達美樂 (DPZ) 2025 Q2 法說會逐字稿

Thank you for standing by and welcome to Domino's Pizza's second-quarter 2025 earnings conference call.

感謝您的支持，歡迎參加達美樂披薩 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指示）

As a reminder, today's program is being recorded.

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 second quarter conference call.

大家早安。感謝您今天參加我們的第二季電話會議。

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.

今天的電話會議將由我們的執行長 Russell Weiner 開始；然後是我們的財務長 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. 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.

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。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。

This morning's conference call is being webcast and is also being recorded for replay via our website.

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 this morning to accommodate as many of your questions as time permits. As such, we encourage you to ask one question only.

今天上午，我們希望在時間允許的情況下盡力解答大家盡可能多的問題。因此，我們鼓勵您只問一個問題。

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.

謝謝，格雷格，大家早安。

Our team drove strong results in the second quarter. In the US, both our delivery and carryout businesses were positive, and we drove meaningful market share gains. In international, we continue to grow despite a challenging macro environment.

我們的團隊在第二季度取得了強勁的業績。在美國，我們的外送和外送業務均表現良好，並且我們的市場份額取得了顯著增長。在國際上，儘管宏觀環境充滿挑戰，我們仍持續成長。

It's clear that our Hungry for MORE strategic pillars are working together to deliver more sales, more stores, and more profits. I'd like to highlight some of the initiatives that helped us drive these results.

顯然，我們的「渴望更多」策略支柱正在共同努力，以創造更多的銷售額、更多的商店和更多的利潤。我想強調一些幫助我們取得這些成果的措施。

The M in Hungry for MORE stands for most delicious food. An important way to drive deliciousness is through new products. Late in the first quarter, we added one of the biggest new menu items in our history, Parmesan Stuffed Crust Pizza.

Hungry for MORE 中的 M 代表最美味的食物。推動美味的一個重要方法是透過新產品。在第一季末，我們增加了史上最大的新菜單之一——帕瑪森起司餡皮披薩。

This launch has gone extremely well and has met the high expectations that we had for it on every level. It's delivering incremental new customers to Domino's and a high mix that has been in line with our projections.

這次發表會進展非常順利，在各個層面都滿足了我們的高度期望。它為達美樂帶來了越來越多的新客戶，而且產品組合也符合我們的期望。

Most importantly, our teams are executing this more complex product very well. This is proof that the training investments we made ahead of this launch paid off. In fact, customer praise for this product has been significantly higher than any of our recent product launches.

最重要的是，我們的團隊正在很好地執行這個更複雜的產品。這證明我們在此次發布之前所做的培訓投資獲得了回報。事實上，客戶對該產品的好評明顯高於我們近期推出的任何產品。

Customers love Parmesan Stuffed Crust. I want to thank our franchisees and our operations team for their continued efforts to achieve operational excellence around this highly complex product.

顧客們都很喜歡帕瑪森起司餡皮。我要感謝我們的特許經營商和營運團隊為實現這個高度複雜的產品的卓越營運所做的持續努力。

This is a point of differentiation for our brand. The early read shows that the addition of Stuffed Crust should be a market share catalyst for us over time, as this was a big reason why Domino's customers would go elsewhere in the past.

這是我們品牌的差異點。早期的讀數顯示，隨著時間的推移，添加 Stuffed Crust 應該會成為我們市場份額的催化劑，因為這是過去 Domino 的顧客轉向其他地方的一個重要原因。

The next Hungry for MORE pillar I'd like to highlight is renowned value, which 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.

我想強調的下一個「渴望更多」支柱是知名價值，這是達美樂的關鍵優勢。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。

Domino's rewards was a tailwind to our comp in the quarter, particularly in the carryout business. You'll recall that growing carryout users was one of the primary reasons we redesigned the loyalty program.

達美樂的獎勵對我們本季的業績起到了推動作用，尤其是在外賣業務方面。您可能還記得，增加外送用戶是我們重新設計忠誠度計畫的主要原因之一。

Active users continue to grow, and I expect Domino's rewards to be a multi-year sales driver. We have a strong slate of initiatives ready to go for the rest of the year, inclusive of our Best Deal Ever promotion, which is currently running through early August.

活躍用戶持續成長，我預計 Domino 的獎勵將成為多年的銷售動力。我們已準備好在今年剩餘時間內推出一系列強有力的舉措，其中包括「史上最佳優惠」促銷活動，該活動目前持續到 8 月初。

We will continue to give customers what they want, which is more value in an environment where they remain pressured. The other part of our renowned value barbell strategy is tapping into the aggregator marketplace for pizza delivery.

我們將繼續滿足客戶的需求，在他們仍面臨壓力的環境中，這能為他們帶來更多價值。我們著名的價值槓鈴策略的另一部分是利用披薩外送的聚合市場。

We recently completed our national rollout with DoorDash, the largest aggregator in the US. This rollout went extremely well as we were able to apply learnings from our prior launch with Uber.

我們最近與美國最大的聚合商 DoorDash 合作完成了全國推廣。這次推出非常順利，因為我們能夠運用先前與 Uber 合作推出產品的經驗。

We will now begin marketing on the platform with investments coming from both sides. The expectation is that our sales on DoorDash will build as awareness and marketing increases.

我們現在將開始在該平台上進行行銷，並獲得雙方的投資。我們預計，隨著知名度和行銷力度的加大，我們在 DoorDash 上的銷售額也會隨之增加。

We continue to expect this to be a meaningful driver to our US comp in the back half of the year. Everything we do at Domino's is enhanced by our best-in-class franchisees. You've often heard us talk about how our franchisees are the secret sauce to our success, and this continues to be the case.

我們仍然預計這將成為我們下半年美國公司業績的重要推動力。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。您經常聽到我們談論我們的特許經營商如何成為我們成功的秘訣，而這種情況仍然如此。

In the second quarter, we refranchised 36 company-owned stores in Maryland to a new franchisee that's not so new to Domino's. In fact, he's been a part of the Domino's system for more than two decades.

在第二季度，我們將馬裡蘭州的 36 家公司自營店的特許經營權轉給了一家對達美樂來說並不算新的特許經營商。事實上，他已經成為達美樂系統的一員二十多年了。

We continuously assess opportunities to strengthen the brand's position for long-term success, whether that means expanding into new markets or transitioning existing ones to franchisees to grow their business.

我們不斷評估加強品牌地位以實現長期成功的機會，無論是擴展到新市場還是將現有市場轉變為特許經營商以發展其業務。

I believe we've never been in a stronger position to drive sustained growth in our US business. We have best-in-class franchisee economics in QSR Pizza, the largest advertising budget, the best supply chain, and a rewards program that has never been bigger.

我相信，我們從未處於如此有利的地位來推動美國業務的持續成長。我們擁有 QSR Pizza 一流的特許經營經濟、最大的廣告預算、最好的供應鏈以及前所未有的獎勵計劃。

We're now fully rolled out on the two largest aggregators and with the addition of Stuffed Crust, we have all the major crust types on our menu. We have never had this many tools at our disposal to capture market share.

現在，我們已經在兩個最大的聚合器上全面推出，並且隨著 Stuffed Crust 的加入，我們的菜單上包含了所有主要的餅皮類型。我們從未擁有過如此多的工具來佔領市場份額。

This will be how we drive best-in-class results and long-term value creation for our franchisees and shareholders well into the future.

這將是我們在未來為我們的特許經營商和股東帶來一流業績和長期價值創造的方式。

I'll now hand the call over to Sandeep.

我現在將電話交給 Sandeep。

Thank you and good morning, everyone.

謝謝大家，早安。

Our second quarter financial results continued to be impacted by a challenging macro backdrop, but we delivered profit growth that was slightly ahead of our expectations, primarily due to the timing of investments.

我們第二季的財務表現繼續受到充滿挑戰的宏觀背景的影響，但我們的利潤成長略高於預期，這主要歸功於投資時機。

Income from operations increased 14.9% in Q2, excluding the impact of foreign currency. The increase was primarily due to higher US franchise royalties and fees, gross margin dollar growth within supply chain, and lower G&A expenses.

剔除外匯影響，第二季營業收入成長 14.9%。成長主要歸因於美國特許經營權使用費和費用的增加、供應鏈內毛利率的成長以及一般行政費用的降低。

The low G&A was primarily a result of expenses related to our worldwide rally that took place in the second quarter of 2024. It also benefited from the refranchising of 36 company-owned stores in our Maryland market, which resulted in a pre-tax refranchising gain of $3.9 million.

較低的 G&A 主要是因為我們在 2024 年第二季舉行的全球集會的相關費用。它還受益於我們在馬裡蘭州市場對 36 家公司自有商店的重新特許經營，從而獲得了 390 萬美元的稅前重新特許經營收益。

Excluding this gain and a small amount of severance related expenses in Q2 related to our previously announced organizational realignment, our income from operations would have increased 13.2%. Excluding the impact of foreign currency, global retail sales grew 5.6% in the second quarter, primarily due to positive US and international comps and global net store growth.

除去此收益以及第二季與我們先前宣布的組織調整相關的少量遣散費相關費用，我們的營業收入將增加 13.2%。排除外匯的影響，第二季全球零售額成長 5.6%，主要得益於美國和國際同店銷售額的增加以及全球淨店數量的成長。

In Q2, retail sales grew by 5.1% in the US, primarily driven by same-store sales and net store growth. This growth was in line with our expectations, and paced well ahead of the QSR pizza category, which was roughly flat through the first half of the year.

第二季度，美國零售額成長5.1%，主要得益於同店銷售額和淨店成長。這一成長符合我們的預期，並且遠遠領先 QSR 披薩類別，後者在今年上半年基本持平。

Same-store sales accelerated to 3.4% for the quarter on the strength of our Parmesan Stuffed Crust Pizza launch, which drove positive transaction counts. Average ticket benefited from 1.4% of pricing and the addition of Stuffed Crust, which carries a higher price point.

由於我們推出帕瑪森起司餡皮披薩，推動交易量增加，本季同店銷售額成長至 3.4%。平均票價受益於 1.4% 的定價和更高價位的 Stuffed Crust 的加入。

This was partially offset by a slight decline in our mix due to a higher carryout business that carries a lower ticket visibility. Our carryout comps were up 5.8%, and it was our highest quarter of average carryout orders of all time.

