領先汽車配件 (AAP) 2026 Q1 法說會逐字稿

Welcome to the Advance Auto Parts first-quarter 2026 earnings conference call. I would now like to turn it over to Lavesh Hemnani, Vice President, Investor Relations.

歡迎參加 Advance Auto Parts 2026 會計年度第一季財報電話會議。現在我想把電話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.

各位早安，感謝各位參與今天的電話會議。與我一同出席的有總裁暨執行長 Shane O'Kelly，以及執行副總裁暨財務長 Ryan Grimsland。在今天的電話會議中，我們將引用已張貼於投資人關係網站上的簡報投影片。

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, goals, guidance and expectations for the future. 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.

在開始之前，提醒各位，管理層今天的發言將包含前瞻性陳述。除歷史事實陳述外，所有陳述均屬前瞻性陳述，包括但不限於有關各項倡議、計畫、預測、目標、指引以及對未來的預期等陳述。實際結果可能與前瞻性陳述所預測或暗示者存在重大差異。更多資訊請參閱我們的財報新聞稿中的前瞻性陳述，以及我們最新的 Form 10-K 與其後向美國證券交易委員會（SEC）提交之文件中的風險因素。

Shane will begin today's call with an update on the business and progress on our strategic priorities for 2026. Later, Ryan will discuss results for the first quarter and guidance for the year. Following management's prepared remarks, we will open the line for questions.

Shane 將以對業務的最新進展，以及我們 2026 年策略優先事項的推動進度作為今天電話會議的開場。稍後，Ryan 將說明第一季業績與全年指引。在管理層預先準備的發言結束後，我們將開放提問。

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

現在讓我把電話交給我們的執行長 Shane O'Kelly。

Thank you, Lavesh, and good morning, everyone. I want to begin by thanking our frontline team for their hard work, which delivered a solid start to 2026. Comparable sales grew by 3.5% in the first quarter, marking our strongest quarter of growth in five years. Based on market indicators, we believe our results were closely aligned to broader market trends, reflecting meaningful progress over the last two years. The Pro channel was the primary driver of sales with consistent monthly growth in the mid-single-digit range. Performance in the Pro channel was driven by our strategic focus on the Main Street Pro, where the sales growth remains stronger. The DIY channel also delivered positive low single-digit growth, reversing the softness experienced last quarter.

謝謝你，Lavesh，各位早安。我想先感謝我們第一線團隊的辛勤付出，讓我們在 2026 年有一個穩健的開局。第一季同店銷售成長 3.5%，創下我們五年來最強勁的單季成長。根據市場指標，我們認為本公司業績與整體市場趨勢高度一致，反映出過去兩年來的實質進展。Pro 通路是銷售的主要驅動力，每月皆維持在中個位數百分比的穩定成長。Pro 通路的表現來自我們對 Main Street Pro 的策略聚焦，該領域的銷售成長仍更為強勁。DIY 通路也繳出正向的低個位數成長，扭轉了上季的疲弱。

Our Q1 performance reflects continued improvement in parts availability and customer service, which is helping us respond to favorable industry dynamics. We continue to execute initiatives firmly rooted in the fundamentals of selling auto parts as we aim to stabilize market share in the near term while positioning ourselves for share gain in the future.

我們第一季的表現反映出零件供應可得性與客戶服務的持續改善，這也幫助我們把握有利的產業動態。我們持續推動以汽車零件銷售基本功為核心的各項措施，目標是在短期內穩定市占，同時為未來的市占提升做好布局。

The team also delivered healthy profitability in the first quarter. Adjusted operating margin expanded by over 400 basis points to 3.8%. This progress was partly fueled by effective merchandising execution and product margin expansion. We expect Merchandising to remain the primary catalyst for margin improvement throughout the year, and I'm encouraged by the progress our team has made.

團隊在第一季也交出健康的獲利表現。調整後營業利益率擴張超過 400 個基點至 3.8%。這項進展部分來自有效的商品陳列與品類管理執行，以及產品毛利率的提升。我們預期商品（Merchandising）將在全年持續成為帶動毛利率改善的主要催化劑，我也對團隊所取得的進展感到振奮。

We also continue to drive accountability across the organization to improve productivity, which contributed to healthy expense leverage in Q1. We are pleased with the strong start to the year, and we continue to make progress on our strategic initiatives, which gives us confidence to reaffirm our full year guidance. We are closely monitoring consumer spending patterns as we transition beyond the recent tax refund tailwinds that have shaped trends in recent months, while higher gas prices may introduce temporary fluctuations in demand we remain confident in our long-term growth prospects, supported by robust underlying fundamentals, including an aging vehicle population, growing car park and increasing miles driven.

我們也持續在全組織推動責任制以提升生產力，這在第一季帶來良好的費用槓桿效益。我們對今年的強勁開局感到滿意，並持續推進策略性計畫，這讓我們有信心重申全年指引。在近期退稅帶動的順風效應逐步消退之際，我們正密切關注消費支出型態；同時，較高的汽油價格可能使需求出現短期波動。儘管如此，我們仍對長期成長前景充滿信心，因為有強勁的基本面支撐，包括車齡老化、車輛保有量增加，以及行駛里程上升。

Next, let's turn to an update on our strategic priorities for 2026. Our strategy remains unchanged and is built on three pillars, supported by targeted initiatives to drive sustainable, profitable growth over the long term. We remain committed to executing actions under our 2026 strategic priorities as we make progress on our journey towards a medium-term 7% adjusted operating margin target.

接下來，讓我們更新 2026 年的策略優先事項。我們的策略維持不變，建立在三大支柱之上，並以聚焦的行動方案支撐，以在長期推動可持續且具獲利性的成長。我們仍致力於落實 2026 年策略優先事項下的各項行動，並持續朝中期調整後營業利益率 7% 的目標邁進。

Let's begin with Merchandising. Over the past year, our strategic business planning efforts have helped strengthen our vendor relationships. We are doing this through better internal processes, streamlining of non-value-added vendor costs and closer collaboration through field training and marketing initiatives. In addition, last year, we implemented a new assortment framework to optimize product placement across our network. This framework continues to evolve and is helping us expand parts availability while improving market access for our vendors.

先從商品（Merchandising）談起。過去一年，我們的策略性業務規劃工作有助於強化與供應商的合作關係。我們透過改善內部流程、精簡不具附加價值的供應商成本，以及藉由現場訓練與行銷活動更緊密的協作來達成。此外，去年我們導入新的品項組合架構，以最佳化產品在整體網路中的配置。該架構持續演進，並協助我們在擴大零件供應可得性的同時，提升供應商的市場觸及。

Our customers are seeing more reliable product availability, which is supporting improved transaction volumes. With a broader SKU assortment, we are better positioned to meet demand and to capture growth opportunities. This is especially evident in our Pro business where the expanded assortment in brakes and undercar is driving above-average comps and helping us capture more Main Street business.

客戶已感受到更可靠的商品供應可得性，進而支持交易量提升。在更廣泛的 SKU 品項組合下，我們更能滿足需求並掌握成長機會。這在我們的 Pro 業務中特別明顯：煞車與底盤（undercar）品類的擴充品項帶動高於平均的同店表現，並幫助我們取得更多 Main Street 業務。

At the front of the store, we are elevating the shopping experience to better meet the needs of our customers. For example, if you visit an Advance store in your neighborhood today, you'll notice a refreshed wash and wax section. We have refined the product selection based on customer feedback to better align with how customers shop by job with related product attachments. We plan to implement a similar approach across other front room categories to enhance the experience for our DIY customers.

在門市前場，我們正提升購物體驗，以更好地滿足客戶需求。例如，若你今天走進住家附近的 Advance 門市，你會注意到煥然一新的洗車與打蠟區。我們根據客戶回饋精煉產品選擇，更貼近客戶以「工作／任務」為導向的購物方式，並搭配相關產品的連帶配置。我們計畫在其他前場品類也採用類似作法，以提升 DIY 客戶的體驗。

Our newly launched owned oil brand, ARGOS is now a standout feature in the front room. Since introduction, ARGOS has met our expectations and is one of our top brands in the category. This brand delivers engine protection and performance comparable to leading national brands while offering significant cost savings, a value proposition that we believe will resonate strongly with both Pro and DIY customers.

我們新推出的自有機油品牌 ARGOS，如今已成為前場的一大亮點。自推出以來，ARGOS 的表現符合我們的預期，並成為該品類中我們的頂尖品牌之一。該品牌提供可與主要全國性品牌媲美的引擎保護與性能，同時帶來顯著的成本節省；我們相信這項價值主張將強烈吸引 Pro 與 DIY 客戶。

In addition to motor oil, we have also expanded the ARGOS brand to other products such as hydraulic oils, antifreeze, performance chemicals and washer fluid. We are prioritizing customer insights to deliver quality solutions to drive higher customer satisfaction.

除了機油之外，我們也將 ARGOS 品牌延伸至其他產品，例如液壓油、防凍液、性能化學品以及雨刷水。我們以客戶洞察為優先，提供高品質解決方案，以推動更高的客戶滿意度。

During Q1, we also launched our modernized DIY Loyalty Program, Advance Rewards, which replaced the prior Speed Perks program. Advance Rewards gives members greater flexibility in redeeming coupons along with access to exclusive vendor offers, bonus point promotions and other exciting features. The transition to Advance Rewards has been seamless, and we are already observing strong early engagement from our customers.

在第一季，我們也推出了現代化的 DIY 會員忠誠計畫 Advance Rewards，取代先前的 Speed Perks 計畫。Advance Rewards 讓會員在兌換優惠券時更具彈性，並可享有供應商專屬優惠、加碼點數活動及其他令人期待的功能。轉換至 Advance Rewards 的過程相當順暢，我們已觀察到客戶在早期就展現出強勁的參與度。

New member sign-ups, program penetration and total transactions from loyalty members have increased since launch. These early trends suggest customers are responding well to the modernized program, which we believe has the potential to deepen loyalty and engagement across our DIY customer base. Following the introduction of our ARGOS brand and the Advance Rewards Loyalty Program, we are amplifying our connection with the DIY community through the launch of an impactful new brand campaign, Good Parts.

