汽車地帶 (AZO) 2025 Q3 法說會逐字稿

Greetings. Welcome to AutoZone's 2025 Q3 earnings release conference call. (Operator Instructions) Please note this conference is being recorded. Before we begin, the client would like to read the forward-looking statement. Please go ahead.

問候。歡迎參加 AutoZone 2025 年第三季財報發布電話會議。（操作員指示）請注意，本次會議正在錄音。在我們開始之前，客戶想閱讀前瞻性聲明。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 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.

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 1995 年《私人證券訴訟改革法案》安全港條款的約束。前瞻性陳述並不能保證未來的表現。請參閱今天上午的新聞稿和公司 10-K 表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。

Forward-looking statements speak only as of the date made, and the company takes no obligation to update such statements. Today's call will also include non-GAAP measures. A reconciliation of GAAP to non-GAAP financial measures can be found in our press release.

前瞻性陳述僅代表截至作出之日的觀點，本公司不承擔更新此類陳述的義務。今天的電話會議還將包括非公認會計準則衡量指標。您可以在我們的新聞稿中找到 GAAP 與非 GAAP 財務指標的對帳表。

I will now turn the conference over to your host Phil Danielle, CEO at AutoZone. You may begin.

現在，我將會議交給主持人、AutoZone 執行長 Phil Danielle。你可以開始了。

Good morning and thank you for joining us today for AutoZone's 2025 third quarter conference call. With me today are Jamere Jackson, Chief Financial Officer; and Brian Campbell, Vice President, Treasurer, Investor Relations, and Tax.

早安，感謝您今天參加 AutoZone 2025 年第三季電話會議。今天和我一起的還有財務長 Jamere Jackson；以及財務、投資者關係和稅務副總裁 Brian Campbell。

Regarding the third quarter, I hope you had an opportunity to read our press release and learn about the quarter's results. If not, the press release, along with slides complimenting our comments today, are available on our website www.auozone.com under the investor relations link. Please click on the quarterly earnings conference call to see them.

關於第三季度，我希望您有機會閱讀我們的新聞稿並了解本季的業績。如果沒有，您可以在我們的網站 www.auozone.com 的投資者關係連結下找到新聞稿以及今天對我們評論的補充幻燈片。請點選季度財報電話會議查看。

I want to thank our more than 125,000 AutoZoners across the entire company for their commitment to delivering on our pledge to always put customers first. Their contributions allow us to deliver the consistent performance we have been able to enjoy. We can only succeed if we are all working towards the common goal of outstanding customer service.

我要感謝我們全公司超過 125,000 位 AutoZoners，感謝他們致力於履行我們始終將客戶放在第一位的承諾。他們的貢獻使我們能夠提供始終如一的出色表現。只有我們共同努力，實現卓越的客戶服務這一共同目標，我們才能取得成功。

To get started this morning, let me address our sales results. Coming into the quarter, we were optimistic that our improved execution would drive sales growth for both retail and commercial. More specifically, we felt the momentum we gained last quarter with our domestic commercial sales would continue this quarter. We are very pleased that our domestic commercial sales grew 10.7% for the quarter, marking our first double digit quarter for commercial growth since the second quarter of FY23.

今天早上，首先讓我來談談我們的銷售業績。進入本季度，我們樂觀地認為，我們改進的執行力將推動零售和商業的銷售成長。更具體地說，我們認為上個季度國內商業銷售取得的動能將在本季持續延續。我們非常高興本季我們的國內商業銷售額成長了 10.7%，這是自 2023 財年第二季以來我們商業銷售額首次實現兩位數成長。

We also cleared another milestone. For the first time, on a rolling four quarter basis, we eclipsed the $5 billion sales mark on commercial. Our domestic retail comp was just north of 3%, which is the best retail growth we have reported since the second quarter of FY22.

我們還突破了另一個里程碑。連續四個季度，我們的商業銷售額首次突破 50 億美元大關。我們的國內零售額成長略高於 3%，這是自 2022 財年第二季以來我們報告的最佳零售成長。

Finally, our international constant currency comp remained solid, up 8.1% for the quarter. We are encouraged by our sales results and our momentum as we start our fourth quarter.

最後，我們的國際固定匯率匯率保持穩健，本季上漲 8.1%。在第四季度開始時，我們的銷售業績和發展勢頭令我們感到鼓舞。

Now let me touch on a few highlights from the quarter, and then I will give you more color on our execution, the current environment, and our outlook. For the quarter, with our continued focus on what we call WOW! customer service, our total sales grew 5.4% while earnings per share decreased 3.6%. We delivered a positive 5.4% total company same store sales on a constant currency basis with domestic same store sales growth of 5%, our domestic DIY same store sales growth of 3%, while our domestic commercial sales grew 10.7%.

現在讓我談談本季的一些亮點，然後我將向您詳細介紹我們的執行情況、當前環境和展望。本季度，我們將繼續關注所謂的 WOW！客戶服務方面，我們的總銷售額成長了 5.4%，但每股收益下降了 3.6%。以固定匯率計算，我們公司同店銷售額成長了 5.4%，其中國內同店銷售額成長了 5%，國內 DIY 同店銷售額成長了 3%，而國內商業銷售額成長了 10.7%。

Our international same store sales were 8.1% on a constant currency basis. While our international business continued to comp impressively, we faced over 17 points of currency headwind, which resulted in an unadjusted negative 9.2% international comp. As you know, the stronger US dollar has continued to have negative impact on our reported sales, operating profit, and EPS.

以固定匯率計算，我們的國際同店銷售額成長了 8.1%。雖然我們的國際業務繼續取得令人印象深刻的成績，但我們面臨超過 17 個點的貨幣逆風，導致未經調整的國際業務虧損 9.2%。如您所知，美元走強持續對我們報告的銷售額、營業利潤和每股盈餘產生負面影響。

We expect this trend to continue this quarter. Jamere will provide more color on our foreign currency impact on our financial results for both this, past quarter, and the fourth quarter. Specifically related to our domestic commercial business, our focus is on improving execution, expanding parts availability, and improved speed of delivery. These initiatives helped us significantly improve our year over year sales growth.

我們預計這一趨勢將在本季持續下去。Jamere 將更詳細地說明外幣對本季、上一季和第四季財務表現的影響。具體到我們的國內商業業務，我們的重點是提高執行力、擴大零件供應和提高交貨速度。這些措施幫助我們顯著提高了年銷售額的成長。

Commercial sales were 10.7% year over year versus up 7.3% in the second quarter and up 3.2% in the first quarter. We believe the initiatives we have in place have a long runway and will drive strong results in future quarters. We are pleased with our experts and our execution thus far.

商業銷售額年增 10.7%，第二季成長 7.3%，第一季成長 3.2%。我們相信，我們實施的舉措將具有長遠的意義，並將在未來幾季帶來強勁的業績。我們對我們的專家和迄今為止的執行情況感到滿意。

Next, we found the quarter's cadence to be somewhat predictable with the tax refund season's normal impact on sales. Our domestic same store sales cadence was 6.7% in our first four weeks of the quarter, 5.1% in our second, and 3.1% over the last four weeks. The variation being driven by our domestic DIY business with cooler, wetter weather, and the Easter holiday shifting into our last four weeks versus last year, falling in the middle four-week segment.

接下來，我們發現本季的節奏在某種程度上是可以預測的，因為退稅季節對銷售有正常的影響。本季前四周，我們國內同店銷售節奏為 6.7%，第二季為 5.1%，最後四周為 3.1%。這種變化是由於我們的國內 DIY 業務受到了更涼爽、潮濕的天氣的影響，並且復活節假期轉移到了最後四周，而去年則落在了中間四周的時間段。

Our commercial comp, on the other hand, was more consistent over the 12 weeks of the quarter. This consistency was very encouraging as we build towards future commercial sales growth. Overall, we are encouraged to see the sales acceleration from this past quarter.

另一方面，我們的商業收入在本季的 12 週內更加穩定。當我們努力實現未來商業銷售成長時，這種一致性非常令人鼓舞。總體而言，我們很高興看到上個季度的銷售加速成長。

Now let me make a few comments on our US DIY business. While the macro environment and the uncertainty around tariffs have forced customers to be cautious with their spending, the consistency of our failure and maintenance businesses continued this past quarter. We saw an improving trend in our maintenance and failure categories on a year-over-year basis.

現在讓我就我們美國的DIY業務發表一些評論。儘管宏觀環境和關稅的不確定性迫使客戶在支出方面保持謹慎，但我們的故障和維護業務在過去一個季度仍然保持了穩定性。我們發現維護和故障類別較去年同期呈現改善趨勢。

Discretionary categories, the smallest part of our business, have been under pressure for several quarters now. Historically, when our consumer is under pressure, our maintenance and failure categories begin to outperform discretionary categories.

非必需消費品類別是我們業務中最小的一部分，目前已連續幾季面臨壓力。從歷史上看，當我們的消費者面臨壓力時，我們的維護和故障類別開始勝過可自由支配類別。

Our DIY comp was up 6.2% in the first four week segment, 2% in the second, and up 1% during the last segment. This compares last year's Q3 DIY comps of negative 2.2% in the first four week segment, positive 0.1% in the second, and negative 0.7% in the last segment.

我們的 DIY 同類產品在前四周上漲了 6.2%，在第二四周上漲了 2%，在最後四周上漲了 1%。相較之下，去年第三季的 DIY 前四週為負 2.2%，第二四週為正 0.1%，最後四週為負 0.7%。

With regard to inflation's impact on DIY sales, we saw both DIY average ticket and average like for like skew inflation up approximately 1% for the quarter. We continue to expect inflation in our ticket to be up approximately 3% over time. And we anticipate average ticket growth will return to historical industry growth rates as we move farther away from the hyperinflation of the last couple of years.

關於通貨膨脹對 DIY 銷售的影響，我們發現本季 DIY 平均票價和平均同類通貨膨脹率均上漲了約 1%。我們繼續預計，隨著時間的推移，我們的票價通膨率將上漲約 3%。我們預計，隨著我們逐漸擺脫過去幾年的惡性通貨膨脹，平均票價成長率將恢復到歷史產業成長率。

We also saw DIY traffic, up approximately 1.4%, which significantly improved versus the down 1% we experienced in our traffic trend last quarter. We continue to see data that confirms we are gaining share, and we are encouraged by our most recent trends. We believe we have a best in class product and service offering, and this gives us confidence we will continue to win in the marketplace.

