Krispy Kreme Inc (DNUT) 2024 Q2 法說會逐字稿

Thanks for standing back.

謝謝你退後一步。

My name is Eric, and I will be your conference operator today.

我叫艾瑞克，今天我將擔任你們的會議操作員。

At this time, I'd like to welcome everyone to the Krispy Kreme second-quarter 2024 earnings call.

此時，我謹歡迎大家參加 Krispy Kreme 2024 年第二季財報電話會議。

I would now like to turn the call over to Dre Eldredge, Krispy Kreme Investor Relations.

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

Please go ahead.

請繼續。

Thank you.

謝謝。

Good morning, everyone.

大家早安。

Welcome to Krispy Kreme's second-quarter 2024 earnings call.

歡迎參加 Krispy Kreme 的 2024 年第二季財報電話會議。

Thank you for joining us today.

感謝您今天加入我們。

We will be referencing our earnings release and presentation during the call.

我們將在電話會議期間參考我們的收益發布和演示。

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.

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。

After prepared remarks, there will be a question-and-answer session.

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.

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。

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.

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。

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.

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.

今天發表的前瞻性陳述僅截至今天為止。

The company assumes no obligation to publicly update or revise any forward-looking statements except as may be required by law.

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。

Additionally, today's call will include certain non-GAAP financial measures.

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。

A reconciliation between non-GAAP financial measures and their closest comparable GAAP measures can be found in our second-quarter 2024 earnings press release and Form 8-K filed today with SEC and is also available at our investors.krispykreme.com website.

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 年第二季度收益新聞稿和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，但首先請介紹喬許。

Thanks, Trey.

謝謝，特雷。

Good morning, everyone, and thank you for joining us.

大家早安，感謝您加入我們。

Our strategy of making fresh Krispy Kreme donuts more available around the world is working, and the excitement the brand creates has never been higher.

我們在世界各地提供更多新鮮 Krispy Kreme 甜甜圈的策略正在發揮作用，該品牌所創造的興奮度達到了前所未有的高度。

This photo is from the recent opening of a Hot Light Theater in Ankara, Turkey, showing consumers lining up for our amazing original glazed donuts hot off the production line.

這張照片來自最近在土耳其安卡拉開業的一家熱光劇院，照片中消費者正在排隊購買我們剛從生產線上下來的令人驚嘆的原創釉面甜甜圈。

I want to thank our teams around the world for the great job they are doing, making our fresh donuts available in more places and for reminding people of the joy that is Krispy Kreme, not just to eat but to share and give to others.

我要感謝我們世界各地的團隊所做的出色工作，讓我們的新鮮甜甜圈在更多地方上市，並提醒人們 Krispy Kreme 的快樂，不僅僅是吃，而是分享和給予他人。

And as of tomorrow, Krispy Kreme will be available in 40 countries with the opening of our first Hot Light Theater in Morocco.

從明天起，隨著我們在摩洛哥開設第一家 Hot Light Theatre，Krispy Kreme 將在 40 個國家上市。

The continuing strength of the brand and our strategy is reflected in our strong second-quarter results.

我們第二季強勁的業績反映了品牌和我們策略的持續實力。

Organic revenue grew 7.8%, driven by our innovative specialty donut collections, which continue to resonate with our consumers.

在我們創新的特色甜甜圈系列的推動下，有機收入成長了 7.8%，這些產品繼續引起消費者的共鳴。

Our global points of access continues to grow, increasing by 23% year over year.

我們的全球接入點持續成長，年增 23%。

Our recently announced expansions into Spain means that fresh Krispy Kreme donuts will be available in four of Europe's largest markets next year.

我們最近宣布進軍西班牙，這意味著明年將在歐洲四個最大的市場上銷售新鮮的 Krispy Kreme 甜甜圈。

We are well on our way to our goal of 33,000 points of access by the end of 2026.

我們正朝著 2026 年底擁有 33,000 個接入點的目標邁進。

In the US, our possible expansion is accelerating, which led to US margin increase of 80 basis points in the quarter.

在美國，我們可能的擴張正在加速，這導致本季美國利潤率成長了 80 個基點。

And we expect that as we build and optimize our hub-and-spoke network, the efficiency benefits will continue to drive profitability.

我們預計，隨著我們建立和優化中心輻射網絡，效率優勢將繼續推動獲利能力。

The recent sale of Insomnia Cookies allows us to focus on our core strategy of producing, selling, and distributing fresh donuts daily, whilst also further improving our financial profile.

最近銷售 Insomnia Cookies 讓我們能夠專注於每天生產、銷售和分銷新鮮甜甜圈的核心策略，同時進一步改善我們的財務狀況。

I'm thankful for the partnership with Insomnia Cookies over the past five years and look forward to continued success going forward as a minority shareholder.

我感謝過去五年與 Insomnia Cookies 的合作，並期待作為少數股東繼續取得成功。

Focused on fresh donuts now excluding Insomnia Cookies, we expect full-year organic revenue growth of 5% to 7%.

現在重點關注新鮮甜甜圈（不包括 Insomnia Cookies），我們預計全年有機收入將成長 5% 至 7%。

In a moment, Jeremiah will provide more details on the impact of the transaction and full-year guidance as we continue on our journey of building a bigger and better Krispy Kreme in 2024 and beyond.

