達美樂 (DPZ) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to Domino's Pizza's third quarter 2024 Earnings Conference Call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的耐心等待，歡迎參加 Domino's Pizza 2024 年第三季財報電話會議。 （操作員指示）提醒一下，今天的節目正在錄製中。

And now I'd like to introduce your host for today's program, Greg Lemenchick, Vice President, Investor Relations. Please go ahead, sir.

現在我想介紹一下今天節目的主持人，投資者關係副總裁 Greg Lemenchick。請繼續，先生。

Good morning, everyone. Thank you for joining us today for our third quarter conference call. Today's call will begin with our Chief Executive Officer, Russell Weiner; followed by our Chief Financial Officer, Sandeep Reddy. The call will conclude with a Q&A session.

大家早安。感謝您今天參加我們的第三季電話會議。今天的電話會議將由我們的執行長 Russell Weiner 開始；其次是我們的財務長桑迪普雷迪 (Sandeep Reddy)。電話會議將以問答環節結束。

The forward-looking statements in this morning's earnings release and 10-Q, both of which are available on our IR website, also apply to our comments on the call today. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our filings with the SEC.

今天早上的收益報告和 10-Q 報告中的前瞻性陳述（均可在我們的 IR 網站上取得）也適用於我們今天對電話會議的評論。實際結果或趨勢可能與我們的預測有重大差異。欲了解更多信息，請參閱我們向 SEC 提交的文件中討論的風險因素。

In addition, please refer to the 8-K earnings release to find disclosures and reconciliations of non-GAAP financial measures that may be referenced on today's call. This morning's conference call is being webcast and is also being recorded for replay via our website. (Operator Instructions)

此外，請參閱 8-K 收益報告，以了解今天電話會議中可能引用的非 GAAP 財務指標的揭露和調整。今天早上的電話會議正在網路上直播，並透過我們的網站進行錄製並重播。 （操作員說明）

With that, I'd like to turn the call over to Russell.

說到這裡，我想把電話轉給拉塞爾。

Thanks, Greg, and good morning, everybody. What I'd like to do is begin today's call by giving an overview on the restaurant space as I see it across the globe. When we introduced our Hungry for MORE strategy back in December, we knew consumer spending would be pressured in 2024 and that the QSRs that offer the strongest value would win. That proved to be right and at Domino's leaning into our strategic pillar of renowned value has been key to our success in 2024, especially in the US

謝謝，格雷格，大家早安。我想做的是在今天的電話會議開始時概述我在全球範圍內看到的餐廳空間。當我們在 12 月推出「Hungry for MORE」策略時，我們知道 2024 年消費者支出將面臨壓力，而提供最強價值的 QSR 將會獲勝。事實證明，這是正確的，多米諾公司對我們享有盛譽的價值的戰略支柱的傾斜是我們在 2024 年取得成功的關鍵，尤其是在美國

As the year has progressed, competitors have followed our lead, and we've seen increased intensity around value within QSR pizza. I believe value will continue to be in demand from customers around the world, and know that you're hearing the same thing from my peers as macroeconomic and geopolitical issues continue to pressure the industry. In these times, I believe the best measure of a company's current and future success are the share gains that is achieved.

隨著這一年的進展，競爭對手紛紛追隨我們的腳步，我們也看到了 QSR 披薩中圍繞價值的關注度不斷增加。我相信世界各地的客戶將繼續對價值有需求，並且隨著宏觀經濟和地緣政治問題繼續給該行業帶來壓力，您也從我的同行那裡聽到了同樣的說法。在這個時代，我相信衡量一家公司當前和未來成功的最佳標準是所實現的股票收益。

In Domino's US business, we are doing just that, gaining share. Our team and franchisees are delivering incredible results despite a more challenging environment. Through the first three quarters of the year, our retail sales are up 6.6% and the QSR pizza category that's growing at less than 2%. Hungry for MORE is driving the critical metric to long-term success in this business, more market share. This was our fourth consecutive quarter of same-store sales growth since launching Hungry for MORE proof that our strategy is working.

在多米諾美國業務中，我們正是這樣做的，贏得了市場份額。儘管環境更具挑戰性，我們的團隊和加盟商仍取得了令人難以置信的成果。今年前三個季度，我們的零售額成長了 6.6%，而 QSR 披薩類別的成長率不到 2%。 「渴望更多」是推動該行業長期成功的關鍵指標，即更多的市場份額。這是自推出 Hungry for MORE 以來，我們的同店銷售額連續第四個季度實現成長，證明我們的策略正在發揮作用。

Importantly, and something I think continues to be unique in the industry right now, it was also our fourth straight quarter of positive order count growth. Profitable order count growth is the key to improving what are already best-in-class economics for our US franchisees. These economics have been a proven driver of store growth as well, which, of course, is another way we drive market share. For example, from 2015 to '23, Domino's opened approximately 1,750 stores. If you look at our top QSR pizza competitors in aggregate, they closed almost as many doors as we opened during that same time period.

重要的是，我認為目前在行業中仍然是獨一無二的，這也是我們連續第四個季度實現訂單數量正增長。有利可圖的訂單數量增長是改善我們美國特許經營商已經達到的一流經濟效益的關鍵。這些經濟效益也已被證明是商店成長的驅動力，當然，這是我們提高市場份額的另一種方式。例如，從 2015 年到 23 年，Domino's 開設了大約 1,750 家商店。如果你看我們頂級快餐披薩競爭對手的整體情況，你會發現他們關閉的門幾乎和我們在同一時期打開的門一樣多。

Today's order count growth drives tomorrow's order count growth as well because the strength of Domino's Rewards brings members back for repeat purchases in the future. Domino's Rewards continues to perform well and was the key driver of our US comp performance in Q3. We've officially passed the 1-year anniversary of the program. Happy anniversary, Sandeep. And I expect it to continue to play a critical role driving the business for the next several years. That's because Domino's Rewards is achieving our goals of driving more light users and carryout customers.

今天的訂單數成長也推動了明天的訂單數成長，因為達美樂獎勵的優勢吸引了會員在未來重複購買。多米諾獎勵 (Domino's Rewards) 繼續表現良好，是我們第三季美國競爭表現的關鍵驅動力。我們已經正式度過了該計劃的一周年紀念日。週年紀念快樂，桑迪普。我預計它將在未來幾年繼續發揮推動業務發展的關鍵作用。這是因為 Domino's Rewards 正在實現我們吸引更多輕度用戶和外送客戶的目標。

In addition, we have grown our overall active members significantly in 2024, allowing us to engage more customers and drive frequency with targeted marketing efforts. Looking to Q4, Domino's will give customers what they are demanding from their QSR brands, MORE. We opened the quarter with our MOREflation deal. At a time where consumers are feeling that they're getting less and paying more, MOREflation show them that Domino's was in their corner, giving them more for less. We followed this up with a 50% off boost week. And next week, one of our biggest renowned value promotions ever will go back on air, Emergency Pizza.

此外，到 2024 年，我們的活躍會員總數顯著增加，使我們能夠吸引更多客戶，並透過有針對性的行銷活動提高頻率。展望第四季度，達美樂將滿足客戶對其 QSR 品牌的要求，「更多」。我們以 MOREflation 交易開啟本季。當消費者感覺自己得到的越來越少而付出的越來越多時，MOREflation 向他們表明，達美樂站在他們的一邊，以更少的成本為他們提供更多的東西。隨後我們又推出了 50% 的促銷週折扣。下週，我們有史以來最著名的超值促銷之一「緊急披薩」將重新播出。

While providing value through our own channels is one part of our renowned value barbell strategy, tapping into the aggregator marketplace is the other. In Q3, we saw a nice acceleration as we grew our percentage of US sales coming through Uber to 2.7%. Importantly, incrementality in this channel has continued as expected since these customers have been less sensitive to the economic pressures that I discussed earlier.

雖然透過我們自己的管道提供價值是我們著名的價值槓鈴策略的一部分，但進軍聚合市場是另一部分。在第三季度，我們看到了良好的加速，透過 Uber 實現的美國銷售額百分比成長至 2.7%。重要的是，該管道的增量繼續按預期進行，因為這些客戶對我之前討論的經濟壓力不太敏感。

As you know, Hungry for MORE drives more though than just a renowned value, new products are an important way that we can bring to life and so it's a food pillar of our strategy. We launched our new Mac & Cheese in late September. This offering in our pasta lineup is available in 5-Cheese and Spicy Buffalo. And for those who care, I add a little bacon to mine. We originally launched our pasta platform in 2009, and this is the first time we brought product news to the line since then. I'm excited that what this can mean for Mac & Cheese, and frankly, the entire pasta portfolio.

如您所知，Hungry for MORE 不僅僅推動著名的價值，新產品也是我們實現生活的重要方式，因此它是我們策略的食品支柱。我們在九月下旬推出了新的通心粉和起司。我們的義大利麵系列中的這款產品有 5 種起司和辣水牛兩種口味。對於那些關心的人，我加了一點培根。我們最初於 2009 年推出了麵食平台，這是自那時以來我們第一次將產品新聞帶入線上。我很高興這對通心粉和奶酪，坦率地說，對整個麵食產品組合意味著什麼。

A year into Hungry for MORE, I hope our innovation with intent approach to new products is becoming clear to all of you. With Mac & Cheese and last year's Pepperoni-Stuffed Cheesy bread, we're bringing news to reignite our existing non-pizza platforms. And with New York Style Pizza, we brought in customers who preferred a pizza offering we didn't have in our portfolio.

《Hungry for MORE》已經過去一年了，我希望大家都能清楚我們對新產品的創新和意圖。憑藉 Mac & Cheese 和去年的意大利辣香腸填充起司麵包，我們帶來了新消息，以重新點燃我們現有的非披薩平台。透過紐約風格披薩，我們引進了那些喜歡我們產品組合中沒有的披薩產品的客戶。

In summary, we're delivering against our Hungry for MORE goals for both sales and stores in the US With the slate of initiatives we got out in front of us, I continue to believe that we will deliver US same-store sales growth of 3% or more annually. And that's why I expect Domino's to continue to drive additional market share gain.

