2025-04-28 Domino's Pizza, Inc. (DPZ) Q1 2025 Earnings Call Transcript
Domino's Pizza, Inc. (NASDAQ:DPZ) Q1 2025 Earnings Conference Call April 28, 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
Danilo Gargiulo - Bernstein
Brian Bittner - Oppenheimer
David Tarantino - Baird
David Palmer - Evercore ISI
Dennis Geiger - UBS
Peter Saleh - BTIG
Gregory Francfort - Guggenheim
Chris O'Cull - Stifel
Sara Senatore - Bank of America
Andrew Charles - TD Cowen
John Ivankoe - JPMorgan
Christine Cho - Goldman Sachs
Lauren Silberman - Deutsche Bank
Jon Tower - Citi
Brian Harbor - Morgan Stanley
Andrew Strelzik - BMO Capital Markets
Jeffrey Farmer - Gordon Haskett
Jeff Bernstein - Barclays
Alexander Slagle - Jefferies
Zach Fadem - Wells Fargo
Logan Reich - RBC
Todd Brooks - The Benchmark Company
Operator
主持人
Thank you for standing by. Welcome to Domino's Pizza's First Quarter 2025 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.
感谢各位耐心等待。欢迎参加达美乐披萨 2025 财年第一季度业绩电话会议。会议开始时，所有与会者均处于仅收听模式。发言结束后将进行问答环节。[操作员指示] 提醒各位，今天的会议将进行录音。
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，我很荣幸介绍今天会议的主持人——投资者关系副总裁 Greg Lemenchick 先生。请开始。
Good morning, everyone. Thank you for joining us today for our first quarter conference call.
各位早上好。感谢大家参加我们今天的第一季度财报电话会议。
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.
本次电话会议将首先由我们的首席执行官 Russell Weiner 发言，随后是首席财务官 Sandeep Reddy。会议结束前将进行问答环节。
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.
今日发布的财报新闻稿和 10-Q（均可在投资者关系网站获取）中的前瞻性声明，同样适用于我们在本次电话会议中的评论。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的文件中讨论的风险因素。
In addition, please refer to the 8-K earnings release to find disclosures and reconciliations of non-GAAP financial measures that may be referenced on today's call.
此外，请查阅 8-K 财报新闻稿，以了解本次电话会议可能提及的非 GAAP 财务指标的披露与对账信息。
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.
本次电话会议正在网络直播，并会在我们的网站上提供回放。我们将尽最大努力在时间允许的范围内回答尽可能多的问题，因此建议各位每人仅提一个问题。
With that, I'd like to turn the call over to Russell.
接下来，我将电话交给 Russell。
Russell Weiner
拉塞尔·威纳
Thanks, Greg, and good morning, everybody.
谢谢你，Greg，各位早上好。
As I reflect on the first quarter, I'm proud of how our team effectively executed our Hungry for MORE strategy. Against the backdrop of consumer and industry headwinds, we drove market share gains across both our US and international businesses. Sustained market share growth reflects the company's ability to control what's under its control, a key to long-term success.
回顾第一季度，我为团队高效执行 “Hungry for MORE” 战略而感到自豪。在消费者和行业逆风的背景下，我们在美国和国际业务均实现了市场份额增长。持续的份额提升体现了公司把控可控因素的能力，这是实现长期成功的关键。
Our team is achieving what we set out to do when we introduced Hungry for MORE late in 2023. When you look at our accomplishments over the last year-and-a-half with insight into some of the unlocks for the remainder of 2025, you can see how our Hungry for MORE strategic pillars are working together to set us up to drive more sales, more stores and more profits over the long-term.
自 2023 年末推出 “Hungry for MORE” 以来，我们的团队正在实现既定目标。纵观过去一年半的成绩，并结合 2025 年剩余时间的潜在机遇，可以看到 “Hungry for MORE” 的战略支柱如何协同运作，为我们在长期内带来更多销售、更多门店及更多利润奠定基础。
The M in Hungry for MORE stands for most delicious food. We will continue to drive deliciousness with at least two new products every year. In early March, we added arguably the biggest new menu item in our history, Parmesan Stuffed Crust pizza. This launch is the epitome of what we mean when we talk about our "innovation with intent" approach. There's a clear purpose behind any product we bring to market, and stuffed crust pizza is one of our best examples.
“Hungry for MORE” 中的 M 代表“最美味的食物”。我们将每年至少推出两款新品以提升美味度。3 月初，我们推出了或许是公司历史上最大的新菜单单品——帕尔玛干酪芝心披萨。这一发布完美诠释了我们所说的 “有意图的创新”——每一款上市产品背后都有明确目的，而芝心披萨正是最佳范例之一。
We went from this being the largest gap in our pizza portfolio to having what we believe is the best stuffed crust product in the industry. While timing of the launch meant stuffed crust didn't have a meaningful impact on Q1, we couldn't be happier with how the launch has gone so far. To date, customer satisfaction scores have been very good, and we've also seen a high mix of orders coming with a stuffed crust pizza. Although it's still early, performance has been tracking to our expectations. We're excited about the impact this product will have not only this year, but as a market share driver for years to come.
我们已从产品组合中最大的空白，跃升至拥有业内最佳芝心产品的位置。由于上市时点关系，芝心披萨对第一季度的影响有限，但目前的表现令我们非常满意。截至目前，客户满意度得分表现优异，芝心披萨在订单中的占比也很高。尽管仍处于早期阶段，表现已符合预期。我们相信该产品不仅将在今年产生影响，更将在未来多年成为市场份额增长的驱动力。
Prior to this year, the operational complexity of stuffed crust and our high volumes kept stuffed crust off our menu in the US.
在今年之前，芝心披萨的运营复杂性叠加我们的高订单量，使得该产品一直未能进入美国菜单。
Launching an innovation like this required us to lean into our second strategic pillar, operational excellence.
推出这样的创新产品，要求我们深度依托第二大战略支柱——卓越运营。
Innovation with intent requires operations with intent. On our Q4 call, I talked about the improvements in our service, driven by significant training programs implemented by our operators and franchisees over the last couple of years. These programs work together with improvements in our Dom.OS technology to make Parmesan Stuffed Crust a reality.
“有意图的创新”必须配套“有意图的运营”。在第四季度电话会上，我提到过去数年通过运营团队与加盟商实施的大规模培训项目提升了服务质量。正是这些项目与 Dom.OS 技术升级协同作用，使帕尔玛芝心披萨成为现实。
Domino's stores are doing an incredible job executing this product. I want to thank our franchisees and operations teams for their continued effort to achieve operational excellence. This remains a point of difference for Domino's.
达美乐门店在执行该产品方面表现出色。我要感谢加盟商和运营团队为实现卓越运营所做的持续努力。这始终是达美乐的差异化优势所在。
Our third Hungry for MORE pillar is renowned value. This has been a key strength for Domino's.
“Hungry for MORE”的第三大支柱是“知名价值”，这一直是达美乐的核心优势。
We're driving renowned value through national promotions, Domino's Rewards and by growing on aggregator platforms.
我们通过全国性促销、达美乐奖励计划以及在聚合平台上的扩张来强化这一价值。
In the first quarter, we had several value-driving initiatives such as our Best Deal Ever promotion that we believe broke through industry clutter.
第一季度，我们推出了多项提升价值的举措，例如 “史上最佳优惠” 活动，我们认为该活动成功在行业噪音中脱颖而出。
We have a strong slate of initiatives primed and ready to go for the rest of the year as we will continue to give customers what they want, which is more value in this challenging economic environment.
今年余下时间，我们已准备好一系列强有力的计划，继续在充满挑战的经济环境中为顾客提供他们最需要的——更多价值。
While providing value through our own channel is one part of our renowned value barbell strategy, tapping into the aggregator marketplace for pizza delivery is the other.
在 “知名价值杠铃策略” 中，自有渠道送出价值是一端，借助聚合平台拓展披萨外送则是另一端。
We recently announced a partnership with DoorDash, the largest aggregator in the US.
近期我们宣布与美国最大的聚合平台 DoorDash 建立合作伙伴关系。
We began piloting in a small number of stores and are expecting to commence our national launch in May.
我们已在少数门店开始试点，并计划于五月启动全国范围上线。
We expect this rollout to be complete by the end of the second quarter with a meaningful impact from this new partnership anticipated in the back half of the year.
我们预计将在第二季度结束前完成推广，并期待这一新合作在下半年产生显著影响。
So, in the second half of 2025 and beyond, we'll be competing on the biggest aggregator platform in the US, with one of the biggest pizza crust types in our industry, two things we could not have said only a few months ago.
因此，从 2025 年下半年起及更远未来，我们将凭借行业最大芝心披萨之一，在美国最大聚合平台上展开竞争——而这在几个月前还是无法想象的。
I wanted to quickly touch on our expectations around incrementality for DoorDash. We're going to need to learn and provide updates on this, but our initial expectations are that it will be approximately 50% incremental.
我想简要说明我们对 DoorDash 带来增量的预期。我们仍需持续学习并更新数据，但初步预计新增订单的增量效应约为 50%。
And that would be our expectations for aggregators as we move forward now that we're on multiple platforms.
随着我们进驻多家平台，这是我们对聚合渠道的整体增量预期。
Everything we do at Domino's is enhanced by our best-in-class franchisees.
达美乐的一切成就都离不开行业领先的加盟商。
We also see this pillar as our responsibility to be a best-in-class franchisor.
同时，我们也将成为卓越特许人的责任视为该支柱的重要内涵。
In the first quarter, we made some changes to our organizational structure, which you may have seen with the announcement we put out in March, where we elevated Joe Jordan to Chief Operating Officer and promoted Weiking Ng to Head of Domino's International.
第一季度，我们对组织架构进行了调整。正如三月公告所示，我们提升 Joe Jordan 为首席运营官，任命 Weiking Ng 主管国际业务。
We also made changes below the executive level for a faster, more efficient structure that aligns with our Hungry for MORE strategy.
除了高管层，我们在更基层面也进行了调整，以构建更快更高效、与 “Hungry for MORE” 战略相一致的架构。
Our focus at simplify included the difficult decision to eliminate certain roles and Sandeep will share some additional color on the financial implications.
为实现精简，我们不得不作出裁撤部分岗位的艰难决定；Sandeep 稍后会介绍相关财务影响。
Moving forward, we believe this new structure will allow us to be quicker to market and we will continue to prioritize investments that have the greatest impact on our customers, franchisees and the brand.