稍後，Jeremiah 將提供有關交易影響和全年指導的更多詳細信息，幫助我們繼續在 2024 年及以後打造更大、更好的 Krispy Kreme。

Let's expand on each of these key messages starting with the continuing sales growth in Q2.

讓我們從第二季的持續銷售成長開始詳細闡述這些關鍵訊息。

We saw fantastic engagement with our brand again this quarter with more than 27 billion media impressions as we capitalized on buzz worthy events like the solar eclipse as well as successful specialty donuts, including our Dolly Parton and Kit Kat collections.

本季我們再次看到了與我們品牌的精彩互動，媒體曝光量超過 270 億次，因為我們利用了日食等值得關注的事件以及成功的特色甜甜圈，包括我們的 Dolly Parton 和 Kit Kat 系列。

Delivered fresh daily sales were up 18% globally and 22% in the US where we have been driving doughnut category growth for our grocery and convenience store customers for more than a year now.

全球每日新鮮配送銷售額成長了 18%，在美國成長了 22%，一年多來，我們一直在為雜貨店和便利商店客戶推動甜甜圈類別的成長。

Digital sales grew 22% with the April relaunch of our US loyalty program, making the experience easier and more rewarding for our consumers.

隨著 4 月我們重新啟動美國忠誠度計劃，數位銷售額成長了 22%，為我們的消費者帶來了更輕鬆、更有價值的體驗。

We can now deploy personalized consumer engagement across 15 million loyalty members, that's 27% more than a year ago.

我們現在可以在 1500 萬忠誠會員中部署個人化的消費者參與，比一年前增加了 27%。

Our biggest opportunity is to make it easier for people to buy our fresh donuts.

我們最大的機會是讓人們更容易購買我們的新鮮甜甜圈。

We're doing this by increasing availability through our donut shops online and by delivering fresh daily to grocers, convenience stores, and quick service restaurants and the pace of our expansion is accelerating.

為此，我們透過線上甜甜圈商店增加供應量，並向雜貨店、便利商店和快餐店提供每日新鮮食品，我們的擴張步伐正在加快。

To reach our goal of 33,000 by 2026, we're expanding with existing customers, new customers, and indeed in new markets.

為了實現 2026 年擁有 33,000 名客戶的目標，我們正在擴大現有客戶、新客戶甚至新市場的規模。

With existing customers such as Walmart which still only lists us in about 25% of their stores, we are exploring the opportunity to go nationwide.

對於像沃爾瑪這樣的現有客戶，我們仍然只在其大約 25% 的商店中銷售我們的產品，我們正在探索走向全國的機會。

We have agreed to expand with target a new customer later this year, and we are engaged in joint business planning with them to bring fresh donuts daily to their stores nationwide.

我們已同意在今年稍後擴大目標新客戶，並且我們正在與他們進行聯合業務規劃，每天將新鮮的甜甜圈帶到他們全國的商店。

In new markets, our expansion in France and soon Spain, Germany, and Brazil provides the opportunity for thousands more points of access.

在新市場中，我們在法國以及很快在西班牙、德國和巴西的擴張為數千個接入點提供了機會。

In Paris, we've quickly grown to five shops already all supported by a single producing hub, and we have plans to enter DFD next year.

在巴黎，我們已迅速發展到五家商店，全部由一個生產中心支持，我們計劃明年進入 DFD。

In the US, our accelerated national expansion provides an opportunity to profitably densify our network.

在美國，我們加速的全國擴張提供了一個機會，可以有利地強化我們的網絡。

We currently have more than 8,000 points of access in the US.

目前我們在美國擁有 8,000 多個接入點。

We remain on track to add more than 12,000 McDonald's and about 3,000 with partners like Walmart and Target, bringing the goal to nearly 23,000 US points of access by the end of 2026.

我們仍有望增加超過 12,000 家麥當勞店以及約 3,000 家與沃爾瑪和塔吉特等合作夥伴合作的門市，從而實現到 2026 年底在美國開設近 23,000 個門市的目標。

We are very pleased with our partnership with McDonald's.

我們對與麥當勞的合作感到非常滿意。

The national rollout begins this fall, with the Midwest starting in Chicago.

今年秋天開始在全國推廣，其中中西部地區從芝加哥開始。

We expect to serve fresh donuts in more than 1,000 McDonald's restaurants by the end of the year at 5,000 in 2025 and 6,000 in 2026, bringing us to more than 85% of the US footprint.

我們預計到今年年底，將在超過 1,000 家麥當勞餐廳提供新鮮甜甜圈，到 2025 年將達到 5,000 家，到 2026 年將達到 6,000 家，從而使我們的足跡覆蓋美國市場的 85% 以上。

Our team is hard at work, modernizing the making, and moving of donuts.

我們的團隊正在努力工作，使甜甜圈的製作和運輸現代化。

We have a dedicated team partnering with our customers including McDonald's to ensure a smooth rollout.

我們擁有一支專門的團隊與包括麥當勞在內的客戶合作，確保順利推出。

We are hiring and training experts in manufacturing operations, upgrading our internal production lines, continuously improving the manufacturing process, and optimizing our delivery logistics network with improved routing and upgrades to our fleet.

我們正在招募和培訓製造營運方面的專家，升級我們的內部生產線，不斷改進製造流程，並透過改進路線和升級我們的車隊來優化我們的交付物流網路。

This expansion effort will increase utilization of our production hubs and distribution density.

這項擴張工作將提高我們生產中心的利用率和分銷密度。

Today, our 151 US Hubs with Spokes each serve on average 50 points of access.

