Coast field office and then to lead our entire West Zone. Over a four-year tenure as head of the US West Zone, she helped support strategic initiatives that modernize the base of more than 5,700 restaurants, drove comparable sales growth of more than 30%, and increased average restaurant unit cash flow by $100,000. She was a key partner to me in the success we achieved through our Bigger, Bolder Vision 2020 program and a leader who could innately connect strategies to execution.

在她職涯的大部分時間裡，我都有機會與 Skye 密切合作。當我領導美國業務時，我請她從澳洲調任，先負責我們西岸的區域辦公室，之後再領導整個西部區域。在她擔任美國西部區域負責人的四年任期內，她協助支持多項策略性計畫，使超過 5,700 家餐廳的基礎設施現代化，推動同店銷售成長超過 30%，並使單店平均現金流增加 10 萬美元。她是我在「更大、更勇敢的願景 2020（Bigger, Bolder Vision 2020）」計畫成功中的關鍵夥伴，也是一位能夠本能地將策略與執行連結起來的領導者。

Later, when we decided to fundamentally rethink how we support our global system and unlock greater productivity and profitability, I asked Skye to build and lead our new Global Business Services organization. The talented team and the new capabilities that she put in place will help deliver much of the enhanced productivity that will be central to McDonald's NEXT.

之後，當我們決定從根本重新思考如何支援全球系統、並釋放更高的生產力與獲利能力時，我請 Skye 建立並領導我們新的全球業務服務（Global Business Services）組織。她所建立的優秀團隊與新能力，將有助於實現大量提升的生產力，而這將是 McDonald's NEXT 的核心。

Since April, as the Chief Operating Officer in our US business, she's been re-engaging with our franchisees and spending time in the restaurant, observing operations. She understands the opportunities available to us in the US to unlock superior performance, and her transition as Chief Operating Officer means that she's ready to hit the ground running as US President. As she steps into this role, she'll have my full support.

自4月以來，作為我們美國業務的營運長，她一直在重新與我們的加盟主互動，並花時間在餐廳內觀察營運狀況。她了解我們在美國可把握的機會，以釋放更優異的績效；而她轉任營運長也意味著，她已準備好以美國總裁的身分迅速上手、立即展開工作。在她接任此職務之際，我將全力支持她。

Having led the US business myself, I have a great appreciation for the capabilities, passion, and pride of our US franchisees and company employees. When we're on our game, no one can beat us, and I'm committed to helping our US system regain its swagger.

我自己曾領導美國業務，因此我非常欣賞我們美國加盟主與公司員工的能力、熱情與自豪感。當我們狀態最佳時，沒有人能打敗我們，而我也致力於協助我們的美國體系重拾自信與氣勢。

I'd also like to recognize Joe Erlinger, who has decided to leave McDonald's after more than two decades with the system. Over the last nearly seven years leading our US business, Joe helped guide the organization through a period of significant growth and transformation.

我也想表揚 Joe Erlinger；他已決定在為體系服務二十多年後離開麥當勞。在過去近七年領導我們美國業務期間，Joe 協助帶領組織度過一段顯著成長與轉型的時期。

Joe has been a key partner in the success we've enjoyed with the Accelerating the Arches strategy, delivering strong sales and operating income performance. He oversaw significant gains in digital, delivery, and chicken share and developed several of the leaders now running key markets in IOM. I want to thank Joe for his many contributions to McDonald's and wish him all the best.

Joe 一直是我們推動「加速金拱門（Accelerating the Arches）」策略並取得成功的關鍵夥伴，帶來強勁的銷售與營業利益表現。他推動數位、外送與雞肉品類市占的顯著提升，並培育了多位目前在 IOM 關鍵市場掌舵的領導人才。我要感謝 Joe 對麥當勞的諸多貢獻，並祝福他一切順利。

One final thought to share before we open the call to questions. Ray Kroc once said, we're living in a rapidly changing world, so McDonald's will change with it. Well, that's what McDonald's NEXT is designed to do: earn the right to be more customers' first choice. We're confident in the path ahead, and I look forward to seeing all of you at our Investor Day on September 23 in Chicago.

在我們開放提問之前，最後分享一點想法。Ray Kroc 曾說，我們正生活在一個快速變動的世界，因此麥當勞也將隨之改變。而這正是 McDonald's NEXT 的設計初衷：贏得成為更多顧客第一選擇的資格。我們對前方道路充滿信心，也期待在9月23日於芝加哥舉行的投資人日與各位相見。

With that, let's open it up for questions.

接下來，我們開放提問。

(Operator Instructions)

（接線員指示）

Dave Palmer, Evercore.

Dave Palmer，Evercore。

Thank you. Good morning. Chris, you had a comment in your prepared talking about how you thought value and affordability leadership had been restored. That surprised me a bit. I would have thought that value, menu construction, and the marketing around it was maybe, in addition to chicken quality, a top two opportunity for improvement in the US.

謝謝。早安。Chris，你在事先準備的發言中提到，你認為在「價值」與「可負擔性」方面的領導地位已經恢復。這讓我有點意外。我原本以為，在美國市場，價值、菜單架構以及圍繞其的行銷，或許（再加上雞肉品質）是前兩大需要改善的機會。

Perhaps, could you just double click on the US? I know you made a lot of comments there about what you think the near-end opportunities for the US are versus perhaps medium-term ones that might be a slower build. Thank you.

或許你能再更深入談談美國市場？我知道你對美國近期機會相較於中期、可能需要較長時間累積的機會，做了很多評論。謝謝。

Yeah, sure. Well, thanks for that, David.

好的，當然。謝謝你，David。

I think to answer that question, it's probably unpacking the various components of value and maybe go back to where we were last summer. We talked about a year ago, a little over a year ago, that we had gotten offsides on value. And that started with our base menu pricing.

我想要回答這個問題，可能需要拆解「價值」的各個組成面向，並回到去年夏天我們所處的狀況。我們在一年前、略多於一年前曾談到，我們在價值定位上有些偏離。而這是從我們的基礎菜單定價開始的。

Our base menu pricing in many places has gotten ahead of competition. There has been a lot of work done since then to get our base menu pricing back in line. And the good news I can say in the US is now if you look at our base menu pricing, beef, chicken, beverages, we are below our nearing competitors in each one of those categories when we look at that on a US basis. So base menu pricing, we feel very good about where we are with that.

在許多地區，我們的基礎菜單定價已經高於競爭對手。自那之後，我們做了大量工作，讓基礎菜單定價回到與市場一致的水準。而我可以說，美國市場的好消息是：如果你看我們的基礎菜單定價——牛肉、雞肉、飲料——以全美口徑來看，我們在這些品類的定價都低於最接近的競爭對手。因此在基礎菜單定價方面，我們對目前的位置感到非常滿意。

The second part of getting our value proposition fixed was what we did around the meal deals. And as you know, we introduced the $5 meal deals. Those continue to perform really well for us. And I would say our meal deal is the best meal deal in the entire industry. So we feel really good about where we are with the meal deal.

