西斯柯 (SYY) 2026 Q2 法說會逐字稿

Please stand by. Your meeting is about to begin. Good morning, everyone. Welcome to today's Sysco second quarter fiscal year 2026 earnings conference call. (Operator Instructions).

請稍候。會議即將開始。各位早安。歡迎參加Sysco公司2026財年第二季財報電話會議。（操作說明）

We will begin with opening remarks and introductions. At this time, I would like to turn the call over to Mr. Kevin Kim, Vice President of Investor relations. Please go ahead, sir.

我們將從開幕致詞和介紹開始。此時，我謹將電話轉交給投資人關係副總裁凱文金先生。請繼續，先生。

Good morning, everyone and welcome to Sysco's second quarter fiscal year 2026 earnings call. On today's call we have Kevin Hourican, our chair of the Board and CEO, and Kenny Cheung, our CFO.

各位早安，歡迎參加Sysco 2026財年第二季財報電話會議。今天的電話會議有我們的董事長兼執行長 Kevin Hourican 和我們的財務長 Kenny Cheung。

Before we begin, please note that statements made during this presentation that state the company's or management's intentions, beliefs, expectations, or predictions of the future are forward-looking statements within the meaning of the Private Securities Litigation Reform Act, and actual results could differ in a material manner.

在開始之前，請注意，本次演講中提及的公司或管理層的意圖、信念、預期或對未來的預測均為《私人證券訴訟改革法案》意義上的前瞻性陳述，實際結果可能與預期存在重大差異。

Additional information about factors that could cause results to differ from those in the forward-looking statements is contained in the company's SEC filings. This includes but is not limited to risk factors contained in our annual report on Form 10-k for the year ended June 28, 2025, subsequent SEC filings, and the news release issued earlier this morning. A copy of these materials can be found in the investor section at sysco.com.

有關可能導致實際結果與前瞻性聲明中所述結果存在差異的因素的更多信息，請參閱公司向美國證券交易委員會提交的文件。這包括但不限於我們在截至 2025 年 6 月 28 日的年度 10-k 表格年度報告、後續提交給美國證券交易委員會的文件以及今天早上發布的新聞稿中所包含的風險因素。這些資料的副本可在sysco.com網站的投資者關係部分找到。

Non-GAAP financial measures are included in our comments today and in our presentation slides. The reconciliation of these non-GAAP measures to the corresponding GAAP measures is included at the end of the presentation slides and can also be found in the investor section of our website.

我們今天的發言和簡報中都包含了非GAAP財務指標。這些非GAAP指標與相應的GAAP指標的調節表包含在簡報的末尾，也可以在我們網站的投資者關係部分找到。

During the discussion today, unless otherwise stated, all results are compared to the same quarter in the prior year. To ensure we have sufficient time to answer all questions, I'd like to ask each participant to limit their time today to one question. If you have a follow-up question, please, reenter the queue. At this time, I'd like to turn the call over to Kevin Hourican.

在今天的討論中，除非另有說明，所有結果均與去年同期進行比較。為了確保我們有足夠的時間回答所有問題，我希望每位參與者今天只提一個問題。如果您還有其他問題，請重新排隊。此時，我想把電話交給凱文霍里坎。

Good morning, everyone and thank you for joining us today. I am pleased to report that Sysco delivered strong results in the second quarter of fiscal 2026. Our results were enabled by improving case volume trends, strengthening gross margin performance, and disciplined expense management.

各位早安，感謝大家今天收看我們的節目。我很高興地報告，Sysco 在 2026 財年第二季取得了強勁的業績。我們的業績得益於病例量趨勢的改善、毛利率表現的提升以及嚴格的費用管理。

Given the strong start to the year, we now expect full year adjusted EPS to be at the high end of our previously provided annual guidance range of $0.045 to $0.046.

鑑於今年開局強勁，我們現在預計全年調整後每股收益將達到我們之前提供的年度指導範圍 0.045 美元至 0.046 美元的高端。

We are delivering sequential improvement in our business, setting the stage for further momentum in the second half of the fiscal year.

我們的業務正在穩步改善，為下半年的進一步發展奠定了基礎。

During our call today, we will share insights into the progress that we are making, provide color on each major business segment. We will discuss the external business environment, and we will highlight progress on select growth initiatives.

在今天的電話會議上，我們將分享我們所取得的進展，並詳細介紹每個主要業務部門。我們將討論外部商業環境，並重點介紹部分成長計畫的進展。

After my remarks, Kenny will highlight our financial results, and he will share why we are confident in our ability to deliver adjusted EPS at the high end of our guidance range.

在我發言之後，Kenny 將重點介紹我們的財務業績，並分享我們為何有信心實現調整後每股收益達到預期範圍上限。

Let's jump into our business results starting on slide 4. Our Q2 performance exceeded our previously communicated targets for USFS local volume and adjusted earnings per share. Sysco delivered nearly $21 billion of total revenue, a growth rate of 3% versus the prior year.

讓我們從第 4 張投影片開始，直接來看我們的業務成果。我們第二季的業績超過了先前公佈的美國林務局本地業務量和調整後每股收益目標。Sysco公司總營收接近210億美元，較上年成長3%。

Importantly, we delivered positive case growth in our local, specialty, national, and international business units. USFS local case volume was up 1.2% in the quarter, an improvement of 140 basis points versus Q1.

重要的是，我們在本地、專科、全國和國際業務部門都實現了積極的病例成長。本季美國林務局本地案件量增加了 1.2%，比第一季提高了 140 個基點。

This improvement in performance was approximately 40 basis points stronger than what we had guided on our last call. The improvement in our performance can be seen on slide 8.

這一業績提升幅度比我們上次電話會議中給出的預期高出約 40 個基點。從第 8 張投影片可以看出，我們的表現有所提升。

Sysco's 140 basis points of local case growth improvement was delivered in an environment where traffic to restaurants per black box declined more than 200 basis points year over year and a similar decline quarter over quarter. We are strengthening our performance at Sysco and a softening macro backdrop.

Sysco 的本地病例增長改善了 140 個基點，而與此同時，每台黑盒子的餐廳客流量同比下降了 200 多個基點，環比也出現了類似的下降。我們在 Sysco 的表現不斷提升，同時宏觀經濟環境也正在走軟。

Our improvement gives us the conviction and our ability to gain share profitably in the current market conditions. We are pleased with the positive momentum in local volumes over each of the last three quarters in the U.S. as seen on slide number 8.

我們的進步使我們有信心和能力在當前的市場環境下獲利地贏得市場份額。如投影片 8 所示，我們對過去三個季度美國本地銷售的積極成長勢頭感到滿意。

We are now solidly in positive volume growth territory, and we expect continued positive momentum for the second half of the year. More specifically, we expect reported local volume growth of at least 2.5% in both Q3 and Q4.

我們目前已穩定進入銷售量正成長階段，預計下半年將持續維持成長動能。更具體地說，我們預計第三季和第四季本地報告銷量將成長至少為 2.5%。

To double click into that 2.5% back half growth, we expect at least 2.1% to come from organic local case growth, representing a 100 basis points improvement versus Q2, with approximately 50 basis points additional contribution from M&A activity recently completed.

為了進一步推動下半年 2.5% 的成長，我們預計至少 2.1% 將來自本地有機成長，比第二季度提高 100 個基點，而最近完成的併購活動還將貢獻約 50 個基點。

Turning the page to our national contract business, during our second quarter, our national business generated volume growth of 0.4%. Unpacking this segment further, we saw strong growth in our food service management business, solid growth in travel and entertainment, and positive and strengthening volume growth in our healthcare business.

翻到我們的全國合約業務，在第二季度，我們的全國業務實現了 0.4% 的銷量成長。進一步分析這一部分，我們發現餐飲服務管理業務實現了強勁增長，旅遊和娛樂業務實現了穩健增長，醫療保健業務的銷售也實現了積極且不斷增強的增長。

The positive growth from these business units was partially offset by softness in our national restaurant segment. The declining foot traffic to restaurants per black box has negatively impacted our national chain restaurant customers, as can be seen in our results, as volume with these customers was down year over year.

這些業務部門的積極成長被我們全國餐飲業務的疲軟部分抵消。從我們的業績可以看出，每台黑盒子餐廳的客流量下降，對我們的全國連鎖餐廳客戶產生了負面影響，因為這些客戶的銷售量比去年同期下降。

For the remainder of the fiscal year, we expect case volume growth for national contract customers in total to be greater than 2% due to the onboarding of net new customer wins in the national restaurant customer business and continued strength in our non-restaurant business.

在本財年剩餘時間內，我們預計全國合約客戶的總銷量成長將超過 2%，這得益於全國餐飲客戶業務淨新增客戶的加入以及非餐飲業務的持續強勁增長。

Having covered top-line results, I will now transition to the middle of our P&L and highlight our expanded gross margins year over year.

在介紹完營收業績後，我現在將過渡到損益表的中間部分，重點介紹我們逐年擴大的毛利率。

Our buying and merchandizing teams are doing a solid job of ensuring best price in our procurement efforts and partnering with our sales teams to highlight that value to our customers. As I have mentioned on previous earnings calls, we are working extensively to increase the availability of products in what we call the value tier of a good, better, best product hierarchy.

我們的採購和銷售團隊在採購過程中盡職盡責地確保獲得最優價格，並與銷售團隊合作，向客戶強調這一價值。正如我在先前的財報電話會議上提到的，我們正在大力增加我們所謂的「好、更好、最好」產品等級體系中「價值層級」產品的供應量。

Sysco currently under penetrates in the value tier, and there is an opportunity for improvement, especially in an environment where restaurants are seeking ways to save money. Historically, Sysco has had a strong position in the premium or better best segments of the business, and our merchandizing focus on the value tier is intended to supplement our existing assortment.

Sysco 目前在價值型市場滲透率不足，還有提升空間，尤其是在餐飲業都在尋求節省成本的環境下。從歷史上看，Sysco 在高端或更高檔的市場領域一直佔據著強大的地位，而我們對價值檔次商品的關注旨在補充我們現有的產品系列。

Doing so will enable us to win net new lines from existing customers. The development of a stronger value assortment is actively underway and will progress constructively over the next calendar year. I want to be very clear that these efforts are not intended to trade customers down from better to good.

這樣做將使我們能夠從現有客戶那裡贏得新的訂單。我們正在積極開發更有價值的產品組合，並將在未來一年內取得建設性進展。我想非常明確地說明，這些努力的目的並非是要將客戶從優質客戶降級到良好客戶。

This is about filling voids in the Sysco product assortment, meeting the customer where they are, and growing our business profitably with existing customers. Sysco delivered solid expense control in the quarter, with supply chain productivity continuing to improve quarter over quarter and year over year.

這旨在填補 Sysco 產品組合中的空白，滿足客戶的需求，並與現有客戶一起實現業務的獲利成長。Sysco 本季實現了穩健的費用控制，供應鏈生產力季比和年比持續提高。

Warehouse and driver colleague retention improved in the quarter, driving improvement in productivity. We are delivering strong service to our customers and improving our supply chain cost performance.

本季倉庫和司機員工留任率有所提高，從而提高了生產效率。我們致力於為客戶提供優質服務，並持續提升供應鏈成本效益。

Turning to our international segments, we are extremely pleased with the performance being delivered by our international team.

就我們的國際業務而言，我們對國際團隊的表現非常滿意。

During the quarter, we delivered sales growth of 7.3% on a reported basis and up 9.9% when excluding the divestiture of Mexico. Starting in Q3 2026, we will have fully lapped our Mexico business exit. The momentum in our international business was fueled by every international geography. To that end, local case growth in our international segment was up 4.5% in the period.

本季度，我們按報告資料計算實現了 7.3% 的銷售額成長，如果排除剝離墨西哥業務的影響，則成長了 9.9%。從 2026 年第三季開始，我們將徹底完成在墨西哥的業務退出。我們的國際業務發展勢頭得益於各國際地區的業務成長。為此，我們國際業務領域的本地病例成長率在此期間上升了 4.5%。

This growth is being generated by expanded supply chain capacity, increased availability of Sysco branded merchandise, increased sales headcount, and easier to use technology.

