Shake Shack Inc (SHAK) 2025 Q1 法說會逐字稿

Good morning. Welcome to Shake Shack's first quarter 2025 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

早安.歡迎參加 Shake Shack 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

It is now my pleasure to introduce Melissa Calandruccio from Investor Relations. Thank you. You may begin.

現在我很高興介紹投資者關係部門的 Melissa Calandruccio。謝謝。你可以開始了。

Thank you, operator, and good morning, everyone. Joining me for Shake Shack's conference call is our CEO, Rob Lynch; and CFO, Katie Fogertey. During today's call, we will discuss non-GAAP financial measures, which we believe can be useful in evaluating our performance. The presentation of this additional information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are available in our earnings release and the financial details section of our shareholder letter.

謝謝接線員，大家早安。與我一起參加 Shake Shack 電話會議的還有我們的執行長 Rob Lynch；和財務長凱蒂·福格泰 (Katie Fogertey)。在今天的電話會議中，我們將討論非公認會計準則財務指標，我們認為這些指標有助於評估我們的表現。不應孤立地考慮這些附加資訊的呈現，也不應將其視為根據 GAAP 編制的結果的替代方案。我們的收益報告和股東信中的財務細節部分提供了與可比較 GAAP 指標的對帳資訊。

Some of today's statements may be forward-looking, and actual results may differ materially due to a number of risks and uncertainties, including those discussed in our annual report on Form 10-K filed on February 21, 2025. Any forward-looking statements represent our views only as of today, and we assume no obligation to update any forward-looking statements if our views change. By now, you should have access to our first quarter 2025 shareholder letter, which can be found on investor.shakeshack.com in the quarterly results section or as an exhibit to our 8-K for the quarter.

今天的一些聲明可能是前瞻性的，實際結果可能由於許多風險和不確定因素而存在重大差異，包括我們於 2025 年 2 月 21 日提交的 10-K 表年度報告中討論的風險和不確定因素。任何前瞻性陳述僅代表我們截至今天的觀點，如果我們的觀點發生變化，我們不承擔更新任何前瞻性陳述的義務。現在，您應該可以訪問我們的 2025 年第一季股東信函，該信函可在 investor.shakeshack.com 的季度業績部分找到，也可以作為本季度 8-K 的附件。

I will now turn the call over to Rob.

現在我將電話轉給 Rob。

Thanks, Melissa, and good morning, everyone. 2025 is positioned to be a year of transformation for Shake Shack. We are making significant progress against our strategic priorities, which will fuel our growth to at least 1,500 company-operated Shacks. While we recognize that many macro headwinds impacted transaction growth across the industry in the first quarter, we are using the current business environment as an opportunity to identify ways to improve our guest experience, grow total revenue, and continue to reduce both our operating and build costs.

謝謝，梅麗莎，大家早安。 2025年將成為Shake Shack的轉型之年。我們在策略重點方面取得了重大進展，這將推動我們發展到至少 1,500 家公司經營的 Shacks。雖然我們認識到第一季許多宏觀不利因素影響了整個行業的交易成長，但我們正在利用當前的商業環境作為機遇，尋找改善客戶體驗、增加總收入以及繼續降低營運和建設成本的方法。

Over the past year, I've had the privilege to learn about this great business and collaborate with our leadership team to evolve our culture to support our lofty aspirations. We are in a significant growth phase, aiming to more than quadruple the number of company-operated Shacks. To achieve this, it will take innovative thinking, hard work, and a continued commitment to delivering enlightened hospitality. Through our efforts, we will create lasting value for all of our stakeholders.

在過去的一年裡，我有幸了解這家偉大的企業，並與我們的領導團隊合作，發展我們的文化，以支持我們崇高的願望。我們正處於重要的成長階段，目標是將公司營運的 Shacks 數量增加四倍以上。為了實現這一目標，我們需要創新思維、努力工作並持續致力於提供開明的款待。透過我們的努力，我們將為所有利害關係人創造持久的價值。

Our team has worked to evolve into a performance-based organization that can leverage the scale that we are building with each new Shack while continuing to put our team members and guests first. This evolution has resulted in better guest service, operational improvements in productivity, culinary innovation and menu strategy, and the foundation of a brand marketing model.

我們的團隊致力於發展成為一個以績效為基礎的組織，可以利用我們透過每個新 Shack 建立的規模，同時繼續將我們的團隊成員和客人放在第一位。這種演變帶來了更好的客戶服務、生產力的營運改善、烹飪創新和菜單策略，以及品牌行銷模式的基礎。

We are swiftly implementing these improvements and have increased our restaurant-level profit margin guidance for this year and going forward. We now expect to deliver at least 50 basis points of improvement in our restaurant-level profit margins annually over the next three years and are confident in our ability to continue to become better for years to come.

我們正在迅速實施這些改善措施，並提高了今年及未來的餐廳級利潤率預期。我們現在預計，未來三年內，我們餐廳層面的利潤率每年將提高至少 50 個基點，並且有信心在未來幾年繼續取得進步。

Consider that in the first quarter, despite significant weather headwinds, coupled with industry and macroeconomic challenges, our teams grew restaurant-level profit margins by 120 basis points year over year to 20.7%. This marks the highest first-quarter restaurant-level profit margin since 2019, which shows the underlying strength of our operational improvements and solidifies our confidence in Shake Shack's long-term margin outlook. Its remarkable performance from our team, especially considering the traffic headwinds, elevated beef costs that were up mid-single digits and 3% to 4% wage inflation. We also exited the quarter with low single-digit menu price.

想想看，在第一季度，儘管面臨巨大的天氣不利因素，加上產業和宏觀經濟挑戰，我們的團隊仍將餐廳層面的利潤率同比增長了 120 個基點，達到 20.7%。這是自 2019 年以來第一季餐廳級利潤率的最高值，顯示了我們營運改善的潛在實力，並鞏固了我們對 Shake Shack 長期利潤前景的信心。我們的團隊表現非常出色，尤其是考慮到交通逆風、牛肉成本上漲中個位數以及 3% 至 4% 的薪資通膨。本季結束時，我們的菜單價格也處於個位數的低點。

Our operational agility helped us become more productive, mitigating the need for us to take more price in this competitive, value-oriented macro environment. This makes me especially excited about what this business can look like when macro tailwinds are once again at our backs. We're remaining focused on excelling in all the areas that we can control, executing against our six 2025 strategic priorities designed to grow our business and drive long-term profitable growth for our stakeholders.

我們的營運敏捷性幫助我們提高了生產力，減輕了我們在這個競爭激烈、以價值為導向的宏觀環境中收取更多價格的需要。這讓我特別興奮，當宏觀順風再次助力我們時，這項業務將會是什麼樣子。我們將繼續專注於在我們能夠控制的所有領域取得卓越成就，執行旨在發展業務並為利益相關者帶來長期盈利增長的六大 2025 年戰略重點。

As I've stated previously, our first strategic priority is building a culture of leaders. As a domestic company-operated business with ambitions to meaningfully grow our footprint, it's crucial to have a strong bench of managers ready to open new Shacks. We are investing in training and development for our future Shack level leaders and are excited about the opportunity that we are providing for our team members to reach their full potential.

正如我之前所說，我們的首要策略重點是建立領導文化。作為一家國內公司經營的企業，我們志在大幅擴大我們的業務範圍，因此擁有一群強大的管理人員來準備開設新的 Shacks 至關重要。我們正在為未來的 Shack 級別領導者進行培訓和發展投資，並對我們為團隊成員提供的充分發揮其潛力的機會感到興奮。

Our second priority is improving restaurant operations. And as we stated earlier, our increased productivity helped us deliver 120 basis points of margin improvement in the first quarter. Our new systems and processes have made us operationally agile and allowed us to be in better control of our staffing and food management as weather and macro pressures persisted throughout the quarter.

我們的第二個優先事項是改善餐廳營運。正如我們之前所說，生產力的提高幫助我們在第一季實現了 120 個基點的利潤率提高。我們的新系統和流程使我們的營運更加靈活，並且使我們能夠在整個季度天氣和宏觀壓力持續存在的情況下更好地控制人員配備和食品管理。

Our third priority is driving comp sales with a specific focus on increasing frequency. In this highly competitive environment, it is imperative that Shake Shack continues to reinforce the significant value that we deliver relative to the competitive set. We will do this through a mix of operational, culinary, and marketing strategies. Our focus on hospitality and how we operate in our Shacks is having a direct impact on driving higher guest satisfaction scores. This was the fifth consecutive quarter in which we improved both speed of service and order accuracy year over year. We've also significantly improved our labor attainment and waste levels. Leveraging our standardized scorecard across our network of Shacks, we are closely measuring our performance and driving continuous improvements across our system.

我們的第三個優先事項是推動同店銷售，特別專注於提高頻率。在這個高度競爭的環境中，Shake Shack 必須持續強化我們相對於競爭對手所提供的重要價值。我們將透過多種營運、烹飪和行銷策略來實現這一目標。我們對酒店業的關注以及我們在 Shacks 的運作方式對提高客人滿意度分數有著直接的影響。這是我們連續第五個季度同比提高服務速度和訂單準確性。我們也顯著提高了勞動效率和浪費水準。利用我們整個 Shacks 網路的標準化記分卡，我們密切衡量我們的表現並推動整個系統的持續改進。

On the culinary front, we are reinforcing the quality of our food and our fine casual positioning. In a short period of time, we have developed a robust calendar that is planned 12 months in advance, ensuring that we have compelling innovation and LTOs across our burgers and sandwiches, side items, shakes, and drinks. Culinary innovation is the heartbeat of Shake Shack. And developing ideas that QSR and even fast casual competitors are unable and unwilling to offer is one of the things that drives our competitive advantage.

在烹飪方面，我們正在加強食品品質和精緻休閒的定位。在短時間內，我們制定了提前 12 個月規劃的完善日程表，確保我們的漢堡和三明治、配菜、奶昔和飲料擁有引人注目的創新和 LTO。烹飪創新是 Shake Shack 的核心。開發 QSR 甚至速食休閒競爭對手無法且不願提供的創意是我們競爭優勢的因素之一。

In mid-April, we introduced the Dubai Chocolate Pistachio Shake to 30 Shacks in New York City, LA, and Miami. This shake, inspired by the viral Dubai Chocolate trend and first introduced in our Middle East Shacks, features real pistachio frozen custard, toasted kataifi shredded phyllo, and a crackable dark chocolate shell. While quantities were limited, the response was phenomenal, with lines out the doors of participating Shacks in multiple Shacks selling out within minutes. This innovation is attracting guests and proving that our culinary strategy is critical to driving traffic and mix.

四月中旬，我們在紐約市、洛杉磯和邁阿密的 30 家 Shacks 餐廳推出了杜拜巧克力開心果奶昔。這款奶昔的靈感來自於風靡一時的迪拜巧克力潮流，並首次在我們的中東小屋推出，其特色是真正的開心果凍奶昔、烤卡塔菲碎酥皮和易碎的黑巧克力殼。雖然數量有限，但反應卻十分熱烈，多家參與活動的商店門口都排起了長隊，幾分鐘內就銷售一空。這項創新吸引了眾多客人，並證明了我們的烹飪策略對於推動客流量和整合至關重要。

There's a lot more improvements to come like the Summer Barbecue Chicken and Burger LTO with four sandwiches that feature some of our best ingredients, such as applewood-smoked bacon and fried pickles.

未來還會有更多改進，例如夏季燒烤雞肉和漢堡 LTO，其中包含四種三明治，採用我們最好的食材，例如蘋果木燻培根和炸泡菜。

Beyond LTOs, we are committed to evolving our core menu strategy across all of our channels. One channel that we have been very focused on is the drive-thru. In particular, we have seen an opportunity to improve our value perception and our operational performance with Shake Shack combos. Over the past month, we tested new digital menu boards that feature clear and simple combo options for our guests, which reduced the time it takes to order. We are pleased with the results and are on track to offer the new Shack combos across our more than 40 drive-thrus by the end of this month.

