2023-02-23 Domino's Pizza, Inc. (DPZ) Q4 2022 Earnings Call Transcript
Domino's Pizza, Inc. (NYSE:DPZ) Q4 2022 Earnings Conference Call February 23, 2023 10:00 AM ET
达美乐披萨公司 (NYSE:DPZ) 2022 年第四季度收益电话会议 2023 年 2 月 23 日 上午 10:00 ET
Company Representatives 公司代表
Russell Weiner - Chief Executive Officer
拉塞尔·韦纳 - 首席执行官
Sandeep Reddy - Chief Financial Officer
桑迪普·雷迪 - 首席财务官
Ryan Goers - Vice President, Finance, Investor Relations
瑞安·戈尔斯 - 副总裁，财务，投资者关系
Conference Call Participants
电话会议参与者
Brian Bittner - Oppenheimer
Peter Saleh - BTIG
Sara Senatore - Bank of America
Sara Senatore - 美国银行
Jeffrey Farmer - Gordon Haskett
Brian Mullan - Deutsche Bank
Dennis Geiger - UBS
Andrew Strelzik - BMO
Gregory Francfort - Guggenheim
Lauren Silberman - Credit Suisse
劳伦·西尔伯曼 - 瑞士信贷
John Ivankoe - JPMorgan
David Tarantino - Robert W. Baird
Operator 操作员
Thank you for standing by and welcome to Domino's Pizza’s Fourth Quarter 2022 Earnings Conference Call. At this time all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions]. As a reminder, today's program is being recorded.
感谢您的耐心等待，欢迎参加达美乐披萨 2022 年第四季度收益电话会议。目前，所有参与者都处于只听模式。在演讲者的演示之后，将进行问答环节。[操作员说明]。提醒一下，今天的节目正在录音。
And now I’d like to introduce your host for today’s program, Mr. Ryan Goers, Vice President, Finance and Investor Relations. Please go ahead, sir.
现在，我想介绍一下今天节目的主持人，财务和投资者关系副总裁，瑞安·戈尔斯先生。请开始吧，先生。
Ryan Goers
Thank you and good morning. Thank you for joining us today for our conversation regarding the results for the fourth quarter and full year 2022. Today's call will feature commentary from Chief Executive Officer, Russell Weiner; and Chief Financial Officer, Sandeep Reddy. As this call is primarily for our investor audience, I ask all members of the media and others to be in a listen-only mode.
谢谢，早上好。感谢您今天加入我们的会议，讨论 2022 年第四季度和全年业绩。今天的电话会议将由首席执行官 Russell Weiner 和首席财务官 Sandeep Reddy 进行评论。由于此次电话会议主要面向我们的投资者群体，我请所有媒体成员和其他人仅以收听模式参与。
I want to remind everyone that the forward-looking statements in this morning's earnings release and 10-K also applied to our comments on the call today. Both of those documents are available on our website. 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.
我想提醒大家，今天早上收益发布和 10-K 中的前瞻性声明也适用于我们今天电话会议上的评论。这两份文件都可以在我们的网站上找到。实际结果或趋势可能与我们的预测有重大差异。欲了解更多信息，请参阅我们向 SEC 提交的文件中讨论的风险因素。
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. I'll request to our coverage analysts, 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 only one one-part question on this call.
此外，请参阅 8-K 收益发布，查找非 GAAP 财务指标的披露和对账，这些可能会在今天的电话会议中提到。我会请求我们的分析师，我们希望今天早上尽力回答尽可能多的问题。因此，我们鼓励您在此次电话会议中只问一个单一问题。
Today's conference call is being webcast and is also being recorded for replay via our website.
今天的电话会议正在网络直播，并且也在录制以便通过我们的网站重播。
With that, I'd like to turn the call over to our Chief Executive Officer, Russell Weiner.
接下来，我想把电话交给我们的首席执行官，Russell Weiner。
Russell Weiner
Thank you, Ryan, and thanks to all of you for joining us this morning. As we end 2022 and look back to the beginning of the pandemic, I’m encouraged by the incredible work done by Domino's team members and franchisees.
感谢Ryan，也感谢大家今天早上的参与。随着2022年结束，回顾疫情初期的情况，我对Domino's团队成员和加盟商所做的卓越工作感到鼓舞。
Since the beginning of 2020, we and our franchisees have grown by 2,860 new stores around the world, when many restaurant brands closed stores or struggled to grow through an extremely difficult time for store development. Domino’s is in over 90 markets and should hit 20,000 as a system in 2023.
自2020年初以来，我们和我们的加盟商全球开设了2,860家新门店，而许多餐饮品牌在极其困难的店铺开发时期选择了关闭门店或增长受阻。Domino's已经进入了90多个市场，并且预计到2023年，我们的全球门店系统将达到20,000家。
In the U.S. the QSR pizza category grew over the last three years with sales up almost 10% versus pre-pandemic levels. Domino's serviced that growth resulting in a gain of approximately three share points in the QSR pizza category since 2019 according to NPD.
在美国，QSR披萨行业在过去三年里增长了近10%，远超过疫情前的水平。Domino's在这场增长中贡献突出，自2019年以来，我们在QSR披萨行业的市场份额增加了约3个百分点，数据来源于NPD。
We continue to grow our Carryout business. Carryout now comprises approximately half of the orders and about 40% of sales in the U.S. Carryout remains highly incremental to delivery for us, and in cases where it's not incremental, customers are moving to a service method with significant lower costs for our system. Our delivery business experienced both headwinds and tailwinds over the past three years. Our team focused efforts on finding solutions at every turn.
我们继续扩展外带业务。外带现在占美国订单的约一半，占销售的约40%。外带对我们的业务增长有很大帮助，而在某些情况下，外带客户选择了比送餐服务成本显著更低的方式。过去三年，我们的送餐业务经历了压力和动力的双重影响。我们的团队始终在每一个转折点上寻找解决方案。
Now to the fourth quarter. In the fourth quarter, our results were mixed, particularly with the challenges in the U.S. delivery business that we previewed during our Q3 call. During that call, I pointed to a couple of dynamics we were watching in the broader restaurant category that have since played out.
接下来谈谈第四季度。第四季度，我们的业绩有所波动，尤其是我们在第三季度预告的美国送餐业务的挑战。那次通话时，我提到了一些我们在餐饮行业中观察到的动态，而这些情况也已逐渐显现。
First, as consumers returned to many of their pre-COVID eating habits, some of the sit-down business that was a source of volume for restaurant delivery orders returned to that channel.
首先，随着消费者回归到疫情前的用餐习惯，一部分原本属于送餐订单的堂食业务也重新回到了这一渠道。
Second, inflation impacted delivery due to the added expenses of fees and tips in that channel. Our research shows that a relatively higher delivery cost during inflationary times leads some customers to prepare meals at home instead of getting them delivered. We believe this dynamic will continue to pressure the delivery category in the short term, as long as consumers' disposable income remains pressured by macroeconomic factors. Despite these pressures, the U.S. delivery sales for Domino’s in 2022 were more than $0.5 billion higher than the pre-COVID baseline in 2019.
其次，通货膨胀影响了送餐业务，因为这一渠道的费用和小费增加。我们的研究表明，在通货膨胀时期，较高的送餐成本导致一些顾客选择在家做饭而非外卖。我们相信，只要消费者的可支配收入受到宏观经济因素的压力，这一动态将在短期内继续给送餐行业带来压力。尽管面临这些压力，2022年Domino's美国送餐销售仍比2019年疫情前的基准高出超过5亿美元。
小费是个很大的成本，外带在美国在普遍。
Domino's delivery business was not alone in facing these challenges. According to NPD data, the entire QSR delivery category was down high single digits for fiscal year 2022. Not surprisingly, according to NPD, pizza delivery was down as well. Given these industry wide headwinds, we're encouraged that while our delivery business was challenged in 2022, Domino's saw a moderate increase in QSR pizza delivery share.
Domino's的送餐业务并非唯一面临这些挑战。根据NPD的数据，整个QSR送餐行业在2022财年下降了高个位数。正如预期的那样，NPD数据显示，披萨送餐业务也出现下降。面对这些行业普遍的压力，我们感到鼓舞的是，尽管我们的送餐业务在2022年面临挑战，Domino's在QSR披萨送餐市场的份额略有增长。
On the topic of delivery, while there's more work to do on staffing that part of the business, we feel like answers to this challenge exist within the Domino system. Staffing has improved at all positions in our corporate restaurants, including Drive In.
关于送餐业务，尽管在加强送餐服务的人员配置上还有工作要做，但我们相信Domino系统内有应对这一挑战的解决方案。我们在所有直营餐厅的各个岗位上都已经改善了人员配置，包括Drive In服务。
Continuing to leverage internal best practices around delivery service, as well as innovations in this area, like our new electric delivery fleet, should help continue to improve this critical measure. I am proud of the work that we and our franchisees have done to address labor constraints in the delivery business, and know we have more to do.
继续利用送餐服务的内部最佳实践，以及在这一领域的创新，比如我们的全电动送餐车队，将有助于进一步改善这一关键指标。我为我们和加盟商在解决送餐业务中的劳动力限制所做的工作感到自豪，并知道我们还有更多的工作要做。
新加坡的最低送餐标准是20块，成本是个问题。
A consistent positive throughout 2022 has been the continued evolution of the Domino's business. This helped offset some of the macro challenges on the delivery side. In the U.S. we are a more complete restaurant company than ever, running two businesses out of our stores. We are Number 1 in the U.S. in both the delivery and Carryout pizza segments of QSR.
2022年一个持续的亮点是Domino's业务的不断发展。这有助于抵消送餐方面的宏观挑战。在美国，我们比以往任何时候都更具完整性，直营门店正在经营两个业务。我们在美国QSR披萨的送餐和外带市场上均名列第一。
The Carryout business continues to be a strength, with tremendous momentum. In fact, U.S. Carryout retail sales for full year 2022 were more than $1 billion higher than pre-COVID levels. More importantly, we still have a long runway for growth in this important segment of the business. To give you a sense of the current scale of our U.S. Carryout business, if it were a company of its own, Domino's Carryout would be counted amongst the top 20 QSR brands in America based on consumer spending obtained by NPD for the year ending December 2022.
