達美樂 (DPZ) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the third-quarter 2025 Domino's Pizza, Inc. earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加達美樂比薩公司 2025 年第三季財報電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Greg Lemenchick, Vice President of Investor Relations and Sustainability. Please go ahead.

現在，我想將會議交給今天的發言人、投資者關係和永續發展副總裁 Greg Lemenchick。請繼續。

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

大家早安。感謝您今天參加我們的第三季電話會議。今天的電話會議將由我們的執行長 Russell Weiner 開始；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. This morning's conference call is being webcast and is also being recorded for replay via our website. 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。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。今天上午，我們希望在時間允許的情況下盡力解答大家的盡可能多的問題。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。

Thank you, Greg, and good morning, everybody. I'd like to start off by saying how incredibly proud I am of our team and our franchisees as they continue to bring our Hungry for MORE strategy to life and deliver best-in-class results. It was a great Q3 for our US business. We grew in all areas key to our success. Our carryout business was positive, our delivery business was positive, and our order count growth was positive. All of this resulted in meaningful market share growth.

謝謝你，格雷格，大家早安。首先，我想說，我為我們的團隊和特許經營商感到無比自豪，因為他們繼續將我們的「渴望更多」策略付諸實踐，並取得一流的成果。對於我們的美國業務來說，這是一個出色的第三季。我們在所有對我們成功至關重要的領域都取得了成長。我們的外送業務表現積極，送貨業務表現積極，訂單數量增長也積極。所有這些都帶來了市場份額的顯著增長。

The momentum we're seeing in the business is due to initiatives that are working across all four of our Hungry for MORE strategic pillars. When we execute against Hungry for MORE, we drive more sales, more stores, and more profits. Let's start with our Best Deal Ever promotion, which was a meaningful driver of our strong US results in Q3.

我們在業務中看到的勢頭歸功於我們「渴望更多」四大戰略支柱中正在實施的舉措。當我們執行「Hungry for MORE」計畫時，我們會帶來更多的銷售、更多的商店和更多的利潤。讓我們從「史上最佳優惠」促銷活動開始，這對我們第三季美國業績的強勁成長起到了重要的推動作用。

In my opinion, Best Deal Ever is well the best deal in restaurants. The price point scream renowned value and the taste drives our most delicious food perceptions. After all, consumers are building and eating their dream pizzas. In a world where prices have gone up and discounts never seem to be on the items you truly want. Domino's gives customers their favorite pizzas at our best price.

在我看來，Best Deal Ever 無疑是餐廳中最划算的交易。價格彰顯著價值，味道激發我們對最美味食物的認知。畢竟，消費者正在製作和享受他們夢想中的披薩。在這個物價不斷上漲的世界裡，你真正想要的商品似乎從來沒有折扣過。達美樂以最優惠的價格為顧客提供他們最喜歡的披薩。

Best Deal Ever also highlights the operational excellence our system has achieved. We wouldn't have been able to execute this kind of promotion just a few years ago. The myriad of ever-changing topping combinations customers are putting together requires best-in-class operations that was unlocked by franchisees leveraging our training programs and DOM.OS systems. Last but certainly not least, Best Deal Ever is driving franchisee profitability.

Best Deal Ever 也凸顯了我們的系統所取得的卓越運作。幾年前我們還無法進行這種促銷活動。客戶不斷變化的配料組合需要一流的運營，而特許經營商可以利用我們的培訓計劃和 DOM.OS 系統來實現這一目標。最後但同樣重要的一點是，Best Deal Ever 正在推動特許經營商的獲利能力。

Because of the scale of our media and purchasing power, Domino's can drive the volume it takes to make a great deal like this profitable for franchisees. In fact, Best Deal Ever has been running longer than we originally planned because our franchisees asked to bring it back. Domino's franchisees are truly Hungry for MORE. Parmesan Stuffed Crust Pizza was another contributor to our strong results in the quarter. This launch has gone extremely well and continues to meet the expectations that we had for it on every level, mix, incremental new customers, and franchisee profitability. Most important, our teams continue to execute this complex product very well, which is key to its long-term success.

由於我們的媒體規模和購買力，達美樂可以推動所需的銷量，從而為特許經營商帶來豐厚的利潤。事實上，「Best Deal Ever」的營運時間比我們最初計劃的要長，因為我們的特許經營商要求將其恢復。Domino 的特許經營商確實渴望獲得更多。帕瑪森起司餡皮披薩是我們本季業績強勁的另一個貢獻者。此次發布進展非常順利，在各個層面、產品組合、新增客戶和特許經營商獲利能力方面均滿足了我們的預期。最重要的是，我們的團隊繼續出色地執行這項複雜的產品，這是其長期成功的關鍵。

The new flavors of Bread Bites we just launched marked our second innovation of the year and highlights our innovation with intent approach. Our intent with this innovation was twofold. First, adding two new flavors, garlic and cinnamon, brings news to the Bread Bites platform that we launched in 2012. Second, by adding these Bread Bites flavors, we were able to remove the more operationally complex bread twists from our menu.

我們剛推出的麵包塊新口味標誌著我們今年的第二項創新，凸顯了我們有意創新的方式。我們進行這項創新的目的有二。首先，加入大蒜和肉桂兩種新口味，為我們於 2012 年推出的 Bread Bites 平台帶來了新鮮事。其次，透過添加這些麵包塊口味，我們可以從選單中刪除操作更複雜的麵包條。

In addition, customers prefer the taste of bread bites over twists and love that they can get 32 Bread Bites for $6.99 as part of our mix and match deal. Another part of our renowned value barbell strategy is tapping into the aggregator marketplace for pizza delivery. Q3 marked the first quarter where we were fully rolled out on DoorDash and we remain encouraged about its long-term potential for our business. We continue to expect our sales on DoorDash to grow as awareness and marketing increases and believe this will be a meaningful contributor to our US comps in Q4 and as we move into 2026.

此外，顧客更喜歡麵包塊的味道，而不是麻花麵包，並且喜歡我們混合搭配優惠中以 6.99 美元的價格購買 32 個麵包塊。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。第三季度是我們全面推出 DoorDash 的第一個季度，我們仍然對其對我們業務的長期潛力充滿信心。我們繼續預計，隨著知名度和行銷力度的加大，DoorDash 上的銷售額將會成長，並相信這將對我們第四季以及 2026 年的美國同店銷售額產生重大貢獻。

I wanted to quickly touch on the progress we continue to make on the upgrades to our e-commerce platforms. I'm excited to announce that we are now fully live with our website and mobile web experiences, where our goal prior to full launch was to see our conversion equal to or better than our old platform. The new site does just that. It's much quicker in particular, during the checkout process, which provides a better user experience. The apps come next, and our goal is to have them rolled out by the end of the year.

我想快速談談我們在電子商務平台升級方面的進展。我很高興地宣布，我們的網站和行動網路體驗現在已經全面上線，在全面上線之前，我們的目標是讓我們的轉換率等於或優於我們的舊平台。新網站正是這樣做的。特別是在結帳過程中，它的速度更快，從而提供了更好的用戶體驗。接下來是應用程序，我們的目標是在今年年底前推出它們。

Next is something our entire system is buzzing about. We are bringing all aspects of Hungry For MORE to life with a completely new brand refresh. It's our first in 13 years. The new campaign makes every aspect of the brand as craveable as what is inside the box. The new look and feel will roll out over the coming months in all of our marketing. Hungry for MORE is no longer just a strategy. It has a look, a sound, and a heartbeat.

接下來是我們整個系統都在熱烈討論的事情。我們透過全新的品牌更新，讓「Hungry For MORE」的各個面向煥然一新。這是我們13年來的第一次。新的活動讓品牌的每個方面都像盒子裡的東西一樣令人垂涎。未來幾個月內，我們所有的行銷活動都將採用新的外觀和感覺。渴望更多不再只是一種策略。它有外觀、有聲音、有心跳。

Seeing everything come to life this year gives me the confidence that in 2026 and beyond, we will be able to achieve our goal of 3% same-store sales in the US and continue to take meaningful market share. We have best-in-class franchisee economics in QSR pizza, the largest advertising budget, a supply chain with incredible purchasing power, and a rewards program that is bigger than ever.

看到今年的一切都變得生動活潑，我有信心在 2026 年及以後，我們將能夠實現美國同店銷售額 3% 的目標，並繼續佔據有意義的市場份額。我們擁有 QSR 披薩領域一流的特許經營經濟、最大的廣告預算、具有驚人購買力的供應鏈以及比以往更大的獎勵計劃。

And we're just getting started. As you know, we don't usually do LTOs at Domino's. So everything we have launched over the last two years, aggregator ordering, new loyalty platform, Stuffed Crust and more is a part of our base and will be part of our growth in the future. And we will continue to add new products, technology, and renowned value promotions on top of that. This will be how we drive best-in-class results and long-term value creation for our franchisees and shareholders well into the future.

我們才剛開始。如您所知，我們 Domino's 通常不進行 LTO。因此，我們在過去兩年中推出的所有產品，包括聚合訂購、新的忠誠度平台、Stuffed Crust 等等，都是我們基礎的一部分，並將成為我們未來成長的一部分。而我們將繼續添加新產品、新技術和知名價值促銷。這將是我們如何在未來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 third quarter financial results continue to be impacted by a challenging macro backdrop, but we drove profit growth that was slightly ahead of our expectations due to our strong sales performance and the timing of investments. Income from operations increased 11.8% in Q3, excluding the impact of foreign currency. This increase was primarily due to higher US franchise royalties and fees and gross margin dollar growth within supply chain.

