汽車地帶 (AZO) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to AutoZone's 2026 Q1 earnings release conference call. (Operator Instructions) At this time, the company would like to provide its forward-looking statement.

大家好，歡迎參加AutoZone 2026年第一季財報電話會議。（操作說明）此時，本公司謹此提供其前瞻性聲明。

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 a discussion of important risks and uncertainties that could cause actual results to differ materially from expectations. Forward-looking statements speak only as of the date made, and the company undertakes no obligation to update such statements.

在開始之前，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。前瞻性陳述並不構成對未來績效的保證。請參閱今天早上的新聞稿、公司最新的 10-K 表格年度報告以及向美國證券交易委員會提交的其他文件，以了解可能導致實際結果與預期結果存在重大差異的重要風險和不確定性。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。

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

今天的電話會議還將包括一些非GAAP指標。有關 GAAP 與非 GAAP 財務指標的調整表，請參閱我們的新聞稿。

Good morning, and thank you for joining us today for AutoZone's 2026 first quarter conference call. With me today are Jamere Jackson, Chief Financial Officer; and Brian Campbell, Vice President, Treasurer, Investor Relations and Tax.

早安，感謝各位今天參加AutoZone 2026年第一季電話會議。今天陪同我的是財務長 Jamere Jackson；以及副總裁、財務主管、投資者關係和稅務負責人 Brian Campbell。

Regarding the first 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 complementing our comments today, are available on our website at www.autozone.com under the Investor Relations link. Please click on Quarterly Earnings Conference Calls to see them.

關於第一季度，希望您有機會閱讀我們的新聞稿，了解本季的業績。如果還沒有，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補充我們今天發言的幻燈片。請點選「季度收益電話會議」查看會議內容。

To start out this morning, I want to thank our more than 130,000 AutoZoners across the company for their commitment to delivering on our pledge to always put customers first. Our decision-making process starts with asking the question, what is right for the customer? We strive to deliver on our commitment of providing WOW! Customer Service, and it's our AutoZoners across our stores and supply chain who deliver on this commitment every day, driving our results and our continued success. To start this morning, I'll address our sales results and talk about our new store openings for the quarter.

今天早上，首先我要感謝公司超過 13 萬名 AutoZoners 員工，感謝他們始終信守承諾，將客戶放在第一位。我們的決策過程始於提出這樣一個問題：什麼對客戶來說是正確的？我們努力履行承諾，為您提供 WOW！客戶服務，正是我們遍布門市和供應鏈的 AutoZoners 每天都在履行這項承諾，推動我們的表現和持續成功。今天早上，我將首先談談我們的銷售業績，並介紹本季新店的開幕情況。

I'll discuss both domestic and international results and break our sales results down between traffic and ticket growth comparisons to address what inflation has meant to both our ticket growth and our sales growth. I'll also address regional disparities where they exist. And finally, I'll address our outlook and how we expect the year to unfold.

我將討論國內和國際業績，並將我們的銷售業績按客流量和門票增長進行比較，以說明通貨膨脹對我們的門票增長和銷售增長意味著什麼。我還會談到存在的區域差異。最後，我將談談我們的展望以及我們對今年發展的預期。

For the quarter, our total sales grew 8.2%, while earnings per share decreased 4.6%. Additionally, I want to point out that this year's gross margin, operating profit and earnings per share were negatively impacted by a noncash $98 million LIFO charge, which had a material impact on our margins and EPS. Excluding this LIFO charge, our EPS would have been up 8.9% versus last year's Q1.

本季度，我們的總銷售額成長了 8.2%，而每股收益下降了 4.6%。此外，我想指出，今年的毛利率、營業利潤和每股盈餘受到 9,800 萬美元非現金 LIFO 費用的負面影響，這對我們的利潤率和每股盈餘產生了重大影響。如果排除這筆後進先出費用，我們的每股盈餘將比去年第一季成長 8.9%。

We also delivered a positive 4.7% total same-store sales on a constant currency basis with domestic same-store sales growth of 4.8%. Our domestic DIY same-store sales growth grew 1.5%, while our domestic commercial sales grew up 14.5% versus last year's Q1 and up sequentially from 12.5% on a 16-week basis in the fourth quarter of last year.

以固定匯率計算，我們的同店銷售額總成長了 4.7%，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1.5%，而我們的國內商業銷售額與去年第一季相比成長了14.5%，並且比去年第四季16週的12.5%環比成長。

Our focus is on improving execution, expanding parts availability and improving the speed of delivery. We are pleased with our results thus far. International same-store sales were up 3.7% on a constant currency basis. Our unadjusted international comp was up 11.2%. This was the first quarter since Q3 '24, where FX rates were favorable to our operating profit and EPS.

我們的重點是提高執行力、擴大零件供應範圍和提高交貨速度。我們對目前所取得的成果感到滿意。以固定匯率計算，國際同店銷售額成長了3.7%。未經調整的國際同業比較成長率為 11.2%。這是自 2024 年第三季以來，匯率首次對我們的營業利潤和每股盈餘有利。

Jamere will provide more color for you on our foreign currency impact on our financial results for both this past quarter and the upcoming second quarter later on this call. With over 7,700 stores across three countries, our business is getting more global each day. We finished the quarter with 6,666 US stores, 895 Mexico stores and 147 Brazil stores.

稍後，Jamere 將在本次電話會議上更詳細地向您介紹外匯波動對我們上一季和即將到來的第二季財務業績的影響。我們在三個國家擁有超過 7700 家門市，業務日益全球化。本季末，我們在美國擁有 6,666 家門市，在墨西哥擁有 895 家門市，在巴西擁有 147 家門市。

We opened 53 stores globally this past quarter versus 34 in last year's first quarter. This kind of first quarter growth is at near record for any first quarter store openings in our history and indicative of our commitment to accelerate our store growth. We are very excited about the pace of these openings, and we know that this pace will drive future earnings growth globally.

上個季度我們在全球開設了 53 家門市，而去年第一季僅開設了 34 家。這種第一季的成長速度接近我們歷史上任何第一季新店開幕的最高紀錄，也顯示了我們加快門市擴張的決心。我們對這些新店的開業速度感到非常興奮，我們知道這種速度將推動未來全球獲利成長。

Next, let me address our sales results in a little more detail. 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 over the last three quarters with our domestic commercial sales would continue this quarter.

接下來，我將更詳細地談談我們的銷售業績。進入本季時，我們樂觀地認為，我們改進的執行力將推動零售和商業銷售的成長。更具體地說，我們認為過去三個季度我們在國內商業銷售方面取得的勢頭將在本季度繼續保持。

We are very pleased that our domestic commercial sales accelerated again this quarter to 14.5%. This marked an acceleration from our commercial sales growth on a two-year and a three-year basis. Additionally, the domestic retail comp performed well, up 1.5%, but slowed slightly from last quarter's 2.2%. Finally, our international constant currency comp was up 3.7% for the quarter and performed slightly better on a two-year basis than last quarter's result. We are encouraged by our continued improved sales results and the way we finished the quarter gives us confidence in our sales outlook for the remainder of our fiscal year 2026.

我們非常高興地看到，本季國內商業銷售額再次加速成長至 14.5%。這標誌著我們的商業銷售成長速度比過去兩年和三年都要快。此外，國內零售同店銷售額表現良好，成長了 1.5%，但較上一季的 2.2% 略有放緩。最後，本季我們的國際固定匯率比較成長了 3.7%，兩年來的表現略優於上一季的表現。我們對持續改善的銷售業績感到鼓舞，本季的收官表現也讓我們對 2026 財年剩餘時間的銷售前景充滿信心。

Next, I'll discuss the quarter's sales cadence. Regarding our 4.8% quarterly domestic sales -- same-store sales, the cadence was 5.5% in our first four weeks, positive 3.5% in our second four weeks and positive 5.5% over the last four-week period in the quarter. We attribute the weakness in the middle four-week segment to weather in the month of October that was not as favorable as last year in a select group of markets. Last year, we experienced much colder weather in a subset of markets. And this year, that did not repeat, which resulted in fewer winter-related parts sales than normal.

接下來，我將討論本季的銷售節奏。關於我們季度國內銷售額成長 4.8%（同店銷售額），前四周成長 5.5%，第二四周成長 3.5%，最後四周成長 5.5%。我們認為中間四周的疲軟是由於10月份部分市場的天氣不如去年有利造成的。去年，部分市場經歷了更寒冷的天氣。但今年這種情況並未重演，導致冬季相關零件的銷售量低於往年。

While it got colder in the last four-week segment, it was not until November when we began to get the usual cold winter weather.

雖然過去四周氣溫有所下降，但直到 11 月我們才開始迎來通常的寒冷冬季天氣。

Also, in a subset of markets in the Southeast where hurricanes occurred last year, our sales were weaker than last year. Hurricanes drive sales after the storms and during the cleanup period. And without those storms, this year, our sales in some markets were lower. Let me make a few comments on our domestic DIY business. Regarding our plus 1.5% DIY comp for the quarter, we experienced a positive 2.1% in the first four-week segment, a flat DIY comp in the second segment and a plus 2.3% comp during the third segment.

此外，在去年遭受颶風襲擊的東南部部分市場，我們的銷售額比去年有所下降。颶風過後以及災後清理期間，都會帶動銷售成長。如果沒有這些風暴，今年我們在某些​​市場的銷售會更低。我想就我們家的DIY業務談幾點看法。關於本季我們 1.5% 的 DIY 同店銷售額成長，我們在前四周實現了 2.1% 的成長，第二週 DIY 同店銷售額持平，第三週實現了 2.3% 的成長。

Our merchandise categories performed as we would have expected, but less favorable weather comparisons in certain regions definitely impacted our results. More specifically, sales in the northern half of the country outperformed our markets in the southern half of the United States.

