汽車地帶 (AZO) 2026 Q3 法說會逐字稿

Greetings. Welcome to the AutoZone's 2026 Q3 earnings release conference call. (Operator Instructions) Please note, this conference is being recorded. Management would like to read the forward-looking statement.

各位好。歡迎參加 AutoZone 2026 會計年度第三季（Q3）財報發布電話會議。（接線員指示）請注意，本次會議將被錄音。管理層將宣讀前瞻性聲明。

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. 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.

在開始之前，請注意今天的電話會議包含前瞻性陳述，並受 1995 年《私人證券訴訟改革法案》的安全港條款所規範。前瞻性陳述不保證未來業績。有關可能導致實際結果與預期存在重大差異的重要風險與不確定性之討論，請參閱今早的新聞稿、公司最近一期 Form 10-K 年度報告，以及向美國證券交易委員會提交的其他文件。前瞻性陳述僅截至其作出之日有效，公司不承擔更新該等陳述之任何義務。今天的電話會議亦將包含若干非 GAAP 指標。GAAP 與非 GAAP 財務指標之調節表可於我們的新聞稿中查閱。

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

現在我想把電話會議交給本次主持人，AutoZone 總裁兼執行長 Phil Daniele。您可以開始了。

Good morning, and thank you for joining us today for AutoZone's 2026 third-quarter conference call. With me today are Jamere Jackson, Chief Financial Officer; and Brian Campbell, Vice President, Treasurer, Investor Relations and Tax. Regarding the third quarter, I hope you had an opportunity to read our press release and learn about the quarter's results. If not, the press release, along with slides 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.

早安，感謝各位今天參加 AutoZone 2026 會計年度第三季電話會議。今天與我一同出席的有財務長 Jamere Jackson，以及副總裁、財務主管、投資人關係與稅務負責人 Brian Campbell。關於第三季，我希望各位已閱讀我們的新聞稿並了解本季業績。若尚未閱讀，新聞稿以及補充我們今日評論的簡報投影片，皆可在我們網站 www.autozone.com 的 Investor Relations（投資人關係）連結下取得。請點選 Quarterly Earnings Conference Calls（季度財報電話會議）查看。

To start out this morning, I want to thank our more than 130,000 incredible AutoZoners across the company for their commitment to delivering on the first line of our pledge, which is to always put customers first. Our results and performance begin with us asking what does the customer need and how can we exceed those needs and do it more efficiently. And it is our AutoZoners across our stores and our supply chain who deliver on this commitment every day. This past quarter, their efforts allowed us to deliver sales growth of plus 8.4%, the largest we've reported since Q2 of FY23. Simply put, we're growing.

今天早上首先，我要感謝公司超過 13 萬名優秀的 AutoZoners，致力於落實我們承諾的第一條：永遠以客為先。我們的成果與表現始於我們自問：客戶需要什麼？我們如何能超越這些需求並以更高效率做到？而正是遍布門市與供應鏈的 AutoZoners 每天都在實踐這項承諾。在剛結束的季度，他們的努力使我們實現銷售成長 8.4%，為自 2023 會計年度第二季（FY23 Q2）以來我們所報告的最大增幅。簡而言之，我們正在成長。

We're opening more stores than we have in many, many years, and we continue to gain market share. Congratulations, AutoZoners. Let's keep delivering WOW! Customer Service. To start this morning, we will address our sales results and provide an update on our growth initiatives. We will also discuss our domestic and international results and break down our domestic sales results between traffic and ticket growth to address what inflation has meant to both our ticket and sales growth. We will also share regional performance and give an outlook on how we expect the last quarter of the year to play out as we enter our summer selling season.

我們正在開設比過去許多年都更多的門市，並持續提升市占率。恭喜各位 AutoZoners。讓我們持續帶來 WOW！客戶服務。今天早上開始，我們將說明銷售結果並更新我們的成長計畫。我們也將討論美國本土與國際業績，並將美國本土銷售在來客數（traffic）與客單價（ticket）成長之間加以拆解，以說明通膨對客單價與銷售成長的影響。我們也將分享各區域表現，並就進入夏季銷售旺季之際，說明我們對本年度最後一季的展望。

For the third quarter, our total sales grew plus 8.4%, which is an acceleration from the first half of the year, while earnings per share increased plus 7.7%. Similar to our experience in the first half of the year, our gross margin, operating profit and EPS were negatively impacted by a non-cash $20 million LIFO charge. As a reminder, during last year's Q3, we recognized a $16 million LIFO credit, which favorably impacted operating profit and EPS. Excluding the LIFO charge of $20 million this quarter and the $16 million credit last year, our EPS would have been up plus 12.5% versus last year's Q3.

第三季總銷售成長 8.4%，較上半年加速；每股盈餘（EPS）成長 7.7%。與上半年相同，我們的毛利率、營業利益與 EPS 受到一筆 2,000 萬美元的非現金 LIFO 費用之負面影響。提醒各位，去年第三季我們認列了 1,600 萬美元的 LIFO 貸項，對營業利益與 EPS 產生正面影響。若排除本季 2,000 萬美元的 LIFO 費用以及去年 1,600 萬美元的貸項，我們的 EPS 相較去年第三季將成長 12.5%。

Now let me share a few key highlights from the quarter. Total company same-store sales grew plus 4.9% -- I'm sorry, 3.9% on a constant currency basis, with domestic same-store sales growth of 4.1%. Our domestic DIY sales grew plus 2.2%, while our domestic commercial sales grew plus 10.4% versus last year's Q3. We are pleased to report double-digit commercial sales growth and believe the strong performance will continue as we move forward even as we cycle tougher comparisons to Q4 of last year.

接下來我分享本季幾項重點摘要。全公司同店銷售成長 4.9%——抱歉，以固定匯率計為 3.9%，其中美國本土同店銷售成長 4.1%。美國本土 DIY 銷售成長 2.2%，而美國本土商用（commercial）銷售相較去年第三季成長 10.4%。我們很高興回報商用銷售達到雙位數成長，並相信即使在面對去年第四季較高基期的比較下，這樣的強勁表現仍將持續。

International same-store sales were up plus 1.6% on a constant currency basis, and our unadjusted international comp was plus 16.6% as exchange rates positively impacted our comps by 1,490 basis points. We opened 82 stores globally this past quarter to finish with 6,766 US stores, 933 Mexico stores and 157 Brazil stores. We are on track to open approximately 365 stores for the full year versus the 305 stores we opened globally last year. We continue to be very pleased with our sales productivity we're generating out of our new stores and their sales results are exceeding our pro forma expectations.

國際同店銷售以固定匯率計成長 1.6%，未調整的國際同店成長為 16.6%，因匯率變動對同店成長帶來 1,490 個基點的正面影響。本季我們在全球新開 82 家門市，期末門市數為美國 6,766 家、墨西哥 933 家、巴西 157 家。我們預期全年約開設 365 家門市，高於去年全球開設的 305 家。我們對新店所創造的銷售生產力非常滿意，其銷售表現超出我們的備考（pro forma）預期。

Next, let me address our sales results in a little more detail. Coming into the quarter, we were optimistic that our domestic store execution would drive sales growth for both retail and commercial. Regarding our plus 4.1% quarterly domestic same-store sales, the cadence was plus 5% in our first four weeks, plus 4.5% in our second four weeks and plus 2.9% over the last four-week period of the quarter.

接下來，我將更詳細說明我們的銷售結果。進入本季時，我們對美國本土門市的執行力能帶動零售與商用兩端的銷售成長抱持樂觀。就本季美國本土同店銷售成長 4.1%而言，其節奏為：前四週成長 5%，第二個四週成長 4.5%，而本季最後四週成長 2.9%。

Now let me address the last two weeks a little more specifically. Those two weeks were softer than the rest of the quarter with comps of plus 1.3%. This slowdown in sales was caused by unseasonably cool weather impacting our heat-related categories, which normally begin to ramp this time of year as summer heat begins to take hold. This affected both DIY and commercial.

現在我更具體談談最後兩週。這兩週較本季其他期間偏弱，同店成長為 1.3%。銷售放緩的原因是反常偏涼的天氣影響了與高溫相關的品類；通常在每年此時，隨著夏季高溫開始出現，這些品類會逐步升溫。這同時影響了 DIY 與商用業務。

Our domestic comp was solid, up plus 2.2% versus last year and an acceleration versus the plus 1.5% in Q2 as we continue to gain market share. I'm very pleased with what we are seeing in terms of market share gains, and we continue to execute well in this environment. Regarding our plus 2.2% DIY comp for the quarter, we experienced a positive 2.4% comp in the first four-week segment, a positive 3.4% comp in the second segment and a plus 0.8% comp during the third segment.

我們的美國本土 DIY 同店表現穩健，較去年成長 2.2%，且相較第二季的 1.5%有所加速，因我們持續提升市占率。我對我們在市占率提升方面所看到的情況感到非常滿意，我們也在此環境下持續良好執行。就本季 DIY 同店成長 2.2%而言，前三個四週區段分別為：第一段同店成長 2.4%，第二段同店成長 3.4%，第三段同店成長 0.8%。

As noted, the last four-week segment was our weakest performing segment, which was driven by the very mild weather in certain markets. Those markets have historically been warmer at this time of year, and the cooler temperatures led to lower key volumes in key categories like air conditioning, starting and charging.

如前所述，最後一個四週區段是我們表現最弱的區段，主要由於部分市場天氣非常溫和所致。這些市場在每年此時歷來較為炎熱，而較低的氣溫導致空調、啟動與充電等關鍵品類的關鍵銷量下降。

For the quarter, we felt we benefited marginally from higher-than-usual income tax refund season, along with share gains and solid execution. Regionally, our results were solid overall with the strongest results in the West, Midwest and the Northeast. We expect to have solid DIY performance over the coming -- upcoming summer.

就本季而言，我們認為較往常更強的所得稅退稅季對我們帶來些微助益，並加上市占提升與穩健執行。就區域而言，我們整體表現穩健，其中以西部、中西部與東北部表現最強。我們預期在接下來——即將到來的夏季，DIY 表現將維持穩健。

With regards to inflation's impact on DIY sales, we saw like-for-like same SKU inflation just north of plus 7% for the quarter, which contributed to our DIY average ticket being up plus 5.6%. The difference between the like-for-like inflation and ticket growth was attributable to product mix. We expect the average ticket for the fourth quarter to be in the mid-4% range as we begin to lap the inflation ramp from the beginning of fourth quarter of last year. For the last quarter, we also saw same-store DIY traffic count negative 3.6%, a similar decline to our second quarter where we were down in the mid-3% range.

