汽車地帶 (AZO) 2025 Q1 法說會逐字稿

Good day, everyone.

大家好。

Welcome to AutoZone's 2025 Q1's earning release conference call.

歡迎參加 AutoZone 2025 年第一季財報發布電話會議。

(Operator Instructions) Before we begin, the client would like to read their forward-looking statement.

（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。

Please go ahead.

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.

在開始之前，請注意，今天的電話會議包含前瞻性陳述，這些陳述受 1995 年《私人證券訴訟改革法案》安全港條款的約束。

Forward-looking statements are not guarantees of future performance.

前瞻性陳述並非對未來績效的保證。

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 a discussion of important risks and uncertainties that could cause actual results to differ materially from expectations.

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。

Forward-looking statements speak only as of the date made, and the company undertakes no obligation to update such statements.

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.

今天的電話會議還將包括某些非公認會計準則措施。

A reconciliation of GAAP to non-GAAP financial measures can be found in our press release.

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.

我現在想請 Phil Daniele 發言。

The floor is yours.

地板是你的。

Thank you.

謝謝。

Good morning, and thank you for joining us today for AutoZone's 2025 first-quarter conference call.

早安，感謝您今天參加我們的 AutoZone 2025 年第一季電話會議。

With me today are Jamere Jackson, Chief Financial Officer; and Brian Campbell, Vice President, Treasurer, Investor Relations, and Tax.

今天與我在一起的有財務長傑米傑克森 (Jamere Jackson)；布萊恩‧坎貝爾 (Brian Campbell)，副總裁、財務長、投資者關係和稅務主管。

Regarding the first quarter, I hope you had the opportunity to read our press release and learn about our quarter's results.

關於第一季度，我希望您有機會閱讀我們的新聞稿並了解我們季度的業績。

If not, the press release, along with slides complementing our comments today, are available on our website, www.autozone.com, under the Investor Relations link.

如果沒有，您可以在我們的網站 www.autozone.com 的投資者關係連結下查看新聞稿以及補充我們今天評論的幻燈片。

Please click on the quarterly earnings conference call to see them.

請點擊季度收益電話會議查看它們。

As we begin, I want to thank our more than 125,000 AutoZoners across the globe for their commitment to the first line of our pledge, which states, AutoZoners always put customers first.

首先，我要感謝全球超過 125,000 名 AutoZoners 對我們承諾的第一行的承諾，即 AutoZoners 始終將客戶放在第一位。

Their contributions continue to drive our performance.

他們的貢獻繼續推動我們的業績。

We knew this first quarter would be similar to last quarter, as our expectations for domestic same-store sales were muted and our international sales would be up against a difficult FX rate comparison.

我們知道第一季將與上季類似，因為我們對國內同店銷售的預期較低，而且我們的國際銷售將面臨艱難的匯率比較。

As we mentioned on our previous conference call, we did not expect the macro environment to positively impact our results.

正如我們在先前的電話會議中提到的，我們預期宏觀環境不會對我們的業績產生正面影響。

We are, however, optimistic that our improved execution and customer service initiatives are on track, the environment will improve as we experience winter weather, and the uncertainty of the election are now behind us.

然而，我們樂觀地認為，我們改進的執行和客戶服務計劃正在步入正軌，隨著我們經歷冬季天氣，環境將會改善，而且選舉的不確定性現在已成為過去。

While the macro environment has led customers to be cautious with their spending, we remain confident that we will continue to gain share over time in both domestic, DIY, and commercial.

雖然宏觀環境導致客戶對其支出持謹慎態度，但我們仍然有信心隨著時間的推移，我們將繼續在家庭、DIY 和商業領域獲得份額。

For the quarter, with our continued focus on what we call WOW!

本季度，我們繼續關注“WOW！”

Customer Service, our total sales grew 2.1%, while earnings per share decreased 0.1%.

客戶服務方面，我們的總銷售額成長了 2.1%，而每股盈餘下降了 0.1%。

We delivered positive 1.8% total company same-store sales, with domestic same-store sales growth of 0.3%, and our domestic commercial sales grew 3.2% and up 9% on a two-year stack basis.

我們的公司總同店銷售額成長了 1.8%，其中國內同店銷售額成長了 0.3%，國內商業銷售額成長了 3.2%，兩年累計成長了 9%。

International same-store sales up 13.7% on a constant currency basis.

以固定匯率計算，國際同店銷售額成長 13.7%。

While our international business continued to comp impressively, up almost 14% in local currencies, we faced approximately 1,300 basis points of currency headwind, which resulted in an unadjusted 1% international comp.

雖然我們的國際業務繼續表現出色，以當地貨幣計算增長了近 14%，但我們面臨約 1,300 個基點的貨幣逆風，導致未經調整的國際業務增長 1%。

The stronger US dollar had a negative impact on our reported sales, operating profit, and EPS.

美元走強對我們報告的銷售額、營業利潤和每股盈餘產生了負面影響。

Jamere will provide more color concerning the foreign currency impact on our business and what we are thinking regarding the impact on our financial results for Q2 and the remainder of the year.

Jamere 將提供更多有關外幣對我們業務的影響的信息，以及我們對第二季度和今年剩餘時間財務業績影響的看法。

While there will always be tailwinds and headwinds in any quarter's results, what has been consistent is our focus on driving sustainable long-term results.

雖然任何季度的業績總會有順風和逆風，但我們始終致力於推動可持續的長期業績。

We continue to invest in improved customer service, product assortment initiatives, our supply chain, and believe we are well positioned for future upswings in consumer demand.

我們繼續投資於改善客戶服務、產品分類計劃和供應鏈，並相信我們已為未來消費者需求的上升做好了準備。

Now, let me dive into our sales results.

現在，讓我深入了解我們的銷售業績。

First off, our domestic DIY results showed a slight improvement to last quarter as Q1's DIY comp sales were down 0.4%.

首先，我們的國內 DIY 業績較上季略有改善，第一季 DIY 銷售額下降了 0.4%。

Our discretionary merchandise categories continue to be a drag on our domestic DIY sales, similar to the last several quarters.

與過去幾季類似，我們的非必要商品類別繼續拖累我們的國內 DIY 銷售。

For our first quarter, discretionary category sales were approximately 17% of our mix, and these categories continue to underperform our expectations.

第一季度，非必需品類銷售額約占我們組合的 17%，這些品類的表現持續低於我們的預期。

While better on a percentage basis than last quarter's results, we are now comping against last year's mid-single-digit declines in the discretionary categories.

雖然以百分比計算的業績好於上季的業績，但我們現在正在與去年非必需品類別中個位數的下降進行比較。

Our belief is that sales will continue to be pressured until the customer gets some economic relief and consumer confidence improves.

我們相信，銷售將繼續面臨壓力，直到客戶獲得一些經濟救濟和消費者信心改善。

With regard to inflation's impact on DIY sales, we saw the average like-for-like SKU inflation up approximately 1.6% for the quarter, while the average DIY ticket was up 1.3%.

關於通貨膨脹對 DIY 銷售的影響，我們看到本季平均同類 SKU 通膨上漲約 1.6%，而平均 DIY 門票上漲 1.3%。

The difference between inflation and ticket growth was driven by the mix of goods sold.

通貨膨脹和門票成長之間的差異是由所售商品的組合所驅動的。

We were encouraged with the uptick in our average ticket and expect that trend to continue into Q2.

我們對平均票價的上升感到鼓舞，並預計這種趨勢將持續到第二季​​。

We continue to expect inflation in our ticket to be approximately 3% over time, and we anticipate average ticket growth will return to historic industry growth rates as we move further away from the hyperinflation of the last couple of years.

我們仍然預計隨著時間的推移，門票通膨率約為 3%，並且隨著我們進一步擺脫過去幾年的惡性通貨膨脹，我們預計平均門票增長將恢復到歷史性的行業增長率。

We also saw DIY transaction count down 1.8%.

我們還發現 DIY 交易數量下降了 1.8%。

This, too, was better than the down 2% we experienced last quarter.

這也好於上季 2% 的下降。

While we do not have final shared data for the last segment of the quarter, we were encouraged by the recent favorable trends.

雖然我們沒有本季最後一段的最終共享數據，但我們對最近的有利趨勢感到鼓舞。

We believe we have a best-in-class product and service offering, and this gives us confidence that when customers return to their historic shopping habits, we will be beneficiaries.

我們相信我們擁有一流的產品和服務，這讓我們相信，當客戶恢復他們以前的購物習慣時，我們將成為受益者。

Secondly, I'll speak to our regional DIY performance.

其次，我要講我們地區的DIY表演。

We saw a noticeable underperformance in the Northeast, Mid-Atlantic, and the rest of what we call the Rust Belt.

我們看到東北部、大西洋中部以及我們所謂的「鐵鏽地帶」的其他地區表現明顯不佳。

These markets were down negative 1.8% versus negative 0.1% in the rest of the domestic markets.

這些市場下跌 1.8%，而其他國內市場則下跌 0.1%。

This doesn't surprise us, as these markets have underperformed due to the milder-than-normal temperatures and lower-than-usual precipitation levels the last couple of years.

這並不令我們感到驚訝，因為由於過去幾年氣溫低於正常水平且降水量低於正常水平，這些市場表現不佳。

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.

本季受到多個市場颶風的影響。

Although these storms are difficult for our customers and our AutoZoners, they did not have a meaningful impact on our DIY business.

儘管這些風暴對我們的客戶和我們的 AutoZoners 來說很困難，但它們並沒有對我們的 DIY 業務產生有意義的影響。

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

此外，全國大部分地區的天氣模式與去年相似。

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

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 US commercial business.

接下來我會講一下我們在美國的商業業務。

Our commercial sales were up 3.2% for the quarter compared to last quarter's 4.5% total commercial growth.

本季我們的商業銷售額成長了 3.2%，而上一季的商業總銷售額成長了 4.5%。

The first four weeks were the weakest, as sales grew only 1.8%, primarily because of the hurricanes.