我們還發現 DIY 流量成長了約 1.4%，與上個季度流量趨勢下降 1% 相比有顯著改善。我們不斷看到的數據證實我們的市場份額正在增加，而我們最近的趨勢也令我們感到鼓舞。我們相信我們擁有一流的產品和服務，這使我們有信心繼續在市場上獲勝。

Next, I will speak to our regional DIY performance. We saw weaker performance in the South, Central, and Western United States. While still showing positive trends. These markets were not quite as strong as the other markets.

接下來我來講一下我們地區的DIY表演。我們發現美國南部、中部和西部的表現較弱。同時仍呈現正向趨勢。這些市場並不像其他市場那麼強勁。

It was a nice sign for us to see the Northeast and the Rust Belt outperforming for the first time in a while. In fact, outperforming by 250 basis points from the rest of the country. We believe this is a sign of the colder winter and favorable spring weather benefiting us with pent up demand now leading to better sales for the spring and the summer.

對我們來說，看到東北地區和鐵鏽地帶在一段時間內首次表現出色，這是一個好兆頭。事實上，其表現比全國其他地區高出 250 個基點。我們相信，這是冬季變冷和春季天氣轉好的一個跡象，對我們有利，目前被壓抑的需求將帶來春季和夏季更好的銷售。

Next, I will touch on our US commercial business. Our commercial sales were up 10.7% for the quarter, and this compares to Q2s plus 7.3% total commercial growth and Q1's 3.2% growth.

接下來，我想談談我們的美國商業業務。本季我們的商業銷售額成長了 10.7%，而第二季商業銷售額整體成長了 7.3%，第一季成長了 3.2%。

For commercial, the first four weeks of our 12-week quarter grew 9.3%. The second four-week segment grew 13.6%, and the last segment grew 9.3%. Again, the Easter shift allowed us to outperform in the middle of the quarter.

就商業而言，我們 12 週季度的前四周成長了 9.3%。第二個四周部分增加了 13.6%，最後一個四周部分增加了 9.3%。再次，復活節的轉變使我們在本季中期表現出色。

More broadly across the US, our commercial business grew at a slower pace in the Northeast and the Rust Belt markets versus the rest of the country. The spread was over 200 basis points between the Northeast and the Rust Belt versus the rest of the country.

更廣泛地來看，在美國東北部和鐵鏽地帶市場，我們的商業業務成長速度與全國其他地區比較慢。東北地區和鐵鏽地帶與全國其他地區的利差超過 200 個基點。

This underperformance in those regions doesn't surprise us, as the colder winter weather doesn't show up with jobs to be done at the commercial accounts until later in the summer. There is normally a lag with commercial sales versus what we see in our DIY business. We continue to expect performance in the Northeast and the Rust Belt markets to improve over the remainder of the year as the colder winter weather has historically led to parts failures as the summer goes along.

這些地區的表現不佳並不令我們感到驚訝，因為寒冷的冬季天氣直到夏季晚些時候才會出現商業帳戶的工作要做。與我們的 DIY 業務相比，商業銷售通常存在滯後。我們繼續預期東北地區和鐵鏽地帶市場的表現將在今年剩餘時間內有所改善，因為從歷史上看，隨著夏季的到來，寒冷的冬季天氣會導致零件故障。

While we have continued to see variation in performance across these more weather sensitive markets, we remain competent in our initiatives. We are very encouraged with our improved satellite store inventory availability, significant improvement in hub and mega-hub store coverage, the continued strength of our Duralast brand, and improved execution on our initiatives to improve speed of delivery and customer service. All of these initiatives give us, give us confidence as we move through the year.

儘管我們繼續看到這些對天氣更敏感的市場的表現存在差異，但我們仍然能夠勝任我們的舉措。我們對我們的衛星店庫存可用性的改善、樞紐店和大型樞紐店覆蓋率的顯著提高、我們 Duralast 品牌的持續實力以及我們在提高交付速度和客戶服務方面的舉措的執行情況的改善感到非常鼓舞。所有這些舉措都讓我們對未來充滿信心。

Year over year inflation on a like for like skew basis for commercial business was basically flat and did not contribute significantly to our average ticket growth of approximately 1%. Lastly, we are very pleased with our growth in the commercial transactions year over year, with traffic up almost 9.8% on a same store basis. Our sales growth will be driven by our continued ability to gain market share and an expectation that like for like retail skew inflation will accelerate as we move forward.

商業業務的同比通貨膨脹率基本持平，對我們約 1% 的平均票價成長沒有顯著貢獻。最後，我們對商業交易的同比增長感到非常高興，同店客流量增長了近 9.8%。我們的銷售成長將受到我們持續獲得市場份額的能力以及隨著我們前進同類零售扭曲通膨將加速的預期的推動。

For the quarter, we opened a total of 54 net domestic stores. We remain committed to more aggressively opening satellite stores, hub stores, and mega-hubs. Hubs and mega-hubs, comp results continue to grow faster than the balance of the rest of the chain, and we are going to continue to aggressively deploy these assets. For the remainder of the year, we expect our store openings to continue to ramp.

本季度，我們共開設了 54 家國內淨店。我們將繼續致力於更積極地開設衛星店、樞紐店和大型樞紐店。樞紐和大型樞紐的業績成長速度持續快於鏈條其他部分的成長速度，我們將繼續積極部署這些資產。在今年剩餘的時間裡，我們預計門市開設數量將繼續增加。

For our fourth quarter, we expect both DIY and commercial trends to remain solid as our comparisons become slightly easier and we gain momentum from our growth initiatives. We will, as always, be transparent about what we are seeing and provide color on our markets and outlook as we see trends emerge.

對於第四季度，我們預計 DIY 和商業趨勢都將保持穩固，因為我們的比較變得稍微容易一些，而且我們的成長計劃獲得了動力。我們將一如既往地透明地展示我們所看到的情況，並在看到趨勢出現時為我們的市場和前景提供色彩。

Now let me take a moment to discuss our international business. In Mexico and Brazil, we opened a total of 30 new stores in the quarter and now have 979 international stores. As you can see from our press release, our same stores grew at 8.1% on a constant currency basis.

現在請容許我花點時間討論我們的國際業務。在墨西哥和巴西，我們本季共開設了 30 家新店，目前擁有 979 家國際店。正如您從我們的新聞稿中看到的，以固定匯率計算，我們的同一家商店的成長率為 8.1%。

We remain competent in our growth opportunities in these markets. Today we have 13% of our total store base outside of the US and expect this number to grow as we accelerate our international store openings. With 58 international stores opened year-to-date, we continue to expect to open around 100 international stores this fiscal year.

我們仍然有能力把握這些市場的成長機會。目前，我們在美國境外的門市總數佔比為 13%，隨著我們加快國際門市開設步伐，預計這一數字還會成長。今年迄今已開設了 58 家國際門市，我們預計本財年仍將開設約 100 家國際門市。

In summary, we have continued to invest to drive traffic and sales growth. 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. We continue to invest in improving customer service, product assortment initiatives, and our supply chain, which all position us well for future growth.

總而言之，我們一直在持續投資以推動流量和銷售的成長。儘管任何季度的業績總會有順風和逆風，但我們始終專注於推動可持續的長期業績。我們將繼續投資改善客戶服務、產品分類計畫和供應鏈，這一切都為我們未來的成長奠定了良好的基礎。

We are investing both CapEx and operating expense to capitalize on these opportunities. This year we expect to again invest approximately $1.3 billion in CapEx in order to drive our strategic growth priorities.

我們正在投資資本支出和營運費用來利用這些機會。今年，我們預計再次投資約 13 億美元用於資本支出，以推動我們的策略成長重點。

As a large part of our CapEx budget for this year, we are investing in accelerated store growth, specifically hubs and mega-hubs, placing inventory closer to our customers. We have also opened two new distribution centers this year while utilizing our existing distribution centers to drive efficiency and reduce supply chain costs.

作為今年資本支出預算的很大一部分，我們正在投資加速門市成長，特別是樞紐和大型樞紐，將庫存放置在更靠近客戶的位置。我們今年也開設了兩個新的配送中心，同時利用現有的配送中心來提高效率並降低供應鏈成本。

And we are investing heavily in technology to improve customer service and our AutoZoners' ability to deliver on our promise of WOW! customer service. This is the right time to invest in these initiatives as we believe industry demand will continue to ramp. Now I will turn the call over to Jamere Jackson.

我們正在大力投資技術，以改善客戶服務並提高 AutoZoners 兌現 WOW 承諾的能力！客戶服務。現在是投資這些措施的最佳時機，因為我們相信產業需求將持續成長。現在我將把電話轉給 Jamere Jackson。

Thanks, Phil. Good morning, everyone. Let me start by saying we had a strong sales quarter. Total sales were $4.5 billion, and we're up 5.4%. Our domestic same store sales grew 5%, and our international comp was up 8.1% on a constant currency basis.

謝謝，菲爾。大家早安。首先我要說的是，本季我們的銷售表現強勁。總銷售額為 45 億美元，成長 5.4%。以固定匯率計算，我們的國內同店銷售額成長了 5%，國際同店銷售額成長了 8.1%。

Total EBIT was down 3.8% and our EPS was down 3.6%. As Phil discussed earlier, we had a headwind from foreign exchange rates this quarter. For Mexico, FX rates weakened nearly 20% versus the US dollar for the quarter, resulting in an $89 million headwind to sales, a $27 million headwind to EBIT, and a $1.10 a share drag on EPS versus the prior year.

總息稅前利潤下降 3.8%，每股收益下降 3.6%。正如菲爾之前所討論的，本季我們面臨外匯匯率的阻力。對墨西哥來說，本季外匯匯率兌美元下跌了近 20%，導致銷售額下降 8,900 萬美元，息稅前利潤下降 2,700 萬美元，每股收益與去年相比下降 1.10 美元。

Excluding the FX headwind, we would have reported an EPS decrease of 0.6% for the quarter. We continue to be proud of our results as the efforts of our AutoZoners in our stores and distribution centers have enabled us to continue to grow our business. Let me take a few moments to elaborate on the specifics in our P&L for Q3. And first I'll start with a little more color on our sales and growth initiatives.

如果不考慮外匯不利因素，本季每股收益將下降 0.6%。我們繼續為我們的業績感到自豪，因為我們商店和配送中心的 AutoZoners 的努力使我們能夠繼續發展業務。請容許我花一點時間來詳細說明我們第三季損益表的具體內容。首先，我將詳細介紹我們的銷售和成長計劃。

Starting with our domestic commercial business, our domestic DIFM sales increased 10.7% to $1.3 billion. For the quarter, our domestic commercial sales represented 32% of our domestic auto parts sales and 28% of our total company sales.