自上線以來，新會員註冊數、計畫滲透率，以及忠誠會員帶來的總交易量皆有所提升。這些早期趨勢顯示客戶對現代化計畫反應良好；我們相信這有潛力在 DIY 客群中深化忠誠度與互動。在推出 ARGOS 品牌與 Advance Rewards 忠誠計畫之後，我們也透過推出具影響力的全新品牌行銷活動「Good Parts」，進一步強化與 DIY 社群的連結。

This campaign reinforces our commitment to empower customers to get back on the road quickly and with confidence by providing trusted products and exceptional service across our expansive network of over 4,300 stores.

此行銷活動強化我們的承諾：透過在超過 4,300 家門市所構成的廣大網路中，提供值得信賴的產品與卓越服務，協助客戶快速且有信心地重返道路。

Turning to supply chain. With the consolidation of our distribution centers nearing completion, our team has transitioned their focus to streamline and standardize DC operations to deliver greater efficiency. Following a comprehensive review of DC workflows, we have identified key process improvements, which will be systematically implemented throughout the year. We expect the productivity savings from these process improvements to drive gross margin expansion in 2027 and beyond. These enhancements are designed to improve how product flows into our DCs through the facilities and out to hubs in stores. We expect these actions to raise operational efficiency and support our productivity goals for both our supply chain and our stores.

接著談供應鏈。隨著配送中心整併接近完成，我們的團隊已將重心轉向精簡並標準化配送中心（DC）營運，以提升效率。在對 DC 作業流程進行全面檢視後，我們已找出關鍵流程改善項目，並將在全年有系統地導入。我們預期這些流程改善所帶來的生產力節省，將在 2027 年及之後推動毛利率擴張。這些強化措施旨在改善產品如何進入我們的 DC、在設施內流轉，並配送至樞紐與門市。我們預期這些行動將提升營運效率，並支持我們在供應鏈與門市兩端的生產力目標。

For example, one critical objective is to achieve near-perfect shipment accuracy to stores. Achieving this will eliminate the need for store teams to manually scan each product upon receipt, which can save labor hours allocated for those tasks. We have also launched tools that improve visibility into parts movement between hubs and stores helping free up more time for customer service.

例如，一項關鍵目標是達成對門市近乎完美的出貨準確率。達成此目標將可免除門市團隊在收貨時逐一手動掃描每項商品的需求，進而節省原本分配於這些工作的工時。我們也已推出可提升樞紐與門市之間零件流動可視性的工具，協助釋放更多時間用於客戶服務。

Additionally, we are working to optimize vendor ordering practices which will address the current fragmentation in order volumes that drives higher handling costs for us and our vendors. By refining these processes, we aim to minimize redundant touches on product lines, streamline transportation costs, and alleviate congestion in our store back rooms. We expect these operational changes to lower the cost-per-unit shipped from our distribution centers while improving consistency for store teams and service levels for customers.

此外，我們正致力於優化供應商下單作業，以解決目前訂單量分散所導致、使我們與供應商承擔較高處理成本的問題。透過精進這些流程，我們目標是將產品線上重複接觸的次數降至最低、精簡運輸成本，並緩解門市後場的壅塞。我們預期這些營運變革將在提升門市團隊作業一致性與客戶服務水準的同時，降低配送中心每單位出貨成本。

Our existing distribution center network is well equipped to support strong parts availability as we expand our multi-echelon network. We are on track to open 10 to 15 market hubs this year. To date, we have opened two additional market hubs, bringing our total to 35 hubs as we progress towards our target of 60 locations in 2027. The strategic expansion of Market Hub's locations is enabling us to enhance same-day hard parts coverage across the store network, which creates incremental opportunities to capture market share.

在我們擴展多層級（multi-echelon）網路之際，現有的配送中心網路已具備良好條件，可支援強勁的零件供應可得性。我們正按計畫於今年開設10至15個市場樞紐（market hubs）。截至目前，我們已新增開設兩個市場樞紐，使總數達到35個樞紐，並持續朝2027年達成60個據點的目標邁進。市場樞紐據點的策略性擴張，正協助我們提升整體門市網路的當日硬件（hard parts）覆蓋率，進而創造額外機會以取得市占率。

Next, I will conclude with an update on our third strategic pillar, store operations. Our store leadership team is prioritizing better task execution, stronger sales productivity and higher labor utilization. Our field leaders are simplifying task workflows and improving scheduling to help teams operate more efficiently.

接下來，我將以我們第三項策略支柱——門市營運——的最新進展作結。我們的門市領導團隊正優先推動更佳的任務執行、更強的銷售生產力以及更高的勞動力運用效率。我們的區域主管正簡化任務工作流程並改善排班，以協助團隊更有效率地運作。

Concurrently, we are upgrading training content to strengthen team capabilities while also providing transparent performance measurements to drive accountability. The new store operating model was fully implemented in Q4 and is yielding opportunities for strategic investments in key markets to support transaction growth. We will continue to allocate payroll and store resources strategically while monitoring the new operating model to increase productivity.

同時，我們正升級訓練內容以強化團隊能力，並提供透明的績效衡量以推動問責。新的門市營運模式已於第四季全面導入，並帶來在關鍵市場進行策略性投資、以支持交易量成長的機會。我們將持續以策略方式配置薪資與門市資源，同時監測新的營運模式以提升生產力。

Early indicators of our service enhancements are encouraging, including an improvement in customer Net Promoter Scores, which reinforces our confidence in the actions we are taking, delivering strong customer service remains a long-term priority, and we are pleased with our consistent Pro delivery times of under 40-minutes as well as the continued focus on improving in-store NPS.

我們服務提升的早期指標令人鼓舞，包括客戶淨推薦值（NPS）的改善，這也強化了我們對目前所採取行動的信心；提供優質客戶服務仍是長期優先事項，我們也對Pro配送時間穩定維持在40分鐘以內，以及持續聚焦改善門市NPS感到滿意。

Technology is also playing a pivotal role in unlocking better store productivity. We have equipped our store teams with tools like Zebra Devices to improve daily task efficiency like inventory management. We are also modernizing servers and other systems infrastructure to drive store efficiency. These technological investments are integrated into our financial plan and are in addition to physical store upgrades being executed at more than 1,000 locations this year as part of our multiyear asset management plan.

科技也在釋放更高門市生產力方面扮演關鍵角色。我們已為門市團隊配備如Zebra裝置等工具，以提升包含庫存管理在內的日常任務效率。我們也正現代化伺服器與其他系統基礎設施，以推動門市效率。這些科技投資已納入我們的財務計畫，且是額外加上今年依據多年期資產管理計畫、在超過1,000個據點執行的實體門市升級。

In closing, I want to once again thank the team for their hard work this quarter. This past April marked Advance Auto Parts' 94 year in business. As we reflect on how far we've come, we believe we have a bright future, thanks to the passion of our team members who continue to drive us forward.

最後，我想再次感謝團隊在本季的辛勤付出。今年4月是Advance Auto Parts成立第94年。回顧我們走過的歷程，我們相信在持續推動公司前進的團隊成員熱情投入下，我們擁有光明的未來。

I will now hand the call over to Ryan to provide details on our Q1 financial performance. Ryan?

接下來我將把電話會議交給Ryan，請他說明我們第一季的財務表現細節。Ryan？

Thank you, Shane, and good morning, everyone. I want to begin by thanking our frontline associates for continuing to serve our customers and delivering a strong Q1. For the first quarter, we reported net sales of $2.6 billion, which grew 1% compared to last year. This included comparable sales growth of 3.5%, which was offset by 2 points of headwind created from cycling $51 million in liquidation sales related to the store optimization activity that was completed in Q1 last year.

謝謝你，Shane，各位早安。我想先感謝我們第一線同仁持續服務客戶，並交出強勁的第一季表現。第一季我們的淨銷售額為26億美元，較去年成長1%。其中同店銷售成長3.5%，但被一項2個百分點的不利因素所抵銷，該不利因素來自於去年第一季完成的門市優化活動所帶來、5,100萬美元清算銷售的比較基期效應。

Next, let's dive into the cadence of our comparable sales performance. Our Q1 fiscal period stretches across 16 weeks from January through April. The early part of the quarter witnessed multiple winter storms, which helped drive sales of failure-related items, although we also experienced some disruption with temporary store closures and delayed spending on maintenance categories.

接下來，我們深入說明同店銷售表現的節奏。我們第一季會計期間橫跨1月至4月，共16週。本季前段出現多場冬季風暴，帶動故障相關品項的銷售，但我們也因部分門市暫時關閉，以及維修類別支出延後而受到一些干擾。

Starting in mid-February, sales trends began to improve. This was driven by a combination of consumers deploying tax refunds and resuming spending on vehicle maintenance in the backdrop of better weather during March. As we transition into April, the contribution from weather was relatively muted as some of our markets witnessed unusually dry conditions, while others experienced a prolonged transition into spring.

自2月中旬起，銷售趨勢開始改善。這主要由多項因素共同推動，包括消費者運用退稅款，以及在3月天氣轉佳的背景下恢復車輛保養支出。進入4月後，天氣對業績的貢獻相對有限，因為部分市場出現異常乾燥的情況，而另一些市場則經歷較長的入春過渡期。

On balance, we estimate that weather was not a material driver of results in fiscal Q1. Outside of these factors, Q1 performance primarily benefited from our focus on Main Street Pro, along with improvements in parts availability and customer service. The benefits from our initiatives were evident in the acceleration in our two-year comparable sales trend throughout the quarter despite the more onerous comparisons during the second half of Q1.

整體而言，我們估計天氣並非本會計第一季業績的重大驅動因素。除上述因素外，第一季表現主要受惠於我們聚焦Main Street Pro，以及零件可得性與客戶服務的改善。儘管第一季後半段的比較基期更為嚴苛，我們的措施效益仍反映在整季兩年期同店銷售趨勢的加速上。

Looking at performance by channel, the Pro channel grew in the mid-single-digit range with monthly growth tracking consistently within that range. As we have indicated previously, we are strategically optimizing our large national account Pro business and focusing our selling efforts on the Main Street Pros. Our outside sales team has been doing a tremendous job in engaging with these customers, which is yielding more than 200 basis points of outperformance in comparable sales relative to our overall Pro comp, while the optimization of national accounts has created a natural headwind in the Pro channel this year, our underlying comparable sales trajectory is healthier, and we expect our actions this year to position us more favorably over the long term.

