達美樂 (DPZ) 2026 Q3 法說會逐字稿

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

各位早安，感謝您耐心等候。歡迎參加達美樂披薩 2026 年第三季財報電話會議。(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. Sir, please go ahead.

接下來我想把會議交給今天的講者 Greg Lemenchick。先生，請開始。

Good morning, everyone. Thank you for joining us today for our third-quarter conference call.

各位早安。感謝各位今天加入我們的第三季電話會議。

Today's call will begin with remarks from our Executive Chairman Designate, Russell Weiner; followed by our Chief Executive Officer, Joe Jordan; and our Chief Financial Officer, Sandeep Reddy. We will then open the line for Q&A. Please note that Russell will be joining only for the prepared remarks. Joe and Sandeep will take your questions.

今天的電話會議將先由我們的候任執行董事長 Russell Weiner 致詞；接著是我們的執行長 Joe Jordan；以及我們的財務長 Sandeep Reddy。之後我們將開放問答。請注意，Russell 只會參與事先準備的致詞部分。Joe 與 Sandeep 將回答各位的提問。

The notices regarding 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 forecasts. For more information, please refer to the risk factors discussed in our filings with the SEC. In addition, please refer to the 8-K earnings release to find disclosures and reconciliations of non-GAAP financial measures that may be referenced on today's call.

今早財報新聞稿與 10-Q（兩者皆可於我們的投資人關係網站取得）中關於前瞻性陳述的聲明，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。此外，亦請參閱 8-K 財報新聞稿，以取得今日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 conference call is being webcast and 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.

本次電話會議將透過我們的網站進行網路直播並錄製，以供回放。今天早上我們會盡力在時間允許下回答盡可能多的問題。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.

那麼，接下來我想把電話會議交給 Russell。

Thanks, Greg, and good morning, everybody.

謝謝你，Greg，各位早安。

Before we get started, I want to take a moment to say what an incredible privilege it has been to lead this company. I'm so deeply grateful to our franchisees, team members, Board, and shareholders for the trust and support you've given me over the years. Serving as CEO has been the honor of a lifetime, and I'm excited to become Executive Chairman at our Annual Shareholder Meeting in April. I also want to thank Dave Brandon, who hired me in 2008 and has been an incredible mentor throughout my career at Domino's.

在開始之前，我想花一點時間說，能夠領導這家公司是一項無比的榮幸。多年來，我非常感謝我們的加盟主、團隊成員、董事會以及股東對我的信任與支持。擔任執行長是我一生的榮耀，我也很期待在四月的年度股東大會上出任執行董事長。我也要感謝 Dave Brandon，他在 2008 年聘用我，並在我於達美樂的職涯中一直是非常出色的導師。

When I joined Domino's, we were a very different company. Since then, we've reinvented the brand, become a technology leader, opened thousands of stores around the world, and built Domino's into the number one pizza company on the planet. What I'm most proud of, though, isn't what we've accomplished; it's how we've accomplished it.

當我加入達美樂時，我們是一家非常不同的公司。從那之後，我們重塑了品牌、成為科技領導者、在全球開設了數千家門市，並將達美樂打造為全球第一的披薩公司。然而，我最引以為傲的不是我們完成了什麼，而是我們如何完成這一切。

Time and again, when others said Domino's couldn't, our franchisees and team members proved we could. That's the Domino's effect: always hungry for more, always getting better, and never satisfied with where we are today. It's also why I'm so optimistic about our future. Our franchisees and team members, they're our competitive moat. Competitors can try and copy aspects of our products, promotions, and technology. They can't copy the people who make Domino's so special.

一次又一次，當其他人說達美樂做不到時，我們的加盟主與團隊成員證明了我們做得到。這就是「達美樂效應」：永遠渴望更多、永遠持續進步、永遠不滿足於今天的現狀。這也是我對我們未來如此樂觀的原因。我們的加盟主與團隊成員，就是我們的競爭護城河。競爭對手可以嘗試複製我們產品、促銷與科技的某些面向。但他們無法複製讓達美樂如此特別的這群人。

That's why I have so much confidence in Joe Jordan. I've worked alongside Joe for more than 15 years at Domino's, and there is nobody I trust more to lead the company forward. Joe loves this brand and our franchisees, knows the business inside and out, and firmly believes that our people are our greatest competitive advantage. Domino's has never been stronger, and I couldn't be more excited about what comes next and the person who's going to lead us there.

這也是我對 Joe Jordan 充滿信心的原因。我在達美樂與 Joe 並肩合作超過 15 年，沒有任何人比他更讓我信任、能帶領公司向前。Joe 熱愛這個品牌與我們的加盟主，對業務瞭若指掌，並堅信我們的人才是最重要的競爭優勢。達美樂從未如此強大，我對接下來的發展以及將帶領我們前進的人選感到無比振奮。

With that, let me turn it over to our CEO, Joe Jordan.

接下來，讓我把時間交給我們的執行長 Joe Jordan。

Thank you for the kind words, Russell, and good morning, everyone. It is an honor to speak with you today for the first time as CEO of Domino's.

謝謝你溫暖的話語，Russell，各位早安。今天能以達美樂執行長的身分首次與各位對話，是我的榮幸。

After 15 years with the brand, one thing has become clear to me. When we're firing on all cylinders, we cannot be beat. We have enormous strengths to build on, including a best-in-class franchise system, an iconic brand, an outstanding global business with significant scale, and operating capabilities that set us apart. We also have an opportunity to operate as an even more connected global system, moving winning ideas faster across markets and ensuring the entire system benefits from our best thinking.

在這個品牌服務 15 年後，有一件事對我而言已非常清楚。當我們全力運轉、各方面都發揮到位時，我們無人能敵。我們擁有可持續發揮的巨大優勢，包括同級最佳的加盟體系、具代表性的品牌、規模可觀且卓越的全球業務，以及讓我們脫穎而出的營運能力。我們也有機會以更緊密連結的全球系統來運作，更快地在各市場之間推動致勝想法，並確保整個系統都能受益於我們最好的思考。

My job isn't to reinvent what makes Domino's great; it's to accelerate it with the clarity, prioritization, faster decisions, and relentless execution. The fundamentals of our category, while mature, remain strong. As consumer expectations evolve, growth will come from understanding those changes, meeting customers where they are, and earning more of their occasions more often.

我的工作不是重新發明讓達美樂偉大的因素；而是以更清晰的方向、更明確的優先順序、更快的決策與不懈的執行來加速它。我們所處品類的基本面雖然成熟，但仍然強勁。隨著消費者期待演變，成長將來自於理解這些變化、在顧客所在之處與其相遇，並更頻繁地在更多用餐情境中贏得他們的選擇。

As I begin this role, my philosophy is simple. We will build trust through action, earn credibility through results, and stay focused on helping our customers, franchisees and stores succeed. That starts with two priorities: getting closer to the customer and continuing to drive strong four-wall profitability for our franchisees. Together, they provide a simple lens for how we will prioritize the business.

在我開始這個角色之際，我的理念很簡單。我們將以行動建立信任、以成果贏得公信力，並持續聚焦於協助顧客、加盟主與門市成功。這從兩項優先事項開始：更貼近顧客，以及持續為加盟主推動強勁的單店（four-wall）獲利能力。兩者合在一起，提供了一個簡單的視角，讓我們用以決定業務優先順序。

My focus will be on turning our best performance into our everyday performance through stronger execution, continued value leadership, and a franchisee-first mindset. Domino's has always been at its best when we are a step ahead. Our newest innovation, The Domino, is a great example of that mindset in action. It is an ownable product and name that are uniquely Domino's, built around an emerging customer need we call the me-we occasion, the desire to enjoy pizza together without giving up individual choice.

我的重點將放在透過更強的執行力、持續的價值領導地位，以及「加盟主優先」的思維，把我們最好的表現變成日常表現。達美樂在我們領先一步時，總是表現最佳。我們最新的創新產品 The Domino，就是這種思維落實的絕佳例子。它是一個可被我們獨占、且極具達美樂特色的產品與名稱，圍繞著一項新興的顧客需求而打造；我們稱之為「me-we 情境」，也就是希望一起享用披薩，同時不必放棄個人選擇的渴望。

That is how we will continue to lead by anticipating where customers are going and using the unique strengths of our brand to meet them there. Staying a step ahead has helped us set the pace for the industry before, and it's how we'll push ourselves to do it again. I have tremendous confidence in our people, our franchisees, and the foundation we have built. And I believe our next chapter will be our strongest yet.

這就是我們將如何持續領先：預判顧客將往哪裡走，並運用我們品牌的獨特優勢在那裡滿足他們。保持領先一步曾幫助我們在過去為產業定下節奏，而這也將是我們再次推動自己做到的方式。我對我們的人才、加盟主，以及我們所建立的基礎充滿信心。我相信我們的下一個篇章將是迄今最強的一章。

Let me now turn to our third-quarter performance. Underlying demand for Domino's remained incredibly strong. We continue to drive order count growth, with orders increasing in both our delivery and carryout businesses. We also continue to gain share within the QSR pizza category.