展望未来，我们相信新架构将使我们更快推向市场，并将持续优先投资于对客户、加盟商及品牌影响最大的领域。
In summary, we are laser-focused on delivering against our Hungry for MORE goals.
总而言之，我们正全力以赴实现 “Hungry for MORE” 的目标。
I believe this will enable Domino's to capture additional market share gains in 2025 and beyond.
我相信，这将帮助达美乐在 2025 年及以后进一步提升市场份额。
And this will be how we drive best-in-class results and long-term value creation for our franchisees and shareholders.
这也将是我们为加盟商和股东创造一流业绩与长期价值的路径。
I'll now hand the call over to Sandeep.
接下来把电话交给 Sandeep。
Sandeep Reddy
桑迪普·雷迪
Thank you, and good morning, everyone.
谢谢大家，大家早上好。
Our first quarter financial results continued to be impacted by a challenging macro backdrop. And despite that, we delivered operating profit that was in line with our expectations.
在具有挑战性的宏观环境下，我们第一季度的财务业绩仍受到影响。尽管如此，我们的营业利润仍符合预期。
Income from operations increased 1.4% in Q1, excluding the impact of foreign currency. This increase was primarily due to gross margin dollar growth within supply chain, as well as higher international franchise royalties and fees. This increase was partially offset by higher G&A, primarily related to severance expenses, driven by the organizational realignment Russell noted earlier. Excluding the approximately $5 million impact of these expenses, our income from operations would have increased 3.6%.
剔除汇率影响后，第一季度营业利润同比增长1.4%。增长主要得益于供应链环节的毛利额提升，以及国际特许经营权使用费和管理费的增加。该增长部分被更高的管理及行政费用（主要与人员重组相关的遣散费用）所抵消，正如拉塞尔先前提到的组织重组。如果不计约500万美元的相关费用影响，我们的营业利润将增长3.6%。
Excluding the impact of foreign currency, global retail sales grew 4.7% in the first quarter, primarily due to positive international comps and global net store growth compared to a year ago. In Q1, retail sales grew by 1.3% in the US, primarily driven by net store growth. This growth paced ahead of the QSR pizza category, which was roughly flat to start the year.
剔除汇率影响后，第一季度全球零售销售额增长4.7%，主要归因于国际同店销售额的正增长以及全球净开店数的增加。季内，美国零售销售额增长1.3%，主要由净开店数拉动；这一增速领先于年初大致持平的快餐披萨行业。
Same store sales declined 0.5%, which was slightly below our expectations. We benefited from 1.8% of pricing, which was inclusive of high-single-digits in California. This was more than offset by negative traffic and a slight decline in our mix due to a higher carryout business that carries a lower ticket than delivery. Our carryout business comps were up 1%, while delivery was down 1.5% in the quarter. Our delivery business continues to be impacted by macro pressures that are impacting the low-income consumer.
同店销售额下降0.5%，略低于我们的预期。价格因素贡献了1.8个百分点，其中包括加州高个位数的定价增幅；但这一正面影响被客流下降以及业务组合的轻微下滑所抵消，后者源于外带业务占比提高，而外带客单价低于外送。本季度外带业务同店销售额增长1%，外送业务下降1.5%。外送业务仍受到影响低收入消费者的宏观压力拖累。
Shifting to US unit count, we added 17 net new stores, bringing our US system store count to 7,031.
在美国门店数量方面，我们净增17家新店，使美国系统门店总数达到7,031家。
International retail sales grew 8.2%, excluding the impact of foreign currency in the quarter. This was driven by net store growth over the last year and same store sales that came in ahead of our expectations at 3.7%. In the quarter, we saw strength in Asia that was due to strong comps in India and in our Americas region, which was driven by Canada.
本季度国际零售销售额（剔除汇率影响）增长8.2%，主要由过去一年净开店增加以及3.7%的同店销售额超预期增长拉动。当季我们在亚洲表现强劲，得益于印度的高同店增长；美洲地区同样表现出色，主要由加拿大驱动。
Net stores were down by 25 in Q1 and this was primarily coming from closures from Domino's Pizza Enterprises, DPE, which is our master franchisee based out of Australia. DPE previously announced that they expected to close 200-plus underperforming stores, primarily in Japan, and substantially all of those closures took place in the quarter.
第一季度净门店减少25家，主要源于总部位于澳大利亚的主特许经营商Domino's Pizza Enterprises（DPE）关闭门店。DPE此前宣布计划关闭200余家表现不佳的门店，主要位于日本，而这些关闭几乎全部发生在本季度。
Moving to capital allocation, we repurchased approximately 115,000 shares at an average price of $434 for a total of $50 million in the first quarter. As of the end of Q1, we had approximately $764 million remaining on our share repurchase authorization.
在资本分配方面，我们于一季度以每股平均434美元的价格回购约11.5万股，合计5,000万美元。截至一季度末，我们的股份回购授权余额约为7.64亿美元。
Now, turning to our outlook for 2025, we continue to believe that global retail sales growth should be generally in line with 2024. As part of that, we expect the following.
接下来讨论2025年展望，我们仍认为全球零售销售额增速大体将与2024年持平。具体预期如下。
First, we continue to expect our US comp to be 3%, and that it will be lower in the first half compared to the back half due to the timing of our initiatives. In the event that macro pressures persist, it could put pressure on achieving this number.
首先，我们继续预计美国同店销售增长率为3%，且由于各项举措的时点安排，上半年增速将低于下半年；若宏观压力持续，可能使实现该目标面临挑战。
Second, we continue to expect 1% to 2% international same store sales growth as there continues to be macro and geopolitical pressures that exist around the globe and we believe this could impact our business.
其次，我们继续预计国际同店销售额增长1%至2%，因全球宏观与地缘政治压力仍存，可能对业务造成影响。
We expect operating profit growth of approximately 8% excluding the impact of currency and approximately $5 million in severance expenses related to our organizational realignment.
我们预计营业利润（剔除汇率影响）增长约8%，并计入约500万美元与组织重组相关的遣散费用。
A couple of points of additional color. While we are expecting some savings as a result of the organizational changes that have been made, we are planning to reinvest most of these savings back into the business.
补充几点说明：尽管组织调整将带来一定节约，但我们计划把大部分节省的费用重新投入业务。
In our US business, we source most of our food products from within the country. So, we're not expecting tariffs to have a material impact on our operating profit.
在美国业务中，我们大部分食品原料采购于国内，因此预计关税不会对营业利润造成重大影响。
Thank you. We will now open the line for questions.
谢谢。接下来进入问答环节。
Question-and-Answer Session
问答环节
Operator
主持人
Certainly. And our first question for today comes from the line of Danilo Gargiulo from Bernstein. Your question, please.
好的。今天的第一个问题来自伯恩斯坦的丹尼洛·加吉鲁罗，请开始提问。
Danilo Gargiulo
丹尼洛·加吉鲁罗
Thank you. I was wondering if you can comment a bit on your statement of potential international geopolitical pressure impacting brands. So, specifically, are you starting to see any pockets of consumer weakness in international markets or international boycotts against US brands elevated specifically for Domino's? Thank you.
谢谢。我想请您进一步说明您提到的国际地缘政治压力可能对品牌造成影响的说法。具体来说，达美乐是否开始在国际市场看到消费者需求疲软的迹象，或者出现针对美国品牌、特别是达美乐的抵制情绪升温？谢谢。
Sandeep Reddy
桑迪普·雷迪
Hi, Danilo, this is Sandeep. Good morning. Yeah, so I think in terms of geopolitical pressure and risk that we see out there, it's more with what's been going on in the last few months. We want to be very careful and mindful that there's a lot of volatility from a geopolitical perspective. Then, there could be a potential downstream impact on demand, and that's incorporated in our guidance of 1% to 2% for the year, and that's really the meaning of the statement.
嗨，丹尼洛，我是桑迪普。早上好。关于我们看到的地缘政治压力与风险，主要与过去几个月的局势相关。我们非常谨慎并且清楚地认识到当前地缘政治环境波动较大，这可能会在需求端产生潜在影响。这一点已反映在我们全年1%至2%同店增长的指引中，这就是那句话的真正含义。
Operator
主持人
Thank you. And our next question comes from the line of Brian Bittner from Oppenheimer. Your question, please.
谢谢。下一位提问来自奥本海默的布赖恩·比特纳，请提问。
Brian Bittner
布赖恩·比特纳
Thank you. Thanks very much. Good morning. You talked about how you expect DoorDash and other third-party platforms to be about 50% incremental. Can you talk about what type of mix you do anticipate to come from DoorDash, maybe relative to what you saw with Uber Eats? So, maybe we can all start to think about how you are thinking about potential contribution to comps. Just trying to understand maybe what's required from the DoorDash launch in the second half to get to your guidance of 3% in the US.
谢谢，非常感谢。早上好。你们提到预计DoorDash及其他第三方平台将贡献约50%的增量业务。能否谈谈对DoorDash带来的业务组合预期，与此前在Uber Eats上的表现相比如何？这样我们可以理解，下半年DoorDash上线要为实现美国3%的同店增长指引带来怎样的贡献。
Russell Weiner
拉塞尔·韦纳
Good morning, Brian. Yeah, right now, if you look at the DoorDash pizza sales business on their platform versus Uber, it's about 2x. So, we're not going to put out specific goals by quarter like we did with Uber. We were just starting with aggregators at the time. Think about the aggregator business now as part of our delivery business. As far as contribution, you should expect about 2x DoorDash from what we saw with Uber. And as Sandeep said in his remarks, we're really expecting this to be kind of the second half of the year.
早上好，布赖恩。如果比较DoorDash平台上的披萨销售与Uber，目前大约是两倍规模。因此，我们不会像当初对Uber那样按季度给出具体目标——那时我们刚刚开始接入聚合平台。现在应将聚合平台业务视为外送业务的一部分。从贡献角度看，你应预期DoorDash带来的效果约为Uber的两倍。正如桑迪普所说，我们主要期待其在下半年发力。
Operator
主持人
Thank you. And our next question comes from the line of David Tarantino from Baird. Your question, please.
谢谢。下一位提问来自贝尔德的大卫·塔兰蒂诺，请提问。
Q - David Tarantino
问 - 大卫·塔兰蒂诺
Hi, good morning. My question is on the stuffed crust pizza platform. You mentioned it did not have much of an influence on the first quarter, but at the same time, you're pleased with what you're seeing and it's in line with expectations. And I was just wondering if you could elaborate on what that platform is doing relative to sales mix or what you're seeing in terms of the lift to the comps or anything else you could offer there. Thanks.