總而言之，我們正在實現我們在美國的銷售和商店的 Hungry for MORE 目標。這就是為什麼我預計達美樂將繼續推動更多的市佔率成長。

Now I would like to talk about our International business. Retail sales were up 6.5% through the first three quarters of this year. While that growth is in line with the global pizza category, it is not in line with our expectations nor our historical performance. Recall, Domino's International has averaged more than 10% global retail sales growth over the past decade through 2023. And while we remain on track for a remarkable 31 straight year of International same-store sales growth, the combined impact of macroeconomic pressures, geopolitical issues and the underperformance we are experiencing is creating a drag on our international sales.

現在我想談談我們的國際業務。今年前三季零售額成長6.5%。雖然這種成長與全球披薩類別一致，但與我們的預期和我們的歷史表現不符。回想一下，過去十年到 2023 年，達美樂國際的全球零售額平均成長超過 10%。經歷的表現不佳正在拖累我們的國際銷售。

Given this performance, we believe planning for approximately 1% to 2% same-store sales growth for 2024 and '25, is a more realistic expectation before we return the business to a more normalized level in 2026. As you know, our international business, which is approximately half our global retail sales, represents less than one-third of our profits due to our Asset-Light Master Franchising Model. As a result of this dynamic shift in international sales have less impact on company profits. Therefore, I don't expect the softness in our international business to significantly impact our operating profit goals, and Sandeep will go more into this during his remarks.

鑑於這一業績，我們認為，在我們於2026 年將業務恢復到更正常化的水平之前，計劃2024 年和25 年同店銷售增長約1% 至2% 是一個更現實的預期。 ，我們的國際業務由於我們的輕資產主特許經營模式，約占我們全球零售額的一半，但只占我們利潤的不到三分之一。由於國際銷售的這種動態變化對公司利潤的影響較小。因此，我預計我們國際業務的疲軟不會對我們的營業利潤目標產生重大影響，桑迪普將在演講中對此進行更多討論。

You should know our team is hard at work with our international master franchisees to create momentum in their markets even in the face of headwinds. We know what works in today's challenging environment, it's evident in the results that we're achieving in the US So we're engaging with our master franchisees to implement the strategies and tactics we know will drive incremental sales and profits. In some cases, they've simply been a little bit too slow to react to shifting consumer behaviors. So we're focusing on three key areas, all of them are centered around renowned value.

您應該知道，即使面對逆風，我們的團隊也正在與我們的國際主要特許經營商努力合作，以在他們的市場中創造動力。我們知道在當今充滿挑戰的環境中什麼是有效的，這從我們在美國的成果中顯而易見。和策略。在某些情況下，他們對消費者行為變化的反應有點太慢了。因此，我們專注於三個關鍵領域，所有這些領域都以知名價值為中心。

First, more aggressive promotional pricing that drives a consistent value message to customers. Second, maximizing orders from aggregators, where many of our markets have opportunities remaining to gain their fair share on these platforms. These orders continue to be incremental due to the higher income customer that uses them. And finally, taking a page out of the US playbook, diversifying beyond delivery to drive another growth lever in carryout or, in some places, guided.

首先，更積極的促銷定價，向客戶傳達一致的價值訊息。其次，最大化來自聚合商的訂單，我們的許多市場仍有機會在這些平台上獲得公平的份額。由於使用這些訂單的客戶收入較高，這些訂單持續增加。最後，借鑒美國的做法，在配送之外實現多元化，以推動結轉業務的另一個成長槓桿，或在某些地方進行引導。

Our international business has so much potential. And by implementing the plans and strategies I've outlined, we expect to continue to create sales momentum that will produce the same kind of market share gains and net store growth we've achieved in the past.

我們的國際業務潛力巨大。透過實施我概述的計劃和策略，我們預計將繼續創造銷售動力，從而產生與我們過去所實現的相同的市場份額收益和淨商店增長。

In closing, what I want to do is reinforce with you the same message that I repeatedly share with our team. In the 16 years I've been at Domino's Pizza, we have always been in the business of creating our own tailwinds and driving share growth. That has been and, through our Hungry for MORE strategy, will continue to be how we drive best-in-class results and long-term value creation for our shareholders.

最後，我想做的是向你們強調我反覆與我們的團隊分享的同樣的訊息。在我在 Domino's Pizza 工作的 16 年裡，我們致力於創造自己的順風車並推動份額成長。透過我們的「渴望更多」策略，這一直是並將繼續成為我們為股東推動一流業績和創造長期價值的方式。

With that, I'd like to hand it over to Sandeep.

說到這裡，我想把它交給桑迪普。

Thank you, and good morning, everyone. As Russell noted, while our third quarter financial results were impacted by a more challenging backdrop, we still delivered profitable growth. Income from operations increased 5.7% in Q3, excluding the impact of foreign currency of $1.4 million. This increase was primarily due to higher franchise royalty revenues resulting from global retail sales growth and supply chain profit dollar growth as a result of increased auto volumes and procurement productivity. This was partially offset by higher G&A, which was primarily driven by higher labor expenses.

謝謝大家，大家早安。正如羅素所指出的，雖然我們第三季的財務表現受到更具挑戰性的背景的影響，但我們仍然實現了獲利成長。第三季營運收入成長 5.7%，排除外匯影響 140 萬美元。這一成長主要是由於全球零售銷售成長導致特許經營權收入增加，以及汽車銷售和採購效率增加導致供應鏈利潤美元成長。這被較高的一般費用和行政費用部分抵消，而一般費用增加主要是由勞動力費用增加所致。

Year-to-date, our operating profit growth, excluding FX, is up a strong 8.6%, which is in line with our expectations. Excluding the impact of foreign currency, global retail sales grew 5.1% in the third quarter from positive US and international comps and global net store growth. Let's take a look at the details.

今年迄今，我們的營業利潤成長（不包括外匯）強勁成長 8.6%，這符合我們的預期。排除外匯的影響，第三季全球零售額成長 5.1%，得益於美國和國際經濟的積極成長以及全球淨商店成長。我們來看看細節。

During Q3, total retail sales grew 5.1% in the US driven by same-store sales that came in at 3%, with positive order counts for the fourth consecutive quarter. These comps were driven by another strong quarter for carryout of 5.4% and delivery of 1.3%, fueling continued market share gains. We did begin to see macro and competitive pressures impact our results in August and particularly the low-income customer.

第三季度，美國零售總額成長 5.1%，同店銷售額成長 3%，訂單數量連續第四個季度呈正成長。這些比較受到另一個強勁季度結轉率 5.4% 和交付率 1.3% 的推動，推動了市場份額的持續成長。我們確實開始看到宏觀和競爭壓力影響我們八月的業績，特別是低收入客戶。

Our US same-store sales continue to be fueled by transaction growth from Domino's Rewards and our marketing programming. We also benefited from 1.6% of pricing, which was inclusive of high single digits in California. Our sales mix from Uber grew to 2.7% for the quarter. Our comp tailwinds were partially offset by a higher carryout mix, which carries a lower ticket than delivery. Shifting to US unit count, we added 24 net new stores, bringing our US system store count to 6,930.

達美樂獎勵和我們的行銷計劃帶來的交易成長繼續推動我們的美國同店銷售。我們還受益於 1.6% 的定價，其中包括加州的高個位數。本季 Uber 的銷售額成長至 2.7%。我們的比較順風被更高的結轉組合所部分抵消，結轉組合的票數低於交付。轉向美國門市數量，我們淨增 24 家新店，使美國系統門市數量達到 6,930 家。

Moving to international, where total retail sales grew 5.1% excluding the impact of foreign currency, this was driven by net store growth which was in line with the updated 2024 guidance that we provided on our last call. Same-store sales were up 0.8% in the quarter, with a slowdown beginning in August. In the quarter, we saw pressure in our Asia, Europe and Middle East markets. In Europe and Asia, we continue to see macro impacts in addition to comp impacts in Japan, as DPE continues to work through the plan they discussed in their August trading update. Softness in the Middle East was driven by an increased impact from geopolitical tensions.

轉向國際，排除外匯影響，零售總額增長 5.1%，這是由淨商店增長推動的，這與我們在上次電話會議中提供的最新 2024 年指導一致。本季同店銷售額成長 0.8%，8 月開始放緩。本季度，我們看到亞洲、歐洲和中東市場面臨壓力。在歐洲和亞洲，除了日本的比較影響外，我們繼續看到宏觀影響，因為 DPE 繼續實施他們在 8 月交易更新中討論的計劃。中東的疲軟是由於地緣政治緊張局勢的影響加大所致。

Now turning to our outlook. Let me start off by saying that the long-term algorithm of what we believe the Domino's business can and should achieve has not changed. We continue to expect that our algorithm of 7% or more annual global retail sales growth and operating profit growth of 8% or more is the right one as we look out to 2026 to 2028.

現在轉向我們的展望。首先我要說的是，我們認為骨牌業務能夠而且應該實現的長期演算法並沒有改變。展望 2026 年至 2028 年，我們仍然預計，全球零售額年度增長 7% 或以上、營業利潤增長 8% 或以上的演算法是正確的。

In evaluating our business in light of increased macro and competitive pressures over the last quarter, we now believe that our global retail sales growth will be approximately 6% in 2024. I'm very proud of how the team has come together to manage our P&L, which is allowing us to maintain a very strong operating profit growth outlook of approximately 8%, excluding FX.

根據上一季宏觀和競爭壓力增加的情況評估我們的業務，我們現在相信 2024 年我們的全球零售額成長將約為 6%。能夠維持約8%（不包括外匯）的非常強勁的營業利潤成長前景。

As we look ahead to 2025, we expect to be slightly below our long-term guidance algorithm driven primarily by our international business. Our expectations for global retail sales growth are generally in line with our updated expectations for 2024, while still delivering an operating profit growth of approximately 8%.

展望 2025 年，我們預計將略低於主要由國際業務驅動的長期指導演算法。我們對全球零售額成長的預期總體上與我們對 2024 年的最新預期一致，同時仍實現約 8% 的營業利潤成長。

As we noted in our disclosures this morning, we repurchased approximately 443,000 shares at an average price of $429 for a total of $190 million in the third quarter. As we continue to plan for our debt maturity in October 2025, the lower interest rate environment was the driver of the increase in share repurchases in Q3, as we now have more certainty on where we believe the interest rate range will be.

