領先汽車配件 (AAP) 2025 Q1 法說會逐字稿

Welcome to the Advanced Auto Parts first-quarter 2025 earnings conference call. I would now like to turn it over to Lavesh Hemnani, Vice President of Investor Relations.

歡迎參加 Advanced Auto Parts 2025 年第一季財報電話會議。現在我想把發言權交給投資人關係副總裁 Lavesh Hemnani。

Good morning and thank you for participating in today's call. I'm joined by Shane O'Kelly, President and Chief Executive Officer; and Ryan Grimsland, Executive Vice President and Chief Financial Officer.

早安，感謝您參加今天的電話會議。和我一起出席的還有總裁兼執行長 Shane O'Kelly；以及執行副總裁兼財務長 Ryan Grimsland。

During today's call, we will be referencing slides which are available to view via webcast. The slides also been posted to our Investor Relations website. Before we begin, please be advised that management's remarks today contain forward-looking statements.

在今天的電話會議中，我們將參考可透過網路廣播觀看的幻燈片。該幻燈片也已發佈到我們的投資者關係網站。在我們開始之前，請注意，管理層今天的言論包含前瞻性陳述。

All statements other than statements of historical fact are forward-looking statements, including, but not limited to statements regarding initiatives, plans, projections, guidance and expectations for the future. Actual results could differ materially from those projected or implied by the forward-looking statements.

除歷史事實陳述之外的所有陳述均為前瞻性陳述，包括但不限於有關未來舉措、計劃、預測、指導和期望的陳述。實際結果可能與前瞻性陳述預測或暗示的結果有重大差異。

Additional information can be found under forward-looking statements in our earnings release and risk factors in our most recent Form 10-K and subsequent filings made with the SEC. Shane will begin today's call with an update on the business and our strategic priorities. Later, Ryan will discuss results for the first quarter and provide an update on 2025 guidance. Following management's prepared remarks, we will open the line for questions.

更多資訊請參閱我們收益報告中的前瞻性陳述以及我們最新的 10-K 表格和隨後向美國證券交易委員會提交的文件中的風險因素。肖恩將在今天的電話會議上首先介紹業務進展和我們的策略重點。隨後，Ryan 將討論第一季的業績並提供 2025 年指引的最新資訊。在管理階層發表完準備好的發言後，我們將開放問答專線。

Now let me turn over the call to our CEO, Shane O'Kelly.

現在，讓我將電話轉給我們的執行長 Shane O'Kelly。

Thank you, Lavesh, and good morning, everyone. I want to take a moment to express my gratitude for the hard work, unwavering commitment and dedication of the Advanced team. I am pleased to report that our team delivered better-than-expected first quarter results. After a challenging start to the year for the industry, we began to see demand rebound in late February led by our Pro business.

謝謝你，拉維什，大家早安。我想花點時間對高級團隊的辛勤工作、堅定不移的承諾和奉獻精神表示感謝。我很高興地報告，我們的團隊第一季的表現優於預期。在經歷了該行業年初的挑戰之後，我們在 2 月底開始看到需求反彈，這主要得益於我們的專業業務。

For the quarter, Pro grew in the low single-digit range, including eight consecutive weeks of positive comparable sales growth in the US. This positive momentum in Pro has continued during the first four weeks of Q2, driven by our focus on providing exceptional customer service.

本季度，Pro 的銷售額實現了低個位數成長，其中美國市場可比銷售額連續八週實現正成長。由於我們專注於提供卓越的客戶服務，Pro 的這種積極勢頭在第二季度的前四周得以延續。

In addition to better-than-expected top line results we also reported stronger profitability with near breakeven adjusted operating margin, and we're on track to deliver positive operating margins starting with Q2.

除了好於預期的營收業績外，我們還報告了更強的獲利能力，調整後的營業利潤率接近盈虧平衡，並且我們預計從第二季度開始實現正營業利潤率。

Based on our performance to date and expected progress on our initiatives for the remainder of the year, we are reaffirming our full year 2025 guidance. Ryan will provide additional details later, and I want to note that our guidance also considers the impacts of tariffs currently in effect along with our planned mitigation strategies.

根據我們迄今的表現以及今年剩餘時間各項計畫的預期進展，我們重申 2025 年全年指引。Ryan 稍後會提供更多細節，我想指出的是，我們的指導還考慮了當前生效的關稅的影響以及我們計劃的緩解策略。

We believe the combination of an aging and growing vehicle fleet in the US, coupled with the relatively nondiscretionary nature of auto part spending puts advance and the industry in a favorable position to navigate through a volatile environment.

我們認為，美國汽車保有量不斷增長和老化，加上汽車零件支出相對而言的非自由支配性，使得汽車產業在動盪的環境中處於有利地位。

We participate in a disciplined industry that has always operated rationally, and we would expect that to continue. In March, we reached a significant strategic milestone with the completion of our store footprint optimization program. Approximately 75% of our store footprint is now concentrated in markets where we hold the number one or number two position based on store density.

我們身處在一個紀律嚴明、始終理性運作的行業，我們期望這種情況能夠持續下去。三月份，我們完成了門市佈局優化計劃，達到了一個重要的策略里程碑。目前，我們約 75% 的門市集中在我們根據門市密度佔據第一或第二位置的市場。

We have also embarked on an ambitious new phase of store expansion, aimed at further strengthening our presence in these regions to capture share in the more than $150 billion total addressable market. Over the next three years, we expect to open more than 100 new stores with plans to further accelerate that pace of growth in the future.

我們還啟動了雄心勃勃的新一輪門市擴張計劃，旨在進一步加強我們在這些地區的影響力，以在總額超過 1500 億美元的潛在市場中佔據一席之地。未來三年，我們預計將開設 100 多家新店，並計劃在未來進一步加快成長速度。

Our team is focused on implementing initiatives across the strategic pillars of merchandising, supply chain and stores to drive improvements in operational performance. These efforts are designed to strengthen our operational capabilities while building a robust foundation to deliver sustainable, long-term profitable growth and enhanced value for our shareholders.

我們的團隊致力於在商品銷售、供應鏈和商店等策略支柱上實施舉措，以推動營運績效的提升。這些努力旨在加強我們的營運能力，同時建立堅實的基礎，為我們的股東實現可持續的長期獲利成長和增值。

Next, I will provide an update on each strategic pillar. Let's begin with merchandising. The team has made good progress in expanding parts availability and securing quality products at a competitive cost. Last quarter, we piloted a new assortment framework in a single designated market area or DMA to improve parts coverage at the store level.

接下來，我將介紹每個戰略支柱的最新情況。讓我們從商品銷售開始。該團隊在擴大零件供應和以有競爭力的成本確保優質產品方面取得了良好進展。上個季度，我們在單一指定市場區域或 DMA 試行了新的分類框架，以提高商店層級的零件覆蓋率。

We created a top-down assortment plan each store hub and market hub in this DMA, which led to the rebalancing of hundreds of SKUs to align the inventory to market specific needs. The new framework is enabling us to increase coverage in prominent hard parts categories, many of which are frequently in demand by our Pro customers.

我們針對該 DMA 中的每個商店中心和市場中心製定了自上而下的分類計劃，從而重新平衡了數百個 SKU，使庫存符合市場的特定需求。新的框架使我們能夠擴大對知名硬體零件類別的覆蓋範圍，其中許多類別經常受到我們的專業客戶的需求。

During Q1, we expanded this framework to 10 additional DMAs and the first nine weeks following the rollout, we have observed an estimated uplift of nearly 50 basis points in comparable sales growth within these DMAs.

在第一季度，我們將這個框架擴展到另外 10 個 DMA，在推出後的前九週內，我們觀察到這些 DMA 內的可比銷售額成長率估計上升了近 50 個基點。

Encouragingly, we are observing increased sales in categories where additional SKUs have been introduced, while sales in categories with reduced SKUs have remained relatively stable. Looking ahead, we anticipate gradual improvement in sales as increased parts availability translates into higher transaction volume.

令人鼓舞的是，我們觀察到，在推出更多 SKU 的類別中，銷售額有所增加，而 SKU 減少的類別中，銷售額保持相對穩定。展望未來，隨著零件供應量的增加轉化為交易量的增加，我們預期銷售將逐步改善。

Feedback from stores has also been positive, which has motivated us to accelerate this program. With our recent learnings, we are expediting the implementation and are now using technology to automate key processes.

商店的回饋也很積極，這促使我們加快這項計劃。根據我們最近的經驗，我們正在加快實施，並正在使用技術來自動化關鍵流程。

As a result, we plan to complete the rollout in the top 50 DMAs by the end of 2025 with 30 of the 50 markets expected to be live by August. This is faster than our prior 12 to 18 month timeline which stretched into 2026. While this new assortment framework enables us to align SKUs to market requirements, we are also prioritizing the improvement of SKU depth across all stores.

因此，我們計劃在 2025 年底前在前 50 個 DMA 中完成推廣，其中 30 個市場預計將於 8 月上線。這比我們之前延長至 2026 年的 12 至 18 個月的時間表要快。雖然這種新的分類框架使我們能夠讓 SKU 與市場需求保持一致，但我們也優先考慮提高所有商店的 SKU 深度。

We are measuring this through our store availability KPI, which is now in the mid 90% range. Notably, this KPI improved by approximately 200 basis points sequentially and compares to the low 90% range recorded last year. Strong coverage depth is enabling our store teams to sell complete assortment bundles and full application job quantities, which is critical for our customers and helps create repeatable Pro business.

我們透過商店可用性 KPI 來衡量這一點，目前該比率處於 90% 左右。值得注意的是，該 KPI 環比提高了約 200 個基點，而去年的低點則為 90%。強大的覆蓋深度使我們的商店團隊能夠銷售完整的分類捆綁包和完整的應用程式工作數量，這對我們的客戶至關重要，並有助於創建可重複的專業業務。

Advance is a leading player in the industry with a 93-year legacy and a growing store footprint that currently spans more than 4,000 stores, having the right part at the right place in our network gives us the opportunity to capture our fair share of the market.

Advance 是行業領導者，擁有 93 年的歷史，門市數量不斷增加，目前已覆蓋 4,000 多家門市，在我們的網路中的正確位置擁有正確的部分使我們有機會佔據公平的市場份額。

Next, let's turn to product costs. As we have indicated previously, the gap in merchandise margin is among the largest drivers of our operating margin gap compared to the industry. Over the last year, our team has partnered with vendors to conduct line reviews with the goal of securing high-quality products at a competitive cost.

接下來我們來談談產品成本。正如我們之前所指出的，商品利潤率的差距是我們與產業相比營業利潤率差距的最大驅動因素之一。在過去的一年裡，我們的團隊與供應商合作進行生產線審查，目的是以有競爭力的成本確保高品質的產品。

This work is expected to continue through mid-2025 and based on our progress thus far, we have visibility to greater than 50 basis points of annualized cost reductions that will start to flow in the second half of the year. We will continue to pursue further cost reduction efforts while also investing time to develop strategic business plans with our vendors to drive mutual revenue growth.

