Sweetgreen Inc (SG) 2024 Q2 法說會逐字稿

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

謝謝你的支持。我叫珍妮，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 年第二季財報電話會議。（操作員說明）

I would now like to turn the conference over to Rebecca Nounou, Vice President, Head of Investor Relations. You may begin.

現在我想將會議交給副總裁兼投資者關係主管麗貝卡·努努 (Rebecca Nounou)。你可以開始了。

Thank you, and good afternoon, everyone. Speaking on today's call will be Jonathan Neman, Co-Founder and Chief Executive Officer; and Mitch Reback, Chief Financial Officer. Both will be available for questions during the Q&A session following the prepared remarks.

謝謝大家，大家下午好。聯合創始人兼執行長 Jonathan Neman 將在今天的電話會議上發表講話；米奇‧雷巴克 (Mitch Reback)，財務長。在準備好發言後的問答環節中，兩人都可以回答問題。

Today's call is being webcast live and recorded for replay. I'd like to remind everyone that the information under the heading, Forward-looking Statements, included in our earnings release also applies to our comments made during the call. These forward-looking statements are based on information as of today, and we assume no obligation to publicly update or revise our forward-looking statements.

今天的電話會議正在進行網路直播並進行錄音以供重播。我想提醒大家，我們的收益發布中包含的前瞻性陳述標題下的資訊也適用於我們在電話會議中發表的評論。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。

We also direct you to our earnings release for additional information regarding our use of non-GAAP financial measures, including reconciliations of non-GAAP financial measures mentioned on the call with their corresponding GAAP measures. Our earnings release can be found on our investor website.

我們也會引導您查看我們的收益發布，了解有關我們使用非公認會計原則財務指標的更多信息，包括電話會議中提到的非公認會計原則財務指標與其相應的公認會計原則指標的調節表。我們的收益發布可以在我們的投資者網站上找到。

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。

Thank you, Rebecca, and good afternoon, everyone. We had a strong second quarter, a testament to the groundwork we laid in 2023, the impact of our growth strategies, and the strength of our team. We reported sales of $184.6 million, representing 21% year-over-year growth. Same-store sales grew 9%. This consisted of a 5% benefit from menu price and 4% positive traffic and mix.

謝謝你，麗貝卡，大家下午好。我們第二季的業績表現強勁，證明了我們在 2023 年奠定的基礎、成長策略的影響以及團隊的實力。我們報告的銷售額為 1.846 億美元，年增 21%。同店銷售額成長 9%。其中包括 5% 的菜單價格收益以及 4% 的正流量和組合。

Restaurant-level margins for the second quarter was 22.5%, expanding over 200 basis points year over year, making this one of the highest restaurant-level margin performances in the company's history. Additionally, we generated an adjusted EBITDA of $12.4 million for the quarter. We delivered a strong second quarter due to several factors, including the launch of caramelized garlic steak, disciplined operational execution, and strong restaurant openings, all part of our simple two-prong strategy. One, continue building our brand by creating great products and guest experiences; two, expand our connection to guests by building and operating great restaurants.

第二季餐廳級利潤率為22.5%，較去年同期成長超過200個基點，成為該公司史上餐廳級利潤率最高的業績之一。此外，本季調整後的 EBITDA 為 1,240 萬美元。我們在第二季度取得了強勁的業績，這得益於多種因素，包括焦糖大蒜牛排的推出、嚴格的運營執行以及強勁的餐廳開業，所有這些都是我們簡單的雙管齊下戰略的一部分。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。

Let me share some of the highlights from this quarter. During the second quarter, we opened four new restaurants: one in Washington, D.C.; Chicago; Morristown, New Jersey; and Salem, New Hampshire -- New Hampshire being a new market for us. Our 2024 cohort of new restaurant openings are ramping nicely and continue to have an average weekly revenue that already outpaces the existing fleet average.

讓我分享本季的一些亮點。第二季度，我們新開了四家餐廳：一家在華盛頓特區；一家在華盛頓特區。芝加哥；新澤西州莫里斯敦；新罕布夏州塞勒姆—新罕布夏州對我們來說是一個新市場。我們 2024 年新開餐廳的數量正在迅速增加，並且每周平均收入仍然超過現有餐廳的平均收入。

As we shared a few quarters ago, we relaunched our intimacy at scale playbook to execute new openings. This playbook prioritize choosing the best real estate, having the right leaders in place, and strategically investing in brand awareness, which is paying dividends.

正如我們在幾個季度前分享的那樣，我們重新啟動了大規模親密關係策略以執行新的空缺。本手冊優先考慮選擇最好的房地產、擁有合適的領導者，並策略性地投資於品牌知名度，這將帶來紅利。

Additionally, we saw strong top-line performance in emerging markets such as the Midwest, Texas, and the Southeast. Our results continue to show that our brand's relevancy extends far beyond our current footprint with considerable white space in both new and existing markets.

此外，我們也看到中西部、德州和東南部等新興市場的強勁營收表現。我們的結果繼續表明，我們品牌的相關性遠遠超出了我們目前的足跡，在新市場和現有市場中都有相當大的空白。

Sweetgreen's high-quality offering and compelling value is clearly resonating with consumers in today's industry backdrop. On July 15, we completed our first Infinite Kitchen retrofit at Penn Plaza, which is now the fastest way to get Sweetgreen in New York City. The retrofit began in June and took seven weeks to complete. We were able to keep the restaurant partially open during six of the seven weeks of renovation for online ordering and delivery. The restaurant was fully closed for one week.

在當今的行業背景下，Sweetgreen 的高品質產品和引人注目的價值顯然引起了消費者的共鳴。7 月 15 日，我們在 Penn Plaza 完成了首次 Infinite Kitchen 改造，這是現在在紐約市獲得 Sweetgreen 最快的方式。改造工作於六月開始，歷時七週才完成。我們能夠在七週的裝修期間保持餐廳部分營業，以便在線上訂購和送貨。餐廳全面關閉一週。

It is the first Infinite Kitchen made by our contract manufacturer, which was delivered on time and at target costs. Since reopening, we are seeing some of the highest throughput levels we have seen at the store. While less than a month in operation, we are pleased with the performance of the restaurant.

這是我們的合約製造商製造的第一個 Infinite Kitchen，並按目標成本按時交付。自重新開業以來，我們看到了商店中一些最高的吞吐量水準。雖然開業還不到一個月，但我們對餐廳的表現感到滿意。

We remain on track to open a total of seven new restaurants featuring the Infinite Kitchen as well as retrofitting two to three existing restaurants with the Infinite Kitchen in 2024. Looking ahead, we are resuming a new unit growth rate of 15% to 20% annually, with 2025 being at the lower end of this range and 2026 and beyond targeting the upper end of the range. The majority of our 2025 pipeline is identified and we are working on our 2026 pipeline.

我們仍有望在 2024 年開設總共 7 家配備無限廚房的新餐廳，並改造兩到三家配備無限廚房的現有餐廳。展望未來，我們將恢復每年 15% 至 20% 的新單位成長率，2025 年處於該範圍的下限，2026 年及以後的目標是該範圍的上限。我們 2025 年的大部分管道已確定，我們正在研究 2026 年的管道。

Our menu innovation has attracted new guests, driving traffic and check sizes. Caramelized garlic steak, which launched in May, and protein plates have been particularly successful at driving same-store sales at dinner and on weekends in the second quarter. Dinner now represents 40% of sales, excluding the 2:00 to 4:00 PM mid-day daypart. This was an expansion of 3 percentage points year over year.

我們的菜單創新吸引了新客人，增加了客流量並增加了餐量。5 月推出的焦糖蒜蓉牛排和蛋白質餐盤在推動第二季晚餐和週末的同店銷售方面尤其成功。目前，晚餐佔銷售額的 40%（不包括中午 2:00 至 4:00）。這一數字比去年同期擴大了 3 個百分點。

Additionally, in June, weekend same-store sales grew by double digits. We've also seen our share of nail guests acquired steadily increased since the fourth quarter of last year. We believe our culinary innovation will allow us to further grow our dinner mix as well as be a driver of long-term traffic.

此外，6月週末同店銷售額成長了兩位數。我們還看到，自去年第四季以來，我們的美甲客人份額穩步上升。我們相信，我們的烹飪創新將使我們能夠進一步豐富我們的晚餐組合，並成為長期客流量的驅動力。

With respect to operations, our teams remain focused on prioritizing the guest experience and increasing throughput. We saw progress across the fleet and it reflected in our results this quarter. This will continue to be an area of focus for us moving forward.

在營運方面，我們的團隊仍然專注於優先考慮賓客體驗和提高吞吐量。我們看到了整個機隊的進步，這反映在我們本季的業績上。這將繼續成為我們前進的重點領域。

Part of our culture is creating an ownership mindset and our incentives are aligned to these values. These incentives include bonuses and equity grants for our head coaches. As we prepare for more restaurant openings in the coming years, we are building a solid pipeline of future head coaches and are thrilled about the growth opportunities for all of our team members.

我們文化的一部分是創造主人翁心態，我們的激勵措施與這些價值觀一致。這些激勵措施包括對我們總教練的獎金和股權授予。當我們為未來幾年開設更多餐廳做準備時，我們正在建立堅實的未來主教練管道，並對所有團隊成員的成長機會感到興奮。

This is why we've been focused on investing in the employee experience, including upgrading our learning path with an emphasis on leadership skills like performance management, culinary skills, and hospitality. We believe that Sweetgreen offers a career and not just a job.

