<p>达登餐饮公司（Darden Restaurants, Inc. (DRI)）已举行其第二季度财报电话会议。以下是会议的主要亮点。</p>
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<p>达登餐饮在强劲的销售势头与利润压力之间取得平衡</p>
<p>达登餐饮最新的财报电话会议传达了乐观的基调，强调了强劲的同店销售增长、成功的促销活动和加速的门店扩张。管理层承认，由于商品和劳动力成本的上升，尤其是在其高档餐饮品牌中，面临压力，但强调广泛的销售强劲和稳健的执行力支持整体表现，尽管面临利润压力。</p>
<h2>广泛的同店销售超越表现</h2>
<p>达登在所有主要业务板块中实现了积极的同店销售，橄榄园（Olive Garden）增长了 4.7%，长角牛排屋（LongHorn Steakhouse）增长了 5.9%。其他品牌也实现了增长，公司表示其同店销售超越了更广泛行业约 300 个基点。这一超越表现突显了达登在竞争激烈且注重价值的环境中获得市场份额的能力，表明其品牌在消费者中仍然具有相关性和韧性。</p>
<h2>加速扩张与新开业</h2>
<p>扩张在本季度成为明显的增长驱动力，达登新开了 17 家餐厅，新增约 40 个运营周，超出了原计划。公司表示，其财政年度发展目标的进展超前，预计将超过年度计划的开业数量。这一加速的新门店增长，加上稳健的同店销售，为达登持续的收入增长奠定了基础，并增强了管理层对其概念长期需求的信心。</p>
<h2>橄榄园的促销活动与价值共鸣</h2>
<p>橄榄园的 “无尽意大利面碗” 促销再次证明了其吸引顾客的能力，推动了品牌 4.7% 的同店销售增长。除了短期促销外，橄榄园还受益于更强的价值感：点选轻食菜单的顾客使得对可负担性的感知提升了两位数。这种促销吸引力与日常价值感的结合，帮助橄榄园维持顾客忠诚度，同时支持增量销售。</p>
<h2>创纪录的顾客满意度支撑品牌实力</h2>
<p>在其所有品牌中，达登报告了创纪录或接近创纪录的顾客满意度评分，表明运营执行力仍然是一个差异化因素。管理层将这些结果归功于餐厅内的一致表现，表明服务质量和体验正在增强公司的销售势头。强劲的顾客满意度也为抵御竞争压力提供了缓冲，使达登在消费者变得更加挑剔的情况下更容易保持市场份额。</p>
<h2>稳健的收入增长与股东回报</h2>
<p>在财务上，达登的总销售额为 31 亿美元，同比增长 7%，调整后的每股收益增长了 2.5%。尽管由于成本压力每股收益增长落后于销售，但公司仍然产生了足够的现金，通过分红和股票回购向股东返还了 3.96 亿美元。这种稳定的收益增长与显著的资本回报的结合，突显了达登在继续投资扩张和运营的同时回报投资者的能力。</p>
<h2>商品成本压力对利润造成影响</h2>
<p>高企的商品成本，尤其是牛肉，仍然对盈利能力造成显著拖累。这些更高的投入成本影响了大多数业务板块，橄榄园是主要例外，因为其菜单以意大利面为主。管理层强调，商品价格仍处于历史高位，限制了利润扩张，即使销售增长。公司继续谨慎管理定价，以保护客流，这限制了其通过菜单提价来完全抵消这些成本增加的能力。</p>
<h2>劳动力成本持续成为阻力</h2>
<p>尽管生产力提升和运营效率改善，达登仍然感受到劳动力通胀的压力。餐厅劳动力成本比去年高出 10 个基点，反映了工资增长和支持强劲销售及新开业的人员需求。尽管劳动力的拖累较小，但它加剧了商品带来的整体利润压力，并突显了在成本上升环境中维持收益增长的挑战。</p>
<h2>高档餐饮板块面临盈利压力</h2>
<p>达登的高档餐饮板块在本季度表现不佳。该板块的销售仅增长了 0.8%，盈利能力受到严重打击，利润率为 14.8%，比去年下降了 280 个基点。高企的牛肉成本，尤其是在以牛排和蛋白质为主的高档餐饮概念中，成为利润压缩的主要驱动因素。尽管该板块实现了积极的同店销售增长，但其对整体收益的贡献落后于其他板块，仍然是投资者需要关注的领域。</p>
<h2>指引显示对持续增长的信心</h2>
<p>展望未来，达登提高了 2026 财年的指引，显示出持续的强劲。公司现在预计总销售增长为 8.5% 至 9.3%，同店销售增长为 3.5% 至 4.3%，并计划积极开发 65 至 70 家新餐厅。调整后的稀释每股收益预计在 10.60 美元至 10.70 美元之间。管理层重申其承诺将菜单定价保持在低于通胀水平——约 130 个基点——表明即使在成本压力持续的情况下，仍然专注于价值和客流。</p>
<p>总之，达登饭店的财报电话会议描绘了一幅公司利用品牌优势、价值主张和严谨执行来推动销售和扩张的图景，同时应对商品和劳动力的挑战。同店销售表现优异，Olive Garden 的成功促销以及强劲的单位增长支持了乐观的前景，尽管高档餐饮和成本通胀仍然是关键风险因素。整体情绪积极，管理层的指引进一步强化了达登有良好定位以实现可持续增长的观点，惠及股东。</p>

达登饭店

<p>达登餐饮的第二季度财报电话会议强调了强劲的同店销售增长和成功的促销活动，尽管面临着来自高企的商品和劳动力成本的利润压力。公司报告总销售额增长 7%，达到 31 亿美元，调整后的每股收益增长 2.5%。达登开设了 17 家新餐厅，超出了发展目标，并保持了高客人满意度评分。尽管高档餐饮领域面临挑战，达登仍提高了 2026 财年的指引，预计将继续实现由销售和扩张驱动的增长</p>

<p>Darden Restaurants, Inc. ((DRI)) has held its Q2 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>达登餐饮公司（Darden Restaurants, Inc. (DRI)）已举行其第二季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 50% Off TipRanks Premium and Invest with Confidence</h3>
<div class="lb-trans"><h3>享受 TipRanks Premium 50% 折扣，信心投资</h3>
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<li>Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，帮助您做出更聪明、更精准的决策</li>
<li>通过最新的新闻和分析保持市场领先，使您的投资组合始终处于最大潜力的状态</li>
</ul>
</div><p>Darden Restaurants Balances Robust Sales Momentum With Margin Pressures</p>