這項工作預計將持續到 2025 年中期，根據我們迄今為止的進展，我們預計年化成本將降低 50 個基點以上，並將在今年下半年開始實現。我們將繼續進一步努力降低成本，同時投入時間與供應商制定策略性業務計劃，以推動共同的收入成長。

Our customer-first approach and disciplined execution on core retail fundamentals continues to resonate with our vendor partners, giving us optimism in our ability to deliver additional future value.

我們以客戶為先的理念和對核心零售基本原則的嚴格執行繼續與我們的供應商合作夥伴產生共鳴，讓我們對未來創造更多價值的能力充滿信心。

Next, supply chain. I want to start by acknowledging the tremendous effort of the supply chain team during Q1, this team played an integral role in successfully completing our asset optimization activity despite the complexities involved in the execution.

接下來是供應鏈。首先，我要感謝供應鏈團隊在第一季所做的巨大努力，儘管執行起來很複雜，但團隊在成功完成我們的資產優化活動中發揮了不可或缺的作用。

The work included relocating hundreds of millions of dollars of inventory across the network, rerouting replenishment routes to align with our revised store and DC footprint and supporting the merchandising team to launch the new assortment framework in 10 markets.

這項工作包括在網路中重新安置價值數億美元的庫存，重新規劃補貨路線以適應我們修改的商店和 DC 足跡，並支持商品銷售團隊在 10 個市場推出新的分類框架。

Importantly, they achieved this while maintaining high safety standards and smooth day-to-day operations. Having participated in multiple supply chain transformations in my career, I can attest that the team's accomplishments were no small feat.

重要的是，他們在維持高安全標準和順利的日常營運的同時實現了這一目標。在我的職業生涯中，我參與過多次供應鏈轉型，我可以證明團隊的成就絕非易事。

We are on track to close 12 distribution centers this year with six completed to date. We expect to end the year with 16 DCs, making our way towards the goal of operating 12 large DCs by the end of 2026, with each averaging approximately 500,000 square feet.

我們計劃今年關閉 12 個配送中心，目前已完成 6 個。我們預計今年底將擁有 16 個配送中心，並朝著 2026 年底營運 12 個大型配送中心的目標邁進，每個配送中心的平均面積約為 50 萬平方英尺。

As we complete the consolidation of these DCs, flow higher volume and optimize our inbound and outbound processes, we expect to drive incremental labor productivity. We measure this with product lines per hour, which improved in the low single-digit percentage range during Q1 compared to last year.

隨著我們完成這些 DC 的整合、流量的增加以及入站和出站流程的最佳化，我們期望提高勞動生產力。我們用每小時的產品線數量來衡量這一點，與去年相比，第一季的產品線數量提高了個位數百分比。

We are targeting continuous improvement in this metric through the development of fresh operational standards for our DCs. For example, since we started moving more volume through our large DCs, we are evaluating daily workflows such as measuring the time to pick apart and comparing that against benchmarks to determine where our process needs to evolve.

我們的目標是透過為我們的 DC 制定新的營運標準來持續改進這一指標。例如，自從我們開始透過大型配送中心運送更多貨物以來，我們就在評估日常工作流程，例如測量挑選的時間並將其與基準進行比較，以確定我們的流程需要在哪些方面進行改進。

Ultimately, we are building a foundation to efficiently support over 4,000 stores through 12 large-sized DCs operating on a single warehouse system versus the previous model of 38 DCs of varying sizes with disparate systems. To do this successfully, we are investing resources to upgrade our operational standards to improve productivity.

最終，我們正在建立一個基礎，透過在單一倉庫系統上運營的 12 個大型配送中心來有效地支援超過 4,000 家商店，而不是像以前的模式那樣擁有 38 個大小不一、系統各異的配送中心。為了成功實現這一目標，我們正在投入資源來升級我們的營運標準，以提高生產力。

In conjunction with consolidating DCs, we plan to drive cost efficiency by optimizing both the routing of replenishment orders from DCs and the movement of products between hubs and stores. To achieve this, we plan to implement a new routing framework in stages throughout this year.

在整合配送中心的同時，我們計劃透過優化配送中心補貨訂單的路線以及中心和商店之間的產品流動來提高成本效率。為了實現這一目標，我們計劃在今年分階段實施新的路由框架。

We anticipate that the combination of improved DC labor productivity and optimized routing will begin delivering cost savings by late 2025 with a larger benefit accruing later. In May, we entered a pivotal phase in the development of our multi-echelon supply network with the opening of two greenfield market hubs in the Midwest.

我們預計，到 2025 年底，提高 DC 勞動生產力和優化路線相結合將開始節省成本，並在以後產生更大的效益。5月份，隨著中西部兩個綠地市場中心的開業，我們進入了多層供應網絡發展的關鍵階段。

We now operate 21 market hubs and continue to target 10 market hub openings this year while simultaneously building the pipeline for 2026 and 2027. We remain committed to our goal of establishing 60 market hubs by mid 2027 to strengthen our competitive position.

我們目前經營 21 個市場中心，並將繼續瞄準今年開設 10 個市場中心，同時為 2026 年和 2027 年建造管道。我們將繼續致力於實現在 2027 年中期建立 60 個市場中心的目標，以增強我們的競爭地位。

A market hub with 75,000 to 85,000 SKUs expands same-day parts availability for a service area of about 60 to 90 stores. Based on the aggregate performance of the market hubs in operation through Q1 and the stores being serviced by these hubs, we have observed an estimated comp uplift of nearly 100 basis points in those markets.

擁有 75,000 至 85,000 個 SKU 的市場中心可將當日零件供應範圍擴大到約 60 至 90 家商店的服務區域。根據第一季營運的市場中心以及這些中心所服務的商店的整體表現，我們觀察到這些市場的預期年增率將接近 100 個基點。

These results reinforce our confidence in the path forward, which we expect to further improve as the new assortment framework developed by the merchandising team is fully implemented across the market hubs. In our stores, the team is focused on improving service levels to drive repeatable business and gain market share. The Pro channel led the recovery in comp sales in the second half of Q1.

這些結果增強了我們對未來道路的信心，隨著商品銷售團隊開發的新分類框架在各個市場中心全面實施，我們預計這種信心將進一步增強。在我們的商店，團隊專注於提高服務水平，以推動可重複的業務並獲得市場份額。Pro 通路引領了第一季下半年同店銷售額的復甦。

This improvement in the Pro was driven primarily by transaction growth, which we view as a leading indicator of our efforts to move up the call list with Pros. You may recall, early this year, we revamped the compensation and incentive structures for our frontline sales team and equip them with additional tools and resources to better serve customers.

Pro 的改進主要由交易量成長推動，我們將其視為我們努力提升 Pro 通話清單排名的領先指標。您可能還記得，今年年初，我們修改了前線銷售團隊的薪酬和激勵結構，並為他們配備了額外的工具和資源，以便更好地服務客戶。

We are seeing the results of these investments in the Pro channel, which makes us optimistic about the opportunity to capture additional wallet share of the Pro. Our store team is focused on exceptional customer service and was able to shave off approximately 10 minutes in delivery time compared to last year.

我們在 Pro 頻道看到了這些投資的成果，這讓我們對獲得 Pro 額外錢包份額的機會感到樂觀。我們的商店團隊致力於提供卓越的客戶服務，與去年相比，送貨時間縮短了約 10 分鐘。

This reduction is being achieved through a combination of training enhancements, better in-stocks and increased accountability in the field. Our goal is to consistently deliver parts within 30 to 40 minutes. Ensuring this consistency helps our Pros turn their base faster and elevates advances reputation as a dependable and timely provider of parts.

這項減少是透過加強培訓、改善庫存和加強現場問責等方式來實現的。我們的目標是始終在 30 到 40 分鐘內交付零件。確保這種一致性有助於我們的專業人員更快地完成他們的工作，並提升我們作為可靠且及時的零件供應商的聲譽。

We are encouraged by the progress thus far and are confident in the team's ability to deliver on our service commitment. To support this, we are also testing a standardized store operating structure to guide our teams on store labor scheduling and to provide an effective mechanism to allocate resources such as delivery trucks and driver hours. This test is now live in about 10% of our stores. Learnings from this test will inform our view on the standardized structure, which we expect to launch company-wide later this year.

我們對迄今為止的進展感到鼓舞，並相信團隊有能力履行我們的服務承諾。為了支持這一點，我們也正在測試標準化的商店營運結構，以指導我們的團隊進行商店勞動力調度，並提供有效的機制來分配送貨卡車和司機工作時間等資源。目前，我們約有 10% 的商店已開始進行此測試。這次測試的經驗將有助於我們對標準化結構進行了解，我們預計該結構將於今年稍後在全公司範圍內推出。

Shifting to DIY. During the second half of Q1, we saw an improvement in DIY trends, although the weekly volatility continues to remain high. Maintenance-related categories such as fluids, chemicals and oil are performing relatively better, suggesting that DIY consumers remain cautious in their overall spending.

轉向 DIY。在第一季的後半段，我們看到 DIY 趨勢有所改善，儘管每週波動性仍然很高。液體、化學品和油等與維護相關的類別表現相對較好，這表明 DIY 消費者在整體支出方面仍保持謹慎。

As we look ahead, we expect the DIY environment to remain challenged due to the potential for higher broad-based consumer goods inflation impacting household budgets. Despite the sales choppiness, we are proactively addressing areas of the business that are within our control.

展望未來，我們預計 DIY 環境仍將面臨挑戰，因為廣泛的消費品通膨可能會上升，從而影響家庭預算。儘管銷售情況不穩定，我們仍在積極解決我們能夠控制的業務領域。

This includes enhanced training programs for our store teams to deepen product knowledge as well as a reallocation of key store roles to better assist customers. Our efforts to improve the in-store experience are beginning to deliver positive proof points as we are seeing an improvement in units being sold per transaction. This metric has stabilized after declining for most of last year.

這包括加強我們商店團隊的培訓計劃以加深產品知識，以及重新分配關鍵商店角色以更好地協助客戶。我們為改善店內體驗所做的努力開始帶來積極的結果，因為我們看到每筆交易的銷售量有所提高。該指標在去年大部分時間下降之後已經趨於穩定。

From a DIY communications perspective, we are also strengthening our brand message through a new marketing campaign with the theme right around the corner and ready to help. This campaign showcases Advance as a leading destination for automotive parts that offers convenience store locations, strong inventory availability, expert advice, free services and high-quality brands.

從 DIY 溝通的角度來看，我們也透過新的行銷活動來強化我們的品牌訊息，主題就在眼前，隨時準備提供協助。這項活動展示了 Advance 作為汽車零件領先目的地的地位，提供便利商店位置、強大的庫存可用性、專家建議、免費服務和高品質品牌。

I want to underscore our commitment to advancing the turnaround and ensuring accountability. We are making traction on operational improvements for the business, and I'm optimistic about the opportunities ahead.

