汽車地帶 (AZO) 2026 Q4 法說會逐字稿

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

各位大家好，歡迎參加 AutoZone 2026 會計年度第四季財報發布電話會議。(接線員指示) 此時，公司將提供其前瞻性聲明。

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. Today's call will also include certain non-GAAP measures.

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》安全港條款所規範。前瞻性陳述並非對未來績效的保證。請參閱今早的新聞稿，以及公司最近一期的 Form 10-K 年度報告與其他向美國證券交易委員會提交的文件，其中討論了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。前瞻性陳述僅截至其作出之日有效，公司不承擔更新此類陳述的任何義務。今天的電話會議也將包含若干非 GAAP 指標。

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

GAAP 與非 GAAP 財務衡量指標之調節表可於我們的新聞稿中查閱。

Good morning, and thank you for joining us today for AutoZone's 2026 fourth quarter conference call. With me today are Jamere Jackson, Chief Financial Officer; and Brian Campbell, Vice President, Treasurer and Investor Relations. Regarding the fourth quarter, I hope you had an opportunity to read our press release and learn about the quarter's results. If not, the press release, along with slides complementing our comments today, are available on our website at www.autozone.com under the Investor Relations link. Please click on the quarterly earnings conference call to see them.

各位早安，感謝各位今天參加 AutoZone 2026 會計年度第四季電話會議。今天與我一同出席的有財務長 Jamere Jackson，以及副總裁、財務主管暨投資人關係負責人 Brian Campbell。關於第四季，我希望各位已經有機會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，皆可於我們網站 www.autozone.com 的「投資人關係」連結下取得。請點選季度財報電話會議即可查看。

To start out this morning, I want to thank our more than 130,000 AutoZoners across the company for continuing their relentless commitment to delivering on our pledge to always put customers first. The operating theme for FY 2026 was driving the future together, and we delivered on that theme this year as we grew our total store count, opening the most stores ever in a single year, improved on our assortment and in-stock positions and continue to invest in systems to deliver even better customer service. Our customer service levels and execution have improved this past year, and this quarter, we continued to gain market share in a challenging environment. As an outline for this morning's call, first, we'll (technical difficulty) domestic DIY and commercial sales results and provide color on the cadence of our sales over the 16-week quarter, including traffic, ticket and inflation trends. We will also provide an outlook and perspective on FY '27 sales.

在今天早上的開場，我想先感謝公司超過 13 萬名 AutoZoners，持續以不懈的承諾履行我們「永遠以客戶為先」的誓言。2026 會計年度的營運主題是「攜手驅動未來」，我們今年也落實了這個主題：擴增總店數、創下單一年度開店數最多的紀錄、改善商品組合與在庫水位，並持續投資系統以提供更優質的客戶服務。過去一年我們的客戶服務水準與執行力有所提升，而在本季，我們也在充滿挑戰的環境中持續提升市占率。作為今天早上電話會議的綱要，首先，我們將（技術問題）美國本土 DIY 與商用銷售結果，並就 16 週季度期間的銷售節奏提供更多說明，包括來客數、客單價與通膨趨勢。我們也將提供對 2027 會計年度銷售的展望與觀點。

Second, we will discuss our international sales results and the progress we are making on our new store build out. Third, we will talk about our store openings, both domestically and internationally and provide perspective on store economics and the impact on return on invested capital over the next several years. Lastly, we'll conclude with an additional commentary on how we see FY '27 playing out. So let me start by unpacking our Q4 results. We delivered total sales growth of plus 5.6%, while we grew slower than Q3's rate, we felt we gained momentum as the quarter moved along, and we like our sales growth potential heading into the new year.

第二，我們將討論國際銷售結果，以及我們在新店建置方面取得的進展。第三，我們將談到國內與國際的開店情況，並就店舖經濟效益以及未來數年對投入資本報酬率的影響提供觀點。最後，我們將以對 2027 會計年度走勢的補充評論作結。那麼我先從拆解我們第四季的結果開始。我們實現總銷售成長 +5.6%。雖然成長速度低於第三季，但我們感受到隨著季度推進動能逐步增強，且我們看好在新年度的銷售成長潛力。

Our earnings per share increased 15.1%. Similar to prior quarters, our gross margin, operating profit and EPS were negatively impacted by a noncash LIFO charge of $15 million. As a reminder, during last year's Q4, we recognized an $80 million LIFO charge. In addition, we saw a $96 million or $4.43 share benefit from the refunds of IEEPA tariffs. Finally, we opened 175 new stores this quarter.