前 4 週最為疲弱，銷售額僅成長 1.8%，這主要是由於颶風的影響。

More broadly, across the US, and similar to what we saw with our DIY customers, we noticed underperformance in the Northeast, Mid-Atlantic, and Rust Belt markets.

更廣泛地說，在美國各地，與我們在 DIY 客戶中看到的情況類似，我們注意到東北部、大西洋中部和鐵鏽地帶市場表現不佳。

The spread between these markets and the rest of the country was approximately 400 basis points.

這些市場與國內其他市場之間的利差約為 400 個基點。

We exited the quarter with stronger sales and believe we are continuing to gain share.

我們以更強勁的銷售結束了本季度，並相信我們將繼續獲得份額。

While we have continued to see wide variations of performance across these more sensitive weather markets, we remain steadfast with our initiatives.

儘管我們繼續看到這些天氣更加敏感的市場的表現存在巨大差異，但我們仍然堅定不移地堅持我們的舉措。

We are encouraged with our improved satellite store inventory availability, significant improvements in hub and mega hub coverage, and good execution on our initiatives to improve speed of delivery and improve customer service, which gives us confidence as we move through the year.

我們對衛星商店庫存可用性的改善、樞紐和大型樞紐覆蓋範圍的顯著改善以及我們提高交付速度和改善客戶服務的舉措的良好執行感到鼓舞，這讓我們對這一年充滿信心。

This quarter, on a like-for-like SKU basis, our commercial business was down, which contributed a negative 0.7% to average ticket.

本季度，以同類 SKU 計算，我們的商業業務有所下降，導致平均票價下降了 0.7%。

The lack of inflation continued to pressure sales.

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 that like for like-for-like retail SKU inflation will accelerate by the end of FY25.

我們的銷售成長將由我們持續獲得市場份額的能力以及預計到 25 財年末同類零售 SKU 通膨將加速的預期推動。

For the quarter, we opened a total of 23 net domestic stores.

本季度，我們總共開設了 23 家國內淨店。

We remain committed to more aggressively opening regular stores, hubs and mega hub stores, and for the remainder of FY25, our openings will continue to be skewed towards the back half of the year.

我們仍致力於更積極地開設常規商店、樞紐店和大型樞紐店，在 2025 財年剩餘時間內，我們的開業時間將繼續偏向今年下半年。

Hubs and mega hubs lead to better comp results that are growing faster than the balance of the chain, and we are going to continually aggressively deploy these important assets.

樞紐和大型樞紐帶來更好的競爭結果，其成長速度快於鏈條的平衡，我們將持續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 as our comparisons become slightly easier and we gain momentum from our sales growth initiatives.

對於第二季度，我們預計 DIY 和商業銷售趨勢將略有改善，因為我們的比較變得稍微容易一些，我們從銷售成長計​​劃中獲得了動力。

We will, as always, be transparent about what we are seeing and provide color on our markets and outlook as trends emerge.

我們將一如既往地對我們所看到的情況保持透明，並隨著趨勢的出現提供我們的市場和前景的資訊。

Before turning the call to Jamere, I'd like to take a moment and discuss our international business.

在打電話給 Jamere 之前，我想花點時間討論一下我們的國際業務。

In Mexico and Brazil, we opened a total of 11 stores in the quarter and now have 932 total international stores.

在墨西哥和巴西，本季我們總共開設了 11 家門市，目前國際門市總數為 932 家。

As you can see from the press release, our same-stores were just under 14% on a constant currency basis and accelerated from last quarter's 10%.

正如您從新聞稿中看到的，以固定匯率計算，我們的同店銷售額略低於 14%，比上季度的 10% 有所加速。

Today, we have just under 13% of our total store base outside of the US and expect this number to grow materially as we accelerate our international store openings.

如今，我們在美國以外地區的門市總數略低於 13%，隨著我們加快國際門市開設速度，這一數字預計將大幅增長。

For the fiscal year, we expect to open around 100 international stores.

本財年，我們預計將開設約 100 家國際商店。

As you'd expect, we continue to take our US store learnings and introduce them into our international operations.

正如您所期望的，我們將繼續汲取美國商店的經驗並將其引入我們的國際營運中。

We are very excited about the future in international stores.

我們對國際商店的未來感到非常興奮。

In summary, we have continued to invest in driving traffic and sales growth.

總之，我們繼續投資以推動流量和銷售成長。

This year, we expect to again invest more than $1 billion in CapEx in order to drive our strategic growth priorities.

今年，我們預計將再次投資超過 10 億美元的資本支出，以推動我們的策略成長重點。

We are investing in accelerated store growth, specifically hubs and mega hubs, placing inventory closer to our customers, distribution centers that drive efficiency and reduce supply chain costs and leveraging technology and our IT systems that improve our AutoZoner's ability to serve our customers.

我們正在投資加速商店成長，特別是樞紐和大型樞紐，將庫存放置在離客戶更近的地方，提高效率和降低供應鏈成本的配送中心，並利用技術和IT 系統來提高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 to be ready when industry demand ramps up.

我們相信，現在正是投資這些措施的最佳時機，以便在產業需求上升時做好準備。

Now, I will turn the call over to Jamere Jackson.

現在，我將把電話轉給傑米爾傑克森。

Thanks, Phil.

謝謝，菲爾。

Good morning, everyone.

大家早安。

For the quarter, total sales were $4.3 billion, up 2.1%.

該季度總銷售額為 43 億美元，成長 2.1%。

Our domestic same-store sales grew 0.3%, and our international comp was up 13.7% on a constant currency basis.

以固定匯率計算，我們的國內同店銷售額成長了 0.3%，國際銷售額成長了 13.7%。

Total company EBIT was down 0.9%, and our EPS was down 0.1%.

公司總息稅前利潤下降 0.9%，每股收益下降 0.1%。

As Phil discussed earlier, we had a headwind from foreign exchange rates this quarter.

正如菲爾之前討論的那樣，本季度我們遇到了外匯匯率的不利影響。

For Mexico, FX rates weakened 13% versus the US dollar for the quarter, resulting in a $58 million headwind to sales, a $17 million headwind to EBIT, and a $0.68 a share drag on EPS versus the prior year.

對於墨西哥，本季外匯匯率兌美元下跌 13%，導致銷售額下降 5,800 萬美元，息稅前利潤下降 1,700 萬美元，每股每股收益與上年相比下降 0.68 美元。

We continue to deliver solid results despite the challenging economic backdrop that Phil discussed earlier, as the efforts of our AutoZoners in our stores and distribution centers have enabled us to continue to grow our business.

儘管菲爾之前討論過的充滿挑戰的經濟背景，我們仍繼續取得紮實的成果，因為我們的商店和配送中心的 AutoZoners 的努力使我們能夠繼續發展我們的業務。

Let me take a few moments to elaborate on the specifics in our P&L for Q1.

讓我花一些時間詳細說明第一季損益表的具體情況。

I'll start with giving a little more color on sales and our growth initiatives, starting with our domestic commercial business.

我將首先從我們的國內商業業務開始，對銷售和我們的成長計劃進行更多介紹。

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

第一季度，我們的國內 DIFM 銷售額成長 3.2%，達到 11 億美元。

For the quarter, our domestic commercial sales represented 30% of our domestic auto parts sales and 26% of our total company sales.

本季，我們的國內商業銷售額佔國內汽車零件銷售額的 30%，占公司總銷售額的 26%。

Our average weekly sales per program were $15,900, flat to last year as we lapped several new programs that we opened -- that are not at maturity.

我們每個專案的平均每週銷售額為 15,900 美元，與去年持平，因為我們推出了幾個尚未成熟的新專案。

Our commercial acceleration initiatives are continuing to deliver good results as we grow share by winning new business and increasing our share of wallet with existing customers.

隨著我們透過贏得新業務和增加現有客戶的錢包份額來增加份額，我們的商業加速計劃繼續取得良好成果。

We continue to have our commercial program in approximately 92% of our domestic stores, which leverages our DIY infrastructure, and we're building our business with national, regional, and local accounts.

我們繼續在大約 92% 的國內商店中開展商業計劃，利用我們的 DIY 基礎設施，並且我們正在透過國家、地區和當地客戶來建立我們的業務。

This quarter, we opened 37 net new programs, finishing with 5,935 total programs.

本季度，我們淨開設了 37 個新項目，總計 5,935 個項目。

Importantly, we continue to have lots of opportunities to expand sales per program and open new ones.

重要的是，我們繼續有很多機會擴大每個項目的銷售並開設新項目。

We plan to aggressively pursue growth across our domestic commercial customers, which represents a tremendous sales opportunity for our company.

我們計劃積極尋求國內商業客戶的成長，這對我們公司來說是一個巨大的銷售機會。

To support our commercial growth, we now have 111 mega hub locations.

為了支持我們的商業成長，我們現在擁有 111 個大型樞紐地點。

While I mentioned a moment ago that our commercial weekly sales per program average was $15,900 per program, the 111 mega hubs average significantly higher sales and are growing much faster than the balance of the commercial business in Q1.

雖然我剛才提到我們每個項目的商業每周平均銷售額為 15,900 美元，但 111 個大型中心的平均銷售額明顯更高，而且增長速度遠遠快於第一季商業業務的餘額。

As a reminder, our mega hubs typically carry over 100,000 SKUs and drive tremendous sales lift inside the store box, as well as serve as an expanded assortment source for other stores.

需要提醒的是，我們的大型中心通常會攜帶超過 100,000 個 SKU，大大提升店內的銷售量，並為其他商店提供擴展的品類來源。

The expansion of coverage and parts availability continues to deliver a meaningful sales lift to both our commercial and DIY business.

覆蓋範圍和零件供應的擴大繼續為我們的商業和 DIY 業務帶來有意義的銷售提升。

These assets are performing well individually, and the fulfillment capability for the surrounding AutoZone stores is giving our customers access to thousands of additional parts and lifting the entire network.

這些資產單獨表現良好，周圍 AutoZone 商店的履行能力使我們的客戶能夠獲得數千個額外零件並提升整個網路。

We have now set a new objective to have just under 300 mega hubs at full buildout.