我們的商品類別表現符合預期，但某些地區較不利的天氣確實影響了我們的業績。更具體地說，我們在北部地區的銷售表現優於美國南部地區的市場表現。

With regard to inflation's impact on DIY sales, we saw like-for-like same SKU inflation up approximately 4.8% for the quarter, the same with our DIY average ticket that was up 4.8%. Based on our inflation expectations, we continue to expect our average ticket to grow sequentially through the third fiscal quarter, which ends in May. During the fourth quarter, we will begin to lap the increases in inflation we saw in this past year's fourth quarter.

關於通貨膨脹對 DIY 銷售的影響，我們發現本季同店同 SKU 通貨膨脹率約為 4.8%，DIY 平均客單價也上漲了 4.8%。根據我們的通膨預期，我們預計到 5 月結束的第三財季，我們的平均客單價將持續成長。第四季度，我們將開始回落去年第四季出現的通膨成長幅度。

We also saw DIY traffic down 3.4% as traffic was roughly 2x -- down roughly 2x in the middle four-week segment versus the first four weeks and the last four weeks due to the weather comparisons and positive impacts from hurricanes in those same markets. We are encouraged by our most recent trends, and we expect our DIY business to remain resilient in this environment.

我們還發現 DIY 流量下降了 3.4%，中間四周的流量大約是前四周和後四周的兩倍，這是由於天氣對比以及颶風在這些市場帶來的正面影響。我們對最近的發展趨勢感到鼓舞，並預計我們的 DIY 業務在這種環境下仍將保持韌性。

Next, I will touch on our domestic commercial business. As I mentioned, our commercial sales were up 14.5% for the quarter. The first four weeks grew 15.2%. The second four-week segment grew 13.8% and the third four-week segment grew 14.6%. As with DIY, our commercial sales were impacted during the middle four-week segment due to the weather comparisons to last year.

接下來，我將談談我們的國內商業業務。正如我之前提到的，本季我們的商業銷售額成長了 14.5%。前四周增長了15.2%。第二個四周時段成長了 13.8%，第三個四周時段成長了 14.6%。與 DIY 業務一樣，由於天氣與去年同期相比有所差異，我們的商業銷售在中間的四周期間也受到了影響。

Our commercial results have been boosted by our improved inventory, satellite store investments and availability, significant improvements in our Hub and Mega-Hub coverage and continued strength of our Duralast brand and execution on our initiatives to improve speed of delivery and customer service. These initiatives are delivering share gains and give us confidence as we move further into FY26. Year-over-year inflation on a like-for-like same SKU basis for our commercial business was up 6% and grew similarly to our average ticket growth of 6.1%

我們的商業表現得益於庫存的改善、衛星店的投資和可用性的提高、樞紐和大型樞紐覆蓋範圍的顯著改善、Duralast 品牌的持續強勁發展以及我們為提高交付速度和客戶服務而採取的各項舉措的執行。這些舉措正在帶來市場份額的成長，並讓我們對進入 2026 財年充滿信心。以同類SKU計算，我們商業業務的年比通膨率上漲了6%，與我們平均客單價成長率6.1%基本持平。

Lastly, we are very pleased with the growth in our commercial transactions with traffic up 5.9% on a same-store basis as we continue to grow market share. Our future sales growth will be driven by share gains and an expectation that like-for-like retail SKU inflation will continue as we move forward.

最後，我們對商業交易的成長非常滿意，同店客流量成長了 5.9%，市佔率也不斷擴大。我們未來的銷售成長將由市場佔有率的提升以及對同店零售 SKU 價格上漲持續的預期所驅動。

As I said earlier, we opened a total of 39 net domestic stores and 14 stores in our international markets, and we remain committed to more aggressively opening satellite stores, Hub and Mega-Hub stores. Hubs and Mega-Hubs comps results continue to grow faster than the balance of the chain, and we are going to continue to aggressively deploy these assets.

正如我之前所說，我們在國內共開設了 39 家淨店，在國際市場開設了 14 家門市，我們將繼續致力於更積極地開設衛星店、中心店和大型中心店。樞紐和巨型樞紐的業績成長速度持續超過供應鏈的其他部分，我們將繼續積極部署這些資產。

For FY26, we expect to continue to open stores at an accelerated pace, and Jamere will share more on our new store development progress in a moment. Overall, we are encouraged with our sales performance this quarter. We believe we are positioned well for growth in FY26, and we expect both DIY and commercial sales trends to remain solid. We will, as always, be transparent about what we are seeing and provide color on our markets and outlook as trends emerge.

2026 財年，我們預計將繼續加快門市開設速度，Jamere 稍後將分享更多關於我們新店開發進度的資訊。整體而言，我們對本季的銷售業績感到滿意。我們相信，我們已為 2026 財年的成長做好了充分準備，並預計 DIY 和商業銷售趨勢都將保持穩健。我們將一如既往地保持透明，公開我們所觀察到的情況，並在趨勢出現時提供關於我們市場和前景的詳細資訊。

Now let me take a moment to discuss our international business. Across Mexico and Brazil, we now have 1,044 international stores. As I mentioned, our same-store sales grew 3.7% on a constant currency basis behind a softer macro environment in Mexico.

現在請允許我花一點時間談談我們的國際業務。我們在墨西哥和巴西目前共有 1044 家國際門市。正如我之前提到的，在墨西哥宏觀經濟環境疲軟的情況下，我們的同店銷售額以固定匯率計算成長了 3.7%。

While we are continuing to gain market share, the economy is experiencing slower growth. As the economy improves, we expect our sales to reaccelerate as we continue to invest in our new stores and distribution centers. Today, we have almost 14% of our total store base outside of the US, and we expect this number to grow as we accelerate our international store openings.

雖然我們的市佔率持續成長，但經濟成長速度卻在放緩。隨著經濟的復甦，我們預計隨著對新店和配送中心的持續投資，銷售額將再次加速成長。目前，我們有近 14% 的門市位於美國以外，隨著我們加快國際門市的開設，我們預計這一數字還會成長。

In summary, we have continued to invest capital in opening new stores, 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 delivering sustainable long-term results. We continue to invest in improving product assortments in stores and online and improving efficiency in our supply chain, which positions us well for future growth. We are investing both CapEx and operating expense to capitalize on these opportunities.

總而言之，我們持續投入資金開設新店，推動客流量和銷售成長。任何季度的業績總會有順境和逆境，但我們始終堅持的是專注於實現可持續的長期業績。我們持續投資，改善實體店和線上商店的產品種類，並提高供應鏈效率，這為我們未來的發展奠定了良好的基礎。我們正在投入資本支出和營運費用，以掌握這些機會。

This year, we are investing nearly $1.6 billion in CapEx to drive our strategic growth priorities, and we expect to invest a similar amount next year. The majority of our investments will be in accelerated store growth, including Hubs and Mega-Hubs that place more inventory closer to our customers. We are also investing in two new distribution centers, one in Mexico and one in Brazil, all while continuing to invest in technology to improve customer service and our AutoZoner's ability to execute on our promise of WOW! Customer Service and delivering trustworthy advice. This is the right time to invest in our business as we believe industry demand will continue to remain strong, and we have the ability to grow market share.

今年，我們將在資本支出方面投資近 16 億美元，以推動我們的策略成長重點，我們預計明年將投資類似金額。我們的大部分投資將用於加速門市擴張，包括建造樞紐和大型樞紐，以便將更多庫存更靠近我們的客戶。我們也正在投資建造兩個新的配送中心，一個在墨西哥，一個在巴西，同時繼續投資技術，以改善客戶服務，並提高我們的 AutoZoner 員工履行我們「WOW！」承諾的能力！客戶服務和提供值得信賴的建議。現在是投資我們業務的好時機，因為我們相信行業需求將繼續保持強勁，我們有能力擴大市場份額。

Now I'll turn the call over to Jamere Jackson.

現在我將把電話交給賈米爾傑克森。

Thanks, Phil, and good morning, everyone. Our operating results remained strong for the quarter and were highlighted by solid top line revenue. Total sales were $4.6 billion and up 8.2% versus Q1 of last year. Our domestic same-store sales grew 4.8%, and our international comp was up 3.7% on a constant currency basis. Total company EBIT was down 6.8%, and our EPS was down 4.6%.

謝謝你，菲爾，大家早安。本季我們的經營業績依然強勁，其中營收成長尤為顯著。總銷售額為 46 億美元，比去年第一季成長 8.2%。以固定匯率計算，我們國內同店銷售額成長了 4.8%，國際同店銷售額成長了 3.7%。公司總息稅前利潤下降了 6.8%，每股收益下降了 4.6%。

As Phil stated earlier, excluding our noncash $98 million LIFO charge, EBIT would have grown 4.9% and EPS would have been up 8.9%. Foreign exchange rates positively impacted our results for the quarter. For Mexico, the peso strengthened just over 6% versus the US dollar for the quarter, resulting in a $37 million tailwind to sales, an $11 million tailwind to EBIT and a $0.44 a share benefit to EPS versus the prior year.

正如菲爾之前所說，如果排除我們9800萬美元的非現金後進先出費用，息稅前利潤將增長4.9%，每股收益將增長8.9%。外匯匯率對我們本季的業績產生了正面影響。墨西哥比索兌美元匯率在本季上漲了 6% 以上，為銷售額帶來了 3,700 萬美元的成長，為息稅前利潤帶來了 1,100 萬美元的成長，並為每股收益帶來了 0.44 美元的收益（與去年同期相比）。

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 Q1. First, I'll provide a little more color on sales and our growth initiatives, starting with our domestic commercial business for the quarter. Our domestic DIFM sales were $1.3 billion, up 14.5%. For the quarter, our domestic commercial sales represented 32% of our domestic auto parts sales and 28% of our total company sales.

