Krispy Kreme Inc (DNUT) 2024 Q1 法說會逐字稿

Thanks for standing by. My name is Audra, and I will be your conference operator today. At this time, I'd like to welcome everyone to the Krispy Kreme first-quarter 2024 earnings call.

感謝您的支持。我叫奧德拉，今天我將擔任你們的會議操作員。此時此刻，我謹歡迎大家參加 Krispy Kreme 2024 年第一季財報電話會議。

I would now like to turn the call over to Alexandre Eldredge, Krispy Kreme Investor Relations. Please go ahead.

我現在想將電話轉給 Krispy Kreme 投資者關係部的 Alexandre Eldredge。請繼續。

Thank you. Good morning, everyone. Welcome to Krispy Kreme's first-quarter 2024 earnings call. Thank you for joining us today. We will be referencing our earnings release and presentation during the call. These are available on our Investor Relations website at investors.krispykreme.com. Joining me on the call this morning are President and Chief Executive Officer, Josh Charlesworth; and Chief Financial Officer, Jeremiah Ashukian. After prepared remarks, there will be a question-and-answer session.

謝謝。大家，早安。歡迎參加 Krispy Kreme 的 2024 年第一季財報電話會議。感謝您今天加入我們。我們將在電話會議期間參考我們的收益發布和演示。這些資訊可在我們的投資者關係網站 Investors.krispykreme.com 上找到。今天早上與我一起參加電話會議的是總裁兼執行長喬許‧查爾斯沃思 (Josh Charlesworth)；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, 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 for the year ended December 31, 2023, and in the other filings 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有重大差異。這些因素以及其他風險和不確定性在公司向 SEC 提交的截至 2023 年 12 月 31 日的年度 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 are 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 our first-quarter 2024 earnings press release and Form 8-K filed today with SEC and is also available at our investors.krispykreme.com website.

今天發表的前瞻性陳述僅截至今天為止。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 指標之間的調節可以在我們今天向SEC 提交的2024 年第一季收益新聞稿和8-K 表格中找到，也可以在我們的Investors.krispykreme.com 網站上找到。

Jeremiah will take us through our financial performance in a moment, but first, here's Josh.

耶利米稍後將向我們介紹我們的財務業績，但首先請介紹喬希。

Good morning, everyone. Thank you for joining us. We had a strong first quarter. Our strategy of making fresh Krispy Kreme doughnuts more available around the world is working. Excitement for our fresh Krispy Kreme doughnuts has never been higher. This photo is from our recently opened the Hot Light Theater in France, where Parisians lined up, some waiting overnight, for their first ever hot, original-based doughnut fresh off the line.

大家，早安。感謝您加入我們。我們第一季表現強勁。我們讓世界各地更容易買到新鮮 Krispy Kreme 甜甜圈的策略正在發揮作用。人們對我們新鮮的 Krispy Kreme 甜甜圈的興奮程度從未如此高漲。這張照片來自我們最近在法國開業的熱光劇院，巴黎人在那裡排隊，有些人甚至徹夜等待，等待他們第一個剛下線的熱騰騰的原創甜甜圈。

I was able to join our team members in Paris who are doing a great job spreading the joy that is Krispy Kreme, not just to eat, but to share and give to others. I wish to thank all our hardworking Krispy Kremers who get it done every day in now 39 countries around the world.

我能夠加入我們在巴黎的團隊成員，他們在傳播 Krispy Kreme 的快樂方面做得非常出色，不僅僅是為了吃，而是為了分享和給予他人。我要感謝所有辛勤工作的 Krispy Kremers，他們每天都在全球 39 個國家完成這項工作。

Let me summarize today's key messages. First-quarter organic revenue growth exceeded expectations of 6.7% year over year with strong consumer demand and increased sales through digital channels fueling the results. We're increasing the pace of expansion as we make our fresh doughnuts more available around the world. In Q1, we grew our points of access for Krispy Kreme fresh doughnuts by 19.4% year over year. We recently launched in France, and we've announced our expansion into Brazil and Germany.

讓我總結一下今天的關鍵訊息。第一季有機收入年增超過預期 6.7%，強勁的消費者需求和數位通路銷售額的增加推動了業績成長。我們正在加快擴張步伐，讓我們的新鮮甜甜圈在世界各地更容易買到。第一季度，我們 Krispy Kreme 新鮮甜甜圈的訪問點同比增長了 19.4%。我們最近在法國推出，並宣布擴展到巴西和德國。

In the US, we expect to add 15,000 points of access by the end of 2026. We're accelerating into more grocers and convenience stores. We're excited about our national rollout with McDonald's, which is expected to add more than 12,000 new points of access alone. And we're reaffirming our guidance for the full year with 6% to 8% organic revenue growth expected to translate into adjusted EBITDA expansion of 8% to 11%. This reflects our intent to drive increasingly profitable growth from our hub and spoke operating model. Let's double click into each of these topics.

在美國，我們預計到 2026 年底將增加 15,000 個接入點。我們對與麥當勞一起在全國範圍內推出感到興奮，預計僅麥當勞就將增加超過 12,000 個新的訪問點。我們重申全年的指導方針，預計有機收入將增長 6% 至 8%，這將轉化為調整後 EBITDA 將增長 8% 至 11%。這反映了我們透過軸輻式營運模式推動利潤不斷增長的意圖。讓我們雙擊這些主題中的每一個。

In the first quarter, engagement with the brand hit all-time highs. We had a record 17.6 billion media impressions, nearly triple the same quarter last year. We launched planned initiatives like our St. Patrick's Day specialty doughnut collection and nimbly responded to spontaneous events such as the AT&T cell phone outage when we offered free doughnuts to those impacted.

第一季度，品牌的參與度創下歷史新高。我們的媒體曝光量達到創紀錄的 176 億次，幾乎是去年同一季度的三倍。我們推出了有計劃的舉措，例如聖派翠克節特色甜甜圈系列，並靈活應對 AT&T 手機中斷等自發性事件，向受影響的人提供免費甜甜圈。

Krispy Kreme's fresh and innovative doughnuts continue to resonate with our customers, especially on celebratory occasions. For example, our Valentine's Day specialty doughnut collection available in 33 countries led to our biggest sales day ever. Sales through digital channels, including for delivery and pick-up increased by 26% in the quarter. And we're excited about our recently launched new and improved loyalty program in the US, which has been very well received. So much so, at one point, our app became the number one download on the app store last week.

