Portillos Inc (PTLO) 2025 Q2 法說會逐字稿

Greetings and welcome to Portillos second quarter 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Chris Brannon, Vice President of Investor Relations. Thank you, sir. You may begin.

問候並歡迎參加 Portillos 2025 年第二季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興介紹主持人、投資者關係副總裁 Chris Brannon。謝謝您，先生。你可以開始了。

Thanks, operator, and good morning everyone and welcome to our second quarter 2025 earnings call, my first since joining this outstanding team and exciting investor story. With me on this call today is Michael Osanloo, President and Chief Executive Officer; and Michelle Hook, Chief Financial Officer. You can find our 10-Q earnings press release and supplemental presentation on investors.portillos.com.

謝謝，接線員，大家早上好，歡迎參加我們的 2025 年第二季度收益電話會議，這是我加入這個優秀團隊和令人興奮的投資者故事以來的第一次電話會議。今天與我一起參加電話會議的還有總裁兼執行長 Michael Osanloo 和財務長 Michelle Hook。您可以在 investors.portillos.com 上找到我們的 10-Q 收益新聞稿和補充簡報。

Any commentary made here about our future results and business conditions are forward-looking statements which are based on management's current expectations and are not guarantees of future performance. We do not update these forward-looking statements unless required by law.

此處對我們未來業績和業務狀況的任何評論均為前瞻性陳述，基於管理層當前的預期，並不保證未來的業績。除非法律要求，否則我們不會更新這些前瞻性陳述。

Our 10-K identifies risk factors that may cause our actual results to vary materially from these forward-looking statements. Today's earnings call will make reference to non-GAAP financial measures, which are not an alternative to GAAP measures. Reconciliations of these non-GAAP measures to their most comparable GAAP counterparts are included in this morning's posted materials. Finally, after we deliver our prepared remarks, we will be happy to take questions from our covering Southside analysts.

我們的 10-K 確定了可能導致我們的實際結果與這些前瞻性陳述有重大差異的風險因素。今天的收益電話會議將參考非 GAAP 財務指標，這些指標不能取代 GAAP 指標。今天早上發布的資料中包含了這些非 GAAP 指標與最具可比性的 GAAP 指標的對帳。最後，在我們發表完準備好的發言後，我們將很高興回答來自我們的 Southside 分析師的提問。

And with that, I will turn the call over to our President and Chief Executive Officer, Michael Osanloo.

說完這些，我將把電話轉給我們的總裁兼執行長 Michael Osanloo。

Thanks, Chris. Good morning, everyone. Before we begin today's call, I want to take a moment to address what has been a very difficult few days for the Portillos family. As you may have seen in the news, the front entrance of our restaurant in Oswego, Illinois was the site of a tragic car accident.

謝謝，克里斯。大家早安。在我們開始今天的電話會議之前，我想花點時間談談波蒂略斯一家最近幾天非常艱難的事情。正如您可能在新聞中看到的，我們位於伊利諾伊州奧斯威戈的餐廳前門發生了一場悲慘的車禍。

We pride ourselves in being a special part of the local communities we serve, and right now we are deeply hurting for the entire Oswego community and the families affected. We stand with them during this difficult time and we will continue to offer our support in any way we can.

我們為自己是所服務當地社區的特殊組成部分而感到自豪，現在我們為整個奧斯威戈社區和受影響的家庭深感痛心。在這個困難時期，我們與他們站在一起，並將繼續盡我們所能提供支援。

With that, I'll now turn today's call to our second quarter results. I'd first like to thank our dedicated restaurant team members, managers, and company leaders. Their hard work in a still challenging economic environment continues to allow us to bring the Portillo's experience to life for our guests every day. This is the foundation for our future growth.

好了，我現在將今天的電話會議轉向討論我們的第二季業績。首先，我要感謝我們敬業的餐廳團隊成員、經理和公司領導。在一個依然充滿挑戰的經濟環境中，他們的辛勤工作使我們能夠每天為客人帶來生動活潑的 Portillo 體驗。這是我們未來成長的基礎。

We continue to manage the flow through elements of our business effectively in the second quarter, delivering restaurant level adjusted EBITDA of $44.5 million with a margin of 23.6%. While there are bright spots, we know we have areas to improve within our overall performance. Specifically, our non-comp restaurants in Texas have gotten off to a slower start and continue to pressure overall top line revenue performance.

我們在第二季繼續有效管理業務要素的流動，實現餐廳級調整後 EBITDA 為 4,450 萬美元，利潤率為 23.6%。雖然有亮點，但我們知道我們的整體表現還有需要改進的地方。具體來說，我們在德州的非同類型餐廳起步較慢，並繼續給整體營收表現帶來壓力。

We remain focused on building awareness and driving transactions while staying true to what makes Portillos special. Our craveable, high quality food, and one of a kind guest experience. At the same time we're playing offense, we're testing new ideas, growing our loyalty and tech platforms, and reducing build costs, all in pursuit of industry leading unit economics. I'm proud of the progress we're making and confident these actions will drive sustained growth and long term shareholder value.

我們始終專注於建立知名度和推動交易，同時忠於 Portillos 的獨特性。我們令人垂涎的高品質美食以及獨一無二的賓客體驗。在我們發動攻擊的同時，我們也在測試新想法，提高我們的忠誠度和技術平台，並降低建設成本，所有這些都是為了追求業界領先的單位經濟效益。我為我們所取得的進步感到自豪，並相信這些行動將推動持續成長和長期股東價值。

We had an active start to the second quarter with two strong initiatives. First, we celebrated Italian beef Month in May with a buy one get one offer for our Portillo's Perks loyalty members. Then in a moment of perfect timing, the Vatican named a Chicago native as the new pope. Our team acted quickly, launching the Leo, a nod to the new Pope Leo the 14th with a version of our signature Italian beef sandwich, it was a great example of our company's agility and nimbleness to jump on a cultural moment creatively and with speed. We're proud of that ability, and that's a competitive advantage for Portillos versus the rest.

我們以兩項強而有力的舉措積極開啟了第二季。首先，我們在五月慶祝了義大利牛肉月，為我們的 Portillo's Perks 忠誠會員提供買一送一的優惠。然後，在一個完美的時機，梵蒂岡任命一位芝加哥人為新教宗。我們的團隊迅速採取行動，推出了 Leo，以我們的招牌意大利牛肉三明治向新教皇利奧十四世致敬，這充分體現了我們公司敏捷性和靈活性，能夠創造性地、快速地抓住文化機遇。我們為這種能力感到自豪，這也是 Portillos 相對於其他公司的競爭優勢。

Both initiatives drove meaningful engagement and positive transactions in May, giving us valuable insights on how we use perks as a promotional and customer acquisition tool. As anticipated, we saw performance level off some in June.

這兩項措施在五月推動了有意義的參與和積極的交易，為我們提供了關於如何利用福利作為促銷和客戶獲取工具的寶貴見解。正如預期的那樣，我們看到六月的表現有所平穩。

While transactions were negative 1.4% for the quarter, we did deliver 170 basis point sequential improvement in transactions over Q1. It's a step forward, and we're encouraged by the early traction from actions designed to strengthen traffic as well as our favorable management of margins in Q2.

雖然本季交易量為負 1.4%，但與第一季相比，我們的交易量確實較上季提高了 170 個基點。這是向前邁出的一步，我們對旨在加強流量的行動的早期進展以及第二季度對利潤率的良好管理感到鼓舞。

We remain committed to overcoming near-term industry traffic pressures and are focused on our four key initiatives. First, multi-channel marketing. Our ongoing campaigns in key markets like Phoenix and Dallas led the sales lifts in both markets. Second, continuous operational improvement, especially within speed and hospitality. For example, our AI powered drive-through technology is getting strong feedback from operators for real-time execution and training benefits. We're actively expanding that test now.

我們將繼續致力於克服近期的行業流量壓力，並專注於我們的四項關鍵措施。第一，多通路行銷。我們在鳳凰城和達拉斯等主要市場持續進行的活動推動了這兩個市場的銷售成長。第二，持續改善運營，特別是在速度和服務方面。例如，我們的人工智慧驅動的免下車技術因其即時執行和培訓優勢而獲得了操作員的強烈回饋。我們現在正在積極擴大該測試。

Third, kiosk adoption. In restaurant usage now exceeds 33% with clear benefits to average check and mix. And fourth, evolving Portillo's perks. Now with over 1.9 million members and counting, our made performance highlighted its growing power as a nimble, scalable platform for guest engagement, acquisition, and retention. These four initiatives are building a stronger foundation for transaction growth now and in the future.

第三，自助服務終端的採用。目前餐廳的使用率已超過 33%，對平均消費和混合有明顯的好處。第四，提升波蒂略的特權。現在，我們的會員數量已超過 190 萬，並且還在不斷增加，我們的業績凸顯了其作為客戶參與、獲取和保留的靈活、可擴展平台的不斷增長的力量。這四項舉措正在為當前和未來的交易成長奠定更堅實的基礎。

Shifting to restaurant development, we remain on track to open 12 restaurants in the back half of 2025, and our build cost reduction plan is delivering results, tracking in the range of our projected net cost average of 5.2 million to 5.5 million per restaurant. This represents well over $1 million in per restaurant build cost savings versus our class of 2024 openings.

轉向餐廳開發，我們仍有望在 2025 年下半年開設 12 家餐廳，我們的建設成本削減計劃正在取得成果，預計每家餐廳的平均淨成本在 520 萬至 550 萬美元之間。與我們 2024 家新開餐廳相比，這意味著每家餐廳的建造成本可節省 100 多萬美元。

We just opened our third restaurant of the future 1.0 with two more to follow next week and are encouraged by what we're seeing. The combination of build cost reduction and operational efficiencies gives us even more confidence in our 2.0 restaurant design.

我們剛開設了第三家未來 1.0 餐廳，下週還將開設兩家，我們對目前看到的情況感到鼓舞。降低建造成本和提高營運效率讓我們對 2.0 餐廳設計更有信心。

This next iteration, which will debut in the back half of 2026, will reduce build costs further, streamline labor, and unlock incremental site opportunities due to a more consolidated design. I'm really excited about our class of 2026 pipeline. It's the most diverse lineup of formats in Portillo's history, including multiple 2.0's and a great mix of new prototypes. Progress on new formats is equally encouraging. Later this week, we'll open our first inline restaurant in the villages in Florida, followed by our debut airport restaurant at Dallas Fort Worth Airport in 2026. We believe these inline and non-traditional format restaurants could play a meaningful part of our development future.

下一輪迭代將於 2026 年下半年首次亮相，它將進一步降低建造成本、簡化勞動力，並透過更整合的設計釋放增量站點機會。我對我們的 2026 級管道感到非常興奮。這是 Portillo 歷史上最多樣化的格式陣容，包括多個 2.0 和大量新原型。新格式的進展同樣令人鼓舞。本週晚些時候，我們將在佛羅裡達州的村莊開設第一家直列餐廳，隨後將於 2026 年在達拉斯沃斯堡機場開設第一家機場餐廳。我們相信這些內聯和非傳統形式的餐廳將在我們未來的發展中發揮重要作用。

As we grow, we're continuing to refine our new market playbook. We saw early traction in Dallas and Houston has been a little bit slower to ramp up. In hindsight, we probably overcorrected at times in Texas to manage volumes and maintain service. We've since learned the importance of sustained marketing investment and have beefed up our efforts to accelerate awareness and drive revenue in Texas, which includes Multi-channel campaigns and new local field marketers on the ground to lead grassroots efforts. Every market is different, but we're learning quickly and adapting to build a more scalable, consistent approach for new market entries.