除了 LTO 之外，我們還致力於在所有管道上改進我們的核心菜單策略。我們一直非常關注的一個管道是免下車通道。特別是，我們看到了透過 Shake Shack 組合來改善我們的價值認知和營運績效的機會。在過去的一個月裡，我們測試了新的數位菜單板，它為客人提供了清晰、簡單的組合選項，從而減少了訂購所需的時間。我們對結果非常滿意，並計劃於本月底在我們 40 多個免下車餐廳推出新的 Shack 套餐。

I'm also excited about the potential to drive incremental traffic with our new guest recognition platforms and our app and web channels, where we have recently launched a targeted multi-visit challenge designed to drive frequency and deepen guest engagement. We look forward to evaluating the impact and optimizing the way that we drive increased loyalty.

我還對我們的新客戶識別平台以及我們的應用程式和網路管道帶來增量流量的潛力感到興奮，我們最近推出了一項有針對性的多次訪問挑戰，旨在提高頻率並加深客戶參與度。我們期待評估其影響並優化提高忠誠度的方式。

Our fourth strategic priority is building and operating Shacks with best-in-class returns. Our new Shacks continue to deliver industry-leading cash-on-cash returns. And despite a challenging global procurement environment, we're still on track to reduce our cost to build by at least 10% in 2025. Our consistent ability to open new restaurants with excellence has positioned us uniquely to deliver above-industry total revenue growth of 10.5% in the quarter despite weather and macro pressures. We are confident in our ability to open our largest class on record this year, and we'll continue to open even more Shacks in 2026. The strength of our current pipeline is only exceeded by the opportunity of our white space.

我們的第四個策略重點是建造和營運具有一流回報的 Shacks。我們的新 Shacks 繼續提供業界領先的現金回報。儘管全球採購環境充滿挑戰，我們仍有望在 2025 年將建造成本降低至少 10%。我們始終如一地以卓越的品質開設新餐廳，這使我們能夠在本季度實現高於行業的 10.5% 的總收入增長，儘管面臨天氣和宏觀壓力。我們有信心今年能夠開設有史以來規模最大的班級，並且我們將在 2026 年繼續開設更多的 Shacks。我們目前管道的強度僅次於我們的空白空間的機會。

Our fifth priority is to grow our license business, and we had an outstanding first quarter, with sales growing 10.4% year over year and seven new Shacks opened. We launched our first-ever fish sandwich in Hong Kong, which quickly became our second best-selling protein, and it is now coming to Mainland China.

我們的第五個優先事項是發展我們的授權業務，我們第一季表現出色，銷售額年增 10.4%，並開設了 7 家新 Shacks。我們在香港推出了首款魚肉三明治，它很快就成為我們第二暢銷的蛋白質產品，現在它即將進入中國大陸市場。

The Dubai Chocolate shake success in the Middle East led to its limited introduction in New York, Miami, and LA. We expanded our Delta partnership to four new cities, where qualifying domestic flights offer a Shake Shack cheeseburger as a meal option for first-class passengers. In March, Tom Brady, a Delta brand ambassador, handed out Shack burgers at Boston's Logan Airport to celebrate our partnership expansion in the city where it all started.

杜拜巧克力奶昔在中東地區的成功促使其在紐約、邁阿密和洛杉磯限量推出。我們將與達美航空的合作夥伴關係擴展至四個新城市，這些城市符合資格的國內航班為頭等艙乘客提供 Shake Shack 起司漢堡作為餐點選擇。今年 3 月，達美航空品牌大使湯姆布雷迪 (Tom Brady) 在波士頓洛根機場分發 Shack 漢堡，慶祝我們在這座城市的合作夥伴關係進一步拓展。

Our license business continues to be a strong, profitable part of our P&L, and we have amazing partners that want to continue to grow with us. We also have a significant amount of white space. We're just starting to realize our full potential and are excited about more opportunities on the horizon.

我們的授權業務繼續成為我們損益表中強勁且獲利的一部分，我們擁有希望繼續與我們共同成長的優秀合作夥伴。我們還有相當多的空白。我們剛開始發揮我們的全部潛力，並對即將到來的更多機會感到興奮。

Lastly, we're committed to investing in our long-term strategic capabilities. We're a growth company. And we need to continue to invest our capital in high ROI projects that can support our desired growth.

最後，我們致力於投資我們的長期戰略能力。我們是一家成長型公司。我們需要繼續將資金投入到能夠支持我們期望成長的高投資報酬率項目。

This year, we're accelerating our pace of innovation across development, operations, guest recognition, and our new kitchen innovation lab. We've already made progress on a number of our projects, including smaller formats, improved layouts, and new processes that further optimize our labor. We're excited to share future updates on our transformational initiatives to drive sales, guest frequency, operational improvements, and enhanced returns.

今年，我們正在加快開發、營運、客人識別和新廚房創新實驗室的創新步伐。我們已經在許多專案上取得了進展，包括更小的格式、改進的佈局以及進一步優化勞動力的新流程。我們很高興分享我們轉型計劃的未來更新，以推動銷售、客人頻率、營運改進和提高回報。

I'm going to now turn the call over to Katie for more color on the quarter and our outlook for the next quarter and the full year. But before I do that, I want to thank all of our team members at Shake Shack for all the focus, effort, and hospitality that they exhibited to overcome what might otherwise have been a pretty tough quarter. Katie?

現在我將把電話交給凱蒂，讓她進一步介紹本季的情況以及我們對下一季和全年的展望。但在此之前，我要感謝 Shake Shack 的所有團隊成員，感謝他們所展現的專注、努力和熱情，幫助公司度過了一個原本可能相當艱難的季度。凱蒂？

Thanks, Rob. Good morning, everyone. In the first quarter, as we have done in each quarter over the past four years, we grew Shake Shack's sales while also increasing total revenue, restaurant-level profit ,and adjusted EBITDA by double digits. In fact, this quarter, we grew total revenue by 10.5% compared to last year, expanded restaurant-level profit margin by 120 basis points, and grew our restaurant profit by 17.3% to $64.2 million, marking our highest first quarter on record.

謝謝，羅布。大家早安。在第一季度，正如我們過去四年每個季度所做的那樣，我們不僅增加了 Shake Shack 的銷售額，還實現了總收入、餐廳層面利潤和調整後 EBITDA 的兩位數增長。事實上，本季我們的總營收與去年相比成長了 10.5%，餐廳層級的利潤率提高了 120 個基點，餐廳利潤成長了 17.3%，達到 6,420 萬美元，創下了有史以來最高的第一季業績。

Additionally, we achieved record-high first-quarter total revenue and system-wide sales levels, as well as the highest restaurant and adjusted EBITDA margin since 2019.

此外，我們第一季的總營收和全系統銷售額創下歷史新高，餐廳和調整後 EBITDA 利潤率也創下 2019 年以來的最高水準。

Now for the details of our first-quarter results. We achieved total revenue of $320.9 million and system-wide sales of $489.4 million with 11 new Shack openings system-wide. In our license business, we grew revenue by 11.1% year over year to $11.1 million and sales by 10.4% year over year to $179.6 million, with seven new licensed Shack openings. In our company-operated business, we grew Shack sales 10.4% year over year to $309.8 million with four Shack openings, including two drive-thrus.

現在介紹一下我們第一季業績的詳情。我們實現了總收入 3.209 億美元，全系統銷售額 4.894 億美元，全系統新開了 11 家 Shack 店。在我們的授權業務中，我們的營收年增 11.1% 至 1,110 萬美元，銷售額年增 10.4% 至 1.796 億美元，同時新開了 7 家授權 Shack 餐廳。在我們公司經營的業務中，Shack 的銷售額年增 10.4%，達到 3.098 億美元，共有 4 家 Shack 餐廳開業，其中包括 2 家免下車餐廳。

Our AWS was $72,000, with 20 basis points of Same-Shack sales growth. Nearly two-thirds of our markets grew Same-Shack sales in the quarter. However, weather and macro impacts had an outsized pressure in some of our major markets, such as Los Angeles and New York City. Traffic was down 4.6% in the quarter due to unfavorable weather and broader industry pressures. We estimate that these industry impacts, plus the long duration of our burger LTO, accounting for more than 400 basis points of traffic pressure in the quarter.

我們的 AWS 為 72,000 美元，Same-Shack 的銷售額成長了 20 個基點。本季度，我們近三分之二的市場 Same-Shack 銷售額實現了成長。然而，天氣和宏觀影響對我們的一些主要市場（例如洛杉磯和紐約市）造成了過大的壓力。由於惡劣的天氣和更廣泛的行業壓力，本季客流量下降了 4.6%。我們估計，這些產業影響，加上我們漢堡 LTO 的長期持續時間，造成本季流量壓力超過 400 個基點。

Check grew 4.8%, with approximately 4% in-Shack menu price and 5% price blended across all of our channels. We exited the quarter with less than 2% year-over-year menu price in-Shack. Our Black Truffle LTO drove positive mix. Items per check trends improved sequentially and was impacted year over year later in the quarter by the timing of the Easter holiday.

帳單成長了 4.8%，其中 Shack 菜單價格上漲了約 4%，所有通路的混合價格上漲了 5%。本季結束時，Shack 菜單價格年增不到 2%。我們的黑松露 LTO 推動了積極的組合。每張支票的項目趨勢連續改善，並且在本季度後期受到復活節假期時間的影響。

Regionally, our southern markets outperformed, with Houston, Miami, and Orlando achieving at least high single-digit Same-Shack sales growth. These are the markets where we had some of the least amount of weather pressures. However, we did face comp pressures in New York City, Washington, DC, and Los Angeles due to the weather and macro pressures.

從地區來看，我們的南部市場表現出色，休士頓、邁阿密和奧蘭多的 Same-Shack 銷售額至少實現了高個位數成長。這些市場是受天氣壓力最小的市場之一。然而，由於天氣和宏觀壓力，我們在紐約市、華盛頓特區和洛杉磯確實面臨壓力。

Our Same-Shack sales declined by approximately 1% in April. While headwinds persisted in April and we rolled off 3.5% menu price in March, we saw material improvements in our trends as the month progressed. The success of our marketing activations are on March Madness and Tax Day, as well as our new Dubai Shake limited offering has been encouraging. In the last two weeks of April with, new menu news and improving weather and a strong spring break in Easter week, we had positive low single-digit comp.

4 月份，我們的 Same-Shack 銷售額下降了約 1%。儘管 4 月逆風持續存在，並且 3 月我們將菜單價格下調了 3.5%，但隨著月份的推移，我們看到趨勢有了實質的改善。我們的行銷活動在瘋狂三月和納稅日取得了成功，而且我們新推出的杜拜奶昔限量版也令人鼓舞。四月的最後兩週，隨著新菜單的發布、天氣的轉好以及復活節週的強勁春假，我們的銷售額取得了低個位數的正增長。

Our operators were nimble and did an outstanding job managing through these challenges in the quarter. We generated $64.2 million in restaurant-level profit or 20.7% of Shack sales, a 120 basis point improvement year over year. Food and paper costs were $86 million or 27.8% of Shack sales, down 80 basis points versus last year. Menu price, as well as our broader supply chain and process improvements, helped offset mid-single-digit increase in beef costs.

我們的操作員非常靈活，在本季度出色地應對了這些挑戰。我們餐廳層級的利潤為 6,420 萬美元，佔 Shack 銷售額的 20.7%，較去年同期成長 120 個基點。食品和紙張成本為 8,600 萬美元，佔 Shack 銷售額的 27.8%，比去年下降了 80 個基點。菜單價格以及我們更廣泛的供應鏈和流程改進幫助抵消了牛肉成本的中位數個位數成長。

Labor and related expenses were $86.7 million or 28% of Shack sales, down 110 basis points versus last year. Our new hourly labor model performed well, and our operators quickly adjusted to the challenging weather trends. We delivered stronger throughput year over year while also improving speed of service, order accuracy, and guest scores.

勞動力及相關費用為 8,670 萬美元，佔 Shack 銷售額的 28%，比去年下降了 110 個基點。我們的新小時工模式表現良好，我們的操作員很快就適應了嚴峻的天氣趨勢。我們的吞吐量逐年提高，同時服務速度、訂單準確性和顧客評分也提高。

Other operating expenses were $48.3 million or 15.6% of Shack sales, up 70 basis points year over year, driven by our marketing initiatives. Our digital mix increased to 38% in the quarter, up 130 basis points versus last year, resulting in additional expense. Occupancy and related expenses were $24.6 million or 7.9% of Shack sales, in line with last year's levels.