由於外送業務量增加，票務可見度較低，導致我們的產品組合略有下降，但這一下降被部分抵消。我們的外送訂單年增 5.8%，這是我們有史以來平均外送訂單最高的一個季度。

Delivery was positive 1.5% and we saw improvement in both our own channels and aggregator delivery business.

配送量成長了 1.5%，我們自己的通路和聚合器配送業務均有所改善。

Shifting to US unit count. We added 30 net new stores, bringing our US system store count to 7,061. International retail sales grew 6%, excluding the impact of foreign currency in the quarter. This was driven by net store growth of 148 and same store-sales that came in around our expectations at 2.4%.

轉換為美國單位計數。我們淨增 30 家新店，使我們的美國系統商店數量達到 7,061 家。剔除外匯影響，本季國際零售額成長6%。這是由於淨店成長 148 家以及同店銷售額達到我們預期的 2.4% 所致。

We have not seen any material impacts to date from global macro or geopolitical uncertainty. In the quarter, we saw strength in Asia that was due to continued strong comps in India and in our Americas region, which was driven by Canada and Mexico.

迄今為止，我們尚未看到全球宏觀或地緣政治不確定性造成任何重大影響。本季度，我們看到亞洲地區的強勁表現，這得益於印度和美洲地區的持續強勁成長，而美洲地區的成長則由加拿大和墨西哥推動。

Moving to capital allocation. We repurchased approximately 316,000 shares at an average price of $475 for a total of $150 million in the second quarter. As of the end of Q2, we had approximately $614 million remaining on our share repurchase authorization.

轉向資本配置。我們在第二季以平均 475 美元的價格回購了約 316,000 股，總計 1.5 億美元。截至第二季末，我們的股票回購授權剩餘金額約為 6.14 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: first, we continue to expect our US comp for the year to be 3% and that it will be higher in the second half due to the timing of our initiatives.

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，我們預期：首先，我們繼續預期今年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，下半年的成長率將會更高。

This assumes that the pressure macro environment we have seen through the first half of the year in QSR pizza remains the same. Second, we continue to expect our international same-store sales growth to be 1% to 2% due to potential global macro and geopolitical uncertainty.

這假設我們在上半年看到的 QSR 披薩的壓力宏觀環境保持不變。其次，由於潛在的全球宏觀和地緣政治不確定性，我們繼續預期國際同店銷售額成長率將達到 1% 至 2%。

Third, we continue to expect 175 plus net stores in the US and internationally, net store growth to be in line with what we had in 2024. Lastly, at current exchange rates, we now expect foreign currency to be a headwind of approximately 1% on operating income growth, but this remains volatile.

第三，我們繼續預期美國和國際上將有 175 多家淨店，淨店成長將與 2024 年的水準保持一致。最後，以目前的匯率，我們預期外幣將對營業收入成長造成約 1% 的阻力，但這種阻力仍然不穩定。

We continue to expect operating income growth of approximately 8%, excluding the impact of foreign currency, approximately $5 million in severance expenses related to the organizational realignment we announced in Q1 and the $3.9 million in refranchising gains.

我們繼續預期營業收入將成長約 8%，不包括外匯的影響、與我們在第一季度宣布的組織調整相關的約 500 萬美元的遣散費以及 390 萬美元的特許經營收益。

Thank you.

謝謝。

We will now open the line for questions.

我們現在開放問答熱線。

David Palmer, Evercore ISI.

大衛·帕爾默（David Palmer），Evercore ISI。

Great to see the acceleration in same-store sales. I wanted just to bring up sort of the pushback or the big discussion that we often hear on Domino's and maybe get your broad take on it and that is largely the view that you're entering perhaps this last year of a third party marketing lift and that the menu news has been fantastic here with Stuffed Crust, and this is your perhaps your biggest best bet.

很高興看到同店銷售額的成長。我只是想提出一些我們經常聽到的關於 Domino's 的反對意見或大討論，並聽聽你對此的廣泛看法，這主要是因為你可能正在進入第三方營銷提升的最後一年，而且這裡的 Stuffed Crust 菜單新聞非常棒，這可能是你最大最好的選擇。

So people have this feeling that we're entering a really a golden year for Domino's and it's going to be tough for you to keep a 3% plus comp going longer term after this time period. You see your pipeline. You see initiatives and other types of scale advantages, your driver economics that'll be reinforced by the things you're doing, the wider net is being cast, maybe some digital platforms that are being built. But what are the big reasons that you could say that you feel confident looking at what your plans are and the things that you see that can make people feel better today about sustaining 3% plus.

因此人們有這種感覺，我們正在進入達美樂的黃金年華，而在此之後，要長期保持 3% 以上的增長率將會非常困難。您會看到您的管道。您將看到各種舉措和其他類型的規模優勢，您的驅動經濟將透過您所做的事情得到強化，更廣泛的網路正在形成，也許還有一些正在建立的數位平台。但是，您說，根據您的計劃，您有信心，並且看到可以讓人們對維持 3% 以上成長率感到更好的事情，主要原因是什麼？

You talk about the last year and your words, I'll use golden when I talk to my mom after the call definitely. But to me what would be helpful is just to take a look at the last decade. The last decade, essentially a SharePoint a year every year for the last decade. You're right.

你談到去年和你的話，我通話後和我媽媽談話時一定會使用金色。但對我來說，回顧過去十年是有幫助的。過去十年，基本上每年都是一個 SharePoint。你說得對。

What we didn't have at that point was aggregators. What we didn't have at that point was Stuffed Crust or even New York style pizza. What we did have were the strongest economics for our four walls for franchisees, supply chain pricing that let them keep consumer prices and low and value high and a large ad budget, and the ad budget is important because if you're going to squeeze percent margins, you want to throw a lot of volume kind of through that.

我們當時沒有聚合器。那時我們還沒有芝心披薩，甚至還沒有紐約風味的披薩。我們確實為加盟商提供了最強大的經濟實力，供應鏈定價讓他們能夠保持低消費價格和高價值，並且擁有大量的廣告預算，而廣告預算很重要，因為如果你想要壓縮百分比利潤率，你就需要投入大量的銷售。

And so essentially, the last decade, that's what we had going for us. And I just think we're adding to it. So we added last year, Uber Eats. This year, a DoorDash. Last year, a New York style. This year's Stuffed Crust. We have a brand new loyalty program, a couple of years in, and by the end of the year, we have a new e-commerce program.

所以從本質上來說，過去十年，這就是我們所經歷的。我只是認為我們正在對此做出貢獻。所以我們去年增加了 Uber Eats。今年，有一家 DoorDash。去年，紐約風格。今年的釀皮。幾年後，我們推出了一個全新的忠誠度計劃，到今年年底，我們將推出一個新的電子商務計劃。

And none of these things are one year events just like the last 10 years where a series of events that build on each other. And I said this in my opening remarks, we've built this arsenal right now that I don't think we've ever been stronger.

這些事情都不是一年就能發生的，就像過去 10 年發生的一系列相互關聯的事件。我在開場白中說過，我們現在建立的軍火庫我認為從未如此強大過。

So yeah, these things are new, but they're not going away, and they add to everything, all the pressure we can put on the competition and all the value we can give to customers.

是的，這些都是新事物，但它們不會消失，而且它們會增加一切，增加我們可以對競爭對手施加的壓力以及我們可以為客戶提供的價值。

Dennis Geiger, UBS.

瑞銀集團的丹尼斯蓋格。

I wanted to ask a bit more on the US sales outlook for the back half of the year specifically and that reiterated 3% comp guide. You guys both gave some good color on what's working and how you think about what continues to work, but anything more kind of on additional thoughts on the initiatives you've got and how they should hopefully help you to accelerate trends into the back half of the year.

我想特別詢問今年下半年美國銷售前景，並重申 3% 的年比指引。你們倆都對哪些措施有效以及你們如何看待哪些措施能夠繼續有效給出了很好的闡述，但你們是否還能對你們所採取的舉措以及它們如何幫助你們加速下半年的趨勢提出更多的思考。

And then you touched on stuff and on DoorDash. Anything more there on what you're seeing and how that gives confidence to the back half as well as all the other initiatives around loyalty and the promotions and other things?

然後你談到了一些事情以及 DoorDash。您還了解到哪些情況？這些情況如何為後半部帶來信心？此外，還有關於忠誠度、促銷活動和其他方面的所有其他措施嗎？

Yeah. Maybe Sandeep, I'll start on this one. The initiatives that we can talk about for the second part of the year, one's already going on, which is best deal ever. We're really leaning into value at a time that consumers want that from restaurants.

是的。也許 Sandeep，我會從這個開始。我們可以談論的關於今年下半年的舉措之一是已經在進行的，這是迄今為止最好的協議。當消費者希望餐廳提供價值時，我們確實傾向於價值。

And obviously, DoorDash. So we got to 100% of stores participating at the end of Q2, but we expect the majority of the volume push to kind of be in the second half of the year. I'll remind folks that DoorDash is about twice as big as Uber in pizza sales.

顯然還有 DoorDash。因此，我們在第二季末實現了 100% 的門市參與，但我們預計大部分銷售成長將在今年下半年實現。我要提醒大家，DoorDash 的披薩銷售額大約是 Uber 的兩倍。

And I think I'll just add on to that, Dennis. You heard in the prepared remarks, I talked about the carryout performance in the quarter at 5.8%. We're incredibly pleased with what's happening with carryout, and I think it's really testament to the loyalty program that Russell talked about earlier with Domino's rewards.

我想我只需補充一點，丹尼斯。您在準備好的發言中聽到了，我談到了本季的結轉表現為 5.8%。我們對外送業務的進展感到非常滿意，我認為這確實證明了拉塞爾之前談到的達美樂獎勵忠誠度計劃。

We continue to acquire more customers into that loyalty program and we are seeing the frequency build compounding over time with the carryout business. So super excited because I think that's a lot of what we expect to come in the back half.

我們繼續吸引更多客戶加入該忠誠度計劃，我們看到外送業務的頻率隨著時間的推移而增加。我非常興奮，因為我認為這就是我們期待在後半部分發生的事情。

I think both delivery and carryout are expected to be positive for the year, and we're not going to tell you exactly how much because I think the initiatives that we have are going to be a surprise to the competition.