我想強調我們對推動轉變和確保問責的承諾。我們正在推動業務營運改進，我對未來的機會充滿樂觀。

Now let me hand the call over to Ryan to discuss our financials. Ryan?

現在，讓我將電話交給瑞安來討論我們的財務狀況。瑞安？

Thank you, Shane, and good morning, everyone. I would also like to thank the Advance team for their commitment to serving our customers while continuing to make meaningful strides in our turnaround efforts.

謝謝你，肖恩，大家早安。我還要感謝 Advance 團隊致力於服務我們的客戶，同時繼續在我們的扭虧為盈努力中取得有意義的進展。

For the first quarter, net sales from continuing operations were $2.6 billion, a 7% decrease compared to last year. This decline is mainly attributed to the store optimization activity completed in March. Comparable store sales declined 60 basis points during the 16-week period in Q1 and excludes locations closed during the quarter, which generated $51 million in liquidation sales.

第一季度，持續經營淨銷售額為 26 億美元，較去年同期下降 7%。這一下降主要歸因於3月完成的店鋪優化活動。第一季 16 週內同店銷售額下降了 60 個基點，不包括本季關閉的門市，這些門市產生了 5,100 萬美元的清算銷售額。

During Q1, sales started off soft, declining in the low single-digit range in the first eight weeks. Demand started to recover in late February, aided by weather volatility, normalization of tax refunds and consistent positive performance in our Pro business.

第一季度，銷售額開始疲軟，前八週的降幅維持在個位數以下。受天氣波動、退稅正常化以及 Pro 業務持續良好表現的推動，需求於 2 月底開始復甦。

Initiatives to improve inventory in stocks and service levels for customers led to eight consecutive weeks of positive Pro comps in the US through the end of the quarter. Separately, Q1 also benefited by the a shift in timing of Easter into our fiscal Q2, which we estimate at approximately 20 basis points to comps.

截至本季末，改善庫存和提高客戶服務水準的舉措使得美國 Pro 公司的業績連續八週保持正成長。另外，第一季也受惠於復活節時間轉移到我們的第二財季，我們估計這比同期成長了約 20 個基點。

In terms of channel performance, Pro grew in the low single-digit range, which is an acceleration compared to Q4 and outperformed the DIY channel which declined in the low single-digit range. Our Pro comp also accelerated on a two-year basis and was positive for the third consecutive quarter.

通路表現方面，Pro 通路實現低個位數成長，較第四季有所加速，且優於低個位數下滑的 DIY 通路。我們的 Pro 銷售額也在兩年內加速成長，並且連續第三個季度呈現正成長。

Transactions declined in the low single-digit range during Q1, with Pro down only slightly. Average ticket grew in a low single-digit range and was positive in both channels. From a category perspective, we saw strength in batteries, wipers and fluids and chemicals.

第一季交易量下降幅度在個位數以下，其中 Pro 僅略有下降。平均票價成長率維持在低個位數範圍內，且兩個通路均呈正成長。從類別角度來看，我們看到電池、雨刷、液體和化學品表現強勁。

Gross profit from continuing operations was $1.11 billion or 42.9% of net sales, resulting in a gross margin contraction of 50 basis points compared to last year. The year-over-year deleverage was largely driven by approximately 90 basis points of margin headwind in associated with liquidation sales related to our store optimization activity.

持續經營毛利潤為11.1億美元，佔淨銷售額的42.9%，導致毛利率與去年相比收縮50個基點。年比去槓桿主要是由於與我們的店鋪優化活動相關的清算銷售導致的約 90 個基點的利潤率逆風所致。

During the quarter, gross margin also benefited from favorability on capitalized warehouse costs related to a pull forward of some inventory purchases ahead of tariffs. We estimate this added approximately 80 basis points of margin and is expected to normalize during the year.

本季度，毛利率也受益於資本化倉庫成本的有利影響，這得益於在關稅之前提前進行一些庫存採購。我們估計這將增加約 80 個基點的利潤率，並預計在年內恢復正常。

Adjusted SG&A from continuing operations was $1.12 billion or 43.2% of net sales, resulting in deleverage of 180 basis points compared to last year. A portion of the deleverage was driven by the comparison to a gain on asset sale from last year. Adjusting for this, SG&A would have deleveraged approximately 110 basis points, mainly due to higher labor-related expenses.

持續經營業務的調整後銷售、一般及行政費用為 11.2 億美元，佔淨銷售額的 43.2%，與去年相比，槓桿率降低了 180 個基點。部分去槓桿是由於與去年資產出售收益相比。經過這項調整後，銷售、一般及行政費用將去槓桿約 110 個基點，這主要是由於勞動力相關費用增加。

As a result, adjusted operating loss from continuing operations came in at $8 million or negative 30 basis points of net sales. A healthier topline performance helped us deliver better-than-expected operating margins with operating losses narrowing significantly compared to last quarter.

結果，調整後的持續經營虧損達到 800 萬美元，即淨銷售額為負 30 個基點。更健康的營收表現幫助我們實現了好於預期的營業利潤率，並且與上一季相比，營業虧損大幅縮小。

Adjusted diluted loss per share from continuing operations was $0.22 compared with earnings per share of $0.33 in the prior year. On a GAAP basis, we reported earnings per share of $0.40 due to a net discrete tax benefit of $126 million associated with capital loss deductions following the Worldpac transaction, which was factored into our forecast for the year.

調整後持續經營每股攤薄虧損為 0.22 美元，而上年度每股收益為 0.33 美元。根據 GAAP 計算，我們報告的每股收益為 0.40 美元，這是由於 Worldpac 交易後與資本損失扣除相關的淨離散稅收收益為 1.26 億美元，這已計入我們對今年的預測中。

We ended the quarter with negative free cash flow of $198 million compared with negative $49 million in the prior year. Free cash flow includes approximately $90 million of cash expenses associated with the store optimization project and approximately $100 million of additional inventory investments, which was planned for later in the year to support the accelerated rollout of our store-based assortment framework that Shane referenced earlier.

本季末，我們的自由現金流為負 1.98 億美元，而去年同期為負 4,900 萬美元。自由現金流包括與門市優化項目相關的約 9000 萬美元現金支出和約 1 億美元的額外庫存投資，這些投資計劃在今年晚些時候進行，以支持 Shane 之前提到的基於門市的分類框架的加速推出。

For fiscal 2025, we have reaffirmed the guidance established in February. We remain focused on executing and tracking the progress of our strategic initiatives to develop a strong foundation for the long term. Before discussing items within the guidance, let me provide our perspective on the current tariff environment and how that is influencing our outlook for the year.

對於 2025 財年，我們重申了 2 月制定的指導方針。我們將繼續專注於執行和追蹤我們的策略舉措的進展，為長期發展奠定堅實的基礎。在討論指導中的內容之前，讓我先提供我們對當前關稅環境的看法，以及它如何影響我們對今年的展望。

We are collaborating with our vendor partners to address the challenges posed by elevated product costs and evaluating each cost drive before accepting any increases from vendors. Our approach to negating tariffs is expected to be measured as we make tariff-related price adjustments.

我們正在與供應商合作夥伴合作，以應對產品成本上升帶來的挑戰，並在接受供應商的任何漲價之前評估每項成本驅動因素。我們在進行與關稅相關的價格調整時，預計會採取衡量方法來取消關稅。

We'll continually assess inflation and demand elasticity who will monitor competitive response while executing our plan this year. Within the current tariff landscape, we are planning for a range of scenarios and feel strongly at our ability to navigate through the rising cost environment.

我們將持續評估通膨和需求彈性，並在執行今年的計畫時監測競爭反應。在當前的關稅狀況​​下，我們正在為一系列情境進行規劃，並堅信我們有能力應對成本上升的環境。

These scenarios are in alignment with our full year guidance, reinforcing our expectations for the balance of the year. The complexities of the current economic landscape also warrant an appropriate sensitivity to financial flexibility through the turnaround.

這些情景與我們的全年指導一致，強化了我們對今年剩餘時間的預期。當前經濟情勢的複雜性也要求在經濟復甦過程中對財務靈活性保持適當的敏感度。

We will continue to monitor and assess our debt capital structure with the goal of enjoying maximum financial flexibility for the business. We believe we have the right strategy, routing core retail mental to achieve our financial objectives and the benefits of our strategic actions is expected to build steadily over the next three years.

我們將繼續監控和評估我們的債務資本結構，以實現企業最大的財務靈活性。我們相信，我們擁有正確的策略，引導核心零售思維實現我們的財務目標，而我們的策略行動的效益預計將在未來三年內穩步增長。

Next, let's discuss our expectations for this year. Starting with net sales. We expect net sales in the range of $8.4 billion to $8.6 billion. Comparable sales is expected to grow in the range of 50 to 150 basis points on a 52-week basis. We expect sequential improvement in comparable sales during 2025, with stronger growth in the second half, supported by our focus on improving parts availability and elevated service levels.

接下來我們來談談對今年的期望。從淨銷售額開始。我們預計淨銷售額將在 84 億美元至 86 億美元之間。預計 52 週內可比較銷售額將成長 50 至 150 個基點。我們預計 2025 年可比銷售額將環比改善，下半年成長將更加強勁，這得益於我們專注於改善零件供應和提升服務水準。

For Q2, we currently estimate flattish comparable sales growth, including the impact of the Easter shift from Q1. During the quarter, we will also fully cycle through the $100 million of price investments from last year. Net sales also include contribution from new stores planned to be opened this year and we expect the 53rd week to contribute approximately $100 million to $120 million into net sales.

對於第二季度，我們目前估計可比銷售額成長將持平，其中包括復活節對第一季的影響。在本季度，我們也將全面完成去年 1 億美元的價格投資。淨銷售額還包括今年計劃開設的新店的貢獻，我們預計第 53 週將為淨銷售額貢獻約 1 億至 1.2 億美元。

Moving to margins. Adjusted operating income margin is expected in the range of 2% to 3%. We expect sequential progress in operating margins this year with Q2 expected to track in line with the full year range and further improvement expected in the second half.

移至邊緣。調整後的營業收入利潤率預計在2%至3%之間。我們預計今年營業利潤率將持續成長，預計第二季將與全年水準持平，並預計下半年將進一步改善。

Gross margin is expected to be the primary driver of operating margin this year, driven by a combination of product cost savings and supply chain cost leverage with an improvement in sales. We expect SG&A expenses to be down year-over-year, with margin in the range of flat to slightly down.

預計毛利率將成為今年營業利潤率的主要驅動力，這得益於產品成本節約、供應鏈成本槓桿以及銷售額的提高。我們預計銷售、一般及行政開支將同比下降，利潤率將在持平或略有下降的範圍內。

SG&A includes the impact of annual wage inflation and other field investments, offset by favorability from labor productivity and indirect cost savings. Additionally, we expect to save approximately $70 million in annual operating costs related to our store and DC optimization activity. These savings will begin in Q2 and contribute to margin favorability for the balance of the year.

