(DNUT) 2023 Q2 法說會逐字稿

Thank you for standing by. My name is Maria, and I will be your conference operator today. At this time, I would like to welcome everyone to the Krispy Kreme Second Quarter 2023 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question-and-answer session. (Operator Instructions) I would like to turn the call over to Ms. Elias Hale, Vice President of Global Corporate Communications. Ms. Hale, please go ahead.

謝謝你的支持。我叫瑪麗亞，今天我將擔任你們的會議操作員。此時，我謹歡迎大家參加 Krispy Kreme 2023 年第二季財報電話會議。所有線路均已靜音，以防止任何背景噪音。演講者發言後，將進行問答環節。 （接線生指示）我想將電話轉給全球企業傳播副總裁 Elias Hale 女士。黑爾女士，請繼續。

Good morning, everyone, and welcome to Krispy Kreme's Second Quarter 2023 Earnings Call. Thank you all for joining us today. Our earnings release and accompanying earnings presentation deck are available on the Investor Relations portion of our website at investors.krispykream.com.

大家早安，歡迎參加 Krispy Kreme 的 2023 年第二季財報電話會議。感謝大家今天加入我們。我們的收益發布和隨附的收益簡報可在我們網站的投資者關係部分取得：investors.krispykream.com。

Joining me on the call this morning are 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執行長 Mike Tattersfield；喬許‧查爾斯沃思（Josh Charlesworth），全球總裁兼營運長；和財務長 Jeremiah Ashukian。準備好的發言後，將進行問答環節。

Before we begin, I would like to remind you that this call contains forward-looking statements made pursuant to the safe harbor provisions of the Private Securities and Litigation Reform Act of 1995, including statements of expectations, future events, and 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 than 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 and in other filings that we make from time to time with the SEC.

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、未來事件和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有重大差異。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 表格以及我們不時向 SEC 提交的其他文件中進行了詳細描述。

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 include 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 second quarter 2023 earnings press release and Form 8-K filed today. Both are available at investors.crispicrean.com. With that, I'll turn the call over to Mike.

今天發表的前瞻性陳述僅代表今天的情況。除法律要求外，本公司不承擔公開更新或修改任何前瞻性聲明的義務。此外，今天的電話會議將包括某些非公認會計準則財務指標。非 GAAP 財務指標與最接近的可比較 GAAP 指標之間的調整可以在該公司今天提交的 2023 年第二季度收益新聞稿和 8-K 表格中找到。兩者均可在 Investors.crispicrean.com 上取得。這樣，我會將電話轉給麥克。

Good morning, and thank you, everyone, for joining us today. I am pleased to report our fourth consecutive quarter of double-digit organic revenue growth, evidencing the strength of our omnichannel strategy. Our second quarter performance was bolstered by our continued focus on expanding our hub-and-spoke model as we leaned heavily in our omnichannel delivered for us daily or DFD capabilities as well as our international expansion strategy.

早安，謝謝大家今天加入我們。我很高興地報告我們連續第四個季度實現兩位數的有機收入成長，證明了我們全通路策略的優勢。我們第二季的業績得益於我們繼續專注於擴展中心輻射模型，因為我們嚴重依賴為我們提供的日常全通路或 DFD 能力以及我們的國際擴張策略。

Our focused strategy delivered 9% net revenue and 3% EBITDA growth in line with our expectations. We also remain concentrated on strategic execution of premium product sales and thoughtful timing of selective pricing while driving high levels of consumer demand. I want to extend thanks to our Krispy Kreme, our team members for another fantastic quarter. Every day we aim to touch and enhance lives through the joy that is Krispy Kreme. Without your continued efforts and dedication to our brand and purpose, this would not be possible.

我們的重點策略實現了 9% 的淨收入和 3% 的 EBITDA 成長，符合我們的預期。我們也繼續專注於優質產品銷售的策略執行和選擇性定價的深思熟慮的時機，同時推動高水準的消費者需求。我要感謝我們的 Krispy Kreme，我們的團隊成員，他們又創造了一個精彩的季度。我們每天的目標是透過 Krispy Kreme 的快樂來感動和改善生活。如果沒有您的持續努力以及對我們品牌和宗旨的奉獻，這是不可能的。

Our donuts continue to be loved across all the countries we operate in every day, and we understand that access to our brand is our biggest opportunity. Ultimately, our aim is to continue expanding points of access and driving further availability of our donuts. We have learned that different channels play different roles in satisfying our customers globally through our omnichannel system. These supplemental channels will help us reach our long-term goal of 75,000 points of access.

我們的甜甜圈繼續受到我們每天開展業務的所有國家的喜愛，我們知道獲得我們的品牌是我們最大的機會。最終，我們的目標是繼續擴大訪問點並推動甜甜圈的進一步供應。我們了解到，不同的管道在透過我們的全通路系統滿足全球客戶需求方面發揮不同的作用。這些補充管道將幫助我們實現 75,000 個訪問點的長期目標。

This quarter, our points of access grew nearly 13% globally year-over-year, and we were particularly pleased with the momentum we saw in the U.S. Our global points of access now stand at 12,872, and we continue to be confident in our ability to achieve our annual goal of 10% to 15% growth. Our U.S. fresh donut business led the way as our focus on increasing access helped drive another quarter of continued improvement in our largest market, maximizing our existing hub-and-spoke infrastructure. Our continued momentum, driven by the expansion of our DFT strategy, gives us confidence in our plan to expand into new channels like QSR, drug, and club while building on our existing customer base.

本季度，我們的全球接入點同比增長近 13%，我們對美國的增長勢頭感到特別滿意。我們的全球接入點現已達到 12,872 個，我們繼續對自己的能力充滿信心實現我們10%至15%成長的年度目標。我們的美國新鮮甜甜圈業務處於領先地位，因為我們對增加准入的關注有助於推動我們最大市場又一個季度的持續改善，最大限度地利用我們現有的中心輻射型基礎設施。在 DFT 策略擴張的推動下，我們的持續發展勢頭使我們對在現有客戶群的基礎上拓展 QSR、藥品和俱樂部等新管道的計劃充滿信心。

For example, our current test with McDonald's, which Josh will talk about further, has been a fantastic learning experience thus far and has enhanced our belief that the QSR channel is a significant growth opportunity, not just in the U.S. market but globally. In our market development and international segments, we continue to see tremendous performance in Japan and Canada. We are also starting to see some stability in our core equity international markets as pricing and inflation become more balanced.

例如，我們目前對麥當勞的測試（喬希將進一步討論）迄今為止是一次奇妙的學習經歷，並增強了我們的信念，即 QSR 管道不僅在美國市場而且在全球都是一個重要的成長機會。在我們的市場開發和國際領域，我們繼續在日本和加拿大看到巨大的表現。隨著定價和通膨變得更加平衡，我們也開始看到我們的核心股票國際市場出現一定程度的穩定。

The growth potential in our international markets remains significant as our omnichannel and DSD model further unlocks new points of access, channels, and customers. I'm excited about the progress we've made on our global expansion strategy with new openings in Chile, Costa Rica and Jamaica, all performing well. We remain on track to meet our goal of opening in 7 new countries this year, with 3 to 5 countries to follow in 2024. In addition, our signed pipeline of new hubs and fresh shops through our existing franchise partners is already well over 1,000 shops.

隨著我們的全通路和 DSD 模式進一步釋放新的存取點、通路和客戶，我們的國際市場的成長潛力仍然巨大。我對我們的全球擴張策略的進展感到興奮，在智利、哥斯達黎加和牙買加開設的新店都表現良好。我們仍有望實現今年在7 個新國家開設門市的目標，並於2024 年在3 至5 個國家開設門市。此外，我們透過現有特許經營合作夥伴簽署的新中心和生鮮商店通路已遠遠超過1,000 家商店。

At Insomnia Cookies, we are ramping up our development efforts to get to 30 to 40 new bakeries this year, including international expansion in the back half of 2023, starting in Canada and the U.K. In addition, we are focused on men ful innovation, including opening our innovation center in Philadelphia in Q3. Insomnia Cookies continues to evolve into a more mature growth business, underpinned by exciting plans to gain additional share within the global addressable market of over 4,000 bakeries.

在 Insomnia Cookies，我們正在加大開發力度，今年將開設 30 至 40 家新麵包店，包括在 2023 年下半年從加拿大和英國開始進行國際擴張。此外，我們還專注於男性創新，包括第三季度在費城開設創新中心。 Insomnia Cookies 繼續發展成為一個更成熟的成長業務，其基礎是令人興奮的計劃，即在全球 4,000 多家麵包店的潛在市場中獲得更多份額。

As we continue to grow globally, we continue finding moments of joy to share with our colleagues and our guests. In Q2, we celebrated National Donut Day, which has truly become global donut day for us. It was the strongest and largest donut day in Krispy Kreme's history, further cementing the importance of access to our guests. It wasn't only about actual donut sales that day but also about gifting every customer one of our signature original glazed doughnuts just because they took the time to visit us. The single event generated over 3 billion social media impressions, and we're just getting started as we will move from a dozen countries participating to every country in which we have a presence by 2026.

隨著我們在全球範圍內不斷發展，我們不斷尋找歡樂時刻與我們的同事和客人分享。在第二季度，我們慶祝了國家甜甜圈日，這對我們來說已經真正成為全球甜甜圈日。這是 Krispy Kreme 史上規模最大、最強大的甜甜圈日，進一步鞏固了接觸我們客人的重要性。這不僅涉及當天的實際甜甜圈銷售，還涉及向每位顧客贈送我們標誌性的原創釉面甜甜圈，因為他們花時間來拜訪我們。單次活動就產生了超過 30 億次社群媒體印象，而我們才剛開始，到 2026 年，我們將從參與的十幾個國家擴展到我們開展業務的每個國家。

As we start the third quarter, we have seen continued organic revenue momentum from our second quarter. Our strategic priorities remain unchanged as we continue to drive capital-light expansion of our omnichannel model and grow points of access and lean into new and existing channels. With this momentum, we remain confident in our 2023 outlook and ability to achieve our long-term 2026 targets that we highlighted at our Investor Day last year, including growing revenue to $2.15 billion and adjusted EBITDA to $315 million.

在第三季開始時，我們看到第二季持續的有機收入成長動能。我們的策略重點保持不變，我們將繼續推動全通路模式的輕資本擴張，增加接入點，並傾向於新的和現有的管道。憑藉這一勢頭，我們對 2023 年的前景和實現我們在去年投資者日強調的 2026 年長期目標的能力仍然充滿信心，包括將收入增長至 21.5 億美元，調整後的 EBITDA 至 3.15 億美元。

My excitement and enthusiasm for all this brand has to offer continues to grow. We have the team, the culture, the brand, and the strategy to execute on many opportunities for growth on our journey to becoming the most loved Sweet Treat brand in the world. With that, I'll hand the call over to Josh. Josh?

