Sweetgreen Inc (SG) 2024 Q3 法說會逐字稿

Thank you for standing by. My name is Danica and I will be your conference operator today. At this time, I would like to welcome everyone to the Sweet Green Incorporated third quarter 2024 earnings call. (Operator Instructions)

謝謝你的支持。我叫丹妮卡，今天我將擔任你們的會議操作員。此時此刻，我歡迎大家參加 Sweet Green Incorporated 2024 年第三季財報電話會議。（操作員說明）

I would now like to turn the call over to Rebecca Nounou, Vice President of Investor Relations.

我現在想將電話轉給投資者關係副總裁麗貝卡·努努 (Rebecca Nounou)。

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，下午好，今天電話會議上發言的所有人都是聯合創始人兼首席執行官 Jonathan Neman 和首席財務官 Mitch Reback。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 including in our earnings release also applies to our comments made during the call.

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，包括我們的收益發布中的前瞻性陳述標題下的信息也適用於我們在電話會議中發表的評論。

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.

這些前瞻性陳述是基於今天的信息，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 and now I'll turn the call over to Jonathan to kick things off.

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，現在我將把電話轉給喬納森來開始。

Thank you, Rebecca and Good afternoon, everyone at Sweet Green, we're committed to redefining fast food through a relentless focus on innovation across both food and technology. We're setting a new standard quality ingredients, culinary innovation and a great guest experience intersect with our cutting edge technology, the infinite kitchen to transform convenience and accessibility to real food in a way that's never been seen in our industry.

謝謝麗貝卡，大家下午好，Sweet Green 的每個人，我們致力於透過對食品和技術創新的不懈關注來重新定義快餐。我們正在製定新的優質原料標準，烹飪創新和卓越的賓客體驗與我們的尖端技術、無限廚房相結合，以我們行業中從未見過的方式改變真正食物的便利性和可及性。

For the third quarter. We reported sales of $173.4 million representing 13% year over year growth. We opened five restaurants intentionally opening three of them late in the third quarter to align with our infinite kitchen production schedule.

對於第三季。我們的銷售額為 1.734 億美元，年增 13%。我們開設了五家餐廳，並有意在第三季末開設其中三家，以配合我們無限的廚房生產計劃。

We began the third quarter with two infinite kitchens and as of today, we operate 10, 3 of which were opened in the past 2.5 weeks.

我們從第三季開始就開設了兩個無限廚房，截至今天，我們經營了 10 個廚房，其中 3 個是在過去 2.5 週內開業的。

Games for sales in the third quarter grew 6%.

第三季遊戲銷量成長了 6%。

This consisted of a 4% benefit from menu price and 2% positive traffic and mix growth was led by emerging markets with the Midwest, Texas and the Southeast all comping double digits restaurant level margin for the third quarter was 20.2% expanding by over 100 basis points compared to last year. Marking another strong quarter in our company's history as a result of restaurant level profit expansion and GN A discipline adjusted EBIDA came in at $6.8 million for the quarter.

其中包括4% 的菜單價格收益以及2% 的客流量和混合增長，其中新興市場帶動了中西部、德克薩斯州和東南部的增長，第三季度餐廳水平利潤率為20.2%，增幅超過100 個基點。由於餐廳層級的利潤擴張以及本季 GN A 紀律調整後的 EBIDA 達到 680 萬美元，這標誌著我們公司歷史上又一個強勁的季度。

Let me highlight some of our third quarter achievements against our twofold strategy to one strengthen our brand by delivering exceptional products and guest experiences and two deepen our connection to guests through strategic expansion and operational excellence.

讓我重點介紹一下我們第三季度所取得的一些成就，以及我們的雙重策略，一是透過提供卓越的產品和賓客體驗來加強我們的品牌，二是透過策略擴張和卓越營運加深我們與賓客的聯繫。

Among the five new restaurants we opened in Westport, Connecticut, Newport Beach, California, Montvale, New Jersey, Columbus, Ohio and Charlotte, North Carolina. Three are powered by the infinite kitchen, Newport Beach, Montvale and Charlotte.

我們在康乃狄克州韋斯特波特、加州紐波特海灘、新澤西州蒙特維爾、俄亥俄州哥倫布和北卡羅來納州夏洛特開設了五家新餐廳。其中三個由無限廚房供電，分別是紐波特海灘、蒙特維爾和夏洛特。

Our openings in the short north area of Columbus and uptown Charlotte. Two new markets for us had some of the best opening weeks in our company's history.

我們在哥倫布北部地區和夏洛特住宅區開設了辦事處。對我們來說，兩個新市場的開業幾週是我們公司歷史上最好的。

These successful new market launches follow Seattle's strong opening at the beginning of the year.

這些新市場的成功推出是繼西雅圖年初的強勁開放之後。

Successful openings like these further our conviction that our brand has significantly greater reach than our current physical footprint and that there is significant white space for our category defining concept as we continue to accelerate the development pipeline.

像這樣的成功開幕進一步讓我們相信，我們的品牌比我們目前的實際足跡具有更大的影響力，並且隨著我們繼續加速開發管道，我們的品類定義概念還有很大的空白空間。

We are excited to have added a strong and dynamic leader to our team. Chris Tran joined in late August as our Chief Development Officer, Chris brings nearly two decades of real estate experience in the restaurant industry with a proven track record of spearheading and executing critical development strategies for global brands.

我們很高興為我們的團隊增添了一位強大且充滿活力的領導者。Chris Tran 於 8 月底加入，擔任我們的首席開發官，Chris 在餐飲業擁有近二十年的房地產經驗，在領導和執行全球品牌的關鍵發展策略方面擁有良好的記錄。

We have been working with Chris to accelerate our pipeline for growth for fiscal year 2025. We expect to open at least 40 new restaurants, approximately half of which will be infinite kitchens. This means that by the end of 2025 we expect to have nearly triple the number of infinite kitchens in our fleet.

我們一直與 Chris 合作，加快 2025 財年的成長步伐。我們預計將開設至少 40 家新餐廳，其中大約一半將是無限廚房。這意味著到 2025 年底，我們預計機隊中無限廚房的數量將增加近三倍。

Our infinite kitchens are transforming the guest experience by enabling a faster and higher quality food experience.

我們的無限廚房正在透過提供更快、更高品質的美食體驗來改變賓客體驗。

This is reflected in guest surveys at our Penn Plaza restaurant. The first Infinite Kitchen retrofit opened in mid July.

這反映在我們 Penn Plaza 餐廳的客人調查中。第一個無限廚房改造於七月中旬開業。

Guest site improvements not only speed but product quality and consistency.

訪客站點的改進不僅是速度，還有產品品質和一致性。

We attribute this to the infinite kitchen's advanced temperature control systems designed to optimize food freshness and quality by integrating precise climate management for ingredients and prepared items. The Infinite Kitchen maintains the ideal conditions needed to ensure consistent flavor, texture and food safety.

我們將此歸因於無限廚房先進的溫度控制系統，旨在透過整合對原料和預製食品的精確氣候管理來優化食物的新鮮度和品質。無限廚房保持著確保一致的風味、質地和食品安全所需的理想條件。

Guests can now receive their orders within five minutes. Making Penn Plaza the fastest way to get sweeter in New York City. Half of surveyed guests reported visiting more frequently since the Infinite Kitchen renovation.

客人現在可以在五分鐘內收到訂單。讓 Penn Plaza 成為紐約市變得更甜蜜的最快方式。一半的受訪客人表示，自無限廚房翻新以來，訪問頻率更高。

Additionally, team members at Penn Plaza have expressed that the efficiency of infinite kitchen allows them to focus on their true passions, preparing food, elevating the culinary experience and providing exceptional hospitality.

此外，Penn Plaza 的團隊成員表示，無限廚房的效率使他們能夠專注於自己真正的熱情，準備食物，提升烹飪體驗並提供卓越的接待服務。

This is creating a more engaging work environment in September turnover for the class of infinite kitchens open for the full month of September was meaningfully lower than both our class of new restaurants and the fleet average.

