Shake Shack Inc (SHAK) 2026 Q1 法說會逐字稿

Greetings. Welcome to Shake Shack's first-quarter 2026 earnings call. (Operator Instructions)

各位好。歡迎參加 Shake Shack 2026 年第一季財報電話會議。(接線員指示)

Please note this conference is being recorded.

請注意，本次會議將被錄音。

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人關係主管 Alison Sternberg。謝謝。您可以開始了。

Thank you, operator, and good morning, everyone. Joining me for Shake Shack's conference call is our CEO, Rob Lynch.

謝謝接線員，大家早安。與我一同參加 Shake Shack 電話會議的是我們的執行長 Rob Lynch。

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 in the Financial Details section of our shareholder letter.

在今天的電話會議中，我們將討論非 GAAP 財務衡量指標，我們相信這些指標有助於評估我們的表現。這些額外資訊的呈現不應被單獨看待，亦不應作為依 GAAP 編製之結果的替代。與可比 GAAP 指標的調節表可於我們的財報新聞稿中取得，位於股東信「財務明細」章節。

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 26, 2026, and our other SEC filings. 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.

今天的部分陳述可能屬於前瞻性陳述，實際結果可能因多項風險與不確定性而出現重大差異，包括我們於 2026 年 2 月 26 日提交的 Form 10-K 年報及其他向 SEC 提交文件中所討論者。任何前瞻性陳述僅代表截至今日的觀點；若我們的觀點改變，我們不承擔更新任何前瞻性陳述之義務。

By now, you should have access to our first-quarter 2026 shareholder letter, which can be found at investor.shakeshack.com in the Quarterly Results section and as an exhibit to our 8-K for the quarter.

截至目前，您應已可取得我們 2026 年第一季股東信，可於 investor.shakeshack.com 的「季度業績」專區查閱，亦作為本季 8-K 的附件提供。

I will now turn the call over to Rob.

現在我將把電話會議交給 Rob。

Thanks, Alison. Good morning, everyone. I want to start by thanking our incredible team members across the globe who continue to bring enlightened hospitality to life every single day. Your dedication to serving our guests with care and kindness is what makes Shake Shack special. I'm grateful for everything that you do.

謝謝你，Alison。各位早安。我想先感謝我們遍布全球、每天持續將「啟發式待客之道」落實於行動的優秀團隊成員。你們以關懷與善意服務顧客的投入，正是 Shake Shack 與眾不同之處。我感謝你們所做的一切。

Turning to our results. I'm pleased to report that our first-quarter performance showcases continued sales momentum in our company-operated Shacks and meaningful progress against our six strategic priorities for 2026, which are building a culture of leaders; optimizing restaurant and supply chain operations; driving comp sales behind culinary, marketing, and digital innovation; building and operating our Shacks with best-in-class returns; accelerating our licensed business; and investing in long-term strategic capabilities.

接著談我們的業績。我很高興報告，我們第一季的表現展現了公司自營 Shack 持續的銷售動能，以及在 2026 年六大策略優先事項上取得的實質進展：打造領導者文化；最佳化餐廳與供應鏈營運；透過餐飲、行銷與數位創新推動同店銷售；以同級最佳的報酬率建置並營運我們的 Shack；加速授權業務；以及投資長期策略能力。

For the first quarter, we grew total revenue by more than 14%. Much of this growth came from same Shack sales growth of 4.6%, including a 1.4% traffic growth. These strong sales and continued traffic growth were achieved despite significant weather impacts that contributed 240 basis points of negative comp in the quarter, negatively impacting our EBITDA for the quarter.

第一季我們的總營收成長超過 14%。其中多數成長來自同 Shack 銷售成長 4.6%，包含 1.4% 的來客數成長。儘管本季受到顯著天候影響，導致同店比較（comp）負面影響 240 個基點，並對本季 EBITDA 造成不利影響，我們仍達成強勁銷售與持續的來客數成長。

Despite these headwinds, our sales and traffic momentum continued, and we have now delivered three straight quarters of traffic growth. At the core of our sales performance is first and foremost, strong restaurant operations that deliver guest satisfaction. Secondly is culinary innovation that differentiates our brand. And lastly are our investments in targeted digital media to create awareness of our guest value proposition.

儘管面臨這些逆風，我們的銷售與來客數動能仍持續，且我們已連續三個季度實現來客數成長。我們銷售表現的核心，首先是能帶來顧客滿意度的強健餐廳營運。其次是能使品牌差異化的餐飲創新。最後是我們在精準數位媒體上的投資，以提升顧客對我們價值主張的認知。

In Q1, we increased investments in delivering guest satisfaction, driving comp, and opening new Shacks. And despite elevated beef costs that continue to persist, we were able to expand our restaurant-level profit margin by 50 basis points year over year to 21.2%. We continue to show our ability to grow both top-line sales and operating margin, primarily through ongoing traffic-driving programs and operational and supply chain productivity.

在第一季，我們加大投資以提升顧客滿意度、推動同店銷售並開設新 Shack。即使牛肉成本居高不下且持續存在，我們仍將餐廳層級利潤率年增 50 個基點至 21.2%。我們持續展現同時提升營收與營運利潤率的能力，主要來自持續推動來客數的方案，以及營運與供應鏈生產力提升。

We also delivered our largest first quarter of new units ever with 17 new Shacks. We continue to successfully bring Shake Shack to new and under-penetrated markets, many outside of our historical footprint. Given our strong current cash-on-cash returns and expected future returns, we will continue to accelerate our company-operated development efforts. Consistent with this strategy, we are now guiding to 60 to 65 new company-operated Shacks for 2026, an increase from our prior guidance of 55 to 60 Shacks.

我們也創下史上最大規模的第一季展店，新增 17 家 Shack。我們持續成功將 Shake Shack 帶入新的、滲透率較低的市場，其中許多位於我們過往的主要版圖之外。基於目前強勁的現金投資報酬率（cash-on-cash returns）與對未來報酬的預期，我們將持續加速自營展店。與此策略一致，我們目前對 2026 年自營新開 Shack 的指引為 60 至 65 家，高於先前的 55 至 60 家。

I would call out that opening this higher number of new Shacks in Q1 did increase our total pre-opening costs, which weighed on our adjusted EBITDA for the quarter. Throughout the quarter, we made strategic investments to support our sales driving initiatives and new unit openings, both of which support our multi-year growth plans. These investments allow us to bring Shake Shack to more communities and create awareness of what makes our food and hospitality so special.

我想特別指出，第一季開出較多新 Shack，確實提高了我們的總開店前成本，並對本季調整後 EBITDA 造成壓力。整個季度中，我們進行策略性投資以支持推動銷售的計畫與新店開幕，兩者皆支撐我們的多年成長規劃。這些投資讓我們能將 Shake Shack 帶到更多社區，並提升市場對我們餐點與待客之道獨特之處的認知。

These investments continue to enhance our strong value proposition and drive traffic in this value-oriented environment. As we work to continue to enhance our value equation in a very competitive marketplace, we're focused on making the right investments in our food, our assets, our team members, and our traffic driving strategies.

這些投資持續強化我們強勁的價值主張，並在此以價值為導向的環境中帶動來客數。在競爭激烈的市場中，我們致力於持續提升價值方程式，並專注於在餐點、資產、團隊成員以及帶動來客數的策略上做出正確投資。

As a result of the weather headwinds that we experienced and our investments in additional new store openings, our first-quarter adjusted EBITDA did not meet our short-term quarterly expectations. That being said, we are confident that the foundation that we are building today positions us for long-term growth, and we remain confident in our long-term strategic plan.

由於我們所經歷的天候逆風，以及在額外新店開幕上的投資，我們第一季調整後 EBITDA 未達到短期季度預期。儘管如此，我們相信當下所建立的基礎使我們具備長期成長的定位，並且我們仍對長期策略計畫充滿信心。

Still, given the volatility in the global and domestic marketplace, we are broadening our 2026 adjusted EBITDA guidance to a range of $230 million to $245 million. Despite that volatility, I'm excited to share that our sales momentum is building in Q2 and that we are reiterating our 2026 guidance for same Shack sales, restaurant-level margins, and our long-term financial targets.

不過，鑑於全球與國內市場的波動性，我們將 2026 年調整後 EBITDA 指引區間擴大至 2.30 億至 2.45 億美元。儘管存在波動，我很高興分享，我們在第二季的銷售動能正在增強；同時我們重申 2026 年同 Shack 銷售、餐廳層級利潤率以及長期財務目標的指引。

After making the strategic decision to focus our traffic-driving investments in May and June, we're excited to see very strong performance to start May behind the launch of our Baby Back Rib Sandwich and anticipate strong sales growth in June as we expect to leverage the incremental traffic in some of our largest markets driven by the World Cup.

在做出策略性決定，於 5 月與 6 月聚焦我們的來客數帶動投資之後，我們很高興看到 5 月在推出 Baby Back Rib Sandwich 的帶動下開局表現非常強勁；並預期 6 月銷售成長亦將強勁，因我們預計可受惠於世界盃在部分最大市場帶來的額外人流。

And despite a slower start in April, driven in part by the shift in spring break timing associated with the Easter holiday, we're confident in our guidance for Q2 at 3% to 5% comp growth.

此外，儘管 4 月開局較慢，部分原因是與復活節假期相關的春假時點移動所致，我們仍對第二季同店比較（comp）成長 3% 至 5% 的指引充滿信心。

Over the last two years, we have built a best-in-class executive team, a performance-driven restaurant operating model, a sales engine that can consistently drive transaction growth, a supply chain that is increasing productivity, and a domestic development capability that is profitably accelerating the growth of our restaurant count on our way to 1,500 company-operated Shacks. Shake Shack is well-positioned for the balance of 2026 and beyond.

過去兩年，我們打造了同級最佳的高階管理團隊、以績效為導向的餐廳營運模式、能持續推動交易量成長的銷售引擎、正提升生產力的供應鏈，以及一套能以獲利方式加速餐廳家數成長的美國本土開發能力，朝向 1,500 家自營 Shack 的目標邁進。Shake Shack 已為 2026 年剩餘期間及更長遠的未來做好充分準備。

Now I will discuss our progress against our strategic priorities. At Shake Shack, our performance is directly correlated to the quality of our team members. I've invested a significant amount of my time over my first two years cultivating an executive team that is uniquely positioned to achieve our ambitious aspirations.