Krispy Kreme 的新鮮和創新甜甜圈繼續引起客戶的共鳴，尤其是在慶祝場合。例如，我們在 33 個國家/地區銷售的情人節特色甜甜圈系列促成了我們有史以來最大的銷售日。本季透過數位管道（包括送貨和提貨）的銷售額成長了 26%。我們對最近在美國推出的新的和改進的忠誠度計劃感到非常興奮，該計劃受到了廣泛好評。以至於我們的應用程式一度成為上週應用程式商店下載量第一的應用程式。

Following our recent announcement to provide fresh doughnuts daily at McDonald's restaurants in the US, we have raised our long-term global points of access goal from 75,000 to 100,000 to improve the quick service restaurant opportunity. Our pace of expansion is also accelerating. For the past three years, our global points of access grew by an average 19% per year to just over 14,000 by the end of 2023.

繼我們最近宣佈在美國的麥當勞餐廳每天提供新鮮甜甜圈之後，我們將長期全球接入點目標從 75,000 個提高到 100,000 個，以改善快餐店的機會。我們的擴張步伐也在加快。過去三年，我們的全球接入點平均每年增長 19%，到 2023 年底達到略高於 14,000 個。

Looking ahead, we expect fresh Krispy Kreme doughnuts to be available in 33,000 points of access already by the end of 2026. We expect this growth to be driven by a combination of both existing and new customers as well as new market expansion. For example, our nationwide rollout to McDonald's in the US gives us the opportunity to add distribution at other major customers such as Walmart, which still only lists us in about 25% of their stores, and Target with whom we have already agreed to expand our presence.

展望未來，我們預計到 2026 年底，新鮮的 Krispy Kreme 甜甜圈將在 33,000 個銷售點提供。例如，我們在美國麥當勞的全國推廣使我們有機會增加在其他主要客戶的分銷，例如沃爾瑪，該公司仍然只在其約25% 的商店中列出我們的產品，而我們已經與塔吉特同意擴大我們的分銷範圍。

In new markets, our upcoming expansion into Germany, France, and Brazil provide opportunities for thousands more points of access, and we expect to continue opening three to five new markets per year. Still, we do expect that the US will be the biggest driver of our profitable expansion. The recently announced agreement with McDonald's is expected to bring Krispy Kreme to more than 12,000 of their US restaurants by the end of 2026.

在新市場中，我們即將擴展到德國、法國和巴西，為數千個接入點提供了機會，我們預計每年將繼續開放三到五個新市場。儘管如此，我們確實預期美國將成為我們獲利擴張的最大推動力。最近宣布與麥當勞達成的協議預計到 2026 年底將 Krispy Kreme 帶到其美國 12,000 多家餐廳。

We'll provide three of our most popular doughnuts fresh every day. The iconic original glazed, chocolate ice with sprinkles, and chocolate ice cream filled. They will be available individually and in boxes of six. McDonald's is making them available in restaurant, by drive through, and on their mobile app. This follows a successful test of more than a 160 McDonald's restaurants in the Lexington and Louisville, Kentucky areas, where consumer excitement and demand exceeded expectations.

我們每天都會提供三種最受歡迎的新鮮甜甜圈。標誌性的原始釉面巧克力冰，撒有巧克力屑，還有巧克力冰淇淋。它們可以單獨出售，也可以六件一盒出售。麥當勞正在餐廳、汽車餐廳和行動應用程式上提供這些服務。此前，在肯塔基州列剋星敦和路易斯維爾地區的 160 多家麥當勞餐廳進行了成功測試，消費者的興奮程度和需求超出了預期。

We are partnering with McDonald's on a phased rollout through to the end of 2026, which we expect to begin before the end of this year. We anticipate nearly tripling our US points of access over the next three years from 7,775 today to more than 22,000 by the end of 2026. Much of the national rollout can happen using existing capacity, but we will also invest in our business to increase production hubs with spokes.

我們正在與麥當勞合作，在 2026 年底前分階段推出，預計今年年底前開始。我們預計在未來三年內，我們的美國接入點將增加近兩倍，從現在的7,775 個增加到2026 年底的22,000 多個。將投資於我們的業務以增加生產中心帶輻條。

We expect to do this in a couple of ways. We'll add approximately 30 new hubs, which will be optimized for the needs of our delivered fresh daily network. We'll also convert about 20 existing hubs that do not currently have Spokes to make them able to fully support our DFD expansion. In all, we expect to have just over 200 hubs with folks by the end of 2026. This point of access expansion will allow increased utilization of our production hubs and increased distribution density on our delivery routes.

我們希望透過幾種方式來做到這一點。我們將增加約 30 個新樞紐，這些樞紐將針對我們每天交付的新鮮網路的需求進行最佳化。我們還將改造大約 20 個目前沒有 Spoke 的現有集線器，使它們能夠完全支援我們的 DFD 擴充。總而言之，到 2026 年底，我們預計將擁有超過 200 個中心。

This means that we expect to get more points of access from the same production hub. Currently, our 154 hubs with spokes each serve on average 47 points of access in the US We expect this to increase to over 100 by 2026. The impact is best explained with a couple of examples. In Philadelphia, the productivity benefits of a more mature hub and spoke model are expected to bring margin accretive growth. And in Minneapolis, where we don't currently sell doughnuts, we have the chance to be fully optimized from the start. We have a tremendous opportunity ahead of us and I'm excited to partner with our teams to capitalize on this growth potential.

這意味著我們希望從同一生產中心獲得更多訪問點。目前，我們的 154 個帶有輻條的中心平均為美國 47 個接入點提供服務。在費城，更成熟的中心輻射模型的生產力優勢預計將帶來利潤成長。在明尼阿波利斯，我們目前不銷售甜甜圈，我們有機會從一開始就進行全面優化。我們面臨著巨大的機遇，我很高興與我們的團隊合作，充分利用這一成長潛力。

Now, I will turn it over to Jeremiah to talk more about the US business expansion opportunity and our overall financial performance.