接下來我談談我們第三季的表現。達美樂的基本需求仍然非常強勁。我們持續推動訂單量成長，外送與外帶業務的訂單皆有所增加。我們也持續在 QSR（快速服務餐飲）披薩品類中提升市占率。

I believe growing orders is the most important thing a brand can do in the current environment. Consumers remain under pressure, but they continue to choose Domino's. More orders bring more customers into our system, support our franchisees, and create opportunities to drive greater frequency over time. This has been a consistent focus for Domino's, and it will remain one under my leadership.

我認為，在目前的環境下，品牌能做的最重要事情就是讓訂單成長。消費者仍承受壓力，但他們依然選擇達美樂。更多訂單能為我們的系統帶來更多顧客、支持我們的加盟主，並隨時間推移創造提高消費頻率的機會。這一直是達美樂一貫的重點，在我的領導下也將持續如此。

Looking ahead to the remainder of 2026, we expect the macro environment to remain an overhang on the consumer through the balance of the year. However, we have a strong calendar for the fourth quarter and believe we are well positioned to compete.

展望 2026 年剩餘時間，我們預期宏觀環境在今年餘下期間仍將對消費者形成壓力與拖累。不過，我們第四季的行銷與營運檔期安排強勁，並相信我們已具備良好的競爭定位。

One of the things that I'm most excited about is The Domino. The primary insight was that customers wanted to enjoy pizza together without having to compromise. As previously mentioned, we call this the me-we occasion. People ordering as a group, while still having the ability to choose something for themselves.

我最感到興奮的事情之一就是 The Domino。最主要的洞察是，顧客希望能一起享用披薩，但不必做出妥協。如先前所提，我們稱之為「me-we 情境」。也就是人們以團體方式點餐，同時仍能選擇一份屬於自己的品項。

Across QSR, consumers increasingly expect individual options, even when eating as part of a group. The Domino allows us to meet that need with a product designed for individual choice, while still preserving the shared occasion that makes pizza so special.

在整個速食餐飲（QSR）領域，消費者愈來愈期待能有個人化選擇，即使是以團體形式用餐亦然。Domino 讓我們能以一款為個人選擇而設計的產品來滿足這項需求，同時仍保留讓披薩如此特別的共享用餐時刻。

We also believe this innovation creates an opportunity to compete for more occasions than ever before. That is particularly relevant on aggregator platforms, where customers are often looking for a meal of their own. This product gives them another compelling reason to choose our brand. If you haven't had one yet, I highly recommend that you do.

我們也相信，這項創新創造了前所未有的機會，讓我們能在更多用餐情境中競爭。這在聚合平台上尤其相關，因為顧客往往是在尋找一份屬於自己的餐點。這項產品為他們提供了另一個選擇我們品牌的強而有力理由。如果你還沒吃過，我非常推薦你去試試。

As I close, having just stepped into the CEO role, I look forward to sharing more of my perspective on Domino's and our long-term opportunities when we report our fourth-quarter results early next year. What I can tell you today is that my confidence in the long-term potential of this business is very high.

在我結語之際，剛接任 CEO 一職，我期待在明年年初公布第四季業績時，分享更多我對 Domino's 以及我們長期機會的觀點。我今天可以告訴各位的是，我對這項業務的長期潛力非常有信心。

We have an iconic brand, a world-class franchise system, proven operating capabilities, and talented people across the globe. My focus is simple: build on those strengths, help our franchisees grow their profits, and ensure we're consistently performing at our very best. We have tremendous opportunities ahead of us, and I believe the future of Domino's is incredibly bright.

我們擁有具代表性的品牌、世界級的加盟體系、經驗證的營運能力，以及遍布全球的優秀人才。我的重點很簡單：在這些優勢上持續加碼，協助加盟商提升獲利，並確保我們始終以最佳狀態穩定表現。我們面前有龐大的機會，我相信 Domino's 的未來非常光明。

With that, I'll turn the call over to Sandeep.

接下來，我把電話會議交給 Sandeep。

Thank you, Joe, and once again, a huge congratulations to both you and Russell as you step into your new roles. Let's review the results.

謝謝你，Joe，也再次熱烈恭喜你和 Russell 走馬上任新職務。我們來回顧本季結果。

Income from operations increased 8.5% in Q3, excluding the impact of foreign currency and minor refranchising true-up impacts related to the sale of certain US company-owned store markets. This increase in operating income, which came in slightly above expectations, was primarily driven by higher US and International franchise royalties and fees. It also benefited from gross margin dollar growth within supply chain that was fueled by strong US order count growth and procurement productivity.

第三季營業利益成長 8.5%，排除外匯影響，以及與出售部分美國自營門市市場相關的輕微再加盟（refranchising）調整影響。本次營業利益增幅略高於預期，主要由美國與國際加盟權利金與費用增加所帶動。供應鏈方面也受惠於毛利金額成長，成長動能來自美國訂單量強勁成長以及採購效率提升。

Excluding the impact of foreign currency, global retail sales grew 3.2% in the quarter. This was due to global net store growth of more than 950 stores over the past 12 months. In Q3, retail sales grew 2.1% in the US, driven primarily by net store growth, inclusive of 26 net new stores in the quarter. Same-store sales grew 0.3%.

排除外匯影響後，本季全球零售銷售額成長 3.2%。主要原因是過去 12 個月全球淨展店超過 950 家。第三季美國零售銷售額成長 2.1%，主要由淨展店帶動，本季淨新增 26 家門市。同店銷售成長 0.3%。

Our business continued to be impacted by a challenging macro environment, which is pressuring consumers. The comp reflected order count growth in our core business along with continued growth in our aggregator business. This was partially offset by a lower average ticket. While our ticket trend improved from the second quarter, it was impacted by a sequential decline in items per order in both our carryout and first-party delivery business. We believe this was due to the challenging consumer environment. Pricing was up 1.2% in the quarter, our carryout comp was up 1%, and delivery was down 0.3%.

我們的業務持續受到具挑戰性的總體環境影響，對消費者造成壓力。同店表現反映了核心業務訂單量成長，以及聚合平台業務持續成長。但部分被較低的平均客單價所抵銷。雖然客單價趨勢較第二季改善，但在外帶與第一方外送業務中，每筆訂單的品項數量較前一季下降，對其造成影響。我們認為這是因為消費者環境仍具挑戰。本季價格上調 1.2%，外帶同店成長 1%，外送則下滑 0.3%。

Shifting to our International business. Retail sales grew 4.3% excluding the impact of foreign currency in the quarter. This was primarily driven by net store growth over the last year, inclusive of 149 stores in Q3. Comps increased 0.2%, and they continued to be impacted by Domino's Pizza Enterprises. Our sales were also pressured by macro and geopolitical uncertainty across the world.

接著談國際業務。本季排除外匯影響後，零售銷售額成長 4.3%。主要由過去一年淨展店帶動，其中第三季新增 149 家門市。同店成長 0.2%，且仍持續受到 Domino's Pizza Enterprises（DPE）的影響。此外，全球各地的總體與地緣政治不確定性也對我們的銷售造成壓力。

Moving to capital allocation. Through the first three quarters of the year, we have repurchased approximately 849,000 shares for a total of $305 million year to date. As of the end of the quarter, we had approximately $1.15 billion remaining on our share repurchase authorization. We continue to expect to return meaningful cash to shareholders in 2026 and beyond, in line with our capital allocation priorities.

接著談資本配置。今年前三季，我們已回購約 849,000 股，年初至今合計金額為 3.05 億美元。截至本季末，我們在股票回購授權額度下尚餘約 11.5 億美元。依循我們的資本配置優先順序，我們仍預期在 2026 年及之後向股東返還可觀的現金。

Given the current interest rate environment, we will evaluate the appropriate leverage level for the business, which is currently 4.2 times EBITDA. Based on current market conditions, that could mean operating below the low end of our targeted leverage range of 4 times.

鑑於目前的利率環境，我們將評估適合本業務的槓桿水準；目前槓桿為 EBITDA 的 4.2 倍。依據當前市場狀況，這可能意味著我們的營運槓桿將低於目標槓桿區間下緣的 4 倍。

Now turning to our updated outlook for 2026, which excludes the impact of the 53rd week. First, US same-store sales. We continue to expect our US comp to be up low-single digits, but with three quarters of the year complete, we believe it will be towards the low end of that range. This assumes that the challenging macroeconomic and competitive environment we have experienced year to date continues through the remainder of the year.

接著說明我們對 2026 年的最新展望（不含第 53 週的影響）。首先是美國同店銷售。我們仍預期美國同店將呈現低個位數成長；但在今年已完成三個季度的情況下，我們認為結果將落在該區間的低端。此假設為：我們年初至今所經歷的具挑戰性的總體經濟與競爭環境，將延續至今年剩餘期間。

We now expect our International same-store sales growth to be approximately flat for the year due to the continued pressures at DPE, which they have previously announced they do not expect to meaningfully improve until 2027. We now expect 125 to 150 net new stores in the US, reflecting increased pressure on our development pipeline from the macroeconomic environment and year-to-date pressure on franchisee profitability, which we are working to stabilize and return to growth. Despite this, we continue to have best-in-class franchisee profitability and cash on cash returns for our new stores.

