(DNUT) 2023 Q1 法說會逐字稿

Hello. My name is Jean-Louis. Welcome to the Krispy Kreme, Q1 2023 Earnings Call. (Operator Instructions)

你好。我叫讓-路易斯。歡迎參加 Krispy Kreme 2023 年第一季度收益電話會議。 （操作員說明）

I will now turn the conference over to Rob Ballew, Vice President of Investor Relations. Please go ahead.

我現在將會議交給投資者關係副總裁 Rob Ballew。請繼續。

Good morning, everyone, and welcome to Krispy Kreme's first quarter 2023 earnings call. Thank you for joining us today. Our earnings release and the accompanying earnings presentation deck are available on the Investor Relations portion of our website at investors.krispykreme.com.

大家早上好，歡迎參加 Krispy Kreme 的 2023 年第一季度財報電話會議。感謝您今天加入我們。我們的收益發布和隨附的收益演示文稿可在我們網站的投資者關係部分獲取：investors.krispykreme.com。

Joining me on the call this morning is Mike Tattersfield, President and Chief Executive Officer; Josh Charlesworth, Global President and Chief Operating Officer; and Jeremiah Ashukian, Chief Financial Officer. After prepared remarks, there will be a question-and-answer session.

今天早上與我一起參加電話會議的是總裁兼首席執行官邁克·塔特斯菲爾德 (Mike Tattersfield)。喬什·查爾斯沃思（Josh Charlesworth），全球總裁兼首席運營官；和首席財務官 Jeremiah Ashukian。準備好的發言後，將進行問答環節。

Before we begin, I'd like to remind you that this call contains forward-looking statements made pursuant to the safe harbor provision of the Private Securities and Litigation Reform Act of 1995, including statements of expectations, future events, or future financial performance. Forward-looking statements involve a number of inherent risks and uncertainties, and we caution investors that these risks could cause actual results to differ materially from those contained in any forward-looking statements. These factors and other risks and uncertainties are described in detail in the company's Form 10-K filed with the SEC on March 2, 2023.

在我們開始之前，我想提醒您，本次電話會議包含根據 1995 年《私人證券和訴訟改革法案》的安全港條款做出的前瞻性陳述，包括預期、未來事件或未來財務業績的陳述。前瞻性陳述涉及許多固有風險和不確定性，我們提醒投資者，這些風險可能導致實際結果與任何前瞻性陳述中包含的結果存在重大差異。這些因素以及其他風險和不確定性在公司於 2023 年 3 月 2 日向 SEC 提交的 10-K 表格中進行了詳細描述。

Forward-looking statements made today speak only as of today. The company assumes no obligation to publicly update or revise any forward-looking statements, except as may be required by law. Additionally, today's call will contain certain non-GAAP financial measures. A reconciliation between non-GAAP financial measures and their closest comparable GAAP measures can be found in the company's first quarter earnings release this morning and is available at investors.krispykreme.com.

今天發表的前瞻性陳述僅代表今天的情況。除法律要求外，公司不承擔公開更新或修改任何前瞻性陳述的義務。此外，今天的電話會議將包含某些非公認會計準則財務指標。非公認會計原則財務指標與最接近的可比公認會計原則指標之間的調節可以在公司今天早上發布的第一季度收益中找到，也可以在 Investors.krispykreme.com 上找到。

With that, I'll now turn the call over to Mike.

這樣，我現在將把電話轉給邁克。

Good morning, and thank you, everyone, for joining us today. We are pleased to share our first quarter results, marking another period of accelerated organic growth, driven by our continued successful execution of our omnichannel strategy and a robust performance of our premium offerings for celebration events and holidays. I want to start today's call by thanking our Krispy Kremers, our team members, for another quarter where we once again achieved positive organic growth in every country we and our partners operate. Thank you. Without your efforts and dedication, this would not be possible.

早上好，謝謝大家今天加入我們。我們很高興分享我們的第一季度業績，標誌著又一個加速有機增長的時期，這得益於我們持續成功執行全渠道戰略以及我們為慶祝活動和節日提供的優質產品的強勁表現。在今天的電話會議開始時，我想感謝我們的 Krispy Kremers、我們的團隊成員，在另一個季度，我們和我們的合作夥伴再次在每個國家/地區實現了積極的有機增長。謝謝。沒有你們的努力和奉獻，這是不可能的。

Since 1937, we've been serving our iconic Original Glazed donut and it has always been about sharing joyous full moments. As an affordable indulgent, we love that more than 80% of our donuts are bought to be shared with others. Nearly 40% of our customers buy our donuts for a party or a special event in their life, up from just 10% a few years ago. Our customers trust us to be part of their special moments. We don't take that lightly. We are proud to carry on the best of what our Founder, Vernon Rudolph knew. Consumers love fresh donuts. We appreciate our history, yet we know we're a donut company that is constantly evolving.

自 1937 年以來，我們一直在提供標誌性的原味甜甜圈，始終致力於分享歡樂的時刻。作為一種經濟實惠的美食，我們 80% 以上的甜甜圈都是為了與他人分享而購買的，這一點讓我們很高興。近 40% 的客戶會為聚會或生活中的特殊活動購買我們的甜甜圈，而幾年前這一比例僅為 10%。我們的客戶相信我們會成為他們特殊時刻的一部分。我們不會掉以輕心。我們很自豪能夠繼承我們的創始人弗農·魯道夫 (Vernon Rudolph) 所知道的最好的東西。消費者喜歡新鮮的甜甜圈。我們欣賞我們的歷史，但我們知道我們是一家不斷發展的甜甜圈公司。

And freshness is important as it is the most important attribute our customers want in a sweet treat. We see this in the continued impressive growth of our delivered fresh daily, or DFD, business. Our ever-increasing confidence in our ability to continue to grow fresh points of access by 10% to 15% a year, allowed us to make the decision to exit our start-up CPG business Branded Sweet Treats, and focus our efforts in capital where our customers want us to bring in a fresh and delicious crispy green donut to a convenient location.

新鮮度很重要，因為這是我們的顧客在甜點中想要的最重要的屬性。我們從每日新鮮配送（DFD）業務的持續令人印象深刻的增長中看到了這一點。我們對繼續以每年 10% 至 15% 的速度增長新接入點的能力越來越有信心，這使我們能夠決定退出我們的初創 CPG 業務 Branded Sweet Treats，並將我們的精力集中在資本上：我們的客戶希望我們將新鮮美味的脆皮綠色甜甜圈帶到一個方便的地點。

Our omnichannel strategy where we provide convenient access to consumers through many channels is unique in the industry and is fueled by our passion for innovation and our understanding that access to our brand is our biggest opportunity. Through the efficiency of only 400 donut producing hubs worldwide, we know how to think differently and creatively delivering fresh donuts when and where consumers want them. Thinking differently is that we not only think like an experiential donut company, but also a donut logistics company, which makes our model very unique. That change in our model and culture enabled us to open and service more than 12,000 points of access daily with a long-term goal of at least 75,000 by growing global points of access by 10% to 15% per year. While those points of access started as grocery and convenience stores, today, they include mass merchandisers, restaurants and drugstores.

我們的全渠道戰略是通過多種渠道為消費者提供便捷的接觸，這在行業中是獨一無二的，我們對創新的熱情以及我們對接觸我們的品牌是我們最大機會的理解推動了這一戰略。通過全球僅 400 個甜甜圈生產中心的效率，我們知道如何以不同的方式思考並創造性地在消費者需要的時間和地點提供新鮮的甜甜圈。不同的思考方式是，我們不僅像一家體驗式甜甜圈公司一樣思考，而且還像一家甜甜圈物流公司一樣思考，這使得我們的模式非常獨特。我們模式和文化的這種變化使我們能夠每天開放和服務超過 12,000 個接入點，長期目標是通過每年將全球接入點增加 10% 至 15% 來實現至少 75,000 個接入點。雖然這些訪問點最初是雜貨店和便利店，但如今，它們包括大型超市、餐館和藥店。

The uniqueness of our current model allows us to maximize an idea that was once only available at the 400 producing donut hubs, taking it to every potential point of access in our system. Thinking like a donut logistics company with our DFD network truly unlocks the power of our brand and reach. And thinking differently leads directly to the purpose of our company to touch and enhance the lives of others to the joy that is Krispy Kreme. We are committed to positively impacting the world by loving our people, our communities and our planet.

我們當前模型的獨特性使我們能夠最大限度地發揮曾經僅在 400 個甜甜圈生產中心才能實現的想法，並將其帶到我們系統中的每個潛在訪問點。像甜甜圈物流公司一樣思考，利用我們的 DFD 網絡真正釋放我們品牌和影響力的力量。不同的思維直接導致我們公司的目標是感動和改善他人的生活，讓他們享受 Krispy Kreme 的快樂。我們致力於通過愛我們的人民、我們的社區和我們的星球來積極影響世界。

In the first quarter, we donated much of our remaining Branded Sweet Treats donut inventory to food banks across the U.S. We also saw another strong quarter of community fundraising and local giving across the globe as we donated book to school children, supported the elderly and held more than 100 Acts of Joy worldwide. We worked hard to share joy in a way that really connected people to Krispy Kreme.

在第一季度，我們將大部分剩餘的品牌甜甜圈庫存捐贈給了美國各地的食品銀行。我們還看到全球各地的社區籌款和當地捐贈又一個強勁的季度，因為我們向學童捐贈書籍、支持老年人並舉辦了慈善活動。全球超過 100 個歡樂行動。我們努力以一種真正將人們與 Krispy Kreme 聯繫起來的方式分享快樂。

Turning to our results. The first quarter marked a great start to the year for our brand with organic revenue growth accelerating to 14.4% as we had a highly successful seasonal global campaigns, including the critically important Valentine's Day with great partnerships with Hershey's as well as a strong St. Patrick Day. These global campaign serves as the playbook moving forward for significant events and power base as we'll be able to leverage marketing costs, media coverage and brand partners across many or all of the country's Krispy Kreme and our franchise partners operate, driving increased efficiencies on both the top and bottom line.