這一成長是由供應鏈能力的擴大、Sysco品牌商品供應量的增加、銷售人員數量的增加以及技術的更易於使用所推動的。

The 4.5% local case growth coupled with disciplined expense management delivered adjusted operating income growth of nearly 26%. This represents the ninth consecutive quarter of double-digit operating income growth and highlights the reality that Sysco International is a growth engine within the company.

本地病例增加 4.5%，加上嚴格的費用管理，使調整後的營業收入增加了近 26%。這標誌著 Sysco International 連續第九個季度實現兩位數的營業收入成長，凸顯了 Sysco International 是公司內部成長引擎的現實。

I am proud of the progress that we have made in international, and we are very bullish on our future in this segment. I'd now like to transition into a brief update on select growth initiatives that are driving our positive U.S. local case growth. First off, I would like to provide an update on sales colleague retention and productivity.

我為我們在國際市場取得的進展感到自豪，我們對該領域的未來充滿信心。現在我想簡要介紹一下推動美國本地病例積極成長的幾項成長舉措。首先，我想向大家報告一下銷售同事的留任率和生產力狀況。

As was the case in Q1, our colleague retention rate in Q2 was at or above our historical high-water mark. We have fully stabilized sales colleague retention, and we are now focused on increasing selling productivity. Due to the higher-than-normal percentage of sales colleagues that are newer to role, we are focused on product and selling training.

與第一季的情況一樣，我們第二季的員工留任率達到或超過了歷史最高水準。我們已經完全穩定了銷售人員的留任率，現在專注於提高銷售效率。由於銷售團隊中新入職員工的比例高於正常水平，我們目前專注於產品和銷售培訓。

We have full confidence that these training efforts are improving selling effectiveness. In Q2, we can see the improvement through important internal sales metrics. We continue to onboard net new customers at a high level, and we have made meaningful progress in improving customer retention.

我們完全相信這些培訓措施正在提高銷售效率。第二季度，我們可以透過重要的內部銷售指標看到改善。我們持續保持較高的淨新增客戶數量，並且在提高客戶留存率方面取得了顯著進展。

The spread between new customer on boarding and existing customer lost is measured in a new versus loss ratio. That ratio expanded solidly in the second quarter.

新客戶加入率與現有客戶流失率之間的差距可以用新客戶流失率來衡量。第二季度，該比例穩定上升。

To assist our colleagues, we have deployed tools to improve selling productivity. Most notable is our AI 360 CRM tool, which is now four months live in production. Engagement with AI 360 remains very high, with 95% or more of our colleagues using the tool weekly.

為了幫助我們的同事，我們部署了各種工具來提高銷售效率。最值得一提的是我們的 AI 360 CRM 工具，目前已上線生產環境四個月了。AI 360 的使用率仍然非常高，每周有 95% 或以上的同事使用該工具。

More importantly, we can track utilization and selling performance through AI 360. Across all sales colleague tenures, those that are using the tool more often are outperforming those that use it less often. The math is very clear. If you use the tool, you sell more. Our goal in the second half of the year is to ensure all of our sales reps are actively engaging with the selling suggestions that come from AI 360.

更重要的是，我們可以透過 AI 360 追蹤利用率和銷售業績。在所有銷售同事的任職年限中，使用該工具頻率越高的同事績效越好，使用該工具頻率越低的同事績效越好。數學原理非常清晰。使用這個工具，你的銷量就會更高。今年下半年，我們的目標是確保所有銷售代表都能積極利用 AI 360 提供的銷售建議。

To that end, we have new functionality being deployed to the tool on a regular basis. Coming soon will be something that we call swap and save suggestions for our sales consultants to introduce to customers. With the click of one button, the sales consultant will have access to prioritize suggestions of products that can save a customer money.

為此，我們會定期向該工具部署新功能。不久之後，我們將推出一項名為「交換和節省建議」的功能，供我們的銷售顧問向客戶介紹。只要點擊一個按鈕，銷售顧問即可優先推薦能為客戶省錢的產品。

These suggestions are cuisines specific to the restaurant and are generated by our internal data science team. The key is in the data, knowing which items are acceptable solutions and substitutions.

這些建議是餐廳特有的菜系，由我們的內部數據科學團隊產生。關鍵在於數據，要知道哪些項目是可接受的解決方案和替代方案。

We are able to identify which of the items' substitutions will save the customer money. We'll help Sysco make more money and, importantly, make our sales reps more money too.

我們能夠確定哪些商品的替代品可以為顧客省錢。我們將幫助 Sysco 賺更多錢，更重要的是，也將幫助我們的銷售代表賺更多錢。

The suggestions that will be prompted will be those that check each of these three boxes, a win. AI 360 will enable our sales teams to put more of these swap and save opportunities in front of our customers more often.

系統給予的建議將滿足這三個條件，即為成功。AI 360 將使我們的銷售團隊能夠更頻繁地向客戶展示更多此類換購和省錢的機會。

Lastly, I'd like to provide a quick update on Sysco Your Way and Perks loyalty program performance. Sysco Your Way neighborhoods continue to deliver mid-single-digit volume growth year over year despite being in the fourth year of existence.

最後，我想簡單報告 Sysco Your Way 和 Perks 會員忠誠度計劃的執行情況。儘管 Sysco Your Way 社區計畫已經開展了四年，但其銷量仍保持著逐年中等個位數的成長。

That durable growth success proves that the program resonates well with customers. We are growing our customer count and the lines purchased per existing customers within Sysco Your Way neighborhoods. The revamp of Sysco perks is delivering results as we had anticipated.

這種持續成長的成功證明該計劃與客戶產生了良好的共鳴。Sysco Your Way 社群的客戶數量和現有客戶購買的商品種類都在增加。Sysco員工福利的改革正在達到我們預期的效果。

We are seeing improved customer retention year over year, and we are seeing increased share of wallet with these important customers. Our local business is now growing as a result of improved colleague productivity in the sales driving programs that I just mentioned.

我們看到客戶留存率逐年提高，而這些重要客戶的錢包份額也在增加。由於我剛才提到的銷售驅動計劃提高了同事們的生產力，我們當地的業務現在正在成長。

We are confident we will continue to make progress and therefore we are confident in the projection that we will improve local volumes to at least 2.5% in the second half of fiscal 2026.

我們有信心繼續取得進展，因此我們有信心預測，到 2026 財年下半年，本地銷量至少將成長 2.5%。

As I wrap up my prepared remarks, I would like to provide an update on two miscellaneous topics from the quarter. First is to communicate that we completed a small tuck and acquisition at the end of the second quarter. We are pleased to welcome Ginsberg Foods, a premier broadline distributor in the Northeast, to the Sysco family.

在我結束準備好的發言稿之前，我想就本季度的兩個其他議題作簡要介紹。首先要說明的是，我們在第二季末完成了一項小型收購和合併。我們很高興地歡迎東北地區領先的綜合食品分銷商 Ginsberg Foods 加入 Sysco 大家庭。

This transaction increases our customer count in a high value region of the country and helps Sysco's leverage its supply chain network more completely. We are excited to create additional scale and growth potential in the geography as we welcome the Ginsberg colleagues and customers to Sysco.

此次交易增加了我們在該國高價值地區的客戶數量，並幫助 Sysco 更充分地利用其供應鏈網路。我們很高興能夠隨著 Ginsberg 的同事和客戶加入 Sysco，在該地區創造更大的規模和成長潛力。

Over time, we are positioned to unlock additional top-line growth and margin expansion opportunities as we introduce Sysco 's buying programs and product assortment to the expanded customer set.

隨著我們向更廣泛的客戶群引入 Sysco 的採購計劃和產品系列，我們將逐步獲得進一步的收入成長和利潤擴張機會。

Lastly, I want to acknowledge the retirement and transition of our Chief Operating Officer, Greg Bertrand. Greg began his Sysco journey in 1991 and quickly advanced through the ranks, serving as our global COO since September of 2023. Greg will be missed personally and professionally, and we thank him for his substantial contributions to Sysco across his 35-year career.

最後，我要對營運長格雷格·伯特蘭的退休和過渡表示祝賀。Greg 於 1991 年加入 Sysco，並迅速晉升，自 2023 年 9 月起擔任我們的全球營運長。格雷格的離世，無論從個人或職業角度來說，都將令我們深感惋惜。我們感謝他在長達 35 年的職業生涯中為 Sysco 做出的巨大貢獻。

Over the next year, Greg will serve as a strategic advisor in a part-time capacity. Greg will focus his time and efforts on helping develop newer Sysco field leaders and will support me directly on select strategic initiatives like the Ginsberg acquisition that I just mentioned.

在接下來的一年裡，格雷格將以兼職身分擔任策略顧問。Greg 將把時間和精力集中在幫助培養 Sysco 的新一代現場領導者上，並將直接支持我開展一些策略舉措，例如我剛才提到的 Ginsberg 收購案。

We expect a smooth transition over the next year as we have a strong depth of experienced leadership talent in our field organization.

我們預計未來一年過渡將非常順利，因為我們的現場組織擁有大量經驗豐富的領導者才。

In closing, I want to reiterate that we are encouraged by our strengthening results and that we are confident in our business momentum as we head into the second half of the year. We expect improved productivity from our sales colleagues driven by strong retention and improved selling effectiveness by leveraging our selling tools and from leaning into select growth initiatives, all backstopped by a supply chain that is performing at exceptionally high levels of service.

最後，我想重申，我們對不斷增強的業績感到鼓舞，並且對下半年的業務發展勢頭充滿信心。我們期望銷售同事的生產力能夠提高，這得益於員工的高留存率和銷售效率的提升，而銷售效率的提高則得益於銷售工具的有效利用和對特定增長計劃的積極推進，所有這一切都將得到供應鏈卓越服務水平的支持。

It is these factors that give me, Kenny, and our leadership team the confidence that we will deliver 2.5% plus local case growth in the second half and adjusted EPS results at the high end of our guidance range. With that, I'd now like to turn the call over to Kenny. Kenny, over to you.

正是這些因素讓我、肯尼和我們的領導團隊有信心，我們將在下半年實現本地病例增長 2.5% 以上，調整後的每股收益將達到我們預期範圍的高端。接下來，我想把電話交給肯尼。肯尼，該你了。

Thank you, Kevin, and good morning everyone. Our Q2 results were strong, with sales growth of 3% and adjusted EPS growth of 6.5%. Our financial results this quarter also demonstrated high-quality of earnings as free cash flow grew by 25% year-to-date.

謝謝你，凱文，大家早安。我們第二季的業績表現強勁，銷售額成長了 3%，調整後的每股盈餘成長了 6.5%。本季財務表現也反映了高品質的獲利能力，自由現金流年初至今成長了 25%。

Our balanced portfolio of business and [keen] focus on operations enable us to deliver continued momentum versus the last quarter with results coming in ahead of our previously communicated expectations despite the choppy macroeconomic environment.

儘管宏觀經濟環境動盪，但我們均衡的業務組合和對營運的[高度]關注使我們能夠保持與上一季相比的成長勢頭，業績超出我們先前公佈的預期。

We entered the fiscal year detailing how company-specific initiatives would help us deliver on our external commitments with a focus on the key inputs of retention and productivity across our sales and supply chain organization.

在本財年開始之際，我們詳細闡述了公司具體舉措將如何幫助我們履行對外承諾，重點關注銷售和供應鏈組織中員工保留率和生產力的關鍵投入。

During the quarter, these were material drivers that enabled us to deliver on our expectations for the first half of the year.

本季度，這些實質的驅動因素使我們能夠實現上半年的預期目標。

Looking ahead, our continued focus on go to market and operational excellence is expected to drive our second half results. As Kevin highlighted, we are creating structural improvements and we are confident in raising our FY26 guidance to the high end of the adjusted EPS range.

展望未來，我們將繼續專注於市場推廣和卓越運營，預計這將推動我們下半年的業績成長。正如凱文所強調的，我們正在進行結構性改進，我們有信心將 2026 財年預期提高到調整後每股收益範圍的高端。

Our adjusted EPS growth in Q2 included continued tailwinds from our strategic sourcing efforts, aiding in the delivery of 3.9% growth in gross profit and translating to 15 basis points of gross margin expansion year over year. The increase in dollar and rate reflects the carryover benefit from structural improvements that we expect to continue in our third quarter.

