<p>達登餐飲公司（Darden Restaurants, Inc. (DRI)）已舉行其第二季度財報電話會議。以下是會議的主要亮點。</p>
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<p>達登餐飲在強勁的銷售勢頭與利潤壓力之間取得平衡</p>
<p>達登餐飲最新的財報電話會議傳達了樂觀的基調，強調了強勁的同店銷售增長、成功的促銷活動和加速的門店擴張。管理層承認，由於商品和勞動力成本的上升，尤其是在其高檔餐飲品牌中，面臨壓力，但強調廣泛的銷售強勁和穩健的執行力支持整體表現，儘管面臨利潤壓力。</p>
<h2>廣泛的同店銷售超越表現</h2>
<p>達登在所有主要業務板塊中實現了積極的同店銷售，橄欖園（Olive Garden）增長了 4.7%，長角牛排屋（LongHorn Steakhouse）增長了 5.9%。其他品牌也實現了增長，公司表示其同店銷售超越了更廣泛行業約 300 個基點。這一超越表現突顯了達登在競爭激烈且注重價值的環境中獲得市場份額的能力，表明其品牌在消費者中仍然具有相關性和韌性。</p>
<h2>加速擴張與新開業</h2>
<p>擴張在本季度成為明顯的增長驅動力，達登新開了 17 家餐廳，新增約 40 個運營周，超出了原計劃。公司表示，其財政年度發展目標的進展超前，預計將超過年度計劃的開業數量。這一加速的新門店增長，加上穩健的同店銷售，為達登持續的收入增長奠定了基礎，並增強了管理層對其概念長期需求的信心。</p>
<h2>橄欖園的促銷活動與價值共鳴</h2>
<p>橄欖園的 “無盡意大利麪碗” 促銷再次證明了其吸引顧客的能力，推動了品牌 4.7% 的同店銷售增長。除了短期促銷外，橄欖園還受益於更強的價值感：點選輕食菜單的顧客使得對可負擔性的感知提升了兩位數。這種促銷吸引力與日常價值感的結合，幫助橄欖園維持顧客忠誠度，同時支持增量銷售。</p>
<h2>創紀錄的顧客滿意度支撐品牌實力</h2>
<p>在其所有品牌中，達登報告了創紀錄或接近創紀錄的顧客滿意度評分，表明運營執行力仍然是一個差異化因素。管理層將這些結果歸功於餐廳內的一致表現，表明服務質量和體驗正在增強公司的銷售勢頭。強勁的顧客滿意度也為抵禦競爭壓力提供了緩衝，使達登在消費者變得更加挑剔的情況下更容易保持市場份額。</p>
<h2>穩健的收入增長與股東回報</h2>
<p>在財務上，達登的總銷售額為 31 億美元，同比增長 7%，調整後的每股收益增長了 2.5%。儘管由於成本壓力每股收益增長落後於銷售，但公司仍然產生了足夠的現金，通過分紅和股票回購向股東返還了 3.96 億美元。這種穩定的收益增長與顯著的資本回報的結合，突顯了達登在繼續投資擴張和運營的同時回報投資者的能力。</p>
<h2>商品成本壓力對利潤造成影響</h2>
<p>高企的商品成本，尤其是牛肉，仍然對盈利能力造成顯著拖累。這些更高的投入成本影響了大多數業務板塊，橄欖園是主要例外，因為其菜單以意大利麪為主。管理層強調，商品價格仍處於歷史高位，限制了利潤擴張，即使銷售增長。公司繼續謹慎管理定價，以保護客流，這限制了其通過菜單提價來完全抵消這些成本增加的能力。</p>
<h2>勞動力成本持續成為阻力</h2>
<p>儘管生產力提升和運營效率改善，達登仍然感受到勞動力通脹的壓力。餐廳勞動力成本比去年高出 10 個基點，反映了工資增長和支持強勁銷售及新開業的人員需求。儘管勞動力的拖累較小，但它加劇了商品帶來的整體利潤壓力，並突顯了在成本上升環境中維持收益增長的挑戰。</p>
<h2>高檔餐飲板塊面臨盈利壓力</h2>
<p>達登的高檔餐飲板塊在本季度表現不佳。該板塊的銷售僅增長了 0.8%，盈利能力受到嚴重打擊，利潤率為 14.8%，比去年下降了 280 個基點。高企的牛肉成本，尤其是在以牛排和蛋白質為主的高檔餐飲概念中，成為利潤壓縮的主要驅動因素。儘管該板塊實現了積極的同店銷售增長，但其對整體收益的貢獻落後於其他板塊，仍然是投資者需要關注的領域。</p>
<h2>指引顯示對持續增長的信心</h2>
<p>展望未來，達登提高了 2026 財年的指引，顯示出持續的強勁。公司現在預計總銷售增長為 8.5% 至 9.3%，同店銷售增長為 3.5% 至 4.3%，並計劃積極開發 65 至 70 家新餐廳。調整後的稀釋每股收益預計在 10.60 美元至 10.70 美元之間。管理層重申其承諾將菜單定價保持在低於通脹水平——約 130 個基點——表明即使在成本壓力持續的情況下，仍然專注於價值和客流。</p>
<p>總之，達登飯店的財報電話會議描繪了一幅公司利用品牌優勢、價值主張和嚴謹執行來推動銷售和擴張的圖景，同時應對商品和勞動力的挑戰。同店銷售表現優異，Olive Garden 的成功促銷以及強勁的單位增長支持了樂觀的前景，儘管高檔餐飲和成本通脹仍然是關鍵風險因素。整體情緒積極，管理層的指引進一步強化了達登有良好定位以實現可持續增長的觀點，惠及股東。</p>