隨著我們的成長，我們正在不斷改進我們的新市場策略。我們看到達拉斯和休士頓的早期發展勢頭稍慢一些。回想起來，在德州，我們可能有時會為了管理流量和維持服務而矯枉過正。從那時起，我們認識到了持續行銷投資的重要性，並加強了力度，以提高知名度並增加在德克薩斯州的收入，其中包括多通路行銷活動和新的本地現場行銷人員來領導基層工作。每個市場都是不同的，但我們正在快速學習和適應，為新市場進入建立更具可擴展性、更一致的方法。

Atlanta is our next big opportunity this fall, and we look forward to sharing those updates next quarter. At Portillos, there are some non-negotiables, craveable, made to order food, and fast, friendly service. If we do these two things well, we will drive exceptional value for our guests while building restaurants that deliver industry-leading unit economics.

亞特蘭大是我們今年秋天的下一個重大機遇，我們期待下個季度分享這些最新消息。在 Portillos，有一些不容商量的、令人垂涎的、現點現做的食物，以及快速、友善的服務。如果我們做好這兩件事，我們將為我們的客人創造非凡的價值，同時打造出提供行業領先單位經濟效益的餐廳。

In the restaurant business, growth follows strong four wall returns. Our AUV strength, coupled with our expedited efforts to reduce build costs, positions us to deliver top tier cash on cash returns across diverse formats, geography, and stages of market maturity.

在餐飲業，強勁的回報帶來了成長。我們的 AUV 實力，加上我們為降低建造成本所做的快速努力，使我們能夠在不同形式、地理和市場成熟階段提供頂級的現金回報。

The level set, we know we're a bit of a show me story within the investment community. It's an opportunity that we actually embrace. We're putting the right energy, investments, and resources into what matters most improving transactions, driving consistent new market performance, strengthening unit economics that support growth, and continuously evolving our strategy without losing what makes Portillos one of a kind. I believe in the work we're doing, the strength of our team, and in our ability to create a long term value for both our guests and our shareholders.

我們知道，在投資界，我們在某種程度上是一個展示故事的層次。這是我們真正抓住的一個機會。我們將正確的精力、投資和資源投入到最重要的事情上，改善交易，推動持續的新市場表現，加強支持成長的單位經濟，並不斷發展我們的策略，同時又不失去 Portillos 的獨特之處。我相信我們所做的工作、我們團隊的實力以及我們為客人和股東創造長期價值的能力。

With that, I'll hand it over to Michelle.

說完這些，我就把它交給米歇爾。

Great. Thank you, Michael, and good morning everyone. Before we dive into the financial results, I wanted to recap an equity transaction by Berkshire Partners. In the quarter, Berkshire redeemed 7.3 million LLC units for newly issued shares of Class A common stock.

偉大的。謝謝你，邁克爾，大家早安。在我們深入了解財務結果之前，我想回顧一下波克夏‧哈撒韋公司的一項股權交易。本季度，波克夏以 730 萬股 LLC 單位贖回了新發行的 A 類普通股。

As of the end of the quarter, Class A shares represent 95.4%, and Class B shares represent the remaining 4.6% of the $75.3 million in total outstanding shares. Berkshire's beneficial ownership after this transaction is approximately 5.2% of the company, down from over 60% at the time of the IPO.

截至本季末，A 類股票佔 95.4%，B 類股票佔總流通股數 7,530 萬美元中的剩餘 4.6%。此次交易後，波克夏持有該公司約 5.2% 的權益，低於 IPO 時的 60% 以上。

Now moving on to the second quarter. Revenues were $188.5 million, reflecting an increase of $6.6 million, or 3.6% compared to last year. Our revenue growth in the quarter was driven by both non-cap restaurants and same restaurant sales. Restaurants not in our cap restaurant base contributed $6.1 million in revenue during the quarter. Same restaurant sales increased 0.7%, which drove revenues up approximately $1.1 million in the quarter.

現在進入第二季。營收為 1.885 億美元，比去年增加 660 萬美元，增幅為 3.6%。本季我們的營收成長主要得益於非上限餐廳和同店餐廳的銷售。不在我們上限餐廳範圍內的餐廳在本季度貢獻了 610 萬美元的收入。同店銷售額成長 0.7%，推動本季營收增加約 110 萬美元。

The same restaurant sales growth was attributable to an increase in average check of 2.1%, partially offset by a 1.4% decrease in transactions. The higher average check was driven by an approximate 3.4% increase in menu prices and a 1.3% decrease in product mix. Same restaurant sales on a two year stack basis were flat. We are currently forecasting our cap sales for the full year at the low end of our 1% to 3% range.

餐廳銷售額的成長同樣歸因於平均帳單金額增加 2.1%，但交易量減少 1.4% 卻部分抵銷了這一成長。平均消費金額上漲的原因是菜單價格上漲約 3.4%，產品組合減少 1.3%。同一餐廳兩年來的銷售額持平。我們目前預測全年的上限銷售額將處於 1% 至 3% 範圍的低端。

To address inflationary cost pressures, we increased menu prices by approximately 1.5% in January, 1% in April, and 0.7% in late June. Our effective price increase for the third quarter is estimated to be approximately 3.3%. We will continue to assess pricing in relation to our costs, the competitive environment, and our value proposition to our guests as the year progresses.

為了應對通膨成本壓力，我們在 1 月將菜單價格提高了約 1.5%，4 月提高了 1%，6 月底提高了 0.7%。我們第三季的實際價格漲幅預計約為3.3%。隨著時間的推移，我們將繼續根據成本、競爭環境以及我們對客人的價值主張來評估定價。

Moving on to our costs. Food, beverage, and packaging costs as a percentage of revenues decreased to 33.8% in the second quarter of 2025 from 33.9% in the prior year. This decrease was the result of an increase in our average check, partially offset by 1.9% increase in our commodity prices. In the quarter, we experienced increases in chicken, hamburger, and dairy products. We continue to forecast commodity inflation of 3% to 5% in 2025, with the most significant pressures coming from beef.

繼續討論我們的成本。食品、飲料和包裝成本佔收入的百分比從前一年的 33.9% 下降到 2025 年第二季的 33.8%。這一下降是由於我們的平均支票增加，但被我們商品價格上漲 1.9% 部分抵消。本季度，雞肉、漢堡和乳製品的銷量均有所成長。我們繼續預測 2025 年大宗商品通膨率為 3% 至 5%，其中最大的壓力來自牛肉。

Labor as a percentage of revenues increased to 25.7% in the second quarter of 2025 from 25.5% in the prior year. The increase was primarily due to lower transactions, increased benefit costs, and incremental wage increases partially offset by labor efficiencies and an increase in our average check. Hourly labor rates were up 2.9% in the second quarter of 2025. We continue to estimate labor inflation of 3% to 4% for the full year.

勞動力佔收入的百分比從前一年的 25.5% 上升至 2025 年第二季的 25.7%。成長的主要原因是交易量減少、福利成本增加以及薪資遞增，但勞動效率提高和平均薪資增加部分抵消了這一影響。2025 年第二季每小時勞動力工資上漲了 2.9%。我們繼續預期全年勞動力通膨率為 3% 至 4%。

Other operating expenses increased $2 million or 9.8% in the second quarter of 2025 compared to the prior year, which was primarily driven by the opening of new restaurants and an increase in repair and maintenance and utilities expense.

2025 年第二季其他營運費用與前一年相比增加了 200 萬美元，即 9.8%，這主要是由於新餐廳的開業以及維修和保養以及公用事業費用的增加。

As a percentage of revenues, other operating expenses increased to 11.6% from 11% in the prior year. Occupancy expenses increased $0.8 million or 8.2% in the second quarter of 2025 compared to the prior year, primarily driven by the opening of new restaurants. As a percentage of revenues, occupancy expenses increased 0.2% compared to the prior year.

其他營運費用佔收入的百分比從去年的 11% 增加到 11.6%。2025 年第二季的入住費用與前一年相比增加了 80 萬美元，即 8.2%，主要原因是新餐廳的開業。作為收入的百分比，入住費用比前一年增加了 0.2%。

Restaurant level adjusted even to margins decreased 90 basis points to 23.6% in the second quarter of 2025 versus 24.5% in the prior year. We continue to estimate our restaurant level adjusted EBITDA margins to be in the range of 22.5% to 23% in 2025.

2025 年第二季度，餐廳水準調整後的利潤率下降了 90 個基點，至 23.6%，而去年同期為 24.5%。我們繼續估計，到 2025 年，我們餐廳的調整後 EBITDA 利潤率將在 22.5% 至 23% 之間。

Our general and administrative expenses increased by $0.9 million to $18.8 million or 10% of revenue in the second quarter of 2025 from $17.9 million or 9.9% of revenue in the prior year. The increase was primarily due to higher professional fees and higher advertising expenses driven by ad campaigns in the Phoenix market.

2025 年第二季度，我們的一般及行政開支從去年同期的 1,790 萬美元（佔營收的 9.9%）增加 90 萬美元至 1,880 萬美元（佔營收的 10%）。成長的主要原因是專業費用增加以及鳳凰城市場廣告活動帶來的廣告費用增加。

Pre-opening expenses decreased by $0.4 million to $1.7 million in the second quarter of 2025 compared to $2.1 million in the prior year, primarily due to the number and timing of activities related to our planned restaurant openings.

2025 年第二季開業前費用為 170 萬美元，較上年同期的 210 萬美元減少 40 萬美元，這主要是由於我們計劃開業的餐廳相關活動的數量和時間安排。

All this led to adjusted EBITDA of $30.1 million in the second quarter of 2025 versus $29.9 million in the prior year, an increase of 0.7%. Below the EBITDA line, interest expense was $5.7 million in the second quarter of 2025, a decrease of $0.9 million from the prior year. This decrease was driven by a lower effective interest rate of 6.9% versus 8.3% for 2024.

所有這些導致 2025 年第二季的調整後 EBITDA 為 3,010 萬美元，而去年同期為 2,990 萬美元，成長了 0.7%。在 EBITDA 線以下，2025 年第二季的利息支出為 570 萬美元，比前一年減少 90 萬美元。造成這一下降的原因是，2024 年的實際利率為 6.9%，低於 8.3%。

At the end of the quarter, we had $70 million drawn on a revolving credit facility. Our total net debt at the end of the quarter was $317 million compared to $312 million at the end of last year. We have approximately $75 million of available capacity on the revolver, and we'll continue to use our cash generated from operations and the capacity on the revolver to fund our new restaurant growth this year.

截至本季末，我們已從循環信貸中提取了 7,000 萬美元。本季末我們的總淨債務為 3.17 億美元，而去年末為 3.12 億美元。我們的循環信貸額度大約有 7500 萬美元，我們將繼續使用營運產生的現金和循環信貸額度來資助我們今年的新餐廳成長。

Income tax expense was $3.7 million in the second quarter of 2025, an increase of $0.2 million from the prior year. Our effective tax rate for the second quarter was 26.8%. We expect the full year tax rate to be approximately 25% to 27%. Cash from operations decreased by 31.1% year-over-year to $28.7 million year-to-date. We ended the quarter with $16.6 million in cash.