其他營運費用為 4,830 萬美元，佔 Shack 銷售額的 15.6%，年增 70 個基點，這得益於我們的行銷舉措。本季我們的數位組合增加至 38%，比去年同期成長了 130 個基點，從而產生了額外的費用。入住及相關費用為 2,460 萬美元，佔 Shack 銷售額的 7.9%，與去年的水平持平。

We are very pleased with the margin improvement delivered in the quarter and expect to build upon this momentum throughout this year and over the next several years. G&A was $40.6 million. Excluding $1.2 million in onetime adjustments, G&A was $39.4 million, with the year-over-year increase led by higher investments in advertising to grow revenue in a tough competitive environment. Equity-based compensation was $4.5 million in the quarter, up 24.7% year over year, of which $4.1 million was in G&A.

我們對本季利潤率的提高感到非常滿意，並希望在今年以及未來幾年繼續保持這一勢頭。一般及行政開支為 4,060 萬美元。不包括 120 萬美元的一次性調整，一般及行政費用為 3,940 萬美元，年成長主要是因為在激烈的競爭環境中增加了廣告投資以增加收入。本季股權薪酬為 450 萬美元，年增 24.7%，其中 410 萬美元為一般及行政費用。

Preopening costs were $3.2 million in the quarter, up 16.9% year over year as we opened four new Shacks and prepare to open 14 to 16 in the second quarter. We grew adjusted EBITDA by approximately 13.5% year over year to $40.7 million or 12.7% of total revenue. We realized net income attributable to Shake Shack, Inc., of $4.2 million or earnings of $0.10 per diluted share. We reported an adjusted pro forma net income of $6.4 million or $0.14 per fully exchanged and diluted share. Our GAAP tax rate was 14%. And our adjusted pro forma tax rate, excluding the tax impact of equity-based compensation was 24.6%.

本季開業前成本為 320 萬美元，年增 16.9%，因為我們開設了 4 家新 Shacks，並準備在第二季開設 14 至 16 家。我們的調整後 EBITDA 年成長約 13.5%，達到 4,070 萬美元，佔總營收的 12.7%。我們實現歸屬於 Shake Shack, Inc. 的淨收入為 420 萬美元，或每股收益 0.10 美元。我們報告的調整後備考淨收入為 640 萬美元，或每股完全交換稀釋後的淨收入為 0.14 美元。我們的 GAAP 稅率為 14%。我們的調整後備考稅率（不含股權薪資的稅務影響）為 24.6%。

And finally, our balance sheet remains solid with $312.9 million in cash and cash equivalents at the end of the quarter.

最後，我們的資產負債表依然穩健，本季末現金和現金等價物為 3.129 億美元。

Now on to guidance. Our guidance assumes no material changes in the macroeconomic or geopolitical landscape and the potential impact on system-wide sales or costs, including any outsized impacts from tariffs. The guidance that we are providing today assumes that the current environment holds. However, we acknowledge a wider range of uncertainty around the macro backdrop in consumer spending. For the second quarter of 2025, we guide total revenue of $346 million to $353 million, with $11.9 million to $12.3 million of licensing revenue, 14 to 16 company-operated Shack openings, five to seven license openings, and for Same-Shack sales to be up low single digits year over year.

現在開始指導。我們的指導假設宏觀經濟或地緣政治格局不會發生重大變化，也不會對全系統銷售或成本產生潛在影響，包括關稅造成的任何超大影響。我們今天提供的指導假設當前環境成立。然而，我們承認消費者支出的宏觀背景存在更廣泛的不確定性。對於 2025 年第二季度，我們預計總收入為 3.46 億美元至 3.53 億美元，其中許可收入為 1,190 萬美元至 1,230 萬美元，公司經營的 Shack 門市數量為 14 至 16 家，許可門市數量為 5 至 7 家，Same-Shack 銷售額同位數。

We guide restaurant-level profit margin of 23% to 23.5%, representing 100 to 150 basis points of improvement year over year led by the strong execution against our initiatives to reduce the total cost to serve. We are planning for low single-digit year-over-year inflation in food and paper costs after baking in the positive benefits from our supply chain strategies, with pressures led by uncertainty in beef pricing that represents 30% to 35% of our blended food and paper basket.

我們預期餐廳層級的利潤率為 23% 至 23.5%，比去年同期提高 100 至 150 個基點，這得益於我們強力執行降低總服務成本的措施。在考慮到供應鏈策略帶來的正面效益後，我們規劃食品和紙張成本的年比通膨率保持在低個位數，而牛肉價格的不確定性帶來的壓力則占我們混合食品和紙張籃子的 30% 至 35%。

Our marketing plan for this year is more evenly split over the quarters versus last year. This is resulting in a higher year-over-year step-up in both other operating expense and G&A continuing in the second quarter but then tapering off in the back half of the year.

與去年相比，我們今年的行銷計畫在各個季度的分配更加均勻。這導致其他營運費用和一般及行政費用在第二季度繼續同比增長，但在下半年逐漸減少。

On to our full year 2025 outlook. Given the wider range of macroeconomic uncertainty and the impacts that we've seen in the first quarter, we expect 2025 Same-Shack sales to grow by low single digits year over year. Our pricing plans for this year remain modest, with in-Shack prices up approximately 2% year over year and overall prices across all channels of approximately 3%.

接下來是我們對 2025 年全年的展望。鑑於宏觀經濟不確定性的擴大以及我們在第一季看到的影響，我們預計 2025 年 Same-Shack 的銷售額將年增 10%。我們今年的定價計畫仍保持適度，Shack 內部價格年增約 2%，所有通路的整體價格上漲約 3%。

Our 2025 pipeline for new Shack openings is tracking ahead of plan, and we now expect to open 45 to 50 company-operated Shacks this year, marking the largest class on record. We expect to open 35 to 40 licensed Shacks, and our guidance reflects growing system-wide Shack count by 14% to 16% year over year. We expect total revenue of approximately $1.4 billion to $1.5 billion, reflecting both the wider range of macro outcomes, as well as the increased confidence in our 2025 company-operated new Shack opening class and continued strength in our license business.

我們 2025 年新開 Shack 餐廳的計畫正在提前進行，我們預計今年將開設 45 至 50 家公司經營的 Shack，這將是有史以來規模最大的一次。我們預計將開設 35 至 40 家有執照的 Shacks，我們的預期反映出全系統 Shacks 數量將年增 14% 至 16%。我們預計總收入約為 14 億至 15 億美元，這不僅反映了更廣泛的宏觀結果，也反映了對我們 2025 年公司運營的新 Shack 開業課程的信心增強以及我們許可業務的持續強勁。

We expect the great momentum we are showing in our operational improvements to deliver restaurant-level profit margins of approximately 22.5%, an increase from our prior guidance of approximately 22%. Our commodity outlook reflects expectations for flat to low single-digit inflation, led by beef up low to mid-single digits and does not contemplate any potential outsized impacts related to tariffs, which we expect to be minimal at this time.

我們預計，我們在營運改善方面表現出的強勁勢頭將使餐廳層面的利潤率達到約 22.5%，高於我們先前預測的約 22%。我們對大宗商品的展望反映了通膨將持平至低個位數的預期，其中通膨將以低至中等個位數的上漲為主，並且不會考慮與關稅相關的任何潛在的超額影響，我們預計目前關稅的影響將很小。

We are planning for labor inflation to be in the low single-digit range, with pressures easing throughout the year. We are continuing to manage our G&A investments in light of the challenging macro backdrop and reiterate our plans to invest approximately 11.5% of total revenue and growing the business this year. Despite the macro-driven sales pressures, with the strength of our operational improvement and execution on cost opportunities, we are reiterating our guidance for adjusted EBITDA of $205 million to $215 million, representing 17% to 22% growth year over year.

我們預期勞動力通膨率將處於較低的個位數範圍內，全年壓力將有所緩解。鑑於充滿挑戰的宏觀背景，我們將繼續管理我們的一般及行政開支投資，並重申我們今年投資約 11.5% 總收入並增長業務的計劃。儘管面臨宏觀驅動的銷售壓力，但憑藉我們強勁的營運改善和成本機會的執行，我們重申調整後 EBITDA 預期為 2.05 億美元至 2.15 億美元，同比增長 17% 至 22%。

When we provided our three-year financial targets in January, we had shared that this was based on our views of the business operational potential at the end of last year. However, as Rob stated, with the operational improvements that we have identified and continue to produce, we now expect to grow our restaurant profit margins by at least 50 basis points each year over the next three years. We're tracking ahead of this plan for 2025 with our guidance today.

當我們在一月提供三年財務目標時，我們曾表示這是基於我們對去年年底業務營運潛力的看法。然而，正如 Rob 所說，透過我們已經確定並將繼續進行的營運改進，我們預計未來三年內餐廳的利潤率將每年增長至少 50 個基點。我們正在根據今天的指導追蹤 2025 年計劃的進展。

With this confidence in our trajectory of our margins, we now expect to grow adjusted EBITDA by low to high-teens percentage over that period. Thank you for your time.

憑藉對利潤率走勢的信心，我們目前預計在此期間調整後的 EBITDA 將成長低至十幾個百分點。感謝您抽出時間。

And with that, I'll turn it back to Rob.

說完這些，我就把話題轉回給 Rob。

Thank you, Katie. I want to thank our team again for their hard work and passion for Shake Shack, which is the driving force behind our ability to navigate this environment and evolve and grow this company to reach new heights. We're getting better every day and uncovering ways to continue to improve the guest experience, push the envelope on our culinary leadership, outperform what guests expect from us, and all while reducing our operating and build costs. I'm extremely excited about the potential that lies ahead. Thank you to everyone on the call today and for your interest in our company.

謝謝你，凱蒂。我要再次感謝我們的團隊對 Shake Shack 的辛勤工作和熱情，這是我們能夠在這種環境中生存、發展和壯大公司並達到新高度的驅動力。我們每天都在進步，不斷探索改善賓客體驗、突破烹飪領導極限、超越賓客期望的方法，同時降低營運和建造成本。我對未來的潛力感到非常興奮。感謝今天參加電話會議的每個人以及你們對我們公司的關注。

And with that, operator, please open up the call for questions.

接線員，請開始提問環節。

(Operator Instructions) Brian Vaccaro, Raymond James.

（操作員指示）Brian Vaccaro，Raymond James。

Thanks. My question was just on the store margins. You raised your annual outlook as you said, and you also committed to margin expansion over the next three years. Could you elaborate on what some of the more significant near-term opportunities are that allowed you to boost your '25 guide, but also some of the new learnings and thoughts on what levers you have at your disposal giving you confidence in the multiyear outlook as well?

謝謝。我的問題只是關於商店利潤。正如您所說，您提高了年度預期，並且還承諾在未來三年內提高利潤率。您能否詳細說明哪些更重要的近期機會讓您能夠提升 25 年指引，以及您掌握的一些新知識和新想法，讓您對多年前景充滿信心？

Thanks, Brian. This quarter really showed us what we can do with operations and managing and controlling and flexing our labor model and how we support our teams and our guests in the restaurants. The new labor model that we put in in Q4 is definitely having a positive material impact on our productivity. But even beyond that, just our leadership in the field and our ability to see the trends in the marketplace to see where the business is going to see where traffic is and be able to nimbly and with a great agility, be able to change our labor planning and manage through that. And it's not the easiest thing to do, given our footprint where we have a lot of restrictions on how we can change our labor planning in the -- for the next two or three weeks.

謝謝，布萊恩。本季確實向我們展示了我們在營運、管理、控制和靈活運用勞動力模式方面可以做些什麼，以及我們如何支持我們的團隊和餐廳的客人。我們在第四季實施的新勞動模式無疑對我們的生產力產生了正面的實質影響。但除此之外，我們在該領域的領導地位以及我們洞察市場趨勢的能力，讓我們能夠了解業務的發展方向、了解流量所在，並能夠靈活且敏捷地改變我們的勞動力計劃並進行管理。考慮到我們的足跡，這並不是一件容易的事情，在接下來的兩三週內，我們對如何改變勞動力計劃有很多限制。

So we've just gotten really good. I give 100% credit to our operations leaders. They just are knocking out of the park. They have built a lot of discipline and a lot of capability over the last six months, and that's going to carry us in the near term.