關於通膨對 DIY 銷售的影響，本季在同店、同 SKU 的可比基礎上，我們看到的通膨略高於 +7%，使得我們的 DIY 平均客單價上升 +5.6%。可比通膨與客單價成長之間的差異，主要歸因於產品組合。隨著我們開始與去年第四季初的通膨上升期形成基期比較，我們預期第四季的平均客單價將落在 4% 中段區間。在上一季，我們也看到同店 DIY 來客數下滑 3.6%，與第二季約中個位數 3% 的降幅相近。

Next, I will touch on our domestic commercial business. As I mentioned, our commercial sales were up plus 10.4% for the quarter. The first four-week segment grew at 12.7%. The second four-week segment was plus 9.1% and the third four-week segment grew at plus 9.6%. We feel very good about how we are performing as we head into Q4. Our commercial sales results continue to be driven by our improved satellite store inventory availability, significant improvements in Hub and Mega-Hub coverage, the continued strength of our Duralast brand and execution on our initiatives to improve speed to customer and delivery services.

接下來，我將談談我們的美國本土商用業務。如我所提到的，本季我們的商用銷售成長 +10.4%。第一個四週區間成長 12.7%。第二個四週區間為 +9.1%，第三個四週區間成長 +9.6%。在邁入第四季之際，我們對自身表現感到非常滿意。我們的商用銷售成果持續受惠於：衛星店庫存可得性的改善、Hub 與 Mega-Hub 覆蓋率的大幅提升、Duralast 品牌的持續強勁，以及我們在提升到客速度與配送服務等計畫上的執行。

These initiatives are delivering share gains and give us confidence as we move into the summer months. Both the year-over-year inflation on a like-for-like same SKU basis for our commercial business and our average ticket growth were similar to DIY, north of 7% for SKU inflation and 6% for ticket average. Our average transaction growth was 2% for the quarter and similar to last quarter.

這些計畫正在帶來市占提升，並讓我們在進入夏季月份時更具信心。在商用業務方面，以同店同 SKU 的可比基礎計算的年增通膨，以及我們的平均客單價成長，與 DIY 類似：SKU 通膨高於 7%，客單均價約 6%。本季我們的平均交易筆數成長為 2%，與上一季相近。

We believe that there are opportunities to grow market share and accelerate transaction growth with both smaller up and down the street customers and national accounts as we are significantly underpenetrated in commercial, and we are gaining share. Adding a little more color, both up and down the street customers and national accounts grew double digits.

我們相信，無論是街區型（上下游、鄰近）的小型客戶，或是全國型客戶（national accounts），我們都有機會提升市占並加速交易成長，因為我們在商用領域的滲透率仍明顯偏低，但我們正在取得市占。補充說明，街區型客戶與全國型客戶的成長皆達到雙位數。

Now let me take a moment to discuss our international business. Across Mexico and Brazil, we now have 1,090 international stores. As I mentioned, our same-store sales growth grew plus 1.6% on a constant currency basis, driven by a continued soft macro environment. For Q4, we are expecting same-store sales to be in a similar range as Q3. While these economies have slowed, we are continuing to grow share. When these economies improve, we expect our sales to reaccelerate as we continue to invest in stores and distribution centers.

現在讓我花點時間談談我們的國際業務。在墨西哥與巴西，我們目前共有 1,090 家國際門市。如我所提到的，以固定匯率計算，我們的同店銷售成長為 +1.6%，主要受到總體環境持續疲弱所影響。對於第四季，我們預期同店銷售將落在與第三季相近的區間。儘管這些經濟體放緩，我們仍持續提升市占。當這些經濟體改善時，隨著我們持續投資門市與配送中心，我們預期銷售將再度加速。

Today, approximately 14% of our total store base is outside of the US, and we expect this number to grow as we continue our international store build-out. We have confidence in our international markets as their returns on capital, even with slower sales growth are strong. In summary, we have continued to invest capital 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.

目前，我們約 14% 的總門市數位於美國以外；隨著我們持續推進國際展店，預期此比例將提高。我們對國際市場充滿信心，因為即使銷售成長較慢，其資本報酬率仍然強勁。總結來說，我們持續投入資本以帶動來客與銷售成長。雖然任何一季的結果都會有順風與逆風，-- 但始終如一的是，我們專注於推動可持續的長期成果。

We continue to focus on flawless execution, improving product assortments in stores and online and driving efficiency in our supply chain. All of these efforts position us well for future growth. We are committed to investing both CapEx and operating expense to capitalize on these opportunities.

我們持續聚焦於零失誤的執行、改善門市與線上的商品組合，並提升供應鏈效率。所有這些努力都讓我們在未來成長上具備良好定位。我們承諾同時投入資本支出（CapEx）與營運費用，以把握這些機會。

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 are in accelerated store growth, including Hubs and Mega-Hubs, which place more inventory closer to our customers and are reducing time to serve for both DIY and commercial customers. The performance of our accelerated store investments are better than our original forecast, which allow us to achieve our return goals sooner. We are laser-focused on generating the returns you expect from AutoZone.

今年，我們將投入接近 16 億美元的資本支出（CapEx）以推動策略性成長優先事項，並預期明年投入相近金額。我們的大部分投資用於加速展店成長，包括 Hub 與 Mega-Hub，讓更多庫存更靠近客戶，並縮短服務 DIY 與商用客戶的時間。我們加速展店投資的表現優於原先預測，使我們能更早達成報酬目標。我們高度聚焦於產生您對 AutoZone 所期待的報酬。

Lastly, we will continue to invest in technology to improve our customer service model and our AutoZoners' ability to deliver on our promise of WOW! Customer Service. This is a great time to invest in our business as we believe industry demand will continue to be strong, but we will continue to manage our investments with an expectation to achieve strong returns on invested capital.

最後，我們將持續投資科技，以改善我們的客戶服務模式，並提升 AutoZoners 兌現我們 WOW!Customer Service.承諾的能力。

Now I will turn the call over to Jamere Jackson.

現在我把電話會議交給 Jamere Jackson。

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 $4.8 billion and were up 8.4% versus Q3 of last year. This is the largest increase we've had in over three years and reflects our focus on accelerating growth. Our domestic same-store sales grew 4.1%, and our international comp was up 1.6% on a constant currency basis.

謝謝你，Phil，各位早安。本季我們的營運表現依然強勁，亮點在於穩健的營收成長。總銷售額為 48 億美元，較去年第三季成長 8.4%。這是我們三年多來最大的增幅，反映我們聚焦於加速成長。我們美國本土同店銷售成長 4.1%，國際同店（comp）以固定匯率計算成長 1.6%。

Total company EBIT was up 6.6% and our EBIT was up -- our EPS was up 7.7%. Excluding our non-cash $20 million LIFO charge in this year's quarter and a $16 million LIFO credit in last year's quarter, EBIT would have grown 11% and our EPS would have grown 12.5%. Foreign exchange rates positively impacted our results for the quarter. For Mexico, the peso strengthened almost 13% against the US dollar versus last year's Q3, resulting in a $74 million tailwind to sales, a $20 million tailwind to EBIT and an $0.83 a share benefit to EPS. We continue to be proud of our results as the efforts of the AutoZoners in our stores and distribution centers have enabled us to continue to grow our business.

全公司 EBIT 成長 6.6%，而我們的 EBIT 上升 -- 我們的 EPS 成長 7.7%。若排除本年度本季 2,000 萬美元的非現金 LIFO 費用，以及去年本季 1,600 萬美元的 LIFO 貸項，EBIT 將成長 11%，EPS 將成長 12.5%。外匯匯率對本季結果帶來正面影響。以墨西哥為例，與去年第三季相比，披索兌美元升值近 13%，使銷售獲得 7,400 萬美元的順風、EBIT 獲得 2,000 萬美元的順風，並使 EPS 受益每股 0.83 美元。我們持續為成果感到自豪，因為門市與配送中心的 AutoZoners 的努力，使我們得以持續擴大業務。

Let me take a few moments to elaborate on the specifics in our P&L for Q3. First, I'll give a little more color on sales and our growth initiatives, starting with our domestic commercial business for the quarter. Our domestic DIFM sales were $1.4 billion, up 10.4%. Our domestic commercial sales represented just under 34% of our domestic auto parts sales and 29% of our total company sales.

讓我用幾分鐘更詳細說明第三季損益表（P&L）的細節。首先，我會就銷售與我們的成長計畫補充一些說明，從本季的美國本土商用業務開始。我們美國本土 DIFM 銷售為 14 億美元，成長 10.4%。我們美國本土商用銷售占美國本土汽車零件銷售的略低於 34%，並占全公司總銷售的 29%。

Our average weekly sales per program were $18,500, up 4.5% versus last year. This quarter, we opened 46 net new programs. We finished with 6,356 total programs, and we have our commercial program in 94% of our domestic stores. 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.

每個 program 的平均每週銷售額為 18,500 美元，較去年成長 4.5%。本季我們淨新增開設 46 個 program。期末共有 6,356 個 program，且我們在 94% 的美國本土門市導入商用 program。隨著我們透過贏得新客戶並提高既有客戶的錢包占比（share of wallet）來提升市占，我們的商用加速計畫持續交出強勁成果。

Mega-Hub stores remain a key component of our current and future commercial growth. We opened 14 Mega-Hubs in the quarter, and we now have 156 Mega-Hub stores. We expect to open approximately 15 Mega-Hub locations in the fourth quarter, which will bring our FY26 totals to 38.

Mega-Hub 門市仍是我們當前與未來商用成長的關鍵組成。本季我們新開 14 家 Mega-Hub，目前共有 156 家 Mega-Hub 門市。我們預期第四季約再開 15 個 Mega-Hub 據點，將使我們 FY26 的總數達到 38 家。

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 as these larger stores give our customers access to thousands of additional parts across the market. While I mentioned a moment ago that our average commercial weekly sales per program grew 4.5%, the 156 Mega-Hubs continue to drive growth at an even faster clip.

提醒一下，我們的 Mega-Hubs 通常備有超過 100,000 個 SKU，能在單一門市範圍內帶來顯著的銷售提升，同時也作為其他門市的擴充品項來源。隨著覆蓋範圍擴大與零件供應可得性提升，這些更大型的門市讓客戶在各地市場可取得數千種額外零件，持續為我們的商用與 DIY 業務帶來可觀的銷售拉升效果。雖然我剛才提到我們每個方案的商用平均每週銷售成長 4.5%，但 156 家 Mega-Hubs 仍以更快的速度推動成長。

We continue to target having approximately 300 Mega-Hubs at full build-out and expect to open at least 40 in FY27. Our customers are excited by our commercial offering as we deploy more parts in local markets closer to the customer while improving our service levels.

我們持續以最終建置約 300 家 Mega-Hubs 為目標，並預期在 FY27 至少開設 40 家。隨著我們在更貼近客戶的在地市場部署更多零件並提升服務水準，客戶對我們的商用產品組合感到振奮。

On the domestic retail side of our business, our DIY comp was up 2.2% 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.

