2024-07-18 Domino's Pizza, Inc. (DPZ) Q2 2024 Earnings Call Transcript
Domino's Pizza, Inc. (NYSE:DPZ) Q2 2024 Earnings Conference Call July 18, 2024 8:30 AM ET
达美乐披萨公司 (纽约证券交易所:DPZ) 2024 年第二季度收益电话会议 2024 年 7 月 18 日 上午 8:30 ET
Company Participants 公司参与者
Greg Lemenchick - VP of IR
Greg Lemenchick - IR 副总裁
Russell Weiner - CEO
Sandeep Reddy - CFO
Conference Call Participants
电话会议参与者
Dennis Geiger - UBS
Brian Bittner - Oppenheimer
David Tarantino - Baird
Andrew Charles - TD Cowen
David Palmer - Evercore ISI
Lauren Silberman - Deutsche Bank
劳伦·西尔伯曼 - 德意志银行
Gregory Francfort - Guggenheim
John Ivankoe - JPMorgan
Sara Senatore - Bank of America
Sara Senatore - 美国银行
Danilo Gargiulo - Bernstein
Peter Saleh - BTIG
Chris O'Cull - Stifel
Brian Harbour - Morgan Stanley
Todd Brooks - The Benchmark Company
Christine Cho - Goldman Sachs
Christine Cho - 高盛
Operator 操作员
Thank you for standing by and welcome to Domino's Pizza's Second Quarter 2024 Earnings Conference Call. At this time all participants are in listen-only mode. After the speakers’ presentation there will be a question-and-answer session. [Operator Instructions]
感谢您的耐心等待，欢迎参加达美乐披萨 2024 年第二季度收益电话会议。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]
As a reminder, today's program is being recorded. And now I'd like to introduce your host for today's program, Greg Lemenchick, Vice President of Investor Relations. Please go ahead, sir.
提醒一下，今天的节目正在录制中。现在，我想介绍一下今天节目的主持人，投资者关系副总裁格雷格·莱门奇克。请开始，先生。
Greg Lemenchick
Good morning, everyone. Thank you for joining us today for our Second Quarter Conference Call. Today's call will begin with our Chief Executive Officer, Russell Weiner, followed by our Chief Financial Officer, Sandeep Reddy.
大家早上好。感谢大家今天参加我们的第二季度电话会议。今天的会议将由我们的首席执行官 Russell Weiner 开始，随后是我们的首席财务官 Sandeep Reddy。
The call will conclude with a Q&A session. The forward-looking statements in this morning's earnings release and 10-Q, both of which are available on our IR website, also apply to our comments on the call today. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our filings with the SEC. In addition, please refer to the 8-K earnings release to find disclosures and reconciliations of our non-GAAP financial measures that may be referenced on today's call.
电话将以问答环节结束。今天早上发布的收益报告和 10-Q 中的前瞻性声明（均可在我们的 IR 网站上获取）也适用于我们今天电话会议上的评论。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。此外，请参阅 8-K 收益报告，以查找可能在今天电话会议上引用的非 GAAP 财务指标的披露和对账。
This morning's conference call is being webcast and is also being recorded for replay via our website. We want to do our best this morning to accommodate as many of your questions as time permits. As such, we encourage you to ask one question only. And with that, I'd like to turn the call over to Russell.
今天上午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。我们希望今天上午尽可能多地回答您的问题。因此，我们鼓励您只问一个问题。接下来，我想把电话交给 Russell。
Russell Weiner
Thank you, Greg. And good morning everybody. Our second quarter performance demonstrated once again that our Hungry for MORE strategy, is delivering positive results. For the second straight quarter, we drove US Comp performance in the healthiest way possible through profitable order count growth. Positive order counts in our delivery business, positive order counts in our carryout business, positive order counts across all income cohorts.
谢谢你，Greg。大家早上好。我们的第二季度表现再次证明了我们的“Hungry for MORE”战略正在带来积极的成果。在过去的两个季度中，我们通过盈利的订单数量增长，推动了美国同店销售的健康增长。我们的外卖业务、提货业务以及所有收入层次的订单数量都呈现正增长。
We also continue to see improvement in our international comps and generated earnings that were in-line with our expectations. As a result of our strong results year-to-date and expectations for the back half of the year, we remain on track to achieve our guidance for annual global retail sales growth of 7% or more and operating profit growth of 8% or more. I want to provide an update on our net store growth guidance, which we temporarily suspended this morning.
我们还继续看到国际市场同店销售的改善，并且我们实现了符合预期的盈利。因此，基于我们年初至今的强劲业绩以及对下半年表现的预期，我们仍然有信心实现全球零售销售增长7%以上、营业利润增长8%以上的年度指导目标。我想提供一个关于净店铺增长目标的更新，我们今天早上暂时暂停了这一目标的发布。
First, I want to reiterate that our US Pipeline is strong and it continues to grow. We continue to expect 175 or more net new stores annually in 2024 through 2028 in the US. We now expect to fall below our net store growth target for international in 2024 by approximately 175 to 275 stores, primarily as a result of challenges in both openings and closures faced by Domino's Pizza Enterprises, DPE, one of our master franchisees. We're partnering closely with DPE, as they work through this process. Now, it's important to note that our largest expected growth markets of China and India remain on track to deliver on their growth potential. In China, DPC Dash, announced they'll open store number 1,000 by the end of this year, and then they'll increase their net openings per year to between 300 and 350 starting in 2025.
首先，我要重申，我们在美国的店铺发展管道依然强劲，并持续增长。我们预计在2024至2028年期间，美国将每年新增175家或更多的净新店。由于在开设和关闭方面面临挑战，我们现在预计2024年国际市场的净店铺增长将低于目标约175至275家，主要是由于我们的一个主要特许经营商，Domino’s Pizza Enterprises（DPE）面临的一些挑战。我们正在与DPE紧密合作，帮助他们解决这一问题。需要注意的是，我们最大的增长市场——中国和印度，仍然保持着增长潜力。在中国，DPC Dash宣布到今年年底将开设第1000家门店，并计划从2025年开始每年开设300至350家新店。
因为这句话股价跌了13.57%，并且被集体诉讼了，还没有搞懂，大致意思是2023年12月的投资者日上说了“每年全球净新增门店 1,100+”的目标，过了几个月就说完不成了，参考：《ATTENTION Domino's Pizza (DPZ) Shareholders: Securities Fraud Lawsuit Filed Against Domino's Pizza (DPZ)》。
Back in May, Jubilant, our master franchisee based out of India, increased its total store count potential to 5,500 over the medium-term in the six global markets in which it operates. When you think that it took Domino's over 60 years to open 5,500 stores in the United States, Jubilant's goal exemplifies the Hungry for MORE mentality, our global system is taking on.
今年5月，我们的印度特许经营商Jubilant宣布，未来几年其在六个全球市场的总门店数目标将提高到5500家。考虑到Domino’s在美国开设5500家门店用了60多年的时间，Jubilant的这一目标正体现了“Hungry for MORE”的精神，这是我们全球体系在实践中的体现。
Now let's look at our second quarter results through the lens of our MORE, Hungry for MORE pillars, which continue to drive our business. As you know, M stands for the most delicious food. We know we've got the most delicious food in the industry and are focused on showcasing that with more mouth-watering food photography and all of our marketing and our sales channels. We launched our New York Style pizza in Q2, and it's what we call innovation with intent.
现在，让我们从“Hungry for MORE”战略的四大支柱的角度来看看我们的第二季度业绩。正如大家所知，M代表着最美味的食物。我们知道，我们的食物是行业中最美味的，因此我们专注于通过更多诱人的食物摄影，在所有的营销和销售渠道中展示这一点。在第二季度，我们推出了纽约风味比萨，它正是我们所谓的“有目的的创新”案例。
When we launch a new product, it's got a specific role, and it's intended to stay on the menu permanently. New York Style pizza is another example of that. It's got a crust that's thinner and more foldable than our traditional crust. It was designed to appeal to pizza lovers, whose idea of deliciousness is a little bit different than Domino's Pizza Offerings in the past. The result has been a high mix of sales within our pizza offerings. In addition to being a product that showcases deliciousness in a different way, New York Style Pizza is available as part of our mix-and-match offer.
当我们推出一款新产品时，它有一个特定的角色，并且打算永久留在菜单上。纽约风格披萨就是另一个例子。它的饼皮比我们传统的饼皮更薄、更易折叠。它的设计是为了吸引那些对美味的定义与过去的达美乐披萨有所不同的披萨爱好者。结果是我们的披萨产品中销售比例很高。除了以不同方式展示美味的产品外，纽约风格披萨还可以作为我们混搭优惠的一部分。
Domino's Rewards members can also redeem 60 points for a free medium two-topping New York Style pizza. This new offering drives more than just deliciousness. It drives value and it drives more customers into our loyalty platform and that's why we call it Innovation with Intent. The O in Hungry for MORE stands for Operational Excellence. This is how we'll deliver on our promise to have the most delicious food, by consistently driving a great experience with our product.
达美乐奖励会员还可以用 60 积分兑换一个免费的中号双料纽约风味披萨。这项新产品不仅仅带来美味。它带来了价值，并吸引更多客户加入我们的忠诚度平台，这就是为什么我们称之为有意创新。Hungry for MORE 中的 O 代表运营卓越。这就是我们如何兑现提供最美味食物的承诺，通过持续为我们的产品带来出色的体验。
As I shared on our last earnings call, in 2024 we're rolling out a new service program we're calling MORE Delicious Operations. This is a series of three-product training sprints focused on our dough, how we build and make our products, and then how we cook them. In Q1, we embarked on our first sprint, which focused on our dough, and are now rolling out our second sprint around ingredients and product builds. These product sprints and last year's Summer of Service, are working together with our [DMOS] (ph) technology to drive improvements in our delivery times.
正如我在上一次财报电话会议上所分享的，2024年我们正在推出一个新的服务项目，名为“MORE Delicious Operations”。这是一个由三次产品培训冲刺组成的计划，重点是我们的面团、产品的制作方法以及如何烹饪它们。在第一季度，我们开展了第一次冲刺，重点是面团的制作，现在我们正在推出第二次冲刺，聚焦于配料和产品的制作。去年夏季服务项目与DMOS技术共同作用，推动了我们交付时间的改进。
In fact, estimated average delivery times were nearly 10% better in Q2 of 2024 than they were in Q2 of 2022. And we're doing all of this while our stores are handling more orders. So I wanted to congratulate our franchisees and operators, whose commitment to service allows us to deliver on the promise we are striving to make in our marketing that Domino's has the most delicious food.