轉向我們的結果。第一季度標誌著我們品牌今年的良好開端，有機收入增長加速至 14.4%，因為我們開展了非常成功的季節性全球營銷活動，其中包括與好時 (Hershey's) 建立良好合作夥伴關係的極其重要的情人節以及強大的聖帕特里克節 (St. Patrick)天。這些全球活動可作為重大活動和權力基礎的劇本，因為我們將能夠利用全國許多或所有 Krispy Kreme 和我們的特許經營合作夥伴運營的營銷成本、媒體報導和品牌合作夥伴，從​​而提高運營效率頂線和底線。

Also, strengthening our omnichannel capabilities in the first quarter was our e-commerce efforts. In the U.S., that included expanding availability of specialty donuts and more targeted marketing efforts. Additionally, Insomnia continues to benefit from the expanded radius of warm cookie delivery of up to 10 miles. These efforts led to a 23% increase in e-commerce revenue in the first quarter compared to a year ago and led to a 220 point basis increase in sales mix of e-commerce to 19.6% of retail sales for the company during the quarter. This was our strongest quarter ever in e-commerce, both in revenue and percent of retail sales. Even when you compare that to the height of the pandemic, and we continue to see significant opportunity to grow in this channel. We also continue to execute on our global expansion strategy, with a strong increase in points of access in our market development and international segment, which led to strong organic growth around the world, particularly in our equity-owned Japan and Canada markets and international franchise markets.

此外，第一季度加強我們全渠道能力的是我們的電子商務努力。在美國，這包括擴大特色甜甜圈的供應範圍和更有針對性的營銷工作。此外，Insomnia 繼續受益於將熱餅乾遞送半徑擴大至 10 英里。這些努力導致第一季度電子商務收入同比增長 23%，並使該季度電子商務銷售組合增長 220 個百分點，達到公司零售額的 19.6%。無論是收入還是零售額百分比，這是我們電子商務領域有史以來最強勁的一個季度。即使將其與大流行的嚴重程度進行比較，我們仍然看到該渠道存在巨大的增長機會。我們還繼續執行我們的全球擴張戰略，大幅增加我們的市場開發和國際業務的接入點，從而在全球範圍內實現強勁的有機增長，特別是在我們擁有股權的日本和加拿大市場以及國際特許經營權方面市場。

Since the end of the quarter, a new franchise partner opened for the first time in Chile. Chile saw one of the highest openings in the company's history. We expect to open in 3 additional countries during the second quarter, including Switzerland, Costa Rica and Jamaica. We continue to be on track to open in up to 7 new countries this year and expect to sign 3 to 5 new development agreements for additional countries to open in 2024, including further locations in Western Europe and South America. Our pipeline of new hubs and fresh shops from our franchise partners is now well over 1,000 shops over the next 5 years, which will be used to further unlock additional points of access in those markets.

自本季度末以來，智利首次開設了一家新的特許經營合作夥伴。智利是該公司歷史上空缺人數最多的國家之一。我們預計第二季度將在另外 3 個國家/地區開業，包括瑞士、哥斯達黎加和牙買加。今年，我們將繼續在多達 7 個新國家/地區開設門店，並預計在 2024 年為更多國家/地區開設 3 至 5 個新的發展協議，其中包括西歐和南美洲的更多地點。未來 5 年內，我們的特許經營合作夥伴的新中心和生鮮商店管道目前已超過 1,000 家，這些商店將用於進一步解鎖這些市場的更多准入點。

We've seen that Insomnia is really working across the entire country, the United States of America. And recent new store openings are performing better than expected. To accelerate their growth, we are investing in capabilities and processes to rapidly expand the number of new Insomnia store openings both in 2023 and longer term. And to launch internationally, as they remain on track to open in the U.K. and Canada later this year. We expect to open nearly double the number of cookie shops this year compared to last year with further growth to come in 2024 and 2025.

我們已經看到 Insomnia 確實在整個國家（美國）發揮作用。最近新開的門店表現好於預期。為了加速他們的增長，我們正在投資能力和流程，以在 2023 年及更長期內快速擴大 Insomnia 新店的數量。並在國際上推出，因為他們仍有望於今年晚些時候在英國和加拿大開業。與去年相比，我們預計今年開設的餅乾店數量將增加近一倍，並將在 2024 年和 2025 年進一步增長。

As we look ahead, our focus remains relentless on driving the capital-light expansion of our omnichannel model. We continue to see momentum in our hub and spoke model as well as existing DFD channels and are now excited to grow our fresh business to new channels such as QSR, club and drugstore. That's why we have such confidence in our ability to grow to more than 75,000 points of access globally from 12,400 today. In addition to expanding DFDs, we will also continue our work to align our specialty donuts across all channels and expand our e-commerce capabilities. Krispy Kreme Crispin has great momentum right now, and we remain confident and excited about the long-term 2026 expectations we highlighted at our Investor Day last year, including growing revenue to $2.15 billion and adjusted EBITDA to $215 million.

展望未來，我們的重點仍然是不懈地推動全渠道模式的輕資本擴張。我們繼續看到中心輻射模式以及現有 DFD 渠道的發展勢頭，現在很高興將我們的新業務拓展到 QSR、俱樂部和藥店等新渠道。這就是為什麼我們對將全球接入點從目前的 12,400 個增加到超過 75,000 個的能力充滿信心。除了擴大 DFD 之外，我們還將繼續努力協調所有渠道的特色甜甜圈並擴大我們的電子商務能力。 Krispy Kreme Crispin 目前勢頭強勁，我們對去年投資者日強調的 2026 年長期預期仍然充滿信心和興奮，包括收入增長至 21.5 億美元，調整後 EBITDA 至 2.15 億美元。

My excitement about the growth of this incredible brand is stronger than ever. My belief is that brands with a purpose and clear direction will thrive in even challenging economic times. We've seen that in the resilience of the Krispy Crème brand and culture. We have worked diligently over the past 6 years to transform our business model and operations to give more customers exactly what they want, where they want it, an awesome fresh Krispy Kreme donuts. We have incredible momentum as we continue our journey to become the most loved sweet treat brand in the world.

我對這個令人難以置信的品牌的成長感到比以往任何時候都更加興奮。我相信，即使在充滿挑戰的經濟時期，具有目標和明確方向的品牌也能蓬勃發展。我們在 Krispy Crème 品牌和文化的韌性中看到了這一點。在過去的 6 年裡，我們一直在努力改變我們的業務模式和運營，以便為更多的客戶提供他們想要的、他們想要的、美味的新鮮 Krispy Kreme 甜甜圈。我們擁有令人難以置信的動力，繼續我們成為世界上最受歡迎的甜食品牌的旅程。

With that, I hand the call over to Josh to give an update on the business and our (inaudible). Josh?

這樣，我將電話轉交給喬什，以提供有關業務和我們的（聽不清）的最新信息。喬什？

Thanks, Mike. In the last few months, we've made great progress around the world with the fresh daily hub-and-spoke operating model that we discussed back at our Investor Day last December. This is especially the case in the U.S., where strong growth across all our sales channels helped us to deliver 16% organic growth and EBITDA margins above 16% when excluding the now discontinued brand Sweet Treats line.

謝謝，邁克。在過去的幾個月裡，我們在全球範圍內取得了巨大的進展，採用了我們在去年 12 月的投資者日討論過的全新的每日中心輻射型運營模式。在美國尤其如此，我們所有銷售渠道的強勁增長幫助我們實現了 16% 的有機增長，在不包括現已停產的品牌 Sweet Treats 系列的情況下，EBITDA 利潤率超過 16%。

The operating leverage of the model is particularly affected when we generate revenue off-premises by e-commerce or the local point of access, such as grocery stores, all from our existing fresh donut production hubs. In the U.S., upgrades to our web and app as well as continued expansion of our delivery zones helped us to generate over 22% of retail sales via e-commerce in the first quarter. And in delivered fresh daily, we added over 350 doors, both well-established customers like Walmart and Publix, but also with emerging newer customers like Target and Albertsons.

當我們通過電子商務或本地訪問點（例如雜貨店）在場外產生收入（全部來自我們現有的新鮮甜甜圈生產中心）時，該模型的運營槓桿尤其受到影響。在美國，我們的網絡和應用程序升級以及送貨區域的持續擴展幫助我們在第一季度通過電子商務創造了超過 22% 的零售額。在每日新鮮配送方面，我們增加了 350 多個門，其中既有 Walmart 和 Publix 等老牌客戶，也有 Target 和 Albertsons 等新興客戶。

We now have over 6,000 DFD doors across the U.S. with average weekly sales up 35% from 2 years ago to nearly 650 doors. We're also adding a larger DFD display cabinets, which add up to 70% sales to a door. 3 of these premium cabinets went into grocery stores in the first quarter, including Kroger's Ralphs division and a test with Target is more expected in the coming months. This off-premises sales growth is benefiting our 137 production hubs in several key U.S. cities, including New York, Dallas, Houston, DC Metro and L.A., which all saw year-over-year margin growth in the first quarter. Our previously announced U.S. shop network optimization program, which focuses on poorer performing hubs with spokes, which do not benefit from the DFD expansion is also well underway. 29 shops have now already closed, all being converted into different shop formats. And as a result, pubs without spokes have seen a 180 basis point margin improvement year-over-year. We expect another 5 to 10 more shops to go through this process through the end of 2023.

目前，我們在美國擁有 6,000 多扇 DFD 門，平均每週銷量比 2 年前增長了 35%，達到近 650 扇。我們還添加了更大的 DFD 展示櫃，這相當於門銷售額的 70%。其中 3 個優質櫥櫃在第一季度進入了雜貨店，其中包括克羅格 (Kroger) 的 Ralphs 部門，預計未來幾個月將與塔吉特 (Target) 進行測試。這種場外銷售增長使我們在美國幾個主要城市的 137 個生產中心受益，包括紐約、達拉斯、休斯頓、華盛頓特區和洛杉磯，這些城市第一季度的利潤率均實現了同比增長。我們之前宣布的美國商店網絡優化計劃也正在順利進行中，該計劃重點關注性能較差的輻條中心，這些中心無法從 DFD 擴展中受益。目前已有29家店鋪關閉，全部改造成不同的店鋪業態。結果，沒有輻條的酒吧的利潤率同比提高了 180 個基點。我們預計到 2023 年底還有 5 到 10 家商店將完成這一流程。

We're also making improvements to the donut shop experience itself, including the addition of new equipment in our drive-thrus, which represent around 60% of retail sales in the U.S. as well as the introduction of digital kiosks in our lobbies at select locations across the U.S. These kiosks have already proven popular with our customers, especially at the flagship shop in Times Square in New York.

