領先汽車配件 (AAP) 2025 Q2 法說會逐字稿

Welcome to the Advance Auto Parts second 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 Advance Auto Parts 2025 年第二季財報電話會議。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. During today's call, we will be referencing slides which have been posted to our Investor Relations website.

早安，感謝您參加今天的電話會議。與我一起出席的還有總裁兼執行長 Shane O'Kelly 和執行副總裁兼財務長 Ryan Grimsland。在今天的電話會議中，我們將參考已發佈到我們的投資者關係網站的幻燈片。

Before we begin, please be advised that management's remarks today will contain forward-looking statements. 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.

在我們開始之前，請注意，管理層今天的評論將包含前瞻性陳述。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。

Actual results could differ materially from those projected or implied by the forward-looking statements. 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.

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。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所列的風險因素。

Shane will begin today's call with an update on the business and our strategic priorities. Later, Ryan will discuss results for the second quarter and provide an update on full year 2025 guidance. Following management's prepared remarks, we will open the line for questions.

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 將討論第二季的業績並提供 2025 年全年指引的最新資訊。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. Shane?

現在，讓我將電話轉給我們的執行長 Shane O'Kelly。肖恩？

Thank you, Lavesh, and good morning, everyone. I would like to take a moment to express my gratitude for the hard work and dedication of the Advance team. Their focus on providing excellent customer service and driving progress in our initiatives enabled the company to deliver solid second quarter results that were in line with the upper end of our expectations.

謝謝你，拉維什，大家早安。我想花點時間對 Advance 團隊的辛勤工作和奉獻精神表示感謝。他們專注於提供卓越的客戶服務並推動我們計劃的進展，使公司能夠實現符合我們預期上限的穩健第二季業績。

In Q2, we also achieved an important milestone in our turnaround journey with the return to profitability. This was supported by actions to optimize our store footprint and progress with our strategic initiatives. Comparable sales growth was about flat for the quarter, and our performance was driven by strength in the pro business, which continued to deliver positive comp growth.

在第二季度，我們也實現了扭虧為盈的重要里程碑。這得歸功於我們採取的優化門市佈局和推進策略舉措的行動。本季可比銷售額成長基本持平，我們的業績受到專業業務強勁推動，該業務繼續實現積極的可比增長。

In our DIY business, we are encouraged by emerging signs of stabilization as comparable sales were consistent with Q1 and improved on a 2-year basis. Notably, we concluded the quarter on a strong note with both pro and DIY delivering positive results, and this momentum has continued into the first 4-weeks of Q3.

在我們的 DIY 業務中，我們對新出現的穩定跡象感到鼓舞，因為可比銷售額與第一季保持一致，並且在兩年內有所改善。值得注意的是，我們以強勁的勢頭結束了本季度，專業和 DIY 都取得了積極的成果，這種勢頭一直持續到第三季度的前 4 週。

We are working with our vendor partners to effectively manage tariff-related cost increases while thoughtfully adjusting retail prices in response to market dynamics. We anticipate that tariffs will have a more pronounced impact in the second half of this year.

我們正在與供應商合作夥伴合作，有效管理與關稅相關的成本增加，同時根據市場動態精心調整零售價格。我們預計關稅將在今年下半年產生更明顯的影響。

Importantly, more than 90% of our business is nondiscretionary with demand driven by maintenance work and brake fix repair for an aging and growing vehicle fleet in the United States. We believe that this puts us in a strong position to navigate a higher product cost environment. Our industry has consistently demonstrated a disciplined approach to adjusting prices in response to rising costs.

重要的是，我們 90% 以上的業務都是非自由支配的，其需求是由美國老化和不斷增長的車隊的維護工作和煞車修理所驅動的。我們相信，這將使我們在應對更高的產品成本環境中處於有利地位。我們的行業一直表現出一種嚴謹的方法來調整價格以應對成本上漲。

This rational behavior is evident in the current tariff environment, and we expect that to continue. From our perspective, the market is in a transition phase. And while recent trade deals are expected to provide further clarity in vendor negotiations, consumers are still adapting to an evolving landscape of higher prices. We are closely monitoring consumer behavior and the potential for recalibration and purchasing habits, especially within our DIY business.

這種理性行為在當前的關稅環境下顯而易見，我們預期這種情況將會持續下去。從我們的角度來看，市場正處於過渡階段。儘管近期的貿易協定預計將為供應商談判提供進一步的清晰度，但消費者仍在適應不斷變化的價格上漲格局。我們正在密切關註消費者行為以及重新調整和購買習慣的潛力，尤其是在我們的 DIY 業務中。

While we have not observed any significant shifts to date and remain encouraged with our recent DIY trajectory, we believe it is prudent to take a cautious approach in planning for the remainder of the year. This is reflected in our assumptions for the second half of 2025, and we are reaffirming our full year sales, operating margin and free cash flow guidance.

雖然我們迄今為止尚未觀察到任何重大轉變，並且仍然對我們最近的 DIY 軌跡感到鼓舞，但我們認為在規劃今年剩餘時間時採取謹慎的態度是明智之舉。這反映在我們對 2025 年下半年的假設中，我們重申全年銷售額、營業利潤率和自由現金流指引。

As a management team, we have maintained transparency in our efforts to take decisive actions that drive progress on our turnaround. These include the decision to divest Worldpac, optimize our store footprint and consolidate our supply chain. In line with this commitment to take decisive actions, we proactively reorganized our debt capital structure earlier this month to ensure financial flexibility in the turnaround. We believe this action will enable us to support our current supplier financing program while also allowing us to strategically optimize its utilization for the long term.

作為管理團隊，我們一直保持透明度，努力採取果斷行動，推動公司轉虧為盈。其中包括決定剝離 Worldpac、優化我們的門市佈局以及整合我們的供應鏈。本著採取果斷行動的承諾，我們在本月初主動重組了債務資本結構，以確保扭虧為盈時的財務靈活性。我們相信這項舉措將使我們能夠支持目前的供應商融資計劃，同時也使我們能夠從長期策略上優化其利用率。

I would also like to note that we view this as a bridge structure as we work to return to an investment-grade credit rating in the future. We are confident that the long-term advantages of a stable supply chain financing program and enhanced financial flexibility will serve as catalysts for driving EPS growth and value creation over time.

我還想指出，我們將此視為未來努力恢復投資等級信用評級的橋樑結構。我們相信，穩定的供應鏈融資計劃和增強的財務靈活性的長期優勢將成為推動每股收益成長和價值創造的催化劑。

Let us now turn to an update on our strategic initiatives. To recap, our turnaround plan is built around three strategic pillars, each supported by targeted initiatives that we believe will position us to deliver profitable growth. I will share updates on the progress we have made within each pillar before Ryan discusses our financial performance.

現在讓我們來看看我們的策略舉措的最新進展。總而言之，我們的扭虧為盈計畫圍繞著三大戰略支柱構建，每一項戰略支柱都得到有針對性的舉措的支持，我們相信這些舉措將使我們能夠實現盈利增長。在 Ryan 討論我們的財務表現之前，我將分享我們在每個支柱內取得的進展的最新情況。

Let's begin with merchandising. Approximately a year ago, the merchandising team embarked on a transformation journey following the appointment of our Chief Merchant, Bruce Starnes and other key leaders in pivotal roles. They have been focused on reestablishing Advance as a premier destination for high-quality auto parts and rebuilding trust as a long-term growth partner for vendors.

讓我們從商品銷售開始。大約一年前，在我們的首席商務官 Bruce Starnes 和其他關鍵領導者被任命擔任關鍵職位後，商品銷售團隊開始了轉型之旅。他們一直致力於將 Advance 重新打造為高品質汽車零件的首選目的地，並重建其作為供應商長期成長合作夥伴的信任。

The team is engaged in line reviews and several rounds of negotiations with vendors to secure products at a more competitive cost. They have undertaken joint business planning with vendors to discuss category strategies, SKU development and growth plans that establish mutual trust for a long-term partnership.

該團隊正在進行生產線審查並與供應商進行多輪談判，以確保以更具競爭力的成本提供產品。他們與供應商進行了聯合業務規劃，討論品類策略、SKU 開發和成長計劃，為長期合作建立了相互信任。

We have completed about two-third of our line reviews and continue to march towards our goal of delivering about 50 basis points of annualized cost reductions in the second half of 2025. We expect to build on this next year as the remaining activities are completed over the next few months.

我們已經完成了大約三分之二的線路審查，並繼續朝著在 2025 年下半年實現約 50 個基點的年度成本削減目標邁進。我們期望明年能夠在此基礎上繼續努力，剩餘活動將在未來幾個月內完成。

The groundwork laid by this team over the last year is also supporting productive negotiations with vendors on sharing the tariff burden. As we have indicated previously, approximately 40% of our reported cost of goods is exposed to tariffs at a blended rate of approximately 30%. The dynamic tariff environment has certainly presented challenges across the industry.

該團隊在過去一年中奠定的基礎也支持了與供應商就分擔關稅負擔進行富有成效的談判。正如我們之前所指出的，我們報告的商品成本中約有 40% 受到關稅的影響，混合稅率約為 30%。動態的關稅環境無疑為整個產業帶來了挑戰。

However, we have been able to navigate through this complex landscape, thanks to our much improved price management capabilities. Our pricing team has been successful in identifying dutiable components across product lines, which is enabling more effective discussions with vendors around cost increases.

然而，由於我們的價格管理能力大大提高，我們已經能夠應對這一複雜的局面。我們的定價團隊已成功識別出各產品線的應稅組件，以便能夠與供應商就成本增加進行更有效的討論。

Simultaneously, the team has been proactive in exploring alternative sources of supply and diversifying countries of origin to mitigate costs. In addition, to handle external tariff discussions, the team is internally optimizing product promotion strategies to minimize reliance on ineffective promotions.

同時，團隊積極探索替代供應來源並實現原產國多元化，以降低成本。此外，為了處理外部關稅談判，團隊正在內部優化產品促銷策略，以盡量減少對無效促銷的依賴。

This work involves close collaboration with store teams to refine the use of unproductive discounting mechanisms. We view promotion management as an important lever to balance the impact of higher costs and to maximize profit dollars. We expect to make progress on this initiative later this year with a bigger impact in 2026.

