Portillos Inc (PTLO) 2026 Q1 法說會逐字稿

Hello, and thank you for standing by. Welcome to the Portillo's first-quarter 2026 conference call and webcast.

您好，感謝您稍候。歡迎收聽 Portillo's 2026 會計年度第一季電話會議與網路直播。

I would now like to turn the call over to Chris Brandon, Vice President of Investor Relations at Portillo's, to begin.

現在我想把電話交給 Portillo's 投資人關係副總裁 Chris Brandon，由他開始。

Thanks, operator. Good morning, everyone, and welcome to the Portillo's first-quarter 2026 earnings call. With me today are Brett Patterson, President and Chief Executive Officer; and Michelle Hook, Chief Financial Officer. You can find our 10-Q, earnings press release, and supplemental presentation at investors.portillos.com.

謝謝，接線員。各位早安，歡迎參加 Portillo's 2026 會計年度第一季財報電話會議。今天與我一同出席的有總裁兼執行長 Brett Patterson，以及財務長 Michelle Hook。您可至 investors.portillos.com 查閱我們的 10-Q、財報新聞稿與補充簡報資料。

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-Q identifies risk factors that may cause our actual results to vary materially from these forward-looking statements.

我們在此對未來業績與業務狀況所作的任何評論均屬前瞻性陳述，係基於管理層目前的預期，並不保證未來表現。除非法律要求，我們不會更新這些前瞻性陳述。我們的 10-Q 載明風險因素，可能導致實際結果與這些前瞻性陳述存在重大差異。

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.

今天的財報電話會議將提及非 GAAP 財務衡量指標，該等指標並非 GAAP 指標的替代方案。這些非 GAAP 指標與其最可比 GAAP 指標之間的調節表，已包含於今早發布的資料中。

Finally, after we deliver our prepared remarks, we will be happy to take questions from our covering sell-side analysts.

最後，在我們完成事先準備的發言後，我們很樂意回答負責覆蓋我們的賣方分析師提問。

And with that, I will turn the call over to Brett.

接下來，我把電話交給 Brett。

Thanks, Chris, and good morning, everyone. I appreciate you joining my first earnings call as President and CEO of Portillo's. It's an honor to lead this special brand and, as I've observed these past few weeks, talented group of people.

謝謝你，Chris，各位早安。感謝各位參加我擔任 Portillo's 總裁兼執行長後的首次財報電話會議。能夠領導這個特別的品牌，以及在過去幾週我所觀察到的這群才華洋溢的團隊，我深感榮幸。

What drew me to this company starts with what makes it unique. At its core, Portillo's is about creating memorable experiences for our guests, supported by a strong culture of hospitality and a differentiated menu that offers craveable food. I want to take a moment to thank our team members for their candor and insights during my first two months, as well as offer my deep appreciation to all that bring this brand to life every day.

吸引我加入這家公司的原因，首先在於它的獨特之處。就核心而言，Portillo's 致力於為賓客創造難忘的體驗，背後有強大的待客文化作支撐，並以差異化菜單提供令人垂涎的美食。我想藉此機會感謝團隊成員在我前兩個月期間所展現的坦誠與洞見，也對每天讓這個品牌得以鮮活呈現的每一位同仁致上由衷的感謝。

I started my career in restaurants at age 17, working on the front lines. That foundation helped shape my leadership approach and taught me firsthand that the best restaurant brands have great culture with well-trained and committed teams that genuinely care about the guest experience.

我在 17 歲時便從餐飲業基層開始我的職涯。那段基礎塑造了我的領導方式，也讓我親身體會到，最優秀的餐飲品牌擁有卓越的文化、訓練有素且投入的團隊，並真心在乎賓客體驗。

My focus now is bringing those elements together into a clear, disciplined strategy that our teams can consistently execute. My key objective these first 60 days has been to listen and learn, spend time with the teams in our restaurants, and understand the business from the ground up. That includes both our new markets as well as here in our backyard of Chicago, where strong performance is important and expected.

我目前的重點，是將這些要素整合成一套清晰且嚴謹的策略，讓我們的團隊能夠持續一致地執行。我在前 60 天的主要目標是傾聽與學習，花時間與餐廳團隊相處，並自下而上了解業務。這包括我們的新市場，以及我們在芝加哥這個大本營；在這裡，強勁表現既重要也理所當然。

Over the next several months, my priority is to partner with the leadership team and lean on formal research and insights to build a strategy that will align the entire organization. Getting there will require relentless focus and rigor to stick to what is most important, and that's how we will deliver the memorable experience that has helped us build some of the most loyal guests in the industry for more than six decades.

在接下來幾個月，我的首要任務是與領導團隊合作，並依託正式研究與洞察，建立一套能讓整個組織對齊的策略。要達成這一點，需要對最重要的事項保持不懈的專注與嚴謹；也正是如此，我們才能交付那種難忘的體驗，並在六十多年來幫助我們建立起業界最忠誠的一群賓客。

At a high level, that foundation centers around three areas: operational excellence as defined by a guest-centric mindset, well-trained team members, and high-quality food executed to standard, served accurately and on time; an integrated and targeted approach to marketing, leveraging data and insights, while fully utilizing the right platforms to drive awareness, trial, acquisition, and frequency; lastly, a disciplined development strategy that creates value. When we execute those three pillars, we believe the desired outcomes will follow: consistent year-over-year same-store sales growth and improved restaurant-level profitability.

從高層次來看，這個基礎聚焦於三個面向：第一，營運卓越——以賓客為中心的思維、訓練有素的團隊成員，以及依標準製作的高品質餐點，並確保出餐正確且準時；第二，整合且精準的行銷方法——運用數據與洞察，並充分使用合適的平台以提升知名度、促進嘗試、帶動獲客與提高來客頻率；最後，是能創造價值的嚴謹展店策略。當我們落實這三大支柱時，我們相信期望的成果將隨之而來：同店銷售額年對年穩定成長，以及餐廳層級獲利能力提升。

Everything starts with operational excellence. It's essential that we consistently deliver a great experience in all our restaurants, no matter how guests choose to use us. The best insights come straight from the source, our restaurant teams and managers. That's why I have, and will continue to, make it a priority to spend time with them listening to what they need to ensure the proper tools and resources are in place to deliver on this imperative.

一切都始於營運卓越。無論賓客以何種方式選擇使用我們的服務，我們都必須在所有餐廳持續提供優質體驗，這一點至關重要。最好的洞察直接來自源頭——我們的餐廳團隊與管理者。因此，我已經並將持續把與他們共處的時間列為優先事項，傾聽他們的需求，確保具備適當的工具與資源，以落實這項關鍵要求。

We have engaged with outside partners to execute several landmark studies for the brand, led by our Chief Marketing Officer, Denise Lauer. This critical research is focused on customer segmentation, brand positioning, and menu satisfaction, and will give us deeper insights to better inform our marketing strategies and our core markets as well as new and growing territories.

我們已與外部合作夥伴合作，為品牌執行數項具里程碑意義的研究，由我們的行銷長 Denise Lauer 主導。這些關鍵研究聚焦於顧客分群、品牌定位與菜單滿意度，將為我們提供更深入的洞察，以更好地指引我們的行銷策略，以及我們的核心市場與新興成長區域。

Strong operations and marketing will complement another extremely important initiative: implementing a sound philosophy and approach to ensure a value-creating development strategy. Portillo's has significant long-term growth opportunity, which will be a key piece of our strategic roadmap, but it must be pursued with discipline. We will be measured in terms of where and how we grow with a clear focus on cash-on-cash returns at the restaurant level.