2025 年第二季所得稅費用為 370 萬美元，比前一年增加 20 萬美元。我們第二季的有效稅率為26.8%。我們預計全年稅率約為25%至27%。年初至今，經營現金流年減 31.1% 至 2,870 萬美元。本季末我們的現金為 1,660 萬美元。

Lastly, let's turn to our financial outlook for 2025. We have updated certain metrics to reflect our year-to-date results and expectations for the remainder of the year. We expect our total revenue growth to now be in the range of 5% to 7%. Two key factors from our non-comp restaurants are driving this revenue change. First, the class of 2024 restaurants have seen a slower ramp up, specifically in Texas.

最後，讓我們展望一下2025年的財務前景。我們更新了某些指標，以反映今年迄今為止的業績以及今年剩餘時間的預期。我們預計我們的總收入成長率將在 5% 至 7% 之間。我們的非同業餐廳的兩個關鍵因素正在推動這項收入變化。首先，2024 年班餐廳的成長速度有所放緩，尤其是在德州。

Second, our Stafford, Texas opening originally scheduled for Q1 has been delayed for several months due to local permitting challenges driving lower sales weeks versus our forecast. During the third quarter, we planned to open four to six new restaurants out of our 12 targeted this year, with the remainder opening later in the fourth quarter.

其次，我們原定於第一季在德克薩斯州斯塔福德開業的計劃已被推遲了幾個月，原因是當地許可的挑戰導致銷售週數低於我們的預期。在第三季度，我們計劃開設四到六家新餐廳，而今年我們計劃開設 12 家新餐廳，其餘餐廳將在第四季度晚些時候開業。

On the cost side, we are now estimating G&A expenses in the range of $78 million to $80 million. Given the change in our revenue in G&A outlooks, we now estimate adjusted EBITDA growth to be flat to low single digits. We remain confident in the long term financial targets we have previously provided.

在成本方面，我們目前估計一般及行政費用在 7,800 萬美元至 8,000 萬美元之間。鑑於我們的一般及行政開支前景中的收入變化，我們現在估計調整後的 EBITDA 成長將持平至低個位數。我們對先前提供的長期財務目標仍然充滿信心。

Thank you for your time, and with that I'll turn it back to Michael.

感謝您抽出時間，現在我將把時間交給麥可。

Thanks, Michel. In closing, Portillo's is a place people want to be a part of. In a recent report by William Blair, Portillos was named in the top 10 of nearly 90 restaurant companies in employee satisfaction. And in April, Newsweek ranked us 25th out of 700 companies in its America's most trusted companies list. I believe it's because of the amazing experience we strive to create for anyone who enters our restaurants.

謝謝，米歇爾。總而言之，Portillo's 是一個人們都想成為其中一部分的地方。在威廉布萊爾 (William Blair) 最近的一份報告中，波蒂略餐廳在近 90 家餐飲公司中員工滿意度排名前十。今年 4 月，《新聞週刊》在美國最值得信賴的 700 家公司中將我們排在第 25 名。我相信這是因為我們努力為進入我們餐廳的每位顧客創造令人驚嘆的體驗。

Whether it be in our restaurants or amongst field operators, restaurant support team members, and the management team, the Portillo's culture is something we're very proud of and thrilled to share with our guests each and every day.

無論是在我們的餐廳，還是在現場營運商、餐廳支援團隊成員和管理團隊中，Portillo 的文化都是我們引以為傲的，並且很高興每天與我們的客人分享。

Look no further than the talent that has joined our company, particularly in Q2, as we put the finishing touches on what is undoubtedly the strongest Board of Directors in the restaurant industry. I'm proud of the work we're doing to evolve the Portillo's investor story, some of which is tangible and some of which has yet to hit the scoreboard, but we're getting there, and the foundation in place is exciting.

看看我們公司新增的人才吧，特別是在第二季度，我們為餐飲業最強大的董事會做了最後的潤飾。我為我們為發展 Portillo 的投資者故事所做的工作感到自豪，其中一些是切實可行的，而另一些則尚未實現，但我們正在努力實現目標，現有的基礎令人興奮。

Thank you all for your time today, and we're happy to take some questions.

感謝大家今天的時間，我們很樂意回答一些問題。

Thank you. We'll now be conducting a question and answer session.(Operator Instructions)

謝謝。我們現在將進行問答環節。 （操作員指示）

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Hi, good morning. I guess two questions. First, on the mix in the quarter, I was a little surprised to see it go negative, just given the kiosk usage increasing. So maybe if we could get some clarity on what's going on with mix. And then separately, I think that the bigger question that investors have is just kind of a path to get to that mid-teens revenue growth that is the longer term goal here. Is that something that you think can be achievable in '26, and what are the key kind of strategies to get there? Thank you.

嗨，早安。我想問兩個問題。首先，就本季的組合而言，考慮到自助服務終端使用量的增加，我對它出現負成長感到有點驚訝。所以也許我們可以更清楚地了解混合的情況。另外，我認為投資人面臨的更大問題是如何實現十五個百分點的收入成長，這是長期目標。您認為這個目標在 26 年能夠達成嗎？實現這個目標的關鍵策略是什麼？謝謝。

Morning, Sharon. Let me tackle your second question, then I'll let Michelle take the first one. I think we're, we remain confident on mid-teens revenue growth. We have built some great restaurants in Texas and they've just started off slow, and we're not -- we haven't given up on them. We think that there's a lot of potential there. We're seeing some momentum. We've done, I think, a lot of the foundational work to make sure that Texas continues to grow and evolve.

早安，莎倫。讓我來回答你的第二個問題，然後讓米歇爾回答第一個問題。我認為，我們仍然對中等規模的收入成長充滿信心。我們在德克薩斯州開設了一些很棒的餐廳，但它們起步緩慢，我們並沒有放棄它們。我們認為那裡有很大的潛力。我們看到了一些勢頭。我認為，我們已經做了很多基礎工作來確保德州繼續發展和進步。

We've got field marketers in both places. We have active marketing campaigns. We're building a loyalty database and we'll keep using the loyalty database. So, mid-teens growth is very reasonable to target for us for '26. And I think that, I'll let Michelle talk about the mix.

我們在兩個地方都有現場行銷人員。我們有積極的營銷活動。我們正在建立忠誠度資料庫，並且我們將繼續使用忠誠度資料庫。因此，對我們來說，26 年的中等成長目標非常合理。我認為，我會讓米歇爾談論混合。

Yeah, Sharon, in terms of mix, so you're absolutely right. The benefit we see on kiosk is is definitely benefiting that. So there's two components to the mix. The first is the items per transaction, and then the next is true mix in terms of what people are buying. So where you're seeing the kiosk benefit is the lift on the items per transaction, but where we're really seeing pressures is on the other part of mix where essentially people are still buying the item but they're trading down.

是的，莎倫，就混合而言，你完全正確。我們在自助服務終端上看到的好處肯定是有益的。因此，混合物由兩個部分組成。首先是每筆交易的商品數量，其次是人們購買商品的真實組合。因此，您看到自助服務終端的好處在於每筆交易的商品數量的增加，但我們真正看到的壓力是在商品組合的另一部分，基本上人們仍在購買該商品，但他們的消費額正在下降。

So think of it as instead of buying a big beef, they're buying just a regular beef, instead of buying a large fry they're buying a small fry. et cetera. And so that's really where we're seeing the pressures on the mix is that true mix being offset not fully by the benefits that we're seeing on kiosk. And obviously we believe that's an indicator of what's going on in the broader macro in terms of the trade downs that we're seeing there, but we clearly, as Michael said in his prepared remarks want to drive the business through transaction growth and other mechanisms, but we're definitely seeing pressures and mix on the trade downs.

所以可以這樣想，他們不是買大頭牛肉，而是買普通牛肉；他們不是買大魚苗，而是買小魚苗。等等。因此，我們真正看到的是混合壓力在於，真正的混合並沒有被我們在自助服務終端上看到的好處完全抵消。顯然，我們認為，就我們所看到的交易量下降而言，這是宏觀層面上正在發生的事情的一個指標，但正如邁克爾在準備好的發言中所說，我們顯然希望透過交易成長和其他機制來推動業務，但我們確實看到了交易量下降帶來的壓力和混合。

Okay, thank you.

好的，謝謝。

Chris O' Cull, Stifel.

克里斯·奧卡爾 (Chris O' Cull)，Stifel。

Yeah, thanks. Good morning, guys. I did have a follow up on new stores, and I mean the annualized sales contribution from the 10 locations that you guys opened last year was lower this quarter than in the prior quarter, which I believe you guys expected it to improve. So just can you give us a little more detail of what you did this quarter to try to improve the performance of those stores and what's planned for the rest of the year?

是的，謝謝。大家早安。我確實對新店進行了跟踪，我的意思是，你們去年開設的 10 家門店的年化銷售額貢獻本季度低於上一季度，我相信你們預計情況會有所改善。那麼，您能否向我們詳細介紹一下本季度您為提高這些商店的業績所做的工作以及今年剩餘時間的計劃？

Yeah, absolutely, Chris. So, when you think about the class of 2024, some of those restaurants are getting into being in their second year, so you're starting to see some of a honeymoon effect to certain of those restaurants. Some of the later restaurants that were open in the class of 2024 or later in the year, such as the Houston restaurants that we've mentioned.

是的，絕對是，克里斯。因此，當您想到 2024 年的餐廳時，您會發現其中一些餐廳正處於第二年，因此您會開始看到某些餐廳出現蜜月效應。一些較晚開業的餐廳將於 2024 年或稍後開業，例如我們提到的休士頓餐廳。

And so the things that we're doing are what Michael mentioned, which is continuing to pump the markets with marketing and advertising. And so as we've talked about previously, we ran a campaign in Dallas in the first quarter. In the second quarter we were on with a campaign in the Phoenix market, but then also hired a field marketer within the Houston market and continued to do some advertising within that market as well.

所以，我們正在做的事情就是麥可提到的，那就是繼續向市場注入行銷和廣告。正如我們之前談到的，我們在第一季在達拉斯開展了一場活動。第二季度，我們在鳳凰城市場開展了一項活動，但隨後也在休士頓市場聘請了一名現場行銷人員，並繼續在該市場做一些廣告。

So we're going to continue to invest in those newer markets to make sure that we continue to grow the top line. And as we go into the back half of the year, we'll continue to look at advertising efforts. We'll run another campaign in Dallas in the fourth quarter as well to continue to pump that market with additional awareness and trial.

因此，我們將繼續投資這些新市場，以確保我們的營業收入持續成長。隨著進入下半年，我們將繼續專注於廣告工作。我們也將在第四季在達拉斯開展另一項活動，繼續提高該市場的知名度和試用率。

Yeah, Chris, I would just add to what Michelle said that it's a little bit of pick and shovel work. We're building awareness every week. It takes a little bit of time and you're right, I think that the, essentially flattish performance in Q2 versus Q1 for some of those Texas restaurants was disappointing to us, but we're active and very aggressive in building awareness.

是的，克里斯，我只想補充一下米歇爾所說的，這需要一點努力。我們每週都在提高人們的認識。這需要一點時間，你是對的，我認為，一些德克薩斯州餐廳第二季度的表現與第一季基本持平，這令我們失望，但我們正在積極且非常積極地提高知名度。

We've got field marketers out there making sure that people know who we are. We do really well once people try our food. So we're being very aggressive at getting our food in people's mouths, sampling, doing things with local communities and embedding ourselves in local communities. So it does take a little bit of time. I'm not daunted by the fact that it hasn't picked up aggressively, but I do expect it to improve over the next few quarters.

