Sweetgreen Inc (SG) 2024 Q4 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 fourth quarter 2024 earnings call. (Operator Instructions)

感謝您的支持。我的名字是珍妮。今天我將擔任你們的會議主持人。現在，我歡迎大家參加 Sweetgreen Inc 2024 年第四季財報電話會議。（操作員指示）

I would now like to turn the call over to Rebecca Nounou. Please go ahead.

現在我想把電話轉給 Rebecca Nounou。請繼續。

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。今天的電話會議發言者是聯合創始人兼首席執行官喬納森·內曼 (Jonathan Neman)；以及首席財務官 Mitch Reback。在準備好的發言之後，兩人都可以在問答環節回答問題。

Today's call is being webcasted live and recorded for replay. The earnings' release is available on the Investor Relations section of Sweetgreen's website at investor.sweetgreen.com.

今天的電話會議將進行網路直播並錄音以供重播。收益報告可在 Sweetgreen 網站的投資者關係部分（網址為 investor.sweetgreen.com）上查閱。

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.

我想提醒大家，我們收益報告中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今天的資訊。我們不承擔公開更新或修改前瞻性聲明的義務。

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 the 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.

我們還請您參閱我們的收益報告，以獲取有關我們使用非公認會計準則 (non-GAAP) 財務指標的更多信息，包括電話會議中提到的非公認會計準則 (non-GAAP) 財務指標與相應的公認會計準則 (GAAP) 指標的對賬。我們的收益報告可以在我們的投資者網站上找到。現在，我將把電話交給喬納森來開始演講。

Thank you, Rebecca. And good afternoon, everyone. At Sweetgreen, we're redefining fast food through superior sourcing, culinary excellence, innovative technology, and a consistent, hospitable experience.

謝謝你，麗貝卡。大家下午好。在 Sweetgreen，我們透過優質的採購、卓越的烹飪、創新的技術以及始終如一的熱情好客的體驗重新定義快餐。

In 2024, we expanded our menu, opened 25 new restaurants, and ended the year with 12 Infinite Kitchens. We elevated our sourcing and culinary practices, as well as took meaningful steps to improve the team member experience, leading to the lowest turnover levels in company history.

2024 年，我們擴大了菜單，開設了 25 家新餐廳，並在年底擁有 12 家無限廚房。我們改進了採購和烹飪實踐，並採取了有意義的措施來改善團隊成員的體驗，從而使公司員工流動率達到了歷史最低水平。

Our full-year financial results reflect this work and exceeded our expectations coming into 2024. Sales grew over 15% to $676.8 million and restaurant level margin expanded more than 200 basis points year over year to 19.6%. Adjusted EBITDA of $18.7 million was a $21.5 million dollar improvement over the prior year period.

我們的全年財務表現反映了這項工作，並且超越了我們對 2024 年的預期。銷售額成長超過 15%，達到 6.768 億美元，餐廳級利潤率年增超過 200 個基點，達到 19.6%。調整後的 EBITDA 為 1,870 萬美元，比去年同期成長 2,150 萬美元。

Since our IPO in 2021, we have delivered four consecutive years of double-digit revenue growth. Our restaurant level margin has expanded from 12% to 20%, and G&A, excluding stock-based compensation, has gone from 28% of sales to 16% of sales in 2024.

自 2021 年 IPO 以來，我們已連續四年實現兩位數的營收成長。我們的餐廳利潤率已從 12% 擴大至 20%，不包括股票薪酬的一般及行政費用佔銷售額的比例已從 28% 上升至 2024 年的 16%。

Most importantly, 2024 marked the first full year of positive adjusted EBITDA in our company's history, a key milestone that confirms our strategy is working. We are committed to leveraging our G&A, all while we scale our real estate footprint with the Infinite Kitchen, increase the pace of menu innovation and strategically invest in additional marketing.

最重要的是，2024 年是我們公司歷史上第一個全年調整後 EBITDA 為正的年份，這是一個重要的里程碑，證明我們的策略正在發揮作用。我們致力於利用我們的 G&A，同時透過 Infinite Kitchen 擴大我們的房地產足跡，加快菜單創新步伐，並策略性地投資於額外的行銷。

Looking ahead, we see significant opportunities to optimize operations, broaden our customer base, grow guests frequency, and expand our footprint.

展望未來，我們看到了優化營運、拓寬客戶群、增加客人頻率和擴大業務範圍的重大機會。

But these focus areas in mind are three strategic pillars for 2025 are: one, revolutionizing fast food through menu and technology innovation; two, strengthening guest connection and operational excellence; and lastly, strategically expanding and evolving our footprint. These strategies are designed to increase traffic and expand restaurant-level margins.

但這些重點領域是2025年的三大策略支柱：一是透過菜單和技術創新徹底改變快餐；二、加強賓客聯繫和卓越營運；最後，策略性地擴大和發展我們的足跡。這些策略旨在增加客流量並擴大餐廳利潤。

In 2024, we introduced grass-fed pasture-raised steak, which quickly became a guest favorite and helped drive traffic in check. We deployed the Infinite Kitchen in seven new restaurants and retrofitted three existing restaurants, leveraging automation to improve speed and consistency, all while reducing labor intensity.

2024 年，我們推出了草飼牧場飼養的牛排，它很快就成為了客人的最愛，並有助於控制客流量。我們在七家新餐廳部署了無限廚房，並對三家現有餐廳進行了改造，利用自動化來提高速度和一致性，同時降低勞動強度。

We continued expanding menu relevancy and building brand awareness, as evidenced by double digit [comms] in the Midwest, Texas, and the Southeast. Furthermore, the strength of our 2024 restaurant class has laid a solid foundation for continued footprint expansion.

我們繼續擴大菜單的相關性並建立品牌知名度，中西部、德克薩斯州和東南部的兩位數[通訊]就是明證。此外，我們 2024 餐廳類別的實力為持續擴張奠定了堅實的基礎。

We opened 25 new restaurants last year, bringing our total to 246, 12 of which are now Infinite Kitchens. We also expanded into three new markets with some of the strongest opening weeks in our history: Seattle, the short north area of Columbus, and Uptown Charlotte.

去年我們開設了 25 家新餐廳，使我們的餐廳總數達到 246 家，其中 12 家現在是 Infinite Kitchens。我們也擴展到三個新市場，並取得了歷史上最強勁的開業週業績：西雅圖、哥倫布北部地區和夏洛特上城區。

Our 2024 class of new restaurants is on track to hit $2.8 million in year-one sales, right in line with our year-two target. This reaffirms our confidence in our real estate strategy and the long-term opportunity ahead.

我們 2024 年新開的餐廳預計在第一年實現 280 萬美元的銷售額，與我們第二年的目標完全一致。這再次堅定了我們對房地產策略和未來長期機會的信心。

We're also pleased with the financial and operational performance of our Infinite Kitchens. These locations are delivering at least 7 percentage points in labor savings and 1 point in improved COGS, compared to restaurants of similar age and volume.

我們也對無限廚房的財務和營運表現感到滿意。與同等營業年限和規模的餐廳相比，這些餐廳節省了至少 7 個百分點的勞動力，並提高了 1 個百分點的銷售成本。

Additionally, our class of Infinite Kitchens is driving higher native digital sales due to their high throughput and consistency, which leads to a better guest experience. We believe that Infinite Kitchen, together with our revamped loyalty program launching this year, can accelerate our industry leading digital presence.

此外，我們的「無限廚房」類別由於其高吞吐量和一致性而推動了更高的原生數位銷售，從而帶來了更好的客戶體驗。我們相信，Infinite Kitchen 和我們今年推出的改進後的忠誠度計劃可以加速我們在業界領先的數位化影響力。

While we don't disclose individual store level performance, we have seen some standout proof points. For example, our Hingham, Massachusetts Infinite Kitchen had a 30% margin in its first full month, compared to 26% for Naperville in its first full month in 2023.

雖然我們沒有透露個別商店的層面表現，但我們已經看到了一些突出的證明點。例如，我們位於馬薩諸塞州欣厄姆的 Infinite Kitchen 在開業第一個月的利潤率為 30%，而 2023 年內珀維爾的 Infinite Kitchen 在開業第一個月的利潤率為 26%。

We continue to see proof points of operational efficiency, throughput, and improved guest experience from the Infinite Kitchen. This is reflected in our January guest survey with 90% of guests surveyed expressing a positive overall experience, including the food and ingredient quality at Infinite Kitchen locations.