達登飯店

<p>達登餐飲的第二季度財報電話會議強調了強勁的同店銷售增長和成功的促銷活動，儘管面臨着來自高企的商品和勞動力成本的利潤壓力。公司報告總銷售額增長 7%，達到 31 億美元，調整後的每股收益增長 2.5%。達登開設了 17 家新餐廳，超出了發展目標，並保持了高客人滿意度評分。儘管高檔餐飲領域面臨挑戰，達登仍提高了 2026 財年的指引，預計將繼續實現由銷售和擴張驅動的增長</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>達登餐飲公司（Darden Restaurants, Inc. (DRI)）已舉行其第二季度財報電話會議。以下是會議的主要亮點。</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，信心投資</h3>
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<li>Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions</li>
<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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<li>解鎖對沖基金級別的數據和強大的投資工具，幫助您做出更聰明、更精準的決策</li>
<li>通過最新的新聞和分析保持市場領先，使您的投資組合始終處於最大潛力的狀態</li>
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</div><p>Darden Restaurants Balances Robust Sales Momentum With Margin Pressures</p>
<div class="lb-trans"><p>達登餐飲在強勁的銷售勢頭與利潤壓力之間取得平衡</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>達登餐飲最新的財報電話會議傳達了樂觀的基調，強調了強勁的同店銷售增長、成功的促銷活動和加速的門店擴張。管理層承認，由於商品和勞動力成本的上升，尤其是在其高檔餐飲品牌中，面臨壓力，但強調廣泛的銷售強勁和穩健的執行力支持整體表現，儘管面臨利潤壓力。</p>
</div><h2>Broad-Based Same-Restaurant Sales Outperformance</h2>
<div class="lb-trans"><h2>廣泛的同店銷售超越表現</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>達登在所有主要業務板塊中實現了積極的同店銷售，橄欖園（Olive Garden）增長了 4.7%，長角牛排屋（LongHorn Steakhouse）增長了 5.9%。其他品牌也實現了增長，公司表示其同店銷售超越了更廣泛行業約 300 個基點。這一超越表現突顯了達登在競爭激烈且注重價值的環境中獲得市場份額的能力，表明其品牌在消費者中仍然具有相關性和韌性。</p>
</div><h2>Accelerated Expansion and New Openings</h2>
<div class="lb-trans"><h2>加速擴張與新開業</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>擴張在本季度成為明顯的增長驅動力，達登新開了 17 家餐廳，新增約 40 個運營周，超出了原計劃。公司表示，其財政年度發展目標的進展超前，預計將超過年度計劃的開業數量。這一加速的新門店增長，加上穩健的同店銷售，為達登持續的收入增長奠定了基礎，並增強了管理層對其概念長期需求的信心。</p>
</div><h2>Olive Garden Promotions and Value Resonance</h2>
<div class="lb-trans"><h2>橄欖園的促銷活動與價值共鳴</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>橄欖園的 “無盡意大利麪碗” 促銷再次證明了其吸引顧客的能力，推動了品牌 4.7% 的同店銷售增長。除了短期促銷外，橄欖園還受益於更強的價值感：點選輕食菜單的顧客使得對可負擔性的感知提升了兩位數。這種促銷吸引力與日常價值感的結合，幫助橄欖園維持顧客忠誠度，同時支持增量銷售。</p>
</div><h2>Record Guest Satisfaction Underpins Brand Strength</h2>