嗨，早上好。我的问题关于夹心芝心比萨产品。你们提到它对第一季度的影响不大，但对目前的表现感到满意且符合预期。能否详细说明这一产品对销售组合的作用，或在提升同店销售方面所见的增量，以及其他可以分享的信息？谢谢。
Russell Weiner
拉塞尔·韦纳
Yeah. Thanks, David. Yeah, we were talking about as far as performance is we launched it with three weeks to go in Q1. So, it just -- it didn't have an oversized impact in Q1. What I can tell you is as we look back to the launch so far, we're really pleased with how things are going. Significant amount of orders are going out with stuffed crust pizza. The consumer feedback on the quality is really where we wanted it to be and our stores are performing very well from an ops standpoint.
是的，谢谢，大卫。就表现而言，我们在第一季度剩下三周时推出了这款产品，所以它对第一季度的影响并不突出。到目前为止，回顾产品上线情况，我们对进展非常满意。相当数量的订单选择了夹心芝心比萨，消费者对品质的反馈正符合我们的预期，门店在运营层面的表现也非常出色。
So, all in all, we're pleased and it's hitting our expectations. You'll recall, it's about 15% of mix of our competitors, and so, we'll see where that falls in for us, but that means it's a big opportunity. It's the biggest crust type we weren't in. So, we're very excited.
总体而言，我们感到满意，产品表现符合预期。你可能记得，在竞争对手的组合中该产品约占15%，我们将观测自身能达到的水平，这代表着巨大的机会——这是我们此前未涉足的最大面饼类型，因此我们非常激动。
抄作业，最前面的说辞不够坦诚。
Operator
主持人
Thank you. And our next question comes from the line of David Palmer from Evercore ISI. Your question, please.
谢谢。接下来提问来自 Evercore ISI 的大卫·帕尔默，请开始。
David Palmer
大卫·帕尔默
Thanks. Russell, just to follow-up on that, on the soft crust, you mentioned it's 15% of competitors. I would imagine you wouldn't be targeting that mix overnight, but sometimes we see new products or even have a honeymoon period where the trial is extremely high. So, I'm wondering what is your expectation. Any comments about the mix initially and the incrementality of that mix, and how you see that product perhaps evolving on those two scores?
谢谢。拉塞尔，接着刚才的话题——关于软边披萨，你提到它在竞争对手的产品结构中占比 15%。我想你们不会一夜之间就把份额做到那个水平，但有时新品或在“蜜月期”会迎来非常高的试用率。请问你们的预期是什么？能否分享一下最初的产品结构占比及其增量贡献，以及未来在这两个维度上可能的演变？
Russell Weiner
拉塞尔·韦纳
Yeah, thanks, David. We have lawyers on the other end of the table poised to jump in front of me if I give any forward-looking information. But look, you talked about exactly what we look at with new product launch, especially one of this magnitude is, it's not just going to be the percent of mix, it's going to be the incrementality both in orders and in dollars. And as soon as we get more information on that and we want to look at repeat, we'll be able to give a better sense of what that looks like.
好的，谢谢，大卫。要是我透露任何前瞻信息，律师们可随时冲上来阻止。不过，你提到的正是我们在新品上市时关注的要点，尤其是这种规模的新品：我们不仅看产品占比，还要关注订单和销售额双重增量。一旦我们拿到更多数据并观察复购情况，就能更好地评估它的表现。
I think, for me, what's important about stuffed crust in addition to how many stuffed crusts we're going to sell is when you think about our first pillar of most delicious food, it's not just about launching new products. It's about launching products to give a halo to the brand on deliciousness. And I think what we're going to see from stuffed crust is not only stuffed crust sales, but a nice halo to the brand on the deliciousness pillar.
对我来说，夹心芝心披萨的重要意义不仅在于能卖出多少，更在于它能为我们“最美味食物”这一核心支柱增光添彩。推出新品的目的不仅是增加品类，更是为品牌的“美味”形象加成。我相信夹心芝心披萨不仅会带来销量，还会为品牌的美味口碑增添光环。
Sandeep Reddy
桑迪普·雷迪
And Dave, I'm just going to go back to, I think, a question that Brian asked earlier on DoorDash and now on stuffed crust, and essentially all of the initiatives that we talked about in the February call and again, we're talking about them now on this call, all of this is incorporated in terms of our expectations in the 3% guide that we have on same store sales for the year and the back-end loaded comps reflect the timing of initiatives. So, it's all contemplated and that's there. While we don't want to get into specifics at this time in terms of where we are so far in the second quarter, just know that we know what our -- that assumptions are based on what we are seeing.
大卫，我想再回应一下布赖恩之前关于 DoorDash 的提问，以及你们现在问到的夹心芝心披萨——实际上，我们在二月份电话会上讨论的所有举措，此次也再次提到，这些都已经反映在我们全年 3% 同店增长的指引当中。下半年增速更高，正是因为这些举措的落地时点。虽然目前不便披露第二季度的具体进展，但请放心，我们的假设是基于目前所观察到的实际情况。
增速更高的说辞是不严谨的，工作做好了结果如何是很难预料的，只能等着看，不行下次再接搞。
Operator
主持人
Thank you. And our next question comes from the line of Dennis Geiger from UBS. Your question, please.
谢谢。下面的问题来自瑞银的丹尼斯·盖格，请提问。
Dennis Geiger
丹尼斯·盖格
Great. Thanks, guys. Sandeep or Russell, I wanted to follow-up on the comment, Sandeep, you just made on that US sales outlook and the reiterated 3% comp guide. Specifically, if any additional thoughts on key initiatives to accelerate and help you get there, you touched on stuffed crust and DoorDash, of course, but just anything else on some of the other initiatives as we think about loyalty, maybe another new item coming, promotions, marketing calendar, just how impactful some of that can be and you expect it could be as you work through the year? Thank you.
太好了，感谢各位。桑迪普或拉塞尔，我想跟进桑迪普刚才关于美国销售前景及重申的 3% 同店增长目标的评论。特别是，还有哪些关键举措能加速实现这一目标？您已提到夹心芝心比萨和 DoorDash，但在其他方面——如忠诚度计划、可能推出的新品、促销、营销日历——这些举措的影响力如何，全年能发挥多大作用？谢谢。
Sandeep Reddy
桑迪普·雷迪
Yeah. Thanks, Dennis. Every year, we go into the year strategically with the same intent to execute against Hungry for MORE. So, again, without giving too much forward-looking information, we can look through our guidance, which says two new products a year from a value standpoint, pretty much the same amount of Boost Weeks as we did prior year.
好的，谢谢，丹尼斯。每年我们都以执行 Hungry for MORE 战略为目标开启新的一年。因此，在不过多披露前瞻信息的前提下，可从我们的指引看到：从价值层面来说，我们每年将推出两款新产品，Boost Weeks 的数量与去年大致相同。
What I get really excited about too is just the value that we're going to be bringing forward, the renowned value platform. We talked about in 2023 when we launched Hungry for MORE that we felt for a couple of years — a few years — that this is really going to be a platform that was going to be important for all of QSR. And while QSR has been really kind of driven by price, what I think has been great about our value is that our value creates what I call talk value, it's not just a price point, it's things like carryout tips, it's emergency pizza, things that folks talk about.
让我同样感到振奋的是，我们将进一步强化广受赞誉的价值平台。2023 年推出 Hungry for MORE 时，我们就认为这一平台在未来几年对整个快餐行业至关重要。快餐业通常由价格驱动，但我们的价值主张更具“话题价值”——不仅是价格点，还有外带小费、应急披萨等能引发讨论的元素。
So, I can't get into the initiatives. What I can tell you is the strategy is an open book. And I think if you look at the last couple of years, what you'll see is, yeah, we don't tell you the initiatives in advance, but they absolutely fit with the strategy and that's going to continue.
因此，具体举措我无法细说。我能告诉你的是，我们的战略公开透明。回顾过去几年，你会发现虽然我们不会提前公布举措，但它们都与整体战略高度契合，这一点将会延续。
Sandeep Reddy
桑迪普·雷迪
And, Dennis, I'll just add, you mentioned loyalty specifically, and look, we've said before and we'll continue to say that it's a multiyear driver. It's been there — that way in the past and we expect it to be that case over here as well. In particular, I think this new loyalty program is structured around the carryout customer, getting light users coming in and really those are going to be massive frequency builders for us as we go along. Literally, last year, we grew by 2.5 million active members in our loyalty database and we continue to see good traction from that. I think where we expect to see momentum is future sales from those acquired customers as staying loyal to our brand.
另外，丹尼斯，就您特别提到的忠诚度计划补充一点：正如我们之前强调的，它是多年持续的增长驱动力，这一点过去如此，未来也将如此。新版忠诚度计划围绕外带顾客设计，吸引轻度用户加入，这将极大提升消费频次。仅去年，我们的忠诚度数据库就新增了 250 万名活跃会员，并持续取得良好成效。我们期待这些新客户未来保持忠诚，为品牌带来更多销售。
Russell Weiner
拉塞尔·韦纳
Yeah, I think that's important, Sandeep. The first loyalty program we introduced in 2015, we had that around for seven years and it was seven years of — really seven-and-a-half years of really nice growth. And then, what we did when we updated it, we said, “Okay, what are the couple of things we need to do to make it even better?” We've had the price for points kind of lowered, so that really helped with carryout customers with their tickets lower. And we also really pushed to make sure that the program activated against lighter users. So, you used to have to buy six times and now you could buy as few as two times.
是的，这一点很关键，桑迪普。我们在 2015 年推出首个忠诚度计划，运行七年半，期间实现了稳健增长。升级时，我们思考了如何让它更好：降低积分兑换门槛，帮助客单价较低的外带顾客；同时确保计划能激活更轻度的用户，以前需消费六次，现在两次即可加入。
可能符合低端产品的本质。
So, it's important, and I say this because we've done it before to understand that things like loyalty are really a multiyear driver. Things like the aggregators, once we're on the aggregator platform, we intend to grow our business on that platform just like we grew our business outside the platforms. And so, it's really important to see certainly while we're leaning in here, these are drivers that are going to continue for years to come.
因此必须认识到，忠诚度等项目确实是多年的增长引擎。再比如聚合平台，一旦上线，我们也计划像在自有渠道那样在平台内持续扩大业务。因此，当前着力推进的这些驱动力将在未来多年不断发挥作用。
Operator
主持人
Thank you. And our next question comes from the line of Peter Saleh from BTIG. Your question, please.