我認為今年的外帶和外帶業務預計都會取得積極的進展，但我們不會告訴您具體數字，因為我認為我們的舉措會讓競爭對手感到驚訝。

Brian Bittner, Oppenheimer.

奧本海默的布萊恩·比特納。

Yeah. I'd like to go back to kind of David Palmer's question. It is the question that we just consistently get and the debate building is kind of what he alluded to just that all the amazing things you're doing do create challenging lapse in '26 and '27 and the work we've done specifically on DoorDash suggests that maybe this is a multi-year sales driver instead of perhaps creating tough comparisons.

是的。我想回到大衛帕爾默的問題。這是我們一直在思考的問題，而爭論的焦點就是他所暗示的，你們所做的所有令人驚奇的事情確實在 26 年和 27 年創造了具有挑戰性的失誤，而我們在 DoorDash 上所做的工作表明，這可能是一個多年的銷售驅動力，而不是可能造成艱難的比較。

And I'd just like you to maybe enter the debate on DoorDash specifically. How do you think about DoorDash as the years go by as being a growth vehicle and why will it be?

我只是希望你能特別參與 DoorDash 的辯論。隨著時間的推移，您如何看待 DoorDash 成為一種成長工具？為什麼它會成為一種成長工具？

Yeah. Let me maybe break that into two parts. When you talk about the challenging lapse, I think what you're talking about is kind of the amalgamation of some really good programs this year, and I talked about before some really strong programs for the last 10 years.

是的。讓我把它分成兩個部分。當您談到具有挑戰性的失誤時，我認為您談論的是今年一些非常好的專案的融合，我之前也談到過去 10 年裡一些非常強大的專案。

What I think is important to understand is we compete in a category that's grown 1% to 2% essentially over the last -- as long as I've been working in pizza. So with that category of growth and with us being call it almost a quarter of pizza, there is a lot more for us to gain. And so I think about this, certainly what we need to lap, and we're lapping, I think a strong program we had last year.

我認為重要的是要明白，我們所處的行業在過去基本上增長了 1% 到 2%——自從我從事披薩行業以來。因此，隨著這一類別的增長以及我們被稱為近四分之一的披薩，我們可以獲得更多的收益。所以我認為，我們當然需要改進，而且我們正在改進，我認為去年我們有一個強大的計劃。

But the strength building on strength building on strengths actually makes it a lot more difficult for the competitors to compete over time. And especially, when you look at store level economics, I think the longer both sides are trying to deliver this kind of value to customers, the harder it is to sustain.

但隨著時間的推移，實力的不斷增強實際上會使競爭對手的競爭變得更加困難。尤其是當你觀察商店層面的經濟狀況時，我認為雙方試圖向客戶提供這種價值的時間越長，維持起來就越困難。

And so I think it's important to look at us certainly what we have to lap. And we've got programs to do that, but we're competing in a category that I think we're a lot stronger than other folks, with really not what I'd call a number one market share.

因此，我認為我們必須清楚地了解我們必須做什麼，這一點很重要。我們有計劃來實現這一點，但我認為，我們所處的競爭領域比其他人強大得多，我們實際上並沒有佔據所謂的第一市場份額。

Number one usually in categories in restaurants are 40%, 50%. And so I think you got to just look at it holistically when you think about our future growth. As far as DoorDash, our plan both for Uber and DoorDash is we think we should have our fair share on these platforms, and so that means we've got a lot to go on on DoorDash and we've got more to go on on Uber.

餐廳類別中排名第一的通常是40%、50%。因此，我認為，當你考慮我們未來的發展時，你必須全面地看待它。就 DoorDash 而言，我們對 Uber 和 DoorDash 的計劃是，我們認為我們應該在這些平台上擁有公平的份額，這意味著我們在 DoorDash 上有很多事情要做，在 Uber 上也有很多事情要做。

And per my last point, we're going to continue to grow market share over the next few years. So that number is always going to increase. I don't think it's farfetched to say that we should have the same or similar market share on aggregators as we do outside.

根據我的最後一點，我們將在未來幾年繼續擴大市場份額。所以這個數字將會一直增加。我認為，我們在聚合器上的市場份額應該與在外部相同或相似，這種說法並不牽強。

Yeah. And I'm going to add one thing to this which I think is super critical. We just talked about in the prepared remarks that essentially the pizza QSR market is roughly flat, and we grew retail sales by 5.1% in that quarter.

是的。我要補充一點，我認為這一點非常關鍵。我們剛才在準備好的發言中談到，披薩快餐市場基本上持平，而該季度我們的零售額增長了 5.1%。

That just really puts an exclamation point on exactly what Russell is saying. And with all the tools at our disposal, starting with best in class economics for the franchisees, that ad budget is actually significantly higher than anybody else.

這實際上為拉塞爾所說的話加上了一個感嘆號。憑藉我們掌握的所有工具，首先是為加盟商提供一流的經濟效益，我們的廣告預算實際上比其他任何人都高得多。

The supply chain profits that we continue to generate and drive into the franchisee P&L is every reason to believe we'll continue to take share, and I think a lot of the same-store sales growth that you're going to be seeing is us taking share from the competition as they keep actually losing market sales to us and closing stores, which you've actually seen over the last decade.

我們持續創造並帶入特許經營商損益的供應鏈利潤讓我們有充分的理由相信我們將繼續佔據市場份額，而且我認為您將看到的同店銷售額增長很大程度上是我們從競爭對手那裡奪取的市場份額，因為他們實際上不斷將市場銷售額拱手讓給我們並關閉門店，這些在過去十年中您已經看到了。

And just maybe finally when we talked about in Hungry for MORE most delicious food, we talked about doing two new product launches a year. I'm saying we'll never do LTOs, but we don't really have a big history of doing LTOs.

也許最後，當我們在「渴望更多最美味的食物」中談論時，我們談到了每年推出兩種新產品。我說的是，我們永遠不會進行 LTO，但我們在進行 LTO 方面確實沒有太多經驗。

And the big reason is when we do the research, we've launched products that we think are going to stick around for a while, that we think are going to grow for a while, that we think are going to help us take market share.

主要原因是，當我們進行研究時，我們推出了一些我們認為會持續一段時間的產品，我們認為這些產品會在一段時間內成長，我們認為這些產品會幫助我們佔領市場份額。

And so when we look at New York style and we look at Stuffed Crust, these are not LTOs, and maybe that's something another thing to add to just the discussion around this. If these were LTOs, yeah, I'd be worried about maybe how do you lap them because whatever LTO this year, next year has to be bigger, and at some point, you get smaller ideas, but these things aren't going away, and they're major pieces of share within the marketplace that we can go after for a long time.

因此，當我們看紐約風格和 Stuffed Crust 時，這些都不是 LTO，也許這是圍繞這一問題的討論中需要補充的另一件事。如果這些是 LTO，是的，我可能會擔心如何應對它們，因為無論今年、明年的 LTO 是什麼，規模都必須更大，並且在某個時候，你會得到更小的想法，但這些東西不會消失，它們是市場中我們可以長期追求的主要份額。

Danilo Gargiulo, Bernstein,

達尼洛·加吉烏洛，伯恩斯坦，

I'd like to stand the same line of thinking on market share gains in international markets. So maybe Russell, if you think about your top five markets, can you give us a little bit more color on the state of competition over there?

對於國際市場的份額成長，我持有同樣的看法。那麼，拉塞爾，如果您考慮一下您的前五名市場，您能否向我們詳細介紹那裡的競爭狀況？

And I remember maybe a year or so ago, you were talking about the adoption of the MORE strategy yet to be deployed by other massive franchisees. So what is the progress on that standpoint?

我記得大概一年前，您談到了採用其他大型特許經營商尚未部署的 MORE 策略。那麼從這個角度來看有什麼進展呢？

Thanks to know. Yeah, I think the best one that I'll point to is India. I think you can clearly see their success when they report their numbers. And what's driving their success? It's really all the elements of Hungry for MORE.

謝謝知道。是的，我認為最好的例子是印度。我認為當他們報告他們的數字時你可以清楚地看到他們的成功。是什麼推動了他們的成功？這確實包含了“Hungry for MORE”的所有元素。

When you look back at their last results, what did they report on most delicious food? They had the Volcano Pizza, a couple of other new products. On operations excellence, they're really pushing for 20 minute delivery times and in many cases, guaranteeing that to customers.

當你回顧他們最近的結果時，他們報道的最美味的食物是什麼？他們有火山披薩和其他幾種新產品。在卓越營運方面，他們確實在努力實現 20 分鐘的交貨時間，並且在許多情況下向客戶保證這一點。

So that's the O. Renowned value, they took away their delivery fee because they realized they could drive more volume on that way. And they are truly Jubilant, the best in class franchisees that we've got out there. So every single piece of Hungry for MORE, they are adopting and when that becomes successful, that begets other folks continuing to drive Hungry for MORE.

這就是 O. 著名的價值，他們取消了送貨費，因為他們意識到這樣可以增加銷售量。他們確實很高興，他們是我們所擁有的最好的特許經營商。因此，他們正在採用「渴望更多」的每一個部分，當這些部分取得成功時，就會吸引其他人繼續推動「渴望更多」。

Yeah. And I'll add Danilo. India is a fantastic story, but we've talked about the Canadian performance this year, which has been fabulous, and they've launched Stuffed Crust just like we did in the United States and take up on that has been fantastic, and I think even even Alsea has been doing that --

是的。我還要加上達尼洛。印度市場的情況很精彩，但我們也談到了今年加拿大市場的表現，他們也像我們在美國市場一樣推出了 Stuffed Crust，而且市場反應非常好，我認為 Alsea 也一直在做同樣的事情。--

Mexico has great value.

墨西哥具有巨大的價值。

So I think across the board, we're seeing a lot of adoption of the Hungry for MORE strategy, and I think with the progress of time, you'll see even more of it.

因此，我認為，從總體上看，我們看到很多人採用了「渴望更多」策略，而且我認為隨著時間的推移，你會看到更多這樣的策略。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

My question is on international unit development. And I know you guided this year net openings to be similar to last year, and that that is reflecting a growth rate that's lower than your long term target. So just wondering if you're starting to get line of sight beyond this year to getting towards that longer term goal of 6% or higher.