從我們的國內商業業務開始，我們的國內 DIFM 銷售額成長了 10.7%，達到 13 億美元。本季度，我們的國內商業銷售額占我們國內汽車零件銷售額的 32% 和公司總銷售額的 28%。

Our average weekly sales per program were $17,700 up 8% versus last year. 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. We continue to have our commercial program. And 92% of our domestic stores, which leverages our DIY infrastructure, and we're building our business with national, regional, and local accounts.

我們每個項目的平均每週銷售額為 17,700 美元，比去年增長 8%。我們的商業加速計劃繼續取得良好的效果，因為我們透過贏得新業務並增加現有客戶的錢包份額來擴大市場份額。我們將繼續推行我們的商業計劃。我們 92% 的國內商店都利用了我們的 DIY 基礎設施，我們正在透過國家、地區和本地帳戶開展業務。

This quarter we opened 49 net new programs, finishing with 6,011 total programs. Importantly, we continue to have a tremendous opportunity to both expand sales per program and open new programs. We plan to aggressively pursue growing our share of wallet with existing customers and adding new customers.

本季我們淨開設了 49 個新項目，最終項目總數達到 6,011 個。重要的是，我們繼續擁有巨大的機會來擴大每個專案的銷售額並開啟新的專案。我們計劃積極擴大現有客戶的份額並吸引新客戶。

Mega-hub stores are a key component of our current and future commercial growth. We opened eight mega-hubs and finished the third quarter with 119 mega-hub stores. We expect to open at least 10 more locations over the next quarter.

大型中心商店是我們當前和未來商業成長的關鍵組成部分。我們開設了 8 家大型樞紐店，第三季結束時大型樞紐店總數達到 119 家。我們預計下個季度將至少再開設 10 家門市。

As a reminder, our mega-hubs typically carry over 100,000 SKUs and drive a tremendous sales lift inside the store box, as well as serve as an expanded assortment source for other stores. The expansion of coverage and parts availability continues to deliver a meaningful sales lift to both our commercial and DIY business.

提醒一下，我們的大型中心通常擁有超過 100,000 個 SKU，可以大幅提升商店內的銷售量，同時還可以作為其他商店擴大的商品種類來源。覆蓋範圍和零件供應的擴大繼續為我們的商業和 DIY 業務帶來顯著的銷售成長。

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. While I mentioned a moment ago that our commercial weekly sales per program grew 8%, the 119 mega-hubs are growing much faster than the balance of the commercial business in Q3.

這些資產單獨表現良好，週邊 AutoZone 商店的履行能力使我們的客戶能夠獲得數千種額外的零件並提升整個網路。雖然我剛才提到，我們的每個專案的商業週銷售額成長了 8%，但 119 個大型樞紐的成長速度遠遠快於第三季商業業務的平衡。

We continue to target having just under 300 mega-hubs at full build out. 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.

我們繼續以全面建成後擁有近 300 個大型樞紐為目標。我們在更接近客戶的本地市場部署了更多零件，同時提高了我們的服務水平，因此我們的客戶對我們的商業產品感到非常興奮。

On the domestic retail side of our business, our DIY comp was up 3% for the quarter. As Phil mentioned, we saw traffic up 1.4% along with a positive 1.5% ticket growth. Over time, we expect to see slightly declining traffic 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.

在我們業務的國內零售方面，本季我們的 DIY 銷售額成長了 3%。正如菲爾所提到的，我們看到客流量成長了 1.4%，同時票務量也成長了 1.5%。隨著時間的推移，我們預計客流量將略有下降，但票務量將以低到中等個位數成長來抵消，這與技術變革和新零件耐用性推動的長期歷史業務趨勢一致。

Our DIY share has remained strong behind our growth initiatives, and we're well positioned for future growth. 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. These dynamics, ticket growth, growth initiatives, and macro car park tailwinds, we believe, will continue to drive a resilient DIY business environment for the balance of 2025.

我們的 DIY 份額在我們的成長計劃的推動下保持強勁，並且我們為未來的成長做好了準備。重要的是，市場正在經歷一個不斷增長和老化的停車場，以及一個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順風。我們相信，這些動態、票務成長、成長舉措以及宏觀停車場的順風將繼續推動 2025 年餘下時間的彈性 DIY 商業環境。

Now I'll say a few words regarding our international business. We continue to be pleased with the progress we're making in our international markets. During the quarter, we opened 25 new stores in Mexico to finish with 838 stores and five new stores in Brazil, ending with 141.

現在我想談談我們的國際業務。我們對我們國際市場的進展感到滿意。本季度，我們在墨西哥開設了 25 家新店，最終門市總數達到 838 家，在巴西開設了 5 家新店，最終門市總數達到 141 家。

Our same-store sales grew 8.1% on a constant currency basis and negative 9.2% on an unadjusted basis. We remain committed to international, and we're pleased with our results in these markets. We will accelerate the store opening pace going forward as we're bullish on international being in an attractive and meaningful contributor to AutoZone's future sales and operating profit growth.

我們的同店銷售額以固定匯率計算成長了 8.1%，以未經調整計算則成長了 9.2%。我們仍然致力於國際化，我們對在這些市場取得的成績感到滿意。我們將加快未來開店步伐，因為我們看好國際市場對 AutoZone 未來銷售和營業利潤成長具有吸引力和意義的貢獻。

Now let me spend a few moments on the rest of the P&L and gross margins. For the quarter, our gross margin was 52.7%, down 77 basis points versus last year. This quarter, we had an $8 million net or a 21 basis point unfavorable LIFO comparison to last year.

現在，讓我花一點時間討論一下其餘的損益表和毛利率。本季度，我們的毛利率為 52.7%，較去年同期下降 77 個基點。本季度，我們的淨利潤為 800 萬美元，與去年相比，後進先出法 (LIFO) 不利 21 個基點。

Excluding the LIFO comparison, we had a 56 basis point headwind to gross margins. The results were impacted by similar basis point headwinds from higher commercial mix, both domestically and internationally, domestic shrink and new US distribution center ramp-up costs, which more than offset solid merchandise margin improvement. We anticipate that the headwinds from strength in the US distribution centers will largely abate in Q4 and merchandise margin improvement will mute the commercial mix drag.

排除後進先出法的比較，我們的毛利率面臨 56 個基點的阻力。結果受到類似基點不利因素的影響，這些因素包括國內和國際商業組合的提高、國內萎縮以及美國新配送中心的增加成本，這些因素抵消了商品利潤率的穩定提高。我們預計，美國配送中心實力強勁帶來的阻力將在第四季大幅減弱，商品利潤率的提高將減輕商業組合拖累。

This quarter, we took a $16 million LIFO credit to the P&L as freight costs have continued to trend lower from their peak. At Q3 quarter end, we still had $3 million in cumulative LIFO charges yet to be reversed through our P&L.

本季，由於運費成本從高峰持續走低，我們將 1,600 萬美元的後進先出法貸記到損益表中。截至第三季末，我們仍有 300 萬美元的累計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 $3 million through the P&L, we will not take any more credits as we will begin to rebuild an unrecorded LIFO reserve. As a reminder, for Q4 last year, we had no LIFO credits, and we expect no credits in Q4 of this year.

正如我之前所說，一旦我們透過損益表退回 300 萬美元，我們將不再接受任何貸記，因為我們將開始重建未記錄的後進先出儲備金。提醒一下，去年第四季，我們沒有後進先出法貸項，預計今年第四季也不會有貸項。

I would like to take a moment and discuss the impact of tariffs on our results. For this past quarter, we saw minimal impact from the implementation of tariffs. Going forward, there are several outcomes that may impact our results from tariffs, including vendor absorption, diversifying sourcing, taking pricing actions or some combination of the three. Currently, we expect these actions to offset any Q4 tariff costs and not have a material impact on our gross margins. To be clear, we intend to main our margin profile post tariffs, and we expect the entire industry will behave in a rational way as our historical experience has shown.

我想花點時間討論一下關稅對我們業績的影響。在過去的一個季度中，我們發現關稅實施的影響微乎其微。展望未來，有幾個結果可能會影響我們的關稅結果，包括供應商吸收、採購多元化、採取定價行動或三者的某種組合。目前，我們預計這些措施將抵消第四季度的任何關稅成本，並且不會對我們的毛利率產生重大影響。需要明確的是，我們打算在關稅後維持我們的利潤率狀況，我們預計整個行業將按照我們的歷史經驗所表明的方式理性行事。

Moving on to operating expenses. Our expenses were up 8.9% versus last year as SG&A as a percentage of sales deleveraged 108 basis points, driven by investments to support our growth initiatives and an increase in our self-insurance expense.

繼續討論營運費用。我們的支出較去年同期上漲了 8.9%，因為銷售、一般及行政費用佔銷售額的百分比下降了 108 個基點，這受到支持我們成長計畫的投資和自保費用增加的推動。

On a per store basis, our SG&A was up 5.1% versus last year's Q3. We have been investing in SG&A in order to capitalize on opportunities to grow our business now and in the future. We will continue to invest at an accelerated pace on initiatives that we believe will help us continue to gain share.

以每家商店計算，我們的銷售、一般及行政費用比去年第三季上漲了 5.1%。我們一直在投資銷售、一般及行政費用 (SG&A)，以便利用機會發展我們現在和未來的業務。我們將繼續加速投資那些我們認為能夠幫助我們繼續獲得份額的舉措。

These investments will pay dividends and customer experience, speed of delivery, and productivity. We will remain committed to being disciplined on SG&A growth, and we'll manage expenses in line with sales growth over time.

這些投資將帶來回報和客戶體驗、交付速度和生產力。我們將繼續致力於嚴格控制銷售、一般和行政費用的成長，並根據長期的銷售成長來管理費用。

Moving to the rest of the P&L, EBIT for the quarter was $866 million, down 3.8% versus the prior year. As I previously mentioned, FX rates reduced our EBIT by $27 million, while unfavorable LIFO comparisons reduced EBIT growth by another $8 million.

轉到損益表的其餘部分，本季息稅前利潤為 8.66 億美元，較上年下降 3.8%。正如我之前提到的，外匯匯率使我們的息稅前利潤減少了 2700 萬美元，而不利的後進先出法比較又使我們的息稅前利潤增長減少了 800 萬美元。

Adjusting for the unfavorable LIFO comparison and reporting on a constant currency basis, our EBIT would have been up 10% versus the prior year, which is below our normal performance driven by the gross margin and SG&A drivers I mentioned earlier.