現在，我將把它交給耶利米更多地談論美國業務的擴張機會和我們的整體財務表現。

Thanks, Josh, and good morning, everyone. I wanted to start by illustrating the anticipated financial impact of adding up to 15,000 points of access to our US business. What you see here on this chart is a range of increases on key financial metrics in the US business on an annualized basis. From a growth perspective, we expect that the addition of 14,000 to 15,000 points of access would result in roughly $340 million to $430 million in annualized incremental revenue and $70 million to $100 million of additional adjusted EBITDA creating significant operating leverage on the existing business.

謝謝，喬什，大家早安。我想先說明增加 15,000 個訪問點對我們美國業務的預期財務影響。您在此圖表中看到的是美國企業關鍵財務指標按年計算的一系列成長。從成長角度來看，我們預計增加14,000 至15,000 個接入點將帶來約3.4 億至4.3 億美元的年增量收入，以及7,000 萬至1 億美元的額外調整後EBITDA，從而對現有業務產生顯著的營運槓桿。

Now, I'll discuss our first-quarter results. We outperformed expectations as organic revenue grew 6.7%, adjusted EBITDA increased 5.9%, and we maintained positive operating leverage in the quarter, holding adjusted EBITDA margin steady at 13.1%.

現在，我將討論我們第一季的業績。我們的表現超出預期，有機收入成長 6.7%，調整後 EBITDA 成長 5.9%，本季我們維持正營運槓桿，調整後 EBITDA 利潤率穩定在 13.1%。

Turning to our US segment results, organic revenue increased 7.4% despite weather disruptions to the business in January. Additionally, we continue to see strong growth in availability as points of access increased 17.5%. We have also improved the quality of points of access by adding another 96 secondary display cabinets to high traffic grocery doors.

轉向我們的美國部門業績，儘管 1 月份業務受到天氣影響，但有機收入仍增長了 7.4%。此外，我們繼續看到可用性的強勁增長，訪問點增加了 17.5%。我們還透過在人流量大的雜貨店門口添加另外 96 個輔助展示櫃，提高了入口點的品質。

This takes us to 303 total grocery cabinets across the US We have seen these add up to 70% incremental sales to a DFD door. The slight decline in average revenue per door was driven by a mix impact of the customer base with smaller grocery customers such as Save Mart being added in the quarter, while underlying door performance remains healthy helped by the launch of Minis.

這使我們在美國總共有 303 個雜貨櫃，我們發現這些櫃子的數量加起來使 DFD 門的銷售額增加了 70%。每門平均收入略有下降是由於客戶群的綜合影響，本季度增加了 Save Mart 等小型雜貨客戶，而 Mini 的推出幫助基本門業績保持健康。

In turn, this drove a 6.5% increase in sales per hub to $4.9 million, up from $4.6 million in the prior year. This improvement drove increased utilization across the network, which was a key factor in delivering 70 basis points of adjusted EBITDA margin expansion year-over-year to 14.4%.

反過來，這使得每個樞紐的銷售額從上一年的 460 萬美元成長了 6.5%，達到 490 萬美元。這項改進推動了整個網路利用率的提高，這是調整後 EBITDA 利潤率年增 70 個基點至 14.4% 的關鍵因素。

The international segment now reflects all of the equity-owned international markets as we move the company-owned Canadian and Japanese businesses into the international segment from the market development segment. Organic revenue grew 9.8% with all markets in growth, driven by record points of access growth of nearly 24% alongside successful marketing activations.

隨著我們將公司擁有的加拿大和日本業務從市場開發部門轉移到國際部門，國際部門現在反映了所有股權擁有的國際市場。受創紀錄的近 24% 的訪問點增長以及成功的營銷活動的推動，有機收入增長了 9.8%，所有市場都在增長。

From an adjusted EBITDA perspective, we also saw all markets expand margins in the quarter outside of the UK market. Overall adjusted EBITDA increased 8.2%, resulting in a margin decline of 50 basis points to 16.5%. We have a holistic intervention plan in place for the UK and have rationalized parts of our manufacturing network to improve utilization.

從調整後的 EBITDA 角度來看，我們也看到除英國市場之外的所有市場本季的利潤率均有所擴大。調整後 EBITDA 整體成長 8.2%，導致利潤率下降 50 個基點至 16.5%。我們為英國制定了整體幹預計劃，並對部分製造網絡進行了合理化，以提高利用率。

Similar to the US segment, average revenue per door was driven by mix of customers as we continue to expand into the convenience channel, including OXXO in Mexico and Tesco Express in the UK, which naturally has a lower revenue per door. Market development is now solely comprised of our franchise businesses, both domestically in US and internationally. Within the segment, organic revenue declined 14.1%, which was driven by timing of equipment sales versus the prior year.

與美國市場類似，隨著我們繼續向便利管道擴張，每門平均收入是由客戶組合驅動的，包括墨西哥的 OXXO 和英國的 Tesco Express，後者的每門收入自然較低。市場開發現在僅由我們的特許經營業務組成，無論是在美國國內還是國際上。在該部門內，有機收入下降了 14.1%，這是由於設備銷售時間與前一年相比所致。

Adjusted EBITDA in this segment expanded 900 basis points to 54.1%, again largely linked to lower equipment sales, which are lower margin revenues. For the first quarter, we delivered $0.07 in adjusted earnings per share. The higher depreciation and amortization in the quarter reflects the investments associated with the expansion of our hub and spoke network. The negative cash flow from operations in the first quarter reflected our strategy to reduce the reuse of vendor financing. This is now largely complete. We are still aiming to be cash flow positive in 2024. We also continue to have a healthy balance sheet with access to liquidity to fuel our growth agenda.

該部門調整後的 EBITDA 成長了 900 個基點，達到 54.1%，這很大程度上與設備銷售下降有關，而設備銷售的利潤率較低。第一季度，我們實現調整後每股收益 0.07 美元。本季較高的折舊和攤提反映了與我們的中心輻射網路擴張相關的投資。第一季營運產生的負現金流反映了我們減少供應商融資重用的策略。現在已經基本完成了。我們的目標仍然是在 2024 年實現正現金流。 我們也繼續擁有健康的資產負債表，並獲得流動性來推動我們的成長議程。

Today, we are reaffirming our full year outlook. We have good momentum heading into the second quarter, but are mindful of some consumer softness in the current market, which is impacting discretionary spend. While investing in our US expansion, including start-up costs for the McDonald's national rollout, we expect to deliver positive operating leverage.