謝謝大家，早安。我們的第三季財務業績持續受到充滿挑戰的宏觀背景的影響，但由於強勁的銷售業績和投資時機，我們的利潤成長略高於我們的預期。剔除外匯影響，第三季營業收入成長11.8%。這一增長主要歸因於美國特許經營權使用費和費用的增加以及供應鏈內毛利率的增長。

Excluding the impact of foreign currency, global retail sales grew 6.3% in the quarter due to positive US and international comps and global net store growth. In Q3, retail sales grew by 7% in the US driven by same-store sales and net store growth. This growth was slightly ahead of our expectations due to the strong performance from our best deal ever promotion.

排除外匯的影響，由於美國和國際同店銷售額成長以及全球淨店成長，本季全球零售額成長了 6.3%。第三季度，受同店銷售額和淨店銷售額成長的推動，美國零售額成長了 7%。由於我們有史以來最優惠的促銷活動表現強勁，這一增長略高於我們的預期。

We also paced well ahead of the QSR pizza category which has grown over the last quarter to approximately 1% year to date. Same-store sales accelerated to 5.2% for the quarter on the strength of our best deal ever promotion and Parmesan Stuffed Crust which drove positive transaction counts. Average ticket benefited from 1.3% of pricing and stuffed crust, which carries a higher price point. This was partially offset by a slight decline in our mix due to a higher carryout business that has a lower ticket than delivery. Our carryout comps were up 8.7% due to the previously noted initiatives as well as continued growth from our loyalty program.

我們也遠遠領先 QSR 披薩類別，該類別在過去一個季度中成長了約 1%。由於我們有史以來最優惠的促銷活動和帕瑪森起司餡皮的推動，本季同店銷售額增長至 5.2%，從而推動了交易數量的增長。平均票價受益於 1.3% 的定價和皮餡，其價格點更高。由於外送業務較多且票價低於送貨業務，導致我們的產品組合略有下降，這在一定程度上抵消了這一影響。由於先前提到的舉措以及忠誠度計劃的持續增長，我們的外賣銷售額增長了 8.7%。

Delivery was positive 2.5%, primarily driven by the strength of our best deal ever promotion and stuffed crust. It also benefited from aggregators coming from the launch of DoorDash. Shifting to US unit count. We added 29 net new stores, bringing our US system store count to 7,090.

送貨量增長了 2.5%，這主要得益於我們有史以來最優惠的促銷活動和餡餅皮的強勁增長。它還受益於 DoorDash 推出的聚合器。轉換為美國單位計數。我們淨增 29 家新店，使我們的美國系統商店數量達到 7,090 家。

International retail sales grew 5.7% and excluding the impact of foreign currency in the quarter. This was driven by net store growth of 185 and same-store sales of 1.7% that met our expectation. In the quarter, we continued to see strength in Asia, which was primarily due to strong comps in India. We have not seen any material impact to date from global macro or geopolitical uncertainty.

本季，剔除外匯影響，國際零售額成長5.7%。這是由於淨店成長 185 家，同店銷售額成長 1.7%，符合我們的預期。本季度，我們繼續看到亞洲的強勁表現，這主要歸功於印度的強勁成長。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實質影響。

I wanted to highlight the refinancing transaction that we completed in the third quarter. We had two tranches of debt totaling approximately $1.15 billion with a blended interest rate of approximately 4.3% that was due in October of this year. We paid down approximately $150 million of this and refinanced $1 billion in two $500 million tranches at a blended rate of approximately 5.1%. We were very pleased with the outcome of this transaction. We expect it to have an immaterial impact on our interest expense in 2025 and in 2026 and beyond.

我想強調一下我們在第三季完成的再融資交易。我們有兩筆債務，總額約 11.5 億美元，混合利率約 4.3%，將於今年 10 月到期。我們償還了其中約 1.5 億美元，並以約 5.1% 的混合利率分兩期再融資 10 億美元。我們對此交易的結果非常滿意。我們預計它對我們 2025 年、2026 年及以後的利息支出不會產生重大影響。

As a reminder, our next two tranches of debt come due in July 2027 and total approximately $1.3 billion. Moving to capital allocation. We repurchased approximately 166,000 shares at an average price of $450 per share for a total of $75 million in the third quarter. At the end of Q3, we had approximately $540 million remaining on our share repurchase authorization. Now turning to our outlook for 2025.

提醒一下，我們的下兩筆債務將於 2027 年 7 月到期，總額約 13 億美元。轉向資本配置。我們在第三季以平均每股 450 美元的價格回購了約 166,000 股，總計 7,500 萬美元。截至第三季末，我們的股票回購授權剩餘金額約為 5.4 億美元。現在來展望一下 2025 年。

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 to grow our market share meaningfully in QSR pizza. Our comp could be pressured by the macro environment in the US, which we have seen intensify across the restaurant industry at the start of our fourth quarter. Second, we continue to expect our international same-store sales growth to be 1% to 2%. This could turn towards the high end of the range if we do not see any material impacts from macro and geopolitical uncertainty for the balance of the year.

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。首先，我們繼續預計今年美國市場的同店銷售額將達到 3%，而 QSR 披薩市場的份額將大幅增長。我們的公司可能會受到美國宏觀環境的壓力，我們在第四季初就看到整個餐飲業的宏觀環境加劇。其次，我們繼續預期國際同店銷售額成長率為 1% 至 2%。如果今年剩餘時間宏觀和地緣政治不確定性沒有帶來任何實質影響，這一數字可能會轉向區間的高端。

Third, our pipeline remains strong in the US, where we continue to expect 175-plus net stores and internationally, net store growth to be in line with what we had in 2024. We continue to expect operating income growth of approximately 8%, excluding the impact of foreign currency, severance expense related to the organization realignment we previously announced in Q1 and the refranchising gain in Q2.

第三，我們在美國的業務線依然強勁，我們預計在美國將擁有超過 175 家淨門市，而國際上的淨門市成長將與 2024 年的水準保持一致。我們繼續預期營業收入成長約 8%，不包括外匯影響、與我們先前在第一季宣布的組織重組相關的遣散費用以及第二季的特許經營收益。

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

謝謝。我們現在開放提問熱線。

(Operator Instructions) Dennis Geiger, UBS.

（操作員指示）丹尼斯·蓋格，瑞銀。

I wanted to ask a little bit more about the US sales outlook, same-store sales outlook for the year, the reiterated 2025 guidance for 3%. You talked about the difficult macro there. Could you just kind of break down maybe anything on what you're seeing at a high level thus far sort of unpacking that macro dynamic and the impact on the business? And then just the confidence in that number, given some of the initiatives that that seem to be resonating across the promotional activity and some of the other levers?

我想進一步詢問一下美國銷售前景、今年同店銷售額前景以及重申的 2025 年 3% 的預期。您談到了那裡的困難宏觀問題。您能否簡單分析一下目前所看到的宏觀動態及其對業務的影響？那麼，考慮到一些舉措似乎在促銷活動和其他一些槓桿中產生了共鳴，您對這個數字還有信心嗎？

Dennis, thanks for the question. Yes. No, I think as we said in the prepared remarks, we're reiterating our 3% outlook for same-store sales in the US. And I think as far as we are concerned, we've been talking about the macro environment being a key factor all year. So this is not new.

丹尼斯，謝謝你的提問。是的。不，我認為正如我們在準備好的發言中所說的那樣，我們重申對美國同店銷售額 3% 的預期。我認為就我們而言，我們一直在談論宏觀環境是全年的關鍵因素。所以這並不是什麼新鮮事。

But I think what we did want to point out was we've definitely been seeing a slowing across restaurant industry sales to start our fourth quarter, and that's just a factor that's out there. But as far as we are concerned, we are expecting to continue to gain share against the QSR pizza industry. We've done so really well so far this year, and we expect to continue to do that in Q4.

但我想我們確實想指出的是，從第四季開始，我們確實看到餐飲業的銷售放緩，這只是一個存在的因素。但就我們而言，我們期望繼續在 QSR 披薩行業中贏得份額。今年到目前為止，我們的表現非常出色，我們預計第四季將繼續保持這種勢頭。

So from in terms of initiatives, we actually are running best deal ever, as you know, right now. We're excited about DoorDash and the continuing impact of DoorDash as we called out from the beginning of the year to be more of a back half impact. So it should continue into Q4. And we'll have a whole bunch of stuff going on from the renowned value perspective as we move forward.

因此，從舉措來看，正如您所知，我們現在實際上正在執行有史以來最好的交易。我們對 DoorDash 及其持續的影響感到興奮，正如我們從年初就呼籲的那樣，DoorDash 會產生更大的後半部分影響。因此這種情況應該會持續到第四季。隨著我們不斷前進，我們將從知名價值的角度開展一系列工作。

So we just want to make sure that we do all the things that we need to do in terms of initiatives and drive them. and we're excited about our business. But I think we just wanted to point out that we're observing what's happening in the macro environment.

因此，我們只是想確保我們在計劃方面做了所有需要做的事情並推動它們。我們對我們的業務感到興奮。但我認為我們只是想指出我們正在觀察宏觀環境中發生的事情。

And Dennis, it's Russell. I would just say in this kind of environment, what I'm very confident that we'll continue to do is drive market share. And what that does is it really puts distance between us and our competition that puts pressure on the economics of their stores. So even some short-term restaurant headwinds leads to share gains and long-term gains for Domino's in that environment.

丹尼斯，我是拉塞爾。我只想說，在這種環境下，我非常有信心我們會繼續提高市場佔有率。這確實拉大了我們與競爭對手之間的距離，給他們的商店的經濟帶來了壓力。因此，在這種環境下，即使餐飲業出現一些短期不利因素，也會為達美樂帶來市場份額的成長和長期收益。

David Palmer, Evercore ISI.

