Wingstop Inc. (WING) 2026 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and thank you for standing by. Welcome to Wingstop, Inc.'s fiscal first quarter 2026 earnings conference call. (Operator Instructions) Please note that this conference is being recorded today, Wednesday, April 29, 2026.

各位女士、先生，早安，感謝各位撥冗參與並在線等候。歡迎收聽 Wingstop, Inc. 2026 會計年度第一季財報電話會議。（接線員指示）請注意，本次會議將於今日（2026 年 4 月 29 日，星期三）進行錄音。

On the call today are Michael Skipworth, President and Chief Executive Officer; Alex Kaleida, Senior Vice President and Chief Financial Officer; and Sarah Niehaus, Senior Director of Investor Relations.

今天與會者包括：總裁暨執行長 Michael Skipworth；資深副總裁暨財務長 Alex Kaleida；以及投資人關係資深總監 Sarah Niehaus。

I would now like to turn the conference over to Sarah. Please go ahead.

接下來我想把會議交給 Sarah。請開始。

Thank you and welcome to the fiscal first quarter 2026 earnings conference call for Wingstop.

謝謝，歡迎各位參加 Wingstop 2026 會計年度第一季財報電話會議。

Our results were published earlier this morning and are available on our Investor Relations website at ir.wingstop.com. Our discussion today includes forward-looking statements. These statements are not guarantees of future performance and are subject to numerous risks and uncertainties that could cause our actual results to differ materially from what we currently expect.

我們的業績已於今天稍早發布，並可於我們的投資人關係網站 ir.wingstop.com 查閱。今天的討論包含前瞻性陳述。這些陳述並非對未來績效的保證，且受多項風險與不確定性影響，可能導致實際結果與我們目前預期存在重大差異。

Our SEC filings describe various risks that could affect our future operating results and financial condition. We use certain non-GAAP financial measures that we believe can be useful in evaluating our performance. Presentation of such information should not be considered in isolation or as a substitute for results prepared in accordance with GAAP. Reconciliations to comparable GAAP measures are contained in our earnings release.

我們向美國證券交易委員會（SEC）提交的文件描述了可能影響我們未來營運成果與財務狀況的各項風險。我們使用若干非 GAAP 財務衡量指標，並相信其有助於評估我們的表現。此類資訊不應被孤立看待，亦不應作為依 GAAP 編製之結果的替代。與可比 GAAP 指標的調節表載於我們的財報新聞稿中。

Lastly, for the Q&A session, we ask that each of you please keep to one question and a follow-up to allow as many participants as possible to ask a question. With that, I would like to turn the call over to Michael.

最後，在問答環節中，為了讓盡可能多的與會者能提問，我們請各位每人僅提出一個問題並可追加一個追問。接下來，我想把電話會議交給 Michael。

Thank you, Sarah, and good morning, everyone. We appreciate you joining the call.

謝謝你，Sarah，各位早安。感謝各位加入本次電話會議。

We believe 2026 is going to be a transformational year for Wingstop and remain extremely confident in the long-term opportunity in front of us. Our focus is on execution against unique brand-specific strategies, which include strengthening our operations through the Wingstop Smart Kitchen. Expanding our reach to new guests and launching our new and highly differentiated loyalty program, each of which we believe are structural changes that will drive sustained growth towards our AUV target of $3 million. As I step back and assess the current state of the business, we are making significant progress against our strategic priorities.

我們相信 2026 年將是 Wingstop 的轉型之年，並且對眼前的長期機會仍然極具信心。我們的重點在於落實具品牌獨特性的策略，包括透過 Wingstop Smart Kitchen 強化營運；擴大觸及新顧客並推出全新且高度差異化的會員忠誠計畫。我們相信這些都是結構性變革，將推動持續成長，朝我們每店平均營收（AUV）3 百萬美元的目標邁進。當我退一步檢視目前的業務狀況，我們在策略優先事項上正取得顯著進展。

We are seeing measurable improvements in speed, accuracy and consistency that are being enabled by the Wingstop Smart Kitchen, along with early signals that our marketing is reaching new guests and driving deeper engagement. That said, our same-store sales result in Q1 was disappointing and fell below our expectations.

在 Wingstop Smart Kitchen 的推動下，我們在速度、準確度與一致性方面看到可衡量的改善，同時也出現早期訊號顯示，我們的行銷正在觸及新顧客並帶動更深度的互動。然而，我們第一季的同店銷售表現令人失望，低於我們的預期。

As we started the year, domestic same-store sales trends from Q4 carried into the 1st month of Q1, suggesting more consistency in the trend. However, as the quarter progressed, two factors came into play. The first was atypical winter weather resulting in temporary restaurant closures in over 700 restaurants and secondly, elevated gas prices as a result of the conflict in the Middle East. Not too dissimilar to what we experienced in 2022, rapidly rising gas prices stressed the balance sheet of the lower-income consumer that our business over-indexes to. As a result, our same-store sales trend worsened during the quarter and resulted in a decline of 8.7%. If you exclude these unusual external factors, performance would have broadly been in line with our expectations.

年初時，第四季的美國同店銷售趨勢延續到第一季的第一個月，顯示趨勢更為一致。然而，隨著季度推進，有兩個因素開始影響。第一是反常的冬季天氣，導致超過 700 家餐廳暫時停業；第二是中東衝突推升油價，造成汽油價格上漲。這與我們在 2022 年的經驗相似，油價快速上升使我們業務較為集中（over-indexes）的低收入消費者資產負債表承受壓力。因此，同店銷售趨勢在季度內惡化，最終下滑 8.7%。若排除這些不尋常的外部因素，整體表現大致會符合我們的預期。

We have updated our full-year outlook to reflect our results for Q1 and now anticipate same-store sales to be down low single-digits, but we believe our business can return to growth in the second half of the year as these strategies we are executing all come together. While the macro backdrop is masking some of the near-term impact, we can see measurable progress across our key initiatives.

我們已更新全年展望以反映第一季結果，目前預期同店銷售將呈現低個位數下滑；但我們相信，隨著我們正在執行的各項策略逐步到位，下半年業務可望重回成長。儘管總體環境掩蓋了部分短期影響，我們仍能在關鍵計畫上看到可衡量的進展。

Our asset-light, highly franchised model continues to demonstrate its resilience. In the quarter, we delivered double-digit adjusted EBITDA growth and we opened 97 net new restaurants, translating into 17% unit growth. This performance reinforces the strength of our model.

我們資產輕、以加盟為主的模式持續展現韌性。本季我們實現兩位數的調整後 EBITDA 成長，並淨新增開出 97 家餐廳，折合 17% 的門店成長。這樣的表現再次印證我們模式的強勁。

Central to our strategies is our disciplined focus on protecting our brand partners' margins and maintaining strong unit economics, which we believe is foundational to sustaining long-term unit growth.

我們策略的核心，是以嚴謹自律的方式聚焦於保護品牌合作夥伴的利潤率並維持強勁的單店經濟模型；我們相信這是支撐長期門店成長的基礎。

And despite the challenging macro backdrop, we saw brand partner margins strengthen in Q1, and we believe this helps reinforce the strength of our development pipeline, a pipeline that remains one of the strongest in the industry, showcasing the durability of our model and confidence of our brand partners who continue to invest in the long-term growth of the brand.

即便總體環境充滿挑戰，我們在第一季仍看到品牌合作夥伴的利潤率提升；我們相信這有助於強化我們開店開發管線的韌性。該管線仍是業界最強之一，展現我們模式的耐久性，以及品牌合作夥伴對於持續投資品牌長期成長的信心。

We believe we have significant opportunity in front of us to scale Wingstop to over 10,000 restaurants globally. We remain focused on what we can control, and our strategy remains unchanged. Let me start with the Wingstop Smart Kitchen.

我們相信，未來我們有重大機會將 Wingstop 擴張至全球超過 10,000 家餐廳。我們仍專注於可控事項，策略也維持不變。讓我先從 Wingstop Smart Kitchen 談起。

The Wingsop Smart Kitchen is a meaningful operational transformation requiring fundamental changes to how our restaurants execute day-to-day.

Wingstop Smart Kitchen 是一項重要的營運轉型，需要對我們餐廳日常執行方式進行根本性的改變。

We are making clear progress in strengthening our operations with improvements in speed, accuracy, and consistency across the system. And while the full benefits from our new back-of-house technology have not scaled to the entire WingStop system yet, we are seeing clear evidence it is working. Last quarter, we discussed the need to focus on Friday and Saturday dinner dayparts. Where we see the highest volume of new guests entering the brand, with approximately 50% of new guests trying us for the first time during those windows. Within these dayparts, we are now seeing an approximately 16 point improvement in the number of restaurants hitting our targeted speed of service in Q1 compared to Q4, along with a roughly 5 percentage point improvement in accuracy.

我們在強化營運方面取得明確進展，系統內的速度、準確度與一致性均有所改善。雖然我們新的後場技術所帶來的完整效益尚未擴展至整個 Wingstop 系統，但我們已看到明確證據顯示其有效。上季我們提到需要聚焦週五與週六晚餐時段，因為這些時段是新顧客進入品牌的最高峰，約有 50% 的新顧客是在這些時段首次嘗試我們。在這些時段中，相較於第四季，第一季達到我們目標服務速度的餐廳數量提升約 16 個百分點，同時準確度也提升約 5 個百分點。

Restaurants are driving greater consistency during these peak periods, ensuring we deliver on those moments that matter most for both new and existing guests. In addition, customer satisfaction improved across both digital carryout and delivery in the quarter, with delivery improving approximately 17 percentage points in customer satisfaction, driven by gains in speed and execution.

餐廳在這些尖峰時段正帶動更高的一致性，確保我們在對新舊顧客都最關鍵的時刻交付到位。此外，本季數位外帶與外送的顧客滿意度均有所提升，其中外送顧客滿意度提升約 17 個百分點，主要受惠於速度與執行力的改善。

We are also seeing in restaurants consistently achieving our 10-minute speed of service standard, delivery times are now moving closer to our goal of less than 30 minutes, reinforcing that stronger execution translates into a better end-to-end guest experience. The most ounced impact is in our lowest performing restaurants, reinforcing that we are raising the floor of performance across the system.

我們也看到，在餐廳持續達成 10 分鐘服務速度標準的情況下，外送時間正更接近我們「少於 30 分鐘」的目標，進一步印證更強的執行力能轉化為更佳的端到端顧客體驗。最明顯的影響出現在我們表現最弱的餐廳，顯示我們正在提升整個系統的最低表現水準。

This is a significant operational transformation and scaling consistent execution across a system of our size is a deliberate ongoing focus. As we continue to build consistency across restaurants, dayparts and channels, we expect to more fully unlock the demand and conversion benefits of the platform.