今天，我們重申全年展望。我們進入第二季的勢頭良好，但注意到當前市場的一些消費者疲軟，這正在影響可自由支配支出。在投資我們的美國擴張（包括麥當勞全國推廣的啟動成本）的同時，我們預計將帶來積極的營運槓桿。

Similarly, we anticipate incremental investments to open the new hubs Josh referenced earlier and expect to trend towards the high end of the range on capital expenditures in 2024. We anticipate this to continue in 2025 and 2026 before trending towards 6% thereafter. As it relates to the second quarter of 2024, we expect to deliver net revenue growth of 6% to 8% and adjusted EBITDA growth of 8% to 10%.

同樣，我們預計將增加投資以開設 Josh 之前提到的新樞紐，並預計在 2024 年資本支出將趨於高端。 我們預計這種情況將在 2025 年和 2026 年持續下去，然後趨向於 6%。就 2024 年第二季而言，我們預計淨收入將成長 6% 至 8%，調整後 EBITDA 將成長 8% 至 10%。

We will continue to closely monitor and adapt to changes in the market and uncertainty in the consumer environment and remain confident in our ability to drive operating leverage consistently throughout 2024.

我們將繼續密切監控和適應市場變化和消費者環境的不確定性，並對我們在 2024 年持續提高營運槓桿的能力保持信心。

With that, I will turn it over to Josh for his closing remarks.

接下來，我將把它交給喬許（Josh）做總結發言。

Thanks, Jeremiah. In summary, we are expanding availability by adding high quality productive points of access, driving operating leverage through the efficiency of our operating model and maximizing capital return, both by leveraging existing capacity and making selective investments in geographies, which have limited access to Krispy Kreme today. All in, I look forward to us building a bigger and better Krispy Kreme in the years ahead.

謝謝，耶利米。總而言之，我們正在透過增加高品質的生產接入點來擴大可用性，透過我們的營運模式的效率來提高營運槓桿，並透過利用現有產能和在Krispy Kreme 訪問受限的地區進行選擇性投資來最大化資本回報今天。總而言之，我期待我們在未來幾年能打造更大、更好的 Krispy Kreme。

Operator, let's now open it up to Q&A, please.

接線員，現在請開始問答。

Thank you. We will now begin the question-and-answer session. (Operator Instructions) Sara Senatore, Bank of America.

謝謝。我們現在開始問答環節。 （操作員指令）Sara Senatore，美國銀行。

So I guess I wanted to -- you mentioned McDonald's. I guess I wanted to dive in there a little bit. I have a few questions. So one is if you could just clarify what impact, if any, you're including from that partnership either on top line or as I think about G&A, I think you've invested ahead of that partnership rolling out. How to think about that growth going forward or sort of the big upfront cost behind you or how many quarters perhaps should we expect to see sort of outsized G&A growth ahead of revenue growth? So just that sort of broader view on the McDonald's partnership implications for your P&L.

所以我想我想——你提到了麥當勞。我想我想深入那裡一點。我有幾個問題。因此，一個問題是，如果您能澄清一下您從該合作夥伴關係中獲得的影響（如果有的話），無論是在頂線還是在我對一般行政費用的考慮中，我認為您在該合作夥伴關係推出之前就已經進行了投資。如何考慮未來的成長或背後的巨大前期成本，或者我們應該預計在收入成長之前幾季才能看到巨額的一般費用成長？因此，對麥當勞合作關係的更廣泛看法對您的損益表的影響。

We are collaborating with McDonald's to build a detailed rollout plan and anticipate the launch to start in the tail end of 2024. So from a revenue impact, we do expect that to be fairly minimal this year. What I would say with respect to cost, we are, as you mentioned, in the investment phase now and are incurring start-up costs and SG&A and OpEx. We're not disclosing exactly how much we're spending on that, but we are pleased that we can reaffirm our guidance assuming those costs are in our business beginning in Q1.

我們正在與麥當勞合作制定詳細的推出計劃，並預計將於 2024 年底開始推出。關於成本，我想說的是，正如您所提到的，我們現在處於投資階段，並且正在產生啟動成本、SG&A 和營運支出。我們沒有具體透露我們在這方面的支出，但我們很高興能夠重申我們的指導，假設這些成本從第一季開始就屬於我們的業務。

And then just the follow-up question on that is I know some of the concerns or some of the questions around McDonald's have to do with sort of overlap with your existing distribution, points of access. Can you maybe assuage some of those and talk about what, if anything, you saw during your test with respect to cannibalization?

接下來的問題是，我知道圍繞麥當勞的一些擔憂或一些問題與您現有的分銷、訪問點的重疊有關。您能否安撫其中一些人，並談談您在測試期間看到的有關蠶食的情況（如果有的話）？

I know in the past, I think you said, that doesn't seem to be really an issue, because you're sort of underpenetrated. But anything that you saw, regarding your existing POAs, in Kentucky and what happened when you launched McDonald's?

我知道在過去，我想你說過，這似乎不是一個真正的問題，因為你的滲透力還不夠。但是，關於您在肯塔基州現有的 POA，您看到了什麼，以及當您推出麥當勞時發生了什麼？

Yes. I mean, we've done a bit of work around the incrementality of this, and we believe, we expect to see strong incrementality of around 85%. That's what you see in kind of the chart we presented this morning reflects that, which will be a mix of higher incrementality in brand new markets, but obviously a little bit lower incrementality in existing markets.

是的。我的意思是，我們已經圍繞這個增量做了一些工作，我們相信，我們預計會看到 85% 左右的強勁增量。這就是我們今天早上提供的圖表中所看到的，這反映了這一點，這將是全新市場中較高增量的組合，但現有市場中的增量顯然會稍低一些。

John Ivankoe, JPMorgan.

約翰‧伊凡科，摩根大通。

Few questions if I may. At first, as you begin to kind of have plans for overall relatively national penetration. Are you beginning to have conversation with taking various major grocery and other types of national accounts on a national basis? In other words, as you begin to have the capacity to go into McDonald's, do you expect it to have a number of different simultaneous agreements with other national type both larger and smaller format retailers?

