Portillos Inc (PTLO) 2025 Q3 法說會逐字稿

Hello, and thank you for standing by. Welcome to Portillo's Third Quarter 2025 Conference Call and Webcast. I would now like to turn the call over to Chris Brandon, Vice President of Investor Relations at Portillo's to begin.

您好，感謝您的耐心等待。歡迎參加 Portillo 2025 年第三季電話會議和網路直播。現在我將把電話交給 Portillo's 的投資者關係副總裁 Chris Brandon，讓他開始發言。

Thank you, Operator. Good morning, everyone, and welcome to the Portillo's Third Quarter 2025 Earnings Call. With me today are Mike Miles, Chairman of the Board and Interim 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.

謝謝接線生。各位早安，歡迎參加 Portillo's 2025 年第三季財報電話會議。今天陪同我的是董事會主席兼臨時執行長麥克·邁爾斯，以及財務長米歇爾·胡克。您可以在 investors.portillos.com 上找到我們的 10-Q 報告、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. 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.

這裡對我們未來業績和業務狀況所做的任何評論都是前瞻性陳述，這些陳述是基於管理層目前的預期，並不能保證未來的表現。除非法律要求，否則我們不會更新這些前瞻性聲明。我們的 10-K 文件中列出了可能導致我們的實際業績與這些前瞻性聲明有重大差異的風險因素。今天的財報電話會議將提及非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指標與其最可比較GAAP指標的調節表。

Finally, after we deliver our prepared remarks, we will be happy to take questions from our covering sell-side analysts. And with that, I'll turn the call over to Mike.

最後，在我們發表完準備好的發言稿後，我們將樂於接受通報此市場的賣方分析師的提問。接下來，我將把電話交給麥克。

Thanks, Chris, and good morning. Although I've had the opportunity to meet many of you over the years at different venues, this is my first time speaking with you as Interim CEO of Portillo's. I was also in this role back in 2014 and '15 after our founder, Dick Portillo, retired.

謝謝你，克里斯，早安。雖然這些年來我有機會在不同的場合與你們中的許多人見面，但這是我第一次以 Portillo's 臨時首席執行官的身份與你們交談。2014 年和 2015 年，在我們創辦人 Dick Portillo 退休後，我也曾擔任過這個職位。

So it's not my first time. And as most of you know, I have been Chairman of the Board for the past 10 years. I have been back in the seat for a little over a month, and everything I have seen only reinforces my confidence that Portillo's has a long runway for growth ahead. Each time we enter a new market; our first restaurant is overrun with passionate fans who have been waiting for years for Portillo's to come to town. And the first restaurants opened outside Chicago in California and Arizona, have matured well over the years. We'll do over $10 million in our Buena Park location this year.

所以這不是我第一次。正如你們大多數人所知，我在過去 10 年裡一直擔任董事會主席。我重返崗位已經一個多月了，我所看到的一切都更加堅定了我對 Portillo's 未來發展前景的信心。每次我們進入一個新市場，我們的第一家餐廳都會被熱情的粉絲擠滿，他們已經等了多年才盼到 Portillo's 來到這座城市。而最早在芝加哥以外的加州和亞利桑那州開設的餐廳，多年來發展得相當成熟。今年我們在布埃納帕克分店的營業額將超過1000萬美元。

I'm also impressed with the capability of the company today compared to 10 years ago from the talent and training we have in our restaurants to the energy and commitment at the restaurant support center to the experience and perspective we have on the Board of Directors.

與 10 年前相比，公司如今的能力也給我留下了深刻的印象，從我們餐廳的人才和培訓，到餐廳支援中心的活力和奉獻精神，再到董事會的經驗和遠見。

Although I've had the privilege of seeing all that develop gradually from the Board level over the past decade, it's that much more pronounced being back in the RSC in Oak Brook every day after a 10-year gap. What hasn't changed is the Portillo's experience. Our unique craveable menu, outstanding value, genuine hospitality and lines that move quickly. Those were the ingredients for the success of Portillo's a decade ago, and they are the foundation of our success today. And the reason that our 98 restaurants averaged $8.6 million in annual sales and contributed $163 million of restaurant-level EBITDA over the last 12 months.

雖然在過去的十年裡，我有幸從董事會層面逐步見證了這一切的發展，但在 10 年後，每天回到奧克布魯克的 RSC，這種感覺就更加強烈了。波蒂略一家人的經驗卻始終未變。我們獨具特色的美味菜單、超值的價格、真誠的款待以及快速的排隊速度。這些都是十年前 Portillo's 成功的要素，也是我們今天成功的基礎。而我們旗下 98 家餐廳在過去 12 個月中平均年銷售額達到 860 萬美元，貢獻了 1.63 億美元的餐廳級 EBITDA，原因就在於此。

Although we have a leadership transition at Portillo's, our first priority remains with our customers and restaurant-level teams. Our operators have rededicated themselves to QSAC, our timeless focus on Quality, Service, Attitude and Cleanliness. And we approach every guest visit with a commitment to make their day.

儘管 Portillo's 正在進行領導層更迭，但我們始終將顧客和餐廳團隊放在首位。我們的營運人員重新致力於 QSAC，也就是我們始終堅持的品質、服務、態度和清潔。我們對待每一位客人都秉持著讓客人擁有美好體驗的承諾。

As you know, in the third quarter, Portillo's announced a strategic reset, slowing development in 2025 and 2026, and refocusing our operations on delivering an outstanding guest experience. As we shared with our second quarter results and when we communicated this reset, we added too many locations too quickly and too close together over the past 24 months, particularly in Texas. This has produced a number of restaurants with initial volumes that are not sufficient to deliver healthy economics.