我們為所取得的成績感到自豪，因為我們門市和配送中心的 AutoZoners 員工的努力使我們能夠繼續發展業務。讓我花幾分鐘時間詳細說明一下我們第一季的損益情況。首先，我將詳細介紹銷售情況和我們的成長計劃，首先從本季的國內商業業務說起。我們的國內DIFM銷售額為13億美元，成長14.5%。本季，我們的國內商業銷售額佔國內汽車零件銷售額的 32%，占公司總銷售額的 28%。

Our average weekly sales per program were $17,500, up 10% versus last year. Our commercial acceleration initiatives are continuing to deliver strong results as we grow share by winning new business and increasing our share of wallet with existing customers.

我們每個節目的平均每週銷售額為 17,500 美元，比去年增長了 10%。我們的商業加速計畫持續強勁成效，我們透過贏得新業務和提高現有客戶的錢包份額來擴大市場份額。

We have a commercial program in approximately 93% of our domestic stores, which leverages our DIY infrastructure, and we're building our business with national, regional and local accounts. This quarter, we opened 84 net new programs, finishing with 6,182 total programs. We plan to aggressively pursue growing our share of wallet with existing customers and adding new customers. Mega-Hub stores remain a key component of our current and future commercial growth. We opened four Mega-Hubs and finished the quarter with 137 Mega-Hub stores. We expect to open at least 30 Mega-Hub locations over the fiscal year, and our pipeline is exceptionally strong.

我們在國內約 93% 的門市開展了商業項目，充分利用了我們的 DIY 基礎設施，我們正在透過全國性、區域性和地方性客戶拓展業務。本季，我們新增淨項目 84 個，項目總數達到 6,182 個。我們計劃積極拓展現有客戶的消費份額，並吸引新客戶。Mega-Hub 門市仍然是我們當前和未來商業成長的關鍵組成部分。我們開設了 4 家大型服務中心，本季末大型服務中心門市總數達到 137 家。我們預計在本財年內至少開設 30 個大型樞紐，而且我們的專案儲備非常充足。

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. These larger stores give our customers access to thousands of additional parts across the market.

再次提醒大家，我們的超級中心通常擁有超過 100,000 個 SKU，不僅能大幅提升店內銷售額，還能為其他商店提供更豐富的商品種類。覆蓋範圍和零件供應的擴大持續為我們的商業和DIY業務帶來顯著的銷售成長。這些大型門市讓我們的客戶能夠接觸到市場上成千上萬種其他零件。

While I mentioned a moment ago that our average commercial weekly sales per program grew 10%, the 137 Mega-Hubs continue to drive growth at an even faster clip. We continue to target having approximately 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 customers 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 10%，但 137 個大型中心仍在以更快的速度推動成長。我們的目標是在全面建成後擁有約 300 個超級樞紐。隨著我們在更貼近客戶的本地市場部署更多零件，同時不斷提高服務水平，我們的客戶對我們的商業產品感到興奮。

On the domestic retail side of our business, our DIY comp was up 1.5% for the quarter. 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 remainder of FY26.

就我們國內零售業務而言，本季 DIY 業務的同店銷售額成長了 1.5%。由於我們的成長舉措，我們的 DIY 市場份額一直保持強勁，我們已為未來的成長做好了充分準備。重要的是，市場正經歷汽車保有量不斷增長和老化，以及新車和二手車銷售市場對客戶來說充滿挑戰，這持續為我們的業務帶來順風。我們相信，這些動態因素、票房成長、成長舉措以及宏觀停車場利好因素，將繼續推動 2026 財年剩餘時間內 DIY 商業環境的韌性。

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 12 new stores in Mexico to finish with 895 stores and two new stores in Brazil, ending with 149 stores. Our same-store sales grew 3.7% on a constant currency basis and a positive 11.2% on an unadjusted basis.

現在我來談談我們的國際事業。我們對在國際市場取得的進展感到滿意。本季度，我們在墨西哥開設了 12 家新店，門市總數達到 895 家；在巴西開設了 2 家新店，門市總數達到 149 家。以固定匯率計算，我們的同店銷售額成長了 3.7%；以未經調整的匯率計算，成長了 11.2%。

While sales growth has slowed over the last few quarters in Mexico due to slower economic growth in the country, we have continued to grow our share, and we're well positioned when the economy improves. We remain committed to investing in international expansion, and we're pleased with our results in these markets as we accelerate the store opening pace. As we look ahead, we're bullish on international being an attractive and meaningful contributor to AutoZone's future sales and operating profit growth.

雖然由於墨西哥經濟成長放緩，過去幾季我們在墨西哥的銷售成長有所放緩，但我們的市場份額仍在持續成長，因此，一旦經濟好轉，我們將佔據有利地位。我們將繼續致力於國際擴張，並對我們在這些市場的成果感到滿意，同時加快了門市開設速度。展望未來，我們樂觀地認為國際市場將成為AutoZone未來銷售額和營業利潤成長的重要且有吸引力的一部分。

Now let me spend a few moments on the rest of the P&L and gross margins. For the quarter, our gross margin was 51%, down 203 basis points versus last year. This quarter, we had a $98 million LIFO charge or 212 basis point unfavorable LIFO comparison to last year. Excluding the LIFO comparison, we had a 9-basis-point improvement to gross margin driven by margin actions, which offset a significant rate headwind from the shift to a faster-growing commercial business.

現在讓我花幾分鐘時間看一下損益表和毛利率的其餘部分。本季毛利率為 51%，較去年同期下降 203 個基點。本季度，我們產生了 9,800 萬美元的後進先出法 (LIFO) 費用，與去年同期相比，後進先出法 (LIFO) 的不利影響為 212 個基點。如果不考慮後進先出法比較，毛利率因利潤率調整而提高了 9 個基點，抵消了向增長更快的商業業務轉型帶來的顯著利率逆風。

We anticipate continued benefits from merchandise margins next quarter that should help offset the rate headwind from accelerated commercial growth. As I mentioned, we had a $98 million LIFO charge in Q1. We're planning a LIFO charge of approximately $60 million for each of the next three quarters as we're continuing to experience higher costs due to tariffs that impact our LIFO layers. Moving on to operating expenses. Our expenses were up 10.4% versus Q1 last year as SG&A as a percentage of sales delevered 69 basis points, driven by investments to support our growth initiatives.

我們預計下一季商品利潤率將繼續帶來收益，這將有助於抵消商業成長加速帶來的利率逆風。正如我之前提到的，我們在第一季提列了 9,800 萬美元的後進先出法費用。由於關稅影響了我們的後進先出法（LIFO）層，導致成本持續上漲，我們計劃在接下來的三個季度中每個季度提列約 6000 萬美元的後進先出法費用。接下來是營運費用。由於為支持我們的成長計畫而進行的投資，銷售、一般及行政費用佔銷售額的比例下降了 69 個基點，因此我們的支出比去年第一季度增長了 10.4%。

On a per store basis, our SG&A was up 5.8% compared to last quarter's 4.4% increase. The difference between per store growth and total SG&A growth is the accelerated new store count that we have driven over the last 12 months. We expect to continue to increase our new store opening pace through the end of fiscal 2028 when we reach a total of 500 stores open annually.

以單店計算，我們的銷售、一般及行政費用增加了 5.8%，而上一季的增幅為 4.4%。單店成長與銷售、管理及行政費用總成長之間的差異，是我們在過去 12 個月加速拓展的新店數量。我們預計到 2028 財年末，新店開幕速度將持續加快，屆時每年新店開幕總數將達到 500 家。

In the spirit of transparency and to give investors the opportunity to ingest expectations as we grow store count faster than we have in recent history, we will give more color on SG&A growth and store counts. For Q2, we're assuming 65 to 70 store openings globally versus 45 last year. And for the full year, we expect to open 350 to 360 stores versus 304 net new stores opened in FY25.

本著透明的原則，為了讓投資人有機會了解我們門市數量成長速度比近期歷史上更快，我們將更詳細地說明銷售、一般及行政費用成長和門市數量。我們預計第二季全球將開設 65 至 70 家門市，去年同期為 45 家。預計全年將開設 350 至 360 家門市，而 2025 財年淨新增門市數為 304 家。

We've been purposefully investing in SG&A in order to capitalize on opportunities to grow our business now and in the near future. These investments will also pay dividends in customer experience, speed of delivery and productivity, all of which will help us grow market share. For Q2, we expect SG&A to grow similar to the first quarter as the impact of new stores disproportionately impacts payroll, depreciation and occupancy costs. We remain committed to being disciplined with our SG&A growth. And as the accelerated new stores mature, we will manage expenses in line with sales growth over time.

我們一直在有意識地增加對銷售、一般及行政費用的投入，以便抓住機遇，在當前和不久的將來發展我們的業務。這些投資還將在客戶體驗、交付速度和生產力方面帶來回報，所有這些都將有助於我們擴大市場份額。我們預計第二季銷售、一般及行政費用將與第一季類似成長，因為新店開幕對薪資、折舊和租金成本的影響尤其顯著。我們將繼續嚴格控制銷售、管理及行政費用的成長。隨著新店的快速發展日益成熟，我們將逐步控制支出，使其與銷售成長保持同步。

Moving to the rest of the P&L. EBIT for the quarter was $784 million, down 6.8% versus the prior year. As I previously mentioned, a noncash LIFO charge reduced our EBIT by $98 million. Adjusting for the unfavorable LIFO comparison, our EBIT would have been up 4.9% versus the prior year. Interest expense for the quarter was $106 million, down 1.3% from a year ago as our debt outstanding at the end of the quarter was $8.6 billion versus $9 billion a year ago.