修復我們價值主張的第二個部分，是我們在超值套餐（meal deals）上的作法。如各位所知，我們推出了5美元超值套餐。這些套餐持續為我們帶來非常好的表現。我會說，我們的超值套餐是整個產業中最好的超值套餐。因此我們對超值套餐目前的狀況感到非常滿意。

We also then, at the end of last year, brought back our EVMs. And this was something that we supported the franchisees with through a transition period. Getting EVMs back on the menu has also been something that has been very helpful to the business and something that is performing at or above our expectations on EVM.

接著在去年年底，我們也把 EVMs 重新帶回菜單。這是我們在一段過渡期間對加盟主提供支持的事項。將 EVMs 放回菜單，同樣對業務非常有幫助，而且 EVM 的表現達到或超出我們的預期。

I think it's also worth noting that even though we supported our franchisees for just a transition period on EVMs, the franchisees in the US are still maintaining that 15% discount or better when you look at an EVM versus on an a la carte. So you take each of those, base menu pricing, meal deal, EVM, a lot of progress on that, and I feel really good about where we are.

我也認為值得一提的是，儘管我們對加盟主在 EVMs 上的支持僅限於過渡期間，但美國的加盟主目前仍維持 EVM 相較於單點（a la carte）至少15%或更高的折扣。因此把這些因素加總起來——基礎菜單定價、超值套餐、EVM——我們在這方面取得了很大進展，我對目前的位置感到非常滿意。

And it shows up when we track, as you know we do, how we're being perceived by our customers on value and affordability. We've seen a big rebound in the value and affordability scores that we have in the US. Our internal numbers, just order of magnitude, would be 7, 8 points of improvement that we've seen on those.

而這也反映在我們追蹤的結果上——如各位所知，我們確實會追蹤——顧客對我們在價值與可負擔性方面的感受。我們看到美國市場在價值與可負擔性評分上大幅回升。以我們的內部數據來看，量級大約是提升了7到8個百分點。

So there was one final piece that we've talked about on prior calls that was an opportunity for us when we look at the US and we compare it to other markets in the value construct that we know is successful around the world. And that is the EDAP menu, you could call that 10 items for under $3. That was sort of the last piece that we felt like we needed to get done in the US. And that was what McValue 2.0, as we referred to it, that's what we introduced in April of this year.

所以，還有最後一個部分是我們在先前的電話會議中談過的：當我們看美國市場，並與其他市場相比，對照我們知道在全球行之有效的價值架構時，我們仍有一個機會點。那就是 EDAP 菜單，你可以把它稱為「10項商品低於3美元」。這算是我們覺得在美國需要完成的最後一塊拼圖。而這就是我們所稱的 McValue 2.0——我們在今年4月推出的。

As we look at actually what happened in the quarter, the 10 items for under $3 has not delivered against our expectation. Part of that was due to the fact that we're getting really inconsistent execution, only about, call it, 60% to 65% of our system is currently executing the recommended pricing architecture with the 10 items for under $3.

但就本季實際發生的情況來看，「10項商品低於3美元」並未達到我們的預期。部分原因在於執行非常不一致；目前大約只有60%到65%的體系在落實建議的定價架構，也就是「10項商品低於3美元」。

And the other thing that was an issue is we didn't get the awareness that we needed when we launched that 10 items for under $3. That's a little bit of that execution issue that I was talking about, which is we just had a lot of messages out there with the customer. We didn't break through with that 10 items for under $3 message. So we didn't get the incrementality that we were expecting on that.

另一個問題是，我們在推出「10項商品低於3美元」時，沒有取得所需的知名度。這也有一部分是我剛才提到的執行問題：我們對顧客傳遞了太多訊息。「10項商品低於3美元」這個訊息沒有成功突破、被顧客清楚接收。因此我們沒有獲得原本預期的增量效益。

We compounded that unintentionally by our system pulled off of a lot of digital offers. And digital offers, for us, is something that is core to kind of our loyalty program. It's something that's valued by our most loyal customers. And so that ended up being a bad trade. Putting in a EDAP program that didn't deliver and taking away a lot of digital offers and the Buy One, Add One program. That was the point I referenced, or Ian referenced in the call, which is two-thirds of our miss in the quarter was related to that bad trade.

我們也在無意間讓情況更糟，因為我們的體系撤下了許多數位優惠。而對我們而言，數位優惠是忠誠計畫的核心之一。這也是我們最忠誠顧客所重視的內容。因此這最後成了一筆不划算的取捨。導入一個未達成效的 EDAP 計畫，同時又拿掉許多數位優惠與「買一樣、加一樣（Buy One, Add One）」方案。這就是我（或 Ian）在電話會議中提到的重點：本季未達標的三分之二，與這筆不佳的取捨有關。

So we've got some work now that we need to do to go get that fixed. As you know in our system, that's not something that we just flip the switch on. It requires conversations with franchisees. But the good news is, in talking with our franchisees, they're all aligned that we've got some work to do there to get that addressed.

所以我們現在有一些工作要做，必須把那個問題修正好。如你所知，在我們的系統裡，這不是那種按一下開關就能完成的事。這需要和加盟主進行溝通。但好消息是，和我們的加盟主談過之後，大家都一致認同：我們在這方面確實還有一些工作要做，必須把它處理到位。

So at a high level, I feel really good about the progress that we've made around getting value and affordability leadership back in the US. We have an issue that we made a bad trade in Q2, and we've got to get that fixed, which is going to be Skye's focus over the next couple of quarters.

所以從較高層次來看，我對我們在美國重新奪回「價值與可負擔性」領導地位所取得的進展感到非常好。我們的問題在於第二季做了一筆不好的取捨，我們必須把它修正，而這將會是 Skye 在接下來幾個季度的重點。

Dennis Geiger, UBS.

Dennis Geiger，瑞銀（UBS）。

Great. Thanks. Good morning, guys. Helpful commentary on the detail on some of the US issues. And Chris, you just talked about sort of not just flipping the switch, but wondering if you could talk a little bit more about how quickly the issues that you flag across the execution, the ops, and the marketing can be addressed, and perhaps, what that means as you think about the US sales trajectory over the coming quarters in a still difficult macro backdrop. Thank you.

很好。謝謝。各位早安。你們對一些美國問題細節的評論很有幫助。Chris，你剛才提到這不是單純把開關打開就行；我想請你再多談一點，你所指出在執行、營運與行銷上的問題，能以多快的速度被解決？以及在仍然艱難的總體環境背景下，這對你們未來幾個季度美國銷售走勢的意涵是什麼？謝謝。

Sure. Well, let me take kind of each of those.

當然。我就把這幾個面向分別說明。

I'd say the first part on the operations side, that should be something that we see the fastest improvement on because that's something that is very much within our control. And it's going to start with really looking at the -- it has started with looking at the balance of the year calendar, looking at the balance of the year deployments that we're pushing into the restaurants and making sure that we've got a cadence there that we can actually go execute at a high level. So I feel really good that we're going to be able to get after some of these operations opportunities by really just cleaning things up, giving our crew more support, and having that laser-like focus on that. So that would be part one.

