達美樂 (DPZ) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the first quarter 2026 Domino's Pizza earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您耐心等候。歡迎參加達美樂披薩 2026 年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

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.

現在我想把會議交給今天的發言人——投資人關係與永續發展副總裁 Greg Lemenchick。請開始。

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

各位早安。感謝各位今天參加我們第一季的電話會議。今天的會議將先由我們的執行長 Russell Weiner 開場；接著由財務長 Sandeep Reddy 發言。最後將以問答環節作結。

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

今天早上財報新聞稿與 10-Q 中的前瞻性陳述（兩者皆可於我們的投資人關係網站取得）同樣適用於我們今天電話會議中的評論。實際結果或趨勢可能與我們的預測有重大差異。更多資訊請參閱我們向美國證券交易委員會（SEC）提交文件中所討論的風險因素。

In addition, please refer to the 8-K earnings release to find disclosures and reconciliations of non-GAAP financial measures that may be referenced on today's call.

此外，請參閱 8-K 財報新聞稿，以取得今天電話會議可能提及之非 GAAP 財務衡量指標的揭露與調節表。

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.

今天早上的電話會議將以網路直播方式進行，並同時錄音，供日後透過我們網站重播。今天早上我們希望在時間允許下，盡可能回答各位的問題。因此，我們鼓勵各位每人只提一個問題。

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

接下來，我想把電話會議交給 Russell。

Thanks, Greg. And good morning, everybody. Q1 represented another quarter of positive order count and market share growth for Domino's in the US. While I was pleased with our start to the year, performance for the rest of the quarter did not meet our expectations, resulting in same-store sales of 0.9%. We are very clear on the drivers of our results, and we'll do everything within our control to address them by adjusting our plans in the second half of the year.

謝謝你，Greg。各位早安。第一季對達美樂在美國而言，是訂單量與市占率持續成長的另一個季度。雖然我對今年的開局感到滿意，但本季其餘時間的表現未達我們的預期，導致同店銷售成長為 0.9%。我們非常清楚結果背後的驅動因素，並將在今年下半年調整計畫，盡一切可控之力加以因應。

Looking back at Q1, pressure intensified throughout the quarter, in particular, in March because of growing consumer uncertainty. Consumer sentiment hit COVID level lows and ongoing inflation continued to impact purchase decisions. Weather also affected our business in the quarter, including the beginning of our carryout special boost week.

回顧第一季，壓力在整個季度逐步加劇，尤其是 3 月，因為消費者不確定性上升。消費者信心降至 COVID 時期的低點，而持續的通膨也繼續影響購買決策。本季天氣也影響了我們的業務，包括我們外帶優惠加碼週的開始。

Competition within the QSR pizza space also increased in Q1 as the national pizza players offer deals comparable, if not identical, to the renowned value Domino's has made famous. While this created some short-term pressure, we believe Domino's wins in the sustained value environment. Our advantage is profit power, the ability to offer compelling ongoing value while driving profit growth for Domino's franchisees.

第一季速食餐飲（QSR）披薩市場的競爭也加劇，因為全國性披薩品牌推出了與達美樂著名的超值主張相當、甚至完全相同的優惠。雖然這帶來了一些短期壓力，但我們相信在持續的超值環境中，達美樂會勝出。我們的優勢在於獲利能力——能在推動達美樂加盟商獲利成長的同時，提供具吸引力且可持續的超值方案。

Our industry-leading advertising budget drives the order counts needed to make this value model work profitably over time. Our pizza competitors simply don't have that same capability. As a result, we believe that when competitors match our value, it places significant pressure on their franchisee economics.

我們業界領先的廣告預算，能帶動讓此超值模式長期維持獲利所需的訂單量。我們的披薩競爭對手根本不具備同樣的能力。因此，我們認為當競爭對手跟進我們的超值策略時，將對其加盟商的經濟效益造成顯著壓力。

Over time, we expect this pressure to contribute to more store closures on top of the roughly 450 closures our two public pizza competitors have already announced for 2026. I believe these dynamics will translate into more sales, more stores, and more profits for Domino's franchisees.

隨著時間推移，我們預期這些壓力將促使更多門市關閉，並且是在我們兩家上市披薩競爭對手已宣布 2026 年約 450 家關店計畫的基礎之上。我相信這些動態將轉化為達美樂加盟商更多的銷售、更更多的門市，以及更高的獲利。

In Q1, we continued to make strong progress on our Hungry for MORE strategy. I want to call out a couple of areas, particularly within the operational excellence pillar that we believe will play a major role in driving our future success.

第一季，我們在「Hungry for MORE」策略上持續取得強勁進展。我想特別點出幾個領域，尤其是在營運卓越這一支柱之下，我們相信它們將在推動未來成功方面扮演重要角色。

We fully launched our new app, including improvements to our world-famous pizza tracker, which has tracked more than 2.5 billion orders since 2008. This new modernized app is much easier for our customers to use and will allow for more personalization over time. And the updated tracker provides more precise ready time based on new AI technology, live activities for iOS users, and a more detailed view of each orders progress. The closer we can deliver our products to the time we promise our customers, the more they come back in the future. The updated tracker helps us do just that.

我們已全面推出新版 App，其中包含對我們世界知名的披薩追蹤器的改進；自 2008 年以來，該追蹤器已追蹤超過 25 億筆訂單。這款全新、現代化的 App 對顧客而言更容易使用，並將隨時間推進提供更多個人化功能。更新後的追蹤器也運用新的 AI 技術提供更精準的完成時間預估，為 iOS 使用者提供即時動態（Live Activities），並能更細緻地呈現每筆訂單的進度。我們越能在承諾的時間點附近把產品送達顧客手中，顧客未來回購的機率就越高。更新後的追蹤器正是幫助我們做到這一點。

In addition to the consumer-facing app, we made progress in our back-of-house DomOS orchestration agent that makes production more efficient and effective. This orchestration agent allows in order to be prepared hot and fresh for our customers in the most efficient way possible.

除了面向消費者的 App 之外，我們也在後場的 DomOS 編排代理（orchestration agent）方面取得進展，使生產更有效率、更有效能。這個編排代理能讓訂單以最有效率的方式準備完成，並以熱騰騰、新鮮的狀態交付給顧客。

For example, if there's not going to be a driver back in time to pick up a pizza when it exits the oven, this technology can alert a store to hold that order, so it isn't made until a driver is there. Our goal at the end of the day is just in-time pizza making, which will result in a more consistent, higher-quality product for our customers.

例如，如果外送員無法及時返回在披薩出爐時取餐，這項技術可以提醒門市先暫緩該筆訂單，直到外送員到場才開始製作。我們最終的目標是「即時披薩製作」（just-in-time pizza making），讓顧客獲得更一致、品質更高的產品。

As I finish up, I want to highlight why I remain so bullish on our business now and in the long term. On our February earnings call, I shared my view on the QSR pizza category growth and my confidence that we can outperform the competition and capture meaningful market share in 2026 and beyond. That view remains unchanged.

在我結束之前，我想強調為什麼我對我們的業務在當下以及長期都仍然非常看好。在 2 月的財報電話會議上，我分享了我對 QSR 披薩品類成長的看法，以及我相信我們能在 2026 年及之後超越競爭對手、取得可觀市占率的信心。這個看法至今不變。

I'll start with 2026. We are committed to doing everything we can to deliver 3% same-store sales in the US for the year. While I already addressed why we believe we missed our plan in Q1, those were reasons, not excuses. Our team is hard at work making the adjustments we believe are necessary to drive an even bigger impact in the current macro environment.

我先從 2026 年談起。我們承諾將竭盡所能，實現美國全年同店銷售成長 3% 的目標。雖然我已說明我們為何認為第一季未達計畫，但那是原因，不是藉口。我們的團隊正全力以赴進行調整，我們相信這些調整是在目前總體環境下推動更大影響所必需的。

I'm especially energized by the product innovation we're bringing in the second half of the year, particularly around pizza, which goes beyond what we originally planned. It's bold, exciting, and has real potential to elevate our brand.

我對下半年將推出的產品創新特別振奮，尤其是在披薩方面，這些創新超出我們原先的規劃。它大膽、令人興奮，並且確實有潛力提升我們的品牌。

Now to my belief in the long term, which is as strong as it has ever been. You've heard me talk about how we've taken 11 points of market share over the past 11 years in the US, let's go a little bit deeper. Let me tell you how we gained that market share. We did it by driving more sales, more stores, and more profits.

接著談我對長期的信念——這份信心一如既往地強。各位聽我談過，過去 11 年我們在美國取得了 11 個百分點的市占率；我們再深入一點。我來告訴各位我們是如何取得這些市占率的。我們靠的是推動更多銷售、更多門市，以及更高獲利。

First, sales. Our same-store sales have grown on average more than 5% annually over that time period. Next, stores. We've opened more than 2,000 net new stores over the last 11 years amidst a backdrop of significant competitive closures. And finally, profits. Our average franchisee has increased profits almost $80,000 per store. This means the Domino's franchise system is earning $740 million more in profits than it did just 11 years ago.

首先是銷售。在那段期間，我們的同店銷售平均每年成長超過 5%。接著是門市。在競爭對手大量關店的背景下，過去 11 年我們淨新增開設超過 2,000 家門市。最後是獲利。我們的平均加盟商每家店的獲利增加了將近 80,000 美元。這代表達美樂加盟體系的獲利，比 11 年前多了 7.4 億美元。

This has been and will remain our formula for success. More sales, more stores, and more profits drive more market share. More market share drive scale, which strengthens our competitive advantage. That is the Domino's effect, working for over a decade, delivered again in Q1, and one we expect to continue well into the future.

這一直是、也將持續是我們成功的公式。更多銷售、更多門市與更高獲利，帶來更高市占率。更高市占率帶來規模，進而強化我們的競爭優勢。這就是達美樂效應——運作超過十年、在第一季再次展現成果，並且我們預期將在未來很長一段時間持續下去。

I'll now hand the call over to Sandeep.