銷售、一般及行政費用包括年度薪資上漲和其他現場投資的影響，但被勞動生產力和間接成本節約的有利因素所抵銷。此外，我們預計與我們的商店和 DC 優化活動相關的每年營運成本將節省約 7000 萬美元。這些節省將從第二季開始，並有助於提高今年剩餘時間的利潤率。

Moving to the other items and guidance. Adjusted diluted EPS is expected in the range of $1.50 and $2.50. We expect free cash flow in the range of negative [$85 million] to negative $25 million at the end of the year. Our guidance now includes cash expenses of approximately $150 million associated with store and DC optimization activity, which is below our prior estimate of $200 million, reflecting favorability in lease dispositions.

轉到其他項目和指導。調整後的稀釋每股收益預計在 1.50 美元至 2.50 美元之間。我們預計年底自由現金流將在負[8500萬美元]至負2500萬美元之間。我們的指導現在包括與商店和 DC 優化活動相關的約 1.5 億美元現金支出，低於我們先前估計的 2 億美元，反映了租賃處置方面的有利性。

This benefit was offset by opportunistic inventory purchases ahead of the tariff implementation earlier this year. In summary, we are pleased with our progress thus far and remain resolute in controlling the aspect of our business within our control while navigating a volatile macro environment.

這一好處被今年稍早在關稅實施前投機性的庫存購買所抵消。總而言之，我們對迄今為止的進展感到滿意，並在應對動盪的宏觀環境的同時，堅定地控制我們業務的可控範圍。

I will now hand the call back to Shane. Thank you.

我現在將把電話交還給 Shane。謝謝。

Thank you, Ryan. Before closing today's call, I would like to thank all our team members who are listening on the call today. I am incredibly proud of your efforts this quarter. Our team not only managed to deliver results that exceeded expectations but also completed the store footprint optimization within an accelerated time line while driving progress on our strategic priorities. Thank you.

謝謝你，瑞安。在結束今天的電話會議之前，我想感謝今天聆聽電話會議的所有團隊成員。我對您本季的努力感到無比自豪。我們的團隊不僅成功交付了超出預期的成果，而且還在加速的時間內完成了門市佈局優化，同時推動了我們的策略重點的進展。謝謝。

With that, let's open the call for questions. Operator?

現在，讓我們開始提問。操作員？

(Operator Instructions) Simeon Gutman, Morgan Stanley.

（操作員指示） 西緬古特曼，摩根士丹利。

Hey, good morning. Maybe my first question, if you think about the [0.5% to 1.5%] comp, you have an implicit mix of DIY versus DIFM performance within that. I don't think you've shared with that with us.

嘿，早安。也許我的第一個問題是，如果您考慮 [0.5% 到 1.5%] 的比較，您會發現其中隱含著 DIY 與 DIFM 表現的混合。我認為您還沒有與我們分享這一點。

But can you tell us now that the first quarter is in the bag, can you tell us what that expectation, how it's changed? Do you have any difference in how you think the year will play out based on how it's performing so far? And then I have one follow-up. Thanks.

但您能否告訴我們，現在第一季已經穩操勝券，您能否告訴我們當時的預期是什麼，以及它發生了怎樣的變化？根據目前為止的表現，您對今年的走勢有何不同看法？然後我還有一個後續問題。謝謝。

Yeah. Hey, Simeon. This is Ryan. I'll jump in here real quick. So far, it's played out similar to what we expect. We haven't seen any change in trend on DIY and our expectations. But what we have stated is that we expect the DIFM to be the driver of our performance. The DIY will still be somewhat pressured.

是的。嘿，西緬。這是瑞安。我會很快跳到這裡。到目前為止，事情的發展與我們的預期類似。我們沒有看到 DIY 趨勢和我們的期望有任何變化。但我們已經表示，我們希望 DIFM 成為我們業績的驅動力。DIY還是會有一定的壓力。

I think it's still early in this tariff environment to really understand if that will change going forward. Though we did model out different scenarios that are reflected in our range of guidance. But as of right now, we expect the trends to continue where DIFM will lead and DIY will still be slightly pressured.

我認為，在這種關稅環境下，現在真正了解這種情況未來是否會改變還為時過早。儘管我們確實模擬出了反映在我們的指導範圍內的不同場景。但就目前而言，我們預期趨勢將持續，DIFM 將引領趨勢，而 DIY 仍將面臨輕微壓力。

Hey, Simeon. It's Shane here. Let me build on that. So you've seen the Pro trend 12 weeks positive comp. DIY, I think the volatility of the situation and you see that in consumer sentiment, some of the credit card data, default rates suggest there could be some difficulties for the consumer.

嘿，西緬。我是 Shane。讓我在此基礎上進一步闡述。因此您已經看到了 Pro 趨勢 12 週的正面成長。DIY，我認為情勢的波動以及消費者情緒、一些信用卡數據、違約率表明消費者可能會面臨一些困難。

Although we're controlling what we could control, and we are putting effort against making sure we're relevant for the DIY customer that includes the availability efforts, that includes awareness around our marketing campaign, promotion fewer bigger, better, leveraging our loyalty program. We have 16 million perks members, training for the stores in terms of how to present products and greet. So we'll look to do things to make sure we're participating with DIY customers.

雖然我們正在控制我們能夠控制的事情，我們正在努力確保我們與 DIY 客戶相關，包括可用性努力，包括圍繞我們的行銷活動的意識，促銷更少，更大，更好，利用我們的忠誠度計劃。我們擁有 1,600 萬名特權會員，為商店提供如何展示產品和接待方面的培訓。因此，我們會採取措施確保 DIY 客戶能夠參與其中。

Thanks. And the follow-up, if we take full year guidance and look at the complexion with gross margin and SG&A. The first quarter was better on gross. It looks like you're going to have some tailwinds because the liquidation goes away.

謝謝。後續，如果我們採取全年指引並觀察毛利率及銷售、一般及行政費用的情況。第一季的整體表現較好。由於清算已經結束，看起來你會遇到一些順風。

You talked, Shane, about the product cost that should improve throughout the year. It feels like that was built into the way you built your outlook, I think. But can you talk about is there more upward pressure than you thought. And then on SG&A, even with some of the cost removal, it doesn't look like there's a lot of upside to the SG&A forecast.

Shane，您談到了全年產品成本應該會有所改善。我認為這就像是融入了你建構觀點的方式。但您能否談談上行壓力是否比您想像的還要大？然後在銷售、一般和行政費用方面，即使消除了部分成本，銷售、一般和行政費用預測似乎也沒有太大的上升空間。

Can you just -- I know you're not changing guidance, I'm not trying to put words in your mouth, but it feels like the guidance range still looks relatively appropriate even with some of the upside drivers. It looks like you've captured that in the guidance for the rest of the year. If you can comment on that, please.

你能不能——我知道你不會改變指導意見，我也不想強迫你說話，但感覺即使有一些上行驅動因素，指導範圍看起來仍然相對合適。看起來您已經在今年剩餘時間的指導中捕捉到了這一點。如果您能對此發表評論，請。

Yeah. Simeon, yeah, the big driver still remains the same. It's that our driver of operating income will mainly be driven by gross profit growth and especially in the back half of the year. And as Shane said earlier, seeing 50 basis points already annualized on that cost out. That's a big one.

是的。西緬，是的，主要驅動力還是一樣。我們的營業收入驅動力主要來自於毛利的成長，尤其是在下半年。正如 Shane 之前所說，50 個基點已經以年率計算出來了。這是一個大問題。

We've got the headwinds in margins specifically, that there are now tailwinds, but headwinds we faced last year in the back half of the year was about 170 basis points. So if you think about that build on our OI and then there was about [30] in SG&A.

我們在利潤率方面遇到了阻力，現在有了順風，但去年下半年我們面臨的阻力約為 170 個基點。因此，如果您考慮基於我們的 OI，那麼 SG&A 中大約有 [30]。

SG&A is going to be down year-over-year, especially with the store closures, playing those out and then the work that the stores team is doing on productivity, we'll see that. We're also going to see on supply chain with the work the team is doing there, we're going to be able to leverage on the sales volume.

銷售、一般及行政費用將同比下降，特別是隨著商店關閉，我們將會看到這些變化以及商店團隊在生產力方面所做的工作。我們還將看到供應鏈上團隊所做的工作，我們將能夠利用銷售量。

So as Shane talked about the lines per hour, the productivity, supply chain is driving that's going to allow us to leverage on the sales increase that we'll see in the back half of the year. So the big bulk of the growth is going to be on gross margin back half of the year, and we like what our merchant team is doing led by Bruce on our cost out and working with our vendor partners, we like what we're seeing there.

因此，正如 Shane 談到的每小時生產線數量、生產力和供應鏈正在推動的，這將使我們能夠利用今年下半年的銷售成長。因此，成長的大部分將來自於下半年的毛利率，我們喜歡由 Bruce 領導的商家團隊在成本核算和與供應商合作夥伴合作方面所做的工作，我們對所看到的成果感到滿意。

Just to add that there's a series of puts and takes that goes into how we came to reaffirming the guidance. Ryan described some of them there, know that we've run the scenarios and what the tariffs might look like, what that volatility might look like with consumers and the concatenation of that let us to put guide where it is and keep it there.

需要補充的是，我們在重申指導意見時，也考慮了一系列因素。瑞安在那裡描述了其中的一些，知道我們已經運行了這些場景，關稅可能是什麼樣的，波動對消費者來說可能是什麼樣的，這些之間的聯繫讓我們能夠把指南放在現在的位置並保持在那裡。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Great. Thanks. Good morning, everyone. It sounds like progress in a lot of areas. I'm trying to figure out with the improvement in comps this quarter, how much of that was from closing stores that were previously dragging on the comps.

偉大的。謝謝。大家早安。聽起來很多領域都取得了進展。我試圖弄清楚本季同店銷售額的改善有多少是由於關閉了先前拖累同店銷售額的商店所致。

Maybe you could give us a sense of how much those stores were under comping previously. So we could try to understand the dynamics there. And then as we think about the closings this quarter, I assume there is some sales transfer to the remaining stores, particularly on the Pro side of the business. So if you could help quantify some of that would be great.

也許您可以讓我們了解一下這些商店之前的競爭程度。所以我們可以試著了解那裡的動態。然後，當我們考慮本季關閉的門市時，我認為部分銷售額會轉移到剩餘的門市，特別是在專業業務方面。因此，如果您能幫助量化其中的一些內容，那就太好了。

Absolutely. So back to the first part was the mix of maybe the closing stores. So the comp difference between those closing stores and the remaining stores wasn't material. I think we had talked about that in the past. It was just a lower base and the profitability of those.

絕對地。所以回到第一部分，可能是關閉商店的問題。因此，關閉的商店與剩餘商店之間的競爭差異並不大。我想我們以前討論過這個問題。這只是一個較低的基數和獲利能力。

So they could comp on a lower base sales volume, especially out West. So it didn't really have much of an impact materially on the comp mix. So I wouldn't say that, that was a driver of the comp performance in the quarter. We did see some transfer sales mainly in the Pro area, and that was planned and expected. And we achieved what we expected.

