Sweetgreen Inc (SG) 2025 Q2 法說會逐字稿

Hello, and thank you for standing by. My name is Lacey and I will be your conference operator today. At this time, I would like to welcome everyone to the Sweetgreen Inc., second-quarter 2025 earnings call.

您好，感謝您的支持。我叫萊西 (Lacey)，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Sweetgreen Inc. 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

I would now like to turn the conference over to Rebecca Nounou. You may begin.

現在我想將會議交給 Rebecca Nounou。你可以開始了。

Thank you and good afternoon everyone. Speaking on today's call will be Jonathan Nieman, 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. Today's call is being webcast live and recorded for replay. The earnings release is available on the investor relations section of Sweetgreen's website at investor.sweetgreen.com.

謝謝大家，下午好。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·尼曼 (Jonathan Nieman) 和首席財務官米奇·雷巴克 (Mitch Reback)。兩人將在準備好的發言之後的問答環節中回答問題。今天的電話會議將透過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. We also direct you to our earnings release for additional information regarding our use of non-gap financial measures, including reconciliation of non-gap financial measures mentioned on the call with their corresponding GAAP measures. Our earnings release can be found on our investor website, and now I'll turn the call over to Jonathan to kick things off.

我想提醒大家，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信息，我們不承擔公開更新或修改我們的前瞻性陳述的義務。我們還將引導您參閱我們的收益報告，以獲取有關我們使用非缺口財務指標的更多信息，包括電話會議中提到的非缺口財務指標與其相應的 GAAP 指標的對帳。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.

謝謝你，麗貝卡，下午好。

For the past 18 years we have been building a generational brand, one that reimagines fast food to be healthy, craveable, and rooted in the highest standards of sourcing.

在過去的 18 年裡，我們一直致力於打造一個代際品牌，重新定義快餐，使其更加健康、令人垂涎，並植根於最高的採購標準。

The brand resonates broadly across geographies, demographics, and day parts, reinforcing our conviction in the significant white space ahead and our long-term potential.

該品牌在各個地域、各個人口統計和各個時段都引起了廣泛的共鳴，增強了我們對未來巨大空白和長期潛力的信心。

For the second quarter, we reported sales of $185.6 million and a same source sales decline of 7.6%. Restaurant level margin for the quarter was 18.9%, and we posted an adjusted IBEA of $6.4 million.

第二季度，我們的銷售額為1.856億美元，同源銷售額下降7.6%。本季餐廳利潤率為18.9%，調整後IBEA為640萬美元。

Let me be clear, we are not satisfied with the results we're reporting today. These results reflect the convergence of several external headwinds and internal actions which were a more cautious consumer environment starting in April, lapping a tough comparison with last year's successful stake launch and the transition of our new loyalty program at the beginning of the quarter.

讓我明確一點，我們對今天報告的結果並不滿意。這些結果反映了多種外部不利因素和內部行動的匯合，即從 4 月開始的更謹慎的消費環境，與去年成功的股權發行和本季初的新忠誠度計劃的轉變形成了鮮明對比。

I want to take a moment to provide more context around these dynamics and the steps we're taking in response.

我想花點時間提供有關這些動態的更多背景資訊以及我們為應對而採取的措施。

In the 2nd quarter, we operated in a subdued industry backdrop, particularly in several of our largest urban markets. To address this, we've made thoughtful changes to enhance our value proposition, including increasing our chicken and tofu portioning by 25%, updating our chicken and salmon recipes to improve taste and quality, and addressing price perception through strategic LTO pricing, menu board architecture, and loyalty exclusive $13 menu bow drops.

在第二季度，我們的營運處於低迷的行業背景下，尤其是在我們幾個最大的城市市場。為了解決這個問題，我們做出了深思熟慮的改變來增強我們的價值主張，包括將雞肉和豆腐的份量增加 25%，更新雞肉和鮭魚食譜以改善口味和質量，並通過戰略性 LTO 定價、菜單板架構和忠誠度專屬 13 美元菜單來解決價格認知問題。

These initiatives are already driving an impact in the 3rd quarter. Our summer menu, which launched July 7th, is mixing at 15% of all entrees, and 1 in 3 customers who tried a seasonal entree returned within 2 weeks. We've also seen a meaningful uptick in guest satisfaction with a 30% improvement in feedback related to our new protein portion sizes.

這些舉措在第三季已經產生影響。我們的夏季菜單於 7 月 7 日推出，其中 15% 的主菜都是混合菜，每 3 名嘗試過當季主菜的顧客中就有 1 名在 2 週內再次光顧。我們也看到客人滿意度顯著上升，有關我們新的蛋白質份量大小的回饋增加了 30%。

We are focused on elevating the quality and freshness of every item we serve by reducing whole times and improving consistency. To support this, we're thoughtfully evolving our menu strategy to balance innovation with operational excellence. Looking ahead, we have 2 more seasonal menus slated in 2025 and are planning at least 8 seasonal or LTO moments in 2026.

我們致力於透過縮短整個時間並提高一致性來提高我們提供的每種產品的品質和新鮮度。為了支持這一點，我們正在深思熟慮地改進菜單策略，以平衡創新與卓越營運。展望未來，我們計劃在 2025 年推出另外 2 份季節性菜單，並計劃在 2026 年推出至少 8 份季節性或 LTO 時刻。

We remain focused on strengthening our value proposition and driving frequency through both menu innovation and our reimagined loyalty program, which launched at the start of the 2nd quarter.

我們將繼續致力於透過菜單創新和在第二季初推出的重新構想的忠誠度計劃來加強我們的價值主張和推動頻率。

The transition to SG Rewards created around 250 basis point headwind to our second quarter same source sales. This was driven by two factors. First, deferred revenue recognition tied to the structure of the new program. And second, a fall off in revenue from a small but highly important cohort of former Sweet Pass Plus members following the discontinuation of the subscription program.

向 SG Rewards 的轉型為我們第二季的同源銷售額帶來了約 250 個基點的阻力。這是由兩個因素造成的。首先，遞延收入確認與新計畫的結構掛鉤。其次，隨著訂閱方案的停止，一小部分但非常重要的前 Sweet Pass Plus 會員的收入出現了下降。

We believe these impacts from the loyalty program are temporary. Active membership in the program is growing, and 90 day frequency trends have steadily improved. We're also seeing early signs of frequency recovery in our former CA Plus cohort as a result of our personalized CRM offers. While we recognize that broadening benefits across a larger base of customers has brought some near-term headwind, we're confident this tradeoff will deliver positive results starting in the 4th quarter.

我們相信忠誠度計劃帶來的這些影響是暫時的。該計劃的活躍會員人數正在不斷增加，並且 90 天頻率趨勢穩步改善。由於我們提供個人化的 CRM 服務，我們也看到先前的 CA Plus 群組頻率出現恢復的早期跡象。雖然我們認識到擴大客戶群的福利帶來了一些短期阻力，但我們相信這種權衡將從第四季度開始帶來積極的結果。

In the last 100 days, we made two significant hires to our executive team. On September 2nd, we will welcome Zippora Allen as our new Chief Commercial Officer. Zippora brings deep experience in brand building and customer engagement, having led digital at Taco Bell and marketing at Strava.

在過去的 100 天裡，我們為管理團隊進行了兩次重要聘任。9 月 2 日，我們將歡迎 Zippora Allen 擔任我們的新商務長。Zippora 曾領導 Taco Bell 的數位行銷和 Strava 的行銷工作，在品牌建立和客戶參與方面擁有豐富的經驗。

She will play a critical role in sharpening our brand positioning and menu, driving demand, and strengthening the overall guest experience.

她將在完善我們的品牌定位和菜單、推動需求和增強整體客戶體驗方面發揮關鍵作用。

In May, Jason Cochran joined us as Chief Operating Officer, and his positive impact is being felt all across the organization.

五月，Jason Cochran 加入我們並擔任首席營運官，他的積極影響正在整個組織中蔓延。

As Jason has spent time in the field, he's been inspired by the strength of our team and the culture we've built. At the same time, he sees clear opportunities to raise the bar. The fundamentals like sourcing, cooking, and throughput are there, but they're not always delivered with the consistency our guests expect or deserve.

隨著傑森在該領域工作的時間越來越長，他受到了我們團隊的實力和我們建立的文化的啟發。同時，他也看到了提高標準的明顯機會。採購、烹飪和產量等基本要素都已具備，但它們並不總是能達到客人期望或應得的一致性。

Today, about 1/3 of our restaurants are consistently operating at or above standard, while the remaining 2/3 represent a meaningful opportunity for improvement. Jason's assessment is grounded in a set of 6 operational metrics related to P&L, people, customer health, and throughput that allow us to objectively measure restaurant performance and identify where support and focus are most needed.

如今，我們約有三分之一的餐廳始終保持或超過標準的運營，而剩餘的三分之二則代表著有意義的改進機會。Jason 的評估是基於與損益表、人員、客戶健康和吞吐量相關的一組 6 個營運指標，這些指標使我們能夠客觀地衡量餐廳的表現並確定最需要支援和關注的地方。

He has launched Project One Best Way, a system-wide effort to elevate operational excellence by implementing clear operating standards, performance-based leadership, accountability, and measured execution. Project one best way isn't about reinventing our operations. It's about applying the standard of excellence with operational process, building on what's already working, and ensuring every restaurant delivers to our highest standard.

他啟動了“最佳方式專案”，這是一項全系統性的努力，旨在透過實施明確的營運標準、基於績效的領導力、問責制和可衡量的執行來提高卓越營運水平。專案的最佳方式並不是重塑我們的營運。它是關於將卓越標準應用於營運流程，在現有基礎上再接再厲，確保每家餐廳都達到我們的最高標準。

We expect to see substantial improvement over the coming quarters. Customer satisfaction has improved, especially around accuracy, food quality, and portioning thanks to focus actions we've taken to drive consistency and reinforce value.