這在 9 月創造了一個更具吸引力的工作環境，9 月全月開放的無限廚房類別的營業額明顯低於我們的新餐廳類別和車隊平均水平。

While still early days, an initial learning from Penn Plaza has been a noticeable increase in native digital sales with higher ticket and frequency. We believe the Infinite Kitchen together with our revamped loyalty program launching in 2025 can accelerate our industry leading digital presence.

雖然還處於早期階段，但從 Penn Plaza 獲得的初步經驗是，本地數位銷售顯著增加，門票數量和頻率都更高。我們相信 Infinite Kitchen 以及我們在 2025 年推出的改進後的忠誠度計劃可以加速我們領先業界的數位化進程。

Penn Plaza is also achieving all the financial metrics we see across our class of infinite kitchens including 700 basis points and labor savings.

Penn Plaza 還實現了我們在無限廚房類別中看到的所有財務指標，包括 700 個基點和勞動力節省。

We are currently retrofitting Willis Tower in Chicago and Wall Street in New York. With the Infinite Kitchen renovations will be complete by the end of the fourth quarter, we are delivering a reimagined experience that meets the needs of today's digitally connected consumer.

我們目前正在改造芝加哥的威利斯大廈和紐約的華爾街。無限廚房的翻新工程將於第四季末完成，我們將提供重新構想的體驗，以滿足當今數位互聯消費者的需求。

Our dual commitment to technology innovation and culinary excellence position Sweet Green as a leader in the fast food space.

我們對技術創新和卓越烹飪的雙重承諾使 Sweet Green 成為快餐領域的領導者。

Although we have traditionally been known as a salad lunch destination. We are actively shifting this perception with menu innovation and new protein varieties.

儘管我們傳統上被稱為沙拉午餐目的地。我們正在透過菜單創新和新的蛋白質品種積極改變這種看法。

Our expanded menu of chef crafted cravable offerings is resonating with current guests and attracting new ones following the release of caramelized garlic steak and other protein plates. We introduced our fall harvest menu in mid September inspired by seasonal ingredients and flavors. We are featuring maple glazed Brussels sprouts which are air fried for a caramelized char then glazed with house made maple sauce.

我們的廚師精心製作的豐富菜單引起了現有客人的共鳴，並在推出焦糖大蒜牛排和其他蛋白質盤後吸引了新客人。我們在九月中旬推出了秋季收穫菜單，靈感來自時令食材和風味。我們的特色是楓糖釉球芽甘藍，將其空氣炸成焦糖焦糖，然後塗上自製的楓醬。

The other, these menu items are driving strong sales during dinner and weekends with dinner, holding a 40% mix, both dinner and weekends show higher check averages compared to weekday lunch as we expand and optimize our menu beyond salads. We're committed to our high sourcing standards. This includes prioritizing fresh, seasonal and organic ingredients that are free of artificial additives and cooked without seed oils.

另一方面，這些菜單項目在晚餐和週末晚餐期間推動了強勁的銷售，佔40% 的比例，隨著我們擴展和優化沙拉以外的菜單，與工作日午餐相比，晚餐和周末的平均支票數更高。我們致力於遵守高採購標準。這包括優先考慮不含人工添加劑且不含種子油的新鮮、時令和有機原料。

We also see significant upside opportunities to grow our attachment rate. We continue to introduce sides desserts and drinks that are both delicious and better for you.

我們也看到了提高我們的依戀率的巨大上升機會。我們不斷推出美味且更適合您的配菜甜點和飲料。

In Los Angeles, we are testing broader beverages as well as ripple fries. Our ripple fries are air fried with avocado oil and served with pickled ketchup and garlic aioli sauce. We are laser focused on menu relevancy and reinforcing our culinary and supply chain ethos to build traffic and check over the long term to enable culinary innovation.

在洛杉磯，我們正在測試更廣泛的飲料以及波紋薯條。我們的波紋薯條是用酪梨油空氣炸製的，並搭配醃番茄醬和大蒜蒜泥蛋黃醬。我們高度關注菜單相關性，強化我們的烹飪和供應鏈精神，以建立流量並進行長期檢查，以實現烹飪創新。

We are focused on reducing operational complexity in our restaurants during the quarter. We simplified our broccoli prep and tested the stem kale in select markets which we plan to roll out fleetwide next year. We're also in the process of updating cooking recipes to optimize oven capacity while improving the consistency of our cooked ingredients.

本季我們的重點是降低餐廳的營運複雜性。我們簡化了西蘭花的準備工作，並在選定的市場測試了羽衣甘藍，我們計劃明年在整個艦隊範圍內推廣。我們也正在更新烹飪食譜，以優化烤箱容量，同時提高烹飪原料的一致性。

By reducing back of house complexity. We can shift some of our team members focus into prioritizing the guest experience and speeding up throughput while we continue to see progress on wait, tax and order accuracy. It remains a focus for us in a business of seconds and cents. We believe every operational detail matters not only to drive efficiency but also to enhance the sweet green experience.

透過降低後台複雜性。我們可以將一些團隊成員的注意力轉移到優先考慮客戶體驗和提高吞吐量上，同時我們繼續看到等待、稅收和訂單準確性的進展。在這個事關分秒必爭的行業，它仍然是我們關注的焦點。我們相信每個營運細節不僅能提高效率，還能增強甜蜜的綠色體驗。

As part of our commitment to continuously improve the team member experience. We're rolling out an A I driven labor scheduling system with this tool, team members can take ownership of their schedules through an app all while aligning staffing needs with guest demand by harnessing machine learning and reducing the administrative load. Head coaches can focus on spending more time with guests coaching our teams and driving better results in our restaurant.

作為我們不斷改善團隊成員體驗的承諾的一部分。我們正在使用此工具推出人工智慧驅動的勞動力調度系統，團隊成員可以透過應用程式掌控自己的日程安排，同時透過利用機器學習和減少管理負擔，使人員配置需求與客人需求保持一致。主教練可以專注於花更多時間與客人一起指導我們的團隊並推動我們餐廳取得更好的成績。

Just this week, we expanded our pilot to 70 restaurants across six markets. We anticipate having this tool fully deployed across the fleet in the second quarter of next year.

就在本週，我們將試點擴大到了六個市場的 70 家餐廳。我們預計明年第二季該工具將在整個機隊中全面部署。

Our goal is to create an environment where team members feel valued, supported and set up for success. We are seeing sequential improvements across key people metrics such as head coach, stability and 90 day team member retention.

我們的目標是創造一個讓團隊成員感到被重視、支持並為成功做好準備的環境。我們看到關鍵人員指標（如主教練、穩定性和 90 天團隊成員保留率）的連續改進。

We believe in offering a career, not just a job and we are investing in promoting our leaders from within. In addition to culinary skills, we offer leadership training that spans the full employee life cycle in as few as three years. Team members can become a head coach and earn a six figure package including equity and sweet green.

我們相信提供的是職業生涯，而不僅僅是一份工作，我們正在投資從內部提拔我們的領導者。除了烹飪技能之外，我們還提供涵蓋整個員工生命週期的領導力培訓，時間僅需三年。團隊成員可以成為主教練並獲得六位數的報酬，包括股權和甜綠。

As part of accelerating our footprint. We are excited about the number of new restaurant leadership roles we are creating since the beginning. Our vision has been to redefine fast food and create positive change in the food system through a focus on taste, freshness, convenience and sustainability.

作為加速我們足跡的一部分。我們對從一開始就創建的大量新餐廳領導角色感到興奮。我們的願景是透過專注於口味、新鮮度、便利性和可持續性來重新定義快餐並為食品系統帶來積極的變化。

We remain committed to elevating our brand, our unique sourcing approach and our culinary strength. We will continue to deploy technology innovation to drive efficiencies in our financial model while enhancing experiences for both our teams and guests.

我們仍然致力於提升我們的品牌、獨特的採購方法和烹飪實力。我們將繼續部署技術創新，以提高我們的財務模型的效率，同時增強我們的團隊和客人的體驗。

We believe this commitment will enable us to sustain substantial growth. Positioning us to lead and expand the category for years to come.