這是一項重大的營運轉型，而在我們這樣規模的系統中擴大一致性的執行，是一項需要審慎推進且持續投入的重點。隨著我們持續在各餐廳、各時段與各通路建立一致性，我們預期將更充分釋放該平台在需求提升與轉換率改善方面的效益。

To further highlight the progress we are making on speed of service, we're targeting a launch of our order-ready tracker by the end of Q2 that is designed to reinforce our speed of service through enhanced communication to our guests and drive measurable impacts in guest satisfaction. This feature directly connects into the Wingstop Smart Kitchen with real-time status updates, guiding the guests through the cook-to-order high-quality experience only Wingstop can deliver. In early testing, the order tracking feature created greater confidence into the guest quote time, better highlighted the craft associated with each Wingstop order, and reduced status-related complaints and improved accuracy.

為了進一步凸顯我們在服務速度上的進展，我們目標在第二季末前推出「訂單就緒追蹤器」（order-ready tracker），透過加強與顧客的溝通來強化我們的服務速度，並對顧客滿意度帶來可衡量的提升。此功能可與 Wingstop Smart Kitchen 直接串接，提供即時狀態更新，引導顧客體驗只有 Wingstop 才能提供的現點現做（cook-to-order）高品質流程。在早期測試中，訂單追蹤功能提升了顧客對預估取餐時間的信心，更清楚呈現每筆 Wingstop 訂單所蘊含的製作工藝，並降低與狀態相關的抱怨，同時提升準確度。

The takeaway is clear, when we deliver that high-quality cooked-to-order Wingstop experience and execute with speed, accuracy and consistency, we drive stronger conversion, improved retention and incremental sales. As we closely analyze the data.

結論很清楚：當我們交付高品質、現點現做的 Wingstop 體驗，並以速度、準確度與一致性執行到位時，就能帶動更強的轉換率、更好的留存，以及增量銷售。當我們深入分析數據時。

It is what we see in the data and the results that gives us strong conviction in the Wingstop Smart Kitchen as a key unlock for our restaurants. We are building momentum and as we execute at a high level consistently across the system, we expect the Wingstop Smart Kitchen to be a meaningful contributor to scaling AUVs towards our target of $3 million.

正是我們在數據與結果中所看到的一切，讓我們對 Wingstop Smart Kitchen 作為餐廳關鍵解鎖因素（key unlock）抱持強烈信念。我們正在累積動能；當我們能在整個系統中持續以高水準執行時，我們預期 Wingstop Smart Kitchen 將成為推動 AUV 朝 300 萬美元目標擴張的重要貢獻者。

Another key strategy in 2026 that we believe can position Wingstop for sustained growth is the launch of our loyalty program, which we are referring to as Club Wingstop. This is not a traditional discount-driven rewards program. Club Wingstop is built around a simple premise, members eat first, giving our most engaged guests access, experiences, and benefits that go beyond points and discounts. What differentiates the platform is how it enhances the guest interaction through capabilities like group ordering, point sharing, and personalized offers that adapt based on behavior.

我們認為 2026 年另一項可讓 Wingstop 站上持續成長軌道的關鍵策略，是推出我們的會員忠誠計畫，我們稱之為 Club Wingstop。這不是傳統以折扣驅動的獎勵計畫。Club Wingstop 建立在一個簡單前提之上：會員優先（members eat first），讓我們互動最深的顧客獲得超越點數與折扣的權限、體驗與福利。該平台的差異化在於，它透過團體下單、點數分享，以及依行為調整的個人化優惠等能力，強化顧客互動。

As part of the latent design of this platform, we built an AI-enabled tool that will allow us to achieve personalization at scale. This includes generating hundreds of pieces of content that drive relevant and adaptable messages to specific segments in our database.

作為此平台潛在設計的一部分，我們打造了一項具備 AI 功能的工具，使我們能夠以規模化方式實現個人化。這包括產出數百則內容，向我們資料庫中的特定分眾傳遞相關且可調整的訊息。

We have features embedded in our Club Wingstop technology that are designed to strengthen the emotional connection to our brand and drive sustained frequency over time. In our pilot market, we are seeing this translate into improved retention, higher reactivation of lapsed users and increased engagement from our most valuable guests. Engagement is strong, with roughly half of active guests enrolled and approximately 40% of new guests are signing up. Members are also demonstrating higher check and stronger retention relative to non-members. Results in our pilot market are being achieved with limited marketing support.

我們在 Club Wingstop 技術中內嵌多項功能，旨在強化與品牌的情感連結，並隨時間推動持續的消費頻率。在試點市場，我們看到這些措施轉化為更佳的留存、更高的流失用戶再活化，以及來自最有價值顧客的更高互動。互動表現強勁，約有一半的活躍顧客已加入，且約 40% 的新顧客正在註冊。相較於非會員，會員也展現出更高的客單價與更強的留存。試點市場的成果是在有限的行銷支援下達成的。

And only a partial feature set, which to us reinforces the strength of the platform and the opportunity as we scale. We are preparing for a national launch by the end of Q2, supported by a full 360-degree marketing strategy and a robust pipeline of features, including personalization, merchandise and experiential elements that extend well beyond traditional points-based programs. We believe loyalty will be a meaningful driver overtime time, particularly as we scale nationally and integrate more deeply into our digital ecosystem. Widening the top of the funnel and capturing our fair share of our demand space is another key priority for us in 2026.

而且目前僅推出部分功能組合，這在我們看來更強化了平台的實力與擴大規模的機會。我們正準備在第二季末前進行全國性上線，並以完整的 360 度行銷策略與強健的功能管線支援，其中包括個人化、周邊商品與體驗式元素，延伸幅度遠超傳統的點數制方案。我們相信，忠誠度計畫將隨時間成為重要的成長驅動力，特別是在我們於全國擴張並更深度整合至數位生態系之際。擴大漏斗上端並在需求空間中取得我們應有的份額，也是我們在 2026 年的另一項關鍵優先事項。

We estimate we are capturing only about 2% share in a demand space we believe we can win a 20% share, highlighting the significant runway ahead, but execution is foundational to this effort.

我們估計，在我們相信可贏得 20% 份額的需求空間中，目前僅取得約 2% 的份額，凸顯前方仍有顯著的成長跑道，但執行力是這項工作的基礎。

It starts with driving acquisition through brand awareness and innovation, particularly flavor-led innovation, which we know is a key driver of consideration, especially among the consumers we are targeting in our demand space. Our Wingstop is Here advertising campaign is designed to expand the top of the funnel, and we are beginning to see early signs that it is working. New guests are increasingly skewing toward higher-income cohorts, particularly in the $50,000 to $100,000 range, one of the fastest-growing segments among new guests we're acquiring. This gives us confidence that our marketing is resonating with a broader audience and is reflective of the opportunity we're targeting in our demand space. Looking ahead, we have a strong pipeline of innovation and marketing initiatives, including continued. Flavor-led innovation, and the next phase of Wingstop is here, which we believe will showcase the quality and premium experience our guests have come to love. Together with the Wingstop Smart Kitchen and Club Wingstop, these efforts are designed to strengthen acquisition, improve conversion, and support sustained traffic growth over time.

這要從透過品牌知名度與創新來推動獲客開始，尤其是以風味為主導的創新；我們知道這是帶動考慮度的關鍵驅動因素，特別是在我們於需求空間中鎖定的消費者族群。我們的「Wingstop is Here」廣告活動旨在擴大漏斗上端，我們也開始看到其奏效的早期跡象。新顧客的結構愈來愈偏向高收入族群，特別是年收入 50,000 至 100,000 美元區間，這也是我們正在獲取的新顧客中成長最快的分眾之一。這讓我們更有信心，我們的行銷正在與更廣泛的受眾產生共鳴，也反映出我們在需求空間中所鎖定的機會。展望未來，我們擁有強勁的創新與行銷計畫管線，包括持續的風味主導創新，以及「Wingstop is Here」的下一階段；我們相信這將展現顧客已喜愛的品質與高端體驗。結合 Wingstop Smart Kitchen 與 Club Wingstop，這些努力旨在強化獲客、提升轉換，並隨時間支持持續的來客成長。

Another significant factor for building brand awareness and acquiring new guests is what we've been able to accomplish in expansion of our footprint. Our unit growth is supported by the strength of our unit economics underpinning the strong demand from our brand partners. In the first quarter, we opened 97 restaurants globally at a more than 17% growth rate versus the last year.

另一個建立品牌知名度並獲取新顧客的重要因素，是我們在據點版圖擴張方面所達成的成果。我們的門店成長由單店經濟模型的強勁表現所支撐，進而帶動品牌合作夥伴的強烈需求。第一季我們在全球新開 97 家餐廳，較去年成長率超過 17%。

As we grow our restaurant base, development itself becomes a demand driver, expanding brand awareness and amplifying the impact of our marketing, reinforcing the flywheel across the system. We continue to scale Wingstop in a disciplined manner and believe our market-level strategies will allow us to do so in the most sustainable way. Outside of the U.S., momentum remains strong. With newer markets such as Ireland and Thailand thriving and already delivering attractive unit economics as well as reinforcing the portability of the brand. Looking ahead, we remain on track to enter our largest new market to date, India, in 2026, representing a significant long-term opportunity. What fuels our growth is our brand partners' returns, which we believe are industry-leading. It's why we believe addressing near-term challenges for our core consumer should not compromise our long-term fundamentals. That mindset has translated into incredible growth.

隨著我們擴大餐廳基礎，開發本身也成為需求驅動因素，提升品牌知名度並放大行銷影響力，強化整個系統的飛輪效應。我們持續以嚴謹的方式擴張 Wingstop，並相信我們的市場層級策略將使我們以最可持續的方式做到這一點。在美國以外，動能依然強勁。像愛爾蘭與泰國等較新的市場表現亮眼，已帶來具吸引力的單店經濟效益，同時也印證品牌的可移植性。展望未來，我們仍按計畫於 2026 年進入迄今為止最大的全新市場——印度，代表一項重要的長期機會。驅動我們成長的是品牌合作夥伴的報酬，我們相信這在業界領先。這也是為何我們認為，因應核心消費者的短期挑戰不應犧牲我們的長期基本面。這樣的思維帶來了驚人的成長。

Since the beginning of 2023, we have opened over 1,000 restaurants and more than doubled system-wide sales to over $5.4 billion on a trailing 12-month basis, all while systematically growing our global pipeline to a record level.

自 2023 年初以來，我們已開出超過 1,000 家餐廳，並在過去 12 個月（TTM）基礎上將系統銷售額加倍至超過 54 億美元，同時也有系統性地將全球開發管線擴大至創紀錄水準。

While the level of uncertainty in the current operating environment remains high, our path forward and strategies are very clear. We are focused on strengthening our operations through the Wingstop Smart Kitchen, expanding our reach to new guests, and launching Club Wingstop, each of which we believe will drive a return to same-store sales growth and further strengthen brand partner profitability and returns.