這項工作涉及與商店團隊的密切合作，以改善低效率折扣機制的使用。我們將促銷管理視為平衡較高成本影響和最大化利潤的重要槓桿。我們預計這項舉措將在今年稍後取得進展，並在 2026 年產生更大的影響。

Moving to assortment management. The team has made great strides in accelerating new SKU growth and the speed at which we bring parts to market. Over the past year, we have made considerable progress on analyzing customer needs, identifying gaps within our assortment and improving internal processes to introduce new products in the market.

轉向分類管理。該團隊在加速新 SKU 成長和將零件推向市場的速度方面取得了長足的進步。在過去的一年裡，我們在分析客戶需求、找出產品組合中的差距以及改進內部流程以向市場推出新產品方面取得了長足的進展。

This has enabled us to add more than 60,000 new SKUs in our network year-to-date, which is up nearly 300% compared to last year. Providing faster access to parts enables us to respond to demand signals more quickly, driving more effective placement of SKUs across our network.

這使得我們今年迄今在網路中增加了超過 60,000 個新 SKU，與去年相比成長了近 300%。提供更快的零件存取使我們能夠更快地回應需求訊號，從而推動在我們的網路中更有效地放置 SKU。

The progress we have achieved in SKU expansion has also contributed to the improvement in our store availability KPI, which increased by approximately 100 basis points compared to Q1 and is currently in the mid-90s range.

我們在 SKU 擴展方面取得的進展也促進了我們門市可用性 KPI 的提升，與第一季相比增加了約 100 個基點，目前處於 90 年代中期。

Next, I'd like to provide an update on the rollout of our new assortment framework, which is designed to enhance parts coverage across each store, hub and market hub within a designated market area. We have been able to accelerate this rollout by harnessing advanced technological tools, including the use of AI.

接下來，我想介紹我們新推出的分類框架的最新情況，該框架旨在增強指定市場區域內每個商店、中心和市場中心的零件覆蓋率。我們已經能夠利用先進的技術工具（包括人工智慧）來加速這一進程。

These innovative tools are enabling us to introduce greater intelligence in the assortment planning process, which has traditionally been done manually. Today, we are better equipped to make data-driven decisions and swiftly adapt to SKU requirements by market. We are successfully increasing coverage in key hard parts categories by re-balancing hundreds of SKUs per store to better align inventory with market-specific needs.

這些創新工具使我們能夠在傳統上手動完成的商品分類規劃過程中引入更高的智慧化。今天，我們能夠更好地做出數據驅動的決策，並迅速適應市場對 SKU 的要求。我們透過重新平衡每家商店的數百個 SKU，使庫存更好地滿足特定市場的需求，從而成功地擴大了關鍵硬體零件類別的覆蓋範圍。

We recently completed this rollout in an additional 19 DMAs and currently operate the new framework in the top 30 DMAs. We expect to substantially complete the rollout across the top 50 DMAs representing approximately 70% of our sales by the end of the third quarter, well ahead of our original schedule. While it is still early to assess the results of the recent rollout, the improvements in the newer DMAs are tracking directionally in line with the DMAs completed earlier in the year.

我們最近在另外 19 個 DMA 中完成了此項推廣，目前在前 30 個 DMA 中運行新框架。我們預計在第三季末基本完成在前 50 個 DMA 的推廣工作，這些 DMA 約占我們銷售額的 70%，這將遠遠提前於我們原定的計劃。雖然現在評估最近推出的結果還為時過早，但較新的 DMA 的改進方向與今年早些時候完成的 DMA 一致。

The initial DMAs continued to deliver an average comp uplift of approximately 50 basis points. Notably, in some of these markets, we are beginning to observe a comp uplift exceeding the average which, in our view, is a promising indicator of this initiatives growth potential.

初始 DMA 繼續帶來約 50 個基點的平均補償提升。值得注意的是，在其中一些市場，我們開始觀察到同店銷售額的成長超過了平均水平，我們認為，這是該計劃成長潛力的一個有希望的指標。

Based on our expectations, the complete benefit of this initiative will become more apparent over a 12-month to 18-month horizon due to the slow turning nature of inventory in the industry. We are energized by the progress achieved thus far and optimistic about the potential to meaningfully advance our goal of enhancing parts availability.

根據我們的預期，由於行業庫存週轉緩慢，該計劃的全部好處將在 12 個月到 18 個月內更加明顯。我們對迄今為止的進展感到振奮，並對實際推進提高零件供應量目標的潛力感到樂觀。

Turning to supply chain. Year-to-date, we have successfully closed or converted 9 DCs in the US and remain on track to achieve a total of 12 closures by year-end, bringing us to a total of 16 DCs in the US. In parallel, we are enhancing productivity within these facilities by refining processes, which we anticipate will drive sustained improvements in product throughput, measured as lines per hour. Year-to-date, we have achieved a low single-digit increase in this metric.

轉向供應鏈。今年迄今為止，我們已成功關閉或轉換了美國 9 個配送中心，並預計在年底前完成總共 12 個配送中心的關閉，使我們在美國的配送中心總數達到 16 個。同時，我們正在透過改進流程來提高這些設施的生產率，我們預計這將推動產品吞吐量（以每小時生產線數衡量）的持續提高。今年迄今為止，我們在這項指標上實現了低個位數的成長。

The operational efficiencies of our DCs has a direct and significant impact on parts availability for our stores. Our supply chain team is actively identifying and sharing best practices across all facilities while fostering a culture of operational excellence. These efforts are aimed at ensuring high product availability and reliable service for our stores.

我們的配送中心的營運效率對我們商店的零件供應有著直接而重大的影響。我們的供應鏈團隊正在積極識別和分享所有設施的最佳實踐，同時培養卓越營運文化。這些努力旨在確保我們的商店提供高產品可用性和可靠的服務。

Recent operational changes in our DCs are already yielding measurable results. Over the past 6-months, we have reduced shipment errors from the DCs to stores by approximately 33% and also improved DC to store order fill rates.

我們資料中心最近的營運變化已經產生了可衡量的成果。在過去的 6 個月中，我們將從配送中心到商店的出貨錯誤減少了約 33%，同時也提高了配送中心到商店的訂單完成率。

To unlock further productivity, we are optimizing our warehouse management system that was fully rolled out at the end of last year. Our efforts are focused on the execution of key functions such as product picking, packing and routing deliveries to stores. We expect these efforts to improve the efficiency of our DC to store operations as we strive to leverage fixed costs and narrow our margin gap relative to the industry.

為了進一步提高生產力，我們正在優化去年年底全面推出的倉庫管理系統。我們的努力重點是執行產品挑選、包裝和將貨物運送到商店等關鍵功能。我們期望這些努力能夠提高我們的 DC 到商店營運的效率，因為我們努力利用固定成本並縮小相對於行業的利潤差距。

Moving to an update on market hubs. As a reminder, we introduced the market hub last year as a new node in our multi-echelon supply network. The market hub carries 75,000 to 85,000 SKUs expanding same-day parts availability for a service area of about 60 to 90 stores. It plays an important role in improving customer service. With stores receiving multiple shipments from a market hub each day, they are able to more quickly access and deliver parts to customers.

轉向市場中心的更新。提醒一下，我們去年引入了市場中心作為我們多層供應網路的新節點。該市場中心擁有 75,000 至 85,000 個 SKU，擴大了約 60 至 90 家商店服務區域的當日零件供應能力。它在改善客戶服務方面發揮著重要作用。由於商店每天從市場中心接收多批貨物，因此他們能夠更快地獲取零件並將其交付給客戶。

Our commitment to delivering complete job quantity parts within a reasonable time frame reinforces our reputation as a reliable and trusted service provider for our customers. We remain on track to open a total of 10 market hubs this year. During the quarter, we opened three market hubs, including two greenfield locations. These newly established locations represent a key component of our growth strategy.

我們承諾在合理的時間內交付完整工作數量的零件，這鞏固了我們作為客戶可靠且值得信賴的服務提供者的聲譽。我們今年仍有望開設總共 10 個市場中心。本季度，我們開設了三個市場中心，其中包括兩個綠地中心。這些新設立的辦事處是我們成長策略的重要組成部分。

Greenfield locations are set to become a primary driver of expanding our market hub network, and we believe they have the potential to drive stronger sales growth over the long run. We are building a robust pipeline for openings in 2026 and 2027 to achieve our goal of establishing 60 market hubs by mid-2027.

綠地將成為擴大我們市場中心網絡的主要驅動力，我們相信它們有潛力在長期內推動更強勁的銷售成長。我們正在為 2026 年和 2027 年的開業建造強大的管道，以實現到 2027 年中期建立 60 個市場中心的目標。

Based on the aggregate performance of hubs through Q2, along with the performance of the stores that they service, we continue to see an average estimated comparable sales uplift of 100 basis points, which continues to validate the effectiveness of this strategy.

根據第二季度各中心的整體表現以及它們所服務的商店的表現，我們繼續看到平均預計可比銷售額增長 100 個基點，這繼續驗證了該策略的有效性。

In our stores, we remain committed to delivering consistent, high-quality service aimed at strengthening customer relationships. During Q2, our pro business led the sequential improvement in comps, achieving another quarter of positive low single-digit growth, which translated into mid-single-digit growth on a 2-year basis.

在我們的商店中，我們始終致力於提供一致的高品質服務，以加強客戶關係。在第二季度，我們的專業業務引領了同店銷售額的連續改善，再次實現了季度低個位數正成長，這意味著兩年內實現了中等個位數的成長。

From a category perspective, the strength in pro was delivered by core hard parts categories, which reflects the benefits of collaborative efforts across the organization. The new assortment framework initiative has expanded the number of parts available in the back rooms of our stores with an emphasis on meeting the needs of our pro customers.

