2024-10-10 Domino's Pizza, Inc. (DPZ) Q3 2024 Earnings Call Transcript
Domino's Pizza, Inc. (NYSE:DPZ) Q3 2024 Earnings Conference Call October 10, 2024 8:30 AM ET
达美乐披萨公司 (NYSE:DPZ) 2024 年第三季度收益电话会议 2024 年 10 月 10 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
David Tarantino - Baird
David Palmer - Evercore ISI
Brian Bittner - Oppenheimer
Dennis Geiger - UBS
John Ivankoe - JPMorgan
Peter Saleh - BTIG
Sara Senatore - Bank of America
Sara Senatore - 美国银行
Gregory Francfort - Guggenheim
Jon Tower - Citi
Danilo Gargiulo - Bernstein
Christine Cho - Goldman Sachs
Christine Cho - 高盛
Chris O'Cull - Stifel
Jim Salera - Stephens 吉姆·萨莱拉 - 斯蒂芬斯
Logan Reich - RBC Capital Markets
Logan Reich - RBC 资本市场
Alexander Slagle - Jefferies
Brian Mullan - Piper Sandler
Jeffrey Bernstein - Barclays
杰弗里·伯恩斯坦 - 巴克莱
Brian Harbour - Morgan Stanley
Andrew Strelzik - BMO Capital Markets
Andrew Strelzik - BMO 资本市场
Jeffrey Farmer - Gordon Haskett
Operator 操作员
Thank you for standing by, and welcome to Domino's Pizza's Third Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen only mode. After the speaker's 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 2024 年第三季度收益电话会议。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, Greg Lemenchick, Vice President, Invest Relations. Please go ahead, sir.
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 third quarter conference call. Today's call will begin with our Chief Executive Officer, Russell Weiner, followed by our Chief Financial Officer, Sandeep Reddy. The call will conclude with a Q&A session.
大家早上好。感谢大家今天参加我们的第三季度电话会议。今天的会议将由我们的首席执行官拉塞尔·韦纳开始，接下来是我们的首席财务官桑迪普·雷迪。会议将以问答环节结束。
The forward-looking statements in this morning's earnings release and 10-Q, both of which are available on our IR website, also apply to our comments on the call today. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our filings with the SEC. In addition, please refer to the 8-K earnings release to find disclosures and reconciliations of non-GAAP financial measures that may be referenced on today's call.
本早上收益发布和 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。有关更多信息，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 收益发布，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.
今天上午的电话会议正在网络直播，并且也在录音以便通过我们的网站重播。我们希望今天上午尽力回答尽可能多的问题。因此，我们鼓励您只问一个问题。
With that, I'd like to turn the call over to Russell.
接下来，我想把电话交给拉塞尔。
Russell Weiner
Thanks, Greg, and good morning, everybody. What I'd like to do is begin today's call by giving an overview on the restaurant space as I see it across the globe. When we introduced our Hungry for MORE strategy back in December, we knew consumer spending would be pressured in 2024 and that the QSRs that offered the strongest value would win. That proved to be right, and had Domino's leaning into our strategic pillar of renowned value has been key to our success in 2024, especially in the U.S.
感谢格雷格，大家早上好。今天的电话会议我想从全球餐饮业的角度开始，给大家一个概述。回顾去年12月我们推出的“Hungry for MORE”战略时，我们就知道2024年消费者支出会受到压力，而提供强大价值的快速服务餐厅（QSR）将会胜出。这一预测得到了验证，坚定执行我们的“知名价值”战略是我们在2024年取得成功的关键，尤其是在美国。
As the year has progressed, competitors have followed our lead, and we've seen increased intensity around value within QSR pizza. I believe value will continue to be in demand from customers around the world and know that you're hearing the same thing from my peers as macroeconomic and geopolitical issues continue to pressure the industry. In these times, I believe the best measure of a company's current and future success are the share gains that it achieves.
随着这一年的进展，竞争对手已经跟随我们的步伐，我们看到 QSR 披萨的价值竞争愈发激烈。我相信全球客户对价值的需求将持续增长，并且我知道随着宏观经济和地缘政治问题继续给行业施压，你们也从我的同行那里听到了同样的事情。在这些时期，我认为衡量公司当前和未来成功的最佳标准是其所获得的市场份额增长。
In Domino's U.S. business, we are doing just that, gaining share. Our team and franchisees are delivering incredible results despite a more challenging environment. Through the first three quarters of the year, our retail sales are up 6.6%, in the QSR pizza category that's growing at less than 2%. Hungry for MORE is driving the critical metric to long-term success in this business, more market share. This was our fourth consecutive quarter of same store sales growth since launching Hungry for MORE, proof that our strategy is working.
在美国，Domino's正在做到这一点，正在获得市场份额。尽管环境更加具有挑战性，我们的团队和加盟商依然交出了令人惊艳的成绩。2024年前三个季度，我们的零售销售增长了6.6%，而快餐比萨行业的增长不到2%。"Hungry for MORE"正在推动这个关键指标——长期成功的市场份额增长。这是我们自推出“Hungry for MORE”以来第四个连续季度实现同店销售增长，证明我们的战略正在奏效。
Importantly, and something I think continues to be unique in the industry right now, it was also our fourth straight quarter of positive order count growth. Profitable order count growth is the key to improving what are already best-in-class economics for our U.S. franchisees. These economics have been a proven driver of store growth as well, which, of course, is another way we drive market share. For example, from 2015 to 2023, Domino's opened approximately 1,750 stores. If you look at our top QSR pizza competitors in aggregate, they closed almost as many stores as we opened during that same time period.
重要的是，这也是我们第四个连续季度实现正向订单增长。这一盈利性订单增长是提高美国加盟商已经最佳水平的经济效益的关键。这些经济效益也是门店增长的已验证驱动力之一，这当然是我们获得市场份额的另一种方式。例如，从2015年到2023年，Domino's开设了大约1750家新门店。如果你看看我们最顶尖的快餐比萨竞争对手的整体情况，他们在同一时期关闭了几乎和我们开设的门店数一样多。
Today's order count growth drives tomorrow's order count growth as well, because the strength of Domino's Rewards brings members back for repeat purchases in the future. Domino's Rewards continues to perform well and was a key driver of our U.S. comp performance in Q3. We've officially passed the one-year anniversary of the program, happy anniversary, Sadeep. And I expect it to continue to play a critical role driving the business for the next several years. That's because Domino's Rewards is achieving our goals of driving more light users and carryout customers. In addition, we have grown our overall active members significantly in 2024, allowing us to engage more customers and drive frequency with targeted marketing efforts.
今天的订单增长也会推动明天的订单增长，因为Domino's Rewards的强大吸引力让会员们在未来继续回来进行重复购买。Domino's Rewards表现良好，是我们美国同店销售第三季度表现的关键驱动力之一。我们已经正式迎来了该计划的一周年纪念日，祝贺Sadeep。我预计它将在未来几年继续发挥关键作用。这是因为Domino's Rewards正在实现我们吸引更多轻度用户和外带客户的目标。此外，我们在2024年大幅增长了整体活跃会员数量，使我们能够吸引更多客户，并通过精准的营销推动更多购买频率。
信用卡的打法。
Looking to Q4, Domino's will give customers what they are demanding from their QSR brands, more. We opened the quarter with our MOREflation deal. At a time where consumers are feeling that they're getting less and paying more, MOREflation showed them that Domino's was in their corner, giving them more for less. We followed this up with a 50% off boost week. And next week, one of our biggest renowned value promotions ever will go back on air, Emergency Pizza.
展望第四季度，Domino's将会为客户提供他们所需求的更多内容。我们以“MOREflation”优惠开启了这一季度。在消费者感觉他们得到了更少却支付更多的时刻，“MOREflation”向他们展示了Domino's支持他们，提供更多的同时保持价格低廉。接着，我们推出了50%折扣的促销活动。下周，我们的一个最大的知名价值促销活动“紧急比萨”将再次上线。
While providing value through our own channels is one part of our renowned value barbell strategy, tapping into the aggregator marketplace is the other. In Q3, we saw a nice acceleration as we grew our percentage of U.S. sales coming through Uber to 2.7%. Importantly, incrementality in this channel has continued as expected since these customers have been less sensitive to the economic pressures that I discussed earlier.
通过我们自己的渠道提供价值是我们著名的价值杠铃策略的一部分，进入聚合器市场是另一部分。在第三季度，我们看到了一次不错的加速，因为我们通过 Uber 的美国销售额比例增长到了 2.7%。重要的是，由于这些客户对我之前讨论的经济压力不太敏感，这一渠道的增量一直如预期般持续。
As you know, Hungry for MORE drives more, though, than just renowned value. New products are an important way that we can bring to life the most delicious food pillar of our strategy. We launched our new Mac & Cheese in late September. This offering in our pasta lineup is available in five-cheese and spicy buffalo, and for those who care, I add a little bacon to mine. We originally launched our pasta platform in 2009, and this is the first time we brought product news to the line since then. I'm excited at what this can mean for Mac & Cheese and frankly the entire pasta portfolio.
正如你所知道的，“Hungry for MORE”不仅仅推动了知名价值。新产品是我们将“最美味食品”这一战略支柱付诸实践的重要方式。我们在九月下旬推出了新的“Mac & Cheese”。这一新产品为我们的意大利面系列带来了五种奶酪和辛辣水牛肉风味，对于像我这样的人来说，还可以加入一些培根。我们从2009年开始推出意大利面平台，这是自那时以来首次对这一系列进行产品创新。我对这个Mac & Cheese的推出以及整个意大利面系列的前景充满期待。
A year into Hungry for MORE, I hope our innovation with intent approach to new products is becoming clear to all of you. With Mac & Cheese and last year's pepperoni stuffed cheesy bread, we're bringing news to reignite our existing non-pizza platforms. And with New York style pizza, we brought in customers who preferred a pizza offering we didn't had in our portfolio.
“Hungry for MORE”一周年之际，我希望我们“有目的的创新”方法能够让大家更清楚地理解。通过Mac & Cheese以及去年推出的香肠芝士面包，我们正在通过创新重新点燃我们现有的非比萨产品线。同时，通过纽约风格比萨，我们吸引了那些希望尝试我们没有的比萨款式的顾客。
In summary, we're delivering against our Hunger for MORE goals for both sales and stores in the U.S. With the slate of initiatives we got out in front of us, I continue to believe that we will deliver U.S. same store sales growth of 3% or more annually. And that's why I expect Domino's to continue to drive additional market share gain.
