2025-02-24 Domino's Pizza, Inc. (DPZ) Q4 2024 Earnings Call Transcript
Domino's Pizza, Inc. (NASDAQ:DPZ) Q4 2024 Earnings Conference Call February 24, 2025 8:30 AM ET
Company Participants
Greg Lemenchick - Vice President, Investor Relations
Russell Weiner - Chief Executive Officer
Sandeep Reddy - Chief Financial Officer
Conference Call Participants
Dennis Geiger - UBS
Brian Bittner - Oppenheimer & Company
David Tarantino - Baird
John Ivankoe - JPMorgan
David Palmer - Evercore ISI
Danilo Gargiulo - Bernstein
Peter Saleh - BTIG
Andrew Charles - TD Cowen
Jon Tower - Citi
Christine Cho - Goldman Sachs
Chris O'Cull - Stifel
Brian Harbour - Morgan Stanley
Lauren Silberman - Deutsche Bank
Jeffrey Bernstein - Barclays
Jeffrey Farmer - Gordon Haskett
Operator
操作员
Thank you for standing by, and welcome to the Domino's Pizza Fourth Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] As a reminder, today's program is being recorded.
感谢您的耐心等待，欢迎参加Domino's Pizza 2024财年第四季度收益电话会议。目前，所有参与者均处于仅听模式。发言人陈述结束后，将进行问答环节。[操作员指令] 提醒您，今天的会议正在录音。
And now, I'd like to introduce your host for today's program, Greg Lemenchick, Vice President, Investor Relations. Please go ahead, sir.
现在，我来介绍今天会议的主持人——投资者关系副总裁Greg Lemenchick。请开始，先生。
Greg Lemenchick
Good morning, everyone. Thank you for joining us today for our fourth quarter and full year results conference call.
大家早上好。感谢大家今天参加我们第四季度及全年业绩电话会议。
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.
今天的电话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发言，会议最后将进入问答环节。
The forward-looking statements in this morning's earnings release and 10-K, both of which are available on our IR website, also apply to our comments on the call today. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in our filings with the SEC.
今天早上发布的收益报告和10-K文件中所含的前瞻性声明（均可在我们的投资者关系网站上查阅）同样适用于我们今天电话会议中的评论。实际结果或趋势可能与我们的预测存在重大差异。更多信息，请参阅我们向美国证券交易委员会提交文件中讨论的风险因素。
In addition, please refer to the 8-K earnings release to find disclosures and reconciliations of non-GAAP financial measures that may be referenced on today's call.
此外，请参阅8-K收益报告，其中包含可能在今天会议中提及的非GAAP财务指标的披露和调节说明。
This morning's conference call is being webcast and is also being recorded for replay via our website. We want to do our best this morning to accommodate as many of your questions as time permits. As such, we encourage you to ask one question only.
今天早上的电话会议正在进行网络直播，并且已录制供日后在我们的网站上回放。我们希望在时间允许的情况下尽可能多地回答大家的问题，因此我们鼓励每位参与者仅提问一个问题。
With that, I'd like to turn the call over to Russell.
话不多说，现在将电话会议交由Russell继续。
Well, thank you, Greg, and good morning, everybody.
谢谢你，Greg，大家早上好。
I'd like to start with a look back at 2024, the first full year executing against our Hungry for MORE strategy. When we introduced Hungry for MORE at our December '23 Investor Day, we knew consumer spending would be pressured in 2024. We believe the QSR brands that offer the strongest value would win. And we made the right call to focus on this as we've seen more market headwinds than anticipated at the time.
我想先回顾一下2024年，这是我们全面执行“Hungry for MORE”战略的第一个完整年份。当我们在2023年12月的投资者日上推出“Hungry for MORE”时，我们就知道2024年的消费者支出将受到压力。我们相信，能够提供最强价值的快餐品牌将会获胜。而我们选择专注于这一点是正确的，因为我们所面临的市场逆风比当时预期的还要多。
At Domino's, leaning into our strategic pillar of renowned value was key to our success last year. It helped drive market share gains in QSR Pizza of about 1% in the US, consistent with our average annual share growth in 2015 and proof that our Hungry for MORE plan is working.
在Domino's，依托我们著名价值这一战略支柱是去年成功的关键。这帮助我们在美国快餐比萨市场实现了大约1%的市场份额增长，这与我们2015年的平均年增长率一致，也证明了我们的“Hungry for MORE”计划正在奏效。
As we look ahead to 2025, we believe the combination of pressured consumer spending and a value-driven QSR marketplace will continue. In these challenging times, the best measure of a company's success will be the market share gains it achieves. Domino's is well positioned to do just that because we have the right strategy in place.
展望2025年，我们认为，消费者支出的压力与以价值为驱动的快餐市场的结合将持续存在。在这些充满挑战的时期，一个公司成功的最好衡量标准就是它所实现的市场份额增长。Domino's有着正确的战略，因此处于非常有利的位置。
低端消费。
We grew retail sales in the US by 5.3% in 2024. Importantly, and something that continues to be unique in the industry, we drove meaningful, positive order count growth. Order count growth has been the key to delivering best-in-class economics for our US franchisees. These strong economics continued to drive store growth, which was a tailwind to market share in 2024. Orders grew on the strength of our revamped Domino's Rewards program and our entrance into the aggregator channel with Uber. In addition, we continued to see significant same store sales growth in our carryout business, up over 6% for the year.
2024年，我们在美国的零售销售增长了5.3%。更为重要的是，且这一点在行业内依然独树一帜，我们实现了显著且正向的订单量增长。订单量增长一直是为我们美国加盟商提供一流经济效益的关键。这些良好的经济效益继续推动了门店增长，为2024年的市场份额提供了顺风。订单增长得益于我们改版后的Domino's Rewards计划以及与Uber合作进军聚合渠道。此外，我们的外带业务同店销售额也实现了显著增长，全年度增长超过6%。
I want to illustrate how we drove these results through the lens of our Hungry for MORE strategy. The "M" in Hungry for MORE stands for "Most Delicious Food." Domino's has the most delicious food in the industry, and in 2024, we demonstrated this through our two successful new product launches, New York Style Pizza and Mac & Cheese Pasta. These launches reflect the commitment we have to our innovation with intent approach.
我想通过“Hungry for MORE”战略来阐述我们如何推动这些成果。“Hungry for MORE”中的“M”代表“最美味的食物”。Domino's拥有行业内最美味的食物，2024年我们通过两款成功的新产品——纽约风味比萨和奶酪通心粉——证明了这一点。这些产品的推出反映了我们对“有目标的创新”方法的承诺。
There is a clear purpose behind any product we bring to market. We brought news to an existing non-pizza platform with Mac & Cheese, and we added a new pizza crust type for customers who prefer an offering we didn't have in our portfolio with New York Style. In 2025, we plan to continue to build on this momentum by launching at least two new products, which is our annual goal.
我们推出的每一款产品背后都有明确的目的。通过奶酪通心粉，我们为现有的非比萨平台带来了新意；而纽约风味比萨则为偏好我们此前产品组合中所缺失产品的客户提供了全新的比萨饼皮类型。到2025年，我们计划继续保持这一势头，推出至少两款新产品，这是我们的年度目标。
An important component of our strategy is how we showcase our food. We've enhanced this through the food photography and our creative and upgrades to our existing e-commerce platform, where our team made meaningful changes in 2024. We've also completed the development of our new e-commerce platform in the US, which we intend to roll out during 2025. The new site and app provide an improved user experience for our customers, while highlighting the deliciousness of our food.
我们战略中的一个重要组成部分是如何展示我们的食物。我们通过改进食物摄影、创意设计以及对现有电子商务平台的升级，在2024年取得了显著改进。我们还已完成美国新电子商务平台的开发，并计划在2025年推出。新网站和应用程序不仅为客户提供了更佳的用户体验，同时也突显了我们食物的美味。
The "O" in Hungry for MORE stands for "Operational Excellence." This is how we deliver on our promise to have the most delicious food, by consistently driving a great experience with our product and service. In 2024, we rolled out our new service program called More Delicious Operations. This program was a series of three product training sprints focusing on dough management, how we build and make our products and how we bake them. These product sprints work together with our Dom.OS technology to drive improvements in our delivery times. In fact, our average delivery times decreased by two minutes over the last two years.
“Hungry for MORE”中的“O”代表“卓越运营”。这正是我们兑现提供最美味食物承诺的方式，通过不断为客户提供卓越的产品和服务体验。在2024年，我们推出了名为“More Delicious Operations”的全新服务计划。该计划由三轮产品培训冲刺组成，重点在于面团管理、产品的制作工艺以及烘烤方式。这些产品培训与我们的Dom.OS技术相结合，共同推动了配送时间的改进。事实上，在过去两年中，我们的平均配送时间减少了两分钟。
Operational excellence also brings focus and innovation around making our stores easier to operate. This is an area where we've made significant strides. We've enhanced our Dom.OS operating system and have found ways to roll technology out across our system much more quickly than we have in the past. We've now rolled out 1,600 DJ dough stretching machines across the US, more than a 50% increase from where we were at the end of Q3. Demand continues to be high for this equipment because of the impact it's having on our product consistency and the speed to competency for new team members. I want to thank our franchisees and our operations team for their continued effort to achieve operational excellence. This is a point of pride and differentiation for Domino's.
卓越运营还带来了使我们的门店更易运营的专注和创新。这一领域我们已经取得了显著进展。我们升级了Dom.OS运营系统，并找到了比以往更快地在整个系统中推广技术的方法。目前，我们已在美国推出1,600台DJ面团拉伸机，比第三季度末的数量增加了50%以上。由于这套设备对产品一致性和新员工迅速达到操作熟练度的影响，其需求依然旺盛。我感谢我们的加盟商和运营团队，他们不断努力实现卓越运营。这既是Domino's的自豪，也是我们的差异化所在。
The "R" stands for "Renowned Value." From tipping our delivery customers to launching MOREflation and bringing back Emergency Pizza, we launched several brand-building value initiatives that broke through the industry clutter in 2024. We will continue to drive renowned value in 2025 through national promotions, Domino's Rewards and by continuing to grow on aggregator platforms.
“R”代表“著名价值”。从为配送客户提供小费，到推出MOREflation计划，再到重启Emergency Pizza，我们在2024年推出了几项打造品牌价值的举措，这些举措在行业喧嚣中脱颖而出。我们将在2025年继续通过全国性促销活动、Domino's Rewards以及不断拓展聚合平台来推动著名价值。
In 2025, Domino's will give customers what they are demanding from their QSR brands: more value. We have a strong slate of initiatives, primed and ready to go. You can expect a similar cadence of Boost Weeks and value-driving promotions as we believe it's going to be another challenging year ahead in the industry.