外带业务继续保持强劲势头。实际上，2022年美国外带零售销售额比疫情前增长了超过10亿美元。更重要的是，我们在这一重要业务领域仍有很长的增长空间。为让大家了解我们美国外带业务的当前规模，如果它是一个独立的公司，Domino's外带业务将根据NPD的消费者支出数据，在2022年12月截至的年度里跻身美国前20大QSR品牌。
To support the growth of the business, we opened a new supply chain center in Merrillville, Indiana in September. As you know, we have invested significantly in our supply chain, opening four new centers since 2018. During the fourth quarter I visited our new center in Indiana. It has the latest in technology, automation and new operational procedures. Merrillville represents an incredible testing ground for the future of Domino’s supply chain, and we look forward to bringing the best parts of what we learned in Indiana to other centers around the country over time.
为了支持业务的增长，我们在印第安纳州梅里尔维尔开设了一个新的供应链中心。正如你们所知，我们在供应链方面进行了大量投资，自2018年以来，已经开设了四个新中心。在第四季度，我访问了位于印第安纳州的新中心。它配备了最新的技术、自动化以及新的操作程序。梅里尔维尔中心代表了Domino's供应链未来的测试平台，我们期待随着时间的推移，将我们在梅里尔维尔学到的最佳做法带到全国其他中心。
2022 was a strong year for global store growth. We and our franchisees had nearly 1,300 gross openings around the world in 2022. For context, that's about 3.5 new store openings per day on average, while operating in a difficult environment for development. This is a testament to the strength of the Domino's brand around the world. Our team members and franchisees have continued to show the agility and perseverance required to operate and grow Domino's footprint in a volatile macroeconomic environment.
2022年是全球门店增长的强劲年份。我们和加盟商在全球范围内开设了近1,300家新门店。作为对比，在开发环境艰难的情况下，我们的平均开店速度相当于每天开设3.5家新店。这证明了Domino's品牌在全球的强大影响力。我们的团队成员和加盟商继续展现出在波动的宏观经济环境中运营和扩展Domino's门店所需的敏捷性和韧性。
Looking specifically at our international business, the 1,135 gross openings outside of the U.S. were the highest organic openings in our history. Meaning, they were achieved without any of our master franchisees conducting a large scale conversion of another pizza chain.
特别是我们的国际业务，在美国以外的1,135家新开门店是我们历史上最高的有机增长。这意味着这些新门店是在没有任何特许经营商进行大型品牌转换的情况下开设的。
One of my personal highlights during the quarter was the opportunity to be in market with one of our largest master franchisees, Jubilant FoodWorks. In December I met with their team in New Delhi, where they reiterated their goal to grow to over 3,000 stories in India over the next five years, which would further cement Domino's position as the leading QSR brand in this critical global market.
在第四季度，我有幸与我们最大的一个特许经营商——Jubilant FoodWorks一起在市场上工作。在12月，我与他们的团队在新德里会面，他们重申了未来五年内将在印度开设超过3,000家门店的目标，这将进一步巩固Domino's作为印度领先QSR品牌的地位。
Additionally, Jubilant is inspiring our global system to raise the bar on service with their new 20 minute delivery zones. I was able to see these in action when I was touring stores. Service has always been a key differentiator for the Domino's brand, and Jubilant is extending its delivery service advantage in India. How are they able to do this? With incredible operations enhanced by global fortressing strategy. When we and our franchisees build more stores, we can get closer to customers and improve delivery and Carryout services.
此外，Jubilant正在激励我们的全球系统，通过推出20分钟送餐区域，提高服务标准。在我参观门店时，我亲眼见证了这一做法。服务一直是Domino's品牌的核心竞争力，而Jubilant正在扩展其在印度的送餐服务优势。他们是如何做到的？通过全球堡垒战略强化运营。当我们和加盟商开设更多门店时，我们能更接近顾客，改善送餐和外带服务。
Now, for more detail on our Q4 results, I'd like to turn it over to our CFO, Sandeep Reddy. Sandeep.
现在，关于我们第四季度业绩的更多细节，我想请我们的首席财务官桑迪普·雷迪来介绍。桑迪普。
Sandeep Reddy
Thank you, Russell, and good morning to everyone on the call. I'll begin my remarks with updates on the actions I've previously outlined to improve our long term profitability. First, we are continuing to examine and evolve our pricing architecture. During the fourth quarter, the average year-over-year price increase that was realized across our U.S. system was 6.3%. The realized pricing for full year 2022 was 5.4%.
谢谢Russell，也感谢大家今天参加我们的电话会议。我将开始谈一下我之前所提到的一些改进措施，以提升我们的长期盈利能力。首先，我们继续审视并调整我们的定价架构。在第四季度，我们美国系统实现的平均年同比价格增长为6.3%。2022年全年实现的定价增长为5.4%。
Second, efficiencies in our cost structure as we seek to ensure that revenues consistently grow faster than expenses. We saw another sequential improvement in year-over-year operating income margin as a percentage of revenues, as margins expanded to 130 basis points in Q4 versus the 160 basis points contraction in Q3.
第二，我们在成本结构上寻找效率，以确保收入始终增长快于开支。第四季度我们的年同比营业收入利润率再次实现增长，营业收入利润率同比增长130个基点，相比第三季度的160个基点的收缩有所改善。
Even if you exclude the 150 basis points benefit to operating income margin from the $21.2 million refranchising gain recognized in the quarter, the contraction in year-over-year operating income margin as a percentage of revenues in the quarter sequentially improved by 140 basis points versus Q3.
即便排除掉第四季度由$2,120万的重新加盟收益所带来的150个基点利润贡献，第四季度的年同比营业收入利润率仍然较第三季度提升了140个基点。
Third, we had positive same store sales growth, excluding foreign currency impact in both our U.S. and international businesses, for the first time since Q4 2021, contributing to improving our operating income leverage.
第三，我们在美国和国际业务中都实现了正的同店销售增长（剔除外汇影响），这是自2021年第四季度以来的首次，进一步促进了我们营业收入杠杆的提升。
Now, our financial results for the quarter in more detail. When excluding the negative impact of foreign currency, global retail sales grew 5.2% due to positive sales comps and global store growth over the trading four quarters, lapping 9% global retail sales growth, excluding FX and the 53rd week impact in 2020 in Q4, 2021. As we have discussed in the past, we believe it has been instructive to look at accumulated stack of sales across the business, anchored back to 2019 as a pre-COVID baseline.
接下来，关于第四季度的财务业绩。剔除外汇负面影响，全球零售销售增长了5.2%，这得益于销售同比增长和全球门店的扩张。与2021年第四季度相比，2021年第四季度由于53周效应和外汇因素，销售同比增长了9%。正如我们过去所讨论的，我们认为基于2019年疫情前水平来累计的销售增长数据能更好地说明问题。
With the evolving macro-economic conditions, we do not currently believe it will be relevant to anchor back to 2019 going forward, and anticipate returning to evaluating the business on a one year comp basis in 2023. Looking at a three year stack, our Q4, 2022 global retail sales, excluding foreign currency impact, grew over 26% versus Q4 2019.
考虑到宏观经济环境的变化，我们目前认为将业务与2019年对比不再适用，因此我们计划从2023年起，回归到以一年为基础的同比销售增长评估。以三年累计数据来看，我们第四季度的全球零售销售（剔除外汇影响）较2019年第四季度增长了26%。
Breaking down, total global retail sales growth, U.S. retail sales increased 2.7%, rolling over our prior increase of 4.6%, excluding the impact of the 53rd week in 2020, and are up more than 21% on a three year stack basis relative to Q4, 2019. International retail sales, excluding the negative impact of foreign currency grew 7.5%, rolling over a prior increase of 13.2%, excluding the impact of the 53rd week in 2020 and are up more than 30% on a three year stack basis relative to Q4, 2019.
分开看，美国零售销售增长了2.7%，与2020年53周的影响排除后，相比增长了4.6%。与2019年第四季度相比，三年累计增长超过21%。国际零售销售（剔除外汇影响）增长了7.5%，相比2020年53周影响排除后的13.2%增长，三年累计增长超过30%。
Turning to comps, during Q4 same store sales for the U.S. business increased 0.9%, rolling over a prior increase of 1% and were up 13.1% on a three year stack basis relative to Q4 2019. This represented a sequential deceleration of 4.5% from Q3 on a three year stack basis, as we saw clear evidence of softening demand from delivery customers in particular, given the challenging macroeconomic environment during the holidays.
谈到同店销售，第四季度美国同店销售增长了0.9%，相比上一季度的1%增长，三年累计增长了13.1%，这表示相比第三季度的三年累计增长放缓了4.5%。我们看到了送餐客户需求有所放缓，尤其是在假日期间，受宏观经济环境的影响。
The estimated impact of fortressing was 0.5 percentage points during the quarter across the U.S. system. Going forward, we will only update the impact of fortressing if the change in impact is material.
在第四季度，“堡垒效应”对美国系统的影响估算为0.5个百分点。未来如果堡垒效应的变化对我们的影响重大，我们会做出更新。
The increase in U.S. same store sales in Q4 was driven by an increase in ticket, which included a 6.3% in pricing actions I mentioned earlier, partially offset by a decline in order counts.
第四季度美国同店销售增长的推动因素是客单价的增加，包括前面提到的6.3%的定价增长，部分被订单量的下降所抵消。
As we have previously shared, we believe it is instructive to break U.S. stores into quintiles based on staffing levels, relative to a fully staffed store, to give a sense for the magnitude of the impact of staffing.
正如我们之前所分享的，我们认为将美国门店按员工配备情况分为五个等份来衡量，可以更好地理解员工配置对业绩的影响。
Looking at Q4 same store sales, stores in the top 20%, those that are essentially close to fully staffed, on average outperformed stores in the bottom 20%, those that are facing the most significant labor shortages by less than 2 percentage point. This is down sequentially from the approximate 6 percentage point gap we saw in Q3.