在我們業務的美國國內零售端，本季 DIY 同店銷售成長 2.2%。在各項成長計畫的帶動下，我們的 DIY 市占維持強勁，且已為未來成長做好布局。重要的是，市場正面臨車輛保有量增加且車齡老化，以及新車與二手車銷售市場對客戶而言具挑戰性，這些因素持續為我們的業務帶來順風。我們相信，這些動態、客單價成長、成長計畫以及車輛保有量的總體順風，將在 FY26 剩餘期間持續推動具韌性的 DIY 業務環境。

Now I'll say a few words regarding our international business. We continue to be pleased with the progress we're making in our international markets. During the quarter, we opened 20 new stores in Mexico to finish with 933 stores and 5 new stores in Brazil, ending with 157. Our same-store sales grew 1.6% on a constant currency basis and 16.6% on an unadjusted basis. While sales growth has slowed over the last few quarters in Mexico due to the slower economic growth in the country, we have continued to manage our P&L appropriately in this environment. We're also continuing to grow share, and we're well positioned when the economy improves.

接下來我將簡要談談我們的國際業務。我們對在國際市場取得的進展仍感到滿意。本季我們在墨西哥新開 20 家門市，總數達 933 家；在巴西新開 5 家門市，總數達 157 家。同店銷售在固定匯率基礎下成長 1.6%，未調整基礎下成長 16.6%。雖然由於墨西哥經濟成長放緩，近幾季當地銷售成長趨緩，但我們在此環境下仍持續妥善管理損益表（P&L）。我們也持續提升市占，並在經濟改善時具備良好定位。

We remain committed to investing in international expansion. And as we accelerate the store opening pace, we're pleased with our results versus our forecast in these markets. As we look ahead, we're bullish on international being an attractive and meaningful contributor to AutoZone's future sales, operating profit and return on invested capital.

我們仍致力於投資國際擴張。隨著我們加快開店速度，我們對這些市場相較於預測的表現感到滿意。展望未來，我們看好國際業務將成為 AutoZone 未來銷售、營業利益與投入資本報酬率的重要且具吸引力的貢獻來源。

Now let me spend a minute on the rest of the P&L and gross margins. For the quarter, our gross margin was 52.2%, down 57 basis points versus last year. This quarter, we had a $20 million LIFO charge or a 77 basis point unfavorable LIFO comparison to last year. Excluding the LIFO comparison, gross margins were up 20 basis points versus last year as we offset a significant rate headwind from the mix shift to a faster-growing commercial business.

接下來我花一點時間說明損益表（P&L）的其餘項目與毛利率。本季毛利率為 52.2%，較去年下降 57 個基點。本季我們認列 2,000 萬美元的 LIFO 費用，或相較去年產生 77 個基點的不利 LIFO 比較。若排除 LIFO 影響，毛利率較去年上升 20 個基點，因我們抵銷了因業務組合轉向成長更快的商用業務所帶來的顯著比率逆風。

As I mentioned, we had a $20 million non-cash LIFO charge in Q3 and a year-to-date total of $177 million. We're planning a LIFO charge of approximately $30 million for the fourth quarter as we're continuing to experience higher costs that impact our LIFO layers. The $207 million in LIFO charges that we expect for fiscal 2026 compares to $64 million last year.

如我所述，我們在第三季認列 2,000 萬美元的非現金 LIFO 費用，年初至今合計為 1.77 億美元。我們規劃第四季約認列 3,000 萬美元的 LIFO 費用，因我們仍持續面臨較高成本，影響我們的 LIFO 層。我們預期 FY26 的 LIFO 費用合計為 2.07 億美元，相較去年為 6,400 萬美元。

Moving on to operating expenses. Our expenses are up 7.6% versus Q3 last year as SG&A as a percentage of sales leveraged 25 basis points, driven by strong top line sales growth and solid expense management. On a per store basis, our SG&A was up 3% compared to last quarter's 4% increase. We would expect the SG&A per store and total growth to be in a similar range in the fourth quarter.

接著談營業費用。相較去年第三季，我們費用增加 7.6%；SG&A 佔銷售比重槓桿改善 25 個基點，主要受惠於強勁的營收成長與穩健的費用管理。以單店計算，我們的 SG&A 較上一季增加 3%，低於上一季 4% 的增幅。我們預期第四季單店 SG&A 與總體增幅將落在相近區間。

For Q4, we expect to open approximately 160 stores globally versus 141 last year. And for the full year, we expect to open approximately 365 stores versus 305 new stores opened in FY25. We remain committed to being disciplined on SG&A growth, and we'll manage expenses in line with sales growth over time.

第四季我們預期全球將新開約 160 家門市，去年為 141 家。全年而言，我們預期新開約 365 家門市，對比 FY25 新開 305 家。我們仍致力於在 SG&A 成長上保持紀律，並將隨時間推移使費用管理與銷售成長一致。

Moving to the rest of the P&L. EBIT for the quarter was $924 million, up 6.6% versus the prior year. As I previously mentioned, a non-cash LIFO charge reduced our EBIT by $20 million. Adjusting for the unfavorable LIFO comparison, our EBIT would have been up 11% versus the prior year. Interest expense for the quarter was $110 million, flat with a year ago as our debt outstanding at the end of the quarter was essentially flat versus a year ago. We're planning interest at $152 million for the fourth quarter of FY26 versus $148 million last year.

再看損益表（P&L）的其餘項目。本季 EBIT 為 9.24 億美元，較去年同期成長 6.6%。如先前所提，非現金 LIFO 費用使 EBIT 減少 2,000 萬美元。若調整不利的 LIFO 比較影響，我們的 EBIT 將較去年同期成長 11%。本季利息費用為 1.10 億美元，與去年同期持平，因本季末未償債務與一年前基本持平。我們規劃 FY26 第四季利息費用為 1.52 億美元，去年為 1.48 億美元。

For the quarter, our tax rate was 21.1%, up from last year's third quarter of 19.4%. Excluding the benefit from stock option exercises, our tax rate for the quarter was 21.6% versus 22.4% last year. This quarter, the rate benefited approximately $4 million from stock options exercised versus a $23 million benefit last year. For Q4, we suggest investors model us at approximately 22% all in.

本季有效稅率為 21.1%，高於去年第三季的 19.4%。若排除股票選擇權行使帶來的利益，本季稅率為 21.6%，去年為 22.4%。本季稅率約受惠於股票選擇權行使帶來的 400 萬美元利益，去年則受惠 2,300 萬美元。對於第四季，我們建議投資人以約 22% 的整體稅率進行模型估算。

Moving to net income and EPS. Net income for the quarter was $641 million, up 5.4% versus last year. Our diluted share count of 16.9 million was 2.1% lower than last year's third quarter. The combination of higher net income and lower share count drove earnings per share for the quarter to $38.07, up 7.7% versus last year. As a reminder, LIFO drove our EPS down $0.91 a share.

接著談淨利與 EPS。本季淨利為 6.41 億美元，較去年成長 5.4%。我們的稀釋後股數為 1,690 萬股，較去年第三季下降 2.1%。較高的淨利與較低的股數共同推動本季每股盈餘達 38.07 美元，較去年成長 7.7%。提醒一下，LIFO 使我們的 EPS 每股降低 0.91 美元。

Now let me spend a moment on our free cash flow. For the third quarter, we generated $455 million in free cash flow versus $423 million in Q3 last year. Year-to-date, we've generated $1.1 billion in free cash flow. Going forward, we expect to continue being an incredibly strong cash flow generator, and we remain committed to returning meaningful amounts of cash to our shareholders.

接下來我簡要說明自由現金流。第三季我們產生 4.55 億美元的自由現金流，去年第三季為 4.23 億美元。年初至今，我們已產生 11 億美元的自由現金流。展望未來，我們預期將持續成為極為強勁的現金流產生者，並仍致力於向股東回饋可觀的現金。

Regarding our balance sheet, our liquidity position remains very strong, and our leverage ratio finished at 2.5 times EBITDAR. Our inventory per store was up 6% versus Q3 last year, while total inventory increased 10.8% over the same period last year, driven by new stores, additional inventory investment to support our growth initiatives and inflation.

就資產負債表而言，我們的流動性部位仍非常強勁，槓桿比率期末為 EBITDAR 的 2.5 倍。單店庫存較去年第三季增加 6%，而總庫存較去年同期增加 10.8%，主要由新店開設、為支持成長計畫而增加的庫存投資以及通膨所帶動。

Net inventory, defined as merchandise inventory less accounts payable on a per store basis was a negative $107,000 versus a negative $142,000 last year and negative $105,000 last quarter. As a result, accounts payable as a percentage of inventory finished the quarter at 111.1% versus last year's Q3 of 115.6%. Lastly, I'll spend a moment on capital allocation and our share repurchase program. We repurchased $586 million of AutoZone stock in the quarter. And at quarter end, we had $800 million remaining under our share buyback authorization.

淨庫存（定義為商品庫存扣除應付帳款）以單店計算為負 10.7 萬美元，去年為負 14.2 萬美元，上一季為負 10.5 萬美元。因此，應付帳款佔庫存比重在本季末為 111.1%，去年第三季為 115.6%。最後，我將簡要談談資本配置與我們的股票回購計畫。本季我們回購了 5.86 億美元的 AutoZone 股票。截至季末，我們在股票回購授權額度下仍有 8.00 億美元可用。

Our ongoing strong earnings, balance sheet and powerful free cash generation allow us to return a significant amount of cash to our shareholders through our buyback program. We 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表現、資產負債表以及強大的自由現金流生成能力，使我們得以透過庫藏股回購計畫向股東返還可觀的現金。自1998年啟動回購以來，在投資既有資產並擴大業務的同時，我們累計回購的股票數量已超過當時流通在外股數的100%。我們仍致力於這項嚴謹的資本配置方針，使我們能夠投資於業務並向股東返還具意義的現金金額。

So to wrap up, we remain committed to driving long-term shareholder value by investing in our growth initiatives, driving robust earnings and cash and returning excess cash to our shareholders. Our strategy continues to work as we remain focused on gaining market share and improving our competitive positioning in a disciplined way. And as we look forward to the remainder of FY26, we're bullish on our growth prospects behind 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.

總結來說，我們仍致力於透過投資成長計畫、推動強勁的獲利與現金流，並將多餘現金返還給股東，以驅動長期股東價值。我們的策略持續奏效，因為我們仍專注於以嚴謹的方式提升市占率並改善競爭定位。展望FY26剩餘期間，在國內商用業務以具意義的幅度提升市占的帶動下，我們對成長前景保持樂觀。我們對於持續為股東創造重大且長期價值的能力仍充滿信心。

Before handing the call back to Phil, I want to remind you that we report revenue comps on a constant currency basis to reflect our operating performance. We generally don't take on transactional risk, so our results primarily reflect the translation impact for reporting purposes.