這就是為什麼我們一直專注於投資員工體驗，包括升級我們的學習路徑，並專注於績效管理、烹飪技能和接待等領導技能。我們相信 Sweetgreen 提供的是一份事業而不僅僅是一份工作。

Many of our best head coaches are developed from within, and we are proud that over 50% are promoted from within. As we move forward, our goal is to increase this percentage. We've been focused on investing in head coaches to improve stability because keeping leaders in place can reduce restaurant turnover, which has stabilized at a new post-pandemic low.

我們許多最優秀的主教練都是從內部培養出來的，我們很自豪超過 50% 的主教練是從內部晉升的。隨著我們的前進，我們的目標是提高這個百分比。我們一直專注於投資主教練以提高穩定性，因為保持領導者的位置可以減少餐廳的營業額，餐廳營業額已穩定在大流行後的新低點。

Last week, Sweetgreen turned 17. Since day 1, we've had a vision to redefine fast food by creating a concept that is committed to being fresh, craveable, convenient, and sustainable. Our unique sourcing model, partnering with farmers and suppliers we know and trust, combined with our commitment to delivering compelling value at scale, has made Sweetgreen a category leader. We plan to continue to lead and define this category by thoughtfully expanding our menu, building out our digital program, introducing new formats, and innovating how restaurants of the future will operate via the Infinite Kitchen.

上週，Sweetgreen 滿 17 歲了。從第一天起，我們的願景就是透過創造一個致力於新鮮、令人渴望、方便和永續的概念來重新定義快餐。我們獨特的採購模式，與我們了解和信任的農民和供應商合作，加上我們致力於大規模提供引人注目的價值，使 Sweetgreen 成為該類別的領導者。我們計劃透過深思熟慮地擴展我們的菜單、建立我們的數位計劃、引入新格式以及透過無限廚房創新未來餐廳的運作方式，繼續引領和定義這個類別。

I want to thank all of our team members for their hard work. Over the past two years, we have been focused on strengthening our operations and financial model and positioning ourselves to accelerate profitable growth.

我要感謝我們所有團隊成員的辛勤工作。過去兩年，我們致力於加強營運和財務模式，並定位於加速獲利成長。

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 Jonathan just shared, our hard work over the past several quarters and commitment to disciplined capital efficient growth is demonstrated in our second-quarter results. We achieved our 13th consecutive quarter of over 20% revenue growth, with same-store sales reaching its highest level in two years. This flowed through to restaurant-level margin and adjusted EBITDA. For 2024, we remain on track to be adjusted EBITDA positive on an annual basis.

謝謝喬納森，大家下午好。正如喬納森剛剛分享的那樣，我們在過去幾個季度的努力工作以及對嚴格資本效率增長的承諾在我們的第二季度業績中得到了體現。我們連續第 13 個季度實現超過 20% 的營收成長，同店銷售額達到兩年來的最高水準。這會影響到餐廳層級的利潤率和調整後的 EBITDA。2024 年，我們仍有望實現年度調整後 EBITDA 為正值。

Total revenue for the quarter was $184.6 million, up from $152.5 million in the second quarter of 2023, growing 21% year over year. For the second quarter, same-store sales grew 9% year over year. This consisted of a 5% benefit from increased menu prices and a 4% increase due to positive traffic and mix. All markets comped positively with very strong growth led by newer markets, Texas, Florida, Atlanta, and the Upper Midwest.

該季度總營收為 1.846 億美元，高於 2023 年第二季的 1.525 億美元，年增 21%。第二季同店銷售額較去年同期成長9%。其中包括菜單價格上漲帶來的 5% 收益，以及客流量和組合帶來的 4% 收益成長。所有市場均表現積極，以德克薩斯州、佛羅裡達州、亞特蘭大和中西部地區等新興市場為主導，並實現了非常強勁的成長。

Year to date, same-store sales change is running at 7%. Our average unit volume in the second quarter was $2.9 million. Restaurant-level profit margin in the second quarter was 22.5% compared to 20.4% a year ago. This is more than a 200-basis-point improvement from the second quarter of 2023. Margins were strong across all regions and age cohorts.

今年迄今為止，同店銷售額變化為 7%。第二季我們的平均單位銷售量為 290 萬美元。餐廳級第二季的利潤率為22.5%，而去年同期為20.4%。這比 2023 年第二季提高了 200 個基點以上。所有地區和年齡層的利潤率都很高。

Year to date, restaurant-level profit margin is 20.5%. Restaurant-level profit for the second quarter was $41.5 million, a more than 30% increase year over year. For a reconciliation of restaurant-level margin to comparable GAAP figures, please refer to the earnings release.

今年迄今為止，餐廳層面的利潤率為 20.5%。第二季餐廳級利潤為4,150萬美元，較去年同期成長超過30%。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。

In the second quarter of 2024, we opened four restaurants, including restaurants in Washington, D.C.; Chicago; Morristown, New Jersey; and Salem, New Hampshire, a new market for us. We ended the quarter with a total of 231 restaurants. Our Infinite Kitchens continue to deliver on our financial, operational, and customer service metrics.

2024 年第二季度，我們開設了四家餐廳，其中包括位於華盛頓特區的餐廳；芝加哥；新澤西州莫里斯敦；新罕布夏州塞勒姆是我們的一個新市場。本季結束時，我們的餐廳總數為 231 家。我們的無限廚房繼續實現我們的財務、營運和客戶服務指標。

Naperville just crossed its one-year anniversary in May with $2.8 million in sales. For the second quarter, the restaurant-level margin was 31.3%. In its first year, team member turnover was around 45% less than what we see in a classic restaurant at a similar stage. Our Huntington Beach IK is six months old and following a similar trajectory.

5 月份，內珀維爾 (Naperville) 剛剛度過了成立一周年紀念日，銷售額達 280 萬美元。第二季度，餐廳層面的利潤率為 31.3%。在第一年，團隊成員的流動率比我們在類似階段的經典餐廳中看到的減少了 45% 左右。我們的亨廷頓海灘 IK 已有六個月的歷史，並遵循類似的軌跡。

Our Penn Plaza retrofit opened for a few weeks has shown strong performance. On its second day, the Infinite Kitchen produced nearly 200 bowls in 30 minutes with 100% on-time reliability and has the potential to reach 500 bowls per hour. As Jonathan mentioned, Penn Plaza offers the fastest way to get Sweetgreen with an average order completion time of just under 3.5 minutes.

我們的佩恩廣場改造項目開業幾週後表現出了強勁的表現。第二天，無限廚房在 30 分鐘內生產了近 200 碗，100% 準時可靠性，並有潛力達到每小時 500 碗。正如 Jonathan 所提到的，Penn Plaza 提供了獲得 Sweetgreen 的最快方式，平均訂單完成時間不到 3.5 分鐘。

For 2024, we are on track to open between 24 and 26 new restaurants, 7 of which will contain the Infinite Kitchen. These seven restaurants are scheduled to be opened in Q3 and Q4 of 2024, one of which was opened this week in Fashion Island in Newport Beach, California.

到 2024 年，我們預計將開設 24 至 26 家新餐廳，其中 7 家將設有無限廚房。這七家餐廳計劃於 2024 年第三季和第四季開業，其中一家餐廳本週在加州紐波特海灘的時尚島開業。

Food, beverage, and packaging costs were 27% of revenue for the quarter, flat year over year. Labor and related expenses were 27% of revenue for the second quarter, a 200-basis-point improvement year over year. While we experienced wage rate increases, this has more than offset with improvements to labor optimization.

食品、飲料和包裝成本佔本季營收的 27%，與去年同期持平。第二季勞動力及相關費用佔營收的 27%，年增 200 個基點。雖然我們經歷了薪資上漲，但這足以抵消勞動力優化的改善。

Occupancy and related expenses were 8% of revenue, a 100-basis-point improvement year over year. General and administrative expense was $39.2 million or 21% of revenue for the second quarter of 2024 as compared to $40.4 million or 26% of revenue in the prior-year period. The decrease in general and administrative expenses was primarily due to a $3.6 million decrease in stock-based compensation expense, which was partially offset by an increase in our investment in advertising.

入住率及相關費用佔營收的 8%，年增 100 個基點。2024 年第二季的一般及管理費用為 3,920 萬美元，佔營收的 21%，而去年同期為 4,040 萬美元，佔營收的 26%。一般和管理費用的減少主要是由於股票補償費用減少了 360 萬美元，但廣告投資的增加部分抵消了減少。

Net loss for the second quarter of fiscal 2024 was $14.5 million as compared to a loss of $27.3 million in the prior-year period. The decrease in net loss is primarily due to a $10.4 million increase in our restaurant-level profit and a $4.5 million decrease in restructuring, a $1.2 million decrease in preopening, and a $1.1 million decrease in general and administrative expenses described above. These decreases were partially offset by an increase in depreciation and amortization expense, primarily associated with an increase in restaurants as well as an increase in other expenses related to the change in fair value of our contingent consideration.