強健的營運與行銷，將與另一項極其重要的倡議相輔相成：導入健全的理念與方法，以確保一套能創造價值的展店策略。Portillo's 具備顯著的長期成長機會，這將是我們策略藍圖中的關鍵一環，但必須以紀律推進。我們將以審慎的方式決定在哪裡、以及如何成長，並明確聚焦於餐廳層級的現金投資報酬率（cash-on-cash returns）。

We're fortunate that Jennifer Pecoraro-Striepling recently joined the team as Chief Development Officer. She brings vast industry experience in multiple categories to this critical function. She will be focused on evolving our new market playbook, selecting sites that drive healthy returns, exploring prototype formats, and ensuring a more disciplined use of capital by safeguarding responsible building costs.

我們很幸運，Jennifer Pecoraro-Striepling 最近加入團隊擔任開發長。她在多個品類擁有豐富的產業經驗，將為這項關鍵職能帶來助力。她將專注於完善我們的新市場作戰手冊、選擇能帶來健康報酬的店址、探索原型店型，並透過把關合理的建造成本，確保更具紀律的資本運用。

Before closing, I want to briefly touch on the first quarter, where we showed improvements in transactions and sales. And while I'm encouraged by these results, our teams are putting their focus and energy into building a sustainable long-term plan that will lean on the aforementioned fundamentals to drive consistent results. Michelle will speak about our first quarter and current trends shortly. But as we look ahead to the next few months, our focus is less about short-term tactics and quick-hit strategies and more about building the right foundation for long-term profitable sales growth.

在結束之前，我想簡要談一下第一季；我們在交易量與銷售方面都有所改善。雖然這些結果令人鼓舞，但我們的團隊正把重點與精力放在建立一套可持續的長期計畫，並依託前述基本功來推動一致的成果。Michelle 稍後將說明我們第一季表現與目前趨勢。但展望未來幾個月，我們的重點較少放在短期戰術與快速見效的策略，而是更多著眼於為長期、具獲利性的銷售成長奠定正確的基礎。

As noted in the press release, we're comfortable with reiterating our fiscal year guidance. But as our strategic work progresses and new finance leadership is brought on board, our expectations may evolve. We will continue to provide updates as appropriate throughout the year.

如新聞稿所述，我們對於重申本會計年度的財測指引感到有信心。但隨著策略工作推進，以及新的財務領導加入，我們的預期可能會有所調整。我們將在全年適時持續提供最新進展。

In closing, I've developed a passion for operations early in my restaurant career. I've always believed that the top restaurant companies are built on solid fundamentals and disciplined execution, led by teams that take pride in delivering best-in-class guest experiences. Bringing that passion to a brand I've admired since my first visit more than two decades ago is incredibly exciting. Our focus now is to sharpen our priorities, strengthen our ability to execute, and build a credible growth story.

最後，我在餐飲職涯早期便培養出對營運的熱情。我一直相信，頂尖的餐飲公司建立在扎實的基本功與嚴謹的執行之上，並由以提供同級最佳賓客體驗為榮的團隊所帶領。能把這份熱情帶到一個我自二十多年前首次造訪便一直欽佩的品牌，令我無比振奮。我們目前的重點是釐清優先事項、強化執行能力，並打造可信的成長故事。

Before I pass it over to Michelle, I want to address the announcement we've made this morning regarding her decision to depart Portillo's. Michelle has been Chief Financial Officer here since 2020, playing a critical role in leading our finance function, supporting the company's IPO in 2021, and helping expand the business into new markets.

在我把電話交給 Michelle 之前，我想先說明我們今早發布的公告：她已決定離開 Portillo's。Michelle 自 2020 年起擔任本公司財務長，在領導財務職能、支持公司於 2021 年 IPO，以及協助業務拓展至新市場方面，扮演了關鍵角色。

We appreciate Michelle's leadership, and we will, consistent with our internal succession plan, immediately kick off a search with a leading national executive search firm to identify our next CFO. I'm confident in the long-term opportunity at Portillo's, and I look forward to sharing more as our strategy continues to take shape and drive sustained long-term shareholder value. And Michelle, I want to thank you for your dedicated service and partnership and wish you all the best in your next chapter.

我們感謝 Michelle 的領導；並將依照我們的內部接班計畫，立即與全國領先的高階主管獵才公司展開搜尋，以尋找下一任財務長。我對 Portillo's 的長期機會充滿信心，也期待在我們的策略持續成形並推動長期、可持續的股東價值之際，分享更多資訊。Michelle，也要感謝你盡心盡力的服務與合作，並祝福你在下一段旅程一切順利。

I will now turn it over to you to walk through our quarter one results in more detail.

我現在把時間交給你，請你更詳細地帶大家回顧我們第一季的業績。

Thanks, Brett. I appreciate the kind words. I believe in the Portillo's brand and its leadership team, and I'll be cheering you all on from the sidelines.

謝謝你，Brett。我很感謝你的美言。我相信 Portillo's 的品牌與其領導團隊，我也會在場邊為大家加油。

Moving on to the company's first-quarter performance. During the first quarter, revenues were $182.6 million, reflecting an increase of $6.2 million or 3.5% versus last year. Revenue growth was driven by non-comp restaurants, which contributed $7.7 million of the year-over-year increase.

接著談公司第一季的表現。第一季營收為 1.826 億美元，較去年增加 620 萬美元或 3.5%。營收成長主要由非同店餐廳帶動，對年增貢獻 770 萬美元。

Same-restaurant sales declined 0.1%, decreasing revenues approximately $0.2 million. The same-restaurant sales decline reflected a 0.9% decrease in average check, partially offset by a 0.8% increase in transactions. Lower average check was driven by an approximate 1% decrease in product mix, partially offset by a 0.1% increase in menu prices, reflecting increased promotional offers.

同店銷售下滑 0.1%，使營收約減少 20 萬美元。同店銷售下滑反映平均客單價下降 0.9%，部分被交易筆數增加 0.8%所抵銷。平均客單價下降主要由產品組合約下降 1%所致，部分被菜單價格上調 0.1%所抵銷，該上調反映促銷優惠增加。

When assessing our gross pricing, we came into the first quarter with around 3% of incremental pricing from prior pricing actions in 2025. We had approximately 1.5% roll-off in January, approximately 1% roll-off in April, and the remaining 0.7% to lapse in June.

在評估我們的總體定價時，我們在第一季承接了約 3% 來自 2025 年先前定價措施的增量定價。其中約 1.5% 在 1 月到期（roll-off），約 1% 在 4 月到期，其餘 0.7% 將於 6 月到期。

We did not take additional pricing actions during the first quarter. However, we did take a 2% pricing action in mid-April across select menu categories. We expect surprise and delight offers within Perks to continue to have an impact on pricing.

我們在第一季沒有採取額外的定價措施。不過，我們在 4 月中旬針對部分菜單品類進行了 2% 的調價。我們預期 Perks 內的「驚喜與愉悅」優惠將持續對定價產生影響。

In addition to the impact on our net effective pricing in the quarter, our promotional offers and other menu initiatives drove positive transactions. During the quarter, our transactions benefited from our limited-time Big Burger Bundle meal and innovation, including our new birthday cake LTO and the launch of our new sauces. This is in addition to other targeted offers we ran during the quarter on our Portillo's Perks loyalty platform.