就第四季度的同店销售来看，处于前20%的门店（几乎是满员的门店）在销售业绩上平均超出处于后20%的门店（面临最大劳动力短缺的门店）不到2个百分点。相比于第三季度约6个百分点的差距，这一差距有所收窄。
Now, I'll share a few thoughts specifically about the U.S. Carryout and delivery businesses. The Carryout business was strong in Q4 with U.S. Carryout same store sales 14.3% positive compared to Q4, 2021.
现在，我想专门谈一下美国的外带和送餐业务。第四季度外带业务表现强劲，美国外带同店销售相比2021年第四季度增长了14.3%。
On a three year basis, Carryout same store sales were up 31% versus Q4, 2019. The gap for Carryout between the top and bottom quintiles based on staffing levels, remain small during the quarter. The delivery business continued to be more pressured. Q4 delivery same store sales declined by 6.6% relative to Q4, 2021. Looking at the business on a three year stack, Q4 delivery same store sales were 3.3% above Q4 2019 levels. When we look at the same quintiles relative to the delivery business, the gap between the top and bottom quintile stores closed considerably.
三年累计来看，外带同店销售较2019年第四季度增长了31%。不同员工配置的门店间，外带的差距在第四季度仍然较小。送餐业务的压力依然较大。第四季度送餐同店销售较2021年第四季度下降了6.6%。从三年累计看，第四季度送餐同店销售相比2019年第四季度上涨了3.3%。对于送餐业务，不同员工配置的门店间差距缩小了很多。
美国是个高消费、高成本的国家。
We saw only a 2 percentage point gap in delivery same store sales between stores in the top 20% percent and those in the bottom 20%. This represents a sequential improvement from the 8 percentage point gap in the third quarter. The 2 percentage point gap is in line with the expected gap end performance in a normal operating environment, and we believe is no longer a significant driver of sales performance. We do not intend to continue disclosing the performance by staffing quintiles in the future.
我们看到，在第四季度，前20%门店和后20%门店之间的差距仅为2个百分点，相比第三季度的8个百分点有了明显改善。这一2个百分点的差距在正常运营环境下是可以预期的，且我们认为这不再是销售表现的主要驱动因素。未来，我们不打算继续披露员工配置的同店销售表现。
Our U.S. Carryout business is going from strength-to-strength, and our pizza QSR Carryout market share is up close to 200 basis points in 2022 and up close to 500 basis points since 2019. Our market share in total pizza QSR, which includes Delivery, Carryout and Sit Down continued to hold steady over the past year, and it's still up close to 300 basis points versus three years ago
美国外带业务发展势头强劲，我们在2022年QSR披萨外带市场的份额提升了近200个基点，自2019年以来增长了近500个基点。我们在所有披萨QSR渠道的市场份额（包括送餐、外带和堂食）过去一年保持稳定，且相比三年前增长了近300个基点。
Before I conclude my comments on market share, I would like to touch on channel dynamics for pizza QSR versus non-pizza QSR based on data we receive from NPD. As Russell mentioned earlier, delivery in 2022 was done in both pizza QSR and non-pizza QSR while Sit Down was up significantly in both.
在市场份额方面，我还想谈一下披萨QSR与非披萨QSR的渠道动态，这些数据来自NPD。如Russell前面提到的，2022年送餐在披萨QSR和非披萨QSR中都有所增长，而堂食在两者中都有显著上升。
In the case of pizza QSR, this was driven more by a shift from delivery to Sit Down and cooking at home. In the case of non-pizza QSR growth in Sit Down was potentially driven by a shift from delivery, but also from Carryout. Domino's business model in the U.S. has historically been focused mostly on the delivery and Carryout channels, so the shift to Sit Down hurts us relative to others in the non-pizza QSR who historically have had business models that include Sit Down and Carryout, but have now added delivery to their distribution channels.
对于披萨QSR而言，堂食的增长更多是由送餐转向堂食和家庭烹饪所推动的。对于非披萨QSR，堂食的增长可能既是由送餐转向，也可能是从外带转向。Domino's的商业模式历史上主要专注于送餐和外带渠道，因此，堂食的转变对我们来说是一个相对不利的因素，尤其是与那些在历史上就包含堂食和外带服务、现如今也加入送餐渠道的非披萨QSR相比。
We expect this dynamic to continue to play out in 2023, as Sit Down despite recent growth is still below 2019 levels.
我们预计这种动态将继续在2023年展开，尽管堂食最近有所增长，但仍未回到2019年的水平。
Shifting to the unit count, we and our franchisees added 43 net new stores in the U.S. during Q,4 consisting of 50 store openings and seven closures, bringing our U.S. system store count to 6,686 stores at the end of the quarter, which brought our four quarter net store growth rate in the U.S. to 1.9%.
接下来，谈到门店数量的增长，我们和我们的加盟商在第四季度在美国新增了43家净门店，开设了50家新店，关闭了7家，使我们的美国系统门店总数达到了6,686家，使我们的四季度净店面增长率为1.9%。
This deceleration in growth was expected in light of the permitting and store construction supply chain challenges we have faced all year. While we expect the first half of the year for U.S. store openings to continue to be challenging due to a continuation of these same factors, based on our current pipeline, we expect a gradual recovery starting towards the second half of 2023.
考虑到我们全年面临的许可和门店建设供应链挑战，这一增速的放缓是预期之中的。尽管我们预计2023年上半年美国的门店开设仍将面临这些挑战，但根据我们当前的管道，我们预计在2023年下半年会有逐步回升。
Domino's unit economics remain strong relative to the many pressures faced throughout the year, including staffing challenges and high inflationary environment for food and labor. The average Domino’s store in the U.S. generated more than $1.3 million in sales during 2022
Domino's的单位经济表现依然强劲，相较于我们所面临的各种压力，包括员工配置挑战和高通胀环境，2022年美国每家Domino's门店的销售额超过了130万美元。
We currently estimate that our 2022 average U.S. franchise store EBITDA was close to $137,000, not much below the 2019 estimated EBITDA of $143,000. In fact, estimated average store profitability was higher in Q4, 2022 than Q4 2019. We will update the final number on our Q1 call.
我们目前预计2022年美国加盟商门店的平均EBITDA接近13.7万美元，仅略低于2019年估算的14.3万美元。事实上，2022年第四季度的平均门店盈利能力较2019年第四季度有所上升。我们将在第一季度电话会议中更新最终数据。
With our continued strong four wall economics, we remain bullish on the long term unit growth potential in the U.S. and we maintain our conviction that the U.S. can be an 8,000-plus store market for Domino’s. New store openings paybacks remained strong with stores opened in 2019, averaging around three year paybacks similar to the 2018 vintage.
在我们持续强劲的经济表现下，我们仍然对美国长期门店增长潜力充满信心，并坚信美国市场对Domino's来说可以达到8,000家以上的门店数量。新门店的回报期依然强劲，2019年开设的门店平均回报期约为三年，接近2018年的水平。
Same store sales excluding foreign currency impact for our international business increased 2.6%, rolling over a prior increase of 1.8% and were up nearly 12% on a three year stack basis relative to Q4, 2019.
关于我们的国际业务，剔除外汇影响，国际业务的同店销售增长了2.6%，相比于1.8%的前期增长，三年累计增长接近12%。
We continue to face the headwind of the negative year-over-year impact of the expiration of the 2021 VAT relief in the UK, our largest international market by retail sales. The fourth quarter impact was around half the magnitude of the second and third quarter, as the UK VAT relief was reduced from 15% to 7.5% in 2021 on October 1. The year-over-year impact of exploration of the UK VAT relief will continue while we lap the reduced rates that were in place through March 31, 2022.
我们继续面临来自英国增值税救济到期的逆风，英国是我们国际市场中零售销售最大的市场。第四季度的影响大约是第二和第三季度的影响的一半，英国的增值税救济在2021年10月1日从15%降至7.5%。随着我们对2022年3月31日结束的降低税率的影响逐步消除，英国增值税救济到期的影响仍将持续。
Our international business added 318 net new stores in Q4, comprised of 406 store opening and 88 closures. Our closures were driven by another round of closures in Brazil as our master franchisee there continues its work to optimize the store base in the market, as well as some closures in Russia, where our master franchisee as previously announced by them, continues to explore opportunities to exit the business in that market.
我们的国际业务在第四季度新增了318家净门店，包括406家新开门店和88家关门店。我们关闭的门店主要是由于巴西的特许经营商进行的进一步优化操作，以及俄罗斯的一些关门，俄罗斯特许经营商已宣布正在寻找退出该市场的机会。
This brought our current fourth quarter net store growth rate in international to 7.4%. When combined with our U.S. store growth, our trailing fourth quarter global net store growth rate was 5.5%. The 5.5% is impacted by a significant increase in international closures this year, as compared to our historical run rate, including in Brazil, Italy and Russia.
这使得我们的国际业务第四季度净店面增长率达到了7.4%。结合美国的增长，全球四季度的净店面增长率为5.5%。这一5.5%的增速受到今年国际市场大规模关门的影响，尤其是在巴西、意大利和俄罗斯。
Turning to EPS, our dilutive EPS in Q4 was $4.43 versus $4.25 in Q4, 2021. Breaking down that $0.18 increase in our delivered EPS, our operating results benefited us by $0.27, changes in foreign currency exchange rates negatively impacted us by $0.22. Our lower effective tax rate positively impacted us by $0.20, driven by the discrete impact from the reversal of our tax reserve, based on recent tax law change, related to one of our foreign subsidiaries during 2022.
接下来，谈到每股收益（EPS），我们第四季度的稀释每股收益为4.43美元，相比2021年第四季度的4.25美元增长了18美分。分解这18美分的增长，我们的经营业绩贡献了27美分，外汇汇率变动负面影响了22美分，较低的有效税率带来了20美分的正面影响，这主要来自于2022年税法变化所导致的税收储备的逆转。
Lower net interest expense benefited us by $0.04. The refranchising gain recognized to our fourth quarter store transaction, benefited us by $0.46. The unrealized gain recognized on our re-measurement related to our investment in Dash in 2021, negatively impacted us by $0.68 and a lower diluted share count driven by share repurchases over the trading 12 months benefited us by $0.11.