我會說第一部分在營運端，這應該會是我們最快看到改善的地方，因為這很大程度是在我們可控範圍內。而且會從真正檢視——其實已經開始檢視——今年剩餘期間的行事曆、我們在今年剩餘期間要推進到餐廳的各項部署，並確保我們有一個能夠以高水準落地執行的節奏。所以我對於我們能透過把事情整理乾淨、給第一線團隊更多支援，並以雷射般的專注去推進，來掌握這些營運機會感到非常有信心。這是第一部分。

I think part two, on the marketing programs, I'd say that is -- it's a little bit of a mixed bag, because obviously in Q3, you're already in flight on all of those. And so your ability to actually change anything from a marketing calendar standpoint, you're not going to be able to do that within Q3. We're certainly, with Skye, looking at what we can do in Q4 from a marketing program standpoint. And I think we'll be able to make some adjustments there, but that takes a minute in terms of just being able to get that lined up. But I think marketing is the second one that -- nothing in Q3, but we're certainly looking at opportunities for us to enhance that program in Q4, and we should be fully back to where we need to be in 2027.

第二部分，在行銷方案上，我會說——這有點好壞參半，因為很明顯第三季你們已經在執行所有這些方案了。因此就行銷行事曆而言，你在第三季內其實無法做出任何改動。我們當然會和 Skye 一起檢視，第四季在行銷方案上我們能做些什麼。我認為我們能在那裡做一些調整，但就把它排定到位而言，確實需要一點時間。但我認為行銷是第二個——第三季不會有變動，但我們確實在尋找第四季強化該方案的機會，而且我們應該會在 2027 年完全回到我們需要的狀態。

And then on value, I mean, value, as I said in my comments to the prior question, the good news is we've got high-level alignment with our franchisee leadership. We're seeing the same thing. We're seeing that we had a miss when we launched the EDAP menu and the fact that it came at the expense of what we were doing with our loyalty program was a bad trade. Now, how you get that fixed in our system, the how on value, is always where we have the conversation with franchisees.

接著在價值方面，我的意思是，正如我在回覆上一個問題時所說，好的地方在於我們已經和加盟主領導層在高層次上達成一致。我們看到的是同一件事。我們看到在推出 EDAP 菜單時出現了失誤，而且它是以犧牲我們忠誠度計畫的作法為代價，這是一個不好的取捨。現在，在我們的系統裡要如何把價值這件事修正好——價值的「怎麼做」——一向是我們需要和加盟主進行討論的地方。

The good news is we had a meeting with our franchisees a couple weeks ago, and many of the things that Ian talked about were the outcome of those conversations with franchisees. We have another set of meetings set up with franchisees in early September, where we're going to talk about additional ways for us to address some of these value opportunities. And so I think come Investor Day, I'll have a better answer for you in terms of where we are aligning with our system on what we can do with the value and the speed with which that's actually going to flow through to things that you see in market.

好消息是，我們在幾週前和加盟主開過一次會，而 Ian 所談到的許多事情，都是那些與加盟主對話的成果。我們也已安排在九月初再與加盟主進行一系列會議，屆時我們會討論更多方法，來處理其中一些價值面的機會。因此我想，到了投資人日（Investor Day），我會就我們在價值上能做什麼、以及這些措施實際傳導到你在市場上看到的結果的速度，給你更好的答案，說明我們與整個系統的對齊進度。

Dennis, good morning. It's Ian. I might just kind of tag on to emphasize a couple of things Chris talked about. And then you've obviously kind of just teed up a look forward to Q3, so I'll just maybe give you some commentary on that.

Dennis，早安。我是 Ian。我可能補充幾點，強調 Chris 談到的幾件事。然後你也很明顯是在引導我們展望第三季，所以我也許就對那部分提供一些評論。

I mean, I think I just would emphasize, as you heard us say up front, that we're already taking action, getting digital kind of national offers back in place, getting more targeted kind of digital interaction with our most frequent consumers that I think have been a little disengaged with some of the changes that Chris talked about. Plus, as you heard me say up front, we are reallocating some of our marketing dollars over the next several months to put behind proven kind of value components like Extra Value Meals that continue to grow and are continuing to perform really strongly.

我的意思是，我想我會強調，正如你一開始聽到我們說的，我們已經在採取行動，把數位端的全國性優惠重新上線，並對我們最常消費的顧客做更具針對性的數位互動；我認為他們因為 Chris 提到的一些變動而有點疏離。另外，正如你一開始也聽到我說的，我們正在未來幾個月重新配置部分行銷預算，投入到已被驗證的價值組合上，例如 Extra Value Meals（超值餐），這些項目仍在成長，且表現持續非常強勁。

I think, as you heard us talk about on the execution opportunities that we've talked a fair bit about already, those certainly extended into the start of Q3, and comps in the US were slightly negative in July. I think as we've talked about a lot already, obviously the team's acting with the right sense of urgency, the system's acting with the right sense of urgency, and we're beginning to take action to kind of get some of those execution issues addressed.

我想，正如你聽到我們談到的那些執行面機會——我們之前已經談了不少——這些問題確實延續到第三季初，而美國 7 月的同店銷售（comps）略為負成長。我想如同我們已經多次談到的，很明顯團隊正以正確的急迫感在行動，整個系統也以正確的急迫感在行動，我們也開始採取措施來處理其中一些執行面的問題。

But I think as you've heard Chris talk about, it's going to take a moment for those actions to start delivering impact. And I think the main thing for us is that the focus is on ensuring that we kind of get our execution to the level we expect and that our baseline momentum is in a stronger position as we exit 2026 in the US business.

但我想如同你聽到 Chris 所說，這些行動需要一點時間才會開始產生影響。而對我們來說最重要的是，聚焦在確保我們把執行水準拉回到我們所期待的程度，並讓我們在 2026 年結束時，美國業務的基礎動能處於更強的位置。

I'm just going to also just touch quickly on IOM and IDL, because I think we certainly expect in both segments that our comp sales growth will accelerate sequentially in Q3 from the 1.5% and 1.9% comps in Q2, respectively. Also expect that comp sales in both of those segments will accelerate on a two-year stack basis. So just to kind of cover all the bases since you've teed that up. Thank you.

我也想快速補充一下 IOM 和 IDL，因為我們確實預期這兩個分部在第三季的同店銷售成長，將分別較第二季的 1.5% 與 1.9% 同店成長率呈現逐季加速。也預期這兩個分部的同店銷售在兩年疊加（two-year stack）基礎上也會加速。所以既然你已經把這個話題帶出來，我就把各個面向都補充完整。謝謝。

Brian Harbour, Morgan Stanley.

Brian Harbour，摩根士丹利（Morgan Stanley）。

Yeah, thanks. Good morning, guys. What was the reason for the lower franchisee participation just in the EDAP program, I guess? It seems like that's probably one of the pieces that's most important here, just as you talk about that relative to some of the limited-time offers and new products that you had.

好的，謝謝。各位早安。我想問一下，EDAP 計畫中加盟主參與度較低的原因是什麼？看起來這可能是這裡最重要的環節之一，尤其是你們在談到它相對於一些限時優惠和你們推出的新產品時。

Do they not necessarily agree that that's the most important driver of traffic right now? Or I guess, has it been -- maybe it's cost pressures that have driven that decision. How do you sort of ensure that better alignment, especially kind of going forward as you look to the next program as well?

