汽車地帶 (AZO) 2025 Q4 法說會逐字稿

Greetings. Welcome to AutoZone's 2025 Q4 earnings release conference call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 AutoZone 2025 年第四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。

Before we begin, the client would like to read their forward-looking statement. Please go ahead.

在我們開始之前，客戶想閱讀他們的前瞻性聲明。請繼續。

Before we begin, please note that today's call includes forward-looking statements that are subject to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. Please refer to this morning's press release and the company's most recent annual report on Form 10-K and other filings with the Securities and Exchange Commission for discussion of important risks and uncertainties that could cause actual results to differ materially from expectations.

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最新的 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 the date made, and the company undertakes no obligation to update such statements. Today's call will also include certain non-GAAP measures. The reconciliation of GAAP to non-GAAP financial measures can be found in our press release.

前瞻性陳述僅代表作出之日的觀點，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某些非公認會計準則指標。您可以在我們的新聞稿中找到 GAAP 與非 GAAP 財務指標的對帳。

I would now like to turn the call over to your host Phil Daniele, President and CEO of AutoZone. You may begin.

現在我想將電話轉給主持人、AutoZone 總裁兼執行長 Phil Daniele。你可以開始了。

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

謝謝。早安，感謝您今天參加 AutoZone 2025 年第四季電話會議。今天與我一起的還有財務長 Jamere Jackson 和副總裁、財務主管、投資者關係和稅務部門的 Brian Campbell。

Regarding the fourth 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.autozone.com under the Investor Relations link. Please click on the quarterly earnings conference call to see them.

關於第四季度，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.autozone.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。

To start out this morning, I want to thank our more than 130,000 AutoZoners across the entire company for their commitment to delivering on the first line of our pledge. AutoZoners always put customers first. Our operating theme for FY25 was great people, great service, and we have lived up to that theme. Their contributions continue to allow us to deliver solid results. We will continue to succeed as long as we are all working towards the common goal of delivering what AutoZoners call WOW! Customer Service.

今天早上，首先，我要感謝全公司 13 萬多名 AutoZoners 致力於履行我們的第一個承諾。AutoZoners 始終將客戶放在第一位。我們 25 財年的經營主題是優秀的人才、優質的服務，我們也確實踐行了這個主題。他們的貢獻使我們能夠繼續取得堅實的成果。只要我們共同努力，實現 AutoZoners 所說的 WOW！ ，我們就會繼續取得成功！客戶服務。

To get started this morning, let me address our sales results. Coming into the quarter, we were optimistic that our focus on improved store execution would drive sales growth for both our retail and commercial channels. More specifically, we felt the momentum we gained over the last two quarters with our domestic commercial same stores sales would continue this quarter. We are very pleased that our domestic commercial sales accelerated again this quarter to 12.5% on a 16-week basis. Additionally, our domestic retail comp performed well at 2.2%.

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，專注於改善門市執行將推動零售和商業通路的銷售成長。更具體地說，我們認為過去兩個季度我們在國內商業同店銷售方面取得的勢頭將在本季度繼續延續。我們非常高興，本季我們的國內商業銷售額在 16 週內再次加速至 12.5%。此外，我們的國內零售業表現良好，成長率為 2.2%。

Finally, our international constant currency comp remained solid, up 7.2% for the quarter, and relatively consistent on a two-year basis with last quarter's results. We are encouraged by our continued sales results, and we are excited about the outlook for the 2026 fiscal year.

最後，我們的國際固定匯率營收保持穩健，本季上漲 7.2%，與上一季的兩年業績基本一致。我們對持續的銷售業績感到鼓舞，並對 2026 財年的前景感到興奮。

Next, let me touch on a few highlights for the quarter, and then I'll give you a little more color on our execution, the current environment, and our outlook. For the quarter, as we continue to focus on what we call WOW! Customer Service, our total sales grew plus 0.6%, while earnings per share decreased 5.6%. I will remind you that last year, we had an extra week in the quarter. If we adjust last year to include only 16 weeks, our total sales grew 6.9% while our earnings per share grew plus 1.3%.

接下來，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、當前環境和前景。本季度，我們將繼續關注我們所謂的WOW！客戶服務方面，我們的總銷售額成長了 0.6%，但每股收益下降了 5.6%。我要提醒大家，去年我們在該季度多出了一週的時間。如果我們調整去年的數據，使其只包括 16 週，那麼我們的總銷售額將成長 6.9%，而每股盈餘將成長 1.3%。

Additionally, I want to point out that this year's gross margin, operating profit, and EPS were negatively impacted by a non-cash $80 million LIFO charge. This charge had an impact on margins and EPS. Excluding this LIFO charge, our EPS would have been plus 8.7% versus last year on a 16-week basis.

此外，我想指出的是，今年的毛利率、營業利潤和每股盈餘都受到了 8,000 萬美元非現金後進先出費用的負面影響。這項費用對利潤率和每股盈餘產生了影響。如果不計入這筆後進先出費用，我們的每股盈餘將在 16 週基礎上比去年同期成長 8.7%。

We also delivered a positive 5.1% total company same store sales on a constant currency basis with domestic same store sales growth of 4.8%. Our domestic DIY same store sales grew 2.2%, while our domestic commercial sales grew up 12.5% versus last year on a 16-week basis.

以固定匯率計算，我們的公司同店銷售額總額也成長了 5.1%，其中國內同店銷售額成長了 4.8%。我們的國內 DIY 同店銷售額成長了 2.2%，而我們的國內商業銷售額在 16 週內比去年同期成長了 12.5%。

International same store sales were up 7.2% on a constant currency basis. While our international business continues to comp impressively, we faced over 5 points of currency headwind which resulted in a lower unadjusted international comp of 2.1%. As you know, the stronger US dollar had a negative impact on our reported sales, operating profit, and earnings per share. Jamere will provide more color for you on the foreign currency impact on our financial results for both this past quarter and the upcoming first quarter later on this call.

以固定匯率計算，國際同店銷售額成長 7.2%。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 5 個點的貨幣逆風，導致未經調整的國際業務成長率下降 2.1%。如您所知，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。在本次電話會議的稍後部分，Jamere 將為您詳細介紹外匯對我們上一季和即將到來的第一季財務業績的影響。

Specifically related to our domestic commercial business, our focus is on improving execution, expanding parts availability, and improved speed of delivery to our commercial professional customers. These initiatives helped us significantly improve our sales results versus last year. Commercial sales were up 12.5% year over year on a 16-week basis versus a very strong plus 10.7% in the third quarter and 7.3% in the second quarter. We believe the initiatives we have in place have a long runway and will drive strong results into the future quarters. We are pleased with our efforts and our execution thus far.

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、提高交付給商業專業客戶的速度。這些措施幫助我們大幅提高了銷售業績，較去年同期相比。商業銷售額以 16 週計算年增 12.5%，而第三季成長 10.7%，第二季成長 7.3%。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。我們對迄今為止的努力和執行感到滿意。

Next, I'll discuss the quarter's sales cadence. Regarding our positive 4.8% quarterly domestic same store sales, the cadence was plus 4.4% in the first four weeks, plus 2.4% in the second four weeks, plus 6% in the third four-week segment, and plus 6.4% over the last four weeks of the quarter. Because this quarter's second four-week segment had the July 4 holiday, while last year the holiday fell in the third four-week segment, we feel it's appropriate to combine the middle eight weeks of results.

接下來，我將討論本季的銷售節奏。關於我們季度國內同店銷售額成長 4.8% 的節奏，前四周成長 4.4%，第二個四周成長 2.4%，第三個四周成長 6%，本季最後四周成長 6.4%。由於本季的第二個四周期間恰逢 7 月 4 日假期，而去年假期恰逢第三個四周期間，因此我們認為將中間八週的業績合併起來較為合適。

Our comp was plus 4.2% over this segment. Therefore, the ramp being plus 4.4%, plus 4.2%, and plus 6.4%. We're encouraged by those numbers. We attribute this ramp to both growing market share and the warmer, more summer-like weather arriving in mid-July while last year's warmer weather came earlier in the quarter. This positively impacted both our DIY and commercial sales. Overall, we are encouraged with our sales acceleration this quarter, and we are excited to start the new year.

我們的利潤在這一部分上漲了 4.2%。因此，坡度分別為增加 4.4%、增加 4.2% 和增加 6.4%。這些數字令我們感到鼓舞。我們將這種增長歸因於市場份額的增長和 7 月中旬到來的更溫暖、更像夏天的天氣，而去年的溫暖天氣在本季度早些時候就出現了。這對我們的 DIY 和商業銷售都產生了正面的影響。總體而言，我們對本季的銷售成長感到鼓舞，並對新的一年充滿期待。

Now let me focus a few -- for a few more minutes on our domestic DIY business. Our merchandise category segments failure, maintenance, and discretionary were all positive for the quarter. It is very encouraging for us to see the discretionary categories grow at a pace not seen since FY 2023. Regarding our plus 2.2% DIY comp for the quarter, we experienced a positive 2.1% in the first four-week segment, plus 0.9% in the second segment, plus 1.7% across the third segment, and up 4.1% during the last segment.

現在，讓我再花幾分鐘時間集中討論一下我們的國內 DIY 業務。本季度，我們的商品類別細分市場故障、維護和可自由支配商品均表現良好。我們非常高興地看到，可自由支配類別的成長速度達到了 2023 財年以來的最高水準。關於我們本季增加 2.2% 的 DIY 銷售額，我們在前四周期間實現了 2.1% 的正增長，在第二四周期間實現了 0.9% 的正增長，在第三四周期間實現了 1.7% 的正增長，在最後四周期間實現了 4.1% 的正增長。

With regard to inflation's impact on DIY sales, we saw higher average DIY ticket growth at 3.9% versus like-for-like same SKU inflation up approximately 2.8% for the quarter. We attribute the higher average ticket versus SKU inflation growth to an improved product mix this quarter. We continue to expect ticket inflation to be up at least 3% for the remainder of the calendar year.

關於通貨膨脹對 DIY 銷售的影響，我們發現本季平均 DIY 票價成長率較高，為 3.9%，而同類 SKU 通貨膨脹率則上漲了約 2.8%。我們將本季平均票價相對於 SKU 通膨率成長的提高歸因於產品組合的改善。我們預計今年剩餘時間內票價通膨率仍將上漲至少 3%。

We also saw DIY traffic count down 1.9%, which was relatively consistent across the quarter, although the best period for DIY transaction performance was our last segment at negative 0.6%, which is exciting as it was also our best average ticket growth in the quarter. This correlated with warmer weather temperatures versus the previous periods.