我們擁有現場行銷人員，以確保人們知道我們是誰。一旦人們嘗試了我們的食物，我們的表現就會非常好。因此，我們積極地將我們的食物送到人們的嘴裡，進行品嚐，與當地社區合作，並將我們自己融入當地社區。所以這確實需要一點時間。我並不因為它沒有大幅增長而感到畏懼，但我確實預計它會在接下來的幾個季度內有所改善。

Okay. And then Michael, just given the week year-to-date comp and new store performance, why does it make sense to continue opening units beyond the current signed leases, especially when it will likely require the company to increase borrowings to kind of fund those openings.

好的。然後邁克爾，考慮到本週年初至今的業績和新店表現，為什麼繼續在當前簽署的租約之外開設新店是有意義的，尤其是當它可能需要公司增加借款來為這些新店提供資金時。

Yeah, that's a great question. I would tell you that we are taking a hard look at the performance of new restaurants and how actively we're building. So we're not building for the sake of just building. We're building, I think, in a very thoughtful way.

是的，這是一個很好的問題。我想告訴你，我們正在認真關注新餐廳的表現以及我們的建設積極性。所以我們並不是只為了建設而建設。我認為，我們正在以一種非常周到的方式進行建設。

There is this balancing act. We see that when we reach a certain level of awareness and scale, our business performs very well, and we have those proof points. Arizona performs really well for us. It's a great testament to what Portillos can do once it has a certain level of awareness and once we have a certain level of scale. Indiana actually performs well for us.

存在這種平衡行為。我們看到，當我們達到一定的知名度和規模時，我們的業務表現會非常好，我們有這些證明點。亞利桑那州的表現對我們來說確實很出色。這充分證明了 Portillos 在達到一定知名度和一定規模後能夠發揮的作用。印第安納實際上表現得很好。

Wisconsin is starting to pick up some speed. So there is balancing act between getting a sufficient density so that you start to build awareness and then those restaurants fill in. So we probably are a little bit ahead of demand with the supply that we have of restaurants in Dallas and that's -- we've got a couple more in flight, but we're not pushing the gas there.

威斯康辛州的發展速度開始加快。因此，需要在獲得足夠的密度以便開始建立知名度和隨後餐廳填滿之間進行平衡。因此，我們在達拉斯的餐廳供應量可能略高於需求，而且我們還有幾個航班在運營，但我們不會向那裡投放汽油。

We're making sure that we're filling in in other places where there's a lot of growth ahead for us. And the other thing that I would just reiterate, we're really being focused on generating the right cash on cash returns. So that that number that Michelle and I have talked about, class of '25 thus far is coming in at that 5.2 million to 5.5 million.

我們正在確保填補其他具有巨大成長潛力的領域。我想重申的另一件事是，我們真正專注於產生正確的現金回報。因此，我和米歇爾談到的數字是，25 屆畢業生人數目前已達到 520 萬到 550 萬人。

It that's that's that's a material decline in cost versus the class of '24, which is I'm sure you recall, came in at 6.8 million. And we have other examples of really great investments. We just built an inline that we're opening in the next few weeks in the villages in Florida, and that thing is going to come in at some $4 million in investment costs. If it can do anywhere near what we think, it's a home run for investors. So we're not trying to like step on the gas and go crazy. We're being very prudent. I think we're being thoughtful, and I think we're targeting growth where we think we can get best in class cash on cash returns.

與 24 款車型相比，其成本大幅下降，我相信您還記得，24 款車型的銷量為 680 萬輛。我們還有其他真正偉大的投資案例。我們剛剛建造了一條管道，並將在未來幾週內在佛羅裡達州的村莊開通，這項工程的投資成本約為 400 萬美元。如果它能達到我們預期的水平，那麼對於投資者來說，這無疑是個巨大的成功。所以我們不想猛踩油門然後發瘋。我們非常謹慎。我認為我們正在深思熟慮，我們的目標是實現能夠獲得最佳現金回報的成長。

And just to add on to borrowing in the short term, Chris, we've talked about the fact that we're getting ahead of the pipeline for '26, and so we're going to have a lot of spend this year that's going to be for the class of '26, and so, that's going to come into play in some of the capital needs this year, but our goal is what we continue to say, which is, as we go into '26, we don't want to have any net new borrowings on the revolver, but yes, we're going to continue to borrow this year because we have to fund some of that growth as we move into '26.

克里斯，為了補充短期借款，我們已經討論過這樣一個事實，即我們正在為 26 年做好準備，因此，我們今年將有大量支出用於 26 年的項目，這將在今年的一些資本需求中發揮作用，但我們的目標就是我們繼續說的，那就是，當我們進入 26 年時，我們不想在循環信貸中有任何資金增加我們的資金，但是我們將繼續為借款，因為借款

Okay, thanks guys.

好的，謝謝大家。

Gregory Frankfurt, Guggenheim Partners.

古根漢合夥公司的葛瑞格里‧法蘭克福。

Hey, thanks for the question. I have two questions. The first is, maybe just looking at Texas versus the rest of the Sun Belt. How much of the Texas performance do you think is just how many stores in the industry are opening up in the state right now and can you maybe talk about how Arizona and Florida have been performing? I think you touched on a little bit, Michael, but if you could just expand.

嘿，謝謝你的提問。我有兩個問題。首先，也許只是看看德克薩斯州與陽光地帶其他地區的對比。您認為德州的表現在多大程度上取決於目前該州有多少家門市開業，您能否談談亞利桑那州和佛羅裡達州的表現如何？邁克爾，我想你已經提到了一點，但你能進一步闡述嗎？

Well, I think that's a great insight. Texas is not unique to us in development. I think Texas continues to be, especially with all of the growth, all of the development, the population growth, it's no secret to the restaurant industry. So there wherever we're building, all of our competitors are building right near us. So I'm sure that has a little bit to do with the slower start and I'm sure that there are other restaurant companies that need to get up sort of that curve in Texas as Texas digests all of these restaurants. I don't know what the timeline is for Texas to become as great as Arizona and Florida and other markets are for us.

嗯，我認為這是很好的見解。德州並不是我們中發展最快的國家。我認為德州將繼續如此，特別是隨著所有的成長、所有的發展、人口成長，這對餐飲業來說已經不是什麼秘密了。因此，無論我們在哪裡建設，我們所有的競爭對手都在我們附近建設。所以我確信這與起步較慢有一點關係，而且我確信隨著德克薩斯州消化所有這些餐館，其他餐飲公司也需要在德克薩斯州迎頭趕上。我不知道德克薩斯州需要多長時間才能變得像亞利桑那州、佛羅裡達州和其他市場一樣偉大。

I just have, I take solace in seeing the performance in Arizona. We've talked about this in the past. When we went from two to four restaurants, we saw material improvement in both awareness in revenues, but most importantly in our margin profile in Arizona, and I'm really confident that we're going to see the same dynamic as Texas matures and that as the demand for us catches up with the supply of restaurants.

我剛剛看到亞利桑那州的表演，我感到很欣慰。我們過去曾討論過這個問題。當我們從兩家餐廳增加到四家餐廳時，我們看到了收入意識的實質提高，但最重要的是我們在亞利桑那州的利潤率有所提高，而且我非常有信心，隨著德克薩斯州的成熟以及對我們的需求趕上餐廳的供應，我們將看到同樣的動態。

And I think that there's a just this balancing act always between having restaurants -- when somebody has a craving for Portillos, we'd like to be able to satisfy it. All of the research that we do, when we ask people why did you not, if you don't regularly visit us, why don't you visit us? The top two things are awareness. I didn't know you were here, and then inconvenience.

我認為在經營餐廳之間總是存在著一種平衡行為——當有人想吃 Portillos 時，我們希望能夠滿足他。我們所做的所有研究都是在詢問人們為什麼不來，如果您不定期訪問我們，為什麼不來拜訪我們？最重要的兩件事是意識。我不知道你在這裡，所以很不方便。

There's a reason why we are so dominant in Chicago. If you're in the Chicago land area in any of the suburbs, pretty much within 5 miles of you, there's a Portillos. So if you have a craving for a Portillo's, you can go. We're not there yet really in any other market and so I think there's this balancing act.

我們在芝加哥如此佔據主導地位是有原因的。如果您在芝加哥郊區的任何地方，大約在您周圍 5 英里的範圍內，就有一家 Portillos。因此，如果您想吃 Portillo's，您可以去。我們實際上還沒有進入任何其他市場，所以我認為需要採取平衡措施。

That's helpful. And then maybe my second question for you, Michelle. The -- just as I look at labor inflation and food inflation, it feels like we have beef moving maybe a little bit against you, but it also seems like the labor market might be a little bit easier. Can you just talk about the outlook for for both of those going forward?

這很有幫助。那麼這可能是我要問你的第二個問題，米歇爾。正如我所看到的勞動力通膨和食品通膨，感覺牛肉價格可能對你有點不利，但勞動市場似乎也可能會稍微寬鬆一些。能談談這兩者未來的前景嗎？

Yeah, absolutely, Greg. So as we came into this year, we knew we were going to be pressured on beef. We knew it was going to be back half loaded. So I'll start with commodities. So you saw we were up 3.4% in Q1, 1.9% this quarter. I expect Q3 to be the most pressured quarter for commodities, and then Q4 will be higher as well than what we saw in the first half of the year. So that's how we get to our 3% to 5%. But we, yes, we absolutely expect the back half to be a little bit more pressured, and that is primarily related to beef.

是的，絕對是，格雷格。因此，當我們進入今年時，我們知道我們將面臨牛肉壓力。我們知道它將會半載而歸。所以我將從商品開始。所以你可以看到我們第一季成長了 3.4%，本季成長了 1.9%。我預期第三季將是大宗商品壓力最大的季度，而第四季的壓力也將高於上半年的水平。這就是我們達到 3% 到 5% 的方法。但是，是的，我們絕對預計後半部分會面臨更大的壓力，這主要與牛肉有關。

But I feel really good about our ability to de-risk this and get in front of it. We're almost 90% hedged on our beef flats for this year. For our overall commodity basket, we're over 70% locked in. And so I feel really good about us coming into this year having de-risked that line item for us, so we feel very comfortable with the commodity outlook.

但我對我們降低風險並應對風險的能力感到非常滿意。我們今年對牛肉庫存的對沖率幾乎達到 90%。對於我們的整體商品籃子，我們已鎖定 70% 以上。因此，我對我們今年降低該專案風險感到非常高興，因此我們對商品前景感到非常滿意。

Yeah, Greg. Let me just build on that. I'm very proud of our team and under Michelle's leadership. We saw this coming towards the end of last year and early you'll recall we did, we had higher beef inflation numbers than most everybody else and we took that. We believe that beef was going to be inflationary this year, and we've taken a number of actions to mitigate that forward buying, making sure that we're pushing every lever that we can to minimize conversion costs and making sure that we are on top of this. And so very proud of the team because we've done all those things so that our guests will not experience that inflation, like they see elsewhere.

是的，格雷格。讓我在此基礎上再進一步。我為我們的團隊以及米歇爾的領導感到非常自豪。我們在去年年底和年初就預見了這種情況，你們會記得，我們的牛肉通膨數字比其他大多數國家都高，我們接受了這一點。我們認為今年牛肉價格將會出現通貨膨脹，我們已經採取了一系列措施來緩解這種提前購買的影響，確保我們盡一切努力將轉換成本降至最低，並確保我們能夠控制住這一局面。我們為團隊感到非常自豪，因為我們做了所有這些事情，以便我們的客人不會像在其他地方那樣經歷通貨膨脹。

We still are really focused on making sure that despite the inflationary pressure on beef that we're providing amazing value to our guests. We're not playing any games with shrinkflation. We're not gouging people. We're still, our burgers are still a third of a pound. Our beef sandwiches are huge and indulgent. So we're making sure that the guest gets all the value that we want, and we have managed that behind the scenes like a prudent company should.