所以我們已經變得非常好了。我對我們的營運領導者給予 100% 的讚揚。他們剛剛擊出全壘打。在過去的六個月裡，他們建立了許多紀律並提升了許多能力，這將在短期內幫助我們取得進步。

Over the long term, we have more operational improvements to make. That won't necessarily be significantly reducing labor. We are focused on maintaining the high levels of guest service that we have delivered over the last six months, while we've got more productive. We've also increased our guest satisfaction. That is our number one priority.

從長遠來看，我們還需要在營運方面做出更多改進。這並不一定會顯著減少勞動力。我們致力於維持過去六個月提供的高水準客戶服務，同時提高工作效率。我們也提高了客人的滿意度。這是我們的首要任務。

But we do have processes. We do have equipment opportunities to make us more efficient in the restaurants. So that's going to contribute. But we're also seeing and exploring some big opportunities in our supply chain. We have uncovered a lot of great ways to get more productive in a lot of different ways, both from a procurement standpoint and a distribution standpoint, a sales forecasting standpoint.

但我們確實有流程。我們確實有機會透過設備來提高餐廳的效率。所以這會有所貢獻。但我們也看到並探索了供應鏈中的一些重大機會。我們發現了許多提高生產力的好方法，無論是從採購角度、分銷角度或銷售預測角度。

So those two things, both operations and supply chain give us the confidence to evolve a guide that we put out there only four months ago. We know a lot more. We've learned a lot, and we have a lot more confidence.

因此，營運和供應鏈這兩件事讓我們有信心製定四個月前發布的指南。我們知道的還有很多。我們學到了很多東西，信心也增強了很多。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

Thank you for the opportunity to ask questions. So you have tested quite a few things this quarter. I think you've mentioned the rollout of the new digital money boards in 40 of the drive-thru by the end of the month. You try kind of offering the $9.99 chicken combo promo for a limited time. Could you actually share some of your early learnings and observations so far and how this informs your drive-thru strategy going forward? Thank you.

感謝您給我提問的機會。所以本季你已經測試了不少東西。我想您提到過，本月底將在 40 個免下車通道推出新的數位貨幣板。您嘗試在限定時間內提供 9.99 美元的雞肉套餐促銷。您能否分享一些您迄今為止的早期學習和觀察，以及這些將如何影響您未來的免下車策略？謝謝。

Yeah, absolutely. It's been a long time coming for this brand on drive-thru. We've tested a lot of different models to try and improve a unique drive-thru dynamic. I mean, the reality is, it takes us longer to make our food than a lot of our competitors. And our guests free those other competitors as well, and they've been conditioned to expect food that's been sitting there and delivered as soon as you get to the window. It's obviously not our model. We're making everything fresh when folks order it.

是的，絕對是如此。這個品牌在免下車通道上已經嘗試了很長時間。我們測試了許多不同的車型，試圖改善獨特的免下車動態。我的意思是，現實情況是，我們製作食物的時間比許多競爭對手要長。我們的客人也解放了其他競爭對手，他們已經習慣等待食物擺在那裡，當你到達窗口時，食物就會被送上來。這顯然不是我們的模型。當顧客訂購時，我們會製作新鮮的食物。

And so we've had to evolve both our ordering processes, as well as our make process, as well as our hospitality protocol. So we've been testing that really over the last 30 days with combos and eight of our drive-thrus, combo digital menu boards in eight of our drive-thru. And we've seen significant improvements in both ordering time, speed of service, accuracy, and guest satisfaction.

因此，我們必須改善我們的訂購流程、製作流程以及接待規程。因此，在過去的 30 天裡，我們一直在對組合餐和 8 個免下車通道以及 8 個免下車通道中的組合數位菜單板進行測試。我們看到訂購時間、服務速度、準確性和客人滿意度都有了顯著的提高。

So we are all in and are going to deploy those combos that combo strategy across all of our drive-thrus here with great efficiency over the next month. And we're also looking at potentially combos in our other channels, so potentially looking at kiosks and in-restaurant ordering as well. But we're going to start with the drive-thru, really understand all the implications, both positive and opportunities to improve before we look at the other channels. But we're really excited about what we've seen so far from our most recent testing.

因此，我們全力以赴，並將在下個月在我們所有的免下車服務區有效地部署這些組合策略。我們也正在研究其他管道中的潛在組合，因此也有可能考慮自助服務終端和餐廳內訂購。但我們首先要從免下車服務開始，真正了解其所有影響，包括正面影響和改進機會，然後再考慮其他管道。但我們對最近的測試結果感到非常興奮。

Michael Tamas, Oppenheimer & Company.

邁克爾·塔馬斯，奧本海默公司。

Thank you. I think your previous same-store sales guidance had assumed a strong back half of the year, just given the timing of some of your strategic initiatives. So seems like you're sort of putting a stake in the ground now that the first quarter is going to be the low point for the year, implying healthier trends, even though your comparisons are actually a little bit tougher as we go forward here, which is a bit unique because I think comparisons for some other companies actually get a little bit tougher or a little bit easier, excuse me.

謝謝。我認為，您先前對同店銷售額的預測是假設下半年業績會表現強勁，這是考慮到您實施某些策略舉措的時機。因此，看起來您現在在某種程度上是在打下基礎，因為第一季將成為今年的低點，這意味著更健康的趨勢，儘管隨著我們繼續前進，您的比較實際上會變得更加困難，這有點獨特，因為我認為與其他一些公司進行比較實際上會變得更困難或更容易，對不起。

So can you talk about maybe any evolution you're thinking about your internal expectations into the back half of the year? And can you unpack for us what some of those drivers are that you're most excited about that underpins your confidence to get to that low single digits same-store sales guidance for the year?

那麼，您能否談談您對今年下半年內部預期的任何變化？您能否向我們解釋一下，哪些因素最讓您興奮，哪些因素支撐著您對實現今年同店銷售額低於個位數的預期充滿信心？

Absolutely. Great question. As we disclosed on our last earnings call, we started off the year really strong. We were up over 5% comps in the first three weeks of the quarter. And then we had some real challenging weather. And none of us can forget the fires in LA, where we have a disproportionate number of our restaurants.

絕對地。好問題。正如我們在上次收益電話會議上所披露的那樣，我們今年的開局非常強勁。本季前三週我們的銷售額年增超過 5%。然後我們遇到了一些真正惡劣的天氣。我們誰也不會忘記洛杉磯的火災，那裡的餐廳數量多得驚人。

And then obviously, the last two months of the quarter were impacted by the consumer sentiment and some of the other macroeconomic and geopolitical challenges. So we view those as some of the biggest headwinds that we faced, and those are temporary headwinds. So we do see some of that getting back to normal, if you will. I also don't want it to get lost that a lot of folks have been down in our story during these times because of our premium positioning.

顯然，本季的最後兩個月受到了消費者情緒和其他一些宏觀經濟和地緣政治挑戰的影響。因此，我們認為這些是我們面臨的最大阻力，而這些阻力只是暫時的。因此，如果你願意的話，我們確實看到其中一些正在恢復正常。我也不想讓大家忘記，由於我們的高端定位，這段時間我們的故事中有很多觀眾都陷入了低潮。

But despite our premium positioning, we've been able to outpace on comps and transactions some of the more value-oriented competitors. So we have a high degree of confidence that our premium positioning and the value that we deliver to our guests can weather some of these downturns in consumer sentiment as evidenced by some of our outperformance this quarter.

儘管我們定位高端，但我們在同店銷售額和交易量方面仍能超越一些更注重價值的競爭對手。因此，我們非常有信心，我們的高端定位和我們為客人提供的價值可以抵禦消費者情緒的一些下滑，正如我們本季度的一些出色表現所證明的那樣。

But really what gives us the most confidence moving forward is the work we're doing around our menu strategy and our culinary innovation and LTOs. One of the challenges we had in Q1 is we didn't have a lot of new news. We had a great LTO in truffle, but we ran that for a long time, and people loved it, and it drove mix for us. But particularly in the first quarter, the last three months of the LTO we didn't really see the opportunity to drive a lot of traffic with new news.

但真正讓我們對未來充滿信心的是我們圍繞菜單策略、烹飪創新和 LTO 所做的工作。我們在第一季面臨的挑戰之一是沒有太多新消息。我們在松露方面擁有出色的 LTO，但我們運行了很長時間，人們喜歡它，它為我們帶來了混合。但特別是在第一季度，也就是 LTO 的最後三個月，我們並沒有真正看到透過新新聞吸引大量流量的機會。

We're changing that. We are building an LTO calendar. It's full of innovation, not just on our burgers or sandwiches but on our side, on our beverages, and on our shakes, which is maybe a little bit of a new way to think about things here. I mean, we're coming with real innovation on beverages, which is not normal for this brand.

我們正在改變這一點。我們正在製定 LTO 日曆。它充滿了創新，不僅是我們的漢堡或三明治，還有我們的配菜、飲料和奶昔，這也許是這裡的新思維方式。我的意思是，我們在飲料方面有了真正的創新，這對這個品牌來說並不常見。

So we have opened up the aperture of what we can do from a culinary innovation standpoint and we're incorporating into really a holistic go-to-market value proposition that includes our core strategy, our LTOs, our combo strategy, how we think about promotions, and how we think about pricing. I don't want it to get lost in Katie's comments that we came out of Q1 with only 2% menu pricing year over year.

因此，我們從烹飪創新的角度開拓了我們可以做的事情的範圍，並將其融入真正的整體市場價值主張中，其中包括我們的核心策略、我們的 LTO、我們的組合策略、我們對促銷的看法以及我們對定價的看法。我不想讓凱蒂的評論被誤解，我們第一季的菜單價格比去年同期僅上漲了 2%。

It's been multiple years since this brand was running that low on year-over-year pricing. And we are really focused on being able to deliver operational and supply chain productivity. So we don't have to take a lot of pricing moving forward. And we can still deliver great comp numbers. So we're committing to higher margins while also focused on not leveraging pricing as much as we have in the past.

該品牌的同比價格已經多年沒有這麼低了。我們真正專注於提高營運和供應鏈生產力。因此我們不需要採取太多的定價措施。我們仍然可以提供出色的業績。因此，我們致力於提高利潤率，同時也專注於不再像過去那樣利用定價。

And over time, that's going to improve our value proposition even more and help us be able to continue to outperform.

隨著時間的推移，這將進一步改善我們的價值主張，並幫助我們繼續保持優異表現。

Sharon Zackfia, William Blair.

莎朗·扎克菲亞、威廉·布萊爾。

Thanks for taking the question. I wanted to follow up on that. What is kind of the ideal frequency for Shake Shack in terms of kind of new product innovation or LTOs? And as you're thinking about building an operational muscle, like sometimes that increased frequency of change in the menu can run counter to kind of improve throughput or speed of service, so how are you kind of balancing that?

感謝您回答這個問題。我想繼續跟進此事。就新產品創新或 LTO 而言，Shake Shack 的理想頻率是多少？當您考慮建立營運能力時，有時菜單變化頻率的增加可能會與提高吞吐量或服務速度背道而馳，那麼您如何平衡這一點？

Yeah. It's been something that I have focused on my whole career. I learned a ton about that specific challenge at Taco Bell, where we could make 450,000 things out of 14 ingredients. And I brought that to Arby's, and we built an LTO calendar that had minimal impact on our operations, as well as our supply chain, and that's what we're focused on here.

是的。這是我整個職業生涯中一直關注的事情。我在塔可鐘 (Taco Bell) 學到了很多關於這個特定挑戰的知識，在那裡我們可以用 14 種原料製作 450,000 種食物。我把它帶到了 Arby's，我們制定了一個對我們的營運和供應鏈影響最小的 LTO 日曆，這就是我們在這裡關注的重點。

Our operators have done an unbelievable job over the last six months. They literally have transformed restaurant operations at Shake Shack. And the margin -- the confidence we have in our margins moving forward are representative of that.

在過去的六個月裡，我們的操作員做出了令人難以置信的工作。他們確實改變了 Shake Shack 餐廳的運作方式。我們對未來利潤率的信心就反映了這一點。

The last thing we want to do is penalize them for their efficiency and productivity by dumping a bunch of stuff into the Shacks that create an operational nightmare for them. So we are very focused on our innovation being things that make their lives easier, not harder. We can do that through investments in equipment. We can do that through new processes and procedures. We can also do it through managing our supply chain in a little bit of a different way.