接下來來看損益表的其餘部分。本季息稅前利潤為 7.84 億美元，較上年同期下降 6.8%。正如我之前提到的，非現金後進先出法費用使我們的息稅前利潤減少了 9,800 萬美元。如果剔除不利的後進先出法比較因素，我們的息稅前利潤將比上年增長 4.9%。本季利息支出為 1.06 億美元，比去年同期下降 1.3%，因為截至本季末，我們的未償債務為 86 億美元，而去年同期為 90 億美元。

We're planning interest in the $114 million range for the second quarter of FY26 versus $109 million last year. For the quarter, our tax rate was 21.7%, down from last year's first quarter of 23%, driven primarily by higher stock option expense benefit. This quarter's tax rate benefited 186 basis points from stock options exercised, while last year, it benefited 72 basis points. For the second quarter of FY25, we suggest investors model us at approximately 22.5%.

我們預計 2026 財年第二季利息收入將達到 1.14 億美元，去年同期為 1.09 億美元。本季度，我們的稅率為 21.7%，低於去年第一季的 23%，主要原因是股票選擇權費用收益增加。本季因股票選擇權行使而使稅率提高了 186 個基點，而去年同期則提高了 72 個基點。對於 2025 財年第二季度，我們建議投資人將我們的股價設定在 22.5% 左右。

Moving to net income and EPS. Net income for the quarter was $531 million, down 6% versus last year. Our diluted share count of 17.1 million was 1.5% lower than last year's first quarter. The combination of lower net income and lower share count drove earnings per share for the quarter to $31.04, down 4.6% versus last year's Q1. As a reminder, LIFO drove our EPS down $4.39 a share.

接下來討論淨利和每股收益。本季淨利為 5.31 億美元，比去年同期下降 6%。我們的稀釋後股份數量為 1,710 萬股，比去年第一季減少了 1.5%。淨收入下降和流通股數量減少導致本季每股收益為 31.04 美元，比去年第一季下降 4.6%。提醒一下，後進先出法導致我們的每股盈餘下降了 4.39 美元。

Now let me talk about our free cash flow. For the quarter, we generated $630 million in free cash flow versus $565 million in Q1 last year. 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 6.3 億美元的自由現金流，而去年第一季為 5.65 億美元。我們預計未來將持續保持強勁的現金流，並將繼續致力於向股東返還可觀的現金回報。

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 9.1% versus Q1 last year, while total inventory increased 13.9% over the same period last year, driven by new stores, additional inventory investment to support our growth initiatives and inflation.

就我們的資產負債表而言，我們的流動性狀況依然非常強勁，槓桿比率最終為 EBITDAR 的 2.5 倍。與去年第一季相比，我們每家門市的庫存增長了 9.1%，而總庫存較去年同期增長了 13.9%，這主要得益於新店開業、為支持我們的增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 a negative $145,000 versus negative $166,000 last year and negative $131,000 last quarter. As a result, accounts payable as a percent of gross inventory finished the quarter at 115.6% versus last year's Q1 of 119.5%.

淨庫存（定義為商品庫存減去每家門市的應付帳款）為負 145,000 美元，而去年同期為負 166,000 美元，上一季為負 131,000 美元。因此，應付帳款佔總庫存的百分比在本季末為 115.6%，而去年第一季為 119.5%。

Lastly, I'll spend a moment on capital allocation and our share repurchase program. We repurchased $431 million of AutoZone stock in the quarter. And at quarter-end, we had $1.7 billion remaining under our share buyback authorization.

最後，我將花一點時間談談資本配置和我們的股票回購計畫。本季我們回購了價值 4.31 億美元的 AutoZone 股票。截至季末，我們的股票回購授權額度還剩 17 億美元。

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

我們持續強勁的獲利能力、穩健的資產負債表和強大的自由現金流，使我們能夠透過股票回購計畫向股東返還大量現金。自 1998 年啟動股票回購計畫以來，我們已回購了當時已發行股票的 100% 以上，同時投資於現有資產並發展業務。我們將繼續堅持這種嚴謹的資本配置方式，這將使我們能夠投資於業務並向股東返還可觀的現金。

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.

綜上所述，我們將繼續致力於透過投資成長計畫、推動強勁獲利和現金流以及將多餘現金返還給股東來提升股東的長期價值。我們的策略持續奏效，因為我們將繼續專注於以嚴謹的方式獲取市場份額並提高我們的競爭地位。

As we look forward to the rest of FY26, we're bullish on our growth prospects behind a resilient domestic DIY business, a faster-growing domestic commercial business and an international business that is continuing to grow share in a meaningful way. We continue to have tremendous confidence in our ability to drive significant and ongoing value for our shareholders.

展望 2026 財年剩餘時間，我們對成長前景充滿信心，這得益於我們穩健的國內 DIY 業務、成長更快的國內商業業務以及持續顯著成長份額的國際業務。我們依然對自身能力充滿信心，相信能為股東創造持續且巨大的價值。

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 risk, so our results primarily reflect the translation impact for reporting purposes.

在將電話轉回給菲爾之前，我想提醒您，我們以固定匯率為基礎報告收入比較數據，以反映我們的經營績效。我們一般不承擔交易風險，因此我們的績效主要反映的是出於報告目的的匯率變動影響。

As mentioned earlier, in the quarter, foreign currency resulted in a tailwind to revenue and EPS. If yesterday's spot rates held for Q2, then we expect an approximate $57 million benefit to revenue, an $18 million benefit to EBIT and a $0.77 a share benefit to EPS. And lastly, in Q2, we expect LIFO to reduce EBIT by approximately $60 million, impact our gross margin rate by approximately 140 basis points and our EPS by approximately $2.70 a share.

如前所述，本季外匯匯率對營收和每股盈餘產生了正面影響。如果昨天的即期匯率在第二季保持不變，那麼我們預計收入將增加約 5700 萬美元，息稅前利潤將增加 1800 萬美元，每股收益將增加 0.77 美元。最後，我們預計第二季後進先出法將使息稅前利潤減少約 6,000 萬美元，毛利率下降約 140 個基點，每股盈餘下降約 2.70 美元。

And now I'll turn it back to Phil.

現在我把麥克風交還給菲爾。

Thank you, Jamere. We are excited to start the calendar of 2026. We have a lot to accomplish this fiscal year. We are committed to flawless execution and wisely spending our capital to drive growth and efficiency. We feel we are well positioned to grow sales across our domestic and our international store base with both our retail and our DIY customers.

謝謝你，賈米爾。我們很高興開啟2026年的篇章。本財政年度我們有很多工作要做。我們致力於完美執行，並明智地運用資金來推動成長和提高效率。我們認為，憑藉我們遍布國內和國際的零售和DIY客戶，我們已做好充分準備，實現銷售額的成長。

We expect to manage our gross margins effectively and grow our operating expense in line with an accelerated store opening assumption. We continue to put our capital to work where it will have the biggest impact on our sales and long-term profitability as our stores, our distribution centers and investing in technology to build a superior customer experience.

我們預計能夠有效控制毛利率，並隨著門市擴張速度加快，實現營運費用的成長。我們將繼續將資金投入到能夠對我們的銷售額和長期盈利能力產生最大影響的地方，例如我們的門市、配送中心以及投資技術以打造卓越的客戶體驗。

The top focus areas for 2026 will be growing share in our domestic commercial business and continuing our momentum in international. We are excited about what we can accomplish in the second quarter, but we understand that we cannot take things for granted. We must remain laser-focused on customer service, flawless execution and gaining share in every market in which we operate. Fiscal 2026 top operating priorities will continue to be based on improving execution and delivering WOW! Customer Service.

2026 年的首要重點領域將是擴大我們在國內商業業務的份額，並繼續保持我們在國際市場的發展勢頭。我們對第二季度能夠取得的成就感到興奮，但我們也明白不能掉以輕心。我們必須始終專注於客戶服務、完美執行，並在我們營運的每個市場中贏得份額。2026 財年的首要營運重點仍將以提升執行力和提供卓越體驗為核心！客戶服務。

We will continue to invest in the following strategic projects: remaining focused on driving DIY or do-it-yourself and commercial sales growth, which we are doing in a meaningful way; ramping up our domestic and international store growth; drive our new and Mega-Hub openings and focus on optimizing our new distribution centers and our supply chain capabilities. We are excited about what we can accomplish in this new year, and our AutoZoners are well prepared to deliver on our commitments. We believe AutoZone's best days are ahead of us.

我們將繼續投資以下策略項目：繼續專注於推動 DIY 或 DIY 和商業銷售成長，我們正在以有意義的方式實現這一目標；加速國內和國際門市的成長；推動新店和大型配送中心的開業，並專注於優化我們的新配送中心和供應鏈能力。我們對在新的一年裡能夠取得的成就感到興奮，我們的 AutoZoners 也已做好充分準備，履行我們的承諾。我們相信AutoZone的黃金時代還在未來。

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

現在我們來徵求大家的問題。

(Operator Instructions) Bret Jordan, Jefferies.

（操作說明）Bret Jordan，傑富瑞。

Could you talk about the maturation schedule of the new stores now that it's become a very -- I guess, a more significant item as far as the ramp and then incremental investment that's required, I think you're talking about a couple of DCs internationally. But as far as domestic store growth, are there more DCs or accelerated hub expansion as you build this new store base? I mean just sort of trying to think about an SG&A expense at the front, but when do we start getting the return?

