Shake Shack Inc (SHAK) 2025 Q3 法說會逐字稿

Greetings. Welcome to Shake Shack third-quarter 2025 earnings call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加Shake Shack 2025年第三季財報電話會議。（操作員說明）請注意，本次會議正在錄音。

I will now turn the conference over to Alison Sternberg, Head of Investor Relations. Thank you, you may begin.

現在我將把會議交給投資者關係主管艾莉森·史特恩伯格。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.

謝謝接線員，大家早安。與我一同參加 Shake Shack 電話會議的還有我們的執行長 Rob Lynch 和財務長 Katie Fogertey。在今天的電話會議中，我們將討論我們認為有助於評估我們績效的非GAAP財務指標。不應孤立地看待這些補充信息，也不應將其視為按照公認會計原則編制的結果的替代品。

Reconciliations to comparable GAAP measures are available in our earnings release and the financial details section of our shareholder letter. 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, and our other SEC filings.

與可比較GAAP指標的調節表可在我們的獲利報告和股東信的財務詳情部分中找到。今天的一些陳述可能是前瞻性的，實際結果可能會因諸多風險和不確定性而與預期存在重大差異，包括我們在 2025 年 2 月 21 日提交的 10-K 表格年度報告以及我們向美國證券交易委員會提交的其他文件中討論的風險和不確定性。

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 third quarter 2025 shareholder letter, which can be found at investor.shakeshack.com in the quarterly results section or as an exhibit to our 8-K for the quarter.

任何前瞻性陳述僅代表我們截至今日的觀點，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。現在您應該已經可以訪問我們 2025 年第三季股東信，該信可以在 investor.shakeshack.com 的季度業績部分找到，或者作為我們該季度 8-K 文件的附件找到。

I will now turn the call over to Rob.

現在我將把通話轉給羅布。

Thanks Alison, and good morning everyone. We are extremely proud of our third quarter results which showcase the important foundational work we've been doing to position ourselves for growth in the achievement of our long-term goals. Despite the strength of the outstanding quarter, we will not be complacent. Our focus remains to build a resilient long-term business, one that's not defined by any single quarter. We're making the necessary strategic investments today that set us up for long-term success. This means continuing to prioritize initiatives that strengthen our foundation and support sustainable growth.

謝謝艾莉森，大家早安。我們對第三季的業績感到非常自豪，這展現了我們為實現長期目標、實現成長所做的重要基礎工作。儘管本季業績表現出色，但我們不會因此而自滿。我們始終致力於打造具有韌性的長期業務，而不是被任何一個季度的業績所定義的業務。我們正在進行必要的策略性投資，為未來的長期成功奠定基礎。這意味著要繼續優先考慮那些能夠鞏固我們基礎並支持永續成長的措施。

We have been executing with purpose against the deliberate strategy inspired by our mission to deliver enlightened hospitality to our team members and guests. Collectively, our efforts have resulted in stronger team retention, better guest service, operational improvements and productivity, a steady cadence of culinary innovation, and the foundation of a brand marketing model.

我們一直有目的地執行著精心製定的策略，該策略的靈感源於我們的使命，為我們的團隊成員和客人提供卓越的待客之道。總而言之，我們的努力帶來了更強的團隊留存率、更好的客戶服務、營運改善和生產力提升、穩定的烹飪創新節奏，以及品牌行銷模式的基礎。

The engine behind our success in the heart of our brand is our team. We have assembled an incredible group of talent who bring a wealth of experience from both inside and outside the company. Our external hires come from well established multi-unit organizations where they have learned how to implement best practices that can help us as we continue to scale.

團隊是我們品牌成功的核心動力。我們匯聚了一群傑出的人才，他們擁有來自公司內外的豐富經驗。我們從外部招募的員工來自成熟的多部門組織，他們已經學會如何實施最佳實踐，這可以幫助我們持續擴大規模。

And we are equipping our managers with tools to develop high performing teams from within that are building a culture of hospitality, productivity, and excellence. It's no surprise to us that we are seeing a reduction in turnover, leading to more tenured, higher skilled hourly team members, which in turn is having a direct impact on the productivity of our labor in our shacks.

我們正在為管理人員配備工具，以便從內部培養高績效團隊，從而建立一種熱情好客、高效務實、追求卓越的企業文化。我們毫不意外地看到員工流動率下降，導致更多資深、技能更高的時薪團隊成員加入，這反過來又直接影響了我們工棚的勞動生產力。

We're also building a brand marketing model. We recently announced that we appointed Michael Fanuele as Chief Brand Officer. In this role, he will oversee advertising, paid media and insights and analytics, working in close collaboration with the broader team to advance our marketing strategy and steward our brand in the marketplace. Michael has been supporting our team as a consultant since earlier this year, where he played a pivotal role in helping to build our strategic brand positioning and in making the selection of our new creative agency partner.

我們也正在建立品牌行銷模式。我們最近宣布任命邁克爾法努埃爾為首席品牌長。在這個職位上，他將負責廣告、付費媒體、洞察和分析，與更廣泛的團隊密切合作，推動我們的行銷策略，並在市場上維護我們的品牌形象。今年年初以來，Michael 一直以顧問的身份支持我們的團隊，他在幫助我們建立策略品牌定位和選擇新的創意代理商合作夥伴方面發揮了關鍵作用。

We're extremely excited to take this next step in evolving our marketing model, which we believe is a critical component for us to build an enduring and powerful comp engine for growth. Michael's creativity, experience, and leadership will help us continue to build demand for our culinary innovation, optimize our media investments, and strengthen the Shake Shack brand.

我們非常高興能夠邁出行銷模式發展的下一步，我們相信這對於我們建立持久且強大的競爭引擎以實現成長至關重要。Michael 的創造力、經驗和領導能力將幫助我們繼續提升對我們烹飪創新產品的需求，優化我們的媒體投資，並加強 Shake Shack 品牌。

Over the past year, we have made important strides in improving operations, and I want to spend some time walking everyone through what we are seeing. I'm incredibly thankful to our operations team and our support center for all the work that they have done to advance our business. This year has been an important year across our operations as we established new practices that will help us scale our business with hospitality, efficiency, and excellence.

過去一年，我們在改善營運方面取得了重要進展，我想花些時間向大家介紹一下我們所取得的成果。我非常感謝我們的營運團隊和支援中心為推動我們業務發展所做的一切工作。今年是我們營運中非常重要的一年，我們建立了新的實踐，這將有助於我們以熱情、高效和卓越的方式擴大業務規模。

While we do not report this way, we recognize that many in the industry analyze our cost trends on a per operating week basis. We are aware of the fact that we are currently operating with fewer labor hours than we used to, and that our labor costs on an absolute dollar basis per operating week are down. However, still high relative to the fast casual industry.

雖然我們不以這種方式進行報告，但我們意識到業內許多人都是按每週的營運成本來分析我們的成本趨勢。我們意識到，目前我們的勞動時間比以前少​​了，而且以每週的絕對美元計算，我們的勞動成本也下降了。然而，相對於速食業而言，這個數字仍然很高。

Our historical labor model and the execution of that model was not well positioned to achieve the operating excellence that we need to deliver on our aspirations. In fact, the reduction in hours necessary to operate our shacks with excellence has improved our ability to serve our guests because we are using those hours in a more productive way. We will continue to optimize our operations and get even more efficient in areas where we're simply overstaffed while at the same time focusing on and delivering on better hospitality.

我們以往的勞動力模式及其執行方式，都無法幫助我們實現實現願景所需的卓越營運。事實上，我們能夠更有效率地利用這些時間，從而提高了我們為顧客提供優質服務的效率，也提高了我們服務顧客的能力。我們將繼續優化運營，在人員過剩的領域提高效率，同時專注於提供更好的服務。

As we have discussed over the course of 2025, we implemented a new labor model that is an activity-based labor model moving off of a sales-based labor model. We also took a hard look at how we were deploying the hours that our shacks were allocated and streamlined a lot in the service of the guest experience.

正如我們在 2025 年討論的那樣，我們實施了一種新的勞動模式，這是一種基於活動的勞動模式，取代了基於銷售額的勞動模式。我們也認真審視了我們小屋的營業時間分配情況，並進行了大量簡化，以提升顧客體驗。

We have built a disciplined approach, and our shack leaders are showing real accountability in using the tools and processes provided to attain our labor goals. I am pleased to share with you that nearly all of our shacks met or beat labor targets in the third quarter. This is a meaningful improvement versus last year where approximately half of our shacks met their labor targets. We're doing a better job of supporting our managers with strong above store leadership, data and analytics and recruiting and training tools as they work to optimize the operations of their restaurants and deliver on their goals, but our work is not done.

我們已經建立了一套嚴謹的方法，我們的工棚負責人也展現出了真正的責任感，利用所提供的工具和流程來實現我們的勞動目標。我很高興地告訴大家，我們幾乎所有的棚屋在第三季都達到了或超過了勞動力目標。與去年相比，這是一個顯著的進步，去年我們大約只有一半的工棚達到了勞動目標。我們正在透過強大的上級領導、數據和分析以及招募和培訓工具，更好地支持我們的經理，幫助他們優化餐廳營運並實現目標，但我們的工作還沒有完成。

Team members are at the heart of everything we do and the lifeblood of our company. One of the things that I'm most proud of is how much longer we are seeing our team members stay with us. We believe this improvement reflects our ongoing focus on creating an environment where team members can grow and succeed. We've included retention as a key metric on our operator scorecard, and our leaders are focused on training and development to help build a more tenured team.

團隊成員是我們一切工作的核心，也是我們公司的生命線。最讓我感到自豪的事情之一，就是我們的團隊成員在我們公司待的時間越來越長。我們相信，這項進步體現了我們持續致力於創造一個讓團隊成員能夠成長和成功的環境。我們已將員工留任率作為營運績效考核的關鍵指標，我們的領導層也專注於培訓和發展，以幫助建立更穩定的團隊。

We're seeing improved throughput across all day parts, including peak from our team members that have more experience and tenure. This is not surprising as we make many items fresh from scratch, and there's a natural and longer learning curve to our process versus traditional fast food. Simply put, the more experience our team has, the better they can execute against our operational model.

我們看到全天各個時段的吞吐量都有所提高，包括我們經驗更豐富、資歷更老的團隊成員的高峰時段。這不足為奇，因為我們許多產品都是從零開始新鮮製作的，而且與傳統快餐相比，我們的製作流程自然需要一個更長、更複雜的學習過程。簡而言之，我們團隊的經驗越豐富，就越能更好地執行我們的營運模式。

Our top priority is guest satisfaction. We will continue to seek out ways to help our team members become more productive, but it won't come at the expense of guests and team member satisfaction. The evidence of that commitment can be found in our improvements and operating metrics, which we measure as a way to hold ourselves accountable to our North Star, our guests.