我們還對甜甜圈店的體驗本身進行了改進，包括在我們的得來速餐廳（占美國零售額的 60% 左右）中添加新設備，以及在選定地點的大堂引入數字信息亭事實證明，這些售貨亭在美國各地都很受客戶歡迎，尤其是在紐約時代廣場的旗艦店。

The fresh daily hub-and-spoke operating model is also showing early success in some newer international markets, including company-owned Canada and Japan, which both saw organic growth above 35% in the first quarter as well as in international franchise markets, which grew even faster. In Japan, specifically, an acquisition we completed at the end of 2020, we have brought back the hotline experience to our donut shops, strengthened e-commerce and added over 160 DFD doors. This omnichannel led growth is expected to deliver $60 million in revenue for Japan in 2023 at a more than 15% adjusted EBITDA margin. This compares to a loss at the time of the original acquisition.

全新的每日軸輻式運營模式也在一些較新的國際市場取得了初步成功，其中包括公司旗下的加拿大和日本，這兩個市場第一季度的有機增長均超過 35%，而且在國際特許經營市場也取得了成功。增長得更快。具體來說，在日本，我們於 2020 年底完成了一項收購，我們為甜甜圈店帶回了熱線體驗，加強了電子商務，並增加了 160 多個 DFD 門。這種全渠道主導的增長預計將在 2023 年為日本帶來 6000 萬美元的收入，調整後的 EBITDA 利潤率將超過 15%。與最初收購時的損失相比。

As Mike explained, our long-term global points of access goal of 75,000 includes the opportunity to take DFDs to new partners and new sales channels. We now have DFD listings in drug through Walgreens in the U.S., in clubs through Costco in the U.K., Canada and Australia, and in QSR through an expanded test of over 160 McDonald's restaurants in Kentucky, which kicked off at the end of March. We are closely monitoring all of these new channels for quality, product freshness, service and, of course, performance. Regarding McDonald's, we are happy with our team's ability to service these additional restaurant locations from 3 of our existing local production hubs, and we have not seen any adverse impact on existing sales at our donut shops or other DFD doors in Kentucky.

正如 Mike 所解釋的，我們的長期全球接入點目標是 75,000 個，其中包括將 DFD 帶給新合作夥伴和新銷售渠道的機會。現在，我們通過美國沃爾格林 (Walgreens) 在藥品中列出了 DFD，在英國、加拿大和澳大利亞通過好市多 (Costco) 在俱樂部中列出了 DFD，並通過 3 月底開始的對肯塔基州 160 多家麥當勞餐廳的擴大測試在 QSR 中列出了 DFD。我們正在密切監控所有這些新渠道的質量、產品新鮮度、服務，當然還有性能。關於麥當勞，我們對我們的團隊有能力從我們現有的 3 個當地生產中心為這些額外的餐廳地點提供服務感到滿意，並且我們沒有看到對肯塔基州甜甜圈店或其他 DFD 門的現有銷售產生任何不利影響。

I'll now happily turn the call over to Jeremiah to give us more detail on our financials, including an update on our balance sheet and our 2023 financial outlook.

現在，我很高興將電話轉給 Jeremiah，向我們提供更多有關財務狀況的詳細信息，包括資產負債表的最新信息和 2023 年的財務前景。

Thanks, Josh, and good morning, everyone. We had a great first quarter. The fresh omnichannel model is working, and we are building confidence in our ability to drive both top and bottom line results. Sales per hub in the U.S. increased 9% to $4.6 million, led by both strong points of access growth and record average weekly sales per DFD door. New door productivity is strong and e-commerce revenue saw its highest quarter ever, even higher than the height of the pandemic.

謝謝，喬什，大家早上好。我們第一季度表現出色。新的全渠道模式正在發揮作用，我們正在建立對推動營收和利潤業績的能力的信心。美國每個樞紐的銷售額增長了 9%，達到 460 萬美元，這主要得益於通道增長點和每扇 DFD 門平均每週銷售額創紀錄的增長。新門生產力強勁，電子商務收入創歷史最高季度，甚至高於大流行的高峰期。

In addition to the benefits of the actions Josh outlined a few moments ago, we have also successfully taken pricing to offset significant inflation, plus, we believe the exit of Branded Sweet Treats will allow us to focus even more on our U.S. fresh business. Outside of the U.S., we're seeing similarly strong performances in Japan, Canada and our international franchise segment and continue to make great progress on our global expansion clients.

除了喬希剛才概述的行動的好處外，我們還成功地採取定價來抵消嚴重的通貨膨脹，此外，我們相信品牌甜食的退出將使我們能夠更加專注於我們的美國新鮮業務。在美國之外，我們在日本、加拿大和我們的國際特許經營部門也看到了同樣強勁的表現，並且我們的全球擴張客戶繼續取得巨大進展。

Turning to the financials. As Mike said, we saw strong growth across all our reporting segments in the first quarter with net revenue of 12.5% year-over-year to $419 million. Organic revenue, which excludes the impact of acquisitions and changes in foreign currency, grew 14.4% and acceleration from last year, driven by pricing, our premium seasonal innovation, the growth of our delivered fresh daily donuts, in grocery and convenience stores and in e-commerce. We took further pricing in the first quarter in several key markets, including the U.S. and the U.K., bringing our effective global pricing to a low double-digit increase, and we continue to see lower levels of elasticity, thanks to the infrequency of purchases, strong specialty campaigns and the fact that it remains an affordable indulgence for all income.

轉向財務。正如 Mike 所說，第一季度我們所有報告部門均實現強勁增長，淨收入同比增長 12.5%，達到 4.19 億美元。有機收入（不包括收購和外幣變動的影響）增長了 14.4%，比去年加速增長，這得益於定價、我們的優質季節性創新、雜貨店和便利店以及電子商務中每天交付的新鮮甜甜圈的增長。 -商業。我們在第一季度在包括美國和英國在內的幾個關鍵市場進一步定價，使我們的有效全球定價達到較低的兩位數增長，並且由於購買頻率較低，我們繼續看到較低的彈性水平，強大的專業活動以及它仍然是所有收入的人都能負擔得起的放縱這一事實。

Adjusted EBITDA grew 12.3% in the first quarter to $55 million or an increase of 16% in constant currency once the $2 million impact of the stronger dollar is considered. Pricing, hub-and-spoke efficiencies, the improvements in our U.S. network and labor optimization offset elevated commodity and labor cost inflation and a negative mix shift to maintain adjusted EBITDA margin levels at 13.1% in the first quarter compared to a year ago. GAAP net income of $1.6 million in the first quarter was negatively impacted by a $13.4 million largely noncash expense related to the exit of Branded Sweet Treats, partially offset by a $9.7 million gain on the sale leaseback.

第一季度調整後 EBITDA 增長 12.3%，達到 5500 萬美元，如果考慮到美元走強帶來的 200 萬美元的影響，按固定匯率計算，則增長 16%。定價、中心輻射效率、美國網絡的改善以及勞動力優化抵消了商品和勞動力成本通脹的上升以及負向的組合轉變，使第一季度調整後的 EBITDA 利潤率水平與去年同期相比保持在 13.1%。第一季度 GAAP 淨利潤為 160 萬美元，受到與 Branded Sweet Treats 退出相關的 1,340 萬美元主要非現金費用的負面影響，部分被售後回租收益 970 萬美元所抵消。

Adjusted net income for the quarter increased 15.5% -- $15.3 million and adjusted diluted EPS in the first quarter was $0.09, an increase of 13% or 25% in constant currency. The U.S. business segment's total revenue increased 14% in the first quarter to $281 million, and organic revenue growth was also up 14%, despite decreased revenue from Branded Sweet Treats. Growth was driven by sales per hub increases to $4.6 million from $4.3 million a year ago and double-digit same-store sales growth by Insomnia Cookies. E-commerce and DFD revenue were strong in the first quarter, with record revenue for both channels in the U.S. Adjusted EBITDA for the U.S. segment in the first quarter increased 19% to $39 million, with margins increasing 60 basis points year-over-year to 13.7%, driven by strong performance in our U.S. fresh donut business, which saw EBITDA margins expand 120 basis points. This reflects the successful pricing actions taken in the last 9 months, the absorption benefits in our hub-and-spoke, hubs with spoke from the growth in DFD off-premise sales and improved performance in hubs without spokes. These factors more than offset double-digit ingredient cost inflation and elevated labor cost growth.

該季度調整後淨利潤增長 15.5%，達到 1530 萬美元，第一季度調整後稀釋每股收益為 0.09 美元，按固定匯率計算增長 13% 或 25%。美國業務部門第一季度的總收入增長了 14%，達到 2.81 億美元，儘管品牌甜食的收入有所下降，但有機收入增長也增長了 14%。增長的推動因素是每個中心的銷售額從一年前的 430 萬美元增加到 460 萬美元，以及 Insomnia Cookies 的兩位數同店銷售額增長。第一季度電子商務和 DFD 收入強勁，這兩個渠道在美國的收入均創歷史新高。第一季度美國業務調整後 EBITDA 增長 19%，達到 3900 萬美元，利潤率同比增長 60 個基點至 13.7%，得益於我們美國新鮮甜甜圈業務的強勁表現，EBITDA 利潤率擴大了 120 個基點。這反映了過去 9 個月中採取的成功定價行動、我們的中心輻射型、帶輻射型中心的吸收效益來自 DFD 場外銷售的增長以及無輻射型中心性能的提高。這些因素足以抵消兩位數的原料成本通脹和勞動力成本上升的影響。

International organic revenue growth was 7.3% and total revenues of $90.3 million. while adjusted EBITDA for the quarter declined to $13.6 million. Organic growth was offset by continued softness in DFD in the U.K. as well as increased cost of goods sold in logistics cost in Australia and the U.K. However, we are seeing continued strengthening in the retail environment in the U.K., and we are making efforts to streamline costs, reduce waste, and we'll continue to review pricing on a regular basis in all 3 markets. In the U.K., we're also working to expand visibility in the grocery channel, including secondary placement of all product, range, pack sizes and grocery as well as looking at new partners and channels.

