Sweetgreen Inc (SG) 2024 Q1 法說會逐字稿

Thank you for standing by. My name is Katherine, and I will be your conference operator today. At this time, I would like to welcome everyone to the Sweetgreen, Inc. first-quarter 2024 earnings call.

謝謝你的支持。我叫凱瑟琳，今天我將擔任你們的會議操作員。現在，我歡迎大家參加 Sweetgreen, Inc. 2024 年第一季財報電話會議。

(Operator Instructions) I would now like to turn the call over to Rebecca Nounou, VP, Head of Investor Relations. Please go ahead.

（操作員指示）我現在想將電話轉給副​​總裁兼投資者關係主管 Rebecca Nounou。請繼續。

Thank you, and good afternoon, everyone. Here with me today are Jonathan Neman, Co-Founder and Chief Executive Officer; and Mitch Reback, Chief Financial Officer.

謝謝大家，大家下午好。今天和我在一起的還有聯合創始人兼執行長喬納森·尼曼 (Jonathan Neman)；米奇‧雷巴克 (Mitch Reback)，財務長。

Before we begin, we have a couple of reminders. Our earnings release is available on our website at investor.sweetgreen.com. During this call, we will be making comments of a forward-looking nature. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties. For more information about some of these risks, please review the company's SEC filings, including the section titled Risk Factors in our latest annual report on Form 10-Q filing and subsequently filed quarterly report on Form 10-Q. These forward-looking statements are based on information as of today, and we assume no obligation to publicly update or revise our forward-looking statement.

在開始之前，我們有幾點提醒。我們的收益發布可在我們的網站 Investor.sweetgreen.com 上取得。在這次電話會議中，我們將發表前瞻性評論。由於各種風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。有關其中一些風險的更多信息，請查看該公司向 SEC 提交的文件，包括我們最新的 10-Q 表年度報告以及隨後提交的 10-Q 表季度報告中標題為“風險因素”的部分。這些前瞻性陳述是基於截至目前的信息，我們不承擔公開更新或修改我們的前瞻性陳述的義務。

Additionally, we will be discussing certain non-GAAP financial measures, which are in addition to and not as a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of these items to the nearest US GAAP measure can be found in this afternoon's press release available on our IR website.

此外，我們將討論某些非公認會計原則財務指標，這些指標是根據公認會計原則編制的財務績效指標的補充，而不是替代。這些項目與最接近的美國公認會計準則衡量標準的調節可以在我們的投資者關係網站上今天下午的新聞稿中找到。

With that, it's my pleasure to turn the call over to Jonathan to kick things off.

至此，我很高興將電話轉給喬納森開始。

The momentum Sweetgreen had at the end of 2023, is continuing to build as we begin 2024. With the focus on guest experience, we are driving growth and adjusted EBITDA profitability exceeding the high end of our first quarter guidance. Our strategy is working. We have a strong foundation to build on and multiple levers to drive long-term capital efficient growth.

Sweetgreen 在 2023 年底的勢頭將在 2024 年開始繼續增強。透過關注賓客體驗，我們正在推動成長，調整後的 EBITDA 獲利能力超過了我們第一季指導的上限。我們的策略正在發揮作用。我們擁有堅實的基礎和多種槓桿來推動長期資本高效成長。

The results today wouldn't be possible without the hard work of our team members. I want to take a moment to extend my gratitude to each of them for their unrelenting passion for further our mission of connecting people to real food. We reported sales of $157.9 million, representing 26% year-over-year growth. Same-store sales were 5%. Total digital sales represented 59% of our total first quarter revenue with 56% of those sales coming via our own digital channels.

沒有我們團隊成員的辛勤努力，就沒有今天的成績。我想花點時間向他們每個人表示感謝，感謝他們對進一步推動我們將人們與真正的食物聯繫起來的使命的不懈熱情。我們報告的銷售額為 1.579 億美元，年增 26%。同店銷售額為 5%。數位銷售總額占我們第一季總營收的 59%，其中 56% 來自我們自己的數位管道。

Restaurant-Level margin for the first quarter was 18.1%, expanding over 400 basis points year-over-year, making this one of the highest first quarter restaurant-level margin performances in the company's history. Restaurant-Level profit for the first quarter was $28.5 million, a nearly 70% increase from a year ago. Additionally, we generated positive adjusted EBITDA for the quarter. As I shared on our last call, our strategies are simple. One, continue building our brand by creating great products and guest experiences. And two, expand our connection to guests by building and operating great restaurants.

第一季餐廳級利潤率為 18.1%，年成長超過 400 個基點，成為公司歷史上最高的第一季餐廳級利潤率之一。第一季餐廳級利潤為2850萬美元，比去年同期成長近70%。此外，我們本季的調整後 EBITDA 為正值。正如我在上次電話會議中分享的那樣，我們的策略很簡單。第一，透過創造出色的產品和賓客體驗來繼續打造我們的品牌。第二，透過建造和經營一流的餐廳來擴大我們與客人的聯繫。

Over the past 1.5 years, we've been focused on these strategic priorities to improve our financial model with the goal of driving both revenue growth and profitability. Our Q1 results demonstrated revenue growth, expanded margins and adjusted EBITDA profitable growth.

在過去的 1.5 年裡，我們一直專注於這些策略重點，以改善我們的財務模式，目標是推動收入成長和獲利能力。我們第一季的業績顯示了營收成長、利潤率擴大和調整後 EBITDA 獲利成長。

Let me share some of the highlights from this quarter. During the first quarter, we opened six new restaurants, including two of these in a new market Seattle. We also have opened restaurants in San Francisco, Miami, Denver and Austin. Our Q1 2024 cohort of new restaurant openings have an average weekly revenue already outpacing the existing fleet average.

讓我分享本季的一些亮點。第一季度，我們新開了六家餐廳，其中兩家位於西雅圖的新市場。我們也在舊金山、邁阿密、丹佛和奧斯汀開設了餐廳。我們 2024 年第一季新開餐廳的平均每週收入已經超過了現有餐廳的平均收入。

Building on the momentum of the Totem Lake opening, which has quickly become one of our top-performing restaurants for South Lake Union location in Seattle had one of the strongest opening weeks in the company's recent history. Both restaurants are operating at volumes akin to our large urban restaurant openings. Like these demonstrate that our brand has significantly greater reach than our current physical footprint and that there is massive whitespace for our category defining concept.

圖騰湖餐廳已迅速成為西雅圖南聯合湖地區表現最好的餐廳之一，憑藉圖騰湖餐廳開業的勢頭，這是該公司近期歷史上最強勁的開業週之一。兩家餐廳的營業量與我們在城市開設的大型餐廳相當。這些顯示我們的品牌比我們目前的實際足跡具有更大的影響力，並且我們的品類定義概念存在大量空白。

We remain pleased with the performance of our two Infinite Kitchens. At the end of the first quarter. The two Infinite Kitchens located in suburban trade areas are tracking to an average year one average unit volume of $2.6 million, and they delivered an average first quarter margin of 28%, 10 points above the fleet average, giving us confidence in our go forward deployment strategy. They also continue to demonstrate additional benefits to our operating model such as faster throughput, better order accuracy, portioning consistency and substantially lower team member turnover. Additionally, we continue to see higher average check than the markets they operate in.

我們對兩個無限廚房的性能仍然感到滿意。在第一季末。位於郊區貿易區的兩個 Infinite Kitchen 的平均單位銷售量為 260 萬美元，第一季的平均利潤率為 28%，比車隊平均高出 10 個百分點，這讓我們對未來的部署充滿信心策略。他們也繼續向我們的營運模式展示其他優勢，例如更快的吞吐量、更好的訂單準確性、分配一致性以及大幅降低團隊成員流動率。此外，我們繼續看到平均支票高於他們所在的市場。

In 2024, we remain on track to open approximately seven new Infinite Kitchen restaurants as well as retrofit three to four large urban restaurants with the Infinite Kitchen. Our first retrofit will be in New York City this summer. In 2025, we plan to deploy an increasing number of new restaurants powered by the Infinite Kitchen as we build our future real estate pipeline, we see tremendous whitespace opportunities across the United States in both new and existing markets.