按通路來看，Pro通路以中個位數幅度成長，且各月成長率穩定維持在該區間。如同我們先前所提，我們正策略性地優化大型全國性客戶的Pro業務，並將銷售重心放在Main Street Pros。我們的外勤銷售團隊在與這些客戶互動方面表現出色，使同店銷售相較於整體Pro同店多出超過200個基點的超額表現；同時，全國性客戶的優化在今年對Pro通路形成自然的不利因素，但我們的基本同店銷售軌跡更為健康，且我們預期今年的行動將使我們在長期更具優勢。

The Main Street Pro represents a larger portion of the addressable market, and we see a meaningful opportunity to grow within this segment. In the DIY channel, comparable sales grew in the low single-digit range. Performance within the channel remains tempered due to the broader inflationary backdrop and stretched household budgets.

Main Street Pro在可服務市場中占比更大，我們看見在此區隔具備顯著的成長機會。在DIY通路，同店銷售以低個位數幅度成長。由於整體通膨環境與家庭預算吃緊，該通路的表現仍相對受抑。

In this environment, our teams remain focused on serving customers well and delivering a strong in-store experience. Ticket was positive for the quarter and included same SKU inflation of approximately 3%, and which was in line with expectations. Transaction volumes improved in both channels, and we continue to be encouraged by the growth in units per transaction. Both metrics accelerated on a one and two year basis highlighting our progress with enhancing parts availability and customer service.

在此環境下，我們的團隊仍專注於良好服務客戶並提供優質的門市體驗。本季客單價為正，包含約3%的同SKU通膨，符合預期。兩個通路的交易量皆有所改善，我們也持續對每筆交易的件數成長感到鼓舞。這兩項指標在一年期與兩年期基礎上皆加速，凸顯我們在提升零件可得性與客戶服務方面的進展。

Moving to margins. Adjusted gross profit was approximately $1.2 billion, or 45.1% of net sales, resulting in over 210 basis points of gross margin expansion compared to the same period last year. The improvement in gross margin was mainly driven by product margin expansion, reflecting the strength in our underlying Merchandising initiatives and commitment to operational progress.

接著談毛利率。調整後毛利約為12億美元，約占淨銷售額的45.1%，較去年同期毛利率擴張超過210個基點。毛利率改善主要由產品毛利率擴張所帶動，反映我們商品（Merchandising）計畫的內在強勁動能，以及對營運改善的承諾。

During the quarter, we also cycled through approximately 90 basis points of atypical margin headwinds related to our store optimization activity last year. This benefit was more than offset by a year-over-year margin headwind created by $17 million in LIFO expense during the quarter.

本季我們也消化了約90個基點、與去年門市優化活動相關的非典型毛利率不利因素之比較基期。然而，該項效益被本季1,700萬美元LIFO費用所造成的年對年毛利率不利因素所抵銷且有餘。

Adjusted SG&A was approximately $1.1 billion or 41.3% of net sales resulting in approximately 200 basis points of leverage. SG&A declined 3% compared to last year as we cycled through an estimated $37 million in expenses associated with our store optimization project. Adjusting for this comparison, SG&A was relatively flat to last year, reflecting strong productivity in the business.

調整後SG&A約為11億美元，約占淨銷售額的41.3%，帶來約200個基點的槓桿效益。SG&A較去年下降3%，因為我們消化了與門市優化專案相關、估計3,700萬美元費用的比較基期。若排除此比較因素，SG&A與去年大致持平，反映業務具備強勁的生產力。

As a result, adjusted operating income was $99 million or 3.8% of net sales, resulting in 410 basis points of year-over-year margin expansion. Adjusted diluted earnings per share for the quarter was $0.77 compared to a loss of $0.22 last year.

因此，調整後營業利益為9,900萬美元，占淨銷售額的3.8%，使得營業利益率較去年同期擴張410個基點。本季調整後稀釋每股盈餘為0.77美元，去年同期則為每股虧損0.22美元。

We ended the quarter with free cash outflow of $75 million compared to an outflow of $198 million in the same period last year. The improvement in free cash flow year-over-year was primarily driven by stronger operating performance, improved working capital management and a reduction in cash expenses for restructuring costs associated with the store optimization activity.

本季結束時，自由現金流出為7,500萬美元，相較去年同期流出1.98億美元。自由現金流較去年同期改善，主要來自更強勁的營運表現、營運資金管理改善，以及與門市優化活動相關之重整成本現金支出減少。

Inventory at the end of Q1 grew by approximately 5% compared to year-end 2025 and reflecting our focus on expanding product depth and breadth across the network while aligning availability with market demand. We expect to continue allocating inventory investments on a market-by-market basis to provide broader access to parts for our customers. Our balance sheet is in a solid position with approximately $3 billion in cash at the end of the quarter. Net debt leverage was stable at 2.4 times compared to last quarter and in line with our targeted range of 2 times to 2.5 times.

第一季末的庫存較2025年年底約增加5%，反映我們著重於在整個網路擴充產品深度與廣度，同時使供應可得性與市場需求對齊。我們預期將持續按各市場配置庫存投資，以便讓客戶更廣泛取得零件。本季末資產負債表維持穩健，現金約30億美元。淨負債槓桿倍數維持穩定，為2.4倍，與上季相同，並符合我們2倍至2.5倍的目標區間。

Turning to full year guidance. Let's start with net sales. For the full year, net sales is projected at approximately $8.5 billion. This includes comparable sales growth in the 1% to 2% range. Each quarter is expected to deliver positive same-store sales growth. Although the first half is expected to be stronger, owing to easier comparisons and the strong Q1 performance. Same SKU inflation is planned in the 2% to 3% range for the year.

接著談全年指引。先從淨銷售額開始。全年淨銷售額預估約為85億美元。其中包含同店銷售成長約1%至2%。預期每一季都將帶來正的同店銷售成長。雖然上半年預期較強，主要因比較基期較容易以及第一季表現強勁。全年同SKU通膨規劃在2%至3%區間。

The recent tariff regulations have not altered our inflation expectations. In terms of channel performance, we expect Pro to outperform DIY with both channels contributing positively to comp growth. This is expected to be driven by a gradual improvement in transactions with initiatives focused on enhancing availability and service levels. While we are encouraged by the strong start to the year, our outlook considers the potential for some near-term demand variability related to continued pressure on the consumer, which is now being intensified by elevated gas prices.

近期關稅規定並未改變我們對通膨的預期。就通路表現而言，我們預期專業客群（Pro）將優於DIY，且兩個通路都將對同店成長做出正向貢獻。這預期將由交易量逐步改善所帶動，相關措施聚焦於提升供貨可得性與服務水準。儘管我們對今年強勁開局感到鼓舞，我們的展望仍納入消費者持續承壓所帶來的短期需求波動可能性，而目前又因油價走高而加劇。

Moving to margins. We expect adjusted operating income margin between 3.8% and 4.5% for 2026, resulting in 130 to 200 basis points of year-over-year margin expansion. We expect gross margin expansion in the range of 110 to 150 basis points to approximately 45%. Most of this margin expansion is expected to be driven by Merchandising initiatives related to strategic vendor sourcing and optimization of pricing and promotions.

接著談毛利率與營業利益率。我們預期2026年調整後營業利益率介於3.8%至4.5%，使得較去年同期擴張130至200個基點。我們預期毛利率擴張110至150個基點至約45%。這些利潤率擴張大多預期將由商品（Merchandising）相關措施所驅動，包括策略性供應商採購以及價格與促銷的最佳化。

We expect that the benefits from Merchandising initiatives will be partially offset by investments to improve supply chain productivity following completion of the consolidation phase of our DC network. We plan to continue to work closely with our vendor partners to navigate the current volatility due to the evolving geopolitical landscape and the goal of mitigating any potential supply or cost pressures.

我們預期商品相關措施帶來的效益，將部分被供應鏈生產力提升的投資所抵銷，該投資是在我們配送中心（DC）網路整併階段完成後進行。我們計畫持續與供應商夥伴密切合作，以因應地緣政治局勢演變所帶來的當前波動，並致力於降低任何潛在的供應或成本壓力。

Regarding SG&A, we expect reported full year expenses to be down year-over-year, contributing 20 to 50 basis points of leverage. This is largely due to cycling of approximately $90 million in nonrecurring expenses from 2025. Adjusting for these expenses, we expect SG&A to grow at a low single-digit rate compared to last year. We expect to deploy savings generated from better in-store task management, effective resource allocation and a reduction in indirect spending to fund general wage inflation, store opening expenses and strategic labor investments in priority markets.

關於SG&A，我們預期全年報告費用將較去年同期下降，帶來20至50個基點的槓桿效益。這主要是因為2025年約9,000萬美元的一次性費用在今年不再發生。若排除這些費用，我們預期SG&A相較去年將以低個位數成長。我們預期將把透過更佳的門市工作事項管理、有效的資源配置以及間接支出降低所產生的節省，用於支應整體薪資通膨、開店費用，以及在優先市場的策略性人力投資。

As we move forward, we will continue to look for opportunities to streamline tasking operations in stores to create more time for customer service. The slide presentation accompanying today's call provides a detailed view of our full year 2026 sales and operating margin guidance.

展望未來，我們將持續尋找機會精簡門市的工作事項運作，以騰出更多時間投入客戶服務。今日電話會議隨附的簡報投影片，提供我們2026年全年銷售與營業利益率指引的詳細內容。

Moving to other items in guidance. We expect adjusted diluted EPS in the range of $2.40 to $3.10. This includes full year pretax interest expense of approximately $210 million, partially offset by pretax interest income of approximately $80 million.

接著談指引中的其他項目。我們預期調整後稀釋每股盈餘介於2.40至3.10美元。此預估包含全年稅前利息費用約2.10億美元，並由稅前利息收入約8,000萬美元部分抵銷。

During Q1, we experienced favorability in interest income based on rates in the quarter. We are not updating full year EPS expectations on account of higher interest income given that it's still relatively early in the year. We expect to increase capital expenditures in 2026 to approximately $300 million, with spending allocated to new stores and greenfield market hub growth, store infrastructure upgrades and strategic investments. We plan to open 40 to 45 new stores and 10 to 15 market hubs during the year.

第一季期間，受當季利率水準影響，我們的利息收入表現較有利。鑑於目前仍屬年初，我們不會因利息收入較高而更新全年每股盈餘預期。我們預期2026年資本支出將提高至約3億美元，支出將配置於新店與綠地市場樞紐（hub）擴張、門市基礎設施升級，以及策略性投資。我們計畫全年新開40至45家門市，以及10至15個市場樞紐。

Full year 2026 free cash flow is expected at approximately $100 million supported by stronger sales and profitability. Q1 typically represents a seasonal trough for free cash flow, and we expect stronger cash generation for the balance of the year.