我對這個品牌所提供的一切的興奮和熱情持續增長。我們擁有團隊、文化、品牌和策略，可以在成為世界上最受歡迎的甜點品牌的道路上抓住許多成長機會。這樣，我就把電話轉給喬希。喬許？

Thanks, Mike. Our omnichannel system continues to deliver robust growth around the world, with our fresh U.S. donut business delivering double-digit organic sales growth in the quarter once again. We saw strong performances in the U.S. across all of our sales channels, thanks in large part to our specialty donuts, including Cookie Blast, FanFaves, and MiniSom, which all proved popular in the quarter.

謝謝，麥克。我們的全通路系統持續在全球實現強勁成長，我們的新鮮美國甜甜圈業務在本季再次實現兩位數的有機銷售成長。我們在美國的所有銷售管道都取得了強勁的業績，這在很大程度上要歸功於我們的特色甜甜圈，包括 Cookie Blast、FanFaves 和 MiniSom，這些產品在本季度都很受歡迎。

Selling the same fresh donuts that we make in our production hubs through more points of access is at the heart of our unique hub-and-spoke operating model, making Krispy Kreme more accessible and convenient to more consumers. And during the second quarter, we added 462 new points of access globally, including 6 new hot light theater shops, 45 fresh shops, and 406 DFD doors. This means that we remain on track to grow points of access by 10% to 15% this year. In the U.S., we added another 239 DFD doors in the quarter, thereby expanding with Kroger, which now carries Krispy Kreme in more than 1,000 locations across the country.

透過更多的銷售點銷售我們在生產中心生產的相同新鮮甜甜圈是我們獨特的中心輻射營運模式的核心，使 Krispy Kreme 更容易為更多消費者所接受和方便。第二季度，我們在全球新增了 462 個接入點，其中包括 6 家新的熱門燈光影院店、45 家生鮮店和 406 個 DFD 門。這意味著我們今年仍有望將接入點成長 10% 至 15%。在美國，本季我們又增加了 239 個 DFD 門，從而與 Kroger 一起擴張，目前 Kroger 在全國 1,000 多個地點銷售 Krispy Kreme。

All in, we now have over 6,300 DFT doors in the U.S. with average weekly sales up 16% year-over-year in the second quarter. We also continued to add secondary display cabinets to high-traffic grocery doors, which add up to 70% incremental sales to a DFD door. 87 of these premium cabinets have now been added in U.S. grocery stores year-to-date, with a similar number expected for the balance of the year. A new initiative, which we just announced with Amazon is a small format Krispy Kreme Fresh shop located within Amazon Fresh grocery stores. This capital-light pilot exemplifies our strategy to make access to our fresh donuts more convenient for the consumer and is already underway with the opening of our first 2 locations in Chicago earlier this month.

總而言之，我們現在在美國擁有 6,300 多扇 DFT 門，第二季平均每週銷量年增 16%。我們還繼續在人流量大的雜貨店門上添加輔助展示櫃，這使 DFD 門的銷售額增加了 70%。今年迄今為止，美國雜貨店已增加了 87 個優質櫥櫃，預計今年剩餘時間也將增加類似數量。我們剛與亞馬遜宣布的一項新舉措是在亞馬遜生鮮雜貨店內開設小型 Krispy Kreme 生鮮店。這項輕資本試點體現了我們的策略，讓消費者更方便地獲得新鮮甜甜圈，並已於本月初在芝加哥開設了前 2 家門市。

To support all of this growth, we took the number of production hubs with spokes in the U.S. from 137 to 143 during the quarter. These were all conversions of existing hubs without spokes requiring minimal incremental investment. Our trailing 12-month sales per hub KPI was up 9% year-over-year to $4.7 million, driving Krispy Kreme's U.S. fresh margins up over 150 basis points compared to the same quarter a year ago. With pricing now setting inflation, this improvement is driven by both the productivity benefits of adding sales to the hubs with spokes and the results of our previously announced U.S. shop network optimization program, which focused on the poorer-performing hubs without spokes.

為了支持所有這些成長，本季我們將美國境內的生產中心數量從 137 個減少到 143 個。這些都是現有樞紐的改造，沒有輻條，需要最少的增量投資。我們過去 12 個月的每個中心 KPI 銷售額年增 9%，達到 470 萬美元，推動 Krispy Kreme 在美國的新鮮利潤與去年同期相比成長了 150 個基點以上。由於現在定價決定了通貨膨脹，這種改善是由增加帶輻條中心的銷售額所帶來的生產力效益以及我們之前宣布的美國商店網絡優化計劃的結果推動的，該計劃重點關注表現較差的無輻條中心。

Cities like D.C., Miami, and Charlotte, which have all seen significant door growth this year and seeing some of our highest margin increases and are now demonstrating that we can deliver 20% plus margins in U.S. cities, just like we have seen internationally for several years in places like Sydney, Toronto, and London. As we've previously shared, we are also running a DFD test in the QSR channel in Kentucky with McDonald's, which is now in its 6 months. As a reminder, we are servicing over 160 McDonald's restaurants with fresh donuts delivered daily, which they sell to their customers, branded as Krispy Kreme. While the test is still ongoing, the results have shown us that the consumers value a Krispy Kreme experience in the QSR channel, that these sales are incremental to our existing donut shop and DFD sales in the region, and that we can successfully serve these points of access from existing hub network in Kentucky.

像華盛頓特區、邁阿密和夏洛特這樣的城市，今年都出現了顯著的門增長，並且看到了我們最高的利潤率增長，現在正在證明我們可以在美國城市提供20% 以上的利潤率，就像我們在國際上看到的幾個城市一樣在雪梨、多倫多和倫敦等地度過了數年。正如我們之前所分享的，我們也在肯塔基州與麥當勞的 QSR 管道中進行 DFD 測試，目前已經進行了 6 個月。謹此提醒，我們每天為 160 多家麥當勞餐廳提供新鮮甜甜圈，並以 Krispy Kreme 品牌出售給顧客。雖然測試仍在進行中，但結果向我們表明，消費者重視QSR 渠道中的Krispy Kreme 體驗，這些銷售額是我們在該地區現有甜甜圈店和DFD 銷售額的增量，並且我們可以成功地服務於這些點肯塔基州現有樞紐網絡的訪問。

Given all of the expansion opportunities we are seeing across multiple channels and customers, we have taken the opportunity to do a deep dive assessment of our donut capacity and capabilities to accelerate the expansion of DFD in the U.S. Overall, we are confident that should we need to, we can quickly leverage existing hubs and selectively add new production hubs to support a network even bigger than the 15,000 points of access we set as our long-term goal in the U.S.

鑑於我們在多個管道和客戶中看到的所有擴張機會，我們藉此機會對我們的甜甜圈產能和能力進行了深入評估，以加速DFD 在美國的擴張。總的來說，我們有信心，如果我們需要因此，我們可以快速利用現有的中心，並選擇性地添加新的生產中心，以支援比我們在美國設定的長期目標 15,000 個接入點更大的網路。

Before I turn the call over to Jeremiah, I want to highlight the progress we're seeing in our U.K. business, which has seen slower growth since the changes in the macro environment there last spring. Specialty donuts targeted local celebrations, including a royal doesn't range to celebrate the King's coronation, contributed to double-digit retail sales growth in the quarter. Pricing and cost control initiatives also brought EBITDA margin back above 20%. We've also taken actions on DFD in the U.K., including optimization of our price pack architecture, expansion into the club channel, and the inclusion of Krispy Kreme and customer loyalty car programs, which are starting to improve our performance. I'll now turn the call over to Jeremiah.

在我把電話轉給耶利米之前，我想強調一下我們在英國業務所取得的進展，自去年春天宏觀環境發生變化以來，英國業務的成長速度已放緩。針對當地慶祝活動（包括慶祝國王加冕的皇室活動）的特色甜甜圈為該季度的零售額增長做出了兩位數的貢獻。定價和成本控制措施也使 EBITDA 利潤率恢復到 20% 以上。我們還在英國的 DFD 方面採取了行動，包括優化我們的價格包架構、擴展到俱樂部渠道，以及納入 Krispy Kreme 和客戶忠誠度汽車計劃，這些都開始改善我們的業績。我現在將電話轉給耶利米。

Thanks, Josh, and good morning, everyone. As Josh mentioned, demand remains healthy. And while costs remain elevated versus historical levels, we expect to start seeing inflation ease in the back half of this year as some of our unfavorable hedging impacts often. As Mike said, we saw growth across all of our reporting segments in the second quarter, with net revenue up 9% year-over-year to $409 million. Organic revenue, which excludes the impact of acquisitions and changes in foreign currency, grew 11.4%, an acceleration from last year driven by pricing, premium specialty donuts, and the growth of DFD and e-commerce.

謝謝，喬什，大家早安。正如喬希所提到的，需求仍然健康。儘管成本與歷史水平相比仍然較高，但我們預計今年下半年通膨將開始放緩，因為我們經常受到一些不利的對沖影響。正如麥克所說，我們在第二季度看到了所有報告部門的成長，淨收入年增 9% 至 4.09 億美元。有機收入（不包括收購和外匯變動的影響）成長了 11.4%，在定價、優質特色甜甜圈以及 DFD 和電子商務成長的推動下，成長速度較去年有所加快。

We continue to see low levels of elasticity due to pricing, which we took again during this quarter. As a result, product and distribution costs as a percent of revenue declined 30 basis points year-over-year. This contributed to adjusted EBITDA growth of 3.1% in the second quarter to $49 million or an increase of 4.1% in constant currency. Adjusted EBITDA margin levels were 11.9% compared to 12.6% 1 year ago as benefits from pricing and efficiencies in our network driven by our hub-and-spoke evolution in the U.S. was offset by inflation and year-over-year phasing of performance-based bonus accruals.

我們繼續看到由於定價而導致的彈性水平較低，我們在本季再次採取了這種做法。結果，產品和分銷成本佔收入的百分比比去年同期下降了 30 個基點。這使得第二季調整後 EBITDA 成長 3.1%，達到 4,900 萬美元，以固定匯率計算成長 4.1%。調整後的EBITDA 利潤率水準為11.9%，而一年前為12.6%，這是因為我們在美國的中心輻射式發展所驅動的網路定價和效率帶來的收益被通貨膨脹和基於績效的逐年分階段所抵銷。應計獎金。

GAAP net income of $0.1 million in the second quarter was driven by a $4.4 million largely noncash expense related to the exit of Brandon Sweet Treats. Adjusted net income for the quarter decreased 13.1% to $11.4 million, and adjusted diluted EPS in the second quarter was $0.07. Turning to our segment results. The U.S. business segment's total revenue increased 9.3% in the second quarter to $267 million, and organic revenue growth was 12.7%. This was driven by pricing, DFD expansion, and e-commerce despite disruption from third-party POS providers during the first part of the quarter that impacted our ability to execute promotional activity. In addition, we saw strong revenue growth in Sammie cookies, which opened 23 new bakeries over the trailing 4 quarters.