总结来说，我们在美国市场上的“Hungry for MORE”战略在销售和门店开设方面都取得了成果。凭借我们当前的战略，我们继续相信，我们每年将能实现3%以上的美国同店销售增长。正因如此，我相信Domino's将继续实现市场份额的增长。
Now, I'd like to talk about our international business. Retail sales were up 6.5% through the first three quarters of this year. While that growth is in-line with the global pizza category, it is not in-line with our expectations, nor our historical performance. Recall, Domino's International has averaged more than 10% global retail sales growth over the past decade through 2023. And while we remain on track for a remarkable 31st straight year of international same store sales growth, the combined impact of macroeconomic pressures, geopolitical issues, and the underperformance we are experiencing is creating a drag on our international sales.
接下来，我想谈谈我们的国际业务。零售销售在今年前三季度增长了6.5%。尽管这个增长与全球比萨行业一致，但与我们的预期及历史表现不符。回顾一下，2023年Domino's国际业务平均每年零售销售增长超过10%。尽管我们仍然有望迎来国际业务连续第31年实现同店销售增长，但宏观经济压力、地缘政治问题以及我们目前经历的业绩不佳正对我们的国际销售造成拖累。
Given this performance, we believe planning for approximately 1% to 2% same store sales growth for 2024 and 2025 is a more realistic expectation before we return the business to a more normalized level in 2026.
鉴于这一表现，我们认为预计2024和2025年的同店销售增长为1%-2%是更现实的预期，直到2026年业务恢复到更正常的水平。
As you know, our international business, which is approximately half our global retail sales, represents less than a third of our profits due to our asset-light master franchising model. As a result of this dynamic, shifts in international sales have less impact on company profits. Therefore, I don't expect the softness in our international business to significantly impact our operating profit goals. And Sandeep will go more into this during his remarks.
如您所知，我们的国际业务约占全球零售额的一半，但由于我们的轻资产主特许经营模式，其利润占比不到三分之一。由于这种动态，国际销售的变化对公司利润的影响较小。因此，我不认为国际业务的疲软会对我们的营业利润目标产生重大影响。Sandeep 将在他的发言中对此进行更详细的说明。
You should know our team is hard at work with our international master franchisees to create momentum in their markets, even in the face of headwinds. We know what works in today's challenging environment. It's evident in the results that we're achieving in the U.S. So, we're engaging with our master franchisees to implement the strategies and tactics we know will drive incremental sales and profits. In some cases, they've simply been a little bit too slow to react to shifting consumer behaviors. So, we're focusing on three key areas, all of them, are centered around renowned value.
你们应该知道，我们的团队正在与国际特许经营商合作，即使在挑战中也在努力为他们的市场创造动力。我们知道在当前的艰难环境下，什么是有效的。我们在美国市场取得的成绩充分证明了这一点。因此，我们正在与特许经营商合作，实施我们知道能推动增量销售和利润的策略和战术。在一些情况下，他们反应稍微慢了一些，对消费者行为的变化没有及时做出反应。因此，我们将专注于三个关键领域，这些领域都围绕着知名价值展开。
First, more aggressive promotional pricing that drives a consistent value message to customers. Second, maximizing orders from aggregators, where many of our markets have opportunities remaining to gain their fair share on these platforms. These orders continue to be incremental due to the higher income customer that uses them.
首先，采用更积极的促销定价，向顾客传递持续的价值信息。其次，最大化聚合平台的订单量，在很多市场，我们仍有机会在这些平台上获得应有的份额。这些订单因高收入的客户群体而继续增量。
And finally, taking a page out of the U.S. playbook, diversify beyond delivery to drive another growth lever in carryout or in some places, dine-in. Our international business has so much potential, and by implementing the plans and strategies I've outlined, we expect to continue to create sales momentum that will produce the same kind of market share gains and net store growth we've achieved in the past.
最后，借鉴美国的策略，除了外卖之外，还通过外带或在某些地方的堂食来推动另一个增长杠杆。我们的国际业务有很大的潜力，通过实施我所概述的计划和策略，我们预计将继续创造销售势头，从而实现我们过去取得的同类市场份额增长和净店增长。
In closing, what I want to do is reinforce with you the same message that I repeatedly share with our team. In the 16 years I've been at Domino's Pizza, we have always been in the business of creating our own tailwinds and driving share growth. That has been, and through our Hungry for MORE strategy, will continue to be how we drive best-in-class results and long-term value creation for our shareholders.
最后，我想强调的是，正如我反复与我们的团队分享的信息一样。在我在Domino's比萨工作了16年里，我们始终致力于创造自己的有利局面并推动市场份额增长。这一直是我们通过“Hungry for MORE”战略，推动业绩和长期价值创造的方式。
With that, I'd like to hand it over to Sandeep.
接下来，我想把时间交给 Sandeep。
Sandeep Reddy
Thank you, and good morning, everyone. As Russell noted, while our third quarter financial results were impacted by a more challenging backdrop, we still delivered profitable growth. Income from operations increased 5.7% in Q3, excluding the impact of foreign currency of $1.4 million. This increase was primarily due to higher franchise royalty revenues resulting from global retail sales growth and supply chain profit dollar growth as a result of increased auto volumes and procurement productivity. This was partially offset by higher G&A, which was primarily driven by higher labor expenses.
谢谢大家，早上好。正如拉塞尔所提到的，尽管我们的第三季度财务结果受到了更具挑战性的环境影响，但我们依然实现了盈利增长。除去外汇影响140万美元，第三季度的运营收入增长了5.7%。这一增长主要得益于全球零售销售增长所带来的特许经营收入的增加，以及由于汽车销量增加和采购生产力提升而带来的供应链利润增长。部分被更高的管理费用所抵消，后者主要是由于劳动力成本上升。
Year to date, our operating profit growth, excluding FX, is up a strong 8.6%, which is in line with our expectations. Excluding the impact of foreign currency, global retail sales grew 5.1% in the third quarter from positive US and international comps and global net store growth.
截至目前，扣除外汇影响，我们的运营利润增长强劲，达到了8.6%，符合我们的预期。全球零售销售在第三季度增长了5.1%，得益于美国和国际市场的同店销售增长和全球净店增长。
Let's take a look at the details. During Q3, total retail sales grew 5.1% in the US, driven by same store sales that came in at 3% with positive order counts for the fourth consecutive quarter. These comps were driven by another strong quarter for carryout of 5.4% and delivery of 1.3%, fueling continued market share gains. We did begin to see macro and competitive pressures impact our results in August, and particularly the low-income customer.
让我们来看看具体细节。第三季度，总零售销售在美国增长了5.1%，同店销售增长了3%，这是连续第四个季度出现正向订单增长。这些增长主要得益于外带销售的强劲表现，增长了5.4%，而送餐业务则增长了1.3%，推动了市场份额的持续增长。我们确实开始看到宏观经济和竞争压力在8月影响了我们的业绩，尤其是低收入客户。
Our US same store sales continue to be fueled by transaction growth from Domino's Rewards and our marketing programming. We also benefited from 1.6% of pricing, which was inclusive of high single digits in California. Our sales mix from Uber grew to 2.7% for the quarter. Our comp tailwinds were partially offset by a higher carryout mix, which carries a lower ticket than delivery.
我们的美国同店销售持续由Domino's Rewards和我们的营销项目推动。我们还受益于1.6%的定价调整，其中加州的价格上涨幅度为个位数中高位。我们的Uber销售份额增长到了季度的2.7%。我们的同店销售增长的顺风因素部分被更高的外带销售份额抵消，外带的客单价低于送餐。
Shifting to US unit count, we added 24 net new stores, bringing our US system store count to 6,930. Moving to international, where total retail sales grew 5.1%, excluding the impact of foreign currency. This was driven by net store growth, which was in line with the updated 2024 guidance that we provided on our last call. Same store sales were up 0.8% in the quarter, with a slowdown beginning in August.
转到美国的门店数量，我们新增了24家净新店，至2023年底，美国系统内的门店总数达到了6,930家。转到国际市场，零售销售增长了5.1%，排除外汇影响。这一增长得益于净店增长，这与我们在上次电话会议中提供的2024年更新指导一致。国际市场的同店销售增长了0.8%，但从8月开始出现放缓。
In the quarter, we saw pressure in our Asia, Europe, and Middle East markets. In Europe and Asia, we continued to see macro impacts in addition to comp impacts in Japan as DPE continues to work through the plans they discussed in their August trading update. Softness in the Middle East was driven by an increased impact from geopolitical tensions.
在第三季度，我们在亚洲、欧洲和中东市场感受到了压力。在欧洲和亚洲，除了日本的同店销售影响外，我们还持续看到宏观经济的影响，尤其是DPE正在实施他们在8月交易更新中讨论的计划。中东地区的疲软主要是由于地缘政治紧张局势的影响加剧。
Now turning to our outlook, let me start off by saying that the long-term algorithm of what we believe the Domino's business can and should achieve has not changed. We continue to expect that our algorithm of 7% or more annual global retail sales growth and operating profit growth of 8% or more is the right one as we look out to 2026 to 2028.
现在谈到我们的前景，我想先说，我们认为达美乐业务可以并且应该实现的长期算法没有改变。我们继续预计，到 2026 年至 2028 年，我们的算法，即每年全球零售销售增长 7%或以上，营业利润增长 8%或以上，是正确的。
In evaluating our business in light of increased macro and competitive pressures over the last quarter, we now believe that our global retail sales growth will be approximately 6% in 2024. I'm very proud of how the team has come together to manage our P&L, which is allowing us to maintain a very strong operating profit growth outlook of approximately 8% excluding FX.
在评估我们在上个季度宏观和竞争压力增加的情况下的业务时，我们现在认为 2024 年我们的全球零售销售增长将约为 6%。我非常自豪团队如何齐心协力管理我们的损益表，这使我们能够保持约 8%的非常强劲的运营利润增长前景，不包括外汇影响。
As we look ahead to 2025, we expect to be slightly below our long-term guidance algorithm, driven primarily by our international business. Our expectations for global retail sales growth are generally in line with our updated expectations for 2024, while still delivering an operating profit growth of approximately 8%.
展望 2025 年，我们预计将略低于我们的长期指导算法，主要受国际业务的推动。我们对全球零售销售增长的预期大致符合我们对 2024 年的最新预期，同时仍实现约 8%的营业利润增长。
As we noted in our disclosures this morning, we repurchased approximately 443,000 shares at an average price of $429 for a total of $190 million in the third quarter. As we continue to plan for our debt maturity in October 2025, the lower interest rate environment was the driver of the increase in share repurchases in Q3 as we now have more certainty on where we believe the interest rate range will be.