我們不斷看到無限廚房在營運效率、吞吐量和顧客體驗改善方面所取得的成果。這反映在我們一月份的客人調查中，90% 的受訪客人表達了積極的整體體驗，包括 Infinite Kitchen 分店的食物和食材品質。

As we move into 2025, we plan to accelerate unit growth by at least 15%. Our 2025 pipeline includes three new markets: Sacramento, Phoenix, and Cincinnati. And we are opening at least 40 new restaurants, half of the 40 will have Infinite Kitchens. And we are planning on 1 to 3 Infinite Kitchen retrofits of existing restaurants.

進入 2025 年，我們計劃將單位成長率提高至少 15%。我們的 2025 年計畫包括三個新市場：薩克拉門托、鳳凰城和辛辛那提。我們將開設至少 40 家新餐廳，其中一半將設有 Infinite Kitchens。我們計劃對現有餐廳進行 1 至 3 個無限廚房改造。

We recognize the need for newness. Last year, we had two major launches, caramelized garlic steak and air-fried brussels sprouts with six weeks of heightened marketing support. During that time, the business saw highly incremental and accelerated same source sales, contributing to sustained momentum beyond the initial launch.

我們認識到需要創新。去年，我們推出了兩款重要產品，焦糖蒜香牛排和氣炸球芽甘藍，並進行了為期六週的密集行銷支援。在此期間，該業務的同源銷售額大幅增長且加速，為公司在最初推出之後的持續發展勢頭做出了貢獻。

As a result, in 2025, we are significantly increasing the pace of innovation across multiple areas of the business to create a steady drumbeat of newness to increase frequency, broaden our customer base, and deepen brand loyalty.

因此，到 2025 年，我們將大幅加快業務多個領域的創新步伐，以創造穩定的新潮流，從而提高頻率、擴大客戶群並加深品牌忠誠度。

This includes an accelerated approach to menu innovation and the introduction of a new loyalty program supported by strategic investments in personalized CRM and paid media. These efforts will ensure we remain top of mind for our guests while creating more meaningful touch points throughout their journey with Sweetgreen.

其中包括加速菜單創新和推出新的忠誠度計劃，並透過對個人化 CRM 和付費媒體的策略性投資來支持。這些努力將確保我們始終是客人最關心的問題，同時在客人與 Sweetgreen 的整個旅程中創造更多有意義的接觸點。

Let me take a moment to share with you one of the most exciting things we are rolling out next month, ripple fries. Over the past year, we've been hard at work, reimagining fries, a fast-food classic in a way that is authentically Sweetgreen, made with just five simple ingredients.

讓我花點時間與大家分享我們下個月將推出的最令人興奮的產品之一——波浪薯條。在過去的一年裡，我們一直在努力工作，以正宗的 Sweetgreen 方式重新構想薯條，這是一種經典的快餐，僅使用五種簡單的原料製作而成。

Ripple fries are hand cut daily in our restaurants and air fried in avocado oil. We are excited to lead the movement away from the deep frying of french fries. Each order comes with a side of new house-made pickled ketchup or garlic aioli.

我們餐廳每天手工切製波紋薯條，並用酪梨油炸。我們很高興能夠引領人們不再炸薯條。每份訂單都附有自製的新醃番茄醬或蒜香蛋黃醬。

Fries and salads have long been an iconic duo. Ripple fries are sweet greens take on this classic pairing, offering our guests a signature craveable side that complements our vibrant, produce-driven menu.

薯條和沙拉一直以來都是標誌性的組合。漣漪薯條是這種經典搭配的甜蔬菜，為我們的客人提供招牌的令人垂涎的配菜，與我們充滿活力的農產品主導的菜單相得益彰。

In 2025, we're building on our layered menu calendar with exciting new additions, starting with ripple fries and the collaboration with the Michelin-star chef. We're also reintroducing three to four seasonals across summer and fall. With strong marketing support to drive traffic, we are excited to continue 2024 new product growth momentum into 2025.

2025 年，我們將在分層菜單日曆的基礎上增加令人興奮的新菜品，首先是波浪薯條和與米其林星級廚師的合作。我們還將在夏季和秋季重新推出三到四個季節性節目。憑藉強大的行銷支援來推動流量，我們很高興將 2024 年新產品的成長動能延續到 2025 年。

Another big moment for us in 2025 is the launch of our reimagined loyalty program, SG Rewards, rolling out nationwide in April. SG Rewards is our points-based loyalty program where customers earn 10 points for every eligible dollar spent with opportunities to redeem free menu items and access unique offers and member exclusives.

2025 年我們的另一個重要時刻是推出重新構想的忠誠度計畫 SG Rewards，該計畫將於 4 月在全國推出。SG Rewards 是我們基於積分的忠誠度計劃，顧客每消費 1 美元即可賺取 10 點積分，有機會兌換免費菜單項目並獲得獨特優惠和會員專屬。

We designed these changes based on customer feedback that offers more compelling benefits to a broader set of customers. As we look forward, we have shifted capital internally towards more menu innovation and strategic media investment. We believe this, combined with personalized CRM and our revamped loyalty program, will accelerate transactions.

我們根據客戶回饋設計了這些變化，為更廣泛的客戶提供更引人注目的好處。展望未來，我們已將資本內部轉向更多菜單創新和策略媒體投資。我們相信，結合個人化的 CRM 和我們改進的忠誠度計劃，將會加速交易。

Turning to operations, we've made great strides over the past couple of years. In 2024, our progress is evidenced by expanding margins, 200 basis points and improving the team member experience. Our focus on our team members has resulted in strong stability and tenure at the head coach level and the lowest turnover levels in company history.

談到運營，我們在過去幾年中取得了長足的進步。2024 年，我們的進步體現在利潤率擴大 200 個基點以及團隊成員體驗改善。我們對團隊成員的關注使得主教練級別具有很強的穩定性和任期，並實現了公司歷史上最低的人員流動率。

Having stability at the head coach level and a strong pipeline of future leaders is a solid foundation as we continue to grow our footprint. We've designed a clear and structured career path that creates opportunities for professional development and advancement, allowing us to promote high performing talent while scaling Sweetgreen's culture.

擁有穩定的主教練水平和強大的未來領導者儲備是我們繼續擴大影響力的堅實基礎。我們設計了清晰、結構化的職涯道路，為專業發展和晉升創造了機會，使我們能夠提拔高績效人才，同時擴大 Sweetgreen 的文化。

Our team members can grow into a head coach in as few as three years. This year, more than half of our open restaurant leadership roles were filled from within, reinforcing our commitment to developing and growing our people. Our goal is to increase this percentage even further as we continue investing in internal talent and leadership development.

我們的隊員最快三年就能成長為主教練。今年，我們一半以上的餐廳領導職位都是從內部填補的，這加強了我們對培養和壯大員工的承諾。我們的目標是，隨著我們繼續投資內部人才和領導力發展，進一步提高這一比例。

In 2024, we made significant improvements to our labor optimization and deployment practices. And we see further opportunities for improvement in 2025. A key part of this is our new AI-powered workforce management system, designed to optimize forecasting, scheduling, and overall efficiency.

2024年，我們對勞動力優化和部署實務做出了重大改進。我們認為 2025 年將有進一步改善的機會。其中一個關鍵部分是我們新的人工智慧勞動力管理系統，旨在優化預測、調度和整體效率。

This system gives team members an optional user-friendly mobile platform to manage their schedules, aligning their availability with restaurant needs. By leveraging AI, we are streamlining labor planning and improving shift coverage, freeing up our head coaches to focus more on team development and the guests' experience.

該系統為團隊成員提供了一個可選的用戶友好型行動平台來管理他們的日程安排，使他們的空閒時間與餐廳的需求保持一致。透過利用人工智慧，我們簡化了勞動力規劃並改善了輪班覆蓋範圍，使我們的主教練能夠更加專注於團隊發展和客人的體驗。

We've already deployed this system across nearly half our fleet. And the early results are promising. On average, team members receive 10% more hours per week while reducing overtime expense.