他們不一定同意那是目前帶動客流最重要的驅動因素嗎？或者我想問，是否——也許是成本壓力促成了那個決策。尤其是展望未來、當你們也在看下一個方案時，你們要如何確保更好的對齊？

Sure. Well, as you would imagine, when we launch something like the EDAP menu, which we did in April, we provide recommended guidance to our franchisees. So we're quite clear in terms of what we believe is the right pricing execution to deliver on our expectations for that program. And as I mentioned, most of our franchisees did deliver against that set of expectations. So what we're talking about here is, call it, a third of the system that did not execute against what we were guiding around in terms of our EDAP menu.

當然。嗯，正如你所想像的，當我們推出像 EDAP 菜單這樣的方案（我們在四月推出），我們會向加盟商提供建議性的指引。因此，我們非常清楚我們認為正確的定價執行應該是什麼，才能達成我們對該方案的預期。而如我提到的，我們大多數加盟商確實達成了那一套預期。所以我們在這裡談的是，大約三分之一的系統沒有依照我們針對 EDAP 菜單所提供的指引來執行。

I think some of that is, when you have a program which is 10 items for under $3, you leave a wide range of potential price points for individual items. Essentially, anything that's priced for under $3 technically qualifies for being within that program, versus when you do something like a $5 meal deal where there's not nearly as much wiggle room that you have when it's a $5 meal deal. You're either on $5 or you're not on $5.

我想其中一部分原因是，當你有一個「10 項商品、每項低於 3 美元」的方案時，單品就會留下很大的潛在定價區間。本質上，任何定價低於 3 美元的商品，技術上都符合納入該方案的資格；相較之下，像 5 美元套餐這種方案，你的彈性空間就小得多。你不是 5 美元，就是不是 5 美元。

So I think the construct of this probably provided more degrees of freedom where people perhaps saw an opportunity to go take pricing. And then as I said, that was compounded by the fact that the system pulled back in a pretty significant way on digital offers. And we also discontinued the Buy One, Add One program that had been something that our most frequent customers really valued as part of our overall value proposition. So the net net of that is there was a fairly significant amount of price that got taken in Q2 as a result of those two moves.

所以我認為，這樣的設計可能提供了更多自由度，讓一些人也許看到了調高價格的機會。然後如我所說，這又因為系統在數位優惠上相當大幅度地收縮而被放大。我們也停止了「買一樣、加一樣」（Buy One, Add One）方案；那一直是我們最常來的顧客在整體價值主張中非常重視的一部分。因此，綜合來看，因為這兩個動作，第二季確實出現了相當顯著的漲價幅度。

Now, what we're doing about that, obviously, with those folks that are not complying, as you would imagine, their business results are a lot softer than those who haven't complied. And so it starts with an education piece to show when you execute the program as designed, here's what that performance looks like compared to those who didn't. And there's quite a difference, let's just say, between the two of those. So I think there's -- first, there's an education opportunity that we're doing right now with those franchisees.

那我們怎麼處理這件事？很明顯地，對於那些未遵循的人，如你所想像，他們的營運結果比遵循的人要疲弱得多。所以首先是教育的部分：讓他們看到當你依照方案設計去執行時，表現會是什麼樣子；並與沒有照做的人做比較。可以說，兩者之間差異相當大。所以我認為——第一，我們現在正對那些加盟商進行教育溝通。

I think the other part is, as you know, we've introduced previously, one of the things that we've changed as part of our business review process with franchisees is we now have a discussion around pricing and pricing execution. And so as we're now doing our business reviews with franchisees, which affects things like growth and eligibility from a franchisee standpoint, pricing and pricing non-compliance in certain cases is part of those conversations. So I think the two of those things combined, the actual performance, and it's kind of obvious what should happen out of that, as well as this being something that is going to be happening in business reviews, those will be the things that get this fixed.

我想另一個部分是，如你所知，我們先前已導入——我們在與加盟商的業務檢討流程中所做的改變之一，是現在會就定價與定價執行進行討論。因此，當我們現在與加盟商進行業務檢討時（這會影響到加盟商角度的成長與資格等事項），在某些情況下，定價以及未遵循定價也會成為對話的一部分。所以我認為這兩件事結合起來：實際的績效表現（而且接下來該怎麼做其實很明顯），再加上這會納入業務檢討，這些都會把問題修正過來。

But again, I want to go back to -- we have a very strong degree of alignment with our US franchisees around value leadership. We wouldn't be making the statements that we've been making around not getting beaten on value without that kind of clear strong alignment here. So that, for me, is what gives me confidence because there absolutely is commitment and support for that.

但我想再回到——我們與美國加盟商在「價值領導」上有非常高度的一致性。如果沒有這種清楚而強力的一致性，我們不會做出我們一直在做的那些「不會在價值上被打敗」的表述。所以對我而言，這就是我有信心的原因，因為確實有承諾與支持。

There's absolutely a strong belief and recognition that, in this environment in particular, we have to be really sharp on value. But as I've said in my comments a couple of different times now, we absolutely also had a miss in Q2 on how we executed it. And that's what we're working on fixing right now.

大家確實強烈相信並認知到，特別是在這樣的環境下，我們必須在價值上非常精準到位。但正如我在評論中已提過好幾次，我們在第二季的執行確實有失誤。而這正是我們現在正在努力修正的。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

Hi. Thank you. The question is on the recent ACSI survey and, obviously, McDonald's place in it. So what I'm going to ask you is, do you in general agree with that in terms of McDonald's relative to the rest of the industry? And where I want to go with this question is kind of looking at performance of company stores versus franchise stores, just from a customer service perspective, and even looking within franchisees, if there's an opportunity to maybe move some significant bucket of underperforming from a customer service perspective, franchisees in a better performing, just what kind of mechanics might be involved for you to get certain stores, especially the underperformers, in the hands of the right operators?

嗨。謝謝。問題是關於最近的 ACSI 調查，以及顯然麥當勞在其中的位置。所以我想問的是，你整體而言是否同意該調查對麥當勞相對於產業其他公司的評價？我想延伸這個問題，從顧客服務角度來看公司自營店與加盟店的表現，甚至在加盟商內部，是否有機會把某一大塊在顧客服務表現較差的門店，轉到表現更好的加盟經營者手上；你們要讓某些門店——尤其是表現落後者——交到合適的經營者手上，可能會涉及哪些機制？

Thanks for the question, John. I felt like I knew every industry acronym, but you've stopped me on ICSA (sic - ACSI). So tell me what that is and what it revealed, and then I can answer the question.

謝謝你的問題，John。我原本以為我知道每一個產業縮寫，但你在 ICSA（原文如此——ACSI）這裡把我難倒了。所以請告訴我那是什麼、它揭示了什麼，然後我再回答你的問題。

So maybe I screwed up the words ACSI, the American Customer Service (sic - Satisfaction) Index. Okay. I'm sorry, maybe my new speaker box maybe isn't working like I'd like. Please continue, thanks.

所以也許我把 ACSI 的字說錯了，是 American Customer Service（原文如此——Satisfaction） Index（美國顧客滿意度指數）。好的。抱歉，可能我新的麥克風設備沒有像我希望的那樣運作。請繼續，謝謝。

Yeah. So I think the survey that you're referencing was around customer satisfaction. Is that accurate? Well, I'm going to just assume that that is accurate.