正如我们今天早上在披露中指出的那样，我们在第三季度以平均每股 429 美元的价格回购了大约 443,000 股，总计 1.9 亿美元。随着我们继续计划 2025 年 10 月的债务到期，较低的利率环境是第三季度股票回购增加的驱动因素，因为我们现在对利率范围的预期更加确定。
In closing, our resilient asset-light model has delivered outsized retail sales and extremely profitable growth over time. I am confident that this model can continue to drive outsized returns for investors.
总之，我们具有弹性的轻资产模式在一段时间内实现了超额的零售销售和极其盈利的增长。我相信这种模式可以继续为投资者带来超额回报。
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
Certainly. And as a reminder, ladies and gentlemen, please limit yourselves to one question each. Our first question comes from the line of David Tarantino from Baird. Your question please.
当然。提醒一下，女士们先生们，请每人限制一个问题。我们的第一个问题来自 Baird 的 David Tarantino。请提问。
David Tarantino
Hi, good morning. My question first is on the unit growth update you gave. It came down for the second straight quarter and I assume most of that's related to international, but could you just maybe explain the moving parts related to the change versus what you shared last quarter? And then, I guess, more importantly, how are you feeling about the ability to kind of ramp back towards your targets in 2025 and beyond?
早上好。我的问题是关于你们给出的门店增长更新的。这个更新已经连续第二个季度有所下调，我猜大部分是和国际业务相关，但你能否解释一下与上个季度相比，这一变化的具体原因是什么？此外，更重要的是，你们如何看待在2025年及以后的门店增长目标恢复的可能性？
Sandeep Reddy
Good morning, David. So yes, I think from a guidance perspective, we've updated to 800 to 850 in terms of global net store growth, relative to what we had last time of 825 to 925. I think the biggest driver, honestly, of this was working more closely with DPE and getting much better visibility that enabled us to do two things. One is, tighten the range, and the other is, as we actually get better understandings of what the expectations are in the fourth quarter. I think it made sense to actually update it to a little bit lower than what we had previously, but our visibility continues to get better as we move forward. And this is the kind of effort we'll continue to make as we move into 2025 and continue to update on what our expectations are in 2025 as well as we come into next year.
早上好，David。是的，我认为从指导性预期来看，我们已经将全球净门店增长的预期调整为800到850家，而之前是825到925家。老实说，这一调整的最大驱动因素是我们与DPE（Domino's Pizza Enterprises）更加紧密地合作，获得了更清晰的可见性，这使得我们能够做两件事：一是收紧增长范围，二是当我们更好地理解第四季度的预期时，合理地将预期调整为稍微低于之前的水平。但随着我们前进，我们的可见性仍在不断提升。进入2025年时，我们还将继续在预期上做出更新。
David Tarantino
And maybe just to follow up. 2025 retail sales being a little below your outlook longer term, is that related to the carryover impacts of the unit growth from this year. I guess the shortfall from unit growth, or are you expecting something lower on the comps and unit growth for next year? I guess I just wanted to clarify that.
稍作跟进，关于2025年零售销售略低于你们长期预期，这是否与今年的门店增长对2025年的影响有关？或者是你们预计明年的同店销售和门店增长会更低？我只是想澄清一下这个问题。
Sandeep Reddy
So David, really good question. I think a couple of things going on there. I think Russell talked about in the prepared remarks as well, same store sales expectations for 2024 and 2025 for international we think is somewhere in the 1% to 2% range, which is below what we had initially talked about back in December at the Invest Day. And that's really given the macro pressures that we're dealing with and that we're seeing right now. And that's, I think, a big driver of that lower retail sales expectation.
David，问题问得非常好。我认为这里有几个因素在起作用。正如Russell在准备的发言中提到的，国际业务在2024年和2025年的同店销售预期我们认为大约在1%到2%之间，这低于我们去年12月投资日时提到的预期。这主要是因为我们当前面临的宏观压力，这就是零售销售预期下降的主要驱动因素。
The other driver, of course, is definitely unit growth that we actually are seeing in 2024 that will rollover partially into 2025. And I think as we continue to work through where unit growth is expected to go in 2025, that will have a partial impact in 2025 as well. So, all this is in the consideration set, but really 2025 is really driven by the international business primarily, and that's what we talked about in the prepared remarks.
另一个驱动因素当然是2024年我们看到的门店增长，这部分会对2025年产生一定影响。我认为随着我们继续评估2025年门店增长的预期，这也将对2025年产生部分影响。因此，所有这些因素都被纳入考虑之中，但2025年的主要驱动因素实际上是国际业务，这是我们在准备发言中所提到的。
Russell Weiner
And David, I think I'll maybe just add a little context on how I think about international. And to me that business is judged when you look at three things, when you look at the past, the present, and the future. So in the past, we've got a business that has averaged more than 10% retail sales growth over the last decade. We're about to hit our 31st straight year of positive same store sales. When you think about the present, not a year-to-date that Domino's normally has, but actually in line with the category. We normally do better than the category. We expect to do better than the category, but when there are headwinds, including ones that are self-created, and that's a low point for us. It says a lot about who we are. And the great news is, we're focused on turning things around. We know what we need to do with our master franchisees, really three things. It's all about renowned value, getting that right. We need to make sure that our promotional prices are consistent and they don't go above the CPI in a market. We need to make sure we're getting our fair share of aggregators, the delivery business.
David，我想我可以再补充一些关于国际业务的背景信息。对我来说，国际业务的评估可以从三个方面来看：过去、现在和未来。过去，过去十年我们的业务平均零售销售增长超过10%。我们即将迎来第31年连续正增长的同店销售。当谈到现在，虽然这并不是Domino's通常的业绩，但与行业相比是持平的。我们通常会做得比同行更好，且我们预计将会超越行业，但在遇到一些阻力，包括自我创造的一些压力时，这是我们的一次低点，这充分体现了我们的实力。幸运的是，我们正在专注于扭转局面。我们知道如何与我们的特许经营伙伴合作，重点有三点。首先是著名价值策略，做到这一点至关重要。我们需要确保我们的促销价格一致，且不会高于市场的CPI。其次，我们需要确保我们能在外卖平台上获得公正的份额，这对于我们在送餐业务中的地位至关重要。
And then reminding everyone, we're more than just a pizza delivery company and there are carryout opportunities, there are sit down opportunities and so those are all part of the renowned value strategy that we've been discussing. Which then is why I'm so bullish about the future, a future where we've got 10,000 stores to build in our top 15 international markets alone and we've got these great franchise partners who have a really tremendous history together. So I just wanted to give that aspect, that opinion of our international business to start off.
最后，提醒大家，我们不仅仅是一个披萨外卖公司，外带和堂食机会同样重要，这些都是我们讨论的著名价值策略的一部分。因此，为什么我对未来充满信心——一个我们在前15个国际市场中有10000家门店可建的未来，且拥有优秀的特许经营伙伴，他们有着悠久的合作历史。我只是想从这个角度表达一下我们对国际业务的看法。
Operator 操作员
Thank you. And our next question comes from the line of David Palmer from Evercore ISI. Your question, please.
谢谢。我们的下一个问题来自 Evercore ISI 的 David Palmer。请提问。
David Palmer
Thanks, guys. I want to ask about the fourth quarter, and really I'm asking about the fourth quarter, but I really have my eye on the general question of your confidence and ability to drive same store sales, excluding these third-party marketing. It looks like your guidance implies 3% US same store sales growth in the fourth quarter. Maybe you can confirm that that's roughly true. And I know people are going to be curious about your confidence in driving that same store to -- that sort of same store sales growth. And just to level set, people see the 3 points tougher comparison on a one-year basis. Obviously, Loyalty launched last year, Emergency Pizza, and I think people are also looking at data, whatever third-party data that they see out there that speaks to a slower start to the quarter. So you clearly feel like you have some growth drivers ahead, so I wanted to get your feeling about that. Thank you.
谢谢，大家好。我想问一下关于第四季度的问题，实际上我的问题主要是关于第四季度，但我更关心的是你们是否有信心并且能够推动同店销售增长，排除第三方营销的影响。看起来你们的指导大致暗示第四季度美国同店销售增长为3%。你能确认这大致是正确的吗？我知道大家都会好奇你们是否有信心推动这种同店销售增长。为了做一些基础设定，大家看到的是比较困难的基数增长，显然去年启动了忠诚度计划和Emergency Pizza，我还看到一些数据，包括第三方的数据，显示第四季度的开局比较慢。所以你们显然认为未来还有增长驱动因素，我希望能了解一下你们对此的看法，谢谢。
Russell Weiner
Thanks, David. I can tell you, I am so excited about what we are doing for Q4. All you can do is control what you can control. And when I think about our lineup for Q4, it's one of the strongest quarters of marketing since I've been here. You talked about Emergency Pizza. We've got Emergency Pizza 2.0 coming back. We've got the pasta launch. Loyalty is just getting started into its second year. We had a boost. We've got so many things going on here. And that's all you can do is you can lean in with all your marketing programs and with your franchisees. And like I said, I cannot imagine having a better quarter of -- or a better lineup in a quarter than we have right now.
谢谢，David。我可以告诉你，我对第四季度非常兴奋。我们能做的就是控制我们能够控制的。当我想到第四季度的计划时，这是我在这里这么久以来最强的营销季度之一。你提到了Emergency Pizza，我们还会推出Emergency Pizza 2.0。我们还有意大利面新品发布，忠诚度计划也刚刚进入第二年，我们还有提升活动。这里有这么多的事情在进行，这就是我们能做的所有事情，我们与所有营销项目以及特许经营商一起，全力以赴。就像我说的，我无法想象比现在更好的季度计划了。
Sandeep Reddy
And I think, David, I'm just going to add on to that, because I think you asked a question on the full year guide for same store sales. As Russell talked about in the prepared remarks, yes, we expect to do on a full year basis 3% or more, and that's specifically what we're talking about. And we aren't talking specifically to Q4. All the initiatives that Russell just mentioned are definitely going to be drivers, and we're really confident in this not just for this year, but across the next five years with the five-year plan. That's why we're reiterating that we're expecting to be 3% or more over Hungry for MORE.