由於 DPE 持續承壓（其先前已宣布，預期要到 2027 年才會有明顯改善），我們目前預期今年國際同店銷售成長約為持平。我們目前預期美國淨新增門市 125 至 150 家，反映總體環境對我們展店管線造成更大壓力，以及年初至今加盟商獲利能力承壓；我們正致力於穩定並使其重回成長。儘管如此，我們的新店仍具同業最佳的加盟商獲利能力與現金投資報酬率（cash-on-cash returns）。

With that, we see no change in our full long-term potential of 8,500-plus stores in the US. We continue to expect approximately 800 net new stores in our International business. We now expect global retail sales growth in the low- to mid-single digits for the year, reflecting our current year same-store sales outlook. Based on our performance through the third quarter, we currently anticipate finishing towards the midpoint of that range, although our ultimate results will depend heavily on same-store sales over the balance of the year.

因此，我們對美國長期總店數達 8,500 家以上的潛力判斷不變。我們仍預期國際業務約淨新增 800 家門市。我們目前預期今年全球零售銷售額成長為低至中個位數，反映我們對今年同店銷售的展望。依據我們截至第三季的表現，我們目前預期全年將落在該區間的中點附近，但最終結果仍將高度取決於今年剩餘期間的同店銷售表現。

Lastly, reflecting these sales updates, we are now expecting operating income growth in the mid-single digits, excluding the impact of foreign currency, refranchising gains, and the gain on the sale of our corporate aircraft.

最後，反映上述銷售更新後，我們目前預期營業利益成長為中個位數，排除外匯影響、再加盟收益，以及出售公司專機的處分利益。

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

謝謝。我們現在開放提問。

(Operator Instructions) Chris O'Cull, Baird.

（接線員指示）Baird 的 Chris O'Cull。

Yeah, thank you. Joe, as you kind of lap the last year's Best Deal Ever promotion, how do you think about balancing between keeping value compelling with avoiding the need for increasingly aggressive offers? And are you seeing these promotions bring back lapsed customers who then return without a deal?

好的，謝謝。Joe，當你們逐步進入與去年「Best Deal Ever」促銷活動的比較基期時，你如何看待在維持具吸引力的價值主張與避免不得不推出愈來愈激進的優惠之間的平衡？另外，你們是否看到這些促銷能把流失的顧客帶回來，且之後即使沒有優惠也會回購？

Yeah. Thanks for the question, Chris, and good morning, everyone. It is a balance we need to get. We've driven the order counts throughout the year. We need to balance that with improved ticket growth. Sequentially, we did that in Q3 over Q2. We need to do more of that in Q4, and that's by getting the right offers to the right consumers at the right time.

是的。謝謝你的提問，Chris，也向各位道早安。這確實是一個我們需要拿捏的平衡。我們今年一路推動訂單量成長。我們需要在此同時，平衡並改善客單價成長。就季對季而言，我們在第三季相較第二季做到了；第四季我們需要做得更多，而方法就是在對的時間，把對的優惠提供給對的消費者。

So Best Deal Ever continue to work hard for us in the in the third quarter. We continue to evolve that promotion by introducing Stuffed Crust to it, getting consumers to try one of our most delicious products. And then getting them, we do see they then come back and purchase that product again, which can help on that ticket side. So it's that balance of getting trial of those products, driving some incremental occasions, but then seeing customers come back again at higher tickets. That's our goal.

因此，「Best Deal Ever」在第三季仍持續為我們帶來很大助益。我們也持續演進這個促銷活動，把起司夾心餅皮（Stuffed Crust）納入其中，讓消費者試吃我們最美味的產品之一。接著我們也確實看到，他們之後會回來再次購買該產品，這有助於客單價面向。所以這就是在取得產品試用、帶動一些增量用餐情境，同時又能看到顧客以更高客單價回流之間的平衡。這就是我們的目標。

David Palmer, Evercore ISI.

David Palmer，Evercore ISI。

Great, and thanks for those opening comments, Joe. I'm wondering how you see Domino's US delivery channel playing out now that third-party delivery has been fully rolled out and might be fully in the base, so to speak? Do you see delivery growing as a channel going forward? And how do you see the trends perhaps evolving between your own on-site ordering versus what's ordered in third-party sites?

很好，也謝謝你那些開場評論，Joe。我想請教你如何看待達美樂在美國的外送通路接下來的發展，因為第三方外送已經全面上線，某種程度上也可能已經完全納入基期？你認為外送作為一個通路未來還會持續成長嗎？另外，你如何看待自家站內下單與第三方平台下單之間的趨勢可能會如何演變？

I think there was a dream at one point that this bigger consumer connectivity funnel might ultimately lead to more 1P delivery and growth in that channel over time. Even though it doesn't look like that's happening yet, maybe you think that could happen soon. Thank you.

我想曾經有一個願景：更大的消費者連結漏斗，最終可能帶來更多第一方（1P）外送，並讓這個通路隨時間成長。即使目前看起來還沒有發生，也許你認為很快就會發生。謝謝。

Yeah. David, thanks for the question. I do believe there is continued growth in the delivery channel across both 1P and 3P. So starting with 3P, as we shared in the last call, we believe we're now the number one player on both DoorDash and Uber within pizza. But we are not anywhere near our fair share yet when you compare that to the broader QSR pizza category. So we're still seeing growth there. We believe we still have growth to go.

是的。David，謝謝你的問題。我確實相信外送通路在第一方（1P）與第三方（3P）兩邊都還會持續成長。先從3P談起，如同我們在上一通電話會議分享的，我們相信我們現在在DoorDash與Uber這兩個平台的披薩品類中都是第一名。但若與更廣泛的QSR披薩品類相比，我們距離應有的市占（fair share）還差得遠。所以我們仍然看到那邊在成長。我們相信仍有成長空間。

Very importantly, we continue to measure that incrementality very closely to make sure that we're growing our overall delivery business and not cannibalizing 1P. As we've stated in the past, we believe that to be around 50%. That continues to come in at those levels. So we'll continue to measure that.

非常重要的是，我們持續非常密切地衡量其增量效益（incrementality），以確保我們是在擴大整體外送業務，而不是侵蝕第一方（1P）。如同我們過去所說，我們認為大約在50%左右。目前仍維持在那些水準。所以我們會持續追蹤衡量。

Then, what we're looking at is as customers go to 3P and order us on 3P, what is their overall behavior on 3P and 1P, what's their overall pizza usage through Domino's, and can we grow that? So it's about those incremental sales. We believe we can continue to do that. We've done that as we've rolled 3P. The intent is to continue to do so.

接著，我們在看的重點是：當顧客到3P平台上點我們的餐時，他們在3P與1P上的整體行為是什麼？他們透過達美樂的整體披薩消費使用量（usage）如何？我們能否讓它成長？所以重點在於那些增量銷售。我們相信我們可以持續做到。在我們推進3P上線的過程中，我們已經做到這點；接下來的目標是持續如此。

And Dave, I'll add one more thing that we said on previous calls as well. We've been very disciplined about our rollout of 3P and making sure we're focusing on incremental profitable orders. And I think that is really critical. We could have grown a lot faster, sacrificing profitability. We did not want to do that. We are not doing that. And that's our commitment going forward to protect franchisee profitability.

Dave，我再補充一點我們在先前幾次電話會議也提過的。我們在3P的推進上一直非常自律，並確保聚焦在具增量且有利潤的訂單。我認為這點非常關鍵。我們本來可以用犧牲獲利的方式更快成長。我們不想那樣做。我們也沒有那樣做。而且未來我們也承諾會持續保護加盟商的獲利能力。

Gregory Francfort, Guggenheim.

Gregory Francfort，Guggenheim。

Hey. I don't know if this is for Joe or Sandeep, but you guys mentioned just a tougher consumer backdrop. And I guess I'm wondering how that's impacting your business. Do you see that in customers choosing smaller items, small orders? Is that a drag on the check? And are there things you can do to specifically target fixing that?

嗨。我不確定這題是問Joe還是Sandeep，但你們提到消費者環境變得更具挑戰。我想了解這對你們業務的影響是什麼。你們是否看到顧客選擇更小的品項、下更小的訂單？這是否會拖累客單價（check）？以及你們是否有什麼作法可以針對性地改善？

Yeah. I'll take that to start, and then Sandeep can jump in. In the third quarter, in particular, we saw that -- well, let me start with we're very pleased to continue to see order count growth particularly among low-income consumers. So the brand is still relevant even when the pressure is on their pocketbooks.

好的。我先回答，然後Sandeep可以補充。第三季尤其明顯，我們看到——嗯，我先從我們很高興地看到訂單數仍在成長，特別是在低收入消費者族群。所以即使他們的荷包承受壓力，品牌仍然具有相關性。

But in Q3, we believe that manifested mostly in items per order. So we had pressure on items per order. So customers were still coming to us, but managing their ticket by managing items per order. So our job is to continue to make sure we're offering great value to them, how can we drive additional items per order while still driving value with things like the Lava Cake that we launched in the quarter.

