達美樂 (DPZ) 2025 Q1 法說會逐字稿

Thank you for standing by. Welcome to Domino's Pizza's first-quarter 2025 earnings conference call. (Operator Instructions) As a reminder, today's program is being recorded.

感謝您的支持。歡迎參加達美樂披薩 2025 年第一季財報電話會議。（操作員指示）提醒一下，今天的節目正在錄製。

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，我想介紹今天節目的主持人、投資者關係副總裁 Greg Lemenchick。先生，請繼續。

Good morning, everyone. Thank you for joining us today for our first-quarter conference call. Today's call will begin with our Chief Executive Officer, Russell Leaner; 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一季電話會議。今天的電話會議將由我們的執行長 Russell Leaner 主持；接下來是我們的財務長 Sandeep Reddy。通話將以問答環節結束。

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 中的前瞻性陳述（均可在我們的 IR 網站上查閱）也適用於我們今天在電話會議上的評論。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，請參閱我們向美國證券交易委員會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.

此外，請參閱 8-K 收益報告，以了解今天電話會議上可能參考的非 GAAP 財務指標的揭露和對帳。今天早上的電話會議正在進行網路直播，並且還將透過我們的網站進行錄製重播。

We want to do our best morning to accommodate as many of your questions as time permits. As such, we encourage you to ask one question only.

我們希望在時間允許的情況下盡最大努力解答您的盡可能多的問題。因此，我們鼓勵您只問一個問題。

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

說完這些，我想把電話轉給拉塞爾。

Thanks, Greg, and good morning, everybody. As I reflect on the first quarter, I'm proud of how our team effectively executed our Hungry for MORE strategy.

謝謝，格雷格，大家早安。回顧第一季度，我為我們的團隊有效執行「渴望更多」策略而感到自豪。

Against the backdrop of consumer and industry headwinds, we drove market share gains across both our US and international businesses. Sustained market share growth reflects the company's ability to control what's under its control, a key to long-term success.

在消費者和行業面臨不利因素的背景下，我們推動了美國和國際業務的市場份額成長。持續的市場佔有率成長反映了公司控制其控制範圍的能力，這是長期成功的關鍵。

Our team is achieving what we set out to do when we introduced Hungry for MORE in 2023. When you look at our accomplishments over the last 1.5 years with insight into some of the unlocks for the remainder of 2025, you can see how our Hungry for MORE strategic pillars are working together to set us up to drive more sales, more stores, and more profits over the long term.

我們的團隊正在實現我們在 2023 年推出「Hungry for MORE」時設定的目標。當您回顧我們過去 1.5 年的成就，並深入了解 2025 年剩餘時間的一些解鎖內容時，您會看到我們的「渴望更多」戰略支柱如何共同努力，幫助我們在長期內推動更多銷售、更多門市和更多利潤。

The M in Hungry for MORE stands for most delicious food. We will continue to drive deliciousness with at least two new products every year.

Hungry for MORE 中的 M 代表最美味的食物。我們將繼續推動美味，每年至少推出兩款新產品。

In early March, we added arguably the biggest new menu item in our history, Parmesan Stuffed Crust Pizza. This launch is the epitome of what we mean when we talk about our innovation with intent approach, with a clear purpose behind any product we bring to market, and stuffed crust pizza is one of our best examples.

三月初，我們添加了可以說是我們歷史上最大的新菜單項目——帕瑪森餡皮披薩。這次發布是我們所說的有目的的創新的縮影，我們推向市場的任何產品背後都有明確的目的，而芝心披薩就是我們最好的例子之一。

We went from this being the largest gap in our pizza portfolio to having what we believe is the best stuffed crust product in the industry. While timing of the launch meant stuffed crust didn't have a meaningful impact on Q1, we couldn't be happier with how the launch has gone so far.

我們從披薩產品組合中最大的缺口，到擁有我們認為是業內最好的餡料皮產品。雖然發佈時間意味著餡餅皮對第一季沒有產生重大影響，但我們對迄今為止的發布進展感到非常高興。

To date, customer satisfaction scores have been very good, and we've also seen a high mix of orders coming with a stuffed crust pizza. Although it's still early, performance has been tracking to our expectations. We're excited about the impact this product will have not only this year, but as a market share driver for years to come.

到目前為止，客戶滿意度得分一直很高，而且我們還看到很多訂單都帶有餡料脆皮披薩。儘管現在還為時過早，但業績表現已經符合我們的預期。我們很高興看到該產品不僅在今年產生影響，而且在未來幾年內也將成為市場份額的推動力。

Prior to this year, the operational complexity of stuffed crust and our high volumes kept stuffed crust off our menu in the US. Launching an innovation like this required us to lean into our second strategic pillar, operational excellence.

今年之前，由於餡餅皮的操作複雜性以及產量較大，我們在美國市場上沒有推出餡餅皮。推出這樣的創新需要我們依賴第二個策略支柱—卓越營運。

Innovation with intent requires operations with intent. On our Q4 call, I talked about the improvements in our service driven by significant training programs implemented by our operators and franchisees over the last couple of years. These programs work together with improvements in our DOM OS technology to make Parmesan Stuffed Crust a reality.

有意圖的創新需要有意圖的運作。在我們的第四季度電話會議上，我談到了我們的服務改進，這得益於我們的營運商和特許經營商在過去幾年中實施的重要培訓計劃。這些程式與我們 DOM OS 技術的改進協同工作，使 Parmesan Stuffed Crust 成為現實。

Domino's stores are doing an incredible job executing this product. I want to thank our franchisees and operations teams for their continued effort to achieve operational excellence. This remains a point of difference for Domino's.

達美樂商店在銷售這款產品方面做得非常出色。我要感謝我們的特許經營商和營運團隊為實現卓越營運所做的持續努力。這對達美樂來說仍然是一個不同點。

Our third Hungry for MORE pillar is renowned value. This has been a key strength for Domino's. We're driving renowned value through national promotions, Domino's rewards, and by growing on aggregator platforms.

我們的第三個「渴望更多」支柱是知名價值。這一直是達美樂的一大優勢。我們透過全國促銷、達美樂獎勵以及在聚合平台上的發展來推動知名價值。

In the first quarter, we have several value-driving initiatives such as our Best Deal Ever promotion that we believe broke through industry clutter. We have a strong slate of initiatives primed and ready to go for the rest of the year as we will continue to give customers what they want, which is more value in this challenging economic environment.

在第一季度，我們推出了幾項價值驅動舉措，例如「史上最佳優惠」促銷活動，我們相信這些舉措突破了產業混亂局面。我們已經準備好了一系列強有力的舉措，準備在今年剩餘時間內推出，因為我們將繼續為客戶提供他們想要的東西，這在充滿挑戰的經濟環境中更有價值。

While providing value through our own channel is one part of our renowned value barbell strategy, tapping into the aggregator marketplace for pizza delivery is the other. We recently announced a partnership with DoorDash, the largest aggregator in the US.

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，而利用聚合市場進行披薩配送則是另一部分。我們最近宣布與美國最大的聚合商 DoorDash 建立合作關係。

We began piloting in a small number of stores and are expecting to commence our national launch in May. We expect this rollout to be complete by the end of the second quarter with a meaningful impact from this new partnership anticipated in the back half of the year.

我們已開始在少數商店進行試點，預計將於 5 月在全國推出。我們預計這項舉措將在第二季末完成，並預計這項新的合作關係將在今年下半年產生重大影響。

So in the second half of 2025 and beyond, we'll be competing on the biggest aggregator platform in the US with one of the biggest pizza crust types in our industry, two things we could not have said only a few months ago.

因此，在 2025 年下半年及以後，我們將在美國最大的聚合平台上與我們行業中最大的披薩餅皮類型之一競爭，這兩件事我們在幾個月前還無法預料。

I wanted to quickly touch on our expectations around incrementality for DoorDash. We're going to need to learn and provide updates on this, but our initial expectations are that it will be approximately 50% incremental. And that would be our expectations for aggregators as we move forward now that we're on multiple platforms.

我想快速談談我們對 DoorDash 增量的期望。我們需要了解並提供有關此方面的更新，但我們最初的預期是增量約為 50%。這也是我們對聚合器的期望，因為我們現在正在多個平台上向前邁進。

Everything we do at Domino's is enhanced by our best-in-class franchisees. We also see this pillar as our responsibility to be a best-in-class franchisor.

我們在達美樂所做的一切都因我們一流的加盟商而得到加強。我們也將這一支柱視為我們成為一流特許經營商的責任。

In the first quarter, we made some changes to our organizational structure, which you may have seen with the announcement we put out in March where we elevated Joe Jordan to Chief Operating Officer and promoted -- Weiking Ng to Head of Domino's International. We also made changes below the executive level for a faster, more efficient structure that aligns with our Hungry for MORE strategy.

在第一季度，我們對組織結構進行了一些調整，您可能已經看到我們三月份發布的公告，我們將喬·喬丹 (Joe Jordan) 提升為首席營運官，並將魏京 (Weiking Ng) 提升為達美樂國際部負責人。我們也在執行層面以下做出了改變，以實現更快、更有效率的結構，以符合我們的「渴望更多」策略。

Our focus at simplifying included a difficult decision to eliminate certain roles, and Sandeep will share some additional color on the financial implications. Moving forward, we believe this new structure will allow us to be quicker to market, and we will continue to prioritize investments that have the greatest impact on customers, franchisees, and the brand.

我們簡化的重點包括做出一個艱難的決定，即取消某些職位，而 Sandeep 將分享一些有關財務影響的額外資訊。展望未來，我們相信這種新結構將使我們更快進入市場，並且我們將繼續優先考慮對客戶、特許經營商和品牌影響最大的投資。

In summary, we are laser-focused on delivering against our Hungry for MORE goals. I believe this will enable Domino's to capture additional market share gains in 2025 and beyond. And this will be how we drive best-in-class results and long-term value creation for our franchisees and shareholders.

