Albertsons Companies Inc (ACI) 2025 Q2 法說會逐字稿

Welcome to the Albertsons Companies second quarter 2025 earnings conference call, and thank you for standing by. (Operator Instructions). This call is being recorded.

歡迎參加艾伯森公司2025年第二季財報電話會議，感謝您的耐心等待。（操作說明）本次通話正在錄音。

I would now like to hand the call over to Cody Perdue, Senior Vice President, Treasury, Investor Relations and Risk Management. Please go ahead.

現在我將把電話交給財務、投資者關係和風險管理高級副總裁科迪·珀杜。請繼續。

Good morning, and thank you for joining us for the Albertsons Companies' second quarter 2025 earnings conference call. With me today are Susan Morris, our CEO; and Sharon McCollam, our President and CFO. Today, Susan will provide an overview of our business and the opportunities ahead before recapping the second quarter of 2025 and updating you on our progress against our strategic priorities.

早安，感謝各位參加艾伯森公司2025年第二季財報電話會議。今天陪我一起的有我們的執行長蘇珊莫里斯，以及我們的總裁兼財務長莎倫麥克科勒姆。今天，Susan 將概述我們的業務和未來的機遇，然後回顧 2025 年第二季的情況，並向大家報告我們在策略重點方面的進展。

Then Sharon will provide the details related to our second quarter 2025 financial results and our outlook for the remainder of fiscal 2025 before handing it back to Susan for closing remarks. After management comments, we will conduct a Q&A session. I would like to remind you that management may make forward-looking statements within the meaning of the federal securities laws.

然後，莎倫將詳細介紹我們 2025 年第二季度的財務業績以及我們對 2025 財年剩餘時間的展望，之後再將發言權交還給蘇珊，由她作總結發言。管理層發言後，我們將進行問答環節。我想提醒各位，管理階層可能會根據聯邦證券法做出前瞻性陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, the factors identified in our filings with the SEC. 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.

這些聲明存在風險和不確定性，可能導致實際結果與我們的預期和預測有重大差異。這些風險和不確定性包括但不限於我們在向美國證券交易委員會提交的文件中確定的因素。我們今天所作的任何前瞻性陳述僅代表截至今日的觀點，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。

Additionally, we will be discussing certain non-GAAP financial measures. A reconciliation of these financial measures to the most directly comparable GAAP financial measures can be found in this morning's earnings release.

此外，我們也將討論一些非GAAP財務指標。今天早上發布的獲利報告中提供了這些財務指標與最直接可比較的 GAAP 財務指標的調整表。

And with that, I will hand the call over to Susan.

接下來，我會把電話交給蘇珊。

Thanks, Cody. Good morning, everyone, and thanks for joining us today. Before we dive into our quarterly update on our strategic priorities, I want to take a moment to zoom out to reflect on who we are as a company, the foundation we've built and the growth opportunities ahead. Albertsons is operating from a position of strength with compelling opportunities to drive customer and shareholder value, opportunities that are within reach and accelerating.

謝謝你，科迪。各位早安，感謝大家今天收看我們的節目。在我們深入探討季度策略重點更新之前，我想花點時間從宏觀角度回顧我們公司的身份、我們所建立的基礎以及未來的成長機會。Albertsons 目前處於優勢地位，擁有提升客戶和股東價值的誘人機遇，這些機會觸手可及且正在加速發展。

Internally, our rally cry is a new day at Albertsons. It isn't a new day because the market or the competitive landscape has changed. It isn't a new day because our customer has changed. It is a new day because our mission is clear. A new day is not a slogan, it's a mindset.

在公司內部，我們的口號是：艾伯森迎來新的一天。這並不是因為市場或競爭格局發生了變化，而是因為時代已經改變了。這並不是因為我們的客戶發生了變化，而是時代變了。新的一天開始了，因為我們的使命很明確。新的一天不是一句口號，而是一種心態。

It means that it's a new day to make bold decisions and to invest with purpose, driving long-term sustainable growth across our banners. A new day to ignite the passion of our 280,000 associates and amplify customer centricity. A new day to leverage our strength, sharpen our competitive edge and double down on the competitive moats that sustain our business.

這意味著現在是做出大膽決策、進行有目的的投資，以推動旗下所有品牌實現長期永續成長的新時代。新的一天，點燃我們28萬名員工的熱情，並加強以客戶為中心的理念。新的一天，我們將發揮自身優勢，增強競爭優勢，加倍鞏固支撐我們業務的競爭障礙。

With this mindset as our foundation. I've spent the last five months as CEO conducting deep dives across every facet of our business. My goal to identify how we can accelerate growth, add transformational leaders, leverage tech and AI to drive efficiency and speed to market, unlock areas of underperformance and make smarter decisions about what we will build and own versus where we can partner to improve speed or optimize our capital allocation strategy.

以此為理念。過去五個月，我作為首席執行官，對我們業務的各個方面進行了深入研究。我的目標是找出如何加速成長、增加變革型領導者、利用科技和人工智慧提高效率和加快上市速度、釋放表現不佳的領域，並就我們將要建立和擁有什麼以及我們可以與誰合作來提高速度或優化我們的資本配置策略做出更明智的決策。

And through this work, several major themes have emerged. First, our banners. These are not just names on storefronts. They're trusted brands, deeply woven into the fabric of the communities that we serve. For decades, they stood for convenience, quality, care and connection, and they continue to earn that trust every day.

透過這項工作，湧現出了幾個主要主題。首先是我們的橫幅。這些不僅僅是店面上的名字。它們是值得信賴的品牌，深深融入我們所服務的社區的生活中。幾十年來，他們一直代表著便利、品質、關懷和人與人之間的聯繫，他們每天都在繼續贏得這份信任。

We have an incredible opportunity to leverage our national scale to even further embed ourselves in these communities as we capitalize on being locally great and nationally strong. Inside our stores, the core of our experience. We lead with fresh and deliver industry-leading service from our on-site butchers, where we deliver custom cuts to our customers in over 2,200 stores, to vaccinations where we deliver more per store than any other pharmacy, to flash delivery, where if you change your mind and decide you want tacos for dinner tonight, we can have the ingredients to you within 30-minutes or less.

我們擁有絕佳的機會，可以利用我們的全國規模，進一步融入這些社區，充分發揮我們在本地的優勢和在全國的實力。店內體驗，是我們體驗的核心。我們以新鮮食材為先導，提供業界領先的服務，從我們店內肉舖（在超過 2200 家門市為顧客提供客製化切割服務）到疫苗接種（每家門市的疫苗接種量超過任何其他藥房），再到快速配送（如果您改變主意，今晚想吃墨西哥捲餅，我們可以在 30 分鐘或更短時間內將食材送到您手中）。

We are about delivering curated personalized experiences each time a customer walks through our doors or engages with us digitally. In e-commerce, we've grown at a compounded annual growth rate of 24% over the last three fiscal years. Our digital experience offers a fully integrated and increasingly personalized journey. We're not only selling food, we're simplifying meal planning, making shopping easier and more convenient.

我們致力於為每位顧客提供精心策劃的個人化體驗，無論他們是走進我們的實體店還是透過線上管道與我們互動。在電子商務領域，過去三個財年我們的複合年增長率達到了 24%。我們的數位化體驗提供完全整合且日益個人化的服務流程。我們不僅銷售食品，還簡化膳食計劃，讓購物更輕鬆、更方便。

We are serving our customers how, when and where they want to be served. Our stores are community hubs, within minutes of the vast majority of our customers' homes offering an on-demand and fresh assortment, trusted service and local relevance that online only competitors simply cannot replicate. Our in-store fulfillment model delivers fresher products faster with greater flexibility across pickup, delivery and in-store experiences.

我們以客戶希望的方式、時間和地點為客戶提供服務。我們的門市是社區中心，距離絕大多數顧客的家只有幾分鐘的路程，提供按需供應的新鮮商品、值得信賴的服務以及與當地社區的緊密聯繫，這是純線上競爭對手根本無法複製的。我們的店內配送模式能夠更快地提供更新鮮的產品，並在取貨、送貨和店內體驗方面提供更大的靈活性。

We are a strong portfolio of brands and we've invested in a unified national network powered by common systems, enabling us to harness our cloud-based centralized data, drive operational efficiencies at scale and elevate the customer experience while remaining highly relevant to the preferences of customers in our local communities.

我們擁有強大的品牌組合，並投資建立了由通用系統驅動的統一全國網絡，使我們能夠利用基於雲端的集中式數據，大規模提高營運效率，提升客戶體驗，同時保持與當地社區客戶偏好的高度相關性。

I'm extremely excited by the early success we're seeing in leveraging these systems and utilizing our data with today's most advanced algorithms and tools. This foundation is also anchored by a $14.3 billion portfolio of owned real estate, located in the most valuable and sought-after retail corridors in our markets. These irreplaceable assets, just appraised in July of 2025, are not only among the most valuable in retail, but also operationally essential, supporting seamless customer access, optimized logistics, and fueling long-term growth by placing us exactly where our customers live, shop and engage.

我對我們利用這些系統以及將我們的數據與當今最先進的演算法和工具相結合所取得的早期成功感到無比興奮。這一基礎也建立在價值 143 億美元的自有房地產投資組合之上，這些房地產位於我們市場中最有價值和最受歡迎的零售走廊。這些不可替代的資產，在 2025 年 7 月剛剛經過評估，不僅是零售業中最有價值的資產之一，而且在運營上也至關重要，它們支持無縫的客戶訪問、優化的物流，並通過將我們置於客戶生活、購物和互動的地方，推動長期增長。

In addition to our core real estate portfolio, through the deep dives I've undertaken, we are actively evaluating our broader asset base, operating model, and market footprint to ensure that we are running as efficiently and as effectively as possible. This includes making thoughtful incremental decisions around where and how we want to grow while at the same time evaluating underperforming stores and noncore assets to better align with our long-term priorities.

除了我們的核心房地產投資組合外，透過我所做的深入研究，我們正在積極評估我們更廣泛的資產基礎、營運模式和市場覆蓋範圍，以確保我們盡可能有效地運作。這包括對我們希望在何處以及如何發展做出深思熟慮的漸進式決策，同時評估業績不佳的門市和非核心資產，以便更好地與我們的長期優先事項保持一致。

Year-to-date, we've announced the closure of 29 stores and expect to open nine new stores by year-end. All of this creates a transformational foundation for long-term value creation. And while this will not happen overnight, the opportunity in front of us gives us the confidence to take decisive action today to execute a $750 million accelerated share repurchase, representing an incremental 8% of our outstanding shares at current prices.