從類別角度來看，專業領域的優勢是由核心硬體零件類別帶來的，這反映了整個組織協作努力的好處。新的分類框架計劃擴大了我們商店後台可用的零件數量，重點滿足了專業客戶的需求。

In addition, we are leveraging technology to enhance customer data visibility and to streamline territory planning for our frontline teams. These advancements are enabling us to build trust with customers and are contributing to a motivated pro workforce. Furthermore, we have made significant strides in improving our speed of service with our time to serve moving into the target range of 30- to 40-minutes. As a result, pro customers are gaining further confidence in our ability to serve as a reliable parts provider across the marketplace.

此外，我們正在利用技術來提高客戶資料可見度並簡化我們第一線團隊的區域規劃。這些進步使我們能夠與客戶建立信任，並有助於培養一支積極進取的專業員工隊伍。此外，我們在提高服務速度方面取得了重大進展，服務時間已進入 30 至 40 分鐘的目標範圍。因此，專業客戶對我們作為市場可靠零件供應商的能力更有信心。

This confidence is evident in the continued sales growth in our main street pro accounts, which has been an important area of focus for the team over the past year. Looking ahead, our pro team is dedicated to maintaining consistency in customer service to carry forward the positive momentum.

這種信心體現在我們主要街道專業帳戶的持續銷售成長上，這也是過去一年來團隊關注的重要領域。展望未來，我們的專業團隊致力於保持一致的客戶服務，以發揚積極的勢頭。

Shifting to DIY. In the second quarter, our DIY comps were in line with Q1 and improved on a 2-year basis. While we are encouraged to see emerging signs of stabilization, we still have a lot of work ahead of us to fully turn around the trajectory of the DIY business. We have a passionate store team that is eager to serve customers and we are prioritizing initiatives to set them up for success. We are putting in robust training plans to develop stronger product knowledge.

轉向 DIY。在第二季度，我們的 DIY 同店銷售額與第一季持平，並且較兩年前有所改善。雖然我們很高興看到穩定的跡象，但要徹底扭轉 DIY 業務的發展軌跡，我們還有很多工作要做。我們擁有一支充滿熱情的商店團隊，渴望為客戶服務，我們正在優先考慮各種舉措，以幫助客戶獲得成功。我們正在製定強有力的培訓計劃，以增強產品知識。

This includes seasonal product training, vendor collaboration and the introduction of a playbook for new team members on how to serve customers. Separately, our store team is reinforcing the value provided by our service offerings to build long-term customer relationships and drive sales. We offer a range of services, including battery testing, wiper installation and engine light scanning along with a robust portfolio of high-quality national and private label brands.

這包括季節性產品培訓、供應商合作以及為新團隊成員介紹如何服務客戶的劇本。另外，我們的商店團隊正在強化我們的服務所提供的價值，以建立長期的客戶關係並推動銷售。我們提供一系列服務，包括電池測試、雨刷安裝和引擎燈掃描，以及強大的高品質國家和自有品牌組合。

In addition to the focus on training and service execution, we are also allocating incremental capital expenditure to refresh our stores. We have been upgrading HVAC systems, roofing, parking lots, paint and signage in our stores. Year-to-date, we have already invested about 3 times more on maintenance CapEx than in 2024.

除了專注於培訓和服務執行之外，我們還分配增量資本支出來更新我們的商店。我們一直在升級商店的暖通空調系統、屋頂、停車場、油漆和標誌。今年迄今為止，我們在維護資本支出的投資已經比 2024 年增加了約 3 倍。

This spend has been allocated to major upgrades at more than 1,000 stores compared to approximately 400 stores upgraded in all of 2024. These store infrastructure investments are part of a multiyear plan to improve the in-store experience for our customers and our store team.

這筆支出已用於 1,000 多家門市的重大升級，而 2024 年全年升級的門市約為 400 家。這些商店基礎設施投資是我們多年計畫的一部分，旨在改善我們的顧客和商店團隊的店內體驗。

To conclude, I want to reiterate our strong commitment to driving sustained improvement in our turnaround efforts, and I want to thank the team for their hard work on delivering progress thus far.

最後，我想重申我們對推動扭虧為盈努力持續改善的堅定承諾，並感謝團隊迄今為止為取得進展所做的努力。

I'll now hand the call over to Ryan to discuss our financials. Ryan?

我現在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 want to begin by thanking our frontline associates for their commitment to serving our customers and delivering solid Q2 results. For the second quarter, net sales from continuing operations were $2 billion, an 8% decline compared to last year. This decline is mainly attributable to the store optimization activity that was completed during Q1. Comparable sales growth was positive 0.1% for the quarter, which included an approximately 25 basis points headwind due to the shift in timing of Easter from late Q1 into early Q2.

謝謝你，肖恩，大家早安。首先，我要感謝我們的第一線員工致力於服務我們的客戶並帶來穩健的第二季業績。第二季度，持續經營淨銷售額為 20 億美元，較去年同期下降 8%。這一下降主要歸因於第一季完成的商店優化活動。本季可比銷售額成長率為正 0.1%，其中包括因復活節時間從第一季末推遲到第二季初而導致的約 25 個基點的阻力。

During the second quarter, sales growth in the first 4-weeks were in line with trends exiting Q1. In the middle 4-weeks of the quarter, trends softened. We believe this was driven by higher-than-normal precipitation levels, which contributed to softer transaction growth. Sales growth was strongest in the final 4 weeks of the quarter with both DIY and pro channels comping positive. This improvement was driven by a recovery in transactions and strength in our core hard parts business.

第二季前四周的銷售成長與第一季的趨勢一致。在本季中間的四周，趨勢有所減弱。我們認為這是由於降水量高於正常水平，導致交易成長放緩。本季最後 4 週的銷售成長最為強勁，DIY 和專業通路均呈現積極成長。這項改善是由交易的復甦和核心硬體零件業務的強勁成長所推動的。

Under car components, engine management and the brake category led performance during the quarter. For the quarter, transactions declined in the low single-digit range while ticket was positive and improved compared to Q1. We estimate that inflation was about 2% during the quarter and included tariff-related price adjustments that began midway through Q2. This rate of inflation was also influenced by the comparison to last year's price investments, which had pressured ticket growth last year.

在汽車零件方面，引擎管理和煞車類別在本季表現領先。本季度，交易量下降幅度在個位數以下，但票房為正，與第一季相比有所改善。我們估計本季通膨率約為 2%，其中包括從第二季中期開始的與關稅相關的價格調整。這一通貨膨脹率也受到與去年價格投資相比的影響，去年的價格投資給票價成長帶來了壓力。

Looking at channel performance more broadly for the full quarter, Pro grew in the low single-digit range and accelerated compared to Q1. DIY underperformed with a low single-digit sales decline. However, Q2 DIY performance was stable compared to Q1. On a 2-year basis, both channels improved relative to Q1.

從整個季度的通路表現來看，Pro 的成長率處於低個位數範圍內，並且與第一季相比有所加速。DIY 表現不佳，銷售額僅出現個位數下滑。不過，第二季的DIY表現與第一季相比比較穩定。從兩年來看，兩個管道都比第一季有所改善。

Adjusted gross profit from continuing operations was $880 million or 43.8% of net sales, resulting in gross margin expansion of about 16 basis points compared to last year. Our Q2 gross margin was relatively in line with expectations. The year-over-year margin expansion was driven by savings associated with our footprint optimization activity completed in March. These savings were partially offset by the reversal of previously capitalized inventory costs.

調整後持續經營毛利潤為 8.8 億美元，佔淨銷售額的 43.8%，導致毛利率較去年同期擴大約 16 個基點。我們第二季的毛利率基本上符合預期。利潤率年增是由於我們 3 月完成的足跡優化活動帶來的節省。這些節省被先前資本化的庫存成本的沖銷部分抵消。

Adjusted SG&A from continuing operations was $819 million or 40.7% of net sales or about flat compared to last year. The year-over-year reduction in SG&A expense was primarily related to operating of fewer stores compared to last year. As a result, adjusted operating income from continuing operations was $61 million or 3.0% of net sales, resulting in about 20 basis points of margin expansion. Adjusted diluted earnings per share from continuing operations was $0.69 compared with $0.62 reported in Q2 last year.

持續經營業務的調整後銷售、一般及行政費用為 8.19 億美元，佔淨銷售額的 40.7%，與去年同期基本持平。銷售、一般及行政費用年減主要因為與去年相比經營的門市數量減少。因此，調整後的持續經營業務營業收入為 6,100 萬美元，佔淨銷售額的 3.0%，導致利潤率擴大約 20 個基點。調整後每股攤薄收益為 0.69 美元，去年第二季為 0.62 美元。

Year-to-date, free cash flow was a use of $201 million and included a $50 million improvement in operating cash flow compared to last quarter. Q2 free cash flow also included $20 million in cash costs related to our store optimization work.

年初至今，自由現金流已使用 2.01 億美元，與上一季相比，營運現金流增加了 5,000 萬美元。第二季自由現金流還包括與我們的商店優化工作相關的 2,000 萬美元現金成本。

Next, I would like to discuss our recent debt offering and the rationale for pursuing a reorganization of our debt capital structure. In early August, we completed a debt offering of $1.95 billion of senior notes divided into two equal tranches, one maturing in 2030 and the other in 2033.

接下來，我想討論我們最近的債務發行以及重整債務資本結構的理由。8 月初，我們完成了 19.5 億美元優先票據的發行，分為兩批，一批於 2030 年到期，另一批於 2033 年到期。

We received net proceeds of $1.92 billion after payment of transaction fees. Separately, we have also entered a new $1 billion asset-backed revolving credit facility to replace our prior $1 billion revolving facility. Proceeds from the senior notes offering were used to redeem $300 million of outstanding senior notes due 2026.

支付交易費用後，我們收到的淨收益為 19.2 億美元。另外，我們還簽訂了一項新的 10 億美元資產支持循環信貸協議，以取代先前 10 億美元的循環信貸協議。優先票據發行所得款項用於贖回 2026 年到期的 3 億美元未償還優先票據。

Following this redemption, we expect to carry more than $3 billion of cash on the balance sheet. Up to $2.5 billion of this cash plus other assets, including inventory and accounts receivable will be used to support the new $1 billion asset-backed revolving credit facility and the $3 billion supply chain financing program.