總而言之，我們全心全意地致力於實現「渴望更多」的目標。我相信這將使達美樂在 2025 年及以後獲得更多的市場份額。這就是我們如何為我們的特許經營商和股東帶來一流的業績和長期價值創造。

I'll now hand the call over to Sandeep.

我現在將電話交給 Sandeep。

Thank you, and good morning, everyone. Our first-quarter financial results continue to be impacted by a challenging macro backdrop. And despite that, we delivered operating profit that was in line with our expectations.

謝謝大家，早安。我們的第一季財務業績持續受到充滿挑戰的宏觀背景的影響。儘管如此，我們的營業利潤仍符合我們的預期。

Income from operations increased 1.4% in Q1, excluding the impact of foreign currency. This increase was primarily due to gross margin dollar growth within supply chain as well as higher international franchise royalties and fees.

剔除外匯影響，第一季營業收入成長 1.4%。這一增長主要歸因於供應鏈內毛利率的增長以及國際特許經營權使用費和費用的增加。

This increase was partially offset by higher G&A, primarily related to severance expenses driven by the organizational realignment Russell noted earlier. Excluding the approximately $5 million impact of these expenses, our income from operations would have increased 3.6%.

這一增長被更高的一般及行政費用部分抵消，這主要與 Russell 之前提到的組織調整導致的遣散費用有關。除去這些費用約 500 萬美元的影響，我們的營業收入將增加 3.6%。

Excluding the impact of foreign currency, global retail sales grew 4.7% in the first quarter, primarily due to positive international comps and global net store growth compared to a year ago. In Q1, retail sales grew by 1.3% in the US primarily driven the net store growth. This growth paced ahead of the QSR pizza category, which was roughly flat at the start of the year.

排除外匯的影響，第一季全球零售額成長4.7％，主要由於國際同店銷售額和全球淨店成長與去年同期相比呈現成長。第一季度，美國零售額成長1.3%，主要推動了淨門市成長。這一成長速度超過了 QSR 披薩類別，該類別在今年年初基本持平。

Same-store sales declined 0.5%, which was slightly below our expectations. We benefited from 1.8% of pricing, which was inclusive of high single digits in California. This was more than offset by negative traffic and a slight decline in our mix due to a higher carry-out business that carries a lower ticket and delivery.

同店銷售額下降0.5%，略低於我們的預期。我們受益於 1.8% 的定價，其中包括加州的高個位數。由於外送業務增加，而票價和送貨費用較低，導致客流量下降，產品組合略有下降，但這完全抵消了這一影響。

Our carry-out business comps were up 1%, while delivery was down 1.5% in the quarter. Our delivery business continues to be impacted by macro pressures that are impacting the low-income consumer.

本季度，我們的外送業務年增 1%，而送貨業務則下降 1.5%。我們的送貨業務繼續受到影響低收入消費者的宏觀壓力的影響。

Shifting to US unit count. We added 17 net new stores, bringing our US systems store count to 7,031. International retail sales grew 8.2%, excluding the impact of foreign currency in the quarter. This was driven by net store growth over the last year and same-store sales that came in ahead of our expectations at 3.7%.

轉換為美國單位計數。我們淨增了 17 家新店，使我們的美國系統商店數量達到 7,031 家。剔除外匯影響，本季國際零售額成長8.2%。這是由於去年淨店成長和同店銷售額超出我們的預期（3.7%）所致。

In the quarter, we saw strength in Asia that was due to strong comps in India, and in our Americas region, which was driven by Canada. Net stores were down by 25 in Q1, and this was primarily coming from closures from Domino's Pizza Enterprises, DPE, which is our master franchisee based out of Australia. DPE previously announced they expected to close 200-plus underperforming stores primarily in Japan, and substantially, all of those closures took place in the quarter.

本季度，我們看到亞洲地區表現強勁，這得益於印度的強勁表現，而美洲地區則受到加拿大的推動。第一季淨門市數量減少了 25 家，這主要是因為關閉了位於澳洲的 Domino's Pizza Enterprises (DPE) 門市（DPE 是我們的主特許經營商）。DPE 先前宣布，預計將關閉 200 多家業績不佳的門市，主要集中在日本，基本上所有門市的關閉都在本季進行。

Moving to capital allocation. We repurchased approximately 115,000 shares at an average price of $434 for a total of $50 million in the first quarter. As of the end of Q1, we had approximately $764 million remaining on our share repurchase authorization.

轉向資本配置。我們在第一季以平均 434 美元的價格回購了約 115,000 股，總計 5,000 萬美元。截至第一季末，我們的股票回購授權剩餘金額約為 7.64 億美元。

Now turning to our outlook for 2025. We continue to believe that global retail sales growth should be generally in line with 2024. As part of that, we expect the following.

現在來展望一下 2025 年。我們仍認為，全球零售額成長應與2024年大致持平。作為其中的一部分，我們期待以下內容。

First, we continue to expect our US comp to be 3%, and that it will be lower in the first half compared to the back half due to the timing of our initiatives. In the event that macro pressures persist, it could put pressure on achieving this number.

首先，我們繼續預期美國市場的營收成長率為 3%，並且由於我們採取措施的時機，上半年的營收成長率將低於下半年。如果宏觀壓力持續存在，可能會對實現這一數字造成壓力。

Second, we continue to expect 1% to 2% international same-store sales growth as there continues to be macro and geopolitical pressures that exist around the globe and we believe this could impact our business. We expect operating profit growth of approximately 8%, excluding the impact of currency and approximately $5 million in severance expenses related to our organizational realignment.

其次，我們繼續預期國際同店銷售額將成長 1% 至 2%，因為全球仍有宏觀和地緣政治壓力，我們認為這可能會影響我們的業務。我們預計營業利潤將成長約 8%，不包括貨幣影響和與組織調整相關的約 500 萬美元遣散費。

A couple of points of additional color. While we are expecting some savings as a result of the organizational changes that have been made, we are planning to reinvest most of these savings back into the business. In our US business, we source most of our food products from within the country, so we are not expecting tariffs to have a material impact on our operating profit.

幾個額外的顏色點。雖然我們預計組織變革會帶來一些節省，但我們計劃將大部分節​​省下來的資金重新投資到業務中。在我們的美國業務中，我們的大部分食品都來自國內，因此我們預計關稅不會對我們的營業利潤產生重大影響。

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

謝謝。我們現在開放問答熱線。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

I was wondering if you can comment a bit on your statement of potential international geopolitical pressure impacting the brand. So specifically, are you starting to see any pockets of consumer weakness in international markets or international boycotts against US brands elevated specifically for Domino's?

我想知道您是否可以就國際地緣政治壓力可能對品牌產生的影響發表一些評論。那麼具體來說，您是否開始看到國際市場上消費者的疲軟現象，或者針對達美樂的美國品牌的國際抵制活動加劇？

Hi, Danilo. This is Sandeep. So I think in terms of geopolitical pressure and risk that we see out there, it's more with what's been going on in the last few months.

你好，達尼洛。這是桑迪普。因此，我認為，就我們所看到的地緣政治壓力和風險而言，這更多的是與過去幾個月發生的事情有關。

We want to be very careful and mindful that there's a lot of volatility from a geopolitical perspective. There could be a potential downstream impact on demand, and that's incorporated in our guidance of 1% to 2% for the year. And that's really the meaning of the statement.

我們要非常小心並注意，從地緣政治角度來看存在著很大的波動。這可能會對下游需求產生影響，這已納入我們對今年 1% 至 2% 的預期中。這才是這句話的真正意義。

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

You talked about how you expect DoorDash and other third-party platforms to be about 50% incremental. Can you talk about what type of mix you do anticipate to come from DoorDash maybe relative to what you saw with Uber Eats?

您談到您預計 DoorDash 和其他第三方平台的增量將達到 50% 左右。您能否談談相對於 Uber Eats 的情況，您預期 DoorDash 會帶來什麼樣的組合？

So maybe we can all start to think about how you are thinking about a potential contribution to comps. Just trying to understand maybe what's required from the DoorDash launch in the second half to get to your guidance of 3% in the US.

因此，也許我們都可以開始思考您如何看待對公司的潛在貢獻。只是想了解一下下半年 DoorDash 的推出需要做些什麼才能達到您在美國 3% 的預期。

Right now, if you look at the DoorDash pizza sales business on their platform versus Uber, it's about 2x. So we're not going to put out specific goal by quarter like we did with Uber. We were just starting with aggregators at the time.

現在，如果你比較 DoorDash 平台上與 Uber 的披薩銷售業務，你會發現兩者之間大約是 2 倍。因此，我們不會像 Uber 一樣按季度設定具體目標。當時我們才剛開始使用聚合器。

Think about the aggregator business now as part of our delivery business. But as far as contribution, you should expect about 2x DoorDash from what we saw with Uber. And as Sandeep said in his remarks, we're really expecting this to be the second half of the year.

現在將聚合業務視為我們配送業務的一部分。但就貢獻而言，DoorDash 的表現應該會是 Uber 的 2 倍。正如桑迪普在演講中所說，我們確實期待這會在今年下半年發生。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question is on the stuffed crust pizza platform. You mentioned it did not have much of an influence on the first quarter. But at the same time, you're pleased with what you're seeing, and it's in line with expectations. And I was just wondering if you could elaborate on what that platform is doing relative to sales mix or what you're seeing in terms of the lift to the comps or anything else you could offer there?

我的問題是關於餡料脆皮披薩平台的。您提到它對第一季沒有太大影響。但同時，您對所看到的結果感到滿意，並且它符合預期。我只是想知道您是否可以詳細說明該平台在銷售組合方面發揮了什麼作用，或者您對同類產品的提升有何看法，或者您可以提供的其他任何資訊？

What we were talking about as far as performance is we launched it with three weeks ago in Q1. So it just -- it didn't have a oversized impact in Q1. What I can tell you is, as we look back to the launch so far, we're really pleased with how things are going.