今年迄今，我們已宣布關閉 29 家門市，預計到年底將開設 9 家新店。這一切都為長期價值創造奠定了變革性的基礎。雖然這不會在一夜之間發生，但我們面前的機會讓我們有信心今天就採取果斷行動，執行 7.5 億美元的加速股票回購計劃，按當前價格計算，這將相當於我們流通股的 8%。

This reflects our conviction that our share price is very much underappreciated and does not fully reflect the strength of our foundation or the opportunities within our strategy to drive long-term shareholder value. That is what a new day looks like, it is a day of confidence, a day of action, a day of growth. Now turning to our second quarter.

這反映了我們堅信我們的股價被嚴重低估，未能充分反映我們雄厚的基礎以及我們策略中為股東創造長期價值的機會。這就是新的一天，充滿信心的一天，行動的一天，成長的一天。現在進入第二季。

Our team delivered solid results with adjusted ID sales growth of 2.2%, adjusted EBITDA of $848 million, and earnings per share of $0.44. These results are in line with our expectations and reflect steady execution against our five strategic priorities. Driving growth and engagement through digital connection, growing our media collectives, enhancing the customer value proposition, modernizing capabilities through technology and driving transformational productivity.

我們的團隊取得了穩健的業績，經調整後ID銷售額成長2.2%，經調整後EBITDA為8.48億美元，每股盈餘為0.44美元。這些業績符合我們的預期，並反映了我們在五個策略重點方面穩步推進。透過數位化連結推動成長和參與，發展我們的媒體群體，增強客戶價值主張，透過技術實現能力現代化，並推動變革性生產力。

Together, these priorities are driving our current performance and positioning us to enter our long-term growth algorithm for fiscal '26. Our four digital platforms continue to be key engines for customer acquisition, retention and engagement, driving measurable increases in sales and frequency amongst our most loyal shoppers.

這些優先事項共同推動了我們目前的業績，並使我們進入 2026 財年的長期成長軌道。我們的四大數位平台仍然是客戶獲取、留存和互動的重要引擎，推動了我們最忠實顧客的銷售和購買頻率的顯著成長。

These platforms not only deepen relationships, but also generate rich actionable data that fuels the media collective's targeting capabilities and monetization strategies. This integrated ecosystem is accelerating our ability to innovate, optimize marketing spend, customer reach and unlock new revenue stream. E-commerce remains a key growth driver with 23% year-over-year growth this quarter and in line with our three-year CAGR.

這些平台不僅加深了彼此的關係，還產生了豐富的可操作數據，從而增強了媒體集團的定向能力和獲利策略。這一一體化的生態系統正在加速我們的創新能力，優化行銷支出，擴大客戶覆蓋範圍，並開拓新的收入來源。電子商務仍然是關鍵的成長驅動力，本季年增 23%，與我們三年來的複合年增長率一致。

E-commerce growth isn't flattening at ACI. Grocery penetration is now well above 9%. Our first-party business, led by Drive Up & Go, continues to scale rapidly and represent the majority of e-commerce transactions and sales. By leveraging our store-based fulfillment model, we operate from a network that places us closest to the customers we serve, giving us a structural advantage in the last-mile fulfillment.

ACI的電子商務成長並未趨於平緩。食品雜貨滲透率目前已遠高於 9%。以 Drive Up & Go 為首的第一方業務持續快速成長，並佔電子商務交易和銷售額的大部分。透過利用我們以門市為基礎的配送模式，我們經營的網路使我們離服務的客戶最近，從而在最後一公里配送方面賦予我們結構性優勢。

This proximity, combined with our rich asset base, allows us to deliver a differentiated customer experience built on speed, service, convenience, quality and assortment. At the same time, our digital investments, including AI-powered features are driving engagement, customer acquisition and retention. Loyalty continues to be a powerful driver of digital engagement and value creation with membership growing 13% to more than $48 million in the second quarter.

這種地理優勢，加上我們豐富的資產基礎，使我們能夠提供以速度、服務、便利性、品質和種類為核心的差異化客戶體驗。同時，我們在數位領域的投資，包括人工智慧驅動的功能，正在推動用戶參與、客戶獲取和客戶留存。忠誠度仍然是推動數位參與和價值創造的強大動力，會員數量在第二季度增長了 13%，達到 4,800 萬美元以上。

Program enhancements and simplification are fueling deeper engagement. Members are transacting more frequently, redeeming rewards more easily, spending more. Notably, nearly 40% of engaged households now choose the cash-off option, underscoring the appeal of immediate value. Loyalty also serves as a rich data source for our merchants and media collective, enabling targeted marketing and monetization.

項目的改進和簡化正在促進更深入的參與。會員交易更頻繁，兌換獎勵更方便，消費更多。值得注意的是，近 40% 的參與家庭現在選擇現金回饋選項，這凸顯了即時價值的吸引力。忠誠度也為我們的商家和媒體聯盟提供了豐富的數據來源，從而能夠進行精準行銷和獲利。

Most recently, we extended the value of our loyalty platform beyond grocery. With the launch of for U Travel, a new partnership powered by Expedia that allows members to earn up to 10% cash back on travel bookings redeemable towards grocery purchases, further strengthening engagement and broadening the appeal of our platform.

最近，我們將會員平台的價值擴展到了食品雜貨以外的領域。我們推出了由 Expedia 提供支援的全新合作項目“for U Travel”，會員在預訂旅行時可獲得高達 10% 的現金返還，可用於購買食品雜貨，從而進一步加強用戶參與度並擴大我們平台的吸引力。

Pharmacy grew 19% year-over-year, fueled by continued strength in GLP-1, strong core prescription volume increases and share gains from competitor store closures, all supported by our top-tier customer satisfaction. As we've consistently said, customers who engage across both grocery and pharmacy channels demonstrate materially higher value with increased visit frequency and broader spending across the store.

藥局業務年增 19%，這得益於 GLP-1 的持續強勁增長、核心處方量大幅增加以及競爭對手門市關閉帶來的市場份額提升，所有這些都得益於我們一流的客戶滿意度。正如我們一直強調的，同時在雜貨店和藥局通路購物的顧客，其價值明顯更高，到店頻率更高，在店內消費範圍更廣。

To capture this opportunity, we're investing in personalized omnichannel pharmacy and health solutions that are driving new customer acquisition and converting single-channel shoppers into high-value cross-shoppers. As a key pillar of our customers-for-life strategy, scaling these pharmacy and health solutions profitably through higher-margin services, central fill expansion, and innovative procurement and operational efficiencies is a top priority.

為了抓住這一機遇，我們正在投資個人化的全通路藥局和健康解決方案，以推動新客戶的獲取，並將單通路購物者轉化為高價值的跨通路購物者。作為我們「終身客戶」策略的關鍵支柱，透過更高利潤率的服務、集中配藥的擴展以及創新的採購和營運效率，實現這些藥房和健康解決方案的盈利性擴展，是我們的首要任務。

In the integrated mobile app experience, we introduced the app as a Swiss Army knife of tools that simplify planning, shopping, saving and more, whether customers shop in-store or online. Since then, we've enhanced it with advanced personalization and AI. Our newest feature, Ask AI, delivers a conversational search experience that helps customers build smarter baskets faster. It enables natural cross-category discovery and personalized recommendation.

在整合行動應用程式體驗中，我們將應用程式定位為瑞士軍刀工具，無論顧客是在實體店購物還是在線上購物，都能簡化計劃、購物、儲蓄等操作。此後，我們透過先進的個人化和人工智慧技術對其進行了增強。我們最新推出的「Ask AI」功能，提供對話式搜尋體驗，幫助客戶更快建立更聰明的購物籃。它能夠實現跨類別的自然發現和個人化推薦。

Customers no longer need to know exactly what they're looking for in our aisles or online. They can simply ask, what are healthy snacks for kids; or say, my holiday party is tomorrow, and I'm not prepared, Ask AI will offer tailored ideas and guide them to relevant products. Our Media Collective delivered strong momentum in the second quarter, significantly improving the year-over-year return on ad spend for our partners.

顧客不再需要確切地知道他們在我們的貨架上或網路上尋找什麼。他們可以簡單地問，有哪些適合孩子的健康零食；或者說，我的節日派對明天就要開始了，但我還沒準備，Ask AI 會提供量身定制的建議，並引導他們找到相關的產品。我們的媒體聯盟在第二季度取得了強勁的成長勢頭，顯著提高了合作夥伴的廣告支出回報率。

This was driven by enhanced data quality, more precise targeting and faster campaign measurement. On-site digital ad inventory has grown meaningfully year-to-date. While improved speed to market has enabled advertisers to launch and optimize campaigns with much greater agility, off-site, our media offerings are gaining traction.

這主要得益於數據品質的提升、更精準的定位和更快的行銷活動效果衡量。今年以來，網站內數位廣告庫存實現了顯著成長。雖然更快的上市速度使廣告主能夠更靈活地啟動和優化廣告活動，但站外媒體產品正在獲得越來越多的關注。

By leveraging real-time transaction data and integrating item-level sales reporting with platforms like Google, Meta and Pinterest, we're delivering greater transparency and measurable performance across the customer journey.

透過利用即時交易數據，並將商品級銷售報告與 Google、Meta 和 Pinterest 等平台集成，我們能夠在整個客戶旅程中提供更高的透明度和可衡量的績效。

We've also advanced our full funnel strategy through shoppable recipes, app integration, connected TV and new in-store digital signage, creating seamless experience for customers and measurable value for our partners. Looking ahead, we remain focused on building innovative customer-centric media solutions that drive growth for our partners and value for our business.

我們還透過可購買的食譜、應用程式整合、連網電視和新的店內數位看牌，推進了我們的全通路行銷策略，為顧客創造了無縫體驗，並為我們的合作夥伴創造了可衡量的價值。展望未來，我們將繼續專注於打造以客戶為中心的創新媒體解決方案，從而推動合作夥伴的成長，並為我們的業務創造價值。

In our customer value proposition, we continue to invest through a balanced approach of enhanced loyalty, incremental and personalized promotions, competitive pricing actions and vendor funding. This includes surgical price investments in select categories and markets, along with dynamic management of cost inflation to help stretch customers' wallets.