我們現在設定了一個新目標，即全面擴建後擁有近 300 個大型樞紐。

Our customers are excited by our commercial offering as we deploy more parts in local markets closer to the customer while improving our service levels.

我們的客戶對我們的商業產品感到興奮，因為我們在更靠近客戶的當地市場部署了更多零件，同時提高了我們的服務水準。

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

在我們業務的國內零售方面，本季我們的 DIY 數量下降了 0.4%。

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

重要的是，我們保持了 DIY 領域的份額，並且當該行業重新加速發展時，我們處於有利地位。

As Phil mentioned, we saw traffic down 1.8% along with a positive 1.3% ticket growth.

正如菲爾所提到的，我們看到客流量下降了 1.8%，而門票卻增加了 1.3%。

As we move forward, we would expect to see slightly declining transaction counts offset by low to mid-single-digit ticket growth, in line with the long-term historical trends for the business driven by changes in technology and the durability of new parts.

隨著我們的前進，我們預計交易數量將略有下降，但交易數量將被低至中個位數的門票增長所抵消，這與技術變革和新零件耐用性推動的業務長期歷史趨勢一致。

Our DIY share has remained strong behind our growth initiatives.

在我們的成長計劃背後，我們的 DIY 份額仍然保持強勁。

Importantly, the market is experiencing a growing and aging car park and a challenging new and used car sales market for our customers, which continues to provide a tailwind for our business.

重要的是，市場正在經歷不斷增長和老化的停車場，以及對我們的客戶來說充滿挑戰的新車和二手車銷售市場，這繼續為我們的業務提供動力。

These dynamics, ticket growth, growth initiatives, and macro car park tailwinds, we believe, will continue to drive a resilient DIY business environment for FY25.

我們相信，這些動態、門票成長、成長舉措和宏觀停車場順風將繼續推動 25 財年有彈性的 DIY 商業環境。

Now, I'll say a few words regarding our international business.

現在，我就我們的國際業務說幾句話。

We continue to be pleased with the progress we're making in our international markets.

我們對我們在國際市場上的進展仍然感到滿意。

During the quarter, we opened six new stores in Mexico to finish with 800 stores and five new stores in Brazil, ending with 132.

本季度，我們在墨西哥開設了 6 家新店，總數達到 800 家；在巴西開設了 5 家新店，總數達到 132 家。

Our same-store sales grew 13.7% on a constant currency basis and 1% on a reported basis.

我們的同店銷售額以固定匯率計算成長 13.7%，按報告計算成長 1%。

We remain committed to international, and given our success in these markets, we will accelerate the store opening pace going forward.

我們仍然致力於國際化，鑑於我們在這些市場的成功，我們將加快未來開店的步伐。

We are bullish on international being an attractive and meaningful contributor to AutoZone's future sales and operating profit growth.

我們看好國際業務對 AutoZone 未來銷售和營業利潤成長具有吸引力且有意義的貢獻者。

Now, let me spend a few minutes on the rest of the P&L and gross margins.

現在，讓我花幾分鐘時間討論其餘的損益表和毛利率。

For the quarter, our gross margin was 53%, up 16 basis points.

本季度，我們的毛利率為 53%，上升 16 個基點。

This quarter, while we did not book any LIFO adjustments, we did have a $2 million unfavorable LIFO comparison the last year.

本季度，雖然我們沒有進行任何 LIFO 調整，但與去年相比，我們確實有 200 萬美元的不利 LIFO 調整。

Excluding LIFO from both years, we had a 21-basis-point improvement in gross margin driven by continued improvement in merchandising margins.

排除後進先出法，這兩年我們的毛利率提高了 21 個基點，這得益於商品利潤率的持續改善。

As a reminder, for Q2 last year, we had a $14 million credit and we do not expect to have any credits this Q2, as freight cost increases are offsetting deflation and the remainder of our cost of goods.

提醒一下，去年第二季度，我們有 1400 萬美元的信貸，我們預計今年第二季度不會有任何信貸，因為貨運成本的增加正在抵消通貨緊縮和剩餘的貨物成本。

At quarter-end, we still have $19 million in cumulative LIFO charges yet to be reversed through our P&L.

截至季末，我們仍有 1,900 萬美元的累積後進先出費用尚未透過損益表沖銷。

And as I've said previously, once we credit back the $19 million through the P&L, we will not take any more credits and we will begin to rebuild an unrecorded LIFO reserve.

正如我之前所說，一旦我們透過損益表貸回了 1900 萬美元，我們將不再接受任何貸方，並且我們將開始重建未記錄的 LIFO 儲備。

Moving to operating expenses, our expenses were up 4.5% versus last year, as SG&A as a percentage of sales deleveraged 75 basis points.

至於營運費用，我們的費用比去年增加了 4.5%，因為 SG&A 佔銷售額的百分比降低了 75 個基點。

While we are managing our SG&A spend in a slower growth environment in a disciplined way, we will continue to invest at an accelerated pace in IT and CapEx to underpin our growth initiatives.

雖然我們在成長放緩的環境中以嚴格的方式管理 SG&A 支出，但我們將繼續加快 IT 和資本支出投資，以支持我們的成長計畫。

We believe these investments will pay dividends in customer experience, speed and productivity and are important enablers for us to gain future market share.

我們相信這些投資將在客戶體驗、速度和生產力方面帶來回報，並且是我們獲得未來市場份額的重要推動力。

We will remain committed to being disciplined on SG&A growth as we move forward and we will manage SG&A expenses in line with sales growth over time.

隨著我們的發展，我們將繼續致力於遵守銷售及行政管理 (SG&A) 成長的紀律，並將根據銷售成長來管理銷售及行政管理 (SG&A) 費用。

Moving to the rest of the P&L, EBIT for the quarter was $841 million, down 0.9% versus the prior year.

轉向損益表的其餘部分，本季息稅前利潤為 8.41 億美元，比上年下降 0.9%。

As I previously said, FX rates reduced our EBIT by approximately $17 million.

正如我之前所說，匯率使我們的息稅前利潤減少了約 1700 萬美元。

On a constant currency basis, our EBIT would have been up approximately 1%.

以固定匯率計算，我們的息稅前利潤將成長約 1%。

Interest expense for the quarter was $107.6 million, up 18% from Q1 a year ago, as our debt outstanding at the end of the quarter was $9 billion versus $8.6 billion a year ago.

本季的利息支出為 1.076 億美元，比去年第一季增加 18%，因為本季末我們的未償債務為 90 億美元，而去年同期為 86 億美元。

We are planning interest in the $108 million range for the second quarter of FY25 versus $102.6 million last year.

我們計劃對 2025 財年第二季的興趣為 1.08 億美元，而去年為 1.026 億美元。

Higher debt levels and borrowing rates across the curve are continuing to drive interest expense increases.

整個曲線上較高的債務水準和借款利率繼續推動利息支出增加。

For the quarter, our tax rate was 23% and up from last year's first quarter of 21.6%.

本季，我們的稅率為 23%，高於去年第一季的 21.6%。

This quarter's rate benefited 72 basis points from stock options exercise, while last year it benefited 147 basis points.

本季利率因股票選擇權行使而受益 72 個基點，而去年則受益 147 個基點。

For the second quarter of FY25, we suggest investors model us at approximately 23.4% before any assumption on credits due to stock option exercises.

對於 25 財年第二季度，我們建議投資者在對因股票選擇權行使而產生的信貸做出任何假設之前，將我們的模型設定為約 23.4%。

We are assuming Q2 option exercises are less than Q2 last year, which had $23 million of credits.

我們假設第二季度的選擇權行使數量少於去年第二季度，去年第二季度的信貸額為 2,300 萬美元。

Moving to net income and EPS, net income for the quarter was $565 million, down 4.8% versus last year.

至於淨利潤和每股收益，本季淨利潤為 5.65 億美元，比去年同期下降 4.8%。

Our diluted share count of $17.4 million was 4.7% lower than last year's first quarter.

我們的稀釋後股票數量為 1,740 萬美元，比去年第一季減少了 4.7%。

The combination of lower net income and lower share count drove earnings per share for the quarter to $32.52, down 0.1% for the quarter.

淨利潤下降和股票數量減少共同推動本季每股收益降至 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.

現在，讓我談談我們的自由現金流。

For the first quarter, we generated $565 million in free cash flow versus $595 million last year in Q1, driven by lower net income and higher CapEx.

在淨利潤下降和資本支出增加的推動下，第一季我們產生了 5.65 億美元的自由現金流，而去年第一季為 5.95 億美元。

We expect to continue being an incredibly strong cash flow generator going forward, and we remain committed to returning meaningful amounts of cash to our shareholders.

我們預計未來將繼續成為一個極其強大的現金流發生器，並且我們仍然致力於向股東返還大量現金。

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

就我們的資產負債表而言，我們的流動性狀況仍然非常強勁，我們的槓桿比率為 EBITDAR 的 2.5 倍。

Our inventory per store was up 5.4% versus Q1 last year, while total inventory increased 8.7% over the same period last year, driven by new store growth and inventory placement to support new growth opportunities.

在新店成長和支持新成長機會的庫存佈局的推動下，我們每家商店的庫存比去年第一季度增長了 5.4%，而總庫存比去年同期增長了 8.7%。

Net inventory, defined as merchandise inventories less accounts payable on a per store basis, was negative $166,000 versus a negative $197,000 last year and negative $163,000 last quarter.

淨庫存（定義為每家商店的商品庫存減去應付帳款）為負 166,000 美元，而去年為負 197,000 美元，上季度為負 163,000 美元。

As a result, accounts payable as a percent of gross inventory finished the quarter at 119.5% versus last year's Q1 of 124.4%.

因此，本季末應付帳款佔庫存總額的百分比為 119.5%，而去年第一季為 124.4%。

Lastly, I'll spend a moment on capital allocation and our share repurchase program.

最後，我將花一點時間討論資本配置和我們的股票回購計畫。

We repurchased $505 million of AutoZone stock in the quarter, and at quarter-end, we had $1.7 billion remaining under our share buyback authorization.