我們相信這項承諾將使我們能夠保持大幅成長。使我們能夠在未來幾年引領並擴大該類別。

I'd like to thank our team for their hard work and dedication for another solid quarter. Now I'll turn the call over to Mitchell who will take you through the financials in more detail.

我要感謝我們的團隊在又一個堅實的季度中的辛勤工作和奉獻精神。現在我將把電話轉給米切爾，他將帶您更詳細地了解財務狀況。

Thank you, Jonathan and good afternoon everyone. Our commitment to redefining the future of fast food through a focus on culinary and technology enabled innovation has led to top line growth and expanded restaurant level profit margins. Total revenue for the quarter was $173.4 million, up from $153.4 million in the third quarter of 2023. Growing 13% year. Over year, same store sales for the third quarter grew 6% against the prior year period. This consisted of a 4% benefit from menu price increases and a 2% positive traffic and mix. Strong performance was led by the emerging markets which includes double digit same store sales growth across the Midwest, Texas and the Southeast. Year-to-date same store sales growth is 7%. Our average unit volume in the third quarter was $2.9 million.

謝謝喬納森，大家下午好。我們致力於透過專注於烹飪和技術創新來重新定義快餐的未來，從而實現了營收成長並擴大了餐廳層面的利潤率。該季度的總收入為 1.734 億美元，高於 2023 年第三季的 1.534 億美元。年增長13%。與去年同期相比，第三季同店銷售額較去年同期成長 6%。其中包括菜單價格上漲帶來的 4% 收益以及 2% 的客流量和組合收益。新興市場表現強勁，其中中西部、德州和東南部的同店銷售額將達到兩位數成長。年初至今同店銷售額成長 7%。第三季我們的平均單位銷售量為 290 萬美元。

During the quarter, we opened five restaurants ending the third quarter with a total of 236 restaurants. As of today, we've opened five restaurants in the fourth quarter for a total of 20 new restaurants here to date.

本季度，我們開設了 5 家餐廳，截至第三季度，餐廳總數達到 236 家。截至今天，我們在第四季新開了 5 家餐廳，迄今為止，這裡總共新開了 20 家餐廳。

Restaurant level profit margin in the third quarter was 20.2% compared to a 19% margin a year ago. This is more than 100 basis point improvement from the third quarter of 2023. This marks our seventh consecutive quarter of year over year restaurant level margin expansion year-to-date restaurant level profit margin is 20.4%.

第三季餐廳利潤率為 20.2%，去年同期為 19%。這比 2023 年第三季提高了 100 多個基點。這標誌著我們連續第七個季度餐廳利潤率同比擴張，年初至今餐廳利潤率為 20.4%。

Restaurant level profit for the third quarter was $ 34.9 million. A 20% increase year over year for a reconciliation of restaurant level margin to comparable GAAP. Figures. Please refer to the earnings release, food, beverage and packaging costs are 28% of revenue for the quarter remaining relatively consistent with the prior year period. With slightly unfavorable protein costs.

第三季餐廳級利潤為3,490萬美元。餐廳水準利潤率與可比較 GAAP 的對帳年增 20%。數字。請參閱財報，食品、飲料和包裝成本佔本季營收的 28%，與去年同期相對穩定。蛋白質成本稍微不利。

Labor and related expenses were 27% of revenue for the third quarter and more than 100 basis point improvement year over year. This improvement is primarily due to higher revenue and improvement in labor optimization. This more than offset prevailing wage rate increases. Occupancy and related expenses were 9% of revenue slightly below the prior year period.

勞動力及相關費用佔第三季營收的 27%，較去年同期改善超過 100 個基點。這項改善主要歸功於收入的增加和勞動力優化的改善。這足以抵消目前工資上漲的影響。入住率及相關費用佔營收的 9%，略低於去年同期。

For the third quarter of 2024 general and administrative expense was $36.8 million or 21% of revenue as compared to $36 million or 23% of revenue in the prior year period. This increase in general and administrative expenses on a dollar basis was primarily due to a slight increase in support center spend partially offset by a $1.8 million decrease in stock based compensation expense.

2024 年第三季的一般及管理費用為 3,680 萬美元，佔營收的 21%，而上年同期為 3,600 萬美元，佔營收的 23%。以美元計算的一般和管理費用的增加主要是由於支援中心支出的小幅增加，部分抵消了基於股票的薪酬費用減少 180 萬美元。

Net loss for the quarter was $20.8 million as compared to a loss of $25.1 million in the prior year period. This improvement in net loss is primarily due to a $ 5.8 million increase in our restaurant level profit and a $1.8 million decrease in stock based compensation partially offset by an increase in depreciation and amortization expense primarily associated with an increase in restaurants as well as an increase in general and administrative expenses adjusted EBIDA which excludes stock based compensation and certain other adjustments was $6.8 million for the third quarter. A $4.3 million improvement from the third quarter of 2023.

本季淨虧損為 2,080 萬美元，而去年同期淨虧損為 2,510 萬美元。淨虧損的改善主要是由於我們的餐廳利潤增加了580 萬美元，以及基於股票的薪酬減少了180 萬美元，但折舊和攤銷費用的增加部分抵消了折舊和攤銷費用的增加，這主要與餐廳的增加以及營業額的增加有關。較 2023 年第三季增加 430 萬美元。

Our year-to-date adjusted EBITA of $19.3 million versus a $1 million loss. This time last year continues to demonstrate our focus on profitability at the end of the quarter, we had available cash balance of $235 million. We generated a positive operating cash flow of $37 million during the first nine months of 2024 an increase of $20 million over the same period last year for the fiscal year 2024 we are raising guidance to reflect our strong performance, year-to-date 24 to 26 net new restaurant openings revenue ranging from 6 $75 million to $680 million Same store sales growth between six and 7% restaurant level margin between 19.5 and 20% adjusted EBIDA between $18 million to $20 million.

年初至今，我們的調整後 EBITA 為 1,930 萬美元，而虧損為 100 萬美元。去年這個時候，季度末我們繼續展示了我們對獲利能力的關注，我們的可用現金餘額為 2.35 億美元。我們在 2024 年前 9 個月產生了 3700 萬美元的正經營現金流，比去年同期增加了 2000 萬美元，2024 財年我們正在提高指導，以反映我們今年迄今 24 至 24 日的強勁業績。新開餐廳淨收入在6 7500 萬美元到6.8 億美元之間同店銷售增長在6% 到7% 之間餐廳水平利潤率在19.5% 到20% 之間調整後的EBIDA 在1800 萬美元到2000 萬美元之間。

Our guidance reflects the retrofitting of two high volume restaurants with the Infinite Kitchen, Willis Tower in Chicago and Wall Street in New York City. As a reminder, 2024 is a 52 week period, whereas 2023 was a 53 week period as we close out the year and head into 2025 we have an incredibly strong foundation to build on and the right leaders in place to execute our strategic priorities. We have high confidence in our unit growth road map of 15 to 20% per year for the foreseeable future.

我們的指導反映了對兩家高客流量餐廳（芝加哥的威利斯大廈和紐約市的華爾街）的無限廚房的改造。提醒一下，2024 年是52 週，而2023 年是53 週，當我們結束這一年並進入2025 年時，我們擁有令人難以置信的堅實基礎，並且有合適的領導者來執行我們的戰略優先事項。我們對在可預見的未來每年 15% 至 20% 的單位成長路線圖充滿信心。

Our 2025 new unit pipeline will consist of at least 40 new restaurants, approximately half of which will be powered by the Infinite Kitchen. Our confidence to accelerate our unit growth and IK deployment is validated by the strength of our 2024 openings a third of which are in new markets, double digit seems for sales growth in emerging markets such as the Midwest, Texas and the Southeast and the superior operating and financial model of our 10 infinite kitchens running today across the country.