好的。所以我想你提到的調查是關於顧客滿意度的。這樣理解正確嗎？好，我就先假設這是正確的。

This is obviously something that we track religiously, and we've got all sorts of data on this that goes back longitudinally over time. We have seen -- if you look at over the last several years, we've certainly seen improvements around how consumers are rating the experience that happens in our restaurant.

這顯然是我們非常嚴密追蹤的事項，我們有各式各樣的數據，並且長期、縱向地累積了很多年。我們已經看到——如果你看過去幾年，我們確實看到消費者對於在我們餐廳所獲得體驗的評分有所改善。

We have a survey that we do with our actual customers who are visiting our restaurants to then give us feedback on performance. So we've seen strong performance, strong improvement on that over time. We certainly, as I referenced in the call, saw a step back on that in Q2, which we're now working at going and addressing.

我們會對實際到店的顧客做調查，讓他們就表現提供回饋。因此，隨著時間推移，我們看到強勁的表現與明顯的改善。當然，如我在電話會議中提到的，我們在第二季確實在這方面出現了退步，而我們現在正著手處理並改善。

But I guess I'd say more broadly, we think that the environment that we're in now, there's an opportunity for us to always step up the game. And part of what we've been talking about with McDonald's NEXT is we've got to elevate the taste and quality of the food. We're going to elevate the experience that we're offering our customers. We're going to bring even greater levels of hospitality.

但我想更廣泛地說，我們認為在目前所處的環境下，我們永遠都有機會把水準再往上拉。而我們談到 McDonald's NEXT 的一部分，就是我們必須提升食物的口味與品質。我們要提升提供給顧客的體驗。我們要帶來更高水準的待客之道。

So the notion of, is there an opportunity for us to continue to improve the experience that we offer in the restaurants? 100%. And that's what we're focused on. But I just would caution survey data is inherently fraught with peril. It's much better to be actually using survey or to be using data based on known customers who actually visited the restaurant, which is the data that we use when we track our customer satisfaction.

所以，是否有機會讓我們持續改善在餐廳提供的體驗？百分之百。這就是我們的重點。但我也要提醒，調查數據本質上充滿風險。更好的方式是使用基於已知顧客、且確實到店消費者的調查或數據；這也是我們在追蹤顧客滿意度時所使用的資料。

John, I might just build on just two things. One, I don't know that we're familiar with the survey you're referencing, but I think we get the point you're trying to make. I would just say we're always looking at putting our restaurants in the hands of the best operators, whether that's company, franchise, or within franchise. Because we know clearly that if we're delivering better customer satisfaction across all elements of the metric, we deliver better operating performance and better financial results. And I think that's in our interest, that's in our system's interest to make sure we're always maximizing the opportunity.

John，我可能就再補充兩點。第一，我不確定我們是否熟悉你所引用的那份調查，但我想我們理解你想表達的重點。我只想說，我們一直在尋求把餐廳交到最優秀的經營者手中，不論是公司自營、加盟，或是在加盟體系內部。因為我們很清楚，如果我們在衡量指標的各個面向都能提供更高的顧客滿意度，就能帶來更好的營運表現與更佳的財務結果。我認為這符合我們的利益，也符合整個系統的利益，確保我們始終把握並最大化機會。

It also kind of speaks to, I think, what you're hearing us talk about with McDonald's NEXT, where we're focused on taste and quality and hospitality. Taste and quality, we know, are some of the top consumer expectations, meaning that's what they use as a decision criteria when they make choices about which restaurants they visit. And I think that's clearly part of kind of the NEXT strategy that you're going to hear more about from us in September and how we're going to really, I think, demonstrably deliver an elevated outcome across all of those key metrics and what we believe that can do from a performance standpoint as we look forward.

這也某種程度上呼應了你聽到我們談到的 McDonald's NEXT，也就是我們聚焦在口味、品質與待客之道。我們知道口味與品質是消費者最重要的期待之一，也就是他們在選擇要去哪些餐廳時所採用的決策標準。我認為這顯然也是 NEXT 策略的一部分；你們會在 9 月從我們這裡聽到更多，以及我們將如何在所有關鍵指標上，以可被驗證的方式交付更高水準的成果，並展望這將如何在績效面帶來助益。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

Thank you. I guess maybe two quick questions. One is a follow-up to an earlier comment.

謝謝。我想有兩個簡短問題。第一個是針對先前一則評論的追問。

The first is about -- you mentioned like some of the most aggressive expansion of new restaurants in your history, but also that you're pushing out your 50,000 target. So is it possible that the accelerated pace of growth may have had some impact on same-store sales growth, either because of cannibalization or because of implications for operations maybe resources redirected away from that? And could that translate into better same-store sales?

第一個問題是關於——你提到這是你們歷史上最積極的新餐廳擴張之一，但同時你們也把 50,000 家的目標往後延。那麼，加速的成長步伐是否可能對同店銷售成長造成一些影響，例如因為自我侵蝕（cannibalization），或是因為營運層面的影響、資源可能被重新分配而遠離同店？而這是否可能轉化為更好的同店銷售表現？

And I guess just the follow-up question, you've talked a lot about marketing. Historically, McDonald's has been very good, I think, at marketing and anticipating consumer behavior. Has anything changed in terms of -- I don't know if it's stage gate or how you think about it, just as you sort of -- and whether you'll pivot back to a different process? Thank you.

另外一個追問，你們談了很多行銷。歷史上，我認為麥當勞在行銷與預判消費者行為方面一直做得非常好。在——我不確定是 stage gate（分階段審核機制）或你們的思考方式——這方面有任何改變嗎？也就是當你們在推進時，是否會轉回不同的流程？謝謝。

So Sara, morning. It's Ian. Let me just maybe take the development question, and then I think Chris will probably want to jump in on your marketing point.

Sara，早安。我是 Ian。我先回答發展（展店）這個問題，然後我想 Chris 可能會就你提到的行銷重點補充。

I think we've been, I think, pretty consistently clear that obviously we continue to believe there's significant opportunity for us to continue to grow the brand and add more restaurant locations. And so you're right, we pushed the 50,000 out slightly into 2028 versus 2027. We talked about that in the Q1 call that we were, as always, focused on quality, not just quantity. We did the review over the last several months.

我想我們一直相當一致且清楚地表示，顯然我們仍然相信，我們在持續壯大品牌、增加更多餐廳據點方面有很大的機會。所以你說得對，我們把 50,000 家的時間點稍微往後推到 2028 年，而不是 2027 年。我們在第一季電話會議也談到，我們一如既往聚焦在品質，而不只是數量。過去幾個月我們做了檢視。

And I think as you've heard me talk about up front, I think the cumulative inflation that has been disproportionate and significant that we've seen over the last few years, plus the kind of more constrained consumer environment, just simply meant we felt we needed to kind of, what I'll call, slightly adjust our pace to make sure that we were going to deliver the right level of returns, which is, ultimately, as you've heard Chris and I talk about pretty consistently, how we make our decisions on new openings.