我的問題是關於國際單位發展的。我知道您預計今年的淨開幕人數將與去年相似，這反映出成長率低於您的長期目標。所以我只是想知道您是否開始將目光投向今年之後的長期目標，即 6% 或更高。

I know this year, it's weighed down by some closures, but just wondering if we're starting to get to a point where those are behind you and you're going to have the growth that you expect longer term.

我知道今年，一些工廠關閉給公司帶來了壓力，但我只是想知道我們是否開始達到這樣的程度：這些問題已經過去，而公司將實現長期預期的成長。

So David, I think on international unit development, really speaking outside of DPE, we're really comfortable with where things are going and they're tracking to the plans that we had. Both in India and China, we're expecting to see significant growth.

所以，大衛，我認為在國際單位發展方面，實際上在 DPE 之外，我們對事情的進展感到非常滿意，而且他們正在按照我們的計劃進行。我們預計印度和中國都將出現顯著的成長。

I think Jubilant talked about for their fiscal year 250 stores in India, and I think China has talked about 300 stores for the current fiscal year. So that's a pretty material opening plan. And I think outside of those two markets in the excluding DPE markets internationally, things on balance are going to plan.

我認為 Jubilant 談到了其財年將在印度開設 250 家門店，而我認為中國談到了本財年將在印度開設 300 家門市。所以這是一個非常實質的開局計劃。我認為，除了國際上除 DPE 市場之外的這兩個市場，總體而言，事情都在按計劃進行。

So we feel pretty good with where things are at. And frankly speaking, with what visibility we have beyond '25 and '26, we feel pretty good about that too. I think specific to DPE, we actually knew about the store closures that were going to be happening in Japan this year, and they happened in Q1. And based on events that have happened in the last few weeks, I think their Executive Chairman has reiterated that the strategic plan that was outlined by the previous CEO is still very much on track, but they continue to do evaluations of where things are at, and they may come back with more color as we go forward.

所以我們對目前的情況感到很滿意。坦白說，考慮到我們對 25 年和 26 年後的前景的預見，我們對此也感到非常滿意。我認為具體到 DPE，我們實際上知道今年日本將關閉商店，而且這些關閉發生在第一季。根據過去幾週發生的事件，我認為他們的執行主席已經重申，前任執行長概述的策略計劃仍然在順利進行，但他們會繼續評估現狀，並可能在未來給出更多解釋。

But I think pending any further updates of the plans that we had at the last quarter when we actually talked to you haven't really changed either for '25 or in for '26, but we just need to continue to work with their teams to get more clarity on where DPE is going.

但我認為，在我們上個季度與您實際交談時制定的計劃有任何進一步更新之前，這些計劃無論是對於 25 年還是 26 年都沒有真正改變，但我們只需要繼續與他們的團隊合作，以更清楚地了解 DPE 的發展方向。

Probably less -- a little bit less so on the closures, more so on the opening plan, because I think that was a part of the projection that we didn't have clear even the last time when we spoke, and there's more work to be done on that and it really ties back to the unit economics of the stores because I think without unit economics being strong and that also is driven by same-store sales consistently being positive, then that opening plan becomes something that's a risk for them and we're working with them to resolve that.

可能更少——關閉門市的計劃少一點，開業計劃的計劃更多，因為我認為這是預測的一部分，甚至在我們上次談話時我們也沒有明確這一點，在這方面還有很多工作要做，這實際上與門店的單位經濟效益息息相關，因為我認為，如果單位經濟效益不強，而且又受到同店營銷持續正增長的推動，那麼開業計劃對他們來說就會成為一種風險。

(Operator Instructions)

（操作員指示）

Gregory Francfort, Guggenheim.

古根漢美術館的格雷戈里·弗蘭克福特。

My follow up question was to last one. Just on the international business, Sandeep, last quarter, you expressed, I guess, some caution on the international consumer for the balance of the year. It sounds like that's not what played out this quarter.

我的後續問題是最後一個問題。桑迪普，就國際業務而言，上個季度，我想您表達了對今年剩餘時間國際消費者的一些謹慎態度。聽起來這不是本季發生的情況。

I guess I'm curious as you look to the second half, you still expect -- you expect some caution there and maybe what played out differently versus plan on the comps in the quarter.

我想我很好奇，當你展望下半年時，你仍然期待——你期待在那裡採取一些謹慎態度，也許與本季度的計劃相比，情況會有所不同。

Yeah. So I think Greg, when you -- if you go back to the prepared remarks, I talked about the fact that international same-store sales at 2.4% was in line with our expectations. So we did expect a sequential deceleration from the first quarter to the second quarter, so 3.7% was Q1, 2.4% was Q2.

是的。所以我認為，格雷格，如果你回顧準備好的發言，我談到國際同店銷售額成長 2.4% 這一事實符合我們的預期。因此，我們確實預期第一季到第二季會出現連續減速，因此第一季為 3.7%，第二季為 2.4%。

We still are talking about the potential for the macro and geopolitical overhang in the back half. Now if we don't see that overhang materialize as we kind of go through the back half, then potentially, there could be a bit of upside to this, but it's too early to tell and frankly speaking, the sequential deceleration that we expected is exactly what we saw in the second quarter.

我們仍在討論下半年宏觀和地緣政治風險的可能性。現在，如果我們在下半年沒有看到這種懸而未決的情況出現，那麼可能會有一些好處，但現在下結論還為時過早，坦率地說，我們預期的連續減速正是我們在第二季度看到的。

So it really hasn't been a change in our expectations relative to where we were in April when we talked to you.

因此，與我們四月與您交談時的情況相比，我們的預期並沒有改變。

Peter Saleh, BTIG.

彼得·薩利赫（Peter Saleh），BTIG。

Russell, I just wanted to ask. You mentioned that as long as you've been in this industry, the category has been growing 1% or 2% per year, but the first half of the year so far has been flat with some pricing which implies some negative traffic.

拉塞爾，我只是想問一下。您提到，自從您進入這個行業以來，該類別每年都以 1% 或 2% 的速度增長，但今年上半年到目前為止一直持平，一些定價意味著一些負面流量。

So curious if you can comment on why you think the pizza category is struggling a little bit here, flat. And just if you can provide a little bit of context on income by cohort, that'd be helpful and any thoughts on do you anticipate the full year to be for the pizza category to still be in that 1% to 2% implying better back half or how do you think about that going forward?

我很好奇，您是否可以評論為什麼您認為披薩類別在這裡遇到了一些困難，持平。如果您可以提供一些按群體劃分的收入背景信息，那將會很有幫助，您是否預計全年披薩類別的收入仍將保持在 1% 到 2% 之間，這意味著下半年會更好，或者您對未來有何看法？

Yeah. Sure. Obviously, we're in this for the long haul and 1% to 2% is what the category's done. There are headwinds within all of QSR. And I think if you look at burger category growth, it's probably going to be pretty similar.

是的。當然。顯然，我們要長期堅持下去，該類別的成長率是 1% 到 2%。所有 QSR 產業都面臨阻力。我認為，如果你觀察漢堡類別的成長情況，它可能會非常相似。

And so for me, Peter the important thing is to understand these things come in cycle and they will return to kind of traditional growth numbers would be my assumption. But I think the important thing is to see how we grow even during tough times and when you think about where the category is and you think about what our results were for the quarter and all the upside with all the share that's left to take, if this is our performance during times where there are some category headwinds, then when the category has tailwinds, that's only going to help us.

所以對我來說，彼得，重要的是要理解這些事情是週期性的，它們將恢復到傳統的成長數字，這是我的假設。但我認為重要的是看我們如何在困難時期實現成長，當你思考這個類別的現狀，思考我們本季度的業績以及所有剩餘份額的優勢時，如果這是我們在面臨一些類別逆風時的表現，那麼當這個類別有順風時，這只會對我們有幫助。

And I'd let you know that we kept our 3% same-store sales. That's our 3% plus for the US. It's this year, it's next year despite what the category does. And I think maybe I'll add to that a little bit. I know this wasn't a direct question, but it maybe goes off some of the questions earlier.

我想告訴大家的是，我們維持了 3% 的同店銷售額。這是我們為美國增加的 3% 以上。不管類別如何，它都是今年，也是明年。我想也許我會對此做一點補充。我知道這不是一個直接的問題，但它可能與之前的一些問題有關。

I think the important thing to understand right now is whether it's pizza or burgers or QSRs in general, there is pressure because consumers are looking for value. And what you're seeing is a restaurant industry where we're providing a lot of value.

我認為現在需要理解的重要一點是，無論是披薩、漢堡或速食店，整體而言都存在壓力，因為消費者追求的是價值。您所看到的是我們為餐飲業提供了巨大的價值。

The big difference with Domino's is when we provide value, we're going on offense. We're doing it because we think we can grow, and I think other folks are doing it because they're on defense and a little bit treading water, how much longer do we need to do value? We're prepared. We're built to do this.

達美樂最大的不同在於，當我們提供價值時，我們就會採取攻擊行動。我們這樣做是因為我們認為我們可以成長，而我認為其他人這樣做是因為他們處於防禦狀態並且有點停滯不前，我們還需要多長時間才能實現價值？我們已經準備好了。我們生來就是為了做這件事。

So right now, there are headwinds. But actually the headwinds, I think are tailwinds for us. It's kind of a long answer to a short question. And then income by corhort was your other piece and at least at Domino's, we've seen growth among all the cohorts including the low-income cohort in Q2.

因此，目前存在著阻力。但實際上，我認為逆風對我們來說是順風。這就像是對一個簡短問題的長答案。然後，按群體劃分的收入是您的另一個方面，至少在 Domino’s，我們看到第二季度包括低收入群體在內的所有群體的收入都在增長。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

Russell, maybe just a follow up on similar last question, notwithstanding your long term bullishness on the pizza category, I want to see if Domino's has an opportunity in your view to dive deeper into the faster growing chicken category.

拉塞爾，也許只是對最後一個類似問題的跟進，儘管您長期看好披薩類別，但我想看看在您看來，達美樂是否有機會更深入地進軍增長更快的雞肉類別。

We already play, but could we see Domino's play deeper in the chicken category, not just from menu innovation and marketing, perhaps from other product upgrades or new equipment like fryers ultimately?