如您所知，Portillo's 在第三季宣布了一項策略調整，放緩了 2025 年和 2026 年的發展步伐，並將營運重點重新放在為顧客提供卓越的體驗上。正如我們在第二季業績報告中所分享的，以及我們宣布此次調整時所傳達的訊息，在過去的 24 個月裡，我們新增了太多地點，而且新增地點的速度太快，地點之間的距離也太近，尤其是在德克薩斯州。這導致許多餐廳的初期營業額不足以帶來健康的經濟效益。

As a result, we have slowed development to the extent we can, limiting openings in 2025 and 2026 to sites with already signed leases. Quite a few sites in the pipeline were pushed back or dropped. Michelle will speak to the associated costs we recognized in this quarter. We also have to address the low-volume restaurants we opened and are working to drive trial and get the labor equation right at these locations. Going forward, we plan to have more time and distance separating our openings in new markets. We're also deploying a smaller format restaurant that can deliver good unit economics at $4 million or $5 million of sales.

因此，我們盡可能放慢了開發速度，將 2025 年和 2026 年的開業限制在已經簽署租賃協議的地點。很多正在籌備中的網站都被延後或取消了。米歇爾將談談我們本季確認的相關成本。我們還必須解決我們新開的客流量較低的餐廳的問題，我們正在努力推動試營業，並調整這些餐廳的勞動力配置。展望未來，我們計劃在開拓新市場時，保持更長的開幕時間和更大的市場間距。我們也正在推廣一種規模較小的餐廳模式，這種模式可以在銷售額達到 400 萬或 500 萬美元時實現良好的單位經濟效益。

It's worth noting that we already profitably operate several smaller restaurants in Chicago that perform well out of similar footprint and with sales in the $4 million to $5 million range, including Portillo's number 1 in Villa Park. It took years of great customer experiences at number 1 and dozens of other restaurants like it in the Chicago market to build the Portillo's brand to the point where number 43 opened in 2016 in the South Loop will do over $20 million in sales this year.

值得一提的是，我們在芝加哥已經盈利地經營著幾家規模較小的餐廳，這些餐廳佔地面積相近，銷售額在 400 萬至 500 萬美元之間，其中包括位於 Villa Park 的 Portillo's 排名第一的餐廳。Portillo's 品牌在芝加哥市場取得了巨大成功，其排名第一的餐廳以及數十家其他同類型餐廳多年來一直致力於為顧客提供優質的體驗，最終使 Portillo's 品牌發展到如今的規模。 2016 年在南環區開業的第 43 家 Portillo's 餐廳今年的銷售額將超過 2,000 萬美元。

So our development strategy will reflect a return to a more gradual pace, avoiding cannibalization and letting great experiences drive more visits and ultimately more restaurants. And we will design and build new Portillo's that can succeed at today's new market initial volumes, which are industry-leading, but not yet at the level we achieve over time in established markets.

因此，我們的發展策略將體現出一種回歸更漸進的步伐，避免相互蠶食，讓美好的體驗帶動更多顧客光顧，最終帶來更多餐廳。我們將設計並建造新的 Portillo's 餐廳，使其能夠在當今新市場的初期銷量中取得成功，這些銷量在業內領先，但尚未達到我們在成熟市場中隨著時間的推移所達到的水平。

At the same time, we have focused on driving more transactions. Our most important lever remains the Portillo's experience, the Italian beef sandwich, perfect crinkle-cut fries, family recipe chocolate cake, made-to-order salads, all with the speed and at price points that compete with QSR, but served with a genuine hospitality and a fun and unique atmosphere.

同時，我們也致力於推動更多交易的達成。我們最重要的優勢仍然是 Portillo's 的體驗，包括意大利牛肉三明治、完美的波浪薯條、家族秘方巧克力蛋糕、現點現做的沙拉，所有這些都以與快餐店競爭的速度和價格提供，但同時又以真誠的熱情好客和有趣獨特的氛圍服務。

It's a powerful customer proposition and executing it well, has always been our formula for same-store sales growth. We're also leveraging our Portillo's Perks loyalty program that we launched earlier this year. Although it's still scaling, we have already had success using it to stimulate visits. And especially in some of our new markets, we're looking to expand our reach by leveraging affiliate marketing and catering and delivery partners to help drive trial and get that first taste of Portillo's into more new mouths.

這是一個強而有力的客戶主張，而很好地執行它，一直是我們的同店銷售成長秘訣。我們也正在充分利用今年稍早推出的 Portillo's Perks 會員忠誠度計畫。雖然它仍在擴展規模，但我們已經成功地利用它來刺激訪問量。尤其是在我們的一些新市場，我們希望透過利用聯盟行銷以及餐飲和配送合作夥伴來擴大我們的覆蓋範圍，以幫助推動試用，讓更多的新顧客第一次品嚐到 Portillo's 的美味。

In closing, I want to thank our team members, especially those in our restaurants for their continued focus on creating outstanding guest experiences during this period of transition. And I'd like to thank our partners and investors for their support and confidence in this beloved brand.