正如我們在今天上午的披露中指出的，我們在第三季以平均價格 429 美元回購了約 443,000 股股票，總金額為 1.9 億美元。隨著我們繼續計劃 2025 年 10 月的債務到期，較低的利率環境是第三季股票回購增加的推動因素，因為我們現在對利率範圍更加確定。

In closing, our resilient asset-light model has delivered outsized retail sales and extremely profitable growth over time. I am confident that this model can continue to drive outsized returns for investors.

最後，我們的彈性輕資產模式隨著時間的推移實現了超大規模的零售額和極其有利可圖的成長。我相信這種模式能夠持續為投資者帶來豐厚的回報。

Thank you. We will now open the line for questions.

謝謝。我們現在將開通提問熱線。

(Operator Instructions) Our first question comes from the line of David Tarantino from Baird.

（操作員說明）我們的第一個問題來自貝爾德 (Baird) 的大衛·塔倫蒂諾 (David Tarantino)。

My question first is on the unit growth update you gave. It came down for the second straight quarter. And I assume most of that is related to international. But could you just maybe explain the moving parts related to the change versus what you shared last quarter? And then I guess, more importantly, how are you feeling about the ability to kind of ramp back towards your targets in 2025 and beyond?

我的第一個問題是關於您提供的單位增長更新。它連續第二個季度下降。我認為其中大部分與國際有關。但您能否解釋一下與這項變更相關的活動部分與您上季分享的內容相比？然後我想，更重要的是，您對 2025 年及以後實現目標的能力有何感想？

David. So yes, I think from a guidance perspective, we've updated to 800 to 850 in terms of global net store growth relative to what we had last time, we had 825 to 925. I think the biggest driver, honestly, of this was working more closely with DPE and getting much better visibility that enabled us to do two things.

大衛.所以，是的，我認為從指導的角度來看，就全球淨商店增長而言，我們已經更新到800 到850，相對於我們上次的增長，我們有825 到925。的推動因素是與 DPE 更密切地合作並獲得更好的可見性，使我們能夠做兩件事。

One is tighten the range. And the other is, as we actually get better understandings of what the expectations are in the fourth quarter, I think it made sense to actually update it to a little bit lower than what we had previously. But our visibility continues to get better as we move forward. And this is the kind of effort we'll continue to make as we move into '25 and continue to update on what our expectations are in '25 as well as we come in to next year.

一是收緊範圍。另一個是，由於我們實際上對第四季度的預期有了更好的了解，我認為將其實際更新為比我們之前的預期低一點是有意義的。但隨著我們的前進，我們的知名度不斷提高。這就是我們在進入 25 年時將繼續做出的努力，並繼續更新我們對 25 年以及明年的期望。

And maybe just a follow up, 2025 retail sales being a little below your outlook longer term, is that related to the carryover impact of the unit growth from this year, I guess, the shortfall from unit growth? Or are you expecting something lower on the comps and unit growth for next year? I guess I just wanted to clarify that.

也許只是後續行動，2025 年零售額略低於您的長期預期，這是否與今年單位成長的結轉影響有關，我猜是單位成長的不足？或者您預計明年的比較和單位成長會有所下降？我想我只是想澄清這一點。

So David, really good question. I think a couple of things going on there. I think Russell talked about in the prepared remarks as well. Same-store sales expectations for '24 and '25 international we think is somewhere in the 1% to 2% range, which is below what we'd initially talked about back in December on -- at the Investor Day. And that's really given the macro pressures that we're dealing with and that we're seeing right now. And that's, I think, a big driver of that lower retail sales expectation.

大衛，這是一個很好的問題。我認為那裡發生了一些事情。我認為拉塞爾在準備好的演講中也談到了這一點。我們認為 24 年和 25 年國際同店銷售預期在 1% 到 2% 的範圍內，低於我們最初在 12 月投資者日討論的數字。這確實是考慮到我們正在應對和我們現在看到的宏觀壓力。我認為，這是零售銷售預期下降的重要推動因素。

The other driver, of course, is definitely the unit growth, that we actually are seeing in '24 that will roll over partially in the '25. And I think as we continue to work through where unit growth is expected to go in '25, that will have a partial impact in '25 as well. So all this in the consideration set, but really '25 is really driven by the international business primarily, and that's what we talked about in the prepared remarks.

當然，另一個驅動因素肯定是單位成長，我們實際上在 24 年看到的成長將在 25 年部分滾動。我認為，隨著我們繼續努力確定 25 年單位成長的預期目標，這也會對 25 年產生部分影響。因此，所有這些都在考慮範圍內，但實際上「25」實際上主要是由國際業務驅動的，這就是我們在準備好的發言中討論的內容。

David, I think I'll maybe just add a little context on how I think about international. And to me, that business is judged when you look at three things, when you look at the past, the present and the future. So in the past, we've got a business that has averaged more than 10% retail sales growth over the last decade. We're about to hit our 31st straight year of positive same-store sales. When you think about the present, not a year-to-date that Domino's normally has, but actually in line with the category. We normally do better than the category. We expect to do better than the category. But when there are headwinds, including ones that are self-created, and that's a low point for us. It says a lot about who we are.

大衛，我想我可能會添加一些關於我如何看待國際的背景。對我來說，判斷這個產業需要考慮三件事，也就是過去、現在和未來。因此，過去，我們的業務在過去十年中平均零售額成長超過 10%。我們即將實現連續 31 年同店銷售正成長。當你想到現在時，不是達美樂通常的年初至今，而是實際上符合類別。我們通常比同類產品做得更好。我們期望做得比同類產品更好。但當出現逆風時，包括我們自己造成的逆風，這對我們來說就是一個低谷。它充分說明了我們是誰。

And the great news is we're focused on turning things around. We know what we need to do with our master franchisees, really three things. It's all about renowned value, getting that right. We need to make sure that our promotional prices are consistent and they don't go above the CPI in the market. We need to make sure we're getting our fair share of aggregator -- the delivery business. And then reminding everyone, we're more than just a pizza delivery company, and there are carryout opportunities, there are sit-down opportunities. And so those are all part of the renowned value strategy that we've been discussing.

好消息是我們致力於扭轉局面。我們知道我們需要對我們的主要特許經營商做什麼，實際上是三件事。這一切都與聲譽價值、正確實現這一點有關。我們需要確保我們的促銷價格是一致的，並且不會高於市場的CPI。我們需要確保我們在聚合商——送貨業務——中獲得公平的份額。然後提醒大家，我們不只是一家披薩外送公司，還有外送機會，也有坐下來的機會。因此，這些都是我們一直在討論的著名價值策略的一部分。

Which then is why I'm so bullish about the future, a future where we've got 10,000 stores to build in our top 15 international markets alone, and we've got these great franchise partners who have a really tremendous history together. So I just wanted to give that aspect that opinion of our international business to start off.

這就是為什麼我對未來如此樂觀，在未來，我們僅在 15 個國際市場就可以開設 10,000 家商店，而且我們擁有這些擁有悠久歷史的偉大特許經營合作夥伴。因此，我只想從這方面給出對我們國際業務的看法。

David Palmer from Evercore ISI.

Evercore ISI 的大衛‧帕爾默 (David Palmer)。

I wanted to ask about the fourth quarter. And really, I'm asking about the fourth quarter, but I really had my eye on the general question of your confidence in the ability to drive same-store sales, excluding these third-party marketing. It looks like your guidance implies 3% US same-store sales growth in the fourth quarter. Maybe you can confirm that that's roughly true. And I know people are going to be curious about your confidence in driving that sort of same-store sales growth. And just to level set, people see the three points tougher comparison on a one-year basis. Obviously, loyalty launch last year, Emergency Pizza. And I think people are also looking at data, whatever third-party data that they see out there, that speaks to a slower start to the quarter. So you clearly feel like you have some growth drivers ahead. So wanted to get your feeling about that.

我想問一下第四季的情況。事實上，我問的是第四季度的情況，但我真正關注的是一個普遍問題，即您對推動同店銷售（不包括這些第三方行銷）的能力的信心。您的指導似乎意味著第四季美國同店銷售額成長 3%。也許你可以確認這大致是正確的。我知道人們會對您推動同店銷售成長的信心感到好奇。就水平而言，人們認為在一年的基礎上進行三分比較更困難。顯然，忠誠度去年推出了緊急披薩。我認為人們也在關注數據，無論他們看到什麼第三方數據，這都表明本季的開局較慢。因此，您明顯感覺到前方有一些成長動力。所以想了解一下你對此的感受。

Thanks, David. I can tell you, I am so excited about what we are doing for Q4. All you can do is control what you can control. And when I think about our lineup for Q4, it's one of the strongest quarters of marketing since I've been here. You talked about Emergency Pizza. We've got Emergency Pizza 2.0 coming back. We've got the pasta launch. Loyalty is just getting started into its second year. We had a boost. We've got so many things going on here. And that's all you can do is you can lean in with all your marketing programs and with your franchisees. And like I said, I cannot imagine having a better quarter of -- a better lineup and a quarter than we have right now.

謝謝，大衛。我可以告訴你，我對我們在第四季所做的事情感到非常興奮。你能做的就是控制你能控制的事情。當我想到我們第四季的陣容時，這是我來到這裡以來行銷最強勁的季度之一。你談到了緊急披薩。緊急披薩 2.0 又回來了。我們推出了義大利麵。忠誠度剛剛進入第二年。我們得到了提升。我們這裡發生了很多事情。您能做的就是向所有行銷計劃和特許經營商提供協助。就像我說的，我無法想像有比我們現在更好的四分之一——更好的陣容和四分之一。

And I think, Dave, I'm just going to add on to that, because I think you asked the question on the full year guide for same-store sales. As Russell talked about in the prepared remarks, yes, we expect to do on a full year basis, 3% or more, and that's specifically what we're talking about. And we aren't talking specifically to Q4. All the initiatives that Russell just mentioned are definitely going to be drivers. And we're really confident in this -- not just for this year, but across the next five years, with the 5-year plan. That's why we're reiterating that we're expecting to be 3% or more for Hungry for MORE.