我們預計未來幾季將會大幅改善。由於我們採取了重點行動來提高一致性和強化價值，客戶滿意度得到了提高，特別是在準確性、食品品質和分量方面。

This momentum reflects the resilience and determination of our teams to deliver the best guest experience along with the clarity, urgency, and operational discipline Jason has brought to the organization.

這一勢頭反映了我們團隊的韌性和決心，旨在提供最佳的客戶體驗，以及 Jason 為組織帶來的清晰度、緊迫性和營運紀律。

His leadership is already making an impact, and we're confident in his ability to drive lasting change across the fleet.

他的領導能力已經產生了影響，我們相信他有能力推動整個船隊的持久變革。

We remain highly encouraged by the financial and operational performance of the Infinite kitchen, which continues to outpace comparable restaurants in both age and volume. These units are delivering significant labor savings driven by greater efficiency, throughput capacity, and consistent execution. Our current cohort is also seeing elevated native digital sales, reflecting the model's ability to deliver fast, high quality food at scale.

我們仍然對 Infinite 廚房的財務和營運表現感到非常鼓舞，其在年齡和數量上繼續超過同類餐廳。這些部門透過提高效率、提高生產能力和保持一致的執行方式，節省了大量勞動力。我們目前的客戶群也看到了本土數位銷售額的提升，這反映了該模式大規模提供快速、高品質食品的能力。

While this quarter doesn't reflect the standard we set for ourselves, we're energized by the early traction we're seeing from the return of our summer seasonals to the momentum and loyalty.

雖然本季的表現並未反映出我們為自己設定的標準，但我們對夏季季節性回歸的勢頭和忠誠度所展現出的早期吸引力感到振奮。

At Sweetgreen, everything starts with a guest. We're relentlessly focused on delivering the superior experience through every touch point with a focus on reinvesting efficiencies from GNA and other areas to make investments in protein portions, delivering value through loyalty, and investing in our team to create faster, more hospitable experiences. This will create a flywheel of increased traffic and frequency as we continue to delight and deliver increased value to our guests.

在 Sweetgreen，一切從客人開始。我們堅持不懈地致力於透過每個接觸點提供卓越的體驗，重點重新投資 GNA 和其他領域的效率，以投資蛋白質份量、透過忠誠度提供價值，並投資我們的團隊以創造更快、更熱情的體驗。這將創造一個飛輪，增加客流量和頻率，因為我們將繼續取悅客人並為他們提供更高的價值。

Thank you for believing in Sweetgreen.

感謝您相信 Sweetgreen。

Thank you, Jonathan, and good afternoon, everyone.

謝謝你，喬納森，大家下午好。

Total revenue for the quarter was $185.6 million, up from $184.6 million in the second quarter of 2024.

本季總營收為 1.856 億美元，高於 2024 年第二季的 1.846 億美元。

Same store sales for the quarter declined 7.6% compared to the prior year period. This reflects a 2.5% benefit from menu price increases and a negative 10.1% impact from traffic and mix. Our average unit volume in the second quarter was $2.8 million.

本季同店銷售額與去年同期相比下降了 7.6%。這反映了菜單價格上漲帶來的2.5%的收益，以及客流量和產品組合帶來的10.1%的負面影響。第二季我們平均單位銷售額為280萬美元。

We opened 9 restaurants, 4 of which were infinite kitchens, ending the second quarter with 260 restaurants, notably Forest Hills in Queens, New York opened as one of the strongest in the company history.

我們開設了 9 家餐廳，其中 4 家是無限廚房，第二季結束時餐廳總數為 260 家，尤其是紐約皇后區的 Forest Hills 餐廳，是公司歷史上最強大的餐廳之一。

Our 2024 class of new restaurants continues to track towards its year two metrics in year 1, delivering a second quarter margin well above the fleet average. Notably 40% of this class is located in legacy markets and 60% in new markets. This reaffirms our confidence in the effectiveness of our real estate strategy and the significant long-term growth opportunity that lies ahead.

我們的 2024 年度新餐廳在第一年繼續朝著第二年的指標邁進，第二季的利潤率遠高於餐廳平均水平。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。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 are taking important steps to sharpen our portfolio in New York City. In July, we closed two restaurants, Bleecker and Astor Place. These were older, smaller footprint locations, and we strategically redirected volume to 3 newer, larger restaurants nearby. In just a few weeks, those receiving locations have seen same store sales increase by 15 to 20%, an early sign that we've successfully capturing demand.

我們正在採取重要措施來加強我們在紐約市的投資組合。7 月份，我們關閉了兩家餐廳，Bleecker 和 Astor Place。這些餐廳比較老，佔地面積較小，我們策略性地將客流量轉移到附近 3 家較新、較大的餐廳。在短短幾週內，這些接收地點的同店銷售額就成長了 15% 至 20%，這是我們成功抓住需求的早期跡象。

Well, we've done relatively little to our footprint in New York City since the pandemic. We're now actively reinvesting in the market.

嗯，自從疫情爆發以來，我們在紐約市的足跡相對較少。我們現在正在積極地對市場進行再投資。

This summer we opened Forest Hills, Park Slope, and 20 3rd and Park with the Lower East Side expected this fall. We're also relocating Union Square, which opened in 2015, and Nomad, our first New York City location, which opened in 2013. We are relocating them to improved locations, and both will contain infinite kitchens.

今年夏天，我們開放了森林小丘、公園坡、20 3rd and Park，預計今年秋天開放下東區。我們也將搬遷 2015 年開幕的聯合廣場店和 2013 年開幕的首家紐約市店 Nomad 店。我們正在將它們搬遷到更好的位置，並且兩者都將包含無限的廚房。

As leases mature on a small number of older locations, we see opportunities to consolidate volume into newer units, particularly in established urban markets where the footprint no longer aligns with our strategy.

隨著少數老舊地點的租約到期，我們看到了將業務量整合到新單位的機會，特別是在那些足跡不再符合我們策略的成熟城市市場。

We expect this disciplined approach will strengthen AUVs, same store sales, and margins as we scale towards 1,000 domestic locations.

我們預計，隨著我們向 1,000 家國內門市擴張，這種嚴謹的方法將會增強平均營業額 (AUV)、同店銷售額和利潤率。

For 2025 we anticipate opening at least 40 new restaurants and plan to enter 4 new markets Arkansas, Sacramento, Phoenix, and Cincinnati.

到 2025 年，我們預計將開設至少 40 家新餐廳，並計劃進入 4 個新市場：阿肯色州、薩克拉門托、菲尼克斯和辛辛那提。

We continue to expect at least 20 new restaurants will have the infinite kitchen with an additional 2 relocations that will be upgraded with the infinite kitchen.

我們繼續預計至少有 20 家新餐廳將擁有無限廚房，另外還有 2 家搬遷的餐廳將升級為無限廚房。

This year's pipeline also includes two new Sweet lane locations, one classic and our first with an infinite kitchen. Restaurant level profit margin for the quarter was 18.9% compared to 22.5% a year ago, primarily driven by sales de leverage and some tariff impact. Restaurant level profit for the second quarter was 35.1 million, down 15% year over year. For a reconciliation of restaurant level profit and restaurant level margins to comparable GAAP figures, please refer to the earnings release.

今年的計劃還包括兩個新的 Sweet Lane 餐廳，一個是經典餐廳，另一個是我們第一個擁有無限廚房的餐廳。本季餐廳利潤率為 18.9%，去年同期為 22.5%，主要受銷售槓桿和部分關稅影響。第二季餐廳層級獲利為3,510萬，較去年同期下降15%。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 for 27.7% of revenue for the quarter, roughly 70 basis points above the prior year period, primarily driven by a 40 basis point increase due to tariffs and duties on packaging. This is a level we expect to persist in the near term.

食品、飲料和包裝成本佔本季收入的 27.7%，比去年同期高出約 70 個基點，主要原因是包裝關稅和稅費增加 40 個基點。我們預計這一水平將在短期內持續下去。

Labor related expenses were 27.5% of revenue for the second quarter, a 60 basis point increase year over year. This year over year increase is attributable to the leverage from the change in sales volume and wage rate increases. Offsetting these pressures is improvements in our labor optimization.

第二季勞動力相關費用佔營收的27.5%，年增60個基點。這一同比增長歸因於銷售量變化和工資率上漲帶來的槓桿作用。抵銷這些壓力的是我們勞動力優化的改進。

Occupancy and related expenses were 8.9% of revenue, 80 basis points higher than the prior year period.

入住及相關費用佔營收的 8.9%，比去年同期高出 80 個基點。

Operating support center costs in the second quarter decreased versus the prior year period on a dollar basis. As a percent of revenue year over year operating support center costs for the second quarter decreased to 14.1% from 15.2%. In the 3rd quarter we restructured parts of our team and eliminated 10% of open and existing roles.

第二季度營運支援中心成本與去年同期相比有所下降。第二季營運支援中心成本佔營收的百分比年減，從去年同期的15.2%降至14.1%。第三季度，我們重組了部分團隊，並裁減了10%的空缺和現有職位。

Net loss for the quarter was $23.2 million as compared to a loss of $14.5 million in the prior year period. The increase in net loss is primarily due to a $6.4 million decrease in our restaurant level profit and a $5.3 million dollar impairment charge due to the closure of two restaurants and three other restaurants that we will continue to operate.