到 2024 年，我們仍有望開設大約七家新的 Infinite Kitchen 餐廳，並用 Infinite Kitchen 改造三到四家大型城市餐廳。我們的第一次改造將於今年夏天在紐約市進行。到 2025 年，我們計劃在建造未來的房地產管道時部署越來越多由 Infinite Kitchen 提供支援的新餐廳，我們在美國新市場和現有市場中都看到了巨大的空白機會。

Starting next year, we plan to return to a growth rate of 15% to 20% new unit growth per year. With 2025, being at the lower end of this range and 2026, and beyond, targeting the upper end of the range, we continue to execute our culinary road map to broaden our menu, drive menu innovation, traffic mix and check protein plates continue to over-index at dinner and as well in the Southeast and Texas markets.

從明年開始，我們計劃恢復每年 15% 至 20% 的新單位成長率。到 2025 年，處於該範圍的下限，2026 年及以後，目標是該範圍的上限，我們將繼續執行我們的烹飪路線圖，以擴大我們的菜單，推動菜單創新，交通組合併檢查蛋白板繼續晚餐時以及東南部和德州市場的指數過高。

In February, we launched a test of our Caramelized Garlic Stake across the Boston market. Our Caramelized Garlic Stake features tender cuts of grass-fed steak seasoned with the garlic spice blend expertly roasted and finishing a blend of all of oil and herbs guests can order stake in any of our Chef-Crafted Entrée, including the steakhouse chopped and the steakhouse chopped plate as well as have the option on any existing or custom item.

二月份，我們在波士頓市場啟動了焦糖大蒜樁測試。我們的焦糖蒜味牛排採用嫩切的草飼牛排，用大蒜香料混合物調味，經過專業烘烤，並以所有油和香草的混合物進行最後處理。中訂購蒜味牛排，包括牛排館切碎的和牛排館切碎的盤子以及任何現有或定制項目的選項。

During our testing phase in Boston, we saw cannibalized garlic steak become at dinner time favorite with steak included in nearly one in five dinner orders, having successfully completed our market test process and exceeding our internal expectations. We launched steak fleet wide this past Tuesday. As we innovate our menu. We've always believed in listening to our customers to deliver more of what our guest wants incorporating steak into our menu provides customers with something they've been seeking for years with a deep commitment to sustainable practices, finding the sweeping way to source stake in our restaurants to time. We're proud to introduce our 100% grass-fed pasture-raised stake from ranchers, who align with our commitment to high quality, nourishing ingredients and high sourcing standards.

在波士頓的測試階段，我們看到食人大蒜牛排成為晚餐時間的最愛，近五分之一的晚餐訂單中都包含牛排，成功完成了我們的市場測試過程並超出了我們的內部預期。上週二我們推出了牛排車隊。當我們創新菜單時。我們始終相信，傾聽客戶的意見，才能提供更多客人想要的東西，將牛排納入我們的菜單，透過對永續實踐的堅定承諾，為客戶提供他們多年來一直尋求的東西，找到全面的方式來獲取股權我們的餐廳到時間了。我們很自豪地推出來自牧場主的 100% 草飼牧場股權，他們與我們對高品質、營養成分和高採購標準的承諾保持一致。

Turning to operations. At Sweetgreen, our people are the most important ingredient to running great restaurants. They are on the frontlines connecting guests to our mission by serving real food source from local farmers and prepared in-house daily. Our organization is rallied around prioritizing the guest experience and driving throughput we've aligned our incentives around these priorities, including bonuses for our head coaches and tipping for our team members.

轉向營運。在 Sweetgreen，我們的員工是經營優秀餐廳最重要的因素。他們站在前線，為客人提供來自當地農民並每天在內部準備的真正食物，將客人與我們的使命聯繫起來。我們的組織圍繞著優先考慮賓客體驗和提高吞吐量而團結起來，我們圍繞這些優先事項調整了激勵措施，包括給我們的主教練的獎金和給我們團隊成員的小費。

As a result of the investments we are making in our talent and culture. Our turnover is 19 points lower than it was in the first quarter of 2023, and has stabilized at the lowest levels we've seen since prior to COVID. Our 90 day retention is 10 points higher compared to the first quarter of 2023. Over 50% of our head coaches are internal promotions. And as we move forward, our goal is to increase this percentage as we plan to ramp our restaurant openings in the years to come. We have a strong pipeline of future head coaches and are excited about the growth opportunities for all of our team members.

這是我們對人才和文化進行投資的結果。我們的營業額比 2023 年第一季低 19 個百分點，並穩定在自新冠疫情爆發以來的最低水準。與 2023 年第一季相比，我們的 90 天留存率提高了 10 個百分點。我們超過 50% 的主教練是內部晉升的。隨著我們的前進，我們的目標是增加這個百分比，因為我們計劃在未來幾年增加餐廳的開業數量。我們擁有強大的未來主教練儲備，並對所有團隊成員的成長機會感到興奮。

We remain focused on capturing additional urban lunch time demand where we know we have a walk-away factor. We've made meaningful progress over the last few quarters with improvements in labor scheduling and having head coaches spend more time on the floor with customers over the coming quarters, there are opportunities for further labor deployment improvements by reducing time on routine in-restaurant tasks and improving deployment across all dayparts across the organization. We remain focused on hospitality and operating great restaurants leading to growth and expanding margins.

我們仍然專注於捕捉額外的城市午餐時間需求，因為我們知道我們有一個離開因素。過去幾個季度，我們在勞動力調度方面取得了有意義的進展，並讓主教練在未來幾個季度花更多的時間在現場與客戶交談，透過減少日常餐廳任務的時間，有機會進一步改進勞動力部署並改善整個組織所有時段的部署。我們仍然專注於酒店業和經營優質餐廳，從而實現成長和擴大利潤。

Today's consumer is increasingly selective with how they spend their discretionary income. Customers are choosing Sweetgreen, given our mission-driven brand, unparalleled quality of our product and the value we offer with our menu innovation, our commitment to sourcing permeate every aspect of our menu. We partner with farmers we know in trust ensuring the highest quality ingredients and scratch cook every day in each of our restaurants. This dedication is our promise to guests.

現今的消費者對於如何花費可自由支配收入越來越有選擇性。客戶之所以選擇 Sweetgreen，是因為我們以使命為導向的品牌、無與倫比的產品品質以及我們透過菜單創新提供的價值，我們對採購的承諾滲透到菜單的各個方面。我們與我們信任的農民合作，確保我們的每家餐廳每天都使用最優質的食材並進行臨時烹飪。這種奉獻精神是我們對客人的承諾。

The positive results, both on the top line and our restaurant level profitability is evidence that the investments we are making in our people, our operations and financial model are the right ones. I'm very proud of what our team has accomplished together. You see their accomplishments in the financial results today and also in the experience in our restaurants through their exceptional hospitality, and high-quality food we serve. Looking ahead, we have a massive opportunity to bring real food to more communities and disrupt the industry. With the rollout of the Infinite Kitchen, we are building a durable business and shaping a healthier future for the next generations.

營收和餐廳獲利能力的正面成果證明，我們對員工、營運和財務模式的投資是正確的。我對我們團隊共同取得的成就感到非常自豪。您可以從今天的財務表現中看到他們所取得的成就，也可以從他們卓越的熱情好客和我們提供的高品質食品所帶來的體驗中看到他們的成就。展望未來，我們有巨大的機會將真正的食物帶給更多社區並顛覆整個產業。隨著「無限廚房」的推出，我們正在打造持久的業務，並為下一代塑造更健康的未來。

Now I will turn over the call to Mitch to review our financial results in further detail.

現在我將把電話轉給米奇，以進一步詳細審查我們的財務表現。

Thank you, Jonathan, and good afternoon, everyone. As you just heard from Jonathan, the first quarter demonstrates that the groundwork related in 2023 is driving strong momentum across the business. Total revenue for the first quarter was $157.9 million, up from $125.1 million in the first quarter of 2023, only 26% year-over-year. For the first quarter, same-store sales grew 5% year-over-year. This consisted of a 5% benefit from menu prices and flat traffic mix. Same store sales sequentially improved each month within the quarter. Our Q1 traffic was impacted both by January weather and the inclusion of two additional holidays in the quarter. Our average unit volume in the first quarter was $2.9 million and restaurant-level profit margin in the first quarter was 18.1% compared to 13.5% a year ago. This is greater than a 400 basis point improvement from the first quarter of 2023.