儘管當前營運環境的不確定性仍高，我們前進的路徑與策略非常清晰。我們聚焦於透過 Wingstop Smart Kitchen 強化營運、擴大觸及新顧客，以及推出 Club Wingstop；我們相信這些都將推動同店銷售重回成長，並進一步強化品牌合作夥伴的獲利能力與報酬。

We are confident in the strength of our asset-light model, the resilience of our brand, and the significant runway ahead. Together, we believe these position us to scale average unit volumes toward $3 million, expand our global footprint, and continue advancing our ambition to become a TOP10 global restaurant brand.

我們對輕資產模式的強度、品牌的韌性，以及前方龐大的成長跑道充滿信心。我們相信，這些因素共同使我們得以將平均單店營收（AUV）推進至 300 萬美元、擴大全球版圖，並持續推進成為全球前十大（TOP10）餐飲品牌的願景。

And it is important to note that none of this would be possible without the dedication of our team members and the continued commitment of our brand partners, who are executing every day to deliver a great guest experience and grow the Wingstop brand around the world. With that, I'll turn the call over to Alex.

同時也必須指出，若沒有團隊成員的投入，以及品牌合作夥伴持續的承諾——他們每天都在執行，提供卓越的顧客體驗並在全球拓展 Wingstop 品牌——這一切都不可能實現。接下來我把電話交給 Alex。

Thanks, Michael, and good morning.

謝謝你，Michael，大家早安。

Our first quarter results reflect the resiliency of our highly franchised asset-light model. In a more pressured consumer environment, we delivered system-wide sales growth, double-digit adjusted EBITDA growth and unit growth that well exceeded our long-term algorithm.

我們第一季的結果反映出高度加盟、輕資產模式的韌性。在消費者環境更具壓力的情況下，我們仍實現系統銷售成長、調整後 EBITDA 的雙位數成長，以及遠超我們長期演算法的門店成長。

Development continues to be one of the most compelling proof points in our model and the long-term opportunity to scale Wingstop into a TOP10 global restaurant brand. We opened 97 net new restaurants in the first quarter to 17% growth rate. And with domestic AUVs at approximately $2 million on a roughly $580,000 upfront investment to build a Wingstop.

開發持續是我們模式中最具說服力的證明之一，也印證將 Wingstop 擴張為全球前十大（TOP10）餐飲品牌的長期機會。第一季我們淨新增開出 97 家餐廳，成長率達 17%。此外，美國本土 AUV 約為 200 萬美元，而打造一家 Wingstop 的前期投資約為 58 萬美元。

Our brand partners are seeing, on average, a payback of less than two years. Our unit economics are what drive the demand we see in our pipeline, which is evident in a pipeline that stands at more than 2,200 restaurant commitments under development agreements. And that demand remains broad-based across our brand partners. System-wide sales increased 5.9% to $1.4 billion in the quarter.

我們的品牌合作夥伴平均回收期不到兩年。我們的單店經濟效益驅動了我們在開發管線中看到的需求，這也反映在目前超過 2,200 家餐廳承諾、已在開發協議下推進的管線規模上。而且這股需求在各品牌合作夥伴之間仍呈現廣泛分布。本季系統銷售額成長 5.9% 至 14 億美元。

Fueled by net new unit development and more than offset the 8.7% decline in same-store sales.

成長動能來自淨新增門店開發，並且足以抵消同店銷售下滑 8.7% 的影響。

As a result of our system-wide sales growth, total revenue increased 7.4% to $183.7 million versus the prior year. Royalty revenue, franchise fees and other increased $8.7 million to $87.5 million.

受系統銷售成長帶動，總營收較去年增加 7.4% 至 1.837 億美元。權利金收入、加盟費及其他收入增加 870 萬美元至 8,750 萬美元。

Company-owned restaurant sales increased by $2.9 million to $33 million, driven by six additional corporate stores open or acquired since the prior year comparable period.

公司自營餐廳銷售額增加 290 萬美元至 3,300 萬美元，主要由於自去年同期以來新增開設或收購了 6 家公司門店。

Company-owned restaurant cost of sales decreased 110 basis points versus the prior year to 74.9% of company-owned restaurant sales.

公司自營餐廳銷售成本占公司自營餐廳銷售額的比重較去年下降 110 個基點至 74.9%。

Primarily driven by a 160 basis point decline in food, beverage and packaging costs.

主要由食品、飲料與包材成本下降 160 個基點所帶動。

Our supply chain strategy continues to provide great visibility and predictability into food costs for our brand partners throughout 2026.

我們的供應鏈策略持續為品牌合作夥伴在整個 2026 年提供對食品成本的高度可視性與可預測性。

With this current operating environment, we are encouraged by how our strategies improved profitability for our brand partners this quarter.

在目前的營運環境下，我們對本季策略能提升品牌合作夥伴獲利能力的表現感到鼓舞。

SG&A increased $3 million versus the prior year to $34.4 million, primarily driven by a $2.4 million non-recurring restructuring charge related to the corporate realignment announced in January this year.

SG&A 較去年增加 300 萬美元至 3,440 萬美元，主要由今年 1 月宣布的公司組織調整所產生的 240 萬美元一次性重組費用所致。

This was partially offset by lower system implementation costs.

部分被較低的系統導入成本所抵消。

We continue to take a disciplined approach with our SG&A investments. Ensuring we are investing appropriately in people, capabilities and technology to support our long-term aspirations.

我們持續以嚴謹的方式投入 SG&A，確保在人才、能力與技術上做出適當投資，以支持我們的長期願景。

Adjusted EBITDA, a non-GAAP measure, was $65.4 million during the quarter, an increase of 9.9% versus the prior year.

本季調整後 EBITDA（非 GAAP 指標）為 6,540 萬美元，較去年增加 9.9%。

Q1 net income was $30 million or $1.08 per diluted share.

第一季淨利為3,000萬美元，或每股稀釋後盈餘1.08美元。

A decline of $62.4 million in net income versus the prior year.

相較於前一年，淨利下滑6,240萬美元。

This was driven by a non-recurring gain of $92.5 million recognized in the prior year associated with the sale of our UK brand partner, Lemon Pepper Holdings.

主要原因是前一年因出售我們的英國品牌合作夥伴 Lemon Pepper Holdings（LPH）而認列9,250萬美元的一次性收益。

As we disclosed in Q1 last year, we reinvested $75 million of the proceeds from the sale of LPH into the newly formed entity, which we believe will strengthen return.

如同我們在去年第一季所揭露，我們將出售LPH所得款項中的7,500萬美元再投資於新成立的實體，我們相信這將強化報酬。

$0.18, a 19.2% increase versus Q1 2025.

0.18美元，較2025年第一季成長19.2%。

In recognition of our strong free cash flow generation and our commitment to returning capital to shareholders, on April 28, 2026, our Board of Directors authorized and declared a quarterly dividend of $0.30 per share of common stock.

鑑於我們強勁的自由現金流創造能力，以及我們致力於回饋股東的承諾，於2026年4月28日，本公司董事會核准並宣告每季普通股現金股利每股0.30美元。

To be paid on June 5th, 2026 to stockholders of record as of May 15th, 2026, totaling approximately $8.2 million.

將於2026年6月5日支付予截至2026年5月15日登記在冊之股東，合計約820萬美元。

On March 11th, 2026, the Board of Directors also authorized an additional $300 million available for share repurchases.

此外，董事會亦於2026年3月11日核准額外3億美元可用於股票回購。

During the first quarter, we've repurchased and retired 374,324 shares of our common stock. At an average price of $208.08 per share.

第一季期間，我們回購並註銷了374,324股普通股，平均每股價格為208.08美元。

As of March 28, 2026, $313.4 million remained available under our existing share repurchase program.

截至2026年3月28日，我們現有股票回購計畫下仍有3.134億美元可用額度。

Since the inception of our share repurchase program in August of 2023, we have repurchased and retired more than 2.9 million shares of common stock.

自2023年8月啟動股票回購計畫以來，我們已回購並註銷超過290萬股普通股。

Our ability to consistently return capital to shareholders remains an important component of our strategy to maximize shareholder returns.

持續回饋資本予股東的能力，仍是我們最大化股東報酬策略中的重要組成。

Turning to our outlook for 2026, we updated our domestic same-store sales guidance to a low single-digit decline, reflecting what we have seen year-to-date and the more significant pressure on our core consumer from elevated fuel prices.

談到我們對2026年的展望，我們將美國本土同店銷售指引更新為低個位數下滑，反映我們年初至今所見情況，以及油價高漲對核心消費者帶來更顯著的壓力。

We estimate that higher fuel prices and the unusual winter weather in January, which caused a high rate of weather-related restaurant closures, contributed to an approximately 4 percentage point headwind to domestic same-store sales in the first quarter.

我們估計，較高的油價以及1月異常的冬季天候（導致因天候因素而關店的餐廳比例偏高）在第一季對美國本土同店銷售造成約4個百分點的不利影響。

We are also updating our full-year SG&A outlook to a range of $146 million to $149 million.

我們也將全年SG&A（銷售、一般及行政費用）展望更新為1.46億至1.49億美元。

Which includes $3 million of restructuring charges related to the corporate realignment and $28 million of stock-based compensation expense.

其中包含與公司組織調整相關的300萬美元重組費用，以及2,800萬美元的股票基礎報酬費用。

Additionally, we are reiterating the following guidance for 2026, global unit growth of 15% to 16%, which is based on the visibility we have into the pipeline today, net interest expense of approximately $43 million.

此外，我們重申2026年以下指引：全球門店數成長15%至16%（基於我們目前對開店管線的可視性）、淨利息費用約4,300萬美元。

Depreciation and amortization of approximately $30 million. As we look ahead, our focus remains on the strategies that will return Wingstop to same-store sales growth, improving operational execution through the Wingstop Smart Kitchen, scaling our new loyalty platform with the upcoming national launch of Club Wingstop, acquiring new guests into the brand and continuing to expand our global footprint.

折舊與攤銷約3,000萬美元。展望未來，我們仍聚焦於能讓Wingstop重回同店銷售成長的策略：透過Wingstop Smart Kitchen提升營運執行、隨著Club Wingstop即將全國上市而擴大新會員忠誠平台規模、為品牌獲取新顧客，並持續擴大全球版圖。

I'd like to close by thanking our restaurant team members, supplier partners, and brand partners for their efforts in driving Wingstop toward a TOP10 global restaurant brand.