如果可以的話，我想問幾個問題。首先，當你開始製定總體相對全國滲透的計劃時。您是否開始討論在全國範圍內統計各種主要雜貨店和其他類型的國民帳戶？換句話說，當您開始有能力進入麥當勞時，您是否期望它與其他全國性大型和小型零售商同時簽訂許多不同的協議？

Yes. By distributing to almost every McDonald's in the country, this does indeed give us the opportunity to profitably add distribution with other major customers, both existing customers that we are under penetrated in and indeed new ones. And I think the conversations that we've had with them since the announcement have largely been positive, because they can see that we're able to build out our operating model, on a national scale and therefore serve them, nationally. I mean, it's going to be really exciting to bring, Krispy Kreme to Minneapolis, for example, the home of Target or to bring Krispy Kreme to Walmart in Arkansas.

是的。透過向全國幾乎所有麥當勞進行分銷，這確實使我們有機會增加與其他主要客戶的分銷，從而實現盈利，這些客戶包括我們正在滲透的現有客戶和新客戶。我認為自宣布以來我們與他們進行的對話在很大程度上是積極的，因為他們可以看到我們能夠在全國範圍內建立我們的運營模式，從而在全國範圍內為他們服務。我的意思是，將 Krispy Kreme 帶到明尼阿波利斯（例如 Target 的總部）或將 Krispy Kreme 帶到阿肯色州的沃爾瑪將非常令人興奮。

So, these are things we haven't done up to now, and we're really excited to do that. And so, yes, the data, that we shared today and our goal, of getting to 15,000 points of access in the US by 2026, obviously includes expansion beyond, McDonald's as a result.

所以，這些是我們到目前為止還沒有做過的事情，我們很高興能做到這一點。因此，是的，我們今天分享的數據和我們的目標是到 2026 年在美國建立 15,000 個訪問點，顯然包括麥當勞以外的擴張。

And it does remind me that I actually have two more questions. As you guys kind of think about the overall size of the doughnut market or sweet treat market, I mean, you obviously have a lot of interesting insights both at your current employer and also previous employers. But how big of a prize, do you think the US Krispy Kreme market really is? I mean, you can obviously, if you look at it as a percentage of doughnut sales, you could argue that Krispy Kreme share gets to be very, very high kind of in the out years, but is the price something materially, bigger than doughnut sales? How are you defining the overall TAM at this point?

它確實提醒我，我實際上還有兩個問題。當你們思考甜甜圈市場或甜食市場的整體規模時，我的意思是，你們顯然對現在的雇主和以前的雇主有很多有趣的見解。但您認為美國 Krispy Kreme 市場到底有多大價值呢？我的意思是，顯然，如果你將其視為甜甜圈銷售額的百分比，你可能會說Krispy Kreme 的份額在未來幾年會變得非常非常高，但價格是否比甜甜圈實質上更大銷售量？此時您如何定義總體 TAM？

Well, I think, today, we brought, a really good insight on the incremental revenue we expect out to 2026. Jeremiah shared $340 million to $430 million revenue reflecting 15,000 points of access goal. We actually following the announcement of McDonald's that gave us insight on the QSR opportunity overall. We've continued to appreciate the opportunity to access these national accounts you referenced at the beginning of this discussion. So, we've said we believe we can get about 30,000 points of access in the long run.

嗯，我認為，今天我們帶來了關於我們預計到 2026 年增量收入的非常好的見解。事實上，我們一直在關注麥當勞的公告，這讓我們對 QSR 機會有了全面的了解。我們仍然很高興有機會存取您在討論開始時提到的這些國民帳戶。因此，我們說過，我們相信從長遠來看，我們可以獲得大約 30,000 個訪問點。

Regarding the share of market and what have you, we're still actually a relatively small player with sharing the low-teens in grocery stores today. And so, there's plenty of upside for us because we are the best donor in the market. It's an awesome experience. We're constantly innovating, constantly bringing excitement to the brand and we're fresh, fresh daily. It's a really unique positioning.

就市場份額和你擁有的東西而言，我們實際上仍然是一個相對較小的參與者，今天在雜貨店中分享青少年的產品。因此，我們有很多好處，因為我們是市場上最好的捐助者。這是一次很棒的經驗。我們不斷創新，不斷為品牌帶來驚喜，我們每天都充滿新鮮感。這是一個非常獨特的定位。

So, yes, absolutely. We want to take share from those who aren't able to bring such an exciting brand and product to the consumer.

所以，是的，絕對是。我們希望從那些無法將如此令人興奮的品牌和產品帶給消費者的人們身上分得一杯羹。

Did you address kind of the current test and experience with Ryder handling your last mile distribution? I think it's in DC and LA, kind of positives and negatives, and I guess at this point, what would keep you to perhaps making that an overall system wide decision?

您是否談到了 Ryder 處理最後一英里配送的當前測試和經驗？我認為這是在華盛頓和洛杉磯，有積極的一面，也有消極的一面，我想在這一點上，是什麼讓你能夠做出整個系統範圍的決定？

No. It's a good question. Actually, I was just up with the Krispy Kremers and the Ryder team in DC myself riding the routes. And what I could see was that, the service level and the quality of the doughnuts is being maintained, which is the primary focus of the test right now, make sure those Krispy Kreme doughnuts show up in the way we would expect and the partnership with Ryder has been great so far.

不，這是一個好問題。事實上，我剛剛與華盛頓特區的 Krispy Kremers 和 Ryder 團隊一起騎行路線。我可以看到的是，甜甜圈的服務水平和品質正在保持，這是目前測試的主要焦點，確保這些 Krispy Kreme 甜甜圈以我們期望的方式出現，並與到目前為止，萊德一直表現出色。

Really, we now, therefore need to move into more analyst analysis and understanding of what this could look like in terms of our economics, and how it could support the rollout. We are looking to add another city to the test. And indeed, we're also talking to other providers. It's really important that the doughnuts and the delivery show up as if it was Krispy Kreme, their dedicated trucks, the drivers were in Krispy Kreme uniforms, and presenting themselves in really positive way, and it looks really promising. But we'll provide updates as we know more about the opportunity to extend that as we support the rollout nationally towards this 15,000 goal by 2026.