事实上，2024 年第二季度的平均交货时间估计比 2022 年第二季度快近 10%。而且，我们在门店处理更多订单的同时实现了这一切。因此，我想祝贺我们的特许经营者和运营商，他们对服务的承诺使我们能够兑现我们在营销中努力实现的承诺，即达美乐拥有最美味的食物。
Our third Hungry for More pillar is R for Renowned Value. As I said before, it's not just about having the lowest price in the market, it's about providing value that's innovative and memorable. Renowned Value breaks-through the sea of standard discounts you see in the marketplace. Now Domino's Rewards is an example of that Renowned Value. It continues to perform well and was the key driver of our strong US comp performance in Q2.
我们Hungry for MORE战略的第三个支柱是R代表着著名的价值。正如我之前所说，它不仅仅是市场上最低的价格，而是提供创新且令人难忘的价值。著名价值能够突破市场中标准折扣的海洋。Domino’s Rewards就是著名价值的一个例子。它继续表现良好，并且是我们第二季度美国同店销售强劲表现的关键驱动因素。
You will recall our objectives for the program were to drive new users, particularly carryout customers, and increase the frequency of light users. I'm happy to report that Domino's Reward continues to deliver on those objectives. Our active members are up significantly year-to-date through Q2, showing that the program is continuing to build. Redemptions across both the delivery and carryout channels are also increasing, which is contributing to the transaction growth you're seeing in each of our businesses.
您会记得我们该计划的目标是吸引新用户，特别是外带客户，并增加轻度用户的使用频率。我很高兴地报告，Domino's Reward 继续实现这些目标。到第二季度为止，我们的活跃会员数量同比大幅增加，表明该计划正在持续发展。送货和外带渠道的兑换次数也在增加，这有助于推动我们每个业务的交易增长。
For example, in our carryout business, orders with a loyalty redemption in the first half of 2024 are twice as high, 2 times, as they were in the first half of 2023 under our old loyalty program. So the Americans continue to look for value Domino's is providing Renowned Value and doing it profitably for our franchises. National promotions are another way we're driving Renowned Value. In Q2, we had two Boost weeks, both of which were very successful in driving transactions and customer acquisition. As it relates to our promotional cadence in 2024, you can continue to expect around six Boost weeks.
例如，在我们的外带业务中，2024 年上半年有忠诚度兑换的订单是 2023 年上半年旧忠诚度计划的两倍。因此，美国人继续寻找 Domino's 提供的著名价值，并为我们的特许经营店盈利。全国促销是我们推动著名价值的另一种方式。在第二季度，我们有两个 Boost 周，这两个 Boost 周在推动交易和客户获取方面都非常成功。关于 2024 年的促销节奏，您可以继续期待大约六个 Boost 周。
While providing renowned value through our own channels is one part of our barbell strategy, tapping into the aggregator marketplace is the other. And our launch into this space remains on track to exit the year at 3% or more of sales coming through Uber Eats. Everything we do at Domino's is enhanced by our best-in-class franchisees. They're the E in our Hungry for MORE strategy.
通过我们自己的渠道提供著名价值是我们的一个策略，进入聚合市场是另一部分。我们在这一领域的推出仍然按计划进行，预计到年底通过 Uber Eats 的销售将达到 3%或更多。在达美乐，我们所做的一切都得益于我们一流的特许经营商。他们是我们“Hungry for MORE”战略中的 E。
In early May, we hosted our largest worldwide rally with almost 9,000 franchisees and team members in attendance. This year's event was appropriately themed Hungry for MORE. We brought the strategy to life across our global system and the results showed. This was our most highly rated rally of all-time. To close, I couldn't be more energized by the future of Domino's Pizza and seeing the excitement of franchisees at our rally really brought that to life for me and the leadership team.
五月初，我们举办了有史以来规模最大的全球集会，近 9,000 名特许经营商和团队成员出席。今年的活动主题是“Hungry for MORE”。我们在全球系统中将这一战略付诸实践，结果显而易见。这是我们有史以来评价最高的集会。最后，我对多米诺披萨的未来充满活力，在集会上看到特许经营商的兴奋真正让我和领导团队感受到了这一点。
Our results show that our strategy is resonating with customers and our system. All of this gives me great confidence that we can continue to drive significant long-term value creation for our shareholders. And with that, I'll turn things over to Sandeep.
我们的结果表明，我们的策略正在与客户和我们的系统产生共鸣。所有这些都让我非常有信心，我们可以继续为股东创造显著的长期价值。接下来，我将把事情交给 Sandeep。
Sandeep Reddy
Thank you, Russell, and good morning everyone. Our second quarter financial results were right in-line with our expectations. Our strong start to the year has resulted in profit dollar growth versus 2023 for our US Franchisees. We remain on track to achieve our target of $170,000 or more average US Franchise store profit for 2024.
谢谢，拉塞尔，大家早上好。我们的第二季度财务业绩完全符合预期。我们年初的强劲表现使我们的美国特许经营商的利润额相比 2023 年有所增长。我们仍在实现 2024 年美国特许经营店平均利润达到 17 万美元或更多的目标的轨道上。
Excluding the impact of foreign currency, global retail sales grew 7.2% in the quarter due to positive US, and international comps and global net store growth. US Retail sales increased 6.8% and international retail sales grew 7.7%, excluding the impact of foreign currency. During Q2, same store sales for the US came in at 4.8%, which was in-line with our expectations. Our strong comps in the quarter for carryout of 7.9% and delivery of 2.7% were once again driven primarily by transaction growth.
剔除外币影响，全球零售额在本季度增长了 7.2%，这得益于美国和国际同店销售的积极表现以及全球净店增长。美国零售额增长了 6.8%，国际零售额增长了 7.7%，剔除外币影响。第二季度，美国同店销售增长了 4.8%，符合我们的预期。本季度，我们的外带同店销售增长了 7.9%，送货增长了 2.7%，主要得益于交易量的增长。
Our US same store sales continued to be primarily driven by transaction growth from our new loyalty program and our strong marketing programming. We also benefited from 1.5% of pricing, which was inclusive of high single digits in California. Our sales mix from Uber grew to 1.9% for the quarter. The incrementality of Uber sales continues to be in-line with our expectations. Our comp tailwinds were partially offset by a higher carryout mix, which carries a lower ticket than delivery.
我们美国同店销售额的增长主要由我们新的忠诚度计划和强大的市场推广活动带动的交易增长推动。我们还受益于 1.5%的定价，其中包括加州的高个位数。我们来自 Uber 的销售组合在本季度增长到 1.9%。Uber 销售的增量性继续符合我们的预期。我们的同店销售顺风部分被更高的外卖组合所抵消，因为外卖的票价低于送货。
涨价能力有限。
Shifting to US unit count, we added 32 net new stores in-line with our expectations. This brings our US system store count to 6,906. We remain on track to achieve our 175 or more net store growth target in the United States in 2024, and we anticipate opening our 7,000 store by the end of the year. Shifting to international, where comp results were generally in-line with expectations for the quarter. Same-store sales, excluding foreign currency impact, accelerated to 2.1% in the quarter. The improvement from Q1 was broad-based, as we saw improvements in our Europe, Asia, and Middle East markets.
转向美国单位数量，我们增加了 32 家净新店，符合我们的预期。这使我们的美国系统店铺总数达到 6,906 家。我们仍在按计划实现 2024 年在美国净增 175 家或更多店铺的目标，并预计在年底前开设第 7,000 家店。转向国际市场，本季度的可比业绩总体符合预期。剔除外汇影响后，同店销售额在本季度加速至 2.1%。从第一季度的改善是广泛的，因为我们在欧洲、亚洲和中东市场都看到了改善。
Store counts increased by 143 net stores as we finished the quarter with more than 14,000 international stores. Our net store openings were impacted by softness in DPE, on gross new store openings and closures. Income from operations increased 1.7% in Q2, excluding the negative impact of foreign currency of $2.7 million. This increase was primarily due to higher franchise royalty revenues, resulting from global retail sales growth. This was partially offset by higher G&A, which was primarily driven by higher labor expenses, as well as the company's worldwide rally expense, as communicated on our last quarterly call.
随着我们以超过 14,000 家国际门店结束本季度，门店数量净增 143 家。我们的净开店数量受到 DPE 疲软的影响，影响了新店开业和关闭的总数。剔除 270 万美元的外汇负面影响，第二季度营业收入增长了 1.7%。这一增长主要归因于全球零售销售增长带来的特许经营权使用费收入增加。这部分被更高的管理和行政费用所抵消，主要是由于更高的劳动力成本以及公司在上次季度电话会议上提到的全球集会费用。
I expect the return on this expense to be extremely high, as everyone across our system left engaged, inspired, and ready to drive our Hungry for MORE strategy. Lastly, our margin rate was impacted by 0.3% headwind in Q2, from the tech fee being reduced to [$0.355] (ph) and our ad fund contribution rate increasing back to 6%, as previously communicated. Now turning to our outlook. We continue to expect 7% or more global retail sales growth, excluding the impact of foreign currency, based on the following key items.
我预计这笔费用的回报会非常高，因为我们系统中的每个人都充满了参与感、灵感，并准备推动我们的“渴望更多”战略。最后，由于技术费用减少到[$0.355] (ph) 和我们的广告基金贡献率回升至 6%，我们的利润率在第二季度受到 0.3%的逆风影响，如之前所述。现在转向我们的展望。我们继续预计全球零售销售增长 7%或更多，不包括外汇影响，基于以下关键项目。
First, our 2024 US Comp to be above the 3% or more long-term guide, as a result of catalysts in Uber and Loyalty for the full year, and we expect comps to be 3% or more in Q3 and Q4. Specific to Q3, we expect comps to be slightly below what we saw in Q2, on a one-year basis, as we're expecting one less Boost week, partially offset by a continued ramp in Uber. Second, sales for Uber to increase, as marketing and awareness grow and we're expecting to exit the year with an overall sales mix of 3% or more.
首先，由于全年 Uber 和忠诚度计划的催化剂，我们预计 2024 年美国同店销售增长将高于 3%或更多的长期指导，并且我们预计第三季度和第四季度的同店销售增长将达到 3%或更多。具体到第三季度，我们预计同店销售增长将略低于第二季度的水平，因为我们预计会少一个 Boost 周，但这将部分被 Uber 的持续增长所抵消。其次，随着营销和认知度的提高，我们预计 Uber 的销售将增加，并预计全年结束时整体销售组合将达到 3%或更多。
Third, international comps to accelerate to 3% or more long-term guidance in the back half of the year. As Russell noted, we now expect to fall below our 1,100 or more net new store number for 2024. This is due to challenges in our international business, primarily related to DPE. As we get further visibility into the full effects of DPE's store opens and closures, we will provide an update on the impact to our long-term outlook for 2025 and beyond. We continue to expect an 8% or more year-over-year increase in operating income, excluding the impact of foreign currency.
