Sweetgreen Inc (SG) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is [Kina]. I will be your conference operator today.

感謝您的支持。我的名字是[基那]。今天我將擔任您的會議主持人。

At this time, I would like to welcome everyone to the Sweetgreen Inc., first-quarter 2025 earnings call.

現在，我歡迎大家參加 Sweetgreen Inc. 2025 年第一季財報電話會議。

(Operator Instructions) Thank you.

（操作員指示）謝謝。

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. Good afternoon, everyone.

謝謝。大家下午好。

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.

今天的電話會議發言者將是聯合創始人兼首席執行官喬納森·內曼 (Jonathan Neman) 和首席財務官米奇·雷巴克 (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，我們的收益報告中「前瞻性聲明」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.

我們也請您參閱我們的收益報告，以獲取有關我們使用非 GAAP 財務指標的更多信息，包括電話會議中提到的非 GAAP 財務指標與相應的 GAAP 指標的對帳。

Our earnings release can be found on our investor website.

我們的收益報告可以在我們的投資者網站上找到。

Now, I'll turn the call over to Jonathan to kick things off.

現在，我將把電話交給喬納森來開始演講。

Thank you, Rebecca. Good afternoon, everyone.

謝謝你，麗貝卡。大家下午好。

Sweetgreen is redefining fast food, proving it possible to operate with financial discipline, without compromising on the quality of our menu or the seamless experience that defines our brand.

Sweetgreen 正在重新定義快餐，證明可以在不影響菜單品質或定義我們品牌的無縫體驗的情況下以財務紀律進行營運。

As we scale, we're building a more resilient business and leaning into what's working.

隨著規模的擴大，我們正在建立更具彈性的業務並傾向於有效的業務。

Our real estate playbook's reflected by the strength of new markets and recent restaurant openings. Our Infinite Kitchens and Sweetlane formats are unlocking operational efficiencies, while enhancing the guest experience.

我們的房地產策略體現在新市場和近期新開餐廳的實力。我們的 Infinite Kitchens 和 Sweetlane 模式正在提高營運效率，同時增強客人體驗。

We're also advancing menu innovation while refining our core, ensuring every ingredient is prepared, sauced, and seasoned to create meals that keep guests returning again and again.

我們也在不斷推進菜單創新，同時完善我們的核心，確保每種食材都經過精心準備、調味和調味，以創造出讓客人一次又一次回頭的美食。

Our-first quarter results reflect the progress we've made, despite the quarter being significantly impacted by several external headwinds. These include the holiday timing shift, the LA wildfires and their lingering impacts, as well as adverse weather impacts across several regions.

儘管第一季受到多種外部不利因素的嚴重影響，但我們的業績仍反映了我們所取得的進展。其中包括假期時間的變化、洛杉磯野火及其持續影響，以及多個地區的惡劣天氣影響。

For the first quarter, we reported sales of $166.3 million and a same-store sales decline of 3.1%. These results are toward the higher end of our guidance range.

第一季度，我們的銷售額為 1.663 億美元，同店銷售額下降 3.1%。這些結果接近我們指導範圍的高端。

By staying focused on what we can control, we delivered a restaurant-level profit margin of 17.9% and achieved slight adjusted EBITDA profitability, both above our provided outlook.

透過專注於我們能夠控制的事情，我們實現了 17.9% 的餐廳級利潤率，並實現了略微調整的 EBITDA 盈利能力，均高於我們設定的預期。

Looking ahead, the macro environment remains uncertain and volatile.

展望未來，宏觀環境仍不確定、動盪。

April sales trends were soft, which we believe is reflective of a broader consumer slowdown. This has been particularly true in our largest markets such as New York, Boston and Los Angeles. However, we're confident in our ability to deliver long-term value for our guests, our team members, and our shareholders.

四月份的銷售趨勢疲軟，我們認為這反映了整體消費放緩。在我們最大的市場，例如紐約、波士頓和洛杉磯，情況尤其如此。然而，我們有信心為我們的客人、團隊成員和股東創造長期價值。

I'm proud of the strides we've made. But true operational excellence requires relentless attention to detail, especially now. That's why our team is committed to optimizing every process -- no matter how small -- to drive continuous improvement.

我為我們所取得的進步感到自豪。但真正的卓越營運需要不斷關注細節，尤其是現在。這就是為什麼我們的團隊致力於優化每個流程——無論多小——以推動持續改進。

We continue to see significant opportunities to optimize operations, broaden our customer base, grow guest frequency, and expand our footprint.

我們持續看到優化營運、擴大客戶群、增加客人頻率和擴大業務範圍的重大機會。

With these focus areas in mind, our three strategic pillars for 2025 are: one, revolutionizing fast food through menu and technology innovation; two, strengthening guest connection and operational excellence; and, lastly, number 3, strategically expanding and evolving our footprint. These pillars are designed to increase traffic and expand restaurant level margin.

考慮到這些重點領域，我們 2025 年的三大策略支柱是：第一，透過菜單和技術創新徹底改變速食業；第二，加強客戶聯繫和卓越營運；最後，第三，策略性地擴大和發展我們的足跡。這些支柱旨在增加客流量並擴大餐廳水準的利潤。

Let me share what we delivered in the first quarter.

讓我分享一下我們在第一季所取得的成果。

We opened five new restaurants: Fishtown in Philadelphia; Westfield and Canton in the New York Metro area; Carytown in Richmond; and Hilldale in Milwaukee. As I shared on our last call, our 2024 class of new restaurants is tracking towards two-year metrics in year 1 and delivered a Q1 margin of 18.3%.

我們開設了五家新餐廳：費城的 Fishtown、紐約大都會區的 Westfield 和 Canton、里士滿的 Carytown 和密爾瓦基的 Hilldale。正如我在上次電話會議上所分享的，我們 2024 年新餐廳類別在第一年就實現了兩年指標，第一季利潤率為 18.3%。

Notably, 40% of this class is located in legacy markets and 60% in new markets, underscoring the broad-based strength of our performance. This reaffirms our confidence in the effectiveness of our real estate strategy and the significant long-term growth opportunity that lies ahead.

值得注意的是，該類別中有 40% 位於傳統市場，60% 位於新興市場，凸顯了我們業績的廣泛優勢。這再次堅定了我們對房地產策略有效性以及未來重大長期成長機會的信心。

We continue to be pleased with the financial and operational performance of our Infinite Kitchen format, which is delivering strong results across key metrics. These locations are showing meaningful margin leverage, compared to restaurants of similar age and volume, driven by improved efficiency and operational consistency.

我們繼續對無限廚房模式的財務和營運表現感到滿意，該模式在關鍵指標上都取得了強勁的成果。與同等營業年限和規模的餐廳相比，這些門市的利潤率優勢顯著，這得益於效率的提高和營運的一致性。

Additionally, our class of Infinite Kitchens continues to drive higher native digital sales, due to their high throughput and consistency, which leads to a better guest experience. We believe the Infinite Kitchen, together with our revamped loyalty program, can accelerate our industry-leading digital presence.

此外，由於我們的無限廚房類別具有高吞吐量和一致性，因此可以繼續推動更高的原生數位銷售，從而帶來更好的客戶體驗。我們相信，無限廚房與我們改進的忠誠度計劃相結合，可以加速我們行業領先的數位化影響力。

Not only do we see strong performance in our Infinite Kitchens, we are also seeing strong performance of our Sweetlane in Schaumburg, Illinois. In the first quarter, comparable sales grew more than 20% year over year.

我們不僅看到 Infinite Kitchens 表現強勁，而且看到伊利諾伊州紹姆堡的 Sweetlane 表現強勁。第一季度，可比銷售額年增超過20%。

Schaumburg's AUV and restaurant level margin is above the fleet average and with minimal incremental cost. Schaumburg is a clear proof point of the strong cash-on-cash return potential of the Sweetlane format.

沙姆堡的 AUV 和餐廳級別利潤率高於船隊平均水平，且增量成本極低。沙姆堡 (Schaumburg) 是 Sweetlane 模式強大的現金回報潛力的明顯證明。

This year's pipeline includes two new Sweetlane locations: one Classic and our first within Infinite Kitchen, with more planned for 2026.

今年的計劃包括兩家新的 Sweetlane 門市：一個是 Classic 門市，另一個是我們在 Infinite Kitchen 內的第一家店，計劃在 2026 年開設更多門市。

We are reiterating our 2025 new unit guidance and continue to have high conviction in our long-term development roadmap of 15% to 20% annual unit growth.