儘管牛肉麵臨通膨壓力，我們仍致力於確保為客人提供超值的產品。我們不會玩任何與縮減通膨有關的遊戲。我們不會敲詐別人。我們的漢堡仍然是三分之一磅。我們的牛肉三明治又大又豐盛。因此，我們要確保客人獲得我們想要的所有價值，並且我們像一家謹慎的公司一樣在幕後管理這一點。

Yeah, and Greg, just on the labor front, you saw in both quarters we were up 2.7% and 2.9% in Q2. I don't expect that to be materially different materially different in the back half of the year. We can, we've continued over the course of the last several years to make meaningful labor investments within our system. And so I feel good about that guide at 3% to 4% for the full year. We don't see that changing.

是的，格雷格，就勞動力方面而言，您看到兩個季度我們的勞動力成長率分別為 2.7% 和 2.9%。我預計今年下半年不會有實質的變化。我們可以，在過去幾年中我們一直在我們的系統內進行有意義的勞動力投資。因此，我對全年 3% 至 4% 的預期感到滿意。我們認為這種情況不會改變。

Thank you very much.

非常感謝。

Sarah Senatore, Bank of America.

莎拉參議員，美國銀行。

Thank you. Just a question about maybe unit economics and then a follow up on maybe the line items. So you mentioned, build costs are a million lower maybe with this new prototype, but as I think about the shift to some of these maybe smaller boxes. I think you mentioned in line presumably those are more you know more of the build to suit approach and I guess as I think about that model, presumably it would lower your build costs even more.

謝謝。只是一個關於單位經濟學的問題，然後可能是關於專案的後續問題。所以你提到，使用這個新原型，建造成本可能會降低一百萬美元，但我考慮轉向一些可能更小的盒子。我認為您提到的這些大概是您更了解的「按需建造」方法，我想當我考慮該模型時，大概它會進一步降低您的建造成本。

I mean optically you'd be paying more in rent. So your margins might look lower, but presumably the ROI would be much higher. So I guess the question is, can you give me a sense of what that might look like for restaurant level margins and also for the invested capital associated with it, and I guess confirm that is kind of the complexion, maybe lower margins, but a higher ROI.

我的意思是從表面上看你需要支付更多的租金。因此，您的利潤率可能看起來較低，但投資回報率可能會高得多。所以我想問題是，你能否讓我了解一下這對餐廳水平的利潤率以及與之相關的投資資本來說可能是什麼樣子，我想確認一下這種情況，也許利潤率較低，但投資回報率較高。

Let me start with that and give Michelle a chance to build on that. We have, I think I mentioned just briefly that the class of '26 is going to be the most, we're excited by it. So we have some of these 1.0s. They're smaller restaurants, those are the ones that have come in this year between 52 and 55. We have some 2.0 restaurants and they'll start opening up in the back half of next year.

讓我從這一點開始，並給米歇爾一個機會來進一步闡述這一點。我記得我剛才簡要地提到過，26 屆的學生將會是最優秀的，我們對此感到非常興奮。我們有一些這樣的1.0餐廳。它們規模較小，今年的排名在52到55之間。我們有一些 2.0 餐廳，它們將於明年下半年開始開業。

Those are another order of magnitude smaller. They should be lower cost. We haven't talked about the cost yet. And then we have some atypical restaurants. We have obviously a restaurant opening up in the Dallas Fort Worth Airport, and we have a couple of other inline restaurants that I can't talk about the locations yet, but should be fantastic economics for us.

這些又小了另一個數量級。它們的成本應該更低。我們還沒有討論費用。然後我們有一些非典型的餐廳。我們顯然在達拉斯沃斯堡機場開設了一家餐廳，我們還有其他幾家連鎖餐廳，我現在還不能透露具體位置，但對我們來說應該會帶來極好的經濟效益。

So you're 100% right, Sarah, that as a class we're going to see reduced build costs across the board. We're actively determining what the margin impact is if in fact we do more build the suits. Keep in mind that some of these smaller restaurants, especially the 2.0s because it's a different configuration in the kitchen.

所以莎拉，你完全正確，作為一個階層，我們將看到整體建築成本的降低。如果我們實際上做更多的西裝製作，我們正在積極確定對利潤的影響是什麼。請記住，一些較小的餐廳，尤其是 2.0 餐廳，因為廚房的配置不同。

I don't want to get super technical, but our kitchens are historically very linear that rest that kitchen is either U shaped or a little E, which creates a lot more work sharing, reduces overall energy load capacity needs, and reduces HVAC needs. So we expect to see some operating improvement in terms of labor costs and OpEx. So I'm not sure how much margin you give up with those smaller kitchens if in fact you do do a build a suit and pay more rent.

我不想講得太技術性，但我們的廚房歷來都是線性的，其餘的廚房要么是 U 形，要么是小 E 形，這創造了更多的工作共享，減少了總體能源負載能力需求，並減少了 HVAC 需求。因此，我們預計勞動力成本和營運支出方面將出現一些營運改善。因此，如果您確實要建造一套西裝並支付更多的租金，我不確定您會因為這些較小的廚房而放棄多少利潤。

So we're still, it's still evolving, but for certain I can tell you that we are targeting lower capital and not lower capital, and you can imagine a world where that you get to a certain capital point with our typical revenues that we target by year three. The cash on cash returns get really attractive.

所以我們仍然在不斷發展，但我可以肯定地告訴你，我們的目標是降低資本而不是降低資本，你可以想像一個世界，在那裡，你以我們典型的收入為目標，在第三年達到一定的資本點。現金報酬率確實很吸引人。

That's very helpful. Thank you. And then just on the line items, when I look at your P&L, your cost of goods is probably higher than almost any other casual restaurant. That reads as very good value on the plate, but I'm not sure if consumers really recognize that. I mean, I would think in this current environment that would translate into a lot of traffic share gains. So I guess, on that front, do you get credit for that and also, whether or not you do, is there any opportunity, whether it's from a supply chain or distribution or something else to maybe lower that cost of goods line?

這非常有幫助。謝謝。然後，僅在項目上，當我查看您的損益表時，您的商品成本可能高於幾乎任何其他休閒餐廳。盤子上顯示的價值非常高，但我不確定消費者是否真的認識到這一點。我的意思是，我認為在當前環境下這將轉化為大量的流量份額成長。所以我想，在這方面，您是否因此獲得了讚譽？而且，無論您是否獲得讚譽，是否有機會，無論是從供應鏈還是分銷或其他方面，都可能降低商品成本？

Yeah, it's a great question. I mean, let me start with the second part. Everything is on the table for us. We are actively looking at distribution costs. It is expensive for us to get our some of our products across the nation, and so we need to evolve that. We need to get better at distribution and the entire supply chain motion. I mean, your question really is, call it the 34% in commodity cost, how much of that is really value to the guest and is there some waste in there? The reality is there's probably a little bit of efficiency that we can do, and we'll always keep looking at improving efficiency.

是的，這是一個很好的問題。我的意思是，讓我從第二部分開始。一切都為我們準備好了。我們正在積極考慮分銷成本。對我們來說，將一些產品運送到全國各地的成本很高，因此我們需要改進這個流程。我們需要改善分銷和整個供應鏈的運作。我的意思是，你的問題實際上是，稱之為商品成本的 34%，其中有多少對客人來說是真正有價值的，其中是否存在一些浪費？事實上，我們可能可以提高一點效率，而且我們會一直致力於提高效率。

But I want to anchor back to your first point. We're very proud of the fact that we give that kind of value to our guests, right? It's important to our burgers are third of a pound. Our beef sandwiches are really big. They're beefy, We're not playing games with fries. Our small fry, our regular fries is bigger than most people's large fries, and it's cooked in tallow. So we're very proud of the quality and the value that we give guests.

但我想回到你的第一點。我們為能夠為客人提供這樣的價值感到非常自豪，對嗎？對我們的漢堡來說，三分之一磅很重要。我們的牛肉三明治真的很大。它們很強壯，我們不會用薯條玩遊戲。我們的小薯條，我們的普通薯條比大多數人的大薯條要大，而且是用牛脂烹製的。因此，我們為我們為客人提供的品質和價值感到非常自豪。

I believe the guests notice this. I don't think it's one of those things where they move in a herd week to week. I think it takes a little bit of time, and I think right now we like being in a position where we're providing great value. Our value scores are really good internally. We're very happy with it, and I think it's just a question of time when the consumer behavior catches up to the consumer sentiment for us.

我相信客人注意到了這一點。我不認為這是它們每週成群遷徙的現象之一。我認為這需要一點時間，而且我認為現在我們處於能夠提供巨大價值的位置。我們內部的價值得分確實很好。我們對此感到非常高興，我認為消費者行為趕上消費者情緒只是時間問題。

Thank you very much, both. Very helpful.

非常感謝你們兩位。非常有幫助。

You bet.

當然。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭、派珀·桑德勒。

Hey, thank you. I just want to ask about the breakfast testing in Chicago. Can you talk about how that's going, what you are seeing on incrementality, which I think was a really important factor that you were watching.

嘿，謝謝你。我只是想問一下芝加哥的早餐測試情況。您能否談談進展如何，您對增量有何看法，我認為這是您正在關注的一個非常重要的因素。

Yeah, look, breakfast is, we're trying to be very cautious with breakfast, but I appreciate you asking about it. It's frankly going as well as I could have hoped. It appears that it is incremental. It appears that our guests really love it. And it's not negatively affecting in any way our lunch or dinner business at those restaurants either in terms of guest satisfaction or sales.

是的，看，早餐是，我們試圖對早餐非常謹慎，但我很感謝你詢問這個問題。坦白說，一切進展順利，正如我所希望的那樣。看起來它是增量的。看來我們的客人真的很喜歡它。而且，無論是從客人滿意度或銷售來看，這都不會對我們餐廳的午餐或晚餐業務產生任何負面影響。

So there's a lot to like about breakfast, and if you haven't tried it, it's absolutely delicious. I think we have the best, I've gotten feedback from one investor that they're too big. Our egg sandwiches are just too big and decadent, but it's delicious and we're continuing to evaluate it. We want to make sure that it's sustainable for our teams and our management. We don't want to burn people out. We don't want to take our eye off the ball.

所以早餐有很多值得喜歡的地方，如果你還沒有嘗試過，它絕對是美味的。我認為我們擁有最好的，但我從一位投資者那裡得到反饋說他們太大了。我們的雞蛋三明治太大太頹廢了，但它很美味，我們會繼續評論它。我們希望確保它對我們的團隊和管理是可持續的。我們不想讓人精疲力竭。我們不想分心。

So we're going to run this test through the end of the year, and then then we'll have options. Well, if we decide that the test is a distraction, we'll kill it. I don't know if that's going to happen, but none of us are obtuse in seeing that there's a lot of other great restaurant companies that have tried breakfast multiple times and failed. I don't know. I don't think that. I hope that's not going to happen to us, but that happens.

因此，我們將在今年年底前進行這項測試，然後我們將有選擇。好吧，如果我們認為測試會分散注意力，我們就會取消它。我不知道這是否會發生，但我們都很清楚，有很多其他優秀的餐飲公司也曾多次嘗試早餐但都失敗了。我不知道。我不這麼認為。我希望這種事不要發生在我們身上，但這種事就是發生了。

Second option is we decide that breakfast is really just a Chicago thing and that, in Chicago land we have the credibility and the right with consumers to give them an amazing breakfast meal and they will buy in. And then the third test, the third option is that we think breakfast has potential for us as a national thing at which point we would have to test outside Chicago to see if we can also be relevant in breakfast, but it's going really well. We're happy about it and we just want to make sure that it's sustainable.