大衛·帕爾默，Evercore ISI。

Russell, I was just hoping maybe you can make a comment about the overall delivery market and what you're seeing, not just from a consumer standpoint, but competitively, it looks like and where we're sitting, like there is a lot of maybe desperate discounting promotional activity on the third-party sites right now. Effectively, it's the industry's version of stuffing the channel late in the quarter, you saw a lot of this activity, and we're seeing these deals pop up on our app.

拉塞爾，我只是希望您能對整個配送市場和您所看到的情況發表評論，不僅從消費者的角度，而且從競爭的角度，看起來以及我們所處的位置，比如現在第三方網站上有很多可能令人絕望的折扣促銷活動。實際上，這是該行業在本季度末填充渠道的版本，您看到了很多這樣的活動，我們看到這些交易出現在我們的應用程式上。

So could you speak to the broader ecosystem of delivery right now and what's happening there? And how do you see this playing out? Is this sustainable? What does it mean for you and maybe the pizza category?

那麼，您能否談談目前更廣泛的交付生態系統以及那裡正在發生的事情？您認為這將如何發展？這是可持續的嗎？這對您以及披薩產業來說意味著什麼？

Yes, David. I think if you take a look -- if you take a step back, that's part of why we're happy that our -- both our delivery business and our carryout business was up for the quarter. There are a lot of pressures out there, but the fact that we're able to sustain that -- and I'll maybe use your words in a second to sustain that profitably is really important. I think we got to look back at the note, I think you used desperate pricing or something like that.

是的，大衛。我想，如果你看一下——如果你退一步來看，這就是我們很高興的原因之一——我們的送貨業務和外賣業務在本季度都有所增長。外面有很多壓力，但事實上我們能夠維持這種狀態——我可能馬上會用你的話來說，維持這種狀態並獲利是非常重要的。我認為我們必須回顧一下這張紙條，我認為你使用了絕望定價或類似的東西。

I'll compare that to our renowned value. This is value that we put out there that absolutely is aggressive and is aggressive. Certainly, if you're a competitor of ours with different store level economics, different ability to drive volume, different ability to bring food cost down to a manageable amount. But the value we have out there is value we can sustain.

我會將其與我們知名的價值進行比較。這是我們提出的絕對具有進取心和進取精神的價值。當然，如果你是我們的競爭對手，擁有不同的商店層面的經濟狀況、不同的銷售驅動能力、不同的將食品成本降低到可控水平的能力。但我們擁有的價值是我們可以維持的價值。

So yes, I think we're -- we've got a lot of growth in carryout and continued growth in delivery as more and more people come into delivery, they're having to buy their way into it. And I think in that kind of marketplace, we succeed, we excel.

所以是的，我認為我們的外賣業務取得了很大的成長，隨著越來越多的人選擇外賣，他們不得不花錢購買外賣，我們的外送業務也持續成長。我認為在這樣的市場中，我們會成功，我們會出類拔萃。

And Dave, I'm going to add another thing on this because we talked about this from the get-go and the aggregator channel, but we are pricing for profitability of the franchisees. So no matter what's going on in the delivery channel, we've actually been able to optimize that and we'll continue to optimize that as we'll learn more and move along.

戴夫，我要補充一點，因為我們從一開始就討論了這個問題以及聚合管道，但我們的定價是基於特許經營商的盈利能力。因此，無論交付管道發生什麼情況，我們實際上都能夠對其進行最佳化，並且隨著我們了解更多資訊並不斷前進，我們將繼續對其進行最佳化。

And more importantly, I think just to put context behind what's going on in the delivery business, in a challenged environment to put up like the comps that we did, plus the new stores that we've opened, we're talking about close to mid-single digits retail sales growth on the delivery channel in a very tough environment. So we feel really good about our delivery business. We understand what's going on in the landscape. But we have the best franchise economics, and we have the best ability to price for profitability in the industry. So we feel confident that we're doing the right things.

更重要的是，我認為，只要了解一下配送業務的現狀，在充滿挑戰的環境中，我們就能像我們所做的那樣，再加上我們開設的新店，我們談論的是配送渠道在非常艱難的環境下零售額接近中等個位數的增長。因此，我們對我們的送貨業務感到非常滿意。我們了解現場的情況。但我們擁有最好的特許經營經濟，並且我們擁有業內最好的定價獲利能力。因此，我們確信我們所做的事情是正確的。

We get excited about delivery here at Domino's Pizza. I'd say one addition to that, is this is why I'm so bullish about our long-term prospects on aggregators. We deliver like one in every three pizzas out there. We're not at that share yet on aggregate yet on aggregators.

我們對達美樂披薩的外送服務感到非常興奮。我想補充的是，這就是為什麼我如此看好聚合器的長期前景。我們配送的披薩約佔到全球披薩配送總量的三分之一。我們在總量上、在聚合器上還沒有達到這個份額。

And I think a lot of that is because, well, one, we just started -- we just got on DoorDash. But we're still growing and there is pricing that in some places for the competition is probably not sustainable. And over time, that's what's going to enable us to grow to our fair share. And that's why I think aggregators are a multiyear tailwind for us.

我認為這在很大程度上是因為，首先，我們才剛開始——我們剛剛加入 DoorDash。但我們仍在成長，而且在某些地方，我們的定價對競爭對手來說可能是不可持續的。隨著時間的推移，這將使我們能夠實現公平的份額。這就是為什麼我認為聚合器對我們來說是多年的順風。

Brian Bittner, Oppenheimer.

布萊恩比特納，奧本海默。

As it relates to your Best Deal Ever promotion, obviously, it's part of your renowned value strategy, and it's proven to be successful. And I think the main question that we get from the investment community is how do you ensure that you aren't training the consumer to rely on that price point or that deal for times when you aren't running it, considering it is the best deal ever.

由於它與您的“史上最佳優惠”促銷活動相關，顯然，它是您著名價值策略的一部分，並且已被證明是成功的。我認為投資界向我們提出的主要問題是，如何確保消費者不會在您不提供該服務時依賴該價格點或該交易，因為這是有史以​​來最好的交易。

And a follow-up to that is just -- can you talk about the economics of this for franchisees? I mean, clearly, we can see your company store margins. It didn't have a big impact on COGS margins. So just curious if there's any other tidbits you can add on the economics of Best Deal Ever.

接下來的問題是——您能談談這對特許經營商的財務影響嗎？我的意思是，我們可以清楚地看到貴公司商店的利潤率。它對 COGS 利潤率沒有太大影響。所以我只是好奇您是否還能補充一些有關史上最佳交易的經濟資訊。

Yes. Sure, Brian. I'll take economics first, and then we'll go into Best Deal Ever. I mean what -- the best thing I can tell you about the economics is we're on with Best Deal Ever longer than we originally intended because our franchisees called us and told us that they want to continue to lean in because this is driving business in their stores, and it's driving profitable business. And so I think that even beyond numbers speaks to what it's doing in our stores.

是的。當然，布萊恩。我先講經濟學，然後我們再講有史以來最好的交易。我的意思是——關於經濟方面，我能告訴你的最好的事情是，我們與 Best Deal Ever 合作的時間比我們最初計劃的要長，因為我們的加盟商打電話給我們，告訴我們他們想繼續合作，因為這會推動他們商店的業務，而且會推動盈利業務。因此我認為，除了數字之外，它還能說明它在我們商店中的作用。

And then when you think of Best Deal Ever, this is just part of what we've got in our arsenal, both on renowned value. We've got that. We've got boost weeks. We've got emergency pizza carryout tips, all of these things we come up with new every year as a way to kind of reinvent value. But in a way that's really ownable. And then what we'll do is we'll continue to mix this the renowned value with the most delicious food aspects. And so you're seeing that actually play out right now on air with the launch of the new products going on at same as Best Deal Ever.

然後，當您想到有史以來最好的交易時，這只是我們庫存中的一部分，兩者都具有知名的價值。我們已經做到了。我們已獲得數週的提升。我們有緊急披薩外帶小貼士，所有這些我們每年都會想出新點子，以重新創造價值。但從某種程度上來說，這確實是值得擁有的。然後我們要做的是繼續將這種知名的價值與最美味的食物結合。因此，您實際上正在觀看電視上播出的新產品發表會，同時播放的是史上最佳交易節目。

The other thing that's really interesting about Best Deal Ever, yes, it is a great price point. But the amazing thing is when you talk to consumers, when they're able to build any pizza, they want to build, they come and their takeaway is not only that it's a good price, but they actually think the food taste even better. And so this is not just a value-driven promotion. It's a most delicious food promotion, and we'll continue to weigh that with all the other strong things that we've got on our calendar in our arsenal for the future.

關於「史上最佳交易」的另一個真正有趣的事情是，是的，它的價格非常優惠。但令人驚訝的是，當你與消費者交談時，當他們能夠製作任何他們想要製作的披薩時，他們就會來，而且他們不僅因為外賣價格合理，而且他們實際上認為食物味道更好。所以這不僅僅是價值驅動的促銷。這是一次最美味的食品促銷活動，我們將繼續權衡未來日程表中所有其他強有力的活動。

David Tarantino, Baird.

大衛·塔倫蒂諾，貝爾德。

Russell, I think you mentioned in your prepared remarks your confidence in delivering 3% comps in 2026 and beyond. And a common narrative on Domino's is that this year had a lot of sales drivers that are going to be tough to lap. So I just wanted to ask you to maybe explain your thought process on how the next few years could evolve and why you're so confident that 3% is the right number going forward?

拉塞爾，我想您在準備好的演講中提到了您對在 2026 年及以後實現 3% 的同比增長的信心。關於達美樂的一個普遍說法是，今年有很多銷售驅動因素將難以克服。所以我只是想請您解釋一下您對未來幾年將如何發展的思考過程，以及為什麼您如此有信心 3% 是未來的正確數字？

Yes. Thanks a lot for the question. I think some of the reason for the question is maybe we run our business a little bit different than other restaurants. This is not a company that does a lot of limited time offers. And so when we launch a product, we launch it because we know it's good enough to stay on the menu and we know it can build over time.