第三，国际业务在今年下半年加速至 3%或更高的长期指引。正如 Russell 所指出的，我们现在预计 2024 年净新增门店数量将低于 1,100 家。这是由于我们国际业务面临的挑战，主要与 DPE 有关。随着我们对 DPE 门店开业和关闭的全面影响有了更清晰的了解，我们将更新对 2025 年及以后的长期展望的影响。我们继续预计，剔除外汇影响，营业收入将同比增长 8%或更多。
To highlight some of the components. First, for the year you can expect operating income margins to be relatively flat compared to 2023 and to be down slightly in Q3. As a reminder, we are not expecting to see cost leverage in 2024, primarily due to investments we are making in consumer technology, store technology, and supply chain capacity to support future sales growth. Second, we are now expecting supply chain margins to expand compared to the prior year, due to some favorability in the food basket and slightly higher procurement productivity.
为了强调其中的一些组成部分。首先，预计全年营业收入利润率将与 2023 年相比相对持平，并在第三季度略有下降。提醒一下，我们预计 2024 年不会看到成本杠杆，主要是因为我们正在对消费者技术、商店技术和供应链能力进行投资，以支持未来的销售增长。其次，由于食品篮子的一些有利因素和采购生产力的略微提高，我们现在预计供应链利润率将比去年有所扩大。
We are forecasting to come in below the midpoint of our food basket range of 1% to 3% for the year. In Q3, expect supply chain margins to be roughly flat compared to the prior year and down in Q4. Third, the favorability in supply chain margin is being partially offset by pressure within G&A, due to slightly higher investment levels. We continue to expect our G&A as a percentage of global retail sales to be approximately 2.4%.
我们预计今年的食品篮子范围将在 1%到 3%的中点以下。在第三季度，预计供应链利润率与去年相比大致持平，并在第四季度下降。第三，供应链利润率的有利因素部分被 G&A 内部的压力所抵消，因为投资水平略有提高。我们继续预计我们的 G&A 占全球零售销售的百分比约为 2.4%。
And lastly, we are now expecting the impact of foreign currency to be approximately 1% of operating profit dollars in 2024. We expect this will impact our year-over-year operating profit margins by roughly 20 basis points. As was noted in our disclosure this morning, we did not repurchase any shares in the second quarter. We continue to maintain flexibility due to the volatility of the interest rate environment, as we evaluate our upcoming debt maturity in October of 2025.
最后，我们现在预计外币的影响将在 2024 年约占营业利润的 1%。我们预计这将使我们的年度营业利润率下降约 20 个基点。正如我们今天早上的披露中所指出的，我们在第二季度没有回购任何股票。由于利率环境的波动性，我们继续保持灵活性，因为我们正在评估 2025 年 10 月即将到期的债务。
Thank you. We will now open the line for questions.
谢谢。我们现在开始接受提问。
Question-and-Answer Session
问答环节
Operator 操作员
[Operator Instructions] Our first question comes from the line of Dennis Geiger from UBS. Your question, please.
[操作员说明] 我们的第一个问题来自 UBS 的 Dennis Geiger。请提问。
Dennis Geiger
Great. Good morning, guys. Thank you. Appreciate it. I wanted to ask a little bit more on the loyalty, what you're seeing there and sort of as we go into the back half of the year. And maybe even into 2025, how are you guys are thinking about that Loyalty program, given the contribution you've seen already this year and what you're expecting kind of again balance of the year -- in the year to how you think about marketing it, promoting it. Thank you guys.
很好。早上好，大家。谢谢。非常感激。我想多问一点关于忠诚度的问题，你们在那方面看到了什么，以及我们进入下半年时的情况。甚至可能到 2025 年，考虑到你们今年已经看到的贡献以及对今年剩余时间的预期，你们是如何看待这个忠诚度计划的，如何考虑营销和推广它。谢谢大家。
Russell Weiner
Good morning Dennis. Thanks for the question. Yeah, I'll tell you Loyalty for us this year has just been tremendous. If you think about the objectives that we outlined in our Investor Day, we said with the new Loyalty program we wanted to drive light users and frequency there, check. We wanted to continue obviously to drive our delivery customers, obviously we're doing that, but we also wanted to engage our carryout customers, check there.
早上好，Dennis。感谢你的提问。是的，我会告诉你，今年对我们来说，忠诚度确实是巨大的。如果你考虑我们在投资者日上概述的目标，我们说通过新的忠诚度计划，我们希望推动轻度用户和频率，达成。我们显然希望继续推动我们的送货客户，显然我们正在这样做，但我们也希望吸引我们的外带客户，达成。
So it really is doing every single thing that we had hoped it would. We'll give a number at the end of the year, as far as new users, but I can tell you the number of new users is increasing. I gave a number in my opening remarks that just to me is indicative of how this is going. So remember, one of the things we said we were going to do is, really use Loyalty to drive carryout. So orders from a carryout perspective, orders with Loyalty redemptions in the first half of this year are twice as high as they were under the old program in the first half of last year.
所以它确实在做我们希望它做的每一件事。我们将在年底给出一个新用户的数字，但我可以告诉你，新用户的数量正在增加。我在开场白中给出了一个数字，这对我来说表明了事情的进展情况。所以请记住，我们说过要做的一件事是，真正利用忠诚度来推动外带。因此，从外带的角度来看，今年上半年使用忠诚度兑换的订单是去年上半年旧计划的两倍。
这种心理上的游戏越玩越深入。
Sandeep talked about how our carryout business is doing and this is one of the big reasons. So just really on all of the objectives, the Loyalty program is delivering what we had hoped.
桑迪普谈到了我们的外卖业务的表现，这是其中一个重要原因。因此，在所有目标上，忠诚度计划正在实现我们所期望的。
Sandeep Reddy
One thing I'll add to that, Dennis is we've talked about this previously, but this is a multi-year driver of comps for us. So this year is just the beginning, and as we did in Piece of the Pie Awards when we launched it in 2014, we saw over three years or four years, continuous compounding of comps based on the launch of the program. We expect a similar kind of cadence, as we go through this program as well.
我想补充一点，丹尼斯，我们之前谈过这个问题，但这对我们来说是一个多年的业绩推动因素。所以今年只是个开始，就像我们在 2014 年推出“Piece of the Pie Awards”时一样，我们在三年或四年内看到了业绩的持续复合增长。我们预计在这个项目中也会有类似的节奏。
Russell Weiner
Yeah, and when you think about the health of this quarter and how order counts came in so strong. All of those customers are going into the flywheel of this Loyalty program. So today's orders are really tomorrow's sales. And that's why we're so excited about how the Loyalty program is working with everything else that's firing on the business right now.
是的，当你考虑到本季度的健康状况以及订单数量如此强劲时。所有这些客户都进入了这个忠诚度计划的飞轮。因此，今天的订单实际上是明天的销售。这就是为什么我们对忠诚度计划与目前业务中其他一切的运作感到如此兴奋的原因。
Operator 操作员
Thank you. And our next question comes from the line of Brian Bittner from Oppenheimer. Your question, please.
谢谢。接下来的问题来自 Oppenheimer 的 Brian Bittner。请提问。
Brian Bittner
Thank you. Good morning. As it relates to the unit growth guidance, I understand that the shortfall is primarily related to pressures you're witnessing at DPE, but can you dive into this dynamic a bit more? It just seems like a lot has changed versus when you initiated the long-term outlook at the end of last year. So just trying to better understand how the surprise came about so suddenly versus what you were expecting seven months, eight months ago?
谢谢。早上好。关于门店增长指引，我了解到短缺主要与您在 DPE 面临的压力有关，但您能否更深入地探讨这一动态？似乎与去年年底您开始长期展望时相比，很多事情都发生了变化。所以只是想更好地理解这个惊讶是如何如此突然地出现的，与您七个月、八个月前的预期相比？
Sandeep Reddy
Yeah, Brian, it's Sandeep. And so I think when you go back to the Investor Day back in December, I think one of the process that we went through was working with all of our master franchisees, including DPE, on the expectations that they had for the business. And we basically calibrated to that for both 2024 and the five-year horizon as well. And at that time, we were completely aligned. So then actually we got into the end of the Q1 call and then we got into the second quarter and we started seeing that relative to our expectations and cadence, both new store openings as well as closures, really started increasing from DPE.
是的，布莱恩，我是桑迪普。所以我认为当你回顾去年 12 月的投资者日时，我认为我们经历的一个过程是与我们所有的主特许经营商合作，包括 DPE，了解他们对业务的期望。我们基本上为 2024 年和五年期的目标进行了校准。当时，我们完全一致。所以实际上我们进入了第一季度末的电话会议，然后进入了第二季度，我们开始看到相对于我们的期望和节奏，DPE 的新店开业和关闭都开始增加。
And as we saw that, we continued to engage with the DPE team to validate the forecast that we had for the year. And it became pretty clear as we actually went through that conversation and discussion that there was not only the risk to the second quarter that we were seeing, but clearly the outlook was going to be impacted as well. And in fact, just yesterday I think DPE put out a release with a number of closures that they outlined in the Japan and France market in particular, which they're targeting for their first half, which is our second half, which therefore will land in this fiscal year. So apart from what we've seen in second quarter, we expect to see more pressure in the second half of this year.
正如我们所看到的，我们继续与 DPE 团队合作，以验证我们对今年的预测。在实际进行对话和讨论时，很明显我们不仅看到了第二季度的风险，而且前景显然也会受到影响。事实上，就在昨天，我认为 DPE 发布了一份公告，列出了他们在日本和法国市场特别是第一季度（即我们的下半年）计划关闭的多个地点，这将因此落在本财年。因此，除了我们在第二季度看到的情况外，我们预计今年下半年会面临更大的压力。
So I think when you take the collective of all of that, It was a pretty material update that we were going to see in the numbers for this year, and we felt it appropriate to update our guidance for 2024. And also you will notice the range is 175 to 275. Why is the range that big? Because I think as we go through the process of not just the closures but the potential openings, the timing of it could potentially shift between our fiscal 2024 and fiscal 2025. And that's why we're temporarily suspending guidance on the long-term outlook as well apart from this year. So that's kind of what went on in the background, Brian, so you understand that. But I think one of the things I want to just come back to is when we look at our long-term guide, I mean, we're talking about maintaining our GRS growth of 7% plus and our operating income guide of 8% plus. And the reason for this is the store closures that we're talking about are very low volume stores. So when you actually put it all together, the aggregate impact to operating income is really immaterial in the grand scheme of things. And so that's why we're very confident in our operating income guidance. And we are reiterating that as you saw this morning.
