Sweetgreen, Inc. (SG) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for joining us and welcome to the Sweetgreen Inc first quarter 2026 earnings call. (Operator Instructions)

各位女士、先生，感謝各位加入我們，歡迎參加 Sweetgreen Inc 2026 會計年度第一季財報電話會議。(接線員指示)

I will now hand the conference over to Rebecca Nounou, Vice President, Head of Investor Relations. Please go ahead.

現在我將把會議交給投資人關係主管副總裁 Rebecca Nounou。請開始。

Thank you, everyone, and good afternoon. Speaking on today's call will be Jonathan Neman, Co-Founder and Chief Executive Officer; and Jamie McConnell, 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.

謝謝各位，下午好。今天電話會議的發言人包括共同創辦人兼執行長 Jonathan Neman，以及財務長 Jamie McConnell。兩位都將在準備稿結束後的問答環節回答問題。今天的電話會議將進行線上直播並錄音，以供回放。財報新聞稿已公布於 Sweetgreen 官網的投資人關係專區：investor.sweetgreen.com。

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-GAAP financial measures, including reconciliations of non-GAAP financial measures mentioned on the call with their corresponding GAAP measures. Our earnings release can be found on our investor website.

提醒各位，我們財報新聞稿中「前瞻性陳述」標題下所載資訊，同樣適用於我們在本次電話會議中的評論。這些前瞻性陳述係基於截至今日所掌握的資訊，我們不承擔公開更新或修訂任何前瞻性陳述之義務。此外，關於我們使用非 GAAP 財務衡量指標的更多資訊（包括本次電話會議提及之非 GAAP 指標與其對應 GAAP 指標之調節表），請參閱我們的財報新聞稿。財報新聞稿可於我們的投資人網站查閱。

And now I'll turn the call over to Jonathan to kick things off.

接下來我將把電話會議交給 Jonathan 來開場。

Thank you, Rebecca, and thank you, everyone, for joining us today. We entered 2026 focused on executing our Sweet Growth Transformation Plan, with a clear priority on strengthening our fundamentals and improving execution across our restaurants. As we communicated last quarter, this work takes time to translate into results, and we expected the first quarter to be the most challenging, given a difficult comparison to the prior year Ripple Fries launch, weather-related headwinds and more work to be done on our transformation plan.

謝謝你，Rebecca，也謝謝各位今天加入我們。我們以執行「Sweet Growth 轉型計畫」為重點進入 2026 年，明確優先強化基本功，並提升各餐廳的執行力。如同我們在上一季所溝通的，這些工作需要時間才能轉化為成果；而由於去年 Ripple Fries 上市帶來的高基期、天候相關逆風，以及轉型計畫仍有更多工作待完成，我們預期第一季將是最具挑戰的一季。

While the quarter was pressured, we saw improvement as the quarter progressed with a further step-up in April, reflecting early progress from the actions we have underway through the Sweet Growth Transformation Plan. As restaurant operations continue to improve, we are bringing innovation to market with stronger discipline.

儘管本季承受壓力，但我們看到隨著季度推進而有所改善，並在 4 月進一步提升，反映我們透過 Sweet Growth 轉型計畫所推動各項行動的初步進展。隨著餐廳營運持續改善，我們也以更強的紀律將創新推向市場。

Yesterday, we launched Wraps nationwide following a rigorous stage-gate process that validated both the consumer opportunity and our ability to execute in restaurants. Test results were strong, driving incremental traffic from new and returning guests while expanding our ability to serve more occasions.

昨天，我們在全美推出 Wraps（捲餅），此前經過嚴謹的階段闖關（stage-gate）流程，驗證了消費者機會以及我們在餐廳端的執行能力。測試結果表現強勁，帶動新客與回流顧客的增量來客數，同時擴大我們服務更多用餐情境的能力。

Now turning to results. For the first quarter of fiscal 2026, revenue was $161.5 million, with comparable sales down 12.8%. We opened four net new restaurants, including three Infinite Kitchens. Restaurant level margin was 10% and adjusted EBITDA was a loss of $8.1 million. As we moved into April, traffic trends improved, supported by stronger execution in our restaurants, the performance of our Chicken Sesame Crunch Bowl and early contribution from Wraps in test markets, which ran in about a quarter of our restaurants, including New York, our largest market. This reflects a deliberate sequencing, strengthening operations first to build a more consistent foundation and then layering in menu innovation to drive more durable traffic.

接著談到業績表現。2026 會計年度第一季營收為 1.615 億美元，同店銷售下滑 12.8%。我們淨新增開出 4 家餐廳，其中包括 3 家 Infinite Kitchens。餐廳層級毛利率為 10%，調整後 EBITDA 為虧損 810 萬美元。進入 4 月後，在餐廳端更強的執行力支持下，來客趨勢有所改善；同時，Chicken Sesame Crunch Bowl 的表現，以及 Wraps 在測試市場的早期貢獻也帶來助益。測試市場約涵蓋我們四分之一的餐廳，包括我們最大的市場紐約。這反映我們刻意的推進順序：先強化營運以建立更一致的基礎，再疊加菜單創新，以帶動更具持久性的來客。

New York is an important example of the progress we are beginning to see. Given its significance to our footprint, it has been a key focus as we strengthened leadership, improved Head Coach stability and drove more consistent execution through Project One Best Way. While we still have work to do, transaction trends improved in April, supported by better operations in the Wraps test. We view the progress in New York as an early signal of how the broader system can respond as we continue to execute through the Wraps launch and beyond.

紐約是我們開始看到進展的重要例子。鑑於其在我們據點版圖中的重要性，當我們強化領導團隊、提升 Head Coach 的穩定性，並透過 Project One Best Way 推動更一致的執行時，紐約一直是關鍵聚焦市場。雖然仍有工作要做，但在 Wraps 測試的帶動與更佳營運支持下，4 月的交易趨勢有所改善。我們將紐約的進展視為一個早期訊號，顯示隨著我們持續推進 Wraps 上市及後續行動，整體系統可能如何回應。

We know there is more work ahead of us, and we remain focused on executing against the five strategic priorities under our Sweet Growth Transformation Plan: one, operational excellence; two, food quality and menu innovation; three, personalized experience; four, brand relevance; and five, disciplined profitable investment.

我們知道前方仍有更多工作要完成，並將持續聚焦於 Sweet Growth 轉型計畫下的五大策略優先事項：第一，營運卓越；第二，餐食品質與菜單創新；第三，個人化體驗；第四，品牌相關性；第五，有紀律且具獲利性的投資。

Starting with operational excellence, which remains the foundation of our ability to deliver a consistent, high-quality and hospitable experience for our guests. We continue to strengthen consistency across the system through Project One Best Way, which defines what great looks like at Sweetgreen across craveable food, hospitality, operational flow and people culture. The program is grounded in both customer and restaurant level performance data and is focused on building scalable systems and routines that allow every restaurant to execute at a high level, not just the best ones.

先從營運卓越談起，這仍是我們為顧客提供一致、高品質且友善款待體驗的基礎。我們持續透過 Project One Best Way 強化全系統的一致性；該計畫定義了 Sweetgreen 的「卓越標準」應該是什麼樣貌，涵蓋令人垂涎的餐點、待客之道、營運流程與人才文化。此計畫以顧客與餐廳層級的績效數據為基礎，聚焦建立可擴展的系統與例行作業，使每一家餐廳都能高水準執行，而不僅是表現最好的少數餐廳。

Work like this takes time to translate into results, but we are beginning to see improvement in several key operational metrics, including throughput during peak periods, ingredient availability and fewer quality complaints, reflecting stronger operational readiness across the fleet.

這類工作需要時間才能轉化為成果，但我們已開始在多項關鍵營運指標上看到改善，包括尖峰時段的出餐效率（throughput）、食材供應可得性，以及品質客訴減少，反映整體門店的營運就緒度提升。

At the same time, we recognize there is still meaningful opportunity ahead, and we will continue raising the bar as performance improves. That stronger foundation has been critical as we move into the national rollout of Wraps. We have taken a disciplined stage-gate approach to get here with teams spending months in development and testing, including extensive work in restaurants to build capability, train teams and ensure operational readiness.