我們的每股盈餘成長 15.1%。與先前季度類似，我們的毛利率、營業利益與每股盈餘受到 1,500 萬美元非現金 LIFO 費用的不利影響。提醒各位，去年第四季我們認列了 8,000 萬美元的 LIFO 費用。此外，我們也因 IEEPA 關稅退稅而獲得 9,600 萬美元（每股 4.43 美元）的利益。最後，本季我們新開了 175 家門市。

For the year, we opened 374 new stores versus 304 stores last year. This year's total of 374 stores is the most ever in a fiscal year. We also hit some major milestones. We celebrated our 1,000th store in Mexico, and we opened our 8,000th store in August in our home state of Tennessee. We also held our grand opening for our relocated Monterrey, Mexico distribution center, which is almost 2x the size of the previous distribution center, and we broke ground on our new Leon Mexico DC, which will come online in late FY '28 to support our international expansion.

就全年而言，我們新開了 374 家門市，去年為 304 家。今年合計 374 家，為單一會計年度歷史新高。我們也達成一些重要里程碑。我們在墨西哥慶祝第 1,000 家門市，同時於 8 月在我們的家鄉田納西州開出第 8,000 家門市。我們也為搬遷後的墨西哥蒙特雷配送中心舉行盛大開幕，新中心規模幾乎是先前配送中心的 2 倍；此外，我們也為墨西哥萊昂（Leon）新配送中心動土，預計將於 2028 會計年度末投入營運，以支援我們的國際擴張。

Let me touch on some same-store sales highlights for the quarter. Total company same-store sales grew plus 1.5% on a constant currency basis with domestic same-store sales growth of plus 1.6%. Our domestic DIY same-store sales declined 0.6%, while our domestic commercial sales grew plus 8.6% versus last year's Q4. We saw our sales bottom in June and then begin to improve as the quarter moved along. We exited the quarter with good momentum, and we are optimistic about our sales trajectory for the new fiscal year.

我先談談本季同店銷售的一些重點。以固定匯率計算，全公司同店銷售成長 +1.5%，其中美國本土同店銷售成長 +1.6%。我們美國本土 DIY 同店銷售下滑 0.6%，而美國本土商用銷售較去年第四季成長 +8.6%。我們在 6 月看到銷售觸底，之後隨著季度推進開始改善。我們在季度末以良好動能收官，並對新會計年度的銷售走勢感到樂觀。

International same-store sales were up 1.3% on a constant currency basis, and our unadjusted international comp was plus 10.7% as exchange rates positively impacted our comps by over 900 basis points. Next, let me address our total domestic same-store sales results in a little more detail. Domestic same-store sales averaged around plus 1.4% over the first three months and then accelerated in August to plus 2.1%. Our domestic retail comps were negative 0.6% for the quarter and ran negative for the first three months before running essentially flat in August. We began the quarter with milder-than-usual temperatures across the Southeast and the South Central markets, along with lower foot traffic.

國際同店銷售以固定匯率計算成長 1.3%；未調整的國際同店為 +10.7%，匯率對同店帶來超過 900 個基點的正面影響。接下來，我將更詳細說明我們美國本土同店銷售的整體結果。美國本土同店銷售在前三個月平均約為 +1.4%，並於 8 月加速至 +2.1%。本季我們美國本土零售同店為 -0.6%，前三個月皆為負成長，8 月則基本持平。我們在季度初期，東南部與中南部市場的氣溫較往常溫和，同時來客數較低。

The impact of higher inflation from higher oil and gas prices likely dampened our traffic and sales results for most of the quarter. At the tail end of the quarter, our results were buoyed by stronger results in our hot weather categories. We saw mid-single-digit like-for-like same SKU inflation for the quarter, which contributed to our DIY average ticket being up roughly 5%, which was offset by traffic declines. For the first quarter of FY '27, we expect same-store sales to be relatively flat, with average ticket to remain around plus 5% that we saw in Q4. Next, I will touch on our domestic commercial business.