顧客滿意度是我們的首要任務。我們將繼續尋找各種方法來幫助我們的團隊成員提高工作效率，但這絕不會以犧牲顧客和團隊成員的滿意度為代價。我們透過改進和營運指標來證明這項承諾，我們衡量這些指標是為了確保我們對顧客——我們的北極星——負責。

At Shake Shack, we cook our food to order. That is a big part of why it tastes so good. I am proud that our speed of service has improved from approximately 7 minutes in 2023 to now approximately 5 minutes and 50 seconds. We're going to continue to get even better here. Our guest satisfaction scores across meal taste, cleanliness of our shacks, and likelihood to return have all improved.

在Shake Shack，我們所有食物都是現點現做。這正是它味道如此美味的重要原因之一。我感到自豪的是，我們的服務速度已經從 2023 年的大約 7 分鐘提高到現在的大約 5 分 50 秒。我們將繼續努力，做得更好。我們在餐點口味、小屋清潔度和顧客再次光臨的意願等方面的顧客滿意度評分均有所提高。

And finally, with our optimized deployment, we're seeing higher throughput in all day parts versus last year. In addition to our work and operations, we're also driving improvements across our supply chain, and we are just starting to see the benefits from this.

最後，透過優化部署，我們看到全天各時段的吞吐量都比去年更高。除了我們自身的工作和營運之外，我們還在推動整個供應鏈的改進，而我們才剛開始看到這些改進帶來的好處。

We have identified a long runway of opportunities ahead, including, firstly, we are diversifying our supplier base, making sure that we have the right partners and enough partners to mitigate business risk and optimize costs.

我們已經發現未來有很多機遇，首先，我們正在實現供應商基礎多元化，確保我們擁有合適的合作夥伴和足夠的合作夥伴，以降低業務風險並優化成本。

Second, we are diversifying our supplier footprint and optimizing logistics. Our supplier geography needs to grow as we grow. We're doing a lot of work to reduce time and miles from our suppliers to our distributors and to our shacks.

其次，我們正在實現供應商多元化，並優化物流。隨著公司發展，我們的供應商地域也需要隨之擴展。我們正在努力減少從供應商到分銷商再到我們倉庫的運輸時間和路程。

Lastly, we continue to invest in technologies that support our supply chain department in the critical functions as we scale. As we continue to improve our supply chain, we will also continue to prioritize product quality and innovation. As we have onboarded additional suppliers across several key categories, we're making sure that we can continue to procure high-quality ingredients. The work we're doing today in our operations and supply chain is also critical to helping us to address a volatile beef market, as we expect to face mid-teens beef of inflation in the second half of 2025.

最後，隨著業務規模的擴大，我們將繼續投資於能夠支援供應鏈部門關鍵職能的技術。在不斷改進供應鏈的同時，我們也將繼續優先考慮產品品質和創新。隨著我們在幾個關鍵類別中引入更多供應商，我們正在確保能夠繼續採購高品質的原料。我們目前在營運和供應鏈方面所做的工作對於幫助我們應對波動的牛肉市場也至關重要，因為我們預計 2025 年下半年牛肉價格將面臨 15% 左右的通膨。

Going forward, planned savings in our supply chain and continued improvements in operations afford us the opportunity to offset a meaningful part of beef inflation without having to take outside price -- outsized price and still expanding our restaurant margins. This hasn't been the case historically for Shake Shack.

展望未來，我們計劃在供應鏈中節省開支，並不斷改進運營，這將使我們有機會在不接受外部價格（過高的價格）的情況下，抵消相當一部分牛肉通膨的影響，同時還能擴大餐廳的利潤率。從Shake Shack的歷史來看，情況並非如此。

Another exciting part of our evolution is on the equipment side where we are actively testing multiple solutions designed to make our shacks easier to operate with an emphasis on improving product quality, consistency, and speed.

我們發展歷程中另一個令人興奮的部分是設備方面，我們正在積極測試多種解決方案，旨在使我們的小屋更容易操作，重點是提高產品品質、一致性和速度。

We plan to roll out the first of these solutions towards the end of the year, starting with new fry holding equipment that will allow us to serve crispier, hotter fries every day. There's a lot more to come over the course of 2026 and beyond. We're also investing heavily in our technology infrastructure, particularly our kiosk and digital channels, which will continue to be critical parts of our comp sales growth.

我們計劃在今年年底推出這些解決方案中的第一個，首先是新的炸薯條保溫設備，這將使我們能夠每天提供更酥脆、更熱的薯條。2026 年及以後還有更多精彩內容即將呈現。我們也大力投資科技基礎設施，特別是自助服務終端和數位管道，這些管道將繼續成為我們同店銷售成長的關鍵部分。

In our kiosks in our digital platforms, we are driving positive check growth from improved merchandizing of our core menu. As I've stated in the past, we are focused on delivering enlightened hospitality to our guests. A big part of that long-term commitment will be a strong loyalty platform, which we are working to deliver in 2026.

在我們的數位平台自助點餐機中，我們透過改善核心菜單的行銷方式，推動了客單價的正面成長。正如我之前所說，我們致力於為客人提供周到細緻的服務。這項長期承諾的重要組成部分是強大的忠誠度平台，我們正在努力在 2026 年實現這一目標。

As we build this best in class loyalty platform, we are currently leveraging our app with value and frequency offers. We've seen success from these initiatives in our tracking of approximately 50% more app downloads this year than last. This is important to our long-term growth as our app guests have higher frequency and lifetime value than our non-digital guests.

在建立這個一流的會員忠誠度平台的過程中，我們目前正在利用我們的應用程式提供價值和頻率優惠。從我們追蹤到的應用程式下載量比去年增加了約 50%，這些措施已經取得了成功。這對我們的長期發展至關重要，因為我們的應用程式使用者比非數位用戶具有更高的存取頻率和終身價值。

At the end of the day, we know what really excites our guests is our culinary innovation. Our made to order model affords us the ability to deliver food that other QSRs and even fast casual concepts cannot easily replicate. Culinary innovation has always been a part of our fine dining heritage and DNA, but the cadence of innovation in place now is unprecedented for us.

歸根結底，我們知道真正讓客人興奮的是我們烹飪上的創新。我們的按需客製化模式使我們能夠提供其他快餐店甚至休閒快餐概念店都難以複製的食物。烹飪創新一直是我們的高級餐飲傳統和基因的一部分，但如今的創新節奏對我們來說是前所未有的。

Our Dubai chocolate shake was a powerful illustration. Dubai was highly incremental and drove a positive impact on all key brand measures, with the largest brand perception gains on ingredient quality and innovation.

我們的杜拜巧克力奶昔就是一個強而有力的例子。杜拜市場成長幅度很大，對所有關鍵品牌指標都產生了正面影響，其中在原料品質和創新方面品牌認知度提升最大。

Beverage is obviously an important and growing segment within our industry. We have always offered high-quality, innovative teas and lemonades alongside of our world famous custard shakes. Our goal is to significantly grow our beverage business across soft drinks, teas, and lemonades, and to simply own the shake innovation space with inspiration drawn from global recipes, seasonal occasions, unique textural elements, and flavor trends.

飲料顯然是我們行業中一個重要且不斷成長的細分市場。除了我們舉世聞名的蛋奶醬之外，我們一直提供高品質、創新的茶飲和檸檬水。我們的目標是大幅發展軟性飲料、茶和檸檬水等飲料業務，並以全球食譜、季節性場合、獨特的質地元素和口味趨勢為靈感，在奶昔創新領域佔據主導地位。

Following on the success of our Dubai shake, we've established a shake innovation pipeline with exciting crackable shake offerings as a plus up to our typical shake LTO lineup. We're also continuing to fuel our pipeline of new sides with fried pickles and onion rings, and we're seeing strong attachment rings.

繼杜拜奶昔取得成功之後，我們建立了一條奶昔創新產品線，除了我們典型的限時特供奶昔產品之外，還推出了令人興奮的可敲碎奶昔產品。我們也在不斷推出新的配菜，例如炸酸黃瓜和洋蔥圈，而且我們看到了很強的市場黏性。

But our crinkle cut fries continue to be the crown jewel of our side's platform, and alongside our new hot holding equipment, we're about to launch new procedures that will make them crispier, hotter, and more consistently seasoned, making them best, the best we've ever served.

但是，我們的波浪薯條仍然是我們配菜的招牌產品，而且隨著我們新的保溫設備的投入使用，我們即將推出新的流程，使薯條更酥脆、更熱、調味更均勻，成為我們有史以來最好的薯條。

We're also going to continue to innovate across burgers and sandwiches. This includes our summer barbecue menu, which we launched in mid Q2 and our limited time French onion soup burger that launched in September. We're pushing the envelope and currently have a French dip Angus steak sandwich and a baby back rib sandwich in test markets. These innovations are part of our ongoing strategy to balance premium sandwich offerings with value platforms so that we can continue to drive traffic growth.

我們也將繼續在漢堡和三明治領域進行創新。這包括我們在第二季中期推出的夏季燒烤菜單，以及我們於 9 月推出的限時法式洋蔥湯漢堡。我們正在不斷突破創新，目前已在測試市場推出了法式蘸汁安格斯牛排三明治和豬肋排三明治。這些創新是我們持續策略的一部分，旨在平衡優質三明治產品與高性價比平台，從而持續推動客流量成長。

Once again, our made to order model affords us the culinary flexibility to make things that no one else can deliver with the type of premium quality that our guests have come to expect from Shake Shack. While we're focused on developing traffic driving LTO innovation, we're also continuing to invest in our core menu. These include fry improvements mentioned earlier, new chicken bites which deliver a more consistent guest experience, and rolling out an improved cheese sauce for our fries that increases cheese coverage and has performed much better in tests than our current offering.

再次強調，我們的按需客製化模式賦予了我們烹飪上的靈活性，使我們能夠製作出其他任何餐廳都無法提供的優質產品，滿足顧客對 Shake Shack 一貫的期望。在專注於開發推動交通流量的LTO創新技術的同時，我們也持續投資我們的核心菜單。這些改進包括前面提到的炸薯條，為顧客提供更一致的體驗的新雞塊，以及推出改良的薯條奶酪醬，這種奶酪醬增加了奶酪的覆蓋率，並且在測試中比我們目前的奶酪醬表現得更好。

Our culinary innovation, as well as improvements to our core menu and operations are enabling us to serve our guests better and has prepared us to amplify our brand through new advertising and paid media.

我們在烹飪創新方面所做的努力，以及對核心菜單和營運方式的改進，使我們能夠更好地服務顧客，並為我們透過新的廣告和付費媒體擴大品牌影響力做好了準備。

In the third quarter, we invested in paid media at scale for the first time. We shared with you last quarter that we were starting to make some investments in that capability, and I'm happy to report that we are delivering results while learning a lot.

第三季度，我們首次大規模投資付費媒體。上個季度我們曾向大家介紹過，我們開始對這項能力進行一些投資，我很高興地報告說，我們在取得成果的同時也學到了很多東西。

We invested media behind Dubai chocolate shake as well as our dollar soda and app only promotion. And these investments are a reason why we are delivering the sales growth that we shared with you today. Our brand positioning work is now complete, and we will launch new advertising starting later this quarter. We're working with one of the most awarded creative agencies in the world to bring our brand story to life through advertising throughout 2026.