如今，我們在美國設有 151 個分支中心，每個中心平均提供 50 個訪問點。

We expect this to increase to over 100 by 2026, improving efficiency and profitability.

我們預計到 2026 年這一數字將增加到 100 多個，從而提高效率和盈利能力。

Take, for example, Chicago, where we expect to support 450 new delivering fresh daily doors with the same number of hubs as we have today.

以芝加哥為例，我們預計將支援 450 個新的每日送貨門，其樞紐數量與目前相同。

In addition to leveraging existing capacity, we'll be making selective investments in geographies which have limited access because we train today.

除了利用現有能力之外，我們還將在因我們今天的培訓而受到限制的地區進行選擇性投資。

Last quarter, I discussed adding 30 new hubs over the next three years to support the expansion.

上個季度，我討論了在未來三年內增加 30 個新樞紐以支持擴張。

On track to achieve this goal and have 17 of the 30 hubs already underway, including Seattle, Minneapolis, and Philadelphia.

預計將實現這一目標，30 個樞紐中的 17 個已在建設中，包括西雅圖、明尼阿波利斯和費城。

With this, we are well positioned to deploy deliver fresh daily in all major metropolitan markets in the US.

有了這個，我們就可以在美國所有主要大都市市場部署每日新鮮配送服務。

And now I will hand it over to Jeremiah to discuss our overall financial performance and the impact of the recent Insomnia Cookies transaction.

現在我將把它交給 Jeremiah，討論我們的整體財務表現以及 Insomnia Cookies 最近交易的最近影響。

Thanks, Josh.

謝謝，喬許。

I'll begin with our strong second quarter results.

我將從我們強勁的第二季業績開始。

Organic growth was 7.8%.

有機成長率為 7.8%。

Adjusted EBITDA increased 12.1%, resulting in positive operating leverage with adjusted EBITDA margin expansion of 60 basis points to 12.5%.

調整後 EBITDA 成長 12.1%，營運槓桿率為正，調整後 EBITDA 利潤率擴大 60 個基點至 12.5%。

Turning to our US segment results, the consumer engagement we saw in the quarter resulted in organic revenue growth of 8.4%, points of access growth was 17.8% year-over-year as we added new doors with several key customers, new stores, including Stop & Shop and Target.

轉向我們的美國部門業績，我們在本季度看到的消費者參與度導致有機收入增長 8.4%，訪問點同比增長 17.8%，因為我們增加了與幾個主要客戶的新門、新商店，包括停下來購物並瞄準目標。

Average revenue per door increased to $657 driven by price and specialty donuts collections.

由於價格和特色甜甜圈系列的推動，每門平均收入增加至 657 美元。

This quarter, we saw a 6.4% increase in sales per hub to $5 million, which is a key measure of hub productivity.

本季度，我們發現每個樞紐的銷售額成長了 6.4%，達到 500 萬美元，這是衡量樞紐生產力的關鍵指標。

This helped deliver adjusted EBITDA growth of 16.4% to $32.7 million.

這有助於調整後的 EBITDA 成長 16.4%，達到 3,270 萬美元。

Margins improved 80 basis points year-over-year to 11.3% driven by increased utilization and tight control of SG&A.

由於利用率的提高和銷售管理及行政管理 (SG&A) 的嚴格控制，利潤率年增 80 個基點至 11.3%。

This was partially offset by increased promotional activity and start-up costs for the McDonald's launch in the fall.

這被秋季麥當勞推出的促銷活動和啟動成本增加所部分抵消。

Within our equity owned international markets, organic revenue grew 5% of all markets growing in the quarter, led by Canada and Japan.

在我們擁有股權的國際市場中，有機收入成長了本季所有市場成長的 5%，其中加拿大和日本領先。

We continue to add points of access across the network including Coles in Australia and Oxxo in Mexico.

我們繼續在網路中增加接入點，包括澳洲的 Coles 和墨西哥的 Oxxo。

Adjusted EBITDA declined 12.3% primarily driven by the UK market, which resulted in an adjusted EBITDA margin of 17.3%.

調整後 EBITDA 下降 12.3%，主要受到英國市場的推動，導致調整後 EBITDA 利潤率為 17.3%。

We're focused on improving results in the UK, where performance has not been up to our expectations.

我們專注於改善英國的業績，但該地區的業績並未達到我們的預期。

We have completed the consolidation of three sites, which should yield benefits in the back half of the year, and are taking further actions to ensure we restore margin levels in this market.

我們已經完成了三個站點的整合，這應該會在今年下半年產生效益，並且正在採取進一步行動，以確保我們恢復該市場的利潤水平。

In our market development segment, organic revenue grew 16.1% as equipment sales increased year-over- year.

在我們的市場開發部門，隨著設備銷售年增，有機收入成長了 16.1%。

System-wide sales grew in most markets, most notably in South Korea, where digital sales and donut innovation have driven successful results.

大多數市場的全系統銷售額均有所成長，尤其是在韓國，數位銷售和甜甜圈創新推動了成功的業績。

Adjusted EBITDA in the segment grew 22.7% with margin expansion driven by greater flow-through from product sales.

該部門調整後 EBITDA 成長 22.7%，產品銷售流量增加推動利潤率擴張。

For the second quarter, we delivered $0.05 and adjusted earnings per share.