但在第三季，我們認為主要反映在每筆訂單的品項數（items per order）。也就是每單品項數承壓。顧客仍然會來找我們，但他們透過控制每單品項數來管理他們的消費金額（ticket）。因此，我們的工作是持續確保提供他們很好的價值；同時思考如何在維持價值的前提下，提高每單品項數，例如我們在本季推出的Lava Cake。

And what I'll do is I'll just add a little bit more texture as we think through the entire year. And after the first-quarter call, we talked about the sequential dip in the macro and consumer environment, and that has persisted and is expected to persist for the rest of the year. What we did not see in the first half was as much pressure from items per order.

我再補充一些脈絡，從全年角度來看。在第一季電話會議後，我們談到總體與消費環境的連續性走弱，而這種情況一直持續，並預期會持續到今年剩餘時間。但在上半年，我們沒有看到每單品項數帶來那麼大的壓力。

And so as we got into the third quarter, that's manifesting a lot more on 1P as well as carryout businesses. But I think the sequential improvement that we saw in the ticket pressure is because of the actions we started taking in the third quarter. We expect that to continue as we go through the balance of the year, but the environment being what it is is going to put that offsetting pressure on items per order.

因此到了第三季，這個現象在第一方（1P）以及外帶（carryout）業務上都更明顯地反映出來。但我認為，我們看到客單壓力出現連續性改善，是因為我們在第三季開始採取的行動。我們預期這種改善會在今年剩餘時間持續；但在目前這樣的環境下，仍會對每單品項數造成相互抵銷的壓力。

Brian Bittner, Oppenheimer.

Brian Bittner，Oppenheimer。

Thanks. Good morning, and congratulations again, Joe, on your new role. I'm just following up on the string of questions because the traffic trends appear to be strongly positive. They've been solidly positive. So I think we're all trying to figure out what the unlock is for this to translate in the better headline same-store sales growth. We realized the ticket's pressured.

謝謝。早安，也再次恭喜你，Joe，升任新職。我想延續前面一連串問題，因為來客／流量（traffic）趨勢看起來非常正向。而且一直都相當正向。所以我想我們都在試著理解，關鍵解鎖點是什麼，才能把這轉化為更好的同店銷售成長（headline same-store sales growth）。我們知道客單（ticket）有壓力。

I think we're struggling to understand, do you need to get the traffic without the promotions to drive better comp growth? Or is it more of a macro dynamic that's causing the ticket pressure that's more out of your hands? Just trying to understand maybe what is in your control, because you have the traffic, to kind of help improve check into 2027.

我想我們比較難理解的是：你們是否需要在不靠促銷的情況下取得流量，才能帶動更好的同店成長？或者，造成客單壓力的是更偏總體的因素，較不在你們掌控之中？我想了解哪些是你們可控的，因為你們已經有流量了，接下來要如何在2027年前後改善客單／客單價（check）。

Yeah. Thanks for the question, Brian, and thank you. We do believe part of it is obviously the macro and the pressure that consumers are under. And that's why we've been out there with a lot of value our competitors have been out there with a lot of value. We're not sure how long that increased activity will continue to last. But regardless, if it goes on, we're in a position where we have the profit power, the four-wall profitability to continue to offer great value to the customers.

好的。謝謝你的問題，Brian，也謝謝你。我們確實認為其中一部分顯然是總體環境，以及消費者所承受的壓力。這也是為什麼我們推出很多超值方案，我們的競爭對手也推出很多超值方案。我們不確定這種更高強度的促銷活動會持續多久。但不論如何，如果它持續下去，我們具備獲利能力、店內四面牆獲利（four-wall profitability），可以持續為顧客提供很好的價值。

We're continuing to drive those orders. Those orders are, yes, as we said, at slightly lower ticket and the items per order pressure, they're still profitable orders for our stores, so they're still working for us. But as those pressures subside, we can potentially lessen some of that value. And through things like our new website, we're working on more targeted promotions to customers to drive that item per order up over time.

我們持續推動這些訂單。這些訂單確實如我們所說，客單略低、每單品項數承壓，但對門市而言仍是有利潤的訂單，所以對我們仍然有效。但當這些壓力緩解時，我們可能可以降低部分超值力度。同時，透過我們的新網站等措施，我們也在推動更精準的客群促銷，隨時間拉升每單品項數。

And the thing I would say is this order count acquisition is critical for long-term frequency, which is the lifeblood of our business, and we must continue to do that. So I'll go back to what Joe said on the first question. It's a balance between order count and ticket. The ticket needs to be complementary, but the continued acquisition of customers through order count is absolutely critical to sustainable same-store sales growth.

另外我想說的是，這種透過訂單數來獲取客戶（order count acquisition）對長期消費頻率至關重要，而頻率是我們業務的命脈，我們必須持續做到這點。所以我回到Joe在第一題所說的。這是在訂單數與客單之間取得平衡。客單需要相輔相成，但透過訂單數持續獲取客戶，對可持續的同店銷售成長絕對關鍵。

Lauren Silberman, Deutsche Bank.

Lauren Silberman，德意志銀行。

Thank you. I want to ask on the US unit growth cut this year to the 125 to 150. Is this more a function of reduced net unit opened, or do we anticipate incremental closures? And I know last quarter's alluded to a slowdown in US unit growth perhaps in '27. So I guess is this a good near-term run rate? Or do you think it could moderate further just given the pressure from the environment? Thank you.

謝謝。我想就今年美國門店成長下修至 125 到 150 家提問。這主要是因為淨新增開店數減少，還是我們預期會有額外的關店？另外我知道上季你們提到美國門店成長可能在 27 年放緩。所以我想確認，這是否是近期合理的運行水準？或是考量環境壓力，你們認為明年可能還會進一步放緩？謝謝。

So Lauren, for some reason, the question was very muffled. Can you repeat the question again so we can hear it?

Lauren，不知道為什麼，剛剛的問題聽起來很模糊。你可以再重複一次問題，讓我們聽清楚嗎？

Sure. Is this any better?

當然。這樣有比較清楚嗎？

Yes.

有。

Okay, sorry. So just on the US unit growth, so the cut, the 125 to 150 US units, is this more a function of reduced net unit opens, or should we anticipate incremental closures? And then I know last quarter, you alluded to a slowdown in the US unit growth, it seemed, like in '27. So this is a good near-term run rate, or do you think it could moderate further into next year? Thank you.

好的，不好意思。就美國門店成長而言，下修到 125 到 150 家美國門店，這主要是因為淨新增開店數減少，還是我們應該預期會有額外的關店？另外我知道上季你們提到美國門店成長似乎可能在 27 年放緩。所以這是近期合理的運行水準嗎？還是你們認為明年可能會進一步放緩？謝謝。

Yeah. So Lauren, I'll take this one. I think on the unit growth, and I addressed in the prepared remarks as well, what we are seeing is some pressure that we started to see in the second quarter itself, and we talked about the pipeline being a bit pressured, continue to build with the pressure and franchisee profitability through the third quarter. And with so much of our store openings being very back-end loaded in the fourth quarter, that visibility continued to improve as we came into this call. And that's why given where we are, I think we're updating to 125 to 150 stores for the year.

好的。Lauren，我來回答這題。我認為就門店成長而言，我在事先準備的發言中也有提到，我們看到一些壓力其實在第二季就開始出現；我們也談到開店管線有些承壓，而這種壓力在第三季隨著加盟商獲利能力受壓而持續累積。由於我們有相當多的開店集中在第四季後段，因此在進入這次電話會議時，我們的能見度持續改善。因此基於目前的情況，我們把今年的指引更新為 125 到 150 家門店。

And I'll say, again, the economics are best in class. The returns are very compelling. The long-term potential has not changed. And that's a big reason why we haven't closed too many stores over the years. I mean, it's single-digit stores the last couple of years. So this is not all about closures. This is really about the franchisees are looking at a bit of pressure on franchisee profitability, and that's why we're focusing on stabilizing and then growing franchisee profits again.

我再補充一下，我們的經濟模型仍是同業最佳。投資報酬非常具吸引力。長期潛力沒有改變。這也是為什麼這些年來我們沒有關太多店。過去幾年關店都是個位數。所以這並不是關店所致。這主要是因為加盟商看到加盟商獲利能力有些壓力，因此我們把重點放在先穩定、再讓加盟商利潤重新成長。

And over time, we see that when that actually inflect and gets into the right direction, the store growth comes back. And so we feel very good about the long-term potential of the brand and the store outlook of 8,500-plus stores. This is not about closures; this is about future openings being very much in play.

而且長期來看，我們看到一旦這個趨勢出現拐點並朝正確方向發展，門店成長就會回來。因此我們對品牌的長期潛力以及 8,500 家以上門店的展店前景仍然非常有信心。這不是關店的問題；而是未來開店仍然非常有機會。

John Ivankoe, JPMorgan Chase.

摩根大通的 John Ivankoe。

Hi. Thank you so much. A direct follow-up on Lauren's question and then a separate one, if I may. So we've done two tweaks down to unit development in fiscal '26. That might be starting a trend, at least from my seat. So I'll ask this question directly, Sandeep. Would fiscal '27 for what you know today see a lower number of units opened in fiscal '26? I understand if you don't want to commit to a hard number, but directionally, that is something that's important to know at this point.