在2025年，Domino's将为客户提供他们对快餐品牌所要求的——更多价值。我们已经准备好了一系列强有力的举措。预计将会有类似的“Boost Weeks”和推动价值的促销活动，因为我们相信未来这一年行业将再次充满挑战。
Domino's Rewards program had a great first year and continues to bring members back for repeat purchases. We grew our overall active members significantly in 2024, finishing the year at 35.7 million users, up approximately 2.5 million versus 2023. Part of this growth was delivering more light users and carryout customers who are the primary target of the redesign. This strong base of users will allow us to engage more customers and drive frequency with targeted and personalized marketing efforts.
Domino's Rewards计划首年表现出色，并持续吸引会员进行重复购买。2024年，我们的活跃会员总数大幅增长，全年达到3,570万用户，比2023年增加约250万。部分增长归功于我们吸引了更多轻度用户和外带客户——这正是重新设计的主要目标。这一庞大的用户基础将使我们能够通过有针对性和个性化的营销活动吸引更多客户并提高购买频次。
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 2024, we successfully entered the aggregator space with our partnership with Uber, achieving our goal of exiting the year at 3% of sales coming through this channel. And importantly, incrementality has continued to track as expected, and we remain focused on tailoring our offers and programming to optimize it further.
通过我们自有渠道提供价值只是我们“著名价值杠铃”战略的一部分，另一部分则是开拓聚合市场。2024年，我们成功与Uber合作进入聚合渠道，实现了全年3%的销售通过该渠道完成的目标。更重要的是，新增销售额继续如预期般稳步增长，我们依然专注于调整优惠和方案，以进一步优化这一渠道。
In 2025, we know that aggregators are a meaningful sales driving opportunity for us, and we have yet to join the largest aggregator platform in the US. We've extended our exclusivity arrangement with Uber until May 1. In the meantime, we've begun negotiations with additional aggregator partners and have the ability to begin piloting with other partners in a small number of stores. It is our intention to further penetrate this channel in 2025 with a meaningful impact expected in the back half of the year. We believe that this channel represents an incremental sales opportunity of $1 billion over time. The aggregator marketplace is the fastest growing segment within QSR Pizza, and we are just getting started.
在2025年，我们知道聚合平台将为我们带来重要的销售机会，而我们尚未加入美国最大的聚合平台。我们已将与Uber的独家合作协议延长至5月1日。与此同时，我们已开始与其他聚合合作伙伴进行谈判，并有能力在少数门店试点与其他合作伙伴的合作。我们计划在2025年进一步深入这一渠道，并预计下半年将产生显著影响。我们相信，随着时间推移，该渠道将为我们带来10亿美元的新增销售机会。聚合市场是快餐比萨领域增长最快的部分，而我们才刚刚起步。
Everything we do at Domino's Pizza is enhanced by our best-in-class franchisees. In 2024, we added almost 60 new franchisees to the system and have a pipeline of 120 future franchisees waiting for their opportunity. Every one of these new franchisees started as a Domino's team member, and they remain the secret sauce to our success.
Domino's Pizza所做的一切都因我们一流的加盟商而得以提升。2024年，我们新增了近60位加盟商，并拥有120位未来加盟商的潜在名单等待机会。这些新加盟商中的每一位最初都是Domino's的团队成员，他们仍然是我们成功的秘密武器。
In summary, we're laser-focused on delivering against our Hungry for MORE goals in the US. With the plan we've developed, I believe we will deliver US same store sales growth of 3% or more annually, along with 175 net new stores. This will enable Domino's to continue to capture additional market share gains in 2025 and beyond.
总之，我们正全力以赴在美国实现“Hungry for MORE”目标。凭借我们制定的计划，我相信我们将实现美国同店销售每年增长3%或更高，并新增175家净门店。这将使Domino's在2025年及以后持续获得更多市场份额。
Now, shifting to our international business. Domino's International showed strong improvement in the fourth quarter and has now delivered a remarkable 31 straight years of same store sales growth. We're pleased with how most of our franchisees internationally are navigating the continued macroeconomic pressures and geopolitical issues across the globe. Our team continues to work with our international master franchisees to create momentum in their markets even in the face of these headwinds.
现在，转向我们的国际业务。Domino's International在第四季度表现强劲，并已实现了连续31年同店销售增长的非凡成就。我们对国际大部分加盟商在应对全球持续的宏观经济压力和地缘政治问题方面的表现感到满意。我们的团队继续与国际主加盟商合作，即使面临这些逆风，也在各自市场中创造势头。
We know what works in today's challenging environment and its renowned value. As we noted on our last call, we're engaging with our master franchisees with a focus on three key areas. These areas are around consistent value messaging, maximizing orders from aggregators, and driving additional growth in carryout and dine-in. The good news is that we've begun to see some results due to this focus.
我们清楚在当今充满挑战的环境中什么有效，以及如何实现著名的价值。正如我们在上一次电话会议中提到的，我们正与主加盟商密切合作，重点关注三个关键领域：传递一致的价值信息、最大化来自聚合渠道的订单以及推动外带和堂食业务的额外增长。好消息是，由于这一重点，我们已经开始看到一些成效。
Canada ran an Emergency Pizza promotion in Q4, and that's been a strong traffic driver for them. In India, Jubilant has driven sales through increased delivery orders after eliminating their delivery fee. UK and Canada have launched with Uber, and this has provided a tailwind to their sales. Lastly, Mexico saw a nice increase in their carryout business in 2024 as they provided a premium product in pan pizza at a compelling price point, driving consistent value for customers.
加拿大在第四季度推出了Emergency Pizza促销活动，这成为了他们强劲的流量推动力。在印度，Jubilant通过取消配送费并提升配送订单来推动销售。英国和加拿大已经与Uber合作推出，这为它们的销售提供了顺风。最后，墨西哥在2024年的外带业务也显著增长，因为他们以有吸引力的价格提供了高端平底比萨，为客户带来持续的价值。
Our international business has so much potential. And by focusing on our Hungry for MORE strategies, we expect to create sales momentum that will produce the same kind of market share gains and net store growth we've achieved in the past.
我们的国际业务潜力巨大。通过聚焦“Hungry for MORE”战略，我们有望创造出销售势头，实现与过去相同的市场份额增长和净门店扩展。
In closing, I want to reinforce the same message I repeatedly share with our team. We have always been in the business of creating our own tailwinds and driving share growth. That has been and will continue to be how we drive best-in-class results and long-term value creation for our franchisees and shareholders.
最后，我想重申我一再与团队分享的相同信息。我们一直致力于创造顺风，推动市场份额增长。这正是我们如何为加盟商和股东实现一流成果和长期价值创造，并将继续如此。
I'll now hand the call over to Sandeep.
现在，我将会议交给Sandeep。
Sandeep Reddy
桑迪普·雷迪
Thank you, and good morning, everyone.
谢谢大家，大家早上好。
While our full year 2024 financial results were impacted by a more challenging backdrop than we had initially anticipated, we still delivered profitable growth of 8%.
尽管我们2024全年的财务业绩受到了比预期更具挑战性的背景影响，但我们仍实现了8%的盈利增长。
Income from operations increased 6.5% in Q4, excluding the impact of foreign currency, which was in-line with our expectations despite lower US same store sales than we expected. This increase in profits was primarily due to gross margin dollar growth within supply chain, driven by procurement productivity, as well as lower general and administrative expenses, which was driven by the retiming of investments.
剔除外汇影响后，第四季度营业收入增长了6.5%，这一数字与我们的预期一致，尽管美国同店销售低于预期。利润增长主要得益于供应链内毛利额的提升，这归功于采购效率的提高，以及由于投资时机调整而导致的较低的一般及行政费用。
Excluding the impact of foreign currency, global retail sales grew 4.4% in the fourth quarter from positive US and international comps and global net store growth. For the year, global retail sales grew approximately 6%, which was in-line with our updated guidance.
剔除外汇影响后，全球零售销售在第四季度增长了4.4%，这一增长来自于美国和国际同店销售以及全球净门店增长的正面表现。全年全球零售销售大约增长了6%，与我们更新后的指导一致。
In Q4, total retail sales grew 2.3% in the US, driven by net store growth and same store sales of 0.4%. These comps were driven by carryout up 3.2% and delivery down 1.4%. The delivery comp was impacted by continued macro and competitive pressures that put pressure on our low-income customers. We benefited from 2.3% of pricing, which was inclusive of high-single-digits in California and our sales mix from Uber was 2.7% for the quarter. Our tailwinds were partially offset by a higher carryout mix that carries a lower ticket than delivery.
第四季度，美国总零售销售增长了2.3%，这一增长由净门店扩张和同店销售0.4%的增长推动。这些同店销售增长中，外带增长了3.2%，而配送下降了1.4%。配送表现受到持续的宏观及竞争压力影响，这对我们低收入客户构成了压力。我们从2.3%的提价中受益，其中加州的提价达到高个位数，而本季度来自Uber的销售占比为2.7%。然而，我们的顺风部分被外带订单占比较高（单笔订单金额低于配送）所部分抵消。
Traffic was flat for the quarter, which was partially driven by a slight headwind as a result of New Year's Eve timing. For the year, delivery represented 46% of our transactions and 57% of our sales, while carryout represented 54% of our transactions and 43% of our sales. The rate of sales and transactions shifted slightly more to carryout in 2024 because of the strong carryout comp we had of 6.2%. The full year delivery comp was up 1.1%.
本季度客流量持平，这部分受到新年前夜时机带来的轻微不利影响。全年来看，配送占我们交易的46%和销售额的57%，而外带占54%的交易和43%的销售。由于我们外带表现强劲（增长6.2%），2024年的销售和交易比例略微向外带倾斜。全年配送增长为1.1%。
Our estimated average US franchisee store profitability in 2024 came in at approximately $162,000, which we continue to believe is best-in-class. After a strong start in the first half of the year, the combination of macro and competitive pressures that impacted our sales in the back half weighed on this result.
我们估计，2024年美国加盟商门店的平均盈利约为162,000美元，我们仍然认为这是业内最佳。虽然上半年起步强劲，但下半年销售受宏观和竞争压力的双重影响，使这一结果受到了一定影响。
Shifting to US unit count. We added 84 net new stores in Q4 and opened our 7,000th store, bringing our US system store count to 7,014. Our Q4 openings were negatively impacted by some of the hurricane activity that took place late last year.
转向美国门店数量。第四季度，我们净增84家门店，并开设了第7,000家门店，使美国系统门店总数达到7,014家。第四季度的开店活动受到去年年底部分飓风活动的不利影响。
Moving to international, where total retail sales grew 6.4%, excluding the impact of foreign currency in the fourth quarter. This was driven by net store growth and same store sales that came in slightly ahead of our expectations at 2.7%. In the quarter, we saw improvements in Asia that were driven by strong comps in India and broadly across Europe.