2026年全年自由現金流預期約為1億美元，並由更強勁的銷售與獲利能力所支撐。第一季通常是自由現金流的季節性低點，我們預期今年其餘期間的現金創造將更為強勁。

To conclude, I want to thank our frontline team for delivering a strong Q1 and their commitment to serving our customers and enhancing operational execution. I will now hand the call back to Shane.

最後，我要感謝第一線團隊交出強勁的第一季成績，並感謝他們致力於服務客戶與提升營運執行。接下來我把電話交回給Shane。

Thank you, Ryan. I'd like to close by thanking the Advance team for building momentum against our strategic priorities. We are strengthening the business by enhancing the customers' experience and our operational productivity which we believe will position us well to drive long-term growth.

謝謝你，Ryan。我也想在結尾感謝Advance團隊在我們的策略優先事項上持續累積動能。我們正透過提升客戶體驗與營運生產力來強化業務，我們相信這將使我們具備良好條件以推動長期成長。

Thank you Operator, we can now open the line for questions.

謝謝接線員，我們現在可以開放提問。

(Operator Instructions) Steven Zaccone, Citi.

(接線員指示) Steven Zaccone，花旗（Citi）。

Congrats on the strong results. I wanted to just start with the same-store sales outlook for the year. Obviously, you maintained it, but you had such a strong print here in the first quarter. Just help us think about the cadence of the year. Is there really any change? You mentioned some near-term demand variability, I think, was your comment. So just -- what are you seeing in the near term? Anything to think about for the second quarter would be helpful as well.

恭喜你們有強勁的成果。我想先從今年的同店銷售展望談起。顯然你們維持原先看法，但第一季的表現非常亮眼。請協助我們理解今年的節奏。真的沒有任何變化嗎？你提到一些短期需求波動，我想那是你的說法。所以——你們在短期內看到了什麼？若也能談談第二季需要注意的事項會很有幫助。

Yes. Thanks, Stephen. This is Ryan. So in Q2, we expect comps to moderate a little bit from Q1, and that's consistent with how we planned earlier in the year. We expect comps in line with our guidance range, so still in that ballpark. We also don't expect any major tax refund tailwinds going into it. We begin lapping inflation kind of in the second half of Q2, think of last year's inflationary events. We are monitoring kind of like potential increased volatility in consumer spend as we go through the quarter.

是的。謝謝，Stephen。我是Ryan。第二季我們預期同店成長會較第一季稍微放緩，這也符合我們年初的規劃。我們預期同店表現將落在指引區間內，因此仍大致在那個範圍。我們也不預期會有任何重大的退稅利多帶動。我們在第二季後半段開始進入通膨的比較基期，想想去年通膨事件的影響。我們正持續監測在本季進行期間，消費支出可能出現的波動加大。

For Q3, Q4, there's really no change to expectations for comps that are in line with the low end of our full year guidance, which is what we expected. A couple of things just to think about from a quarter and where we see things going right now in the quarter, there is this difference -- we call it a shoulder period between tax refunds and kind of peak driving. And I think as we get past Memorial Day, that's peak driving season.

至於第三季、第四季，我們對同店的預期沒有改變，仍與全年指引低端一致，這也是我們原先的預期。有幾點可從季度角度思考，以及我們目前在本季看到的走勢：在退稅季與駕車高峰之間存在一段差異——我們稱之為「肩部期間」。我認為過了國殤日之後，就進入駕車旺季。

And so just knowing consumer household budgets are pressured right now. That will be a really good indicator for us to see how that plays out, but really getting past Memorial Day is really when that peak driving season takes off. So for now, we're kind of keeping guidance where we had, Q2 kind of consistent with where we planned in the back half of the year.

因此，僅僅是了解到消費者家庭預算目前正承受壓力。這將會是我們觀察其如何發展的一個非常好的指標，但真正要等到陣亡將士紀念日之後，才是駕車旺季真正起飛的時候。所以就目前而言，我們大致維持原先的指引，第二季與我們對下半年規劃的水準大致一致。

One thing to remember about the back half of the year from an inflationary standpoint, is that we're cycling over inflation. So we called out 2% to 3% inflation on the year, the first half of the year being more towards the high end of that, the back half of the year being more in the lower end of that from an inflationary impact.

從通膨的角度來看，下半年有一點要記得的是，我們是在與先前的通膨基期相比。因此我們提到全年通膨約2%到3%，上半年會更偏向區間高端，而下半年在通膨影響上會更偏向區間低端。

Okay. Great. Then the follow-up I had is just on the DIFM side, how do we think about some of the moving pieces now with Main Street accounts? And then winding down some of the national account business as we think about tailwinds and headwinds through the balance of the year?

好的。很好。那我接著想追問的是在DIFM（代客維修）這一端，面對Main Street帳戶目前的一些變動因素，我們該如何看待？以及當我們逐步縮減部分全國性客戶（national account）業務時，對今年剩餘期間的順風與逆風會是什麼？

So yes, it's a good one on that one. From a national account standpoint, probably Q1 is going to be the largest headwind from some of the actions we've taken, that will start to kind of reduce over time. It will still be pressure in the back half of the year because there were actions we took in the back half of the year. But Q1 is probably the largest headwind.

是的，這個問題問得很好。就全國性客戶而言，第一季大概會是我們先前採取的一些行動所帶來的最大逆風，之後會隨時間逐步減弱。下半年仍會有壓力，因為我們在下半年也採取過一些行動。但第一季可能是最大的逆風。

You start to see the Main Street's performance and the overall Pro get more in line and then especially going into next year, but we'll still have pressure throughout the year, but Q1 probably being the largest pressure, and we'll start to see that moderate throughout the year, but there will still be some.

你會開始看到Main Street的表現與整體Pro業務更趨一致，尤其是進入明年之後；不過今年全年仍會有壓力，但第一季大概是壓力最大的一季，之後會在全年逐步緩和，但仍會存在一些影響。

We're really excited about the work the team is doing on the Main Street side. It's a larger addressable market. A higher margin profile. The team has done a phenomenal job getting out there and providing the right service level, getting the right assortment of parts in our stores to meet the needs of the Main Street Pro. So we're excited about the momentum there and what we're doing.

我們對團隊在Main Street端所做的工作感到非常振奮。那是一個更大的可服務市場。毛利結構也更高。團隊在外部拓展、提供適當的服務水準，以及在門市備齊符合Main Street專業客戶（Main Street Pro）需求的零件組合方面，表現非常出色。所以我們對那裡的動能以及我們正在做的事情感到很興奮。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

So you're growing above inflation, and that's the first time in a bit, which is a good progress. Can you talk about -- I know -- I think it sounds like that's happening in both DIY and do-it-for-me. Is it specific to certain categories? Is it specific to certain geographies? Can you share spreads, if you're willing to, of different geography and different categories so we can get a sense of how broad it is?

所以你們的成長高於通膨，這是好一段時間以來第一次，算是很好的進展。你能談談——我知道——聽起來DIY與DIFM（代客維修）兩邊都在發生。這是否集中在特定品類？是否集中在特定地區？如果你們願意的話，能否分享不同地區與不同品類之間的差異幅度，讓我們了解這種改善的廣泛程度？

Yes. From an inflationary standpoint, that's pretty much across the board. I think from a transactional piece, there are some differences and nuanced differences geographically. Some of that is how much of that is consumer pressure in different areas. We are seeing better performance in the Northeast and Mid-Atlantic, some of the key markets.

可以。從通膨角度來看，幾乎是全面性的。我認為在交易面（transactional）上，地理區域之間確實有一些差異與細微差別。其中一部分取決於不同地區消費者壓力的程度。我們在東北部與中大西洋地區等一些關鍵市場看到更好的表現。

But it's been broad-based improvement -- is not a significant deviation. Some of that is weather in the quarter as well that's impacted different geographies. So for the most part, from an assortment and availability and in-stock, we feel really good about that across all of our geographies. We really like the service levels improvement across all geographies.

但整體來看是廣泛性的改善——並沒有顯著的偏離。其中也有一部分是本季天氣因素，對不同地區造成了影響。因此就商品組合、供應可得性與在庫率而言，我們對所有地區的表現都感到非常滿意。我們也非常喜歡各地區服務水準的提升。

The things we're doing are hitting broad-based in all geographies, and we like the momentum we're building there. There are other things that impact differences like weather within those areas that may cause some deviation. But for the most part, it's kind of broad based -- inflation's impact is really universal across all those areas.

我們正在做的事情在所有地區都產生了廣泛效果，我們也喜歡正在建立的動能。當然還有其他因素會造成差異，例如各區域的天氣，可能導致一些偏離。但大致上是相當廣泛的——通膨的影響在這些地區基本上是普遍一致的。

Simeon, it's Shane. A couple of adds to Ryan's point. First, on the Pro side, our time to serve our Main Street focus. We really like what we're doing there. We like how we're using technology to help our sales team members be effective when they're in with the small Pro.

Simeon，我是Shane。補充Ryan的觀點幾點。首先，在Pro端，我們把服務時間（time to serve）聚焦在Main Street。我們非常喜歡我們在那裡所做的事情。我們也喜歡運用科技，協助我們的銷售團隊成員在面對小型專業客戶（small Pro）時更有效率。

And then on DIY, a couple of things. Brakes has been a great category for us. We really like what's occurring there. And we're thrilled with the ARGOS launch. So as a reminder, that's our brand of what originally started with motor oil, great receptivity and now expanding across hydraulics, performance chem, antifreeze, washer fluid, add to that, the assortment moves Ryan referred to, also refreshing POGs and we see that being manifested in our NPS improvement. So we like what we're doing across both Pro and DIY. And we're -- and I want to thank the team, in particular, you mentioned it upfront, a 3.5% comp, that's our best comp in five years, and that's a function of hard work going on out in the field every day.