我們已經在近一半的船隊中部署了該系統。早期結果令人鼓舞。平均而言，團隊成員每週的工作時間增加 10%，同時減少加班費用。

Additionally, absentee rates have dropped by a third. Initial results like these reinforce our commitment to using technology to create a better, more seamless experience for our teams. We're on track to complete the rollout of our tool across all locations by the end of the second quarter.

此外，缺勤率下降了三分之一。這些初步成果強化了我們利用科技為團隊創造更好、更無縫體驗的決心。我們希望在第二季末之前在所有地點完成我們工具的推廣。

At Sweetgreen, technology and innovation have always been at the heart of our DNA, driving us to create smarter, more connected experiences for our guests and team members. We're always looking for ways to raise the bar on the quality and convenience a guest can expect from Sweetgreen while strengthening our financial performance.

在 Sweetgreen，科技和創新一直是我們 DNA 的核心，推動我們為客人和團隊成員創造更聰明、更互聯的體驗。我們一直在尋找方法來提高客人對 Sweetgreen 的品質和便利性的期望，同時增強我們的財務表現。

For example, we continue to selectively upstream parts of our cold prep. These changes may seem small, but they free up our team to focus on service and speed, helping us drive throughput.

例如，我們繼續有選擇地將冷準備部分推向上游。這些變化可能看起來很小，但它們使我們的團隊能夠專注於服務和速度，幫助我們提高吞吐量。

In addition, we continue to make investments in elevating our culinary proposition along with optimized cooking recipes and hot golden times to elevate the quality and freshness of our food, a key to driving frequency.

此外，我們繼續投資提升我們的烹飪主張，優化烹飪食譜和熱黃金時間，以提高我們食物的品質和新鮮度，這是提高頻率的關鍵。

As we continue to refine our operational strategy, we see significant opportunities to capture additional peak demand across both our front and digital make lines. We have a number of initiatives designed to improve throughput while also improving consistency and portioning in our non-IK restaurants.

隨著我們不斷完善營運策略，我們看到了在前端和數位生產線上捕捉額外尖峰需求的重大機會。我們採取了多項舉措，旨在提高產量，同時改善非 IK 餐廳的一致性和份量。

While we've made progress, further executional improvements are needed to fully unlock this potential, and we have several initiatives underway.

雖然我們已經取得了進展，但仍需要進一步改進執行才能充分釋放這一潛力，而且我們正在進行多項舉措。

Before I turn over the call to Mitch, I want to acknowledge the devastating wildfires in Southern California and the impact on our community. As a Los Angeles native, this is deeply personal to me. Our team members are safe. And our restaurants are fully operational again. However, we recognize the challenges facing the local restaurant industry and community.

在將電話轉給米奇之前，我想先了解南加州毀滅性的野火以及它對我們社區的影響。身為洛杉磯本地人，這對我來說意義深遠。我們的隊員很安全。我們的餐廳已恢復全面運作。然而，我們認識到當地餐飲業和社區面臨的挑戰。

In response to the fires, we have provided fresh meals to first responders and those displaced. We continue to work with local partners to support recovery efforts, just as we did last year with our support of LA's local farmers' markets.

為了應對火災，我們為急救人員和流離失所者提供了新鮮的餐點。我們繼續與當地合作夥伴合作支持復原工作，就像去年我們支持洛杉磯當地農夫市集一樣。

We're committed to standing by the farmers, team members, and guests who make up our community because food is about more than what's on the plate. It's about the people behind it.

我們致力於支持我們社區的農民、團隊成員和客人，因為食物不僅僅是盤子裡的食物。這與背後的人有關。

From day one, our mission has been about more than just serving food. It's about creating a better future by putting health, quality, and communities at the center of our food system. We believe fast food should mean convenient access to real, high-quality food that's both nourishing and sustainable.

從第一天起，我們的使命就不僅僅是提供食物。它是透過將健康、品質和社區置於我們的食品系統的中心來創造更美好的未來。我們相信快餐應該意味著可以方便地獲得真正的、高品質的、既有營養又可持續的食物。

That's why we remain committed to sourcing from farmers we know and trust, supporting their transition to organic and regenerative practices, and ensuring the integrity of the land and food we serve. Most importantly, we do all of this because it makes our food taste better.

這就是為什麼我們始終致力於從我們熟悉和信任的農民那裡採購，支持他們向有機和再生實踐的轉變，並確保我們所服務的土地和食物的完整性。最重要的是，我們這樣做是因為它能讓我們的食物味道更好。

As we look forward, we believe that our culinary pipeline, loyalty launch, and strategic investments in media and marketing will help us drive sales. Our focus is clear, strengthen the brand, drive guest engagement, expand our footprint strategically, and operate with excellence.

展望未來，我們相信我們的烹飪系列、忠誠度推出以及媒體和行銷方面的策略投資將幫助我們推動銷售。我們的重點很明確，強化品牌、推動賓客參與、策略性地擴大我們的足跡、並追求卓越營運。

We believe that by staying true to our mission and executing with discipline, Sweetgreen will continue to redefine fast food for years to come.

我們相信，透過堅守我們的使命並嚴格執行，Sweetgreen 將在未來幾年繼續重新定義快餐。

I'd like to thank our team for their hard work and dedication in 2024. Now, I'll turn the call over to Mitch, who will take you through our financials in more detail.

我要感謝我們團隊在 2024 年的辛勤工作和奉獻精神。現在，我將把電話轉給 Mitch，他將向您更詳細地介紹我們的財務狀況。

Thank you, Jonathan. And good afternoon, everyone. Total revenue for the quarter was $160.9 million, up from $153 million in the fourth quarter of 2023. Same source sales for the fourth quarter grew 4% against the prior year period. This consisted of a 4% benefit from menu price increases and flat traffic and mix.

謝謝你，喬納森。大家下午好。本季總營收為 1.609 億美元，高於 2023 年第四季的 1.53 億美元。第四季同源銷售額較去年同期成長 4%。其中包括菜單價格上漲帶來的 4% 收益以及客流量和產品組合持平。

Our fourth quarter results lapped the highly successful protein plates launch in Q4 of 2023. For the fiscal year 2024, same-store sales grew 6%. This consisted of a 4% benefit from menu price increases and 2% traffic and mix.

我們的第四季業績與 2023 年第四季推出的蛋白質盤子大獲成功。2024財年同店銷售額成長6%。其中包括菜單價格上漲帶來的 4% 收益和客流量及產品組合帶來的 2% 收益。

Our average unit volume in the fourth quarter was $2.9 million. During the quarter, we opened 10 restaurants, almost half of which opened during the holiday season. We ended the year with a total of 246 restaurants.

我們第四季的平均單位交易量為 290 萬美元。本季度，我們開設了 10 家餐廳，其中近一半是在假期季節開設的。截至今年底，我們的餐廳總數已達 246 家。

Additionally, in the fourth quarter, we retrofitted two high-volume restaurants with the Infinite Kitchen, Willis Tower in Chicago and Wall Street in New York City. At the end of 2024, we operated 12 Infinite Kitchens.

此外，在第四季度，我們為兩家高客流量餐廳——芝加哥的威利斯大廈和紐約的華爾街——改造了無限廚房。截至 2024 年底，我們經營 12 家 Infinite Kitchens。

Restaurant-level profit margin for the quarter was 17.4% compared to 16.2% a year ago, and more than 100 basis point improvement. This marks our 8th consecutive quarter of year-over-year, restaurant-level margin expansion.

本季餐廳利潤率為 17.4%，而去年同期為 16.2%，提高了 100 多個基點。這是我們餐廳利潤率連續第八個季度年增。

For the fiscal year, restaurant level profit margin was 19.6%, expanding over 200 basis points year over year. Restaurant level profit for the fourth quarter was $28 million, up 13% year over year. For a reconciliation of restaurant level profit and restaurant level margin, comparable GAAP figures, please refer to the earnings release.

本財年，餐廳層級的利潤率為19.6%，年增超過200個基點。第四季餐廳利潤為 2800 萬美元，年增 13%。有關餐廳級別利潤和餐廳級別利潤率的對帳、可比較 GAAP 數據，請參閱收益報告。

Food, beverage, and packaging costs for 27% of revenue for the quarter, a 100-basis-point improvement from the prior year period. Labor and related expenses were 29% of revenue for the fourth quarter, favorable with the prior year period.