最後，我要感謝我們的餐廳團隊成員、供應商夥伴與品牌夥伴，感謝大家的努力，推動Wingstop邁向全球TOP10餐飲品牌。

With that, operator, please open the line for questions.

接下來，麻煩主持人開放提問。

(Operator Instructions) David Tarantino, Baird.

（主持人說明）David Tarantino，Baird。

Michael, I was hoping you could help to clarify where you're seeing some of the traffic loss in your business. And it seems like you picked up a lot of traditional quick service customers during that 2022 to 2024 timeframe. And.

Michael，我希望你能協助釐清你們業務中流量下滑主要出現在哪些地方。看起來你們在2022到2024年期間吸引了許多傳統速食（QSR）客群。然後……

As we got to kind of the middle of 2024 and the environment got a bit tougher for that consumer and quick service restaurants got more promotional, it seems like your business has been decelerating since that point. So I guess the question is it that traditional consumer you gain that you're now losing? And I was wondering if there's any tactical response that you could have to stop the bleeding. In the bottom of the funnel, so to speak.

當時間來到2024年中左右、該消費者的環境變得更具挑戰，而速食餐廳促銷更積極時，看起來你們的業務自那時起就開始放緩。所以我的問題是：你們先前獲得、現在正在流失的是否就是那群傳統消費者？另外我想知道，你們是否有任何戰術性回應可以止血——也就是說，在漏斗底部。

Hey, David, good morning. Appreciate the question. I think maybe it's the way we're looking at it might be somewhat similar to how you phrased the question, but we've talked about over the past year how much our business compared to other restaurants does. Over-index a little bit to that lower-income consumer. And so those could be one and the same.

嗨，David，早安。謝謝你的提問。我想也許我們看待這件事的方式，可能和你提問的表述有些相似。我們在過去一年談到，相較其他餐廳，我們的業務對低收入消費者的比重略高一些。所以這兩者可能是同一件事。

And I think what we saw in Q1 was the start of the quarter, we saw some stability within the trend. And then obviously, we're hit by a couple of events that were outside of our control. And when we looked at the data, particularly within March. We look back at kind of how our business responded and how our core consumer responded to when gas prices reached similar levels in 2022, we saw a pretty similar reaction this year in March in our business and so we do think that's attributed to a little bit of the near-term or more pronounced immediate reaction to gas prices when they reach these levels, but we do see that normalized. Pretty quickly. And I think we did see that in the trends as we exited the quarter and started Q2.

我認為第一季我們看到的是：季度初期趨勢有些穩定；但很明顯地，我們受到幾個非我們所能控制的事件影響。當我們檢視數據、特別是3月的數據時，我們回頭看在2022年油價達到類似水準時，我們的業務以及核心消費者的反應；今年3月我們也看到相當類似的反應。因此我們確實認為，當油價達到這些水準時，會帶來一些短期、或更明顯的即時反應；但我們也看到它很快就會回歸常態。我想我們在季度末、以及進入第二季時的趨勢也確實看到了這點。

Great. And I guess the second part of my question, is there a tactical response, maybe a bit more focus on value to be more competitive with that consumer that you appear to be losing, I guess, is there anything you're considering there?

了解。那我問題的第二部分是：是否有戰術性回應？例如更聚焦於「價值」以更具競爭力、來因應你們似乎正在流失的那群消費者——你們是否正在考慮任何作法？

Yeah, David, I would say we're obviously. Focus on executing against these strategies that we believe are going to position the brand for this next phase of growth and what's in front of us.

是的，David，我會說我們當然專注於執行這些策略；我們相信這些策略將使品牌在下一階段成長、以及面對未來機會時處於有利位置。

But I would say a couple of things. Obviously, with the data that we have and what we know about our consumer, we can be very targeted with the messaging that we present. I think you saw us do that a little bit. And this is really us showcasing.

但我也想補充幾點。顯然，憑藉我們掌握的數據以及對消費者的了解，我們可以非常精準地投放訊息。我想你也看到我們有做一些這樣的嘗試。而這其實是在展示……

Existing value that's on our menu and us not necessarily discounting or anything like that or being overly promotional.

我們菜單上既有的價值，而不一定要打折或做任何那種過度促銷。

And we did that in ways of highlighting flavor under 10, where we have our chicken sandwich combo and a tender combo that is incredible value. And we are able to present value not only just through price point, but we think what's really important is to deliver it through quality, through abundance, through the experience to ultimately delivering an experience to the guest that's worth it. And so we can do that in a very targeted way, but what we're seeing and what the opportunity for us is really around what we're doing to expand the top of the funnel and bring in new guests. These guests look a little bit different than our traditional guests. And while it might be masked a little bit by some of the macro events that impacted our business in the first quarter, we're really encouraged by what we're seeing. We're seeing some early signs that the strategy is working. We're seeing the highest income cohort growth within the highest income cohort for us is that $50K to $100K.

我們透過多種方式來做，例如主打「10美元以下的風味選擇」，其中包含我們的雞肉三明治套餐與雞柳套餐，都是非常超值的選擇。我們呈現價值不僅僅是透過價格點；我們認為更重要的是透過品質、份量、體驗來交付，最終讓顧客覺得這個體驗「值得」。因此我們可以非常有針對性地去做。不過，我們看到、也認為我們的機會其實更在於擴大漏斗上端、帶進新顧客。這些顧客看起來與我們的傳統顧客有些不同。雖然第一季一些影響我們業務的總體事件可能在一定程度上掩蓋了這點，但我們對目前看到的情況感到非常鼓舞。我們看到一些早期跡象顯示策略正在奏效。我們看到最高收入族群中的成長最為明顯；對我們而言，最高收入族群是年收入5萬到10萬美元。

We're seeing an improvement in awareness and conversion. And we're actually seeing some really encouraging signals around the reactivation of labs. And so we think the strategies we're executing are working. But where it is important, where it is relevant to showcase value, we're doing that in a very targeted way, but obviously focusing on these strategies that we're executed against that we're really excited about what that could translate to for the back half of the year.

我們看到品牌認知與轉換率有所改善。我們也看到在「實驗（labs）」的再活化方面出現一些非常令人鼓舞的訊號。因此我們認為我們正在執行的策略是有效的。但在需要、也適合強調價值的地方，我們會以非常精準的方式去做；同時也會專注於我們正在推進的這些策略。我們對這些策略在今年下半年可能帶來的成果感到非常期待。

Jeffrey Bernstein, Barclays.

Jeffrey Bernstein，Barclays。

Great.

很好。

Thank you very much. First, I just wanted to follow-up on that topic regarding the comp trend.

非常感謝。首先，我想就同店趨勢這個主題追問一下。

You lowered the full year guidance. I think you just mentioned that in April, maybe trends have improved or normalized. So I'm wondering if you could just clarify for us what maybe you're seeing.

你們下調了全年指引。我想你剛才提到4月的趨勢可能有所改善或回歸常態。所以我想請你們為我們釐清一下，你們目前可能看到的是什麼情況。

Was the exit to the first quarter and maybe what you're seeing in April and whether or not a concern at all related to the return to positive in the second-half.

第一季的收尾情況，以及你們在四月看到的狀況，是否有任何疑慮，會影響到下半年回到正成長？

It does seem like not necessarily our compare is getting a lot easier. So presumably, you're talking about some initiatives within your control, maybe the loyalty program, maybe what kind of assumption you're assuming for that loyalty program. But April and then kind of your confidence in turning back to positive in the back half of the year, kind of the biggest drivers, and then I had one follow-up.

看起來比較基期未必會變得更容易。所以我推測你指的是一些在你們可控範圍內的措施，可能是會員忠誠計畫，或是你們對該忠誠計畫所做的假設。但就四月的表現，以及你們對於在今年下半年轉回正成長的信心，最大的驅動因素是什麼？另外我還有一個追問。

Hey, Jeff, good morning.

嗨，Jeff，早安。

Yes, we did see an improvement in the trend to start Q2.

是的，我們確實看到第二季一開始的趨勢有所改善。

And I'll tie back a little bit to my previous comment around a little bit of that more pronounced near-term reaction to fuel prices. And that does normalize pretty quickly, but we saw an improvement and I think as we updated our full-year outlook, we obviously took into consideration our actual results for Q1, but we did adjust down our expectations for Q2, which are somewhat related to our expectation of some near-term.

我也想連結回我先前提到的，關於油價帶來較為明顯的短期反應。這種影響通常很快就會正常化，但我們確實看到改善。而且在我們更新全年展望時，當然把第一季的實際結果納入考量；不過我們也下修了對第二季的預期，這在某種程度上與我們對短期內的預期有關。

Pressure on the consumer with elevated gas prices. Obviously, it's extremely difficult for anyone to predict this macro environment that we're in. But what we're really focused on, Jeff, is we are seeing some really positive signals in our business, whether it's as it relates to smart. Our kitchen. We talked about that Friday and Saturday night day part that we're focused on. We saw a 16 percentage point improvement in the number of restaurants that are delivering on that 10-minute speed of service on Friday and Saturday night. Our bottom quartile of restaurants, we saw a three-minute improvement in overall speed within those, and we're measuring significant progress and improvements within guest satisfaction scores, all strong signals.

在汽油價格居高不下的情況下，消費者承受壓力。顯然，對任何人而言，要預測我們所處的這個總體環境都極其困難。但我們真正聚焦的是，Jeff，我們在業務上看到一些非常正面的訊號，不論是與 Smart Kitchen 相關的。我們談到我們聚焦的週五、週六晚間時段。我們看到在週五與週六晚間能達成 10 分鐘出餐速度的餐廳比例提升了 16 個百分點。我們在表現落在後四分位的餐廳中，整體出餐速度改善了 3 分鐘；同時我們也在顧客滿意度分數上衡量到顯著進展與改善，這些都是很強的訊號。

That give us a lot of excitement and confidence about the impact that Wingstop Smart Kitchen will have on our business over time. I mentioned the marketing. We feel like our marketing is resonating. We're seeing reactivation of labs. We're seeing that fastest-growing cohort, that 50 to 100K.

這讓我們對 Wingstop Smart Kitchen 隨時間對我們業務帶來的影響感到非常興奮並充滿信心。我也提到行銷方面，我們覺得行銷內容正在引起共鳴。我們看到沉睡客群的再活化。我們也看到成長最快的族群，也就是 50K 到 100K 的那一群。

We're seeing improvements in awareness and conversion, all really strong signals that it's resonating. And we have some exciting things coming within our pipeline as it relates to innovation that we're really excited about. That we know based on the research that we've done is what is one of the number one drivers for this target that we're targeting within our demand space. And one of the number one drivers is really around innovation, and so we think that's going to position us well. And then Club Wingstop, it's a big one for us. We're excited about it. Our pilot results continue to strengthen. We're seeing improvements in retention, in reactivation, in frequency, all really strong signals, and again, without this. Support of our national advertising and without really leveraging that platform at scale. And so the combination of those things do give us confidence in the early signals that we're seeing in the business, we expect overtime to return to growth in the second-half of the year.