能否談談新店的成熟計畫？現在它已經成為一個非常重要的項目——我想，就所需的啟動資金和後續投資而言，這是一個更重要的項目。我想您指的是國際上的幾個配送中心。但就國內門市成長而言，隨著新門市的建立，是否會增加配送中心或加速樞紐擴張？我的意思是，我們只是想把銷售、管理及行政費用考慮在內，但我們什麼時候才能開始獲得回報呢？

Yes. Thanks for your question, Bret. So typically, our new stores mature on about a four- to five-year time frame, if you will. And we've seen this historically over time, and it's fairly predictable. Our teams do a great job of getting those assets into the market and then building our business around them.

是的。謝謝你的提問，布雷特。因此，通常情況下，我們的新店大約需要四到五年的時間才能成熟。從歷史經驗來看，這種情況屢見不鮮，而且相當容易預測。我們的團隊在將這些資產推向市場並圍繞它們建立我們的業務方面做得非常出色。

Regarding SG&A, we had about 2 points of the growth in our SG&A that was related to new stores and the acceleration of our commercial programs. And you'll see this ramp continue as we peak at the 500 stores globally that we're expecting in FY28.

關於銷售、一般及行政費用，我們的銷售、一般及行政費用增長了約 2 個百分點，這與新店開業和商業計劃的加速推進有關。隨著我們在 2028 財年達到全球 500 家門市的峰值，你會看到這種成長勢頭持續下去。

What has us excited is in addition to the new satellite stores that we're building, we're also building out our Mega-Hub footprint, which, as we mentioned, is going to grow to 300 Mega-Hubs. We've got about 100 of those in the pipeline today, and we feel very good about our execution there. So as we look at the way our operating margins will progress between now and then, you'll see this roughly 2 points of incremental SG&A associated with this ramp, if you will. And then you'll see that sort of lap off and we'll return to the kind of operating margins that we have in the past.

令我們興奮的是，除了我們正在建造的新衛星商店外，我們還在擴大我們的超級樞紐規模，正如我們所提到的，超級樞紐的數量將增長到 300 個。我們目前有大約 100 個這樣的專案正在籌備中，我們對專案的執行情況非常有信心。因此，當我們觀察從現在到那時我們的營業利潤率將如何變化時，你會發現，如果可以這麼說的話，與此增長相關的銷售、一般及行政費用大約會增加 2 個百分點。然後你會看到這種趨勢逐漸消失，我們將恢復到過去那種營業利潤率水準。

As it relates to investments, obviously, we've been investing in distribution centers. We had a couple of new distribution centers that we put in over the last couple of years or so. Those have come online, and we're getting the productivity out of them. We're also investing in distribution centers in Mexico and Brazil, and all of this will underpin the growth. So that 2 points of SG&A that I talked about includes all the investments that we need to make across the business.

就投資而言，很顯然，我們一直在投資配送中心。在過去的兩年裡，我們新建了幾個配送中心。這些設備已經上線，我們正在充分利用它們的生產力。我們也在墨西哥和巴西投資建設配送中心，所有這些都將為成長奠定基礎。因此，我提到的 2 點 SG&A 費用包含了我們在整個業務中需要進行的所有投資。

Maybe I'll add a little bit to that. We've talked a lot about this project we've had in place for several years now, which is Supply Chain 2030, which is really looking at what did our supply chain need to look like to get us to these faster-growing store numbers. Most of those investments in the US have already been in place and stood up those two new DCs we opened up last year. There's also some new efficiency strategies built in those distribution centers as well as some direct import facilities.

或許我會再補充一點。我們已經多次談到這個已經實施了好幾年的項目，即“供應鏈 2030”，該項目旨在研究我們的供應鏈需要是什麼樣子才能實現門市數量的快速增長。這些在美國的大部分投資已經到位，並建立了我們去年開設的兩個新的資料中心。這些配送中心以及一些直接進口設施也採用了新的提高效率的策略。

In Mexico, as we've talked about, we opened up a new DC and expanded one, and we're in the process of expanding our Monterrey distribution center to almost double the size, and that will be open -- fully operational probably in March. And then we're bringing our distribution from third party to our own supply chain down in Brazil, which should help us for quite some time. So most of the US expansion is done. It will be about improving efficiencies. Mexico will be done effectively in March or April. And that will take us for quite some time for the next couple of years from a supply chain perspective.

正如我們之前討論過的，我們在墨西哥開設了一個新的配送中心，並擴大了一個配送中心。我們正在擴大蒙特雷配送中心，使其規模幾乎翻倍，該中心可能在三月全面運作。然後，我們將把分銷管道從第三方轉移到我們在巴西自己的供應鏈，這應該會在相當長的時間內對我們有所幫助。所以美國的大部分擴張已經完成了。重點在於提高效率。墨西哥的談判將在三月或四月有效完成。從供應鏈的角度來看，這將在未來幾年內花費我們相當長的時間。

Okay. Great. A quick question on the commercial growth on a two-, three-year basis. Could you sort of parse out what might be national account versus domestic? I mean, obviously, not a lot of new national accounts entering the market. Is this skewed more to up and down the street business?

好的。偉大的。請簡單詢問一下未來兩到三年內的商業成長情況。可以大致區分一下什麼是國民帳戶，什麼是國內帳戶嗎？我的意思是，很顯然，沒有很多新的全國性客戶進入市場。這是否更反映了街道兩旁商店的分佈？

Yes. We're growing on the commercial side of the business in all of the different segments that we break out. Obviously, to your point, there's not a lot of new national accounts that you would consider branded national accounts, but we're growing share of wallet in all of those segments, national accounts, what we call up and down the street customers, which are generally the local mom-and-pop shop as well as what we call verticals and associations. We're growing across all of the four segments. Pretty helpful.

是的。我們在業務的商業方面，在我們所劃分的各個不同領域，都實現了成長。顯然，正如您所說，目前並沒有很多新的全國性客戶，可以稱之為品牌全國性客戶，但我們在所有這些細分市場（包括全國性客戶、我們稱之為“街邊小店”的本地夫妻店以及我們稱之為“垂直行業”和“協會”）的市場份額都在不斷增長。我們在所有四個業務領域都實現了成長。很有幫助。

Chris Horvers, J.P. Morgan.

克里斯霍弗斯，摩根大通。

It's Barath Rao, on for Chris. So on DIY, given the sequential slowdown, I know you said weather was a headwind in the middle four weeks. But can you help us parse out how much of that was additionally attributable to any government shutdown noise or any like sort of observable deterioration in the underlying trend or demand?

巴拉特·拉奧，替克里斯上場。所以關於 DIY，考慮到進度放緩，我知道你說過中間四周天氣是一個不利因素。但是，您能否幫助我們分析一下，其中有多少是由於政府停擺或其他類似可觀察到的潛在趨勢或需求惡化造成的？

Yes. I wouldn't say that the demand has necessarily deteriorated. As we mentioned, kind of that weather segment in the middle of the -- we broke the quarter down into -- the 12-week quarter down into four-week segments. The middle section of that segment, year-over-year, you had some changes in weather in more of the northern markets, and you had the impact from the hurricane that benefited us last year that did not reoccur this year. So it was really a wobble in the middle four-week segment, not related to the customer per se, more related to the impact from last year, both positive weather event due to hurricanes and a cold snap that happened last year as opposed to something that really deteriorated in this year. And that middle four-week segment, as we mentioned, was down significantly compared to the first four-week segment and the third four-week segment. I hope that's a little clearer.

是的。我並不認為需求必然惡化了。正如我們所提到的，中間的天氣預報部分——我們將 12 週的季度細分為 4 週的片段。該部分中間部分，與去年相比，北部市場的天氣發生了一些變化，去年颶風對我們有利，但今年颶風沒有再次發生。所以，這其實是中間四周的波動，與顧客本身無關，更多的是與去年的影響有關，包括去年颶風帶來的有利天氣事件和寒潮，而不是今年真正惡化的情況。正如我們之前提到的，中間的四周與前四周和後四周相比，出現了顯著下降。希望這樣解釋得更清楚一點。

Got it. That's helpful. And then a quick one on SG&A. So previously, you talked about mid-single-digit SG&A store growth for the year and came in at the higher end in 1Q despite softer sales. So now that you're accelerating store growth and you said 2Q SG&A will be similarly up to 1Q. Can you help us understand like how does the curve of that SG&A per store growth look throughout the year? And does that pretty much moderate into next year?

知道了。那很有幫助。然後簡單談談銷售、管理及行政費用。之前您提到過，全年門市銷售、管理及行政費用 (SG&A) 成長率預計為個位數中段，儘管第一季銷售額有所下降，但實際成長率仍高於預期。既然你們正在加速門市擴張，你們表示第二季銷售、一般及行政費用將與第一季類似成長。您能否幫助我們了解全年每家店的銷售、管理及行政費用成長曲線的走勢？這種情況明年是否會基本趨於緩和？

Yes. As I mentioned, we had about 2 points of growth that was related to new stores and really the opening of new programs in our commercial area of the business domestically, and we expect that to continue. And then if you look at our store opening ramp, we're going to continue to open new stores. It's going to be back half weighted.

是的。正如我之前提到的，我們實現了大約 2 個百分點的成長，這與新店的開設以及我們在國內商業領域推出的新項目有關，我們預計這種情況會繼續下去。然後，如果你看一下我們的門市開設計劃，我們將繼續開設新店。它將恢復一半的重量。

As I mentioned, we'll open 350 to 360 stores globally in total and a good chunk of that will be weighted in the back half. So you'll see some acceleration as we move through. And again, this is all predicated on the growth that we're seeing. We're continuing to invest in a disciplined way in those growth initiatives. And quite frankly, we like the earnings and the cash story that this is going to generate for us as we come out of this.