我們投入了大量媒體資源推廣迪拜巧克力奶昔，以及我們的美元汽水和僅限應用程式使用的促銷活動。正是這些投資，才使得我們今天能夠實現與大家分享的銷售成長。我們的品牌定位工作現已完成，我們將於本季稍後推出新的廣告。我們正與世界上獲獎最多的創意機構之一合作，透過2026年全年的廣告宣傳，將我們的品牌故事生動地展現出來。

Turning to development, we have significant white space to open new shacks in the US and around the world, and we're doing so at lower cost in spite of inflation. As part of our development work, we are also focused on new kitchen prototypes and equipment that could have a significant impact on improving our throughput and quality.

談到發展，我們在美國和世界各地還有很大的空間開設新的小屋，儘管通貨膨脹，我們仍在以更低的成本這樣做。作為我們研發工作的一部分，我們也專注於新的廚房原型和設備，這些原型和設備可能會對我們的產量和品質產生重大影響。

This year, we are on track to open our largest class of company operated shacks, and next year, we expect to open at least 55 to 60 shacks as we accelerate our rate of new shack growth and continue to build our strong pipeline of shacks to come.

今年，我們預計將開設規模最大的公司自營小屋，明年，隨著我們加快新小屋的增長速度並繼續建造強大的未來小屋儲備，我們預計將開設至少 55 至 60 間小屋。

Turning to our Licensing business. With 23 new store openings as of Q3, we are well on our way to 35 to 40 openings this year, and we plan on opening 40 to 45 more in 2026. This business is healthy and growing. Our existing markets are performing better than expected despite global macro headwinds with strength coming from new openings in the US, Canada, Israel, and Turkey.

接下來談談我們的授權業務。截至第三季度，我們已開設 23 家新店，今年預計開設 35 至 40 家新店，並計劃在 2026 年再開設 40 至 45 家新店。這家公司經營狀況良好，發展迅速。儘管全球宏觀經濟面臨不利因素，但我們現有市場的表現優於預期，這主要得益於美國、加拿大、以色列和土耳其等國新市場的開拓。

This year we have announced four new license partnerships. Most recently, With Union Mac in Hawaii to bring the Shake Shack experience to the Aloha State. We're building great momentum in the licensed business, and there is much more to come.

今年我們宣布了四項新的授權合作協議。最近，Union Mac 在夏威夷與 Shake Shack 合作，將 Shake Shack 的體驗帶到了夏威夷州。我們在特許經營業務方面取得了巨大發展勢頭，未來還有更多發展空間。

As we reflect on the most recent quarter and what is to come, Q3 was an example of our sales model at work. Multiple great LTOs in Dubai chocolate shake and some barbecue and an in-app value message with support from advertising and media complemented by a healthy digital business that collectively drove strong traffic in a tough environment.

當我們回顧最近一個季度以及展望未來時，第三季就是我們銷售模式運作的一個例證。杜拜推出了多項超值限時特惠活動，包括巧克力奶昔、燒烤以及應用​​程式內價值訊息，並輔以廣告和媒體的支持，再加上健康的數位業務，這些因素共同在艱難的環境中帶來了強勁的流量。

Now going to October, our sales trends, although positive, were not consistent with what we saw in the third quarter. Macro headwinds to the industry did intensify, and we are lapping one of the most iconic LTOs in our history, black truffle.

到了十月份，我們的銷售趨勢雖然呈現正態勢，但與第三季的情況並不一致。產業面臨的宏觀不利因素確實加劇了，我們正在超越我們歷史上最具標誌性的 LTO 之一——黑松露口味。

We continue to invest in advertising and media to support the business. However, our French onion burger LTO, well loved by the media has not been as a creative to traffic or check as was the case for our LTOs in Q3. After three weeks of analyzing the data, we pivoted and shifted support to our in-app value platforms. Over the last week, our in-app traffic is up 85%, and our overall traffic has seen over a 400 basis point change.

我們將繼續加大對廣告和媒體的投入，以支持業務發展。然而，我們備受媒體喜愛的法式洋蔥漢堡限時特供產品，在流量或銷量方面，並沒有像我們在第三季度推出的其他限時特供產品那樣吸引眼球。經過三週的數據分析，我們調整了策略，將支援重心轉移到我們的應用程式內價值平台。過去一周，我們的應用程式內流量成長了 85%，整體流量增加了 400 多個百分點。

Looking ahead, we will need to deliver newsworthy LTOs complemented by a strong value platform and a healthy app and loyalty platform as well as a strong delivery business. That is exactly what we expect from the balance of Q4 and our plan for 2026. We will also need to mitigate the continued traffic declines in the DC and New York metro, which we believe to be macro in nature with outpaced growth in other regions.

展望未來，我們需要推出具有新聞價值的限時特惠活動，並輔以強大的價值平台、健康的應用程式和忠誠度平台以及強大的配送業務。這正是我們對第四季剩餘時間以及2026年計畫的預期。我們還需緩解華盛頓特區和紐約大都會區持續的交通量下降問題，我們認為這是宏觀層面的問題，其成長速度超過了其他地區。

I am really proud of the progress the team has made on the plan that we laid out at the beginning of 2025, and the quarterly results show that we are focused on the right strategic priorities moving forward despite the macro challenges. We have a long way to go to realize our full potential, but the progress is certainly heartening, and will allow us the opportunity to continue to gain share against the challenging industry backdrop.

我為團隊在 2025 年初制定的計劃上取得的進展感到非常自豪，季度業績表明，儘管面臨宏觀挑戰，我們仍然專注於正確的戰略重點。我們距離充分發揮自身潛力還有很長的路要走，但取得的進展無疑令人鼓舞，並將使我們有機會在充滿挑戰的行業背景下繼續擴大市場份額。

And with that, I'll turn it to Katie for more details on the quarter.

接下來，我將把麥克風交給凱蒂，請她詳細介紹本季的情況。

Thank you, Rob, and good morning everyone. We are pleased with the results of our third quarter that marked the 19th consecutive quarter of positive same shack sales growth, along with strong restaurant level and adjusted EBITDA margins and double-digit adjusted EBITDA growth.

謝謝你，羅布，大家早安。我們對第三季的業績感到滿意，這標誌著同店銷售額連續第 19 個季度實現正增長，同時餐廳層面和調整後 EBITDA 利潤率強勁，調整後 EBITDA 增長達到兩位數。

Considering the macro environment, we feel especially proud of our results that reflect solid momentum and execution across both our company operated and licensed businesses. We grew total revenue by 15.9% year-over-year to $367.4 million, led by strong new shack openings and growth in our com shack base.

考慮到宏觀環境，我們對所取得的業績感到格外自豪，這些業績反映了我們公司自營業務和特許經營業務的穩健發展勢頭和執行力。在強勁的新店開幕和社區店用戶群成長的帶動下，我們的總營收年增 15.9%，達到 3.674 億美元。

We grew licensing revenue by 21.1% year-over-year to approximately $14.6 million and licensed sales by 15% to $218.7 million as we opened seven license shacks in the quarter and saw broad-based strength across most of our region.

由於本季度我們開設了七個授權服務點，並且我們大部分地區的業務都呈現全面強勁的增長勢頭，我們的授權收入同比增長了 21.1%，達到約 1460 萬美元，授權銷售額增長了 15%，達到 2.187 億美元。

In our company operated business, we grew shack sales by 15.7% year-over-year to $352.8 million. We opened 13 new shacks in the quarter, bringing the total as of the end of the third quarter to 30 openings, well on our way to opening our largest class on record, and we had plans to open 55 to 60 new shacks in 2026.

在我們公司經營的業務中，棚屋銷售額年增 15.7%，達到 3.528 億美元。本季度我們開設了 13 家新小屋，截至第三季末，新開設的小屋總數達到 30 家，我們正朝著開設有史以來規模最大的班級的目標穩步前進，我們計劃在 2026 年開設 55 至 60 家新小屋。

We grew average weekly sales by 2.6% year-over-year to 78,000. We delivered 4.9% positive same shack sales growth that represents a 390 basis point improvement from our first half 2025 run rate. This acceleration was led by improved traffic from initiatives that Rob described earlier in his remarks. We were traffic by 1.3% in the quarter and all months saw positive traffic growth.

我們的平均每週銷售額年增 2.6%，達到 78,000 件。我們實現了 4.9% 的同店銷售額成長，比 2025 年上半年的預期成長率提高了 390 個基點。羅佈在前面的演講中提到，交通流量的改善是推動交通加速成長的主要因素。本季我們的流量成長了 1.3%，所有月份的流量都實現了正成長。

We had positive constant traffic in nearly all of our regions. However, we continue to see macro pressures in New York Metro and Washington DC that are weighing on our overall results. New York Metro and DC represent over 25% of our sales, and we have been experiencing a higher degree of macro pressures in these regions than many industry peers given our footprint today. So a challenging macro backdrop here continues to have an outsized impact on our overall performance.

我們幾乎所有地區的客流量都保持穩定成長。然而，我們持續看到紐約都會區和華盛頓特區的宏觀經濟壓力，這些壓力對我們的整體表現造成了影響。紐約都會區和華盛頓特區占我們銷售額的 25% 以上，鑑於我們目前的業務規模，我們在這些地區面臨的宏觀壓力比許多行業同行要大得多。因此，當前充滿挑戰的宏觀環境繼續對我們的整體業績產生巨大影響。

But in spite of those pressures in a few of our markets, we still delivered nearly 5% in same shack sales growth with positive traffic, and that's really a testament to our strong success in other markets we're actively growing our footprint and scaling.

儘管我們在一些市場面臨這些壓力，但我們仍然實現了近 5% 的同店銷售額成長和正客流量成長，這真正證明了我們在其他市場（我們正在積極擴大業務範圍和規模）取得了強勁的成功。

In fact, we drove 7% to 8% comps in the South, the west, and the Midwest, with double-digit comps in San Francisco, Orlando, Dallas, and Denver, among a lot of other major metros. As our development pipeline has significant tilts away from growing in New York City and DC, I am optimistic that over time we can lessen the impact that one or two markets with specific pressures can have on our overall trends.

事實上，我們在南部、西部和中西部地區實現了 7% 到 8% 的同店銷售成長，在舊金山、奧蘭多、達拉斯和丹佛等眾多主要大都市地區實現了兩位數的同店銷售成長。由於我們的開發案已大幅減少在紐約市和華盛頓特區的成長，我樂觀地認為，隨著時間的推移，我們可以減輕一兩個市場面臨的特定壓力對我們整體趨勢的影響。

In shack menu price was up approximately 2%, and blended across all channels up approximately 4%. We took approximately 2% in menu price in the quarter to help offset the cost pressures from the mid-teens percent price increase in the beef market, and rolled off last year's nearly 2% price increase in October. With this, we will exit the year with approximately 3% menu price. We have 1.4% of positive mix, led by Kia merchandizing efforts. Items per shack declined 1.6%, consistent with our trends last quarter.