事實上，我們現在需要進行更多的分析師分析，了解這對我們的經濟來說會是什麼樣子，以及它如何支持推出。我們正在考慮添加另一個城市進行測試。事實上，我們也在與其他提供者交談。非常重要的是，甜甜圈和送貨看起來就像是 Krispy Kreme，他們的專用卡車，司機穿著 Krispy Kreme 制服，以非常積極的方式展示自己，看起來非常有前途。但我們會提供最新信息，因為我們更多地了解了擴展這一機會的機會，因為我們支持在全國範圍內推廣，以實現到 2026 年實現 15,000 個目標。

Aisling Grueninger, Piper Sandler.

艾斯林·格魯寧格，派珀·桑德勒。

You've mentioned in the past you're focused around automating the doughnut production. Just wondering if you have any updates around this. I know in the international segment, some of your production facilities use automation. Just wondering about the opportunity this presents to the US market and just how this could help with the rollout of McDonald's?

您過去曾提到您專注於甜甜圈生產的自動化。只是想知道您是否對此有任何更新。我知道在國際市場，你們的一些生產設施使用了自動化。只是想知道這給美國市場帶來的機會以及這如何有助於麥當勞的推出？

We continue to work on the opportunity to modernize the making and indeed the moving of doughnuts to the earlier question. There are transformational improvements we can make and are making with automation. It's still proportionately a relatively small percentage of the business that we're applying this to largely are non-consumer facing doughnut factories. We have a line, a fully automated line running in our Bronx facility, for example, in New York, where we're topping and filling and even picking the doughnuts off the line automatically.

我們繼續尋找機會使甜甜圈的製作現代化，甚至將甜甜圈轉移到先前的問題。我們可以並且正在透過自動化進行一些變革性的改進。在我們應用此技術的業務中，比例仍然相對較小，主要是面向非消費者的甜甜圈工廠。我們有一條生產線，一條全自動生產線，在我們的布朗克斯工廠運行，例如在紐約，我們在那裡自動進行配料和填充，甚至從生產線上自動挑選甜甜圈。

But at this stage, that's still work that's ongoing. We're actually also finding ways to modernize production lines by improving yield and reducing waste by digitizing the lines, and monitoring those variables in that way as well. So, it is an opportunity. We definitely think that this is an area that can help us scale and help us be more efficient.

但現階段，這項工作仍在進行中。實際上，我們還在尋找實現生產線現代化的方法，透過將生產線數位化來提高產量和減少浪費，並以這種方式監控這些變數。所以，這是一個機會。我們絕對認為這是一個可以幫助我們擴大規模並提高效率的領域。

But with the acceleration of points of access growth, we also need to support capacity expansion, particularly across the US, so we're being thoughtful how we bring in new technology as we also expand.

但隨著接入點成長的加速，我們還需要支援容量擴張，特別是在美國各地，因此我們正在考慮如何在擴張的同時引入新技術。

Bill Chappell, Truist Securities.

比爾‧查普爾 (Bill Chappell)，Truist 證券公司。

In your comments, you kind of talked about some recent softness around the category and kind of consumers pulling back. Just maybe a little more color on that. I mean, it's not unique, but I think we've seen kind of slowing volumes throughout all of packaged food over the past few months and just anything more you can talk about that and if you think there are any other things that work impacting that?

在您的評論中，您談到了最近該類別的一些疲軟以及消費者的退縮。也許只是多一點顏色而已。我的意思是，這並不是獨一無二的，但我認為在過去的幾個月裡，我們已經看到所有包裝食品的銷量都在放緩，您可以談論更多的事情，如果您認為還有其他因素會影響這一點？

Actually, Bill, although we're mindful of the consumer environment, we actually see the brand being really healthy with people looking to Krispy Kreme as an affordable sweet treat for those special celebrate tree occasions. We mentioned earlier Valentine's and being the biggest sales day in history of the company. I mean, earlier this month, even in April, we saw tremendous engagement with our total solar eclipse donor.

事實上，比爾，儘管我們很關註消費者環境，但我們實際上看到該品牌非常健康，人們希望將 Krispy Kreme 作為一種經濟實惠的甜點，用於那些特殊的聖誕樹場合。我們之前提到過情人節，這是公司史上最大的銷售日。我的意思是，本月早些時候，甚至在四月，我們看到了與日全食捐贈者的大量接觸。

And so, although we're mindful of the consumer environment, particularly on the international side, the brand is really healthy, plenty of consumer engagement. I think it's because of the unique role that, Krispy Kreme plays as an occasional sweet treat for special occasions and celebrations.

因此，儘管我們很關註消費者環境，尤其是國際方面，但該品牌確實很健康，有大量的消費者參與。我認為這是因為 Krispy Kreme 的獨特作用，它可以作為特殊場合和慶祝活動的偶爾甜點。

I'm sorry. So you're not seeing any softness? I may have missed that comment. Sorry.

對不起。所以你沒有看到任何柔軟的地方嗎？我可能錯過了那個評論。對不起。

No, I think the softness we would have talked about would have been in January just due to weather in the United States, but not necessarily broader kind of consumer.

不，我認為我們談論的疲軟是在一月份，只是由於美國的天氣，但不一定是更廣泛的消費者類型。

And then just to the McDonald's, I guess, two questions that I hear most often. One, trying to understand kind of the level of commitment on McDonald's of and the franchisees down the road. I mean, you say you're going to, I think, 12,000 out of 13,000 doors. I mean, is there and you're obviously spending a lot of money behind it.

我想，然後就是麥當勞，這是我最常聽到的兩個問題。第一，試著了解麥當勞及其加盟商的承諾程度。我的意思是，你說你會，我想，13,000 扇門中的 12,000 扇。我的意思是，你顯然在這背後花了很多錢。

Is there any way McDonald's can say a year, year and a half into this, this isn't working or this doesn't work for certain franchises and that changes that or is it full ahead, everybody's fully committed to going to that 12,000 through 2026?

麥當勞有什麼辦法可以說，一年、一年半後，這不起作用，或者這對某些特許經營權不起作用，並且會改變這一點，或者是完全提前，每個人都完全致力於通過2026？

McDonald's has been a great partner so far and we've really enjoyed the collaboration. The agreement last 1 year after the last rollout in 2026 and, of course, can be renewed after that. So, we've already announced our share partnership with McDonald's and it is about rolling out through to the end of 2026 and the intent is more than 12,000 restaurants and that is the phased rollout plan that we're working on with McDonald's.