我們還看到 DIY 客流量下降了 1.9%，這在整個季度中相對穩定，儘管 DIY 交易表現最好的時期是我們上一個階段的負 0.6%，但這令人興奮，因為這也是我們本季度最佳的平均票價增長。這與前幾個時期氣溫升高有關。

We continue to see data that confirms we are gaining share, and we are encouraged by our most recent trends. We believe we have best-in-class product offerings and customer service. This gives us confidence that we will continue to win in the marketplace. Finally, all of our census regions were positive, led by the Northeast and the Rust Belt markets, which were driven by share gains and favorable weather after having a more normal winter and spring weather season.

我們不斷看到的數據證實我們的市場份額正在增加，並且我們對最近的趨勢感到鼓舞。我們相信我們擁有一流的產品和客戶服務。這使我們有信心繼續在市場上取勝。最後，我們所有的人口普查地區都呈現積極態勢，其中東北地區和鐵鏽地帶市場表現最為突出，這得益於經歷了較為正常的冬季和春季天氣後，市場份額的增加和有利的天氣。

Next, I will touch on our domestic commercial business. As I mentioned, our commercial sales were up 12.5% for the quarter on a 16-week basis. The first four-week segment grew 11.4%, the second four-week segment grew 7.3%, the third four-week segment grew 17.9%, and the last four-week segment grew 13.4%, including this year's -- excluding this year's additional week.

接下來我來講一下我們國內的商業業務。正如我所提到的，本季我們的商業銷售額以 16 週計算成長了 12.5%。第一個四周時段增長了 11.4%，第二個四周時段增長了 7.3%，第三個四周時段增長了 17.9%，最後一個四周時段增長了 13.4%，包括今年的——不包括今年的額外一周。

As previously mentioned, the second four-week segment this year had the July 4 holiday in it. While last year, the July 4 holiday fell in the third four-week segment. When combining the sales of both second and third segments, sales grew plus 12.5% over those eight weeks. Overall, we saw a steady increase in the performance throughout the quarter.

如前所述，今年的第二個四周假期包含 7 月 4 日假期。而去年，7 月 4 日的假期位於第三個四周時段。將第二和第三部分的銷售額合併起來，八週內銷售額成長了 12.5%。總體而言，我們看到整個季度的業績穩定成長。

We are very encouraged with our improved satellite store, inventory availability, significant improvements in our Hub and MegaHub store coverage, the continued strength of our Duralast brand and improved execution in our initiatives to improve speed of delivery and customer service for the professional customers. These initiatives are delivering share gains and give us confidence as we move into FY26. Year-over-year inflation on a like-for-like SKU basis for a commercial business was roughly 2.7% and contributed to our average ticket growth of approximately 3.7%.

我們對我們的衛星商店、庫存可用性的改進、Hub 和 MegaHub 商店覆蓋範圍的顯著改善、我們 Duralast 品牌的持續實力以及我們為提高專業客戶的交付速度和客戶服務而採取的舉措的執行情況感到非常鼓舞。這些舉措正在帶來市場份額的成長，並讓我們對進入 26 財年充滿信心。商業業務同類 SKU 的同比通貨膨脹率約為 2.7%，並推動我們的平均票價成長約 3.7%。

Lastly, we were very pleased with the gross growth in our commercial transactions year over year, with traffic up 6.2% 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 SKU inflation will accelerate as we move forward.

最後，我們對商業交易總額的年增率感到非常高興，同店客流量增加了 6.2%。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同類零售 SKU 通膨將隨著我們的前進而加速的預期的推動。

For the quarter, we opened a total of 90 net domestic stores and 51 stores in our international markets. For the year we opened 304 net new stores, the most since 1996. We remain committed to more aggressively opening satellite stores, Hub stores, and MegaHub stores. Hub and MegaHub's comps results continue to grow faster than the balance of the chain, and we're going to continue to aggressively deploy these assets for FY26. For

本季度，我們在國內市場共開設了 90 家淨店，在國際市場開設了 51 家淨店。今年我們新開了 304 家店，是 1996 年以來最多的一年。我們將繼續致力於更積極地開設衛星商店、Hub 商店和 MegaHub 商店。Hub 和 MegaHub 的同店銷售額成長速度持續快於整個連鎖企業，我們將在 2026 財年繼續積極部署這些資產。為了

FY26, we expect to continue to open stores at an accelerated pace, and Jamere will share more on our new store development progress. As we move into FY26, we expect both DIY and commercial sales trends to remain solid as we gain momentum and grow market share behind our growth initiatives. We will, as always, be transparent about what we are seeing and provide color on our markets and outlook as trends emerge.

FY26，我們預計將繼續以加速的速度開設門市，Jamere 將分享更多有關我們新店開發進度的資訊。隨著我們進入 26 財年，隨著我們獲得發展動力並在成長計畫的支持下擴大市場份額，我們預計 DIY 和商業銷售趨勢都將保持穩固。我們將一如既往地公開我們所看到的情況，並在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 51 new stores in the quarter and now have 1,030 international stores. As I mentioned, our same store sales grew 7.2% on a constant currency basis. We remain very positive on our growth opportunities in these markets. Today, we have over 13% of our total store base outside the US, and we expect this number to grow as we accelerate our international store openings. We opened 109 international stores for the year, and we expect to open slightly more in FY26.

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 51 家新店，目前擁有 1,030 家國際店。正如我所提到的，以固定匯率計算，我們的同店銷售額成長了 7.2%。我們對這些市場的成長機會仍然非常樂觀。如今，我們在美國以外的門市總數已超過 13%，隨著我們加快國際門市開設步伐，我們預計這一數字還會增長。我們今年開設了 109 家國際門市，預計 26 財年將開設更多門市。

In summary, we have continued to invest in driving 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，我們一直在投資推動流量和銷售成長。雖然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，這些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 invested approximately $1.4 billion in CapEx in order to drive our strategic growth priorities, and we expect to invest a similar amount this next year. The majority of our investments will be in accelerated store growth, specifically Hubs and MegaHubs that place more inventory closer to our customers.

我們正在投資資本支出和營運費用來利用這些機會。今年，我們投資了約 14 億美元的資本支出，以推動我們的策略成長重點，我們預計明年也將投資類似的金額。我們的大部分投資將用於加速門市成長，特別是將更多庫存放置在更靠近客戶的 Hub 和 MegaHub。

This past year, we also opened two new distribution centers while utilizing our existing distribution centers to drive efficiency and reduce supply chain costs, and we will continue investing in technology to improve customer service and our AutoZoner's ability to deliver on our promise of wow customer service. This is the right time to invest in these initiatives as we believe the industry demand will continue to remain strong and we have the ability to grow our market share.

去年，我們還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，我們將繼續投資技術以改善客戶服務並提高 AutoZoner 兌現令人驚嘆的客戶服務承諾的能力。現在是投資這些舉措的最佳時機，因為我們相信行業需求將繼續保持強勁，我們有能力擴大我們的市場份額。

Now I will turn the call over to Jamere Jackson.

現在我將把電話轉給 Jamere Jackson。

Thanks, Phil, and good morning, everyone. Our underlying operating results for the quarter were strong, highlighted by strong top-line results. Total sales were $6.2 billion and up 0.6% versus the 17-week quarter last year. On a 16-week comparison to last year, our sales grew 6.9%. Our domestic same store sales grew 4.8%, and our international comp was up 7.2% on a constant currency basis. Total company EBIT was down 1.1%, and our EPS was up 1.3% on a 16-week basis.

謝謝，菲爾，大家早安。我們本季的基本經營業績強勁，其中突出的是強勁的營收業績。總銷售額為 62 億美元，比去年第 17 週季度成長 0.6%。與去年同期相比，16 週內我們的銷售額成長了 6.9%。以固定匯率計算，我們的國內同店銷售額成長了 4.8%，國際同店銷售額成長了 7.2%。該公司整體息稅前利潤下降 1.1%，而每股收益在 16 週基礎上上漲 1.3%。

I do want to point out that excluding our non-cash $80 million LIFO charge and reporting on a comparable 16-week basis, EBIT would have grown 5.5% and EPS would have been up 8.7%. As Phil discussed earlier, we also had a headwind from foreign exchange rates this quarter. For Mexico, FX rates weakened just over 5% versus the US dollar for the quarter and a $36 million headwind to sales, a $14 million headwind to EBIT, and a $0.57 a share drag on the EPS versus the prior year. For the full year, our sales were $18.9 billion, up 4.5% versus last fiscal year on a 52-week basis.

我確實想指出，如果不包括我們 8000 萬美元的非現金後進先出費用，並按照可比的 16 週基礎進行報告，息稅前利潤將增長 5.5%，每股收益將增長 8.7%。正如菲爾之前所討論的，本季我們也面臨外匯匯率的阻力。對於墨西哥而言，本季外匯匯率兌美元下跌了 5% 多一點，給銷售額造成了 3,600 萬美元的不利影響，給息稅前利潤造成了 1,400 萬美元的不利影響，給每股收益造成了 0.57 美元的拖累。全年我們的銷售額為 189 億美元，以 52 週計算比上一財年成長 4.5%。

We continue to be proud of our results as the efforts of our AutoZoners and 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 Q4, and first I'll give a little more color on our sales and our growth initiatives.

我們繼續為我們的業績感到自豪，因為我們的 AutoZoners 以及我們的商店和配送中心的努力使我們能夠繼續發展我們的業務。請容許我花幾分鐘時間詳細說明我們第四季損益表的具體內容，首先我將更詳細地介紹我們的銷售和成長計畫。

Starting with our domestic commercial business for the fourth quarter. Our domestic DIFM sales were $1.8 billion, up 12.5% on a 16-week basis. For the quarter, our domestic commercial sales represented 33% of our domestic auto parts sales and 28% of our total company sales. Our average weekly sales per program were approximately $18,200, up 9% versus last year.