2024 財年第二季的淨虧損為 1,450 萬美元，而上年同期淨虧損為 2,730 萬美元。淨虧損的減少主要是由於我們的餐廳利潤增加了 1040 萬美元，重組減少了 450 萬美元，開業前減少了 120 萬美元，以及上述一般和管理費用減少了 110 萬美元。這些減少被折舊和攤銷費用的增加部分抵消，主要與餐廳的增加以及與我們或有對價公允價值變化相關的其他費用的增加有關。

Adjusted EBITDA, which excludes stock-based compensation and certain other adjustments, was $12.4 million for the second quarter, an improvement of $9.1 million from the second quarter of 2023. We ended the quarter with a cash balance of $245 million. During the first six months of 2024, we generated a positive operating cash flow of $22.5 million.

第二季調整後 EBITDA（不包括以股票為基礎的薪資和某些其他調整）為 1,240 萬美元，比 2023 年第二季增加了 910 萬美元。本季結束時，我們的現金餘額為 2.45 億美元。2024 年前六個月，我們產生了 2,250 萬美元的正營運現金流。

Now turning to guidance. For the fiscal year 2024, the raise in guidance reflects our strong performance in the first half of the year. We remain cautious for the second half of the year, given what we are reading about the uncertain US economic backdrop.

現在轉向指導。對於 2024 財年，指導意見的上調反映了我們上半年的強勁業績。鑑於我們所了解的美國經濟背景的不確定性，我們對下半年保持謹慎態度。

Additionally, our guidance reflects the retrofitting of two high-volume restaurants with the Infinite Kitchen, including Willis Tower in Chicago. 24 to 26 net new restaurant openings, revenue ranging from $670 million to $680 million, same-store sales growth between 5% and 7%, restaurant-level margins between 19% and 20%, and adjusted EBITDA between $16 million and $19 million.

此外，我們的指導反映了對兩家高客流量餐廳進行的「無限廚房」改造，其中包括芝加哥的威利斯大廈。淨新開餐廳數量為24 至26 家，營收在6.7 億美元至6.8 億美元之間，同店銷售額增長在5% 至7% 之間，餐廳利潤率在19% 至20% 之間，調整後EBITDA 在1600 萬美元至1900 萬美元之間。

As we shared before, we remain committed to disciplined capital-efficient growth and driving profitability so that we can accelerate the Sweetgreen flywheel. We remain focused on building our brand, culinary innovation, leveraging our unique supply chain, and delivering operational excellence. With this focus, we believe we are well positioned to deliver long-term growth for our stakeholders.

正如我們之前分享的，我們仍然致力於有紀律的資本效率成長並提高獲利能力，以便我們能夠加速 Sweetgreen 飛輪的發展。我們仍然專注於打造我們的品牌、烹飪創新、利用我們獨特的供應鏈並提供卓越的營運。有了這個重點，我們相信我們有能力為利害關係人實現長期成長。

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。

The floor is now open for questions. (Operator Instructions) Sharon Zackfia, William Blair.

現在可以提問。（操作員說明）Sharon Zackfia、William Blair。

The quarter comp was really impressive and obviously had this nice uptick sequentially in transaction and mix. Can you talk about what was the primary driver between those two components? Because I recognize a stake was probably a mix benefit. So I'm not sure how much we should really attribute to traffic versus mix. And then secondarily, Mitch, when you're talking about the uncertainty in the macro environment, it doesn't seem like you're seeing anything, but I just want to clarify if that is, in fact, the case.

該季度的業績確實令人印象深刻，並且顯然在交易和組合方面連續出現了良好的成長。您能談談這兩個組件之間的主要驅動因素是什麼嗎？因為我認識到股權可能是一種混合效益。所以我不確定我們應該在多大程度上歸因於流量與組合。其次，米奇，當你談論宏觀環境的不確定性時，你似乎沒有看到任何東西，但我只是想澄清事實是否如此。

Thank you very much, Sharon, for the question. So let me break the question apart into two buckets and take the first one, which was on the second quarter, if we have any kind of comments about the traffic and mix and how it's sequentially built.

非常感謝莎倫提出這個問題。因此，讓我將問題分為兩個部分，並討論第一個問題，即第二季度的問題，如果我們對流量和組合以及它是如何順序構建有任何評論的話。

Let me just say that for the quarter, our traffic was positive and is sequentially built each month during the quarter. The mix benefit was largely attributable to the launch of steak.

我只想說，在本季度，我們的流量是積極的，並且在本季度每個月都按順序增加。混合效益很大程度歸功於牛排的推出。

Your second question, I believe, was what are we seeing in terms of the cautious guide. And I guess I'll translate that a little bit to what are we seeing early on in Q3.

我認為，你的第二個問題是我們在謹慎的指導上看到了什麼。我想我會將其轉化為我們在第三季早期看到的情況。

Like a lot of other people have reported, the first week of the quarter was soft around July 4. As we moved away from July 4, our business picked up. And for the last three weeks of July, our business comped at the top end of our guidance.

正如許多其他人報道的那樣，本季第一周 7 月 4 日左右表現疲軟。7 月 4 日之後我們搬走了，我們的生意開始好轉。在 7 月的最後三週，我們的業務表現處於我們指導的最高水平。

I think what I would say and kind of making an overall comment is we feel really happy and comfortable with the things that we control in our business. We're very happy with the menu innovation, and more importantly, the customer acceptance of our new items. We're very happy with our marketing that we've moved to more out-of-home, and that's showing very strong results.

我想我要說的是，總體而言，我們對我們在業務中控制的事情感到非常高興和舒適。我們對菜單創新感到非常滿意，更重要的是，顧客對我們新菜色的接受。我們對我們的行銷方式非常滿意，我們已經轉向更多戶外活動，並且取得了非常強勁的成果。

We talked in the past about improving our labor scheduling and deployment in order to improve hospitality and lower labor costs as a percent of revenue, and we're very pleased with our results. And as we alluded to in the script, very pleased with our new market response and the strong comp growth rates we're seeing across all of our new markets. And the Class of 2024 opened up very strong with higher weekly revenue than we're seeing in the fleet.

我們過去曾討論過如何改善勞動力調度和部署，以改善接待服務並降低勞動力成本佔收入的百分比，我們對結果非常滿意。正如我們在腳本中所提到的，我們對新的市場反應以及我們在所有新市場中看到的強勁的複合成長率感到非常滿意。2024 屆的開學表現非常強勁，每週收入高於我們在機隊中看到的水平。

However, we feel like we do not control the outside world, and we kind of read the same stuff in the same paper as everybody reads and reports on. And I think we have a degree of kind of cautiousness around the external environment. Having said that, we are pleased with the fact that July -- the last three weeks of July came in at the top end of our guidance.

然而，我們覺得我們無法控制外在世界，而且我們在同一篇論文中讀到的內容與每個人閱讀和報導的內容相同。我認為我們對外部環境有一定程度的謹慎。話雖如此，我們很高興 7 月——7 月的最後三週——達到了我們指導的最高水平。

Thanks for that. And as my follow-up, on the IK Penn, are you seeing customers discover the improved throughput via walk-in or does it happen more in the digital channel first? Thanks.

謝謝你。作為我的後續行動，在 IK Penn，您是否看到客戶透過步入式管道發現了吞吐量的提高，還是首先在數位管道中發生了更多情況？謝謝。

Sure. Hi, Sharon, good to hear from you, and thank you for the question. So just before I begin, love to just thank our -- the whole Sweetgreen team for a phenomenal quarter. A lot of hard work to get to this point. And I just want to take a moment to thank every single person, especially our frontline team members, our head coaches that really bring the Sweetgreen mission to life every day.

當然。你好，莎倫，很高興收到你的來信，謝謝你的提問。因此，在我開始之前，我要感謝我們的整個 Sweetgreen 團隊在這個季度的出色表現。為了走到這一步，付出了很多努力。我只想花點時間感謝每一個人，特別是我們的一線團隊成員、我們的主教練，他們每天都將 Sweetgreen 的使命變為現實。

As it relates to Penn Plaza, I think if you go and experience it, it's pretty amazing. I mean, we're delivering food in under 3.5 minutes. If you had gone to that store before at peak, you would have waited in line 10 to 15 minutes. And then once you started your order, probably you're about another 3 minutes until you get your food. So you can now pretty much walk in. There's almost -- the way we've designed it with the kiosk ordering as well as the concierge ordering, practically zero weight to order and your food is out in 3.5 minutes.

因為它與Penn Plaza有關，我想如果你去體驗一下，那是相當神奇的。我的意思是，我們可以在 3.5 分鐘內送餐。如果你以前在高峰期去過那家商店，你會排隊等待 10 到 15 分鐘。一旦你開始點餐，可能還需要 3 分鐘才能拿到食物。所以你現在幾乎可以走進去。我們設計的自助終端訂購和禮賓訂購的方式幾乎是零重量的，您的食物將在 3.5 分鐘內送達。

So that is aside from the digital orders, which, again, are -- if you're ordering on your phone, it's also that fast. So very encouraged. We're seeing some really positive feedback from consumers; also seeing some great positive feedback from our key members, which is really important. This is the first restaurant where we had team members that worked in an old -- an existing Sweetgreen that are now working in the new model. So we get an interesting test on seeing how they view the experience, and they're really thrilled. It's just a lot more fun and it's an easier place to work for them.