餐廳內部菜單價格上漲了約 2%，所有通路綜合價格上漲了約 4%。本季我們將菜單價格下調了約 2%，以抵消牛肉市場價格上漲 15% 左右帶來的成本壓力，並在 10 月取消了去年同期近 2% 的價格上漲。這樣一來，我們今年的菜單價格將上漲約 3%。正面因素佔比為 1.4%，主要得益於起亞汽車的行銷推廣。每間小屋的商品數量下降了 1.6%，與我們上季度的趨勢一致。

Turning to restaurant level profitability, we generated $80.6 million of restaurant level profit, reaching 22.8% of shack's sales, a 180 basis point improvement over last year. Overall, the strong performance by our operators and the advancement of our strategic initiatives underscores the momentum we've built and our commitment to sustainable margin expansion over time, all while delivering on better gas metrics that Rob outlined earlier.

從餐廳層面的獲利能力來看，我們實現了 8,060 萬美元的餐廳層級利潤，佔餐廳銷售額的 22.8%，比去年提高了 180 個基點。總體而言，我們營運商的出色表現和策略舉措的推進，凸顯了我們所取得的成就和我們對持續擴大利潤率的承諾，同時實現了羅布之前概述的更好的天然氣指標。

Food and paper costs were $103.5 million or 29.3% of shack sales, up 110 basis points versus last year. The increase was primarily driven by mid-teens inflation and premium beef, which remains the largest part of our commodity basket. Historic low supply and sustained demand are contributing to a volatility in this category, and we expect elevated beef costs to persist through the year end and into next year.

食品和紙張成本為 1.035 億美元，佔棚屋銷售額的 29.3%，比去年增長了 110 個基點。此次成長主要受十幾度的通貨膨脹和優質牛肉的推動，牛肉仍然是我們商品籃子中佔比最大的部分。歷史性的低供應量和持續的需求導致該類別價格波動，我們預計高企的牛肉價格將持續到年底並延續到明年。

In the third quarter, our blended food and paper inflation after factoring in our cost savings within the mid single-digits range. As we shared in our shareholder letter, while we are planning for beef costs to still be up mid-teen percent year over year in the fourth quarter, we anticipate only a low single-digit net impact on food and paper costs. This is an improvement for the levels we showed in the third quarter, and this is due to the positive impact from our ongoing supply chain strategies.

第三季度，在計入成本節約後，我們的食品和紙張混合通膨率在個位數中段範圍內。正如我們在致股東信中所述，雖然我們預計第四季度牛肉成本仍將同比上漲15%左右，但我們預計食品和紙張成本只會受到個位數百分比的淨影響。這比我們第三季的水平有所提高，這得益於我們持續推進的供應鏈策略帶來的正面影響。

We expect cost savings from our supply chain to grow and be even more impactful in 2026. Labor and related expenses were $88 million or 24.9% of shack sales, down 310 basis points year over year, reflecting continued operational efficiencies, improved retention, and gains in our throughput.

我們預計到 2026 年，供應鏈成本節約將會成長，並產生更大的影響。勞動力及相關費用為 8,800 萬美元，佔小木屋銷售額的 24.9%，年減 310 個基點，反映出持續的營運效率提高、客戶留存率提高以及吞吐量增加。

Other operating expenses came in at $53.8 million, or 15.2% of shack sales, up 30 basis points year over year. This increase was primarily driven by higher digital sales. Occupancy and related expenses for 27 million, or 7.7% of shack sales flat year over year.

其他營運費用為 5,380 萬美元，佔小木屋銷售額的 15.2%，比上年同期成長 30 個基點。這一增長主要得益於線上銷售額的成長。2,700萬的住宿及相關費用，佔棚屋銷售額的7.7%，與前一年持平。

G&A was $44.4 million, or 12.1% of total revenue, and up 24.3% year over year, as we made incremental marketing and people investments to support our growth. Equity-based compensation was $4.4 million, up 6.4% year over year, with $3.9 million in G&A.

一般及行政費用為 4,440 萬美元，佔總收入的 12.1%，年增 24.3%，因為我們加大了行銷和人員投入以支持我們的成長。股權激勵支出為 440 萬美元，年增 6.4%，一般及行政費用為 390 萬美元。

Pre-opening costs were $4.6 million, up 26.3% year over year, as we open 13 new shacks and prepare for a strong opening schedule in the fourth quarter and into next year. We have approximately 30 shacks under construction today.

開業前成本為 460 萬美元，年成長 26.3%，因為我們開設了 13 家新店，並為第四季和明年強勁的開業計劃做準備。目前我們大約有 30 間棚屋正在興建中。

We grew adjusted EBITDA by 18.2% year over year to $54.1 million, or 14.7% of total revenue, a 30 basis point improvement compared to last year. Depreciation and amortization expense was $27.1 million. Net income attributable to Shake Shack Inc was $12.5 million, or $0.30 per diluted share. Adjusted pro forma net income was $15.9 million or $0.36 per fully exchanged and diluted share. Our GAAP tax rate was 35.2%, and our adjusted pro forma tax rate, excluding the tax impact of equity-based compensation was 25.1%.

調整後的 EBITDA 年成長 18.2% 至 5,410 萬美元，佔總營收的 14.7%，比去年提高了 30 個基點。折舊和攤提費用為 2,710 萬美元。Shake Shack Inc. 的淨利潤為 1,250 萬美元，即每股攤薄收益 0.30 美元。調整後的備考淨收入為 1,590 萬美元，即每股完全交換稀釋後的收益 0.36 美元。我們的 GAAP 稅率為 35.2%，調整後的備考稅率（不包括股權激勵的稅務影響）為 25.1%。

Our balance sheet remains strong, with $357.8 million in cash and cash equivalents at the end of the quarter. This is up approximately $47 million year over year and $21 million sequentially. We grew operating cash flow by 50% year over year to $63 million. We invested $39 million in CapEx to support the strong opening calendar and are on track to deliver another approximate 10% reduction in our bill costs this year.

我們的資產負債表依然穩健，截至季末，我們擁有現金及現金等價物3.578億美元。這比上年同期成長約 4,700 萬美元，比上一季成長約 2,100 萬美元。我們的經營現金流年增 50%，達到 6,300 萬美元。我們投入了 3,900 萬美元用於資本支出，以支持強勁的開局，並預計在今年實現帳單成本再降低約 10%。

I'm going to now provide our guidance for the fourth quarter and the implications for our fiscal 2025 guidance. Our outlook assumes no major changes to the macro or geopolitical environment. Additionally, our fiscal 2025 includes a 53rd week. Due to the calendar impacts from the 53rd week, the Christmas holiday closure falls outside of our comp measurement period this year, resulting in an extra sales day in our fourth quarter and full year comp.

接下來，我將提供我們對第四季的業績預期以及對2025財年業績預期的影響。我們的展望假設宏觀經濟或地緣政治環境不會發生重大變化。此外，我們的 2025 財年包含第 53 週。由於第 53 週的日曆影響，聖誕節假期不在我們今年的業績衡量期內，導致我們第四季和全年業績中多出一個銷售日。

Our fourth quarter 2025 guidance, we expect system-wide unit openings of 27 to 37 with 15 to 20 company operated and 12 to 17 license. Total revenue of $406 to $412 million, with same shack sales up low single-digits year over year, and licensed revenue of $15.4 million to $15.7 million.

我們預計 2025 年第四季系統內將開設 27 至 37 家門市，其中 15 至 20 家為公司自營，12 至 17 家為特許經營店。總營收為 4.06 億美元至 4.12 億美元，同店銷售額年增個位數百分比，特許經營收入為 1,540 萬美元至 1,570 萬美元。

Restaurant level profit margin of 23.3% to 23.8%. For the full year 2025, we expect total revenue of approximately $1.45 billion, up approximately 16% year over year, with same shack sales up low single-digits year over year and licensed revenue of $54.1 million to $54.5 million.

餐廳層面的利潤率為 23.3% 至 23.8%。預計 2025 年全年總營收約 14.5 億美元，年成長約 16%，同店銷售額年增個位數百分比，授權收入為 5,410 萬美元至 5,450 萬美元。

Restaurant level profit margin of approximately 22.7% to 23%. G&A to be approximately 12.3% to 12.5% of total revenue. Equity-based compensation expense of $20 million, re-opening cost of $19 million. Net income of $50 million to $60 million and adjusted EBITDA of $210 million to $215 million reflecting the impacts from the macro headwinds and increased marketing investments. Please see our shareholder letter for the full details on our fiscal 2025 guidance.

餐廳層面的利潤率約為 22.7% 至 23%。一般及行政費用約佔總收入的 12.3% 至 12.5%。股權激勵支出 2000 萬美元，重新開業成本 1900 萬美元。淨收入為 5,000 萬美元至 6,000 萬美元，調整後 EBITDA 為 2.1 億美元至 2.15 億美元，反映了宏觀不利因素和增加行銷投資的影響。有關我們 2025 財年業績指引的完整詳情，請參閱我們的股東信。

Additionally, as a housekeeping note, next year we are moving to a guidance framework that better conforms with the general industry practice, and we look forward to sharing this with you when we provide our fiscal 2026 outlook.

此外，作為內部事務說明，明年我們將採用更符合業界普遍做法的指導框架，我們期待在提供 2026 財年展望時與您分享。

Thank you for your time, and with that, I'll turn it back to Rob.

感謝您抽出時間，那麼，我這就把麥克風交還給羅布。

Thank you Katie. I want to thank our teams again for their hard work and passion for Shake Shack, which is the engine behind our strong third quarter performance and our ability to achieve our long-term goals. 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，感謝他們為 Shake Shack 付出的辛勤努力和熱情，這正是我們第三季度業績強勁增長以及實現長期目標的動力所在。感謝今天所有參加電話會議的人員，也感謝你們對我們公司的關注。

With that, operator, please open up the call for questions.

接線員，接下來請開放提問環節。

Thank you, we will now be conducting a question-and-answer session.

謝謝，接下來我們將進行問答環節。

(Operator Instructions)

（操作說明）

Christine Cho, Goldman Sachs.

Christine Cho，高盛集團。

Thank you so much and congrats on the strong quarter and appreciate all the color. I'd like to better understand your supply chain initiatives as a key driver of the margin expansion going forward. So first, how do you find the opportunity in the midterm, and two, how do you really plan to track and respond to consumer feedback regarding some of these product modifications that may arise due to your supplier changes and to ensure kind of consistent quality across regions and stores. Thank you.

非常感謝，恭喜你們本季業績出色，也感謝你們帶來的所有精彩內容。我想更了解貴公司的供應鏈舉措，因為這是未來利潤率擴張的關鍵驅動因素。首先，您如何把握中期機會？其次，您計劃如何追蹤和回應消費者對供應商變更可能導致的產品改進的回饋，以確保各地區和各門市的品質保持一致？謝謝。

Katie, maybe I'll answer the second question first, and you can come back to the expectations. Hi, Christine. So, there will not be any spec or product modifications. We are committed to delivering the same quality that we have delivered, and it has made Shake Shack reputation for culinary excellence is what it is. So when we're looking at bringing on new suppliers, we go through a very thorough testing and validation process to make sure that they can deliver the specs that meet our standards and that the quality is consistent or better than what we have used in the past and that's across every component of the supply chain whether it's the beef that we're using, the buns that we're using, our custard that goes into our shakes, our fries, everything has to meet our standards or else we will not add that supply to our system.