是的。非常感謝您的提問。我認為提出這個問題的原因可能是我們的經營方式與其他餐廳略有不同。這不是一家提供大量限時優惠的公司。因此，當我們推出一款產品時，我們之所以推出它，是因為我們知道它足夠好，可以保留在菜單上，而且我們知道它可以隨著時間的推移而發展。

And that's for menu items and value items. An example, is our loyalty program. We relaunched our loyalty program in '23. It was bigger in '24 than it was in '23 and it will be bigger in '25 than it will be in '24. And David, I think that's the approach to some of these other ones.

這是針對菜單項目和價值項目的。一個例子就是我們的忠誠度計劃。我們在 2023 年重新啟動了忠誠度計畫。24 年的規模比 23 年的規模更大，25 年的規模也將比 24 年的規模更大。大衛，我認為這也是解決其他一些問題的方法。

I just talked earlier about aggregators and how, over time, we're going to get to our fair share, but we're not there yet. So it's not like we launched and hit our maximum for aggregators, for stuffed crust, for loyalty for any of these things. What happens is they become part of our base for our future where we continue to come back to them and grow and then add things on top of that. If this was an LTO business, then I think people would need to worry because you're launching something and you're taking away and you got to build on it. This is part of our base and part of our growth moving forward.

我剛才談到了聚合器，以及隨著時間的推移，我們將如何獲得公平的份額，但我們還沒有達到這一目標。因此，我們並沒有推出並達到聚合器、餡餅皮或任何這些東西的忠誠度的最大值。它們會成為我們未來的基礎的一部分，我們會繼續回到它們身邊，發展它們，然後在它們的基礎上添加新的東西。如果這是一項 LTO 業務，那麼我認為人們需要擔心，因為你正在推出某樣東西，你正在拿走它，你必須在此基礎上繼續發展。這是我們的基礎的一部分，也是我們未來成長的一部分。

Gregory Francfort, Guggenheim.

古根漢美術館的格雷戈里·弗蘭克福特。

Russel, I just wanted to ask maybe going back to Best Deal Ever. The $9.99 price point is a couple of bucks higher than some of your existing value programs. And how did customers use $9.99 versus the other two major platforms? And is there a possibility that you would maybe more permanently shift people shift the customer up a couple of bucks, but give them more and maybe make it a more permanent piece of the menu?

拉塞爾，我只是想問一下是否可以回到有史以來最好的交易。9.99 美元的價格比一些現有的價值計劃高出幾美元。那麼與其他兩個主要平台相比，客戶使用 9.99 美元的情況如何？有沒有可能，你會更永久地改變人們的觀念，給顧客增加幾塊錢，但給他們更多，也許讓它成為菜單上更永久的一部分？

Yes, Greg, I -- when I explained what we're doing with Best Deal Ever, sometimes, I -- my simple explanation is like opening up an ice cream store. If depending on your preference, your first flavor is probably either going to be chocolate or vanilla, and then the other one is going to come in and then maybe your strawberry. You're not going to do a vanilla and then a French vanilla as your second flavor.

是的，格雷格，當我解釋我們在“史上最佳交易”中所做的事情時，有時，我——我的簡單解釋就像開一家冰淇淋店。如果取決於您的喜好，您的第一種口味可能是巧克力或香草，然後是另一種，然後可能是草莓。您不會先嘗試香草味，然後再嘗試法國香草味作為第二種口味。

And that's kind of what we're doing with our deals right now. The mix and match at $6.99, those are medium pizzas. And other items are available on the menu sandwiches, pastas salads, all those types of things. The large customers is like that chocolate ice cream added to the vanilla. We're going after somebody else. We're going after someone who may not want all that food could be a smaller eating occasion and is willing to pay a little bit more for what they want. I think this is a really important point. And maybe we can address that later as well.

這就是我們現在正在做的事情。混合搭配的價格為 6.99 美元，這些是中等大小的披薩。菜單上還有其他食物，像是三明治、義大利麵、沙拉等等。大客戶就像是香草冰淇淋裡添加了巧克力冰淇淋。我們要去追捕其他人。我們的目標客戶是那些可能不想吃那麼多東西、吃飯場合較少並且願意為他們想要的東西多付一點錢的人。我認為這是一個非常重要的觀點。也許我們稍後也可以解決這個問題。

I think one of the reasons, Domino's, we had the quarter we had is, yes, Sandeep talked about their pressures right out there in QSRs today. And one of them is economic, but I think the other is what is being offered and not being offered by restaurants out there. I think consumers are looking at deals and saying, well, this is a deal you want to give me. This is not the deal I want -- and with us delever, we're giving them the deal they want because they can create any pizza they want.

我認為，達美樂在本季表現出色的原因之一是，是的，桑迪普今天談到了他們在 QSR 中面臨的壓力。其中一個是經濟因素，但我認為另一個因素是餐廳提供和不提供的服務。我認為消費者在考慮交易時會說，好吧，這是你想給我的交易。這不是我想要的交易——通過去槓桿，我們給了他們想要的交易，因為他們可以製作任何他們想要的披薩。

So these two deals, mix and match and Best Deal Ever were complementary to each other, which is, I think, why we got the quarter that we got.

因此，這兩筆交易，混合搭配和史上最佳交易是相輔相成的，我認為這就是我們獲得該季度業績的原因。

Danilo Gargiulo, Bernstein.

達尼洛·加吉烏洛，伯恩斯坦。

Great. Thank you. Russell, a very quick clarification and then a question. So the clarification is you mentioned that you have not reached the maximum along some of the innovations that you had launched. And so I was wondering if you have already reached the same 15% sales mix on the stuffed crust piece, given that it's been out for almost six months now. And if not, are you planning to do any tweaks to the go-to-market or product to be able to reach that 15%?

偉大的。謝謝。拉塞爾，請快速澄清一下，然後提問。因此需要澄清的是，您提到您推出的一些創新尚未達到最大化。所以我想知道，考慮到這款派皮產品已經推出近六個月了，你們的派皮產品的銷售比例是否已經達到了同樣的 15%。如果沒有，您是否計劃對行銷或產品進行一些調整以達到 15% 的目標？

And then the real question is, you were talking about short value, right, and renown value. And we've seen some peers being fairly successful in launching the six-inch personal pizza at a very sharp price points, capturing individual consumers, growing lunch day parts and what not. So this is one aspect that is still not available on your menu. So is there a strategic rationale like your real estate margin sustainability and whatnot that could present or that has presented Domino's from launching it.

那麼真正的問題是，您談論的是短期價值，對吧，以及聲譽價值。我們看到一些同行在以非常優惠的價格推出六英寸個人披薩方面取得了相當大的成功，吸引了個人消費者，增加了午餐份量等等。因此，這是您的菜單上仍然沒有提供的一方面。那麼是否存在戰略理由，例如您的房地產利潤可持續性等等，可以呈現或已經呈現給達美樂推出它。

Yes. Thanks a lot, Danilo. We had really high expectations for Stuffed Crust, both from a mix, bringing in consumers new consumers and also operationally from our franchisees. And those high expectations were met both during launch and since then, I've got actually a fun statistics. I'll throw out. It will be interesting to see what projections are on this one.

是的。非常感謝，達尼洛。我們對 Stuffed Crust 抱有很高的期望，無論是從整體上，為消費者帶來新消費者，還是從特許經營者的營運角度。這些很高的期望在發佈時就得到了滿足，從那時起，我實際上得到了一個有趣的統計數據。我就丟掉。看看對此有何預測將會很有趣。

But if you -- if we -- to give you a sense of how much stuffed crust we sold is, if you took all the cheeses that are in the stuffed crust, that string cheese and you line them up next to each other, you would wrap around the earth and still have a lot left over. So we'll see what that means that model, if I'm not going to tell you it's the 15% that you asked or not. But I'll tell you, we were really happy with this launch. We're absolutely going to come back and talk to it in the future.

但如果你——如果我們——讓你了解我們賣出了多少奶酪皮，如果你把奶酪皮里的所有奶酪都拿出來，把奶酪串排成一排，可以繞地球一圈，還會剩下很多。因此，我們將看看該模型意味著什麼，如果我不告訴你它是否是你要求的 15%。但我要告訴你，我們對這次發布感到非常高興。我們將來一定會再回來討論這個問題。

As far as renowned value in the individual pizzas, we've got a lot of items right now that are for individuals that are on our mix and match. We've got sandwiches and pastas and salads and chicken and all those pieces. When we decide what we promote, Danilo, we make decisions based on the numbers and what it's going to deliver. And these smaller kind of lunch single person, they are opportunities, but the opportunities we have that we put our money behind the lease right now are much bigger than that, we think. And that's why you're seeing some of the results that you're seeing in our business.

就單一披薩的知名價值而言，我們現在有很多適合個人混合搭配的商品。我們有三明治、義大利麵、沙拉、雞肉和所有這些食物。達尼洛，當我們決定要推廣什麼時，我們會根據數字和它將帶來什麼來做出決定。這些規模較小的單人午餐機會是機會，但我們認為，我們現在投入資金租賃的機會要大得多。這就是為什麼您會看到我們業務中的一些成果。

So we've got the options there, but we're putting more of our money, we're kind of pouring gas on the fire, where it's burning.

因此，我們有選擇，但我們投入了更多的資金，就像火上澆油一樣。

John Ivankoe, JPMorgan.

摩根大通的約翰‧伊凡科。

Obviously, there's a lot of pushes and pulls in terms of franchise economics. And your underlying return on investment for the aggregate units in the US were obviously quite strong. But my question is really around US unit development over the next several years, ending the quarter at around 7,100 units. I think 7,700 is the target in fiscal '28. Remind me on that. And 8,500 in the TAM.