而且我想如同我一開始提到的，過去幾年我們看到的累積通膨幅度不成比例且相當顯著，再加上消費者環境更為受限，這些因素使我們覺得需要——我稱之為——稍微調整步伐，以確保能交付適當水準的報酬。

So I don't think we have changed our perspective on the opportunity that continues to remain from development. We've simply kind of adjusted our pace to reflect the significant changes in the external environment that have happened over the last several years since we announced the original goal. I think it's not a very significant adjustment to pace. So I think your question on comps, for sure, maybe there's a little benefit. I wouldn't expect that to be that meaningful.

所以我不認為我們改變了對展店機會的看法；這個機會仍然存在。我們只是稍微調整步伐，以反映自我們宣布原始目標以來，外部環境在過去幾年發生的重大變化。我認為這不是非常顯著的步伐調整。所以你問到同店（comps），確實，或許會有一點點好處。但我不預期那會非常有意義。

But I think, as you know, we believe we can do both. I think we're going to continue to get a decent contribution from new store growth. And at the same time, we know we've got to deliver strong comps. And that's the right formula, I think, to ensure. Because ultimately, our measure that we're guided by is are we taking share in each of the markets relative to kind of the competition around us. And I think we certainly feel confident as we look forward in our ability to continue to do that.

但我想，如你所知，我們相信兩者可以同時做到。我認為我們會持續從新店成長獲得不錯的貢獻。同時，我們也知道必須交付強勁的同店表現。我認為這才是正確的公式，以確保——因為最終，我們所遵循的衡量標準是：相對於周遭競爭者，我們是否在各個市場都能取得市占。而展望未來，我們對自己持續做到這一點的能力仍然很有信心。

Yeah. And then turning to the marketing question Sara, there's a lot to cover in that, and that'll be something that Morgan Flatley, our Global CMO, will cover more at Investor Day. But let me just make a few comments to try to address that and maybe preview some of what we're thinking.

是的。接著談行銷問題，Sara，這裡面有很多內容可談，這也會是我們的全球行銷長 Morgan Flatley 在投資人日會更深入說明的部分。但我先做幾點評論，試著回應你的問題，也順便預告一些我們的想法。

I mean, certainly, one of the great things about McDonald's is we've got, we believe, the best brand in the industry. And we are, we believe also, one of the best, most beloved brands in the world. So we've got sort of this great foundation that's been built over 75-plus years in our system, 70 years plus in our system that we all get the privilege of working on.

我的意思是，麥當勞很棒的一點在於，我們擁有——我們相信——業界最強的品牌。而且我們也相信，我們是全球最優秀、最受喜愛的品牌之一。因此，我們有一個非常扎實的基礎，這是在我們體系 75 年以上、70 年以上的時間裡建立起來的，而我們都很榮幸能參與其中並為之努力。

What's changed pretty dramatically though is how consumers react to brands like ours. And when I began my career a long time ago, it was very much -- we would tell the customer about us, and it was television advertising. You would sit down, you would build a marketing campaign at the beginning of the year, and you would basically just go execute that marketing campaign.

不過，改變相當劇烈的是消費者如何回應像我們這樣的品牌。我很久以前剛開始職涯時，基本上是——我們告訴顧客我們是誰，而主要是電視廣告。你會在年初坐下來制定一整年的行銷活動，然後基本上就是去執行那個行銷活動。

And the way that the world is today, that model doesn't work anymore. And you're seeing the disruption that's happening with advertising agencies. You're seeing a lot of changes there, where what's changed is it's no longer what we describe as our brand. It's really the customer's brand.

但以今天的世界來看，那個模式已經行不通了。你也看到廣告代理商正在發生的顛覆。你看到那裡有很多變化；改變之處在於，現在不再是我們所描述的「我們的品牌」。而是真正變成「顧客的品牌」。

And the great thing about the McDonald's brand is people love to engage with our brand. I mean, it's, I think, probably the only brand in our industry that can create the amount of talk value. I've learned that firsthand, but the amount of talk value that McDonald's can do is unlike anybody else. And so that, I think, for us gives us a great opportunity, which means it's about engaging even more with creators. It's about how do we actually find ways to let others drive the message. And there's a lot of work that we've been doing around influencers and other things like that that you're going to hear more about.

而麥當勞品牌很棒的一點是，人們很喜歡與我們的品牌互動。我的意思是，我認為在我們這個產業裡，可能只有這個品牌能創造出如此高的話題價值（talk value）。我親身體會到，麥當勞能帶來的話題價值是其他任何人都比不上的。因此，我認為這為我們帶來很大的機會，這意味著要更多地與內容創作者互動。這也關乎我們如何找到方法，讓其他人來帶動訊息傳遞。而我們在網紅（influencers）以及其他類似領域已做了很多工作，你們之後會聽到更多。

So when I think about marketing, it's actually not going back to anything, which I think was kind of the nature of your question. It's actually evolving to something different, because the world is changing and we need to change with it. I think more fundamentally, part of what we're thinking about is what are we trying to drive over the long term. And I think we have to be really careful about how many sort of quote-unquote borrowed equities we put on the calendar.

所以當我思考行銷時，其實不是回到任何過去的做法——我想這大概是你問題的本意。而是演進成不同的樣貌，因為世界在改變，我們也必須隨之改變。我認為更根本的是，我們在思考的一部分是：長期而言我們想要驅動的是什麼。而且我認為我們必須非常謹慎，行銷行事曆上要放多少所謂「借來的資產／借勢」(quote-unquote borrowed equities)。

Because in many cases, and a borrowed equity would be whether you're doing something with World Cup or you're doing something with Minecraft or Grinch, I mean, there's certainly a role for those. But you're not going to promo your way to long-term value creation. You're always going to be having to comp over that. And the more fundamental way that you drive long-term value creation is through baseline growth. And it's through reminding people and showing people the experience that we offer, the food, the taste and quality that we offer.

因為在很多情況下，所謂借來的資產／借勢，可能是你在世界盃上做些活動，或是跟《Minecraft》合作，或是跟《鬼靈精》(Grinch)合作——當然這些確實有其角色。但你不可能靠促銷一路「促」出長期價值創造。你永遠都得在那之後面對比較基期（comp）。而更根本、能驅動長期價值創造的方法，是透過基本盤成長（baseline growth）。也就是不斷提醒並讓大家看見我們所提供的體驗、我們提供的食物，以及我們提供的口味與品質。

So I think there's an opportunity for us in terms of emphasis of making sure that we're really emphasizing in our marketing communication the elements that are going to drive long-term baseline volume growth and periodically punctuating it with borrowed equities, things that can maybe create some cultural moments. But we got to just be really careful about how often we're doing that on the marketing calendar.

所以我認為我們有一個機會點：在行銷溝通上更著重、確保我們真正強調那些能驅動長期基本盤銷量成長的要素，並且不時用一些借勢的資產來點綴——也許能創造一些文化時刻。但我們必須非常小心，行銷行事曆上到底要多頻繁地做這些事。

David Tarantino, Baird.

David Tarantino，Baird。

Hi. Good morning. My question is related to the current kind of state of the franchise cash flows and their willingness to invest. It seems like a lot of the items you're doing to address the US operations and value and maybe restaurant experience are going to require some investment. So I was hoping you could comment on the degree of difficulty you see in getting that done when franchisee cash flows are under a bit of pressure here.