就性能而言，我們是在三週前的第一季推出它的。所以它對第一季並沒有產生過大的影響。我可以告訴你的是，回顧迄今為止的發布會，我們對事情的進展感到非常滿意。

A significant amount of orders are going out with stuffed crust pizza. The consumer feedback on the quality is really where we wanted it to be, and our stores are performing very well from an ops standpoint. So all in all, we're pleased and it's hitting our expectations.

大量的訂單都是以夾心餅皮披薩的形式發出。消費者對品質的回饋確實達到了我們的預期，而且從營運的角度來看，我們的商店表現非常好。總而言之，我們很高興，它達到了我們的期望。

You'll recall, it's about 15% mix of our competitors, and so we'll see where that falls in for us. But that means it's a big opportunity. It's the biggest crust type we weren't in. So we're very excited.

您會記得，我們​​的競爭對手約佔 15%，因此我們會看看這對我們而言意味著什麼。但這意味著這是一個巨大的機會。這是我們未曾遇到的最大的地殼類型。所以我們非常興奮。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Russell, just a follow-up on the stuffed crust. You mentioned it's 15% of competitors. I would imagine you wouldn't be targeting that mix overnight. But sometimes, we see new products will even have a honeymoon period where the trial is extremely high.

拉塞爾，這只是對餡料外殼的後續報導。您提到這是 15% 的競爭對手。我想你不會在一夜之間就實現這個目標。但有時，我們會看到新產品甚至會經歷試用期極高的「蜜月期」。

So I'm wondering what is your expectation? Any comments about the mix initially and the incrementality of that mix and how you see that product perhaps evolving on those two scores?

所以我想知道您的期望是什麼？您最初對這種組合以及這種組合的增量有何評論？您如何看待該產品在這兩個方面的發展？

We have lawyers on the other end of the table poised to jump in front of me if I give any forward-looking information.

如果我提供任何前瞻性訊息，桌子另一端的律師就會隨時準備阻止我。

But look, you talked about exactly what we look at with new product launches, especially one of this magnitude, is it's not just going to be the percent of mix. It's going to be the incrementality both in orders and in dollars. And as soon as we get more information on that, and we want to look at repeat, we'll be able to give a better sense of what that looks like.

但你看，你剛才談到我們在新產品發佈時所關注的重點，尤其是這種規模的產品，不僅僅是混合的百分比。這將是訂單和美元的增量。一旦我們獲得有關該問題的更多信息，並且我們希望重複查看，我們將能夠更好地了解它是什麼樣子的。

I think for me, what's important about stuffed crust in addition to how many stuffed crust we're going to sell is when you think about our first pillar of most delicious food, it's not just about launching new products. It's about launching products to give a halo to the brand on deliciousness.

我認為，除了我們要銷售多少餡餅皮之外，對我來說，當你想到我們最美味的食物的第一個支柱時，重要的是推出新產品。這是為了推出產品，為品牌帶來美味的光環。

And I think what we're going to see from stuffed crust is not only stuffed crust sales but a nice halo to the brand on the deliciousness pillar.

我認為，我們將看到的不僅僅是餡餅皮的銷量，而且是美味支柱上品牌的光環。

And Dave, I'm just going to go back to, I think, a question that Brian asked earlier on DoorDash and now on stuffed crust. And essentially, all of the initiatives that we talked about in the February call, and again, we're talking about them now on this call.

戴夫，我想回到布萊恩之前在 DoorDash 上問過的一個問題，現在問的是餡餅皮的問題。基本上，我們在二月份的電話會議上討論過的所有舉措，我們現在在這次電話會議上再次討論它們。

All of this is incorporated in terms of our expectations and the 3% guide that we have on same-store sales for the year and the back-end loaded comps reflect the timing of initiatives. So it's all contemplated, and that's there.

所有這些都體現在我們的預期中，我們對今年同店銷售額的 3% 指導和後端加載的比較反映了舉措的時機。所以一切都是經過深思熟慮的，就是這樣。

While we don't want to get into specifics at this time in terms of where we are so far in the second quarter, just know that we know what the assumptions are based on what we've seen.

雖然我們目前不想詳細討論第二季目前的狀況，但我們知道根據我們所看到的情況，這些假設是什麼。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

Sandeep or Russell, I wanted to follow up on the comment, Sandeep, you just made on that US sales outlook and the reiterated 3% comp guide, specifically of any additional thoughts on key initiatives to accelerate and help you get there. You touched on stuffed crust and DoorDash, of course.

Sandeep 或 Russell，我想跟進一下 Sandeep 你剛才對美國銷售前景和重申的 3% 的競爭指南所作的評論，特別是關於加速和幫助你實現目標的關鍵舉措的任何其他想法。當然，您提到了餡餅皮和 DoorDash。

But just anything else on some of the other initiatives as we think about loyalty, maybe another new item coming, promotions, marketing calendar -- just how impactful some of that can be and you expect it could be as you work through the year.

但是，當我們考慮忠誠度時，其他一些舉措還有可能即將推出的新產品、促銷活動、行銷日程表——其中一些舉措可能會產生多大的影響，而您預計這些舉措在全年的工作中可能會產生多大的影響。

Every year, we go into the year strategically with the same intent to execute against Hungry for MORE. So you're -- again, without giving too much forward-looking information, we can look to our guidance, which says two new products a year from a value standpoint, pretty much the same amount of boost weeks as we did prior year.

每年，我們都以同樣的目標來制定策略，以實現「渴望更多」的目標。所以你——再說一次，在不提供太多前瞻性資訊的情況下，我們可以看看我們的指導，從價值的角度來看，每年推出兩款新產品，這與我們去年的提升週數幾乎相同。

What I get really excited about, too, is just the value that we're going to be bringing forward, the renowned value platform. We talked about in '23 when we launched Hungry for MORE that we felt for a couple of years -- a few years that this is really going to be a platform that was going to be important for all of QSR.

讓我真正興奮的是我們將要帶來的價值，也就是著名的價值平台。我們在 2023 年推出 Hungry for MORE 時就曾談到，我們感覺到在幾年內——幾年後，這確實會成為一個對所有 QSR 都很重要平台。

And while QSR has been really driven by price, what I think has been great about our value is that our value creates what I call talk value. It's not just a price point. It's things like carry-out tips. It's emergency pizza, things that folks talk about.

雖然 QSR 確實受價格驅動，但我認為我們的價值的偉大之處在於我們的價值創造了我所說的談話價值。這不僅僅是一個價格點。這是一些類似外帶小費的事情。這是緊急披薩，是人們談論的東西。

So I can't get into the initiatives. What I can tell you is the strategy is an open book. And I think if you look at the last couple of years, what you'll see is, yeah, we don't tell you the initiatives in advance. But they absolutely fit with the strategy and that's going to continue.

所以我無法參與這些措施。我可以告訴你的是，這個策略是公開的。我認為，如果你回顧過去幾年，你會發現，是的，我們不會提前告訴你這些舉措。但他們絕對符合這項戰略，而且這項戰略將會持續下去。

And then I'll just add, you mentioned loyalty specifically. And look, we've said before and we continue to say that it's a multiyear driver. It's been that way in the past, and we expect it to be that case over here as well.

然後我還要補充一點，你特別提到了忠誠。看看，我們之前說過，我們繼續說，這是一個多年的驅動力。過去的情況就是這樣，我們預期這裡的情況也會如此。

In particular, I think this new loyalty program is structured around the carry-out customer, getting light users coming in. And really, these are going to be massive frequency builders for us as we go along.

具體來說，我認為這個新的忠誠度計劃是圍繞外送顧客構建的，吸引輕度用戶加入。事實上，隨著我們的前進，這些將成為我們巨大的頻率建構器。

Literally, last year, we grew by 2.5 million active members in our loyalty database. And we continue to see good traction from that. And I think where we expect to see momentum is future sales from those acquired customers are staying more in to our brand.

事實上，去年我們的忠誠度資料庫增加了 250 萬活躍會員。我們繼續看到其良好的發展勢頭。我認為，我們預期看到的勢頭是，這些新客戶未來的銷售額將更多地留在我們的品牌上。

Yeah. I think important, Sandeep. The first loyalty program we introduced in 2015, we had that around for seven years. And it was seven years of -- really, 7.5 years of really nice growth.

是的。我認為這很重要，桑迪普。我們於 2015 年推出了第一個忠誠度計劃，至今已實施七年。這七年，實際上是七年半的良好成長。

And then what we did when we updated it, we said, okay, what are the couple of things we need to do to make it even better? We had the price 4 points lowered. So that really helped with carry-out customers with their tickets lower.

然後我們在更新它時做了什麼，我們說，好吧，我們需要做哪些事情才能讓它變得更好？我們將價格降低了 4 個百分點。因此，這確實幫助了外送顧客降低票價。

And we also really pushed to make sure that the program activated against lighter users. So you used to have to buy six times, and now you can buy as few as two times. So it's important, and I say this because we've done it before, to understand that things like loyalty are really a multiyear driver.

我們也確實努力確保該計劃能夠針對輕度用戶啟動。所以以前你必須買六次，現在只需買兩次。所以這很重要，我這麼說是因為我們以前就這麼做過，要明白忠誠之類的因素確實是一個多年的驅動力。

Things like the aggregators -- once we're on the aggregator platform, we intend to grow our business on that platform just like we grew our business outside the platform. And so really important to see, certainly, while we're leaning in here, these are drivers that are going to continue for years to come.

諸如聚合器之類的東西——一旦我們進入聚合器平台，我們打算在該平台上發展我們的業務，就像我們在平台外發展業務一樣。因此，真正重要的是，當我們傾向於此的時候，這些驅動因素將在未來幾年繼續存在。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

I wanted to ask about the domestic unit growth. I think the prior guidance was 175 net stores in 2025. Just in -- and the impact of tariffs on construction costs, can you guys give us a sense on what you're thinking there?

我想詢問一下國內單位的成長情況。我認為先前的預測是到 2025 年淨門市數量為 175 家。剛剛收到的消息是──關稅對建築成本的影響，能告訴我們你們對此有何看法嗎？

And are you seeing any availability issues on some of the critical components that you need for unit development? Just trying to understand the confidence behind the domestic unit growth guidance given the tariff impact.