第二季調整後的每股盈餘成長得益於我們策略採購工作的持續利好，這有助於實現毛利成長 3.9%，並轉化為毛利率年增 15 個基點。美元和利率的上漲反映了結構性改善帶來的持續利好，我們預計這種利好將在第三季繼續保持。

Our stabilized sales colleague retention rates paired with ongoing productivity improvements drove sequential volume growth across our USFS local business. During the quarter, our supply chain continued to perform at a very high level as a result of productivity enhancements stemming from improved tenure and strengthened operational execution.

我們穩定的銷售同事留任率，加上持續的生產力提升，推動了我們在美國林務局本地業務的銷售環比成長。本季度，由於員工任期延長和營運執行力增強，生產力得到提高，我們的供應鏈繼續保持非常高的表現水準。

This in turn helped to improve execution of the basics and are supporting improved fill rates and order accuracy while strengthening safety and enabling on-time deliveries. These efforts alongside continued investments in both sales headcount and capacity, supported steady business momentum and enabled adjusted EPS growth of 6.5% in the quarter.

這反過來又有助於提高基本工作的執行力，從而提高訂單完成率和訂單準確性，同時加強安全性並實現準時交貨。這些努力，加上對銷售人員和產能的持續投資，支撐了穩定的業務發展勢頭，並使本季調整後每股收益成長了 6.5%。

As Kevin noted, we also recently expanded our distribution capabilities in the population dense Northeast Corridor in late December with the successful acquisition of Ginsberg's Food, one of the nation's leading regional wholesale distribution companies.

正如凱文所指出的，我們最近也在 12 月下旬成功收購了金斯伯格食品公司（Ginsberg's Food），該公司是美國領先的區域批發分銷公司之一，從而擴大了我們在人口稠密的東北走廊的分銷能力。

This is a compelling strategic and financial fit for Sysco that is accretive to our portfolio. We are excited about the opportunity to unlock incremental growth as we complement our unique specialty capabilities with the addition of this top tier broadline organization.

這對Sysco來說是一個極具吸引力的策略和財務契合點，能夠提升我們的投資組合價值。我們很高興有機會透過收購這家頂尖的綜合保險公司，來增強我們獨特的專業能力，從而實現穩步成長。

Looking ahead, we expect our positive momentum to continue as we drive growth across the region. Turning to international, this segment remains a great case study in the power of the Sysco playbook.

展望未來，我們預計隨著我們推動整個地區的成長，這種積極的成長勢頭將繼續保持。從國際市場來看，這一領域仍然是 Sysco 成功案例的絕佳例子。

The positive momentum over the past few years continued in Q2 with sales growth of 7.3%, including local case growth of 4.5%, gross profit growth of 9.5%, and adjusted operating income growth of 25.6%. Our strategy is driving results across all geographies, underscoring the significant operational advantages enabled by our size and scale.

過去幾年的正面動能在第二季得以延續，銷售額成長7.3%，其中本地銷量成長4.5%，毛利成長9.5%，調整後營業收入成長25.6%。我們的策略正在各個地區取得成效，凸顯了我們規模所帶來的顯著營運優勢。

Now let's discuss our performance and the financial drivers for the quarter, starting on slide 12. For the second quarter, our enterprise sales grew 3% on an as reported basis driven by U.S. Food Service in our national sigma.

現在讓我們從第 12 張投影片開始，討論本季的業績和財務驅動因素。第二季度，我們的企業銷售額按報告基準增加了 3%，這主要得益於我們全國 sigma 中的美國食品服務業務的成長。

Excluding the impact of our divested Mexico business, sales grew 3.5%. Total U.S. food service volume increased 0.8% while local volume increased 1.2% in the quarter. These results were sequential improvements as compared to Q1.

剔除已剝離的墨西哥業務的影響，銷售額成長了 3.5%。本季美國食品服務總銷量成長了 0.8%，而本地銷量成長了 1.2%。與第一季相比，這些結果有所改善。

For a USFS local business, this represents a sequential volume improvement of 140 basis points, outpacing the industry's negative 230 basis points of sequential traffic decline for the quarter. We are encouraged by the meaningful acceleration in a local volume performance even as the industry decelerated throughout the quarter. The continual momentum in our performance drove a widening GAAP of outperformance over the course of the quarter. Although it remains early in our fiscal third quarter, I am encouraged to share that we are seeing continued year over year momentum and volume growth rates during the month of January.

對於美國林務局的本地企業而言，這代表著環比增長了 140 個基點，超過了該行業本季度環比下降 230 個基點的水平。儘管整個季度行業增速放緩，但我們仍然對本地銷售顯著加速成長感到鼓舞。本季我們業績的持續成長動能推動了GAAP準則下業績的進一步超額完成。雖然目前仍處於第三財季初期，但令人鼓舞的是，我們看到1月的年增速和銷售成長率持續保持良好勢頭。

As Kevin highlighted, the benefits from our stabilized colleague population are fueling our performance as (inaudible) sales professionals continue to work up the productivity curve.

正如凱文所強調的那樣，我們穩定的員工隊伍帶來的好處正在推動我們的業績，因為（聽不清楚）銷售人員的生產力正在不斷提高。

This momentum is just getting started and serves to strengthen our confidence in delivering our FY 2026 guidance. Additionally, SYGMA results this quarter were solid, reflecting 0.5% sales growth and 10.5% operating income growth, reflecting increased strength in our supply chain operations. For the remainder of the year, we expect more moderate results reflecting the follow-through on our efforts to drive continued operating efficiencies.

這一勢頭才剛開始，這增強了我們實現 2026 財年業績預期目標的信心。此外，SYGMA 本季業績穩健，銷售額成長 0.5%，營業收入成長 10.5%，反映出我們供應鏈營運實力的增強。今年剩餘時間裡，我們預計業績將較為平穩，這反映了我們為持續提高營運效率所做努力的後續進展。

Sysco produced $3.8 billion in gross profit, up 3.9%, gross margins expansions of 15 basis points to 18.3%, and improved gross profit per case performance.

Sysco 實現毛利 38 億美元，成長 3.9%，毛利率成長 15 個基點至 18.3%，每箱毛利也有所提高。

This notable margin improvement reflects strategic sourcing efforts and effective management of product cost inflation across our baskets, which continue to moderate, including categories that were deflationary in Q2.

這項顯著的利潤率提升反映了我們在策略採購和有效控制產品成本通膨方面所做的努力，產品成本通膨持續趨於緩和，包括第二季度出現通貨緊縮的品類。

Inflation rates for the enterprise were approximately 2.9% and the USPL were approximately 1.4%. This rate moderated slightly on a sequential basis, which we believe will help the affordability across the industry. Importantly, just as we deliver in the first half, we continue to expect our disciplined actions to generate strong gross profit dollars per case in margins in this backdrop.

企業的通貨膨脹率約為 2.9%，而美國商品價格指數約為 1.4%。這一比率環比略有放緩，我們認為這將有助於提高整個行業的可負擔性。重要的是，正如我們在上半年所取得的成績一樣，我們繼續期望，在當前形勢下，我們採取的嚴謹措施能夠為每箱產品帶來強勁的毛利潤。

Overall, adjusted operating expenses were $3 billion for the quarter, or 14.4% of sales, a 15 basis points increase from the prior year, reflecting planned investments in higher growth areas of the business with fleet, building expansion, and sales headcount, along with the lapping of $16 million in incentive compensation from the second quarter of the prior year.

總體而言，本季調整後的營運費用為 30 億美元，佔銷售額的 14.4%，比上年同期增長 15 個基點，這反映了公司計劃對業務增長較高的領域進行投資，包括車隊、建築擴建和銷售人員增加，以及上年同期第二季度 1600 萬美元的激勵性薪酬結餘。

The incentive compensation lap negatively impacted adjusted operating expenses by approximately 60 basis points and adjusted EPS growth by approximately 270 basis points.

激勵性薪酬週期對調整後的營運費用產生了約 60 個基點的負面影響，對調整後的每股盈餘成長產生了約 270 個基點的負面影響。

As I mentioned earlier, our operations expense this quarter included benefits for supply chain productivity enhancements stemming from improved tenure and strengthened operational execution. Corporate adjusted expenses were up 3.8% from the prior year, reflecting continued investments, lapping incentive compensation from last year, and other costs.

正如我之前提到的，本季我們的營運支出包括供應鏈生產力提高所帶來的收益，這得益於員工任期延長和營運執行力度加強。公司調整後支出比上年增長 3.8%，反映了持續的投資、去年激勵性薪酬的延續以及其他成本。

Excluding the impact of incentive compensation from the prior year, corporate expenses were approximately flat year over year, reflecting cost savings and efficiencies effort over the past few years. Overall, adjusted operating income grew to $807 million for the quarter, reflecting continued improvements in our local case volumes along with strong growth in our international segment.

剔除上一年激勵性薪酬的影響，公司支出與上年基本持平，反映了過去幾年在成本節約和效率提升方面所做的努力。總體而言，經調整後的季度營業收入成長至 8.07 億美元，反映出本地病例量的持續改善以及國際業務的強勁成長。

For the quarter, adjusted EPITDA of $1 billion was up 3.3% versus the prior year. Let's now turn to our corporate balance sheet and cash flow. Our investment grade balance sheet remains robust and reflects a healthy financial profile. Our $2.9 billion in total liquidity remains well above our minimum threshold and offers flexibility and optionality. We ended the quarter at a 2.86 times net debt leverage ratio.

本季調整後 EPITDA 為 10 億美元，較上年同期成長 3.3%。現在讓我們來看看公司的資產負債表和現金流量表。我們擁有投資等級的資產負債表，依然穩健，反映出我們健康的財務狀況。我們目前擁有 29 億美元的總流動資金，遠高於最低門檻，這為我們提供了靈活性和選擇。本季末，我們的淨負債槓桿率為 2.86 倍。

Turning to our cash flow year-to-date, our free cash flow was $413 million up 25%, highlighting strong quality of earnings and reflecting both typical seasonality and timing of CapEx. Now, I would like to share with you our expectations for FY26.

再來看我們今年的現金流，自由現金流為 4.13 億美元，成長了 25%，凸顯了獲利品質的強勁，並反映了資本支出的典型季節性和時間安排。現在，我想跟大家分享一下我們對2026財年的預期。

We are pleased today to announce a raise to our FY26 adjusted EPS guidance. We now expect full year 2026 EPS to be at the high end of our prior range of $0.045 to $0.046.

今天我們很高興地宣布，上調2026財年調整後每股收益預期。我們現在預計 2026 年全年每股收益將達到我們先前預測的 0.045 美元至 0.046 美元範圍的高端。

Keep in mind that this continues to include an approximate $100 million headwind from lapping lower incentive compensation in fiscal 2025, an impact of roughly $0.16 per share. Excluding the negative impact of the incentive compensation on 2026, our outlook for adjusted EPS growth and FY26 will deliver at the high end of approximately 5% to 7%, which is in line with our long-term growth algorithm.

請記住，這其中仍然包括 2025 財年因激勵性薪酬降低而造成的約 1 億美元的不利影響，相當於每股約 0.16 美元的影響。排除激勵性薪酬對 2026 年的負面影響，我們對 2026 財年調整後每股收益成長的預期將達到 5% 至 7% 的高端水平，這與我們的長期成長演算法相符。

Now, at the halfway point for the year, we remain confident in our Sysco -specific initiative. Delivering results in the second half of the year. Our teams expect a similar macro and industry traffic backdrop for the remainder of this fiscal year.

現在，一年已過半，我們仍然對我們針對 Sysco 的專案計劃充滿信心。下半年取得業績。我們的團隊預計，在本財年剩餘時間內，宏觀經濟和產業流量背景將與此類似。

Guidance also includes continued expectations for net sales growth of approximately 3% to 5% to approximately $84 billion to $85 billion driven by inflation of approximately 2%, volume growth and contributions from M&A.