所以我认为，当你把所有这些综合起来时，这是一个相当重要的更新，我们将在今年的数字中看到，我们觉得有必要更新我们对 2024 年的指导。你还会注意到范围是 175 到 275。为什么范围这么大？因为我认为在我们不仅仅是关闭而是潜在开业的过程中，其时间可能会在我们的 2024 财年和 2025 财年之间发生变化。这就是为什么我们暂时暂停对长期前景的指导，除了今年。所以这就是背景情况，Brian，让你明白这一点。但我想回到的一点是，当我们看我们的长期指导时，我的意思是，我们在谈论保持我们的 GRS 增长 7%以上和我们的营业收入指导 8%以上。原因是我们谈论的店铺关闭是非常低量的店铺。所以当你把这一切放在一起时，对营业收入的总体影响在大局中实际上是无关紧要的。这就是为什么我们对我们的营业收入指导非常有信心。 正如你今天早上所见，我们再次重申这一点。
Russell Weiner
And Brian, I would just add to that. I think what this shows me is how many levers we have to grow this business. And so, you know, certainly we're working with DPE, but let me just put some of this in perspective. So our sales and stores are still on target for the 7%, I'm sorry, our sales and non-profit for the 7% plus and the 8% plus. And with those headwinds in DPE, that means we have a lot of other things firing. And so just maybe I'll start with development. So at the same time as we have this DPE news, we have news that China and India are increasing their outlook.
布赖恩，我想补充一点。我认为这向我展示了我们有多少种杠杆可以推动这个业务增长。所以，当然我们正在与DPE合作，但让我将这些放在一些背景下来看。我们的销售和门店数量仍然保持在7%以上的目标上，对不起，我是说我们的销售和非利润目标为7%以上和8%以上。即使在DPE面临这些阻力的情况下，这也意味着我们还有很多其他因素在推动着。因此，可能我先从发展方面说起。就在我们面对DPE的消息的同时，我们也有来自中国和印度的消息，他们正在提高自己的前景预期。
We've got today 14,000 stores, half of those stores we've opened since 2015. And so the momentum we have on our way to 40,000 stores, which is a lot more room for us, is tremendous. Then when you think about our development in the US, obviously we're, as Sandeep said in his remarks, 175 plus is still our target this year that we're going to hit. And when you think about the strength of development, openings are really important. So are closings. And in the trailing 12 months in the US, we've closed only seven stores out of a total about 7,000.
我们现在有 14,000 家门店，其中一半是自 2015 年以来开设的。因此，我们在通往 40,000 家门店的道路上势头强劲，这为我们提供了更多的空间。然后，当你想到我们在美国的发展时，显然正如 Sandeep 在他的讲话中所说，今年我们仍然以 175 家以上为目标。而当你考虑到发展的强劲时，开店非常重要，关店也是如此。在过去的 12 个月中，我们在美国总共约 7,000 家门店中仅关闭了 7 家。
比较清晰的目标。
And so development I think overall is pretty healthy and like I said we've got these other things firing at the same time, which is why our sales and profit numbers are still coming in at forecast.
因此，我认为整体发展相当健康，正如我所说，我们同时还有其他事情在进行，这就是为什么我们的销售和利润数字仍然符合预期。
Operator 操作员
Thank you. And our next question comes from the line of David Tarantino from Baird. Your question, please.
谢谢。我们的下一个问题来自 Baird 的 David Tarantino。请提问。
David Tarantino
Hi. Good morning. My question is a follow-up, Russell on your comments about the outlook for the year being unchanged. I guess we've seen signs that consumer spending is slowing certainly in parts of the restaurant industry. And it feels like the degree of difficulty in the US has increased. So I just wanted to ask you to give some commentary on why you're so confident in holding those targets for this year? And whether you think the degree of difficulty is higher or unchanged versus what you were thinking previously. Thanks.
你好，早上好。我的问题是关于您对今年前景保持不变的评论的后续问题。我想我们已经看到消费者支出放缓的迹象，尤其是在餐饮业的某些部分。而且感觉美国的难度增加了。所以我想请您评论一下为什么您对今年保持这些目标如此有信心？以及您是否认为难度比您之前想的更高或保持不变。谢谢。
Russell Weiner
Yeah, thanks, David. To me, the best predictor of the future, even though I have a lawyer in the room, who probably tells me I can't say this, is what's happened. And you're right about consumer spending slow, but let's think about what's happened with that as a backdrop. We've grown orders in our delivery business, our carryout business, every income cohort. We haven't talked about international, but we've grown order count in international. And so that's what's going on in an economy where folks are kind of maybe struggling to decide what to buy. And so if order counts are positive in that scenario, then as the momentum swings eventually, I expect our momentum to continue.
是的，谢谢，大卫。对我来说，未来的最佳预测指标，即使我有一个律师在场，可能会告诉我不能这样说，就是已经发生的事情。你说得对，消费者支出放缓，但让我们以此为背景思考一下已经发生的事情。我们的送餐业务、外卖业务在每个收入群体中都增长了订单。我们还没有谈到国际业务，但我们的国际订单数量也在增长。所以在一个人们可能在犹豫买什么的经济环境中，这就是正在发生的事情。因此，如果在这种情况下订单数量是正的，那么随着势头的最终转变，我预计我们的势头会继续。
So what you do when times are tough, to me that talks about the strength of the brand and that's why I just could not be more excited about how we delivered the results for the quarter.
所以当时局艰难时你会怎么做，对我来说这体现了品牌的力量，这就是为什么我对我们这个季度的业绩感到无比兴奋。
Operator 操作员
Thank you. And our next question comes from the line of Andrew Charles from TD Cowen. Your question, please.
谢谢。我们的下一个问题来自 TD Cowen 的 Andrew Charles。请提问。
Andrew Charles
Great. Thank you. Sundeep, you talked about how the 3Q comps in the US, are expected to trail 2Q levels, and just given these are comparisons, I'm curious if that reflects what you're observing so far this quarter, or if it's more just forward-looking around your expectation just given one less Boost week in 3Q.
好的。谢谢。Sundeep，你谈到美国的第三季度可比销售预计会落后于第二季度水平，鉴于这些是比较，我很好奇这是否反映了你们本季度迄今为止的观察，还是更多地基于你们的预期，因为第三季度少了一周的 Boost。
Sandeep Reddy
Andrew, thanks for the question. I think, no, it's more about what I talked about in the prepared remarks, which is we do have one less Boost week. We do have the ramp in Uber, but on a net basis it's slightly below what we saw in Q2 as our expectation for Q3. But I'll go back to Russell's previous answer. We are seeing tremendous performance in terms of transaction growth for the entire first half, and we're expecting to see that same performance in the entire second half. And so we're very confident in the ability of our business to deliver the kind of momentum that you've seen already in the first half, in the back half, including Q3.
安德鲁，谢谢你的提问。我认为，不，这更多是关于我在准备好的发言中谈到的内容，也就是我们确实少了一个 Boost 周。我们确实在 Uber 上有所增长，但从净基础上看，这略低于我们在第二季度看到的情况，这是我们对第三季度的预期。但我会回到拉塞尔之前的回答。我们在整个上半年看到了交易增长方面的巨大表现，并且我们预计在整个下半年也会看到同样的表现。因此，我们对我们的业务在下半年，包括第三季度，能够提供您在上半年已经看到的那种势头充满信心。
Operator 操作员
Thank you, and our next question comes from the line of David Palmer from Evercore. Your question, please.
谢谢，接下来的问题来自 Evercore 的 David Palmer。请提问。
David Palmer
Thanks, Good morning. I guess the question is about, I'll make it a kind of a two-parter. It looks like the sales trends are pretty volatile in the US from the data that we see for example, things look like they were weaker in April, when you didn't have sort of a value forward-message like Emergency Pizza where the $3 tip.
谢谢，早上好。我想问题是关于，我会把它分成两个部分。根据我们看到的数据，美国的销售趋势似乎相当不稳定，例如，四月份的情况看起来较弱，当时你没有像“紧急披萨”那样的价值前瞻信息，比如 3 美元的小费。
Could you kind of reflect on the quarter and what you are seeing in terms of the consumer response to stuff? And maybe give us a sense of what you think is working and not working in the US? And then separately I think people are going to be concerned about the fourth quarter if the third quarter is worse than this quarter, maybe let's say, you do a 4% in the third quarter, I think people are going to be concerned about you holding that 3%-plus in the fourth quarter given the comparison. So maybe you can address both of those. Thanks.
您能否反思一下这个季度，并谈谈您在消费者对产品反应方面的观察？也许可以让我们了解一下您认为在美国哪些方面有效，哪些方面无效？另外，我认为如果第三季度比这个季度更糟糕，人们会对第四季度感到担忧，比如说，您在第三季度实现了 4%的增长，我认为人们会担心您在第四季度能否保持 3%以上的增长，鉴于这种比较。所以也许您可以同时解决这两个问题。谢谢。
Russell Weiner
Yes, sure, maybe I'll give it a shot and Sandeep if I miss anything. As far as the volatility in the short-term, I think we look at quarters not days and obviously, years as well. And there are always some balancing news based on everything from weather to what we put out there. And so I like your -- the second part of your question was just kind of big picture, what's working and what's not working. What's working is the Hungry for MORE strategy. And I'll give you an example, maybe using one of the things we are doing this year, as we talked about was we are going to launch two new products. So we just launched the New York Style Pizza.
是的，当然，也许我会试一试，如果我错过了什么，Sandeep 会帮我。至于短期的波动，我认为我们看的是季度而不是天数，显然还有年份。总是有一些平衡的消息，从天气到我们发布的内容。因此，我喜欢你的——你问题的第二部分只是大局观，什么有效，什么无效。有效的是“渴望更多”战略。我给你举个例子，也许用我们今年正在做的一件事来说，我们谈到的是我们将推出两款新产品。所以我们刚刚推出了纽约风格披萨。
New York Style Pizza is all about the most delicious food. It is an Innovation with Intent. There are believe it or not, some people out there who don't love our traditional crust. So this is an incremental crust, more foldable hopefully bring new people in the fold. At the same time that new product is delivered in better delivery times than it was two years ago. That's Operational Excellence. It is part of our Mix & Match promotion. It is also part of our Loyalty program, Renowned Value.
纽约风味披萨就是关于最美味的食物。这是一种有意的创新。信不信由你，有些人不喜欢我们的传统饼皮。所以这是一个渐进的饼皮，更易折叠，希望能吸引新顾客。同时，这款新产品的配送时间比两年前更快。这就是卓越运营。这是我们混搭促销的一部分。它也是我们著名价值忠诚计划的一部分。
And so what we're doing, David is really tethering all these things together. There is never anything that's firing one cylinder on its own. There truly is a Domino effect of connectivity between all the programs we have going on right now. From a [non-working] (ph) perspective, I mean, we're always Hungry for MORE. That's kind of the bumper sticker of this company. But I've been here 15 years, 16 years, and I know what drives the business. It is orders, it's stores, it's market share. And the orders that you've seen, the stores that you are seeing are -- just think about what traditional growth has been for the pizza category. We are going to be big winners from a share perspective. And once you do that, everything grows, your franchisee profitability grows, your advertising fund grows, you get a moat and our moat is filled right now with orders and stores and franchisee profits.