我們 2025 年的新單位管道將包括至少 40 家新餐廳，其中大約一半將由 Infinite Kitchen 提供動力。我們對加速我們的單位成長和IK 部署的信心得到了我們2024 年空缺職位的實力的驗證，其中三分之一位於新市場，中西部、德克薩斯州和東南部等新興市場的銷售增長似乎達到兩位數，而且卓越的運營以及我們目前在全國範圍內運營的 10 個無限廚房的財務模型。

Our performance through the first three quarters of 2024 has demonstrated the powerful effects of the sweet green flywheel. Our category defining brand menu and technology innovation combined with our relentless focus on great operations, continues to drive strong financial performance.

我們2024年前三季的表現已經證明了甜蜜綠色飛輪的強大效果。我們定義品類的品牌菜單和技術創新，加上我們對卓越營運的不懈關注，持續推動強勁的財務表現。

We are continuing to broaden the perception of sweet green beyond salads and are excited to open in more communities next year. With that, I'll turn the call back to the operator to start. Q&A.

我們正在繼續擴大對甜綠色蔬菜的認識，超越沙拉，並很高興明年在更多社區開業。這樣，我會將電話轉回接線生開始。問答。

Thank you. (Operator Instructions)

謝謝。（操作員說明）

Your first question comes from Raul Croi.

你的第一個問題來自勞爾·克羅伊。

Please go ahead.

請繼續。

Good evening guys. Thanks for all the color today. Can you discuss the brand awareness in the context of broadening the appeal of Sweet Green as you focus on organic traffic growth and evolve them to a wider demographic and different income cohorts. I mean, how do you think about you don't need to be a solid person to be a sweet green person as brand becomes national.

晚上好，夥計們。感謝今天所有的顏色。您能否在擴大 Sweet Green 吸引力的背景下討論品牌知名度，因為您專注於自然流量成長並將其發展到更廣泛的人口和不同收入群體。我的意思是，當品牌成為全國性的時候，你如何看待你不需要成為一個堅實的人來成為一個可愛的綠色人。

Hey, thanks for the question. So broadening the appeal is something we've been focused on for a while. Really the way we think about sweet green is what sets us apart is our unique sourcing philosophy, as well as the craft we prepare in terms of how we prepare our food in our restaurant.

嘿，謝謝你的提問。因此，擴大吸引力是我們一段時間以來一直在關注的事情。實際上，我們對甜綠色的思考方式使我們與眾不同，這是我們獨特的採購理念，以及我們在餐廳準備食物時所採用的工藝。

It's really this idea of creating high quality special food experiences, started with salads as our core, as our, as our core offering. But we've begun our thoughtful expansion about almost exactly a year ago. We protein plates. They've done really well both in terms of driving dinner, broadening our consumer, helping us drive check and transactions.

這實際上是創造高品質特殊食品體驗的想法，從沙拉作為我們的核心，作為我們的核心產品開始。但我們大約在一年前就開始了深思熟慮的擴張。我們蛋白質板。他們在推動晚餐、擴大我們的消費者、幫助我們推動支票和交易方面都做得非常好。

And as you mentioned, really helping us from a cam perspective, some of the places where it's over indexing is in some of our emerging markets. You know, you followed up about, you know, a few months ago with, with caramelized garlic steak, which again has done really well. We see a lot more to do here. So we have a very, very robust menu innovation plat platform that we're working on with a lot of things that are going through our stage gate process.

正如您所提到的，從凸輪的角度來看，確實對我們有幫助，一些過度索引的地方是在我們的一些新興市場。你知道，你知道，幾個月前，你跟進了焦糖大蒜牛排，這再次表現得非常好。我們看到這裡還有很多事情要做。因此，我們有一個非常非常強大的菜單創新平台平台，我們正在該平台上處理許多正在經歷階段性流程的事情。

So one thing we mentioned in the script is we, we see a big opportunity, call it outside the bowl around things like sides and sides, beverage and dessert. One thing we're testing in our Southern California markets today. So it's something we called ripple fries.

因此，我們在劇本中提到的一件事是，我們看到了一個巨大的機會，將其稱為碗外的配菜、飲料和甜點等。我們今天正在南加州市場測試一件事。所以這就是我們所說的波紋薯條。

They're seed oil free, air fried. They're absolutely delicious. And so that's what that's test we're working on now. As long as, you know, things continue to go well, expect that to roll out sometime next year. We also have a few other things that we are working on, things like, a handheld which we talked about in the last call, which again, no, promise on the timing.

它們不含種子油，空氣炸製。它們絕對美味。這就是我們現在正在進行的測試。只要一切繼續順利，預計明年某個時候就會推出。我們還有其他一些事情正在開發，例如我們在上次通話中談到的手持設備，它再次承諾了時間。

But we think, you know, there's a real opportunity to have something that kind of plays in the wrap sandwich category. And we also think dessert is a big, big opportunity. So also to say we've seen a lot, a lot of our customers resonate as we take this philosophy of how we make our food and apply to other things and we want to disrupt fast food.

但我們認為，你知道，在捲餅三明治類別中確實有機會推出此類產品。我們也認為甜點是一個非常非常大的機會。所以也可以說，當我們將這種製作食品的概念應用於其他事物時，我們已經看到了很多，很多客戶產生了共鳴，我們希望顛覆快餐。

So we want to give you those things that you, that you want, you're used to eating things like fries and do it in a sweet green way in a way that, you know, we kind of think about as like a permissible indulgence.

所以我們想給你那些你想要的東西，你習慣吃薯條之類的東西，並以一種甜蜜的綠色方式來做，你知道，我們認為這是一種允許的放縱。

So I think the company has a lot of license to do it. I'm very proud of the culinary and operations teams and how they're driving this innovation and I'm excited for, we're going to come out in the next year or two.

所以我認為該公司擁有很多這樣做的許可。我為烹飪和營運團隊以及他們如何推動這項創新感到非常自豪，我很興奮，我們將在未來一兩年內推出。

Perfect. That's amazing. I have a follow up on the in store productivity improvements that sound to be coming along very well.

完美的。太棒了。我對店內生產力的改進進行了跟進，聽起來進展非常順利。

This sting kale and it's also easy to notice the sliced was a shredded carrots. Previously, it was discussed like around 10 points of labor is being attributed to the food prep.

這種帶刺的羽衣甘藍，也很容易注意到切片是切碎的胡蘿蔔。此前，有人討論過大約 10 個工時歸因於食物準備。

As we think about the solutions over time, how much opportunity is there to reduce labor hearts or costs? And how do we think about reinvesting these dollars along with IK productivity gains into the store menu price among other avenues?

隨著時間的推移，當我們思考解決方案時，有多少機會可以減少勞動力或成本？我們如何考慮將這些美元與 IK 生產力收益一起重新投資到商店菜單價格以及其他途徑？

Sure. So we've been on this journey around simplifying the prep in our restaurants while elevating quality for a while. And we're going to continue to do so. So you mentioned some of the things that we've done. We're going to continue to push on things like decent kale things like continuing to look at some upstream dressings where we can find more consistency.

當然。因此，一段時間以來，我們一直致力於簡化餐廳的準備工作，同時提高品質。我們將繼續這樣做。你提到了我們所做的一些事情。我們將繼續推動諸如像樣的羽衣甘藍之類的事情，例如繼續研究一些上游調味料，在那裡我們可以找到更多的一致性。

And also bringing in other tools and ways of making the prep easier in our restaurant. Part of why we do this is to create space for innovation. So as we want to add more to the menu, we have to make it easier to run our restaurants and some of those productivity gains will be, you know, will be captured by the company.

我們還引入了其他工具和方法，使我們餐廳的準備工作變得更加容易。我們這樣做的部分原因是為創新創造空間。因此，當我們想要在菜單上添加更多內容時，我們必須讓餐廳的運作變得更容易，而其中一些生產力的提高將由公司獲得。

But all to say, we know that if we make it easier for our customers, for our team members to operate our restaurants, create room to broaden the the menu and have a relentless focus on improving the quality of our food.