谢谢。接下来是 BTIG 的 Peter Saleh，请提问。
Peter Saleh
Great. Good morning. Thanks for taking the question. I wanted to ask about the domestic unit growth. I think the prior guidance was 175 net stores in 2025. Just in the impact of tariffs on construction costs, can you guys give us a sense on what you're thinking there? And are you seeing any availability issues on some of the critical components that you need for unit development? Just trying to understand the confidence behind the domestic unit growth guidance given the tariff impact. Thanks.
太好了，早上好。感谢回答我的问题。我想询问一下美国门店净增长。此前的指引是 2025 年净增 175 家门店。考虑到关税对建造成本的影响，能否谈谈你们的看法？在门店建设所需的一些关键部件上，你们是否遇到供应不足的问题？我想了解，在关税影响下，你们对实现门店净增长目标的信心来自何处。谢谢。
Sandeep Reddy
Yeah, Pete. Thanks for the question. Look, I mean, I think from a domestic unit growth guidance perspective, no change. We're expecting the 175 stores that we talked about on the last call. And frankly speaking, the more we actually went through the cycle of earnings in the fourth quarter, it was really apparent that the economics of our franchisees are best-in-class and the returns are really compelling for them. And we continue to drive market share to Russell's point earlier.
好的，Pete。感谢提问。从美国门店增长指引来看，没有变化，我们仍预期实现上次电话会议提到的净增 175 家门店。坦率地说，随着我们在第四季度的财报周期深入了解，更加明显的是我们的加盟商经济效益领先同业，回报率极具吸引力。正如 Russell 之前所说，我们仍在持续提升市场份额。
The pipeline is very robust. The appetite from our franchisees is very good. And I think from a tariff perspective, if there is any impact, it should not be material enough for it to actually impact demand. And so, the enthusiasm that the franchisees have to continue to grow the stores is very strong and we are very supportive of what we need to do to make sure that we harness this growth.
我们的门店储备管线十分充足，加盟商的拓店意愿也很高。从关税角度看，即使有影响，也不足以真正压制需求。因此，加盟商持续扩张门店的热情非常高昂，我们将积极提供所需支持，确保抓住这一增长机遇。
Russell Weiner
Yeah, Pete, the pipeline for the US is better than it was at this point last year. So, we're very excited about what we've got in front of us.
是的，Pete，目前美国的门店储备管线比去年同期更为强劲，所以我们对前景十分振奋。
Operator
主持人
Thank you. And our next question comes from the line of Gregory Francfort from Guggenheim. Your question, please.
谢谢。下一位提问者是来自古根海姆的 Gregory Francfort，请提问。
Gregory Francfort
Hey, thanks for the question. Russell, maybe I'm curious, just on the aggregator platforms you've been on for a little over a year, what are you seeing from customers in terms of either frequency or average check size. I'm just curious how that customers behave now with some time versus customers who are coming through your other channels. Thanks.
嗨，感谢提问。Russell，我想了解一下，你们在聚合外卖平台上线一年多以来，观察到的顾客消费频次或平均客单价表现如何？这些顾客在经过一段时间后，与通过其他渠道下单的顾客相比有何行为差异？谢谢。
Russell Weiner
Yeah. I think the biggest difference to me is more the group size. There's probably a little bit smaller group, maybe a single or one or two customers versus when folks go to our website, it's probably for a bigger party occasion. So, Greg, I think that probably would be the biggest piece. Obviously, this platform still is, even though the higher-income customers on it, it still is promotionally sensitive. The best deals for customers are still on dominos.com, but they are promotionally sensitive as well. So, I think the biggest thing I think would be that.
是的。我认为最显著的差异在于消费人群规模：在聚合平台上下单的多是单人或一两人的小规模消费；而访问我们官网的顾客往往是更大的聚餐场景。因此，Greg，这应是最大的区别。显然，即便聚合平台上也有较高收入的顾客，他们仍对促销敏感。客户在 dominos.com 上仍能获得最优惠的价格，但他们同样关注促销。所以我认为这就是最大的差别。
Operator
运营方
Thank you. And our next question comes from the line of Chris O'Cull from Stifel. Your question, please.
谢谢。下一位提问来自 Stifel 的 Chris O'Cull，请提问。
Chris O'Cull
Yeah, thanks. Good morning. Russell, the US ran the Best Deal Ever, I guess, for a significant amount of period -- significant number of weeks during the quarter. Just given the strength of that offer, I was hoping you could provide some more context around how it impacted your sales trends and maybe how it performed relative to the segment during the period?
好的，谢谢。早上好。Russell，美国市场在本季度内相当长一段时间——好几周——推出了“史上最佳优惠”活动。鉴于该优惠力度很大，我想请你介绍一下它对销售趋势的影响，以及在此期间相较于行业整体的表现？
Russell Weiner
Yeah. Thanks, Chris. And I'll give you a little background about the name of that Best Deal Ever. The team came in and showed Sandeep and I what the deal was and our reaction literally was, "Wow, that's the best deal ever." So, here you go, that's renaming research there, how we came up with it.
好的，谢谢，Chris。我先说说“史上最佳优惠”这个名字的由来。团队把方案拿给我和 Sandeep 看，我们当时的反应就是：“哇，这真是史上最佳优惠。”于是，这就是我们的“命名研究”——名字就这么定下来了。
I want to talk about the strategy of Best Deal Ever, because I don't think we spend enough time doing that. The insight for us is within the QSR industry right now, obviously, there have been couple of years of pricing taken. And so, what you're seeing with a lot of restaurants is they're dealing it back. But they're dealing it back really maybe not necessarily to things that folks want. Maybe you want the big item, but you can get the little item or the side item.
我想谈谈“史上最佳优惠”的战略层面，因为我们之前花在这上面的时间不够。我们的洞察是：在快餐行业，过去几年大家陆续提价，如今许多品牌开始降价促销，但往往并非推出消费者真正想要的产品。顾客想要大份主餐，却只能买到小份或配菜。
So, other than the price being really good with Best Deal Ever, it was any crust, any topping, no limitations. And I think that to me other than just the price point was a big way of us leaning into customers and saying, "We hear what you want. You just don't want something that is low in price. You want something that's fair in price for what you want." And so, that was a big deal for us. I think that's a big category insight.
因此，“史上最佳优惠”不仅价格诱人，而且可选任何面饼、任何配料，没有限制。对我而言，这不仅是价格优惠，更是向顾客表明：“我们听到你们的需求——你们不仅要便宜，更要物有所值。”这对我们意义重大，也是一个重要的品类洞察。
It only ran for a few weeks and there are obviously headwinds for the remainder of the quarter. So, it's kind of hard to break that out. But what I can tell you is I'm really pleased with the performance and the statement that we made by doing it.
该活动仅持续了几周，且本季度余下时间面临一些逆风，因此难以单独量化影响。但我可以说，我对活动表现及其传递出的品牌态度都非常满意。
On top of that, I'm really proud of our franchisees, because they leaned into this. I mean, the last time there was a close to a $10 any offer out there in pizza was a long time ago. And so, our franchisees -- it does two things. One, it talks to the confidence they have in the analytics from our team, but also it talks to the profitability they have and their ability to lean in probably when other folks can't. And that -- we're going to have to sustainably lean in for a while there. And I think this is a great example to prove that our franchisees are up for it.
此外，我为我们的加盟商感到自豪，因为他们全力支持此次活动。距离披萨行业上一次出现接近 10 美元任选的优惠已是多年之前。加盟商的投入说明两点：其一，他们对公司团队的分析充满信心；其二，他们盈利能力强，能在别人难以跟进时依旧加码。未来我们需要持续这样投入，而这次活动很好地证明了加盟商们完全做得到。
低端、充分竞争的产品属性。
Operator
主持人
Thank you. And our next question comes from the line of Sara Senatore from Bank of America. Your question, please.
谢谢。下一位提问来自美国银行的 Sara Senatore，请开始提问。
Sara Senatore
Thank you. I wanted to ask, I think, about a comment that Sandeep made with respect to the US outlook, and just that if macro pressure persists, that would have implications for that same store sales number. I guess, I have struggled a little bit with trying to figure out what's happened in the first quarter just because there's been weather and calendar shifts and I think even something like Valentine's Day would affect you. And so, to the extent that the guide kind of requires an acceleration in comp, I'm just trying to understand what it is that you're seeing in the macro backdrop if it's softer than it was at the end of last year. And does that require an improvement from here to hit that 3%? And I guess, what are you looking at to get that? Because, again, some of the macro data actually look pretty, I would say, solitary to me. So, any kind of insight into that comment and kind of what the underpinning expectations might be?
谢谢。我想就桑迪普关于美国前景的评论提问：如果宏观压力持续，将会影响同店销售表现。我在理解第一季度情况时有点困惑，因为天气、日历调整，甚至情人节都会产生影响。考虑到指引需要同店增长加速，我想弄清楚你们看到的宏观背景是否比去年底更疲软。要达到 3% 目标，是否需要宏观环境从现在开始改善？你们期望通过哪些因素实现这一点？因为某些宏观数据在我看来其实相当稳健。能否分享一下这句话背后的预期和依据？
Russell Weiner
Yeah, Sara, I'll start off, and then, I'll kick it off to Sandeep. I think part of it was just looking at the calendarization we had for the year. And so, we knew our initiatives were a little bit kind of back-half loaded, and that's part and parcel of it.
好的，Sara，我先回答，然后交给桑迪普。部分原因在于我们今年的时序安排，我们知道一些举措集中在下半年，这本来就是计划的一部分。
And then, also, what we're overlapping in Q1, if you remember last year, in Q1, we were coming in strong with loyalty. We had brought back carryout special for the first time. So, a lot of this was really kind of the calendarization of how things were going to fall and how we think we're going to get to that 3% in US.
此外，今年第一季度要对去年同期做比较——去年同期我们在忠诚度项目上势头强劲，还首次重新推出了外带特惠。因此，很多因素都与日历效应相关，我们预计正是这些因素帮助我们在美国实现 3% 同店增长。
Sandeep Reddy
Yeah. And I think Russell is exactly right, and really the first quarter came in pretty much at our expectations, maybe a little bit off, but we knew the macro was going to be tough and we expect the macro to be tough this year. But what we're actually saying is, if there's a further deceleration of the macro environment that could put pressure on the business. And I think that's really what we are pointing out over here. But other than that, I think the starting point is it's a tough macro and that's how we built our budget.