經過不利的後進先出法比較和以固定匯率為基礎的報告調整後，我們的息稅前利潤將比上年增長 10%，這低於我們正常的表現，這得益於我之前提到的毛利率和銷售、一般及行政費用驅動因素。

Interest expense for the quarter was $111 million, up 6.6% from a year ago as our debt outstanding at the end of the quarter was $8.9 billion versus $9 billion a year ago. We are planning interest in the $146 million to $149 million range for the fourth quarter of FY25 versus $144 million last year on a 16-week basis. Higher borrowing rates are continuing to drive interest expense increases.

本季利息支出為 1.11 億美元，比去年同期成長 6.6%，因為本季末我們的未償還債務為 89 億美元，而去年同期為 90 億美元。我們計劃在 2025 財年第四季實現 1.46 億美元至 1.49 億美元的利息，而去年以 16 週計算，利息為 1.44 億美元。借貸利率上升繼續推動利息支出增加。

For the quarter, our tax rate was 19.4% and up from last year's third quarter of 18.1%, driven primarily by higher stock option expense benefit last year. This quarter's tax rate benefited 301 basis points from stock options exercised while last year, it benefited 479 basis points. For the fourth quarter of FY25, we suggest model us at approximately 23.2% before any assumption on credits due to stock option exercises.

本季，我們的稅率為 19.4%，高於去年第三季的 18.1%，主要原因是去年股票選擇權費用收益增加。本季的稅率因行使股票選擇權而受益 301 個基點，而去年則受益 479 個基點。對於 25 財年第四季度，我們建議在對股票選擇權行使產生的信用進行任何假設之前，將我們的模型設定為約 23.2%。

Moving to net income and EPS. Net income for the quarter was $608 million, down 6.6% versus last year. Our diluted share count of $17.2 million was 3.1% lower than last year's third quarter. The combination of lower net income and lower share count drove earnings per share for the quarter to $35.36, down 3.6% for the quarter. As a reminder, the unfavorable FX comparison drove our EPS down $1.10 a share.

轉向淨收入和每股收益。本季淨收入為 6.08 億美元，較去年同期下降 6.6%。我們的稀釋股本為 1,720 萬美元，比去年第三季下降 3.1%。淨收入下降和股票數量減少共同導致本季每股收益為 35.36 美元，下降 3.6%。提醒一下，不利的外匯比較導致我們的每股盈餘下降 1.10 美元。

Now let me talk about our free cash flow. For the third quarter, we generated $423 million in free cash flow versus $434 million last year in Q3. 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.

現在讓我談談我們的自由現金流。第三季度，我們產生了 4.23 億美元的自由現金流，而去年第三季為 4.34 億美元。我們期望未來繼續成為強勁的現金流產生器，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. Our inventory per store was up 6.7% versus Q3 last year, while total inventory increased 10.8% over the same period last year, driven by new stores and additional inventory investments to support our growth initiatives.

關於我們的資產負債表，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。與去年第三季相比，我們每家門市的庫存增加了 6.7%，而總庫存比去年同期增加了 10.8%，這得益於新店和額外的庫存投資，以支持我們的成長計劃。

Net inventory, defined as merchandise inventories less accounts payable on a per store basis was a negative $142,000 versus negative $168,000 last year and negative $161,000 last quarter. As a result, accounts payable as a percent of gross inventory finished the quarter at 115.6%, versus last year's Q3 of 119.7%.

淨庫存（定義為每家商店的商品庫存減去應付帳款）為負 142,000 美元，而去年為負 168,000 美元，上季度為負 161,000 美元。因此，本季應付帳款佔庫存總額的百分比為 115.6%，而去年第三季為 119.7%。

Lastly, I'll spend a moment on capital allocation and our share repurchase program. We repurchased $250 million of AutoZone stock in the quarter. And at quarter end, we had $1.1 billion remaining under our share buyback authorization. Our ongoing strong earnings, balance sheet and powerful free cash continues to allow us to deliver a significant amount of cash to our shareholders through our buyback 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。我們在本季回購了價值 2.5 億美元的 AutoZone 股票。截至本季末，我們的股票回購授權金額還剩下 11 億美元。我們持續強勁的獲利、資產負債表和強大的自由現金使我們能夠透過回購計畫向股東提供大量現金。

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. 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.

自 1998 年開始回購以來，我們已回購了超過 100% 的流通股，同時投資於現有資產並發展業務。我們將繼續致力於這種嚴謹的資本配置方法，這將使我們能夠投資於業務並向股東返還可觀的現金。

So to wrap up, we remain committed to driving long-term shareholder value by investing in our growth initiatives, driving robust earnings and cash and returning excess cash to our shareholders. Our strategy continues to work as we remain focused on gaining market share and improving our competitive positioning in a disciplined way.

總而言之，我們將繼續致力於透過投資成長計劃、推動強勁盈利和現金以及向股東返還多餘現金來推動長期股東價值。我們的策略繼續發揮作用，因為我們繼續專注於以嚴謹的方式獲得市場份額並提高我們的競爭地位。

As we look forward to the remainder of FY25, we're bullish on our growth prospects behind a resilient DIY business, a fast-growing international business, and a domestic commercial business that is gaining momentum and growing share. We 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.

展望 2025 財年的剩餘時間，我們看好公司在具有韌性的 DIY 業務、快速增長的國際業務以及發展勢頭強勁、份額不斷增長的國內商業業務背後的增長前景。我們仍然堅信，憑藉強大的行業、成功的策略和卓越的 AutoZoners 團隊，我們有能力為股東創造巨大且持續的價值。

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. We generally don't take on transactional risks, so our results primarily reflect the translation impact for reporting purposes.

在將電話交還給菲爾之前，我想提醒您，我們以固定匯率為基礎報告收入，以反映我們的經營業績。我們通常不承擔交易風險，因此我們的結果主要反映報告目的的翻譯影響。

As mentioned earlier in the quarter, foreign currency resulted in a headwind on revenue and EPS. If yesterday's spot rates held for Q4, then we expect an approximate $50 million drag on revenue, a $20 million drag on EBIT, and an approximate $0.80 a share drag on EPS. And now I'll turn the call back to Phil.

正如本季早些時候所提到的，外幣對收入和每股收益造成了阻力。如果昨天的現貨價格在第四季度保持不變，那麼我們預計收入將受到約 5000 萬美元的拖累，息稅前利潤將受到約 2000 萬美元的拖累，每股收益將受到約 0.80 美元的拖累。現在我將把電話轉回給菲爾。

Thank you, Jamere. We are on track for the remainder of FY 25 to accomplish our goals. We are committed to continually focus on improving our execution and driving WOW! customer service. We feel we are well positioned to grow sales across our domestic and our international store bases with both our retail and our commercial customers.

謝謝你，Jamere。我們預計在 25 財年的剩餘時間內實現我們的目標。我們致力於不斷專注於提高我們的執行力並推動WOW！客戶服務。我們認為，我們已做好準備，透過零售和商業客戶增加國內和國際門市的銷售額。

We expect to manage our gross margins effectively, and our operating expense is appropriate for future growth. We continue to put our capital to work where we'll have the biggest impact on our sales. Our stores, specifically our hubs and mega-hubs, our distribution centers and investing in technology to build a superior customer experience where we are able to say yes to our customers' needs.

我們希望有效管理我們的毛利率，並且我們的營運費用適合未來的成長。我們將繼續把資金投入對銷售影響最大的領域。我們的商店，特別是我們的樞紐和大型樞紐、我們的配送中心以及對科技的投資，以創造卓越的客戶體驗，讓我們能夠滿足客戶的需求。

The top focus areas for this last quarter of fiscal '25 remain growing share in our domestic commercial business and continuing our momentum in our international markets. We are excited to get started on our fourth quarter.

25 財年最後一個季度的首要關注領域仍然是增加我們國內商業業務的份額並繼續保持我們在國際市場的良好發展勢頭。我們很高興開始第四季的工作。

We understand we cannot take things for granted. We must remain laser-focused on customer service, execution, and gaining share in every market in which we operate.

我們明白我們不能將一切視為理所當然。我們必須始終專注於客戶服務、執行以及在我們營運的每個市場中獲得份額。

Fiscal 2025's top operating priorities are based on improving execution and WOW! customer service. We will continue to invest in the following strategic projects, accelerating our domestic and our international store growth, reaccelerating our new hub and mega-hub openings. These stores do take time, but we are incredibly excited about their continued performance and most importantly, remain diligent driving our domestic commercial sales growth, which we are doing in a meaningful way.

2025 財年的首要營運重點是提高執行力和 WOW！客戶服務。我們將繼續投資以下戰略項目，加速我們國內和國際門市的成長，加速我們新的樞紐和大型樞紐的開幕。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，最重要的是，我們將繼續努力推動國內商業銷售成長，我們正在以有意義的方式做到這一點。

We are excited about what we can accomplish, and our AutoZoners are committed to delivering on our commitments for FY25. We believe AutoZones' best days are ahead of us. Now we would like to open up the call for questions.

我們對自己所能取得的成就感到非常興奮，我們的 AutoZoners 致力於兌現我們對 FY25 的承諾。我們相信 AutoZones 的輝煌時代還在後頭。現在我們想開始提問。

(Operator Instructions) Bret Jordan, Jefferies.

（操作員指示）布雷特·喬丹，傑富瑞。

Could you just give us a quick refresher as it relates to the tariffs, source of origin for your primary import countries? And how much is direct import versus via a third-party supplier. And then a quick follow-up to this one.

能否簡單介紹一下與主要進口國的關稅和原產地相關的情況？直接進口和透過第三方供應商進口的金額分別是多少？然後對此進行快速跟進。

Yes, sure. The biggest net importer where most of our product comes from is China. I will say that we've taken that number down pretty significantly over the last couple of years, specifically since the first round of tariffs back in 2016.

是的，當然。我們的大部分產品的最大淨進口國是中國。我想說的是，過去幾年，特別是自 2016 年第一輪關稅以來，我們已經將這一數字大幅下降。

But we get product out of many Far East countries. We get a little bit of product out of Europe, mostly Eastern Europe, and then we get some out of Mexico. That would be where the vast majority of those come from.

但我們的產品來自許多遠東國家。我們從歐洲（主要是東歐）進口少量產品，還有一些從墨西哥進口。絕大多數都是從那裡來的。

Okay. And I guess as far as direct import versus buying from a dormant or somebody who might be making the initial Chinese import.

好的。我想就直接進口與從休眠者或最初進行中國進口的人那裡購買而言。

Yeah. I mean we obviously have -- we do a lot of that from -- we take product from domestic suppliers, both FOB or direct import and we buy domestically. Not really said exactly what our mix is.