您是否發現單元開發所需的某些關鍵元件有可用性問題？只是想了解在關稅影響下國內單位成長指引背後的信心。

Look, I mean, I think from a domestic unit growth guidance perspective, no change. We're expecting the 175 stores that we talked about on the last call.

看，我的意思是，我認為從國內單位成長指引的角度來看，沒有改變。我們預計將有 175 家商店進入我們上次電話會議上談到的市場。

And frankly speaking, the more we actually went through the cycle of earnings -- and in the fourth quarter, it was really apparent that the economics of our franchisees are best-in-class. And the returns are really compelling for them.

坦白說，我們實際上經歷了盈利週期——在第四季度，很明顯我們的特許經營商的經濟狀況是一流的。而對他們來說，回報確實是誘人的。

And we continue to drive market share, to Russell's point earlier. The pipeline is very robust. The appetite from our franchisees is very good. And I think from a tariff perspective, if there is any impact, it should not be material enough for it to actually impact demand.

正如羅素先前所說，我們將繼續擴大市場份額。該管道非常堅固。我們的加盟商的胃口非常好。我認為從關稅的角度來看，如果有任何影響，也不應該大到真正影響需求。

And so the enthusiasm that the franchisees have to continue to grow the stores is very strong, and we are very supportive of what we need to do to make sure that we harness this growth.

因此，特許經營商繼續擴大門市的熱情非常強烈，我們非常支持我們需要採取的措施，以確保我們能夠利用這種成長。

The pipeline for the US is better than it was at this point last year. So we're very excited about what we've got in front of us.

美國的管道狀況比去年同期好。因此，我們對眼前的成果感到非常興奮。

Gregory Francfort, Guggenheim.

古根漢美術館的格雷戈里·弗蘭克福特。

Russ, I'm curious. Just on the aggregate platforms you've been on for a little over a year, what are you seeing from customers in terms of either frequency or average check size? I'm just curious how that customer has behaved now with some time versus customers who are coming through other channels.

拉斯，我很好奇。僅在您使用過一年多的聚合平台上，您從客戶的頻率或平均支票金額方面看到了什麼？我只是好奇，與透過其他管道來的客戶相比，該客戶現在的行為如何。

I think the biggest difference to me is more the group size. There's probably a little bit smaller group, maybe a single or one or two customers versus when folks go to our website. It's probably for a bigger part of occasion.

我認為對我來說最大的差異在於團體規模。與造訪我們網站的顧客相比，這個群體可能要小一些，可能只有一兩個顧客。這可能適用於大部分場合。

So I think that probably would be the biggest piece. Obviously, this platform still is -- even though there are higher income customers on it, it still is promotionally sensitive. The best deals for customers are still on dominos.com, but they are promotionally sensitive as well. So I think the biggest thing, I think, would be that.

所以我認為這可能是最重要的部分。顯然，這個平台仍然如此——儘管它上面​​有高收入客戶，但它仍然對促銷很敏感。為客戶提供最優惠的價格仍然在 dominos.com 上，但他們也對促銷很敏感。所以我認為最重要的事情就是這個。

Chris O'Cull, Stifel.

克里斯·奧卡爾（Chris O'Cull），Stifel。

Russell, the US brand, the Best Deal Ever, I guess, for a significant amount of significant number of weeks during the quarter. Just given the strength of that offer, I was hoping you could provide some more context around how it impacted your sales trends and maybe how it performed relative to the segment during the period.

我認為，美國品牌 Russell 在本季相當多的幾週內都是有史以來最划算的交易。鑑於該優惠的力度，我希望您能提供更多背景信息，說明它如何影響您的銷售趨勢，以及它在該期間相對於該細分市場的表現。

And I'll give you a little background about the name of that Best Deal Ever. The team came in and showed Sandeep and I what the deal was. And we -- our reaction literally was, wow, that's the best deal ever. So there you go, that's free naming research there, how we came up with it.

我將向您介紹一下「史上最佳交易」名稱的背景。團隊進來並向 Sandeep 和我展示了交易的具體內容。而我們的反應實際上是，哇，這是有史以​​來最好的交易。這就是免費命名研究，我們就是這樣想出來的。

I want to talk about the strategy of Best Deal Ever because I don't think we spend enough time doing that. The insight for us is within the QSR industry right now -- obviously, there have been a couple of years of pricing taken.

我想談談「史上最佳交易」策略，因為我認為我們花在這上面的時間還不夠。我們目前的洞察力在於 QSR 產業——顯然，已經有幾年的定價經驗了。

And so what you're seeing with a lot of restaurants is they're dealing it back. But they're dealing it back really maybe not necessarily to things that folks want. Maybe you want the big item, but you can get the little item or the side item.

所以你會看到很多餐廳都在進行回購。但他們實際上給予的不一定是人們真正想要的東西。也許您想要大件物品，但您也可以獲得小件物品或附帶物品。

So other than the price being really good with Best Deal Ever, it was any crust, any topping, no limitations. And I think that, to me, other than just a price point, was a big way of us leaning in to customers and saying, we hear what you want. You just don't want something that is low in price, you want something that's fair and priced for what you want.

因此，除了價格真的很優惠，而且是史上最佳優惠之外，還可以選擇任何餅皮、任何配料，沒有任何限制。我認為，對我來說，除了價格點之外，這是我們貼近客戶並告訴他們「我們了解您的想法」的一個重要方式。您不想要價格低廉的東西，您想要的是價格合理且符合您需求的東西。

And so that was a big deal for us. I think that's a big category insight. It only ran for a few weeks, and there are obviously headwinds for the remainder of the quarter. So it's hard to break that out. But what I can tell you is I'm really pleased with the performance and the statement that we made by doing it.

這對我們來說是一件大事。我認為這是一個很大的類別見解。它只運行了幾個星期，本季剩餘時間顯然面臨阻力。所以很難打破這個局面。但我可以告訴你的是，我對我們的表現以及我們所做的聲明感到非常滿意。

On top of that, I'm really proud of our franchisees because they leaned into this. I mean, the last time there was a close to a $10 offer out there in pizza was a long time ago. And so our franchisees does two things.

最重要的是，我對我們的加盟商感到非常自豪，因為他們傾向於這樣做。我的意思是，上一次披薩價格接近 10 美元的優惠已經是很久以前的事了。因此我們的特許經營商做兩件事。

One, it talks to the confidence they have in the analytics from our team. But also, it talks to the profitability they have and their ability to lean in, probably when other folks can't. And that -- we're going to have to sustainably lean in for a while there. And I think this is a great example to prove that our franchisees are up for it.

首先，這顯示他們對我們團隊的分析充滿信心。但同時，這也說明了他們的獲利能力和在其他人無法做到的時候他們的適應能力。而且 — — 我們將必須持續地堅持一段時間。我認為這是一個很好的例子，證明我們的加盟商願意這樣做。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

I wanted to ask, I think, about a comment that Sandeep made with respect to the US outlook and just that if macro pressure persists, that would have implications for that same-store sales number.

我想問的是桑迪普對美國前景的評論，如果宏觀壓力持續存在，這將對同店銷售額產生影響。

I guess I have struggled a little bit with trying to figure out what's happened in the first quarter just because there's been weather and calendar shifts. And I think even like Valentine's Day, would affect you.

我想，我花了一點功夫才弄清楚第一季發生了什麼，因為當時天氣和日曆發生了變化。我認為連情人節這樣的節日也會對你產生影響。

And so to the extent that the guide requires an acceleration in comp, I'm just trying to understand what it is that you're seeing in the macro backdrop. Is it softer than it was at the end of last year? And does that require an improvement from here to hit that 3%?

因此，就指南要求加速計算而言，我只是想了解您在宏觀背景中看到的是什麼。是否比去年年底更加疲軟？那麼，是否需要從現在開始改進才能達到 3% 的目標呢？

And I guess, what are you looking at to get that? Because, again, some of the macro data actually looked pretty, I would say, solidary to me. So any insight into that comment and what the underpinning expectations might be.

我想，您要尋找什麼才能得到它？因為，我想說，一些宏觀數據實際上看起來相當不錯，對我來說，這很令人振奮。那麼對於該評論以及背後的預期，您有何見解？

I'll start off, and then I'll kick it off to Sandeep. I think part of it was just looking at the calendarization that we had for the year. And so we knew our initiatives were a little bit back half loaded, and that's part and parcel of it.

我先開始，然後我會把話題轉到桑迪普 (Sandeep)。我認為部分原因只是查看我們今年的日曆。因此，我們知道我們的舉措有些落後，這是其中的一部分。

And then also what we're overlapping in Q1 -- if you remember last year, in Q1, we were coming in strong with loyalty. We had a brought back carry-out special for the first time. So a lot of this was really the calendarization of how things are going to fall and how we think we're even to get to that 3% in the US.

然後，如果您還記得去年第一季的情況，我們的忠誠度表現強勁。這是我們第一次帶回特別的外帶。因此，這在很大程度上實際上是對事態將如何發展以及我們認為如何在美國達到 3% 的日曆化。

And I think Russell is exactly right. And really, the first quarter came in pretty much at our expectations, maybe a little bit off. But we knew the macro was going to be tough. And we expect the macro to be tough this year.

我認為拉塞爾說得完全正確。事實上，第一季的業績基本上符合我們的預期，可能略有偏差。但我們知道宏觀形勢將會很艱難。我們預計今年的宏觀情勢將會十分嚴峻。

But what we are actually saying is if there's a further deceleration of the macro environment, that could put pressure on the business. And I think that's really what we're pointing out over here. But other than that, I think the starting point is it's a tough macro, and that's how we build our budget.

但我們實際上想說的是，如果宏觀環境進一步減速，可能會對企業造成壓力。我認為這正是我們在此指出的。但除此之外，我認為起點是一個艱難的宏觀，這就是我們制定預算的方式。

And I would just add -- and I think common sense here. When we talk about those macro headwinds, it isn't on Domino's specific. We think these are QSR headwinds, which is why in addition to hitting our algorithm, we were happy for the year on US same-store sales of 3%.