我現在把電話交給 Sandeep。

Thank you, Russell. And good morning, everyone. Income from operations increased 4.2% in Q1, excluding the impact of foreign currency and a gain on the sale of the company's corporate aircraft. This increase, which came in below our expectations, was primarily driven by higher US and international franchise royalties and fees as well as gross margin dollar growth within supply chain. Excluding the impact of foreign currency, global retail sales grew 3.4% in the quarter due to positive US comps and global net store growth of more than 900 stores over the past 12 months.

謝謝你，Russell。各位早安。在排除外幣影響以及出售公司公務飛機的處分利益後，第一季營業利益成長 4.2%。這項增幅低於我們的預期，主要由美國與國際加盟權利金與費用增加，以及供應鏈毛利金額成長所帶動。在排除外幣影響後，本季全球零售銷售成長 3.4%，主要來自美國同店銷售為正，以及過去 12 個月全球淨增店數超過 900 家。

In Q1, retail sales grew by 2.8% in the US, driven by same-store sales and net store growth. The US QSR pizza category grew again in the quarter, and we continue to take share. Same-store sales grew 0.9% for the quarter, driven by our marketing promotions and continued growth in our aggregator business.

第一季，美國零售銷售成長 2.8%，由同店銷售與淨增店數所帶動。本季美國 QSR 披薩品類再度成長，而我們持續擴大市占。本季同店銷售成長 0.9%，主要受我們的行銷促銷活動以及聚合平台（aggregator）業務持續成長所帶動。

Our business was impacted by a challenging macro environment, which continues to pressure consumers as well as increased competitive activity. Our comp was driven by a balance of positive order counts and a positive average ticket. Ticket benefited from 0.9% of pricing, partially offset by a negative mix impact. Our carryout comps were up 2.4% and delivery was down 0.3%.

我們的業務受到具挑戰性的總體環境影響，該環境持續對消費者造成壓力，同時競爭活動也增加。我們的同店表現來自正向的訂單量與正向的平均客單價之間的平衡。客單價受 0.9% 的定價帶動，但部分被不利的產品組合影響所抵銷。外帶同店成長 2.4%，外送則下滑 0.3%。

Shifting to US unit count. We added 19 net new stores, bringing our US system store count to more than 7,200. International retail sales grew 4%, excluding the impact of foreign currency in the quarter. This was driven by net store growth over the last year, inclusive of 161 stores in Q1 that was slightly offset by same-store sales decline of 0.4%. Excluding the headwind on our comp sales from Domino's Pizza Enterprises in the quarter, we would have met our expectations.

接著談美國店數。我們淨新增 19 家門市，使美國系統門市總數超過 7,200 家。本季國際零售銷售在排除外幣影響後成長 4%。這主要由過去一年淨增店數所帶動，其中包含第一季新增的 161 家門市，但同店銷售下滑 0.4% 略為抵銷。若排除本季來自 Domino's Pizza Enterprises 對我們同店銷售的逆風影響，我們原本會達到預期。

Moving to capital allocation. Through April 21, we repurchased approximately 446,000 shares for a total of $170 million year-to-date in fiscal 2026. As of April 21, we had approximately $1.29 billion remaining on our share repurchase authorization. This is inclusive of the additional $1 billion share repurchase authorization that the Board approved in April.

接著談資本配置。截至 4 月 21 日止，我們在 2026 會計年度迄今已回購約 446,000 股，年初至今合計金額為 1.70 億美元。截至 4 月 21 日，我們在股票回購授權下尚餘約 12.9 億美元可用額度。此金額包含董事會於 4 月核准新增的 10 億美元股票回購授權。

I wanted to take some time to remind everyone of the incredible profit and cash flow generation of our earnings model. If you go back to 2015, Domino's generated approximately $400 million in operating income and approximately $230 million in free cash flow. In 2025, that grew to approximately $950 million and $670 million, respectively.

我想花點時間提醒各位，我們獲利模式具備驚人的獲利與現金流創造能力。回到 2015 年，Domino's 約創造 4.00 億美元的營業利益，以及約 2.30 億美元的自由現金流。到了 2025 年，分別成長至約 9.50 億美元與 6.70 億美元。

Over the same time period, we have returned approximately $7.7 billion to shareholders through share repurchases and a dividend that has grown annually by more than 20% on average. We have done all of this while maintaining a leverage ratio in our expected range of 4 times to 6 times. We expect to deliver meaningful cash to shareholders in 2026 and beyond, in line with our capital allocation priorities, and will look to drive the best possible returns for our shareholders as we evaluate our options.

在同一期間，我們透過股票回購與股利，合計向股東返還約 77 億美元，而股利平均每年成長超過 20%。同時，我們仍將槓桿比率維持在預期區間的 4 倍至 6 倍。我們預期在 2026 年及其後，將依循資本配置優先順序向股東提供可觀的現金回饋，並在評估各項選擇時，致力為股東創造最佳可能報酬。

Now turning to our updated outlook for 2026, which excludes the impact of the 53rd week. First, US same-store sales. As a result of the challenging start to the year and increased macro pressure, we now expect our US comp to be up low single digits in 2026. As Russell noted, we're actively optimizing our marketing calendar to meet the moment and ensure we're well positioned despite the current macro environment.

接著談我們更新後的 2026 年展望，該展望排除第 53 週的影響。第一，美國同店銷售。由於年初開局具挑戰性且總體壓力加大，我們目前預期 2026 年美國同店將呈現低個位數成長。如 Russell 所提，我們正積極優化行銷行事曆，以因應當下情勢，並確保即使在目前的總體環境下仍能保持良好定位。

Second, we now expect our international same-store sales growth to be low single digits, primarily as a result of the macro and geopolitical uncertainty across the world.

第二，我們目前預期國際同店銷售成長為低個位數，主要因全球各地的總體與地緣政治不確定性所致。

Third, we continue to expect 175 plus net stores in the US and approximately 800 net stores in our international business.

第三，我們仍預期美國淨增門市 175 家以上，國際業務約淨增 800 家門市。

As a result of our revised same-store sales outlook, we now believe our global retail sales growth will be up mid-single digits for the year. Due to our lower sales expectations, we now expect operating income growth of mid- to high single digits, excluding the impact of foreign currency, refranchising gains, and the gain on the sale of our corporate aircraft.

由於我們修正了同店銷售展望，我們目前認為今年全球零售銷售成長將為中個位數。因銷售預期下調，我們目前預期營業利益成長為中至高個位數（排除外幣、再加盟收益，以及出售公務飛機的處分利益影響）。

As I close, I want to be clear that our team is fully aligned and working with urgency to deliver our 2026 outlook and that our belief in the long-term algorithm of the Domino's business through 2028 has not changed.

在結語前，我想明確表示，我們團隊已完全一致並以緊迫感推進，以達成我們的 2026 年展望；同時，我們對 Domino's 事業在 2028 年前的長期成長算法（long-term algorithm）的信心並未改變。

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

謝謝。我們現在開放提問。

(Operator Instructions) David Tarantino, Baird.

(接線員指示) David Tarantino，Baird。

Russell, I just wanted to ask your thoughts on the comps outlook for the remainder of the year. It looks like you're guiding to continued positive comps even though the comparisons look like they get quite a bit more difficult. So I'm just wondering if maybe you can unpack why you think the business might be able to accelerate on an underlying basis?

Russell，我想請教你對今年剩餘期間同店展望的看法。看起來你們仍指引同店持續為正，儘管比較基期似乎會變得困難許多。所以我想了解，你為何認為業務在基本面上可能有機會加速？

And I know you mentioned some innovation that's coming and adjustments to your plans. And maybe as part of the adjustments, does that mean perhaps a bit more focus on value? Or I guess, what -- if you could elaborate on that, that would be great.

我也知道你提到一些即將推出的創新以及對計畫的調整。那麼作為調整的一部分，是否代表可能會更聚焦於「價值」？或者我想說——如果你能再多談一些細節就太好了。

Thanks, David. I'd like to say, even though Sandeep talked about a revised guidance, my objective, his objective, everyone at our company, our objective continues to be for the year in the US, 3% same-store sales. And we had a pretty light first quarter last year and folks asked whether or not we thought we could hit 3% for the year, and we did, and that remains our focus, that remains our objective.

謝謝，David。我想說的是，儘管 Sandeep 談到修正後的指引，我的目標、他的目標、以及公司所有人的目標，仍然是今年在美國達成 3% 的同店銷售。去年第一季基期相當低，當時也有人問我們是否能達成全年 3%，而我們做到了；這仍是我們的重點，也仍是我們的目標。

You're right, though, we have absolutely looked at our calendar and asked ourselves within what we can control, how do we change things? How do we see what out there in the environment? And it's not just value; I think we can do a little bit more on pizza innovation as well. And so starting as soon as May you're going to see things on the calendar or in media from Domino's that weren't on our calendar to start the year. So our plans moving forward will look very different than they were starting the year, and that's because we adapt to what's going on in the broader environment.

不過你說得對，我們確實仔細檢視了行事曆，並問自己：在我們可控的範圍內，要如何改變？我們如何看待外部環境正在發生的事？而且不只是價值面；我認為我們在披薩創新上也可以再多做一些。因此，最早從 5 月開始，你會在 Domino's 的行事曆或媒體上看到一些在年初行事曆中原本沒有的內容。所以我們接下來的計畫會與年初時非常不同，因為我們會因應更廣泛環境的變化而調整。

And David, I'm just going to add on the guidance specifically on positive low single digits. I want to emphasize the positive. I think we're really confident that even with the macro environment and the volatility that we see in the macro environment, with all the leading in that Russell just talked about, we are still confident of driving positive low single digits. That's point number one.

David，我再補充一下關於指引中「低個位數正成長」的部分。我想強調「正成長」。我認為即使在總體環境以及我們所看到的總體波動之下，配合 Russell 剛提到的所有領先作為，我們仍非常有信心推動低個位數的正成長。這是第一點。

Point number two is, we're still growing stores. We are expecting 175 stores. We grew 172 stores last year as well. And we are expecting to drive retail sales growth definitely well above the same-store sales growth that we're talking about, continuing to drive market share growth in a category that we believe will continue to grow.