業績指引還包括繼續預期淨銷售額成長約 3% 至 5%，達到約 840 億美元至 850 億美元，主要受約 2% 的通貨膨脹、銷售成長和併購貢獻的推動。

Transitioning to our expectations for the second half, we have now fully lapped both the headwind from the intentional fresh point business exit in the U.S. and the year over year comparability impact related to the exit of our Mexico JV for international.

展望下半年，我們已經完全克服了有意退出美國新業務的不利影響，以及退出墨西哥合資企業對國際業務造成的同比影響。

Specific to volumes, we expect to deliver year over year local case growth of at least 2.5% in Q3 and Q4. By segment, we continue to expect positive adjusted operating income growth across USFS International and stigma segment for the rest of the year. More specifically, we expect USFS profitability to return to growth in Q3 and Q4 driven by volume growth and continued discipline around margin management coupled with continued focus on ROIC.

就銷售量而言，我們預計第三季和第四季本地病例數將年增至少 2.5%。按業務板塊劃分，我們預計 USFS International 和 stigma 業務板塊在今年剩餘時間內將繼續保持正的調整後營業收入成長。更具體地說，我們預計 USFS 的獲利能力將在第三季和第四季恢復成長，這主要得益於銷售成長和持續的利潤率管理紀律，以及對 ROIC 的持續關注。

To help with the phasing for adjusted EPS for Q3, we are comfortable with the current consensus estimate of $0.94. As outlined on slide 18. This includes the carryover impact from the incentive compensation specific to Q3 is $63 million and Q4 is $11 million excluding the negative impact of the incentive compensation on 2026.

為了更好地確定第三季調整後每股盈餘的階段性目標，我們對目前市場普遍預期的0.94美元表示認可。如第18頁投影片所述。這包括第三季激勵性薪酬的結轉影響為 6,300 萬美元，第四季為 1,100 萬美元，不包括激勵性薪酬對 2026 年的負面影響。

Our outlook for the second half adjusted EPS growth is in line with our long-term growth algorithm. We are proud of our strong track record of dividend growth and dividend aristocrat status. For FY26, we remain on target for shareholder returns through approximately $1 billion in dividends and approximately $1 billion in share repurchase plan for the year.

我們對下半年調整後每股盈餘成長的預期與我們的長期成長演算法相符。我們為公司強勁的股息成長記錄和股息貴族地位感到自豪。2026 財年，我們仍將按計畫達成股東回報目標，包括派發約 10 億美元的股利和實施約 10 億美元的股票回購計畫。

As we've said before, this is all based on our current expectations and economic conditions that could flex based on M&A activity for the year. Specific to our share repurchase, we expect to resume repurchase activity starting in Q3. Specific to our dividend, our expected payoff for FY26 equates to 6% year by year increase on a per share basis.

正如我們之前所說，這一切都基於我們目前的預期和經濟狀況，而這些預期和經濟狀況可能會根據今年的併購活動而有所變化。關於我們的股票回購計劃，我們預計將從第三季開始恢復回購活動。就我們的股息而言，我們預計 2026 財年的收益相當於每股收益將年增 6%。

In terms of leverage, we continue to target a net leverage ratio of 2.5 times to 2.75 times and maintain our investment grade balance sheet. Specific to adjusted D&A, we now expect approximately $820 million for the year. This includes approximately $210 million in both Q3 and Q4.

在槓桿方面，我們持續以2.5倍至2.75倍的淨槓桿比率為目標，並維持投資等級資產負債表。經過調整後的折舊和攤銷，我們現在預計全年約為 8.2 億美元。這其中包括第三季和第四季約 2.1 億美元。

This updated outlook reflects the combined benefit from our ongoing efforts on driving returns on investor capital and marginally lower capital expenditures for the year.

此次更新後的展望反映了我們持續努力提高投資者資本回報以及本年度資本支出略微降低所帶來的綜合效益。

All other modeling items previously outlined on our Q1 call, including interest expense, other expense, tax rate, and CapEx remains unchanged.

先前在第一季電話會議上概述的所有其他建模項目，包括利息支出、其他支出、稅率和資本支出均保持不變。

Looking ahead, we are confident in our position and remain focused on leveraging our strength as the industry leader to drive customer growth while continuing to create value for our shareholders. With that, we'll turn the call back to Kevin for closing remarks.

展望未來，我們對自身地位充滿信心，並將繼續專注於發揮我們作為產業領導者的優勢，推動客戶成長，同時繼續為股東創造價值。接下來，我們將把電話轉回給凱文，請他作總結發言。

Thank you, Kenny. Q2 is a quarter displaying momentum and progress at Sysco in a macro backdrop with soft traffic to restaurants. We are confident that our internal progress will continue, and we will plan to deliver local case growth of at least 2.5% in the second half.

謝謝你，肯尼。在餐飲業客流量疲軟的大環境下，Sysco 第二季度展現了強勁的成長勢頭和取得的進展。我們有信心繼續保持內部進展，並計劃在下半年實現本地病例增長至少 2.5%。

There is still much progress to be made and work to be done, but we are pleased with the improvement we are delivering and the momentum that is building within the company.

雖然還有很多工作要做，還有很多進步的空間，但我們對目前的進步以及公司內部正在形成的良好勢頭感到滿意。

Importantly, the improved U.S. local volume we are delivering will enable the stellar performance in our international division to shine through more clearly. We are excited for the progress that we are making, and we are committed to strong execution in the second half of the year to deliver these outcomes. With that operator, we now turn it over for questions.

重要的是，我們提高的美國本地銷售將使我們國際部門的出色業績更加明顯地展現出來。我們對目前的進展感到興奮，並致力於在下半年大力執行，以實現這些目標。現在，我們把麥克風交給這位操作員，回答問題。

(Operator Instructions)

（操作說明）

Mark Carden, UBS.

瑞銀集團的馬克卡登。

Good morning. Thanks so much for taking our question. So you put together the 140-basis point sequential local case growth improvement against a pretty tough restaurant backdrop, industry wide.

早安.非常感謝您回答我們的問題。因此，在餐飲業整體情況相當嚴峻的情況下，我們才能看到本地病例連續成長 140 個基點的改善。

Sounds like a lot's coming together. Did you guys see much variation in local case growth on a monthly basis? And then is it safe to assume that January is accelerated even further given your momentum comment? And then finally. Are you expecting to see much of a headwind related to the recent winter storms? Thanks.

聽起來很多事情都朝著好的方向發展。你們觀察到當地病例成長每月波動較大嗎？那麼，考慮到你提到的勢頭，是否可以假設一月份的進程會進一步加快？最後。您預計近期冬季風暴會帶來較大的逆風嗎？謝謝。

Good morning, Mark. It's Kevin. Thanks for the question. I'll start with the factual component to the performance Sysco relative to the industry strengthened each month of Q2, so we've got better relative to the industry for each of the months consecutively.

早上好，馬克。是凱文。謝謝你的提問。首先，我將從Sysco相對於行業的實際業績說起，該公司在第二季度的每個月都表現得更好，因此，我們連續每個月都比行業平均水平有所提高。

We've seen that strength continue into January. I'll come back to January, in just a moment, as we step back and think about, well, why is this performance, happening? What are the drivers? Maybe I'll just, go there for a few minutes. We have three new things, if you will, year over year, as I mentioned, the most important by far is SC retention, sales consultant retention, SC productivity.

我們看到這股強勁勢頭延續到了1月。我稍後會回到一月的情況，讓我們先退後一步，思考一下，為什麼會發生這樣的事情？驅動因素是什麼？也許我會去那裡待幾分鐘。如我所提到的，我們每年都有三項新變化，其中最重要的是銷售顧問留存率、銷售顧問留存率和銷售顧問生產力。

Up meaningfully year over year, both of those things retention and productivity, we launched our AI 360 selling tool, approximately 90 days ago. We're getting traction from that tool. We launched Perks 2.0, which is a revamp of our loyalty program. We say internally be the best for our best customers. We're seeing increased customer retention and improved penetration rates with those existing customers. Each of these three things that I just said have nothing to do with traffic.

與去年同期相比，客戶留存率和生產力均有顯著提升。大約 90 天前，我們推出了 AI 360 銷售工具。我們從這個工具中獲得了成效。我們推出了 Perks 2.0，這是我們會員忠誠度計畫的全新升級版。我們內部的理念是，要為我們最好的客戶提供最好的服務。我們看到客戶留存率提高，現有客戶的滲透率也得到提升。我剛才說的三件事都跟交通無關。

They're 100% Sysco specific and we're making tangible, measurable progress. Now we can measure it by new rate, customer wins versus loss rate of customer departures. The spread between that ratio widened in the quarter and then penetration, which is an incredibly important topic, which is sales to existing customers, also is improving.

它們 100% 是 Sysco 特有的，我們正在取得切實可見的進展。現在我們可以透過新增客戶率（即客戶贏得率）與流失客戶率（即客戶流失率）來衡量它。本季該比率與滲透率（即向現有客戶的銷售額）之間的差距擴大，而滲透率（這是一個極其重要的主題）也在改善。

And when you put that against a softening macro backdrop, it's clear, sober evidence of the progress that we're making at Sysco. Specific to Q3, the quarter we're now in, we had a strong January. January is out of the gate strong. To your point on weather this week, we saw favorability in weather in January versus prior year.

在宏觀經濟環境趨於緩和的背景下，這清晰、冷靜地證明了 Sysco 正在取得的進步。具體到第三季（也就是我們現在所在的季度），我們一月份的業績非常強勁。一月份開局強勁。關於您提到的本週天氣問題，我們發現今年一月的天氣比去年同期更好。

We're going to give some of that back this week for obvious reasons, given the huge swath of the U.S. impacted. We don't talk about weather, if you will, on the forward, we'll find out at the end of the quarter if there was a positive or negative contribution from weather, but January is off to a strong start on the controllables that I just mentioned. Kenny, anything you'd like to add?

鑑於美國受影響的地區範圍之廣，出於顯而易見的原因，我們本週將退還其中一部分資金。我們不談論天氣，就目前而言，我們會在季度末知道天氣是否產生了積極或消極的影響，但就我剛才提到的可控因素而言，一月份的開局非常強勁。肯尼，你還有什麼要補充的嗎？

Yeah, thanks, Kevin. Hey, Mark, three things for me, just to double click on the kind of the phasing of the month. So if you look at between October through December, the industry, i.e., for traffic, softened.

謝謝你，凱文。嘿，馬克，有三件事我想跟你說說，只要雙擊一下這個月的階段類型。因此，如果你觀察 10 月到 12 月這段時間，你會發現該產業（即交通流量）有所疲軟。

So the starting point in October was down 2% and the ending point from a foot traffic standpoint was down over 3%. The good news is our inflection versus the market strengthened throughout the quarter, as Kevin said, with December being the strongest, so very strong exit rate. That's point number one. Point number two is from a Sysco standpoint, as relates to local, as Kevin mentioned, we are encouraged to see that numerous geographies are already hitting our growth expectations driven by, as Kevin mentioned, the SC ads, improved retention, and that's turning over into Q3, which is why we are confident we can deliver at least another 100 basis points organically in Q3 coupled with the M&A, which is roughly 50 basis points that tallies you up to roughly at least 2.5%.

因此，10 月的起點下降了 2%，而從客流量的角度來看，終點下降了超過 3%。好消息是，正如凱文所說，我們相對於市場的轉折點在整個季度都在增強，12 月表現最為強勁，因此退出率非常高。這是第一點。第二點是從 Sysco 的角度來看，就本地市場而言，正如 Kevin 所提到的，我們欣喜地看到，許多地區的成長已經達到了我們的預期，這得益於（正如 Kevin 所提到的）SC 廣告和客戶留存率的提高，而且這種情況正在延續到第三季度。因此，我們有信心在第三季度實現至少 100 個基點的有機成長，再加上併購帶來的約 50 個基點，總計至少達到 2.5%。

Growth, for the back half of the year, Q3 and Q4. The last thing I'd say, Mark, is I know there's a lot of eyes on foot traffic but remember Sysco has proven we can grow in any environment. If you think about our portfolio, two third of our national footprint is actually non-restaurants and we're doing really well. There and then if you think about even the restaurant side, we are very diversified across, QSRs stars all the way up to fine dining and let's not forget we also have an international segment which serves as a strategic counterbalance enhancing the resiliency and stability of our overall portfolio.

