Albertsons Companies Inc (ACI) 2024 Q4 法說會逐字稿

Welcome to the Albertsons Companies fourth quarter and fiscal year and 2024 earnings conference call, so thank you for standing by. All participants will be in listen-only mode until the Q&A session. This call is being recorded. I would like to hand the call over to Melissa Plaisance, Senior Vice President, Investor Relations, Treasury, and Risk Management. Please go ahead.

歡迎參加 Albertsons Companies 第四季、財政年度和 2024 年財報電話會議，感謝您的支持。所有參與者將處於只聽模式，直到問答環節結束。此通話正在錄音。我想將電話轉給投資者關係、財務和風險管理資深副總裁 Melissa Plaisance。請繼續。

Good morning and thank you for joining us for the Albertsons Companies fourth quarter and fiscal year end 2024 earnings conference call. With me today from the company are Vivek Sankaran, our CEO; Susan Morris, our COO and CEO elect; and Sharon McCollam, our President and CFO.

早安，感謝您參加 Albertsons Companies 2024 年第四季和財年末收益電話會議。今天與我一起出席的公司嘉賓有我們的執行長 Vivek Sankaran；蘇珊莫里斯 (Susan Morris)，我們的候任營運長兼執行長；以及我們的總裁兼財務長 Sharon McCollam。

Today, Vivek will make a few parting comments on his retirement, and then Susan will update you on our strategic priorities and our progress and path forward against them. Then Sharon will provide the details related to our fourth quarter 2024 financial results and our 2025 financial outlook before handing it back over to Susan for some closing remarks. After management comments, we will conduct a Q&A session.

今天，維韋克將就他的退休發表一些臨別感言，然後蘇珊將向大家介紹我們的戰略重點以及我們在這些重點上取得的進展和前進的道路。然後，Sharon 將提供與我們 2024 年第四季度財務業績和 2025 年財務展望相關的詳細信息，然後將其交還給 Susan 進行總結發言。管理層發表評論後，我們將進行問答環節。

I'd like to remind you that management may make statements during this call that are or could include forward-looking statements within the meaning of the federal securities laws. Forward-looking statements are not limited to historical facts but contain information about future operating or financial performance.

我想提醒您，管理階層在本次電話會議中可能發表符合聯邦證券法意義的前瞻性聲明，或可能包含前瞻性聲明。前瞻性陳述不僅限於歷史事實，還包含有關未來營運或財務表現的資訊。

Forward-looking statements are based on our current expectations and assumptions and involve risks and uncertainties that could cause actual results or events to be materially different from those anticipated. Additional information concerning factors that could cause actual results to differ materially from those in the forward-looking statements are and will be contained from time to time in our SEC filings, including on forms 10-Q, 10-K, and 8-K.

前瞻性陳述是基於我們目前的預期和假設，涉及可能導致實際結果或事件與預期有重大差異的風險和不確定性。有關可能導致實際結果與前瞻性陳述中的結果大不相同的因素的其他資訊將不時包含在我們向美國證券交易委員會提交的文件中，包括 10-Q、10-K 和 8-K 表格。

Any forward-looking statements we make today are only as of today's date, and we undertake no obligation to update or revise any such statements as a result of new information, future events, or otherwise. Please keep in mind that included in the financial statements and management's prepared marks are certain non-GAAP measures, and the historical financial information includes a reconciliation of net income to adjusted net income and adjusted EBITDA.

我們今天所做的任何前瞻性陳述僅截至今天有效，我們不承擔因新資訊、未來事件或其他原因而更新或修改任何此類陳述的義務。請記住，財務報表和管理層準備的標記中包含某些非 GAAP 指標，歷史財務資訊包括淨收入與調整後淨收入和調整後 EBITDA 的對帳。

And with that, I'll hand the call over to Vivek.

說完這些，我將把電話交給維韋克。

Thanks, Melissa. Good morning, everyone, and thank you for joining us today. First, let me say a few words about my upcoming retirement and Susan's succession to the role of CEO.

謝謝，梅麗莎。大家早安，感謝大家今天加入我們。首先，讓我就我即將退休以及蘇珊繼任執行長一職一事談幾句。

It has been an honor to serve as the Albertsons CEO and work alongside the best people in the industry. My tenure has spanned the COVID-19 pandemic, our initial public offering, and our re-emergence as a stand-alone company following our 2022 review of strategic alternatives.

我很榮幸能夠擔任 Albertsons 的執行長並與業內最優秀的人才一起工作。我的任期涵蓋了新冠疫情、首次公開募股以及 2022 年戰略替代方案審查後作為獨立公司的重新崛起。

What I'm most proud of is that throughout this journey, we have stayed true to our customers, invested in strengthening our business and advancing our Customers for Life strategy. This strategy has firmly positioned the company for its next chapter of growth and value creation for our shareholders.

我最自豪的是，在整個旅程中，我們始終忠於我們的客戶，投資加強我們的業務並推動我們的終身客戶策略。這項策略為公司邁入新的成長篇章並為股東創造價值奠定了堅實的基礎。

Within the few months since the termination of the merger, our mojo is back. We are executing once again like we used to, and we have proof points and therefore more conviction to say that our strategy is right and working. Thank you for your support through all of it.

合併終止後的幾個月內，我們的勢頭又恢復了。我們再次像以前一樣執行，我們有證據，因此更有信心說我們的策略是正確的和有效的。感謝您一直以來的支持。

For those of you who don't already know Susan, let me introduce you. Susan is a homegrown talent starting her career at Albertsons nearly 40 years ago at a store in the Denver market. During her tenure, she has taken on roles of increasing responsibility, including store operations, supply chain, and merchandizing.

對於那些還不認識蘇珊的人，讓我來向你們介紹一下。蘇珊是一位本土人才，近 40 年前她在丹佛市場的一家 Albertsons 商店開始了她的職業生涯。在任職期間，她承擔了越來越重要的責任，包括商店營運、供應鏈和商品銷售。

She's been the steward of our retail operations for my six years here. She has become one of the most influential leaders across the industry. She has extensive knowledge of all facets of the industry and our company, a strong track record of driving operational excellence, and most importantly, a passion for serving our customers, our associates, and our communities.

在我在這裡工作的六年裡，她一直擔任我們零售業務的管理者。她已成為整個行業最具影響力的領導者之一。她對產業和我們公司的各個方面都有著廣泛的了解，在推動卓越營運方面有著良好的記錄，最重要的是，她熱衷於為我們的客戶、我們的同事和我們的社區服務。

She has been a top partner with me since the day I arrived and an integral part of developing and leading our Customers for Life strategy. I'm delighted she is taking the reins and cannot wait to see the next great chapters of our company under her leadership. Susan, it's all yours.

自我上任以來，她一直是我的高階合作夥伴，也是製定和領導我們「終身客戶」策略不可或缺的一部分。我很高興她能接任，並迫不及待地想看到我們公司在她的領導下迎來新的輝煌篇章。蘇珊，這都是你的。

Thanks, Vivek, for the introduction and for your partnership. Over the last six years, you've helped us reach a new level from which to grow.

謝謝 Vivek 的介紹和合作。在過去的六年裡，您幫助我們達到了新的成長水平。

Turning to the fourth quarter, we're pleased with our results, including ID sales growth of 2.3%, adjusted EBITDA of $855 million and adjusted earnings per share of $0.46. These results illustrate the proof points of our strategy that Vivek mentioned and were guided by the following priorities: driving customer growth and engagement through digital connection, growing our Albertsons media collective, enhancing the customer value proposition, modernizing capabilities through technology and driving transformational productivity.

展望第四季度，我們對我們的業績感到滿意，包括 ID 銷售額增長 2.3%、調整後 EBITDA 為 8.55 億美元以及調整後每股收益 0.46 美元。這些結果證明了 Vivek 提到的我們的策略的證明點，並遵循以下優先事項：透過數位連接推動客戶成長和參與度、發展我們的 Albertsons 媒體集體、增強客戶價值主張、透過技術實現能力現代化以及推動轉型生產力。

As we outlined last quarter, to engage customers, we've continued to invest in growth through four digital platforms. These platforms are designed to drive increased sales, more deeply engage our most loyal customers, increase customer lifetime value, and generate digital space and robust data for the Albertsons Media Collective.

正如我們上個季度所概述的，為了吸引客戶，我們繼續透過四個數位平台投資於成長。這些平台旨在推動銷售成長、更深入地吸引我們最忠實的客戶、提高客戶終身價值，並為 Albertsons Media Collective 創造數位空間和強大的數據。

The first digital platform is e-commerce. E-commerce grew 24% in the fourth quarter and the full year, with first party far outpacing third-party growth. We operate our e-commerce business out of our stores, which allows us to leverage our rich asset base and proximity to our customers. It also enables full access to our merchandise assortment a fast and convenient drive up and go experience, and robust delivery options.

第一個數位平台是電子商務。第四季和全年電子商務成長了 24%，其中第一方成長遠超過第三方成長。我們在自己的商店中經營電子商務業務，這使我們能夠利用豐富的資產基礎和與客戶的緊密聯繫。它還可以全面存取我們的商品分類，提供快速便捷的駕車旅行體驗和強大的送貨選項。

E-commerce penetration is now over 8% of grocery revenue, with our top performing markets now over 10%. This growth is driven by award-winning experiences in our fully integrated mobile app and the success of our five-star certification program which we discussed last quarter. At over 8% of grocery revenue today, e-commerce penetration is still below our industry peers and is one of our biggest growth, customer acquisition, and customer retention opportunities for 2025 and beyond.

電子商務滲透率現已佔食品雜貨收入的 8% 以上，其中我們表現最好的市場滲透率現已超過 10%。這一增長得益於我們完全整合的行動應用程式屢獲殊榮的體驗以及我們上個季度討論的五星級認證計劃的成功。目前，電子商務佔食品雜貨收入的 8% 以上，但仍低於我們的行業同行，並且是我們 2025 年及以後最大的成長、客戶獲取和客戶保留機會之一。

The second digital platform is loyalty. Loyalty membership grew by over 15% year over year in the fourth quarter to more than 45 million members, and at the same time, actively engaged customers increased 12%. Our new simplified loyalty program is a key enabler of digital customer engagement and a rich source of data for the Albertsons Media Collective.