因此他們可以在較低的基礎銷售量上進行競爭，特別是在西部地區。因此它實際上並沒有對公司組合產生太大的實質影響。所以我不會說這是本季公司業績的驅動因素。我們確實看到了一些轉會銷售，主要在 Pro 領域，這是計劃中的和預期的。我們實現了預期目標。

We were really happy with that. I have to give a shout out to the Pro team who work diligently to transfer those Pro accounts to the new stores, and they did a very good job doing that. So there's some in there not quantifying that, but there's some in the Pro trend.

我們對此感到非常高興。我必須向 Pro 團隊致以謝意，他們努力將這些 Pro 帳戶轉移到新商店，他們做得非常出色。因此，有些情況沒有量化，但有些情況屬於專業趨勢。

We really like to see, I think the comp difference in what we expected was really the first eight weeks, the weather volatility, the tax refunds trying to understand is there pressure on the consumer that's different. We saw that bounce back in the final eight weeks of that quarter. We saw that normalize and some of the initiatives we had around Pro and proof time to serve coming out of our stores, I think, really have an impact as well.

我們真的很想看到，我認為我們預期的競爭差異實際上是前八週，天氣波動，退稅試圖了解消費者面臨的壓力是否不同。我們在該季度的最後八週看到了反彈。我們看到這種情況正在正常化，而且我認為，我們在 Pro 和證明服務時間方面採取的一些措施也確實產生了影響。

And thanks for the question, Seth. Just some contextual flavor to that. Coming through that process as quickly as we did, there were a number of teams. We talked about supply chain in the prepared remarks, our stores team led by Jason Hand our real estate team, Todd Davenport. These guys getting that done as quickly as we did.

謝謝你的提問，塞斯。只是一些上下文的味道。與我們一樣，有許多團隊迅速完成了這個過程。我們在準備好的演講中談到了供應鏈，我們的商店團隊由 Jason Hand 領導，我們的房地產團隊由 Todd Davenport 領導。這些人和我們一樣快地完成了任務。

There's a secondary effect when you're going through these processes. It creates uncertainty in your organization when you're doing it. And by the way, as you think about how customers think about what your longer-term trajectory looks like.

當你經歷這些過程時，也會產生副作用。當你這樣做時，它會為你的組織帶來不確定性。順便說一句，當你思考客戶如何看待你的長期發展軌跡。

So for us being done with it and now moving our narrative back to focusing on our strategic pillars, back to creating value, back to growth, that's where we're moving the company now. And so, we've come through that and now driving forward on strategy for the remainder of the year.

所以對我們來說，這件事已經完成了，現在我們要把重點轉回我們的策略支柱上，轉回創造價值上，轉回成長上，這就是我們現在推動公司前進的方向。所以，我們已經度過了這一難關，現在正在推動今年剩餘時間的戰略。

Okay. Great. That's very helpful. And then I do want to ask about the guidance, specifically as it relates to tariffs. I get that tariffs are manageable in the sector. What have you embedded here? How does it impact your P&L as we move through the year? And how are you thinking about pricing? Thanks so much.

好的。偉大的。這非常有幫助。然後我確實想問一下有關指導的問題，特別是與關稅相關的指導。我知道該行業的關稅是可控的。您在這裡嵌入了什麼？隨著時間的流逝，它會對您的損益產生什麼影響？您對於定價有什麼想法？非常感謝。

No. Great question. I'll start and Ryan can add to it. So for tariffs, it's a volatile situation. And think about tariffs as you got the 301s, the 232s, IEEPA and tariff creates variability by product, country of origin, tariff magnitude.

不。好問題。我先開始，然後 Ryan 可以補充。因此，對於關稅而言，這是一個不穩定的情況。想想關稅，因為有 301 條款、232 條款、IEEPA，而關稅會因產品、原產國和關稅幅度而產生變化。

By the way, changes to any of the above the stackability of a tariff, whether it's discrete or combined with others. And so, as we've looked at that in aggregate across the company, our blended tariff with currently in effect is about 30%. And if you think about the applicability to products, about 40% of what we source can have some applicability to tariff.

順便說一句，上述任何一項的改變都會影響關稅的可堆疊性，無論是單獨的還是與其他的變化相結合的。因此，從整個公司的整體情況來看，我們目前實施的混合關稅約為 30%。如果你考慮產品的適用性，我們採購的產品中約有 40% 可以適用於關稅。

Now some of it might be a subcomponent in a good. So before you just take the 30%, the 40% to say that's the economic impact, know that there's sub componentry there. But importantly, before just moving forward with that math, we've done mitigation strategies broadly across a number of dimensions. And maybe Ryan touched on the mitigation.

現在，其中一些可能是商品的子組件。因此，在你僅僅考慮 30% 或 40% 的經濟影響之前，要知道這裡面還有子組件。但重要的是，在進行數學計算之前，我們已經在多個維度上廣泛地制定了緩解策略。也許瑞安談到了緩解措施。

I'll just touch on how we approach this. So our strategy first is we push back on all cost increases and really work with our vendor suppliers, then we look at alternative sources of supply. So we'll look for that, and I'll touch on that in a second as well. And then finally, anything we can't mitigate between vendors, sources of supply, we're passing that on to price and it's been fairly constructive. We've been able to pass that along.

我只想談談我們是如何處理這個問題的。因此，我們的策略首先是抑制所有成本增加，並真正與我們的供應商合作，然後再尋找替代供應來源。所以我們會尋找它，我稍後也會談到它。最後，對於供應商和供應源之間無法調和的任何問題，我們都會將其轉嫁到價格上，而且這樣做相當有建設性。我們已經能夠將其傳遞下去。

Ultimately, we think the full value chain should bear some of that, whether it's the vendor, the supplier, the retailer and then ultimately, the consumer are going to bear some of those impacts. But to give you an example of supply, when we think about our China exposure, about 10% from China's direct import or 10% of our overall product is direct import from China.

最終，我們認為整個價值鏈都應該承擔其中的一些影響，無論是供應商、供貨商、零售商，最終消費者都將承擔其中的一些影響。但舉一個供應的例子，當我們考慮到我們對中國的依賴時，大約 10% 來自中國直接進口，或者我們整體產品的 10% 是從中國直接進口的。

By the end of the year, more than 50% of that we're direct importing from China will be sourced from other countries. And the team is already making significant progress on that. So we're looking at alternative sources. We're quickly making changes. Our pricing cost team and our merchants are working diligently around the clock to look at alternative sources. And as this dynamic tariff environment shifts, we're shifting and we're adjusting to find the best cost for us.

到今年年底，我們從中國直接進口的商品中，50%以上將來自其他國家。該團隊在這方面已經取得了重大進展。因此我們正在尋找替代來源。我們正在迅速做出改變。我們的定價成本團隊和商家正在日以繼夜地努力尋找替代來源。隨著這種動態關稅環境的變化，我們也在轉變和調整，以找到最適合我們的成本。

Let me just add that we're in a rational industry with rational players. Aspirationally, we would look to hold rate as an objective. If we can't hold rate, then we're going to look to managing operating profit in terms of how we think about elasticity units and margin. And we'll drive forward with that approach.

我只想補充一點，我們處於一個理性的行業，參與者也是理性的。我們的理想是將維持利率作為目標。如果我們不能維持利率，那麼我們將根據彈性單位和利潤率來管理營業利潤。我們將繼續推動這項舉措。

The team, led by [Bruce Barnes], they're looking at this, they look at it broadly across the portfolio, and then they look around how we would manage each particular category and product. And that analysis and effort, I think, appropriate given, again, as we started the point of the volatility of the situation.

由 Bruce Barnes 領導的團隊正在研究這個問題，他們從整個產品組合的角度廣泛地研究這個問題，然後研究如何管理每個特定的類別和產品。當我們開始討論局勢的波動性時，我認為這種分析和努力是適當的。

Chris Horvers, JPMorgan.

摩根大通的克里斯霍弗斯。

Thanks. Good morning, everybody. So I'll tap baton on tariffs and what's going on there. At this point, how much inflation did you have on the same SKU basis in the first quarter? Is any of that tariff pricing? And will that accelerate as you move forward from here?

謝謝。大家早安。因此，我將就關稅問題和在那裡發生的事情發表看法。此時，第一季相同 SKU 基礎上的通膨率是多少？這些關稅有定價嗎？隨著您從現在開始前進，這種速度會加速嗎？

And then historically, if I recall, on the LIFO side, prior methodology was you would actually write up inventory, and it would create these LIFO benefits early in the inflation process? So can you also talk about how that influences the P&L on the gross margin side?

然後從歷史上看，如果我沒記錯的話，在後進先出法方面，以前的方法是你實際上會記下庫存，並且它會在通貨膨脹過程的早期創造這些後進先出法的好處？那麼，您能否談談這對毛利率方面的損益有何影響？

Yeah. Absolutely. Thanks, Chris. A couple of things. So the inflation impact in Q1 was immaterial. And from a guidance perspective and the scenarios we've played out, we're still low mid-single digits on inflation in our scenario.

是的。絕對地。謝謝，克里斯。有幾件事。因此，第一季的通膨影響並不大。從指導角度和我們所設想的情境來看，我們的情境中的通膨率仍然處於中低個位數。

So that range of outcomes that we put there from a guidance perspective contemplates different scenarios related to tariffs. It's still early and it's still a lot -- we're only halfway through the 90 day pause period in some of them. So there's still a lot that needs to play out and we'll get more informed as we go. But the range of outcomes that we booked at really are contemplated in our range in the guidance.

因此，我們從指導角度提出的一系列結果考慮了與關稅相關的不同情境。現在還太早，事情還很多——有些事情我們才剛過完 90 天暫停期的一半。因此，還有很多事情需要解決，我們將在進展過程中獲得更多資訊。但我們預定的結果範圍確實在我們的指引範圍內。

From a LIFO standpoint, we had a little bit of an impact in Q1, part of the 80 basis points that impacted, but it wasn't only I think about roughly approximately $4 million LIFO favorability in the quarter, we'll see. One of the things that we're doing that will impact this is we're looking at our weeks of supply, both for us and what the vendors might have currently in their warehouses here in the US.

從後進先出法 (LIFO) 的角度來看，我們在第一季度受到了一點影響，其中一部分影響了 80 個基點，但我認為這不僅僅是本季度大約 400 萬美元的後進先出法有利因素，我們拭目以待。我們正在做的事情之一就是專注於我們幾週的供應情況，這會影響到我們以及供應商目前在美國倉庫中的庫存。

And we're managing our POs based on that. So we don't have to cut new POs right away, and we can work through the current cost that we've got to minimize the LIFO impact and beyond. So that should have a benefit.