我們重申 2025 年新單位指導，並繼續對每年 15% 至 20% 的單位增長的長期發展路線圖充滿信心。

In 2025, we plan to enter three new markets: Sacramento, Phoenix, and Cincinnati; and open at least 40 new restaurants, including 20 with the Infinite Kitchen.

2025年，我們計劃進入三個新市場：薩克拉門托、鳳凰城和辛辛那提；並開設至少40家新餐廳，其中包括20家Infinite Kitchen餐廳。

Additionally, we're planning two relocations that will be upgraded with the Infinite Kitchen and expect to complete one to three Infinite Kitchen retrofits of existing restaurants.

此外，我們還計劃對兩家餐廳進行搬遷，並使用無限廚房進行升級，並預計對現有餐廳完成一到三家無限廚房的改造。

As we scale, innovation across every touch point, physical and digital becomes even more critical. In today's environment, staying top of mind requires a steady cadence of newness.

隨著我們規模的擴大，每個接觸點（實體和數位）的創新變得更加重要。在當今的環境下，要保持領先地位就需要不斷創新。

Our 2025 calendar is designed to do just that: increase visit frequency, attract new customers, and build deeper loyalty among our base.

我們的 2025 年日曆旨在實現這一目標：增加訪問頻率、吸引新客戶並在我們的客戶群中建立更深厚的忠誠度。

Let me take a moment to share one of the most exciting things we've rolled out, recently: Ripple Fries. After an initial test in our LA market, we launched Ripple Fries nationwide on March 4. \

請允許我花點時間來分享我們最近推出的最令人興奮的產品之一：Ripple Fries。在洛杉磯市場進行初步測試後，我們於 3 月 4 日在全國推出了 Ripple Fries。\

Ripple Fries are Sweetgreen's take on this classic item, fresh-cut daily in our restaurants, air fried in avocado oil, and served with a choice of our house-made pickle ketchup or garlic aioli. Made with just five simple ingredients, Ripple Fries are a category-defining side that's both craveable and aligned with our commitment to clean, elevated food.

Ripple Fries 是 Sweetgreen 對這款經典食品的詮釋，每天在我們的餐廳新鮮切制，用酪梨油炸，並搭配我們自製的泡菜番茄醬或蒜香蛋黃醬。漣漪薯條僅由五種簡單的原料製成，是一款定義類別的配菜，既令人垂涎，又符合我們對清潔、高檔食品的承諾。

Ripple Fries drove same-store sales improvement in March. They have become our most attached side item across channels, helping to lift overall ticket averages and broaden the meal experience. Notably, the strength has been consistent across all markets.

Ripple Fries 推動了 3 月同店銷售額的成長。它們已經成為我們各個管道中最受歡迎的附加產品，有助於提高整體票價並擴大用餐體驗。值得注意的是，所有市場都保持了一致的強勁勢頭。

Our innovation pipeline continues to be a key driver of traffic. For us, menu innovation goes beyond the food. It's about keeping the brand dynamic and culturally relevant.

我們的創新管道持續成為流量的主要驅動力。對我們來說，菜單創新不僅限於食物。這是為了保持品牌活力和文化相關性。

One of our most mouthwatering culinary launches planned for this year is our collaboration with COTE Korean Steakhouse. They are the first and only Michelin-starred Korean steakhouse in the US. Together, we are introducing Sweetgreen's first-ever Korean barbecue-inspired menu, featuring our new KBBQ glazed steak, cucumber kimchi, and an apple kimchi sauce, bringing an entirely new flavor profile to our guests.

我們今年計劃推出的最令人垂涎​​的美食之一是與 COTE Korean Steakhouse 的合作。他們是美國第一家也是唯一一家米其林星級韓國牛排館。我們共同推出 Sweetgreen 首款韓國燒烤風味菜單，其中包括我們全新的 KBBQ 釉面牛排、黃瓜泡菜和蘋果泡菜醬，為我們的客人帶來全新的風味。

This limited time menu launches nationwide, next Tuesday, on May 13. Collaborations like this is one way Sweetgreen is redefining fast food, showcasing our culinary creativity, high-quality ingredients, and cultural relevance.

此限時菜單將於下週二，即 5 月 13 日在全國推出。這樣的合作是 Sweetgreen 重新定義快餐的一種方式，展示了我們的烹飪創造力、高品質原料和文化相關性。

When we deliver bold culinary-led menu moments, we see clear signals. New customers show up, lapsed customers return, and existing guests engage more deeply. That's why the work we're doing, now, across both limited time offers and strategic brand collaborations is so important.

當我們提供大膽的烹飪主導菜單時，我們看到了清晰的信號。新顧客出現，流失的顧客回歸，現有客人參與度更高。這就是為什麼我們現在所做的工作，包括限時優惠和策略品牌合作，都如此重要。

And there is more menu innovation to come. With seasonal menus planned for the summer and fall, we are poised to sustain momentum through high-traffic periods.

未來還會有更多的菜單創新。透過為夏季和秋季制定季節性菜單，我們準備在客流量大的時期保持發展勢頭。

We're also focused on elevating our core menu by perfecting how each ingredient is prepared, sauced, and seasoned, ensuring every ingredient in bowl is a craveable, repeatable winner. A lot of this starts with our proteins: how they are marinated, cooked, held, and portioned.

我們也致力於透過完善每種食材的準備、調味和調味方式來提升我們的核心菜單，確保碗中的每種食材都是令人垂涎的、可重複的美味。這在很大程度上始於我們的蛋白質：如何醃製、烹飪、保存和分配它們。

Our job now is to keep delivering on that promise: staying nimble, listening closely to our guests, and executing with the kind of discipline that builds lasting brand love.

我們現在的工作是繼續履行這項承諾：保持靈活，密切傾聽客人的意見，並按照建立持久品牌熱愛的紀律執行。

Another important milestone for us has been the nationwide launch of our reimagined loyalty program, SG Rewards, at the beginning of April. SG Rewards is a points-based program, where customers earn 10 points for every eligible dollar spent, with the ability to redeem points for free menu items, unlock surprise offers, and gain access to member-exclusive experiences. This updated program is designed to be more engaging and rewarding for a broader range of customers, based directly on their feedback.

對我們來說，另一個重要的里程碑是四月初在全國推出重新設計的忠誠度計劃 SG Rewards。SG Rewards 是一個基於積分的計劃，顧客每消費 1 美元即可獲得 10 點積分，可以用積分兌換免費菜單商品、解鎖驚喜優惠並獲得會員專屬體驗。此更新計劃旨在根據更廣泛的客戶回饋，為他們提供更多吸引力和回報。

In just the first few weeks of the launch of SG Rewards, we've already seen strong adoption and excitement from our community. Since launch, we've added 20,000 new digital customers a week.

在 SG Rewards 推出後的短短幾週內，我們已經看到了社區的強烈反應和興奮。自推出以來，我們每週增加 20,000 名新數位客戶。

As part of the perks SG Rewards members can expect, they will get an early first taste of our new KBBQ menu on May 12, when ordering through the Sweetgreen app or website.

作為 SG Rewards 會員可以享受的福利之一，他們將在 5 月 12 日透過 Sweetgreen 應用程式或網站訂購時提前品嚐我們的新 KBBQ 菜單。

I want to thank our team members who are doing an incredible job engaging with guests and helping them discover the benefit of our reimagined loyalty program.

我要感謝我們的團隊成員，他們在與客人互動方面做得非常出色，並幫助他們發現我們重新構想的忠誠度計劃的好處。

In a challenging industry environment where consumers are making more intentional choices with every dollar, SG Rewards is designed to meet the moment by delivering meaningful value.

在充滿挑戰的產業環境中，消費者在花費每一美元時都會做出更有目的的選擇，SG Rewards 旨在透過提供有意義的價值來滿足這一需求。

As we look ahead, we've strategically shifted internal capital to focus more heavily on menu innovation and targeted media investments. Coupled with enhanced personalized CRM and our reimagined loyalty program, we believe these efforts will work together to accelerate transaction growth and strengthen guest loyalty.

展望未來，我們已策略性地轉移內部資本，將更多精力放在菜單創新和有針對性的媒體投資上。結合增強的個人化 CRM 和我們重新構想的忠誠度計劃，我們相信這些努力將共同加速交易成長並增強客戶忠誠度。

Turning to our team and operations. Our AI-powered workforce management system is now live in the majority of our restaurants, with just two markets remaining.