第二個選擇是，我們認定早餐只是芝加哥的特色，在芝加哥，我們擁有信譽，有權利向消費者提供美味的早餐，他們就會購買。然後是第三次測試，第三個選擇是，我們認為早餐有潛力成為一項全國性的事情，此時我們必須在芝加哥以外進行測試，看看我們是否也與早餐相關，但進展非常順利。我們對此感到高興，我們只是想確保它是可持續的。

Okay, thank you for that. And then I wanted to ask about the limited menu you went with in in Houston. It doesn't seem like it would be right to equate this will start just to that. So would you agree with that? And then, if so, what are some of the merits to the limited menu and are you still exploring the idea of trying that in other geographies potentially?

好的，謝謝你。然後我想問一下您在休斯頓品嚐的有限菜單。把這將開始等同於那件事似乎是不正確的。那你同意嗎？那麼，如果是這樣，那麼有限菜單有哪些優點？您是否仍在探索在其他地區嘗試這種做法的想法？

Yeah, it's a great question. There are definitely, there's definitely a tail on that limited menu that we're really confident in eliminating across the board as we open new restaurants, so that's for sure. But I do think that there are other things that we think create some uniqueness and an experiential vibe at Portillo's that maybe we should not have taken off, and we've already been adding back. So like any good test, there's learnings. There's learnings on what you did right, and there's learnings on what you didn't do.

是的，這是一個很好的問題。有限的菜單上肯定會有一些不足之處，我們有信心在開設新餐廳時全面消除這些不足之處，這是肯定的。但我確實認為，我們認為還有其他一些東西可以為 Portillo's 創造一些獨特性和體驗氛圍，也許我們不應該放棄這些東西，但我們已經將它們重新添加回去了。因此，就像任何好的測驗一樣，它都有學習價值。你做對了什麼就會得到教訓，你沒做哪些也會得到教訓。

So simplification is healthy for us, right? When you can, you go from eight to three salads, that's a great dynamic because everything is fresher, it's being made faster. It requires less training on your team. You're less likely to screw things up. So that's a great example. I think we went with a reduced fleet of a reduced variety of salads.

所以簡化對我們來說是有益的，對嗎？當你可以的時候，你可以從八份沙拉減少到三份，這是一個很好的動態，因為一切都更新鮮，而且製作速度更快。它對您的團隊所需的培訓較少。你不太可能把事情搞砸。這是一個很好的例子。我認為我們減少了沙拉的種類和數量。

And I think that's a great, that was a great takeaway. There's a couple things like quirky things that we sold in Chicago that we didn't put into Houston. No one's missed. We didn't, we decided to test not selling beer in Houston. I think that was a mistake. I think there's a dynamic where people love coming to a Portillo's and having a frosty stein of beer with a burger or a beef sandwich. We missed that occasion and that was a mistake, and we've added that back now and we learned. So I think it's a balancing act.

我認為這是一個很好的收穫。我們在芝加哥銷售的一些稀奇古怪的東西並沒有放到休斯頓銷售。沒有人失敗。我們沒有，我們決定測試不在休士頓銷售啤酒。我認為那是一個錯誤。我認為人們喜歡來到 Portillo's 酒吧，喝一杯冰鎮啤酒，吃一個漢堡或牛肉三明治。我們錯過了那個機會，那是一個錯誤，現在我們又把它補回來了，我們也學到了教訓。所以我認為這是一種平衡行為。

Thank you.

謝謝。

Jim Salera, Stephens Inc.

吉姆·薩萊拉（Jim Salera），史蒂芬斯公司（Stephens Inc.）

Yes, good morning. Thanks for taking a question. Michael, I wanted to ask a little bit about the Portillo's parts and you guys said you're almost at 2 million members now. Be able to give us any insight, I presumably those are all predominantly in the Chicago land area, but just kind of the geographic breakdown of the rewards program and is that possibly a lever that could be lean into a little bit more in some of the expansion markets to maybe drive repeat and frequency?

是的，早安。感謝您提出問題。邁克爾，我想問關於 Portillo 的部分，你們說現在你們的會員數量已經接近 200 萬了。能否給我們一些見解，我推測這些主要都集中在芝加哥地區，但只是獎勵計劃的地理分佈，這是否可能是一個槓桿，可以在一些擴張市場中更多地利用它，以推動重複和頻率？

Yeah, So, great question about perks. Let me sort of where, I wish I could tell you it's 2 million it's a little over 1.9, but it's growing. Here's what I say. Let's keep in mind perks, we literally rolled this out in March. So it's super early days for us. Our aspiration, I think back when we talked about it was we would be at 1.5 million to 1.7 million members by midsummer. We're at 1.9, so I feel really good about that.

是的，所以，關於福利的問題問得很好。讓我大概說一下，我希望我可以告訴你它是 200 萬，略高於 190 萬，但它還在增加。這就是我要說的。讓我們記住這些好處，我們實際上是在三月推出這個計劃的。所以對我們來說現在還處於非常早期的階段。我記得當我們談論這個話題時，我們的願望是到仲夏時節我們的會員人數可以達到 150 萬到 170 萬。我們的成績是 1.9，所以我對此感覺非常好。

And in almost every way it's exceeding my expectations. If it's really easy to forget that we only have 95 restaurants. If you look at loyalty members per restaurant, I think that, the 1.9 million puts us in pretty rarefied air in terms of people who are engaged with our brand and want to be part of our brand. So I'd encourage you to pop that into your ChatGPT and ask it, loyalty members per restaurant across all leading restaurant companies. That's a really good place to be. We're still learning.

幾乎所有方面都超出了我的預期。人們很容易忘記我們只有 95 家餐廳。如果你看一下每家餐廳的忠誠會員數量，我認為，就與我們的品牌互動並希望成為我們品牌一部分的人數而言，190 萬讓我們處於相當稀薄的境地。因此，我鼓勵您將其放入 ChatGPT 中並詢問它，所有領先餐飲公司的每個餐廳的忠誠會員數。那真是一個好地方。我們仍在學習。

What it can do for us and it's like a brand new toy that we're playing with. We're learning that food promotion works really well. People love our food. When we offer something for free or a BOGO or bring in a friend and sign up, when we do that kind of stuff, it really works well. People love art. It's people.

它能為我們做什麼，它就像是我們正在玩的一個全新玩具。我們了解到食品促銷確實很有效。人們喜歡我們的食物。當我們免費提供某些東西或「買一送一」或邀請朋友註冊時，當我們做這樣的事情時，效果確實很好。人們熱愛藝術。是人。

But we're also, we get a lot of engagement with badges. We get engagement with people who want to be loyalty members. We have people who are posting all kinds of fun stuff in social media, so they're becoming an army of evangelists for us.

但我們也與徽章進行了大量互動。我們與想要成為忠誠會員的人互動。有些人在社群媒體上發佈各種有趣的東西，所以他們成為了我們的福音大軍。

I don't think we have plumbed the depths of what perks can do for us. I don't think we fully appreciate it yet. It's going to be a great gift that we give to our new CMO who will be able to use perks to generate activation, guest acquisition, and improve frequency. So I think that it's very early days and I'm super excited by what we're going to do with this over the course of the next 18 months or so.

我認為我們還沒有深入了解福利能為我們帶來什麼。我認為我們還沒有完全認識到這一點。這將是我們送給新任行銷長的一份很棒的禮物，他將能夠利用福利來啟動、吸引顧客並提高頻率。所以我認為現在還處於早期階段，我對我們在接下來的 18 個月左右要做的事情感到非常興奮。

Great. And then I apologize if you guys touched on this already, but If we think about DFW AUVs and the expansion market AUVs, is there a scenario if the consumer kind of stabilizes that we could see an acceleration there in '26 or are we still kind of trying to find stabilization point for some of those market AUVs.

偉大的。如果你們已經談到這一點，我很抱歉，但如果我們考慮 DFW AUV 和擴展市場 AUV，是否存在這樣一種情況，即如果消費者穩定下來，我們可以在 26 年看到加速增長，或者我們仍在嘗試為其中一些市場 AUV 尋找穩定點。

Yeah, I think, Jim, I'll take that one. So we've talked about how we've gotten out of the gate a little slower in Texas, but I think as we get into '26, we're still going to be heavily focused on growth in the Sun Belt. That's going to include continuing to grow the markets that we're in in Texas and Dallas and Houston will likely go and do.

是的，我想，吉姆，我會接受這個。因此，我們已經討論了我們在德克薩斯州的起步速度如何稍慢一些，但我認為，隨著我們進入 26 年，我們仍將重點關注陽光地帶的增長。這將包括繼續擴大我們在德克薩斯州以及達拉斯和休斯頓可能開展業務的市場。

We've talked about going into San Antonio, Austin. So we need to continue to drive that awareness which is going to continue to drive the top line in those AUVs. And so we're learning like we're still learning how these curves are behaving in these markets. And so I think that's one of the things for us as we move forward and there still is a honeymoon curve to what we see in some of our restaurants, actually in most of our restaurants, and so you have to play that into consideration, right? Remember we're still going to have 12 restaurants that are going to open into '25.

我們討論過前往聖安東尼奧和奧斯汀。因此，我們需要繼續提高這種意識，這將繼續推動這些 AUV 的營收成長。因此，我們正在學習，就像我們仍在學習這些曲線在這些市場中的表現一樣。所以我認為這是我們前進過程中要考慮的事情之一，我們的一些餐廳，實際上是大多數餐廳，仍然處於蜜月期，所以你必須考慮到這一點，對吧？請記住，我們仍將有 12 家餐廳開業至 25 年。

Our expectations continue to remain high, but in terms of what we're targeting, we are still targeting by year three as a class to be in that 59 to 63 range. That is still our target goal. Now the composition of the classes will determine how the behavior of those AUVs are because as Michael and I sit here today, I don't think that we expect Houston to have a significant curve.

我們的期望仍然很高，但就我們的目標而言，我們仍然希望到第三年班級人數達到 59 至 63 人的範圍。這仍然是我們的目標。現在，類別的組成將決定這些 AUV 的行為方式，因為今天當我和邁克爾坐在這裡時，我認為我們預計休斯頓不會出現明顯的曲線。

We expect that we expect that market to continue to grow, and we'll have three more opening in Houston this year as well. So you know we're going to continue to put that new market playbook into play and we're going to get continue to get tighter on that. And as Michael mentioned our new CMO coming on board they're going to have great tools to work with, but I can't reiterate the excitement that myself and Michael and the rest of the team have about the class of '26. I think it's going to be fantastic. We're still on the class of '25, but we're really excited about that class as well.

我們預計該市場將繼續成長，今年我們還將在休士頓開設三家新店。所以你知道我們將繼續實施新的市場策略，並將繼續加強這項策略。正如邁克爾所提到的，我們的新任首席行銷長即將上任，他們將擁有很好的工作工具，但我無法重申我和邁克爾以及團隊其他成員對 26 屆畢業生的興奮之情。我認為這將是非常棒的。我們仍然是 25 屆的學生，但我們對這個班級也感到非常興奮。

And I would just one other follow up on what Michelle said. This is not, it's not totally unusual for us when fill-in restaurants start off a little slow. We've experienced this in the past. We had restaurants in Wisconsin that start off slow that are performing admirably. We've had restaurants in Arizona fill-in restaurants that started off slow that are performing admirably. So our newest restaurants in Florida right now are probably performing better than some of our first few restaurants, So it's not an uncommon thing that happens. This is not something that we're ill equipped to deal with. We're not daunted by the notion of driving some sales in Dallas.