國際有機收入增長 7.3%，總收入達 9030 萬美元。而該季度調整後的 EBITDA 則下降至 1360 萬美元。有機增長被英國 DFD 的持續疲軟以及澳大利亞和英國的物流成本中銷售商品成本的增加所抵消。但是，我們看到英國零售環境持續走強，我們正在努力簡化流程成本，減少浪費，我們將繼續定期審查所有 3 個市場的定價。在英國，我們還致力於擴大雜貨渠道的知名度，包括所有產品、系列、包裝尺寸和雜貨的二次投放，以及尋找新的合作夥伴和渠道。

Market development, which is made up of our franchise businesses around the world and equity-owned Japanese and Canadian markets, saw organic growth accelerate to 36%. Total revenues in the first quarter increased 27% to $47.3 million, even with a 9% impact from foreign exchange headwinds and franchise acquisitions. Market development and adjusted EBITDA increased 36% to $17 million despite a $1.3 million negative impact from foreign exchange headwinds. Adjusted EBITDA margins increased 250 basis points to 35.9% in the first quarter compared to the prior year and would have been higher if not for a mix shift due to the very strong organic revenue growth in equity on Japan and Canada. The growth in Japan led to adjusted EBITDA margins of over 20%, up nearly 800 basis points from a year ago.

市場開發由我們在世界各地的特許經營業務以及股權擁有的日本和加拿大市場組成，有機增長加速至 36%。第一季度的總收入增長了 27%，達到 4730 萬美元，儘管外匯逆風和特許經營收購帶來了 9% 的影響。儘管外匯不利因素造成了 130 萬美元的負面影響，但市場發展和調整後 EBITDA 仍增長了 36%，達到 1700 萬美元。與去年同期相比，第一季度調整後 EBITDA 利潤率增長了 250 個基點，達到 35.9%，如果不是由於日本和加拿大股票有機收入增長非常強勁而進行的混合轉型，該利潤率還會更高。日本的增長導致調整後 EBITDA 利潤率超過 20%，比一年前增長近 800 個基點。

During the first quarter, we completed a well oversubscribed refinancing of our Term Loan A and revolver facilities, extending our maturities at the same terms through March 2020. Last quarter, I mentioned we would begin efforts to reduce our reliance on vendor financing programs to reduce what has become a more expensive financing vehicle and an increased impact to adjusted EBITDA as these costs do not hit net interest expense. We made progress on that reduction in the first quarter, reducing those levels by over $45 million. We expect this to be a long-term tailwind to our adjusted EBITDA and net income, and we remain on track to be between 2x and 2.5x net leverage in 2026.

在第一季度，我們完成了對定期貸款 A 和循環貸款設施的超額認購再融資，將相同期限的期限延長至 2020 年 3 月。上個季度，我提到我們將開始努力減少對供應商融資計劃的依賴，以減少對供應商融資計劃的依賴。這已成為一種更昂貴的融資工具，並且對調整後 EBITDA 的影響更大，因為這些成本不影響淨利息支出。我們在第一季度在削減方面取得了進展，削減了超過 4500 萬美元。我們預計這將成為我們調整後 EBITDA 和淨利潤的長期推動力，並且我們仍有望在 2026 年將淨槓桿率保持在 2 倍至 2.5 倍之間。

We are also reaffirming our 2023 guidance. This includes growth of 9% to 11% in organic revenue and 8% to 10% in net revenue, $205 million to $215 million in adjusted EBITDA and between $0.31 to $0.34 adjusted EPS. We continue to expect capital expenditures of $105 million to $115 million or roughly 6.6% of revenue, including opening at least 30 to 40 new Insomnia Cookie shops and roughly 10 company built hubs in 2023. Our 2023 guidance continues to include modest headwinds from foreign exchange rates for the year, which was roughly negative 1% impact on revenue growth and approximately $3 million hit to adjusted EBITDA. While the impact for the full year is negative in the second half of 2023, we'll start to see the benefits year-over-year from foreign exchange at current U.S. dollar rates percent in the fourth quarter as the dollar peaked in early December 2022.

我們還重申了 2023 年的指導方針。其中包括有機收入增長 9% 至 11%，淨收入增長 8% 至 10%，調整後 EBITDA 2.05 億至 2.15 億美元，調整後每股收益 0.31 至 0.34 美元。我們仍然預計 2023 年資本支出為 1.05 億至 1.15 億美元，約佔收入的 6.6%，包括開設至少 30 至 40 家新的 Insomnia Cookie 商店和大約 10 個公司建造的中心。我們的 2023 年指引繼續包括外匯帶來的溫和阻力這對收入增長產生了約 1% 的負面影響，調整後的 EBITDA 受到約 300 萬美元的影響。雖然 2023 年下半年對全年的影響是負面的，但隨著美元在 2022 年 12 月初達到頂峰，我們將在第四季度開始看到按當前美元匯率計算的外匯帶來的同比收益。

Despite seeing roughly $25 million to $30 million of lower revenue from exiting Branded Sweet Treats for the balance of the year, we remain confident in our guidance range for 2023 and are currently trending to be towards the middle or higher end of our revenue and adjusted EBITDA ranges. We have good momentum in the business, and continue to have a high degree of confidence that we can meet or even exceed our long-term outlook in 2026 that we provided at our Investor Day.

儘管今年餘下時間退出品牌甜食業務的收入減少了大約 2500 萬至 3000 萬美元，但我們對 2023 年的指導範圍仍然充滿信心，目前收入和調整後 EBITDA 的趨勢是向中端或高端發展範圍。我們的業務勢頭良好，並且仍然對我們能夠達到甚至超過我們在投資者日提供的 2026 年長期前景充滿信心。

Operator, we can open up the call to Q&A now, please.

接線員，我們現在可以接通問答電話了。

(Operator Instructions) Your first question comes from the line of John Ivankoe of JPMorgan.

（操作員指令）您的第一個問題來自摩根大通的約翰·伊万科（John Ivankoe）。

Mike, I'd like to quote thinking like a donut logistics company and obviously, there's a lot of implications in that. So, I guess a couple of things. Talk about your intelligence or scale, your capability is probably the best word, of really evaluating profitability per DFD account. I mean is that something particularly in the U.S. that you're specifically honing in on? And maybe a related kind of comment to that, McDonald's is on a demand planning model, which means they order and actually own the product once it goes in the back door. I don't think that's the case in other U.S. accounts. I mean, is that kind of a possibility for you going forward as you maybe reduce some of the risk of your business and have a more predictable profitability of each drop, each day to each account.

邁克，我想引用甜甜圈物流公司的思維方式，顯然，這有很多含義。所以，我猜有幾件事。談論您的智慧或規模，您的能力可能是真正評估每個 DFD 帳戶盈利能力的最佳詞。我的意思是，這是您在美國特別關注的事情嗎？也許與此相關的是，麥當勞採用的是需求計劃模型，這意味著一旦產品進入後門，他們就會訂購併實際擁有該產品。我認為其他美國賬戶的情況並非如此。我的意思是，這對您來說是一種前進的可能性嗎，因為您可能會降低一些業務風險，並且每個帳戶每天的每次下降都有更可預測的盈利能力。

John, I'll start with the McDonald's piece today. I think as you think about the demand planning piece that they do, it's pretty interesting. It's actually something we do in other markets, right? So it's not the first time we've done this. But it's sometimes consumer-centric that really works for them and the uniqueness it can even be the drop that we're doing today where we still do our own route system and actually drop to each McDonald's individually or you can do a center drop where another logistic team can then do the drop as well. So that opportunity from where they own the demand planning is something that we look for in customers. And we continue to see that as viable options anytime we look at different channels to see if that opportunity exists.

約翰，我今天將從麥當勞的文章開始。我認為當你考慮他們所做的需求規劃部分時，它非常有趣。這實際上是我們在其他市場所做的事情，對嗎？所以這不是我們第一次這樣做。但有時以消費者為中心才真正適合他們，而且它的獨特性甚至可以是我們今天所做的空投，我們仍然有自己的路線系統，實際上單獨空投到每個麥當勞，或者你可以做一個中心空投，其他的後勤團隊也可以進行空投。因此，我們在客戶身上尋找的是他們擁有需求規劃的機會。我們仍然認為這是可行的選擇，任何時候我們都會通過不同的渠道來看看是否存在這種機會。

Josh, I'll pass it on in terms of -- you were trying to get into the sophistication of how we're thinking about a logistics company. Anything you'd like to add on that?

喬希，我將通過——您試圖深入了解我們對物流公司的看法。您還有什麼要補充的嗎？

Sure. John, I think that you mentioned the profitability per DFD account and profitability in DFD have obviously significantly improved over the last couple of years as we've gone at selling the same donuts in our donuts at the same source, but very close price point. And that applies across all these channels, including the McDonald's opportunity. From there, the profitability is impacted by how quickly you can make the delivery, get in and out of the store, whether it's prepacked donuts or a high proportion of loose, which -- and we're selling both in the McDonald's example. And then yes, the sophistication of adding more trucks and routes is why Mike, I think, referenced the logistics company in the earlier remarks because just take, for example, with the McDonald's and Kentucky test are adding trucks, adding significant -- in production, doubling production in those existing hubs, completely sort of changes the context of us becoming much more of an operator behind the scenes as well as obviously upfront at the donut counter. And that we're seeing with a lot of our DFD partners. Walmart continues to grow. We're adding new points of access with Target, adding both prepacked donuts and these cabinets -- these bigger, more premium merchandising units. That all introduces complexity for us to manage. But we're certainly stepping up to the game right now and seeing the profitability pretty consistent across all those different DFD customers.