净利息费用降低带来了4美分的正面影响，第四季度门店交易的重新加盟收益贡献了46美分，重新评估Dash投资的未实现收益对我们产生了68美分的负面影响，12个月的股份回购导致了11美分的稀释股票数减少。
Transitioning to the full year, I would like to hit on a few financial highlights for 2022. Global retail sales grew 3.9% for the year, excluding the impact of foreign currency. Same store sales in the U.S. declined $0.08 and international, excluding FX grew $0.01.
在2022年全年，我们的全球零售销售增长了3.9%，排除外汇影响。美国同店销售下降了0.08%，国际销售排除外汇影响增长了0.01%。
比较可怜的增长速度。
We and our franchisees opened 1,032 net new stores during, despite significantly higher closures this year in our international markets as previously discuss. Our food basket for the year was up 13.2%,, reflecting the strong impact of inflation. Our G&A for the year was $417 million, down 2.8% versus $428 million in 2021.
我们和加盟商在全球开设了1,032家净新门店，尽管国际市场的关闭门店数量显著增加。我们的食品篮子价格上涨了13.2%，反映了强烈的通胀影响。我们的G&A费用为4.17亿美元，同比下降了2.8%。
食品上涨速度快于终端产品价格上涨的速度。
Operating income was down $12 million versus 2021, including the $21 million impact of the refranchising gain. Operating income margin was positively impacted by 50 basis points due to the refranchising gain, but this was fully offset by the negative impact from foreign currency. If foreign currency remains at current levels or increases as a headwind going forward, we expect that this will be a barrier to recovering to our pre-pandemic operating income margins.
运营收入同比下降了1,200万美元，包括2,100万美元的重新加盟收益，经营收入利润率受到了外汇的负面影响，但重新加盟收益为50个基点的正面影响完全被外汇负面影响抵消。如果外汇汇率继续处于当前水平或变得更高，预计这将成为我们恢复到疫情前的运营收入利润率的障碍。
Although we faced operating headwinds in 2022, we continue to generate sizable free cash flow. During 2022 we generated net cash provided by operating activities of approximately $475 million. After deducting for capital expenditures of approximately $87 million, which consisted of investments in our technology initiatives and supply chain centers, we generated free cash flow of approximately $388 million.
尽管2022年我们面临了经营上的逆风，但我们仍然创造了可观的自由现金流。2022年我们通过经营活动产生的净现金约为4.75亿美元，扣除约8,700万美元的资本支出后，生成了约3.88亿美元的自由现金流。
Free cash flow decreased $172 million from 2021, due primarily to changes in working capital, including accrued liabilities and income taxes, as well as higher advertising funds spend and lower net income.
自由现金流较2021年减少了1.72亿美元，主要是由于工作资本、应付负债和所得税的变化，以及广告基金支出和净收入下降所致。
During the year, we returned over $450 million to shareholders through share repurchases of $294 million and dividends of $158 million. As to the end of the year we had approximately $410 million remaining under our current board authorization for share repurchases. Our board has also approved a 10% increase from our prior quarterly dividend to $1.21 that is payable on March 30 of this year.
在这一年中，我们通过回购股份2.94亿美元和支付股息1.58亿美元，共向股东返还超过4.5亿美元。截至年底，我们在当前董事会授权下剩余的回购资金约为4.1亿美元。董事会还批准将我们的季度股息增加10%，调整后的股息为1.21美元，将于今年3月30日支付。
Looking forward to 2023, we would like to provide our annual guidance measures for the year. We currently project that the store food basket within our U.S. system will be up 3% to 5% as compared to 2022 levels. We expect the first quarter food basket increase to be higher than the rest of the year.
展望2023年，我们将为全年提供一些指导。我们预计美国系统的食品篮子将比2022年增长3%到5%。我们预计第一季度的食品篮子增长率会高于全年平均水平。
We estimate that changes in foreign currency exchange rates could have a $2 million to $6 million negative impact on international royalty revenues in 2023 as compared to 2022 if foreign exchange rates remain at current level. The negative impact of currency is expected to be higher in the first half of the year based on current rates.
预计外汇汇率变化对2023年国际特许经营收入的负面影响为200万到600万美元。如果外汇汇率维持在当前水平，预计外汇负面影响将在2023年上半年更加明显。
We anticipate our CapEx investments will be between $90 million and $100 million as we continue to strategically invest in our business and prioritize our spend. We expect our G&A expense to be in the range of $425 million to $435 million. Our tax rate excluding the impact of equity based compensation is expected to range from 22% to 24%.
预计资本支出为9,000万到1亿美元，我们将继续战略性地投资于业务并优先考虑支出。预计G&A费用将在4.25亿美元到4.35亿美元之间。我们预计不包括股权薪酬影响的税率将在22%到24%之间。
Finally, given the current macroeconomic headwinds that are impacting our U.S. delivery business in particular, we are updating our two to three year outlook from 6% to 10% global retail sales growth to 4% to 8% global retail sales, and unit growth from 6% to 8% global net unit growth to 5% to 7% global net unit growth.
最后，鉴于当前宏观经济逆风对我们美国送餐业务的影响，我们更新了未来两到三年的预期，将全球零售销售增长率从6%到10%下调至4%到8%，全球净门店增长从6%到8%下调至5%到7%。
We expect 2023 to come in towards the low end of the ranges for both metrics. We look forward to providing more details at our Investor Day we will hold before the end of calendar 2023.
我们预计 2023 年这两个指标都将接近范围的低端。我们期待在 2023 年日历年结束前举行的投资者日上提供更多细节。
Thank you all for joining the call today, and now I will turn it back to Russell.
感谢大家今天参加电话会议，现在我将把话筒交还给拉塞尔。
Russell Weiner
Thank you, Sandeep. The Domino’s system has a lot to be proud of, and we also have opportunities to address. We pride ourselves on being a work-in-progress brand, and there is no better way to describe this period in our history.
感谢Sandeep。Domino’s系统有很多值得骄傲的地方，同时也有一些需要改进的机会。我们为自己是一个不断进步的品牌而自豪，这段历史时期没有比这更能描述我们的现状了。
As we saw in the last recession, delivery moves with the economy, especially for customers with lower disposable income, who represent a significant portion of our business. As it was in Q4 of 2022, we expect the economy to be a headwind for our delivery business in 2023. While we expect to continue to grow QSR pizza delivery share, we also expect the delivery sales will be challenged. Every day delivery customers will be deciding where to spend their hard earned dollars. So we need to maintain value and continue to improve our service.
正如我们在上一轮经济衰退时所见，送餐业务与经济状况息息相关，尤其是对于那些可支配收入较低的客户，这部分客户占据了我们业务的重要份额。正如2022年第四季度的情况一样，我们预计经济将成为2023年我们送餐业务的一个阻力。尽管我们预计继续增长QSR披萨的送餐市场份额，但我们也预计送餐销售将面临挑战。每天，送餐客户都在决定如何花费他们辛苦赚来的钱。所以，我们需要保持价值，并继续提升我们的服务。
客单价太低，平民消费是个问题。
On the subject of value, moving the $5.99 mix and match offer we launched in December of 2009 to $6.99 in 2022 was the right decision for our brand. That said, we and our franchisees must be vigilant to make sure value exists across our entire venue, not just in promotional offers.
关于价值的话题，将我们2009年12月推出的$5.99混合搭配优惠价格调整到2022年的$6.99是我们品牌的正确决策。尽管如此，我们和我们的加盟商必须保持警觉，确保我们整个业务的价值存在，而不仅仅是在促销优惠中。
We also need to drive more innovation. When I look back at my 14 years at Domino’s, we were at our best when we brought big ideas to market. These ideas helped us tell great brand stories. Coming out of COVID, we became more transactional with our customers than I would have liked. This was understandable as our team needed to pivot and react to some of the labor constraints we discussed earlier in the year.
我们还需要推动更多创新。回顾我在Domino’s的14年经历，我们最成功的时刻是当我们将大的创意推向市场时。这些创意帮助我们讲述了伟大的品牌故事。走出COVID后，我们与客户的互动变得更多是交易性的，这并非我所希望的。尽管如此，这种变化是可以理解的，因为我们的团队需要调整并应对我们年初讨论的一些劳动力限制。
I'm encouraged at the way we ended ‘22 and have begun 2023. We and our franchisees reinforced our position as the delivery leader by introducing a fleet of 800 electric delivery vehicles. Domino’s now has the biggest electric fleet of pizza delivery vehicles in the country. In Carryout, we brought back our innovative Carryout tips promotion, which continues to drive value and news in that segment.
对于2022年的结束和2023年的开始，我感到鼓舞。我们和我们的加盟商通过推出800辆电动送餐车，进一步巩固了我们作为送餐领导者的地位。现在，Domino’s拥有美国最大的电动披萨送餐车队。在外带业务方面，我们重新推出了创新的外带小费促销活动，这继续推动了该领域的价值和新闻。
We've launched Loaded Tots in early 2023. Adding a potato side to our menu has been a goal for many years, but it was difficult to find a product that delivered well and didn't end up in customers' homes cold and soggy. Loaded Tots delivers, literally and figuratively, and continues our innovation strategy of adding platforms that are incremental to our menu.
我们在2023年初推出了“加载土豆条”产品。将土豆作为我们菜单的配菜已是多年的目标，但我们一直难以找到一种能够很好配送且不至于冷掉、湿软的产品。加载土豆条无论从实际还是比喻上都实现了目标，并继续推进我们在菜单上增添附加平台的创新战略。
In 2023 we will also refresh and improve our Piece of the Pie loyalty program. We finished last year with approximately 30 million active members in the program and over 77 million total members in our loyalty database. We launched Piece of the Pie in the fall of 2015. There is an opportunity to innovate and grow this program further by unlocking value to an even wider base of customers.