转到国际业务，第四季度全球零售销售（剔除外汇影响）增长了6.4%。这一增长由净门店扩张和同店销售2.7%的增幅推动，略超我们的预期。本季度，我们在亚洲看到改善，主要得益于印度以及整个欧洲的强劲同店表现。
Despite a challenging macro backdrop that impacted our international business, our franchisees grew their average per store profitability in 2024 and slightly reduced their average new store paybacks as a result. We also continue to see strong paybacks in our two largest growth markets, which are China and India.
尽管国际业务受到充满挑战的宏观环境影响，我们的加盟商在2024年提高了每家门店的平均盈利，并略微缩短了新店的平均回本期。我们在中国和印度这两个最大增长市场中也继续看到强劲的回本表现。
As we look ahead to 2025, we continue to believe that global retail sales growth should be generally in-line with 2024. Now, to give some color. We are expecting our US comp to be in line with our 3% long-term guide as a result of our expected traffic-driving catalyst in aggregators and loyalty. In the event that macro pressures persist throughout the year, it could put pressure on achieving this number. We also expect that based on the timing of certain initiatives that our comp will be lower in the first half compared to the back half in the US. We continue to believe planning for approximately 1% to 2% international same store sales growth in 2025 is the right expectation before we return the business to a more normalized level in 2026.
展望2025年，我们依然认为全球零售销售增长总体应与2024年持平。现在，谈一点细节。预计由于聚合渠道和忠诚度带来的客流推动，我们美国的同店销售增长将与3%的长期目标保持一致；但如果全年宏观压力持续存在，可能会对这一数字产生压力。我们还预计，基于某些举措的时间安排，美国上半年的同店增长可能低于下半年。我们依然认为，预计2025年国际同店销售增长约为1%至2%，是一个合理的预期，直至2026年业务回归到更正常的水平。
Shifting to net stores, we continue to expect 175-plus net stores in the US, and we have a strong pipeline heading into the year to achieve this. Internationally, we are expecting our net store growth to be in-line with what we have in 2024. This is primarily due to impacts from Domino's Pizza Enterprises, DPE, which is our master franchisee based out of Australia.
转到净门店数量，我们预计美国将净增175家以上门店，并且我们有一条强劲的渠道进入新的一年以实现这一目标。在国际上，我们预计净门店增长将与2024年持平。这主要是由于我们位于澳大利亚的主加盟商Domino's Pizza Enterprises (DPE) 的影响。
DPE continues to make meaningful progress into what they need to do to their business as they work through their strategic plan under their new CEO. They recently announced that they are expecting to close an additional 200-plus underperforming stores, primarily in Japan. They're also planning to be more disciplined in their new store openings by prioritizing locations where they can drive sustainable profitable growth for the long-term. We believe that the meaningful impacts from DPE's closures will be behind us as we head into 2026.
DPE在新任CEO的带领下，根据其战略计划，持续在业务调整上取得实质性进展。他们最近宣布预计将关闭额外200多家业绩不佳的门店，主要位于日本。同时，他们计划在新店开设方面更加严格，优先选择那些能在长期内驱动可持续盈利增长的地点。我们相信，随着进入2026年，DPE关店所带来的重大影响将成为过去。
On profits, we continue to expect an operating profit growth of approximately 8%, excluding the impact of currency. A few additional points of color on the P&L. Any metrics we are providing today exclude any impacts from the proposed tariffs. In our US supply chain business, we source most of our food products from within the country, so we are not expecting this to have a meaningful impact if tariffs are put in place.
关于利润，我们仍预计剔除货币影响后，营业利润增长约为8%。关于损益表的其他几点说明，我们今天提供的任何指标均不包含拟议关税的影响。在我们的美国供应链业务中，我们大部分食品产品均来自国内，因此如果实施关税，我们不预期其会产生重大影响。
We are expecting our food basket to be up low-single-digits. Expect increases to be higher in the first-half than the second-half, primarily driven by cheese prices. We are expecting our supply chain margins to expand slightly year-over-year due to continued procurement productivity that the team continues to do an incredible job executing on. We are expecting our G&A as a percentage of retail sales to be approximately 2.4%. Starting at the beginning of Q1 2025, we have increased the technology fee by $0.02 to $0.375 per digital transaction to fund our future tech initiatives to drive growth.
我们预计我们的食品篮子价格将上涨低个位数。预计上半年的涨幅会高于下半年，主要受奶酪价格推动。由于团队在采购效率上的持续出色执行，我们预计供应链毛利率将同比略有提升。我们预计一般及行政费用占零售销售的比例约为2.4%。从2025年第一季度开始，我们已将每笔数字交易的技术费用提高了0.02美元至0.375美元，以资助我们未来推动增长的技术计划。
We are expecting operating income margins to expand slightly in 2025, primarily driven by supply chain margins. Expect margin growth to be lower in the first-half of the year than in the second-half. At current exchange rates, we are expecting foreign currency to be a headwind of approximately 1% to 2% on operating income growth.
我们预计2025年营业收入率将略有扩大，主要由供应链毛利率推动。预计上半年的毛利率增长会低于下半年。按当前汇率，我们预计外汇将对营业收入增长构成大约1%至2%的不利影响。
We continue to plan for our debt maturity in October of this year and, at current interest rates, it would result in some pressure on interest expense. We expect our tax rate to be in the range of 21% to 23%, which is generally in-line with where it has been historically.
我们继续计划今年十月偿还债务，并且在当前利率下，这将对利息费用产生一定压力。我们预计税率将在21%到23%之间，基本与历史水平相符。
Our belief in the long-term algorithm of what 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. However, the anticipated impact from DPE's additional net closures in 2025 will put pressure on our 2026 global retail sales and profit expectations, which we now expect to be in-line with 2025.
我们对Domino's业务长期潜力的信念始终未变。我们依然认为，7%以上的全球零售销售年增长和8%以上的营业利润增长的算法是正确的。然而，预计DPE在2025年额外净关店的影响将对我们2026年全球零售销售和利润预期产生压力，我们现预计2026年的表现将与2025年持平。
To close, I wanted to note that this morning, we announced a 15% increase in our dividend, which was done in line with our capital allocation priorities. We also repurchased approximately 259,000 shares at an average price of $433 for a total of $112 million in the fourth quarter. As of the end of 2024, we had approximately $814 million remaining on our share repurchase authorization.
最后，我想提到，今天早上我们宣布将股息提高15%，这一举措符合我们的资本配置优先级。第四季度，我们还以平均每股433美元的价格回购了约259,000股，总额为1.12亿美元。截至2024年年底，我们的股票回购授权余额约为8.14亿美元。
25倍的PE。
Thank you. We will now open the line for questions.
谢谢大家。现在，我们将开放提问环节。
Question-and-Answer Session
问答环节
Operator
操作员
Certainly. And our first question for today comes from the line of Dennis Geiger from UBS. Your question, please.
当然。今天的第一个问题来自于UBS的Dennis Geiger。请提问。
Dennis Geiger
Great. Good morning. Thanks, guys. I wanted to ask a bit more on the 2025 guidance for the US same store sales. I guess, specific to the comments around lower first-half versus back-half and I think commentary around the aggregators and loyalty being the biggest drivers, could you just kind of unpack some of the sales initiatives, those two, in particular, and maybe how you're thinking about new product innovation in '25 at a high-level excitement versus prior years with those two items that you called out? Thanks, guys.
非常好。早上好，谢谢各位。我想进一步询问有关2025年美国同店销售的指引。具体来说，关于上半年较低而下半年较高的评论，以及聚合平台和忠诚度是最大驱动因素的说法，能否详细说明一下这两个销售举措，以及你们对2025年新产品创新的高层次展望，与以往提到的那两个项目相比有什么不同？谢谢各位。
Sandeep Reddy
桑迪普·雷迪
Hey, Dennis. Good morning. How are you doing? So, Dennis, I think on the question on the guidance and the back-half versus the first-half cadence, I think we -- in Russell's prepared remarks, we talked about the aggregator platform specifically that we've started negotiating with potentially other partners and that the meaningful impact would come more in the back half from aggregators. I think so that's one piece of it in terms of the weight.
嘿，Dennis，早上好，你好吗？关于指引以及上半年与下半年节奏的问题，我认为——在Russell的准备发言中，我们特别提到了我们已开始与潜在其他合作伙伴就聚合平台进行谈判，并预计该渠道的实际影响将主要体现在下半年。这就是其中一个重要因素。
And I think the other piece of it is really, we have a bunch of initiatives that we have in our marketing calendar. And as you've seen, we weren't shy about rolling out a whole bunch of them in '24. Similar plans in '25, you know Best Deal Ever, has just been launched earlier this quarter. So, there's a whole much more that we're waiting to surprise our competition with.
另外一点是，我们在营销日程上有一系列举措。正如大家所见，我们在2024年大力推出了许多举措。2025年也有类似计划，例如“Best Deal Ever”就刚在本季度初推出。所以，我们还有更多举措正在酝酿中，等待给竞争对手带来惊喜。
So, I'm not going to give you more details on that, but that's kind of how the back-half versus front-half commentary was built.
所以，我不会提供更多细节，但这就是我们对下半年与上半年表现差异所做评论的基本构架。
Russell Weiner
Yeah. And I think just in general, when we're asked -- by the way, good morning, Dennis, sorry. When folks talk to us about what drivers are in the business, obviously, we're not going to give specific information, but if you want to know what our recipe is, it's Hungry for MORE. And so for example, if someone were to ask me in last quarter, what are you going to do in Q1, what's going to be different? Well, I wouldn't tell them we're doing a $9.99, any Best Deal Ever promotion. But that idea really came out of the strategy of Hungry for MORE. So, the specifics are going to change. We need to keep you guys on your toes. But the drivers behind them are going to be borne out of the Hungry for MORE strategy.
是的。总体来说，当有人问我们业务中的驱动因素时——顺便说一句，早上好，Dennis，抱歉。当大家向我们询问驱动业务的因素时，显然我们不会透露具体信息，但如果你想知道我们的秘诀，那就是“Hungry for MORE”。例如，如果上个季度有人问我，第一季度你们打算做什么，有什么不同？我不会告诉他们我们要推出9.99美元的“Best Deal Ever”促销活动。但这个想法正是源于“Hungry for MORE”战略。因此，具体内容会不断变化，我们需要让大家保持警觉。但这些举措背后的驱动力，必然源自“Hungry for MORE”战略。
Operator
操作员
Thank you. And our next question comes from the line of Brian Bittner from Oppenheimer & Company. Your question, please.