我們在本季回購了 5.05 億美元的 AutoZone 股票，到季末，我們的股票回購授權剩餘 17 億美元。

Our ongoing strong earnings, balance sheet, and powerful free cash continues to allow us to return a significant amount of cash to our shareholders through our buyback program.

我們持續強勁的獲利、資產負債表和強大的自由現金繼續使我們能夠透過回購計畫向股東返還大量現金。

We have bought back over 100% of the then outstanding shares of stock since our buyback inception in 1998 while investing in our existing assets and growing our business.

自 1998 年回購開始以來，我們已經回購了超過 100% 的當時已發行股票，同時投資於我們的現有資產並發展我們的業務。

We remain committed to this disciplined capital allocation approach that will enable us to invest in the business and return meaningful amounts of cash to shareholders.

我們仍然致力於這種嚴格的資本分配方法，這將使我們能夠投資於業務並向股東返還大量現金。

To wrap up, we remain committed to driving long-term shareholder value by investing in our growth initiatives, driving robust earnings in cash, and returning excess cash to our shareholders.

總而言之，我們仍然致力於透過投資我們的成長計劃、推動強勁的現金收益以及向股東返還多餘現金來推動長期股東價值。

Our strategy continues to work.

我們的策略繼續發揮作用。

We're growing our market share and improving our competitive positioning in a disciplined way.

我們正在以嚴格的方式擴大市場份額並提高我們的競爭地位。

As we look forward to the balance of our fiscal year, we're bullish on our growth prospects behind a resilient DIY business, a fast-growing international business, and a domestic commercial business that is continuing to grow share.

當我們展望本財年的平衡時，我們對彈性 DIY 業務、快速成長的國際業務以及持續成長份額的國內商業業務背後的成長前景感到樂觀。

I continue to have tremendous confidence in our ability to drive significant and ongoing value for our shareholders behind a strong industry, a winning strategy, and an exceptional team of AutoZoners.

我仍然對我們在強大的行業、制勝策略和卓越的 AutoZoners 團隊的支持下為股東帶來顯著且持續的價值的能力充滿信心。

Before handing the call back to Phil, I want to remind you that we report revenue comps on a constant currency basis to reflect our operating performance.

在將電話轉回菲爾之前，我想提醒您，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 impact for reporting purposes.

我們通常不承擔交易風險，因此我們的結果主要反映了出於報告目的的翻譯影響。

As I mentioned earlier, in the quarter, foreign currency resulted in a headwind on revenue and EPS.

正如我之前提到的，在本季度，外匯對收入和每股盈餘造成了不利影響。

If yesterday's spot rates held for Q2, then we expect approximately a $95 million drag on revenue, a $30 million drag on EBIT, and $1.30 a share drag on EPS.

如果第二季的即期匯率維持昨天的水平，那麼我們預計收入將受到約 9,500 萬美元的拖累，息稅前利潤將受到 3,000 萬美元的拖累，每股收益將受到 1.30 美元的拖累。

And if rates remained at the current spot rates for the full fiscal year of 2025, we would expect approximately a $355 million impact to revenues, a $120 million impact to EBIT, and a $4.90 a share impact to full-year EPS.

如果2025 年整個財年的費率維持在當前即期費率，我們預期對收入產生約3.55 億美元的影響，對息稅前利潤產生1.2 億美元的影響，對全年每股收益產生4.90 美元的影響。

And now, I'll turn it back to Phil.

現在，我將把它轉回給菲爾。

Thank you, Jamere.

謝謝你，傑米爾。

We are proud of our AutoZoners across the globe and the results our team delivered this past quarter.

我們為全球各地的 AutoZoners 以及我們的團隊在上個季度的成果感到自豪。

We promise to continue to focus on improving our execution and driving WOW!

我們承諾將繼續專注於提高我們的執行力並推動 WOW！

Customer Service.

客戶服務。

While our sales increases don't reflect it quite yet, we believe we've made meaningful progress on our initiatives and are well positioned to grow sales across our domestic and international store bases with both our retail and our commercial customers.

雖然我們的銷售成長尚未完全反映出這一點，但我們相信我們的舉措已經取得了有意義的進展，並且有能力增加我們國內和國際商店基地與零售和商業客戶的銷售額。

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

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 where we are able to say yes to our customers' needs.

我們的商店、配送中心並利用科技打造卓越的客戶體驗，讓我們能夠滿足客戶的需求。

The top focus areas for fiscal 2025 will remain growing share in our domestic commercial business and in continuing our momentum in international.

2025 財年的首要重點領域仍將是增加我們國內商業業務的份額並繼續我們在國際市場的發展勢頭。

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

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!

我們知道我們對零件可用性的關注以及我們的哇！

Customer Service culture will lead to sales growth and gains in market share.

客戶服務文化將帶來銷售成長和市場佔有率的增加。

We're excited to start calendar 2025.

我們很高興開始 2025 年月曆。

In September, we hosted our field leadership teams here in Memphis for AutoZone's 2025 National Sales Meeting.

9 月，我們在孟菲斯舉辦了現場領導團隊參加 AutoZone 2025 年全國銷售會議。

The energy and excitement about our plans and what we can accomplish was fantastic.

我們的計劃和我們能夠實現的目標所帶來的活力和興奮是非常棒的。

Our operating theme for this new year, Great People, Great Service, was on full display over those four days.

我們新年的經營主題「優秀的員工，優質的服務」在這四天裡得到了充分的體現。

I could not be more proud of the effort being exhibited across our organization.

我對整個組織所付出的努力感到非常自豪。

This year, we will focus on our AutoZoners like never before.

今年，我們將以前所未有的方式專注於我們的 AutoZoners。

We are determined to improve upon an already outstanding culture of customer service.

我們決心改善已經很出色的客戶服務文化。

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

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.

我們必須確保每家商店全天每個小時都有工作人員值班。

Our processes need to function correctly, always.

我們的流程需要始終正確運作。

We must meet our store opening goals and timelines.

我們必須滿足開店目標和時間表。

Simply put, we have to remain the execution machine that we have always been.

簡而言之，我們必須保持一貫的行刑機器。

Fiscal 2025 top priorities are based on improving execution and WOW!

2025 財年的首要任務是提高執行力和哇！

Customer Service.

客戶服務。

We will continue to invest in the following strategic projects.

我們將繼續投資以下戰略項目。

Reaccelerating our new hub and mega hub openings -- as we said recently, we now plan to have more than 285 domestic hubs and mega hubs.

重新加速新樞紐和大型樞紐的開幕——正如我們最近所說，我們現在計劃擁有超過 285 個國內樞紐和大型樞紐。

These stores do take time, but we are incredibly excited about their continued performance.

這些商店確實需要時間，但我們對它們的持續表現感到非常興奮。

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

有效且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 posted same-store sales comps on a constant currency base of nearly 13% -- or 14%, continuing several years of strong growth.

加快我們的國內和國際商店增長 - 正如所討論的，我們的國際團隊公佈的同店銷售額按固定匯率計算增長了近 13% - 或 14%，持續了幾年的強勁增長。

And most importantly, re-accelerate our domestic commercial sales growth.

最重要的是，重新加速我們的國內商業銷售成長。

As the macro environment has remained challenging, AutoZoners have been focused on improving execution and leveraging our culture of outstanding customer service.

由於宏觀環境仍然充滿挑戰，AutoZoners 一直致力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 that change and focus on gaining additional market share.

汽車售後市場總是會經歷變化，我們希望利用這種變化並專注於獲得更多的市場份額。

We are excited about what we can accomplish, and our AutoZoners are committed to delivering better results in 2025.

我們對我們能夠取得的成就感到興奮，我們的 AutoZoners 致力於在 2025 年取得更好的成果。

We believe AutoZone's best days are ahead of us.

我們相信 AutoZone 最好的日子就在前方。

Now, we'd like to open up the call for questions.

現在，我們想開始提問。

(Operator Instructions) Bret Jordan, Jefferies.

（操作員說明）Bret Jordan，Jefferies。

Hey.

嘿。

Good morning, guys.

早安，夥計們。

Could you talk a little bit about what you're seeing on the West Coast as one of your peers is shutting stores and exiting that region?

您能否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？

I guess in the short term, how you see inventory liquidation and maybe any price disruption, I think, in the longer term, how you see that market share filtering out?

我想，從短期來看，您如何看待庫存清算以及可能出現的任何價格幹擾，我認為，從長遠來看，您如何看待市場份額的流失？

Obviously, there will be some shared gain potential.

顯然，會有一些共享收益的潛力。

Yeah, I'd say this is early innings in what they're doing.

是的，我想說這只是他們正在做的事情的早期階段。

Obviously, as they're closing their stores, they've ramped up their discounting and things of that nature.

顯然，當他們關閉商店時，他們加大了折扣力度和類似的力度。

It's very early, as you could imagine, and it's hard to tell what that looks like.

正如你可以想像的那樣，現在還很早，很難說那會是什麼樣子。

Over time, I think that'll be a benefit for us out there as we'll see shared gains as they exit those markets.

隨著時間的推移，我認為這將對我們有利，因為當他們退出這些市場時，我們將看到共同收益。

They are discounting.

他們正在打折。

That could potentially be a slight headwind in the short term as there's discounted prices in what's a pretty inelastic business.

這在短期內可能會帶來輕微的阻力，因為這個相當缺乏彈性的業務有折扣價格。

It's kind of wait and see at this point, but long term, I think those will be great opportunities for us to gain some market share out there.

目前還處於觀望狀態，但從長遠來看，我認為這將是我們獲得一些市場份額的絕佳機會。

Okay.

好的。

And then could you talk about the cadence of the first quarter, I guess, into the second quarter?

然後可以談談第一季到第二季的節奏嗎？

I think you called out that the first four weeks were the weakest in commercial, but could you talk about what we've seen as winter has begun to show up?