到目前為止，麥當勞一直是個很好的合作夥伴，我們非常享受這次合作。該協議自 2026 年最後一次推出後持續一年，當然，之後可以續約。因此，我們已經宣布與麥當勞建立股份合作夥伴關係，並計劃在 2026 年底之前推出，目標是超過 12,000 家餐廳，這就是我們正在與麥當勞合作的分階段推出計劃。

We don't expect it to start till the tail end of the year, but it's really thoughtful. We'll obviously naturally prioritize places where we at Krispy Kreme can provide availability faster. But the partnership is going really great so far after what was obviously a great Kentucky test and very thorough test that demonstrated the consumer demand outstripped both theirs and our expectations.

我們預計它要到今年年底才會開始，但它確實很周到。顯然，我們自然會優先考慮 Krispy Kreme 可以更快提供可用性的地方。但到目前為止，在肯塔基州進行了一次出色的測試和非常徹底的測試之後，雙方的合作關係進展得非常好，表明消費者的需求超出了他們和我們的預期。

And then I'll squeeze one more on the and this is kind of a follow-up from the earlier one on. The incrementality, just trying to understand, I understand how it maybe interacts with your stores, but how it does when there's a Dunkin' store next buy or a convenience store that sells doughnuts or stuff like that. Just trying to understand how it expands the overall doughnut market in the same way and kind of what your test showed from that standpoint?

然後我會再擠一個，這是前一個的後續。增量，只是想理解，我理解它如何與你的商店互動，但是當下次購買唐恩都樂商店或出售甜甜圈或類似東西的便利商店時它會如何運作。只是想了解它如何以與您的測試從這個角度顯示的相同的方式和方式擴展整個甜甜圈市場？

Well, we know, that we create buzz and demand when we come to a new market. We've seen that again and again. When it comes to existing markets, obviously, had a prolonged period of time with the Kentucky test to see, the impact of that incrementality. But also bear in mind, we have many parts of the country where we already have good availability. I've taken Atlanta, take areas of the Carolinas, places where they may even be in a town, more of the others, doughnut shops you referenced, but they're not really doughnut shops.

嗯，我們知道，當我們進入新市場時，我們會引起轟動和需求。我們已經一次又一次地看到這一點。顯然，就現有市場而言，肯塔基州測試已經進行了很長一段時間，以了解這種增量的影響。但也要記住，我們在全國許多地區已經擁有良好的可用性。我已經採取了亞特蘭大，採取了卡羅來納州的地區，他們甚至可能在一個城鎮的地方，更多的其他地方，你提到的甜甜圈店，但它們並不是真正的甜甜圈店。

They're generally beverage focused, sandwich focused. We are the ones who offer a unique awesome fresh doughnut experience, Minis for Mom this week, constantly bringing excitement and headlines to the category. So, that doesn't surprise us. But, yes, we've done the analysis and the numbers that the incrementality that Jeremiah shared today was based off a very thoughtful analysis.

他們通常以飲料、三明治為主。我們是本週為媽媽提供獨特新鮮甜甜圈體驗的人，不斷為該類別帶來興奮和頭條新聞。所以，這並不令我們感到驚訝。但是，是的，我們已經完成了分析和數字，耶利米今天分享的增量是基於非常深思熟慮的分析。

Andrew Wolf, C.L. King.

安德魯沃爾夫，C.L.國王。

I just had a couple of follow-ups. First on McDonald's, do you expect the rollout just in terms of stores where it's rolled into overtime to be kind of linear? Or is there an exponential build, or even a front end loaded build? I would think more exponential, but just sort of the timing between now and 2026.

我剛剛進行了幾次跟進。首先是麥當勞，您是否認為僅在加班的商店方面的推出是線性的？或者是否存在指數構建，甚至前端加載構建？我認為會呈指數增長，但只是從現在到 2026 年之間的時間安排。

I'd describe it as balanced. It's balanced around, where we have availability today, balanced around where we can bring on new capacity quickly. And then, of course, there are parts of the country, where our development pipeline means it's going to take a little while to launch. And Donald's conversation has been fantastic as we share with them our development plans and they've taken through with us how they want to run it. And so it'll be balanced and thought for over the period from the tail end of this year up to the end of 2026.

我將其描述為平衡。它圍繞著我們今天可用的地方進行平衡，圍繞著我們可以快速引入新產能的地方進行平衡。當然，在該國的某些地區，我們的開發管道意味著需要一段時間才能啟動。唐納德的談話非常精彩，我們與他們分享了我們的發展計劃，他們也向我們了解了他們想要如何運作該計劃。因此，從今年年底到 2026 年底，我們將對其進行平衡和思考。

And to the McDonald's franchisee relationship, I mean, what is your role? Is it more training or is it kind of getting them excited about it? And I'm sure McDonald's is kind of, you're collaborating with them and how you're going to interact with the franchisees, but what is going to be Krispy Kreme's interaction with the franchisees to help them, to help make this successful?

對於麥當勞特許經營商關係，我的意思是，你的角色是什麼？是更多的培訓還是讓他們感到興奮？我確信麥當勞是這樣的，你正在與他們合作，你將如何與特許經營商互動，但 Krispy Kreme 與特許經營商的互動將如何幫助他們，幫助他們取得成功？

Our focus is awesome doughnuts every time, every day, delivered at the right time as agreed with the customer, perfect service level. So, we're really focused on strengthening operations right now, talked a lot about modernizing and improving how we make and move doughnuts. And I think all our customers expect that whether it's a McDonald's franchisee, Walmart, Kroger, or indeed our international partners, which that's our primary focus. That's where our Krispy Kremers excel.

我們的重點是每一次、每一天都提供美味的甜甜圈，在與客戶商定的正確時間交付，以及完美的服務水平。因此，我們現在真正專注於加強運營，談論了很多關於現代化和改進我們製作和運輸甜甜圈的方式。我認為我們所有的客戶都期望這一點，無論是麥當勞特許經營商、沃爾瑪、克羅格，還是我們的國際合作夥伴，這是我們的首要關注點。這就是我們的 Krispy Kremers 的優勢。

I mean, obviously, it's up to McDonald's themselves to manage their own relationships. We trust them. We've got a great relationship with them, and we'll take their guide and provide any insights to them. But do remember, it's a very simple operations activity, which is we're bringing fresh doughnuts already made. They just need to be taken from the tray, put in the bag, or even a 6-count box handed over to the customer. So it should be a relatively easy activity for the McDonald's crew and the franchisees. So the real focus is just great doughnuts.