David，我想我再补充一点，因为你问了关于全年同店销售的指导问题。正如Russell在准备的发言中提到的，是的，我们预计全年会有3%或更高的增长，这就是我们正在讨论的内容。我们并没有专门提到第四季度。正如Russell刚才提到的所有举措，肯定会是推动增长的因素，我们对这些举措充满信心，不仅是今年，也包括未来五年的五年计划。这就是为什么我们重申，我们预计在“Hungry for MORE”策略下，3%或更高的增长是可实现的。
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
Thanks. Good morning. Your Uber sales mix grew to 2.7% this quarter, which is very encouraging. It seems like you're on track with your original projections. And I know you have not made a firm decision on DoorDash yet, or at least publicly made a decision, but it does appear it's a matter of if not when. That's what you guys have said. And the question is, do you believe DoorDash has the characteristics and the ability to be a stronger mix than Uber?
谢谢。早上好。您本季度的 Uber 销售组合增长到 2.7%，这非常令人鼓舞。看起来您与最初的预测一致。我知道您尚未对 DoorDash 做出明确决定，或者至少尚未公开做出决定，但似乎这是一个时间问题。你们是这么说的。问题是，您是否认为 DoorDash 具备比 Uber 更强的组合特征和能力？
And number two, is the launch of DoorDash contemplated at all in your 2025 outlook?
第二，您在 2025 年的展望中是否考虑过 DoorDash 的推出？
Russell Weiner
Yes. Thanks, Brian. As we've said on prior calls, the $1 billion that we think is out there for us contemplates us being on all aggregators, and so that's absolutely on our future. The Uber exclusivity, it's our decision at the end of Q1 what we'd like to do there. You're right though on DoorDash. DoorDash is bigger than Uber, so that would certainly be an incremental and most likely more significant impact on our business than Uber, but we'll take one step at a time. I'm just excited that we've essentially achieved our goal of the 3%. That's our fair share, and our goal remains to exit the year at 3%.
是的，谢谢，Brian。正如我们在之前的电话会议中所说的，我们认为1亿美元的收入目标意味着我们要与所有的聚合平台合作，这显然是我们未来的计划。至于Uber的排他性问题，我们会在第一季度结束时决定我们的选择。你说得对，DoorDash比Uber更大，所以它肯定会对我们的业务产生更多的增量影响，并且可能会比Uber带来更显著的影响，但我们会一步步来。我很高兴我们基本上已经达到了3%的目标。这是我们应得的份额，我们的目标仍然是年底达到3%。
Operator 操作员
Thank you. And our next question comes from the line of Dennis Geiger from UBS. Your question please.
谢谢。接下来的问题来自瑞银的 Dennis Geiger。请提问。
Dennis Geiger
Great. Thanks, guys. I want to ask a little bit more on the 2025 guide, specific to the US where it sounds like not a whole lot has changed, and it's really more that international business that has tweaked the 2025 guide. Russell, you just mentioned a bunch of initiatives that you have for 4Q. Can you touch on those some for 2025? I guess you just touched on third party. But I guess thinking about some of those other drivers, loyalty, which I think you have said is a multi-year driver, as well as just high level thinking about marketing and new products next year, any color you can give there specific to the US? Thank you.
谢谢，大家好。我想多问一下关于2025年指导的问题，特别是关于美国的部分，听起来美国的部分变化不大，主要是国际业务的调整影响了2025年的指导。Russell，你刚才提到了第四季度的一些举措，能不能谈一下2025年的一些计划？我知道你刚才提到了第三方平台的影响，但我还想了解一下其他的一些驱动因素，比如忠诚度计划，我记得你说过这是一个多年的驱动力，另外就是高层次的关于市场营销和新产品的思考，关于美国市场的具体计划能提供什么样的见解吗？谢谢。
Russell Weiner
Yes, thanks. I mean, obviously I can't go into -- for competitive reasons, I'm not going to go into the specifics, but I guess what I would do is, I'd point you to our Hungry for MORE strategy, which is really the -- kind of the roadmap. And so, we're going to be leaning into renowned value with programs we certainly have in our pocket like, Emergency Pizza, more [inflation] (ph), all those kinds of things can come back, carry out tips if we wanted to. But we also have a really creative team that's inspired by Hungry for MORE and I'm sure they're -- they've got a bunch of other things in their pocket.
是的，谢谢。显然出于竞争原因，我不能详细讲解具体的计划，但我想我可以向你们指引我们“Hungry for MORE”战略，这实际上是我们的路线图。所以，我们会继续推进著名价值的计划，我们肯定会继续执行一些已经在我们手中的项目，比如“紧急披萨”，更多的“MOREflation”之类的活动，这些都可以重新推出，当然如果我们愿意，也可以继续强化外卖服务等。我们还有一支非常有创意的团队，他们从“Hungry for MORE”战略中得到灵感，我相信他们还会有其他一些新的创意。
On products, we talk about having two new products every year, so you should expect that. I think -- I understand why there's the desire to talk about specific programs for next year, but I guess what I would just do is just think about the track record of this team, especially since Hungry for MORE came out, and the roadmap is going to be pretty similar as far as the M, the O, and the R to where it was this year.
在产品方面，我们每年都会推出两个新产品，你应该期待这一点。我明白大家对明年具体的计划充满好奇，但我想我只能告诉你们，特别是自“Hungry for MORE”战略发布以来，团队的表现是非常出色的，我们的路线图会与今年类似，特别是在M（市场）、O（产品）和R（客户关系）方面。
Operator 操作员
Thank you. And our next question comes from John Ivankoe from JPMorgan. Your question please.
谢谢。我们的下一个问题来自摩根大通的 John Ivankoe。请问您的问题。
John Ivankoe
Hi. The question is on US unit development. And I do want to ask this context in terms of a slower overall delivery business, the majority of new US stores would open in existing delivery trade areas. So is there any kind of rethinking or maybe repositioning from previous US unit development expectations, especially in 2025. I think the average number was something like 170 or so per year, correct me on that, that's not the true number, but around 170 units per so, is that the number that we should still be kind of thinking about on a year to year to year basis going forward.
你好。我的问题是关于美国门店发展的。我想从整体送餐业务放缓的背景下提问，美国大多数新门店将开设在现有的送餐服务区域。那么，对于美国门店发展预期，特别是2025年的预期，是否有重新思考或者重新定位的调整？我记得平均每年大概是170家新店对吧？如果我没记错的话，这个数字是否仍然是我们未来几年应该考虑的年度新开门店数量？
Sandeep Reddy
Yes, John, I think we talked about 175 to be precise on the US unit development and I think we're committed to that plan. I mean, we continue to go for the 175. And I think you're right about the delivery was this carryout business and kind of like how that informs the location decisions. But I think Russell is going to add a bit more on that.
是的，John，我们之前谈到的是175家美国新店开发，实际上我们对这个计划是很有信心的。我们仍然在致力于这个目标，我认为你说的没错，送餐业务的放缓确实会影响我们的一些位置选择，尤其是外卖业务方面。但我认为Russell可能会补充更多关于这一点的内容。
Russell Weiner
Yes, John. Hi. Store growth is a critical part to us gaining share. I talked about the first three months -- I'm sorry, first three quarters of this year, essentially us being up 3 times the category in the US. You know what our same store sales are. That means for us to be growing that high, we're getting significant contributions from new stores. And that's a key part of our strategy. When we open up a new store, a significant part of that volume is incremental on the carryout side, especially when we split a store. And then that new store helps us get more efficient on the delivery business. So new stores are absolutely positively part of our overall share growth plan, and I love the progress we're making.
是的，John，您好。门店增长对我们赢得市场份额至关重要。正如我在之前提到的，今年前三个季度，我们在美国的增长是整个行业的三倍。你也知道我们同店销售的表现，这意味着为了实现如此高的增长，新门店贡献了非常重要的一部分，这是我们战略的关键。当我们开设新门店时，尤其是在将店铺分开时，外卖业务的增长贡献非常大。此外，这些新店帮助我们提升送餐效率。因此，新门店肯定是我们整体市场份额增长计划的重要组成部分，我对我们取得的进展感到非常满意。
Operator 操作员
Thank you. And our next question comes from the line of 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
Great, Thanks. I was hoping you could elaborate a little bit on the weakness you saw by income cohorts, maybe more specifically on the lower income guests. And then just when you think about Emergency Pizza last year, can you just talk about how that resonated with different income cohorts, just so we have an idea how we trend going into 4Q? Thank you.
谢谢。我希望你能详细讲讲你们在不同收入群体中看到的疲软，尤其是低收入顾客。然后，考虑到去年“紧急比萨”活动的表现，能否谈一下这个活动在不同收入群体中的反响如何？这样我们可以了解你们在第四季度的趋势。谢谢。
Russell Weiner
Yes, Peter. We had another great quarter of not only same store sales growth, but order count growth. Where we saw maybe a little softness was with lower income customers on the delivery side. So just to help give some color there. On Emergency Pizza, you're right, Emergency Pizza 2.0 has some big shoes to fill. But what I'd say is, I've seen the program and if we have big shoes to fill, the program has big feet, maybe with a little bit nail polish on it as well. And so you're going to be more exposed to that, but we're excited about how we're going to lap, I think, one of the better programs in our history.
是的，Peter。我们又度过了一个很好的季度，不仅同店销售增长，而且订单量也在增长。我们看到的疲软主要集中在低收入顾客的送餐业务上。为了更清楚地说明这一点，关于“紧急比萨”活动，你说得对，“紧急比萨2.0”确实肩负着很大的使命。但我想说的是，我已经看过这个项目，如果我们说它有大使命，那么这个项目本身也有大目标，可能还会有一些指甲油。你将会看到更多的曝光度，但我们对如何超越这个活动充满期待，我认为它可能是我们历史上最成功的活动之一。
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
Great. Thank you. Just, I guess, one clarification on a question. The clarification is just on the lower income consumer. I'm trying to understand if things got worse from an aggregate spending perspective or if it's just there's more competition and maybe from other categories pursuing that consumer. And then the real question is this, if I look at the US and like your retail sales growth over the last, call it decade, it's been sort of like $600 million a year in growth. And trying to understand how to think about that in the context of market share and a slower growing category, kind of 2% as you said or less than 2%, you're growing 6%. Should I be thinking about this as like kind of dollar increases every year or is there a reason to think you can accelerate those dollar share gains so that you maintain kind of the market share gain growth that you've seen over time? I know there's a lot in there, but as your store base gets bigger it's just it's harder to sort of grow at that same pace, given the slower growth industry. Thank you.