食品、飲料和包裝成本佔本季收入的 27%，比去年同期提高了 100 個基點。第四季勞動力及相關費用佔收入的29%，與去年同期相比有所改善。

Occupancy and related expenses were 9% of revenue, remaining relatively consistent versus the prior year period. Operating support center costs in the fourth quarter were relatively flat to the prior year period on a dollar basis.

入住及相關費用佔營收的 9%，與去年同期相比保持相對穩定。第四季營運支援中心成本以美元計算與去年同期基本持平。

As a percentage of revenue year over year, operating support center costs for the fourth quarter went down slightly to 16.3% from 16.7%. Net loss for the quarter was $29 million as compared to a loss of $27.4 million in the prior year period.

與去年同期相比，第四季營運支援中心成本佔收入的百分比從 16.7% 略微下降至 16.3%。本季淨虧損為 2,900 萬美元，而去年同期的淨虧損為 2,740 萬美元。

This change was mainly due to a $1.7 million increase in impairment associated with one restaurant and a $1.2 million rise in pre-opening costs with 10 new restaurant openings this year, compared to just one last year.

這項變化主要是因為一家餐廳的減損損失增加了 170 萬美元，以及今年新開 10 家餐廳導致開業前成本增加了 120 萬美元，而去年只有一家。

Adjusted EBITDA, which excludes stock-based compensation and certain other adjustments, was a loss of $600,000 for the fourth quarter, a $1.2 million improvement from the fourth quarter of 2023. 2024 marked our first full year of adjusted EBITDA profitability.

調整後的 EBITDA（不包括股票薪酬和某些其他調整）在第四季度虧損 60 萬美元，比 2023 年第四季改善了 120 萬美元。 2024 年是我們調整後的 EBITDA 實現盈利的第一個全年。

For the fiscal year, we delivered an adjusted EBITDA of $18.7 million versus a $2.8 million loss in 2023. This is a $21.5 million dollar improvement. As a reminder, the 2023 loss of $2.8 million includes a one-time employee retention credit of $6.9 million. Adjusting for this retention credit, adjusted EBITDA grew by $28.4 million.

本財年，我們的調整後 EBITDA 為 1,870 萬美元，而 2023 年的虧損為 280 萬美元。這是一項價值 2150 萬美元的改進。提醒一下，2023 年的 280 萬美元損失包括 690 萬美元的一次性員工保留抵免。調整這筆保留抵免後，調整後的 EBITDA 成長了 2,840 萬美元。

At the end of the year, we had an available cash balance of $215 million. We generated a positive operating cash flow of $43.4 million, an increase of $16.9 million year over year.

截至年底，我們的可用現金餘額為 2.15 億美元。我們產生了 4,340 萬美元的正經營現金流，年增 1,690 萬美元。

Now, turning to our 2025 outlook. While the year started with many external challenges including holiday shifts, extreme weather, and the impact of wildfires in Los Angeles, we remain confident in the fundamental strength of our business.

現在，我們來談談 2025 年的展望。儘管今年年初面臨許多外部挑戰，包括假期輪班、極端天氣以及洛杉磯野火的影響，但我們仍然對業務的基本實力充滿信心。

Our full-year guidance reflects a first quarter, shaped by these disruptions. Extreme weather in January and February affected guest traffic across approximately 60% of our fleet. The LA wildfires, while not causing physical damage to our locations, significantly disrupted operations.

我們的全年預期反映了第一季受到這些幹擾的影響。一月和二月的極端天氣影響了我們約 60% 的機隊的客運量。洛杉磯山火雖然沒有對我們的工廠造成物理損壞，但卻嚴重擾亂了我們的營運。

Given that the Los Angeles market represents nearly 15% of our revenue, the temporary closures and ongoing shifts in customer behavior have created a near-term headwind. To put this in perspective, LA delivered high single-digit comps in 2024, while quarter to date in 2025, we have seen a decline to negative double-digit comps.

鑑於洛杉磯市場占我們收入的近 15%，暫時關閉和客戶行為的持續轉變在短期內造成了不利影響。從這個角度來看，洛杉磯在 2024 年實現了高個位數的同店銷售額，而 2025 年第一季迄今為止，我們已看到銷售額下降至負兩位數。

Additionally, we've made the strategic decision to shift the nationwide launch of ripple fries and its associated marketing from late winter to early spring. We believe this decision will help maximize the impact of this menu innovation and effectiveness of the associated marketing.

此外，我們也做出了策略決策，將全國推出波紋薯條及其相關行銷的時間從冬末推遲到早春。我們相信這項決定將有助於最大限度地發揮菜單創新的影響力和相關行銷的有效性。

For the fiscal year 2025, we anticipate the following, at least 40 net new restaurant openings, revenue ranging from $760 million to $780 million, same store sales growth between 1% and 3%, restaurant level margins between 19.8% and 20.5%. Adjusted EBITDA between $32 million and $38 million.

對於 2025 財年，我們預計至少有 40 家新餐廳開業，收入在 7.6 億美元至 7.8 億美元之間，同店銷售額增長率在 1% 至 3% 之間，餐廳級利潤率在 19.8% 至 20.5% 之間。調整後的 EBITDA 在 3,200 萬美元至 3,800 萬美元之間。

On the development front, 20 of our 40 restaurants will feature the Infinite Kitchen. In terms of pipeline timing, 30 of our 40 planned new restaurants will open in the second half of the year.

在開發方面，我們 40 家餐廳中的 20 家將配備無限廚房。就開業時間表而言，我們計劃開設 40 家新餐廳，其中 30 家將於今年下半年開業。

For the first quarter, we anticipate five net new restaurant openings, revenue ranging from $163 million to $166 million. Same store sales declined between 5% and 3%. Restaurant level margin between 16.4% and 16.8%. Adjusted EBITDA lost between $3 million to $1 million.

我們預計第一季將新開 5 家餐廳，營收在 1.63 億美元至 1.66 億美元之間。同店銷售額下降了5%至3%。餐廳層面的利潤率在16.4%至16.8%之間。調整後的 EBITDA 損失在 300 萬至 100 萬美元之間。

Despite the near-term challenges, we are confident in our ability to execute against our long-term strategy while continuing to leverage our G&A. Our focus on loyalty, menu innovation, and strategic investments, and paid media, position us to drive improved comps as the year progresses.

儘管面臨短期挑戰，我們有信心能夠執行長期策略，同時繼續利用我們的一般及行政開支。我們專注於忠誠度、菜單創新、策略性投資和付費媒體，這使我們能夠在未來推動績效的改善。

We have built a strong business, a differentiated brand, and a flexible omnichannel platform that allows us to adapt and drive sustainable growth. 2024 was a strong year for Sweetgreen. And our success would not have been possible without the dedication of our team members.

我們已經建立了強大的業務、差異化的品牌和靈活的全通路平台，使我們能夠適應並推動永續成長。 2024 年對 Sweetgreen 來說是強勁的一年。如果沒有團隊成員的奉獻，我們的成功就不可能實現。

And now, I'll turn the call back to the operator to start Q&A.

現在，我將把電話轉回給接線生，開始問答環節。

(Operator Instructions)

（操作員指示）

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Hey, great. Thanks for the update and happy to hear that in LA things are okay for your stores and your team. Just maybe pivoting to the marketing message. It sounds like you're changing some things quite a bit in 2025.

嘿，太棒了。感謝您的更新，很高興聽到洛杉磯的商店和團隊一切安好。也許只是轉向行銷訊息。聽起來你在 2025 年會改變很多事情。

Can you speak specifically to what you're doing from a media-and-marketing perspective. And how from a dollar basis that's going to end up impacting your P&L?

您能否從媒體和行銷的角度具體談談您正在做的事情？從美元基礎來看，這最終會如何影響您的損益？

Hey, John. Good to hear from you. So a lot of changes in marketing. I think one of the biggest lessons from 2024 was the importance of newness and creating that drumbeat, specifically around new menu launches.