在把電話交回給Phil之前，我想提醒各位，我們以固定匯率基礎（constant currency）報告營收同店比較，以反映我們的營運表現。我們通常不承擔交易性匯率風險，因此我們的結果主要反映的是為了報表呈現而產生的換算影響。

As mentioned earlier in the quarter, foreign currency resulted in a tailwind to revenue and EPS. If yesterday's spot rates held for Q4, then we expect an approximate $62 million benefit to revenue, a $19 million benefit to EBIT and a $0.78 a share benefit to EPS. Lastly, in Q4, we expect LIFO to reduce EBIT by approximately $30 million, impact our gross margin rate negatively by 45 basis points and our EPS by approximately $1.40 a share.

如同先前在本季提到的，外幣對營收與EPS帶來順風。若昨日即期匯率在Q4維持不變，我們預期營收約增加6,200萬美元、EBIT約增加1,900萬美元，EPS約增加每股0.78美元。最後，在Q4我們預期LIFO將使EBIT約減少3,000萬美元，使毛利率約下滑45個基點，並使EPS約減少每股1.40美元。

And now I'll turn it back to Phil.

現在我把電話交回給Phil。

Thank you, Jamere. To wrap up this morning, I want to stress that we are on track for delivering our objectives for fiscal 2026. While we continue to invest in our business, we remain committed to flawless execution and appropriately spending our capital to drive growth and efficiency. We feel we are well positioned to grow both our domestic do-it-yourself business as well as our commercial sales.

謝謝你，Jamere。在今天上午做個總結，我想強調我們正按計畫達成2026會計年度的目標。在持續投資業務的同時，我們仍致力於完美執行，並以適當的資本支出推動成長與效率。我們認為自己已具備良好條件，同時推動國內DIY業務與商用銷售的成長。

We also feel that our international same-store sales on a constant currency basis will improve, but we remain cautious for this upcoming fourth quarter as the consumers in our international markets remain under pressure. We also expect to manage our gross margins effectively while growing our operating expenses in line with accelerated store opening assumptions.

我們也認為，以固定匯率計算的國際同店銷售將會改善，但對即將到來的第四季仍保持審慎，因為我們國際市場的消費者仍承受壓力。我們也預期在加速展店假設下，能有效管理毛利率，同時讓營業費用的成長與之相符。

Finally, I want to reiterate that we are putting our capital to work where it will have the biggest impact on sales and profitability, our AutoZoners, our stores, our supply chain, and we are investing in technology to build a superior customer service experience. We will make sure that the capital we deploy produces strong returns. The stores we have opened over the last five years continue to exceed the planned sales and earnings we modeled when these stores were originally approved. The top focus for our fiscal 2026 remains growing share in our domestic commercial business.

最後，我想再次強調，我們正把資本投入到對銷售與獲利影響最大的地方：我們的AutoZoners、門市與供應鏈，同時也投資科技以打造更卓越的客戶服務體驗。我們將確保所部署的資本能產生強勁的報酬。過去五年新開的門市，持續超越當初核准這些門市時所建立模型的計畫銷售與獲利水準。我們在2026會計年度的首要重點，仍是提升國內商用業務的市占率。

We do understand that we cannot take things for granted. We must remain laser-focused on customer service, execution and gaining share in every market in which we operate. We are excited about what we can accomplish for the last quarter of the fiscal year, and our AutoZoners are committed to delivering on our goals. We believe AutoZone's best days are ahead of us.

我們也理解不能把任何事情視為理所當然。我們必須在客戶服務、執行力以及在每個營運市場提升市占方面保持高度專注。我們對於本會計年度最後一季能達成的成果感到振奮，而我們的AutoZoners也致力於達成目標。我們相信AutoZone最好的日子仍在前方。

Now we would like to open the call for questions.

現在我們想開放提問。

(Operator Instructions)

(接線員指示)

Bret Jordan, Jefferies.

Bret Jordan，Jefferies。

Hey, good morning, guys. Could you refresh us on how you see same SKU inflation in the second half of '26 and obviously, some concerns around supply chain and lubricants. Are there drivers that might push it up more than expected?

各位早安。能否請你們更新一下，對於2026年下半年同一SKU的通膨走勢看法？另外，供應鏈與潤滑油方面顯然也有一些疑慮。是否有可能出現一些驅動因素，讓通膨高於預期？

Yeah. It's a great question. As we mentioned a minute ago, we think the inflation rates and ticket average rates will probably be a little more muted than they were in Q3 in that probably 4% range. So we still think that inflation on a same SKU basis will continue into Q4. The issue around lubricants, I know there's a lot of noise out there. We're going to leave that up to the oil specialists to really say what that means. We think there's probably going to be some constraints, but we don't think that it's going to be that material.

是的。這是個好問題。如同我們剛才提到的，我們認為通膨率與平均客單價的增幅，可能會比Q3更為溫和，大概在4%左右。因此我們仍認為，以同一SKU計算的通膨會延續到Q4。至於潤滑油的議題，我知道外界有很多雜音。我們會把這部分交給石油專家來判斷其意涵。我們認為可能會有一些供給限制，但不認為影響會那麼重大。

Okay. And then I guess one of your peers seems to be cutting back on national account business a little bit. Is that something that you're seeing a lot of incremental opportunity in? And could you remind us maybe sort of the profit spread between national accounts and up and down the street?

了解。另外，我想你們有一家同業似乎正在稍微縮減全國性客戶（national account）業務。這是否讓你們看到更多增量機會？也請提醒我們一下，全國性客戶與你們所說的「街頭到街尾」（up and down the street）之間的獲利差距大概如何？

Yeah. We -- I mean, we're under shared in commercial in total. That's both in national accounts, what we call up and down the street and many other segments that we compete in. The national account business is growing pretty strong for us as well as the up and down the street consumer. We like both of those segments, and we think we have opportunities to grow share in both of them.

是的。我們——我的意思是，我們在整體商用市場的市占仍偏低。這包含全國性客戶、我們所稱的「街頭到街尾」，以及我們競爭的其他許多細分市場。全國性客戶業務對我們而言成長相當強勁，「街頭到街尾」的客戶也同樣如此。我們喜歡這兩個區隔，並且認為在兩者都有提升市占的機會。

Yeah, there's a little bit of a spread between the two, but both of those are great businesses, and we think there's opportunity for us to gain share in both of them. Like I said, both of them last quarter grew double digits.

是的，兩者之間確實有一些利潤差距，但這兩個都是很好的業務，我們認為在兩者都有機會提升市占。如我所說，這兩個區隔在上一季都呈現兩位數成長。

Great. Thank you.

很好，謝謝。

Steven Zaccone, Citi.

Steven Zaccone，Citi。

Great. Good morning. Thanks very much for taking my question. I wanted to drill down on your expectations for fourth quarter same-store sales. Obviously, there was some weather impact here at the end of the third quarter. So just help us understand, have you seen an improvement now as we've gotten later into May? And then how do we think about your expectations for the fourth quarter, specifically on the domestic side?

很好。早安。非常感謝讓我提問。我想更深入了解你們對第四季同店銷售的預期。顯然在第三季末有一些天氣影響。所以想請你們協助我們理解：隨著進入五月下旬，你們是否已看到改善？另外，對第四季的預期該如何看待，特別是在國內市場方面？

Yeah. We -- I mean there's not a whole lot of change from what we just talked about. We generally release our numbers so soon as our quarter ended. I would say that May has been a little bit cooler, but I think we're expecting a normal, if not hotter than normal summer based on the prognostication of all the weather geniuses out there. I don't think that's what we are.

是的。我們——我的意思是，跟我們剛才談到的相比，沒有太多變化。我們通常在季度結束後很快就公布數字。我會說五月稍微涼一些，但根據外面那些天氣專家的預測，我們預期會是正常、甚至比正常更熱的夏天。我不認為我們是那種專家。

But we're expecting a normal summer, and I'll go back to what we've talked about. We think our initiatives are strong, and they're the right initiatives for us. We think our execution is great and improving day in and day out. We opened up a lot of new stores. And this past quarter, we opened up 14 additional Mega-Hubs, which helped us out significantly, both on the commercial side and on the DIY side. And we're going to open another 14 or so Mega-Hubs this next quarter. So I think we're expecting to have a pretty normal increase in our summer months to volume, and that should bode well for us.

但我們預期會是正常的夏季，我再回到我們談過的內容。我們認為我們的各項計畫很強，而且是適合我們的正確計畫。我們認為我們的執行力很出色，並且每天都在持續改善。我們開了很多新店。而在上一季，我們另外新增了14個Mega-Hub，對我們幫助很大，無論在商用端或DIY端都是如此。而在下一季我們還會再開大約14個Mega-Hub。因此我認為，我們預期在夏季月份的銷量會有相當正常的提升，這對我們應該會是正面的。

Okay. Thanks for that detail. The follow-up I had is just on the gross margin side. Obviously, continue to be strong on the core gross margin line. How should we expect that to perform in the fourth quarter?

好的。謝謝你提供這些細節。我接下來的追問是關於毛利率。顯然，你們核心毛利率表現依然強勁。我們應該如何預期第四季的表現？

Yeah. I mean we continue to perform very well from a gross margin standpoint. In this quarter, we had probably 42 basis points of gross margin improvements that offset a commercial mix drag of about 22 basis points. And we saw positive merchandise margins. Our shrink is improving.

是的。我的意思是，從毛利率的角度來看，我們持續表現得非常好。本季我們大概有42個基點的毛利率改善，抵消了約22個基點的商業客群組合拖累。而且我們看到商品毛利率為正向。我們的損耗正在改善。

Our supply chain productivity is improving. So we're expecting to have a pretty solid fourth quarter as well with similar kinds of dynamics. I will say that the growth rates that we're expecting from commercial relative to DIY will put a little bit more of a mix drag on. So we're working very hard to offset as much of that as we can with other margin improvements.

我們的供應鏈生產力正在提升。因此我們也預期第四季會相當穩健，動能類似。我會說，我們預期商業客群相對於DIY的成長率，會帶來更大一些的組合拖累。所以我們正非常努力，透過其他毛利改善來盡可能抵消這些影響。

Okay, thanks for the detail. (inaudible)

好的，謝謝這些細節。(聽不清楚)

Chris Horvers, JPMorgan.