轉向我們的團隊和營運。我們的人工智慧勞動力管理系統現已在大多數餐廳上線，僅剩下兩個市場。

We are on track for full implementation by the end of the second quarter. This system gives team members an optional, user-friendly mobile platform to manage their schedules, aligning their availability with restaurant needs. Average weekly hours are up nearly 10% and absentee rates have declined by nearly 50%.

我們預計在第二季末全面實施。該系統為團隊成員提供了一個可選的、用戶友好的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。每周平均工作時間增加了近 10%，缺勤率下降了近 50%。

For our head coaches, the platform enables smarter, more proactive workforce planning, and frees up valuable time to focus on team development, the guest experience, and restaurant performance.

對於我們的總教練來說，該平台可以實現更聰明、更積極主動的勞動力規劃，並釋放寶貴的時間來專注於團隊發展、客戶體驗和餐廳績效。

We've continued to see progress on the turnover front for both coaches and the broader team, with turnover nearing 90%. More than half of our first-quarter leadership roles were filled from within, a clear testament to our growing bench strength and sustained investment in our people.

我們繼續看到教練和整個球隊在人員流動方面取得進展，人員流動率接近 90%。我們第一季的領導職位中有一半以上都是從內部任命的，這清楚地證明了我們不斷增強的後備力量和對員工的持續投資。

While we've made meaningful strides, we still have opportunities to raise the bar on operational execution across many of our locations. Inconsistencies in service, speed, and portioning highlight the need for sharper discipline, tighter systems integration, and a greater focus on the details that drive day-to-day excellence.

雖然我們已經取得了有意義的進步，但我們仍有機會提高許多地點的營運執行標準。服務、速度和分量方面的不一致凸顯了對更嚴格的紀律、更緊密的系統整合以及對推動日常卓越的細節的更多關注的必要性。

That's why I'm excited to welcome Jason Cochran as our new Chief Operating Officer. Jason is a seasoned operations leader, with more than two decades of experience at some of the most iconic brands in our industry, including Pizza Hut and Chipotle.

這就是為什麼我很高興歡迎 Jason Cochran 擔任我們的新營運長。Jason 是一位經驗豐富的營運領導者，在我們行業中一些最具代表性的品牌（包括必勝客和 Chipotle）擁有超過二十年的經驗。

At Pizza Hut, he served as CEO and Board member of American West Restaurant Group, the third largest franchisee in the US, where he led transformational improvements in performance, instilling operational discipline, and elevating execution across hundreds of locations.

在必勝客，他擔任美國第三大特許經營商美國西部餐飲集團的首席執行官兼董事會成員，領導了業績的轉型改進，灌輸了運營紀律，並提升了數百個門店的執行力。

At Chipotle, he played a key role in scaling operations during a period of rapid growth, with a focus on driving consistency, improving throughput, and enhancing the guest experience.

在 Chipotle，他在快速成長期間擴大營運規模方面發揮了關鍵作用，重點是提高一致性、提高吞吐量和增強客戶體驗。

Jason is a highly methodical hands-on leader, who brings a sharp eye for detail, a deep commitment to standards, and a passion for unlocking operational excellence at scale. I'm confident he'll help us drive greater consistency and accountability across the fleet.

傑森是一位非常有條理、親力親為的領導者，他對細節有著敏銳的洞察力，對標準有著堅定的承諾，並且對大規模實現卓越運營充滿熱情。我相信他會幫助我們提高整個船隊的一致性和責任感。

I'm thrilled to welcome Jason to our leadership team and to partner with him closely on this next chapter.

我很高興歡迎傑森加入我們的領導團隊，並在下一篇章與他密切合作。

Before I turn the call over to Mitch, I want to take a moment to acknowledge the industry dynamic we're operating in and the declining consumer sentiment.

在我將電話轉給米奇之前，我想花點時間來了解我們所處的行業動態以及不斷下降的消費者情緒。

We believe we are uniquely positioned to succeed, even in a more challenging industry backdrop. This confidence stems from the strength of our guest loyalty, our disciplined financial approach, and our unwavering commitment to transparent high-integrity sourcing.

我們相信，即使在更具挑戰性的行業背景下，我們也擁有獨特的優勢來取得成功。這種信心源自於我們強大的客戶忠誠度、我們嚴謹的財務方法以及我們對透明高誠信採購的堅定承諾。

As our menu has evolved to include more warming, hardier offerings such as our protein plates and premium additions like steak, we've seen a positive shift in the brand's value perception at dinner. However, we also recognize the opportunity to introduce compelling mid- and lower-priced items that increase guest frequency, particularly in the current environment.

隨著我們的菜單不斷演變，包括更多溫暖、更豐盛的菜餚，例如蛋白質拼盤和牛排等高級菜餚，我們看到該品牌在晚餐方面的價值觀念發生了積極轉變。然而，我們也意識到有機會推出引人注目的中低價商品來增加客人的頻率，特別是在當前環境下。

Given our customization model, we're well positioned to act quickly through limited time and evergreen menu items. We're excited about what's ahead and confident in our ability to deliver value in a way that deepens connections with our guests, without compromising on the quality or integrity they come to expect from Sweetgreen.

鑑於我們的客製化模式，我們可以透過限時和常青菜單項目快速採取行動。我們對未來充滿期待，並有信心以加深與客人聯繫的方式提供價值，同時又不損害他們對 Sweetgreen 所期望的品質或誠信。

As we look ahead, we're confident that our culinary innovation pipeline, focused on elevating the guest experience, recent loyalty program launch, and focused investments in marketing and media will drive sales and strengthen the brand.

展望未來，我們相信，專注於提升賓客體驗的烹飪創新管道、最近推出的忠誠度計劃以及對行銷和媒體的重點投資將推動銷售並增強品牌影響力。

We remain focused on what we can control: delivering consistently great experiences, improving operational execution, and investing in our people and processes.

我們始終專注於我們能夠控制的事情：提供始終如一的卓越體驗、改善營運執行以及投資於我們的員工和流程。

Sweetgreen has always been more than just a place to eat. We're a community, a movement, and a brand built on purpose, with farm-to-flavor at the heart of how we connect people to real food.

Sweetgreen 一直以來都不僅僅是一個吃飯的地方。我們是一個有目的的社區、一場運動和一個品牌，以從農場到風味為核心，將人們與真正的食物聯繫起來。

Now, I'll turn the call over to Mitch, who will take you through our financials in more detail.

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. Good afternoon, everyone.

謝謝你，喬納森。大家下午好。

Total revenue for the quarter was $166.3 million, up from $157.9 million in the first quarter of 2024.

本季總營收為 1.663 億美元，高於 2024 年第一季的 1.579 億美元。

Same-store sales for the first quarter declined 3.1%, compared to the prior year period. This reflects a 3.4% benefit from menu price increases and a negative 6.5% impact from traffic and mix. Same-store sales grew in more than half of our markets, led by the Upper Midwest, Texas, and Colorado; all of which comped double digits.

第一季同店銷售額與去年同期相比下降了3.1%。這反映了菜單價格上漲帶來的 3.4% 的收益以及客流量和產品組合帶來的 6.5% 的負面影響。我們一半以上的市場同店銷售額均實現成長，其中以中西部北部、德州和科羅拉多州最為顯著，這些市場的同店銷售額均實現了兩位數的成長。

Our average unit volume in the first quarter was $2.9 million.

我們第一季的平均單位交易量為 290 萬美元。

We opened five restaurants, ending the first quarter with 251 restaurants. Restaurant-level profit margin for the quarter was 17.9%, compared to 18.1% a year ago. Restaurant-level profit for the first quarter was $29.7 million, up 4% year over year.

我們開設了 5 家餐廳，截至第一季末，餐廳總數達到 251 家。本季餐廳利潤率為 17.9%，去年同期為 18.1%。第一季餐廳利潤為 2,970 萬美元，年增 4%。

For a reconciliation of restaurant-level profit and restaurant-level margin to comparable GAAP figures, please refer to the earnings release.

有關餐廳級利潤和餐廳級利潤率與可比較 GAAP 數據的對賬，請參閱收益報告。

Food, beverage, and packaging costs were 26.5% of revenue for the quarter, a more than 100 basis points improvement from the prior year period, primarily due to distribution savings from continued market densification and ingredient consolidation, as well as favorable contract pricing on key ingredients.

食品、飲料和包裝成本佔本季收入的 26.5%，比去年同期提高了 100 多個基點，主要原因是持續的市場密集化和成分整合帶來的分銷節省，以及關鍵成分的優惠合約定價。

Labor and related expenses were 28.9% of revenue for the first quarter, in line with the prior year period.