第二季度，我們實現了 0.05 美元的調整後每股盈餘。

The higher depreciation and amortization in the quarter reflects the investments associated with expansion of our Hub and Spoke Network and Insomnia Cookies rapid growth.

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和 Insomnia Cookies 快速成長相關的投資。

Consistent with our plan, we delivered cash flow from operations in the second quarter of $33 million, taking us to $15.5 million year-to-date.

根據我們的計劃，我們第二季的營運現金流量為 3,300 萬美元，今年迄今達到 1,550 萬美元。

Since closing the quarter, we have strengthened our balance sheet following the sale of a majority ownership stake in Insomnia Cookies.

自本季結束以來，我們在出售 Insomnia Cookies 的多數股權後加強了我們的資產負債表。

We received $127.4 million in cash proceeds upon closing on July 17, and have since collected an additional $45 million following an Insomnia Cookies, refinancing of inter-company debt.

7 月 17 日交割時，我們收到了 1.274 億美元的現金收益，此後又透過 Insomnia Cookies（公司間債務再融資）獲得了 4,500 萬美元的額外收益。

As a result, we expect our net leverage ratio to trend toward 3.5 times by year end and remain on track to our long-term goal of 2.0 times to 2.5 times by the end of 2026.

因此，我們預計到年底我們的淨槓桿率將趨向於 3.5 倍，並繼續實現到 2026 年底 2.0 倍至 2.5 倍的長期目標。

Let me turn to our full year guidance, which now reflects the sale of a majority ownership stake in Insomnia Cookies, improving the long-term financial profile of the business.

讓我談談我們的全年指引，該指引現在反映了出售 Insomnia Cookies 的多數股權，從而改善了該業務的長期財務狀況。

On the left, you can see our previous guidance with the full year contribution from Insomnia.

在左側，您可以看到我們先前的指導以及 Insomnia 的全年貢獻。

The middle column represents the back half impact of the transaction and on the right hand side is the Krispy Kreme's updated full year guidance, which reflects the removal of Insomnia from the second half of the year.

中間一欄代表交易對後半段的影響，右側是 Krispy Kreme 更新後的全年指引，反映了 Insomnia 從下半年刪除的情況。

By removing the previously forecasted $120 million of Insomnia revenue from the guidance, we now expect net revenue of $1.65 to $1.685 billion.

透過從指引中刪除先前預測的 Insomnia 收入 1.2 億美元，我們現在預計淨收入為 1.65 至 16.85 億美元。

Consistent with our prior assumption that Insomnia would have 100 basis point impact to our overall growth, we expect organic growth of 5% to 7% for the full year.

與我們先前的假設一致，即失眠將對我們的整體成長產生 100 個基點的影響，我們預計全年有機成長為 5% 至 7%。

Removing Insomnia's second half adjusted EBITDA, results in Krispy Kreme adjusted EBITDA of $215 to $220 million for 2024.

除去 Insomnia 下半年調整後的 EBITDA，Krispy Kreme 2024 年調整後的 EBITDA 為 215 美元至 2.2 億美元。

As with all of these updates, the change to adjusted EPS solely reflects the recent sales in Insomnia.

與所有這些更新一樣，調整後每股收益的變化僅反映了 Insomnia 的近期銷售額。

We now expect between $0.24 and $0.28 for the year.

我們現在預計今年的收益將在 0.24 美元至 0.28 美元之間。

We are also providing the following modeling assumptions, an income tax rate of between 28% and 30%, capital expenditures of 7% to 8% of net revenue and interest expense of $55 to $60 million, down from our prior guidance of $55 to $65 million, reflecting our lower net debt levels.

我們還提供以下建模假設：所得稅率為 28% 至 30%，資本支出佔淨收入的 7% 至 8%，利息支出為 55 至 6000 萬美元，低於我們先前指導的 55 至 65 美元萬，反映了我們較低的淨債務水準。

With regards to the third quarter, we recognize the changing consumer dynamic and continue to respond to it.

關於第三季度，我們認識到消費者動態的變化，並繼續對其做出反應。

As a reminder, Q3 will reflect the removal of Insomnia, and as a result, we expect third quarter net revenue of $370 to $383 million with adjusted EBITDA of $38 to $41 million.

提醒一下，第三季將反映 Insomnia 的刪除，因此，我們預計第三季淨收入為 3.7 至 3.83 億美元，調整後 EBITDA 為 38 至 4,100 萬美元。

We remain confident in our ability to execute throughout the remainder of 2024.

我們對 2024 年剩餘時間內的執行能力仍然充滿信心。

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

接下來，我將把它交給喬許做總結發言。

Thanks, Jeremiah.

謝謝，耶利米。

I'm excited for what we have ahead in the balance of the year, particularly in our high season, which begins in September and runs through the year end holidays.

我對今年餘下的時間感到興奮，特別是在我們的旺季，該旺季從 9 月開始，一直持續到年終假期。

In summary, we're focused on expanding fresh donut availability by adding high-quality, productive points of access, driving operating leverage to 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.

總而言之，我們的重點是透過增加高品質、高效的接入點來擴大新鮮甜甜圈的供應量，透過利用現有產能和在有選擇性的地區進行選擇性投資，提高我們營運模式的效率和最大化資本回報。

All in I look forward to us building a bigger and better Krispy Kreme in the years ahead.

總而言之，我期待著我們在未來幾年打造更大、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。

(Operator instructions)

（操作員說明）

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Great.