同時，我們也認知到前方仍有相當大的提升空間，並將在績效改善的同時持續拉高標準。當我們推進 Wraps 的全國性上市時，這個更強的基礎至關重要。為了走到今天，我們採取有紀律的階段闖關（stage-gate）方法，團隊投入數月進行開發與測試，包括在餐廳端進行大量工作以建立能力、訓練團隊並確保營運就緒。

One of the core principles for our Wraps experience is that the first bite should be the best bite. To deliver on that consistently, we refined our preparation process through multiple rounds of testing and iteration, including in-restaurant ops shakedowns to validate equipment, positioning and workflows. This work ensured we can deliver on quality while maintaining throughput at peak.

我們 Wraps 體驗的核心原則之一是：第一口就應該是最好的一口。為了穩定做到這一點，我們透過多輪測試與迭代精進備餐流程，包括在店內進行營運演練（ops shakedowns），以驗證設備、擺位與工作流程。這些工作確保我們在維持尖峰出餐效率的同時，也能交付品質承諾。

We then validated the concept through a multi-month market test across approximately 70 restaurants, where we saw strong guest response alongside solid execution in the field. The energy in the field is strong, and we are encouraged by how teams are performing out of the gate.

接著，我們在約 70 家餐廳進行為期數月的市場測試來驗證此概念；我們看到顧客反應熱烈，同時現場執行也相當穩健。第一線團隊士氣高昂，我們也對各團隊在起跑階段的表現感到鼓舞。

Our focus remains on execution, ensuring every wrap is made right, throughput is strong and the guest experience is consistent from day one. This quarter, we brought our New York market head coaches together for an Impact Day focused on reconnecting our restaurant leaders to the guest experience through culture and hospitality.

我們的重點仍在執行，確保每一份捲餅都做得正確、尖峰出餐效率強勁，並從第一天起就提供一致的顧客體驗。本季，我們召集紐約市場的 Head Coach 舉辦 Impact Day，聚焦透過文化與待客之道，讓餐廳領導者重新連結顧客體驗。

Two weeks ago, we also brought our area leaders together for a two day summit to reinforce consistent execution across markets. The focus was on three major themes: strengthening head coach performance, building the culture of hospitality where speed and service work together and delivering consistent food quality that drives repeat visits.

兩週前，我們也召集各區域領導者舉辦為期兩天的高峰會，以強化跨市場的一致執行。重點聚焦三大主題：提升 Head Coach 的績效、建立速度與服務相輔相成的款待文化，以及交付能帶動回訪的穩定餐食品質。

Together, these sessions are helping create greater alignment on the experience we want to deliver and the standards required to deliver it every day. To continue this focus, we will bring our head coaches together for impact days across our remaining regions in the coming weeks. What stood out most to me from Impact Day and the Area Leader Summit was the importance of the connection between our restaurant support center and our field teams. Delivering a better guest experience starts with strong alignment between the teams closest to our guests and those supporting them.

綜合而言，這些會議正協助我們在希望交付的體驗，以及每日達成該體驗所需的標準上，建立更高的一致性與對齊。為延續這項聚焦，我們將在未來幾週於其餘各區域舉辦 Head Coach 的 Impact Days。Impact Day 與區域領導者高峰會最讓我印象深刻的是：我們的餐廳支援中心與第一線團隊之間連結的重要性。要提供更好的顧客體驗，必須從最貼近顧客的團隊與支援他們的團隊之間的高度對齊開始。

Our head coaches and area leaders are closest to day-to-day operations and their input is critical in helping us refine how we deliver on our standards across food, hospitality and operations. The best ideas come from our restaurants. Building on that operational foundation, one of our key priorities this year is menu innovation, led by the national launch of our Wraps platform. This represents our most significant menu expansion in several years, designed to expand occasions and introduce a more accessible entry point into the brand.

我們的 Head Coach 與區域領導者最貼近日常營運，他們的意見對於協助我們精進如何在餐點、款待與營運面落實標準至關重要。最好的點子來自我們的餐廳。在此營運基礎之上，我們今年的關鍵優先事項之一是菜單創新，其中以 Wraps 平台的全國性上市為主軸。這是我們數年來最重要的菜單擴張，旨在擴大用餐情境，並為品牌引入更容易入門的選擇。

We launched Wraps with a core lineup of craveable flavors, including the Classic Chicken Caesar, Chicken Jalapeno Ranch, and Cali Chicken Club, along with the limited-time KBBQ Chicken. We started with our food ethos, delivering flavors through ingredients that don't just taste good, but also make you feel good. That means preparing seasonal ingredients from scratch every day, cooking our grains, vegetables and antibiotic-free proteins without seed oils and using no artificial flavors, colors or dyes. We were intentional about every component of the wrap, starting with the tortilla.

我們推出 Wraps，以一系列令人垂涎的核心口味作為主打，包括經典雞肉凱薩、雞肉墨西哥辣椒牧場，以及加州雞肉俱樂部，並搭配限時供應的韓式烤肉（KBBQ）雞肉口味。我們從自身的飲食理念出發，透過不僅好吃、也能讓你感覺更好的食材來呈現風味。這意味著每天從零開始準備當季食材，烹煮我們的穀物、蔬菜與無抗生素蛋白質時不使用種子油，且不添加任何人工香料、色素或染料。我們對捲餅的每一個組成部分都經過刻意設計，從餅皮（tortilla）開始。

Early in development, we were unable to find a tortilla in the foodservice market that met our standards. So we partnered to create one made with only four ingredients: extra virgin olive oil, unbleached and unenriched wheat flour, sea salt and water, with no preservatives. Guests can taste and feel the difference with social reviews consistently highlighting the quality and flavor of the tortilla.

在開發初期，我們無法在餐飲服務市場中找到符合我們標準的餅皮。因此我們與合作夥伴共同打造一款僅含四種原料的餅皮：特級初榨橄欖油、未漂白且未強化的小麥麵粉、海鹽與水，且不含防腐劑。顧客能品嚐並感受到差異，社群評論也一再強調餅皮的品質與風味。

The energy around the test leading into yesterday's launch has been incredible. Wraps are already appearing in a meaningful share of social content tagging Sweetgreen with positive sentiment of around 85%. Guests are responding to the value with entry price points starting at $10.45 and ranging up to $14.95. This launch is supported by one of our largest social marketing campaigns to date, partnering with hundreds of micro and scaled creators who authentically represent culture to drive awareness and engagement across a range of diverse communities.

從測試到昨天正式上市前，整體熱度令人驚艷。Wraps 已經在標註 Sweetgreen 的社群內容中占有相當比重，且正向情緒約達 85%。顧客對其價值反應良好，入門價格自 10.45 美元起，最高至 14.95 美元。本次上市由我們迄今規模最大的社群行銷活動之一支持，與數百位微型與中大型創作者合作；這些創作者以真實方式呈現文化，推動在多元社群中的認知與互動。

Our confidence in Wraps is based on the results we saw in testing. Over a multi-month period across approximately 70 restaurants in New York, the Midwest and Los Angeles, Wraps drove incremental traffic from new and returning guests, helped reengage lapsed customers, and showed strong repeat behavior. We are pleased with the combination of incremental traffic and improved customer retention, reflecting strength as a new platform and expanding how guests engage with the brand.

我們對 Wraps 的信心，來自測試所看到的成果。在為期數月、橫跨約 70 家位於紐約、中西部與洛杉磯的餐廳測試中，Wraps 帶來來自新客與回流顧客的增量來客數，協助重新喚回流失顧客，並展現強勁的重複購買行為。我們對「增量來客數」與「顧客留存改善」的組合感到滿意，這反映出其作為新平台的實力，並擴展顧客與品牌互動的方式。

Importantly, execution remains strong with throughput maintained and lower-than-average guest complaints. Taken together, these results give us confidence in both the strength of the Wraps platform and our ability to scale it nationally. We are also continuing to innovate and strengthen our core menu. The Chicken Sesame Crunch Bowl, which launched in March, is already our second-highest mixing salad and contributed to improving trends as the quarter progressed. It is now a permanent menu item, reflecting strong guest response.

重要的是，營運執行仍然強勁，出餐效率得以維持，且顧客客訴低於平均。綜合而言，這些結果讓我們對 Wraps 平台的實力以及全國擴張的能力都更有信心。我們也持續創新並強化核心菜單。三月推出的「雞肉芝麻脆脆碗」（Chicken Sesame Crunch Bowl）已成為我們混搭率第二高的沙拉，並在季度推進過程中帶動趨勢改善。目前它已成為常態菜單品項，反映顧客反應強勁。

At the same time, we have rebuilt our pipeline of both core and seasonal innovation for the balance of the year, including summer and fall menu updates, new core offerings, continued expansion of the Wraps platform and upcoming collaborations with leading chefs, bringing distinctive chef-driven flavors into the menu that reflect the core of our brand. This approach allows us to stay relevant with our existing guests while continuing to bring new guests into the brand.