接下來我將說明我們在策略優先事項上的進展。在 Shake Shack，我們的表現與團隊成員的品質直接相關。在我上任的前兩年，我投入大量時間培育一支獨具優勢的高階管理團隊，以實現我們雄心勃勃的願景。

Today, I'm excited to announce the newest member of our executive team. Michelle Hook will be joining Shake Shack as our new CFO next week. When we set out on this search, I thought that it would be very difficult to find a new CFO that met every criterion that was important to us. I'm ecstatic that we found a candidate that does.

今天，我很興奮地宣布我們高階主管團隊最新成員。Michelle Hook 將於下週加入 Shake Shack，擔任我們的新任財務長（CFO）。當我們開始這次尋才時，我原本以為要找到一位符合我們所有重要條件的新任 CFO 會非常困難。我非常欣喜我們確實找到了這樣的候選人。

Michelle comes to Shake Shack with over 25 years of public company restaurant experience, including the last five and a half years where she has served as the CFO of Portillo's. Michelle's experience leading FP&A, accounting, treasury, and IR, coupled with her long track record of leading teams with a commitment to building a strong culture, will allow her to hit the ground running and make an immediate positive impact on our organization. I look forward to introducing her to our investment community over the coming weeks.

Michelle 加入 Shake Shack 前，擁有超過 25 年上市餐飲公司經驗，其中過去五年半擔任 Portillo's 的財務長（CFO）。Michelle 在財務規劃與分析（FP&A）、會計、資金管理（treasury）與投資人關係（IR）的領導經驗，加上她長期帶領團隊並致力於建立強健文化的卓越紀錄，將使她能迅速上手並立即為我們的組織帶來正面影響。我期待在接下來幾週向投資社群介紹她。

As we look to the balance of 2026, our focus will be on delivering significant value to our guests, leveraging both the numerator and the denominator of the value equation to accomplish these objectives. We will employ a balanced approach, leveraging premium core ingredients, culinary-forward LTOs, and a focus on guest satisfaction through enlightened hospitality to drive the numerator of the value equation.

展望 2026 年剩餘期間，我們的重點將是為顧客創造顯著價值，並同時運用價值方程式的分子與分母來達成這些目標。我們將採取均衡的方法，透過高品質核心食材、以料理為導向的限時供應（LTO）產品，以及以「啟發式待客之道」提升顧客滿意度，來推動價值方程式的分子。

For the denominator, we will continue to focus on decreasing our reliance on base pricing and employ strategic, focused, price-pointed offerings like our one three five platform to profitably grow our transactions in a value-oriented macro environment. We continue to make strategic investments in marketing to drive traffic and frequency. These investments have been primarily focused on creating a foundation for long-term revenue growth as opposed to short-term traffic bursts.

在分母方面，我們將持續著重降低對基礎定價的依賴，並在重視價值的總體環境下，運用策略性、聚焦且具明確價格帶的產品（例如我們的 one three five 平台），以具獲利性的方式帶動交易量成長。我們也持續在行銷上進行策略性投資，以帶動來客與來訪頻率。這些投資主要著眼於建立長期營收成長的基礎，而非短期的來客爆發。

We are accomplishing this by motivating new guests to enter into our app and digital channels. We have also seen a frequency increase amongst our current guests in these channels. This increase in the population of our digital community will support the launch of our loyalty program towards the end of this year.

我們透過激勵新顧客進入我們的 App 與數位渠道來達成這一點。我們也看到現有顧客在這些渠道的來訪頻率提升。數位社群人口的增加，將支持我們在今年底前後推出會員忠誠計畫。

The results of these investments have exceeded our expectations. We have grown both our digital channel guest count and app downloads by over 35% year over year. Even more importantly, the lifetime value of our digital channel guest has grown by approximately 20%, driven by an increase in frequency from this highly engaged group. These guests visit us more often and spend more on an annual basis.

這些投資的成果超出我們的預期。我們的數位渠道顧客數與 App 下載量年增皆超過 35%。更重要的是，數位渠道顧客的終身價值（LTV）約成長 20%，主要由這群高度投入的顧客帶來更高的來訪頻率所驅動。這些顧客更常光顧，且年度消費金額更高。

With these strategic platforms, we are offering an improved value equation across all household incomes, which we believe will result in a broader guest base, sustained loyalty, and greater lifetime value. These are long-term benefits from our current investments.

透過這些策略平台，我們為各收入層級的家庭提供更佳的價值方程式；我們相信這將帶來更廣泛的顧客基礎、持續的忠誠度，以及更高的終身價值。這些都是我們當前投資所帶來的長期效益。

On the brand-building front, our We Really Cook campaign is resonating. We are seeing significant quarter-over-quarter increases in guest engagement on key media platforms as we refine our targeting and creative execution. This campaign reinforces what sets us apart: our commitment to fresh, premium ingredients, cook-to-order, and true culinary craftsmanship.

在品牌建立方面，我們的「We Really Cook」行銷活動正引發共鳴。隨著我們精進受眾鎖定與創意執行，我們在關鍵媒體平台上的顧客互動度呈現顯著的季對季成長。這項活動強化了我們的差異化：我們對新鮮、高品質食材、現點現做，以及真正的料理工藝的承諾。

Our culinary team continues to deliver bold, flavor-forward innovation. Adding to our successful return of the Korean-inspired menu launch in January, we introduced our clubhouse pimento cheeseburger and pimento chicken sandwich in March, which was inspired by a Southern classic and reimagined with a Shake Shack twist. These items performed strong nationwide and contributed to our sales growth in Q1.

我們的料理團隊持續推出大膽、以風味為核心的創新。在 1 月成功回歸韓式靈感菜單之後，我們於 3 月推出 clubhouse 皮門托起司漢堡與皮門托雞肉三明治，靈感來自南方經典，並以 Shake Shack 風格重新演繹。這些品項在全美表現強勁，並為第一季（Q1）銷售成長做出貢獻。

In late April, we announced the return of our Smoky Barbecue menu platform, anchored by a first-of-its-kind Barbecue Boneless Baby Back Rib Sandwich, along with a new Mac and Cheese side. This premium protein innovation is indicative of our ability to successfully deliver more than just the best burgers in the business.

在 4 月下旬，我們宣布 Smoky Barbecue 煙燻烤肉菜單平台回歸，主打前所未有的烤肉無骨小排三明治（Barbecue Boneless Baby Back Rib Sandwich），並搭配全新通心粉起司（Mac and Cheese）配菜。這項高品質蛋白質創新，展現我們不僅能提供業界最好的漢堡，還能成功帶來更多元的產品力。

The Barbecue Rib Sandwich is made with 100% baby back pork ribs that are hand deboned, slow cooked for nine hours, and marinated in a proprietary barbecue spice blend with apple cider vinegar. It's a perfect example of our ability to develop and execute innovative Shake Shack only recipes at scale without disrupting our operations. I'm happy to report that both the Baby Back Rib Sandwich and the Mac and Cheese have significantly exceeded our expectations and are driving outpaced traffic and ticket growth in May.

烤肉肋排三明治採用 100% 小排豬肋排，手工去骨、慢煮九小時，並以含蘋果醋的獨家烤肉香料配方醃製。這是我們能在不干擾營運的情況下，以規模化方式開發並落地執行 Shake Shack 獨家創新食譜的最佳例證。我很高興地報告，無骨小排三明治與通心粉起司的表現都大幅超出預期，並在 5 月帶動來客與客單成長加速。

We are also expanding into new beverage occasions intended to increase relevancy in all day parts. Our new Sparkling Cucumber Basil Lemonade, our first sparkling lemonade, provides a delicious, refreshing offering to complement lunch and dinner, but also gives us a platform to drive more afternoon beverage occasions with expected strong guest satisfaction and strong margins.

我們也正擴展至新的飲品消費情境，旨在提升我們在全天各時段的相關性。我們全新的氣泡小黃瓜羅勒檸檬水（Sparkling Cucumber Basil Lemonade）是我們第一款氣泡檸檬水，提供美味清爽的選擇，可搭配午餐與晚餐，同時也為我們提供一個平台，在預期顧客滿意度高且毛利強勁的前提下，帶動更多下午時段的飲品需求。

All of this innovation is supported by our disciplined stage gate process that has resulted in a 12 to 18-month pipeline of innovation, which positions us to deliver a consistent cadence of high-impact menu items. Our innovation strategy is driving both near-term performance and long-term brand relevance as we continue to differentiate Shake Shack through culinary leadership.

所有這些創新都由我們嚴謹的階段闖關（stage gate）流程所支撐，已建立 12 至 18 個月的創新管線，使我們能穩定推出一系列高影響力的菜單品項。我們的創新策略在持續以料理領導力拉開差異的同時，兼顧短期表現與長期品牌相關性。

We will continue to drive sales and traffic growth while improving our productivity across the company, and we are confident in our ability to drive continued margin improvement in a competitive inflationary environment.

我們將在提升全公司生產力的同時，持續推動銷售與來客成長；在競爭激烈且通膨壓力仍在的環境中，我們對持續改善利潤率的能力充滿信心。

Foundational to those objectives is the recently announced Project Catalyst, our comprehensive technology initiative designed to make us more productive across our company, which will be critical to creating long-term G&A leverage. Through strengthening our digital data and operational framework, we expect to improve restaurant execution, deepen guest engagement, and unlock enterprise productivity, all while enhancing our ability to deliver enlightened hospitality.

支撐這些目標的基礎，是我們近期宣布的 Catalyst 計畫（Project Catalyst）——一項全面性的科技倡議，旨在提升全公司生產力，並將成為創造長期一般與行政費用（G&A）槓桿的關鍵。透過強化我們的數位資料與營運框架，我們預期能改善餐廳執行力、深化顧客互動、釋放企業生產力，同時提升我們提供「啟發式待客之道」的能力。

Let me walk you through the key components. First, we're modernizing our restaurant systems. We've partnered with Qu, a cloud-native unified commerce platform, to upgrade our point of sale and kitchen display systems. These new systems will improve throughput, order accuracy, and consistency, particularly during peak periods.