所以我们正在做的事情，David，实际上是将所有这些事情联系在一起。没有任何事情是单独运作的。我们现在所有项目之间确实存在多米诺效应的连通性。从[非工作] (ph) 的角度来看，我的意思是，我们总是渴望更多。这是这家公司的标语。但我在这里已经 15 年、16 年了，我知道是什么推动了业务发展。是订单，是商店，是市场份额。你看到的订单，你看到的商店——想想披萨类别的传统增长是什么。我们将在市场份额方面成为大赢家。一旦你做到这一点，一切都会增长，你的特许经营利润会增长，你的广告基金会增长，你会得到一个护城河，而我们的护城河现在充满了订单、商店和特许经营利润。
Sandeep Reddy
David, I'll just try to answer -- just clarifying a couple of the points. I mean you talked about volatility in sales spend in the US, we didn't see any volatility. We saw a very steady cadence. And the steady cadence of sales is really driven by the flywheel that Russell talked about on the Loyalty program and the frequency that's continuing to build from there. We've seen that pretty consistently across the year frankly, including the second quarter. So we don't see the volatility at all. And I think the other question that you asked was the confidence in the Q4 comp, and as I said in the prepared remarks, we expect both Q3 and Q4 to be above the 3%.
大卫，我只是试着回答——只是澄清几点。我是说你谈到了美国销售支出的波动性，我们没有看到任何波动。我们看到的是非常稳定的节奏。而销售的稳定节奏确实是由拉塞尔谈到的忠诚度计划的飞轮驱动的，以及从中不断建立的频率。坦率地说，我们在全年都相当一致地看到了这一点，包括第二季度。所以我们根本没有看到波动。我想你问的另一个问题是对第四季度同比增长的信心，正如我在准备好的发言中所说，我们预计第三季度和第四季度都将超过 3%。
So -- but I just explained that Q3 maybe slightly below Q2 because of the timing of the Boost -- of the number of Boost weeks offset by Uber's ramp. Now going to Q4, one of the things we talked about earlier was that loyalty is going to be a multi-year driver for us. So sure, we are lapping in Q4, the Loyalty program launch, but we still expect to be seeing tailwinds in the compounding impact from the Loyalty program in Q4.
所以——但我刚才解释过，由于 Boost 的时间安排——Boost 周数被 Uber 的增长抵消，Q3 可能略低于 Q2。现在进入 Q4，我们之前谈到的一件事是忠诚度将成为我们的多年驱动力。因此，当然，我们在 Q4 中重叠了忠诚度计划的启动，但我们仍然预计在 Q4 中会看到忠诚度计划的复合影响带来的顺风。
In addition, Uber continues to build. And so with both those drivers, there is every case to look at 3% or more is very, very much within reach in the fourth quarter, and we always Hungry for MORE. So the more we do, the better it is. So we're really confident. And because this is all transaction driven, it's really driving very strong economics. So franchisee profitability continues to grow. And I think that's actually driven by a significant performance on the supply chain side also, which is you are seeing on the supply chain financials that's going into the franchisee profits. So overall, very confident of our outlook for the back half of the year.
此外，Uber也在持续增长。所以，凭借这两个推动因素，第三季度和第四季度达到3%或以上的目标是完全可行的，我们始终保持“Hungry for MORE”的精神。我们做得越多，结果就越好。所以我们真的非常有信心。而且因为这一切都由交易量推动，所以它实际上带来了非常强劲的经济效益。因此，特许经营商的盈利能力持续增长。我认为，这实际上也得益于供应链方面的显著表现，正如你在供应链财务中看到的那样，这些都进入了特许经营商的利润中。因此，总体而言，我们对下半年展望非常有信心。
Operator 操作员
Thank you. And our next question comes from the line of Lauren Silberman from Deutsche Bank. Your question please.
谢谢。我们的下一个问题来自德意志银行的 Lauren Silberman。请提问。
Lauren Silberman
Thank you very much. I wanted to ask about the value strategy. So you talked about the one Boost week in the third quarter that leads to I believe, one in the fourth quarter, clearly driving strong performance. Given the value focus in the industry, what flexibility do you have to further increase promotional activity? And then are you seeing any increase in value mix and how much is going through deals?
非常感谢。我想询问关于价值策略的问题。您提到第三季度的一个 Boost 周，我相信这会导致第四季度的一个 Boost 周，显然推动了强劲的表现。鉴于行业对价值的关注，您在进一步增加促销活动方面有多大灵活性？然后，您是否看到价值组合的增加，以及有多少是通过交易实现的？
Russell Weiner
Yes, Lauren thanks for the question. I think what we're doing in value is very special, and it is very different than what you are seeing in the industry right now, which I think folks, it is clear that there's been price taken. And folks are dealing back kind of individual items, telling customers, hey, this is what you can get on value.
是的，劳伦，谢谢你的提问。我认为我们在价值方面所做的事情非常特别，而且与您目前在行业中看到的非常不同，我认为很明显，价格已经上涨。人们正在处理个别项目，告诉客户，嘿，这就是你在价值方面可以得到的。
What we've done, and we've done this since 2009, when we launched Mix & Match. Our Mix & Match offer, value is two things. Value is the price, but it's the price for what you want. It's the price for what you want is high and the price for something you don't want is not high, that doesn't really do much. And so when you think about all of our platforms, you think about pizza, you think about pasta, sandwiches, desserts, salads, breads, chickens, all of those things consistently have been part of our promotional value play since the end of 2009.
我们所做的事情，自 2009 年推出 Mix & Match 以来一直在做。我们的 Mix & Match 优惠，价值体现在两方面。价值是价格，但这是你想要的东西的价格。你想要的东西价格高，而你不想要的东西价格不高，这并没有多大意义。因此，当你想到我们所有的平台时，你会想到披萨、意大利面、三明治、甜点、沙拉、面包、鸡肉，所有这些自 2009 年底以来一直是我们促销价值的一部分。
And having that consistency when people wake up in the morning and decide where they want to order, they know that they can trust Domino's. That trusted value is leading to the order count you're seeing. And then they become part of that loyalty flywheel. And so I just -- I think it's important to make sure we explain our approach to value is not just price. It's about price for what people actually want to order. And that's, as you've seen over this time period, a very sustainable way to grow.
当人们早上醒来决定要在哪里订餐时，拥有这种一致性，他们知道可以信任达美乐。那种值得信赖的价值正在导致您看到的订单数量增加。然后他们成为忠诚度飞轮的一部分。所以我只是——我认为重要的是要确保我们解释我们的价值方法不仅仅是价格。这是关于人们实际想要订购的东西的价格。正如您在这段时间内所看到的，这是一种非常可持续的增长方式。
Operator 操作员
Thank you. And our next question comes from the line of Gregory Francfort from Guggenheim. Your question please.
谢谢。我们的下一个问题来自 Guggenheim 的 Gregory Francfort。请提问。
Gregory Francfort
Hi, Russ, I love the Domino effect reference there. But I just had a question on the incrementality of Uber and just some of the commentary there. I think you've had it for about nine months. Can you talk about what you've learned and maybe how you are changing some of the marketing message over the last maybe three months or six months? And then any update on thoughts on DoorDash in the next year? Should we still expect something on that and maybe what the timing would look like? Thanks.
嗨，Russ，我喜欢你提到的多米诺效应。但我只是对 Uber 的增量性和一些评论有个问题。我想你已经有大约九个月的时间了。你能谈谈你学到了什么，也许在过去的三个月或六个月里你是如何改变一些营销信息的吗？然后关于明年 DoorDash 的想法有什么更新吗？我们是否仍然应该期待一些东西，也许时间会是什么样的？谢谢。
Russell Weiner
Thanks, Greg, and we are going to send you the Domino effect bumper sticker after this, so you want to look after that. Uber is performing as we thought it would. It is doing so in a little bit of a different way. And I talked about it last quarter, but I think it is worth bringing up again. So first, from a sales perspective, it's about 1.9% of sales. And our – we are tracking towards our goal this year of 3% of sales. How it’s coming is a little bit different. And what we've seen is really an uptick more in a high-low strategy, originally our approach was okay, if we have kind of an everyday low price, not compared to our channels, right? Still the lowest price Loyalty program in our channel. That would be the way to win.
谢谢，Greg，我们会在之后给你寄送Domino效应的车贴，记得关注一下。Uber的表现正如我们预期的那样，它以稍微不同的方式实现了这个目标。我在上个季度提到过这一点，但我认为值得再次提及。首先，从销售角度来看，Uber大约占销售的1.9%。我们正在朝着今年3%销售目标迈进。它的增长方式有些不同。我们看到的是更多的高低策略的上升，最初我们的做法是，如果我们采用日常低价策略，与我们其他渠道相比，保持最低价格的忠诚度计划，这样就能赢得市场。
But actually, it's -- whether it's how customers shop or part of the algorithm or a little bit of both, starting out with a slightly higher price that you can discount from, is a way to get more eyeballs. And so we've continued to test and pivot that way, and you are seeing it in the results. So again, we're -- the year is folding like we thought it would. And so what that leaves us with your question about DoorDash is the current exclusivity with Uber runs through Q1. At that point, whether or not we renew is our choice, and so we'll be looking at the economics and potential at that point. But that would be the time to think about do we stay exclusive? Or do we open up to a DoorDash or other aggregators. We've talked about the $1 billion opportunity for us is really our fair share on all of the aggregators, which in about three years or so is what we hope to get to.
但实际上，无论是客户的购物方式，还是算法的一部分，或者两者兼而有之，从稍高的价格开始，然后进行折扣，是吸引更多关注的一种方式。因此，我们继续以这种方式进行测试和调整，您可以在结果中看到这一点。所以再次，我们——这一年正如我们所预料的那样展开。因此，这让我们对您关于 DoorDash 的问题有了答案，目前与 Uber 的独家合作将持续到第一季度。到那时，是否续约是我们的选择，因此我们将在那时考虑经济效益和潜力。但那将是考虑我们是否保持独家合作，还是向 DoorDash 或其他聚合商开放的时机。我们谈到的 10 亿美元机会实际上是我们在所有聚合商中应得的份额，我们希望在大约三年左右达到这一目标。
Operator 操作员
Thank you. And our next question comes from the line of John Ivankoe from JPMorgan. Your question please.
谢谢。接下来的问题来自摩根大通的 John Ivankoe。请提问。
John Ivankoe
Hi, thank you. Especially in the context of closures in France and in Japan. I asked about impacts of store splits in the US, you are currently at around 2.5% store growth rate in the US, which is actually high for a fairly mature brand. So talk about what you see as net I guess, cannibalization or whatever you want to call it, what negative impact on same-store sales from store splits. And is there any learning I guess, either side of the Atlantic or either side of the Pacific, as it may be in terms of who is learning for -- who is learning from who in terms of how markets can be penetrated?
