汽車地帶 (AZO) 2025 Q1 法說會逐字稿

Good day, everyone. Welcome to AutoZone's 2025 Q1's earnings release conference call. (Operator Instructions) Before we begin, the client would like to read their forward-looking statement. Please go ahead.

大家好。歡迎參加 AutoZone 2025 年第一季財報發布電話會議。 （操作員說明）在我們開始之前，客戶希望閱讀他們的前瞻性聲明。請繼續。

Before we begin, please note that today's call includes forward-looking statements that are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. Please refer to this morning's press release and the company's most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission for discussion of important risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date made, and the company undertakes no obligation to update such statements.

在我們開始之前，請注意，今天的電話會議包含前瞻性陳述，這些陳述受到 1995 年《私人證券訴訟改革法案》安全港條款的約束。請參閱今天早上的新聞稿、公司最新的 10-K 表格年度報告以及向美國證券交易委員會提交的其他文件，以了解可能導致實際結果與預期存在重大差異的重要風險和不確定性的討論。前瞻性陳述僅代表截至做出之日的情況，本公司不承擔更新此類陳述的義務。

Today's call will also include certain non-GAAP measures. A reconciliation of GAAP to non-GAAP financial measures can be found in our press release.

今天的電話會議還將包括某些非公認會計準則措施。您可以在我們的新聞稿中找到 GAAP 與非 GAAP 財務指標的調整表。

I would now like to turn the floor over to Phil Daniele. The floor is yours.

我現在想請 Phil Daniele 發言。地板是你的。

Thank you. Good morning, and thank you for joining us today for AutoZone's 2025 First

謝謝。早安，感謝您今天參加 AutoZone 的 2025 年第一場活動

Quarter Conference Call. With me today are Jameer Jackson, Chief Financial Officer, and

季度電話會議。今天和我在一起的有財務長賈米爾傑克森 (Jameer Jackson) 和

Brian Campbell, Vice President, Treasurer, Investor Relations, and Tax. Regarding the

Brian Campbell，副總裁兼財務長、投資者關係和稅務主管。關於

first quarter, I hope you had the opportunity to read our press release and learn about

第一季度，我希望您有機會閱讀我們的新聞稿並了解

our quarter's results. If not, the press release, along with slides complementing our comments

我們季度的業績。如果沒有，請提供新聞稿以及補充我們評論的幻燈片

today, are available on our website, www.autozone.com, under the Investor Relations link. Please

今天，您可以在我們的網站 www.autozone.com 的投資者關係連結下取得。請

click on the quarterly earnings conference call to see them.

點擊季度收益電話會議即可查看。

As we begin, I want to thank our more than 125,000 AutoZoners across the globe for their

在我們開始之前，我要感謝全球 125,000 多名 AutoZoner 的支持

commitment to the first line of our pledge, which states, AutoZoners always put customers

恪守我們承諾的第一行，即 AutoZoners 始終將客戶

first. Their contributions continue to drive our performance. We knew this first quarter

第一的。他們的貢獻繼續推動我們的業績。我們知道第一季

would be similar to last quarter, as our expectations for domestic same-store sales were muted and

與上季類似，因為我們對國內同店銷售的預期較低，

our international sales would be up against a difficult FX rate comparison. As we mentioned

我們的國際銷售將面臨艱難的匯率比較。正如我們所提到的

on our previous conference call, we did not expect the macro environment to positively

在我們之前的電話會議上，我們並沒有預期宏觀環境會出現正面的變化

impact our results. We are, however, optimistic that our improved execution and customer service

影響我們的結果。然而，我們對我們的執行力和客戶服務的改善感到樂觀

initiatives are on track, the environment will improve as we experience winter weather,

各項舉措均已步入正軌，隨著我們經歷冬季天氣，環境將會改善，

and the uncertainty of the election are now behind us. While the macro environment has

選舉的不確定性現已成為過去。雖然宏觀環境已經

led customers to be cautious with their spending, we remain confident that we will continue

導致客戶對消費持謹慎態度，我們仍有信心繼續

to gain share over time in both domestic, DIY, and commercial. For the quarter, with

隨著時間的推移，在家庭、DIY 和商業領域中獲得份額。本季度，與

our continued focus on what we call wow customer service, our total sales grew 2.1%, while

我們繼續專注於所謂的“令人驚嘆的客戶服務”，我們的總銷售額增長了 2.1%，而

earnings per share decreased 0.1%. We delivered positive 1.8% total company same-store sales,

每股收益下降0.1%。我們的公司同店銷售額成長了 1.8%，

with domestic same-store sales growth of 0.3%, and our domestic commercial sales grew 3.2%,

國內同店銷售額成長0.3%，國內商業銷售額成長3.2%，

and up 9% on a two-year stack basis. International same-store sales up 13.7% on a constant currency

兩年累計成長 9%。以固定匯率計算，國際同店銷售額成長 13.7%

basis. While our international business continued to comp impressively, up almost 14% in local

基礎。雖然我們的國際業務持續取得令人矚目的成長，本地業務成長了近 14%

currencies, we faced approximately 1,300 basis points of currency headwind, which resulted

貨幣方面，我們面臨約 1,300 個基點的貨幣逆風，這導致

in an unadjusted 1% international comp. The stronger U.S. dollar had a negative impact

在未調整的 1% 國際比較中。美元走強帶來負面影響

on our reported sales, operating profit, and EPS. Jameer will provide more color concerning

我們報告的銷售額、營業利潤和每股收益。 Jameer 將提供更多關於

the foreign currency impact on our business and what we are thinking regarding the impact

外幣對我們業務的影響以及我們對此影響的看法

on our financial results for Q2 and the remainder of the year. While there will always be tailwinds

關於我們第二季和今年剩餘時間的財務表現。雖然總是會有順風

and headwinds in any quarter's results, what has been consistent is our focus on driving

儘管任何季度的業績都存在不利因素，但我們始終專注於推動

sustainable long-term results. We continue to invest in improved customer service, product

可持續的長期成果。我們持續投資於改善客戶服務、產品

assortment initiatives, our supply chain, and believe we are well positioned for future

品種計劃、我們的供應鏈，並相信我們已為未來做好準備

upswings in consumer demand. Now let me dive into our sales results. First off, our domestic

消費需求回升。現在讓我深入了解我們的銷售業績。首先是我們國內的

DIY results showed a slight improvement to last quarter as Q1's DIY comp sales were down

由於第一季 DIY 比較銷售額下降，DIY 業績較上季略有改善

0.4%. Our discretionary merchandise categories continue to be a drag on our domestic DIY

0.4%。我們的非必需品類別繼續拖累我們國內的DIY

sales, similar to the last several quarters. For our first quarter, discretionary category

銷售額與前幾季相似。對於我們的第一季度，酌情類別

sales were approximately 17% of our mix, and these categories continue to underperform

銷售額約占我們產品組合的 17%，這些品類的表現仍不佳

our expectations. While better on a percentage basis than last quarter's results, we are

我們的期望。雖然以百分比計算的結果比上季的結果更好，但我們

now comping against last year's mid-single-digit declines in the discretionary categories.

現在，與去年非必需品類別中個位數的下降相比。

Our belief is that sales will continue to be pressured until the customer gets some

我們相信，銷售將繼續面臨壓力，直到客戶得到一些

economic relief and consumer confidence improves. With regard to inflation's impact on DIY sales,

經濟緩解，消費者信心改善。關於通貨膨脹對DIY銷售的影響，

we saw the average like-for-like skew inflation up approximately 1.6% for the quarter, while

我們看到本季平均同比偏差通膨上升約 1.6%，而

the average DIY ticket was up 1.3%. The difference between inflation and ticket growth was driven

DIY 門票平均上漲 1.3%。通貨膨脹和門票成長之間的差異被驅動

by the mix of goods sold. We were encouraged with the uptick in our average ticket and

透過銷售的商品組合。我們對平均票價的上升感到鼓舞

expect that trend to continue into Q2. We continue to expect inflation in our ticket

預計這一趨勢將持續到第二季​​。我們仍然預期機票會出現通貨膨脹

to be approximately 3% over time, and we anticipate average ticket growth will return to historic

隨著時間的推移，平均門票增長將達到約 3%，我們預計平均門票增長將恢復到歷史水平

industry growth rates as we move further away from the hyperinflation of the last couple

隨著我們遠離過去幾年的惡性通貨膨脹，產業成長率

of years. We also saw DIY transaction count down 1.8%. This, too, was better than the

年。我們還發現 DIY 交易數量下降了 1.8%。這也比

down 2% we experienced last quarter. While we do not have final shared data for the last

上季我們經歷了 2% 的下降。雖然我們沒有最後的最終共享數據

segment of the quarter, we were encouraged by the recent favorable trends. We believe

在本季的部分，我們對最近的有利趨勢感到鼓舞。我們相信

we have a best-in-class product and service offering, and this gives us confidence that

我們擁有一流的產品和服務，這讓我們有信心

when customers return to their historic shopping habits, we will be beneficiaries.

當顧客恢復先前的購物習慣時，我們將是受益者。

Secondly, I'll speak to our regional DIY performance. We saw a noticeable underperformance in the

其次，我要講我們地區的DIY表演。我們看到了明顯的表現不佳

Northeast, Mid-Atlantic, and the rest of what we call the rest belt. These markets were

東北部、大西洋中部以及我們所說的休息帶的其餘部分。這些市場是

down negative 1.8% versus negative 0.1% in the rest of the domestic markets. This doesn't

下跌 1.8%，而國內其他市場則下跌 0.1%。這不

surprise us, as these markets have underperformed due to the milder-than-normal temperatures

令我們驚訝的是，由於氣溫低於正常水平，這些市場表現不佳

and lower-than-usual precipitation levels the last couple of years.

過去幾年的降水量低於平常。

Third, I will address weather and what we believe the impact was on our DIY business.

第三，我將討論天氣以及我們認為天氣對我們 DIY 業務的影響。

This quarter was impacted by several markets having hurricanes. Although these storms are

本季受到多個市場颶風的影響。儘管這些風暴

difficult for our customers and our AutoZoners, they did not have a meaningful impact on our

對於我們的客戶和我們的 AutoZoners 來說很困難，他們並沒有對我們產生有意義的影響

DIY business. Also, across much of the country, the weather pattern was similar to the previous

DIY 業務。此外，全國大部分地區的天氣模式與先前類似。

year. We do not believe weather played a meaningful role on our DIY performance in Q1.

年。我們認為天氣對我們第一季的 DIY 表現沒有有意義的影響。

Next I will touch on our U.S. commercial business. Our commercial sales were up 3.2% for the

接下來我會講一下我們在美國的商業業務。我們的商業銷售額成長了 3.2%

quarter, compared to last quarter's 4.5% total commercial growth. The first four weeks were

與上季 4.5% 的商業總額成長相比。前四個星期是

the weakest, as sales grew only 1.8%, primarily because of the hurricanes. More broadly across

其中最弱，銷售額僅成長 1.8%，主要是由於颶風的影響。更廣泛地跨越

the U.S., and similar to what we saw with our DIY customers, we noticed underperformance

在美國，與我們在 DIY 客戶中看到的情況類似，我們注意到表現不佳

in the Northeast, Mid-Atlantic, and Rust Belt markets. The spread between these markets

東北部、大西洋中部和鐵鏽地帶市場。這些市場之間的價差

and the rest of the country was approximately 400 basis points. We exited the quarter with

該國其他地區約為 400 個基點。我們退出本季時

stronger sales and believe we are continuing to gain share. While we have continued to

銷售更加強勁，並相信我們將繼續獲得份額。雖然我們繼續

see wide variations of performance across these more sensitive weather markets, we remain

看到這些更敏感的天氣市場的表現存在巨大差異，我們仍然

steadfast with our initiatives. We are encouraged with our improved satellite store inventory

堅定我們的倡議。我們對衛星商店庫存的改善感到鼓舞

availability, significant improvements in hub and mega hub coverage, the continued

可用性、樞紐和大型樞紐覆蓋範圍的顯著改善、持續的

strength of our Duralast brand, and good execution on our initiatives to improve speed of delivery

我們 Duralast 品牌的實力，以及我們提高交付速度措施的良好執行力

and improve customer service, which gives us confidence as we move through the year.