此次贖回後，我們預計資產負債表上的現金將超過 30 億美元。其中高達 25 億美元現金加上其他資產（包括庫存和應收帳款）將用於支持新的 10 億美元資產支持循環信貸額度和 30 億美元的供應鏈融資計劃。

Essentially, we are providing a one-for-one asset support for the new debt capital structure. I would like to note that we expect to operate the supply chain financing program as we did prior to the debt offering. The revolving credit capacity under the new ABL facility provides an additional liquidity source beyond our cash on hand. We have no current plans to draw on the new revolver.

本質上，我們為新的債務資本結構提供一對一的資產支持。我想指出的是，我們預計將按照發行債券之前的方式運作供應鏈融資計劃。新 ABL 機制下的循環信貸能力為我們提供了現金以外的額外流動性來源。我們目前沒有利用新型左輪手槍的計畫。

The supply chain financing program is important to our vendor community and we have taken proactive steps to ensure continuity in the program and mitigate potential risks. We believe this transaction puts us firmly in control of deciding the best course of action for the program for the long term. The new debt capital structure helps preserve financial flexibility, allows us to focus on execution of our turnaround plan and serves as a bridge toward reattainment of an investment-grade credit rating in the future.

供應鏈融資計劃對我們的供應商社區非常重要，我們已採取積極措施確保計劃的連續性並降低潛在風險。我們相信，這筆交易將使我們能夠牢牢掌控決定該計劃長期最佳行動方案的權力。新的債務資本結構有助於保持財務靈活性，使我們能夠專注於執行扭虧為盈計劃，並成為未來重新獲得投資等級信用評級的橋樑。

Turning to an update on guidance. For fiscal 2025, we have revised our EPS guidance to account for the recent debt issuance. For the other items, we are reaffirming our expectations for the year. We are pleased with the progress on our strategic initiatives. However, we recognize that we are still in the early phases of our 3-year turnaround plan. We remain committed to diligently monitoring the implementation of our initiatives to drive further operational improvements.

轉向指導更新。對於 2025 財年，我們已修改每股收益指引，以反映最近的債務發行。對於其他項目，我們重申對今年的期望。我們對策略舉措取得的進展感到滿意。然而，我們認識到我們仍處於三年扭虧為盈計畫的早期階段。我們將繼續致力於認真監督我們各項措施的實施，以推動進一步的營運改善。

Also, as Shane indicated, the market is still in a period of transition as consumers adapt to an environment of higher prices. In this backdrop, we believe our guidance reflects the potential risks related to tariffs. Our approach to navigating tariffs is unchanged. We expect to be measured while adjusting prices with a goal to hold rate where possible but prioritizing profit dollar expansion. We also expect to continually measure competitive response and price demand elasticity as we execute our response to tariffs through the year.

此外，正如 Shane 所指出的，市場仍處於過渡期，消費者正在適應價格上漲的環境。在此背景下，我們認為我們的指引反映了與關稅相關的潛在風險。我們處理關稅的方法沒有改變。我們希望在調整價格的同時進行衡量，目標是盡可能保持利率不變，但優先考慮利潤的擴大。我們也希望在全年執行關稅措施時持續衡量競爭反應和價格需求彈性。

Let's discuss our full year expectations. Starting with net sales. We expect net sales in the range of $8.4 billion to $8.6 billion. Comparable sales are expected to grow in the range of 50 basis points to 150 basis points on a 52-week basis. We expect positive low single-digit comp growth in Q3 and Q4, supported by our focus on improving parts availability and elevating service levels.

讓我們討論一下我們的全年預期。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 個基點至 150 個基點。我們預計第三季和第四季將出現低個位數的正成長，這得益於我們專注於改善零件供應和提升服務水準。

Our tariff-related price actions are expected to contribute to low to mid-single-digit same-SKU inflation in the second half. Full year net sales also includes contribution from new stores planned to be opened this year, and we expect the 53rd week to contribute approximately $100 million to $120 million in net sales.

預計我們的關稅相關價格行動將導致下半年同SKU通膨率達到低至中個位數。全年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 週將貢獻約 1 億至 1.2 億美元的淨銷售額。

Moving to margins. Adjusted operating income margin is expected in the range of 2% to 3%. For Q3, we are planning for adjusted operating income margin above 4%. This range embeds gross margin about in line to slightly better than Q2, supported by the merchandising team's progress on product cost negotiations and a range of potential scenarios for our tariff management activities.

移至邊緣。調整後的營業收入利潤率預計在2%至3%之間。對於第三季度，我們計劃將調整後的營業收入利潤率提高到 4% 以上。這一範圍的毛利率與第二季度大致持平或略好，這得益於商品銷售團隊在產品成本談判方面的進展以及我們的關稅管理活動的一系列潛在情景。

For SG&A, we expect expense dollars to be relatively in line with Q2. Finally, with respect to Q3 and as disclosed in our results last year, we are lapping about 130 basis points of atypical sales and margin headwinds, which is expected to drive favorability in year-over-year operating margin leverage.

對於銷售、一般及行政費用，我們預計支出金額將與第二季基本持平。最後，關於第三季度，正如我們去年的業績所揭露的那樣，我們正面臨約 130 個基點的非典型銷售和利潤逆風，預計這將推動同比營業利潤率槓桿的有利影響。

Based on our expectations for Q3, combined with first half results, our Q4 operating margin range implies a wide range of potential outcomes. While we continue to expect sequential improvement in margin leverage compared to Q3, it is important to note that Q4 is our lowest volume quarter and generally subject to seasonal volatility, which could impact results.

根據我們對第三季的預期，結合上半年的業績，我們第四季的營業利潤率範圍意味著多種潛在結果。雖然我們仍然預期利潤率槓桿率將較第三季度環比改善，但值得注意的是，第四季度是我們交易量最低的季度，通常會受到季節性波動的影響，這可能會影響業績。

Moving to other items in our guidance. We now expect adjusted diluted EPS to range between $1.20 and $2.20 compared to our prior guidance of $1.50 and $2.50. This revision is mainly driven by the higher interest expense associated with the recent offering of $1.95 billion of senior notes and savings from the redemption of the 2026 notes. We expect some of the interest expense to be offset by higher interest income from short-term cash investments.

轉向我們指導中的其他項目。我們目前預計調整後稀釋每股收益將在 1.20 美元至 2.20 美元之間，而先前的預期為 1.50 美元至 2.50 美元。此次調整主要由於近期發行 19.5 億美元優先票據導致的利息支出增加，以及贖回 2026 年票據節省的資金。我們預期部分利息支出將被短期現金投資的更高利息收入所抵銷。

Regarding free cash flow, we continue to target a range of negative $85 million to negative $25 million for the year, which includes positive operating cash flow through the end of the year. We continue to expect $150 million of cash expenses related to our store optimization project.

關於自由現金流，我們繼續將今年的目標設定在負 8,500 萬美元至負 2,500 萬美元之間，其中包括到年底的正經營現金流。我們預計與商店優化項目相關的現金支出仍將達到 1.5 億美元。

In summary, we are pleased to enter the second half with positive sales and margin momentum. As we look to the balance of this year, we are planning cautiously in a dynamic macro backdrop and closely monitoring consumer behavior.

總而言之，我們很高興進入下半年，銷售和利潤率均呈現正面動能。展望今年的平衡，我們將在動態的宏觀背景下謹慎規劃，並密切關註消費者行為。

To wrap up, I want to provide a quick overview of our 2027 objectives. We continue to target low single-digit comparable sales growth and an adjusted operating income margin of approximately 7% for fiscal 2027. Following the recent debt issuance, we are updating our leverage ratio to a net adjusted debt leverage ratio of approximately 2 times to 2.5 times.

最後，我想簡單概述一下我們的 2027 年目標。我們繼續將 2027 財年的可比銷售額成長率定為低個位數，調整後的營業收入利潤率定為約 7%。在最近發行債務之後，我們將槓桿率更新為淨調整後的債務槓桿率約為 2 倍至 2.5 倍。

We believe this target provides financial stability for the business while maintaining the flexibility to invest for growth. We expect our strategic initiatives to strengthen cash flow generation and enable us to effectively manage supply chain financing and gradually reduce leverage over time.

我們相信，這一目標為企業提供了財務穩定性，同時保持了投資成長的靈活性。我們期望我們的策略性措施能夠加強現金流產生，並使我們能夠有效地管理供應鏈融資，並隨著時間的推移逐步降低槓桿率。

By achieving our leverage target, we aim to position the company to regain an investment-grade credit rating in the future, further strengthening the resilience of our strong balance sheet. I again want to thank our frontline associates for their commitment to serving our customers and delivering solid results in the quarter.

透過實現我們的槓桿目標，我們旨在使公司未來重新獲得投資等級信用評級，進一步增強我們強勁資產負債表的彈性。我再次感謝我們的第一線員工致力於服務我們的客戶並在本季度取得堅實的業績。

I will now hand the call back to Shane.

我現在將把電話交還給 Shane。

Thank you, Ryan. Before closing today's call, I want to thank all our team members and frontline associates once again. We believe we have the right strategy centered on core retail fundamentals, along with a talented team driving execution on our strategic initiatives. I look forward to continuing to share updates on our progress in the future.

謝謝你，瑞安。在結束今天的電話會議之前，我想再次感謝我們所有的團隊成員和第一線同事。我們相信，我們擁有以核心零售基礎為中心的正確策略，並擁有優秀的團隊來推動我們策略計畫的執行。我期待未來繼續分享我們的進展。

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

現在，讓我們開始提問。操作員？

(Operator Instructions)

（操作員指示）

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Hey, good morning, guys. On the revised capital structure, are you expecting cost savings given the risk spread in the factoring program has likely come down for you?