但總而言之，我們知道，如果我們讓我們的顧客、我們的團隊成員更輕鬆地經營我們的餐廳，創造擴大菜單的空間，並不懈地致力於提高我們的食物品質。

We're going to be in a really good place and that's, you know, and the last piece is something that you know, I talked to our team a lot about is how we get better as we get bigger.

我們將處於一個非常好的位置，這就是，你知道，最後一點是你知道的，我和我們的團隊談了很多關於我們如何隨著我們變得更大而變得更好。

And how do we think about our food quality all from our supply chain through or how we cook the food and how we hold it, how we portion it. And we're taken a, you know, a very hard look at our core and making sure that we can deliver on our promise.

我們如何從我們的供應鏈考慮我們的食品質量，或我們如何烹飪食物、如何保存食物、如何分配食物。你知道，我們非常認真地審視我們的核心，並確保我們能夠兌現我們的承諾。

So again, expect an iterative improvement on how we, you know, on the both the prep the quality and and how we are able to drive some of those benefits to the bottom line.

因此，再次期待我們如何，你知道，準備品質以及我們如何能夠將其中一些好處推向底線的迭代改進。

I appreciate the response.

我很欣賞你的回應。

Jon Tower, Citigroup. Please go ahead.

喬恩·塔爾，花旗集團。請繼續。

Great. Thanks for taking the questions. I hate to get myopically focused, but I'm curious, maybe you could speak to how trends perform throughout the quarter, how we're looking fourth quarter to date when it comes to same store sales and then on top of it, separate question.

偉大的。感謝您提出問題。我討厭目光短淺，但我很好奇，也許你可以談談整個季度的趨勢表現如何，我們對第四季度迄今為止同店銷售的看法，然後最重要的是，單獨的問題。

But I think last call you had, you spoke to the idea of a new approach around marketing and you know, are, are you guys testing new mediums in which to communicate to the consumer and, and you know, do you have any thoughts in terms of, you know, what new channels can open up and, and where you think you could allocate some, some marketing dollars over time to drive, you know more consistent traffic and build that brand awareness.

但我想你們上次打電話時談到了圍繞行銷的新方法的想法，你們是否正在測試與消費者溝通的新媒介，你們有什麼想法嗎？在哪裡分配一些行銷資金，隨著時間的推移，你知道更穩定的流量並建立品牌知名度。

Hi John.

嗨約翰。

Let me take the first half of the question. What were the sales patterns that we saw in the third quarter? Let's say the quarter had a same store sales growth of 6%.

讓我回答問題的前半部。我們在第三季看到的銷售模式是什麼？假設該季度​​同店銷售額成長 6%。

September was the strongest month in the quarter and the momentum of September carried on into October where we're certainly comping within our revised upward guide of 6 to 7%.

9 月是本季最強勁的月份，9 月的勢頭延續到 10 月，我們肯定會在修訂後的 6% 至 7% 的上漲指導範圍內進行比較。

Second part I think was on the marketing.

我認為第二部分是關於行銷的。

Thank you John. Thanks for the question. So as it relates to marketing, we continue to evolve our marketing approach. One of the goals we set out is how can we continue to drive G and a leverage while while allocating more and more dollars to marketing.

謝謝約翰。謝謝你的提問。因此，當它與行銷相關時，我們將繼續發展我們的行銷方法。我們設定的目標之一是如何繼續推動 G 和槓桿作用，同時分配越來越多的資金用於行銷。

We know that once we get people to try Sweet Green and create that brand awareness, there is a lot of frequency. It also speaks to our densification strategy. As we densify markets, it creates a lot of leverage from a marketing perspective because a lot of our marketing is done at the local level. You know, we shifted a lot of our marketing approach this year to be really a full funnel approach.

我們知道，一旦我們讓人們嘗試 Sweet Green 並建立品牌知名度，就會出現很多頻率。這也說明了我們的緻密化策略。當我們緻密市場時，從行銷角度來看，它會產生很大的影響力，因為我們的許多行銷都是在本地層面完成的。你知道，今年我們改變了很多行銷方法，真正成為一種完整的漏斗方法。

Combination of out of home, digital social and influencers played a big part as has community. One of the things that we very focused on is how do we have more of a direct relationship with our customers loyalty is going to be a big piece of this puzzle. So first half of next year, we'll be introducing our loyalty, our new loyalty program and we think that will be a large lever.

戶外、數位社交和影響者的結合以及社區發揮了重要作用。我們非常關注的事情之一是我們如何與客戶忠誠度建立更多的直接關係將成為這個難題的重要組成部分。因此，明年上半年，我們將推出我們的忠誠度、新的忠誠度計劃，我們認為這將是一個很大的槓桿。

And we're, we're continually testing other things. I mean, we talked a lot about our bringing back community marketing and that experiential in community marketing has worked very well for us. So we're going to continue to double down there. We're seeing, you know, customers and communities really resonate when they, when they can, you know, feel sweet in real life.

我們正在不斷測試其他東西。我的意思是，我們談論了很多關於回歸社群行銷的事情，社群行銷的經驗對我們來說非常有效。所以我們將繼續加倍努力。我們看到，當客戶和社群能夠在現實生活中感受到甜蜜時，他們就會真正產生共鳴。

And so I think you see a lot of those effects in our emerging markets with the big coms as well as with our NRO performance. You know, if you look at our class of Nr Os this year, they've been phenomenally strong. The average, the A UV for the, for that class is, more than the, the existing fleet.

因此，我認為您在我們的新興市場中看到了很多這樣的影響，包括大型通訊公司以及我們的 NRO 的表現。你知道，如果你看看我們今年的 Nr Os 班級，你會發現他們非常強大。該級別的平均 A UV 高於現有機隊。

So we're really excited about that and we think that we can continue to build on that. Especially as you look at some of the new markets we've opened. So that marketing approach, we feel very good about we're going to continue to build on.

因此，我們對此感到非常興奮，並認為我們可以在此基礎上繼續發展。尤其是當你看到我們開闢的一些新市場時。因此，我們對將繼續發展這種行銷方式感到非常滿意。

Thanks for taking the questions.

感謝您提出問題。

Andrew Charles ,TD Cowen. Please go ahead.

安德魯查爾斯，TD·考恩。請繼續。

Great. Wanted to ask about the retrofits. You know, I'm curious, you're very early with this with pen pause of the summer. And now two in the hopper curious though how this informs your decision for retrofits for 2025. Recognizing you have a big opening pipeline for the kitchen next year.

偉大的。想問一下改裝的事。你知道，我很好奇，你很早就想到了這個，夏天停筆了。現在，有兩個人好奇這將如何影響您做出 2025 年改造的決定。認識到明年你的廚房將有一個大的開放管道。

Hi, Andrew. Let me tell you, you're right. Pen was our first retro Fit. It opened in mid July, so it was not open for the whole third quarter. We're very, very happy with the results we're seeing at 10 both from a labor savings perspective and from a customer acceptance and a team member satisfaction level.

嗨，安德魯。讓我告訴你，你是對的。Pen 是我們的第一款復古 Fit。7月中旬開業，所以整個第三季都沒有開業。無論從節省勞動力的角度還是從客戶接受度和團隊成員滿意度的角度來看，我們對 10 所看到的結果非常非常滿意。

When we think about retrofits with the IK, I would say the two things we look at are the A UVS of the stores and particularly how that store sales take place in a concentrated period of time. So if it's really a tight lunch time, it lends us more towards an IK for the faster throughput.

當我們考慮 IK 改造時，我想說我們關注的兩件事是商店的 A UVS，特別是商店銷售如何在集中的時間段內發生。因此，如果午餐時間確實很緊張，那麼我們可以更多地使用 IK 來實現更快的吞吐量。

And the other factor we look at is really, I would say the challenging labor markets, you know, the IK runs with a lot fewer people and we believe if we can get IKS into more challenged labor markets that will have greater benefits for us long term.