是的。我的意思是，我們顯然有——我們做了很多這樣的工作——我們從國內供應商採購產品，包括離岸價或直接進口，我們在國內購買。並沒有真正說出我們的混合物到底是什麼。

But the question I think, your real question is how would we think we're going to manage tariffs. And we feel like we have our arms around it. Even though it's changing every day, it's not nearly as impactful as it appeared it was going to be several months ago.

但我認為，你真正的問題是我們如何管理關稅。我們感覺我們已經擁抱它了。儘管它每天都在變化，但它的影響力遠不如幾個月前看起來那麼大。

And as Jamere mentioned a minute ago, there's lots of strategies to try to mitigate the cost of tariffs through vendor negotiations, diversification of country of origin, diversification of suppliers, pricing actions and a combination of all of those.

正如 Jamere 剛才提到的，有許多策略可以透過供應商談判、原產國多樣化、供應商多樣化、定價行動以及所有這些策略的組合來嘗試降低關稅成本。

And I guess a follow-up. I mean you talked about the 1% inflation sort of trending towards the 3%. Is that 3% assuming pricing pass-through? Or would tariff be incremental to that expectation of a higher low single-digit inflation rate?

我想這是一個後續行動。我的意思是，您談到了 1% 的通貨膨脹率趨向於 3%。假設定價傳遞，那麼這個 3% 是多少？或者，關稅會隨著預期的較低個位數通膨率的上升而增加？

Yes. I think if you think about what's happened with our average ticket over the last 12 to 18 months, it's been relatively flat coming off of several years of what I would consider hyperinflation. If tariff costs ultimately do materialize, I would think we would probably get back closer to that 3% average ticket growth. And that would be more of a long-term average ticket growth based on technology enhancements and frankly, quality of parts.

是的。我認為，如果你考慮過去 12 到 18 個月我們的平均票價發生了什麼變化，你會發現它在擺脫了幾年我認為的惡性通貨膨脹之後，一直相對平穩。如果關稅成本最終實現，我認為我們可能會回到接近 3% 的平均票價成長率。這將更多地體現為基於技術進步和零件品質的長期平均票價增長。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

Sort of a follow-up there, first on the tariff. Is it that the inflation is not here yet because people pause shipments coming out of China, and it's just a slow inventory turn business? Or is there more of an effort here to perhaps have the cost be absorbed into the supply chain?

這有點像後續問題，首先是關於關稅。是因為人們暫停了從中國發貨，導致通貨膨脹尚未到來，而這只是一個緩慢的庫存週轉業務？或者是否需要付出更多努力將成本吸收到供應鏈中？

Yeah, I think one of the reasons that you haven't seen a lot of the tariff cost in our side of the business is, as you mentioned, most of our inventory turns relatively slow compared to many other industries, hard parts in particular. And that product just hasn't shown up here in the country.

是的，我認為您沒有看到我們業務中出現大量關稅成本的原因之一是，正如您所說，與許多其他行業相比，我們的大部分庫存週轉速度相對較慢，尤其是硬體部分。但該產品尚未在國內出現。

And as you know, this stuff has changed pretty significantly over the last 90 days or 120 days. I mean there will be an impact to tariffs on the cost of goods. But again, as we've mentioned, we think there's lots of ways to mitigate that cost and maintain our margin structure over time.

如你所知，在過去的 90 天或 120 天內，這些情況發生了相當大的變化。我的意思是關稅會對商品成本產生影響。但正如我們所提到的，我們認為有很多方法可以降低成本並長期維持我們的利潤結構。

Understood. And then on the margin front, Jamere, can you talk about the persistence of some of these costs like the shrink and the self-insurance costs? Like how do you think about what gross margins look like as we move forward?

明白了。然後，在利潤方面，Jamere，您能談談其中一些成本的持續性嗎，例如收縮成本和自保成本？例如，您認為我們未來的毛利率會是怎麼樣？

And then similarly on the SG&A per store side. And one additional one, which is can you break out the month lease ex the Easter shipped and adjust for that. So we have a clearer view of the cadence over the quarter.

然後，每家商店的銷售、一般及行政費用也類似。另外還有一個問題，那就是您能否列出復活節出貨前的月租並進行調整。因此，我們對本季的節奏有了更清晰的了解。

Yeah. So just on the gross margin, as we said, it was driven by shrink. Our DCs are ramping up, and we obviously have higher costs as those DCs ramp up, and we get to the -- our going productivity rates. And then the positive there, although it's a negative from a mix standpoint is that our global commercial mix is growing. And that's driven by the work that we're doing to grow our commercial business.

是的。因此，就毛利率而言，正如我們所說，這是由收縮所推動的。我們的配送中心正在擴大規模，隨著配送中心規模的擴大，我們的成本顯然也會增加，而且我們的生產力也會增加。儘管從組合角度來看這是一個消極因素，但積極的一面是我們的全球商業組合正在成長。這是由我們為發展商業業務所做的工作所推動的。

What I'll say is that the DC ramp up and the shrink pressure will abate, and merch margin should largely offset our commercial mix pressure. So from a gross margin standpoint, we would expect those gross margins to be down slightly in Q4, given all of those dynamics as opposed to being down 56 basis points ex LIFO as we saw this quarter.

我想說的是，DC 的成長和收縮壓力將會減弱，商品利潤率應該會在很大程度上抵消我們的商業組合壓力。因此，從毛利率的角度來看，考慮到所有這些動態因素，我們預計第四季度的毛利率將略有下降，而不是像本季度那樣下降了 56 個基點（後進先出法）。

On the SG&A front, I just want to reiterate that we're growing SG&A in a disciplined way to create a faster-growing business. We deleveraged this past quarter. About half of that deleverage was driven by self-insurance as our commercial business grows.

在銷售、一般及行政費用方面，我只想重申，我們正在以有紀律的方式增加銷售、一般及行政費用，以創造更快成長的業務。我們在上個季度去槓桿了。隨著我們商業業務的成長，大約一半的去槓桿是由自我保險推動的。

We put more delivery vehicles on the road to support that commercial growth. Obviously, you're going to have more incidents. And then we also settled some outstanding claims that were longer in nature where we saw a spike in incidents and severity primarily in the '21 to '22 kind of time frame.

我們投入更多的運輸車輛來支持商業成長。顯然，將會有更多的事故發生。然後，我們也解決了一些性質較長的未決索賠，我們發現這些索賠事件和嚴重程度主要在 2021 年至 2022 年的時間範圍內激增。

But what I'll say about SG&A is that we'll continue to invest in a disciplined way on all the things that are going to drive growth for us. And those things are paying off in a higher top line. And as you've seen our business in the past, to the extent that the top line doesn't show up, we obviously know how to go to the middle of the P&L to drive the margins that we need to make sure that we're driving the earnings that we have.

但關於銷售、一般和行政費用，我想說的是，我們將繼續以有紀律的方式投資所有能夠推動我們成長的事物。這些舉措正在帶來更高的營業收入。正如您過去看到我們的業務一樣，在頂線未顯示的範圍內，我們顯然知道如何進入損益表的中間部分來推動我們所需的利潤率，以確保我們能夠推動已有的收益。

So I feel good about where we are. I think the execution is great. We're being intentional about the investments that we're making. And I feel great about the growth prospects that we see in the future behind all of those investments that we've made thus far.

所以我對我們的現狀感到滿意。我認為執行得很棒。我們有意進行投資。我對我們迄今為止所做的所有投資所帶來的未來成長前景感到非常滿意。

Great. And then the -- can you give us the four-week cadence ex the Easter shift. So you can understand that better.

偉大的。然後——您能否告訴我們復活節輪班前的四周節奏。這樣你就能更好地理解這一點。

Yes. We typically don't break that out. What I'll say to you is that if we think about our business in total, from a commercial standpoint, you heard Phil kind of walk through the quarter. Commercial was pretty steady growth across each of the four-week segments with a little bit of a pop in the middle because of the Easter shift.

是的。我們通常不會公開這一點。我想告訴你的是，如果我們從商業角度來考慮我們的整體業務，你會聽到菲爾對整個季度的回顧。商業廣告在四周的每個階段都保持著相當穩定的成長，但由於復活節的影響，中間階段略有成長。

And then on the DIY side of the business, more so than the Easter shift, the story really is about the share that we're regaining there. And while we did see a little bit of an Easter shift in the middle of the quarter, what we're encouraged by is the opportunity to win share and the execution that we're seeing by our folks in the stores.

然後，在 DIY 業務方面，與復活節轉變相比，更重要的是我們在那裡重新獲得的份額。雖然我們確實在本季度中期看到了復活節帶來的一些變化，但令我們感到鼓舞的是贏得市場份額的機會以及我們在商店中看到的員工的執行力。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

This is Lauren for Simeon. Our first one is on the 5% domestic comp, which is the strongest we've seen over the past two years. So well done on that. Could you just comment on what kind of comp lift you're seeing from maybe your own initiatives and market share gains versus the underlying market demand?

我是西蒙的勞倫。我們的第一個目標是 5% 的國內同店銷售額，這是過去兩年來我們看到的最強勁的銷售額。做得很好。您能否評論一下，相對於潛在的市場需求，您從自己的舉措和市場份額成長中看到了什麼樣的成長？

Yeah. Thank you for the question. I think we're seeing share gains across the board, all across the country in both DIY and commercial. And I would say, yes, there's obviously some macro that's going on, but we feel like the vast majority of our growth is coming from the initiatives we have in place.

是的。謝謝你的提問。我認為，我們看到全國各地 DIY 和商業領域的市場份額都在全面增長。我想說，是的，顯然存在一些宏觀因素，但我們覺得我們的成長絕大部分來自於我們已經實施的措施。

Improved execution, driving hub and mega-hubs into our markets, continually improving our assortments, both in the US and in our international markets. And we think those are helping us improve on all elements of our operations and causing us to gain share, both on the DIY side and faster share on the commercial side.

改進執行，推動樞紐和大型樞紐進入我們的市場，不斷改進我們在美國和國際市場的品種。我們認為這些有助於我們改善營運的各個方面，並使我們獲得市場份額，無論是在 DIY 方面還是在商業方面，都能夠更快地獲得份額。

Great. And then our just follow-up is on the improvement in the commercial comps. It seems like you guys are continuing to take market share nicely there. Could you comment maybe what you want to continue focusing on the upcoming quarters.

偉大的。然後我們的後續工作是專注於商業競爭對手的改進。看起來你們正在繼續好好佔領市場。您能否評論一下您希望在接下來的幾季繼續關注什麼？

As we've said, the strategy is not a whole lot different than we've talked about over the last couple of quarters. We continue to improve our assortments at our local store. We continue to deploy our hubs and mega-hubs and refining those assortments, both for DIY customers and the commercial customers.