凱蒂，或許我可以先回答第二個問題，然後再讓你來討論期望值的問題。你好，克里斯汀。因此，不會有任何規格或產品方面的修改。我們致力於提供與以往一樣的高品質服務，正是這種品質成就了 Shake Shack 在烹飪領域的卓越聲譽。因此，當我們考慮引入新的供應商時，我們會進行非常徹底的測試和驗證流程，以確保他們能夠提供符合我們標準的規格，並且品質始終如一，甚至優於我們過去使用的供應商。這涵蓋供應鏈的每一個環節，無論是我們使用的牛肉、麵包、奶昔中的蛋奶凍，還是薯條，所有產品都必須符合我們的標準，否則我們不會將該供應商納入我們的系統。

Great and hi Christine. So how do we think about the savings potential here, we started to roll out some more material, cost savings in the fourth quarter. We're expecting that to build into next year. We talked about, as you saw in the third quarter, we had a pretty big step up in our food and paper costs as a percentage of sales. That was largely led by the mid-teens inflation and the beef market.

太好了，你好，克里斯汀。那麼，我們該如何看待這裡的節省潛力呢？我們在第四季開始推出更多材料和成本節約措施。我們預計這種情況會持續到明年。正如你們在第三季度看到的那樣，我們的食品和紙張成本佔銷售額的比例出現了相當大的增長。這主要是由十幾個百分點的通貨膨脹和牛肉市場所推動的。

And what we're seeing now with being able to mitigate some of that cost pressure through negotiations with our current suppliers and some additional supply chain strategies is that next quarter, we're anticipating that food and paper as a percentage of our sales will moderate to more normalized levels with this low single-digit inflation.

我們現在透過與現有供應商談判以及採取一些額外的供應鏈策略來緩解部分成本壓力，因此我們預計，在下一個季度，隨著個位數低通膨的持續，食品和紙張占我們銷售額的比例將緩和到更加正常的水平。

This is really powerful for us, and we expect that these benefits will grow into next year, especially considering, historically when we've had big swings in the beef market, our main lever has been to pull price to help offset that and protect margins. Now we just have a much bigger aperture of tools that we can use to help navigate these waters.

這對我們來說意義重大，我們預計這些好處將在明年繼續增長，尤其考慮到，從歷史上牛肉市場出現大幅波動時，我們的主要手段就是拉低價格來幫助抵消波動並保護利潤率。現在我們擁有了更多可以用來應對這些挑戰的工具。

And part of it is for, to help optimize our cost structure but also, as Rob talked about, we need to add more suppliers, we need to have multiple sources of supply on our critical items, and we need to make sure that we're really pushing ourselves to make sure that we have the right suppliers. And so I believe all of that work is underway here. It's really exciting to see that also translate into an ability to help navigate what is likely to be a challenging market for the foreseeable future on these and still have net overall, pretty muted inflation in our business.

一部分原因是，為了幫助優化我們的成本結構，但正如羅布所說，我們需要增加供應商，我們需要在關鍵物品上擁有多個供應來源，我們需要確保我們真正努力確保我們擁有合適的供應商。所以我相信所有這些工作都在這裡進行著。令人興奮的是，這也能轉化為幫助企業應對在可預見的未來可能充滿挑戰的市場的能力，同時也能保持我們業務整體上相當溫和的淨通膨。

Great, thank you so much. And I think we've heard about kind of that broad deceleration in the macro intra quarter and also softening trends into October. Could you kind of provide us with some thoughts on how you think about that set up in the fourth quarter? I know you pointed to DC, New York travel pressures, but have you seen any pressures on the spending of the younger consumers under age 35, et cetera that you would call out? Thank you.

太好了，非常感謝。我認為我們已經聽到了宏觀經濟在本季普遍放緩以及10月份成長放緩的趨勢。能否談談您對第四節比賽陣容的看法？我知道您提到了華盛頓特區和紐約的旅行壓力，但是您是否注意到35歲以下等年輕消費者的消費也面臨任何壓力，需要特別指出？謝謝。

Yeah, I mean, I would just say that I think it's pretty broadly understood that there's definitely some pressure on the lower income consumers, and I think there's also been some commentary about the unemployment rates of younger populations as well, which obviously impacts our industry. But, we have taken those challenges and incorporated them into our strategy.

是的，我的意思是，我認為大家普遍都明白，低收入消費者確實面臨著一些壓力，而且我認為也有人談到了年輕人的失業率，這顯然會影響到我們這個行業。但是，我們已經正視這些挑戰，並將它們融入我們的策略中。

I called out in the commentary that, we launched French Onion LTO at the beginning of October and we weren't delivering the incremental growth that we had anticipated and what we were seeing in Q3. And so we ran, we in, we did a lot of analytics to understand what was happening and what the challenges were and everyone knows and it's everyone's talking about it there's a obviously a push to value in this industry and so we leveraged something that worked really well for us in Q3 over the last week, week and a half.

我在評論中指出，我們在 10 月初推出了法式洋蔥限時特賣活動，但我們並沒有實現預期的成長，也沒有達到第三季的成長水準。因此，我們投入了大量精力進行分析，以了解正在發生的事情和麵臨的挑戰，每個人都知道，每個人都在談論，這個行業顯然正在推動價值創造，因此，在過去一周到一周半的時間裡，我們利用了第三季度對我們非常有效的一些方法。

We went back to our NF value platform and shifted our media and shifted our awareness building to that platform and we have seen dramatic change in the trajectory of our business over that time. We've seen over 80% growth in our app traffic sales. So it's been really transformational for us and that's a big part of our plan moving forward. We need to have a balanced approach.

我們回歸了 NF 價值平台，並將媒體宣傳和品牌推廣活動轉移到該平台，在此期間，我們的業務發展軌跡發生了巨大的變化。我們的應用流量銷售額成長超過 80%。所以這對我們來說意義非凡，也是我們未來計畫的重要組成部分。我們需要採取平衡的策略。

We are the premium player in the burger market and we will continue to offer a great culinary innovation that plays in that premium space. But we need to have a balanced approach where we also have a value offering that can be very attractive to our guests, but also be a creative to us both on top and bottom line and by leveraging our (technical difficulty) which only which you know represents a a relatively small portion of our business, the traffic that we're driving and the check that we have to give up to drive that traffic is much less cannibalistic of our holistic business. So it's really driving the performance that we're seeing right now in Q4 and what we anticipate will help us deliver strong results again in Q4.

我們是漢堡市場的高端品牌，我們將繼續提供卓越的烹飪創新，在高端市場中佔有一席之地。但我們需要採取平衡的方法，既要提供對顧客極具吸引力的價值產品，又要兼顧自身的營收和利潤，並通過利用我們（技術難題）——您也知道，這只占我們業務的一小部分——來吸引流量，而為了吸引這些流量，我們不得不放棄的收入，這對我們的整體業務的蠶食作用要小得多。所以，它確實推動了我們目前在第四季度看到的業績，我們預計這將有助於我們在第四季度再次取得強勁的業績。

Michael Tamas, Oppenheimer & Co.

Michael Tamas，奧本海默公司

Hi, thanks. Actually, I wanted to follow-up on that last point a little bit. You talked about how French onion burger didn't perform up to what you thought it was going to. So maybe what surprised you relative to what you thought was going to happen and how does that change the way that maybe you're testing or that innovation calendar because the message has been pretty clear that you're excited about the innovation calendar going forward. And so, is there anything about what you're doing that might need to change to drive that innovation going forward? Thanks.

您好，謝謝。其實，我想就最後一點再補充一點。你提到法式洋蔥漢堡的味道不如預期。所以，相對於你預想的情況，有什麼事情讓你感到驚訝？這會如何改變你的測試方式或創新計畫？因為你已經非常明確地表示，你對未來的創新計畫感到興奮。那麼，為了推動未來的創新，你目前所做的事情是否需要做出一些改變？謝謝。

Yeah, great question. What I would say is that French onion was another flavored burger, and it's not that there's not room for flavored burgers in our innovation calendar, but it's, that is kind of our standard base form of innovation. Moving forward, including, another big idea that we have coming this quarter, it's much more of innovation that we haven't done before.

嗯，問得好。我想說的是，法式洋蔥漢堡是另一種口味的漢堡，並不是說我們的創新計畫中沒有口味漢堡的空間，而是說，這算是我們標準的創新基礎形式。展望未來，包括我們本季即將推出的另一個重大想法，這將是我們以前從未做過的創新。

Ideas that bring a new story, not just a new flavor to the ticket. And so, we're focused on trying to bring things we've never done before complimented by some of our historic LTOs that have been our biggest winners. So, truffle was a huge success for us. You're going to see truffle again, but the Korean menu, huge success for us. You're going to see that again.

為餐券帶來全新故事，而不僅僅是新口味的創意。因此，我們專注於嘗試推出一些我們以前從未做過的事情，並輔以一些我們歷史上最成功的限時特惠活動。所以，松露對我們來說是個巨大的成功。你還會再看到松露，但韓式菜單對我們來說非常成功。你還會再看到這種情況。

And we'll continue to innovate on our burgers, but right now we're really focused on, if we're going to be advertising and marketing a premium price point, it needs to be something that can generate, earned media, be newsworthy outside of just the launch a couple days, a couple articles written about it. We want our guests talking about our premium innovation, some similar to (inaudible), things that really create virality around the ideas that we're bringing. So that's the premium part.

我們將繼續在漢堡上進行創新，但目前我們真正關注的是，如果我們要宣傳和推廣高價位產品，它必須能夠產生媒體曝光，在上市後的幾天內，除了幾篇相關文章之外，還要具有新聞價值。我們希望我們的嘉賓談論我們的高端創新，有些類似於（聽不清楚），一些能夠真正圍繞我們帶來的想法產生病毒式傳播的東西。這就是高級部分。

The other innovation that we're delivering, I just mentioned is on the, in our digital platforms, particularly in our app. Like we have never seen the kind of growth that we're seeing right now in our app. We both in the form of downloads as well as actual sales, and it's driving traffic growth on our business. And so that is going to be a focal point for us.

我剛才提到的，我們正在推出的另一項創新是在我們的數位平台，特別是我們的應用程式。我們從未見過我們的應用程式像現在這樣快速成長。無論是下載量還是實際銷售額，都推動了我們業務的流量成長。所以這將是我們工作的重點。

We're going to continue to double down there. We just launched our new platform which is our $135 drinks, $3 fries, and $5 shakes. And I think that this is a transformational thing for Shake Shack. It shows, and we really built this and we talked about it is how we show empathy to our guests or some challenging times and, I think that's resonated and that's going to, that balance is going to be the holistic innovative way we approach the marketplace is not just about the premium offerings, it's about having a balanced approach, particularly in this time where we need to make sure that we're delivering value to our guests.