第二點是，我們仍在展店。我們預期新增 175 家門市。去年我們也新增了 172 家門市。而我們預期零售銷售成長將明顯高於我們所談的同店銷售成長，並在我們認為將持續成長的品類中，持續推動市占提升。

Greg Francfort, Guggenheim.

Greg Francfort，Guggenheim。

I just want -- maybe just wanted to follow up on that. And Russell, anything you're seeing competitively in the environment right now that maybe as your competitors are acting a little bit more rationally or anything you can see from that front? And then do you expect with your competitors maybe closing stores later this year? Is that something you could see from an accelerated basis?

我只是想——也許只是想就那點再追問一下。另外，Russell，就目前環境而言，你在競爭面上有看到什麼嗎？例如競爭對手是否變得更理性一些，或你從那個面向能觀察到什麼？再來，你是否預期競爭對手可能在今年稍晚關店？這是否可能以更快的速度發生？

Thanks, Greg. On the competitive side, I think what they're doing is they're seeing what has made Domino's successful. And if you look at Q1, one of the things I talked about in my opening remarks is a lot of the promotions they had there were really out of our playbook. You know, kind of their version of Best Deal Ever.

謝謝你，Greg。在競爭面上，我認為他們正在做的是，他們看到了讓 Domino's 成功的做法。如果你看第一季，我在開場談話中提到的一點是，他們當時做的很多促銷其實很像是從我們的作戰手冊裡拿去用的。你知道，有點像他們版本的「Best Deal Ever」。

There were mix and matches and, you know, to that we say bring it on, because we're built to do that stuff over time now. Now you add that to some of the macros and, was that a little bit of a headwind for us in Q1? Yeah. But I think it dovetails really well into your second point, which is the closures that they've already announced for the year

他們有混搭組合之類的，而對此我們的回應是：放馬過來，因為我們現在已經建立起長期做這些事情的能力。再把這點加上一些總體因素，那在第一季對我們來說是不是有點逆風？是的。但我認為這也很自然地連到你第二個問題，也就是他們今年已經宣布的關店

Greg, I know the kind of volumes that need to be done in order to make deals like the ones we have out there profitable. And I do not believe that our competition can drive those kinds of volumes because their advertising budget, ours is as big as the biggest two competitors combined, just can't do that. And so believe me, I was not pleased with our results for the quarter. But I do think that there was potentially a little bit more structural damage behind the scenes. And you'll see that I think in future quarters and future years coming up, in store closures and kind of lighter franchise profits for our competitors.

Greg，我知道要讓我們現在推出的這類交易方案能夠獲利，需要做到什麼樣的銷量。而我不認為我們的競爭對手能拉出那種銷量，因為他們的廣告預算——我們的廣告預算跟最大的兩個競爭對手加起來一樣大——他們做不到。所以相信我，我對本季的結果並不滿意。但我確實認為，背後可能存在一些更具結構性的損傷。我想你會在未來幾季、未來幾年看到這點，體現在關店，以及我們競爭對手加盟商利潤變得更薄等方面。

And Greg, what I'll add is, Russell talked about the 450 stores that are national competitors that are publicly traded or have quoted. But really speaking, if I go back into '25, they closed about the same number of stores last year too. So our playbook has been to continue to squeeze their profits. They close stores, we take sales, we take share.

Greg，我補充一下，Russell 談到的是那 450 家屬於全國性競爭對手、且為上市公司或有公開報價的門市。但實際上，如果我回頭看 2025 年，他們去年也關了差不多同樣數量的店。所以我們的作戰手冊一直是持續擠壓他們的利潤。他們關店，我們就拿走銷售額、拿走市占。

What is happening in '26 is no different. It's a continuation of the same play and that continuation of the same play should continue well beyond '26. And that's why I think what Russell said on the profit power is super critical. We are able to actually continue to drive this playbook forward.

2026 年正在發生的事情並沒有不同。這只是同一套打法的延續，而這套打法的延續應該會遠遠超過 2026 年。這也是為什麼我認為 Russell 所說的獲利能力（profit power）非常關鍵。我們確實有能力持續推進這套作戰手冊。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

I just want to present maybe a common investor view and push back, and that is that, you know, it's not a pushback that Domino's will gain share in the pizza category and especially from the near-end big three players. It's really that Domino's operates in the pizza category and that you've talked about 1% to 2% growth for that category in the past, and that, with your share gains, which I think people can believe in, will get you to that 3% comp growth while growing units.

我想提出一個可能是投資人常見的觀點並稍微反駁一下：也就是說，並不是反駁 Domino's 會在披薩品類中提升市占，尤其是從近端的三大玩家那裡取得市占。真正的疑慮在於 Domino's 是在披薩品類中營運，而你過去談到該品類的成長大約是 1% 到 2%；在此基礎上，再加上你們的市占提升（我想大家是相信的），就能在擴店的同時，達到 3% 的同店成長。

So the concerns about the pizza category in light of the fact that other categories are more available on in delivery channels now, and I guess the concern is that maybe 3% is not appropriate in light of that, even though your long-term delivery has been strong and, in fact, better than 3%, the concern is that the reality is different today. Could you just speak to any of that and how it informs your strategy?

因此，考量到現在其他品類在外送通路上的可得性更高，大家對披薩品類的疑慮在於：也許在這樣的背景下，3% 這個目標並不合適。即便你們長期的外送表現一直很強，事實上也優於 3%，但疑慮是今天的現實已經不同了。你能否談談這些看法，以及它如何影響你們的策略？

Thanks a lot, David, for the question. I've been here, this is my 18th year at Domino's, and I feel like every year when I get in front of our team and I talk about category growth, it's 1% to 2%.

非常感謝你，David，這個問題。我在 Domino's 已經第 18 年了，我覺得每一年當我站在團隊面前談品類成長時，答案都是 1% 到 2%。

And we've talked -- if you remember last quarter, I had a lot of questions -- I'm sorry, first quarter last year, a lot of questions about the pizza category, which got off to a slow start last year, but guess what, ended up at 1% to 2% for the year. And so this is a trend that has been pretty consistent, and we just don't see falling off.

而且我們也談過——如果你還記得上一季，我被問了很多問題——抱歉，是去年第一季，大家對披薩品類問了很多，因為去年一開始披薩品類成長很慢，但你猜怎麼著？全年最後還是落在 1% 到 2%。所以這個趨勢一直相當一致，我們也沒有看到它會下滑。

And maybe just getting to your delivery question, I'd answer it in a little bit different way. Look, delivery, certainly other folks are getting into this game have gotten into this game. But you've got to remember, we're now -- we've changed our strategy, and we're on the aggregators. And essentially, this last quarter, on delivery, we held serve on total delivery. That is something in the past Domino's would not have done because of the structure of our consumers.

再來談到你的外送問題，我會用稍微不同的方式回答。你看，外送當然有其他人加入、也已經加入這個賽局。但你要記得，我們現在——我們已經改變策略，並且上了聚合平台（aggregators）。基本上，上個季度在外送方面，我們在外送總量上守住了（held serve）。這在過去的 Domino's 是不會發生的，因為我們消費者結構的關係。

And what we talk about a lot is lower income consumers, which we have a QSR pizza and Domino's have a good amount of those customers. When it comes to delivery, when times are tight, what happens is we don't lose those customers, we may lose an occasion, those people come back. And so this quarter, with all the headwinds out there with consumer confidence being low, this normally would have been a quarter where we took our total delivery business that I think even a bigger hit. But the fact is us being on aggregators with a higher-income customer, the incrementality of that, our full delivery strategy results are probably a little different than they would have been in the past.

我們常談到的是較低收入的消費者；QSR 披薩以及 Domino's 都有相當比例的這類客群。在外送方面，當景氣吃緊時，會發生的是：我們不會失去這些顧客，可能只是少了一些消費場合（occasion），但這些人會回來。因此本季在外部逆風很多、消費者信心偏低的情況下，通常這會是我們外送總業務受到更大衝擊的一季。但事實是，我們上了聚合平台後帶來了較高收入客群，這種增量效益（incrementality）使得我們完整外送策略的結果，可能與過去會有所不同。

And I'd point to as well is this carryout business that just continues to grow for us, it's a bigger portion of the pizza category, bigger portion of the QSR category, and we can continue to grow that in addition to opening up all those new stores, which helps us with carryout as well. And so David, net-net, history hasn't changed. We're a couple of months -- a few months into a year. And I'm really bullish about our ability to grow in a category that can continue to grow.

我也想指出，我們的外帶（carryout）業務仍在持續成長；它在披薩品類中的占比更大、在 QSR 品類中的占比也更大，而我們除了持續開出那些新店之外，也能繼續推動外帶成長——開新店同樣也有助於外帶。所以 David，總結來說，歷史並沒有改變。我們才剛進入一年中的幾個月——我對我們在一個仍能持續成長的品類中實現成長的能力非常看好。

And I'm just going to dimensionalize some of the numbers that Russell talked about. I think the delivery category in QSR pizza is a $17 billion category, of which the aggregator business is, call it, $5 billion roughly. But now to Russell's point, we're playing in both the 1P as well as the aggregated piece, which is why we were able to actually drive the kind of results that we were able to drive in Q1 despite a very tough environment.

我再把 Russell 提到的一些數字具體化一下。我認為 QSR 披薩的外送品類規模大約是 170 億美元，其中聚合平台業務大概是 50 億美元左右。但如 Russell 所說，我們現在同時參與 1P（第一方）以及聚合平台那一塊，這也是為什麼即便環境非常艱難，我們仍能在第一季推動出我們所達成的那種結果。

But the really important thing over here is we have a 33% share in the delivery business today. But if I actually look at the carryout business, the carryout category size is $21 billion. That's about half of all of QSR pizza. Our share there is just 20%. We have significant runway of growth on the carryout business that we can actually tap into.