第二個數位平台是忠誠度。第四季忠誠會員數量年增超過 15%，達到 4,500 多萬，同時，積極參與的客戶數量增加了 12%。我們新簡化的忠誠度計畫是數位客戶參與的關鍵推動因素，也是 Albertsons Media Collective 的豐富數據來源。

Through the unified mobile app, it allows customers to get personalized deals, to earn points, and to have an extended period of time to redeem them for fuel and grocery rewards or automatic cash off their grocery bill. Since launching the simplified program, 20% of engaged households are now electing the new cash off option, reinforcing the customer desire for immediate value. In fiscal '25, we will continue to simplify and expand the program to include integrated strategic partnerships that will offer even more value.

透過統一的行動應用程序，客戶可以獲得個人化優惠、賺取積分，並有更長的時間來兌換燃油和雜貨獎勵或自動從雜貨帳單中扣除現金。自從推出簡化計畫以來，20% 的參與家庭現在選擇了新的現金折扣選項，這強化了客戶對即時價值的渴望。在25財年，我們將繼續簡化和擴展該計劃，以納入能夠提供更多價值的綜合策略合作夥伴關係。

The third digital platform is pharmacy and health. In the fourth quarter, pharmacy revenue increased 18% year over year, driven by industry-leading script and immunization growth, best-in-class customer satisfaction scores, and the ongoing integration of experiential health offerings in our Sincerely Health mobile app.

第三個數位平台是藥房和健康。第四季度，藥房收入年增 18%，這得益於業界領先的處方和免疫成長、一流的客戶滿意度評分以及我們 Sincerely Health 行動應用程式中體驗式健康服務的持續整合。

Although the pharmacy business is financially dilutive, cross shoppers between grocery and pharmacy are exceptionally valuable, contributing outsized customer lifetime value to the total store. For this reason, in fiscal '25, we will continue to invest in our pharmacy and health platform to drive increased customer engagement and loyalty. We also expect growth in scripts and immunizations as pharmacy competitors continue to close stores.

儘管藥局業務在財務上會稀釋利潤，但雜貨店和藥局之間的交叉購物者卻非常有價值，為整個商店貢獻了龐大的客戶終身價值。因此，在 25 財年，我們將繼續投資我們的藥局和健康平台，以提高客戶參與度和忠誠度。隨著藥局競爭對手繼續關閉門市，我們也預期處方藥和免疫接種數量將會增加。

The fourth digital platform is the integration of the mobile app for use in our stores. Launched in 2024, 9 million customers had engaged with this in-store feature. When customers are in our stores, we want them to digitally engage with us, which requires us to raise the bar on store level execution. Our in-store geolocation mobile feature delivers real-time coupons, helps shoppers locate products, and assist customers with meal planning and generating shopping lists.

第四個數位平台是整合在我們的商店中使用的行動應用程式。該功能於 2024 年推出，已有 900 萬名顧客使用過店內功能。當顧客來到我們的商店時，我們希望他們能夠透過數位方式與我們互動，這要求我們提高商店層面的執行標準。我們的店內地理定位行動功能可提供即時優惠券，幫助購物者定位產品，並協助客戶制定膳食計劃和產生購物清單。

In 2025, we expect to drive increased customer engagement through this platform by adding additional conveniences and value. All these digital platforms are working together to generate deeper customer engagement, increase digital inventory, and enrich our data to accelerate growth in the Albertsons Media Collective or AMC.

2025 年，我們希望透過增加額外的便利性和價值來推動透過該平台提高客戶參與度。所有這些數位平台正在共同努力，以產生更深層的客戶參與度，增加數位庫存，並豐富我們的數據，從而加速 Albertsons Media Collective 或 AMC 的成長。

In fiscal '25, we will continue to significantly invest in improving endemic and non-endemic brand reach by building industry leading technologies to deliver an easy to use, dynamic, and transparent measurement model. These investments will also improve our ability to define shopper audiences, run targeted media campaigns, compress campaign measurement timelines, and deliver consistent on the execution across our digital and physical assets.

在 25 財年，我們將繼續大力投資，透過建立業界領先的技術來提供易於使用、動態且透明的測量模型，從而提高地方品牌和非地方品牌的影響力。這些投資也將提高我們定義購物者受眾、進行有針對性的媒體活動、壓縮活動衡量時間軸以及在數位和實體資產上保持一致執行的能力。

In addition, we expect to build new partnerships that add even more digital inventory and capabilities to our media offerings. We continue to expect AMC to grow faster than the retail media market and to be one of the largest sources of fuel for reinvestment into our core business.

此外，我們希望建立新的合作夥伴關係，為我們的媒體產品增加更多的數位庫存和功能。我們仍預期 AMC 的成長速度將超過零售媒體市場，並成為我們核心業務再投資的最大動力來源之一。

Turning now to our customer value proposition, inflationary pressures have elevated our customers' needs for value. To address these needs, we're working with our vendor partners to strategically invest in price in certain categories in certain markets. We've also enhanced the breadth of our loyalty offerings to provide immediate savings and greater value.

現在談談我們的客戶價值主張，通膨壓力提升了我們客戶對價值的需求。為了滿足這些需求，我們正在與供應商合作夥伴合作，對特定市場中特定類別的價格進行策略性投資。我們也擴大了忠誠度服務的廣度，以提供即時節省和更大的價值。

Finally, we're amplifying our own brand's presence to drive profitable unit growth and increased share of wallet. We will increase innovation, more prominently feature existing owned brands, and offer products at attractive entry price points. We ended Q4 with sales penetration of 25.4% and believe with increased exposure and new product launches, we can increase our penetration to at least 30%.

最後，我們正在擴大自有品牌的影響力，以推動獲利單位的成長和錢包份額的增加。我們將加強創新力度，更加突顯現有自有品牌，並以極具吸引力的入門價格提供產品。我們在第四季結束時的銷售滲透率為 25.4%，並相信隨著曝光度的提高和新產品的推出，我們可以將滲透率提高到至少 30%。

In Q4, we launched new items in our industry leading Open Nature Cauliflower Pizza line and in our Signature SELECT Ice Cream assortment. We also launched our first seasonally relevant Burst of Flavor campaign to a strong customer response. Each of these value creating initiatives are driving increased loyalty, greater digital and omni-household engagement, and higher transaction counts.

在第四季度，我們在業界領先的 Open Nature 花椰菜披薩系列和 Signature SELECT 冰淇淋系列中推出了新品。我們也推出了首個與季節相關的「風味爆發」活動，獲得了客戶的強烈迴響。這些創造價值的措施都在推動忠誠度的提高、數位化和全家庭參與度的增強以及交易數量的增加。

Our next priority is the modernization of our capabilities through technology. Our north star is to use technology in everything that we do. We've invested strategically to build best-in-class technology platforms with our core infrastructure in the cloud and a modernized scalable network.

我們的下一個優先事項是透過科技實現我們的能力現代化。我們的北極星是在我們所做的每一件事中運用科技。我們進行了策略性投資，利用雲端核心基礎設施和現代化可擴展網路建構一流的技術平台。

Most recently, we built a real-time comprehensive data platform designed to enable data science and artificial intelligence. This advanced technology platform on which we will continue to innovate ours our e-commerce, store, pharmacy, supply chain, merchandizing, and media collective operations and will allow us to leverage emerging AI technologies to accelerate our operational transformation going forward.

最近，我們建立了一個即時綜合數據平台，旨在實現數據科學和人工智慧。在這個先進的技術平台上，我們將繼續創新我們的電子商務、商店、藥局、供應鏈、商品銷售和媒體集體運營，並使我們能夠利用新興的人工智慧技術來加速我們未來的營運轉型。

This transformation includes empowering merchants to optimize pricing decisions using our recommendation and look alike capabilities to provide customers personalized offers to complete their basket and capitalizing on in-store vision AI to reduce inventory shrink and enhance product quality.

這種轉變包括授權商家使用我們的推薦和相似功能來優化定價決策，為客戶提供個人化優惠以完成他們的購物籃，並利用店內視覺人工智慧來減少庫存收縮並提高產品品質。

The final priority is driving transformational productivity. Our productivity engine is systematically improving the efficiency of our business and lowering our costs.

最後的優先事項是推動轉型生產力。我們的生產力引擎正在系統地提高業務效率並降低成本。

From fiscal year 2025 through fiscal year 2027, we expect to rapidly deliver $1.5 billion in productivity savings, which we plan to reinvest in our growth initiatives and our customer value proposition, as well as to help offset inflationary headwinds. The largest of these initiatives is leveraging our consolidated scale to buy goods for resale.

從 2025 財年到 2027 財年，我們預計將迅速實現 15 億美元的生產力節約，我們計劃將這筆錢再投資於我們的成長計劃和客戶價值主張，並幫助抵消通膨逆風。其中最大的舉措是利用我們的綜合規模來購買商品進行轉售。

In fiscal '25, we are accelerating national buying on a category-by-category basis, resulting in lower costs and easier, more efficient supplier relationships. The next of these initiatives is transforming our ways of working, including strategically consolidating divisions, rationalizing non-customer facing headcounts, and optimizing our onshore and offshore activities to not only reduce costs, but to accelerate innovation and technology and data analytics.

在 2025 財年，我們將按類別加速全國採購，從而降低成本並簡化、提高供應商關係的效率。這些措施中的下一步是改變我們的工作方式，包括策略性地整合部門、合理化非客戶面對面員工數量以及優化我們的在岸和離岸活動，以不僅降低成本，而且加速創新、技術和數據分析。

In our supply chain, we are continuing to invest in automation and the rollout of our new warehouse management system. By the end of 2025, we expect 30% of our distribution volume to be automated, and we're piloting innovative new technologies to expand our menu of options for future warehouse automation.