顯然，特許經營經濟方面存在著許多推拉因素。而且您在美國整體單位的潛在投資報酬率顯然相當高。但我的問題實際上是關於未來幾年美國的單位發展情況，本季末的單位數量約為 7,100 個。我認為 28 財年的目標是 7,700。提醒我這一點。TAM 中有 8,500 個。

So how are you thinking, I guess, firstly, about that 8,500, when can we get there. And maybe in terms of thinking about more near-term visibility, do we expect linear growth in '26, '27, '28, if there's a kind of an early indication about the pace of US unit development given what you're seeing on a trade area by trade area basis.

那麼，我想，您是怎麼想的呢？首先，關於那 8,500，我們什麼時候可以達到這個目標。也許從近期可見性的角度考慮，如果根據你對各個貿易區的情況看到美國單位發展速度的早期跡象，我們是否預計 26、27、28 年會出現線性增長。

John, it's Sandeep. So look, I think the franchise economics side, as you pointed out, our economics are very compelling. And I think the appetite from franchisees continues to be very strong, which is why the pipeline visibility this year, frankly, a little bit better than last year at the same time, and we're very confident of the 175 stores we're talking about for this year. And really, the algorithm was based on 175-plus a year through 2028. And we see a good line of visibility based on the economics that we're generating and the white space opportunities that we see, whether they're split stores or whether they're greenfield stores, to see that we have a good line of visibility to the 7,700-ish number on 2028.

約翰，我是桑迪普。所以，我認為特許經營經濟方面，正如你所指出的，我們的經濟非常引人注目。我認為特許經營商的興趣持續強勁，這就是為什麼今年的通路可見度比去年同期要好一點，而且我們對今年談論的 175 家門市非常有信心。事實上，該演算法是基於到 2028 年每年 175 多個病例的預測。根據我們創造的經濟效益和我們看到的空白機會，我們看到了一條很好的可見線，無論它們是分體商店還是綠地商店，我們都可以看到我們在 2028 年對 7,700 左右的數字有很好的可見性。

In terms of the 8500, I'll go back to something that Russell said during the Investor Day, which is we've had long-term targets multiple times over the years, but somehow they start getting bigger and bigger over time. Why? Because what we take into consideration when we're coming up with those long-term markets is the current competitive environment. What has been happening consistently over the past decade is we've been taking share consistently. Competitor stores are closing, we are opening up stores, and actually that opens up even more opportunity for us to open up even more stores around what the stores we're opening it.

關於 8500，我想回顧一下 Russell 在投資者日上說過的話，那就是多年來我們多次設定長期目標，但不知何故，隨著時間的推移，這些目標開始變得越來越大。為什麼？因為我們在製定這些長期市場時考慮的是當前的競爭環境。過去十年來，我們一直在不斷佔領市場份額。競爭對手的商店正在關閉，而我們正在開設商店，實際上，這為我們在我們所開設的商店周圍開設更多商店提供了更多機會。

So that 8,500 is a perspective based on where we were in 2023, two years on, you know what's been happening. We gained a couple of points of share, number of competitor stores have closed. That is expected to continue happening over the remaining few years of the Hungry for MORE timeframe of 2028 and probably beyond. And so that's how we look at the full potential number of stores, and I think it evolves over time, and we feel very bullish about.

所以 8,500 是基於我們 2023 年的情況而得出的預測，兩年後，你知道發生了什麼事。我們的市佔率增加了幾個百分點，許多競爭對手的商店都關門了。預計這種情況將在 2028 年剩餘的幾年內甚至更久以後繼續發生。這就是我們對全部潛在門市數量的看法，我認為它會隨著時間的推移而發展，我們對此非常樂觀。

Yes. I'll just -- just kind of -- that builds, Sandeep, on what I was talking about before is even at a time where maybe restaurant traffic is pressured. That's actually good for Domino's. One is we know we can provide value to our customers when other folks can't. But we think we're going to emerge from that stronger and probably our competitors weaker, which is what why that opens up, this is a long-term game for us, and we get excited about that.

是的。我只是——只是有點——桑迪普，基於我之前談論的內容，即使在餐廳客流量可能面臨壓力的時候。這對達美樂來說其實是件好事。一是我們知道當其他人無法提供價值時，我們可以為客戶提供價值。但我們認為，我們將從中脫穎而出，變得更強大，而我們的競爭對手可能會變得更弱，這就是為什麼這對我們來說是一場長期的比賽，我們對此感到興奮。

I think I'll add just to add to John's question, what makes me excited about our builds this year is we broaden our builder base. And so we've got a lot of smaller franchisees who are now adding to that base. So we have more people than we did prior years, building stores, which just talks about not only the health of our business, kind of broad-based, but our ability to handle when you got more people opening, it's easier to hit those store numbers.

我想補充約翰的問題，讓我對今年的建設感到興奮的是，我們擴大了建設者基礎。因此，我們有許多規模較小的特許經營商正在擴大我們的特許經營基礎。因此，與前幾年相比，我們有更多的人來開設商店，這不僅說明了我們業務的健康狀況，而且是廣泛的，而且當有更多人開設商店時，我們的處理能力也更強，更容易達到這些商店數量。

Lauren Silberman, Deutsche Bank.

勞倫·西爾伯曼，德意志銀行。

I have a two-part question. Just starting on the consumer environment, you guys have been calling out the macro challenges with the consumer since the back half of '24, which we've seen throughout the industry. It sounds like it's incrementally worse. What do you think is driving that weakness more recently in restaurants just broadly?

我有一個由兩個部分組成的問題。從消費者環境開始，你們從 2024 年下半年就一直在呼籲消費者面臨的宏觀挑戰，我們已經在整個產業中看到了這一點。聽起來情況越來越糟了。您認為近期餐飲業普遍疲軟的原因是什麼？

And then the follow up to that is just help level set 4Q expectations, if the macro remains as challenging as you've seen to start the quarter, is 4Q coming in below a 3% comp. Just trying to understand how significant the macro detail is?

然後，後續措施只是幫助設定第四季度預期，如果宏觀經濟仍然像您在本季度開始時看到的那樣具有挑戰性，那麼第四季度的成長率將低於 3%。只是想了解宏觀細節有多重要？

Yes. So I think your question is really good, Lauren, and I think your keyed in on what we've been talking about that really speaking, we saw the macro get really tough starting around the back half of last year in 2024, starting in really in Q3. And I think as we kind of came out of '24 and built our expectations for '25, our base expectations were going to be tough macro. And that's why we've been talking about a tough macro is something we've been paying attention to all along. And so far this year, the macro really has paced as we expected it to in the first three quarters.

是的。所以我認為你的問題非常好，勞倫，而且我認為你正好切中我們一直在談論的話題，實際上，我們看到宏觀經濟從去年下半年開始變得非常艱難，也就是從 2024 年第三季度開始。我認為，當我們走出 24 年並建立對 25 年的期望時，我們的基本預期將是宏觀的。這就是為什麼我們一直在談論艱難的宏觀經濟，這是我們一直在關注的事情。今年到目前為止，宏觀經濟在前三個季度確實按照我們的預期發展。

The -- what we're really pointing out to is in the fourth quarter, we started seeing a slowing across the restaurant industry broadly relative to where Q3 was. And we're pointing it out. And look, I mean, if it intensifies even further, knowing that we're up against a tough macro environment last year. That could put pressure on our full year same-store sales number. So that's been realistic about it.

我們真正要指出的是，在第四季度，我們開始看到整個餐飲業相對於第三季而言普遍出現放緩。我們正在指出這一點。我的意思是，如果它進一步加劇，那麼我們就知道去年我們面臨嚴峻的宏觀環境。這可能會對我們全年同店銷售額帶來壓力。所以這是現實的。

But what we have is a slate of initiatives where we can control our destiny with those initiatives, but the macro, if it gets incrementally worse could be a pressure.

但是，我們已經採取了一系列舉措，可以透過這些舉措來控制我們的命運，但是，如果宏觀情況逐漸惡化，可能會帶來壓力。

And I'd just add to that, kind of repeating what I said before, maybe in a different way is that short-term category pressure leads to long-term opportunity for us and short-term share growth. Thanks, Lauren.

我只是想補充一點，重複我之前說過的話，也許以不同的方式，短期類別壓力會給我們帶來長期機會和短期份額增長。謝謝，勞倫。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Great. Maybe I just wanted to ask a big picture on the pizza category. I think the pizza category was -- you guys were commenting that it was about flat for the first half of the year and now seems to be up before maybe weakening a little bit or the entire industry weakening in the fourth quarter. I was hoping you could give us a little bit more color maybe in the third quarter, that acceleration, what you're seeing by maybe income cohorts, geographies, dayparts, just trying to understand maybe what changed? Or kind of where the acceleration is coming from in 3Q?

偉大的。也許我只是想問一下披薩類別的整體情況。我認為披薩類別是——你們評論說今年上半年基本上持平，現在似乎有所上升，然後在第四季度可能會略有減弱，或者整個行業都會減弱。我希望您能為我們提供更多細節，例如第三季的加速情況，以及您所看到的收入群體、地理、時段等，只是想了解可能發生了什麼變化？或是第三季的加速來自哪裡？

Yes. The income cohort pressure on the lower income customers had been seen kind of throughout restaurants, what I think, speaks to the kind of renowned value we have out there is we actually were up amongst all income groups for the quarter, and that's our second quarter in a row where we're up against the lower-income customers. So no matter what pressures out there, we seem to be breaking the trend.