谢谢您。接下来的问题来自Oppenheimer & Company的Brian Bittner。请提问。
Brian Bittner
Thank you. Good morning. As it relates to the 2025 guidance, it does still assume softer international expectations, which you established on last quarter's call with international same store sales in that 1% to 2% range instead of the 3%-plus long-term range. And you did reiterate this view in your prepared remarks this morning, but I'm curious if your international thoughts for 2025 have changed at all over the last several months. I mean, your 4Q comps were stronger-than-expected. We're also seeing better international trends out of a lot of your peers. So, I'm just curious if this is starting to tilt conservatively possibly, or anything else you can add.
谢谢。早上好。关于2025年的指引，您依然预期国际市场表现较为疲软，这与您上个季度电话会议上提到的国际同店销售在1%到2%的区间，而非长期超过3%的目标一致。您在今天早上的准备发言中也重申了这一观点，但我想了解，过去几个月中您对2025年国际市场的看法是否有所变化？比如说，您第四季度的同店数据超出预期，我们也看到很多同行的国际趋势有所改善。所以，我只是好奇这是否开始向保守方向倾斜，或者您还能补充些什么？
Russell Weiner
Good morning, Brian. I'll start off, and Sandeep, feel free to add. Like you said, Q4, for the competition as well, some of the headwinds seem to be dying down a little bit. We're not going to make a flip after one quarter. We were pleased with our quarter as well.
早上好，Brian。我先回答，然后让Sandeep补充。正如您所说，第四季度对于竞争对手来说，一些不利因素似乎有所减弱。我们不会因为一个季度的表现就做出大幅调整。我们对本季度的表现也很满意。
What I look at are the things that we can control, and there, I am pretty happy. We gave a bunch of -- I'm not going to go through them again, but in my opening remarks, I gave a bunch of examples of how around the world, we're taking the renowned value part of Hungry for MORE and we're translating it into some of these international markets, and we're seeing results.
我关注的是我们能够掌控的因素，对于这些，我非常满意。我的开场发言中举了很多例子，说明我们如何在全球范围内将“Hungry for MORE”战略中关于著名价值的部分转化到国际市场，并取得了成效（这里我就不再重复）。
We've talked about having to do three things to drive international same store sales, and I think we're really beginning to do that. The first is making sure that our price points are at or below CPI. Second is making sure we're leveraging aggregators. And the third, just like we've diversified beyond delivery while still driving delivery in the US, we need to do that in international markets.
我们谈到过推动国际同店销售需要做三件事，我认为我们正逐步落实。第一是确保我们的价格点与或低于消费者价格指数；第二是确保我们充分利用聚合平台；第三，就像我们在美国不仅仅依赖配送业务而实现多元化一样，我们在国际市场上也需要如此。
So, happy with Q4. And as we get more information, if we will update that number, we'll let you know.
所以，我们对第四季度的表现感到满意。随着更多信息的出现，如果我们更新数据，会及时告知。
Sandeep Reddy
And what I will add, Brian, is, I think, in terms of the guidance on same store sales in particular, I wouldn't say this tilts conservatively. It is a very tough macroeconomic environment out there. There is a lot of volatility that's out there. And that's all been taken into consideration both in terms of what we said in Q3 -- on the Q3 earnings call as well as what we're seeing right now. So, we'll continue to drive into the renowned value initiatives that Russell talked about, but I think the expectations really have not shifted materially since the last call.
Brian，我想补充一点，关于同店销售的指引，我不会说这已经变得过于保守。外部宏观经济环境非常严峻，波动性很大，这些都已经在我们第三季度的讨论中以及当前的情况中得到了充分考虑。所以，我们将继续推动Russell提到的著名价值举措，但我认为自上次电话会议以来，预期并没有发生实质性变化。
Brian Bittner
Okay. Thank you.
好的，谢谢。
Operator
操作员
Thank you. And our next question comes from the line of David Tarantino from Baird. Your question, please.
谢谢。接下来的问题来自Baird的David Tarantino。请提问。
David Tarantino
Hi, good morning. My question is on the US unit growth. That number, I guess, missed your target for 2024. And I was just wanting to ask your degree of confidence in getting to the target for 2025. I guess, any way you can frame up the pipeline or your degree of, I guess, assessment of enthusiasm in terms of building new units would be great. Thanks.
你好，早上好。我的问题关于美国门店增长。这个数字似乎未达到你们2024年的目标。我想了解你们对实现2025年目标的信心程度。不知你们能否描述一下新门店的管道情况，或者如何评估大家对扩店的热情。谢谢。
Russell Weiner
Thanks, David. Yeah, I think Sandeep, in his remarks, talked about some of the hurricanes at the back part of the year impacted our net openings. Otherwise, we would have been essentially there. What I'm really happy about is also just how we've done relative to the kind of competitive pizza places, even in a year maybe where we didn't hit. And so, if you look at our competition as far as public companies, you add up the number of stores -- net stores that they've opened, and we were several multiples higher than that. So, we've got more to do. The hurricanes hurt us a little bit, but net-net, we're still gaining more share in the US, and that's what this game is all about.
谢谢，David。是的，我认为Sandeep在发言中提到了，年末的一些飓风影响了我们的净新店开设，否则我们基本上可以达到目标。我真正感到欣慰的是，即使在可能未完全达到目标的年份，我们相较于其他竞争比萨店的表现依然非常出色。如果你看看公开公司竞争对手，他们净开店数量加总下来远低于我们的数倍。所以，我们还有更多工作要做。虽然飓风给我们带来了一些影响，但总体来看，我们在美国市场份额依然在稳步上升，而这正是我们的核心目标。
Sandeep Reddy
Yeah. And I would just add to that, David, our economics are still very much best-in-class. The paybacks are extremely compelling. The demand for new units continues to be very strong. And with the share that we continue to build, we are in a stronger and stronger position, not just against the national competitors whose data you actually hear about, but against the regional competitors and the local players as well. So, we are super confident that the pipeline is -- that we see is very realistic.
是的。我还想补充一点，David，我们的经济指标依然处于业内最佳水平。投资回报非常诱人，新门店的需求依然非常强劲。随着我们不断扩大市场份额，我们所处的位置越来越有优势，不仅对抗那些你所听到数据的全国性竞争对手，也对抗区域性和本地竞争者。因此，我们非常有信心，我们看到的新店管道非常现实可行.
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JPMorgan的John Ivankoe。请提问。
John Ivankoe
Hi, thank you. There's, obviously, been a lot of attention around price points under $10, the $6.99 specials and obviously what's currently pretty incredible large unlimited topping for $9.99. So, the question was really kind of around that $10 price point. Is the brand in a position to where you can drive significantly interest promoting a pizza whatever the number might be, $12, $13, $14 or for whatever reason, might the brand have some kind of natural cap around the $10 number where consumer really getting a lot of interest around a higher nominal price point, not value, but higher nominal price point that might otherwise constrain them?
你好，谢谢。显然，市场上对10美元以下的价格点、6.99美元的特价以及目前那款配料无限制、价格高达9.99美元的产品给予了大量关注。所以，问题主要围绕10美元的价格点。品牌是否具备推动消费者对一款定价可能为12、13、14美元等产品产生显著兴趣的能力？或者说，品牌是否在10美元左右自然形成了一个上限，以至于消费者对更高的名义价格（不是价值，而仅仅是价格）兴趣浓厚，而这可能会对品牌形成一定约束？
Russell Weiner
Hey, John. Yeah, one of the things that you'll see in this promotional environment, and we knew this when we set out Hungry for MORE and we said we were going to dive into renowned value is that price is important. And frankly, there are a lot of folks doing similar promotions that we do. We had $6.99, and other folks have done $6.99. We had Emergency Pizzas, there have been BOGOs.
嘿，John。是的，在这种促销环境下你会看到一件事，我们在启动“Hungry for MORE”并决定深入打造著名价值时就知道，价格非常重要。坦白说，很多竞争对手也在进行与我们类似的促销活动。我们推出了6.99美元的产品，其他人也推出了6.99美元的产品。我们有Emergency Pizzas，也有买一赠一促销。
You talk about price points, for me, the thing and Sandeep talked about this before, is for us it's sustainable. When you look at the economics for our franchisees, they're able to sustain these types of price points and we saw same store sales for other pizza players, which were not in-line with where Domino's are. So, if you got similar promotions and you've got lower same store sales, the economics are not going to be good.
你提到价格点，对我来说，就像Sandeep之前所说的，对我们而言，这种定价是可持续的。当你审视我们加盟商的经济效益时，他们能够维持这种价格水平，而我们看到其他比萨品牌的同店销售并未达到Domino's的水平。所以，如果其他品牌推出类似促销，但同店销售较低，其经济效益就不会理想。
And so, we've got -- when you look at the scale of Domino's, our ability to drive volume through our high share of voice and drive cost down through our supply chain, that's what enabled us to do that. $10 or $9.99 is a good price point right now. We're going to continue to pivot to keep consumers interested in Domino's, but the big thing that's different about us is that this is sustainable as part of our strategy.
因此，鉴于Domino's的规模、我们通过高知名度推动销量以及通过供应链降低成本的能力，这使得我们能够实现这一目标。10美元或9.99美元是目前一个不错的价格点。我们将继续调整策略，保持消费者对Domino's的兴趣，但我们最大的不同在于，这种定价是作为我们战略的一部分而可持续的.
标准化做到极致，类似于可口可乐？
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。接下来的问题来自Evercore ISI的David Palmer。请提问。
David Palmer
Thanks. If I had to summarize perhaps what investors are excited about and concerned about, I'd say they're excited about the potential on this -- on the DoorDash expansion of marketing there, excited about Stuffed Crust, the potential to roll that out, but they're concerned about the long-term same store sales growth beyond these types of initiatives, given what if they would back out from Uber Eats from the fourth quarter, and they think, gosh, the underlying trends are troubled for pizza delivery, particularly 1P. So, I'm wondering, when you think beyond '26 or through '26 and beyond about your 3% domestic comp growth target or thereabouts, what are some things that you think might ramp up in terms of its growth contribution that would give people comfort at this point that you could do that without some of these other things perhaps in that given year. Thanks.