在我們的客戶價值主張方面，我們繼續透過平衡的方式進行投資，包括增強客戶忠誠度、逐步增加個人化促銷活動、採取有競爭力的價格措施以及提供供應商資金。這包括對特定類別和市場進行精準的價格投資，以及動態管理成本通膨，以幫助消費者節省開支。

During the quarter, we made incremental shelf price investments in specific divisions. And while early in the journey, we're already seeing an inflection in unit sales growth. We continue to strengthen our own brands portfolio this quarter, introducing new offerings across multiple categories that deliver exceptional value to our customers.

本季度，我們對特定部門的貨架價格進行了增量投資。雖然目前還處於早期階段，但我們已經看到銷售成長出現了轉捩點。本季我們將持續加強自有品牌組合，在多個類別中推出新產品，為我們的客戶帶來卓越的價值。

These enhancements are driving customer engagement and loyalty, while also contributing to margin accretion through improved mix and merchandising. As we elevate the visibility and appeal of our own brands, we believe we can drive outsized growth in this critical area of our business, reinforcing our competitive advantage and long-term profitability as we drive penetration from 25% to 30% over time.

這些改進措施提高了客戶參與度和忠誠度，同時透過改善產品組合和商品陳列，也有助於提高利潤率。隨著我們提升自有品牌的知名度和吸引力，我們相信能夠推動業務這一關鍵領域的超額增長，鞏固我們的競爭優勢和長期盈利能力，並隨著時間的推移將滲透率從 25% 提高到 30%。

Technology remains central to our long-term growth strategy. As we shared last quarter, our technology-first approach is enabling us to innovate faster, operate more efficiently and deliver greater value at a lower cost. We're energized by the progress we're making as we embed technology across every part of our business. Our modern cloud-native platform continues to power key operations across e-commerce, stores, pharmacy, supply chain, merchandising and retail media.

技術仍然是我們長期成長策略的核心。正如我們上個季度所分享的，我們以技術為先的方法使我們能夠更快地創新、更有效率地運營，並以更低的成本創造更大的價值。我們將科技融入業務的各個環節，並取得了顯著進展，這讓我們倍感振奮。我們現代化的雲端原生平台持續為電子商務、商店、藥局、供應鏈、商品銷售和零售媒體等關鍵業務提供支援。

It also positions us to rapidly scale emerging technologies like AI. We are actively deploying AI agents to enhance core business functions, including cogeneration, price and promotion, personalization, and customer care and experience like Ask AI, unlocking new levels of speed, precision and productivity. Looking ahead, we see technology innovation as a key enabler of both margin expansion and customer experience differentiation.

這也使我們能夠迅速擴展人工智慧等新興技術。我們正在積極部署人工智慧代理來增強核心業務功能，包括聯合發電、定價和促銷、個人化以及客戶服務和體驗（如「諮詢人工智慧」），從而釋放速度、精確度和生產力的新水平。展望未來，我們認為技術創新是擴大利潤率和提升客戶體驗差異化的關鍵推動因素。

And we remain very focused on building capabilities that drive long-term sustainable value creation. Driving transformational productivity is not just a priority, it's an imperative. As we navigate a dynamic operating environment, it's critical that we unlock sustainable efficiencies to reinvest in our strategic growth initiatives, offset inflationary headwinds, including annual union labor cost increases.

我們將繼續專注於建立能夠推動長期永續價值創造的能力。推動生產力轉型升級不僅是優先事項，更是當務之急。在瞬息萬變的經營環境中，我們必須釋放可持續的效率，以便將資金再投資於我們的策略性成長計劃，抵銷通貨膨脹帶來的不利影響，包括工會勞動成本的年度成長。

As previously shared, from fiscal 2025 through fiscal year '27, we expect our productivity engine to deliver $1.5 billion in savings and are on track to achieve the 2025 savings. Our productivity savings are tightly integrated with our technology modernization strategy, which includes AI and data analytics to enhance decision-making and operational agility, automation across the supply chain to optimize costs, improve speed and support business continuity, shrink and labor management tools, including Vision AI and electronic shelf labels to drive store-level efficiency and accountability.

如同先前所宣布的，從 2025 財年到 2027 財年，我們預計我們的生產力提升引擎將帶來 15 億美元的節省，並且有望實現 2025 年的節省目標。我們的生產力提升與技術現代化策略緊密結合，其中包括人工智慧和數據分析，以增強決策能力和營運靈活性；供應鏈自動化，以優化成本、提高速度並支援業務連續性；以及損耗和勞動力管理工具，包括視覺人工智慧和電子貨架標籤，以提高門市層面的效率和責任感。

We're also making meaningful progress in reducing existing overhead and expanding our global capabilities with continued investment in our India Technology and Innovation Center and scaled back office operations in Manila. These hubs are accelerating our ability to deliver productivity at scale, while also enhancing operational support capabilities.

我們也在降低現有管理費用和擴大全球能力方面取得了實質進展，持續投資於我們在印度的技術與創新中心，並縮減了馬尼拉的後台營運規模。這些中心正在加速我們大規模提高生產力的能力，同時也增強了營運支援能力。

One of our most significant opportunities continues to be leveraging our consolidated scale to improve purchasing efficiency. Through national buying strategies and more streamlined supplier relationships, we are driving better cost outcomes and consistency across our network. At the same time, we are completely transforming our merchandising organization end-to-end, structurally building a house of merchants empowered by AI.

我們最重要的機會之一仍然是利用我們整合後的規模優勢來提高採購效率。透過全國性的採購策略和更精簡的供應商關係，我們正在推動整個網路實現更好的成本效益和一致性。同時，我們正在對商品銷售組織進行徹底的端到端改造，從結構上建構一個由人工智慧賦能的商家體系。

We're also reimagining our assortment strategy and upgrading our tools and processes to drive more effective execution and stronger results, including a partnership with OpenAI to use Agentic AI to power merchandising intelligence. This transformation is designed to unlock the full potential of our talent and scale, enhance customer relevance and deliver improved financial performance.

我們也在重新構想我們的產品組合策略，並升級我們的工具和流程，以推動更有效的執行和更強勁的成果，包括與 OpenAI 合作，利用 Agentic AI 來增強商品智慧。此次轉型旨在充分發揮我們的人才和規模潛力，增強客戶相關性，並提高財務表現。

Sharon, over to you.

莎倫，該你了。

Thank you, Susan, and good morning, everyone. It's great to be here with you today. As Susan shared, it is a new day at Albertsons. Under her leadership, our right-to-win energy is mounting across the company, and the pace of change at both the division and national levels is accelerating. We are also seeing our investments in digital loyalty, e-commerce, pharmacy, and retail media taking hold and adding to our competitive war chest.

謝謝你，蘇珊，大家早安。今天能和大家在一起真是太好了。正如蘇珊所說，艾伯森超市迎來了新的一天。在她的領導下，我們整個公司的必勝信念日益高漲，部門和國家層級的變革步伐都在加快。我們也看到，我們在數位忠誠度、電子商務、藥局和零售媒體方面的投資正在取得成效，並增加了我們的競爭優勢。

With this said, these opportunities in front of us have remained underappreciated in our equity story, and there is clear dislocation between our stock price and the underlying value of our business. So before we dive into our Q2 financials, I want to talk about capital allocation. With the strength of our balance sheet and our belief that our stock is undervalued, we announced two capital allocation actions this morning to quickly return value to our shareholders.

儘管如此，我們面前的這些機會在我們的股權故事中仍然沒有得到充分重視，我們的股價與我們業務的內在價值之間存在明顯的脫節。因此，在深入探討第二季財務數據之前，我想先談談資本配置。憑藉我們強勁的資產負債表以及我們對股票被低估的信念，我們今天上午宣布了兩項資本配置措施，以迅速為股東創造價值。

First, we increased our existing share repurchase authorization from $2 billion to $2.75 billion. Under this new authorization, today we announced and executed a $750 million accelerated share repurchase on top of an already repurchased $600 million in shares since the beginning of the fiscal year. Combined, assuming today's share price for the ASR, these repurchases represent over 12% of our beginning-of-the-year outstanding shares, with the remaining authorization for future repurchases of $1.3 billion.

首先，我們將現有的股票回購授權額度從 20 億美元增加到 27.5 億美元。根據這項新的授權，我們今天宣布並執行了一項 7.5 億美元的加速股票回購計劃，此前自本財年開始以來，我們已經回購了 6 億美元的股票。假設ASR的股價為今日價格，這些回購加起來占我們年初流通股的12%以上，而未來回購的剩餘授權額為13億美元。

This $750 million accelerated share repurchase is immediately accretive and including it, our net debt to adjusted EBITDA ratio will be 2.2 times versus 2 times at the end of the second quarter, still well within a range that gives us significant operational flexibility. Turning now to our second quarter results. I'll start with identical sales.

這項 7.5 億美元的加速股票回購將立即增加收益，加上這筆資金，我們的淨負債與調整後 EBITDA 的比率將從第二季末的 2 倍增至 2.2 倍，仍在賦予我們重大營運彈性的範圍內。現在來看我們第二季的業績。我先從相同的銷售情況說起。

Adjusted identical sales grew 2.2% this quarter, adjusted for a 12-basis point negative impact related to the three-week Colorado labor dispute in 47 stores. This 2.2% increase was driven by strong growth in pharmacy and a 23% increase in digital sales. Pharmacy, in particular, outperformed even our own expectations, driven by ongoing growth in GLP-1 and share gains from the stand-alone pharmacy channel.

本季經調整後的同店銷售額成長了 2.2%，已剔除科羅拉多州 47 家門市為期三週的勞資糾紛帶來的 12 個基點的負面影響。這一2.2%的成長主要得益於藥局業務的強勁成長和數位銷售額23%的成長。特別是藥房業務，其表現甚至超過了我們自己的預期，這得益於 GLP-1 的持續增長以及獨立藥房管道的份額增長。

We also saw encouraging growth in areas where we made surgical investments like fresh. As Susan mentioned earlier, where we invested, we saw improving unit trends. Gross margin in the second quarter was 27%, excluding fuel and LIFO, gross margin decreased 63 basis points versus last year, but importantly, it improved sequentially from Q1 on a year-over-year basis.