除了對本季淨有效定價的影響外，我們的促銷優惠與其他菜單策略也帶動了交易筆數的正向表現。本季交易筆數受惠於限時的 Big Burger Bundle 套餐與產品創新，包括新的生日蛋糕限時供應（LTO）以及新醬料的上市。此外，我們也在 Portillo's Perks 會員忠誠平台上推出了其他具針對性的優惠活動。

During April, we have seen negative comp trends of roughly 1 point, driven primarily by negative transaction and mix trends as we are lapping the benefit of our breakfast pilot from the prior year. We expect to have continued headwinds in May as we will be lapping our BOGO Beef promotion from the prior year. As Brett discussed, we will focus on three foundational areas, which we believe will lead to improved sales and transactions and restaurant-level profitability for the long term.

4 月期間，我們看到同店趨勢約有 1 個百分點的負向表現，主要由交易筆數與組合（mix）走弱所致，因為我們正在對比去年早餐試點帶來的效益。我們預期 5 月仍將面臨逆風，因為我們將對比去年 BOGO Beef（買一送一牛肉）促銷活動。如 Brett 所提，我們將聚焦三個基礎領域，我們相信這將在長期帶來更佳的銷售與交易筆數，以及餐廳層級的獲利能力。

Turning to costs. Food, beverage, and packaging costs increased to 34.7% of revenues in the quarter from 34.6% last year. This increase was driven primarily by higher commodity costs of 1.8% led by beef and produce, partially offset by an increase in certain menu prices net of promotional offers.

接著談成本。本季食品、飲料與包材成本占營收比重由去年的 34.6% 上升至 34.7%。此上升主要由原物料成本上漲 1.8%所帶動，以牛肉與生鮮蔬果為主；部分被特定菜單價格上調（扣除促銷優惠後的淨額）所抵銷。

Labor expense increased to 26.9% of revenues from 26.6% in the prior year, primarily due to deleverage from our new restaurant openings, higher benefit costs and wage inflation, partially offset by labor efficiencies. Hourly wage rates increased approximately 1.5% in the quarter compared to prior year.

人事費用占營收比重由去年 26.6% 上升至 26.9%，主要因新餐廳開幕造成的槓桿下降（deleverage）、福利成本上升與薪資通膨；部分被人力效率提升所抵銷。本季時薪水準較去年同期約上升 1.5%。

Other operating expenses increased $2.3 million, or 10.7%, primarily driven by the opening of new restaurants and higher repairs and maintenance expenses. As a percentage of revenues, other operating expenses increased to 13.2% from 12.4%.

其他營運費用增加 230 萬美元或 10.7%，主要由新餐廳開幕以及維修與保養費用上升所致。以營收百分比計，其他營運費用由 12.4% 上升至 13.2%。

Occupancy expenses increased $1.2 million, or 11.6%, also driven by the opening of new restaurants. As a percentage of revenues, occupancy expenses increased 0.4% compared to the prior year, driven by higher occupancy costs and revenue deleverage at new restaurants.

占用成本增加 120 萬美元或 11.6%，同樣由新餐廳開幕所帶動。以營收百分比計，占用成本較去年上升 0.4%，主要因占用成本提高以及新餐廳營收槓桿下降所致。

Restaurant-level adjusted EBITDA decreased $1.8 million to $34.8 million, with margins declining approximately 170 basis points to 19.1% in the quarter versus 20.8% in the prior year.

餐廳層級調整後 EBITDA 減少 180 萬美元至 3,480 萬美元，利潤率較去年同期的 20.8% 下滑約 170 個基點至本季 19.1%。

General and administrative expenses increased by $1.5 million to $20.4 million, or 11.1% of revenue in the quarter, from $18.9 million, or 10.7%. This increase was primarily driven by higher equity-based compensation and professional fees, including $0.5 million of dead site costs. As we refine our development strategy, we will continue to evaluate our pipeline.

一般及行政費用增加 150 萬美元至 2,040 萬美元，占本季營收 11.1%，高於去年的 1,890 萬美元（占 10.7%）。此增加主要由較高的股權基礎薪酬與專業服務費用所致，其中包含 50 萬美元的閒置據點成本（dead site costs）。隨著我們精進展店策略，我們將持續評估我們的開店管線。

Pre-opening expenses were $2.6 million in the quarter compared to $0.5 million last year, reflecting the timing and scale of activities related to our planned restaurant openings, including expansion into new markets.

本季開店前費用為 260 萬美元，去年同期為 50 萬美元，反映與計畫中新餐廳開幕相關活動的時點與規模，包括拓展至新市場。

Adjusted EBITDA decreased by $2.8 million to $18.5 million, or 10.1% of revenue, from $21.2 million, or 12% of revenue, in the prior year.

調整後 EBITDA 減少 280 萬美元至 1,850 萬美元，占營收 10.1%；去年同期為 2,120 萬美元，占營收 12%。

Below the EBITDA line, interest expense was $5.6 million in the quarter, down slightly from last year, driven by a lower effective interest rate.

在 EBITDA 之下，利息費用本季為 560 萬美元，較去年略降，主要因有效利率較低。

Income tax benefit was $0.2 million in the quarter, compared to expense of $1.4 million in the prior year.

本季所得稅利益為 20 萬美元，去年同期為 140 萬美元的所得稅費用。

Our effective tax rate for the quarter was 24.4% versus 25.4% in the prior year, reflecting changes in our valuation allowance related to equity-based compensation expense.

本季有效稅率為 24.4%，去年同期為 25.4%，反映與股權基礎薪酬費用相關之估值備抵（valuation allowance）變動。

Since the end of the quarter, we have opened one additional restaurant in Frisco, Texas, and expect to open three additional locations during the remainder of 2026, including our first airport location at DFW International Airport and our second in-line location, which will be in downtown Chicago.

自本季結束以來，我們已在德州 Frisco 新開一家餐廳，並預期在 2026 年剩餘期間再開三個據點，包括我們在 DFW 國際機場的首家機場店，以及第二家街邊店（in-line location），將位於芝加哥市中心。

Cash provided by operating activities increased 85.8% year over year to $17.6 million year to date. We ended the quarter with $24 million in cash.

營運活動提供的現金流年增 85.8%，年初至今達 1,760 萬美元。本季末我們持有現金 2,400 萬美元。

We had $104 million outstanding on our revolver, total net debt of $347 million, and approximately $42 million of remaining revolver capacity.

我們的循環信貸（revolver）動用餘額為 1.04 億美元，淨負債總額為 3.47 億美元，循環信貸剩餘額度約 4,200 萬美元。

Thanks for your time today. Operator, please open the line for questions.

感謝各位今天撥冗參與。接線員，請開放提問。

(Operator Instructions) Margaret-May Binshtok, Wolfe Research.

（接線員指示）Margaret-May Binshtok，Wolfe Research。

Hi, guys. Thanks for taking my question. And Michelle, best of luck. Thanks for all the collaboration.

嗨，各位。謝謝讓我提問。Michelle，祝你一切順利。也謝謝你們一路以來的合作。

I just wanted to ask on the first-quarter comp, can you give us a sense of how that progressed through the quarter? I know January had some weather, but did you guys see February and March showing sequential improvement? And then just ex that breakfast lap that you mentioned in April, how are underlying transactions trending in April? Thank you.

我想請教第一季同店表現，能否讓我們了解一下本季各月份的走勢？我知道 1 月有一些天候因素，但 2 月與 3 月是否有逐月改善？另外，扣除你在 4 月提到的早餐對比因素後，4 月的基礎交易筆數趨勢如何？謝謝。

Yeah, Margaret-May, thank you. I'll take that.