第二季 GAAP 淨利潤為 10 萬美元，主要歸因於與 Brandon Sweet Treats 退出相關的 440 萬美元非現金支出。該季度調整後淨利潤下降 13.1% 至 1,140 萬美元，第二季調整後攤薄每股收益為 0.07 美元。轉向我們的部門業績。美國業務部門第二季總營收成長9.3%，達2.67億美元，有機營收成長12.7%。儘管第三方 POS 提供者在本季上半年造成了乾擾，影響了我們執行促銷活動的能力，但這是由定價、DFD 擴張和電子商務推動的。此外，我們還看到 Sammie 餅乾的收入強勁增長，該公司在過去 4 個季度新開了 23 家麵包店。

Adjusted EBITDA for the U.S. segment was up 16% to $28.1 million, with margin expansion of 60 basis points year-over-year to 10.5%, driven by strong performance in our U.S. fresh donut business. This reflects the successful pricing actions taken over the last 9 months, the efficiency benefits realized from our hubs with folks, and the benefits from our U.S. Shop network optimization program. This margin expansion was delivered despite the same disruption caused by the third-party POS provider that impacted revenue as it also impacted our ability to manage labor efficiently. Impacts from the outage have since been resolved.

在美國新鮮甜甜圈業務強勁表現的推動下，美國業務調整後 EBITDA 成長 16%，達到 2,810 萬美元，利潤率年增 60 個基點，達到 10.5%。這反映了過去 9 個月採取的成功定價行動、我們與人員的中心實現的效率優勢以及我們美國商店網路優化計劃的優勢。儘管第三方 POS 提供者造成了同樣的干擾，影響了收入，也影響了我們有效管理勞動力的能力，但利潤率仍實現了成長。停電造成的影響現已解決。

Insomnia Cookies' margins softened in the quarter as elevated input costs outweighed the benefits from pricing actions taken in early Q2. International total revenue increased 4.8% in the second quarter to $98.3 million, and organic revenue growth was 3.5%, driven by pricing and points of access growth of 7%, taking our points of access to 3,670. Adjusted EBITDA for the quarter was flat at $19.5 million with adjusted EBITDA margins of 19.8%, which was up significantly from the prior quarter as pricing in all markets as well as rationalizing unprofitable DFT doors and adding new, more productive doors are having a positive effect on margins. We expect the actions Josh detailed as we spoke about our U.K. business to positively contribute to margins over the remainder of the year.

Insomnia Cookies 本季的利潤率有所下降，因為投入成本的上升超過了第二季度初採取的定價行動帶來的收益。第二季國際總營收成長 4.8%，達到 9,830 萬美元，在定價和接入點成長 7% 的推動下，有機收入成長 3.5%，使我們的接入點達到 3,670 個。本季調整後EBITDA 持平於1,950 萬美元，調整後EBITDA 利潤率為19.8%，較上一季度大幅上升，因為所有市場的定價以及合理化不盈利的DFT 門以及增加新的、更俱生產力的門都產生了積極影響在邊緣。我們預計喬希在談到我們的英國業務時詳細介紹的行動將對今年剩餘時間的利潤率做出積極貢獻。

Market development, which is made up of our franchisee businesses around the world and equity-owned Japanese and Canadian markets, organic growth accelerated to 23%. Total revenues in the second quarter increased 17.4% to $43 million, driven by the strength in Japan, strong performance in our Costco partnership in Canada, and new market openings, offset partially by a 5.8% impact from foreign exchange headwinds and franchisee acquisitions. Market development-adjusted EBITDA increased 27.3% to $15.7 million despite a roughly $800,000 negative impact from foreign exchange headwinds.

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，有機成長加速至 23%。第二季總營收成長17.4%，達到4,300 萬美元，這主要得益於日本市場的強勁表現、加拿大Costco 合作夥伴關係的強勁表現以及新市場的開放，但部分被外匯不利因素和特許經營商收購帶來的5.8% 的影響所抵銷。儘管外匯逆風帶來了約 80 萬美元的負面影響，但經市場發展調整後的 EBITDA 仍成長了 27.3%，達到 1,570 萬美元。

Adjusted EBITDA margins increased 290 basis points to 36.5% in the second quarter compared to the prior year. We continue to be very pleased with our performance in Japan and the Canadian markets, which has led to an outsized performance in this segment. Turning to the balance sheet. Recall that last quarter, we successfully refinanced our debt, extending maturities to 2028, enabling our future growth, and we also began efforts to reduce our reliance on vendor financing to normalized terms and reduce what has become a more expensive way to provide financing. As a reminder, expenses from vendor financing hit adjusted EBITDA, not net interest expense. We continue to make progress on that reduction in the second quarter and have reduced our reliance on these programs by over $80 million year-to-date, which will have a longer-term tailwind to adjusted EBITDA and net income due to lower rates.

第二季調整後 EBITDA 利潤率較上年同期成長 290 個基點，達到 36.5%。我們仍然對我們在日本和加拿大市場的表現感到非常滿意，這導致了該領域的巨大表現。轉向資產負債表。回想一下，上個季度，我們成功地為我們的債務進行了再融資，將期限延長至2028 年，從而實現了我們未來的增長，我們也開始努力減少對供應商融資的依賴，使其達到正常化條件，並減少已成為更昂貴的融資方式。提醒一下，供應商融資費用影響了調整後的 EBITDA，而不是淨利息費用。我們在第二季度繼續在削減方面取得進展，並且今年迄今已將我們對這些計劃的依賴減少了超過 8000 萬美元，由於利率較低，這將對調整後 EBITDA 和淨利潤產生長期推動作用。

While we saw our leverage increase to 4.2x in the quarter, we expect to close the year under 4x. Our leverage, excluding this shift in vendor financing, would have been much closer to 3.8x, and we continue to execute plans to drive leverage closer to 2x to 2.5x net leverage by 2026. Free cash flow, excluding these efforts, was also strong at $14.6 million, reflecting the strength of the underlying business fundamentals. In addition, we remain laser-focused on deploying our capital to target the highest return opportunities. As we mentioned at our 2022 Investor Day, we expect CapEx as a percentage of revenue to reduce to 6% by the end of 2026 and expect to fall around 6.6% of revenue or between $105 million and $115 million in 2023.

雖然本季我們的槓桿率增至 4.2 倍，但我們預計今年結束時槓桿率將低於 4 倍。不包括供應商融資的這種轉變，我們的槓桿率將更接近3.8 倍，並且我們將繼續執行計劃，到2026 年將槓桿率提高到接近2 倍至2.5 倍淨槓桿率。不包括這些努力的自由現金流也很強勁1,460 萬美元，反映了基本業務基礎的實力。此外，我們仍然專注於部署我們的資本來瞄準最高回報的機會。正如我們在2022 年投資者日所提到的，我們預計到2026 年底，資本支出佔收入的百分比將下降至6%，並預計到2023 年將下降約6.6%，即1.05 億美元至1.15 億美元之間。

This includes the opening of at least 30 to 40 new Insomnia Cookie bakeries and roughly 10 company-built hubs in 2023. We're also reaffirming our 2023 guidance and continue to trend toward the middle to the higher end of our revenue and adjusted EBITDA ranges. This includes growth of 9% to 11% in organic revenue and 8% to 10% in net revenue, $205 million to $215 million of adjusted EBITDA, and between $0.31 and $0.34 of adjusted EPS. Our 2023 guidance includes modest tailwinds from foreign exchange rates for the year based on current exchange rates. Each 1% move in the U.S. dollar index is a little over $1 million impact on adjusted EBITDA on an annualized basis as roughly half of our pre-corporate expense adjusted EBITDA is outside the U.S.

這包括在2023 年開設至少30 至40 家新的Insomnia Cookie 麵包店和大約10 個公司自建的中心。我們還重申了2023 年的指導方針，並繼續朝著收入和調整後EBITDA 範圍的中高端方向發展。其中包括有機收入成長 9% 至 11%，淨收入成長 8% 至 10%，調整後 EBITDA 2.05 億至 2.15 億美元，以及調整後每股收益 0.31 至 0.34 美元。我們的 2023 年指引包括基於當前匯率的當年外匯匯率的溫和推動。美元指數每變動 1%，對年化調整後 EBITDA 的影響就會略高於 100 萬美元，因為我們公司前費用調整後 EBITDA 的大約一半來自美國境外。

We are pleased with our second quarter results that prove the underlying strength of our business, giving us further confidence in our momentum as we enter the second half of 2023. Operator, we can open up the call to Q&A now, please.

我們對第二季的業績感到滿意，它證明了我們業務的潛在實力，讓我們在進入 2023 年下半年時對我們的發展勢頭更加充滿信心。營運商，我們現在可以撥打電話進行問答。

Thank you. (Operator Instructions) Your first question comes from the line of Sarah Senatore, Bank of America.

謝謝。 （操作員說明）您的第一個問題來自美國銀行的 Sarah Senatore。

I guess a question, a clarification, and then a question. In terms of the POS disruption, do you have any sort of estimate of what that might have been in terms of an impact on revenue or EBITDA? Just trying to understand what the disruption might have meant if you can quantify it. And then the question I had was about loyalty programs, and you mentioned in the U.K., you've seen some success in adding Krispy Kreme to the loyalty card program. I know you've talked about relaunching in the U.S. next year. Is there any kind of lessons that you can take away from the U.K. or maybe that inform how you're thinking about loyalty programs, just given the relatively low-frequency nature of the Cristinasion?

我猜想一個問題，一個澄清，然後一個問題。就 POS 中斷而言，您對收入或 EBITDA 可能受到的影響有什麼估計嗎？只是想了解如果可以量化的話，這種破壞可能意味著什麼。然後我的問題是關於忠誠度計劃，你提到在英國，你已經看到將 Krispy Kreme 添加到忠誠度卡計劃中取得了一些成功。我知道您已經談到明年在美國重新推出。您是否可以從英國吸取任何教訓，或者考慮到克里斯蒂娜事件的頻率相對較低，您可以了解您如何考慮忠誠度計劃？

I'll start off by saying that despite the interruption, we still delivered improved margins, a strong e-commerce revenue at 18.8%, which is actually up 130 basis points and actually did not see a perceivable decline in customer satisfaction scores. That said, the disruption has caused across the business really manifests itself in 2 key areas. One was delays in our ability to run and execute promotional activity and LTOs, which had an impact on revenue. And then two, the lack of visibility to real-time information, which impacted our ability to manage labor. I think what I would say is we're in the midst of insurance recovery right now, so I don't want to kind of quantify and put numbers out there just given that. But it's important to note that these issues have been resolved and are now behind us.