正如我們所說，該策略與我們過去幾季討論的策略並沒有太大不同。我們將持續改善當地商店的商品種類。我們將繼續部署我們的樞紐和大型樞紐，並完善這些產品組合，以滿足 DIY 客戶和商業客戶的需求。

And we've also been working on some strategies to improve delivery time and speed of delivery, what we call time to shop for our commercial deliveries, changing some of our fulfillment methodologies from our hubs and mega-hubs to get to the customer faster. We think all of those are creating a better customer experience and causing us to grow both new customers and share of wallet with those commercial customers.

我們也一直在研究一些策略來改善交貨時間和交貨速度，我們稱之為商業交貨的購物時間，改變我們的樞紐和大型樞紐的一些履行方法，以便更快地到達客戶手中。我們認為所有這些都在創造更好的客戶體驗，並使我們增加新客戶和商業客戶的錢包份額。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

So do you think the cost of doing business within the aftermarket has gone up such that in the past AutoZone might have been able to grow its overall top line mid-single-digit and leverage that to double EPS growth. And now that it is more difficult to do, so that the market can recalibrate its expectations around earnings growth?

那麼，您是否認為售後市場的經營成本已經上升，以至於 AutoZone 過去可能能夠將其整體營業收入增長中等個位數，並利用這一點使每股收益增長翻一番。現在這樣做更加困難，那麼市場是否可以重新調整對獲利成長的預期？

Michael, you broke up just a tad. Yes, I think there has been some core inflation in our payroll, both in the supply chain and in the stores. So yeah, there's probably a little bit more of an inflationary environment since the pandemic. I think they're moderating somewhat. But I think at the end of the day, we've proven that we've been able to maintain our sales and our SG&A in line with investing in our growth initiatives that we think will help us gain market share.

邁克爾，你們只是稍微分手了。是的，我認為我們的薪資單上存在一些核心通膨，無論是在供應鏈中還是在商店中。是的，自疫情爆發以來，通膨環境可能加劇。我認為他們正在有所緩和。但我認為，最終，我們已經證明，我們能夠維持我們的銷售額和銷售、一般及行政費用，同時投資於我們認為將有助於我們獲得市場份額的成長計劃。

As Jamere said, we've been pretty good at this over time in managing our expenses in line with our topline growth. I will say at the moment, though we have quite a few initiatives that are all in place, both from improved execution on our stores, growing our commercial business faster by using some new initiatives that are still in the early innings as well as ramping up two new distribution centers.

正如 Jamere 所說，長期以來，我們一直非常擅長根據營收成長來管理支出。我想說的是，目前我們已經實施了不少舉措，包括改善門市的執行情況、透過利用一些仍處於早期階段的新舉措來更快地發展我們的商業業務以及建立兩個新的配送中心。

So we do -- we are running through an investment period that we think -- we believe will ultimately help us have a faster-growing business and can allow us to continue to gain share at a faster clip.

所以我們確實——我們正在經歷一個投資期——我們相信這最終將幫助我們實現業務的更快成長，並使我們能夠繼續以更快的速度獲得市場份額。

And Phil, what does the arc of that investment cycle look like? Can you help frame the market's expectations on how long this is going to weigh on the profitability of AutoZone such that eventually can get back to the double-digit EPS growth at its historically have been able to achieve.

菲爾，這個投資週期的弧線是什麼樣的？您能否幫助市場預測這將對 AutoZone 的盈利能力造成多長時間的影響，以便最終能夠恢復到其歷史上能夠實現的兩位數每股收益增長。

Right. Great question. I think we're kind of in the -- we're in the midst of early innings of most of these initiatives. Some of them like our commercial delivery strategies, that's all been executed. Today, it's more about continuing to refine the execution and get better at it with business practices.

正確的。好問題。我認為我們正處於大多數此類舉措的早期階段。他們中的一些人喜歡我們的商業交付策略，這些都已經執行了。今天，更重要的是繼續完善執行力，並透過商業實踐使其變得更好。

And so I'd say we're kind of -- all these things are in flight and in launch phase. At the moment, we're more about trying to optimize these and get better at them as we're in the early phases of these, what we believe have long life cycle and benefit. But most of them are in flight and on track at the moment.

所以我想說我們——所有這些事情都處於飛行和發射階段。目前，我們更多是嘗試優化這些技術並使其變得更好，因為我們正處於這些技術的早期階段，我們相信這些技術具有較長的生命週期和效益。但目前大多數飛機都在飛行中並按計劃順利完成任務。

Yeah. And I think the one thing I'll add is that we've talked about this notion of managing and our expenses in line with sales growth. And to be clear, our disciplines around investment, we'll all have a payback associated with them. And most notably, you'll see it in the top line, and you'll eventually see it in the bottom line.

是的。我想補充一點，我們已經討論過管理的概念以及與銷售成長一致的支出。要先明確的是，我們在投資方面的紀律都會帶來回報。最值得注意的是，您會在第一行看到它，最終也會在第二行看到它。

I think the thing that gives us a lot of confidence and is really encouraging is the things that we've been investing on for the last several quarters are now starting to show some growth shoots. I mean you see that in the commercial numbers in the last couple of quarters.

我認為，真正讓我們充滿信心、令人鼓舞的是，我們過去幾季一直在投資的專案現在開始顯示出一些成長勢頭。我的意思是，您可以從過去幾季的商業數據中看到這一點。

Our outlook as we look at the fourth quarter and into next year remains very positive. We've got a lot of good momentum there. And we're also seeing it on the international side as well. So as we accelerate the number of stores that we put in place, we accelerate the initiatives that we have in place to grow our commercial business, we're very excited about creating a faster-growing business. And ultimately, that's going to result in more earnings growth for the company.

我們對第四季和明年的前景仍然非常樂觀。我們在那裡取得了很大的進展。我們在國際上也看到了這種情況。因此，隨著我們加快開設門市數量，並加快實施發展商業業務的舉措，我們對創造更快成長的業務感到非常興奮。最終，這將為公司帶來更多的獲利成長。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

So a question I have and I guess it's a bit repetitive, but clearly, we do look at the results and hear your commentary, the sales growth improved meaningfully here in the quarter. You talked about the initiatives, your initiatives have been in place for a while.

所以我有一個問題，我想這有點重複，但顯然，我們確實看了結果並聽取了您的評論，本季的銷售成長顯著提高。您談到了這些舉措，您的舉措已經實施了一段時間了。

Is there anything that really shifted here in the fiscal third quarter from the prior quarter, so to say, underpinning this better sales growth?

與上一季相比，第三財季是否真的發生了一些變化，從而支撐了更好的銷售成長？

Yeah. You're right. Some of these initiatives have been in place. Keep in mind, although we've been talking about them for approximately a year, they do take time to roll out. And we're continuing to -- we've got -- if you think about commercial delivery initiatives, things of that nature, those are now essentially rolled out. And it will only be added as we add hubs and mega-hubs and get those stores open.

是的。你說得對。其中一些措施已經到位。請記住，儘管我們已經談論它們大約一年了，但它們確實需要時間來推出。我們正在繼續——我們已經——如果你考慮商業交付計劃，諸如此類的事情，這些現在基本上已經推出了。而且只有當我們增加樞紐和大型樞紐並開設這些商店時，它才會增加。

Also in the quarter, we also accelerated quite a few store growth opportunities, and those also have expenses associated with them as we get those stores opened up. That part of the initiative is going to continue as we ultimately ramp up to roughly 300 stores domestically and 500 stores internationally.

此外，在本季度，我們也加速了不少門市的成長機會，而這些門市的開設也會產生相關的費用。該計劃將繼續進行，最終我們將在國內開設約 300 家門市，並在國際上開設 500 家門市。

It will still take us a couple of years to get to those growth numbers, but those do have expenses on the front end. But the rest of the service initiatives that are already in place are essentially out. And it's more about optimizing them and continuing to get better execution at the store level.

我們還需要幾年的時間才能達到這些成長數字，但這些確實需要前期支出。但其餘已實施的服務措施基本上已終止。更重要的是優化它們並繼續在商店層面獲得更好的執行。

Is it fair to say then here in the third quarter, we did see somewhat of a culmination of these initiatives that helped to drive better sales and also what may be an improving sector backdrop?

那麼，是否可以公平地說，在第三季度，我們確實看到了這些措施的一定成效，有助於推動銷售成長，而產業背景也可能有所改善？

Yeah, I think that's correct. I think that's well said.

是的，我認為這是正確的。我認為說得很好。

Kind of the follow-up question I have, and you may just answered this. But as you're looking at sort of sales tracking better, getting back to what I would consider a normalized or normalized algo for AutoZone, was there been a conscious decision, so to say, invest some of that sales upside into other areas of the P&L, and that's maybe why we didn't see the flow through?

這是我的一個後續問題，您可能剛剛回答了這個問題。但是，當您更了解銷售追蹤時，回到我認為的 AutoZone 的標準化或標準化演算法，是否有一個有意識的決定，也就是說，將部分銷售收益投資到損益表的其他領域，這也許就是我們沒有看到流量的原因？

Yeah, I think we've been intentional about that. And we've been very clear about the notion that we see an opportunity today. And some of it is a unique opportunity to invest into the growth opportunities that we're seeing. So we're intentional, particularly in the SG&A about making sure that we have the assets in place, the infrastructure in place to be able to go after that opportunity. So we've been very purposeful and very intentional about investing into that.

是的，我認為我們是有意這麼做的。我們非常清楚地認識到，今天我們看到了一個機會。其中一些是投資我們所看到的成長機會的獨特機會。因此，我們有意，特別是在銷售、一般和行政費用方面，確保我們擁有到位的資產和到位的基礎設施，以便能夠抓住這個機會。因此，我們非常有目的、非常有意圖地進行投資。

But to be very, very clear, I mean, our disciplines around managing the P&L to ultimately drive earnings growth and cash inside the company are still in place. But this is a unique opportunity for us to go invest in a disciplined way, to drive the kind of growth that we're seeing.

但要非常非常清楚的是，我的意思是，我們圍繞管理損益表以最終推動公司獲利成長和現金的紀律仍然存在。但這對我們來說是一個獨特的機會，讓我們以有紀律的方式進行投資，推動我們所看到的成長。

And again, we saw some growth shoots on the top line here that we're very encouraged about, and that momentum is going to continue. So that strategy is working for us.

我們再次看到營收出現了一些成長勢頭，這讓我們感到非常鼓舞，而且這種勢頭還會繼續下去。所以這個策略對我們來說是有效的。

Scot Ciccarelli, Truist.