偉大的。

Thank you very much.

非常感謝。

I wanted to ask about you mentioned the McDonald's rollout, and just basically thinking about, are you still in Q4, are you still on track?

我想問你提到麥當勞的推出，基本上就是在想，你還在第四季嗎？

I think the idea had been to kind of increase rateably the number of stores over time.

我認為這個想法是隨著時間的推移大幅增加商店的數量。

Does that still sound like the right kind of a rollout plan?

這聽起來仍然是正確的推出計劃嗎？

And as a second point, I think you had, we had seen some pretty significant investment ahead of that, whether it was an OpEx or G&A, are the biggest kind of chunkiest increases behind us.

作為第二點，我認為您已經看到，在此之前我們已經看到了一些相當重要的投資，無論是營運支出還是一般行政費用，都是我們身後最大規模的成長。

And so going forward, the growth rate in operating expense should lag or at least more closely match revenue?

那麼，展望未來，營運費用的成長率應該落後於收入的成長速度，或至少更接近收入的成長速度？

Thanks

謝謝

So good morning.

早安.

Yeah, the Mcdonald's partnership is going very well in general, and the rollout is on track.

是的，麥當勞的合作關係總體上進展順利，而且推廣工作也已步入正軌。

We announced today that we will be first listing with McDonald's beyond the Kentucky pilot in the fall in Chicago, and then expanding through the Midwest and the back end of this year, and then obviously, into next year, we expect to be in more than 1,000 McDonald's restaurants by the end of 2024.

我們今天宣布，我們將首先在芝加哥肯塔基州以外的試點地區與麥當勞一起上市，然後在中西部和今年年底進行擴張，然後顯然，到明年，我們預計將在超過到2024 年底，麥當勞餐廳數量將達到1,000 家。

And then we have a rollout plan that we have partnered with McDonald's on through 2025 and indeed through 2026 with about 5,000 we're expecting to add, generally, evenly through the year of 2025.

然後，我們與麥當勞合作制定了一項推出計劃，該計劃將持續到 2025 年，甚至到 2026 年，我們預計將在 2025 年平均增加約 5,000 個。

We have a dedicated cross-functional team there to make sure the facilities and our people are ready.

我們在那裡有一個專門的跨職能團隊，以確保設施和我們的人員做好準備。

In fact, we are also making improvements to the production lines and even doing our best to improve productivity and up our game as we go.

事實上，我們也在改進生產線，甚至盡最大努力提高生產力並不斷提高我們的水平。

We're very focused on delivering a really high-quality service to the McDonald's restaurants so that people get awesome fresh donuts every day at the same quality level they expect in Krispy Kreme and other channels. perhaps Jeremiah, do you want to talk about some of the impacts of that?

我們非常專注於為麥當勞餐廳提供真正高品質的服務，以便人們每天都能在 Krispy Kreme 和其他渠道中獲得與他們期望的相同品質水平的美味新鮮甜甜圈。也許耶利米，你想談談它的一些影響嗎？

Yeah.

是的。

And Josh, you did a nice job.

喬什，你做得很好。

Good morning, Sara, and thanks for the question.

早安，薩拉，謝謝你的提問。

To ensure a smooth rollout, we are investing ahead of the opportunity with dedicated rollout teams to support our shops in training and development costs.

為了確保順利推出，我們正在提前投資專門的推出團隊，以支援我們的商店的培訓和開發成本。

We're also improving capabilities across our manufacturing and operations teams and upgrading a donut production lines, as you can imagine, the volume that will move through.

我們也正在提高製造和營運團隊的能力，並升級甜甜圈生產線，正如您可以想像的那樣，將通過的數量。

All of this has been included in our guide.

所有這些都包含在我們的指南中。

Ongoing, we expect to manage cost prudently and deliver margin expansion as we ramp the McDonald's network serving nearly 85% of the brand's US footprint by 2026 as Josh mentioned.

正如 Josh 所提到的，我們預計到 2026 年，我們將謹慎管理成本並實現利潤率擴張，擴大麥當勞網絡，服務於該品牌近 85% 的美國業務。

Thank you.

謝謝。

Rahul [Kro], JPMorgan.

拉胡爾[Kro]，摩根大通。

Good morning, guys.

早安，夥計們。

Thanks for the great update today.

感謝今天的精彩更新。

I'd like to focus on the nationwide rollout of Walmart and Target, and this is I feel is a very big step for you guys.

我想專注於沃爾瑪和塔吉特在全國範圍內的推廣，我認為這對你們來說是非常大的一步。

I think today, as I understand, there are around 4,000 to 5,000 doors untapped just between these two brands versus the 3,000-odd on non McDonald's stores you guys discussed for the guidance for the next three years.

我認為，據我了解，今天這兩個品牌之間大約有 4,000 到 5,000 個尚未開發的門，而你們討論的未來三年指導中的非麥當勞商店則有 3,000 多個門。

So as you expand the Hub and Spoke infrastructure, is it fair to expect there will be almost no additions or very low or a lower mix of convenience stores or low-volume doors additions as we go along expanding this side of the business and also will profitability follow this?

因此，當您擴展中心和輻條基礎設施時，可以公平地預期，隨著我們繼續擴展這方面的業務，幾乎不會添加任何東西，或者便利商店或小批量門的添加量非常低或較低，並且也會增加獲利能力遵循這個嗎？

I am glad.