當然。約翰，我認為您提到過，每個 DFD 帳戶的盈利能力和 DFD 的盈利能力在過去幾年中明顯得到了顯著改善，因為我們一直在以相同的來源銷售相同的甜甜圈，但價格非常接近。這適用於所有這些渠道，包括麥當勞的機會。從那裡開始，盈利能力受到送貨、進出商店的速度的影響，無論是預先包裝的甜甜圈還是高比例的散裝甜甜圈，在麥當勞的例子中，我們都銷售這兩種甜甜圈。然後，是的，添加更多卡車和路線的複雜性是邁克在之前的評論中提到物流公司的原因，因為僅以麥當勞和肯塔基州的測試為例，增加了卡車，顯著增加了生產，將現有中心的產量翻倍，完全改變了我們的環境，使我們變得更像是幕後操作員以及甜甜圈櫃檯的前期操作員。我們在許多 DFD 合作夥伴身上都看到了這一點。沃爾瑪繼續增長。我們正在與 Target 一起添加新的訪問點，添加預包裝甜甜圈和這些櫥櫃——這些更大、更優質的商品單元。這一切都給我們帶來了管理的複雜性。但我們現在肯定正在加緊努力，並看到所有這些不同的 DFD 客戶的盈利能力相當一致。

There's not another example of a quick service chain that I can think of in the U.S., maybe I can think hard, that gets 7-day-a-week delivery of a perishable product, which yours functionally is because it has to be sold the day that they get it. How is McDonald's, the 170 stores, kind of doing with that? I mean, does -- do all 170 stores continue to want to have donuts 7 days a week? Might it be a Friday, the Sunday kind of business or what they want to have products available to customers whenever they order. Just give us a little bit to whatever extent you're comfortable on this call, give us a little bit more insight, 170 stores is something bigger than just a test. It's like basically a market rollout of how that market experience is going, if we can?

在美國，我能想到的快速服務鏈中沒有另一個例子，也許我可以認真思考，每週 7 天交付易腐爛的產品，而您的產品在功能上是因為它必須以他們得到它的那一天。擁有 170 家門店的麥當勞在這方面做得怎麼樣？我的意思是，所有 170 家商店是否仍然希望每週 7 天都供應甜甜圈？可能是周五、週日的業務，或者他們希望在客戶訂購時向他們提供產品。只要您在這次通話中感到滿意，請給我們一點信息，給我們更多的見解，170 家商店不僅僅是一個測試。這基本上就像是市場推廣，展示市場體驗的進展情況，如果我們可以的話？

Sure. Well, I mean, as I mentioned earlier, we're really pleased from an operating point of view how it's going. As I mentioned, getting those production hubs to double their production overnight, our Krispy Kreme has really sort of stepped up to the game. We're only 6 weeks in, though. So it's too early to sort of share too many specific results around it, very specifically about our experience with the McDonald's restaurants. I mean we're finding that the hours that we're able to operate, often during operating hours -- opening hours during the day, actually even complementary to what we do with, for example, our other grocery customers, which often need very early morning drops, the McDonald's restaurants are able to do at other times of the day. So that's working well.

當然。嗯，我的意思是，正如我之前提到的，從運營角度來看，我們對目前的進展感到非常滿意。正如我所提到的，讓這些生產中心的產量在一夜之間翻倍，我們的 Krispy Kreme 確實在某種程度上加快了步伐。不過，我們才 6 週時間。因此，現在分享太多具體結果還為時過早，特別是關於我們在麥當勞餐廳的經歷。我的意思是，我們發現我們能夠營業的時間，通常是在營業時間內——白天的營業時間，實際上甚至與我們的工作是互補的，例如，我們的其他雜貨客戶，他們經常需要非常多的服務。清晨滴，麥當勞餐廳在一天中的其他時間都可以做。所以效果很好。

We're doing it daily, as you say and we've been very clear. And actually, McDonald's been a fantastic partner so far in understanding this is a fresh daily proposition. That's how we see our delivered fresh daily business and channel expanding, whether it's in QSR or some of these other newer channels that I mentioned earlier. So I think that we certainly see it as a fresh daily business. That's how we've built it, providing those amazing donuts to folks off-premise in all these more convenient locations because as you may have heard us say before, the #1 reason why somebody might not buy Krispy Kremers, they didn't come across it. It's not convenient to them. And an opportunity like this, obviously, makes it a lot more convenient for them when they see it.

正如您所說，我們每天都在這樣做，我們已經說得很清楚了。事實上，到目前為止，麥當勞一直是一個出色的合作夥伴，因為他們理解這是一個新鮮的日常主張。這就是我們如何看待我們提供的每日新鮮業務和渠道擴展，無論是在 QSR 還是我之前提到的其他一些新渠道。所以我認為我們當然將其視為一項新鮮的日常業務。這就是我們構建它的方式，在所有這些更方便的地點向場外的人們提供這些令人驚嘆的甜甜圈，因為正如您之前可能聽我們說過的，有人可能不購買 Krispy Kremers 的第一大原因是他們沒有來穿過它。這對他們來說並不方便。顯然，這樣的機會讓他們在看到它時變得更加方便。

I'll only add one thing, John, keep in mind as well. It's a different need states when you're looking at the QSR, right? What are they using it for? What type of pack and all those things. So we will always do what we do in our routing system, right? Deliver fresh daily and then you adjust to what needs state McDonald's or any other QSR would look at. This is what I need for my customer base.

我只會添加一件事，約翰，也請記住。當您查看 QSR 時，這是一種不同的需求狀態，對吧？他們用它做什麼？什麼類型的包和所有這些東西。所以我們總是會做我們在路由系統中所做的事情，對嗎？每天提供新鮮的食物，然後您可以根據麥當勞或任何其他 QSR 的需求進行調整。這就是我的客戶群所需要的。

Your next question comes from the line of Bill Chappell of Truist Securities.

您的下一個問題來自 Truist Securities 的 Bill Chappell。

A couple, I guess, quick ones. One, just on the Sweet Treats discontinuation line. Is -- there are many things you could have done with that, I mean, you could have licensed it and just kept the product in the store, you could have sold the business right, stuff like that. Was the thought that it's really just a focus on fresh and you don't want the name to be attributed with kind of multiday-old-type products or was it too much competition? Just trying to understand, as you go forward, what other opportunities you would look at to extend the brand versus keeping it just all-fresh?

我猜有幾個，很快的。一，就在 Sweet Treats 停產線上。你可以用它做很多事情，我的意思是，你可以獲得許可並將產品保留在商店裡，你可以出售業務權，諸如此類。是不是認為它實際上只是專注於新鮮，並且您不希望該名稱與某種多日保存類型的產品有關，或者是競爭太多？只是想了解，在您前進的過程中，與保持品牌新鮮感相比，您還會尋找哪些其他機會來擴展品牌？

So Bill, it's Mike again. With the amount of growth that we have, not just in the U.S. but in the international markets and even our market development, including Insomnia, but for Krispy Kreme, in particular, the fresh business is just absolutely growing significantly and how to make sure that we can look at where we want to allocate resources, where do we want to allocate capital, how do we want to make sure that we can continue to improve the DFD experience logistics. It was a pretty simple call for us in terms of this is where we should be. What we did learn again is that the brand does translate in that category. But at this point in time, we're focusing our energy on fresh.

比爾，又是邁克。隨著我們的增長，不僅在美國，而且在國際市場，甚至我們的市場開發，包括 Insomnia，尤其是 Krispy Kreme，生鮮業務絕對在顯著增長，以及如何確保我們可以看看我們要在哪裡配置資源，我們要在哪裡配置資本，我們要如何確保我們能夠持續改善DFD體驗物流。這對我們來說是一個非常簡單的呼籲，因為這就是我們應該做的事情。我們再次了解到的是，該品牌確實在該類別中進行了翻譯。但此時此刻，我們將精力集中在新鮮事物上。

Got it. And then the second, I think you talked about a lot of different opportunities of kind of new door expansion, but what I think you said was a test to target. Can you maybe just give us a little more, I understand the test, on the thought process because obviously, a lot of Targets don't offer donuts of any sort, they have a bakery in-store. It's a different kind of customer mix, different kind of look and feel from kind of a grocery or even a club. And so just trying to understand how that works and what's kind of the opportunity behind that?

知道了。第二，我認為你談到了很多不同的新門擴張機會，但我認為你所說的是一個目標測試。你能給我們多一點嗎，我理解這個測試，關於思維過程，因為顯然，很多塔吉特百貨不提供任何類型的甜甜圈，他們店內有一家麵包店。這是一種不同類型的顧客組合，與雜貨店甚至俱樂部不同的外觀和感覺。所以只是想了解它是如何運作的以及其背後的機會是什麼？

Yes, sure. In Dallas, we've been able a few months ago to list in a few targets, around 20 with originally our prepackaged range that we typically have seen in other big grocery players. But what's really interesting is Target been great to talk to, and they've been asking us about how we can present the brand in different ways. And we talked to them a lot about our cabinet merchandising units, these premium units that offer both loose and prepackaged donuts alongside each other. And the test that we've got running in Dallas is now also we've got 5 locations doing that with those -- and of course, they are much higher sales per door for us, and they're really interested in that. We've also talked to them about expanding the prepacked donuts to Chicago market as well. So, it's early days. But what's really promising is that with us, they're looking for ways to show why Krispy Kreme is a premium differentiated offering. And it's obviously something that has real promise.

是的，當然。在達拉斯，我們幾個月前就已經列出了一些目標，大約 20 個目標是我們最初在其他大型雜貨公司中看到的預先包裝的產品系列。但真正有趣的是塔吉特很樂意與我們交談，他們一直在詢問我們如何以不同的方式展示該品牌。我們與他們談論了很多關於我們的櫥櫃銷售單元的內容，這些優質單元同時提供散裝和預包裝的甜甜圈。我們在達拉斯進行的測試現在也有 5 個地點這樣做——當然，他們對我們來說每門的銷售額要高得多，他們對此真的很感興趣。我們還與他們討論了將預包裝甜甜圈擴展到芝加哥市場的事宜。所以，現在還為時尚早。但真正有希望的是，他們正在與我們一起尋找方法來展示為什麼 Krispy Kreme 是一種優質的差異化產品。這顯然是有真正前景的事情。

Your next question comes from the line of Andrew Wolf of CL King.

您的下一個問題來自 CL King 的 Andrew Wolf。

Just kind of want to contrast or ask you to contrast the sales profit performance in the U.S. versus the major international markets. I'm trying to frame it in different ways, but it seems like the velocities are much different at same doors. And obviously, you referenced that the price -- the cost increases are now accelerating in some of these international markets. Could you just unpack some of that, either by contrasting or just talking about the international markets directly in terms of same-store like the U.K. being down, obviously, at least in units. And so, sort of why it is in the quarter and what's the outlook in the U.K. and maybe Australia as well.