在我們的供應鏈中，我們將繼續投資於自動化和新倉庫管理系統的推出。到 2025 年底，我們預計 30% 的配送量將實現自動化，並且我們正在試行創新的新技術，以擴展未來倉庫自動化的選項選單。

We also expect our new warehouse management system to be fully implemented companywide by year end. All of these initiatives lower our cost to serve and improve our end-to-end data analytic capabilities, resulting in better in-stock conditions and a differentiated level of quality and fresh.

我們也預計，新的倉庫管理系統將於今年底在全公司範圍內全面實施。所有這些措施都降低了我們的服務成本，並提高了我們的端到端數據分析能力，從而改善了庫存狀況並提高了品質和新鮮度的差異化水平。

And finally, in store operations in fiscal '25, we're leveraging new store replenishment, rink management, and labor productivity tools to drive enhanced efficiency and improved customer experience and deeper associate engagement. We're also continuing to expand the utilization of AI technology in our produce departments, drive increased freshness, higher sales, and better net promoter scores.

最後，在 25 財年的門市營運中，我們將利用新的門市補貨、溜冰場管理和勞動生產力工具來提高效率、改善顧客體驗並加深員工參與度。我們也將持續擴大人工智慧技術在生產部門的運用，以提高新鮮度、增加銷售量並提高淨推薦值。

I would now like to talk about the support we provide to the communities that we serve. In 2024, along with the Albertsons Companies Foundation, we contributed more than $435 million in food and financial support. This includes $40 million through our Nourishing Neighbors program to ensure those living in our communities and those impacted by disasters have enough to eat. In addition, on March 10, we announced a new goal to enable 1.5 billion meals through 2030, supporting our efforts to help end the cycle of hunger.

現在我想談談我們為所服務的社區提供的支持。2024 年，我們與 Albertsons Companies Foundation 合作，捐贈了超過 4.35 億美元的食品和資金支持。其中包括透過我們的「滋養鄰居」計畫提供的 4000 萬美元，以確保居住在我們社區的居民和受災害影響的居民有足夠的食物。此外，3 月 10 日，我們宣布了一項新目標，即在 2030 年實現 15 億份餐食供應，以支持我們幫助結束飢餓循環的努力。

I will now hand it over to Sharon for an overview of our fourth quarter and to provide guidance on our expectations for fiscal year 2025.

現在，我將把時間交給 Sharon，讓她概述我們的第四季度情況，並為我們對 2025 財年的預期提供指導。

Thank you, Susan, and good morning, everyone. It's great to be here with you today.

謝謝你，蘇珊，大家早安。今天能和你們在一起真是太好了。

As Susan shared, we are pleased with our fourth quarter results. The investments we are making are delivering transformational capabilities and affirm our confidence in our Customers for Life strategy. What I'll do now is provide additional color on our financials for the fourth quarter, and then I will discuss our 2025 outlook and provide an update on our capital allocation priorities.

正如蘇珊所說，我們對第四季度的業績感到滿意。我們正在進行的投資正在帶來轉型能力，並堅定了我們對「終身客戶」策略的信心。我現在要做的是提供有關我們第四季度財務狀況的更多細節，然後我將討論我們的 2025 年展望並提供我們資本配置重點的最新資訊。

We grew ID sales 2.3% in the fourth quarter, fueled by an 18% increase in pharmacy and a 24% increase in digital sales. The digital increase continues to be driven by strong growth in first-party sales.

第四季度，我們的 ID 銷售額成長了 2.3%，這得益於藥局銷售額成長了 18%，數位銷售額成長了 24%。數位成長持續受到第一方銷售強勁成長的推動。

Our Q4 gross margin was 27.4%, excluding fuel and LIFO expense, the gross margin decreased 45 basis points compared to Q4 last year. Strong growth in pharmacy sales, which carries an overall lower gross margin rate, and incremental digital volume related delivery and handling costs related to the 24% increase in digital sales drove this decrease but was partially offset by productivity initiatives. In the fourth quarter, we also made incremental investments in our customer value proposition which were funded by the benefits from our productivity initiatives which included reductions in shrink expense.

我們第四季的毛利率為27.4%，不包括燃料和後進先出費用，毛利率與去年第四季相比下降了45個基點。藥局銷售額強勁成長，導致整體毛利率較低，而數位銷售額成長 24% 導致相關的配送和處理成本增加，這導致了這一下降，但被生產力舉措部分抵消。在第四季度，我們也對客戶價值主張進行了增量投資，這些投資來自我們的生產力計畫帶來的收益，其中包括減少損耗費用。

Our selling and administrative expense rate was 25.7% this quarter. Excluding fuel, the SG&A rate decreased 5 basis points compared to last year. This decrease was primarily driven by lower merger related costs and leveraging of employee costs and depreciation, partially offset by increased business transformation costs. Our selling and administrative expenses also benefited from our productivity initiatives.

本季我們的銷售和管理費用率為 25.7%。不包括燃料，銷售、一般及行政費用率較去年同期下降了 5 個基點。這一下降主要是由於合併相關成本的降低以及員工成本和折舊的利用，但部分被業務轉型成本的增加所抵消。我們的銷售和管理費用也受惠於我們的生產力措施。

Interest expense net decreased $7.5 million to $101.5 million during Q424. This reduction was primarily driven by lower outstanding debt. Income tax expense in the fourth quarter was $46.4 million, a 21.3% effective tax rate compared to a 20.4% effective tax rate in Q4 of last year. And as mentioned in the highlights, Q424 adjusted EBITDA was $855 million compared to $916 million last year and adjusted EPS was $0.46 per diluted share compared to $0.54 in the fourth quarter of 2023.

2024 年第四季度，利息支出淨額減少 750 萬美元，至 1.015 億美元。減少的主要原因是未償債務減少。第四季所得稅費用為 4,640 萬美元，有效稅率為 21.3%，而去年第四季的有效稅率為 20.4%。正如重點提到的那樣，2024 年第四季度調整後的 EBITDA 為 8.55 億美元，而去年同期為 9.16 億美元，調整後的每股收益為 0.46 美元，而 2023 年第四季度為 0.54 美元。

Turning now to the balance sheet and cash flow, capital expenditures of $485 million in the fourth quarter were driven primarily by investments in the modernization of our store fleet and our digital technology platforms. In fiscal year 24, we opened 11 new stores and remodeled 127 stores.

現在來看資產負債表和現金流，第四季 4.85 億美元的資本支出主要來自對我們門市現代化和數位科技平台的投資。在24財年，我們開了11家新店，並改造了127家店。

We also returned approximately $87 million to our shareholders through common stock dividends. Additionally, we repurchased 83 million of common stocks during Q424 under our $2 billion share repurchase authorization. Net debt leverage at the end of the fourth quarter was 1.9 times and the balance sheet remains strong.

我們也透過普通股股息向股東返還了約 8,700 萬美元。此外，我們根據 20 億美元的股票回購授權，在 2024 年第四季回購了 8,300 萬股普通股。第四季末淨負債槓桿比率為1.9倍，資產負債表依然強勁。

I'll now discuss our 2025 outlook. As a reminder, fiscal '25 is a 53-week year. Looking forward to fiscal '25, we do so with continued confidence in our Customers for Life strategy and our ability to execute against it.

我現在將討論我們的 2025 年展望。提醒一下，25 財年共有 53 週。展望 25 財年，我們對我們的終身客戶策略以及執行該策略的能力充滿信心。

To drive incremental growth, we are deepening customer engagement through our digital platforms, enhancing our value proposition, and modernizing our capabilities through technology. We are also continuing to drive our productivity agenda to fuel this growth and offset inflationary headwinds.

為了推動增量成長，我們正在透過數位平台深化客戶參與度，增強我們的價值主張，並透過技術實現我們能力的現代化。我們還將繼續推動生產力議程，以促進成長並抵消通膨阻力。

Throughout fiscal '25, we will continue to invest in our Customs for Life strategy, including accelerate investments in digital growth, the Albertsons Media Collective and in health and pharmacy. We will also continue to surgically invest in our customer value proposition and elevate the customer experience.

在整個25財年，我們將繼續投資於我們的「終身海關」策略，包括加速對數位成長、Albertsons Media Collective以及健康和製藥領域的投資。我們也將繼續大力投資我們的客戶價值主張並提升客戶體驗。

We expect these investments will continue to drive outside growth in our digital and pharmacy businesses, which will result in increased future customer lifetime value but create short-term margin headwinds. With that as our backdrop and excluding the impact of tariffs and other potential market dislocations, we are assuming the following in our outlook.

我們預計這些投資將繼續推動我們的數位和藥房業務的外部成長，這將提高未來客戶終身價值，但將帶來短期利潤阻力。基於此背景，並排除關稅和其他潛在市場混亂的影響，我們做出以下展望。

ID sales growth in the range of 1.5% to 2.5%, assuming inflation in the range of 1.5% to 2%. Adjusted EBITDA in the range of $3.8 billion to $3.9 billion, including the investments I just shared, partially offset by our productivity improvements and including approximately $65 million in adjusted EBITDA related to our 53rd week. Adjusted EPS in the range of $2.03 to $2.16 including $0.03 related to the company's 53rd week. The effective income tax rate is expected to be in the range of 23.5%, 24.5%, and capital expenditures in the range of $1.7 billion to $1.9 billion.