首先我要說的是，儘管出現了中斷，我們的利潤率仍然有所提高，電子商務收入強勁，達到 18.8%，實際上增長了 130 個基點，而且客戶滿意度得分實際上沒有出現明顯下降。也就是說，對整個業務造成的干擾實際上體現在兩個關鍵領域。其中之一是我們運行和執行促銷活動和 LTO 的能力出現延遲，這對收入產生了影響。第二，缺乏即時資訊的可見性，影響了我們管理勞動力的能力。我想我想說的是，我們現在正處於保險恢復階段，所以我不想量化並給出數字。但值得注意的是，這些問題已經解決，現在已經成為過去。

So, this is Josh. On loyalty, yes, I mean, loyalty is important to us at Krispy Kreme, particularly given the importance of e-commerce and the level of interaction we have with the brand. We have 15.5 million loyalty members around the world. That's an increase of 18% year-over-year, including 11.5 million in the U.S. You're right, we're looking to improve the loyalty program even further later this year, looking to make it more intuitive and easier to track for customers, and we'll be testing that later this year in the U.S. In the U.K., we have a loyalty program.

所以，這是喬許。關於忠誠度，是的，我的意思是，忠誠度對我們 Krispy Kreme 很重要，特別是考慮到電子商務的重要性以及我們與品牌的互動程度。我們在全球擁有 1550 萬忠誠會員。年比成長 18%，其中美國有 1150 萬人。您是對的，我們希望在今年稍後進一步改進忠誠度計劃，使其更加直觀、更容易跟踪客戶，我們將在今年晚些時候在美國進行測試。在英國，我們有一個忠誠度計劃。

What I was actually referencing in the call was being a part of customer loyalty programs, grocery stores, which have their own loyalty programs and start to become a part of that. That's something to your question that we do want to do more in the U.S. We haven't done too much of that in the U.S. We are speaking to our key account customers about how we can do that. One of the challenges is availability. We are not available in every grocery store in the U.S. with our fresh donuts and have much more broad availability in the U.K. But it's something that we think down the line with DFD will certainly play a role.

我在電話中實際上提到的是成為客戶忠誠度計劃的一部分，雜貨店有自己的忠誠度計劃並開始成為其中的一部分。對於你的問題，我們確實希望在美國做更多的事情。我們在美國還沒有做太多的事情。我們正在與我們的大客戶客戶討論如何做到這一點。挑戰之一是可用性。我們的新鮮甜甜圈並不是在美國的每家雜貨店都能買到，在英國也有更廣泛的供應，但我們認為 DFD 肯定會在這方面發揮作用。

Great. Yes. Understood, it's a different format. I guess I was just wondering if maybe the higher frequency occasion that comes with people go into those partners if it changes how you think about loyalty broadly. But it sounds like you think they're complementary at your own partnership, your own loyalty, and then these partners?

偉大的。是的。明白了，這是一種不同的格式。我想我只是想知道，如果人們進入這些合作夥伴的頻率更高，這是否會改變您對忠誠度的廣泛看法。但聽起來你認為他們在你自己的夥伴關係、你自己的忠誠度上是互補的，那麼這些合作夥伴呢？

Yes, definitely. I mean most of our loyalty programs we manage directly through the retail donut shop sales channel. This starts to add that capability through DSD. And it gives a lot of visibility as well. The U.K. supermarkets use it as a way of communicating with our customers extensively, and certainly, by getting more involved with that, we know we -- the brand Krispy Kreme become more top of mind.

當然是。我的意思是我們的大多數忠誠度計劃都是透過零售甜甜圈店銷售管道直接管理的。這開始透過 DSD 添加該功能。而且它也提供了很多可見性。英國超市將其作為與顧客廣泛溝通的一種方式，當然，透過更多地參與其中，我們知道我們——Krispy Kreme 品牌變得更加受人們關注。

Mr. Joe Evansville, JPMorgan.

喬·埃文斯維爾先生，摩根大通。

In your prepared remarks, I mean, it was looking at the overall footprint, your hub model, and just really trying to evaluate how many DFD accounts you could do through existing hubs. And I guess there's some thought of maybe putting in some more assets in terms of even expanding DFD accounts beyond 15,000. So also in that -- in those remarks, I mean almost kind of dovetailed exactly into McDonald's and the 160 stores or so that you have in Kentucky. So I guess, was there an intention to kind of tie those 2 comments together? I mean, in other words, are you looking at your footprint and your capacity now to potentially prepare for a regional or even national expansion into McDonald's?

在您準備好的發言中，我的意思是，它正在考慮總體足跡、您的中心模型，並且只是真正嘗試評估您可以透過現有中心建立多少 DFD 帳戶。我猜想可能有人會考慮投入更多資產，甚至將 DFD 帳戶擴大到 15,000 個以上。因此，在這些言論中，我的意思是幾乎與肯塔基州的麥當勞和大約 160 家商店完全吻合。所以我想，是否有意圖將這兩則評論連結在一起？我的意思是，換句話說，您現在是否正在考慮自己的足跡和能力，為麥當勞在區域甚至全國範圍內的擴張做好準備？

Yes. So again, what we've learned, John, it's Mike. We love that the test has allowed us to really get deep knowledge of how the QSR channel is going to actually work.

是的。約翰，我們再次了解到，這是麥克。我們很高興這次測試讓我們真正深入了解 QSR 管道的實際運作方式。

And what that does is just unlock just the opportunity from that need state that the consumer is looking it's either a single or they're using gifting that they can compound with it, but it really unlocks the convenience, right, with the drive-thrus that you see in the QSR chain, and we can do that. So what we've really started to look at as the channel is what's the opportunity in that channel within our existing footprint and how could that work and then really push on from that.

這樣做的作用只是從需求狀態中釋放了機會，即消費者正在尋找它是單一的，或者他們正在使用可以與之複合的禮物，但它確實釋放了便利性，對吧，通過得來速您在QSR 鏈中看到的，我們可以做到。因此，我們真正開始關注的管道是，在我們現有的足跡內，該管道有什麼機會，以及如何發揮作用，然後真正推動這一點。

Yes. And regarding McDonald's itself, John, I mean it's a great business, and we're really enjoying working with them. One of the things to remember though is it just behaves like a DFD door for us, with similar sales and profit margins. I mean, in fact, we're selling a limited selection of donuts, but they're the same fresh daily donuts we sell anywhere else. And there's no sort of -- as I mentioned, the sort of cannibalization effect. So for us, we're thinking about learning from that. I mean we've learned, for example, how to deliver over longer distances from our hubs than we've had to do before, whilst maintaining quality and service standards. So it's really proving a valuable test. They've been super collaborative. And as I said a moment ago, we're confident we could serve more McDonald's stores to your point. But it's obviously up to them. We look forward to hearing from them about how they think the test is going.

是的。至於麥當勞本身，約翰，我的意思是這是一家偉大的企業，我們真的很喜歡與他們合作。但要記住的一件事是，它對我們來說就像一扇 DFD 門，具有相似的銷售額和利潤率。我的意思是，事實上，我們出售的甜甜圈選擇有限，但它們與我們在其他地方出售的每日新鮮甜甜圈相同。正如我所提到的，不存在同類蠶食效應。所以對我們來說，我們正在考慮從中學習。我的意思是，例如，我們已經學會瞭如何從我們的樞紐進行比以前更長的距離交付，同時保持品質和服務標準。所以這確實是一個有價值的測試。他們的合作非常出色。正如我剛才所說，我們有信心為更多的麥當勞門市提供符合您要求的服務。但這顯然取決於他們。我們期待聽到他們對測試進展的看法。

Regarding the more broader point that you're making around hubs and spokes, with this level of DFD expansion, it behooves us to start looking ahead to how do we service more and more DFD doors. It's clear with the growth rate we have, whether it's in QSR or other channels in grocery, convenience and indeed, more recently, club and other opportunities, we need to start planning ahead for greater expansion. So we've taken a lot of the learning from McDonald's and sort of realize that by making changes to operating hours, donut processing and packing layouts, delivery windows, and the like, we can get even more from our existing hubs than we even thought was possible before. So we serve about 6,000 DFD doors today. We think we could get to near 12,000 DFD doors just with the existing hubs.

關於您圍繞中心和輻條提出的更廣泛的觀點，隨著 DFD 的這種擴展水平，我們有必要開始展望如何為越來越多的 DFD 門提供服務。很明顯，從我們的成長率來看，無論是快餐業還是雜貨店、便利商店的其他管道，甚至最近的俱樂部和其他機會，我們都需要開始提前規劃更大的擴張。因此，我們從麥當勞學到了很多東西，並意識到，透過改變營業時間、甜甜圈加工和包裝佈局、送貨窗口等，我們可以從現有的​​中心獲得比我們想像的更多的東西以前是可能的。因此，我們今天為大約 6,000 個 DFD 門提供服務。我們認為僅利用現有的樞紐就可以達到近 12,000 個 DFD 門。

Remember, we have about 225 production hubs in the U.S. that we directly own. But we also have 45 franchise-owned hubs that could be a part of that as well. So all in, that represents a great opportunity for us. And so we're really working on how to calculate all that and start to plan for that. And then I mentioned even selectively investing in new hubs. I mean, if we wanted to add on top of that 12,000, let's say, another 8,000 to 10,000 over the years to come as we meet the DFD demand, we think that still only requires a 10% to 15% increase in production hubs itself because we're learning how to make production hubs, purpose-built, with automation, with more production lines to meet this kind of demand. So it's an exciting time to be thinking ahead and thinking about a hub and network of the future rather than worrying about optimizing the hub and spoke network of the past.

請記住，我們在美國直接擁有約 225 個生產中心。但我們還有 45 個特許經營中心也可能成為其中的一部分。總而言之，這對我們來說是一個很好的機會。因此，我們正在真正研究如何計算所有這些並開始為此進行計劃。然後我提到甚至有選擇地投資新的樞紐。我的意思是，如果我們想在未來幾年滿足 DFD 需求時，在 12,000 個基礎上再增加 8,000 到 10,000 個，我們認為仍然只需要生產中心本身增加 10% 到 15%因為我們正在學習如何利用自動化和更多生產線打造專門的生產中心來滿足這種需求。因此，現在是一個令人興奮的時刻，可以提前思考並思考未來的中心和網絡，而不是擔心優化過去的中心和輻射網絡。

Yes, very interesting. And the comment about doubling -- nearly doubling the number of doors served on existing hubs is obviously a very interesting one from just a return on assets perspective. It actually -- the statement reminded me and maybe this vernacular is just going to fade into the past at some point, but hubs with folks, hubs without spokes, you actually -- I think I'm looking at 82 hubs without spokes. Is there -- what is -- and that number has obviously been going down, both year-over-year and I think over a period of years. What's the current thinking around those? I mean, do you want to -- should those hubs actually start to redevelop spokes as you kind of look at markets again, and maybe there are some smaller format or convenience or QSR chains that can turn on the delivery light if you will, that that was an accidental pond. But turn on the delivery of those hubs without spokes might be a nice way to add a sales layer that currently doesn't exist.