好的，Margaret-May，謝謝你。我來回答。

Yeah, you're absolutely right. We were not immune to the weather conditions that hit in January, so we definitely saw that negativity come into play in January. And then obviously, as the quarter progressed, we saw improvement. And I talked about and Brett talked about some of the things that we did in Q1 that helped to contribute to the results that you saw in the quarter.

是的，你說得完全正確。我們也無法免於 1 月那波天候狀況的影響，所以 1 月確實看到負面影響浮現。接著隨著季度推進，我們看到改善。我以及 Brett 也談到我們在第一季所做的一些事情，這些都有助於帶動你在本季看到的結果。

So yes, we did see some improvement in the quarter. And then when we look at April, we're seeing negative trends that's primarily coming in the form of transactions. We do continue to see some negative trends in mix as well, and that's primarily driven by what I describe as more trade-downs versus items on the ticket. So those are the trends that we're seeing throughout the month of April.

所以是的，我們確實看到本季有一些改善。接著當我們看4月時，我們看到負面趨勢，主要是以交易筆數的形式呈現。我們也持續看到組合（mix）方面的一些負面趨勢，主要是我所說的，相較於單筆客單上的品項，更多是消費者往較低價位「降級消費」（trade-down）。所以這些就是我們在整個4月所看到的趨勢。

Thanks so much.

非常感謝。

Gregory Francfort, Guggenheim.

Gregory Francfort，Guggenheim。

Hey, thanks. Thanks for the question. Just maybe the other OpEx line, can you maybe parse out -- that looks up quite a bit. Is that utilities? Is that maybe delivery fees or something like that? I'm just curious what might have been driving that.

嗨，謝謝。謝謝你的提問。想請教一下其他營運費用（OpEx）那一行，你能不能拆解一下——看起來增加不少。那是公用事業費嗎？還是可能是外送費用或類似的項目？我只是好奇是什麼在驅動那個變化。

Yeah. Greg, we did see some impacts earlier in the quarter from the weather. So we saw some higher utilities, some higher what I described as snow maintenance and removal expenses that drove some variability in the repairs and maintenance line. But those are the specifics that we saw. Again, I'd call some of that more attributable to the weather conditions that we saw, but that's the call I'd make on that.

是的。Greg，我們在本季較早的時候確實受到天氣的一些影響。所以我們看到公用事業費較高，以及我所說的除雪維護與清除費用較高，這些推動了修繕與維護費用那一行的部分波動。但這些就是我們看到的具體項目。再次強調，其中一部分我會更歸因於我們所遇到的天氣狀況，這是我對此的判斷。

Got it. And then just with maybe pricing in the quarter. I mean, clearly Perks is having a big negative impact, but that might be part of just what you're trying to do strategically. Can you maybe parse through the -- do you expect it to have -- I guess you would have expected to have an impact on consumer value perceptions. Is there an expected delay in terms of kind of having more controlled pricing and when the consumer might pick up on that? And did that impact traffic on a six-month delay or a 12-month delay? Any thoughts that would be great.

了解。另外關於本季的定價。我的意思是，很明顯 Perks 造成很大的負面影響，但那可能也是你們策略上想做的一部分。你能不能拆解一下——你是否預期它會——我想你們原本就預期會影響消費者對價值的感受。在更可控的定價與消費者開始感受到之間，是否存在預期的時間落差？而且那對來客數的影響是延後6個月還是12個月才顯現？任何想法都很有幫助。

Yeah, Greg. So we had two things that impacted that net pricing in the quarter. So we had our Big Burger Bundle meal. That was the burger, fries, and a drink meal we were running for $9.99. That definitely impacted the net pricing, as well as the Perks offers that we were running in the quarter as well.

是的，Greg。本季有兩件事影響了淨定價（net pricing）。第一是我們的 Big Burger Bundle 套餐。那是漢堡、薯條和飲料的套餐，我們以9.99美元販售。這確實影響了淨定價，另外還有我們本季推出的 Perks 優惠也同樣造成影響。

And so I would say just from a consumer perspective, you're right. As people go into these offers, whether it's the Big Burger bundle that we were running or Perks offers, there's definitely a lag in terms of that value perception. But we continue to focus on those value perception scores.

所以我會說，從消費者角度來看，你說得對。當人們參與這些優惠時，不論是我們推出的 Big Burger Bundle，或是 Perks 優惠，價值感知（value perception）確實會有一段滯後。但我們仍持續關注這些價值感知的評分。

But as Brett and the team look toward our strategies in the future, I think what plays a role in that could be many things, whether it's continuing to look at value in the form of Perks offers or menu offerings. We're currently running our new Hot & Saucy Beef promotion right now, not really a discount, but more of an LTO.

但當 Brett 和團隊展望我們未來的策略時，我認為其中可能有很多因素會發揮作用，不論是持續透過 Perks 優惠或菜單品項來呈現價值。我們目前正在進行新的 Hot & Saucy Beef 活動，這不太算折扣，而更像是一個限時供應（LTO）。

But there is a lag to your point that I think as people go into those that they come out with, and the goal is to obviously drive frequency of visits and attract new guests into our brand. And so those were the things that we were looking at post-promotion as well to determine if there was success or not.

但如你所說，確實存在滯後；我認為當人們參與這些活動後，會帶著某種感受離開，而我們的目標顯然是提高到店頻率並吸引新客進入我們的品牌。因此，這些也是我們在促銷結束後用來判斷是否成功所觀察的事項。

Hey, Greg. This is Brett. I would also just chime in that, as Michelle mentioned, we're looking at the numerator of the value equation as well. And if you think about our strategy when we're starting with ops excellence, one of the things we need to do is make sure that we're delivering or exceeding the expectations of the folks coming in that are paying full price.

嗨，Greg。我是 Brett。我也補充一下，正如 Michelle 提到的，我們也在看價值方程式的分子端。如果你想到我們以營運卓越（ops excellence）作為起點的策略，其中一件我們必須做的事，就是確保我們能交付、甚至超越那些以原價消費的顧客所期待的體驗。

I think the second lever that we'll explore as part of the strategy is going to be the use of food innovation to create value. So not just locking in on a fully discounted value offer, but how do we use innovation to talk about value, how do we use marketing to talk more about value. We certainly know it's a drive for the business and kind of where the consumer is at today, it's important, but not locking ourselves into just going after kind of this discounted promotional model.

我認為策略中的第二個槓桿，將會是運用食品創新來創造價值。也就是不只是鎖定在完全折扣的超值優惠上，而是我們如何用創新來談價值、如何用行銷更強調價值。我們當然知道這是推動業務的因素，也符合消費者目前所處的狀態，這很重要，但我們不想把自己鎖死在只追求折扣促銷模式。

(Operator Instructions) Sara Senatore, Bank of America.

（接線員指示）Sara Senatore，美國銀行。

Thank you. And sorry, just a quick clarification and then a question about the real estate strategy. So for 2Q, I was trying to follow some of the rolling off of prices. Did you say what the effective price will be in the second quarter? Is it -- could it be negative?

謝謝。抱歉，先快速釐清一下，然後我有一個關於不動產策略的問題。針對第二季（2Q），我在試著理解一些價格到期（rolling off）的影響。你有說第二季的有效價格（effective price）會是多少嗎？會不會——可能是負的？

Hi, Sara. So we don't anticipate it being negative. We're not -- the Big Burger Bundle came off being an offer we were running at the end of Q1. We're running some various Perks offers as well. But no, we don't expect that to be negative.