同時，我們也重建了今年剩餘期間的核心與季節性創新管線，包括夏季與秋季菜單更新、新的核心產品、Wraps 平台的持續擴張，以及即將與頂尖主廚合作，將具辨識度、由主廚驅動的風味帶入菜單，並呼應我們品牌的核心。此一作法讓我們在維持既有顧客黏著度的同時，也能持續為品牌帶來新顧客。

I'm encouraged by the product innovation we're bringing this year as well as the progress we're making to elevate the quality and consistency of our core menu. We've continued to see an increase in salmon entree sales following our internal Miso My Salmon campaign, which was designed to sharpen execution and elevate quality across the system.

我對今年帶來的產品創新，以及我們在提升核心菜單品質與一致性方面所取得的進展感到振奮。在我們內部「Miso My Salmon」活動之後，鮭魚主餐銷售持續成長；該活動旨在強化執行並提升全系統的品質。

We've taken the same approach to our other core menu ingredients. For example, we've refined our measurement of protein cook cycles and hold times to ensure dishes are served at peak freshness and have elevated seven of our core ingredients like romaine, quinoa, carrots, napa cabbage slaw and breadcrumbs. This remains an area of focus as we continue to drive greater consistency across the fleet.

我們也以同樣的方法處理其他核心菜單食材。例如，我們精進了對蛋白質烹調週期與保溫時間的量測，以確保餐點在最新鮮的狀態下供應，並升級了七項核心食材，例如蘿蔓生菜、藜麥、胡蘿蔔、白菜絲沙拉（napa cabbage slaw）與麵包屑。隨著我們持續推動全體門店更高的一致性，這仍將是重點領域。

Looking ahead, we will begin testing a rearchitected pricing ladder in late June. Central to this work is the introduction of clear entry price points and a new Create Your Own construct that is designed to deliver greater price clarity and a more intuitive ordering experience.

展望未來，我們將於 6 月下旬開始測試重新架構的價格梯度。此項工作的核心，是導入清楚的入門價位，以及全新的「自選搭配」（Create Your Own）架構，旨在提供更高的價格透明度與更直覺的點餐體驗。

Together, these efforts will make pricing clearer and make it easier for guests to choose and order, supporting incremental transactions across price points. We are pacing these initiatives deliberately using disciplined reads on guest response and P&L impact to guide rollout decisions with a focus on bringing more guests into the brand and increasing frequency over time.

這些努力將使定價更清楚，並讓顧客更容易選擇與下單，從而支持各價位帶的增量交易。我們將以審慎節奏推進這些計畫，透過對顧客反應與損益表（P&L）影響的嚴謹評估來指導推廣決策，重點在於為品牌帶來更多顧客，並隨時間提升消費頻次。

Turning to our personalized digital experience. Our strategy focuses on deepening our connection with customers, driving engagement and increasing customer lifetime value through more targeted one-to-one interactions. At the center of this strategy is our SG Rewards loyalty program, which enables us to deliver personalized offers, incentives and experiences that make it easier for customers to engage with the brand while driving frequency and spend.

接著談我們的個人化數位體驗。我們的策略聚焦於加深與顧客的連結，透過更精準的一對一互動來推動參與度並提升顧客終身價值。此策略的核心是我們的 SG Rewards 會員忠誠計畫，使我們能提供個人化優惠、激勵與體驗，讓顧客更容易與品牌互動，同時提升消費頻次與支出。

At the beginning of the year, we introduced our Craving of the Month program, a key pillar within SG Rewards and a loyalty-exclusive limited time offer available through the Sweetgreen app at a compelling value. The retention and incremental spend signals are encouraging. Of guests who redeemed a Craving of the Month offer, we see higher frequency and higher net average revenue per user. We also see that this program draws in at-risk and lapsed customers, while driving incremental visits with lighter frequency cohorts. While still nascent, this exclusive platform within our loyalty program is helping us win back customers, drive incremental transactions and incremental spend.

在年初，我們推出「每月渴望」（Craving of the Month）計畫，這是 SG Rewards 的關鍵支柱之一，亦為會員專屬的限時優惠，可透過 Sweetgreen App 以具吸引力的價值取得。留存與增量支出的訊號令人鼓舞。在兌換「每月渴望」優惠的顧客中，我們看到更高的消費頻次，以及更高的每位使用者淨平均營收。我們也看到此計畫能吸引高流失風險與已流失顧客，同時在低頻次客群中帶動增量來訪。雖然仍在早期階段，這個忠誠計畫內的專屬平台正協助我們贏回顧客、推動增量交易與增量支出。

Later in the second quarter, we will introduce lower redemption thresholds to our loyalty program, designed to be achievable in fewer visits, making the program more accessible and engaging for a broader set of customers. These new redemption thresholds will include a $3 credit at 700 points, a $5 credit at 1,200 points, and a free wrap reward at 2,000 points. Based on the current customer redemption behavior, we expect these changes to drive increased loyalty engagement and higher visit frequency, especially in our lower frequency customer cohorts.

在第二季稍晚，我們將在忠誠計畫中導入更低的兌換門檻，設計為更少次來訪即可達成，使計畫對更廣泛的顧客群更易參與且更具互動性。新的兌換門檻包括：700 點可兌換 3 美元抵用金、1,200 點可兌換 5 美元抵用金，以及 2,000 點可兌換一份免費 Wraps。基於目前顧客的兌換行為，我們預期這些調整將提升忠誠計畫的參與度並提高來訪頻次，尤其是在低頻次顧客族群中。

Before I close, we are excited to welcome Ryan Slemons as our new Chief Development Officer. Ryan brings deep experience across real estate, design, construction and portfolio management with a strong track record of scaling high-quality growth across leading retail and restaurant concepts. His focus on thoughtful design and site selection will be critical as we expand our footprint, reimagine our spaces and create better experiences for our guests and team members. We will also reinforce discipline around build-out costs and capital allocation, supporting consistent high-return unit growth.

在我結語之前，我們很高興歡迎 Ryan Slemons 擔任新任首席發展長（Chief Development Officer）。Ryan 在不動產、設計、施工與資產組合管理方面具備深厚經驗，並在多個領先零售與餐飲概念中擁有擴大高品質成長的卓越紀錄。隨著我們擴張版圖、重新想像空間並為顧客與團隊成員創造更佳體驗，他對周全設計與選址的專注將至關重要。我們也將強化對建置成本與資本配置的紀律，以支持穩健且高報酬的單店成長。

To close, while the quarter was pressured, we are still in the early innings of our transformation, and we are beginning to see signs that the actions we are putting in place are gaining traction. We are seeing improvement in execution across our restaurants, greater consistency in the guest experience and stronger alignment across our teams. The progress through the quarter and into April, along with the energy in the field, reinforces that we are focused on the right operational priorities and building a stronger foundation for Sweetgreen.

最後，儘管本季承受壓力，我們仍處於轉型的早期階段，且已開始看到我們正在推動的各項行動逐步產生效果的跡象。我們看到各餐廳的執行力有所改善、顧客體驗更一致，且團隊之間的協同更強。本季內的進展以及延續至四月的表現，加上第一線的能量，進一步印證我們正聚焦於正確的營運優先事項，並為 Sweetgreen 建立更強健的基礎。

I want to thank our restaurant teams for leaning in and embracing the higher bar we are setting on hospitality and execution, especially as we build momentum coming out of our recent Area Leader Summit. At the same time, we are operating with greater focus as we rebuild the top line. The national launch of Wraps is an important step forward and a clear example of how we are approaching innovation differently. We took the time to test, learn and ensure we could execute at a high level, and the early response gives us confidence in the opportunity to drive incremental traffic and expand into new occasions.

我要感謝我們的餐廳團隊積極投入並擁抱我們在待客之道與執行力上所設定的更高標準，尤其是在近期區域領導者高峰會（Area Leader Summit）後，我們正持續累積動能。同時，在重建營收（top line）的過程中，我們以更聚焦的方式營運。Wraps 的全國上市是重要的向前一步，也是我們以不同方式推動創新的明確例證。我們花時間測試、學習並確保能以高水準執行，而早期回饋讓我們對帶動增量來客數並拓展至新消費情境的機會更有信心。

As we move through the year, we will continue to build on this foundation by improving execution, refining our menu and pricing architecture, strengthening the guest experience and driving greater discipline in our investments. As these actions take hold, we expect to see stronger restaurant level performance over time. We are confident in the path we are on and in our ability to build a more consistent, profitable and durable Sweetgreen brand.