我們看到知名度與轉換率的提升，這些都是非常強的訊號，顯示內容確實引起共鳴。而且在創新方面，我們的產品管線也有一些令人振奮的內容即將推出，我們對此非常期待。根據我們所做的研究，我們知道這正是我們在需求空間中鎖定的目標客群的最主要驅動因素之一；其中最主要的驅動因素之一確實就是創新，因此我們認為這會讓我們處於有利位置。再來是 Club Wingstop，這對我們來說是很重要的一項。我們很興奮。我們的試點結果持續強化；我們看到留存、再活化與消費頻率都有改善，這些都是非常強的訊號，而且再次強調，這些是在沒有全國性廣告支持、也沒有真正以規模化方式運用該平台的情況下達成的。因此，這些因素的組合確實讓我們對目前在業務上看到的早期訊號更有信心；我們預期隨時間推進，下半年將回到成長。

And Jeff, this is Alex. I could help translate a little bit on what we anticipate on the shape of the year.

Jeff，我是 Alex。我可以協助說明一下我們對全年走勢形狀的預期。

With what we're seeing in the April trends and kind of knowing that this is at a little bit of hopefully the peak on fuel prices that consumers are seeing, we're anticipating somewhere in the mid-single-digit decline range for comps. In the second quarter, followed by a gradual improvement into that low to mid-single-digit positive range for the second-half as these strategies come together and what Michael mentioned. And I think these are informed by just some ways that we've been able to see results in top-performing restaurants on Smart Kitchen and what they're seeing in their business comp performance. Also what we're seeing in our pilot market, again, with very limited features and marketing behind it and seeing a measurable. Comp impact. So that's how we got to the shape of the outlook, very similar to what we said last quarter. We anticipate a return to growth in the second-half.

就我們在四月看到的趨勢，以及我們認為消費者所面臨的燃油價格可能正處於某種程度的高點來看，我們預期第二季同店銷售（comps）大約會落在中個位數下滑的區間；接著隨著這些策略逐步到位，以及 Michael 所提到的因素發酵，下半年將逐步改善到低至中個位數的正成長區間。我認為這些預期也參考了我們在 Smart Kitchen 表現最佳的餐廳所看到的成果，以及它們在同店表現上的情況；另外也參考了我們在試點市場看到的結果——同樣是在功能與行銷支持都非常有限的情況下——仍看到可衡量的同店影響。因此我們形成了這樣的展望走勢，與我們上季所說的非常相似。我們預期下半年回到成長。

Near-term, we have brought forward a little bit of that inflation challenge that we're seeing from the war that took place at the start of March. But we have a high degree of confidence in this outlook and, in fact, are working to exceed it.

短期來看，我們把三月初戰事所帶來的部分通膨挑戰提前反映進來。但我們對這個展望有很高的信心，而且事實上也正努力要超越它。

Understood. And then my follow-up.

了解。那我接著問我的追問。

Michael, franchisees, just based on your commentary, seem very happy.

Michael，從你的評論來看，加盟商似乎非常滿意。

Obviously, the comp growth isn't where they want it to be, but past couple of years sales growth, the 70% type returns they're generating, all that supports the outsized unit growth. But clearly, the current macros challenge. I'm wondering if you could talk a little bit about the recent conversations with franchisees, what they're most focused on, and whether it ever becomes a discussion internally about considering maybe tempering unit growth.

顯然同店成長不是他們希望看到的水準，但過去幾年的銷售成長、他們所創造的 70% 這類型報酬率，都支撐了超常的展店成長。不過目前的總體環境顯然具有挑戰。我想請你談談最近與加盟商的對話，他們最關注的是什麼？以及內部是否曾討論過，是否要考慮例如放緩展店成長。

You're running well above the 10% long-term algo with your 15% to 16% growth this year. Maybe there's some risk that is cannibalizing, maybe it makes sense to try and control or limit the outsized unit growth. Any thoughts there would be great.

你們今年 15% 到 16% 的成長，明顯高於長期 10% 的演算法（algo）。也許存在蠶食效應的風險，也許控制或限制這種超常的展店成長是合理的。對此有什麼想法都很有幫助。

Yeah, Jeff, we mentioned this in our prepared remarks, but I think it's really important to say it again. And we actually saw our brand partner margins and profitability improve in the first quarter.

是的，Jeff，我們在事先準備的講稿中提到過，但我覺得很重要的是再說一次。我們其實在第一季看到品牌夥伴的利潤率與獲利能力有所改善。

And we talked about that's about that's us making really intentional and strategic decisions about what's right for the business long-term and obviously continued progress with our supply chain strategy and continuing to protect and in some cases enhance those industry-leading returns in unit economics, and they remain strong.

我們也談到，這是因為我們做出非常有意識且具策略性的決策，去做對長期業務最正確的事；同時我們的供應鏈策略也持續推進，並持續保護、在某些情況下甚至提升這些在單店經濟模型上領先同業的報酬率，而這些表現依然強勁。

The sentiment and the conversations with our brand partners, it's really a lot about.

與品牌夥伴的情緒與對話，主要有很大一部分是關於。

Acknowledgment that over the last few years, our AUVs have grown close to $500,000, and that combined with just continued focus and execution against protecting profitability has been pretty positive. But then when you layer on top of that.

他們認同在過去幾年，我們的 AUV（平均單店營收）成長接近 50 萬美元；再加上我們持續聚焦並執行保護獲利能力，整體而言相當正面。但當你再把這一點疊加上去。

Us working with them and talking to them about these strategies that we're executing and what's in front of us, there's a pretty high level of excitement around Wingsop and to continue to grow and to continue to expand. We feel like we're growing at the right pace.

我們與他們合作、並與他們討論我們正在執行的這些策略以及未來的機會時，大家對 Wingstop 的興奮程度相當高，也希望持續成長、持續擴張。我們認為我們目前的成長速度是合適的。

We're obviously executing against our market-level playbooks, which are. Very intentional and very clearly defined around where we open restaurants and at what pace and when we open those restaurants. But we mentioned it as well in our prepared remarks, our pipeline sits at a record level, which I think showcases the demand and excitement for growth.

我們也正依照我們的市場層級作戰手冊執行，這些手冊在我們在哪裡開店、以什麼速度開店、以及何時開店方面，都非常有意識且定義得非常清楚。但我們也在事先準備的講稿中提到，我們的開店管線目前處於歷史新高，我認為這展現了對成長的需求與興奮度。

And based on the visibility we have in the pipeline today, we're able to reiterate our outlook this year, which is another industry-leading year of unit growth at 15% to 16%.

而且基於我們目前對管線的能見度，我們能夠重申今年的展望，也就是另一個同業領先的展店成長年度，成長率為 15% 到 16%。

Andy Barish, Jefferies.

Andy Barish，Jefferies。

Hey, guys.

嗨，各位。

Just wondering on kind of thoughts as you look out in terms of becoming a more mainstream brand, do you think kind of marketing has to.

我想問的是，當你們往前看、朝向成為更主流的品牌發展時，你們是否認為行銷必須。

Evolve as we look out maybe to $27 million, particularly given the size and scale of your spend to more kind of traditional windows and promotions that are laid out. And then kind of also wondering just on the move to $3 million AUVs, if you could kind of frame up how much of that is.

隨著我們展望可能到 2,700 萬美元時而演進，特別是考量你們投入的規模與量體，是否需要更偏向傳統的檔期與促銷安排？另外也想問，關於邁向 300 萬美元 AUV 的推進，你是否能說明其中有多少。

Maybe related to incremental chicken sandwich and tenders occasions, just given how strong your share is in the traditional wings business?

可能與雞肉三明治與雞柳（tenders）帶來的增量消費情境有關，尤其是考量你們在傳統雞翅業務中的市占表現非常強？

Andy, I think that's a great question. And if you go back four or five years, we were able to be.

Andy，我覺得這是個很好的問題。若回到四、五年前，我們能夠。

A little bit more of what I would characterize as a marketing strategy that was almost a one-size-fits-all. And as we look at how our business has grown and scaled and diversified to some degree, we are 100% aligned with the question you asked, and that is we have to be very targeted. Messages need to be different based on audience, based on channel, and I think that.

採取一種我會形容為幾乎是一體適用（one-size-fits-all）的行銷策略。但隨著我們的業務成長、規模化，並在某種程度上變得更多元，我們完全同意你提出的問題，也就是我們必須非常精準地鎖定。訊息需要依受眾、依渠道而有所不同，而我認為。

Can go from linear TV all the way down to social platforms, and that's exactly the playbook that we're executing, is making sure our message is tailored specifically to the targeted audience that we're trying to reach, and I think you'll see more of that come to life.

可以從傳統線性電視一路延伸到社群平台，而這正是我們正在執行的作戰手冊：確保我們的訊息能針對我們想觸及的目標受眾量身打造，我想你們會看到更多這樣的做法逐步落地。

As we talked about some of the next phase or next chapter of WingStop is here, you're going to see a little bit more variation in the messages that we're putting in front of consumers, a little bit more targeted messaging as it relates to calls to action, but that's exactly the playbook that we're executing. As we think about our path.

正如我們談到 WingStop 的下一階段或下一篇章已經到來，你會看到我們呈現在消費者面前的訊息有更多一些變化，與行動呼籲（call to action）相關的訊息也會更具針對性，但這正是我們正在執行的作戰手冊。當我們思考我們的路徑時。

To $3 million AUVs, we do think there are a ton of chicken sandwich occasions that we are positioned to win, and we will win, and tenders are the same. But we also think there's a lot of group occasions, our halo product, bone-in chicken wings, that we're going to win as well as we. Educate more of these consumers who don't know about us or maybe don't consider Wingstop today. And that's what we're excited about as it relates to our Q1 results is we're seeing early signals in the business that we're making progress against all of those initiatives.

朝向 300 萬美元 AUV（單店年均營收）的目標，我們確實認為有大量的雞肉三明治消費情境是我們具備優勢、能夠拿下而且會拿下的；雞柳（tenders）也是一樣。但我們也認為還有很多團體用餐情境，我們的光環產品（halo product）——帶骨雞翅——同樣會贏，並且隨著我們進一步教育更多目前不認識我們、或可能今天還不把 Wingstop 納入考量的消費者。我們對第一季（Q1）結果感到興奮的原因就在於：我們在業務上已看到早期訊號，顯示我們在所有這些倡議上正在取得進展。

And Andy, I'd add too that we've historically anchored as an example on social media to an area like TikTok, we now are diversifying more messaging and personalizing content to those channels across Meta, Instagram, X, other areas where we can really speak to that new guest we're looking to acquire. So we think the timing is right to start to move more into those various social channels alongside the level of content. We're able to produce and the relevance we can drive at the messaging in those channels.