我們以此為基礎來管理我們的採購訂單。因此，我們不必立即削減新的採購訂單，我們可以透過現有的成本來盡量減少後進先出法的影響及其他影響。所以這應該是有好處的。

We've got decent weeks of supply in some of these categories, and we're working through those. So that's why we haven't seen much of an impact early on. We also talked about -- we did a forward buy before the tariffs. And that helps with the supply that we can work through before we see a big impact on LIFO.

在某些類別中，我們已經有數週的供應量，我們正在努力解決這些問題。這就是為什麼我們早期沒有看到太大的影響。我們也談到——我們在關稅實施之前進行了遠期購買。這有助於我們在看到後進先出法 (LIFO) 受到重大影響之前解決供應問題。

Just say, Chris, anecdotally, as you think about the moves companies make in situations like ours is first year, you're pushing back the vendor, and you have inventory on hand. And by the way, I think the volatility in terms of what's in effect and when for how much all played a part in Ryan's depiction of not having an impact in Q1. And he's modeling as is the merchant team, how that flows in terms of the rest of the year.

克里斯，就說一句軼事，當你想到公司在像我們這樣的情況下所採取的行動時，這是第一年，你正在推回供應商，而且你手頭有庫存。順便說一句，我認為，在瑞安看來，第一季沒有產生影響，其影響的波動性以及影響時間的長短都起到了一定作用。他和商人團隊一樣，正在模擬今年剩餘時間的進展。

Got it. That makes a ton of sense. And a couple of margin questions. So first on the gross, if I look at sort of like the underlying trend, it seems like we'll be in this like mid single-digit range as we -- sorry, mid-40s range as you get towards the end of the year. Is there anything that you're seeing or whether it's with tariffs or just the operational side of the business that deters that potential?

知道了。這很有道理。還有幾個邊際問題。首先就總體而言，如果我看一下潛在的趨勢，似乎到年底時我們將處於中等個位數範圍 - 抱歉，是 40 年代中期範圍。您是否看到了什麼因素，無論是關稅還是業務運營方面，都阻礙了這種潛力？

And then on the SG&A front, that $70 million of cost savings from asset optimization. Is it right to just take the SG&A from 1Q back out to $70 million and that's sort of the underlying base that we build from based on seasonality and topline? Thank you.

然後在銷售、一般及行政費用方面，透過資產優化節省了 7000 萬美元的成本。將第一季的銷售、一般及行政費用 (SG&A) 降至 7,000 萬美元是否正確，並且這是我們根據季節性和營業額建立的基礎？謝謝。

Yeah. Chris, just on the $70 million, it's not SG&A, it's more COGS related. And Q1 is a tough one because from a liquidation piece, it's more a sales liquidation impact that $70 million and due to the DCs. DCs really follow up into our COGS. So I would put that more on the gross profit line.

是的。克里斯，就 7000 萬美元而言，這不是銷售、一般和行政費用，而是與銷貨成本 (COGS) 有關。第一季是一個艱難的時期，因為從清算部分來看，這更多的是銷售清算的影響，超過 7000 萬美元，並且是由於 DC 造成的。DC 確實跟進了我們的 COGS。所以我會把更多的錢放在毛利上。

From an SG&A standpoint, though, the rest of the year, you're going to see that down year-over-year as we get through that cost. And you will see closer to that mid-40s margin rate. From a tariff standpoint, one thing that Shane alluded to earlier is that while we ultimately want to maintain rate as the costs come in, we're going to be focused on operating profit improvement as well.

不過，從銷售、一般及行政費用的角度來看，在今年剩餘時間內，隨著我們支付這筆成本，你會看到該費用年減。您將看到利潤率接近 40% 左右。從關稅的角度來看，Shane 之前提到的一件事是，雖然我們最終希望在成本增加時維持費率，但我們也將專注於提高營業利潤。

So managing the elasticity and the flow-through on the operating income side. So when we looked at those range of outcomes in our guidance, we looked at all of those from elasticity, what we can pass on COGS price.

因此要管理營業收入方面的彈性和流通。因此，當我們在指導中查看這些結果範圍時，我們會從彈性的角度考慮所有這些結果，以及我們可以將哪些結果轉嫁到 COGS 價格上。

And so, I think our guidance really contemplates the ranges of outcomes that can happen rest of the year from what we know today, and Shane alluded to the complexities of all the different types of tariffs that are in their byproduct category.

因此，我認為我們的指導實際上考慮了根據我們今天所知的今年剩餘時間可能發生的各種結果，而 Shane 則提到了副產品類別中所有不同類型關稅的複雜性。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good morning. Thank you so much for taking my question. As you look towards your longer-term goal, can Advance Auto Parts achieve the margin expectations implicit in the 2027 guidance if DIY sales per store remain relatively flat over that time because that seems to be the area where it's going to be the most difficult to effectuate change and has been the area where Advance has really struggled historically such that there may be deeper investments needed in that area in order to generate improvement.

早安.非常感謝您回答我的問題。當您著眼於長期目標時，如果每家店的 DIY 銷售額在此期間保持相對平穩，Advance Auto Parts 能否實現 2027 年指引中隱含的利潤預期，因為這似乎是最難實現變革的領域，也是 Advance 歷史上真正苦苦掙扎的領域，因此可能需要在該領域進行更深入的投資才能實現改進。

Well, let me start on the DIY front because certainly some of your points are relevant and we touched on what the US consumer might face going forward. But also know that we recognize our relative position and are putting appropriate effort around being a participant with the DIY customer. And I touched on a few of them earlier. But let me add a couple of others that are relevant.

好吧，讓我從 DIY 方面開始，因為您的一些觀點確實很相關，而且我們也談到了美國消費者未來可能面臨的問題。但也要知道，我們認識到我們的相對地位，並正在為成為 DIY 客戶的參與者而付出適當的努力。我之前已經談到了其中的一些。但請容許我補充一些其他相關內容。

Vendor partnerships. So we've talked about (technical difficulty) and that relationship with vendors. We've touched on our strategic pillar of cost out. There's a third component of how we're working with our vendors, which is strategic business planning to create mutual revenue growth.

供應商合作夥伴關係。因此，我們討論了（技術難度）以及與供應商的關係。我們已經談到了成本核算的策略支柱。我們與供應商合作的第三個要素是製定策略性業務規劃，以創造共同的收入成長。

And that's good feedback that we got from the vendors, which is, hey, don't just approach us on the cost side of tariffs and our contracts, work with us and we'll work with you on creating growth. And DIY is an area around that. And you see that in terms of what we'll be doing with promotions, but you also see that in terms of our marketing campaign around the corner and ready to help.

我們從供應商那裡得到了很好的回饋，那就是，嘿，不要只在關稅和合約的成本方面與我們接洽，與我們合作，我們將與您共同創造成長。DIY 就是圍繞著這個主題的一個領域。您可以從我們的促銷活動中看到這一點，也可以從我們隨時準備提供協助的行銷活動中看到這一點。

Reminder that as the number one or number two player in 75% of our markets, we're now a more through participant where that DIY customer will be closer in proximity and by the way, with our store team members and our services. So before you kind of depict our '27 as not having relevant DIY share in our mix, we're not seeing it that way and that these initiatives will help keep us in good stead.

提醒一下，作為 75% 市場中排名第一或第二的參與者，我們現在是一個更直接的參與者，DIY 客戶將更接近我們的商店團隊成員和我們的服務。因此，在您認為我們的 27 年產品組合中沒有相關的 DIY 份額之前，我們並不這麼認為，而且這些舉措將有助於我們保持良好的狀態。

As to the specifics on the '27 forecast, Ryan?

至於 27 年預測的具體內容，Ryan？

And Michael, I'd just remind you, I think we're looking at low single-digit comp growth to get to our 7%. So we're not looking for a large topline growth here. And by the way, that low single-digit, our growth is really led by DIFM. So we're not expecting major DIY growth to get to that 7% or even large topline growth.

邁克爾，我只是想提醒你，我認為我們正在尋求低個位數的複合成長率來達到 7%。因此，我們並不期望在這裡實現大幅的收入成長。順便說一句，我們的低個位數成長實際上是由 DIFM 推動的。因此，我們並不期望 DIY 成長能夠達到 7% 甚至大幅的收入成長。

In fact, I think that's probably even below some look at explanations to get to that 7%. That 7% is really built out the things we control. And that's our most excellence work that we're doing, our supply chain productivity and the store productivity that we're driving. And so, we can get to that 7% with low single-digit comp growth in that outlook.

事實上，我認為這甚至可能低於一些解釋得出的 7% 的水平。這 7% 實際上是由我們控制的東西所構成的。這就是我們正在做的最卓越的工作，我們的供應鏈生產力和我們正在推動的商店生產力。因此，從這個前景來看，我們可以以較低的個位數成長率達到 7% 的成長率。

Got you, very helpful. My follow-up question, and I apologize for it making being very short term in nature, but you're pointing to a flat comp for the second quarter. Sounds like the Pro side continues to perform well or within your expectations, DIY is volatile. Do you need to see an acceleration in the overall business in order to hit that flat for the quarter.

明白了，非常有幫助。我的後續問題是，對於這個問題的短期性質，我深感抱歉，但您指的是第二季的業績持平。聽起來 Pro 方面繼續表現良好或在你的預期之內，DIY 則不穩定。您是否需要看到整體業務加速發展才能在本季度實現持平？

And as you think about the back half of the year, are there other drivers to get what would seem to be a low single-digit overall comp that's embedded in the outlook outside of just lapping some of the price investments and other factors.

當您考慮下半年的情況時，除了一些價格投資和其他因素之外，是否還有其他驅動因素可以實現看似較低的個位數整體成長？

Yeah. I'll start and let Shane jump in here. So our exit rate coming out of P4, we're in line with that into Q2. So we're in line with our guidance for the quarter. So that flattish is kind of where we're trending today coming out of P4. So that's where we're at. We don't need to see a change necessary. We need to continue the momentum we've got today.

是的。我先開始，然後讓 Shane 加入。因此，我們從 P4 退出的退出率與 Q2 的退出率一致。因此，我們的業績符合本季的預期。因此，這種平緩的走勢就是我們今天從 P4 中得出的趨勢。這就是我們現在的處境。我們不需要看到必要的改變。我們需要繼續保持今天的勢頭。

The back half from a growth there, one, you see the acceleration in these initiatives. So we've got the DMA work that we're accelerating. You see the market hubs that are going but also keep in mind or some easier comparisons as well.

從後半部的成長來看，你會看到這些舉措正在加速。因此，我們正在加速進行 DMA 工作。您會看到正在發展的市場中心，但也要記住一些更容易的比較。

And in Q1 and the Q2, the change in trends or the similar trends, just remember, we're backing out Easter for that. So if you just adjust for that, it was 20 basis points in Q1, it's a 25 basis point headwind in Q2.

在第一季和第二季度，趨勢發生了變化或出現了類似的趨勢，請記住，我們為此放棄了復活節。因此，如果你對此進行調整，那麼第一季的逆風是 20 個基點，而第二季的逆風則是 25 個基點。

Yeah. Let me illustrate with kind of a story around the initiatives, the strategic pillars. And it's a turnaround, and we're going down the long road to get this company back on footing. I was in a DC with our DC leader, Steve Szilagyi, and we look at a vendor that has shipped us individual piece parts, and these are small little containers where it costs more to put the container away than what the value of the product is.