下半年（第三季和第四季）實現成長。馬克，我最後想說的是，我知道很多人都在關注人流量，但請記住，Sysco 已經證明我們可以在任何環境下成長。如果你看看我們的投資組合，你會發現我們全國範圍內三分之二的業務實際上並非餐飲業，而且我們做得非常好。此外，即使從餐飲方面來看，我們的業務也非常多元化，從快餐連鎖店到高級餐廳，應有盡有。而且別忘了，我們還有國際業務，這起到了策略平衡的作用，增強了我們整體投資組合的韌性和穩定性。

Great, thanks so much. Good luck, guys.

太好了，非常感謝。祝你們好運。

Thank you, Mark.

謝謝你，馬克。

Jeffrey Bernstein, Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great, thank you very much. Just another question on the sales growth, for the second half of fiscal '26, your U.S. local guide, you mentioned how you've been strengthening and a softening macro. I know you've repeated at least 2.5% growth in U.S. local in both the third quarter and the fourth quarter, but just looking back from a comparison standpoint, it does look like the compares are much easier, so.

太好了，非常感謝。關於 2026 財年下半年的銷售成長，還有一個問題。你們的美國本地指南提到，在宏觀經濟疲軟的情況下，你們一直在努力增強實力。我知道你們在第三季和第四季都實現了美國本地市場至少 2.5% 的成長，但從比較的角度來看，現在的比較似乎要容易得多。

Is it correct to assume you're really assuming no change in trend from where you were running in the second quarter, but rather stability from current levels, or perhaps we're underappreciating the quote unquote at least that you mentioned, and I'm just curious, do you share the broader industry's optimism for coming months? Seems like there's talk of easing compares for the industry, lower gas prices, increased tax refunds, newfound government stimulus.

我可以這樣理解嗎？您認為趨勢不會像第二季度那樣發生變化，而是會保持目前的水平，或者我們可能低估了您提到的「至少」的程度。我只是好奇，您是否認同整個產業對未來幾個月的樂觀態度？似乎有消息稱，將放寬行業比較標準、降低汽油價格、增加退稅額、出台新的政府刺激措施。

Especially with the benefit from increased value offers, which Kevin, I know you've often encouraged, so just curious, again, your assumption for the back half of the year when you factor in the year over year compares and then your thoughts on the broader industry optimism that we're hearing a lot about for restaurants.

尤其是考慮到不斷增加的優惠活動帶來的好處，凱文，我知道你經常鼓勵這樣做，所以我再次好奇，你對今年下半年的預期是什麼，考慮到同比數據，以及你對我們經常聽到的餐飲業整體樂觀情緒有何看法。

Thank you.

謝謝。

Morning, Jeff. Thank you. Good question. A lot to unpack, in your question. I think my most clear way of answering your question is we anticipate two year stack improvements in the second half versus the first half.

早安，傑夫。謝謝。問得好。你的問題包含的資訊量很大。我認為回答你問題最清晰的方式是，我們預計下半年堆疊效能將比上半年有所提升。

You are right that Q3 in particular has softer compares for the industry. That's included in what we shared today, which means we're going to be stepping up throughout the second half where Q4, we're actually up against, better numbers than Q3, and we're going to deliver as Kenny said.

您說得對，第三季的行業基數確實比較低。這包含在我們今天分享的內容中，這意味著我們將在下半年加大力度，第四季度我們的業績實際上會比第三季度更好，我們將像肯尼所說的那樣取得成功。

At least 2.5% in Q4 as well. So the tier stack will improve in the second half of the year. Let me jump to the last part of your question, which is, do I share some optimism for the industry? The answer is yes. I believe that restaurant operators, particularly independent restaurant operators, have leaned into the consumer need for value. They've been more nimble.

第四季至少也達到2.5%。因此，下半年分級制度將會改善。讓我直接回答你問題的最後一部分，那就是，我對這個行業持樂觀態度嗎？答案是肯定的。我認為，餐飲經營者，尤其是獨立餐飲經營者，已經迎合了消費者對性價比的需求。他們行動更加靈活。

They've adjusted menu prices. They've looked at things like portion sizes. They've looked at alternative proteins that can save the customer money, and independents in the industry are doing better than national chains.

他們調整了菜單價格。他們研究過食物分量等問題。他們研究了可以為顧客省錢的替代蛋白質，而且業內獨立企業比全國連鎖企業做得更好。

Often it's written that national chains are going to continue to succeed at a higher rate than independents. This is not the case. Independents are outperforming national chains, and as you well know, that's very good for our business. So we National chains leaning now into the value tier themselves. The value menu, the protein bowl, there's a host of things that national chains are doing to improve their value perception within consumers, and I do think it will make a difference, Jeff.

人們常說，全國連鎖店的成功率將持續高於獨立店。事實並非如此。獨立零售商的業績優於全國連鎖店，正如您所知，這對我們的業務非常有利。所以，我們現在這些全國連鎖店都在向價值層靠攏。超值菜單、蛋白質碗，全國連鎖店正在採取一系列措施來提高消費者對其價值的感知，我認為這些措施將會帶來改變，傑夫。

I believe that restaurant operators are leaning into the need to provide value to customers, which should help [foot] traffic, which helps case volume. I know we talk about local a lot on these calls. I did say on today's call, we anticipate an improvement in our national business.

我認為餐飲經營者正在努力為顧客提供價值，這應該有助於提升客流量，進而提高銷售量。我知道我們在這些電話會議中經常談到本地事務。我在今天的電話會議上確實說過，我們預計國內業務會有所改善。

We were up [0.4] in national. We anticipate our national business in total, which includes non-restaurants, to be 2%- plus in the second half of the year, which means our restaurant portion of that business will. Improve on the year to go.

我們在全國領先[0.4]。我們預計下半年全國總業務（包括非餐飲業務）將成長 2% 以上，這意味著我們餐飲業務部分將成長。比去年進步。

We also have potential for the favorability in, tax refund checks year over year. This time last year, consumer confidence was really low, be it because of tariffs, be it because of the stock market, be it because of any number of host of issues.

我們還有可能獲得逐年遞增的退稅支票。去年這個時候，消費者信心非常低落，可能是由於關稅、股市或其他許多問題造成的。

We believe that the end consumer confidence is higher than a year ago as we look at, the second half of this year, which could and should be a tailwind to the overall industry. But the guidance that we've communicated today is about Sysco. It's about the efforts and the initiatives that we put forth.

我們認為，展望今年下半年，終端消費者的信心高於去年同期，這可能而且應該會成為整個產業的利多因素。但我們今天傳達的指導意見是關於 Sysco 公司的。關鍵在於我們付出的努力和採取的行動。

The three things I mentioned in Mark's question, SC retention and productivity, AI 360, perks 2.0, and on the year to go, we're leaning in hard to Sysco brand. Improvement and we're leaning in hard to merchandizing efforts to improve our value proposition to our customers and it's those five things in aggregate that give us the confidence to accelerate our organic performance by at least 100 basis points additional a year to go. Kenny, anything yet?

我在 Mark 的問題中提到的三件事，即 SC 員工保留率和生產力、AI 360、福利 2.0，以及在剩下的一年裡，我們將大力推廣 Sysco 品牌。我們正在努力改進，並大力推進商品銷售，以提高我們為客戶提供的價值主張。正是這五件事加在一起，讓我們有信心在未來一年內將我們的有機績效提高至少 100 個基點。肯尼，有進展了嗎？

Yeah, hey, Jeff, Kenny, so, just, to your specific question around the 2.5%, so let me give a bit more color, just to make sure it's super clear to everybody. So for Q2, local case growth was up 1.2%. If you bifurcate between organic and Ginsburg, organic was 1.1% and Ginsberg was only 10 bps because of the fact we did it at the tail end of the fiscal quarter.

是的，嘿，傑夫，肯尼，那麼，關於你們提出的 2.5% 的具體問題，讓我再詳細解釋一下，以確保每個人都非常清楚。因此，第二季本地病例成長率為 1.2%。如果將有機成長和金斯伯格成長分開來看，有機成長為 1.1%，而金斯伯格成長僅為 10 個基點，因為我們是在財政季度末進行的。

For the go forward in the back half, Q3 and Q4, you are right, Kevin and I said at least 2.5%. So the 1.1% that we saw in Q2 goes to at least 2.1% and Ginsburg goes to 50 bps in the back half. That's how you bridge the 1.2% to the at least 2.5% in the back half of the year.

對於下半年的前進，也就是第三和第四季度，你說得對，凱文和我都認為至少要達到 2.5%。因此，我們在第二季度看到的 1.1% 至少會升至 2.1%，而金斯伯格的政策將在下半年達到 50 個基點。這樣就能將下半年的成長率從 1.2% 提升到至少 2.5%。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

Thank you. Nice quarter. I have a follow-up and then a question, a follow-up on the local case growth side. How much of the growth is coming from new account wins relative to expanding penetration with your existing accounts, and then any additional color you can provide on the spread between new versus loss accounts this quarter?

謝謝。不錯的街區。我還有一個後續問題，是關於本地病例成長的後續問題。成長中有多少來自新客戶的拓展，又有多少來自現有客戶的擴大滲透？此外，您能否就本季新客戶與流失客戶之間的差距提供一些補充資訊？

And then I wanted to ask you on the Salesforce side, how is the growth in the Salesforce tracking in fiscal '26? Are you seeing any change in the potential new hires and where you're seeing them come from?

然後我想問 Salesforce 這邊的情況，Salesforce 在 2026 財年的成長情況如何？您是否觀察到潛在新員工及其來源地有任何變化？

Thank you.

謝謝。

Lauren, good morning. It's Kevin. I'll start and then, Kenny can talk about the sales colleague workforce. We've not unpacked the 140 basis points of improvement on contribution from the elements that you described.

勞倫，早安。是凱文。我先開始，然後肯尼可以談談銷售同事的工作情況。我們還沒有詳細分析您所描述的各項因素所帶來的 140 個基點的貢獻改善。

The good news is the improvement is coming from all of the elements that you described. So new customer win rate for Sysco in Q2 remains at all-time highs from an onboarding perspective. So we've sustained and maintained the success of onboarding net new customers, what improved nicely in Q2 versus prior year was our customer loss rate, and that can be directly attributed back to our improved colleague retention.

好消息是，你所描述的所有因素都帶來了改善。因此，從客戶拓展的角度來看，Sysco 第二季的新客戶贏得率仍處於歷史最高水準。因此，我們在吸引新客戶方面保持了成功，第二季度與去年同期相比，客戶流失率有了顯著改善，這可以直接歸功於我們員工留任率的提高。

The improved colleague retention is driving improved customer retention, and the most notable thing that occurred in Q2 is the spread between new and lost widened in the quarter versus the prior quarter and also versus the prior year.

員工留存率的提高帶動了客戶留存率的提高，第二季最顯著的變化是，與上一季和前一年相比，新客戶與流失客戶之間的差距擴大了。

That's the most notable of our improvements, but we also improved penetration. And I'm frankly most proud of the penetration improvement because it's in the backdrop of traffic to restaurants being down. So the fact that our cases per operator is going up quarter to quarter in an environment where traffic to restaurants is going down is proof positive on the productivity of our sales force that we're doing a better job doing what we call selling around the room and getting more cases on the Sysco truck.

這是我們最顯著的改進，但我們也提高了滲透率。坦白說，我最引以為傲的是滲透率的提高，因為這是在沒有餐廳客流量的情況下實現的。因此，在餐廳客流量下降的情況下，我們每位運營商的銷量卻逐季上升，這充分證明了我們銷售團隊的生產力，我們更好地完成了所謂的“現場銷售”，讓更多的貨物裝上了 Sysco 的卡車。

So I know. I didn't break the 140 basis points down into each of the three components, but we saw solid health improvement in all three. I'll toss to Kenny for comments on the sales colleague workforce. Kenny, over to you.

我知道。我沒有將 140 個基點細分為三個組成部分，但我們看到這三個方面都取得了顯著的健康改善。我請肯尼對銷售同事的工作狀況發表一下看法。肯尼，該你了。

Yeah, Lauren, just a couple plus ups. So in terms of Kevin's mentioning the growth came from all three sides and [LNP], new loss and penetration, super.