在2023年，我们还将对我们的“Piece of the Pie”忠诚度计划进行刷新和改进。我们在去年年底时，该计划拥有大约3000万名活跃会员，忠诚度数据库中的总会员超过7700万。我们在2015年秋季推出了“Piece of the Pie”。我们有机会创新并进一步发展这一计划，通过解锁更多的客户群体来提供更大的价值。
Dominos has been called many things over the years; a pizza company, a delivery company, a marketing company, a technology company, all of those are true, but when we are at our best, we're also an innovation company. Product, service and technology innovation with a very specific purpose; to give our customers and store team members the best possible pizza experience; to tell one of a kind brand stories and to over-deliver on expectations. This is what you have come to expect and should continue to expect from domino's pizza.
多年来，Domino’s被称为很多东西；披萨公司，送餐公司，营销公司，科技公司，这些都是真的，但当我们做得最好的时候，我们也是一家创新公司。产品、服务和技术创新的目的非常明确：为我们的客户和门店团队成员提供最好的披萨体验；讲述独一无二的品牌故事；并超出客户的期望。这就是你们对Domino’s披萨的期待，我们也将继续为大家提供这样的服务。
With that, we'll open the call to questions.
有了这些，我们将开放提问。
Question-and-Answer Session
问答环节
Operator 操作员
Certainly. [Operator Instructions] And our first question comes from the line of Brian Bittner from Oppenheimer. Your question, please.
当然。[操作员说明] 我们的第一个问题来自 Oppenheimer 的 Brian Bittner。请提问。
Brian Bittner
Thank you. Good morning. My question is on unit growth. Just first, on the two to three year algorithm change, moving to 5% to 7% from 6% to 8%. Can you just help us understand the drivers that forced this change? Is it primarily because of the decelerating U.S. outlook or is there other factors that maybe you'd like to take this moment to unpack for us.
谢谢。早上好。我有一个关于单位增长的问题。首先，关于两到三年算法的变化，从6%到8%调整为5%到7%，能否帮助我们理解导致这一变化的因素？主要是由于美国市场前景放缓吗，还是有其他因素，您希望借此机会为我们详细解释一下？
And second to that, Sandeep you said in 2023 our unit growth should be at the low end of this new range, kind of near the 5% area. Can you just paint the scenario for us where you accelerate from the bottom of this range? Is there a catalyst that you see emerging, following 2023 that we should be thinking about, that makes the midpoint of this range more of a base case for unit growth moving forward? Thanks.
其次，Sandeep，您提到2023年我们的单位增长应该处于这一新范围的低端，大约接近5%的水平。能否给我们描绘一下，在什么样的情境下，我们会从这个范围的底部加速增长？是否有某些催化剂会在2023年后出现，促使我们考虑将这一范围的中间值作为单位增长的基准？
Sandeep Reddy
Good morning, Brian. Thank you for the question, and so let me start first with the rationale for the unit growth update from 6% to 8% to 5% to 7%. As we said in the prepared remarks as well, I think the U.S. delivery business and the constraints that we see in front of us on the U.S. delivery business are a big driver of this decision to actually slow down the expectations from a unit growth standpoint.
早上好，布莱恩。感谢您的提问，让我先从将单位增长更新从 6%到 8%调整为 5%到 7%的理由开始。正如我们在准备好的发言中所说的，我认为美国的配送业务以及我们在美国配送业务面前看到的限制是促使我们实际上从单位增长的角度降低预期的一个重要因素。
And as you also noted from my prepared remarks, the headwinds that we saw throughout 2022 are expected to continue into the first half of 2023 and that is going to put pressure on the unit growth that we expect to see as we go forward in 2023.
正如您从我准备的发言中所注意到的，我们在整个 2022 年看到的逆风预计将持续到 2023 年上半年，这将对我们预计在 2023 年未来看到的单位增长施加压力。
And I think in terms of what the catalyst would be, the answer is a little bit in terms of what I talked about on the U.S. growth itself and the cadence. So the first half of the year is going to continue to be pressured for the same reasons that it was pressured in 2022. But as we move into the second half of the year, the pipeline that we have for 2023 looks really encouraging, and I think this is at the back of economics that continue to be very compelling.
我认为就催化剂而言，答案有点涉及我所谈到的美国自身增长和节奏。因此，今年上半年将继续因与 2022 年相同的原因而承受压力。但随着我们进入下半年，我们 2023 年的计划看起来非常令人鼓舞，我认为这是因为经济形势依然非常吸引人。
We’re delivering $137,000 in EBITDA with all the pressures that were faced from an inflationary standpoint on food costs, labor and just general costs in the P&L and that's literally within $6,000 of 2019 levels. And most encouragingly, the exit rate from Q4 had the EBITDA levels that we are estimating above 2019 levels. This is really a manifestation of the price increases that we took on the natural offer for Mix of Match in the fourth quarter, in particular for Carryout beginning to flow through.
我们在食品成本、劳动力和损益表中的一般成本面临通胀压力的情况下，实现了 137,000 美元的 EBITDA，这实际上与 2019 年的水平相差不到 6,000 美元。最令人鼓舞的是，第四季度的退出率使我们估计的 EBITDA 水平高于 2019 年水平。这实际上是我们在第四季度对 Mix of Match 的自然报价进行价格上涨的结果，特别是外卖开始显现效果。
The flow through benefits for the franchisee P&L are very compelling, and we feel that if this continues, this cadence as we move forward in ’23, notwithstanding the 3% to 5% food basket increase that they're looking at. Franchisee is in a very good place to continue improving their profitability, and that's why we feel so confident with the pipeline that we’re seeing in 2023, economics back it up, paybacks continue to be very strong at roughly three years.
特许经营商的盈利情况也非常好，我们认为如果这种增长节奏持续下去，尽管他们面临食品篮子价格上涨3%到5%的挑战，特许经营商仍然会在盈利能力上继续改善，这也是我们对2023年管道非常有信心的原因，经济条件的支持，回报期依然很强，约为三年。
Brian Bittner
Thank you. 谢谢。
Operator 操作员
Thank you. One moment for our next question. And our next question comes from the line of Peter Saleh from BTIG. Your question, please.
谢谢。请稍等一下，我们的下一个问题马上就来。下一个问题来自 BTIG 的 Peter Saleh。请提问。
Peter Saleh
Great! Thanks. Russell, you alluded to some changes to the rewards program in 2023. I was hoping you could add a little bit more color to that. That feels like it could be a meaningful driver, as it’s been a driver for you guys for several years in the past. So just any update on that would be beneficial. Thanks.
太好了！谢谢。拉塞尔，你提到 2023 年奖励计划的一些变化。我希望你能对此多加解释。这感觉可能是一个有意义的推动因素，因为在过去的几年里，这一直是你们的一个推动因素。所以，任何关于这方面的更新都会有帮助。谢谢。
Russell Weiner
Sure. Good morning and thanks Peter. As I said during my remarks, we've been pleased with this program. We launched in 2017. We've got over 30 million active members, 77 million total members, and really at this point as we think about the evolution of the rewards program, it is about taking the best and keeping the best of what we have and then continuing to dial up on where the opportunities are, and so – and we're not going to talk to the specifics of it now.
好的。早上好，谢谢彼得。正如我在发言中所说，我们对这个项目感到满意。我们在 2017 年启动了这个项目。我们有超过 3000 万活跃会员，总会员数达到 7700 万。现在，当我们考虑奖励计划的演变时，就是要保留我们已有的最佳部分，并继续在有机会的地方加大力度，所以——我们现在不会谈论具体细节。
But I think when you see us launch it later on this year, you'll see those who are joining the program continue to – are going to continue to enjoy the positives of it, and probably some of our less frequent customers are going to be incented to do more. And I should tell you, I'm sorry I misspoke. The launched central loyalty program was 2015, not 2017.
但我认为，当你在今年晚些时候看到我们推出它时，你会看到那些加入该计划的人将继续享受它的好处，而我们一些不太频繁的客户可能会受到激励去做更多。我应该告诉你，对不起，我说错了。推出的中央忠诚度计划是 2015 年，不是 2017 年。
Peter Saleh
Thanks. And then just one follow up for Sandy. Is it possible to get restaurant level margins for the franchisees back to you know 2020, 2021 levels with this mix of carryout delivery or do you really need delivery to resurge here to get back to those types of margins? Thanks.
谢谢。然后对 Sandy 有一个后续问题。通过这种外卖和送餐的组合，是否有可能让加盟商的餐厅利润率回到 2020 年、2021 年的水平，还是说你们真的需要送餐业务在这里复苏才能回到那种利润率？谢谢。
A - Sandeep Reddy
Thanks. Thanks Peter for that question. Now, in terms of where we were, in terms of restaurant level margins on the franchise's side, what you did see from a cadence standpoint was the profitability. It really went up pretty significantly between 2019 and 2021 from 143 to 174 I believe in 2021.
谢谢，谢谢Peter提这个问题。关于餐厅级利润率方面，你确实看到了从2019年到2021年，特许经营商的盈利能力显著上升，从2019年的143万到2021年我记得是174万。
But I think the cost increases that have actually come through have been really significant, and I think until that kind of beds in and the price increases that we've taken basically start normalizing, it's going to take them some time. Over time of course, I think we’ll get back to those levels of profitability and absolute dollars.
但我认为实际发生的成本增加确实非常显著，我认为在这种情况稳定下来并且我们采取的价格上涨基本开始正常化之前，这需要一些时间。当然，随着时间的推移，我认为我们会回到那些盈利水平和绝对金额。
But I think in the short term we're looking at small steps and I talked about Q4 specifically, because we're now inflicting, we're now inflicting the trend, and I think with the adjustments that we made on the pricing architecture, we're in a good place with the franchisees, and we hope that as we move into 2023 this continues to accelerate and helps them actually see even better profitability in ‘23.
但我认为短期内我们会采取小步骤，我特别谈到了第四季度，因为我们现在正在影响趋势，我认为通过我们在定价架构上所做的调整，我们与特许经营商的关系处于良好状态，我们希望随着进入 2023 年，这一趋势继续加速，并帮助他们在 2023 年实现更好的盈利。
Operator 操作员
Thank you. One moment for our next question. And our next question comes from the line – one moment, from Sara Senatore from Bank of America. Your question, please.