我想，戴夫，我只想補充一下，因為我認為你問了有關同店銷售全年指南的問題。正如拉塞爾在準備好的發言中談到的那樣，是的，我們預計全年將增長 3% 或更多，這就是我們具體討論的內容。我們並不是專門討論第四季。拉塞爾剛才提到的所有舉措肯定會成為推動因素。我們對此非常有信心——不僅是今年，而且還有未來五年的五年計劃。這就是為什麼我們重申，我們預計 Hungry for MORE 的銷量將達到 3% 或更高。

Brian Bittner from Oppenheimer.

奧本海默的布萊恩·比特納。

Your sales mix grew to 2.7% this quarter, which is very encouraging. It seems like you're on track with your original projections. And I know you have not made a firm decision on DoorDash yet or at least publicly made a decision. But it does appear, it's a matter of if not when, that's what you guys have said. And the question is, do you believe DoorDash has the characteristics and the ability to be a stronger mix than Uber? And number two, is the launch of DoorDash contemplated at all in your 2025 outlook?

本季您的銷售組合成長至 2.7%，非常令人鼓舞。看起來您的預測正處於正確的軌道上。我知道您還沒有就 DoorDash 做出明確的決定，或者至少沒有公開做出決定。但它確實出現了，這只是時間問題，而不是時間問題，這就是你們所說的。問題是，您是否認為 DoorDash 具有成為比 Uber 更強大的組合的特徵和能力？第二，您對 2025 年的展望是否考慮推出 DoorDash？

Yes. Thanks, Brian. As we've said on prior calls, the $1 billion that we think is out there for us contemplates us being on all aggregators, and so that's absolutely in our future. The Uber exclusivity, it's our decision in -- at the end of Q1, what we'd like to do there. You're right, though, on DoorDash. DoorDash is bigger than Uber. So that would certainly be an incremental and, most likely, a more significant impact on our business than Uber, but we'll take one step at a time. I'm just excited that we've essentially achieved our goal of 3%, that's our fair share. And our goal remains to exit the year at 3%.

是的。謝謝，布萊恩。正如我們在之前的電話會議中所說，我們認為我們可以擁有的 10 億美元考慮到我們將成為所有聚合商的一部分，所以這絕對是我們的未來。 Uber 的獨家經營權是我們在第一季末做出的決定，我們希望在那裡做些什麼。不過，在 DoorDash 上，你是對的。 DoorDash 比 Uber 還要大。因此，這肯定會是一個增量，而且很可能會對我們的業務產生比 Uber 更重大的影響，但我們會一次邁出一步。我很高興我們基本上實現了 3% 的目標，這是我們的公平份額。我們的目標仍然是今年結束時的成長率為 3%。

Dennis Geiger from UBS.

瑞銀集團的丹尼斯蓋革。

I wanted to ask a little bit more on the '25 guidance specific to the US, where it sounds like not a whole lot has changed, and it's really more of that international business that has tweaked the '25 guide. Russell, you just mentioned a bunch of the initiatives that you have for 4Q.

我想對針對美國的「25 指南」進行更多詢問，聽起來好像並沒有發生太大變化，實際上更多的是國際業務對「25 指南」進行了調整。 Russell，您剛剛提到了第四季度的一系列舉措。

Can you touch on those sum for '25? I guess you just touched on third party. But I guess thinking about some of those other drivers, loyalty, which I think you have said is a multiyear driver, as well as just high level thinking about marketing and new products next year, any color you can give there is specific to the US

能談談 25 年的金額嗎？我猜你剛剛談到了第三方。但我想考慮到其他一些驅動因素，忠誠度，我認為你說過這是一個多年的驅動因素，以及對明年營銷和新產品的高層次思考，你可以給出的任何顏色都是針對美國的

Yes. Thanks. I mean, obviously, I can't go into -- for competitive reasons, I'm not going to go into the specifics. But I guess what I would do is I'd point you to our Hungry for MORE strategy, which is really the kind of the road map. And so we're going to be leaning into renowned value with programs we certainly have in our pocket, like Emergency Pizza, MOREflation, all those kinds of things can come back. Carryout tips if we wanted to. But we also have a really creative team that's inspired by Hungry for MORE, and I'm sure they've got a bunch of other things in their pocket. On products, we talked about having two new products every year. So you should expect that.

是的。謝謝。我的意思是，顯然，我不能詳細說明——出於競爭原因，我不會詳細說明。但我想我會向您指出我們的「渴望更多」策略，這實際上是一種路線圖。因此，我們將透過我們口袋裡肯定有的項目來傾向於著名的價值，例如緊急披薩、更多通貨膨脹，所有這些東西都可以回來。如果我們願意，請執行提示。但我們也有一支真正有創意的團隊，他們的靈感來自《Hungry for MORE》，我相信他們口袋裡還有很多其他東西。在產品方面，我們談到每年都會推出兩款新產品。所以你應該期待這一點。

I think -- I understand why there's the desire to talk about specific programs for next year. But I guess what I would just do is just think about the track record of this team, especially since Hungry for MORE came out, and the road map is going to be pretty similar as far as the M, the O and the R to where it was this year.

我想——我理解為什麼人們希望談論明年的具體計劃。但我想我要做的就是考慮一下這個團隊的記錄，特別是自從《Hungry for MORE》問世以來，路線圖在 M、O 和 R 方面將非常相似那是今年。

John Ivankoe from JPMorgan.

摩根大通的約翰‧伊凡科。

The question is on US unit development. And I do want to ask this context in terms of a slower overall delivery business, the majority of new US stores would open an existing delivery trade area. So is there any kind of rethinking or maybe repositioning from previous US unit development expectations, especially in '25? I think the average number was something like 170 or so per year, correct me on that, it's not a true number, but around 170 units per so. Is that the number that we should still be kind of thinking about on a year-to-year basis going forward?

問題是關於美國單位的發展。我確實想問一下，在整體配送業務放緩的背景下，大多數新的美國商店將開設現有的配送貿易區。那麼，是否會對先前的美國單位發展預期（尤其是 25 年）進行任何形式的重新思考或重新定位？我認為平均數量約為每年 170 台左右，請糾正我，這不是真實數字，但每年大約 170 台。這是我們今後每年都該考慮的數字嗎？

Yes, John, I think we talked about 175 to be precise on the US unit development. And I think we're committed to that plan. I mean we continue to go for the 175. And I think you're right about the delivery versus carryout business and kind of like how that informs the location decisions. But I think Russell is going to add a bit more on that.

是的，約翰，我想我們討論了 175，確切地說是關於美國單位的發展。我認為我們致力於該計劃。我的意思是，我們會繼續選擇 175。但我認為拉塞爾會在此基礎上補充一些內容。

Yes, John. Store growth is a critical part to us gaining share. I talked about the first three months -- I'm sorry, first three quarters of this year, essentially us being up 3x in that category in the US You know what our same-store sales are. That means for us to be growing that high. We're getting significant -- sorry, it's early, contributions from new stores, and that's a key part of our strategy. When we open up a new store, a significant part of that volume is incremental on the carryout side as well as when we split a store. And then that new store helps us get more efficient on the delivery business. So new stores are absolutely positively part of our overall share growth plan, and I love the progress we're making.

是的，約翰。商店成長是我們獲得份額的關鍵部分。我談到了前三個月——對不起，今年前三個季度，我們在美國的該類別中基本上增長了 3 倍，你知道我們的同店銷售額是多少。這意味著我們能夠成長到那麼高。我們正在變得重要——抱歉，現在還早，新店的貢獻，這是我們策略的關鍵部分。當我們開設一家新商店時，該數量的很大一部分是在結轉方面以及當我們拆分商店時增量的。然後，這家新商店可以幫助我們提高送貨業務的效率。因此，新店絕對是我們整體股票成長計劃的積極組成部分，我喜歡我們正在取得的進展。

Peter Saleh from BTIG.

來自 BTIG 的彼得薩利赫。

I was hoping you can elaborate a little bit on the weakness you saw by income cohorts, maybe more specifically on the lower income guest. And then just when you think about Emergency Pizza last year, can you just talk about how that resonated with different income cohorts just so we have an idea how we trend going into 4Q?

我希望您能詳細說明您所看到的收入群體的弱點，也許更具體地說是低收入客人的弱點。然後，當您想到去年的緊急披薩時，您能否談談它如何與不同收入群體產生共鳴，以便我們了解進入第四季度的趨勢？

Yes, Peter. We had another great quarter of not only same-store sales growth, but order count growth. Where we saw maybe a little softness was with lower income customers on the delivery side. So just to help give some color there. On Emergency Pizza, you're right, Emergency Pizza 2.0 has some big shoes to fill. But what I'd say is I've seen the program and if we have big shoes to fill. The program has a big feat, maybe with a little bit nail polish on it as well. And so you're going to be more exposed to that, but we're excited about how we're going to lap, I think, one of the better programs in our history.

是的，彼得。我們又經歷了一個偉大的季度，不僅同店銷售額成長，訂單數量也成長。我們看到，送貨方面收入較低的客戶可能會出現一些疲軟。所以只是為了幫助給那裡一些顏色。在緊急披薩上，你是對的，緊急披薩 2.0 有一些大問題需要填補。但我想說的是，我已經看過這個計劃，如果我們有大問題需要填補。這個程序有一個偉大的壯舉，也許還需要一點指甲油。所以你會更多地接觸到這一點，但我認為我們對如何完成我們歷史上更好的項目之一感到興奮。

Sara Senatore from Bank of America.

美國銀行的薩拉·參議員。

Just I guess one clarification and a question. The clarification is just on the lower income consumer. I'm trying to understand if things got worse from an aggregate spending perspective or if it's just -- there's more competition maybe from other categories pursuing that consumer. And then the real question is this, if I look at the US and like your retail sales growth over the last probably decade, it's been sort of like $600 million a year in growth. And trying to understand how to think about that in the context of market share and a slower growing category, kind of 2%, as you said, or less than 2%, and you're growing 6%.

我只是想一個澄清和一個問題。此次澄清僅針對低收入消費者。我試圖從總支出的角度了解情況是否變得更糟，或者是否只是——可能來自其他類別的更多競爭來追求該消費者。真正的問題是，如果我看看美國，並喜歡過去十年的零售額成長，那麼每年的成長量約為 6 億美元。並試著了解如何在市場佔有率和成長較慢的類別（如您所說的 2% 或低於 2%）的背景下考慮這一點，而您的成長率為 6%。

Should I be thinking about this as like kind of dollar increases every year? Or is there a reason to think you can accelerate those dollar share gains so that you maintain kind of the market share gain growth that you've seen over time? I know there's a lot in there, but as your store base gets bigger, just it's harder to sort of grow at that same pace given the slower growth industry.