是的，勞倫，就加幾個大號。所以，正如凱文所說，成長來自所有三個方面，包括[自由黨]、新損失和滲透，非常棒。

About this one, we had the highest growth of new and the lowest level of loss in the past 12 months. So you can tell it's from both sides of the house and to Kevin's point, penetration also improved as well and went up actually despite a negative backdrop because of the fact that on day one you don't win all the cases on day one, so that's a nice tailwind for us on the forward.

在過去的 12 個月裡，我們在這個領域實現了最高的新增成長率和最低的損失率。所以你可以看出，這來自雙方陣營，正如凱文所說，滲透率也有所提高，實際上儘管背景不利，但滲透率還是上升了，因為第一天你不可能贏得所有案件，所以這對我們來說是一個很好的順風。

In terms of the local sales headcount professional, we're committed to growing our headcount in 2026 and we will be disciplined on pacing to volume, expectations, and market conditions. Kevin and I, we are deliberate in terms of when and where we add meaning investing in high growth markets to ensure awesome return on investment.

就本地銷售人員數量而言，我們致力於在 2026 年增加人員數量，我們將嚴格控制人員成長速度，以適應銷售量、預期和市場狀況。凱文和我都會慎重考慮何時何地投資高成長市場，以確保獲得豐厚的投資報酬率。

Now remember, as Kevin mentioned, we now have tools in place, AI 360, and at the same time improved our training program to be to reduce lead time and optimize with various hiring mix in terms of experience which could lead to more productivity and this could have an impact on the hiring levels on the forward without impacting growth rates on the forward as well.

正如凱文所提到的，我們現在擁有了 AI 360 等工具，同時改進了我們的培訓計劃，以縮短招聘週期，並根據經驗優化各種招聘組合，這可以提高生產力，並且可能會對未來的招聘水平產生影響，而不會影響未來的增長率。

So to summarize, we like what we're seeing on the productivity side with the CDs and there's still more runway to be had. Therefore, we are very optimistic with the outlook of our growth in the back half of the year.

總而言之，我們對 CD 在生產力上的表現感到滿意，而且還有更大的提升空間。因此，我們對下半年的成長前景非常樂觀。

Thank you.

謝謝。

Jake Bartlett, Truist Securities.

Jake Bartlett，Truist Securities。

Great, thank you so much for taking the question. Mine was on the 2026 guidance and the increased, EPS, and I just want to make sure I understand, what's driving that, whether you know you expect to be at the higher end of the range, for instance, for sales. It feels like it may be, simply just the D&A, the adjusted D&A being lowered that that's driving the increase but just want to make sure I understood that.

太好了，非常感謝您回答這個問題。我關注的是 2026 年的業績指引和每股盈餘的成長，我只是想確保我理解，是什麼因素推動了這一成長，例如，你們是否預期銷售額會達到預期範圍的高端。感覺可能是因為調整後的折舊和攤銷降低了，才導致了增長，但我只是想確認一下我理解得是否正確。

And then I had a follow-up, and I know it's been asked in a number of ways. I just want to kind of ask one more way here, in the third quarter for in for local case growth, given the easy compares, given some of the near term drivers, should we not expect the growth to be faster in the third quarter than the fourth? Seems like that'd be the logical, conclusion, but I just kind want to make sure I understand maybe why not. Thank you.

然後我又提出了一個後續問題，我知道這個問題已經被用多種方式問過了。我只想再問一下，考慮到第三季本地病例成長的相對基數以及一些近期驅動因素，我們是否應該預期第三季的成長速度會比第四季更快？這似乎是合乎邏輯的結論，但我只是想確認一下，為什麼可能不是這樣。謝謝。

Hey Jake, it's Kenny. So I'll start first. So, the improvement, the increase of EPS is actually not driven of D&A. If you think about first quarter, we beat by $0.03 pennies. This quarter we beat by $0.01 penny. So we're having the $0.04 pennies flow through given the con content that we have in the rest of the fiscal year.

嘿，傑克，我是肯尼。那我先開始吧。所以，每股盈餘的改善和成長其實並不是折舊和攤提所驅動的。如果回顧第一季度，我們超額完成了 0.03 美分。本季我們超額完成了0.01美分。所以，考慮到本財年剩餘時間的虧損，我們只能讓這 0.04 美元的利潤流入市場。

As you think about, I think the question behind the question is almost the confidence, if you will, in the back half of the year if you think about the guide. It's not D&A. Let me talk about some of the levers we have in our P&L to contribute to the high end of the EPS range.

仔細想想，我認為這個問題背後的真正問題，如果你仔細想想這份指南，那就是下半年的信心問題。這不是D&A。讓我來談談我們在損益表中可以採取哪些措施來提高每股盈餘。

Number one is from a top-line perspective, we continue to see a lot of momentum and low case growth, as Kevin mentioned earlier. The SCs, the retention, tools like AI 360, every period we're widening the new law spread. That's really contributing to the fact that. It's a lot of things within our controls, right? We don't, we are not expecting the macro environment to be any better. If anything, we expect it to be the same as today.

第一點是從總體上看，正如凱文之前提到的那樣，我們繼續看到強勁的成長勢頭和較低的病例成長。SC、保留、AI 360 等工具，每個時期我們都在擴大新法律的適用範圍。這確實促成了這一事實。很多事情都在我們的掌控之中，對吧？我們並不指望宏觀環境會好轉。我們預計情況會和今天一樣。

All of the growth in the back half will come from self-help, things in our control. That's the reason why we're confident on that side. On the CMU side, national business side of the house, again, two third of our business is non-restaurants. That's going really well, really inflecting versus the marketplace.

後半程的所有進步都將來自自我提升，來自我們所能掌控的事情。這就是我們對此充滿信心的原因。就 CMU 而言，也就是全國業務方面，我們三分之二的業務都與餐飲無關。進展非常順利，對市場產生了非常正面的影響。

And for us on the restaurant side, Kevin and I. And the team are working closely together to ensure the pipeline's robust and the pipeline is robust, and we're seeing nice ones across the board that have starship dates in the outer periods of this fiscal year. The other benefit that we expect in the back half of the year is gross profits.

至於我們餐廳方面，我和凱文以及團隊正在緊密合作，以確保菜餚供應充足，我們看到各個環節都進展順利，而且都在本財年的外圍時段有不錯的供應日期。我們預計下半年還將獲得另一項收益，那就是毛利。

If you think about gross profit, Jake, there is quite a few levers we have in our bags, right? One is the fact that local continue to grow faster clip. That's a nice mixed benefit. The second. Pieces, the strategic sourcing efforts we've done in the past period has nice care of benefit into this period, and the team isn't stopping. We have a whole list identified and suppliers that we're partnering with to drive further accretion on the GP side.

傑克，如果你考慮毛利，我們有很多方法可以做到這一點，對吧？一是本地市場持續快速成長。這是一個不錯的雙贏局面。第二個。總的來說，我們過去一段時間以來所做的策略採購工作在這個時期已經取得了不錯的成效，而且團隊不會停止努力。我們已經確定了一整套供應商名單，我們正在與他們合作，以推動GP的進一步成長。

Third is specialty. Specialty has momentum. As I mentioned on the prepared remarks, we have lacked the intention of fresh point exit, and on the back end of the year, we expect accretion on the specialty side. And then in terms of a supply chain.

第三點是專業。專業化發展勢頭強勁。正如我在準備好的發言稿中提到的，我們一直沒有新增業務的計劃，並且預計在今年下半年，我們在專業領域會有成長。然後是供應鏈方面。

All of this volume momentum, GP momentum is sitting on top of a healthy supply chain ecosystem as well, and we do expect further volume leverage on that piece. So that's the reason why, across those three buckets, we're seeing nice progress and momentum, which contributes to the high end of the race to the EPS range.

所有這些銷售成長動能和毛利成長動能都建立在健康的供應鏈生態系統之上，我們預期銷售量還會進一步成長。所以這就是為什麼在這三個領域，我們看到了良好的進展和勢頭，這也有助於實現較高的每股盈餘目標。

Okay, Kenny, very clear. Thank you, Jake. The second part of your question was Q3 versus Q4. The best way for us to answer this is the Q4 two year stack will be stronger than the Q3 stack.

好的，肯尼，很清楚了。謝謝你，傑克。你問題的第二部分是關於 Q3 與 Q4 的比較。對此，我們最好的回答是：第四季的兩年期投資組合將比第三季的投資組合更強。

Q3 two year stack because of the easier comparison Q3. That's the answer to your question. Is there an upside in Q3, I believe is what you're really asking relative to the 2.5 plus.

Q3 兩年堆疊，因為更容易比較 Q3。這就是你問題的答案。我認為你真正想問的是，相對於 2.5 倍以上的成長，第三季是否有上漲空間。

So let's just unpack what happened in Q3 last year, and I'll be honest that we can't predict the future from a perspective. So, let's lean in. In January last year, we had the wildfires in California. In January last year, we had significantly abnormal behavior.

那麼，讓我們來回顧一下去年第三季發生的事情，坦白說，我們無法從這個角度預測未來。那麼，讓我們認真起來。去年一月，加州發生了山火。去年一月，我們出現了非常異常的行為。

And in the late February, March time frame, we had the tariff disruption. And the impact on consumer confidence in the stock market. Will these three things repeat themselves in Q3 of this year is not able for me to be predicted? What we can say is January is off to a very strong start, at Sysco and in the industry, put traffic to restaurants improved in January versus Q2 quite notably.

在二月下旬至三月期間，我們遇到了關稅幹擾。以及對消費者對股市信心的影響。我無法預測這三件事是否會在今年第三季重演？我們可以說，1 月份 Sysco 和整個行業都開局非常強勁，1 月份餐廳的客流量與第二季度相比有顯著改善。

Given this week's weather, some of that favorability will be given back. And who the heck knows what weather is going to be over the next, two plus months. I can't predict that. If there is year over year favorability from weather in Q3, I said, if we'll be able to talk about that on the Q3 call, we'll be transparent about that, we'll unpack it and we'll be able to represent the contribution from that.

鑑於本週的天氣狀況，部分有利因素將會消失。誰也不知道接下來兩個多月的天氣會是什麼樣子。我無法預測。我說過，如果第三季天氣因素帶來同比利好，如果我們能在第三季財報電話會議上討論這個問題，我們會對此保持透明，我們會詳細分析，並能夠說明這方面的貢獻。

Will we or will we not see back to Jeff, Barclay's question, favorability from a consumer confidence perspective. And higher tax refund checks and restaurants leaning into lower menu prices through value meal deals. We'll see if those things occur. That's why we said 2.5% plus. We're confident in our ability to deliver 100 basis points of organic improvement in local through activities that are inherent within Sysco, and the macro will determine what the macro will be and we'll be able to talk about that on our Q3 call. Great. Thank you so much.

我們是否還能看到傑夫·巴克萊提出的那個問題，也就是從消費者信心角度來看的利多因素。以及更高的退稅支票和餐廳透過超值套餐降低菜單價格。我們拭目以待，看看這些事情是否會發生。所以我們才說要2.5%以上。我們有信心透過 Sysco 內部固有的活動，在本地實現 100 個基點的有機增長，而宏觀經濟形勢將決定宏觀經濟形勢如何，我們將在第三季度電話會議上討論這個問題。偉大的。太感謝了。

John Heinbockel of Guggenheim.

古根漢美術館的約翰·海因博克爾。

Hey Kevin, a couple of things. Local drop size is that still it improved, I know, but is that still modestly in negative territory one. two, when I think about the loss ratio.

嘿，凱文，有幾件事。局部滴落大小雖然有所改善，我知道，但考慮到損失率，它仍然略微處於負值區域。

I think you're still a couple of 100 basis points above the best performance you've had in the last several years. Is that fair? And then, can you touch on SC capacity? And I'm not talking about the new SCs. I'm talking about, guys that are more seasoned. How much capacity is there, from where they are today, and I guess AI, helps that, to some degree.