我們將繼續加大在那裡的投資。我們剛剛推出了新的平台，其中包括 135 美元的飲料、3 美元的薯條和 5 美元的奶昔。我認為這對Shake Shack來說是一件具有變革意義的事情。這一點顯而易見，我們確實為此付出了很多努力，也討論過如何向客人表達同理心，尤其是在一些充滿挑戰的時期。我認為這一點引起了共鳴，而且這種平衡將成為我們整體創新的市場策略，不僅僅關乎高端產品，更關乎採取平衡的策略，尤其是在我們需要確保為客人創造價值的當下。

Thanks. And it's sort of like you knew my next question was going to be about value. Do you think that the $135 on the drinks, the fries, and the shakes, do you think that's powerful enough for the consumer to recognize the value while you're still running premium burgers and sandwiches, or do you think you need to sort of pivot a little bit on more of those like center of the plate entree items to really give the consumer a little bit more value? Thanks.

謝謝。感覺你好像早就知道我的下一個問題會是關於價值的。你認為飲料、薯條和奶昔135美元的價格，對於消費者來說是否足夠有吸引力，讓他們意識到其價值，同時你們仍然提供高檔漢堡和三明治？或者你認為你們需要稍微調整一下策略，更多地推出一些像主菜這樣的菜品，才能真正為消費者提供更多價值？謝謝。

Well, I can tell you I have 10 days of data that would suggest it's extremely impactful. So I'm really excited about what we think this can do for us through the balance of the quarter and heading into 2026, and I can't wait to share those results with you next year when we're reporting on Q4.

我可以告訴你，我有 10 天的數據顯示它的影響非常大。因此，我對我們認為這能在本季度剩餘時間和進入 2026 年所帶來的影響感到非常興奮，我迫不及待地想在明年發布第四季度報告時與大家分享這些結果。

Brian Vaccaro, Raymond James.

Brian Vaccaro，Raymond James。

Hi, thanks and good morning. I want to ask about operations and sort of the guest experience and really appreciate the color you provided on average ticket times now below 6 minutes. I was wondering if you could elaborate just on what you're seeing in terms of other guest satisfaction metrics. Obviously, speed is very important, but it does sound like you're seeing improvements in the experience, quality, maybe, taste metrics, that sort of thing. Are there any other metrics worth highlighting?

您好，謝謝，早安。我想詢問一下營運情況和顧客體驗，非常感謝您提供的關於平均出票時間現在低於 6 分鐘的資訊。我想請您詳細說明您在其他客戶滿意度指標方面觀察到的情況。速度固然重要，但聽起來您在體驗、品質，或許還有口味指標等方面也看到了改進。還有其他值得重點關注的指標嗎？

Brian, I had a call with Stephanie last night at like 9 o'clock after she had wrapped up. She's in Atlanta with our entire senior operations leadership team. We built this Atlanta center to bring our teams from all over the United States and be able to collaborate and plan and train and develop our teams and it's amazing, everybody's using this space right out of the gate, our operators, our development teams, but she had, our operations team there over the last couple of days, and they're doing their quarterly business planning and they are building plans to close the year really strong, and they're also building plans to make sure that we have a pipeline of talent to be able to open up 60 shacks next year. So, our operations have really never been at this level, and every time I think we can't get better we get better.

布萊恩，昨晚大約九點，史蒂芬妮下班後，我跟她通了個電話。她目前和我們整個高階營運領導團隊都在亞特蘭大。我們建立這個亞特蘭大中心，是為了讓來自全美各地的團隊能夠協作、規劃、培訓和發展。令人驚嘆的是，每個人都立刻開始使用這個空間，包括我們的營運團隊和開發團隊。過去幾天，我們的營運團隊也在這裡，他們正在進行季度業務規劃，制定計劃以強勁的勢頭結束今年，同時他們也在製定計劃，確保我們擁有充足的人才儲備，以便明年能夠開設 60 家分店。所以，我們的營運水平從未達到過這個水平，而且每次我覺得我們不可能做得更好時，我們都能做得更好。

And it's as much about the mindset and the culture as it is about the specific components of the plan. We, our team, our operators right now are not talking about the macros. They're not talking about the challenges. They're talking about how we can serve our guests better. They're talking about how we can get faster. They're talking about how we can get better at deploying our labor where it needs to be. They're talking about how now we can extend ours to better service our guests in the shacks that where it makes sense.

這不僅關乎計劃的具體組成部分，更關乎思維方式和文化。我們、我們的團隊、我們的營運人員現在不討論宏。他們不談挑戰。他們在討論如何更好地服務我們的客人。他們正在討論如何才能更快。他們正在討論如何更好地將勞動力部署到最需要的地方。他們正在討論如何將我們的服務擴展到更適合服務那些住在簡陋小屋的客人。

So and they're doing that with excitement and pride and winning begets winning and these guys have knocked it out of the park for the last year and have gotten better every month. And we've had some turnover, and brought in some external leaders that have really brought great perspective to kind of the middle to higher end of our operations team.

所以，他們滿懷激情和自豪地這樣做，勝利帶來更多勝利，這些傢伙在過去一年裡表現出色，而且每個月都在進步。我們經歷了一些人員更迭，引入了一些外部領導者，他們為我們營運團隊的中高層帶來了非常寶貴的視角。

But it's also the folks who have been here for a long time and have been a part of Shake Shack for a long time. Sometimes when you bring in change and you try to transform something in in 12 months, there's resistance, and my discussion with Stephanie last night is like, look, everybody is on board, everybody is full go. They're not talking about how tough it is. They're talking about how great we're doing and you know that gives me the confidence that we're going to be able to continue to improve on our speed, accuracy, particularly in the delivery channels is a big core focus for us.

但同時也包括那些在這裡工作了很長時間，並且長期以來一直是 Shake Shack 的一部分的人。有時，當你引入變革並試圖在 12 個月內改變某些事情時，會遇到阻力，而我昨晚與 Stephanie 的討論就像是，你看，每個人都支持，每個人都全力以赴。他們並沒有討論這件事有多艱難。他們都在談論我們做得有多棒，這讓我相信我們能夠繼續提高速度和準確性，尤其是在配送通路方面，這是我們的一大核心關注點。

We want to make sure that we're getting those orders right because those guests aren't in our dining rooms. They're not able to bring up something if it's not right. So we're focused on accuracy, we're focused on speed, and something that Katie talked about and I talked a little bit about in the comments.

我們希望確保訂單準確無誤，因為這些客人並不在我們的餐廳用餐。如果事情不對勁，他們就無法提出來。所以我們注重準確性，注重速度，凱蒂也談到了這一點，我在評論中也稍微談到了這一點。

We are significantly increasing the tenure and retention of our team members. You would think as we hold our teams more accountable, that, that might create an environment where people don't want to be a part of it. It's just the opposite. They're seeing success, they're seeing opportunities for them to advance their careers, and they're staying longer, and that tenure builds experience which makes them more productive and makes us a better operating unit.

我們正在大幅提高團隊成員的任期和留任率。你可能會認為，如果我們對團隊要求更高，那可能會造成一個人們不想參與的環境。恰恰相反。他們看到了成功，看到了職涯發展的機會，他們留任的時間也更長了，而這種長期任職積累了經驗，使他們更加高效，也使我們成為一個更好的營運部門。

So all of those things are moving in the right direction on the guest that. Yeah, I mean, get satisfaction across restaurant cleanliness, friendliness, all of the things that you measure, have all moved in the right direction despite less labor hours. So we're just getting better. We're not ripping out labor to just drive savings. We're building models that optimize our labor pool and that's delivering better guest satisfaction.

所以所有這些方面都在朝著正確的方向發展，這對客人來說意義重大。是的，我的意思是，儘管工時減少了，但餐廳的清潔度、友好程度以及你所衡量的所有方面都達到了令人滿意的水平，而且都朝著正確的方向發展。所以我們正在變得越來越好。我們並非為了節省成本而大幅裁員。我們正在建立優化勞動力配置的模型，從而提高客戶滿意度。

All right, that's very helpful. Thank you. And just to follow-up if I could just, Katie, a question on the G&A guidance. I think if we did our math right, it implies maybe a $10 million increase in the quarterly spend versus what we saw on Q3, and I understand you've added a lot of new talent to the organization, but could you just elaborate on what's driving the uptick in the fourth quarter?

好的，這很有幫助。謝謝。凱蒂，我可否再問一個關於一般及行政費用指導的問題？我認為，如果我們的計算沒錯，這意味著本季支出可能比第三季增加了 1,000 萬美元。我知道你們為公司增添了許多新人才，但你能否詳細說明一下是什麼推動了第四季的成長？

Yeah. So as Rob talked about, we are making some meaningful investments here in marketing and media to drive the business. We're really excited about the stuff that we have lined up. We started, kind of marketing this, [135] platform that he talked about on the value side and seeing extremely strong results on the back of it. And we also have some exciting stuff planned for later this year.

是的。正如羅布所說，我們正在行銷和媒體方面進行一些有意義的投資，以推動業務發展。我們對即將推出的一系列活動感到非常興奮。我們開始推廣他所說的這個[135]平台，並從中看到了非常強勁的成效。今年晚些時候，我們還計劃推出一些令人興奮的活動。

These investments that we're making are all really geared at driving traffic, driving sales, which in turn we expect to drive profitability at the restaurant level and beyond. So we're really excited about that. For those who haven't followed us as closely, last quarter we did talk about kind of embarking on this new strategy, new for us, kind of common place for the industry, but new for us of investing into paid media to better expand and grow the awareness and our message and our ability to drive traffic at our restaurants.

我們所做的這些投資都是為了吸引客流、促進銷售，而我們期望這反過來能夠提高餐廳層面甚至更廣泛的獲利能力。所以我們對此感到非常興奮。對於那些不太關注我們的人，上個季度我們確實談到了開始實施這項新戰略，這對我們來說是新的，對行業來說也算是比較常見的，但對我們來說是新的，即投資付費媒體，以更好地擴大和提升知名度、傳播我們的信息，並提高我們為餐廳引流的能力。

The results that we showed in the third quarter with 130 basis points of positive traffic growth. And some really strong comps, especially relative to a challenge industry give us the confidence that this is indeed the model that we should be doing, and we're excited to make these investments here today.

我們在第三季取得了130個基點的正成長。一些非常強勁的同業比較，尤其是相對於一個充滿挑戰的行業而言，讓我們確信這確實是我們應該採取的模式，我們很高興今天能在這裡進行這些投資。

Sharon Zackfia, William Blair.

莎倫·扎克菲亞，威廉·布萊爾。

Hi, good morning. I wanted to delve in a little bit more on that improvement you've seen in speed. And, I, 5 minutes and 50 seconds is obviously a big improvement, but I'm curious on what that bell curve looks like when you look across the shacks and what you would view as like an ideal speed over time for the company to get to.

您好，早安。我想更深入地探討一下您在速度方面所看到的提升。而且，5 分 50 秒顯然是一個很大的進步，但我很好奇，當你觀察各個棚屋時，鐘形曲線會是什麼樣子，以及你認為公司隨著時間的推移應該達到的理想速度是多少。

That's a great question. And I think when you think about speed of service. Averages can be very, even though that's what we shared. Averages can be a little bit vague. I mean, what we are focused on right now is mitigating the tickets over 7 minutes. We want to make sure that we are not executing in a way that frustrates our guests.