謝謝喬納森，大家下午好。正如您剛從 Jonathan 那裡聽到的那樣，第一季表明 2023 年相關的基礎工作正在推動整個業務的強勁發展勢頭。第一季總營收為 1.579 億美元，高於 2023 年第一季的 1.251 億美元，年比僅成長 26%。第一季同店銷售額較去年同期成長5%。其中包括菜單價格和固定流量組合帶來的 5% 收益。本季內每個月的同店銷售額均較上季成長。我們第一季的流量受到一月天氣和該季度另外兩個假期的影響。我們第一季的平均單位銷售量為 290 萬美元，第一季餐廳級利潤率為 18.1%，而去年同期為 13.5%。這比 2023 年第一季提高了 400 個基點以上。

Our restaurant level margin of 18.1% was the result of several factors, including strong revenue growth and margin improvement in our new restaurant. The restaurants that are excluded from our comparable restaurant base that has the non-comp restaurants had substantial restaurant-level profit margin expansion from the first quarter of 2023 and collectively had a margin that was close to the fleet average of 18.1%. Additionally, we saw some of our faster sales growth in our newest markets. In particular, our new Southeast markets collectively grew double digits as they continue to accelerate their ramp. We also expanded margins across our legacy markets as a result of disciplined labor scheduling and having head coach to spend more time on the floor to improve both hospitality and guest throughput.

我們餐廳層面的利潤率為 18.1%，這是多種因素共同作用的結果，包括強勁的收入成長和新餐廳的利潤率提高。自 2023 年第一季起，從我們的可比較餐廳群中排除的包含非補償餐廳的餐廳，餐廳層面的利潤率大幅增長，總體利潤率接近 18.1% 的車隊平均水平。此外，我們在最新市場中看到了一些更快的銷售成長。特別是，我們的新東南市場隨著持續加速發展，整體成長了兩位數。由於嚴格的勞動力調度以及讓主教練花更多時間在場上以提高接待和客人吞吐量，我們還擴大了傳統市場的利潤。

We continue to focus on margin expansion across our portfolio of restaurants. Our fleet-wide restaurant-level margin on a trailing 12 month basis is running at 18.5%. Restaurant-level profit for the first quarter was $28.5 million, a nearly 70% increase from a year ago. For a reconciliation of restaurant-level margin to comparable GAAP figures, please refer to the earnings release. In the first quarter of 2024, we opened six restaurants, including two in Seattle, South Lake Union and Totem Lake ending the quarter with a total of 227 restaurants.

我們繼續專注於擴大我們餐廳組合的利潤率。過去 12 個月，我們整個車隊的餐廳利潤率為 18.5%。第一季餐廳級利潤為2850萬美元，年增近70%。有關餐廳級利潤率與可比較 GAAP 數據的調整表，請參閱收益發布。2024 年第一季度，我們開設了 6 家餐廳，其中兩家位於西雅圖、南聯合湖和圖騰湖，截至本季末，餐廳總數達到 227 家。

In 2024, we anticipate opening between 23 and 27 new restaurants, approximately seven of which will contain the Infinite Kitchen. Our new restaurant openings are weighted towards the back half of the year. As Jonathan mentioned earlier, in 2025, we plan on a unit growth around 15%, accelerating towards 20% in 2026. We're pleased with the early reads from the Infinite Kitchen and our results in new markets, giving us confidence that we have the opportunity to capture the considerable whitespace, both in existing and new markets.

到 2024 年，我們預計將開設 23 至 27 家新餐廳，其中約 7 家將包含 Infinite Kitchen。我們的新餐廳開幕時間集中在下半年。正如喬納森之前提到的，我們計劃在 2025 年銷售量成長 15% 左右，並在 2026 年加快至 20%。我們對《無限廚房》的早期閱讀和我們在新市場的結果感到滿意，這讓我們相信我們有機會在現有市場和新市場中佔領相當大的空白。

Food, beverage and packaging costs were 28% of revenue for the quarter. An 80 basis point improvement over year-over-year. This improvement was primarily due to menu price increases. Labor and related expenses were 29% of revenue for the first quarter, a 240 basis point improvement year over year. This improvement is primarily attributable to menu price increases and improvement in labor optimization. Occupancy and related expenses were 9% of revenue, a 95 basis point improvement year-over-year. General and administrative expenses were $36.9 million or 23% of revenue for the first quarter of 2024 as compared to $34.9 million or 28% of revenue in the prior year period.

食品、飲料和包裝成本佔本季收入的 28%。較去年同期提高 80 個基點。這一改善主要是由於菜單價格上漲。第一季勞動力及相關費用佔營收的 29%，年增 240 個基點。這項改善主要歸功於菜單價格的上漲和勞動力優化的改善。入住率及相關費用佔營收的 9%，年增 95 個基點。2024 年第一季的一般及管理費用為 3,690 萬美元，佔營收的 23%，而去年同期為 3,490 萬美元，佔營收的 28%。

This increase in general and administrative expenses was primarily due to a $5.1 million benefit received in fiscal year 2023, from the employee retention tax credits. It was partially offset by a $4.6 million decrease in stock-based compensation expense. We continue to demonstrate operational leverage in the support center in the first quarter. Excluding the one-time benefit of the 2023 retention credit of $5.1 million, our support center costs grew 6% year over year as sales grew 26%.

一般和管理費用的增加主要是由於 2023 財政年度從員工保留稅收抵免中獲得了 510 萬美元的福利。股票補償費用減少了 460 萬美元，部分抵銷了這一影響。我們在第一季繼續展示支援中心的營運槓桿。不包括 2023 年 510 萬美元保留信貸的一次性收益，我們的支援中心成本年增 6%，而銷售額增長 26%。

Our net loss for the quarter was $26.1 million compared to a loss of $33.7 million in the prior year period. The $7.6 million improvement in net loss is primarily due to a $11.6 million increase in our restaurant-level profit and a $1.9 million decrease in preopening costs. The increase in our restaurant-level profit and the decrease in preopening costs were partially offset by an increase in other expenses related to the change in fair value of our contingent consideration from our acquisition of spyce, increases in general and administrative expenses, as described previously, as well as an increase in depreciation and amortization associated with additional restaurants.

我們本季的淨虧損為 2,610 萬美元，而去年同期的淨虧損為 3,370 萬美元。淨虧損減少 760 萬美元，主要是由於我們餐廳層面的利潤增加了 1,160 萬美元，開業前成本減少了 190 萬美元。我們餐廳層面的利潤增加和開業前成本的減少被與我們收購 SPECE 或有對價公允價值變化相關的其他費用的增加以及一般和管理費用的增加部分抵消，如前所述，以及與額外餐廳相關的折舊和攤銷的增加。

Adjusted EBITDA, which excludes stock-based compensation expense and certain other adjustments was [$113,000million] for the first quarter, an improvement of $6.8 million from the first quarter of 2023 adjusting for the onetime employment credit in the first quarter of 2023, the adjusted EBITDA year-over-year improvement was $11.9 million. We ended the quarter with a cash balance of $244 million.

第一季調整後EBITDA（不含股票薪資費用和某些其他調整）為[1,130 億美元]，較2023 年第一季增加680 萬美元，調整了2023 年第一季的一次性就業信貸，調整後的EBITDA 年增 1,190 萬美元。本季結束時，我們的現金餘額為 2.44 億美元。

Now turning to guidance for the fiscal year 2024, we update our guidance to reflect the strength of the first quarter. 23 to 27 net new restaurant openings, revenue ranging from $660 million to $675 million, same-store sales growth between 4% and 6%. Restaurant-level margin between 18.5% and 20% and adjusted EBITDA between $10 million to $19 million.

現在轉向 2024 財年的指導，我們更新了指導以反映第一季的實力。 23至27家淨新餐廳開業，營收在6.6億美元至6.75億美元之間，同店銷售額成長4%至6%。餐廳級利潤率在 18.5% 至 20% 之間，調整後 EBITDA 在 1,000 萬美元至 1,900 萬美元之間。

In closing, we saw strong revenue growth of 26%, expanded restaurant-level margins by over 400 basis points and delivered positive adjusted EBITDA of [$113,000million].