你好，谢谢你。特别是在法国和日本关闭门店的背景下。我问过关于美国门店拆分的影响，你们目前在美国的门店增长率约为2.5%，对于一个相对成熟的品牌来说，这个增长率实际上是很高的。那么，能否谈谈你们对门店拆分的看法，或者说是自我竞争，或者你们愿意称之为什么，门店拆分对同店销售的负面影响是什么？在大西洋两岸或太平洋两岸，是否有任何经验教训，看看谁从谁那里学到了如何渗透市场的策略？
Is that -- that they didn't necessarily follow the same site model that you do? Or do you have any opportunities to kind of look at them in terms of how densely markets can be penetrated? I just want to I guess, have a sense of your level of risk acceptance in terms of hitting your US store targets without overly encroaching on your existing current asset base? Thank you.
他们是否没有完全遵循与你相同的选址模式？或者你是否有机会从市场渗透密度的角度来观察他们？我只是想了解一下你在不对现有资产基础造成过度影响的情况下，达到美国门店目标的风险接受程度？谢谢。
Russell Weiner
Yes, John I'll take that. And maybe I'd start with the fact that I remember when we used to actually disclose what headwinds of splits were. So the fact that we are not disclosing them anymore, I can give you a sense of -- of how material they are. The great thing about the Domino's model and us leaning into carryout about a decade ago is 80%, when you split a store, 80% of the carryout volume is incremental. And so that right away when you are splitting a territory, you are getting all these customers. Those customers, they don't want to drive past four pizza places on their way to a Domino's. And so the more Domino's we have, the more carryout business we drive, and you can see how on fire carryout is the number that Sandeep took you through was same-store sales for carryout. That has nothing to do with all the carryout sales we're driving from new stores. And then what happens when you split these stores, not only does your carryout business get better.
是的，John，我来回答这个问题。也许我可以从这样一个事实开始，我记得我们曾经会披露门店拆分带来的阻力。所以现在我们不再披露这些信息了，我可以给你一个大致的感受——这些影响有多大。Domino's模式的一个优点是，十年前我们开始更加重视外卖业务，当你拆分一家门店时，80%的外卖销售是增量的。所以，当你拆分一个区域时，你会获得所有这些客户。这些客户不会愿意经过四家比萨店，才能到达Domino's。因此，我们的Domino's店铺越多，我们推动的外卖业务就越多。你可以看到，外卖业务表现得多么火爆，Sandeep给你讲解的那个数字就是外卖的同店销售。这与我们通过新店带来的外卖销售无关。而当你拆分这些门店时，不仅外卖业务会变得更好。
让客户自取是非常好的策略，如果能让客户开20分钟车自取更好。
But remember, I talked earlier about our delivery time being 10% better than they were two years ago? Sure, it's a lot of the programs that we are driving with our franchisees, but it's also when you split stores, you get closer to your customers. And when you have more consistent delivery, those customers come back more. So it really is a – it is a wonderful cycle when it's really going well. And actually, one what I'd say is because you had asked about international learnings, one that -- DPE was one of the first folks to do in Australia. They got a 50% market share in Australia and a lot of it was through penetration with new stores and obviously, tightening their delivery areas, growing their carryout business.
但请记住，我之前谈到我们的交货时间比两年前提高了 10%？当然，这很大程度上是我们与加盟商合作推动的项目，但当你分开店铺时，你会更接近你的客户。当你有更一致的交货时，那些客户会更多地回来。所以当一切顺利时，这真的是一个美妙的循环。实际上，我想说的是，因为你问过国际经验，DPE 是澳大利亚最早这样做的人之一。他们在澳大利亚获得了 50%的市场份额，其中很大一部分是通过新店的渗透，显然是通过缩小交货区域，发展他们的外卖业务。
What they talked about that they saw in Japan was they probably split a little too fast. But doing it strategically over time has been a winning formula. They've shown it and I think that's been a huge driver of our market share.
他们谈到在日本看到的情况是，他们可能分裂得有点太快了。但随着时间的推移，战略性地进行分裂一直是一个成功的公式。他们已经证明了这一点，我认为这一直是我们市场份额的一个巨大推动力。
Operator 操作员
Thank you. And our next question comes from the line of Sara Senatore from Bank of America. Your question please.
谢谢。接下来的问题来自美国银行的 Sara Senatore。请提问。
Sara Senatore
Thank you. I have actually sort of one just clarification and then a question on the new restaurant growth. So the clarification was just quickly on the pricing versus cost inflation and whether franchisees are seeing something similar. Obviously, you are still on track for the franchisee profitability targets, but pretty modest price increase that clearly didn't cover inflation for labor insurance.
谢谢。我实际上有一个澄清和一个关于新餐厅增长的问题。澄清是关于定价与成本通胀以及特许经营商是否看到类似情况。显然，您仍在实现特许经营商盈利目标的轨道上，但相当温和的价格上涨显然没有覆盖劳工保险的通胀。
Is that kind of the dynamic that we should expect to see broadly going forward? Or was there anything kind of one-time in this quarter that specifically perhaps around insurance? But then the question on net restaurant growth is about -- you mentioned strength in China and India. Could you just maybe in broad strokes, talk about what volumes look like in different parts of the world. So a closure in Australia presumably is a higher volume or let's say, lack of openings in Australia, more of a hit to volumes for retail sales overall than perhaps openings in China and India, I mean that would be my guess, but perhaps that's not accurate. Thanks.
这种动态是我们未来应该广泛预期的趋势吗？还是说这一季度有一些一次性的因素，特别是可能与保险相关？另外关于净餐厅增长的问题，你提到了中国和印度的强劲表现。能否简单地谈谈不同地区的销售量情况？比如，澳大利亚的门店关闭，或者说澳大利亚缺乏新的开店，是否会对零售销售产生比中国和印度新开门店更大的影响？我的猜测是这样，但也许并不准确。谢谢。
Sandeep Reddy
So Sara, let me start with clarification on pricing versus cost inflation. I think you're talking about the corporate stores, particularly. And really if you look at what happened on the corporate stores, and we had an insurance charge in the quarter that actually resulted in margins contracting. And if you actually strip out that insurance charge, margins were roughly flat and profit dollars grew. And really speaking, when we look at our franchisee profitability, that's pretty much a dynamic. We are looking at profit dollar growth, and that's exactly what we're expecting to see.
Sara，让我先澄清一下定价和成本通胀的区别。我想你是指公司直营店，特别是。如果你看看公司直营店的情况，我们在这一季度确实有一笔保险费用，导致利润率收缩。如果剔除掉这笔保险费用，利润率基本保持平稳，利润额有所增长。实际上，当我们看特许经营商的盈利能力时，基本上就是这种动态。我们关注的是利润额的增长，这正是我们预期看到的结果。
And frankly, we expect to see that in corporate stores as well, as we actually go through the year. We continue to expect to see both margin improvement, as well as profit dollar growth on the corporate stores as well. And then I think specific to restaurant growth in China and India and your comment on the size of the stores, the closures that we're talking about essentially are very low-volume stores.
坦率地说，我们也预计在公司直营店中看到这种情况，随着这一年的进行，我们继续预期公司直营店的利润率提升以及利润额的增长。然后，关于中国和印度的餐厅增长以及你提到的门店规模，我们所讨论的关闭的门店基本上是非常低销量的门店。
So from that perspective, I think they're not necessarily comparable to the averages across all of the different markets. And so I think the drag is relatively small with the closures that we're talking about, specifically in Japan and France. And the growth opportunities continue to be robust. And the China stores, they've actually put out releases talking about their new store openings and the kind of record sales they're generating over there. So very exciting to see the growth coming from China.
所以从这个角度来看，我认为它们不一定可以与所有不同市场的平均水平相提并论。因此，我认为我们所谈论的关闭，特别是在日本和法国的关闭，影响相对较小。而且增长机会依然强劲。中国的门店，他们实际上已经发布了关于新店开业和他们在那边创下的销售记录的公告。所以看到来自中国的增长非常令人兴奋。
Russell Weiner
And I'd add to that Sara, for us -- and I think really for the industry, when you think about the best way to cover cost inflation, assuming margins are in the area of where they should be, the best way to do that is by driving order count versus price. And so cost inflation for some folks may be a negative thing. For us, given our scale because we can drive more order counts, if we can get away with doing that without pricing and getting frequency, we are going to do that all day, and that's what's happened.
我还要补充一点，萨拉，对我们来说——我认为对整个行业来说，当你考虑应对成本通胀的最佳方式时，假设利润率在应有的范围内，最好的方法是通过增加订单数量而不是提高价格。因此，对某些人来说，成本通胀可能是负面的。对我们来说，鉴于我们的规模，因为我们可以推动更多的订单数量，如果我们可以在不提高价格的情况下做到这一点并获得频率，我们会一直这样做，这就是发生的事情。
低端路线是个问题。
And I look -- I just want to give a nod to our insights team because one of the questions earlier about pricing in this environment right now and headwinds with the customer. Well, with through our research, we knew we figured out when it was time to take price, and we also figured out, when it was time not to take price. And all of those decisions are what's leading into the results you see now, and it will continue to drive what we decide to do moving forward. Now the best piece of it too, is the research, a lot of it is -- its numbers. But then it gets translated to real life when you put it down to the stores.
我想向我们的洞察团队致敬，因为之前关于当前环境下的定价和客户阻力的问题，通过我们的研究，我们知道何时该提价，也知道何时不该提价。所有这些决策都导致了您现在看到的结果，并将继续推动我们未来的决策。最好的部分是，很多研究都是数字，但当你把它应用到商店时，它就转化为现实生活。
And then what you do is you watch what consumers do and you watch what your franchisees do. And what's been great is obviously, the order counts. So consumers are happy. But franchisees who are sticking with the recommendations not only obviously on our national offer but local offers and menu pricing. And so this is something that I think, is proprietary for us and has worked and will continue to work over time.
然后你要做的就是观察消费者的行为以及特许经营者的行为。显然，订单数量是很棒的，所以消费者很满意。而坚持我们建议的特许经营者不仅在我们的全国优惠上，而且在本地优惠和菜单定价上也很满意。因此，我认为这是我们的专有策略，它已经奏效并将继续奏效。
Operator 操作员
Thank you. And our next question comes from the line of Danilo Gargiulo from Bernstein. Your question please.
谢谢。接下来的问题来自 Bernstein 的 Danilo Gargiulo。请提问。
Danilo Gargiulo
I was wondering if you can give a little bit more color on what you think, at least in your view, will it causing the softness in unit opening by DPE? And more specifically also, if you can share what is your level of confidence that international store openings and closure pressures is going to be limited only to DPE and that we are not going to see another potential reduction in the guidance later on with other master franchisees coming softer versus your original expectation. Thank you.