這是一個很好的問題。我認為，當你考慮服務速度時。平均值可能非常不確定，儘管這是我們共同擁有的。平均值可能有點模糊不清。我的意思是，我們現在關注的重點是減少超過 7 分鐘的工單數量。我們希望確保我們的執行方式不會讓客人感到沮喪。

People don't get real upset about 5 minutes and 30 seconds versus 5 minutes and 50 seconds. They get upset when it's 8 minutes to get their food. So our plan to continue to drive down the ticket time is to minimize our exceedingly long tickets, and that usually happens in rush when we've got, a super busy shacks, obviously we do, high volume hours and so some of the ways we're going to mitigate that is through some of the equipment technology that we talked about.

人們不會對 5 分 30 秒和 5 分 50 秒之間的差異感到特別在意。如果等了8分鐘才拿到食物，他們會很生氣。因此，我們繼續縮短出單時間的計劃是盡量減少過長的出單，這種情況通常發生在高峰期，例如我們非常繁忙的餐廳，顯然，我們確實會遇到高峰時段，所以我們將通過我們之前談到的一些設備技術來緩解這種情況。

One of the things that holds us up is, we're making fries to order and that takes a lot of time and it's not like, we can't hold fries, it's what everybody does. It'll make them hotter and it'll give us better access to those fries and so like fry holding is a simple way for us to make sure that, that doesn't become a bottleneck while still delivering the same or better quality.

耽誤我們進度的原因之一是，我們現點現做薯條，這很花時間，不是我們不能做薯條，這是大家都在做的事情。這樣會讓薯條更熱，也能讓我們更容易拿到薯條，所以保溫薯條是一種簡單的方法，可以確保薯條不會成為瓶頸，同時還能提供相同或更好的品質。

So there's equipment solutions that we can impart. There's also labor deployment. We used to part of our, part of what we're doing and how we're driving labor savings is, we used to have like standard deployment schedules where when we opened we always had in every shack five or six people show up. We don't need five or six people every minute opening. We're staggering the approach. We're bringing people in when we need them. What that does is it frees up some labor for us to deploy during the peak hours.

所以我們可以提供一些設備解決方案。還有勞動力部署。我們過去常常採用一種標準部署計劃來節省勞動成本，即我們開業時，每個棚屋都會有五到六個人到崗。我們不需要每分鐘安排五、六個人來開門營業。我們採取分階段實施的方法。我們需要人手的時候就會引進他們。這樣做可以騰出一些勞動力，供我們在高峰時段使用。

So as we move on underutilized labor off the shoulders and into the peaks, we're going to be able to get faster and be better. So there's equipment solutions, there's labor deployment optimizations that are all going to drive improvement. But I think if we're in that 5 minute zone, 5 to 6 minutes, like, we're making our customers happy. They know it takes longer, we're cooking the order, but we can't have the 8 minute to 10 minute orders. That's where, that's the danger zone.

因此，隨著我們將未充分利用的勞動力從肩部轉移到高峰，我們將能夠更快、更好。因此，有設備解決方案，也有勞動力部署最佳化方案，所有這些都將推動改進。但我認為，如果我們能把配送時間控制在 5 到 6 分鐘以內，我們就能讓顧客滿意。他們知道這需要更長時間，因為我們正在現做現賣，但我們不能接受 8 分鐘到 10 分鐘的訂單。那裡就是危險區域。

I also wanted to ask a follow-up on the menu innovation. Clearly, I think a lot of it has been on the premium end and it sounds like, French dip and ribs might be there as well. Is the idea that you can keep kind of your base price at a very affordable, kind of hurdle for the consumer and allow them to self select into these kind of higher price points and drive check that way. I'm just curious how you're thinking about kind of balancing premium versus value.

我還想就菜單創新方面詢問一些後續情況。顯然，我認為其中許多都是高端菜品，聽起來，法式蘸汁牛肉三明治和烤肋排可能也在其中。你的想法是，你可以將基本價格保持在非常實惠的水平，以此作為消費者的門檻，讓他們自行選擇更高的價格點，從而推動消費。我只是好奇你是如何考慮在溢價和性價比之間取得平衡的。

Yeah, I mean, you absolutely nailed it. We have pricing power. I want to make it really clear that if there is some significant inflation, we could execute price increases to mitigate that inflation. We are approaching pricing in a very disciplined way and challenging ourselves to not take pricing, especially in this environment. So we will continue to utilize pricing in the most in the most productive way, but we want to keep our core menu prices as low as we can possibly keep them.

是啊，我的意思是，你做得太棒了。我們擁有定價權。我想明確指出，如果出現嚴重的通貨膨脹，我們可以提高價格來緩解通貨膨脹。我們以非常嚴謹的方式對待定價，並挑戰自己不接受低價，尤其是在當前環境下。因此，我們將繼續以最有效的方式運用定價策略，但我們希望盡可能降低核心選單的價格。

And the way to do that is to get more efficient in our supply chain more efficient in our operations, and to bring this innovation that allows us to have people like you said, self-select in the more premium price points and drive check growth. But I will tell you we're also being very judicious on how we price those premium innovations.

實現這一目標的途徑是提高供應鏈效率，提高營運效率，並引入創新，正如你所說，讓人們能夠自主選擇更高端的價格點，從而推動消費成長。但我可以告訴你們，我們在為這些高端創新產品定價時也非常謹慎。

We have a big innovation coming here in the next couple weeks that we're really excited about and we are being very aggressive on the price point for what we're offering and we're doing that because right now in this environment is the time to take share.

接下來幾週我們將推出一項重大創新，我們對此感到非常興奮。我們對所提供的產品定價非常積極，因為在當前的市場環境下，現在正是搶佔市場份額的好時機。

Right now, when there's challenging when there's a challenging environment, that's the time when great companies get better and we're focused on taking share. We are focused on making investments. We're not, excuses and results are negatively correlated. Like we are not blaming macros. They're out there. We'll acknowledge them. It'd be naive not to do so, but we have, we're building plans to address them and we are focused on delivering value at every price point, whether it's our premium innovation, our core menu, or the value offerings that we're putting into our app.

現在，在充滿挑戰的環境中，正是偉大的公司變得更好的時候，而我們則專注於搶佔市場份額。我們專注於投資。並非如此，藉口和結果呈負相關。就好像我們並沒有責怪宏觀經濟一樣。它們就在那裡。我們會予以承認。不這樣做是天真的，但我們已經制定了計劃來解決這些問題，並且我們專注於在每個價格點上提供價值，無論是我們的高端創新、核心菜單，還是我們應用程式中包含的價值產品。

Jake Bartlett, Truist Securities.

Jake Bartlett，Truist Securities。

Great, thanks for taking the question. My first is on COGS and the impact of, obviously beef inflation. You expected it to go into and continue into '26. My question is that you've had some nice offsets this year, even aside from the supply chain savings, but you've seen some lower costs on the other items. So I guess if you could kind of give us a base case or, roughly what we should, what you're thinking about for overall inflation, food cost inflation '26, including, the items outside of beef, that'd be helpful and then to follow up.

太好了，謝謝你回答這個問題。我的第一點是關於銷售成本以及牛肉價格上漲的影響。你原本以為它會持續到 2026 年。我的問題是，即使不考慮供應鏈方面的節省，你們今年也獲得了一些不錯的抵銷收益，但你們也發現其他一些項目的成本有所下降。所以我想，如果您能給我們一個基準情況，或者大致說明一下您對 2026 年整體通貨膨脹、食品成本通貨膨脹（包括牛肉以外的商品）的看法，那將很有幫助，然後我們再跟進。

Okay great. Hey Jake. So how we're thinking about next year, we have this long-term guidance that we're going to be able to continue to expand our restaurant margins, that's consistent with our three year outlook. We've reiterated that today, calling for 50 basis points a year and restaurant margin expansion. How we get there and as we've talked about, we're expecting a lot of that next year to come from supply chain and through, kind of the natural leverage from growing the business.

好的，太好了。嘿，傑克。所以，對於明年，我們有一個長期的指導方針，那就是我們將繼續擴大餐廳的利潤率，這與我們三年的展望是一致的。我們今天重申了這一觀點，要求每年提高 50 個基點，並擴大餐廳利潤率。至於我們如何實現這一目標，正如我們之前討論過的，我們預計明年很多成長將來自供應鏈，並透過業務成長帶來的自然槓桿作用來實現。

We are embarking on kind of an accelerating path of supply chain savings, and also as you've called out, there are some items that are moving more favorable, as well in the body basket. We are planning for beef prices to still be a pressure though next year. And we are working with our suppliers to help navigate through that environment, still meeting our objectives and our guidance for continued margin expansion next year without having to lean on a significant amount of price to offset the beef market. And we'll share all the details on how 2026 will, how we're expecting that to shape up when we give our annual guidance in January.

我們正在加速推進供應鏈節約，而且正如您所指出的，在身體護理籃中，有些商品的銷售情況也越來越好。我們預計明年牛肉價格仍將面臨壓力。我們正在與供應商合作，幫助他們應對這種環境，在不依靠大幅提價來抵消牛肉市場波動的情況下，繼續實現我們的目標和明年利潤率持續增長的預期。我們將在1月發布年度業績指引時，分享有關2026年將會如何發展以及我們預期其發展的所有細節。

Great. And then I had another question about the labor savings that you've been realizing and you're going to be laughing on right about now, the labor deployment and then in January the new scorecard. So the question is how much more you have kind of in the tank for for labor efficiency. Like I know the message is you're kind of you're switching much more to the supply chain to drive the margin expansion, but is there any opportunity still to drive efficiencies with labor into '26 and beyond?

偉大的。然後我還有一個關於你們已經實現的勞動力節省的問題，你們現在應該正在為此開懷大笑，那就是勞動力部署，以及一月份的新記分卡。所以問題是，你在提高勞動效率方面還有多少提升空間。我知道你們傳達的訊息是，你們正在更多地轉向供應鏈來推動利潤率的擴張，但是到 2026 年及以後，是否還有機會透過提高勞動力效率來進一步提高利潤率？

So one of the big op untapped opportunities is on equipment. So we have built a essentially an equipment innovation center in in Atlanta, and our teams are doing work that we've never done before at Shake Shack to bring a standardized kitchen model that leverages equipment that, it's really all about making our teams more efficient through increasing the ease to execute our model and delivering higher quality hotter items faster. And we just had our global team come into Atlanta last week and we shared some of these ideas with them and they were blown away and their remark was all the kitchen innovation used to come from our licensees internationally because they were going out and doing things that Shake Shack wasn't necessarily exploring.