最後，我要感謝我們的團隊成員，特別是餐廳的員工，感謝他們在過渡時期繼續專注於為顧客創造卓越的體驗。我還要感謝我們的合作夥伴和投資者，感謝他們對我們這個深受喜愛的品牌的支持和信任。

I know I speak for the entire Board in saying that we believe in Portillo's and our ability to create shareholder value more than ever. In a couple of weeks, we will celebrate a major milestone when we cut the ribbon for our 100th restaurant in Kennesaw, Georgia. It will be an exciting moment for all of us and a reminder that while we've accomplished a lot, we're really just getting started.

我知道我代表全體董事會表示，我們比以往任何時候都更相信 Portillo's 以及我們創造股東價值的能力。再過幾週，我們將迎來一個重要的里程碑，屆時我們將為位於喬治亞州肯尼索的第 100 家餐廳剪綵。這將是我們所有人激動人心的時刻，也是對我們所有人的提醒：雖然我們已經取得了許多成就，但我們實際上才剛起步。

I will now hand it over to Michelle to review the details of the third quarter results.

現在我將把這項工作交給米歇爾，讓她審查第三季業績的詳細情況。

Great. Thank you, Mike, and good morning. During the third quarter, revenues were $181.4 million, reflecting an increase of $3.2 million or 1.8% compared to last year. Our revenue growth in the quarter was driven by non-comp restaurants. Restaurants not in our comp base contributed $5.6 million of the total year-over-year increase in revenue during the quarter. Same-restaurant sales declined 0.8%, which decreased revenues approximately $1.2 million in the quarter. The same-restaurant sales decline was attributable to a 2.2% decrease in transactions, partially offset by an increase in average check of 1.4%.

偉大的。謝謝你，麥克，早安。第三季營收為 1.814 億美元，比去年同期成長 320 萬美元，成長 1.8%。本季我們的營收成長主要由非同店餐廳推動。本季度，不屬於我們同店銷售範圍的餐廳貢獻了 560 萬美元的年成長收入。同店銷售額下降了 0.8%，導致本季營收減少了約 120 萬美元。同店銷售額下降是由於交易量減少了 2.2%，但平均客單價上漲了 1.4%，部分抵消了交易量下降的影響。

The higher average check was driven by an approximate 3.2% increase in certain menu prices, partially offset by a 1.8% decrease in product mix. We do not foresee taking any additional pricing actions in the remainder of this year. As such, our effective price increase for the fourth quarter is estimated to be in the range of 2.5% to 3%, pending the impact of our fourth quarter Portillo's Perks offers.

平均消費額的增加是由於某些菜餚價格上漲了約 3.2%，但部分被產品組合下降了 1.8% 所抵消。我們預計今年剩餘時間內不會採取任何額外的價格調整措施。因此，我們預計第四季度的實際價格漲幅將在 2.5% 至 3% 之間，具體取決於我們第四季度 Portillo's Perks 優惠活動的影響。

Moving on to our costs. Food, Beverage and Packaging costs as a percentage of revenues increased to 34.5% in the quarter from 33.7% in the prior year. This increase was primarily the result of a 6.3% increase in our commodity prices, partially offset by an increase in our average check.

接下來談談成本。本季食品、飲料和包裝成本佔收入的百分比從去年同期的 33.7% 上升至 34.5%。這一增長主要是由於我們的商品價格上漲了 6.3%，但部分被我們平均客單價的上漲所抵消。

In the quarter, we experienced increases in several categories, including our primary proteins of beef, chicken and pork. We continue to forecast commodity inflation of 3% to 5% in 2025 with the most significant pressures coming from beef.

本季度，我們多個類別的銷售量均有所成長，包括我們主要的蛋白質來源—牛肉、雞肉和豬肉。我們繼續預測 2025 年大宗商品通膨率為 3% 至 5%，其中牛肉價格上漲將帶來最大的壓力。

Labor as a percentage of revenues increased to 26.6% in the quarter from 25.8% in the prior year. The increase was primarily due to lower transactions, incremental wage increases, higher benefit costs and deleverage from our newer restaurant openings. This was partially offset by an increase in our average check and labor efficiencies. Hourly labor rates were up 3.3% in the third quarter of 2025. We continue to estimate labor inflation of 3% to 4% for the full year.

本季勞動成本佔收入的比例從去年同期的 25.8% 上升至 26.6%。成長的主要原因是交易量減少、薪資逐步上漲、福利成本增加以及新餐廳開業帶來的去槓桿化。平均客單價的提高和勞動效率的提升部分抵消了這一損失。2025年第三季度，小時勞動成本上漲了3.3%。我們繼續預期全年勞動力通膨率為 3% 至 4%。

Other operating expenses increased $2.3 million or 10.8% in the quarter, compared to the prior year, which was primarily driven by the opening of new restaurants and an increase in repair and maintenance, utilities and advertising expense.

與去年同期相比，本季其他營運支出增加了 230 萬美元，增幅達 10.8%，這主要是由於新餐廳的開業以及維修保養、水電費和廣告費的增加所致。

As a percentage of revenues, other operating expenses increased to 12.9% from 11.8% in the prior year. Occupancy expenses increased $1.4 million or 14.7% in the quarter compared to the prior year, primarily driven by the opening of new restaurants. As a percentage of revenues, occupancy expenses increased 0.7% compared to the prior year.