所以這不包括數字訂單，同樣，如果你在手機上訂購，它也那麼快。所以非常受鼓舞。我們看到了消費者的一些非常正面的回饋；也看到我們主要成員的一些正面回饋，這非常重要。這是第一家餐廳，我們的團隊成員曾在舊的 Sweetgreen 餐廳工作，但現在在新餐廳工作。因此，我們進行了一個有趣的測試，看看他們如何看待這次體驗，他們真的很興奮。這對他們來說更有趣，也是一個更容易工作的地方。

And so really excited about it. I think it's early but encouraging. And I think over time, as customers understand how fast they can get through and get their Sweetgreen, I think we will continue to see some traffic-driving potential there.

對此感到非常興奮。我認為現在還為時過早，但令人鼓舞。我認為，隨著時間的推移，隨著客戶了解他們能夠以多快的速度通過並獲得 Sweetgreen，我認為我們將繼續看到那裡的一些交通驅動潛力。

Katherine Griffin, Bank of America.

凱瑟琳·格里芬，美國銀行。

First, I wanted to ask another question, I guess, on marketing. It's been a different tact for Sweetgreen advertising around the caramelized garlic steak launch. It's clearly been successful. It seems like you're seeing a return on it. So I'm curious if this is something you're thinking about incorporating in your go-forward strategy or if it's -- or something that's reserved for a big culinary launch? Just any thoughts, I guess, on advertising for Sweetgreen going forward.

首先，我想問另一個關於行銷的問題。Sweetgreen 圍繞焦糖大蒜牛排推出的廣告採取了不同的策略。顯然已經成功了。看來你看到了回報。所以我很好奇你是否正在考慮將其納入你的前進策略中，或者是否是——或者是為大型烹飪發布而保留的東西？我想，只是關於 Sweetgreen 未來廣告的任何想法。

Sure. Thank you for the question. So I'd say it's much more of how you can expect us to go forward. We've made some good investments in the talent around our marketing team. So shout out to our marketing team. You've done a great job.

當然。謝謝你的提問。所以我想說，這更多的是你期望我們如何前進。我們對行銷團隊的人才進行了一些良好的投資。因此，請向我們的行銷團隊大聲喊叫。你做得很好。

Really taking -- really thinking about 360 campaigns, including how we leverage out-of-home, digital community, and we're seeing some really great results around it. So we will be incorporating this into our go-forward strategy.

認真思考 360 度行銷活動，包括我們如何利用戶外數位社區，我們看到了一些非常好的結果。因此，我們將把這一點納入我們的前進策略中。

We've also -- many people still think about Sweetgreen as a salad company. We've never viewed it that way. From the very beginning, the idea was to create a company that leverages in a really unique fresh supply chain, craft around how we make our food, and then apply that to different types of food.

我們也——許多人仍然認為 Sweetgreen 是一家沙拉公司。我們從未這樣看待過它。從一開始，我們的想法就是創建一家公司，利用真正獨特的新鮮供應鏈，圍繞我們製作食物的方式進行設計，然後將其應用於不同類型的食物。

Of course, we started with salads, and that's what we're very much known for. But as you're seeing, we're starting to branch out and leverage that license the brand has around the quality, craveable fresh food, and then apply it to place. And over the next year or so, you're going to see a lot more menu innovation.

當然，我們從沙拉開始，這也是我們眾所周知的。但正如你所看到的，我們開始拓展業務，利用品牌在優質、令人渴望的新鮮食品方面所擁有的許可，然後將其應用到地方。在接下來的一年左右的時間裡，您將看到更多的菜單創新。

And one of the things that we're really excited about that we've seen in this quarter, which is something we've been working on for a while, is that broadening of our consumer and broadening of our daypart. So we've seen a nice shift in dinner with a huge growth of that dinner day part.

我們在本季度看到的真正令人興奮的事情之一是我們的消費者範圍和時段的擴大，這也是我們一段時間以來一直在努力的事情。因此，我們看到了晚餐的一個很好的轉變，晚餐時段的數量大幅增加。

We brought in the consumer and some of the results we've seen, a lot of the success was actually from a lot of the emerging markets that at one point were a little bit questionable for us. We saw some massive comps in those markets, and I attribute that to a combination of the great culinary innovation we've had with this new approach to marketing.

我們引入了消費者和我們看到的一些結果，許多成功實際上來自許多新興市場，而這些市場一度對我們來說有點可疑。我們在這些市場上看到了一些大規模的競爭，我將其歸因於我們偉大的烹飪創新與這種新的行銷方法的結合。

That's great. Thank you. And then on the menu innovation that Sweetgreen has been executing, I'm curious how it's resonating with your existing, more like habitual customer base? And I guess what that means for how you're thinking about balancing menu innovation going forward in order to appeal to your new cohorts versus existing?

那太棒了。謝謝。然後，關於 Sweetgreen 一直在執行的菜單創新，我很好奇它如何與您現有的、更像是習慣性的客戶群產生共鳴？我想這對於您如何考慮平衡未來的菜單創新以吸引新顧客和現有顧客意味著什麼？

Yeah, we've seen success across both. If you look at -- if we look at the -- both the customer acquisition and the frequency trends, we've been pretty pleased about both how it's brought in new customers and we can remove that veto vote in many ways and created that occasion where I want that Sweetgreen experience. I may not want a bowl full of greens, but now I can get a steak bowl with wild rice and caramelized garlic steak. And it's a really hearty dinner option with a really great value, especially in this environment. And our existing guests are loving it, too. So I'd say we're seeing it in both existing and with new customers.

是的，我們已經看到了兩者的成功。如果你看看——如果我們看看——客戶獲取和頻率趨勢，我們對它如何引入新客戶感到非常高興，我們可以通過多種方式消除否決票並創造這個機會我想要 Sweetgreen 體驗的地方。我可能不想要一碗裝滿蔬菜的菜，但現在我可以得到一碗牛排，裡面有菰米和焦糖大蒜牛排。這是一種非常豐盛的晚餐選擇，非常有價值，尤其是在這種環境下。我們現有的客人也很喜歡它。所以我想說，我們在現有客戶和新客戶中都看到了這一點。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭，派珀·桑德勒。

Just a question on development. As you look to next year, do you have visibility yet in terms of how many of those locations might have Infinite Kitchens or is that still yet to be determined? And really just wondering if that answer has more to do with the way you're constructing your pipeline? Or is there any contract manufacturing constraints to think about as well?

只是一個發展問題。展望明年，您是否清楚其中有多少地點可能擁有無限廚房，或尚未確定？真的只是想知道這個答案是否與您建立管道的方式有更多關係？或者是否還需要考慮任何合約製造限制？

Sure. So the short answer is expect a much higher percentage of Infinite Kitchens in the pipeline. We're not yet disclosing exactly how many as we're finalizing design, but expect, I'd say, a majority, more than 50% of new units would include an Infinite Kitchen next year.

當然。因此，簡短的回答是，預計 Infinite Kitchens 計劃中的比例會更高。在最終確定設計時，我們尚未透露具體數量，但我想說的是，預計明年超過 50% 的新單元將包含無限廚房。

Okay, thank you. And then just a follow-up, John, more of a strategic question for you. But if the Infinite Kitchen continues to progress the way you hope, you just talk about the strategic optionality that gives the company over the next 5, 10 years, or even longer. What does that help you do with development? And does it also give you opportunities to do anything with the value perception with consumers and the value proposition?

好的，謝謝。然後是一個後續行動，約翰，對你來說更多的是一個戰略問題。但如果無限廚房繼續按照你希望的方式發展，你只需談論為公司在未來 5 年、10 年甚至更長時間內提供的策略選擇。這對你的發展有什麼幫助？它是否也為您提供了利用消費者的價值認知和價值主張做任何事情的機會？

Yeah, absolutely. I mean, one of the reasons -- or the reason we were so excited about this is we saw this as a huge tool for us and especially as labor becomes more challenging and more expensive. And today, we're seeing a lot of success. But to your point, over time, there's a lot of optionality. Whether that be things we do from a price value perspective, the unlocking TAM that it allows us for with the margin increase, and the fewer employees that we can run it with, it should unlock a lot of white space for us. And the way it's been designed and the innovation team we have around automation is we believe that there's applications outside of this core bowl application as well.

是的，絕對是。我的意思是，原因之一 - 或者我們對此如此興奮的原因是我們認為這對我們來說是一個巨大的工具，特別是當勞動力變得更具挑戰性和更昂貴時。今天，我們看到了很多成功。但就你而言，隨著時間的推移，會有很多選擇。無論是我們從價格價值角度做的事情，還是透過利潤增加來解鎖 TAM，以及我們可以運行的員工數量是否較少，它都應該為我們釋放大量空白。我們相信，它的設計方式和圍繞自動化的創新團隊除了核心碗應用之外還有其他應用。

So I'd say there's a lot of option value around automation and what we built with the Infinite Kitchen. And I just want to take a moment to thank the whole spice team who've done just an incredible job leading this project.

所以我想說，自動化和我們用無限廚房建造的東西有很多選擇價值。我只想花點時間感謝整個香料團隊，他們在領導這個專案方面做得非常出色。

Logan Reich, RBC Capital Markets.

Logan Reich，加拿大皇家銀行資本市場部。

Hey, thanks for taking the questions and congrats on the really solid results. My question was on restaurant margins. Obviously, really impressive growth this quarter or margin expansion this quarter year over year. Obviously, steak is coming into the mix more so going forward. But I guess just like how do you sort of think about restaurant-level margins sort of trending? And what are the puts and takes beyond sort of this year that you guys are most looking out for? And then I have a follow-up.