從第四季的國內商業業務開始。我們的國內 DIFM 銷售額為 18 億美元，16 週內成長了 12.5%。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 33% 和公司總銷售額的 28%。我們每個項目的平均每週銷售額約為 18,200 美元，比去年增長 9%。

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 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。我們有自己的商業計劃和 92% 的國內商店，它們利用我們的 DIY 基礎設施，並且我們正在透過國家、地區和本地帳戶開展業務。

This quarter, we opened 87 net new programs, finishing with 6,098 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 share of wallet with existing customers and adding new customers.

本季度，我們淨開設了 87 個新項目，總項目數達到 6,098 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。我們計劃積極爭取增加現有客戶的錢包份額並吸引新客戶。

MegaHub stores remain a key component of our current and future commercial growth. We opened 14 MegaHubs and finished the fourth quarter with 133 MegaHub stores. We expect to open 25 to 30 MegaHub locations over the next fiscal year. As a reminder, our MegaHubs 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.

MegaHub 商店仍然是我們當前和未來商業成長的重要組成部分。我們開設了 14 家 MegaHub，第四季末 MegaHub 門市總數達到 133 家。我們預計在下一個財政年度開設 25 至 30 個 MegaHub 網點。提醒一下，我們的 MegaHub 通常擁有超過 100,000 個 SKU，可以大幅提升商店內的銷售額，同時還可以作為其他商店的擴大商品種類來源。

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

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。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。

While I mentioned a moment ago that our average commercial weekly sales per program grew 9%, the 133 MegaHubs are growing much faster than the balance of the commercial business in Q4. We continue to target having almost 300 MegaHubs at full build out. Our customers are excited by our commercial offering as we deplore more parks and local markets closer to the customer while improving our service levels.

雖然我剛才提到，我們每個專案的平均每週商業銷售額成長了 9%，但 133 個 MegaHub 的成長速度遠遠快於第四季商業業務的平衡。我們繼續以全面建成近 300 個 MegaHub 為目標。我們的客戶對我們的商業產品感到非常興奮，因為我們在提高服務水準的同時，也致力於在更靠近客戶的地方建立更多的公園和當地市場。

On the domestic retail side of our business, our DIY comp was up 2.2% for the quarter. As Phil mentioned, we saw traffic down 1.9%, along with a positive 3.9% ticket growth. Over time, we 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.

在我們業務的國內零售方面，本季我們的 DIY 銷售額成長了 2.2%。正如菲爾所提到的，我們看到客流量下降了 1.9%，但票價卻增加了 3.9%。隨著時間的推移，我們預計交易數量將略有下降，但票務數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業務長期歷史趨勢一致。

Our DIY shares remain 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 FY26.

在我們的成長計畫的推動下，我們的 DIY 份額依然強勁，我們已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 2026 財年 DIY 商業環境的彈性。

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 45 new stores in Mexico to finish with 883 stores; and 6 new stores in Brazil, ending with 147. Our same store sales grew 7.2% on a constant currency basis and positive 2.1% on an unadjusted basis.

現在我來談談我們的國際事業。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 45 家新店，最終門市總數達到 883 家；在巴西開設了 6 家新店，最終門市總數達到 147 家。我們的同店銷售額以固定匯率計算成長了 7.2%，以未經調整計算成長了 2.1%。

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 an attractive and meaningful contributor to AutoZone's future sales and operating profit growth.

我們仍然致力於國際化，我們對這些市場的表現感到滿意。我們將加快開設新店的步伐，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 minutes on the rest of the P&L and gross margins. For the quarter, our gross margin was 51.5%, down 103 basis points versus last year on a 16-week basis. This quarter, we had an $80 million LIFO charge or a 128-basis-point unfavorable LIFO comparison to last year. Excluding the LIFO comparison in last year's additional week, we had a 25-basis-point improvement to gross margin, driven by solid merchandise margin improvement.

現在，讓我花幾分鐘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 51.5%，以 16 週計算，較去年同期下降 103 個基點。本季度，我們的後進先出法費用為 8,000 萬美元，與去年相比，後進先出法不利 128 個基點。除去去年額外一週的後進先出法比較，我們的毛利率提高了 25 個基點，這得益於商品利潤率的穩定提高。

Next quarter, we anticipate continued benefits from merchandise margins that should offset the rate headwind from the makeshift to a faster growing commercial business. As I mentioned, we had an $80 million LIFO charge in Q4. We're planning a LIFO charge of approximately $120 million for next quarter as we're continuing to experience higher costs due to tariffs that impact our LIFO layers.

下個季度，我們預計商品利潤率將繼續上漲，這應該可以抵消臨時業務向更快增長的商業業務轉變所帶來的利率逆風。正如我所提到的，我們在第四季有 8000 萬美元的後進先出費用。由於影響我們後進先出層的關稅導致成本持續上升，我們計劃在下個季度收取約 1.2 億美元的後進先出費用。

Moving on to operating expenses. Our expenses were up 8.7% versus last year on a 16-week basis, as SG&A as a percentage of sales delivered -- deleverage 53 basis points driven by investments to support our growth initiatives. On a per store basis, our SG&A was up 4.4% on a 16-week basis compared to last quarter's 5.1% increase.

繼續討論營運費用。我們的支出在 16 週內比去年同期增長了 8.7%，因為銷售、一般和行政費用佔已交付銷售額的百分比——在支持我們增長計劃的投資推動下，去槓桿率降低了 53 個基點。以每家店計算，我們的銷售、一般及行政費用在 16 週內上漲了 4.4%，而上一季的增幅為 5.1%。

We have been investing in an SG&A in order to capitalize on opportunities to grow our business now and in the near future. These investments will help us grow market share, improve the customer experience, speed up delivery times, and drive productivity. We remain committed to being disciplined on SG&A growth, and we will manage expenses in line with sales growth over time.

我們一直在投資銷售、一般及行政費用 (SG&A)，以便利用機會在現在和不久的將來發展我們的業務。這些投資將幫助我們擴大市場份額、改善客戶體驗、加快交貨時間並提高生產力。我們將繼續致力於嚴格控制銷售、一般和行政費用的成長，並將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 $1.2 billion, down 1.1% versus the prior year on a 16-week basis. As I previously mentioned, a combination of LIFO charges and FX rates reduced our EBIT by $94 million. Adjusting for the unfavorable LIFO comparison and reporting on a constant currency and 16-week basis, our EBIT would have been up 6.6% versus the prior year.

轉到損益表的其餘部分。本季息稅前利潤為 12 億美元，以 16 週計算較上年同期下降 1.1%。正如我之前提到的，後進先出費用和外匯匯率的組合使我們的息稅前利潤減少了 9,400 萬美元。經過不利的後進先出法比較和以固定貨幣和 16 週為基礎的報告，我們的息稅前利潤將比上年增長 6.6%。

Interest expense for the quarter was $148 million, up 2.7% from a year ago on a 16-week basis, as our debt outstanding at the end of the quarter was $8.8 billion versus $9 billion a year ago. We're planning interest in the $112 million range for the first quarter of FY26 versus $108 million last year. Higher borrowing rates have driven interest expense increases.

本季利息支出為 1.48 億美元，以 16 週計算比去年同期增加 2.7%，因為本季末的未償還債務為 88 億美元，而去年同期為 90 億美元。我們計劃 26 財年第一季的利息為 1.12 億美元，而去年同期的利息為 1.08 億美元。借貸利率上升導致利息支出增加。

For the quarter, our tax rate was 20.1%, down from last year's fourth quarter of 21%, driven primarily by higher stock option expense benefit. This quarter's tax rate benefited 152 basis points from stock options exercise, while last year it benefited 80 basis points.

本季度，我們的稅率為 20.1%，低於去年第四季的 21%，主要原因是股票選擇權費用收益增加。本季的稅率因股票選擇權行使而受益152個基點，而去年則受益80個基點。

For the first quarter of FY25, we suggest investors model us at approximately 23.2% before any assumption on credits due to stock option exercises. For the full year, EBIT was $3.6 billion, down 4.7%, driven by the extra week and $104 million in net LIFO impacts. Excluding the LIFO and currency headwinds, EBIT would have grown 2.7% on a 52-week basis.

對於 25 財年第一季，我們建議投資者在對股票選擇權行使產生的信貸進行任何假設之前，將我們的模型設定為約 23.2%。全年息稅前利潤為 36 億美元，下降 4.7%，原因是多出的一周和 1.04 億美元的淨後進先出法影響。排除後進先出法和貨幣逆風，息稅前利潤在 52 週內將增加 2.7%。

Moving the net income and EPS. Net income for the quarter was $837 million, down 0.5% versus last year on a 16-week basis. Our diluted share count of $17.2 million was 1.8% lower than last year's fourth quarter. The combination of lower net income and lower share count drove earnings per share for the quarter to $48.71, up 1.3% on a 16-week basis.

移動淨收入和每股收益。本季淨收入為 8.37 億美元，以 16 週計算比去年同期下降 0.5%。我們的稀釋股本為 1,720 萬美元，比去年第四季下降 1.8%。淨收入下降和股票數量減少共同導致本季每股收益達到 48.71 美元，比 16 週上漲 1.3%。

As a reminder, the combination of LIFO and unfavorable FX comparison drove our EPS down $4.14 a share. For FY25, net income was $2.5 billion, down 6.2%, and earnings per share was $144.87, down 3.1%. LIFO and FX drove our EPS down $6.42 a share in FY25.

提醒一下，後進先出法和不利的外匯比較導致我們的每股盈餘下降 4.14 美元。25 財年淨收入為 25 億美元，下降 6.2%，每股收益為 144.87 美元，下降 3.1%。後進先出法和外匯導致我們的每股盈餘在 2025 財年下降 6.42 美元。

Now let me talk about our free cash flow. For the quarter, we generated $511 million in free cash flow and $1.8 billion for FY25. 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.

現在讓我來談談我們的自由現金流。本季度，我們產生了 5.11 億美元的自由現金流，2025 財年產生了 18 億美元的自由現金流。我們期望未來繼續成為強大的現金流產生器，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 9.6% versus Q4 last year, while total inventory increased 14.1% over the same period last year, driven by new stores, additional inventory investment to support our growth initiatives and inflation.