嗨。早安。我的問題與目前加盟商現金流的狀況，以及他們投資意願有關。看起來你們為了改善美國營運、價值主張，或許還有餐廳體驗而做的很多事項，都需要一些投資。所以我想請你談談：在加盟商現金流目前有些壓力的情況下，你認為要把這些事情推動落地的難度有多大？

Sure. Well, certainly this is going to be something that we talk a lot more about at Investor Day. And so I don't want to get into too much of the detail here. But I'd say one of the things that I would emphasize is McDonald's NEXT is not a remodel program. There is a remodel that is part of it, but it's not at its core a remodel program. It's about all the things that I was talking about: elevating taste and quality in the restaurants, elevating the experience, simplifying the restaurants, et cetera.

當然。這肯定會是我們在投資人日會更深入討論的主題。所以我不想在這裡講得太細。但我想強調的一點是：McDonald's NEXT 不是一個翻新（remodel）計畫。其中確實包含翻新的一部分，但它的核心不是翻新計畫。它關乎我剛才提到的所有事情：在餐廳提升口味與品質、提升體驗、簡化餐廳運作，等等。

So as you think about you know the investment that's required, I think what we've been really thoughtful about on this is there's an investment that happens as part of the regular cadence of remodel activity. Our franchisees, every 10 years, need to be remodeling the restaurant. It's something that's clear in our franchise agreements. It's something that we've talked about.

所以當你思考所需的投資時，我認為我們在這件事上非常審慎：有一部分投資本來就會隨著例行的翻新節奏而發生。我們的加盟商每 10 年就需要翻新一次餐廳。這在我們的加盟合約中寫得很清楚。這也是我們一直以來都有談到的。

We just so happen to, in the US, be coming up on a remodel cycle. It's hard to believe, but we're going to be approaching in the next few years another 10-year remodel cycle. So as we're doing that normal remodel cycle, we're also thinking about, are there things that we can do on top of that that can drive additional opportunities to grow sales and simplify operations.

剛好在美國，我們正要進入一個翻新週期。很難相信，但在接下來幾年，我們將會迎來另一個 10 年翻新週期。因此，在進行這個正常的翻新週期時，我們也在思考：在此之上，是否還有一些事情可以做，來帶動額外的銷售成長機會並簡化營運。

The other thing that we're seeing as part of that is there are, I think, a lot of productivity opportunities for the restaurants as well. And so net net, when you look at the combination of the financial health of our franchisees in the US, which is still quite healthy, when we look at their balance sheets, they've got a lot of borrowing capacity still.

另外，我們也看到其中其實有很多餐廳端的生產力提升機會。所以整體來看（net net），當你看美國加盟商的財務健康狀況——仍然相當健康——再看他們的資產負債表，他們仍有很大的借款能力。

When you look at the fact that we're entering into a normal remodel cycle, where these investments would have to be made anyway, and we're going to be able to self-fund much of the sales growth improvement ideas through productivity opportunities, I feel very confident that we'll be able to get this thing done. But obviously, a lot more conversation that we'll have on that in the next couple of months.

再加上我們正進入一個正常的翻新週期——這些投資本來就必須做——而且我們也能透過生產力機會，讓許多提升銷售成長的構想以自籌資金（self-fund）的方式推進，我對於我們能把這件事完成非常有信心。但很顯然，接下來幾個月我們還會就此進行更多討論。

And David, I might just talk on -- because I think you were also maybe just talking in the near term on value.

David，我也想補充一下——因為我覺得你可能也在問短期的價值（value）議題。

So I think in the environment we're in, where there's certainly kind of a continued inflationary pressures on things like food and paper and labor, I mean, I think for always, that's on, I think, the top of mind for our system, for our franchisees, as I think you would expect it to be. I just would say, I think the system, as you've heard us say pretty consistently today, is clear and united on the fact that we have to have value for money leadership.

所以我認為在我們所處的環境中，食品、包材（paper）與人力等成本確實仍有持續的通膨壓力；我想這一直都是、也會是我們體系與加盟商最關心的事情之一，這也符合你的預期。我只想說，我們的體系——正如你今天聽到我們相當一致地表達——很清楚也很團結地認為：我們必須在「物有所值」上保持領導地位。

We have to do that in ways that are driving baseline momentum, which I think, again, everybody's fully aligned on, and we have to do that that is driving profitable growth over time. And I think we've demonstrated with the components that we put in place on value, like Extra Value Meals, that if we do that in a thoughtful way, we're building volume, we're building incremental visits. And ultimately that's, of course, in everybody's best interest.

我們必須用能帶動基本盤動能（baseline momentum）的方式來做到這點——我認為同樣地，大家在這點上完全一致——而且我們也必須以能在時間推移下帶動獲利性成長（profitable growth）的方式來做。我想我們已經透過我們在價值方案上所建立的組合（components），例如超值套餐（Extra Value Meals），證明如果我們以周全的方式來做，我們能夠帶動量（volume）、帶動增量來客（incremental visits）。而最終，這當然符合所有人的最大利益。

So I think we've got to continue to kind of get those balances right and make good decisions. But I think this -- I think we've got a good track record there, and of course, we'll continue to engage with our franchisees and get to the right outcomes.

所以我認為我們必須持續把這些平衡拿捏好，並做出好的決策。但我認為——我覺得我們在這方面有不錯的紀錄，當然我們也會持續與加盟商溝通，達成正確的結果。

Jon Tower, Citi.

Jon Tower，花旗（Citi）。

Thanks for taking the question. Curious, during the prepared remarks, Chris, you'd mentioned that the stores during the second quarter in the US were overwhelmed by too many deployments and that kind of hit you guys on the operations front -- the stores on the operation front. I'm just curious if you could dive into that a little bit more and talk about the balance between maybe new product news, which seems to be driving a lot of traffic in the industry these days, against perhaps needing to be a little bit more thoughtful around new product news in order to make sure that store ops aren't compromised.

謝謝讓我提問。我很好奇，在事先準備的發言中，Chris，你提到第二季美國的門市因為部署的項目太多而不堪負荷，這在營運面上對你們造成了一些影響——在門市營運面上。我想請你再多談一點：在目前產業看起來新品消息（new product news）能帶來大量來客的情況下，如何在新品帶動流量與需要更審慎地控制新品節奏、以確保門市營運不被犧牲之間取得平衡？

Sure. I think probably the best way to answer that question is to kind of just put yourself in the shoes of a restaurant manager. So imagine you're running a restaurant and you enter into Q2 and we launch KPop Demon Hunters. So there's a bunch of work that needs to happen to get ready to launch KPop Demon Hunters. We have the KPop Demon Hunters Meal. You've got to train your crew on that. You've also got to put up merchandising activity around the restaurant, so you're launching KPop Demon Hunters.

當然。我想回答這個問題最好的方式，大概是把自己放在餐廳經理的角度。所以想像你在經營一家餐廳，進入第二季，我們推出 KPop Demon Hunters。那麼為了準備推出 KPop Demon Hunters，就有一大堆工作要做。我們有 KPop Demon Hunters 套餐。你得針對這個訓練你的團隊成員。你也得在餐廳周邊做陳列與宣傳物料的佈置，所以你正在推出 KPop Demon Hunters。

Then, three weeks later, we're asking you to go execute a change to the McValue program, introducing the EDAP menu, and at the same time, a lot of the digital offers that were there aren't there anymore. The Buy One, Add One that was there isn't there anymore. So you can imagine the number of questions that a customer asks as they pull up into the drive-through or they go to the front counter and they ask, well, where is this deal? I used to get this deal.