我是否應該將其視為美元每年都會增加？或者是否有理由認為您可以加速這些美元份額的成長，以便保持您長期以來看到的市場份額成長？我知道其中有很多東西，但是隨著您的商店基礎變得越來越大，鑑於行業增長速度較慢，以同樣的速度增長就變得更加困難。

I think there -- what I'll do I'll take the first question and maybe have Sandeep lean in on the second one. I think at a lower-income customer, we're going to have to continue to watch. But my guess, it's a little bit about both of what you talked about. It's going to be softness on spending. We see what's happening with credit card debt and payments are taking a little bit longer to go through. But we also saw more competitive activity, particularly in August. And I think it was both external and internal.

我想，我會回答第一個問題，也許讓桑迪普談談第二個問題。我認為對於低收入客戶，我們將不得不繼續觀察。但我猜，這與你所談論的這兩件事都有一些關係。支出將會疲軟。我們看到信用卡債務發生了什麼事，付款需要更長的時間才能完成。但我們也看到了更多的競爭活動，尤其是在八月。我認為這既是外在的，也是內在的。

So in August, we saw really through two of our competitor -- major competitors, one of them had free delivery. The other one did their version of our Emergency Pizza. Obviously, qualitatively my preference is for ours. But those are two really good value promotions. Now at the same time, and I know this wasn't part of your question, but I think it's important to explain to everyone on the call. In August, we did what we intended to do, which was -- actually, we went with a quality message. You remember the Simon Cowell spot that we put on there.

所以在八月份，我們真正看清了我們的兩個競爭對手——主要競爭對手，其中一個提供免費送貨服務。另一家做了他們版本的緊急披薩。顯然，從品質上來說，我的偏好是我們的。但這是兩項非常有價值的促銷活動。現在，我知道這不是你問題的一部分，但我認為向通話中的每個人解釋很重要。八月份，我們做了我們想做的事情，實際上，我們傳達了一個高品質的訊息。你還記得我們在那裡播放的西蒙考威爾的廣告嗎？

And we won't have quality message for a couple of reasons. One, with Hungry for MORE, in order to deliver on our promise on the M, which is that we're going to have the most delicious food, we have to continue to beat the best, which is us, in operations. And so you'll remember last year, we had Summer of Service. This year, we've got three product sprints. And so the intent of that ad in August was not only to tell consumers, you know what, we've changed our stores, we've got these quality (inaudible) here now to make sure the product is great before it goes in the oven. But it was also -- the bar was raised for our franchisees.

由於多種原因，我們不會收到高品質的資訊。第一，Hungry for MORE，為了兌現我們在 M 上的承諾，即我們將提供最美味的食物，我們必須在運營中繼續擊敗最好的，也就是我們自己。所以你會記得去年，我們舉辦了暑期服務活動。今年，我們進行了三個產品衝刺。因此，八月那則廣告的目的不僅僅是告訴消費者，你知道嗎，我們已經改變了我們的商店，我們現在已經有了這些品質（聽不清楚），以確保產品在進入市場之前是很棒的。但我們的特許經營商的門檻也提高了。

We let them know last year, hey, when we're all done with this training, we're going to go on, we're going to make a promise to customers, and I think that was a little bit added motivation. So in August, what you saw is stepped-up competitive activity. We went a little bit more towards product quality. But then we, very quickly, after about 3, 4 weeks, went into MOREflation back to value.

去年我們讓他們知道，嘿，當我們完成這次培訓後，我們將繼續下去，我們將向客戶做出承諾，我認為這增加了一點動力。所以在八月，你看到的是競爭活動的加劇。我們更加重視產品品質。但很快，大約三、四周後，我們就進入了更多的通膨狀態，回到了價值。

Yes. And so I think, Sara, I wanted to add on the second question that you had on the assumptions in Hungry for MORE. So let's go back to what Russell talked about in the prepared remarks. We are on track for Hungry for MORE. Everything we talked about in December for the US business is very much on track. And what is that? We talked about 3% same-store sales annually, which we have again reiterated on this call. We talked about 175 stores annually, which we're again saying is there. You take the math of that, that's roughly mid-single digits growth annually, that's embedded in that.

是的。所以我想，Sara，我想補充你在《Hungry for MORE》中的假設的第二個問題。那麼讓我們回到拉塞爾在準備好的演講中談到的內容。我們正朝著「Hungry for MORE」邁進。我們在 12 月談論的有關美國業務的一切都已步入正​​軌。那是什麼？我們談到了每年 3% 的同店銷售額，我們在這次電話會議上再次重申了這一點。我們談到每年有 175 家商店，我們再次強調這些商店就在那裡。你算一下，每年大約是中個位數的成長，這是嵌入其中的。

And we talk about a category that's growing 2%, that implies significant market share annually. If you run the math based on these assumptions versus, let's say, a 2% or less category growth, you will see that the rate at which we're going to be increasing market share calibrates very much to what we achieved 2015 to 2023 as you look forward into Hungry for MORE. That is our plan. That's what we're going to be doing.

我們談論的是成長 2% 的類別，這意味著每年都會佔據巨大的市場份額。如果你根據這些假設進行數學計算，假設品類成長 2% 或更少，你會發現我們增加市場佔有率的速度與我們在 2015 年至 2023 年實現的目標非常吻合：你期待《Hungry for MORE》。這就是我們的計劃。這就是我們要做的。

Yes, I agree. Maybe a little bit more context on the category. I think this is achievable not only because of our track record and the programs we have and the franchisees we have, but it's also part and parcel to how the category is made up. So when you think about all the share we've been gaining, we're still slightly south of 1 in 4 pizzas delivered in the US When you think of other categories, the dominant #1 player is potentially twice that size, and I think we have every right to be there.

是的，我同意。也許有更多關於該類別的背景資訊。我認為這是可以實現的，不僅因為我們的業績記錄、我們擁有的計劃以及我們擁有的特許經營商，而且它也是該類別的組成方式的重要組成部分。因此，當你考慮到我們所獲得的所有份額時，我們仍然略低於在美國交付的四分之一的比薩餅。這個規模的兩倍，我認為我們完全有權利在那裡。

And then you think, well, about half of the competition in pizza are the independents and some of the regional brands that don't have the marketing budgets we have. They don't have the supply chain efficiencies we have. And so I think the past, but also the composition of the present, gives us a really nice sense of what their future can look like from a market share perspective.

然後你會想，大約一半的披薩競爭是獨立品牌和一些沒有我們行銷預算的區域品牌。他們沒有我們擁有的供應鏈效率。因此，我認為過去以及現在的組成讓我們從市場份額的角度真正了解他們的未來。

Gregory Francfort from Guggenheim.

古根漢的格雷戈里·弗蘭克福特。

Just to -- the move from 7% retail sales growth with 8% operating profit growth to 6% and 8%, maybe can you talk about where you're finding cost efficiencies? I mean do you expect more out of the supply chain? Do you expect more out of G&A and maybe what are you looking at for G&A controls?

只是 - 從 7% 的零售額增長和 8% 的營業利潤增長到 6% 和 8%，也許您能談談您在哪裡找到了成本效率？我的意思是，您對供應鏈有更多期望嗎？您對 G&A 是否有更多期望？

Thanks, Greg, for the question. Look, I mean, I think when we look at the business, and everything we talked about in the remarks earlier, the US business is very much on track. And I think if we look into what's actually happened from a performance perspective, that's actually a significant part of our profit that Russell talked about earlier. And so where we have seen softness in relative terms is both international business, which we obviously is going to have a profit impact. But we've done a lot already during the course of the year to find procurement productivity and supply chain, which we talked about through the first three quarters.

謝謝格雷格提出的問題。聽著，我的意思是，我認為當我們審視業務以及我們之前在演講中討論的所有內容時，美國業務非常步入正軌。我認為，如果我們從績效角度研究實際發生的情況，這實際上是拉塞爾之前談到的我們利潤的重要組成部分。因此，我們看到國際業務相對疲軟，這顯然會對我們的利潤產生影響。但我們在這一年中已經做了很多工作來尋找採購生產力和供應鏈，我們在前三個季度都談到了這一點。

And I think as we move into the fourth quarter, we're still very focused on making those critical investments. So we talked about consumer spending, store technology -- sorry, consumer technology, store technology and capacity investments. All those three buckets are going to be priorities for us. But within that, some may be more urgent from a timing perspective, some may be less urgent. So we're just adjusting our phasing a little bit. And we have levers to pull that we actually have not only pulled in '24, but also expect to continue pulling in '25. And that's why we feel very confident that we get to the 8% with the expectation that we have on retail sales in '25 as well.

我認為，當我們進入第四季時，我們仍然非常專注於進行這些關鍵投資。所以我們討論了消費者支出、商店技術——抱歉，消費者技術、商店技術和產能投資。所有這三個方面都將成為我們的優先事項。但其中，從時間角度來看，有些可能更緊急，有些可能不那麼緊急。所以我們只是稍微調整一下我們的階段。我們有槓桿可以拉動，我們實際上不僅在 24 年拉動了這些槓桿，而且預計在 25 年繼續拉動。這就是為什麼我們對 25 年零售額達到 8% 的預期非常有信心。

Jon Tower from Citi.

花旗銀行的喬恩‧塔爾 (Jon Tower)。

I'm just curious, it looks as if, at the current moment, consumers are really pivoting aggressively to deal activity within the category and broadly across limited service. And I'm just curious, you mentioned earlier in the US that the category is growing at about 2% or so, and you're growing your retail sales north of 6%. And I was wondering if you could comment on the category and specifically Domino's pricing power over the long term, and how you're thinking about that trickling into that 3% annual comp number that you outlined?