第一季勞動力及相關費用佔營收的28.9%，與去年同期持平。

Occupancy and related expenses were 9.4% of revenue, slightly higher than the prior year period.

入住及相關費用佔營收的 9.4%，略高於去年同期。

Operating support center costs in the first quarter increased slightly versus the prior year period, on a dollar basis. As a percentage of revenue, year-over-year operating support center costs for the first quarter decreased slightly to 16.7% from 17.1%.

第一季營運支援中心成本與去年同期相比以美元計算略有增加。作為收入的百分比，第一季營運支援中心成本較去年同期從 17.1% 略微下降至 16.7%。

Net loss for the quarter was $25 million, as compared to a loss of $26.1 million in the prior year period. The decrease in net loss was primarily due to a $1.2 million increase in our restaurant-level profit, partially offset by an increase in depreciation and amortization expense, primarily associated with an increase in new restaurants.

本季淨虧損為 2,500 萬美元，而去年同期淨虧損為 2,610 萬美元。淨虧損減少主要是由於我們餐廳層面的利潤增加了 120 萬美元，但折舊和攤銷費用的增加部分抵消了這一增長，這主要與新餐廳的增加有關。

Adjusted EBITDA, which excludes stock-based compensation and certain other adjustments, was $300,000 for the first quarter.

第一季調整後的 EBITDA（不包括股票薪酬和某些其他調整）為 300,000 美元。

Our balance sheet remains strong with a cash balance of $184 million.

我們的資產負債表依然強勁，現金餘額為 1.84 億美元。

Now, I'd like to provide an update for our shareholders on the potential impact of tariffs across three key areas of our business: first, supply chain; second, the restaurant build-out costs; and, third, the Infinite Kitchen.

現在，我想向我們的股東介紹關稅對我們業務的三個關鍵領域的潛在影響：第一，供應鏈；第二，餐廳建設成本；第三，無限廚房。

From a supply chain perspective, our exposure remains relatively contained. The vast majority of our core ingredients are domestically-sourced. At this time, our exposure to tariffs is about 75 basis points for the second quarter of 2025.

從供應鏈的角度來看，我們的風險敞口仍然相對有限。我們的核心原料絕大多數都產自國內。目前，我們對 2025 年第二季的關稅部位約為 75 個基點。

Most of this impact comes from just a few items, primarily our packaging, which is currently sourced from China. Six months ago, we began a project to move packaging out of China. And we anticipate this to be completed during the second half of 2025.

大部分影響僅來自少數幾個項目，主要是我們的包裝，目前來自中國。六個月前，我們啟動了一個將包裝移出中國的計畫。我們預計該項目將於 2025 年下半年完成。

We expect the tariff impact to be reduced in the second half of the year to approximately 40 basis points. This does not reflect the impact of any further mitigation initiatives.

我們預計下半年關稅影響將降至約40個基點。這並未反映任何進一步緩解措施的影響。

As we plan for the build-out of our 2025 real estate pipeline, we anticipate tariffs will have an approximate 10% impact on our $1.4 million to $1.5 million per unit build-out costs. Importantly, this impact is not expected until late in 2025, as we have pre-purchased a number of key components.

在我們規劃 2025 年房地產管道建設時，我們預計關稅將對我們每單位 140 萬至 150 萬美元的建設成本產生約 10% 的影響。重要的是，由於我們已經預先購買了許多關鍵零件，預計這種影響要到 2025 年底才會顯現。

Our team continues to diversify our supply base, avoid cost pass-throughs, and is focused on securing multi-year pricing agreements with key partners to further mitigate the tariff impact.

我們的團隊繼續使我們的供應基礎多樣化，避免成本轉嫁，並致力於與主要合作夥伴達成多年定價協議，以進一步減輕關稅的影響。

On the Infinite Kitchen, as Jonathan mentioned, we're extremely encouraged by their performance. These restaurants continue to outperform expectations in both efficiency and guest satisfaction.

關於無限廚房，正如喬納森所提到的，他們的表現讓我們非常鼓舞。這些餐廳在效率和客人滿意度方面的表現持續超乎預期。

As we scale the Infinite Kitchen, which costs approximately $450,000 to $550,000 per unit, we are closely monitoring the impact of tariffs on our cost structure. Currently, roughly 15% of each unit's cost is tied to components sourced from China.

隨著我們擴大無限廚房的規模（每台成本約為 450,000 至 550,000 美元），我們正在密切監控關稅對我們成本結構的影響。目前，每台設備約 15% 的成本與來自中國的零件有關。

We have 10 IKs on hand that were not impacted by tariffs. While the current tariff rate on Chinese goods will impact the Infinite Kitchen, it remains accretive to our return on capital, due to the long-term labor savings, consistency, and improvements in throughput.

我們手頭上有 10 IK，未受到關稅影響。雖然目前對中國商品的關稅稅率將對無限廚房產生影響，但由於長期節省勞動力、一致性和提高吞吐量，它仍將增加我們的資本回報率。

We remain committed to the expansion of the Infinite Kitchen and reiterate our 2025 new unit and IK guidance.

我們將繼續致力於無限廚房的擴張，並重申我們的 2025 年新單位和 IK 指導。

Now, turning to fiscal year 2025. As we look out on the next three quarters, we are highly cognizant that this is a dynamic environment.

現在，讓我們來看看 2025 財年。展望未來三個季度，我們深知這是一個充滿活力的環境。

As you have heard from others across our industry and seen in recent data, consumer sentiment has fallen sharply. After returning to positive comp sales performance in March, we saw a mid-single-digit decline in the same-store sales during April, coinciding with the tariff announcements.

正如您從我們行業其他人那裡聽到的以及從最近的數據中看到的那樣，消費者信心急劇下降。在 3 月恢復正向同店銷售業績後，我們發現 4 月同店銷售額出現了中等個位數的下滑，這與關稅公告的發布相吻合。

Historically, April has always shown a ramp in performance, as seasonal patterns kick in. This is the first time we haven't seen that lift. We believe this is noteworthy and reflective of the volatile external environment and the softening consumer sentiment, marked by more deliberate purchasing behavior and lower frequency across discretionary categories.

從歷史上看，隨著季節性模式的出現，四月的業績總是呈現上升趨勢。這是我們第一次沒有看到那架電梯。我們認為這是值得注意的，反映了外部環境的動盪和消費者情緒的疲軟，其特徵是購買行為更加刻意，非必需品類別的購買頻率更低。

Our outlook assumes that the current trends continue and layers in the positive impact of upcoming menu initiatives, as well as continued ramp in our new loyalty program.

我們的展望是假設當前的趨勢會持續下去，並考慮即將推出的菜單計劃的正面影響以及我們新忠誠度計劃的持續提升。

As we considered our fiscal year guidance, we assume no further deterioration in macroeconomic conditions. As always, our forecast is based on the information available to us today. And we recognize that uncertainty in the macro environment remains elevated.

當我們考慮財政年度指導時，我們假設宏觀經濟狀況不會進一步惡化。像往常一樣，我們的預測是基於我們今天掌握的資訊。我們認識到宏觀環境的不確定性仍然很高。

For fiscal year 2025, we anticipate the following: at least 40 net new restaurant openings; revenue ranging from $740 million to $760 million; same-store sales growth, approximately flat' restaurant level margin of approximately 19.5%; adjusted EBITDA of approximately $30 million.

對於 2025 財年，我們預計：至少淨增 40 家新餐廳；營收在 7.4 億美元至 7.6 億美元之間；同店銷售額增長，餐廳級利潤率約為 19.5% 持平；調整後的 EBITDA 約為 3000 萬美元。

On the development front, 20 of our 40 restaurants will feature the Infinite Kitchen.

在開發方面，我們 40 家餐廳中的 20 家將配備無限廚房。

In terms of pipeline timing, 30 of our 40 planned new restaurants will open in the second half of the year.

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。

We do not anticipate any price increases for the remainder of the year.

我們預計今年剩餘時間內價格不會上漲。

While the external environment may create some short-term volatility, particularly around traffic and frequency, we believe we have strong levers to navigate this moment. Specifically, we see meaningful opportunities to lean into our loyalty program and our seasonal offerings.

儘管外部環境可能會造成一些短期波動，特別是在交通和頻率方面，但我們相信我們擁有強大的槓桿來應對這一時刻。具體來說，我們看到了利用忠誠度計劃和季節性產品的重大機會。

We have a number of traffic-driving initiatives that have yet to launch, including our collaboration with COTE Steakhouse next week.