我們也看到，在我們精準投資的領域，例如新鮮食品領域，出現了令人鼓舞的成長。正如蘇珊之前提到的，在我們投資的地方，我們看到了銷售成長的趨勢。第二季毛利率為 27%，不計燃料和後進先出法，毛利率較去年同期下降 63 個基點，但重要的是，與去年同期相比，毛利率較去年同期有所提高。

The ongoing mix shift toward digital and pharmacy drove the significant majority of this decline. Incremental investments in our customer value proposition, however, were substantially offset by gains from our productivity initiatives. Also driven by productivity, we saw a 50-basis point improvement in our selling and administrative expense rate compared to last year, excluding fuel.

數位化和藥局通路的持續轉型是造成這一下滑趨勢的主要原因。然而，我們在提升顧客價值主張方面所增加的投資，很大程度上被我們提高生產力措施所帶來的效益所抵銷。受生產力提升的推動，與去年相比，我們的銷售和管理費用率（不包括燃料）下降了 50 個基點。

That's on the same trend as last quarter and reflects the benefits of leveraging employee costs and lower merger-related expenses. We expect continued discipline in the selling and administrative expense rate in the back half of 2025 and beyond. Interest expense ticked up slightly in Q2, $105 million this quarter versus $103 million last year.

這與上個季度的趨勢一致，反映了利用員工成本和降低併購相關費用的好處。我們預計在 2025 年下半年及以後，銷售和管理費用率將持續保持穩定。第二季利息支出略有上升，本季為 1.05 億美元，去年同期為 1.03 億美元。

The increase was mainly due to costs associated with the refinancing and maturity extension to 2030 of our $4 billion asset-based credit facility, which was completed during the second quarter. Finally, adjusted EBITDA in Q2 was $848 million, and adjusted EPS was $0.44 per diluted share, in line with our expectations and reflective of the strategic investments we're making for long-term growth.

此次成長主要是由於我們 40 億美元的資產抵押信貸安排的再融資和延期至 2030 年的相關成本，該安排已於第二季完成。最後，第二季調整後的 EBITDA 為 8.48 億美元，調整後的每股盈餘為 0.44 美元（攤薄後），符合我們的預期，並反映了我們為長期成長所做的策略投資。

I'd now like to give you a quick update on our year-to-date labor negotiations. In fiscal '25, we had 120,000 associates up for renewal. To date, we've successfully reached agreements covering more than 107,000 of those associates. Now let's walk through our updated 2025 financial outlook. As Susan said, we remain focused on our five strategic priorities.

現在我想向大家簡要匯報一下我們今年迄今的勞資談判進展。2025財年，我們有12萬名員工的合約需要續約。迄今為止，我們已成功與超過 107,000 名員工達成協議。現在讓我們一起來看看我們更新後的2025年財務展望。正如蘇珊所說，我們將繼續專注於我們的五個策略重點。

Through the balance of fiscal '25, we will continue to invest in our customer value proposition, customer experience, digital growth, the media collective and health and pharmacy. These investments are expected to enhance our customer value proposition and drive outsized growth in digital and pharmacy, both of which drive higher future customer lifetime value.

在 2025 財年的剩餘時間裡，我們將繼續投資於我們的客戶價值主張、客戶體驗、數位成長、媒體聯盟以及健康和藥局領域。這些投資有望提升我們的客戶價值主張，並推動數位業務和藥局業務的超額成長，而這兩方面都將帶來更高的未來客戶終身價值。

We will also continue to focus on our productivity agenda to fuel this growth and offset inflationary headwinds. With that as our backdrop, we are updating our fiscal 2025 outlook as follows. We are increasing the lower end of our identical sales range and now expect it to be in the range of 2.2% to 2.75%. This assumes ongoing outsized growth in pharmacy and digital as well as continued surgical price investments in grocery to accelerate unit inflection.

我們將繼續專注於提高生產力，以推動成長並抵消通膨帶來的不利影響。基於上述背景，我們對 2025 財年的展望更新如下。我們正在提高同質化銷售範圍的下限，現在預計該範圍將達到 2.2% 至 2.75%。這假設藥局和數位業務持續超高速成長，以及食品雜貨業務持續進行價格調整投資，以加速單位成長。

We continue to expect adjusted EBITDA to be in the range of $3.8 billion to $3.9 billion, unchanged from last quarter, including the approximate $65 million in adjusted EBITDA in the fourth quarter related to our 53rd week. We are increasing, however, our adjusted EPS to a range of $2.06 to $2.19, reflecting the 2025 accretion of the $750 million accelerated share repurchase announced today.

我們繼續預計調整後的 EBITDA 將在 38 億美元至 39 億美元之間，與上一季持平，其中包括第四季度與我們第 53 週相關的約 6500 萬美元調整後的 EBITDA。不過，我們將調整後的每股盈餘預期上調至 2.06 美元至 2.19 美元，這反映了今天宣布的 7.5 億美元加速股票回購計畫在 2025 年帶來的收益。

The effective income tax rate is expected to be in the range of 23.5% to 24.5%, unchanged from last quarter. We do, however, expect cash flow benefit in the range of $125 million to $150 million in 2025 from recent tax legislation. Capital expenditures are expected to be in the increased range of $1.8 billion to $1.9 billion as we accelerate our investment in digital and automation.

預計實際所得稅率將在23.5%至24.5%之間，與上季持平。不過，我們預計，到 2025 年，最近的稅收立法將帶來 1.25 億美元至 1.5 億美元的現金流收益。隨著我們加快數位化和自動化領域的投資，預計資本支出將增加至 18 億美元至 19 億美元。

And finally, as it relates to tariffs, tariffs have not had a material impact on our financial performance yet this year as 90% of the products we sell are sourced domestically, insulating us from global trade volatility. Beyond that, we have and are taking proactive steps to mitigate cost exposure, leveraging sourcing and supplier partnerships to minimize the downstream impact to both our margins and our customers.

最後，就關稅而言，由於我們銷售的產品中有 90% 來自國內，使我們免受全球貿易波動的影響，因此今年關稅尚未對我們的財務業績產生實質影響。除此之外，我們已經並將繼續採取積極措施來降低成本風險，利用採購和供應商合作關係來最大限度地減少對下游利潤和客戶的影響。

And with that, I'll hand it back to Susan for closing remarks.

接下來，我將把發言權交還給蘇珊，請她作總結發言。

Thank you, Sharon. In closing, this is a new day at Albertsons and we're operating from a position of strength. We are executing with clarity, discipline and momentum. Our strategy is working and is delivering measurable results. Our owned real estate portfolio, our trusted local banners and our locally great and nationally strong operating model give us a strong foundational competitive advantage, one that we are leveraging to drive long-term sustainable growth.

謝謝你，莎倫。最後，對艾伯森來說，今天是嶄新的一天，我們正處於強勁的發展勢頭之中。我們正以清晰的思路、嚴謹的紀律和強勁的勢頭執行任務。我們的策略行之有效，並且取得了可衡量的成果。我們擁有的房地產組合、值得信賴的本地品牌以及在本地表現出色、在全國範圍內實力雄厚的運營模式，為我們提供了強大的基礎競爭優勢，我們正在利用這一優勢推動長期可持續增長。

We are also deepening engagement through our customer-focused associate connections, digital platforms, expanding our reach through loyalty and e-commerce and unlocking new revenue streams through our growing media business. At the same time, we're modernizing our capabilities with scalable technology, driving transformational productivity and making strategic investments that will enhance our customer value proposition.

我們也透過以客戶為中心的員工關係、數位平台加深客戶參與度，透過忠誠度計畫和電子商務擴大客戶覆蓋範圍，並透過不斷發展的媒體業務開拓新的收入來源。同時，我們正在利用可擴展的技術實現能力現代化，推動生產力轉型，並進行策略性投資，以增強我們的客戶價值主張。

We are confident in our ability to deliver on our fiscal 2025 commitments and even more excited about the opportunities ahead as we enter our long-term growth algorithm in fiscal '26 and beyond. To our 280,000 associates, think, your passion, resilience and commitment to our customers is what will fuel our next chapter.

我們有信心實現 2025 財年的承諾，並且對進入 2026 財年及以後的長期成長策略所帶來的機會感到更加興奮。致我們 28 萬名員工：請想想，你們的熱情、韌性和對顧客的承諾，將推動我們開啟新的篇章。

You are the heartbeat of our company, the architects of our customer experience and the driving force behind our transformation. We look forward to continuing to create value for our customers, our communities and our shareholders.

你們是我們公司的心臟，是客戶體驗的創造者，也是我們轉型背後的驅動力。我們期待繼續為我們的客戶、社區和股東創造價值。

We'll now open the call for questions.

現在開始接受提問。

(Operator Instructions) Edward Kelly, Wells Fargo.

（操作員說明）愛德華·凱利，富國銀行。

Clearly, you're expressing your confidence in the business and the returning algo in '26 with the ASR. I was curious if you could, maybe, take a step back for us, and may be revisit the building blocks of returning to algo next year? And what is driving that incremental confidence that we're hearing today? I mean '25 certainly an investment year and it's a choppy investment year. So just curious around that confidence in the building blocks for next year.

顯然，您是在表達您對公司業務和 2026 年 ASR 回歸演算法的信心。我很好奇您是否可以為我們退後一步，重新審視一下明年回歸演算法程式設計的基礎要素？而我們今天聽到的這種信心逐漸增強的背後，又是什麼因素在推動呢？我的意思是，2025年當然是投資年，而且是波動較大的投資年。所以，我只是好奇大家對明年發展基礎的信心是什麼。

So sure. First and foremost, what I would say is it's really sticking to the five priorities that we've laid forth, driving our customer growth through our digital connections, growth in our Media Collective, enhancing the customer value proposition, modernizing our capabilities through technology and driving transformational productivity. And within each of those, we're seeing strong proof points of success.