嗨，Sara。所以我們不預期會是負的。我們——Big Burger Bundle 在第一季末已經結束，不再作為我們當時在跑的優惠。我們也在進行一些不同的 Perks 優惠。但不，我們不預期那會是負的。

So just to clarify, we took 2 percentage points of a pricing increase at the beginning of April. We had 1 point that rolled off midway through April, and then we have around 0.7% that will be in effect until June.

再釐清一下，我們在4月初做了2個百分點的價格上調。4月中旬有1個百分點到期退出（rolled off），然後大約有0.7%會持續生效到6月。

So think of it as we sit here today. You had a little bit higher pricing in April, but then the point just under 4% in April, and then you had that point that rolled off. So as we sit here in May, we're just under 3%.

所以以我們今天的狀況來看。4月的定價稍微高一些，4月大約略低於4%，然後那1個百分點到期退出。所以以我們現在在5月來看，大約略低於3%。

Okay, thank you. I appreciate that. And then, I guess, you mentioned 0.5 million of dead site costs. It sounds like you're already making some changes to the sites in terms of what you might have identified before versus where you're deciding to build. I know the Chief Development Officer, she just -- she's relatively, I guess, recent. But anything you can sort of address in terms of what changes maybe or what sites you may be abandoning versus how you're thinking about going forward?

好的，謝謝。我很感謝這個說明。另外，我想你提到有50萬美元的閒置據點成本（dead site costs）。聽起來你們已經在據點方面做了一些調整，包含你們先前可能已辨識的地點，與你們現在決定要建置的地點之間有所不同。我知道首席開發長（Chief Development Officer）她剛——我想她算是相對新上任。但你能否談談有哪些可能的變更，或你們可能會放棄哪些據點，以及你們未來會如何思考？

Hey, Sara. This is Brett. Yeah, I'll take that.

嗨，Sara。我是 Brett。是的，我來回答。

As far as -- yeah, Jennifer is fairly new, but she's hit the ground running. I think the team and Jennifer have been really focused on kind of just reassessing the entire development strategy. The 2026 sites were locked, and those will be finished after we open the next three this year. We did have an opportunity for some of the 2027 class to take a look at whether some sites we could potentially get out of.

就——是的，Jennifer 算是相當新，但她很快就進入狀況。我認為團隊和 Jennifer 一直非常專注於重新評估整體的開發策略。2026年的據點已經鎖定，並且在我們今年再開出接下來三家之後，這些據點會完成。我們確實有機會針對2027年那一批，檢視是否有一些據點我們可能可以退出。

I don't want to share specifically what those were, but we have made some decisions to get out of a couple of them. So I would say in 2027, we're probably going to be in somewhere the four to six range for openings, and that's why you'll see some dead side costs coming into last quarter and potentially quarter two as well.

我不想具體分享那些是哪些據點，但我們已經做出決定，退出其中幾個。所以我會說，2027年我們的開店數可能會落在4到6家的區間，這也是為什麼你會看到上季出現一些閒置據點成本，並且在第二季也可能會出現。

J. P. Wollam, Roth Capital Partners.

J. P. Wollam，Roth Capital Partners。

Good morning. Thanks for taking my question. I was hoping we could just maybe talk in terms of productivity in the new Texas stores. Understanding, Brett, to your point, a lot of those sites were kind of already baked, we could say. But just in terms of the openings, how are you thinking about productivity efficiency in terms of labor and back of house and just any other new takeaways from this year's Texas openings?

早安。謝謝讓我提問。我希望我們可以談談德州新店的生產力表現。如你所說，Brett，很多據點可以說其實已經算是「先天條件」都到位了。但就開店本身而言，你們如何看待在人力、後場（back of house）等方面的生產力與效率？以及今年德州開店還有沒有其他新的觀察重點？

Yeah. J.P., thank you. I would tell you that the team has done a really good job coming out of 2025 in the first quarter addressing some of those productivity opportunities. Tony, our Chief Operating Officer, has been very involved with kind of the Texas turnaround.

是的。J.P.，謝謝你。我會說團隊在2025年第一季、從2025年走出來之後，針對其中一些生產力機會做得非常好。我們的營運長Tony在德州的調整與改善上投入非常深。

So I'd say we've seen some improvement, sequential improvement in back-house labor productivity. There's still opportunity. I think we've got to really take a look at kind of the analogs of similar volumes outside of Texas and how those perform and use that as kind of a benchmark for our Texas teams. And I know Tony and the team are starting to do that work now, so I still think there's opportunities there.

所以我會說，我們在後場人力生產力方面看到一些改善、而且是逐季改善。但仍然有空間。我認為我們必須仔細看看德州以外、銷售量級相近的類似店型（analog）表現如何，並以此作為德州團隊的基準。我知道Tony和團隊現在已經開始做這項工作，所以我仍然認為那裡還有機會。

Certainly, we've got to drive the top line, and that's more of our focus. We don't want to cut ourselves to the point we can't go top line. So Denise, they're still working very actively on a very integrated marketing plan for Texas. But yeah, we'll continue to see some productivity improvements in Texas, as well as some top-line growth.

當然，我們必須推動營收端（top line），這也是我們更主要的重點。我們不希望削減到一個程度，反而無法推動營收成長。所以Denise他們仍在非常積極地為德州制定一個高度整合的行銷計畫。不過是的，我們會持續在德州看到一些生產力改善，同時也會看到一些營收端成長。

Great. Thank you.

很好。謝謝。

Chris O'Cull, Stifel.

Chris O'Cull，Stifel。

Thanks. Good morning, guys. And Michelle, I also wish you well and hope to work with you again.

謝謝。早安，各位。另外，Michelle，也祝你一切順利，希望未來還有機會再合作。

Thanks, Chris.

謝謝你，Chris。

Maybe, I don't know if this question is from Michelle or Brett, but can you explain the sharp decline in annualized AUVs for the 2025 class during the quarter relative to the fourth quarter?

也許這題要問Michelle或Brett：你們能否解釋一下，為什麼2025年開店批次（class）的年化AUV在本季相較第四季出現明顯下滑？

Yeah. So when you look at the class of '25, Chris, so we had openings that were in the back half of the year. One of those openings was a restaurant we were very public about, which was our first in Atlanta in Kennesaw. And so I think we talked about that having a very robust opening when we opened Kennesaw in November.

好的。Chris，當你看2025年那一批，我們有一些開店是在下半年。其中一家我們也很公開談過，就是我們在亞特蘭大Kennesaw的第一家店。我想我們有提到，Kennesaw在11月開幕時有非常強勁的開店表現。

Obviously, you know us. You know there's a honeymoon curve right to the performance of those restaurants. So as those volumes start to settle down specifically for that restaurant, you see some impacts coming in there. So that's part of what you're seeing in some of that. I call out that one specifically.

很顯然，你了解我們。你也知道這些餐廳的表現會有一個「蜜月曲線」。因此，當那些銷售量開始回落、特別是那家店的量開始趨於穩定時，你就會看到一些影響反映在數據上。所以你看到的部分原因就在這裡。我特別點名那一家。

Brett, why don't you think customer retention isn't higher once you get these strong responses to the initial opening? Do you have any assessment of that?

Brett，為什麼你認為在開幕初期反應很強的情況下，顧客留存沒有更高？你有任何評估嗎？

I think it's a really good question, Chris. I think there's a real opportunity for us to learn more about kind of the consumer base when we go into these new markets. Certainly, you do see a pretty steep honeymoon. It's a little more steep than I'm used to in my past. I don't know how much that has to do with our ability to drive quick awareness out of the gate, and that kind of wanes off over time. So I would say I don't have the answer now, but it's certainly something we need to continue to explore to better understand that and how do we prop it up during that kind of down cycle in the honeymoon.