是的，我认为Russell说得完全正确。第一季度基本符合我们的预期，或许略有偏差，但我们早知宏观环境会艰难，也预计今年整体都将如此。我们想强调的是，如果宏观环境进一步放缓，可能会给业务带来更大压力，仅此而已。换言之，我们的预算就是基于艰难的宏观背景制定的。
Russell Weiner
Yeah. And I would just add and I think kind of common sense here, when we talk about those macro headwinds, this is not Domino's specific. We think these are QSR headwinds, which is why in addition to hitting our algorithm, what we were happy for the year on US same store sales of 3%, while Q1 wasn't what I had hoped it would be, we still grew market share, right?
补充一点，这些宏观逆风并非达美乐独有，而是整个快餐行业都面临的挑战。因此，即便第一季度表现不如我个人所愿，我们的美国同店销售全年目标仍为 3%，而且我们依然扩大了市场份额。
And so, at times where maybe there are extra headwinds, if you're continuing to grow market share, it gives you a sense of when things open up, you're going to continue to grow that market share and then the QSR category grows and their benefits. So, when Sandeep is talking macros, these are not ones that are specifically the Domino's. And I would argue, we're probably in a better space better capability to compete than many others within those macros.
因此，即使面临额外逆风，只要我们持续提升市场份额，一旦环境改善，就能进一步受益并随行业一起增长。所以当桑迪普提到宏观因素时，并非只针对达美乐。我还认为，相较于其他同行，我们具备更强的竞争能力来应对这些宏观挑战。
Operator
主持人
Thank you. And our next question comes from the line of Andrew Charles from TD Cowen. Your question, please.
谢谢。下一位提问者是来自 TD Cowen 的 Andrew Charles，请提问。
Andrew Charles
Great. Thank you. Wanted to ask, you talked about 50% incrementality now for just third-party delivery in general. As you prepare to launch DoorDash, how do you ensure this doesn't dent the incrementality of Uber? If it were to essentially, is this going to be challenging to get to that 3% comp for the full year?
好的，谢谢。此前你们提到，第三方配送整体带来的增量约有 50%。在准备上线 DoorDash 的同时，如何确保不会削弱 Uber 所贡献的增量？若增量被侵蚀，实现全年 3% 的同店增长目标是否会更具挑战？
Russell Weiner
Yeah, Andrew, it's — this is now — all of this is encompassed in our overall delivery business and we want to be where customers are. And so, if a customer decides — I know they love Domino's Pizza, but now that we're going to be on both of these big platforms, I don't think the decision to go on a DoorDash or an Uber is going to be based on Domino's, it's going to be based really on their loyalty to that platform. Again, we're going to try to do everything we can to bring them back to Domino's. But if they want to buy us on DoorDash, that's because of their natural behavior on that platform. And I don't really think there's anything we can do here, which is why we're okay. That's why we've priced the way we have and that's why really our strategy for aggregators has been to meet customers where they are, whichever app they're on.
是的，Andrew——现在所有这些都被纳入我们的整体配送业务，我们希望出现在顾客所在之处。因此，如果顾客决定——我知道他们喜欢达美乐披萨——但既然我们将同时入驻这两个大型平台，我认为他们选择 DoorDash 还是 Uber 并不是基于达美乐，而是基于他们对平台本身的忠诚度。当然，我们会尽一切努力把他们再带回达美乐。但如果他们愿意在 DoorDash 上购买，那是因为他们在该平台上的自然消费习惯。我认为对此我们无能为力，这也正是我们能够接受的原因。这解释了我们的定价方式，以及我们在聚合平台上的策略——无论顾客使用哪款应用，我们都要在他们所在之处与其相遇。
信息技术和互联网的力量还在扩散中，传统要么找到适应的办法，要么淘汰出局。
Sandeep Reddy
And Andrew, I'll just add on. I think we've mentioned this in the last call, but I want to come back to this. We are looking at our delivery business and our delivery business includes our own channel, it includes the aggregator platforms. And as we look at the business overall, we're just going to talk about it very holistically. I think last year, we gave a mix, because it was first year on Uber and we wanted to actually give that visibility. But I think as we move forward this year, we're not going to be talking about mix. We're going to be talking about our overall delivery business and we're telling you strategically what aggregators are coming onto the platforms, just so you know what's coming in, but I think overall delivery business is how I would analyze us.
Andrew，再补充一点。我想我们在上一次电话会上提到过，但我想重申一下：我们把配送业务作为整体来看，其中既包括自有渠道，也包括聚合平台。当我们审视整体业务时，会采取全面视角。去年我们披露了渠道结构，因为那是入驻 Uber 的第一年，我们希望提供透明度。但今年起，我们不会再谈渠道占比，而是讨论整体配送业务；我们会在战略层面告诉大家有哪些聚合平台即将接入，让你们了解变化，但评估我们时应聚焦于整体配送业务。
Operator
主持人
Thank you. And our next question comes from the line of John Ivankoe from JPMorgan. Your question, please.
谢谢。接下来提问的是摩根大通的 John Ivankoe，请提问。
John Ivankoe
Hi, thank you. The question is on the overall delivery same store sales and especially in the context of franchisees beyond '25 that do have a plan to put more assets in the ground to basically serve more delivery customers even if delivery overall has been relatively choppy over the past couple of years. So, I just wanted to get your sense, maybe there's been some evolution of how franchisees think about putting more new assets in the work -- in the ground, excuse me, especially if new stores are largely getting their delivery sales at least initially from other nearby outlets.
您好，谢谢。我的问题涉及整体外送同店销售，尤其是在 2025 年以后——即使过去几年外送业务总体波动——加盟商仍计划新增门店，以服务更多外送顾客的背景下。我想了解，加盟商在“落地”更多新资产（也就是新门店）方面的思路是否发生了变化？特别是当新店在初期的外送销售基本来自周边现有门店时，他们是如何考量的？
Russell Weiner
Yeah, good morning, John. The interesting thing when you think about the store growth in the US, about two-thirds of the stores we have to build are going to be splits, about one-third are going to be green space. And the interesting thing, one would think, I know Sandeep and I had this argument when he first started and now Sandeep, now he's seen the way and he's preaching on high to everybody.
好的，早上好，John。谈到美国门店扩张，有趣的是：我们未来要建的店中，大约三分之二属于“拆分店”（split store），三分之一是新辟空白点（green space）。有意思的是——我和 Sandeep 在他刚加入时为此争论过，如今 Sandeep 已完全接受并大力倡导这一策略。
The interesting thing is when we split a store, 80% of the carryout customers are incremental. So, even though you're talking about the same kind of polygon for the store, customers just like delivery drivers don't want to drive as far to pick up their pizza. So, believe it or not, the impetus in a store split has nothing to do with delivery, well, not nothing, but a lot to do with carryout. And now, our carryout volumes are such that the store essentially pays for itself, it breaks even from carryout.
更有意思的是，当我们拆分一家门店时，约 80% 的外带顾客是新增的。虽然服务范围与原店相似，但顾客和外送骑手一样，都不想跑太远来取披萨。说来可能令人意外，门店拆分的驱动力几乎不是外送——也不能说完全无关——而是外带。眼下我们的外带量足以让新店仅凭外带业务就能收支平衡。
可能是巴菲特看重的点，社区的属性比较大，一定程度上抵御技术的影响。
Then is when the delivery business starts to become significant, because what happens is you just like customers get closer to your store, your delivery customers -- your delivery drivers get closer to your customers. And so, their route times are shorter, they're more efficient, they're more predictable. So, you get hot predictable deliveries, which we know that's what drives reorder, tips are higher. And so, delivery actually gets more efficient.
随后外送业务才会显著提升。因为随着顾客离门店更近，外送骑手离顾客也更近，路线更短、效率更高、可预测性更强。顾客能收到又热又准时的披萨——我们知道这会提升复购率，而骑手小费也会更高，从而使外送运营变得更加高效。
But the reason for the split, first off, is carryout. We've also talked about -- obviously, you've seen our carryout business grow, but our carryout share isn't where our delivery share is. And so, I still think there's lots for us to go there and a lot of that is going to be due to -- is going to happen from store growth.
不过，拆分门店的首要原因仍是外带。正如你们所见，我们的外带业务在增长，但其市场份额仍低于外送。我认为我们在这方面还有很大提升空间，而实现这一点很大程度上将依赖于门店数量的持续增长。
Operator
主持人
Thank you. And our next question comes from the line of Christine Cho from Goldman Sachs. Your question, please.
谢谢。下一位提问来自高盛的克里斯汀·赵，请开始提问。
Christine Cho
克里斯汀·赵
Thank you. So, I think you've called out Canada as a region of strength in the quarter. Has that trend sustained throughout the quarter, or have you seen any meaningful shift through the quarter? And my real question is with most of DPE plant closures largely behind and you're seeing some improvement in the international markets in first quarter, do you think there's a room or path to international unit growth, reacceleration in the next few years? Thank you.
谢谢。本季度你们提到加拿大业务表现强劲。请问这一趋势在整个季度是否保持，还是出现了显著变化？我的主要问题是，随着 DPE 关闭门店的大部分计划已基本完成，并且你们在第一季度看到国际市场有所改善，未来几年国际门店增长是否有重回加速轨道的空间或可能？谢谢。
Russell Weiner
拉塞尔·韦纳
I'll take the Canada one. I'll have Sandeep talk to the international store algorithm. We're really proud of what they're doing up in Canada now. I think what you're seeing is they've really embraced Hungry for MORE. Some of the drivers there in the first quarter for them were ones that we're doing here in the States, renowned value being a big piece of it, launching with aggregators being a big piece of it. Obviously, now this gets into a little bit Q2, but they've launched the stuffed crust pizza. And so, what Canada is proving that we think more and more of our international master franchisees are going to recognize is that Hungry for MORE really is a global strategy that kind of impact positively in all of our markets.
关于加拿大的问题由我来回答，国际门店扩张算法请桑迪普说明。我们对加拿大团队的表现非常自豪，他们已全面拥抱 Hungry for MORE 战略。第一季度的多项驱动因素与我们在美国相同，包括知名的价值套餐以及与聚合平台合作。当然，这里稍微涉及到第二季度，他们已经推出了夹心芝心比萨。加拿大的成功证明，越来越多的国际主特许商会意识到，Hungry for MORE 是一项能够正面影响所有市场的全球化战略。
Do you want to talk about store count?