我想你指出前四個星期是商業廣告中最弱的，但是你能談談我們在冬天開始出現時所看到的情況嗎？

Yeah, that's correct.

是的，這是正確的。

The first -- if you think about the DIY business, we've talked a lot about the underperformance and kind of those Rust Belt markets.

第一個——如果你考慮 DIY 業務，我們已經討論了很多關於鐵鏽地帶市場表現不佳和類型的問題。

That's kind of continued, but pretty consistent, and there wasn't a whole lot of weather impact in the quarter on the DIY side of the business.

這種情況一直在持續，但相當一致，而且本季的 DIY 業務並沒有受到太大的天氣影響。

The commercial business, those first four weeks is where those hurricanes came across a lot of the southeast markets, and it has a more material impact initially on the commercial side of the business as those shops get disrupted.

在商業業務方面，颶風在前四週席捲了東南部的許多市場，隨著這些商店受到干擾，它最初對商業方面產生了更重大的影響。

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

這就是我們在本季前四週看到的情況，然後在本季後半段商業方面的銷售量恢復到更正常的水平。

Okay.

好的。

Have you seen the later part of the quarter and the beginning of the second quarter improve with cold weather?

您是否看到本季末和第二季初因天氣寒冷而有所改善？

Or is it really not meaningful enough yet?

還是真的還不夠有意義？

Again, our quarter just ended.

同樣，我們的季度剛結束。

It's so early in the quarter.

現在這個季度還早。

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

我們喜歡冬天的最初階段，但要在冬天實現這一點，我們還有很長的路要走。

And again, I think what matters the most over time is does -- those Rust Belt markets and the cold and snow markets, do they get precipitation 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——那些銹帶市場以及寒冷和雪的市場，整個冬天是否會出現降水和寒冷的天氣，而這在過去幾年中確實沒有發生過。

Great.

偉大的。

Thank you.

謝謝。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Good morning, everyone.

大家早安。

My question, it's on operating income growth.

我的問題是營業收入成長。

And you mentioned, ex the FX, it would have been up slightly.

你提到，除外匯外，它會小幅上漲。

My question is, if this backdrop of sluggish macro doesn't change and comps more or less stay in this area, is that a good way to think about EBIT?

我的問題是，如果宏觀經濟低迷的背景沒有改變並且公司或多或少停留在這個區域，那麼這是考慮息稅前利潤的好方法嗎？

I know you don't guide, but the question is, can you strengthen comps with keeping EBIT in this slightly up range?

我知道你不提供指導，但問題是，你能否透過將息稅前利潤保持在這個略高的範圍內來加強競爭？

Or are you debating to invest more for some period of time and take it a little bit lower?

或者您正在考慮在一段時間內增加投資並降低一點投資？

Yeah, 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 we do expect the comps to improve as we move through the year.

一是我們確實預計隨著這一年的推移，業績會有所改善。

And we're positioning ourselves both in terms of inventory and infrastructure to take advantage of some of those opportunities.

我們正在庫存和基礎設施方面進行定位，以利用其中一些機會。

I think the second dynamic is that we expect gross margins to remain strong as we move through.

我認為第二個動態是，我們預計毛利率將在我們經歷的過程中保持強勁。

We're taking good actions on the merchandising margin side of the business, and the teams are doing a fantastic job of executing there.

我們在業務的銷售利潤方面採取了良好的行動，團隊在這方面的執行工作做得非常出色。

And then the third is we're able to manage our SG&A in a very disciplined way.

第三是我們能夠以非常嚴格的方式管理我們的銷售及一般費用。

Now, we are going to invest in infrastructure and opportunities to take advantage of sort of the competitive environment and the opportunities for us to grow share, but we believe that we can do that without it having a negative impact on operating income.

現在，我們將投資於基礎設施和機會，以利用競爭環境和增加份額的機會，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。

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

在競爭較低的環境中，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, Jamere.

這很有幫助，傑米爾。

My second question, the follow-up, it's on pricing and CPI and then tariffs.

我的第二個問題是關於定價和消費者物價指數，然後是關稅。

The CPI is picking up.

CPI 正在回升。

Curious if there's any bearing to the real world with it.

很好奇它是否與現實世界有任何關係。

They're getting into 3% to 4% range year over year.

他們逐年進入 3% 到 4% 的範圍。

And then when Biden put back the Section 301 tariffs earlier in the year, some prices went up.

然後，當拜登在今年稍早取消 301 條款關稅時，一些價格上漲了。

I'm just curious how that example could play into potential future tariffs, meaning, did the suppliers take them?

我只是好奇這個例子如何影響未來潛在的關稅，也就是說，供應商是否接受了它們？

Did they take price?

他們拿價了嗎？

Are you taking price?

你要價嗎？

How is that working?

效果如何？

Yeah.

是的。

Tariffs are an interesting question.

關稅是一個有趣的問題。

I'll start off by saying at this point, we really don't know what's going to happen.

首先我要說的是，我們真的不知道會發生什麼事。

Our merchant teams have been dealing with tariffs now for the better part of a decade.

在十年來的大部分時間裡，我們的商家團隊一直在處理關稅問題。

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

我認為，如果你回顧歷史，在這些關稅發生的早期，我們的供應鏈絕大多數都專門針對某些原產國。

Since that timeframe, we've done a lot of work to make sure that our country of origins 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 more than one category in the vast majority, more than one provider in the category than we had back then, and we've become pretty nimble in our supply chain.

我們在絕大多數情況下擁有不只一個類別，該類別的供應商比我們當時擁有的還要多，而且我們的供應鏈已經變得相當靈活。

So we'll continue to exercise against that playbook.

因此，我們將繼續針對該劇本進行練習。

And long term, I think this industry has been very disciplined in the pricing strategies and I suspect that that will continue.

從長遠來看，我認為這個行業在定價策略上一直非常嚴格，我懷疑這種情況將會持續下去。

But it's very early in this cycle to see what ultimately is going to happen with tariffs.

但要了解關稅最終會發生什麼，現在還處於這個週期的早期階段。

And I think on the inflation front, while we are starting to see some movement in CPI, a little bit closer to home, we've seen freight start to spike up.

我認為在通膨方面，雖然我們開始看到消費物價指數出現一些變動，但我們已經看到貨運開始飆升。

We expect that to make its way in the cost of goods and ultimately in the pricing and tickets over time.

我們預計，隨著時間的推移，這將影響商品成本，並最終影響定價和門票。

And I think the labor markets have thawed a little bit.

我認為勞動市場已經有所回升。

So we're not seeing what we saw when we saw hyperinflation there.

因此，我們並沒有看到我們看到惡性通貨膨脹時所看到的情況。

But to the extent that there is some inflation, as Phil mentioned in his prepared comments, we expect the normal inflation that we see inside the industry to return.

但正如菲爾在他準備好的評論中提到的那樣，在存在一定程度的通貨膨脹的情況下，我們預計行業內看到的正常通貨膨脹將會回歸。

And that should have a positive impact on what we see in like-for-like inflation on an SKU basis.

這應該會對我們在 SKU 基礎上看到的同類通膨產生積極影響。

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

如您所知，當我們看到這種通貨膨脹時，這個行業在定價方面一直非常自律。

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

所以我認為網絡，它可能會成為一股順風，但我們相信它會在相對緩慢的時間內發揮作用。

Agreed.

同意。

Okay, thanks.

好的，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。

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

僅考慮股票回購，它就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？

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

您還打算繼續展期今年四月到期的票據嗎？

Yeah, so no change in our capital allocation policy.

是的，所以我們的資本配置政策沒有改變。

As I mentioned, we're going to be a significant free cash flow generator.

正如我所提到的，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 to 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, and that will impact what we do on any debt that's due.

您可以期望我們，因為這與我們的債務堆疊有關，將繼續實現 2.5 倍的槓桿目標，這將影響我們對任何到期債務的處理。

Okay, perfect.

好的，完美。

And just as a follow-up, kind of piggybacking on the tariff comments that were made earlier, do you have the option and do you plan on maybe accelerating some purchases ahead of any tariffs that might come across?

正如之前提出的關稅評論的後續行動一樣，您是否有選擇，是否計劃在可能遇到的任何關稅之前加速一些採購？

Yeah.

是的。

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, so we'll take opportunities where that makes sense to do that.

請記住，我們經營的絕大多數類別的周轉率都相當低，因此我們將抓住有意義的機會來做到這一點。

And the merchants are pretty studious and adept in this type of environment.

商人非常勤奮且善於適應這種環境。

And we'll act accordingly, what's in the best thoughts for us and, obviously, for our customer.

我們將根據對我們以及我們的客戶最好的想法採取相應的行動。

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 last year in your calendar, how did the shift in how you measure your same-store sales impact your comp this quarter?

考慮到去年您的日曆上多了一周，您衡量同店銷售額的方式的轉變對您本季度的業績有何影響？

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 impact our comps about 1 point in the quarter -- negatively impacted our comps about 1 point in the quarter.

我們沒有具體談論它，但它確實對我們本季的業績產生了約 1 個百分點的影響——對我們本季度的業績產生了約 1 個百分點的負面影響。

And we would expect, just given the shifts in the calendar, that we potentially pick up an extra bump later in the spring that could impact our comps this quarter.

我們預計，考慮到日曆的變化，我們可能會在春季晚些時候出現額外的波動，這可能會影響我們本季的業績。

But it was worth about 1 point, and it'll play out over the next couple of quarters or so, particularly as we get into the spring months.

但它的價值約為 1 分，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 Jamere, it'll continue to be a drag in the next quarter, and then it'll reverse in the third and fourth quarter of the year.

Jamere 表示，這一情況將在下個季度繼續成為拖累因素，然後在今年第三和第四季出現逆轉。

Is that right?

是這樣嗎？

That's the 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 the stores that are being serviced by the hubs, what is the average commercial sales per week in those locations versus stores that are not currently being serviced by a hub?

我的後續問題是，如果您查看由中心提供服務的商店，這些地點與目前尚未由中心提供服務的商店相比，每週的平均商業銷售額是多少？

And is it a good rule of thumb for us to think about that the less productive commercial programs could reach the more productive commercial programs as you accelerate the rollout of these hubs over the next several quarters, especially given the consolidation that's happening in the market with all these foreclosures?