我來帶各位了解其關鍵組成。首先，我們正在現代化餐廳系統。我們與 Qu（雲端原生的統一商務平台）合作，升級我們的銷售點（POS）與廚房顯示系統。這些新系統將提升出餐效率、點單準確度與一致性，尤其是在尖峰時段。

They'll also enable better orchestration across digital and in-Shack ordering channels, giving our team members faster, more reliable tools so they can stay focused on what matters most, delivering hospitality to our guests.

它們也將使數位與店內（in-Shack）點餐渠道之間的協同調度更順暢，為團隊成員提供更快速、更可靠的工具，讓他們能專注於最重要的事：為顧客提供待客之道。

Second, we're building Shake Shack's first-ever loyalty platform. This will be a very meaningful platform for our brand. Our objectives in launching this new platform are to drive frequency, retention, and lifetime value while enabling more personalized guest communication and enlightened hospitality.

第二，我們正在打造 Shake Shack 史上第一個會員忠誠平台。這將是對我們品牌非常重要的平台。我們推出此新平台的目標，是提升來訪頻率、留存率與終身價值，同時實現更個人化的顧客溝通與「啟發式待客之道」。

It's not just about points and discounts. This capability supports our continued journey towards data-driven, targeted engagement that resonates with our guests and creates deeper connection with the Shake Shack brand. It will help us to reinforce the core principles of enlightened hospitality that launched Shake Shack as a company and continue to differentiate us in the marketplace.

這不只是點數與折扣。這項能力將支持我們持續邁向以數據驅動、精準觸達的互動方式，與顧客產生共鳴，並與 Shake Shack 品牌建立更深的連結。它也將幫助我們強化「啟發式待客之道」的核心原則——這些原則促成 Shake Shack 的創立，並持續讓我們在市場中脫穎而出。

Third, we're investing in a new generation of proprietary AI capabilities embedded directly into daily operations. These AI tools will provide real-time operational insights, alerts, and recommendations at the Shack level and for our above Shack operational leaders, enabling faster and better informed decision-making for our restaurant operators and support teams. This intelligent operating layer will deliver measurable productivity gains and form the foundation for ongoing performance enhancement over time.

第三，我們正投資新一代的自有 AI 能力，並直接嵌入日常營運之中。這些 AI 工具將在門店（Shack）層級以及我們的區域／總部營運主管層級，提供即時營運洞察、警示與建議，讓餐廳營運者與支援團隊能更快速且更有依據地做出決策。這個智慧營運層將帶來可衡量的生產力提升，並成為未來持續強化績效的基礎。

Finally, we're advancing a unified data and analytics platform that brings together operational performance, guest behavior, and advanced analytics. This data backbone will support improved service speed and accuracy, more personalized guest experiences, and the continued expansion of AI-driven capabilities at scale. We expect to begin rolling out these systems in the second half of 2026. These investments position us to deliver an even better experience for our guests and team members.

最後，我們正在推進一個統一的資料與分析平台，將營運績效、顧客行為與進階分析整合在一起。這個資料骨幹將支援提升服務速度與準確性、更個人化的顧客體驗，以及在規模化下持續擴展以 AI 驅動的能力。我們預期將於 2026 年下半年開始逐步導入這些系統。這些投資使我們能為顧客與團隊成員帶來更優質的體驗。

Turning to operations. Our operations have never been stronger, and I couldn't be prouder of our team. In March, we hosted our first-ever Operations Leadership Summit, where we celebrated an outstanding 2025, recognized best-in-class leaders across our company, and outlined our vision to meet both our short and long-term goals. Our operational focus in 2026 centers on two things our guests value every single time they visit us: our hospitality and the accuracy of the order that we deliver.

接著談營運。我們的營運表現從未如此強勁，我對我們的團隊感到無比自豪。3 月，我們舉辦了首屆營運領導力高峰會，慶祝卓越的 2025 年、表揚公司內各領域的頂尖領導者，並闡述我們為達成短期與長期目標的願景。我們 2026 年的營運重點聚焦在顧客每次造訪都重視的兩件事：我們的待客之道，以及我們交付的訂單準確性。

Over the past two years, we've driven meaningful gains in speed of service, and we are now averaging under six minutes on ticket times of cook to order food, a significant improvement. However, speed cannot come at the expense of accuracy, food quality, or hospitality. With the tools that we are putting in place, we expect to not only get faster, but to also get better, delighting our guests, which will in turn drive frequency and loyalty over the long term.

過去兩年，我們在服務速度方面取得了顯著進展；目前現點現做餐點從下單到出餐的平均票單時間已降至 6 分鐘以內，改善幅度可觀。然而，速度不能以犧牲準確性、餐食品質或待客之道為代價。透過我們正在導入的工具，我們預期不僅會更快，也會做得更好，讓顧客驚喜，進而在長期帶動來客頻率與忠誠度。

Our operations performance scorecard continues to serve as the backbone of how we drive continuous improvement. We've updated the metrics to reflect this sharpened focus on hospitality and accuracy. Even as a growing share of orders flow through our kiosks and digital platforms, we refuse to let efficiency come at the expense of connection. We've intentionally redeployed labor toward guest engagement through our front of house hospitality champion role. It's a deliberate investment to ensure there's a human touchpoint in every Shack, regardless of how the order was placed.

我們的營運績效記分卡仍是推動持續改善的核心。我們已更新指標，以反映對待客之道與準確性的更聚焦重點。即使愈來愈多訂單透過自助點餐機與數位平台流入，我們也拒絕讓效率凌駕於連結之上。我們刻意將人力重新配置到顧客互動上，透過前場的「待客之道大使」角色來強化接待。這是一項有意識的投資，確保每一家 Shack 都有人與人互動的接觸點，不論訂單是如何下的。

I'm also happy to report that our team member tenure and retention has continued to steadily increase. You might think that more rigor and operating discipline would create more turnover, but it's just the opposite. Our team members are experiencing a high-performance environment, seeing opportunities to advance their careers, and they're staying longer. That tenure builds experience, which makes them better able to serve our guests, and that makes us a better operating company.

我也很高興報告，我們團隊成員的任職年資與留任率持續穩步提升。你可能會以為更嚴謹的要求與營運紀律會帶來更高的流動率，但事實正好相反。我們的團隊成員正處於高績效環境中，看到職涯晉升機會，因此留任更久。更長的任職年資累積了經驗，使他們更能服務顧客，也讓我們成為更優秀的營運型公司。

It also allows us to develop the leaders of tomorrow, which will support our continued new Shack growth. This culture has led to improved guest satisfaction across restaurant cleanliness, friendliness, and overall experience, and we're delivering these results by making sure that we have the right labor in the right Shacks at the right time.

這也讓我們能培育未來的領導者，支持我們持續開設新的 Shack。這種文化帶動顧客滿意度提升，涵蓋餐廳清潔度、友善度與整體體驗；而我們能交出這些成果，是因為我們確保在對的時間、在對的 Shack 配置對的人力。

Supply chain optimization continues to deliver the highest quality ingredients in a more productive way. We've restructured our internal teams to unlock productivity across every node of the supply chain model, and we've built a strategic sourcing capability that is fully connected end to end, delivering the cost visibility that we need to make smarter, faster decisions. We're partnering in new ways with both new and current suppliers, optimizing our distribution network and leveraging our scale to drive efficiencies, all while maintaining the quality standards that define our brand.

供應鏈最佳化持續以更高生產力的方式提供最高品質的食材。我們已重整內部團隊，以釋放供應鏈模型各節點的生產力，並建立端到端完全串聯的策略採購能力，提供我們做出更聰明、更快速決策所需的成本可視性。我們以新的方式與新舊供應商合作，最佳化配送網路並運用規模推動效率，同時維持界定我們品牌的品質標準。

In Q1, we realized cost savings through strategic sourcing initiatives, successfully transitioning key ingredients to new suppliers who meet our rigorous specifications while providing better economics.

在第一季，我們透過策略採購計畫實現成本節省，成功將關鍵食材轉換至符合我們嚴格規格、同時具備更佳經濟效益的新供應商。

Before making any changes, our culinary, quality assurance, and operations teams test and validate that if there is any change in taste or guest experience, it is for the better. These improvements are flowing through to better unit economics and directly supporting our priority of building and operating our Shacks with best-in-class returns as we scale.

在做出任何變更之前，我們的廚藝、品質保證與營運團隊都會測試並驗證：若口味或顧客體驗有任何改變，必須是往更好的方向。這些改善正轉化為更佳的單店經濟效益，並在我們擴張規模的同時，直接支持我們以同級最佳回報來建置與營運 Shack 的優先事項。

Turning to our licensed business. Our licensed business continues to be a long-term strategic engine for EBITDA growth. However, the short-term results have been and will continue to be impacted by the ongoing conflict in the Middle East, driving some of our rationale for a broader adjusted EBITDA guide in 2026. The conflict has led to business disruptions ranging from temporary closures to reduced operating hours and delivery-only operations for periods of time.

接著談我們的授權業務。我們的授權業務仍是推動 EBITDA 成長的長期策略引擎。然而，短期成果已受到且將持續受到中東持續衝突的影響，這也是我們在 2026 年給出較寬的調整後 EBITDA 指引區間的部分原因。衝突導致的營運干擾包括暫時停業、縮短營業時間，以及在某些期間僅提供外送營運等。

Beyond these impacts, inbound tourism has slowed substantially, which has further pressured sales, particularly at high-traffic locations. Despite these near-term headwinds, we stand side by side with our licensed partners and the long-term opportunity in these markets. We've seen some delays in opening timelines, but as of now, we still plan to achieve our target of 40 to 45 licensed unit openings in 2026. We will continue to monitor the situation closely and provide additional updates as we move through the year.