隨著我們走過今年，我們將持續在此基礎上深化，透過提升執行力、精進我們的菜單與定價架構、強化顧客體驗，並在投資上推動更高的紀律性。隨著這些行動逐步發揮成效，我們預期餐廳層級的表現將隨時間推移而更為強勁。我們對目前所走的路徑，以及打造一個更一致、更具獲利能力且更具韌性的 Sweetgreen 品牌的能力，充滿信心。

With that, I'll turn it over to Jamie.

接下來，我把時間交給 Jamie。

Thank you, Jonathan, and good afternoon, everyone. First quarter results were below our expectations with comparable sales down 12.8%. As Jonathan outlined, we saw improvement as the quarter progressed with trends continuing to improve into April.

謝謝你，Jonathan，各位下午好。第一季業績低於我們的預期，同店銷售下滑 12.8%。如 Jonathan 所述，隨著季度推進我們看到改善，且趨勢在 4 月持續好轉。

Sales in the quarter were $161.5 million compared to $166.3 million a year ago. The decline in comparable sales were driven by an 11.2% decrease in traffic and a 2.3% decline in mix, partially offset by approximately 70 basis points of menu price. Traffic was impacted by weather and a difficult comparison to the prior year Ripple Fries launch, which created a headwind to both traffic and mix.

本季銷售額為 1.615 億美元，去年同期為 1.663 億美元。同店銷售下滑主要由來客數下降 11.2% 與組合（mix）下降 2.3% 所致，部分被約 70 個基點的菜單價格上調所抵銷。來客數受到天氣影響，且去年 Ripple Fries 上市帶來較高的比較基期，對來客數與組合皆形成逆風。

Mix declined in the quarter, reflecting strategic promotional offers to reengage guests as well as the transition to SG Rewards. Traffic improved sequentially through the quarter, supported by menu innovation and targeted loyalty offers with improvement continuing into April.

本季組合下滑，反映我們為重新吸引顧客而推出的策略性促銷優惠，以及轉換至 SG Rewards 的影響。在菜單創新與針對性的會員忠誠度優惠支持下，來客數於季度內逐季改善，且改善延續至 4 月。

As we look ahead, we expect comparable sales trends to improve as we continue to execute our transformation plan with Wraps now launched nationally. The comparisons also become easier as we move through the year.

展望未來，隨著我們持續執行轉型計畫，且 Wraps 現已在全美推出，我們預期同店銷售趨勢將改善。此外，隨著年度推進，比較基期也將轉為更容易。

Restaurant level margin was 10%, down from 17.9% last year. Food, beverage and packaging costs in the quarter were 29% of revenue, an increase of 250 basis points year over year. The increase was primarily driven by higher ingredient usage, portion investment and targeted pricing and promotional investments, partially offset by supply chain saving initiatives.

餐廳層級毛利率為 10%，低於去年同期的 17.9%。本季食品、飲料與包材成本占營收 29%，年增 250 個基點。此增幅主要由較高的食材用量、份量投資，以及針對性的定價與促銷投資所驅動，部分被供應鏈節省措施所抵銷。

Ingredient usage was a headwind of approximately 140 basis points year over year. We have taken initial steps to improve visibility into these drivers for our field teams, which is helping us better identify and prioritize the opportunities across the system.

食材用量年對年約帶來 140 個基點的逆風。我們已採取初步措施，提升第一線團隊對這些驅動因素的可視性，協助我們更好地辨識並優先排序全系統的改善機會。

Our focus is on improving the flow of food in our restaurants from receiving orders to inventory management, prep and ensuring accuracy at the point of sale. While we are still early, we see this as a meaningful opportunity to improve consistency and reduce variability over time. We are taking a disciplined approach. While we have made progress on visibility, there is more work to do to strengthen the tools and processes that support the field. This requires alignment between the systems and how our restaurants operate.

我們的重點在於改善餐廳內食物流動，涵蓋從收貨、庫存管理、備料到銷售端的準確性。雖然仍在早期階段，但我們認為這是隨時間推移提升一致性並降低波動的重大機會。我們採取審慎且有紀律的方法。儘管在可視性方面已有進展，但仍需更多工作以強化支援第一線的工具與流程。這需要系統與餐廳營運方式之間的協同一致。

So we are being thoughtful about how we evolve and roll this out to ensure it works effectively in our restaurant and delivers consistent results. For the second quarter, we expect food, beverage and packaging costs to be in line with the first quarter with pressure from weather-related produce costs as well as fuel surcharges. We expect the produce-related pressure to be transitory and largely concentrated in the quarter.

因此，我們會審慎思考如何演進並推行，以確保在餐廳端能有效運作並帶來一致的成果。第二季方面，我們預期食品、飲料與包材成本將與第一季大致持平，但會受到天氣相關的蔬果成本以及燃油附加費的壓力。我們預期蔬果相關壓力屬於短期性，且主要集中在本季。

First quarter labor and related expenses were 31.4% of revenue, an increase of 250 basis points year over year. This was primarily driven by sales deleverage and wage inflation. In our restaurants, we are focused on getting the right labor in the right place at the right time with work underway across staffing and scheduling to better align labor to demand throughout the day, particularly during peak hours where better coverage supports throughput and the customer experience. For the second quarter, we expect labor cost to be in the low 29% range, reflecting low single-digit wage inflation.

第一季人力及相關費用占營收 31.4%，年增 250 個基點。主要原因為銷售去槓桿效應以及薪資通膨。在餐廳端，我們聚焦於在正確的時間、正確的位置配置適當的人力；目前正針對人員配置與排班展開工作，以更好地讓人力與全天需求對齊，特別是在尖峰時段，較佳的覆蓋可提升出餐效率（throughput）與顧客體驗。第二季方面，我們預期人力成本將落在 29% 出頭的區間，反映低個位數的薪資通膨。

Other operating expenses for the quarter were 18.5% of revenue, an increase of 110 basis points year over year, driven primarily by sales deleverage. G&A expense in the quarter was $29.3 million, a decrease of $9.1 million year over year. The improvement was primarily driven by lower stock-based compensation and reduced salary and benefits following our 2025 headcount reduction initiatives.

本季其他營運費用占營收 18.5%，年增 110 個基點，主要由銷售去槓桿效應所致。本季一般及行政（G&A）費用為 2,930 萬美元，年減 910 萬美元。改善主要來自較低的股份基礎給付，以及在我們 2025 年人力編制縮減措施後薪資與福利的降低。

Underlying support center costs, excluding stock-based compensation and onetime expenses, was $23.2 million, a decrease of $4.5 million year over year. We are maintaining discipline in support center spending while continuing to invest in the capabilities that matter most to the transformation. Net income for the quarter was $125.8 million compared to a net loss of $25 million in the prior year. This was primarily driven by a onetime gain from the sale of Spyce, which closed during the first quarter of 2026.

扣除股份基礎給付與一次性費用後的支援中心基礎成本為 2,320 萬美元，年減 450 萬美元。我們在支援中心支出上維持紀律，同時持續投資於對轉型最關鍵的能力。本季淨利為 1.258 億美元，去年同期為淨損 2,500 萬美元。主要原因為出售 Spyce 的一次性收益；該交易於 2026 年第一季完成交割。

Adjusted EBITDA was a loss of $8.1 million compared to a gain of $285,000 last year, driven primarily by lower restaurant level profit. We ended the quarter with $156.8 million in cash. During the quarter, we opened four net new restaurants and ended the quarter with 285 restaurants, of which 33 restaurants are powered by the Infinite Kitchen.

調整後 EBITDA 為虧損 810 萬美元，去年同期為獲利 28.5 萬美元，主要由餐廳層級獲利較低所致。本季末現金為 1.568 億美元。本季我們淨新增開設 4 家餐廳，季末共有 285 家餐廳，其中 33 家餐廳採用 Infinite Kitchen。

Now turning to fiscal year 2026 guidance. We are reiterating our same-store sales guidance with Wraps now and Sweetgreen restaurants nationwide and comparisons easing. We expect same-store sales to be a decline in the range of negative 4% to negative 2%. We expect restaurant level margin to range from 14.2% to 14.7% and adjusted EBITDA to range between $1 million and $6 million.