嗨，非常感謝。我想先直接追問 Lauren 的問題，然後如果可以再問一個不同的問題。我們在 26 財年已經兩次下修展店（開店）數。至少從我的角度看，這可能開始形成一個趨勢。所以我直接問你，Sandeep。以你今天所掌握的資訊，27 財年的開店數會不會比 26 財年更低？我理解你可能不想承諾一個明確數字，但就方向性而言，這在此時點很重要。

Yeah. So John, I'll go back to the answer I just gave Lauren. And I think when you have franchisee profits under pressure short term, that does have an impact on sentiment and the leading end process to open up the stores. The returns are still compelling. Franchisee demand continues to be strong over time.

好的。John，我會回到我剛剛給 Lauren 的回答。我認為當加盟商利潤在短期內承壓時，確實會影響情緒，以及開店流程前端的推進。但投資報酬仍然很有吸引力。長期而言，加盟商需求仍然強勁。

What I will say is, until we get franchisee profits to move in the right direction, there will be incremental pressure going forward. We're doing our budgets right now. We'll come back and update you after Q4, but that's what I would have to say on this.

我想說的是，在我們讓加盟商利潤回到正向之前，未來仍會有額外壓力。我們目前正在做預算。我們會在第四季之後再回來更新你們，但我目前能說的大概就是這些。

Okay, that's fair. Thank you for that. And then secondly, we've been seeing some renewals, or lack thereof, I suppose, from DPE, one of what's having to do with France, which I think was just renewed, I think, through the end of October. So can you kind of tell us kind of what the early read is on DPE. Obviously, there's a lot of master franchise agreements across a lot of disparate markets.

好的，這樣很合理。謝謝你的說明。第二個問題，我們看到 DPE 有一些續約，或我想說是沒有續約的情況，其中一個與法國有關，我認為剛續約到 10 月底。所以你能否談談對 DPE 的初步觀察？顯然在許多分散市場中有很多總特許經營（master franchise）協議。

I understand if we're not ready to kind of give a firm answer there. But just structurally, what may be your corporation can kind of do to help stabilize and maybe reaccelerate some of the growth in that region, including what's, I guess, renewed from a market perspective and, just importantly, what's not renewed from a market perspective.

如果你們還沒準備好給出明確答案我也理解。但從結構面來看，總部可能可以做些什麼來協助穩定、並可能重新加速該區域的成長，包括我想從市場角度來看哪些已續約，以及同樣重要的，哪些市場沒有續約。

Hey, John. Good morning. It's Joe. Thanks for the question. Just a quick reinforcement on the unit question that you asked. If you go back and you look at the trends over time, you go back to '21 to '23, and you saw the pressure on profit for a couple of those years, and then you saw that profitability come back in '23, you saw the units react pretty quickly. So we are very focused on inflecting that franchisee profitability because units can turn pretty quickly when we do that. So completely aligned with what Sandeep said and just wanted to add that additional color.

嗨，John，早安。我是 Joe，謝謝你的問題。先快速補強你剛剛問的展店問題。如果你回頭看長期趨勢，回到 21 到 23 年，你會看到其中幾年利潤承壓；然後在 23 年獲利回升時，你也看到門店數反應得相當快。所以我們非常專注在讓加盟商獲利能力出現拐點，因為一旦做到，門店數可以很快轉向。我完全同意 Sandeep 的說法，只是補充一些背景。

On DPE, Sandeep and I were actually, just over about a month ago, with Andrew Gregory, the new CEO of DPE in France. I am more encouraged on the DPE business than I have been in quite some time in the conversations with Andrew. They're focused on the right things.

至於 DPE，Sandeep 和我其實就在大約一個多月前，和法國 DPE 的新任執行長 Andrew Gregory 見面。在與 Andrew 的對話中，我對 DPE 業務的信心比相當長一段時間以來都更高。他們把重點放在正確的事情上。

For the last couple of years, they've really been trying to cut back the promotions. They maybe have been leaning in a little bit too much on value. That ended up impacting order counts pretty significantly. Their focus now is getting on back to driving profitability through high volume. That's the right model. That's the model that has worked in our 90-plus countries around the world, and Andrew understands that bringing a lot of experience with McDonald's internationally as well.

過去幾年，他們一直在努力減少促銷。他們可能在「超值」上用力過頭。這最終對訂單量造成相當顯著的影響。他們現在的重點是回到透過高銷量來推動獲利能力。那是正確的模式。這也是我們在全球 90 多個國家成功運作的模式；而 Andrew 也理解這點，他同時也帶來麥當勞國際業務的豐富經驗。

So I'll start with -- my overall outlook is positive that they're going to be doing the right things. We'll continue to work with Andrew as we see the progress in the markets on the overall portfolio in which markets they're running. I'm confident that every market in their portfolio can be successful. If DPE can be the owner of those markets, been great. We'll work with them. And if they can get the results, I'm happy for them to keep those markets. If it's not right for them, then we'll work with them to make sure that those markets can be successful in someone else's hands.

所以我先說結論——我整體展望是正向的，認為他們會做對的事情。我們會持續與 Andrew 合作，並觀察他們在所經營市場、整體投資組合上的進展。我有信心，他們投資組合中的每一個市場都能成功。如果 DPE 能成為這些市場的經營者，那很好。我們會與他們合作。如果他們能做出成果，我也樂見他們保留這些市場。如果對他們而言不合適，我們也會與他們合作，確保這些市場在其他經營者手上也能成功。

Dennis Geiger, UBS.

UBS 的 Dennis Geiger。

Thanks, guys. Joe, I wanted to ask how you think about the key sales drivers for the US business from here. In particular, as you look at sort of maybe just the evolution of those key comp drivers for '27 or even more broadly as you move forward, as you guys talk about the macro backdrop specifically, any of the levers that you pull change in importance or emphasis as you think about promos loyalty, menu innovation, et cetera, going into '27? Thank you.

謝謝，各位。Joe，我想請教你，從現在開始你如何看待美國業務的關鍵銷售驅動因素。特別是，當你觀察到大概到'27年、甚至更廣泛地往前看這些關鍵同店（comp）驅動因素的演變時，結合你們所談到的宏觀背景，當你們思考促銷、會員忠誠度、菜單創新等在走向'27年的過程中，你們所拉動的槓桿在重要性或著力點上是否會有所改變？謝謝。

Yeah. Thanks for the question, Dennis. And I'll say two things to that. One, you mentioned loyalty. Our loyalty program continues to work really hard for us. And a big focus there now with the scale that we have on that program is continuing to move our customers up in frequency bands. We track our customers very closely. And how do we get that one -- there's two incremental occasions from that customer, understanding what type of value, what type of offers we need to give them to get them coming back more often and drive that retention. So one, that's a big focus for the team.

好的。Dennis，謝謝你的提問。我想就這點說兩件事。第一，你提到會員忠誠度。我們的會員忠誠計畫持續為我們帶來很大的助益。而在目前這個計畫已具規模的情況下，一個重點是持續把顧客往更高的消費頻次區間提升。我們非常密切地追蹤顧客。我們要如何讓那位顧客多增加一次——甚至兩次——額外的消費場合（occasion），並理解我們需要提供什麼樣的價值、什麼樣的優惠，才能讓他們更常回來、提升留存。所以第一點，這是團隊的一大重點。

A second one, and we haven't talked about The Domino yet, and it only launched for a week in Q3, but let's say pizza is a mature category. We know that, 1% to 2% growth, how can we continue to drive outsized growth. We need to think about how we can push pizza into places that it hasn't been before and get occasions where pizza hasn't traditionally been considered. So The Domino is a first step in that direction, and you can expect to see more of that from us in both value and product innovation.

第二點，我們還沒談到The Domino，而且它在第三季只上線了一週，但我們可以說披薩是一個成熟品類。我們知道它大概只有1%到2%的成長，那我們要如何持續推動超額成長。我們需要思考如何把披薩推進過去從未進入的場景，並取得那些傳統上不會想到披薩的消費場合。因此，The Domino是朝這個方向邁出的第一步，你也可以期待我們在價值方案與產品創新上會有更多動作。

Peter Saleh, BTIG.

Peter Saleh，BTIG。

Great. Thanks for taking the question. I did want to follow up, Joe, on your most recent comment. Can you guys give us a little bit of sense on how order count growth progressed throughout the quarter? And any comments you guys want to provide on 4Q given The Domino was launched late in 3Q?

很好。謝謝讓我提問。Joe，我想就你剛才的評論追問一下。你們能否稍微分享一下，本季訂單數成長在季度內的走勢如何？另外，鑑於The Domino在第三季末才推出，你們對第四季有沒有想補充的看法？

And then just secondly, I know in the release, you mentioned advancing winning ideas faster. Can you just elaborate on that strategy and how that might be different from what you are currently doing? Thank you.

第二點，在新聞稿中你提到要更快推進成功的點子。你能否進一步說明這個策略，以及它與你們目前做法有何不同？謝謝。

Sure. So first, on order count growth, that has been strong all year. We anticipate that will continue to be strong in Q4 and have, I believe, one of the best Q4 marketing programs that we've had in place in quite some time to do that. And again, it's about continuing to drive that order count growth, but also pushing that ticket improvement that we saw in Q3 ideally by getting that item per order back up and improving the trends on Q3 on that.