我只想補充一點——我認為這是常識。當我們談論這些宏觀不利因素時，並不是針對達美樂的具體問題。我們認為這些是 QSR 的阻力，這就是為什麼除了達到我們的演算法之外，我們對今年美國同店銷售額 3% 的成長感到高興。

While Q1 wasn't what I had hoped it would be, we still grew market share, right? And so at times where maybe there are extra headwinds, if you're continuing to grow market share, it gives you a sense of when things open up, you're going to continue to grow that market share and then the QSR category grows and there are benefits.

雖然第一季的表現不如我所願，但我們的市佔率仍然有所成長，對嗎？因此，在可能存在額外阻力的時候，如果您繼續增加市場份額，您就會感覺到，當情況好轉時，您的市場份額將繼續增加，然後 QSR 類別也會成長，並帶來好處。

So when Sandeep's talking macros, these are not ones that are specifically to Domino's. And I would argue we're probably in a better capability to compete than many others within those macros.

因此，當 Sandeep 談論巨集時，這些並不是專門針對 Domino 的。我認為，我們可能比這些宏觀領域的許多其他人更具競爭力。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Great. I wanted to ask. You talked about 50% incrementality now for just third-party delivery in general. As you prepare to launch DoorDash, how do you ensure this doesn't get the incrementality of Uber if it were to, essentially -- is it going to be challenging to get that 3% comp for the full year?

偉大的。我想問一下。您談到現在第三方交付的增量一般為 50%。在準備推出 DoorDash 時，您如何確保它不會像 Uber 那樣出現漸進式成長？從本質上講，全年實現 3% 的年成長會很有挑戰性嗎？

This is now -- all of this is encompassed in our overall delivery business, and we want to be where customers are. And so if a customer decides -- I know they love Domino's Pizza, but now that we're going to be on both of these big platforms, I don't think the decision to go on a DoorDash or an Uber is going to be based on Domino's.

現在，所有這些都包含在我們的整體配送業務中，我們希望出現在客戶所在的地方。因此，如果客戶決定——我知道他們喜歡達美樂披薩，但既然我們將同時在這兩個大平台上提供服務，我認為選擇 DoorDash 還是 Uber 的決定不會基於達美樂。

It's going to be based really on their loyalty to that platform. Again, we're going to try to do everything we can to bring them back to Domino's. But if they want to buy us on DoorDash, that's because of their natural behavior on that platform.

這實際上取決於他們對該平台的忠誠度。再次強調，我們將竭盡全力讓他們重返達美樂。但如果他們想在 DoorDash 上收購我們，那是因為他們在該平台上的自然行為。

And I don't really think there's anything we can do here, which is why we're okay. That's why we priced the way we have, and that's why really our strategy for aggregators has been to meet customers where they are, whichever assets they're off.

我真的不認為我們能在這裡做什麼，這就是為什麼我們沒事。這就是我們採用現有定價方式的原因，也是我們針對聚合器所製定的真正策略就是在客戶所在的地方與他們會面，無論他們使用哪種資產。

And Andrew, I'll just want to add on. I think we mentioned this on the last call, but I want to come back to this. We are looking at our delivery business. And our delivery business includes our own channel, it includes the aggregator platforms. And as we look at the business overall, we're just going to talk about it very holistically.

安德魯，我只想補充一點。我想我們在上次通話中提到過這一點，但我想再談一下。我們正在審視我們的送貨業務。我們的配送業務包括我們自己的通路，包括聚合平台。當我們從整體上看待業務時，我們將會非常全面地談論它。

I think last year, we gave a mix because we were the first year on Uber, and we wanted to actually give that visibility. But I think as we move forward this year, we're not going to be talking about mix. We're going to be talking about our overall delivery business.

我認為去年我們給了混合方案，因為這是我們在 Uber 上的第一年，我們想真正給出這種可見性。但我認為，隨著今年的進展，我們不會再談論混合。我們將討論我們的整體送貨業務。

And we're telling you strategically what aggregators are coming on to the platforms just so you know what's coming in. But I think overall, delivery business is how I would analyze us.

我們會從策略上告訴您哪些聚合器即將進入平台，以便您了解即將出現什麼。但我認為總體而言，我會透過送貨業務來分析我們。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

The question is on the overall delivery same-store sales and especially in the context of franchisees beyond '25 that do have a plan to put more assets in the ground to basically serve more delivery customers even if delivery overall has been relatively choppy over the past couple of years.

問題在於整體配送同店銷售額，特別是在 25 年後特許經營商的背景下，他們確實有計劃投入更多資產來為更多配送客戶提供服務，即使過去幾年整體配送相對不穩定。

So I just wanted to get your sense. Maybe there's been some evolution of how franchisees think about putting more new assets in the work -- in the ground, excuse me, especially if new stores are largely getting their delivery sales, at least initially from other nearby outlets.

所以我只是想了解你的意思。也許特許經營商對將更多新資產投入工作（對不起，是在地面上）的想法已經發生了一些變化，特別是如果新店主要透過送貨銷售，至少在最初是從其他附近的門市獲得。

The interesting thing when you think about the store growth in the US, about two-thirds of the stores we have to build are going to be split about. One-third are going to be green space. And the interesting thing, one would think -- I know Sandeep and I had this argument when he first started. And now, Sandeep -- now, he has seen the way, and he's preaching it to everybody.

有趣的是，當你考慮到美國的商店成長時，我們必須建造的商店中約有三分之二將被分割。其中三分之一將為綠地。有趣的是，人們會認為──我知道桑迪普剛開始工作時，我和他就有這樣的爭論。現在，桑迪普——現在，他已經找到了方法，並且正在向所有人宣揚它。

The interesting thing is when we split a store, 80% of the carry-out customers are incremental. So even though you're talking about the same polygon for the store, customers just like delivery drivers don't want to drive as far to pick up their pizza.

有趣的是，當我們拆分一家商店時，80% 的外送顧客都是增量顧客。因此，即使您談論的是商店的相同多邊形，顧客（例如送貨司機）也不想開車那麼遠去拿披薩。

So believe it or not, the impetus in a store split has nothing to do with delivery -- well, not nothing. But a lot to do with carry-out. And now our carry-out volumes are such that the store essentially pays for itself breakeven from carry-out.

所以，不管你信不信，商店分拆的動力與配送無關——好吧，並非毫無關係。但這與執行有很大關係。現在我們的外賣量已經足夠大，商店基本上可以透過外帶收回成本。

Then is when the delivery business start to become significant. Because what happens is you -- just like customers get closer to your store, your delivery drivers get closer to your customers. And so their route times are shorter, they're more efficient.

從那時起，送貨業務就開始變得重要。因為發生的事情就是──就像顧客靠近你的商​​店一樣，你的送貨司機也靠近你的顧客。因此他們的路線時間較短，效率更高。

They're more predictable. So you get hot, predictable deliveries, which we know -- that's what drives reorder. Tips are higher. And so delivery actually gets more efficient, but the reason for the split, first off, is carry-out.

它們更加可預測。因此，您將獲得熱門且可預測的交付，我們知道，這就是推動重新訂購的動力。小費較高。因此，送貨實際上變得更有效率，但分開的原因首先是外帶。

We've also talked about -- obviously, you've seen our carry-out business grow, but our carry-out share isn't where our delivery share is. And so I still think there's lots for us to go there. And a lot of that is going to be due to -- is going to happen from store growth.

我們也談到—顯然，您已經看到我們的外送業務正在成長，但我們的外送份額並不等於我們的送貨份額。因此我仍然認為我們還有很多事情要做。這在很大程度上將歸因於商店的成長。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

So I think you've called out Canada as a region in the quarter. Has that trend sustained throughout the quarter? Or have you seen any meaningful shift through the quarter?

所以我認為您已經將加拿大列為本季的一個地區。這一趨勢在整個季度都持續了嗎？或者您看到本季有任何有意義的轉變？

And my real question is, with most of DPE plant closure is largely behind and you're seeing some improvement in the international markets in the first quarter, do you think there's a room or a path to international unit growth reacceleration in the next few years?

我真正的問題是，隨著大多數 DPE 工廠關閉的逐漸結束，並且您看到第一季國際市場有所改善，您是否認為未來幾年國際單位成長還有重新加速的空間或途徑？

I'll take the Canada one. I'll have Sandeep talk to the international store algorithm.

我要加拿大的。我會讓 Sandeep 談談國際商店演算法。

We're really proud of what they're doing up in Canada now. I think what you're seeing is they've really embraced Hungry for MORE. Some of the drivers there in the first quarter for them were ones that we're doing here in the states, renowned value being a big piece of it, launching with aggregators being a big piece of it.

我們為他們現在在加拿大所做的事情感到無比自豪。我認為您看到的是他們確實接受了“渴望更多”的理念。對他們來說，第一季的一些驅動因素是我們在美國所做的，其中知名價值是很重要的一部分，與聚合器一起推出也是很重要的一部分。

Obviously, now this gets into a little bit of Q2, but they've launched the stuffed crust pizza. And so what Canada is proving that we think more and more of our international master franchisees are going to recognize that Hungry for MORE really is a global strategy that can impact positively in all of our markets. Do you want to talk --

顯然，現在已經進入第二季度，但他們已經推出了夾心披薩。因此，加拿大證明，我們認為越來越多的國際特許經營商將會認識到「Hungry for MORE」確實是一項能夠對我們所有市場產生積極影響的全球策略。你想談談嗎--

Yeah. So I think -- on the store counts, like we were expecting the DPE closures that happened in Q1. I think DPE themselves have signaled that. They were expecting to have about 200 stores closed in Q1 and mostly from Japan, which happened.