本季淨虧損為 2,320 萬美元，去年同期淨虧損為 1,450 萬美元。淨虧損增加主要是由於我們餐廳層面的利潤減少了 640 萬美元，以及因關閉兩家餐廳和我們將繼續經營的另外三家餐廳而產生的 530 萬美元的減損費用。

Adjusted EBITDA, which excludes stock-based compensation and certain other adjustments, was $6.4 million for the second quarter compared to $12.4 million in the prior year period.

調整後 EBITDA（不含股票薪酬和某些其他調整）第二季為 640 萬美元，而去年同期為 1,240 萬美元。

We ended the quarter with a cash balance of $168 million.

本季末我們的現金餘額為 1.68 億美元。

Now turning to our fiscal year 2025 outlook for the fiscal year 2025, we are anticipating the following at least 40 net new restaurant openings, revenue ranging from $700 million to $715 million negative same store sales of 6% to 4%.

現在轉向我們對 2025 財年的展望，我們預計 2025 財年將至少淨開設 40 家新餐廳，收入在 7 億美元至 7.15 億美元之間，同店銷售額將下降 6% 至 4%。

Restaurant level margin of approximately 17.5%. And adjusted Ibida between 10 and 15 million.

餐廳層面的利潤率約為17.5%。調整後的Ibida在1000萬至1500萬之間。

On the development front, half of the 2025 pipeline is opening in the 4th quarter.

在開發方面，2025 年管道的一半將於第四季開通。

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

我們預計今年剩餘時間內價格不會上漲。

Q2 is a challenging quarter shaped by a combination of internal and external headwinds. Several pressures converged at once, but the actions we've taken are already beginning to show positive results. We've brought back fan favorite seasonals and chef collaborations, introduced more moderate price points to strengthen value perception, made strategic adjustments to our New York City footprint, and we are making improvements in our operations. On the loyalty front, we're seeing steady weekly improvement in guest frequency since the April relaunch, an encouraging sign.

第二季度是一個充滿挑戰的季度，受到內部和外部不利因素的共同影響。多種壓力同時出現，但我們採取的行動已開始產生正面效果。我們重新推出了粉絲們最喜愛的時令菜餚和廚師合作產品，推出了更適中的價格點以加強價值念，對我們的紐約市業務進行了戰略調整，並且我們正在改進我們的運營。在忠誠度方面，自從四月重新開業以來，我們看到每週的客人頻率都在穩步提高，這是一個令人鼓舞的跡象。

We're not yet where we want to be. We're confident that these actions position sweet green to emerge stronger, more focused, and better aligned with what our guests and investors expect from us.

我們還沒有達到我們想要達到的目標。我們相信，這些舉措將使 Sweet Green 變得更加強大、更加專注，並更好地滿足我們的客人和投資者對我們的期望。

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

現在我將回撥給接線員開始問答環節。

(Operator Instructions) Sharon Zackfia, William Blair.

（操作員指示）Sharon Zackfia，William Blair。

Hi, good afternoon. I guess maybe two questions. First, there was a lot in the prepared commentary that kind of indicated reasons for hope, if you will, and I'm wondering if you are actually seeing com improve, so far in the 3rd quarter. And then secondarily, Jonathan, you had a lot there about operations and it sounds like the bulk of units are not kind of hitting the standards where you want them to be. I guess at this point, what is the biggest issue? Is it accuracy, is it portion is it speed, and is there incremental labor that you need to invest to kind of get to where you want to be at those units?

嗨，下午好。我想也許有兩個問題。首先，如果您願意的話，準備好的評論中有很多內容表明了人們充滿希望的理由，我想知道到目前為止，在第三季度，您是否真的看到了商業狀況的改善。其次，喬納森，您談了很多有關營運的問題，聽起來大多數單位都沒有達到您所希望的標準。我想，目前最大的問題是什麼？它是準確性嗎？它是部分性嗎？它是速度嗎？您是否需要投入增量勞動力才能達到您想要的水平？

Thank you.

謝謝。

Thank you, Sharon. So on your first question, the answer is yes. We see some encouraging signs so far in Q3. We have seen a modest improvement in same source sales, and I think a lot of that has been due to the rollout of the seasonal menu as well as the loyalty program. So that's one in terms of comp and despite, what we see as a really rough quarter, I am very confident in the plan ahead.

謝謝你，莎倫。因此，對於您的第一個問題，答案是肯定的。到目前為止，我們在第三季看到了一些令人鼓舞的跡象。我們看到同源銷售額略有改善，我認為這在很大程度上要歸功於季節性菜單和忠誠度計劃的推出。因此，就薪酬而言，儘管我們認為這是一個非常艱難的季度，但我對未來的計劃非常有信心。

As your second question, absolutely believe that us delivering an excellent guest experience is how we're going to win. And for us that means a few things. One, it's a focus on people and culture. I've said many times the head coach is just our general manager is the most important role inside of our restaurants. The huge focus on hiring, training, and developing the best head coaches.

正如您的第二個問題，我絕對相信，提供卓越的客戶體驗是我們獲勝的關鍵。對我們來說這意味著一些事情。一是關注人與文化。我已經說過很多次了，總教練就像我們的總經理一樣，是我們餐廳裡最重要的角色。專注於聘用、培訓和培養最好的主教練。

Today, some kind of early indicators of that success is our head coach ability it's higher than it's ever been. It's continued to increase. Head coaches enroll for over a year. Our stability metric is up to 57%. So some early indications of that working. We're also seeing team member turnover at its historic low. We should end the year in somewhere in the 800% range. So huge focus on people and culture, and we believe that that is going to be the number one driver of delivering an excellent guest experience.

今天，成功的一些早期指標是我們的主教練的能力比以往任何時候都高。它還在持續增加。主教練的報名時間超過一年。我們的穩定性指標高達57%。因此，一些早期跡象表明這項措施正在發揮作用。我們也看到團隊成員的流動率處於歷史最低水準。我們今年的業績應該會達到 800% 左右。我們非常重視人和文化，我們相信這將是提供卓越賓客體驗的首要驅動力。

With that, a huge focus on internal development because we know when we develop leaders internally, not only do they deliver better guest experiences, it creates a great culture and it creates that people flywheel. Second, I want to talk about Project One Best Way and Jason Jason Cochran, our new COO. So we're very encouraged. He's been here just 90 days, but already his impact has been felt, and we've launched what we call Project one best way.

因此，我們非常重視內部發展，因為我們知道，當我們在內部培養領導者時，他們不僅能提供更好的客戶體驗，還能創造良好的文化，創造人才飛輪。其次，我想談談 Project One Best Way 和我們的新任營運長 Jason Jason Cochran。因此我們感到非常鼓舞。他來這裡才 90 天，但他的影響已經顯現，我們啟動了所謂的「最佳方式計畫」。

Really two major focuses there. One is throughput, and for us the reason throughput is so important is it's not just about the speed of service. But in order to deliver fast throughput, it means you have to be fully staffed, trained, properly deployed, food prepped, and energized to deliver for our guests. So we have goals of increasing our throughput for every, 10% increase in our peak throughput. We see about a 1% comp lift, and we know there's a lot of room for us to increase our speed of service. Second is around elevating food standards.

那裡確實有兩個主要焦點。一是吞吐量，對我們來說吞吐量如此重要的原因在於它不僅與服務速度有關。但為了快速完成任務，這意味著你必須配備齊全的人員、經過培訓、適當部署、準備好食物並充滿活力地為我們的客人提供服務。因此，我們的目標是，峰值吞吐量每增加 10%，我們的吞吐量就會增加 10%。我們看到大約 1% 的提升，我們知道我們還有很大的提升服務速度的空間。第二是提高食品標準。

For us, there's a couple things underneath that. One, we talked about portioning. We made a strategic decision to reinvest in the guest experience and increase our chicken and tofu portions by 25%. I'm really giving back to the guests. We've found many offsets to fund that through GNA and working on other productivity efficiencies within the restaurant to offset that investment, but already it's being felt and in the prepared remarks that we're seeing about a 30% lift in the satisfaction around portioning and we haven't even spoken about it yet. This is the first time we've talked to our customers about it.

對我們來說，這其中有幾件事。首先，我們討論了分配問題。我們做出了一項策略決策，重新投資於客戶體驗，並將雞肉和豆腐的份量增加 25%。我真的是在回饋客人。我們已經找到了很多補償措施，透過 GNA 來資助這項投資，並在餐廳內開展其他生產力效率工作來抵消這項投資，但我們已經感受到了這一點，並且在準備好的評論中，我們看到分餐滿意度提高了約 30%，而我們甚至還沒有談到這一點。這是我們第一次與客戶談論此事。

And then lastly, it's really about how we elevate our food standards. We we've looked really closely at our whole times, our freshness standards, and how do we make sure and all of our recipes and making sure that we're delivering our best. We buy the best. Food from great farmers and the idea is we need to make sure we are delivering on that on that promise and the stores that we are doing this are doing fantastically well. We see them comping.

最後，這其實是關乎我們如何提高食品標準。我們非常仔細地審視了我們的整個時間、我們的新鮮度標準，以及如何確保我們所有的食譜都能提供最好的服務。我們買最好的。食物來自優秀的農民，我們需要確保我們兌現承諾，而我們這樣做的商店的表現非常好。我們看到他們在表演。

So when you have that all working and you're delivering an excellent guest experience, we're seeing constant transactions grow. So that, if I could leave with one thing, our main focus is on executing brilliantly with a focus on people throughput and quality food standards.

因此，當您讓所有一切正常運作並提供出色的客戶體驗時，我們就會看到交易量不斷增長。因此，如果我能留下一件事的話，我們的重點是出色地執行，重點是人員吞吐量和優質食品標準。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Thanks for taking the questions.