假設通膨率在 1.5% 至 2% 之間，ID 銷售額成長率將在 1.5% 至 2.5% 之間。調整後的 EBITDA 在 38 億美元至 39 億美元之間，其中包括我剛才分享的投資，部分被我們的生產力改進所抵消，其中包括與第 53 週相關的約 6500 萬美元的調整後 EBITDA。調整後的每股收益在 2.03 美元至 2.16 美元之間，其中包括與公司第 53 週相關的 0.03 美元。預計有效所得稅率在 23.5% 至 24.5% 之間，資本支出在 17 億美元至 19 億美元之間。

Looking beyond fiscal '25, we expect to leverage the investments we make this year to drive growth consistent with our long-term algorithm of 2%-plus identical sales and keep it growth higher than that in fiscal '26 and beyond. Before I hand it back to Susan for some closing comments, I'd like to spend a moment on capital allocation.

展望 25 財年之後，我們期望利用今年的投資來推動與我們 2% 以上的相同銷售額的長期演算法一致的增長，並使其增長保持高於 26 財年及以後的水平。在我將其交還給蘇珊進行總結發言之前，我想花一點時間討論一下資本配置。

First and foremost, we will continue investing in our business to drive long-term sustainable growth. We also plan to maintain our quarterly dividends and seek to grow it over time. And finally, we plan to return excess cash to our shareholders through opportunistic share repurchases.

首先，我們將繼續投資我們的業務，以推動長期永續成長。我們還計劃維持季度股息，並尋求隨著時間的推移而增加。最後，我們計劃透過機會性股票回購將多餘的現金回饋給股東。

As a reminder, in December of '24, our Board authorized a $2 billion share repurchase program. Since that time and as of today, we have completed over 100 million in share repurchases and have approximately 1.9 billion available for repurchase under that program which we expect to complete during the next three years. Our balance sheet is strong, and it provides flexibility as we drive our business forward and seek to generate long-term, sustainable shareholder value.

提醒一下，24 年 12 月，我們的董事會批准了一項 20 億美元的股票回購計畫。自那時起直至今天，我們已經完成了超過 1 億股股票回購，並且根據該計劃還有約 19 億股可供回購，我們預計將在未來三年內完成回購。我們的資產負債表強勁，這為我們推動業務發展和尋求創造長期可持續的股東價值提供了靈活性。

I will now hand the call back to Susan for closing comments.

我現在將電話交還給蘇珊，請她發表最後評論。

Thank you, Sharon. Our Customers for Life strategy is working. We're growing digitally engaged customers, omnichannel households, loyalty members, and increasing customer traffic.

謝謝你，莎倫。我們的「終身客戶」策略正在發揮作用。我們正在增加數位化客戶、全通路家庭、忠誠會員，並增加客戶流量。

Our stores are operating more effectively and efficiently as new technologies take hold, and we're proactively reducing our costs. Our productivity programs are creating fuel for investments and are an offset to inflationary headwinds. We believe all of this puts us in a strong position to continue to transform the business and serve our customers even better.

隨著新技術的普及，我們的商店運作得更有效、更有高效，而且我們正在積極降低成本。我們的生產力計劃正在為投資創造動力，並抵消通膨阻力。我們相信，所有這些都將使我們處於有利地位，能夠繼續轉變業務並更好地服務我們的客戶。

As we look forward to the balance of fiscal 2025 and beyond, we are excited about the investments that we've made in our core business, in new sources of revenue and in our tech-enabled capabilities. We expect to continue our investments going forward, including enhancements to our value proposition for our customers. As a result of these investments, we expect gradual and incremental improvement in top line trends in our grocery business in the second half of 2025, ultimately driving growth in line with our long-term algorithm of 2%-plus identical sales and adjusted EBITDA growing higher than that in fiscal year '26.

展望 2025 財年及以後的財務平衡，我們對我們在核心業務、新收入來源和技術支援能力所做的投資感到非常興奮。我們希望繼續進行未來投資，包括增強我們為客戶創造的價值主張。由於這些投資，我們預計 2025 年下半年食品雜貨業務的營收趨勢將逐步改善，最終推動成長符合我們的長期演算法，即銷售額成長 2% 以上，調整後的 EBITDA 成長高於 26 財年。

In closing, I am thrilled to be taking the helm of our company during this transformational time in our Customs for Life strategy. None of our success would be possible without the support of our 285,000 associates who worked tirelessly to make it all happen. Over the next weeks and months, Sharon and I look forward to engaging further with all of you in the investment community and thank you for your support.

最後，我很高興能夠在我們終身海關策略的轉型時期執掌公司。如果沒有 285,000 名員工的支持，我們的成功就不可能實現，而正是他們的不懈努力才使得這一切成為可能。在接下來的幾週和幾個月裡，莎倫和我期待與投資界的所有人進一步接觸，並感謝大家的支持。

I would also like to thank Melissa Plaisance, who will be retiring next month after 35 years with the company. On behalf of all of us, we want to acknowledge her contributions to our success, including the relationships that she has developed with all of you. Melissa, you will be greatly missed. Cody Perdue, who you all know, will be assuming her responsibilities.

我還要感謝梅麗莎·普萊桑斯 (Melissa Plaisance)，她為公司工作了 35 年後將於下個月退休。我們代表所有人感謝她為我們的成功所做的貢獻，包括她與你們所有人建立的關係。梅麗莎，我們會非常想念你的。大家所熟知的科迪·珀杜 (Cody Perdue) 將承擔她的職責。

We will now open up the call for questions.

我們現在開始提問。

(Operator Instructions)

（操作員指示）

Leah Jordan, Goldman Sachs.

高盛的利亞喬丹 (Leah Jordan)。

Just given the price investments you've made in the quarter and plan to make for this year, just seeing if you could provide an update on how you view your price gaps today, maybe what you're seeing in the competitive environment. And just given the dynamic consumer environment overall, just has anything changed in your view on the breadth and depth of investments that you need to make throughout the year?

鑑於您在本季度進行的價格投資以及今年的計劃，您是否可以提供一些關於您如何看待當前價格差距的最新信息，也許是您在競爭環境中看到的情況。考慮到整體動態的消費環境，您對全年需要進行的投資廣度和深度的看法有什麼變化嗎？

So I would say a couple of different things. So first of all, I'm going to address the second part of your question first. We have not seen a dramatic shift in the recent months from consumer behavior. As we've mentioned before that we're seeing a shift towards value, they're clearly more responsive to promotion.

所以我想說幾件不同的事情。首先，我將先回答你問題的第二部分。近幾個月來，我們並未看到消費者行為發生巨大變化。正如我們之前提到的，我們看到了向價值的轉變，他們顯然對促銷更加敏感。

When we listen to the voice of our internal customers, we recognize that our SNAP customers are feeling more pressure and that customers in general are thinking about their budgets and how to optimize them, maybe eating out less and making different choices, shopping more own brands, those kinds of things.

當我們傾聽內部客戶的聲音時，我們意識到我們的 SNAP 客戶感受到了更大的壓力，並且客戶普遍在考慮他們的預算以及如何優化預算，例如減少外出用餐、做出不同的選擇、購買更多自有品牌等等。

With regards to the pricing question, first and foremost, we have a very different price position across the multiple markets that we operate in. And as we think about our investments, we are taking a very surgical approach to how we are making those adjustments surgical by category and by market.

關於定價問題，首先，我們在營運的多個市場中有著非常不同的價格定位。當我們考慮我們的投資時，我們採取了一種非常精準的方法來根據類別和市場進行精準的調整。

To be honest, we've been actually investing in price over the last several quarters very thoughtfully, using the new tools and technology that we've developed over the last few years that help us understand elasticity, help us make the best decisions that will optimize value for the customer, but also support the sales and margin goals that we're trying to achieve.

說實話，過去幾季我們一直在非常慎重地投資價格，使用過去幾年開發的新工具和技術，幫助我們了解彈性，幫助我們做出最佳決策，為客戶優化價值，同時也支持我們試圖實現的銷售和利潤目標。

Great, thank you that's very helpful. And then I just had one quick follow up around the comments around the buybacks, I noticed you made buybacks in the quarter. It sounds like some activity has continued, maybe even a little bit quarter to date, so I guess curious, have you assumed anything with buybacks within the guide and then how are you thinking about it as a lever for this year? Thank you.

太好了，謝謝，這非常有幫助。然後，我對有關回購的評論進行了快速跟進，我注意到您在本季度進行了回購。聽起來有些活動還在繼續，甚至可能到本季度為止還有一點活動，所以我很好奇，您是否假設指南中有任何與回購有關的內容，然後您如何看待它作為今年的槓桿？謝謝。

Leah, in the guidance, what we've assumed is in our prepared remarks, we said we will be repurchasing that 1.9 billion over the next three years. And if you spread that radically over that time frame, that would equate to approximately $0.06 of accretion in EPS each year if you bought it that way, but that gives you the math.

利亞，在指引中，我們在準備好的評論中假設，我們表示將在未來三年內回購 19 億美元。如果你在這段時間內將其大幅分散，那麼如果你以這種方式購買，這將相當於每年每股收益增加約 0.06 美元，但這給你提供了計算結果。

Mark Carden, UBS.

瑞銀的馬克卡登。

So to start, I want to ask one of tariffs just as it stands, what proportion of your cost of goods do you import at this stage and how do you think about the impact of tariffs once you back out USMCA exempt goods, understanding again that it's very fluid.

首先，我想問一個關於關稅的問題，就目前的情況而言，您目前進口的商品成本佔比是多少，以及一旦您取消 USMCA 豁免商品，您如何看待關稅的影響，我再次強調，這是非常不穩定的。

So for us, for Albertsons Companies, we procure more than 90% of our products domestically so that's a very different position than some of the competitives set out there. We also recognize though that even in those domestic purchases, there are impacts from ingredients that are sourced from tariff-impacted areas.

因此對我們，對於 Albertsons Companies 來說，我們 90% 以上的產品都是在國內採購的，這與一些競爭對手的地位非常不同。但我們也意​​識到，即使在國內採購中，來自受關稅影響地區的原料也會受到影響。

The situation is very fluid. We're staying very close to it. We've deployed a task force to help us understand the complexities of the situation as it evolves, and we've got some very good plans in place to help mitigate the impacts accordingly.