我們還有一些尚未推出的流量驅動計劃，包括下週與 COTE Steakhouse 的合作。

As the year progresses and comps get easier in the second half of the year, we believe there is a clear path to accelerate momentum.

隨著時間的推移以及下半年的競爭變得更加容易，我們相信有一條清晰的途徑可以加速發展勢頭。

We remain extremely confident in our strategies and the underlying health of our business. We have built a strong business, a differentiated brand, and a flexible omnichannel platform that allows us to adapt and drive sustainable growth.

我們對我們的策略和業務的基本健康狀況仍然非常有信心。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。

As we move through 2025, we remain disciplined in how we deploy capital and leverage our G&A. We are focused on high-return opportunities and committed to building a resilient, durable business: one that can scale efficiently, serve with purpose, and create long-term value for our shareholders, guests, and team members.

隨著我們邁入 2025 年，我們將繼續嚴格遵守資本配置和一般行政管理 (G&A) 槓桿原則。我們專注於高回報機會，並致力於打造一個有彈性、持久的企業：一個能夠有效擴展、有目的地服務並為我們的股東、客人和團隊成員創造長期價值的企業。

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員，開始問答。

(Operator Instructions)

（操作員指示）

Jon Tower, Citigroup.

花旗集團的喬恩‧陶爾 (Jon Tower)。

Maybe, starting -- I appreciate all the color you offered in tariffs and in terms of across the business in IK. And I think that's certainly a point of a question that I'm getting a lot from investors.

也許，開始——我很欣賞您在關稅方面以及在 IK 整個業務方面提供的所有細節。我認為這確實是投資者經常向我提出的問題。

So I just want to clarify and make sure that I understand. It looks like, all in, based on the range for build-out costs and including an Infinite Kitchen, it will be roughly 32% to 37% higher than what you, guys, had originally targeted for stores, previously, for build-out costs, with these tariffs in place.

所以我只是想澄清一下並確保我理解。看起來，根據建造成本範圍以及包括無限廚房在內的所有因素，在這些關稅到位的情況下，它將比你們最初為商店設定的建設成本高出大約 32% 到 37%。

And that's the current situation that you know for tariffs coming in from China? That's not assuming any changes at the moment for what's going to happen, going forward?

這就是您所了解的目前來自中國的關稅情況嗎？目前還沒有假設未來會發生什麼變化，對吧？

Jon, it's Mitch. I think what I would say is the build-out cost for an NRO, with no, tariffs, is approximately $1.5 million. And, as of now, we see that tariff running about a 10% of that type of number. So call it $150,000 per unit.

喬恩，我是米奇。我想說的是，建造一個不含關稅的 NRO 的成本大約是 150 萬美元。截至目前，我們發現該關稅約為該數字的 10%。所以每單位價格為 150,000 美元。

And, on the Infinite Kitchen, call it an average cost of $500,000 per IK.

並且，在無限廚房中，每 IK 的平均成本為 50 萬美元。

The tariff is approximately $100,000. You would see a total tariff impact of about $250,000 on a $2 million build-out. So just a little bit over 10%.

關稅約10萬美元。您會發現，對於價值 200 萬美元的建設項目來說，總關稅影響約為 25 萬美元。所以僅略高於 10%。

And I should point out in this dynamic world, that says of the tariffs, as of last night.

我應該指出，在這個充滿活力的世界裡，從昨晚起，關稅問題就已經開始發酵。

Okay. And just -- go ahead, sorry.

好的。只是——繼續吧，抱歉。

Jon, just one thing to add. We mentioned on the call that we've pre-bought materials for the majority of our pipeline this year. So a lot of that impact, including some Infinite Kitchens on hand -- that is not impacting the entire pipeline this year.

喬恩，我只想補充一點。我們在電話中提到，我們已經為今年的大部分管道預先購買了材料。因此，許多影響，包括一些現有的 Infinite Kitchens，都不會影響今年的整個管道。

We'll really start to see the impact on the build-out in Q4. And we do have a good number of IKs on hand and working to diversify the supply base there.

我們將在第四季度真正開始看到其對建設的影響。我們確實擁有大量的 IK，並且正在努力實現那裡的供應基礎多樣化。

The other thing I'd say is: over the years, we've talked to you all about the work we're doing to optimize the overall build-out cost. This is all on a kind of apples-to-apples basis.

我想說的另一件事是：多年來，我們一直在與大家討論我們為優化整體建設成本所做的工作。這一切都是基於同類比較的基礎。

We've obviously been working really hard on new formats and just general cost optimization. So our hope is to mitigate as much of this as possible. But this is just if we took the impact as a straight apples-to-apples.

我們顯然一直在努力開發新格式和整體成本優化。因此，我們希望盡可能減輕這種情況。但這只是在我們把影響視為直接的同類比較的情況下。

Got it. And, maybe, just one follow-up, Jon: you mentioned, in the prepared remarks, the idea of, perhaps, adding more mid- to lower-priced items to the menu, either evergreen or LTO options for value. Like, one, where are you in that process? And, then, two, how do you plan on communicating that to guests?

知道了。也許，只需要一個後續問題，喬恩：在準備好的評論中，您提到了在菜單中添加更多中低價位商品的想法，無論是常青菜還是 LTO 選項，以提高價值。例如，首先，您在這個過程當中處於什麼階段？其次，您打算如何向客人傳達這一點？

You're not necessarily a traditional marketer nor would I expect you to be out there blasting the airwaves with a value pitch per se. So is this something we should expect more through the rewards program? Or more through point of purchase? Like, how do you plan on getting that message out to folks who might not be aware that, now, there is something that's more approachable?

您不一定是傳統的行銷人員，我也不期待您會在廣播中大力宣揚價值理念。那麼，我們是否應該透過獎勵計劃期待更多？還是透過購買點進行更多？例如，您打算如何向那些可能不知道現在有更容易接受的東西的人傳達這個訊息？

I think what I'd start with is -- if you look back over the past five years in the high-inflationary environment, we've actually taken less price than most of the industry. What we have done is in an effort to broaden our TAM and broaden our consumer, we did introduce these heartier, warmer options: things like protein plates and steak.

我想首先要說的是——如果回顧過去五年的高通膨環境，我們實際上的定價比大多數行業都要低。我們所做的是為了擴大我們的 TAM 和擴大我們的消費者，我們確實推出了這些更豐盛、更溫暖的選擇：例如蛋白質拼盤和牛排。

And the beautiful news about that is they really did work in unlocking a lot of those TAM markets. You can see that in the strength of those new markets and the comp in the emerging markets.

好消息是，他們確實努力開拓了許多 TAM 市場。您可以從這些新市場和新興市場的實力對比中看出這一點。

But as we did that, some of the price value perception, if you look at our menu, you now have this higher-category-priced things -- great value for dinner but we've noticed some price gaps on the menu in the middle or lower tier.

但是當我們這樣做的時候，如果你看一下我們的菜單，你會發現一些價格較高的菜餚——對於晚餐來說非常超值，但我們注意到菜單上的中低檔菜餚存在一些價格差距。

So we see a couple of ways that we can do that. One is through our seasonal menu. Our seasonal menu allows us to flex into different price points. We do see some opportunities to potentially introduce some things in the core.

所以我們找到了幾種可以實現這一目標的方法。一種是透過我們的季節性菜單。我們的季節性菜單使我們能夠靈活地適應不同的價格點。我們確實看到了在核心中引入一些潛在事物的機會。

We would not present them as necessarily as a value menu, to your point. It would just be finding things anchoring more of the menu in the mid- to lower price tiers.

正如您所說，我們不一定將它們作為超值選單來呈現。它只是在中低價位層級中尋找更多固定菜單的東西。

And, of course, loyalty becomes a really big lever for us to be more surgical and personalized around how we can create the right customer journeys, the right promo, and the right next-best -action to drive the long-term value of our customers.

當然，忠誠度對我們來說是一個非常重要的槓桿，讓我們能夠更精準和個性化地打造正確的客戶旅程、正確的促銷和正確的下一個最佳行動，以推動客戶的長期價值。

So we have a lot of levers at hand. And I think given -- we mentioned on the call, given the way our menu is constructed, we have the ability to move pretty quickly, in terms of coming up with new menu items and coming up with things that both the consumers love.

所以我們手頭上有很多槓桿。我認為，鑑於我們在電話中提到的，鑑於我們的菜單的構建方式，我們有能力相當快速地推出新的菜單項目以及消費者都喜歡的東西。

We can execute seamlessly and can meet our margin profile. So the world changed pretty quickly, here, in April. But we have a lot of tools at our disposal.