<div class="lb-trans"><h2>創紀錄的顧客滿意度支撐品牌實力</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，達登報告了創紀錄或接近創紀錄的顧客滿意度評分，表明運營執行力仍然是一個差異化因素。管理層將這些結果歸功於餐廳內的一致表現，表明服務質量和體驗正在增強公司的銷售勢頭。強勁的顧客滿意度也為抵禦競爭壓力提供了緩衝，使達登在消費者變得更加挑剔的情況下更容易保持市場份額。</p>
</div><h2>Solid Top-Line Growth and Shareholder Returns</h2>
<div class="lb-trans"><h2>穩健的收入增長與股東回報</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>在財務上，達登的總銷售額為 31 億美元，同比增長 7%，調整後的每股收益增長了 2.5%。儘管由於成本壓力每股收益增長落後於銷售，但公司仍然產生了足夠的現金，通過分紅和股票回購向股東返還了 3.96 億美元。這種穩定的收益增長與顯著的資本回報的結合，突顯了達登在繼續投資擴張和運營的同時回報投資者的能力。</p>
</div><h2>Commodity Cost Pressures Weigh on Margins</h2>
<div class="lb-trans"><h2>商品成本壓力對利潤造成影響</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，仍然對盈利能力造成顯著拖累。這些更高的投入成本影響了大多數業務板塊，橄欖園是主要例外，因為其菜單以意大利麪為主。管理層強調，商品價格仍處於歷史高位，限制了利潤擴張，即使銷售增長。公司繼續謹慎管理定價，以保護客流，這限制了其通過菜單提價來完全抵消這些成本增加的能力。</p>
</div><h2>Labor Costs Remain a Persistent Headwind</h2>
<div class="lb-trans"><h2>勞動力成本持續成為阻力</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>儘管生產力提升和運營效率改善，達登仍然感受到勞動力通脹的壓力。餐廳勞動力成本比去年高出 10 個基點，反映了工資增長和支持強勁銷售及新開業的人員需求。儘管勞動力的拖累較小，但它加劇了商品帶來的整體利潤壓力，並突顯了在成本上升環境中維持收益增長的挑戰。</p>
</div><h2>Fine Dining Segment Faces Profitability Squeeze</h2>
<div class="lb-trans"><h2>高檔餐飲板塊面臨盈利壓力</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>達登的高檔餐飲板塊在本季度表現不佳。該板塊的銷售僅增長了 0.8%，盈利能力受到嚴重打擊，利潤率為 14.8%，比去年下降了 280 個基點。高企的牛肉成本，尤其是在以牛排和蛋白質為主的高檔餐飲概念中，成為利潤壓縮的主要驅動因素。儘管該板塊實現了積極的同店銷售增長，但其對整體收益的貢獻落後於其他板塊，仍然是投資者需要關注的領域。</p>
</div><h2>Guidance Signals Confidence in Continued Growth</h2>
<div class="lb-trans"><h2>指引顯示對持續增長的信心</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>展望未來，達登提高了 2026 財年的指引，顯示出持續的強勁。公司現在預計總銷售增長為 8.5% 至 9.3%，同店銷售增長為 3.5% 至 4.3%，並計劃積極開發 65 至 70 家新餐廳。調整後的稀釋每股收益預計在 10.60 美元至 10.70 美元之間。管理層重申其承諾將菜單定價保持在低於通脹水平——約 130 個基點——表明即使在成本壓力持續的情況下，仍然專注於價值和客流。</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>總之，達登飯店的財報電話會議描繪了一幅公司利用品牌優勢、價值主張和嚴謹執行來推動銷售和擴張的圖景，同時應對商品和勞動力的挑戰。同店銷售表現優異，Olive Garden 的成功促銷以及強勁的單位增長支持了樂觀的前景，儘管高檔餐飲和成本通脹仍然是關鍵風險因素。整體情緒積極，管理層的指引進一步強化了達登有良好定位以實現可持續增長的觀點，惠及股東。</p>
</div>

達登飯店的財報電話會議強調了在成本壓力下的增長