我們已經參與其中，但我們能否看到達美樂在雞肉類別中發揮更深入的作用，而不僅僅是菜單創新和行銷，或許最終還會從其他產品升級或像油炸鍋這樣的新設備？

Yeah. Andrew, obviously, we have a pretty diverse menu. We actually had a chicken in a window in Q1 with loaded chicken. We're always listening to what consumers want and as we said, we try to -- we're in the permanent product game, so we sell a lot of chicken today.

是的。安德魯，顯然我們的菜單非常多樣化。我們在第一季確實在櫥窗裡放了一隻雞，裡面裝滿了雞肉。我們始終在傾聽消費者的需求，正如我們所說，我們努力——我們處於永久性產品遊戲中，因此我們今天賣出了很多雞肉。

If there are opportunities to make that significantly better, obviously, we're always going to listen. You did bring up something a good point that I'll just follow up on that, the question of, hey, could there be another cooking platform in your future? And if there was, obviously, we'd be talking about it, but this is more of a kind of a what would you need to think and you'd need to think that there's room in a store for another cooking platform.

如果有機會使情況得到顯著改善，顯然，我們將會傾聽。你確實提出了一個很好的觀點，我會繼續跟進，問題是，嘿，你將來還會有另一個烹飪平台嗎？如果有的話，顯然我們會談論它，但這更像是一種你需要考慮什麼，你需要考慮商店裡是否有空間容納另一個烹飪平台。

You brought up fryers. Whatever it would be, if we chose to go that way, what you would need is you'd need more room in the stores, and the fact is the reinvention of our circle of operations, no more box folding in the back, all that stuff. We got more room in the stores.

你提到了油炸鍋。不管怎樣，如果我們選擇那樣做，你需要的就是在商店中留出更多的空間，事實就是重新設計我們的營運圈，不再在後面折疊箱子，諸如此類的事情。我們的商店有了更多空間。

You need a system like we have it with Dom.OS to be able to say, hey, if there is a second cooking platform, how do you line that up with things coming out of the regular oven? So nothing that -- nothing to talk about right now, but what I'd say is we're prepared to do whatever consumers think that we should be doing, we should be offering them in the long term.

您需要一個像我們 Dom.OS 這樣的系統，這樣才能夠說，嘿，如果有第二個烹飪平台，您如何將它與從普通烤箱中出來的東西對齊？所以現在沒有什麼可談的，但我想說的是，我們準備好做消費者認為我們應該做的任何事情，我們應該長期為他們提供。

Jon Tower, Citi.

花旗銀行的喬恩‧陶爾 (Jon Tower)。

Maybe I was just going to ask roughly, earlier, you hit up on the idea of the e-commerce platform and how it's rolling out this year, and I'm just curious in the stores where you've already rolled it out, can you talk about any sort of behavioral differences in the consumers who've moved over to it versus the legacy platform and what you've seen in terms of either consumer response or even at the store level, how operations have performed at those stores that have adopted it?

也許我只是想粗略地問一下，之前您提到了電子商務平台的想法以及它今年的推廣情況，我很好奇在你們已經推廣該平台的商店中，您能否談談轉向該平台的消費者與使用傳統平台的消費者在行為上有何不同，以及您在消費者反應方面，甚至在商店層面，看到的採用該平台的商店的運營情況如何？

Yeah. We finished building the platform last year. And so as we enter this year, what we're doing is simultaneously testing the old platform with the new platform and then you look at things like conversion and sales and all that and when the new site performs better than the old site, we increase and we have more customers going through that site.

是的。我們去年完成了平台的建置。因此，當我們進入今年時，我們正在做的是同時測試舊平台和新平台，然後查看轉換和銷售等內容，當新網站的表現優於舊網站時，我們就會增加，並且會有更多的客戶通過該網站。

And what I can tell you, we've got more customers this month than we did the prior month than we did the prior month, so things continue to proceed the way we want it to and these are improvements off what I think is still one of the best e-commerce platforms in the business.

我可以告訴你們的是，我們本月的客戶數量比上個月多，所以事情繼續按照我們希望的方式進行，這些都是改進，我認為我們仍然是業內最好的電子商務平台之一。

And Jon, I'll just add that with us being 85% digital, I think it's very important for us to be very measured and cautious as we're rolling it out to just make sure that there's no disruption in the transition as we're rolling out on the e-commerce platform.

喬恩，我還要補充一點，由於我們的業務已實現 85% 的數位化，因此，在我們推出這項服務時，我們必須非常謹慎和慎重，以確保在電子商務平台上推出服務時，過渡不會中斷。

Everything's on plan. Everything's on track. This was exactly what we wanted to do.

一切都按計劃進行。一切都在按計劃進行。這正是我們想要做的。

Chris O'Cull, Stifel Financial Group Corp.

克里斯·奧卡爾（Chris O'Cull），Stifel Financial Group Corp.

Procurement productivity, I think you guys have cited is kind of the primary driver for the supply chain profit performance for the last several quarters. Can you just elaborate on the key factors that have kind of driven that productivity gain and is there a point at which you begin lapping some of those improvements that might impact the year over year profit growth of that division that we should be thinking about over the remainder of the year?

我認為你們提到的採購生產力是過去幾季供應鏈利潤表現的主要驅動力。能否詳細說明推動生產力提高的關鍵因素？您是否開始考慮一些可能影響該部門年度利潤成長的改善措施，我們應該在今年剩餘時間內考慮這些改善措施？

And look, I mean I think as far as we're concerned, it's not just been this year, but I think the last two, three years, we've been seeing procurement productivity. We have a fantastic procurement team led by our Chief Supply Chain Officer, that's delivering all this value that's coming through.

而且，就我們而言，不僅是今年，而且我認為過去兩三年，我們都看到了採購生產力的提升。我們擁有一支由首席供應鏈長領導的出色的採購團隊，他們負責實現所有價值。

Obviously, a significant part of our cost structure is food, but there's much more beyond that as well. And I think that's what the gains have been and we did get the benefits of that in '23 and '24 and I think even this year with the agreements that we had lined up with suppliers, we knew that we're going to get a bit more this year as well.

顯然，我們的成本結構中很大一部分是食品，但除此之外還有很多其他成本。我認為這就是我們的收益，我們確實在 23 年和 24 年獲得了收益，而且我認為，即使今年我們已經與供應商達成了協議，我們也知道今年我們還會獲得更多收益。

The great news about all of this is everything's in the base and we're building on the base. So just because we've achieved this incremental productivity, it doesn't mean it goes backwards. But I think the pace at which we've been building it up because we've had such good years of procurement productivity, I wouldn't say that this is the normal incremental assumption you should be making on procurement productivity.

所有這一切的好消息是，一切都在基礎上，我們正在基礎上建設。因此，我們實現了生產力的增量，並不代表生產力會倒退。但我認為，由於我們多年來採購生產力一直表現良好，所以我們一直在以這樣的速度提高採購生產力，我不會說這是對採購生產力做出的正常增量假設。

We'll be doing everything we can to drive more, but the magnitude probably will start tapering as we move forward.

我們將竭盡全力推動更多行動，但隨著我們不斷前進，行動力度可能會開始逐漸減弱。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

Obviously, the system was really built on the delivery drivers, managers that became franchisees, very entrepreneurial system. I think -- correct me if I'm wrong, I think the average franchisee has 10 stores, but typically smaller in nature.

顯然，該系統實際上是建立在送貨司機、成為特許經營者的經理的基礎上的，非常具有創業精神的系統。我認為——如果我錯了請糾正我，我認為平均每個特許經營商都有 10 家商店，但通常規模較小。

So I wanted to bring up the point of you refranchising a company market 36 stores, I think, to one franchisee. Is it kind of a maybe a philosophical change of bigger, more professional, franchisees that have their own development teams, access to different levels of financing, what have you?

所以我想提出一個問題，你將一家公司的 36 家商店重新授權給一個特許經營商。這是否是一種理念上的轉變，特許經營者變得更大、更專業，擁有自己的開發團隊，可以獲得不同程度的融資，您有什麼？

Do we have an opportunity to maybe consolidate some franchisees that have maybe been in the system 20, 30, 40 years, getting them in the bigger systems that can maybe either maintain or even accelerate some of the US growth over time? How are we feeling about the overall composition of the franchise system and how that might change or evolve in the next three to five years.

我們是否有機會整合一些可能已經在系統中存在了 20、30、40 年的特許經營商，讓他們進入更大的系統，從而可以維持甚至加速美國的成長？我們對特許經營體系的整體組成有何感受，以及在未來三到五年內它將如何變化或發展。

Yeah. Look, franchise system strength is measured by, I think, two things. One is the strength of the relationship, and I don't think it's ever been better between franchisee and franchisor and then the unit economics.

是的。我認為，特許經營體系的實力可以用兩件事來衡量。一是關係的強度，我認為特許經營者和特許人之間的關係從未如此好過，其次是單位經濟效益。

And to your question, before the average franchisee has nine stores, so you multiply that by the [162] EBITDA, that's pretty nice cash flow for the average franchisee. We have larger franchisees and smaller franchisees. Interesting enough, the person we sold to in Maryland, Suha Unal, who's been with Domino's for two decades. He's worked for a franchisee. He's worked at corporate. He's worked at international. It's just a great Domino's story.

對於您的問題，平均每個加盟商有 9 家店，因此，將其乘以 [162] EBITDA，對於平均加盟商來說，這是相當不錯的現金流。我們有較大的特許經營商和較小的特許經營商。有趣的是，我們在馬裡蘭州的銷售對像是 Suha Unal，她已經在達美樂工作了二十年。他曾為一家特許經營商工作過。他曾在一家公司工作過。他曾在國際公司工作。這只是一個偉大的骨牌故事。

He's become a new franchisee. So it's not someone who had the average of nine stores that moved up to that degree. It's someone who came in new and each example is really kind of a snowflake. So in this case, when you looked at where the stores were for each other, it's the best way to manage it was one franchisee and Suha will do a great job there, but you're not seeing any big departure in strategy and what I'd say is, I like the way that our franchise system is really diverse because it also means there's no particular concentration risk let's say, on one side or the other.

他已成為一名新的特許經營者。因此，並不是擁有 9 家商店平均值的人就能達到這個水平。這是新來的人，每個例子都像雪花一樣。因此，在這種情況下，當您查看彼此的商店位置時，最好的管理方式是只有一個特許經營商，而 Suha 會在那裡做得很好，但您不會看到戰略上有任何大的偏差，我想說的是，我喜歡我們的特許經營體系非常多樣化的方式，因為這也意味著不存在任何特定的集中風險，比如說，在某一側。

It really lets us continue to do what's best for the overall brand, and I think if you have too many large franchisees, maybe that's a little bit more difficult.