由於油價與汽油價格上升所帶來的較高通膨，其影響可能在本季大部分時間抑制了我們的來客數與銷售表現。在季度尾聲，我們在高溫天氣相關品類的較強表現帶動下，結果有所提振。本季我們觀察到同品項（相同 SKU）通膨約為中個位數百分比，推動 DIY 平均客單價約上升 5%，但被來客數下滑所抵銷。對於 2027 會計年度第一季，我們預期同店銷售將大致持平，平均客單價則維持在第四季所見的約 +5%。接下來，我將談談我們美國本土商用業務。

As I mentioned, our commercial sales were up just under 9% for the quarter. The first three months of the quarter averaged just over 8%, while the last month was well over 9% growth. Commercial growth was impacted earlier in the quarter by below expectations performance in our hot weather categories that rebounded in the last month of the quarter as we experienced hotter summer temperatures. Similar to DIY, we saw ticket average growth of around 5%. We would expect this trend to continue into Q1.

如我所提到的，本季我們的商用銷售成長接近 9%。季度前三個月平均略高於 8%，而最後一個月的成長則遠高於 9%。商用成長在季度前段受到高溫天氣相關品類表現低於預期的影響；但在季度最後一個月，隨著夏季氣溫更炎熱，該品類表現回升。與 DIY 類似，我們看到平均客單價成長約 5%。我們預期此趨勢將延續至第一季。

Our commercial business had a solid year finishing up nearly 11% versus FY '25. So in summary, our domestic business was below our expectations, driven largely by the underperformance in DIY for most of the quarter. Milder temperatures earlier in the quarter certainly had an impact along with lower foot traffic. We are encouraged by the performance late in the quarter and look to maintain momentum in Q1. 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 of delivery and customer service for the professional.

我們的商用業務表現穩健，本年度較 FY '25 成長近 11%。總結而言，我們的國內業務低於預期，主要原因是本季大部分時間 DIY 業務表現不如預期。本季較早時期較溫和的氣溫確實造成影響，加上來客數下降。我們對本季後段的表現感到鼓舞，並希望在 Q1 維持動能。我們的商用銷售成果持續受惠於衛星店庫存可得性的提升、Hub 與 Mega Hub 覆蓋率的顯著改善、Duralast 品牌的持續強勁，以及我們在提升配送速度與專業客戶服務方面各項措施的落實。

Our sales initiatives are driving growth in -- with the smaller up and down the street customers, where we have the majority of our sales, but also have a tremendous market share opportunity. We see our Mega Hub and inventory initiatives as ways to accelerate our growth with these underpenetrated up and down the street customers. Thus far, our initiatives are delivering market share gains and gives us confidence as we move into FY '27. As a reminder, in FY '26, we opened up 39 Mega Hubs and 11 net regular Hubs. Now let me take a moment to discuss our international business.

我們的銷售計畫正在推動成長——不僅是在我們銷售占比最高、規模較小的「街頭上下游」客戶群，同時也存在龐大的市占提升機會。我們將 Mega Hub 與庫存相關計畫視為加速我們在這些滲透率仍偏低的街頭上下游客戶中成長的方式。截至目前，我們的計畫正在帶來市占提升，並使我們在邁入 FY '27 時更具信心。提醒一下，在 FY '26，我們新開了 39 家 Mega Hub，並淨新增 11 家一般 Hub。接下來我花一點時間談談我們的國際業務。

This past quarter, we celebrated the opening of our 1,000th store in Mexico and finished the quarter with 1,001 locations. In Brazil, we now have 167 stores, bringing our total international store count to 1,168. Our international same-store sales grew plus 1.3% on a constant currency basis as we faced continued softness in the macro environment, specifically in Mexico. Importantly, we saw an uptick in sales in the last four weeks of the quarter, which gives us confidence that sales may inflect upward in Q1. We are expecting same-store sales to be slightly stronger on a constant currency basis as we expect to report low single-digit growth in Q1.