是的。所以我認為——就商店數量而言，就像我們預期第一季發生的 DPE 關閉一樣。我認為 DPE 本身已經發出了這樣的訊號。他們預計第一季將關閉約 200 家門市，其中大部分位於日本，事實也確實如此。

But I think what's been pretty consistent all along in the more recent quarters as very strong trends in India and [China] (corrected by company after the call). And that has continued to be the case. Then I think outside of DPE, India, [China] (corrected by company after the call), all the markets broadly are tracking to our initial expectations.

但我認為最近幾季一直保持相當一致，因為印度的趨勢非常強勁，[中國]（公司在通話後更正）。這種情況一直持續著。那麼我認為除了 DPE、印度、[中國]（電話會議後公司進行了更正）之外，所有市場大體上都符合我們最初的預期。

So things are very healthy. And frankly, when we looked at '24 profitability, the paybacks still were pretty good when you look at national markets across the board. So we feel pretty good on everything except for the Domino's Pizza enterprises pressure that they're working through.

所以一切都非常健康。坦白說，當我們查看 24 年的盈利能力時，如果從全國市場來看，回報仍然相當不錯。因此，除了達美樂比薩企業正在努力克服的壓力之外，我們對其他一切都感覺良好。

As we said, we think that the DPE closures should be mostly behind us as we get into 2026. But I think their CEO and their team are working on the opening plan to make sure that whatever store they do are sustainably profitable stores so that we don't have to go down this path again and having to close stores that are unprofitable.

正如我們所說，我們認為，隨著進入 2026 年，DPE 關閉現象應該基本上成為過去。但我認為他們的執行長和團隊正在製定開業計劃，以確保他們開設的任何商店都是可持續盈利的商店，這樣我們就不必再次走這條路，而不必關閉無利可圖的商店。

So that's where we are. We're still in the wait-and-see mode. I think we'll have to get through this year and see how DPE makes updates to the algorithm.

這就是我們現在的狀況。我們仍處於觀望狀態。我認為我們必須熬過今年，看看 DPE 如何更新演算法。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

I just wanted to clarify, and then I have a question on carry-out. But the clarification is on 3P incrementality. Do you expect incrementality of 50% now with your Domino's Direct customers? Or is the lower incrementality a function of multiple partnerships?

我只是想澄清一下，然後我有一個關於外帶的問題。但需要澄清的是 3P 增量。您是否預計 Domino's Direct 客戶的增量現在能達到 50% ？或較低的增量是多種合作關係的結果？

And then my actual question is on the carry-out comp. So a bit of a deceleration to 1% in the quarter, and I know there's a lot of noise just broadly in the industry. You guys hadn't been talking about softness over the last few quarters, primarily with 1P delivery. So can you just expand on what you're seeing with the carry-out customer this quarter relative to recent quarters?

然後我真正的問題是關於外送補償。因此本季的成長速度略有放緩，降至 1%，而且我知道整個產業普遍存在很多噪音。你們並沒有談論過去幾個季度的疲軟，主要是 1P 交付。那麼，您能否詳細說明本季與最近幾季相比外送顧客的情況？

The -- you answered your own first question, so we'll give you that second question as well. But yeah. No, absolutely. Once we're going on more aggregator platforms, it's -- that just brings -- especially DoorDash, which is 2x Uber as far as pizza orders. That's what's driving the incrementality closer to 50%.

您已經回答了您自己的第一個問題，因此我們也會向您提出第二個問題。但是是的。不，絕對不是。一旦我們進入更多的聚合平台，它就會帶來——尤其是 DoorDash，就披薩訂單而言，它是 Uber 的 2 倍。這就是推動增量接近 50% 的原因。

And then on the carry-out business, it was a little bit above what I was talking about earlier. It was more due to the timing of the calendar. So if you think about last year, in Q1, we brought back, hadn't done it for a long time, carry-out special.

關於外送業務，這比我之前談論的要稍微多一些。這更多是由於日曆的時間安排。所以如果你想想去年第一季的情況，我們重新推出了很久沒做過的特別外送服務。

And so we were lapping that, and we were lapping really part of the introduction of our new loyalty program that came in and leaned really hard into carry out customers. So I think a lot of that was really more due to timing and calendarization than it was anything specific to carry-out. We expect to grow both carry-out and delivery businesses this year.

因此，我們正在努力實現這一點，我們實際上正在努力推出新的忠誠度計劃，該計劃的推出非常有利於吸引顧客。所以我認為這在很大程度上是由於時間和日曆安排的問題，而不是任何具體要執行的事情。我們預計今年外送和外送業務都會成長。

And Lauren, I'll go back to something I said on the Q4 call. As we look at the 3% comp, we expect it to come pretty roughly equally from delivery and carry-out. So this was not hugely different from our expectations in terms of the split of comp that we saw in the first quarter.

勞倫，我再回顧一下我在第四季電話會議上說過的話。當我們查看 3% 的比較時，我們預計它來自送貨和外賣的比例大致相同。因此，就第一季的營收分成情況而言，這與我們預期的並沒有太大差異。

And I think with the -- with DoorDash now announced, obviously, there's going to be a bit of a tailwind on delivery as we get through the year. And so overall for the year, that's our expectations.

我認為，隨著 DoorDash 的宣布，顯然，隨著我們度過這一年，送貨業務將會出現一些順風。所以對於今年的整體情況來說，這就是我們的預期。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Clarification -- I hate to beat a dead horse -- and then a question. On the dash, just to make sure we don't come away with the wrong expectation for dash itself. Two times aside, 50% incremental. So a 3% contribution run rate is the way we should think about that. That's the clarification.

澄清一下——我不想重複無用的話——然後提出一個問題。關於 dash，只是為了確保我們不會對 dash 本身抱持錯誤的期望。兩次相隔，增量50%。因此，我們應該以 3% 的貢獻運行率來考慮這個問題。這就是澄清。

Then the question is on the stuffed crust pizza, I know it only came out in the medium size, and I believe that's the only size that's available today. Can you speak to why that's the case and if and when you plan on expanding to different sizes across the system in the US?

然後問題是關於夾心披薩的，我知道它只有中等尺寸，我相信這是今天唯一可用的尺寸。您能否解釋為什麼會出現這種情況，以及您是否計劃在美國的整個系統中擴展到不同規模？

So I think I'll talk first about the size and the modeling question that you had. Correct. Yeah, it's two times the size of Uber and 50% incrementality. You can take the gross number as being two times the size of Uber. But with the incrementality of 50%, it would actually create a little bit less than two times in terms of the incrementality from DoorDash.

所以我想我先談談您遇到的尺寸和建模問題。正確的。是的，它的規模是 Uber 的兩倍，增量為 50%。你可以將總數視為 Uber 的兩倍。但以 50% 的增量來看，它實際上創造的增量比 DoorDash 的兩倍略少。

And with regards to stuffed crust, I think there are a couple of things. One is -- and we haven't really talked about this a lot. We use a completely different dough for our Parmesan Stuffed Crust than we do our regular hand tossed, and that dough right now comes in a medium size.

關於餡餅皮，我認為有幾件事。一是——我們實際上並沒有談論過太多這個問題。我們製作帕瑪森起司餡皮時使用的麵團與通常的手工麵團完全不同，而且現在的麵團是中等大小。

It's more a buttery flavor dough. But the reason we want to lean into that particular one is also because of the price point it allows. It allows us to have an upturn to our mix and match promotion, which is about a $4 upcharge.

它更像是一種黃油味的麵團。但我們選擇這款產品的原因還在於它的價格。它使我們的混搭促銷活動有所好轉，費用約為 4 美元。

So it's not only an order driver, but it's a ticket driver. So yeah, stuffed crust, it was really more for that reason because of the unique dough and the desire on price points. But we're going to continue to watch and see what consumers are looking for.

因此，它不僅是一個訂單驅動器，而且還是一個票務驅動器。是的，餡餅皮之所以受歡迎，更多的是因為其獨特的麵團和對價格的渴望。但我們將繼續觀察並了解消費者的需求。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩哈伯 (Brian Harbour)。

Sandeep -- so just on the international side. Is your expectation on units that any closures going forward, therefore, would be just more normal course? So you still feel good about the previous comments you've made, similar net unit openings this year versus last year?

Sandeep——只是在國際方面。因此，您是否期望各單位今後的關閉都只是更正常的做法？那麼，您對之前所做的評論仍然感到滿意，今年的淨單位開放量與去年相似嗎？

And then just on the macro impact on international same-store sales is -- I mean, you've embedded, I guess, a little bit of sequential deceleration. Is that reflecting with there probably could be some macro pressures there? Have you actually seen that more recently? Or could you clarify that piece of it?

然後，就國際同店銷售額的宏觀影響而言——我的意思是，我想，你已經嵌入了一點點的連續減速。這是否反映出那裡可能存在一些宏觀壓力？您最近確實見過這種情況嗎？或者您能澄清一下這部分內容嗎？

So I think there's two parts to this, right? First of all, on the units. Yeah, I mean, with the size of the portfolio that we have and the store count that we have, some normal closures would be very normally in caused. And then we'd expect to see that for the remaining three quarters of the year.

所以我認為這有兩個部分，對嗎？首先，關於單位。是的，我的意思是，考慮到我們擁有的投資組合規模和商店數量，一些正常的關閉是很正常的。然後我們預計今年剩餘的三個季度都會出現這種情況。

All that's already in the guidance we provided at the beginning of the year to be roughly in line with last year from a net store perspective. So that continues to be our expectation.

所有這些都已經包含在我們年初提供的指導中，從淨店角度來看，與去年大致相當。所以這仍然是我們的期望。

And then in terms of the macro impact -- and I think there's two things. There's a macro and the geopolitical point. And I think when we actually take a look at what's going on, there's a lot of volatility in the global marketplace.

就宏觀影響而言——我認為有兩件事。這裡有宏觀和地緣政治的觀點。我認為，當我們真正觀察正在發生的事情時，就會發現全球市場有很大的波動。

And I think just from a macro and a consumer sentiment perspective, that can have an impact on consumer demand. And I think in addition to that, there's also the geopolitical volatility that's ongoing around the tariff conversation that's happening right now.