關於我們的資產負債表，我們的流動性狀況仍然非常強勁，我們的槓桿率達到 EBITDAR 的 2.5 倍。與去年第四季相比，我們每家門市的庫存增加了 9.6%，而總庫存比去年同期增加了 14.1%，這得益於新店的開設、為支持我們的成長計劃而進行的額外庫存投資以及通貨膨脹。

Net inventory defined as merchandise inventories less accounts payable on a per store basis was negative $131,000 versus negative $163,000 last year and negative $142,000 last quarter. As a result, accounts payable as a percent of gross inventory, finished a quarter at 114.2% versus last year's Q4 of 119.5%.

淨庫存定義為每家商店的商品庫存減去應付帳款，為負 131,000 美元，而去年為負 163,000 美元，上一季為負 142,000 美元。結果，應付帳款佔總庫存的百分比本季為 114.2%，去年第四季為 119.5%。

Lastly, I'll spend a moment on capital allocation and our share repurchase program. We repurchased $447 million of AutoZone stock in the quarter. And at quarter end, we had $632 million remaining under our share buyback authorization.

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 4.47 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 6.32 億美元。

Our ongoing strong earnings, balance sheet, and powerful free cash allows us to return a significant amount of cash to our shareholders through our buyback program. We have bought back over 100% of [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.

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返還大量現金。自 1998 年開始回購以來，我們已回購了當時超過 100% 的流通股，同時投資於現有資產並發展業務。我們仍然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 in 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的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 FY26, we're bullish on our growth prospects behind a [resilient] DIY business, a fast-growing international business, and a domestic commercial business that is growing share in a meaningful way. 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 26 財年，我們看好我們的成長前景，這得益於 [有彈性的] DIY 業務、快速成長的國際業務以及份額顯著增長的國內商業業務。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重大且持續的價值。

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 21. Then we expect an approximate $32 million benefit to revenue, a $9 million benefit to EBIT, and a $0.38 a shared benefit to EPS.

正如本季早些時候提到的，外幣對收入和每股收益造成了不利影響。如果昨天的現貨匯率維持在 21。那麼我們預計收入將增加約 3,200 萬美元，息稅前利潤將增加 900 萬美元，每股收益將增加 0.38 美元。

Additionally, as you build your FY26 models, note that we are aggressively building stores both domestically and in Mexico and expect to build 325 to 350 stores in the Americas in FY26. The buildout will be skewed to the back half of the year, and we'll make up the majority of our plan CapEx of approximately $1.5 billion.

此外，當您建立 FY26 模型時，請注意我們正在積極在國內和墨西哥建立商店，並預計在 FY26 在美洲建立 325 至 350 家商店。建設將集中在下半年，我們的計畫資本支出將主要集中在下半年，約 15 億美元。

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

現在，我將話題轉回給菲爾。

Thank you, Jamere. We are excited to start FY26. We have a lot to accomplish in this new fiscal year. We are committed to improving our execution and driving Wow! Customer Service. We feel we are well positioned to grow sales across our domestic and our international store businesses with both our retail and our commercial customers.

謝謝你，Jamere。我們很高興開始 26 財年。在新的財政年度我們有很多事情要做。我們致力於提高我們的執行力並推動哇！客戶服務。我們認為，我們已做好準備，透過零售和商業客戶來增加國內和國際商店業務的銷售額。

We expect to manage our gross margins effectively, and operating expense is appropriate for future growth. We continue to put our capital to work where it will have the biggest impact on sales, our stores, our distribution centers, and investing in technology to build a superior customer service experience.

我們希望有效管理我們的毛利率，並且營運費用適合未來的成長。我們將繼續把我們的資金投入到對銷售、我們的商店、我們的配送中心產生最大影響的地方，並投資科技以打造卓越的客戶服務體驗。

The top focus areas for FY26 will be growing share in our domestic commercial business and continuing our momentum in international. We are excited to get started on our first quarter. But we understand we cannot take things for granted. We must remain laser focused on customer service, flawless execution, and gaining market share in every market in which we operate.

2026 財年的首要關注領域是擴大國內商業業務的份額並延續我們在國際業務中的發展勢頭。我們很高興開始第一季的工作。但我們明白，我們不能想當然。我們必須始終專注於客戶服務、完美執行以及在我們營運的每個市場中獲得市場份額。

This time of year, we also enjoy reflecting on the past 12 months highlights. Our teams achieved several impressive milestones this past year. First, $18.9 billion in sales, and we hope to celebrate the $20 billion milestones soon. Domestic commercial sales at an amazing $5.2 billion. Average weekly sales domestically of just over $48,000 a store, equating to just over $2.5 million per store annually.

每年的這個時候，我們也喜歡回顧過去 12 個月的亮點。我們的團隊在過去的一年裡取得了幾個令人印象深刻的里程碑。首先，銷售額達到 189 億美元，我們希望很快能慶祝 200 億美元的里程碑。國內商業銷售額高達驚人的52億美元。國內每家店每周平均銷售額略高於 48,000 美元，相當於每家店每年銷售額略高於 250 萬美元。

We opened an amazing 195 new stores domestically. This is the most stores we opened annually in the US since fiscal year 2004, over 20 years ago, and we opened a record 109 stores internationally. Globally, we opened a record 304 net new stores, over 43% more stores than the year before.

我們在國內開設了 195 家新店。這是自 20 多年前的 2004 財年以來，我們每年在美國開設的門市數量最多，並且我們在國際上開設了創紀錄的 109 家門市。我們在全球新開了 304 家新店，創歷史新高，比前一年增加了 43% 以上。

In a week or so, we will be hosting our national sales meeting here in Memphis, and we'll discuss with our field leadership our operating theme for the new year, driving the future together. While improving on our customer service levels will forever be a key theme, this year, we want to celebrate collaboration as a theme to take us even further for the new year.

大約一周後，我們將在孟菲斯舉辦全國銷售會議，並與我們的現場領導討論新年的營運主題，共同推動未來。雖然提高客戶服務水準永遠是一個關鍵主題，但今年，我們希望以合作為主題，帶領我們在新的一年裡走得更遠。

Our store assortments and in-stock position are better than they have ever been. So we want to challenge our teams to educate our customers on our product offerings and services. This will only happen if AutoZoners amplify their product availability across our retail and commercial customer bases. Fiscal 2026 top priority -- operating priority will continue to be based on improving execution and Wow! Customer Service.

我們的商店商品種類和庫存狀況比以往更好。因此，我們希望挑戰我們的團隊，讓客戶了解我們的產品和服務。只有當 AutoZoners 擴大其產品在我們的零售和商業客戶群中的供應量時，這種情況才會發生。2026 財年的首要任務－營運重點將繼續放在提高執行力和哇！客戶服務。

We will continue to invest in the following strategic projects; remain focused on driving our do it-yourself and commercial sales growth, which are -- which we are doing in a meaningful way; continuing to ramp our domestic and international new store growth; drive new Hub and MegaHub openings where we are incredibly excited about their continued performance; focusing on improving our new distribution centers and the new supply chain capabilities we have; and leveraging our IT capabilities to drive improved customer service and sales.

我們將繼續投資於以下策略項目；繼續專注於推動我們的 DIY 和商業銷售成長，我們正在以有意義的方式實現這些成長；繼續增加我們在國內和國際的新店成長；推動新的 Hub 和 MegaHub 的開業，我們對它們的持續表現感到非常興奮；專注於改善我們的新配送中心和新的供應鏈能力；並利用我們的 IT 能力來推動我們的 IT 銷售能力。

We are excited about what we can accomplish in the new year, and our AutoZoners everywhere are prepared to deliver on our commitments. We believe AutoZone's best days are ahead of us. Now we'd like to open up the call for questions.

我們對新的一年能夠取得的成就感到興奮，我們各地的 AutoZoners 已準備好履行我們的承諾。我們相信 AutoZone 最好的日子還在後頭。現在我們開始提問。

(Operator Instructions)

（操作員指示）

Bret Jordan, Jefferies.

布雷特·喬丹，傑富瑞。

Hey. Good morning, guys.

嘿。大家早安。

Good morning.

早安.

Good morning, Bret.

早安，布雷特。

You're calling out inflation, I think, at least 3% in the fiscal first quarter. It's sounding from some of the WDs like they're seeing a fair amount more price than that. Is that your supply chain allowing you to sort of get the market at a lower cost and use price as a share gain? Or are you really expecting more than 3% sort of tied to same SKU tariff tailwinds?

我認為，您所說的通貨膨脹率在第一季至少為 3%。從一些 WD 的聲音來看，他們看到的價格要比這高得多。您的供應鏈是否允許您以較低的成本進入市場並利用價格獲得市場份額？或者您真的期望超過 3% 的漲幅與相同的 SKU 關稅順風掛鉤？

Yeah, I think, Bret, we suspect it will probably -- we said kind of at least 3%, probably goes up from here. I mean, at the end of the day, we've talked for years about this industry being pretty disciplined and rational in pricing, and we're going to use the pricing lever as we need to, to cover the cost of goods and make sure we stay competitive in the marketplace.

是的，我認為，布雷特，我們懷疑它可能會——我們說至少 3%，可能會從現在開始上升。我的意思是，歸根結底，我們多年來一直在談論這個行業在定價方面非常自律和合理，我們將根據需要使用定價槓桿來覆蓋商品成本並確保我們在市場上保持競爭力。

And then interesting, you commented that discretionary is up for the first time in a bit. Is there anything either internally that you're doing to drive that or are you saying sort of green shoots as far as that consumer base?

然後有趣的是，您評論說自由裁量權在一段時間內首次上升。您是否在內部採取了什麼措施來推動這一進程，或者您是否認為這一進程對於消費者群體而言是一種復甦的跡象？

Yeah, well, I think it's kind of two points. At some point, it really spiked up, and I'm going back several years. Coming out of the pandemic, the discretionary categories really spiked up and then they've really declined over the last two years. As we said, it's the best growth we've had over the last couple of months since '23, so I'd say it's probably bottomed out and slowly started to gain some traction.

是的，嗯，我認為這有兩點。在某個時候，它真的飆升了，我回想起幾年前的事了。疫情過後，可自由支配的類別確實大幅增加，但在過去兩年卻大幅下降。正如我們所說，這是自 23 年以來過去幾個月我們取得的最佳增長，所以我認為它可能已經觸底並開始慢慢獲得一些動力。

Maybe there's a little bit of green shoots, but I would say it's a little early to say. And I still think that the lower end consumer still under quite a bit of pressure. And you know, this is mostly on the DIY sales floor side of the business.