我們最不想做的事情就是把一堆東西扔進棚屋裡，為他們的營運帶來一場噩夢，從而懲罰他們的效率和生產力。因此，我們非常注重創新，讓他們的生活變得更輕鬆，而不是更艱難。我們可以透過設備投資來實現這一點。我們可以透過新的流程和程序來做到這一點。我們也可以透過以稍微不同的方式管理我們的供應鏈來實現這一目標。

So we are committed, absolutely, that -- I'll just give you an example. The reason why we did a limited release on the Dubai Chocolate Shake was because we had to grill the kataifi. I mean, think of that we're asking our operators to grill phyllo dough on our flat tops every morning. And we couldn't do that during the day. So we can only prep 25 shakes, and we can only do it in 30 Shacks. We went out and we found an ingredient that is -- that doesn't require us to do that.

所以我們絕對致力於——我僅舉一個例子。我們之所以限量發售迪拜巧克力奶昔是因為我們必須烤 kataifi。我的意思是，想想我們要求我們的操作員每天早上在平頂上烤酥皮麵團。而我們白天無法做到這一點。所以我們只能準備 25 杯奶昔，而且只能在 30 個奶昔中完成。我們出去找一種不需要我們這樣做的原料。

And so now we can look at opening up that innovation across all of our Shacks and make it easier on our operators at the same time. So those are the kind of solutions that we're focused on, and that's the kind of innovation that we're going to bring in the back half.

因此，現在我們可以考慮在我們所有的 Shacks 中開放這項創新，同時讓我們的操作員更輕鬆。所以這些就是我們關注的解決方案，也是我們在後半部要引進的創新。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Thank you. This is Zach Ogden on for Andy Charles. Just curious if -- or if you could rank order what drove 1Q's 400 basis points of headwinds that you called out between weather, consumer headwinds, and the longer black drop of LTO.

謝謝。這是安迪查爾斯 (Andy Charles) 的 Zach Ogden。我只是好奇——或者您是否可以對導致第一季 400 個基點逆風的因素進行排序，即天氣、消費者逆風和 LTO 的長期黑色下降。

Yeah. So what we've called out is we had a low single-digit headwind from weather and the wildfires and the LTO combined. And then heading into February, we faced an incremental pressure from industry shifts. And so that would be the pressures that we saw in February and March and continuing into April.

是的。因此，我們所指出的是，我們面臨著由天氣、野火和 LTO 共同造成的低位數逆風。進入二月，我們面臨來自產業轉變的越來越大的壓力。這就是我們在二月和三月看到的壓力，並且會持續到四月。

Brian Mullan, Paper Sandler.

布萊恩‧穆蘭 (Brian Mullan)，《紙上桑德勒》。

Thanks. Just a clarification on the long-term targets. With the update to your ROM expectations to expand at least 50 basis points per year for the next three years, can you just remind us or talk about what kind of menu pricing assumption is actually embedded in there? And in the event that traffic proves to be a bit elusive for the industry or for Shake Shack for whatever reason, do you think you've left yourself flexibility to take less pricing if you think that's the right thing to do?

謝謝。只是對長期目標進行澄清。隨著您對 ROM 預期的更新，即未來三年每年至少擴大 50 個基點，您能否提醒我們或談談其中實際上包含什麼樣的菜單定價假設？如果出於某種原因，行業或 Shake Shack 的客流量變得有點難以捉摸，您是否認為您可以靈活地降低價格（如果您認為這樣做是正確的）？

So on our conviction around our ability to and confidence around our ability to continue to expand margins, I'd say it's really bucketed into the two things that Rob talked about. It's about us getting better in our operations and then also exploring additional opportunities within our supply chain. I would say with what the team has uncovered over the past six months, there is a lot of opportunity for us to continue to dive in here. And as we showed in the first quarter, sticking to the strategy of really focusing on the controllables and getting better in our operations and our supply chain, that's helping us to deliver margin expansion in light of pressured traffic from macros and weather.

因此，關於我們對自己能力的信念以及對我們繼續擴大利潤率的能力的信心，我想說，這實際上可以歸結為羅布談到的兩件事。這是為了讓我們的營運變得更好，同時也探索我們供應鏈中的更多機會。我想說，根據團隊在過去六個月中發現的情況，我們有很多機會繼續深入研究。正如我們在第一季所展示的那樣，堅持真正關注可控因素並改善我們的營運和供應鏈的策略，這有助於我們在宏觀和天氣壓力下實現利潤率的擴大。

And so we expect to continue on this trend. And I would just say, too, when macros do change, we have built a very incredible, efficient machine here that I expect to have a lot of leverage to the bottom line.

因此我們預計這一趨勢將持續下去。而且我還想說，當宏觀確實發生變化時，我們在這裡建造了一個非常不可思議的高效機器，我預計它將對底線產生很大的影響。

Jake Bartlett, Truist Securities.

傑克·巴特利特（Jake Bartlett），Truist Securities。

Great, thanks for taking the questions. One was about your innovation and kind of what you have plan for the rest of the year. You recently brought back the barbecue menu. That's something that you've run before. I'm wondering, first part of the question is, what is different this time? Should we expect this to have a greater impact than it's had in the past? Are you particularly excited about what's coming with this barbecue menu?

太好了，感謝您回答這些問題。一個是關於你的創新以及你今年剩餘時間的計劃。您最近重新推出了燒烤菜單。這是您以前運行過的東西。我想知道，問題的第一部分是，這次有什麼不同？我們是否應該預期它會產生比過去更大的影響？您對這份燒烤菜單有什麼特別期待嗎？

And then the other question, we have seen some innovation, I think, kind of being tested. You've talked about the Smoked Brisket Chili. We saw the French Onion Burger. Should we think about those as just kind of short-term spot innovation that you're putting in? Or were those tests that we might see in the future?

然後是另一個問題，我認為我們已經看到了一些創新，正在接受測試。您已經談到了煙熏牛腩辣椒。我們看到了法式洋蔥漢堡。我們是否應該將這些視為您所採取的短期創新？或者這些是我們未來可能會看到的測試？

This all kind of leads to the question of the cadence of your LTO strategy going forward, really, throughout maybe '25, but really long term, whether there should be more consistent innovation or whether it's just these big kind of seasonal LTOs that you've done historically? I know there's a lot there, but I appreciate it.

這一切都引出了一個問題：您的 LTO 策略未來的節奏究竟如何？實際上，可能是在整個 25 年，但從長遠來看，是否應該有更一致的創新，還是只是像您過去所做的那樣進行大規模的季節性 LTO？我知道那裡有很多東西，但我很感激。

Jake, you're hitting my heart right there, buddy. I got to tell you, as somebody who has taken a lot of pride in bringing new-to-the-world innovation at most places that I've been, I absolutely do not have a passion for running retreat innovation over and over and over again. So let's get that out there front and center.

傑克，你擊中了我的心了，夥計。我必須告訴你，作為一個在大多數我去過的地方都為世界帶來新創新而感到自豪的人，我絕對沒有熱情去一遍又一遍地進行撤退創新。因此，讓我們將其放在最顯眼的位置。

The barbecue platform is a great platform served us well last year. But I want to be transparent. A true strategic innovation, culinary innovation calendar doesn't happen in a couple of months. And why is that? Because we are not we're not shooting from the hip here. We have built a stage gate process where we are developing new ideas across all of our platforms. And then we are testing them, qualifying them, operationalizing them so that when they hit the calendar and they show up at our Shack, they're ready to go and drive comp sales growth.

燒烤平台是一個很棒的平台，去年為我們提供了很好的服務。但我希望保持透明。真正的策略創新、烹飪創新行程表不會在幾個月內完成。這是為什麼呢？因為我們並不是隨意地發表言論。我們已經建立了一個階段門流程，用於在所有平台上開發新想法。然後，我們對它們進行測試、鑑定和操作，以便當它們到達日曆並出現在我們的小屋時，它們已經準備好推動銷售額的成長。

So we are building those new ideas right now. You've called out a couple that we are testing and are looking at. And so the one thing I will say, what we're trying to do while we're working to get there is we're trying to bring innovation even if these -- technically, these burgers aren't new to the world. It will be the first time that we've offered fried pickles as a side. We're bringing beverage and shake innovation over the summer as well to complement this platform.

所以我們現在正在建立這些新想法。您說出了我們正在測試和觀察的幾個問題。所以我要說的一件事是，我們在努力實現這一目標的過程中所做的就是嘗試創新，即使從技術上講，這些漢堡對世界來說並不新鮮。這是我們第一次提供炸泡菜作為配菜。我們也將在今年夏天推出飲料和奶昔創新來補充這個平台。

So we have an absolute drive for new-to-the-world innovation. And Shake Shack has the culinary chops to be able to do that like no one else. So I hear you loud and clear, and you can, with absolute certainty, know that that's our intention to bring new ideas to the world.

因此，我們對世界創新有著絕對的動力。而 Shake Shack 擁有無人能及的烹飪天賦，能夠做到這一點。所以我清楚地聽到了你們的聲音，你們也可以絕對肯定地知道，這就是我們為世界帶來新想法的意圖。

In terms of the cadence, I apologize, I didn't answer that on the earlier question. We're still in a quarterly model. We are still going to bring -- usually bring three to four big sandwich type hero platforms for an LTO. And we're going to supplement that with beverages and sides and shake innovation as well. So it's usually on a quarterly cadence, but it reserved the right to do that more or less frequently.

關於節奏，我很抱歉，我沒有回答之前的問題。我們仍採用季度模式。我們仍將為 LTO 帶來——通常會帶來三到四個大型三明治類型的英雄平台。我們還將透過飲料、配菜和奶昔創新來補充這一點。因此，它通常按季度進行，但保留增加或減少頻率的權利。

We're also looking at how does our LTO innovation really hits, how would that potentially flow to the core menu and drive everyday value and drive the baseline as opposed to the incremental volume. So we're exploring all of those things, as I mentioned earlier. We're going to do all of that without throwing wrench in the mix of our operations. So we want to make sure that the pace and sequence of our LTOs, the amount of innovation all allows us to continue to deliver the best-in-class operations that our team has built.

我們也正在研究我們的 LTO 創新如何真正發揮作用，如何潛在地流向核心選單並推動日常價值並推動基準而不是增量。正如我之前提到的，我們正在探索所有這些事情。我們將在不影響我們業務運作的情況下完成所有這些工作。因此，我們希望確保我們的 LTO 的速度和順序以及創新的數量能夠讓我們繼續提供我們團隊所建立的一流營運。

Jim Sanderson, Northcoast Research.

吉姆‧桑德森，Northcoast Research。

Thanks for the questions. Just wanted to follow up on the discussion of promotions and marketing. I think you mentioned mix was slightly positive in the quarter. Going forward, do you expect that mix to be more of a headwind as you launch your marketing plan for the remainder of the year, putting a little bit of pressure on average check?

感謝您的提問。只是想跟進有關促銷和行銷的討論。我認為您提到的本季度組合略有積極。展望未來，當您推出今年剩餘時間的行銷計劃時，您是否預計這種組合會成為更大的阻力，給平均支票帶來一點壓力？

I mean, I think a lot of times mix gets wrapped up in price. And as we build out our core menu strategy and complement that with our LTOs, we're trying to drive both traffic and improvement in mix. So we have premium items that we believe we can bring at premium price points and allow consumers to self-select it and trade up, too, right? So some of the things that Jake just mentioned, some of the things we're testing, some of the sandwiches we're looking at are very premium ingredients, premium price points. And that will afford us the opportunity to drive mix growth without having to take pricing on our core items.

我的意思是，我認為很多時候混合都與價格有關。隨著我們建立核心菜單策略並透過 LTO 進行補充，我們正在努力推動流量和組合改進。所以，我們相信我們可以以高價位推出優質產品，並允許消費者自行選擇和升級，對嗎？因此，傑克剛才提到的一些東西、我們正在測試的一些東西、我們正在研究的一些三明治都是非常優質的原料，價格也很高。這將使我們有機會推動組合成長，而無需對我們的核心產品進行定價。

I mean, I would be happy if we never had to take another price increase on our Shack Burger. Like I can't promise that's going to happen, but that would be amazing. That would allow us to diversify our portfolio of offerings and allow us to open up our aperture to be more appealing to all income levels in all geographies. So that doesn't just happen by not taking pricing because we have margin growth objectives. We have sales growth objective. So we have to find other ways.