接下來談 2026 會計年度指引。在 Wraps 現已於全美 Sweetgreen 餐廳推出且比較基期趨於有利的情況下，我們重申同店銷售指引不變。我們預期同店銷售將下滑，幅度介於負 4% 至負 2%。我們預期餐廳層級毛利率介於 14.2% 至 14.7%，調整後 EBITDA 介於 100 萬至 600 萬美元。

On unit growth, we now expect to open approximately 13 net new restaurants this year, reflecting 18 openings and a handful of lease-related closures, where we mostly see an opportunity to strengthen nearby locations. Our development pipeline is equally weighted this year and nearly half of our openings will feature the Infinite Kitchen.

在展店成長方面，我們目前預期今年將淨新增約 13 家餐廳，反映 18 家新開店以及少數因租約相關因素而關閉的店點；我們多半認為這些關閉有助於強化附近店點。今年我們的開發管線在年度內分布均衡，且近一半的新開店將配置 Infinite Kitchen。

To close, we are still early in our transformation work, but we are beginning to see progress from the actions we have taken. As execution improves and we bring more discipline to how we operate and invest, we expect to see more consistent performance over time, supported by initiatives like the national launch of Wraps as we rebuild top line momentum and improve restaurant level economics.

最後，我們的轉型工作仍在早期階段，但已開始看到所採取行動帶來的進展。隨著執行力提升，且我們在營運與投資方式上更具紀律，我們預期隨時間推移將看到更一致的表現；並在如 Wraps 全美上市等計畫的支持下，重建營收動能並改善餐廳層級經濟效益。

Our focus remains on strengthening execution in our restaurants, restoring traffic and managing cost and capital discipline. With that approach, we are focused on building a more consistent and profitable Sweetgreen over time.

我們的重點仍是強化餐廳端的執行、恢復來客數，並在成本與資本運用上維持紀律。透過這樣的方法，我們致力於隨時間推移打造更一致且更具獲利能力的 Sweetgreen。

And now we're happy to take your questions.

接下來我們很樂意回答各位的提問。

(Operator Instructions)

（接線員指示）

Jeff Bernstein, Barclays.

Jeff Bernstein，巴克萊（Barclays）。

Great. This is Pratik on for Jeff. Very encouraging to hear the April traffic trends improving. And in the release, you referred to the momentum you have. Could you just level set with us what degree of improvement you've been seeing? It'd just be helpful to get kind of an embedded assumption from you for how you see the rest of the quarter playing out, even if you're not explicitly guiding to a comp number in the second quarter?

很好。我是代 Jeff 發言的 Pratik。聽到 4 月來客數趨勢改善非常令人鼓舞。而且在新聞稿中，你們提到目前具備的動能。能否請你們幫我們校準一下，你們看到的改善幅度大概到什麼程度？即使你們不會明確提供第二季同店的指引數字，若能分享你們對本季剩餘期間走勢的內含假設，會很有幫助。

Yeah. So we saw January and February -- starting with Q1, we saw some pressure with the weather. But as we moved into March, we saw about 100 basis improvement in transactions. We also have price fully rolling off, and we had some mix headwinds due to some of the promotional activities and as we launched SG Rewards. And in April, we improved to about a decline of negative 8%. And we just launched Wraps. And so we're excited about our launch from all the results that we saw in the testing, and we expect that Q2 to land around negative 4%.

是的。所以我們看到 1 月和 2 月——從第一季開始，天氣帶來了一些壓力。但進入 3 月後，我們看到交易量約改善了 100 個基點。我們也看到價格影響已完全消退，同時因為一些促銷活動以及我們推出 SG Rewards，組合面也出現了一些逆風。到了 4 月，我們改善到約下滑負 8%。而且我們剛推出 Wraps。因此，從測試中看到的所有結果來看，我們對這次上市感到很興奮，並預期第二季將落在約負 4%。

Brian Bittner, Oppenheimer & Company.

Brian Bittner，Oppenheimer & Company。

This is Mike Tamas on for Brian. You talked about the improving operations and also like the incrementality from Wraps. So I guess, can you maybe just help us understand what that incrementality look like from the Wraps? And then as the year unfolds, you're talking about doing more menu innovation, but also having all of these improvement in operations that you've done so far and more to come. So what guardrails are you putting in place to sort of make sure that the operations don't deteriorate as you step up that amount of menu innovation?

我是代替 Brian 的 Mike Tamas。你談到營運改善，以及 Wraps 帶來的增量效益。所以我想，你能否幫我們理解一下 Wraps 的增量大概長什麼樣子？另外，隨著今年推進，你提到會做更多菜單創新，同時也有你們迄今已完成、以及接下來還會持續的各項營運改善。那麼，當你提高菜單創新的力度時，你們設了哪些「護欄」來確保營運不會因此惡化？

Sure. Thanks for the question. So as it relates to Wraps, as I mentioned in the prepared remarks, we took a very disciplined approach, starting with an ops shakedown, a rapid ops test in eight stores and then a multi-month stage-gate process in three separate markets. And we were able to both understand the operational impacts as well as the customer behavior.

當然。謝謝你的問題。就 Wraps 而言，如同我在事先準備的發言中提到的，我們採取了非常嚴謹的做法：先做營運盤點（ops shakedown），在 8 家門市進行快速營運測試，接著在 3 個不同市場進行為期數月的分階段（stage-gate）流程。因此我們得以同時了解對營運的影響，以及顧客行為。

While I'm not going to guide to an exact number on incrementality, I'll say that we were very encouraged. It mixed in really well. We saw really high return rates of the Wraps. I think most importantly, customers were really delighted with the quality as well as the price. The Chicken Caesar Wrap, in most -- it starts at $10.45 in certain markets, and no wrap in any market is above $15.

雖然我不會就增量提供一個精確數字指引，但我會說我們非常受到鼓舞。它在產品組合中的融合度非常好。我們看到 Wraps 的回購率非常高。我認為最重要的是，顧客對品質以及價格都非常滿意。凱薩雞肉捲（Chicken Caesar Wrap）在多數——在某些市場起價為 10.45 美元，而且沒有任何市場的捲餅價格高於 15 美元。

So I think both from a quality, craveability and price value, we are really delivering and customers are noticing it. So it definitely is incremental, and that was all before media. But typically, we do see a pretty nice lift once we advertise things, and we have a really one of -- probably our largest social-first campaign going live right now, getting much more awareness in trial. So we're still very early.

所以我認為，無論從品質、想吃度（craveability）以及價格價值來看，我們確實做到了，顧客也注意到了。因此它確實帶來增量，而且這些都發生在投放媒體之前。但通常一旦我們開始做廣告，確實會看到相當不錯的拉升；而我們目前正在上線一個——可能是我們規模最大的「社群優先」活動，帶來更高的知名度與試用。所以我們仍處於非常早期的階段。

We launched yesterday, but very encouraged by how it's mixing in, the response and the comeback rate on Wraps. As it relates to operations and menu innovation, we really spent last year instituting Project One Best Way, really building the operational foundation with a focus on people, food, feel and flow. And we've gotten much, much better. We've seen our quality complaints come down significantly. We've seen our in-stock percentages, so like our go down significantly. So more -- much more in stock. So we feel good about how we're operating there.

我們是昨天才上市，但對它在組合中的表現、反應，以及 Wraps 的回流／回購率都非常受到鼓舞。至於營運與菜單創新，我們去年投入大量工作推行 Project One Best Way，聚焦在人員、食物、感受與流程（people, food, feel and flow），建立營運基礎。而我們已經改善很多很多。我們看到品質客訴大幅下降。我們看到缺貨率——也就是我們的——顯著下降。因此庫存充足度大幅提升。所以我們對目前的營運狀況感到不錯。

And the focus has really moved more towards culture within our restaurants and the hospitality and as well as continuing to elevate the quality and consistency of what we do. Given the stage-gate process we have, everything that we're putting out from a menu innovation perspective, both has to meet our ops sandbox requirements in terms of complexity and number of ingredients and any incremental labor hours, but also has to go through a stage-gate process to make sure it doesn't disrupt our core operation.