是的，非常有趣。僅從資產回報率的角度來看，有關將現有樞紐的服務門數增加一倍的評論顯然是非常有趣的。實際上 - 該聲明提醒了我，也許這種白話會在某個時候消失在過去，但是有人員的集線器，沒有輻條的集線器，實際上 - 我想我正在尋找 82 個沒有輻條的集線器。有沒有——有什麼——這個數字顯然一直在下降，我認為多年來都是逐年下降。目前圍繞這些的想法是什麼？我的意思是，你是否想——當你再次審視市場時，這些中心是否真的開始重新開發輻條，也許有一些較小的格式或便利或QSR 連鎖店可以打開送貨燈，如果你願意的話，那就那是一個意外的池塘。但是，啟用那些沒有輻條的中心的交付可能是添加當前不存在的銷售層的好方法。

I mean our hub network was not originally designed for this kind of opportunity, but what we do know how to do is make a lot of hats. And so we've been learning how to adapt it for the future model. And so these legacy hubs, these hubs without spokes, we continuously go back to them as you say and say, okay, what's the opportunity here? Of course, we want to invest in new hubs. But before we start doing that, what can we do with our existing? And so as you know, for the program we described in our Investor Day in December 2022, since then, we've closed 14 of the hubs without spokes. And we've converted actually, just in the way you described, 17 hubs without spokes to become hubs with spokes.

我的意思是，我們的中心網絡最初並不是為這種機會而設計的，但我們確實知道如何做很多帽子。因此，我們一直在學習如何使其適應未來的模型。因此，這些傳統中心，這些沒有輻條的中心，我們不斷地回到它們，就像你說的那樣，好吧，這裡有什麼機會？當然，我們希望投資新的樞紐。但在我們開始這樣做之前，我們可以用現有的東西做什麼？如您所知，對於我們在 2022 年 12 月的投資者日中所描述的計劃，自那時起，我們已經關閉了 14 個沒有輻條的中心。事實上，正如您所描述的那樣，我們已經將 17 個無輻條的集線器轉換為有輻條的集線器。

And bear in mind, these are ones we didn't necessarily think we're going to work. We didn't think we could make the layouts work, the operating procedures work, the economics work. But we're learning more and more that with the level of sales per door and off-premise sales we can get from DSD, we can make the economics work. Now there comes a point where some of these stores are just not in great locations to support DFD rollout, but still play a role in the local communities, the hot light, and the retail business, the experience for families and our customers going to that local donut shop, still warrants it, particularly in the Southeast. So that legacy of hubs without spokes will likely be with us for a long time to come because they are profitable. Now we've addressed a lot of the nonprofit ones.

請記住，這些是我們不一定認為我們會起作用的。我們認為我們無法使佈局、操作程序、經濟都發揮作用。但我們越來越認識到，憑藉從 DSD 獲得的每門銷售額和場外銷售額水平，我們可以實現經濟效益。現在到了這樣一個階段，其中一些商店的位置並不適合 DFD 的推出，但仍然在當地社區、熱點、零售業務、家庭和客戶的體驗中發揮作用。當地的甜甜圈店，仍然值得一去，特別是在東南部。因此，無輻條中心的遺產可能會在未來很長一段時間內伴隨我們，因為它們是有利可圖的。現在我們已經解決了很多非營利問題。

All the while, you can see that we're adapting our learning and thinking about what's the right kind of hub for this new model, larger areas at the back of the house, even more than one line at the back of the house, more logistics areas, maybe even the location of the hub, you don't want it on Main and Main if you're driving trucks out of the back all night. And so we're learning and adapting. And of course, the opportunity for automation technology to be a part of that as well. So all of those mean that absolutely, the hub is evolving. It's there to support omnichannel, and we're excited about the changes we've made to the legacy and now what we can do to support this growth going forward.

一直以來，你可以看到我們正在調整我們的學習並思考什麼是適合這種新模式的中心，房子後面更大的區域，甚至房子後面不止一條線，更多物流區域，甚至可能是樞紐的位置，如果您整晚都在後面駕駛卡車，那麼您不希望它位於主幹道和主幹道上。所以我們正在學習和適應。當然，自動化技術也有機會成為其中的一部分。因此，所有這些都意味著中心正在不斷發展。它是為了支持全通路，我們對我們對傳統所做的改變以及現在我們可以採取哪些措施來支持這種成長感到興奮。

Maybe if you think about it, the opportunity you were saying, hey, could they build more customers and do that? Our priority is also we've got great customers. We need to continue to figure out how to build out those existing customers. So that's also in balance. How do we do that right? Because we want to be outstanding to all the customers we serve, and that's going to always be one of our priorities as well.

也許如果你想一想，你所說的機會，嘿，他們可以建立更多的客戶並做到這一點嗎？我們的首要任務是擁有優秀的客戶。我們需要繼續弄清楚如何擴大這些現有客戶。所以這也是平衡的。我們如何正確地做到這一點？因為我們希望對我們服務的所有客戶表現出色，這也將始終是我們的首要任務之一。

Yes, you go on McDonald's, but you've got the Krogers and Walmart has some fantastic customers already.

是的，你可以去麥當勞，但克羅格百貨公司和沃爾瑪也已經有了一些出色的顧客。

Yes. Understood. A separate topic, if I can, obviously, UPS driver strike really in the news. Can you -- in that context or outside of that context, talk about your staffing execution, what you guys are doing to kind of attract and retain on the delivery side, specifically for you of how we should be thinking about that going forward?

是的。明白了。一個單獨的話題，如果可以的話，顯然，UPS 司機罷工確實出現在新聞中。您能否－在這種情況下或在這種情況之外，談談您們的人員配置執行情況，你們正在做什麼來吸引和留住交付方，特別是我們應該如何考慮未來的情況？

Again, the difference in our model, right, when we're staffing drivers in our shops, right? It's about 4 to 5 drivers to manage the routes. It's not been a challenge for us to be able to attract. I'm going to make sure that we have the right incentive systems. We can compete in that. The uniqueness of the model is that you're coming in through the front door. It's easy for our drivers to interact with the customer and then they're done by a certain part of the day, right? So it's a unique approach as to how it works and they can have that. So we haven't seen the challenge on that. We'll continue to be attractive to the space. but that's where we continue to see and look at other alternatives as we continue to expand.

再說一遍，當我們在商店配備司機時，我們的模式有所不同，對嗎？大約有 4 到 5 名司機來管理路線。對我們來說，能夠吸引過來並不是一個挑戰。我將確保我們擁有正確的激勵制度。我們可以在這方面競爭。模型的獨特之處在於您是從前門進入的。我們的司機很容易與客戶互動，然後在一天中的某個時間完成，對吧？因此，這是一種獨特的運作方式，他們可以擁有。所以我們還沒有看到這方面的挑戰。我們將繼續對該領域具有吸引力。但這就是我們在繼續擴張的過程中繼續觀察和研究其他替代方案的地方。

Yes. I mean it's not -- things like that are not impacting us significantly today. But again, with this level of growth, we're planning and thinking ahead. Most importantly, fresh quality, local delivered donuts, that's the heart of our DSD model. But as we expand, we are going to need to evaluate alternative models as long as they deliver on these parameters. So we will remain flexible. But for now, they're Krispy Kreme, they're part of our core and doing a great job to get those donuts out to all these new locations as well as our existing partners.

是的。我的意思是，類似的事情今天不會對我們產生重大影響。但同樣，對於這種成長水平，我們正在事先規劃和思考。最重要的是，新鮮品質、本地交付的甜甜圈，這是我們 DSD 模式的核心。但隨著我們的擴展，我們將需要評估替代模型，只要它們能夠提供這些參數。因此我們將保持靈活性。但就目前而言，他們是 Krispy Kreme，他們是我們核心的一部分，並且在將這些甜甜圈帶到所有這些新地點以及我們現有的合作夥伴方面做得很好。

Our next question comes from Jon Tower from Citi.

我們的下一個問題來自花旗銀行的 Jon Tower。

I just quickly wanted to get your thoughts on pricing in the back half of the year. I know you had discussed earlier, Jeremia, that there's a little elasticity that you're seeing as you're taking some of the pricing, but we're certainly hearing from other quick service operators that plans for the back half of the year are to take less pricing, if not 0 pricing. So curious to get your thoughts on later 2023 and into '24, how you're thinking about pricing across the different markets and the different channels for the brand?

我只是想盡快了解您對下半年定價的想法。我知道你之前已經討論過，傑里米，當你採取一些定價時，你會看到有一點彈性，但我們當然從其他快速服務運營商那裡聽到，今年下半年的計劃是採取更低的定價，如果不是0定價。很想知道您對 2023 年晚些時候和 24 年的想法，您如何考慮該品牌在不同市場和不同管道的定價？

Yes, I'll start and then Jeremiah will just get into probably a little bit more in detail. We always look at pricing as a strategic piece because we want to be affordable and to treat in all the markets that we serve. We've seen a lot of really -- not just pricing, but the premiumization of the brand is really sticking as we do fresh either in the DFD business and seeing our customers continue to migrate towards a better product as well as premiumization from partnerships, whether they be the M&M donuts or the Spungsbob in Mexico. What really happens in the pricing strategy is as people migrate because they're getting -- they want to try that new merchant mix, the new products that we have. It allows us to also -- because we're a dozen businesses, have a secondary dozen at a value price. So it really works with us. It's a way of giving back as well. That's been fairly consistent as we've really honed in on our buses model because it capitalizes on gifting and frequency as well.