要不要你来谈谈门店数量？
Sandeep Reddy
桑迪普·雷迪
Yeah. So, I think, on the store counts, like, we were expecting the DPE closures that happened in Q1. I think DPE themselves have signaled that they were expecting to have about 200-odd stores closing in Q1 and mostly from Japan, which happened. But I think what's been pretty consistent all along and in the more recent quarters is very strong trends in India and Japan, and that has continued to be the case. Then, I think outside of DPE, India, Japan, all of the markets broadly are tracking to our initial expectations.
好的。关于门店数量，我们原本就预期到 DPE 在第一季度的关闭计划。DPE 自身也曾表态，预计第一季度将关闭约 200 家门店，主要集中在日本，并已如期发生。但一直以来并在最近几个季度表现持续强劲的是印度和日本市场，这一点没有改变。在 DPE 之外，印度、日本及其他市场总体上都符合我们的最初预期。
So, things are very healthy. And frankly, when we looked at the '24 profitability, the paybacks still were pretty good when they looked at all the international markets across the board. So, we feel pretty good on everything except for the Domino's Pizza Enterprises pressures that they were -- that they're working through. As we said, we think that the DPE closure should be mostly behind us as we get into 2026. But I think their CEO and their team are working on the opening plan to make sure that whatever stores they do open are sustainably profitable stores, so that we don't have to go down this path again and having to close stores that are unprofitable stores.
总体来看，各市场状况都很健康。坦率地说，检视 2024 年的盈利能力后，我们发现国际市场的投资回收期仍然相当良好。除了 Domino's Pizza Enterprises 目前正在应对的压力外，我们对其他部分都感到满意。如前所述，预计到 2026 年，DPE 的关店问题将基本结束。同时，其首席执行官及团队正在制定新的开店计划，确保未来新店均能持续盈利，避免再次出现关停亏损门店的情况。
So that's kind of where we are. We sit in the wait-and-see mode. I think we'll have to get through this year and see how DPE makes updates to the algorithm.
情况大致如此。目前我们保持观望态度，今年结束后再看看 DPE 如何调整其扩张算法。
Operator
主持人
Thank you. And our next question comes from the line of Lauren Silberman from Deutsche Bank. Your question, please.
谢谢。下一位提问来自德意志银行的劳伦·西尔伯曼，请提问。
Lauren Silberman
劳伦·西尔伯曼
Thank you very much. So, I just wanted to clarify and then I have a question on carryout, but the clarification is on 3P incrementality. Do you expect incrementality of 50% now is you're Domino's Direct customers, or is the lower incrementality a function of multiple partnerships?
非常感谢。我想先澄清一个问题，然后再问关于外带的问题。澄清的是关于第三方平台（3P）的增量，现在你们预计 50% 的增量是来自Domino自有客户，还是说较低的增量是因为多家合作伙伴导致的？
And then, my actual question is on the carryout comp. So, a bit of a deceleration to 1% in the quarter and I know there's a lot of noise just broadly in the industry. You guys didn't talk about softness over the last few quarters primarily with 1P delivery. So, can you just expand on what you're seeing with the carryout customer this quarter relative to recent quarters? Thank you.
我的实际问题是关于外带同店增长。本季度外带同店增长放缓至 1%，我知道行业整体情况较为嘈杂。过去几个季度你们主要提到直营外送的疲软，而没有谈到外带。能否说明一下本季度外带客户的表现与最近几季度相比有何不同？谢谢。
Russell Weiner
拉塞尔·韦纳
Yeah, Lauren, you answered your own first question, so we'll give you that second question as well. But yeah, absolutely, once we're going on more aggregator platforms, that just brings -- especially DoorDash, which is 2x Uber as far as pizza orders, that's what's driving the incrementality closer to 50%.
劳伦，你其实已经回答了第一个问题，所以我们也回答你的第二个问题。确实，当我们进驻更多聚合平台时——尤其是 DoorDash，其披萨订单量是 Uber 的两倍——这就会把增量拉近到大约 50%。
And then, on the carryout business, it was a little bit of what I was talking about earlier. It was more due to kind of the timing of the calendar. So, if you think about last year, in Q1, we brought back, hadn't done it for a long time, carryout special. And so, we were lapping that and we were lapping really part of the introduction of our new loyalty program that came in and leaned really hard into carryout customers. So, I think a lot of that was really more due to timing and calendarization than it was anything specific to carryout. We expect to grow both carryout and delivery businesses this year.
至于外带业务，正如我之前提到的，主要受到日历时序的影响。去年第一季度，我们时隔多年重新推出了外带特惠活动，并且新忠诚度计划也在当时上线，重点吸引外带顾客，因此本季度在对比基数上存在影响。我认为这更多是时序因素，而非外带本身的问题。我们预计今年外带和外送业务都会实现增长。
Sandeep Reddy
桑迪普·雷迪
And Lauren, I'll go back to something I said on the Q4 call. As we look at the 3% comp, we expect it to come pretty roughly equivalently from delivery and carryout. So, this was not hugely different from our expectations in terms of the split of comp that we saw in the first quarter. And I think with DoorDash now announced, obviously, that's going to be a bit of a tailwind on delivery as we get through the year. And so, overall for the year, that's our expectations.
劳伦，我再重申一下我在第四季度电话会上说过的话：对于 3% 的同店增长目标，我们预计外送和外带将大致各贡献一半。本季度看到的同店增长分布与我们的预期并没有太大差异。随着 DoorDash 已经官宣接入，下半年外送业务显然会有顺风助力。因此，我们对全年整体表现保持原有预期。
Operator
主持人
Thank you. And our next question comes from the line of Jon Tower from Citi. Your question, please.
谢谢。下一位提问来自花旗银行的乔恩·塔沃，请提问。
Jon Tower
乔恩·塔沃
Great. Thanks for taking the questions. Clarification, I hate to beat a dead horse, and then a question. On the Dash, just to make sure we don't come away with the wrong expectation for Dash. So, 2x the size, 50% incremental, so 3% contribution run rate is the way we should think about that. That's the clarification.
非常感谢回答我的问题。先澄清一点，然后再提问。关于 DoorDash，我不想旧事重提，但为了避免大家产生误解：既然 DoorDash 规模是 Uber 的两倍，且增量贡献为 50%，我们是否该把它视作 3% 的同店增长贡献率？这是第一个澄清点。
Then, the question is, on the stuffed crust pizza, I know it only came out in a medium size and I believe that's the only size that's available today. Can you speak to why that's the case and if and when you plan on expanding to different sizes across the system in the US?
接下来我的问题是关于夹心芝心比萨。我知道目前只推出了中号规格，而且好像只有这一种尺寸。能否说明为什么如此安排？以及未来在美国市场是否有扩大到其他尺寸的计划？
Sandeep Reddy
桑迪普·雷迪
So, I think, I'll talk first about the size and the modeling question that you had. Correct. Yeah, it's 2x the size of Uber and 50% incrementality. You can take the gross number as being two times the size of Uber, but the incrementality at 50% would actually create a little bit less than 2x in terms of the incrementality from DoorDash.
好的，我先回答你关于规模和模型的问题。没错，DoorDash 的规模是 Uber 的两倍，增量贡献率为 50%。如果按总量算，它确实是 Uber 的两倍；但在增量层面，由于只有 50% 的增量贡献，所以 DoorDash 的实际增量会稍低于 Uber 的两倍。
Russell Weiner
拉塞尔·韦纳
Yeah. And with regard to stuffed crust, I think there are a couple of things. One is, and we haven't really talked about this a lot. We use a completely different dough for our Parmesan Stuffed Crust than we do our regular hand tossed. And that dough right now comes in a medium size. It's more kind of buttery flavor dough. But the reason we want to lean into that particular one is also because of the price point it allows. It allows us to have an upcharge to our mix and match promotion, which is about a $4 upcharge. So, it's not only an order driver, but it's a ticket driver. So, yes, stuffed crust, it was really more for that reason because of the unique dough and the desire on price points, but we're going to continue to watch and see what consumers are looking for.
关于夹心芝心比萨，有几点需要说明。首先，我们使用的帕玛森夹心面饼与常规手抛面饼完全不同，这种面团目前只做成中号，味道更偏黄油香。之所以专注这一规格，也是因为它能支持合适的定价——在“任选搭配”促销中可以加价约 4 美元，这不仅能带动订单量，还能提升客单价。因此，我们目前只推中号主要是基于专用面团和价格定位两个因素。当然，我们会持续关注消费者需求，评估是否推出其他尺寸。
Operator
主持人
Thank you. And our next question comes from the line of Brian Harbor from Morgan Stanley. Your question, please.
谢谢。我们的下一个问题来自摩根士丹利的 Brian Harbor，请提问。
Brian Harbor
Yeah, thanks. Good morning, guys. Sandeep, so just on the international side, is your expectation on units that any closures going forward therefore be just more normal course, so you still feel good about sort of the previous comments you made, kind of similar net unit openings this year versus last year?
是的，谢谢。大家早上好。Sandeep，就国际业务而言，你是否预期未来任何门店关闭都仅属于正常运营的一部分，因此你仍对之前的评论感到满意，也就是今年的净新开门店数量将与去年大致相当？
And then, just on kind of the macro impact on international same store sales is, I mean, you've embedded, I guess, a little bit of sequential deceleration. Is that reflecting that there probably could be some macro pressures there? Have you actually seen that sort of more recently? Or can you clarify that piece of it?
另外，关于国际同店销售的宏观影响——你们似乎假设了些许环比放缓。这是否反映了那里可能出现的一些宏观压力？你们近期是否真的看到了这种情况？或者你能否澄清这一点？
Sandeep Reddy
Thanks, Brian. So, I think there's two parts to this, right? First of all, on the units, yeah, I mean, with the size of the portfolio that we have and the store count that we have, some normal closures would be very normally in cost and that we'd expect to see that the remaining three quarters of the year. All that's already in the guidance we provided at the beginning of the year to be roughly in line with last year from a net store perspective. So that continues to be our expectation.
谢谢，Brian。我认为这分为两部分。首先是门店数量，鉴于我们现有的资产组合规模和门店数量，一些正常的门店关闭在成本方面完全属于常态，我们预计会在今年剩余的三个季度看到这种情况。所有这些都已纳入年初给出的指引，从净新增门店的角度来看，大致与去年持平。因此，这仍是我们的预期。
And then, in terms of the macro impact, and I think there's two things; there's a macro and the geopolitical both. And I think, when we actually take a look at what's going on, there's a lot of volatility in the global marketplace. And I think just from a macro and a consumer sentiment perspective, that can have an impact on consumer demand. And I think in addition to that, there's also the geopolitical volatility that's ongoing around the tariff conversation that's happening right now.