另外，Andy，我也補充一下：過去我們在社群媒體上，舉例來說，主要是以 TikTok 這類平台作為重心；現在我們正把訊息更分散，並針對 Meta、Instagram、X 等其他渠道做內容個人化，讓我們能真正對我們想要獲取的新客群說話。因此我們認為時機成熟，可以在我們能產出的內容量與在這些渠道中能帶動的訊息相關性之下，開始更深入布局各種社群渠道。

Congrats on No. 500 internationally.

恭喜國際門店達到第 500 家。

Chris O’Cull, Stifel.

Chris O’Cull，Stifel。

Good morning, guys.

各位早安。

I had a couple of follow-up questions from earlier ones. And Michael, has the company the the company is guided to, I think, 15%, 16% unit growth this year, which continues to pace well ahead of the 10% long-term algo, but to what extent is this growth being driven by brand partners voluntarily developing ahead of their contractual mandates? And if franchisees reverted to what are the minimum requirements of their development agreements, what would that base unit growth rate look like?

我有幾個針對先前問題的追問。Michael，公司今年指引我記得是 15% 到 16% 的門店（unit）成長，這仍明顯快於長期 10% 的演算法（long-term algo），但這樣的成長在多大程度上是由品牌合作夥伴自願在合約要求之前提前開發所驅動？如果加盟商回到其開發協議中的最低要求，那麼基礎的門店成長率大概會是什麼水準？

Hey, Chris, good morning.

嗨，Chris，早安。

I wouldn't say there's anything to call out as it relates to brand partners developing ahead of their schedule. In fact, I would say it goes back to these market-level playbooks, and that informs. How we write these agreements, and we're writing these development agreements in a very targeted and intentional way that we believe is kind of really helping us have our hand on the dial and manage the pace of development. And so I would almost go so far as to say we discourage brand partners from developing ahead of. That contractual commitment because we've been very intentional with how we've designed these agreements. And we believe we've got a strategy that we're executing against.

我不會說在品牌合作夥伴提前於其時程開發這件事上有什麼特別需要指出的。事實上，我會說這要回到這些市場層級的作戰手冊，而這也會影響我們如何撰寫這些協議；我們以非常聚焦且有意識的方式來撰寫開發協議，我們相信這確實幫助我們把握節奏、管理開發速度。因此我甚至可以說，我們會不鼓勵品牌合作夥伴在合約承諾之前提前開發，因為我們在設計這些協議時非常有意圖。我們相信我們有一套正在執行的策略。

Okay, that's helpful. And then we've noticed the sub-$10 combos, which you mentioned earlier, being pulsed through social and CRM channels. But what is the reluctance to pivot. Linear TV towards these offers, since it would seem to be a better medium to drive new and lapsed users than maybe targeting some of the existing users to increase frequency.

好的，這很有幫助。接著我們注意到你先前提到的 10 美元以下套餐，正在透過社群與 CRM 渠道做脈衝式投放。但為什麼不願意把線性電視的投放轉向這些優惠？因為看起來線性電視似乎是更好的媒介，能帶動新客與流失客回流，而不是只針對部分既有用戶去提高消費頻次。

Yeah, Chris, that's a little bit of what I hit on earlier. I think you're going to see that come to life as we progress through the year.

是的，Chris，這有點就是我先前提到的部分。我想你會在今年推進的過程中看到它逐步落地。

While Linear obviously continues to be an efficient platform, you're going to see us leaning a lot more into OTT and streaming, which allows us to be very targeted because some people, the relevant message that we're targeting might be this new group pack bundle where we've pre-configured a bundle at a compelling value to serve three or four people, and we've pre-selected the flavors, highlighting convenience, highlighting. But obviously the flavor and quality associated with Wingstop, and they can order that with one click.

雖然線性電視顯然仍是一個有效率的平台，但你會看到我們更大幅度地轉向 OTT 與串流，因為那讓我們能非常精準地鎖定受眾：對某些人而言，我們要傳遞的相關訊息可能是新的團體分享組合包——我們以具吸引力的價格預先配置好可供三到四人享用的組合，並預先選好口味，強調便利性，強調——當然也強調 Wingstop 所代表的風味與品質——而且他們可以一鍵下單。

And so that could be the right message that we highlight in a targeted way or it could be someone who's more value sensitive. And in that case, we can target them with the message that profiles this lunchtime offer that we have that is pretty compelling value to get our cooked to order hand sauce and toss sandwich or tender combos for under $10. So that's exactly something we're leaning into.

因此，這可能就是我們以精準方式要突出的正確訊息；或者也可能是對價格更敏感的人。在那種情況下，我們可以用訊息去呈現我們相當有吸引力的午餐優惠：現點現做、手工拌醬的三明治或雞柳套餐，10 美元以下就能買到。這正是我們正在加碼投入的方向。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行（Bank of America）。

Just I guess maybe one quick follow-up and then one quick question. Just you mentioned the lower-income consumer. I think in the past, you've said that's roughly a quarter of your sales, but that maybe has been trending down. So if you could update on what that mix is, because I do think that's obviously much. And then I think what's when we've seen some others, so that's just a data point. But the question is on value, you mentioned value for the money, which I think is obviously clearly embedded in your menu, but.

我想先一個很快的追問，再一個很快的問題。你剛提到低收入消費者；我記得過去你們說這大約占你們銷售的四分之一，但可能有往下走的趨勢。所以如果可以的話，請更新一下目前的占比，因為我確實認為這顯然很——然後我想我們也看到其他一些同業的情況，所以這只是個數據點。我的問題是關於「價值」：你提到物有所值，我想這顯然已經內嵌在你們的菜單中，但。

Some of what we're seeing that is very successful, especially for lower-income consumers, is very low price point value. And I think in the past, in 2023, relative value was a big part of what you were able to offer because wing prices were down so much.

我們看到一些非常成功的做法，特別是對低收入消費者而言，是非常低的入門價格點（low price point value）。而我認為過去在 2023 年，相對價值（relative value）是你們能提供的一大部分，因為雞翅價格下跌很多。

Is there -- I know your emphasis is on visibility in terms of wing prices as opposed to kind of maximizing the benefit from the recent decline, but is there.

是否存在——我知道你們的重點是雞翅價格的可見度，而不是在最近這波下跌中把利益最大化，但是否有。

Opportunity to do more price point value below that $10 or is it the margin structure just really doesn't support that? We have seen some other higher ticket.

機會在 10 美元以下做更多價格點價值？還是說毛利結構真的不支持？我們確實看到一些客單價較高的。

Concepts, maybe do things on the app only to really kind of introduce people to the brand at very accessible price points just as budgets are really constrained. So just trying to understand if there is that opportunity either through the app or through your loyalty because these sort of entry-level price points just seem to be working very well right now.

品牌概念，可能只在 App 上做一些方案，以非常可負擔的價格點把人帶進品牌，尤其在預算非常吃緊的情況下。所以我想了解是否存在這樣的機會——不論是透過 App 或透過你們的會員／忠誠度計畫——因為這種入門級價格點現在看起來確實非常有效。

Hi, Sarah. This is Alex. I can jump in first. The low-income percent still has been about.

嗨，Sarah，我是 Alex。我可以先回答。低收入族群的占比仍然大約是。

That mix of about 25% within our database. And we still are acquiring low-income guests. What we have seen in their behaviors is more they're actually trading up into larger. Bundles. We've seen the ticket increase, but the items that they're attaching per ticket has changed. That's come down a little bit. So they're almost kind of looking for that abundance, quality that we can deliver that apparent value. And I think we've said this in prior calls too that that consumer is still telling us we're doing the right things in terms of messaging value, delivering quality. We really think about that overall value proposition that we deliver to guests beyond just the price point. So we're focused on some areas to showcase.

在我們資料庫中約 25% 的結構。我們也仍在獲取低收入的新客。我們在他們的行為上看到的是：他們其實更傾向於升級到更大的組合包。我們看到客單價上升，但每筆訂單所加購／搭配的品項數有所改變——略有下降。所以他們幾乎是在尋找我們能提供的那種「份量感、品質」所帶來的顯性價值（apparent value）。我想我們在之前的電話會議也說過：這類消費者仍在告訴我們，我們在價值訊息傳遞與品質交付方面做得對。我們思考的是我們提供給顧客的整體價值主張，而不只是價格點。因此我們聚焦在一些面向來呈現。

Our menu differently, flavor elicits value as well. And then loyalty is a way for us, we believe we can strengthen the value proposition. And one difference that we're seeing among low-income consumers is in our market where we're testing loyalty, their engagement, their frequency has been sustaining. We're not quite seeing what we're seeing in the rest of the U.S. And we think we've brought some areas and examples forward for them that's really showcasing that value proposition, how loyalty. Can come into play there.

以不同方式呈現我們的菜單；風味本身也能引發價值感。另外，會員／忠誠度計畫是我們認為可以強化價值主張的一種方式。我們在低收入消費者身上看到的一個差異是：在我們測試忠誠度計畫的市場中，他們的互動度與消費頻次仍在維持；我們還沒有像在美國其他地區那樣看到下滑。我們認為我們為他們帶來了一些做法與例子，確實在展現那個價值主張，以及忠誠度。可以如何在其中發揮作用。

Great.

很好。

Thank you. And just is it the 7% increase? Is that roughly the same that you've been seeing in these sort of loyalty frequency as in the past?

謝謝。再確認一下：你提到的 7% 提升，是否大致與你們過去在這類忠誠度帶動的頻次提升所看到的幅度相同？

Yes. Actually, loyalty members are outperforming non-loyalty members in terms across a number of metrics, including frequency, new guest retention. We're also seeing reactivation of lapsed users come back in at. A rate of 2x non-loyalty members in there. So there's a variety of metrics we're really -- which has given us that confidence in the path to growth in the second-half based on this data we're seeing. But, yes, it continues to be more elevated in the pilot market.

是的。其實，忠誠度會員在多項指標上都優於非會員，包括消費頻次、新客留存。我們也看到流失用戶回流的情況：其回流率約為非會員的 2 倍。因此我們有多種指標——這些都讓我們對下半年基於目前看到的數據所支持的成長路徑更有信心。不過，是的，在試點市場的表現仍然更為突出。

Brian Harbour, Morgan Stanley.

Brian Harbour，摩根士丹利。

Yeah, morning, guys. Could you comment on how your two biggest markets, California and Texas, are doing relative to the rest of the country?