谢谢你。我想就一个问题做一点澄清。我的问题是关于低收入消费者的。我想了解一下，是不是整体消费情况变差了，还是说更多的是竞争加剧，可能其他类别在争夺这一部分消费者？然后真正的问题是这样的，如果我看一下美国市场，比如过去十年你们的零售销售增长大概是每年6亿美元，我想理解的是在市场份额和增速较慢的市场中（你们提到增长低于2%），你们的6%的增长，应该怎么理解？是应该把它看作每年的美元增长吗？还是说你们认为你们能够加速市场份额的增长，以保持过去的市场份额增长？我知道这里有很多内容，但随着你们的门店基数越来越大，在增速较慢的行业中，保持同样的增速是不是会更困难？谢谢。
Russell Weiner
I think there -- what I'll do is, I'll take the first question and maybe have Sandeep lean in on the second one. I think on the lower income customer we're going to have to continue to watch, but my guess is, it's a little bit about both of what you talked about. It's going to be softness on spending. We see what's happening with credit card debt and payments are taking a little bit longer to go through. But we also saw more competitive activity, particularly in August. And I think it was both external and internal. So in August, we saw really through two of our competitors, major competitors, one of them had free delivery. The other one did their version of our Emergency Pizza, obviously qualitatively my preferences for ours. But those were two really good value promotions.
我来回答第一个问题，然后也许Sandeep可以补充第二个问题。关于低收入消费者，我认为这可能是你提到的两个方面的结合。消费的疲软是其中的一部分，我们看到信用卡债务和支付时间变长了。但是，我们也看到竞争加剧，特别是在8月。外部和内部竞争都有一些影响。在8月，我们看到两家主要竞争对手推出了免费送餐和他们的“紧急比萨”活动，尽管我更偏向于我们自己的活动，但这些都是非常有价值的促销活动。
Now at the same time, and I know this wasn't part of your question, but I think it's important to explain to everyone on the call, in August we did what we intended to do, which was -- actually we went with a quality message. You remember the [Simon Cowell] (ph) spot that we put on there. And we wanted that quality message for a couple of reasons. One, with Hungry for MORE, in order to deliver on our promise on the M, which is that we're going to have the most delicious food, we have to continue to beat the best, which is us, in operations. And so you'll remember last year we had Summer of Service. This year we've got three product sprints. And so the intent of that ad in August was not only to tell consumers, you know what, we've changed our stores, we've got these quality captains here now to make sure the product is great before it goes in the oven. But it was also the bar was raised for our franchisees. We let them know last year, hey, when we're all done with this training, we're going to go on and we're going to make a promise to customers. And I think that was a little bit added motivation.
现在同时，我知道这不是你问题的一部分，但我认为向电话会议上的每个人解释这一点很重要，八月份我们做了我们打算做的事情，那就是——实际上我们传达了一个质量信息。你记得我们放在那里的[Simon Cowell] (ph) 广告。我们想要传达这个质量信息有几个原因。首先，为了实现我们在 M 上的承诺，即我们将拥有最美味的食物，我们必须在运营中继续超越最好的自己。所以你会记得去年我们有服务之夏。今年我们有三个产品冲刺。因此，八月份广告的目的是不仅告诉消费者，你知道吗，我们改变了我们的商店，我们现在有这些质量队长来确保产品在进入烤箱之前是优秀的。但这也是对我们的特许经营商提高了标准。我们去年告诉他们，嘿，当我们完成这次培训后，我们将继续并向客户做出承诺。我认为这增加了一点动力。
So in August, what you saw is steps of competitive activity. We went a little bit more towards product quality, but then we very quickly, after about three, four weeks, went into more inflation back to value.
所以，在8月，我们看到的是竞争活动的步伐。我们选择了专注于产品质量，但在大约三到四周后，我们很快又回到价值方面的“通货膨胀”促销活动上。
Sandeep Reddy
Yes. And so, I think, Sara, I'm going to just add on the second question that you had on the assumptions in Hungry for MORE. So let's go back to what Russell talked about in the prepared remarks. We are on track for Hungry for MORE. Everything we talked about in December for the US business is very much on track. And what is that? We talked about 3% same store sales annually, which we have again reiterated on this call. We talked about 175 stores annually, which we're again saying is there. You take the math of that, that's roughly mid-single digits growth annually, that's embedded in that. And we talk about a category that's growing 2% that implies significant market share annually. If you run the math based on these assumptions versus let's say a 2% or less category growth, you will see that the rate at which we are going to be increasing market share calibrates very much to what we achieved 2015 to 2023 as you look forward into Hungry for MORE. That is our plan. That's what we're going to be doing.
是的。所以，我想，萨拉，我将补充你关于《Hungry for MORE》中假设的第二个问题。让我们回到拉塞尔在准备好的发言中谈到的内容。我们在《Hungry for MORE》方面进展顺利。我们在 12 月谈到的美国业务一切都在正轨上。那是什么呢？我们谈到了每年 3%的同店销售额增长，我们在这次电话会议上再次重申了这一点。我们谈到了每年 175 家店，我们再次确认这一点。你计算一下，这大约是每年中个位数的增长，这已经包含在其中。我们谈到一个增长 2%的类别，这意味着每年显著的市场份额。如果你根据这些假设进行计算，比如说一个增长 2%或更少的类别，你会看到我们增加市场份额的速度非常符合我们在 2015 年至 2023 年间所取得的成就，展望《Hungry for MORE》。这就是我们的计划。这就是我们要做的。
Russell Weiner
Yes, I agree. Just maybe there's a little bit more context on the category. I think this is achievable not only because of our track record and the programs we have and the franchisees we have, but it's also part and parcel to how the category is made up. So you know, when you think about all the share we've been gaining, we're still slightly south of one in four pizzas delivered in the US. When you think of other categories, the dominant number one player is potentially twice that size and I think we have every right to be there. And then you think, well, about half of the competition in pizza are the independents and some of the regional brands that don't have the marketing budgets we have. They don't have the supply chain efficiencies we have. And so, I think the past, but also the composition of the present, gives us a really nice sense of what the future can look like from a market share perspective.
是的，我同意。关于行业的更多背景，我认为这是可实现的，除了因为我们的业绩和现有的计划外，这也与行业的构成有关。比如说，当你考虑到我们所获得的所有市场份额时，我们仍然稍微低于美国所有比萨送餐市场的四分之一市场份额。与其他类别相比，第一大玩家可能会占有两倍于我们的份额，我认为我们完全有理由去实现这一目标。另外，大约一半的比萨市场是由独立店和一些区域品牌主导，这些品牌没有我们这样的营销预算，也没有我们那样的供应链效率。所以，过去的成绩，加上现在市场的组成，给了我们一个非常好的前景，预示着未来在市场份额方面我们可以取得更多的突破。
Operator 操作员
Thank you. And our next question comes from the line of Gregory Francfort from Guggenheim. Your question, please.
谢谢。接下来的问题来自 Guggenheim 的 Gregory Francfort。请提问。
Gregory Francfort
Hey, thanks for the question. Just to move from 7% retail sales growth with 8% operating profit growth to 6% and 8%, maybe can you talk about where you're finding cost efficiencies? I mean, do you expect more out of the supply chain? Do you expect more out of G&A? And maybe what are you looking at for G&A controls? Thanks, appreciate it.
谢谢你的问题。关于从7%的零售销售增长和8%的营业利润增长调整到6%和8%的变化，能否谈谈你们在哪里找到了成本效率？你们是否期待更多的供应链效率？是否期待更多的管理和行政费用控制？如果有的话，管理和行政费用控制方面有什么具体措施？谢谢，我很感激。
Sandeep Reddy
Thanks, Greg, for the question. Look, I mean, I think when we look at the business and everything we talked about in the remarks earlier, the US business is very much on track. And I think if we look into what's actually happened from a performance perspective, that's actually a significant part of our profit that Russell talked about earlier. And so, where we have seen softness in relative terms is both international business, which obviously is going to have a profit impact, but we've done a lot already during the course of the year to find procurement productivity and supply chain, which we talked about through the first three quarters. And I think as we move into the fourth quarter, we're still very focused on making those critical investments.
谢谢，Greg，感谢你的提问。看，我的意思是，我认为当我们看业务以及我们在早些时候的讲话中谈到的一切时，美国业务非常顺利。我认为如果我们从业绩的角度来看实际发生的事情，那实际上是我们利润的一个重要部分，正如 Russell 早些时候所说的。因此，我们在相对而言看到疲软的地方是国际业务，这显然会对利润产生影响，但我们在今年已经做了很多工作来寻找采购生产力和供应链，这些我们在前三个季度中谈到过。我认为随着我们进入第四季度，我们仍然非常专注于进行这些关键投资。
So we talked about consumer spending, store technology -- sorry, consumer technology, store technology, and capacity investments. All those three buckets are going to be priorities for us, but within that, some may be more urgent from a timing perspective, some may be less urgent. So we're just adjusting our phasing a little bit, and we have levers to pull that we actually have not only pulled in 2024, but also expect to continue pulling in 2025 and that's why we feel very confident that we get to the 8% with the expectation that we have on retail sales in 2025 as well.
因此，我们讨论了消费者支出、商店技术——抱歉，消费者技术、商店技术和产能投资。这三个方面都是我们的优先事项，但其中一些可能从时间上看更为紧迫，一些可能不那么紧迫。因此，我们只是稍微调整了我们的阶段性计划，我们有一些杠杆可以使用，不仅在 2024 年使用，而且预计在 2025 年继续使用，这就是为什么我们对 2025 年零售销售达到 8%的预期非常有信心。
Operator 操作员
Thank you. And our next question comes to the line of Jon Tower from Citi. Your question please.
谢谢。接下来的问题来自花旗银行的 Jon Tower。请提问。
Jon Tower
Great. Thanks for taking the question. I was just curious, it looks as if at the current moment consumers are really pivoting aggressively to deal activity within the category and broadly across limited service. And I'm just curious, you mentioned earlier in the US that the category is growing at about 2% or so, and you're growing your retail sales north of 6%. And I was wondering if you could comment on the category and specifically Domino's pricing power over the long term and how you're thinking about that trickling into that 3% annual comp number that you outlined?