最後，我們看到營收強勁成長 26%，餐廳利潤率擴大了 400 多個基點，調整後 EBITDA 為正數[1130 億美元]。

Looking ahead, Sweetgreen remains committed to innovation, including expanding our menu offering and deploying the Infinite Kitchen. These initiatives, together with our focus on running great restaurants, are poised to drive traffic, create better customer and team member experiences as well as unlocking long-term value for our shareholders. Our unwavering focus on sustainable profitable growth, coupled with a healthy balance sheet, positions us well for the opportunities that lie ahead.

展望未來，Sweetgreen 仍然致力於創新，包括擴大我們的菜單供應和部署無限廚房。這些舉措加上我們對經營優質餐廳的關注，可望增加客流量，創造更好的客戶和團隊成員體驗，並為我們的股東釋放長期價值。我們堅定不移地專注於永續獲利成長，加上健康的資產負債表，使我們能夠很好地抓住未來的機會。

With that, I'll turn the call back to the operator to start Q&A.

這樣，我會將電話轉回接線生開始問答。

Thank you. We will now begin the question-and-answer session. (Operator Instructions)

謝謝。我們現在開始問答環節。（操作員說明）

Brian Bittner, Oppenheimer. Please go ahead.

布萊恩比特納，奧本海默。請繼續。

Thanks for taking the question. On the quarter was impressive as is the guidance raise? And I just wanted to dig into the update on your same-store sales guidance range for 2024, now 4% to 6% at its midpoint, it would suggest the rest of the year looks very similar to 1Q, which was up 5%. And you had some tough weather in the first quarter and now you have steak rolling out, which did not really impact the first quarter. So is there perhaps some conservatism baked into the new same-store sales guidance? Or is there anything else you can unpack regarding your assumptions for the remainder of the year?

感謝您提出問題。本季令人印象深刻，指導上調也是如此？我只是想深入了解 2024 年同店銷售指導範圍的更新情況，目前中點為 4% 至 6%，這表明今年剩餘時間看起來與第一季非常相似，第一季增長了 5%。第一季遇到了一些惡劣的天氣，現在牛排上市了，這並沒有真正影響第一季。那麼，新的同店銷售指導中是否包含了一些保守主義成分呢？或者對於今年剩餘時間的假設，您還有什麼可以解開的嗎？

Thank you, Brian, for the question. Yes, I understand the way you're looking at it. I think what I would simply say is if you recall for the prior two years as we came through the holiday periods, the company saw a lot of negative traffic, particularly starting around Memorial Day. And then through the summer. And I think that really what we're doing is taking the approach that says we're uncertain as to how the holidays impact the business. And frankly, we had a major launch one Tuesday would stake and really have not factored that heavily into our guidance, given the fact that we've only had two days of history.

謝謝布萊恩提出這個問題。是的，我理解你的看法。我想我想說的是，如果你還記得前兩年的假期，公司看到了很多負流量，特別是從陣亡將士紀念日開始。然後整個夏天。我認為我們真正正在做的是採取一種方法，即我們不確定假期對業務有何影響。坦白說，我們在周二進行了一次重大發布，但實際上並沒有在我們的指導中考慮到這一點，因為我們只有兩天的歷史。

That's really helpful. Thanks, Mitch. And my follow-up is just -- I'm hearing a lot of positive commentary on new unit sales volumes and on new unit profitability, more so than past earnings calls, what do you believe has led to the inflection in the performance of units that are outside the comp base? And how does this inform you about -- how you're going to open new units and the strategy behind them moving forward?

這真的很有幫助。謝謝，米奇。我的後續行動是——我聽到了很多關於新單位銷售和新單位盈利能力的積極評論，比過去的財報電話會議更積極，你認為是什麼導致了單位業​​績的變化那些在補償基礎之外的？這如何告訴您—您將如何開設新單位以及它們背後的策略？

Sure. Hey, Brian. Thanks for the comments. And just want to start off by thanking our team for all the amazing work with putting together a great quarter. As we look at new units, I think there's a few things that we've done. One, we've adjusted our real estate targeting. And I think taking a lot of the lessons of the past and how we target real estate, especially as we look at our suburban expansion and what are the attributes for successful stores.

當然。嘿，布萊恩。感謝您的評論。首先我想感謝我們的團隊所做的所有出色的工作，讓我們度過了一個出色的季度。當我們審視新單位時，我認為我們已經做了一些事情。第一，我們調整了房地產目標。我認為要吸取過去的許多教訓以及我們如何瞄準房地產，特別是當我們審視我們的郊區擴張以及成功商店的屬性時。

Secondly, we've clearly had an unlock in brand awareness as we've continued to grow and there's markets that are waiting for us to open. Seattle being a great example of my also -- you can see the unlock in the brand and some of the performance you've seen and some of the markets that were one struggling, places like Texas, Atlanta and Florida. And as the brand has unlocked there from an awareness perspective, we're seeing a lot of positive growth. We've also adjusted and taken a lot of our learnings around how we operate those restaurants, how we staff them the head coaches that we that we have lead those stores, how we train them and really the training and the internal promotion focus of bringing head coaches that understand our business, understand our culture and having them open up those new restaurants.

其次，隨著我們的不斷發展，我們的品牌知名度顯然已經解鎖，並且有市場等待我們打開。西雅圖也是我的一個很好的例子——你可以看到品牌的解鎖和你所看到的一些表現，以及一些苦苦掙扎的市場，例如德克薩斯州、亞特蘭大和佛羅裡達州。隨著品牌從知名度的角度解鎖，我們看到了很多積極的成長。我們也調整並吸收了很多關於我們如何經營這些餐廳的知識，我們如何為他們配備我們領導這些商店的主教練，我們如何培訓他們，以及真正的培訓和內部晉升重點主教練了解我們的業務，了解我們的文化，並讓他們開設那些新餐廳。

And then lastly, as we've talked about in past calls, we've adjusted a lot of our marketing strategies. So as we've shifted how we see how we market and opened new stores as well as how we could support those new restaurants, not just for the launch, but for the first 90 to 92 -- three to six months, we've seen really positive results. So we feel really good about the new stores. I think we're getting a lot of momentum here and it gives us a lot of confidence as we look to reaccelerate our pipeline.

最後，正如我們在過去的電話中談到的那樣，我們調整了許多行銷策略。因此，當我們改變行銷和開設新店的方式，以及如何支持這些新餐廳時，不僅是為了開業，而是為了前 90 到 92 個月（三到六個月），我們已經看到了真正積極的結果。所以我們對新店感覺非常好。我認為我們在這裡獲得了很大的動力，這給了我們很大的信心，因為我們希望重新加速我們的管道。

[Rahul Agarwal], JP Morgan.

[拉胡爾·阿加瓦爾]，摩根大通。

Good afternoon, guys, Thanks for taking my question. It's on the supply chain optimization side and it's not, an increasing focus. I think we discussed this in the past on how certain ingredients can be less local, if it's not what the cost or quality perception, what innings would you say we are on this exercise and I understanding it's an evolving process, but can you discuss the opportunity set with some examples currently underway? And I have a follow-up.

下午好，夥計們，感謝您提出我的問題。它是在供應鏈優化方面，而不是，越來越受到關注。我想我們過去討論過這個問題，即某些成分如何可以不那麼本地化，如果不是成本或質量感知，你會說我們正在進行這項工作，我知道這是一個不斷發展的過程，但你能討論一下機會集以及目前正在進行的一些例子？我有一個後續行動。

Sure. Thank you Rahul. So we're constantly looking at ways to continue to innovate our menu, both bringing new items that our guests will love, but also making it easier for our team members to execute so we can deliver on our promise every single meal. And so as you know, with this stake launch was a very big launch for us first time, first time having meat on the menu, very proud of the offering that we put forward with the grass-fed pass arrays. And in that process, we also simplified some of our menu. So we moved a couple of SKUs and optimize the few things to continue to make it easier. So I'd say we're always we're continuously looking at what is the customer value, where do we want to double down.

當然。謝謝拉胡爾。因此，我們不斷尋找繼續創新菜單的方法，既帶來客人喜愛的新菜餚，又讓我們的團隊成員更容易執行，以便我們能夠兌現我們每餐的承諾。如您所知，這次股份發行對我們來說是第一次非常大的發行，第一次在菜單上出現肉類，我們對草飼通行證陣列提出的產品感到非常自豪。在此過程中，我們也簡化了一些選單。因此，我們移動了幾個 SKU 並優化了一些內容，以繼續使其變得更容易。所以我想說，我們一直在不斷地關注客戶價值是什麼，我們想在哪裡加倍努力。

I'll give you an example, last year we made the upgrade to olive oil for all of our cooking. And then sometimes we look at some rationalization around SKUs of things that are not heavily used, their customers don't value. So we're going to continue to look at things as things evolve, but we liked -- one of our philosophies at Sweetgreen is how do we get better as we get bigger. And so we really are looking to continue to protect our supply chain and the quality of our food because that's really what people love about us. And as we scale, we should continue to see efficiencies there.