是的，早安，各位。你們能否評論一下你們兩個最大的市場——加州與德州——相較於全國其他地區的表現如何？

Hey, good morning, Brian. I would say, obviously, California, I wouldn't say the trend has really improved as inflation, kind of the consumer macro backdrop has remained pretty consistent there.

嗨，早安，Brian。我會說，很明顯地，加州方面，我不會說趨勢真的有改善，因為通膨、以及消費者的總體環境背景在那裡仍然相當一致。

I would say, as it relates to the Texas market, we have, obviously, a lot of corporate restaurants there.

我會說，就德州市場而言，我們在那裡顯然有很多公司自營餐廳。

And so our corporate results give you a little bit of an indication. But as we look at DFW as an example or even broader Texas where we have had more tenure with the Smart Kitchen, those markets are performing a little bit better than the rest of the country. But I would say it's really something that we pointed to in our prepared remarks. Which has to do with those restaurants that are consistently delivering on our 10-minute speed of service target.

因此，我們的自營業績能給你一些指標。但以達拉斯—沃斯堡（DFW）為例，或更廣泛的德州地區來看，在我們導入 Smart Kitchen 較久的市場，其表現確實比全國其他地區略好。不過我會說，這其實就是我們在事先準備的發言中提到的重點：也就是那些能夠持續達成我們「10 分鐘服務速度」目標的餐廳。

And I think that applies outside of Texas, where those restaurants that are doing that, we continue to see higher new guest retention rates, better frequency, higher guest acquisition or guest satisfaction scores and ultimately better same-store sales.

而我認為這不只適用於德州；在德州以外，那些能做到這一點的餐廳，我們持續看到更高的新客留存率、更好的來客頻次、更高的顧客獲取或顧客滿意度分數，最終也帶來更好的同店銷售。

So and on Smart Kitchen, I mean, it is fully rolled out at this point, right? So I guess the question is, like for the earliest adopters, are you still seeing a same-store sales gap consistent with what you've talked about before or I guess I might conclude at the high level that customers.

那麼關於 Smart Kitchen，我的意思是，它現在已經全面推行了，對吧？所以我的問題是：對於最早採用的門店，你們是否仍看到同店銷售的差距，與你們之前談到的一致？或者我在高層次的結論可能是，顧客其實……

Don't really care about this yet. Like I think we understand the operational benefit in the theory, but is it necessarily showing up for customers in faster delivery times or are you seeing kind of more like walk-up business in response to this? I mean, at what point do you think it actually is more of a mover for customers?

還不太在意這件事。我的意思是，我們理解其營運效益與理論，但它是否真的在顧客端體現為更快的送達時間？或者你們是否看到因為這個而帶來更多到店（walk-up）生意？你們認為要到什麼時點，它才會更明顯地成為影響顧客行為的驅動因素？

Yeah, Brian, I would say, and we mentioned this in our prepared remarks, but we can see it in the data and we know what good looks like.

是的，Brian，我會說——我們在事先準備的發言中也提到——我們可以從數據中看見，而且我們知道「好的樣子」應該是什麼。

And when it is delivered and we are delivering on that 10-minute speed of service, you can measure it in the results and in the data.

當它被落實、而我們確實達成 10 分鐘的服務速度時，你可以在結果與數據中衡量出來。

One of the things we highlighted in our prepared remarks was the kind of bottom quartile restaurants where we've really been focused on execution there and we've reduced speed by three minutes.

我們在事先準備的發言中強調的一點是：在表現落在後四分位數的餐廳，我們一直把重點放在執行力上，並把速度縮短了 3 分鐘。

And seeing some pretty meaningful improvements in guest satisfaction scores. So the guests are noticing and giving us credit for that. I would say one of the areas where the most noticeable improvement was in delivery times and guest satisfaction within the delivery channel, where we measured a 17 percentage point improvement in guest satisfaction scores in the delivery channel and that channel outperformed versus the rest of the system. And so those are some. Some really strong signals that we're seeing in the business and the progress we're making. But I think it's important just to highlight that this is a really big operational change and maybe bigger than we even anticipated.

並且看到顧客滿意度分數有相當顯著的改善。所以顧客是有感的，也因此給了我們肯定。我會說，最明顯改善的領域之一是在外送時間，以及外送通路的顧客滿意度；我們衡量到外送通路的顧客滿意度分數提升了 17 個百分點，而且該通路的表現優於系統其他部分。因此，這些都是我們在業務中看到、以及我們所取得進展的一些非常強烈的訊號。不過我認為也很重要的是要強調：這是一個非常大的營運變革，甚至可能比我們原先預期的還要大。

And one of the things we've learned as we're continuing to focus and drive execution is we have to also guard against being too fast.

而我們在持續聚焦並推動執行的過程中學到的一件事是：我們也必須防範「太快」。

We're updating, we talked earlier this year about the new ops scorecard that we rolled out, we're actually updating our scorecard just to make sure we're measuring performance against our targeted speed of service at 10 minutes, but we're also not rewarding the wrong behavior.

我們正在更新——我們今年稍早談到我們推出了新的營運計分卡（ops scorecard）——我們其實正在更新計分卡，以確保我們衡量的是相對於 10 分鐘目標服務速度的表現，但同時也不會獎勵錯誤的行為。

But progress is being made across the board, we are getting credit from the consumer and the opportunity in front of us and I think the long-term impact here continues to be really big.

但整體而言，各方面都在取得進展；我們正從消費者那裡獲得肯定，眼前的機會也很大，而我認為這裡的長期影響仍然非常可觀。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Thank you.

謝謝。

Michael, first of all, I'd like to expand on the comment you just made on this being an operational lift of high magnitude.

Michael，首先我想延伸你剛才提到的評論，也就是這是一項幅度很大的營運提升。

I guess I'm trying to understand, what is the impediment for all the stores to deliver within 10 minutes, even during peak times of Friday and Saturdays? You're updating the scorecard.

我想理解的是：即使在週五、週六的尖峰時段，為什麼不是所有門店都能在 10 分鐘內完成？你們正在更新計分卡。

But I think for most operators, the Smart Kitchen is translating into better operations. So what's the impediment on the ground for a better adherence to the high standards?

但我認為對大多數營運者而言，Smart Kitchen 會轉化為更好的營運。所以在第一線，阻礙更好地遵循高標準的因素是什麼？

Yeah, I mean, I think, Danilo, if you take a step back and think about and just remember, particularly with these more tenured restaurants and tenured team members, the change is pretty drastic to go from an operating model that relied on paper kitchen tickets and a lot of voice commands to now.

是的，我的意思是，Danilo，如果你退一步想想並回顧一下——特別是對這些營運時間較久的餐廳與資深團隊成員而言——從一個依賴紙本廚房出單（kitchen tickets）與大量口頭指令的營運模式，轉變到現在……這個改變相當劇烈。

Leveraging a technology platform, interaction with the screens, and ultimately relying on and leveraging an AI-enabled demands forecast bespoke to every single restaurant that's being delivered in 15-minute increments. It's a fundamental change, and I agree with your statement that it is a better team member experience, and it does result in overall improvement in operations, but it is still a big change, particularly. When you think about, we often reference our standard quote time of 20 minutes on average, but when you think about Friday and Saturday night when restaurants are experiencing high volume.

改為運用科技平台、與螢幕互動，並最終依賴與運用一套 AI 驅動、為每一家餐廳量身打造、以每 15 分鐘為增量輸出的需求預測。這是根本性的改變。我同意你的說法：它確實帶來更好的員工體驗，也確實能改善整體營運，但它仍然是一個很大的改變，尤其是……當你想到，我們常提到我們的標準報價時間（quote time）平均是 20 分鐘，但在週五、週六晚上餐廳遇到高客流時，出單速度（ticket speed）平均可能是 45 分鐘。我們已把這大幅降低；在某些情況下，我們還沒到 10 分鐘，但已經比過去實質上快很多。因此，這是一個平衡：既要確保我們執行到位、交付消費者期待的速度，也要確保我們不會獎勵錯誤行為或驅動錯誤行為，否則可能帶來一些非預期後果——例如太快。所以這確實需要平衡，也是我們正在聚焦的重點；團隊正依計畫執行。我們也有信心，基於我們看到的數據與進展，最終能讓整個系統一致達成 10 分鐘的服務速度，但這需要時間、需要專注，也需要我提到的計分卡修訂；不過我們從數據中看到的進展是很清楚的。

Those ticket speed times could be on average 45 minutes. And we've taken that down significantly and in some cases, we're not at that 10-minute yet, but we're materially faster than we used to be. And so it's a balance of ensuring we're executing and delivering on the speed that consumers expect, but also making sure we're not rewarding the wrong behavior or driving the wrong behavior, that could translate to some unintended consequences. Being too fast. And so it is a balance and it's something we're focused on and the team is executing against a plan. And we're confident based on the data that we see and the progress that we're making that we will get the entire system to deliver on a consistent 10-minute speed of service, but it is taking time, it is taking focus, it's taking some revisions to our scorecard that I mentioned, but the progress is clear in the data that we see.

Thank you. And Alex, if I may, with increased uncertainty on macro, geopolitical and even the demand environment, what is the best option to continue to do steady purchases versus maybe driving down the leverage to a three to four times overtime in anticipation of high volatility of rates?

謝謝。另外 Alex，如果可以的話，在總體、地緣政治甚至需求環境不確定性上升的情況下，最佳選項是持續穩定地進行回購，還是可能把槓桿率在一段時間內降到 3 到 4 倍，以因應利率高度波動的預期？

I think, Danelle, great question. I think as we've shared in the past, we want to demonstrate our commitment to our buyback strategy because we believe in the long-term value creation it has for shareholders. And I think what you'll see as we manage through this is not accessing near-term outside capital to support the strategy, leverage this free cash flow generation that we have in our business and in combination of seeing some deleverage, but we do see ourselves. In a place that's closer to that four times leverage range as opposed to where we've been historically in five to seven times.

我想，Danelle，這是個好問題。我想如同我們過去分享的，我們希望展現對回購策略的承諾，因為我們相信它能為股東帶來長期的價值創造。我認為你會看到的是：在我們管理這段期間時，我們不會為了支持該策略而動用短期外部資金，而是運用我們業務所產生的自由現金流；同時也會看到一些去槓桿。但我們確實認為自己會更接近 4 倍槓桿的區間，而不是我們歷史上 5 到 7 倍的水準。

Sharon Zackfia, William Blair.

Sharon Zackfia，William Blair。

Yes, I wanted to delve into speed.

是的，我想深入談一下速度。

I think you mentioned point and speed or execution, maybe I missed that.

我想你提到某個點與速度或執行力，也許我漏聽了。

And Saturday nights, but can you just give us kind of broadly speaking what percent of the system is hitting the 10-minute speeds? And then I think secondarily, you had talked last quarter about some challenges with the delivery providers getting under 30 minutes. Can you talk about kind of what percent are now consistently under 30 and how progress is moving and kind of move that towards the goal line?