並改善客戶服務，這讓我們在這一年充滿信心。

This quarter, on a like for like skew basis, our commercial business was down, which contributed

本季度，在同類偏差的基礎上，我們的商業業務下降了，這導致了

a negative 0.7% to average ticket. The lack of inflation continued to pressure sales.

平均票價為負 0.7%。通膨的缺乏繼續給銷售帶來壓力。

Our sales growth will be driven by our continued ability to gain market share and an expectation

我們的銷售成長將由我們持續獲得市場份額的能力和期望來推動

that like for like retail skew inflation will accelerate by the end of FY25. For the quarter,

到 2025 財年末，零售偏差通膨將會加速。對於本季來說，

we opened a total of 23 net domestic stores. We remain committed to more aggressively opening

我們在國內總共開設了23家淨店。我們仍然致力於更積極地開放

regular stores, hubs and mega hub stores, and for the remainder of FY25, our openings

常規商店、中心商店和大型中心商店，以及在 2025 財年剩餘時間內，我們的開業情況

will continue to be skewed towards the back half of the year. Hubs and mega hubs lead

下半年將繼續偏向。樞紐和大型樞紐處於領先地位

to better comp results that are growing faster than the balance of the chain and we are going

為了獲得比鏈條平衡成長更快的更好的競爭結果，我們正在努力

to continually aggressively deploy these important assets.

不斷積極地部署這些重要資產。

For the second quarter, we expect both DIY and commercial sales trends to modestly improve

對於第二季度，我們預計 DIY 和商業銷售趨勢將略有改善

as our comparisons become slightly easier and we gain momentum from our sales growth

隨著我們的比較變得稍微容易一些並且我們從銷售成長中獲得動力

initiatives. We will, as always, be transparent about what we are seeing and provide color

倡議。我們將一如既往地對我們所看到的內容保持透明並提供顏色

on our markets and outlook as trends emerge. Before turning the call to Jameer, I'd like

隨著趨勢的出現，我們的市場和前景。在打電話給 Jameer 之前，我想

to take a moment and discuss our international business. In Mexico and Brazil, we opened

花點時間討論一下我們的國際業務。在墨西哥和巴西，我們開設了

a total of 11 stores in the quarter and now have 932 total international stores. We are

本季共有 11 家門市，目前國際門市總數為 932 家。我們是

just under 14% on a constant currency basis and accelerated from last quarter's 10%. Today,

以固定匯率計算，成長略低於 14%，較上季的 10% 有所加快。今天，

we have just under 13% of our total store base outside of the U.S. and expect this number

我們的總店面數量中，有不到 13% 位於美國境外，預計這個數字

to grow materially as we accelerate our international store openings. For the fiscal year, we expect

隨著我們加速國際門市的開設，實現實質成長。本財年，我們預計

to open around 100 international stores. As you'd expect, we continue to take our U.S.

開設約100家國際商店。正如您所期望的，我們將繼續佔領美國

store learnings and introduce them into our international operations. We are very excited

儲存經驗並將其引入我們的國際運營中。我們很興奮

about the future in international stores. In summary, we have continued to invest in

關於國際商店的未來。綜上所述，我們持續投資

driving traffic and sales growth. This year, we expect to again invest more than $1 billion

推動客流量和銷售成長。今年，我們預計再次投資超過10億美元

in CapEx in order to drive our strategic growth priorities. We are investing in accelerated

資本支出，以推動我們的策略成長重點。我們正在投資加速

store growth, specifically hubs and mega hubs, placing inventory closer to our customers.

商店的成長，特別是中心和大型中心，使庫存更接近我們的客戶。

Distribution centers that drive efficiency and reduce supply chain costs and leveraging

提高效率、降低供應鏈成本和槓桿率的配送中心

technology and our IT systems that improve our AutoZoner's ability to serve our customers.

科技和我們的 IT 系統提高了 AutoZoner 為客戶服務的能力。

We believe that this is exactly the right time to invest in these initiatives in order

我們相信現在正是投資這些措施的正確時機

to be ready when industry demand ramps up. Now I will turn the call over to Jameer Jackson.

當產業需求增加時做好準備。現在我將把電話轉給賈米爾傑克森。

Thanks, Phil. Good morning, everyone. For the quarter, total sales were $4.3 billion,

謝謝，菲爾。大家早安。該季度總銷售額為 43 億美元，

up 2.1 percent. Our domestic same store sales grew three-tenths of a percent, and our international

上漲2.1%。我們的國內同店銷售額成長了十分之三，而我們的國際同店銷售額則成長了百分之三。

comp was up 13.7 percent on a constant currency basis. Total company EBIT was down nine-tenths

以固定匯率計算，該公司股價上漲 13.7%。公司息稅前利潤總額下降了十分之九

of a percent, and our EPS was down a tenth of a percent. As Phil discussed earlier, we

百分之一，我們的每股盈餘下降了百分之十分之一。正如菲爾之前討論的那樣，我們

had a headwind from foreign exchange rates this quarter. For Mexico, FX rates weakened

本季受到外匯匯率的不利影響。對墨西哥來說，匯率走弱

13 percent versus the U.S. dollar for the quarter, resulting in a $58 million headwind

本季兌美元匯率下跌 13%，導致 5,800 萬美元的逆風

to sales, a $17 million headwind to EBIT, and a 68 cents a share drag on EPS versus

銷售額下降，息稅前利潤 (EBIT) 下降 1,700 萬美元，每股盈餘 (EPS) 下降 68 美分。

the prior year. We continue to deliver solid results despite the challenging economic backdrop

前一年。儘管經濟背景充滿挑戰，我們仍持續取得紮實的成果

that Phil discussed earlier, as the efforts of our AutoZoners in our stores and distribution

Phil 之前討論過，我們的 AutoZoners 在我們的商店和分銷方面所做的努力

centers have enabled us to continue to grow our business. Let me take a few moments to

中心使我們能夠繼續發展我們的業務。讓我花一點時間

elaborate on the specifics in our P&L for Q1. I'll start with giving a little more color

詳細說明我們第一季損益表的具體情況。我將從多一點顏色開始

on sales and our growth initiatives, starting with our domestic commercial business. For

關於銷售和我們的成長計劃，從我們的國內商業業務開始。為了

the first quarter, our domestic DIFM sales increased 3.2 percent to $1.1 billion. For

第一季度，我們的國內 DIFM 銷售額成長了 3.2%，達到 11 億美元。為了

the quarter, our domestic commercial sales represented 30 percent of our domestic auto

本季度，我們的國內商業銷量佔國內汽車銷量的 30%

parts sales and 26 percent of our total company sales. Our average weekly sales per program

零件銷售額占公司總銷售額的 26%。我們每個項目的平均每週銷售額

were $15,900, flat to last year as we lapped several new programs that we opened that

是 15,900 美元，與去年持平，因為我們完成了我們開設的幾個新項目

are not at maturity. Our commercial acceleration initiatives are continuing to deliver good

尚未成熟。我們的商業加速計劃正在繼續帶來良好的結果

results as we grow share by winning new business and increasing our share of wallet with existing

結果是我們透過贏得新業務和增加現有業務的錢包份額來增加份額

customers. We continue to have our commercial program in approximately 92 percent of our

顧客。我們繼續在大約 92% 的地區開展商業計劃

domestic stores, which leverages our DIY infrastructure, and we're building our business with national,

國內商店，利用我們的 DIY 基礎設施，我們正在與國內、

regional, and local accounts. This quarter, we opened 37 net new programs, finishing with

區域和地方帳戶。本季度，我們淨開設了 37 個新項目，其中

5,935 total programs. Importantly, we continue to have lots of opportunities to expand sales

共 5,935 個節目。重要的是，我們繼續有很多擴大銷售的機會

per program and open new ones. We plan to aggressively pursue growth across our domestic

每個程式並開啟新程式。我們計劃在國內積極尋求成長

commercial customers, which represents a tremendous sales opportunity for our company. To support

商業客戶，這對我們公司來說是一個巨大的銷售機會。支援

our commercial growth, we now have 111 mega hub locations. While I mentioned a moment

隨著商業成長，我們現在擁有 111 個大型樞紐地點。雖然我提到了一會兒

ago that our commercial weekly sales per program average was $15,900 per program, the

以前，我們每個節目的商業每周平均銷售額為 15,900 美元，

111 mega hubs average significantly higher sales and are growing much faster than the

111 個大型樞紐中心的平均銷售額顯著提高，且成長速度遠快於

balance of the commercial business in Q1. As a reminder, our mega hubs typically carry

第一季商業業務餘額。提醒一下，我們的大型樞紐通常會承載

over 100,000 SKUs and drive tremendous sales lift inside the store box, as well as serve

超過 100,000 個 SKU，大大提升了商店內的銷售量，並提供服務

as an expanded assortment source for other stores. The expansion of coverage and parts

作為其他商店的擴展品種來源。覆蓋範圍和零件的擴大

availability continues to deliver a meaningful sales lift to both our commercial and DIY

可用性繼續為我們的商業和 DIY 帶來有意義的銷售提升

business. These assets are performing well individually, and the fulfillment capability

商業。這些資產單獨表現良好，並履行能力

for the surrounding AutoZone stores is giving our customers access to thousands of additional

周圍的 AutoZone 商店讓我們的客戶可以訪問數千個額外的

parts and lifting the entire network. We have now set a new objective to have just under

部件並提升整個網路。我們現在設定了一個新目標

300 mega hubs at full build-out. Our customers are excited by our commercial offering as

300 個大型樞紐全面建成。我們的客戶對我們的商業產品感到興奮

we deploy more parts in local markets closer to the customer while improving our service

我們在更靠近客戶的當地市場部署更多零件，同時改善我們的服務

levels. On the domestic retail side of our business, our DIY count was down 0.4% for

水平。在我們業務的國內零售方面，我們的 DIY 數量下降了 0.4%

the quarter. Importantly, we maintain share in DIY and we're well positioned when the

該季度。重要的是，我們在 DIY 領域保持著份額，並且當

industry reaccelerates. As Phil mentioned, we saw traffic down 1.8% along with a positive

工業重新加速。正如 Phil 所提到的，我們看到流量下降了 1.8%，同時出現了積極的變化

1.3% ticket growth. As we move forward, we would expect to see slightly declining transaction

門票增長 1.3%。隨著我們的前進，我們預計交易量將略有下降

counts offset by low to mid-single-digit ticket growth, in line with the long-term

計數被低至中個位數的門票增長所抵消，與長期一致

historical trends for the business driven by changes in technology and the durability

由技術和耐用性變化驅動的業務歷史趨勢

of new parts. Our DIY share has remained strong behind our growth initiatives. Importantly,

新零件。我們的 DIY 份額在我們的成長計劃中保持強勁。重要的是，

the market is experiencing a growing and aging car park and a challenging new and used car

市場正在經歷不斷增長和老化的停車場以及充滿挑戰的新車和二手車

sales market for our customers, which continues to provide a tailwind for our business. These

我們的客戶的銷售市場，這繼續為我們的業務提供動力。這些

dynamics, ticket growth, growth initiatives, and macro car park tailwinds, we believe,

我們相信，動態、門票成長、成長舉措和宏觀停車場的推動力，

will continue to drive a resilient DIY business environment for FY25. Now I'll say a few words

將繼續推動 25 財年有彈性的 DIY 商業環境。現在我要說幾句話

regarding our international business. We continue to be pleased with the progress we're making

關於我們的國際業務。我們仍然對所取得的進展感到滿意

in our international markets. During the quarter, we opened six new stores in Mexico to finish

在我們的國際市場上。本季度，我們在墨西哥開設了六家新店

with 800 stores and five new stores in Brazil, ending with 132. Our same store sales grew

在巴西擁有 800 家門市，新增 5 家門市，最終達到 132 家。

13.7% on a constant currency basis and 1% on a reported basis. We remain committed to international

以固定匯率計算為 13.7%，以報告資料計算為 1%。我們仍然致力於國際化

and given our success in these markets, we will accelerate the short opening pace going forward.