我們關注的另一個因素確實是，我想說的是，充滿挑戰的勞動力市場，你知道，IK 運行的人數要少得多，我們相信，如果我們能讓IKS 進入更具挑戰性的勞動力市場，這將為我們帶來更大的長期利益學期。

Okay. It is a good segment. My follow up that you called out the 700 basis points of labor savings that at the Tenpo retrofit, which is in line what you've said in the past.

好的。這是一個很好的部分。我的後續行動是，您在 Tenpo 改造中提到了 700 個基點的勞動力節省，這與您過去所說的一致。

And I'm curious if there's room for that number to move higher as you retrofit more potential business districts just given the higher staffing levels as well as the higher wages and these stores versus the system average.

我很好奇，當你改造更多潛在的商業區時，考慮到更高的人員配備水平以及更高的工資以及這些商店與系統平均水平的關係，這個數字是否還有上升的空間。

Yeah, we think there probably is more room over time. I think the other thing, Andrew that I point out just a little bit, like when we open up an N ROA new store, we generally will, if you will overstaff that store for the beginning and have a labor ramp period.

是的，我們認為隨著時間的推移可能會有更多的空間。我認為另一件事，安德魯，我只是指出了一點，就像當我們開設一家N ROA 新店時，我們通常會這樣做，如果你一開始就在該店人員過多，並有一個勞動力斜坡期。

And I suspect it will be faster, but we believe we'll have the similar dynamics in an IK store as we kind of get better and go to a training period and learn how to operate it more efficiently. So I think over the long run, you'll probably see that.

我懷疑它會更快，但我們相信，隨著我們變得更好並進入培訓期並學習如何更有效地運營它，我們將在 IK 商店中擁有類似的動態。所以我認為從長遠來看，你可能會看到這一點。

Great. Thanks for your touch much.

偉大的。非常感謝你的觸摸。

Dennis Geiger , BS. Please go ahead.

丹尼斯·蓋革，BS。請繼續。

Great. Thank you guys. I appreciate the color on, on IK. I just wanted to ask if any additional thoughts to share around a uvs at those stores based on another quarter of results.

偉大的。謝謝你們。我很欣賞 IK 上的顏色。我只是想問一下，根據另一個季度的結果，是否有任何其他關於這些商店的 UV 的想法可以分享。

A few more opens as you kind of think about what you've told us on, check on frequency on some of the throughput benefits.

當您思考您告訴我們的內容時，也會打開一些內容，檢查一些吞吐量優勢的頻率。

Any latest update to share on what that might mean on a UVS relative to to non IK stores, even if high level. Thank you.

任何最新的更新都可以分享 UVS 相對於非 IK 儲存的含義，即使等級很高。謝謝。

Hi, Dennis. Let me just say we expect that the volume in an IK store will grow over time. After we put in IK in, we think that's going to happen for a combination of reasons, including the faster throughput and higher customer satisfaction in an IK store.

嗨，丹尼斯。我只想說，我們預計 IK 商店的銷量會隨著時間的推移而增長。在我們引入 IK 後，我們認為這會因多種原因而發生，包括 IK 商店更快的吞吐量和更高的客戶滿意度。

We are seeing some of that in Naperville. I should point out Naperville is the only IK store that's now been open for a year. Pen, as we said, was not even open for the full quarter.

我們在內珀維爾看到了其中的一些情況。我應該指出，內珀維爾是唯一一家開業一年的 IK 商店。正如我們所說，Pen 整個季度都沒有開放。

What we are seeing certainly in the month of October is Penn did grow at the faster end of the range for New York City. So we're pretty happy with what we're seeing.

我們在 10 月肯定看到的是，賓州大學的成長速度確實比紐約市更快。所以我們對所看到的非常滿意。

Great Mitch, appreciate It. Thank you.

偉大的米奇，欣賞它。謝謝。

Brian Harbour, Morgan Stanley. Please go ahead.

布萊恩‧哈伯，摩根士丹利。請繼續。

Yeah, thanks. Good afternoon guys. Just the, you know, the labor optimization you talked about is, is that is that kind of the main driver of the year, over year? Favorability and labor? Like how much of that do you think you can get next year? And what are kind of the next next steps for that?

是的，謝謝。各位下午好。只是，你知道，你談到的勞動力優化是，這是今年的主要動力嗎？好感度和勞力？例如你認為明年你能得到多少？接下來的下一步是什麼？

Hi, Brian. Yeah, I think the labor optimization, you know, as a result of changes we've made in scheduling and head coach deployment on the line.

嗨，布萊恩。是的，我認為勞動力優化是我們在日程安排和主教練部署方面做出的改變的結果。

Looking forward, you know, John talked about, I think in his script, some of the A I scheduling tools that we are bringing into the business.

展望未來，你知道，約翰在他的劇本中談到了我們正在引入業務的一些人工智慧調度工具。

We think that we still have considerable room in labor over the next several years to optimize it both from a scheduling perspective and a deployment perspective in the store.

我們認為，在接下來的幾年裡，我們仍然有相當大的工作空間來從調度角度和商店部署角度來優化它。

Thanks, Mitch. Could you comment on what the food and, and labor inflation rates were in the third quarter? And if you have a view on kind of what those will be looking for.

謝謝，米奇。您能否評論一下第三季的食品通膨率和勞動力通膨率？如果您對這些人會尋找什麼有自己的看法。

It ran approximately 2% and we see it as others have reported pretty tame actually at this point in time.

它運行了大約 2%，我們看到它，因為其他人報告說此時實際上相當溫和。

Thank you.

謝謝。

Katherine Griffin, Bank of America. Please go ahead.

凱瑟琳·格里芬，美國銀行。請繼續。

Hi. Thank you. Thanks for the question. First I wanted to ask about another question just on labor. I'm, I, I want to understand how you're thinking about sort of reinvesting in, in the four walls that 700 basis points of, of margin savings. I'm curious like in the context of the decision to invest in another kind of A I labor tool because it would seem to me that, you know, as IK becomes a larger part of the fleet that maybe there are different, you know, labor needs that, that could be different that may not, you know, justify the need for incremental investment into, into labor optimization. So that's the first one and then I have a follow up.

你好。謝謝。謝謝你的提問。首先我想問另一個關於勞工的問題。我，我，我想了解您如何考慮對保證金節省的四面牆進行再投資，即 700 個基點。我很好奇，就像決定投資另一種 A I 勞動力工具一樣，因為在我看來，隨著 IK 成為艦隊的更大一部分，也許會有不同的，你知道的，勞動力需要，這可能是不同的，你知道，這可能無法證明需要對勞動力優化進行增量投資。這是第一個，然後是後續。

Hi, Katherine. So let me kind of break apart your question. First of all, you're, you're correct about the labor savings in the IK about 700 points, 800 points. You're right. The IK stores use less labor, but they still have a labor element running through the stores and labors.

嗨，凱瑟琳。那麼就讓我來分解一下你的問題。首先，您關於 IK 節省勞動力大約 700 點、800 點的說法是正確的。你說得對。IK商店使用的勞動力較少，但他們仍然有勞動力元素貫穿商店和勞動力中。

You know, at this point in time is still the highest cost component in the industry. So having an A I tool to help us optimize labor still has a lot of efficiencies for the business with an IK store or without an IK store.

要知道，目前這個時間點仍然是業界成本最高的零件。因此，擁有一個人工智慧工具來幫助我們優化勞動力，對於有 IK 商店或沒有 IK 商店的企業來說仍然有很大的效率。

We haven't really commented on where we see the margin savings from the IK being deployed. Many people have asked, I think it's fair to say near term. It will drop to the margin of the company.

我們還沒有真正評論我們在哪裡看到部署 IK 所節省的利潤。很多人問，我認為說近期是公平的。它將下降到公司的利潤率。

Okay, thank you.

好的，謝謝。

If I could just, if I could just build on that, you know, the, we're very excited about this new workforce management tool that we're rolling out. It's not just meant to help us save on labor, although it will help us there. I think a lot of it is around the experience that it can help us improve for both our customers and our team members.