只是想對比或要求您對比美國與主要國際市場的銷售利潤表現。我試圖用不同的方式來構建它，但似乎同一扇門的速度有很大不同。顯然，您提到了其中一些國際市場的價格成本上漲正在加速。您能否通過對比或直接談論國際市場（例如英國的同店下降）來解釋其中的一些內容，顯然，至少是單位數量下降。那麼，為什麼會出現在本季度，以及英國（也許還有澳大利亞）的前景如何。

I'll kick off, Andrew, by talking a little bit about the international sales, and then I'll hand over to Jeremiah and I talk about profit, I think. I mean, all the markets -- all the international markets delivered growth, with Japan and Canada, as mentioned, being the highest over 35% Australia you asked about, low double-digit performance from them. U.K. more mid-single digits. I mean, we're seeing, as we look across the international markets, DFD points of access, a very big driver of pricing, obviously, a driver of growth. We've got markets also adding around the world, new DFD doors, like, we described and discussed in the U.S., including with new channels.

安德魯，我將首先談談國際銷售，然後我將交給耶利米，我想我會談談利潤。我的意思是，所有市場——所有國際市場都實現了增長，如前所述，日本和加拿大是最高的，超過了您所詢問的 35% 澳大利亞，但它們的表現較低，只有兩位數。英國更多的是中個位數。我的意思是，當我們縱觀國際市場時，我們看到 DFD 接入點是定價的一個非常大的驅動力，顯然是增長的驅動力。我們在世界各地也增加了新的 DFD 門市場，就像我們在美國描述和討論的那樣，包括新的渠道。

I mean, Costco in Canada is one of the big drivers of that growth up there, also listed at Costco in the U.K. during the quarter. I mean, overall, on the U.K., which we have talked a lot about with the backdrop of some of the economic challenges there. We are seeing retail business in double-digit growth. We can see it's doing -- people are still excited to come out to a donut shop for Valentine's event or other sort of celebrations.

我的意思是，加拿大的 Costco 是該地區增長的主要推動力之一，本季度也在英國的 Costco 上市。我的意思是，總體而言，關於英國，我們在英國面臨一些經濟挑戰的背景下對此進行了很多討論。我們看到零售業務呈兩位數增長。我們可以看到它的作用——人們仍然很高興來到甜甜圈店參加情人節活動或其他類型的慶祝活動。

But in DFD, the supermarket shoppers seem to be a little more careful in the U.K. with their basket size. So it's not growing as much in DFD. So there's a few ups and downs, but generally, I would say it's a good growth, strong performance. And in terms of DFD door performance specifically, we're now seeing that it's still got a way to go, but the U.S. is closing the ground with its growth in DFD door weekly sales to get up to some of those international levels, which is also exciting.

但在 DFD 中，英國的超市購物者似乎對購物籃的大小更加謹慎。所以 DFD 的增長幅度沒有那麼大。所以有一些起伏，但總的來說，我會說這是一個良好的增長，強勁的表現。具體而言，就 DFD 門性能而言，我們現在看到它還有很長的路要走，但美國正在通過其 DFD 門每週銷量的增長來達到一些國際水平，即也令人興奮。

Jeremiah, do you want to talk about profit a little more?

耶利米，你想多談談利潤嗎？

Yes. Yes. Thanks for the question, Andrew. And I think where I'll start is you look at a macro level, the international margins are slightly accretive to the U.S. So despite some of the challenges we're seeing today, they are still quite profitable. And over the medium to longer term, we do expect to generate 20-plus margins in our international equity markets.

是的。是的。謝謝你的提問，安德魯。我認為我將從宏觀層面開始，國際利潤率對美國略有增加。因此，儘管我們今天看到了一些挑戰，但它們仍然相當有利可圖。從中長期來看，我們確實預計國際股票市場的利潤率將達到 20 以上。

What I would say is they're going through a bit of challenge at the moment. answered more challenged the most from a margin perspective. The international teams are very focused around driving efficiencies and continue to be very agile on the pricing front. So the U.K. and Mexico have already taken mid- to high single-digit pricing in the first quarter with Australia plan to take price in the high single digit in Q2.

我想說的是他們目前正在經歷一些挑戰。從利潤角度回答了最具挑戰性的問題。國際團隊非常注重提高效率，並在定價方面繼續保持非常敏捷的態度。因此，英國和墨西哥已經在第一季度採取了中高個位數的定價，澳大利亞計劃在第二季度採取高個位數的價格。

The only thing I'll add is in Australia, in addition to inflation, we're experiencing some kind of cost growing pains as it launches into DFD and Woolworths. And we're still kind of fine-tuning the demand and supply planning models there and seeing a higher level of waste that the team is working on fixing. But again, overall, in the longer term, we continue to expect decent accretive margins in our international kind of market.

我唯一要補充的是，在澳大利亞，除了通貨膨脹之外，隨著 DFD 和 Woolworths 的推出，我們還經歷著某種成本增長的痛苦。我們仍在微調那裡的需求和供應計劃模型，並看到團隊正在努力解決更高水平的浪費。但總的來說，從長遠來看，我們仍然預計國際市場將獲得可觀的利潤增長。

Okay. So sort of a follow-up that's kind of my summary takeaway is that it's more -- it sounds like the profitability being down in these markets as a total is more regarding rapid cost inflation versus price realization or catching up in price, more so than DFD store productivity. Is that the -- is that the right takeaway how we think about profitability? And as you're adding increasing pricing, the profitability will increase since the velocity seems to be not really an issue.

好的。因此，我的總結要點是，聽起來這些市場的盈利能力正在下降，因為總體而言，更多的是關於快速成本通脹與價格實現或價格追趕，而不是價格上漲。 DFD 商店生產力。這是我們對盈利能力的正確看法嗎？當你增加定價時，盈利能力就會增加，因為速度似乎並不是真正的問題。

I think that's fairly accurate. Andrew. And I would say the nuance on pricing is we're probably a bit behind in international markets, and now we're catching up for that. So we do expect improvement in the back half, so.

我認為這是相當準確的。安德魯。我想說的是，定價的細微差別是我們在國際市場上可能有點落後，但現在我們正在迎頭趕上。所以我們確實希望後半場有所改善。

(Operator Instructions) Our next question comes from the line of Sara Senatore of Bank of America.

（操作員指令）我們的下一個問題來自美國銀行的 Sara Senatore。

A question on the DFD doors in the U.S. You mentioned growth in sales per door, I guess, a couple of clarifications. One is, are you seeing any difference as you add new kinds of doors? Is that a reflection on our mix of doors or is that strictly just existing doors or the same sort of same door sales, if you will? And on that point, do you have any kind of insight you can give as you're testing with grocery stores target. Just I know you mentioned that you're not seeing any cannibalization from the McDonald's test. That's obviously a question that comes up a lot. Anything you can share about differences in terms of the types of the end customer use cases in terms of how you think about density, sort of the number of doors per capita or anything that can help people get comfort with the absence, I guess, of cannibalization as you continue to densify DFD doors?

關於美國 DFD 門的問題。我想您提到了每扇門銷售額的增長，我想對此進行一些澄清。一是，當您添加新類型的門時，您是否發現有什麼不同？這是對我們門組合的反映，還是嚴格來說只是現有的門或同類型的門銷售（如果您願意的話）？在這一點上，當您測試雜貨店目標時，您是否可以提供任何見解。我只知道你提到你沒有看到麥當勞測試中的任何蠶食。這顯然是一個經常出現的問題。您可以分享有關最終客戶用例類型差異的任何內容，例如您如何看待密度、人均門數或任何可以幫助人們對缺乏的東西感到滿意的內容，我想，當您繼續緻密 DFD 門時，會出現拆解嗎？

Sara, a few questions around DFD there. I think I'll start with the trends on weekly sales for DFD very positive, including on the existing doors. Some of that is just momentum. Some of it's pricing. But also a big part is the specialty donuts, more premium price specialty done that's doing really well and helping us deliver record performance weeks when we have a Biscoff or Valentines or St. Patrick's Day, Spring Minis for Easter in the range. And what's really good is even on a day like a St. Patrick's Day or Valentine's Day, we're putting them on for a couple of weeks in the lead up, and we're seeing good sales performance throughout that 2 weeks. So that is helping us a lot with that performance on the existing doors. Interestingly, the new doors, we're finding they are at least as good. In fact, many of the new doors have better sales performance right now. Partly, we think that's because we're expanding with new customers, new channels.

Sara，有幾個關於 DFD 的問題。我想我將從 DFD 每週銷售趨勢非常積極開始，包括現有門的銷售趨勢。其中一些只是動力。其中一些是定價。但還有一個重要部分是特色甜甜圈，價格更高的特色甜甜圈做得非常好，幫助我們在比斯科夫、情人節或聖帕特里克節、復活節的春季迷你甜甜圈等周內創造創紀錄的業績。真正好的一點是，即使在像聖帕特里克節或情人節這樣的日子，我們也會在提前幾週穿上它們，並且我們在這兩週內看到了良好的銷售業績。因此，這對我們現有門的性能有很大幫助。有趣的是，我們發現新門至少同樣好。事實上，目前許多新門的銷售業績都比較好。我們認為，部分原因是我們正在拓展新客戶、新渠道。

And so certainly, as we see it right now in the U.S. And not only we don't see cannibalization, but the incrementality is very, very clear. I called it out for McDonald's just because that was such a growth in just a couple of cities, and we were curious ourselves. And yet, we haven't seen an impact there. So I don't think we know the full answer about where it is. But I mean, do remember that 6,000 doors in the U.S. is still a fraction of all the grocery convenience and actually other places where people are looking to purchase, arguably, if you add in QSRs, club, drug, you're getting 0.5 million locations where people we now realize could well be looking through the convenience through the opportunity of having a special donor occasion that they will pick up our donuts.

當然，正如我們現在在美國看到的那樣，我們不僅沒有看到蠶食，而且增量是非常非常明顯的。我之所以稱讚麥當勞只是因為麥當勞在幾個城市的增長如此之大，而且我們自己也很好奇。然而，我們還沒有看到這方面的影響。所以我認為我們不知道它在哪裡的完整答案。但我的意思是，請記住，美國的 6,000 個門仍然只是所有雜貨便利店的一小部分，實際上在人們想要購買的其他地方，可以說，如果你加上 QSR、俱樂部、藥品，你會得到 50 萬我們現在意識到，人們很可能會通過特殊的捐贈機會來領取我們的甜甜圈，從而獲得便利。

So cannibalization is just not really on our mind a more mature market like the U.K., where you have a lot more points of access, we also have seen the data there is even if the donuts are in a Tesco right next to a subway station, they don't see cannibalization. So it continues to be the case that shoppers go to these locations for different reasons. They're not going to the Target, the Walmart and McDonald's necessarily for a donut, they're going for something else. And whilst they're there, they go wow, it's available here, I'll pick it up. And we're still resident frequent 3 times a year even in DFD. So I think that the way we're thinking about it is let's just make it more convenient, let's get those awesome fresh donuts to people where they want to pick them up. And we're just learning as we go, that the demand is there in multiple locations.