嘿，感謝您提出問題，並祝賀取得了非常紮實的結果。我的問題是關於餐廳的利潤。顯然，本季的成長或利潤同比增長確實令人印象深刻。顯然，牛排將更多地融入其中，因此未來更是如此。但我想就像你如何看待餐廳層面的利潤趨勢？除了今年之外，你們最期待的看跌期權是什麼？然後我有一個後續行動。

Thanks, Logan. I think let me answer that question more in the broader term over the next few years since I think that's the way the question was phrased. We continue to see our margins expanding in near term. And I think most of that is going to come from a few areas; continuing to see more improvements around labor and labor deployment. And I think we've seen great success in the past few years, but we could see a lot of opportunity coming forward.

謝謝，洛根。我想讓我在接下來的幾年裡更廣泛地回答這個問題，因為我認為這就是這個問題的措辭方式。我們的利潤率在短期內持續擴大。我認為其中大部分將來自幾個領域；繼續看到勞動力和勞動力部署的更多改進。我認為我們在過去幾年中取得了巨大的成功，但我們可以看到未來還有很多機會。

There's going to be some opportunity, of course, in our occupancy. As a small company, our occupancy was heavily influenced by deep urban areas. And as we grow and grow in newer markets, our occupancy will steadily come down.

當然，在我們入住期間會有一些機會。作為一家小公司，我們的入住率深受城市深處的影響。隨著我們在新市場的不斷發展，我們的入住率將會穩定下降。

And I think the other area of the P&L basically in the area of other expenses, we continue to find leveraging opportunities throughout them. And you'll see us continue to drive some of those.

我認為損益表的其他領域基本上是其他費用領域，我們繼續在其中尋找槓桿機會。你會看到我們繼續推動其中一些。

So I believe over the next few years, you'll see our margins increase. I want to caution it may not be exactly on a quarter-by-quarter basis. But on an annual basis, they should improve over the next few years. And this is absent the deployment of the IK. The IK, I believe, will supercharge the margin expansion, particularly if we can retrofit very high-volume stores rapidly.

所以我相信在接下來的幾年裡，你會看到我們的利潤率增加。我想提醒一下，這可能不完全是按季度計算的。但從每年的角度來看，他們應該在接下來的幾年裡有所改善。這還沒有部署 IK。我相信，IK 將加速利潤率的擴張，特別是如果我們能夠快速改造非常大容量的商店。

Great, thanks. And then on the Penn Plaza retrofit, I guess what are the sort of key learnings there that sort of instruct your views going forward on the retrofits, whether that be sales performance through that six- or seven-week period? How does that sort of impact your guys' views on the retrofits going forward?

太好了，謝謝。然後，關於賓州廣場的改造，我想有哪些關鍵的經驗教訓可以指導您對改造的未來看法，無論是六週還是七週期間的銷售業績？這對你們對未來改造的看法有何影響？

So is the question what did we learn or what are we trying to learn?

那麼問題是我們學到了什麼或我們試圖學到什麼？

Yeah. I guess like what were your learnings relative to expectations during that retrofit?

是的。我想您在改造期間學到的東西與預期相比是什麼？

Yeah. I'd say -- first of all, I think it was impressive that we were able to keep the store operating during that time. So we were able to do the -- for the first one, we were able to turn that store in seven weeks and keep it running from a -- with a digital ordering, so delivery and pickup, running during that time for six of the seven weeks. We made the decision to close for one week really to focus on hospitality training for the team in that week. But I think it was an encouraging start for us. And I think over time, we should be able to bring that down.

是的。我想說 - 首先，我認為我們能夠在那段時間保持商店運營，這令人印象深刻。因此，我們能夠做到 - 對於第一家，我們能夠在七週內扭轉該商店並保持其運營 - 通過數字訂購，因此交付和提貨，在此期間運行六次七個星期。我們決定關閉一周，真正專注於該週團隊的接待訓練。但我認為這對我們來說是一個令人鼓舞的開始。我認為隨著時間的推移，我們應該能夠降低這種情況。

Other learnings, I think we're learning continuously with each new Infinite Kitchen. We just opened one this week on Tuesday. Like I've said many times in the past, we feel very good about the technology, and that will continue to improve, and we'll continue to scale the cost down.

其他的學習，我認為我們正在不斷地學習每一個新的無限廚房。我們這週週二剛開了一家。就像我過去多次說過的那樣，我們對這項技術感覺非常好，並且將繼續改進，我們將繼續降低成本。

We're still working to perfect the overall experience. And I think with each new one you see, you'll notice a lot of things that we're trying and testing as we start to really perfect. It's really that feeling that you get, the look and feel, the vibe of that restaurant when you walk in as well as the team member experience and making sure we just nailed down all the right adjacencies from a labor perspective and the right flow from a customer perspective, all while trying to bring our build-out costs down pretty significantly as we look to accelerate openings.

我們仍在努力完善整體體驗。我認為，隨著您看到的每一個新產品，您都會注意到我們正在嘗試和測試很多事情，因為我們開始真正完善。這就是你真正感受到的感覺，當你走進餐廳時，餐廳的外觀和感覺、氛圍以及團隊成員的體驗，並確保我們從勞動力的角度確定了所有正確的鄰接關係，並從勞動力的角度確定了正確的流程。

So it's a huge focus area for us. We're learning both about new builds and retros. But I'd say with four under our belt, we've learned a ton, and I'm very pleased with the results thus far, which is what has given us the confidence to continue to accelerate this year seven more -- we'll open a bunch more this year. And next year, we're going to open a lot more. And we wouldn't have that confidence if we didn't see the results we're seeing today.

所以這對我們來說是一個巨大的重點領域。我們正在學習新版本和復古版本。但我想說，有了四個，我們已經學到了很多東西，我對迄今為止的結果感到非常滿意，這讓我們有信心今年繼續加速七個 - 我們'今年會多開一些。明年，我們將開放更多。如果我們沒有看到今天所看到的結果，我們就不會有這樣的信心。

Rahul Kro, JPMorgan.

拉胡爾·克羅，摩根大通。

Congrats on excellent results and execution. As Sweetgreen expands from being regional to truly national over time, can you share some of your early thoughts or your philosophy of reinvesting some of the margins you realize back into customer [bills] or menu price? How are you as an organization thinking about this today as you build out into your TAM? And I have a follow-up.

祝賀出色的結果和執行力。隨著時間的推移，Sweetgreen 從區域性擴展到真正的全國性，您能否分享一些您的早期想法或將您實現的部分利潤再投資回客戶[帳單]或菜單價格的理念？作為一個組織，您在建立 TAM 時如何考慮這一點？我有一個後續行動。

Sure. So thanks for the question, Rahul. So to your point, one of the -- one, I think for me, one of the most encouraging things that we've seen over the past couple of quarters has been the momentum across the company, the breadth and depth of the sales growth, specifically, a lot of the momentum we've seen in the emerging markets in the Upper Midwest, where we grew a lot -- we planted a lot of restaurants last year in Texas, in Florida, in Atlanta, all markets that we're seeing really robust growth.

當然。謝謝你的提問，拉胡爾。因此，就您的觀點而言，我認為對我來說，過去幾個季度我們看到的最令人鼓舞的事情之一就是整個公司的勢頭、銷售增長的廣度和深度具體來說，我們在中西部北部的新興市場看到了很多勢頭，我們在那裡成長了很多——去年我們在德克薩斯州、佛羅裡達州、亞特蘭大，以及我們在所有市場上開設了很多餐廳。增長。

I think that once we get to a scale, I mean, people have a different number, whether that's 400 or 500 units in national. I think it does unlock a lot of marketing efficiencies as we're able to advertise more nationally. We're still a couple of years away from that, but we do think that over time, we are seeing a lot of success with our marketing activities and brand awareness.

我認為，一旦我們達到一定規模，我的意思是，人們會有不同的數字，無論是全國的 400 單位還是 500 單位。我認為它確實提高了很多行銷效率，因為我們能夠在全國範圍內進行更多廣告。我們距離這一目標還有幾年的時間，但我們確實認為，隨著時間的推移，我們的行銷活動和品牌知名度將取得很大的成功。

And as we continue to drive our margin and get scale, I think there's a lot of opportunity to get more people aware in trying Sweetgreen. Because one thing that we know is once consumers try Sweetgreen, they're very sticky. There is a natural flywheel built in given the habitual nature of the food. Something that we just got to do is just get more people to know who we are and give us a try.

隨著我們繼續提高利潤率並擴大規模，我認為有很多機會讓更多人意識到嘗試 Sweetgreen。因為我們知道的一件事是，一旦消費者嘗試了 Sweetgreen，他們就會非常黏。鑑於食物的習慣性質，內建了一個天然飛輪。我們要做的就是讓更多的人知道我們是誰並嘗試我們。

Perfect. And then considering the labor savings we discussed in the past on the Infinite Kitchen, longer term, would you expect to build any stores without Infinite Kitchens at all?

完美的。然後考慮到我們過去討論過的關於“無限廚房”的勞動力節省，從長遠來看，您是否會期望在沒有“無限廚房”的情況下建造任何商店？

So I think I heard the question being, would you build any stores without an Infinite Kitchen? The way I answer that question -- is that correct, Rahul?

所以我想我聽到的問題是，你會建造沒有無限廚房的商店嗎？我回答這個問題的方式──正確嗎，拉胡爾？

Yes.