如果我可以，如果我可以在此基礎上繼續發展，我們對我們正在推出的這個新的勞動力管理工具感到非常興奮。它不僅僅是為了幫助我們節省勞動力，儘管它會在這方面對我們有所幫助。我認為這很大程度上取決於體驗，它可以幫助我們為客戶和團隊成員改進。

So what it allows us to do is, you know, it allows us to schedule team member shift at their preferred times and match our labor better to the sales curves of our restaurants.

因此，它使我們能夠做的是，您知道，它使我們能夠在團隊成員喜歡的時間安排輪班，並使我們的勞動力更好地與餐廳的銷售曲線相匹配。

And we have that both in the IK restaurants as well as, as well as in our classic restaurants. It also has a lot of other cool features like shift swapping and it's just much more modern So our team members are loving it.

我們的 IK 餐廳以及我們的經典餐廳都提供這種服務。它還具有許多其他很酷的功能，例如輪班交換，而且它更加現代，因此我們的團隊成員非常喜歡它。

It's also again helping us staff to peak in a much better way, hopefully driving through putting capturing demand appropriately.

它也再次幫助我們的員工以更好的方式達到頂峰，希望透過適當地捕捉需求來推動。

Great. Thank you so much for that clarification. And then I just wanted to ask earlier what you talked about with kind of expanding the menu and looking for other opportunities for attach, how do you think about the trade off between adding these, you know, new things to the menu and and operational complexity.

偉大的。非常感謝您的澄清。然後我只是想問您早些時候談到的擴展菜單和尋找其他附加機會，您如何考慮在菜單中添加這些新內容和操作複雜性之間的權衡。

Thank you for the question. It's, a top concern. And that's why I spoke to the, the optimizations and simplifications that we have to do in order to make room for some of these things. And that's also speaks to the stage gating process we have.

謝謝你的提問。這是一個最令人擔憂的問題。這就是為什麼我談到我們必須進行最佳化和簡化，以便為其中一些事情騰出空間。這也說明了我們的階段選通流程。

So a lot of the work is how do we simplify the work we have? How do we make sure anything new we have is going to be worth it and, and really drive that broader consumer and drive that acquisition and frequency and then really thinking about how those those new items fit within our operating model.

所以很多工作就是我們如何簡化現有的工作？我們如何確保我們擁有的任何新產品都是值得的，並真正推動更廣泛的消費者並推動購買和頻率，然後真正考慮這些新產品如何適應我們的營運模式。

So it's a, you know, a lot of testing to get it right. And you know, we have this philosophy of art and science. So we need, we need new ideas that are just delicious, craveable, really culturally relevant, but then we need to operationalize them in a way that fits with our model.

所以，你知道，需要進行大量測試才能使其正確。你知道，我們有藝術和科學的哲學。所以我們需要，我們需要新的想法，這些想法是美味的、令人渴望的、真正與文化相關的，但我們需要以適合我們模式的方式來實施它們。

And I think given the way we set up our restaurants in a very modular way and the brand that we built gives us a lot of license to kind of explore some of these things.

我認為考慮到我們以非常模組化的方式建立餐廳的方式以及我們建立的品牌給了我們很多探索其中一些東西的許可。

Thank you.

謝謝。

Logan Matt , R BC capital markets. Please go ahead.

Logan Matt，R BC 資本市場。請繼續。

Hey guys. Yeah, thanks for, thanks for taking the questions. I had a couple just on the same store sales trends in the quarter. So you guys sort of alluded to double digit comps in some of the newer markets.

嘿夥計們。是的，謝謝，謝謝你提出問題。我有幾個關於本季同一商店銷售趨勢的資訊。所以你們有點暗示在一些較新的市場中實現了兩位數的比較。

I was wondering if you can share what comps were in the more mature markets in the northeast and eastern seaboard.

我想知道您是否可以分享東北和東部沿海更成熟的市場有哪些比較。

And then second question is just on the traffic and mix within the 2% this quarter. Can you share how much of that was mixed driven by Stak?

第二個問題是關於本季 2% 以內的流量和組合。您能分享一下其中有多少是由 Stak 混合推動的嗎？

Yes.

是的。

Hi Logan. Let me say, you know, the same store sales as we said earlier, built throughout the quarter. We're very, very happy with the emerging markets that are coping in double digits pretty consistently. It's fair to say, you know, that we really don't like to break everything out by market.

嗨洛根。讓我說，你知道，整個季度建立的商店銷售額與我們之前所說的相同。我們對新興市場的表現非常非常滿意，它們一直以兩位數的速度來應對。公平地說，我們真的不喜歡按照市場來分解一切。

And in total, the company averaged around a 6% comp for the quarter. We have not historically broken out the traffic and mix, but the total of the components is 2% positive.

總的來說，該公司本季的平均薪酬約為 6%。我們歷史上並未對流量和組合進行細分，但各組成部分的總和為 2%。

Sharon Zackfia , William Blair. Please go ahead.

莎朗·扎克菲亞，威廉·布萊爾。請繼續。

Hey, good afternoon. I for one cannot wait to try Pickle ketchup. So if you want to bring that to Chicago, that'll be a happy day for me.

嘿，下午好。我迫不及待想嚐嚐泡菜番茄醬。所以如果你想把它帶到芝加哥，那對我來說將是快樂的一天。

I, I wanted to ask about the the retrofit. So I know you, you've done two of them. Now, is there any, I mean, I know it's a small sample size but is there any thought process on kind of how the average cost for that is likely to run or what the downtime might be on average as you look forward?

我，我想問一下改造的事。所以我了解你，你已經完成了其中的兩個。現在，我的意思是，我知道樣本量很小，但是否有任何思考過程，例如平均成本可能如何運行，或者您預期的平均停機時間可能是多少？

Hi Sharon. Just a slight modification. We've done one so far. Quarter to date, year-to-date. And that's the Penn Plaza. We have two retros current currently being worked on, Willis to and Wall Street.

嗨莎倫。只需稍加修改即可。到目前為止我們已經做了一個。季度至今、年初至今。那就是賓州廣場。目前我們正在製作兩部復古作品：《威利斯》和《華爾街》。

The, you know, the amount of time that the retros take is really going to be pretty much store dependent. But I think right now what we are kind of using as our standard is around 6 to 7 weeks.

你知道，復古所需的時間實際上很大程度上取決於商店。但我認為現在我們使用的標準是大約 6 到 7 週。

Okay. And in terms of, stake, I, you, the question on the mix was a good one, but I was curious as well on the impact on COGS.

好的。就股份、我、你而言，關於混合的問題是一個很好的問題，但我也很好奇對銷貨成本的影響。

Because I think you were pricing to protect penny profit and that percentage. So when we look at the COGS with this being the first full quarter of say, could you kind of help us think about how much that impacted the COGS line.

因為我認為你的定價是為了保護便士利潤和這個百分比。因此，當我們考慮第一季的銷貨成本時，您能否幫助我們考慮這對銷貨成本線的影響有多大。

I would just say, you know, the, the steak has higher COGS than the other elements in the menu. And it had in total a kind of slight upward pressure if you will on the COGS in the business, but nothing overly significant.

我只想說，你知道，牛排的銷貨成本比菜單中的其他元素更高。如果你願意的話，它總體上對業務的銷貨成本產生了輕微的上行壓力，但沒有太大的壓力。

Okay. Thank you.

好的。謝謝。

Brian Mullen , Piper Sandler. Please go ahead.

布萊恩·馬倫，派珀·桑德勒。請繼續。

Hey, thank you. Just question on the infinite kitchen for, for the units you deploy in 2025. How do you want us thinking about the cost of Sweet Green from the contract manufacturer?

嘿，謝謝你。只需詢問您在 2025 年部署的單元的無限廚房。您希望我們如何考慮合約製造商的 Sweet Green 成本？

And then as you look, you know, beyond the 2026 and beyond, would that be, or in 26 would that be a year in which your purchasing scale would start to drive that cost down or would would it perhaps take longer to send any thoughts on that?