在剛過去的這一季，我們慶祝墨西哥第 1,000 家門市開幕，並以 1,001 個據點結束本季。在巴西，我們目前有 167 家門市，使我們的國際門市總數達到 1,168 家。在固定匯率基礎上，我們的國際同店銷售成長 1.3%，因我們仍面臨總體環境持續疲弱，尤其是在墨西哥。重要的是，我們在本季最後四週看到銷售回升，這讓我們有信心 Q1 的銷售可能出現向上拐點。我們預期在固定匯率基礎上，同店銷售將略為走強，因為我們預計 Q1 將呈現低個位數成長。

As the economy is starting to improve, we expect our international sales to reaccelerate as we continue to invest in customer service, inventory, new stores and our supply chain. Today, approximately 15% of our total store base is outside of the U.S. We expect this number to grow as we continue to -- our international store build-out. We have confidence in our international markets and the returns on invested capital are strong. We have a relatively young store base that we expect to drive strong sales and EBIT results as they continue to mature.

隨著經濟開始改善，我們預期國際銷售將重新加速，因為我們持續投資於客戶服務、庫存、新店與供應鏈。目前，我們約 15% 的門市總數位於美國以外。我們預期隨著持續推進國際展店，這個比例將會提高。我們對國際市場充滿信心，且投入資本報酬率表現強勁。我們的門市基礎相對年輕，隨著門市逐步成熟，我們預期將帶動強勁的銷售與 EBIT 表現。

In summary, we have continued to invest capital in driving sales growth. We also continue to invest in refining product assortments in stores and driving efficiency in our supply chain, which we believe positions us well for future growth. We are committed to investing both CapEx and operating expense to capitalize on these opportunities. This year, we invested approximately $1.5 billion in CapEx to drive our strategic growth priorities and expect to invest a similar amount in FY '27. The majority of our investments are in accelerated store growth, including Hubs and Mega Hubs.

總結而言，我們持續投入資本以推動銷售成長。我們也持續投資於優化門市商品組合並提升供應鏈效率，我們相信這使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。今年，我們投入約 15 億美元的資本支出以推動策略性成長優先事項，並預期在 FY '27 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。

These investments place more inventory closer to our customers, and we'll continue to reduce the time it takes us to serve both our DIY and professional customers. The early performance of our accelerated store investments are better than our original forecast, which will allow us to achieve our EBIT goals sooner. We are laser-focused on generating the returns that you expect from AutoZone. To give additional color on our new store performance, we assume the first year sales for our average store format is roughly $1.7 million that ramps to roughly $2.7 million by year 6. Historically, on average, new store sales grew double-digit in the second year and roughly 5% for each of the next four years.

這些投資讓更多庫存更靠近客戶，我們也將持續縮短服務 DIY 與專業客戶所需的時間。我們加速展店投資的早期表現優於原先預測，這將使我們更早達成 EBIT 目標。我們高度聚焦於創造您對 AutoZone 所期待的報酬。為了讓大家更了解新店表現，我們假設平均店型第一年銷售約為 170 萬美元，至第 6 年提升至約 270 萬美元。歷史上，新店銷售平均在第二年呈現雙位數成長，接下來四年每年約成長 5%。

With an average investment of around $2.9 million per store, we assume that return on invested capital is roughly zero in the first year. By the end of the fourth year, we expect to achieve approximately 15% ROIC. And by the end of the sixth year, we expect ROIC of over 20%, which should continue to improve well after that. Importantly, the growth in store productivity is heavily skewed to commercial sales, which typically more than doubles over that 6-year time horizon. The majority of this growth comes from up and down the street customers who demand availability and speedy delivery.

以每店平均投資約 290 萬美元計算，我們假設第一年的投入資本報酬率（ROIC）約為零。到第四年年底，我們預期可達到約 15% 的 ROIC。到第六年年底，我們預期 ROIC 超過 20%，且之後仍可持續改善。重要的是，門市生產力的成長高度偏向商用銷售，通常在這 6 年期間會增加到原來的兩倍以上。這些成長多數來自街頭上下游客戶，他們要求商品可得性與快速配送。

While we plan to again invest spend around $1.65 billion in CapEx in FY '27, we are committed to managing our investment to achieve strong results and invested capital over time. While in the near term, our returns on capital have been pressured as we have accelerated our store growth. We will hold our ROIC in the mid-30s area and remain committed to driving higher ROIC over time as new stores continue to mature. Now I will turn the call over to Jamere Jackson.