嘿，約翰。很高興收到你的來信。因此行銷方面發生了很多變化。我認為 2024 年最大的教訓之一就是創新的重要性以及創造這種節奏，特別是在推出新菜單時。

As many of you know, we used to have a seasonal menu with five menu changes a year. Last year, we made the decision to go to two launches with steak and harvest and really use the rest of the time to stabilize a lot of the rest of the operation.

你們很多人都知道，我們以前有一個季節性菜單，每年更換五次菜單。去年，我們決定推出兩次牛排和收穫業務，並真正利用剩餘的時間來穩定其餘的大部分業務。

What we realize is that our frequent users really do love that newness and that seasonal menu. And so this year, we will be bringing back not, only the seasonal menu but a number of other big launches. So chef collaborations, we have fries that we talked about coming as well as a loyalty program that will underpin a lot of this.

我們意識到，我們的常客確實喜歡這種新鮮感和季節性菜單。因此，今年我們不僅會重新推出季節性菜單，還會推出許多其他大型新品。因此，我們與廚師合作，推出了即將推出的薯條，以及為這些項目提供支撐的忠誠度計劃。

With that, from a capital perspective, while we've been able to hold G&A relatively flat year over year, we are shifting more dollars towards marketing. So each launch will get more support. And you'll see a full funnel approach around that.

從資本角度來看，雖然我們能夠保持 G&A 費用逐年相對平穩，但我們正在將更多資金轉向行銷。因此每次發布都會獲得更多的支援。您將會看到一個圍繞該問題的完整漏斗方法。

You know, from top of funnel at home to a lot of social, and we've also made more investments in social media and own content which we think can be a big lever for us. So expect to hear a lot more from Sweetgreen, a lot more newness and a lot more new products which we think our customers will really love.

你知道，從家裡的漏斗頂部到很多社交，我們也在社交媒體和自己的內容上進行了更多的投資，我們認為這對我們來說是一個很大的槓桿。因此，我們期待聽到更多來自 Sweetgreen 的消息，更多新鮮事物和更多我們認為客戶會真正喜歡的新產品。

John, it's Mitch. I just want to have one quick build on John's comment. Most of the increase in marketing support will begin in Q2 and run through the balance of the year. We were actually pretty light in Q1.

約翰，我是米奇。我只是想快速地對約翰的評論做一個補充。大部分行銷支援的成長將從第二季開始，並持續到今年年底。我們在第一季實際上表現相當輕鬆。

Got it. Thank you.

知道了。謝謝。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Great, thanks. Mitch, I was wondering if you could provide a little bit more textures around how 2025 is going to unfold. It sounds like the devastation in LA, creating about a 300 base points overall headwind to start the year.

太好了，謝謝。米奇，我想知道您是否可以提供更多關於 2025 年將如何展開的資訊。這聽起來就像洛杉磯遭受的災難，在年初造成了大約 300 個基點的整體逆風。

Within that 3% to 5%, I'd love to better understand what you're seeing from weather that's been impacting 6% of stores. And then, if I'm understanding it right, it sounds like you're expecting sales to build throughout the remainder of the year, just confirming that's the case.

在這 3% 到 5% 之間，我很想更了解您所看到的對 6% 的商店造成影響的天氣情況。然後，如果我理解正確的話，聽起來您預計今年剩餘時間內銷售額會成長，這只是證實了這一點。

And John, just one question for you, within the guidance, are you embedding a handheld later in the year? I know it's been talked about on past calls, but it was still in the recipe phase?

約翰，我只想問你一個問題，在指導範圍內，你會在今年稍後嵌入手持設備嗎？我知道在過去的電話中已經討論過這個問題，但它仍處於配方階段？

I'll take the handheld. So one of the things, another change around our menu innovation is we've decided to really innovate a lot more, which means testing a lot more through our [Stayvier] process. So handhelds are not built into the guide for the year.

我要拿掌上電腦。因此，我們菜單創新的另一個變化是，我們決定進行更多創新，這意味著透過我們的 [Stayvier] 流程進行更多測試。因此，年度指南中並未包含手持設備。

It is something that we will test this year, depending on the success and how we can operationalize it. We may see that coming in, but right now it is not built in at all and again, look forward to the test and learning more. Early tests with consumers have been very positive. We know it's a big opportunity for us. But again, that is not built into the guide for the year.

我們今年將對其進行測試，具體結果取決於其成功與否以及我們如何將其付諸實施。我們可能會看到它的出現，但現在它根本沒有內置，再次期待測試和學習更多。早期對消費者的測試結果非常正面。我們知道這對我們來說是一個巨大的機會。但同樣，這並沒有被納入年度指南中。

Hi, Andrew. It's Mitch. Thank you for the question. Let me begin by saying that, I think in retrospect we were a little bit fortunate with our timing.

你好，安德魯。是米奇。謝謝你的提問。首先我要說的是，回想起來，我覺得我們的時機還是有點幸運的。

But in the first quarter, certainly in Jan, Feb, company had very little to no new menu news and very little marketing support. We had pushed our calendar, really starting in March to the back 10 months of the year.

但在第一季度，當然是一月、二月，公司幾乎沒有新的菜單消息，而且行銷支援也很少。我們把日曆延後了，其實是從三月開始，一直到今年後十個月。

In retrospect, I think that turned out to be a little fortuitous. In the first two months of the year, as everyone's articulated, we had a number of external factors that were honestly just much more severe than anything we've ever seen.

現在回想起來，我認為這是有點幸運的。正如大家所表達的，今年前兩個月，我們遇到了一些外在因素，說實話，這些因素比我們所見過的任何因素都要嚴重得多。

Started off with the holiday week shifting, the first week of the year, moved on to the LA fires, which I'll comment on in a minute. And then the weather factors throughout February.

從假期週的轉變開始，也就是一年的第一周，然後是洛杉磯火災，我稍後會對此發表評論。然後是整個二月的天氣因素。

What we saw with the LA fires, I commented in the script that was approximately 15% of our business. And we went from really comping high-single digits in 2024 to being negative double digits in the first month of January of 2025.

正如我們在劇本中提到的，洛杉磯大火大約占我們業務的 15%。我們從 2024 年真正達到高個位數成長到 2025 年 1 月第一個月的負兩位數。

When we look at the pace of where we're at, through February, the business has comped negative 6%. And we believe 700 basis points of that is attributable to these three factors.

當我們回顧目前的進展速度時，截至二月份，業務量已下降 6%。我們認為其中 700 個基點可歸因於這三個因素。

So without any menu innovation or marketing, the business would have been positive around 1% through February. The business has improved considerably in February from January. And we see it sequentially building throughout the year. And throughout -- round out with your last comment, we do see Q2, 3, and 4, continuing to strengthen as we get further away from these events.

因此，即使沒有任何菜單創新或行銷，到 2 月份，業務量仍將成長 1% 左右。二月份的業務較一月份明顯改善。我們看到這一趨勢在全年持續增強。並且自始至終——根據您最後的評論，我們確實看到，隨著我們離這些事件越來越遠，第二季、第三季和第四季將繼續走強。

That's very helpful. Thanks for the color.

這非常有幫助。謝謝你的顏色。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Great. Good afternoon, guys. I wanted to ask about throughput. I guess both throughput within the traditional stores, that opportunity, if there's any way, maybe I know it's early days, but any way to kind of contextualize the potential impact there.

偉大的。大家下午好。我想問一下吞吐量。我想，無論是傳統商店內的吞吐量，還是那個機會，如果有任何方法的話，也許我知道現在還為時過早，但任何方法都可以將其潛在的影響具體化。

And then I guess somewhat related, maybe just on the IK side, as we think about the AUV potential there. I know you guys have spoken to the kiosk benefit and the lift there. Is it still too soon or is there anything to start to touch on as it relates to what throughput within IK could mean? And you know, what those AUVs might mean relative to a standard restaurant? Thank you.

然後我想這有點相關，也許只是在 IK 方面，因為我們考慮那裡的 AUV 潛力。我知道你們已經談過那裡的自助服務終端福利和電梯。現在是否還為時過早，或者有什麼事情需要開始觸及，因為它與 IK 內的吞吐量可能意味著什麼有關？您知道這些 AUV 對於標準餐廳意味著什麼嗎？謝謝。

Sure. So -- and, hey Dennis. So on throughput, as you mentioned, we kind of look at it in two different ways. One is on the classic stores and then separately on the Infinite Kitchen restaurants. On the classic side, there's two things that we are working on to drive throughput.