對我們來說，當您在接下來的幾個季度加速推出這些中心時，生產力較低的商業計劃可能會達到生產力較高的商業計劃，這是否是一個很好的經驗法則，特別是考慮到市場上正在發生的整合所有這些喪失抵押品贖回權？

Thank you.

謝謝。

Yeah.

是的。

Michael, great question.

邁克爾，好問題。

And we don't break out all those numbers and share them publicly, but you can suffice it to say that when a hub or a mega hub gets put into a market, those stores overperform a satellite store, as you would probably imagine.

我們不會公佈所有這些數字並公開分享，但你可以說，當一個中心或一個大型中心投入市場時，這些商店的表現超過了衛星商店，正如你可能想像的那樣。

They have deeper inventory.

他們有更深的庫存。

And they also lift the market, frankly, on both sides, on DIY and the commercial side of the business.

坦白說，它們還提升了 DIY 和商業方面的市場。

But delineating those is -- in many cases, hubs may have been serviced -- stores may have been serviced by a mega hub that was, say, 100 or 200 miles away.

但要描述的是——在許多情況下，樞紐可能已經得到服務——商店可能是由 100 或 200 英里外的大型樞紐提供服務的。

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

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，它會提升該市場中的所有船隻。

So it's better for us.

所以這對我們來說更好。

Again, today, we have -- if you think about our store placement where we have these deeper inventories in both hubs and mega hubs, we're just under 7% of our stores having these deeper assortments closer to them.

今天，如果你考慮我們在中心和大型中心都擁有更深層庫存的商店佈局，我們只有不到 7% 的商店擁有更接近它們的更深層次庫存。

Over time, we'll take up those mega hubs pretty significantly, and that will lift both DIY and commercial sales in those markets.

隨著時間的推移，我們將相當大地佔據這些大型中心，這將提升這些市場的 DIY 和商業銷售。

The closer you get the inventory to the customer, the bigger advantage you have.

庫存距離客戶越近，您的優勢就越大。

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。

Good morning, guys.

早安，夥計們。

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.

大概有一些 DIY 混音的逆風。

If you backed that out, it looks like you're generating 40 basis points of expansion from lower product costs.

如果您支持這一點，那麼看起來您將透過降低產品成本來實現 40 個基點的擴張。

So can you talk about what's going on there?

那麼你能談談那裡發生了什麼事嗎？

That level seems pretty consistent with where you've been the past couple quarters.

這個水平似乎與過去幾個季度的情況非常一致。

So how far are you into that initiative?

那麼您對該計劃的進展如何？

And how much longer do you think we can continue to benefit that level of improvement?

您認為我們還能繼續受益於這種水準的改進多久？

Yeah.

是的。

I mean, we have a few moving pieces in the gross margin line, but I'll say a couple 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, both in terms of how we're merchandising, the work that we're doing with our supply base, the mix of products that we have in the marketplace.

第一，從銷售利潤的角度來看，我們做得非常好，無論是我們的銷售方式、我們與供應基地所做的工作，或是我​​們在市場上的產品組合。

I feel pretty good with where we are.

我對我們所處的位置感覺很好。

There are a couple dynamics that are happening.

有一些動態正在發生。

We're not raising prices as fast as we were when we saw sort of more inflation in the marketplace and more like-for-like inflation.

當我們看到市場上出現更多的通貨膨脹和更多的同類通貨膨脹時，我們並沒有像以前那樣快速提高價格。

So we're offsetting that to some extent with the tremendous actions that we had from a merchandising margin standpoint.

因此，從商品利潤的角度來看，我們採取了巨大的行動，在某種程度上抵消了這種影響。

LIFO wasn't that big of a deal this quarter.

後進先出法本季並沒有那麼重要。

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

上個季度我們只有幾百萬美元的信貸。

We didn't book anything this quarter.

本季我們沒有預訂任何東西。

And just given where freight is and some of the inflationary impacts that we've talked about, it's not likely that we're booking any LIFO credits next quarter.

考慮到貨運的情況以及我們討論過的一些通貨膨脹影響，我們不太可能在下個季度預訂任何後進先出信用。

In fact, we could actually see some headwinds just depending on where we are.

事實上，我們實際上可能會看到一些逆風，這取決於我們所處的位置。

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 in 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 put it all together, I'm very pleased that we're up 21 basis points on an ex-LIFO basis.

所以，當你把所有這些放在一起時，我很高興我們在前進先出法的基礎上上漲了 21 個基點。

I think we're running the 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 the balance sheet, I know in a previous question you talk about staying around 2.5 times based on -- I know you don't guide, but based on maintaining the current level of debt, assuming more of a gradual improvement in comps over the balance of the year, it would seem like it could really draw down on the amount of share repurchases you could make.

然後，由於它與資產負債表相關，我知道在上一個問題中，您談到保持在2.5 倍左右，這是基於——我知道您沒有指導，但基於維持當前的債務水平，假設更多的是漸進的與今年剩餘時間相比，公司業績有所改善，看來它確實會減少你可以回購的股票數量。

In the past, we've seen you move up a little bit higher than 2.5, maybe into the 2.6, 2.8 range.

過去，我們看到您的值略高於 2.5，可能會進入 2.6、2.8 範圍。

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

您認為您接受並維持投資等級評級的能力有多大程度的彈性？

Yeah.

是的。

I mean, we clearly have a tremendous amount of flexibility there, and you hear me often talk about it as the 2.5 times area.

我的意思是，我們顯然在這方面擁有巨大的靈活性，您經常聽到我將其稱為 2.5 倍面積。

And so that 2.5 times area gives us the ability at different points in time to take it up a little bit or even take it 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將其放大一點，甚至縮小一點，就像您過去看到的那樣。

But we like being in that 2.5 times area.

但我們喜歡待在那個 2.5 倍的區域。

As I said, it gives us a tremendous amount of flexibility to invest in the business, to grow with our growth initiatives, and to give a lot of cash back to shareholders.

正如我所說，它為我們提供了巨大的靈活性來投資業務，隨著我們的成長計劃而成長，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.

早安.

Phil, maybe just a follow-up on the mega hubs and hub strategy.

菲爾，也許只是大型樞紐和樞紐戰略的後續行動。

I believe you raised the target for the end state to 300 from maybe 200 plus.

我相信您將最終狀態的目標從 200 多提高到了 300。

So curious what drove that?

很好奇是什麼推動了這一點？

So maybe learnings that are driving that decision, and if there's been any change in the planned cadence of openings over the next years to come?

那麼，也許是所學到的知識推動了這個決定，以及未來幾年計畫的招募節奏是否有任何變化？

Yeah.

是的。

So the change in strategy, if you go all the way back, ultimately we thought we'd have somewhere between 25 and 40 of these mega hubs.

因此，策略的改變，如果你一路回顧過去，最終我們認為我們會擁有 25 到 40 個這樣的大型樞紐。

It's a long time ago.

已經是很久以前的事了。

And then we've updated the guidance several times.

然後我們多次更新了該指南。

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

這些商店的好處是我們繼續看到樞紐，特別是大型樞紐的超強表現。

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

這很有趣，當你回顧過去時，我們認為我們已經達到了這些商店能夠為我們生產的高度。

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, continue to leverage the power of our brands, add incremental brands and incremental assortment.

最終，隨著我們繼續優化這些商店的庫存、繼續利用我們品牌的力量、增加增量品牌和增量品種，它們會繼續增長並變得越來越高效。

And they help on both -- we talk specifically about the commercial side of the business, but they do help on both sides of the business.

他們對這兩方面都有幫助——我們具體討論的是業務的商業方面，但他們確實對業務的雙方都有幫助。

They kind of become epicenters for the surrounding stores and they help drive both commercial and DIY sales results.

它們在某種程度上成為了周圍商店的中心，有助於推動商業和 DIY 銷售表現。

So we like these assets.

所以我們喜歡這些資產。

As I've said before, we wish we could open them faster.

正如我之前所說，我們希望能夠更快地打開它們。

They do take time.

他們確實需要時間。

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

Jamere's 目前已擁有約 80 家此類商店，基本上已經準備就緒。

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

但平均而言，我們確實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 them.

所以這需要時間，但我們對它們感到興奮。

Again, just under 7% of our stores today have stores with deeper assortments, that's including hubs and mega hubs.

同樣，目前我們的商店中只有不到 7% 的商店擁有更豐富的品種，其中包括中心和大型中心。

And as a reminder, the mega hubs have roughly 100,000 SKUs in them.

提醒一下，大型樞紐中心大約有 100,000 個 SKU。

And the hubs have somewhere between 45,000 and 60,000 SKUs.

這些中心擁有 45,000 到 60,000 個 SKU。

And again, we like these assets.

再說一遍，我們喜歡這些資產。

And we're going to go as fast as we can to keep opening them.

我們將盡快繼續開放它們。

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

是的，我想你在過去幾年中聽到我提到的一件事是我們正在幾個市場測試巨型樞紐密度。

And as we've wrapped up those tests, one of the things that we've learned is that we can jam mega hubs closer together and see very little in terms of cannibalization.

當我們完成這些測試時，我們學到的一件事是，我們可以將大型樞紐擠得更近，幾乎看不到蠶食的情況。

So to Phil's point, when we put those boxes in the marketplace, we're seeing a lift to both the DIY and the commercial business.

因此，菲爾認為，當我們將這些盒子投入市場時，我們看到 DIY 和商業業務都得到了提升。

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

因此，當我們完成大型集線器密度測試時，這讓我們對可以投放市場的數量以及應該投放的位置充滿信心。

And 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。

And then maybe as a follow up, sticking with real estate, top focus area, ramping up store growth, you gave a target in the past for sort of outyear domestic and international stores per year.