嘿，大家早安。在修改後的資本結構中，考慮到保理計畫中的風險利差可能已經下降，您是否預計會節省成本？

Yeah. I mean I think it's a good question, and Ryan can comment. You know that the discussions on the supply chain financing will already take place independently between the bank and the impacted vendor. We like to think that with our support of supply chain financing on a dollar-for-dollar basis, relative to what we had previously, which was effectively unsupported that, that would potentially have an impact. But early days.

是的。我的意思是我認為這是一個很好的問題，Ryan 可以發表評論。您知道，有關供應鏈融資的討論將在銀行和受影響的供應商之間獨立進行。我們認為，相對於我們以前實際上沒有得到支持的情況，我們對供應鏈融資提供一美元對一美元的支持可能會產生影響。但還處於早期階段。

Ryan?

瑞安？

Yeah. Bret, great question. I think putting this program in a stable place and supporting it as we bridge back to investment grade was the most important thing here. This is an important vehicles for our vendors, and ensuring that, that was in place for them as we bridge back to investment grade was critical. Getting back to investment grade is going to be the biggest impact for that.

是的。布雷特，好問題。我認為將這個項目置於一個穩定的位置並在我們恢復投資等級時支持它是最重要的事情。對於我們的供應商來說，這是一個重要的工具，確保在我們恢復投資等級時為他們提供這個工具至關重要。恢復投資等級將產生最大的影響。

Now with this structure, we'll work with the banks and try to find opportunities where it is. But at this time, there's nothing implied in our guidance and nothing that we have to share relative to that. But I would say the program is in a better place when you have a one-to-one asset support of it.

現在有了這個結構，我們將與銀行合作並嘗試尋找機會。但目前，我們的指導中沒有任何暗示，我們也沒有什麼可以分享的。但我想說，當你擁有一對一的資產支援時，該計劃會處於更好的狀態。

And hopefully, over time, as the business performs, the financial profile improves the business, we could see some benefits over time. But there's nothing at this point. The biggest thing here is something that bridges us back to investment grade because getting back to investment grade would be the critical unlock there.

希望隨著時間的推移，隨著業務表現的改善，財務狀況也會改善，我們可以隨著時間的推移看到一些好處。但目前還沒有任何進展。這裡最重要的是讓我們回到投資級別，因為回到投資級別將是關鍵的解鎖。

Last thing I'll just add there. If you look at the trajectory of what we've been doing as a company, we've looked to be proactive and decisive to position the company for success in the turnaround. So we looked at Worldpac. We made that decision. keeping Canada, adjusting our store footprint, making the decision to get to a unified supply chain, looking for where we needed to invest in the frontline.

我只想補充最後一件事。如果你看一下我們公司的發展軌跡，你會發現我們一直積極主動、果斷果斷，為公司扭轉乾坤、取得成功做好準備。因此我們考察了 Worldpac。我們做出了這個決定。保留加拿大，調整我們的門市佈局，決定建立統一的供應鏈，尋找我們需要在前線投資的地方。

So this was consistent with those moves. This is a proactive effort on our part to preserve an important program for our vendors. And so we went to the capital markets successfully to now have this support so we can continue the program and we can continue the turnaround.

所以這與那些措施是一致的。這是我們為供應商保留重要計劃所做的積極努力。因此，我們成功進入資本市場並獲得支持，從而可以繼續執行該計劃，並繼續扭轉局面。

Great. And then on the CapEx, you're talking about doing a sort of an update of 1,000 stores. What percentage of the store base do you think needs CapEx to sort of bring it up to market standard?

偉大的。然後在資本支出方面，您正在談論對 1,000 家商店進行更新。您認為有多少比例的門市需要資本支出才能達到市場標準？

Well, Bret, we -- well, I mean there's a good portion of it. I mean, we went many years on a break-fix model. where we were fixing things broken. We have life cycle maintenance out. We had -- just to give you an example, from an HVAC perspective, we had 80% of our HVAC beyond useful life.

好吧，布雷特，我們——嗯，我的意思是，這佔了很大一部分。我的意思是，我們花了很多年的時間採用故障修復模型，修復損壞的東西。我們已經完成了生命週期維護。舉個例子，從 HVAC 的角度來看，我們 80% 的 HVAC 已經超出使用壽命。

So it should give you a basis of kind of where the fleet was at. Roofs, above 50%; parking lots, above 50% beyond useful life and needing repairs. So this is, over the next 3- to 5-years, we'll be tackling these stores from HVAC, roofing, paint, signage, et cetera. So it's -- we'll eventually touch all of our stores and it will end up being part of normal maintenance and life cycle management.

所以它應該能給你提供艦隊所在位置的大致資訊。屋頂，超過50%；停車場，超過50%已超過使用壽命並需要維修。因此，在接下來的 3 到 5 年內，我們將從暖通空調、屋頂、油漆、標誌等方面解決這些商店的問題。所以——我們最終會觸及我們所有的商店，它最終將成為正常維護和生命週期管理的一部分。

Yeah. And as we go around, obviously, we want this to be a good experience for our customers. It's also critical for our store team members, and they're working hard and the idea that the HVAC isn't working, that's not acceptable. So we're making those changes. And by the way, we're doing it in conjunction with the other pillars.

是的。顯然，我們希望這能為我們的客戶帶來良好的體驗。這對我們商店的團隊成員來說也至關重要，他們正在努力工作，但暖通空調無法正常工作，這是不可接受的。所以我們正在進行這些改變。順便說一句，我們正在與其他支柱一起進行這項工作。

And so think about our assortment planning work. So the store environment gets better, then we get the product mix adjusted and then the team member is able to say yes to the customer more frequently. There's a sort of reinforcing cycle there in terms of building momentum for the company.

所以想想我們的分類規劃工作。因此，商店環境變得更好，然後我們調整產品組合，團隊成員能夠更頻繁地對客戶說「是」。就公司發展動能而言，存在著一種強化循環。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Hey guys, good morning. My first question, try to keep it high level and simple, just achieving the pickup in comp in the second half of the year, what gives you confidence in it? Can you just think us through the drivers? And then my follow-up, I'll test you on some of those assumptions.

大家好，早安。我的第一個問題是，盡量保持高水準和簡單，只是在下半年實現了收入的回升，是什麼讓您對此有信心？您能幫我們想想這些驅動因素嗎？然後，我會根據其中的一些假設來測試你。

Thanks.

謝謝。

Yeah. A couple of things on the back half of the year. One is we start to see some benefit from some of the work that we've been doing, but we also have some easier comparisons in the back half of the year. Just in Q3 alone, think of -- we had a CrowdStrike incident, may have the hurricane impact. So we've got some back half of the year impacts to our sales that made the comparisons a little easier, but we also saw improving trends.

是的。關於下半年的一些事。一方面，我們開始看到我們所做的一些工作帶來的好處，另一方面，我們在下半年也做了一些更容易的比較。光是第三季度，我們就遭遇了 CrowdStrike 事件，可能會受到颶風的影響。因此，我們的銷售額在上半年受到了一些影響，這使得比較變得更容易一些，但我們也看到了改善的趨勢。

So we saw improving 2-year comp trends coming out of Q1 into Q2 and also the later part of Q2, we saw improving trends moving to the back half of the year. So I feel like the scenarios we've got right now play within our guidance. And you can tell, like, if you look at 50 basis points to 150 basis points on the full year, there is a step-up in the back half. But I'd say on a 2-year basis, it's not a material difference.

因此，我們看到從第一季到第二季的兩年比較趨勢有所改善，並且在第二季的後半段，我們看到改善趨勢一直延續到下半年。所以我覺得我們現在所面臨的情況是在我們的指導範圍內的。你可以發現，如果你看全年的 50 個基點到 150 個基點，你會發現下半年會有一個上升。但我想說，從兩年來看，這並不是實質的差異。

Okay. So it's more comparison than it is underlying change. And I think that's fair. One of the assumptions, it looks to us, that the DIFM business would probably need to comp in at least the mid-single digits to get there. Is that to the comparison?

好的。因此，它更多的是比較，而不是根本的變化。我認為這是公平的。我們認為，其中一個假設是，DIFM 業務可能需要至少達到中等個位數的成長率才能達到這一目標。是這麼比較的嗎？

And then I don't know if tariff pricing is more pronounced in do-it-for-me versus do-it-yourself. But can you talk about how that -- the nuance between the two -- I guess, your assumptions between the two divisions lay out through the back half of the year?

然後，我不知道在「為我做」和「自己做」中，關稅定價是否更為明顯。但是，您能否談談兩者之間的細微差別？我猜，您對這兩個部門之間的假設在下半年會如何發展？

Yeah. Well, the biggest thing for us when you think of DIFM, the strength in pro continuing to grow, that's really the big driver in the underlying business. We really like to see -- we like seeing what's coming from the pro initiatives and the work we're doing there. From a price inflation perspective, we're looking at low to mid-single digit in the back half of the year, so 2% Q2. And as those prices kind of continue to play out, what we're cautious on is the elasticity in the DIY consumer.

是的。好吧，當您想到 DIFM 時，對我們來說最重要的是專業實力的持續成長，這確實是基礎業務的巨大驅動力。我們真的很想看到——我們想看到專業倡議和我們在那裡所做的工作所取得的成果。從物價通膨角度來看，我們預期下半年通膨率將處於低至中等個位數，即第二季的通膨率為 2%。隨著這些價格繼續發揮作用，我們對 DIY 消費者的彈性持謹慎態度。

And some of that really hasn't gotten into the market yet. So we're a little cautious on how the DIY consumer will respond in the back half of the year. But the underlying business really being the pro, think of the DMA work, the assortment work that we're putting out, we'll have that done ahead of schedule. We'll have that in Q3. So that will have a positive impact in the back half of the year as well in those top 50 DMAs.

其中一些實際上尚未進入市場。因此，我們對今年下半年 DIY 消費者的反應持謹慎態度。但底層業務確實是專業的，想想 DMA 工作，我們正在推出的分類工作，我們會提前完成。我們將在第三季實現這一目標。因此，這也會對下半年的前 50 個 DMA 產生正面影響。

Shane, you want to add anything?