它確實讓我們能夠繼續做對整個品牌最有利的事情，我認為如果你有太多的大型特許經營商，這可能會有點困難。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Quick follow up and then I have to ask on margins, of course. On the follow up, I don't know if you gave the mix of 3P, but I was wondering if you're continuing to see growth in Uber even as you've rolled out Dash. I think that was something that kind of the overlap might be a question that we've heard.

快速跟進，然後我當然要問利潤率。在後續問題中，我不知道您是否給出了 3P 的組合，但我想知道即使您推出了 Dash，您是否仍看到 Uber 繼續成長。我認為這是我們聽過的一種可能有重疊的問題。

And then the question I have is about the margin components that you continue to price below inflation, which certainly I think would -- is helpful to the extent that you have like a pricing strategy going forward. Will that kind of always be the case that the goal is to price I think the low food away from home inflation or below your own inflation?

然後我的問題是，關於保證金組成部分，您是否繼續以低於通貨膨脹的價格定價，我當然認為這在一定程度上對您未來的定價策略有幫助。我認為，我們的目標是讓食品價格維持在較低的外出用餐通膨水平或低於本國通膨水平，這種情況是否總是如此？

Just trying to think about I understand your profit dollars we've talked about is the primary focus as it should be, but thinking about the margin rate and how much faster you might have to grow revenues to maintain that the returns given where the margin rates are for you and franchisees.

我只是想了解一下，我們討論過的利潤金額應該是主要關注點，但請考慮一下利潤率以及您可能需要以多快的速度增加收入才能維持您和加盟商的利潤率所給出的回報。

So I think I'll just take -- there's two different questions to your point, right? So the first was 3P mix and comps. We're not going to be talking about mix specifically as we talked about on the Q4 call and even on the Q1 call, but we're really happy with where Uber is.

所以我想我只會回答──對於你的觀點，有兩個不同的問題，對嗎？所以第一個是 3P 混合和組合。我們不會像在第四季度電話會議甚至第一季電話會議上那樣具體討論組合，但我們對 Uber 的現狀感到非常滿意。

Uber has continued to track to our expectations, thrilled to bits with where that's going. And really happy that we've rolled out DoorDash, and I think by the end of the quarter, we actually did roll out DoorDash. So but DoorDash had a very modest impact on the Q2 comp, but the real or more material impact is expected to come in the back half as we're -- now that we're fully rolled out on DoorDash.

Uber 繼續按照我們的預期發展，我們對未來的發展感到非常興奮。非常高興我們推出了 DoorDash，我認為到本季末，我們確實會推出 DoorDash。因此，DoorDash 對第二季業績的影響非常有限，但真正的或更實質的影響預計將在下半年出現——因為我們現在已經全面推出 DoorDash。

So overall, really pleased about the delivery comp. It came from better performance both in our own channel as well as in 3P and pleased with where it's going as we move to the back half of the year. And then I'm going to switch to your question on margins, specifically on the pricing and our pricing below inflation and rate versus dollars.

所以整體來說，我對送貨服務非常滿意。這得益於我們自己的管道以及 3P 的更好表現，並且我們對下半年的發展感到滿意。然後我將轉到您關於利潤率的問題，特別是關於定價以及低於通貨膨脹率和美元匯率的定價。

Philosophically, I think we've been very consistent, definitely since the time I've been here and even prior, where in the end, we want to make sure that we drive our profit dollars to the franchisees and actually make sure that they continue to see that health coming through.

從理念上來說，我認為我們一直非常一致，自從我來到這裡甚至更早的時候，最終，我們希望確保將利潤帶給特許經營商，並確保他們繼續看到健康的發展。

The key over here is back to what Russell talked about on the first answer that he gave, we have best in class franchisee economics, so let's start there. Then you layer into that the fact that we have the biggest ad budget within pizza QSR. That gives us enormous marketing muscle to actually out advertise the competition.

這裡的關鍵是回到羅素在第一個答案中談到的內容，我們擁有一流的特許經營經濟，所以讓我們從這裡開始。然後你再考慮到，我們擁有披薩速食店最大的廣告預算。這為我們提供了巨大的行銷實力，讓我們在廣告宣傳上真正超越競爭對手。

We have the biggest supply chain with fantastic economics, which again with our profit sharing mechanism gets pushed into the franchisee P&L. And when you put all this together, as far as we're concerned, this is a long-term market share gain.

我們擁有最大的供應鏈和出色的經濟效益，並透過我們的利潤分享機制將其推入特許經營商的損益表中。而當你把所有這些結合起來，就我們而言，這是一個長期的市場份額成長。

Going back 10 years, our Pizza national competitors have close to 2,000 stores. And we've opened close to as many. So as far as we're concerned, that is the model. That is the economic model. We focus on getting better western class economics to our franchisees.

回顧過去 10 年，我們的披薩全國競爭對手擁有近 2,000 家門市。我們已經開了差不多同樣多的門市。就我們而言，這就是模型。這就是經濟模式。我們致力於為我們的加盟商提供更好的西方一流的經濟效益。

We use all the tools in our arsenal from our advertising budget and a supply chain perspective to enable them to outcompete the competition because we have way more room in our P&L with the modest pricing that we're taking to deliver great value to our customers, which is what we've been consistently doing over the last decade and we will be doing it for the foreseeable future.

我們從廣告預算和供應鏈角度利用我們所有的工具來幫助他們在競爭中勝出，因為我們在損益表中擁有更大的空間，而且我們採取的定價適中，可以為我們的客戶提供巨大的價值，這是我們在過去十年中一直在做的事情，在可預見的未來我們還會繼續這樣做。

And if we do end up pricing below inflation, fantastic because I don't know that the competition is able to do that with where their P&Ls are.

如果我們最終的定價確實低於通貨膨脹率，那就太好了，因為我不知道競爭對手能否在損益表中做到這一點。

And Sara, maybe it's just helpful to think about what the principles we have are behind pricing, at least promotional pricing. In no particular order, to me, one of them is consistency. Consumers don't want whiplash, and if you look at our Mix & Match deal, we've launched it at $5.99 in 2009 and we changed it to $6.99.

薩拉，也許思考一下我們定價背後的原則，至少是促銷定價背後的原則，會有所幫助。對我來說，沒有特別的順序，其中之一就是一致性。消費者不想遭受損失，如果你看一下我們的混搭交易，你會發現我們在 2009 年以 5.99 美元的價格推出，後來改為 6.99 美元。

That's pretty consistent. Two is the way we come up with pricing is through quantitative research that maximizes two things, franchisees top line and bottom line. It's really important to know that order count growth is much more correlated to profit growth than ticket growth.

這非常一致。二是我們制定定價的方式是透過定量研究來最大化兩件事，即特許經營商的頂線和底線。重要的是要知道訂單數量成長與利潤成長的相關性遠高於票數成長。

The third is, we try to make sure that when we increase prices, they are at or below consumer income growth. If consumers aren't getting a raise, they don't want you to. They're pretty clear on that. And then I think the fourth for me is really what we changed in 2023, moving from value to renowned value.

第三，我們努力確保在提高價格時，價格成長速度等於或低於消費者收入成長速度。如果消費者得不到加薪，也不希望你加薪。他們對此非常清楚。然後我認為第四個對我來說真正改變的是我們在 2023 年所做的改變，從價值轉向知名價值。

It's not just about the price, it's about value that drives talk value. And so if you want to know what we're going to do on price, if you think about those four principles, that'll give you a pretty clear map.

這不僅與價格有關，還與推動談話價值的價值有關。因此，如果您想知道我們將在價格方面做什麼，如果您考慮這四個原則，您將獲得一個非常清晰的圖片。

Thank you.

謝謝。

Our next question will come from Christine Cho from Goldman Sachs. Your line is now open.

我們的下一個問題來自高盛的 Christine Cho。您的線路現已開通。

Good morning and thanks for taking my question. I was wondering if you can share kind of a rough sense of what percentage of the orders were tied to a deal or a promo and how that has trended over time, both for Domino's specifically and across kind of the broader pizza industry. And additionally, could you talk a little bit about your decision to bring back the best ever deal, best deal ever in July? Do you see this as more of kind of a customer acquisition vehicle similar to the boost speak, or does it really drive more order frequency?

早上好，感謝您回答我的問題。我想知道您是否可以大致了解有多少比例的訂單與交易或促銷有關，以及這種趨勢如何，無論是對於達美樂還是對於整個披薩行業來說。此外，您能否談談您決定在 7 月恢復有史以來最好的交易的原因？您是否認為這更像是一種類似於提升口號的客戶獲取工具，或者它是否真的可以提高訂單頻率？

Thank you.

謝謝。

Yeah, Christine, I think on on deals maybe without giving away too much, our two major deals are mixed and matched and our carryout deal have been pretty consistent in their percent of mix over time.

是的，克里斯汀，我認為在交易方面可能不會透露太多，我們的兩項主要交易是混合搭配的，而且我們的結轉交易在混合百分比上一直非常一致。

And then as far as a best deal ever, the reason we brought that back was a couple of things, obviously consumers are looking for value right now.

至於有史以來最好的交易，我們重新推出它的原因有幾個，顯然消費者現在正在尋求價值。

But this is where Hungry for More, shows you that it's more than just value. The M in Hungry for More is about the most delicious food, and we certainly did that, last quarter with Parmesan stuffed crust. Here we are with best deal ever. Well, there are two things that make this the best deal ever. The price is fantastic. But this is delicious food. You can put up to 7 toppings on these pizzas, and what we know is consumers love the, love to put more toppings on their pizza, and they see this not only as a value, but as a way to drive deliciousness, and we're a brand that wants to do both. So that that was the decision to, behind the decision to bring it back.

但這就是「Hungry for More」向您展示的，它不僅僅是價值。Hungry for More 中的 M 指的是最美味的食物，上個季度我們確實做到了這一點，推出了帕爾馬乾酪餡的脆皮食物。我們為您提供迄今為止最優惠的價格。嗯，有兩件事使得這成為有史以來最好的交易。價格非常棒。但這是美味的食物。這些披薩上最多可以添加 7 種配料，我們知道消費者喜歡在披薩上添加更多配料，他們認為這不僅是一種價值，也是一種追求美味的方式，而我們是一個希望同時做到這兩點的品牌。這就是將其帶回來的決定。

Thank you. Our next question will come from Lauren Soberman from Deutsche Bank. Your line is open.