正如我之前提到的，我們總共將在全球開設 350 至 360 家門市，其中很大一部分將集中在後半段時間。所以你會看到隨著我們前進的速度加快。再次強調，這一切都基於我們目前所看到的成長。我們將繼續以嚴謹的方式投資這些成長計畫。坦白說，我們很喜歡這件事結束後我們將獲得的收益和現金流。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

This is Skylar Tennant on behalf of Simeon. On our first question, we wanted to ask whether the consumer is showing any signs of elasticity to higher prices or whether you're seeing any signs of trade down?

我是Skylar Tennant，代表Simeon。我們的第一個問題是，消費者對價格上漲是否表現出任何彈性，或者您是否看到任何價格下跌的跡象？

Yes. We kind of figured this question was probably coming. At the end of the day, I would kind of characterize it as the lower-end consumer has been under pressure for, frankly, quite some time, I'd say, more than two years. And what I would say is they've been relatively stable. So there hasn't been a significant wobble in that lower-end consumer.

是的。我們其實早就預料到會有人問這個問題。歸根結底，我認為低端消費者已經承受了相當長一段時間的壓力，坦白說，我認為超過兩年了。我想說的是，他們一直相對穩定。因此，低端消費者群體並沒有明顯的波動。

The higher-end consumer, we think, is still doing okay. And we think that's been relatively stable over the last couple of quarters. We don't have a lot of categories where you would see trade down. We have some good, better, best opportunities in batteries and brakes and wiper blades, things of that nature. But the vast majority of our inventory is generally one part that fits a particular vehicle, and there's not a whole lot of upsell opportunities based on good, better, best opportunities. So we don't see a lot of trade down. There's a little bit, but it's really not been that meaningful.

我們認為，高端消費者目前的狀況還不錯。我們認為，在過去的幾個季度裡，這種情況一直相對穩定。我們很少有產品類別會允許降級購買。我們在電池、煞車片和雨刷片等領域有一些不錯的、更好的、最好的機會。但我們庫存中的絕大多數通常都是適合特定車輛的單一零件，並沒有太多基於「好」、「更好」、「最好」等概念的追加銷售機會。因此，我們沒有看到很多向下交易。有一點點，但其實意義不大。

Okay. And as a follow-up, how are you thinking about inflation? Has it impacted the entire product catalog? And for items not impacted, are you seeing any signs of demand elasticity there?

好的。其次，您如何看待通貨膨脹？這是否影響了整個產品目錄？對於未受影響的商品，您是否觀察到任何需求彈性跡象？

Yes. The inflation, we think the inflation is going to continue to increase through what would be our third quarter on a year-over-year basis. And then some of the impacts from tariff and cost increases started in Q4 of last year. So we'll start to lap some of that. I suspect that there'll still be some increases, but they'll probably be a little bit less muted in the latter part of what would be our Q4, more like the summertime.

是的。我們認為，通貨膨脹率將在今年第三季繼續同比上升。然後，關稅和成本上漲帶來的一些影響從去年第四季開始顯現。所以我們將開始逐步完成其中的一些工作。我懷疑價格還會有所上漲，但漲幅可能會在第四季度後期，也就是夏季期間，比之前略微明顯一些。

But as far as separating out what has tariff impact and have not had tariff impact, most of the product that we sell is essentially break/fix or it's required maintenance, and there hasn't been a lot of volatility in those product categories in purely discretionary categories, which is a relatively small part of our business, more like 16% to 17% of our total market. Those categories were impacted over the last two years and had some pretty significant downfalls. But over the last year or so, they've actually been relatively stable and seen some minor improvement in sales over the last year.

但要區分哪些產品受到關稅影響，哪些產品不受關稅影響，我們銷售的大部分產品本質上是故障維修或必要的維護，而純粹的非必需消費品類別的產品波動性並不大，這在我們業務中所佔比例相對較小，大約只占我們總市場的 16% 到 17%。過去兩年，這些類別都受到了影響，出現了一些相當嚴重的下滑。但在過去一年左右的時間裡，他們的業績實際上相對穩定，並且在過去一年中銷售額略有增長。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

This is (inaudible) for Michael Lasser. The first question is on the comps. We were wondering how likely is it that the same-store sales momentum would be sustainable domestically as comparisons become more challenging in the third quarter as well as fourth quarter and you lap a greater inflation number in 4Q?

這是（聽不清楚）給麥可·拉塞爾的。第一個問題是關於綜合考試的。我們想知道，隨著第三季和第四季同比數據變得更加難以比較，以及第四季通膨率上升，國內同店銷售動能能否持續？

Yes. I would characterize that we think those numbers are going to be relatively stable. Again, our comp in the latter part of Q3 and Q4, there was an increase from -- if you think about a two-year stack, and it might moderate a little bit. But we're confident behind our initiatives that we have in place that we will continue to grow market share on both the DIY and the commercial business. So they may flatten out a little bit. But at the end of the day, I think we're going to continue on this growth trajectory for both DIY and on the commercial side of the business.

是的。我認為這些數字將會相對穩定。再說，我們在第三季度後期和第四季度的比較數據有所增長——如果你考慮兩年的數據積累，可能會有所放緩。但我們有信心，憑藉我們已採取的各項舉措，我們將繼續擴大在DIY和商業領域的市場份額。所以它們可能會稍微變平一些。但歸根結底，我認為無論是在DIY領域還是商業領域，我們都將繼續保持這種成長勢頭。

Got you. That's helpful. And as far as my second question goes, I'm going to try to approach the SG&A topic a little differently. Since the beginning of fiscal year 2024, SG&A growth has outpaced sales growth in each quarter and by about 2 to 3 percentage points on average. So how should we expect that gap between sales and SG&A growth to unfold going forward, especially as you accelerate unit growth?

抓到你了。那很有幫助。至於我的第二個問題，我打算換個角度來探討銷售、一般及行政費用這個主題。自 2024 財年開始以來，銷售、一般及行政費用 (SG&A) 的成長速度在每季都超過了銷售額的成長速度，平均高出約 2 至 3 個百分點。那麼，隨著你們加快銷售成長，我們該如何預期銷售額與銷售、管理及行政費用成長之間的差距在未來會如何演變呢？

And as part of that, would it be fair to think the model is more reliant on recouping some of the gross margin headwinds you faced in the past couple of years to return to operating margins of 19% plus?

作為其中的一部分，是否可以這樣認為：該模式更依賴於彌補過去幾年中面臨的一些毛利率逆風，以恢復到 19% 以上的營業利潤率？

Yes. So the first thing that I'll say, and we've reiterated this point is that we're growing SG&A in a disciplined way as we create a faster-growing business. And so what you've seen is that the investments in SG&A have been purposeful. We've had accelerated growth in SG&A related to new stores and the acceleration of our commercial business.

是的。首先我要說的是，我們也一再強調過這一點，那就是我們在打造快速成長的業務的同時，也以嚴謹的方式增加銷售、一般及行政費用。因此，你們看到的是，對銷售、一般及行政費用的投資是有目的的。由於新店開張及商業業務加速發展，我們的銷售、一般及行政費用成長速度加快。

And two things. Number one, you're starting to see the growth shoots associated with that. And we like the earnings profile of the new stores, first of all, as they're coming out of the shoots, but more importantly, when those stores mature in the next four to five years.

還有兩件事。第一，你開始看到與之相關的成長跡象了。首先，我們喜歡新店的獲利前景，尤其是在它們剛起步的時候；但更重要的是，我們喜歡這些店鋪在未來四到五年內發展成熟後的獲利前景。

What I'll say about the gap between sales growth and SG&A growth over time is that SG&A will slightly outpace the sales growth as we move through. But as we get to the point where these stores mature, then we'll manage SG&A growth in line with sales. But I think the key takeaway is that it's been purposeful, and this is underpinning the growth that we've talked about, and we like the earnings and cash profile on the back side of this.

關於銷售成長與銷售、一般及行政費用成長之間的差距，我想說的是，隨著時間的推移，銷售、一般及行政費用的成長速度將略微超過銷售成長速度。但隨著這些門市發展成熟，我們將使銷售、一般及行政費用成長與銷售額保持一致。但我認為關鍵在於，這是有目的的，這支撐了我們一直在談論的成長，而且我們喜歡這種成長帶來的收益和現金流狀況。

Got you. And the model is reliance on gross margin to get back to 19% margin profile?

抓到你了。該模式是依靠毛利率來恢復到 19% 的毛利率水準嗎？

Well, I think the reality is if you look at the model today and you're talking about operating profits, if you will, you got two points associated with this accelerated growth that we're talking about. You got about 140 basis points associated with LIFO. So between those two, you add back, call it, 3.5 points to a business that's going to do 17 and some change on a GAAP basis, and you're back at your 20% operating model. And if you do that on top of a much larger store base, again, that's what has us excited about the model as we move forward.

我認為現實情況是，如果你看看今天的模型，如果你談論的是營業利潤，那麼與我們正在談論的這種加速成長相關的兩點就顯而易見了。採用後進先出法（LIFO）大約可以獲得 140 個基點的收益。因此，在這兩者之間，你加上，比如說，3.5 個百分點，對於一家以 GAAP 計算將實現 17 個百分點多一點的企業來說，你就回到了 20% 的營運模式。如果再加上更大的門市規模，這正是我們展望未來時對這種模式感到興奮的原因。

Scot Ciccarelli, Truist.

Scot Ciccarelli，Truist。

This is Shervin on for Scot. LIFO charges were less than expected this quarter, and now you've lowered your expectation of the headwind for the next three quarters by around 25%. Just want to know if this is from just greater tariff reductions or maybe more focused mitigation efforts? And then like could that taper like the upper end of your same SKU expectations like for inflation throughout the year?