形勢非常不穩定。我們正密切關注此事。我們已經部署了一個工作小組來幫助我們了解情況發展的複雜性，並且我們已經制定了一些非常好的計劃來幫助減輕相應的影響。

Great, that's helpful. And then how are you thinking about demand growth with your Albertsons Media Collective initiative in the year ahead? And are you seeing any hesitancy in advertiser spend just given the macro?

太好了，很有幫助。那麼，您如何看待未來一年 Albertsons Media Collective 計畫的需求成長？考慮到宏觀因素，您是否看到廣告商在支出方面猶豫不決？

So today, as you may know, we are rather nascent in our media collective opportunity, which, and actually to date, we're still delivering outsized growth compared to the market and media. So we're very optimistic about our abilities to achieve the goals that we've set forth for 2025.

所以今天，正如你們可能知道的，我們的媒體集體機會還處於起步階段，實際上到目前為止，與市場和媒體相比，我們仍然實現了超額成長。因此，我們對實現 2025 年設定的目標的能力非常樂觀。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

I wanted to ask about the '25 guidance and the investment, and I was hoping that you could provide maybe just some additional color around the key buckets of investment that you are planning to attack in '25, the magnitude of the investment around those areas. And then how do we think about the cadence of EBITDA growth or EBITDA throughout the year? Susan, I think you maybe mentioned something at the end about progressing towards the algo as the year rolls on, so I'm just kind of curious around that as well.

我想問一下關於 25 年指導和投資的問題，我希望您能提供一些關於您計劃在 25 年重點投資領域以及這些領域的投資規模的額外資訊。那麼我們如何看待全年 EBITDA 成長或 EBITDA 的節奏？蘇珊，我想你可能在最後提到了一些關於隨著時間的推移演算法的進展，所以我對此也很好奇。

So as we think about the investment, it's multifaceted, right? So clearly, there's the conversation that we just had around price, which we think is a very surgical opportunity and it's already begun, by the way, in many respects across the organization in select markets.

因此，當我們考慮投資時，它是多方面的，對嗎？顯然，我們剛剛就價格進行了討論，我們認為這是一個非常重要的機會，順便說一句，它已經在整個組織的許多特定市場中開始了。

The other elements are around investing -- continuing to invest in growing our digital and loyalty business. Important parts of our growth algorithm and when you think about the ecosystem that we talk about, the more we can engage customers and loyalty in our digital platforms in pharmacy. And of course, in our stores, there's 2x, 3x, 4x value for those customers as they go through work through that cycle.

其他要素與投資有關—繼續投資發展我們的數位和忠誠業務。我們成長演算法的重要部分以及當您考慮我們所談論的生態系統時，我們越能吸引客戶並忠誠於我們的藥房數位平台。當然，在我們的商店中，當這些顧客完成整個週期的工作時，他們的價值將增加 2 倍、3 倍甚至 4 倍。

The investments will be -- as I think about how they occur throughout the year, the timing of the investments will not necessarily, let me think -- when I think about the investments, the cadence will be thoughtful throughout the year, recognizing the fact that some of the benefits that we have through the Media Collective, through productivity and so forth. It may not directly align with the timing of the investments and that's part of the reason is we shared our expectations for the year.

當我思考投資在全年如何進行時，投資的時間不一定，讓我想一下，當我考慮投資時，全年的節奏都是經過深思熟慮的，認識到我們透過媒體集體、透過生產力等獲得的一些好處。它可能與投資時機不直接一致，部分原因是我們分享了今年的預期。

We expect to leave 2025 with stronger growth and building towards our long-term algorithm of IDs at 2%-plus and EBITDA growth higher than that in 2026. Sharon, would you add anything to that?

我們預計 2025 年將實現更強勁的成長，並朝著 2026 年 2% 以上的 ID 長期演算法和高於 EBITDA 的成長目標邁進。莎倫，你還有什麼補充嗎？

No, I think that's absolutely right. When you think about it, it's going to be these accelerated investments we're making in digital growth. Obviously, the Media Collective is a main focus for us year.

不，我認為這是絕對正確的。想想看，這就是我們在數位成長方面所做的加速投資。顯然，媒體集體是我們今年關注的重點。

And then in health and pharmacy and the customer value proposition that pulls all that together through the digital platforms is going to be what will bring us to the back half of '25 and allow us to enter that algorithm in '26.

然後在健康和製藥領域，透過數位平台將所有這些整合在一起的客戶價值主張將使我們進入 25 年下半年，並允許我們在 26 年進入該演算法。

Okay, maybe just a follow up, and maybe this is for you, Sharon, I don't know. But as you think about, Q1, obviously, the backdrop has been rather uncertain especially from a consumer standpoint. I'm just kind of curious as to how we should think about Q1. I don't know if you can share anything around what you're seeing from the standpoint of IDs so far relative to the guide. And do you expect Q1 to be a softer quarter than the rest of the year for any of these reasons?

好的，也許只是後續問題，也許這是給你的，莎倫，我不知道。但正如您所想，第一季的背景顯然相當不確定，尤其是從消費者的角度來看。我只是有點好奇我們應該如何看待 Q1。我不知道您是否可以分享您目前從 ID 的角度相對於指南所看到的任何內容。由於這些原因，您是否預計第一季的業績會比今年其他季度更疲軟？

Yeah. What you need to expect is not because of what is happening with the consumer, it's going to be the investments. We will be making investments in the first half of the year as Susan said. We will be expecting those investments to start paying off towards the back half of the year.

是的。你需要期待的不是消費者發生了什麼，而是投資發生了什麼。正如蘇珊所說，我們將在今年上半年投資。我們預計這些投資將在今年下半年開始獲得回報。

And from a customer point of view, I'll just reiterate what Susan said. We are not seeing a major change in customer behavior at this point. Everything you're hearing about, our own research validates. The consumer sentiment is low, et cetera, but the consumer is also saying that they will do what they've been doing, which is seek value and find ways to tighten their pocketbooks in a food away from home versus food at home is always a decision for those customers who need value. So at this point, we have not seen a major change.

從客戶的角度來看，我只想重申蘇珊所說的話。目前我們還沒有看到客戶行為有重大變化。您所聽到的一切，都經過我們自己的研究證實。消費者情緒低落等等，但消費者也表示他們會做他們一直在做的事情，那就是尋求價值並想方設法在外出就餐和在家就餐之間省錢，這對於那些需要價值的顧客來說始終是一個決定。所以目前為止，我們還沒有看到重大的改變。

John Heinbockel, Guggenheim Partners.

古根漢合夥公司的約翰·海因博克爾。

Hey, Susan. I wanted to start with -- you've acquired a lot of pharmacy customers the last two years, three years, maybe the journey is they go through the engagement process, right. When you think about their wallet share, kind of where does it start out, how does it progress, what's the opportunity there, right? And then how do you attack that? Is that simply CRM through things they might be interested in or how do you look at that?

嘿，蘇珊。我想先說的是——過去兩三年來，你們已經獲得了很多藥局客戶，也許他們要經歷一個參與過程，對吧。當你考慮他們的錢包份額時，它是從哪裡開始的，它是如何發展的，那裡有什麼機會，對嗎？那你該如何解決這個問題呢？這只是透過他們可能感興趣的事物來實現 CRM 嗎，或者您如何看待這一點？

So speaking about the pharmacy customer, it's definitely an evolution over time. They engage with us, they start to engage with us typically in store first, then join our pharmacy business in that first year. But over the course of one and a half to two years, they engage across multiple platforms. So going back to our ecosystem, right, as they think about, of course, brick and mortar customers, evolved to e-commerce, to pharmacy, evolved to loyalty.

因此，對於藥局顧客來說，這肯定是隨著時間推移而發生的演變。他們與我們接觸，通常首先在商店與我們接觸，然後在第一年加入我們的藥房業務。但在一年半到兩年的時間裡，他們會在多個平台上互動。所以回到我們的生態系統，對吧，正如他們所想的，當然，實體顧客已經演變為電子商務、藥局，進而演變為忠誠度。

As they engage with us through those multiple platforms, that's when we start to see the bigger unlock in their lifetime value. Now, that said, customers that shop pharmacies and brick and mortar alone typically have forex, the basket of customers that don't.

當他們透過這些多個平台與我們互動時，我們就開始看到他們的終身價值的更大釋放。話雖如此，僅在藥局和實體店購物的顧客通常都有外匯，而另一群顧客則沒有。

Okay. And then then just maybe as a follow up, right. When you think about enhancing profitability in the digital channel, but obviously, you're not running larger, automated facilities, but so -- is the opportunity when you think about density, right, of delivery versus instore labor productivity, where are the big unlocks in the e-commerce profitability?

好的。然後也許只是作為後續行動，對吧。當您考慮提高數位通路的獲利能力時，顯然您不會經營更大的自動化設施，但是當您考慮配送密度與店內勞動生產力時，機會在哪裡？電子商務獲利能力的巨大釋放在哪裡？

So as I think about that, the largest opportunity for us in e-commerce profitability is all around growing sales, right? So, scale breeds productivity. You touched on the fact that our stores are actually in the neighborhoods that our customers live, so our proximity to customers creates some productivity for us that perhaps others may not have.

所以我認為，我們在電子商務獲利方面最大的機會在於增加銷售額，對嗎？因此，規模帶來生產力。您提到，我們的商店實際上位於客戶居住的街區，因此我們與客戶的接近為我們創造了一些其他人可能沒有的生產力。

We have advantages in our growth because we do carry full assortment. We have fast delivery, convenient delivery. Our (inaudible) part of our business is actually quite robust, which helps on the profitability side.

由於我們確實擁有齊全的品種，因此我們在發展過程中具有優勢。我們出貨速度快，送貨方便。我們的（聽不清楚）業務部分實際上相當強勁，這有助於獲利。

The other part around scalability as we look at our growth and we mentioned before, 24% growth in the fourth quarter which is fantastic. Strong penetration, which by the way, at 8% store penetration, we believe there's upside there versus our competitive set, and we fully expect to be able to capture that. But that growth, that expansion of growth, the scalability of that creates efficiencies from our picking platform as well. So we've got in-house built tools that are fantastic.