感謝您回答這些問題。

Maybe just a couple real quick, hopefully, Mitch, I think you touched on something earlier in the commentary prepared remarks regarding labor, and I'm just curious if you could follow up on it because your labor costs per store we were down pretty nicely year over year. Obviously you levered on sales being down, but I'm just hoping you could flesh out, what's going on there and if we can expect that to continue going forward. This year and in the next year and what those driving forces are.

也許只是幾個非常快速的問題，希望如此，米奇，我認為你在之前的評論中提到了一些關於勞動力的準備意見，我只是好奇你是否可以跟進一下，因為你們每家商店的勞動力成本同比下降得相當不錯。顯然，您利用了銷售額下降的優勢，但我只是希望您能夠詳細說明那裡發生了什麼，以及我們是否可以預期這種情況會繼續下去。今年和明年的驅動力是什麼。

Hey, thank you, John. Yeah, we're real happy with the improvements we've seen in labor. Our workforce management is working really well, and as you commented, our productivity in the 2nd quarter actually held with where we were last year despite some of the challenges in sales. We're seeing the lowest level of turnover the business has seen since COVID, and some of the hiring we've done has really driven up our retention.

嘿，謝謝你，約翰。是的，我們對勞動力方面的改善感到非常高興。我們的勞動力管理工作做得非常好，正如您所說，儘管銷售方面面臨一些挑戰，但我們第二季的生產力實際上與去年同期持平。我們正經歷新冠疫情以來最低的業務流動率，而我們進行的一些招聘確實提高了我們的員工留任率。

At the team member level and our head coach stability is probably at an all-time high, so we're just very encouraged by the systems we've put in place, the processes, the hiring, and the head coach stability, and we anticipate further gains as we kind of look out on the future. But really pleased with the progress we've been able to make and I think it would only improve as we get to our sales flywheel a little bit faster.

在團隊成員層面，我們的主教練的穩定性可能達到了歷史最高水平，因此，我們對所建立的系統、流程、招募和主教練的穩定性感到非常鼓舞，並且我們預計在展望未來時會取得進一步的進步。但我們對所取得的進展感到非常高興，我認為隨著我們的銷售飛輪速度加快，情況只會有所改善。

Got it. Okay. And you had spoke to in Manhattan closing down a few stores and hopefully consolidating some of the sales into other stores in the market, but as you look across the rest of your store base, are there other kind of troubled markets or maybe markets where you feel like there's a few more stores that perhaps need in that, yeah, bottom 2/3 of the Underperforming store base in terms of, the operations that you feel like might be on that chopping block for closure.

知道了。好的。您曾談到在曼哈頓關閉幾家門市，並希望將部分銷售額整合到市場上的其他門市，但當您環顧其餘門市時，是否還有其他陷入困境的市場，或者您覺得在這些市場中可能還有幾家門市需要關閉，是的，表現不佳的門市群底部 2/3 的門市，您覺得這些門市的業務可能會被關閉。

John, let me qualify that a little bit. I don't think the store closure was related to problems in the market. I think the store closures were related to the fact that the stores were coming up on 10 years, and most of our leases are 10 years, and in this particular instance roughly the stores are approximately 1,500 square feet. So we had newer, larger.

約翰，讓我稍微解釋一下。我認為商店關閉與市場問題無關。我認為關閉商店是因為這些商店的租期即將達到 10 年，而我們的大多數租約都是 10 年，在這個特定情況下，這些商店的面積約為 1,500 平方英尺。所以我們有更新、更大的。

Locations that were when I did it probably within a 5 minute walk of these stores, so it was more a function of moving the volume to newer stores that would have a better customer experience and a better team member experience and closing the older, smaller footprint stores. I would say as we look out there remains an opportunity to do that, particularly in the urban.

我當時做的這些事情的地點大概在距離這些商店步行 5 分鐘的範圍內，因此這更多的是為了將業務量轉移到擁有更好的客戶體驗和更好的團隊成員體驗的新商店，並關閉舊的、佔地面積較小的商店。我想說，只要我們放眼望去，就仍然有機會做到這一點，特別是在城市。

Centers that were opened up around 10 years ago, but you're probably on balance talking, if I had to guess, a handful of stores, not a dramatic change in the footprint, and we're very pleased with what we're seeing right now as I think was in the prepared remarks. The volume is transferring to the 3 nearby stores. So instead of having 5 stores, we now have 3 very strong stores.

這些中心大約在 10 年前開業，但如果我不得不猜測的話，總的來說，可能只有少數幾家商店，規模沒有發生太大變化，我們對現在看到的情況非常滿意，我想我們在準備好的評論中已經提到了這一點。銷量正在轉移到附近的 3 家商店。因此，我們現在擁有 3 家非常強大的商店，而不是 5 家。

Great, thanks for taking the questions.

太好了，感謝您回答這些問題。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Great, thank you very much, John. Despite the strong performance of new stores and the guidance for 40 openings in 25 was maintained, why not consider a slowdown of development to focus more intensely on the same sort of sales turnaround and to help better preserve cash.

太好了，非常感謝，約翰。儘管新店表現強勁，並維持了 25 年內新開 40 家店的預期，但為什麼不考慮放慢發展速度，以便更加專注於實現同樣的銷售扭虧為盈，並更好地保留現金呢？

Thank you, Andrew. So first I'd like to say we have very strong conviction in the long term t of the company of about at least 1,000 stores and our algo of at least, 15 or 20%. We're continuing to build the 2026 pipeline and are really being super disciplined around the stores, taking the learnings from the past few years, how we choose real estate, making sure we're operationally prepared to run them.

謝謝你，安德魯。因此，首先我想說的是，我們非常有信心公司的長期前景至少是 1,000 家門市，而我們的演算法至少是 15% 或 20%。我們正在繼續建造 2026 年的管道，並且在商店方面非常嚴格，吸取過去幾年的經驗教訓，了解如何選擇房地產，確保我們在營運上做好營運準備。

And also have a huge focus on build out costs. So as we we believe as we're able to continue to drive down build out costs, we'll be able to we'll be able to continue to drive our return on capital. Also to say going to be super disciplined. We'll come back more on what our pipeline is for 2026, but the focus is only on doing stores that meet our thresholds and hopefully we can actually improve our unit economics as we continue to grow.

並且也非常關注建造成本。因此，我們相信，只要我們能夠繼續降低建設成本，我們就能夠繼續提高資本回報率。也就是說，我們要非常自律。我們將更多地回顧 2026 年我們的產品線，但重點只是開設符合我們門檻的商店，希望隨著我們繼續發展，我們能夠真正提高單位經濟效益。

Okay.

好的。

And then, Mitch, to follow up, can you help contextualize what's driving the restaurant level margining guidance down by 200 base points, is this more of a function of sales to leverage, or would you attribute more to the portioning investment or or perhaps something else?

然後，米奇，接下來，您能否幫助我們解釋一下導致餐廳級別利潤率指導下降 200 個基點的原因，這更多的是銷售額與槓桿作用的結果，還是更多地歸因於分配投資或其他因素？

Now Andrew, I think you caught it. It would be largely sales leverage. The portioning impact is roughly 120 basis points, and we are continuing to look for offsets to that, both in the restaurant level margin area as well as GNA, and there were 40 basis points for tariffs.

現在安德魯，我想你已經明白了。這在很大程度上是銷售槓桿。分配影響約為 120 個基點，我們正在繼續尋找抵消措施，包括餐廳級利潤區域以及 GNA，其中關稅為 40 個基點。

Thank you.

謝謝。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you. I guess maybe I just wanted to go back to maybe the two trends. I know you're making investments in portion.

謝謝。我想也許我只是想回到這兩個趨勢。我知道您正在進行部分投資。

It looks like some of the margin compression was actually from higher restaurant level advertising spend, but you didn't see it in transaction growth, and I guess I'm trying to understand, do you think that the issue was that people didn't recognize the portion investments and the marketing press didn't work, typically I would have maybe a little bit of a sequential improvement, but actually you know trends got worse on a stack basis, even after you had some of these idiosyncratic headwinds in the first quarter.

看起來利潤率壓縮的部分原因實際上是餐廳層面的廣告支出增加，但您並沒有在交易增長中看到這一點，我想了解的是，您是否認為問題在於人們沒有意識到部分投資，而且營銷媒體沒有發揮作用，通常我可能會有一點連續的改善，但實際上，即使在第一季度遇到了一些特殊的逆風之後，趨勢更糟在堆疊基礎上變得更糟。

So if you could maybe talk about what didn't work, if you think about the traffic driving initiatives you had in place versus your expectations, and then I do have one more follow up please.

因此，如果您可以談論哪些方面沒有發揮作用，如果您考慮您實施的流量驅動計劃與您的期望，那麼我還有一個後續問題。

Sure, thank you, Sarah. So first of all, the protein increase was made in July, so it was not something that we saw in Q2. And from since July with both the protein portioning, loyalty, and frequency continuing to increase, as well as the rollout of our seasonal menu, we have started to see sequential improvement.

當然，謝謝你，莎拉。首先，蛋白質的增加是在 7 月進行的，所以這不是我們在第二季度看到的。自 7 月以來，隨著蛋白質成分、忠誠度和頻率的不斷增加，以及季節性菜單的推出，我們開始看到連續的改善。

Okay, but the advertising piece that was present in the quarter, right?

好的，但是本季的廣告片段是這樣的嗎？

Yeah, Sarah, I want to make a comment on the advertising. The total advertising in the company was up marginally in the quarter. The amount of advertising through the four wall margin went up a lot more as the allocation between G&A and 4 wall switched this quarter as more of the advertising was geared towards local stores versus national brand.

是的，莎拉，我想對廣告發表一下評論。本季該公司的廣告總額略有成長。由於本季 G&A 和四面牆之間的分配發生了變化，更多的廣告面向本地商店而不是全國性品牌，因此透過四面牆利潤率投放的廣告量大幅增加。

Okay, and I guess on that point, do you rethink how you allocate national versus local again, just, it doesn't seem like you have a lot of payoff from that, whether it was by channel or or dollar amount.