谢谢。如果要总结投资者的兴奋点与担忧，我认为他们对DoorDash在营销方面的扩展以及对Stuffed Crust推出的潜力感到兴奋，但又担心在这些举措之外，长期同店销售增长的问题，比如如果第四季度Uber Eats撤出，他们会认为比萨配送的基本趋势出现问题，尤其是1P。因此，我想了解，展望2026年及以后，对于您大约3%的国内同店销售增长目标，您认为有哪些因素会在增长贡献上加速，以便让大家放心，认为即便不依赖其他举措，您也能实现这一目标。谢谢。
Russell Weiner
Thanks, David. Yeah, we get that question a lot, which is, hey, what's coming up in future years that makes you think that you could sustain what you've done -- what you're doing. And obviously, we're not going to go into particular programs, but this brand has a track record. This team has a track record. And kind of 1 share point plus a year has been what we've delivered. Without sometimes getting into the specifics of what we're doing for competitive reasons, I don't think you'd want us to, but I said this earlier, I'll bring it up again. If someone were to ask me, hey, last year, what do you got coming in Q1? I wouldn't be telling them we've got Best Deal Ever, but I'd be telling them the answer would come out of our strategy of renowned value.
谢谢，David。是的，我们经常被问到类似问题，也就是未来几年有什么因素让你们认为可以维持当前的表现——不论是过去的成就还是现在的动作。显然，我们不会深入讨论具体项目，但这个品牌和团队都有着良好的业绩记录。我们每年大约实现1个百分点以上的增长。这些细节出于竞争原因我们不便透露，但我之前提到过，今天再重申一下。如果有人问我去年第一季度有什么计划，我不会说我们推出了“Best Deal Ever”，而会告诉他们答案源自于我们“著名价值”战略。
And so, I've been with this company 16 years. And essentially, the track record has been pretty solid without us giving forward-looking information. So, if you want to know what we're doing, obviously, you talked about some of the big ones, expanding on the aggregator platforms is a big one. If you think about what our Q4 number would have been had we been on all the aggregators, you're completely right there. Loyalty is a multiyear gain for us, like we showed with the first loyalty program. But you're going to see a company that continues to bring best-in-class ideas that are differentiated based on our strategy, and we've got to track of doing that.
我在这家公司已经工作了16年。从整体上看，我们的业绩记录非常扎实，尽管我们没有提供前瞻性信息。如果你想了解我们在做什么，显然你提到了一些重要举措，其中扩展聚合平台就是一个重点。如果你考虑一下，如果我们在所有聚合平台上都有业务，第四季度的数字会是多少，你完全说得对。忠诚度计划对我们来说是一个多年累积的成果，就像我们在第一个忠诚度计划中所展示的那样。但你会看到，我们会持续推出基于我们战略差异化的业界最佳创意，我们对此已有明确的执行记录。
So, not going to get into specific numbers other than to say -- or specific names of programs, other than to say we've done it and we're going to continue to do that moving forward.
所以，除非必要，我不会透露具体数字或具体项目名称，只能说我们已经做到了，并将继续这样做下去。
Sandeep Reddy
And Dave, I'll just add over here, like, when we talk about the aggregators specifically, when you think about 2026, Russell talked about the long-term and all the things that we can do, if we're talking about really looking at something post May 1 and we have a meaningful impact in the back half, obviously, there's an annualization impact that comes from the aggregator platform if we actually do that.
Dave，我在这里再补充一点，关于聚合平台，正如Russell谈到的长期战略以及我们能够做的所有事情，如果我们在5月1日之后开始认真推进，并在下半年产生实质性影响，那么聚合平台如果真正发挥作用，其带来的年化效应将是显而易见的。
And then, I think there's more tailwind. The fastest-growing segment of the Pizza QSR space is the aggregator. And to Russell's point, we went on there fully in Q4 of '24, and there's a lot more growth to come from there. And I think, given loyalty, like Russell talked about the multiyear compounding impact, the really cool thing about loyalty, the $2.5 million incremental -- 2.5 million incremental loyalty members that we've gained, these are light users and carryout users, and that becomes a huge flywheel, because now we've captured them into a database and we can start marketing them to drive incremental compounding impacts.
另外，我认为还有更多顺风因素。比萨快餐行业增长最快的部分是聚合平台。正如Russell所说，我们在2024年第四季度已经全面进入这一领域，并且未来将带来更多增长。我认为，结合忠诚度计划——正如Russell提到的多年复利效应——忠诚度计划的真正亮点在于我们新增了250万忠诚度会员，这些大多是轻度用户和外带用户，这将形成一个巨大的飞轮，因为我们已将他们纳入数据库，可以通过营销推动额外的复合效应。
So, this is going to be a big flywheel, and we're really thrilled about the carryout mix in the business as well. It's very compelling. It's very strong. You combine that with the number of loyalty members that we've gained, more growth to come. And so, the catalyst that we talked about are very consistent and they're multiyear drivers.
因此，这将形成一个巨大的飞轮，我们对业务中的外带比例也感到非常兴奋。它非常吸引人，非常强劲。将这一点与我们获得的忠诚度会员数量结合起来，未来会有更多增长。所以，我们所谈及的催化因素非常一致，而且是多年驱动因素。
Russell Weiner
And I think, too, just to add is when you -- if you listen to some of the commentary we've got over why we're able to sustain what we've been able to sustain over the last decade plus, we've talked about building scale, right, and the scale we've got in share of voice, the scale we have in supply chain, that gets grown through same store sales, right? So, in another year where we're winning on same store sales, another year, we're winning on stores, stores let you drive more markets there, stores let you keep competitive stores from opening. All of that actually kind of snowballs and drives more momentum for the future. So, all the stuff that we said has worked for us by continuing this flywheel, essentially becomes more offense for us in the future.
我还想补充一点，如果你听听我们关于为何能在过去十多年里持续取得成功的评论，我们谈到了构建规模，对吧？无论是我们在知名度方面的规模，还是通过同店销售不断扩大的供应链规模——在某一年我们在同店销售上取得胜利，在另一年我们在门店数量上取得成功，门店的增长不仅能帮助你开拓更多市场，还能阻止竞争对手门店的开设。所有这些都会相互叠加，为未来带来更大的动力。所以，我们所说的一切，通过持续推动这个飞轮，实际上为我们未来创造了更多的进攻机会.
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
Thank you. Sandeep, I think you're showing some -- you're displaying some very solid cost discipline also in 2024, both on the supply chain as well as on the G&A side. You were talking about some shift in timing on some of these investments. So, can you help us understand which investments have been put out? And then, to the extent that the retail stores were to come in a little bit softer in 2025, softer than your expectations, do you still have room for optimizing G&A, or do you think that the guidance that you gave today already includes all the opportunities that you have over there? Thank you.
谢谢，Sandeep。我认为你们在2024年展现出非常扎实的成本管控，无论是在供应链还是在一般及行政（G&A）方面。你提到了部分投资的时机有所调整。能否帮我们了解一下哪些投资项目已被推迟？另外，如果2025年零售门店表现比你们预期的略微疲软，你们是否仍有优化G&A的空间，或者认为今天给出的指引已经涵盖了所有这些机会？谢谢。
Sandeep Reddy
Yeah, Danilo, thank you for the question. I think it's a really good one in terms of how we're thinking about the business and how we've pivoted. If you go back to the prepared remarks, we said that 2024 was a year where sales didn't really track to what we initially expected at the beginning of the year. And despite that, we found agility in the P&L to actually drive the 8% operating income growth that we were targeting.
是的，Danilo，谢谢你的提问。我认为这个问题非常好，反映了我们对业务思考及转变的方式。如果你回顾我们准备的发言，就会发现我们曾表示2024年销售并未达到年初最初预期的水平。尽管如此，我们在损益表上展现出灵活性，实际推动了我们目标中的8%营业收入增长。
And a couple of things that actually helped us in 2024. Procurement productivity, fantastic from the supply chain organization. They've done a really terrific job. And that's a flywheel that continues to run. We expect more of that in 2025 as we look forward to that.
另外，有几项措施在2024年对我们帮助很大。首先是采购效率——供应链团队表现非常出色，他们做得极为出色。这一飞轮效应将持续发挥作用，我们期待2025年能看到更多这样的成果。
And then, I think in terms of timing of investments, I talked about this even earlier during the third quarter call, I think, where we had three different buckets of investments, specifically in G&A. We had consumer technology, store technology and capacity investments.
接下来，我想说说投资时机方面的内容，我在第三季度的电话会议上也提到过，我们在G&A方面将投资分为三个部分，分别是消费技术、门店技术以及产能投资。
I think on the capacity investments piece, I think based on the way the volumes were going, we're able to retime that a little bit and actually that's part of what's in the numbers.
就产能投资而言，根据当时的交易量走势，我们能够稍作调整，这也已经反映在数据中了。
When we look at how '25 is built up, we actually do have that framework as we're looking at it, but we want to make sure that we are pacing our investments appropriately with where sales are going.
当我们展望2025年的构成时，实际上我们已经有了相应的框架，但我们希望确保投资的节奏与销售趋势相匹配。
We've demonstrated through 2024 that we're able to pivot if there is a shift a little bit in terms of what the sales momentum is, and we have a lot of confidence in that in 2025 as well.
我们在2024年已经证明，如果销售势头出现一定变化，我们能够灵活应对，对2025年也充满信心.
Operator
操作员
Thank you. And our next question comes from the line of Peter Saleh from BTIG. Your question, please.
谢谢。接下来的问题来自BTIG的Peter Saleh。请提问。
Peter Saleh
Great. Thanks for taking the question. I wanted to ask about the third party. I mean, you exited 2024 near the 3% target on Uber Eats. Are you still on track for the $1 billion of incremental revenue by the end of 2026? And what if anything have you learned from the Uber Eats partnership over the past, call it, year, five, six quarters now that maybe informs how you'll do things differently when you expand to another third-party partnership in 2025? Thanks.
非常好，谢谢您回答问题。我想问一下关于第三方渠道的问题。我的意思是，您在2024年以接近3%的比例结束了Uber Eats业务。您是否仍然有望到2026年底实现10亿美元的增量收入？另外，在过去大约一年、五到六个季度中，您从与Uber Eats的合作中学到了什么，这是否会影响您在2025年扩展到另一第三方合作时采取不同的策略？谢谢。
Russell Weiner
Yeah, thanks, Peter. Yeah, we're still bullish on this being a $1 billion opportunity for us. The timing may have -- is going to be pushed out a little bit, and that's really because we have purposely managed this for as high of incremental volume as we can. And so, once we get on some of the other platforms, obviously, we'll continue to grow there.
是的，谢谢你，Peter。我们仍然看好这对我们来说是一个10亿美元的机会。虽然时间可能会稍微延后一些，这实际上是因为我们有意识地管理以实现尽可能高的增量量。一旦我们进入其他平台，显然我们会继续在那儿增长。
I think what we've learned with Uber is a couple of things. One is how to optimize the marketing. So, one of the reasons I've talked about kind of the $1 billion maybe taking a little bit longer to get to is we've learned how to optimize incrementality. And so, we're not going after all the volume right away. We want this to grow over time and be incremental and accretive to the profitability of our franchisees. So, we've learned how to do marketing better, I think, on this platform. And then, just technology integration, I would expect that if we were to go on another platform that the tech integration would be quicker than it was when we were doing it from scratch.