當我們看我們的成長時，另一部分是關於可擴展性的，我們之前提到過，第四季的成長率為 24%，這是一個了不起的成績。強勁的滲透率，順便說一下，8% 的門市滲透率，我們相信與我們的競爭對手相比還有上升空間，我們完全希望能夠抓住這一點。但這種成長、這種成長的擴張、這種可擴展性也提高了我們的揀選平台的效率。因此，我們擁有非常棒的內部建置工具。

What we're learning though is as you get more and more e-commerce orders in a given store, we actually shift the way that the pickers are selecting orders to batch picking. So they're doing more than one order at a time. Lower times of the day, they're going back to one. But we're really studying and understanding the science of how we're investing labor to most effectively, first of all, deliver the terrific customer experiences we're looking for, but also to seek more productivity in the e-commerce business.

然而，我們了解到，隨著特定商店收到越來越多的電子商務訂單，我們實際上會將揀貨員選擇訂單的方式轉變為批量揀貨。所以他們一次會處理多個訂單。在一天中人潮較少的時候，他們會回到 1。但我們確實在研究和了解如何最有效地投資勞動力，首先提供我們所尋求的卓越客戶體驗，同時也尋求在電子商務業務中提高生產力。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning. This is actually Erica Eiler on for Rupesh. Thanks for taking our question.

早安.這實際上是 Erica Eiler 為 Rupesh 主持的。感謝您回答我們的問題。

So I was just hoping maybe to unpack gross margin a little bit more this year, so it would be helpful, I think if you could just maybe talk about the puts and takes, obviously a lot of moving pieces there. I mean you touched on productivity a little bit, maybe you could talk about how you're thinking about level of reinvestment of the 1.5 billion of savings you guys have outlined. And you touched on price investments and then just -- also as we think about mixed headwinds, are you assuming similar type headwinds from you know, the strong growth and pharmacy and digital that you're seeing currently?

所以我只是希望今年的毛利率能再高一點，這樣會很有幫助，我想如果你能談談利弊，顯然有很多變動因素。我的意思是，您稍微談到了生產力，也許您可以談談您如何看待您所概述的 15 億美元儲蓄的再投資水平。您提到了價格投資，然後——當我們考慮混合逆風時，您是否認為您目前看到的強勁增長、藥房和數位領域也存在類似的逆風？

Yes, thank you. As we look at '25 and you think about -- first, let's talk about productivity. From a productivity perspective, you're going to see it both in SG&A and in the margin, and over the years, it will shift.

是的，謝謝。當我們回顧 25 年並思考時——首先，讓我們談談生產力。從生產力的角度來看，你會在銷售、一般及行政費用和利潤率中看到它，而且隨著時間的推移，它會改變。

In 2025, you're going to see more of it in SG&A than you do in the gross margin. We will continue -- we are expecting strong growth from the digital platform, so we're expecting strong growth in e-commerce and pharmacy and health, which will create a makeshift impact. I will say that that's getting better because as e-commerce scales, it levers.

到 2025 年，銷售、一般及行政費用 (SG&A) 中的佔比將高於毛利率。我們將繼續——我們預計數位平台將實現強勁增長，因此我們預計電子商務、藥品和醫療保健領域也將實現強勁增長，這將產生暫時的影響。我想說的是，情況正在變得越來越好，因為隨著電子商務規模的擴大，它會產生槓桿作用。

And on the pharmacy and health side, we have productivity initiatives that are coming into place like Central Fill and other things that we're able to do that will take that diluted nature of pharmacy and make that better. Additionally, obviously, we talked about investing in loyalty and the customer value proposition, so that will flow into the margin and then be partially offset by the cost of goods sold and the buying together initiative that we have. So that's how you should think about it. But when you look at the guidance for next year and you think about where to weight it, which is probably where your question came from, you need to wait it into the margin.

在藥房和健康方面，我們正在實施一些生產力舉措，例如中央填充和其他我們能夠做的事情，這些舉措將改善藥房的稀釋性質。此外，顯然，我們談到了對忠誠度和客戶價值主張的投資，因此這將流入利潤，然後被我們的銷售成本和共同購買計劃部分抵消。所以你應該這樣想。但是，當您查看明年的指導並思考在哪裡加權它時（這可能是您的問題所在），您需要等待它進入利潤範圍。

That's super helpful. And then just lastly for me, just you know wanted to touch on the competitive backdrop and the promotional environment. So I mean, are you seeing any changes on the competitive side. And then just given the increased macro uncertainty out there and you've talked about that your consumer increasingly seeking out value, you -- what are you expecting on the promotional front this year?

這非常有幫助。最後，我想談談競爭背景和促銷環境。所以我的意思是，您是否看到競爭方面有任何變化。鑑於宏觀不確定性的增加，以及您談到消費者越來越追求價值，您對今年的促銷有何期待？

So Erica, and I think I might have mentioned this earlier, we are absolutely still seeing the customers navigate towards value and towards promotion. So our promotional volume is up, and this is where our work around buying better together and seeking to improve our cost of goods is going to be critical for us as we go throughout 2025.

所以 Erica，我想我可能之前提到過這一點，我們仍然看到客戶追求價值和促銷。因此，我們的促銷量有所增加，而這正是我們在 2025 年圍繞共同購買和尋求改善商品成本所做的工作對我們至關重要的地方。

From a competitive perspective, I think like the rest of the industry, we're all seeing the pressures from mass and club stores value players. That said, our customer traffic is up. We have shared growth in several of our markets, and we understand exactly where those are and are very thoughtful about how we're investing in the areas where we have opportunity very surgically using the tools and technology that we have to help us make the best decision.

從競爭的角度來看，我認為與行業的其他部分一樣，我們都看到了來自大眾商店和俱樂部商店價值玩家的壓力。也就是說，我們的客戶流量增加了。我們在多個市場都實現了共同成長，我們清楚地了解這些市場在哪裡，並且非常認真地考慮如何在我們有機會的領域進行投資，並非常精準地利用我們擁有的工具和技術來幫助我們做出最佳決策。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

(technical difficulty) on for Simeon. I would like to ask you about the guidance. Could you talk a little bit about what food inflation assumptions are embedded in your ID sales guidance and what would be the effect of pharmacy within the ID sales figure for the full year?

（技術困難）為西緬而來。想請教一下指導意見。您能否稍微談談您的 ID 銷售指引中包含哪些食品通膨假設，以及藥局對全年 ID 銷售數據的影響是什麼？

The inflation assumption within the guidance we've got a 1.5% to 2.5% ID sales guidance, and within that, it's 1.5% to 2% on inflation. And on the mix of pharmacy and e-commerce, we expect to see very strong growth in e-com and continued growth in pharmacy. We're not guiding that, but you can think about in terms of continuing, we are making continued investments there, so that would be how I would model it if I was you.

指導中的通膨假設我們有 1.5% 到 2.5% 的 ID 銷售指導，其中通膨率為 1.5% 到 2%。在藥局和電子商務的結合方面，我們預計電子商務將實現強勁成長，藥局也將持續成長。我們不會對此進行指導，但你可以考慮繼續進行，我們會在那裡持續投資，所以如果我是你的話，我就會這樣建模。

And as a follow up, if I could ask you about e-commerce, congratulations, you had impressive sales growth there, 24% in the fourth quarter. Could you help us think through how you're looking at the e-commerce contribution to profitability and how you're thinking it more broadly alongside retail media and the loyalty program into 2025?

接下來，如果我可以問您關於電子商務的問題，那麼恭喜您，您在電子商務方面的銷售成長令人印象深刻，第四季度增長了 24%。您能否幫助我們思考一下，您如何看待電子商務對盈利能力的貢獻，以及您如何更廣泛地看待它與零售媒體和忠誠度計劃在 2025 年的發展？

Yes, so on e-commerce, e-commerce is diluted to our margins, and it is getting better all the time. If you look at the explanation in the press release about our gross margin in Q4, we talk about the fact that the picking costs and delivery costs are putting weight on the margin, but then we explain it's only because of the volume. And so, we actually are making progress in productivity in our e-commerce operations within our stores so that business is getting more more profitable as it goes.

是的，就電子商務而言，電子商務稀釋了我們的利潤率，而且情況一直在改善。如果您查看新聞稿中有關我們第四季度毛利率的解釋，我們會談到採摘成本和運輸成本對利潤率的影響，但隨後我們解釋說這僅僅是因為數量。因此，我們實際上正在提高商店內電子商務營運的生產力，從而使業務在發展過程中獲得更多的利潤。

So our guess would be that when you combine our first party and our third-party businesses that we are getting close to being a -- contributing to the EBITDA margin we expect that to continue to grow over time.

因此，我們的猜測是，當你將我們的第一方業務和第三方業務結合起來時，我們將接近對 EBITDA 利潤率做出貢獻，我們預計這一利潤率將隨著時間的推移而繼續增長。

Robbie Ohmes, Bank of America.

羅比‧奧姆斯 (Robbie Ohmes)，美國銀行。

I had a -- just two quick follow-up questions. Just -- and maybe you know, on the pharmacy growth outlook, how much is, GLP-1 still a driver to the cops there and is do you see that fading at all in 2025? And what are the other you know, how much is a GLP-1 say versus how much benefit are you getting from drugstore closings?

我有兩個快速的後續問題。只是 — — 也許您知道，就藥房增長前景而言，GLP-1 對警察的驅動力有多大，您是否認為這種驅動力在 2025 年會逐漸減弱？您知道其他情況是什麼嗎？ GLP-1 的作用有多大？藥局關門能帶給您多少好處？

So first and foremost, of course, GLP-1s are contributing to our growth, but that's not the sole increase that we have. Our core script volume is growing year over year and actually has been for several years now, so we're excited about the health of the business from that regard.