也許已經出現了一些復甦的跡象，但我認為現在說這些還為時過早。我仍然認為低端消費者仍然承受著相當大的壓力。你知道，這主要是在 DIY 銷售樓層的業務方面。

Great. Thank you. Appreciate it.

偉大的。謝謝。非常感謝。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good morning. Thank you so much for taking my question. Can you provide a sense of how the arc of the LIFO charges will look from here? You indicated to expect $120 million in the first quarter. Is it reasonable for us to simply annualize that number getting to around $520 million or so for the full year? Or would you expect that to peak and then fade off? And how will your margins look as that cycle fades, meaning do you get all of the margin headwind back on the other side of this cycle?

早安.非常感謝您回答我的問題。您能否介紹一下從現在開始後進先出法收費的走向？您表示預計第一季的營收為 1.2 億美元。如果我們簡單地將該數字按年計算，達到全年約 5.2 億美元左右，這合理嗎？或者您希望達到頂峰然後逐漸消退？隨著週期的消退，您的利潤率將會如何？這意味著您是否會在週期的另一端重新獲得所有的利潤率逆風？

Yeah. Thanks, Michael, for the question. So for the first quarter, we're expecting the number to be in the $120 million Zip Code if you will. And we expect pressure, quite frankly, for the subsequent quarters Q2, Q3, Q4. I would say over those three quarters, right now, our modeling is probably in the $80 million to $85 million-ish a quarter range. It's a pretty dynamic environment obviously because it's associated with tariffs. But based on the visibility that we see right now, it could be in the $80 million to $85 million a quarter going out, Q2, Q3, Q4.

是的。謝謝邁克爾提出這個問題。因此，對於第一季度，我們預計該數字將達到 1.2 億美元。坦白說，我們預計接下來的第二季、第三季、第四季將面臨壓力。我想說的是，在這三個季度中，目前我們的模型大概在每季 8,000 萬美元到 8,500 萬美元左右的範圍內。顯然，這是一個相當動態的環境，因為它與關稅有關。但根據我們目前看到的可見性，第二季、第三季、第四季的銷售額可能在 8,000 萬至 8,500 萬美元之間。

As always, we'll be pretty transparent about what we see there and share the next quarter's outlook. What I'll say in total about that is, as you've seen in the past, as we have booked these LIFO charges and as we sort of anniversary those and they become part of the base as we see product cost deflation over time, which we have, then we would expect to see these gains potentially rolling back through the P&L. And over time, we'll get back to these reversing out and being gas through the P&L. The timing of which right now is a little bit uncertain, but that's what you can expect in the future.

像往常一樣，我們將非常透明地展示我們所看到的情況並分享下一季的展望。我總體上要說的是，正如您過去所看到的，由於我們已經預訂了這些後進先出費用，並且隨著我們對其進行週年紀念，它們成為基礎的一部分，因為我們看到產品成本隨著時間的推移而下降，而事實也確實如此，那麼我們預計這些收益可能會通過損益表回落。隨著時間的推移，我們將回到這些逆轉並透過損益表獲得氣體。目前的時間還有點不確定，但這就是未來你可以期待的。

And then the last thing I'll say about LIFO is it is a little bit of a bellwether, if you will, for what we expect to see coming on inflation. And as Phil talked about a little bit earlier, I mean, we see at least 3% inflation. But what I'll tell you is that based on what we're seeing from tariffs and the costs associated with tariffs, the playbook that we have which is negotiating with our vendors to absorb a portion of the costs to raise retails where necessary and make sure and doing all of this that we're taking care of the customer. I mean, that playbook is still active and we're going to be pretty disciplined about what we do, but our goal over time is to maintain our gross margins and our gross margin rate.

關於後進先出法，我要說的最後一件事是，如果你願意的話，它可以作為我們預期通貨膨脹的風向標。正如菲爾之前談到的，我們的通貨膨脹率至少為 3%。但我要告訴你的是，根據我們所看到的關稅和與關稅相關的成本，我們的策略是與我們的供應商談判，吸收一部分成本，在必要時提高零售額，並確保我們在做所有這些事情時照顧到客戶。我的意思是，劇本仍然有效，我們將對自己所做的事情非常嚴謹，但我們的目標是長期保持我們的毛利率和毛利率。

Got you. Very helpful. My follow-up question is on SG&A. The -- your SG&A growth was elevated this quarter. It sounds like it might remain elevated for at least the near term. Others are having a similar dynamic. Is this a reflection of an arms race within the industry where there's just an opportunity to put more operating expense in the ground and that will translate to better share and eventually this will subside? Or is it just more expensive to run an auto parts business these days and --?

明白了。非常有幫助。我的後續問題是關於銷售、一般及行政費用 (SG&A)。本季度，您的銷售、一般及行政費用 (SG&A) 成長率有所提高。聽起來至少在短期內它可能仍會保持高位。其他人也有類似的情況。這是否反映了業界的軍備競賽？產業內是否有機會投入更多的營運費用，從而獲得更好的市場份額，最終軍備競賽會消退？或者現在經營汽車零件業務的成本更高了，--？

I wouldn't characterize it as a -- I wouldn't characterize it as an arms race. What I'll say very specifically is that we're investing heavily primarily in new stores this year. And that new store growth will be, as I mentioned, 325 to 350 stores in the Americas, which is going to include an acceleration for both the US and Mexico.

我不會將其描述為——我不會將其描述為軍備競賽。我要非常具體地說的是，我們今年主要在新店方面投入大量資金。正如我所提到的，美洲的新店數量將增加 325 至 350 家，其中美國和墨西哥的門市數量都將加速成長。

And I'll remind you that new stores typically mature in four to five years and so their SG&A drags as -- in the early years. And then as those stores mature, we actually start to leverage SG&A. What I'll say is that we expect this SG&A growth to be in the mid-single-digit Zip Code as we move forward and execute on this plan and coming out on the other side of that. We're creating a faster growing business, and you can see the growth shoots in our current quarter's comp. And we expect to continue that momentum as we as we move forward.

我要提醒大家的是，新店通常需要四到五年才能成熟，因此在早期，它們的銷售、一般和行政費用會拖累業績。隨著這些商店的成熟，我們實際上開始利用銷售、一般和行政費用。我想說的是，隨著我們繼續推進和執行這項計劃，我們預計銷售、一般和行政費用的成長將達到中等個位數。我們正在創建一個更快成長的業務，您可以在本季的業績中看到成長的跡象。我們希望在前進的過程中繼續保持這種勢頭。

So the cost to operate in this industry, we've always managed that with discipline. I think what you're seeing here is us very purposefully investing in growth initiatives that are going to pay real dividends for us in terms of a faster growing business going forward.

因此，我們始終嚴格控制該行業的營運成本。我認為您在這裡看到的是我們非常有目的地投資於成長計劃，這些計劃將為我們未來更快的業務成長帶來真正的回報。

Thank you very much and good luck.

非常感謝，祝你好運。

Greg Melich, Evercore.

格雷格·梅利奇，Evercore。

Hey. Thanks. Maybe I'd love to follow-up on that last question and then my follow-up would be on price elasticity. On SG&A growth, particularly, what sort of comp now do you expect, given the growth plans to be necessary to leverage SG&A if we think about the next couple of years?

嘿。謝謝。也許我很樂意繼續回答最後一個問題，然後我的後續問題將是價格彈性。關於銷售、一般和行政費用的成長，特別是考慮到未來幾年需要製定成長計畫來利用銷售、一般和行政費用，您現在預計會有什麼樣的成長？

Yeah, I mean, one of the things that we -- we've said is that we will manage the SG&A line in line with sales growth. So if we're expecting to invest this kind of SG&A going forward, particularly with new stores, then we obviously would expect an acceleration in the comp. I won't be date certain or very specific about what that comp looks like. But what you can anticipate for us is if we're expecting to grow at SG&A in this Zip Code, then you can see us have a little bit faster growth on the comp line.

是的，我的意思是，我們說過的一件事是，我們將根據銷售成長來管理銷售、一般和行政費用。因此，如果我們預期未來將投資此類銷售、一般及行政費用，特別是新店，那麼我們顯然會預期銷售額會加速成長。我無法確定日期或非常具體地說明該計算機的外觀。但您可以預見的是，如果我們預期該郵遞區號地區的銷售、一般和行政費用會成長，那麼您會看到我們的同類產品的成長速度會更快一些。

And again, we'll be transparent about what we see in the market going forward. But we like the growth prospects that we have. We're growing share both in DIY and in commercial. Our Mexico business is doing very, very well against a tougher macro backdrop. But we have a lot of confidence in this growth plan, hence, we're going to continue to accelerate store growth in the future.

再次強調，我們將透明地公開我們對未來市場的看法。但我們喜歡現有的成長前景。我們在 DIY 和商業領域的份額都在不斷增長。在更嚴峻的宏觀環境下，我們的墨西哥業務表現非常出色。但我們對於這個成長計畫非常有信心，因此，未來我們將繼續加速門市成長。

And I guess, the fun part of the question is really on price elasticity. It seems like as the first wave of inflation has come through, I know there's usually some or maybe some items out of the basket or maybe a little bit of deferral, but it sounds like you guys have seen no price -- no elasticity to unit demand as this has occurred.

我想，這個問題的有趣部分其實在於價格彈性。似乎隨著第一波通膨的到來，我知道通常會有一些或可能一些商品不在籃子裡，或者可能有一點點延期，但聽起來你們沒有看到價格——沒有單位需求的彈性。

Yeah, we've talked about this for a long time. If you think about the way we kind of characterize our big segments of categories, failure, maintenance, and discretionary, the first two, they're brake fix or, customers learn over time that if I don't do the maintenance on the car, I ultimately end up with a bigger failure project that cost me a lot more money. So customers can defer that maintenance for some period of time, but ultimately, they realize that they've got to fix it or it creates more damage.