Chris Horvers，摩根大通。

Thanks. Good morning, guys. So as you step back, you had stimulus, you had what was one of probably the best winter since 2014. I appreciative that -- and you had this big inflation numbers. Is there anything that you look at underneath the covers to say like there's an impact from energy prices, and that's being more of the issue than the near-term weather dynamics. And as you think about the back half of the calendar year, it looks like you're sitting at around a 4% leverage point. What can you do to control the expenses to the extent that there is something more weakness going on the DIY side of the business, especially as you lose those inflation tailwinds --

謝謝。各位早安。所以回頭看，你們有刺激措施，也有自2014年以來可能最好的冬季之一。我理解你們——而且你們也面臨很大的通膨數據。你們是否有觀察一些更底層的指標，來判斷例如能源價格的影響，反而比短期天氣動態更是問題所在？另外，當你們思考下半年，看起來你們大約處在4%的槓桿點。如果DIY端業務確實出現更多疲弱，尤其當你們失去那些通膨順風時，你們能在多大程度上控制費用？--

I would say, I think you're right to call out that we had a pretty normal or good winter. As we mentioned, our results across the company were stronger out west and in the Midwest and the Northeast, which that's kind of an indication. And we see it in the categories. That's an indication that we got the winter that we would have liked, and that has historically been good for us through the summer months in those categories, undercar categories, brakes, et cetera. We're expecting a normal, if not hotter than normal summer, and those all bode pretty well for us.

我會說，我認為你說得對，我們確實遇到了一個相當正常或不錯的冬季。如我們提到的，公司整體結果在西部、中西部以及東北部更強，這算是一種指標。我們也在品類上看得到。這顯示我們得到了我們希望的冬季，而歷史上這對我們在那些品類（底盤相關品類、煞車等）一路到夏季都很有利。我們預期夏季會正常，甚至可能比正常更熱，這些都對我們相當有利。

Again, I'll go back to what we think we're doing, which is we're opening up really productive new stores. Our stores that have been in place with the support of Mega-Hubs and Hubs and our improved performance across both DIY and commercial customer service are helping us across the board. We're gaining share on both sides of our business. And we think that, that's going to continue.

同樣地，我會回到我們認為自己正在做的事情：我們正在開出非常高生產力的新店。既有門市在Mega-Hubs與Hubs的支援下，加上我們在DIY與商業客戶服務兩端的表現提升，正在全面帶動我們的成長。我們在業務兩端都在提升市占。而且我們認為這將會持續。

Yeah. And I'd just say on the cost front, I mean, we're continuing to manage the business with discipline. So in addition to growing very strong on the top line, we're focused on expense management in the middle. We continue to invest in our new stores and maintaining high levels of customer service, but we're also continuing to drive productivity initiatives inside the company. And we expect those dynamics to continue into the fourth quarter and into the back half. So as the comps move associated with what we see in the market dynamics, we're anticipating that we'll manage our SG&A accordingly.

是的。另外在成本面，我的意思是，我們持續以紀律來管理業務。因此，除了營收端非常強勁的成長之外，我們也專注於中段的費用管理。我們持續投資新店並維持高水準的客戶服務，但同時也持續推動公司內部的生產力計畫。我們預期這些動能會延續到第四季以及下半年。因此，當同店成長率隨著我們看到的市場動態而變動時，我們預期會相應地管理我們的SG&A（銷售、一般及行政費用）。

And then jumping back to the inflation side, you do import more than some of your peers, especially with the private label penetration that you have. One of your peers talked about some of their vendors talking about increases related to energy prices in resin. You also have the steel tariffs. So are you seeing those price pressures now? Why wouldn't the inflation outlook be better in the back half of the calendar year versus maybe what you thought three and six months ago?

再回到通膨面，你們的進口比一些同業更多，尤其是你們自有品牌滲透率較高。你們的一位同業提到，他們有些供應商在談與樹脂能源價格相關的漲價。你們也有鋼鐵關稅。所以你們現在有看到這些價格壓力嗎？為什麼下半年通膨展望不會比三個月或六個月前你們的預期更好？

Yeah. I think -- I mean there could be additional costs that are coming in on various fronts. But at the end of the day, those tariffs that are on steel and automotive parts have been in place for quite some time. the inflation ramp that we saw started last year and what would be our Q4, which is the time frame that we're entering.

是的。我想——我的意思是，各個面向可能都會有額外成本進來。但歸根結底，鋼鐵與汽車零件的那些關稅已經實施相當一段時間了。去年我們看到的通膨加速，是從去年開始、也就是我們的第四季，而我們現在正進入那個時間段。

So yeah, I think some of the costs from tariffs, et cetera, are still coming in as we cycle through that inventory. So there will be some improvement or increase in inflation, but it will be slightly muted because we're now lapping some of the higher inflation rates from last year.

所以是的，我認為關稅等帶來的一些成本，仍會在我們消化那批庫存的過程中逐步反映。因此通膨會有一些改善或上升，但會稍微被抑制，因為我們現在正在與去年較高的通膨率做比較（基期效應）。

Yeah. I would characterize it as this is a pretty fluid situation as it relates to energy and oil, in particular, it's going to impact suppliers and retailers differently. What I'll say about us is that we're managing the situation with our suppliers and with our customers. And we expect the environment to continue to be inflationary, the extent to which we'll learn as we move forward, and we'll manage the business accordingly in terms of what we do with pricing, and we'll be very transparent about what we're seeing in our tickets.

是的。我會這樣形容：就能源、特別是油價而言，這是一個相當變動的情況，對供應商與零售商的影響也會不同。就我們而言，我要說的是，我們正與供應商及客戶一起管理這個情況。我們預期環境仍將維持通膨；至於程度如何，我們會在往前推進時逐步了解，並在定價等方面相應管理業務；同時我們也會非常透明地說明我們在客單（ticket）上看到的情況。

Understood. Have a great summer.

了解。祝你們夏天愉快。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

Hey, guys, good morning. So the first question I want to ask, as we look at the ongoing rollout of your Mega-Hubs, I guess -- so maybe a couple of questions within this. I mean, one, can we talk about the latest Mega-Hubs you're opening, the incremental performance of those? I mean how are those performing versus some of the maybe legacy Mega-Hubs?

各位早安。第一個問題我想問的是，當我們看你們Mega-Hubs持續推進的展店，我想——這裡面可能有幾個小問題。第一，能否談談你們最新開出的Mega-Hubs，以及它們的增量表現？它們相較於一些較早期的Mega-Hubs表現如何？

And then you have other -- you have competitors out there now talking about a similar strategy. They may have been using similar terms. I guess I want to -- as you're rolling out and continuing to expand your Mega-Hub effort, are you seeing any type of competitive headwind there as others are so to say, emulating the strategy?

另外，你們也看到其他競爭對手現在在談類似策略。他們可能也在使用類似的用語。我想問的是——當你們推進並持續擴大Mega-Hub計畫時，你們是否看到任何競爭逆風，因為其他人某種程度上在模仿這個策略？

Yeah. I would say that we've got a very robust pipeline for Mega-Hubs. I mean we have over 100 Mega-Hubs currently in the pipeline today. We've talked openly about our plan to get to nearly 300 Mega-Hubs near term. And quite frankly, as our commercial business continues to grow, there is a very distinct possibility that we'd even exceed that number.

是的。我會說，我們的Mega-Hubs有非常強健的開發管線。我的意思是，我們目前管線中就有超過100個Mega-Hubs。我們也公開談過，我們短期內的計畫是接近300個Mega-Hubs。坦白說，隨著我們的商業業務持續成長，很有可能我們甚至會超過這個數字。

They're continuing to outperform our expectations. The combination of the demand for parts in the marketplace, the customers' desire for us to have those parts closer to the customer so that we can provide a better service level is really what's fueling our strategy. So while the competitive dynamics are such that others are sort of mirroring that strategy, we think that our strategy is being executed appropriately, and it has not been muted or impacted at all by what others are doing in the marketplace.

它們持續超出我們的預期。市場對零件的需求，加上客戶希望我們把零件放得更靠近客戶端、以便提供更好的服務水準，這些正是推動我們策略的核心動力。因此，雖然競爭態勢使得其他人也在某種程度上複製這個策略，但我們認為我們的策略執行得當，且完全沒有因為市場上其他人的作為而被削弱或受到影響。

Frankly, those Hubs and Mega-Hubs continue to perform year-over-year. We really like the productivity of those boxes and that inventory and the assets we can put around there to help energize that inventory in those Hubs and Mega-Hubs continues to be more productive as we find more and innovative ways to get that product to the customer, both DIY and commercial faster and faster.

坦白說，這些 Hub 與 Mega-Hub 仍持續呈現年對年表現。我們非常喜歡這些據點、這些庫存以及我們能在周邊配置的資產所帶來的生產力；隨著我們找到更多且更具創新的方式，讓產品更快送達 DIY 與商業客戶手中，這些 Hub 與 Mega-Hub 中用來帶動庫存周轉的作法也持續變得更有效率、產出更高。

That's very helpful. I appreciate all the color. My follow-up question, maybe not a totally fair one, but just looking at the sales performance through the quarter and what you called out the slower trend later in the fiscal quarter, look, it makes all the sense, a lot of sense that the weather impacted that. But as you look at the data, I mean, what gives you confidence that it was indeed cooler weather versus some type of like tailing off, if you will, on the tax refund benefit?

這非常有幫助。感謝你提供這麼多細節。我的追問可能不算完全公平，但就本季銷售表現以及你提到在會計季度後段趨勢放緩來看，的確很合理、也很有道理認為天氣造成了影響。但當你們看數據時，是什麼讓你們有信心判斷確實是較涼的天氣，而不是例如退稅帶來的利多效應在後段開始消退？

Yeah. It's pretty clear when you look at the categories, you can see it. We -- like I said, air conditioning is a great example. It's just been cool in May, significantly cooler than last year, and it's been relatively wet. That will change, and we will expect those categories to respond accordingly.

是的。當你看各品類時，其實非常明顯就能看出來。我們——就像我說的，空調就是很好的例子。5 月一直偏涼，明顯比去年涼很多，而且也相對潮濕多雨。這種情況會改變，我們也預期那些品類會相應回升。

So if you look at where it's been cool and where it's been wet, you can see a direct correlation to the category comps year-over-year and the trend changes. And again, that -- we believe that is going to change pretty rapidly here as we move into the summer months. And all of -- everything that you look at from the weather prognosticators is going to say that this is going to be a pretty hot summer, and that should bode very well for us. And I'd say we're well prepared for it, too. We're in great shape.

所以如果你看哪些地區偏涼、哪些地區偏濕，就能看到與各品類年對年同店比較（comps）以及趨勢變化之間的直接關聯。而且再次強調，我們相信隨著進入夏季月份，這會很快改變。從所有氣象預測機構的資訊來看，都指出今年夏天會相當炎熱，這對我們應該非常有利。我也想說，我們也已經為此做好充分準備。我們狀態非常好。

Much appreciated. Thank you.

非常感謝。謝謝。

Seth Sigman, Barclays.

Seth Sigman，Barclays。

Hey, guys, good morning. Thanks for taking the question. I wanted to ask about expenses, which have come in a little bit lower over the last two quarters versus the elevated plan that you had laid out last -- I think it was Q4. So the question is, are you investing at a slower pace? Or are there just more offsets than you anticipated? I'm just trying to think about whether SG&A will have to reaccelerate at some point or are we really past the worst? Thank you.