當然。先談訂單數成長，這一整年都很強勁。我們預期第四季也會持續強勁，而且我相信我們已經規劃了相當長一段時間以來最好的第四季行銷方案之一，來推動這件事。同樣地，重點是持續推動訂單數成長，同時也要推升我們在第三季看到的客單（ticket）改善；理想狀況是把每筆訂單的品項數拉回來，並在此基礎上進一步改善第三季的趨勢。

The second half of your question, remind me of the second half of the question?

你問題的後半段是什麼？提醒我一下。

So I think overall, when I think about this, what Pete's asking is what's sustainable as we move forward. And I think all of this is really building up into a comprehensive marketing program, which is designed to drive, on the one hand, order count and acquisition and, on the other hand, balancing in our a ticket. And that's why we get sustainable sales growth from that.

所以我想整體來看，當我思考這件事時，我理解Pete在問的是，往前看什麼是可持續的。我認為這些其實都在建構一個完整的行銷計畫：一方面用來推動訂單數與拉新（acquisition），另一方面則在客單上取得平衡。這也是我們如何從中取得可持續的銷售成長。

I think the second part was moving winning ideas across the --

我想第二部分是把成功的點子在——

Oh, faster. Yeah, great. That's why Greg asked you to only ask one question because I can't remember two, but I'll try that one now.

喔，更快。對，很好。這就是為什麼Greg叫你只問一個問題，因為我記不住兩個，但我現在試著回答那個。

I think it's just -- it's focus, and it comes back to something I said in my prepared remarks. One of the things that has driven our success over the years is being closer to the consumer. Then I think certainly, anybody else within QSR pizza, if not best-in-class within QSR and understanding our consumer, their needs, how we could deliver against those needs best so that we prioritize the few biggest initiatives that we can move forward quickly on and really blow out full 360 marketing.

我認為這就是——聚焦（focus），而且回到我在準備稿裡提到的一點。多年來推動我們成功的一件事，就是更貼近消費者。我認為在QSR披薩領域，甚至在整個QSR中，我們都比任何人更貼近、如果不是同級最佳（best-in-class）的話；我們理解消費者及其需求，也理解我們如何最好地滿足這些需求，因此我們會優先推動少數幾個最大的計畫，快速往前推進，並真正做出全方位（360度）的行銷放大。

The Domino is another great example of that where, initially, the launch was planned much later than it was. We saw the opportunity in the market. We saw some of the challenges that we were facing around ticket and with higher-income consumers, and we saw the opportunity in 3P as well. So we moved that forward really quickly, working across our operations, marketing and technology teams, keeping those teams really tight and focused on the fewer most important things. And deciding what those things are by being closer to the consumer is what you should expect to see going forward.

The Domino就是另一個很好的例子：一開始，它的上市時間原本規劃得比實際更晚。我們看到了市場機會。我們也看到了我們在客單以及高收入消費者方面所面臨的一些挑戰，同時也看到了在3P方面的機會。因此我們非常快速地把它提前推出，並在營運、行銷與科技團隊之間協同合作，讓這些團隊保持非常緊密、聚焦在少數最重要的事情上。而透過更貼近消費者來決定哪些事情最重要，就是你未來可以期待我們持續展現的做法。

Danilo Gargiulo, Bernstein.

Danilo Gargiulo，Bernstein。

Great. Joe, first, I want to congratulate on your new role. As you're stepping into this new role, how do you define Russell's legacy and how would you aspire your legacy to be defined going forward?

很好。Joe，首先恭喜你擔任新職務。當你走進這個新角色時，你如何定義Russell所留下的傳承（legacy），以及你希望未來你的傳承會如何被定義？

And if you don't mind, one for Sandeep. Sandeep, I mean, congrats on the strong margin on the supply chain. I was under the impression that most of the productivity improvements were already completed, but I was surprised on the magnitude of the continued cost efficiency. So can you help us understand the evolution of supply chain margin through fourth quarter and perhaps also into 2027? Thank you.

另外如果你不介意，我也想問Sandeep一題。Sandeep，供應鏈的強勁利潤率表現恭喜你。我原本以為大部分的生產力改善都已經完成，但我對持續成本效率提升的幅度感到驚訝。你能否幫我們理解供應鏈利潤率在第四季、以及可能到2027年的演變？謝謝。

Daniel (sic - Danilo), thanks for the question. And on Russell's legacy, and I'll say this nicely as he's going to be my Executive Chairman boss, but I do think he -- at the highest level, it's going to be the same. I think we both aspire to leading the brand better than we found it. Russell did that with $3 billion more in sales, pushing our competitors very hard, continuing to drive our market share growth around the world. He left the brand better than he found it.

Daniel（註：應為Danilo），謝謝你的提問。關於Russell的傳承——我會說得客氣一點，畢竟他將會是我的執行董事長老闆——但我確實認為，在最高層面上，我們的目標是一樣的。我想我們都希望把品牌帶領得比我們接手時更好。Russell做到了：銷售額增加了30億美元，對競爭對手施加了很大壓力，並持續推動我們在全球的市占率成長。他讓品牌比他接手時更好。

We're in a tough consumer environment right now, particularly for QSR and QSR pizza. But in spite of that, we continue to have best-in-class franchisee economics. My job now is to turn that around, get back to the profit growth along with the order count growth, continue to expand our lead. And I believe push us to compete even more broadly outside of just QSR pizza is something you should expect to see for my tenure.

目前消費者環境很艱難，特別是對QSR以及QSR披薩而言。但即便如此，我們仍然擁有同級最佳的加盟商經濟模型（franchisee economics）。我現在的工作是扭轉局面，讓利潤成長回來，並與訂單數成長並進，持續擴大我們的領先優勢。而且我相信，在我任期內，你會看到我們把競爭範圍推得更廣，不僅僅局限於QSR披薩。

Yeah. And Danilo, I'm just going to add to that on the supply chain question that you had on supply chain performance, we're really pleased. I mean, it's been fantastic all year, and it continues to be fantastic in the third quarter as well. And I think on the margin drivers, we definitely saw procurement productivity. We did expect to see it this year, and that's why we talked about margins expected to improve this year.

是的。Danilo，我也補充你關於供應鏈表現的問題：我們非常滿意。我的意思是，今年一整年都非常出色，第三季也同樣非常出色。至於利潤率的驅動因素，我們確實看到了採購端的生產力提升。我們原本就預期今年會看到這點，所以我們才會談到今年利潤率預期會改善。

But I think another layer that we did see in the quarter was some route optimization that we're doing within the centers that actually benefited us a little bit. It's a minor impact in relative terms. But as I kind of pivot to the future, two things I want to say before I end on '26, all this profit improvement is shared with our franchisees, and we shared all these profits 50-50 with the franchisees in the US.

但我認為本季我們還看到另一層因素：我們在各配送中心內進行了一些路線最佳化，這也讓我們略有受益。相對而言影響不大。不過當我把視角轉向未來，在我以'26年作結之前，我想先說兩點：所有這些利潤改善都會與我們的加盟商共享，而在美國，我們以50/50的方式與加盟商分享所有這些利潤。

But I think as we move forward in '27, really focus on gross profit dollar growth. I think margin expansion is not really much of what we're focused on. We're focusing on driving the gross profit dollar growth and sharing the growth with the franchisees and in the profit-sharing cheques that we send them.

但我認為，隨著我們邁向 2027 年，真正要聚焦在毛利金額（gross profit dollars）的成長。我認為毛利率擴張並不是我們主要關注的重點。我們專注於推動毛利金額成長，並與加盟主分享這份成長，體現在我們寄給他們的利潤分成支票上。

Sara Senatore, Bank of America.

Sara Senatore，美國銀行。

Thank you. I guess maybe a clarification and then a question. Joe, you said that you are going to expand to compete in other places where maybe QSR pizza hasn't historically. I think we've seen some pizza restaurants try to pursue that individual occasion or lunch, it hasn't really, I guess, come to fruition. The business seems very consistent in being very much a group occasion, dinner occasion. Do you have any thoughts on maybe why that hasn't worked in the past and what you'll do differently?

謝謝。我想先釐清一下，然後再問一個問題。Joe，你提到你們將擴張，去其他地方競爭，而那些地方 QSR 披薩過去可能並不常見。我想我們看過一些披薩餐廳嘗試切入個人用餐情境或午餐，但我想並沒有真正實現。這個業務看起來一直很穩定地以團體用餐、晚餐情境為主。你是否能分享一下，為什麼過去那樣的嘗試沒有成功，以及你們會做哪些不同的做法？

And then the other question is just on the long-term algorithm. I think you've come in light for the last, I think, three years of the retail sales target. This year will be another one, and it will be more US driven in addition to International, I guess. Are there thoughts on perhaps changing that? Or how you think about the rate of growth with the understanding that the total addressable market maybe hasn't changed?

另外一個問題是關於長期成長模型（long-term algorithm）。我認為你們在過去大概三年裡，零售銷售目標（retail sales target）都低於預期。今年也會是其中一年，而且我想除了國際之外，會更偏由美國市場驅動。你們是否有考慮調整那個目標？或者在可服務市場總量（total addressable market）可能沒有改變的前提下，你們如何看待成長速度？

Thanks, Sara. So yeah, on the expansion beyond QSR pizza, I'm going to go back to my comment on understanding the consumer better and where we can compete. So again, I'll use The Domino as it just launched as kind of a flagship example of this, where we talk about this me-we occasion. The majority of QSR occasions are actually group occasions, group occasions where consumers are individually choosing their food. Those were not occasions where pizza could compete but where we believe we can compete.