當然可以。首先，我想說的是，我們真正要做的就是堅持我們提出的五項優先事項：透過數位化連結推動客戶成長，發展我們的媒體聯盟，提升客戶價值主張，透過科技實現能力現代化，以及推動變革性生產力。在這些案例中，我們都看到了強而有力的成功案例。

As an example, I think about the customer value proposition. With great intention, we've invested surgically in key markets, and we're seeing a positive inflection in units there. We're starting to see the returns. In addition to that, we've made deeper investments in promotions and loyalty and personalization. And again, we're seeing those customers engage with us at a deeper level and more frequently.

例如，我會思考顧客價值主張。我們經過深思熟慮，對重點市場進行了精準投資，並且已經看到這些市場的銷售出現了積極的成長。我們開始看到回報了。除此之外，我們也加大了對促銷、顧客忠誠度和個人化的投入。我們再次看到這些客戶與我們進行更深入、更頻繁的互動。

From a productivity perspective, we've spoken of the $1.5 billion in productivity. We are on track for those savings in 2025, most of that is coming from SG&A. And as we look forward into the future, we'll start to see that coming from gross margin expansion.

從生產力角度來看，我們已經談到了15億美元的生產力提升。我們預計在 2025 年實現這些節省，其中大部分將來自銷售、一般及行政費用。展望未來，我們將開始看到毛利率擴張帶來這種成長。

Just a follow-up on all this. I mean from a pricing standpoint, obviously, you've been investing in price. You're starting to get some results associated with that. But it's been pretty surgical. How are you thinking about the outlook for price investment as you continue forward? I'm curious from a price competition standpoint, have you seen price competition increase in all?

關於這一切，我還有一些後續補充。我的意思是，從定價的角度來看，顯然，你們一直在價格方面進行投資。你開始看到一些成效了。但手術非常精準。您如何看待未來價格投資的前景？從價格競爭的角度來看，我很好奇您是否觀察到整體價格競爭加劇的情況？

And I think overall, I guess what I'm trying to ask here is that I think investors are worried that we may see a more accelerated investment from a pricing standpoint. So I'm just curious as to how you see that playing out as things go forward here?

總的來說，我想問的是，投資人是否擔心從定價的角度來看，我們可能會看到投資加速成長？所以我很好奇，您認為隨著事態發展，這種情況會如何演變？

We're very pleased with the price investment so far, as I mentioned, and I can't underscore enough that they are incredibly surgical by category by market. We've got an aggressive agenda laid forth on pricing, but it's also -- we recognize the fact that we are striving to offset it with increased vendor funds and with other sources of productivity. So this is a very measured exercise, very surgical.

正如我之前提到的，我們對目前的價格投資非常滿意，我必須強調，他們按類別和市場進行精準的定價策略非常有效。我們在定價方面製定了積極的計劃，但我們也認識到，我們正在努力透過增加供應商資金和其他生產力來源來抵消成本。所以這是一個非常謹慎、非常精準的行動。

We don't anticipate making any rash moves. It's all built into our plan. And again, it seems to be working. We're very pleased with the initial results.

我們預計不會採取任何輕率的行動。這一切都在我們的計劃之中。而且，看起來確實有效。我們對初步結果非常滿意。

And then Ed, I would just add to that. That so many of these pricing surveys, do not capture the personalized discounts that the customers received through our loyalty programs, gas rewards and the -- now they're even converting those rewards into cash, which when they're checking out, they are getting cash off as they walk out of the store.

然後，艾德，我還要補充一點。許多定價調查都沒有反映出顧客透過我們的會員計畫、加油獎勵等獲得的個人化折扣——現在他們甚至將這些獎勵兌換成現金，在結帳時，顧客走出商店就能獲得現金折扣。

And we think that is a very powerful way to leave the store when you just had your bill reduced. When you take that into consideration, the customers are receiving great value through those programs. And when we think about that, we also have to think about the acceleration that we are moving forward with owned brands. One of the biggest things we will do to bring value to our customers is to continue to invest and grow our penetration of owned brands.

我們認為，當你剛剛享受了折扣後，這是一種非常有效的離開商店的方式。考慮到這一點，客戶透過這些項目獲得了巨大的價值。當我們思考這個問題時，我們也必須考慮我們在自有品牌方面正在加速的發展。我們將為客戶創造價值的最大舉措之一，就是繼續投資並擴大自有品牌的市場滲透率。

Rupesh Parikh, Oppenheimer & Company.

魯佩什·帕里克 (Rupesh Parikh)，奧本海默公司。

So just going back to, I guess, just gross margin dynamics for the balance of the year. Just curious the puts and takes for the back half. Anything changed versus what you saw in the first half of the year?

所以，我想，我們還是回到今年剩餘時間的毛利率動態分析上來吧。只是好奇下半場的投注狀況。與上半年相比，有什麼改變嗎？

We don't see any significant real change in the margin. The mix shift, we expect that to continue. As a reminder, those are our highest customer lifetime value customers in Rx and ecom. So that we expect to continue. And what you saw in the second quarter is how our productivity funded a significant amount of the surgical price investment.

我們沒有看到利潤率有任何實質的變化。我們預計這種成分調整趨勢將會持續。再次提醒，這些是我們處方藥和電商領域客戶終身價值最高的客戶。因此我們預計這種情況會持續下去。而你在第二季度看到的是，我們的生產力提升為手術費用投資提供了相當一部分資金。

So we expect that also to continue. So when I look at Q2 and I look at the full year, I would expect that margin to be very similar with the main explanation of the variance year-over-year to be mix shift.

因此，我們預計這種情況還會持續。因此，當我查看第二季和全年數據時，我預計利潤率會非常相似，與年比差異的主要原因是產品組合的變化。

Great. And then maybe my follow-up question, just given a lot of concerns out there on the consumer backdrop. Just curious what you guys saw with your consumer during this past quarter and then your expectations for the balance of the year?

偉大的。然後，鑑於目前消費者方面存在許多擔憂，我可能還有後續問題。我很好奇你們上個季度觀察到的消費者狀況，以及今年剩餘時間的預期？

Sure. So what we've seen from the consumer is a continued focus on value, a shift to trading down, maybe it's smaller package sizes, a focus on own brands. Hence, why we believe we have an incredible upside opportunity, increasing our penetration well above 25%. We see an increased usage in coupons. We see them sticking closer to their shopping list, maybe not buying that extra item that extra bottle of whatever.

當然。因此，我們從消費者身上看到的是，他們持續關注性價比，轉向購買更便宜的產品，例如更小的包裝規格，以及對自有品牌的關注。因此，我們相信我們擁有巨大的成長機會，可以將我們的市場滲透率提高到 25% 以上。我們發現優惠券的使用量增加。我們看到他們更傾向於按照購物清單購物，可能不會購買額外的商品或額外的飲料。

They're kind of shortening their list and sticking to it. On the other side of it, too, we're still seeing a lot of impacts from healthier eating, whether it's just -- I think it's an overall awareness of making better choices, categories like functional beverage, protein shakes, protein enhanced milks and those kinds of things, supplements, all of those continue to grow.

他們正在縮減名單，並堅持使用名單上的項目。另一方面，我們也看到了更健康飲食帶來的許多影響，無論是——我認為這是一種整體意識，即做出更好的選擇，還是像功能性飲料、蛋白奶昔、蛋白質強化牛奶和這類產品、補充劑等等，所有這些都在持續增長。

We're seeing a nice -- and what we enjoy about that is those are the categories that also include things like fresh meat, fresh produce and they're margin accretive for us. We see some positives there. The pressure continues and we're working very hard to give the customers what they want by market in a way that fits their budget.

我們看到了一個不錯的趨勢——我們喜歡的一點是，這些類別還包括新鮮肉類、新鮮農產品等，它們能為我們帶來利潤成長。我們看到了一些正面的方面。壓力依然存在，我們正在努力根據市場需求，以符合客戶預算的方式，為客戶提供他們想要的產品。

We also offer tools to our app to help them create lists that fit within their budget, but that meets their health and wellness needs and ease and simplify sort of the mental load of shopping in today's environment.

我們也為應用程式提供工具，幫助他們建立符合預算、滿足健康需求的購物清單，並減輕當今購物環境下的精神負擔。

Mark Carden, UBS.

瑞銀集團的馬克卡登。

So to start, just on the full year guidance, you're boosting your top line, but maintaining your EBITDA expectations. Just wanted to get some color on the primary driver of the gap there and how much of that is related to any incremental price investments versus conservatism or anything else?

首先，就全年業績指引而言，你們提高了營收，但維持了 EBITDA 預期。我只是想了解造成這種差距的主要驅動因素是什麼，以及其中有多少與價格增量投資有關，又有多少與保守主義或其他因素有關？

The increase in the sales range in the guidance is primarily due to the performance in Q2, which was driven by pharmacy. And we expect the volatility in the ID sales to be driven by ongoing growth in the pharmacy. It's an area that we are taking share, and we are continuing to capitalize on the benefits we can get from those new customers. As it relates to the adjusted EBITDA, because we expect that to come from pharmacy, it doesn't have a significant impact on adjusted EBITDA.

銷售預期範圍的擴大主要是由於第二季的業績，而第二季的業績又主要得益於藥局業務的成長。我們預計 ID 銷售的波動將受到藥局持續成長的驅動。這是一個我們正在努力擴大市場份額的領域，我們將繼續利用這些新客戶帶來的好處。至於調整後的 EBITDA，因為我們預計這部分收入將來自藥房業務，所以它對調整後的 EBITDA 沒有重大影響。

That's great. And then as a follow-up, just on the pharmacy cross-selling front, are you seeing any deviations just in the spending lifts from customers using GLP-1s, just in other words, is it having any impact on your ability to see as much of the sales lift for those specific customers that -- as you guys have seen in the past over time?

那太棒了。然後，作為後續問題，就藥局交叉銷售方面而言，您是否發現使用 GLP-1 的顧客的消費成長有任何偏差？換句話說，這是否會對您觀察到這些特定顧客的銷售成長產生任何影響——就像您過去一段時間所看到的那樣？

Sure, Mark. So what we typically see with the GLP customers is that there might be an additional -- excuse me, an additional dip in their purchase side, but we see that recover fairly quickly. And then as they do continue to expand their basket once again, as I mentioned, they are leaning into some of the categories and protein supplements, chicken, beef, fresh vegetables.