好的，我想就這一點而言，您是否會重新考慮如何分配全國和地方的預算，只是，看起來您似乎並沒有從中獲得很多回報，無論是按渠道還是按金額。

Yeah, I'd say, I mentioned in the prepared remarks we have a new head of marketing joining in September, and you know we're really continue to look at our marketing mix. I think one of the shifts that, one of the things we're seeing is much more, much greater ROI on social kind of influencer led marketing. And so you'll see us continue to lean in there more, but we'll come back with more on that in future calls.

是的，我想說，我在準備好的演講中提到，我們將於 9 月迎來一位新的行銷主管，而且您知道我們確實會繼續關注我們的行銷組合。我認為我們看到的轉變之一是社交影響力行銷的投資報酬率大幅提高。因此，您會看到我們繼續在這方面加大投入，但我們將在以後的電話會議中再次討論更多相關內容。

Okay, thanks. And then, sorry, just a quick follow up. Last year, and I apologize, I joined late on the call last year, last quarter you talked about sort of maybe pressure on white collar workers, how the central business was doing, perhaps more pressure than than farther out in the suburbs.

好的，謝謝。然後，抱歉，我只是想快速跟進。去年，我很抱歉，我在電話會議中遲到了，上個季度你談到了白領工人可能面臨的壓力，中心業務的運作情況，也許比郊區的壓力更大。

Do those dynamics persist? I'm trying to reconcile those with maybe some of what we've heard from your peers.

這些動態會持續下去嗎？我正試圖將這些與我們從您的同行那裡聽到的一些內容進行協調。

Yeah, I'd say our trend is probably similar to what you've seen across the industry where we've seen most of the pressure in the urban northeast environment, very similar, again very similar to others, and we do see, kind of like you said, pressure on consumer spending for many of our consumers has persisted longer than we expected.

是的，我想說我們的趨勢可能與您在整個行業中看到的趨勢類似，我們看到東北城市環境中的大部分壓力非常相似，再次非常類似於其他情況，我們確實看到，就像您所說的那樣，許多消費者的消費支出壓力持續時間比我們預期的要長。

Rahul Krotthapalli, JPMorgan.

摩根大通的 Rahul Krotthapalli。

Thanks for all the detail in the prepared remarks. The question is on marketing strategy outside the loyalty program.

感謝您在準備好的發言中提供的所有詳細資訊。問題在於忠誠度計劃之外的行銷策略。

I understand like you have a new executor coming on board, but is there a thought process to rethink the strategy and the approach to broaden the brand appeal?

我理解您即將迎來一位新的執行者，但是您是否有一個思考過程來重新考慮策略和方法來擴大品牌吸引力？

Were you able to see and dissect what is landing or resonating? With the target demographic and then also like get them into the store before getting on the app and and they have a follow up thank you.

您是否能夠看到並剖析什麼是著陸或產生共鳴？針對目標人群，然後在他們使用應用程式之前將他們帶入商店，然後進行跟進，謝謝。

Yeah, we're continuously looking at our marketing strategy. One of the things, and I mentioned on calls before, is moving away from our seasonal menu is something that we really missed and our customers have told us that. We've seen again huge engagement on our seasonal. You and we think one of the best ways for us to drive acquisition acquisition and frequency of our guests is newness on our menu, but we've learned a lot about what kind of newness works and how we can what we can put on our menu that we can consistently execute. So that's where you'll see us do 2 more seasonal menus this year with 2 fall beats. We have a great lineup, so newness and great menu items work.

是的，我們一直在關注我們的行銷策略。其中一件事，我之前在電話中提到過，那就是我們真的很懷念不再提供季節性菜單，我們的顧客也告訴了我們這一點。我們再次看到了我們季節性的巨大參與。您和我們都認為，推動客人購買率和頻率的最佳方法之一是增加菜單的新鮮度，但我們已經學到了很多關於什麼樣的新鮮度有效以及如何在菜單上添加可以持續執行的內容。因此，您會看到我們今年推出了 2 個季節性菜單，其中包含 2 個秋季節拍。我們擁有出色的產品陣容，因此新穎且出色的菜單項目非常有用。

The coat, we did see a really great reaction with our coat KBBQ as well. And as I mentioned on the prepared remarks, we're expecting at least 8 moments next year. Again, leaning into what people love about us. We will continue. To, broaden, from salads and kind of continue to introduce other warm bowls as well, which have resonated really well. But if I could take it really, the number one thing we can do is create excellent guest experiences in our restaurants.

這款外套，我們確實也看到了人們對我們的外套 KBBQ 的強烈反應。正如我在準備好的發言中提到的那樣，我們預計明年至少會有 8 個時刻。再次，傾向於人們喜歡我們的地方。我們會繼續。擴大沙拉的範圍並繼續推出其他熱食，引起了很好的反響。但如果我真的這麼認為，我們能做的第一件事就是在我們的餐廳裡創造卓越的顧客體驗。

Our number one driver, our best marketing is word of mouth and creating great experiences. You did mention and Opportunity around getting people to eat more in stores. We do see that as an opportunity, like most restaurants when you eat dine in, it is probably the best experience as the food is, made fresh right in front of you. So the loyalty program is one way of continuing to do that and driving more customers to TRY our product in store before they become a digital customer. So that is another focus area for us.

我們的首要驅動力、最好的行銷方式就是口耳相傳和創造美好的體驗。您確實提到了讓人們更多地在商店吃飯的機會。我們確實將此視為一個機會，就像大多數餐廳一樣，當您在店內用餐時，這可能是最好的體驗，因為食物就是在您面前新鮮製作的。因此，忠誠度計劃是繼續這樣做並促使更多客戶在成為數位客戶之前在商店嘗試我們的產品的一種方式。這是我們關注的另一個領域。

Thank you. And the follow up is on the loyalty headwind. You guys discussed a 250 bits headwind in the second quarter. How did this trend as we moved across the quarter and exit rate of it and what are we currently seeing on the headwind today given like some of the reversals should have been happening as people are coming back?

謝謝。接下來是忠誠度方面的逆風。你們討論了第二季的 250 位逆風。隨著我們整個季度的進展和退出率的變化，這種趨勢如何？考慮到隨著人們的回歸，一些逆轉應該已經發生，我們今天看到的逆風是什麼？

Thank you.

謝謝。

Hey Raul.

嘿，勞爾。

Yeah, we did talk about the loyalty headwind coming in two big areas. One was the deferred revenue, and the second one was a decline in frequency from Sweet Pass Plus, that small group of customers that were high frequency.

是的，我們確實討論了兩個大領域的忠誠度逆風。一是遞延收入，二是 Sweet Pass Plus 的使用頻率下降，即一小部分高頻客戶。

What we really find is the deferred revenue piece, which was negative in the 2nd quarter when we started the program, will turn more neutral as we get to the back half of the 3rd quarter and we'll be accretive thereafter, and that is largely just a timing and accounting issue with starting up the program and pretty much as we expected, so that piece will dissipate.

我們真正發現的是，遞延收入部分在我們啟動該計劃的第二季度是負數，但到了第三季度後半段，它將變得更加中性，並且此後將會增加，這在很大程度上只是啟動該計劃的時間和會計問題，而且幾乎與我們預期的一樣，因此這部分將會消失。

What we're finding with our frequency with our former Sweet Pass Plus members as we continue to re-engage them. We continue to see them and have them as customers, and their frequency appears to be moving up. So as we look out over the following quarters, we believe that the loyalty impact will move from a headwind in the business to a tailwind, certainly as we get closer to year end.

隨著我們繼續與先前的 Sweet Pass Plus 會員重新接觸，我們發現他們之間的互動頻率有所提高。我們繼續見到他們並擁有他們作為客戶，而且他們的頻率似乎在上升。因此，展望接下來的幾個季度，我們相信，隨著年底的臨近，忠誠度的影響將從業務的逆風轉變為順風。

Thank you.

謝謝。

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

Thank you. I just, I think the primary question on investors' minds is ultimately, do you believe the sales weakness that you've you've witnessed this year has anything to do with degradation in the price value perception of Sweet Cream? I realize there's a lot of external headwinds, but it does sound like you're pivoting towards trying to put more value on the menu, you're creating bigger portion sizes, etc.

謝謝。我只是，我認為投資者心中的主要問題最終是，您是否認為今年您目睹的銷售疲軟與 Sweet Cream 價格價值認知的下降有關？我意識到存在著許多外部阻力，但聽起來你正在努力提高菜單的價值，提供更大的份量等等。

So I do think it's worth further unpacking whether your data and your insights suggests that this is a dynamic that is a headwind to demand trends that you're trying to improve.

因此，我確實認為值得進一步剖析您的數據和見解是否表明這是對您正在努力改善的需求趨勢不利的動態。

So I think it's pretty obvious that the consumer is not in a great place overall, but for us, when we think about price, it's really around price value, and we know that when we deliver on our product and we tell our story the right way, that the price value is there. So what I'd say is, yes, we would like to continue to, give more value to the guests, larger proteins.

所以我認為很明顯消費者總體上並不處於有利地位，但對我們來說，當我們考慮價格時，它實際上與價格價值有關，我們知道，當我們提供我們的產品並以正確的方式講述我們的故事時，價格價值就在那裡。所以我想說的是，是的，我們願意繼續為客人提供更多價值、更多蛋白質。

Larger portions on protein sizes, a better experience in stores, but the number one thing is going to be just delivering great guest experiences, which again starts with an amazing team and leaders in our stores, a great culture, us driving throughput and elevating our food standards. That's really going to be, how we continue to drive our price value and then things like our seasonal menu.