謝謝。我們的下一個問題來自德意志銀行的勞倫·索伯曼。您的線路已開通。

Hi, thanks. Congrats on the quarter. I wanted to ask about stuffed crust. You talked about strong performance. Can you just give a bit more color on incrementality, what you're seeing in terms of traffic versus average ticket contribution? And when you launch a new product like this, do you tend to see mixed spike as you advertise and it settles over time, or are you seeing more of a steady build as awareness grows, any color on how that mixes versus, I think you've talked about about 15% for peers.

你好，謝謝。恭喜本季取得佳績。我想問一下關於餡皮的問題。您談到了強勁的表現。您能否更詳細地介紹一下增量情況，即您在流量與平均票價貢獻方面看到的情況？當您推出這樣的新產品時，您是否傾向於看到隨著廣告宣傳而出現的混合峰值，並隨著時間的推移而穩定下來，或者您是否看到隨著知名度的提高而出現的穩定增長，對於這種混合情況有何看法，我認為您已經談到了同行的 15％ 左右。

Thank you.

謝謝。

Yeah, Lauren, we had high expectations for the launch, no doubt. Like you said, this is a this is a big pizza type, within the category, and I'm pleased to tell you that those high expectations were met operationally. All the training we did, our franchise franchisees did an amazing job, and the consumer input we've gotten is better than. I think any product that I can remember, since maybe new and inspired, and so that, that's been really positive. Now, the other nice thing about stuffed crust is what you said is it also drives ticket. So you're driving deliciousness, but when you add this to your mix and match, you got to pay $4 more, and, every penny's worth it, but $4 more for mix and match. So it's not only driving deliciousness. The value is really good, but it's also driving profit.

是的，勞倫，毫無疑問，我們對這次發布抱有很高的期望。就像你說的，這是一種大型披薩類型，在同類產品中，我很高興地告訴你，這些很高的期望在營運上得到了滿足。我們進行的所有培訓、我們的特許經營加盟商都做得非常出色，而且我們得到的消費者回饋也比這更好。我認為我記得的任何產品都可能是新的和啟發性的，因此，這確實是積極的。現在，您說的餡皮的另一個好處是它也能帶來票務。所以，您正在駕駛美味汽車，但是當您將其添加到混合搭配中時，您必須多付 4 美元，而且，每一分錢都是值得的，但是混合搭配需要多付 4 美元。所以它不僅僅是帶來美味。其價值確實很好，而且還能帶來利潤。

You didn't directly answer this, ask this question, but I, I'll give you a little bit of insight as to how we thought about stuffed crust. We came out with a medium and a lot of questions have come up, hey, why a medium and not a large? Well, a couple of reasons. One is we wanted to have a different dough type than our hand tossed, and so we decided to use our pan dough, and that comes in a medium. Now we easily could have come out with a large, but we asked ourselves, is it really worth it? And when we looked at the data, and not to say the data won't change, and we can change our mind, but the bigger reason we came out with the medium was because we knew that if the competition wanted to react to us coming up with stuffed crust, the majority of them have larges, and the ability to react with competitive pricing versus a medium when all you have is a large, is really difficult. And I think this is also a way over time with great taste and relative value that we're going to continue to grow share.

您沒有直接回答這個問題，也沒有提出這個問題，但是我，我會給您一些關於我們是如何看待填充外殼的見解。我們推出了中號，但出現了很多問題，嘿，為什麼是中號而不是大號？嗯，有幾個原因。一是我們想要一種不同於手工揉製的麵團，所以我們決定使用平底鍋麵團，而且是中等硬度的。現在我們很容易就能做出一個大產品，但我們問自己，這真的值得嗎？當我們查看數據時，並不是說數據不會改變，我們可以改變主意，但我們推出中號的更大原因是因為我們知道，如果競爭對手想對我們推出的餡餅皮做出反應，他們中的大多數都有大號的，而當你只有大號的時候，要以有競爭力的價格對中號做出反應，真的很困難。我認為，隨著時間的推移，憑藉良好的品味和相對價值，我們將繼續擴大市場份額。

And Lauren, I'm just going to add more of the financial dimension to everything that Russell was talking about because when you go back into the into the comp for the quarter, the 3.4% comp that we had, it was driven by incremental traffic, which I think we talked about in transaction counts and that so it's definitely a traffic builder as we've driven trial with the new introduction to the menu. And we're now really confident that this is going to be a very evergreen part of our menu, which is why we're saying it's a long term catalyst. It's not just for this launch and this year. It's, we think it's, we're taking a space in Pizza QSR from a menu perspective that others had occupied and now we are there and we have what we believe is the best product of this crust type in the marketplace. So when you look at this, it's not just Q2, it's about the rest of this year and next year. Stuff crust is here to stay.

勞倫，我只是想在拉塞爾談論的所有內容中添加更多的財務層面，因為當你回到本季度的同店銷售額時，我們獲得的 3.4% 的同店銷售額增長是由增量流量推動的，我想我們在交易數量中討論過這一點，因此，隨著我們通過新菜單的推出進行試驗，這絕對是一個流量構建器。我們現在非常有信心，這將成為我們菜單中非常常青的一部分，這就是為什麼我們說它是一個長期的催化劑。這不僅僅是為了這次發布和今年。我們認為，從菜單角度來看，我們在 Pizza QSR 中佔據了別人已經佔據的一席之地，現在我們佔據了這一位置，並且我們認為我們的產品是市場上這種餅皮類型中最好的。因此，當你看這個時，它不僅僅是第二季度，而是關於今年剩餘時間和明年。物質外殼將繼續存在。

And maybe that's the way just back to some of the first questions on kind of what are, what are the long term drivers? I mean, if what we're looking at is to continue to drive that one call it one share point a year that we've done over the last 10 years, that's macro within the category. But within the category there are all these subcomponents. Stuffed crust is a subcomponent, and so we intend to drive a significant share of stuffed crust. So we're brand new to that, and that's going to be driven over time. And so I think that's maybe the way to, maybe put some more texture behind why we're so bullish about the long term. It's not just macro, there's a lot of share to be gained. But within these categories that we're relatively new on. Aggregators, stuffed crust, New York style, they in and of themselves have lots of room for us to gain share.

這也許就是回到最初的一些問題：長期驅動因素是什麼？我的意思是，如果我們想要繼續推動這一目標，即過去 10 年中我們每年實現的一個份額增長點，那麼這就是該類別中的宏觀目標。但該類別中又包含所有這些子元件。餡料餅皮是其子組件，因此我們打算推動餡料餅皮的大量份額。所以我們對此還很陌生，而且這將隨著時間的推移而推動。所以我認為這也許可以解釋為什麼我們如此看好長期前景。這不僅僅是宏觀的，還有很多份額可以獲得。但在這些類別中我們還比較新。聚合器、夾心餅皮、紐約風格，它們本身就為我們提供了很大的市佔空間。

Thank you.

謝謝。

Our next question will come from Brian Harbor from Morgan Stanley. Your line is now open.

我們的下一個問題來自摩根士丹利的 Brian Harbor。您的線路現已開通。

Yeah thanks good morning guys maybe just to come back to the to the store margin topic in in the near term is.

是的，謝謝大家早安，也許我們只是在近期回到商店利潤話題。

Some of the pressure that you're still seeing kind of on the corporate stores are franchisees seeing something similar directionally or, I know that's a small store base, but anything idiosyncratic that you would call out and then, food inflation has been a little bit higher in the first half. I mean, do you expect something similar in the second half or or some moderation from here?

您仍然看到的公司商店面臨的一些壓力是特許經營商看到的類似的方向性壓力，或者我知道這是一個小的商店基礎，但任何您會喊出的特殊情況，然後，上半年食品通脹率略高。我的意思是，您是否預計下半年會出現類似情況，或者會有所緩和？

So Brian, good question on this one. I want to just start by saying the sample size on corporate sales is so small that it absolutely is not a read through to franchisee profits and profit margins, and I think I've said this before and I'll reiterate that again we are in a very good place on a franchisee EBITDA perspective. Our economics continue to be very good over there. And we're very pleased with where that's going, and we, as we said earlier, we expect to, earlier this year, we expect to grow franchisee EDITBA and that's always the, what we strive for.

布萊恩，這個問題問得好。我首先要說的是，企業銷售的樣本量非常小，絕對無法解讀特許經營商的利潤和利潤率，我想我之前已經說過這一點，我再次重申，從特許經營商的 EBITDA 角度來看，我們處於非常有利的位置。我們那裡的經濟狀況持續良好。我們對目前的發展感到非常滿意，正如我們之前所說，我們預計，今年早些時候，我們預計特許經營商 EDITBA 將會成長，而這始終是我們所追求的。

And then I think coming back to corporate store margins over here there's a big insurance charge that we took in the quarter. You actually take out that insurance charge, it was relatively flat from a corporate store margins perspective. And so I think it's really a one quarter impact that you're seeing that it's a little bit outsized on that business. And look, I been on food inflation. Yes, there was pressure from food inflation, but we expected that. We said earlier this year that we expected to be heavier on food inflation in the first half and lighter in the second half. No change to the expectations for the year. We're expecting to be up low single digits, but so all this was what we expected. So, just to reiterate, franchise the EDITBA in a good place, and we strive to continue to grow it.

然後我認為回到這裡的企業商店利潤率，我們在本季度收取了一大筆保險費用。實際上，如果你扣除保險費，從企業商店利潤率的角度來看，它是相對平穩的。因此，我認為這確實是一個季度的影響，你會看到它對該業務的影響有點過大。瞧，我一直在關注食品通膨。是的，食品通膨確實帶來壓力，但我們預料到了。我們今年稍早說過，預計上半年食品通膨會比較重，下半年會比較輕。對今年的預期沒有改變。我們預計增幅將達到個位數，但這一切都是我們預料到的。因此，再次重申一下，EDITBA 特許經營權處於良好的狀態，我們會努力繼續發展它。

Thank you. Our next question will come from Jeffrey Farmer from Gordon Hasket. Your line is open.