因此，首先當然是 GLP-1 促進了我們的成長，但這並不是我們唯一的成長。我們的核心腳本量逐年增長，實際上已經持續了好幾年，因此我們對這方面的業務健康狀況感到興奮。

Clearly, the GLP-1 profitability is less, that said. As we engage those customers into our entire ecosystem recognizing clearly their eating habits change, but their eating habits change with regard to wanting more protein, looking for supplements, buying more fruits and vegetables, we have all of those things. So it's actually an opportunity for us to even more deeply engage those customers. Sharon, what might you add?

顯然，GLP-1 的獲利能力較低。當我們將這些客戶納入我們的整個生態系統時，我們清楚地認識到他們的飲食習慣發生了變化，但他們的飲食習慣發生了變化，他們想要更多的蛋白質，尋找補充劑，購買更多的水果和蔬菜，我們擁有所有這些東西。因此，這實際上是我們與這些客戶進行更深入接觸的機會。莎倫，您還有什麼要補充的嗎？

Yeah, I would add that we continue to actually be excited about the GLP-1 customer. And as you know, the industry is evolving, it's going to be in pill form. I don't know the exact timing of that, but as that goes, but it gives us such a substantial opportunity to help these customers achieve this life goal. And when we embrace those customers, we can fulfill their new basket.

是的，我想補充一點，我們實際上仍然對 GLP-1 客戶感到興奮。正如你所知，這個行業正在不斷發展，它將以藥丸的形式出現。我不知道具體的時間，但隨著時間的推移，它為我們提供了一個巨大的機會來幫助這些客戶實現這一人生目標。當我們接待這些顧客時，我們就可以滿足他們的新需求。

Remember, their basket materially changes and it shifts to, as Susan said, to a more profitable basket, and we believe through Sincerely Health and the other investments that we're making in the digital side of our business, that we can be an asset to these customers and that they will choose us for the role that we play in their healthcare. So from that standpoint, so that's how we're thinking about it right now.

請記住，他們的購物籃發生了實質性的變化，正如蘇珊所說，變成了一個更有利可圖的購物籃，我們相信，透過 Sincerely Health 和我們在業務數位化方面進行的其他投資，我們可以成為這些客戶的資產，他們會選擇我們在他們的醫療保健中扮演的角色。所以從這個角度來看，這就是我們現在的想法。

And then you have mentioned -- oh, sorry, I was just going to answer your acquisition question.

然後你提到——哦，對不起，我只是想回答你的收購問題。

So yeah, we are continually looking at opportunities to acquire scripts, pharmacy businesses certainly hire the pharmacists and the techs from other units around us. We have a very solid thoughtful approach on how we do that, but we are absolutely looking to continue to grow our pharmacy business thoughtfully.

是的，我們一直在尋找獲得處方的機會，藥房企業當然會從我們周圍的其他單位聘請藥劑師和技術人員。我們對如何做到這一點有著非常周到的方法，但我們絕對希望繼續深思熟慮地發展我們的藥房業務。

That's really helpful. And maybe, Sharon, a quick follow up for you. Just on the -- so this year, we should expect a little more pressure on gross margin and maybe some offset in SG&A. What's the wage rate pressure you guys are expecting in 2025 in that SG&A?

這真的很有幫助。也許，莎倫，我可以快速跟進你的情況。就今年而言，我們預計毛利率將面臨更多壓力，而銷售、一般及行政費用可能會有所抵銷。你們預計 2025 年銷售、一般及行政費用中的工資率壓力是多少？

Yeah. We said last quarter that we used to see 2% to 3%. We're seeing significantly higher than that. Remember, these contracts are multi-year, so our assumption on wage growth in 2025 looks a lot like the wage growth we saw in 2024, and we don't anticipate that changing materially.

是的。我們在上個季度曾表示，這一比例通常為 2% 至 3%。我們看到的數字遠高於此。請記住，這些合約是多年的，因此我們對 2025 年工資增長的假設與我們在 2024 年看到的工資增長非常相似，並且我們預計不會發生實質性變化。

And part of the challenges we recognize -- actually, the opportunity we have is we recognize that as Sharon mentioned, these are multi-year contracts. So as we talk about our $1.5 billion goal in productivity, which by the way, as I say goal, we've got evidence that we can accomplish that and we'll continue to do so, but those targets were set with the wage growth in mind.

我們認識到的部分挑戰——實際上，我們所擁有的機會是，我們認識到，正如莎倫所提到的，這些都是多年期合約。因此，當我們談論 15 億美元的生產力目標時，順便說一句，正如我所說的目標，我們有證據表明我們可以實現這一目標，而且我們將繼續這樣做，但這些目標是考慮到工資增長而設定的。

Scott Mushkin, R5.

斯科特·穆甚金，R5。

So my first one is kind of looking at the business by category and if you think about the center store, do you need the center store to be positive next year or this year I guess now, to make your comp numbers? I guess my first question.

因此，我首先要按類別查看業務，如果您考慮中心商店，您是否需要中心商店明年或今年（我想是現在）保持積極狀態，才能使您的業績保持良好？我想我的第一個問題是。

So we -- let's see, we are seeing growth in center of store and when we -- when, by the way, when I'm seeing center of store, I mean grocery and grocery non-food, but we're actually also seeing growth in our fresh departments. So yes, we're seeing strong pharmacy growth, we're seeing strong e-commerce growth, but we are actually experiencing growth in the core part of the store as well.

所以我們——讓我們看看，我們看到了商店中心的成長，順便說一下，當我看到商店中心時，我的意思是雜貨和非食品雜貨，但實際上我們也看到了新鮮部門的增長。所以是的，我們看到了藥局的強勁成長，我們看到了電子商務的強勁成長，但實際上我們也經歷了商店核心部分的成長。

Okay. And then if you guys going to -- if you were to exceed your thoughts on EBITDA internally, would that flow to shareholders this year or would that just be further invested in the business?

好的。然後，如果你們打算——如果你們在內部超越了對 EBITDA 的想法，那麼今年這些收益會流向股東嗎？還是會進一步投資於業務？

Scott, we put our guidance out there. And at this point, as the year progresses, we can talk more about that, but our guidance at the $3.8 billion to $3.9 billion is where we expect to land the year at this time.

斯科特，我們在那裡提出了我們的指導。目前，隨著今年的進展，我們可以對此進行更多討論，但我們對 38 億美元至 39 億美元的預期是我們預計今年的營收目標。

Okay, so no thoughts on if you were to exceed, where that money would go?

好的，所以沒有想過如果超出的話，這些錢會花在哪裡？

Lots of thoughts, but not for you.

有很多想法，但不適合你。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

The first one was just if you could give an update within the CapEx, how you're planning to allocate that out, how many remodels should we expect and also new stores for this year and then for next, and then I had a separate follow up.

第一個問題是，您是否可以提供資本支出的最新情況，您計劃如何分配這些支出，我們應該期待多少次改造，以及今年和明年將開設多少家新店，然後我會進行單獨的跟進。

On the CapEx for next year, you can think about it very similarly to the way it played out this year. We expect to open new stores. We're not giving committed numbers at this point, but you can think about the capital as half of it is in our stores. There's a maintenance capital piece, and then the rest of it will be invested in the digital platforms and AMC.

對於明年的資本支出，你可以以與今年非常相似的方式考慮。我們期望開設新店。我們目前還沒有給出承諾的數字，但你可以想像一下，其中一半的資金都在我們的商店裡。其中有一部分是維護資本，其餘部分將投資於數位平台和 AMC。

Okay. And then if I could just follow up around tariffs, you mentioned that it's not in the guide. To the extent that it does flow through over the course of the year, is the goal to preserve margin dollars or margin rate and how should we think about that evolution?

好的。然後，如果我可以跟進關稅問題，您提到它不在指南中。就全年來看，目標是維持保證金金額還是保證金率，我們該如何看待這種演變？

On the tariffs, what we would tell you is our goals, our priorities for this year are going to be what the guide that Susan laid out. Our goal is to drive customer growth and engagement through the digital connection. It's growing AMC, it's enhancing the customer value proposition, and with those three priorities, it is fluid. How we handle the tariffs, how we handle negotiations with vendors, et cetera, will depend on continuing to deal with the tariffs, but doing so in a way that continues to amplify our work toward those priorities.

關於關稅，我們要告訴你們的是，我們的目標、我們今年的優先事項將按照蘇珊制定的指南進行。我們的目標是透過數位連結推動客戶成長和參與度。它正在發展 AMC，它正在增強客戶價值主張，並且憑藉這三個優先事項，它正在不斷發展。我們如何處理關稅、如何處理與供應商的談判等等，將取決於繼續處理關稅問題，但這樣做的方式將繼續加強我們朝著這些優先事項開展的工作。

And Sharon, what I would add to that is, clearly, it's dollars that drive our business and that's always our focus.

莎倫，我想補充的是，顯然，金錢推動著我們的業務，這始終是我們的重點。

Karen Short, Melius Research.

Karen Short，Melius Research。

Hey, thanks very much. And Melissa, it's been a long, 25 plus years, so congratulations and I have loved working with you.

嘿，非常感謝。梅麗莎，這已經是漫長的 25 多年了，恭喜你，我很高興與你共事。

So my two questions are price gaps. So when you think about price gaps relative to your peers, can you give me a sense of what you think your price gaps are and where you think they need to go? And then my second question is do you think you could be at the algo by 4Q as it relates to sales growth and EBITDA growth?

所以我的兩個問題是價格差距。因此，當您考慮與同行的價格差距時，您能否告訴我您認為您的價格差距是多少以及您認為它們需要達到什麼程度？我的第二個問題是，您是否認為到第四季度，您能達到與銷售成長和 EBITDA 成長相關的演算法？

Karen, first of all, you made Melissa very happy with your comments. Thank you for that.