因此，我們並不真正關心像英國這樣更成熟的市場，在那裡你有更多的訪問點，我們也看到了那裡的數據，即使甜甜圈位於地鐵站旁邊的特易購中，他們沒有看到蠶食。因此，購物者出於不同原因前往這些地點的情況仍然存在。他們去塔吉特百貨、沃爾瑪和麥當勞不一定是為了一個甜甜圈，他們是為了別的東西。當他們在那裡時，他們會驚嘆，這裡有，我去拿。即使在 DFD，我們仍然每年常駐 3 次。所以我認為我們考慮的方式是讓它變得更方便，讓我們把那些很棒的新鮮甜甜圈送到他們想要的地方。我們正在不斷了解，多個地點都存在需求。

The only other thing I'd add, Sara, to your first question, start out with a difference and we see one thing when we get the full assortment cabinet in place, the customer really reacts sometimes we see up to 2x of the sales of what's there in front of it. So then they get a broader range, they can see the donuts, they can choose to make your own. You got a broader representation of Krispy Kreme. That's a big deal.

薩拉，我要補充的唯一一件事是，對於你的第一個問題，從不同開始，當我們把完整的分類櫃放在適當的位置時，我們會看到一件事，客戶的反應有時我們會看到高達 2 倍的銷售額它前面有什麼。這樣他們就有了更廣泛的範圍，他們可以看到甜甜圈，他們可以選擇自己製作。你得到了更廣泛的 Krispy Kreme 代表。這是一件大事。

Your next question comes from the line of Brian Harbour of Morgan Stanley.

你的下一個問題來自摩根士丹利的布賴恩·哈伯。

Maybe just first, could you dig into your comments on e-commerce a little bit. Certainly, I'm sure Insomnia has kind of helped there as that's grown quickly. But how about just for the Krispy Kreme brand specifically, has that been driven more by delivery recently or have you done more to kind of promote online ordering, for example?

也許首先，您能深入了解一下您對電子商務的評論嗎？當然，我確信 Insomnia 對此有所幫助，因為它的增長很快。但是，就 Krispy Kreme 品牌而言，最近是否更多地受到送貨的推動，或者您是否採取了更多措施來促進在線訂購？

Well, yes, I mean, definitely, e-commerce has been really, really strong for us in recent times on the Krispy Kreme side and the Insomnia side. To your question on the Krispy Kreme side, we've been making improvements to the web and the app experience to literally just make it easier to use and increase the conversion rate from when a customer first goes on the site or the app to making a purchase. We have indeed continuously been looking to add to the delivery areas. We do have some dark shops that we've been adding to the system that's helped us with that. We've also worked a lot on very much more basic things around ensuring that when people preorder, the donuts are always there. It sounds obvious, but on these big event days, people want Valentine's Donut, Centre Patrick's Day donut, we've really focused on e-commerce because a lot of people are ordering well in advance. They want to be part of that celebratory occasion and guarantee their donuts. And we're finding that sometimes it's those most simple operating focus delivers the growth as much as improving the brand and what have you. We do, as we look ahead, see an opportunity on loyalty to relaunch loyalty, and we'll be looking to do that in the U.S. early next year, really to make it more intuitive the loyalty program. We have now in the U.S. over 11 million loyalty members, but we really see the opportunity to drive more e-commerce growth with them by relaunching the loyalty program. So yes, it's been really great to see more than 20% growth in e-commerce in the U.S. in the last quarter, and we'll continue to focus on that along with the DFD.

嗯，是的，我的意思是，毫無疑問，電子商務最近在 Krispy Kreme 和 Insomnia 方面對我們來說確實非常強大。對於您關於 Krispy Kreme 方面的問題，我們一直在對網絡和應用程序體驗進行改進，以使其更易於使用，並提高從客戶首次訪問網站或應用程序到製作產品的轉化率。購買。我們確實一直在尋求增加送貨區域。我們確實有一些暗店，我們已經將它們添加到系統中，這對我們有幫助。我們還在更基本的事情上做了很多工作，以確保當人們預訂時，甜甜圈總是在那裡。這聽起來很明顯，但在這些重大活動的日子裡，人們想要情人節甜甜圈、中心帕特里克節甜甜圈，我們真正專注於電子商務，因為很多人都提前訂購。他們希望成為這個慶祝活動的一部分並保證他們的甜甜圈。我們發現，有時正是那些最簡單的運營重點帶來了增長，就像改善品牌和你擁有的東西一樣。展望未來，我們確實看到了重新啟動忠誠度的機會，我們將尋求明年初在美國這樣做，真正使忠誠度計劃更加直觀。目前，我們在美國擁有超過 1100 萬忠誠會員，但我們確實看到了通過重新啟動忠誠計劃來推動電子商務更多增長的機會。所以，是的，上個季度美國電子商務增長超過 20% 真是太棒了，我們將繼續與 DFD 一起關注這一點。

Okay. And then in the past, you've provided comments just on labor cost inflation and also kind of input cost inflation and how much of that is contracted. Could you just update us on that, if it's changed at all versus kind of your prior comments? And then if you have any more plans for pricing in the U.S. in the near term?

好的。過去，您僅就勞動力成本通脹、投入成本通脹以及其中的收縮程度發表了評論。如果與您之前的評論相比有所改變，您能否向我們通報最新情況？那麼近期您是否還有更多在美國定價的計劃？

Yes, Brian, I can take that, and thanks for the question. For key commodities like sugar, wheat edible oils were essentially locked in with low double-digit inflation on average for the year. Higher increases, obviously, in the front half of the year, as I think I probably would have talked about in the last call with a little softening inflation in the second half. We're also starting to look out into 2024 as well as we start to think about the commodity outlook and pictures.

是的，布萊恩，我可以接受，謝謝你的提問。對於糖等關鍵商品來說，小麥食用油今年基本上鎖定在兩位數的低通脹水平。顯然，今年上半年的增幅更高，正如我想我可能會在上次電話會議中談到的那樣，下半年通脹略有疲軟。我們也開始展望 2024 年，並開始思考大宗商品的前景和前景。

With respect to the question around pricing, we have taken additional pricing in several markets year-to-date already, including Mexico, as I mentioned, in the U.K., in the U.S. also took low double-digit price and we'll continue to be agile as the market unfolds and have planned pricing, as I mentioned, for Australia in Q2, but also Insomnia. What I would say as well, the only other thing that will help with kind of price realization for our business is just a focus on premium specialty campaigns as we obviously have a nice pricing tier when we do those activities.

關於定價問題，今年迄今為止，我們已經在幾個市場採取了額外定價，包括墨西哥，正如我提到的，在英國，在美國也採取了兩位數的低價格，我們將繼續正如我所提到的，隨著市場的發展而靈活，併計劃了第二季度澳大利亞的定價，以及 Insomnia 的定價。我還要說的是，唯一有助於我們業務實現價格的另一件事就是專注於優質專業活動，因為我們在開展這些活動時顯然有一個不錯的定價等級。

Just to clarify one thing on the pricing. We've been taking pricing a little more on DFD. So the low double-digit Jeremiah referenced was on DFD taking low single-digit pricing on retail. We just did so again, but it's -- we're doing it more frequently. As we look to make sure that when the customer sees our dynamics is at a similar price point across all the channels, one of our strategic goals.

只是為了澄清定價方面的一件事。我們對 DFD 的定價有所提高。因此，Jeremiah 提到的低兩位數定價是 DFD 對零售採取低個位數定價。我們剛剛又這樣做了，但我們正在更頻繁地這樣做。我們希望確保當客戶看到我們的動態時，所有渠道都處於相似的價格點，這是我們的戰略目標之一。

Your next question comes from the line of David Palmer of Evercore.

你的下一個問題來自 Evercore 的 David Palmer。

Just a couple of questions or follow-ups on the McDonald's stuff. Given the numbers you gave with the doubling of the sales of those hubs in that market, it would imply something like $200 per day per McDonald's in Krispy Kreme sales which might be about 2% of the sales of McDonald's. Is that way off? And if not, I wonder how McDonald's would view that given what they will be putting into this and the incrementality of course, of those sales? Any thoughts on all of that?

只是關於麥當勞的幾個問題或後續行動。鑑於您提供的數字，該市場中這些中心的銷售額翻了一番，這意味著每個麥當勞的 Krispy Kreme 銷售額約為每天 200 美元，這可能約佔麥當勞銷售額的 2%。那還遠嗎？如果沒有，我想知道麥當勞將如何看待這一點，因為他們將投入這些資金，當然還有這些銷售的增量？對這一切有什麼想法嗎？

Yes. It's definitely too early for us to get into the performance measures just 6 weeks. And my comment is focused on the 3 production hubs that cover a big area across the whole of that Kentucky co-op. And obviously, those hubs had we saw an opportunity within them. We actually have a hub without spokes also in the -- in Kentucky. So we saw the opportunity there to really ramp up production and support them in the way that's needed.

是的。對於我們來說，僅僅 6 週就開始進行績效評估顯然還為時過早。我的評論主要集中在覆蓋整個肯塔基州合作社大片區域的 3 個生產中心。顯然，我們在這些中心看到了機會。實際上，我們在肯塔基州也有一個沒有輻條的中心。因此，我們看到了真正提高產量並以所需方式支持他們的機會。

And we'll continue to partner with them on what's the right way of doing this, what are the right targets, what are the right measures. They're the experts on the impact on McDonald's, I think we really focus on the things that really we can control, which is make sure the donuts are there at the right time, the donuts at the right level that are ordered by them. As was discussed earlier, they're advising us on how many donuts they want rather than us guessing it. It's a great partnership. We love the way we're working with them. But obviously, they're being thoughtful about things that are important to them, and we're focusing on the things that we can control.