<div class="lb-trans"><p>达登餐饮在强劲的销售势头与利润压力之间取得平衡</p>
</div><p>Darden Restaurants’ latest earnings call struck a largely upbeat tone, underscored by strong same-restaurant sales growth, successful promotions, and accelerating unit expansion. Management acknowledged pressure from elevated commodity and labor costs—most notably in its fine dining brands—but emphasized that broad-based sales strength and solid execution are supporting overall performance despite margin headwinds.</p>
<div class="lb-trans"><p>达登餐饮最新的财报电话会议传达了乐观的基调，强调了强劲的同店销售增长、成功的促销活动和加速的门店扩张。管理层承认，由于商品和劳动力成本的上升，尤其是在其高档餐饮品牌中，面临压力，但强调广泛的销售强劲和稳健的执行力支持整体表现，尽管面临利润压力。</p>
</div><h2>Broad-Based Same-Restaurant Sales Outperformance</h2>
<div class="lb-trans"><h2>广泛的同店销售超越表现</h2>
</div><p>Darden delivered positive same-restaurant sales across all major segments, with Olive Garden up 4.7% and LongHorn Steakhouse up 5.9%. Other brands also posted growth, and the company said its same-restaurant sales outpaced the broader industry by roughly 300 basis points. This outperformance highlights Darden’s ability to gain share in a competitive and value-sensitive environment, signaling that its brands remain relevant and resilient with consumers.</p>
<div class="lb-trans"><p>达登在所有主要业务板块中实现了积极的同店销售，橄榄园（Olive Garden）增长了 4.7%，长角牛排屋（LongHorn Steakhouse）增长了 5.9%。其他品牌也实现了增长，公司表示其同店销售超越了更广泛行业约 300 个基点。这一超越表现突显了达登在竞争激烈且注重价值的环境中获得市场份额的能力，表明其品牌在消费者中仍然具有相关性和韧性。</p>
</div><h2>Accelerated Expansion and New Openings</h2>
<div class="lb-trans"><h2>加速扩张与新开业</h2>
</div><p>Expansion was a clear growth driver in the quarter as Darden opened 17 new restaurants, adding roughly 40 operating weeks above its original plan. The company indicated it is tracking ahead of its fiscal-year development goals and expects to exceed planned openings for the year. This stepped-up pace of new unit growth, layered on top of solid same-restaurant sales, positions Darden for continued top-line gains and reinforces management’s confidence in the long-term demand for its concepts.</p>
<div class="lb-trans"><p>扩张在本季度成为明显的增长驱动力，达登新开了 17 家餐厅，新增约 40 个运营周，超出了原计划。公司表示，其财政年度发展目标的进展超前，预计将超过年度计划的开业数量。这一加速的新门店增长，加上稳健的同店销售，为达登持续的收入增长奠定了基础，并增强了管理层对其概念长期需求的信心。</p>
</div><h2>Olive Garden Promotions and Value Resonance</h2>
<div class="lb-trans"><h2>橄榄园的促销活动与价值共鸣</h2>
</div><p>Olive Garden’s Never Ending Pasta Bowl promotion once again proved to be a traffic driver, contributing to the brand’s 4.7% same-restaurant sales increase. Beyond short-term promotions, Olive Garden is also benefiting from a stronger value perception: guests ordering from the lighter portions menu drove a double-digit improvement in affordability perceptions. This mix of promotional appeal and perceived everyday value is helping Olive Garden maintain guest loyalty while supporting incremental sales.</p>