然後，也許作為後續行動，堅持房地產、首要重點領域、加快商店成長，您過去為每年的國內和國際商店設定了目標。

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

關於我們應該如何重新建造或重新思考新店開幕的曲線或斜率有什麼更新嗎？

So Phil's smiling at me.

所以菲爾正在對我微笑。

When this happens, this is one of my big KPIs inside of the company.

當這種情況發生時，這就是我在公司內部的重要關鍵績效指標之一。

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

但我們對擴張門市的速度感到非常滿意。

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.

他們將返回半載。

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

然後，正如菲爾在他準備好的評論中所說，我的意思是，我們將在這裡在國際上開設大約 100 家商店。

So the target of doing 300 domestic and 200 international, we're on the right glide path to do that towards the end of the decade.

因此，我們的目標是開展 300 場國內比賽和 200 場國際比賽，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 store development pipelines here.

我們在這裡重建了商店開發管道。

We've got some attractive opportunities.

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 timelines for this year and get towards that roughly 500 stores open in all markets, domestically being roughly 300 and international 200 by that '28 timeframe 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28 年時間框架內實現在所有市場開設大約500 家商店，國內大約300 家，國際200 家。

So we feel good about where we're headed.

所以我們對我們的前進方向感覺良好。

Again, these stores take a long time.

同樣，這些商店需要很長時間。

The trails on these stores are pretty long from the time you decide to open up a store to the day it actually rings up its first sale.

從你決定開一家商店到真正進行首次銷售的那一天，這些商店的足跡相當長。

It takes quite a bit of time.

這需要相當多的時間。

But we're excited about where we're headed and feel pretty confident that we'll be able to meet our goals.

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充滿信心。

Thank you.

謝謝。

Steven Zaconne, Citi.

史蒂文‧札康尼，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 DIFM business.

我想專注於 DIFM 業務。

Sequentially, it looks like the comps got a little bit weaker.

接下來，看起來比賽變得有點弱了。

Now, you called out some weakness in those first four weeks.

現在，您指出了前四個星期的一些弱點。

But could you just talk through how transactions performed?

但您能談談交易是如何進行的嗎？

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

您是否認為前四週的連續降級幅度較大？

Is there anything you've seen in the industry that would suggest the overall industry backdrop for DIFM has gotten a little bit weaker?

您在行業中看到的任何情況是否表明 DIFM 的整體行業背景有所減弱？

Yeah, we did decelerate a little bit from our Q4 total comp.

是的，我們的第四季整體業績確實有所放緩。

The first four weeks were definitely impacted, and mostly in those markets where we saw the impacts from those hurricanes.

前四個星期肯定受到了影響，而且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, the 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.

如果您想一下我們在交易和平均門票方面所討論的內容，您會發現業務商業方面的平均門票價格一直比較低迷，儘管我們看到了一些交易增長，對此我們感到非常高興。

We exited the quarter with some improving comps versus the first four weeks.

與前四個星期相比，我們在本季結束時取得了一些進步。

There are lingering effects to those hurricanes.

這些颶風的影響揮之不去。

And I'll also say, if you look inside of our commercial business, we don't share all this detail, but if you think about any of our customers that are new and used car related, those segments of business have been pretty poor over the last couple of quarters.

我還要說，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，但如果你考慮一下我們的任何與新車和二手車相關的客戶，這些業務領域都相當糟糕在過去的幾個季度裡。

I'm not so sure that segment of business responds quickly.

我不太確定該業務部門是否會迅速做出反應。

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

當你考慮新車銷售時，二手車銷售量會下降——如果你把大流行稱為一年銷售超過 4000 萬輛二手車的高點，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 the 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 are pretty resoundingly in positive area, and we think that's a positive trend for us going forward.

UDS 客戶的正面情況非常明顯，我們認為這對我們未來的發展是一個正面的趨勢。

Okay, that's helpful.

好的，這很有幫助。

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

然後，為了轉移，SG&A，美元成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 pressure in the business, maybe wage inflation?

就業務中的一些固定成本壓力（也許是薪資上漲）而言，有什麼值得指出的嗎？

Is that moderating?

這算是緩和嗎？

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

您如何看待今年餘下時間的 SG&A 成長率？

Yeah.

是的。

I mean, what we've said is that we're going to grow SG&A in a disciplined way as we continue to focus on growing our business as we move forward.

我的意思是，我們已經說過，隨著我們繼續專注於發展我們的業務，我們將以有紀律的方式成長銷售及管理費用。

We're continuing to invest at a very healthy clip in our growth initiatives that are really focused on speed and productivity and improving our customer service levels.

我們將繼續對我們的成長計劃進行非常健康的投資，這些計劃真正關注速度和生產力以及提高我們的客戶服務水平。

We have seen wages cool off some, and so that has given us an opportunity to not see the same sort of growth rates that we saw when SG&A was significantly more elevated.

我們已經看到薪資有所下降，因此這給了我們一個機會，讓我們有機會不再看到 SG&A 大幅提高時看到的成長率。

The growth rate in SG&A was significantly more elevated.

SG&A 的成長率顯著提高。

So what I'll say overall is that we've run this play with intensity over time.

所以我總體來說要說的是，隨著時間的推移，我們一直在高強度地進行這場比賽。

We're investing in a disciplined way, and to the extent that there are market opportunities for us to grow share, we've got the inventory and infrastructure in place to take advantage of those opportunities.

我們正在以嚴格的方式進行投資，只要我們有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這些機會。

Okay.

好的。

Thanks for the 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 looking for a clarification or comments about expecting better DIY and commercial performance.

因此，尋求關於期待更好的 DIY 和商業性能的澄清或評論。

Based on where we are with the macro, are you also expecting improvement in domestic stacked comp trends?

根據我們的宏觀情況，您是否也預期國內堆疊比較趨勢會有所改善？

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？

Well, I think you've got a couple things going.

嗯，我認為你有幾件事正在發生。

Clearly, we've got some easier comps in the back half of the year, and I'm specifically thinking about what we have on the commercial side of the business.

顯然，我們在今年下半年有一些更容易的競爭，我特別考慮了我們在商業方面的業務。

But I think you layer on top of that the progress that we're making with our growth initiatives, and we've been on a steady diet of focusing on putting more inventory in the local markets closer to customers.

但我認為，最重要的是我們在成長計畫方面的進展，我們一直在穩定地專注於在更靠近客戶的當地市場上放置更多庫存。

We've been really focused on driving speed and service.

我們一直非常注重駕駛速度和服務。

And those things, even in a commercial market that has not seen the same levels of growth that we've seen over the last couple of years, those are the kinds of things that give us a lot of confidence as we move forward.

這些事情，即使在商業市場中沒有看到我們過去幾年所看到的相同成長水平，這些事情也為我們前進帶來了極大的信心。

And then we think there are going to be some share opportunities available for us, both on the DIY and the commercial side, as we move through the year.

然後我們認為，隨著這一年的發展，我們將在 DIY 和商業方面獲得一些分享機會。

So those are the things that give us a bullish outlook on where we're going to finish up the year.

因此，這些事情讓我們對今年結束時的前景持樂觀態度。

Yeah, I think all those things that Jamere said are true.

是的，我認為賈米爾說的所有這些都是真的。

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

在過去 18 個月左右的時間裡，我們也——我們花了——非常廣泛地討論瞭如何提高我們的執行力。

Turnover at the store level has started to moderate.

商店層面的營業額已開始放緩。

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

我們花了金錢和精力來培訓店內的 AutoZoners，無論是 DIY 方面還是商業方面。

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

所以我認為我們感覺我們已經開始進入即將到來的下一個季節性機會。

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

我們相信我們會得到一個更正常的天氣模式，這有望對我們已經討論過的那些更蕭條的鐵鏽地帶市場有所幫助。

So we're pretty excited about where we're headed, and we feel like we're well positioned with the strategies that we have in place.

因此，我們對我們的發展方向感到非常興奮，我們覺得我們已經根據現有的策略做好了準備。

And to Jamere's point, where we've deployed inventory, put our effort towards focus on the customer, both on the DIY side and the commercial side, our execution among our strategies on delivering better service to the commercial customer, and specifically in speed of delivery, have all improved, and we like where we are, and we believe we'll be -- we are well prepared to take the share opportunities we have in the future.

對於 Jamere 的觀點，我們已經部署了庫存，並努力以客戶為中心，無論是在 DIY 方面還是在商業方面，我們的策略執行都是為了向商業客戶提供更好的服務，特別是在速度方面。交付，一切都得到了改善，我們喜歡我們現在的處境，我們相信我們會——我們已經做好充分準備，抓住未來的分享機會。

I appreciate that.

我很欣賞這一點。

Just a quick follow-up, if I can.

如果可以的話，請快速跟進。

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 with batteries.

我認為，有一家非常大的零售商，在許多產品類別（包括汽車零件，尤其是電池）方面的價格競爭力越來越強。

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

您是否看到直接同行以外的競爭環境發生了任何變化，而這些同行的定價策略通常非常一致？

Yeah.

是的。

If you think about [MAS], they're doing -- they always are going to have changes, and we've competed against those MAS players for four decades at this point in the automotive arena.

如果你想想[MAS]，他們正在做——他們總是會做出改變，而我們在汽車領域已經與這些 MAS 參與者競爭了四十年。

They don't play in the vast majority of our hard parts, if you think about it that way.

如果你這樣想的話，他們不會參與我們絕大多數的困難部分。

They do play in batteries and oil and some of those other categories that are generally front of store, and we like the strategy we put in place several years ago on the DIY and specifically the sales floor part of our business, and we're continuing to maintain those strategies.

它們確實涉及電池和石油以及其他一些通常在商店前面的類別，我們喜歡幾年前在 DIY 上實施的策略，特別是我們業務的銷售部分，我們正在繼續維持這些策略。

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。

Hey.

嘿。

Good morning.

早安.

Thanks for the questions.

感謝您的提問。

Another one on the mega hub target moving up closer to 300.

另一個關於大型樞紐的目標正在接近 300 個。

I believe you already have more than 90% of domestic stores with access to mega hub inventory.