但這裡真正重要的是：我們目前在外送業務的市占是 33%。但如果我看外帶業務，外帶品類規模是 210 億美元。這大約占所有 QSR 披薩的一半。我們在那裡的市占只有 20%。我們在外帶業務上有很大的成長跑道可以去開發。

And I think that's the exciting part about the strategy. And it goes back to what we talked about at our Investor Day in 2023. The aggregators was certainly a very important piece of it, but is significantly underpenetrated in carryout and that's a big part of how we actually look at the 3% same-store sales growth objective we have.

我認為這就是這個策略令人興奮的地方。而且這也回到我們在 2023 年投資人日所談的內容。聚合平台當然是其中非常重要的一塊，但在外帶方面的滲透仍然明顯不足，而這正是我們如何看待 3% 同店銷售成長目標的重要組成部分。

Brian Bittner, Oppenheimer.

Brian Bittner，Oppenheimer。

So you talked a lot in your prepared remarks about some of the sources of pressure you experienced in the first quarter, and the first quarter was something in that 300-basis-point trend change from where you were in the fourth quarter. But you also said in the first quarter that you did take market share and that the industry remained in solid shape, the QSR pizza category.

所以你在事先準備的發言中談了很多第一季你所經歷的一些壓力來源，而第一季相較於第四季，你們的趨勢變化大約是300個基點。但你也在第一季提到，你們確實取得了市占，而且產業仍維持在穩健狀態，也就是QSR披薩品類。

So when you look at that trend change that occurred for Domino's comps in 1Q, was it more driven by taking less share than you've been taking? Or did the QSR pizza category see some type of trend change for the entire industry? Can you just kind of maybe unpack the current trends we're seeing in the business right now versus where we were?

所以當你看Domino's在第一季同店銷售（comps）出現的那個趨勢變化時，主要是因為你們取得的市占比以往少了嗎？還是說QSR披薩品類在整個產業層面出現了某種趨勢變化？你能否大致拆解一下，我們目前在業務上看到的趨勢，和之前相比是怎麼樣？

So Brian, I think when we look at Q1, there was a lot of noise in Q1. And I think we talked about some of the weather issues that we had earlier in the quarter. But then starting in March, we saw a significant macro and competitive pressures weigh on the business as well. Through all that noise, we still saw the QSR pizza category grow. And through that noise, we actually grew faster than the pizza category. And we did take share to the point that we made in the prepared remarks.

Brian，我想當我們回頭看第一季時，第一季有很多雜訊。我想我們也談到過本季前段遇到的一些天氣問題。但從3月開始，我們也看到顯著的總體環境與競爭壓力對業務造成影響。在所有這些雜訊之下，我們仍看到QSR披薩品類在成長。而且在這些雜訊之下，我們實際上的成長速度也快於披薩品類。我們也確實如同在事先準備的發言中所提到的那樣，取得了市占。

What I think is important to note is Russell talked about the fact that competitive activity is stepping up did have a short-term impact in the quarter. But in the long term, we believe that the competition is not going to be able to drive the profitability they need to sustain that. So we look at share really on a much longer-term basis.

我認為需要特別指出的是，Russell談到競爭活動正在升溫，確實在本季帶來了短期影響。但從長期來看，我們相信競爭對手無法創造他們維持這種做法所需的獲利能力。因此，我們看待市占是以更長期的角度來衡量。

And on a longer-term basis, we've continued to gain significant share. And even in a quarter that was a bit tough for us in Q1, we gained share. So we feel really good about what the long term holds for us, and we'll keep on running the play we are.

而從更長期的角度來看，我們持續取得顯著的市占提升。即便第一季對我們來說有點艱難，我們仍然取得了市占。所以我們對長期前景非常有信心，也會持續執行我們正在採取的策略。

John Ivankoe, JPMorgan.

John Ivankoe，JPMorgan。

I'm interested to hear that some of your previously unplanned innovation is around pizza. And certainly, I'll be very curious to see what type of pizza innovation that you can do at this time. That's the first point.

我很有興趣聽到你們一些先前未規劃的創新是圍繞披薩。當然，我也非常好奇在這個時間點你們能做出什麼樣的披薩創新。這是第一點。

Secondly, there are significantly growing categories around premium chicken and also sandwiches. Your operating platform does permit both of those. So to what extent is there an opportunity for you to extend both in terms of your capability of your stores and your supply chain into some non-pizza categories, which are actually quite large like premium chicken and sandwiches?

第二，優質雞肉以及三明治等品類正在顯著成長。你們的營運平台也允許你們做這兩類產品。那麼在一些非披薩品類（其實規模很大，例如優質雞肉與三明治）方面，你們在門店能力與供應鏈能力上，延伸拓展的機會有多大？

Yeah. Thanks, John. We've got a multiyear product innovation strategy and funnel. And so what we're able to do in times like this is to say, okay, what's going on in macro, and what can we do to inflect any kind of negative externalities that we're seeing right now. And I think we're going to do that with some of this pizza innovation. And this is stuff that's either moved up in the calendar this year or didn't even exist on our calendar before that got started. And as I said, I'm really excited about those. And I guess you'll have to just wait and see, but I promise you, you will be as well.

是的。謝謝你，John。我們有一個跨多年的產品創新策略與管線。因此在像現在這樣的時期，我們能做的是：好，宏觀環境發生了什麼，我們能做什麼來扭轉目前看到的任何負面外部因素。我認為我們會透過一些披薩創新來做到這點。這些內容要嘛是今年在時程上提前了，要嘛是原本行事曆上根本沒有、後來才啟動的。如我所說，我對這些非常興奮。我想你只能拭目以待，但我向你保證，你也會同樣期待。

You're right about the overall product portfolio we've got. Of 40%-plus of what we sell is not pizza. One of the first things I did actually when I was at the company in 2008, we launched sandwiches. And so we've had sandwiches well back for a very long time. We've got a wide variety of chicken products. As you know, we're also globally testing something called CHICK 'N' DIP in the UK. And so far, DPE is very excited about the performance of that.

你說得對，關於我們整體的產品組合。我們銷售的產品中有超過40%不是披薩。其實我在2008年加入公司時做的第一件事之一，就是推出三明治。所以我們很早就有三明治產品，而且已經有很長一段時間了。我們也有多樣化的雞肉產品。如你所知，我們也正在英國全球測試一個叫做CHICK 'N' DIP的產品。到目前為止，DPE對它的表現非常興奮。

And so product innovation pipeline is something that is very robust here. We do think what we've got right now with our pizza oven, all of our products can go through that, and we can make the most delicious food there. But obviously, things are on the table if needed, but that's where our focus is.

因此，產品創新管線在這裡非常強健。我們確實認為，以我們目前的披薩烤爐來看，我們所有產品都能經由它製作，並做出最美味的食物。但很明顯，如果有需要，其他選項也都在考量範圍內；不過這就是我們目前的重點。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Great. Maybe I just want to come back to the health of the consumer in 1Q. Can you maybe talk a little bit about that performance by income cohort as you've talked about it in the past? And just curious if you think the shortfall this quarter was really due to the competitive pressure in pizza, which might be a little bit more transitory? Or do you feel like this was an overall QSR kind of pressure in the quarter?

很好。我想回到第一季消費者健康狀況這個話題。你能否像過去談過的那樣，按收入族群談談本季的表現？另外也想了解，你是否認為本季的落差主要是因為披薩市場的競爭壓力（可能比較短暫）所致？還是你覺得這是整體QSR在本季面臨的壓力？

Yeah. When we look at the consumer this quarter, the kind of the uncertainty there when you look at the surveys or kind of at COVID level lows, and that is particularly magnified when you look at the lower income customer. And so I do -- pretty confident both in pizza and QSR. You're going to see pressures there. And that's why not only in pizza but in the rest of QSR, you saw a lot of value out there. Companies are going to give consumers what they're looking for. And so clearly, they're looking for that, and that's why the competition is leaning in on value.

是的。當我們看本季的消費者時，從調查來看，那種不確定性大致處於接近COVID時期的低點，而這在低收入客群上尤其被放大。所以我對披薩與QSR兩者都相當有信心。你會看到那裡存在壓力。這也是為什麼不只在披薩，在其他QSR領域你也看到很多「價值」方案。公司會提供消費者正在尋找的東西。很明顯他們正在尋找這個，因此競爭對手才會在價值上加大力道。

The thing I'd say about the quarter, certainly wasn't the quarter that we had initially expected. But if you look at the composition of our 0.9%, a couple of things. One is from a retail sales point, and maybe this gets to Brian's question a little bit beforehand, we're up 2.8%. And so when we grow, it's not just in same-store sales, it's total source -- I'm sorry, it's total retail sales.

關於本季我想說的是，這當然不是我們一開始預期的季度。但如果你看我們0.9%的構成，有幾點。第一，從零售銷售的角度來看——也許這也稍微呼應Brian剛才的問題——我們成長了2.8%。因此我們的成長不只是同店銷售，而是總來源——抱歉，是總零售銷售。

And then when you look even beyond the composition of the same-store -- within the composition of same-store sales, and you look at every income cohort for us, and I don't think this is going to be the same for the rest of the QSR, we grew, including in the lower income cohort. So there are definitely some bright spots when you think about what the rest of the year has in store for a pressured customer.

然後當你再往下看同店銷售的構成，並檢視我們各個收入族群，我不認為其他QSR都會是同樣情況——我們是成長的，包括在低收入族群也是如此。所以當你思考今年剩餘時間、在消費者承壓的情況下，仍然有一些明顯的亮點。

Chris O'Cull, Stifel Financial Group.

Chris O'Cull，Stifel Financial Group。

Russell, you mentioned that you expect competitors to close additional stores. Just wondering if the company has a sense of the sales lift franchisees are getting in markets where competitors stores have already closed. And are there certain geographies where you're seeing more closures by the competitive set?