我舉個例子，去年我們所有的烹飪都升級為橄欖油。有時我們會針對那些使用頻率不高、顧客不重視的產品的 SKU 進行一些合理化。因此，我們將繼續隨著事物的發展而關注事物，但我們喜歡——Sweetgreen 的哲學之一是，當我們變得更大時，我們如何變得更好。因此，我們確實希望繼續保護我們的供應鏈和食品質量，因為這正是人們喜愛我們的地方。隨著我們規模的擴大，我們應該會繼續看到那裡的效率。

Perfect. And on a similar note, like what earnings are you on on the labor scheduling and streamlining the labor prep hour today, which I believe is 10 points of labor. You can talk from a current compliance or other opportunity standpoint on this aspect?

完美的。類似地，例如您今天在勞動力調度和簡化勞動力準備時間方面的收入是多少，我認為是 10 個勞動力點。您可以從當前合規性或其他機會的角度來談談這方面嗎？

I'd say we're still very much in the early innings around labor. So I'd say that we've made a lot of headway. But as we've seen this quarter, in Q1. And as we're starting to see in Q2, how we deploy labor, not just from an efficiency perspective, but to better capture peak demand and offer that hospitality that our customers expect there is a ton of opportunity. So today, we put a huge focus on both of those things on staffing for the peak and being ready to serve as many customers as we can in those periods. But we are looking at investments around different labor deployment systems that we think overtime can continue to drive more efficiencies in how we deploy labor.

我想說，我們在勞工問題上仍處於早期階段。所以我想說我們已經取得了很大進展。但正如我們在本季第一季所看到的。正如我們在第二季度開始看到的那樣，我們如何部署勞動力，不僅是從效率的角度來看，而且是為了更好地捕捉高峰需求並提供客戶期望的熱情款待，這其中存在大量機會。因此，今天，我們將重點放在這兩件事上：為高峰期配備人員，並準備好在這段時間內為盡可能多的客戶提供服務。但我們正在研究圍繞不同勞動力部署系統的投資，我們認為加班可以繼續提高我們部署勞動力的效率。

In the past, we've also talked about efficiencies in what we prep in restaurants, what we upstream and how do we make it easier to easier to make that job easier and more efficient in the back of house. And again, we'll consistently look at both tools and products that will make it easier to provide the experience that customers expect.

過去，我們也討論過餐廳準備工作的效率、上游工作的效率以及如何讓後勤工作變得更容易、更有效率。再次強調，我們將持續專注於工具和產品，以便更輕鬆地提供客戶期望的體驗。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞，威廉·布萊爾。

Hi, good afternoon. I guess I have two questions in my allotment. In California, I don't think you did take price when minimum wage went up, but I know you already pay a healthy wage in California, but did you see incremental labor pressure in California and maybe give us an idea of where you expect labor inflation to be in the second quarter relative to what you saw in the first?

嗨，下午好。我想我的分配中有兩個問題。在加州，我認為最低工資上漲時您並沒有考慮價格，但我知道您在加州已經支付了健康的工資，但是您是否看到加州不斷增加的勞動力壓力，也許可以讓我們了解您期望勞動力在哪裡相對於第一季的通貨膨脹率，第二季的通貨膨脹率是多少？

Thanks. Sharon, in the first quarter, we saw very little, as you know, the California wage act took place on April 1. It certainly hit in the second quarter. Our wages did go up in mid to high single digits in California, and we offset that with a 5% price increase in California, which took place February 21.

謝謝。莎倫，在第一季度，我們看到的情況很少，如你所知，加州工資法案於 4 月 1 日生效。它肯定在第二季度受到打擊。我們在加州的工資確實出現了中高個位數的上漲，我們透過 2 月 21 日加州物價上漲 5% 來抵消這一漲幅。

And for the more broader question, I do not see a lot of labor pressure anywhere else for the rest of the year at this point in time.

對於更廣泛的問題，我認為今年剩餘時間其他地方都沒有很大的勞動力壓力。

Yes. So just anything, I could add, Sharon, as I mentioned on the call in the prepared comments, we've actually seen a lot of momentum with our team as we've been focused more on the stability of our head coaches as well as the internal promotion. We've made huge strides in getting fully staffed at all levels. And I think we're seeing really quite really great quality talent come in. And I think how we train them and continue to grow them through the system. You'll see a much bigger focus over time of continuing to drive that internal promotion rate. That is our people flywheel and so much of what we can offer at sweet things is really part of what I call the American dream of starting somewhere, you know, as a team member and within three years being a head coach making over $100,000 a year. So it's a huge part about what we're trying to do is not only create something great for our customers, but create great opportunities for our team members.

是的。所以，我可以補充一點，莎倫，正如我在準備好的評論中在電話會議中提到的那樣，我們實際上看到了我們團隊的巨大動力，因為我們更加關注主教練的穩定性以及內部晉升。我們在各級人員配備齊全方面取得了巨大進展。我認為我們正在看到非常非常優秀的人才湧入。我想我們如何訓練他們並透過系統繼續培養他們。隨著時間的推移，您會發現人們更加關注繼續推動內部晉升率。這就是我們的員工飛輪，我們在甜蜜的事情上所能提供的很多東西實際上是我所說的美國夢的一部分，即從某個地方開始，你知道，作為一名團隊成員，並在三年內成為年薪超過10 萬美元的主教練。因此，我們正在努力做的一個重要部分不僅是為我們的客戶創造偉大的東西，而且為我們的團隊成員創造巨大的機會。

Great. And then on infinite kitchen, just considering the metrics there remain very healthy at the margin level, ultimately where do you see the overall fleet as it relates to an Infinite Kitchen? I mean, is this something where eventually all locations are retrofitted? And separately, if not, would you consider just adding kiosks all locations over time, just given the check lift you're getting?

偉大的。然後在無限廚房上，僅考慮到利潤水平仍然非常健康的指標，最終您如何看待與無限廚房相關的整體機隊？我的意思是，這是最終所有地點都進行改造的東西嗎？另外，如果沒有，您是否會考慮隨著時間的推移在所有地點添加自助服務終端，只是考慮到您所獲得的檢查電梯？

Sure. So thank you for the question. So we're very excited about the results we're seeing with Infinite kitchen. Not only are we seeing great feedback from a customer perspective, we're seeing -- we're delivering on what we expected from a unit economics perspective. So as I mentioned, the two stores that the two pilot stores we have, which are trending towards $2.6 million AUVs, ran at 28% margin in the quarter. So about 10 points ahead of the rest of the fleet. Last quarter, we shared that we expect about 7 points of leverage on infinite kitchen stores. So we're seeing a little bit higher than that. And that's very promising for us.

當然。謝謝你的提問。因此，我們對 Infinite 廚房所看到的結果感到非常興奮。我們不僅從客戶的角度看到了很好的回饋，而且我們還看到——我們正在實現從單位經濟學角度的預期。正如我所提到的，我們擁有的兩家試點商店的兩家商店的 AUV 趨向於 260 萬美元，本季的利潤率為 28%。領先其他船隊約 10 個百分點。上個季度，我們預計無限廚房店的槓桿約為 7 點。所以我們看到的數字比這個高一些。這對我們來說非常有希望。

As we think about what the Infinite Kitchen could look like going forward, we do think it's going to be a huge part of our go-forward strategy as we get manufacturing set up and get more confident in this in both the what the-- how we design those experiences and continue to drive down the cost of the machines to fit into more places. You'll see a much higher mix of our deployment in new stores. We talked about retrofitting three to four stores this year. We're going to learn a ton from those from those experiments as we as we learn about how much downtime there is what the cost of the renovation is and what the uplift is, we'll start to understand how much more of the fleet we think we can retrofit.