我很高興。

Good morning, Rahul It's important to understand the McDonald's nationwide expansion is a bit of a catalyst for us.

早上好，拉胡爾，重要的是要了解麥當勞在全國範圍內的擴張對我們來說是一種催化劑。

It enables us to really expand our DFD business faster than we would have been able to otherwise, and so we're focused on naturally the high quality national players, you mentioned Walmart, Target, Kroger and others all fit the bill, all ways of getting our consumers those fresh donuts and making it easier for them to purchase them than it is today.

它使我們能夠比其他方式更快地真正擴展我們的DFD 業務，因此我們自然會專注於高品質的國內參與者，您提到沃爾瑪、塔吉特、克羅格和其他公司都符合要求，所有方式為我們的消費者提供新鮮的甜甜圈，讓他們比現在更容易購買。

So we're in discussions with Walmart about how as our hubs are available to produce donuts in more and more markets.

因此，我們正在與沃爾瑪討論如何讓我們的中心在越來越多的市場上生產甜甜圈。

We can get it to those additional Walmart stores.

我們可以把它送到那些額外的沃爾瑪商店。

We began discussions with Target as well, and they've evolved quickly, and we've recently expanded with Target at Phoenix and Atlanta, and we've got plans to come to LA, Detroit and several cities as we build out the network with the rollout of McDonald's.

我們也開始與塔吉特進行討論，他們發展得很快，我們最近與塔吉特在菲尼克斯和亞特蘭大進行了擴張，並且我們計劃在與塔吉特建立網絡時擴展到洛杉磯、底特律和幾個城市麥當勞的推出。

So it's it really is a great combination.

所以這確實是一個很棒的組合。

C-stores and other smaller locations, smaller lower traffic locations are actually still very helpful to us, though, because, we think all the places you go on a way to a McDonald's Target, Walmart, Kroger, you're going to be going past convenience stores, gas stations making the logistics route efficient.

不過，便利商店和其他較小的地點、較小的低客流量地點實際上對我們仍然非常有幫助，因為我們認為你去麥當勞塔吉特、沃爾瑪、克羅格途中的所有地方，你都會去過去的便利商店、加油站讓物流路線變得有效率。

And so we still see a role for those to play, but naturally, we're focused on those big national partners that the McDonald's program unlocks for us.

因此，我們仍然看到這些可以發揮的作用，但自然地，我們關注的是麥當勞計劃為我們解鎖的那些大型國家合作夥伴。

Thanks for that.

謝謝你。

And I have a follow-up on the international side.

我在國際方面有一個後續行動。

Can you discuss the details on what's happening in the UK market today?

能詳細討論一下今天英國市場發生的事嗎？

There has been concerns around broader softening demand in the QSR space.

人們對快餐領域更廣泛的需求疲軟感到擔憂。

I'm just curious to understand how a Krispy Kreme's business in that core market is holding up.

我只是好奇地想了解 Krispy Kreme 在該核心市場的業務表現如何。

How is it tracking relative to your expectations?

相對於您的期望，它的進展如何？

Anything here would be helpful.

這裡的任何事情都會有幫助。

Well, it's true that the UK has been a challenge that we're focused on, but it is important to understand that the majority of our near 40 international markets continue to perform very well, and we have company-owned Japan, Canada, Australia, most of our franchisee partners, newly-opened, France, all performing very well, and indeed, the UK is still growing.

嗯，確實，英國一直是我們關注的挑戰，但重要的是要了解，我們近 40 個國際市場中的大多數仍然表現良好，而且我們擁有公司旗下的日本、加拿大、澳大利亞，我們大部分的加盟商夥伴，新開的，法國，都表現得很好，事實上，英國還在成長。

It's just at a slower rate than the others, and profitability has been disappointing as a result.

它的速度比其他公司慢，因此盈利能力令人失望。

But the team have created some local buzz recently in July with specialty donuts following the strategy that's worked out elsewhere.

但該團隊最近在 7 月推出的特色甜甜圈在當地引起了一些轟動，遵循了其他地方制定的策略。

They celebrated the TV show Friends.

他們慶祝電視節目《老友記》。

Just yesterday, we announced upgrades to the core donut range coming in Q3.

就在昨天，我們宣佈在第三季對核心甜甜圈系列進行升級。

So there's a lot of adaptation to those conditions you described that the team are doing well, not just on the top line or actually, also worth mentioning about 200 secondary displays in grocery stores that are working well in larger supermarkets expansion into convenience stores.

因此，針對您所描述的條件進行了很多調整，團隊做得很好，不僅僅是在營收方面，實際上，還值得一提的是雜貨店中的大約200 個輔助展示櫃，這些展示櫃在大型超市擴展到便利商店中運作良好。

So a lot of focused effort to get UK back up to the levels we're seeing in other international markets, all whilst managing the cost side as well that Jeremiah covered earlier.

因此，我們付出了大量的努力，讓英國恢復到我們在其他國際市場看到的水平，同時管理成本方面，以及耶利米之前提到的。

So I understand why you ask about the UK.

所以我明白你為什麼問英國。

We're closely monitoring and supporting the team there to make sure we get performance back up to the levels we're seeing elsewhere.

我們正在密切監視和支持那裡的團隊，以確保我們的績效恢復到我們在其他地方看到的水平。

Really appreciate the color, Josh.

真的很欣賞這個顏色，喬許。

Good luck for the rest of the year.

祝今年剩下的時間一切順利。

Thank you.