再來在DIY方面，有幾點。煞車（Brakes）一直是我們表現很好的品類。我們很喜歡那裡正在發生的事情。而且我們對ARGOS的上市（launch）感到非常振奮。提醒一下，那是我們的自有品牌，最初從機油起家，市場反應很好，現在正擴展到液壓油、性能化學品、防凍液、雨刷精等；再加上Ryan提到的商品組合調整，以及更新貨架陳列圖（POG），我們也看到這些反映在NPS提升上。所以我們喜歡我們在Pro與DIY兩端所做的事情。另外——我也想特別感謝團隊，你一開始提到的3.5%同店成長（comp），是我們五年來最好的同店表現，這是前線每天辛勤努力的成果。

And so just as a follow-up, so this is looking out a bit far. But as you think about the curve of '26 and then even into '27, right now, you are lapping really good SG&A efficiency. There was some easy compare on gross margin. But as you lap into next year, does the cost structure start to go back up and more meaningfully? And then the ability to continue on gross margin, meaning if we continue in comps of this 3% to 4% range. And I don't know if that's the right number or not, is that enough to drive the continued margin expansion that you expect over, call it, the medium term?

那我再追問一下，這可能看得比較遠。但當你們思考2026年的走勢曲線，甚至延伸到2027年時，目前你們正面臨非常好的SG&A效率基期。毛利率也有一些較容易的比較基期。但當進入明年之後，成本結構是否會開始回升，而且更明顯？以及毛利率能否持續改善——也就是說，如果同店成長維持在3%到4%這個區間（我不確定這是否是正確數字），是否足以推動你們在中期所預期的持續利潤率擴張？

So a couple of things around our build going into next year. This year, the large portion of the margin expansion is really coming from Merch initiatives that's been underway. This year, we are building supply chain productivity initiatives and the time line of that in our stores as well. And I think that's more of a next year type of productivity lift, which -- what were early signs that we're seeing, we're feeling really good about our ability to continue to drive productivity in those areas in future years.

關於我們進入明年的布局，有幾點。今年利潤率擴張的很大一部分，主要來自已推動一段時間的商品（Merch）相關計畫。今年我們也在建立供應鏈生產力提升計畫，以及其在門市端的時間表。我認為那更像是明年才會顯現的生產力提升；從我們目前看到的早期跡象來看，我們對未來幾年在這些領域持續推動生產力的能力感到非常有信心。

This year has really been focused on the merchant initiatives. So that's been the first one that got going and Ron coming in and looking at our supply chain network, especially after we just consolidated down. Now we're in the buildings, driving productivity, building out those initiatives and plans. -- This year, we're really going to be able to assess the timing of when that will come, but we feel good about being able to drive productivity in those out years, particularly in those two areas that we're now just building those plans on. So feel good about that trajectory going in next year.

今年的重點確實放在商品端的計畫。那是最先啟動的項目；而Ron加入後，也在檢視我們的供應鏈網路，尤其是在我們剛完成整併縮減之後。現在我們已經進到各個據點（buildings），推動生產力、建立這些計畫與方案。今年我們會更能評估這些效益何時會到來的時間點，但我們對在未來年度、特別是在這兩個我們正在建立計畫的領域中推動生產力感到樂觀。因此對進入明年的軌跡感到有信心。

And the SG&A piece, the similar inflationary growth is going to take place in the SG&A, but we've done a lot of work on indirect spend and they're repositioning some of the spend that we have in SG&A to be more effective to drive productivity. So we'll always be strategic around those investments, where they go in SG&A. And I think we do have a good runway on productivity.

至於SG&A部分，類似的通膨性成長也會發生在SG&A上，但我們在間接支出（indirect spend）方面做了很多工作，並且正在重新配置SG&A中的部分支出，使其更有效率、以推動生產力。因此我們會一向在SG&A投資的方向上保持策略性。我認為我們在生產力提升方面仍有不錯的跑道（runway）。

Steve Forbes, Guggenheim Securities.

Steve Forbes，Guggenheim Securities。

Maybe just a follow-up to start on the new assortment framework, Merchandising initiatives. Curious if you could just update on the percentage of sales covered and the associated comp lift. It almost feels like you're articulating an improvement in the lift that you're capturing from the Merchandising initiatives versus the original 50 basis points framework. So I would love to just hear you talk about what you're seeing in the stores inclusive of ARGOS and the broader merchandising strategy?

也許先追問一下新的品類組合框架、商品陳列（Merchandising）相關的推動措施。想請您更新一下目前涵蓋的銷售占比，以及相關的同店（comp）拉升幅度。感覺您描述的是，從商品陳列推動措施中所取得的拉升效果，相較於原先「50 個基點」的框架有所改善。所以很希望聽您談談，您在門市端（包含 ARGOS）以及更廣泛的商品策略上看到了什麼？

Yes. Sure, Steve. I'll start, let Shane jump in with some additional color on it. But from an assortment work, the majority of the assortment work really is related to background hard parts. And so when we rolled that out this past year in 2025, we did see a benefit in those markets. We saw a lift, especially in the hard parts. And we actually see a build over time in that because with hard parts that you're really focusing on the Pro, it does take a little bit of time for them to recognize the availability and the inventory and to start moving up that call list.

是的。當然可以，Steve。我先開始，然後讓 Shane 補充一些細節。就品類組合的工作而言，大部分其實都與後場的硬件零件（hard parts）相關。因此當我們在 2025 年這個過去一年推行時，確實在那些市場看到了效益。我們看到拉升，尤其是在硬件零件上。而且我們也看到這個效益會隨時間累積，因為硬件零件主要是聚焦在專業客戶（Pro），他們需要一點時間去認知到我們的供貨可得性與庫存，並開始在他們的採購/叫貨名單中提高我們的排序。

So we saw incremental improvement in our performance over that period of time. And that's -- and we'll continue to see that. So we like what we're seeing there. The service level also is starting to come along and improve. And the team has done a great job improved service levels in the field, getting our time to serve down, and improving NPS that's really going to help drive incremental as well.

所以在那段期間，我們的表現出現了逐步的改善。而這——我們也會持續看到這樣的趨勢。因此我們對目前看到的狀況感到滿意。服務水準也開始跟上並改善。團隊在前線把服務水準做得很好，縮短我們的服務時間（time to serve），並提升 NPS，這也將有助於帶動額外的增量表現。

And from an assortment, so just think about it, a lot of background parts is really what we're focused on. Shane talked a little bit about some of the resets like wash and wax, more front room and get the right assortment in there, and we continue to work on that area. So there is some update, but more focused on the backroom and certainly in our Pro, and it's showing up in our Main Street Pro performance, where the sales teams out there driving sales and they're starting to recognize our availability.

再回到品類組合，簡單來說，我們聚焦的重點很大一部分是在後場零件。Shane 也提到一些重整（reset），例如洗車與打蠟（wash and wax）等，更多是在前場，把正確的品類組合放進去，我們也會持續在這個領域努力。所以確實有一些更新，但更聚焦在後場，尤其是在我們的 Pro 業務上；這也反映在我們 Main Street Pro 的表現上，外勤銷售團隊在推動銷售，而客戶也開始認知到我們的供貨可得性。

Steve, I'll just add, it's interesting to -- if you triangulate different data points of how things are going. Obviously, the sales numbers, which you guys have. But I recently went to a vendor conference, one of the prominent ones in the industry and think sort of hundreds of companies there with their respective leaders. And the feedback as to what they see around the assortment moves we're making in terms of adding parts, the speed with which we do that, how we order parts, which parts we're putting and where we're putting them across the nodes in the network, overwhelmingly positive.

Steve，我再補充一下，如果你把不同的數據點交叉驗證，看看事情進展如何。當然有銷售數字，你們也都看得到。但我最近去參加了一個供應商大會，是產業內相當重要的會議之一，現場大概有數百家公司及其各自的主管。他們對於我們在品類組合調整上所做的事情——包括增加零件、執行速度、如何訂貨、以及在網路各節點之間把哪些零件放在哪裡——給出的回饋幾乎是一面倒的正面。

And that endorsements, both in terms of the actual parts we're ordering, the processes we're putting in place the talent that we have in the positions to do that. So it gives me a lot of confidence in our strategy on merchandising when you're getting the validation from suppliers they're pretty candid with their feedback if we're not getting it right. And so we're definitely on the right path on the assortment framework, and we're going to continue to do it as we go forward.

而這些肯定，既包括我們實際在訂購的零件，也包括我們正在建立的流程，以及我們安排在相關職位上的人才。所以當你從供應商那裡得到驗證時，會讓我對我們的商品策略更有信心；如果我們做得不對，他們的回饋通常都很坦率。因此我們在品類組合框架上確實走在正確的道路上，未來也會持續推進。

And then, just a quick follow-up, maybe on the back of Simeon's question. Third quarter in a row here, mid-40s gross margin profile and even stronger, right, if you sort of adjust for LIFO. Shane, I believe you talked about sort of the identification of key process improvement opportunities within the supply chain that should build into 2027 and beyond. So are you sort of giving us early breadcrumbs here on a potential change in the margin contributions behind the 7% adjusted EBITDA target? Or should we view those sort of supply chain opportunities as a funding mechanism for reinvestment to the value proposition?

另外再快速追問一下，可能延續 Simeon 的問題。這已經是連續第三個季度，毛利率維持在 40% 中段，而且如果把 LIFO 調整掉，甚至更強。Shane，我記得你提到在供應鏈內識別出一些關鍵的流程改善機會，應該會在 2027 年及之後逐步體現。所以你們是不是在提前釋放一些線索，暗示在 7% 調整後 EBITDA 目標背後的利潤貢獻結構可能會改變？還是我們應該把這些供應鏈機會視為用來支應再投資、強化價值主張的資金來源？

So I'm going to do a couple of big picture points. We're focusing on controlling that we can control. We've got a strategy that we like with three pillars, and we want to be better each day, each month, each quarter, each year. That's what we're looking to do as a company.

我先講幾個宏觀重點。我們專注在把能控制的事情控制好。我們有一個自己喜歡的三大支柱策略，我們希望每天、每月、每季、每年都能變得更好。這就是我們作為一家公司想要做到的。

In supply chain, Ryan touched on this. When I came to the company, we had 50 DCs of all shapes and sizes. If we sell Worldpac, we go from 58 to 38, 38 then to 28, 28 to 16. We're at 16, maybe it's 15. We're kind of doing some work. But when you're doing those consolidations and you're asking DCs to take on huge swaths of new stores, like hey, take these 100 stores, 200 stores, it's very hard to tune what goes on inside the four walls.