當然可以，馬克。因此，我們通常看到的 GLP 客戶的情況是，他們的購買量可能會出現額外的——抱歉，是額外的——下降，但我們看到這種情況會很快恢復。然後，正如我之前提到的，隨著他們繼續擴大購物籃，他們開始傾向於某些類別和蛋白質補充劑、雞肉、牛肉、新鮮蔬菜。

And what we love about that is, again, they're very margin accretive for us and how to get the customer shopping the entire store, expanding the breadth of categories that they're shopping with us. So there may be an initial impact, but we quickly see recovery from that.

我們喜歡這一點，因為它們能大大提高我們的利潤率，並讓顧客逛遍整個商店，擴大他們在我們這裡購物的品類範圍。所以可能會有一些初步影響，但我們很快就能看到恢復的跡象。

Leah Jordan, Goldman Sachs.

莉亞喬丹，高盛集團。

I just wanted to ask about the updated comp guide and see if you could talk about what's embedded regarding the cadence in the back half? Has anything changed in your view on how you're thinking about inflation versus tonnage? And then maybe on the pharmacy piece, I mean, is there anything to think through on the time shift with vaccines and how that could drive the comp in the third quarter versus the fourth quarter?

我只是想問一下關於更新後的比賽指南，看看您能否談談其中關於後半段節奏方面的內容？您對通貨膨脹與噸位之間的關係的看法是否有所改變？然後，關於藥房業務，我的意思是，疫苗接種的時間變化以及這會對第三季與第四季的業績比較產生什麼影響，我們需要考慮一下嗎？

Yes. So as we think about the comp pharmacy will drive higher comp in Q3, then we think it will drive in Q4 for the very reasons that you just mentioned regarding vaccination and the ongoing market share gains we're getting from the closure of other pharmacies. We're picking up those customers and are thrilled to do so. So from that perspective, Leah, I expect there to continue to be momentum coming from pharmacy.

是的。因此，我們認為，第三季同店銷售額的成長將推動同店銷售額的成長，而第四季同店銷售額的成長也將推動同店銷售額的成長，原因正如您剛才提到的，與疫苗接種以及我們從其他藥局關閉中獲得的持續市場份額增長有關。我們正在爭取這些客戶，並且為此感到非常高興。所以從這個角度來看，莉亞，我預計藥學領域將繼續保持成長動能。

We also expect to see continued growth in e-commerce. And from a difference between the two quarters. I don't think it's materially different between the two quarters.

我們也預期電子商務將持續成長。以及兩個季度之間的差異。我認為這兩個季度之間並沒有實質的區別。

Sharon, I would just add to that on the -- from a pharmacy perspective as well. The delay in vaccines maybe had a slight impact at the end of Q2, but that actually accelerated at the beginning of Q3 and a credit to our pharmacy teams who once the vaccines were released, we were out there in full force and are pretty excited about what we're seeing in vaccine growth this year.

Sharon，我還要補充一點──也是從藥劑師的角度來看。疫苗的延遲可能在第二季末產生了輕微影響，但實際上在第三季初加速了這一影響，這要歸功於我們的藥房團隊，一旦疫苗上市，我們就全力投入，並且對今年疫苗銷售的增長感到非常興奮。

Okay. That's helpful. And then just on productivity. I mean you guys are driving nice improvement on SG&A leverage, better than we were expecting. I think, Susan, you highlighted a number of items in the prepared remarks that can drive that, I think, AI, automation, reducing overhead, among others. But just as you think about that long list of opportunities, I guess, which are the ones that are circled near term versus longer term within the three-year plan?

好的。那很有幫助。然後就是生產力方面。我的意思是，你們在銷售、一般及行政費用槓桿方面取得了顯著的進步，比我們預期的還要好。蘇珊，我認為你在準備好的演講稿中強調了一些可以推動這一進程的因素，例如人工智慧、自動化、降低營運成本等等。但是，當你思考那一長串機會時，我想，在三年計劃中，哪些機會被圈出來作為近期機會，哪些機會被圈出來作為長期機會呢？

And then as we think about this year, what about cost savings, right? Like how much of a relative magnitude shift is that in the back half versus the front half?

那麼，當我們展望今年時，該考慮如何節省成本？後半部與前半部相比，相對幅度變化有多大？

Sure. So with regards to the productivity side, what we're seeing, first and foremost, and I think I said it earlier, is for the bulk of the savings in 2025 are SG&A-related. And this is us looking end-to-end across the organization, understanding where we made the tough decision to lay off close to 1,000 individuals this year. We're also looking behind the scenes on processes where we can automate, eliminate or simplify them.

當然。因此，就生產力方面而言，我們首先看到的，而且我認為我之前也說過，2025 年的大部分節省都與銷售、一般及行政費用有關。這就是我們從頭到尾審視整個組織，了解我們今年在哪個環節做出了艱難的決定，裁員近 1000 人。我們也在研究幕後流程，看看哪些流程可以自動化、消除或簡化。

And looking at what we can take to our offshore businesses, again to -- for cost savings, but also to enhance our capabilities. As we look forward, we'll start to see greater improvement in margin expansion, as I mentioned, and this is where we'll start to see the impacts of our buying better together, leveraging our national size and scale to secure better cost of goods and oh, by the way, partnered with that is technology.

我們還要考慮哪些經驗可以運用到我們的海外業務中，這樣不僅可以節省成本，還能增強我們的能力。展望未來，正如我之前提到的，我們將開始看到利潤率擴張的更大改善，而這正是我們將開始看到我們更好地協同採購的影響所在，我們將利用我們的全國規模優勢來確保更低的商品成本，哦，對了，與此相輔相成的是技術。

So there's tools that were launched -- or that are in process, I should say, with OpenAI as one example to help us improve our category strategies, to help us make better decisions faster, and to leverage the amount of the -- vast amount of data that we have to secure stronger negotiations with our vendor partners.

因此，我們已經推出了一些工具（或者應該說，正在開發中），以 OpenAI 為例，這些工具可以幫助我們改進品類策略，幫助我們更快地做出更好的決策，並利用我們擁有的大量數據，以確保與供應商合作夥伴進行更有力的談判。

And Leah, I would just add to that. During the second quarter, we did open our technology innovation center in India. And we successfully moved our -- a large piece of our back office accounting and finance functions to Manila. That Manila operation, just to remind you guys, has been there about 20-years. So it's an established entity for us and we are very pleased with how these moves have gone and they've been really seamless, honestly. And we will continue to balance onshore and offshore going forward.

莉亞，我還要補充一點。第二季度，我們在印度開設了技術創新中心。我們已成功將大部分後台會計和財務職能轉移到馬尼拉。提醒各位，馬尼拉的那個營運點已經存在大約 20 年了。所以它對我們來說是一個成熟的實體，我們對這些舉措的進展非常滿意，說實話，它們真的非常順利。未來我們將繼續保持陸上和海上業務的平衡。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

Curious within your productivity initiatives, how much you are focused on shrink, I guess, both theft and spoilage or waste. And where the levels sit today versus history? And how do you look at the opportunity to improve those items, reducing waste as a potential driver of stronger profitability in the future? And then just a quick follow-up on the pharmacy business.

我很好奇，在你們的生產力提升計畫中，你們對損耗控制（包括偷竊、變質或浪費）的關注程度如何？目前的水準與歷史水準相比如何？您如何看待改善這些項目、減少浪費的機會，並將其視為未來提高獲利能力的潛在驅動力？然後，再簡單跟進一下藥局業務的狀況。

I'm curious if you can talk about how much of that sales growth is being driven by existing versus new customers? I think you cited gaining some market share from closing competitors? And just curious how that would break down existing versus new?

我想請教一下，銷售成長中有多少是由現有客戶推動的，又有多少是由新客戶推動的？我想你有提到透過關閉競爭對手來獲取一些市場份額吧？我很好奇，現有產品和新產品會如何劃分？

Sure. Thanks, Paul. So with regard to shrink, we are seeing improvements year-over-year. And much of that is driven by improvements in operational effectiveness just being frank. And -- but a lot of it is being driven by tools and technology. As an example, we've now got AI cameras. Systems over our registers to understand when perhaps items are being scanned properly at the self-checkouts or even by our own clerks.

當然。謝謝你，保羅。因此，就縮水而言，我們看到逐年改善。坦白說，這很大程度上是由於營運效率的提高所驅動的。而且——但很多時候，這一切都是由工具和技術驅動的。例如，我們現在有了人工智慧攝影機。我們會監控收銀系統，以便了解自助結帳機或我們自己的收銀員是否正確掃描了商品。

We've got improved tools and processes in order management and also in production planning, leveraging history, leveraging current trends to give us best-in-class order sizes and production planning list so we can optimize for sales, but also manage our shrink levels. From the pharmacy perspective, on the GLP-1 side, we are seeing, of course, the lion's share of growth comes from GLP-1, also our core pharmacy business, our core script growth is doing quite well.

我們在訂單管理和生產計劃方面都改進了工具和流程，利用歷史數據和當前趨勢，為我們提供一流的訂單規模和生產計劃清單，以便我們能夠優化銷售，同時控制損耗水準。從藥局的角度來看，在 GLP-1 方面，我們當然看到大部分成長來自 GLP-1，我們的核心藥局業務，我們的核心處方成長也表現得相當不錯。

We are -- one example of where we're doing well outside of GLP-1s, are speaking of vaccines earlier today, we are three times our market share in vaccine versus our normal share in pharmacy. So we're working very hard to find outsized growth and profitability to help our bottom line and our top line.

舉個例子來說，我們在 GLP-1 以外的領域也做得很好，例如今天早些時候提到的疫苗，我們在疫苗領域的市佔率是我們在藥局領域正常市佔率的三倍。因此，我們正在努力尋找超額成長和獲利機會，以幫助提高我們的利潤和收入。

And during the quarter, we did see a significant number of new customers coming into the brand. But remember that they don't have to be completely new to us. It is possible that when a Walgreens or a CVS closes, that a customer that is currently grocery shopping at Albertsons, maybe filling their prescriptions there because of the health plan they may be associated or another reason that it maybe unknown to us.

本季度，我們確實看到大量新客戶加入了該品牌。但請記住，它們不一定是我們完全陌生的事物。當一家 Walgreens 或 CVS 藥局關閉時，目前在 Albertsons 超市購物的顧客可能會因為其所屬的健康計劃或其他我們不知道的原因而在那裡配藥。

So we are bringing in customers that are in grocery today that are coming into pharmacy. We are bringing customers in the store that have not shopped in grocery in our stores, which is our biggest opportunity. But we are seeing all of the above. But always keep in mind, the majority of our pharmacy sales will always come from grocery customers in our stores today that then convert to becoming pharmacy customers.