我的意思是，顯然，管理自己的關係取決於麥當勞自己。我們信任他們。我們與他們有著良好的關係，我們將接受他們的指導並向他們提供任何見解。但請記住，這是一個非常簡單的操作活動，就是我們帶來已經做好的新鮮甜甜圈。只需將它們從托盤中取出，放入袋子中，甚至將 6 片裝的盒子交給顧客即可。因此，對於麥當勞員工和加盟商來說，這應該是一項相對容易的活動。所以真正的焦點只是美味的甜甜圈。

And if I could just ask one follow-up. I was distracted away from the call for a minute, so you might have talked about this. But could you elaborate on the big increase in the digital sales and penetration in the US and the sustainability of that?

如果我可以問一個後續問題。我有一分鐘沒聽電話，所以你可能已經談論過這個了。但您能否詳細說明一下美國數位銷售和滲透率的大幅增長及其可持續性？

Well, the customers are looking, as we've said before, for us to provide a more convenient way to access Krispy Kreme. Number one reason why somebody still gives us that they may not purchase this recruiting, it's just not convenient to them. And so it's been great, both through our own app and partnering with third parties to grow the digital channel. And it's becoming a significant channel and a big growth driver indeed.

嗯，正如我們之前所說，客戶正在尋求我們提供一種更方便的方式來訪問 Krispy Kreme。有人仍然告訴我們他們可能不會購買此招聘的第一個原因是，這對他們來說不方便。因此，無論是透過我們自己的應用程式還是與第三方合作來發展數位管道，這都很棒。它確實正在成為一個重要的管道和一個巨大的成長動力。

I mean, so in terms of go forward, we actually just relaunched our loyalty program, and we're seeing tremendous response there, tremendous engagement there, energizing both existing loyalty members and new ones. So, we actually expect to drive future sales growth with that loyalty program. So digital is here to stay, in the modern world for sure. And Krispy Kreme, we're really leveraging that.

我的意思是，就前進而言，我們實際上剛剛重新啟動了我們的忠誠度計劃，我們看到了巨大的反響和巨大的參與度，為現有的忠誠度會員和新會員注入了活力。因此，我們實際上希望透過該忠誠度計劃來推動未來的銷售成長。因此，在現代世界中，數位化肯定會繼續存在。而 Krispy Kreme，我們確實在利用這一點。

Daniel Guglielmo, Capital One Securities.

丹尼爾·古列爾莫，第一資本證券公司。

The international segment has continued to perform well and now own Japan and Canada are in there. I just want to dig into the point of access mix. It seems like there are a lot more fresh shops there relative to the US segment. And would you ever think about adding more fresh shops into the US? It seems like the logistics and volume of doughnuts that would be delivered to McDonald's would be similar to what you would get at a fresh shop.

國際市場持續表現良好，現在日本和加拿大也名列其中。我只是想深入研究接入點組合。相對於美國市場，那裡的生鮮店似乎多得多。您是否考慮過在美國開設更多生鮮店？運送到麥當勞的甜甜圈的物流和數量似乎與您在生鮮店中得到的相似。

The higher rate of fresh shops international reflects a number of local conditions, including local labor costs, the size of the big metro cities. One of the great things about the Krispy Kreme model is you can adapt to the different environment. Yes, we have a number of fresh shops in the US In some of the big cities, they make sense. But with the vast opportunity of deliver fresh daily with these great national partners.

國際生鮮店的較高比率反映了許多當地條件，包括當地勞動成本、大城市的規模。 Krispy Kreme 模型的優點之一是您可以適應不同的環境。是的，我們在美國有很多生鮮店，在一些大城市，它們是有道理的。但我們有機會與這些偉大的國家合作夥伴每天提供新鮮的食物。

We're focusing our attention on the US on what is a very capital efficient model and leveraging the excess capacity of the production hubs through these off premise DFD doors, which, remember, typically cross between $1,000 or maybe $3,000 to set up, if it's one of the, more premium cabinets. So it's such a good capital return. We've got the excess capacity in the US That's our focus rather than the fresh shops.

我們將注意力集中在美國，這是一種資本效率很高的模式，並透過這些場外DFD 門利用生產中心的過剩產能，請記住，如果是的話，通常需要1,000 美元或3,000 美元來建立。所以這是一個很好的資本回報。我們的重點是美國的產能過剩，而不是生鮮店。

And then just one more on McDonald's. In the history of McDonald's, do they have a partnership, like this in the past? I'm just curious if there's a playbook you all are going off of or if it's kind of a new playbook that you all are putting together.

然後又是麥當勞的一件事。在麥當勞的歷史上，他們有過像過去這樣的合作關係嗎？我只是好奇你們是否正在製定一本劇本，或者這是否是你們正在整理的一本新劇本。

One thing I've learned about Krispy Kreme is every day is a new thing. There's so much opportunity here. And I think McDonald's came to us, thinking about doing something different with that breakfast approach, doing something different with partner with Sweet Treats. So, I think certainly from our point of view, it still feels pioneering, but it's a great question.

我從 Krispy Kreme 了解到的一件事是，每一天都是新事物。這裡有很多機會。我認為麥當勞來找我們，考慮用早餐方式做一些不同的事情，與 Sweet Treats 合作做一些不同的事情。所以，我認為從我們的角度來看，它仍然感覺是開創性的，但這是一個很好的問題。

(Operator Instructions) And at this time there are no further questions. And that concludes our Q&A session. I will now turn the conference back over to Joshua Charlesworth for closing remarks.

（操作員指示）此時沒有進一步的問題。我們的問答環節到此結束。現在我將把會議轉回約書亞·查爾斯沃思作閉幕詞。

Well, thank you everybody. Thanks for your interest in Krispy Kreme today. And of course, thank you to all of our Krispy Kremers for your ongoing commitment to bring joy to our customers, through Krispy Kreme. Have a good day. Take care.

嗯，謝謝大家。感謝您今天對 Krispy Kreme 的興趣。當然，感謝我們所有的 Krispy Kremers 一直致力於透過 Krispy Kreme 為我們的顧客帶來歡樂。祝你有美好的一天。小心。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。