當我們思考無限廚房未來會是什麼樣子時，我們確實認為這將成為我們前進戰略的重要組成部分，因為我們已經建立了生產設施，並對這兩個方面更加有信心：我們設計這些體驗，並繼續降低機器的成本，以適應更多的地方。您將在新商店中看到我們的部署組合更加豐富。我們討論了今年改造三到四家商店。我們將從這些實驗中學到很多東西，因為當我們了解停機時間是多少、翻新的成本是多少以及提升是多少時，我們將開始了解我們還需要多少機隊。

We've talked in the past that there's definitely a huge chunk of very high-volume stores that we think have an opportunity for retrofit. But I think we have a little bit more to learn in terms of understanding, does it go everywhere and at what timeframe? And do they -- do we wait for the renovation cycle or do we pull it forward? So there's a lot to learn, but I'd say we're very bullish on the technology and the experience. We expect it to be a huge part of future deployments and probably increasing the percentage of NROs that feature an Infinite Kitchen each year and as we learn more about the renovations, will start to go back and tackle that as well.

我們過去曾說過，我們認為肯定有大量大容量商店有機會進行改造。但我認為在理解方面我們還有更多需要學習的地方，它是否無所不在以及在什麼時間範圍內？我們是等待改造週期還是提前？所以還有很多東西要學習，但我想說我們非常看好技術和經驗。我們預計它將成為未來部署的重要組成部分，並可能每年增加配備無限廚房的 NRO 的比例，隨著我們對改造的了解更多，我們也將開始回頭解決這個問題。

Okay. Thank you.

好的。謝謝。

Jon Tower, Citigroup.

喬恩·塔爾，花旗集團。

Thanks. Thanks for taking the question. I'm hoping you could -- we've heard from others in the industry that the second quarter -- first quarter itself was choppy second quarter also going in the wrong direction for a handful of concepts. I was curious to get your perspective on what you're seeing with respect to consumer demand, specifically on the traffic side?

謝謝。感謝您提出問題。我希望你能——我們從業內其他人那裡聽說，第二季度——第一季本身就很不穩定，第二季也有一些概念走向了錯誤的方向。我很想知道您對消費者需求的看法，特別是在交通方面？

Thank you, Jon. Let me spend a minute and first talk a little bit about the first quarter and what we saw and then I will lead off with a few remarks on the second quarter, although we're off still under halfway through the second quarter, like other people, the first quarter started off a little bit slow, and I would say January, we were very slightly negative, really attributable in our view to weather off something many people have commented on.

謝謝你，喬恩。讓我花一點時間，首先談談第一季度和我們所看到的情況，然後我將首先對第二季度發表一些評論，儘管我們和其他人一樣，第二季度還沒有過半第一季度開始有點慢，我想說一月份，我們的情緒非常消極，在我們看來，這確實歸因於許多人評論過的事情。

February, the business was somewhere in the mid-single digits. And by March, we were in very high single digits and that average itself out to about a 5% also in the first quarter for us with our shifting calendar we did pick up two additional holidays that we didn't have last year as we started off in the second quarter. We're tracking a little bit ahead of the high end of our guidance halfway through the quarter on the positive that's also prior to our state launch prior to us really turning on media. So we feel pretty good about where we're at in the second quarter at this point.

2 月份，業務量為中個位數。到了3 月份，我們的成長率達到了非常高的個位數，在第一季度，我們的平均成長率約為5%，隨著日曆的變化，我們確實獲得了去年開始時沒有的兩個額外假期第二季關閉。我們在本季度中段追蹤的積極因素超出了我們指導的上限，這也是在我們真正打開媒體之前我們的州發布之前的。因此，我們對第二季目前的狀況感覺非常好。

Great. Thank you for the color. I appreciate it. It was hoping maybe drill a little bit into the Infinite Kitchens and specifically the stores you're seeing that you've got in Naperville as well as in Southern California. Maybe you could speak about the traffic versus check perspective. I know you'd mentioned on the last earnings call you were seeing a nice lift in check. I'm just curious to know how traffic has trended as the stores have matured a little bit more in those markets such as awareness is built around the technology and what you're serving has that led to increases in traffic at that level you were expecting?

偉大的。謝謝你的顏色。我很感激。它希望能夠深入了解“無限廚房”，特別是您在內珀維爾以及南加州看到的商店。也許您可以談談流量與檢查的角度。我知道您在上次財報電話會議上提到您看到了良好的成長。我只是想知道隨著這些市場中的商店更加成熟，流量的趨勢如何，例如圍繞技術建立的意識以及您所提供的服務導致流量達到您預期的水平的增加？

Thank you, John. Both stores are under one year old. So we're not able -- obviously -- actually Naperville just hit its one-year anniversary. I think it was yesterday. So we're just going to start to understand what that looks like year-over-year. But overall, we've seen momentum in those stores. And so as awareness has continued to build the stores are strengthening, not weakening. So we're pretty -- we feel very good about those restaurants and the experience we're putting forth.

謝謝你，約翰。兩家店開業不到一年。所以，顯然，我們不能——事實上，內珀維爾剛剛迎來了一周年紀念日。我想那是昨天的事了。因此，我們將開始了解逐年的情況。但總的來說，我們看到了這些商店的勢頭。因此，隨著意識的不斷增強，商店正在加強，而不是削弱。所以我們很漂亮——我們對這些餐廳和我們提供的體驗感覺非常好。

And as I said before, we actually think a lot of people have asked about the Infinite Kitchen, how we feel about it and what our confidence level is. And what I've shared in the past, and I'll reiterate is that we feel very good about the technology and what -- the scalability of the technology it works, our teams love it and it delivers. I think there is a lot of opportunity for us around how we continue to elevate that experience featuring the Infinite Kitchen.

正如我之前所說，我們實際上認為很多人都問過「無限廚房」、我們對它的感受以及我們的信心程度。我過去分享過並且我要重申的是，我們對這項技術以及它所發揮的技術的可擴展性感覺非常好，我們的團隊喜歡它並提供它。我認為我們有很多機會圍繞著如何繼續提升以無限廚房為特色的體驗。

So how do we add more of that sweeping magic within that experience and more hospitality components and those sorts of things, you'll see us continue to iterate on store designs and experiences to just -- something that we always do is just try to make a better experience. So overall, very pleased continued momentum, and we'll continue to iterate to improve.

那麼，我們如何在這種體驗中添加更多的魔力，以及更多的接待元素和諸如此類的東西，你會看到我們繼續迭代商店設計和體驗，我們一直在做的就是嘗試讓更好的體驗。總的來說，我們對持續的勢頭感到非常高興，我們將繼續迭代改進。

Andrew Charles, TD Comen.

安德魯·查爾斯，TD·科門。

Great. Thank you. I wanted to ask about stake that in test markets you mentioned that was included in one of five orders. Given the robust data you have from little to users, can you help us understand the incrementality of stake sales and repeat usage that you observed in tests?

偉大的。謝謝。我想詢問您提到的測試市場中包含在五個訂單之一中的股份。鑑於您擁有從小到大的可靠數據，您能否幫助我們了解您在測試中觀察到的股份銷售和重複使用的增量？

Sure. Hi, Andrew. So we're very excited about steak at lunch. Two days ago, we ran a test in Boston that was very encouraging. As we mentioned, one in five business dinner orders were also I think one of the good things about steak and one of the intentions was to broaden the consumer, bring more customers in broaden the daypart and also expand that customer base.

當然。嗨，安德魯。所以我們對午餐時的牛排感到非常興奮。兩天前，我們在波士頓進行了一次測試，結果非常令人鼓舞。正如我們所提到的，五分之一的商務晚餐訂單也是我認為牛排的好處之一，其目的之一是擴大消費者，在擴大時段中吸引更多客戶並擴大客戶群。

A lot of a lot of the surveys, consumer insights that we had is there's a lot of fast casual use customers that won't go somewhere unless there is a need option and especially with the huge focus on protein, which we've been leaning on with our protein plates it's a big opportunity. So we're seeing wonderful reception. We have seen a really, really nice repeat rate as well, which is why it gave us confidence and moving from a test to a launch. So it wasn't just trial. We saw people coming back and ordering it and we did throughout the pilot period, the test period make some changes, and we saw improvements as we started to iterate on the actual recipes and build.