謝謝。我們的下一個問題來自 Gordon Hasket 的 Jeffrey Farmer。您的線路已開通。

Yeah, good morning and thank you. Just, a couple of big picture follow-ups. As you guys discussed on this call, US Pizza segments, definitely in the middle of a, of an intensifying value push. Primary part of my question are what would you guys consider to be the pros and cons of this value focused backdrop, for your Domino's brand?

是的，早上好，謝謝。只是，一些大局的後續狀況。正如你們在這次電話會議上討論的那樣，美國披薩業務肯定正處於不斷強化的價值推動之中。我的問題的主要部分是，你們認為這種以價值為中心的背景對於 Domino 品牌來說有哪些優點和缺點？

Yeah, it's a.

是的，是的。

I guess I need to first say obviously that we all want the best for our customers, so we'd love the country and the world to be in a place where, there aren't headwinds on consumers because we're a pizza company and we think everyone should be able to get the food they want, with that said, and if you just look at yourself as a as a restaurant, we look at ourselves as a QSR and you know maybe widen the lens, not just pizza, but overall QSR.

我想我首先要說的是，顯然我們都希望為顧客提供最好的服務，所以我們希望這個國家和世界能夠處於一個消費者不會遇到阻力的地方，因為我們是一家披薩公司，我們認為每個人都應該能夠得到他們想要的食物，話雖如此，如果你只是把自己看作一家餐館，我們把自己看作是一家 QSR，你知道，也許可以擴大到你知道，也許披薩。

Jeff, we're, we were really built for this.

傑夫，我們確實是為此而生的。

Value requires a few things. It requires strong economics that you can get through tougher times, a supply chain that has the volume and pricing that, Sandeep talked about earlier, folks keep asking about procurement efficiencies. Well, God bless, supply chain. And then a large ad budget that pushes volume through a time where, margins may be tighter. And so the pros and cons, to me of value, at least for Domino's, when consumers are looking for value, that's actually a big pro for us because I think we're set up. I don't think, I know we're set up better than anybody else to get through this. So when these are headwinds for other brands.

價值需要一些東西。它需要強大的經濟實力才能度過艱難時期，需要有足夠數量和價格的供應鏈，正如桑迪普之前提到的，人們一直在詢問採購效率。好吧，上帝保佑，供應鏈。然後，大量的廣告預算會在利潤率可能更緊張的時期推動銷售。因此，對我來說，至少對於 Domino 來說，當消費者尋求價值時，價值的利弊實際上是我們的一大優勢，因為我認為我們已經準備好了。我不認為，我知道我們比任何人都更有能力度過這一難關。因此，這些對於其他品牌來說都是不利因素。

They end up being tailwinds for dominoes, which just means when things turn around, we'll be in a better place as well.

它們最終會成為骨牌的順風，這意味著當情況好轉時，我們也會處於更好的境地。

Thank you. Our next question will come from Jeff Bernstein from Barclays. Your line is now open.

謝謝。我們的下一個問題來自巴克萊銀行的傑夫·伯恩斯坦。您的線路現已開通。

Great, thank you very much.

太好了，非常感謝。

Just looking at Russell in your prepared remarks, or at least in the press release, you talked about both the Right the aggregators being strong component of your growth and then the the rewards program. So I just wanted to touch quickly just on the aggregator side. I know you're not giving the mixed shift for DoorDash, similar to how you did for Uber through last year, but should we assume a similar sequential growth rate acceleration for Uber or for DoorDash, I should say. I know it's twice the size, but just thinking directionally whether we should assume something similar. And then on the rewards business, I don't know if there's any color you can provide. I know you say it's larger than ever, but whether there's any metrics you share in terms of the number of members or the frequency or spend, any color without giving away too many secrets would be great.

看看拉塞爾在您準備好的發言中，或者至少在新聞稿中，您談到了正確的聚合器是您成長的重要組成部分，然後是獎勵計劃。所以我只是想快速觸及聚合器方面。我知道您沒有給出 DoorDash 的混合變化，類似於您去年對 Uber 所做的那樣，但我們是否應該假設 Uber 或 DoorDash 的連續增長率加速相似，我應該這麼說。我知道它的大小是原來的兩倍，但只是在方向上思考我們是否應該假設類似的東西。關於獎勵業務，我不知道您是否可以提供任何資訊。我知道您說它比以往任何時候都要大，但無論您分享的是會員數量、頻率或支出方面的任何指標，任何不洩露太多秘密的顏色都會很棒。

Thank you.

謝謝。

Jeff. I think you answered your question, but let me TRY just because the question was so well put. Let me TRY to give you as many answers as I can before Sandeep kicks me under the table here. I, what we do expect that we've been really clear on is that the second half of the year is going to be where you see more growth on a DoorDash.

傑夫。我認為您已經回答了您的問題，但讓我嘗試一下，因為這個問題提得非常好。在 Sandeep 踢我之前，請容許我盡力給你盡可能多的答案。我，我們確實預計，我們已經非常清楚的是，今年下半年你將會看到 DoorDash 的更多成長。

And we said over time what we expect to get out of this $5 billion dollar, pizza category with aggregators. How that actually, looks over the short term is something that even if I told you I had the answer to it, I probably wouldn't be 100% correct. And so what we'll do is, we'll continue to support this delivery category growth that we're seeing, and over time, we'll be able to potentially break that out a little bit further with some more insights, but you're right, Uber is, twice as or half the size of DoorDash, so I think over time we'll see more out of that. And then with the rewards program.

隨著時間的推移，我們預計透過聚合器可以從這個價值 50 億美元的披薩類別中獲得什麼。從短期來看，這其實是個什麼樣的問題？即使我告訴你我知道答案，我可能不會 100% 正確。因此，我們要做的是，繼續支持我們看到的這種配送類別的增長，隨著時間的推移，我們將能夠通過更多的見解進一步突破這一增長，但你是對的，Uber 的規模是 DoorDash 的兩倍或一半，所以我認為隨著時間的推移，我們會看到更多。然後是獎勵計劃。

What I like about it, and actually you made me think of this whole comparison to aggregators. If you think of aggregators tend to be a higher, income customer. These are folks who, we hope will eventually come to Domino's, but, we're willing to meet them where they are. The economics are set up for them to stay aggregate their customers should they need to. But there are customers out there who want value and want rewards. And, the biggest change we did to the Domino's rewards program was made it a better program for light users. You can do 20 or 40 point redemptions now versus 60% in the past and carry out users. So those tend, both of those customers tend to be a little bit lower income. So those two things are working really well together. To drive renowned value, and I just, I throw out, it's a good point on the loyalty program is one would think if you're giving out, a points or redemption at 20 and 40 points. Maybe that hurts ticket. It's actually the opposite, because essentially people are getting side items, and so the ticket on our 20 and 40 point item checks tends to be higher than when you're getting a free pizza.

我喜歡它，實際上你讓我想到了與聚合器的整個比較。如果您認為聚合器往往是收入較高的客戶。我們希望這些人最終能夠來到達美樂，但我們願意在他們所在的地方與他們會面。如果需要的話，他們的經濟狀況可以讓他們繼續聚集客戶。但有些客戶想要的是價值和回報。而且，我們對 Domino 獎勵計劃所做的最大改變是使其成為更適合輕度用戶的計劃。現在您可以兌換 20 或 40 點積分，而過去則為 60%，並且可以吸引用戶。因此，這兩種顧客的收入往往都比較低。所以這兩件事配合得很好。為了推動知名價值，我只是想說，忠誠度計劃的一個好處是，人們會認為如果你給出積分或兌換 20 到 40 點積分。這也許會對票造成損害。事實恰恰相反，因為人們基本上得到的是配菜，所以我們 20 和 40 分菜餚檢查的票價往往比獲得免費披薩時更高。

Thank you.

謝謝。

And we'll take our last question from Alex Slagle from Jeffrey's. Your line is open.

我們將回答 Jeffrey's 的 Alex Slagle 提出的最後一個問題。您的線路已開通。

Hey, thanks for putting me in, follow up on Chris's question earlier on the supply chain and kind of sense for the opportunity to see these continued margin games continue, it kind of seems like the 3 Q is usually a bit lighter margin historically and it was last year as well, so trying to think how.

嘿，謝謝你邀請我，請跟進克里斯之前關於供應鏈的問題，並有機會看到這些持續的利潤遊戲繼續下去，從歷史上看，第三季度的利潤率通常要低一些，去年也是如此，所以試著想想是怎麼回事。

What we should think about your ability to maintain this current margin level going forward or is there a unique dynamic in the 3Q that we should think about?

我們應該如何看待您未來維持當前利潤率水準的能力，或者第三季是否存在值得我們考慮的獨特動態？

So Alex, thanks for the question. I think, look, on supply chain, we talked about the beginning of the year, we expected to see margins improve slightly for the year, driven a lot by the procurement productivity. And so I think as you look into the backup, no real change in those expectations and yes, there's some seasonality based on what cost structures looks like and in the summer months, for example, where utility costs end up going up a little bit, but overall, it's in the comparison. So I think, year on year, I think the trends should be pretty much what we talked about for the full year. And so what we've seen in the first half, should be pretty indicative of what we expect.

所以亞歷克斯，謝謝你的提問。我認為，就供應鏈而言，我們在年初討論過，我們預計今年的利潤率將略有提高，這在很大程度上受到採購生產率的推動。因此，我認為，當您研究備份時，這些預期並沒有真正的變化，是的，根據成本結構，存在一些季節性，例如在夏季，公用事業成本最終會略有上漲，但總的來說，這是在比較中。因此我認為，與去年同期相比，趨勢應該與我們全年談論的趨勢大致相同。因此，我們在上半年看到的情況應該可以很能說明我們的期望。

Thank you, Alex. That was our last question of the call today.

謝謝你，亞歷克斯。這是我們今天電話會議的最後一個問題。

Apologies for the minor technical glitch that we had this morning.

對於今天早上出現的小技術故障，我們深表歉意。

I want to thank you all for joining and we look forward to speaking with you all again soon. You may now disconnect.

我想感謝大家的加入，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.

謝謝。

Thank you. This does conclude today's conference call.

謝謝。今天的電話會議到此結束。

Thank you for your participation. You may now disconnect. Everyone, have a wonderful day.

感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。