我們可以無縫執行並滿足我們的利潤率要求。所以，四月份，世界發生了快速的變化。但我們有很多可用的工具。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Maybe, actually, a quick question about any differences you might be seeing, in terms of geography. I'm just thinking about your exposure to DC because April has been quite mixed, I think, for different restaurants. And so, trying to understand why some might be feeling the impact of lower consumer confidence, while others are actually seeing an acceleration.

實際上，也許您可以快速詢問您在地理方面可能看到的任何差異。我只是在考慮您對 DC 的體驗，因為我認為四月對於不同的餐廳來說情況好壞參半。因此，試圖理解為什麼有些人可能會感受到消費者信心下降的影響，而其他人實際上卻看到了加速。

So I didn't know if there was a -- maybe, just your geographic exposure.

所以我不知道是否存在——也許只是你的地理暴露。

And then, I do have a quick follow-up.

然後，我有一個快速的跟進。

Sara, thanks for the question.

薩拉，謝謝你的提問。

Yeah. I would point out two areas in our geography that are probably noteworthy. One that we mentioned on the last call, Los Angeles, which we said was about 15% of our volume, continues to be severely impacted in the aftermath of the LA fires.

是的。我想指出我們地理上兩個可能值得注意的地區。我們在上次電話會議上提到過，洛杉磯約占我們業務量的 15%，在洛杉磯大火之後，該地繼續受到嚴重影響。

In our modeling, we see some lingering impacts of this continuing on for quite a while.

在我們的模型中，我們看到這種現象的一些揮之不去的影響會持續相當長一段時間。

And, as you pointed out correctly, sometime around the beginning of April, we did see a change in our DC volume. As you know, the company began in Washington, D.C.. It's one of the markets that we're identified with.

而且，正如您正確指出的那樣，大約在四月初，我們確實看到了 DC 量的變化。如您所知，該公司成立於華盛頓特區。這是我們認同的市場之一。

We have a number of stores there. But I should point out they're generally older, smaller stores in the DC market. But there clearly was a change in the DC performance around the beginning of April.

我們在那裡有很多商店。但我應該指出，它們一般都是 DC 市場上較老、規模較小的商店。但四月初，華盛頓特區的表現明顯改變了。

Okay. Very helpful. And then, the follow-up is about the breadth of your reach. I'm super excited about the COTE collaboration. But that strikes me as a little bit of a New York institution.

好的。非常有幫助。然後，接下來就是關於你的影響力的廣度。我對 COTE 合作感到非常興奮。但我覺得這有點像紐約的一個機構。

How do you think about that, in terms of appealing; I think, as Jon mentioned, broadening TAM; and the things that you do, from a culinary perspective?

從吸引力方面來說，您如何看待這一點？我認為，正如喬恩所提到的，擴大 TAM；以及從烹飪的角度來看您所做的事情？

Yeah. So we're very excited about this collaboration. I think it's beyond just the collaboration. It's really about the bold flavors that we're bringing to market. We're excited for everyone to taste it.

是的。所以我們對這次合作感到非常興奮。我認為這不僅僅是合作那麼簡單。這實際上與我們向市場推出的大膽口味有關。我們很高興每個人都能品嚐它。

It's a totally different flavor profile. It really leans on both the sourcing and scratch cooking. But brings in these Korean flavors and leverages our new steak offering with a twist.

這是一種完全不同的風味。它確實依賴於採購和從頭開始烹飪。但引入了這些韓國風味，並對我們的新牛排產品進行了改進。

So in terms of the actual collaborator, what we -- the reason we do this is it gives us a lot of culinary credibility. And it actually -- the partnership with the chefs helps us build truly delicious items.

因此，就實際合作者而言，我們這樣做的原因是它能為我們帶來很大的烹飪信譽。事實上，與廚師的合作幫助我們製作出真正美味的菜餚。

So it's a part of our storytelling. There's a huge experiential element as part of it. And we know it's a core part of how we built this brand and I think something that consumers expect.

所以這是我們講故事的一部分。其中有很大一部分是體驗元素。我們知道這是我們打造這個品牌的核心部分，我認為這也是消費者所期待的。

So what we've learned is it's not just if you've heard of it, it's a lot of -- for us, it's a huge way to drive discovery for these great chefs that you may or may not know.

因此，我們了解到，這不僅僅是你是否聽說過它，對我們來說，這是一種推動人們發現這些你可能知道或不知道的偉大廚師的重要方式。

So very excited about bringing this new flavor and excited to share more with you on the next call.

我非常高興能帶來這種新口味，並很高興在下次通話中與您分享更多。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

This is Zach Ogden, on for Andrew. Just given April's mid-single-digit decline in same-store sales, could you just walk us through the cadence of sales you expect for the rest of 2025 to get the flat for the full year?

我是紮克‧奧格登，代替安德魯。鑑於 4 月份同店銷售額出現中等個位數下滑，您能否向我們介紹一下您預計 2025 年剩餘時間的銷售節奏，以使全年銷售額持平？

Thank you. What I would say about April, as other people have noticed, April has generally been a month when our business has accelerated. That's probably been the pattern that's been in the business since inception. As the weather warms up, our business picks up. This April, that did not materialize.

謝謝。我想說的是，正如其他人所注意到的，四月通常是我們業務加速發展的一個月。這可能是該業務自成立以來一直存在的模式。隨著天氣變暖，我們的生意也開始好轉。今年四月，這項願望並未實現。

There's actually a significant change in the history and the historical patterns of the business that largely coincided with the tariff announcement and some of the external uncertainty. What we see is the second quarter being challenging, both from a comp perspective, led by April; as well as the fact that the launch of our loyalty program, as we've disclosed, will create some headwinds around our revenue number, as we launch that program.

事實上，業務的歷史和歷史模式發生了重大變化，這在很大程度上與關稅公告和一些外部不確定性相吻合。我們看到第二季度充滿挑戰，無論是從公司角度來看，還是從四月開始；以及我們推出的忠誠度計劃，正如我們所披露的，在啟動該計劃時，會對我們的收入數字造成一些阻力。

During the back half of the year, particularly Q3 and Q4, we see business picking up for a number of reasons. One, we have slightly easier comps during that period.

在今年下半年，特別是第三和第四季度，我們看到業務因多種原因而回暖。首先，在這段時間我們的比賽稍微輕鬆一點。

Two, the return of our summer seasonals and fall seasonals. These have been crowd favorites for a number of years that were not on the menu in 2024. And we think they'll have a massive impact beginning around July '25.

二、我們的夏季季節性商品和秋季季節性商品的回歸。這些菜餚多年來一直深受大眾喜愛，但在 2024 年的菜單上卻沒有出現。我們認為它們將從 2025 年 7 月左右開始產生巨大影響。

In addition to which, we have our loyalty program, which, as I said, will be a headwind in Q2 but becoming a pretty big tailwind, as we go through Q3 and the back half of the year.

除此之外，我們還有忠誠度計劃，正如我所說，它將在第二季度成為一個阻力，但隨著我們進入第三季和下半年，它將成為一個相當大的阻力。

I should point out, as it was alluded to at the beginning, there's a degree of synergy between the launch of seasonals and loyalty program, where they can feed each other to help drive frequency and attract new customers.

我應該指出，正如一開始提到的那樣，季節性產品和忠誠度計劃的推出具有一定程度的協同作用，它們可以相互促進，幫助提高頻率並吸引新客戶。

So we think we have a pretty solid line-up of activity actually starting next week, with the COTE collaboration; but really accelerating in July.

因此，我們認為，從下週開始，我們將有一個相當穩定的活動陣容，與 COTE 合作；但 7 月的進程將真正加速。

Got it. And then, just on the Infinite Kitchens: If the tariffs do persist, would that change your aptitude, at all, to retrofit stores to IKs, going forward?

知道了。然後，就無限廚房而言：如果關稅確實持續存在，這是否會改變您將商店改造為 IK 的能力？

No. It really would not, at this point in time, change our deployment strategy around the Infinite Kitchen.

不。目前，它確實不會改變我們圍繞無限廚房的部署策略。

When you do the math on the Infinite Kitchen and you take a typical AUV store at $3 million and 8 points of savings, you get around $240,000. annually.

當您對 Infinite Kitchen 進行計算時，如果您以 300 萬美元和 8 個節省點的價格購買典型的 AUV 商店，您每年可以獲得約 240,000 美元。

If the cost moved up from $500,000 to $600,000, you find the return on capital remains wildly accretive. And that's at current labor rates. When you look out over the next 10 years, we see labor continuing to increase and those returns increasing.