當然。所以——嘿，丹尼斯。因此，關於吞吐量，正如您所提到的，我們從兩個不同的角度來看待它。一個是關於經典商店，另一個是關於無限廚房餐廳。從經典方面來看，我們正在做兩件事來提高吞吐量。

One is we've been changing a lot of our labor deployment, getting more labor at peak and moving around, getting prep done earlier. So you have all hands-on deck at peak. And we've seen some success in our test stores doing that.

一是我們已經改變了很多勞動力部署，在高峰期投入更多的勞動力並四處流動，提前做好準備工作。因此，在巔峰時期，你必須全力以赴。我們在測試商店中已經取得了一些成功。

We've also been testing some planted positions which we've seen some considerable benefits. It's what most of fast casual does. And it's something that we will do in many of our high-volume stores.

我們也對一些已植入的部位進行了測試，並看到了一些顯著的好處。大多數快餐休閒店都是這麼做的。我們會在許多高銷量商店中實施這項措施。

The other thing that we're testing is something that we call Project Turbo. And the idea of Project Turbo is being able to leverage both, the digital and front line at different points in the day.

我們正在測試的另一個東西是 Project Turbo。Project Turbo 的理念是能夠在一天中的不同時間點同時利用數位技術和前線技術。

So take the morning period where you have high demand on the digital make line but not a lot of demand on the front line, being able to leverage the front line to create to make digital orders. Then moving into the lunch period, being able to leverage the digital line-to-line bus, the front-line orders via handheld.

因此，以早上這個時段為例，此時數位生產線的需求很高，而第一線的需求不多，因此可以利用第一線來建立數位訂單。然後進入午餐時間，能夠利用數位線對線總線，透過手持設備進行前線訂單。

And then, as you go later in the day being able to leverage the front line again and find some labor efficiency as the digital orders drop off. So effectively being able to take advantage of the double engines in all of our restaurants and efficiently route the orders to where it makes sense.

然後，隨著當天晚些時候數位訂單的減少，您可以再次利用前線並發現一些勞動效率。因此，我們能夠有效地利用所有餐廳的雙引擎，並有效率地將訂單發送到合理的位置。

So it should allow us to capture more peak demand and do it in a more labor efficient way. As it relates to the Infinite Kitchen stores, we've talked about it before that the IK can do about 500 orders per hour. So you know the throughput potential is amazing.

因此，它應該使我們能夠滿足更多的尖峰需求，並以更有效率的方式實現。至於 Infinite Kitchen 商店，我們之前討論過，IK 每小時可以處理大約 500 個訂單。所以你知道吞吐量潛力是驚人的。

We've done a lot of work on the finishing station, which is every bowl has to be finished. And that's really where sometimes the bottlenecks arrive. We've actually redone our finishing stations, really kind of thinking about the ergonomics of those and how do we make it so we're more accurate and faster on those.

我們在精加工站做了很多工作，每個碗都必須完成。而這正是瓶頸有時出現的地方。我們實際上已經重新設計了我們的整理站，認真考慮了它們的人體工學以及我們如何使其更準確、更快速。

And we've seen some really great results. So the throughput on the IK should be a huge benefit for us as we get -- we put it in some locations with higher volumes and in many of the locations that we already have live with the IK, we're seeing that.

我們已經看到了一些非常好的成果。因此，IK 的吞吐量應該會為我們帶來巨大的好處——我們把它放在一些吞吐量較大的位置，而且在我們已經使用 IK 的許多位置，我們都看到了這一點。

If you go to some of those restaurants, you go to Willis Tower today, you go to Penn Plaza, you'll see it, the ability for us to capture and get through a peak line quickly is pretty amazing. I mean, in those IK stores, even when you have a tons and tons of demand, you're getting orders in [sub] five minutes. And so, really excited about the potential that we offer as we continue to scale.

如果你去其中一些餐館，你今天去威利斯大廈，你去賓夕法尼亞廣場，你會看到，我們能夠快速捕捉和通過高峰線的能力是相當驚人的。我的意思是，在那些 IK 商店，即使你有大量的需求，你也可以在五分鐘內收到訂單。因此，我們對我們不斷擴大規模所提供的潛力感到非常興奮。

Good stuff. Thanks, Jonathan.

好東西。謝謝，喬納森。

Thank you.

謝謝。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Thanks for taking the question. I wanted to kind of double back to the 1% underlying comp trend through February. Was the delta between the 4% and the 1% that you've seen so far, this year, is that all traffic that you've lost? Or did you roll off some price as well as we entered 2025? I think you may have less price.

感謝您回答這個問題。我希望將 2 月的潛在複合趨勢翻一番，回到 1%。今年到目前為止，您所看到的 4% 和 1% 之間的差額是否就是您損失的全部流量？或者當我們進入 2025 年時，你們是否也降低了一些價格？我認為你們的價格可能會更低一些。

Thanks, Sharon. We did roll off one point in price. And we'll continue to see some gradual roll off throughout the year.

謝謝，莎倫。我們確實降低了一個點的價格。我們將在全年繼續看到這一趨勢逐漸下降。

Okay. And then if I think about the bridge from that 1% underlying to kind of the implied 3% to 5% for the rest of the year, can you help us think about that bridge in terms of kind of marketing and loyalty and ripple fries and you know how that kind of builds and the -- what you expect for the benefit for those initiatives?

好的。然後，如果我考慮從 1% 的潛在增長率到今年剩餘時間內隱含的 3% 到 5% 的增長率，您能否幫助我們從營銷、忠誠度和漣漪薯條的角度來思考這個增長率，您知道這種增長率是如何構建的，以及您對這些舉措的收益有何預期？

Well, let me say at a high level, when we look out on the balance of the year, we have ripple fries launching in March, loyalty launching in April. We are doing a major chef collaboration with the Michelin-star chef in month of May.

好吧，讓我從更高的層面來說，當我們回顧今年的平衡時，我們會在三月推出 Ripple Fries 薯條，並在四月份推出忠誠度計劃。我們將在五月與米其林星級廚師進行重大廚師合作。

And then, we are returning our summer seasonals which we dropped last year in 2024. And these were consistently some of our biggest selling items. And then we will have seasonals for fall and winter. We believe as we return these items that we know our customers have asked for -- that the transactional side of the business will grow and lift the cost sequentially throughout the year.

然後，我們將於 2024 年恢復去年取消的夏季季節性活動。這些一直是我們最暢銷的商品之一。然後我們將推出秋季和冬季的季節性產品。我們相信，當我們退回這些我們知道客戶要求的物品時，業務的交易方面將會成長，並且全年的成本將會逐步提高。

Rahul Krotthapalli, JP Morgan.

拉胡爾·克羅塔帕利，摩根大通。

Good afternoon, guys. As you make changes in your marketing strategy, how are you planning to approach the brand positioning, specifically from a value standpoint and communicating this attribute more effectively as this increasingly seems to be a key driver for organic traffic growth? And I have a follow up.

大家下午好。當您改變行銷策略時，您計劃如何進行品牌定位，特別是從價值的角度，以及如何更有效地傳達這一屬性，因為這似乎越來越成為有機流量成長的關鍵驅動力？我還有一個後續行動。

Hey Rahul, good to hear from you. So a couple of things on that. One, we feel very good about our price value, given what we do from a sourcing perspective and a made from scratch. We feel that we are offering terrific value.

嘿，拉胡爾，很高興收到你的來信。關於這一點，有幾件事需要說明。首先，考慮到我們從採購角度所做的工作以及從零開始製造，我們對我們的價格價值感到非常滿意。我們覺得我們提供的服務非常有價值。

But we do see some opportunities to continue to improve there. One is going to be our loyalty program. The other is going to be how we start to introduce more menu items in kind of lower mid tiers, and that's oftentimes where the seasonal menu played.