斯科特·西卡雷利（Scot Ciccarelli），Truist。

You talked about hubs and mega-hubs continuing to grow much faster than the rest of the commercial base, can you quantify for us the comp contribution from those stores? Like is it something that's big enough that we could see it from the outside.

您談到樞紐和大型樞紐繼續比其他商業基礎成長得更快，您能否為我們量化這些商店的貢獻？就像它是否足夠大以至於我們可以從外面看到它。

And then secondly, were there any outsized impacts on the commercial segment from new national account wins this quarter Because I understand there's been some relationship changes on the national account side?

其次，本季新的全國帳戶勝利對商業部門是否產生了巨大影響？因為據我了解，全國帳戶方面發生了一些關係變化？

We've never quantified how much comp difference there is between our hubs and mega-hub versus the satellite stores, but we'll say that they're pretty robust. To your second question, on the national account side, I would say we believe we're growing share on the national account side with regional accounts and with the up and down the street customers or the local shops as we call it. We're very happy about the sales growth we're getting across all of the ways that we segment our business on the commercial side.

我們從未量化過我們的中心店、大型中心店與衛星店之間的競爭差異，但我們可以肯定地說，它們的競爭力相當強勁。對於您的第二個問題，在全國帳戶方面，我想說，我們相信我們在全國帳戶方面的份額正在隨著區域帳戶以及街上顧客或我們所說的當地商店而增長。我們對商業領域中各種業務的銷售成長感到非常高興。

And again, we believe most of that growth is, frankly, because of the initiatives that we have in place, improving assortment, the strength of our Duralast brand, service metrics around speed of delivery to the shop, and ultimately, a sales force that continues to mature.

再次強調，我們認為，坦白說，大部分成長歸功於我們採取的舉措，包括改善產品分類、鞏固 Duralast 品牌、提高送貨上門速度等服務指標，以及最終不斷成熟的銷售團隊。

It wasn't cited as a factor, but was there any merchandise margin impact from some of the new account wins?

這並沒有被認為是一個因素，但是一些新帳戶的勝利是否對商品利潤率產生了影響？

All of those customer segments have slightly different margin rates. But at the end of the day, that was not a material impact on our commercial business.

所有這些客戶群的利潤率都略有不同。但最終，這並沒有對我們的商業業務造成實質影響。

Robbie Ohmes, Bank of America.

羅比‧奧姆斯 (Robbie Ohmes)，美國銀行。

This is Victoria on for Robbie Ohmes. My first question is now that you have your California and Virginia DCs up and running for past quarter, can you comment on what kind of sales lift you've seen in these regions? And any competitive response you've seen?

這是維多利亞為羅比·歐姆斯 (Robbie Ohmes) 表演的節目。我的第一個問題是，既然你們的加州和維吉尼亞配送中心在過去一個季度已經投入運營，您能否評論一下這些地區的銷售成長情況？您有看過任何競爭反應嗎？

Yeah. The DCs have just opened up, and we're still in the process of rolling stores off of some of the other DCs to these distribution centers where the stores are ultimately closer. I wouldn't suspect that a competitor is going to change their distribution strategy based on us opening stores. So I don't think that will be a material change.

是的。這些配送中心剛剛開放，我們仍在將商店從其他一些配送中心轉移到這些商店更近的配送中心。我不會懷疑競爭對手會根據我們開設商店而改變他們的分銷策略。所以我不認為這會帶來實質的改變。

What we have seen is, as we've opened up these new distribution centers, there are some costs on getting start-up and those incremental costs will abate over time as we get all of our distribution of stores to the appropriate DCs where ultimately that reduces supply chain cost over our entire network.

我們看到的是，當我們開設這些新的配送中心時，啟動時會產生一些成本，但隨著我們將所有商店的配送轉移到適當的配送中心，這些增量成本將隨著時間的推移而減少，最終降低整個網路的供應鏈成本。

All right. That's helpful. For my follow-up, it looks like your inventory per store and in-stock levels are pretty high. Do you plan to keep investing in your assortments, improving assortments? Or do you think this is a comfortable level to be at going forward?

好的。這很有幫助。據我後續了解，你們每家商店的庫存和存貨水準似乎都相當高。您是否計劃繼續投資於您的產品種類並改進產品種類？或者您認為這是一個可以繼續前進的舒適水平？

Yes. So there's -- we did grow inventory 10% in total and a little less than 7% on a same-store basis, if you will, per store. Those investments have been where we believe we have had opportunities to continue to refine our assortment for the commercial side of the business.

是的。因此，我們的庫存總量確實增加了 10%，同店庫存（如果願意的話，每家商店的庫存）增加了略低於 7%。我們相信，透過這些投資，我們有機會繼續完善商業方面的業務組合。

Obviously, hubs, mega-hubs have a bigger assortment that gets deployed in a market which helps lift the entire market. And we've also seen opportunities in our international markets to go after commercial business and improve those assortments to go attack the opportunities we have with commercial customers in those international markets.

顯然，樞紐、大型樞紐擁有更大的品種，可以部署在市場中，有助於提升整個市場。我們也在國際市場上看到了拓展商業業務的機會，並改進了產品組合，以抓住我們在國際市場上與商業客戶合作的機會。

A similar strategy do we have in the US, those hubs and mega hubs are very important to us and continually improving our assortment to satisfy the commercial customers is a high priority for us.

我們在美國也有類似的策略，這些樞紐和大型樞紐對我們來說非常重要，不斷改進我們的產品組合以滿足商業客戶的需求是我們的首要任務。

Zach Fadem, Wells Fargo.

富國銀行的紮克法德姆。

Could you remind us what a typical ramp-up is for Mega Hub and the number of satellite stores at Mega Hub tends to service. And with the 8 new Mega Hubs in the quarter, another 10 in Q4, is there any regional color or thoughts on magnitude or density that you're adding there?

您能否提醒我們一下 Mega Hub 的典型成長以及 Mega Hub 的衛星商店數量通常用於哪些服務。本季度新增了 8 個超級樞紐，第四季度又新增了 10 個，您在添加這些超級樞紐時是否帶有區域色彩，或者對規模或密度有什麼想法？

Yeah. So typically, we'll see satellite stores get to maturity roughly in the sort of year five time frame. What we've been seeing with mega-hubs and why we're so excited about deploying those assets is that those mega hubs are ramping faster to the extent that we can put 100,000 SKUs in a big box format in a local market, jamming more parts closer to the customer.

是的。因此，通常我們會看到衛星商店大約在五年左右的時間內成熟。我們看到大型樞紐的情況，我們對部署這些資產感到如此興奮，是因為這些大型樞紐的成長速度非常快，我們可以在當地市場以大箱子的形式放置 100,000 個 SKU，從而將更多零件塞進更靠近客戶的地方。

Those boxes become magnets for traffic, and we're doing well inside the four walls. The additional impact is the fact that we use those mega-hubs, as you know, to support the entire network. And so it varies in terms of the number of satellite stores that a mega-hub will support but having that additional inventory is a lift for the entire market.

這些箱子就像磁鐵一樣吸引著客流，我們在裡面做得很好。額外的影響是，如你所知，我們使用這些大型樞紐來支援整個網路。因此，大型樞紐所支持的衛星商店數量會有所不同，但擁有額外的庫存對整個市場來說是一個提振。

Got it. And Jamere, you mentioned about 1% same-SKU inflation right now, but expectations for acceleration. Any thoughts on Q4 same SKU inflation. And as you do start to see that ramp up, could you walk us through the mechanics of LIFO and any P&L implications we should keep in mind?

知道了。Jamere，您提到目前同品類商品的通膨率約為 1%，但通膨預計會加速。對第四季相同 SKU 通膨有何看法？當您開始看到這種增長時，您能否向我們介紹後進先出法的機制以及我們應該牢記的任何損益影響？

Yeah. I mean excluding tariffs, we would expect the same SKU inflation to be in the same ZIP code. There has not been a lot of costs that have come into the market, primarily because one of the big drivers for the cost increases was freight. And we've seen freight come down off its peak, which has driven sort of lower same-SKU inflation but also has been a positive to the LIFO balance.

是的。我的意思是，排除關稅，我們預期相同的郵遞區號中 SKU 通膨率也會相同。進入市場的成本不多，主要是因為成本增加的一大驅動因素是運費。我們已經看到貨運量從高峰迴落，這導致相同 SKU 通膨率下降，但也對後進先出平衡產生了積極影響。

What I'll say about LIFO for the fourth quarter is our base assumption is that we wouldn't see any impact. However, if we do see significant tariffs, that will indeed have an inflationary impact. And you could see us book some LIFO expense in the fourth quarter.

關於第四季的後進先出法，我要說的是，我們的基本假設是不會看到任何影響。然而，如果我們確實看到高關稅，那確實會產生通膨影響。您會發現我們在第四季度登記了一些後進先出費用。

Again, there are lots of variables associated with that as we talked about a little bit earlier. We'll be transparent about what we see in the fourth quarter. But to the extent that tariffs are inflationary, that could have an expense impact from a LIFO standpoint in the fourth quarter.

再次，正如我們之前討論過的，這涉及很多變數。我們將透明地公佈第四季的情況。但如果關稅造成通貨膨脹，那麼從後進先出法的角度來看，這可能會對第四季的費用產生影響。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

I was hoping you could talk a little bit more about your outlook for the fourth quarter. You cited the expectations for solid trends against easing comparison, both DIFM and DIY. On the DIFM side, it's been a while since we talked about growing double digits on a comp basis. Could we get back to that double-digit growth rate as initiatives gain more traction and you see some higher same-SKU inflation.

我希望您能再多談談您對第四季的展望。您提到了對 DIFM 和 DIY 穩健趨勢的預期，以緩解比較。在 DIFM 方面，我們已經有一段時間沒有談論以公司基礎實現兩位數成長了。隨著舉措獲得更多關注並且同 SKU 通膨率有所上升，我們能否回到兩位數的成長率？

Yeah. What I'll say is that our outlook for the fourth quarter, particularly from a top line standpoint is that we'll have similar kind of momentum that we had in the third quarter. I think the initiatives that Phil talked about are working for us. And you've seen us sequentially improved in commercial. And we're carrying that momentum into the fourth quarter. So we feel pretty good about it from a top line standpoint.