其他營運費用佔收入的百分比從前一年的 11.8% 增加到 12.9%。本季營業額較上年同期成長 140 萬美元，增幅達 14.7%，主要原因是新餐廳開幕。佔收入的百分比，入住費用比上年增長了 0.7%。

Restaurant level adjusted EBITDA decreased $5.3 million to $36.7 million in the quarter from $41.9 million in the prior year. Restaurant level adjusted EBITDA margins decreased 330 basis points to 20.2% in the third quarter versus 23.5% in the prior year. We continue to experience more significant pressures on our margins from our non-comp restaurants.

本季餐廳層級的調整後 EBITDA 減少了 530 萬美元，至 3,670 萬美元，而去年同期為 4,190 萬美元。第三季度，餐廳層級的調整後 EBITDA 利潤率下降 330 個基點至 20.2%，而去年同期為 23.5%。我們非同業餐廳的利潤率持續面臨越來越大的壓力。

We currently estimate our restaurant-level adjusted EBITDA margins to be in the range of 21% to 21.5% in 2025. Our General & Administrative expenses increased by $1.7 million to $20 million or 11% of revenue in the quarter from $18.3 million or 10.3% of revenue in the prior year. This increase was primarily driven by $3.3 million in dead site costs. This increase was partially offset by a $1.1 million net benefit resulting from the CEO transition. This benefit was due to forfeiture of equity awards, offset by other transition costs.

我們目前預計，到 2025 年，我們餐廳層級的調整後 EBITDA 利潤率將在 21% 至 21.5% 之間。本季度，我們的一般及行政費用增加了 170 萬美元，達到 2,000 萬美元，佔營收的 11%，而上年同期為 1,830 萬美元，佔營收的 10.3%。這一增長主要是由於停工成本增加了 330 萬美元。執行長更迭帶來的 110 萬美元淨收益部分抵消了這一成長。這項收益是由於股權獎勵的放棄而獲得的，但被其他過渡成本所抵消。

Following CEO transition costs in the third quarter and projected Board-approved retention payments, we have adjusted our G&A target for 2025. Our updated estimate for fiscal year 2025 G&A is now $76 million to $79 million. Preopening expenses increased by $1.5 million to $3.3 million in the third quarter of 2025, compared to $1.7 million in the prior year, primarily due to the number and timing of activities related to our planned restaurant openings.

考慮到第三季執行長過渡成本和預計董事會批准的留任獎金，我們調整了 2025 年的 G&A 目標。我們更新後的 2025 財年一般及行政費用估算為 7,600 萬美元至 7,900 萬美元。2025 年第三季度，開業前費用增加了 150 萬美元，達到 330 萬美元，而上年同期為 170 萬美元，這主要是由於與我們計劃開設的餐廳相關的活動的數量和時間安排所致。

During the quarter, we recorded a noncash impairment charge of $2.2 million related to our legacy Barnelli's trade name, primarily due to an increase in the discount rate. This pasta concept is available at nine co-branded restaurants in our Chicagoland market. Neither the Portillo's trade name nor goodwill was impaired. This impairment charge has been adjusted out of our reported adjusted EBITDA. Please refer to our adjusted EBITDA table in the earnings release and 10-Q for additional adjustments recorded this quarter. Adjusted EBITDA was $21.4 million in the quarter versus $27.9 million in the prior year, a decrease of 23.4%.

本季度，我們提列了 220 萬美元的非現金減損費用，這與我們原有的 Barnelli's 商標有關，主要是由於折現率上升所致。這種意麵概念在我們芝加哥地區的九家聯名餐廳有售。Portillo 的商號和商譽均未受損。這項減損費用已從我們報告的調整後 EBITDA 中扣除。有關本季記錄的其他調整，請參閱盈利報告和 10-Q 表格中的調整後 EBITDA 表。本季調整後 EBITDA 為 2,140 萬美元，而去年同期為 2,790 萬美元，下降了 23.4%。

Due to the change in our estimated G&A expenses this year, we now expect adjusted EBITDA of $90 million to $94 million for fiscal year 2025. Below the EBITDA line, interest expense was $5.7 million in the quarter, a decrease of $0.8 million from the prior year. This decrease was driven by a lower effective interest rate of 6.9% versus 8.3% for 2024.

由於今年我們估計的一般及行政費用發生了變化，我們現在預計 2025 財年的調整後 EBITDA 為 9,000 萬美元至 9,400 萬美元。在 EBITDA 項下，本季利息支出為 570 萬美元，比去年同期減少了 80 萬美元。這一降幅主要歸因於實際利率從 2024 年的 8.3% 降至 6.9%。

At the end of the quarter, we had $77 million drawn on our revolving credit facility. Our total net debt at the end of the quarter was $323 million. We have approximately $69 million of available capacity on the revolver. Income tax benefit was $1.2 million in the quarter compared to expense of $2.5 million in the prior year. Our effective tax rate for the third quarter was impacted by a decrease in our valuation allowance. Our effective tax rate year-to-date was 20.4%. We expect the full year tax rate to be approximately 21% to 23%.