其次，就宏观影响而言，我认为有两个方面：宏观因素和地缘政治因素。当我们观察当前形势时，全球市场存在很大的波动性。从宏观和消费者情绪角度来看，这可能会影响消费者需求。此外，与目前正在进行的关税讨论相关的地缘政治波动也在持续。
So, I think when you take it all into consideration, all of that's incorporated in the 1% to 2% expectation that we have for the year. And obviously that bakes in some level of sequential deceleration relative to the first quarter that we just experienced.
因此，当你将所有因素综合考虑时，这些都体现在我们对全年 1%–2% 增长的预期中，并且显然相较于我们刚刚经历的第一季度，这包含了一定程度的环比放缓。
Operator
主持人
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, good morning. Thanks for taking the question. You talked about reinvesting some of the savings from the restructuring. Where is that reinvestment going? What are you prioritizing in terms of the reinvestment? And if you're able to quantify it, that would be helpful as well. Thanks.
嗨，早上好。感谢回答我的问题。你们提到要把重组节省下来的部分资金再投资。那么这部分再投资将流向哪里？在再投资方面你们的优先顺序是什么？如果可以量化的话，也请提供一些数据。谢谢。
Sandeep Reddy
Andrew, yeah, I think -- to us, I think I've talked about the areas of the P&L that we've been consistently investing in since the time we talked about it at Investor Day. And it's really consumer technology, store technology, capacity investments. And we continue to focus on making sure that we're making investments in those areas to drive the business in the future. So that's really what I would actually give you.
Andrew，是的。我想——对我们而言，我之前在投资者日就谈到过，我们一直在持续投资损益表中的几个领域：主要是消费端技术、门店技术以及产能建设。我们将继续专注于确保在这些领域进行投资，以推动未来的业务发展。这就是我能给你的信息。
We're not going to get into specifics in terms of the amount of savings we invested and that I think it's all incorporated effectively in the guide of profit growth that we gave you, both in terms of this year, and there's no change in expectations to the 8% profit guide that we provided last time as well for 2026.
我们不会具体披露投入的节省金额，因为这一切已经有效地体现在我们给出的利润增长指引中，无论是今年，还是我们此前为 2026 年提供的 8% 利润增长目标都没有变化。
Operator
主持人
Thank you. And our next question comes from the line of Jeffrey Farmer from Gordon Haskett. Your question, please.
谢谢。接下来请 Gordon Haskett 的 Jeffrey Farmer 提问。请讲。
Jeffrey Farmer
Yeah, good morning and thanks. I'm just curious what your exposure to both the lower-income and Hispanic customer demographic is in the US. And I guess, more specifically, if you could share anything about the relative same store sales performance of those demographics, again, specifically lower-income and Hispanic in the most recent quarter?
好的，早上好，感谢你们。我想了解一下在美国，你们针对低收入和西班牙裔客户群体的业务占比如何？更具体地说，能否分享一下在最近一个季度，这两个群体（低收入和西班牙裔）的同店销售表现相对情况？
Russell Weiner
Yeah, Jeffrey, the lower-income customer is not just a Domino's customer, it's a pizza customer, it's a QSR customer. So, it's something that's I think a big part of this category. When we look, I think specifically in our 1P business, what -- how they're being affected is not really necessarily them leaving Domino's to go to another brand or leaving Domino's in general. It just may be an occasion here or there and what ends up happening and it's kind of similar for the consumer breakouts you talked about is they'll just be eating at home, which really does maybe gets me to a bigger point that I just want to make sure I make with everyone today, which is, I believe significantly and we believe that starting in '23 when we launched Hungry for MORE, that the QSR business over the near term is going to be pressured, pressured into sustained -- offering sustained value because that's what customers are looking for. And that's a pressure I don't worry about. I think our franchisees say bring it on. We want to be the ones to offer that value for customers because we are set up to do that. We've got a bigger kind of supply chain purchasing abilities than anyone in pizza, which allows us to give our franchisees who can then give customers really good value.
是的，Jeffrey，低收入消费者不仅是 Domino’s 的顾客，也是整个披萨以及 QSR（快速服务餐饮）类别的顾客，因此这一群体在行业中占据很大比重。当我们观察，尤其是在我们的 1P 业务中，他们受到的影响并非真正离开 Domino’s 转投其他品牌，或完全不再消费 Domino’s，而可能只是偶尔减少了消费场景；就像你提到的消费细分，他们可能改为在家用餐。这也引出了我今天想强调的一点：我们坚信并且从 2023 年推出 Hungry for MORE 起就相信，短期内 QSR 行业将面临持续的“价值压力”，因为顾客需要长期的实惠定价。对此压力我并不担心，我想我们的加盟商更是欢迎这种竞争。我们希望成为向顾客提供价值的那家品牌，因为我们的供应链采购能力是披萨行业中最强大的，这使我们能为加盟商、进而为顾客提供真正实惠的价格。
相当于新加坡的食阁，以及以前中国内地的公社食堂，很难有特别好的资本回报。
Secondly, when you have low prices, you want to drive a lot of volume. How do you do that? You do that with advertising. We've got a $0.5 billion-plus advertising budget that nobody else has. And then, we also have franchisees with best-in-class economics that can see this through over the long term. And so, I think when we talk about that customer, you should know, I don't think that's going to change anytime soon. And I also -- what I know we can do is we can sustain that. And what we'll do, I think is actually come out of this even stronger. So you'll see what we're going to, I believe, continue to grow share and that we're bringing in these customers to a Domino's Pizza that from a service perspective, from a digital perspective, from a new product perspective is a better Domino's Pizza than we were two years ago.
其次，低价策略需要以高销量为支撑。如何实现？靠广告推广。我们拥有超过 5 亿美元的广告预算，这是其他同行无法比拟的。此外，我们的加盟商具备业内领先的经济收益模式，能够长期坚持这一策略。因此，关于这类顾客，你们应该知道，我认为他们的需求短期内不会改变；而我们也完全有能力维持并强化这种价值主张。我相信，我们将借此进一步提升市场份额，把这些顾客带到一个在服务、数字化和新品方面都比两年前更出色的 Domino’s。
Operator
主持人
Thank you. And our next question comes from the line of Jeff Bernstein from Barclays. Your question, please.
谢谢。下一位提问者是来自巴克莱的 Jeff Bernstein。请提问。
Jeff Bernstein
Great. Thank you very much. Russell, in the press release and a couple of times in the call, you referred to the market share gains, so seemingly growing share despite in the US, at least modest negative comps. I would think that demonstrates perhaps ongoing maybe pizza category fatigue that you've talked about in the past impacting the entire category. And I guess that's compounded by more challenging macro. So, I'm just wondering how you see the category in terms of whether that fatigue persists or whether now it's more just a challenging macro. And as you just mentioned, if you're able to still grow market share gains in coming quarters and years despite at least near-term negative comps, assuming that's all unit growth led? So -- and I think Sandeep reiterated the unit growth guidance for US and international for this year, but was just confirming. Thank you.
好的，非常感谢。Russell，在新闻稿和电话会议中你多次提到市场份额提升——即便在美国出现了小幅负同店增长，你们的份额仍在上升。我认为，这可能表明整个披萨品类存在你过去提到的“品类疲劳”，再加上更具挑战性的宏观环境。因此，你如何看待这一品类的前景？这种疲劳是否持续，或仅仅是宏观压力所致？正如你刚才所说，若未来几个季度同店增速仍偏弱，你们是否仍有能力通过门店扩张等方式继续提升份额？此外，Sandeep 刚才重申了今年美国和国际的门店净增目标，我想再确认一下。谢谢。
Russell Weiner
Yeah, Jeff, I definitely I would not call it pizza fatigue at all. I've been in this business almost 17 years now and essentially pizza grows 1% to 2% every year. We maybe have been on the lower side of that in Q1, but retail sales, because you're right, it's same store sales plus store opens for us, was positive. And so, this is a category that's been very, very consistent. I want to be clear, there's nothing really happening with pizza that hasn't happened over prior year from a growth perspective. And that's why the continued share growth is really important.
Jeff，我完全不会把这称作披萨品类疲劳。我在这个行业近 17 年，披萨整体每年大约增长 1%–2%。今年第一季度我们可能位于区间下端，但零售销售（即同店销售加上新店开业）仍为正。因此，这是一个非常稳定的品类。从增长角度看，披萨并未出现与过往不同的趋势，这也是我们强调持续提升份额的重要原因。
And I'll point out that folks, if you think about us because we are the #1 pizza player, we're still slightly short of one in every four pizzas sold in the US as a Domino's Pizza. If you think of other categories, burgers and Mexican and coffee, other #1 brands are significantly higher. And so, this is not a short term thing that's going on here. There's significant share growth to continue to happen in the category that's going to continue to grow, we believe, like it has that 1% to 2% over time.
另外要指出的是，虽然我们是美国披萨市场的第一名，但 Domino’s 仍未达到在美国每卖出四份披萨就有一份来自我们的水平。而在汉堡、墨西哥食品、咖啡等其他品类，其第一名品牌的占比远高于此。因此，这不是短期现象。我们相信，披萨品类将继续以 1%–2% 的速度增长，我们在其中仍有大量份额可提升。
I think lastly, the interesting dynamic within pizza is about 40%-plus of the competition are locals and regionals, which don't have anywhere near the capabilities to lean into value long term like we do. And so, when we look forward, we see lots of run room for growth on this US business.
最后，披萨行业还有一个有趣现象：超过 40% 的竞争对手是本地或区域品牌，他们在长期提供价值方面的能力远不及我们。因此，展望未来，我们在美国市场的增长空间依旧很大。
Sandeep Reddy
And Jeff, I think you're right and Russell -- sorry, Russell was right, sorry.
Jeff，我认为你说得对，而 Russell——不好意思，Russell 说得对。
Russell Weiner
Yeah. Get it right, Sandeep.
没错，Sandeep，叫对名字。
Sandeep Reddy
So, 1% to 2% is historically and as we look forward to the future, the average rate that we're expecting for the pizza category, but specific to Q1 actually more than on the low end, I think we're actually looking at roughly flat for the quarter, but it's for one quarter. So, I don't think we read into it too much, but I think in those circumstances, our 1.3% retail sales, we feel really good about because we gained share in a very tough environment.