在供應鏈方面，Ryan 也提到過。我剛來公司時，我們有 50 個各種規模與型態的配送中心（DC）。如果我們出售 Worldpac，我們會從 58 變成 38，38 再到 28，28 再到 16。我們現在在 16 個，可能是 15 個。我們正在做一些工作。但當你在做這些整併，並要求 DC 承接大量新增門市覆蓋範圍，例如「嘿，接下這 100 家店、200 家店」，要把 DC 內部四面牆之內的運作調校到位是非常困難的。

And so we've got a great supply chain leader with Ron coming on board. And I spent -- I just spent time with them in a D.C. And he's already strong at work. He's brought in great team members to work from -- but we go receiving. And he's basically identified that we have different receiving methodologies across our DCs and beyond just some accommodations to where conveyors might be and things like that. But we're just -- we're structurally different.

因此我們有一位很優秀的供應鏈領導者 Ron 加入。我——我剛花時間和他們在一個 DC 裡一起工作，他已經在積極推進。他也引進了很棒的團隊成員來負責——從收貨（receiving）開始。他基本上已經識別出，我們在不同 DC 的收貨方法並不一致，除了輸送帶位置等一些現場配置差異之外。但我們在結構上就是不一樣。

And the first thing he's doing is, he's bringing rigor to that process to be more similar across the DCs and correspondingly to be more productive on inbound. Now you think about doing inbound and put away, think about pick, think about outbound, think about going step by step through a DC, and we think there's value there that will go to those margins.

他做的第一件事，就是把嚴謹度帶進流程，讓各 DC 的作業更一致，並相應提升入庫端（inbound）的生產力。接著你再想想入庫與上架（put away）、揀貨（pick）、出庫（outbound），一步一步走完整個 DC 的流程，我們認為其中有價值，最終會反映到毛利率上。

As to our broader time line, Ryan?

至於我們更廣泛的時間表，Ryan？

Yes. So Steve, you mentioned we changed anything. We're not pivoting from what we originally said. I'll just lay that out here. We talked about 500 basis points really being stuff we control that we can go get about half of that would come from merchandising initiatives and is that pillar that we talked about. And that's been underway, and we're seeing the benefit of that. You're seeing our gross margin rate around 45%, and we expect to finish the year around 45%.

是的。Steve，你提到我們是否改變了什麼。我們沒有偏離原先所說的方向。我在這裡把它再說清楚。我們談到 500 個基點主要是我們可控、可以去取得的改善，其中大約一半會來自商品陳列（merchandising）推動措施，也就是我們談到的那個支柱。這部分已經在推進中，我們也看到了效益。你看到我們的毛利率大約在 45%，我們預期全年也會在 45% 左右。

And we talked about this year being a build year for stores and supply chain, in particular, and getting a better understanding of the timing and sequencing of the productivity we can get out of that. So half of the 500 basis points was Merch, that's coming. It's in place. We're continuing to work that. Supply chain, not yet there.

我們也談到今年是門市與供應鏈的「建置年」（build year），特別是在供應鏈方面，去更好地理解我們能取得的生產力提升，其時間點與先後順序。所以 500 個基點的一半來自 Merch，這部分正在到位。已經在執行。我們會持續推進。供應鏈方面，則還沒到那一步。

And Shane talked about the consolidation piece. Now that we've got all our stores running out of these DCs getting productive and processes within those buildings now so we can drive that productivity within the building is what we're doing. And so building out those plants to, this is a build year investing some into supply chain to get the productivity, laying out those time lines, get into better assessment of when we'll start to see those benefits. That's what this year has always been about, and that will help us provide a better outlook as we get through the year on what that gross margin profile looks like benefiting from supply chain productivity in the out-year.

Shane 談到整併的部分。現在我們已經讓所有門市都由這些 DC 供貨運作，接下來要做的是讓它們更具生產力，並把這些建築內部的流程做好，從而推動場內生產力。因此，建置這些據點——今年是一個建置年，我們會在供應鏈上投入一些資本以取得生產力，並把時間表規劃出來，更好地評估何時會開始看到這些效益。這一直是今年的重點；而當我們走過今年，也將有助於我們提供更好的展望，說明在未來年度（out-year）供應鏈生產力帶來的毛利率輪廓會是什麼樣子。

And I'm just going to put one more point on the question because it's a good one. We're also really happy with the market hubs. So we don't have this node, didn't exist, and we saw the need for hard parts availability, more hard parts, same-day availability, and so we started building them.

我再就這個問題補充一點，因為這確實是個好問題。我們也對市場樞紐（market hubs）的表現非常滿意。所以我們過去沒有這個節點，當時並不存在；但我們看到了對硬件零件供應的需求——需要更多硬件零件、需要當日可得——因此我們開始建置這些樞紐。

And we closed the year at 33. We're going to do 10 to 15 this year. And so as we add them, the radius that we're able to support in terms of how frequently we get to stores goes up as we add new market hubs, customers become accustomed to getting that availability -- we continue to tune how product goes from a DC to a market hub and then flows out to the stores. So this is a great initiative for the company. We're going to continue to build them, and that's one more contributor to efficiency and parts availability.

我們在年底時達到33個。今年我們將新增10到15個。因此，隨著我們增加市場樞紐，我們在支援半徑上（也就是我們能以多高頻率到店補貨/服務）會提升；客戶也會逐漸習慣這種可得性——我們也會持續調校產品如何從配送中心（DC）到市場樞紐，再流向門市。所以這對公司而言是一項很棒的計畫。我們會持續建置，這也將進一步提升效率與零件可得性。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

Seeing there's an argument out there that says at this point in the transformation, AAP just has a lot of -- for lack of a better word, beta to the fundamental performance of the overall aftermarket for when trends are good, AAP is going to see some outsized gains and then trends are not as good, it may take an even bigger step back. How would you respond to that? And at what point do you think you will see less dependence on the overall state of the aftermarket and have more control over AAP's destiny?

外界有一種看法認為，在目前這個轉型階段，AAP——姑且這麼說——對整體售後市場（aftermarket）的基本面表現具有很高的「β」：當趨勢良好時，AAP會看到一些超額增長；而當趨勢沒那麼好時，可能會退得更深。你會如何回應這個觀點？你認為在什麼時點，你們會更少依賴整體售後市場的狀態，而能更掌控AAP自身的命運？

Michael, thanks for the question. I think we have a lot of control over our destiny. And as you look at our strategy, we've picked things that we can work on to be better that ultimately will go to your beta comment. Think about the assortment. We control what we buy and where we put it and we're making great progress. You think about service. We benchmark and realized we got to be at 40 minutes in terms of when we go see a Pro customer. We know that when a DIY customer comes in that if you come out from behind the counter and greet them, they have a better experience, attach goes up, at a higher ticket. So that's a good piece. We know we need to be measuring things like NPS and providing that feedback.

Michael，謝謝你的提問。我認為我們對自身命運有很大的掌控力。而且從我們的策略來看，我們選擇了許多我們可以著力改善的事項，最終也會回到你提到的β這個概念。先想想商品組合（assortment）。我們能控制買什麼、放在哪裡，而且我們正取得很大進展。再想想服務。我們做了標竿比較後發現，針對專業客戶（Pro）到店/到場服務的反應時間必須做到40分鐘。我們也知道，當DIY客戶進店時，如果店員走出櫃檯主動招呼，他們的體驗會更好，連帶銷售（attach）會提升、客單價也更高。所以這是一個很好的改善點。我們也知道需要衡量像NPS這類指標並提供回饋。

And so we're doing all of the things that I think good aftermarket auto parts companies should be doing. And by the way, we're cognizant of what we sort of put out as commitments, and we know it's important for all the people who contribute that data that they can have confidence that we're going to do what we say that we're going to do. And I was recently in stores and starting to see the combination of these initiatives come to light. And I'll just touch on an example, I was up in New York.

因此，我們正在做我認為所有優秀的汽車零件售後公司都應該做的事情。順帶一提，我們也很清楚自己對外提出的承諾內容；我們知道，對所有提供數據並參與其中的人而言，讓他們相信我們會說到做到非常重要。我最近也到門市走訪，開始看到這些計畫的組合效應逐步顯現。我舉個例子，我前陣子在紐約。

And they're seeing -- they've got their labor optimized with their delivery vehicles, so they're making the deliveries on time. They've got more hard parts in the back room, so they're saying yes to a Pro customer. They've got a refreshed front room that's inviting for a DIY customer. They've got new servers in the store for uptime reliability. They've got Zebra devices with our AIM, advanced inventory management software so they could do cycle counts more quickly.

那邊看到——他們已把配送車隊的人力配置最佳化，所以能準時送達。後場備有更多硬件零件，因此能對專業客戶說「有貨」。前場也重新整修，對DIY客戶更具吸引力。門市也換上新伺服器以提升正常運作時間（uptime）的可靠性。他們配備了搭載我們AIM（先進庫存管理）軟體的Zebra裝置，因此能更快完成循環盤點（cycle counts）。

We've got our balance sheet in great stead. We've got $3 billion of cash so that we can go forward. We've got the right leaders in the seat. We've got our relationship with our independents and the footprint there on good stead. So at every turn, we're making strides to be better and do what we say what we're going to do. And I think that's ultimately what contributes to a normalized beta.

我們的資產負債表也非常穩健。我們有30億美元現金，讓我們能持續向前推進。我們也把合適的領導者放在合適的位置上。我們與獨立經銷商的合作關係，以及在那部分的據點布局，也都維持在良好狀態。因此在各個面向，我們都在持續進步、變得更好，並且做到我們說要做的事。我認為這最終會促成β回到更正常的水準。

Understood. And I was less talking about the stock price and more so just the fundamental performance of the business, but your answer really addressed that. My follow-up question is there has been some focus on Ryan's point around the shoulder periods being a little softer. The market is interpreting that as a signal or a message that maybe quarter-to-date has started off a little slow. So a, is that a fair interpretation of the comment and b, how much did that play into your vision just to reiterate the full year guide even with what was a very strong first quarter performance.

了解。我剛才談的比較不是股價，而是更偏向業務的基本面表現；不過你的回答確實有回應到。我的追問是，市場一直在關注Ryan提到的「肩部期間」（shoulder periods）稍微偏弱這點。市場把這解讀為一個訊號或訊息：也許本季迄今（quarter-to-date）開局有點慢。所以，a，這樣解讀你的評論是否合理？b，即便第一季表現非常強勁，你們仍重申全年指引，這個因素在你們的判斷中占了多大比重？

Yes. Thanks, Michael. Appreciate it. So it's more of -- I think right now, the trends are in line with how we plan kind of right now the low end of the guide, that period between tax refunds and Memorial Day and peak driving is always kind of a different volume period. And so getting a sense of consumer behavior and will they drive less miles because budgets are pressure. It's more -- we're going to learn that this summer when they get to peak driving.