肖恩，你想補充什麼嗎？

Yeah. So you mentioned the pro, the energy and the pro team going across the spectrum of pro customers. That includes our larger accounts. That also includes a lot of effort on smaller main street accounts.

是的。所以你提到了專業、能量和專業團隊，涵蓋了各類專業客戶。其中包括我們的大額帳戶。這也包括在較小的主要街道帳戶上投入大量精力。

And so the assortment work helps here. The other thing that's helping with pro is our reduction in time to serve. And I was recently with a large customer who shops with a number of players and said, hey, your time to serve, we see it's under 40 minutes. And it's right there where we would get product from anybody else, and we're really happy with that.

因此，分類工作在這裡很有幫助。對專業人士有幫助的另一件事是我們減少了服務時間。最近，我接待了一位擁有多名球員的大客戶，我說，嘿，您的服務時間，我們看到是 40 分鐘以內。我們就在這裡，可以從其他任何人那裡獲得產品，我們對此感到非常高興。

So as we continue with our store efforts on time to serve, as we continue with the assortment, as we continue with call planning and how our outside sales team members target customers, we think that all helps contribute to that. And I think Ryan said it well on the DIY side.

因此，隨著我們繼續努力按時提供服務，隨著我們繼續進行商品分類，隨著我們繼續進行電話計劃以及我們的外部銷售團隊成員如何定位客戶，我們認為所有這些都有助於實現這一目標。我認為 Ryan 在 DIY 方面說得很好。

If you look at their -- the impact in households on things like car insurance and food, they're seeing that impact. Are there secondary tertiary impacts coming in other tariff categories that impact their wallets that I think is worth paying attention to as we see how the back half shapes up.

如果你看看汽車保險和食物等對家庭的影響，你會發現這些影響。當我們看到後半部分如何發展時，我認為其他關稅類別是否會產生影響他們的錢包的二級或三級影響，值得關注。

Michael Lasser. UBS.

麥可·拉塞爾。瑞銀。

Thank you so much for taking my question. As part of your transformation, there's elements that are within your control and there's elements that are without -- not within your control. And given that mix, how close is Advance Auto to achieving the level of visibility in its near-term and short-term outlook that you would be even more comfortable with?

非常感謝您回答我的問題。作為轉變的一部分，有些因素是在你的控制範圍內，而有些因素則不在你的控制範圍內。考慮到這種組合，Advance Auto 距離實現您更滿意的近期和短期前景可見度水平還有多遠？

I ask this because the gross margin for the second quarter did come in slightly below what the market was anticipating, suggesting that there's still a lack of at least visibility into some areas that will be necessary as you continue to execute against your transformation plan.

我之所以問這個問題，是因為第二季的毛利率確實略低於市場預期，這表明在繼續執行轉型計劃時，至少對一些必要的領域仍然缺乏了解。

I think it's a great question. And I'd answer it by saying we're comfortable maintaining what we've put out for approximately 7% operating income in 2027. And that as we do that, 2025, this year and next year are really the big implementation year. So this is where we're really grinding through all of the work. And some things we have strong lines of sight and control to use your word there, and we're making steady progress.

我認為這是一個很好的問題。我的回答是，我們願意維持現有的水平，即 2027 年營業收入約 7%。當我們這樣做的時候，2025年，今年和明年才是真正的實施大年。所以這就是我們真正努力完成所有工作的地方。在某些事情上，我們有很強的洞察力和控制力，而且我們正在穩步前進。

Other areas are a little more nonlinear. So we touched on with Simeon's question, what's going to go on with the DIY consumer. But in some cases, a vendor discussion might yield benefit -- we might have anticipated it would be in '25, and it comes in '26. As we think about things like our store operating model and making sure that we got demand-based labor dynamically allocating across the network, that takes time to implement.

其他區域則更加非線性。因此，我們談到了 Simeon 的問題，DIY 消費者將會面臨什麼情況。但在某些情況下，與供應商的討論可能會帶來好處——我們可能會預期它會在 25 年發生，而它會在 26 年發生。當我們考慮諸如我們的商店營運模式之類的事情並確保我們能夠根據需求在網路上動態分配勞動力時，這需要時間來實現。

So I would say we feel good about the 2027 program that we're on. And that as we get there, there's a mix of things that are nonlinear and things that we see strong progress with.

所以我想說，我們對我們正在實施的 2027 計劃感到滿意。當我們到達那裡時，我們會看到一些非線性的事情和一些強勁進展的事情。

Yeah. Michael, I'll just add that we track KPIs of our initiatives really tightly. So just to give you a little bit more details on this. We track KPIs in all of our initiatives very tightly. We've been testing and piloting a bunch of them. We're starting to roll them out.

是的。邁克爾，我只想補充一點，我們非常嚴格地跟踪我們計劃的 KPI。因此，我只是想向您提供關於此問題的更多細節。我們嚴格追蹤所有計劃中的 KPI。我們已經對其中的許多進行了測試和試行。我們正在開始推廣它們。

We accelerate where we can. The timing of those and implementation and benefit impact, it's not perfectly linear. As Shane mentioned, you can have negotiation with the vendor and new products coming in, when they come in, when they come out and the cost impact, margins weren't that far off of our expectations. So we like the way we're tracking so far throughout the year.

我們盡可能地加速。這些措施的實施時間和效益影響並不是完全線性的。正如 Shane 所提到的，您可以與供應商進行談判，了解新產品的上市時間、上市時間以及成本影響，利潤率與我們的預期相去不遠。所以我們喜歡我們全年迄今為止的追蹤方式。

Last thing on control, the one thing that we really ensure that we had control on is the balance sheet. And the idea that we completed this debt issuance to make sure that we can continue the important program of supply chain financing through the turnaround. And now we have the means to execute against that and all of the other key initiatives.

關於控制的最後一件事，我們真正確保能夠控制的一件事就是資產負債表。我們完成此債務發行是為了確保我們能夠持續完成轉虧為盈的重要供應鏈融資計畫。現在我們有辦法實現這一目標以及所有其他關鍵舉措。

Super helpful. My follow-up question is in light of that and in light of what is a very dynamic environment, as you guys had rightfully pointed out, how should we as outsiders think about the linearity of the progress from here? And obviously, I asked because most street models are anticipating 100 basis points to 150 basis points of margin expansion for 2026.

超有幫助。我的後續問題是，有鑑於此，並鑑於一個非常動態的環境，正如你們正確指出的那樣，我們作為局外人應該如何看待從現在開始的進步的線性？顯然，我之所以問這個問題，是因為大多數街頭模型都預測 2026 年的利潤率將擴大 100 個基點至 150 個基點。

And this would be a great opportunity to help calibrate those expectations to say, hey, if indeed, it will be the case, I think more of the progress is going to come in 2027, especially in light of A, B, and C, a consumer, whatever it might be.

這將是一個很好的機會來幫助校準這些預期，說，嘿，如果確實如此，我認為更多的進展將在 2027 年到來，特別是考慮到 A、B 和 C 消費者，無論它是什麼。

Thank you very much.

非常感謝。

Yeah. Thanks, Michael. Well, I'll just say it's a little early for us to be able to indicate what next year will look like from a margin expansion. Obviously, you've got a goal of 7% in '27 and you would need margin expansion next year. What the magnitude and size of that, we'll come back at a later date and share with you because we are still early in a lot of the initiative rollouts and having a better, clearer idea of the timing of the impact of those next year.

是的。謝謝，麥可。好吧，我只能說現在就預測明年的利潤率擴張還為時過早。顯然，您 27 年的目標是 7%，明年需要擴大利潤率。至於其規模和規模，我們稍後會再與大家分享，因為我們仍處於許多計劃推出的早期階段，並且對這些計劃明年產生的影響的時間有更好、更清晰的認識。

We'll need a little bit more time to be able to get to that. We will share that. But I would expect margin expansion. We need to get it going into '27. And some of the things we're doing today will have positive impacts next year. absolutely. The magnitude of it, we'll come back and share with that at a later date. But there is some linear progression that's needed to get to the 7%, for sure. It's just what is the timing and size and magnitude of that. Next year, we'll come back at a later date share.

我們需要更多一點的時間才能實現這一目標。我們將分享這一點。但我預計利潤率會擴大。我們需要讓它進入 27 年。我們今天所做的一些事情絕對會對明年產生正面的影響。至於其重要性，我們稍後會回來分享。但要達到 7% 肯定需要一些線性進展。問題只是發生的時間、規模和程度。明年，我們稍後再回來分享。

And in general, we want to have a say due ratio that depicts from your perspective and understanding where we're going with the business. And so when we got insights we'll share them. And as we go through the decisive actions, we'll outline what we're doing there. The idea being that we'll make the progression be non-linear, but continuing towards that [7%] in '27.

總的來說，我們希望有一個發言權比例，從您的角度描述並理解我們的業務發展方向。因此，當我們獲得見解時，我們就會分享。當我們採取決定性行動時，我們將概述我們在那裡所做的事情。我們的想法是，讓進程呈現非線性，但在 27 年繼續朝著這個目標 [7%] 邁進。

Chris Horvers, JPMorgan.

摩根大通的克里斯霍弗斯。

Hi, good morning. It's Christian Carlino for Chris. Thanks for taking our questions. It's Christian Carlino on for Chris. What are you seeing in terms of how peers are reacting to the tariff costs starting to flow through? Presumably the upfront cash impact would have more of the pressure on some of the independent distributors.

嗨，早安。克里斯 (Christian Carlino) 就是克莉絲汀‧卡利諾 (Christian Carlino)。感謝您回答我們的問題。克里斯蒂安·卡利諾 (Christian Carlino) 代替克里斯上場。您看到同行對於開始流入的關稅成本有何反應？據推測，前期現金影響將對一些獨立分銷商造成更大的壓力。

So in addition to the work you've been doing, are you seeing a pickup in share performance? Or are peers either taking more price than you or running lower inventory levels that should lead to share gains over the coming quarters?