因此，尚未開發的重大機會之一在於設備領域。因此，我們在亞特蘭大建立了一個設備創新中心，我們的團隊正在進行 Shake Shack 以前從未做過的工作，以建立一個標準化的廚房模式，利用相關設備，其真正目的是透過提高我們模式的執行便捷性，更快地提供更高品質、更熱乎的食品，從而提高我們團隊的效率。上週我們的全球團隊來到亞特蘭大，我們與他們分享了其中的一些想法，他們對此感到非常震撼。他們的評價是，過去所有的廚房創新都來自我們在國際上的特許經營商，因為他們走出去做了 Shake Shack 不一定會去探索的事情。

And now we are bringing the ideas to our restaurants, but also bringing them to our licensed partners so that they can operate their kitchens more efficiently, drive higher margins, and build more shacks at a more rapid rate globally. So equipment is a big untapped opportunity for us to be able to continue to drive operational efficiency and increase our speed.

現在，我們不僅將這些理念帶入我們的餐廳，還帶入我們的特許經營合作夥伴，以便他們能夠更有效率地經營廚房，獲得更高的利潤，並在全球範圍內更快地建造更多的餐廳。因此，設備是我們能夠持續提高營運效率和加快速度的巨大未開發機會。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great, thank you. Just wanted to build on the marketing discussion. I know you mentioned building a foundation of a brand marketing model. I'm just wondering what new do you think we'll see into '26. I mean it sounds like a ramping on the paid media which just began. I'm wondering how that'll tie in with the new loyalty program being rolled out in '26. How do you think the interplay on those will drive incremental traffic and then I had one follow-up.

太好了，謝謝。只是想就行銷這個話題展開討論。我知道你提到要建立品牌行銷模式的基礎。我只是想知道你認為2026年我們會看到什麼新事物。我的意思是，這聽起來像是付費媒體投入的猛烈攻勢剛開始。我想知道這將如何與 2026 年推出的新會員忠誠度計劃聯繫起來。你認為這些因素之間的交互作用將如何推動流量成長？然後我還有一個後續問題。

Yeah, I mean, our product innovation supported our product innovation and our value platforms supported by media are what we are focused on delivering new guests, creating awareness and traffic, right? Our loyalty platform should increase frequency and right now what we're doing with [135] and the amount of adoption and downloads and the it all of that increased application user base is going to transfer directly into our loyalty platform.

是的，我的意思是，我們的產品創新支持了我們的產品創新，而我們以媒體為支撐的價值平台正是我們關注的重點，旨在吸引新客戶、提高知名度和增加流量，對吧？我們的忠誠度平台應該提高頻率，而目前我們正在做的[135]，以及採用率和下載量，所有這些增加的應用程式用戶群都將直接轉移到我們的忠誠度平台。

So we will launch our loyalty with the built-in user base, and we will be able to leverage that loyalty platform to drive frequency with our most valuable guests. So both of those work in a symbiotic way together. We're going to advertise and bring people in with exciting new innovation and value platforms. They come in into our app over the next six to nine months as we build out our loyalty platform. They transition into the loyalty platform and we leverage that to drive frequency, and that's the model that we're going to employ next year and moving forward.

因此，我們將利用現有的用戶基礎推出我們的會員忠誠度計劃，並利用此會員忠誠度平台來提高我們最有價值的客戶的消費頻率。所以這兩者之間是相輔相成的。我們將透過宣傳和推廣令人興奮的創新和價值平台來吸引人們。在接下來的六到九個月裡，隨著我們逐步建立會員忠誠度平台，這些用戶將陸續加入我們的應用程式。他們過渡到忠誠度平台，我們利用該平台來提高消費頻率，這就是我們明年及以後將採用的模式。

Understood. It does seem like there's confidence around the the comp trajectory and initiatives there and obviously the unique growth is accelerating in terms of openings and the restaurant margin, Katie, you just mentioned kind of margin expansion. I guess it's the G&A that's therefore getting a lot of the attention and hopefully that gets a good return.

明白了。看起來大家對同業發展軌跡和相關舉措都很有信心，而且很明顯，就新店開業和餐廳利潤率而言，獨特的增長正在加速，凱蒂，你剛才也提到了利潤率擴張。因此，管理費用受到了很多關注，希望這能帶來良好的回報。

But because of the significant uptick in the full year spend this year, I know you said paid media starting in the fourth quarter. Should we therefore assume that that uptick is sustained in 2026, presumably more like the fourth quarter of '25 is a good run rate to assume for that? How should we think about the at least directionally that G&A spend, which seems to be the only area that's maybe working counter to all the other things that have that positive trajectory. Thank you.

但由於今年全年支出大幅成長，我知道您說過付費媒體將從第四季開始投放。因此，我們是否應該假設這種成長勢頭在 2026 年得以持續？或許以 2025 年第四季為基準來假設這一成長動能更為合理？我們該如何看待一般及行政支出（G&A 支出）的趨勢呢？它似乎是唯一一個與其他所有積極發展趨勢背道而馳的領域。謝謝。

Yeah, no, it's a great question. I mean, we will obviously be providing guidance on 2026 in January, so I'm not going to necessarily speak to what we're forecasting in sales, but what I can tell you is the G&A is the fuel that's going to drive the comps. And obviously we are going to make investments that we believe we're going to get returns from.

沒錯，這確實是個好問題。我的意思是，我們顯然會在 1 月份提供 2026 年的業績指引，所以我不一定會談論我們對銷售額的預測，但我可以告訴你的是，一般及行政費用是推動同店銷售額增長的動力。顯然，我們會進行我們認為能夠獲得回報的投資。

And so, this, as I said earlier, this environment where we're seeing a lot of competitors be challenged and lose traffic, this is our opportunity. This is our opportunity to take share. This is our opportunity to gain customers at a disproportionate rate. So we are all in, we are, we believe our to be, we believe ourselves to be a hyper growth company, right? And now we have the operations excellence to have a 100% confidence that when we are sending new guests or infrequent guests who may have had a bad experience in the past, back to our shacks, they are going to have a balanced Options in terms of value and premium, they're going to have the highest quality that we've ever delivered and it's all going to be served fast and accurately. So that creates lifetime value. So yeah, I mean we're investing G&A because that's the fuel.

所以，正如我之前所說，在這種許多競爭對手面臨挑戰並失去流量的環境下，這就是我們的機會。這是我們分一杯羹的機會。這是我們以超常速度獲取客戶的絕佳機會。所以我們全力以赴，我們相信，我們相信自己是一家快速成長的公司，對吧？現在，我們擁有卓越的營運能力，可以百分之百地保證，當我們把新客人或過去有過糟糕體驗的不常光顧的客人送回我們的餐廳時，他們將擁有物美價廉的選擇，他們將享受到我們迄今為止提供的最高品質的服務，而且所有服務都將快速準確地送達。這樣就能創造終身價值。所以，是的，我的意思是，我們之所以投資一般及行政費用，是因為那是發展的動力。

And over time, we should be able to scale that investment. We should be able to grow our revenue faster than we grow the rate at which we invest marketing and G&A, and that's going to create margin expansion. So, this is the first in time we've invested at scale on paid media. And so yeah, right now it's, it isn't scaled, it isn't necessarily at the point where we're able to decrease our G&A as a function of revenue, but that's the plan.

隨著時間的推移，我們應該能夠擴大這項投資的規模。我們的收入成長速度應該超過行銷和一般管理費用投入的成長速度，這將帶來利潤率的提升。所以，這是我們首次大規模投資付費媒體。所以，是的，目前還沒有達到規模化，還沒有達到能夠隨著收入的增加而降低一般及行政費用的程度，但這就是我們的計劃。

And so, it's either that or we kind of batten down the hatches and we're not prepared to like issue a dividend anytime soon. This is a growth company, we're going to invest in growth. We believe that we have the right model in place.

所以，要嘛我們就採取這種方式，要嘛我們就得做好封鎖措施，近期內不打算發放股利。這是一家成長型公司，我們將投資於成長。我們相信我們已經建立了正確的模式。

Andy Barish, Jefferies.

安迪·巴里什，傑富瑞集團。

Hey Rob. Just a question kind of from your background in QSR and sort of taking a higher level approach to what's been sort of an unrelenting, discounting promotional environment both below you guys as well as above. How do you kind of see that playing out in '26 and is that informing any of your decisions on driving the Shake Shack business or do you guys think, you can do it, if you execute on the plans you've given us today.

嘿，羅布。我有個問題，是關於您在快餐行業的背景，以及您如何以更高的視角看待目前這種持續不斷的折扣促銷環境——無論是在您下屬的還是上級的。您認為這種情況在 2026 年會如何發展？這是否會影響您推動 Shake Shack 業務發展的決策？或者，如果您執行今天給我們的計劃，您認為您可以做到嗎？

Yeah, I mean, we're in the thick of it right now. I mean, everybody is pushing value. You've got $5 meals, you've got $11 casual dining meals where you sit down and get waited on. Like there's value of plenty and we are executing our model in the thick of that and delivering, I think, outpaced results.

是啊，我的意思是，我們現在正處於風暴中心。我的意思是，每個人都在追求價值。這裡有 5 美元的餐點，也有 11 美元的休閒餐廳，你可以坐下來享受服務。就像有很多東西很有價值，而我們正在其中執行我們的模式，並且取得了我認為超出預期的成果。

We're not optimized yet. We're going to continue to learn. We're going to continue to get better. Some of our things we're doing have better results than other things we're doing, but we are very well prepared to deliver a a balance growth engine in the 2026.

我們尚未達到最佳狀態。我們將繼續學習。我們會繼續進步。我們正在做的一些事情比其他事情效果更好，但我們已經做好充分準備，在 2026 年實現平衡成長。

And we like I said, are continuing to identify what works what doesn't it, what price points make sense, how to execute things, which target audiences to go after, all of that is feeding our plan moving forward and I'll just tell you, it never feels good to get on a call and say, hey, we ran something for three weeks and it didn't work, but as well as we wanted it to.

正如我所說，我們一直在不斷探索哪些方法有效，哪些無效，哪些價格點合理，如何執行，應該瞄準哪些目標受眾，所有這些都在為我們未來的計劃提供資訊。我只想告訴你，在電話會議上說“嘿，我們開展了三週的活動，但效果不如預期”，這種感覺從來都不好。

But I, what I want everyone to take away from that is that we have an agile business model. We are going to evaluate everything in real time with data and analytics, and when we see an opportunity to improve our results. We can shift into into something that we believe will give us higher returns and deliver better outcomes.

但我希望大家能從中記住的是，我們擁有敏捷的商業模式。我們將利用數據和分析即時評估一切，並在發現改善結果的機會時採取行動。我們可以轉型去做我們認為能帶來更高回報和更好結果的事情。

So we're, we have our plan already in place for 2026. We know what we're launching, we know when we're launching it, we know how we're doing it. We'll continue to assess the environment, the competitive environment, as well as the results that we see and optimize on an ongoing basis.

所以，我們已經制定了2026年的計畫。我們知道我們要推出什麼產品，我們知道何時推出，我們也知道如何推出。我們將繼續評估環境、競爭環境以及我們看到的結果，並不斷進行最佳化。

Thanks, very helpful.

謝謝，很有幫助。

We have reached the end of our question-and-answer session. This will conclude today's conference. You may disconnect your lines at this time and thank you for your participation.

我們的問答環節到此結束。今天的會議到此結束。您可以暫時斷開線路，感謝您的參與。