這是Shervin為Scot效力。本季後進先出法 (LIFO) 費用低於預期，因此您已將未來三個季度的不利因素預期降低了約 25%。我想知道這僅僅是由於關稅大幅降低，還是由於採取了更有針對性的緩解措施？那麼，這種預期能否像您全年對相同 SKU 的預期上限那樣，隨著通貨膨脹而逐漸降低？

Yes. So two things on LIFO. Number one, we have not seen as much cost impact as we had originally anticipated. I think we've talked very openly about the fact that we're running a tried-and-true playbook. One is to the extent that there's an opportunity to negotiate lower cost with vendors and protect the customer, we've been doing that. If there's an opportunity for us to diversify sources and maintain the sales, we're doing that. And then the third leg of the stool, obviously, has been to raise retails.

是的。所以，關於後進先出法（LIFO）有兩點要注意。第一，我們沒有看到像最初預期的那樣出現成本影響。我認為我們已經非常坦誠地討論過，我們正在執行一套行之有效的策略。一方面，如果有機會與供應商協商降低成本並保護客戶，我們一直在這樣做。如果有機會實現貨源多元化並維持銷售額，我們就會這樣做。顯然，第三個關鍵步驟是提高零售額。

So we haven't -- in running that playbook, we haven't seen as much inflation as we would have anticipated. I think the second dynamic is you saw the announcements where the IEEPA tariffs on China moved from 20% down to 10%. And so that does lower our expectation going forward.

所以，在執行這套策略的過程中，我們並沒有看到像預期的那樣嚴重的通貨膨脹。我認為第二個動態是，你們已經看到了相關公告，即對中國的 IEEPA 關稅從 20% 降至 10%。因此，這確實降低了我們對未來的預期。

But what we're seeing, and you heard Phil talk about this a little bit earlier, is we're still expecting to see higher costs associated with tariffs as we move through. And that is going to have some impact on ticket average and to have some impact on comps going forward. It's just that what we had anticipated originally, we're seeing better performance from a cost standpoint and lower IEEPA tariffs from the rollback that was announced in November.

但我們看到的情況是，正如菲爾之前談到的，我們預計隨著時間的推移，與關稅相關的成本還會上升。這將對平均票價產生一定影響，並對未來的贈品產生一定影響。只是正如我們最初預期的那樣，從成本角度來看，我們看到了更好的表現，並且由於 11 月宣布的 IEEPA 關稅回滾，IEEPA 關稅也降低了。

Yes. I would continue to add that our merchants have been working at this tariff mitigation, country of origin diversification and multiple supplier diversification, frankly, since the original tariffs went in back in 2016 and '17, and they've become pretty good at it. Having multiple sources for country of origin as well as multiple suppliers to supply a particular category has been a strategy we've had for quite some time.

是的。我還要補充一點，坦白說，自從 2016 年和 2017 年最初的關稅出台以來，我們的商家就一直在努力降低關稅影響、實現原產國多元化和供應商多元化，而且他們在這方面已經做得相當不錯了。我們長期以來一直採取的策略是，為特定類別的產品選擇多個原產國來源以及多個供應商。

We've had a strategy for diversifying our sourcing out of China into other countries for years, and they've become very adept at it. To Jamere's point, we're running the same playbook and our folks have gotten pretty good at doing that as well as continuing to improve our supply chain efficiencies, which are helping our gross margins. But they've just done an exceptional job, which you saw in our gross margin, overcoming the vast majority of the mix shift to a lower-margin business that grew faster on the commercial side of the business. So we think that's a really good story for us.

多年來，我們一直致力於將採購來源從中國多元化到其他國家，而他們在這方面已經非常熟練了。正如 Jamere 所說，我們採用的是同樣的策略，我們的員工在這方面做得非常出色，並且不斷提高供應鏈效率，這有助於提高我們的毛利率。但他們做得非常出色，正如您從我們的毛利率中看到的那樣，他們克服了業務組合向利潤率較低、但商業業務增長更快的轉變所帶來的巨大挑戰。所以我們認為這對我們來說是一個非常好的故事。

Stephen Zaccone, Citi.

史蒂芬‧扎科內，花旗集團。

This is Ariana on for Steve. My first question is, can you give any color on the merch margin performance in the quarter? And like any color on the outlook for this fiscal year?

這是艾莉安娜替史蒂夫主持節目。我的第一個問題是，您能否就本季商品利潤率表現提供一些資訊？那麼，對於本財年的前景，大家有什麼看法呢？

Yes. We had a very strong quarter from a merch margin standpoint. And what you see in our underlying gross margins is we were up 9 basis points, excluding LIFO. We had about a 34 basis points drag just from the mix shift associated with a faster-growing commercial business. So all of the merchant actions that we're taking inside the company are working really hard to offset that drag from -- the drag that's associated with the commercial rate. So -- and that's a playbook that we're continuing to run with intensity, and the teams are doing a pretty good job there.

是的。從商品利潤率來看，我們本季表現非常強勁。從我們的基本毛利率來看，不計後進先出法，我們成長了 9 個基點。由於商業業務成長迅速，導致產品組合發生變化，我們因此遭受了約 34 個基點的拖累。因此，我們公司內部採取的所有商家行動都在努力抵銷商業費率帶來的阻力。所以——這就是我們正在全力執行的戰術手冊，各隊在這方面做得相當好。

And then my follow-up kind of piggyback off the previous question. So like where do you kind of expect SKU to peak in 3Q as it accelerate sequentially?

然後我的後續問題算是前一個問題的延伸。那麼，隨著 SKU 銷售量季比加速成長，你預計第三季 SKU 銷售量會在哪個區間達到高峰？

Yes. I mean I won't be date certain about when it will peak, but what we can tell you is that we're going to continue to see inflation coming through our cost of goods sold. We're seeing it both in terms of what we're seeing from vendors, but also from tariffs. And as that rolls through, it is potential to see another point or two over the next couple of quarters impacted on same SKU and resulting in higher average tickets.

是的。我的意思是，我無法確定通貨膨脹何時會達到頂峰，但我們可以告訴你的是，通貨膨脹將繼續推高我們的商品銷售成本。我們從供應商以及關稅方面都看到了這一點。隨著這種情況的持續，未來幾季同一 SKU 的價格可能會再上漲一兩個百分點，從而導致平均客單價上漲。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

This is Mark Jordan on for Kate McShane. The first question, I think, might be a quick one, but it's just what drove the difference between same SKU inflation in the retail business and the commercial business? Is that just the mix of the parts that are being sold?

這裡是馬克喬丹，替凱特麥克沙恩為您報道。我認為第一個問題可能很簡單，那就是：是什麼導致了零售業和商業業中相同 SKU 價格上漲的差異？這只是出售的零件的組合嗎？

Yes. It's a mix and combination of products and parts that get sold between the 2. The commercial side, generally, you have a higher hard part mix and you have generally newer less -- let me say this the right way, newer SKUs in their life cycle, which generally are a little more expensive because they have more technology associated with them essentially.

是的。這是兩者之間銷售的產品和零件的混合組合。從商業角度來看，通常情況下，硬部件的組合比例較高，而且通常產品生命週期中較新的SKU較少——讓我更準確地說，是較新的SKU，這些產品通常價格稍高一些，因為它們本質上包含更多相關的技術。

Okay. Perfect. And then in terms of product categories, just wondering if there's anything to read through there in terms of the health of your core customer. Which categories were stronger and which were weaker during the quarter? And are you still seeing improvement on the discretionary side?

好的。完美的。至於產品類別方面，我想知道是否有任何資料可以參考，以了解您的核心客戶的健康狀況。本季哪些類別表現強勁，哪些類別表現疲軟？那麼，在可自由支配收入方面，您是否仍然看到改善的跡象？

Yes. I would say, I mean, our failure categories and our maintenance categories continue to be the best performers, which I think is indicative of the health of the automotive industry in total. Our weaker performers have been over the last couple of years, frankly, the more purely discretionary items. Over the last year or so, those items have kind of flattened out from a negative comp perspective and continue to -- and started to slightly grow year-over-year, which we think is a pretty good sign that, that segment of product has kind of bottomed out and will probably continue to grow from this point forward.

是的。我的意思是，我們的故障類別和維護類別仍然是表現最好的，我認為這顯示了整個汽車產業的健康狀況。坦白說，在過去幾年裡，我們表現較差的主要是那些純粹的非必需品。在過去一年左右的時間裡，這些商品的同比下滑趨勢已經趨於平緩，並且開始逐年小幅增長，我們認為這是一個相當好的跡象，表明該類產品已經觸底反彈，並且可能會從現在開始繼續增長。

And just thinking about the comp there, is that mostly being same SKU inflation driven on that side? Or is units up as well?

仔細想想，那邊的競爭是不是主要由同款 SKU 的價格上漲所驅動的？還是銷量也漲了？

On the purely discretionary product, it's a little bit of both.

對於純粹的非必需消費品，兩者兼具。

Michael Montani, Evercore.

Michael Montani，Evercore。

It's Mike Montani on for Greg Melich. I just wanted to ask a little bit about the underlying performance in merch margin, if I could. So that was strong in the quarter, Jamere, and wondering how to think about that into next quarter?

麥克·蒙塔尼代替格雷格·梅利奇上場。如果可以的話，我想稍微了解週邊商品利潤率的具體情況。Jamere，所以這季表現很強勁，我想知道如何將這種勢頭延續到下個季度？

And then also if you look at private label supply chain optimization, price optimization, like can you help us just understand a little bit more the drivers that are offsetting that 30 to 40 bps mix headwind that you referenced?