謝謝。

Bill Chappell, Truist.

比爾‧查普爾，真理論者。

Thanks.

謝謝。

Good morning.

早安.

Josh, just a quick follow-up on the UK.

喬希，我是關於英國的快速跟進。

I was, I mean, I thought the impression that more of the issue was a regulatory one, and that you will start to be kind of lapping that.

我的意思是，我認為這個問題更多的是監管問題，而且你會開始接受這一點。

So maybe any update there in terms of just, are you lapping, should things get better on their own?

所以也許有任何更新，你是否正在研磨，事情應該自己變得更好嗎？

Is it getting any worse?

情況有變得更糟嗎？

Or were you hearing more noise on that front just from that standpoint, would be great.

或者從這個角度來看，您是否聽到了更多的噪音，那就太好了。

Hi, Bill.

嗨，比爾。

Yes, I mean the regulatory changes, you're referencing associated largely impact in terms of where displays can be placed in a grocery store, associate with regulations around the merchandising of sweet treats there, that definitely has been a challenge for the team, and hence the secondary displays I mentioned, the additional expansion to convenience stores.

是的，我的意思是監管變化，您指的是雜貨店中展示位置的相關影響，與那裡的甜食銷售法規相關，這對團隊來說絕對是一個挑戰，並且因此我提到了輔助展示，即便利商店的額外擴張。

These are great tactics the teams have employed.

這些都是球隊所採用的偉大戰術。

We are lapping the initial impact of those regulations to your question, but it obviously has brought a structural effect onto the market.

我們正在討論這些法規對您的問題的初步影響，但它顯然為市場帶來了結構性影響。

But then, when you step back and look at the brand, the donuts, how the consumer's resonating with our product, there's definitely an opportunity in the UK, hence, focus on upgrading the core donuts, bringing our specialty lines as we see in other markets.

但是，當你退一步看看品牌、甜甜圈、消費者如何與我們的產品產生共鳴時，英國肯定有機會，因此，專注於升級核心甜甜圈，帶來我們在其他國家看到的特色產品線市場。

And the team are really leaning into that.

團隊確實傾向於這一點。

So obviously that the macroeconomic environment, as we rose and challenged in the UK, our team generally focus on these amazing moments of joy, celebratory occasions and so looking forward, I know, they're really getting behind all the big special occasions we have in the high season months ahead of us.

很明顯，隨著我們在英國的崛起和挑戰，宏觀經濟環境，我們的團隊通常專注於這些令人驚嘆的歡樂時刻、慶祝場合，所以展望未來，我知道，他們真的支持我們所有的大型特殊場合在我們即將到來的旺季幾個月裡。

(Operator instructions)

（操作員說明）

Dan Guglielmo, Capital Securities.

丹·古列爾莫，首都證券。

Hello, everyone.

大家好。

Thank you for taking my questions.

感謝您回答我的問題。

Just around like the big US relationship expansion so McDonald's, Target and then possibly Walmart.

就像美國的大型關係擴張一樣，麥當勞、塔吉特，然後可能還有沃爾瑪。

Will you all need to hire in the US in the second half of this year?

今年下半年你們都需要在美國招募嗎？

Or can the existing employee base kind of handle most of that?

或者現有的員工基礎可以處理大部分嗎？

Well, obviously, we're gearing up for expansion already, in many ways that is making sure that we've got extra drivers in place to get the donuts out there.

嗯，顯然，我們已經在為擴張做準備了，在很多方面，這確保我們有額外的司機來把甜甜圈送到那裡。

That's the main hiring initiative we'd expect.

這是我們期望的主要招募措施。

In the early months, nearly all of the expansion is serviced by existing production hubs.

在最初的幾個月裡，幾乎所有的擴張都是由現有的生產中心提供服務的。

So it's quite small the amount of extra labor we need to support the production there.

因此，我們支持那裡的生產所需的額外勞動力非常少。

We do have teams focused on partnering with the customers, you can imagine customer service and marketing and for example, our respective marketing teams are working closely together with the McDonald's team so that people know Krispy Kreme's coming to McDonald's.

我們確實有專注於與客戶合作的團隊，你可以想像客戶服務和行銷，例如，我們各自的行銷團隊正在與麥當勞團隊密切合作，以便人們知道 Krispy Kreme 即將來到麥當勞。

So there is investment there.

所以那裡有投資。

But the overall message is that the expansion and deliver fresh daily in the US is leveraging an underutilized system, the additional densification of all the distribution means you get flow through to the bottom line as we saw in this quarter in the second quarter, which we're pleased to see.

但總體訊息是，美國的擴張和每日新鮮配送正在利用未充分利用的系統，所有分銷的額外緻密化意味著您可以達到底線，正如我們在第二季度本季看到的那樣，我們很高興看到。

Overall organic growth basis point improvement reflects the model we have here and, so recruitment of the right people support that is important, but it isn't a big concern.

整體有機成長基點的改善反映了我們在這裡的模型，因此招募合適的人員支援很重要，但這並不是一個大問題。

In fact, it's really exciting to see how we're growing.

事實上，看到我們的成長真的很令人興奮。

Great.

偉大的。

That's very helpful.

這非常有幫助。

And just as a follow-up to that, just kind of US macro a little bit, the new employees kind of that you're bringing on like how has the labor environment it looked?

作為後續行動，美國宏觀方面，你引進的新進員工的勞動環境看起來怎麼樣？

Is it competitive?