那麼，除了您一直在做的工作之外，您是否看到股票表現有所回升？或者，同業是否比您收取更高的價格，或者庫存水平較低，從而導致未來幾季的市場份額增加？

Yeah. So we see -- I mean I read what you read, and so what I read there and then what we see in terms of what goes on with customers is a rational industry. I think players are appropriately doing actions similar to ours, which is trying to secure product at a good cost and then being rational in terms of what end pricing looks like.

是的。所以我們看到——我的意思是我讀到了你所讀到的內容，所以我在那裡讀到的內容，然後我們看到從客戶的情況來看，這是一個理性的行業。我認為玩家正在適當地採取與我們類似的行動，即試圖以合理的成本確保產品，然後在最終定價方面保持理性。

I would just say, Christian, that it's been a rational environment, what we've seen from our peers. We haven't seen significant deviation in our CPI from any price actions we've taken competitors have taken price actions as well and we've followed suit. We are following. And that is our strategy, is to follow and be a competitive price every single day.

克里斯蒂安，我只想說，這是一個理性的環境，我們從同行那裡看到這一點。我們沒有發現我們的 CPI 與我們採取的任何價格行動有顯著偏差，競爭對手也採取了價格行動，我們也效仿了。我們正在關注。這就是我們的策略，每天遵循並保持具有競爭力的價格。

Got it. That's helpful. You mentioned maintaining gross margin rate where you can but prioritizing profit dollar expansion. So are you embedding a discrete headwind amongst other things in gross margin from the tariffs in the back half? And if so, could you quantify that.

知道了。這很有幫助。您提到盡可能保持毛利率，但優先考慮利潤成長。那麼，您是否在下半年的毛利率中嵌入了關稅等離散阻力？如果是的話，您能量化一下嗎？

Yeah. So we're expecting about low to mid-single-digit inflation in the back half of the year. Obviously, some of that is price related to the tariffs we are expecting. There's obviously multiple scenarios and it's still kind of early to predict exactly how it all plays out. But even the changes that have happened, we're still at a blended rate of roughly 30% on tariff impacts in what the latest changes.

是的。因此，我們預計今年下半年通膨率將達到低至中個位數。顯然，其中一些是與我們預期的關稅相關的價格。顯然存在多種情況，現在預測其具體結果還為時過早。但即使發生了這些變化，最新變化對關稅的影響仍處於約 30% 的混合率。

Those prices are just starting to make it into the market. So the biggest unknown will be the demand elasticity and how that might play out in the back half of the year. So -- but within our guidance range, those scenarios all fall within there. And it really depends on what is the elasticity? What's the impact?

這些價格才剛開始進入市場。因此，最大的未知數將是需求彈性以及下半年將如何發揮作用。所以——但在我們的指導範圍內，這些情況都屬於其中。這實際上取決於彈性是多少？有何影響？

How does the consumer respond. How do they react. Will have an impact on the range outcome.

消費者如何反應。他們有何反應？會對射程結果產生影響。

Scott Ciccarelli, Truist.

斯科特·西卡雷利（Scott Ciccarelli），Truist。

Good morning guys. So my question is it seems like you guys are planning for kind of low single-digit comps over the next, call it, 2- to 3-years. We have a natural SG&A inflation rate in the, call it, 2% to 3% store range. So it seems like your medium-term target of 7% is really dependent on gross margin. A, is that a fair assessment? And b, assuming it's correct, can you help size the different buckets of where that gross margin expansion should come from? It just seems like it's a lot given the comp environment.

大家早安。所以我的問題是，看起來你們計劃在未來 2 到 3 年內實現低個位數的年成長。我們的自然銷售、一般及行政開支通膨率在 2% 至 3% 之間。因此，看起來您的中期目標 7% 實際上取決於毛利率。A，這是一個公平的評價嗎？並且 b，假設它是正確的，您能否幫助確定毛利率擴張應來自哪些不同的方面？考慮到競爭環境，這似乎很多。

Thank you.

謝謝。

Yeah, Scott, look, I'll take that a little bit and then let Shane jump in as well. From a sizing perspective, yes, a larger portion of that is going to come from gross margin, and that's really two pieces that we've talked about in our strategic pillars. One is merchandising excellence, and that's the first cost that we're getting, improved promotions, improved pricing structure externally. We're still working through that.

是的，史考特，你看，我會接受一點，然後讓肖恩也加入進來。從規模的角度來看，是的，其中很大一部分將來自毛利率，這也是我們在策略支柱中討論的兩個部分。一是卓越的商品推銷，這是我們獲得的第一個成本，改進的促銷，改進的外部定價結構。我們仍在努力解決這個問題。

The team is making a lot of good progress. Our vendors are partnering with us well and being supportive as we work through that, but still a lot to do to get to '27. And this year and next year, a lot going on there. That's probably the biggest bucket that will drive it.

該團隊正在取得很大進展。我們的供應商與我們合作良好，並在我們努力實現這一目標的過程中給予我們支持，但要實現 27 個目標，我們還有很多工作要做。今年和明年，那裡會發生很多事情。這可能是推動它的最大動力。

The next biggest bucket on that continuum is our supply chain and productivity within supply chain. And we talked about our consolidation down to the big DCs, transportation cost. All of that falls into that bucket. And that is one that as we consolidate down, we'll start to see more of it. A later tail to that one, more into '26.

這個連續體中下一個最大的桶子是我們的供應鏈和供應鏈內的生產力。我們討論了整合大型配送中心和運輸成本的問題。所有這些都屬於這一類。隨著我們不斷鞏固，我們將開始看到更多這樣的情況。這是後來的結尾，更接近 26 年。

And then there is still opportunity within SG&A. That's not as big as the other two, but there is opportunity within SG&A. Shane talked about the operating model and aligning our assets and our payroll hours based on demand. And the work we're doing there and understanding the right model going forward will yield benefit for us on the SG&A side as well.

銷售、一般及行政開支 (SG&A) 方面仍有機會。這不像其他兩個那麼大，但在銷售、一般和行政開支方面存在著機會。肖恩談到了營運模式以及根據需求調整我們的資產和工資時間。我們在那裡所做的工作以及對未來正確模式的理解也將為我們的銷售、一般和行政費用 (SG&A) 方面帶來利益。

So there's still opportunity with SG&A. More on the SG&A will be about keeping dollars, mitigating the inflation impact and leveraging as some of that top line comes in.

因此，銷售、一般及行政費用仍有機會。銷售、一般和行政費用的更多內容將涉及如何保留美元、減輕通貨膨脹的影響以及利用部分營業收入。

Yeah. And so I think your hypothesis is right, Scott, and margin certainly have those things to work on that Ryan alluded to. But I also think the success in this industry on the top line, which we need to be a regular participant in growth there as well, is customers ask, do you have it, yes or no, and when can I get it. And so as we go forward to 2027, top line matters.

是的。所以我認為你的假設是正確的，斯科特，並且邊緣肯定有瑞安提到的那些事情需要努力。但我也認為，這個行業在營收上的成功，也就是我們需要成為該行業成長的常規參與者，是客戶會問，你們有這個東西嗎，有或沒有，我什麼時候可以得到它。因此，當我們邁向 2027 年時，營收至關重要。

And in that regard, our assortment coverage work to make sure we've got better availability, that supply chain is getting it into the stores, and then from our store team's perspective, that we have the delivery time lines to get it to the customer gives us a better chance on that do you have it and when can I get it, being able to say yes to both of those questions, which is nutritive in addition to the margin activities that Ryan relayed.

在這方面，我們的分類覆蓋工作確保我們有更好的可用性，供應鏈將產品送入商店，然後從我們商店團隊的角度來看，我們有交貨時間表將產品送到客戶手中，這讓我們有更好的機會知道您是否有產品以及我什麼時候可以拿到產品，能夠對這兩個問題都回答“是”，除了 Ryan 轉達的利潤活動之外，這也很有益。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Thanks. Good morning, everyone. I wanted to go back to the DIY business. You talked about the performance in Q1 -- I'm sorry, in Q2 being similar to Q1, it seems like you had more inflation in the second quarter. So I'm not sure if that implies that transactions may have slowed sequentially. Maybe you could just clarify that because you also talked about signs of maybe some stabilization with that consumer.

謝謝。大家早安。我想重新回到DIY產業。您談到了第一季的表現——抱歉，第二季的表現與第一季類似，似乎第二季的通貨膨脹更為嚴重。所以我不確定這是否意味著交易可能會逐漸放緩。也許您可以澄清一下，因為您也談到了消費者可能出現的一些穩定跡象。

So if we can reconcile all that, I think would be helpful.

所以如果我們能夠調和所有這些，我認為會很有幫助。

Yeah, absolutely. Well, so yes, there's some inflation in there. But we also saw transactions improve throughout the quarter. Especially at the latter end of the quarter, we saw transactions in the DIY improve, not quite positive, not yet, but we did see it improve, which was positive for us to see. We saw on a 2-year basis, those trends continue to improve as well. We saw some key DIY categories that we are happy to see move in the right direction. So we did see progress throughout the quarter.

是的，絕對是如此。嗯，是的，這裡面確實存在一些通貨膨脹。但我們也看到整個季度的交易量有所改善。特別是在本季後段，我們看到 DIY 交易有所改善，雖然還不是非常積極，但我們確實看到它有所改善，這對我們來說是積極的。我們看到，從兩年來看，這些趨勢也持續改善。我們看到一些關鍵的 DIY 類別正在朝著正確的方向發展，我們很高興看到它們。因此我們確實看到了整個季度的進展。

And honestly, some of the inflationary impacts or price impacts from the tariffs are still, well, started to enter Q2. It will be interesting as they start to really mature in the back half of this year. How does that DIY consumer react to that, I mean if you look at the -- maybe I'd lower to mid-income cohorts, they are more pressured than others right now. The wages aren't necessarily fully keeping up with some of the inflation that's in there. And so there are trade-offs that they're making, and we're still seeing that. It'd be interesting to see how that plays out in the back half of the year.