我們進行的大量調查和消費者洞察表明，除非有需要的選擇，否則許多快速休閒使用的客戶不會去某個地方，特別是在我們一直傾向於蛋白質的情況下對於我們的蛋白質板來說，這是一個巨大的機會。所以我們看到了熱烈的歡迎。我們也看到了非常非常好的重複率，這就是為什麼它給了我們信心並從測試轉向發布。所以這不僅僅是審判。我們看到人們回來訂購它，我們在整個試點期間都這樣做了，測試期間做了一些改變，當我們開始迭代實際的食譜和構建時，我們看到了改進。

So it's still very early. Only two days in media has not even turned on yet, but we're very encouraged by the early results. And so what we you'll see with steak is probably a few things. One, given the price, you'll see some tailwinds from a mix perspective, but we should also hopefully see some transaction growth as we bring in more new customers and hopefully drive that extra occasion specifically around dinner.

所以現在還很早。僅兩天媒體尚未啟動，但我們對早期結果感到非常鼓舞。所以我們在牛排上看到的可能有以下幾點。第一，考慮到價格，從混合角度來看，您會看到一些順風車，但隨著我們引入更多新客戶，並希望在晚餐前後推動額外活動，我們也應該希望看到一些交易增長。

Okay. Super. And then my follow-up was just on you talked about the incremental throughput opportunities through more productive staffing and better staffing, new data product of resins, initial observations, the brand can you help us identify the ultimate opportunity the ultimate unlock on traffic, but you think this discounts we provide once you're able to fully optimize this?

好的。極好的。然後我的後續行動就是您談到了透過更有效率的人員配置和更好的人員配置、樹脂的新數據產品、初步觀察來增加吞吐量的機會，該品牌可以幫助我們確定最終釋放流量的最終機會，但是您認為一旦您能夠充分優化這一點，我們就會提供折扣嗎？

And are you asking what's the ultimate unlock on traffic in general?

您是否想問一般流量的最終解鎖是什麼？

Yes, from the improved staffing and a more efficient staffing that you recently were talking about?

是的，來自您最近談論的改進的人員配置和更有效率的人員配置？

Yes, I think I think it's a few things. One, there's the immediate pickup of those additional transactions. So as you go faster, you can pick up those additional transactions. But I think what you get over time is a change in perception around the brand. So you think about lunch or dinner. And you think about your -- how much time you have an there's brands that are in your consumer -- in your in your consideration set and then those ones does not.

是的，我想我認為有幾件事。第一，這些額外交易會立即處理。因此，當您走得更快時，您就可以獲得這些額外的交易。但我認為隨著時間的推移，你對品牌的看法會改變。所以你考慮午餐或晚餐。你想想你的——你有多少時間在你的消費者中——在你的考慮範圍內，然後那些品牌就沒有了。

As we start to pick up throughput, you start to enter that consideration set for people that have more limited time. And we know that over time that drives transactions. So already, we're seeing some really nice moves there in terms of both how we train our teams around throughput, how we deploy our labor and a huge why we talk about our turnover at why we think about our turnover and head coach stability and internal promote is those are leading indicators for our ability to drive throughput and hospitality. So I really just want to thank our head coaches, our whole field team and our operators for the amazing job they're doing. And I think we're really just getting started here.

當我們開始提高吞吐量時，您開始考慮為時間更有限的人設定。我們知道，隨著時間的推移，這會推動交易。因此，我們已經看到了一些非常好的舉措，包括我們如何圍繞吞吐量培訓我們的團隊，我們如何部署我們的勞動力，以及為什麼我們談論我們的營業額以及為什麼我們考慮我們的營業額和主教練的穩定性以及內部晉升是我們推動吞吐量和接待能力的領先指標。所以我真的只想感謝我們的主教練、我們的整個現場團隊和我們的操作員所做的出色工作。我認為我們真的才剛開始。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Hey, thank you. Just a follow up on Infinite Kitchen, Jonathan, clarification on that 28% margin in Q1. Is that a fair way to think about the margin on an annual basis at those $2.6 million volumes what it might be? And then separately, is it fair to think if Infinite Kitchen location in an urban setting happened to see AUVs above the system average, maybe something above $3 million, would that urban location potentially see restaurant-level margins that were higher than 28%? Just any thoughts on that idea would be great.

嘿，謝謝你。只是 Infinite Kitchen 的後續行動，Jonathan，對第一季 28% 的利潤率進行了澄清。以 260 萬美元的銷售量計算每年的利潤率是否公平？另外，如果城市環境中的 Infinite Kitchen 地點碰巧看到 AUV 高於系統平均水平（可能高於 300 萬美元），那麼該城市地點的餐廳利潤率是否可能高於 28%，這是否公平？關於這個想法的任何想法都會很棒。

Thank you, Brian, for the question?

謝謝布萊恩提出這個問題？

Yeah. Let me first answer the first part. Yeah, I would probably say I think the 28% margin that we saw in the first quarter for Huntington Beach and Naperville is probably a good margin for an AUV suburban $2.6 million. There was absolutely nothing in the first quarter performance for those two stores that would lead us to do anything else with the potential maybe exception that Huntington Beach is still a very new store that was this first quarter. So maybe a little bit of upward momentum under Huntington Beach as we roll forward. We believe your second question is largely correct that as the IK. gets deployed in higher AUV stores, particularly in busy urban stores that the margin improvement will be greater than we're seeing in the suburban stores. And we also believe that we will see a big uptick in throughput driving up the AUV and of course, on that higher throughput flow through will be approximately 70%.

是的。我先回答第一部分。是的，我可能會說，我認為我們在第一季看到亨廷頓海灘和內珀維爾 28% 的利潤率對於 AUV 郊區 260 萬美元來說可能是一個不錯的利潤率。這兩家商店第一季的表現絕對不會導致我們做任何其他事情，可能例外的是亨廷頓海灘在第一季仍然是一家非常新的商店。因此，當我們向前推進時，亨廷頓海灘下方可能會有一點向上的動力。我們相信你的第二個問題作為 IK 基本上是正確的。被部署在較高的 AUV 商店，特別是在繁忙的城市商店，利潤率的改善將比我們在郊區商店看到的更大。我們也相信，我們將看到吞吐量大幅上升，推動 AUV 的成長，當然，更高的吞吐量流量將達到約 70%。

As the only cost or drag as cost of goods with no additional labor that is part of the reason we're doing the retro and hopefully in the next call or the call for the third quarter, we'll be in a position to give more accurate and complete numbers around that.

作為唯一的成本或阻力作為沒有額外勞動力的商品成本，這是我們進行復古的部分原因，希望在下一次電話會議或第三季度的電話會議中，我們將能夠提供更多準確而完整的數字。

Okay. That's great. Thank you for that. And then just a question on development. Last quarter, you mentioned you were looking at potentially exploring a smaller format unit as well. Could you just talk about that? What some of the work you're doing? How far along are you? Is that perhaps part of the plans for the next year or two? Or is that a bit further out? Any color?

好的。那太棒了。謝謝你。然後只是一個關於發展的問題。上個季度，您提到您也在考慮探索較小格式的設備。你能簡單談談這個嗎？你正在做哪些工作？你還有多遠？這可能是未來一兩年計畫的一部分嗎？還是說有點遠了？任何顏色？

Sure that plays into my comments earlier around how we're thinking about continuing to evolve the actual experience. And so we have a few designs and prototypes ready that we've iterated on. And you should expect to see those smaller format units begin testing early next year. So we're pretty -- we're about a year away from those hitting we're starting to see starting to understand how they perform. And we think that will be one of the levers as we think to excel as we look to accelerate our pipeline, I'd say beyond the smaller format, we do see other formats as a huge part of our of our playbook.

當然，這也體現在我之前關於我們如何考慮繼續發展實際體驗的評論中。因此，我們已經準備好了一些設計和原型，並對其進行了迭代。您應該期望看到那些較小格式的設備在明年初開始測試。所以我們很漂亮——距離我們開始看到那些擊球手開始了解他們的表現還有大約一年的時間。我們認為，這將是我們在尋求加速管道時取得卓越表現的槓桿之一，我想說，除了較小的格式之外，我們確實將其他格式視為我們策略的重要組成部分。

So we do believe drive-throughs are a really big opportunity, something we are looking at and we have some opportunities, especially powered with the as you know, we've seen very we had some great success with our current suite lane. We also have a pickup kitchen that does phenomenally well, which is a super small. You know, just a pickup on the mobile order and pickup only store, again, adding the IK into that unlocks a lot of TAM for us.