是的。低收入顧客的收入群體壓力在各個餐廳中都可以看到，我認為這說明了我們的品牌價值，本季度我們在所有收入群體中的銷售額實際上都有所上升，這是我們連續第二個季度面對低收入顧客。因此，無論面臨何種壓力，我們似乎都在打破這個趨勢。

And Pete, what I'll add is you rightly pointed out that we're now at 1% year-to-date, and there was an acceleration in the category a little bit compared to the first half of the year. And really, this gets us very close to our 1% to 2% historical growth rate. So the pizza category is continuing to grow kind of in the range of what we expected when we set out the hungry for more algorithm and our plans are constructed around that. So I just -- I think that was an important point to make because a lot of some of the questions I was getting was is the pizza category declining, and it's not true. I mean it's up slightly up 1%, which is close to our history.

皮特，我想補充的是，你正確地指出，今年迄今為止我們的成長率為 1%，與今年上半年相比，這一類別的成長略有加快。事實上，這使我們非常接近 1% 到 2% 的歷史成長率。因此，披薩類別的成長範圍與我們在製定飢餓演算法時的預期一致，我們的計畫也是圍繞著這一點制定的。所以我只是——我認為這是一個重要的觀點，因為我收到的許多問題是披薩類別是否正在衰落，但事實並非如此。我的意思是它略微上漲了 1%，這接近我們的歷史水平。

Chris O'Cull, Stifel.

克里斯·奧卡爾 (Chris O'Cull)，Stifel。

This is Patrick on for Chris. My question was on carryout. I mean you had a nice sequential pickup in the comp. The two-year stack was really healthy this quarter. I was curious if you were able to just disaggregate where that growth was coming from?

這是派崔克，代替克里斯。我的問題是關於外帶的。我的意思是，你在比賽中取得了不錯的連續進步。本季的兩年期堆疊確實很健康。我很好奇，您是否能夠分解出這種成長的來源？

And how much is higher frequency versus new customer acquisition. But additionally, I know historically, you said that there hasn't really been much crossover between carryout and delivery. And just given some of the broader softness in the environment, especially that you're seeing at the beginning of the fourth quarter, I mean, is there any evidence that some delivery customers, maybe even on the lower end of the income spectrum for that channel may be increasingly opting for carryout?

更高的頻率與新客戶獲取量相比有多大關係？但此外，我知道從歷史上看，您說過外賣和送貨之間實際上並沒有太多的交叉。考慮到整體環境的疲軟，尤其是您在第四季度初看到的情況，是否有證據表明一些外賣客戶，甚至是該管道收入較低的客戶，可能會越來越多地選擇外賣？

Yes. So I think, look, on the carryout business, we're just really excited about where the momentum is taking our business and we even talked about it on the last call when we had, I think, 5.8% memory serves me right on same-store sales. And now we have an 8.7%, fantastic.

是的。所以我認為，就外賣業務而言，我們對業務的發展勢頭感到非常興奮，我們甚至在上次電話會議上談到了這一點，我記得當時我們的同店銷售額增長了 5.8%。現在我們的比率已經達到 8.7%，太棒了。

And -- but the drivers of carryout were everything that we talked about in the prepared remarks, Best Deal Ever was a huge factor. Parmesan Stuffed Crust is a huge factor. The compounding impact on the loyalty program that we talked about in the last call continues to be a factor. We -- Russel just talked about the fact that our loyalty database continues to build upon itself. That's the compounding impact that you're seeing so clearly on the carryout business.

而且——但外帶的驅動因素是我們在準備好的評論中討論的一切，有史以來最好的交易是一個巨大的因素。帕瑪森起司餡皮是一個重要因素。我們在上次電話會議中談到的對忠誠度計畫的複合影響仍然是一個因素。我們——拉塞爾剛才談到我們的忠誠度資料庫正在不斷自我建構。這就是您在外賣業務中清楚看到的複合影響。

And look, we always look at that crossover between carryout and delivery. And we really haven't seen a shift on that crossover somewhere in the mid teens. And so I think as far as we're concerned, we're getting off an incremental customer for the most part and building their frequency behind all the initiatives that we have.

而且，我們總是關注外帶和外送之間的交叉。但我們確實沒有看到這種交叉在十幾歲左右發生轉變。因此，我認為就我們而言，我們主要是為了獲得增量客戶，並在我們所有的舉措背後建立他們的頻率。

Yes. And that carryout number is more of a share growth within carryout than it is taking folks from delivery to carry out. I think also, Sandeep talked about our initiatives, but you'll remember, for example, when we talked about the relaunch of loyalty, there was intent, there was purpose behind that. We did the program because the original program that was launched in 2015, was more of a delivery program was more of a program for delivery customers who are high-frequency customers, higher ticket customers. And so a lot of the growth we're seeing is because of the changes we made in the loyalty program as well as Best Deal Ever and Stuffed Crust.

是的。而且，外送數量的增長更多的是外賣內部份額的增長，而不是從送貨到外賣的人數的增長。我還認為，桑迪普談到了我們的舉措，但你會記得，例如，當我們談到重新啟動忠誠度時，這是有意圖的，背後是有目的的。我們實施該計劃是因為 2015 年推出的原始計劃更像是一個送貨計劃，更是一個針對高頻客戶、高價位客戶的送貨計劃。因此，我們看到的許多成長都是因為我們對忠誠度計劃以及「史上最佳優惠」和「Stuffed Crust」所做的改變。

Andrew Charles, TD Cowen.

安德魯查爾斯 (Andrew Charles)，TD Cowen。

I was wondering if you could help us understand your confidence in the compounding impact of aggregators in 2026 as it's unclear in the 2.5% delivery same-store sales this quarter that you're seeing a second year of growth within Uber sales?

我想知道您是否可以幫助我們了解您對 2026 年聚合器的複合影響的信心，因為本季度 2.5% 的同店配送銷售額增長尚不清楚您是否看到 Uber 銷售額連續第二年增長？

Yes. The Uber sales are absolutely within our expectations. We're now fully on with DoorDash in Q3. And so we're just getting started to Q4 into 2026. We expect aggregators to continue to grow.

是的。Uber 的銷售量完全符合我們的預期。我們在第三季全面投入 DoorDash 業務。因此，我們才剛開始進入 2026 年第四季。我們預計聚合器將繼續成長。

I see no reason, Andrew, why if we are one out of every three pizza deliveries off aggregators why we can't be that on because what works on these platforms is what works on -- off the platforms, which is scale, price kind of delivery times, and location. We own the delivery experience there. So we've got a lot of confidence and a lot of room to grow over the last -- over the next couple of years. Also makes you realize that a lot of what you saw at least in this quarter with the positive delivery number, while certainly aggregators were a piece of it.

安德魯，我看不出有什麼理由，如果我們在披薩外賣聚合器上佔據了三分之一的份額，為什麼我們不能做到這一點，因為在這些平台上行得通的，在平台外也行得通，即規模、價格、送貨時間和位置。我們擁有那裡的送貨經驗。因此，我們對過去以及未來幾年的發展充滿信心，並且擁有很大的成長空間。這也讓你意識到，至少在本季你看到的很多都是正交付數字，而聚合器肯定是其中的一部分。

The two biggest things we're kind of -- I hate using the word self-help, but call it self-inspired initiatives in Best Deal Ever and Stuffed Crust. So I love the health at which we grew our delivery business this quarter.

我們做的最重要的兩件事是——我不喜歡用「自助」這個詞，但我稱之為「Best Deal Ever」和「Stuffed Crust」中的自我啟發舉措。因此，我很高興看到本季我們的配送業務健康地成長。

And Andrew, I'm just going to point out something that we've talked about previously, to Russell's point, Uber is tracking where we expected it to, and we're very happy with that. But if you look at the cadence with which Uber built last year, it took time, it kind of steadily built over the course of the year. And this is the first quarter -- first full quarter that we've been on DoorDash. So it's going to slowly build over time. And I think that's why we expect that compounding impact to move all the way through 2026 and we're going to have even more time on Uber in addition to DoorDash, getting to a point where it's fully annualized as well.

安德魯，我只是想指出我們之前討論過的事情，對於拉塞爾的觀點，Uber 正在按照我們預期的方向發展，我們對此感到非常高興。但如果你看看 Uber 去年的發展節奏，你會發現它花了一些時間，而是在一年的時間裡穩步發展。這是第一季——我們在 DoorDash 上的第一個完整季度。因此它會隨著時間的推移而慢慢建立。我認為這就是為什麼我們預計複合效應將持續到 2026 年，除了 DoorDash 之外，我們還將在 Uber 上投入更多時間，最終達到完全年度化的程度。

So we feel really good about the aggregator business, and we really want to manage the delivery business as one whole understanding that there's going to be 1P and 3P dynamics.

因此，我們對聚合業務感到非常滿意，我們確實希望將配送業務作為一個整體來管理，了解將會有 1P 和 3P 動態。

Yes. And Andrew, back to the question from earlier, we're not going to -- we're going to price competitively, but we're not going to be irrational in pricing. And so we're going to grow at a steady rate on this channel. And I think to -- I know to compete here in the long term in a sustainable way, you have to offer discounts that you can sustain. And we can absolutely do that.

是的。安德魯，回到之前的問題，我們不會——我們會制定有競爭力的價格，但我們不會在定價上不合理。因此，我們將在這個管道上保持穩定的成長。我認為——我知道要在這裡長期可持續地競爭，你必須提供能夠維持的折扣。我們絕對可以做到這一點。

Christine Cho, Goldman Sachs.

高盛的 Christine Cho。

So really excited to hear about your first brand refresh in 13 years. Could you walk us through some of your major considerations here? What's specifically triggered the decision that now is the right time? And are you able to share kind of any additional color related to timeline, required investments, and how it will be split between you and your franchisees.