我认为我们从与Uber的合作中学到了几点。首先是如何优化营销。正因如此，我曾提到实现10亿美元目标可能需要更长的时间，因为我们学会了如何优化增量效应。因此，我们不会立即追求所有的交易量，而是希望这一部分随着时间逐渐增长，并能对加盟商的盈利能力产生正向累积效应。所以，我认为我们在这个平台上已经学会了如何更好地进行营销。其次是技术整合，我预计如果我们进入另一个平台，其技术整合将比我们从零开始做时更快。
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。接下来的问题来自TD Cowen的Andrew Charles。请提问。
Andrew Charles
Great. Thank you. I wanted to ask about the $162,000 of US store level cash flow in 2024. It trailed the initial $170,000 target issued at the December 2023 investor meeting. So, I'm curious if the shortfall was versus the original expectation, was that strictly sales or some other driver there?
非常感谢。我想问一下2024年美国门店层面的现金流为162,000美元，这比2023年12月投资者会议上提出的170,000美元目标有所落后。我很好奇，这个差距是仅仅由于销售不及预期，还是还有其他因素？
And then, Russell, can you also address to just franchisees' conviction and prioritizing renowned value to properly go to sales just given the shortfall in '24 of franchisee store-level cash flow?
另外，Russell，你能否谈谈加盟商对品牌的信心以及如何优先强调“著名价值”来推动销售，毕竟2024年加盟店层面的现金流出现了差距？
Sandeep Reddy
So, I'll start on the first part on the store cash flow, Andrew. So, look, I agree, I mean, I think when we started the year, in 2024, we're expecting $170,000 of store cash flow, and we finished up with $162,000. And candidly, on the first half of the year, we were tracking. We were tracking where we were expecting. But as we kind of moved into the second half, you saw the sales softness that came in, in the third quarter, we talked about it, the macro environment plus the competitive pressures really started weighing on sales and then profits as well with the promotion intensity that was building. And then, when you got into Q4, it just accelerated. And if we look at where the comp trends went and the intensity continued to be heavy, and on top of that, we had a 4.4% food basket in the fourth quarter. So, that actually didn't help from a cash flow perspective either.
那么，我先就门店现金流这一部分回答，Andrew。听我说，我同意，我们在2024年初的预期是每门店现金流170,000美元，但最终只有162,000美元。坦白说，年初上半年的表现基本符合预期。但进入下半年后，第三季度出现的销售疲软——正如我们讨论过的，由于宏观环境和竞争压力，加上促销力度不断增强，对销售和利润都产生了压力，到了第四季度情况就加剧了。而且，我们第四季度食品篮子的涨幅为4.4%，这也对现金流没有帮助。
So, all that is to explain what happened in terms of the cadence of the cash flows. However, the important thing and this was really critical, we grew about 1 point of market share in the year. And that is critical because you take that market share growth, you take the loyalty membership, which grew by 2.5 million members, and then you look forward into '25, with our scale advantage that we have, whether it's in marketing, whether it's in digital, whether it's in the supply chain side, we have a lot of catalyst to drive continued growth, not only in cash flows, but I think overall in terms of share growth as we move into '25.
以上就是对现金流节奏变化的解释。不过，关键在于我们今年的市场份额增长了约1个百分点，这是至关重要的，因为这一市场份额的提升，加上忠诚度会员增加了250万，再结合我们在市场营销、数字化以及供应链等方面的规模优势，我们拥有众多催化因素，不仅能推动现金流持续增长，我认为整体的市场份额也会在2025年进一步上升。
Russell Weiner
Yeah. And Andrew, I guess I'd add to that, our franchisees are pretty special. They're fully invested in Domino's. They don't run any other restaurant chains. This is their business. And they are competitive folks. And actually, they're in it for the long-term, because of this being their primary business.
是的，Andrew，我想补充的是，我们的加盟商非常出色。他们全心投入Domino's，从不经营其他餐饮连锁店。这就是他们的生意，而且他们非常有竞争力。实际上，他们都是为了长期发展而投入，因为这就是他们的主要业务。
And so, what they saw this year was -- I'm sorry, this year, meaning in 2024, I apologize, 2024, was similar promotions, right, with some of the competition, but sales hire for us, stores hire for us, share hire for us. And so, they know what the P&L looks like on lower volumes. And if they're in it for the long-term, if you're holding your own on profit and you know you're negatively impacting the competition, that's a good thing.
所以，他们今年看到的是——不好意思，我指的是2024年，2024年的情况是，虽然有与竞争对手类似的促销活动，但我们的销售、门店数量和市场份额都在提升。因此，他们清楚在销售量降低时利润表会是什么样子。如果他们是为了长期发展，并且在利润上保持稳定，同时知道这会对竞争对手产生不利影响，那就是好事。
And this is not me just talking about sentiment. I'd say the franchisees are talking with their actions because one of the things that they approved well into the quarter so they knew where things were going was this $9.99 any promotion, this Best Deal Ever. And so, they're going to -- if they had any qualms about continuing to lean in, you wouldn't see literally what is our Best Deal Ever in market. And similarly with store growth, the store growth signs are there.
这不仅仅是情感上的表达。我认为加盟商的行动证明了一切，因为他们在季度中期批准的举措——比如9.99美元促销活动，也就是我们的“Best Deal Ever”——表明他们知道未来的趋势。所以，如果他们对继续倾斜投入有任何疑虑，你在市场上就不会看到我们推出的“Best Deal Ever”。同样地，在门店增长方面，增长迹象也很明显。
So, it was a -- it certainly wasn't a year where we delivered what we said we would, but I think they're in it for the long-term, we're in it for the long-term. It was still a win in 2024 for Domino's Pizza.
总之，2024年并非我们完全实现预期的一年，但我认为加盟商和我们都是为了长期发展。对Domino's Pizza而言，2024年依然是一场胜利.
两个人的回答都很一般，就是差8000美元，没做到就是没做到。
Operator
操作员
Thank you. Our next question comes from the line of Jon Tower from Citi. Your question, please.
谢谢。接下来的问题来自花旗的Jon Tower。请问您的问题。
Jon Tower
Hey, great. Thanks for taking the questions. Good morning. I was just curious if you could dig a little bit into the international unit growth. And I understand the headwinds that the business will be facing in '25 from the Australia master franchisee closure, but what -- can you speak to maybe the confidence you have in this reaccelerating in '26? And specifically, do you have any other global master franchisees where you see potential for potential market consolidation in store closures over the next 12 months or so?
嘿，很好。感谢你回答问题。早上好。我只是好奇你是否能详细介绍一下国际单位增长情况。我理解业务在2025年将面临来自澳大利亚主加盟商关闭所带来的阻力，但你能谈谈你对2026年重新加速增长的信心吗？具体来说，你是否看到其他全球主加盟商在未来大约12个月内有可能通过门店关闭实现市场整合的潜力？
Russell Weiner
Yeah. Let me...
是的。让我……
Sandeep Reddy
Go ahead.
请继续。
Russell Weiner
Why don't I start it and you continue. Look, I think the 200 closures by DPE by the end of the year, I think those closures will be behind us. What I want to make sure that I focus everyone is our two largest growth markets, China and India, remain on track. China opened up 240 stores last year. They're talking now 300 to 350. And so, the growth in the rest of the system is really strong, and the DPE closures by the end of the year I think will be behind us.
我先开始，然后你接着说。看，我认为DPE今年年底前关闭的200家门店将在我们身后。我要确保大家关注的是我们两个最大的增长市场——中国和印度，依然保持正轨。中国去年新开了240家门店，现在讨论的是300到350家。因此，系统其余部分的增长非常强劲，我认为DPE今年年底前的门店关闭已经成为过去。
Anything to add?
还有什么要补充的吗？
Sandeep Reddy
Yeah. I think what I will say is you probably heard in the prepared remarks, I talked about the international store profitability improving slightly despite the pressures that we're talking about on DPE and paybacks improving. The paybacks are obviously very, very compelling in China and India that Russell just talked about, but they're very good outside of China and India as well. Even if you look at the portfolio outside of DPE, and even DPE, I think we're looking at all the actions that are being talked about by the DPE organization to prune the portfolio, the 200-plus stores that they're going to close this year. The commentary from their CEO is to be very focused on profitable, sustainable growth from their portfolio.
是的。我想说的是，你可能在准备发言中听到了，我提到尽管我们讨论的DPE压力和回报改善的情况下，国际门店的盈利能力略有提升。正如Russell刚才所说，在中国和印度，回报率显然非常有吸引力，但在中国和印度以外的地区也同样不错。即使你观察DPE之外的门店组合，甚至包括DPE本身，我认为我们看到DPE组织正在采取一系列措施来精简门店组合，今年将关闭200多家门店。他们CEO的评论强调要非常专注于门店组合中盈利且可持续的增长。
So, all of this augers very well for 2026 and beyond because I think we're looking at very healthy growth. And invariably, store economics are going to be the leading indicator of what is going to happen with unit growth and we're definitely on the right path on this.
因此，这一切都预示着2026年及以后将迎来非常健康的增长。而且，门店经济学将不可避免地成为单位增长趋势的领先指标，我们绝对走在正确的道路上。
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。接下来我们的下一个问题来自高盛的Christine Cho。请问您的问题。
Christine Cho
Great. Thank you for the chance to ask questions. So, I think you mentioned 1,600 dough stretchers at the end of fourth quarter, which is up meaningfully, but still in roughly a quarter of your stores in the US. So, I'd like to understand what are some of the key inhibitors on a more accelerated rollout and any metrics that you can share on the impact to the overall store operational efficiency? Thank you.
太好了。感谢您给我们提问的机会。那么，我记得您提到第四季度末有1,600个面团拉伸机，这个数字显著增加，但仍大约只覆盖了美国门店的四分之一。因此，我想了解一下在更快推广过程中有哪些主要障碍，以及您能否分享一些关于整体门店运营效率影响的指标？谢谢。
Russell Weiner
Yeah, sure. Right now, really just the impact on why we don't have more is we're just trying to ramp up supply. Demand is higher than supply, and that means, the thing is working. Metrics, the one that I'd like to point on is, usually if we bring somebody new onboard, it takes them about 25 shifts in a store to get to kind of, call it, speed of competency to stretch dough. With DJ, it's two shifts. And I don't even think it's that long, but that's all that Sandeep is letting me say, is two shifts.