我覺得這是個很好的問題，Chris。我認為當我們進入這些新市場時，確實有很大的機會去更深入了解消費者族群。確實，你會看到一個相當陡峭的蜜月期。它比我過去經驗中看到的還要更陡。我不確定這有多少是因為我們在一開始就能快速拉高知名度，但隨著時間推移那股力道會減弱。所以我會說我現在沒有答案，但這絕對是我們需要持續探索的議題，以更好理解它，以及在蜜月期下行的那段週期中，我們要如何把它撐住。

I would tell you, the one thing I would add is you generally see though very high metrics still from a customer satisfaction Net Promoter Score. So there's nothing that jumps off that says you didn't open it well and now you've disappointed a lot of guests, they seem very engaged and connected to the brand. So again, that frequency is going to be something we really have to understand.

我會補充一點：一般來說，你仍然會看到顧客滿意度的淨推薦值（Net Promoter Score）等指標非常高。所以沒有任何跡象顯示你開店開得很好、然後後來讓很多客人失望；他們看起來仍然非常投入、也與品牌有連結。因此，再次強調，來客頻率會是我們真的必須去理解的一件事。

Sharon Zackfia, William Blair.

Sharon Zackfia，William Blair。

Hi. Good morning. And sorry to see Michelle go. It's been a pleasure working with you.

嗨。早安。也很遺憾看到Michelle離開。和你合作很愉快。

I just want to ask about kind of menu innovation versus Perks. It seems like you're having more success with Perks driving traffic, and I'm curious if there's anything there that you could call out specifically that worked well in the first quarter that you plan to replicate or evolve. And then secondarily, as we think about those non-Chicago markets, how is innovation resonating in those markets? Thank you.

我想問一下關於菜單創新（menu innovation）相對於Perks的部分。看起來你們用Perks帶動來客更成功，我很好奇第一季是否有任何特別有效的做法可以分享，並且你們計畫複製或進一步演進。其次，當我們思考那些非芝加哥市場時，創新在那些市場的反應如何？謝謝。

Yeah, hey. Good morning. Thank you for the question. I'll speak to the Perks piece.

好的，嗨。早安。謝謝你的問題。我先談Perks的部分。

The one thing we have seen is continued growth and penetration. So in quarter one, we saw 3% more penetration from Perks than quarter four. I think the real unlock there is for us to continue to better understand our customer cohorts and how do we tailor messages specific to those cohorts based on their visit frequency. And I know Denise and the team are really -- there's a lot of test and learning going on for that right now.

我們看到的一件事是持續的成長與滲透率提升。所以在第一季，我們看到Perks的滲透率比第四季多了3%。我認為真正的關鍵在於，我們要持續更好地理解顧客分群（customer cohorts），並依據他們的到訪頻率，為不同分群量身打造訊息。我知道Denise和團隊目前正在做大量的測試與學習。

We did see some -- what we've seen when we do Perks offers around kind of special events or holidays, we do get a really strong reaction like opening Major League Baseball Day with a buy one hot dog, get one free. And so we've seen those really work well for us, but it's not something that we see as kind of this on every day type scenario. We had -- the Big Burger Bundle was a big driver in quarter one as well for the traffic, so I think it was a combination of both.

我們確實看到一些——當我們在特殊活動或節日周邊推出Perks優惠時，反應會非常強烈，例如在美國職棒開幕日推出「買一份熱狗送一份」的活動。所以我們看到這些對我們很有效，但我們不認為這會是一種每天都適用的常態情境。另外，「Big Burger Bundle」在第一季也對來客有很大的帶動，所以我認為是兩者的組合。

And so your question on the innovation, I think there's really an opportunity to learn. I wouldn't say we've had significant meaningful innovation yet when we've really introduced new items or new item format. And I do believe once we get out of Chicago and have different understanding in different markets of what those items can be, and I think it will play an important role in the future for us.

至於你問的創新，我認為確實有很大的學習機會。我不會說我們目前已經有非常重大、具實質意義的創新——例如真正推出全新品項或新的品項形式。我也相信，一旦我們走出芝加哥、在不同市場對哪些品項可行有更不同的理解之後，創新在未來會對我們扮演重要角色。

David Tarantino, Baird.

David Tarantino，Baird。

Hi. Good morning. Brett, I'd be interested to hear more about your vision for how Portillo's should grow over time. I know you have a lot of foundational work that you outlined that you need to complete. But once that work is done, what are you going to be looking for to make the decision on re-accelerating the growth and what type of growth do you think Portillo's can deliver longer term if you get it right? Thanks.

嗨。早安。Brett，我很想多聽你談談你對Portillo's長期成長方式的願景。我知道你提到需要完成很多基礎性工作。但當那些工作完成後，你會依據哪些因素來決定重新加速成長？如果做對了，你認為Portillo's長期可以交付什麼樣的成長？謝謝。

Yeah. David, thanks for the question.

是的。David，謝謝你的提問。

Speaking to the development piece, I would tell you, right now, we're turning over every stone to understand every piece of development and what we can learn from the past and then creating certainly a better future for development. So what I'll share again without having the facts, as you mentioned, we've got a lot of research to do and insights. But I will tell you there's an opportunity.

談到開發這一塊，我想跟你說的是，目前我們正在竭盡所能、翻遍每一塊石頭，去理解開發的每一個環節，以及我們能從過去學到什麼，然後確實為未來的開發打造一個更好的方向。所以我再分享一次：如你所說，在還沒有掌握事實之前，我們還有很多研究與洞察要做。但我可以告訴你，這裡面有機會。

Certainly, number one, we've got to make sure we have the real estate forecast model dialed in because that really informs site selection. I think there's an opportunity when we go to new markets with low awareness, the type of site we choose is imperative, that it's a site that generates high awareness versus they have to find you. There's prototype work we're going to do. We're going to explore what are the best formats that can generate the best returns to the restaurant and still execute high volume. I know Michelle really led the project with the team to get to the 2.0. We're excited to see that come to life.

當然，第一，我們必須確保不動產預測模型調校到位，因為那會真正影響選址。我認為當我們進入品牌認知度較低的新市場時，我們選擇的店址類型至關重要——要選能帶來高曝光的點位，而不是讓顧客得自己去找你。我們也會做原型（prototype）相關的工作。我們將探索哪些最佳店型能為餐廳帶來最佳回報，同時仍能支撐高客流量的營運。我知道 Michelle 確實帶領團隊推動這個專案，讓我們走到 2.0。我們很期待看到它落地實現。

So I would tell you that everything is under review, including build cost. And we'll come back to you at a later date with what we think that means for the future, but we're going to try to get to really be 2028 before we start to see that work. And again, I think getting the brand study, and I mentioned the discipline in the script, having the discipline just to wait for the insights and the research to help guide us, not be necessarily just the guide, is going to be really important to our future growth.

所以我會跟你說，所有事情都在檢視之中，包括建造成本。我們會在之後的時間點再回來跟你更新，我們認為這對未來意味著什麼；但我們會努力，真正要到 2028 年之前才開始看到這些工作發揮效果。另外，我認為取得品牌研究結果——我也提到在腳本上的紀律——保持紀律、等待洞察與研究來協助引導我們，而不是由我們先入為主地去引導，將會對我們未來成長非常重要。

And if I'm still on, maybe a follow-up is, I think at one point, I guess, in the recent past, Portillo's was targeting double-digit unit growth. I mean, is that -- I guess my question is whether you think that's an appropriate growth rate for the company longer term. Presuming you get all the foundational elements right, I mean, is that -- should we be expecting a path back to that level? Or do you think that maybe a slower growth rate is more appropriate? I guess what are your initial thoughts about --?