蛋白質的份量更大，店內體驗更好，但最重要的是提供出色的顧客體驗，這又始於我們店內一支出色的團隊和領導者、一種偉大的文化，我們提高吞吐量並提升我們的食品標準。這實際上就是我們如何繼續推動我們的價格價值以及諸如我們的季節性菜單之類的事情。

Again reinforce our positioning. What we do, the product we serve is, superior to much of our competition, both from how we source it and how we make it in store. It's mostly, it's almost entirely made from scratch and it's a very high quality product that not only tastes good but makes you feel good, and I think our opportunity is just executing more consistently. So we can deliver on that promise. So I to say we don't see it as a large price value issue, we see it more executing to our standards.

再次強化我們的定位。我們所做的、我們提供的產品，無論是從採購方式或從店內生產方式來看，都比我們的許多競爭對手要好。它基本上完全是從頭開始製作的，而且是一種非常高品質的產品，不僅味道好，而且讓你感覺良好，我認為我們的機會就是更持續地執行。因此我們可以兌現這項承諾。所以我想說，我們不認為這是一個很大的價格價值問題，我們認為這更符合我們的標準。

Okay, thanks for that. And Mitch, I appreciate the eB table change for 25 kind of marking the market just for the current environment, but how are you positioning the model for 2026 because I think consensus had been modeling a pretty dramatic step up in the EIA generation and 26 relative to 25, and look, I know you're not giving 26 guidance, but any guard rails you can put on consensus for next year would would probably be helpful.

好的，謝謝。米奇，我很欣賞 25 年的 eB 表格變化，這在某種程度上標誌著當前環境下的市場，但您如何定位 2026 年的模型，因為我認為共識已經模擬了 EIA 一代和 26 年相對於 25 年的一個相當顯著的進步，看，我知道您沒有給出 26 年的指導，但任何幫助您可以為明年的共識設置的護欄。

Well, thanks for the question. Let me first begin by saying what you commented on that we generally give our 2026 guidance on the, I believe the February earnings call for year end, so we'll have a lot more to say at that point in time.

嗯，謝謝你的提問。首先，我想說一下您所評論的內容，我們通常會在 2 月份的年終收益電話會議上給出 2026 年的指導，所以到那時我們還有很多話要說。

Let me just speak for a minute about 2025, which may help shape the thoughts of 2026. We think a lot of what we're seeing in 2025 in our business today has temporary headwinds as the business kind of adjust its loyalty program. Comps over certainly the 2nd quarter where we had our fastest comp growth in 2024 in Q2 with the launch of all coinciding with really a very significant change in the external environment which happened kind of suddenly around the beginning of April.

讓我花一點時間談論 2025 年，這也許有助於塑造 2026 年的想法。我們認為，我們今天在 2025 年的業務中看到的許多情況都存在暫時的阻力，因為業務會調整其忠誠度計劃。2024 年第二季的同店銷售額成長速度是最快的，同時，外部環境也發生了非常重大的變化，這種變化在 4 月初突然發生。

What we believe happens to the business, kind of looking out is that the company grows through these things and that these headwinds prove to be more temporary in the business, and many of them like loyalty convert the tailwinds. I think echoing what John.

我們認為，公司會透過這些事情成長，而這些不利因素在業務中只是暫時的，許多因素，例如忠誠度，會轉化為順風。我認為這與約翰的觀點一致。

As we get our operational standards to really drive them and improve the execution at the store level, return our menu to more of our seasonal core, we're convinced that we will see the business kind of get back to the trajectory we were on.

隨著我們真正實現營運標準並改善商店層面的執行情況，將菜單恢復到更多季節性核心，我們確信我們將看到業務回到原來的軌跡。

Okay, thank you.

好的，謝謝。

Logan Reich, RBC Capital Markets.

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

Hey, good afternoon, thanks for taking my question. I was curious what the sort of average cost would be for those relocations. I don't know if you're able to provide any sort of estimate, or color on what we should be putting in our models for for those relocations.

嘿，下午好，感謝您回答我的問題。我很好奇這些搬遷的平均成本是多少。我不知道您是否能夠提供任何形式的估計，或說明我們應該在模型中為這些搬遷添加什麼。

You're talking about the two relocations in New York.

您談論的是紐約的兩次搬遷。

Yeah.

是的。

And sort of the other handful of stores that Mitch alluded to that are in other urban centers.

還有米奇提到的其他幾家位於其他城市中心的商店。

And I'm trying to, lovely, I want to be sure I understand the average cost of them.

親愛的，我正在嘗試，我想確保我了解它們的平均成本。

Yeah, for the for closures and the reopening.

是的，為了關閉和重新開放。

I think what I would say is there is no cost to the call it receiving or beneficiary store. They just continued to carry on as they were previously operating. The closure cost for these stores is directly related to whether there was any outstanding leases on them or if they were at the terminal value at the end of their 10 year lease.

我想說的是，對於接收方或受益方商店來說沒有任何成本。他們只是繼續按照以前的模式運作。這些商店的關閉成本與它們是否有未償還的租約或它們在 10 年租約結束時是否達到最終價值直接相關。

So it's what Long way of saying, it really depends upon the rent structure and the fixed asset, but generally no real cost to the movement of the store.

所以正如 Long 所說，這實際上取決於租金結構和固定資產，但一般來說對商店的搬遷沒有實際成本。

Yeah, and just to just to add, if you're referring to the stores that we're relocating, those are stores where the lease is up and the new stores will be just, the cost of any store in that market. We don't guide to the exact, cost per store, but both of those stores will be infinity kitchen stores, and they should be within the average of what those stores usually cost.

是的，補充一下，如果您指的是我們正在搬遷的商店，那麼這些商店的租約已經到期，新店的成本將與該市場上任何商店的成本相同。我們沒有提供每家商店的確切成本，但這兩家商店都是無限廚房商店，它們的成本應該在這些商店通常成本的平均範圍內。

Got it. Okay, that's helpful. And then I guess just on the same source sales in Q2, just any way you can sort of like that out between maybe income cohorts, urban versus suburban, any way you can provide some additional color on where the weakness is coming from or if it's more just a broad based across the entire portfolio.

知道了。好的，這很有幫助。然後我想，就第二季的相同來源銷售額而言，您能以任何方式對不同的收入群體、城市與郊區進行比較，您能以任何方式提供一些額外的信息來說明弱點來自哪裡，或者這是否只是整個投資組合的廣泛情況。

Now Logan, I think what we can say is that what we found was that were the prepared remarks about 250 basis point impact from the loyalty changeover and certainly a more pronounced impact in the Northeast as other people have stated and largely that coming through the macro environment and customer concerns that we saw.

現在，洛根，我想我們可以說的是，我們發現，忠誠度轉換的影響約為 250 個基點，而且正如其他人所說的那樣，對東北地區的影響肯定更為明顯，而且這主要是透過我們看到的宏觀環境和客戶關注度產生的。

Got it. Super helpful thanks.

知道了。非常有幫助，謝謝。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Yeah, thanks guys. I wanted to come back to just the operations question.

是的，謝謝大家。我只想回到操作問題。

You mentioned that sort of people and Training manager stability is is key to it. It sounds like that's actually pretty good though, right? So I guess the question is what do you think is is sort of lacking currently and then, in the these 2/3 of of stores that are sort of below standard, I guess I'm curious as to whether does that include a lot of new stores? Do you think to some extent there's like a lack of consistency in the newer stores you've opened or, is that not the case perhaps?

您提到，這類人員和訓練經理的穩定性是關鍵。聽起來這確實相當不錯，對吧？所以我想問題是，您認為目前缺少什麼，然後，在這 2/3 的低於標準的商店中，我很好奇這是否包括很多新店？您是否認為您開設的新店在某種程度上缺乏一致性，或者事實並非如此？

Yeah, so in terms of in terms of your first question, yes, we've seen improvements in terms of our stability and and turnover, which you've seen in some of our productivity. But there's been a lack of clear standards and a real focus on the two things I mentioned, which is throughput and food quality.

是的，就您的第一個問題而言，是的，我們在穩定性和營業額方面都有所改善，您也看到了我們的生產力有所提高。但缺乏明確的標準，也沒有真正關注我提到的兩件事，即產量和食品品質。

And so as we really double down on those things under new leadership, we believe that the people component is going to be a leading indicator for what we should see with the performance of those. Stores, that's typically what we've seen as stores get stable, once you know a head coach, for example, hits a year, the store begins to perform better.

因此，當我們在新領導層的領導下加倍努力做好這些事情時，我們相信，人才因素將成為我們應該看到的這些工作表現的領先指標。商店，這通常是我們所看到的商店變得穩定的情況，一旦你知道主教練任職一年，商店的表現就會開始更好。

So we feel, we believe strongly that as we continue to stabilize our people and drive more internal promotion that we'll continue to see better experiences in our stores which will To transaction growth as it relates to the second part of your question around the 2/3, yes, obviously many of those are newer stores that are still ramping, so some of that is is normal and expected, but our goal is to tighten the variance between our best and worst stores significantly by the end of the year, and we have action plans in place to get that done.

因此，我們感覺，我們堅信，隨著我們繼續穩定員工隊伍並推動更多的內部晉升，我們將繼續在我們的商店中看到更好的體驗，這將與交易增長有關，因為它與您問題的第二部分有關，大約 2/3，是的，顯然其中許多是仍在發展的新商店，因此其中一些是最差的和預期的，但我們的目標是到今年年底的目標

If I could just mention one other thing is, no one's asked about ripple fries, but I do think I, it's important to bring it up. Ripple fries is something that we've learned consumers loved, and we had a great reaction from.