如果成本從 50 萬美元上升到 60 萬美元，你會發現資本回報率仍然大幅增長。這是按照目前的勞動力價格計算的。展望未來 10 年，我們會看到勞動力持續增加，回報率也不斷提高。

So I would say the current tariff structure would not change the IK deployment strategy, at all.

所以我想說，目前的關稅結構根本不會改變IK部署策略。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Okay. I don't know what happened before.

好的。我不知道之前發生了什麼事。

I wanted to ask about the markets that you called out, which were -- you talked about LA but you also mentioned New York and Boston. Is there anything in those markets where you think your perceived value has somehow declined in the recent environment? Is there anything you could point out, operationally, that, maybe, is causing those markets to gap differently than some of the other markets that you're operating in?

我想問您提到的市場，您談到了洛杉磯，但也提到了紐約和波士頓。您認為在最近的環境下，這些市場中您的感知價值是否有所下降？從營運角度來說，您能否指出哪些因素可能導致這些市場與您經營的其他一些市場有不同的差距？

Thanks for the question, Sharon. I think there's a few things here.

謝謝你的提問，莎倫。我認為這裡有幾件事。

First, I'd say, if you think about the Sweetgreen model over our history, the seasonal menu was a core part of the model. We would change our menu about 5 times a year. And it's part of what drove the habituation in the frequency. It's what would limit the fatigue and just keep you hooked season after season.

首先，我想說，如果你回顧 Sweetgreen 模式的歷史，你會發現季節性菜單是這個模式的核心部分。我們每年大約更換五次菜單。這也是促使頻率習慣化的原因之一。這會限制疲勞，並讓你一季又一季保持吸引力。

With the removal of that, we've seen some weakness in the frequency of -- specifically in those core markets where those seasonals did especially well. So we're encouraged about bringing them back, bringing them back in a really big way. And we think that will help us with the frequency challenges we have.

隨著這一因素的消除，我們發現頻率方面出現了一些疲軟——特別是在那些季節性表現尤為出色的核心市場。因此，我們很高興能讓他們回歸，並以一種真正盛大的方式讓他們回歸。我們認為這將有助於我們應對頻率挑戰。

The second is loyalty. We made a transition from our Sweetpass+ loyalty program, which really had a pretty small member base to a much broader-based loyalty program. And we're acquiring about 20,000 new loyalty members a week.

第二是忠誠。我們從 Sweetpass+ 忠誠度計劃（會員基礎確實很小）轉型為更廣泛的忠誠度計劃。我們每週新增約 20,000 名忠誠會員。

This is pretty much more than each week than the whole Sweetpass+ membership base. So there's a huge opportunity here to lean into that to continue to drive frequency.

這幾乎比 Sweetpass+ 整個會員基數每週的收入還要多。因此，這裡有一個巨大的機會可以利用這一點來繼續提高頻率。

And then, the last thing I'd say is that there's definitely some operational opportunities we have, specifically in a lot of those core legacy markets, specifically in our -- in the urban environment on our off-premise channels. So really highly focused on getting portioning and accuracy and speed right on those digital make lines.

然後，我想說的最後一件事是，我們肯定有一些營運機會，特別是在許多核心傳統市場中，特別是在我們的城市環境中，在我們的場外管道中。因此，我們真正高度重視數位化生產線上的分切、準確性和速度。

As you know, digital is a huge part of the business. And we see an opportunity to really elevate the standards across those lines.

如您所知，數位化是業務的重要組成部分。我們看到了真正提高這些標準的機會。

Logan Reich, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的 Logan Reich。

I wanted to ask about Fries and how the launch went, relative to expectations; and, maybe, anything you're able to share on mix, in terms of number of transactions or contribution to comp? Any color there would be much appreciated.

我想問一下 Fries 的情況以及產品發布情況（相對於預期而言）；或者，您是否可以分享一些有關 mix 的信息，例如交易數量或對公司的貢獻？無論什麼顏色，我都會非常感激。

Sure. Very early but very encouraged by Fries. We've had great customer feedback, great social awareness, a lot of fantastic trial. And it's, by far, most attached side.

當然。很早以前，但弗里斯給了我很大的鼓勵。我們得到了很好的客戶回饋、很高的社會知名度以及許多出色的試用。到目前為止，這是最受關注的一面。

So very encouraged, continuing to work to perfect them and get the word out. But, overall, I think it's something that we're really proud of and customers love and should continue to help drive comp and ticket.

非常受鼓舞，繼續努力完善它們並傳播出去。但總的來說，我認為這是我們真正引以為傲的事情，也是客戶喜愛的事情，並且應該繼續幫助推動競爭和票務。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭、派珀·桑德勒。

I just want to ask about the marketplace sales channel. That's been growing faster than the in-store and the own digital; really, for several quarters now. Can you just speak to what's behind that, particularly throughout last year and to start this year? Just any color you could add would be great.

我只是想問市場銷售管道。事實上，這已經持續幾個季度了，成長速度比店內銷售和自有數位銷售都要快。您能否講一下背後的原因，特別是去年和今年年初的情況？只要添加任何顏色就很好了。

Yes. We continue to see strength on marketplace. I think there's a few things.

是的。我們繼續看到市場實力的增強。我認為有幾件事。

One, I think our product travels well and people love the fact that it just works in an off-premise environment.

首先，我認為我們的產品運輸很方便，人們喜歡它在場外環境中運作。

Two, we continue to optimize our relationships with the marketplaces and how we market and how we're presented on those marketplaces. And I think a lot of our consumers are there.

二，我們持續優化與市場的關係以及我們的行銷方式和我們在這些市場上的展示方式。我認為我們的許多消費者都在那裡。

Lastly, I think not having a loyalty program gave a lot less reason to transact natively. And with the loyalty program, that should help us there.

最後，我認為沒有忠誠度計劃會減少本地交易的理由。忠誠度計劃應該能對我們有幫助。

But overall, good partners with them, happy to see continued growth; higher average check. And we'll continue to leverage them as a partner.

但總體而言，與他們合作是好的，很高興看到持續的成長；平均支票更高。我們將繼續利用他們作為合作夥伴。

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

Just with all this talk -- a lot of focus here on April sales trends, on this call. Just another question there.

經過這些討論－本次電話會議的重點在於四月份的銷售趨勢。這只是另一個問題。

You said down mid-singles and a change in how April has behaved, historically. And so, I understand your caution. But is there any of this that is explained by your own toughening comparisons that happened into 2Q from 1Q? Is any of April just mathematically-driven? Or are you seeing underlying weakness that's making you more cautious on the near term and on 2Q?

您說單打中期有所下降，而且從歷史上看，四月份的表現有所變化。因此，我理解你的謹慎。但是，您自己對第二季與第一季之間情況的比較是否可以解釋這一現象？四月的任何事都只是數學驅動的嗎？或者您看到了潛在的弱點，從而使您在短期內和第二季度更加謹慎？

Brian, I think that the more challenging comp period for the business will come actually in the next week, as we launch -- a successful launch of steak gets lapped. So COTE will lap over the launch of steak a year ago.

布萊恩，我認為對於公司來說更具挑戰性的競爭期實際上將在下週到來，因為我們將成功推出牛排產品。因此 COTE 將會超越一年前推出的牛排。

I think the April caution and results and the caution on the second quarter largely come from what we saw in April, where we had a period of limited menu and marketing activity. But that lapped the same type of situation last April.

我認為 4 月份的謹慎和業績以及第二季度的謹慎很大程度上來自於我們在 4 月份看到的情況，當時我們的菜單和行銷活動有限。但去年四月也出現同樣的情況。

It really reflects much more of an external environment and our take on consumer sentiment.

它實際上更反映了外部環境和我們對消費者情緒的看法。

Okay. And then, just real quick on your guidance for the year for adjusted EBITDA -- now approximately $30 million. I'm just trying to bridge to that guidance in my own model, when I use the midpoint of your revenue and your restaurant margin guidance. The bridge from there is about flat G&A year over year versus last year on an adjusted basis.

好的。然後，請快速介紹一下您對今年調整後 EBITDA 的預期——現在約為 3000 萬美元。當我使用您的收入和餐廳利潤指導的中點時，我只是嘗試在自己的模型中連接到該指導。由此得出的結論是，與去年相比，調整後的 G&A 年比持平。

Is that the right math there? Is that how you're thinking about G&A, as it relates to that $30 million of adjusted EBITDA?