是的，当然。现在，之所以还没有更多，主要是因为我们正努力提升供应。需求超过供应，这说明这项措施是有效的。关于指标，我想指出的是，通常如果我们让新员工上手，他们大约需要在门店工作25个班次，才能达到拉伸面团的熟练水平。而使用DJ系统，只需要两个班次。我甚至认为所需时间没那么长，但Sandeep只允许我说，是两个班次。
So -- but what I want to do is take a step back and make sure you guys understand that dough stretcher is just one piece of it. What we did, and this was really coming out of COVID, we said, we got to get better at what we're doing. We have to reinvent our circle of operations, both the physical plant, but also technology. And so, you look at what we've done, which is improved Dom.OS, reinvent our circle of operations, two straight years of programs concentrating on training our franchisees. We had Summer of Service two years ago, and then, last year, we had Most Delicious Operations, that training.
所以——但我想退一步，确保大家明白，面团拉伸机只是其中的一部分。我们所做的这一切，实际上是在COVID之后，我们意识到必须提升我们的工作水平。我们必须重塑我们的运营体系，包括实体设施以及技术。因此，你看看我们所做的：改进了Dom.OS，重塑了我们的运营体系，并且连续两年开展了专注于培训加盟商的项目。两年前我们举办了“服务之夏”，而去年我们开展了“最美味运营”培训。
Net-net, a couple of things. One is our delivery times have improved by a couple of minutes. And secondly, in our team USA stores, turnover is lower. So, if you've got a new circle of operations that makes it better for your team members and you're delivering better to your customers, I think that's a win-win.
总的来说，有几点。一是我们的配送时间缩短了几分钟；二是在我们美国团队的门店中，员工流动率更低。所以，如果你拥有一个全新的运营体系，这既能改善员工体验，也能为客户提供更好的服务，我认为这是一种双赢局面。
So, I know the question was about DJ, but I just want to take a step back and say DJ is part of an overall approach we've had over the last three years to improve operations.
所以，我知道问题是关于DJ的，但我只是想退一步说明，DJ是我们过去三年来提升整体运营策略的一部分。
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。请问您的问题。
Chris O'Cull
Yeah, thanks for taking the question. Russell, you mentioned the rollout of a new e-commerce platform this year, including new app and site. Can you just provide some more information of what those changes will entail both from a consumer-facing side and then also kind of a back-end for the business side? And then, are you expecting a meaningful improvement, let's say, in conversion rates following these changes?
好的，感谢您回答问题。Russell，您提到了今年推出全新的电子商务平台，包括新应用和网站。您能否详细说明这些变革在面向消费者方面以及在业务后端方面会有哪些具体内容？另外，您是否预计这些变化会显著提高转化率？
Russell Weiner
Yeah, Chris, so let me talk to you about how we're doing the rollout. First is the site built. We finished building it last year. And you talked about conversion. That's kind of what we're doing now. And so, we're slowly showing more and more people the site, letting them order on the site. And then, what we do is when there are pieces of conversion that are flat to positive, we'll roll that. If things we need to change, we'll go back and fix that. This is obviously -- it's a huge website. And so, 0.1% of conversion loss is an issue. And so, what we see in 2025 is this is going to be a year where we're rolling this out at a fast pace as we can to make sure we're continuing to support the business in the right way. Probably the apps will be a little bit later than the website, but all should be out this year.
是的，Chris，让我来谈谈我们的推出方式。首先是网站建设。我们去年已经完成了网站建设。您提到了转化率，这正是我们目前正在努力的方向。因此，我们正逐步让越来越多的人访问该网站，并通过网站下单。然后，当某些转化率指标从平稳变为正增长时，我们就会推广；如果有需要改进的地方，我们会回头调整。显然，这是一个庞大的网站，所以哪怕0.1%的转化率损失也不容忽视。因此，我们预计2025年将是我们以最快速度推出这一平台的一年，以确保我们能够持续以正确的方式支持业务。应用程序可能会比网站稍后推出，但全部都将在今年内上线。
If I were to highlight a couple of things on what consumers will see, it takes most delicious food up a level big time. I mean, we've already fast forwarded some of the new food photography onto the old website. But just the layouts and all that are -- people buy with their eyes first, and so I'm excited about that. A lot of the user flows are just we've taken steps out of the user flow, and things are much more intuitive.
如果让我强调消费者将看到的一些亮点，这将极大地提升“美味食品”的水平。我们的新食品摄影作品已经部分提前应用到了旧网站上。而且，网站的版面布局等设计——人们首先是“用眼睛购物”，因此我对此非常期待。许多用户流程也被精简，变得更加直观。
The app was -- we brought up a long time ago. A lot of things have changed. A lot of things that were frankly common among other apps, we didn't have. Also, our carryout business is much bigger than it was when we developed the original website. And so that, which was kind of an afterthought in our first website, won't be there in this. This will be a great carryout experience.
至于应用程序——我们早就提过了，现在有了很大变化。许多在其他应用中很常见的功能，我们以前都没有。此外，我们的外带业务比开发原始网站时规模要大得多。所以，之前在首个网站中被视为附带考虑的功能，在这次更新中将不再忽略。这将带来极佳的外带体验。
And then, on the back end, when you talk about integration into our systems, when you talk about personalization, when you talk about speed, all of that is the reason we're confident about the new website.
另外，在后端，当涉及到与我们系统的整合、个性化服务以及速度优化时，这正是我们对新网站充满信心的原因。
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Brian Harbour。请问您的问题。
Brian Harbour
Yeah, thanks. Good morning, guys. Sometimes you've talked about kind of carryout versus delivery share. Was the 1 point gain consistent across both of those in 2024? And I guess just as was sort of implied earlier, right, excluding kind of the Uber contribution, I mean, underlying delivery is obviously still kind of the softer spot. Is your expectation that that doesn't change too much into this year, or is there some pickup there? And where do you think kind of that business is going to?
好的，谢谢。大家早上好。有时你们会谈到外带和外送市场份额的情况。2024年两者的1个百分点增幅是否一致？而且，正如之前隐含的那样，扣除Uber的贡献后，基本的外送业务显然依然较为疲软。您是否预计这种情况今年不会有太大变化，还是会有所改善？您认为这一业务未来将走向何方？
Russell Weiner
Yeah. So, Brian, first, the market share gains were both in carryout and delivery. And we continue to think we're going to have balanced growth moving forward. You're right about 1P being a little bit where the softness was. There, it's people switching to eating at home. And so, 3P for us is new. Once we get into that, obviously, all those consumers in those marketplaces are new. But delivery is a tougher value right now in this value-conscious world. And so, the choice though isn't going to another restaurant most of the time, it's eating at home.
是的。所以，Brian，首先，市场份额的增长在外带和外送两方面都有体现。我们依然认为未来会实现平衡增长。您说得对，1P业务略显疲软，原因在于消费者转而选择在家就餐。因此，对我们来说，3P业务是新的领域。一旦进入这一领域，显然这些市场中的消费者都是新客户。但在这个注重价值的时代，外送业务的性价比更难实现，大多数情况下，消费者的选择不是转向另一家餐厅，而是选择在家用餐。
Sandeep Reddy
And Brian, I think you didn't specifically ask this, but I think you brought up something which I think is super important. As we think about '25, we expect balanced growth between delivery and carryout. We expect balanced growth between ticket and transaction as well. And I think that's super important to actually think about as you're putting together your models. And we will continue to stay very disciplined on pricing. You saw, in spite of actually taking the high-single-digit pricing in California, we really were in the low-single-digits in '24 in pricing. Expect much the same in terms of pricing disciplines in '25. So, we continue to build on our advantage on renowned value and drive for more market share.
而Brian，我知道您并未专门提出这个问题，但我觉得您提到的内容非常重要。展望2025年，我们预期外送与外带之间将实现平衡增长，同时票价和交易量也会保持平衡增长。在构建模型时，这一点非常关键。我们也将继续严格把控定价纪律。您看到，尽管在加利福尼亚采取了高单位数的定价，2024年的定价实际上还是维持在低单位数水平。预计2025年的定价策略也将保持类似。因此，我们将继续利用我们在卓越性价比上的优势，争取更多的市场份额。
Russell Weiner
Yeah, Brian, one of the things I should have said as well is, looking forward, especially when we're on all the delivery platforms, our delivery business is going to be -- that's how we're going to report on delivery business. Our delivery business is going to be 1P and 3P. And if you remember the way we priced and the way we're managing franchisee profitability on some of these new channels, we want to meet consumers where they are. And if this is where they want to be, it's going to be a profitable transaction for customers. So, I understand the questions on 1P. I really would, though, especially as in the back half of the year, start thinking about our delivery business as one business. That's how we're approaching it.
是的，Brian，我还应该补充的一点是，展望未来，尤其是在我们覆盖所有外送平台的情况下，我们的外送业务将以1P和3P形式呈现，这也是我们报告外送业务的方式。如果您记得我们在定价和管理加盟商盈利能力方面对这些新渠道的操作方式，我们的目标是满足消费者的实际需求。如果消费者偏好这种方式，这将为他们带来盈利的交易。因此，我理解关于1P的问题，但我认为，特别是在下半年的时候，我们应该开始将外送业务视为一个整体来考虑。这正是我们的做法。
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。接下来的问题来自德意志银行的Lauren Silberman。请问您的问题。
Lauren Silberman
Thanks for the question. So, it's been reported that you plan to launch Stuffed Crust soon. I think most investors expect it in the next month or so. I guess, how are you thinking about balancing the timing of a high volume LTO with potential additional delivery partners? And on that point, it sounds like you may not willing to be confirming a specific LTO, but can you help us understand whether this is already contemplated in the 3% guide and what you're expecting in the first half being a little softer? Thank you.
感谢提问。据报道，您计划很快推出Stuffed Crust。我认为大多数投资者预期这会在未来一个月左右推出。我想问的是，您打算如何平衡高销量限时产品（LTO）的推出时机与可能增加的外送合作伙伴之间的关系？在这一点上，听起来您可能不愿确认具体的LTO，但您能否帮助我们了解这是否已经在3%的指引中有所考虑，以及您是否预期上半年会略显疲软？谢谢。
Russell Weiner
Yeah, sure. A few questions there. I think, in general, your first question or your first sentence you talked about LTOs, I'm not saying we'll never do LTOs, but we do a lot of work. I talked about innovation with intent in my opening remarks. Our desire when we launch something is to get the long-term ROI, you need to keep the thing long-term. So, if you look at what we did last year with New York Style Pizza, on the pizza end, we brought in a crust type that we didn't have. And then, with Mac & Cheese, we brought news to pasta that we launched in 2009. And by the way, that news helped us keep pasta volume while we took a couple of SKUs out of that clean up that business a little bit.