谢谢你接受我的问题。我很好奇，目前消费者似乎正积极转向促销活动，尤其是在限时服务类别中。你之前提到美国市场的这一类增长大约是2%左右，而你们的零售销售增长超过了6%。我想了解一下，你能否谈谈这个行业的情况，特别是Domino's在长期内的定价能力，以及你们如何看待这些因素如何影响你们年均3%的同店销售增长目标？
Russell Weiner
Yes, Jon, that's a great question. And I think really speaks to our ability to continue to do what we're doing. If you think about having to lean into value, what do you want to make sure you've got? You've got a system with capacity in advertising to get the word out there, right? Because if there's a little bit of a squeeze in store margin, well, the way to make that up is through volume. The way to drive volume is through great advertising. You're going to want to have a great supply chain and make sure that when everyone else is trying to deal the same way, look, I'll be frank [indiscernible] if you look at the competitors' marketing, it's very similar to our marketing, which, I guess it's the serious form of flattery is what they say. But I know our budget is bigger than them from a marketing perspective. I know our supply chain has got fantastic efficiencies on food costs.
是的，Jon，这是个很好的问题，我认为这实际上体现了我们继续做我们目前所做事情的能力。如果你考虑到必须倾向于价值，你要确保你有一个能够传播广告的系统，对吧？因为如果店面利润有些压缩，弥补这个的方式就是通过增加销量。推动销量的方式就是通过出色的广告宣传。你还需要有一个优秀的供应链，确保在其他人都在做同样的促销时，我们的预算要比他们大得多，从广告角度来看。我们的供应链在食品成本上也具有非常好的效率。
And most importantly, our franchisees are a really good place from a profit perspective. We ended last year at 162. We're continuing to drive that. And so if you're going to have to lean into value, you want to have the biggest voice, you want to have the best food basket, and you want to have economics that's sustainable through these times, and I think we've got that.
最重要的是，我们的加盟商在利润方面处于一个非常好的位置。我们去年末达到了162,000美元，我们还在继续推动这个数字。所以，如果你必须侧重于价值，你要拥有最响亮的声音，最好的产品组合，并且要有在这些时刻可持续的经济效益，而我认为我们已经具备了这些条件。
Sandeep Reddy
And Jon, I'm just going to add something, which I think we talked about on previous calls, but I think the question had come up on pricing and what are we doing about pricing. I think what's been incredible about the journey from 2023 to 2024 has been exceptionally smart pricing. 2023 was all about getting the flow through back, after 2022 was very tough year, but 2024, the best pricing we did was almost no pricing, which is inclusive of California, we're at 1.6% in the quarter. This is why we're winning on value, and this is why we'll continue to win on value because not just is it what we've done, this is our intention to be highly disciplined on pricing as we go forward into the rest of Hungry for MORE.
Jon，我还想补充一点，我们在之前的电话会议上谈到过这个问题，但我认为关于定价的问题已经提出。我认为2023年到2024年的旅程中，最令人印象深刻的部分是我们非常聪明的定价策略。2023年我们做了很多工作，恢复了之前的销售流量，因为2022年是非常困难的一年，但2024年我们做得最好的定价几乎是没有调整价格，这其中包括了加利福尼亚的1.6%的增长。这就是我们为什么在价值上获胜的原因，这也是为什么我们会继续在价值上获胜，因为不仅仅是我们过去做的这些，这是我们继续推进《Hungry for MORE》战略时非常严格的定价意图。
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
Good morning. I have a question and a quick clarification. So, expanding on a previous question, bearing any brand specific leaders that you're deploying to gain market share, why do you think that in a decelerating macro environment the pizza category wouldn't be as resilient despite the fact that it's considered the cheapest product per category? So, in other words, why is the category not growing relevance in the low-income consumer because of and not in spite of the macro challenges?
早上好。我有一个问题和一个简单的澄清。之前的问题有所扩展，除了你们用来获取市场份额的品牌特定领导策略，为什么在宏观经济环境放缓的情况下，披萨类别不会像其他类别那样具有韧性，尽管它被认为是每类产品中最便宜的？换句话说，为什么这个类别在低收入消费者中不会因宏观挑战而变得更加相关，而不是相反？
Sandeep Reddy
Yes. So I think, Danilo, what we're seeing is the low-income customer definitely has been impacted by the accumulation of all the pricing that's been taken across multiple years, as we've come out the last couple of years at least. What we are seeing is, we continue to win, but I think we definitely are winning clearly in the carryout business, where our value is very, very compelling. We're definitely winning in 3P, because we've been newly entered over there, and as Russell said, it's a different consumer, a different income cohort potentially where we see good incrementality.
是的，Danilo，我认为我们看到的情况是，低收入消费者确实受到了近年来多次加价的影响，尤其是在过去几年我们经历了价格上涨之后。我们看到的是，我们继续在赢得市场，但我认为我们明确地在外卖业务中获胜，在这个领域我们的价值主张非常有吸引力。我们在第三方平台（3P）上也在获胜，因为我们是新进入这个领域，正如Russell所说，这是一个不同的消费者群体，可能是低收入群体，我们在那里看到了良好的增量。
What happens with the 1P customer is, you will see some impact when this general pricing levels get high to compress 1P in general. And I think that's one thing we saw in early 2023. We are seeing some of it right now as well. And we acknowledge it, but I think over time, as long as we stay to our principles of continuing to price very well for value to those customers, they will come back and we need to keep focusing on that.
当涉及到第一方（1P）客户时，我们确实看到，当整体定价水平升高时，第一方的需求会受到压缩。这是我们在2023年初看到的现象，我们现在也看到了类似的情况。我们承认这一点，但我认为随着时间的推移，只要我们继续坚持为这些客户提供非常有价值的定价，他们最终会回归，我们需要继续专注于这一点。
Russell Weiner
Yes, Danilo, I'll just add to that. I think our category does respond to value. I just talked about how in August there was a lot of value and we saw consumers lean into it. I think what we're able to do that other folks can't do in the category is sustain that value. And our ability to sustain that value is why we're significantly outgrowing the category.
是的，Danilo，我再补充一点。我认为我们的类别确实响应于价值。我刚才提到，8月的时候有很多价值活动，消费者确实倾向于选择这些促销。我认为我们能够做到的是其他竞争者做不到的——我们能够持续提供这种价值。正是我们能够持续提供的价值，使得我们在类别中显著地跑赢了竞争对手。
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
Yes, thank you so much. So, I wanted to double-click on the international markets. I think you mentioned Asia, Europe, and Middle East as pressure points, but I was wondering if you were able to provide a little bit more color on the same store sales growth slow down. So any particular markets that have dragged on overall growth, and how do you expect the trajectory to evolve in the next few quarters?
是的，非常感谢。我想更深入了解一下国际市场。我记得你提到过亚洲、欧洲和中东是压力点，但我想知道你能否提供更多关于同店销售增长放缓的详细信息？是否有特别的市场拖累了整体增长？你预计未来几个季度这一趋势如何发展？
And just on unit growth, outside of what is happening at DPE, is it fair to say that you're seeing mostly inline trends versus your expectations earlier? Thank you so much.
另外，关于门店增长，除了DPE的情况外，是否可以说，整体趋势与你们之前的预期大致一致？非常感谢。
Sandeep Reddy
Thanks for the question, Christine. So, look, I think with same-store sales in the third quarter, as we said earlier in the comments, it was really a slowdown that happened starting in August. And I think we saw just macro pressures in Europe and Asia in particular that we actually called out. We're not going to get into specific market by market trends because so many of our markets are public masters where they're going to have their own disclosures later, but overall, across these regions, that's what we saw.
感谢你的问题，Christine。首先，我想说，在第三季度的同店销售中，正如我们在之前的评论中提到的，放缓的趋势从8月开始。我们特别看到了欧洲和亚洲的宏观经济压力，这一点我们确实已经提到过。我们不会深入讨论具体市场的趋势，因为很多市场是公开的特许经营商，它们稍后会发布各自的财务数据，但整体而言，我们看到的就是这种情况。
And what I will say is, from an expectation standpoint, Russell talked about in the prepared remarks, we're just resetting our expectations for the next 15 months essentially, to say 1% to 2% same store sales growth, because we don't see this macro environment necessarily ameliorating in a very rapid pace. And so that's kind of what's built into our expectations when we talk about lower retail sales growth as well.
关于预期方面，Russell在准备的发言中提到过，我们已经将未来15个月的预期重新设定为同店销售增长1%到2%，因为我们认为宏观环境不会在短期内迅速好转。所以，这就是我们在谈到零售销售增长放缓时所考虑的背景。
So, coming to your second question on unit growth, look, I think for the -- we talked on the last call about the adjustments and net store guidance being primarily DPE. Essentially, the story hasn't changed. So, I think ex DPE, the story is not that much different. And I think really when you think about our overall guidance, DPE is the primary driver.
至于你第二个问题关于门店增长的部分，我认为在上一通电话中我们提到过的调整和净门店预期，主要是DPE的因素。基本上，故事并没有变化。因此，除去DPE，整体情况并没有太大不同。我认为，当你考虑我们的总体预期时，DPE是主要的驱动因素。
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。接下来的问题来自 Stifel 的 Chris O'Cull。请提问。
Chris O'Cull
Yes, thanks. Good morning, guys. I had a follow-up on the 2025 outlook. The full-year comp guide for this year seems to imply flat-ish comps in the fourth quarter, but I believe you mentioned targeting 3% comps for next year. So, I'm just curious, what gives you confidence that comps could accelerate in 2025 from the current trend or what you're currently targeting?
是的，谢谢，大家早上好。我有一个关于2025年展望的后续问题。今年的全年同店销售指引似乎意味着第四季度的同店销售将持平，但我记得你们提到过明年目标是3%的同店销售增长。所以，我很好奇，是什么让你们对2025年同店销售能从当前的趋势加速增长或实现你们当前的目标充满信心？
Sandeep Reddy
Yes, so just a clarification before I get into 2025, Chris. We are saying 3% or more on a full year basis for 2024. And so, we aren't being specific on what that means for Q4. Russell gave you this Freedom initiative that we got lined up. The decks are stacked. I mean, we've got every week spoken for, and I think there's a ton of initiatives that we've got going on. And I think to Russell's point on the fourth quarter, our marketing team is already working on 2025. We can't get into very much of the specifics on exactly what all those things are, but we will have an amazing slate of initiatives in 2025. And all that's embedded in the expectations of same stores sales that we have for next year.