是的。謝謝你，Michael。很感謝。我想這更多是——就目前而言，趨勢大致符合我們的規劃，偏向指引區間的低端；在退稅（tax refunds）與陣亡將士紀念日（Memorial Day）以及駕駛高峰期（peak driving）之間的那段時間，向來都是一個量能比較不同的期間。因此，我們需要觀察消費者行為：在預算承壓的情況下，他們是否會少開一些里程。這部分——我們會在今年夏天進入駕駛高峰時更清楚。

I mean, we don't know if they're driving less miles or not, if the budgets are pressuring the consumer or not in that respect. And remember, our business less than 10% of its discretionary. This is a needs-based business. And so the cars need to start. They have to stop. You got to get about your business. The family needs the car to move -- and so overall, this industry tends to fare well that how the consumer will adjust their driving their miles driven. That's yet to be seen. It's more of, hey, there's uncertainty around the consumer, and we want to see how that plays out during our peak driving season, which that's when this industry sees the benefit.

我的意思是，我們目前還不知道他們是否真的少開里程，也不知道預算是否在這方面對消費者造成壓力。而且請記得，我們的業務中，可自由支配（discretionary）的部分不到10%。這是一門以需求為導向（needs-based）的生意。車子得能發動。也得能煞停。你得處理日常生活。家庭需要車子能移動——所以整體而言，這個產業通常表現不錯，不論消費者如何調整其駕駛/行駛里程。至於這次會如何，還有待觀察。更重要的是：目前消費者面臨不確定性，我們想看看在駕駛高峰季節這會如何發展；而那正是這個產業通常受惠的時點。

And so that's -- it's more of just a let's see what happens with the consumer when we get into that period of time. The shoulder period is just -- it's hard to gauge that between tax refunds and that period of time. We're in line with what we had planned.

所以——這更多只是：等我們進入那段期間後，看看消費者會發生什麼變化。所謂肩部期間——就是在退稅與那段時間之間，確實比較難判斷。目前的表現與我們原先規劃一致。

Yes. I'll just say we feel good about where we are. And we're back to that data. We're cognizant of the say do, coming off a great quarter. We'll obviously be working hard and staying on strategy, and always appreciative of what our team members are doing.

是的。我只想說，我們對目前的狀況感到樂觀。也回到數據這件事。在剛交出一個很好的季度之後，我們很清楚「說到做到」的重要性。我們當然會持續努力、堅持策略，也一直很感謝團隊成員所做的一切。

The other thing on that, just think of the Pro business. We're watching the Pro business and the Main Street Pro continues to outperform overall Pro. And so the fundamentals that we see in our business and the initiatives, the impact it's having, those trends are continuing.

另外一點，想想專業客戶（Pro）業務。我們正在觀察Pro業務，而「Main Street Pro」持續跑贏整體Pro。因此，我們在業務基本面上看到的狀況，以及各項計畫帶來的影響，這些趨勢仍在延續。

Max Rakhlenko, TD Cowen.

Max Rakhlenko，TD Cowen。

Great. So first, just on gross margin, can you speak to the shape of the year and the key puts and takes that we should consider as we keep in mind the strong 1Q outperformance and you guys reiterated the full year?

很好。首先關於毛利率，你能談談全年走勢的形狀（節奏）以及我們在考量第一季強勁超預期、而你們仍重申全年指引時，應該納入的主要利多與利空因素嗎？

Sure, Max. I appreciate it. So from a margin standpoint, Q1, the performance gives us confidence in our guidance range. Q2 and Q3 seasonally higher margin periods for us. So expect that to tick up a little bit. Expect EBIT margin around the high end of our full year guidance for Q2 and Q3. So operating income, expect that margin to be towards the high end of our guidance.

當然可以，Max。謝謝你。所以從毛利率的角度來看，第一季的表現讓我們對指引區間更有信心。第二季與第三季對我們而言是季節性毛利率較高的期間。所以預期會小幅上升。預期第二季與第三季的EBIT利潤率會落在全年指引的高端。因此在營業利益方面，預期該利潤率也會偏向我們指引的高端。

The full year guidance, roughly 45% on gross profit. I expect gross margin around 45%, Q2 and Q3. In Q4, there's a mix of business where you'll see that come down a little bit. It's really mix driven. So Q2, Q3, more towards the higher end and Q4 comes down a little bit just because of mix. But that's how we'd expect the rest of the year to go.

全年指引方面，毛利率大約45%。我預期第二季與第三季毛利率約在45%左右。第四季因為業務組合的關係，你會看到毛利率稍微下來一點。這主要是由組合所驅動。所以第二季、第三季會更偏向高端，而第四季會因為組合而略為下滑。但這就是我們對今年剩餘期間走勢的預期。

Got it. That's helpful. And then can you just discuss how the mix of your DIFM accounts has evolved from a year ago, as we think about up down the street, regional and national. And then how do you think it evolves further over the medium term? And then, Ryan, can you discuss the gross margin benefit that you are seeing from the improved mix of DIFM accounts. You sort of highlighted it a little bit earlier, but just any more color there.

了解。這很有幫助。接著你能否談談，從一年前到現在，你們DIFM客戶組合的變化（例如Main Street、區域型與全國型客戶的占比變化）？以及你認為在中期這個組合會如何進一步演變？另外，Ryan，你能否談談因DIFM客戶組合改善而帶來的毛利率效益？你先前有稍微提到，但想請你再補充一些細節。

Yes. So I won't give a specific mix of the business, but it's mixing higher to Main Street than it was before. National accounts still was not the majority of our business. Main Street still has always been a larger portion of our business but it's significantly outperforming the national accounts because of our rationalization, optimization of that business. They are both good Pro accounts to have in our portfolio. We just probably over-indexed a little too much on the national side, a better margin profile on the Main Street, and that's also a larger addressable market.

可以。我不會提供具體的業務組合比例，但相較以前，組合更偏向Main Street。全國型客戶仍然不是我們業務的大宗。Main Street一直以來都是我們業務中較大的部分，但由於我們對該業務進行合理化與最佳化，它的表現明顯優於全國型客戶。兩者都是我們產品組合中值得擁有的優質Pro客戶。只是我們可能在全國型客戶那一端配置得稍微過多；Main Street的毛利結構更好，而且可服務市場規模也更大。

So we want to make sure our resource is going to where there's a large addressable market. On the margin side, -- there's a little bit of benefit from a mix piece, but Pro is growing at a faster rate than DIY as well. So that also mixes in a different way because the DIY is higher margin profile. So net-net, it's slightly favorable from a margin mix standpoint, just it's offset a little bit by the DIY, the mixing them in our portfolio.

因此我們要確保資源投入在可服務市場規模大的地方。在利潤率方面，組合因素確實帶來一些好處，但Pro的成長速度也快於DIY。因此組合也會以不同方式變化，因為DIY的毛利結構較高。總體而言，從毛利率組合角度看是略為有利的，只是被DIY在我們產品組合中的占比變化稍微抵消了一些。

Zachary Fadem, Wells Fargo.

Zachary Fadem，富國銀行。

So with 35 market hubs, I think about half of them are a year in now. Maybe you could share the performance of the regions with a market hub versus the regions without a market hub and how the lift from a market hub tends to build from initial opening to one to two years in terms of maturity?

目前有35個市場樞紐（market hubs），我想其中大約一半已經運作滿一年。也許你可以分享一下：有市場樞紐的區域與沒有市場樞紐的區域，其表現差異如何？以及市場樞紐帶來的提升，從剛開設到一到兩年成熟期，通常是如何逐步建立的？

Yes. Thanks, Zack. Actually, so they're still performing and we've said about 100 basis points better than markets without that ecosystem. Greenfield still a little early for us, but we like what we're seeing out of our greenfield. And just as a reminder, when we did the consolidation, we converted a lot of the old smaller DCs into those market hubs. So only 4 of the 35 are actually Greenfields, where we're actually selecting the site and opening those. And we like what we're seeing there. It's still early in that. The parts availability does build over time from a benefit to the market, and we're seeing that.

是的。謝謝你，Zack。其實它們仍在持續帶來成效；我們也提過，相較於沒有該生態系的市場，表現大約好100個基點。綠地（Greenfield）對我們來說仍稍早，但我們喜歡目前在綠地市場看到的結果。提醒一下，當我們做整併時，我們把許多舊的較小配送中心（DC）轉型成這些市場樞紐。所以35個之中只有4個是真正的綠地，也就是我們實際選址並新開設的。而我們喜歡目前看到的表現。這部分仍在早期階段。零件可得性對市場帶來的效益會隨時間累積，我們也正在看到這點。

So right now, on average, 100 basis points lift, if you've got this versus markets that don't have it. But we like what we're seeing and that impact in the Pro business and having those parts closer to the customer that time and that speed, we really like the market hub network, and we want to continue to push forward.

所以目前平均而言，如果有這個（市場樞紐），相較於沒有的市場，大約有100個基點的提升。我們喜歡目前看到的結果，以及它對Pro業務的影響；把零件更靠近客戶，在時間與速度上，我們非常看好市場樞紐網路，也希望持續推進。

So I have consistently heard from Pro customers about the positive impact of the market hubs. I've also heard it from our independents -- and so if you think about how we would manage this situation in the past, you'd be dependent on the DC. And that's an expensive tick and a much more time-consuming route to get it to a customer. And often you don't end up within a time window that they consider to be acceptable.

我也一直從Pro客戶那裡聽到市場樞紐帶來的正面影響。我們的獨立業者也有同樣回饋——如果你想想過去我們會如何管理這種情況，你會依賴配送中心（DC）。而那不僅成本更高，也需要更長時間才能送到客戶手上。而且往往無法在他們認為可接受的時間窗內完成。

I'm particularly excited by the next chapter of what we do with our market hubs. They increased time to serve. And then as we think about Greenfields, are really happy with our real estate team in how and where they're selecting where we put these sites. So as we're very thoughtful about where we put them and think about a radius of sort of 50, 50-plus stores now getting supported from that market hub it really changes the game in terms of what they can do. So we're ending this next phase, 10 to 15 is what we're going to do this year. We've committed to 60 in 2027. We'll revisit and then re-announce to you guys what we think our goal will be from there.