我只是很好奇，目前看來，消費者確實正在積極轉向該類別內的交易活動以及廣泛的有限服務。我只是很好奇，您之前在美國提到該類別的成長率約為 2% 左右，而您的零售額成長超過 6%。我想知道您是否可以評論一下這個類別，特別是多米諾骨牌的長期定價能力，以及您如何看待這種滲透到您概述的 3% 年度補償數字中？

Yes, John, that's a great question, and I think really speaks to our ability to continue to do what we're doing. If you think about having to lean into value, what do you want to make sure you've got, you've got a system with capacity and advertising to get the word out there, right? Because if there's a little bit of a squeeze in store margin. Well, the way to make that up is through volume, the way to drive volume is through great advertising. You're going to want to have a great supply chain that makes sure that when everyone else is trying to deal the same way -- and look, I'll be frank with you. If you look at the competitors' marketing, it's very similar to our marketing, which I guess it's a serious form of flattery is what they say.

是的，約翰，這是一個很好的問題，我認為這確實說明了我們繼續做我們正在做的事情的能力。如果你考慮必須依靠價值，你想確保你擁有什麼，你有一個有能力和廣告的系統來宣傳，對嗎？因為如果商店利潤有一點擠壓的話。好吧，彌補這一點的方法是透過銷量，提高銷量的方法是透過出色的廣告。你會想要擁有一個出色的供應鏈，以確保當其他人都試圖以同樣的方式進行交易時——聽著，我會坦白地告訴你。如果你看看競爭對手的行銷，你會發現它與我們的行銷非常相似，我猜他們說這是一種嚴重的奉承。

But I know our budget is bigger than them from a marketing perspective. I know our supply chain has got fantastic efficiencies on food cost. And most importantly, our franchisees are a really good place from a profit perspective. We ended last year at 162, we continue to drive that. And so if you're going to have to lean into value, you want to have the biggest voice, you want to have the best food basket and you want to have economics that's sustainable through these times, and I think we've got that.

但我知道從行銷角度來看我們的預算比他們大。我知道我們的供應鏈在食品成本方面取得了驚人的效率。最重要的是，從利潤角度來看，我們的特許經營商確實是一個好地方。去年我們的排名為 162，我們將繼續推動這一目標。因此，如果你必須依靠價值，你想要擁有最大的發言權，你想要擁有最好的食物籃，你想要擁有在這個時期可持續的經濟，我認為我們已經做到了。

And Jon, I'm just going to add something, which I think we talked about on previous calls, but I think the question had come up on pricing and what have we been doing about pricing. I think what's been incredible about the journey from '23 through '24 has been exceptionally smart pricing. '23 was all about getting the flow-through back after '22 was a very tough year. For '24, the best pricing we did was almost no pricing, which is inclusive of California, where we're at 1.6% in the quarter.

喬恩，我想補充一些內容，我想我們在之前的電話會議上討論過這一點，但我認為問題是關於定價以及我們在定價方面做了什麼。我認為從 23 世紀到 24 世紀的歷程中令人難以置信的是異常明智的定價。 23 年的重點是在 22 年經歷了非常艱難的一年後恢復流量。對於 24 年，我們所做的最佳定價是幾乎沒有定價，其中包括加州，該季度我們的定價為 1.6%。

This is why we're winning on value. And this is why we'll continue to win on value, because not just as what we've done. This is our intention, to be highly disciplined on pricing as we go forward into the rest of Hungry for MORE.

這就是我們以價值取勝的原因。這就是為什麼我們將繼續以價值取勝，因為不僅僅是我們所做的那樣。我們的目的是，當我們進入 Hungry for MORE 的其他地區時，嚴格控制定價。

Danilo Gargiulo from Bernstein.

伯恩斯坦的 Danilo Gargiulo。

I have a question and a quick clarification. So spending on a previous question, embedding any brand-specific leaders that you're deploying to gain market share, why do you think that in a decelerating macro environment, the pizza category wouldn't be as resilient despite the fact that it's considered the cheapest product for category? So in other words, why is the category not growing relevance in the low-income consumer because of the (inaudible) of the macro challenges?

我有一個問題並快速澄清。因此，在上一個問題上，嵌入您為獲得市場份額而部署的任何特定品牌領導者，為什麼您認為在減速的宏觀環境中，披薩類別不會那麼有彈性，儘管事實上它被認為是該類別最便宜的產品？換句話說，為什麼由於（聽不清楚）宏觀挑戰，該類別在低收入消費者中的相關性沒有提高？

Yes. So I think, Danilo, what we're seeing is the low-income customer definitely has been impacted by the accumulation of all the pricing that's been taken across multiple years as we've come out the last couple of years at least. What we are seeing is we continue to win, but I think we definitely are winning clearly in the carryout business, where our value is very, very compelling. We're definitely winning in 3P, because we manually entered over there. It's a different consumer, different income cohort potentially where we see good incrementality.

是的。所以我認為，達尼洛，我們看到的是，低收入客戶肯定受到了多年來採取的所有定價累積的影響，至少在過去幾年我們已經推出了。我們看到的是我們繼續獲勝，但我認為我們肯定在外賣業務中明顯獲勝，我們的價值非常非常引人注目。我們在 3P 中肯定會贏，因為我們在那裡手動輸入。這是一個不同的消費者，不同的收入群體，我們可能會看到良好的增量。

What happens with the 1P customer is you will see some impact when this general pricing levels get high to compress 1P general. And I think that's one thing we saw in early 2023. We are seeing some of it right now as well and we acknowledge it. But over time, as long as we stay to our principles of continuing to price very well for value to those customers, they will come back and we need to keep focusing on that.

1P 客戶發生的情況是，當一般定價水準變高以壓縮 1P 總體時，您會看到一些影響。我認為這是我們在 2023 年初看到的一件事。但隨著時間的推移，只要我們堅持繼續以非常優惠的價格為這些客戶提供價值的原則，他們就會回來，我們需要繼續關注這一點。

Yes, Danilo, I'll just add to that. I think our category does respond to value. I just talked about how in August, there was a lot of value and we saw consumers lean into it. I think what we're able to do that other folks can't do in the category is sustain that value. And our ability to sustain that value is why we're significantly outgrowing the category.

是的，達尼洛，我補充一下。我認為我們的類別確實對價值做出了反應。我剛剛談到八月有很多價值，我們看到消費者傾向於它。我認為我們能夠做到這一類別中其他人無法做到的就是維持這種價值。我們維持這價值的能力就是我們的成長顯著超過該類別的原因。

Christine Cho from Goldman Sachs.

來自高盛的克莉絲汀‧曹。

I wanted to double quick on the international markets. So I think you mentioned Asia, Europe and Middle East is pressure point. But I was wondering if you were able to provide a little bit more color on the same-store sales slowdown. So any particular markets that have dragged on overall growth? And how do you expect the trajectory to evolve in the next few quarters? And just on unit growth, outside of what is happening at DPE, is it fair to say that you're seeing mostly in-line trends versus your expectations earlier?

我想在國際市場上加倍努力。所以我認為你提到亞洲、歐洲和中東是壓力點。但我想知道您是否能夠對同店銷售放緩提供更多的資訊。那麼有哪些特定市場拖累了整體成長呢？您預計未來幾季的發展軌跡將如何演變？就單位成長而言，除了 DPE 發生的情況之外，可以公平地說，您看到的趨勢與您先前的預期基本一致嗎？

Thanks for the question, Christine. So look, I think with same-store sales in the third quarter, as we said earlier in the comments, it was really a slowdown that happened starting in August. And I think we saw just macro pressures in Europe and Asia, in particular, that we actually called out. We're not going to get into specific market-by-market trends because so many of our markets are public masters, where they're going to have their own disclosures later. But overall, across these regions, that's what we saw.

謝謝你的提問，克里斯汀。因此，我認為，正如我們之前在評論中所說，第三季的同店銷售確實是從 8 月開始出現放緩。我認為我們看到了歐洲和亞洲的宏觀壓力，特別是我們實際指出的壓力。我們不會深入研究具體的市場趨勢，因為我們的許多市場都是公開的，他們稍後將有自己的揭露。但總的來說，在這些地區，這就是我們所看到的。

And what I will say is from an expectation standpoint, Russell talked about in the prepared remarks, we're just resetting our expectations for the next 15 months, essentially, to say 1% to 2% same-store sales growth, because we don't see this macro environment necessarily ameliorating in a very rapid pace. And so that's kind of what's built into our expectations when we talk about our retail sales growth as well.

我要說的是，從預期的角度來看，拉塞爾在準備好的演講中談到，我們只是重新設定了對未來15 個月的預期，本質上是說同店銷售增長1% 到2 %，因為我們不我們認為宏觀環境不一定會迅速改善。因此，當我們談論零售銷售成長時，這也是我們的預期之一。

So coming to your second question on unit growth. Look, I think for the -- we talked on the last call of the adjustments and net store guidance being primarily DPE. Essentially, this story hasn't changed. So I think ex DPE, the story is not that materially different. And I think, really, when you think about our overall guidance, DPE is the primary driver.

接下來是關於單位成長的第二個問題。聽著，我認為我們在最後一次電話會議中討論了調整和網路商店指導主要是 DPE。本質上，這個故事沒有改變。所以我認為前 DPE 的情況並沒有那麼大的不同。我認為，實際上，當您考慮我們的整體指導時，DPE 是主要驅動力。

Chris O'Cull from Stifel.

來自斯蒂菲爾的克里斯·奧卡爾。

I had a follow-up on the 2025 outlook. The full year comp guide for this year seems to imply flattish comps in the fourth quarter, but I believe you mentioned targeting 3% comps for next year. So I'm just curious what gives you confidence that comps could accelerate in 2025 from the current trend or what you're currently targeting?

我對 2025 年的展望進行了跟進。今年的全年薪酬指南似乎暗示第四季度的薪酬持平，但我相信您提到了明年的目標為 3%。所以我很好奇，是什麼讓您有信心相信競爭將在 2025 年從當前趨勢或您當前的目標加速？

Yes. So just a clarification before I get into '25, Chris. We are saying 3% or more on a full year basis for 2024, and so we aren't being specific on what that means for Q4. Russell gave you this Freedom initiatives that we got lined up. The (inaudible) stack. I mean I've got -- we got every week spoken for. And I think there's a tough initiatives that we've got going on. And I think to Russell's point on the fourth quarter, our marketing team is already working on 2025. We can't get into is very much of the specifics on exactly what all those things are. But we will have an amazing creative initiatives in 2025. And all that's embedded in the expectations of same-store sales that we have for next year.