是的，我會開始，然後耶利米會講得更詳細一些。我們始終將定價視為一個策略部分，因為我們希望價格實惠，並能在我們服務的所有市場中得到滿足。我們確實看到了很多——不僅僅是定價，而且品牌的高端化確實持續存在，因為我們在DFD 業務中做了新鮮事，看到我們的客戶繼續轉向更好的產品以及合作夥伴關係的高端化，無論是 M&M 甜甜圈還是墨西哥的 Spungsbob。定價策略中真正發生的事情是，隨著人們遷移，因為他們想要嘗試新的商家組合，我們擁有的新產品。因為我們有十幾家企業，它也使我們能夠以超值價格擁有第二打企業。所以它確實適合我們。這也是一種回饋的方式。這是相當一致的，因為我們確實在我們的巴士模型上進行了磨練，因為它也利用了禮物和頻率。

Yes, John. I mean it's a great question. Thank you for the question. And for me, price will always play a role in the growth of our portfolio. And the way we're evolving our thinking around pricing is a much broader growth lever than just list price increases. The way we think about it, as Mike kind of just referenced, the premiumization of the portfolio through doughnut offerings, price pack architecture as a lever for us. And then also why we think about and drive efficiency in our promotional and discounting strategies. And so we tend to think about it more holistically. So to your point, we're in the back half of the year, we might come under a bit of pressure around list price increases. There's other levers in our portfolio to kind of drive from a pricing realization standpoint.

是的，約翰。我的意思是這是一個很好的問題。感謝你的提問。對我來說，價格將始終在我們投資組合的成長中發揮作用。我們圍繞定價思考的方式是一個更廣泛的成長槓桿，而不僅僅是標價上漲。我們思考的方式，正如麥克剛才提到的，透過甜甜圈產品、價格包架構來實現投資組合的高端化，作為我們的槓桿。還有為什麼我們考慮並提高促銷和折扣策略的效率。因此我們傾向於更全面地思考它。因此，就您而言，我們正處於今年下半年，我們可能會因標價上漲而面臨一些壓力。從定價實現的角度來看，我們的產品組合中還有其他槓桿可以推動。

That said, we'll continue to evaluate prices every quarter globally while ensuring we're providing an attractive offering to our consumers. And our strategy is to really take price in line with inflation going forward. So you'll continue to see that play out.

也就是說，我們將繼續在全球每季評估價格，同時確保為消費者提供有吸引力的產品。我們的策略是真正讓價格與未來的通膨一致。所以你會繼續看到這種情況的發生。

Got it. And just thinking about the inflation, obviously, you've got another reading this morning. It seems like it's softening quite a bit. So is the interpretation there that you guys are looking at core CPI and saying, all right, that's easing therefore, pricing later this year into '24, certainly lower than what we've been seeing in last 12, 24 months?

知道了。顯然，只要考慮通貨膨脹，今天早上你就會得到另一個讀數。看起來好像軟化了不少。那麼，你們正在關注核心消費者物價指數，並說，好吧，這正在放緩，因此，今年晚些時候進入 24 世紀的定價，肯定低於我們過去 12、24 個月所看到的水平？

Yes. I think for us, we've locked in a lot of the key commodities for the rest of the year with low double-digit inflation on average for the year. Labor is kind of locked in more or less that mid- to high single-digit inflation. As we look forward to 2024, we are seeing some deflation, and we're looking opportunistically to lock in prices at attractive price points. But what I would say is we're still seeing elevated prices in things like sugar, which remain around 5-year highs. And we do expect rough inflation on cartons in the high double digits next year, which is a commodity we actually can't hedge. So we'll continue to need to be flexible with the way we think about pricing even into 2024.

是的。我認為對我們來說，我們已經鎖定了今年剩餘時間的許多關鍵大宗商品，並且今年平均通膨率較低，為兩位數。工黨或多或少被鎖定在中高個位數的通膨水準上。展望 2024 年，我們看到了一些通貨緊縮，我們希望抓住機會將價格鎖定在有吸引力的價格點。但我想說的是，我們仍然看到糖等商品的價格上漲，目前仍處於五年高點左右。我們確實預計明年紙箱的通膨率將高達兩位數，而紙箱是我們實際上無法對沖的商品。因此，即使到 2024 年，我們在定價方面仍需要保持彈性。

Our next question comes from the line of Mr. Brian Mullan from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Brian Mullan 先生。

Just a question on the insomnia business in the U.S. Can you just update us on how the business is doing right now, perhaps give some early thoughts on the pace of growth for next year? And then just related to that, as the brand continues to open at a faster clip, how would you describe the competitive environment in this category? Are you seeing a change in any way? Any thoughts would be great.

只是一個關於美國失眠業​​務的問題。您能否向我們介紹一下該業務目前的最新進展，或許對明年的成長速度提出一些初步想法？與此相關的是，隨著該品牌繼續以更快的速度開業，您如何描述該類別的競爭環境？您是否看到任何變化？任何想法都會很棒。

So the brand is now starting to become more of a mature brand in our business. And they're ramping up, as we talked about, there's about 23 shops in the last 12 months. Our target is to get to 30 or 40 cookie shops and unlock that on a yearly basis and growing from that. So we've seen that opportunity and see a line of sight of that. We continue to invest in our innovation center, which we will be opening up in Philadelphia.

因此，該品牌現在開始成為我們業務中更成熟的品牌。正如我們所說，它們正在不斷增加，過去 12 個月內大約有 23 家商店。我們的目標是每年開設 30 或 40 家餅乾店，並在此基礎上不斷成長。所以我們已經看到了這個機會並看到了它的前景。我們將繼續投資我們將在費城開設的創新中心。

That will really help drive whether it's a limited time offering or anything from a cookie perspective of what should be -- or what the consumer is looking for in the dozens business as well, right? So from that aspect, we have a unique brand in terms of how we compete in the marketplace, right? It's a late-night business started in the college, and we really try to capitalize on that, and we continue to grow from that business. So the competitive set, we think of ourselves again as a gifting and a snacking opportunity. And what we see in the business is it's not just in the college town anymore. We're able to start to break into the cities and the suburbs and that starts to really target where we think the business can be from a TAM as we've identified even in our Investor Day to get to 4,000 bakeries.

這確實有助於推動它是限時產品還是從 cookie 角度來看應該是什麼——或者消費者在數十種業務中尋找什麼，對吧？因此，從這個方面來看，我們在市場競爭方面擁有獨特的品牌，對嗎？這是在大學裡開始的一項深夜生意，我們確實嘗試利用這一點，並且我們繼續從這項業務中成長。因此，在競爭環境中，我們再次將自己視為禮物和零食的機會。我們在這個行業看到的是，它不再只存在於大學城。我們能夠開始打入城市和郊區，並開始真正瞄準我們認為 TAM 可以開展業務的地方，正如我們在投資者日所確定的那樣，將業務擴展到 4,000 家麵包店。

And then just a question on the DSD business. Mike, in the prepared remarks, you spoke to the idea that the QSR channel might also work outside the U.S. as well. Are there any markets that you might already have in mind? I would think it would be logical, maybe places where you already have hubs, but anyway you could elaborate on that comment or just even how much time you might be spending on this opportunity, just where it lies on the priority list. Any thoughts would be great.

然後是關於 DSD 業務的問題。麥克，在準備好的演講中，您談到了 QSR 管道也可能在美國境外運作的想法。您可能已經想到任何市場了嗎？我認為這是合乎邏輯的，也許你已經擁有中心的地方，但無論如何你可以詳細說明該評論，甚至你可能會在這個機會上花費多少時間，就在它位於優先級列表上的位置。任何想法都會很棒。

Right. Again, we're in more than 30 markets around the world. Our priority right now is really getting and honing in on the QSR channel using the U.S. as a big test case because the DFD system that we have works around the world. Those would be natural ones once we prove it and run it in the United States. So we'll be very disciplined about how to do that.

正確的。同樣，我們的業務遍及全球 30 多個市場。我們現在的首要任務是真正進入並磨練 QSR 管道，以美國作為一個大測試案例，因為我們的 DFD 系統在世界各地都有效。一旦我們證明了這一點並在美國運行，這些都是自然的。因此我們對於如何做到這一點將非常嚴格。

And then the same logic would work in a DFD system where we have a route where you're managing multiple customers along the route that could be from different channels if it continues, it's going to work in the markets that we're in. But the focus will be on the U.S.

然後，相同的邏輯將在DFD 系統中發揮作用，在該系統中，我們有一條路線，您可以管理沿路線的多個客戶，這些客戶可能來自不同的管道，如果它繼續下去，它將在我們所在的市場中發揮作用。但是焦點將集中在美國

Our next question will come from the line of Mr. David Palmer from Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 David Palmer 先生。

What was the year-over-year sales growth per U.S. hub in the quarter?

該季度每個美國中心的銷售額年增是多少？

So the sales per hub -- the hubs with spokes was $4.7 million, which was up 9% year-over-year.

因此，每個輪轂（帶輻條的輪轂）的銷售額為 470 萬美元，比去年同期成長 9%。

Great. I thought I saw that on an LTM basis, but that's for the quarter, that's what it was.

偉大的。我以為我在 LTM 的基礎上看到了這一點，但那是本季的情況，就是這樣。

Yes. It's a 12-month figure if you recall. So it's an annualized figure. So we then compare it to the same quarter a year ago, which is again an annualized figure. So it's not a sort of quarter-by-quarter, but 4.7 billion will be the annual sales over the last 12 months, and it's 9% versus the same time a year ago.

是的。如果你還記得的話，這是 12 個月的數字。所以這是一個年化數字。因此，我們然後將其與一年前的同一季度進行比較，這又是一個年化數據。所以這不是按季度計算的，而是過去 12 個月的年銷售額為 47 億美元，比去年同期成長了 9%。

Okay. I'm trying to reconcile things. 16% growth in sales and weekly sales per DFD door in the U.S. And it looks like there was a 14% expansion in the number of DFD doors in the U.S. So does that mean that there's about a 30% sales growth in DFD doors per hub?

好的。我正在努力協調事情。美國每台DFD 門的銷售額和每週銷售額增長了16%。美國的DFD 門數量似乎增長了14%。這是否意味著每個樞紐的DFD 門銷售額增長了約30% ？

Yes. In terms of if you wanted to calculate what's the growth of DSD itself, sales overall. It's about 25% in the quarter. So your math isn't too far off, if that's what you were looking for.

是的。如果你想計算 DSD 本身的成長情況，那就是整體銷售額的成長。本季約為 25%。所以如果你正在尋找的話，你的數學並不會離你太遠。

Yes. And then you had about a 7% reduction in the number of hubs.

是的。然後中心數量減少了大約 7%。

In terms of...

按照...

The number of hubs in the U.S. quarter year-over-year in the quarter.

本季美國各季度的樞紐數量與去年同期相比。

Because of the hubs without spokes, you're thinking. So yes, 225, I think it was. And a year ago, we had 240. Yes, yes.

您可能會想，因為輪圈沒有輻條。所以是的，225，我想是的。一年前，我們有 240 個。是的，是的。

So you had maybe over 30% growth in DFD sales per hub in the U.S., if you take the $25 million and add the 7, right? Because -- and so I'm just wondering that, call it, over 30% growth in DFD sales per hub, how much do you think that added to your to your sales per U.S. hub, is that essentially -- do you think that equals the 9%? Is that more? Is there -- how do we kind of think about that as to just a pure sales per hub contributor that over 30% growth in DFD sales per hub?