<div class="lb-trans"><p>橄榄园的 “无尽意大利面碗” 促销再次证明了其吸引顾客的能力，推动了品牌 4.7% 的同店销售增长。除了短期促销外，橄榄园还受益于更强的价值感：点选轻食菜单的顾客使得对可负担性的感知提升了两位数。这种促销吸引力与日常价值感的结合，帮助橄榄园维持顾客忠诚度，同时支持增量销售。</p>
</div><h2>Record Guest Satisfaction Underpins Brand Strength</h2>
<div class="lb-trans"><h2>创纪录的顾客满意度支撑品牌实力</h2>
</div><p>Across its portfolio, Darden reported record or near-record guest satisfaction scores, a sign that operational execution remains a differentiator. Management credited consistent in-restaurant performance for these results, suggesting that service quality and experience are reinforcing the company’s sales momentum. Strong guest satisfaction also provides a buffer against competitive pressures, making it easier for Darden to hold share even as consumers become more selective with dining dollars.</p>
<div class="lb-trans"><p>在其所有品牌中，达登报告了创纪录或接近创纪录的顾客满意度评分，表明运营执行力仍然是一个差异化因素。管理层将这些结果归功于餐厅内的一致表现，表明服务质量和体验正在增强公司的销售势头。强劲的顾客满意度也为抵御竞争压力提供了缓冲，使达登在消费者变得更加挑剔的情况下更容易保持市场份额。</p>
</div><h2>Solid Top-Line Growth and Shareholder Returns</h2>
<div class="lb-trans"><h2>稳健的收入增长与股东回报</h2>
</div><p>Financially, Darden posted total sales of $3.1 billion, up 7% year-over-year, and achieved 2.5% growth in adjusted earnings per share. While EPS growth lagged sales due to cost pressures, the company still generated enough cash to return $396 million to shareholders through dividends and share repurchases. This combination of steady earnings growth and meaningful capital return underscores Darden’s ability to reward investors while continuing to invest in expansion and operations.</p>
<div class="lb-trans"><p>在财务上，达登的总销售额为 31 亿美元，同比增长 7%，调整后的每股收益增长了 2.5%。尽管由于成本压力每股收益增长落后于销售，但公司仍然产生了足够的现金，通过分红和股票回购向股东返还了 3.96 亿美元。这种稳定的收益增长与显著的资本回报的结合，突显了达登在继续投资扩张和运营的同时回报投资者的能力。</p>
</div><h2>Commodity Cost Pressures Weigh on Margins</h2>
<div class="lb-trans"><h2>商品成本压力对利润造成影响</h2>
</div><p>Elevated commodity costs—especially beef—remained a significant drag on profitability. These higher input costs affected most segments, with Olive Garden being the primary exception given its pasta-heavy menu. Management emphasized that commodities are still at historically high levels, limiting margin expansion even as sales grow. The company continues to manage pricing carefully to protect traffic, which constrains its ability to fully offset these cost increases through menu price hikes.</p>
<div class="lb-trans"><p>高企的商品成本，尤其是牛肉，仍然对盈利能力造成显著拖累。这些更高的投入成本影响了大多数业务板块，橄榄园是主要例外，因为其菜单以意大利面为主。管理层强调，商品价格仍处于历史高位，限制了利润扩张，即使销售增长。公司继续谨慎管理定价，以保护客流，这限制了其通过菜单提价来完全抵消这些成本增加的能力。</p>
</div><h2>Labor Costs Remain a Persistent Headwind</h2>
<div class="lb-trans"><h2>劳动力成本持续成为阻力</h2>
</div><p>Despite productivity gains and operational efficiencies, Darden continues to feel pressure from labor inflation. Restaurant labor expenses were 10 basis points higher than a year ago, reflecting wage growth and staffing needs to support strong sales and new openings. While the labor drag is modest, it adds to the broader margin squeeze from commodities and highlights the challenge of sustaining earnings growth in a rising cost environment.</p>