而重點也更轉向餐廳內的文化與待客之道，同時也持續提升我們所做事情的品質與一致性。基於我們的分階段（stage-gate）流程，從菜單創新的角度來看，我們推出的每一項產品，不僅必須符合我們在營運沙盒（ops sandbox）中對複雜度、食材數量以及任何新增工時的要求，也必須通過分階段流程，以確保不會干擾核心營運。

I think, if I can leave you with anything, it's we are -- the most important thing we are focused on right now is the fundamentals of delivering an excellent customer experience. And the menu innovation is all layered on top of that. And that's what gives us confidence with Wraps and future menu innovation is we believe we've laid the operational foundation to continue to innovate. We have a robust innovation calendar coming for the rest of the year, but done in a way which really limits the complexity for our store teams and should be something that really customers love. So very encouraged by the recent momentum. But as I mentioned, we're still early in the transformation and a lot of work to do.

我想，如果要留給你一個重點，那就是——我們目前最重要的聚焦，是把基本功做好，提供卓越的顧客體驗。而菜單創新是在此基礎之上再疊加。這也是我們對 Wraps 與未來菜單創新有信心的原因：我們相信已經打下營運基礎，能夠持續創新。今年剩餘時間我們有一個很扎實的創新行事曆，但會以真正限制門市團隊複雜度的方式來做，並且應該會是顧客真正喜愛的內容。所以我們對近期動能非常受到鼓舞。但如我所提到的，我們仍在轉型的早期階段，還有很多工作要做。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行（Bank of America）。

[Alzera] Austin on for Sarah. Just in the line of menu additions, it kind of seemed like protein plates were an important driver back in 2024, but kind of faded moving into 2025. Are there any learnings on how you guys will manage that with Wraps on the menu now just going through the remainder of the year?

我是代替 Sarah 的 [Alzera] Austin。就菜單新增品項而言，看起來蛋白質餐盤在 2024 年是重要的驅動因素，但進入 2025 年似乎熱度有所消退。在 Wraps 現在已在菜單上的情況下，對於今年剩餘時間你們將如何管理這點，有沒有任何學習或心得？

Yeah, that's a good question. One of the learnings is to consistently bring new news to a category. So what you'll see us do with Wraps is not only the launch of Wraps compelling, but continuing to support it with media, but also new news and new wrap builds. So today, we have three core wraps, one LTO. We have a couple of planned incremental wraps that we will introduce throughout the year, whether that be core or LTO.

是的，這是個好問題。其中一個學習是：要持續為一個品類帶來新的話題（new news）。所以你會看到我們對 Wraps 的做法，不只是上市本身要有吸引力，還會持續用媒體支持，同時也會推出新消息與新的捲餅組合。目前我們有三款核心 Wraps，以及一款限時供應（LTO）。我們也規劃了幾款增量的 Wraps，會在今年陸續推出，不論是核心品項或 LTO。

Today, it's four signature wraps, all can be modified. We know customers eventually want a build your own wrap, which is something that we're looking at. And plates have been successful. They've helped us grow our dinner. They have -- some of those plates do exceptionally well like our Miso Salmon plate. And so we do expect to continue innovating on the plates category. So expect some more innovation on plates. It's something that we know our customers love.

目前是四款招牌 Wraps，全部都可以客製化。我們知道顧客最終會想要「自選搭配」的捲餅（build your own wrap），這也是我們正在評估的方向。而餐盤（plates）一直很成功。它們幫助我們擴大晚餐時段的業績。其中有些餐盤表現特別好，例如我們的味噌鮭魚餐盤（Miso Salmon plate）。因此我們確實預期會持續在餐盤品類上創新。所以你可以期待餐盤會有更多創新。這是我們知道顧客很喜歡的品類。

Sharon Zackfia, William Blair.

Sharon Zackfia，William Blair。

You've done so much work over the last year in different efforts to improve your value perception. And I'm curious if you have any kind of quantifiable research on how the consumer has recognized that. Do you think you're getting credit for all of the efforts you've done? And what have you done that's really landed well and where were maybe you a bit more disappointed in something that you rearchitected that the customer just didn't really appreciate?

過去一年你們做了很多不同的努力來改善「價值感」的認知。我很好奇，你們是否有任何可量化的研究，來衡量消費者如何認知到這些改變？你覺得市場有給你們這些努力相應的肯定嗎？另外，哪些措施真正奏效、落地得很好？又有哪些你們重新設計後，可能比較失望，因為顧客並沒有真正買單或欣賞？

Thank you, Sharon. So as you mentioned, we have been working on value perception through a number of different initiatives. I think first and foremost, we are proud of the food we serve. And we believe when we execute on our core fundamentals and deliver a great customer experience that given all that we do within -- from a sourcing and scratch cooking perspective, that we offer tremendous value.

謝謝你，Sharon。如你所提到的，我們透過多項不同的計畫在改善價值感認知。我想首先也是最重要的，我們以所提供的食物為傲。我們相信，只要把核心基本功執行到位、提供很棒的顧客體驗，考量到我們在——從採購到現做烹調（scratch cooking）的各種投入，我們提供的是非常高的價值。

Having said that, we do see opportunities to offer more entry-level pricing and kind of a different pricing ladder for different consumers to drive acquisition and repeat behavior. So a few of the things that we've done that we believe are resonating. One is Wraps. If you look at the social commentary on Wraps, some of the lower pricing is really resonating, and we are seeing the comeback rate or the return rate of many of those customers as an encouraging sign.

話雖如此，我們確實看到機會：提供更多入門價位，以及針對不同消費者建立不同的價格階梯，以推動拉新與重複消費。因此，我們做的一些事情，我們認為正在產生共鳴。其中之一是 Wraps。如果你看社群上對 Wraps 的評論，較低的定價確實很能引起共鳴，而我們也看到許多顧客的回流率或回購率，這是一個令人鼓舞的訊號。

Two, we're getting more juice out of our loyalty program, both the core program as well as cravings of the month. We're seeing high adoption of that. And as I mentioned on the call, we're seeing the average revenue of those users be incremental. So it's a good activation for both new customers and lapsed customers, but those customers stick with us.

第二，我們從忠誠度計畫中榨取到更多效益，包含核心計畫以及「每月渴望（cravings of the month）」活動。我們看到很高的採用率。而且如我在電話會議中提到的，我們看到這些用戶的平均營收是增量貢獻。所以這對新客與流失客都是很好的活化方式，而且這些客戶會持續留在我們這裡。

We do not plan on continuing the promo and discount at this level. We do expect to really wean off of this. We are also -- the biggest price moves we're going to make, we're going to go into test come in about a month or so on a whole kind of pricing architecture change, which I described in the prepared remarks, both on our Build Your Own framework as well as testing some more entry-level pricing.

我們不打算以目前這個水準繼續促銷與折扣。我們確實預期會逐步淡出這些措施。另外——我們接下來要做的最大幅度價格調整，將在大約一個月左右進入測試，屬於整體定價架構的變更；我在事先準備的發言中有提到，包含我們的「自選搭配（Build Your Own）」架構，以及測試一些更入門的定價。

As it relates to data to quantifiable research, we have now done a baseline on price value. And over coming quarters, we'll share more on how that has changed. But to leave you with anything, really the focus is delivering on the fundamentals and delivering a great customer experience. And when we do that, the food -- what we offer is really worth the money, and we're proud of that.

就可量化研究數據而言，我們現在已完成價格價值（price value）的基準測量。在接下來幾個季度，我們會分享這項指標如何變化。但如果要留給各位一個重點，那就是我們的焦點在於把基本功做到位，並提供很棒的顧客體驗。當我們做到這點時——我們提供的食物確實物有所值，我們也以此為傲。

Jon Tower, Citi.

Jon Tower，花旗（Citi）。

I just maybe you can help us think through, there's a lot of moving parts on the business right now and whether it's Wraps or changing the pricing architecture in the future. Like how you're thinking about incremental flow-through going forward for the business? And specifically, with focusing on lower price points, I would assume that check is going to be a little bit lower. Can you help us think through that?

我想也許你可以幫我們釐清一下：目前業務有很多變動因素，不管是 Wraps，或是未來調整定價架構。你們如何看待未來業務的增量流轉率（incremental flow-through）？特別是若聚焦較低價位，我會假設客單價會稍微降低。你能幫我們一起思考這點嗎？

Yeah. So we still expect flow-through to be around the 40% range. And what we are seeing with wraps is, there is some check dilution, but we are getting the incremental transactions. And what we're also seeing is the prep for the produce that goes into the wraps is less and also the waste is less. So we're actually seeing favorable cost of goods sold on our wraps even with the lower price point.