鑑於我們在這些市場取得的成功，我們將加快未來的空頭開倉步伐。

We are bullish on international being an attractive and meaningful contributor to

我們看好國際成為有吸引力且有意義的貢獻者

AutoZone's future sales and operating profit growth. Now let me spend a few minutes on the

AutoZone未來銷售額和營業利潤的成長。現在讓我花幾分鐘時間

rest of the P&L and gross margins. For the quarter, our gross margin was 53% up 16 basis

其餘的損益和毛利率。本季度，我們的毛利率為 53%，年增 16 個基點

points. This quarter, while we did not book any LIFO adjustments, we did have a $2 million

點。本季度，雖然我們沒有預訂任何 LIFO 調整，但我們確實有 200 萬美元

unfavorable LIFO comparison the last year. Excluding LIFO from both years, we had a 21

去年的後進先出法比較不利。排除這兩年的後進先出法，我們有 21

basis point improvement in gross margin driven by continued improvement in merchandising margins.

商品利潤率持續改善推動毛利率提高一個基點。

As a reminder, for Q2 last year, we had a $14 million credit and we do not expect to have

提醒一下，去年第二季度，我們有 1400 萬美元的信貸，我們預計不會有

any credits this Q2 as freight cost increases are offsetting deflation and the remainder of

由於貨運成本的增加抵消了通貨緊縮，因此第二季度的任何積分

our cost of goods. At quarter end, we still have $19 million in cumulative LIFO charges yet

我們的商品成本。截至季末，我們仍有 1,900 萬美元的累積後進先出費用

to be reversed through our P&L. And as I've said previously, once we credit back the $19

透過我們的損益表進行逆轉。正如我之前所說，一旦我們退回 19 美元

million through the P&L, we will not take any more credits and we will begin to rebuild an

透過損益表，我們將不再獲得任何信用，我們將開始重建一個

unrecorded LIFO reserve. Moving to operating expenses, our expenses were up 4.5% versus last

未記錄的 LIFO 儲備。說到營運費用，我們的費用比去年增加了 4.5%

year as SG&A has a percentage of sales deleveraged 75 basis points. While we are managing our SG&A

今年，SG&A 佔銷售額的比例去槓桿化了 75 個基點。當我們管理 SG&A 時

spend in a slower growth environment in a disciplined way, we will continue to invest at an

在成長放緩的環境中以有紀律的方式支出，我們將繼續以

accelerated pace in IT and CapEx to underpin our growth initiatives. We believe these

加快 IT 和資本支出步伐，以支持我們的成長計劃。我們相信這些

investments will pay dividends in customer experience, speed and productivity and are

投資將在客戶體驗、速度和生產力方面帶來紅利，

important enablers for us to gain future market share. We will remain committed to being

我們獲得未來市場份額的重要推動力。我們將繼續致力於成為

disciplined on SG&A growth as we move forward and we will manage SG&A expenses in line with

隨著我們的發展，SG&A 成長受到嚴格約束，我們將根據以下標準管理 SG&A 費用：

sales growth over time. Moving to the rest of the P&L, EBIT for the quarter was $841 million

銷售隨著時間的推移而增長。轉向損益表的其餘部分，該季度的息稅前利潤為 8.41 億美元

down 9 tenths of a percent versus the prior year. As I previously said, FX rates reduced our

與去年相比下降了十分之九。正如我之前所說，匯率降低了我們的

EBIT by approximately $17 million. On a constant currency basis, our EBIT would have been up

息稅前利潤增加約 1700 萬美元。以固定匯率計算，我們的息稅前利潤將會上升

approximately 1%. Interest expense for the quarter was $107.6 million up 18% from Q1 a year

大約1%。本季利息支出為 1.076 億美元，較上年同期成長 18%

ago as our debt outstanding at the end of the quarter was $9 billion versus $8.6 billion a year

季度末我們的未償債務為 90 億美元，而一年前的未償債務為 86 億美元

ago. We are planning interest in the $108 million range for the second quarter of FY25 versus

前。我們計劃對 2025 財年第二季的 1.08 億美元感興趣

$102.6 million last year. Higher debt levels and borrowing rates across the curve are

去年為 1.026 億美元。整個曲線上的債務水準和借款利率較高

continuing to drive interest expense increases. For the quarter, our tax rate was 23% and up

繼續推動利息支出增加。本季度，我們的稅率為 23% 及以上

from last year's first quarter of 21.6%. This quarter's rate benefited 72 basis points from

較去年第一季成長21.6%。本季利率上漲 72 個基點

stock options exercise, while last year it benefited 147 basis points. For the second quarter

股票選擇權行使，去年則受益 147 個基點。第二季

of FY25, we suggest investors model us at approximately 23.4% before any assumption on

25 財年，我們建議投資人在做出任何假設之前將我們的利率模型定為約 23.4%

credits due to stock option exercises. We are assuming Q2 option exercises are less than Q2

因股票選擇權行使而獲得的積分。我們假設 Q2 選擇權行使次數少於 Q2

last year, which had $23 million of credits. Moving to net income and EPS, net income for the

去年，該項目有 2300 萬美元的信貸。轉向淨利潤和每股收益，淨利潤為

quarter was $565 million, down 4.8% versus last year. Our diluted share count of $17.4 million

該季度營收為 5.65 億美元，比去年下降 4.8%。我們的稀釋後股份數量為 1,740 萬美元

was 4.7% lower than last year's first quarter. The combination of lower net income and lower

比去年第一季下降4.7%。較低的淨利潤和較低的綜合

share count drove earnings per share for the quarter to $32.52, down 0.1% for the quarter.

股票數量推動本季每股收益達到 32.52 美元，下降 0.1%。

As a reminder, the unfavorable FX comparison drove our EPS down approximately $0.68 a share.

提醒一下，不利的匯率比較導致我們的每股盈餘下降了約 0.68 美元。

Now let me talk about our free cash flow. For the first quarter, we generated $565 million in free cash

現在讓我談談我們的自由現金流。第一季度，我們產生了 5.65 億美元的自由現金

flow versus $595 million last year in Q1, driven by lower net income and higher capex. We expect to

由於淨利潤下降和資本支出增加，去年第一季的流量為 5.95 億美元。我們期望

continue being an incredibly strong cash flow generator going forward, and we remain committed to

繼續成為一個令人難以置信的強大的現金流發生器，我們仍然致力於

returning meaningful amounts of cash to our shareholders. Regarding our balance sheet, our

向我們的股東返還大量現金。關於我們的資產負債表，我們

liquidity position remains very strong, and our leverage ratio finished at 2.5 times EBITDAR. Our

流動性狀況仍然非常強勁，我們的槓桿率最終達到 EBITDAR 的 2.5 倍。我們的

inventory for store was up 5.4% versus Q1 last year, while total inventory increased 8.7% over the

門市庫存較去年第一季成長 5.4%，總庫存較去年同期成長 8.7%

same period last year, driven by new store growth and inventory placement to support new growth

去年同期，新店成長帶動，庫存支持新增長

opportunities. Net inventory, defined as merchandise inventories less accounts payable on a

機會。淨庫存，定義為商品庫存減去應付帳款

per store basis, was negative $166,000 versus a negative $197,000 last year and negative $163,000 last

每家商店的銷售額為負 166,000 美元，去年為負 197,000 美元，去年為負 163,000 美元

quarter. As a result, accounts payable as a percent of gross inventory finished a quarter at 119.5% versus

四分之一.結果，本季應付帳款佔庫存總額的百分比達到 119.5%，而

last year's Q1 of 124.4%. Lastly, I'll spend a moment on capital allocation and our share repurchase

去年第一季為124.4%。最後，我將花一點時間討論資本配置和我們的股票回購

program. We repurchased $505 million of AutoZone stock in the quarter, and at quarter end we had

程式.我們在本季回購了 5.05 億美元的 AutoZone 股票，到季末我們有

$1.7 billion remaining under our share buyback authorization. Our ongoing strong earnings,

我們的股票回購授權還剩 17 億美元。我們持續強勁的獲利，

balance sheet, and powerful free cash continues to allow us to return a significant amount of

資產負債表和強大的自由現金繼續使我們能夠返還大量資金

cash to our shareholders through our buyback program. We have bought back over 100% of the

透過我們的回購計劃向股東提供現金。我們已經回購了100%以上

then outstanding shares of stock since our buyback inception in 1998, while investing in our existing

自 1998 年回購以來已發行的股票，同時投資我們現有的

assets and growing our business. We remain committed to this disciplined capital allocation

資產並發展我們的業務。我們仍然致力於這種嚴格的資本配置

approach that will enable us to invest in the business and return meaningful amounts of cash to

的方法將使我們能夠投資業務並返回大量現金

shareholders. To wrap up, we remain committed to driving long-term shareholder value by investing

股東。總而言之，我們仍然致力於透過投資來推動長期股東價值

in our growth initiatives, driving robust earnings in cash, and returning excess cash to our

在我們的成長計劃中，推動強勁的現金收益，並將多餘的現金回饋給我們

shareholders. Our strategy continues to work. We're growing our market share and improving our

股東。我們的策略繼續發揮作用。我們正在擴大市場份額並改善我們的

competitive positioning in a disciplined way. As we look forward to the balance of our fiscal year,

以有紀律的方式進行競爭定位。當我們期待財政年度的平衡時，

we're bullish on our growth prospects behind a resilient DIY business,

我們看好彈性 DIY 業務背後的成長前景，

a fast-growing international business, and a domestic commercial business that is continuing

快速成長的國際業務和持續發展的國內商業業務

to grow share. I continue to have tremendous confidence in our ability to drive significant

增加份額。我仍然對我們推動重大發展的能力充滿信心

and ongoing value for our shareholders behind a strong industry, a winning strategy, and an

強大的產業、制勝策略和

exceptional team of AutoZoners. Before handing the call back to Phil, I want to remind you that

AutoZoners 的傑出團隊。在將電話轉回菲爾之前，我想提醒您

we report revenue comps on a constant currency basis to reflect our operating performance.