各位早安。謝謝讓我提問。我想問費用面。過去兩個季度的費用比你們先前提出的較高計畫略低——我想那是在去年第四季提出的。所以問題是：你們投資的步調變慢了嗎？還是只是抵銷項比你們原先預期的更多？我主要想釐清的是，SG&A 是否在某個時間點必須重新加速，還是我們真的已經度過最糟的階段？謝謝。

Yeah. We don't anticipate a reacceleration in SG&A. Again, the big driver in the early part of the year was lapping the load-in of new stores that we had in the back half of last year, which did put a couple of points of pressure on our SG&A growth rates. As we move through the year, we've got a more normalized year-over-year comparison. And now you're seeing us have SG&A and SG&A per store in line with what we've done historically.

是的。我們不預期 SG&A 會重新加速。同樣地，今年前段最大的驅動因素是：去年下半年我們新店導入（load-in）所帶來的基期效應，這確實讓我們的 SG&A 成長率承受了幾個百分點的壓力。隨著我們走過今年，年對年的比較會更正常化。現在你看到我們的 SG&A 以及每店 SG&A 都回到與我們歷史表現一致的水準。

And the other dynamic I'll say is that we're continuing to work productivity very hard inside the company like we always have. It's a muscle that even as we've been growing our business, we've continued to focus on opportunities to drive productivity and efficiencies really across all of our functional areas. The teams are doing a really good job. We've got a pretty robust playbook of cost and expense initiatives, and that's helping us manage SG&A in a meaningful way and have good cost management as we move forward.

另外我想補充的是，我們一如既往持續在公司內部非常努力地提升生產力。這是一種「肌肉」：即使在業務成長的同時，我們仍持續聚焦於在各個職能領域推動生產力與效率提升的機會。團隊做得非常好。我們有一套相當完整的成本與費用措施作戰手冊，這正實質地幫助我們管理 SG&A，並在未來維持良好的成本控管。

Okay. Perfect. Thank you. And then my follow-up question is on inflation and the expectation that it will moderate in Q4 and into next year. I guess it was asked a couple of different ways, but I'm just trying to think about some of the offsets, whether it's transactions or maybe mix accelerating. Like how do you think about these drivers? Has mix been a meaningful negative over the last 12 months? Like how do you see that improving maybe to help offset less inflation? Thank you.

了解。很好。謝謝。接著我的追問是關於通膨，以及你們預期通膨會在第四季以及明年趨緩。我知道剛剛有人用不同方式問過，但我想從抵銷因素的角度來理解，無論是交易量（transactions）或是產品組合（mix）加速等。你們如何看待這些驅動因素？過去 12 個月，組合是否曾是顯著的負面因素？你們認為它會如何改善，以協助抵銷通膨下降帶來的影響？謝謝。

We haven't seen -- I mean, our mix has been relatively stable. We kind of look at our mix between what we call discretionary maintenance and failure. And the maintenance and failure businesses over quite a while have been relatively stable as a percent of sales. They'll move around a little bit, but relatively stable. It's kind of the beauty of this industry is it's pretty inelastic.

我們沒有看到——我的意思是，我們的組合相對穩定。我們大致把組合分成我們所稱的「可選擇的保養維護」以及「故障（failure）」。而維護與故障這兩塊業務在相當長一段時間內，占銷售的比重都相對穩定。它們會有些微波動，但整體而言相當穩定。這個產業的優點之一就是需求相當缺乏彈性。

Most of it's break fix and you've got maintenance that has to be done. Consumers can defer it for some period of time. But if they do that, then they have a larger failure, which costs more money. So that number has been -- those numbers have been pretty flat, not a lot of shifts between them, and we think that's probably going to continue.

大多數需求都是「壞了就修」（break-fix），而且有些維護是必須做的。消費者可以延後一段時間。但如果延後，最後往往會變成更大的故障，花費也更高。因此這些數字一直——這些比重一直都很平，兩者之間沒有太多移動，我們認為這種情況大概會持續下去。

Okay. Thanks, guys.

了解。謝謝各位。

Michael Lasser, UBS.

Michael Lasser，UBS。

Good morning. Thank you so much for taking my question. Now when we look at the performance of AutoZone versus some of the other competitors in the marketplace, we obviously need to take into account that the calendars line up differently, the mix of the businesses line up differently. But simply speaking, when we compare your performance versus some of the others, we had been accustomed to AutoZone significantly outperforming the others.

早安。非常感謝讓我提問。當我們比較 AutoZone 與市場上其他競爭對手的表現時，顯然需要考量到會計日曆對齊方式不同、業務組合也不同。但簡單來說，當我們把你們的表現與其他公司相比時，我們過去已經習慣 AutoZone 明顯優於其他同業。

And now that spread is a bit more narrow. Is that a signal that some of the low-hanging fruit or the bulk of some of the market share gains that had happened in the wake of expanding parts availability and service are now behind AutoZone? Or is there an opportunity to accelerate some of those share gains from here? And what would drive an acceleration in the share gain?

而現在這個差距變得比較窄。這是否意味著：在擴充零件供應與服務之後所帶來的那些「低垂果實」，或是大部分的市占提升，對 AutoZone 來說已經在身後了？還是從現在開始仍有機會加速這些市占增長？而什麼因素會驅動市占增長加速？

Great question, Michael. And I think the way we look at it is we have an opportunity to gain share, both on the DIY side of our business and on the commercial side of the business. Our execution has improved. Our assortments are improving. Our -- we're literally, as Jamere mentioned, we're only about halfway through our Hub and Mega-Hub expansion strategy.

很好的問題，Michael。我們的看法是，我們在 DIY 端與商業端都有機會提升市占。我們的執行力已經改善。我們的商品組合（assortments）也在改善。而且——正如 Jamere 提到的，我們的 Hub 與 Mega-Hub 擴張策略其實才走到大約一半。

And those will help us both on the DIY side of the business and the commercial side of the business. And our execution continues to improve, and we have strategies that will help our execution improve even more. We look at things on the -- from an execution perspective, our turnover in stores is back down to historic levels, historically low levels. Our supply chains are gaining efficiency. We're getting better service to our commercial customers out of our Hubs and our Mega-Hubs and our satellite stores.

而這些據點將同時幫助我們的 DIY 業務與商業業務。我們的執行力持續提升，而且我們也有策略能讓執行力進一步改善。從執行面的角度來看，我們門市的人員流動率已回落到歷史水準、也就是歷史低位。我們的供應鏈正在提升效率。透過我們的 Hub、Mega-Hub 以及衛星門市，我們正為商業客戶提供更好的服務。

We continue to improve on our delivery times. All of those things point to better execution, and we think the opportunity to gain share, specifically on the commercial side, where we're still roughly 5% of the market share opportunity that's out there. So we think we have pretty good opportunities on both sides of the business.

我們持續改善我們的交付時間。所有這些都指向更好的執行力，而我們認為有機會提升市占，特別是在商用端；目前我們在那裡大約只拿到市場可得市占機會的 5% 左右。因此，我們認為在業務的兩端都有相當不錯的機會。

And I think the thing that I'll really amplify from your comments, Michael, is the fact that if you look at a lot of our near-end competitors have a much higher mix on the commercial side of the business. Right now, our domestic commercial business is about 34% of our mix which is why we're so focused on growing the commercial business. It is growing faster. We've got a significant number of opportunities there. And so we've continued to double down on Hubs and Mega-Hubs.

而我想我會從你的評論中真正加以強調的一點，Michael，是如果你看看我們許多接近端的競爭對手，他們在商用業務端的組合占比要高得多。目前，我們的美國國內商用業務約占我們組合的 34%，這也是為什麼我們如此專注於成長商用業務。它成長得更快。我們在那裡有大量機會。因此我們持續加碼投資 Hub 與 Mega-Hub。

We've doubled down on assortment. We've doubled down on the quality of our Duralast brand, putting up professional sales force in the field. It is why it is our number one growth priority. So as you look at sort of that performance that you're seeing amongst the competitive set, that difference in the mix is why we're so focused on what we're focused on from a commercial standpoint. And that strategy is working.

我們加碼投資商品組合。我們加碼投資 Duralast 品牌的品質，並在第一線配置專業銷售團隊。這就是為什麼它是我們的第一大成長優先事項。因此，當你觀察你在競爭同業中看到的那種表現時，組合占比的差異就是為什麼我們在商用面如此聚焦於我們所聚焦的事情。而那個策略正在奏效。

I mean, Phil mentioned the fact that we're growing double digits with both national accounts and up and down the street customers. That is a meaningful progress for us moving forward. And we're pretty excited about what it means for us as we move through the fourth quarter and next year.

我是說，Phil 提到我們在全國性客戶（national accounts）以及街頭巷尾客戶（up and down the street customers）兩邊都維持雙位數成長。這對我們未來而言是非常有意義的進展。而我們也很期待這對我們在第四季以及明年推進時所代表的意義。

Understood. Thank you very much. My quick follow-up question is the message that you've been offering for some time now is you're deploying a lot of capital to make this a faster growing top line business which then in turn can drive equal to or better EPS growth over time.

了解。非常感謝。我快速追問一下：你們一段時間以來一直傳達的訊息是，你們正在投入大量資本，讓營收端成為更快成長的業務，進而隨時間推動同等或更好的 EPS 成長。

So in light of the last couple of quarters where there's been a weather disruption to the comp that's created a little bit of noise, are you still of the view that this can be a faster top line growth story over time? And if there is something that interrupts that, do you have the ability to flex your SG&A? I think there was a mention of that earlier in the conversation to sustain the EPS growth under a variety of scenarios for your same-store sales growth? Thank you.

因此，鑑於過去幾季天氣干擾了同店（comp），造成一些雜訊，你們是否仍認為，隨時間推進這會是一個營收端更快成長的故事？如果有什麼因素打斷了這個趨勢，你們是否有能力彈性調整 SG&A？我想稍早對話中有提到這點：在各種同店銷售成長情境下，維持 EPS 成長。謝謝。

Yeah. I think, Michael, to that point, our SG&A control has been a strength of this company for a very long period of time. Obviously, the SG&A that goes along with a new store opening or something of that nature is once you start the investment in the store, that's going to materialize. But we've always had the ability to manage our SG&A, payroll expenses related to store -- to sales growth and that sort of thing very, very well for a long period of time. And I think as we showed this past quarter, we continue to be able to do that.