那麼，如果您將 2500 萬美元加上 7 個中心，美國每個中心的 DFD 銷售額可能會成長 30% 以上，對吧？因為 - 所以我只是想知道，每個中心的 DFD 銷售額增長超過 30%，您認為這會增加每個美國中心的銷售額多少，本質上是 - 您認為等於9%？那還多嗎？我們如何看待僅每個中心的純銷售額貢獻者每個中心的 DFD 銷售額增長超過 30% 的情況？

Yes. No, this omnichannel model can definitely be complicated, and forgive us for that. I think that one of the challenges is there's retail sales in there and also the hub reductions or hubs without spokes. So the math doesn't quite play out like that. But what we can say is that the expansion of points of access and pricing with the 2 biggest drivers of that growth. The sales per hub growth that you described or indeed the overall organic growth of the business. And so I think that DFD is indeed a big driver of that 9%.

是的。不，這種全通路模式肯定會很複雜，請原諒我們。我認為挑戰之一是那裡的零售額以及樞紐的減少或沒有輻條的樞紐。所以數學並不完全是這樣的。但我們可以說的是，接入點的擴大和定價是成長的兩個最大驅動力。您所描述的每個中心的銷售額成長或實際上是業務的整體有機成長。所以我認為 DFD 確實是這 9% 的重要推動因素。

And indeed, most likely the biggest driver going forward of the sales behold growth that we'll see. I mean because it's an average measure, as we add spokes to the hubs, particularly some of the hubs without spokes that historically we didn't necessarily first go for. We now have learned that we can make them work as well. Some of them only have 1 or 2 routes as well, which actually depresses the sales per hub. So it's all about evolving this system to deliver high growth and flow through to the bottom line. And this KPI that you're picking up on that is just one of the ones that we used to say, are we doing what we said we're going to do at points of access to our hub network? So I'm happy to take it offline and go through all the detail on that math, but that's the main headline I'd love you to walk away with.

事實上，未來銷售的最大推動力很可能是我們將看到的成長。我的意思是，因為這是一個平均衡量標準，因為我們為集線器添加了輻條，特別是一些沒有輻條的集線器，而歷史上我們不一定會先選擇這些集線器。我們現在了解到我們也可以讓它們發揮作用。其中一些也只有 1 或 2 條航線，這實際上降低了每個樞紐的銷售。因此，這一切都是為了發展這個系統，以實現高成長並實現盈利。您所關注的這個 KPI 只是我們過去常說的 KPI 之一，即我們是否在中心網路的存取點上按照我們所說的去做？因此，我很高興將其離線並詳細了解數學的所有細節，但這是我希望您離開時的主要標題。

Our next question comes from the line of Mr. Brian Harbor, Morgan Stanley.

我們的下一個問題來自摩根士丹利的布萊恩哈伯先生。

Yes. Can you talk more about the international segment just because I think that's been the one that's been a little bit slower growing recently? And I think just from other companies, we've seen probably resilient results in some of those markets, although it certainly varies. What do you think is really still needed there to drive faster growth?

是的。您能否多談談國際市場，因為我認為國際市場最近成長有點慢？我認為，僅從其他公司來看，我們已經在其中一些市場中看到了可能具有彈性的業績，儘管情況肯定有所不同。您認為還需要什麼來推動更快的成長？

The success of the brand in our omnichannel business, it continues to play out around the world, as Mike said earlier. I mean, these are specialty donut campaigns, we're seeing successful across the planet. The point of access, expansion of the DFT model is applicable everywhere. And e-commerce is strong everywhere. We're seeing -- for example, Mike mentioned -- Joy mentioned that Canada and Japan, a 30%-plus growth. Actually, our international franchise markets, on average, grew more than 20% last quarter. Company-owned Australia and Mexico grew high single digits in the quarter, and the U.K. was flat. So I think your question is largely a U.K. question. We did actually see really interestingly strong double-digit retail sales growth in the U.K. last quarter, but it was offset by a decline in DFD specifically.

正如麥克之前所說，該品牌在我們全通路業務中的成功將繼續在世界各地發揮作用。我的意思是，這些是專門的甜甜圈活動，我們在全球範圍內看到了成功。接入點、DFT模型的擴充在任何地方都適用。電子商務在各地都很強大。我們看到——例如，麥克提到——喬伊提到加拿大和日本增長了 30% 以上。事實上，上個季度我們的國際特許經營市場平均成長超過 20%。公司旗下的澳洲和墨西哥在本季實現了高個位數成長，而英國則持平。所以我認為你的問題主要是英國的問題。事實上，我們確實看到上個季度英國零售額實現了兩位數的強勁增長，但這一增長被 DFD 的下降所抵消。

That's consistent with what we see as sort of industry-wide trend for reduced supermarket visits. The team is doing a great job there. They're adapting to those conditions. As I mentioned a moment ago, already taken actions to do things in addition to the loyalty card that came up with Sara's question earlier, we're introducing 9 packs and minis to bring more choice to the consumer and indeed broaden the value proposition with that changing macro environment. So I mean the headline to the question is, we do see strong resilient performance across the world. But like with any portfolio of business, you do have ups and downs some time to time that you need to manage. In our case, it's specific to the U.K., and we're confident around the applicability of the model going forward around the world.

這與我們認為的全行業減少超市光顧的趨勢是一致的。該團隊在那裡做得很好。他們正在適應這些條件。正如我剛才提到的，除了Sara 之前提出的問題的會員卡之外，我們已經採取了一些行動，我們將推出9 件裝和迷你裝，為消費者帶來更多選擇，並確實擴大了價值主張宏觀環境變化。所以我的意思是，問題的標題是，我們確實看到世界各地的強勁彈性表現。但與任何業務組合一樣，您有時確實會遇到需要管理的起伏。就我們而言，它是針對英國的，我們對該模型在全球範圍內的適用性充滿信心。

Okay. Could you comment on like roughly -- I think I guess this is a U.S. comment, but how much total price you had in the second quarter? And how much do you think you're going to have in the second half?

好的。你能否粗略地評論一下——我想我猜這是美國的評論，但你第二季的總價格是多少？你認為下半場你會得到多少？

Yes. Brian, I can take that, and thanks for the question. As I mentioned, we took pricing across all our markets. In the U.S. specifically, we took another low single-digit price increase in the quarter. That leaves us to the mid-teens on an annualized basis. And as I mentioned before, with John's question, we'll continue to look at inflation and reflect pricing if we need to.

是的。布萊恩，我可以接受，謝謝你的提問。正如我所提到的，我們對所有市場進行了定價。特別是在美國，本季我們的價格再次出現了個位數的低漲幅。以年計算，我們的收入只剩下十幾歲了。正如我之前提到的，對於約翰的問題，我們將繼續關注通貨膨脹並在需要時反映定價。

(Operator Instructions). Our next question comes from Mr. Bill Chappell, Choice Securities.

（操作員說明）。我們的下一個問題來自 Choice Securities 的 Bill Chappell 先生。

I was wondering, is there a way to quantify the impact of the vendor disruption in the quarter? And I assume it was just on U.S. sales?

我想知道，有沒有辦法量化本季供應商中斷的影響？我想這只是在美國的銷售吧？

Yes. I can take that. And I think Sarah asked a similar question, so apologies if I'm a bit repeating, but just given we're in the midst of an insurance claim against this, I really don't want to kind of quantify. The way I would think about it from a modeling perspective, it did have an impact in revenue as a result of our inability to run promotional activities and get LTOs out timely. And it did have an impact on the EBITDA in the U.S. specifically as we weren't able to see real-time information to manage labor efficiently. What I would say is that outage was roughly 4 to 6 weeks of pain in the U.S. To give you an idea of what that impact would look like over the quarter.

是的。我可以接受。我認為莎拉也問過類似的問題，所以如果我有點重複，我很抱歉，但考慮到我們正在對此進行保險索賠，我真的不想量化。我從建模的角度來看，由於我們無法進行促銷活動並及時推出 LTO，它確實對收入產生了影響。它確實對美國的 EBITDA 產生了影響，特別是因為我們無法看到即時資訊來有效管理勞動力。我想說的是，停電在美國造成了大約 4 到 6 週的痛苦，以便讓您了解本季的影響。

Yes, and we still delivered organic growth and on the fresh business, so more than 150 basis points of margin increase. So it gives you an idea of what could have been. But yes, we're not able to quantify it right now.

是的，我們仍然實現了生鮮業務的有機成長，因此利潤率增加了 150 個基點以上。所以它讓你知道本來會發生什麼。但是，是的，我們現在無法量化它。

Yes. And I guess, the thought process being that you're now talking about full-year guidance at the high end of your range despite that. So I assume that's just us carrying through the next 2 quarters as the issue doesn't happen and what your run rate could have been last quarter. Is that a fair way to look at it?

是的。我想，儘管如此，你現在的思考過程是在你的範圍的高端談論全年指導。因此，我假設這只是我們在接下來的兩個季度中進行的，因為問題沒有發生，而且您上個季度的運行率可能是這樣的。這是一個公平的看待它的方式嗎？

That's exactly how we're thinking about it as well. Should current trends persist. We do anticipate we'll land at the mid-to-high end of our range from a guidance point of view. So that's spot on, Bill. Yes. I mean it's -- the consumer we're seeing is strong, particularly in the U.S. where this impact happened. I mean we talked a lot about the convenience of DFD e-commerce and the love of the specialty donuts. We've seen that trend continue into July. If you saw our M&Ms donut range, which even includes a special premium price, donuts filled with many M&Ms really popular. Again, we're seeing that growth is driven by quite interestingly, the 18- to 24-year-old demographic, a very healthy part of the consumer base, now represents 28% of our sales. And the sweet treat loving heavy QSR spend in digital natives, they've got a lot of confidence in the brand. And that's why I think we talk about momentum on the brand even now.

我們也正是這樣考慮的。目前的趨勢是否持續下去。從指導的角度來看，我們確實預計我們將達到範圍的中高端。所以這是正確的，比爾。是的。我的意思是，我們看到的消費者很強大，特別是在發生這種影響的美國。我的意思是，我們談論了很多關於 DFD 電子商務的便利性和對特色甜甜圈的喜愛。我們看到這種趨勢一直持續到七月。如果您看到我們的 M&M 甜甜圈系列，甚至包含特別優惠的價格，那麼充滿多種 M&M 的甜甜圈非常受歡迎。有趣的是，我們再次看到成長是由 18 至 24 歲的人群推動的，他們是消費者群體中非常健康的一部分，現在占我們銷售額的 28%。數位原住民熱愛甜食，在速食上投入大量資金，他們對這個品牌充滿信心。這就是為什麼我認為我們現在仍在談論該品牌的勢頭。

Got it. And then just also a follow-up on the pricing you talked about mid-single-digit pricing going forward? Is that kind of a net number because you also especially talked about Europe and more multipacks and promotions and stuff like that to address the consumer there. Is that a net? Or will you give some of that back with kind of step-up promotions, particularly in Europe?