我認為，僅從宏觀和消費者情緒的角度來看，這可能會對消費者需求產生影響。我認為除此之外，目前圍繞關稅談判還存在地緣政治動盪。

So I think when you take it all into consideration, all of that's incorporated in the 1% to 2% expectation that we have for the year. And obviously, that takes in some level of sequential deceleration relative to the first quarter that we just experienced.

因此，我認為，當你把所有因素都考慮進去時，所有這些都包含在我們對今年 1% 到 2% 的預期中。顯然，與我們剛剛經歷的第一季相比，這出現了一定程度的連續減速。

Andrew Strelzik, BMO Capital Markets.

蒙特利爾銀行資本市場 (BMO Capital Markets) 的 Andrew Strelzik。

You talked about reinvesting some of the savings from the restructuring. Where is that reinvestment going? What are the -- what are you prioritizing in terms of the reinvestment? And if you're able to quantify it, that would be helpful as well.

您談到了將重組節省下來的部分資金進行再投資。這些再投資將流向何處？在再投資方面，您優先考慮什麼？如果你能夠量化它，那也會很有幫助。

I think to us, I think I've talked about the areas of the P&L that we've been consistently invest again since the time we talked about it at Investor Day, and it's really consumer technology, store technology, capacity investments. And we continue to focus on making sure that we're making investments in those areas to drive the business in the future.

我認為對我們來說，我想我已經談論過自投資者日討論以來我們一直在持續投資的損益表領域，這些領域實際上是消費者技術、商店技術、產能投資。我們將繼續致力於確保在這些領域進行投資，以推動未來的業務發展。

So that's really what I would actually give you. We're not going to get into specifics in terms of the amount of savings we invested. And that -- I think it's all incorporated effectively in the guide growth that we gave you, both in terms of this year and -- but there's no change in expectations to the 8% profit guidance we provided last time as well for 2026.

這就是我真正想給你的東西。我們不會詳細談論我們所投資的儲蓄金額。而且 — — 我認為這一切都有效地融入了我們提供的指導增長中，無論是今年還是 — — 但對於我們上次提供的 2026 年 8% 利潤指導的預期沒有變化。

Jeffrey Farmer, Gordon Haskett.

傑弗瑞法默、戈登哈斯凱特。

I'm just curious what your exposure to both the lower income and Hispanic customer demographic is in the US. And I guess, more specifically, if you could share anything about the relative same-store sales performance of those demographics, again, specifically lower income and Hispanic, in the most recent quarter.

我只是好奇您在美國對低收入和西班牙裔客戶群的了解程度如何。我想，更具體地說，如果您可以分享一下最近一個季度這些人群（特別是低收入人群和西班牙裔人群）的同店銷售相對錶現情況。

The lower income customer is not just a Domino's customer, it's a pizza customer. It's a QSR customer. So it's something that's I think a big part of this category.

低收入顧客不只是達美樂的顧客，也是披薩的顧客。這是 QSR 顧客。所以我認為這是這個類別的重要組成部分。

When we look, I think, specifically in our 1P business, what -- how they're being affected is not really necessarily them leaving Domino's to go to another brand or leaving Domino's in general. It's just may be an occasion here or there.

我認為，當我們具體觀察我們的 1P 業務時，他們受到的影響並不一定是他們離開達美樂而轉向其他品牌或完全離開達美樂。這可能只是偶爾發生而已。

And what ends up happening -- and it's similar for the consumer breakouts you talked about -- is they'll just be eating at -- they'll be eating at home, which really just maybe gets me to a bigger point I just want to make sure I make with everyone today, which is, I believe, significantly, that starting in '23, when we launched Hungry for MORE, that the QSR business over the near term is going to be pressured.

最終發生的情況是——這和您談到的消費者突破類似——他們將只在外面吃飯——他們將在家吃飯，這實際上可能讓我想到一個更重要的觀點，我只是想確保今天和大家一起強調這一點，那就是我相信，從 2023 年我們推出 Hungry for MORE 開始，QSR 業務在短期內將面臨壓力。

Pressured into sustained -- offering sustained value because that's what customers are looking for. And that's a pressure I don't worry about. I think our franchisees say, bring it on. We want to be the ones to offer that value for customers because we are set up to do that. We've got a bigger supply chain purchasing ability than anyone in pizza, which allows us to give our franchisees who can then give customers a really good value.

被迫持續提供持續的價值，因為這是客戶所尋求的。我並不擔心這種壓力。我想我們的加盟商會說，來吧。我們希望成為為客戶提供這種價值的人，因為我們就是為此而生的。我們擁有比披薩行業任何人都強大的供應鏈採購能力，這使我們能夠為我們的特許經營商提供真正物有所值的服務。

Secondly, when you have low prices, you want to drive a lot of volume. How do you do that? You do that with advertising. We've got a $0.5 billion-plus advertising budget that nobody else has. And we also have franchisees with best-in-class economics that can see this through over the long term.

其次，當價格低廉時，你會希望獲得大量的銷售量。你是怎麼做到的？您可以透過廣告來做到這一點。我們擁有超過 5 億美元的廣告預算，這是其他人沒有的。而且我們還有擁有一流經濟實力的特許經營商，可以長期實現這一目標。

And so I think when we talk about that customer, you should know, I don't think that's going to change anytime soon. And I also -- what I know we can do is we can sustain that. And what we'll do, I think, is actually come out of this even stronger. So you'll see, we're going to, I believe, continue to grow share.

所以我認為當我們談論那個客戶時，你應該知道，我認為這不會很快改變。而我也知道我們能夠做到的是，我們能夠維持這種狀態。我認為，我們實際上會從這場危機中變得更加強大。所以你會看到，我相信我們的份額將繼續增長。

And then we're bringing in these customers to a Domino's pizza that from a service perspective, from a digital perspective, from a new product perspective, is a better Domino's Pizza than we were two years ago.

然後，我們把這些顧客帶到美樂披薩店，從服務角度、從數位角度、從新產品角度來看，達美樂披薩比兩年前更好。

Jeff Bernstein, Barclays.

巴克萊銀行的傑夫伯恩斯坦。

Russell, in the press release and a couple of times in the call, you referred to the market share gains, so seemingly growing share despite in the US, at least modest negative comps. I would think that demonstrates perhaps ongoing maybe pizza category fatigue that you've talked about in the past impacting the entire category.

拉塞爾，在新聞稿和幾次電話會議中，您都提到了市場份額的增長，儘管在美國，市場份額似乎有所增長，至少是適度的負面比較。我認為這可能表明您過去談到的披薩類別疲勞正在持續影響整個類別。

And I guess that's compounded by more challenging macros. So I'm just wondering how you see the category in terms of whether that fatigue persists or whether now it's more just a challenging macro. And as you just mentioned, if you're able to still grow market share gains in coming quarters and years despite at least near-term negative comps, seeming that's all unit growth led.

我想這會因更具挑戰性的巨集而變得更加複雜。所以我只是想知道您如何看待這個類別，這種疲勞是否持續存在，或者現在它是否只是一個具有挑戰性的宏觀問題。正如您剛才提到的，儘管至少在短期內會出現負面比較，但您仍然能夠在未來幾季和幾年內增加市場份額，這似乎都是單位成長所致。

So -- and I think Sandeep reiterated the unit growth guidance for US and international for this year, but was just confirming.

所以 - 我認為 Sandeep 重申了今年美國和國際的單位增長指導，但只是確認。

I definitely -- I would not call it pizza fatigue at all. I've been in this business almost 17 years now. And essentially, pizza grows 1% to 2% every year.

我絕對——我根本不會稱之為披薩疲勞。我從事這個行業已經快17年了。基本上，披薩每年的銷量都會成長 1% 到 2%。

We maybe have been on the lower side of that in Q1. But retail sales -- because you're right, it's same-store sales plus store opens for us -- was positive. And so this is a category that's been very, very consistent.

我們在第一季可能處於較低水平。但零售額——因為你是對的，對我們來說這是同店銷售額加上新店開業數——是正數。所以這是一個非常非常一致的類別。

I want to be clear, there's nothing really happening with pizza that hasn't happened over prior year from a growth perspective. And that's why the continued share growth is really important.

我想明確一點，從成長角度來看，披薩產業今年發生的變化與去年相比沒有任何變化。這就是為什麼持續的份額成長非常重要。

And I'll point out to folks, if you think about us because we are the number one pizza player, we're still slightly short of one in every four pizzas sold in the US as a Domino's Pizza. If you think of other categories in burgers, in Mexican, in coffee, other number one brands are significantly higher.

我要向大家指出的是，如果您考慮到我們是排名第一的披薩生產商，那麼在美國銷售的每四份披薩中，我們仍然比達美樂披薩少一份。如果你考慮漢堡、墨西哥菜、咖啡等其他類別，其他排名第一的品牌的排名會高得多。

And so this is not a short-term thing that's going on here. There's significant share growth to continue to happen in the category that's going to continue to grow, we believe, like it has that 1% to 2% over time.

所以這不是一個短期內發生的事情。我們相信，該類別的份額將繼續顯著增長，隨著時間的推移，成長率將達到 1% 到 2%。

I think lastly, the interesting dynamic within pizza is about 40%-plus of the competition are locals and regionals, which don't have anywhere near the capabilities to lean into value long term like we do. And so when we look forward, we see lots of run room for growth on this US business.

最後，我認為，披薩產業中一個有趣的動態是，超過 40% 的競爭對手是本地和地區性企業，他們根本不具備像我們一樣實現長期價值的能力。因此，當我們展望未來時，我們看到美國業務有很大的成長空間。

And Jeff, I think you're right. And Russell -- sorry, Russell was right. Sorry.

傑夫，我認為你是對的。拉塞爾——抱歉，拉塞爾是對的。對不起。

Yeah. Get it right, Sandeep.

是的。做對了，桑迪普。

The 1% to 2% is, historically and as we look forward to the future, the average rate that we're expecting for the pizza category. But specific to Q1, actually, more than on the low end, I think we're actually looking at roughly flat for the -- it's for one quarter.