除了上述影響之外，入境旅遊也大幅放緩，進一步壓抑銷售，尤其是在高人流據點。儘管面臨這些短期逆風，我們仍與授權合作夥伴並肩前行，也看好這些市場的長期機會。我們看到部分開店時程有所延後，但截至目前，我們仍計畫在 2026 年達成 40 至 45 家授權門店開業的目標。我們將持續密切關注情勢，並在年度推進過程中提供更多更新。

Domestically, our company-operated development pipeline remains robust. As I mentioned, we had a momentous first quarter with a record 17 openings compared to four openings in the first quarter last year. We also opened new markets such as Naples, Florida; Tucson, Arizona; Athens, Georgia; and East Lansing, Michigan. This is the start of a record year of growth for Shake Shack as we march toward opening 60 to 65 new company-operated Shacks.

在美國國內，我們的自營開發管線仍然強勁。如我所提到，我們第一季表現亮眼，開出創紀錄的 17 家門店，相較去年第一季僅開出 4 家。我們也進入了新的市場，例如佛羅里達州那不勒斯、亞利桑那州圖森、喬治亞州雅典，以及密西根州東蘭辛。這是 Shake Shack 創紀錄成長年度的開端，我們正朝著開設 60 至 65 家新的自營 Shack 邁進。

We continue to see strong results from our cost containment strategies and see similar build costs for the class of 2026 as compared to last year. We also continue to invest in our existing Shack base through targeted remodels and refreshes that enhance the guest experience and improve operational efficiency.

我們持續看到成本控管策略帶來的強勁成效，且 2026 年這一批門店的建置成本與去年相近。我們也持續透過有針對性的改裝與翻新投資既有 Shack 門店基礎，以提升顧客體驗並改善營運效率。

I'm energized by the momentum in our business and the opportunities that lie ahead. We have a clear strategy focused on driving same Shack sales growth and transactions, expanding our footprint with disciplined development, and improving profitability across the enterprise.

我對我們業務的動能以及未來的機會感到振奮。我們有清晰的策略，聚焦於推動同店銷售成長與交易量、以紀律性的開發擴大版圖，並提升全企業的獲利能力。

Project Catalyst will provide the technological scaffolding that we need to scale efficiently while enhancing the experience for our guests and team members. Our marketing investments are building brand strength and driving consistent traffic growth. Our culinary innovation is creating excitement and brand affinity, which differentiates us in the marketplace. Our operational improvements are delivering better guest experiences and stronger unit economics.

Catalyst 計畫將提供我們有效率擴張所需的技術支架，同時提升顧客與團隊成員的體驗。我們的行銷投資正在強化品牌力並帶動穩定的來客成長。我們的餐飲創新正在創造話題與品牌好感度，使我們在市場中脫穎而出。我們的營運改善正在帶來更好的顧客體驗與更強的單店經濟效益。

Most importantly, we have an exceptional team executing with discipline and passion. From our restaurant team members who serve our guests every day to our leadership team driving strategy and innovation, we have the right people focused on the right priorities.

最重要的是，我們擁有一支卓越的團隊，以紀律與熱情落實執行。從每天服務顧客的餐廳團隊成員，到推動策略與創新的領導團隊，我們有對的人，聚焦在對的優先事項上。

I've never been more confident in our ability to build Shake Shack into the best restaurant company in the world, where premium quality, enlightened hospitality, and a focus on supporting our team members drives prosperity for Shake Shack and our shareholders.

我從未如此有信心，相信我們有能力把 Shake Shack 打造成世界上最好的餐飲公司：以高端品質、開明的待客之道，以及支持團隊成員為核心，為 Shake Shack 與股東創造繁榮。

With that, I'll turn it over to Alison to provide more details on the quarter.

接下來，我把時間交給 Alison，請她提供本季更多細節。

Thank you, Rob, and good morning, everyone. Our first-quarter results show the resilience of our business in the face of a challenging macro environment and inclement weather. The quarter marks our 21st consecutive quarter of positive same Shack sales growth alongside continued year-over-year restaurant level margin expansion.

謝謝你，Rob，各位早安。我們第一季的結果顯示，在充滿挑戰的總體環境與惡劣天候之下，我們的業務仍具韌性。本季是我們連續第 21 季同店銷售呈現正成長，同時餐廳層級利潤率也持續年對年擴張。

First-quarter total revenue reached $366.7 million, up 14.3% year over year, supported by the opening of 17 new company-operated Shacks and 5 new licensed Shacks, leading to 14.1% year-over-year growth in system-wide sales. Our licensing revenue was $12.7 million in the quarter, with licensing sales of $204.3 million, up 13.8% year over year, driven by continued strength in Asia, US airports, and the United Kingdom.

第一季總營收達 3.667 億美元，年增 14.3%，主要受惠於新開 17 家公司自營 Shack 與 5 家新授權 Shack，帶動全系統銷售額年增 14.1%。本季授權收入為 1,270 萬美元，授權銷售額為 2.043 億美元，年增 13.8%，主要由亞洲、美國機場與英國市場的持續強勁表現所帶動。

Sales growth was partially offset by the ongoing conflict in the Middle East, where we had temporary closures in 17 licensed Shacks in Q1, with 3 locations at airports and a transit center remaining closed from the onset of the conflict through the end of the quarter.

然而，銷售成長部分被中東地區持續的衝突所抵銷；我們在第一季有 17 家授權 Shack 暫時關閉，其中 3 個位於機場與一個轉運中心的據點，自衝突爆發起至本季末仍維持關閉。

In our company-operated business, we grew Shack sales 14.3% year over year to $354 million. We generated roughly $72,000 in average weekly sales, flat year over year. We delivered 4.6% same Shack sales growth with 1.4% positive traffic and 3.2% price mix. Our same Shack sales growth was driven by the success of our culinary and marketing initiatives despite a 240 basis point headwind due to inclement weather in Q1.

在公司自營業務方面，我們的 Shack 銷售額年增 14.3% 至 3.54 億美元。平均每週銷售額約 72,000 美元，與去年持平。同店 Shack 銷售成長 4.6%，其中來客數正成長 1.4%，價格/組合貢獻 3.2%。儘管第一季因惡劣天候帶來 240 個基點的不利影響，我們的同店 Shack 銷售成長仍受惠於餐飲與行銷計畫的成功。

Our pricing remained disciplined. And in March, we rolled off the price we took on our delivery channels last year, an approximate 1% impact. In-Shack menu prices for the first quarter came in at about 3%, while blended pricing across all channels increased approximately 4%. This compares to approximately 5% last year, demonstrating our ability to deliver positive same Shack sales with less dependence on price increases.

我們的定價維持審慎且有紀律。並且在 3 月，我們取消了去年在外送通路所採取的加價，影響約 1%。第一季店內菜單價格約上調 3%，而涵蓋所有通路的加權平均定價約上升 4%。相較之下，去年約為 5%，顯示我們能以較低的漲價依賴度，仍交出正向的同店 Shack 銷售表現。

April AWS was $75,000, down 2.6% year over year and same Shack sales decreased by 0.6%. The month's same Shack sales were negatively impacted by approximately 200 basis points, largely due to the shift of Easter week and spring breaks into March this year compared to last. This way, we continue to see declines in tourism in our largest urban markets, particularly in New York City.

4 月平均每週銷售額（AWS）為 75,000 美元，年減 2.6%，同店 Shack 銷售下滑 0.6%。當月同店 Shack 銷售約受到 200 個基點的負面影響，主要因今年復活節週與春假相較去年提前移至 3 月所致。此外，我們仍持續看到最大都會市場的觀光人潮下滑，尤其是紐約市。

First-quarter unit development was strong, with 17 new company-operated Shacks ahead of our guidance for 12 to 14 new Shack openings. As a result of these Shacks opening earlier than planned, pre-opening costs were higher in the first quarter to support our strong opening schedule for 60 to 65 new Shacks in 2026.

第一季展店表現強勁，新開 17 家公司自營 Shack，優於我們原先指引的 12 至 14 家新店開幕數。由於這些 Shack 開幕時間早於原計畫，為支援 2026 年 60 至 65 家新 Shack 的強勁開店排程，第一季開店前成本較高。

First-quarter restaurant-level profit was $75.1 million, or 21.2% of Shack sales, expanding 50 basis points versus last year. Strong benefits from our labor management strategies alongside procurement-driven cost improvements in other items in our commodity basket helped offset higher beef costs and demonstrate our ability to sustain profitability despite beef headwinds.

第一季餐廳層級利潤為 7,510 萬美元，占 Shack 銷售額的 21.2%，較去年擴張 50 個基點。我們的勞動力管理策略帶來顯著效益，加上採購帶動的其他原物料成本改善，協助抵銷較高的牛肉成本，並展現即使面臨牛肉成本逆風仍能維持獲利能力。

That said, restaurant-level margins came in slightly below our expectations for the quarter due to higher other operating expenses, mainly due to the timing of investments in repairs and maintenance expenses to support our Shacks and some mix impact of our marketing initiatives.

不過，由於其他營運費用較高，餐廳層級毛利率略低於我們對本季的預期；主要原因是為支援各家 Shack 的修繕與維護投資時點，以及我們行銷計畫帶來的部分組合影響。

In the first quarter, food and paper costs were $100 million, or 28.3% of Shack sales, 50 basis points higher versus last year. The increase year over year was mainly driven by the mix of promotional activities to support our culinary innovations during the quarter.

第一季食品與包材成本為 1 億美元，占 Shack 銷售額的 28.3%，較去年高 50 個基點。年增主要由於本季為支持餐飲創新而進行的促銷活動組合所致。

Blended food and paper inflation was down low single digits, with beef costs up low teens and paper and packaging costs down low single digits year over year. Through proactive procurement and cost mitigation initiatives, our teams meaningfully offset continued beef inflation without taking additional price.

加權平均的食品與包材通膨為低個位數下降；其中牛肉成本年增低十位數，而紙品與包裝成本年減低個位數。透過主動採購與成本抑制措施，我們的團隊在未進一步調價的情況下，有效抵銷了持續的牛肉通膨。

Labor and related expenses totaled $92.7 million, or 26.2% of Shack sales, representing a 180 basis point improvement year over year, driven by more efficient scheduling and deployment through our labor management strategies.

人事及相關費用合計 9,270 萬美元，占 Shack 銷售額的 26.2%，較去年改善 180 個基點，主要受惠於勞動力管理策略帶來更有效率的排班與人力配置。

As we move through the year and fully lap the benefits of the implementation of our new labor model, the year-over-year improvement in the labor line will be more muted, with our supply chain initiatives driving restaurant-level margin expansion going forward.