<div class="lb-trans"><p>尽管生产力提升和运营效率改善，达登仍然感受到劳动力通胀的压力。餐厅劳动力成本比去年高出 10 个基点，反映了工资增长和支持强劲销售及新开业的人员需求。尽管劳动力的拖累较小，但它加剧了商品带来的整体利润压力，并突显了在成本上升环境中维持收益增长的挑战。</p>
</div><h2>Fine Dining Segment Faces Profitability Squeeze</h2>
<div class="lb-trans"><h2>高档餐饮板块面临盈利压力</h2>
</div><p>Darden’s fine dining segment was the soft spot in the quarter. Sales in the segment grew just 0.8%, and profitability was hit hard, with segment profit margin at 14.8%—a decline of 280 basis points from last year. Elevated beef costs, which are particularly impactful in steak- and protein-heavy fine dining concepts, were a key driver of the margin compression. While the segment did manage positive same-restaurant sales growth, its earnings contribution lagged the rest of the portfolio and remains an area to watch for investors.</p>
<div class="lb-trans"><p>达登的高档餐饮板块在本季度表现不佳。该板块的销售仅增长了 0.8%，盈利能力受到严重打击，利润率为 14.8%，比去年下降了 280 个基点。高企的牛肉成本，尤其是在以牛排和蛋白质为主的高档餐饮概念中，成为利润压缩的主要驱动因素。尽管该板块实现了积极的同店销售增长，但其对整体收益的贡献落后于其他板块，仍然是投资者需要关注的领域。</p>
</div><h2>Guidance Signals Confidence in Continued Growth</h2>
<div class="lb-trans"><h2>指引显示对持续增长的信心</h2>
</div><p>Looking ahead, Darden raised the bar with updated fiscal 2026 guidance that points to continued strength. The company now expects total sales growth of 8.5% to 9.3%, supported by same-restaurant sales growth of 3.5% to 4.3% and an aggressive development plan calling for 65 to 70 new restaurant openings. Adjusted diluted EPS is projected between $10.60 and $10.70. Management reiterated its commitment to keep menu pricing below inflation—by about 130 basis points—signaling an ongoing focus on value and traffic, even as cost pressures persist.</p>
<div class="lb-trans"><p>展望未来，达登提高了 2026 财年的指引，显示出持续的强劲。公司现在预计总销售增长为 8.5% 至 9.3%，同店销售增长为 3.5% 至 4.3%，并计划积极开发 65 至 70 家新餐厅。调整后的稀释每股收益预计在 10.60 美元至 10.70 美元之间。管理层重申其承诺将菜单定价保持在低于通胀水平——约 130 个基点——表明即使在成本压力持续的情况下，仍然专注于价值和客流。</p>
</div><p>In summary, Darden Restaurants’ earnings call painted a picture of a company leveraging brand strength, value propositions, and disciplined execution to drive sales and expansion, while working through commodity and labor headwinds. Same-restaurant sales outperformance, successful promotions at Olive Garden, and robust unit growth support a constructive outlook, although fine dining and cost inflation remain key risk factors. Overall sentiment was positive, with management’s guidance reinforcing the view that Darden is well positioned to deliver sustainable growth for shareholders.</p>
<div class="lb-trans"><p>总之，达登饭店的财报电话会议描绘了一幅公司利用品牌优势、价值主张和严谨执行来推动销售和扩张的图景，同时应对商品和劳动力的挑战。同店销售表现优异，Olive Garden 的成功促销以及强劲的单位增长支持了乐观的前景，尽管高档餐饮和成本通胀仍然是关键风险因素。整体情绪积极，管理层的指引进一步强化了达登有良好定位以实现可持续增长的观点，惠及股东。</p>
</div>

达登饭店的财报电话会议强调了在成本压力下的增长