是的。

Yes. So I'd say the vision would be to get to a place where all stores in the future do feature an Infinite Kitchen. At this moment, we're very -- we're still learning a lot, and we're trying to make sure we meet our capital return threshold. So you're seeing it put into more stores that have higher volume or higher throughput needs or maybe have more challenges from a labor perspective is where you'll see us prioritize. But over time, as we bring down the overall build-out costs around not just the Infinite Kitchen, the cost of the automation, but the entire build, I think it will unlock the ability to be in really most and eventually all restaurants.

是的。所以我想說，我們的願景是未來所有商店都設有無限廚房。目前，我們仍在學習很多東西，我們正在努力確保達到資本回報門檻。因此，您會看到它被投入到更多具有更高產量或更高吞吐量需求的商店，或者從勞動力角度來看可能面臨更多挑戰，這是您會看到我們優先考慮的地方。但隨著時間的推移，隨著我們不僅降低了無限廚房的整體建設成本、自動化成本，而且還降低了整個建築的成本，我認為這將解鎖真正大多數甚至所有餐廳的能力。

Jon Tower, Citi.

喬恩塔，花旗銀行。

Maybe just a little bit more in the Infinite Kitchen and one other after. Just on the retrofit itself, can you maybe give us a range of the cost to retrofit the store? Obviously, you gave us the timing. And specifically on the machine, I think you had mentioned that you've now moved on due to the contract manufacturer. And originally, you talked about a cost of roughly $400,000 to $550,000 for the machine itself. Are you seeing that begin to bend a little bit lower?

也許只是在“無限廚房”中多做一點，然後再做另一個。就改造本身而言，您能給我們一個改造商店的費用範圍嗎？顯然，你給了我們時間。特別是在機器上，我想你已經提到過，由於合約製造商的原因，你現在已經繼續前進了。最初，您談到機器本身的成本約為 400,000 至 550,000 美元。您是否看到它開始向下彎曲一點？

Hi, Jon. Let me say the costs are coming in right in line with the guidance that we gave. These are early machines that are just kind of rolling off. In fact, I think Penn Plaza was the first unit made at the contract manufacturer. So by no means have we obtained any type of scale in manufacturing. We would anticipate some of that to come down the road.

嗨，喬恩。我想說的是，成本完全符合我們給的指導。這些都是早期的機器，才剛開始生產。事實上，我認為賓州廣場是合約製造商製造的第一個單元。因此，我們在製造方面根本沒有達到任何規模。我們預計其中一些將會出現。

In terms of the total cost of Penn, we really don't want to give out the CapEx numbers on an individual store-by-store basis. But the number you have is what the IK [get] cost. There were, of course, other remodeling done at the same time when we had store available.

就賓州大學的總成本而言，我們真的不想逐個商店給出資本支出數字。但你擁有的數字就是 IK [取得] 的成本。當然，當我們有商店可用時，同時也進行了其他改造。

Okay. And then just maybe pivoting to pricing. I know this year, you're running about 5% price, given some of the inflation that you're seeing across the model. But I'm just curious, as you had alluded to earlier, Mitch, there is some softness seemingly forming with the consumer. And how do you guys think about pricing into 2025 if we're kind of in a backdrop where consumers are a little bit more pinched on their spend?

好的。然後可能會轉向定價。我知道今年，考慮到您在整個模型中看到的一些通貨膨脹，您的價格約為 5%。但我只是好奇，正如你之前提到的，米奇，消費者似乎正在形成一些柔軟的情緒。如果我們處於消費者支出更加緊張的背景下，你們如何看待 2025 年的定價？

Jon, yeah, first, let me just make a comment that in the month of July, we did have 1 point to price roll off. So we're currently running at about 4 points in price. We really haven't begun to finalize our view of 2025 or certainly at the pricing level. But I can certainly say that we take a -- from this vantage point today, taking a slightly more cautious view than maybe we have in the past couple of years, like a lot of people and reflected in our guidance, we're kind of watching the outside world pretty closely.

喬恩，是的，首先，讓我評論一下，在 7 月份，我們確實有 1 個百分點的價格下調。所以我們目前的價格大約是 4 個點。我們確實還沒有開始最終確定對 2025 年的看法，當然也沒有確定定價水準。但我可以肯定地說，從今天的這個有利角度來看，我們採取比過去幾年更加謹慎的觀點，就像很多人一樣，並反映在我們的指導中，我們有點非常仔細地觀察外面的世界。

Brian Bittner, Oppenheimer & Co.

布萊恩比特納，奧本海默公司

Thanks. On the restaurant margins, the upside that you're demonstrating in restaurant margins relative to expectations, it's continuing to be driven by significant leverage on labor. As it relates to this quarter and moving forward, is that just a result of the strengthening same-store sales? Is there may be some other strategic factors that keep you optimistic about this line item as you execute moving forward?

謝謝。在餐廳利潤率方面，您所展示的餐廳利潤率相對於預期的優勢，將繼續受到勞動力槓桿率的顯著推動。就本季和未來而言，這僅僅是同店銷售加強的結果嗎？在您執行前進過程中，是否還有其他一些策略因素讓您對該訂單項目保持樂觀？

And secondly to that, Mitch, can you help us understand what's going on with the other restaurant operating expense line item? There is some deleverage there this quarter despite the very strong comp?

其次，米奇，您能幫助我們了解其他餐廳營運費用項目的情況嗎？儘管競爭非常強勁，但本季還是出現了一些去槓桿化？

Yeah. So let me talk about labor for a minute and some of the things that we're seeing. So yes, obviously, we're seeing some leverage with sales. We're also -- we've also seen the addition of steak and a lot of positive developments there. But beyond that, we've been very, very focused on finding and developing the best head coaches and improving the retention of our teams.

是的。讓我談談勞動力以及我們所看到的一些事情。所以，是的，顯然，我們看到了銷售的一些槓桿作用。我們也——我們還看到了牛排的增加以及許多積極的發展。但除此之外，我們一直非常非常注重尋找和培養最好的主教練以及提高球隊的保留率。

And we really believe by having the greatest, the best head coaches that stay with us and that are promoted from within, they create a stable, great working environment for their teams, and that reflects in the results. And we had a lot of improvements over the past year there. So our turnover has continued -- it has stabilized at lows. We continue to see our head coach stability grow and our head coach [tenure] growth. And we're working on some very exciting things that we think can continue to drive that.

我們堅信，透過擁有最偉大、最好的主教練留在我們身邊並從內部提拔，他們可以為球隊創造一個穩定、良好的工作環境，這也反映在了結果中。去年我們在那裡取得了許多進步。所以我們的營業額仍在繼續——它已經穩定在低點。我們繼續看到我們的主教練穩定性和主教練[任期]的增長。我們正在研究一些非常令人興奮的事情，我們認為這些事情可以繼續推動這一趨勢。

Beyond that, we're working on some things around labor deployment that we think can help us not just on hospitality and throughput, making sure we're staffing the peaks properly, but also in terms of continuing to leverage that labor line. So all to say, I think we have some real -- some exciting things in the works to continue to drive leverage on labor and drive our restaurant-level margins.

除此之外，我們正在圍繞勞動力部署進行一些工作，我們認為這些事情不僅可以幫助我們改善接待和吞吐量，確保我們在高峰期適當配備人員，而且還可以繼續利用該勞動力線。總而言之，我認為我們正在進行一些真正的、令人興奮的事情，以繼續提高勞動力槓桿率並提高我們餐廳的利潤率。

And Brian, I'll take the second part of your question, which I think was on the other expenses. The other expenses were largely the result of channel mix shifts in the business and really a higher level of repair and maintenance, particularly around the HVAC, not unlike what other people have reported as things have heated up across the country.

布萊恩，我將回答你問題的第二部分，我認為這是關於其他費用的。其他費用主要是業務管道組合轉變的結果，以及更高水準的維修和維護，特別是在暖通空調領域，這與其他人報告的全國範圍內情況升溫的情況不同。

Okay, thanks for that. And my follow-up is on Infinite Kitchen. Surprise, surprise. I know the math behind these basically says every store you open should be an Infinite Kitchen. And ultimately, even Jonathan, you just said to a question, yeah, that's true. But I guess the question is we're obviously still in the early stages of the learnings here. But are you starting to gain more and more confidence that this prototype can work in more and more trade areas than maybe you originally thought?

好的，謝謝。我的後續節目是《無限廚房》。驚喜，驚喜。我知道這些背後的數學原理基本上是說你開的每家商店都應該是無限廚房。最終，即使是喬納森，你也只是對一個問題說，是的，這是真的。但我想問題是我們顯然仍處於學習的早期階段。但是，您是否開始越來越有信心這個原型可以在比您最初想像的越來越多的貿易領域中發揮作用？

And I just think it's an important thing to understand because that only 230 units, the vast majority of the scaling of this brand remains in front of us. And the portability of this prototype is -- how you're thinking about the portability of this prototype is obviously very important to the long-term future of the company.

我認為理解這一點很重要，因為這個品牌的絕大多數規模仍然在我們面前，只有 230 台。這個原型的可移植性是——你如何考慮這個原型的可移植性顯然對公司的長期未來非常重要。

Absolutely. And I'd say that the short answer is yes. And you think you'll start to see that this year. So already very intentionally with the deployments of the Infinite Kitchen. We've piloted in very unique environments and neighborhoods.