Russell，你提到你預期競爭對手會關閉更多門店。想請問公司是否掌握：在競爭對手門店已經關閉的市場中，加盟商獲得了多少銷售提升？另外，你們是否在某些地區看到競爭對手關店的情況更為明顯？

Thanks, Chris. Yeah. No, certainly, we're seeing a lift when there are closures. A couple of things. One is, I think in general, we expect to see our fair share, so you take our share of piece of sales in that area. That's kind of what we expect to see when they close.

謝謝，Chris。是的。不，當出現關店時，我們確實看到業績提升。有幾點。第一，我想一般而言，我們預期會拿到我們合理的份額，也就是在該區域披薩銷售中我們的市占份額。這大致就是他們關店時我們預期會看到的情況。

Now the thing to remember is these closures happen because of business pressures over time. So when the stores close, they're not million-dollar stores in AUV; they're probably close to half of that. So while the flow-through continues to come at those levels, it happened, and the attrition happens over time.

現在要記住的是，這些關店是因為長期累積的經營壓力所致。所以當門市關閉時，它們的 AUV（平均單店營收）並不是百萬美元等級；很可能接近那個數字的一半。因此，雖然流量轉換率（flow-through）仍維持在那些水準，但事情確實發生了，而流失（attrition）也會隨時間推移而出現。

What I was trying to say before is, I think the attrition will continue. So whether it's in store closures or just in less sales that lead to less profits that lead to eventual closures, this is something we've been doing for a long time. And I think it's just proof that this strategy is working.

我先前想表達的是，我認為流失會持續。所以不論是以關店的形式，或只是銷售變少導致獲利變少、最終走向關店，這是我們做了很久的事情。而我認為這正好證明這個策略正在奏效。

11 years, 11 points of market share, and 11 points of market share in a category that's growing. This was not an increase in a declining category. This was sales averaging more than 5% annually over those 11 years, 2,000 new stores over those 11 years, and franchisee profits increasing over those 11 years, and that's why we're so bullish on the future.

11 年、11 個市占點數，而且是在一個仍在成長的品類中增加了 11 個市占點數。這不是在衰退品類中的成長。這是在那 11 年間年均銷售成長超過 5%、新增 2,000 家新店、加盟商獲利也在那 11 年間提升，這也是為什麼我們對未來非常樂觀。

I mean, last year, Q2, Q3, Q4 were all really strong quarters. Q1 wasn't where we thought it would be, but that doesn't mean it's a predictor of the future. The predictor of the future is what we've done in the past, what we have and will have on the calendar, and our ability economically with our franchisees to continue to push within a category that we expect to still grow, gain that market share, and continue to gain sales. It's not at all something that should not continue.

我的意思是，去年 Q2、Q3、Q4 都是非常強勁的季度。Q1 沒有達到我們原先的預期，但這不代表它能預示未來。能預示未來的是我們過去做過的事、我們目前以及未來行事曆上的規劃，以及我們與加盟商在經濟面上持續推進的能力——在我們預期仍會成長的品類中，持續提升市占並持續帶動銷售成長。這完全不是什麼不會延續下去的事情。

Dennis Geiger, UBS.

Dennis Geiger，瑞銀（UBS）。

I wanted to ask another on value and value positioning and sort of a little more on what you've seen maybe from some of the recent promos. But more importantly, as you think about competition from the large pizza brands, maybe even from C-store and then the non-pizza QSR players that you kind of touched on, do you feel over the near term that you've got to do even more on the discounting front or more generous offers? Or do you weight out the competitive intensity, I guess, as you touched on the fact that it's not sustainable longer term? Just curious on that front, how you approach it over the coming quarters or so?

我想再問一個關於價值與價值定位的問題，也想多了解一些你們從近期促銷活動中看到的情況。但更重要的是，當你們思考來自大型披薩品牌的競爭，甚至是便利商店（C-store）以及你們稍早提到的非披薩類 QSR（快速服務餐飲）業者的競爭時，短期內你們是否覺得必須在折扣方面做得更多、或提供更慷慨的優惠？或者你們會把競爭強度視為——如你們提到的——長期而言不可持續的情況？想請教你們在接下來幾個季度左右會如何應對？

Yeah. Thanks, Dennis. When I think of competitive intensity, I think of us as the driver of competitive intensity. Renowned value is one of the core pillars of our Hungry for MORE strategy as well as the E, which is our -- everything we do is enhanced by our franchisees. So we drive renowned value and still drive profit, and profits were up last year. with our franchisees.

是的。謝謝你，Dennis。當我想到競爭強度時，我會把我們視為競爭強度的驅動者。「著名的價值」（renowned value）是我們 Hungry for MORE 策略的核心支柱之一；以及 E——也就是我們所做的一切都因加盟商而更強化。因此，我們推動「著名的價值」同時仍能推動獲利，而去年我們與加盟商的獲利也確實提升。

So I think on this one, we're actually the ones in the lead. We're the ones that can drive profitable volume growth through this and other folks that are kind of trying to follow that lead, certainly, in the short term, they may keep more of their customers. But in the long term, I think this makes it more difficult for them to compete, more difficult for them to have those franchisee conversations about promoting the next offer. So we can continue this well on into the future in a way that gives consumers what they're looking for, and gives our franchisees what they deserve, which is profit growth.

所以我認為在這件事上，我們其實是領先的一方。我們是能夠在此以及其他方面，透過可獲利的量增來帶動成長的一方；而其他人某種程度上是在跟隨這個領先步伐，當然短期內他們可能能留住更多客戶。但長期來看，我認為這會讓他們更難競爭，也更難與他們的加盟商討論要推下一個促銷方案。因此，我們可以在未來很長一段時間持續這麼做，以一種同時滿足消費者需求、也讓加盟商得到他們應得的——也就是獲利成長——的方式。

Lauren Silberman, Deutsche Bank.

Lauren Silberman，德意志銀行（Deutsche Bank）。

Just a level set of on, I guess, what are you defining as low single digit to the 0% to 3%? And then my actual question is just on the gas prices, obviously, we've seen a big increase. How does that impact Domino's across a few different fronts? If you can comment on US and international, maybe, one, on consumer demand; two, and just the impact on the supply of delivery drivers. And then any thoughts on the commodity cost outlook?

先確認一下，我想你們所定義的「低個位數」是指 0% 到 3% 嗎？然後我真正的問題是關於油價，顯然我們看到油價大幅上升。這會如何從幾個不同面向影響達美樂（Domino's）？如果可以的話，請談談美國與國際市場：第一，對消費需求的影響；第二，對外送司機供給的影響。另外，對大宗商品成本展望有什麼看法？

Maybe I'll take the gas prices one, maybe you can talk a little bit about guidance. Thanks for the question, Lauren. The gas prices right now, what we're seeing there is really more of the impact on consumer disposable income. And as long as that continues, I think that will continue to be a driver of both consumer confidence and what our customer is able to afford if gas prices are higher, which is why the companies that are going to exceed during this -- to succeed during this time frame are the ones who can continue to drive profitable value because that is not going to change.

油價那題也許我來回答，指引的部分也許你可以稍微談一下。謝謝你的問題，Lauren。目前油價方面，我們看到的影響其實更多是在消費者可支配所得上。只要這種情況持續，我認為它就會持續成為影響消費者信心、以及在油價較高時我們的顧客能負擔什麼的驅動因素；這也是為什麼在這段期間能夠脫穎而出、能夠成功的公司，會是那些能持續推動「可獲利的價值」的公司，因為這一點不會改變。

On the availability of drivers, we are staffed to levels that I'm very, very happy with, and that's been consistent for a long time, and we're not seeing anything there. Sandeep, on the guidance?

至於司機的可用性，我們的人力配置水準讓我非常、非常滿意，而且這種狀況已經維持很久了，我們在那方面沒有看到任何問題。Sandeep，關於指引呢？

Yeah. So I think what I said positive low single digits. That's exactly what it is. Anything positive in the low single digits would be what the guidance implies. And this applies to the US as well as the international business. And that's why we just clarified that language in the guidance update.

好的。所以我說的是「正向的低個位數」。就是這個意思。任何正向的低個位數都符合這份指引所隱含的範圍。這同樣適用於美國以及國際業務。因此我們才在指引更新中把那段措辭說得更清楚。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Great. Carryout had been a bright spot of US business in recent years, appealing more to value-conscious consumers. And while the carryout same-store sales at 2.4%, we're still positive. I'm curious if you could speak to the narrowing performance between delivery and carryout year? You called out some weather impacting Carryout Boost Week, but what further kind of led that narrowing performance?

好的。近年來外帶一直是美國業務的亮點，對更重視性價比的消費者特別有吸引力。雖然外帶同店銷售成長 2.4% 仍為正成長。我想請你們談談外送與外帶之間表現差距縮小的原因？你們提到一些天氣因素影響了 Carryout Boost Week（外帶加碼週），但還有哪些因素導致這個差距縮小？

Yeah. So Andrew, I think we're actually -- when we talk about the total comp and the total impact of the business, the impact was both to the delivery as well as the carryout side, the macro impact that we talked about coming in March, the competitive pressures that we talked about coming in as well and the weather impact earlier in the quarter. So all of that actually had that impact.

是的。Andrew，我認為其實——當我們談到整體同店（total comp）以及對業務的整體影響時，影響同時出現在外送端與外帶端：我們提到 3 月開始出現的總體環境影響、我們也提到的競爭壓力，以及本季較早時的天氣影響。所以這些因素確實都造成了影響。

But I think just keeping in perspective that the carryout business still grew 2.4%, and we did grow sales stores pretty materially as well. So the retail sales growth continued to be compelling. Our share growth on carryout continued to be very good. And we're happy with the fact that we're growing, we just would like to grow more. And I think that's why all the initiatives that Russell talked about that the team is working very hard on are going to be impactful to the carryout business as well as we move forward.