我們以固定貨幣為基礎報告收入比較，以反映我們的經營績效。

We generally don't take on transactional risks, so our results primarily reflect the translation

我們通常不承擔交易風險，因此我們的結果主要反映了翻譯

impact for reporting purposes. As I mentioned earlier, in the quarter, foreign currency resulted

出於報告目的的影響。正如我之前提到的，在本季度，外匯導致

in a headwind on revenue and EPS. If yesterday's spot rates held for Q2, then we expect approximately

收入和每股收益面臨逆風。如果第二季的即期匯率維持昨天的水平，那麼我們預計大約

a $95 million drag on revenue, a $30 million drag on EBIT, and $1.30 a share drag on EPS.

營收下降 9,500 萬美元，息稅前利潤下降 3,000 萬美元，每股收益下降 1.30 美元。

And if rates remained at the current spot rates for the full fiscal year of 2025,

如果 2025 年整個財政年度的利率維持在當期即期利率，

we would expect approximately a $355 million impact to revenues, a $120 million impact to EBIT,

我們預計收入將受到約 3.55 億美元的影響，息稅前利潤將受到 1.2 億美元的影響，

and a $4.90 a share impact to full-year EPS. And now I'll turn it back to Phil.

對全年 EPS 的影響為每股 4.90 美元。現在我會把它轉回給菲爾。

Thank you, Jamir. We are proud of our AutoZoners across the globe and the results our team

謝謝你，賈米爾。我們為全球的 AutoZoners 和我們團隊的成果感到自豪

delivered this past quarter. We promise to continue to focus on improving our execution

上個季度交貨。我們承諾將繼續專注於提高我們的執行力

and driving wow customer service. While our sales increases don't reflect it quite yet,

並推動令人驚嘆的客戶服務。雖然我們的銷售額成長還沒有完全反映出這一點，

we believe we've made meaningful progress on our initiatives and are well-positioned to grow

我們相信我們的舉措已經取得了有意義的進展，並且已經做好了成長的準備

sales across our domestic and international store bases with both our retail and our commercial

我們的國內和國際商店基地的零售和商業銷售

customers. Our gross margins are solid and our operating expense is appropriate for future growth.

顧客。我們的毛利率穩定，營運費用適合未來的成長。

We continue to put our capital at work where it will have the biggest impact on sales.

我們持續將資金投入對銷售影響最大的領域。

Our stores, distribution centers, and leveraging technology to build a superior customer experience

我們的商店、配送中心並利用科技打造卓越的客戶體驗

where we are able to say yes to our customers' needs. The top focus areas for fiscal 2025 will

我們能夠滿足客戶的需求。 2025 財年的首要重點領域將

remain growing share in our domestic commercial business and in continuing our momentum in

在我們的國內商業業務中保持不斷增長的份額，並繼續我們在

international. We believe we have a solid plan in place for the balance of the fiscal year.

國際的。我們相信我們已經為本財年的剩餘時間制定了可靠的計劃。

We know our focus on parts availability and our wow customer service culture will lead to sales

我們知道我們對零件可用性的關注和我們令人驚嘆的客戶服務文化將帶來銷售

growth and gains in market share. We're excited to start calendar 2025. In September, we hosted

市場佔有率的成長和增加。我們很高興開始 2025 年月曆。

our field leadership teams here in Memphis for AutoZone's 2025 National Sales Meeting. The energy

我們的現場領導團隊在孟菲斯參加 AutoZone 2025 年全國銷售會議。能量

and excitement about our plans and what we can accomplish was fantastic. Our operating theme for

我們對我們的計劃和我們能夠實現的目標感到非常興奮。我們的經營主題為

this new year, Great People, Great Service, was on full display over those four days. I could not

新的一年，偉大的人民、偉大的服務在這四天裡得到了充分展現。我不能

be more proud of the effort being exhibited across our organization. This year, we will focus on our

對我們整個組織所付出的努力感到更加自豪。今年，我們將重點關注

AutoZoners like never before. We are determined to improve upon an already outstanding culture

AutoZones 前所未有。我們決心改進已經很優秀的文化

of customer service. In this difficult macro environment, we cannot rest on our laurels.

客戶服務。在當前困難的宏觀環境下，我們不能固步自封。

We have to make sure every store is staffed right every hour of the day. Our processes need to

我們必須確保每家商店全天每個小時都有工作人員值班。我們的流程需要

function correctly, always. We must meet our store opening goals and timelines. Simply put,

始終正常運作。我們必須滿足開店目標和時間表。簡單地說，

we have to remain the execution machine that we have always been. Fiscal 2025 top priorities are

我們必須保持一貫的行刑機器。 2025 財年的首要任務是

based on improving execution and wow customer service. We will continue to invest in the

基於提高執行力和令人驚嘆的客戶服務。我們將繼續投資於

following strategic projects. Re-accelerating our new hub and mega hub openings. As we said

遵循戰略項目。重新加速我們的新樞紐和大型樞紐的開幕。正如我們所說

recently, we now plan to have more than 285 domestic hubs and mega hubs. These stores do

最近，我們計劃擁有超過285個國內樞紐和大型樞紐。這些店都做

take time, but we are incredibly excited about their continued performance. Effectively and

雖然需要時間，但我們對他們持續的表現感到非常興奮。有效地和

efficiently opening our new distribution centers and optimizing our direct import facility.

有效率地開設我們的新配送中心並優化我們的直接進口設施。

Ramping up our domestic and international store growth. As discussed, our international teams

加速我們的國內和國際商店的成長。正如所討論的，我們的國際團隊

posted same store sales comps on a constant currency base of nearly 13 or 14 percent.

公佈的同店銷售額以固定貨幣計算的比率接近 13% 或 14%。

Continuing several years of strong growth. And most importantly, re-accelerate our domestic

持續幾年的強勁成長。最重要的是，重新加速我們的國內發展

commercial sales growth. As the macro environment has remained challenging, AutoZoners have been

商業銷售成長。由於宏觀環境仍然充滿挑戰，AutoZoners 一直在

focused on improving execution and leveraging our culture of outstanding customer service.

專注於提高執行力並利用我們卓越的客戶服務文化。

The automotive aftermarket is always going to go through change. And we look to take advantage of

汽車售後市場總是會經歷變化。我們希望利用

that change and focus on gaining additional market share. We are excited about what we can

改變並專注於獲得額外的市場份額。我們對我們能做的事情感到興奮

accomplish and our AutoZoners are committed to delivering better results in 2025. We believe

我們的 AutoZoners 致力於在 2025 年取得更好的成果。

AutoZone's best days are ahead of us. Now we'd like to open up the call for questions.

AutoZone 最棒的日子就在前方。現在我們想開始提問。

(Operator Instructions) Bret Jordan, Jefferies.

（操作員說明）Bret Jordan，Jefferies。

Hey, good morning, guys.

嘿，早上好，夥計們。

Morning, Brian and breadth.

早上好，布萊恩和廣度。

Talk a little bit about what you're seeing on the West Coast because one of your peers is is shutting stores and exiting that region.

談談您在西海岸看到的情況，因為您的一位同行正在關閉商店並退出該地區。

And I guess in the short term, how you see in the nation and maybe any price disruption, I think in the longer term, how you see that market share there will be some.

我想，從短期來看，你如何看待這個國家的情況，也許還有任何價格幹擾，我認為從長遠來看，你如何看待市場份額將會有一些。

Yes, it's a it's this is early innings and what they're doing, obviously, they're they're closing their stores.

是的，這是早期的幾局，他們正在做的事情，顯然，他們正在關閉商店。

They've ramped up their discounting and things of that nature.

他們加大了折扣和類似的力道。

It's been as you as you can imagine, it's hard to tell what that looks like over.

就像你能想的那樣，很難說它會是什麼樣子。

I think that will be a benefit for us out.

我認為這對我們來說是有好處的。

There are, as we'll see meaningful share gains as they exit those markets.

當他們退出這些市場時，我們會看到有意義的份額成長。

And they are discounting that could potentially be a slight headwind in the short term on as there's discounting prices in what's a pretty inelastic business.

他們正在打折，這在短期內可能會帶來輕微的阻力，因為在相當缺乏彈性的業務中存在折扣價格。

And it's kind of wait and see at this point.

目前還處於觀望狀態。

But long term, I think those would be great opportunities for us to get out there.

但從長遠來看，我認為這對我們來說是走出去的絕佳機會。

Okay.

好的。

And I think you could talk about the cadence of the first quarter, I guess in into the second quarter, I think you called out that the first four weeks were the weakest in commercial, but what we've seen this winter has begun to show up.

我想你可以談談第一季度的節奏，我想進入第二季度，我想你指出前四週是商業廣告中最弱的，但我們今年冬天所看到的已經開始顯現向上。

Yes, that's correct.

是的，這是正確的。

The first, if you think about the DIY. business, um, we talked we talked a lot about at the underperformance in kind of those Rust Belt markets.

第一個，如果你考慮DIY。業務，嗯，我們談了很多關於鐵鏽地帶市場表現不佳的問題。

That's kind of continued, but pretty consistent.

這有點持續，但相當一致。

I mean, there wasn't a whole lot of weather impact on the quarter on the DIY side of the business.

我的意思是，本季 DIY 業務並沒有受到太多天氣影響。

The commercial business.

商業業務。

Those first four weeks is where those hurricanes came across a lot of the sockets and at that has a more material impact impact initially on the commercial side of the shops get disrupted.

在最初的四個星期裡，颶風襲擊了許多插座，這對商店的商業方面產生了更大的實質影響，最初受到了乾擾。

And that's what we saw in the first four weeks of the quarter and then it kind of return to more normal volumes in the back half of the quarter on the business.

這就是我們在本季前四週看到的情況，然後在本季後半段業務量恢復到更正常的水平。

Okay.

好的。

I'm using the later part of the quarter and the beginning of the second quarter improved with cold weather or is it really not meaningful enough yet?

我正在使用本季度的後半部分，而第二季度初由於天氣寒冷而有所改善，或者它真的還不夠有意義嗎？

Again, quarter just ended were worse.

同樣，剛結束的季度情況更糟。

It's so early in the quarter.

現在這個季度還早。

We like the initial part of the above the winter, but we've got a long way to go in winter to see that materialize.

我們喜歡上述冬季的最初部分，但要在冬季實現這一點，我們還有很長的路要走。

And again, I think most over time is does the does those Rust Belt markets and the cold and snow markets do reputation and cold weather throughout the winter, which really hasn't happened over the last couple of years.

再說一次，我認為隨著時間的推移，最重要的是那些鐵鏽地帶市場和寒冷和雪地市場在整個冬天的聲譽和寒冷天氣，這在過去幾年裡確實沒有發生過。

Right.

正確的。

Thank you.

謝謝。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

nice to more in every one of my question is on operating income and you mentioned ex the impact, it would have been up slightly.

我的每一個問題都與營業收入有關，您提到了影響，它會略有上升。

My question is if this backdrop of sluggish macro doesn't change in comps more or less stay in this area, is that a good risk?

我的問題是，如果宏觀經濟低迷的背景沒有改變，或多或少停留在這個區域，這是一個很好的風險嗎？

But EBIT, I know you don't guide, but my question is, can you strengthen comes with keeping EBIT in this slightly up range or you debating to invest more for some period of time and take it?

但是息稅前利潤，我知道你沒有指導，但我的問題是，你能否加強將息稅前利潤保持在這個略微上升的範圍內，或者你辯論在一段時間內進行更多投資並接受它？

Yes, I think a couple of dynamics stand out to us.