是的，所以在我进入 2025 年之前先澄清一下，Chris。我们说的是 2024 年全年 3%或更多。因此，我们并没有具体说明这对第四季度意味着什么。Russell 给你介绍了我们安排好的这个 Freedom 计划。计划已经排满了。我的意思是，我们每周都有安排，我认为我们有很多正在进行的计划。我认为就 Russell 对第四季度的观点而言，我们的营销团队已经在为 2025 年做准备。我们不能详细说明所有这些事情的具体内容，但我们将在 2025 年有一个令人惊叹的计划。这一切都包含在我们对明年同店销售的预期中。
Operator 操作员
Thank you. And our next question comes from the line of Jim Salera from Stephens. Your question, please.
谢谢。接下来的问题来自 Stephens 的 Jim Salera。请提问。
Jim Salera
Yes. Thanks for taking our question. I wanted to drill down maybe a little bit on -- we talked a lot about the low-income consumer and some of the competitive QSR values that have been in the channel. But anything you can talk about from grocery, we've seen some increase in promo from kind of like frozen pizza and grocery pizza. Just any comments on how that might pull people with the lower income and anything you can think about to kind of retain those consumers?
是的，谢谢你们接受我们的提问。我想更深入地探讨一下——我们谈了很多关于低收入消费者以及一些竞争对手在快速服务餐饮行业的促销活动。但能否谈谈关于杂货店方面的情况？我们看到冷冻披萨和超市披萨的促销活动有所增加。你们能否评论一下这种促销是否会吸引低收入消费者，以及你们有什么办法来保持这些消费者？
Russell Weiner
Yes, Jim, I can tell you even when we were seeing some of the macro headwinds back kind of post-COVID against that segment, there really wasn't a lot of interaction with frozen pizza. I think what happens is, at least on the delivery side, a customer will just opt to eat at home, but it has nothing to do really with a frozen pizza promotion. It may be cheaper for them to make the meal at home.
是的，Jim，我可以告诉你，即使在后疫情时期，我们看到一些宏观经济压力影响到那个群体时，实际上冷冻披萨的互动并不多。我认为发生的情况是，至少在外卖方面，顾客会选择在家吃饭，但这实际上与冷冻披萨促销没有太大关系。可能他们觉得在家做饭更便宜。
Operator 操作员
Thank you. And our next question comes from the line of Logan Reich from RBC Capital Markets. Your question, please.
谢谢。我们的下一个问题来自 RBC 资本市场的 Logan Reich。请提问。
Logan Reich
Hey, good morning. Thanks for taking the question. Just had a quick follow up on the 2025 outlook. Is there any sort of assumption on the consumer either improving or maybe just stabilizing into 2025? Or is there sort of expectation that the softness could continue to get worse? I just sort of wanted to get your sense on expectations on the consumer and underlying operating environment in the U.S. for the 2025 guide.
嗨，早上好。感谢您提出问题。只是想快速跟进一下 2025 年的展望。对于消费者在 2025 年是否会有所改善或只是稳定下来，有没有什么假设？或者是否有预期认为疲软可能会继续恶化？我只是想了解一下您对 2025 年美国消费者和基本运营环境的期望。
Russell Weiner
Yes, I'll tell you, we really always are leaning in to all the pillars of the Hungry for MORE strategy, no matter what the consumer environment is, because sometimes it's predictable, sometimes it's not predictable. And so, yes, that's what you should expect from us the rest of this year and through next year.
是的，我告诉你，不论消费者环境如何，我们始终都会全力推动“Hungry for MORE”战略的各个支柱，因为有时候消费趋势是可预测的，有时候则不然。所以，是的，你应该预期我们会在今年剩下的时间以及明年继续如此执行。
Operator 操作员
Thank you. Our next question comes from the line of Alexander Slagle from Jefferies. Your question, please.
谢谢。我们的下一个问题来自 Jefferies 的 Alexander Slagle。请问您的问题。
Alexander Slagle
Hey, thanks. Just on delivery, just with the transactions seemingly turning negative and all the headwinds you're facing there in the first party channel, does this alter your view on where you really want to put your focus, where you're getting the biggest return and share gain? And does it make more sense to really expand the carryout share gains and growth that you're seeing there, even if first party delivery does continue to get weaker?
你好，谢谢。关于外卖，鉴于交易量似乎转为负增长，并且你们在第一方渠道面临诸多挑战，这是否会改变你们对重点关注领域的看法？你们是否更倾向于扩展外带的市场份额和增长，即使第一方外卖继续走弱？
Russell Weiner
Well, part of our Hungry for MORE strategy was to compete in the full delivery segment, right? We don't do that, or we didn't do that a couple years ago. And so now that we're competing in that area, I really, I kind of look more globally at how are we doing in delivery, First Channel and Uber and about to be others kind of moving forward. But you're right too is no matter how delivery is doing, we're going to be leaning into carryout. Carryout is bigger than delivery for pizza in States. And so, it would make no sense, especially when every other concept seems to be coming towards delivery. Us really leaning into carryout is -- there are not a lot of people doing the opposite. So we're really bullish. We've seen the results in the US. And as I said earlier, now we're taking those results and we're working with our international master franchisees because there's a lot of non-delivery volume out there, whether it's carryout or in places like China and India, sit down. We're a pizza company, and so we're going to compete in every occasion.
嗯，“Hungry for MORE”战略的一部分就是要在整个外卖领域进行竞争，对吧？几年前我们并没有在这个领域竞争。但现在我们已经在这一领域竞争了，我更关注的是我们在外卖方面的表现，包括第一方渠道、Uber，以及未来可能的其他平台。但你也对，外卖无论如何都在变化，我们还是会更加关注外带。外带在美国的比重比外卖大。因此，特别是当其他品牌似乎都在向外卖靠拢时，我们加大对外带的投入是非常有意义的，毕竟没有太多品牌在反其道而行之。所以我们对外带非常看好，我们在美国已经看到了成效。正如我之前所说，我们现在将这些成效带入国际市场，与我们的国际主特许经营商一起合作，因为在一些地区，除了外卖，外带和餐厅就餐还有很大的市场。我们是做披萨的，因此我们会在每种场合上竞争。
Operator 操作员
Thank you. Our next question comes from the line of Brian Mullan from Piper Sandler. Your question, please.
谢谢。我们的下一个问题来自 Piper Sandler 的 Brian Mullan。请问您的问题。
Brian Mullan
Hey, thank you. Just a question on the menu innovation pipeline. I just want to ask about the potential for a stuffed crust pizza product in the domestic business. If that were a product that Domino's wanted to launch one day, what are some of the operational factors considered at the store level that you'd want to see before you would be ready to launch a product like that? Definitely, do you think a product like that would be well received from a Domino's consumer? Any thoughts would be great.
嘿，谢谢你。关于菜单创新流程，我有个问题。我想问一下在国内业务中推出夹心披萨产品的可能性。如果有一天达美乐想要推出这样的产品，在门店层面需要考虑哪些运营因素，以便为推出这样的产品做好准备？你认为这样的产品会受到达美乐消费者的欢迎吗？任何想法都很好。
Russell Weiner
I think it's interesting, Brian. We're the number one pizza company in the world, and we don't have one of the most important, or sorry, one of the larger crust types. So I understand the reason for the question. And just in case you didn't know, we've got stuffed crust in Domino's markets all around the world. So it's not that we're adverse to doing it. It's just -- US got really significant volumes going through the store and operational excellence and quality is a big pillar for us. And so we've chosen so far not to do stuff crust, but that doesn't mean it's off the table. We just need to make sure that the circumstances would be right in the store.
Brian，这是个有趣的问题。我们是全球最大的披萨公司，但我们没有提供最重要的，或者说是其中一种最受欢迎的饼皮类型。所以我理解你问这个问题的原因。其实，Domino’s在全球市场都推出了酿皮披萨。所以并不是我们反对推出它。只是在美国市场，门店的销量非常大，操作效率和产品质量是我们非常重视的关键因素。因此，我们目前选择没有推出酿皮披萨，但这并不意味着它永远不可能推出。我们只是需要确保在门店条件合适的情况下再考虑推出。
Operator 操作员
Thank you. And our next question comes from a line of Jeffrey Bernstein from Barclays. Your question, please.
谢谢。接下来的问题来自巴克莱的杰弗里·伯恩斯坦。请提问。
Jeffrey Bernstein
Great. Thank you very much. I just wanted to follow up on a couple of comments you made about the international system. And I know Russell, you mentioned that you've got kind of three big initiatives that you're working with those franchisees on. Just wondering how you find you're able to influence their behavior. I mean, obviously you're in a hundred international markets, six publicly traded franchisees, just their acceptance or willingness to work with you to kind of presumably reaccelerate that comp trend? And then just to clarify, did you say anything about the 2025 unit outlook? I think you had pulled kind of the long-term component of unit growth and you had said it wouldn't necessarily apply yet in 2025. I'm just wondering whether you've said directionally whether you think 2025 should see more openings than the 800 to 850 that you've now reduced to in 2024. Thank you.
谢谢。我要跟进一些关于国际系统的评论。我知道Russell提到你们正在与这些特许经营商合作，推动三大重要举措。我想知道你们如何影响他们的行为。显然，你们在全球100多个国际市场运营，其中有六家公开上市的特许经营商，如何让他们接受或愿意与你们合作，推动同店销售增长趋势的重新加速？另外，能否澄清一下关于2025年门店增长的预期？我记得你们有减少了长期的门店增长目标，并且提到它不一定适用于2025年。我想知道是否能给出一个方向性的预期，是否2025年将比2024年的800到850家门店增长多？
Russell Weiner
Thanks, Jeff. And you know, you're right, obviously the US, we directly run these international markets. We work with those markets to influence them. And I think when you look at our US results under Hungry for MORE, essentially that started here in Q4. We started rolling out Hungry for MORE at our rally, which I think is pretty much five months ago. And so folks are already in line with their plans for the year. And one of the things they're also going to be looking at is, is this successful? And the beauty is, it is successful in the US. And that's why you're seeing markets, for example, India just talked about on their last call about how they've leaned into value specifically around their delivery fee and how that's really turned the business. I point out to Mexico who's doing a really, really good job leaning into renowned values. So, it's going to happen over time and it's going to happen because we're proving it works.