隨著我們在今年逐步完整度過新勞動力模式導入所帶來的效益比較基期，人事費用項目的年對年改善幅度將更為溫和；未來餐廳層級毛利率的擴張將由供應鏈計畫所驅動。

Other operating expenses were $57.5 million, or 16.2% of Shack sales, 60 basis points higher versus last year, largely driven by the timing of repairs and maintenance expense and the growth of third-party delivery.

其他營運費用為 5,750 萬美元，占 Shack 銷售額的 16.2%，較去年高 60 個基點，主要由修繕與維護費用投入時點以及第三方外送成長所帶動。

Our digital sales mix increased to 39.9% in the first quarter. Occupancy and related expenses were $28.7 million, or 8.1% of Shack sales, 20 basis points higher year over year. First-quarter G&A totaled $53.6 million, or 14.6% of total revenue, reflecting incremental investments in marketing and technology, as well as continued investments in our people to support growth and strategic initiatives.

第一季數位銷售占比提升至 39.9%。租金占用及相關費用為 2,870 萬美元，占 Shack 銷售額的 8.1%，年增 20 個基點。第一季一般及行政費用（G&A）合計 5,360 萬美元，占總營收的 14.6%，反映我們在行銷與科技的增量投資，以及持續在人員方面的投入，以支援成長與策略性計畫。

As we mentioned on our fourth-quarter call, our marketing plan for 2026 is more evenly distributed across the year. As a result, our quarterly G&A expense is expected to remain relatively steady from an absolute dollar standpoint each quarter of 2026 and will be relatively consistent with what we spent each of the last two quarters to land within 12% to 13% for the year. This results in a higher year-over-year G&A step-up in the first half, tapering off in the back half of the year. As we discussed last quarter, we plan to deliver G&A leverage in 2027.

如同我們在第四季電話會議中提到的，2026 年的行銷計畫將更平均地分配於全年。因此，預期 2026 年各季的 G&A 費用以絕對金額來看將維持相對穩定，並大致與過去兩季的支出水準一致，以使全年落在 12% 至 13% 的區間。這將使上半年 G&A 的年對年增幅較高，而在下半年逐步趨緩。如同上季所討論，我們計畫在 2027 年實現 G&A 槓桿效益。

Equity-based compensation was $5.2 million, 13.6% higher year over year, with $4.6 million hitting G&A. Pre-opening costs were $6.9 million, up 113.5% year over year, reflecting 17 new Shack openings in Q1 2026 versus 4 in Q1 2025. We have approximately 37 Shacks under construction and the largest pipeline of new Shacks that we've had in our company history.

股權基礎薪酬為 520 萬美元，年增 13.6%，其中 460 萬美元計入 G&A。開店前成本為 690 萬美元，年增 113.5%，反映 2026 年第一季新開 17 家 Shack，而 2025 年第一季為 4 家。目前約有 37 家 Shack 正在施工中，且我們擁有公司歷史上最大的新店開發儲備量。

Adjusted EBITDA of $37 million, or 10.1% of total revenue, declined 9.3% year over year, resulting from sales underperformance due to weather and macroeconomic factors, alongside strategic investments to support our multi-year growth plans.

調整後 EBITDA 為 3,700 萬美元，占總營收的 10.1%，年減 9.3%，主要因天候與總體經濟因素導致銷售表現不如預期，同時我們也進行策略性投資以支援多年期成長計畫。

Depreciation was $29.1 million. The increase in depreciation year over year, both in the first quarter and throughout 2026, is a result of more new company-operated openings coupled with new technology investments.

折舊費用為 2,910 萬美元。折舊年對年增加（無論在第一季或 2026 年全年）主要是因公司自營新店開幕數增加，並搭配新的科技投資。

Net loss attributable to Shake Shack Inc., was $290,000, or a loss of $0.01 per diluted share. Adjusted pro forma net income was $88,000, or earnings of $0 per fully exchanged and diluted share. Our GAAP tax rate was 33%, and our adjusted pro forma tax rate, excluding the tax impact of equity-based compensation, was 25.5%. We ended the quarter with $313.7 million in cash and cash equivalents on our balance sheet.

歸屬於 Shake Shack Inc. 的淨損為 29 萬美元，稀釋後每股虧損 0.01 美元。調整後擬制淨利為 8.8 萬美元，按完全交換並稀釋後每股盈餘為 0 美元。我們的 GAAP 稅率為 33%；剔除股權基礎薪酬的稅務影響後，調整後擬制稅率為 25.5%。本季末資產負債表上的現金及約當現金為 3.137 億美元。

Now on to guidance for the second quarter and full year 2026. Our outlook assumes no major changes to the macro or geopolitical environment. For the second quarter of 2026, we expect system-wide unit openings of 24 to 27, with 16 to 19 company-operated openings and approximately 8 licensed openings.

接著談第二季與2026全年指引。我們的展望假設總體經濟或地緣政治環境不會出現重大變化。就2026年第二季而言，我們預期系統整體新開店數為24至27家，其中16至19家為公司自營店，約8家為授權店。

Total revenue of $424 million to $428 million, with same Shack sales up 3% to 5%. Licensing revenue of $13.5 million to $13.7 million, and restaurant-level profit margin of 24% to 24.5%. Our pricing plans for this year remain modest, assuming no outsized macro changes.

總營收預計為4.24億至4.28億美元，同店（same Shack）銷售成長3%至5%。授權收入預計為1,350萬至1,370萬美元，餐廳層級利潤率為24%至24.5%。我們今年的定價計畫仍維持溫和，並假設不會出現異常重大的總體環境變化。

We plan to exit the second quarter with approximately 4% overall price and continue to expect price across all channels to be up approximately 3% for the full year. We will continue to evaluate the need for pricing as our dynamic cost structure continues to evolve, but our intention is to take a limited amount of pricing.

我們計畫在第二季結束時整體價格約上調4%，並仍預期全年所有通路的價格約上調3%。隨著我們動態成本結構持續演變，我們將持續評估是否需要調價，但我們的意圖是僅進行有限幅度的調價。

On to our full-year 2026 outlook. Given the impacts that we've seen in the first quarter, we now expect to open 60 to 65 company-operated Shacks this year, as our new Shack openings are tracking ahead of plan and more heavily weighted to the first three quarters of the year. We continue to expect total revenue of approximately $1.6 billion to $1.7 billion, driven by low single-digit same Shack sales growth year over year.

接著談2026全年展望。鑑於我們在第一季所看到的影響，我們目前預期今年將新開60至65家自營Shack，因為新店開幕進度超前計畫，且開店時點更集中在今年前三季。我們仍預期總營收約為16億至17億美元，主要由同店銷售年增低個位數所帶動。

Given headwinds in the Middle East, we now expect licensing revenue of $57 million to $59 million. We still plan to open 40 to 45 licensed Shacks this year. We expect restaurant-level profit margin of 23% to 23.5%. We are planning for food and paper inflation to be down low single-digit year over year after accounting for our own supply chain strategies.

考量中東地區的不利因素，我們目前預期授權收入為5,700萬至5,900萬美元。我們仍計畫今年新開40至45家授權Shack。我們預期餐廳層級利潤率為23%至23.5%。在納入我們自身供應鏈策略後，我們規劃食品與紙品通膨年增將下降至低個位數。

Beef inflation is expected to continue at the high single-digit levels. We expect labor inflation to be in the low single-digit range. G&A investments are expected to be toward the higher end of our guided range of approximately 12% to 13% of total revenue to support our strategic investments in growing the business and driving greater brand awareness. We continue to expect approximately $28 million of equity-based compensation expense with about $25 million in G&A.

牛肉通膨預期將持續維持在高個位數水準。我們預期人力通膨將落在低個位數區間。為支持我們在業務成長與提升品牌知名度方面的策略性投資，G&A投資預期將偏向我們指引區間較高端，約占總營收12%至13%。我們仍預期股權基礎薪酬費用約2,800萬美元，其中約2,500萬美元計入G&A。

We expect full depreciation of $124 million to $128 million and pre-opening of approximately $26 million to $28 million. We expect net income of $50 million to $60 million. Altogether, we now expect adjusted EBITDA of $230 million to $245 million, representing 10% to 17% growth year over year.

我們預期折舊費用合計為1.24億至1.28億美元，開店前費用約2,600萬至2,800萬美元。我們預期淨利為5,000萬至6,000萬美元。整體而言，我們目前預期調整後EBITDA為2.30億至2.45億美元，年增10%至17%。

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

感謝各位撥冗，接下來我把時間交回給Rob。

Thank you, Alison. I want to thank our teams again for their hard work and passion for Shake Shack, which is the engine behind our ability to achieve our long-term goals. Thank you to everyone on the call today for your interest in our company. With that, operator, please open up the call for questions.

謝謝你，Alison。我想再次感謝我們的團隊為Shake Shack所付出的努力與熱情，這正是我們達成長期目標能力背後的引擎。也感謝今天參與電話會議的各位對我們公司的關注。接下來，請接線員開放提問。

(Operator Instructions) Brian Vaccaro, Raymond James.

(接線員指示) Brian Vaccaro，Raymond James。

Just on the first quarter comps and can you elaborate on the underlying cadence that you saw through the quarter? Any changes in consumer behavior that you've seen more recently that might be tied to higher gas prices and the Iran conflict? Also maybe provide some more color on how the value initiatives like 135, Chicken Shack on Sundays performed in the quarter. Just curious how that might be positively impacting value perceptions or frequency among certain consumers. Thank you.

關於第一季同店表現，能否進一步說明你們在整個季度中看到的基礎走勢節奏？近期是否觀察到任何消費者行為的變化，可能與油價上漲以及伊朗衝突有關？另外也請多分享一些價值方案的表現，例如135、週日的Chicken Shack在本季的表現如何。我也想了解這是否正面影響了部分消費者對價值的感受或消費頻率。謝謝。

Thanks, Brian. Great question. We had relatively consistent sales rates throughout the quarter. We didn't see significant changes. We did see a little bit of softening in the back half of March, but not at a significant rate. We made a lot of our investments in February behind the launch of our Korean launch and some of the innovation that we were planning.