凱倫，首先，你的評論讓梅麗莎非常高興。謝謝你。

So with regards to price caps, it, it's not a simple answer. We operate in over 120 MSAs, and our price position is very different in each of those. So there's really not one simple answer. There are markets where we're very comfortable with our price position and see very little need to change, and there are others where we have more opportunity. So we're really excited about using the new tools, technology, and processes that we have in place.

因此，關於價格上限，這不是一個簡單的答案。我們在 120 多個 MSA 中開展業務，並且在每個 MSA 中我們的價格定位都非常不同。所以實際上並沒有一個簡單的答案。在某些市場中，我們對自己的價格定位非常滿意，認為幾乎不需要改變，而在其他市場中，我們則擁有更多機會。因此，我們對使用現有的新工具、技術和流程感到非常興奮。

To be very surgical and thoughtful about how and where we make those investments, we feel we have a deep understanding of the elasticity of our customers based off of experiments that we've been running over the last several months. So it's a very surgical and thoughtful approach. Sharon, maybe I'll give the aIgo question over to you.

為了非常仔細和周到地考慮如何以及在何處進行這些投資，我們認為根據過去幾個月進行的實驗，我們對客戶的彈性有了深刻的理解。所以這是一種非常精準和周到的方法。莎倫，也許我應該把這個問題交給你。

Yes, so we will be building toward that. Obviously, as we make these investments they start to return and when we start getting toward Q4 as we're expecting that to materialize by the end of 2026, we expect it to be gradual and incremental, so you should be expecting us to be moving in that direction.

是的，我們會朝著這個目標努力。顯然，隨著我們進行這些投資，它們開始獲得回報，當我們開始進入第四季度時，我們預計到 2026 年底將實現這一目標，我們預計這將是漸進的、增量的，所以你應該期待我們朝著這個方向前進。

Kelly Bania, BMO Capital Markets.

凱利·巴尼亞（Kelly Bania），BMO 資本市場。

Was wondering if we could just talk about IDs a little bit more granularly. The -- I think you mentioned an improvement in kind of grocery sales trends in the back half in your expectations, and wondering if you could just unpack kind of the traffic versus the ticket component of that and the expectation for that to improve in the back half. And then also if there's any conservative -- conservatism with regard to SNAP and if there if there are any developments on reductions and snap there into the back half.

想知道我們是否可以更詳細地討論一下 ID。——我認為您在預期中提到了下半年食品雜貨銷售趨勢的改善，我想知道您是否可以分析一下客流量與票務部分之間的關係，以及對下半年改善的預期。然後，如果在 SNAP 方面有任何保守 — — 保守主義，以及如果在減免方面有任何進展，並將其納入後半部分。

So for ID sales, we are -- as mentioned before, we're looking at that 1.5% to 2.5% range. Clearly, we expect to see growth increase as we exit 2025 and going into 2026. Sharon, any color you would add?

因此對於 ID 銷售，正如之前提到的，我們正在關注 1.5% 到 2.5% 的範圍。顯然，我們預計在 2025 年和 2026 年期間，成長率將會加快。莎倫，你想添加什麼顏色？

Yeah. So Kelly, and as it relates to when we go into 2025, as we're entering the year, we have said consistently we are continuing to see customers. The traffic in our store is positive. We're very excited about that. Obviously, the AIB with CPI in the fourth quarter, up 1.9%, AIB is going to be up and what the opportunity for us at this point is it going to be in units as we go into 2025 and a lot of the initiatives, I'm not going to go back to them, but all the initiatives we've talked about are doing exactly what Susan keeps saying and continues to drive in the company, which is bringing units back into the store. And that is the opportunity that we see within the guidance, and yes, we believe that we are doing it, and we can do it.

是的。所以凱利，當我們進入 2025 年時，我們一直說我們會繼續見到客戶。我們商店的客流量很大。我們對此感到非常興奮。顯然，第四季度的 CPI 和 AIB 上漲了 1.9%，AIB 還會繼續上漲，而我們目前的機會在於，隨著我們進入 2025 年，它將出現在銷售單位中，我不會再重複這些舉措，但我們討論過的所有舉措都正是蘇珊一直說的，並將繼續在公司中推動，即將銷售單位帶回商店。這就是我們在指導中看到的機會，是的，我們相信我們正在做這件事，而且我們能夠做到。

Okay. And if I can just follow up on pharmacy, obviously, that is and remains a key component of your strategy. Just wondering if it's possible to integrate prescriptions and pharmacy deeper into your digital offerings for pickup and delivery just given that competitors are moving forward with that is that something that Albertsons can do and is considering doing?

好的。如果我可以跟進藥房的情況，顯然，這是並且仍然是您策略的關鍵組成部分。我只是想知道，鑑於競爭對手正在推進這一進程，是否有可能將處方和藥房更深入地整合到您的數位產品中以供取貨和送貨，這是 Albertsons 可以做並正在考慮做的事情嗎？

Yes, we absolutely are. So it varies by market and there's some technological solutions that we're working on that will help us get there, but that is absolutely on our roadmap for pharmacy this year. We agree with you. The more that we can take pressure off the customer experience, especially patients in pharmacy, make their life easier, we're seeking every possible way to do that.

是的，我們確實是。因此，它因市場而異，我們正在研究一些技術解決方案來幫助我們實現這一目標，但這絕對是我們今年藥房的路線圖。我們同意你的看法。我們正在尋求一切可能的方法來減輕客戶體驗的壓力，特別是藥房的患者，讓他們的生活更輕鬆。

And Kelly, I was in our Tom Thumb store here in Dallas last night, and they were announcing over the speaker that to welcome you to do both your dog and your pharmacy order, through (inaudible). So your question was perfect. I was just there last night, and we were telling our customers all about it.

凱利，昨晚我在達拉斯的 Tom Thumb 商店，他們透過揚聲器宣布，歡迎您透過以下方式處理您的狗和藥品訂單：（聽不清楚）。所以你的問題很完美。我昨晚剛去過那裡，我們正在向我們的客戶講述這一切。

Joe Feldman, Telsey Advisory Group.

喬‧費爾德曼 (Joe Feldman)，特爾西顧問集團 (Telsey Advisory Group)。

I wanted to ask about -- you made a comment about the division consolidation which I know you've done some, but I was curious if there's more to go there. It sounded like there are opportunities still and I don't know if you could share a little more color on that.

我想問一下——您對部門合併發表了評論，我知道您已經做了一些評論，但我很好奇是否還有更多內容。聽起來仍然有機會，我不知道您是否可以分享更多這方面的詳細資訊。

And also, with the second kind of question I had was around the Albertsons Media Collective. If you could just share a little more color on sort of the adoption by the your partners and what the feedback you're getting on it initially and where there are some of those opportunities you described earlier. Thanks.

另外，我的第二個問題是關於 Albertsons Media Collective 的。如果您可以稍微分享一下您的合作夥伴的採用情況以及您最初收到的回饋以及您之前描述的一些機會。謝謝。

So with regards to the division consolidation, the most recent one we just announced was the blending of our Denver and Intermountain divisions. We're calling it Mountain West. And as part of that, there's -- it's multifaceted really.

關於部門合併，我們剛剛宣布的最新舉措是合併丹佛部門和 Intermountain 部門。我們稱之為「西部山區」。作為其中的一部分，它確實是多方面的。

We're looking at first and foremost, how can we create productivity by bringing two divisions together, but also, we're seeking to better develop our team, to improve tools and processes and learn from that consolidation how we might leverage opportunities across the rest of the organization. So we're continually evaluating how we're going to market, where there might be opportunities to look for synergies such as this and in other ways as well.

我們首先考慮的是如何透過將兩個部門合併來提高生產力，同時，我們也在尋求更好地發展我們的團隊，改進工具和流程，並從合併中學習如何利用組織其他部門的機會。因此，我們不斷評估我們的行銷方式，尋找可能實現此類協同效應的機會以及其他方式。

With regard to AMC, we have had strong performance, strong engagement with our vendor partners. We also recognize that we have an opportunity to -- as we look about, our efforts around buying better together, leveraging AMC as part of those conversations. Today, we operate at 11 divisions across the organization and there's important times to act as 11, but there's also times to act as one. And when we think about unlocking dollars for whether it's cost of goods reduction or AMC dollars, this opportunity of buying better together creates simplicity for our vendor partners, ease of execution consistently across the organization, so we see a lot of opportunity as we evolve our model moving forward.

就 AMC 而言，我們表現優異，與供應商合作夥伴的合作也十分密切。我們也認識到，我們有機會——正如我們所看到的，我們圍繞著共同購買所做的努力，並利用 AMC 作為這些對話的一部分。如今，我們在整個組織內設有 11 個部門，有些時候需要像 11 個部門一樣行動，但有些時候也需要像一個部門一樣行動。當我們考慮釋放資金，無論是降低商品成本還是 AMC 美元時，這種共同購買的機會為我們的供應商合作夥伴創造了簡單性，並在整個組織內易於一致地執行，因此，隨著我們模式的不斷發展，我們看到了很多機會。

Thank you. I'll now turn the floor back to management for closing your remarks.

謝謝。現在我將把發言權交還給管理階層，請他們結束發言。

Just wanted to say thank you for your time and for the questions today. We remain very excited, very energized about the growth agenda that we've put forth in 2025. Clearly, it's a year of investment for us, and we feel very confident in our ability to deliver, both internally and externally the commitments that we have made. We appreciate your support, and we look forward to talking to you all soon.

我只是想對您今天抽出時間和提問表示感謝。我們對 2025 年提出的成長議程仍然感到非常興奮，充滿活力。顯然，對我們來說，這是投資的一年，我們對履行內部和外部承諾的能力充滿信心。我們感謝您的支持，並期待很快與您交談。

This will conclude today's conference. Thank you for your participation, you may now disconnect your lines at this time.

今天的會議到此結束。感謝您的參與，您現在可以斷開線路了。