是的，我認為有一些動態對我們來說很突出。

one is, you know, we do expect, but the comps to improve as we move through the year, and we're positioning ourselves both in terms of inventory and infrastructure to take advantage of some of those opportunities.

一個是，你知道，我們確實期望，但隨著我們今年的發展，公司的業績會有所改善，我們在庫存和基礎設施方面都在定位自己，以利用其中的一些機會。

I think the second dynamic is that we expect gross margins to remain strong as we were taking good actions on the merchandising margin side of the business.

我認為第二個動態是，我們預計毛利率將保持強勁，因為我們在業務的銷售利潤方面採取了良好的行動。

And the team's doing a fantastic job of executing there in the third is we're able to manage our SG&A in a very disciplined way.

團隊在第三階段的執行工作非常出色，我們能夠以非常有紀律的方式管理我們的銷售及管理費用。

Now we are going to invest in infrastructure and opportunities to take a bit of sort of the call additive environment and the opportunities for us to grow share.

現在，我們將投資基礎設施和機會，以獲取一些呼叫附加環境和增加份額的機會。

But we believe that we can do that without it having a a negative impact on operating income.

但我們相信我們可以做到這一點，而不會對營業收入產生負面影響。

So and a lower comp environment, you would expect us to be disciplined in the middle of the P&L, but we are to invest in a disciplined way to take advantage of those growth opportunities.

因此，在較低的競爭環境中，您可能會期望我們在損益表中受到紀律約束，但我們將以紀律嚴明的方式進行投資，以利用這些成長機會。

Okay.

好的。

That's helpful.

這很有幫助。

Jamere my question.

傑米爾我的問題。

My second question, the follow-up on pricing and CPI. and tariffs.

第二個問題，關於定價和CPI的後續情況。和關稅。

So the CPI. is picking up.

所以CPI。正在回升。

Curious if there's any for the real world with it it they're getting 3% to 4% range year over year.

很好奇現實世界中是否有這樣的情況，他們的成長率每年都在 3% 到 4% 之間。

And then when we didn't put back the Section three or one tariffs earlier in the year, some prices went up, but just curious how that exam could play into potential future tariffs.

然後，當我們今年早些時候沒有恢復第三節或第一節關稅時，一些價格上漲了，但只是好奇這項檢查如何影響未來潛在的關稅。

Meaning we did the suppliers taken today, take price or you'd like how is that working yet?

這意味著我們今天已經對供應商進行了報價，或者您想知道它的運作情況如何？

Some tariffs are an interesting question us.

一些關稅對我們來說是一個有趣的問題。

I'll start off by saying at this point, we really don't know what's going to happen in our merchant teams have been dealing with tariffs now for the better part of the decade.

我首先要說的是，我們真的不知道我們的商人團隊在這十年的大部分時間裡一直在處理關稅問題，現在會發生什麼。

And I think if you go back historically and look early on when those tariffs happen, the vast majority of our supply chain was pretty dedicate the two countries of origin.

我認為，如果你回顧歷史，儘早了解這些關稅何時發生，我們的供應鏈的絕大多數都集中在這兩個原產國。

Since that time frame, we've done a lot of work to make sure that our country of origin have been diversified.

自那時以來，我們做了很多工作來確保我們的原籍國多元化。

We have within one category and the vast majority of was there in the in the category than we had back then.

我們在一個類別內，並且絕大多數都在該類別中，而不是我們當時的類別。

And we've become pretty nimble in our supply chain.

我們的供應鏈已經變得相當靈活。

So and we'll continue to exercise against that playbook.

因此，我們將繼續針對該策略進行練習。

And um, long term, I think the industry has been very disciplined in the pricing strategies, and I suspect that that will continue, but it's very early in this cycle to see what ultimately is going to happen with tariffs.

嗯，從長遠來看，我認為該行業在定價策略上一直非常嚴格，我懷疑這種情況會持續下去，但在這個週期的早期階段，看看關稅最終會發生什麼還為時過早。

I think on the inflation front on while we are, we're starting to see some movement.

我認為在通膨方面，我們已經開始看到一些變化。

And CP., I mean, a little bit closer to home freight start despite make its way in the cost of goods and ultimately in the and the pricing and tickets over time, Tom and I think the labor markets of fraud a little bit.

CP.，我的意思是，儘管隨著時間的推移，隨著時間的推移，在商品成本以及最終的定價和門票方面，湯姆和我認為勞動力市場存在一點欺詐行為，但與家庭貨運開始有點接近。

So we're not seeing what we saw member to the extent that there are some new, as Phil mentioned in his prepared comments, we expect the normal inflation that we see industry to return, and that should have a positive impact on what we see in like for like and pushing on an SKU basis.

因此，我們沒有看到我們所看到的成員有一些新的情況，正如菲爾在他準備好的評論中提到的那樣，我們預計我們看到行業會回歸正常的通貨膨脹，這應該會對我們所看到的產生正面影響以同類相待並按 SKU 進行推送。

And as you know, this industry has been about taking pricing when we see that kind of inflation and so on.

如您所知，當我們看到這種通貨膨脹等情況時，這個行業一直在定價。

I think net-net, it potentially be a tailwind, but it's going to work its way through over over a relatively slow period of time.

我認為網絡，它可能是一股順風，但它將在相對緩慢的一段時間內發揮作用。

We believe agreed.

我們相信同意。

Thanks.

謝謝。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

Good morning.

早安.

This is Mark Jordan on for Kate McShane.

我是馬克喬丹 (Mark Jordan) 為凱特麥克肖恩 (Kate McShane) 代言。

Tom, just in thinking about share repurchases, it came in a little bit lower than we're expecting for the quarter.

湯姆，就在考慮股票回購時，它的表現比我們對本季的預期要低一些。

How should we think about capital allocation going forward here?

我們該如何考慮未來的資本配置？

How do you feel about current debt levels?

您對目前的債務水準有何看法？

Are you planning on still rolling over notes that are coming due in April this year?

您是否計劃繼續展期今年四月到期的票據？

Yes.

是的。

So no change in our capital allocation on, as I mentioned, we're going to be a significant free cash flow generator.

因此，正如我所提到的，我們的資本配置不會發生變化，我們將成為重要的自由現金流產生者。

We're going to hold our leverage target in the 2.5 times area.

我們將把槓桿目標維持在 2.5 倍區域。

That gives us a tremendous amount of financial firepower to invest in our existing assets to grow our business and give a significant amount of cash back.

這為我們提供了巨大的財務火力來投資現有資產以發展我們的業務並提供大量現金回饋。

And you can expect us as it relates to our debt stack to continue to manage to a 2.5 times leverage target.

您可以期望我們繼續實現 2.5 倍的槓桿目標，因為這與我們的債務堆疊有關。

And that will impact what we do on any data to do.

這將影響我們對任何數據所做的事情。

Okay, perfect.

好的，完美。

And just a follow up on kind of piggybacking on the tariff comments that were made earlier.

這只是先前提出的關稅評論的後續行動。

Do you have the option?

你有選擇嗎？

And do you plan tolerating some purchases ahead of any tariffs might come across?

您是否計劃在可能出現關稅之前容忍一些購買？

Yes.

是的。

Our I mean, our merchants are looking at that today.

我的意思是，我們的商人今天正在關注這一點。

Keep in mind, the vast majority of the categories that we operate in are pretty low turning that will take opportunities where that makes sense to do that.

請記住，我們經營的絕大多數類別的轉彎率都相當低，因此需要抓住有意義的機會。

And the merchants are pretty students and adept in this type of environment and will act accordingly.

而商家們都是漂亮的學生，很擅長這種環境，也會採取相對應的行動。

What's in the best I thought for us and obviously for our customer.

我認為對我們以及對我們的客戶來說最好的是什麼。

Thank you.

謝謝。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good morning.

早安.

Thank you so much for taking my question.

非常感謝您回答我的問題。

Given the extra week you had here in your calendar, how did this shift in how you measure your same-store sales impact your comp this?

考慮到您的日曆中多了一周，您衡量同店銷售額的這種轉變對您的薪酬有何影響？

And how would you expect that to play out over the next few quarters?

您預計未來幾季的情況會如何？

That's a good question, Michael.

這是個好問題，麥可。

We didn't talk about it specifically, but it did in our comps about a point in the quarter negatively impacted our comps about a point in the quarter.

我們沒有具體談論它，但它在我們的比較中確實對本季的一個點產生了負面影響。

And we would expect just given the shifts in the calendar on that, we potentially pick up an extra bump later in the spring market impact.

我們預計，考慮到日曆上的變化，我們可能會在春季市場晚些時候受到額外的影響。

Our comps, but it was worth about 0.9 and it'll play out over the next couple of quarters or so, particularly as we get into the spring months.

我們的比較，但它的價值約為 0.9，並將在接下來的幾個季度左右發揮作用，特別是當我們進入春季的幾個月時。

So Javier will be a continued to be a drag in the next first in the third and fourth extra.

因此哈維爾將在接下來的第一場第三場和第四場比賽中繼續成為拖累。

That's right way to think about it.

這是正確的思考方式。

Okay.

好的。

And my follow-up question is, if you look at that story in service by the hub, what is it what is the average commercial sales per week in those locations for towards that are not currently being serviced by a hub?

我的後續問題是，如果您查看該中心提供的服務中的故事，那麼這些地點目前尚未由該中心提供服務的每周平均商業銷售額是多少？

And is it a good move from for us to think about maybe unpack the less productive commercial programs, including reach the more Penn-America productive commercial programs as you accelerate the rollout of each of over the next, the consolidation that's happening in the market with all these store closures?

對我們來說，考慮也許可以解開生產力較低的商業計劃，包括實現賓州生產力更高的商業計劃，這是一個很好的舉措，因為你在接下來的時間裡加速了每一個計劃的推出，市場上正在發生的整合所有這些商店都關門了？

Thank you.

謝謝。

Yes, Michael, great.

是的，邁克爾，太棒了。

Great question, um, and we're not we don't break out all those numbers and share them publicly.

這是一個很好的問題，嗯，我們不會公佈所有這些數字並公開分享。

But suffice it to say that when a hub or a mega hub gets put into a market, those stores overperformance satellite stores and they have deeper inventory and they also to lift the market, frankly, on both sides, DIY. and the commercial side of the business, um, but delineating those is, in many cases, service stores may have been serviced by a mega hub.

但我只想說，當一個樞紐或一個大型樞紐投入市場時，這些商店的表現超過了衛星商店，他們有更深的庫存，坦白說，他們也可以提升市場，無論是雙方還是DIY。以及商業方面的業務，嗯，但在許多情況下，這些服務店可能是由大型樞紐提供服務的。

That was a 100 or 200 miles away.

那是100或200英里之外。

As you can imagine, if you put closer inventory closer to the customer, it lifts all of those boats in that market, if you will on.

正如您可以想像的那樣，如果您將庫存放置在離客戶更近的地方，那麼如果您願意的話，就會提升該市場中的所有船隻。

So it's better for us again today.

所以今天對我們來說又更好了。

We have if you think about our store placement, that where we have these deeper inventories in both Hubs and MegaHubs were just under 7% of our stores.

如果你考慮我們的商店佈局，你會發現我們在 Hub 和 MegaHub 中擁有更深層庫存的地方僅占我們商店的 7%。

Having the closer to them over time, we'll take up those mega hubs pretty significant, both DIY. and those markets, our Board of the customer, the bigger, bigger advantage we have.