我的意思是，如果我們的 Shack Burger 不再漲價的話，我會很高興。我不能保證這會發生，但那將是令人驚奇的。這將使我們能夠實現產品組合的多樣化，並使我們能夠擴大市場範圍，以吸引所有地區的所有收入水平的顧客。因此，這不會因為我們有利潤成長目標而不採取定價措施而發生。我們有銷售成長目標。所以我們必須尋找其他方法。

Combos and the increased attachment rate that we're going to drive on fries and beverages is one way to help that. Launching premium products is LTOs or even on the core menu that allow customers to self-select into without having to take pricing is another way to do that. Increasing our attachment rate on shakes, beverages, and sides by leveraging innovation is another way to do that. Increasing our party size by creating more reasons for larger parties to come to Shake Shack is another way to do that.

我們將推出組合套餐並提高薯條和飲料的附加率，這是實現這一目標的一種方式。推出優質產品是 LTO，甚至在核心菜單上，允許客戶自行選擇而不必定價，這是實現這一目標的另一種方式。利用創新來提高奶昔、飲料和配菜的附加率是實現這一目標的另一種方法。透過創造更多理由吸引更多人來 Shake Shack 來擴大聚會規模是實現這一目標的另一種方式。

So we're looking at all of that. And one of my favorite ways that we're going to increase mix is we're opening up a full bar at the Battery in Atlanta at our new Shack this summer. And for all of you that can visit Atlanta, we're going to have the best cocktails at the best prices in the whole place. So like we're exploring all different ways to drive mix without having to take more pricing on the things we already serve every day.

所以我們正在關注這一切。我最喜歡的增加混合的方式之一是，今年夏天我們將在亞特蘭大的 Battery 新 Shack 開設一個完整的酒吧。對於所有來亞特蘭大旅遊的遊客，我們將為您提供全地最美味、最實惠的雞尾酒。因此，我們正在探索各種不同的方式來推動混合，而不必對我們每天提供的服務進行更高的定價。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Great. Thanks for taking the questions. Maybe just two quick questions, if I could. First, on just the margin, not sure if I missed this, but comps were well below, I guess, guidance and our expectation, but margin was above. So can you just talk about what you were able to flex so quickly in a matter of, call it, weeks that help sustain that margin or actually even grow it a little bit more than we expected?

偉大的。感謝您回答這些問題。如果可以的話，我只想問兩個簡單的問題。首先，僅就利潤率而言，不確定我是否錯過了這一點，但我猜同店銷售額遠低於指引和我們的預期，但利潤率卻高於。那麼，您能否談談，在短短幾週內，您是如何如此迅速地調整策略，從而維持利潤率，或者實際上使其比我們預期的還要高一點呢？

And then two, on the decision to accelerate unit growth, I think 45% to 50%. I think prior was around 45%. Just are you still expecting costs to come down this year, build cost per unit? I think we're seeing a lot of this tariff conversation, not sure if that's built into your outlook. Is that expected to increase construction costs? We're hearing that from several other operators that you could see construction costs rise. Thank you.

其次，關於加速單位成長的決定，我認為是 45% 到 50%。我認為之前的比例大約是 45%。您是否仍預期今年的成本會下降，也就是每單位的建造成本？我認為我們看到了很多關於關稅的討論，不確定這是否已經納入您的觀點。這是否會增加建築成本？我們從其他幾家營運商那裡聽說，建築成本可能會上升。謝謝。

Great question, Pete. It's really exciting to think about what our margins could have been without these headwinds. We have the best labor attainment we've ever had. We have the lowest waste we've ever had. We have -- the things that go into driving margins that are within our control, we have taken control of those things, and that's why we've been able to deliver even while our sales or our restaurants have been deleveraged by the decrease in sales.

好問題，皮特。想想如果沒有這些不利因素，我們的利潤率會是多少，真是令人興奮。我們擁有迄今為止最好的勞動成果。我們的浪費量達到了有史以來最低的水平。我們已經掌控了那些可以提高利潤率的因素，這就是為什麼即使我們的銷售額或餐廳因銷售額下降而降低，我們仍然能夠實現目標。

We've built the scorecard, and I know it's just blocking and tackling, but we are measuring every KPI every day. And we've built in just discipline and process around our area directors, working with their GMs every week and having a call across all their KPIs, and it's just driving performance. It's just driving operating discipline, and that's what allowed us to deliver the margins, and we're going to get even better as our revenues continue to go up.

我們已經建立了記分卡，我知道這只是阻礙和解決問題，但我們每天都在衡量每一個關鍵績效指標 (KPI)。我們已經為區域主管建立了紀律和流程，每週與他們的總經理一起工作，並就所有關鍵績效指標進行通話，這只是在推動績效。這只是推動營運紀律，這使我們能夠實現利潤，並且隨著收入的不斷增長，我們將變得更好。

On the new unit acceleration, I honestly, if you -- I love our culinary innovation. That gets me really, really excited. But our new unit growth is the thing that excites me most about this business model. We are going to open up more Shacks this year than we've ever opened up. We are going to decrease our costs despite tariff concerns and construction concerns by at least 10%. We're coming in below what we forecasted for the year at this point. And I'm happy to tell you that in the last two weeks, we've had two record openings, the highest sales openings in the history of the brand in drive-thrus in the Southwest.

關於新單位的加速，老實說，如果你——我喜歡我們的烹飪創新。這讓我非常非常興奮。但我們的新單位的成長是這個商業模式最讓我興奮的事。我們今年將開設比以往更多的 Shacks。儘管有關稅和建設方面的擔憂，我們仍將把成本降低至少 10%。目前，我們的業績低於今年的預測。我很高興地告訴大家，在過去的兩周里，我們迎來了兩次創紀錄的開業，這是該品牌在西南地區免下車服務歷史上最高的開業銷售額。

So that doesn't tell you that we are changing what this brand can do. I don't know what will.

所以這並不意味著我們正在改變這個品牌的功能。我不知道會發生什麼事。

And our ability to open new formats in geographies that haven't been kind of our core geographies in the past outside of New York and open with that amount of volume, that amount of sales in this consumer environment is really a testament to what's coming. And so we are not backing off at all on construction and building new Shacks, and we are accelerating rapidly. I mean, I'm approving sites that I'm just so excited about every site the team brings is an opportunity for us to go and bring Shake Shack to new communities. And the performance on our openings is one of the most exciting things about this business.

我們有能力在紐約以外過去並非我們核心業務的地區開設新業態，並且在這種消費環境下取得如此大的銷售和銷售量，這確實證明了未來的發展前景。因此，我們在建造和建造新棚屋方面沒有任何退縮，而且我們正在迅速加速。我的意思是，我批准的網站讓我感到非常興奮，團隊帶來的每個網站都是我們將 Shake Shack 帶到新社區的機會。我們開業時的表現是這個行業最令人興奮的事情之一。

Drew North, Baird.

德魯諾斯，貝爾德。

Great. Thanks for taking my questions. A lot of the topics I had on the list have been asked, but maybe I'll circle back on a clarification on the Q2 comp outlook. Thanks for the comments on April and the uptick in recent weeks. But I guess, with all the movement in the calendar comparisons and seasonality, I was just hoping you could expand a bit on the underlying assumptions embedded in the outlook for the balance of Q2? I guess, does the low single-digit guidance simply extrapolate the recent run rate on traffic? Or anything we should know about from a calendar comparisons perspective for the balance of Q2 would be helpful. Thank you.

偉大的。感謝您回答我的問題。我清單中的許多主題已經被問到，但也許我會回頭澄清一下第二季的業績前景。感謝您對四月份以及最近幾週上漲的評論。但我想，考慮到日曆比較和季節性的所有變動，我只是希望您能夠稍微擴展一下第二季度餘額前景中蘊含的基本假設？我猜，低個位數指引是否只是推斷了最近的交通運行率？或從日曆比較的角度了解第二季的餘額會很有幫助。謝謝。

Sure. So Q2, we're expecting to achieve low single-digit comps. As we talked about on the call, we're taking the current macro environment that we're seeing, and that is the basis for kind of the underlying trends. We do have new menu innovation that's going on right now that just launched with our Summer Barbecue menu. There's four sandwiches this year versus last year had just two. So we have chicken as well on that platform.

當然。因此，我們預計第二季的銷售額將達到較低的個位數。正如我們在電話中談到的，我們正在考慮當前的宏觀環境，這是潛在趨勢的基礎。我們現在確實正在進行新的菜單創新，剛剛推出的是我們的夏季燒烤菜單。今年有四個三明治，去年只有兩個。所以我們在該平台上也有雞肉。

And we have some exciting menu innovation that's also further innovation that's coming this quarter. So that's going to be kind of the bigger incremental positive beyond what we saw in the first quarter. It's really important to go back to what menu innovation can do for Shake Shack and what lack of has done to Shake Shack. It's not just a mix issue. It's not just a an IPC issue. It actually is a traffic issue. And we know that when we have compelling LTOs, we drive frequency. We drive new guest acquisition through all of our channels.

我們有一些令人興奮的菜單創新，這也是本季即將推出的進一步創新。因此，這將是比我們在第一季看到的更大的增量正面影響。回顧菜單創新能為 Shake Shack 帶來什麼以及菜單創新的缺乏對 Shake Shack 造成了什麼影響，這確實很重要。這不僅僅是一個混合問題。這不僅僅是一個 IPC 問題。這實際上是一個交通問題。我們知道，當我們擁有引人注目的 LTO 時，我們就會推動頻率。我們透過所有管道吸引新客人。

And so it's great to finally -- Black Truffle was great, but we ran it for seven months. It's great to have some new food news out there that we expect to help us achieve low single-digit comps this quarter. And then looking out to the back half of the year, some very exciting menu innovation coming.

所以最終的結果非常棒——「黑松露」很棒，但我們只運作了七個月。很高興能有一些新的食品新聞發布，我們預計這將有助於我們在本季度實現低個位數的盈利。展望下半年，一些非常令人興奮的菜單創新即將到來。

Jeff Bernstein, Barclays.

巴克萊銀行的傑夫伯恩斯坦。

This is Pratik on for Jeff. Thanks for the question. Rob, you pointed to macro headwinds and uncertainty in your prepared remarks. And it seems like in the last few weeks, if anything, things have become even more uncertain with just constant news headlines. But Shake Shack has been laser-focused on providing that predictable everyday value. Just can you share with us any learnings, early learnings you've seen from just the value combos' behavior and the drive-thru? Any kind of shift in behavior or how consumers are using the menu, especially if all these QSRs are obviously just constantly pushing these $5 bundle? Thanks

我是 Pratik，代表 Jeff 發言。謝謝你的提問。羅布，你在準備好的發言中指出了宏觀逆風和不確定性。似乎在過去幾周里，隨著新聞頭條的不斷出現，事情變得更加不確定了。但 Shake Shack 一直專注於提供可預測的日常價值。您能否與我們分享您從價值組合行為和免下車服務中獲得的任何經驗教訓和早期經驗教訓？消費者的行為或使用菜單的方式有什麼變化嗎，尤其是如果所有這些快餐店顯然都在不斷推銷這些 5 美元的套餐？謝謝

Yeah. I mean, we fundamentally believe that we are the best value in the business. We don't consider ourselves fast food, that we absolutely compete against fast food. And so we have to be able to deliver a value prop for those people who are most frequent users of QSR. And so that's why I'm so focused on trying to protect our price points on our core individual and most comparable items.

是的。我的意思是，我們從根本上相信自己是業內最有價值的。我們不認為自己是快餐，我們絕對與快餐競爭。因此，我們必須能夠為最常使用 QSR 的使用者提供價值主張。這就是為什麼我如此專注於保護我們的核心個別產品和最具可比性產品的價格點。

So if you think about the things that are easily compared to our fast food competitors, it's our cheeseburger, which is our Shack Burger. It's our fries, and it's our CSDs. And so we are doing our best to keep those price competitive because we know that there are two different ways that consumers look at value. And its absolute price points, and it's value for the money. And there are customers, there are guests that shop on absolute price points, and we're trying to make sure that we're not out of their consideration set, and where we can really win are the guests who shop on value for the money. And that's why we continue to innovate against premium items.