但我認為也要把外帶業務仍成長 2.4% 放在正確的脈絡下看待，而且我們的門市銷售也有相當幅度的成長。因此，零售銷售成長仍然很有吸引力。我們在外帶的市占成長也持續表現得非常好。我們對於仍在成長感到滿意，只是我們希望成長更多。而我認為這也是為什麼 Russell 提到、團隊正非常努力推進的所有措施，隨著我們往前走，也會對外帶業務產生影響。

I think I would just add to that, too, is we're talking a lot about our belief in continued category growth, but also continued Domino's growth. And I pointed to past success before.

我想我也補充一點：我們談了很多我們相信品類會持續成長，也相信達美樂（Domino's）會持續成長。而我先前也指出過去的成功。

But I'd also point to that the people who have the most insight into the ability of Domino's to grow in the future and the folks who are spending their money betting on that growth are franchisees. And the pipeline is really, really, really strong. And so if you're looking for what are the people who are investing their own money and expertise and time, what do they think about the future perspective? It's not just hearing the CEO and the CFO talking about what their future looks like, it's our franchisees are talking with their investments as well.

但我也想指出，對達美樂（Domino's）未來成長能力最有洞見、而且正在投入資金押注這個成長的人，其實是加盟商。而我們的開店管線（pipeline）真的非常、非常、非常強勁。所以如果你在看：那些投入自己資金、專業與時間的人，他們怎麼看未來前景？不只是聽 CEO 和 CFO 談他們認為未來會如何，而是我們的加盟商也正用他們的投資在表態。

And then Andrew, I'll come back, sorry, I should have mentioned this the first time. I mean, the fact that we have a 20% share on carryout is super exciting. I just look at it as a huge opportunity. We have a right to win and actually gain share pretty significantly over there and get to, at the very least, the 33% share that we have on delivery and more as we get past it. So we're super excited about the carryout business.

然後，Andrew，我再補充一下，抱歉，我第一次應該就要提到這點。我的意思是，我們在外帶（carryout）業務上有 20% 的市占率，這真的非常令人振奮。我把它視為一個巨大的機會。我們有贏的條件，而且確實能在那邊相當顯著地提升市占，至少能達到我們在外送（delivery）業務的 33% 市占率，並且在我們持續推進後還能更高。所以我們對外帶業務非常興奮。

I think we've -- all the things that Russell talked about in terms of technology innovations are going to impact the carrier business as well, which I think is going to be a very significant driver of continued share growth as we move forward.

我認為我們——Russell 談到的所有關於科技創新的事情，也會影響外帶業務，我認為這將會是我們未來持續提升市占的一個非常重要的驅動因素。

Christine Cho, Goldman Sachs.

Christine Cho，高盛。

I'd like to discuss the international business. You mentioned that you're still expecting low single-digit same-store sales growth for the year. But have you seen any impacts from the war? And how does that compare to what you experienced in '23 and '24?

我想討論一下國際業務。你們提到今年仍預期同店銷售將有低個位數成長。但你們是否看到戰爭帶來任何影響？這與你們在 2023 年和 2024 年的經驗相比如何？

Additionally, Sandeep, I think you mentioned that excluding DPE, your international business would have met expectations. Can you elaborate on that a little bit? And with the new DPE CEO now in place, are you seeing any leading indicators that the turnaround is progressing in the right direction?

另外，Sandeep，我想你提到若排除 DPE，你們的國際業務本來是符合預期的。你能再多說明一下嗎？而且在新的 DPE 執行長已到位的情況下，你們是否看到任何領先指標顯示這次的扭轉正朝正確方向推進？

Yeah, I think -- and we can tag on this one, Sandeep. On the international business being in over 90 countries, things impact things in a different way. When you look at our business specifically in the Middle East, one is we've -- we're in constant contact with our franchisees over there. And so far, they've not seen an impact from the war. And even they did, I'm not saying this is something we still don't hold dear, but it's just for perspective. That part of the world is probably about 2% of our operating income.

是的，我想——這題我們也可以請 Sandeep 一起補充。國際業務遍及 90 多個國家，各種事件的影響方式也會不同。就我們在中東的業務來看，第一，我們一直與當地加盟商保持密切聯繫。到目前為止，他們尚未看到戰爭帶來的影響。即便有影響——我不是說這不是我們仍然非常重視的事情——但只是提供一個背景。那個地區大約只占我們營業利益的 2%。

Andrew Gregory, the new CEO of Domino's Pizza Enterprises actually starts in August, Christine, but we are still working very closely with their team. Actually, I've got -- on Wednesday, I've got a conference call with Jack Cowin, who is the Executive Chairman of DPE, and we're leading in -- we continue to lead with a big time to turn around that business. There, it's all about getting the value equation right, to start order count driving again, which then leads to sales growth. So we're continuing to lean in with them there.

Christine，Domino's Pizza Enterprises 的新任執行長 Andrew Gregory 其實是 8 月才正式上任，但我們仍與他們的團隊非常密切合作。事實上，我週三會和 DPE 的執行董事長 Jack Cowin 開電話會議，我們正全力投入——我們會持續以很大的力道協助扭轉那項業務。在那裡，關鍵就是把「價值方程式」調整到位，讓訂單量重新開始成長，進而帶動銷售成長。所以我們會持續在那邊加大投入。

And as Sandeep said, look, our job is to give reasons, but they're not excuses. If you took out DPE, the rest of our international business performed exactly as we had hoped it would for the quarter. So our job is, it's a pretty big focus right now on one part of the business, and that's what we're all doing.

而且如同 Sandeep 所說，你看，我們的工作是提出原因，但不是找藉口。如果把 DPE 排除掉，我們其餘的國際業務在本季的表現完全符合我們原本的期待。所以我們的工作是——目前相當大的重點放在業務中的一個部分，而這正是我們大家正在做的事。

And then just to add a little text here to the performance and then a little bit about the guidance itself. I think when we look at the bright spots, and Russell talked about excluding DPE, we were on track. And I think the European business, and that was driven a lot by the UK, we just had an update that they announced recently was pretty good, and we were pleased with the Americas business as well and the performance over there.

再補充一些關於表現的說明，以及對指引本身的一點說明。我認為當我們看亮點時，Russell 提到排除 DPE 後，我們其實是按計畫推進的。我認為歐洲業務——其中很大一部分由英國帶動——他們最近公布的更新相當不錯，我們也感到滿意；而美洲業務以及那邊的表現，我們同樣感到滿意。

So when we talk -- when I'm moving to the guidance itself, when we talk about low single digits, we're just taking into account pretty much -- the answers are driven by your questions. I mean there's macro and geopolitical uncertainty, which has developed since the time we provided our February guidance, and we're taking that into consideration as we've updated to low single digits. And we're just monitoring this very carefully, but we feel the underlying business, excluding the impact of DPE, is where we expected it to be.

所以當我們談——我轉到指引本身——當我們談到低個位數時，我們基本上是在把一些因素納入考量——答案其實是由你的問題所驅動的。我的意思是，自從我們在 2 月提供指引以來，宏觀與地緣政治的不確定性已經出現並發展，我們在更新到低個位數時已將其納入考量。我們也會非常謹慎地持續監控，但我們認為在排除 DPE 影響後，基本面仍在我們預期的位置。

Jeff Farmer, Gordon Haskett.

Jeff Farmer，Gordon Haskett。

Just following up on an earlier question. So relative to that initial 3% US same-store sales guidance that you guys had as of late February, which income cohorts or channels would you say saw trends fall for this below your expectations?

我想追問先前的一個問題。相較於你們在 2 月底時給出的美國同店銷售 3% 的初始指引，哪些所得族群或通路的趨勢下滑，低於你們的預期？

Yeah. So Jeff, I think when we go back to what Russell talked about, when we look at the broad industry, of course, with the macro environment and the pressure on the low-income consumer, there will be broadly industry-wide impact that we would expect. But specifically, to our own performance, the great news was we were actually pretty consistent across all income cohorts and grew across all income cohorts, which means a pretty narrow band in terms of performance.

是的。Jeff，我想回到 Russell 提到的點：當我們看整體產業時，當然在宏觀環境以及低所得消費者承壓的情況下，我們會預期整個產業都會受到廣泛影響。但就我們自身的表現而言，好消息是我們在所有所得族群的表現其實相當一致，而且在所有所得族群都實現成長，這代表表現落在一個相當窄的區間內。

The part that I would actually bring back, and I don't remember who asked the question and who made the comment, but the competitive activity did make a difference in the quarter, but that's a very short-term and transitory impact that we think over the long term will sort itself out. And we feel that, that's all taken into account in the guidance that we provided because we have ideas and plans that are going to be implemented as we move through the balance of the year.

我想再帶回來的一點是——我不記得是誰問的問題、誰做的評論——但競爭活動確實在本季造成了影響；不過我們認為那是非常短期、暫時性的影響，長期來看會自行消化。而且我們認為，我們提供的指引已把這些都納入考量，因為我們有一些想法與計畫，會在今年剩餘期間逐步落地執行。

I'd just say that maybe another way to think about it is that short-term headwind competitively, I think, is a long-term tailwind.

我只想說，或許換個角度看：短期的競爭逆風，我認為其實是長期的順風。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

I want to ask a question on leverage. And specifically, Sandeep, during Investor Day, you laid out a decision tree that was informing how you were thinking about leveraging or deleveraging the business. Now with the increased uncertainty on macro and geopolitical environment, why is it the best option to continue to do share repurchases versus driving down the leverage to, say, 3 times to 4 times in anticipation of maybe volatility in the rate?

我想問一個關於槓桿的問題。具體來說，Sandeep，在投資人日你提出了一個決策樹，用來指引你們如何思考提高槓桿或去槓桿。現在宏觀與地緣政治環境的不確定性增加，為什麼繼續進行庫藏股回購會是最佳選項，而不是把槓桿降到例如 3 倍到 4 倍，以因應利率可能波動？

Yeah, Danilo. I think when I go back to where we were at the time of the Investor Day, December '23, we actually were running at a leverage of 5.4 times, if I remember right. And since that time, we've continuously delevered and we've gotten down to 4.3 as of this most recent quarter.