謝謝你，Sara。是的，關於超越 QSR 披薩的擴張，我會回到我先前提到的：更好地理解消費者，以及我們能在哪些地方競爭。同樣地，我會以剛推出的 The Domino 作為一個旗艦案例，來說明我們所談的「me-we」用餐情境。多數 QSR 的用餐情境其實是團體情境——團體一起用餐，但消費者各自選擇自己的食物。過去披薩無法在那些情境中競爭，但我們相信我們可以。

So it's understanding the opportunities like that, not necessarily the drive-through competition where some others have gone -- tried to go and not been successful because there are some structural barriers there to compete in those occasions. We're going to understand where we can compete as a brand both on the emotional and the functional needs that the consumer has.

所以重點在於理解像那樣的機會，而不一定是去做得來速（drive-through）的競爭——有些業者曾經嘗試但沒有成功，因為在那些情境中存在一些結構性的競爭障礙。我們會去理解，作為一個品牌，我們能在哪些地方競爭——同時滿足消費者在情感面與功能面上的需求。

In terms of the long-term guidance, Sandeep talked about it earlier, we continue to believe in the 8,500-plus stores. Yes, a mature category at 1% to 2%. But longer term, getting back to that 3%-plus as we continue to grow share is something I still believe in for the business in the US. We'll talk in February about our '27 guidance, but long term, I still believe that.

至於長期指引（long-term guidance），Sandeep 先前已談到，我們仍然相信門市數可達 8,500 家以上。是的，這是一個成熟品類，成長率約 1% 到 2%。但長期來看，隨著我們持續提升市占，回到 3% 以上的成長，我仍然相信這會是美國業務可以做到的。我們會在二月談我們的 2027 年指引，但長期而言，我仍然相信。

In International, again, outside of the DPE pressures, our markets have been performing mostly up to expectations. Particularly, if you look at India and China and the store growth in China, remarkable trailing 12 months. I think we still have the opportunity to grow there, and we've talked about the store potential of 40,000 there, and we still believe that. I still believe that.

在國際市場方面，同樣地，撇除 DPE 壓力之外，我們的市場表現大多符合預期。特別是如果你看印度與中國，以及中國的展店成長，過去 12 個月非常亮眼。我認為我們仍有機會在那裡成長；我們也談過那裡的門市潛力可達 40,000 家，我們仍然相信這一點。我仍然相信。

Andrew Charles, TD Cowen.

Andrew Charles，TD Cowen。

Great. Thank you. One quick housekeeping question to get everyone on the same page. Sandeep, is the message of low-single-digit 2026 same-store sales US guidance 1% or more like flat to 1%.

很好。謝謝。先問一個快速的程序性問題，讓大家理解一致。Sandeep，你所說的 2026 年美國同店銷售（same-store sales）指引為低個位數，意思是 1% 或以上，還是更像持平到 1%？

And then my real question, Joe, is the balance sheet is at the low end of the 4 to 6 times stated range. I'm curious as you settle into your new role about your willingness to use the balance sheet to invest more heavily in the business via new equipment for franchisees and things like fryers to expand the menu or store model incentives as you look to sustain carryout strength or even in an advertising injection that we've seen prove successful in other quick-service restaurants. Thanks.

然後我真正的問題是，Joe，你們的資產負債表槓桿目前在所述 4 到 6 倍區間的低端。我很好奇，當你逐步適應新角色時，你是否願意運用資產負債表來加大對業務的投資，例如為加盟主提供新設備、像油炸鍋（fryers）這類用以擴充菜單的設備，或是為了維持外帶（carryout）強勢而提供門市模型的獎勵措施，甚至像我們在其他速食餐廳看到證明有效的那種加碼廣告投放。謝謝。

So Andrew, I'll take that first part, and I'll probably start the second part before handing it to Joe. So on the US same-store sales, what we've indicated is still it's low-single digits and up low-single digits. But we also said it's probably going to be at the low end of low-single digits. And I'm not going to get into calculating exactly what that means, but it's on the lower side of low-single digits is what I would actually leave you with.

Andrew，我先回答第一部分，然後第二部分我可能先開個頭再交給 Joe。關於美國同店銷售，我們所指出的仍是低個位數成長、並且是偏低的低個位數。但我們也說過，它可能會落在低個位數的下緣。我不會去精算那到底代表什麼數字，但我想留給你的結論是：會偏向低個位數的較低端。

And I think on the balance sheet piece is the use of cash is really very important to us in terms of the prioritization that we laid out at Investor Day. Nothing's really changed with that. If we see a compelling investment to make in the business, we will make it.

至於資產負債表的部分，現金的運用對我們而言非常重要，會依照我們在投資人日所提出的優先順序來配置；這方面沒有什麼改變。如果我們看到值得投入、具吸引力的投資機會，我們就會投資。

And it's only the free cash flow that remains after making those investments in the business that we are returning to shareholders in terms of repurchases and dividends, keeping in mind the leverage on the balance sheet, which I also referred to in the prepared remarks. The environment has gotten much tougher right now with interest rates accelerating pretty significantly. And that's why we're indicating that we would be comfortable operating below the low end of our leverage target of 4 times in this current environment.

而在完成這些對業務的投資之後，剩餘的自由現金流（free cash flow）才會以庫藏股回購與股利的形式回饋股東；同時也要考量資產負債表的槓桿水準，我在事先準備的發言中也有提到。目前環境變得更具挑戰，因為利率上升相當明顯。這也是為什麼我們表示，在目前環境下，我們會願意把槓桿維持在目標區間下緣 4 倍以下來運作。

And so I think I'll --

所以我想我會——

You got it.

沒問題。

Brian Harbour, Morgan Stanley.

Brian Harbour，摩根士丹利。

Yeah, thanks. Good morning, guys. I guess sort of related to that, you talked about kind of pressure on franchisee profits presumably this year. It seems like there are things you have in mind that might help to improve that, I guess, aside from maybe just some of the specific sales initiatives. What would that be specifically? Or what actions might you take to continue to support franchisee profits?

是的，謝謝。各位早安。我想這也算相關：你們談到今年加盟主利潤可能會承壓。看起來你們心中有一些可能有助於改善的做法，除了某些特定的銷售推動方案之外。具體來說會是什麼？或者你們可能採取哪些行動來持續支持加盟主的利潤？

Yeah. Brian, I'll take that one. And it's absolutely the marketing calendar and the things we're going to put in place and managing that order and ticket. But then you heard in my prepared remarks, I talked about making our best performance our everyday performance. Consumers choose us very often for consistency and convenience. That's a big part of the value that we offer to consumers. And too often, from my perspective, we are inconsistent.

是的。Brian，我來回答這題。確實包括行銷行事曆（marketing calendar）以及我們將要落實的各項措施，還有對訂單與客單（ticket）的管理。但你也在我事先準備的發言中聽到，我談到要把我們的最佳表現變成每天的日常表現。消費者經常選擇我們，是因為一致性與便利性。這是我們提供給消費者價值的重要一部分。但以我的觀點來看，我們太常出現不一致。

There are investments, to Sandeep's point on the last question, that we are making now to improve that consistency. And we've talked about Dom.OS in the past. And Dom.OS and the orchestration agent that we are currently testing in stores will have some efficiency gains, I'm sure. But that's not why I'm excited about it. I'm excited about the fact that it's going to drive more consistency for consumers.

如同 Sandeep 在上一題所說，我們正在進行一些投資來改善這種一致性。我們過去也談過 Dom.OS。Dom.OS 以及我們目前在門市測試的協調代理（orchestration agent）我相信會帶來一些效率提升。但那不是我對它感到興奮的原因。我興奮的是，它將為消費者帶來更高的一致性。

And we know if it does that, they're going to have better products, they're going to have more consistent service. That's going to drive better retention and frequency. We know that from the variability that we have in our stores. So by improving our operational consistency, we can also drive significant gains for our franchisees.

而我們知道，如果它能做到這點，消費者會拿到更好的產品、也會得到更一致的服務。這將帶來更好的留存（retention）與更高的消費頻率（frequency）。從我們門市之間存在的差異性（variability）中，我們已經知道這一點。因此，透過提升營運一致性，我們也能為加盟主帶來顯著的改善。

Jon Tower, Citi.

Jon Tower，花旗。

Great. Maybe just two quick ones, one following up to the most recent question and another. On the idea of trying to get unit growth going in the US again, I believe the brand does not offer franchisee incentives to build new stores. Would that be something that you're willing to consider to kind of get unit growth trending back in that direction that you'd like it to move into?

好的。也許就兩個簡短的問題，一個是延續剛才最新的問題，另一個是另外一題。關於在美國重新帶動門店數量成長的想法，我理解品牌並未提供加盟商興建新店的獎勵措施。這會是你們願意考慮的作法嗎，以便讓門店數量成長趨勢回到你們希望的方向？

And then I guess the second question is along the line of the items per order slipping relative to what we've seen so far year to date in the third quarter. Aside from macro, have you been able to actually drill down and ask the consumers like what they're doing? Just curious about, is this kind of early signals of potential GLP-1 implications on your business? Thank you.