但我們確實看到了一些繼續改進的機會。一個是我們的忠誠度計劃。另一個是我們開始在中低檔次的菜餚中引入更多的菜單項，而這通常是季節性菜單的體現。

So you'll see us with the seasonal menu, start to bring in some items, kind of in more mid-tier price ranges, which we think will again offer some value to our customers. The other thing that was important about the seasonals was -- it was a huge part of the story and brand positioning.

因此，您會看到我們推出季節性菜單，開始引入一些中等價位的菜餚，我們認為這將再次為我們的客戶提供一些價值。關於季節性的另一個重要的事情是——它是故事和品牌定位的重要組成部分。

The fact that you know you're supposed to kind of eat food with the seasons, that's a huge part of the -- what the Sweetgreen brand stands for. Again, in terms of the resonance and a reason to talk to consumers and a positioning of who we are and what makes us special, we believe that that will be -- that that's something that our consumers will really value and will resonate.

事實上，你知道你應該吃當季的食物，這是 Sweetgreen 品牌所代表的很大一部分。再次，就共鳴和與消費者交談的理由以及我們是誰以及我們有何特別之處的定位而言，我們相信那將是——那是我們的消費者真正重視並會引起共鳴的東西。

So I think the combination of these new menu items, thinking about price and how we can continue to deliver on price, combined with loyalty, will continue to make us competitive in this space.

因此，我認為，這些新菜單項目的組合、價格考慮以及我們如何繼續提供價格優惠，再加上忠誠度，將使我們在這個領域繼續保持競爭力。

And the follow up is on the ripple fries test you have had. What were some of the learnings? And did you -- what kind of attach rate did you see on the incidences from the customers? And also, did you test the loyalty app in the stores? Just curious to hear your thoughts here.

接下來是您所進行的波浪薯條測試。有哪些經驗教訓？您從客戶的發生率看到了什麼樣的附加率？另外，您是否在商店測試過忠誠度應用程式？只是想好奇地聽聽你的想法。

So we're not commenting on the attachment, but what I can say is it's the highest attached side that we've ever had and tested and totally incremental. The feedback has been pretty amazing from consumers. It's craveable. It's a permissible indulgence where you can have your salad and get the fries on the side.

因此，我們不對附件進行評論，但我可以說，這是我們曾經測試過的最高附加側面，並且完全是增量的。消費者的回饋相當令人驚訝。這是令人渴望的。這是一種可以接受的放縱，你可以吃沙拉，也可以吃薯條。

And not only are the fries amazing and done only with five ingredients, no seed oils, cooked in olive oil and baked and air fried. But we're also -- the price will be pretty attractive for those. So we feel good about the price value of those.

這些炸薯條不僅味道鮮美，而且只用五種原料製成，不含種子油，用橄欖油烹製，然後烘烤和油炸。但我們也——這些產品的價格也相當有吸引力。所以我們對於它們的價格感到滿意。

I think some of the learnings around it. And I talked about this a little bit in my prepared remarks, was around the optimizations we're making around our culinary pro and our -- and how we more consistently cook food and hold it for less times.

我認為這是圍繞它的一些學習內容。我在準備好的發言中稍微談到了這一點，涉及我們針對烹飪專業所做的優化——以及我們如何更一致地烹飪食物並減少保溫時間。

And I think that was one of the big lessons with ripple fries. One of those products that we have to cook continuously throughout the day for them to be fresh. And what that has done is made the whole operation stronger because it's forced us to strengthen that muscle, really elevate that culinary proposition, certify them, and make sure that cook and hold times are optimized.

我認為這是波浪薯條帶給我們的一大教訓。我們必須整天不斷烹飪這些產品以保持其新鮮。這樣做的目的是使整個操作變得更加強大，因為它迫使我們增強實力，真正提升烹飪主張，對其進行認證，並確保烹飪和保溫時間得到最佳化。

So we've seen some pretty -- we've seen a lot of delight from our customers as we continue to improve the quality of our food through the hot [prep].

因此，我們看到了一些非常漂亮的——我們看到了顧客的喜悅，因為我們繼續透過熱[準備]。

Thank you.

謝謝。

Katherine Griffin, Bank of America.

凱瑟琳·格里芬，美國銀行。

Hi, thank you. Mitch, I was hoping you could walk through your expectations around the different components of restaurant-level margin, maybe how sustainable is 27%, food costs?

你好，謝謝。米奇，我希望您能談談對餐廳利潤各個組成部分的預期，例如 27% 的食品成本是否可持續？

And how -- you know how much more benefit can you get from some of the labor productivity and operational improvements that Jon was speaking to earlier, just trying to get a sense for yeah, the components? And I guess even the -- how you expect like sequential, margin progression to play out?

而且—您知道您可以從喬恩之前談到的一些勞動生產力和營運改善中獲得更多利益嗎？只是想了解這些組成部分？我想您甚至預計連續的利潤成長會如何進行？

Thanks, Katherine. Let me say that our restaurant level margins have increased. Annually, really since the company went public at a pretty fast pace. And we feel pretty confident in maintaining increasing margins on an annual basis, going forward. And that is absent the Infinite Kitchen which has just been accelerated to that.

謝謝，凱瑟琳。我想說的是，我們餐廳的利潤率已經增加了。自從公司上市以來，每年的成長速度確實相當快。我們對於未來維持逐年成長的利潤率充滿信心。而這正是剛剛加速的無限廚房所缺乏的。

When we look at what's going to drive the margins, we break it into three big buckets: labor, cost of goods, and occupancy. In labor, we see continued opportunities with improved scheduling and deployment of labor throughout the store, much of which we've seen in the past. And we have a lot of opportunity going forward.

當我們研究利潤率的驅動因素時，我們將其分為三大類：勞動力、商品成本和入住率。在勞動力方面，我們看到整個商店的勞動力調度和部署不斷改善，其中大部分是我們在過去已經看到的。我們未來還有很多機會。

We've seen our labor situation improve to really the best, it's been in the several years with the lowest turnover and lowest absentee rate, all which contributes to higher productivity in the store. Our cost of goods always improves as we obtain scale in markets.

我們已經看到我們的勞動力狀況得到了真正的改善，這是連續幾年員工流動率和缺勤率最低的幾年，所有這些都有助於提高商店的生產力。隨著我們市場規模的擴大，我們的商品成本也不斷改善。

And as our markets are developing and growing and we're especially happy with the new market performance in the business right now, we see great opportunities to more leverage in our cost of goods and distribution.

隨著我們市場的發展和成長，我們對目前業務的新市場表現感到特別滿意，我們看到了在商品和分銷成本方面獲得更多槓桿的巨大機會。

And finally, our occupancy expense, which frankly has run a little bit high to the industry, is a function of the urban centricity of our footprint. As the company grows in areas outside of New York City, we see our occupancy continuing to come down over the next several years.

最後，我們的入住費用坦率地說對於行業來說有點高，這是由我們的足跡所在的城市中心性決定的。隨著公司在紐約市以外地區的發展，我們預計未來幾年我們的入住率將繼續下降。

So we feel pretty good about where we're at really at that 20% level and see the opportunity for the margin, absent the IK to continue to progress into the low 20s and then getting a big acceleration as the IK gets deployed across the fleet.

因此，我們對目前 20% 的水平感到非常滿意，並且看到了利潤率上升的機會，如果沒有 IK，利潤率將繼續上升到 20% 以下，然後隨著 IK 在整個機隊中的部署而獲得大幅加速。

Thank you.

謝謝。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭、派珀·桑德勒。

Thank you. Question on development, I think one of your goals is to get the cost to build down of the base store independent of whatever the additional Infinite Kitchen equipment might cost.

謝謝。關於開發的問題，我認為您的目標之一是讓基礎商店的建造成本與額外的無限廚房設備的成本無關。

So can you just talk about where you are in those efforts? What's a good way to think about cost to build for the class '25 and could that maybe even be lower in '26?

那麼，您能談談您在這些努力中所取得的進展嗎？有什麼好的方法可以考慮建造 25 級的成本，而 26 級的成本可能會更低嗎？

Yeah, great question. It's something we're hugely focused on. We, as you mentioned, we have about at least 40 stores planned this year. We've done a lot of work on our core build out costs, really getting the core prototype right and allowing us to buy more in bulk as well as optimizing a lot of other pieces of the build out.