是的。讓我用一個故事來說明這些舉措和策略支柱。這是一個轉捩點，我們要走很長的路才能讓公司重新站穩腳步。我和我們的 DC 負責人 Steve Szilagyi 一起在 DC 裡，我們看到一個供應商向我們運送了單獨的零件，這些都是小容器，放置容器的成本高於產品的價值。

So Steve goes to the vendor that says, hey, why are you shipping us like this. And the vendor says, well, why are you cutting POs like that? And so, together, we sit down the table and we say, hey, if you could send me fewer bigger POs with the right frequency, I can put together bigger orders for you.

於是史蒂夫去找供應商說，嘿，你們為什麼要這樣運送我們。然後供應商說，那你為什麼要這樣削減採購訂單？因此，我們坐在一起說，嘿，如果你能以適當的頻率給我發送更少的大型採購訂單，我就可以為你整理更大的訂單。

By the way, we could start doing case-pack quantities instead of one each's, and that's a seven-digit cost takeout. And by the way, we're going sequentially across our vendor base having those discussions. Now you can't do that overnight, when you start to change pick quantities and things like that.

順便說一句，我們可以開始按箱裝數量而不是按每箱一個數量進行銷售，這樣可以減少七位數的成本。順便說一下，我們將依次與我們的供應商進行這些討論。現在，當您開始改變挑選數量和諸如此類的事情時，您無法在一夜之間做到這一點。

But that's just one example of what's going on in supply chain to create lines for hour. By the way, simultaneously, we're closing DCs. Simultaneously, we're open market hubs. Simultaneously, we're refreshing the assortment in the DMA. So there's a lot of activity going on in the company that it's a little bit of a yard at a time that that's what we have as we think about going into the back half of the year and by the way, into '26 and into '27.

但這只是供應鏈中按小時創建生產線的一個例子。順便說一下，與此同時，我們正在關閉 DC。同時，我們也是開放的市場中心。同時，我們正在更新 DMA 中的商品種類。因此，公司內部正在進行許多活動，我們正在考慮進入今年下半年，順便說一下，進入 26 年和 27 年，這就是我們所擁有的。

Zack Fadem, Wells Fargo.

富國銀行的紮克法德姆。

Good morning. Now that the store optimization is largely behind us. Can you walk us through your expectations for non-GAAP adjustments for the rest of the year? It looks like about $100 million on SG&A this quarter. So as you look ahead is there any color you can give versus non-GAAP operating margins and EPS expectations for '25.

早安.現在商店優化已基本完成。您能否向我們介紹一下您對今年剩餘時間非 GAAP 調整的預期？本季銷售、一般及行政費用約 1 億美元。那麼，展望未來，您能否給出 25 年非 GAAP 營業利潤率和每股盈餘預期的相關說明？

We're not guiding necessarily GAAP. But I think in Q1, we had the benefit of the tax piece that happened in Q1 from a GAAP standpoint. But from a cash expense standpoint, we had $150 million this year, $90 million is already done. So I hope that's helpful.

我們不一定遵循 GAAP。但我認為，從 GAAP 的角度來看，我們在第一季受益於稅收政策。但從現金支出的角度來看，今年我們有 1.5 億美元，其中 9,000 萬美元已經支出。我希望這會有所幫助。

Okay. And then stepping back on your conversations with vendors, is there a consensus out there on where like-for-like inflation will shake out for the industry this year, both tariff and non-tariff driven? And then separately, we've talked in the past opportunities to renegotiate maybe take some vendors off supplier financing, and that could result in some margin improvement for you. Any updates there?

好的。然後回顧您與供應商的對話，對於今年行業同類通膨將如何變化（包括關稅和非關稅驅動），大家是否達成了共識？另外，我們過去曾討論過重新談判的機會，也許可以讓一些供應商脫離供應商融資，這可能會為您帶來一些利潤的提高。有任何更新嗎？

I'll just start on the first part. There's lots of scenarios on how it plays out with the vendors. I would just go back to the previously related perspective. We're going through our mitigation strategies. In some cases, collectively, we don't know what the ending outcome is.

我將從第一部分開始。關於它如何與供應商一起發揮作用，存在著多種情景。我只是想回到之前相關的觀點。我們正在研究緩解策略。在某些情況下，我們根本不知道最終結果是什麼。

It's a rational industry. We'll look to act rashly hold rate, I can't hold rate, manage operating profit in terms of what our approach looks like. So that's the first part.

這是一個理性的行業。我們將考慮採取魯莽行動來維持利率，我無法維持利率，根據我們的方法管理營業利潤。這是第一部分。

On the second piece, just on industry specific, there's lots of scenarios that play out on tariffs and what that impact would be. So we don't have exactly where that's going to land. Our guidance has all the different scenarios we think that will happen, and it contemplates those in that range.

第二部分，僅就產業而言，有許多關於關稅的情景以及其影響。所以我們不知道它究竟會落到哪裡去。我們的指導涵蓋了我們認為可能發生的所有不同情景，並考慮了該範圍內的情景。

But going in low single digit is probably somewhere where we're thinking. But that range could obviously change quickly overnight. I mean it's still quite volatile. We're only halfway through the 90-day pause on one of them. So there's a lot that take place over the next nine months.

但我們正在考慮將數字設在低個位數。但這個範圍顯然可能在一夜之間迅速改變。我的意思是它仍然相當不穩定。其中一個禁令的 90 天暫停期目前才剛過半。因此，未來九個月將會發生很多事情。

And on the vendor financing piece?

那麼供應商融資部分呢？

The vendor financing piece, nothing material from a change. Supply chain finance, we're sitting at $3.5 billion of capacity. We're using an advanced about $3 billion of that. And that's just an uptick in normal seasonal buys. We expect long term to be somewhere [$2.8 billion, $2.6 billion] on that.

供應商融資部分，沒有任何實質的改變。供應鏈金融，我們的產能有 35 億美元。我們正在使用其中約 30 億美元的預付款。這只是正常季節性購買量的上升。我們預計長期來看該數字將達到 [28 億美元，26 億美元] 左右。

And that's going to obviously fluctuates quarter-to-quarter as you have buys that go into their and then you run down the payables. So we still use it. There's nothing material where we've had vendors come off, and it's a material impact to our COGS, but we always evaluate supply chain tool, but we evaluate what's the better term for us.

而且這顯然會隨著您購買商品然後支付應付款項而逐季度波動。所以我們仍然使用它。我們的供應商流失並不是什麼實質的事情，而且這對我們的 COGS 有重大影響，但我們始終會評估供應鏈工具，但我們會評估對我們來說更好的術語。

Scot Ciccarelli, Truist Securities

Scot Ciccarelli，Truist 證券公司

Good morning, guys. Thanks for the time. So it sounds like the benefits from better procurement costs are expected to be relatively modest. I think, Ryan referenced 50 basis points. I guess I would assume that procurement cost was going to be your biggest gross margin opportunity, and yet you're still expecting gross margins to improve during the course of the year.

大家早安。謝謝你的時間。因此，聽起來更好的採購成本帶來的好處預計相對較小。我認為，Ryan 提到了 50 個基點。我想我會認為採購成本將是你最大的毛利率機會，但你仍然期望毛利率在一年內有所提高。

So can you provide any more color on what specifically and the gross margin line is going to be the driver for the balance of the year? Is it just supply chain savings? Or are there other factors in there? Thanks.

那麼，您能否提供更多細節，並具體說明毛利率將成為今年剩餘時間的驅動因素嗎？這只是供應鏈節省嗎？還是有其他因素在裡面？謝謝。

Yeah. Thanks, Scot. Yeah. So procurement cost of [50-plus] keep in mind that those are contracts that we sign. And when those contracts go into effect has an impact on the amount. We are seeing SG&A down. We do have some fixed expense that we're leveraging. As we get more volume in the back half of the year.

是的。謝謝，斯科特。是的。因此採購成本為 [50 多] 請記住，這些都是我們簽署的合約。這些合約的生效時間對金額有影響。我們看到銷售、一般及行政費用 (SG&A) 正在下降。我們確實有一些正在利用的固定開支。因為我們下半年的交易量會增加。

So we are getting significant improvement in SG&A year-over-year. Some of that's coming from the store closures as well to look at the drag that those does had on our business. And then the bulk of our gross margin is going to come in from COGS improvement, and that's both the first cost work that our vendors are doing and also the leverage on supply chain.

因此，我們的銷售、一般及行政開支年比去年有了顯著改善。其中一些原因也來自於商店關閉，看看這些因素對我們的業務造成的拖累。然後，我們的毛利率大部分將來自於 COGS 的改善，這既是我們供應商正在進行的首要成本工作，也是供應鏈的槓桿。

Is there anything within the gross margin on that procurement side that isn't sustainable? Or it was onetime-ish? Or is this like an existing run rate here? Thanks.

採購方面的毛利率是否有不可持續的因素？還是它是一次性的？或者這就像這裡現有的運行率？謝謝。

The 50 bps is going to be an existing run rate. I mean these are contracts we're signing with our vendors, and those will continue, and that will grow over time as we continue to execute that strategy. It will increase in the future.

50 bps 將成為現有的運行率。我的意思是，這些是我們與供應商簽訂的合同，這些合同將會繼續下去，並且隨著我們繼續執行該戰略，這些合同將會隨著時間的推移而增長。未來還會增加。

Steven Zaccone, Citigroup.

花旗集團的史蒂文·扎科內。

Great. Good morning. Thanks very much for taking my questions. My question was just on the improvement you've seen in the business. You talked about February being choppy and things have improved, specifically on the Pro side. How much of that do you think is the industry seeing some better growth after 2024 probably being a reset year versus maybe your own next execution with some of your Pro initiatives?

偉大的。早安.非常感謝您回答我的問題。我的問題只是關於您所看到的業務的改善。您談到二月的情況不太穩定，但情況已經有所改善，特別是在專業方面。您認為在 2024 年（可能是重置年）之後，相對於您接下來執行的一些 Pro 計劃，該行業將在多大程度上實現更好的成長？

Yeah. So it's a great question. When I look at the business, I look at what our teams are doing and I look at the initiatives and they say, hey, does that make sense? Is that what those fundamentals of auto parts in terms of activities. And I absolutely see it in the Pro team.

是的。這是一個很好的問題。當我審視業務時，我會審視我們的團隊在做什麼，審視我們的舉措，然後他們會說，嘿，這有意義嗎？這就是汽車零件活動方面的基本原理嗎？我確實在職業隊中看到了這一點。

And so we go to market with Pro with really two major bodies of effort. The first is our outside sales team. We have hundreds of men and women who visit our customers every day. And then we have thousands of team members in our stores called commercial parts Pros.