隨著時間的推移，我們與它們的距離會越來越近，我們將佔據這些大型樞紐，而且都是 DIY 的。那些市場，我們的客戶董事會，我們擁有越來越大的優勢。

Hopefully that answers your question.

希望這能回答你的問題。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Thanks.

謝謝。

So my first question is on the gross margin.

所以我的第一個問題是關於毛利率。

You talked about the LIFO headwind.

您談到了後進先出的逆風。

Presumably there was some DIY. mix headwind that I know it looks like you're generating 40 basis points of expansion from from lower product costs.

大概有一些DIY。混合逆風，我知道看起來你正在從較低的產品成本中產生 40 個基點的擴張。

So can you talk about what's going on?

那麼你能談談發生了什麼事嗎？

It seems that levels seems pretty consistent with where you've been in the past couple of quarters.

看起來水平似乎與過去幾個季度的水平非常一致。

So how far you into that initiative and how how much longer do you think we can continue to benefit those that level of improvement?

那麼您對該計劃的投入程度如何？

Yes.

是的。

I mean, we have a few moving pieces in the gross margin line, but I'll say a couple of things.

我的意思是，我們的毛利率中有一些變化，但我要說幾件事。

Number one from a merchandising margin standpoint, we are doing extremely well on both in terms of our merchandising work that we're doing with our lease on the mix of products that we have in the marketplace.

第一，從銷售利潤的角度來看，我們在銷售工作和租賃市場上的產品組合方面都做得非常好。

I feel pretty good with where we are from.

我對我們的家鄉感覺很好。

There are a couple of dynamics that are out.

有一些動態已經出來了。

And, you know, we're out raising prices as fast as we were when we saw some sort of more inflation in the marketplace and more like for like inflation.

而且，你知道，當我們看到市場上出現某種程度的通貨膨脹並且更像是類似的通貨膨脹時，我們正在以同樣快的速度提高價格。

And so we're offsetting that to some extent with the tremendous actions that we have from merchandising margin standpoint.

因此，從商品利潤的角度來看，我們採取的巨大行動在某種程度上抵消了這種影響。

Life or wasn't that big of a deal on the quarter?

生活還是本季沒什麼大不了的事？

We only had a couple of million of credits last quarter.

上個季度我們只有幾百萬的積分。

We didn't book anything this quarter.

本季我們沒有預訂任何東西。

And given where freight is in some of the inflationary impacts that we've got, we've talked about, it's not likely that we're booking any life of contract, which we could actually see some headwinds depending on where we are.

考慮到貨運在我們所受到的一些通貨膨脹影響中的地位，我們已經討論過，我們不太可能預訂任何合約期限，根據我們所處的位置，我們實際上可能會看到一些阻力。

And then I'll say the third dynamic that we have is we've got a couple of new DCs that are coming online and those DCs are clearly not at maturity, and that's a little bit of a drag on the gross margin line.

然後我要說的是，我們擁有的第三個動態是，我們有幾個新的 DC 即將上線，而這些 DC 顯然尚未成熟，這對毛利率線有一點拖累。

So net-net, when you when you put it all together, I'm very pleased that were up 21 basis points on Onyx basis.

所以，當你把所有這些放在一起時，我很高興在 Onyx 的基礎上上漲了 21 個基點。

I think we're running them gross margin play like we always do with intensity, and we should be managing gross margins to be positive as we move through the back half of the year.

我認為我們正在像往常一樣大力提高毛利率，並且在下半年我們應該將毛利率管理為正值。

Got it.

知道了。

And then as it relates to on the balance sheet, I know in previous previous question and talk about stage 2.5 times based on the NATO guide, but B&O based on maintaining the current level of debt, assuming more of a gradual improvement and in comps over the balance, it would seem like, you know, it could really draw down on the amount of share repurchases you could make in the past we've seen you move up a little bit higher than 2.5, maybe into the two, six to eight range channel.

然後，就資產負債表而言，我在之前的問題中知道，並根據北約指南談論階段 2.5 倍，但 B&O 是基於維持當前的債務水平，假設更多的是逐步改善，並且在比較中平衡，看起來，你知道，它確實可能會減少你過去可以進行的股票回購數量，我們看到你的股票回購率略高於2.5，也許會上升到2、6 到 8範圍通道。

To what extent do you see flexibility in your ability to them, take it up and keep that investment grade rating?

您認為您的能力在多大程度上具有靈活性，可以接受並維持投資等級評級？

Yes.

是的。

I mean, we clearly have a tremendous amount of flexibility there.

我的意思是，我們顯然在那裡擁有巨大的靈活性。

And you hear me I'll talk about it as the 2.5 times area.

你聽我說，我將稱它為 2.5 倍面積。

And so that 2.5 times area gives us the ability at different points in time to tick up a little bit or down a little bit, as you've seen us do in the past.

因此，2.5 倍的面積使我們能夠在不同的時間點稍微上升或下降一點，就像您過去看到的那樣。

So but we like being in at 2.5 times area, as I said, it gives us a tremendous amount of flexibility to invest in the business to grow on with our growth initiatives and to give a lot of cash back to shareholders.

因此，正如我所說，我們喜歡處於 2.5 倍的區域，這為我們提供了巨大的靈活性來投資業務，以實現我們的成長計劃的成長，並向股東返還大量現金。

And we're going to continue to run that play over time.

隨著時間的推移，我們將繼續演這齣戲。

Great.

偉大的。

Thanks very much.

非常感謝。

Steven Forbes, Guggenheim Securities.

史蒂文福布斯，古根漢證券。

Good morning, Phil.

早上好，菲爾。

Maybe just a follow-up on the mega hubs and hub strategy.

也許只是大型樞紐和樞紐策略的後續行動。

I believe you raised the target for the end state to 300, maybe 200 plus serious, what drove that.

我相信您將最終狀態的目標提高到 300，也許是 200 多，這是什麼推動了這一目標。

And so maybe learning that are driving that decision.

因此，也許學習是推動這項決定的因素。

And it has been any change in the plan cadence of openings over the next years to come?

未來幾年的開業計劃節奏有什麼變化嗎？

Yes.

是的。

So the the chain strategy, if you can see all the way back, ultimately, we thought we'd have somewhere between 25 and 40 of these long time.

所以連鎖策略，如果你能一直往前看，最終，我們認為我們會有 25 到 40 個這樣的長時間。

It's a long time ago and then we updated we've updated the guidance several times.

這是很久以前的事了，然後我們更新了指南，我們已經更新了好幾次了。

The benefit of these stores is we continue to see outsized performance from the hubs and frankly, the mega hubs.

這些商店的好處是我們繼續看到樞紐，坦白說，大型樞紐的超強表現。

And as you look back over time, we had thought we've reached the height of what these stores will be able to produce for us.

隨著時間的推移，當你回顧過去時，我們曾以為我們已經達到了這些商店能夠為我們生產的產品的高度。

And at the end of the day, they continue to grow and become more and more productive as we continue to optimize our inventory in those stores.

最終，隨著我們不斷優化這些商店的庫存，它們會繼續成長並變得越來越有效率。

There's the power of our brands, adding more male oriented and incremental assortment, and they hold help on both.

我們的品牌有力量，增加了更多面向男性的產品和增量品種，他們在這兩方面都提供了幫助。

We talk specifically about the commercial side of the business and help on both sides of the business.

我們專門討論業務的商業方面並為業務雙方提供協助。

They kind of become at the centers for the surrounding stores.

它們有點成為周圍商店的中心。

They helped drive both commercial and DIY sales results.

他們幫助推動了商業和 DIY 銷售業績。

So we like these assets, as I've said before, we wish we could open and faster.

因此，我們喜歡這些資產，正如我之前所說，我們希望能夠更快地開放。

They do take time on.

他們確實需要時間。

Jamere has now got a pipeline full of about 80 of these stores that are essentially ready to go on.

Jamere 目前已擁有約 80 家此類商店，基本上已準備就緒。

That does take us almost two years to get these stores open on average.

我們平均需要近兩年的時間才能讓這些商店開業。

So it takes time, but we're excited about.

所以這需要時間，但我們對此感到興奮。

And again, just under 7% of our our stores today, they have stores with a deep assortment that's including hubs and mega hubs.

再說一遍，今天我們的商店中有不到 7% 的商店擁有豐富的品類，其中包括樞紐中心和大型樞紐中心。

And as a reminder, the mega hubs have roughly 100,000 SKUs denim and the hubs have somewhere between five and 60,000 SKUs.

提醒一下，大型中心大約有 100,000 個牛仔布 SKU，而中心則有 5 到 60,000 個 SKU。

And again, we like these assets and we're going to go as fast as we can to keep opening up.

再說一次，我們喜歡這些資產，我們將盡快繼續開放。

Yes, I think one of the things you've heard me mention that over the last couple of years is that we were testing Mega Hub density in several markets.

是的，我想您在過去幾年中聽到我提到的一件事是我們正在多個市場測試巨型集線器密度。

And as we've wrapped up those tests, one that we've learned is that we can jam Mega Hubs closer together are actually very little in terms of cannibalization.

當我們完成這些測試時，我們了解到，我們可以將巨型集線器擠得更近，實際上在蠶食方面很少。

So to Phil's point on which those box in the marketplace, we're seeing a lift to both the DIY. in the commercial business.

因此，就 Phil 所說的市場上這些盒子的觀點而言，我們看到了 DIY 的提升。在商業業務中。

So as we've wrapped up that Mega Hub density test, that's given us a lot of confidence about on the number that we can put it in the marketplace where we should put them in.

因此，當我們完成巨型集線器密度測試時，這讓我們對可以將其投放到市場的數量充滿信心。

As we said, we're rapidly building the pipeline moving forward.

正如我們所說，我們正在迅速建造向前推進的管道。

Then maybe as a follow-up, sticking with real estate, but top focus area ramping up store growth.

然後也許作為後續行動，堅持房地產，但首要關注領域是加速商店成長。

I gave a target in the past first sort of out year domestic and international stores per year.

我在過去一年裡給了每年國內和國際商店的目標。

Any updates on how we should be reframing are rethinking of the curve or the slope of new store openings?

關於我們應該如何重構的任何更新是重新思考新店開業的曲線或斜率嗎？

So Phil smiling at me.

所以菲爾對我微笑。

Number one, the items of business on one of my big KPI.s and Saucony.

第一，我的一項重要 KPI 和 Saucony 的業務項目。

But we feel very good about the pace that we're ramping up.

但我們對我們正在加快的步伐感到非常滿意。

We're going to we're going to open significantly more stores domestically this year than we did last year.

今年我們將在國內開設比去年更多的商店。

They will be back-half loaded.

他們將被後半裝載。

And then as Phil talked about in his prepared comments, I mean, we'll open roughly 100 slide here.

然後，正如 Phil 在他準備好的評論中談到的那樣，我的意思是，我們將在這裡打開大約 100 張幻燈片。

So the target of doing, you know, 300 domestic and 200 international.

所以我們的目標是，國內 300 家，國際 200 家。

We're on the right glide path to do that towards the end of the decade.

我們正走在正確的道路上，在本世紀末實現這一目標。

We've rebuilt our our store development pipelines here, Tom, we've got some attractive opportunities.

我們已經在這裡重建了我們的商店開發管道，湯姆，我們有一些有吸引力的機會。

We're going as fast as we can to get them open.