我只想再跟進一下米歇爾所說的話。這並不是什麼新鮮事，當臨時餐廳開始生意有點慢的時候，這對我們來說並不完全是不尋常的。我們過去也經歷過這樣的事情。我們在威斯康辛州的一些餐廳起步緩慢，但表現令人欽佩。我們在亞利桑那州開設了一些臨時餐廳，這些餐廳起步緩慢，但表現令人欽佩。因此，我們目前在佛羅裡達州開設的新餐廳可能比我們最初開設的幾家餐廳表現更好，所以這種情況並不罕見。這並不是我們沒有能力處理的事情。我們並不畏懼在達拉斯推動銷售的想法。

I appreciate the thoughts. I'll back (inaudible)

我很欣賞這些想法。我會回來（聽不清楚）

Andy Barish, Jeffries.

安迪·巴里什，杰弗里斯。

Hey guys, didn't hear much on kind of operations and drive-through speed and can you kind of give us an update on that channel, vis-a-vis, excuse me, the rest of the business just kind of giving the persistent, promos and discounts in the broader QSR world.

嘿夥計們，我沒有聽到太多關於運營和免下車速度的信息，您能否向我們提供有關該渠道的最新情況，對不起，其餘業務只是在更廣泛的 QSR 世界中提供持續的促銷和折扣。

Yeah, that's a great question. We continue to grind and slowly but inexorably improve on speed in the drive through, Andy. So thank you for bringing that up. And that's hugely important because speed very quickly converts into frequency and transactions, et cetera. At the same time, to be totally transparent, the driver through is where you typically see the most economically pressured guests, and it probably has the place that has some of the most challenging dynamics for us. So we have to get faster, and that's a way of mitigating some of the pressure for the guests.

是的，這是一個很好的問題。安迪，我們繼續努力，緩慢但無情地提高速度。謝謝你提出這個問題。這非常重要，因為速度很快就會轉換為頻率、交易等等。同時，坦白說，司機經過的地方通常是經濟壓力最大的客人，這裡也可能是我們面臨的最具挑戰性的地方。所以我們必須加快速度，這也是減輕客人壓力的一種方式。

We can't -- we're not going to go to value menus or dollar menus or any of that stuff, and that guest will choose those other options if they have to. So speed continues to improve, accuracy continues to improve. I'm really happy overall with how we're performing in the drive through, but the test we mentioned it, the AI tests that we're using, we've got, I think the right, it's really fun to watch.

我們不能——我們不會提供超值菜單或一美元菜單或任何類似的東西，如果必須的話，客人會選擇其他選項。因此速度不斷提高，準確度不斷提高。總體而言，我對我們在駕駛通道中的表現感到非常滿意，但我們提到的測試，我們正在使用的人工智慧測試，我認為是正確的，看起來真的很有趣。

We have these cameras, the cameras translate into highly intuitive monitors inside the restaurant so that the team knows exactly what's going on. The individual anecdotes that I'm hearing about. We had times that were ridiculously long late in the evening because we just weren't aware of people waiting. Now we are. It immediately has changed. We've shaved minutes off at different day periods. So I love it. It's helping us train our teams better. We're putting tools in the hands of the teams so that they can be more successful, and we're seeing that real time.

我們有這些攝影機，這些攝影機可以轉換成餐廳內高度直觀的監視器，以便團隊確切地知道發生了什麼。我聽到的個人軼事。我們遇到過晚上等待時間過長的情況，因為我們根本不知道有人在等我們。現在我們做到了。它立即就改變了。我們在一天中的不同時間段減少了幾分鐘。所以我很喜歡它。它幫助我們更好地培訓我們的團隊。我們將工具交到團隊手中，以便他們能夠取得更大的成功，而且我們正在即時看到這一點。

It's a test. My expectation is that we will wrap up this test sometime in the third quarter, and all things going well. We will deploy it in the fourth quarter and in the first half of '26, we'll see material improvement on drive-through times.

這是一場考驗。我的預期是，我們將在第三季的某個時候完成這項測試，一切都很順利。我們將在第四季度部署它，並在26年上半年看到免下車時間的實質改善。

Got it. I appreciate it. And then Michelle, just on the revenue guidance change of kind of a, the mid single digit reduction, I guess just thinking about that is it sort of evenly balanced between a point or so of lower comp as well as new restaurant openings and then fewer operating weeks, how did, kind of how do you parse that out?

知道了。我很感激。然後米歇爾，僅就收入指導變化而言，中等個位數的減少，我想這只是在較低的同店銷售額和新開餐廳以及較少的營業週數之間取得平衡，您是如何分析這個問題的？

Yeah, I'd say, it's primarily driven by more the non-comp pressures, Andy, that I mentioned. You'll get a little bit on the comp like you said, we're trending to the lower end of the 1% to 3% range that we previously guided to and so you know I think about it as more heavily weighted on the non-comp side specifically as we talked about the class of '24 continuing to see a little bit of headwinds there as well as timing.

是的，我想說，這主要是受到我提到的非競爭壓力的驅動，安迪。就像你說的，你會對可比性有一些了解，我們正趨向於之前指導的 1% 到 3% 範圍的低端，所以你知道，我認為它在非可比性方面佔了更大的比重，特別是當我們談到 24 年級繼續在那裡看到一些阻力以及時機時。

I think that the timing issue is real for what we came into the year thinking in terms of timing for the class of '25 versus what we're seeing. I mentioned our staff for Texas restaurant, which is in Houston, the delay of that, which was months of delays, and then for our Q4 openings, it's more back and weighted in the corridor as well. So it's the timing component, the class of '24 component that's primarily the driver, but you do get a little bit of cap in there.

我認為時間問題是真實存在的，因為我們今年正在考慮 25 屆畢業生的時間安排，而不是我們現在看到的情況。我提到了我們位於休士頓的德州餐廳的員工，他們的開幕已經延誤了好幾個月，而對於我們第四季的開幕來說，他們的行程也受到了更多的影響。因此，它是計時組件，'24 組件類別主要是驅動程序，但您確實在那裡得到了一點上限。

Okay, thank you.

好的，謝謝。

Yes.

是的。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great, thanks guys. I wanted to ask another one just on the new stores and specifically the new stores outside of Texas. I guess just kind of clarifying the stores outside of Texas, newer stores outside of Texas, generally all or mostly performing well or consistent with expectations or or Michel, I couldn't tell if you were alluding to maybe some other markets, a little softer. I'll be anything on the non-Texas newer stores to to call out.

太好了，謝謝大家。我想再問一個人有關新店的問題，特別是德州以外的新店。我想只是想澄清一下德克薩斯州以外的商店，德克薩斯州以外的較新的商店，總體而言全部或大部分錶現良好或符合預期，或者米歇爾，我無法判斷您是否暗示其他一些市場，稍微疲軟一些。我將對德克薩斯州以外的新商店進行任何宣傳。

Yeah, I would say, Dennis, that it is primarily Texas, and when we say Texas we have the Dallas restaurants in there as well. So when we think about the class of '24, there's three restaurants that are in Dallas. There's three restaurants that are in Houston of the 10 that we opened, and so the other restaurants that you have in that class. Michael mentioned Florida. There's a Florida restaurant in there. There's an Arizona restaurant. There's a restaurant in Michigan.

是的，我想說，丹尼斯，這主要是德克薩斯州，當我們說德克薩斯州時，我們也提到了達拉斯餐廳。因此，當我們想到 24 年級時，有三家餐廳位於達拉斯。我們開設的 10 家餐廳中有 3 家位於休士頓，其他餐廳也都屬於這一類。麥可提到了佛羅裡達。那裡有一家佛羅裡達餐廳。那裡有一家亞利桑那餐廳。密西根有一家餐廳。

Those are largely performing near expectations. I wouldn't say that, there's any one of those restaurants that, I would call a home run restaurant, but the pressures that we're seeing are primarily the infill restaurants within the Dallas market. Not all the Dallas infill restaurants are certain. A handful of those as well as Houston.

這些表現基本上接近預期。我不會說有任何一家餐廳我會稱之為本壘打餐廳，但我們看到的壓力主要是來自達拉斯市場內的填充餐廳。並非所有達拉斯填充餐廳都是確定的。其中有少數，還有休士頓。

So that's why we call that out specifically. We're not the Arizona market continues to be, as Michael mentioned, a very strong market for us as we continue to infill that market, and we've been in that market for over 10 years and so. We're beginning to continue to build awareness.

這就是我們特別指出這一點的原因。正如邁克爾所提到的那樣，亞利桑那州市場對我們來說仍然是一個非常強大的市場，因為我們將繼續填補該市場，而且我們已經在該市場經營了 10 多年。我們開始繼續提高認識。

And then our second restaurant in Michigan is one that again is challenged by awareness, so we got to continue to work through some of those challenges, but there's nothing outside of that, that I would call out that we're concerned about.

然後，我們在密西根州的第二家餐廳再次面臨意識方面的挑戰，所以我們必須繼續努力克服其中的一些挑戰，但除此之外，沒有什麼是我們需要擔心的。

Great, helpful, thank you. And then just one more Michael, Michelle, as you think about sort of those four key priorities or initiatives to drive sales, how do you think about maybe the the most impactful to support either transaction or comp gains back half of this. Into next, I'm sure it's all of all four and then some working in tandem, but there any kind of particular callouts I know you've given some color on the initiative individually, but just what you think could be more impactful for that for the base driving that comp over the coming quarters. Thank you.

非常好，很有幫助，謝謝。然後還有邁克爾、米歇爾，當您考慮推動銷售的這四個關鍵優先事項或舉措時，您認為最有效的措施是什麼，以支持交易或補償收益收回一半。接下來，我確信這四個面向都會協同工作，但有沒有特別的提示？我知道您已經對這項計劃進行了單獨的闡述，但您認為什麼可能會對未來幾季推動該計劃的基礎產生更大的影響。謝謝。

That's a great open-ended question, Dennis. Here's what I'd say. I think that the priority of those tactics is slightly different in the core versus outside the core. So when you think about in the core, like the continuous improvement on operations, getting great at drive-thru, that really benefits us in Chicagoland. So every second that we can improve speed dramatically helps us in Chicago.

這是一個很棒的開放式問題，丹尼斯。這就是我要說的。我認為這些策略在核心內和核心外的優先順序略有不同。因此，當您考慮核心問題時，例如持續改進運營，在免下車服務方面取得巨大進步，這對我們芝加哥地區確實有益。因此，我們提高速度的每一秒都對我們在芝加哥的發展有很大幫助。

We need awareness outside Chicago, particularly in Dallas and Houston as we open in Atlanta. We need people to know who we are, and that's where all that multi-channel marketing. We've got field marketers deployed right now who are sampling food, setting up fundraisers, going to local baseball games. In Texas, they're going to, we're sending our beef bus to high school football games in the fall. That's the thing, there's stadiums with 10 to 20,000 people. That's a great way of building awareness. So it's, you've got to do that.