謝謝，Brian。問得很好。我們整個季度的銷售速度相對一致。我們沒有看到顯著變化。3月後半段確實有些微走弱，但幅度不大。我們在2月做了不少投資，配合韓式產品上市以及我們規劃的一些創新。

Most of the weather impact we saw was January and March. We had anticipated even higher sales heading into Q1. We made a lot of investments heading into Q1 with a sales plan that we would have achieved had we not seen those weather impacts. Our app and digital channels continue to drive significant value for our guests and are growing rapidly.

我們看到的天氣影響主要發生在1月與3月。我們原本預期在進入第一季時銷售會更高。我們在進入第一季前做了不少投資，若不是受到天氣影響，我們本可達成當時的銷售計畫。我們的App與數位通路持續為顧客帶來顯著價值，且成長快速。

We've seen over 35% growth in our digital entrance rate, so 35% downloads of our app, and that is driving a lot of our traffic growth, and we feel great about that. We feel like that is a long-term investment that we're making. It is not a short-term promotion. These folks are coming into our digital community, and they're staying, and their frequency is higher than our non-digital guests. When you think about the value prop that we offer today in our app, you can get a ShackBurger, fries, and a beverage, a Coca-Cola for around the same price as you can get a lot of our other competitors for the same thing.

我們的數位進站率已成長超過35%，也就是App下載量成長35%，這帶動了大量的來客數成長，我們對此感到非常振奮。我們認為這是一項長期投資。這不是短期促銷。這些人加入我們的數位社群後會留下來，而且他們的消費頻率高於非數位顧客。當你想到我們目前在App提供的價值主張，你可以用大約與許多競爭對手相同的價格，買到一份ShackBurger、薯條與一杯飲料（可口可樂）。

On average an $8 ShackBurger, $3 fries and a $1 drink, you're talking about a $12 combo meal, if you want to call it that. We don't call it that. That makes us really competitive. That puts us in the universe of other brands that can persevere through these value challenged and value-oriented times. We feel great about level setting that value equation.

平均來說，一個8美元的ShackBurger、3美元的薯條與1美元的飲料，合計大約是12美元的套餐，如果你想這麼稱呼的話。我們不這麼稱呼。這讓我們非常有競爭力。也讓我們進入到其他品牌所處的範疇，能在這種價值受挑戰、且消費者更重視性價比的時期中持續挺住。我們對於把這個價值等式校準到位感到很有信心。

We also feel great about launching very premium culinary innovation. I would tell you, and I highlighted in the comments we launched a $12.99 barbecue rib sandwich a week ago, and we're seeing huge demand for that innovation at that price point. We really feel that we can play at both ends of the barbell.

我們也很有信心推出非常高端的餐飲創新。我可以告訴你，我在評論中也提到，我們一週前推出了12.99美元的燒烤肋排三明治，而我們看到在這個價位上對該創新的需求非常強勁。我們確實覺得自己能在「槓鈴策略」的兩端同時發力。

We can deliver great value on our core and continue to drive traffic through new guest acquisition and repeat, but we can also drive frequency and check growth with our most engaged guests through our premium innovation. We feel like the sales engine is in place, and that's why we've stayed committed to investing behind it.

我們能在核心產品上提供很好的價值，並透過新客獲取與回訪持續帶動來客數，但同時也能透過高端創新，提升最投入的顧客之消費頻率與客單成長。我們覺得銷售引擎已經就位，這也是我們持續承諾投入資源支持它的原因。

Christine Cho, Goldman Sachs.

Christine Cho，高盛。

Rob, it's really encouraging to see three consecutive quarters of positive traffic growth and really appreciate the quarter to date color. Could you elaborate on the key factors driving your confidence in that Q2 same-store sales growth guidance of 3% to 5%, as well as the sustainability of this momentum through the second half of the year? I think you mentioned a potential lift from the World Cup. How much of that benefit is currently embedded in your guidance?

Rob，看到連續三個季度來客數成長為正，令人非常振奮，也很感謝你們提供截至目前為止的季度進度說明。能否進一步說明，哪些關鍵因素讓你們對第二季同店銷售成長3%至5%的指引更有信心，以及這股動能在下半年能否持續？我想你提到世界盃可能帶來一些提振。目前你們的指引中已經納入了多少這方面的效益？

You're welcome. We are highly confident in our guide for Q2, driven by what we're seeing both on our core business with our app driving a lot of growth and strength in our digital channels, complemented by the success of our premium LTO innovation. We saw last week with the launch of this innovation, we saw 8% comps and 5% traffic.

不客氣。我們對第二季的指引非常有信心，主要來自我們所看到的核心業務表現：App 正在帶動大量成長、數位通路也展現強勁動能，同時再加上我們高端限時供應（LTO）創新的成功。上週這項創新上市時，我們看到同店銷售（comps）成長 8%，來客量（traffic）成長 5%。

We are seeing huge demand for the culinary forward innovation that we're bringing, while underpinning that, being able to go out and also deliver great value proposition for a different consumer and primarily a newer consumer, right? Our new guests, when they come to Shake Shack, are going to want to try the best burgers in the world.

我們看到市場對我們帶來的「以料理為導向」的創新有非常強勁的需求；同時作為基礎，我們也能提供很棒的價值主張，去觸及不同的消費者，尤其是較新的消費者，對吧？我們的新客人來到 Shake Shack 時，會想要嘗試世界上最棒的漢堡。

Like, that's what they come for. They come for the ShackBurger, fries and Coca-Cola. When they get there, we have to have a value proposition that allows them to come in and feel great about the money that they paid for that. That's what the app is designed to do, and we're using that app as a guest acquisition tool. We also need to continue to differentiate ourself in the space.

例如，這就是他們來的原因。他們是為了 ShackBurger、薯條和可口可樂而來。當他們到了店裡，我們必須提供一個價值主張，讓他們進來後能對自己為此所支付的金額感到很值得。這正是這個 App 的設計目的，而我們也把這個 App 當作獲客工具。我們也需要持續在這個領域做出差異化。

We are not going head-to-head with the likes of the QSR value players from a holistic business proposition. We are going to continue to offer premium ingredients and culinary innovation and the best hospitality in the business with great assets, so that when our guests come, it's a different experience than you typically see in traditional QSR.

我們不會以整體商業主張去和那些 QSR（速食餐飲）價值型玩家正面對決。我們會持續提供高端食材、料理創新，以及業界最好的待客之道，並搭配優質的資產，讓客人來到我們這裡時，能有一種不同於傳統 QSR 常見的體驗。

That balance is working, and we're going to continue to invest behind it. On the World Cup side, I mean, we're not going to get into specifics about what our model looks like. The markets where the World Cup is being played are all markets where Shake Shack has a high degree of penetration. Shake Shack in markets where we have high degree of confidence in our ability to drive traffic to our restaurants, regardless of whether there's the World Cup or not. That influx of traffic is just going to benefit and accelerate the business that we do in those, some of our best markets. We're really excited about Q2. As we look to the back half of the year, we have more innovation coming.

這樣的平衡正在奏效，我們也會持續加碼投資。至於世界盃方面，我們不會深入說明我們的模型細節。舉辦世界盃比賽的市場，都是 Shake Shack 滲透率很高的市場。在這些我們對於能帶動餐廳來客量高度有信心的市場，無論是否有世界盃，Shake Shack 都能帶動來客。那一波額外的來客只會讓我們在那些、也就是我們一些最好的市場中的業務受益並加速成長。我們對第二季非常興奮。展望下半年，我們還會推出更多創新。

We have great items across our shakes, beverages, core sandwiches, and we're going to continue to invest. The marketing fuel that is driving a lot of this traffic.

我們在奶昔、飲品、核心三明治品項上都有很棒的新品，我們也會持續投資。而行銷動能正是帶動大量來客的燃料。

Michael Tamas, Oppenheimer & Co.

Michael Tamas，Oppenheimer & Co.

It seems like your same-store sales are implied to be a little bit slower in the second half of the year versus the first half of the year. Can you sort of speak to the confidence in hitting that full year margin guidance of 23% to 23.5% as sales moderate a little bit in the second half of the year? Maybe how you're thinking about that split between COGS, labor, and other OpEx. I mean, is it about COGS deflation that's going to drive the majority of the expansion or how do you want us thinking about that? Thank you.

看起來你們的同店銷售在下半年相較上半年，隱含會稍微放緩一些。當下半年銷售增速稍微趨緩時，你們對於達成全年 23% 到 23.5% 的利潤率指引，有多大信心？能否談談？也想請你分享一下你們如何看待 COGS（銷貨成本）、人力，以及其他營運費用（OpEx）之間的拆分。我的意思是，主要的擴張會是由 COGS 通縮所驅動嗎？或你希望我們怎麼理解？謝謝。

Yeah, I mean, I would tell you that the 50 basis points growth that we had in Q1 was a bit muted, given some of the revenue shortfall that we saw from some of the weather. Just the leverage impact. As we look forward, we continue to see the path to continue to expand those margins. We have a lot of supply chain work going on that is already flowing through in a big way.

是的，我會告訴你，第一季我們的 50 個基點成長其實有點被壓抑，因為天氣因素造成了一些營收缺口。主要是槓桿效應的影響。往前看，我們仍然看到持續擴大利潤率的路徑。我們在供應鏈方面做了很多工作，而且已經以很大的幅度反映在結果上。

Obviously, beef prices are elevated, continue to be elevated, although the rate of growth on the beef pricing that we're seeing is less than a half than it was last year. We're actually seeing a lot of cost mitigation in other items in our basket. Some of that is the macro markets, and a lot of it is the work that we've done in our supply chain. From a cost side, we're doing a lot to mitigate the cost of the inputs into our business model.

顯然，牛肉價格處於高位，且仍然維持高位；不過，我們看到牛肉價格的成長速度不到去年的一半。同時，我們在籃子裡的其他品項其實看到不少成本緩解。其中一部分來自總體市場因素，更多則是我們在供應鏈上所做的工作。在成本端，我們正在做很多事情來降低我們商業模型中各項投入成本的壓力。

On the revenue side, you're right. We delivered 4.6% comp in Q1. We're guiding to 3% to 5% in Q2. We're guiding to low single digits for the year. That does imply a softer comp in the back half. The reason for that is we're going to start lapping some of the marketing investments that we made in the back half of last year versus being fully incremental. We're accounting for that.