有競爭力嗎？

Just kind of curious from your view?

從你的角度來看只是有點好奇？

Yes, it's Krispy Kreme has been well positioned.

是的，Krispy Kreme 已經定位得很好。

I feel people love working at a Krispy Kreme.

我覺得人們喜歡在 Krispy Kreme 工作。

It's a great environment to work in.

這是一個很棒的工作環境。

And so generally across the board, we've been able to to recruit great talent and great people across the system.

因此，總的來說，我們已經能夠在整個系統中招募到優秀的人才和優秀的人才。

And there were days where hiring drivers was a little more difficult.

有時候，僱用司機有點困難。

We are not seeing the same challenge.

我們沒有看到同樣的挑戰。

I think the labor environment has eased up on that, on that side, and so yes, the main thing we're focused on and making sure that all those folks are trained and supported, that the equipment is in tip-top condition, that we have optimized our delivery routes, and also that we can service our customers needs.

我認為勞動力環境在這方面已經有所緩解，所以是的，我們關注的主要事情是確保所有這些人都得到培訓和支持，設備處於最佳狀態，我們優化了我們的送貨路線，並且我們可以滿足客戶的需求。

Great.

偉大的。

Thank you.

謝謝。

Bill Chappell, Truist.

比爾‧查普爾，真理論者。

Thank Sorry, me again.

謝謝，對不起，又是我。

I got cut off.

我被打斷了。

Josh, just a question on Chicago.

喬什，我只是問一個關於芝加哥的問題。

Why that's the next city?

為什麼是下一個城市？

It's obviously different from the Kentucky cities.

這與肯塔基州的城市明顯不同。

It's in the backyard and front yard of McDonald's headquarters.

位於麥當勞總部的後院和前院。

And, but I don't know what kind of your existing presence is compared to other cities.

而且，但我不知道你們現有的存在感與其他城市相比是什麼樣的。

So maybe you could just kind of explain the thought process behind that, and kind of how that may be different or not from what you see in Lexington and Louisville?

所以也許你可以解釋一下背後的思考過程，以及這與你在列剋星敦和路易斯維爾看到的情況有何不同或沒有？

Probably, yes.

可能是的。

We are certainly different, but we're excited to be there at the home McDonald.

我們確實與眾不同，但我們很高興能來到麥當勞之家。

We're guided by their teams, where they prefer to roll out first, only constrained by our existing capacity.

我們由他們的團隊指導，他們更願意先推出，僅受我們現有容量的限制。

As I mentioned earlier in the call, we're investing in and selectively in key markets around the country, identifying and even getting commitments on sites in places like Minneapolis and Boston that we don't have production and we'll come to those later.

正如我之前在電話會議中提到的，我們正在全國各地的關鍵市場進行投資並有選擇地進行投資，在明尼阿波利斯和波士頓等我們沒有生產的地方確定甚至獲得承諾，我們稍後會討論這些地方。

But in Chicago, we have three hubs with spokes already.

但在芝加哥，我們已經擁有三個有輻條的中心。

They have excess capacity.

他們產能過剩。

In fact, in one of the sites, we have a hub with more than one production line, and so it's made complete sense to start in a place where we had that.

事實上，在其中一個地點，我們有一個擁有多條生產線的中心，因此從我們擁有該生產線的地方開始是完全有意義的。

As we think about our hubs going forward, we're really working on creating streamlined sort of high efficiency sites that seamlessly integrate DFD and retail operations and we actually already have some way that we've been able to with modest investment set up in that way.

當我們考慮未來的中心時，我們確實致力於創建精簡的高效站點，將DFD 和零售業務無縫集成，而且我們實際上已經有了一些方法，只需在這方面進行適度的投資即可實現這一點方式。

So I feel really confident about starting out in Chicago.

所以我對在芝加哥開始感到非常有信心。

We have a nice presence across the Midwest in general.

整體而言，我們在中西部地區擁有良好的影響力。

So, get going with a really positive strong momentum from the start makes sense for both of us.

因此，從一開始就以真正積極的強勁勢頭前進對我們雙方來說都是有意義的。

So we are excited for the teams there.

所以我們為那裡的團隊感到興奮。

Great.

偉大的。

Thanks, Josh.

謝謝，喬許。

I'll now turn the call back over to Josh Charlesworth for closing remarks.

現在，我將把電話轉回喬許‧查爾斯沃思 (Josh Charlesworth)，他將作結束語。

Please go ahead.

請繼續。

Yes.

是的。

Well, thanks, everyone, for the questions.

嗯，謝謝大家的提問。

Really appreciate it.

真的很感激。

Thank you for your interest in Krispy Kreme today.

感謝您今天對 Krispy Kreme 的興趣。

Obviously, strong results and the strategy is working.

顯然，業績強勁，策略正在發揮作用。

So I'm really pleased to share with you that today.

所以我今天很高興與大家分享這一點。

And, of course, thank you to Krispy Kremers for your ongoing commitment to bring joy to our customers to Krispy Kreme around the world.

當然，也要感謝 Krispy Kremers 的持續承諾，為世界各地的 Krispy Kreme 顧客帶來歡樂。

Thank you very much.

非常感謝。

Ladies and gentlemen, that concludes today's call.

女士們、先生們，今天的電話會議到此結束。

Thank you all for joining.

感謝大家的加入。

You may now disconnect.

您現在可以斷開連線。