我認為你目前的成績仍然比過去幾年來的最佳表現高出幾百個基點。這樣公平嗎？那麼，您能否談談超級電腦的容量？我說的不是新的SC。我指的是那些經驗較豐富的人。從他們目前的水平來看，還有多少潛力？我想人工智慧在某種程度上會有所幫助。

John, good questions. All three, I'll be concise in my response. Yes, penetration with existing customers is moderately modestly down year over year, but improved versus Q2. We are making solid progress and more progress to be made a year to go, and that's mostly driven through foot traffic is what's causing the cases per operator customers slightly down.

約翰，問得好。對於這三個問題，我的回答都會盡量簡潔。是的，現有客戶的滲透率較去年同期略有下降，但比第二季有所改善。我們正在取得穩步進展，而且在一年內還會取得更多進展，這主要是因為客流量的增加導致每位業者顧客的病例數略有下降。

Our loss ratio, yes, is still up versus I'll call it our. Historical best level, and we are tremendously focused on that topic. Our supply chain is focused on improving on-time deliveries, improving fill rates, customers don't like substitutions, and when you have to do a substitution, they get irritated by that and they seek a backup supplier.

是的，我們的損失率仍然高於我所說的我們的損失率。歷史最佳水平，我們非常關注這個主題。我們的供應鏈專注於提高準時交貨率和訂單滿足率，客戶不喜歡替代品，當他們必須進行替代品時，他們會感到惱火，並尋找備用供應商。

So massive focus on supply chain and merchandizing excellence and execution to improve on time rates. To improve fill rates to drive reduction in customer loss. We're really pleased with the progress that we're making. Kenny highlighted that significant progress in Q2 on loss with more work still to be done, which is why we're saying we're going to improve by another 100 basis points in the second half.

因此，我們將重點放在供應鏈和商品銷售的卓越性和執行力上，以提高準時交貨率。提高訂單滿足率，進而減少客戶流失。我們對目前的進展非常滿意。肯尼強調，第二季虧損方面取得了顯著進展，但仍有許多工作要做，因此我們說下半年我們將再改善 100 個基點。

The momentum that's coming from those good efforts coupled with improved sales. Consultant retention will result in an improvement in our lost rate in the going forward. The last question of your three, which is SC capacity, all of our SCs from most tenured to brand new have capacity, because of the primary reason that you just described.

這些良好努力帶來的勢頭，加上銷售額的提升。提高顧問留任率將有助於我們未來降低客戶流失率。關於您提出的三個問題中的最後一個，即 SC 容量，我們所有的 SC，從最老的到最新的，都有容量，主要原因正如您剛才描述的那樣。

A lot of planning and preparation work used to have to be done analog, at a laptop, they visit. A large number of customers every week. The amount of planning that has to go into visits is greatly reduced, which increases their ability to spend more time out on the street in front of customers, which de facto therefore increases capacity. We're not going to use that to quote reduce headcount. We're going to use that to drive increased sales consultant productivity, and it's something that we're bullish about for the going forward.

過去許多計畫和準備工作都必須用筆記型電腦等方式完成，他們會親自去拜訪。每週都有大量顧客。拜訪所需的計劃工作量大大減少，這使得他們能夠花更多的時間在街上與顧客面對面交流，從而實際上提高了接待能力。我們不會以此為由減少員工人數。我們將利用這一點來提高銷售顧問的效率，我們對此充滿信心。

Hey John, just one thing to add, we bucketize our SCs by tenner and we're seeing retention improvement in every sales, bucket, right? So this speaks to the stabilization of the broader sales team, not just our new hires. I think that's a really important point, as you know.

嘿，約翰，還有一件事要補充，我們將銷售合約以十英鎊分成若干份，我們發現每個銷售合約的留存率都有所提高，對吧？這說明整個銷售團隊的穩定性已經建立，而不僅僅是我們新員工的穩定性。我覺得這一點非常重要，你也知道。

More tendered SCs across all levels leads to higher productivity, and that includes the SCs who've been a Sysco for decades, right? So as Kevin said they use AI 360 as an example. They get more productive as well. So again, the new account that we saw in Q2 wasn't growth that wasn't just a new SCs. It was across the Board across our sales base.

各個層級的供應鏈招標增加，生產效率也會提高，這其中也包括那些已經與 Sysco 合作數十年的供應鏈，對吧？正如凱文所說，他們以 AI 360 為例。他們的生產力也會提高。所以，我們在第二季看到的新帳戶並不是成長，而只是一個新的服務中心。這種情況在我們所有銷售群體中普遍存在。

Thank you.

謝謝。

Alex Slagle, Jefferies.

Alex Slagle，傑富瑞集團。

Hey, thanks, good morning. Question on the Sysco brand mix. I know that's still trending down year over year and you talked about some of the work on expanding the value tier if you could kind of dig into that a little and what the past looks like to see that flip more positively and how important that is to driving, the tailwinds towards your earnings sale in the future.

嘿，謝謝，早安。關於Sysco品牌組合的問題。我知道這個數字仍然逐年下降，您也談到了擴大價值層級的一些工作，如果您能稍微深入探討一下，看看過去的情況如何才能看到更積極的轉變，以及這對推動未來盈利增長有多麼重要，那就太好了。

Yeah, good morning, Alex. Good question. We saw a nominal improvement in Sysco brand Q1 versus Q2, still down to prior year, but we're beginning to make progress on Sysco brand. We'll make. Meaningfully more progress in the second half of fiscal 2026 on Sysco brand penetration.

早安，Alex。問得好。我們看到 Sysco 品牌在第一季與第二季相比略有改善，但仍低於去年同期水平，不過我們在 Sysco 品牌方面開始取得進展。我們會做到。在 2026 財年下半年，Sysco 品牌滲透率將有顯著進展。

It comes from three things merchandizing, having the right items, pricing architecture, having the right price, and from Salesforce focus. Of the three, one of them takes longer than the other two. So let me just unpack each of these three things. So merchandizing, having the right items is what you were just alluding to, which is the value tier. In my prepared remarks, I talked to Sysco historically has focused on the better, best. Portion of the consumer, product purchases.

它源自於三個面向：商品銷售、擁有合適的商品、定價架構、制定合適的價格，以及對 Salesforce 的關注。這三者中，有一個比其他兩個耗時更長。那麼，讓我來逐一解釋這三件事。所以，你剛才提到的商品陳列，也就是擁有合適的商品，就是價值層級。在我準備好的演講稿中，我談到 Sysco 一直以來都專注於做得更好、最好。消費者購買產品的一部分。

Sysco product is a premium product, the specs of our product, the quality of our suppliers, the integrity behind what's in the box, we can stand behind those items, they are as good, if not oftentimes better than national brand equivalents.

Sysco 產品是優質產品，我們產品的規格、供應商的品質、包裝盒內物品的完整性，我們都對此充滿信心，它們即使不是比國內品牌同類產品更好，也至少與之不相上下。

And we've built this company off of that, selling better best products, and we will continue to be great in those products. And given food cost inflation over the. Past three years, and consumers are looking for lower menu prices and therefore restaurants are looking to lower their food costs, and we have some voids in our value tier. We call it Sysco reliance.

我們正是以此為基礎，打造了這家公司，銷售更優質的產品，我們將繼續在這些產品方面保持卓越。考慮到食品價格上漲。過去三年，消費者希望降低菜單價格，因此餐廳也希望降低食品成本，這導致我們的價值檔次出現了一些空白。我們稱之為對Sysco的依賴。

That's the segment that is our value tier. We under index in Sysco reliance and we actually have some gaps, some voids in our assortment. As that work takes time. We have to find suppliers who meet our needs. We have to audit their facilities. We have to get the items cut into our facilities. That's why in my prepared remarks I said that work will happen constructively.

這就是我們價值層級的細分市場。我們在對 Sysco 的依賴程度上低估了這一點，而且我們的產品組合實際上存在一些差距和空白。因為這項工作需要時間。我們必須找到符合我們需求的供應商。我們需要對他們的設施進行審核。我們需要將這些物品切割好後運送到我們的工廠。所以，我在事先準備好的演講稿中說，工作將以建設性的方式進行。

Over this calendar year of 2026, with kind of incremental progress being made over time, merchandizing is important to driving Sysco brand, and we are deeply focused on excellence in that space. Topic two though can happen quicker, which is price architecture, leveraging our technology to ensure that Sysco brand always is a value for the end customer. Sounds easy does hard.

在 2026 年這個日曆年裡，隨著我們逐步取得進展，商品銷售對於推動 Sysco 品牌發展至關重要，我們將全力以赴，力求在該領域做到卓越。第二個主題可以更快實現，那就是價格架構，利用我們的技術來確保 Sysco 品牌始終為最終客戶帶來價值。聽起來容易，做起來難。

The national brand suppliers are changing their prices on the regular. We need to make sure that Sysco brand prices are moving in harmony with national brand so that at all times 24/7, especially in a digital environment, customers see value in Sysco brand. That's pick and shovel work. That's devil's in the details work. We're using AI tools to get better at the item matching process to ensure that Sysco brand has inherent value to the customer. The team's doing great work in that regard. Last but not least, and this one can happen quicker.

全國知名品牌供應商經常調整價格。我們需要確保 Sysco 品牌的價格與全國品牌的價格保持一致，以便客戶在任何時候，尤其是在數位化環境中，都能感受到 Sysco 品牌的價值。那是需要用鎬和鏟子乾的活兒。這就是細節決定成敗的工作。我們正在使用人工智慧工具來改善商品匹配流程，以確保 Sysco 品牌對客戶具有內在價值。團隊在這方面做得非常出色。最後但同樣重要的是，這件事發生得可能更快。

Is Salesforce focus forever and a day, Sysco sales reps have been great at putting key items in front of customers. We say why we love this item, we train them at a monthly meeting. They taste the product. They go out and introduce that product to all of their customers again through the spirit of why we love this item, getting back to.

如果 Salesforce 永遠是關注的焦點，那麼 Sysco 的銷售代表們就非常擅長將關鍵產品推廣給客戶。我們會說明我們喜歡這個產品的原因，並在每月一次的會議上培訓他們。他們品嚐了產品。他們會再次向所有顧客介紹這款產品，並重申我們為何喜歡這款產品，回歸初心。

Excellence and execution within our sales team with meaningful focus on presenting on every customer visit at least one Sysco brand product that we want them to consider. Historically they were called conversions. We're now calling them swap and saves because we're putting the with them in for the customer. What's in it for them? We're providing the customer value.

我們的銷售團隊注重卓越和執行，在每次客戶拜訪中至少向他們展示一款我們希望他們考慮的 Sysco 品牌產品。歷史上，它們被稱為皈依。我們現在稱它們為“交換和節省”，因為我們為客戶將它們放入其中。他們從中能得到什麼好處？我們正在為客戶創造價值。

We're showing them how much money we can save them. We're doing a tasting with the customer to show them that the product quality is equal to or better than what they're buying today. Getting more intentional in our time allocation on that work is something we're deeply committed to.

我們正在向他們展示我們能為他們節省多少錢。我們正在為客戶進行試吃，以向他們展示產品品質與他們目前購買的產品一樣好，甚至更好。我們決心更有意識地分配時間到這項工作。

In fact, we had all of our sales reps leadership in the company, last week at a sales meeting. Where we were calling them up on this work focus and Alex, that's what gives me the confidence that we will be in the second half positive year over year in Sysco brand in the second half as we think about that from an exit velocity. So we're minus what we are today. By the time we get through the end of this second half, we'll be in positive penetration year over year. Kenny, anything you want to add?

事實上，上週我們公司所有銷售代表的領導者都參加了銷售會議。我們當時打電話給他們，強調這項工作的重點，而 Alex 讓我相信，從退出速度的角度來看，Sysco 品牌在下半年將實現同比增長。所以我們現在的狀況比以前差很多了。到下半年結束時，我們將實現同比成長。肯尼，你還有什麼要補充的嗎？

Yeah, I just hate it, Alex, just one thing to add is, keep in mind the Sysco brand is over $20 billion the top-line, and we, as Kevin says, we do expect penetration rates to continue to stabilize and improve, towards the back half of the fiscal year, especially as you grow a local business, right?