在營收端，你說得對。我們第一季同店成長 4.6%。我們對第二季的指引是 3% 到 5%。我們對全年指引是低個位數。這確實隱含下半年同店會更疲弱一些。原因是我們將開始進入去年下半年行銷投資的比較基期（lapping），而不是完全的新增增量。我們已把這點納入考量。

We still have a lot of confidence in our ability to drive strong performance on the top line. We're seeing continued momentum build. We want to make sure that both our broadening of our EBITDA guide as well as the reiteration of our low single-digit comp guide takes into account some of the macro risks. I mean, the reality is, none of us know what's going to happen tomorrow, much less what's going to happen three months from now. There's consumer sentiment driven by a lot of the macro factors. There's costs in commodities driven by macro factors.

我們仍然非常有信心能在營收端帶來強勁表現。我們看到動能持續累積。我們希望確保：無論是我們擴大 EBITDA 指引區間，或是重申全年低個位數同店指引，都已把一些總體風險納入考量。現實是，我們誰也不知道明天會發生什麼，更不用說三個月後會發生什麼。消費者信心會受到許多總體因素影響。大宗商品成本也會受到總體因素影響。

We really thought very carefully about our guidance for this call because we want to make sure that we're informing our investors that we are very confident in our organic business model, but we recognize that there is volatility in the marketplace, and we want to express our guidance and show the risk of that volatility in that guidance.

我們在這次電話會議的指引上確實經過非常審慎的思考，因為我們希望讓投資人知道：我們對自身的有機商業模式非常有信心，但我們也認知到市場存在波動，因此我們希望在指引中表達並呈現這種波動所帶來的風險。

Brian Mullan, Piper Sandler.

Brian Mullan，Piper Sandler。

Congrats on the CFO hire. Congrats to Michelle. Related to that, Rob, last call you said the new CFO would I think share some sort of G&A plan when he or she begins. Just to better understand, has that plan already been largely formed, or would the new CFO need to kinda undertake that work from scratch when she begins? You talked about Project Catalyst in the prepared remarks. Are these one and the same, or are these kinda just two separate topics? Any color would be great.

恭喜聘任新的 CFO。也恭喜 Michelle。延伸這點，Rob，上次電話會議你提到新 CFO 上任後，我想會分享某種 G&A 計畫。為了更好理解，這個計畫目前是否已大致成形？還是新 CFO 上任後需要從頭開始進行這項工作？你在事先準備的講稿中提到 Project Catalyst。這兩者是同一件事嗎？還是其實是兩個不同的主題？任何補充說明都很有幫助。

Project Catalyst will definitely be an asset for us as we create G&A leverage moving forward. We have built these tools that I highlighted in the comments, and we shared with our board last week, and we rolled out to our team members, two weeks ago. We've made a lot of investments. Like, I want to be clear. The G&A is up $13 million this quarter versus year-ago, all right. Like, I don't think about that lightly. Some of that investment was the Operations Leadership Summit that we had this year, which we haven't had before, so we had to obviously pay for that.

Project Catalyst 絕對會成為我們未來創造 G&A 槓桿的一項資產。我們已建立我在評論中提到的這些工具，上週也與董事會分享，並在兩週前向團隊成員推行。我們做了很多投資。我想說清楚。本季 G&A 較去年同期增加了 1,300 萬美元，好嗎。我不會輕忽這件事。其中一部分投資是我們今年舉辦的營運領導高峰會（Operations Leadership Summit），過去我們沒有辦過，所以顯然需要為此付費。

We thought, look, it was important for to recognize the great job that our operators did last year and lay out our vision for the future. That was incremental. We obviously are investing in marketing, but we're also investing heavily in tech, and Project Catalyst is a big part of that. The infrastructure that we're building is going to make us dramatically better. It's going to make us better from an operating standpoint.

我們認為，重點在於肯定我們營運團隊去年做得非常出色的工作，並闡述我們對未來的願景。那是額外增量的部分。我們當然在投資行銷，但也在大力投資科技，而 Catalyst 專案是其中很重要的一環。我們正在建置的基礎設施將讓我們大幅變得更好。從營運角度來看也會讓我們更強。

Our operators today don't have a lot of the tools that they need to make real-time decisions. Our above restaurant operators are spending huge amounts of time pulling reports and sourcing data to be able to have conversations with our GMs about their business. All of that time is going to be significantly reduced.

我們目前的門店營運人員沒有太多他們需要的工具來做即時決策。我們的區域／督導層級營運人員花了大量時間拉報表、蒐集資料，才能和我們的店總（GM）就其門店業務進行討論。這些時間都將大幅縮減。

Our folks in the field are going to be able to have real-time information to make informed decisions. That's going to improve the quality of those decisions. It's also going to reduce the amount of capacity necessary to build those conversations. There is a huge amount of value creation in Project Catalyst for us.

我們在第一線的同仁將能取得即時資訊，以做出有依據的決策。這會提升決策品質。同時也會降低建立這些對話所需的資源投入。Catalyst 專案為我們帶來非常可觀的價值創造。

To your original question around Michelle is going to come in and have a lot of great work on her plate. She obviously has all the experience and all the capabilities to be able to contribute in a big way to the work that's going on here. G&A we obviously have a plan, we have a roadmap, we have things that we're doing and how we're thinking about it for the balance of this year and moving forward.

回到你最初關於 Michelle 的問題，她加入後手上會有很多重要且出色的工作要推進。她顯然具備所有經驗與能力，能在這裡正在進行的工作中做出重大貢獻。至於 G&A（一般及行政費用），我們當然有計畫、有路線圖，也有今年剩餘期間以及往後的作法與思考。

Michelle's absolutely going to come in and weigh in on all of that and have a point of view. Michelle and I are committed we had a big discussion about this. We're committed long term to growing EBITDA faster than revenue and making sure that we're continuing to enhance our operating margins as a company. That's going to be the work we're doing. In order for us to continue to do that, we have to get better on the G&A line, but we have to make sure that we're making the right investments that drive the long-term outcomes.

Michelle 一定會加入並對上述各項提出看法與觀點。Michelle 和我對此有長時間深入討論。我們長期承諾要讓 EBITDA 的成長快於營收，並確保公司持續提升營業利潤率。這將是我們要做的工作。為了持續做到這點，我們必須在 G&A 這條線上做得更好，但也要確保我們做的是能驅動長期成果的正確投資。

Right now, it's all about battling for share in this marketplace. We cannot afford to lose guests right now, and so we are making those investments. Yeah, none of us are super excited about the way the EBITDA showed up this quarter. There's a lot of moving pieces there. There's a lot of timing.

目前最重要的是在這個市場中爭奪市占。我們現在承受不起流失顧客，因此我們正在進行這些投資。是的，我們沒有人會對本季 EBITDA 的呈現方式感到特別滿意。其中有很多變動因素。也有很多時點因素。

Opening up a lot more restaurants this quarter cost us a lot more, but we wouldn't make the decision not to do it. We made some decisions knowing that this was going to be the outcome, but we have the most confidence we've had on the path forward.

本季開出更多餐廳讓我們成本增加不少，但我們不會因此做出不開的決定。我們在做某些決策時就知道結果會是如此，但我們對未來的前進路徑有史以來最強的信心。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Rob, I did want to circle back on that last comment you made on the decision to pull forward some new unit growth. Can you guys elaborate a little bit on that decision and maybe the impact that you saw in the first quarter from pulling forward some new units? I had a quick follow-up as well. Thanks.

Rob，我想回到你剛才最後那段關於決定把部分新店成長提前的評論。你們能否更詳細說明這個決策，以及把一些新店提前對第一季造成的影響？我也有一個簡短的追問。謝謝。

You got it. It's not necessarily that we pulled them forward. We just built them better, faster. We obviously guided to a range for the year and gave guidance on how many we would open in Q1. We're just getting better at opening restaurants, frankly.

沒問題。不一定是我們把它們提前。而是我們把店蓋得更好、更快。我們當然對全年給了區間指引，也提供了第一季會開多少家的指引。坦白說，我們只是更擅長開店了。

We're getting better on the construction side, on the equipment procurement side, and on the operations and preparation it takes to open up a restaurant successfully. We're just moving faster, and that's why we're able to take our guide up for the year. It's not just pulling forward from one quarter into this quarter. It's actually building restaurants faster. With the same quality. That really it wasn't as much a pull forward, it's just we're accelerating.

我們在施工端、設備採購端，以及成功開店所需的營運與準備工作上都做得更好。我們的速度更快，因此才能上調全年指引。這不只是把某一季的開店挪到這一季。而是實際上把餐廳建得更快。而且品質不變。所以與其說是提前，不如說我們正在加速。

On the amount that it costs, I mean we opened four more restaurants than the midpoint of our guide. You can kind of do the math on historically what our pre-opening costs are for those restaurants. It's not exactly 1:1 because we have a lot of pre-opening costs that flow from quarter to quarter because we're incurring pre-opening costs right now for next quarter.

至於成本金額，我們開了比指引中位數多四家餐廳。你可以用我們過去的單店開幕前成本（pre-opening costs）大致推算。但不會完全是 1:1，因為我們有不少開幕前成本會跨季流動，因為我們現在也正在為下季發生開幕前成本。

As you think about the rate of acceleration and the fact that we're opening up so many restaurants in Q2, some of those pre-opening costs actually hit Q1. That acceleration is great. We wouldn't change it. We're going to continue to build more restaurants. We love the returns. It is a different cost profile on a quarterly basis, which did impact our results in this quarter.

當你考量加速的速度，以及我們在第二季會開出這麼多餐廳時，其中一些開幕前成本其實會落在第一季。這種加速是很好的。我們不會改變。我們會持續開更多餐廳。我們很喜歡這些投資報酬。但以季度來看，成本結構會有所不同，這確實影響了本季的結果。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

I guess maybe just two questions on the margin. One is you mentioned that cost of goods or the inflation was negative low single digits, but you did see some margin pressure there. Is that promotions or the in-app value menu?