截至季末，我們的循環信貸額度已提取 7,700 萬美元。本季末，我們的淨債務總額為 3.23 億美元。我們大約有 6900 萬美元的可用資金用於這項改革。本季所得稅收益為 120 萬美元，而去年同期則支出 250 萬美元。由於估值準備金減少，我們第三季的實際稅率受到影響。今年迄今為止，我們的實際稅率為 20.4%。我們預計全年稅率約為 21% 至 23%。

Cash from operations decreased by 32.3% year-over-year to $48.7 million year-to-date. We ended the quarter with $17.2 million in cash. We believe our efforts towards simplicity, a revised approach to new market entry, and a restaurant model with healthy unit economics will support our growth potential and drive long-term shareholder returns.

今年迄今，經營活動產生的現金流量年減 32.3%，至 4,870 萬美元。本季末，我們持有現金1720萬美元。我們相信，我們為簡化營運、改善新市場進入方式以及打造單位經濟效益良好的餐廳模式所做的努力，將支持我們的成長潛力，並推動股東的長期回報。

Thank you for your time. Operator, please open the line for questions.

感謝您抽出時間。接線員，請開通提問線。

(Operator Instructions) Sara Senatore, Bank of America.

（操作員說明）薩拉·塞納托雷，美國銀行。

Isiah on for Sara. Just seeing that other restaurant OpEx saw pressure just due to advertising expense, but the traffic decline seems to have accelerated quarter-on-quarter. Could you guys speak to marketing efficacy in the quarter and just how you think about marketing strategy going forward, especially in the light of Denise joining back in September?

以賽亞替補薩拉上場。看到其他餐廳的營運支出僅因廣告費用而承壓，但客流量的下降似乎環比加速。各位能否談談本季的行銷效果，以及你們對未來行銷策略的看法，尤其是在 Denise 於 9 月加入之後？

Yes, Isiah, keep in mind that our marketing, it's in two spots. One, as you mentioned, is in OpEx, but then in G&A as well, we do have marketing spend in there, just more geography for you on the P&L. Yes, absolutely, we continue to believe that we need to drive trial and awareness, specifically in our newer markets. And so as we look at campaigns we have ongoing in Dallas, we're making investments in Houston as well, where we have five restaurants today. And we continue to believe that that's a good investment to make as we drive that trial and awareness.

是的，以賽亞，請記住我們的行銷活動有兩個面向。如您所提到的，其中一項在營運支出 (OpEx) 中，另一項在一般及行政費用 (G&A) 中，我們也有行銷支出，只是損益表 (P&L) 的地域範圍更廣。是的，絕對的，我們仍然認為我們需要推動試用和提高知名度，尤其是在我們的新興市場。因此，在我們關注達拉斯正在進行的行銷活動的同時，我們也在休士頓進行投資，目前我們在那裡擁有五家餐廳。我們仍然認為，在推進試驗和提高公眾意識的過程中，這是一項值得的投資。

Now having said that, here in our core market of Chicagoland, that still is extremely important to us. We need to make sure that we continue to message the brand and look at our value proposition here. And so we make investments here as well. We have a campaign going on in Chicagoland as we speak right now to continue to message the brand here in our core markets. So we continue to believe in that investment and that that's a good payback for us now and as we look into the future.

話雖如此，在我們芝加哥地區的核心市場，這對我們來說仍然極為重要。我們需要確保繼續傳遞品牌訊息，並檢視我們的價值主張。因此，我們也在這裡進行投資。我們現在正在芝加哥地區開展一項宣傳活動，以繼續在我們的核心市場推廣品牌。因此，我們仍然相信這項投資，並且相信無論現在或將來，它都能為我們帶來良好的回報。

I appreciate the clarification. And just as a follow-up, appreciating that you guys aren't taking price or planning to in 4Q, pricing does seem to be running towards the high end of the industry range. How do you guys view your value perception among guests and just your broader value proposition?

感謝您的澄清。另外，我想補充一點，雖然我知道你們沒有在第四季度進行價格調整或計劃進行價格調整，但目前的價格似乎確實處於行業價格區間的高端。你們如何看待顧客對你們價值的認知以及你們更廣泛的價值主張？

Yes. In terms of pricing, so when we look at where we were at this quarter and then when you look at where the September inflation data was, food away from home was at 3.7%. So we're definitely indexing under that. As I mentioned, we're not planning to take price this quarter. As we go into next year, we'll look at that in relation to our inflationary cost pressures. But as Mike mentioned, we continue to believe that we need to drive traffic into our restaurants. And so we have to be mindful of when and where we take price.

是的。就價格而言，當我們回顧本季的情況，再看看 9 月的通膨數據時，外食的通膨率為 3.7%。所以我們肯定會將其納入索引。正如我之前提到的，我們本季不打算進行價格評估。進入明年，我們將結合通膨成本壓力來檢視這個問題。但正如麥克所提到的，我們仍然認為我們需要吸引客流到我們的餐廳。因此，我們必須注意何時何地進行價格評估。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Just a question on development. I guess, one, is there anything you can say around the openings you expect in '26 as you sit here today? Presumably, what will open next year is already underway in some form or fashion has been planned.

關於開發方面有個問題。我想問的是，就您今天在這裡所期待的 2026 年的開幕式而言，您有什麼可以透露的嗎？想必明年即將開放的項目已經以某種形式或方式開始籌備或計劃之中。

And then just related to that, if you were going to make any kind of pivot on development beyond next year, I would think it wouldn't be until 2027. So maybe just talk about what scenarios you're contemplating? Is there a world in which you don't build for a while, and you focus on the existing assets? Are there a lot of things just open-ended beyond next year?