因此，我們確實相信得來速是一個非常大的機會，我們正在考慮這一點，並且我們有一些機會，特別是如您所知，我們已經看到我們在當前的套房車道上取得了一些巨大的成功。我們還有一個廚房，效果非常好，但面積超小。您知道，只需在行動訂單和僅限取貨商店中提貨，再次將 IK 添加到其中即可為我們解鎖大量 TAM。

So as we look forward for our pipeline. We actually see a lot of densification opportunities in markets that we already -- we do already very well in it as we're able to fill in with some of the smaller formats and different types of formats.

因此，當我們期待我們的管道時。實際上，我們已經在市場上看到了很多緻密化的機會——我們已經做得很好，因為我們能夠填充一些較小的格式和不同類型的格式。

Katherine Griffin, Bank of America.

凱瑟琳·格里芬，美國銀行。

Hi, I think you first, I just have a quick clarification and then a question on. So just to clarify, because I think the previous revenue guidance had some assumption baked into it in terms of the downtime associated with the retrofit that's still the case. I think even though you haven't -- it sounds like you haven't really like quantified exactly what that downtime might be. It's still baked into the guidance?

嗨，我想你首先，我只是快速澄清一下，然後提出一個問題。所以我想澄清一下，因為我認為之前的收入指引在與改造相關的停機時間方麵包含了一些假設，但情況仍然如此。我認為即使您沒有 - 聽起來您還沒有真正喜歡確切地量化停機時間可能是什麼。它仍然被納入指導嗎？

Yes, that's correct, Katherine.

是的，這是正確的，凱瑟琳。

Okay, great.

好的，太好了。

And then and the question is just on protein plates. As you know, as a pretty meaningful traffic driver, it seems like can you tell me just frame or even like quantify how much of the transaction -- growth that you've seen is from protein blades over the last couple of quarters? And then I guess how much of that do you think is like trial versus something that's more sustainable going forward?

然後問題就出在蛋白質板上。如您所知，作為一個非常有意義的流量驅動程序，您似乎可以告訴我只是框架甚至量化您在過去幾個季度看到的交易增長有多少來自蛋白質刀片嗎？然後我猜你認為其中有多少是試驗，而不是未來更永續的事情？

Sure. So I can take that with you. We've been very pleased with protein plates. I think, again, it's created it's created. It's made Sweetgreen, something that people now want at dinner. It's expanded our customer base and is definitely over indexing in new markets as well. So some of the performance we're seeing, as I mentioned earlier, around these newer markets where we're seeing double digit comps, much of that is coming from protein plays and the dinner growth we're seeing and the weekend growth we're seeing is really, really promising. So still, again, it's less than six months and with protein plays, but we see a lot of opportunity. And as we've talked about before, we see Sweetgreen is more than just the South place. And we're going to continue to build on these how these warm hearty craveable, it still healthy options for our guests.

當然。所以我可以把它和你一起帶走。我們對蛋白質板非常滿意。我認為，它已經被創造了，它已經被創造了。它製成了 Sweetgreen，這是人們現在在晚餐時想要的東西。它擴大了我們的客戶群，並且在新市場中肯定也過度索引。因此，正如我之前提到的，我們看到的一些表現圍繞著這些新市場，我們看到了兩位數的業績，其中大部分來自蛋白質遊戲以及我們看到的晚餐增長和周末增長。的非常有希望。所以，再說一遍，雖然還不到六個月，而且還有蛋白質比賽，但我們看到了很多機會。正如我們之前談到的，我們看到 Sweetgreen 不僅僅是南方的地方。我們將繼續為我們的客人提供這些溫暖、豐盛、令人渴望、仍然健康的選擇。

Brian Harbour, Morgan Stanley.

布萊恩‧哈伯，摩根士丹利。

Thanks. Good afternoon. Mitch, could you just update us on pricing for the rest of the year? I think you'd previously said about 4%. Is that still the right number looking forward? Or is that going to be closer to 5%

謝謝。午安.米奇，您能否向我們介紹今年剩餘時間的最新定價？我想你之前說過大約 4%。這仍然是正確的數字嗎？還是會接近 5%

Thank you, Brian. It's going to be closer to four. There's one point that's going to be rolling off a I think in April. And at this point in time, we don't plan any more price moves for the rest of the year.

謝謝你，布萊恩。馬上就要到四點了。我認為有一個點將在四月推出。目前，我們不打算在今年剩餘時間內再進行任何價格變動。

Okay. Got it. And then just on the topic is even throughput and operations. Is there anything you could say about -- any way you could quantify it in terms of like speed of service or in terms of sort of like digital order throughput, are there things that might frame for us, the improvement you've seen relative to last year.

好的。知道了。然後主題甚至是吞吐量和操作。您有什麼可以說的嗎？

So there's a few ways we think about throughput. We think about throughput, both on our frontline and then we measure that in a 15 minute periods. And what we've talked about before is that with an additional five transactions in a store, that's about a point in comp. So there's a decision very big frontline opportunity.

因此，我們有幾種考慮吞吐量的方法。我們會考慮前線的吞吐量，然後在 15 分鐘內進行測量。我們之前討論過的是，在一家商店中額外進行五筆交易，這大約是一個比較點。因此，前線有一個非常大的決定機會。

And then on the back lines, our digital make lines, we have much better data because we the way it managed is through what we call a throttle and where we see the huge opportunity in that as we see -- we understand what the lines theoretical throttle are and we understand what the line max throttle is. And then we know where we're running. And if you look at if you look at the stores that are running at max versus things running where the averages there is a ton of room on those throttles, which we manage for 15 minutes.

然後在後面的生產線上，我們的數位生產線，我們有更好的數據，因為我們的管理方式是透過所謂的節流閥，我們看到了其中的巨大機會——我們了解生產線的理論意義油門是，我們了解線路最大油門是多少。然後我們就知道我們要跑到哪裡去了。如果你看看以最大速度運行的商店與以平均速度運行的商店，你會發現這些節流閥有很大的空間，我們管理了 15 分鐘。

So the best stores can do up to 90 orders per 15 minutes. And then you have many stores more in the 40% to 50% range. So there is a big opportunity as we get staffed and trained and deployed correctly to continue to unlock and unlock the throttles on our digital make lines, which we think is a really big opportunity. And again, I'll take this opportunity to talk about.

因此，最好的商店每 15 分鐘最多可以處理 90 個訂單。然後你還有很多商店在 40% 到 50% 的範圍內。因此，當我們正確地配備人員、接受培訓和部署，以繼續釋放和釋放我們數位化生產線的節流閥時，這是一個巨大的機會，我們認為這是一個非常大的機會。再次，我會藉此機會談談。

So much of our focus right now is just on running great restaurants. It's about driving delivering a consistent hospitable experience to our guests, which we know brings them back. They tell their friends that drives that word of mouth. And given the type of food that we serve and the feeling that it gives you it really -- it has this habitual nature to it. So when we do it, we need to do things really work out well and we're very, very much focused on this. And as we've we've invested in our operations team, very, very excited to have Ross and here with us under her leadership as well as and our VP of Operations. We feel very good about the work they're doing to continue to drive great consistent experiences.

我們現在的重點只是經營一流的餐廳。我們的目標是為我們的客人提供始終如一的熱情好客的體驗，我們知道這會讓他們再次回來。他們告訴他們的朋友，這推動了口碑傳播。考慮到我們提供的食物類型以及它給你的感覺，它確實具有這種習慣性。因此，當我們這樣做時，我們需要把事情做得真正順利，我們非常非常關注這一點。正如我們已經投資於我們的營運團隊一樣，非常非常高興有羅斯和我們一起在她的領導下以及我們的營運副總裁。我們對他們為繼續推動一致的出色體驗所做的工作感到非常滿意。

There are no further questions at this time. I will now turn the call back over to Rebecca Nounou for closing remarks. That concludes our Q&A session.

目前沒有其他問題。現在，我將把電話轉回給麗貝卡·努努（Rebecca Nounou），讓其致閉幕詞。我們的問答環節到此結束。

Yeah, I'll just take this opportunity again to thank our team. Thank you for all that you do every day in delivering our mission, and we'll see you next quarter. Thanks, everyone.

是的，我會再次藉此機會感謝我們的團隊。感謝您每天為完成我們的使命所做的一切，我們下個季度再見。感謝大家。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。