我們將盡快讓它們開放。

And this will be a good significant piece of our growth strategy as we move forward.

隨著我們的前進，這將是我們成長策略的一個重要組成部分。

I think I would say we're much more confident in our ability to hit those time lines for this year and get towards that roughly 500 stores open in all markets domestically being roughly 300 and international, 200 by that T eight time frame that Jamere mentioned.

我想我想說的是，我們對今年完成這些時間表的能力更有信心，並在Jamere 提到的T 8 時間框架內，在國內所有市場開設約500 家商店，在國際市場開設約300 家商店，在國際市場開設200 家商店。

So we feel good about, again, these stores take a long time.

所以我們再次對這些商店需要很長時間感到滿意。

Tails on these stores are pretty long from the time you decide to open up a store to the day.

從你決定開店到那一天，這些商店的尾巴相當長。

It actually brings up.

它實際上帶來了。

It takes quite a bit of time, but we're excited about where we're headed and feel pretty confident that we'll be able to meet our goals.

這需要相當多的時間，但我們對我們的前進方向感到興奮，並且對我們能夠實現我們的目標非常有信心。

Thank you.

謝謝。

Steve Zaconne, Citi.

史蒂夫扎康尼，花旗銀行。

Great.

偉大的。

Good morning.

早安.

Thanks very much for taking my question.

非常感謝您提出我的問題。

I wanted to focus on the DIS. 10 business sequentially.

我想把重點放在 DIS 上。 10個業務依序進行。

It looks like the comps got a little bit weaker.

看起來比較有點弱了。

I know you called out some weakness in those first four weeks, but could you just talk through transactions performed?

我知道您指出了前四個星期的一些弱點，但您能談談所執行的交易嗎？

Do you attribute the sequential step down largely those first four weeks?

您是否將連續降級主要歸因於前四個星期？

I hear anything you've seen in the industry that would suggest the overall industry backdrop for defense has been a little bit weaker.

我聽說你在行業中看到的任何事情都表明國防的整體行業背景有點弱。

Yes, we did.

是的，我們做到了。

We did decelerate a little bit from our Q4 comp and total comp from the first four weeks were definitely impacted.

我們確實比第四季度的競爭有所放緩，前四週的總競爭肯定受到了影響。

And mostly in those markets where we saw the impacts from those hurricanes.

主要是在那些我們看到颶風影響的市場。

If you kind of think about what we've talked about with transactions and ticket average on the commercial side of the business has been more muted, although we are seeing some transaction growth, which we're pretty happy about.

如果你想一下我們在交易方面所討論的內容，那麼儘管我們看到了一些交易的增長，但我們對此感到非常高興，但商業方面的平均票價卻更加平靜。

We exited the quarter with some improving comps versus the first peaks, um, there are lingering effect of those hurricanes.

與第一個高峰相比，我們在本季結束時取得了一些改善，嗯，這些颶風的影響揮之不去。

And also say, if you look inside of our commercial business, we don't share all this detail.

還要說的是，如果你看看我們的商業業務內部，我們不會分享所有這些細節。

But if you think about any of our customers that are new and used used car related segments of business have been pretty poor over the last couple of quarters, not so sure segment of business responds quickly.

但是，如果您考慮到我們的任何新客戶和二手車相關業務部門在過去幾季中表現相當差，那麼不太確定的業務部門會迅速做出反應。

As you think about the new car sales used car sales are down over the the if you call the pandemic highs of over 40 million used cars sold than a year and interest rates continue to be high.

考慮到新車銷量，二手車銷量比一年前銷售量超過 4000 萬輛二手車的大流行高點有所下降，而利率仍然很高。

So I'm not sure those particular segments recover.

所以我不確定那些特定的部分是否會恢復。

We do like what we see in other parts of our business.

我們確實喜歡我們在業務其他部分所看到的情況。

The UDS customers as per our are pretty resoundingly positive area, and we think that's a positive trend for us going forward.

根據我們的說法，UDS 客戶是非常積極的領域，我們認為這對我們未來的發展是一個積極的趨勢。

Okay, that's helpful.

好的，這很有幫助。

And then just to shift SG&A dollar growth rate is one of the lowest in quite some time.

然後，SG&A 美元增長率是相當長一段時間以來最低的之一。

Is there anything to call out there in terms of some of the fixed cost processing wage inflation?

就某些固定成本處理薪資通膨而言，有什麼值得指出的嗎？

Is that moderating there?

那裡有節制嗎？

And how do you think about that SG&A growth rate elements of the year?

您如何看待今年的 SG&A 成長率要素？

Yes.

是的。

I mean, what we've said is that we're going to grow SG&A in a disciplined way, and we continue to focus on growing our business as we move forward on work, continuing to invest at a very healthy clip.

我的意思是，我們所說的是，我們將以有紀律的方式成長SG&A，我們在工作進展的同時繼續專注於發展我們的業務，並繼續以非常健康的速度進行投資。

And our growth initiatives on that are really focused on speed productivity and improving our customer service levels.

我們的成長計劃實際上專注於提高生產力和提高客戶服務水準。

We have seen wages cool off some on.

我們已經看到一些人的薪水有所下降。

And so that has given us an opportunity to not see the same sort of growth rates that we saw when asked on significantly more elevated the growth rate and SG&A was significantly more elevated.

因此，這給了我們一個機會，讓我們有機會看不到與我們在被問及增長率顯著更高以及銷售管理費用（SG&A）顯著更高時所看到的增長率相同的情況。

So what I'll say overall is that done, we've run this play with Intel entity overtime where disciplined way.

所以我要說的是，總體而言，我們已經以嚴格的方式與英特爾實體加班進行了這場比賽。

And to the extent that their market opportunities for us to grow share, we've got the inventory and infrastructure in place to take advantage of it.

只要他們為我們提供了增加份額的市場機會，我們就擁有適當的庫存和基礎設施來利用它。

Okay.

好的。

Thanks for that detail.

謝謝你的詳細資料。

Scot Ciccarelli, Truist.

斯科特·西卡雷利，真理論者。

Good morning, guys.

早安，夥計們。

So morning for a clarification from high.

所以早上請高層澄清。

Looking for clarification in your comments seem better DIY and commercial performance based on where we are with the macro.

根據我們在宏觀方面的情況，在您的評論中尋求澄清似乎有更好的 DIY 和商業表現。

Are you also expecting improvement in domestic stacked comp trends?

您是否也期待國內堆疊比較趨勢有所改善？

Or is the improvement you referenced just fully due to easier comparisons?

或者您提到的改進完全是因為比較更容易？

So I think you've got a couple of things go on.

所以我認為你有幾件事正在發生。

I mean, clearly we've got some easier comps in the back half of the year, minimum specifically on the on the commercial side of the business.

我的意思是，顯然我們在今年下半年有一些更容易的比較，至少特別是在業務的商業方面。

I think you layer on top of that, the progress that we're making with our growth initiatives, and you know, we've been on a steady diet of on focusing on putting more inventory in the local markets closer to customers and really focused on driving speed and service and those things on even in a commercial market that has not seen the same levels of growth that we've seen over the last couple of years.

我認為最重要的是，我們在成長計畫方面取得的進展，而且您知道，我們一直在穩定地專注於在當地市場上放置更多庫存，更靠近客戶，並且真正專注於即使在商業市場中，駕駛速度和服務等方面也沒有達到我們過去幾年所看到的相同水平的增長。

Those are the kinds of things that give us a lot of confidence as we as we move forward.

這些事情給了我們前進的信心。

And then we think they're going to be some share opportunities avails, both on the DIY. and the commercial side as we move through the year.

然後我們認為他們將提供一些共享機會，無論是 DIY。以及我們這一年的商業面。

So those are the things that give, you know, of a bullish outlook on where we're going to finish up here.

因此，這些因素讓我們對最終的結果抱持樂觀的看法。

I think the all all those things engineers that are true.

我認為所有這些工程師都是真實的。

We've also we've spent we've talked pretty extensively over the last 18 months or so about in our execution.

在過去 18 個月左右的時間裡，我們也對我們的執行進行了相當廣泛的討論。

Turnover at the store level has started to moderate.

商店層面的營業額已開始放緩。

We spent money and effort towards training our AutoZoners to store, both on the DIY side in the commercial side of the business.

我們花費了金錢和精力來培訓我們的 AutoZoners 進行存儲，無論是在 DIY 方面還是在商業方面。

So I feel like we've kind of got a running start going into this next seasonal opportunities that are going to come.

所以我覺得我們已經開始迎接即將到來的下一個季節性機會。

We believe we'll get a more normal weather pattern will help specifically in those Rust Belt markets we've talked about that have been a little more depressed.

我們相信，我們將獲得更正常的天氣模式，這將特別有助於我們已經討論過的那些更蕭條的鐵鏽地帶市場。

So we're pretty excited about.

所以我們非常興奮。

We feel like we're well positioned with the strategies that we have in place.

我們覺得我們已經根據現有的策略做好了準備。

And to Jim's point where we had inventory, put our effort towards focused on the customer, both on the DIY side, in the commercial side, our execution among our strategies on delivering better service to the commercial customer, specifically and speed of live.

對於吉姆的觀點，我們有庫存，我們把精力集中在客戶身上，無論是在 DIY 方面，還是在商業方面，我們的執行策略都是為商業客戶提供更好的服務，特別是生活速度。

We have all improved and we like where we are and we believe will be we are well prepared to take their opportunity we have in the future.

我們都取得了進步，我們喜歡我們現在的處境，我們相信我們會做好充分準備，抓住未來的機會。

I appreciate that.

我很欣賞這一點。

And then just a quick follow-up.

然後進行快速跟進。

If I can see that there is a very large retailer out there that's become increasingly price competitive across a lot of product categories, including auto-parts, I think especially batteries.

如果我看到有一家非常大的零售商，其許多產品類別的價格競爭力越來越強，包括汽車零件，我認為尤其是電池。

Have you seen any change in the credit environment outside of your direct peers, which are quite consistent in their pricing strategies?

您是否看到直接同行以外的信用環境發生了任何變化，而他們的定價策略非常一致？

Yes, if you think about mass, they're doing, they always are going to have changes and competed against those mass players for four decades at this point in the automotive or they don't play in the vast majority of our hard parts.

是的，如果你考慮大眾，他們正在做的事情，他們總是會做出改變，並在汽車領域與那些大眾玩家競爭了四十年，或者他們在我們的絕大多數硬部件中都沒有發揮作用。

If you think about it that way, they do play in batteries in oil and some of those other categories that are generally front of store.

如果你這樣想的話，它們確實在油電池和商店前面的一些其他類別中發揮作用。

And we like the strategy in place several years ago on the DIY. and specifically the sales for our business, and we're continuing to maintain those strategies.

我們喜歡幾年前製定的 DIY 策略。特別是我們業務的銷售，我們將繼續維持這些策略。

We don't see any reason to change those at this point.

目前我們認為沒有任何理由改變這些。

Excellent.

出色的。

Thanks, guys.

謝謝，夥計們。

David Bellinger, Mizuho Securities.

大衛貝林格，瑞穗證券。

Thanks for the questions.

感謝您的提問。

Another one on the Mega Hub target moving up closer to 300.

另一個關於 Mega Hub 的目標正在接近 300。

I believe you already have more than 90% of domestic stores of excess inventory.

相信國內90%以上的門市已經擁有過剩庫存。

So you get into a point now where it's more normal to have multiple mega hubs that are servicing a store location, maybe two or three it.