如果我可以提另一件事的話，那就是沒有人問過波浪薯條，但我確實認為，提起它很重要。我們了解到消費者喜愛波浪薯條，並且對此反應很好。

But as we as we studied what it was doing to the restaurant operation and the distraction for our teams, We realized that it became a complexifier for us delivering on our core. So one of the other big changes we've made is starting next week we will be discontinuing ripple fries in order to focus on our core.

但當我們研究它對餐廳營運的影響以及對我們團隊的干擾時，我們意識到它使我們實現核心目標變得更加複雜。因此，我們做出的另一個重大改變是，從下週開始我們將停止銷售薯條，以便專注於我們的核心業務。

And in stores where we have tested this, we've seen huge improvements in customer satisfaction because again teams can really focus on the core. Making sure you know all of our hot food, whether it be our chicken, or, our cooked vegetables, etc.

在我們測試過這項技術的商店中，我們看到客戶滿意度有了巨大的提高，因為團隊可以真正專注於核心業務。確保您了解我們所有的熱食，無論是雞肉，還是煮熟的蔬菜等。

We're cutting our whole times and as we cut our whole times the product quality improves. So just, the focus is really focusing in our core and delivering on that with a focus on, what we can control within our four walls.

我們正在縮短整體時間，隨著我們縮短整體時間，產品品質也提高了。因此，我們的重點實際上是集中在我們的核心上，並專注於我們能夠在四面牆內控制的事情。

Brian Mullan, Piper Sandler.

布萊恩·穆蘭、派珀·桑德勒。

Hey thanks. Just to follow up on a prior price value question, can you just talk about the Monday LTOs you ran in June, what you saw from a consumer behavior perspective, I'm wondering if you feel like this price pointed.

嘿，謝謝。為了跟進先前的價格價值問題，您能否談談您在 6 月進行的周一 LTO，從消費者行為的角度來看，我想知道您是否覺得這個價格是指向性的。

This price point to be a traffic driver or motivator for your guests, but I'm also wondering if it causes any kind of trade down from those digital guests that are getting the offer of any color would be great.

這個價格點可以成為吸引流量的驅動因素或激勵因素，但我還想知道，它是否會導致那些獲得任何顏色優惠的數位客人的交易量下降。

Yeah, it was overall, I'd say very successful. There was really strong reception for them. I think it was a combination of price and newness. So it's something we're going to continue to double down on. You should see more of them coming, maybe not always at that price point, but really the focus on bringing more newness to guests. You got to, I think one of the interesting things about the Sweetre model is it's a very high frequent habitual model. So offering ways to figuring out ways to offer newness to our frequent guests without complexifying our operations is something that can drive frequency, and we did see this newness and these Monday drops drive frequency for our guests and again very high mix, so it's something we're going to continue to push on and it can be a good way for us to offer a value lever for our guests as well.

是的，總的來說，我認為非常成功。他們確實受到了熱烈的歡迎。我認為這是價格和新穎性的結合。所以我們將繼續加倍努力。您應該會看到更多這樣的產品出現，也許價格並不總是如此，但真正的重點是為客人帶來更多新鮮感。你必須，我認為 Sweetre 模型的一個有趣之處在於它是一個非常頻繁的習慣模型。因此，在不複雜化我們運營的情況下，找到為常客提供新鮮事物的方法，可以提高頻率，我們確實看到了這種新鮮感，這些週一降價為我們的客人帶來了頻率，而且再次實現了非常高的混合性，所以這是我們將繼續推動的事情，這也是我們為客人提供價值槓桿的好方法。

Okay, thank you. And then a question about menu innovation, just talk about the opportunity you might see on beverages or desserts or handhelds over time, and you might have answered this with the ripple fry commentary, but I was curious if you could test anything at the same time you have Project one best way going on, or would you want to kind of pause on all new innovation for a bit and focus on the operation.

好的，謝謝。然後是關於菜單創新的問題，請談談隨著時間的推移，您可能會在飲料、甜點或手持設備上看到的機會，您可能已經用漣漪炸薯條的評論回答了這個問題，但我很好奇您是否可以在進行項目最佳方式的同時測試任何東西，或者您是否想暫停所有新的創新並專注於運營。

Yeah, great question. So we do believe that menu innovation is going to be very important for us, and under Jason's leadership we've re rebuilt our Stagegate process. So how we how we test things and understand both the consumer consumer reaction to it, but also what are the second order effects to the rest of the operation. So if anything, we're actually increasing our, top of the funnel menu innovation but being much more thoughtful in how we test it and truly understand it. As it relates to house-made beverage, we actually are live and I believe, by this September we'll be in 3 markets on a house-made beverage test.

是的，很好的問題。因此，我們確實相信菜單創新對我們來說非常重要，在 Jason 的領導下，我們重建了 Stagegate 流程。那麼我們如何測試事物並了解消費者對此的反應，以及對其餘操作的二階影響。因此，如果有的話，我們實際上正在增加我們的漏斗菜單創新，但在如何測試和真正理解它方面更加周到。至於自製飲料，我們實際上已經上線了，我相信，到今年 9 月，我們將在 3 個市場進行自製飲料測試。

It's 4 housemade beverages. They're doing really well. We're very encouraged by it, and it is something that we will continue to roll out over the balance of this year and through 2026.

這是 4 種自製飲料。他們做得很好。我們對此感到非常鼓舞，我們將在今年餘下的時間裡以及 2026 年繼續推行這項計劃。

As it relates to other sorts of menu innovation and things like wraps, again, those are things that we will continue to test. We will get it, we will do, we will follow our Stagegate process. We do see a huge customer desire for us to continue to expand our menu. But the focus on is to make sure whatever we put in our menu we can execute really well and continue to execute the rest of the menu, really learning from a lot of the innovation we've done. So we've gotten much clearer on what our, what the op sandbox is for us. What can we execute and how can we equip our Teams with the right tools and training to execute whatever we do, so expect a lot more menu innovation, but expect a much tighter stage gating process for us to make sure that not only does it work from a consumer perspective, but we can continue to deliver excellent guest experiences within our four walls.

由於它與其他類型的菜單創新和捲餅等相關，因此，我們將繼續測試這些內容。我們會得到它，我們會做到，我們會遵循我們的 Stagegate 流程。我們確實看到顧客強烈希望我們繼續擴大菜單。但重點是確保我們菜單上的任何內容都能很好地執行，並繼續執行菜單的其餘部分，真正從我們所做的許多創新中學習。因此，我們對操作沙盒對我們來說是什麼有了更清晰的認識。我們可以執行什麼，我們如何為我們的團隊配備正確的工具和培訓來執行我們所做的一切，因此期待更多的菜單創新，但期待更嚴格的階段門控流程，以確保它不僅從消費者的角度發揮作用，而且我們可以繼續在我們的四面牆內提供卓越的客戶體驗。

Thank you.

謝謝。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Great, thank you for taking my question. So in the last call I think you mentioned about 20,000 new loyalty members joining each week, as of May. I was wondering if there are any updates you can share on kind of customer acquisition and how it's faring versus your prior expectations. And more importantly, how do you plan to kind of convert those sign ups into more sustained increases in guest frequency?

太好了，謝謝你回答我的問題。所以在上次通話中，我想您提到截至 5 月份每周大約有 20,000 名新忠誠會員加入。我想知道您是否可以分享有關客戶獲取方面的最新消息，以及與先前的預期相比進展如何。更重要的是，您計劃如何將這些註冊轉化為客人頻率的更持續的成長？

Are there any specific customer cohorts that are responding more positively to the revamped, loyalty program?

是否有特定的客戶群對改進後的忠誠度計劃反應更積極？

Thank you.

謝謝。

Thank you for the question. So yes, we we've continued to see around 20,000 new members joining, so it's been strong.

謝謝你的提問。是的，我們繼續看到大約 20,000 名新會員加入，所以情況很強勁。

Like most restaurants, one of one of our best acquisition drivers is in the store. So we continue to push that in store and convert instore customers into loyalty. One of the one of Big improvements that we will be rolling out, later this year will be the ability to scan and pay in store. So today it's, you have to scan and then pay. We will be moving into a scan pay single transaction which again will help our throughput but also gives another reason for our guests to sign up for loyalty and get through our lines quicker. And we've been very encouraged, as I mentioned earlier, and I think Mitch spoke about as well, around the loyalty program and the increases in frequency. We continue to test and learn all sorts of different canvases and journeys and are getting more and more personalized on what is what are. Different types of offers we can leverage for different cohorts in order to drive frequency. So we've learned a ton and we're, doubling down on the things that are working and do expect loyalty to create this digital flywheel for us as we continue to perfect.

與大多數餐廳一樣，我們最大的客戶獲取驅動力之一就在店內。因此，我們將繼續在店內推廣這項舉措，並將店內顧客轉化為忠誠顧客。我們將在今年稍後推出的一項重大改進是實現店內掃描和付款的功能。所以今天，你必須掃描然後付款。我們將轉向掃描支付單筆交易，這將再次提高我們的吞吐量，同時也為我們的客人註冊忠誠度並更快地通過我們的排隊提供了另一個理由。正如我之前提到的，我們感到非常鼓舞，我想米奇也談到了忠誠度計劃和頻率的增加。我們繼續測試和學習各種不同的畫布和旅程，並且變得越來越個性化。我們可以針對不同的群體提供不同類型的優惠，以提高頻率。因此，我們學到了很多東西，並且正在加倍努力做好正在做的事情，並期望忠誠度能夠在我們不斷完善的過程中為我們創造這個數位飛輪。

Thank you.

謝謝。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great, thank you very much. My first question is just on the restaurant margin.