從歷史上看以及展望未來，1% 到 2% 是我們預期的披薩類別的平均成長率。但具體到第一季度，實際上，不僅僅是低端，我認為我們實際上看到的是大致持平 - 這是一個季度。

So I don't think we read into it too much. But I think in those circumstances, our 1.3% retail sales, we feel very good about because we gain share in a very tough environment.

所以我認為我們不應該對此進行過多的解讀。但我認為，在這種情況下，我們的零售額達到 1.3%，我們對此感到非常高興，因為我們在非常艱難的環境中獲得了份額。

Alexander Slagle, Jefferies.

亞歷山大‧斯拉格爾 (Alexander Slagle)，傑富瑞 (Jefferies)。

I wanted to ask on DoorDash and the initial announcement called out tapping into the incremental customers, I guess, especially in the suburban and rural markets.

我想在 DoorDash 上詢問，最初的公告呼籲挖掘增量客戶，我想，特別是在郊區和農村市場。

And I don't know if there was anything to that, just there are specific implications on the development opportunities maybe further from the core and maybe that gets a bit to what John Ivankoe is asking. But -- and also, I guess, what does that mean for your delivery efficiency as you perhaps have drivers fulfill orders further?

我不知道這是否有任何意義，只是對發展機會有具體的影響，可能離核心更遠，也許這有點符合約翰·伊万科所問的問題。但是——而且，我想，這對您的送貨效率意味著什麼，因為您可能需要司機進一步履行訂單？

We are not going to be changing our delivery drive times in order to bring this on. So I want folks to understand that this is not -- we're not going to be driving any further because we know the number one thing that deals -- that is currently with repeat, a couple of things, are the consistency and delivering hot product.

為了實現這一目標，我們不會改變我們的送貨時間。所以我想讓大家明白，這不是——我們不會再進一步推進，因為我們知道最重要的事情——目前是重複的，有幾件事是一致性和提供熱門產品。

And so what this does do though is it helps our rural and suburban stores, whereas maybe Uber helped a little bit more on the urban side. And so by being on both aggregators now, I think we're going to see really more of a uniform hit, one-two punch across all of our stores because of that.

因此，它確實有助於我們的農村和郊區商店，而 Uber 可能對城市地區的幫助更大一些。因此，透過同時使用這兩個聚合器，我認為我們將看到我們所有商店的統一打擊和一二連擊。

Zach Fadem, Wells Fargo.

富國銀行的紮克法德姆。

I know you're not giving Uber mix, but just curious if it's still improving quarter over quarter or perhaps reaching a stabilization level.

我知道您沒有給出 Uber 的組合，但我只是好奇它是否仍在逐季改善或達到穩定水平。

And then separately, could you talk a bit about the performance or take rate on boost weeks today versus last year and in the past? And considering the macro dynamics today, just want to gauge the appetite or opportunity to consider stepping up boost weeks later this year.

然後，您能否分別談談今天與去年和過去相比在提升週中的表現或接受率？考慮到今天的宏觀動態，只是想衡量一下在今年稍後考慮加大刺激的意願或機會。

So Zach, I think on the Uber mix, like I said earlier, we're not going to really be talking about mix anymore going forward. And let's just say we were very happy with our Uber business in the first quarter. So I'll leave it at that.

所以紮克，我認為關於 Uber 組合，就像我之前說的，我們以後不會再談論組合了。我們可以這麼說，我們對第一季的 Uber 業務感到非常滿意。所以我不再談論這個了。

And in terms of performance of boost weeks, I'm just going to go back to the strategic imperative that drives the boost weeks. These are customer acquisition vehicles. And as far as we're concerned, it's doing a great job in terms of being a customer acquisition vehicle, and it continues to be something that we look at.

就提升週的表現而言，我將回顧推動提升週的策略要務。這些都是客戶獲取工具。就我們而言，它在客戶獲取工具方面做得非常出色，我們會繼續關注它。

And whether it's a 50% online only or the carry-out special boost week, those are still very, very compelling opportunities for us to acquire customers into the brand. So that's how we're looking at it. And we said roughly in line with what we did last year for boost weeks, that statement still holds.

無論是線上 50% 折扣，還是外帶特別促銷週，對於我們吸引客戶購買品牌而言，這些都是非常非常有吸引力的機會。這就是我們看待它的方式。我們說，這與去年加強週的做法大致相同，這一說法仍然成立。

Yeah, just to your point, I don't -- while we'll be roughly in line, I don't see a significant increase in boost weeks. We wouldn't want to start training our customers to look for that long term, there's value for this thing to be special. On a 52-week calendar, we're always offering value. We need to be really thoughtful with where we put --

是的，正如你所說，我沒有看到——雖然我們大致一致，但我沒有看到提升週數有顯著的增加。我們不想開始訓練我們的客戶去尋找這種長期價值，也就是這個東西的特殊性。在 52 週的日曆中，我們始終提供價值。我們需要認真考慮把--

Logan Reich, RBC.

洛根·賴希（Logan Reich），加拿大皇家銀行。

I just had one question on the competitive intensity in the space. I think you guys called it out last quarter. Just curious how that trended in Q1? And then any impact you guys are seeing from the burger QSR elevated discounting starting in January?

我只想問一個關於這個領域的競爭強度的問題。我認為你們上個季度就提到過這一點。只是好奇第一季的趨勢如何？那麼，從一月開始，漢堡 QSR 提高折扣力度，你們覺得有什麼影響嗎？

In Q1, interestingly enough, within the pizza competition -- and it's probably due to the fact that folks were knowing that we were coming out with stuffed crust, we had two of our three competitors come up with a stuffed crust. So you've got that happening as well as just discounting throughout all of QSR.

有趣的是，在第一季的披薩比賽中——可能是因為人們知道我們推出了夾心披薩餅皮，我們的三個競爭對手中有兩個推出了夾心披薩餅皮。因此，您不僅會在所有 QSR 中享受折扣，而且還會遇到這種情況。

But I think just in general, customer consumer disposable income is down, and their confidence levels, I think, are also down to 2022 levels. And so just in general, right now, there's a headwind on the total business. But specific to us, within pizza, those two stuffed crust promotions.

但我認為整體而言，消費者的可支配收入下降了，他們的信心水準也下降到了 2022 年的水準。所以整體來說，目前整個業務都面臨阻力。但具體到我們來說，在披薩中，那兩種餡料餅皮促銷活動。

And the one thing I want to add on this, Logan, is with the economics that we have, if the competition tries to keep up with us in terms of promotional intensity, there's going to be pain in those P&Ls for their franchisees. And it's just going to be really working more and more into our favor if that intensity is very high. And

洛根，我想補充一點，以我們現有的經濟狀況來看，如果競爭對手在促銷強度方面試圖跟上我們的步伐，那麼他們的加盟商的損益表就會受到影響。如果強度非常高，那麼它就會越來越對我們有利。和

over time, Russell has talked about it previously. We've opened up, over the last 10 years, 1,900 stores. The big national players have closed just slightly less than those. And I think that really just shows what happens when you try to promote very intensively when you don't have the economics to be able to promote.

隨著時間的推移，拉塞爾之前已經談論過這個問題。在過去 10 年裡，我們開設了 1,900 家商店。國內大型企業的成交量略低於上述水準。我認為這確實表明了當你沒有足夠的經濟能力進行大力推廣時會發生什麼。

Todd Brooks, The Benchmark Company.

托德布魯克斯 (Todd Brooks)，基準公司。

Just putting a point on scale and market share gains. Russell, if you look back to the announcement and launch of Hungry for MORE, can you talk about how much share Domino's is gained in both the carry-out and the delivery channel since that program has been launched?

只是強調規模和市場佔有率的成長。拉塞爾，如果您回顧一下“Hungry for MORE”計劃的宣布和推出，您能否談談自該計劃推出以來，達美樂在外賣和配送渠道中獲得了多少份額？

I guess I'll even talk broader than that because what I'm really excited about is just how we've consistently been able to do it. And we're at about a share point a year give or take in the pizza business. So we got a track record for doing that. And I think we're actually better poised to do that moving forward because of the market share we have, the advertising we have, the franchisee profitability we have.

我想我甚至可以談論得更廣泛一些，因為真正讓我興奮的是我們如何一直能夠做到這一點。我們的披薩業務的市佔率大約是每年一個點。所以我們在這方面有良好的記錄。而且我認為，憑藉我們擁有的市場份額、廣告和特許經營盈利能力，我們實際上更有能力實現這一目標。

And maybe just to loop back around to the prior question, we keep talking about in the profitability of our franchisees, which we're really proud of. And what we feel pretty confident are the profitability of some of the national and regional and local competitors.

也許只是為了回到之前的問題，我們一直在談論我們的特許經營商的盈利能力，我們對此感到非常自豪。我們對一些全國性、地區性和地方性競爭對手的獲利能力非常有信心。

I'd have folks maybe look at the AUVs, which are something that you can calculate. And just -- that will give you a sense of what we're talking about. So even if there are profitability numbers for competition, if you look at the AUVs of Domino's, which has more stores than any other concept, it will give you a sense of what Sandeep was talking about.

我可能會讓大家看看 AUV，這是可以計算的東西。這只是讓你了解我們正在談論什麼。因此，即使有競爭對手的獲利數字，如果你看看達美樂的 AUV（它的門市數量比任何其他概念都多），你就會明白桑迪普在說什麼。

Meaning, if folks are going to compete with us with less volume going through what is substantially a similarly outlet cost to keep up rent, all that stuff, it's going to be very, very difficult.

意思是，如果有人要以較少的銷量與我們競爭，並且花費與門市基本相同的成本來維持租金等等，那將會非常非常困難。

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.

這是我們通話中的最後一個問題。我要感謝大家今天參加我們的電話會議，我們期待很快能再次與大家交談。您現在可以斷開連線。

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

女士們、先生們，感謝各位參加今天的會議。該計劃確實就此結束。現在斷開連線。再會。