然後，如你所見，你知道，在 2026 年及以後，或者在 26 年，你的採購規模將開始降低成本，或者可能需要更長的時間來發送任何想法關於那個？

Thanks for the question. So yes. You know, we've guided to about 450 to $550,000 in incremental cost for infinite kitchens. We are expecting to start to see some savings. We scale manufacturing, we're kind of in phase two of manufacturing.

謝謝你的提問。所以是的。您知道，我們指導無限廚房的增量成本約為 450 至 550,000 美元。我們預計將開始看到一些節省。我們擴大製造規模，我們正處於製造的第二階段。

We're just entering phase two of manufacturing. We think over time with both scale and maturity that there's some opportunities to continue to bring that down.

我們剛剛進入製造的第二階段。我們認為，隨著時間的推移，隨著規模和成熟度的提高，有一些機會可以繼續降低這種情況。

We are heavily focused, you know, one of the key priorities for Chris and the development team is to is to work on the overall all build out costs including the infinite kitchen as that becomes the core prototype.

你知道，我們非常關注克里斯和開發團隊的關鍵優先事項之一，就是解決所有建造成本，包括無限廚房，因為它成為核心原型。

We see some pretty big opportunities to bring down the overall cost and that's really what we care most about is, you know, what is going to be the total build cost of new units including IK and it's a major focus area for us right now.

我們看到了一些降低整體成本的巨大機會，這確實是我們最關心的，你知道，包括 IK 在內的新單元的總建造成本是多少，這是我們現在的主要關注領域。

Thank you. And then back to the, the Penn Plaza retrofit. I just want to clarify some of the prior comments. Have you seen an uplift to the average weekly sales or the run rate?

謝謝。然後回到賓州廣場改造。我只是想澄清一些先前的評論。您是否看到平均每週銷售額或運作率有所提升？

A UVS at that store so far? I'm just trying to understand if the deployment has helped grow the revenue and the throughput of the location or the financial benefits thus far, have been more isolated to the margin side so far. Thank you.

到目前為止那家店有 UVS 嗎？我只是想了解部署是否有助於增加該位置的收入和吞吐量或迄今為止的財務收益，到目前為止，這些收益與利潤方面更加隔離。謝謝。

No, we have seen the store grow and we've seen the store grow more rapidly over the months.

不，我們已經看到商店在成長，而且這幾個月我們看到商店成長得更快。

Thank you.

謝謝。

Brian Bittner , Oppenheimer. Please go ahead.

布萊恩比特納，奧本海默。請繼續。

Thanks. Hey guys. Just in, in general, just based on all your data and your insights. What, what do you believe is behind the stronger sales trends in September and October that you talked about versus the prior couple of months?

謝謝。嘿夥計們。一般來說，只是基於您的所有數據和見解。您所談到的 9 月和 10 月銷售趨勢與前幾個月相比更加強勁，您認為背後的原因是什麼？

Do you think it's broader macro dynamic or is there something sweetly specific going on in the business? And I have a follow up?

您認為這是更廣泛的宏觀動態，還是產業中正在發生一些非常具體的事情？我有後續行動嗎？

Hey, Brian, you know, it's always hard to really know exactly what moves the things to our sales, you know, in a very narrow period of time.

嘿，布萊恩，你知道，在很短的時間內，要真正確切地知道是什麼推動了我們的銷售，總是很難的。

But I think what we saw is it accelerated as we got further away from the summer and particularly in some of the east coast markets.

但我認為我們看到的是，隨著距離夏季越來越遠，尤其是在一些東海岸市場，這種趨勢正在加速。

And the only thing I'll add to that is, you know, this year, we, we intentionally moved away from some of our seasonal menu in order to make room for some of the new menu item we've been bringing, we have now returned to a lot of that with our harvest bowl campaign, bringing these Brussels sprouts, which I referred to that has been that has been a really good driver for us.

我唯一要補充的是，你知道，今年，我們故意放棄了一些季節性菜單，以便為我們帶來的一些新菜單項目騰出空間，我們有現在，我們的收穫碗活動又回到了很多內容，帶來了這些球芽甘藍，我提到這對我們來說是一個非常好的驅動力。

And we do plan on beginning to bring back a lot more seasonal items as we look forward. So really getting that menu marketing playbook locked.

我們確實計劃在未來開始帶回更多季節性商品。所以真的要鎖定菜單行銷手冊。

Great and just a bigger picture question as, as you go on this journey to re accelerate unit growth into next year and beyond. And you talked about at least half being infinite kitchens have.

這是一個很好的問題，也是一個更大的問題，因為當你踏上這段旅程，重新加速明年及以後的單位成長。你談到至少有一半是無限的廚房。

Do you want us thinking about the new unit economics relative to maybe your original targets that you talked about at the IPO?

您是否希望我們考慮與您在 IPO 中談到的最初目標相關的新單位經濟效益？

I mean, is there I, is there going to be some pressure upwards potentially on those targets just given the mix of IK units or do you want kind of keeping expectations where they were?

我的意思是，考慮到 IK 單位的組合，這些目標是否會面臨一些潛在的向上壓力，或者您是否希望將期望保持在原來的水平？

Yes.

是的。

Thank you, Brian. I think the the way I would say the model and IK is that the build out costs will clearly be higher than a classic suite green for roughly that, you know, half million dollar number John just spoke about and I think in the modeling, you clearly have approximately a 700 basis point improvement in the margin of the store.

謝謝你，布萊恩。我認為我所說的模型和 IK 的方式是，建造成本顯然會高於經典的綠色套房，大約是約翰剛才談到的 50 萬美元的數字，我認為在建模中，你顯然，商店的利潤率提高了約700 個基點。

I think it's hard to bottle in the second order benefits. We are seeing them and we're very confident of them, but I think it's more challenging to put a number on them at this point.

我認為很難概括出第二順序的好處。我們正在看到它們，我們對它們非常有信心，但我認為目前對它們給出一個數字更具挑戰性。

Thank you.

謝謝。

Christine Cho , Goldman Sachs. Please go ahead.

克里斯汀‧曹，高盛。請繼續。

I thank you for taking the question. So first clarification. So it seems like a units in the quarter with a tab lighter versus your usual quarterly cadence and prior years.

我感謝你提出這個問題。所以先澄清一下。因此，與您通常的季度節奏和前幾年相比，這似乎是本季度的一個單元，帶有打火機。

Can you talk about whether there was any specific reasons driving that? I think you did mention it delivery timing but wanted to just double check on that. And the, and the real question I think is it's great to see another 100 basis points of margin expansion, restaurant level this quarter.

您能否談談是否有任何具體原因推動這一趨勢？我想你確實提到了交貨時間，但只是想仔細檢查一下。我認為真正的問題是，很高興看到本季餐廳的利潤率再增加 100 個基點。

And you mentioned it's the seventh consecutive quarter of improvement, but very early, but could you kind of discuss some of the puts and takes as we think about the year ahead? Thank you so much.

您提到這是連續第七個季度出現改善，但還很早，但您能否討論一下我們在考慮未來一年時的一些看法？太感謝了。

Hi, Christine. So let me say that the pace of the new store openings were actually in line with how we had them modeled. And at the right number, so we're actually pretty happy with it and they did come in late in the quarter as we anticipated.

嗨，克里斯汀。所以我要說的是，新店開幕的節奏其實與我們的建模方式一致。而且數量正確，所以我們實際上對此非常滿意，而且他們確實如我們預期的那樣在本季度末到來。

We don't think there's any change or anything in the dynamics of the business. That's, you know, in a significant way that they were in line with our expectations in terms of projections on the margin.

我們認為業務動態沒有任何變化或任何變化。你知道，這在很大程度上符合我們對利潤預測的預期。

You know, looking out in 2025 we really at this stage are not prepared to give guidance at 2025 but we will certainly be doing that in our next probably in our next call.

您知道，展望 2025 年，我們現階段確實不准備在 2025 年提供指導，但我們肯定會在下一次電話會議中這樣做。

All right. Thank you all for joining. That concludes today's call. You may now disconnect.

好的。感謝大家的加入。今天的電話會議到此結束。您現在可以斷開連線。