非常高興聽到您 13 年來首次進行品牌更新。您能否向我們介紹您的一些主要考慮因素？是什麼具體促使你做出現在是對時機的決定？您能否分享與時間表、所需投資以及您和您的加盟商之間如何分配相關的任何其他資訊？

Yes, Christine, thanks. The last time we did the brand refresh 13 years ago, I was the Chief Marketing Officer. And I can just say I'm jealous at what Kate Trumbull and the team have done with this brand refresh. They've just really taken it to the next level. And it's really -- it was kind of inspired by our Hungry for MORE strategy and what we saw that we were doing really well, which is driving renowned value, we are Hungry for MORE.

是的，克里斯汀，謝謝。上次我們進行品牌更新是在 13 年前，當時我是首席行銷長。我只能說，我很嫉妒凱特·特倫布爾和團隊為這次品牌更新所做的努力。他們確實將其提升到了一個新的水平。這確實受到了我們「渴望更多」策略的啟發，我們看到我們做得很好，這推動了知名價值，我們「渴望更多」。

And what we saw that we had a little bit more opportunity to do, which is to drive perceptions, not actual, but perceptions around our deliciousness. And so what you'll see that the team did is kind of reinvent ourselves from -- with our color palette, food photography that we've just never had before, and doing everything we can to drive deliciousness. The research that we have shows that there is not a brand out there in restaurants that does both deliciousness and value very well. And we know that if we can do that, we're in territory all by ourselves. And then just at the end of the day, when you realize that the middle of your name Domino's has “MMM”- you also realize you hit the jackpot.

我們發現，我們有更多的機會去做，那就是推動人們的看法，不是實際的看法，而是圍繞著我們美味的看法。所以你會看到，團隊所做的就是徹底改造自己——採用我們以前從未有過的調色板、食物攝影，並盡一切努力創造美味。我們的研究表明，目前還沒有一個餐廳品牌能夠兼顧美味和價值。我們知道，如果我們能做到這一點，我們就能夠獨自佔據主導地位。然後就在一天結束的時候，當你意識到你的名字 Domino's 中間有“MMM”時，你也意識到你中了大獎。

And so this is really a culmination of how we promote, which was a strategy coming to life in something that consumers can hear, can see, and taste every day.

因此，這其實是我們推廣方式的巔峰，這項策略透過消費者每天都能聽到、看到和嚐到的東西得以實現。

Brian Harbour, Morgan Stanley.

摩根士丹利的布萊恩‧哈伯。

Maybe just your comments about some of the pressures picking up more recently, last four or six weeks or whatever. Is there any texture you'd add to that as you look at your own business, whether it's certain customer groups? Any differences delivery versus carryout or third-party delivery. Could you expand on that a bit?

也許您只是對最近四周或六週或其他時間出現的壓力有所評論。當您審視自己的業務時，您是否會添加任何紋理，無論它是否是特定的客戶群？送貨上門與外帶或第三方送貨上門之間是否有任何差異。能稍微詳細說明一下嗎？

Yes. So Brian, I think -- look, the comments that we made about what we've seen across the restaurant industry were really broad and intended to be what we're seeing from a macro perspective and certainly a sequential slowing. I think we typically don't talk about current quarter trends, and we're not going to do that on the call over here. But we're just pointing out that there has been an intensifying of the macro environment. And that's just a factor that's out there that we got to keep monitoring. We -- our initiatives won't change. They're going to be what they were planned to be, but it's -- that's pretty much where we are.

是的。所以布萊恩，我認為——你看，我們對整個餐飲業所見所聞的評論非常廣泛，旨在說明我們從宏觀角度所看到的，當然還有連續的放緩。我認為我們通常不會談論當前季度的趨勢，我們也不會在電話會議上談論這一點。但我們只是指出宏觀環境已經變得更加緊張。這只是我們必須持續監控的因素。我們的舉措不會改變。它們將會按照計劃進行，但這就是我們現在的狀況。

And I realize I didn't answer the second part of Christine's question from before on how the costs are split. All of the rollout for the new campaign is funded by our national advertising fund, which is a 6% fee that our franchisees pay in. So it's fully funded by them.

我意識到我之前沒有回答克里斯汀關於費用如何分攤的問題的第二部分。新活動的所有推廣費用均由我們的國家廣告基金資助，即我們的特許經營商支付的 6% 的費用。所以它完全由他們資助。

Alex Slagle, Jefferies.

傑富瑞的亞歷克斯·斯拉格爾。

Question on your expectations for the balance between the carryout growth you're seeing the delivery growth and then also between traffic and check and just how has this played out relative to your expectations and whether you see this balancing out a bit more as you head into 4Q or '26.

Q：您對於外帶成長與配送成長以及客流量和帳單之間的平衡的預期，以及相對於您的預期，這種情況如何，以及您是否認為在進入第四季度或 26 年時，這種情況會更加平衡。

Yes, Alex, I think we've talked about this from the beginning of the year, and this is the year that we expect to see balanced comp growth between ticket as well as order count. Clearly, we're doing things like Best Deal Ever in addition to aggregators that actually are beneficial to order count. We're doing things like Parmesan Stuffed Crust, which are beneficial ticket with a higher price point. So there's a good balance that's out there.

是的，亞歷克斯，我想我們從年初就討論過這個問題，今年我們預計票房和訂單數量將實現平衡增長。顯然，除了聚合器之外，我們還在做諸如「史上最佳交易」之類的事情，這實際上有利於訂單數量。我們正在製作像帕瑪森起司餡皮這樣的產品，它們價格較高，很划算。因此，存在著良好的平衡。

And I think in terms of delivery and carryout, we expect to be growing both. But the key over here is we're not going to show our cards on exactly how much we're going to grow each because some of the initiatives maybe started to one channel versus the other, and we don't want to tip our hand to our competitors. But overall, there's going to be a whole very balanced approach to how we think this through over time, whether it's in Q4 or beyond in 2026.

我認為，就送貨和外賣而言，我們預計兩者都會成長。但關鍵在於，我們不會透露具體的成長幅度，因為有些計畫可能只針對一個管道而不是另一個管道，我們不想向競爭對手透露我們的計畫。但總的來說，無論是在第四季還是 2026 年以後，我們都會採取一種非常平衡的方式來思考這個問題。

Sara Senatore, Bank of America.

薩拉·參議員，美國銀行。

Isiah Austin on for Sarah. Just wanted to ask a quick question around DoorDash. I know it's only been one full quarter. But when you're looking at incrementality, is that still around that 50% range that you were anticipating previously? And do you see any real distinction so far between the DASH and the Uber Eats customer? And that will do it.

伊賽亞·奧斯汀替換莎拉上場。只是想問一個有關 DoorDash 的簡單問題。我知道這才剛過去一個季度。但是當您考慮增量時，它是否仍然在您之前預期的 50% 左右的範圍內？到目前為止，您是否發現 DASH 和 Uber Eats 客戶之間有任何真正的區別？這樣就行了。

Yes. We're -- obviously, it's early in the game, and we feel pretty confident on the 50% incrementality number. There's -- the differences that we're seeing are ones that we expected going in. Uber tends to be a little bit more urban, DoorDash a little bit more rural and a little higher income on Uber than DoorDash. But obviously, DoorDash is bigger than Uber.

是的。顯然，現在還處於早期階段，我們對 50% 的增量數字非常有信心。我們看到的差異正是我們預料到的。Uber 更傾向於城市化，DoorDash 更傾向於鄉村化，而且 Uber 的收入比 DoorDash 高一些。但顯然，DoorDash 比 Uber 規模更大。

So we'd expect more volume to come through that channel over time.

因此，我們預計隨著時間的推移，透過該管道的交易量會更大。

Jeff Bernstein, Barclays.

巴克萊銀行的傑夫伯恩斯坦。

Great. Just a question looking outside the US as we close 2025 here. Just wondering if you have any initial thoughts that you can share on your confidence in reaccelerating that international unit growth, I think, in '24 and now in '25, you're talking about maybe 615 units net, which is just sub 4% growth I know that's below your long-term 975 net annually. And I think DPE is seemingly the greatest headwind.

偉大的。當我們即將迎來 2025 年時，這只是一個關於美國以外問題的問題。我只是想知道您是否有任何初步想法可以分享您對重新加速國際單位成長的信心，我認為，在 24 年和現在的 25 年，您談論的可能是 615 個單位的淨值，這只是低於 4% 的增長率，我知道這低於您長期的每年 975 個淨值。我認為 DPE 似乎是最大的阻力。

So any early color as we assume new unit growth visibility is probably better than comp. So I assume there's some at least idea as to where that directionally could go next year versus this year?

因此，我們假設新單位成長可見性的任何早期顏色可能比同類顏色更好。因此我認為至少可以知道明年和今年的發展方向是什麼？

Yes. Maybe I'll start off macro and then Sandeep feel free to add. I mean, yes, you're certainly right. We are working with DPE right now to drive sales, particularly in France and Japan, but throughout their markets because that drives profitability and sales and profitability we get store growth. And so as that continues to go and as they continue to get more confidence, we'll have some more visibility into their growth.

是的。也許我會從巨集開始，然後 Sandeep 可以隨意添加。我的意思是，是的，你確實是對的。我們目前正在與 DPE 合作推動銷售，特別是在法國和日本，但在他們的整個市場，因為這可以提高盈利能力和銷售額，盈利能力可以實現門市成長。隨著這種情況的持續發展以及他們信心的不斷增強，我們將對他們的成長有更深入的了解。

But I think through all of this, what I want to make sure I point out is that the two markets that we think are going to be the majority contributors to our store growth moving forward. Japan -- I'm sorry, China and India, are just doing amazing. I mean, China last year, 240 stores, they talk about being on target for 300 this year. And so the place that we expect a lot of our future growth right now is strong.