絕對地。我想說，簡短的答案是肯定的。你認為今年你就會開始看到這一點。因此，無限廚房的部署已經非常有意義。我們在非常獨特的環境和社區進行了試點。

So whether it be Penn Plaza, heavily urban, fast-paced environment just this week in Fashion Island and then Huntington Beach and Naperville being more suburban. You'll see us this year open -- try to open in a new market, first store in a market with an Infinite Kitchen. We'll open in other -- more urban markets, more suburban markets, really perfect it, and we do believe it's going to help us a lot on the portability.

因此，無論是本週時尚島的賓州廣場（Penn Plaza），高度都市化、快節奏的環境，或是亨廷頓海灘（Huntington Beach）和內珀維爾（Naperville）的郊區。今年您將看到我們開業——嘗試在新市場開設第一家商店，並在擁有無限廚房的市場上開設第一家商店。我們將在其他更多的城市市場、更多的郊區市場開放，真正完善它，我們相信它將在可移植性方面對我們有很大幫助。

And I think it's -- what we're really waiting to learn is, again, less about the technology and more about perfecting the overall experience, including how we make sure we get the experience right with the broadening of the menu and the broadening of the brand position that we're pushing for beyond salad.

我認為，我們真正等待學習的不是技術，而是如何完善整體體驗，包括我們如何確保透過擴大菜單和擴大服務範圍來獲得正確的體驗。

So we're excited to share more about where that's going in coming quarters. But with the success of plates and steak, expect us to continue to push to broaden what really Sweetgreen means from a format perspective to consumers and how we can leverage the Infinite Kitchen to power that.

因此，我們很高興能分享更多有關未來幾季的進展。但隨著盤子和牛排的成功，預計我們將繼續推動從形式角度擴大 Sweetgreen 對消費者的真正意義，以及我們如何利用無限廚房來推動這一目標。

Andrew Charles, TD Cowen.

安德魯查爾斯，TD·考恩。

Great, thanks. Mitch, on the positive track for the quarter, I'm first -- I'm curious if first, you can just disclose what that was within the 4% combined mix traffic. I know you said it was positive and picked up for the quarter. But first off, if we could just [get] the number.

太好了，謝謝。米奇，在本季度的積極軌道上，我是第一個 - 我很好奇，您是否可以透露 4% 的組合混合流量中的內容。我知道你說過這是積極的並且本季度有所回升。但首先，如果我們能[得到]這個號碼。

And then second, can you help just rank what are the drivers of positive traffic? It's obviously a rarity right now in the industry. But you've got a couple of tailwinds between outsized contributions from new store sales ramps that historically grew substantially in the second year, the buzz around steak, speed of service improvements from more streamline operations. So how do you help rank order what drivers of that positive traffic was in the quarter?

其次，你能幫忙對正向流量的驅動因素進行排名嗎？這在目前業界顯然是罕見的。但是，新店銷售成長的巨大貢獻（歷史上在第二年大幅成長）、圍繞牛排的熱議、更精簡的營運帶來的服務改進速度之間也有一些順風順水的因素。那麼，您如何協助對本季積極流量的驅動因素進行排序呢？

Thank you, Andrew. Let me say that at a high level, I think you kind of hit it that everything that -- we seem to have fired on all cylinders, as I say, in the second quarter. The stores that came into our comping base were very, very positive. Our new markets had very strong comp growth and very strong traffic. The menu was very well received and broadly well received.

謝謝你，安德魯。讓我說，在高水平上，我認為你有點擊中了一切——正如我所說，我們似乎在第二季度全力以赴。進入我們競爭基地的商店都非常非常積極。我們的新市場有非常強勁的複合成長和非常強勁的流量。菜單非常受歡迎，並且廣受好評。

And I think it was really just a -- and of course, the labor deployment picked up on our throughput. And I think it was just a question that all of these things kind of coalesce that had very positive traffic. And as I said earlier on the call, the traffic grew sequentially throughout the quarter, something that we're really happy with.

我認為這實際上只是——當然，勞動力部署提高了我們的吞吐量。我認為這只是一個問題，所有這些東西都結合在一起，產生了非常積極的流量。正如我之前在電話中所說，整個季度的流量連續增長，我們對此感到非常滿意。

Got you. And then just a follow-up question is around that labor deployment, driving speed of service enhancements. Can you help us quantify what you're seeing there? Is it transactions per peak labor hour or peak 15 minutes? How are you monitoring this? And what kind of improvement did you see to help us better understand how those efforts are resonating?

明白你了。接下來的問題是圍繞著勞動力部署、推動服務增強的速度。您能幫助我們量化您在那裡看到的情況嗎？是每個高峰工時的交易量還是高峰 15 分鐘的交易量？你如何監控這個？您看到了哪些改進可以幫助我們更了解這些努力如何產生共鳴？

Andrew, it's a little bit too early. I'd like to come back and share more on that. But we do -- we would expect to see higher throughput at peak as well as overall labor leverage through better scheduling. You see things like less overtime, better management around fair work fleet, et cetera. So I'd say there's a lot -- I think we see a lot of benefits from this new way of deploying labor.

安德魯，現在有點太早了。我想回來分享更多相關內容。但我們確實如此——我們希望透過更好的調度看到更高的峰值吞吐量以及整體勞動力槓桿率。你會看到加班時間減少、公平工作車隊管理更好等等。所以我想說，我認為我們從這種新的勞動力部署方式中看到了許多好處。

We've also really done a lot of work. We've talked about in the past around simplifying both the role in the restaurant, whether it be at the head coach level, how do we make that job easier and more joyful across all their -- everything they do, whether that be administrative tasks or in-store tasks. And similarly for our team members, how can we make that -- continue to make that job a little bit easier to do, and that's through micro changes like we could -- things like upstreaming, tools, systems, layout adjacencies.

我們也確實做了很多工作。我們過去討論過簡化餐廳的角色，無論是主教練級別，還是如何讓他們所做的一切工作變得更輕鬆、更快樂，無論是行政任務或店內任務。同樣，對於我們的團隊成員來說，我們怎麼能做到這一點——繼續讓這項工作更容易完成，這是透過我們可以做的微觀改變——例如上游、工具、系統、佈局鄰接等。

The restaurant business is it's a game of inches, and we just continue to optimize and look to be better every single day. So we see, as Mitch mentioned earlier, a steady path to continue to leverage our margin over the next few years.

餐飲業是一場寸土寸金的遊戲，我們只是不斷優化，每天都變得更好。因此，正如米奇之前提到的，我們看到了未來幾年繼續利用我們的利潤率的穩定道路。

Christine Cho, Goldman Sachs.

克里斯汀‧曹，高盛。

First off, congrats on a great quarter. Firstly, could you help us under -- bridge the gap between kind of really solid same-store sales growth averaging kind of 6% in the last four quarters versus kind of a flattish AUV of $2.9 million since the second quarter of last year? I think I would imagine some of this is coming from the new store dynamics. But if you look at the new store mix, it's actually coming down a bit on a year-over-year basis.

首先，恭喜本季表現出色。首先，您能否幫助我們縮小過去四個季度平均 6% 的強勁同店銷售成長與去年第二季以來平均 290 萬美元的平均 AUV 之間的差距？我想我可以想像其中一些來自新商店的動態。但如果你看看新的商店組合，你會發現它實際上比去年同期有所下降。

So it would be great if you can help us understand the factors that are driving that and also what you need to see in terms of AUV increasing again. That's the first question. And then I'll do a follow-up.

因此，如果您能幫助我們了解推動這一趨勢的因素以及您需要看到的 AUV 再次增長的情況，那就太好了。這是第一個問題。然後我會跟進。

Thank you, Christine. You're right, the same-store sales has grown about 6% over the trailing 12 months. It's been up 7% in the first half of 2024, and our AUVs remained at about $2.9 million.

謝謝你，克里斯汀。您是對的，過去 12 個月內同店銷售額成長了約 6%。2024 年上半年成長了 7%，我們的 AUV 仍維持在 290 萬美元左右。

It's really just two factors. One is the one you articulated. It's just a new store dynamics as we're bringing in more stores every quarter into that comping base. And the second one is just a degree of rounding in the fact that we take it to $2.9 million. There is some build underneath it, and we are mindful of it.

這其實只是兩個因素。一種是你所闡述的那種。這只是一種新的商店動態，因為我們每季都會在該競爭基地中引入更多商店。第二個數字只是四捨五入，我們將其定為 290 萬美元。它下面有一些構建，我們注意到它。

Okay, great. Thank you. And Jon, I think I heard you highlight attachments as kind of a largely untapped opportunity for Sweetgreen. Is this something that you're increasingly thinking about or whether there are any kind of specific products or marketing initiatives we can look forward to in the near future? Thank you.

好的，太好了。謝謝。喬恩，我想我聽到你強調配件對 Sweetgreen 來說是一個很大程度上尚未開發的機會。這是您越來越多地考慮的事情嗎？謝謝。

Absolutely. I don't want to share too much because we're not quite ready to announce everything, but we do have a very robust culinary road map, and some of that includes how we tackle both attachments, whether that be a signature side dish, how we think about beverage, which if you look at our business, we do not index near the industry where we should from a beverage perspective. And we think there's opportunity around kind of like the treat occasion as well.