可以。我們仍預期流轉率大約在 40% 左右。而我們在 Wraps 上看到的是，確實有一些客單稀釋（check dilution），但我們也獲得了增量交易筆數。另外我們也看到，Wraps 所需的蔬果備料更少、浪費也更少。因此即使價格點較低，我們的 Wraps 在銷貨成本（COGS）上其實呈現有利的表現。

And so as we test, when we look at the menu price architecture, that's something that we're going to be very careful and sequenced about, and that's why we've paced every kind of discount and promotion that we've done because we want to measure the results and making sure that we get the return. So staying with the price architecture, we're going to be disciplined about that approach and make sure that it's working.

因此在我們進行測試、檢視菜單定價架構時，這會是我們非常謹慎且按順序推進的事情；這也是為什麼我們對每一項折扣與促銷都做了節奏控管，因為我們想衡量結果並確保取得回報。所以在定價架構方面，我們會以紀律性的方式推進，並確保它確實有效。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

This is Zach Ogden on for Andrew. So for the full year restaurant level margin guidance, it does imply about 100 basis points, maybe a little bit more in the second half of the year in terms of leverage. So can you talk about the drivers that will get you back to that margin level leverage? And then maybe talk about any pricing plans as a part of that?

我是代 Andrew 提問的 Zach Ogden。就全年餐廳層級毛利率（restaurant level margin）指引來看，這暗示下半年在槓桿改善方面大約有 100 個基點，甚至可能略多。你能談談有哪些驅動因素能讓你們回到那樣的毛利率槓桿水準嗎？另外也請談談是否有任何定價計畫是其中一部分？

Yeah. So when you look at our margins for the quarter, about half of it is sales deleverage. And then we also have wage inflation of about 40 bps, but the remainder is really within our control. And so there's a lot of work being done behind the scenes, especially as it relates to cost of goods sold. And so we have just introduced visibility to the field on the waste by the different categories, but there's still a lot more work to be done to make sure that they're ordering the correct amount, they're prepping the right amount and that we're giving them the tools to be successful to properly do this.

好的。如果看我們本季的毛利率，大約有一半是銷售去槓桿（sales deleverage）。另外我們也有約 40 個基點的薪資通膨，但其餘部分其實是在我們可控範圍內。因此幕後正在做很多工作，尤其是與銷貨成本（COGS）相關的部分。我們剛剛已讓第一線門店能看到不同品類的浪費情況，但仍有更多工作要做，以確保他們下單量正確、備料量正確，並且我們提供他們成功所需的工具，讓他們能把這件事做好。

So we've just unlocked the visibility, but we plan to unlock the tools through the back half of the year, but we are seeing quarter over quarter improvements. And so also within labor, we have a labor study going on right now. And so we are looking at our labor as well and making sure that we have the right people staffed during the peak hour to drive the throughput and make sure that we're getting sales leverage on those transactions. So a lot of work being done behind the scenes on the margin.

我們才剛解鎖可視化，但計畫在下半年逐步解鎖相關工具；同時我們也看到季度對季度的改善。另外在勞動力方面，我們目前正在進行一項人力研究。因此我們也在檢視人力配置，確保尖峰時段有適當的人力編制，以提升出餐/服務吞吐量（throughput），並確保這些交易能帶來銷售槓桿效益。所以在毛利率方面，幕後有大量工作正在進行。

Rahul Krotthapalli, JPMorgan.

Rahul Krotthapalli，摩根大通（JPMorgan）。

Can you update us on where you are in the efforts around reestablishing like the coolness factor, if you will, on the -- as you continue to be a premium and aspirational brand while also being affordable and making progress in democratizing wellness and mindful eating? And I have a follow-up.

你能更新一下你們在重新建立所謂「酷感」（coolness factor）方面的進展嗎？也就是說——在你們持續作為高端、具向往感的品牌同時，也要維持可負擔性，並在推動「健康與正念飲食的大眾化」上取得進展。我還有一個追問。

Thanks, Rahul. Yeah, one thing I'll just point to broadly is last year, we really rebuilt our leadership team. And underneath Zip, our Chief Commercial Officer, have rebuilt much of our marketing and brand team. So we are taking a new approach to how we invest in the brand and leaning more into the lifestyle elements.

謝謝你，Rahul。是的，我先從大方向說：去年我們確實重建了領導團隊。在我們的首席商務長 Zip 之下，也重建了我們行銷與品牌團隊的大部分成員。因此我們正在用新的方式來思考如何投資品牌，並更著重於生活風格（lifestyle）元素。

The first thing that I think builds a brand, and our team hears me all the time is word of mouth on delivering a great experience in our restaurants. So first and foremost is just executing on excellent customer experience and living up to our promise around consistency, quality and hospitality. But we're also leaning into some new things.

我認為建立品牌的第一件事——我們團隊也常常聽我說——就是在餐廳提供很棒體驗所帶來的口碑。所以首要之務就是把卓越的顧客體驗執行到位，並兌現我們在一致性、品質與待客之道（hospitality）上的承諾。但我們也正在投入一些新的作法。

For example, with our Wraps launch, you'll see a different kind of launch with us more of a bottoms-up approach with social-first content really and other moves getting into culture. As you move into the summer, you'll see us do some really cool things leaning into some collaborations in both culture and -- both culture broadly as well as chefs, something that we've done in the past that definitely resonates with our guests.

例如在 Wraps 上市方面，你會看到我們採取不同的上市方式：更偏自下而上（bottoms-up）的做法，以社群優先（social-first）的內容為主，並透過其他動作切入文化圈層。進入夏季後，你會看到我們做一些很酷的事情，包含在文化領域——廣義的文化以及主廚合作——進行一些聯名；這是我們過去做過、也確實能引起顧客共鳴的事情。

And you're also seeing us do a lot more kind of events in real life. Even tonight, we're celebrating our Wraps launch with an awesome event here in Los Angeles at our Silver Lake restaurant. So much more with creators, influencers, storytelling and leaning into the lifestyle elements of the brand. So expect to see more as the year continues.

你也會看到我們舉辦更多線下實體活動。甚至就在今晚，我們會在洛杉磯 Silver Lake 的餐廳，用一場很棒的活動來慶祝 Wraps 上市。因此會有更多與創作者、網紅、故事敘事的合作，並更深入品牌的生活風格元素。所以隨著今年持續推進，預期你會看到更多。

And then the follow-up is on the owned digital customers, like approaching 40% is good to see. Any insights you can share around the frequency of these customers? I know we spoke about the monthly active users in the past. How is this cohort interacting with the brand directionally?

接著追問關於自有數位客群（owned digital customers）：接近 40% 很高興看到。你能分享一些關於這些客戶消費頻率的洞見嗎？我知道我們過去談過月活躍用戶（monthly active users）。這個族群在方向上是如何與品牌互動的？

Yeah. So I would say there's a lot of work being done on our loyalty channel. So that's why we're beginning to see some momentum there, especially within our native channel. And so with the cravings of the month and then the targeted loyalty actions, we are seeing some improvements in our own channel. And we're actually also seeing increases of loyalty users signing up month-after-month.

好的。我會說我們在忠誠度渠道上做了很多工作。因此我們開始看到一些動能，尤其是在我們的原生渠道（native channel）內。透過「每月渴望」以及更精準的忠誠度行動（targeted loyalty actions），我們看到自有渠道有一些改善。而且我們也看到忠誠度用戶的註冊數月復一月地增加。

Yeah. The other thing where you're seeing the owned -- the other change in the owned digital is we've continued to see really nice momentum on people using loyalty in restaurants from a scan to pay perspective. The scan to pay has reached about 20% of in-store transactions. And that's a positive signal because once we get them into our digital ecosystem, we love them ordering in restaurant, but that gives us the benefit of ordering in restaurant and having a connection digitally where we can market to them directly. So some nice encouraging signs around the frequency, but a lot more work to do.

是的。另外一個你在自有數位端看到的變化是：我們持續看到人們在餐廳使用忠誠度的「掃碼支付（scan to pay）」有很好的動能。掃碼支付已達到約 20% 的店內交易。這是正向訊號，因為一旦我們把他們帶進數位生態系，我們當然也喜歡他們在店內點餐，但這讓我們同時享有店內點餐的好處，以及在數位端建立連結、能直接對他們行銷的優勢。所以在頻率方面看到一些令人鼓舞的跡象，但仍有更多工作要做。

Congrats on the Wraps launch. The KBBQ is my favorite and it's fire.

恭喜 Wraps 上市。KBBQ 是我最喜歡的口味，真的超讚。

Kelly Merrill, Morgan Stanley.