我想知道您是否可以更详细地说明一下，至少在您看来，是什么导致了 DPE 在单位开业方面的疲软？更具体地说，您能否分享一下您对国际店铺开业和关闭压力仅限于 DPE 的信心程度，以及我们不会看到其他主要特许经营商的表现低于您最初预期，从而导致指导意见的潜在进一步下调。谢谢。
Russell Weiner
Yes. Danilo, I'll let DPE's release kind of speak to what they are thinking about those closures. So they talked about Japan being a little bit aggressive in openings and now they are seeing kind of the results of that. What gives me confidence about the rest of the piece of the algorithm as an example, I said earlier DPC China, DASH and Jubilant, they're going to be 40% to 50% of our openings, and they each increased their outlook.
是的。Danilo，我会让 DPE 的声明来说明他们对这些关闭的看法。他们谈到日本在开放方面有点激进，现在他们看到了那样做的结果。让我对算法其余部分有信心的一个例子是，我之前提到的 DPC 中国、DASH 和 Jubilant，它们将占我们开业的 40%到 50%，而且它们各自提高了预期。
And so the beauty of being in over 90 countries around the world is, look, I'm not trying to look away from what clearly was a miss in one part of the business. But a good business is able to kind of handle that. And that's what being 90-plus markets helps us do. And all of these levers, end up leading to the 7% plus on the sales basis and the 8% plus on a profit basis really show how that is made up in times like this. Anything to add Sandeep?
因此，能够在全球 90 多个国家开展业务的好处在于，我并不是试图忽视业务某一部分明显的失误。但一个好的企业能够应对这种情况。这就是为什么在 90 多个市场中运营对我们有帮助。所有这些杠杆最终导致销售额增长超过 7%，利润增长超过 8%，这确实显示了在这样的时期是如何弥补的。Sandeep，有什么要补充的吗？
美国的资本市场有一定的贡献。
Sandeep Reddy
No. 不。
Russell Weiner
Okay. 好的。
Operator 操作员
Thank you. And our next question comes from Peter Saleh from BTIG. Your question please.
谢谢。我们的下一个问题来自 BTIG 的 Peter Saleh。请问您的问题。
Peter Saleh
Yeah. Great. Thanks for taking my question. I wanted to ask about the -- you guys mentioned positive order counts in both delivery and carryout in the US. Can you just talk a little bit about -- are these new customers? Are these lapsed users? And just any thoughts on that call, lower income consumer. Are you seeing -- I know you said you were seeing growth across all income cohorts. But any thoughts on what you are seeing there. Is that accelerating? Is it stable? I guess that's my first question. And then just a follow-up on that, on the store closures from DPE, Sandeep, you said they're very low volume. Is there any way to give us an order of magnitude of how low these stores are in terms of volumes just so that we understand. Thank you very much.
好的。太好了。感谢您回答我的问题。我想问一下——你们提到在美国的送货和自取订单数量都很积极。你能谈谈这些是新客户吗？这些是流失用户吗？还有关于低收入消费者的任何想法。我知道你说过你看到所有收入群体的增长。但你对那里的情况有什么看法吗？是加速了吗？是稳定的吗？我想这是我的第一个问题。然后就是关于 DPE 的店铺关闭，Sandeep，你说它们的销量非常低。有没有办法给我们一个关于这些店铺销量有多低的量级，以便我们了解。非常感谢。
Russell Weiner
Yes. Maybe Sandeep, you can -- the other way to look at that is just talk about the profit impact.
是的。也许桑迪普，你可以——另一种看法是只谈论利润影响。
Sandeep Reddy
Yes. No -- I think on the -- let me start with the second part of the question right, which is the store volumes and what's going to happen. Very low volume in relative terms to the rest of the fleet and the rest of the market in all the stores that are closing in Japan and France. So the impact is so material to the profit number. It's in a few million dollars and on a forward basis for 2025, and will have a very limited impact even on 2024, considering we’re only halfway through the year. So very small to answer your question from that Peter.
是的，不——让我从问题的第二部分开始回答，也就是门店销量以及接下来会发生什么。在日本和法国关闭的所有门店，门店的销量相对来说非常低，与其他门店和市场的其他部分相比。因此，这些门店关闭对利润的影响非常有限，金额只有几百万美元，对于2025年的前瞻性影响也很小，甚至对2024年的影响也非常有限，因为我们才走到年中的一半。所以，从这个角度回答你的问题，Peter，影响非常小。
Russell Weiner
Yes. And Peter, just on the first question, what I'd say about the order count, and I try to stress this by giving the specifics of delivery and carryout in every income segment is we've got some of the most balanced order count I've ever seen. And I believe that is also true for the -- not only in our history, but also just in the industry right now. Your specific question on the lower-income customer, you have -- the order count there is positive as well. And part of that was intent not only from our pricing, but as we put the Loyalty program together.
是的。彼得，关于第一个问题，我想说的是订单数量，我试图通过在每个收入段中给出外送和外带的具体情况来强调这一点，我们的订单数量是我见过的最平衡的。我相信这不仅在我们的历史上是如此，现在在整个行业中也是如此。关于低收入客户的具体问题，订单数量也是正面的。这部分不仅是因为我们的定价，还因为我们制定了忠诚度计划。
Remember you used to have to have two things. You had to buy $10 worth of food to get any points. Now it's $5. So that hurdle is a little bit easier. You used to have to buy six times to get something free. Now you can buy -- get some free after two orders, which is great for the customer, actually great for our franchisee too, because the margin on the 20-point and 30-point item is much better on those orders than the 60. So what it is not like we just kind of fell into this. This was intent in both the design of our pricing and the design of our loyalty program and it's not going away.
记得以前你必须满足两个条件才能获得积分吗？你必须消费10美元才能获得积分。现在只需要消费5美元。所以这个门槛变得稍微低了一些。以前你需要买六次才能获得免费的东西，现在只需要买两次就能获得免费的，这是对顾客来说非常棒的，实际上对我们的特许经营商来说也非常棒，因为20积分和30积分的商品在这些订单中的利润比60积分的商品要好。所以，这并不是我们偶然发现的结果。这是我们在定价和忠诚度计划设计时有意为之的，且这个策略不会改变。
Sandeep Reddy
And the beautiful thing, Pete, is it is so balanced across all income cohorts. And I think it really reflects what Russell is talking about. And that consistency has been seen all through the first half of the year.
而美妙的是，皮特，它在所有收入群体中都如此平衡。我认为这确实反映了拉塞尔所谈论的内容。这种一致性在上半年一直都能看到。
Operator 操作员
Thank you. And our next question comes from the line of Chris O'Cull from Stifel. Your question please.
谢谢。我们的下一个问题来自 Stifel 的 Chris O'Cull。请提问。
Chris O'Cull
Yeah. Good morning guys. Also. Just given the success of the New York Style Pizza, can you talk more about this innovation with intent strategy? And it is just part of that answer, can you maybe touch on whether the innovation you expect to launch later this year, we'll leverage that approach?
是的。早上好，大家。另外，鉴于纽约风格披萨的成功，您能否多谈谈这种创新的意图策略？作为答案的一部分，您能否谈谈您预计今年晚些时候推出的创新是否会利用这种方法？
Russell Weiner
Yes. Sure, Chris. Well, I will tell you the one thing that did not drive New York Style Pizza was the guy in the spot, which for those of you who don't know, was me. Sandeep keeps telling me I have a face for radio. So we'll see when it's time for your performance review, how that works out. But yes, so New York Style Pizza, this idea of Innovation with Intent. If you look back the last 15 years, 16 years at Domino's, there are -- I can't think of more than two items that -- products that we've launched that we've taken off the menu.
是的，当然，Chris。我告诉你一件事，那就是纽约风味比萨的推广并不是靠广告中的那个人来推动的，那个出现在广告里的人，实际上就是我。Sandeep一直告诉我，我有张适合做广播的脸。所以我们到你绩效评估的时候再看看，看看结果如何。但没错，纽约风味比萨，这个“有目的的创新”的理念。如果回顾过去15年、16年Domino’s的历程，我想不出超过两款我们推出过但后来从菜单上拿掉的产品。
Launching a new product takes a lot of money, it takes a lot of time. And so there needs to be a strategic role in it. Whether or not you were successful is whether or not that items are still there. So you think about -- I'm not going to really give you any forward-looking of it to say, again, we're going to continue to do two a year. New York Style Pizza right? We talked about this is a customer that may not like our traditional crust as much. So there's a reason for doing it. If you think about what we did last year with Pepperoni Stuffed Cheesy Bread, Okay. Putting Pepperoni and something is probably not the most innovative thing in the world. But guess what? It reminded people that we have Stuffed Cheesy Bread. And when you have all of these platforms -- and remember Chris, 40% of what we sell is not pizza.
推出新产品需要很多钱，也需要很多时间。因此，需要在其中扮演一个战略角色。你是否成功取决于那些产品是否仍然存在。所以你要考虑——我不会真的给你任何前瞻性的说法，再次强调，我们将继续每年做两个。纽约风格披萨，对吧？我们谈到过这是一位可能不太喜欢我们传统面饼的顾客。所以这样做是有原因的。如果你想想我们去年做的 Pepperoni Stuffed Cheesy Bread，好吧。把 Pepperoni 放在某物上可能不是世界上最具创新性的事情。但你猜怎么着？它提醒了人们我们有 Stuffed Cheesy Bread。当你拥有所有这些平台时——记住 Chris，我们卖的东西中有 40%不是披萨。
You got to figure out a way to continue to talk about pizza, but continue to remind people that you have these platforms. And so maybe those are two good examples of intent. One is going after a customer that probably doesn't frequent Domino's. And the other is reminding people of a platform that when they add to their order, is increased the ticket and is more profitable for our franchisees.
你必须想办法继续谈论披萨，但同时继续提醒人们你有这些平台。所以这可能是两个很好的意图例子。一个是针对可能不常光顾达美乐的顾客。另一个是提醒人们一个平台，当他们在订单中添加时，会增加票据并为我们的特许经营商带来更多利润。
Operator 操作员
Thank you. And our next question comes from the line of Brian Harbour from Morgan Stanley. Your question please.
谢谢。接下来的问题来自摩根士丹利的布莱恩·哈伯。请问您的问题。
Brian Harbour
Yeah. Thanks. Good morning guys. If I could just follow up on some of the comments about store margins. So if you kind of set aside that insurance impact, I mean, is this mostly just about there being still pretty significant wage inflation? Do you think that's kind of the case through the balance of this year? Obviously, you did have order count growth right? But it sounds like that's kind of being offset on the labor side. And I don't know if maybe there is any sort of product mix dynamics that have also affected that. Could you just talk more about the store margin dynamics?