所以，我們吸引的是今天超市購物後也會來藥局的顧客。我們正在吸引那些以前從未在我們店裡購買過食品雜貨的顧客進店，這是我們最大的機會。但我們確實看到了以上所有情況。但請記住，我們藥局的大部分銷售額始終來自目前在我們商店購買雜貨的顧客，他們隨後會轉化為藥房顧客。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

So I wanted to talk about e-commerce. I'm just curious like -- so I think last quarter, you said, it was nearing breakeven, and there's some mix shift towards e-commerce is pressuring gross margins. But over the long term, how do you balance the structural labor and capital requirements of direct delivery and immediacy versus like cost efficiencies?

所以我想談談電子商務。我只是好奇——所以我覺得上個季度，您說過，公司接近盈虧平衡點，但電子商務的興起給毛利率帶來了壓力。但從長遠來看，如何平衡直接交付和即時性所需的結構性勞動力和資本需求與類似的成本效益？

Jacob, thanks for the question. So with regards to e-commerce, yes, we're getting closer to breakeven to profitability there. And there's a few items that play. First and foremost, our business continues to grow exponentially. We're very excited about that.

Jacob，謝謝你的提問。所以就電子商務而言，是的，我們正逐漸接近盈虧平衡點並實現盈利。還有一些物品會播放。首先，我們的業務持續呈指數級成長。我們對此感到非常興奮。

We're proud of that. And at the same time, we've been leveraging technology, data information to optimize the picking path for our shoppers within our stores, whether it's picking one order time, picking multiple orders at a time, giving them a pathway to shop up and down the aisle to create productivity. We're continuing -- you mentioned the capital allocation side of things.

我們為此感到自豪。同時，我們一直在利用技術和數據資訊來優化顧客在我們店內的揀貨路徑，無論是單次揀貨還是多次揀貨，都為他們提供在貨架間自由購物的路徑，從而提高效率。我們正在繼續——您提到了資本配置的問題。

And as we look at this exponential growth, when we go through our remodel process, as we're building new stores, we're continually evaluating this space that we're allocating to our e-commerce operations and making the right decisions to expand. We're also able to go back and retrofit certain stores perhaps adding refrigeration, adding hot food holding so that we can give the customers what they want when they want it.

當我們審視這種指數級成長時，在進行改造過程中，在建造新店時，我們會不斷評估分配給電子商務營運的空間，並做出正確的擴張決策。我們也可以對某些門市進行改造，例如增加冷藏設備、熱食保溫設施，以便隨時為顧客提供他們想要的東西。

That part of the process is essential to us because, again, we don't know what high looks like. We expect it to continue to grow in the future. The beauty of our model is our 2,270-ish stores are located in the neighborhoods where our customers are shopping. We've solved for the last mile, surely by our proximity to the customers that we serve. So that helps us with the profitability side.

這個過程的這一部分對我們來說至關重要，因為我們仍然不知道「嗨」是什麼感覺。我們預計它未來將繼續成長。我們模式的優勢在於，我們大約 2270 家門市都位於顧客購物的社區。我們已經解決了最後一公里難題，當然得益於我們與所服務客戶的緊密聯繫。這樣有助於我們提高獲利能力。

And maybe more importantly, it helps us on the customer experience side. You're getting product that was picked for you fresh, right? You can custom-order a cut of meat, we can write happy birthday on the cake for you. But you're getting those products from the store that other shoppers are shopping and up as quickly as in 30 minutes if you'd like or next day, if that's what's most convenient for you, but proximity is really a huge advantage for us as a company.

更重要的是，它有助於提升客戶體驗。您收到的都是新鮮採摘的產品，對嗎？您可以訂製肉類，我們還可以為您在蛋糕上寫上生日快樂。但是，您可以像其他顧客一樣，從商店購買商品，如果您願意，最快 30 分鐘即可送達，或者如果您覺得第二天送達最方便，也可以選擇第二天送達。對於我們公司來說，地理位置的便利性確實是一個巨大的優勢。

And, Jacob, I'll just add to that when you think about the fact that we actually believed that the winner in e-commerce would be in the last mile, who successfully delivered the best and highest quality fresh product in the last mile, and we built our e-commerce model with that in mind. So we have been from the date that we actually started e-commerce, we have been using our stores as fulfillment centers in order to achieve that.

雅各布，我還要補充一點，我們當時確實認為，電子商務的贏家會在最後一公里，也就是那些成功地將最好、最高質量的新鮮產品送到最後一公里的人，而我們正是抱著這樣的想法構建了我們的電子商務模式。從我們真正開始電子商務的那一天起，我們就一直將我們的門市用作配送中心來實現這一目標。

As part of that, we have evolved proprietary systems to support the entire picking distribution process in our stores and continue to engineer those capabilities and those systems to drive the highest levels of efficiency, which is why we can sit here today and say we are getting very close to near breakeven in the e-commerce business.

為此，我們開發了專有系統來支援我們門市的整個揀貨配送流程，並不斷改進這些功能和系統，以實現最高的效率，這就是為什麼我們今天可以坐在這裡說，我們在電子商務業務方面已經非常接近盈虧平衡點。

That's very helpful. And then -- so I appreciate all the comments on using AI, partnership with OpenAI. It's a big theme right now, obviously. I wonder if you could take a step back and talk about how you're managing like integration across the organization of some of these cutting-edge tools like what use cases. You've mentioned some, what are the guardrails and how you see it evolving over the next few years?

那很有幫助。然後——所以我很感謝大家對使用人工智慧以及與 OpenAI 合作的所有評論。這顯然是目前的熱門話題。我想請您退一步，談談您是如何管理組織內這些尖端工具的集成，以及它們的使用案例。您提到了一些，那麼有哪些限制？您認為未來幾年它會如何發展？

Sure. So honestly, one of the most effective methods that we have for deploying new technologies across 285,000 associates is they help us build the solution. So you mentioned OpenAI. We actually have division merchants. So yes, our corporate team is engaged, of course, and our national tech team, but we're actually using some of our merchants that work in the divisions today that are closest to the stores to help us build these tools.

當然。說實話，我們向 285,000 名員工部署新技術的最有效方法之一就是讓他們幫助我們建立解決方案。你提到了OpenAI。我們其實有部門商戶。所以，是的，我們的公司團隊和國家技術團隊當然都參與其中，但實際上，我們正​​在利用一些目前在離門市最近的部門工作的商家來幫助我們建立這些工具。

So they're incredibly intuitive. They're meant to take work away as an example. We have an incredible amount of data available to us. It can actually become very complicated to be able to get answers. By leveraging AI tools, we're able to simply ask business questions, hey, why were my ice cream sales up yesterday? What were the key items that I sold the most or why was I down?

所以它們非常直觀。它們旨在以工作為例進行示範。我們擁有海量的數據可供使用。實際上，要找到答案可能會變得非常複雜。透過利用人工智慧工具，我們只需提出一些業務問題，例如：為什麼我昨天的冰淇淋銷量上升了？我銷售量最好的主要商品是什麼？或者為什麼我的銷量下滑了？

And with the Agentic AI, we're able to actually get information back at a really rapid pace, accurate information back and we're able to then action upon that information as opposed to spending all the time digging into it. When I think about what we've done with AI at store level of fresh, it's a tool that we use for order writing in our fresh departments.

借助智能體人工智慧，我們能夠以非常快的速度獲取信息，並且能夠獲取準確的信息，然後根據這些信息採取行動，而不是花費大量時間去挖掘信息。當我想到我們在門市層級使用人工智慧來管理生鮮食品時，它已經成為我們生鮮部門下單的工具之一。

That tool was literally created in partnership with one or two store managers, department managers in produce helped us write that tool so that it was very intuitive to the actions that they were taking today. But, of course, sped up the process and added to that multidimensional data that we're looking for. It's really getting the team involved and building the tools that they will use in the future that is part of our success in this space.

該工具實際上是與一兩位門市經理合作開發的，生鮮部門經理幫助我們編寫了該工具，使其能夠非常直觀地反映他們目前正在採取的操作。當然，這加快了進程，並增加了我們正在尋找的多維資料。真正讓我們在這個領域取得成功的，是讓團隊參與進來，並建立他們將來會用到的工具。

We're also using it extensively in the real estate side of our business. We are -- it can help us assess the performance across our banners, markets, formats. It provides clear visibility into where we're the strongest and where the opportunities exist. And we're also training the AI agents to perform advanced geospatial type analytics, that's mapping competitive proximity, trade areas and market dynamics.

我們在房地產業務中也廣泛使用它。我們可以——它可以幫助評估我們旗下所有品牌、市場和形式的表現。它讓我們清楚地看到我們的優勢所在以及存在的機會。我們也正在訓練人工智慧代理執行高階地理空間分析，即繪製競爭對手鄰近區域、貿易區域和市場動態圖。

And we can do that in real time. And these are extremely valuable insights for us as we continue to focus on future growth, new locations and in Susan's deep dive that she talked about. It's been one of the foundational tools that she's been looking at to look at all of our assets, noncore assets, et cetera.

而且我們可以即時做到這一點。這些見解對我們來說非常有價值，因為我們將繼續專注於未來的成長、新的地點以及蘇珊所談論的深入探討。這是她用來審視我們所有資產、非核心資產等的基礎工具之一。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

My first question, it's on the ASR. So Susan, since you've joined, you've kind of opened the posture of reinvesting a little bit more. And the business is still under comping the industry. So thinking about spending on stores or something related to digital, how did you weigh that versus repurchasing the stock or frankly, even paying down some debt?

我的第一個問題是關於ASR的。蘇珊，自從你加入以來，你似乎開啟了更願意進行更多再投資的姿態。而且，該企業目前仍落後於產業平均。所以，在考慮投資實體店或與數位業務相關的項目時，你是如何權衡這些支出與回購股票，或者坦白地說，甚至是償還部分債務之間的利弊的呢？

Simeon, what we -- one does not preclude the other. So the ASR does not prevent us from continuing our capital expenditures as planned, we've -- and we've got a very aggressive agenda there in terms of remodels, new stores, driving technology improvements. We've also left ourselves and Sharon can speak to this dry powder. We are interested in growing in many ways organically but also through acquisitions.