是的，我們已經討論這個問題很久了。如果你考慮我們如何描述我們的大類細分市場，故障、維護和可自由支配的部分，前兩個是剎車修理，或者客戶隨著時間的推移了解到，如果我不對汽車進行維護，我最終會面臨更大的故障項目，這會花費我更多的錢。因此，客戶可以將維護推遲一段時間，但最終他們會意識到必須修復它，否則會造成更大的傷害。

Again, the discretionary segment of our business, specifically on the DIY side is pretty small relative to the other two. So there's just not a lot of elasticity variability in the categories that we play in. Some deferral back and forth, weather is dependent on a couple of them. I think you saw we talked a little bit about our performance in the Midwest and the Northeast was a little better because we got a more normal winter which drives more brake sales and undercar sales because it just drives failure on those types of part types. So we feel good about that.

再次強調，我們業務的可自由支配部分，特別是 DIY 部分，相對於其他兩個部分來說相當小。因此，我們所參與的類別的彈性變化並不大。有些延遲來回，天氣取決於其中幾個。我想您已經看到，我們談到了我們在中西部和東北部的表現，因為我們經歷了一個更正常的冬季，這推動了更多的煞車銷售和底盤銷售，因為這會導致這些類型的零件故障。所以我們對此感到很高興。

And the industry's been able to pass on these costs to the consumer, and we saw it in the pandemic. We've seen it over 15-, 20-, 30-year time horizons. It's all been pretty disciplined and rational, and we suspect that that's going to continue.

該行業能夠將這些成本轉嫁給消費者，我們在疫情中看到了這一點。我們已經在 15 年、20 年、30 年的時間範圍內見證了這一點。這一切都非常有紀律且理性，我們相信這種情況將會持續下去。

That's great. Congrats and good luck.

那太棒了。恭喜並祝你好運。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

Thanks, guys. Good morning. So I want to make a longer-term questionnaire. Can you talk about the growth opportunity in Mexico, about 900-ish stores? How big is your market share? How big is the market? There's about 37,000 auto parts stores in the United States. Is that a comparable number? And do you think over time that you could perhaps double your store base from here? Thank you.

謝謝大家。早安.所以我想做一個長期的問卷。您能談談墨西哥大約 900 家商店的成長機會嗎？你們的市佔率有多大？市場有多大？美國約有 37,000 家汽車零件商店。這是一個可比較的數字嗎？您是否認為隨著時間的推移，您的門市數量可能會翻倍？謝謝。

Yeah, I think we see some pretty long shoots for store growth and share growth in all of our international markets and obviously also in Mexico. I will say that the competitive set in Mexico is a lot different than it is in the US, although, there are some pretty good competitors down there that have higher store counts. But there's also a large part of the marketplace that is maybe category specific, maybe they're focused specifically on undercar or starters and alternators or brakes or something of that nature as opposed to somebody like us where we have kind of all categories and great service.

是的，我認為我們在所有國際市場（顯然包括墨西哥）都看到了門市成長和份額成長的相當長一段時間。我想說的是，墨西哥的競爭環境與美國有很大不同，儘管那裡也有一些相當優秀的競爭對手，門市數量更多。但市場上也有很大一部分可能是特定類別的，也許他們專門關注底盤或起動機、交流發電機或煞車或類似的東西，而像我們這樣的公司則擁有所有類別的產品和優質的服務。

So we've got a pretty big store count advantage over the rest of the marketplace, but we still see lots of opportunities to continue to expand our store count footprint. Specifically in the southern half of the country in some of the more dense markets, take Mexico City, for example, we just don't have a lot of stores there and it's one of the biggest cities in the world. Lots of opportunity for us to continue to grow.

因此，我們的門市數量相對於其他市場而言具有相當大的優勢，但我們仍然看到許多機會可以繼續擴大我們的門市數量。具體來說，在該國南部一些較為密集的市場，以墨西哥城為例，我們在那裡沒有很多商店，而它是世界上最大的城市之一。我們有很多繼續成長的機會。

Yeah. I think to put it in a little perspective, I mean, you've got a car park there that is older than the car park in the US by roughly three years or so, and you've got a number of outlets there that are very fragmented, if you will. So if you look at the size of our chain today, we're probably larger than the next seven or eight chains combined. So our market share position there is very strong.

是的。我想從稍微的角度來看，那裡的停車場比美國的停車場大約老三年左右，而且那裡有許多網點，如果你願意的話，這些網點非常分散。因此，如果你看看我們今天的連鎖店規模，我們可能比接下來的七、八家連鎖店的總規模還要大。因此我們在那裡的市場份額非常強大。

And as Phil said, we've got a tremendous opportunity to go forward. Hence, we've talked about accelerating store growth in Mexico. So we're pretty bullish on it going forward. You've got a growing and aging car park and you've got a competitive set there that what we bring to the market is differentiated. And we're pretty excited about the opportunity to grow market share.

正如菲爾所說，我們擁有巨大的前進機會。因此，我們討論了加速墨西哥門市的成長。所以我們對其未來發展非常看好。您的停車場正在不斷增長和老化，並且您擁有一套競爭優勢，我們為市場提供的產品具有差異化。我們對擴大市場份額的機會感到非常興奮。

Got it. And then two quick margin follow-up questions. First on LIFO, is the LIFO numbers that you put out to me predicated on that assume 3% inflation and the balance of the year. And then on SG&A, SG&A per store growth in '26, given the timing of openings, do you expect that to be weighted to the back half of the year?

知道了。然後是兩個快速的保證金後續問題。首先關於後進先出法，您提供給我的後進先出法數字是基於 3% 的通貨膨脹率和當年餘額的假設。然後，關於銷售、一般及行政費用，考慮到開業時間，26 年每家店的銷售、一般及行政費用增長是否會影響到下半年？

Yeah. I mean, we expect from an inflation standpoint for that inflation number to continue to creep up as we talked about. And what we anticipate going forward is that you could see another couple of mid-single-digit increments of inflation as we work our way through tariffs and build our inventory accordingly. So with that, if that is the case, then you could see the LIFO in the Zip Code. Again, it's a pretty dynamic environment.

是的。我的意思是，從通膨的角度來看，我們預期通膨數字將像我們所說的那樣繼續上升。我們預計，隨著我們逐步提高關稅並相應地增加庫存，通膨率可能會再出現幾次中等個位數的成長。因此，如果情況確實如此，那麼您可以在郵遞區號中看到後進先出法。再次強調，這是一個相當有活力的環境。

What I'll tell you is that our merchandizing teams have done a really good job along with our suppliers and finding a way to go mitigate costs. We haven't experienced as much cost as we would have anticipated given all the announcements that are out there. So as the environment unfolds, then we've reacted accordingly and again the playbook is the same as we move forward.

我想告訴你的是，我們的銷售團隊與供應商一起做了非常好的工作，找到了降低成本的方法。根據目前發布的所有公告，我們並沒有經歷像預期那麼多的成本。因此，隨著環境的變化，我們做出了相應的反應，隨著我們前進，劇本仍然是相同的。

And then on SG&A per store?

那麼每家商店的銷售、一般及行政費用是多少？

Yeah. From an SG&A per storage standpoint in the back half, I mean, we think we're going to be somewhere in this mid-single-digit growth for the entire fiscal year. Probably accelerates a little bit in the back half because our store count will accelerate in the back half of the year. It'll be a little bit more level loaded than it was in this in this past year, but still a little bit more skewed to the back half of the year. So as you're sort of building your models, call it mid-single-digits for the year and maybe have a little bit of acceleration in the back half and you should be in the right Zip Code.

是的。從下半年每個儲存的銷售、一般及行政費用的角度來看，我們認為整個財年我們將保持中等個位數的成長。下半年可能會加速一點，因為我們的商店數量將在下半年加速成長。與去年相比，它的水平會更高一些，但仍然會更偏向下半年。因此，當您建立模型時，請將其稱為年度中等個位數，並且可能在後半部分有點加速，並且您應該處於正確的郵遞區號中。

Thanks, guys. Have a great day.

謝謝大家。祝你有美好的一天。

Yeah, they'll just -- that we ultimately -- the store count growth year over year, we've kind of said we plan to be somewhere around that 500 stores a year in 2028. So we are -- as Jamere said, we're going to continue to ramp up our store counts both domestically and internationally to get somewhere close to that -- roughly 300 in the US and 200 internationally over time.

是的，他們只是——我們最終——商店數量逐年增長，我們計劃在 2028 年每年開設 500 家左右的商店。因此，正如 Jamere 所說，我們將繼續增加國內和國際的門市數量，以接近這一目標——美國約有 300 家門市，國際約有 200 家門市。

Got it. Thanks so much.

知道了。非常感謝。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

Hey. Good morning. Thanks very much for taking my question. I wanted to follow-up on the pricing elasticity question. It sounds like things have gone well thus far. But as you think about same sheer inflation stepping up over the next couple of quarters, do you have concerns that there could be some more price elasticity in the category? How does that factor into your same source sales outlook?

嘿。早安.非常感謝您回答我的問題。我想跟進價格彈性問題。聽起來到目前為止一切都很順利。但是，當您考慮到未來幾季相同的純粹通貨膨脹率將會上升時，您是否擔心該類別的價格彈性會更大？這對您的同源銷售前景有何影響？

Yeah, well -- I mean, yes, I think there probably will be more same SKU inflation as we move throughout the year as the full impact of tariffs come in and prices continue to migrate up to cover those incremental costs. But I don't -- again, if the categories that we play in, if the starter breaks, your car is not going to start. And you have to ultimately do one of two things, either bum a ride or get your car fixed or take an Uber. And none of those are probably that -- the customer's probably not that excited about that.

是的，嗯——我的意思是，是的，我認為隨著關稅的全面影響以及價格持續上漲以彌補這些增量成本，全年可能會出現更多相同的 SKU 通膨。但我不會——再說一次，如果我們參加的比賽的起動器壞了，你的車就無法啟動。最終你必須做兩件事之一：要嘛搭車，要嘛修車，要嘛搭乘 Uber。但這些可能都不是——客戶可能對此並不那麼興奮。

I'd like to remind everybody too, most of the categories in the ticket averages that we're talking about here are somewhere in the mid $35 to $40 on DIY, and they're $60 to $90 on the commercial side depending on the category and the job that's being done. So that an incremental 1%, 2%, 3%, or 5% is not a significant dollar amount. It's not like we're buying cars that are where the price went up $5,000 to $8,000 or a couch where it went up 20% or 30%, it's just not that big a dollar amount.