然後我想第二個問題是關於每筆訂單的品項數，相較於今年迄今第三季我們看到的水準有所下滑。除了總體環境之外，你們是否有辦法實際深入了解並詢問消費者他們的行為變化？只是好奇，這是否可能是 GLP-1 對你們業務產生影響的早期訊號？謝謝。

Yeah. So I think I'll start with the unit growth. And I think over the years, we've been blessed with fantastic unit economics with our franchisees, and there's been very strong demand. But to be candid, we've always had incentives as well. And so that's always been part of our history and will continue to be part of our future. So that's not going to change as far as we are concerned.

是的。我想我先從門店數量成長談起。我認為多年來，我們的加盟商一直享有非常出色的單店經濟模型，因此需求一直很強勁。但坦白說，我們一直也都有提供獎勵措施。所以這一直是我們歷史的一部分，未來也會持續如此。就我們而言，這點不會改變。

So what I will say is, on items per order slipping, we really believe, and that's why I said in my prepared remarks, that the items per order sequentially decelerating or going down relative to the first half of the year, we think that's because of the macro and consumer environment. And I think from a GLP-1 perspective, and I'm sure Joe will add on to this, we don't believe there's a meaningful impact to our business with what we know today. But we continue to evaluate it because what we're really relying on was research done when the shot was widely available but the pill was not. The pill has been more available broadly this year. And so I think we continue to study it, and we'll come back if we have more of an update on that.

至於每筆訂單的品項數下滑，我們確實相信——這也是我在事先準備的發言中提到的——每筆訂單品項數相較於上半年呈現連續放緩或下降，我們認為是因為總體與消費者環境所致。從 GLP-1 的角度來看，我相信 Joe 也會補充，我們依目前所知，不認為它對我們的業務有實質性的影響。但我們會持續評估，因為我們主要依據的是在注射劑已廣泛可得、但口服藥尚未推出時所做的研究。而口服藥在今年更廣泛地可取得。因此我們會持續研究，如果有更多更新，我們會再回來向各位說明。

Jeff Farmer, Gordon Haskett.

Jeff Farmer，Gordon Haskett。

Thanks. You've touched on it a few times on this call, but can you just level set us on what the US franchisees are seeing on that store-level EBITDA in 2026? And again, it's early, but any directional read on where you think that could head in 2027? Thanks.

謝謝。你們在這通電話中提到過幾次，但能否請你們先幫我們校準一下，美國加盟商在 2026 年門店層級 EBITDA 的情況是怎麼看的？另外，雖然還早，但對於 2027 年你們認為可能走向哪個方向，有沒有任何方向性的判讀？謝謝。

So Jeff, we're not going to quantify specifically, but clearly when we're saying that there's pressure on franchisee profitability, that means there's year-on-year pressure in terms of absolute dollars on franchisee profitability. And our objective is, first, to stabilize it and then to start it growing again.

Jeff，我們不會具體量化，但很明顯，當我們說加盟商獲利能力承壓時，意思是加盟商獲利的絕對金額在年對年比較上有壓力。我們的目標是，先讓它穩定下來，然後再讓它重新成長。

And that's why when Joe talked about all the initiatives that we have from a marketing calendar, getting the balance of ticket along with order count, all that is designed to actually move it in the right direction again. But more to come. We typically talk about the full-year franchise profits on the Q4 call. We will do that, I expect, and give you more color at that point.

這也是為什麼 Joe 談到我們在行銷日曆上的各項措施、在客單價與訂單量之間取得平衡——這些都是為了把它再次推向正確方向。後續還會有更多資訊。我們通常會在第四季電話會議上談到全年加盟商利潤。我預期我們會那時再談，並在當時提供更多細節。

Zach Fadem, Wells Fargo.

Zach Fadem，Wells Fargo。

Hi. Good morning. Joe, are you planning for '27 to be more promotional or less? And I recognize long-term potential hasn't changed. But assuming the backdrop is similar, does anything about the game plan need to evolve through your comp to step higher or accelerate in '26?

嗨，早安。Joe，你們對 2027 年的規劃會更偏促銷還是更少促銷？我理解長期潛力沒有改變。但假設外部環境相近，為了讓同店成長率再上台階或在 2026 年加速，你們的作戰計畫是否需要做任何調整？

Yeah, it absolutely does need to evolve. It needs to evolve every year as we continue to learn and launch some of these programs into the market. So things like Best Deal Ever continuing to evolve, things like the recent bounce back that we had for our website, what's resonating most with the customers.

是的，絕對需要調整。隨著我們持續學習並把其中一些計畫推向市場，每一年都需要演進。例如 Best Deal Ever 持續演進、以及我們最近針對網站做的回流（bounce back）活動，看看哪些最能引起顧客共鳴。

In terms of promotional cadence, we've commented that we've seen more of that in marketplace. But our cadence actually has not -- our cadence -- again, Domino's promotions out in the market hasn't shifted that much year on year. I don't anticipate it will shift that much as we go into '27, but we have those levers. We can pull them as we go. And again, what we're going to be looking at is our value in the marketplace, driving customers to us, continuing to drive that order count growth that we know is so important with that right blend of driving that ticket up for franchisee profitability.

就促銷節奏而言，我們確實評論過市場上看到更多促銷。但我們的節奏其實沒有——我們的節奏——再說一次，達美樂在市場上的促銷年對年並沒有那麼大的變化。我不預期進入 2027 年會有很大改變，但我們有那些槓桿。我們可以視情況拉動。而我們要看的仍是我們在市場上的價值主張，吸引顧客選擇我們，持續推動我們知道非常重要的訂單量成長，同時以正確的組合拉升客單價，以提升加盟商獲利能力。

Chris Carril, KeyBanc Capital Markets.

Chris Carril，KeyBanc Capital Markets。

Hi. Good morning. Thanks for the question. So I guess just revisiting the topic of competition. Can you maybe expand a bit more on the competitive environment? And then any thoughts on the pizza category the evolution of what's happening there with your larger peers would be helpful. And then also just, I guess, revisiting pressure from outside the pizza category, but any other kind of commentary around whether you're seeing and when you see discernible pressure from promotional activity outside of pizza? Thank you.

嗨，早安。謝謝讓我提問。我想再回到競爭這個主題。你能否再多談一些競爭環境？另外，對於披薩品類的演變、以及你們較大型同業正在發生的變化，有任何看法也會很有幫助。再來也想問，回到披薩品類以外的壓力，你們是否看到、以及何時會看到來自披薩以外品類促銷活動所帶來的明顯壓力？謝謝。

Yeah. So Chris, I'll start with the question on the pizza category. And really, our focus is on our performance there, not necessarily what the competition is doing. We're still, as we talk about it, a 23%-ish share in the market. We still have a lot of opportunity for growth there. So it's how can we do better within that environment. We believe, again, due to our scale, both our franchisee profitability, we can offer better value than the competition, and that will enable us to continue to grow within confines of that, regardless of what happens with changes in ownership or changes in approach from some of the other large brands.

好的。Chris，我先回答披薩品類的問題。我們真正的重點是我們在其中的表現，而不一定是競爭對手在做什麼。如同我們一直在談的，我們在市場上的占有率大約是 23% 左右。我們仍有很大的成長機會。所以重點在於我們如何在這樣的環境中做得更好。我們相信，再次強調，憑藉我們的規模以及加盟商獲利能力，我們能提供比競爭對手更好的價值，這將使我們能在這個框架內持續成長，不論其他大型品牌是否發生所有權變動或策略做法改變。

In broader QSR, I think 3P has been a place of interesting learnings for us. This is where we see that pizza does interact with broader QSR a lot more than it historically did. We have seen that change over time. Consumer behavior is changing. I believe that to be both on platform on 3P and outside of that.

在更廣泛的 QSR（快速服務餐飲）領域，我認為 3P（第三方平台）對我們而言是一個帶來有趣學習的地方。我們看到披薩與更廣泛的 QSR 的互動，比過去歷史上更為密切。我們確實看到這種情況隨時間改變。消費者行為正在改變。我相信這不論是在 3P 平台上或平台之外都是如此。

So understanding those occasions, the value that broader QSR is offering, who we're competing with in those occasions, it all goes back to what I said earlier on, getting closer to the consumer, understanding that, understanding where our brand can play where it might not have before, I think, gives us some really interesting opportunities to open up our TAM.

因此，理解那些消費情境、更廣泛 QSR 所提供的價值、以及在那些情境下我們是在跟誰競爭——這一切都回到我先前所說的：更貼近消費者、理解他們，並理解我們的品牌在哪些地方可以發揮作用、而過去可能沒有做到。我認為這會帶來一些非常有趣的機會，讓我們擴大我們的 TAM（可服務市場總量）。

Thank you, Chris. That was our final question. We appreciate everyone joining us today and look forward to speaking with you again soon. You may now disconnect.

謝謝你，Chris。以上是我們最後一個問題。感謝各位今天的參與，我們也期待很快再次與各位交流。各位現在可以斷線。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位參與，現在可以斷線。祝各位有美好的一天。