我對我們市場樞紐下一階段的發展特別興奮。它們提升了服務時效。另外談到綠地，我們對房地產團隊在選址與決定設點位置的方式與地點非常滿意。因此當我們非常審慎地選擇設點位置，並思考以該市場樞紐支援約50家、甚至50家以上門市的服務半徑時，這在能力上確實改變了遊戲規則。所以我們正在進入下一階段，今年預計會做10到15個。我們已承諾在2027年達到60個。之後我們會再檢視，並重新對各位宣布我們接下來的目標。

Got it. And then two-part question on inflation. You're at 3%. This compares to some of your peers running at about 5% to 6%. Considering those differences, could you talk about your like-for-like pricing versus peers and whether you're running at a discount or if you were previously at a premium and now in line?

了解。接著是關於通膨的兩段式問題。你們目前是3%。相較之下，一些同業大約在5%到6%。考量這些差異，你能否談談你們與同業相比的同店（like-for-like）定價？你們目前是以折價在跑，還是過去是溢價、現在回到與同業一致？

And then second on just inflation as a whole. We've seen some changes in the environment, oil prices, freight rates that has an impact on vendor financing metals. When you look to the second half of the year and you see the impact of these items, do you think there could be another round of inflationary pricing in the back half?

第二個問題是關於整體通膨。我們看到環境出現一些變化，例如油價、運費，這會影響供應商融資與金屬等成本。當你展望今年下半年並看到這些因素的影響時，你認為下半年是否可能出現另一波通膨性漲價？

Yes. Thanks Zach. So a two-part question. On the first one, from just the CDI, we measure that our strategy hasn't changed from a pricing standpoint. We want to be a competitive priced company every single day. We are not trying to be the low-price in the market. It's a very rational industry, and we're maintaining that posture. So our prices, we look at. We want to make sure that we are competitive every day, but not trying to go above price. So that strategy hasn't changed. And that directly impacts our inflation, like-for-like SKUs, what price we put out there is just to be competitive every day.

是的。謝謝你，Zach。這是兩段式問題。第一個，從CDI來看，我們衡量後認為我們的定價策略並沒有改變。我們希望每天都維持具競爭力的價格。我們並不打算成為市場上最低價。這是一個非常理性的產業，我們會維持這樣的立場。因此我們會檢視我們的價格。我們要確保每天都具競爭力，但不會刻意把價格拉到高於市場。所以這個策略沒有改變。而這也直接影響我們的通膨：在同店可比SKU上，我們對外的定價就是為了每天保持競爭力。

From a fuel prices and what went on out there. So a couple of things. So from an SG&A standpoint, we've seen a little bit of increase in transportation costs, et cetera, not necessarily material. We saw some in Q1. We feel like we've also in our guidance, assume some increase in SG&A, transportation type expenses, some up in COGS from a supply chain cost perspective.

至於燃油價格以及外部發生的情況。有幾點。從SG&A角度來看，我們看到運輸成本等略有上升，但不一定具有重大性。第一季我們確實看到一些。我們也認為在指引中已假設SG&A會有一些增加，包括運輸類費用上升，以及從供應鏈成本角度看，COGS也會有一些上升。

As far as product costs are concerned, it's still a little early for us to understand the impact there. I think the good news is this is a very rational industry. We'll continue to partner with our vendors on mitigating any costs that might come up there. And the inelastic nature of our industry is helpful in working through that. So our inflationary guidance for the rest of the year does not assume any significant cost increase from a product standpoint. But we do feel like it's a rational industry, and we'll work with our vendors to mitigate those costs.

就產品成本而言，我們現在要了解其影響仍然稍微早了一點。我認為好消息是，這是一個非常理性的產業。我們將持續與供應商合作，來緩解可能出現的任何成本。而我們產業需求缺乏彈性的特性，有助於我們處理這些問題。因此，我們對今年剩餘時間的通膨指引，並未假設在產品端會有任何顯著的成本上升。但我們確實認為這是一個理性的產業，我們也會與供應商合作以降低這些成本。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

So I want a little bit repetitive, but I just want to understand, if you look at the comps from Q4 to Q1, there was a nice step-up in growth. As you look back on that, look, some of that, I guess, the tailwinds, better tailwinds to this sector are pretty well documented now. But how much of that step up in Q4 to Q1, do you contribute to the underlying repositioning efforts at Advance? And maybe some of those efforts really start to take hold better versus where would likely improve to industry tailwinds.

所以我可能有點重複，但我只是想確認一下：如果你看從第四季到第一季的同店比較（comps），成長有一個不錯的躍升。回頭看這件事，嗯，其中一些我想是順風因素，對這個產業更有利的順風現在也已經有相當多的紀錄與討論。但第四季到第一季這個躍升，有多少你會歸因於Advance內在的重新定位努力？以及也許其中一些努力開始更有效地發揮作用，相較之下，哪些改善更可能只是來自產業順風？

Yes. Great question. Thanks for asking it. I think there's a lot going on here. So first, we're putting a ton of effort in parts availability and in customer service. And I think that's enabling us to participate in that positive macro environment, that was helped by higher tax refunds. So -- and in the past, we might not have been able to participate because of the service and the parts. So definitely making a difference there. And we really do this as the first quarter since we embarked on the transformation that we delivered growth that's roughly in line with the market. So that's what we want to do. We want to continue to do that.

是的。問得很好。謝謝你提出這個問題。我認為這裡有很多事情同時在發生。首先，我們在零件可得性與客戶服務上投入了大量努力。我認為這讓我們得以參與這個正向的總體環境，而這也受到較高退稅金額的帶動。所以——過去我們可能因為服務與零件供應的問題而無法參與其中。因此這確實在這方面帶來了差異。而我們也確實認為，這是自我們啟動轉型以來的第一個季度，我們交出的成長大致與市場一致。這正是我們想要做到的。我們希望持續做到這一點。

Now while the consumers receive higher tax refund checks, there is a correlation between tax refunds and seasonality in auto parts. Now it's less clear it in the sector or other consumer categories who saw disproportionate benefit. But what we're seeing from surveys from several sources is that the consumer did put money to auto parts and other areas, but also to savings in debt reduction. So back to sort of big picture, positive signs that our initiatives are working.

另外，消費者收到較高的退稅支票時，退稅與汽車零件的季節性之間確實存在關聯。至於在本產業或其他消費類別中，哪些領域獲得了不成比例的好處，則較不明確。但我們從多個來源的調查所看到的是，消費者確實把部分資金用在汽車零件與其他領域，同時也用於儲蓄與減少負債。因此回到更宏觀的角度，這些都是我們各項措施正在奏效的正面訊號。

Our NPS score has improved. Our time to serve continues to track under 40 minutes. We're getting traction with Main Street Pro. They're outperforming, growing units per traction, units per transaction highlights the benefit of parts of availability. ARGOS is doing well. Advance Rewards. I didn't touch on that today. So a lot of work ahead. But we would not be in the position to capture the demand tailwind in Q1 without the foundation that was laid between Q4 and Q1 as you alluded to.

我們的NPS分數已經改善。我們的服務時間持續維持在40分鐘以下。Main Street Pro也開始取得進展。他們表現優於整體，單位數表現成長；每筆交易的件數（units per transaction）也凸顯了零件可得性帶來的效益。ARGOS表現良好。Advance Rewards也是。我今天沒有特別提到這一點。所以前方還有很多工作要做。但如果沒有你所提到的、在第四季到第一季之間打下的基礎，我們不可能在第一季處於能夠承接需求順風的狀態。

And Brian, I'll add to that in Q4 last year, we talked about the comp maybe even a little lower than we expected. And that's because we still make decisive actions here to get things right. We made some product moves within our store. It created some disruption in Q4, but it set us up as Shane mentioned, to have the right assortment going into the year. And so doing that in Q4 and a lower volume time period, we wanted to accelerate some of that. So a lot of what Shane talked about what decisions we made to accelerate some of that in Q4, so we could set up to capitalize on it in Q1.

Brian，我再補充一點：去年第四季我們曾談到，同店比較可能甚至比我們預期的還要低一些。那是因為我們仍在這裡採取果斷行動，把事情做對。我們在門市內做了一些產品調整。這在第四季造成了一些干擾，但正如Shane提到的，它讓我們在進入新年度時擁有正確的商品組合。因此在第四季、也就是量較低的期間做這些事，我們希望加速推進其中一部分。所以Shane所談到的很多內容，都是我們在第四季做出一些決策來加速推動，讓我們能在第一季做好準備並把握機會。

That's very helpful. I appreciate all that color. Second question, different topic. I don't think you've mentioned yet, like others have started talking more about potential tariff refunds. So I guess the question is, do you have any commentary there? Your efforts to apply to these refunds and the insights to when and if these refunds may come?

這非常有幫助。我很感謝你提供的這些補充說明。第二個問題，換個主題。我想你們還沒提到，像其他公司已開始更多談到潛在的關稅退還（tariff refunds）。所以我的問題是，你們對此有什麼看法嗎？你們申請這些退還的努力，以及對這些退還何時、以及是否會到位的任何洞見？

Yes. I mean we've looked at it. We do work on it, and we've done work on it, but nothing as of now to report on it. I mean it's something that I think everyone that's impacted, we're following the process. And as soon as we have more information, we'll share that out. But we are following the process and like everyone else interested in how that plays out.

是的。我們的確有研究過。我們也在處理這件事，並且已經做了一些工作，但目前沒有任何可以對外報告的進展。我的意思是，這是我認為所有受到影響的人都在關注的事情，我們也在依照流程進行。一旦我們有更多資訊，我們會對外分享。但我們確實在跟進流程，也和其他人一樣關注最終會如何發展。

And that ends our question-and-answer session. I will now turn the call back over to Shane O'Kelly for some closing remarks.

以上結束我們的問答環節。我現在把電話交回給Shane O'Kelly，請他做一些結語。

Ladies and gentlemen, thank you very much for joining us on our call. We're proud to have put forth our best comp in five years. We look forward to staying on strategy most importantly, thanking the men and women from Advance Auto Parts for their hard work, and we look forward to chatting with you for our next quarterly call in August. Thank you. Have a great day. Bye-bye.

各位女士、先生，非常感謝各位參加我們的電話會議。我們很自豪交出了五年來最佳的同店表現。我們期待最重要的是持續依照策略前進，同時也要感謝Advance Auto Parts的所有同仁辛勤付出；我們也期待在8月下一次季度電話會議再與各位交流。謝謝。祝各位有美好的一天。再見。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。