老實說，關稅帶來的一些通膨影響或價格影響仍在進入第二季。隨著他們在今年下半年開始真正成熟，這將會很有趣。DIY 消費者對此有何反應？我的意思是，如果你看一下——也許我會發現中低收入群體現在面臨的壓力比其他人更大。薪資並不一定能完全跟上通貨膨脹的腳步。所以他們正在做出權衡，我們仍然看到這種情況。看看今年下半年的情況會如何發展，這很有趣。

And then so you see all what Ryan is talking about. Let me just touch on things we're doing as a company to be better with DIY. So assortment and availability, obviously matters. But we're doing some other interesting things. Training is a big one for us.

然後你就明白瑞安所說的一切了。讓我簡單談談我們公司為了更好地進行 DIY 所做的事情。因此，品種和可用性顯然很重要。但我們正在做一些其他有趣的事情。培訓對我們來說是一件大事。

So what we find is new team members, when we execute training, they're interested in learning it in quicker bursts. So we're working on short videos that can get people up to speed on different products. So they can ask about add-ons, they can ask clarifying questions.

因此，我們發現，當我們進行培訓時，新團隊成員有興趣以更快的速度學習。因此，我們正在製作一些短視頻，讓人們了解不同的產品。因此他們可以詢問有關附加組件的問題，可以提出澄清問題。

And then we're working across the functions in terms of how we do a promotion, where we set and stage products. We're looking at our planograms across the front room in the store where the DIY customer browsers. And we're creating value events for them. We're using our Speed Perks loyalty program and engaging with those members. So there's a lot of things that we're doing granularly that we have to do inside of the macro trends but that helps us be a little bit better when somebody comes in the store.

然後，我們會跨職能部門進行工作，決定如何進行促銷、在哪裡設定和展示產品。我們正在商店前廳查看我們的商品規劃圖，DIY 客戶正在那裡瀏覽。我們正在為他們創造有價值的活動。我們正在使用 Speed Perks 忠誠度計劃並與這些會員互動。因此，我們正在做很多細緻的事情，這些事情必須在宏觀趨勢中完成，但這有助於我們在有人進店時做得更好。

Got it. All right. That's super helpful. And then I just wanted to clarify, on the operating margin guidance, you didn't change it for the full year. Did you actually change the composition of gross margin versus SG&A?

知道了。好的。這非常有幫助。然後我只想澄清一下，關於營業利益率指引，你並沒有改變全年的指引。您是否真的改變了毛利率與銷售、一般及行政費用的組成？

And then more specifically, this quarter, you had the reversal of some costs that were capitalized into inventory. I'm just curious, what's driving that reversal now? And if you could quantify the impact either on the quarter or the full year, what's embedded in the guidance, that would be helpful.

更具體地說，本季度，您逆轉了一些已資本化為庫存的成本。我只是好奇，現在是什麼導致了這種逆轉？如果您可以量化對本季或全年的影響，以及指導中包含的內容，那將會很有幫助。

Thank you.

謝謝。

Yeah. So on the capitalization costs, it's really inventory coming down. If you recall, Q1, we made a forward buy of inventory ahead of tariffs and also our assortment work. That obviously provides a benefit from a capitalization because we capitalize more cost to that inventory. And as you work that inventory down, there's less inventory to capitalize against, you see the reversal of that in the quarter. That happened in this quarter, and we expect that to actually continue through the back half of the year, and that's embedded in our guidance.

是的。因此，就資本化成本而言，實際上是庫存下降了。如果你還記得的話，第一季度，我們在關稅和分類工作之前進行了庫存預購。這顯然為資本化帶來了好處，因為我們將更多的成本資本化到該庫存中。隨著庫存的減少，可供資本化的庫存也隨之減少，您會看到本季出現逆轉。這發生在本季度，我們預計這種情況實際上會持續到今年下半年，這也已包含在我們的指導下。

So -- but the benefits of the work we've done from a cost out -- also keep in mind the store optimization work, a lot of that impact is in COGS, Think of our supply chain nodes that we closed down that were burdening our margin rates, that $70 million that we talked about you'll see in the back half, that's offsetting a lot of that as well, along with the work that the merchandising team has done to get cost out and improve our pricing promotion strategy.

所以 - 但從成本角度來看，我們所做工作的好處 - 還要記住商店優化工作，其中很多影響都在 COGS 中，想想我們關閉的那些給我們的利潤率帶來負擔的供應鏈節點，我們談到的 7000 萬美元，你會在下半年看到，這也抵消了很多，以及商品銷售團隊為降低成本和改進我們的定價工作。

So we're able to offset that plus. We're able to do that in Q2. But I would expect that pressure is in our guidance for the back half of the year. From a difference between a margin rate and SG&A, SG&A is the same, I would expect the dollars to be similar to Q2 for the rest of the year by quarter. And our margin rate, obviously, would be the plug to get back to the rate. So the rate, not significantly changed. The geography between gross margin and SG&A, not significantly changed.

因此我們能夠抵消這一優勢。我們可以在第二季度做到這一點。但我預計，我們對今年下半年的預期將面臨壓力。從保證金率和銷售、一般及行政費用之間的差異來看，銷售、一般及行政費用是相同的，我預計今年剩餘時間各季度的金額將與第二季度相似。顯然，我們的保證金費率將成為恢復該利率的關鍵。因此利率沒有顯著變化。毛利率和銷售、一般及行政費用之間的地理位置沒有顯著變化。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

Hey, thanks for taking the question. It's Mike Montani on for Greg Melich. I just wanted to ask, with the two half comp assumption implied at around 2% to 3%, should we be thinking about that as 3 points to 4 points of pricing and then a point or two offset from elasticity? Is that kind of what you're seeing in July? And then I just had a follow-up on your main street commercial accounts.

嘿，謝謝你回答這個問題。麥克·蒙塔尼 (Mike Montani) 替換格雷格·梅利奇 (Greg Melich)。我只是想問一下，如果兩個半補償假設暗示約為 2% 到 3%，我們是否應該將其視為 3 到 4 個點的定價，然後是 1 到 2 個點的彈性偏移？這就是您在七月看到的情況嗎？然後我剛剛跟進了你的主要街道商業帳戶。

Okay. Yeah. So just from an inflationary standpoint, I would say it's low to mid-single-digit inflationary. There is some elasticity impact embedded in there as well. But keep in mind, there's a wide range of outcomes that can happen as we think about the tariffs, price changes that go, in elasticity.

好的。是的。因此，僅從通貨膨脹的角度來看，我認為通貨膨脹率處於低至中等個位數。其中也存在一些彈性影響。但請記住，當我們考慮關稅、價格變化和彈性時，可能會出現各種各樣的結果。

So I think the full range that we've provided is a good assumption. In Q2, we had about 2% price inflation impact. So it's not fully -- demand elasticity was relatively similar. We did see improving trends in transaction in the later part of the quarter. So as some price increases a little bit off of Q2, we'll be cautious around what the consumer -- how the consumer behaves and what the demand elasticity looks like.

所以我認為我們提供的全部範圍是一個很好的假設。在第二季度，我們受到了約 2% 的價格通膨影響。因此，需求彈性並不完全相似。我們確實看到本季後半段交易趨勢有所改善。因此，隨著第二季價格略有上漲，我們將對消費者的行為以及需求彈性保持謹慎。

Okay. And then just a follow-up. With the core consumer, the main street consumer, it sounds like you're seeing some strength from that group. But you didn't mention as much larger wholesale accounts.

好的。然後只是後續行動。對於核心消費者、主要街道消費者來說，聽起來你看到了該群體的一些力量。但您沒有提到更大的批發帳戶。

And so I'm just curious, how should we think about cycling through some of the wholesale accounts that you may have lost? And when would it become more apparent with respect to the strength you're seeing from the main street pro customer?

所以我很好奇，我們應該如何考慮循環利用您可能已經丟失的一些批發帳戶？那麼，從主要街道專業客戶的角度來看，這種優勢何時會變得更加明顯呢？

Yeah. So you've depicted that as an either, and I would say it's an and. We still have our large pro accounts and we value those relationships and we work with them every day. And so there's not a strategy here where we're disposing of being in that space. We have great customers and enjoy being part of their ecosystem.

是的。因此，您將其描述為“要么”，而我認為它是“並且”。我們仍然擁有大量專業客戶，我們重視這些關係並每天與他們合作。因此，我們目前還沒有製定出策略來擺脫這一困境。我們擁有優秀的客戶，並很高興成為他們生態系統的一部分。

This is as we think about some marginal activity from our outside sales team members prospecting smaller accounts where they might have been reluctant to do that in the past. So we're making sure that we're covering the spectrum of pro customers, not sort of trading off one for the other.

這是因為我們考慮到我們的外部銷售團隊成員正在進行一些邊際活動，以尋找較小的客戶，而過去他們可能不願意這樣做。因此，我們要確保涵蓋所有專業客戶，而不是以某種方式交換其他客戶。

I think a couple of things that we're really excited about in the back half of the year, the work the pro team has done with our main street but also maintaining the relationships with our national accounts. But also the way they've worked across the organization, merchandising and the hard parts work, we're really excited about how our parts are performing with the pro.

我認為，今年下半年有幾件事讓我們感到非常興奮，專業團隊不僅為我們的主要街道做了工作，還維護了與我們的國家帳戶的關係。而且他們在整個組織、商品銷售和硬體工作中的工作方式，我們對我們的零件在專業人士中的表現感到非常興奮。

But also our inventory replenishment team, a lot of the assortment work we've done was more indexed towards hard parts, and that really has a benefit for our pro customers. But that cross-collaboration across the organization, really excited about the work that they've done there and the improvement we're seeing in hard parts.

但我們的庫存補充團隊也做了很多分類工作，更多地針對硬體部分，這對我們的專業客戶來說確實有好處。但是，整個組織的跨部門協作，確實讓我們對他們在那裡所做的工作以及我們在困難部分看到的改進感到興奮。

This concludes today's Q&A session and thus concludes today's call. Thank you all very much for your attendance. You may now disconnect your lines.

今天的問答環節到此結束，今天的電話會議也到此結束。非常感謝大家的出席。現在您可以斷開線路了。