好的，当然。有几个问题。总体来说，您第一句话提到了LTO，我并不是说我们永远不会做LTO，而是我们在这方面做了很多工作。我在开场发言中提到了“有意的创新”。我们推出新产品的愿望是获得长期的投资回报率，这需要产品保持长远的生命力。所以，如果您看看我们去年在纽约风味披萨上的做法，我们在披萨方面引入了一种我们之前没有的饼皮类型。接着，在Mac & Cheese方面，我们为2009年推出的意大利面带来了新的变化。顺便提一句，这一创新帮助我们在清理部分SKU的同时维持了意大利面的销量。
You're not the first person, believe it or not, who has asked them how Stuffed Crust. And look, I'm not surprised. We're the #1 pizza company in the world, and it's one of the biggest crust types out there, and we don't have it. We don't have it in the States. We do have it in other markets. So, we're not going to comment on future products, but I think maybe the way to answer is to is your last question, which is to say, hey, look, guys, you're trying to build volume here, whether it's with new products or going on more aggregators, what's your capacity to deal with that?
说来也奇怪，您并不是第一个问我们关于Stuffed Crust的人。老实说，我并不感到惊讶。毕竟我们是全球第一的披萨公司，而Stuffed Crust是最受欢迎的饼皮类型之一，而我们在美国却没有推出。我们在其他市场有供应。所以，我们不会对未来的产品发表评论，但我认为回答的方式可以参考您最后的问题，也就是：大家看，无论是通过新产品还是加入更多聚合平台，您们都在努力提升销量，您们的处理能力如何？
And I guess, I'd say a couple of things. One is, if you think about the number of orders we were putting through during COVID, we are still not at that level. Number two is if you think about our operations since then, it's at a much better level. I won't go through it again, but we've changed our circle of operations, Dom.OS, all of that stuff. So, there's still volume upside in a more efficient Domino's than we've ever had since I've been here.
另外，我想补充几点：首先，如果您回想一下COVID期间我们的订单量，我们现在还没有达到那样的水平。其次，自那以后我们的运营已经有了很大改善。我就不再赘述，但我们已经改造了运营体系、Dom.OS等各方面。所以，在一个更高效的Domino's中，订单量仍然有上升的空间，这是我任职以来前所未有的。
Sandeep Reddy
And Lauren, I'll just add to what Russell said because you asked specifically what's in the same store sales guide. So, a couple of things. I think on aggregators, it was pretty clear in the prepared remarks that we're expecting a more meaningful impact in the back half. So, yes, that is included in the 3% same store sales guide. And I think apart from that, we have a slate of initiatives that we're not going to talk about for competitive reasons, but they're all in the same store sales guide because we know what those are and that's part of our expectation.
Lauren，我再补充一下Russell的发言，因为您特别问到了同店销售指引中的内容。有几点需要说明：关于聚合平台，在准备发言中我们已经明确表示预期下半年的影响会更为显著，所以这已包含在3%的同店销售指引中。此外，我们还有一系列因竞争原因不便公开讨论的举措，但这些都已纳入同店销售指引，因为我们清楚这些措施的内容，这也是我们预期的一部分。
Russell Weiner
Yeah, including two new products. Obviously, we say we're going to do two new products every year, and so, there will be two new products this year, yeah.
是的，包括两款新产品。显然，我们承诺每年推出两款新产品，因此今年也会有两款新产品推出。
Operator
操作员
Thank you. And our next question comes from the line of Jeffrey Bernstein from Barclays. Your question, please.
谢谢。接下来的问题来自Barclays的Jeffrey Bernstein。请问您的问题。
Jeffrey Bernstein
Great. Thank you very much. I wanted to talk about Domino's positioning within that renowned value in the US that you speak about. Clearly, it looks like you're assuming comps reaccelerate to reach the 3% in '25 versus the -- looks like 40 basis points in the most recent quarter. And there's already lots of focus on value in the pizza and broader QSR segment. So, I'm just wondering, when you think about two things, one, the delivery side of your business, I would think is less about value with the surcharges and tips, and at the same time, your QSR competition is aggressively pushing $5 meals. I would think both of those things maybe eat into your value leadership. So, just hoping you could talk about the delivery segment's resilience in a challenge macro and your thoughts on the broader non-pizza QSRs pushing a whole lot more value than they were doing 12, 24 four months ago. Thank you.
非常感谢。我想谈谈Domino's在美国那个著名的价值定位。显然，看起来您假设同店销售将重新加速，2025年达到3%，而最近一季度只有大约40个基点。而且，披萨和更广泛的快餐行业中已经有很多关于价值的讨论。所以，我想问两个问题：一是，您业务中的外送部分，我认为在附加费和小费方面就不那么讲究价值；同时，您的快餐竞争对手正在大力推行5美元餐。我认为这两方面可能会侵蚀您在价值领导力上的优势。所以，希望您能谈谈外送部门在经济挑战下的韧性，以及您对更广泛的非披萨快餐业态相较于12、24、四个月前更注重价值的看法。谢谢。
Russell Weiner
Yeah, Jeff, the way I think about value, it's relative value. And so, relative to ourselves in carryout, delivery is certainly more expensive. You got the fees, hopefully tips for our drivers. But still when you look at delivery to delivery, we're very competitive, down to the delivery fee and the price not only to other pizza, but really other items you get delivered. If you think about getting a pizza delivered to your house, two pizzas delivered to your house for $6.99 each, that's 16 slices, you're feeding a lot of people. And so, when we talk about value in delivery, being a little pressured, especially with the lower-income customer, it's more value compared to our carryout than it is to other delivery choices.
是的，Jeff，我认为价值是相对的。相对于我们的外带业务，外送无疑更昂贵。您需要支付费用，并且还要给我们的送餐员小费。但即使如此，当比较不同外送服务时，我们在外送费用以及价格上都非常有竞争力，不仅相比其他披萨产品，也包括其他外送品类。如果您考虑到让一份披萨送到家中，两份披萨每份6.99美元，这样总共16片，可以满足很多人的需求。因此，当我们谈论外送中的价值时，尽管面临一些压力——尤其是对于低收入客户而言——外送相较于我们的外带更能体现价值，而不是其他外送选择。
一般，没有正面回答，低端总会遇到同质化的竞争。
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。今天我们的最后一个问题来自Gordon Haskett的Jeffrey Farmer。请提问。
Jeffrey Farmer
Thank you. You just touched on a little bit of it, but with some of the restaurant earnings calls over the last two weeks, your peers have clearly suggested that the demand headwinds that had largely been isolated to the lower-income cohort for most of 2024 are beginning to sort of expand beyond just lower income. So, how do you see that as you move through 2025 in terms of demand headwinds that might be expanding beyond the lower-income cohort?
谢谢。您刚才略微提及了这一点，但在过去两周的一些餐饮企业财报电话中，您的同行们已经明确表示，原本主要局限于2024年大部分时间低收入群体的需求阻力正开始扩展到除低收入群体之外。那么，您如何看待在2025年期间，需求阻力可能超越低收入群体的情况？
Russell Weiner
Yeah. I think for us, a couple of things. I'll talk about Domino's, but then I'll talk about larger restaurant. I mean, we're seeing the cross-income cohort be really more of a pressure on 1P within pizza 1P delivery. But if I think I was just talking about overall QSR business and what seems to be happening is there's a new dynamic. You've always heard me talk about kind of down-switching. So, in a tougher climate, economically, you're going to see customers maybe go down from more expensive dining options into QSR or pizza. That's continuing to happen. And you've always heard me talk about out-switching, right, which is at some point, especially with delivery, when consumers' pressures are such that maybe they want more affordable options, they'll eat at home.
是的。我认为就我们而言，有几点要说。我先谈谈Domino's，然后再谈更广泛的餐饮业。我们的观察是，不同收入群体对披萨1P外送业务产生了更大的压力。但如果我谈论整体的快餐业务，似乎出现了一种新动态。您一直听我讲所谓的“降级消费”，也就是说在经济环境更为严峻时，顾客可能会从较贵的用餐选项转向快餐或披萨，这种现象正在持续发生。而且您也听我提过“外流消费”，即在外送服务中，当消费者面临经济压力时，他们可能会选择更经济的选项，在家就餐。
What we're starting to see now and this is maybe a little bit less so in pizza than in other parts of QSR, it's what I'll call up-switching, where the price gap between, let's say, a burger at QSR versus casual dine or fast casual, the price gap, those other areas may be more expensive than QSR, but the gap maybe isn't as big as it used to be. And so, a customer will be saying, hey, you know what, I'm willing to pay a little bit more because the occasion is going to be different or maybe the food is going to be a little bit different.
我们现在开始看到的现象，尽管在披萨领域不如其他快餐领域明显，但我称之为“升级消费”，即快餐汉堡与休闲餐或快休闲餐之间的价格差距，虽然这些其他领域可能比快餐贵，但价格差距可能已经不像过去那么大。因此，顾客会说：“嘿，我愿意多付一点钱，因为用餐场合不同，或者食物也会有所不同。”
And so, there are lots of dynamics that we're following now with customers, the down-switching, the out-switching, the up-switching. Clearly though, they're looking for value, but maybe this is a good way to end the call. I think one of the things that I keep reiterating with the team is this thought that value is not value if a customer doesn't value it. What do I mean by that? As folks are driving more value into the marketplace, just because there is price off a certain item, if customers don't want that item, then it's really not value.
因此，我们正在关注顾客行为中的多种动态：降级消费、外流消费、升级消费。显然，他们都在寻求价值，但也许这正是结束电话会议的好时机。我一直在团队中反复强调的一点是：如果顾客不认为某项优惠具有价值，那么它就不是真正的价值。我的意思是，尽管市场上某个商品有折扣，但如果顾客并不需要或不喜欢那个商品，那它实际上并不代表价值。
And one of the strengths I think we have at Domino's Pizza is that when you think about our pizza and every single platform we have, all of those, you can get as part of our mix and match. And I think that's something that's unique to us, it's something we've had for 14, 15 years. And in the long-term, if a customer is having to buy something they don't want to buy for the right price, it's going to start to affect their frequency at a restaurant. So, that's why I think long-term, I really like what our strategies have brought forth.
我认为Domino's Pizza的一个优势在于，无论是我们的披萨还是各个平台上的其他产品，都可以组合搭配，这种灵活性是我们独有的，我们已经有14、15年的历史了。从长远来看，如果顾客不得不为不喜欢的商品支付所谓“合适”的价格，这会影响他们到餐厅的消费频次。所以，我认为从长远来看，我非常认可我们的战略成果。
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 with you all again soon. You may now disconnect.
谢谢，Jeff。这是今天电话会议的最后一个问题。感谢大家今天的参与，我们期待不久后再次与大家交流。现在可以结束通话了。
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.
感谢各位女士和先生参加今天的会议。会议现已结束。现在可以断开连接。祝您有美好的一天。
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