谢谢。请稍等，我们的下一个问题。我们的下一个问题来自——请稍等，来自美国银行的 Sara Senatore。请问您的问题。
Sara Senatore
Yes, can you hear me? Thank you. I wanted to ask about sort of the comments on the comp and the macro environment. You know we're really not seeing very much softness or evidence of price sensitivity across the rest of the industry, and I understand delivery might be different, but I guess the question is two-fold.
您好，您能听到我吗？谢谢。我想问一下关于同店销售和宏观环境的评论。您知道，我们在行业的其他部分并没有看到很多软化或价格敏感的证据，我理解送餐可能有所不同，但我想问题有两个方面。
One is, is there any reason to think that maybe your pricing could be higher? You seem to be lagging the industry by 2 to 4 points, and that's roughly where your comp gap is I would say. So you know as you think about pricing, is there room to maybe take more on the menu and perhaps less on delivery fees.
第一，是否有任何理由认为您的定价可以更高？您似乎比行业落后2到4个百分点，这大致是我所说的您的同店销售差距所在。那么，当您考虑定价时，是否有可能在菜单上提价，同时在送餐费上少收一些？
And then separately, does this increase the likelihood or the attractiveness of partnering with aggregators, not delivery as a service, but as a marketing platform. You know virtually everybody who has done that has suggested that the income cohort is higher on aggregator platforms and that it's incremental to the – you know to remember maybe ordering through the proprietary ordering.
其次，这是否增加了与聚合平台合作的可能性或吸引力？不是将送餐作为一种服务，而是作为一种营销平台。几乎每个做过这类合作的人都建议，聚合平台的消费群体较高，并且这对客户来说是增量的——可能会促使他们通过聚合平台而不是专有订餐平台下单。
无论什么样的原因，独立性不够是个缺点。
So I'm just trying to piece together everything that's happening in the context of pizza being a very good value in absolute, but the lag versus the overall industry and maybe some drivers. Thanks.
我就是想在整体披萨的绝对价值很好的背景下，将所有这些因素拼凑起来，考虑到与整个行业相比的滞后，和一些潜在的推动因素。谢谢。
Russell Weiner
Yes, thanks Sarah, it's a great question. I think what I'll do is take a little step back and just give perspective on our business. As you said, it's a unique one.
是的，谢谢莎拉，这是个很好的问题。我想我会稍微退一步，给我们的业务一个视角。正如你所说，这是一个独特的业务。
60% of our sales are delivering. When we talked in our comments about the QSR delivery category down, the pizza delivery category was down, Dominos actually gained shared. So it's not the prettiest way to gain share, but in a macroeconomic time where the entire delivery QSR category is pressured, we grew sharing in the pizza category. That's 60% of our business, and when that’s 60% of your business, you're going to see the numbers fall out the way they did.
我们60%的销售来自送餐。我们在评论中提到的QSR送餐类别下滑，实际上披萨送餐类别下滑，Domino’s却获得了市场份额。所以，尽管这种方式获得市场份额并不算完美，但在整个送餐QSR类别都受到压力的宏观经济环境下，我们在披萨类别中获得了份额。这是我们业务的60%，当这部分占到60%的时候，您会看到数据按这种方式发展。
Now, what I'd like to think about when I talk about the Sara Senatore from Bank of America and future Dominos is how much more diverse we are than we were years ago. So think about our Carryout business that's not encumbered by any of those headwinds was up 14% to 15% in Q4, over 30% over the last three years, $1 billion dollars over the last three years, you know that's really a business that's on fire, and then internationally we open more organic stores than we ever had in our history.
现在，我希望您能从一个更宏观的角度来思考，想想我们现在比过去更具多样化的业务。比如，我们的外卖业务并未受到这些压力因素的影响，第四季度增长了14%到15%，过去三年增长了超过30%，过去三年实现了10亿美元的销售，这真的是一个非常火爆的业务。再者，我们在国际市场上开设了比以往更多的有机门店。
And so I think you just need to have that perspective of looking at our entire business, how we're performing in delivery, how that performance is actually making us better, so when we come out of this we're going to be a better delivery company, but how the more complete dominoes is in a better place as we head through these tougher times.
因此，我认为您需要从全局的角度来看我们的整体业务，看看我们在送餐方面的表现，以及这一表现如何帮助我们在未来做得更好。所以，当我们走出这一时期时，我们将成为一个更强大的送餐公司，而更完整的Domino's也将在这些艰难时期中处于更好的位置。
So if I were to take that as a backdrop to your second question on you know aggregated for delivery, again like I said, we're continuing to grow share of delivery pizza here. We do work with aggregators globally. We've got $1 billion in sales outside of the U.S. where we're learning every day, and while we do that we're doing things like continuing to improve our ordering experience and improving the loyalty program as I spoke about, to make sure our delivery ordering experience is better than everybody else's.
因此，如果将这些背景作为您关于聚合平台送餐的第二个问题的背景——正如我之前所说，我们正在继续在披萨送餐领域增长市场份额。我们确实在全球范围内与聚合平台合作。我们在美国以外的市场已经实现了10亿美元的销售额，在那里我们每天都在学习。与此同时，我们也在不断改善我们的订餐体验，改进我之前提到的忠诚度计划，确保我们的送餐订购体验比其他所有人都要好。
没有正面回答，看着还什么办法。
Operator 操作员
Thank you. One moment for our next question. And our next question comes from the line of Jeffrey Farmer from Gordon Haskett. Your question, please.
谢谢。请稍等一下，我们将进行下一个问题。下一个问题来自 Gordon Haskett 的 Jeffrey Farmer。请提问。
Jeffrey Farmer
Good morning. You guys stated that you're proud of the work that you've done with franchisees to address labor constraints and delivery business. Can you just elaborate on what you've done there to sort of shore up some of the driver need? And do you believe that staffing shortfalls are no longer having a material impact on your relative same store sales performance?
早上好。你们表示对与特许经营商合作解决劳动力限制和送货业务所做的工作感到自豪。你能详细说明一下你们在这方面做了些什么来解决司机需求的问题吗？你们是否认为人员短缺不再对你们的同店销售表现产生实质性影响？
Russell Weiner
Yes, thanks for the question. Look, we're satisfied with the improvement. We're never going to be satisfied until every delivery is there as expeditiously as we can get it. So we're satisfied, but what I'd say is we have more work to do, so our service times are better. They are not better than they were in 2019 and that's the place we need to go.
是的，谢谢你的提问。看，我们对改进感到满意。我们永远不会满意，直到每次交付都能尽快完成。所以我们满意，但我要说的是我们还有更多工作要做，以便我们的服务时间更好。它们并不比 2019 年更好，而那是我们需要达到的目标。
When you look at our corporate stores, it’s trying to think about that as a proxy for what's going on in the rest of the business. Corporate stores, our hires are at pre pandemic levels now, turnover is down, job applications are up and we're getting people through the system faster on applications.
当你看到我们的直营店时，试着将它作为整个业务的一个代表。我们的直营店现在的招聘已恢复到疫情前的水平，员工流失率下降，职位申请量上升，我们在处理申请方面也变得更高效。
We talked about call centers. I wouldn't really mention it on this call, but about half our stores are on call centers right now. Not every single call goes through the call centers, but they are there to help and that makes the job easier for our team members. We have a lot of operation simplification processes that we put into place that we're really excited to share with you guys when you come in for Investor Day.
我们谈到了呼叫中心。我本不打算在这个电话中提到它，但现在我们大约一半的商店都在使用呼叫中心。并不是每一个电话都通过呼叫中心，但它们在那里提供帮助，这使我们的团队成员的工作更轻松。我们实施了许多运营简化流程，我们非常期待在投资者日与你们分享。
And then something that I'd point to that we just launched was this EV fleet. So we have an EV fleet of 800 vehicles, but that actually is part of a larger kind of strategic shift you're starting to see with our franchisees and corporate stores and purchasing vehicles. And what that enables us to do is attract folks who've got driver's licenses, but maybe don't have access to vehicles.
然后我要指出的是我们刚刚推出的这个电动车队。所以我们有一个由 800 辆车组成的电动车队，但这实际上是您开始在我们的特许经营店和公司商店中看到的更大规模战略转变的一部分，涉及购买车辆。这使我们能够吸引那些有驾照但可能没有车辆的人。
So when you put all that stuff together, you're seeing a more efficient inflow of people, more efficient operations, new pools of driver, that's why you're seeing the sequential improvement in the first and fifth quintile. And that's why you know we got another boost week coming up, back to the regular cadence as we said we would do in Q3.
因此，当你把所有这些东西放在一起时，你会看到更高效的人流、更高效的运营、新的司机群体，这就是为什么你会看到第一和第五分位数的连续改善。这也是为什么你知道我们即将迎来另一个提升周，回到我们在第三季度所说的常规节奏。
Operator 操作员
Thank you. One moment for our next question. And our next question comes in the line of Brian Mullan from Deutsche Bank. Your question, please.
谢谢。请稍等一下，我们的下一个问题。下一个问题来自德意志银行的布莱恩·穆兰。请提问。
Brian Mullan
Hey! thank you. just a question on the Carryout business in the U.S. In the quarter same store sales were up 31% versus ’19. It's very, very strong on an absolute basis. It sounds like that trend versus ’19 did decelerate a little bit, a few hundred basis points versus the 35% you saw in the third quarter. Just wondering if you could speak to the dynamics you think were at playing in the quarter in Carryout and what might have been behind that deceleration, if anything worth noting.
嘿！谢谢你。只是关于美国外卖业务的一个问题。在这个季度，同店销售额比‘19 年增长了 31%。从绝对值来看，这非常非常强劲。听起来与‘19 年相比，这一趋势确实略有放缓，比你在第三季度看到的 35%低了几个百分点。只是想知道你是否可以谈谈你认为在这个季度外卖业务中起作用的动态，以及如果有值得注意的放缓背后的原因。
A - Russell Weiner
Brian, good morning. I think, look – on the Carryout business, when we look at it, when we look at three years tax of 31% on a business that has actually grown over $1 billion over the last three years, you get to a point where the sequential change is sometimes going to be off a little bit, but I don't think it really reflects on the underlying business. The underlying business is extremely strong. We are really pleased about what we are seeing in the Carryout business, both as we look back on 2022 and as we look forward into 2023. So, super happy with what we've seen.