是的，很好的問題。這是我們非常關注的事情。正如您所說，我們今年計劃開設至少 40 家門市。我們在核心建置成本方面做了大量工作，真正獲得了正確的核心原型，使我們能夠大量購買更多產品，同時優化了建造的許多其他部分。

Our goal is we're tracking from somewhere between [14] and [15] on the core build out. We do see opportunity to continue to bring that down and are hopeful that in 2026, we'll see even more improvements there. So overall, really good progress and shout out to our development team that's been working really hard to continue to drive this down.

我們的目標是在核心構建上從 [14] 到 [15] 之間的某個位置進行追蹤。我們確實看到了繼續降低這一水平的機會，並希望在 2026 年我們能看到更多的改善。總的來說，進展非常好，我們非常感謝我們的開發團隊一直在努力繼續推動這項進程。

Okay. Thank you. And then follow up, a lot of talk of menu innovation on this call, which is exciting. I'm wondering, do you need to kind of dual track any kind of menu simplification or STU reduction? Or if not that, maybe accelerate some of the upstreaming you've been doing on the food prep side, really just asking for your assessment if the restaurants are set up to handle all this innovation that's coming?

好的。謝謝。接下來，我們在這次電話會議上討論了很多關於菜單創新的問題，這令人興奮。我想知道，您是否需要雙軌來簡化選單或減少 STU？或者如果不是這樣，也許可以加速您在食品準備方面所做的一些上游工作，實際上只是要求您評估餐廳是否已準備好應對即將到來的所有創新？

Yeah. It's a great point. And the short answer is yes. We're always looking at how we can kind of simplify the restaurant and make room for some of the innovations.

是的。這是一個很好的觀點。簡短的回答是肯定的。我們一直在研究如何簡化餐廳並為一些創新騰出空間。

We have only so many hours and so much complexity we have in the box, so whether it be upstreaming initiatives, tools to make their jobs easier or looking at other recipes, to kind of simplify, we constantly look at how we can better simplify and optimize the menu. And as we continue to innovate, expect more simplification to come to allow us to streamline the operation.

我們只有這麼多的時間，而且我們要處理的事情又那麼複雜，所以無論是上游規劃、簡化工作的工具，還是查看其他食譜，為了簡化，我們不斷研究如何更好地簡化和優化菜單。隨著我們不斷創新，我們期望更多的簡化能讓我們精簡操作。

Thank you.

謝謝。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Thank you for the opportunity to ask the question. So now with 12 IKs live in different trade zones, I'm just wondering if there are any new learnings that you took away. So for instance, it seems like consumers now have the choice to decide, whether they want their food prepped by an employee or IK at the Willis Tower location.

感謝您給我這個提問的機會。現在有 12 個 IK 分佈在不同的貿易區，我只是想知道您是否獲得了任何新的經驗。舉例來說，現在消費者似乎可以選擇是否由員工或 Willis Tower 店的 IK 來準備食物。

So could you walk us through kind of the considerations in this decision and the impact on the margin, whether there's any differential versus your earlier IKs? And lastly, just also any plans for retrofits this year in your in your plans? Thank you.

那麼，您能否向我們介紹一下這項決定的考慮因素以及對利潤的影響，以及與您之前的 IK 相比是否存在差異？最後，今年還有什麼改造計畫嗎？謝謝。

Hi Christine. Thanks for the question on the IK. Let me begin by saying the company remains very pleased with the IK and the IK performance. The end of Q4 we had 12 up and running, and I should say 6 of those 12 opened in the fourth quarter.

你好，克里斯汀。感謝您提出有關 IK 的問題。首先我要說的是，公司對 IK 和 IK 的表現非常滿意。截至第四季末，我們已有 12 家門市投入運營，其中 6 家是在第四季開業的。

So we're particularly pleased at how we've been able to accelerate the pace of deployment. And you're correct, they're across a wide variety of geographies. They continue to show pretty consistently 7 points of labor savings and 1 point of cost of goods improvement.

因此，我們對能夠加快部署速度感到特別高興。您說得對，他們確實遍布世界各地。它們繼續相當一致地顯示出 7 個百分點的勞動節省和 1 個百分點的商品成本改善。

And we're very pleased with them. In terms of customer satisfaction, we just did a survey. And I believe we had a 90% customer favorable approval of the IK stores, and that's probably most important for us.

我們對他們非常滿意。在客戶滿意度方面，我們剛剛做了一項調查。我相信，90% 的顧客對 IK 商店都表示贊同，這對我們來說可能是最重要的。

We're seeing pretty decent comp growth in them. Our Penn Plaza, which is a retrofit that was completed in mid July, is comping around 15%, I would say, on its digital lines, which is really the critical line for IK.

我們看到他們的複合成長率相當可觀。我們的賓州廣場飯店於 7 月中旬進行了改造，我認為其數位線路的成長率約為 15%，這對 IK 來說確實是至關重要的線路。

And the other stores are really a little bit too new to really add much about how they're performing from a comp perspective, except to say that Willis Tower is just on pace to set all sorts of records for us. Very focused on where we deploy the IK in 2025, we have at least 20 new IKs in new stores, and that's around 50% of the 40 new stores we're going to open.

而其他商店確實太新了，從比較角度來說，它們的表現實在是太差了，只能說 Willis Tower 正按計劃為我們創下各種記錄。我們非常關注 2025 年 IK 的部署位置，新店中至少有 20 家新的 IK，這約占我們將要開設的 40 家新店的 50%。

I should say the vast majority of those will be in the back half of the year. We have at least one to three retros coming. And we plan on relocating two stores, both in New York. And they will contain the IK in their relocations. So altogether at least 25 new IKs being deployed in 2025.

我應該說其中絕大多數將在今年下半年實現。我們至少會有一到三次回顧。我們計劃搬遷兩家商店，均位於紐約。並且它們將在重定位中包含 IK。因此，2025 年將部署至少 25 個新的 IK。

(Operator Instructions)

（操作員指示）

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Yeah. Thanks. Good afternoon, guys. Mitch, I guess just to that point. Is there not a desire to do some retrofits faster? Or do you think that might be the case in '26, '27? And I assume that you know, kind of the margin number, you talked about kind of IK being an accelerant for margins. I assume the way you're talking about for this year includes all the IKs that are already operating and will be by the end of the year, right?

是的。謝謝。大家下午好。米奇，我想就到此為止。難道不想更快完成一些改造嗎？或者您認為 26、27 年的情況可能如此？我認為您知道利潤數字，您談到 IK 是利潤的加速器。我假設您談論的今年的情況包括所有已在運營並將在年底前運營的 IK，對嗎？

Hi Brian. Thanks for the question. Yeah, the guide on the margins certainly includes the IKs. I think you're right. There is a desire to do more renovations of stores and place the IK in them. That's particularly too in high-volume stores. I think you'll see that accelerate in 2026 and 2027.

你好，布萊恩。謝謝你的提問。是的，邊緣指南肯定包括 IK。我認為你是對的。人們希望對商店進行更多的翻新，並將 IK 放置在其中。在銷量大的商店尤其如此。我認為你會看到這一趨勢在 2026 年和 2027 年加速。

I think it's really a few things. One is the amount of -- just constraints on the IK team with how fast they can deploy IKs and getting them better balance throughout the year. As I said, they're really back end loaded in 2025.

我認為確實有幾件事。一是數量限制——對 IK 團隊部署 IK 的速度和全年如何讓 IK 保持更好的平衡構成了限制。正如我所說，他們在 2025 年確實已經準備好了。

And the second thing about the remodels is there is a disruption to the store for some period of time. And we're trying to balance that as we select exactly which stores to go into and how to do it in kind of slower time periods for the store. So we don't disrupt them in the height of their season and that's because we really want to prioritize high-volume stores for the remodeling.

改造帶來的第二點是，商店的營運會在一段時間內受到影響。我們正在嘗試平衡這一點，因為我們要精確選擇要進入的商店，以及如何在商店業務較慢的時間內進行銷售。因此，我們不會在旺季打擾他們，因為我們確實希望優先改造銷量大的商店。

Sounds good. Thanks

聽起來不錯。謝謝

There are no further questions at this time. This concludes today's call. Thank you all for joining. You may now disconnect.

目前沒有其他問題。今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。