我們將繼續與他們合作，研究什麼是正確的方法、什麼是正確的目標、什麼是正確的措施。他們是研究對麥當勞影響的專家，我認為我們真正關注的是我們真正可以控制的事情，即確保甜甜圈在正確的時間到達，甜甜圈處於他們訂購的正確水平。正如前面所討論的，他們建議我們他們想要多少個甜甜圈，而不是我們猜測。這是一個很好的合作夥伴關係。我們喜歡與他們合作的方式。但顯然，他們正在考慮對他們來說重要的事情，而我們則專注於我們可以控制的事情。

If -- any sense of the next steps if this is successful, if they think that this is a good partnership, what would happen next? And I guess maybe related to that, about your fulfillment of this, if it went national, how many McDonald's within reach of Krispy Kreme hubs today as it stands?

如果——如果這成功了，如果他們認為這是一個良好的合作夥伴關係，那麼接下來會發生什麼？我想也許與此有關，關於您實現這一目標的情況，如果它走向全國，那麼今天有多少家麥當勞可以到達 Krispy Kreme 中心？

Yes. I mean, we have no plans yet to expand beyond Kentucky or anything like that. It' s a -- we expect to be doing this test with them for months. And I'm sure that they will be evaluating all sorts of parameters important to them. Regarding your question, more general question about capacity, if you step back and just -- and we have been -- not just McDonald's, but because of this DFD growth of all these customer types -- we have been thinking about the future and what happens if you recall at Investor Day, we said that we thought there was about 15,000 points of access opportunity in the U.S. as part of that 75,000 number that Mike referenced.

是的。我的意思是，我們還沒有計劃擴展到肯塔基州或類似地區以外的地區。我們預計將與他們一起進行幾個月的測試。我確信他們會評估對他們來說重要的各種參數。關於你的問題，關於容量的更普遍的問題，如果你退後一步——我們一直在——不僅僅是麥當勞，而是因為所有這些客戶類型的 DFD 增長——我們一直在思考未來以及什麼如果你還記得在投資者日，我們說過我們認為美國有大約 15,000 個訪問點，這是邁克提到的 75,000 個數字的一部分。

And so we've been looking at about our ability to fulfill that. We have 6,000 points of access today, give or take that we service. We think we can add about 50% of that with adding to production around the system. Once you start getting beyond that, you start to look indeed at our proximity to all our different DFD customers and their locations, both in existing channels and new channels. And so, to go beyond that would require us to unlock new capacity in some target locations -- and we're starting to look into how we can do that, whether it's at our existing sites because some of them can be adapted or new ones. I mean for that 15,000 points of access, though, do bear in mind that our production hubs can support a lot with DFD doors, especially when they're designed with that in mind, smaller lobbies, bigger load-out areas, places to put trucks, a lot of our U.S. shops not set up for that.

因此，我們一直在考慮我們實現這一目標的能力。今天，我們有 6,000 個訪問點，不管我們提供或接受什麼服務。我們認為，通過增加系統周圍的生產，我們可以增加大約 50% 的產量。一旦您開始超越這一點，您就會開始真正了解我們在現有渠道和新渠道中與所有不同 DFD 客戶及其位置的接近程度。因此，要超越這一目標，我們需要在某些目標地點釋放新的產能——我們開始研究如何做到這一點，無論是在我們現有的地點，因為其中一些地點可以進行調整，還是在新的地點。我的意思是，對於這 15,000 個訪問點，請記住，我們的生產中心可以通過 DFD 門提供大量支持，尤其是當它們在設計時就考慮到了這一點，更小的大廳、更大的裝載區域、放置的地方卡車，我們的很多美國商店都沒有為此設立。

So future production hubs that we could invest in, will be able to support a lot of doors. So when you start to do the math to get to that sort of 15,000 DFD opportunity that we mentioned at the Investor Day for all those DFD customers, they still about 30 to 40 additional hubs we're talking about to get all the way there. So we're focused on with McDonald's just on the test, delivering great doughnuts, fresh every day, that's what we know how to be an expert on. We're thinking more broadly around growth and fulfilling the 75,000 opportunity around the world with 15,000 in the U.S. and we'll go from there. Most important is those awesome donuts.

因此，我們可以投資的未來生產中心將能夠支持很多門。因此，當您開始計算以獲得我們在投資者日為所有 DFD 客戶提到的 15,000 個 DFD 機會時，他們仍然需要大約 30 到 40 個額外的中心來實現這一目標。因此，我們專注於與麥當勞進行測試，提供美味的甜甜圈，每天都是新鮮的，這就是我們知道如何成為專家的原因。我們正在更廣泛地思考增長問題，並在美國提供 15,000 個機會，並實現全球 75,000 個機會，我們將從那裡開始。最重要的是那些很棒的甜甜圈。

Your next question comes from the line of Jon Tower of Citigroup.

你的下一個問題來自花旗集團的喬恩·塔爾。

Great. Maybe just following up to that question. I don't believe the test with McDonald's is exclusive. So can you talk about your thinking around the U.S. QSR market? Would you wait until the end of the test or trial period with McDonald's before potentially looking at other QSR operators? And then kind of thinking more broadly beyond the U.S., how should we think about the opportunity outside in some of these international markets where there are plenty of QSR brands that probably would be looking to add some sweet treats to their lineup.

偉大的。也許只是跟進這個問題。我不認為麥當勞的測試是排他性的。那麼您能談談您對美國 QSR 市場的看法嗎？您會等到麥當勞的測試或試用期結束後再考慮其他 QSR 運營商嗎？然後，從美國以外更廣泛的角度思考，我們應該如何考慮這些國際市場之外的機會，那裡有很多快餐品牌可能會尋求在其產品陣容中添加一些甜點。

Yes. So it's Mike again. So when we thought about partnering with McDonald's and you're going to a test, there's a lot of learnings that are going to happen with McDonald's as we start to explore what does that mean in the QSR space. We're learning what we're learning is we can deliver to the QSR space. And then when you look at, hey, are you ready to go beyond other partners. We really like the partnership with McDonald's as it stands today. We're going to continue to learn both from each other and to see where it grows. If you look outside the world, there's plenty of other spaces and partners out there, but we're going to focus on McDonald's as a partner right now.

是的。又是邁克。因此，當我們考慮與麥當勞合作並且要進行測試時，當我們開始探索這在 QSR 領域意味著什麼時，麥當勞將會學到很多東西。我們正在學習我們正在學習的是我們可以向 QSR 領域提供服務。然後當你看時，嘿，你準備好超越其他合作夥伴了嗎？我們非常喜歡目前與麥當勞的合作關係。我們將繼續互相學習，看看它在哪裡發展。如果你看看外面的世界，還有很多其他的空間和合作夥伴，但我們現在將重點關注麥當勞作為合作夥伴。

Got it. Switching gears a little bit. In terms of the business. I think, Mike, you've mentioned in the remarks earlier that about 40% of the business today comes from special events. So I'm curious that outside of these special events, key holiday windows, Valentine's Day, St. Patrick's Day. How are you getting consumers to -- or what are you doing to try and drive kind of that nonspecial event window going forward? Is it just expanding points of access or even just at the existing hubs today, what are you doing to try and lift existing sales per box?

知道了。稍微切換一下齒輪。就業務而言。我想，邁克，你在之前的發言中提到，今天大約 40% 的業務來自特殊活動。所以我很好奇除了這些特殊活動之外，關鍵的節日窗口、情人節、聖帕特里克節。您如何吸引消費者——或者您正在做什麼來嘗試推動非特殊活動窗口向前發展？是否只是擴大訪問點，甚至只是在現有的樞紐，您正在採取哪些措施來嘗試提高每箱的現有銷售額？

Right. So when we referenced the 40%, right, we referenced it because the product that dozens that are actually bought 40% are gifted a lot of times. So that's the real big number from a -- and that gets into people's special occasions, right, not just the Valentine's Day, not just the St. Patrick's Day. Those are great. They create a lot of energy. But just the ideation of premiumization of donuts where you've seen an English brand that they brought around the world to be places such as Biscoff, right? So you can see how that can -- as you premiumize the brand and people engage in it, the biggest opportunity still is about access, right?

正確的。所以當我們提到40%的時候，對吧，我們提到它是因為實際上購買40%的幾十個產品被贈送了很多次。所以這是一個真正的大數字——這涉及到人們的特殊場合，對吧，不僅僅是情人節，不僅僅是聖帕特里克節。那些都很棒。它們產生大量能量。但只是甜甜圈高端化的想法，你已經看到了一個英國品牌，他們把它帶到了世界各地，比如比斯科夫（Biscoff），對吧？所以你可以看到，當你使品牌高端化並且人們參與其中時，最大的機會仍然是訪問，對吧？

So getting the DFD and growing our business is through the DFD and getting the customers is how they continue to be engaged with Krispy Kreme. When we can bring that total donut experience that you can see in the shop and bring it to actually a DFD door, that's when people really start also to connect with the brand because it's clearly an opportunity. On top of that, you can see the growth that's happening in e-commerce, right? The consumer is choosing where they want to be and when they want to get the donuts, that really matters.

因此，獲得 DFD 並發展我們的業務就是通過 DFD，獲得客戶是他們繼續與 Krispy Kreme 互動的方式。當我們能夠將您在商店中看到的完整甜甜圈體驗帶到 DFD 門口時，人們就真正開始與該品牌建立聯繫，因為這顯然是一個機會。最重要的是，您可以看到電子商務正在發生的增長，對嗎？消費者正在選擇他們想去的地方以及他們想要何時獲得甜甜圈，這確實很重要。

There are no further questions at this time. I will turn the call over to Mike Tattersfield, President and Chief Executive Officer, for closing remarks. Please go ahead.

目前沒有其他問題。我將把電話轉交給總裁兼首席執行官邁克·塔特斯菲爾德 (Mike Tattersfield) 致閉幕詞。請繼續。

So appreciate everybody listening to our story this quarter, and thank you for that. And I really appreciate all the Krispy Kremers around the world that make this happen every single day. Thank you. See you next quarter. Ciao.

感謝大家本季度收聽我們的故事，並為此表示感謝。我真的很感謝世界各地的 Krispy Kremers 每天都讓這一切發生。謝謝。下季度見。再見。

This concludes the conference call. You may now disconnect.

電話會議到此結束。您現在可以斷開連接。