好的，Danilo。我想回到投資人日當時，也就是 2023 年 12 月，我記得我們的槓桿倍數大約是 5.4 倍。自那之後，我們持續去槓桿，最新一季已降到 4.3 倍。

And -- but I think the more important thing I would say on the decision tree was we were very clear based on where interest rates were and interest rates were pretty volatile at that time, too, that if interest rates remain at the level at which they were we would just refinance existing debt load while growing earnings and naturally deleverage. And if interest rates did go up, we would actually reduce our leverage, but partial debt paydown.

而且——但我認為在決策樹上更重要的一點是：我們當時非常清楚地說明，基於當時的利率水準——而且當時利率也相當波動——如果利率維持在當時的水準，我們會在獲利成長的同時，僅針對既有債務部位進行再融資，並自然去槓桿。如果利率上升，我們則會透過部分償還債務來降低槓桿。

And so since that time, I think what we've seen is that interest rates have been volatile, the tenure was about 4.2 at that time, now it's probably close to 4 -- somewhere in the same range, 4.3, 4.2. And so I think that decision tree does not change.

因此從那時到現在，我們看到利率仍然波動；當時 10 年期大約是 4.2%，現在可能接近 4%——大致仍在同一個區間，4.3%、4.2% 左右。所以我認為那個決策樹並沒有改變。

And I think the part that I wanted to really address in the prepared remarks is, we stay very consistent in returning capital to shareholders and returning value to shareholders. And we've been very committed to the dividend. We've actually raised it by 15% this year, but on average, over the last decade, has been going up about 20% annually. And share repurchases is another vehicle that we actually believe delivers great value to shareholders over a period of time.

而且我想我在事先準備的談話中真正想強調的是：我們在回饋股東資本、為股東創造價值方面一直非常一致。我們對股利一直非常承諾。今年我們實際上把股利提高了 15%，而在過去十年，平均每年大約提高 20%。而股票回購是另一種工具，我們也相信它能在一段時間內為股東帶來很好的價值。

And so we're committed. We talked about the share repurchase authorization that we had approved by the Board. And we will lean in, but with discipline. We will make sure that from a decision tree perspective; we're paying very close attention to where interest rates are. We will be paying attention to where market volatility is. But we believe that by staying close to that low end of the 4 that we've talked about, we've demonstrated that we will stay disciplined.

因此我們承諾會這麼做。我們談到董事會已核准的股票回購授權。我們會積極推進，但會保持紀律。我們會確保從決策樹的角度來看，我們會非常密切關注利率水準。我們也會關注市場波動。但我們相信，透過維持在我們所談到的 4 的低端附近，我們已經證明我們會保持紀律。

I think the repurchase, in addition to what Sandeep talked about, is driven by a belief. It's driven by belief in the Domino's brand, a belief in what we can do over the long term and a belief that's a right spend on behalf of our shareholders.

我認為回購，除了 Sandeep 談到的內容之外，是由一種信念所驅動。它是基於對 Domino's 品牌的信念、對我們長期能做到什麼的信念，以及相信這是代表股東做出的正確資本支出。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

Maybe two clarifications. The first is, you mentioned, excluding the headwind from the DPE comp, you would have met expectations. I guess, DPE has been a drag now for, I think, probably three years. Is there a point at which you think about perhaps lowering long-term algo or the growth for the international market just because it seems like it's been a drag either from a unit or comps perspective for a while?

也許有兩點需要釐清。第一點是，你提到若排除 DPE 同店（comp）帶來的不利因素，你們本來會達到預期。我想，DPE 現在已經拖累了大概三年。你們是否會在某個時間點考慮下調長期演算法（algo）或國際市場的成長預期，因為看起來不論從店數或同店的角度，它已經拖累了一段時間？

And the other follow-up is you mentioned promotional impact is kind of transitory, which makes sense. Is this related to the closures? Is it possible that sort of the remaining stores are healthier or conversely that maybe it's kind of the last gasp of struggling competitors? Just, you know, Russell, especially given how much perspective you have, I guess, how long does this type of thing last in the context of pressured margins?

另一個追問是，你提到促銷影響有點是短暫的，這很合理。這是否與關店有關？是否可能剩下的門市更健康，或相反地，這可能是陷入困境的競爭對手最後的掙扎？就是說，Russell，特別是考量你有這麼多觀察視角，在利潤率承壓的情境下，這類情況通常會持續多久？

Thanks, Sara. The potential for the markets that DPE is in long term and short term is far too big for us to ever think about taking down long-term guidance. What we need to be focused on is helping them untap that potential, one that they had been doing for a long time, but they're clearly not doing now.

謝謝，Sara。DPE 所在市場的長期與短期潛力都太大了，我們不會因此去考慮下調長期指引。我們需要專注的是協助他們釋放那個潛力——他們過去很長一段時間做得到，但顯然現在做不到。

I talked before about value. But we're in constant conversations with them. One of the things that Jack Cowin talked about on a couple of calls ago is that they're open to looking at changing the structure of their portfolio, maybe what markets they own versus don't own. You should know that we've got contractual powers that we can leverage as well to drive change, and we're going to be doing all of those things. But the long term for the market that DPE has is way too high for us not to continue to tap that.

我之前談過價值。但我們一直與他們保持密切溝通。Jack Cowin 在前幾次電話會議中提到的一件事是，他們願意考慮改變其投資組合的結構，也許是他們擁有哪些市場、哪些市場不擁有。你們也應該知道，我們同樣擁有可運用的合約權力來推動改變，而我們也會做所有這些事情。但 DPE 所擁有市場的長期天花板太高了，我們不可能不繼續去挖掘那個潛力。

And I think just on the promotional impact being potentially transitory, yeah, I mean, I think what we expect is the promotional intensity is high as potentially store closures are looming. And maybe there's some leaning in that's going on. But regardless of whether it's short term or not, I think the sustainability of that promotion is not going to work for the franchisee profitability of the competition. So either the stores will end up closing, or they'll have to stop doing the promotions because they can't afford the profits.

至於促銷影響可能是短暫的，我的意思是，是的，我們預期在可能面臨關店之際，促銷強度會很高。也許會出現某種加碼投入的情況。但不論這是短期與否，我認為那樣的促銷不可能對競爭對手的加盟商獲利能力具有可持續性。所以最後要嘛門市會關掉，要嘛他們就得停止促銷，因為他們承受不起利潤被侵蝕。

You're talking about the US business?

你指的是美國業務嗎？

US business.

美國業務。

Yeah, I just want to be clear, that's about the U.S. business. Really back to what I was talking about before, which is potentially in addition to some of the kind of the external headwinds, competition was a headwind for us in the quarter. I actually really do truly think this will be a long-term tailwind because this is doing damage to the P&L of, I believe, of their franchisees.

對，我只是想確認清楚，那是針對美國業務。回到我先前談到的，也就是除了某些外部逆風之外，競爭在本季對我們而言也是一項逆風。但我其實真的相信，長期來看這會成為順風，因為我認為這正在傷害他們加盟商的損益表（P&L）。

Jon Tower, Citi.

Jon Tower，花旗。

Maybe just first, starting on the expectation for the macro in your guidance. Are you effectively just carrying forward what you saw in the month of March for the balance of the year.

也許先從你們指引中對總體環境的假設談起。你們是否等於是把 3 月份看到的情況延續到今年剩餘時間？

And then secondarily, obviously, the channel shift between delivery and carryout will impact mix. But what else is going on with check in your business in the US?

其次，顯然外送與外帶之間的通路轉移會影響組合。但在美國業務中，客單（check）方面還有什麼其他因素在發生？

So Jon, I think you're right. I think your question actually framed exactly how we're thinking about guidance. I think we've taken into account the incremental pressure that we saw in the macro and to the guidance that we've updated this time, and that's the base assumption.

Jon，我想你說得對。我覺得你的問題其實正好描述了我們如何思考指引。我們已把在總體環境中看到的額外壓力納入這次更新後的指引中，而那就是基礎假設。

And I think in terms of channel shifts, delivery, and carryout, we expected to grow both businesses. And I think when we look at this year and all the things that we're planning on, we're looking to have a balance between ticket and order count growth. And I think that's embedded in our assumptions. And that really didn't change. I think the timing of when all those sales would come obviously shifted a little bit based on how we started the first quarter. But that's pretty much how we're thinking about the year.

至於通路轉移、外送與外帶，我們原本就預期兩個業務都會成長。而當我們看今年以及所有規劃中的事項時，我們希望在客單與訂單量成長之間取得平衡。我認為這已經內嵌在我們的假設中。而這點其實沒有改變。我想，顯然所有這些銷售發生的時間點，會因為第一季的開局而稍微有所移動。但我們對今年的思考大致就是如此。

And I just maybe saying it in a little bit of a different way. The guidance has been updated. The goals have not been updated at all. And that's our job this year, and that's what we're doing in moving around things on the calendar. Everything that we are focused on is delivering on the goal, which is the high end of that guidance.

我也許用稍微不同的方式再說一次。指引已經更新。目標完全沒有更新。而今年我們的工作，就是透過調整行事曆上的安排來達成目標，這也是我們正在做的事。我們所有的重點都在於交付目標，也就是達到該指引區間的高端。

Brian Harbour, Morgan Stanley.

Brian Harbour，摩根士丹利。

I'm curious if you think advertising effectiveness has changed to some extent? I mean, was it less in the quarter? How people respond to that and how people respond to some of the deal-driven advertising? Is that something that you plan to change as you go through the year? Or is this more just about kind of new products?

我想了解你是否認為廣告效果在某種程度上有所改變？我的意思是，本季是否比較弱？消費者對此的反應，以及對一些以優惠為導向的廣告的反應。這是你們計畫在今年進行中加以調整的事情嗎？還是這更多只是與新產品有關？

Yeah, Brian, we can get better in everything that we do in all aspects of our business. And so absolutely, are we going to continue to drive the renowned value and come up with new products, but our job is to develop great stories, stories that supersede or build upon what is great value or great innovation. And so our CMO, Kate Trumbull, is working very closely with the advertising agency. I mean the lights on every evening here. And I know not only some of the products on the calendar, but I know some of the stories on the calendar.