Brian，早上好。我认为，从外卖业务来看，当我们看到这项业务较2019年增长了31%，并且过去三年增长了超过10亿美元时，你会发现，当增长基数越来越大时，环比变化有时会稍微放缓，但我认为这并不反映出业务的基本面。基本面依然非常强劲。我们对外卖业务非常满意，无论是回顾2022年，还是展望2023年，我们都非常高兴看到这一点。所以，我们对所见到的结果感到非常满意。
Operator 操作员
Thank you. One moment for our next question. And our next question comes from the line of Dennis Geiger from UBS. Your question, please.
谢谢。请稍等一下，我们的下一个问题。我们的下一个问题来自 UBS 的 Dennis Geiger。请提问。
Dennis Geiger
Great, thank you. I wanted to have another one on the U.S. delivery challenges and how you address those, the biggest issues there. Russell, you just mentioned a focus on making the order experience better than everyone else’s, and I think at the end of your prepared remarks you gave a bunch of points of focus for sales going forward. But can you talk a bit more about the biggest opportunities to address the delivery pressures right now? Just you know, how difficult it is to overcome this kind of macro pressure, but again ultimately how you can do that within your brand. Thank you.
很好，谢谢。我还想问一个关于美国送餐业务挑战和你们如何应对这些问题的问题。Russell，你刚才提到专注于使订单体验优于其他公司，我认为在你准备的发言最后，你给出了一些未来销售的重点方向。但你能否详细谈谈现在应对送餐压力的最大机会？就是，面对这种宏观压力有多困难，但最终你们是如何在品牌内应对的？谢谢。
Russell Weiner
Yes, sure. Look. I mean, I think part of the answer your question was in our question. The delivery pressures are a macroeconomic thing, and so like I said it, while it's not a pretty way to grow share, when you're growing share in a category that has got headwinds, that means you're kind of outperforming the rest of the category.
好的，当然。嗯，我认为部分答案已经在你问题中提到。送餐的压力是宏观经济因素造成的，就像我说的，尽管这种方式获得市场份额并不完美，但在一个面临压力的类别中获得市场份额，意味着你已经在超越了这个类别的其他公司。
Now that's not what we like to see in our overall numbers, but you're really talking about macro pressures. And so the way I look at is all the things that we're doing now to get better in delivery with hiring folks, with having a tighter circle of operations, with innovating, with technology, all of these things, so that what is now a share increase in a category that’s got headwinds, when those headwinds will subside – and look, I joined during the time during, during the last recession. We boomed out of that recession, because I think as we said last time, we knew this, delivery because of delivery fee and because of tips, if they're going to have extra headwinds during these economic times.
这不是我们希望在整体数据中看到的情况，但我们实际上是在谈论宏观压力。因此，我的看法是，我们现在在送餐方面所做的所有努力，包括招聘人员、优化运营流程、创新、技术等等，这些都在帮助我们在这个面临压力的类别中获得市场份额。当这些压力消退时——而且我当时是加入公司时正值上一轮经济衰退——我们在经济衰退过后实现了快速增长，因为正如我们上次所说的那样，我们知道，送餐因为送餐费和小费，会在这些经济时期面临更多的压力。
感觉缺点自信，或者是扩大的市场份额也不够明显，只是比平均水平稍微好一些。
So I like to look at how are we performing during these times? Are we getting better during these times, so when that pressure is gone you should see us to accelerate.
所以我喜欢从这样一个角度来看我们现在的表现：我们是否在这些时期中变得更好？当这些压力消失时，您应该看到我们加速增长。
Operator 操作员
Thank you. One moment for our next question. And our next question comes from the line of Andrew Strelzik from BMO. Your question, please.
谢谢。请稍等一下，我们的下一个问题马上就来。我们的下一个问题来自 BMO 的 Andrew Strelzik。请提问。
Andrew Strelzik
Hey! Good morning. Thanks for taking the question. Mine is actually a follow up to your prior answer, and I guess my question is about balancing, kind of maybe being more aggressive and kind of creating a bridge through the macro challenges instead of maybe what sounds like a more incremental approach is kind of how I'm understanding what you're talking about, it. Kind of incremental steps and then a real acceleration as the macro improves.
嘿！早上好，谢谢你回答我的问题。我的问题其实是对你之前回答的一个跟进，我想问的是，如何平衡更积极的策略，帮助我们度过宏观经济挑战，而不是像你所说的那种逐步推进的方式——这也是我理解你所说的——逐步采取措施，等宏观经济好转后再加速增长。
So how do you think about potential opportunities to be more aggressive to smooth out that cadence rather than kind of the dip and the boom? Thanks.
那么，您如何看待更积极的机会，以平滑这种节奏，而不是像现在这种“下跌再反弹”的方式？谢谢。
Russell Weiner
Yeah Andrew, great question, and that's kind of what I was talking to, you know really at the end,
Andrew，这是个很好的问题，实际上这正是我之前所提到的。
Look, during COVID we were clear during the pandemic that we had capacity issues. And so the type of delivery innovation, there you are seeing more on things like car side delivery or contactless delivery, and so I'm not going to talk to innovations moving forward, but that's an important piece for us.
我们在COVID期间很明确地意识到，我们面临的一个问题是产能限制。所以，在送餐创新方面，我们看到更多的做法，例如车边送餐或无接触送餐。我不会具体谈未来的创新，但这些都是我们非常重视的一部分。
If we want to break out of the category, then we need to break out of the category from an innovation standpoint, and that's – you know we'll talk product later, I could talk all day. But there are innovations that are going to help us in addition to EV fleet on the technology side. That should help us break away from the crowd.
如果我们想突破这个类别，我们就需要从创新角度打破现有格局。这一方面，我们后续会谈到产品方面的事情，我可以聊上很长时间。但除了电动汽车车队之外，技术方面的创新将帮助我们脱颖而出，从而帮助我们突破当前的困境。
疫情对送餐的影响应该是刚性的。
Operator 操作员
Thank you. One moment for our next question. And our next question comes from the line of Gregory Francfort from Guggenheim. Your question, please.
谢谢。请稍等一下，我们的下一个问题马上就来。我们的下一个问题来自 Guggenheim 的 Gregory Francfort。请问您的问题。
Gregory Francfort
Hey! Thanks for the question. Russell, you talked a little bit about broadening value from the national coupon offers to maybe the rest of the menu. Can you expand on what that looks like and maybe what customer feedback you're getting that's driving you to or franchisees to reassess that? Thanks.
嘿！谢谢你的回答。Russell，你稍微谈到了从全国优惠券推广到可能覆盖整个菜单的价值扩展。你能否详细解释一下这是什么意思，或者是有哪些客户反馈推动你们或特许经营商重新评估这个策略？谢谢。
Russell Weiner
Yeah sure, thanks. Well, I just want to reiterate our positive look to the change we made in our mix and match, moving to $6.99 both delivering Carryout. It was absolutely the right thing.
好的，谢谢。首先，我想重申一下我们对调整Mix and Match策略的积极看法，将价格定为$6.99，同时适用于送餐和外卖，这绝对是正确的决定。
You know, as you know our franchisees and local stores control their own menu pricing and delivery fees and things like that and all the models in the world, all the experience in the world with the headwinds and changes in food cost and labor and things like that [inaudible]pretty quick. And I think if we were to look at some of our stores, things that are not on promotion.
如你所知，我们的特许经营商和本地门店控制自己的菜单定价和送餐费等内容，所有的商业模式，所有的经验，在面对食品成本、劳动力成本等压力变化时，都需要迅速调整。
So, menus and maybe some case delivery fee our price may have got a little bit of a head. We need to be of value, not just international offer. Sometimes people want medium two type pizzas, a lot of times they want medium two types pizzas, but sometimes they want other things too. And it's just making sure that we have the right value across the other pieces of our menu. We'll be working with our franchisees on that.
我认为，如果我们看看一些没有进行促销的门店，菜单上可能有些价格已经稍微偏高了。我们需要确保我们的价值不仅仅体现在促销优惠上。有时客户可能只需要两种中等口味的披萨，很多时候他们确实是想要这样的组合，但有时他们也会选择其他菜品。所以，确保我们在菜单的其他部分也提供正确的价值是非常重要的。我们会与特许经营商一起努力实现这一点。
Operator 操作员
Thank you. One moment for our next question. And our next question comes from the line of Lauren Silberman from Credit Suisse. Your question, please.
谢谢。请稍等一下，我们的下一个问题马上就来。下一个问题来自瑞士信贷的 Lauren Silberman。请提问。
Lauren Silberman
Thank you for the question. I appreciate all the commentary on franchise EBITDA and payback. Can you just level set where development costs are running today? I think they were around 3,500 in – those were in 2019. Just to figure out what that is now. And then, Sandeep, I think you might have said franchise EBITDA could actually grow in ’23, versus ‘22. Did I understand that correctly?
谢谢你的问题。我很感激你们关于特许经营商EBITDA和回报期的所有评论。能否先给我们一个当前开发成本的基准？我记得在2019年大约是3500万美元。现在是多少？另外，Sandeep，我记得你提到特许经营商EBITDA在2023年可能会比2022年增长。我理解正确吗？
Sandeep Reddy
Yes, thanks Lauren for the question. And I'll start with the last part, then we'll go back to the first part.
是的，谢谢劳伦提出这个问题。我将从最后一部分开始，然后我们再回到第一部分。
So I think in terms of franchise EBITDA, we expect ’23 to be improved versus 2022 for sure, given the pricing changes that we made towards the back half of the year and the lowering pressure from food basket and costs that we anticipate in ’23.
关于特许经营商EBITDA，确实我们预计2023年相比2022年会有所改善，主要是由于我们在下半年调整了定价策略，以及我们预计在2023年食品篮子和成本的压力有所减轻。
But I think in terms of the development cost, the answer is, it kind of varies. It depends on where exactly they are building stores, and there's a big range in terms of development costs around the country. And so as we're coming out of this constrained environment, where we had permitting and store construction issues, we are basically saying that there is some cost pressure for sure, but I think getting into specific from what that number is, is probably not right until we see this play out over the course of ’23. And I think at the right time will be in a position to give you a better update in terms of the where things are at.