還有一點，如果你打算在明年之後對發展方向進行任何調整，我認為最早也要到 2027 年才會進行。所以，或許可以談談你正在考慮哪些方案？是否存在這樣一種情況：一段時間內不進行任何建設，而是專注於現有資產？明年之後還有很多事情沒有定論嗎？

Yes, Brian, as we said, we're going to plan to open eight restaurants next year, and you're spot on that a number of those were already in flight. And so, you'll see some additional restaurants in Dallas and Houston, which if we could do it all over again and wave a magic wand, we might not open in 2026. We've probably pushed them out. But we, we've got some other great sites in the pipeline. And as we look ahead to 2027, it's our intention to continue to grow and to grow gradually, as I discussed.

是的，布萊恩，正如我們所說，我們計劃明年開設八家餐廳，你說得對，其中一些餐廳已經在籌備中了。因此，您將在達拉斯和休斯頓看到一些新的餐廳，但如果我們可以重來一次，揮動魔法棒，我們可能不會在 2026 年開業。我們可能已經把他們趕走了。但是，我們還有一些其他很棒的網站正在籌備中。展望 2027 年，正如我剛才所說，我們的目標是繼續發展，並且穩定發展。

So you won't see us open a bunch of more restaurants in '27 in either the Dallas or the Houston market, but you'll see us expanding in other markets that are growth opportunities for us. We'll probably have our second opening in the Atlanta market in 2027 and look to other locations for growth beyond that.

所以，2027 年你不會看到我們在達拉斯或休士頓市場開設更多餐廳，但你會看到我們在其他有成長機會的市場擴張。我們可能會在 2027 年在亞特蘭大市場開設第二家分店，並在此之後尋求在其他地區發展。

Gregory Francfort, Guggenheim.

格雷戈里·弗朗福特，古根漢。

This is Arian Razai on for Greg. I wanted to ask about the beef cost. And I know it's early, but can you help frame the early thoughts in commodity into the next year? And also maybe like touch on labor inflation guidance. It seems like a lot of companies like are seeing like below 3% wage like year-over-year, but I'm seeing you guys are still like above that. I don't know if it's regional or any outlook on that or any commentary would be super helpful.

這裡是 Arian Razai 替 Greg 報道。我想問一下牛肉的價格。我知道現在還為時過早，但您能否幫忙梳理一下明年大宗商品市場的初步想法？或許還可以談談勞動力通膨預期。很多公司的薪資年漲幅似乎低於 3%，但我看到你們的漲幅仍然高於這個水準。我不知道這是否是地域性問題，任何相關觀點或評論都將非常有幫助。

Yes. So in terms of beef cost, obviously, we saw, we've seen pressures on beef all this year. As we go into next year, we don't see any easing on beef costs. We're still putting together plans. I think you've seen other companies who have a more concentrated basket on beef signaled more mid-single digits.

是的。所以就牛肉價格而言，顯然，我們看到，今年以來牛肉價格一直面臨壓力。展望明年，我們預計牛肉價格不會有任何下降的跡象。我們仍在製定計劃。我認為你已經看到其他一些牛肉業務佔比更高的公司發出了個位數中段的降幅信號。

We're again putting together that plan. We'll have more information on what we think '26 is going to look like in January for you all. But I imagine what you're hearing today, we're not in any different boat than those folks are. But just for context, about 30% of our basket is beef. So we, that is more heavily weighted for us, but there's still a broader basket for us and with some offsets as we look into next year as well that we think can help mitigate some of those pressures.

我們正在再次製定該計劃。我們將在1月為大家提供更多關於我們對2026年展望的資訊。但我認為，你今天聽到的那些話，說明我們和那些人處境並沒有什麼不同。但作為參考，我們購買的商品中約有 30% 是牛肉。所以，這對我們來說權重更大，但我們仍然有更廣泛的投資組合，並且展望明年，我們也採取了一些抵消措施，我們認為這些措施可以幫助緩解一些壓力。

On the labor front, year-to-date, we're at about 3%. We came into the year forecasting 3% to 4%. So we're at the lower end of the range. I wouldn't say that there's necessarily more geographical concentration for us. We continue to give increases to our team members within each year.

就勞動力市場而言，今年迄今為止，我們的成長率約為 3%。年初我們預測成長率為 3% 至 4%。所以我們現在處於這個範圍的下限。我不會說我們的業務在地理分佈上一定更加集中。我們每年都會持續為團隊成員加薪。

We don't pay minimum wage anywhere. When you look at our average hourly rate, we're above $17 an hour. So we feel really good about where we sit today, but we still need to make investments in markets and existing team members, but nothing I'd call out in terms of concentration of where those increases are.

我們這裡任何地方都不付最低工資。我們的平均時薪超過 17 美元。所以，我們對目前的狀況感到非常滿意，但我們仍然需要在市場和現有團隊成員方面進行投資，但就這些成長的集中方向而言，我沒有什麼特別要強調的。

Chris O'Cull, Stifel.

克里斯·奧庫爾，斯蒂費爾。

This is Ella on for Chris. Mike, I appreciate your prepared remarks on the quarter, but can you elaborate on what enabled the company to deliver a bit better comp performance than what you guided to in the business update?