因此，如果您想想那些很容易與我們的快餐競爭對手進行比較的產品，那就是我們的起司漢堡，也就是我們的 Shack Burger。這是我們的薯條，也是我們的碳酸飲料。因此，我們盡力保持價格競爭力，因為我們知道消費者看待價值的方式有兩種不同。它的絕對價格和價值都是物有所值的。有些顧客、有些客人是絕對以價格點來購物的，我們試圖確保我們不會脫離他們的考慮範圍，而我們真正能贏得的是那些以物有所值來購物的客人。這就是我們不斷針對高端產品進行創新的原因。

I mean, our Dubai Chocolate Shake that we had lines around the corner to get to people lining up before we opened and before we -- and selling out like before like noon in a lot of these Shacks. It's a $8.49 shake. That's the most expensive shake we've ever had, the highest price point shake we've had. And so there are a lot of guests out there who really value our premium innovation and our premium items.

我的意思是，我們的杜拜巧克力奶昔在開門前和開門前就有人開始排隊了——很多小店的奶昔在中午之前就賣光了。售價 8.49 美元。這是我們喝過的最貴的奶昔，也是價格最高的奶昔。因此，有許多客人真正重視我們的優質創新和優質產品。

So that's how we're going to continue to drive our traffic despite these challenging competitive traffic environment that we're competing in. So it's not all about discounts and promotions even though we feel like we're getting a lot better at that. We're doing a lot of targeted incentives. We talked last year about building out our guest recognition capability, where we can track our guests' behavior and a much easier way across all of our channels and deliver targeted incentives that launched in Q1, and we're optimizing it so that we can benefit from that in the back half and moving forward.

因此，儘管我們面臨的是充滿挑戰的競爭性流量環境，我們仍將以這種方式繼續推動我們的流量。因此，儘管我們覺得我們在這方面做得越來越好，但這並不全是關於折扣和促銷。我們正在進行許多有針對性的激勵措施。我們去年談到了建立我們的客人識別能力，這樣我們就可以透過所有管道更輕鬆地追蹤客人的行為，並提供在第一季度推出的有針對性的激勵措施，我們正在對其進行優化，以便我們可以在下半年和未來從中受益。

And then lastly, we are doing things. I would tell you that the reason for our combos are not necessarily to drive significant value. It's much more about ease of ordering and operational accuracy through the drive-thru. But there is a value halo there. And so as we roll those out, 40 drive-thrus this month, we're going to be even more compelling on value for our guests.

最後，我們正在做一些事情。我想告訴你，我們進行組合的原因不一定是為了帶來巨大的價值。它更多的是關於透過免下車服務訂購的便利性和操作的準確性。但那裡有一個價值光環。因此，隨著我們本月推出 40 個免下車取餐服務，我們將為客人提供更具吸引力的價值。

And as we explore those showing up in our other channels, that's also going to give us a little bit of a value halo there, too. So that's how we think about value. That's how we believe we're going to remain competitive despite what we see as some continued headwinds for the balance of the year.

當我們探索那些出現在我們其他管道上的內容時，這也會為我們帶來一點價值光環。這就是我們對價值的看法。這就是我們相信我們將保持競爭力的原因，儘管我們看到今年餘下時間仍將面臨一些持續的阻力。

Jeff Farmer, Gordon Haskett.

傑夫法默、戈登哈斯凱特。

Just wanted to follow up on that most recent line of questioning. So with that launch of your combo meal LTO in early March, how did customers respond? And what did you learn from that response that you can sort of carry forward?

只是想跟進一下最近的問題。那麼，隨著你們在 3 月初推出套餐 LTO，顧客的反應如何？您從該回應中學到了什麼可以藉鏡的嗎？

Yeah. I mean, we're not necessarily disclosing specific mix numbers and those types of details. But what I can tell you is that our order times have improved, our accuracy has improved, and our guest satisfaction has improved, so the things that we were really focused on. And some of those things aren't completely 100% attributable to the combos, but we've definitely seen the mix of our -- I'll just tell you, we made a decision to put in the combo board. We made a decision to put our double combo as the first combo in the combo board. And just with that change, we've seen a shift in mix from singles to doubles, which is both revenue and margin pretty profit-accretive for us.

是的。我的意思是，我們不一定會透露具體的混合數字和諸如此類的細節。但我可以告訴你的是，我們的訂購時間有所改善，我們的準確性有所提高，我們的客人滿意度也有所提高，所以這些都是我們真正關注的事情。其中有些事情並不完全 100% 歸因於組合，但我們確實看到了我們的組合——我只想告訴你，我們決定加入組合板。我們決定將我們的雙重組合作為組合板中的第一個組合。隨著這一變化，我們看到了從單打到雙打的轉變，這對我們來說收入和利潤都有很大的增長。

So we're thinking about these things holistically and how we can continue to drive mix and margin benefits without having to take pricing on our core items. So there's definitely operational improvements from the combos, but there's also sales and profit opportunities from leveraging those comps as well. I think a lot of people think, oh, combos, you're giving up margin, and you're giving discounts, so it's going to negatively impact your mix.

因此，我們正在全面考慮這些問題，以及如何在不對我們的核心產品進行定價的情況​​下繼續推動產品組合和利潤效益。因此，這些組合肯定會帶來營運方面的改進，但利用這些組合也能帶來銷售和獲利機會。我認為很多人會想，哦，組合，你放棄了利潤，你給了折扣，所以這會對你的組合產生負面影響。

That doesn't have to be the case. I mean, how you place things on the menu and how you incent your guests to increase their attachment rate really can actually do just the opposite. The way we're featuring our shakes in a prominent way on the panel right next to the combos can drive higher attachment of our shakes on top of beverage fries and sandwich order. So we're thinking about all of that, and our initial results are really strong, but we're going to continue to optimize that.

事實並非如此。我的意思是，你如何在菜單上擺放菜餚以及如何激勵客人提高他們的依戀率實際上可能會產生相反的效果。我們在套餐旁邊的面板上以突出的方式展示我們的奶昔的方式可以提高人們對我們的奶昔在飲料薯條和三明​​治訂單上的喜愛程度。所以我們正在考慮所有這些，我們的初步結果非常好，但我們將繼續優化。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Great. Thanks. Rob, I wanted to follow up on your comments around guest recognition. And can you just talk a little bit more around the steps that you mentioned around optimization and learning? And if there's any additional rollouts left this year to get that underlying infrastructure that you need in place to fully utilize that platform? And I guess more strategically, can you just flesh out what you hope to get out of it and what you hope the data unlocks for you in terms of not just targeting existing customers, but does it open up other possibilities in terms of creating better avatars to go out and target maybe customers that aren't users of Shake Shack yet?

偉大的。謝謝。羅布，我想跟進一下你關於客人認可的評論。能否再詳細談談您提到的優化和學習的步驟？今年是否還有其他部署，以便建立充分利用該平台所需的底層基礎設施？我想從更具策略性的角度來說，你能否具體說明你希望從中獲得什麼，以及你希望數據為你解鎖什麼，不僅僅是針對現有客戶，而且它是否開闢了其他可能性，即創建更好的形象來瞄準可能還不是 Shake Shack 用戶的客戶？

Yeah. Thanks for the question, Chris. Yeah, I mean, it helps us understand. What the responses to what we do are, right? So when we put out a promotion or we put out an LTO or we put out any type of guest-facing initiative, we are now going to be able to clearly understand what type of behavior that drives across all of our channels, right? And before, we didn't have that capability. We weren't able to tie it all together. So is the obvious impact of that is for us to be able to drive more frequency and more loyalty across our current guests by giving them incentives, giving them opportunities, creating awareness of things we know that are going to drive increased behavior.

是的。謝謝你的提問，克里斯。是的，我的意思是，它幫助我們理解。我們所做的事情會得到什麼樣的回應呢？因此，當我們推出促銷活動、推出 LTO 或推出任何類型的面向客人的計劃時，我們現在將能夠清楚地了解推動我們所有管道的行為類型，對嗎？而以前，我們沒有這種能力。我們無法將這一切連結在一起。因此，這樣做的明顯影響是，我們能夠透過給予現有客人激勵、給予他們機會、提高他們對我們所知道的能夠推動增加行為的事情的認識，來提高他們來店的頻率和忠誠度。

But it also helps us to understand how to better meet the needs of guests that we haven't yet been able to reach, right? So when we know that an initiative or a promotion that we run is bringing back a guest who hasn't visited us in 12 months, that's similar to a gaining understanding of what's going to drive less frequent or even new guests, right? And so we can build marketing programs. We can build ideas around that knowledge base that can attract new guests, both from a current Shack standpoint and also when we go into new markets. It gives us better knowledge base of how different regions react to different things, how different markets react to different things. And so when we open up a new Shack, we go in with that knowledge base intact and are able to get off to a faster start and be able to deliver better new Shack openings.

但它也幫助我們了解如何更好地滿足我們尚未滿足的客人的需求，對嗎？因此，當我們知道我們開展的一項計劃或促銷活動可以讓 12 個月內沒有光顧的客人再次光顧，這就類似於了解了什麼會吸引不常光顧的客人，甚至是吸引新客人，對嗎？這樣我們就可以建立行銷計劃。我們可以圍繞著該知識庫構建可以吸引新客人的想法，無論是從當前 Shack 的角度來看，還是從我們進入新市場的角度來看。它為我們提供了更好的知識基礎，讓我們了解不同地區對不同事物的反應、不同市場對不同事物的反應。因此，當我們開設新的 Shack 時，我們會帶著完整的知識庫，更快地開始，並能夠提供更好的新 Shack 開業服務。

So yeah, the answer -- a long-winded way of saying, yes, it's both going to help our current guests increase their frequency, as well as give us a knowledge base that's going to allow us to create programs and ideas that are going to attract new guests.

所以，答案是肯定的——用一種冗長的方式說，是的，它既可以幫助我們現有的客人增加他們的頻率，也可以為我們提供一個知識庫，讓我們能夠創建吸引新客人的計劃和想法。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Thank you for the question. [Aden Olson] on for Sara. We just wanted to ask -- you guys reported 4Q pretty far into the first quarter. So it just sounds like comps slowed pretty sharply going into March while the industry was broadly starting to recover. Could you kind of talk about that dynamic? And then just in the same vein of just macro pressures, why do you feel like in the first quarter, you guys weren't insulated as much from your higher income consumer just as you've been in the past? Thanks.

謝謝你的提問。 [艾登·奧爾森] 替換薩拉。我們只是想問一下——你們在第一季的後半段就報告了第四季的情況。因此，聽起來，當整個產業開始全面復甦時，3 月的同店銷售額卻急劇放緩。您能談談這種動態嗎？那麼，就像宏觀壓力一樣，為什麼您覺得在第一季度，你們沒有像過去那樣受到高收入消費者的太大影響？謝謝。

So we actually had the biggest comp challenge in February. So March was actually an improvement relatively consistent with the rest of the industry. So we started off really strong in January. February was our worst period. And then March, we started to recover, and April has improved since that.

因此，我們實際上在二月面臨最大的競爭挑戰。因此，三月的改善實際上與整個行業相對一致。因此，我們在一月份的開局非常強勁。二月是我們最糟糕的時期。到了三月份，我們開始復甦，四月的情況也逐漸好轉。

So we have seen a bit of that trend line that you're referencing for the industry. And I would argue that our premium positioning and our higher income customers has insulated us. I mean, I think our comp performance is better than almost most of our competition. So folks that have reported over the last few days and over the last couple of weeks, mostly negative comps. So we're delivering positive comps without -- with less pricing than we've taken over the last three years.

因此，我們已經看到了您所參考的行業趨勢線。我認為，我們的高端定位和高收入客戶使我們免受影響。我的意思是，我認為我們的表現比幾乎大多數競爭對手都要好。因此，過去幾天和過去幾週報告的大多是負面結果。因此，我們提供了積極的對比，而且定價比過去三年更低。

So I would argue that we have been relatively insulated. And then the last thing I would say is, all of this is even -- gives us even more confidence, given our penetration in Los Angeles, in New York, and DC, where these are the markets that have been really disproportionately impacted in Q1 through a number of things, whether it's some of the tourism. Some of it's the weather. Some of it's the geopolitical environment, the macroeconomics. Like all of those things are disproportionately impacting those markets, and we are saturated in those markets, and we've been able to deliver these results despite that.