是的，我就是討厭這樣，Alex。還有一點要補充的是，請記住 Sysco 品牌的營收超過 200 億美元，而且正如 Kevin 所說，我們預計滲透率會在本財年下半年繼續穩定和提高，尤其是在你發展本地業務的情況下，對吧？

As Alex, local business has roughly a 50% penetration. With Sysco brand, I think the last one I would say is that I think it's important to call out that as you think about profitability and GP gross profit, we leverage [FedEx] forcing not just for Sysco brand but also non-Sysco brand. That is the reason why this quarter and on the forward we do expect GP margin expansion from a rate and dollar standpoint.

亞歷克斯表示，本地企業的滲透率約為 50%。關於 Sysco 品牌，我認為最後一點是，在考慮獲利能力和毛利時，我們利用 [聯邦快遞] 的強制力，不僅適用於 Sysco 品牌，也適用於非 Sysco 品牌。這就是為什麼我們預計本季及未來一段時間內，從利率和美元角度來看，毛利率將會擴張的原因。

John Ivankoe, JPMorgan.

John Ivankoe，摩根大通。

Hi, thank you very much. This is a related two-parter, and if I'm assuming this correctly, Sysco would be a very big prize for, various AI, service technology providers and also those involved in the automation business. Certainly I understand.

您好，非常感謝。這是一個相關的兩部分內容，如果我的假設正確的話，Sysco 對於各種人工智慧、服務技術提供者以及從事自動化業務的公司來說，都將是一個巨大的目標。我當然明白。

And AI 360, but that's just one part of a broader business so I wanted to see, what kind of conversations and opportunities might be raising in your conversation with various providers, specifically around warehouse distribution maybe further optimization on a SKU perspective is kind of the first part.

還有 AI 360，但這只是更廣泛業務的一部分，所以我想看看，在您與各種供應商的對話中，可能會出現哪些對話和機會，特別是關於倉庫配送，也許從 SKU 的角度進一步優化是第一部分。

And then secondly, as you kind of think about the Sysco of the future from an automation perspective, if we're any closer to, perhaps piloting or even implementing, various solutions that might be Sysco specific at scale, thank you so much.

其次，從自動化角度思考 Sysco 的未來時，如果我們能夠更進一步，例如試點甚至大規模實施各種 Sysco 特有的解決方案，那就太感謝了。

John, thank you. Good morning. Appreciate the question. Let me do automation first. I'll do AI second, toss to Kenny for any forward facing comments that he'd like to make about, our future relative to these two things. Material handling automation is what John's asking about in our warehouses, as he knows, and many of our facilities today are mostly analog, mostly manual, whereas Amazon pick back and ship facility is highly automated with tilt.

約翰，謝謝你。早安.感謝您的提問。讓我先做自動化部分。我先說人工智慧，然後讓肯尼就我們未來與這兩件事的關係發表一些前瞻性的評論。約翰詢問的是我們倉庫的物料搬運自動化狀況，他很清楚這一點。我們目前的許多設施大多是模擬的、人工操作的，而亞馬遜的揀貨和發貨設施則高度自動化，並配備了傾斜裝置。

Disorders and shoe diverters and the like. Our products are big, bulky, heavy, and we don't have a ton of people working in our warehouses, which has limited ROI on large engineering projects in our warehouses. With that said, with labor costs rising over time, with labor availability becoming more challenged over time, think about 10 years from now.

疾病、鞋子分揀器等等。我們的產品體積大、笨重、沉重，而且我們倉庫裡人手有限，這限制了我們在倉庫開展大型工程項目的投資回報。話雖如此，隨著勞動成本不斷上漲，勞動供應也日益緊張，想想10年後的情況。

Think about our work is done in the in the evening hours in very cold temperatures. In our buildings, we know that physical automation is something that we need to be investing in and we are, in fact, John, just yesterday we had a presentation from top engineering firms from around the world on engineering solutions that can help Sysco, be more efficient within our supply chain. Most likely, John, where that will show up is in our next net new facility and or next building expansion.

想想看，我們的工作是在晚上，在非常寒冷的溫度下進行的。在我們的建築中，我們知道物理自動化是我們需要投資的領域，事實上，約翰，就在昨天，我們聽取了來自世界各地頂級工程公司的報告，這些工程解決方案可以幫助 Sysco 提高供應鏈效率。約翰，最有可能的情況是，它會在我們下一個新建的設施或下一個擴建項目中出現。

And given our strong balance sheet and the growth of our business, we have those opportunities on a regular basis. So we're meaningfully invested in that space from a time allocation, intellectual curiosity, and Kenny will always help us bring a strong ROI behind the decisions that we make, in that space from a material handling to AI, how we're using.

鑑於我們強勁的資產負債表和業務成長，我們經常會有這樣的機會。因此，我們在時間分配、求知欲等方面都對該領域進行了實質性的投入，而 Kenny 將始終幫助我們確保我們在該領域所做的決策能夠帶來強大的投資回報率，從物料搬運到人工智慧，以及我們如何利用這些技術。

Agentic tools to be more efficient we call it, better, faster, cheaper. How do we leverage these tools and to your point, we've met with everybody we've met with all the service providers we've met with the tech companies, we've met with the consulting firms, how can we leverage these types of capabilities, agentic tools to reduce the administrative burden on work we do to reduce costs.

我們稱智慧工具為更有效率、更好、更快、更便宜的工具。我們如何利用這些工具？正如您所說，我們已經與所有服務提供者、科技公司和顧問公司都進行了會面，我們如何利用這些類型的能力和代理工具來減輕我們工作的行政負擔，從而降低成本？

Get the work done faster and frankly do it better. We are meaningfully focused. AI 360 is just an example, the tip of the spear, if you will, on the sales side of increasing productivity. But we're looking at this in every single function HR within merchandizing, within Kenny's back office finance. It impacts every. Part of our company. I'll toss to Kenny for anything he'd like to say about that. Kenny, over to you. Yeah.

更快完成工作，坦白說，還要做得更好。我們目標明確，注重實際意義。AI 360 只是一個例子，可以說是提高銷售生產力方面的一個先鋒。但我們正在從商品銷售的每一個人力資源職能部門，以及肯尼的後台財務部門，審視這個問題。它影響到每一個人。我們公司的一部分。我會把麥克風交給肯尼，聽聽他對此有何看法。肯尼，該你了。是的。

John, so if I take a step back, as Kevin and I, we've been extremely focused on just looking at automation, productivity, and cost out, mostly on the cost side in the past few years, and we have a healthy pipeline. It's a muscle we've built and know how to. How to flex, on the forward, usually we look at the organization, look at productivity, supply chain, your service, third-party, as Kevin says, we're actually adding on and looking at leveraging technology, automation, tech tools to our, to allow our team to do more with the same or less. I can tell you personally in my shop, the finance shop, we've leveraged technology to manage our working capital, transactional work to drive productivity, and it's going really well. So overall we are pleased, but more to come.

約翰，如果我退後一步來看，我和凱文在過去幾年裡一直非常專注於自動化、生產力和成本控制，尤其是在成本方面，而且我們擁有健康的業務管道。這是我們鍛鍊出來的技能，我們知道如何運用它。如何靈活應對未來，通常我們會審視組織架構、生產力、供應鏈、服務和第三方，正如凱文所說，我們實際上是在增加和利用技術、自動化和技術工具，讓我們的團隊能夠用相同甚至更少的資源做更多的事情。我可以親自告訴你，在我所在的財務部門，我們已經利用科技來管理我們的營運資金和交易工作，從而提高生產力，而且效果非常好。總的來說我們很滿意，但未來還有更多驚喜。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Thank you. And first of all, congratulations again on a very strong local case growth quarter, especially in the U.S. food service. Kenny, I want to go back into the kind of the margin expansion opportunity, and I was wondering if you first of all, can shed more light on why the gross margin improved by one basis point in the U.S. food service with such a strong top-line growth of 2.4%.

謝謝。首先，再次恭喜你們本地病例成長強勁，尤其是在美國餐飲服務領域。Kenny，我想回到利潤率擴張的機會這個話題，首先我想知道，你能否進一步解釋一下，為什麼美國餐飲服務業在營收成長如此強勁（2.4%）的情況下，毛利率卻提高了1個基點。

Especially when the mix seems to be more local weighted, this year, and then more importantly, how much do you expect the gross margin to inflect as you're accelerating local case growth in the second half of the year?

尤其是今年在地化程度似乎更高，更重要的是，隨著下半年本地病例成長加速，您預計毛利率會有多大變化？

Thank you.

謝謝。

Yeah, so you mentioned the USFS business and kind of the growth, kind of the margin story. So I'll answer it as a whole USFS. I'll include margin in there as well. So we feel positive with the momentum that we have in USFS, as I, as you probably called out, right, despite the negative backdrop, we do, we're able to grow.

是的，你提到了美國林務局的業務以及成長和利潤。所以我將以整個美國林務局的名義來回答這個問題。我也會把邊距算進去。因此，我們對美國林務局的發展勢頭感到樂觀，正如我，正如你可能已經指出的那樣，儘管背景不利，但我們仍然能夠發展壯大。

Top-line of volume by 1% and achieve GP expansion both on the rate and dollar standpoint. What drove the GP expansion was a few fold, right? One, obviously local case growth. Growing faster than national, that has a mixed benefit. Number two, the good work we've done as a company on strategic sourcing from prior periods, which is carrying over into this period, and we're not stopping.

營收成長 1%，毛利在利率和美元方面均實現成長。推動GP擴張的因素很多，對吧？第一，顯而易見的是本地病例成長。增速超過全國平均水平，這有利有弊。第二，我們公司在策略採購方面從前幾個時期做了很多工作，這些工作一直延續到現在，我們不會停止。

We continue to look at new ways to partner with suppliers on better unit economics that actually support the ecosystem providing more affordable prices to our customers. That's point number two.

我們將繼續探索與供應商合作的新方式，以實現更好的單位經濟效益，從而真正支持生態系統，並為我們的客戶提供更實惠的價格。這是第二點。

Specialty has momentum as we talked about in the prepared remarks. We've lapped the intentional fresh point exit and specialty, will be accretive, on the forward as well. And then we can't forget, international does have a higher GP attachment rate for international as well. So when international grows, top-line by 7%.

正如我們在準備好的演講稿中所談到的，專業化發展勢頭強勁。我們已經超越了有意的新鮮點退出和特色，這將對前鋒產生增益作用。此外，我們也不能忘記，國際學生的GP就診率也較高。因此，當國際業務成長時，營收成長 7%。

That flows through nicely on the GP side as well. So those are the four reasons why GP margin expanded and we can expect that trend to continue in the back half of the year. Kind of just to finish out the thought though for USFS, we do expect USFS to be positive growth, starting Q3, and the reason why is what I mentioned you have top-line growth on both local.

這一點在GP方面也同樣適用。以上就是毛利率擴張的四個原因，我們可以預期這個趨勢將在下半年持續下去。最後補充一點關於美國林務局（USFS）的想法，我們預計美國林務局從第三季度開始將實現正增長，原因正如我之前提到的，你們在本地和地方的營收都有所增長。

Top of the momentum of both local and CMU. Both of those businesses will be within the outgo range from a volume standpoint in the back half of the year, and then get the GDP four things I mentioned, and then all of that is on top of the healthy supply chain ecosystem that we've established, earlier part of this year. So that just scale nicely from a fixed cost standpoint. And that's the reason why we do, we are very confident that we will be positive ROIC growth in the back half of the year.

本地和卡內基美隆大學都處於領先地位。從銷售角度來看，這兩家企業在下半年都將處於支出範圍內，然後實現我提到的 GDP 四項指標，而所有這些都建立在我們今年稍早建立的健康供應鏈生態系統之上。因此，從固定成本的角度來看，這種方式很容易擴展。正因如此，我們非常有信心，下半年將達到正的ROIC成長。

Excellent, thank you.

太好了，謝謝。

Thank you very much. And ladies and gentlemen, that will bring us to the conclusion of today's fiscal second quarter fiscal year 2026 earnings call. We'd like to thank you all so much for joining us today and wish you all a great remainder of your day. Goodbye.

非常感謝。女士們、先生們，今天的 2026 財年第二季財報電話會議到此結束。非常感謝各位今天蒞臨，祝福大家今天餘下的時間愉快。再見。