這是Ella替Chris主持節目。麥克，我很感謝你對本季的準備發言，但你能否詳細說明一下是什麼因素使得公司能夠取得比你在業務更新中預期的更好的業績？

The comp performance in the third quarter was helped out some by our Perks program, which we're beginning to scale and are beginning to learn more about how to use. It's great that we have such an engaged customer base, and they, so when we use the Perks program to stimulate visits, we get an immediate response to it. And we did a little bit of that in the third quarter, and it's helpful both with respect to lapsed guest activation, also getting folks to try new things that are on the menu. And then we've also sent a couple of offers to the entire base that have had a really nice response. And that was a bit of an upside for us in the third quarter.

第三季的薪酬表現在一定程度上得益於我們的員工福利計劃，我們正在開始擴大該計劃的規模，並開始更多地了解如何使用它。我們擁有如此活躍的客戶群，這真是太好了。因此，當我們使用會員獎勵計劃來刺激訪問量時，我們會立即得到回饋。我們在第三季做了一些這方面的工作，這對於提高流失的客戶啟動率以及讓人們嘗試菜單上的新產品都很有幫助。此外，我們也向整個基地發出了幾份邀請，反應非常好。這對我們來說是第三節的利好因素。

Great. Just a follow-up on the fourth quarter comp. So the full year comp guidance of down 1% to down 1.5% imply a pretty big decrease in the fourth quarter, both on a one-year and two-year basis. Curious, how is the quarter-to-date comp look like and any color on that?

偉大的。第四季度對比數據的後續補充。因此，全年業績預期下降 1% 至 1.5%，這意味著第四季度業績將出現相當大的下滑，無論從一年前還是兩年前來看都是如此。很好奇，本季至今的對比情況如何？有沒有什麼顏色方面的內容？

Yes. We're not going to comment on any Q4 comp information other than what you just said, Ella. I will say, though, when you look at what we're lapping in Q4 of last year, we did have a positive comp . So we have a little bit tougher lap coming into Q4, and there's still a lot of unknowns. I mean you all see what's going on in the industry. So it's very fluid right now. We do have a large seasonal catering business here in our core as well. So that can be impactful to us in Q4. So still some unknowns for us, but we feel comfortable about the guide that we put out there.

是的。除了你剛才說的，我們不會評論任何關於第四季度業績比較的信息，艾拉。不過，我要說的是，如果你看看我們去年第四季的成績，你會發現我們確實有正面的同店銷售優勢。。所以進入第四節排位賽，我們將面臨更艱難的單圈挑戰，而且還有很多未知因素。我的意思是，你們都看到了這個行業正在發生的事情。所以目前情況非常不穩定。我們市中心也有規模很大的季節性餐飲業務。所以這可能會對我們第四季產生影響。所以，我們仍然有一些未知因素，但我們對我們發布的指南感到滿意。

Thank you so much.

太感謝了。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Hi. This is Paul Hao on for Dennis. Thank you so much for the question. I guess my first question is more of a clarification. I understand you don't want to talk about anything about 4Q trends. But just curious if you could provide some color on the comp cadence through third quarter and how did sales and traffic trend exiting like towards the end of the quarter?

你好。這是保羅·郝替丹尼斯解說。非常感謝您的提問。我想我的第一個問題更像是澄清說明。我知道你不想談論第四季度的趨勢。我只是好奇您能否詳細介紹一下第三季的銷售節奏，以及季末的銷售和流量趨勢如何？

And then just a follow-up, I'm wondering if you could elaborate a little bit more on what you have seen in terms of consumer behavior and if there's any notable shifts that you'd like to highlight by either age or income cohorts? Thank you.

最後，我想問一個後續問題，您能否再詳細闡述您在消費者行為方面觀察到的情況，以及您是否想重點介紹一下按年齡或收入群體劃分的任何顯著變化？謝謝。

Yes. When you look at intra-quarter trends, Mike mentioned we pulled some Portillo's Perks levers. So when you look at, in July, we ran $1 hotdog week offer. In September, we ran a 50% cheeseburger week offer. And so those were more impactful versus, say, a August comp performance, but that was obviously driven by levers that we pulled with the Portillo's Perks program. And so that's just a little bit of intra-quarter color.

是的。從季度內趨勢來看，麥克提到我們採取了一些 Portillo's Perks 的措施。所以你看，7 月我們推出了 1 美元熱狗週優惠活動。9月份，我們推出了起司漢堡五折優惠週活動。因此，這些業績比例如 8 月份的業績表現更有影響力，但這顯然是由我們透過 Portillo's Perks 計劃採取的措施所驅動的。以上就是季度內部的一些細節。

There's always, in September, you have more pressures, but I think we did a nice job of pulling some of those levers with the Perks program to help mitigate some of those pressures, which is why our comp performance came in a little bit better than what we were projecting.

九月總是會面臨更多壓力，但我認為我們透過員工福利計畫很好地利用了一些槓桿來緩解這些壓力，這就是為什麼我們的薪資表現比我們預期的要好一些。

In terms of the consumer, I think you all see what we see. It continues to be a very fluid situation. It continues to be pressured, but it's something that we've been facing all year, and we continue, like the rest of the industry to do what we can to mitigate some of those headwinds.

就消費者而言，我想你們看到的和我們看到的一樣。目前局勢仍然瞬息萬變。雖然壓力依然存在，但這是我們今年以來一直面臨的問題，而且我們和業內其他公司一樣，會繼續盡我們所能減輕這些不利因素。

Jim Salera, Stephens Inc.