對，Brian，我們在業務的各個面向、所做的每件事上都可以做得更好。所以當然，我們會持續推動我們廣為人知的價值主張並推出新產品，但我們的工作是打造好的故事——能超越或建立在「高性價比」或「高度創新」之上的故事。因此，我們的行銷長（CMO）Kate Trumbull 正與廣告代理商非常緊密合作。我的意思是，我們這裡每天晚上都燈火通明。而且我不只知道產品行事曆上的一些內容，我也知道故事行事曆上的一些內容。

You may know, my first job here at the company was Chief Marketing Officer. And I am really excited about the stories we're going to tell. It's not just spending the most amount of money, although that certainly helps. It's on top of the money, it's having the most compelling stories, and we're going to do both of those things in the second half of the year.

你可能知道，我在公司第一份工作就是行銷長。而我對我們將要講述的故事感到非常興奮。這不只是花最多的錢，雖然那確實有幫助。在資金投入之上，更重要的是擁有最具吸引力的故事，而我們會在今年下半年兩者都做到。

Chris Carril, KeyBanc Capital Markets.

Chris Carril，KeyBanc Capital Markets。

Can you expand a bit more on the margin outlook for both the supply chain business and your company-owned stores, for the balance of the year? You know, maybe puts and takes around the food cost basket, potential impact from higher energy costs, and maybe for the supply chain, how you're thinking about productivity gains at this point.

你能否更進一步說明今年剩餘期間，供應鏈業務與自營門市的利潤率展望？例如食品成本籃子的利多利空、更高能源成本的潛在影響，以及就供應鏈而言，你們目前如何看待生產力提升所帶來的效益？

And then specifically just on the company-owned store margins. I think they seem to come in a little bit lower than anticipated in the Q1. So just curious how you're thinking about the various dynamics impacting the company store margins in the Q1 as, you know, we're thinking about the balance of the year here

接著特別想問一下直營門市的利潤率。我覺得第一季的表現似乎比預期略低一些。所以想請教，在我們思考今年剩餘期間的情況時，你們如何看待第一季影響直營門市利潤率的各種動態因素？

So thanks for the question, Chris. So let me start with the supply chain margins. And I think this is a story that's been really very, very strong for the last few years. And I think we're really proud of the work the team is actually doing on the supply chain side to actually navigate some of the cost pressures that we're seeing in the current environment as well.

謝謝你的提問，Chris。我先從供應鏈利潤率談起。我認為這幾年這一直是一個非常、非常強勁的故事。而且我們也為團隊在供應鏈端所做的工作感到非常自豪，他們在目前環境下也能有效因應我們所看到的一些成本壓力。

And we've actually been driving a lot of procurement productivity, and the team keeps on pushing hard to actually get more value out of that business. And that's showing up in the profit growth that you're seeing on the margins over there. But also, I think we're driving gross profit dollar growth on the back of the volume that we actually are continuing to drive and expect to drive. So I'd say that's the supply chain business. And our expectation for the year is to see positive margin outlook on the supply chain business, as we talked about in February.

我們確實推動了大量的採購生產力提升，而團隊也持續努力，力求從這項業務中創造更多價值。這也反映在你所看到的利潤率帶動的獲利成長上。同時，我們也在持續推動、並預期將繼續推動的銷量帶動下，實現毛利金額的成長。所以我會說，這就是供應鏈業務的情況。而我們對今年的預期，是供應鏈業務的利潤率展望將呈現正向，正如我們在二月所談到的。

And so I'm going to now go to the company stores. And the company stores, there's a subtle tweak that we made in the earnings release. We actually did not talk about that as one of the KPIs from a profit perspective and a profit margin perspective. We have the disclosure in the 10-Q.

接下來我談直營門市。關於直營門市，我們在財報新聞稿中做了一個細微的調整。我們實際上沒有再從獲利與利潤率的角度，把它作為關鍵績效指標（KPI）來討論。我們在10-Q中仍有相關揭露。

The reason this was the case was this was really -- it's becoming less and less material. Last year, we still had Maryland in the portfolio, but we did refranchise it. And as we actually get to a place where the size of the portfolio of company stores is less, it's less material to the profitability of the company. And that's why we keep the disclosure in the 10-Q, but I think as the read-through to what's happening in our franchisees really isn't there when we only have five markets in which we are operating.

之所以如此，是因為這部分確實——正變得越來越不具重要性。去年我們的組合中仍有馬里蘭（Maryland），但我們已將其重新特許經營（refranchise）。隨著直營門市組合規模縮小，它對公司整體獲利的重要性也降低。因此我們仍在10-Q中保留揭露，但我認為，當我們只在五個市場營運時，從直營門市去推讀我們加盟商的狀況，其實已不太具有代表性。

Again, we had some discrete issues that we dealt with in the first quarter. We had some pressure from labor, we had some pressure from the food basket, which actually was impacting on the business. We had some pressures on insurance as well, as we outlined. But really speaking, when we look at the big picture on the total company, we feel like this is not that material to what's going to happen to the company.

同樣地，我們在第一季確實處理了一些個別的問題。我們面臨一些人力成本壓力，也面臨一些食材籃（food basket）的壓力，這些確實影響了業務。此外，如我們所說明的，保險方面也有一些壓力。但坦白說，從公司整體的大局來看，我們認為這對公司未來的走向並不算太重要。

We believe that operating margins will continue to expand this year at the company level and where we feel pretty good about where that's going as we manage the puts and takes between the revenues and investments we need to make in the P&L to drive profit growth for the company.

我們相信，今年在公司層級的營業利潤率將持續擴張；在我們管理營收與損益表（P&L）中為推動公司獲利成長所需投資之間的取捨與平衡時，我們對其走勢也相當有信心。

And maybe just to add to that, Sandeep, the company store profit is not reflective of the profit for our franchisees, which continues to be strong.

另外補充一下，Sandeep，直營門市的獲利並不能反映我們加盟商的獲利情況；加盟商的獲利仍然強勁。

Jeffrey Bernstein, Barclays.

Barclays 的 Jeffrey Bernstein。

Great. Just wanted to talk again about the US competition. I know Russell, you noted the intensification, but yet good to see your increase in confidence taking share. I was hoping to maybe look a little bit more at the broader QSR segment.

很好。我想再談一下美國的競爭情況。我知道 Russell，你提到競爭加劇，但也很高興看到你們對於持續搶占市占的信心提升。我希望能更廣泛地從整體速食餐飲（QSR）板塊來看。

I mean, I know your largest pizza peers are increasingly aggressive on value, but it seems like the QSR peers with their values and deals, and they have lots more outlets. And I know I'm guessing they're better positioned in terms of their franchisee health to be able to offer extended value without having to see closures. So maybe that's a potential risk to the historical 1% to 2% pizza category growth if we see again all the big burger and chicken players more sustainably pushing value, which seems to be on their agenda. Any color there would be great.

我的意思是，我知道你們最大的披薩同業在「超值」方面愈來愈積極，但看起來其他QSR同業也在推各種超值與優惠，而且他們的據點數量更多。而且我猜他們在加盟商健康度方面的條件更好，因此能夠提供更長期的超值方案，而不必面臨關店。所以如果大型漢堡與炸雞業者更持續地推動超值（看起來這是他們的重點），那可能會對披薩品類歷史上1%到2%的成長帶來風險。若能分享一些看法就太好了。

Yeah, Jeff, you know, certainly what you're seeing throughout the industry is competitors, both pizza and non-pizza, giving customers what they want. You know, we actually talked about this last year. If you remember, there was a lot of value pressure last year, and one of the things I said was, you know, you need to give customers not just value for value's sake, but they need to value the things that you're putting value on. And that's why we were so excited about, and continue to be so excited about, promotions like Best Deal Ever, because there it's not, hey, I want a large pizza, you're going to give me a small pizza at a discount. It's we're going to give you the large pizza at a discount.

是的，Jeff，你在整個產業看到的，確實是競爭對手——不論披薩或非披薩——都在提供顧客想要的東西。其實我們去年就談過這點。如果你記得，去年有很大的超值壓力，而我當時說過，你不能只是為了超值而超值，你必須讓顧客覺得你所主打的項目「值得」他們重視。這也是為什麼我們對像 Best Deal Ever 這樣的促銷如此興奮，並且至今仍然非常興奮；因為那不是說「你想要大披薩，我給你小披薩打折」，而是「我們直接給你大披薩打折」。

What I think you're starting to see this year is competition, pizza and non-pizza, realizing they need to do the same thing. You know, at the end of the day, I think what that allows us to do is not only continue, like, continue to put pressure on our competition and continue to grow there, but also, you know, just this value environment is not going to change, I don't believe for the rest of this year.

我認為你今年開始看到的是，競爭者——披薩與非披薩——意識到他們也需要做同樣的事。你知道，歸根結底，我認為這不僅讓我們能夠持續——像是持續對競爭對手施壓並持續成長——同時我也相信，這種超值環境在今年剩餘時間不會改變。

When I look at our Q1 results and we look at some of the macros, we didn't see non-pizza be a significant impact. If we did, we would've called it out. Yeah, I think we're going to just have a year where we're going to continue to compete, and I'm really glad we have the resources and our franchisees have the resources to do that.

當我看第一季的結果並觀察一些總體因素時，我們沒有看到非披薩對我們造成顯著影響。如果有的話，我們會特別提出來。是的，我認為今年我們就是會持續競爭的一年；我也很高興我們有資源、而我們的加盟商也有資源來做到這點。

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

謝謝你，Jeff。這是本次電話會議的最後一個問題。感謝各位今天參與我們的電話會議，也期待不久後再次與各位交流。各位現在可以掛線。