是的。我想，Michael，就你提到的這點而言，我們對 SG&A 的控管一直是公司長期以來的強項。顯然，伴隨新店開幕或類似事項而來的 SG&A，一旦你開始對門店投資，那些費用就會反映出來。但長期以來，我們一直有能力把 SG&A、與門店相關的薪資費用——相對於銷售成長以及諸如此類——管理得非常、非常好。而我想正如我們在上一季所展現的，我們仍然能做到這點。

And as we look at these investments that we're making, as we said in our prepared remarks, the performance that we placed on our stores when we originally approved them are fairly conservative, and we're outperforming those proformas. The stores are indexing higher than we initially said. Our commercial programs are continuing to perform slightly better than we would have thought. And we think all of that will help us produce those returns at a faster rate over time.

而當我們檢視這些投資時，正如我們在事先準備的講稿中所說，我們在最初核准門店時所設定的門店表現假設相當保守，而我們的實際表現優於那些預估（proformas）。門店的表現指標高於我們最初所說的水準。我們的商用方案持續表現得略優於我們原先的預期。我們認為，這些都將幫助我們隨時間以更快的速度產生那些報酬。

Very helpful. Thank you so much and good luck.

非常有幫助。非常感謝，祝順利。

Simeon Gutman, Morgan Stanley.

Morgan Stanley 的 Simeon Gutman。

Hi, good morning. This is Skyler Tennant on for Simeon Gutman. Thank you for taking our question. So is it reasonable for us to assume that with new stores and the maturation curve, a sustainable level of comp growth would be around that 4%-plus level into the future?

嗨，早安。我是代 Simeon Gutman 提問的 Skyler Tennant。謝謝你們回答我們的問題。那麼，我們是否可以合理地假設，隨著新店開出以及成熟曲線（maturation curve），未來可持續的同店成長水準大約會在 4% 以上？

Yeah. I think if you look at where we've been historically and you look at what the new store load-in actually looks like, particularly as we get to 300 new stores domestically, you're going to get a much bigger comp waterfall from those new stores than we have historically. So in that 4% ZIP code is where we need to be or better to drive the kind of returns on invested capital.

是的。我想如果你看我們歷史上的表現，再看新店導入（load-in）實際會是什麼樣子，特別是當我們在美國國內達到 300 家新店時，這些新店帶來的同店成長瀑布效應（comp waterfall）會比我們過去歷史上大得多。因此，大約在 4% 這個區間（ZIP code）是我們需要達到、或更高的水準，才能推動那種投入資本報酬。

And one of the things that we've said and we've been very, very clear on is that the combination of the new stores plus the accelerating commercial business that we have is what has us bullish about a faster-growing business in the future. And that faster-growing business is obviously going to be a higher returning business as well for us.

而我們一直說、也非常非常清楚的是：新店加上我們正在加速的商用業務，這個組合讓我們對未來更快成長的業務前景感到樂觀。而那個更快成長的業務，對我們而言也顯然會是一個報酬更高的業務。

Great. Thank you. And then zooming in on fiscal year '27, given some of the inflationary trends and that maturation curve, can we assume comps get to a level closer to 5% by then? Thank you.

很好。謝謝。接著把焦點拉到 2027 財年，考量一些通膨趨勢以及成熟曲線，我們是否可以假設到那時同店會接近 5% 的水準？謝謝。

Obviously, we don't guide in that manner. But I think qualitatively, what we'll say is that we're expecting continued progress in terms of growing our domestic commercial business. We've got a very resilient DIY business. And at some point, we will have a snapback or a rebound of our international business and you should see our business growing faster.

顯然，我們不會用那種方式提供指引。但就質性而言，我們會說，我們預期在成長美國國內商用業務方面會持續取得進展。我們的 DIY 業務非常具韌性。而在某個時間點，我們的國際業務會出現回彈或反彈，你應該會看到我們的業務成長得更快。

And you combine that with, as you mentioned a little bit earlier, you combine that with the fact that we're continuing to drive new store growth that's above our historical average and the fact that they're performing better than they have historically, that sets us up very nicely for a very strong FY27. And we'll talk a little bit more about that as we get to our fourth quarter call.

再把這些與——如你稍早提到的——我們持續推動高於歷史平均的新店成長、以及它們的表現也優於過往歷史這兩點結合起來，這讓我們為 2027 財年非常強勁的表現做好了很好的準備。我們會在第四季電話會議時再多談一些。

Great. Thank you and good luck.

很好。謝謝，祝順利。

Kate McShane, Goldman Sachs.

Goldman Sachs 的 Kate McShane。

Hi, good morning. Thanks for taking our questions. We wanted to ask about some of the dynamic between the national account and up and down the street. Could you just remind us what the gross margin headwind there is as you pursue the national accounts versus up and down the street? And then second to that, within SG&A, can you talk about the SG&A investment needed to pursue national accounts versus the up and down the street customers? We just wondered how the return would compare.

嗨，早安。謝謝你們回答我們的問題。我們想問一下全國性客戶（national account）與街頭巷尾客戶（up and down the street）之間的一些互動關係。你能否提醒我們，當你們追求全國性客戶相較於街頭巷尾客戶時，毛利率面臨的逆風是什麼？第二，在 SG&A 方面，你能否談談為了爭取全國性客戶相較於街頭巷尾客戶所需要的 SG&A 投資？我們只是想了解兩者的報酬會如何比較。

So on the SG&A front, I mean, there's really no difference in terms of how we manage the SG&A for national accounts versus up and down the street customers. We have a very efficient sales force. We have a very efficient operations team that is sort of managing that business within the construct of where we are. So there's not a meaningful difference in terms of where we are on the SG&A front. And then from a gross margin standpoint, what we've said is that the national account business is always very, very competitive.

就 SG&A 而言，我是說，在我們管理全國性客戶與街頭巷尾客戶的 SG&A 方式上，其實沒有差別。我們有非常高效率的銷售團隊。我們也有非常高效率的營運團隊，在我們現有架構下管理這項業務。因此，在 SG&A 方面並沒有實質性的差異。而在毛利率方面，我們說過，全國性客戶業務一向非常、非常競爭激烈。

There are most sophisticated customer set out there. They have scale that you would expect them to want to negotiate things like pricing and service levels, and we've done that and still been able to earn very good returns on that business. So we do like the national account business, as Phil said. We like the margin profile associated with the national account business. And the most important point to all of that is that we're underpenetrated. We're underpenetrated with national accounts. We're underpenetrated with up and down the street customers. And this is an opportunity for us to grow our business in a meaningful way.

外面有一批最成熟的客戶群。他們具備你會預期他們想要就價格與服務水準等事項進行談判的規模，而我們也確實這麼做了，同時仍能在這項業務上取得非常好的報酬率。所以，正如 Phil 所說，我們確實喜歡全國性客戶（national account）業務。我們喜歡全國性客戶業務所對應的毛利結構。而其中最重要的一點是，我們的滲透率仍然不足。我們在全國性客戶上的滲透率不足。我們在街頭巷尾的客戶（up and down the street customers）上的滲透率也不足。而這對我們而言，是一個能以有意義的方式擴大業務的機會。

Thank you.

謝謝。

Scot Ciccarelli, Truist.

Scot Ciccarelli，Truist。

Good morning, guys. I guess the question is if same SKU inflation steps down by, call it, 250 to 300 basis points in your fiscal fourth quarter, why wouldn't your domestic comp growth slow down by a similar amount? Like I know you're going to gain share over time. But like at least in the near term, is that the way people should be thinking about from a modeling perspective?

早安，各位。我想問題是，如果同一 SKU 的通膨在你們的會計年度第四季下降，比方說下降 250 到 300 個基點，為什麼你們的美國本土同店成長不會以類似幅度放緩？我知道你們會隨時間推進而提升市占。但至少在短期內，從建模角度來看，大家是否應該這樣思考？

I think you got a couple of dynamics there. We are lapping the same SKU inflation that was caused by tariffs in the fourth quarter of last year. So -- but you've also had other inflationary impacts that have impacted the business at the same time. So the big reason for the step down isn't that there's something dramatically happening in different in the market. It's just that you're lapping that big step-up that we had in the fourth quarter of last year.

我認為這裡有幾個動態因素。我們正在對比（lapping）去年第四季因關稅所造成的同一 SKU 通膨。所以——但同時你也有其他通膨因素在同一時間影響業務。因此，下降的主要原因並不是市場上發生了什麼劇烈的不同變化。只是因為你正在對比去年第四季我們出現的那個大幅上升。

I think when we look at the business overall, here are the things that we like. We like the fact that our commercial business is growing, and it's going to grow not just from ticket, but it's going to grow from transactions. We like the progress that we're making with our DIY shares. We've also seen traffic be down in the mid-3s over the last couple of quarters or so.

我想當我們整體看這門業務時，以下是我們喜歡的幾點。我們喜歡我們的商用（commercial）業務正在成長，而且它不僅會因客單（ticket）而成長，也會因交易筆數（transactions）而成長。我們喜歡我們在 DIY 市占方面取得的進展。此外，在過去幾個季度左右，我們也看到來客數（traffic）下降約 3% 中段。

And as we continue to gain share and as the uncertainty associated with the consumer in some instances has impacted things like discretionary categories, there's an opportunity to go transactions as well. So I wouldn't have a direct read-through that says that the lapping of the of the inflation sort of creators comps, there are lots of things that are driving our comp expectations as we move forward.

而隨著我們持續提升市占，以及在某些情況下與消費者相關的不確定性影響了例如選擇性（discretionary）品類等項目，交易筆數也存在成長機會。所以我不會直接推導說，對比通膨就會以某種方式決定同店（comps）；推動我們未來同店預期的因素有很多。

I agree with that. And I think to that point, again, we continue to gain share, and we have really low share on the commercial side of the business. And we think all that sets up well for us. And we're working very hard with our initiatives, both on the DIY side and the commercial side of the business to continue to gain share, and we think we can overcome that.

我同意。而且我認為就這點而言，我們仍在持續提升市占，而我們在商用業務端的市占其實非常低。我們認為這一切對我們很有利。我們在 DIY 與商用兩端都非常努力推進各項計畫以持續提升市占，我們認為我們可以克服那個影響。

That's helpful. And then what is the comp waterfall contribution today, just so we can better understand how the go-forward contribution might be? Thanks.

這很有幫助。那麼目前同店成長的瀑布圖（comp waterfall）貢獻是怎樣的？這樣我們才能更好理解未來的貢獻可能會是什麼。謝謝。

Yeah. I mean we haven't shared it specifically. And obviously, it varies based on the mix of stores. But I mean, very simply, we get outsized comps associated with the new stores. And as we've accelerated that new stores going from, for example, in the domestic side of our business from 150 to 200 plus, and you're getting more of a contribution from those new stores than we have historically.