我也想提醒大家，我們在這裡討論的大多數類別的票價平均價格在 DIY 方面在 35 美元到 40 美元之間，在商業方面則在 60 美元到 90 美元之間，具體取決於類別和所做的工作。因此，增量 1%、2%、3% 或 5% 並不是一個很大的數字。這不像我們購買價格上漲 5,000 至 8,000 美元的汽車或價格上漲 20% 或 30% 的沙發，只是金額沒有那麼大。

So it's a little easier for the consumer to swallow that price, but we do expect it's going to continue. And we expect that the industry will remain rational and disciplined in its approach to pricing. The one thing we don't want to do, and we'll always watch is make sure we're not destroying demand. Because we think that's very important to keep the customer coming into our stores and the shop buying from us. Those are important.

因此，消費者更容易接受這個價格，但我們確實預期這種情況會持續下去。我們預計，該行業在定價方面仍將保持理性和紀律。我們不想做並且會一直注意的一件事就是確保我們不會破壞需求。因為我們認為這對於吸引顧客光臨我們的商店以及商店向我們購買商品非常重要。這些都很重要。

Okay. Thanks. And then the follow-up I had was just on gross margin. Merchandise margin has been strong last couple of quarters. Sounds like that's going to continue in the first quarter. Can you just elaborate a little bit more what's driving that? And can it continue through the balance of fiscal '26?

好的。謝謝。然後我要跟進的只是毛利率。過去幾季商品利潤率一直很高。聽起來這種情況將在第一季繼續下去。您能否更詳細地解釋一下造成這種情況的原因？這種狀況能否持續到 26 財年結束？

Yeah, I think, again, our teams in merchandizing have done a fantastic job of finding opportunities for us to drive gross margin improvement. It's a playbook that we've run for a really long time. It's a combination of finding cost opportunities with our vendor community. It's innovation in those categories that enable us to go do that. And it's an opportunity for us to sweeten the mix a little bit, and we've sweetened that mix in some instances by moving more volume into, our Duralast brand.

是的，我認為，我們的商品銷售團隊在尋找提高毛利率的機會方面做得非常出色。這是我們運行了很長時間的劇本。這是與我們的供應商社群一起尋找成本機會的結合。正是這些類別的創新使我們能夠做到這一點。這對我們來說是一個讓產品組合更加甜美的機會，在某些情況下，我們透過增加 Duralast 品牌的銷售量來讓產品組合更加甜美。

So team's have done a very good job of doing that over time. Again, it's a playbook that we run. We run it with intensity inside the company, and we count on that to help us grow our business, and that's really important for us as we think about sort of margin expansion in the future.

因此，團隊長期以來在這方面做得非常出色。再說一遍，這是我們運行的劇本。我們在公司內部大力推行這項業務，並希望它能幫助我們發展業務，這對我們考慮未來利潤率的擴大來說非常重要。

Obviously, our commercial business is a little bit lower gross margin. Although we like the operating margins associated with that, we think that the work that we've done on the merchandizing side, particularly with merch margins, has the ability to basically mute that pressure that we see on gross margins. So you get an opportunity to have a faster-growing business with commercial that doesn't create a dramatic drag on your gross margins as you move forward.

顯然，我們的商業業務的毛利率稍微低一些。雖然我們喜歡與此相關的營業利潤率，但我們認為，我們在商品銷售方面所做的工作，特別是商品利潤率，基本上可以減輕我們在毛利率方面看到的壓力。因此，您有機會透過商業實現更快的成長，並且不會對您的毛利率造成巨大的拖累。

Great. Thanks very much.

偉大的。非常感謝。

Brian Nagel, Oppenheimer.

布萊恩·納格爾，奧本海默。

Hi. Good morning. Thanks for taking my question. So first question, I know it's going to be a bit of a follow-up, but just on the topic of tariffs and trade policy. So as we look at these fiscal Q4 results, how should we think about what the impacts tariffs had there? I mean, is there a way you can say it was -- where incremental tariffs a driver of sales? Did you see some sort of say impacts on the margin here in the quarter?

你好。早安.感謝您回答我的問題。所以第一個問題，我知道這將是一個後續問題，但只是關於關稅和貿易政策的話題。那麼，當我們回顧第四季的財政結果時，我們該如何看待關稅產生的影響？我的意思是，您能說增量關稅是銷售的驅動力嗎？您是否看到本季利潤率受到某種影響？

Yeah, I would say the best way to think about it is, you've seen our ticket growth basically accelerate in both DIY and commercial. And a portion of that ticket growth is very clearly driven by the cost increases that we're seeing associated with tariffs.

是的，我想說最好的思考方式是，你已經看到我們的票務成長在 DIY 和商業方面都基本上加速。而票價成長的一部分顯然是由我們看到的與關稅相關的成本增加所驅動的。

Now while we've been running the playbook, as I mentioned before, of having very healthy negotiations with our vendors by, moving sources in some cases. The reality is that some of that inflation is finding its way into the product costs and finding its way into same SKU inflation. And the entire industry has moved retail prices up accordingly.

正如我之前提到的，現在我們一直在運行劇本，透過在某些情況下轉移來源與我們的供應商進行非常健康的談判。實際情況是，部分通貨膨脹已經反映在產品成本和相同 SKU 通貨膨脹。整個產業的零售價格也隨之上漲。

So there's a very direct impact associated with tariffs. And the fact that you're starting to see more pronounced same SKU inflation, and as a result, retailers across the industry are going up. As we move forward and we continue to see that and to have probably fewer opportunities to mitigate that, you'll continue to see same SKU inflation tick up and likely see retails moving up accordingly.

因此，關稅會產生非常直接的影響。事實上，你開始看到更明顯的相同 SKU 通膨，因此，整個行業的零售商都在崛起。隨著我們繼續前進，我們將繼續看到這種情況，並可能減少緩解這種情況的機會，您將繼續看到相同 SKU 通膨率上升，並可能看到零售額相應上升。

And again, back to the previous question on it, this is largely a break-fix business where the lion's share of our businesses and failure and maintenance related categories. So we believe that we -- the industry will continue to be rational in terms of how we price, and we don't expect a notable drop off in terms of units.

再次回到先前的問題，這主要是故障修復業務，其中大部分業務與故障和維護相關類別有關。因此，我們相信，行業在定價方面將繼續保持理性，我們預計銷售不會出現明顯下降。

I think those long-term trends too have been in kind of that 3 -- little more than 3%, same SKU inflation or ticket average inflation driven by some number of negative transaction counts. And those have been in place for, I said this on several calls, 20 and 30 years. You had a big bump through COVID, specifically because of the supply chain crisis.

我認為這些長期趨勢也屬於那種 3——略高於 3%，即相同的 SKU 通膨或票價平均通膨受到一定數量的負面交易數量驅動。這些措施已經實施了，我在幾次電話會議中都說過，有 20 年、30 年了。由於新冠疫情，你們遭遇了巨大衝擊，特別是因為供應鏈危機。

It was muted coming out of that for the last couple of years, and tariffs are now putting it back in somewhere in that 3% range. But I think over time because of technology, parts consolidations and improvements in longevity of parts, you're going to see that natural incline in average unit retails and slightly decline in transaction counts.

過去幾年，這一增長一直處於低迷狀態，而現在關稅將其拉回 3% 左右的區間。但我認為隨著時間的推移，由於技術、零件整合和零件壽命的提高，你會看到平均單位零售量的自然上升和交易數量的略微下降。

No, that's very helpful. And then so as a follow-up to that, if we look at the cadence of sales through the fiscal fourth quarter, I mean, recognizing, as you pointed out, there's some noise with the timing of, I guess, the July 4 holiday.

不，這非常有幫助。作為後續行動，如果我們看一下第四財季的銷售節奏，我的意思是，正如您所指出的，我猜 7 月 4 日假期的時間安排會帶來一些影響。

But both your DIY and your commercial commercial side sales growth strengthen. So how much -- is there a way to think about how much of that is this what we're talking about here, the tariffs rolling through? I know the weather improved for you, but then, I guess the final piece would be actual better underlying demand. So I mean, the question I'm asking is how we, how should we think about that improving trend in sales growth through the quarter with all this going on?

但是您的 DIY 和商業方面的銷售成長都會增強。那麼，有多少——有沒有辦法想想，其中有多少是我們在這裡談論的，即關稅的徵收？我知道天氣已經好轉，但我想，最終的因素是實際更好的潛在需求。所以我的意思是，我想問的問題是，在所有這些情況發生的情況下，我們應該如何看待本季銷售成長的改善趨勢？

Yeah, great. You brought up a couple of great points. One is, if you think year over year, whether the early part of summer was very, very wet and slight mild relative to the previous year and relative to history. About mid-July, it started to crank up the heat and you saw -- we saw the heat categories really take off in that time frame. And brakes, undercar, those sorts of categories have been really strong up in the Northeast and the Midwest on the back of some better winter and spring weather, which we thought was going to be an advantage for us.

是的，很棒。您提出了幾個很好的觀點。一是，如果你逐年回顧，相對於前一年和歷史而言，初夏是否非常非常潮濕且略微溫和。大約在七月中旬，天氣開始變熱，你會看到——我們看到熱度類別在那段時間內真正開始上升。由於冬季和春季天氣轉好，煞車、底盤等類別的產品在東北部和中西部地區表現強勁，我們認為這對我們來說是一個優勢。

I would say all those things you mentioned are reasons that we're pretty optimistic. The marketplace is still pretty good. The weather's been pretty good for us. And specifically in the back half of the year we are getting some same SKU inflation. And I'll also say that I believe what we're doing, our initiatives are also paying out.

我想說，您提到的所有這些都是我們非常樂觀的原因。市場還是相當不錯的。對我們來說，天氣非常好。具體來說，在下半年，我們遇到了一些相同的 SKU 通膨。我還要說的是，我相信我們所做的一切、我們的舉措也得到了回報。

We have opened more new stores, but we've continued to improve our assortments at the store level. We've opened up Hubs and MegaHubs and gotten that inventory closer to the stores. Our in stocks are at all-time high. We feel really good about our execution in our store, stores both on the DIY side and the commercial side. So I think it's all of those kind of coming together tell a pretty good story for us, and it's why we're confident going into the next couple of quarters.