雖然我們計畫在 FY '27 再次投入約 16.5 億美元的資本支出，但我們承諾將妥善管理投資，以在時間推移中達成強勁的經營成果與投入資本回報。短期內，隨著我們加速展店，我們的資本報酬率承受壓力。我們將把 ROIC 維持在 30% 中段區間，並持續致力於隨著新店成熟而逐步推升 ROIC。接下來我把電話交給 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 $6.6 billion and up 5.6% versus Q4 of last year. Our domestic same-store sales grew 1.6%, and our international comp was up 1.3% on a constant currency basis. Total company EBIT was up 10.1%, and our EPS was up 15.1%.

謝謝你，Phil，各位早安。本季我們的營運成果依然強勁，亮點在於穩健的營收成長。總銷售額為 66 億美元，較去年 Q4 成長 5.6%。我們的國內同店銷售成長 1.6%，國際同店在固定匯率基礎上成長 1.3%。全公司 EBIT 成長 10.1%，每股盈餘（EPS）成長 15.1%。

Our results included a $96 million tariff refund and a $15 million LIFO charge this quarter. Excluding the $15 million LIFO charge in this year's quarter and the $80 million LIFO charge in last year's quarter, EBIT grew 4.4% and our EPS grew 8.5%. Foreign exchange rates impacted our results for the quarter from Mexico, the peso strengthened almost 9% versus the U.S. dollar, resulting in a $70 million tailwind in sales, a $21 million tailwind to EBIT and an $0.87 a share benefit to EPS versus the prior year. For FY '26, total sales were $20.3 billion, up 7.4%, and EPS was $152.55, up 5.3%.

本季業績包含 9,600 萬美元的關稅退稅，以及 1,500 萬美元的 LIFO 費用。若排除本年度本季的 1,500 萬美元 LIFO 費用與去年同期的 8,000 萬美元 LIFO 費用，EBIT 成長 4.4%，EPS 成長 8.5%。外匯匯率對本季結果亦有影響：墨西哥披索兌美元升值近 9%，使銷售增加 7,000 萬美元、EBIT 增加 2,100 萬美元，且相較前一年對 EPS 帶來每股 0.87 美元的正面貢獻。FY '26 全年總銷售額為 203 億美元，成長 7.4%，EPS 為 152.55 美元，成長 5.3%。

Next, let me take a few moments to elaborate on the specifics in our P&L for the quarter. 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 $1.9 billion, up just under 9%. For the quarter, our domestic commercial sales represented 34% of our domestic auto part sales and 29% of our total company sales. Our average weekly sales per program were $18,700, up 2.7% versus last year.

接下來，我花幾分鐘更詳細說明本季損益表（P&L）的細項。首先，我會補充一些關於銷售與成長計畫的細節。先從本季國內商用業務開始，我們的國內 DIFM 銷售為 19 億美元，成長接近 9%。本季國內商用銷售占國內汽車零件銷售的 34%，占全公司總銷售的 29%。每個方案的平均每週銷售額為 18,700 美元，較去年成長 2.7%。

This quarter, we opened 87 net new programs we finished with 6,443 total programs, and we have our commercial program in 94% of our domestic stores. For the year, we opened 345 domestic commercial programs. Mega Hub stores remain a key component of our current and future commercial growth. We opened 16 Mega Hubs in the quarter, 39% for the year and now have 172 Mega Hub stores. We expect to open over 40 mega hubs in FY '27.