西蒙，我們——兩者並​​不互相排斥。因此，ASR 並不會阻止我們繼續按計畫進行資本支出，我們在改造、新店、推動技術改進方面有著非常積極的計畫。我們也留下了自己，莎倫可以談談這種乾粉。我們希望透過多種方式實現成長，包括自身發展和收購。

So we've left ourselves some room to be able to accomplish whatever we need from a capital perspective, an acquisition perspective or whatever else might come our way. Sharon?

因此，我們給自己留出了一些空間，以便能夠從資本角度、收購角度或任何其他方面實現我們所需的一切。莎倫？

Yes, and Simeon, in our prepared remarks, we said it. With our adjusted EBITDA ratio at 2.2, it leaves us ample opportunity and tremendous flexibility. So we don't see the ASR as having any impact on any of the strategic initiatives that we've been talking about.

是的，西蒙，我們在事先準備好的演講稿中也提到了這一點。我們調整後的 EBITDA 比率為 2.2，這給我們留下了充足的機會和巨大的靈活性。因此，我們認為 ASR 不會對我們一直在討論的任何策略舉措產生任何影響。

And then one follow-up. The e-commerce growth digital was excellent. Can you talk about the drivers of it? And can you remind us, does pharmacy growth factor into that? Or is that just, I guess, grocery orders?

然後還有一次後續跟進。電子商務數位成長非常出色。能談談它的驅動因素嗎？您能否提醒我們一下，藥局的成長是否與此有關？或者，我猜，那隻是食品雜貨訂單？

So thank you for the question. Pharmacy growth is separate. So this is truly just the rest of the store growth. And some of the key factors there are, first and foremost, our 5-star certification program. And this is really just ensuring that our associates are delivering customer experience that we expect that they're meeting productivity time lines that they're delivering the quality our customers are looking for.

謝謝你的提問。醫藥產業的成長是另一回事。所以這其實只是店鋪剩餘部分的成長。其中最重要的幾個關鍵因素，首先是我們的五星認證課程。這實際上是為了確保我們的員工能夠提供我們期望的客戶體驗，達到生產力進度要求，並交付客戶所期望的品質。

And I have to say, our team is doing a phenomenal job in that space. The other side of it is as we look at the improvements that our team has been making on the app. Your ability to create list, your ability to add items from recipes to your ability to seek recipes, and be able to look at your app is sort of a one-stop shop solution for all your needs in your shopping experience with us. By the way, that's for e-commerce, but that's also true for online.

我必須說，我們的團隊在這個領域做得非常出色。另一方面，我們也看到了團隊在應用程式方面所做的改進。您可以透過建立清單、添加食譜中的菜餚、尋找食譜以及查看應用程式來滿足您在我們這裡購物體驗的所有需求，這簡直就是一站式解決方案。順便說一下，這是針對電子商務的，但線上交易也同樣適用。

John Heinbockel, Guggenheim Partners.

John Heinbockel，古根漢合夥公司。

Susan, can you -- you mentioned sort of looking at assets and non-core assets. How do you think about those? What are sort of noncore? And then when I think about store assets, you've got markets with dual banners, right, multiple banners. How do you think about that in terms of possible banner consolidation? When you look at markets where you might lack share, is there a real thought of exiting some markets? Or do you try to gain requisite share through selective M&A? How do you look at the portfolio?

蘇珊，你能──你剛才提到要檢視一下資產和非核心資產嗎？你對這些有什麼看法？什麼是非核心業務？然後，當我想到商店資產時，你會發現有些市場有雙橫幅，對吧，還有多個橫幅。您如何看待橫幅廣告整合的可能性？當你審視那些你可能缺乏市場佔有率的市場時，你是否真的考慮過退出某些市場？或者，您是否嘗試透過選擇性併購來獲得所需的市場份額？您如何看待投資組合？

Yes, sure. So thanks, John. So as we look at our assets, first and foremost, one of the things that Sharon just mentioned, our real estate team is doing an phenomenal job of aggregating data for us to be able to look at our fleet across the entire country, overlay that on top of customer growth and influx of population growth. Looking at where we performed strongest with our customers where the brands resonate best and so forth, so we're looking across the entire organization.

當然可以。謝謝你，約翰。因此，當我們審視我們的資產時，首先也是最重要的是，正如莎倫剛才提到的，我們的房地產團隊在匯總數據方面做得非常出色，使我們能夠查看我們在全國範圍內的車隊，並將這些數據與客戶增長和人口增長疊加起來。我們會檢視我們在哪些方面與客戶互動最積極，品牌最能引起共鳴等等，所以我們要從整個組織的角度來檢視。

And it's helping us identify, first and foremost, where are we doing well? Where do we want to double down? How can we either again, grow organically or we're looking for fill-ins? One of our top priorities is saying, as we see growth across the entire organization, where are those markets where we've got a strong fleet, we need to double down and buy or build more or adjacent opportunities where there might be a fill in or a banner company built of acquisitions, it's what we do.

它首先幫助我們確定，我們在哪些方面做得好？我們想在哪裡加大投入？我們如何再次實現有機成長，還是我們需要尋找替代者？我們最重要的任務之一是，隨著整個組織的成長，我們需要確定哪些市場我們擁有強大的車隊，我們需要加倍投入，收購或建造更多車隊，或者尋找鄰近的機會，透過收購來填補市場空白或打造一家旗艦公司，這就是我們所做的。

We're very good at it. And looking for those strategic fillers is really important to us. From a banner perspective, we've -- gosh, we've been, what we call, flipping banners for years, that's where we look at a market and say, gosh, we've got two or three banners, which ones are performing the best? Which ones resonate most with the customers that we serve?

我們非常擅長這個。尋找那些具有戰略意義的填充物對我們來說非常重要。從橫幅廣告的角度來看，我們——哎呀，我們多年來一直在做我們所謂的“翻轉橫幅廣告”的事情，我們會觀察市場，然後說，哎呀，我們有兩三個橫幅廣告，哪些表現最好？哪些觀點最能引起我們服務的顧客共鳴？

The Northwest is one example where I can think of where we've flipped many of our stores from Albertsons to Safeway, as an example. In Southern California, we flipped stores from Bond to Pavilions. So we're using this data and information that we have to make very surgical decisions, strategic decisions on how we can improve the fleet moving forward.

以西北地區為例，我們在那裡將許多門市從 Albertsons 換成了 Safeway。在南加州，我們將 Bond 門市改建成了 Pavilions 門市。因此，我們正在利用我們掌握的這些數據和訊息，做出非常精準的決策，制定策略決策，以改善我們未來的船隊發展。

And then maybe a quick follow-up. Just remind us, as part of the secular algo on topline. Food volume, I think the plan is to be modestly positive, correct me if I'm wrong with that, when do you think you inflect to that point? Is it next year? Or was that too early? And I guess, is pharmacy, you would think pharmacy alone could play a big role in getting to positive?

然後或許會有一個簡短的後續跟進。提醒我們一下，這是頂級世俗演算法的一部分。食物供應量方面，我認為計劃是略微增加，如果我理解有誤請指正，你認為什麼時候應該達到那個臨界點？是明年嗎？或者說，那還太早？我想，如果是藥學的話，你會認為單憑藥學就能在獲得陽性結果方面發揮重要作用嗎？

John, what we previously said is that as we enter 2026 into the algo, it is our expectation that we are getting to near flat units. Now if the industry continues to decline, of course, we will still continue to move forward. And I think within that 2-plus, we believe that could be an inflection point for us. If not, it will move into '26 depending on what happens with the industry.

約翰，我們之前說過，隨著演算法進入 2026 年，我們預計銷量將接近持平。當然，即使產業持續下滑，我們也會繼續前進。我認為在這兩年多的時間裡，我們相信這可能是我們的轉捩點。否則，將推遲到 2026 年，具體取決於行業的發展。

But we still believe regardless that we will be in the algo in 2026 at 2-plus percent comp. It may come a little bit differently. And one of the things to keep in mind with that is that, as we move forward with pharmacy, the scale that we have been able to take or grow is allowing us to do things that we were not able to do before to improve profitability in pharmacy.

但我們仍然相信，無論如何，到 2026 年，我們將在演算法交易中獲得 2% 以上的佣金。可能會以略微不同的方式呈現。其中需要記住的一點是，隨著我們藥房業務的推進，我們所達到或發展到的規模使我們能夠做一些以前無法做到的事情，從而提高藥房的盈利能力。

I don't want us getting overly excited about the pharmacy business profitability, but as we all know, today, it is actually dilutive to adjusted EBITDA and everything we can do like central fill, like vendor negotiations on drugs, direct negotiations will help improve incrementally that pharmacy contribution. So we do expect that to happen over time.

我不想讓大家對藥房業務的盈利能力過於樂觀，但我們都知道，目前藥房業務實際上會稀釋調整後的 EBITDA，而我們所能做的一切，例如集中配藥、與供應商就藥品進行談判、直接談判等，都將有助於逐步提高藥房業務的貢獻。所以我們預計這種情況會隨著時間的推移而發生。

Additionally, when you think about it in e-commerce, as we get closer to breakeven in e-commerce, every additional order helps lever into adjusted EBITDA. So we're expecting the identical sales growth of 2-plus or 2-plus and then adjusted EBITDA slightly better than that. So based on everything we've talked about here today, and the priorities and everything Susan shared, we are very confident in our ability to get there for 2026.

此外，從電子商務的角度來看，隨著電子商務接近損益平衡點，每一筆額外的訂單都有助於提高調整後的 EBITDA。因此，我們預期銷售額成長將達到 2 倍或以上，而調整後的 EBITDA 將略好於此。所以，基於我們今天在這裡討論的一切，以及蘇珊分享的優先事項和所有內容，我們非常有信心在 2026 年實現這一目標。

Great. Thank you all so much for your questions. We appreciate your time, and we look forward to talking to you over the next couple of days.

偉大的。非常感謝大家的提問。感謝您抽出時間，我們期待在接下來的幾天與您交談。

Ladies and gentlemen, this concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

女士們、先生們，今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。