如果我還在線上，可能再追問一下：我想在不久前的某個時點，Portillo's 的目標是雙位數的展店成長。我的意思是——我想問的是，你是否認為從長期來看，這是公司合適的成長速度。假設你把所有基礎要素都做對了，我是說——我們是否應該期待回到那樣的水準？還是你認為較慢的成長速度可能更合適？我想你初步的想法是什麼——？

Yeah, I might -- again, I'm anxious to answer that question myself. And I think we've got to -- right now, we've got to do the work to build what I would tell you is what we've done in the past. I wouldn't say as a sustainable double-digit growth model, but developing something for the future that we feel really confident about the level of capital we're spending, the returns we're getting, will be the key driver for that.

是的，我可能——同樣地，我自己也很想回答這個問題。我認為我們必須——就目前而言，我們得先把工作做完，建立我會說是我們過去所做的那些能力。我不會把它稱為可持續的雙位數成長模型，但為未來打造一套我們非常有信心的開發模式——包含我們投入的資本水準、以及我們取得的回報——將會是驅動成長速度的關鍵因素。

Jim Salera, Stephens.

Jim Salera，Stephens。

Guys, good morning. Thanks for taking our question. To switch gears and talk a little bit on the margin front, I know beef prices have continued to grind higher as the years progressed and you guys flagged some promotional offering you did that obviously had beef-centric items. Can you just walk us through, A, kind of how your hedge on beef; but then also B, how you're thinking about maybe some of those promotional mix, given that you have beef exposure and where that's at on an input cost?

各位早安。謝謝你們回答我們的問題。換個話題談一下毛利率，我知道牛肉價格隨著年度推進持續緩步走高，而你們也提到做了一些促銷方案，顯然是以牛肉品項為主。你們能否帶我們了解一下：A，你們對牛肉的避險大概是怎麼做的；以及 B，考量你們有牛肉曝險、而且投入成本在那個水準，你們如何看待這些促銷組合（mix）？

Yeah. Jim, I can take that. Thanks for the question.

好的。Jim，我來回答。謝謝你的提問。

So we're still projecting mid-single-digit commodity inflation for the year, and we did have what I'd describe as a lower inflationary number in Q1. And I think that speaks to the things that we put in place to try and manage that exposure. So as we sit here today, we're hedged on our flats, or we forward bought on those. There's about 65% of that specific commodity that we're locked in on for the year. And we have about 30%-ish or so of our total basket that we're locked in on for Q2 through Q4.

我們仍預估今年商品成本通膨為中個位數，而第一季的通膨數字如我所說相對較低。我認為這反映了我們為了管理該曝險所採取的一些措施。以目前來看，我們對牛五花（flats）做了避險，或是以遠期方式提前採購。該特定商品約有 65% 的量，我們已在今年鎖定。另外，我們整體採購籃子（total basket）約有 30% 左右，已針對第二季到第四季鎖定。

So we've put some things in place to derisk that. And as we look at what is the future of commodities, yes, we still expect beef to be a pressure point for the remainder of this year. We do expect our inflation to be higher than what you saw in Q1, in Q2 through 4. I'd say probably Q4 were just, as we sit here today, expect that to be the most pressured quarter of the future quarters. But we still feel good about, again, that mid-single-digit inflationary number that we put out there.

所以我們已經做了一些安排來降低風險。至於未來商品走勢，是的，我們仍預期牛肉在今年剩餘期間會是壓力來源。我們也預期第二季到第四季的通膨會高於你在第一季看到的水準。我會說，就目前來看，我們預期第四季會是未來幾季中壓力最大的季度。但我們仍對我們提出的中個位數通膨預估感到有信心。

And to your point on marketing certain items that relate to beef, I think to Brett's point, as he continues to refine the strategy and we look at what's best for the brand, I think everything's on the table as we move forward. But Portillo's is built on beef items, whether it's our beef sandwich, our hot dogs are all beef. Our hamburgers, which we ran that promotion in Q1. And so we're not going to lean away from that, I would say, as we move forward in the future. But I think there's opportunities to lean into other categories as well moving forward.

至於你提到行銷某些與牛肉相關的品項，我想呼應 Brett 的觀點：隨著他持續精煉策略、我們也在評估什麼對品牌最好，我認為未來一切都可以討論。但 Portillo's 的核心就是牛肉品項，不論是我們的牛肉三明治、我們的熱狗也都是全牛肉。還有我們的漢堡——我們在第一季做了那個促銷。因此我會說，未來我們不會刻意避開這一塊。但我也認為，未來在其他品類上也有加碼的機會。

Dennis Geiger, UBS.

Dennis Geiger，UBS。

Great. Thanks, guys. And Michelle, thanks for all your help, and best of luck to you, of course.

很好。謝謝各位。Michelle，也謝謝你一直以來的協助，當然也祝你一切順利。

Quick housekeeping on a minute and then a question from me. On the housekeeping, just curious if anything to share on performance across geography, thinking about Chicagoland versus outside, et cetera, or performance by channel in the quarter. And then the question really is a bit more on the marketing strategy side of things, and just where do things stand there if it's too early to share about anything on sort of notable shifts in marketing strategy or marketing spend levels? Is it still early until some of those survey insights come back? Thank you.

先快速確認一個例行事項，然後我有一個問題。例行事項方面，想請問是否能分享一下不同地區的表現，例如 Chicagoland 與外地市場等，或是本季按通路（channel）來看表現如何。然後我的問題比較偏行銷策略：目前進展到哪裡？如果現在分享還太早，是否能談談行銷策略或行銷支出水準是否有任何顯著調整？是否仍需等一些調查洞察回來才會更明朗？謝謝。

Hey, Dennis. This is Brett. Thanks for the question.

嗨，Dennis。我是 Brett。謝謝你的提問。

Yeah, first, so what we saw in quarter one, which was really good news, we saw Chicagoland perform really well. They had outsized transaction growth compared to the rest of the fleet. The rest of the concept did well, but it was great to see Chicago pop in the first quarter, which I think speaks to this environment being -- and the way that Chicago uses the brand where you had that value offer with Big Burger Bundle where it really resonated. So there's learnings for that of how we think about it going forward, but it was nice to see that for Chicago.

好的，先回答第一個：我們在第一季看到的情況——這是很好的消息——Chicagoland 表現非常強。相較於其他門店組合，他們的交易量成長更為突出。其他市場也表現不錯，但很高興看到芝加哥在第一季特別亮眼；我認為這反映了在目前環境下——以及芝加哥消費者使用這個品牌的方式——當你推出 Big Burger Bundle 這樣的超值方案時，確實很有共鳴。因此我們也能從中學到，未來該如何思考與運用，但看到芝加哥這樣的表現很不錯。

Your second question regarding marketing, the brand work is going to be critical for that. I know Denise is -- we're working on the martech stack. We're looking at channel usage, media mix usage, offers by customer segmentation. So that work is all in progress, but the brand work is really going to help us inform how and who we target once we get that information back.

第二個問題關於行銷，品牌相關的工作將會是關鍵。我知道 Denise 正在——我們正在建置 martech 技術堆疊。我們在看通路使用情況、媒體組合使用情況，以及依顧客分群所設計的優惠。所以這些工作都在進行中，但品牌研究將真正幫助我們在拿到資訊後，決定要如何以及鎖定哪些目標客群。

We did plus up some media around the Big Burger Bundle and we saw that really support the message. So we know it works when we have the right offer and the right message. But getting the channels and the mix right is going to be really important as we go forward to maximize our marketing spend.