是的。谢谢。早上好，大家。如果我能跟进一下关于商店利润率的一些评论。那么如果撇开保险的影响，我的意思是，这主要是因为工资通胀仍然相当显著吗？你认为这种情况会持续到今年剩余时间吗？显然，你的订单数量确实增长了，对吧？但听起来这在劳动力方面有所抵消。我不知道是否有任何产品组合动态也影响了这一点。你能多谈谈商店利润率的动态吗？
Sandeep Reddy
Yes. So Brian, I think the thing that the company stores is actually it's a much smaller data set, right, because we've only got about [6 DMAs] (ph) in which we're operating. And yes, there was some wage pressure that we were actually dealing with as we went through the first half. But we are getting closer to lapping some of those -- the wage pressures that we took. And overall, -- when you look at the economics of the stores, they actually, on a first half basis, still pretty good and definitely [ex the insurance] (ph) adjustment, still expanding and growing. We expect that to continue to happen. That's why I said for the full year on the company stores, I still expect our margins to be better and our profit dollars to grow.
是的，Brian，我认为对于公司直营店来说，数据集实际上要小得多，因为我们只在大约[6个DMA区域]运营。是的，确实在上半年我们面临了一些工资压力。但我们现在已经接近消化掉一些工资压力。总体来看，当你查看这些门店的经济效益时，实际上在上半年仍然表现不错，特别是排除保险调整后，利润仍在扩展和增长。我们预计这种情况会继续发生。这就是我为什么说，对于全年公司直营店，我仍然预计我们的利润率会更好，利润额也会增长。
And I think being -- what I want to emphasize is we shouldn't view company stores as an analog to what's happening on the franchisee stores because the data set is so limited in relative terms. On the franchisee stores, we are seeing very, very balanced profit growth across the business. And we -- and that's what gives us confidence that the $170,000 or more is definitely on track.
我想强调的是，我们不应该将公司店视为特许经营店的类比，因为相对而言数据集是非常有限的。在特许经营店，我们看到整个业务的利润增长非常平衡。这就是让我们有信心认为 17 万美元或更多的目标绝对在正轨上的原因。
Russell Weiner
Yes. And I'll just maybe build on that question on the lab just reminds me of an earlier question we had about Q4 and emergency pizza and how we are going to lap that potential headwind. And I guess what I'd say there is, we are in the business of creating headwinds I love the questions on headwinds because that means we did something really successful that folks are wondering, how are we going to overlap.
是的。我可能会在实验室的问题上进一步探讨，这让我想起了我们之前关于第四季度和紧急披萨的问题，以及我们将如何应对这一潜在的逆风。我想我会说，我们的业务就是制造逆风，我喜欢关于逆风的问题，因为这意味着我们做了一些非常成功的事情，人们在想我们将如何应对。
Well, we are in a business that are creating headwinds, and we are in the business of beating those headwinds. And so I'm not concerned about that. And I know what the team has going and they're up for the challenge. And if you think about emergency pizza, during this time now where you are seeing a lot of price out there from folks I think who has what price point is going to be, as I always talk about the sea of standard. How are you going to know when an ad is over, who owned this particular price point.
嗯，我们处于一个创造逆风的行业，我们的任务就是克服这些逆风。所以我并不担心这个，我知道团队正在采取行动，他们已经准备好迎接挑战。如果你考虑到紧急比萨，在现在这个阶段，你会看到很多品牌在定价上有所动作，我认为谁能在这个价格点上占据优势，就如我一直所说的“标准折扣的海洋”。你怎么知道广告结束时，谁拥有了这个特定的价格点呢？
Everyone in the country knows who owns Emergency Pizza. And so we have things like that, carryout tips, You Tip, We Tip, that's renowned value. And so there are as you see more and more discounts to customers as, I think, different restaurants are adjusting to pricing, I believe there is going to be a lot of noise in that. And what our team does really breaks through that noise.
全国每个人都知道谁拥有紧急比萨。因此，我们有像外卖小费、"你给小费，我们也给小费"这样的活动，这就是著名的价值。所以，随着越来越多的餐厅调整价格，向顾客提供折扣，我认为在这方面会有很多噪音。而我们的团队所做的正是突破了这些噪音。
Operator 操作员
Thank you. And our next question comes from the line of Todd Brooks from The Benchmark Company.
谢谢。我们的下一个问题来自 The Benchmark Company 的 Todd Brooks。
Todd Brooks
Hi, good morning. Thanks for taking my question. Just a quick follow-up on Loyalty Sandeep, I think when you talked about loyalty last quarter that you talked about the 20 and 40 point reward tiers as being the majority of redemptions. I wanted to see if that trend is continuing to go going forward? And with enough time passing. Do you have a sense that somebody that redeems at a lower point level tends to continue to do so. So it is almost a faster frequency flywheel coming from loyalty, if those customers stick at those lower redemption tiers? Thank you.
嗨，早上好。感谢您回答我的问题。关于忠诚度计划的快速跟进，我记得您在上个季度谈到忠诚度时提到 20 和 40 点奖励等级是兑换的主要部分。我想了解这个趋势是否会继续下去？随着时间的推移，您是否觉得在较低点数等级兑换的人往往会继续这样做？如果这些客户坚持在这些较低的兑换等级上，这几乎是一个来自忠诚度的更快频率飞轮？谢谢。
Sandeep Reddy
So Todd, you asked the question and answered it yourself. And really, it is exactly that. We have been seeing very consistent trends in terms of the redemption of the 20 and 40-point levels, and it is driving that frequency flywheel, as we go along because they're continuing to transact and redeem. And that's what we are very confident on continuing as we move forward into a multiyear flywheel.
所以托德，你问了问题并自己回答了。实际上，确实如此。我们在 20 点和 40 点级别的兑换方面看到非常一致的趋势，这推动了频率飞轮的发展，因为他们继续进行交易和兑换。这就是我们对未来几年飞轮持续发展的信心所在。
软件技术+心理技术。
Russell Weiner
Yes. And back to the question before, Todd that reminds me of the Innovation with Intent has -- Innovation with Intent is not just new products. It's a Loyalty program and how you put your Renowned Value together. So with Emergency Pizza, if you recall, you buy a Pizza, you can get a free one in a month. Well, you do that, all of a sudden, you're part of our Loyalty program. You're at 20 points, you're getting a free item.
是的。回到之前的问题，Todd 让我想起了“有意创新”——“有意创新”不仅仅是新产品。这是一个忠诚度计划，以及如何将您的知名价值结合在一起。因此，关于紧急披萨，如果你还记得，你买一个披萨，一个月后可以免费获得一个。好吧，你这样做了，突然之间，你就成为了我们忠诚度计划的一部分。你有 20 分，可以获得一个免费商品。
With our tipping program, either carryout or delivery one, if you buy one, you're part of the program. You then use your tip, you've got a second item if you're part of the Loyalty program and you're redeeming. The most important thing about our new Loyalty program is getting people to understand how easy it is to earn. And the programs that we are putting out there aren't just driving sales. They are driving that clarity for folks about, wow I can get stuff really quick.
通过我们的小费计划，无论是自取还是送货，如果你购买一个，你就是计划的一部分。然后你使用你的小费，如果你是忠诚计划的一部分并且正在兑换，你就会得到第二个物品。我们新的忠诚计划最重要的是让人们了解赚取积分是多么容易。我们推出的这些计划不仅仅是推动销售。它们还让人们清楚地认识到，哇，我可以很快得到东西。
Operator 操作员
Thank you. And our next question comes from the line of Christine Cho from Goldman Sachs. Your question please.
谢谢。我们的下一个问题来自高盛的 Christine Cho。请提问。
Christine Cho
Hi, thank you. So I know you have just had the worldwide rally in May. So really curious to hear some of your key takes from the event? Or were there any surprises? What are the areas that your franchisees around the world are most excited about, most worried about any common strategic priorities that have come up there would be great. Thank you.
嗨，谢谢你。我知道你们刚刚在五月举行了全球集会。我很好奇想听听你们从活动中得到的一些关键收获？或者有没有什么惊喜？你们全球的特许经营商最感兴趣的领域是什么，最担心的是什么，有没有出现任何共同的战略优先事项，这些都很重要。谢谢。
Russell Weiner
Yes, Christine, this was a fantastic rally. And it's not just me saying it. Here's -- I'll give you some numbers on it. We do quantative studies on everything here at Domino's, who we do it on a rally. It was the highest rally we've ever had as far as people. But the scores of attendee is we've never had a higher one. And this one blew my mind. I will get you that later if I'm sharing something I shouldn't. But one of the things we ask people is what was the -- did you take away the key message. And the results there were 98% took away a key message.
是的，Christine，这真是一次精彩的集会。不只是我这么说。我会给你一些数据。我们在 Domino's 对所有事情都进行定量研究，包括集会。这是我们有史以来参与人数最多的一次集会。参与者的评分也是我们从未有过的高分。这次让我大吃一惊。如果我分享了不该分享的内容，我稍后会告诉你。但我们问人们的一个问题是，你是否领会了关键信息。结果是 98%的人领会了关键信息。
We've never had numbers anywhere like that. And the cool thing was people were leaving to rally. A lot of times you do these rallies and whatever they are called, like the bumper sticker we are going to send out earlier, it really is more, what does the [t-shirt] (ph) look like or what do people shout. Hungry for MORE is more than that, folks came away knowing what jobs they needed to do. And so the really cool part for me were, for example, the US franchisees leaving and saying, I got it. I'm responsible for the M and the O. Making sure the food, we make it delicious and we deliver it the right way.
我们从未有过这样的数字。酷的是，人们正在离开去集会。很多时候你做这些集会，不管它们叫什么，就像我们之前要发出的保险杠贴纸，实际上更多的是，T 恤看起来怎么样或者人们喊什么。渴望更多不仅仅是这样，人们离开时知道他们需要做什么工作。所以对我来说真正酷的部分是，例如，美国的特许经营商离开时说，我明白了。我负责 M 和 O。确保食物，我们做得美味并以正确的方式送达。
We had international franchisees saying, oh, this idea of renowned value is really, really interesting. And what happened? We went back and you've seen changes in the marketing in a lot of our international markets because of Hungry for MORE. And so I just -- I believe it not only talks about the strength of our system. It is nice to have profitable franchisees all in one place, they're all pretty happy. But when they come away talking about the future, is what makes us really excited.
我们有国际特许经营商说，哦，这个著名价值的理念真的非常有趣。然后发生了什么？我们回去后，你会看到由于 Hungry for MORE，我们在许多国际市场的营销发生了变化。所以我只是——我相信这不仅仅说明了我们系统的强大。拥有盈利的特许经营商聚集在一起是件好事，他们都很高兴。但当他们离开时谈论未来，这才是让我们真正兴奋的。
Greg Lemenchick
Thank you, Christine. That was our last question of the call. I want to thank you all for joining our call today, and we look forward to speaking with you all again soon. You may now disconnect.
谢谢你，Christine。这是我们此次电话会议的最后一个问题。感谢大家今天参加我们的电话会议，我们期待很快再次与大家交谈。现在可以挂断电话了。
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. 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。祝您愉快。
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