我相信您已經擁有超過 90% 的國內商店可以獲得大型中心庫存。

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

那麼，現在是否已經到了擁有多個大型中心（也許是兩個或三個）為一個商店位置提供服務的情況變得更加正常的地步？

And 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？

Yeah.

是的。

So if you think about that inventory, again, it really is about how forward placed that inventory is within a given market.

因此，如果您再次考慮該庫存，它實際上是關於該庫存在給定市場內的前瞻性程度。

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

如果你考慮一下這些大型地鐵市場，以紐約、洛杉磯、芝加哥、邁阿密為例，只選一個，大型樞紐可能位於城市的一側，並一路行駛到城市的另一側需要很長一段時間。

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

我們相信，庫存越接近客戶，我們就越能受益。

As Jamere talked about earlier, we've done some of these mega hub density tests, and they've proved that we can add 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.

正如 Jamere 之前談到的，我們已經完成了一些大型樞紐密度測試，他們證明我們可以在給定市場中添加多個大型樞紐，具體取決於這些市場的規模和車輛數量，而不是有很多蠶食。

And ultimately, those stores perform incredibly well on their own, and then ultimately, they begin to lift the surrounding stores on both the DIY side of the business and the commercial side of the business.

最終，這些商店本身的表現非常好，然後最終，他們開始在業務的 DIY 方面和商業方面提升周圍的商店。

Ultimately, it's proximity of hard-to-find parts close to the customer, either DIY or commercial, and they benefit us.

最終，無論是 DIY 還是商業客戶，都可以在靠近客戶的地方找到難以找到的零件，這讓我們受益匪淺。

Got it.

知道了。

And then just one quick follow-up.

然後只是一個快速跟進。

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

我想之前您提到過 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?

能談談該庫存的構成嗎？

Does that lean more to commercial?

這是否更傾向於商業化？

And just by having these mega hubs in the market, what do delivery times look like?

僅僅透過在市場上擁有這些大型樞紐，交貨時間會是什麼樣子？

Do those get sped up as well?

這些也會加快嗎？

Thank you.

謝謝。

So those 7% of stores are either -- that's including both hubs and mega hubs.

所以這 7% 的商店要么是——這包括中心和大型中心。

Again, hubs have roughly 50,000 SKUs in them.

同樣，中心內約有 50,000 個 SKU。

Mega hubs have over 100,000 SKUs.

大型中心擁有超過 100,000 個 SKU。

And delivery time -- the assortment depth is, generally speaking, on the hard parts side of the categories -- so starters, alternators, fuel pumps, things of that nature.

交貨時間——一般來說，分類深度是在類別的硬零件方面——所以起動機、交流發電機、燃油泵等類似性質的東西。

And as those parts get deployed 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.

隨著這些零件部署得更靠近商業客戶，到達該商業客戶的時間不再是三、四、六個小時，而是可能需要 45 分鐘或一小時。

So that lifts the market as you get those parts closer to the customer, and it also helps on DIY.

因此，當您讓這些零件更接近客戶時，就會提升市場，也有助於 DIY。

Appreciate it.

欣賞它。

Thanks, Phil.

謝謝，菲爾。

Thank you.

謝謝。

Great question.

很好的問題。

Greg Melich, Evercore.

格雷格·梅里奇，Evercore。

Hi.

你好。

Thanks, guys.

謝謝，夥計們。

Two questions.

兩個問題。

I just wanted to dig a little deeper on the inflation-deflation.

我只是想更深入地研究通貨膨脹-通貨緊縮。

I guess, on commercial, we have the same SKU, inflation and DIY.

我想，在商業方面，我們有相同的 SKU、通貨膨脹和 DIY。

But why was Do-It-For-Me deflationary?

但為什麼「為我做」會出現通貨緊縮呢？

I think you said 70 or 80 bps in the quarter.

我想你說的是本季 70 或 80 個基點。

Right.

正確的。

We've seen just continued pressure on the commercial side of the business.

我們看到業務的商業方面持續面臨壓力。

We try to watch our competitors there all the time.

我們試著一直觀察我們的競爭對手。

And it's a pretty small number, again, less than 1%.

而且這個數字還是很小的，不到 1%。

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

但我們發現，相較於 DIY 業務，商業上的票價平均下降幅度更大。

We do believe over time that those numbers will start to get back to more historic numbers.

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。

But it's not going to be a snapback.

但這不會是一個快速回歸。

It's going to take multiple quarters.

這將需要多個季度的時間。

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

但我認為你問題的前提是，我們是否看到了商業方面的非理性行為？

And the answer is no.

答案是否定的。

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

在過去的幾年裡，我們看到商業方面的 SKU 通膨等相當嚴重的通膨。

But ultimately, that's moderated.

但最終，這得到了緩和。

And it's become slightly deflationary over the last quarter or two.

在過去一兩個季度，它變得略有通貨緊縮。

We think that will return back to more normal historical trends over time.

我們認為隨著時間的推移，這將恢復到更正常的歷史趨勢。

Just to be clear, that Do-It-For-Me number, that was an average ticket number.

需要澄清的是，「Do-It-For-Me」號碼是平均票數。

So that's really mix that's driving that rather than same SKU deflation on commercial.

因此，真正推動這一趨勢的是混合因素，而不是商業廣告中相同的 SKU 通貨緊縮。

That's correct.

這是正確的。

It's a little bit of both, but you're correct.

兩者都有一點，但你是對的。

Got it.

知道了。

So then on the -- my second question was, could you just level set us now on where your COGS come from?

那麼，我的第二個問題是，您現在可以讓我們了解您的銷貨成本來自哪裡嗎？

What percentage are imported, what come from China, what are indirect and indirect as we figure out how this plays out into next year?

當我們弄清楚明年的情況時，進口的百分比是多少，哪些來自中國，哪些是間接的，哪些是間接的？

Yeah.

是的。

I mean, we've never shared that externally.

我的意思是，我們從未對外分享過這一點。

I can tell you we buy from all over the world.

我可以告訴你我們從世界各地購買。

We sell on a given year roughly 500,000 individual SKUs, and product assortment comes from all over the world.

我們每年銷售約 50 萬個單獨的 SKU，產品種類來自世界各地。

Lots of it comes domestically and tons of it come from an international perspective.

其中很多來自國內，也有很多來自國際視角。

And 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 is spent a lot of time diversifying 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，即花費大量時間使原產國多樣化，並在每個類別中擁有多個供應商。

And it allows us to be more nimble and reduce those risks of inflation and tariffs and all the other things that come with any sort of global sourcing activity.

它使我們能夠更加靈活，降低通貨膨脹和關稅以及任何全球採購活動帶來的所有其他風險。

Great.

偉大的。

Well, thanks and good luck, guys.

嗯，謝謝，祝大家好運。

Thanks, Greg.

謝謝，格雷格。

Thank you.

謝謝。

Okay, I think that is our last call.

好吧，我想這是我們最後一次通話了。

We have one more.

我們還有一個。

I'm sorry, one more.

對不起，再來一張。

Scott Stember, Roth MKM.

斯科特·斯坦伯，羅斯·MKM。

Great.

偉大的。

And thanks for taking my question, guys.

謝謝你們提出我的問題，夥伴們。

I want to dig into the international side of the equation.

我想深入研究這個方程式的國際面。

I know everybody's focusing on the domestic piece, but can you maybe break out the sales growth or the performance by region in Mexico versus Brazil?

我知道每個人都在關注國內市場，但您能否詳細介紹墨西哥與巴西各地區的銷售成長或表現？

And Mexico in particular, maybe just talk about what's driving that apparent meteoric growth that you've seen there and how do you expect that to play out for the rest of the year?

尤其是墨西哥，也許只是談談是什麼推動了您在那裡看到的明顯的飛速增長，以及您預計今年剩餘時間將如何發揮作用？

Our international markets, and we don't break them out between the Brazil or in the Mexico markets, we talk about them in total.

我們的國際市場，我們不會將它們分為巴西或墨西哥市場，我們會整體討論它們。

But our international markets have been great for us.

但我們的國際市場對我們來說非常有利。

They're growing very quickly.

他們成長得非常快。

Obviously, it's much more weighted towards Mexico than Brazil because of the store count.

顯然，由於商店數量的原因，墨西哥比巴西更受重視。

We have just over 100 stores in Brazil.

我們在巴西擁有 100 多家商店。

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

至於 Jamere 之前的觀點，我們在墨西哥有 800 多個。

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

但我們之所以看到如此出色的表現，是因為它們是龐大的市場，我們已經將許多國內策略出口到這些市場。

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

我們也說過，我們在國內發展的最大機會是商業，在國際市場上也是如此。

And we like the strategies 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，我們認為它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 DIFM versus do-it-yourself mix is in Mexico?

您是否透露過墨西哥的 DIFM 與 DIY 組合是什麼？

No, we have not.

不，我們沒有。

Okay.

好的。

Got it.

知道了。

All right.

好的。

That's all I have.

這就是我所擁有的一切。

Thank you.

謝謝。

Okay, great.

好的，太好了。

Thank you.

謝謝。

All right.

好的。

Before we conclude the call, I want to take a moment to reiterate, we believe our industry is in a strong position and our business model is solid.

在結束電話會議之前，我想花點時間重申一下，我們相信我們的產業處於強勢地位，我們的商業模式也很穩固。

We are excited about our growth prospects for the year, but we will take nothing for granted as we understand our customers have alternatives.

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，因為我們知道我們的客戶有其他選擇。

We have exciting plans that should help us succeed for the future, but I want to stress that this is a marathon and not a sprint.

我們有令人興奮的計劃，應該有助於我們在未來取得成功，但我想強調，這是一場馬拉松，而不是短跑。

As we continue to focus on flawless execution, WOW!

當我們繼續專注於完美執行時，哇！

Customer Service, and strive to optimize shareholder value for the future, we are confident AutoZone will be successful.

服務客戶，努力優化未來股東價值，我們有信心 AutoZone 會成功。

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

最後，世界各地的 AutoZoners 祝大家節日快樂、身體健康，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。