但我認為，透過所有這些，我想確保指出的是，我們認為這兩個市場將成為我們未來門市成長的主要貢獻者。日本——對不起，中國和印度的表現真是太棒了。我的意思是，去年中國有 240 家門市，他們計劃今年開設 300 家。因此，我們現在對未來成長預期很大的領域是強勁的。

Yes. And I'll just probably add a couple of points to that. I think Russell just mentioned China. I think India has got a different fiscal calendar, but it's about 250 stores is what they're expecting for their fiscal calendar. But if you think about what's really happened in '25, we really had been -- have been pressured by DPE store closures, which are around 200 stores that they've closed in the first quarter.

是的。我可能只想補充幾點。我認為拉塞爾剛才提到了中國。我認為印度有一個不同的財政日曆，但他們預計其財政日曆中會有大約 250 家商店。但如果你想想 2025 年真正發生的事情，我們確實受到了 DPE 商店關閉的壓力，他們在第一季度關閉了大約 200 家商店。

And I think what we are saying is, from what we've understood from DPE to this point, most of the store closures should be behind us, assuming that we don't have any further deceleration in same-store sales trends. But I think on a going-forward basis, we need to make sure that we have good visibility to the potential paybacks from new store openings to really understand what the flex on that is going to be for DPE, and they're working on it. But I think overall, we feel that everything outside of DPE is tracking the plans. And so both in '25 as well as in '26, and that continues to be our expectation.

我認為，根據我們目前對 DPE 的了解，假設同店銷售趨勢沒有進一步減速，大多數商店關閉應該已經過去了。但我認為，從長遠來看，我們需要確保對新店開業帶來的潛在回報有良好的了解，以真正了解這對 DPE 有何影響，他們正在努力實現這一目標。但我認為總體而言，我們覺得 DPE 以外的一切都在按照計劃進行。因此，無論是在 25 年還是在 26 年，這都是我們的預期。

Andrew Strelzik, BMO Capital Markets.

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

I wanted to ask about the brand refresh, and in particular, there was a comment in the announcement about defining how Domino's launches bolder menu innovation. So the question is, are you thinking about innovation opportunities differently moving forward? And how are you thinking about the brand refresh amplifying the impact of innovation moving forward?

我想問一下關於品牌更新的問題，特別是公告中有一條評論是關於定義達美樂如何推出更大膽的菜單創新。所以問題是，您是否以不同的方式思考未來的創新機會？您如何看待品牌更新擴大創新的影響？

Yes. No, I think that's a great question. One of the things that we had been stressing since -- with the original relaunch in 2013 was the diversity of all of our menu items, right? We launched mixed and match and we had all these things that you could get for what started at $5.99, it would became $6.99. And we became very retail-oriented in the price points, and frankly, the product. It was just kind of little -- a lot of show and tell us, here's what we have for $6.99. It was kind of flat.

是的。不，我認為這是一個很好的問題。自 2013 年重新開業以來，我們一直強調的事情之一就是菜單上所有菜餚的多樣性，對嗎？我們推出了混合搭配產品，所有東西一開始只要 5.99 美元就能買到，後來漲到了 6.99 美元。我們在價格方面，坦白說，產品方面，都變得非常注重零售。只是有點小——很多東西都是展示給我們看，告訴我們6.99美元能買到什麼。價格有點平淡。

And what you'll see now, and I think you're seeing this with Bread Bites launch is a real focus on the deliciousness of the food that we're talking about. People know a little bit more about our menu. We have a new redesigned website now that helps them explore it a lot better. And so the best thing to drive them to buy Domino's in addition to renowned value is just delicious product. And so the new campaign really focuses on just that.

現在您將看到，我想您在 Bread Bites 推出時就會看到這一點，那就是真正關注我們所談論的食物的美味。人們對我們的菜單有了更多的了解。我們現在有一個重新設計的網站，可以幫助他們更好地探索。因此，除了知名的價值之外，促使他們購買 Domino's 的最佳因素就是美味的產品。因此，新的活動真正關注的正是這一點。

Todd Brooks, the Benchmark Company.

基準公司的 Todd Brooks。

On Best Deal Ever, Russell, you talked about how the franchisees were so pleased that they look to extend the program, and that was granted that it's been a successful driver of share within the category. And then you and Sandeep both outlined a tough macro. I just wanted to ask, as you look to Q4 and other initiatives that have been planned, the ability to overlay this type of value that's resonating with the consumer and that was going to be a tougher macro environment? Is this something that could be extended further?

在“史上最佳交易”節目中，拉塞爾，您談到特許經營商非常高興，他們希望延長該計劃，並且該計劃已成為該類別市場份額的成功推動力。然後你和 Sandeep 都概述了一個艱難的宏觀。我只是想問一下，當您展望第四季和其他已計劃的舉措時，是否有能力覆蓋這種與消費者產生共鳴的價值，而這是否會是一個更艱難的宏觀環境？這可以進一步擴展嗎？

Thanks, Todd. I mean you bring up a great point, and I'd make even take a step back and say, we've got an arsenal now of value, whether it's Best Deal Ever, boost weeks, carryout tips, emergency pizza that we could bring at any time, and they've already got recognition around the country. We're not starting from scratch. And so that gives us optionality -- that said, we've built our Q4.

謝謝，托德。我的意思是，你提出了一個很好的觀點，我甚至會退一步說，我們現在有一個有價值的武器庫，無論是有史以來最好的交易、增強週、外賣技巧，還是我們可以隨時帶來的應急披薩，它們已經得到了全國的認可。我們並不是從零開始。因此，這給了我們選擇權——也就是說，我們已經建立了我們的 Q4。

We obviously never give forward-looking information on what that is. But we feel really good about the quarter. Obviously, we've started with Best Deal Ever, and you'll see us leaning into all aspects of Hungry for MORE in Q4.

我們顯然從未提供過關於那是什麼的前瞻性資訊。但我們對於本季感覺非常好。顯然，我們已經從「史上最佳交易」開始，您將看到我們在第四季度傾向於「渴望更多」的各個方面。

Zach Fadem, Wells Fargo.

富國銀行的紮克法德姆。

Can you talk about the metrics you look at internally to measure the success of a promotion, and in light of the environment today and elevated industry discounting, curious how your promotional success has evolved better or worse as industry promo steps up?

您能否談談您在內部衡量促銷成功與否的標準？鑑於當今環境和行業折扣的增加，您是否好奇隨著行業促銷的加強，您的促銷成功率是如何變好或變壞的？

Yes. That's a great question. Maybe I'll answer it a couple of ways. One is, I think we're really unique in that the discounts we're offering during these tougher macro times, are off items that people actually want. A lot of what we're hearing now are the discounts I'm getting out there are not on the kind of the main item that I want.

是的。這是一個很好的問題。也許我會用幾種方式來回答這個問題。一是，我認為我們的獨特之處在於，在這些艱難的宏觀時期，我們提供的折扣是人們真正想要的商品。我們現在聽到的很多消息是，我得到的折扣並不是針對我想要的主要商品。

How we determine what we'll put on TV or on the website, Zach, is we got a pretty good formula for success history here, which is essentially, we know if we can drive profitable order counts, that works to drive franchisee profitability. Short-term gains in ticket at the sacrifice of order count, once your pricing is in the right realm, are not sustainable. And that's what we're seeing now. I mean if you just looked at Best Deal Ever and said, hey, are you going to get the same volume that you would do on non-Best Deal Ever, then you'd say, oh, I'm not going to do that because we're not putting enough dollars in the bank. But something like Best Deal Ever, we know ahead of time from the research what it's going to drive.

扎克，我們如何確定在電視或網站上播放什麼內容，我們有一個非常好的成功歷史公式，本質上，我們知道如果我們能夠推動盈利訂單數量，那麼就能推動特許經營商的盈利能力。一旦您的定價處於正確的範圍內，以犧牲訂單數量為代價來獲得短期票務收益是不可持續的。這就是我們現在所看到的。我的意思是，如果你只是看了有史以來最好的交易並說，嘿，你會獲得與非有史以來最好的交易相同的交易量，那麼你會說，哦，我不會那樣做，因為我們沒有在銀行里投入足夠的錢。但像「史上最佳交易」這樣的活動，我們透過研究提前知道它會帶來什麼效果。

And so we could be a little bit more aggressive on the price point because we always tell our franchisees, we put dollars in the bank, not percents.

因此，我們可以在價格上更積極一些，因為我們總是告訴我們的加盟商，我們把美元存入銀行，而不是百分比。

And I want to add one thing to what Russell just said, absolutely, the lagging indicator is going to be franchise economics and profitability for all the reasons he explained. But really, the leading indicator of that is compounding frequency. If we aren't seeing compounding frequency across our customer base, the likelihood of actually building up into that franchisee profitability is going to be more difficult to achieve. So that's something that I've been actually watching continuously happening since we launched Hungry for MORE. And I think the loyalty program ends up being the perfect accelerator for all of that to happen.

我想補充一點，拉塞爾剛才說的話，絕對的，滯後指標將是特許經營經濟和盈利能力，原因他已經解釋過了。但實際上，複合頻率才是主要指標。如果我們沒有看到客戶群的複合頻率，那麼真正實現特許經營商獲利的可能性就會更加困難。自從我們推出「Hungry for MORE」以來，我一直在關注這些事情的發生。我認為忠誠度計劃最終將成為實現這一切的完美加速器。

Yes. I think the idea of looking at order counts and frequency, like Sandeep said, it's a great way not to just look at our business, but to look at all restaurant businesses. Order counts are key to sustained success.

是的。我認為，就像桑迪普所說的那樣，查看訂單數量和頻率是一種很好的方式，不僅可以查看我們的業務，還可以查看所有餐飲業務。訂單數量是持續成功的關鍵。

Thank you, Zach. 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.

謝謝你，扎克。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。