絕對地。我不想分享太多，因為我們還沒有準備好宣布一切，但我們確實有一個非常強大的烹飪路線圖，其中一些包括我們如何處理這兩種配件，無論是招牌配菜，我們如何看待飲料，如果你看看我們的業務，我們的指數並不接近我們應該從飲料角度來看的產業。我們認為也有類似招待場合的機會。

So all things that we have really nice robust innovation going on, a lot of testing and piloting across the country that we're learning from and expect to see some exciting things next year, both within the core -- kind of core entrée format of innovation there, but also, as you mentioned, kind of outside of the bowl around size and beverage and treats.

因此，我們正在進行非常好的、穩健的創新，在全國範圍內進行大量測試和試點，我們正在從中學習，並期望明年看到一些令人興奮的事情，無論是在核心領域還是核心領域。的創新形式，而且，正如你所提到的，在碗的外面圍繞著大小、飲料和零食。

Dennis Geiger, UBS. Brian Harbour, Morgan Stanley.

丹尼斯蓋革，瑞銀集團。布萊恩‧哈伯，摩根士丹利。

A quick one, Mitch. Would you mind citing wage and food inflation in 2Q for us?

快一點，米奇。您介意為我們列舉第二季的薪資和食品通膨嗎？

Yeah. Thanks, Brian, by the way. What we really saw was very low level of inflation in the second quarter. Wages were in -- both wages and COGS are in very low single digits.

是的。順便說一下，謝謝布萊恩。我們真正看到的是第二季的通膨水準非常低。薪資－薪資和銷貨成本都處於非常低的個位數。

Okay, thanks. Curious about Salem, New Hampshire. I know you call it new market. It's sort of on the periphery of one of your existing strong markets. How is that one done kind of out of the gate? How much of your pipeline is sort of that expansion into kind of peripheral towns of some of your core markets as you think about this year and next year? Are you finding it easier to open some of those units given your scale kind of in New England?

好的，謝謝。對新罕布夏州塞勒姆感到好奇。我知道你稱之為新市場。它有點位於您現有的強大市場之一的外圍。這是如何從一開始就完成的？考慮到今年和明年，你們的管道中有多少是向一些核心市場的外圍城鎮擴張的？鑑於您在新英格蘭的規模，您是否發現開設其中一些單位更容易？

Yeah. I'm actually glad you asked. It's actually something that we're seeing a lot of success in as we think about how to expand out of really strong core markets. And if you look at Sweetgreen today, we're in most major metros at this point. And very intentionally, when we set out, we wanted to build a national brand as a category leader.

是的。其實我很高興你問了。事實上，當我們思考如何拓展真正強大的核心市場時，我們已經看到了許多成功。如果你看看今天的 Sweetgreen，你會發現我們現在已經在大多數主要的地鐵裡了。當我們出發時，我們非常有意地希望打造一個國家品牌作為品類領導者。

And so we went out and we planted flags across all these major cities. But if you look at a lot of them, you got -- you're very -- you're just really not dense in a lot of these places. All of Texas, we have sub-20 restaurants. And if you look at the Midwest, it's just brand new, and there's so much room to run.

所以我們出去，在所有這些主要城市插上了旗幟。但如果你觀察其中的許多地方，你會發現，很多地方的密度並不高。在整個德克薩斯州，我們擁有 20 家以下的餐廳。如果你看看中西部地區，你會發現它是全新的，並且有很大的運行空間。

So as we look forward, we actually see a huge opportunity of densifying existing markets and tackling more of the adjacent markets. And the benefits there is we'll see a lot of leverage around our food costs, our supply chain, a lot of the economies of scale happen regionally. So we'll see some leverage there.

因此，展望未來，我們實際上看到了密集化現有市場並進入更多相鄰市場的巨大機會。這樣做的好處是，我們將看到圍繞我們的食品成本、我們的供應鏈的大量槓桿作用，以及許多規模經濟在區域內發生。所以我們會在那裡看到一些槓桿作用。

Obviously, anyone in the restaurant business knows opening in existing markets is a lot easier from an operations perspective. We'll be able to leverage management and build a really robust bench of leaders. And we also get to leverage a lot of our marketing spend within those markets and kind of the overlapping eyeballs between places like Boston and New Hampshire.

顯然，餐飲業的任何人都知道，從營運角度來看，開拓現有市場要容易得多。我們將能夠利用管理層並建立一支真正強大的領導者隊伍。我們還可以利用這些市場中大量的行銷支出以及波士頓和新罕布夏州等地之間的重疊眼球。

So we think that in some ways, we did the hard part first, planting flags in all these places. And as we look forward, you'll see fewer new markets and more going back and going deep in existing markets where we see a lot of room and kind of expanding just out into these other adjacent markets. So I'm actually quite excited for this way, and it's how we think we can accelerate our footprint and do so in a really profitable and disciplined way.

所以我們認為，在某些方面，我們首先做了最困難的部分，在所有這些地方插上旗幟。展望未來，您將看到更少的新市場，更多的回溯並深入現有市場，我們看到現有市場有很大的空間，並且可以擴展到其他相鄰市場。所以我實際上對這種方式感到非常興奮，這就是我們認為我們可以加速我們的足跡並以真正有利可圖和有紀律的方式做到這一點的方式。

Dennis Geiger, UBS.

丹尼斯蓋革，瑞銀集團。

Hi guys. Can you hear me?

嗨，大家好。你聽得到我嗎？

We can hear you.

我們能聽到你的聲音。

Great, terrific. Congrats to the team. Two quick questions. The first one, as it relates to the IK margin versus the non-IK, helpful to get the Naperville solid number there. It sounds like Huntington Beach -- seeing something, I assume, probably somewhat similar. Just wanted to get a sense on sort of that margin spread if it's sort of in the ballpark of what we saw in the last quarter, how you'd kind of frame that up if there's anything more to add there?

太棒了，太棒了。祝賀團隊。兩個簡單的問題。第一個，因為它與 IK 裕度與非 IK 的裕度相關，有助於獲得內珀維爾的可靠數字。聽起來像亨廷頓海灘——我想，看到的東西可能有點相似。只是想了解利潤率是否與我們上季度看到的大致相同，如果還有什麼需要補充的話，你會如何建構它？

Thanks, Dennis. I would say it is certainly in the ballpark or slightly better than we thought in all of our modeling and what we've seen in the past, largely coming out of the labor line, obviously, which you can see when you visit an IK store with some additional benefits and cost of goods. So very pleased with the early results.

謝謝，丹尼斯。我想說，這肯定是在大致範圍內，或者比我們在所有建模中以及我們過去所看到的情況中想像的要好一些，顯然，很大程度上來自勞工線，當您訪問IK 商店時您可以看到這一點還有一些額外的好處和商品成本。對早期結果非常滿意。

Appreciate that. And then just a second one, just as it relates to thoughts on average unit volumes on the IK stores now that you have another quarter kind of under your belt. I know it's early days, but thinking about kiosks, thinking about throughput, any kind of latest views on where that potential could go at this early juncture from an AUV to non-IK AUV? Thank you.

很欣賞這一點。然後是第二個，就像它與 IK 商店平均單位銷售的想法有關一樣，現在你還有四分之一的收入。我知道現在還為時過早，但是考慮一下資訊亭，考慮一下吞吐量，對於在這個早期階段從 AUV 到非 IK AUV 的潛力可能走向何方，有什麼最新的看法嗎？謝謝。

Yeah. I'd say on the suburban stores, we continue -- on the two original pilots, we continue to see similar trends with the higher ticket. We do believe with the better experience that customers are having, it's more accurate, it's on time. We just have Naperville, the first store, to now hit a year to start to see [comp] numbers. But we do expect, based off of a better experience to see, some comp opportunity in those restaurants that will drive AUV.

是的。我想說的是，在郊區商店，我們繼續——在兩個最初的試點中，我們繼續看到類似的趨勢，票價更高。我們確實相信，隨著客戶獲得更好的體驗，它會更準確、更準時。我們剛開設了內珀維爾（Naperville）第一家商店，現在已經過了一年才開始看到[comp]數字。但我們確實期望，基於更好的體驗，那些將推動 AUV 的餐廳會出現一些補償機會。

The real test of this is when we go into urban environments where we do have long lines and we can capture more customers. And that first time we're seeing this is now with Penn Plaza. Fashion Island should be a pretty heavily traffic store as well. But I think that's when we're really going to start to understand in these high-traffic locations, can we get an AUV lift just by serving more customers in those peak periods?

真正的考驗是當我們進入城市環境時，那裡確實有很長的隊伍，但我們可以吸引更多的顧客。我們第一次看到這種情況是在賓州廣場。Fashion Island應該也是一個人潮相當大的商店。但我認為那時我們才真正開始了解，在這些人流量大的地點，我們是否可以透過在高峰時段為更多客戶提供服務來獲得 AUV 提升？

So in some ways, I'd say we're very encouraged. I think better experience will help us continue to drive comps. And in more high-traffic locations, definitely an opportunity, but pretty early to say for now.

所以在某些方面，我想說我們非常受到鼓舞。我認為更好的體驗將幫助我們繼續推動競爭。在人流量較大的地方，這絕對是一個機會，但現在說還為時過早。

This concludes today's Q&A session and today's conference call. Thank you for attending. You may now disconnect.

今天的問答環節和電話會議到此結束。感謝您的出席。您現在可以斷開連線。