至于开发成本，答案是有所不同，具体取决于他们在哪些地区开设门店，开发成本在全国范围内存在很大的差异。因此，随着我们走出这个受限的环境，过去我们曾遇到许可和门店建设的问题，尽管有一些成本压力，但我认为直到2023年我们能更清晰地看到这些情况，因此现在还不太适合给出具体的数字更新。我相信在合适的时候，我们会有更准确的更新，告诉你们目前的具体情况。
But essentially from a payback standpoint, the three year range of payback is still very much what franchisees are looking at, and that's why they are making the investments they are making.
但从回报期的角度来看，特许经营商仍然期待的是三年左右的回报期，这也是他们愿意进行投资的原因。
Operator 操作员
Thank you. One moment for our next question. And our next question comes from the line of John Ivankoe from JPMorgan. Your question, please.
谢谢。请稍等一下，我们的下一个问题。下一个问题来自摩根大通的 John Ivankoe。请提问。
John Ivankoe
Hi, thank you. A part from me, first, U.S. unit development 1.9%. You’ve talked about splits of around 50 basis points, So that would suggest something like 25% on average of a split store comes from existing stores. And I wonder as you kind of think about the footprint going forward to 8,000 stores, if there be a way to reduce the sales impact from those splits, because obviously to the most nearby stores, it would be much greater than 25%, so that's the first part of the question.
你好，谢谢你。首先，关于美国单位增长1.9%的问题。你们提到大约50个基点的拆分比例，这意味着平均大约25%的拆分门店销售来自现有门店。我想知道，考虑到未来计划达到8000家门店，是否有办法减少这些拆分带来的销售影响？因为显然，拆分门店离最近的现有门店越近，影响会大于25%。这是问题的第一部分。
And then secondly, I think it's been some time since we talked about the test or some initiatives that you were specifically doing in the Houston market, if I remember correctly. Is there anything to share that you're seeing there, that I guess in theory we could see publicly if we went and found that selection of stores, that maybe has some application to the Domino’s system from a efficiency effectiveness in store delivery, whatever we can maybe get a little preview of some of those initiatives on this call. Thank you so much.
第二，已经有一段时间没有讨论过你们在休斯顿市场的一些测试或具体举措了，如果我记得没错的话。能否分享一些你们看到的成果？如果我们去找到那些特定门店，可能会看到一些关于效率、店内送餐等方面的应用，或者你们是否能在此次电话会议中透露一些相关的预览信息？非常感谢。
Sandeep Reddy
Sure I'll start off on the impact on the unit growth and a split impact of fortressing basically that you're referring to John. As you – we started already get updating again during the course of ’22 and if you saw we went from I think 0.7% of fortressing impact in the second quarter to 0.5% now. So the impact on fortressing is becoming less and less in terms of what effects it's got on the same store sales.
当然，我来回答关于单位增长和拆分影响（也就是你提到的“堡垒化”）的问题。正如我们在2022年已经开始更新的那样，如果你看到的话，我们从第二季度的0.7%减少到了现在的0.5%。所以，堡垒化对同店销售的影响正在逐渐减小。
We don't see it being a very, very significant impact as we move forward. But as we said again, we going to update it if it really deviates from that. There is plenty of growth still that we actually seen in our runway. We have the opportunity mapped out by our internal teams, and we know that we can definitely go after that in the pipeline that we have from franchisees is on the back half. Knowing what that opportunity looks like, the economics that they see coming out of it, and so I think we feel pretty good that we had the right balance on that.
我们认为，随着我们向前推进，这种影响不会变得非常显著。但正如我们再次所说的，如果情况有重大变化，我们会更新这一点。目前，我们依然看到我们在未来仍然有充足的增长机会。我们已经由内部团队绘制出了机会图，我们知道可以在特许经营商的管道中继续发展，特别是下半年。了解这一机会的具体情况，以及他们看到的经济效益，我们对此保持较为乐观的态度，认为我们在这方面保持了适当的平衡。
Russell Weiner
Yes, I would just add John. We are transforming this company right now. Obviously, the delivery business is a hot topic today, but you know Carryout pizza, Carryout QSR is significantly bigger than delivery QSR and so what we see is every time we open up a new store, not only do our delivery times get tighter. And hot pizza is actually hot food in general by the way, which is why we're launching our Tots, because people want hot potatoes pun intended.
是的，John，我想再补充一点。我们现在正在转型这家公司。显然，送餐业务今天是一个热门话题，但实际上，外带披萨和外带QSR的规模远远超过送餐QSR。
The delivery times get tighter, but also the Carryout volume is very incremental. Consumers don't want to – customer’s don't want to – customers don’t want to walk that far, drive that far to get their pizza. So part of the transformation of this brand into a more complete company is absolutely – you know continuing to drive these store growth.
所以，我们看到的情况是，每次我们开设新门店，不仅我们的送餐时间变得更加紧凑，而且外带的销量也是增量的。消费者不想走得太远、开车太久去取披萨。因此，将品牌转型为一个更完整的公司的一部分，当然也包括继续推动门店增长。
As far as some things that we were doing at Houston, I think rather than me trying to describe things over a call, I would really invite you to come to our meeting later this year, where we're going to show that stuff live. It's super hard to describe, but I would say at the end of the day these are processes that enable us to get a hot pizza to customers, obviously in a safe but faster way. But also improve the experience in the store for our team members and the resulting quality of that product.
至于我们在休斯顿做的那些事情，我想与其我在电话中描述这些内容，不如邀请你们来参加我们今年晚些时候的会议，我们会现场展示这些东西。用电话描述这些是非常困难的，但我可以说，最终这些流程让我们能够以更安全、更快速的方式将热腾腾的披萨送到顾客手中。同时，也提升了店内员工的工作体验，以及产品的质量。
So hopefully, that's enough to wet your whistle to come to Ann Arbor.
希望这能激起你们的兴趣，来参加我们在安阿伯的活动。
Operator 操作员
Thank you. One moment for our final question. And our final question for today comes from the line of David Tarantino from Robert W. Baird. Your question please.
谢谢。请稍等一下，我们的最后一个问题。今天的最后一个问题来自 Robert W. Baird 的 David Tarantino。请问您的问题。
David Tarantino
Hi! good morning. My questions is on the margin outlook and Sandeep, I was wondering if you could help to frame out how you think the EBIT margin will progress if you hit the low end of your targeted range in 2023.
嗨！早上好。我的问题是关于利润率前景的，Sandeep，我想请你帮助说明一下，如果2023年我们达到了目标区间的下限，你认为EBIT利润率将如何发展？
Sandeep Reddy
Yeah, so that's a great question, David. So look, I mean as far as we're concerned, the guiding principles that we've actually outlined is revenue should be growing faster than expenses. So when you look at the guidance range on global retail sales and you look at our guidance range on G&A, can see that essentially, even at the low end our G&A is basically below that in terms of growth at the midpoint. And so I think straight away that gets you into a place where you can be margin accretive, so that's point number one.
好的，这是一个很好的问题，David。首先，从我们的角度来看，我们所制定的指导原则是收入应该增长快于开支。所以，当你看到全球零售销售的指导区间和我们的管理费用（G&A）指导区间时，你会发现，即使是在下限，我们的G&A增长基本上是低于中间值的。因此，从一开始就可以看出，我们有可能实现利润率的提升，这是第一点。
Point number two is, we actually experienced a lot of headwinds this past year from foreign exchange, and I think that actually had a 50 basis point negative impact on our operating margin in ’22. Unfortunately, given where we are, we still see a little bit more headwind, but not in the same magnitude given where current rates are. And so that would be an offset to some of that operating improvement. But from a mix standpoint, with the corporate store sales that have actually happened, we’ll now get three or more full quarters from that, that helps our margins.
第二点是，实际上我们在过去一年中遇到了许多来自外汇的压力，我认为这对我们的2022年运营利润率产生了50个基点的负面影响。遗憾的是，鉴于当前的情况，我们仍然面临一些压力，但考虑到当前的汇率，这种影响的幅度不会像过去那样大。因此，这将部分抵消运营改善带来的好处。但从业务结构的角度来看，随着直营店销售的增长，我们现在将有三个或更多的完整季度，这有助于提升我们的利润率。
So I think overall when we look at the margins, my expectations for margins is that margins will improve. But I think when we talked about pre-pandemic margins or 2019 margins with the currency headwinds that we experienced in ’22, that's probably further away than ’23, but it's not something that we're saying its unattainable. It's more a question of time and some of the other factors that hit the P&L.
所以，总体来说，当我们看待利润率时，我的预期是利润率会有所改善。但我认为，当我们谈论疫情前的利润率或2019年的利润率时，考虑到2022年我们经历的汇率压力，可能离2023年还有一定距离，但这并不是我们认为无法实现的目标。这更多的是一个时间的问题，以及其他一些影响损益表的因素。
Operator 操作员
Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Russell Weiner for any further remarks.
谢谢。这确实结束了今天节目中的问答环节。我想把节目交还给 Russell Weiner，以便他作进一步的发言。
Russell Weiner
Well, thank you, and thank you everybody for joining the call this morning. Sandeep and I look forward to speaking with you in April to discuss our first quarter results. Until then, we'll talk soon.
好的，谢谢大家今天早上参加电话会议。Sandeep 和我期待在四月份与您交谈，讨论我们的第一季度业绩。在那之前，我们会很快再联系。
Operator 操作员
Thank you ladies and gentlemen for your participation in today's conference. This does conclude the program. You may now disconnect today. Good day!
感谢各位女士们先生们参加今天的会议。会议到此结束。您现在可以断开连接。祝您有美好的一天！
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Yum! Brands, Inc. (NYSE:YUM) Q3 2024 Earnings Conference Call November 5, 2024 7:45 AM ET Yum! Brands, Inc. (NYSE:YUM) 2024 年第三季度收益电话会议 2024 年 11 月 5 日 上午 7:45 ET Company Participants 公司参与者 Matt Morris - Head, Investor Relations 马特·莫里斯 - 投资者关系负责人 ...