谢谢Jeff。你说得对，显然在美国，我们直接运营这些市场，而在国际市场，我们与这些市场合作来影响它们的行为。回顾我们在美国的表现，Hungry for MORE战略基本上是从Q4开始推行的，我们大约五个月前在我们的年会中就开始推出这个战略。所以，他们现在已经根据这一战略规划了这一年的计划。另一个他们会关注的点是，这个战略是否成功。而好消息是，它在美国取得了成功，这就是为什么你会看到例如印度等市场在他们的上一季度电话会议中谈到他们如何专注于价值，特别是在配送费方面，这真的改变了他们的业务。我还要提到墨西哥，他们在推崇价值方面做得非常好。所以，随着时间的推移，这些市场会逐步接受这些措施，因为我们证明了它是行得通的。
Sandeep Reddy
Yes. And this second add-on that you had, Jeff. We didn't specify a 2025 store outlook, but we'll get through Q4, come back in February, and then we'll continue to have incremental visibility at that point.
是的。还有你提到的第二个附加问题，Jeff。我们没有具体说明 2025 年的门店展望，但我们会完成第四季度的工作，二月份再回来，然后我们会在那时继续获得更多的可见性。
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。我们的下一个问题来自摩根士丹利的布莱恩·哈伯。请提问。
Brian Harbour
Yes, thanks. Good morning, guys. Could you just comment on -- is franchise store EBITDA for this year still kind of on track with your expectations And if I look at kind of corporate owns store margins, you're kind of back to nice year-over-your growth there, is that directionally consistent with what your franchisees are seeing still?
是的，谢谢。早上好，大家。你能否评论一下——今年的特许经营店 EBITDA 是否仍然符合你们的预期？如果我查看公司自营店的利润率，你们似乎又回到了不错的同比增长，这是否与特许经营商的情况一致？
Sandeep Reddy
Yes. So Brian, thanks for the question. I think when we talk about corporate store margins and corporate store profitability, I think we've addressed this a couple of times before as well. The sample size is so small on corporate stores. It's really not necessarily an analog to what's going on in the franchisees and the franchisee P&L. But we're happy with how much progress we've made on the corporate stores and we expect to continue to make progress for the rest of the year on the corporate stores.
是的。所以，布莱恩，谢谢你的提问。我认为当我们谈论公司门店利润率和公司门店盈利能力时，我想我们之前也已经讨论过几次。公司门店的样本量太小了。它实际上并不一定是特许经营商和特许经营商损益表的类比。但我们对公司门店取得的进展感到满意，并且我们预计在今年剩余时间里，公司门店将继续取得进展。
But in terms of the franchisees, look, coming into this year, we had best-in-class store profitability and best-in-class returns for franchisee stores. And as we've gone through this year, we've actually continued to do it really well, and franchisee profitability is expected to continue to grow. But I think as far as we're concerned, we're committed to continuing to drive profit growth not just in 2024, but beyond.
但就特许经营商而言，看，今年我们拥有一流的门店盈利能力和一流的特许经营店回报。随着今年的进展，我们实际上继续做得很好，预计特许经营商的盈利能力将继续增长。但我认为，就我们而言，我们致力于继续推动利润增长，不仅在 2024 年，而且在未来。
Russell Weiner
Yes, I'd also point to, we never stop thinking about franchisee profitability, and we work with them together to do that. So actually next week, you should know we have something we call an economic summit where we bring our franchisees that are part of all of our committees, our marketing, our technology, supply chain operations. And we talk about their business and how to drive the top line and the bottom line. And I think that's really important to be working together so they understand and we can share all the data that over time has proven to be true on how together we can drive their profitability. And I think it's important, I know, I hear from franchisees that it's important that they see us acting in partnership with them and next week's economic summit is going to just do that -- do just that.
是的，我还要指出，我们从不停止关注特许经营商的盈利能力，并与他们一起合作来推动这一目标。所以，实际上下周你们应该知道，我们会举办一个经济峰会，我们会把所有参与我们各个委员会的特许经营商召集到一起，涉及市场营销、技术、供应链、运营等方面。我们会讨论他们的业务以及如何推动收入和利润。我认为与他们合作非常重要，让他们理解并与我们分享所有的数据，这些数据证明了如何共同推动他们的盈利能力。我知道我经常听到特许经营商说，他们希望看到我们与他们合作，所以下周的经济峰会正是为了做到这一点。
I'd like to, if you don't mind, since you talked about franchisees, just for a moment, given all that's going on with Hurricane Milton, and we've got franchisees, and stores, and team members in some of these affected areas that we are thinking about them. And Domino's is there for our customers, and we are there for each other. We come together in times like this. We've got this saying at Domino's for decades that this line is, we are the last to close, and we're the first to open. And sometimes when we reopen in times like this, it's not just the heroics of an individual franchisee. It's about the entire Domino's system coming together. So in North Carolina, we have stores that had no electricity and we have franchisees all over the country sending people, sending generators, sending mobile trucks. And so we are there thinking about our team members, our customers. And I'm just so proud of how our team comes together during times like this.
如果你不介意的话，因为你提到了特许经营商，我想稍微提一下，由于目前发生了Milton飓风，我们的部分特许经营商、门店和团队成员在一些受灾地区，我们正在关注他们。Domino's与我们的客户站在一起，我们也会彼此支持。在这样的时刻我们会团结一致。我们在Domino's有一个口号，几十年来一直在说：“我们是最后一个关门的，也是第一个开门的。”有时候，当我们在这样的时刻重新开门时，这不仅仅是个别特许经营商的英雄事迹。这是整个Domino's系统的共同努力。所以在北卡罗来纳州，我们的门店没有电，我们全国各地的特许经营商纷纷派人送电、送发电机、送移动餐车。我们在这里，关注我们的团队成员和客户。我为我们团队在这样的时刻能团结在一起而感到自豪。
Operator 操作员
Thank you. And our next question comes from the line of Andrew Strelzik from BMO Capital Markets. Your question, please.
谢谢。接下来的问题来自 BMO 资本市场的 Andrew Strelzik。请提问。
Andrew Strelzik
Hey, and good morning. Thanks for taking the question. I had something along the same lines as the prior question, and it's on labor specifically. As a percent of sales, labor was favorable year-over-year for the first time in a while, so I'm curious what drove that shift, if you're expecting that to continue, if you'll continue to see leverage there. And if you think your franchisees are also seeing that benefit, I know you said it's hard in small sample to draw those lines between your profitability and the franchisees, but labor may be a little bit more in your control, so I'm curious what's going on there. Thanks.
早上好，谢谢你们接受我的提问。我有一个类似于之前问题的问题，主要是关于劳动力的。作为销售额的百分比，劳动力成本年比年首次出现有利变化，所以我很好奇是什么导致了这种变化，如果你们预计这种情况会继续下去，是否还会在这里看到杠杆效应。如果你们认为特许经营商也会看到这种好处，我知道你们说过在小样本情况下很难直接划定公司盈利和特许经营商盈利之间的界限，但劳动力成本可能是更能掌控的一个因素，所以我很好奇这里发生了什么。谢谢。
Sandeep Reddy
Thanks, Andrew. I think you answered the question yourself, which is, I think it's so difficult because there's so many legislative rules in different DMAs and states that I don't think there's a one size fits all in terms of what's going on. Now I'll talk about company stores specifically and if you have been looking at our quarterlies, which I'm sure you have, you've been seeing that we've been dealing with labor pressure for quite a few quarters, but I think now we've started lapping some of those increases that we have to take on labor, and that's why you kind of saw it stabilizing. So there's nothing more to read into that besides we've kind of lapped some of the big increases that we took. But overall we're committed to continuing to drive profit dollar growth on our company stores and I think including any one-time things like insurance, etc., we expect to actually continue to drive margin over time as well.
谢谢，Andrew。我想你自己已经回答了这个问题，因为在不同的地区和州有许多不同的立法规定，我认为这方面没有一个适用于所有情况的标准。现在我来专门谈谈公司直营店的情况。如果你看过我们的季度报告，肯定注意到我们已经在面对劳动力压力好几个季度了，但现在我们已经开始度过一些劳动力成本的增加，所以你看到劳动力成本开始稳定下来。这并不意味着有其他更深层次的原因，只是我们已经度过了一些大幅上涨的劳动力成本。但总体来说，我们依然致力于继续推动公司直营店的利润增长，我认为，包括任何一次性的项目，如保险等，我们预计随着时间的推移，我们也会继续推动利润率的增长。
Operator 操作员
Thank you. And our final question for today comes from the line of Jeffrey Farmer from Gordon Haskett. Your question, please.
谢谢。我们今天的最后一个问题来自 Gordon Haskett 的 Jeffrey Farmer。请提问。
Jeffrey Farmer
Thank you. You did touch on the competitive environment in the US with a couple of questions, but do you expect to see the peer promotional and value efforts sort of further intensify as we get through the balance of 2024 moving into 2025. Meaning, are we sort of in the middle of this surge of promotional activity for the peer group, or do you think it's going to further intensify?
谢谢。您确实通过几个问题提到了美国的竞争环境，但您是否预计随着我们度过 2024 年的平衡期进入 2025 年，同业的促销和价值努力会进一步加剧。也就是说，我们是否处于同业促销活动激增的中间阶段，还是您认为这种情况会进一步加剧？
Russell Weiner
Thanks, Jeff. And I'll tell you, first it's funny to see your name pop up there only because we have a franchisee named Jeff Farmer whose brother Pat was actually in the more [indiscernible] I have no idea if you're any related, but it's always nice to see the name Jeff Farmer up on the screen.
谢谢，Jeff。首先很有趣看到您的名字出现在这里，因为我们有一位特许经营商叫Jeff Farmer，他的兄弟Pat曾经在更多的[不清楚的]领域工作，我不知道您是否与他有关系，但看到Jeff Farmer这个名字总是很高兴。
As far as the competitive activities for the rest of the year, I mean, it's funny that you see a lot of talking about kind of the burger wars. I think we're in the pizza wars right now and again clearly we are winning that. And what the competition is going to have to do to keep up with us is to continue to lean into value. So I'm not sure what they're doing. Obviously, we don't have their plans, but I know what we're doing, and if they want to match us, they're going to have to continue to do that.
至于今年剩余时间的竞争活动，确实，很多人谈论的是“汉堡战争”，但我认为我们现在处于“比萨战争”中，而且显然我们在这场战争中占据了胜利。如果竞争对手想要跟上我们的步伐，他们将不得不继续加大对价值的投入。所以我不确定他们在做什么，显然我们无法知道他们的计划，但我知道我们在做什么，如果他们想要与我们匹敌，他们将不得不继续这么做。
Greg Lemenchick
Thank you, Jeff. That was our last question of the call. I want to thank you all for joining our call today, and we look forward to speaking to you all again soon. You may now disconnect. Thank you.
谢谢你，Jeff。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。现在可以挂断了。谢谢。
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.
谢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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