吉姆·薩萊拉，史蒂芬斯公司

Good morning, this is Tyler Prause on for Jim. Thanks for taking our questions. Just kind of a follow-up to the last question to get started. Several of your QSR competitors have called out an outsized impact from the Hispanic and younger consumer cohorts. Just curious if you saw any noticeable step change during those cohorts during the quarter.

早安，我是泰勒·普勞斯，代吉姆為您報道。謝謝您回答我們的問題。先就上一個問題問個後續。您的幾家速食連鎖競爭對手都指出，西班牙裔和年輕消費族群的影響非常巨大。我只是好奇，在本季中，你是否觀察到這些群體有任何明顯的進步。

Yes, Tyler, we did not see anything that I would call out as noticeable. We've continued to call out just some pressures that we've had, specifically in our drive-thru channel. I'd say that was a little bit more pronounced in Q3 versus some of the other channels, but nothing specifically with like a Hispanic or other consumer cohort that I would call out.

是的，泰勒，我們沒有看到任何我認為特別明顯的東西。我們一直在強調我們所面臨的一些壓力，尤其是在我們的得來速管道方面。我認為第三季這種現像比其他一些管道更為明顯，但並沒有特別針對西班牙裔或其他消費群體出現什麼值得特別指出的情況。

Great. That's helpful. And just kind of shifting gears here. You previously called out more of a focused marketing effort in Texas. Can you talk a little bit how that's going?

偉大的。那很有幫助。我們現在要換個話題了。您之前曾提到要在德州加大行銷力度。能簡單說說進展嗎？

And additionally, with Portillo's now in several unique markets such as Arizona, Texas, Florida and soon to be Georgia, which are effectively at different stages of awareness building, how are you developing a cohesive marketing message to communicate to these different markets effectively?

此外，Portillo's 目前已進入亞利桑那州、德克薩斯州、佛羅裡達州等多個獨特的市場，即將進入喬治亞州，這些市場的知名度建設階段各不相同，您是如何制定一個統一的營銷信息，有效地與這些不同的市場進行溝通的呢？

Yes. It's a great question, Tyler. And I think at a couple of levels. First, tactically, we're pulling just about every lever that we know how in Texas to try and get people to try more Portillo's. It's really the kind of thing where we build our brand by people experiencing it. So everything that we can do to get folks to give us a try from sampling events to offers that we make through the Perks program to some market-wide offers that we're trying in Dallas and we'll be shortly employing in Houston.

是的。泰勒，你問得好。我認為這體現在兩個層面上。首先，在策略上，我們正​​在德克薩斯州動用一切我們所知的手段，試圖讓人們更多地嘗試 Portillo's 餐廳。品牌建立的真諦在於讓人們親身體驗。因此，為了讓大家嘗試我們的產品，我們可以做各種各樣的事情，從試吃活動到透過 Perks 計劃提供的優惠，再到我們在達拉斯試行的、即將推廣到休斯頓的一些全市場優惠。

All those things help to get us our first visit, and I think that's important to get the ball rolling. And that's really the way that Portillo's has built the brand in every market going back to Chicago for the last 40 or 50 or 60 now years.

所有這些都有助於我們進行第一次拜訪，我認為這對啟動專案來說非常重要。而這正是 Portillo's 在過去 40、50 甚至 60 年間，在芝加哥等各個市場建立品牌的方式。

I do think there's a germ of a big idea that you also referenced in your question about how we have a cohesive program for new markets. We really have not ever sort of cracked the code on communicating what Portillo's is all about to people who have never heard of us before.

我確實認為，你問題中提到的那個關於我們如何為新市場制定一個連貫計劃的大想法，確實有一個雛形。我們一直沒能真正找到向從未聽過 Portillo's 的人傳達 Portillo's 理念的方法。

We really rely on the Chicago expatriate community to drive our sales in new markets. And they do a great job. The first couple of restaurants we opened in a market just, we can't keep up with all the demand. People drive for hours to get to those restaurants. But we need to have a clearer way to communicate to folks who have never heard of Portillo's before and don't know somebody from Chicago, what's so great about it.

我們非常依賴芝加哥的僑民群體來推動我們在新市場的銷售。他們做得非常出色。我們在市場開的前幾家餐廳，根本無法滿足所有的需求。人們要開車幾個小時才能到達那些餐廳。但我們需要一種更清晰的方式，向那些以前從未聽說過 Portillo's，也不認識任何芝加哥人的人傳達它到底好在哪裡。

And you heard somebody mention Denise, who's our new CMO. She's working on that. And it's not the kind of thing that's going to happen overnight, but it is something that we'll be developing over the course of 2026 so that as we go to new markets like Atlanta and beyond, we've got another way to get people to try Portillo's and experience it.

你也聽到有人提到了丹妮絲，她是我們新任的行銷長。她正在努力。這並非一朝一夕就能實現的事情，而是我們將在 2026 年逐步發展起來的事情，這樣當我們進入亞特蘭大等新市場以及更遠的地方時，我們就能有另一種方式讓人們嘗試 Portillo's 並體驗它。

Very helpful. That's all from us now.

很有幫助。以上就是我們今天要報道的全部。

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

我們的問答環節到此結束，今天的電話會議也到此結束。您可以在此時斷開線路。感謝您的參與。