Kelly Merrill，摩根士丹利。

I just wanted to continue on with the digital conversation and see if you had anything else to add as percent digital revenue and owned digital revenue saw a nice tick up sequentially and year over year. And then just one more I wanted to ask what trends have you been seeing on third-party delivery as of late?

我想延續數位方面的討論，看看您是否還有其他補充：數位營收占比與自有數位營收在季比與年比上都有不錯的提升。另外還有一題：最近您們在第三方外送方面觀察到哪些趨勢？

Sure. So I mean, just to reiterate what I said before, we've continued to invest in our digital ecosystem. I think it's somewhere where we're probably best-in-class around our digital -- in the digital experience in our restaurants, not only what we do within our app, but how we support it within our restaurants. So we've been very intentional about how to build an omnichannel restaurant where we don't disrupt the in-store experience for those digital customers.

當然。我想重申我先前提到的，我們持續投資於數位生態系。我認為在數位方面——也就是餐廳內的數位體驗——我們大概是業界最佳之一；不僅是 App 內的功能，還包括我們如何在餐廳端支援它。因此我們非常有意識地打造全通路餐廳，讓數位顧客的體驗不會干擾到店內用餐體驗。

And we've done a lot of work on, call it, the back end, where it be our throttle management and working on things like accuracy on time and on-time rates, so people can trust those digital channels. Continue to A/B test features. We've continued to come out with a number of new features within our app, and we have a robust road map across the rest of this year. We actually have accelerated our digital road map, especially given the advent of AI, we can move faster on a lot of those things. So customers really love and trust our digital experience.

我們也在後端做了很多工作，例如流量節流管理（throttle management），以及在準確性、出餐時間與準時率等方面的改善，讓消費者能信任這些數位通路。我們持續以 A/B 測試新功能。我們在 App 內也持續推出多項新功能，且今年剩餘時間有一個很扎實的產品路線圖。事實上，我們也加速了數位路線圖，尤其在 AI 出現之後，很多事情我們可以更快推進。因此顧客非常喜歡並信任我們的數位體驗。

Remind me the second part of your question?

提醒我一下，你問題的第二部分是什麼？

Just on trends in third-party delivery recently.

就是最近第三方外送的趨勢。

Yeah. So trends in our third-party delivery, that is a channel that we're very focused on right now. So we're looking -- there's a number of work streams under place to, one, make sure that we're delivering a great experience. We're not missing items or inaccurate. So we've been working on that as long -- also with our kind of our time to order and pick up. And so there's a lot of work being done behind the scenes. We've seen some good improvement on our native channel and marketing -- marketplace is starting to improve and we're seeing the trends improve into April.

對。關於第三方外送的趨勢，這是我們目前非常聚焦的一個通路。我們正在推進——底下有多個工作主軸：第一，確保我們提供很好的體驗。不漏品、也不出錯。因此我們一直在改善這些，同時也在優化從下單到取餐的時間。所以幕後有大量工作正在進行。我們看到自有通路有不錯的改善，而行銷——外送平台的市集（marketplace）也開始改善，我們看到趨勢一路改善到 4 月。

Yeah. Marketplace, we've seen a huge improvement into April. I think we've optimized both the paid side of the marketplace, but also the -- as Jamie mentioned, the organic side. There's a lot we can do to show up higher in the algorithm, especially around wait times, order readiness and even little things around, call it, SEO management on the marketplace. So getting smarter and sharper there, and we expect marketplace to be a strong growth channel for us as we look throughout the rest of the year.

對。市集（marketplace）方面，我們在 4 月看到非常大的改善。我認為我們同時優化了市集的付費端，但也——如 Jamie 提到的——優化了自然端。我們可以做很多事情來提升在演算法中的排序，尤其是等待時間、出餐準備度，甚至一些小細節，例如在市集上的 SEO 管理。因此我們在這方面變得更聰明、更精準；展望今年剩餘時間，我們預期市集會成為我們強勁的成長通路。

Brian Mullan, Piper Sandler.

Brian Mullan，Piper Sandler。

Just a question on development specific to next year. Not looking for precise guidance, but really just trying to understand your current appetite to build new restaurants beyond projects that are already underway during the time period that you're going through this fleet transformation plan process. So just how you're thinking about development right now?

有一題關於明年展店（development）的問題。我不是要精準的指引，只是想了解：在你們推動這個門店組合轉型（fleet transformation plan）的期間，除了已在進行中的專案之外，你們目前對於新開餐廳的意願有多大？也就是你們現在如何看待展店？

Yeah. I'd say we're taking right now a very disciplined approach, really focused on high return on invested capital restaurants that we have a high level of confidence in. We won't be -- I'd say we don't expect an acceleration in development until we start to see the flywheel working here, comps improving significantly and feel much better about the core operation. But we do -- we will continue to develop new restaurants. We're continuing to work on both the design and prototype of those new restaurants. We're really excited to welcome our new Chief Development Officer, Ryan. So expect a tempered year of development, and we'll come back with more as the year progresses.

對。我會說我們目前採取非常嚴謹、紀律性的做法，重點放在我們高度有信心、且投資資本報酬率（ROIC）很高的餐廳。在我們看到這個飛輪開始運轉、同店銷售（comps）顯著改善，並且對核心營運更有把握之前，我們不會——我想我們不預期展店會加速。但我們仍會持續開新餐廳。我們也持續推進新餐廳的設計與原型（prototype）。我們非常期待迎接新任首席開發長（Chief Development Officer）Ryan。因此預期今年展店會相對溫和，後續會隨著年度進展再提供更多更新。

Dennis Geiger, UBS.

Dennis Geiger，瑞銀（UBS）。

This is Paul on with Dennis. My first part is just encouraging to see the improvement in April so far. And I appreciate the color that you provided on transactions and pricing. Just wondering if you noticed any shift in consumer behavior during the past few months?

我是 Paul，代 Dennis 提問。首先，很高興看到 4 月迄今的改善。也感謝你們就交易量與定價所提供的補充說明。想請問過去幾個月你們是否注意到消費者行為有任何轉變？

And then the second part was just following up on the development pipeline question, particularly over the longer term, what is the future opening mix between entering new markets and penetrating further in existing markets?

第二部分是延續剛才關於展店管線的問題：特別是拉長時間來看，未來開店的組合會如何在「進入新市場」與「在既有市場加密滲透」之間分配？

Yeah. In terms of consumer behavior, we are seeing some improvements in our younger cohorts. So the 18 to 35 has really started to pick up, which is good to see. In March, we launched our Chicken Sesame Crunch Salad. That was a huge hit. And then now we have now launched Wraps. So we're hoping to continue to see some of this momentum. And then in terms of development pipeline, I don't know, if there's anything else you want to add.

對。就消費者行為而言，我們看到較年輕族群有一些改善。18 到 35 歲的族群確實開始回升，這點很令人鼓舞。3 月我們推出了 Chicken Sesame Crunch Salad。反應非常熱烈。而現在我們也推出了 Wraps。因此我們希望能持續看到這股動能。至於展店管線，我不確定你是否還想補充什麼。

As it relates to development pipeline, we're really focused on, kind of, building out a lot of the newer markets where we have seen success. One of the bright spots in development recently has been a number of those new markets. For example, we entered Phoenix last year. We're seeing about $3.2 million AUVs in that market. We're in Sacramento with about $3 million AUVs.

就展店管線而言，我們非常聚焦在——算是——把一些已證明成功的新市場做深做廣。近期展店的一個亮點，就是其中一些新市場。例如我們去年進入鳳凰城（Phoenix）。該市場的單店年均營收（AUV）約為 320 萬美元。我們在沙加緬度（Sacramento）的 AUV 約為 300 萬美元。

So some really bright spots in some of these new markets, but we still have a number of new markets where we're very lightly penetrated and have a lot of room to grow. So probably not a whole lot of net, like, totally greenfield markets and more building out those lightly penetrated markets so we can get the efficiencies around supply chain operations and brand.

因此在部分新市場確實有一些非常亮眼的表現，但我們仍有不少新市場目前滲透率很低，還有很大的成長空間。所以整體來看，可能不會大量新增完全的綠地（greenfield）市場，而是更多在那些滲透率偏低的市場持續擴張，這樣我們就能在供應鏈營運與品牌上取得效率。

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

目前沒有其他問題。今天的電話會議到此結束。感謝各位參與。您可以掛線。