那是正確的數學嗎？您對 G&A 的看法是這樣的嗎？它與 3000 萬美元的調整後 EBITDA 有什麼關係？

Yes. I would point out and say that, really, since the time we went public, the company continues to focus on gaining leverage in our G&A. And we continue to focus on that and accelerate that in this environment; and to make changes where we can adjust the G&A down, without impacting our strategies or our development.

是的。我想指出的是，自從我們上市以來，公司一直致力於在一般及行政管理方面獲得優勢。我們將繼續關注這一點，並在這種環境下加速這一進程；並在不影響我們的策略或發展的情況下做出改變，降低 G&A 成本。

And we will continue to really relentlessly pursue that in this environment.

我們將繼續在這種環境下堅持不懈地追求這一目標。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

I was wondering if there are any updates to how you're thinking about capital allocation and investment priorities, in light of the tougher macro environment and other external factors.

我想知道，鑑於更嚴峻的宏觀環境和其他外部因素，您對資本配置和投資重點有何看法？

I think, Jon, you mentioned 15% to 20% unit growth. Is that still a good anchor for the next few years? And what are some of the factors and triggers that could potentially shift that trajectory?

喬恩，我想你提到了 15% 到 20% 的單位成長率。在接下來的幾年裡，這仍然是一個很好的錨點嗎？那麼，哪些因素和觸發因素可能會改變這軌跡呢？

Christine, thanks for the question. I think what we said is that we were going to anticipate having a 15% algorithm and accelerating it up to 20%, over time. That is still the correct algorithm.

克里斯汀，謝謝你的提問。我認為我們所說的是，我們預計會有一個 15% 的演算法，並且隨著時間的推移將其加速到 20%。這仍然是正確的演算法。

And while you're correct that the external environment, right now, is certainly more challenging and changed somewhat abruptly around the beginning of April, we continue to have very strong return on capital on our new stores; and especially strong return on capital with our Infinite Kitchen.

雖然您說得對，目前的外部環境確實更具挑戰性，並且在 4 月初發生了一些突然的變化，但我們新店的資本回報率仍然非常高；尤其是我們的 Infinite Kitchen 的資本回報率很高。

As long as our return on capital remains at these levels, we don't see any change in our development.

只要我們的資本回報率保持在這些水平，我們的發展就不會發生任何變化。

Just one other question. Any metrics that you can share on the launch of the SG Rewards, to date? And how you plan to leverage the data you obtained from that program to inform your menu innovation, marketing, and other parts of the business?

還有一個問題。到目前為止，您可以分享任何有關 SG Rewards 推出的指標嗎？您計劃如何利用從該計劃獲得的數據來指導菜單創新、行銷和其他業務部分？

Yeah. Overall, very encouraged. Like I said, we're acquiring about 20,000 new digital customers on those SG Rewards program per week.

是的。整體來說，非常鼓舞。正如我所說，我們每週透過 SG Rewards 計畫獲得約 20,000 名新數位客戶。

Much of that conversion is happening in store. So we're now getting access to customer data on our analog in-store channel, as well as our digital channels. And we're starting to see, I'd say, some promising opportunities around the customer journeys and how we can drive the incremental visits.

大部分的轉變都是在商店內發生的。因此，我們現在可以透過模擬店內通路和數位管道存取客戶數據。我想說，我們開始看到圍繞客戶旅程的一些有希望的機會，以及我們如何推動增量訪問。

We have a very good team that's able to segment customers and do all kinds of different challenges and promos and see what works and lean on those ones. And especially in this environment, I see a huge opportunity.

我們擁有一支非常優秀的團隊，能夠細分客戶，進行各種不同的挑戰和促銷活動，了解哪些方法有效，並依靠這些方法。特別是在這種環境下，我看到了巨大的機會。

It also gives us really rich data, in terms of menu development. And we have a few exciting things planned on how we can leverage the digital environment to create more of a community.

在菜單開發方面，它也為我們提供了非常豐富的數據。我們計劃了一些令人興奮的事情，關於如何利用數位環境來創造更多的社區。

And we'll be sharing more on that in future calls.

我們將在未來的電話會議中分享更多相關資訊。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

You're going through another COO transition here, right? Could you just comment on if you think any of the priorities there will change or if it's more of a continuation of what you're doing? Is there anything that you thought was behind timing or needs to be shifted? What could evolve of operations' priorities?

您正在經歷另一次營運長的變動，對嗎？您能否評論一下，您是否認為那裡的任何優先事項都會發生變化，或者這是否只是您正在做的事情的延續？您認為有什麼事情落後於時間或需要改變嗎？營運重點將發生哪些變化？

Absolutely. We're really excited for Jason to join us. He brings a wealth of experience, specifically in restaurants.

絕對地。我們非常高興傑森能加入我們。他擁有豐富的經驗，特別是在餐飲方面。

The focus areas for us really are -- in terms of tightening up our standards -- to deliver, consistently, the quality food that customers expect.

就嚴格標準而言，我們真正關注的重點是始終如一地提供顧客期望的優質食品。

We also see a big opportunity, I mentioned earlier, on our digital make lines and making sure we're delivering accurately. And with the right portion size, we see a big opportunity there.

正如我之前提到的，我們還看到了數位生產線上的巨大機遇，並確保我們準確地交付。如果有合適的份量，我們就會看到巨大的機會。

And then, the last thing I'll say is with the growth plans we have ahead, we want to make sure our people flywheel is unlocked.

然後，我要說的最後一件事是，對於我們未來的成長計劃，我們希望確保我們的人才飛輪得到解鎖。

Today, we're seeing about 50% of head coaches being promoted, internally. We would like to take that number up, over time. We see our internal promotes being more successful.

如今，我們看到大約 50% 的主教練都是內部晉升的。我們希望隨著時間的推移，這個數字能夠不斷上升。我們看到我們的內部推廣更加成功。

So the other thing is how we can build better leadership capability and have a pipeline of future leaders.

所以另一件事就是我們如何能夠建立更好的領導能力並培養未來的領導者。

So it's operations, it's really -- it's all the little details to deliver whether it's the right tools; the right systems; and, most importantly, the right culture and leadership in each and every store.

所以這是運營，它實際上是——它是所有小細節，無論是正確的工具；正確的系統；最重要的是，每個商店的正確文化和領導。

And we're very confident in the wealth of leadership and experience that Jason will bring, as well as the rest of our ops leadership team, to continue to deliver on the Sweetgreen promise.

我們非常有信心，Jason 以及我們營運領導團隊的其他成員將憑藉豐富的領導力和經驗，繼續履行 Sweetgreen 的承諾。

Rahul Krotthapalli, JPMorgan.

摩根大通的 Rahul Krotthapalli。

Jonathan, a lot has been discussed, in terms of how advertising costs could get very low on a per transaction basis, I think especially as agencies give in to AI models and, like, large brands in the consumer and Internet industry are catching up on this.

喬納森，關於如何讓每筆交易的廣告成本變得非常低，已經有很多討論，我認為，特別是當廣告公司屈服於人工智慧模型，並且消費者和互聯網行業的大品牌正在迎頭趕上時。

You have been leading the space in business transformation in multiple areas of your operations, whatnot. Curious how you think about this area on advertising and marketing spend, as this is going to be a big focus, going forward, for your sales and traffic driver.

您一直在引領營運的多個領域的業務轉型。我很好奇您對廣告和行銷支出這一領域有何看法，因為這將成為您未來銷售和流量驅動的重點。

Rahul, thanks for the question. I do think it's a huge opportunity. We've been leveraging AI across the business in a number of use cases, whether it be workforce management, talent selection, and customer service, et cetera.

拉胡爾，謝謝你的提問。我確實認為這是一個巨大的機會。我們已經在多種業務中使用人工智慧，無論是勞動力管理、人才選拔、客戶服務等等。

And I think there's a lot of opportunities to leverage AI, in terms of loyalty and customer acquisition as well.

我認為在忠誠度和客戶獲取方面有很多機會可以利用人工智慧。

So we're exploring and testing a bunch of things today. We're hopeful that it can help us, in terms of our cost per acquisition of customers and our retention.

所以我們今天正在探索和測試很多東西。我們希望它能夠在客戶獲取成本和客戶保留率方面對我們有所幫助。

I'd say it's still early days; but a number of tests and pilots that the team is all over, right now.

我想說現在還為時過早；但是團隊現在已經完成了很多測試和試點。

Ladies and gentlemen, that concludes today's call. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。您現在可以斷開連線。