因此，現在進入這樣一個階段：擁有多個大型中心為一個商店位置（可能有兩個或三個）提供服務是更正常的情況。

Can you talk about the returns associated with that kind of strategy?

您能談談與這種策略相關的回報嗎？

Yes.

是的。

So inventory again, it really is about how forward place that inventory is within a given market.

因此，再次強調庫存，這實際上是關於庫存在給定市場中的領先地位。

If you think about some of these large metro markets take New York, LA, Chicago, Miami, just pick one of the mega one side of the of the city and driving all the way to the other side of the city takes a long period of time.

如果您考慮一些大型地鐵市場，包括紐約、洛杉磯、芝加哥、邁阿密，只需選擇城市一側的大型地鐵市場，然後一路行駛到城市的另一側需要很長時間。

We believe the closer we can get this inventory to the customer.

我們相信，我們越能將這些庫存送到客戶手中。

We will benefit.

我們將會受益。

As Jamere talked about earlier, we've done some of these mega hub density tests, and they've proved that we had multiple mega hubs in a given market depending on the size and the amount of vehicles in those markets and not have a lot of cannibalization and Ulta, typically, those stores perform incredibly well.

正如 Jamere 之前提到的，我們已經完成了一些大型樞紐密度測試，他們證明我們在特定市場中有多個大型樞紐，具體取決於這些市場的規模和車輛數量，而且數量並不多通常情況下，這些商店的業績非常好。

And then ultimately, they begin to lift the surrounding stores on on both the DIY side of the business and the commercial side of the business.

最終，他們開始提升週邊商店的 DIY 業務和商業業務。

Ultimately it proximity of hard to find parts tumor, either DIY. or commercial, and they could benefit us.

最終它接近難以找到的零件腫瘤，要么DIY。或商業，它們可以使我們受益。

Got it.

知道了。

And then just one quick follow up.

然後只需快速跟進即可。

I think before you mentioned something like 7% of stores have a deeper assortment closer to them.

我想你之前提到過 7% 的商店有更接近他們的更深的品種。

Could you talk about what the makeup of that inventory is?

能談談該庫存的組成嗎？

Does that mean showing just by having these mega hubs in, what would it delivery times look like to those get sped up as well?

這是否意味著只要擁有這些大型樞紐，交付時間對於那些也會加快的人來說會是什麼樣子？

Thank you.

謝謝。

So the 7% of stores are either that's including both Hubs and MegaHubs.

因此，7% 的商店既包括 Hubs 又包括 MegaHubs。

Again, hubs have roughly 50,000 skews and then mega hubs have over 100,000 SKUs on and delivery time they the assortment.

同樣，中心有大約 50,000 個偏差，然後大型中心有超過 100,000 個 SKU，交貨時間也不同。

That depth is generally speaking on the hardware side of the key categories.

一般來說，這種深度是在關鍵類別的硬體方面。

So starters, alternators, fuel pumps, things of that nature.

所以起動機、交流發電機、燃油泵，諸如此類的東西。

And as those parking closer to the commercial customer, instead of it taking three, four, six hours to get to that commercial customer, it may take 45 minutes or an hour to get there.

由於停車距離商業客戶較近，因此可能需要 45 分鐘或一個小時才能到達該商業客戶，而不是需要三、四、六個小時才能到達那裡。

So that lifts the market as you get those parts closer to the customer.

因此，當您讓這些零件更接近客戶時，就會提升市場。

Appreciate it.

欣賞它。

Thanks, Phil.

謝謝，菲爾。

Thank you for your question.

謝謝你的提問。

Greg Melich, Evercore.

格雷格·梅里奇，Evercore。

Thanks, guys.

謝謝，夥計們。

two questions.

兩個問題。

Just wanted to dig a little deeper inflation deflation, I guess spend on commercial.

只是想更深入地了解通貨膨脹通貨緊縮，我想花在商業上。

We have the same SKU inflation and DIY., but why was do inflationary?

我們的SKU通膨和DIY是一樣的，但是為什麼要做通膨呢？

I think you said 70 or 80 bps in the quarter from you've seen we've seen just continued pressure on the commercial side of the business.

我認為您說過本季成長了 70 或 80 個基點，我們已經看到業務商業方面持續面臨壓力。

Tom, on the we tried to watch our competitors, they are all the time and it's a pretty small number.

湯姆，我們試著觀察我們的競爭對手，他們一直在觀察，而且數量相當少。

Again, less than 1%.

同樣，不到 1%。

But we have seen a little bit more deflation on the ticket average side of the business relative to the to the DIY.

但我們發現，相對於 DIY 業務，該業務的平均票價方面出現了更多的通貨緊縮。

We do believe over time, but those numbers will start to get back to more historic numbers, but it's not going to be a snapback is going to take multiple quarters on it.

我們確實相信，隨著時間的推移，這些數字將開始恢復到更歷史的水平，但不會是一個快速回升，需要幾個季度的時間。

But I think the of your question have we seen irrational behavior on the commercial side of the business.

但我認為你的問題是我們在商業方面看到了非理性行為。

And the answer is no.

答案是否定的。

We have seen some pretty significant inflation on like skew inflation on the commercial side of the business over the last several years.

在過去的幾年裡，我們在商業方面看到了一些相當嚴重的通貨膨脹，例如傾斜通貨膨脹。

But ultimately, that's moderated and it's become slightly deflationary over the last quarter to we think that will return back to more normal historical evidence over time.

但最終，這種情況有所緩和，並且在上個季度變得略有通貨緊縮，我們認為隨著時間的推移，這將恢復到更正常的歷史證據。

Just to be clear that do-it-for-me number, that was an average ticket number.

需要澄清的是，「幫我做」的號碼是平均票數。

So that's really mix that's driving that rather than same skewed partial?

那麼這確實是混合驅動的，而不是同樣偏斜的部分？

That's correct, that of both, but it's a little bit of both, but that's got it.

沒錯，兩者都是如此，但兩者都有一點，但就這樣了。

So then on the second question was, could you just level set us now on where your COGS come from, what percentage or import it will come from China, water and direct and indirect as we figure out how this plays out into next year?

那麼第二個問題是，您現在能否告訴我們您的銷貨成本來自哪裡，其中來自中國、水、直接和間接的百分比或進口量是多少，我們會弄清楚明年的情況如何？

Yes.

是的。

I know we've never shared that externally.

我知道我們從未對外分享過這一點。

I can tell you, we buy from all over the world we sell in a given year 100,000 individual SKUs and product assortment comes from all over the world.

我可以告訴你，我們從世界各地採購，一年內銷售 100,000 個單獨的 SKU，產品種類來自世界各地。

That's what it comes domestically and tons of that come from an international perspective.

這就是國內的情況，還有很多來自國際的角度。

And our in our global sourcing team is very good at finding ways to reduce costs from those products that come from overseas and frankly in the domestic arena as well.

我們的全球採購團隊非常擅長尋找降低海外產品成本的方法，坦白說，在國內也是如此。

So it's a significant number, but I'll go back to what our merchants have done over the last decade has spent a lot of time buying both country of origin as well as having multiple suppliers in each category.

所以這是一個很大的數字，但我會回顧一下我們的商家在過去十年中所做的事情，他們花了大量時間購買原產國以及在每個類別中擁有多個供應商。

And it allows us to be more nimble and reduce the risk of inflation and tariffs and all the other things with any sort global sourcing.

它使我們能夠更加靈活，並透過任何類型的全球採購降低通貨膨脹和關稅以及所有其他風險。

Right.

正確的。

Great.

偉大的。

Well, thanks and good luck, guys.

嗯，謝謝，祝大家好運。

Sure.

當然。

Thank you.

謝謝。

Okay.

好的。

I think that is our last call.

我想這是我們最後一次通話。

Scott Stember, Roth MKM.

斯科特·斯坦伯，羅斯·MKM。

Great, and thanks for taking my question.

太好了，感謝您提出我的問題。

Again, income from wanted to dig into the international side of the equation of members focusing on the domestic piece, but can you maybe break out from the sales growth for the performance of Mexico versus Brazil and Mexico in particular?

同樣，收入來自想要深入研究專注於國內部分的成員等式的國際方面，但您能否從墨西哥與巴西和墨西哥的銷售增長中脫穎而出？

Maybe you could just talk about what's driving more apparent meteoric growth that you're seeing there?

也許您可以談談是什麼推動了您在那裡看到的更明顯的快速增長？

And how do you expect that to play out for the rest of the year for our international markets, and we don't break out between the Brazil market.

您預計今年剩餘時間我們的國際市場會如何發揮作用，而且我們不會在巴西市場上取得突破。

We talk about them in total, but our international markets have been great for us.

我們總的來說談論它們，但我們的國際市場對我們來說非常好。

They're growing very quickly.

他們成長得非常快。

It's much more weighted towards Mexico and Brazil because of the store count.

由於商店數量較多，墨西哥和巴西的比重較大。

Now we have just over 100 stores in Brazil.

現在我們在巴西擁有 100 多家商店。

And to Jim's point earlier, we have over 800 in Mexico.

正如 Jim 早些時候所說，我們在墨西哥有 800 多個。

But the reason we're seeing such great progress there, they're great markets and we've exported a lot of the domestic strategy into those markets.

但我們在那裡看到如此巨大進展的原因是，它們是巨大的市場，我們已經將許多國內策略輸出到這些市場。

We've also said the biggest us to grow domestically is commercial, and it is the same on those international markets as well.

我們也說過，我們在國內成長最大的是商業，在國際市場上也是如此。

And we like the strategy that we have in place and we think they'll continue to accelerate both in store count and in productivity.

我們喜歡我們現有的策略，我們認為他們將繼續加速商店數量和生產力的成長。

And then a follow-up.

然後是後續行動。

Have you ever disclosed what the EDIFM. versus Do It Yourself mixtures and Mexico?

你有沒有透露過EDIFM.與自己動手做混合物和墨西哥相比？

Now we have not.

現在我們還沒有。

Got it.

知道了。

That's all I have.

這就是我所擁有的一切。

Thank you and great.

謝謝你，太棒了。

Thank you.

謝謝。

Prime.

主要的。

Before we conclude the call, I want to take a moment to reiterate, we believe our industry is in a strong position in our business model, and we are excited about our growth prospects for the year, but we will take nothing for granted as we understand our customers have alternatives, we should help to succeed for the future.

在我們結束電話會議之前，我想花點時間重申一下，我們相信我們的行業在我們的商業模式中處於強勢地位，我們對今年的成長前景感到興奮，但我們不會認為任何事情都是理所當然的，因為我們了解我們的客戶有其他選擇，我們應該幫助他們在未來取得成功。

But I want to stress that this is a marathon and not a sprint wow customer service and strive to optimize shareholder value for the future.

但我想強調的是，這是一場馬拉松，而不是衝刺哇客戶服務，並努力為未來優化股東價值。

We are confident AutoZone will be successful.

我們對 AutoZone 的成功充滿信心。

Finally, AutoZoners everywhere.

最後，AutoZoners 無所不在。

I want to wish everyone a happy holiday season, and thank you for participating on today's call.

我祝大家節日快樂，並感謝您參加今天的電話會議。

Thank you, everyone.

謝謝大家。

This does conclude today's conference call.

今天的電話會議到此結束。

You may disconnect your phone lines at this time, and have a wonderful day.

此時您可以斷開電話線，度過美好的一天。

Thank you for your participation.

感謝您的參與。