因此，我們透過兩大主要的努力將 Pro 推向市場。首先是我們的外部銷售團隊。我們有數百名男女員工每天拜訪我們的客戶。我們的商店中有數千名團隊成員，稱為商業零件專家。

If we look at the activities we're taking and that ranges from making sure we've got the incentive and compensation plans that looks in terms of how we recruit and put people into those roles that looks to training that we've reinitiated at scale to make sure that they're properly equipped.

如果我們審視我們正在採取的活動，那麼這些活動包括確保我們有激勵和薪酬計劃，考慮我們如何招募和安排人員擔任這些職位，以及我們已大規模重新啟動的培訓，以確保他們具備適當的能力。

And then in terms of how we do call planning and who they call on and when they see them, then what do they say when they go see a customer and making sure correspondingly that we've been thoughtful about where relative pricing is for different Pros based on what they buy and how much they buy.

然後，就我們如何進行呼叫計劃以及他們呼叫誰以及何時見到他們而言，當他們見到客戶時他們會說什麼，並相應地確保我們已經根據不同專業人士購買的產品和購買量考慮了相對定價。

So there's a lot of analysis there's investment in our people, there's energy. We brought our team together for the first time in a decade earlier this year. So that's certainly having an impact in terms of our ability to get business with Pros.

因此，我們進行了大量分析，對我們的員工進行了投資，並投入了精力。今年早些時候，我們十年來第一次將團隊聚集在一起。因此，這肯定會對我們與專業人士開展業務的能力產生影響。

And I hear it as well. I'll go out and visit Pros and they'll say, you guys are now more relevant to me as I think about making the call, not the least of which, by the way, is the DMA availability work. Pros, when they have a car on the lift and they make the call and say, do you have the part we're saying yes more frequently than we were in the past.

我也聽到了。我會出去拜訪專業人士，他們會說，當我考慮打電話時，你們現在對我來說更有意義了，順便說一句，其中最重要的是 DMA 可用性工作。優點是，當他們有一輛汽車在升降機上時，他們會打電話問，你們有零件嗎？我們比過去更常回答「有」。

And then add to the mix, the first question is, do you have it? Yes or no. And second is when can I get it, we shave minutes off the delivery time. So those two components also make a big difference. So certainly, we're subject to market forces up and down but there's internal things that we control, that we're improving that are making us more relevant with Pro customers.

然後添加到混合中，第一個問題是，你有它嗎？是還是不是。第二，我什麼時候可以收到貨，我們縮短了交貨時間。因此這兩個組成部分也有很大的差異。因此，我們當然會受到市場力量的影響，但我們可以控制內部因素，並不斷改進，以使我們與 Pro 客戶的關係更加密切。

Okay. Then the follow-up I had, just drilling down in the second quarter with comps expected to be flattish. How should we think about the build of transactions versus ticket in that second quarter?

好的。然後我進行了後續研究，對第二季度進行了深入研究，預計可比銷售額將持平。我們該如何看待第二季的交易量與票務量？

Yeah. Steven, so not necessarily guiding specifically on those. But I would say probably expecting the trends in DIFM to continue. And I think it's still early and volatile, we are monitoring the demand elasticity given this tariff environment and understanding the pushes and pulls there as we move price into the market. So not going to guide to those specifics just given the volatile nature of the current environment with tariffs, but we are confident in what we're putting.

是的。史蒂文，所以不一定針對這些進行具體的指導。但我想說，可能會預期 DIFM 的趨勢將會持續下去。我認為現在還為時過早，而且市場波動較大，我們正在監測這種關稅環境下的需求彈性，並了解價格進入市場時的推拉因素。因此，考慮到當前關稅環境的波動性，我們不會提供這些具體細節，但我們對我們所採取的措施充滿信心。

Thanks for the question. I want to say one other thing on the Pro universe that helps us knew whether or not we're doing the right things. And that's our independent owners. So our independent owners, they will give you raw feedback on how well they think you're doing on different dimensions. And by the way, they basically index entirely towards the Pro universe.

謝謝你的提問。我想說關於職業世界的另一件事，它可以幫助我們了解我們是否在做正確的事情。這就是我們的獨立所有者。因此，我們的獨立業主將向您提供原始回饋，告訴您他們認為您在不同方面做得如何。順便說一句，它們基本上完全面向 Pro 領域。

And so, we're grateful to have them as part of our network. We think we've got the right number of independents, and they're giving us feedback on how we're doing on our availability in terms of getting products to them.

因此，我們很高興他們成為我們網路的一部分。我們認為我們已經擁有了適當數量的獨立經銷商，他們正在就我們如何向他們提供產品方面的可用性向我們提供反饋。

And I talked to one of our independent owners said, hey, I've seen a I see a noticeable improvement in my ability to get the parts that ultimately, I need to take care of customers. So that's another benchmark that helps us sort of calibrate towards are we on the right track for working with Pros?

我和我們的一位獨立業主交談過，他說，嘿，我看到我獲取零件的能力有了明顯的提高，最終我需要照顧好客戶。所以這是另一個基準，可以幫助我們校準與專業人士合作是否走在正確的軌道上？

Steven Forbes, Guggenheim.

史蒂文福布斯，古根漢。

Good morning, Shanea and Ryan. I wanted to expect on the servicing model. I think you mentioned in the call, 10% of stores are live with labor scheduling and asset allocation models. It was one of the few things you didn't comment on sort of what you're seeing in terms of improved performance within those stores that have that model.

早安，Shanea 和 Ryan。我想要對服務模式有所期待。我想您在電話中提到過，10% 的商店都採用了勞動力調度和資產配置模型。這是您沒有評論的少數事情之一，就採用該模型的商店的性能改進而言，您看到了什麼。

So I was wondering if you can maybe first and foremost, just expand on what you're doing right in the store, what you're seeing in the store and if you're seeing a visible lift in core KPIs in the back of leaning into that servicing model.

所以我想知道您是否可以先詳細說明您在商店中正在做的事情、您在商店中看到的情況，以及在採用該服務模式後，您是否看到核心 KPI 明顯提升。

Yeah. Great question. So there's a number of things that go into the store operating model. One of the things that you're latching on to is how we look at the asset allocation of vehicles and driver hours. And if you look across our fleet, what we found when we first started this project is there would be areas in the company where a store would have four vehicles, but really only used three and there'd be another store that had two vehicles and really wanted a third.

是的。好問題。因此，商店營運模式涉及許多因素。您所關注的事情之一是我們如何看待車輛和駕駛員工作時間的資產配置。如果你看看我們的車隊，你會發現，當我們剛開始這個計畫時，公司裡有些地方的商店有四輛車，但實際上只使用了三輛，而另一家商店有兩輛車，但實際上想要第三輛。

And usually, GMs will hold on to their vehicles if you leave that in their purview because they're optimistic about what they can do in the future. So we're being smarter about where do we put a vehicle and then making sure correspondingly, if you have a vehicle and you got the demand, that you have the hours with the driver to operate the vehicle.

通常情況下，如果你把這件事放在通用汽車的職權範圍內，他們會保留他們的車輛，因為他們對未來的發展持樂觀態度。因此，我們會更明智地決定將車輛停放在哪裡，然後相應地確保，如果您有車輛並且有需求，您就有足夠的時間和司機來操作車輛。

And so, we've been testing multiple parameters and that includes when a vehicle moves over and then how many hours you get with that vehicle. Does the vehicle come, for example, with 35 hours or 40 hours or 45 hours.

因此，我們一直在測試多個參數，包括車輛何時移動以及車輛的行駛時間。例如，車輛的續航時間為 35 小時、40 小時或 45 小時。

And we're encouraged by the results in that we know that as we do this work, there's an unlock for the company. We're not ready to put anything out just yet for everybody here because it's early days but let us keep working on it and when we've got a crystallized insight and we'll bring it to you.

我們對結果感到鼓舞，因為我們知道，只要我們進行這項工作，公司就會獲得發展。由於現在還為時過早，我們還沒有準備好向這裡的每個人推出任何東西，但讓我們繼續努力，當我們有了明確的見解後，我們就會把它帶給你。

I appreciate that, Shane. And then just a quick follow-up here. The comment 75% of the store is now in markets where you're number one or number two in store density. We often get asked what does that mean in terms of market share?

我很感激，肖恩。然後這裡只是快速跟進一下。評論稱，目前 75% 的門市位於門市密度排名第一或第二的市場。我們經常被問到，就市場佔有率而言，這意味著什麼？

And not that I expect you to flip that for us. But just what's the high-level sort of view or message you're trying to express with that statement, right? Number one. Number two, in density, what's sort of the big takeaway that we should leave with today?

我並不指望你能為我們扭轉這個局面。但是，您用這句話到底想表達什麼樣的高層次的觀點或訊息呢？對嗎？第一。第二，在密度方面，我們今天應該得出的最重要的結論是什麼？

So we've got a right to participate and win in those markets based on the legacy of our company, commonly the duration that we've been in that market the ability to service Pro customers in terms of proximity, the ability to be around the corner for DIY, the ability for our team members to have great career, the ability for our DCs to logistically serve them effectively.

因此，基於我們公司的傳統，我們有權參與並贏得這些市場，通常是我們在這個市場中存在的時間，為專業客戶提供鄰近服務的能力，為 DIY 客戶提供便利的能力，為我們團隊成員提供出色職業生涯的能力，以及我們的 DC 為他們提供有效物流服務的能力。

So in retail and I'll add distribution because that's kind of how you think about some of the product flows and customers. Density matters. And so, having that versus -- we participated in markets where we were far thinner and it was much more expensive to serve and on a relative basis, there were many more competitive outlets.

因此，在零售中我會加入分銷，因為這是你對某些產品流和客戶的看法。密度很重要。因此，相較之下，我們所參與的市場規模更小，服務成本更高，而且相對而言，競爭也更激烈。

That's a tougher trajectory to run as a company versus we're in our core markets now, executing our pillars with the store framework. I mean we've got in the US, 4,100 stores and 750 independents. So we're in the market ready to serve.

與我們現在在核心市場、透過商店框架執行我們的支柱相比，這對一家公司來說是一個更艱難的軌跡。我的意思是我們在美國有 4,100 家商店和 750 家獨立商店。因此，我們已做好了為市場提供服務的準備。

That I'll hand back to the management team for some closing comments.

我將把這個交給管理團隊，請他們發表一些結束語。

So I want to thank everybody. First and most important members of Advance Auto Parts our continued effort in our turnaround, sticking to our pillars and delivering the quarter that we just delivered. We look forward to seeing everybody in August on our next call, and thank you for participating today. Take care. Bye-bye.

所以我要感謝大家。首先，也是最重要的，Advance Auto Parts 的成員們為扭轉局面而不斷努力，堅持我們的支柱，並實現了我們剛剛交付的季度業績。我們期待在八月的下次電話會議上見到大家，感謝您今天的參與。小心。再見。

This concludes today's call. Thank you very much for your attendance. You may now disconnect your lines.

今天的電話會議到此結束。非常感謝您的出席。現在您可以斷開線路了。