接著，三週後，我們又請你去執行對 McValue 計畫的變更，導入 EDAP 菜單；同時，原本在那裡的許多數位優惠又不見了。原本的「買一樣、加一樣」優惠也不再提供。所以你可以想像，當顧客開進得來速或走到前台時，會問出多少問題：嗯，這個優惠去哪了？我以前都能拿到這個優惠。

So now, you're having kind of those conversations, and we're doing that for a couple weeks. And then, we launched the beverage platform in early May, which is a whole new range of product. You have to train crew on that. Again, you have to do merchandising in the restaurant. You then have marketing activity that goes with that. And then we're on that for a few weeks before you launch FIFA.

所以現在你就得進行這類對話，而我們這樣做了幾週。接著，我們在五月初推出飲料平台，這是一整個全新的產品範圍。你必須訓練員工。同樣地，你也得在餐廳內做陳列與促銷展示（merchandising）。然後還有配套的行銷活動。而在你推出 FIFA 之前，我們又在這上面運作了幾週。

So again, if you just put yourself in kind of the shoes of a restaurant manager beyond sort of all the normal day-to-day stuff, that's a lot of things to be throwing at the restaurant. And I think if you also think about it from a customer standpoint, it's tough to break through when you have that many messages out there. You've got a KPop Demon Hunters message, then you have a value message, then you have a beverage message, then you have a FIFA message. It's tough to drive awareness when you're sort of jumping around and giving those, call it, two, three, at most four-week windows.

所以再一次，如果你把自己放在餐廳經理的角度，除了所有日常營運之外，這真的是同時丟給餐廳太多事情。而且如果你也從顧客的角度來看，當外面有這麼多訊息時，要突破重圍其實很難。你有 KPop Demon Hunters 的訊息，接著有超值（value）的訊息，然後有飲料的訊息，再來又有 FIFA 的訊息。當你不斷跳來跳去、每個訊息只給所謂兩到三週、最多四週的窗口時，要拉高認知度就很困難。

So that's the execution opportunity that I talked about. As I said earlier, we're taking a really hard look at the calendar through the balance of the year. And that doesn't mean that you're not doing new news. It doesn't mean that you're not doing menu ideas, as you mentioned. But you've got to give them space and you've got to go execute it. And if it looks great on paper, but you can't execute it, it doesn't matter. And so that's the scrutiny that we're applying to the calendar for the balance of the year.

所以這就是我所談到的執行面機會。如我先前所說，我們正在非常嚴格地檢視今年剩餘時間的行事曆安排。這不代表你不做新消息。也不代表你不做你提到的那些菜單點子。但你必須給它們空間，而且你必須把它執行到位。如果紙上看起來很棒，但你無法落地執行，那就沒有意義。因此，這就是我們對今年剩餘時間行事曆所採取的審視標準。

Lauren Silberman, Deutsche.

Lauren Silberman，德意志銀行。

Thank you for the question. I want to ask about beverages, and nice to hear about the strong start. Can you explain what you're seeing there? Are you seeing overall beverage attachment increase for the business, trying to understand the incrementality? I think in test markets, you guys also mentioned energy drinks were the best performing line. Any color on how much that represented as a percentage of the total new beverage lineup sold?

謝謝讓我提問。我想問關於飲料的部分，也很高興聽到一開始表現強勁。你能說明一下你們看到的情況嗎？你們是否看到整體業務的飲料搭售率（attachment）提升？我想了解其增量效益（incrementality）。我記得在測試市場，你們也提到能量飲料是表現最好的產品線。能否補充一下，它大約占整個新飲料產品組合銷售的百分比是多少？

Hey. Morning, Lauren. Thanks for the question. Well, I would just say a few things, because obviously, during Q2, we had three markets that had launched our new platform, US, Canada, and Germany. And we've had Australia, who has launched in mid-July. I think very consistent results, seeing our results in line or above our kind of initial expectations consistently in all of those markets.

嗨。早安，Lauren。謝謝你的提問。我先說幾點，因為很明顯在第二季，我們有三個市場推出了新的平台：美國、加拿大和德國。另外，澳洲是在七月中旬推出。我認為結果非常一致：在所有這些市場，我們的表現都持續符合或高於我們最初的預期。

I think as you've heard us talk a little bit about previously, more than half of the traffic is coming after lunch. That's really compelling for us because it's that part of the day where we have lower volume, more capacity, and I think it's a sign that we're getting incrementality as a new occasion because of the beverages. A strong average check because of the strong food attachment that's also going with beverages. Average check is up about 50% over kind of the full-day average check.

我想如同你之前聽我們稍微提過的，超過一半的來客量是在午餐之後出現。這對我們非常有吸引力，因為那是一天當中我們量較低、產能較充裕的時段；我認為這也顯示，因為飲料帶來了新的消費時機（occasion），我們正在取得增量效益。由於飲料同時帶動了強勁的餐點搭售，平均客單也很強。平均客單大約比全日平均客單高出約 50%。

And maybe the example I would use is Germany because that, in Q2, was the only market that had the full range: so cold coffee, crafted sodas, refreshers, and energy. And we're seeing in Germany, obviously early days still, but meaningful incrementality to the contribution to overall comp guest counts and comp sales and meaningful impact to kind of average restaurant-level cash flow.

我可能會用德國作為例子，因為在第二季，德國是唯一一個擁有完整產品範圍的市場：冷萃咖啡、特調汽水（crafted sodas）、清爽飲（refreshers）以及能量飲料。我們在德國看到——當然目前仍是早期階段——對整體同店來客數與同店銷售的貢獻出現顯著增量，並且對餐廳層級的平均現金流也帶來明顯影響。

And I think, what's important, we'll talk a lot more about this at Investor Day, is beverages. This goes back a little bit to Chris's, what he talked about earlier, how do we get these kind of baseline growing platforms in place that are going to give us multiple years of growth opportunity. And that's certainly how we think about our beverage platform and why we're going to continue obviously to extend it to other markets as we look forward.

我想重要的是——我們會在投資人日更深入談這件事——飲料這件事，某種程度也呼應 Chris 先前談到的：我們如何建立這些能夠持續成長的基礎平台，為我們帶來多年期的成長機會。也就是說，這些平台要能作為基礎、持續擴張，帶來多年的成長空間。這確實就是我們看待飲料平台的方式，也因此我們接下來會持續把它延伸到其他市場。

Thank you, everyone, for joining us today. We will be happy to take follow-up calls later on today and over the next week or so. Please e-mail me if you would like a meeting, and we will talk to you later. Thank you.

感謝各位今天加入我們。我們很樂意在今天稍晚以及接下來一週左右接聽後續來電。如果你希望安排會議，請寄電子郵件給我，我們稍後再聯繫。謝謝。

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

麥當勞公司投資人電話會議到此結束。您現在可以掛線，祝您有美好的一天。