我們開設了更多新店，但我們仍在繼續改善商店層面的商品種類。我們開設了 Hubs 和 MegaHub，並將庫存放在更靠近商店的地方。我們的庫存處於歷史最高水準。我們對我們商店的執行情況感到非常滿意，包括 DIY 商店和商業商店。所以我認為所有這些因素加在一起對我們來說都是一個非常好的故事，這也是我們對接下來幾季充滿信心的原因。

I appreciate all the color. Thank you.

我欣賞所有的色彩。謝謝。

David Bellinger, Mizuho.

瑞穗的戴維·貝林格。

Hey. Good morning, everyone. Thanks for the questions. Maybe for Phil, just with all the pricing going into the category and this is inflation on top of inflation, even pre-tariff inflation, how concerned are you that we could see another deferral cycle show up maybe sometime in 2026? Is that something you're watching for or just being a bit more mindful of only increasing prices about that 3% as opposed to something more?

嘿。大家早安。謝謝你的提問。也許對菲爾來說，考慮到所有定價都進入了這個類別，而且這是通貨膨脹之上的通貨膨脹，甚至是關稅前的通貨膨脹，您是否擔心我們可能會在 2026 年的某個時候看到另一個延期週期出現？這是您正在關注的事情嗎？還是您只是更加註意只將價格提高 3% 左右，而不是提高更多？

Yeah, like I said before a minute ago, we're going to -- we will watch our demand signals that we get. We watch that like a hawk. But at the end of the day, I'm not that concerned about a massive deferral because I think, the consumer at the bottom end has been under pressure for well over two years. Those maintenance deferral cycles, you've probably run through them if that's been your car where you didn't replace brakes. At some point, you don't have a whole lot of choice. You've got to do it.

是的，就像我剛才說的，我們將——我們將專注於我們收到的需求訊號。我們對此保持密切關注。但最終，我並不擔心大規模的延期，因為我認為，底層消費者已經承受了兩年多的壓力。如果您的車沒有更換煞車，那麼您可能已經經歷過這些維護延期週期。在某些時候，你沒有太多的選擇。你必須這麼做。

The discretionary stuff could continue to be under some form of pressure, but it's also gotten to a point where I think it's got really low over the last two years and coming back into a more normal cycle, I would think. So I'm not that worried about a massive deferral cycle unless inflation ticks up more than what we think it's going to be in that mid-single-digit range.

可自由支配的開支可能會繼續承受某種形式的壓力，但我認為，在過去兩年裡，可自由支配的開支已經達到非常低的水平，並且正在恢復到更正常的週期。因此，我並不擔心大規模的延期週期，除非通膨率上升幅度超過我們預期的中等個位數範圍。

If it went up significantly more and there was an additional shock to the system, I think we would worry about that. But at this point, I think the consumer has been dealing with this inflation for, since probably April or May, depending on the category, and it's showing up in our category today, but we think it's manageable. And we think customer demand stays intact.

如果利率大幅上升並對系統造成額外的衝擊，我想我們會擔心這一點。但目前，我認為消費者可能從 4 月或 5 月就開始應對通貨膨脹了，具體時間取決於產品類別，而今天這種通貨膨脹出現在我們的產品類別中，但我們認為這是可以控制的。我們認為客戶需求不變。

Appreciate that. And then just a follow-up question on Mexico and the comments on the long-term growth opportunity there. Should we see the MegaHub model at some point roll out to Mexico and sort of replenish the stores more frequently? Does that -- how should we think about the build of that geography and what other features or capabilities these stores can get over time?

非常感謝。然後是關於墨西哥的後續問題以及對那裡的長期成長機會的評論。我們是否應該看到 MegaHub 模式在某個時候推廣到墨西哥並更頻繁地補充商店？那麼我們應該如何考慮該地區的建設以及這些商店隨著時間的推移可以獲得哪些其他功能或能力？

Yeah. We're light on the Hub and MegaHub strategy down in Mexico and have been. It's been mostly kind of a satellite strategy down there. We've spent the last couple of years really working on our assortment in Mexico to really capitalize on the commercial opportunity.

是的。我們對墨西哥的 Hub 和 MegaHub 策略了解不多，而且一直如此。這主要是一種衛星戰略。過去幾年，我們一直致力於墨西哥的產品組合，以真正利用商業機會。

We say commercial is our biggest opportunity in the US. Well, oh by the way, it's the biggest opportunity in our international markets as well because the mix of volume roughly 40% DIY in the US, 60% in Mex -- in commercial in the US. It's more like 65%s, 35%, 40% and that it's the inverse of the US. So we like our opportunities down there, so we're strengthening those assortments and that says we probably need Hubs and MegaHubs down there to make sure we're satisfying the commercial customer as well.

我們說商業是我們在美國最大的機會。嗯，順便說一下，這也是我們國際市場上最大的機遇，因為在美國，DIY 的銷量約佔 40%，而墨西哥的銷量約佔 60%——在美國，商業的銷量約佔 60%。它更像是 65%、35%、40%，與美國相反。因此，我們喜歡在那裡的機會，所以我們正在加強這些分類，這意味著我們可能需要在那裡建立 Hub 和 MegaHub，以確保我們也能滿足商業客戶的需求。

Very good. Thank you.

非常好。謝謝。

Steven Forbes, Guggenheim Securities.

古根漢證券公司的史蒂文福布斯。

Good morning, Phil, Jamere, Brian. It -- for Phil or Jamere, just revisiting the path of 500 stores by 2028, I guess sort of a two-part question. One, as we think about the 200 international stores, can you break that down by country? And then how does the year one expense rate differ between a new US store versus international store? Like, is there anything we should note as we dramatically increase the number of international stores to the mix?

早上好，菲爾、賈米爾、布萊恩。對於 Phil 或 Jamere 來說，重新審視到 2028 年開設 500 家門市的路徑，我想這是一個由兩部分組成的問題。首先，當我們考慮 200 家國際商店時，您能按國家細分一下嗎？那麼，美國新店和國際新店第一年的費用率有何不同？例如，當我們大幅增加國際商店的數量時，有什麼需要注意的嗎？

Yeah. So in terms of the split, obviously we will have a significant more significantly more of those international stores will be in Mexico versus Brazil. One, because we see the market opportunity in Mexico. We have scale there today. And to Phil's point, there are opportunities for us to improve strategically there to really grow our business. And so, to the extent that we're going to put those strategies in place in Mexico, we would expect most of that international mix to skew towards Mexico versus Brazil over time.

是的。因此，就分部而言，顯然我們在墨西哥的國際商店數量將比在巴西的多得多。一是因為我們看到了墨西哥的市場機會。我們今天在那裡有規模。正如菲爾所說，我們有機會在策略上進行改進，以真正發展我們的業務。因此，就我們在墨西哥實施這些策略而言，我們預計隨著時間的推移，大多數國際組合將傾向於墨西哥而不是巴西。

I think in terms of the cost profile, on a relative basis, it's very similar to what we see in the US. Obviously, the absolute cost per is different in the international markets versus the US, but the cost drag in the early years is very similar to what we see in the US. The stores typically take somewhere between four and five years to mature. We see a drag in the early years. But as those stores mature and the same store sales continues to grow, then those stores become very profitable for us as we move forward.

我認為，就成本狀況而言，相對而言，它與我們在美國看到的非常相似。顯然，國際市場與美國的絕對成本有所不同，但早期的成本拖累與我們在美國看到的情況非常相似。這些商店通常需要四到五年的時間才能成熟。我們看到早年出現了拖累。但隨著這些商店的成熟和同店銷售額的持續成長，這些商店將為我們帶來豐厚的利潤。

And then just a quick follow-up, right. As we think about marrying expense growth, the sales growth, the comment that you made earlier on the call to another question, it -- does that apply for 2026, given the ramp in new stores and the comments around mid-single-digit expense for store growth? Because it's really setting up sort of a high-single-digit-ish growth profile for expenses in a -- in almost like an indirect sort of framework for sales as well.

然後只是快速跟進，對吧。當我們考慮將費用增長與銷售額增長結合起來時，您之前在電話中回答另一個問題時所做的評論是——考慮到新店數量的增加以及有關門店增長費用為中等個位數的評論，這是否適用於 2026 年？因為它實際上為費用建立了一種高個位數的成長概況——幾乎就像是一種間接的銷售框架。

Yeah, I think, the way to think about it is that, if SG&A is going to be in that Zip Code, and it's going to be driven by new stores as we suggested. Remember, we jammed a lot of new stores into the back half of last year that are going to be SG&A drags for us as we enter this year. And then we're layering on top of that an accelerated sales growth plan this year.

是的，我認為，思考這個問題的方式是，如果銷售、一般和行政費用 (SG&A) 位於該郵政編碼中，那麼它將像我們所建議的那樣由新店推動。請記住，我們在去年下半年開設了許多新店，而這些新店在今年初將會拖累我們的銷售、一般及行政開支。在此基礎上，我們今年也將制定加速銷售成長計​​畫。

So to make the math work for us, I mean, we essentially have to go drive the sales growth from those new stores and from our existing footprint to make the model work for us, and we're -- when we're doing that and you're seeing that on the top-line. If -- as we said in the past and we continue to manage the business this way, if we don't see the kind of performance that we need to see from a sales standpoint, then we know how to reach into the middle of the P&L and pull the expenses out. So that we deliver the kind of profitability that we need to. So it's accelerated, but that acceleration is predicated on us continuing to move in the right direction on the top line.

因此，為了讓數學對我們有用，我的意思是，我們基本上必須推動這些新店和現有門市的銷售成長，以使該模型對我們有用，當我們這樣做時，您會在營業額上看到這一點。如果——正如我們過去所說的那樣，我們繼續以這種方式管理業務，如果我們從銷售角度沒有看到我們需要看到的那種業績，那麼我們就知道如何進入損益表的中間部分並提取費用。這樣我們就能實現所需的獲利能力。所以它是加速的，但這種加速取決於我們繼續朝著正確的方向發展。

Thank you.

謝謝。

Thank you. All right. Thank you for joining us on today's call. Before we conclude the call, I want to take a moment to reiterate that we believe that our industry remains in a very strong position and our business model is solid. We are excited about our growth prospects for the new year, but we will take nothing for granted as we understand that our customers have alternatives.

謝謝。好的。感謝您參加今天的電話會議。在我們結束通話之前，我想花點時間重申一下，我們相信我們的行業仍然處於非常強大的地位，我們的商業模式是穩固的。我們對新一年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 on 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。