以及週六晚上，但你能否大致說明一下，整個系統中有多少比例達到 10 分鐘速度？其次，上季你談到外送平台要壓到 30 分鐘內有些挑戰。你能談談現在有多少比例已能穩定低於 30 分鐘、進展如何，以及如何把它推向目標線嗎？

You were breaking up a little bit, but I think I caught the gist of your question.

你的聲音有點斷斷續續，但我想我抓到你問題的重點。

As it relates to Friday, Saturday night dinner daypart, I think one of the things is, obviously, it's important to highlight those are two of our busiest or peak dayparts within.

就週五、週六晚餐時段而言，我認為有一點很重要：很明顯，這兩個時段是我們一週中最忙、或說尖峰的時段之一，但同時也是約 50% 新顧客第一次造訪品牌的時段。

Within the week, but it's also the day parts where about 50% of our new guests visit the brand for the first time. And so, obviously, extremely important as we think about the marketing strategies that we're executing and broadening the top of the funnel and bringing in new guests that we deliver on their expectations and retain them. And so, that's a big focus for us.

因此，當我們思考正在執行的行銷策略、擴大漏斗上端並帶進新顧客時，確保我們能符合他們的期待並留住他們，顯然極其重要。所以，這是我們非常聚焦的重點。

When we entered this year, about 30% of the restaurants were delivering on that targeted 10-minute speed of service within the Friday and Saturday dinner day part. And we've made meaningful progress on execution within our restaurants. And it's due to the incredible work of our ops team, of our brand partners, of our teams and their teams in the restaurants. And so kudos to them, but we've seen a 16-percentage point improvement just in one quarter in the number of restaurants that. Delivery. And so that's meaningful progress that's super encouraging, and we're going to continue to chip away at it, and I'm confident that we'll get the entire system there over time. And then I think the other part of your question, could you repeat that part again for me? I lost you at the very end of it.

今年一開始，在週五與週六晚餐時段，約有 30% 的餐廳能達成我們鎖定的 10 分鐘出餐速度目標。我們在餐廳端的執行上也取得了實質進展，這要歸功於我們營運團隊、品牌合作夥伴，以及餐廳內我們的團隊與他們的團隊所做的出色工作。在此向他們致敬；而且我們僅在一個季度內，就看到能夠達成出餐速度的餐廳數量提升了 16 個百分點。因此這是非常有意義、也非常令人振奮的進展；我們會持續一步一步改善，我也有信心，隨著時間推進，我們能讓整個系統都達到這個水準。然後我想你問題的另一部分，你可以再重複一次嗎？你最後那一段我沒聽清楚。

Yeah, sure. Sorry about the cell phone.

好的，當然。抱歉，手機訊號不太好。

On the delivery providers, I think there were some challenges getting them under 30 minutes, even when you were at 10 minutes. Can you talk about kind of where you stand at the 30-minute threshold system-wide and how those discussions and how that progress is going?

關於外送服務商，我想即使你們在 10 分鐘出餐時，他們要把整體外送壓到 30 分鐘內仍有一些挑戰。你能談談目前全系統在 30 分鐘門檻的達成情況，以及相關討論與進展如何嗎？

Yeah, we're really encouraged with how our partners.

是的，我們對合作夥伴的表現感到非常鼓舞。

On the third-party have leaned in. We obviously have had some meetings with their leadership team, their teams have leaned in with our teams. We've implemented a few things that are helping send the right signals to their drivers at the right time to make sure they're getting there to the restaurant when the order is ready. And we mentioned it, but we're seeing a meaningful improvement.

第三方平台確實更積極投入。我們當然也與他們的領導團隊開過一些會議，他們的團隊也與我們的團隊密切合作。我們已導入幾項措施，能在正確的時間向他們的外送員發出正確訊號，確保他們在訂單準備好時能準時抵達餐廳。我們也提過，我們正看到相當明顯的改善。

In the performance there. And we actually highlighted this within that bottom quartile of restaurants, just the improvement within the delivery channel that we're seeing there is pretty meaningful. And I think it speaks to the opportunity we have within that channel. But to see a 17 percentage point improvement in guest satisfaction within the delivery channel is pretty pronounced. And so we're encouraged by the progress we're making.

在該項表現上確實有提升。我們其實也特別在表現落在後四分位的餐廳中強調：僅就外送通路而言，我們看到的改善幅度相當可觀。我認為這也反映出我們在該通路仍有很大的機會。外送通路的顧客滿意度提升了 17 個百分點，這非常顯著。因此我們對目前取得的進展感到鼓舞。

Jon Tower, Citi.

Jon Tower，花旗。

Great. Thanks for taking the question.

很好，謝謝讓我提問。

I know you mentioned that protecting and growing franchisee profits and cash flows is frankly a priority for the company. And kind of following up to Sarah's question earlier around value.

我知道你提到，保護並提升加盟商的利潤與現金流，坦白說是公司的一項優先事項。延續先前 Sarah 關於「價值」的問題。

In your conversations with them, are they reluctant to move down on price points on the menu over time? I'm just curious if that's been pushed back from that community specifically.

在你們與他們的對話中，他們是否不太願意隨時間推進把菜單價格帶往下調？我只是好奇，特別是加盟商社群是否對此有所反彈。

Hi, John, this is Alex. No, I think we're lockstep with our brand partners in terms of really even in this environment protecting the unit economics. And we don't believe it's a little bit more of our perception that training a guest to come to you for a $3 menu item, as an example.

嗨，John，我是 Alex。不會，我認為我們與品牌合作夥伴在保護單店經濟模型方面是步調一致的，即使在目前這樣的環境下也是如此。我們的看法是，例如把顧客「訓練」成為了 3 美元的菜單品項而來，

Is not who Wingstop is our demand space target that group occasion. Again, our guest has given us feedback that we're doing all the right things on overall satisfaction, we've improved quality 6% versus last year, consideration is up 4% versus last year, and even that low-income consumer isn't saying that we have a value issue with us. So we're focused on that and really building that top of the funnel, attracting those new guests and keeping our brand partners. Focus on that long-term opportunity for Wingstop to build towards 6,000-plus restaurants in the U.S.

那並不是 Wingstop 的定位，也不是我們需求空間（demand space）所鎖定的族群與消費情境。再說一次，我們的顧客回饋顯示，我們在整體滿意度上做對了事情；相較去年，我們的品質提升了 6%，考慮度（consideration）提升了 4%；甚至低收入消費者也沒有表示我們存在「價值」問題。因此我們會聚焦在這些面向，真正把漏斗上端做大，吸引新顧客，同時讓品牌合作夥伴把重心放在 Wingstop 的長期機會上，朝向在美國建立 6,000 家以上餐廳的目標前進。

And I know, Michael, earlier in the conversation, you had mentioned that innovation is kind of top of mind for most guests in terms of what they want to see from the brand. It sounds like you're focused primarily on flavor. I mean, any form factor changes that you're thinking about going forward?

我也知道，Michael，你在先前的對話中提到，對多數顧客而言，「創新」是他們最希望從品牌看到的重點之一。聽起來你們主要聚焦在風味上。那麼，未來你們是否也在思考任何產品形式（form factor）的變化？

Hey, John. Yeah, it's super clear to us when we studied this, our demand space, the consumer, and who we're going after, who really doesn't engage with our brand today, but represents a huge opportunity for us. And our brand hits on the top emotional and functional needs of that guest and is best positioned to win. It's really about just driving awareness and then making Wingstop top of mind and relevant to them. But the number one driver for these. Guests we are targeting to bring into the brand is innovation, and it's innovation through flavor. And this is a proven playbook for us. We go back to 2024 when we launched Hot H1y. But we launched Hot H1y when everyone else was doing it as a wet sauce. We did it the way that only Wingstop can do and did it as a dry rub. And that is a great example of how we can lean into innovation, lean into flavor and drive relevance to bring new guests into the brand. In Q1, we launched. Hot H1y Trio, Three Ways to Hot H1y, that actually performed a lot better than we anticipated. In fact, we sold out of two of the flavors within about two weeks.

嗨，John。是的，我們在研究需求空間、消費者，以及我們要爭取的對象（也就是目前其實不太與我們品牌互動、但對我們而言代表巨大機會的人群）時，這點非常清楚。我們的品牌能滿足該顧客最核心的情感與功能性需求，也最有條件勝出。關鍵其實在於提升認知度，並讓 Wingstop 成為他們心中的首選（top of mind）且與他們相關。但我們鎖定要帶進品牌的這些顧客，其第一大驅動因素是創新，而創新是透過風味來實現。這是我們已被驗證的打法。我們回到 2024 年推出 Hot H1y 的時候。當時其他人都把它做成濕醬（wet sauce），但我們用只有 Wingstop 才能做到的方式，把它做成乾粉（dry rub）。這就是我們如何透過創新、聚焦風味並提升相關性，來把新顧客帶進品牌的絕佳例子。第一季我們推出了 Hot H1y Trio——三種 Hot H1y 的吃法——表現其實遠超我們預期。事實上，大約兩週內其中兩種口味就售罄了。

Another example I will point to is our current LTO flavor, Citrus Mojo. A lot of guests have kind of said it's a play on our iconic lemon pepper, where it's a fresh garlic herb, a bright splash of citrus. But what we're seeing with the performance of Citrus Mojo is it's over-indexing to reactivation of lapsed guests, it's bringing in new guests. And so we have an innovation pipeline built out for the rest of the year that we're super excited about. This includes a lot of really unique flavors that only Wingstop can do, but it also includes some unique dips as well. And so we're excited about this innovation pipeline and how that's going to drive relevance and I think continue to really bring in these new guests that we're targeting.

另一個例子是我們目前的限時口味（LTO）Citrus Mojo。許多顧客表示它有點像我們經典的檸檬胡椒（lemon pepper）的延伸：新鮮蒜香草本，加上一抹明亮的柑橘風味。但我們從 Citrus Mojo 的表現看到，它在喚回流失顧客（reactivation of lapsed guests）方面的占比更高，也帶來了新顧客。因此我們已為今年剩餘時間建立了一條我們非常期待的創新產品管線（innovation pipeline）。其中包含許多只有 Wingstop 才能做出的獨特風味，也包含一些獨特的沾醬（dips）。所以我們對這條創新管線以及它將如何提升相關性、並持續帶進我們鎖定的新顧客感到非常興奮。

This concludes our question-and-answer session and concludes our conference call today.

我們的問答環節到此結束，今天的電話會議也到此結束。

Thank you for attending today's presentation. You may now disconnect.

感謝您參加今天的簡報。您現在可以斷線。