好的。我的意思是，我們並沒有特別對外分享那個細項。而且很明顯，它會因店型組合而有所不同。但簡單來說，新店帶來的同店（comps）表現會特別突出。而當我們加速開新店，例如在我們美國本土業務端，從 150 家提升到 200 家以上時，你會從這些新店獲得比過去更高的貢獻。

So I think as we think about our business going forward, the combination of those new stores and what you naturally get in terms of comp acceleration and the fact that we're growing market share is what gives us the confidence around comp acceleration as we move forward. And to be clear, this is the real reason for the strategy that we had associated with accelerating the new stores.

所以當我們思考未來業務時，新店的組合、你自然會得到的同店加速效果，以及我們正在提升市占這三者的結合，讓我們對未來同店加速更有信心。而且要說清楚，這正是我們採取加速開新店策略的真正原因。

We saw a market share opportunity -- we saw an improvement in the unit economics because our commercial business is growing. That's going to ultimately result in faster-growing comps for us. And we've got a lot of confidence in that strategy, and we're executing on it. And we're about halfway through to where we said we'd be in FY28 and the performance has been exceeding our expectations.

我們看到了市占機會——也看到因商用業務成長而帶來的單店經濟效益（unit economics）改善。這最終會讓我們的同店成長更快。我們對這個策略非常有信心，也正在落實執行。而且就我們先前所說 FY28 的目標而言，我們大約已完成一半，且表現一直超出我們的預期。

Great. Thanks, guys.

很好。謝謝各位。

Michael Baker, DA Davidson.

Michael Baker，DA Davidson。

Okay. Thanks. A couple of follow-ups. I guess, you said that the new store performance is better than expected, and I think you said on the commercial side, but anything else driving that better performance in those stores? Talk about, please, the DIY side and also expenses, which I think, as Selan alluded to, have been coming in better than expected.

好的。謝謝。幾個追問。我想，你們說新店表現優於預期，我記得你們提到是在商用端，但還有其他因素在推動這些門店更好的表現嗎？也請談談 DIY 端，以及費用面——我想 Selan 也提到過，費用表現一直比預期更好。

Yeah. I would say that -- and I'll let Jamere speak on the new stores, too, but they're performing better on commercial and DIY. When we approve a store, we kind of look at -- we set up a pro forma, we look at both the DIY performance and when we expect the commercial performance, and we index against both of those. And in total, these stores are performing better on both the DIY side and the commercial side than when those stores were originally approved. And that pro forma and index takes into account SG&A per store, et cetera.

好的。我會說——我也會讓 Jamere 一併談談新店，但它們在商用與 DIY 兩端的表現都更好。當我們核准一家店時，我們會建立一個預估模型（pro forma），同時看 DIY 的表現，以及我們預期商用表現會在何時到位，並以這兩者作為指標來衡量。整體而言，這些門店在 DIY 端與商用端的表現，都比當初核准時的預期更好。而該預估模型與指標也會把每店 SG&A 等因素納入考量。

So we like the performance. We're pretty conservative in those approvals. But all the initiatives that we have in place around, like Jamere just mentioned a minute ago, Hub performance, Mega-Hub performance, in-store productivity initiatives, sales initiatives, commercial initiatives, all help per box performance. And we like the initiatives that we have in place, and we think they will continue to make us a stronger business in the future.

所以我們喜歡這樣的表現。我們在核准時其實相當保守。但我們已經推行的所有計畫——像 Jamere 剛才提到的 Hub 表現、Mega-Hub 表現、店內生產力提升計畫、銷售計畫、商用計畫——都能提升單店（per box）表現。我們喜歡目前推行的這些計畫，也認為它們將持續讓我們未來的業務更強健。

Got it. Okay. Makes sense. And then again, just to follow up again, it's been asked a couple of times, but maybe I'll ask it another way. I think the easy perception here is that as you start to cycle the inflation from last year, comps will slow.

了解。好的。合理。再追問一次，這個問題已被問過幾次了，但我換個方式問。我想比較直觀的看法是，當你開始對比去年通膨時，同店會放緩。

But just to be sure we have the right message, you don't necessarily think comps slow -- this is domestic comps I'm talking about. You don't necessarily think domestic comps slow as you lap that inflation because of the comp waterfall and share gains. Is that the right interpretation? Is that the right message? Thanks.

但為了確保我們理解的訊息正確，你們不一定認為同店會放緩——我指的是美國本土同店。你們不一定認為美國本土同店會因為對比那段通膨而放緩，因為有同店瀑布圖的因素以及市占提升。這樣解讀對嗎？這是正確的訊息嗎？謝謝。

Yeah, I think that's right. Obviously, the inflation becomes a little more muted, but we think that the initiatives we have in place will help us overcome a lot of that as we move forward.

是的，我認為這樣說是對的。很明顯，通膨會變得比較溫和，但我們認為，隨著我們往前推進，現有的各項計畫將有助於我們克服其中很大一部分影響。

That's correct.

沒錯。

Thank you for clarifying.

謝謝你澄清。

And I think we have time for just one more call.

我想我們只剩時間再接一通電話。

Zach Fadem, Wells Fargo.

Zach Fadem，富國銀行。

Hey, good morning and thanks for setting me in. So first, could you talk about the performance of the 35, 40 new Mega-Hubs today and how this cohort of Mega-Hubs compares to historical openings in terms of per store sales returns, comp lift for nearby stores, et cetera?

嗨，早安，謝謝讓我加入。首先，你能談談目前新增的35、40家Mega-Hub的表現，以及這一批Mega-Hub相較於過往開店在單店銷售回報、對附近門市同店成長（comp）拉抬等方面的比較嗎？

Yeah. I think two things are driving that performance. The first thing that's driving that performance is, again, we've got a much stronger commercial business than we have had historically. And as we put those Mega-Hubs in the marketplace, the strength of our commercial business allows those Mega-Hubs to come out of the gate much hotter than the ones that we put in historically. That's first and foremost.

是的。我認為有兩件事在推動這個表現。第一個推動因素是，再次強調，我們的商用（commercial）業務比過去歷史上強很多。當我們把這些Mega-Hub投放到市場時，商用業務的強勁使得這些Mega-Hub一開出來就比我們過去歷史上設立的更火熱。這是最主要的。

I think the second thing is how we utilize those Mega-Hubs where we're using those Mega-Hubs to go more direct to our customers than we have in the past as opposed to having them be primarily focused on a fulfillment source for some of the other stores. So the utilization of the Mega-Hubs and the fact that we've got a stronger commercial business are the key drivers there.

第二點是我們如何運用這些Mega-Hub：相較於過去主要把它們當作其他門市的補貨/履約來源，我們現在更直接地用Mega-Hub面向客戶。因此，Mega-Hub的運用方式，以及我們更強的商用業務，是這裡的關鍵驅動因素。

And if you just look at the market dynamics that we see today, parts proliferation, aging vehicles, propensity for DIFM business, those are all demand drivers, if you will, for adding more parts in the local market. And if we can do that with the right assortments and we can get the parts to the customer faster, then that's a winning formula for us. And we've refilled and rebuilt the pipeline, and we're pretty excited about what it means for us in the future.

如果你看我們今天看到的市場動態：零件品項持續增加、車齡老化、對DIFM（代客安裝/由他人代做）業務的偏好提升——這些都可以說是推動在當地市場增加更多零件供給的需求驅動因素。如果我們能以正確的品類組合做到這點，並且更快把零件送到客戶手上，那對我們就是一個致勝公式。我們已經把供應管線重新補滿並重建，對它對我們未來的意義感到相當興奮。

Yeah. The only thing I'd add to that is we keep -- we've had these Hubs and Mega-Hubs in place for so long. We've had the ability to iterate on them several times, and we keep finding the biggest asset in there is obviously the inventory and how do we get that inventory faster to a customer, shortening time to serve for both the DIY customer and the commercial customer and also online with things like next-day delivery, et cetera. We continue to find ways to keep energizing that inventory, and we're not done with that process. We still think there's opportunities there.

是的。我唯一要補充的是——我們設置這些Hub和Mega-Hub已經很久了。我們有能力多次迭代，我們也一直發現其中最大的資產顯然是庫存，以及我們如何更快把庫存送到客戶手上，縮短DIY客戶與商用客戶的服務時間，線上也包括像隔日送達等。我們持續找到方法讓這些庫存保持活力，我們還沒完成這個流程。我們仍然認為那裡還有機會。

Got it. And then you mentioned share gains and comp waterfall as future drivers. But if we take your DIY comp minus inflation, it looks like the volumes in that business started to decelerate as same SKU inflation ramped up. So as you think about the current deferral cycle that we're in as a result of inflation, do you think it's fair to assume that DIY volumes could improve simply because we're lapping that initial deferral, which would start, I think, in Q4?

了解。另外，你提到市占提升與同店（comp）瀑布圖是未來的驅動因素。但如果我們把你們DIY同店成長扣掉通膨，看起來當同一SKU的通膨加速上升時，該業務的量開始放緩。所以，當你思考我們目前因通膨造成的延後消費循環時，你是否認為可以合理假設DIY的銷量可能會改善，單純因為我們將跨越（lap）那一開始的延後效應——我想大概會從第四季開始？

Yeah. I mean that's certainly a piece of it. I mean -- and the way that we see it in terms of the results is that the transaction counts did come down more than they have historically. I mean we typically have seen sort of low single-digit declines in transaction counts. There have not been very many periods where we've seen those transaction counts be down with a three handle in multiple quarters. So as we move forward, there's an opportunity for us to see some improvement in transactions and traffic, and that will certainly help us from a comp standpoint.

是的。我的意思是，那當然是其中一部分。我們從結果的角度來看，交易筆數確實比歷史上下降得更多。我們通常看到交易筆數大概是低個位數的下滑。我們很少看到交易筆數在多個季度出現「3字頭」的下滑幅度。因此，往前看，我們有機會在交易與來客數上看到一些改善，這當然也會在同店（comp）表現上對我們有幫助。

Thanks for the time.

謝謝你撥冗。

We have reached the end of the question-and-answer session, and I will now turn the call over to Phil Daniele for closing remarks.

問答環節到此結束，接下來我將把電話交給Phil Daniele作結語。

Thank you. Before we conclude the call, I want to take a moment to reiterate that we have a great business in a strong industry. We are excited about our growth prospects over the summer months of our fourth quarter, but we will take nothing for granted as we understand 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. Thank you for participating in today's call.

謝謝。在我們結束電話會議之前，我想花一點時間重申：我們在一個強勁的產業中擁有一個很好的業務。我們對第四季夏季月份的成長前景感到興奮，但我們不會把任何事視為理所當然，因為我們了解客戶有其他選擇。我們有令人振奮的計畫，將幫助我們在未來取得成功，但我想強調這是一場馬拉松，而不是短跑。在我們持續專注於交付零失誤的執行、並致力於為未來最佳化股東價值之際，我們有信心AutoZone將會成功。感謝各位參與今天的電話會議。

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，您現在可以掛斷電話線。感謝您的參與。

Thank you.

謝謝。