太好了，非常感謝。我的第一個問題是關於餐廳利潤的。

I know you mentioned earlier, kind of the back half reduction that's implied based on your guidance. I know it's in large part due to the leverage. I'm just wondering as you think about it over the next few years, your confidence in that re-acceleration back towards the 20% or maybe past margins you've maybe over earned a little bit and it would be wise to maybe reinvest more in the operations and the execution you're talking about, how you think about. The balance of getting back to the higher margin versus investing for the long term, and then I had one follow up.

我知道您之前提到過，根據您的指導，後半部分有所減少。我知道這很大程度上是由於槓桿作用。我只是想知道，當您考慮未來幾年時，您是否有信心重新加速到 20% 或過去的利潤率，您可能已經賺得有點多了，也許在您談論的運營和執行上再投資更多是明智之舉，您是如何看待的。回到更高的利潤率與長期投資之間的平衡，然後我進行了一次跟進。

Thank you very much. No, I would say we see the margin expanding over the next several years and continuing to grow. We think a lot of that's going to come from improved operations as John's been talking about during the call, as well as the re-acceleration and the growth in sales that we see happening as we get past some of these near term head.

非常感謝。不，我想說我們會看到利潤率在未來幾年內擴大並持續成長。我們認為，正如約翰在電話會議中談到的那樣，這在很大程度上將來自於營運的改善，以及隨著我們度過一些短期困難，我們看到的銷售重新加速和成長。

So as we look out on the business, we think we still remain with a lot of opportunity for margin expansion in our core operations, and that will also happen, be accelerated by the deployment of the infinite kitchen. So just in even the classic stores, we think that the margin trajectory remains pretty good.

因此，當我們展望業務時，我們認為我們的核心業務仍然有很多擴大利潤的機會，而且這也將透過無限廚房的部署而加速。因此，即使在傳統商店中，我們認為利潤率軌跡仍然相當不錯。

Understood. And then just following up on a comment you guys made earlier about the new units that you're opening and kind of stepping up the scrutiny in terms of these new units to increase the likelihood of success and being a lot more diligent and careful. Just wondering if there's any current learnings that help drive that decision or maybe change your decisions in terms of new units, whether they're in new versus existing markets. I got the impression that you were maybe implying that for next year. It could potentially fall to sub 15-20% if you know this added scrutiny leads to a few less potential sites.

明白了。然後，根據你們之前對正在開設的新單位的評論，並加強對這些新單位的審查，以增加成功的可能性，並更加勤奮和謹慎。只是想知道是否有任何當前的經驗可以幫助推動這一決定，或者可能改變您在新單位方面的決定，無論它們是在新市場還是現有市場。我的印像是，你可能暗示的是明年的情況。如果您知道這種額外的審查會導致一些潛在網站減少，則該比例可能會降至 15-20% 以下。

Thank you.

謝謝。

Well, one of the things that we're really, there's a couple of things that we're really focused on there. One is the actual store design and experience. We've made, we've done a lot of work over the past year and are going to be opening stores with updated designs and flows for both our classic restaurants as well as our infinite kitchen restaurants. The idea with these designs is to create not only a better customer experience but a better experience and easier flow for our team members which should lead to both better food quality as well as better labor deployment given some of the adjacentcies put in so we're very excited about those. And then there's been a huge focus on build out cost we think that there's an opportunity to really drive build out cost down some of that is going to be through these new prototypes as well as.

嗯，我們真正關注的事情之一是，有幾件事我們確實非常關注。一是實際的店鋪設計與體驗。在過去的一年裡，我們做了很多工作，我們將為我們的經典餐廳和無限廚房餐廳開設採用更新設計和流程的商店。這些設計的想法不僅是為顧客創造更好的體驗，而且為我們的團隊成員創造更好的體驗和更輕鬆的流程，這不僅會帶來更好的食品質量，還會帶來更好的勞動力部署，因為我們會考慮到一些相鄰因素，所以我們對此感到非常興奮。然後，我們非常關注建造成本，我們認為有機會真正降低建造成本，其中一些將透過這些新的原型來實現。

As well as attacking our size of store, one of the lessons has been, smaller, kind of keeping our stores on the smaller side.

除了攻擊我們的商店規模之外，我們的一個教訓是，讓我們的商店規模保持在較小的水平。

Actually they do better. It creates a better environment. The teams teams are happier and the stores are less expensive to build, so a huge focus on targeting stores, it's smaller square foot with lower costs to really focus on expanding the return on capital of our investments.

事實上他們做得更好。它創造了一個更好的環境。團隊更快樂，商店的建設成本更低，因此重點關注目標商店，面積更小，成本更低，真正專注於擴大投資的資本回報率。

Got it. But the idea of getting back to or being married to that 15 to 20%, you don't see a problem in being able to achieve that next year even with this greater scrutiny.

知道了。但是，回到或保持在那 15% 到 20% 的水平，即使面臨更嚴格的審查，你也不認為明年實現這一目標存在問題。

We're still building the pipeline, so you know I do believe that that is a long term algorithm. We have a very robust pipeline, but we're looking at it very carefully and making sure that every single store is vetted and we we can deliver on our return on capital. So we'll be coming back more on that in future quarters.

我們仍在建立管道，所以我確實相信這是一個長期演算法。我們擁有非常強大的管道，但我們正在非常仔細地審查它，並確保每家商店都經過審查，並且我們能夠實現資本回報。因此，我們將在未來幾季中對此進行更多討論。

[Chris Carroll, Keybanc].

[克里斯·卡羅爾，Keybanc]

Hi, thanks for taking my questions.

你好，謝謝你回答我的問題。

So can you talk maybe a bit more about what you're seeing in IK stores relative to your classic stores, particularly from a sales perspective, and if there is a meaningful delta between the performance of IK versus classic, is there anything there that informs your thought process and strategy here moving forward?

那麼，您能否再多談談 IK 商店相對於傳統商店的表現，特別是從銷售角度來看，如果 IK 商店的表現與傳統商店之間存在顯著差異，那麼這是否對您未來的思維過程和策略有所啟發？

Sure, as we mentioned in the prepared remarks, we are seeing higher AUVs for the infinite kitchen stores. We do see, we also see better customer satisfaction scores. You have better accuracy, faster throughput, and as we've mentioned previously, we've continued to see our team members be more engaged and stay with us longer and much lower turnover in those stores. So overall we're very encouraged about those, the focus. The Ik stores is really making is putting them in the shot selection of where we put it, making sure we put it in stores that have the volume where the return on capital makes sense. But overall we're very encouraged and as I mentioned in the previous question, some new updated designs with featuring the the infinite kitchen that we think are going to create an even better store experience. So stay tuned for some more on that as those begin to open.

當然，正如我們在準備好的評論中提到的那樣，我們看到無限廚房商店的 AUV 更高。我們確實看到，我們也看到了更好的客戶滿意度分數。您擁有更高的準確性、更快的吞吐量，而且正如我們之前提到的，我們繼續看到我們的團隊成員更加投入，與我們在一起的時間更長，並且這些商店的營業額更低。所以總的來說，我們對這些重點感到非常鼓舞。Ik 商店真正要做的就是將它們放在我們放置地點的選擇範圍內，確保我們將其放置在具有一定數量的商店中，這樣資本回報率才有意義。但總的來說，我們感到非常鼓舞，正如我在上一個問題中提到的，一些新的更新設計以無限廚房為特色，我們認為這將創造更好的購物體驗。因此，請繼續關注即將開放的更多資訊。

Got it, thanks.

明白了，謝謝。

And then just following up on Jeff's question, what's your latest thinking about development from a market perspective? I mean, just in light of the changes that you're making in the New York market specifically, how are you thinking about those opportunities for further growth in your core legacy markets versus newer sweet green markets?

然後繼續回答傑夫的問題，從市場角度來看，您對發展有什麼最新想法？我的意思是，僅鑑於您在紐約市場所做的改變，您如何看待核心傳統市場與較新的甜綠色市場進一步增長的機會？

We continue to see opportunities in our core legacy as well as new markets have done really well for us over the past few years. One of the, I think, changes in some of the markets that we had opened years ago is we have now we have delivery in the business.

我們繼續看到我們的核心遺產中存在的機會以及過去幾年來新市場為我們帶來的良好表現。我認為，我們幾年前開拓的一些市場發生的變化之一就是，現在我們的業務已經涵蓋了送貨服務。

So now, a lot of those stores share delivery rates and so we're much more careful about. The dilution of stores in existing markets, so looking kind of for net new white space, but there's plenty of white space for us in all of our legacy markets, and some of that may not be all in the downtown core, but kind of expanding out from the core, and that's where we've seen a lot of success. So going from Boston to the suburbs of Boston. For example, been very successful for us, similar to, similar in the Bay Area, very successful in the bay and extremely successful as we've worked our way down the peninsula in the East Bay. So really leveraging the brand we built in these core urban markets and kind of expanding out from those still within those markets but out into the suburbs.

所以現在，很多商店都共享送貨費率，因此我們更加謹慎。現有市場中的商店數量正在減少，因此我們需要尋找新的淨空白空間，但在我們所有的傳統市場中，我們有足夠的空白空間，其中一些可能並不全部位於市中心，而是從市中心向外擴展，這就是我們看到的許多成功的地方。所以從波士頓去波士頓郊區。例如，對我們來說非常成功，類似於在灣區，在海灣非常成功，並且在我們沿著東灣半島前進時取得了極大的成功。因此，我們真正利用了我們在這些核心城市市場中建立的品牌，並將其從仍在這些市場內的品牌擴展到郊區。

Got it.

知道了。

Thank you.

謝謝。

Thank you for joining. This concludes today's conference call. You may now disconnect.

感謝您的加入。今天的電話會議到此結束。您現在可以斷開連線。