知道了。然後是您談論的未來中個位數定價的後續定價？這是一個淨數字嗎？因為您還特別談到了歐洲以及更多的合裝包和促銷活動以及類似的內容，以吸引那裡的消費者。那是網嗎？還是你會透過某種升級促銷活動來回饋一些，特別是在歐洲？

Yes. No. I mean the single-digit pricing in the quarter was relative to the U.S. specifically. We're not expecting to give much of that pricing back. And as we think about it more from a price realization perspective, it's more of a kind of profit impact than you'll see in kind of list price changes with things like price pack architecture just changing the discounting kind of strategies that we have.

是的。不，我的意思是，本季的個位數定價是相對於美國而言的。我們預計不會返還大部分定價。當我們從價格實現的角度更多地考慮它時，它更多地是一種利潤影響，而不是你在清單價格變化中看到的，例如價格包架構只是改變了我們擁有的折扣策略。

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

我們的下一個問題來自 CL King 的 Andrew Wolf 先生。

I have a follow-up on pricing as well, just over the geographic segments. Just putting sort of what you've given us about the U.S. pricing and price realization and comparing it to the sales growth versus the EBITDA growth for international market development and the commentary in the release. It seems pretty evident there's just more pricing power right now in the U.S. Certainly, that's the way your strategy seems to be rolling out. Could you just give us a flavor for the price increases in international and in the market development segments and why they're different seems substantially versus the U.S. in terms of the amount of pricing power?

我也對定價進行了跟進，只是針對地理區域。只是將您向我們提供的有關美國定價和價格實現的信息，並將其與國際市場開發的銷售增長與 EBITDA 增長以及新聞稿中的評論進行比較。很明顯，美國現在的定價能力更強了。當然，這就是你們的策略正在推出的方式。您能否為我們介紹一下國際和市場開發領域的價格上漲情況，以及為什麼它們在定價能力方面與美國相比似乎有很大不同？

We've actually -- it's a great question. Maybe I can tackle the pricing and then Josh can tackle kind of consumer across the different kinds of markets that we see. We have seen aggressive pricing across all of our markets in the second quarter and kind of the high single-digit, low double-digit range. So we actually feel very good about our ability to navigate price increases. We're still offering value to our consumers. And that's kind of the feedback we've been getting so far in the markets that we have taken price in markets like the U.K. So Josh, I don't know if you have any...

我們實際上——這是一個很好的問題。也許我可以解決定價問題，然後喬許可以解決我們所看到的不同類型市場中的消費者問題。我們在第二季度看到所有市場的激進定價，並且在高個位數和低兩位數的範圍內。因此，我們實際上對自己應對價格上漲的能力感到非常滿意。我們仍在為消費者提供價值。這就是我們迄今為止在市場上得到的反饋，我們在英國等市場上進行了定價。所以喬希，我不知道你是否有任何…

Well, I'll say the macro environment is interesting around the world, but only moderately so. By that, I mean, I talked a bit about M&Ms and the success there, but also that we've been deploying that specialty donut strategy around the world. And in fact, the U.K. saw double-digit organic growth in the retail business after a variety of engaging specialty donut programs like the Royal one I mentioned on the call earlier. It really reflects that when we get our execution right when we excite the customer in this low-frequency business, it's still an affordable treat even in the context of price increases.

嗯，我想說的是，世界各地的宏觀環境都很有趣，但只是中等程度。我的意思是，我談了一些 M&M 巧克力豆和那裡的成功，而且我們一直在世界各地部署特色甜甜圈策略。事實上，在實施了各種引人入勝的特色甜甜圈計劃（例如我之前在電話會議中提到的皇家甜甜圈計劃）之後，英國零售業務實現了兩位數的有機增長。這確實反映出，當我們在這種低頻業務中讓客戶興奮時，如果執行得當，即使在價格上漲的情況下，它仍然是一種負擔得起的享受。

I mean, an OG donut still costs $1.79 in the U.S. So you're talking about what's most important is to make sure that people have access and convenience to the brand and are excited about the innovative products we're selling. And we're seeing that, that work across the world and sometimes to extraordinary levels like we just mentioned in Japan and Canada. And we don't see that whether or not pricing was taken in one market versus another is the driver of that success. It's more the implementation of the strategy. We've got a great hot light execution that's really brought alive the business in Japan. We're doing really well with Costco and the club in Canada.

我的意思是，一個 OG 甜甜圈在美國的售價仍然是 1.79 美元。所以你所說的最重要的是確保人們能夠訪問和方便地使用該品牌，並對我們銷售的創新產品感到興奮。我們看到，這種做法在世界各地都發揮作用，有時甚至達到了非凡的水平，就像我們剛才在日本和加拿大提到的那樣。我們並不認為在一個市場相對於另一個市場採取定價是這個成功的驅動力。更多的是戰略的實施。我們的執行力非常出色，真正為日本的業務帶來了活力。我們與 Costco 以及加拿大的俱樂部合作得非常好。

So slightly different reasons, but we don't see pricing power variation as a driver of performance. But overall, your overall general point that in the U.S., when it's worth it, when the programs are exciting, when we bring meaningful innovation and no variety to the brand, we are able to pass on the pricing we must, given the inflationary environment in our commodity group. And so we appreciate that our customers see the value in what we're selling.

原因略有不同，但我們不認為定價能力變動是業績的驅動因素。但總的來說，您的總體觀點是，在美國，當值得時，當計劃令人興奮時，當我們為品牌帶來有意義的創新且沒有多樣性時，考慮到通貨膨脹環境，我們能夠傳遞我們必須的定價在我們的商品組。因此，我們很高興我們的客戶看到了我們所銷售產品的價值。

Yes. The only other thing I'd add is the gifting in the sharing is a global piece. So when people are using that for our brand, it's just a different location, right? So whether it's Mother's Day, whether it's Father's Day, and whatever was happening around the world, that's a great gift that's shared by families, right? So the mindset in our markets is the same, how do we do the dozens, how do we build that? How do you premiumize, how do you make it affordable to the sweet treatment? How do you then complement it? It really is about that discipline of how you make sure the frequency is driven by gifting, et cetera, and then match it over just Green Partners.

是的。我唯一要補充的是，分享中的禮物是全球性的。因此，當人們將其用於我們的品牌時，它只是一個不同的位置，對吧？因此，無論是母親節，還是父親節，無論世界各地發生什麼，這都是家庭分享的一份偉大禮物，對嗎？所以我們市場的心態是一樣的，我們如何做幾十個，我們要如何建立它？如何實現高端化，如何讓甜食療法的價格變得實惠？那你要如何補充呢？這實際上是關於如何確保頻率由禮物等驅動的紀律，然後將其與綠色合作夥伴相匹配。

Okay. And just a last bit of a follow-up, which is sort of also an open question is, given your answer, clearly, I was trying to use 1 or 2 statistics to say, "Hey, this is your competitive set going to the CPI and look at like baked goods and donuts or something like that or QSR away from home seems to be pretty far off." I mean it sounds like you're competing against the divas of the world and various things. So could you just kind of -- I mean, you've mentioned this from time to time, but just how do you look at the competitive set for the -- as you said, for the sort of infrequent occasion of the kind of indulgence that you guys are bringing to market.

好的。後續的最後一點，這也是一個懸而未決的問題是，根據你的回答，顯然，我試圖使用一兩個統計數據來說，「嘿，這是你的競爭組合CPI 以及烘焙食品和甜甜圈之類的東西或離家的QSR 似乎還很遙遠。”我的意思是，聽起來你正在與世界各地的女主角和各種事物競爭。那麼你能不能——我的意思是，你時不時地提到過這一點，但你如何看待競爭環境——正如你所說，對於那種不常見的放縱情況你們正在將其推向市場。

So again, we do look at the competitive set as a broad sweet treat. Our direction is to be the most loved Street brand in the world, right? So the opportunities, if you look specifically at the donut category, right, we don't really focus our energy on a single serve. We actually focus our energy on the dozens of business. We do that and we bring either premiumization with partners recently with M&Ms for example. And the mindset is you can capitalize on occasions, which is the gifting really happens or unique events like Halloween and the holidays or you can just really unlock because your partners have -- they're creating that desire. So when you have an M&M donut, that might be broken in half and these will -- many M&Ms come out. People want to try that, right? So you end up trying to say, how do I maximize that opportunity? And it is about people will still have a sweet treat. We just want to be in our affordable indulgent space, sweet treat space. We want to be there when they're making that decision.

所以，我們再次將競爭環境視為一種廣泛的甜蜜享受。我們的方向是成為世界上最受歡迎的街頭品牌，對嗎？因此，如果你專門關注甜甜圈類別，我們並沒有真正將精力集中在單一服務上。我們實際上把精力集中在幾十個業務上。我們這樣做了，並且最近與合作夥伴一起帶來了高端化，例如 M&M 巧克力豆。我們的心態是，你可以利用各種場合，例如真正發生的送禮或萬聖節和假期等獨特的活動，或者你可以真正解鎖，因為你的伴侶已經——他們正在創造這種願望。因此，當你有一個 M&M 甜甜圈時，它可能會被分成兩半，然後就會出現許多 M&M 甜甜圈。人們想嘗試一下，對吧？所以你最終想說，我如何最大限度地利用這個機會？這是關於人們仍然會享受到甜蜜的享受。我們只想待在我們負擔得起的放縱空間、甜蜜的空間。當他們做出決定時，我們希望在場。

Thank you. I will now turn the call over to Mr. Mike Tattersfield for closing remarks. Please go ahead.

謝謝。現在我將把電話轉交給麥克·塔特斯菲爾德先生做總結發言。請繼續。

Appreciate everybody being on the call. I always want to talk and thank our Krispy Kremeers have been doing an incredible job. And I also want to be a little bit of reflection and make sure that folks keep their thoughts and minds on the folks in Maui and any of our Krispy Kreme family that might have been impacted there and see what type of support Krispy Kreme might be able to do. Thank you.

感謝大家來電。我總是想談談並感謝我們的 Krispy Kremeers 所做的令人難以置信的工作。我還想進行一點反思，確保人們關注毛伊島的人們以及可能受到影響的 Krispy Kreme 家族，看看 Krispy Kreme 能夠提供哪種類型的支持去做。謝謝。

Ladies and gentlemen, that concludes today's call. Thank you all for joining. You may now disconnect.

女士們、先生們，今天的電話會議到此結束。感謝大家的加入。您現在可以斷開連線。