我們確實針對「Big Burger Bundle」加碼投放了一些媒體資源，我們也看到這非常有助於強化訊息傳遞。所以我們知道，只要有合適的優惠與合適的訊息，就會奏效。但隨著我們往前推進，如何把通路與組合配置做對，將會非常重要，才能把行銷支出效益最大化。

Great. Thanks, Brett.

很好。謝謝你，Brett。

Matt Curtis, D.A. Davidson.

Matt Curtis，D.A. Davidson。

Hi. Good morning. Brett, given your casual dining background, I was just wondering if you could share your thoughts on elevating the customer experience, both in-store and at the drive-through, and if perhaps adding labor might be part of that?

嗨。早安。Brett，鑑於你在休閒餐飲的背景，我想請你分享一下你對提升顧客體驗的看法，包含店內與得來速；以及是否可能需要增加人力作為其中一部分？

Matt, thank you. I've gotten the question a lot about coming in from full service to fast casual.

Matt，謝謝你。我常被問到從全服務餐飲轉到快速休閒的問題。

What I would tell you is I think there's so many similarities, and one was when you just step back and think about what a customer wants, it doesn't really differ between the two channels, and they want great value created by food service atmosphere divided by price, and that's what we have to deliver. So as I think about our brand, how do we make sure our food is compelling, it remains high quality, it's something the brand has been built on.

我會跟你說的是，我認為兩者有非常多相似之處；其中之一是，當你退一步思考顧客想要什麼，其實在這兩種通路之間並沒有太大差異：他們想要的是「價值」，也就是餐飲與服務氛圍所創造的價值除以價格，而這就是我們必須交付的。所以當我思考我們的品牌時，我們要如何確保食物具有吸引力、維持高品質——這也是品牌一路建立起來的核心。

The service aspect, we're different than a lot of other fast casual concepts with our drive-through where we have people in the drive-through taking orders and have that face-to-face interaction. So I think those things have been key to Portillo's and will remain key.

在服務面向上，我們與許多其他快速休閒概念不同之處在於得來速：我們有人員在得來速幫忙點餐，並且有面對面的互動。所以我認為這些一直是 Portillo's 的關鍵，也會持續是關鍵。

But I think your point on how do we enhance that to make sure that we put the guest at the center of everything we do is a culture we're going to continue to focus on in this company. So I don't see a difference of being full service or quick service as it relates to how we think about the customer.

但我認為你提到的重點是，我們要如何強化這些，確保把賓客放在我們所做一切的中心——這是一種文化，我們會在公司持續聚焦。因此，就我們如何看待顧客而言，我不認為全服務或快速服務之間有什麼差別。

Okay, understood. Thank you.

好的，了解。謝謝。

Brian Harbour, Morgan Stanley.

Brian Harbour，Morgan Stanley。

Yeah, thanks. Good morning. Michelle, best of luck, certainly.

是的，謝謝。早安。Michelle，祝你一切順利。

The conversation about kind of value perception lagging, I guess -- is what you're saying that some of these promotional offers have certainly worked, but they're fairly short-lived. I mean, how do you think those kind of play a role in the future? Or is this kind of like a conversation about maybe some everyday value thing is needed? How should we think about that?

關於「價值感知」似乎落後的討論——我想問的是，你的意思是說某些促銷優惠確實有效，但效果相對短暫。那你怎麼看這類促銷在未來會扮演什麼角色？或者這其實是在說，可能需要某種「日常價值」的做法？我們應該如何理解這件事？

Yeah. Brian, I think that at the end of the day, we're not looking, and Brett and the team are not looking for quick like headers or fixes for this brand. And so I think doing the work around the brand that Denise is doing on the perception study and what do we want to be over the long term, and it comes back to that value equation that Brett just talked about, which is something overpriced, whether that's your experience, the quality of the food, the accuracy, the speed, all of that over the price that you're paying for that.

是的。Brian，我認為歸根結底，我們並不是在找——Brett 和團隊也不是在找——能讓品牌快速上頭條或快速修補的短期解方。因此，Denise 正在做的品牌工作（包含感知研究）以及我們長期想成為什麼，最後都會回到 Brett 剛剛提到的那個價值方程式：也就是你所得到的體驗、食物品質、正確性、速度等所有面向，相對於你所支付的價格；如果其中任何一項讓人覺得「不值」或「偏貴」，就會影響價值感知。

So I think as this brand moves forward, that's the way that the team is thinking about it is what's the best over the long term for the brand to continue to provide that quote-unquote value to the guests. And those things can come in many forms, whether it's through menu innovation. A menu innovation can be permanent menu items, it can be limited-time offers. Those things you don't necessarily have to put the brand on sale or do things like that and discount to have that value perception.

所以我認為，隨著品牌往前走，團隊的思考方式是：長期而言，什麼最有利於品牌持續為賓客提供所謂的「價值」。而這些可以有很多形式，例如透過菜單創新。菜單創新可以是永久性菜單品項，也可以是限時優惠。你不一定要把品牌「打折出售」或做折扣，才能建立那種價值感知。

Brett talked about operational excellence, like getting better operationally, so focusing in on those metrics that matter, whether it's accuracy or speed of service or hospitality. Those are things that over the long term carry brands forward versus how can I get these quick wins in the short term. So that I know is the mindset moving forward for Brett and the team versus what can we do for this quarter.

Brett 也談到營運卓越，也就是把營運做得更好，因此聚焦在那些重要的指標上，不論是正確性、服務速度或待客之道。這些才是長期推動品牌向前的因素，而不是想著如何在短期拿到一些快速勝利。所以我知道，這就是 Brett 和團隊接下來的思維，而不是「這一季我們能做什麼」。

Yeah. If I could just add, Brian, one thing is I think the way I would frame it is we have to organizationally make sure we build a much stronger foundation of value. And then I think as you pulse in opportunities, there should be a bump in value, but those to me are very short-term transactional. So if you do a heavy discount over a period of time or an offer, you certainly are going to see your value scores elevate during that time, but generally what happens as soon as you come off that, your value scores revert back to a base.

是的。如果我可以補充一下，Brian，我會這樣表述：我們在組織層面必須確保建立更強的「價值」基礎。然後當你在某些時點推出機會（例如活動）時，價值感知應該會出現一個上升，但在我看來那是非常短期、偏交易性的。所以如果你在一段時間內做大幅折扣或推出某個優惠，你當然會看到那段期間的價值分數上升；但通常一旦活動結束，價值分數就會回落到基準水準。

So our job and our focus is going to be how do we strengthen the base value, and when we do those offers, it's just incremental to the consumer. So again -- and right now, until we really understand that, we keep coming back to the brand work and research. We're not going to spend a lot of time on figuring out what are those short-term levers until we really understand who our customer is and how do we go to market. And that will shape our marketing and go-to -- our strategy.

因此，我們的工作與重點會是：如何強化基礎價值；而當我們做那些優惠時，對消費者而言只是額外增量。所以再次強調——而且在目前這個階段，在我們真正理解之前，我們會持續回到品牌工作與研究。在我們真正了解顧客是誰、以及我們要如何進入市場之前，我們不會花太多時間去找那些短期槓桿。而這將會形塑我們的行銷與 go-to——我們的策略。

And ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.

各位女士先生，感謝各位的參與。今天的電話會議到此結束。您可以掛斷電話，祝您有美好的一天。