是的。所以，在我進入 25 歲之前，請先澄清一下，克里斯。我們說 2024 年全年成長 3% 或更多，因此我們沒有具體說明這對第四季意味著什麼。拉塞爾給了你們這個我們已經準備好的自由倡議。 （聽不清楚）堆疊。我的意思是我已經——我們每週都有談話。我認為我們正在採取一些艱難的措施。我認為拉塞爾在第四季的觀點是，我們的行銷團隊已經在為 2025 年而努力。但我們將在 2025 年推出令人驚嘆的創意舉措。

Jim Salera from Stephens.

史蒂芬斯的吉姆·薩萊拉。

I wanted to drill down maybe a little bit on -- we talked a lot about the low-income consumer and some of the competitive QSR values that have been in the channel. But anything you can talk about for grocery? We've seen some increase in promo from kind of like frozen pizza and grocery pizza, just any comments on how that might pull people with the lower income and anything you can think about to kind of retain those consumers?

我想深入探討一下——我們談論了很多關於低收入消費者和管道中一些有競爭力的 QSR 價值觀的內容。但是關於雜貨你有什麼可以聊的嗎？我們已經看到冷凍披薩和雜貨披薩等促銷活動有所增加，有什麼評論可以說明這可能會如何吸引低收入人群，以及您能想到什麼來留住這些消費者嗎？

Yes, Jim, I can tell you, even when we were seeing some of the macro headwinds back kind of post-COVID against that segment, there really wasn't a lot of interaction with frozen pizza. I think what happens is, at least on the delivery side, a customer will just opt to eat at home. But it has nothing to do really with a frozen pizza promotion, it's just it may be cheaper for them to make the meal at home.

是的，吉姆，我可以告訴你，即使我們看到了疫情後對該細分市場的一些宏觀不利因素，與冷凍披薩的互動也確實不多。我認為發生的情況是，至少在送貨方面，顧客只會選擇在家吃飯。但這與冷凍披薩促銷無關，只是他們在家做飯可能更便宜。

Logan Reich from RBC Capital Markets.

來自加拿大皇家銀行資本市場的 Logan Reich。

Just had a quick follow-up on the 2025 outlook. Is there any sort of assumption on the consumer either improving or maybe just stabilizing into '25? Or is there a sort of expectation that the softness could continue to get worse? Just sort of wanted to get your sense on expectations on the consumer and underlying operating environment in the US for the '25 guidance?

剛剛對 2025 年展望進行了快速跟進。是否有任何關於消費者正在改善或可能只是穩定到 25 世紀的假設？或者是否存在一種預期，即疲軟狀況可能會繼續惡化？只是想了解一下您對「25 指導」中美國消費者和基本營運環境的期望？

Yes. I'll tell you, we really always are leaning into all the pillars of the Hungry for MORE strategy no matter what the consumer environment is, because sometimes it's predictable, sometimes it's not predictable. And so yes, that's what you should expect from us the rest of this year and through next year.

是的。我告訴你，無論消費者環境如何，我們確實總是傾向於「Hungry for MORE」策略的所有支柱，因為有時是可預測的，有時是不可預測的。是的，這就是您對我們今年剩餘時間和明年的期望。

Alexander Slagle from Jefferies.

來自 Jefferies 的亞歷山大·斯萊格 (Alexander Slagle)。

I guess on deliveries, just with the transactions, seemingly turning negative and all the headwinds you're facing there in the first-party channel, does this alter your view on where you really want to put your focus, where you're getting the biggest return and share gain? And does it make more sense to really expand the carryout share gains and growth that you're seeing there, even if first-party delivery does continue to get weak and weaker?

我想在交付方面，就交易而言，似乎轉為負面以及您在第一方渠道中面臨的所有逆風，這是否會改變您對真正想把注意力放在哪裡、在哪裡獲得信息的看法最大的報酬和股票收益？即使第一方交付確實繼續變得越來越弱，真正擴大結轉份額收益和成長是否更有意義？

Well, part of our Hungry for MORE strategy was to compete in the full delivery segment, right? We don't do that or we didn't do that a couple of years ago. And so now that we're competing in that area, I really -- I kind of look more globally at how are we doing in delivery, first channel and Uber and about to be others kind of moving forward. But you're right, too, is no matter how delivery is doing, we're going to be leaning into carryout. Carryout is bigger than delivery for pizza in the States. And so it would make no sense, especially when every other concept seems to be coming towards delivery.

那麼，我們「渴望更多」策略的一部分就是在完整的交付領域中競爭，對嗎？我們不這樣做，或者我們幾年前沒有這樣做。所以現在我們在這個領域競爭，我真的——我在全球範圍內更加關注我們在交付、第一渠道和 Uber 以及其他方面的進展。但你也是對的，無論送貨情況如何，我們都會傾向於外帶。在美國，外送比披薩外送的規模更大。因此，這毫無意義，尤其是當其他所有概念似乎都即將交付時。

Us really leaning the carryout is there's not a lot of people doing the opposite. So we're really bullish. We've seen the results in the US And as I said earlier, now we're taking those results and we're working with our international master franchisees, because there's a lot of nondelivery volume out there, whether it's carryout or in places like China and India, sit down. We're a pizza company, and so we're going to compete in every occasion.

我們真正傾向於結轉的是沒有很多人做相反的事。所以我們真的很樂觀。我們已經在美國看到了結果，正如我之前所說，現在我們正在獲取這些結果，並且正在與我們的國際主要特許經營商合作，因為那裡有很多未交付的數量，無論是結轉還是在類似的地方中國和印度，請坐下。我們是一家披薩公司，因此我們將在每個場合進行競爭。

Brian Mullan from Piper Sandler.

派珀·桑德勒的布萊恩·穆蘭。

Just a question on the menu innovation pipeline. I just want to ask about the potential for a stuffed-crust pizza product in the domestic business. If that were a product that Domino's wanted to launch one day, what are some of the operational factors to consider at the store level that you'd want to see before you would be ready to launch a product like that? Separately, do you think a product like that would be well received from a Domino's consumer? Any thoughts would be great.

只是關於菜單創新管道的問題。我只是想問一下夾心披薩產品在國內業務的潛力。如果這是達美樂有一天想要推出的產品，那麼在準備推出此類產品之前，您希望在商店層級考慮哪些營運因素？另外，您認為這樣的產品會受到達美樂消費者的歡迎嗎？任何想法都會很棒。

Is interesting, Brian. We're the #1 pizza company in the world and we don't have one of the most important -- or sorry, one of the larger crust types. So I understand the reason for the question. And just in case you didn't know, we've got stuffed crust in Domino's markets all around the world. So it's not that we're averse to doing it. It's just US has got really significant volumes going through the store, and operational excellence and quality is a big pillar for us. And so we've chosen so far not to do stuffed crust, but that doesn't mean it's off the table. We just need to make sure that the circumstances would be right in the store.

很有趣，布萊恩。我們是世界上排名第一的披薩公司，但我們沒有最重要的披薩之一——或者抱歉，沒有較大的披薩餅皮類型之一。所以我明白題主問這個問題的原因。如果你不知道的話，我們在世界各地的達美樂市場上都有餡餅皮。所以我們並不是反對這樣做。只是美國的商店銷售量非常大，卓越的營運和品質是我們的一大支柱。因此，到目前為止，我們選擇不做釀皮，但這並不意味著它不可行。我們只需要確保商店內的情況合適即可。

Jeffrey Bernstein from Barclays.

巴克萊銀行的傑弗裡·伯恩斯坦。

Great. Just wanted to follow up on a couple of comments you made about the international system. And I know, Russell, you mentioned that you've got kind of three big initiatives that you're working with those franchisees on. Just wondering how you find you're able to influence their behavior? I mean, obviously, you're in 100 international markets, six publicly traded franchisees, just their acceptance or willingness to work with you to kind of presumably reaccelerate that comp trend.

偉大的。只是想跟進您對國際體系的一些評論。我知道，拉塞爾，您提到您正在與這些特許經營商合作進行三項重大舉措。只是想知道你如何發現自己能夠影響他們的行為？我的意思是，顯然，您身處 100 個國際市場，有 6 個公開交易的特許經營商，只是他們接受或願意與您合作，可能會重新加速這種競爭趨勢。

And then just to clarify, did you say anything about the 2025 unit outlook? I think you had pulled kind of the long-term component of unit growth, and you had said it wouldn't necessarily apply yet in '25. I'm just wondering whether you've said directionally whether you think 2025 should see more openings than the 800 to 850 that you've now reduced to in '24.

然後澄清一下，您有沒有談到 2025 年的單位前景？我認為您已經提取了單位增長的長期組成部分，並且您曾說過這不一定適用於 25 年。我只是想知道您是否已經明確表示您是否認為 2025 年的職缺數量應該比您在 24 年減少到的 800 至 850 個更多。

Thanks, Jeff. And you're right. Obviously, the US, we directly run these international markets. We work with those markets to influence them. And I think when you look at our US results under Hungry for MORE, essentially, that started here in Q4. We started rolling out Hungry for MORE at our rally, which I think is pretty much five months ago. And so folks are already in line with their plans for the year. And one of the things they're also going to be looking at is, is this successful? And the beauty of it is successful in the US

謝謝，傑夫。你是對的。顯然，美國是我們直接經營這些國際市場的。我們與這些市場合作影響他們。我認為，當您查看我們在“Hungry for MORE”下的美國業績時，本質上是從第四季度開始的。我們開始在我們的集會上推出“Hungry for MORE”，我認為這大約是五個月前的事了。所以人們已經按照他們今年的計劃進行了。他們還要關注的事情之一是，這是否成功？它的美麗在美國取得了成功

And that's why you're seeing markets, for example, India, just talked about on their last call about how they've leaned into value specifically around their delivery fee and how that's really turned the business. I point out to Mexico who's doing a really, really good job leaning into a Renowned Value. So it's going to happen over time, and it's going to happen because we're proving it works.