我想就毛利率問兩個問題。第一個是，你提到商品成本或通膨是負的低個位數，但你們仍看到一些毛利率壓力。那是因為促銷，或是 App 內的超值菜單嗎？

I guess the related question is, as you think about supply chain initiatives, and I think you said those will be the primary driver of margin expansion going forward, versus labor. The dynamic was reversed in the quarter. What, I guess, what's still ahead of you and how should I think about sort of the mix of those two margin components in the next few quarters?

相關的問題是，當你們思考供應鏈的各項措施，而且我記得你說這些將是未來毛利率擴張的主要驅動因素，相較於人力。但本季的動態剛好相反。那麼，接下來你們還有哪些工作要做？以及未來幾季我該如何看待這兩個毛利率構成項目的組合變化？

Yeah, great question. We did grow the margin 50 basis points, right? We we did make improvements. When we say we missed on margin, it is just relative to our guide. We did anticipate higher margins than we delivered despite growing the margin 50 basis points.

是的，這是個好問題。我們的毛利率確實提升了 50 個基點，對吧？我們確實做出了改善。當我們說毛利率沒有達標，是相對於我們的指引而言。儘管毛利率提升了 50 個基點，但我們原本預期的毛利率會高於實際交付。

A lot of that was just sales deleverage relative to our plan that formed our guidance. We came into this quarter with over a significantly higher sales rate than what came what the outcome was. And that was primarily the weather. If everyone recalls, we had some bad weather in 2025. Q1 2025 was not a great quarter for anyone. Wildfires blizzards, the whole thing.

其中很大一部分只是相對於形成我們指引的計畫而言，銷售未達導致的槓桿不利（sales deleverage）。我們進入本季時，預期的銷售率明顯高於最終結果。而這主要是天氣因素。如果大家還記得，2025 年我們遇到一些惡劣天氣。2025 年第一季對任何人都不是好季度。野火、暴風雪，什麼都有。

We didn't plan for a huge negative weather impact in Q1. If you know, if you add that 240 basis points to what we delivered, it's pretty strong comp growth. Our plans were based on that. The investments that we made in marketing, the guidance that we gave on margin was driven by what we anticipated on the top line revenue. When that revenue didn't come through, you saw some you saw less than it's 10 basis points. It's not like we missed it by 100 basis points, we take it seriously. 10 basis points relative to being within the guide. The supply chain is driving a lot of the margin right now in addition to continued operational improvements.

我們並沒有在第一季規劃如此大的負面天氣影響。如果你把那 240 個基點加回我們實際交付的數字，則同店成長其實相當強勁。我們的計畫就是以此為基礎。我們在行銷上的投資、以及我們給出的毛利率指引，都是基於我們對營收端（top line revenue）的預期。當那個營收沒有實現時，你就看到一些影響——你看到的差距不到 10 個基點。並不是差了 100 個基點；我們很重視，但相對於落在指引區間內，差距是 10 個基點。目前供應鏈在驅動很大一部分毛利率，此外還有持續的營運改善。

We've done a ton of work, that work has also required G&A investment. We had to rebuild a procurement team. We had to hire distribution people. All of that work is why we have a very high degree of confidence in being able to deliver at least 50 basis points of margin enhancement throughout the rest of the year.

我們做了大量的工作，而這些工作也需要投入G&A（一般及行政）費用。我們必須重建採購團隊。我們必須聘用配送／物流人員。正因為做了這些工作，我們對於在今年剩餘期間至少帶來50個基點的毛利率提升，具有非常高的信心。

Jeffrey Bernstein, Barclays.

Jeffrey Bernstein，Barclays。

Hi, this is Anisha Datt on for Jeffrey Bernstein. Thanks for taking my question. As you prepare to launch a loyalty program by the end of 2026, what customer or behavioral insights have been most influential in its design, and how will the program differ from purely points-based or discount-driven offerings?

您好，我是代替Jeffrey Bernstein提問的Anisha Datt。感謝讓我提問。在您準備於2026年底前推出會員忠誠計畫之際，哪些顧客或行為洞察對其設計影響最大？此外，該計畫將如何有別於純粹以點數累積或折扣驅動的方案？

Yeah. We've been thinking a lot about It's a great question. We've been thinking a lot about this and we have a big decision to make on does the app and loyalty program, do they just kindof turn into one thing? we made a strategic decision that that's not going to be the case. The app as it lives today is going to be a continued way for us to drive value and acquire new guests.

是的。我們一直在深入思考——這是個很好的問題。我們思考很多，而且我們有一個重大決策要做：App與忠誠計畫是否要某種程度上合而為一？我們做了策略性決定：不會是那樣。目前的App將持續作為我們創造價值並獲取新客的方式。

The loyalty platform is really intended to drive brand affinity, brand engagement, and frequency amongst our most valuable guests. Those two objectives will drive a different approach to our app and our loyalty platform. The folks that are already in our app will all transition into our loyalty platform because they're current guests.

忠誠平台的目的，主要是提升品牌好感、品牌互動，以及在我們最有價值的顧客之間提高來訪頻率。這兩個目標將驅動我們對App與忠誠平台採取不同的做法。目前已在我們App裡的使用者都會轉移到忠誠平台，因為他們是現有顧客。

We will communicate and approach the promotions and marketing that we do on the app differently than the loyalty platform. The loyalty platform will not just be a way to send discounts. It will actually be a way to drive brand engagement, giving loyalty members unique and special representations of hospitality to drive further engagement, drive affinity, and drive frequency.

我們在App上所做的促銷與行銷溝通方式，會與忠誠平台有所不同。忠誠平台不會只是用來發送折扣。它實際上會是一種推動品牌互動的方式，為忠誠會員提供獨特且特別的款待體驗，以進一步提升互動、提升好感，並提高來訪頻率。

We're looking at all kinds of different opportunities to do that, whether it's through some of our partnerships with some of our things we've done with partnerships and collaborations in the past, whether it's offering first access to special things that we do.

我們正在評估各式各樣的機會來做到這點，不論是透過我們的一些合作夥伴關係、過去做過的合作與聯名，或是提供我們特別活動／特別內容的優先體驗權。

All of those things will flow through our loyalty platform, and the app will kind of stay as a new guest acquisition tool.

所有這些都會透過我們的忠誠平台來承接，而App則會大致維持作為新客獲取工具。

Margaret-May Binshtok, Wolfe Research.

Margaret-May Binshtok，Wolfe Research。

Morning. Thanks for taking my question. Just a two-parter here. I just wanted to ask a little bit about the paid media that you guys have done, the location targeted paid media, how you guys are seeing that tracking in some of your newer markets versus more established markets. Just wanted to follow up on the remodels that you guys have mentioned are underway, I think in New York City. Any early reads on what you guys are seeing and any sort of cadence for the rest of the year? Thank you.

早安。感謝讓我提問。我有兩個問題。首先想請教你們所做的付費媒體投放，尤其是以地點為目標的付費媒體，在較新的市場相較於較成熟市場，你們觀察到的成效追蹤如何？其次想追問你們提到正在進行的店面翻新，我想是在紐約市。目前有沒有任何初步觀察？以及今年剩餘時間的推進節奏如何？謝謝。

Great question. Our media we don't have big national market media budgets. We have to be very choiceful on what and where we invest. Right now, our media is invested in two ways.

很好的問題。我們的媒體投放並沒有龐大的全國性媒體預算。我們必須非常審慎地選擇投資的內容與地點。目前我們的媒體投資主要分成兩種方式。

One is guest acquisition through delivering value proposition that's compelling for new guests, and that's primarily marketing our app and our 135 platform. It is driving frequency and check benefit through our LTO innovation. It's a balanced approach in different markets, depending upon our market penetration, depending upon the number of guests that we have in the app platform today, which is how we kind of measure the number of current guests versus new guest potential.

第一是透過提供對新客具有吸引力的價值主張來獲取顧客，這主要是行銷我們的App以及我們的135平台。第二是透過我們的LTO（限時供應）創新來提升來訪頻率與客單價效益。在不同市場我們會採取平衡式做法，取決於我們的市場滲透率，也取決於目前在App平台上的顧客數量——我們用這個指標來衡量現有顧客數與新客潛力。

That will drive a lot of the decisions on how we make, on how we invest our media. On the remodels we've been really pleased. We're continuing to invest in remodels. We're a 22-year-old company now and we're starting to see some of these great restaurants that have been in markets like New York for a long time and continue to deliver great revenue and some of our best margins. They get a lot of traffic.

這將驅動我們在媒體投資上的許多決策。至於翻新，我們的成果讓我們非常滿意。我們會持續投資翻新。我們現在是一家22年的公司，開始看到一些在紐約等市場經營已久、仍持續帶來很高營收且擁有我們部分最佳利潤率的優秀餐廳。它們有很高的人流。

We want to make sure that that traffic is when they show up, they're getting hospitality. It's not about making everything brand new and fresh, but it is about making sure that if the restaurants feel cared for, making sure that the restaurants are welcoming.

我們希望確保這些人流到店時，能感受到我們的款待。這不是要把一切都變得全新、煥然一新，而是要確保餐廳被妥善照顧，並確保餐廳給人賓至如歸、歡迎光臨的感受。

Then in addition to that, we're also leveraging remodels as an opportunity to optimize the back of house, right? We've done a lot of testing on kitchen and equipment and kitchen flow. When we go in and we know we're going to touch the restaurants, we're going to make sure that those restaurants are set up for the most productivity possible. That also can be a revenue driver as we increase throughput because of optimized back of house flow. We're making both of those investments and we're really happy with where we're at there.

此外，我們也把翻新視為優化後場（後廚）的機會，對吧？我們在廚房、設備以及廚房動線方面做了大量測試。當我們進場、知道要動到餐廳時，我們會確保這些餐廳的配置能達到最高的生產力。隨著後場動線優化、提高出餐吞吐量，這也可能成為營收的驅動因素。我們同時進行這兩方面的投資，對目前的進展非常滿意。

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. Thank you for your participation.

我們的問答環節到此結束。今天的電話會議也將告一段落。您現在可以掛斷電話線。感謝您的參與。