我們需要芝加哥以外的地區，特別是達拉斯和休士頓的關注，因為我們在亞特蘭大開設了分店。我們需要讓人們知道我們是誰，這就是多通路行銷的意義所在。我們現在已經部署了現場行銷人員，他們正在品嚐食物、舉辦募款活動、參加當地的棒球比賽。在德州，我們將在秋季派出牛肉巴士去觀看高中橄欖球比賽。事實就是如此，這裡有一個可容納 10,000 到 20,000 人的體育場。這是提高認識的好方法。所以，你必須這麼做。

And then the sort of my favorite thing, which is not fully deployed yet is perks. I think that as perks matures, as we learn more, we will use it very surgically to drive guest acquisition outside Chicago and frequency in Chicago. That tool allows us to do basically one to one marketing and it allows us to be very segmented in our approach, and that's, I think, what gives me the most confidence for '26 and beyond.

然後是我最喜歡的、尚未完全部署的東西，那就是福利。我認為，隨著福利計劃的成熟和我們學到的更多，我們將非常巧妙地利用它來推動芝加哥以外的客人獲取和芝加哥的客人頻率。該工具使我們能夠進行一對一行銷，並使我們能夠以非常細分的方式進行行銷，我認為，這就是我對 26 年及以後最有信心的原因。

And of course, like I didn't mention the kiosk. I think we've done a great job with the kiosk. Our data and our partners' data would say we're awfully close to best in class already with the kiosk. But what I love about the kiosk is that it's just creating a frictionless environment for guests. There's a whole generation of people who just want to order digitally. They want to come into the restaurant. They want to see pictures of food. They want to order it on the kiosk.

當然，我沒有提到售貨亭。我認為我們在自助服務終端方面做得非常出色。我們和合作夥伴的數據表明，我們的自助服務終端已經非常接近同類最佳水平。但我之所以喜歡自助服務終端，是因為它為客人創造了一個無摩擦的環境。有整整一代人只想透過數位方式訂購。他們想進餐廳。他們想看食物的圖片。他們想在售貨亭上訂購。

We've made great strides on kiosks. They haven't even been deployed yet a year and you know we're rolling out the next innovations over the next six months on Kiosk. Already if you come to one of our kiosks, you can see your order history. If you have something that's pretty specific, you can put it in once. You don't have to recreate it every time. So we're getting really good with kiosk, and I think that's another way of becoming frictionless for our guests.

我們在自助服務終端方面取得了長足的進步。它們甚至還沒有部署一年，您知道我們將在未來六個月內在 Kiosk 上推出下一代創新。如果您來到我們的其中一個自助服務終端，您就可以查看您的訂單歷史記錄。如果你有非常具體的東西，你可以把它放進去一次。您不必每次都重新建立它。所以我們在自助服務終端方面做得非常好，我認為這是為我們的客人提供無摩擦服務的另一種方式。

I would just add on to what Michael's saying in terms of the menu. And when you think about perks, I think there's some cool fun things we can do with the menu when you talk about secret menu items and exploration of what we're going to do with the menu as we move forward. I think there's some things that you know are potentially in the pipeline for us that we're exploring from menu innovation that could be fun and exciting, not so much in the short term in terms of the third quarter, but as we go into '26, I think menu innovation can play a role as well in helping to drive some transactions whether it's in our core or outside.

我只是想補充一下邁克爾關於菜單的說法。當您考慮額外福利時，我認為當您談論秘密菜單項目以及探索我們今後將如何處理菜單時，我們可以對菜單做一些很酷很有趣的事情。我認為我們正在探索菜單創新方面的一些潛在舉措，這些舉措可能會很有趣也很令人興奮，雖然在第三季度的短期內不會那麼多，但隨著我們進入26年，我認為菜單創新也可以發揮作用，幫助推動一些交易，無論是在我們的核心還是外部。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Yeah, morning guys. What are the inline locations going to look like? I mean, how big are those? Like, what's the experience going to be like there relative to kind of a typical portillos?

是的，大家早安。內聯位置會是什麼樣子？我的意思是，它們有多大？例如，相對於典型的波蒂略來說，那裡的體驗會是什麼樣的呢？

Yeah, it's, so I would. I don't know if we posted them online yet. I'm sure we will on social media soon, but our village's restaurant is gorgeous. It's a beautiful experiential restaurant. I mean, we call it an inline. The truth is, I think technically it's an end cap, so it's a beautiful location. It's in a, I don't know how familiar you are with the villages. It's one of the largest retirement communities in America. So it's a beautiful restaurant.

是的，我願意。我不知道我們是否已經將它們發佈到網上。我相信我們很快就會在社交媒體上發布，但我們村裡的餐廳非常棒。這是一家美麗的體驗式餐廳。我的意思是，我們稱之為內聯。事實上，我認為從技術上講它是一個端蓋，所以它是一個美麗的地方。它在a，我不知道你對這些村莊有多熟悉。它是美國最大的退休社區之一。所以這是一家很漂亮的餐廳。

We're not going to make them anything less than that. They still need to be experiential. We want people to enjoy coming to Portillos, feel good about that dynamic, and then we want to win them over forever with amazing value, quality, and speed. So we're not, when we say an inline, don't think of a tiny little box that could be anything. It's still a portillos. It's still decorated to the nines. It looks beautiful. You're still going to see people cooking in the kitchen. You're going to see action in the kitchen, and it's going to have that portillo's look and feel.

我們不會讓他們做出比這更差的事。他們仍然需要有經驗。我們希望人們喜歡來到波蒂略斯，對這種活力感到滿意，然後我們希望以驚人的價值、品質和速度永遠贏得他們的青睞。因此，當我們說內聯時，不要認為它是一個可以代表任何東西的小盒子。它仍然是一個波蒂略。它仍然裝飾得非常華麗。看起來很漂亮。你仍然會看到人們在廚房做飯。您將會看到廚房裡的動作，它將具有波蒂略的外觀和感覺。

Yeah, and I'll just add on to that, Brian. Not all are created equal. So as Michael said, the villages may be different than a few in-lines that we're exploring for the pipeline, whether it's next year or in the future. I think what we're all excited about is the potential, the return potential of these in-line units. When you look at the investment cost and what we believe that the AUVs can do what we believe. This can provide to the cash on cash return targets.

是的，我只是想補充一下，布萊恩。並非所有事物都是生而平等的。因此，正如邁克爾所說，這些村莊可能與我們為管道探索的幾條線路不同，無論是明年還是將來。我認為我們都對這些線上單元的潛力和回報潛力感到興奮。當您考慮投資成本時，我們相信 AUV 可以實現我們所相信的功能。這可以為現金提供現金回報目標。

I think as we sit here, the unit economic story for us is extremely important, and as we think about that class of restaurants continued to drive that industry leading union economics is something that is paramount for us as we move forward, and I think the in-lines play a role in driving that for us when we think about the composition of classes as we move forward.

我認為，當我們坐在這裡時，單位經濟故事對我們來說極其重要，當我們想到那類餐館繼續推動行業領先時，工會經濟對於我們前進至關重要，我認為當我們考慮前進過程中的類別組成時，在線發揮著推動作用。

Great.

偉大的。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Hi, good morning. One more on the performance of new units. And I guess Michael, I know you've learned a lot, as you've kind of opened some of these locations in Texas, and I wondered if you could just comment on whether you're thinking differently about how you enter new markets in the future and I know that you've talked in the past about marketing support, but also, I guess the nature of my question is, you added a lot of locations in a fairly short window, and I'm wondering if you're rethinking whether that sort of pace of openings in the new markets should be adjusted going forward. So any thoughts you have on that question would be great.

嗨，早安。再談一下新單位的表現。邁克爾，我知道你已經學到了很多，因為你已經在德克薩斯州開設了一些門店，我想知道你是否可以評論一下，你是否對未來如何進入新市場有不同的看法，我知道你過去曾談到營銷支持，但同時，我想我的問題的本質是，你在相當短的時間內增加了很多門店，我想知道你是否應該在新市場上因此，如果您對這個問題有任何想法，那就太好了。

You bet, David. Good to hear from you. I would tell you that there's, you're always learning and trying to get better every single day, trying to get a little bit better than you were yesterday. And so our perspective is that, we've learned a lot about how to open and how to open successfully. We, I think we're lulled into a false sense of security with the success of the colony. It was just, we put a lot in in pre-marketing that restaurant. And it was just an enormous opening that almost broke the restaurant. So we quickly then tamped down all marketing.

當然，大衛。很高興收到你的來信。我想告訴你，你總是在學習，努力每天進步，努力比昨天進步一點點。因此，我們的觀點是，我們已經學到了很多關於如何開放以及如何成功開放的知識。我認為，我們因殖民地的成功而陷入了一種虛假的安全感。只是，我們在那家餐廳的預先行銷上投入了很多。正是這個巨大的開口幾乎毀了這家餐廳。因此我們很快就停止了所有的行銷活動。

And Houston was a result of that. We started off slow in Houston and the fill-ins in Dallas were slow because we didn't really have a lot of active marketing going on. So I think the biggest lessons for us is, we are, we do want a big opening because we do want to get some excitement and momentum and get people engaged with the brand early on. And then we need to keep a steady drip of marketing going on during the course of the next call it 12 months. I think we'll see that in Atlanta. I think Atlanta is going to be an exciting good test for us.

休斯頓就是由此產生的。我們在休士頓起步緩慢，在達拉斯的填補進展也很緩慢，因為我們實際上並沒有進行很多積極的行銷活動。所以我認為我們最大的教訓是，我們確實想要一個盛大的開幕式，因為我們確實想要獲得一些興奮和動力，並讓人們儘早參與到品牌中。然後，我們需要在接下來的 12 個月內持續不斷地進行行銷。我想我們會在亞特蘭大看到這一點。我認為亞特蘭大對我們來說將是一次令人興奮的良好考驗。

We're opening in Kennesaw, which is a very attractive market. It's a great location. We're doing all of the good grassroots things that we should do to build momentum. We're partnering with Coca-Cola, who you don't get better at marketing than Coca-Cola, and we'll get some great activation in that restaurant. I think the pace of growth is something that we continue to think about and learn from. I think implicit in your question is, did you build too many restaurants too quickly in Dallas?

我們正在肯尼索開業，這是一個非常有吸引力的市場。地理位置優越。我們正在做所有應該做的、基層善事，以累積動力。我們正在與可口可樂合作，在行銷方面沒有比可口可樂更好的了，我們將在那家餐廳獲得一些很好的活化效果。我認為成長的速度是值得我們不斷思考和學習的。我認為你的問題隱含著一個問題：你們在達拉斯是否太快地建了太多餐廳？

I think it's a very fair question, and I don't know if I have a clean answer for that. I think that clearly without the marketing support that was it was too many too quickly. The flip side is that we need to build awareness and so maybe it's a combination of building and doing marketing to continue to build awareness and drive demand. So I think that's a, that's more of a nuanced balancing act, and we'll continue to evaluate, look at what's happening in Dallas, and figure out what the impact of that is in Houston, et cetera.

我認為這是一個非常公平的問題，但我不知道我是否有一個明確的答案。我認為，顯然如果沒有行銷支持，那麼很快就會出現太多這樣的情況。另一方面，我們需要建立知名度，因此也許需要結合建設和行銷來繼續建立知名度並推動需求。所以我認為這更像是一種微妙的平衡行為，我們將繼續評估，看看達拉斯發生的事情，並弄清楚這對休士頓等地的影響。

Thank you. We have reached the end of our question and answer session, and this concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation and have a wonderful day.

謝謝。我們的問答環節已經結束，今天的電話會議也結束了。現在您可以斷開線路。感謝您的參與並祝您有美好的一天。