是的。我想說的是，我們對第四季的展望，特別是從營收角度來看，我們將擁有與第三季類似的發展動能。我認為菲爾談到的舉措對我們很有幫助。並且您已經看到我們在商業方面取得了持續的進步。我們將把這種勢頭帶入第四季。因此從營收角度來看，我們對此感覺非常良好。

I think the second piece to that is that we're going to continue to invest in a disciplined way for what we see as a near-term opportunity and also a long-term opportunity. And then from a margin standpoint, as I mentioned on gross margins, we expect the gross margins to be down slightly, certainly not to the same order of magnitude that we saw in the third quarter because some of those pressures that we saw in the third quarter will obviously abate.

我認為第二點是，我們將繼續以有紀律的方式投資於我們所看到的短期機會和長期機會。然後從利潤率的角度來看，正如我提到的毛利率，我們預計毛利率會略有下降，但肯定不會下降到第三季那樣的幅度，因為我們在第三季看到的一些壓力顯然會減輕。

So Overall, I think the outlook is pretty positive for us, and we feel good about the momentum, particularly on the top line that we have going into the fourth quarter.

所以總的來說，我認為前景對我們來說相當樂觀，我們對這種勢頭感到滿意，特別是對進入第四季的營收成長。

I'll maybe add a little bit of comment on the commercial growth. Keep in mind, as we've said many times, we still are roughly a 5% share in the commercial arena. There's lots of opportunities for us to continue to grow share both in terms of adding new customers and growing share of wallet with each of those customers.

我可能會對商業成長發表一些評論。請記住，正如我們多次所說的，我們在商業領域仍然佔有大約 5% 的份額。我們有很多機會繼續擴大市場份額，無論是增加新客戶還是增加每個客戶的錢包份額。

And as we focus on our initiatives, which are assortment improvements in satellite stores, hubs, mega-hubs, improving service and improving speed of delivery to those customers with that enhanced assortment, we believe we have a lot of opportunity to continue to grow share for long term in the future.

當我們專注於我們的舉措時，即改進衛星店、樞紐、大型樞紐的商品種類，改善服務並提高向那些透過增強商品種類的客戶交付的速度，我們相信我們有很多機會在未來繼續長期增長份額。

Okay. Understood. The follow-up I have is on merchandise margin. There's been focus here in the near term. But if you think on a multiyear basis, do you still see opportunity for merchandise margin improvement, I guess, specifically as you try to grow the commercial side of the business?

好的。明白了。我要跟進的是商品利潤問題。近期這裡一直是焦點。但是，如果您從多年期角度考慮，您是否仍然看到商品利潤率提高的機會，特別是當您嘗試發展業務的商業方面時？

Yeah, I think we do. I think the way we think about it is, I think we would ultimately be able to grow share on DI or grow margin on the DIY side and margin on the commercial side, both of them independently. What will happen is as we continue to grow share and our comps on the commercial side of the business, it will put pressure on our overall margin rate.

是的，我想是的。我認為我們的想法是，我們最終能夠獨立地增加 DI 的份額或增加 DIY 方面的利潤率以及商業方面的利潤率。隨著我們商業業務的份額和可比性的不斷增長，這將給我們的整體利潤率帶來壓力。

As we've said plenty of times, we'd like to take that opportunity to have that pressure on our margin rate because we're growing the commercial business faster because that creates more EBIT for us. We like that math problem.

正如我們多次說過的那樣，我們希望藉此機會降低利潤率的壓力，因為我們正在更快地發展商業業務，因為這將為我們創造更多的息稅前利潤。我們喜歡那道數學題。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

So two quick follow-ups. One is market share. You talked about the momentum being broad-based. You did have a competitor close a large number of stores over the last six months. I'm curious whether that had any impact on the quarter.

因此有兩個快速的後續問題。一是市場佔有率。您談到了廣泛的勢頭。在過去六個月裡，你的競爭對手確實關閉了大量商店。我很好奇這是否對本季產生了影響。

It was interesting that the West Coast did not necessarily outperform. So I don't know if that implies more upside ahead. Curious how you guys think about that? And then I have a follow-up.

有趣的是，西海岸的表現不一定更佳。所以我不知道這是否意味著未來會有更多上漲空間。好奇你們對此有何看法？然後我有一個後續問題。

Yeah. Great question. I think what we've seen is specifically on the DIY side, where we have more empirical data on share because we've grown share in all of the markets, where those competitive closures happen and, frankly, where they did not happen. So we feel really good about our share growth.

是的。好問題。我認為我們所看到的特別是在 DIY 方面，我們擁有更多關於份額的經驗數據，因為我們在所有市場中的份額都有所增長，這些市場中發生了競爭性關閉，坦率地說，也發生了競爭性關閉。因此，我們對我們的份額成長感到非常滿意。

Again, we think the vast majority of our share growth is coming from what we're doing as opposed to some of the external factors, obviously, closing down stores helps. So it's pretty broad-based share. And again, you mentioned our -- and we mentioned that those West Coast markets on the commercial side weren't necessarily the strongest growing, we think weather was impactful. And again, we think our initiatives are what's driving our success.

再說一次，我們認為我們份額成長的絕大部分來自於我們正在做的事情，而不是一些外部因素，顯然，關閉商店有所幫助。因此它的份額相當廣泛。再次，您提到了我們的—我們也提到，商業方面的西海岸市場不一定是成長最強勁的，我們認為天氣是影響因素。我們再次認為，我們的舉措是推動我們成功的動力。

Okay. Great. And then just a follow-up on the gross margin. It sounds like you have decent visibility into the fourth quarter. For shrink specifically, I'm just curious, any more perspective on what happened in the period how you address that, why this is not going to be an ongoing issue?

好的。偉大的。然後只是對毛利率的後續關注。聽起來你對第四季有相當清晰的認知。具體來說，對於收縮，我只是好奇，對於這段時間發生的事情，您如何解決這個問題，為什麼這不會成為一個持續的問題？

Yeah. I think a couple of things stand out to us. One is that we're growing our business. We have a lot of activity that is happening. We've got 2 new distribution centers that are fired up here.

是的。我認為有幾件事對我們來說很突出。一是我們的業務正在成長。我們正在進行許多活動。我們這裡有兩個新的配送中心正在運作。

So the causes for shrink, we've got our arms around. And this is not something that we anticipate talking about in the fourth quarter, particularly as we move forward with all the things that we're working on from an execution standpoint.

因此，我們已經掌握了收縮的原因。這不是我們預計在第四季度談論的事情，特別是當我們從執行的角度推進我們正在做的所有事情時。

So this is a dynamic that we've been working our way through over the last several quarters. And we had a pretty tough comparison in Q3, Q4. Those pressures should largely abate.

這是我們過去幾季一直在努力解決的問題。我們在第三季和第四季進行了相當艱難的比較。這些壓力應該會大大減輕。

Greg Melich, Evercore ISI.

格雷格·梅利奇（Greg Melich），Evercore ISI。

My question is early on trade down and discretionary. I think you mentioned the consumer making some choices, spending on failure and maintenance. Wondering if they're taking those discretionary items out of the basket, or what sort of behavior you're seeing on trade down or trade out there?

我的問題是關於早期的降級交易和自由裁量權。我想您提到了消費者所做的一些選擇、在故障和維護上花費的錢。想知道他們是否將這些可自由支配的物品從購物籃中取出，或者您看到他們以何種方式進行降價或以何種方式進行交易？

Yeah. We haven't seen necessarily a lot of trade down partly because in most categories, we don't have a lot of choice. We do in some categories like batteries and brakes and things of that nature. And we haven't seen necessarily a big move down out of premium good, better or best product.

是的。我們並未看到大量的交易下滑，部分原因是在大多數類別中，我們沒有太多的選擇。我們在電池、煞車等一些類別上確實有業務。而且我們並未看到優質產品、更好產品或最佳產品大幅下滑。

What we have seen is the discretionary businesses, they've been under pressure for quite some time now. The big negative comps we were seeing coming out of the back end of the pandemic have kind of largely slowed.

我們看到，非必需消費品業務已經承受了相當長一段時間的壓力。我們看到，疫情後期出現的大幅負面成長已經大幅放緩。

So they're more constant in its volume. But it's the smallest piece of our business. It's roughly 16% of our total volume on the DIY side, and it's remained relatively at that point. I don't believe those discretionary categories will meaningfully improve until our consumer has more cash in their pocket.

所以它們的體積更加恆定。但這是我們業務中最小的一部分。它大約占我們 DIY 總量的 16%，並且相對保持在這個水平。我認為，除非我們的消費者口袋裡有更多的現金，否則這些可自由支配的類別不會得到有意義的改善。

Got it. And then my follow-up was on margin, just to understand how the international EBIT hit from FX, Jamere, presumably, does that show up more in SG&A than gross margin if we think about where it's allocated?

知道了。然後我的後續問題是利潤率，只是為了了解外匯對國際息稅前利潤的影響，Jamere，如果我們考慮它的分配情況，那麼這在銷售、一般和行政費用中的表現是否比毛利率更高？

Yeah. I mean if you think about -- it shows up in the top line, and then you'll see that top line flow through the gross margin. And then it's actually a little bit of a good guy on the SG&A line, a net-net negative for EBIT.

是的。我的意思是，如果你考慮一下——它會出現在頂線中，然後你會看到頂線流經毛利率。然後它實際上對銷售、一般和行政費用 (SG&A) 線來說有點好，對息稅前利潤 (EBIT) 來說則為淨負值。

So if we're thinking about deleverage, that would look worse because of the P&L internationally or no, it's actually a little good guy.

因此，如果我們考慮去槓桿，情況會變得更糟，因為國際上的損益表或沒有損益表，這實際上是一個小好事。

Overall, it will be a bad guy.

總的來說，這將是一個壞人。

A bad guy. All right.

一個壞人。好的。

Thank you. Before we conclude the call, I'd like to take a moment to reiterate that we believe our industry remains in a strong position and our business model is solid. We are excited about our growth prospects for the quarter, but we will take nothing for granted as we understand that our customers have alternatives.

謝謝。在我們結束通話之前，我想花點時間重申，我們相信我們的行業仍然處於強勢地位，我們的商業模式穩固。我們對本季的成長前景感到興奮，但我們不會掉以輕心，因為我們知道我們的客戶還有其他選擇。

We have exciting plans that will help us succeed in the future, but I want to stress that this is a marathon and not a sprint. As we continue to focus on flawless execution and strive to optimize shareholder value for the future, we are confident that AutoZone will be successful. Thank you for participating in today's call.

我們制定了令人興奮的計劃，幫助我們在未來取得成功，但我想強調的是，這是一場馬拉松，而不是短跑。隨著我們繼續專注於完美執行並努力優化未來的股東價值，我們相信 AutoZone 將會成功。感謝您參加今天的電話會議。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的會議到此結束，大家可以斷開連線了。感謝您的參與。