此外，如果您專注於自有品牌供應鏈優化、價格優化，您能否幫助我們更深入地了解抵消您提到的 30 至 40 個基點組合不利因素的驅動因素？

Yes. I mean we continue to run the merch margin playbook, as I've historically said, with intensity. Our teams are doing a fantastic job looking for alternate sources, looking for new brands to introduce and quite frankly, when there are opportunities to move more to our house brands to help us drive margin opportunities. And that's a playbook that we've run over time and the teams continue to execute very well on that. We're going to continue to have a fairly significant headwind from a faster-growing commercial business, and we're really pushing hard on merch margins to mute that or offset that completely. And that's what we'll do as we move forward.

是的。我的意思是，我們將繼續嚴格執行商品利潤策略，就像我之前說過的那樣。我們的團隊在尋找替代貨源、尋找新品牌以及坦率地說，在有機會時更多地轉向我們自己的品牌以幫助我們提高利潤率方面都做得非常出色。這是我們一直以來都在執行的戰術，球隊也一直執行得很好。我們將繼續面臨來自快速成長的商業業務的相當大的不利影響，我們正在努力提高商品利潤率，以減輕或完全抵消這種不利影響。這就是我們接下來要做的事。

Robby Ohmes, Bank of America.

羅比‧奧姆斯，美國銀行。

This is Vicky Liu on for Robby Ohmes. Can you talk about your expectation for early calendar 2026 as we'll likely have the combined impact of a hot summer, cold winter and maybe some tax refund tailwind from the One Big Beautiful Bill?

這是 Vicky Liu 代替 Robby Ohmes 解說。您能否談談您對 2026 年初的預期？屆時我們可能會面臨炎熱的夏季、寒冷的冬季，以及《一項偉大的法案》帶來的退稅利好等多重影響。

Yes. Great question. If you think cyclically about how our business performs in Q2 and what that means for Q3 and Q4, Q2 is always our most volatile quarter due to primarily these big weather events that move across the country.

是的。問得好。如果從週期性的角度來看待我們公司在第二季度的業務表現以及這對第三季度和第四季度意味著什麼，那麼第二季度總是我們波動最大的季度，這主要是由於席捲全國的大型天氣事件造成的。

What we would like to see, and it looks like we might get this year is we like to see cold weather followed by precipitation in the form of snow and ice. Those have a tendency to put a lot of strain on the undercar parts of the vehicle. So think suspension, brakes, chassis parts, things of that nature and cold weather puts a lot of pressure on batteries, which are a pretty big part of our business. So what we'd like to see is a nice cold weather winter, and that will help sales coming into the summer and -- spring and summer times, which is kind of what we saw this last year.

我們希望看到的天氣，而且今年似乎很有可能實現，就是寒冷的天氣之後會有降水，例如雪和冰。這些往往會對車輛底盤部件造成很大的壓力。所以想想懸吊、煞車、底盤零件等等，寒冷的天氣會對電池造成很大的壓力，而電池是我們業務中非常重要的一部分。所以我們希望看到的是一個寒冷的冬天，這將有助於夏季以及春季和夏季的銷售，就像我們去年看到的那樣。

If you remember the comment that we made, our northern stores performed a little bit better than our southern stores. Some of that was due to some weather comparisons, but it's also the knock-on effect of a better winter last year that carries on through the spring and the summertime, which is what we saw in those categories. So that's kind of what we think will happen. It's hard to predict the weather. I don't think Jamere and I are very good at that. But it looks like the beginning, it's going to be cold next couple of weeks, colder than last year. That's generally good for us. And they're saying it looks like in the later part of the winter, we're going to get more snowfall in the Northwest and the Midwest than we did -- or Northeast and the Midwest than we did last year. So those should set up pretty good for us. Also, in the summer.

如果你還記得我們之前說過的話，我們北部門市的業績比南部門店略好一些。部分原因是天氣比較造成的，但也與去年冬季氣候較好帶來的連鎖反應有關，這種影響一直延續到春季和夏季，這就是我們在這些類別中看到的情況。所以我們認為大概會是這樣的結果。天氣很難預測。我覺得我和賈米爾都不太擅長這件事。但看起來這只是個開始，接下來的幾週會很冷，比去年還要冷。這通常對我們有利。他們說，看起來今年冬天後期，西北部和中西部的降雪量會比去年多，東北部和中西部的降雪量也會比去年多。所以這些應該對我們來說是個不錯的安排。夏天也是如此。

Yes. I mean the one thing that we always talk about is remember that because of all the weather cycles, I mean, Q2 -- our Q2 in the early part of the year can be pretty volatile. And we always say that we're a couple of storms away from greatness or a couple of storms away from it being not as good as we anticipated. So there's typically some volatility in the quarter. We're focused on execution though.

是的。我的意思是，我們總是強調的一點是，由於各種天氣週期，例如第二季度——我們在這裡說的第二季度，也就是年初，天氣可能會非常不穩定。我們常說，我們離偉大隻差幾場風暴，或者離不如預期只差幾場風暴。所以這個季度通常會有一些波動。不過，我們更注重執行。

I agree with that. To answer your question on taxes, I don't think we really know the answer to that and how that's going to lay. I will say that generally, our Q2 ends right about the time of tax refunds. So there can be some volatility on whether that ends up in -- how much of it ends up in the end of our Q2 and the beginning of our Q3. So there can be some volatility around that time frame. Hard for us to predict.

我同意。關於你提出的稅收問題，我認為我們並不真正知道答案，也不知道最終會如何發展。我想說的是，通常情況下，我們的第二季結束時間正好是退稅時間。因此，最終有多少資金會進入我們的第二季末和第三季初，可能會存在一些波動。因此，這段時間可能會出現一些波動。我們很難預測。

Justin Kleber, Baird.

賈斯汀·克萊伯，貝爾德。

I wanted to ask the SG&A question just one more time. I apologize. I understand the impact from store growth and how that builds from here, but just wanted to clarify that growth on a per store basis, are you telling us we should expect that 5.9% pace in 1Q to effectively continue? Or are there certain offsetting levers to bend that growth curve on a per store basis as you start to annualize some of these investments to improve service and delivery speed?

我想再問一次銷售、管理及行政費用的問題。我道歉。我理解門市成長的影響以及它如何從這裡開始發展，但我想澄清一下，您所說的單店成長是指什麼？您的意思是說，我們應該預期第一季 5.9% 的成長速度能有效延續下去嗎？或者，當您開始將一些用於改善服務和配送速度的投資按年計算時，是否有一些抵消手段可以改變每家門市的成長曲線？

Yes. I mean you're going to be somewhere in that same ZIP code on a per store basis. And the other point that I'll make is, remember, in the back half of the year, we're going to continue to accelerate the store growth. So if you're in that ZIP code, you're in the right area. There are always things that we're working on from an SG&A standpoint. But if you're modeling going forward and you're in that ZIP code, you're in the right place.

是的。我的意思是，無論去哪家商店，你都會在同一個郵遞區號區域內。我還要補充一點，請記住，在今年下半年，我們將繼續加快門市擴張速度。所以，如果你在這個郵遞區號區域內，你就來對地方了。從銷售、一般及行政費用（SG&A）的角度來看，我們總是有一些事情需要處理。但如果你打算從事模特行業，並且你所在的郵政編碼區域內有模特，那麼你就來對地方了。

Okay. And then if I could just follow up on the international outlook. You mentioned softer trends in Mexico, but the two-year stack did improve sequentially. So was that just driven by Brazil? And then would you expect that two-year stack to remain relatively stable internationally, just as we think out over the next few quarters?

好的。然後，如果可以的話，我想再談談國際情勢。你提到墨西哥的趨勢有所放緩，但兩年的累積數據確實逐年改善。所以這完全是由巴西推動的嗎？那麼，您是否預期未來兩年國際市場結構將保持相對穩定，正如我們預測的那樣，在接下來的幾個季度？

Yes. I think you'll see it be fairly consistent, we believe, over the next couple of quarters. And just speaking of our international business as a whole, we really like the accelerated growth we have there. We think we have opportunities to gain market share in all of our international markets, both with a growing DIY business as well as a rapidly growing commercial business. And as those consumers get a little healthier, as the economics continue to hopefully improve, we expect our sales to accelerate in those markets as well. So the international markets are fantastic for us.

是的。我們認為，在接下來的幾個季度裡，這種情況會相當穩定。就我們整體的國際業務而言，我們非常滿意目前在國際市場的快速成長。我們認為，無論是在不斷成長的 DIY 業務方面，還是在快速成長的商業業務方面，我們都有機會在所有國際市場獲得市場份額。隨著消費者健康狀況的改善，以及經濟狀況的持續好轉，我們預期這些市場的銷售也將加速成長。所以國際市場對我們來說非常棒。

Okay. 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 very 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. 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 remain focused on delivering flawless execution and striving to optimize shareholder value for the future, we are confident that AutoZone will be successful.

好的。在結束本次電話會議之前，我想花一點時間重申，我們相信我們的產業仍然處於強勢地位，我們的商業模式也非常穩固。我們對新一年的成長前景感到興奮，但我們不會掉以輕心，因為我們明白我們的客戶還有其他選擇。我們有一些令人興奮的計劃，這些計劃將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。我們將繼續專注於完美執行，努力實現股東價值的最大化，我們相信AutoZone一定會成功。

Finally, we'd like to wish everyone a happy and healthy holiday season, and thank you for participating on today's call.

最後，我們祝福大家節日快樂、身體健康，並感謝大家參加今天的電話會議。

Thank you. Everyone, this concludes today's event. You may disconnect at this time, and have a wonderful day. Thank you for your participation.

謝謝。各位，今天的活動到此結束。您可以暫時斷開連接，祝您有美好的一天。感謝您的參與。