因此我認為我們相對而言是不受干擾的。最後我想說的是，考慮到我們在洛杉磯、紐約和華盛頓特區的滲透率，所有這些都讓我們更有信心，這些市場在第一季受到了一系列因素的嚴重影響，例如旅遊業。部分原因是天氣。其中一些是地緣政治環境、宏觀經濟。所有這些因素都對這些市場產生了不成比例的影響，而且我們在這些市場已經飽和，但儘管如此，我們仍然能夠取得這些成果。

So I'd actually say that we have exceeded our expectations given the macros that we've been dealing with.

因此，我實際上想說，考慮到我們一直在處理的宏，我們已經超出了我們的預期。

I'll just add on to that. We called out this in the shareholder letter. But if you just look at New York City, Los Angeles, and Mid-Atlantic, which includes Washington, DC, these areas where we had weather pressures, we had also -- there were some very unique macro pressures to each of these regions and tourism pressures. That was about 75% of the headwind we had in the quarter, those three places. The rest of our markets, especially those that didn't -- that had the least amount of weather headwind -- I mean there were -- where we didn't have weather headwinds, we had comps that were up mid-high-single digits.

我只想補充一點。我們在股東信中提到了這一點。但如果你只看紐約市、洛杉磯和中大西洋地區（包括華盛頓特區），這些地區都面臨著天氣壓力，而且每個地區都面臨著一些非常獨特的宏觀壓力和旅遊壓力。這三個地方約占我們本季所面臨逆風的 75%。我們其餘的市場，特別是那些沒有受到天氣不利影響的市場——我的意思是——在沒有受到天氣不利影響的市場，我們的銷售額增長了中高個位數。

So there was very much so a disproportionate impact on those three specific markets from what Rob just described.

因此，正如 Rob 剛才所描述的，這三個特定市場受到了非常不成比例的影響。

Yeah. And the only thing I'll add on top of that is, as we are building 50 -- between 45 and 50 Shacks this year, I think most of those Shacks aren't in those markets. I mean we are diversifying our portfolio. We are building Shacks in places that are seeing significant population growth in the Southeast and Southwest. And those are some of our best-performing markets right now and some of our best-performing new Shack openings.

是的。除此之外，我唯一要補充的是，由於我們今年要建造 50 家（大約 45 到 50 家）Shacks，我認為大多數 Shacks 都不在這些市場。我的意思是我們正在使我們的投資組合多樣化。我們正在東南部和西南部人口增長顯著的地方建造棚屋。這些是我們目前表現最好的市場，也是我們表現最好的一些新開的 Shack 餐廳。

So yeah, obviously, Q1 was a challenge, given the impact of those markets where we have a lot of penetration. But as we grow and keep the same model where we're able to open these Shacks with excellence in these markets, we're going to be less exposed to some of those geographies.

是的，顯然，考慮到我們滲透率較高的市場的影響，第一季是一個挑戰。但隨著我們的成長，我們將繼續保持相同的模式，即能夠在這些市場以卓越的方式開設這些 Shacks，因此我們將減少對某些地區的關注。

Daniel Guglielmo, Capital One Securities.

丹尼爾·古列爾莫（Daniel Guglielmo），Capital One Securities。

Thank you for taking my question and kind of on a similar subject as we just discussed. But around the long-term goal of 1,500 company-operated Shacks and then taking into consideration the macro impacts in February through April, have there been any changes to the way that you identify or judge potential new US locations? Is there anything from a quantitative or qualitative standpoint?

感謝您回答我的問題，這個問題和我們剛才討論的類似。但是，圍繞 1,500 家公司經營的 Shacks 的長期目標，然後考慮到 2 月至 4 月的宏觀影響，您識別或判斷潛在的美國新地點的方式有任何變化嗎？從定量或定性的角度看有什麼嗎？

It's a great question. I think we've talked a little bit about the fact that we are much better from a market identification and analysis standpoint on where we're going to go in and where we can be successful with our new Shacks. And that was in place before some of this recent last couple of months' macroeconomic situation impacting these regions.

這是一個很好的問題。我認為我們已經談論過這樣一個事實：從市場識別和分析的角度來看，我們在進入新市場以及新 Shacks 能夠取得成功方面做得更好。這是在最近幾個月宏觀經濟情勢對這些地區造成影響之前就已經實施的。

We are a New York-based company. We have a ton of our best Shacks in New York. We will continue to develop and grow in New York City. We have, despite some of the challenges in California around wages and what have you, we have great Shacks in California that do lots of volume and deliver great margins, and we have great teams out there. I was just out there last week visiting our Northern California teams, who have completely transformed that market over the last year and are delivering great results.

我們是一家總部位於紐約的公司。我們在紐約有很多最好的 Shacks。我們將繼續在紐約市發展與壯大。儘管我們在加州面臨一些關於工資和其他方面的挑戰，但我們在加州擁有出色的 Shacks，其銷售量很大，利潤很高，而且我們擁有優秀的團隊。我剛剛去上週拜訪了我們的北加州團隊，他們在過去的一年裡徹底改變了那個市場，並取得了巨大的成果。

So our legacy markets, we will continue to find great pieces of real estate in those markets and open up great successful Shacks. But we are really investing resources in places like Arizona, Texas, the Southeast, including Florida, where we are seeing not just great Shack openings, but pretty significant comp growth. And some of that is driven by macros. These markets are growing populations. These markets are increasing their buying power.

因此，在我們的傳統市場中，我們將繼續尋找優質的房地產，並開設非常成功的 Shacks。但我們確實在亞利桑那州、德克薩斯州、東南部和佛羅裡達州等地投入了資源，在這些地方，我們不僅看到了 Shack 的大量開業，還看到了相當顯著的同店增長。其中一些是由巨集驅動的。這些市場的人口正在不斷增加。這些市場正在增強其購買力。

But we have really built a model that the drive-thru is a big help. It gives us access to real estate in these markets that we didn't typically -- that we didn't historically have. So I would tell you, our strategy hasn't necessarily changed, but the strategy that we had in place prior to February --I mean development is a long lead time program. It serves us well given kind of where the macros are going and where these different geographies or landing.

但我們確實建立了一個模型，證明免下車服務有很大幫助。它使我們能夠進入這些市場中的房地產，這是我們過去通常無法進入的。所以我想告訴你，我們的策略不一定會改變，但我們在二月之前製定的策略——我的意思是開發是一個長期的準備期計劃。它為我們提供了很好的服務，讓我們知道宏觀的方向以及這些不同的地理位置或著陸點。

Rahul Krotthapalli, JPMorgan.

摩根大通的 Rahul Krotthapalli。

Thanks for all the color. I have a two-part question. The first, New York and California are over 30% of the store base and probably even more than 40% of sales. Can you discuss what percentage of this 110 stores or so across your system within company operated have higher mix of tourism or over-indexed to that? There have been some reports on like lower bookings in the summer for hotels, slides, et cetera, whatnot. Can you just share if that is contemplated in your guide?

感謝所有的色彩。我有一個由兩個部分組成的問題。首先，紐約和加州佔門市總數的 30% 以上，銷售額甚至可能超過 40%。您能否討論一下，貴公司係統內大約 110 家商店中，有多少比例的商店旅遊業組合較高或旅遊業指數較高？有報導稱，夏季飯店、滑梯等預訂量下降。您能否分享一下您的指南中是否考慮到了這一點？

And then the second part, like some of the brands have been leveraging social media really well, both organic and paid content. Can you discuss your plan to leverage the platform, either through regional or celebrity influences to drive some traffic as you open new Shacks and then also with the LTOs?

然後第二部分，就像一些品牌已經很好地利用了社交媒體，包括有機內容和付費內容。您能否討論一下利用該平台的計劃，無論是透過地區或名人影響力來在您開設新的 Shacks 時吸引一些流量，然後透過 LTO 來吸引一些流量？

I'll address the second one first, and then Katie can kind of talk to the dynamics impacting New York and California. Social media is kind of what we do. We don't have the big franchisee-funded media budgets that a lot of our competitors do that are providing big TV campaigns. So our focus is definitely on paid digital but even more so on earned social. And the best example is what we just did with Dubai Chocolate Shake.

我將首先討論第二個問題，然後凱蒂可以談談影響紐約和加州的動態。社群媒體就是我們所做的事情。我們沒有像許多競爭對手那樣由特許經營商資助的巨額媒體預算來開展大型電視宣傳活動。因此，我們的重點肯定是付費數字，但更重要的是贏得社交。最好的例子就是我們剛推出的杜拜巧克力奶昔。

And we had, I don't know, 12, 15 influencers in our Innovation Kitchen the week before we launched it, and we shared it with them, and they were developing their content. And when that thing hit the Shacks, the amount of impressions and the amount of positive social momentum that we got, I would argue, is equivalent to almost anything that happened with our much larger competitors over the last year.

在我們推出創新廚房的前一周，大概有 12 到 15 位有影響力的人，我們與他們分享了創新廚房，他們正在開發自己的內容。當這款產品登陸 Shacks 時，我認為，我們所獲得的印象數量和積極的社會勢頭幾乎相當於去年我們規模更大的競爭對手所遭遇的一切。

So we leverage influencers in our large markets like New York, but also in our newer markets in smaller markets when we go in and open new Shack openings. So social media is really one of the foundational ways that we connect with our guests.

因此，當我們進入紐約等大型市場並開設新的 Shack 門市時，我們不僅會利用這些市場中的影響力人士，還會利用這些市場中的影響力人士。因此，社群媒體確實是我們與客人聯繫的基本方式之一。

And then on your question about tourism, certainly, what we've called out in the macro headwinds that we had in New York City, in Los Angeles, and Washington, DC was impacted by international tourism. In our guidance we have expectations that those pressures persist for the rest of the year. We also acknowledge a wider degree of uncertainty about how the macro environment will play out. And that is also reflected in the wider range of guidance that we gave for this year on top line.

關於你提到的旅遊業的問題，當然，我們已經指出，紐約市、洛杉磯和華盛頓特區面臨的宏觀逆風是受到國際旅遊業的影響。在我們的指導中，我們預計這些壓力將持續到今年剩餘時間。我們也承認宏觀環境將如何發展存在更大程度的不確定性。這也反映在我們為今年的營收提供的更廣泛的指導中。

Thank you. We have reached the end of our question-and-answer session. I would like to turn the conference back over to management for closing remarks.

謝謝。我們的問答環節已經結束。我想將會議交還給管理階層，請他們發表結束語。

So I would just like to thank everybody for their -- I know there's a lot of calls happening today, and there's a lot going on in the industry, and I want to thank you for your continued interest in our company. And I just want to say that our teams are 100% focused on the things we can control. We talk a lot about macro headwinds. We talk a lot about the challenges that we're all facing and the uncertainty that's out there. But we're mitigating that with staying focused on the foundation of Shake Shack. That's operations; it's supply chain; it's culinary innovation; it's development.

所以我只想感謝大家——我知道今天有很多電話，這個行業也發生了很多事情，我想感謝你們對我們公司的持續關注。我只想說，我們的團隊 100％ 專注於我們能夠控制的事情。我們經常談論宏觀逆風。我們談論了很多我們所面臨的挑戰以及存在的不確定性。但我們透過專注於 Shake Shack 的基礎來緩解這一問題。這就是操作；它的供應鏈；這是烹飪創新；這是發展。

And we've never performed at a higher level. This is a testament to the people that are out there working in our Shacks every day, the people that are out there working in our supply chains and the people that are building our Shacks. So I just want to thank them for everything they're doing. It's really amazing what's happening right now at Shake Shack, and we are excited about our future and thankful that all of you are interested in that future.

我們從未表現得如此出色。這是對每天在我們的棚屋裡工作的人們、在我們的供應鏈中工作的人們以及正在建造我們的棚屋的人們的證明。所以我只想感謝他們所做的一切。Shake Shack 目前所發生的一切真是令人驚嘆，我們對我們的未來感到興奮，並感謝大家對未來感興趣。

So with that, I'll say thanks to everybody.

因此，我要向大家表示感謝。

Thank you. This will conclude today's conference. You may disconnect your lines at this time, and thank you for your participation.

謝謝。今天的會議到此結束。此時您可以斷開您的線路，感謝您的參與。