因此，从历史以及未来展望来看，披萨品类平均增速为 1%–2%；就今年一季度而言，我们大概处于区间低端，基本持平。但这只是一个季度的表现，不必过度解读。在这种环境下，我们的零售销售增长 1.3%，并在艰难市况中实现份额提升，我们对此感到十分满意。
Operator
主持人
Thank you. And 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杰富瑞的 Alexander Slagle，请提问。
Alexander Slagle
Thanks for the question. Wanted to ask on DoorDash and the initial announcement sort of called out tapping into the incremental customers, I guess, especially in the suburban and rural markets. And I don't know if there is anything to that, just if there are specific implications on the development opportunities, maybe further from the core, and maybe that gets a bit to what John Ivankoe was asking, but -- and also, I guess, what does that mean for your delivery efficiency as you perhaps have drivers fulfill orders a bit further?
谢谢回答我的问题。我想请教关于 DoorDash 的合作。最初的公告提到要触及增量客户，尤其是郊区和农村市场。我不确定这里是否意味着在核心市场之外还有新的发展机会——这也许与 John Ivankoe 的问题相关。另外，如果送餐员需要行驶更远距离接单，这对你们的配送效率有什么影响？
Russell Weiner
Yeah. We are not going to be changing our delivery kind of drive times in order to bring this on. So, I want folks to understand that this is not -- we're not going to be driving any further because we know the number one thing that deals -- that is currently with repeat -- or a couple of things are the consistency and delivering hot product. And so, what does -- this does do though is it helps our kind of rural and suburban stores, whereas maybe Uber helps a little bit more on the urban side. And so, by being on both aggregators now, I think we're going to see really more of a uniform hit one-two punch across all of our stores because of that.
是的。为了引入这一合作，我们不会改变既定的配送行驶时间。请大家明白，我们不会为了此事跑得更远，因为回头客最看重的一两个因素就是产品始终如一且保持热度。此次合作真正带来的好处在于，它能帮助我们的郊区和农村门店，而 Uber 可能在城市市场更有助益。现在我们同时入驻两大聚合平台，预计能在所有门店形成更均衡的“双重组合拳”效果。
Operator
主持人
Thank you. And our next question comes from the line of Zach Fadem from Wells Fargo. Your question, please.
谢谢。下一位提问者是富国银行的 Zach Fadem。请提问。
Zach Fadem
Hey, good morning. I know you're not giving Uber mix, but just curious if it's still improving quarter-over-quarter or perhaps reaching a stabilization level.
嗨，早上好。我知道你们不再披露 Uber 订单占比，但它是否仍在逐季提升，还是已趋于稳定？
And then, separately, could you talk a bit about the performance or take rate on Boost Weeks today versus last year and in the past? And considering the macro dynamics today, just want to gauge the appetite or opportunity to consider stepping up Boost Weeks later this year?
另外，能否谈谈 Boost Weeks 目前的表现或接受度，与去年及更早之前相比如何？在当前宏观环境下，你们是否考虑在今年晚些时候加大 Boost Weeks 的力度？
Sandeep Reddy
So, Zach, I think on the Uber mix, like I said earlier, we're not going to really be talking about mix anymore going forward. And let's just say we were very happy with our Uber business in the first quarter. So, I'll leave it at that.
Zach，关于 Uber 订单占比，正如我之前所说，今后我们不会继续披露相关数据。可以说，我们对一季度的 Uber 业务表现非常满意，就说到这里。
And in terms of performance of Boost Weeks, I'm just going to go back to the strategic imperative that drives the Boost Weeks. These are customer acquisition vehicles. And as far as we're concerned, it's doing a great job in terms of being a customer acquisition vehicle and it continues to be something that we look at and whether it's a 50% online-only or the carryout special Boost Weeks, those are still very, very compelling opportunities for us to acquire customers into the brand. So, that's how we're looking at it. And we said roughly in line with what we did last year for Boost Weeks, that statement still holds.
至于 Boost Weeks 的表现，我想回到其战略定位：这是一种获客工具。从这一点看，它的效果非常出色。无论是线上独享五折，还是外带特价 Boost Weeks，都依然是我们吸引新顾客的强大手段。因此，我们依旧把它视作关键获客渠道。我们之前说过，今年 Boost Weeks 的整体安排大体与去年相当，这一点没有改变。
Russell Weiner
Yeah. And just, to your point, I don't -- while we'll be roughly in line, I don't see a significant increase in Boost Weeks. We wouldn't want to start training our customers to look for that long term. There's value, and for this thing to be special on a 52-week calendar, we're always offering value, we need to be really thoughtful with where we put.
是的。补充一下：虽然总体安排与去年相近，但我不认为会大幅增加 Boost Weeks 的频次。我们不想让顾客长期形成“等促销”的习惯。提供价值固然重要，但要让这一活动在52周的日历中保持“特别”属性，我们必须深思熟虑地选择投放时机。
Operator
主持人
Thank you. And our next question comes from the line of Logan Reich from RBC. Your question, please.
谢谢。接下来请 RBC 的 Logan Reich 提问，请问您的问题。
Logan Reich
Hey, good morning guys. Thanks for taking the question. I just had one question on the competitive intensity in the space. I think you guys called it out last quarter. Just curious how that sort of trended in Q1. And then, any sort of impact you guys are seeing from the burger QSR elevated discounting starting in January? Thanks.
大家早上好，感谢回答我的问题。我只有一个关于行业竞争激烈程度的问题。我记得你们在上个季度提到过这一点。我想知道第一季度这种竞争趋势如何。另外，自今年 1 月起汉堡类 QSR 加大折扣力度，你们是否看到这方面对业务的任何影响？谢谢。
Russell Weiner
Yeah, Logan, in Q1, interestingly enough, within the pizza competition and it's probably due to the fact that folks were knowing that we were coming out with stuffed crust, we had two of our three competitors come up with a stuffed crust. So, you've got that happening as well as just discounting throughout all of QSR. I think, just, in general, customer -- consumer disposable income is down and their confidence levels, I think, are also down to kind of 2022 levels. And so, just, in general, right now, there's a headwind on the total business, but specific to us within pizza, those two stuffed crust promotions.
是的，Logan，在第一季度，披萨行业的竞争颇为有趣，或许因为大家知道我们要推出芝心披萨，我们的三家竞争对手中有两家也推出了芝心产品。除此之外，整个 QSR 行业都在进行折扣。我认为，总体而言，消费者可支配收入下降，他们的信心也大致回到 2022 年的水平。因此，目前整体业务面临逆风，而对我们披萨业务而言，主要影响来自那两次芝心促销活动。
Russell Weiner
And the one thing I want to add on this, Logan, is, with the economics that we have, if the competition tries to keep up with us in terms of promotional intensity, there's going to be pain in those P&Ls for their franchisees. And it's just going to be really working more and more into our favor if that intensity is very high, and over time, Russell has talked about it previously. We've opened up over the last 10 years, 1,900 stores. The big national players have closed just slightly less than those. And I think that's really just shows what happens when you try to promote very intensively when you don't have the economics to be able to promote.
我还想补充一点，Logan，以我们的经济模型来看，如果竞争者在促销强度上试图跟进，他们的加盟商利润表将遭受压力。这种高强度竞争最终会越来越有利于我们。正如我之前提到的，过去 10 年我们新开了 1,900 家门店，而大型全国连锁关闭的门店略少于此。这充分说明，在缺乏经济支撑的情况下进行高强度促销会带来的后果。
Operator
主持人
Thank you. And our final question for today comes from the line of Todd Brooks from The Benchmark Company. Your question, please.
谢谢。今天的最后一个问题来自 The Benchmark Company 的 Todd Brooks，请提问。
Todd Brooks
Hey, thanks for squeezing me in. Just kind of putting a point on scale and market share gains, Russell, if you look back to the announcement and launch of Hungry for MORE, can you talk about how much share Domino's has gained in both the carryout and the delivery channel since that program has been launched?
嗨，感谢抽空让我提问。想聚焦于规模和市场份额提升的问题，Russell，如果回顾 Hungry for MORE 计划的宣布和推出以来，能否谈谈该计划实施后 Domino’s 在外带和外送渠道分别获得了多少市场份额？
Russell Weiner
Yeah. I guess, I'll even talk broader than that because what I'm really excited about is just how we've consistently been able to do it. And we're about 1 share point a year, kind of give or take, over time in the pizza business. So, we got a track record for doing that. And I think we're actually better poised to do that moving forward because of the market share we have, the advertising we have, the franchisee profitability we have.
好的，我想说得更广一些，因为让我真正兴奋的是我们能够持续做到这一点。多年来，我们在披萨业务上每年大约能提升 1 个百分点左右的市场份额，我们有这样的业绩记录。我认为，凭借现有的市场份额、广告投入和加盟商盈利能力，我们未来更具实力继续实现这一目标。
And maybe just to kind of loop back around to the prior question, we keep talking about the profitability of our franchisees, which we're really proud of, and what we feel pretty confident are that there's the profitability of some of the national and regional local competitors. I'd have folks maybe look at the AUVs, which are something that you can calculate and just that will give you a sense of what we're talking about. So, even if there are profitability numbers for competition, if you look at the AUVs of the Domino's, which has more stores than any other concept, it will give you a sense of what Sandeep was talking about. Meaning, if folks are going to compete with us with less volume going through what is substantially a similarly outlet cost to kind of keep up rent all that kind of stuff, it's going to be very, very difficult.
或许回到之前的问题，我们一直谈到加盟商的盈利能力，这让我们很自豪。相比之下，一些全国性和地区性竞争对手的盈利能力就未必理想。我建议大家看看 AUV（平均单店销售额），这是可以计算的，能让你了解我们所说的含义。即便竞争对手公布了利润数字，如果你看看 Domino’s 的 AUV——我们拥有的门店数比任何品牌都多——就能体会到 Sandeep 所说的意思。换言之，如果对手在流量更低的情况下要承担与我们相当的店面租金等费用，想与我们竞争将非常困难。
Greg Lemenchick
Thank you, Todd. 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.
谢谢你，Todd。这是本次电话会议的最后一个问题。感谢各位今天的参与，期待很快再次与大家交流。现在可以结束接线了。
Operator
主持人
Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.
谢谢各位女士先生今天参加会议。会议到此结束，您现在可以挂断。祝您愉快。
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