這就是為什麼你會看到一些市場，例如印度，在上次電話會議上談到了他們如何依靠送貨費來實現價值，以及這如何真正改變了業務。我向墨西哥指出，墨西哥在追求「知名價值」方面做得非常非常好。所以隨著時間的推移，這將會發生，而且它會發生，因為我們正在證明它是有效的。

Yes. And this second add-on that you had, Jeff. We didn't specify a 2025 store outlook. And I think as but we'll get through Q4, come back in February, and then we'll continue to have an incremental visibility at that point.

是的。還有你的第二個附加元件，傑夫。我們沒有具體說明 2025 年商店的前景。我認為我們將度過第四季度，在二月回來，然後我們將繼續在這一點上獲得增量可見性。

Brian Harbour from Morgan Stanley.

摩根士丹利的布萊恩‧哈伯。

Yes. Could you just comment on is franchise store EBITDA for this year still kind of on track with your expectations? And if I look at kind of corporate-owned store margins, you're kind of back to nice year-over-year growth there. Is that directionally consistent with what your franchisees are seeing still?

是的。您能否評論一下今年特許經營店的 EBITDA 是否仍符合您的預期？如果我看看公司自營商店的利潤率，你會發現那裡的年增長勢頭不錯。這與您的加盟商所看到的方向一致嗎？

Yes. So Brian, thanks for the question. I think when we talk about corporate store margins and corporate store profitability, I think we've addressed this a couple of times before as well, the sample size is so small on corporate stores. It's really not necessarily an outlog to what's going on franchisees and the franchisee P&L. But we're happy with how much progress we made on the corporate stores, and we expect to continue to make progress for the rest of the year on the corporate stores.

是的。布萊恩，謝謝你的提問。我認為，當我們談論企業商店利潤率和企業商店盈利能力時，我想我們之前也已經討論過幾次，企業商店的樣本量很小。這實際上不一定是特許經營商的情況和特許經營商損益表的外延。但我們對公司商店的進展感到滿意，我們預計在今年剩餘時間公司商店將繼續取得進展。

But in terms of the franchisees, look, coming into this year, we had best-in-class store profitability and best-in-class returns for franchisee stores. And as we've gone through this year, we've actually continued to do it really well, and franchisee profitability is expected to continue to grow. But I think as far as we are concerned, we're committed to continuing to drive profit growth, not just in '24, but beyond.

但就加盟商而言，你看，進入今年，我們的加盟店獲利能力和回報率都是一流的。正如我們今年所經歷的那樣，我們實際上繼續做得很好，加盟商的盈利能力預計將繼續增長。但我認為就我們而言，我們致力於繼續推動利潤成長，不僅在 24 年，而且在以後。

Yes. I'd also point to, we never stopped thinking about franchisee profitability and we work with them together to do that. So actually, next week, you should know we have something we call an Economic Summit, where we bring our franchisees that are part of all of our committees, our marketing, our technology, supply chain operation, and we talk about their business and how to drive the top line and the bottom line.

是的。我還想指出的是，我們從未停止考慮加盟商的獲利能力，我們與他們共同努力做到這一點。所以實際上，下週，你應該知道我們有一個叫做經濟高峰會的活動，我們會帶來我們所有委員會、我們的行銷、我們的技術、供應鏈運營的特許經營商，我們討論他們的業務以及如何驅動頂線和底線。

And I think that's really important to be working together so they understand and we can share all the data that, over time, has proven to be true on how together we can drive their profitability. And I think it's important, I know I hear from franchisees that it's important, that they see us acting in partnership with them. And next week's Economic Summit is going to just do that do just that.

我認為合作非常重要，這樣他們就能理解，我們可以共享所有數據，隨著時間的推移，這些數據已被證明是正確的，可以幫助我們共同提高他們的獲利能力。我認為這很重要，我知道我從特許經營商那裡聽說這很重要，他們看到我們與他們合作。下週的經濟高峰會將做到這一點。

I'd like to, if you don't mind, since you talked about franchisees just for a moment, given all that's going on with Hurricane Milton, and we've got franchisees and stores and team members in some of these affected areas, that we are thinking about them. And Domino's is there for our customers and we are there for each other. We come together in times like this. We've got to saying at Domino's for decades that this line is -- we are the last to close and we're the first to open.

如果您不介意的話，我願意，因為您只是暫時談論了特許經營商，考慮到颶風米爾頓所發生的一切，我們在其中一些受影響的地區擁有特許經營商、商店和團隊成員，我們正在考慮他們。達美樂為我們的客戶提供支持，我們也為彼此提供支持。我們在這樣的時刻聚集在一起。幾十年來，我們在達美樂餐廳一直在說，這條生產線是——我們是最後一個關閉的，我們是第一個開放的。

And sometimes when we reopen in times like this, it's not just the heroics of an individual franchisees, it's about the entire Domino's system coming together. So in North Carolina, we have stores that had no electricity, and we have franchisees all over the country sending people, sending generators, sending mobile trucks. And so we are there thinking about our team members, our customers. And I'm just so proud of how our team comes together during times like this.

有時，當我們在這樣的時期重新開業時，這不僅僅是個別加盟商的英雄事蹟，而是整個骨牌系統的團結。所以在北卡羅來納州，我們的商店沒有電，我們在全國各地都有特許經營商派人、派發電機、派移動卡車。因此，我們會考慮我們的團隊成員和客戶。我為我們的團隊在這樣的時刻團結在一起感到非常自豪。

Andrew Strelzik from BMO Capital Markets.

BMO 資本市場的 Andrew Strelzik。

I had something of the same lines as the prior question, it's on labor specifically. As a percent of sales, labor was favorable year-over-year for the first time in a while. So I'm curious what drove that shift, if you're expecting that to continue, if you'll continue to see leverage there, and if you think your franchisees are also seeing that benefit. I know you said it's hard and small sample to draw those lines between your profitability and the franchisees. But labor may be a little bit more in your control, so I'm curious what's going on there.

我有一些與前一個問題相同的內容，特別是關於勞動力。從佔銷售額的百分比來看，勞動力一段時間以來首次同比有利。所以我很好奇是什麼推動了這種轉變，如果你期望這種情況繼續下去，如果你會繼續看到那裡的影響力，如果你認為你的特許經營商也看到了這種好處。我知道您說過，很難在您的盈利能力和特許經營商之間劃清界限，而且樣本很小。但分娩可能更容易受到你的控制，所以我很好奇那裡發生了什麼。

Thanks, Andrew. I think you answered the question yourself, which is I think it's so difficult because there are so many legislative rules in different DMAs and states that I don't think there's a one size fits all in terms of what's going on. Now I'll talk about company stores specifically. And if you have been looking at our quarterlies, which I'm sure you have, you've been seeing that we've been dealing with labor pressure for quite a few quarters. But I think now we've started lapping some of those increases that we had to take on labor, and that's why you kind of saw it stabilizing.

謝謝，安德魯。我想你自己回答了這個問題，我認為這非常困難，因為不同的 DMA 有如此多的立法規則，並且我認為就正在發生的事情而言，沒有一個萬能的規則。下面我就具體說說公司專賣店。如果您一直在查看我們的季度報告（我相信您已經查看過），您會發現我們在相當多的季度中一直在應對勞動力壓力。但我認為現在我們已經開始增加一些我們必須承擔的勞動力成長，這就是為什麼你看到它趨於穩定。

So there's nothing more to read into that besides we've kind of lapped some of the big increases that we took. But overall, we're committed to continuing to drive profit dollar growth on our company stores. And I think, excluding any onetime things like insurance, et cetera, we expect to actually continue to drive margin over time as well.

因此，除了我們已經完成了一些大幅成長之外，沒有什麼可以解讀的了。但總體而言，我們致力於繼續推動公司商店的利潤成長。我認為，排除保險等任何一次性的事情，我們預計隨著時間的推移，我們實際上也會繼續提高利潤率。

Jeffrey Farmer from Gordon Haskett.

戈登·哈斯克特的傑弗裡·法默。

You did touch on the competitive environment in the US with a couple of questions. But do you expect to see the peer promotional and value efforts sort of further intensify as we get through the balance of '24 moving into 2025? Meaning, are we sort of in the middle of this surge of promotional activity for the peer group? Or do you think it's going to further intensify?

您確實透過幾個問題談到了美國的競爭環境。但是，當我們度過 24 世紀的餘波並進入 2025 年時，您是否期望看到同儕促銷和價值努力進一步加強？意思是，我們是否正處於針對同儕團體的促銷活動激增之中？或者您認為這種情況會進一步加劇嗎？

Thanks, Jeff. And I'll tell you first, it's funny to see your name pop up there, only because we have a franchisee named Jeff Farmer, whose brother Pat was actually in the MOREflation ad. So I have no idea of you're at any related, but it's always nice to see the name Jeff Farmer up on the screen.

謝謝，傑夫。我首先告訴你，看到你的名字出現在那裡很有趣，只是因為我們有一個名叫傑夫·法默的特許經營商，他的兄弟帕特實際上出現在 MOREflation 廣告中。所以我不知道你們有什麼關係，但看到傑夫法默這個名字出現在螢幕上總是很高興。

As far as the competitive activity for the rest of the year. I mean, it's funny that you see a lot of talking about kind of the burger wars. I think we're in the pizza wars right now. And clearly, we are winning that. And what the competition is going to have to do to keep up with us is to continue to lean into value. So I'm not sure what they're doing. Obviously, we don't have their plans, but I know what we're doing and if they want to match us, they're going to have to continue to do that.

至於今年剩餘時間的競爭活動。我的意思是，很有趣的是你看到很多關於漢堡大戰的討論。我認為我們現在正處於披薩大戰。顯然，我們正在贏得勝利。為了跟上我們的步伐，競爭對手必須繼續向價值傾斜。所以我不確定他們在做什麼。顯然，我們沒有他們的計劃，但我知道我們在做什麼，如果他們想與我們匹配，他們將不得不繼續這樣做。

Thanks, Jeff. That was our last question of the call. I want to thank you all for joining our call today, and we look forward to speaking to you all again soon. You may now disconnect. Thank you.

謝謝，傑夫。這是我們電話會議的最後一個問題。我要感謝大家今天加入我們的電話會議，我們期待很快能再次與你們交談。您現在可以斷開連線。謝謝。

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士們、先生們，感謝你們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。