本季，我們淨新增開設了 87 個新方案，期末總方案數達 6,443 個，且我們的商業方案已覆蓋 94% 的美國本土門市。全年而言，我們在美國本土開設了 345 個商業方案。Mega Hub 門市仍是我們當前及未來商業成長的關鍵組成。本季我們開設了 16 家 Mega Hub，全年新增 39%，目前共有 172 家 Mega Hub 門市。我們預期在 2027 財年將開設超過 40 家 Mega Hub。

As a reminder, our Mega Hubs typically carry over 100,000 SKUs and drive a tremendous sales lift inside the store box and 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. While I mentioned a moment ago that our average commercial weekly sales per program grew 2.7%, the 172 Mega Hubs continue to drive growth at an even faster clip. Let me provide one other piece of perspective on the importance of Mega Hubs.

提醒一下，我們的 Mega Hub 通常備有超過 100,000 個 SKU，能在單店範圍內帶來顯著的銷售提升，並作為其他門市的擴充品項供應來源。覆蓋範圍與零件可得性的擴張，持續為我們的商業與 DIY 業務帶來具實質意義的銷售提升。這些較大型的門市讓客戶在各地市場可取得數千種額外零件。我剛才提到，我們每個方案的平均商業每週銷售成長 2.7%，而這 172 家 Mega Hub 仍以更快的速度推動成長。我再提供另一個角度，說明 Mega Hub 的重要性。

There are approximately 2,000 commercial programs that are linked to a Mega Hub network. These programs sell 16% more annually than the balance of the commercial programs in the chain. Given these dynamics, we continue to target having approximately 300 Mega Hubs over the next three years. Our customers are excited in our commercial offering as we deploy more stores in local markets closer to the customer while improving our service levels. On the domestic retail side of our business, our DIY comp was down 60 basis points for the quarter.

約有 2,000 個商業方案與 Mega Hub 網路相連結。這些方案的年銷售額比連鎖體系中其餘商業方案高出 16%。基於這些動態，我們仍以未來三年約達 300 家 Mega Hub 為目標。隨著我們在更貼近客戶的在地市場部署更多門市並提升服務水準，客戶對我們的商業產品/服務組合感到振奮。在我們業務的美國本土零售端，本季 DIY 同店銷售（comp）下滑 60 個基點。

From the third-party data available to us, our DIY share has remained ahead of industry growth rates, which is indicative of the overall market softness. The DIY market is experiencing a growing and aging car park and a challenging new and used car sales market, which typically provides a tailwind for our business. However, transactions are soft as the customer experiences high inflation in our industry and elsewhere. We see evidence of deferrals and trade down in DIY, particularly with the most financially challenged DIY customers. This is not a new phenomenon for our industry, and we expect it to recover over time.

根據我們可取得的第三方數據，我們的 DIY 市占仍領先於產業成長率，這反映出整體市場偏疲弱。DIY 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具挑戰性；這些因素通常會為我們的業務帶來順風。然而，由於客戶在本產業及其他領域面臨高通膨，交易量仍偏疲弱。我們看到 DIY 出現延後消費與降級購買的跡象，尤其是在財務壓力最大的 DIY 客群。這並非本產業的新現象，我們預期其將隨時間復甦。

Now I'll say a few words regarding our international business. During the quarter, we opened 68 new stores in Mexico to finish with 1,001 stores and 10 new stores in Brazil, ending with 167. Our same-store sales grew 1.3% on a constant currency basis and 10.7% on an unadjusted basis. While sales growth has slowed over the last few quarters in Mexico due to 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 are well positioned when the economy improves.

接下來我簡要談談我們的國際業務。本季，我們在墨西哥新開 68 家門市，期末達 1,001 家；在巴西新開 10 家門市，期末達 167 家。我們的同店銷售在固定匯率基礎下成長 1.3%，未調整基礎下成長 10.7%。雖然由於墨西哥經濟成長放緩，過去幾季當地銷售成長有所降速，但在此環境下我們仍持續適切地管理損益表（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 in an attractive and meaningful contributor to AutoZone's future sales, operating profit and ROIC. Now let me spend a few minutes on the rest of the P&L and gross margins for the quarter. Our gross margin was 53.3%, up 182 basis points versus last year.

我們仍致力於投資國際擴張。隨著我們加快開店速度，我們對這些市場的實際表現相較於預測感到滿意。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（ROIC）的具吸引力且重要的貢獻來源。接下來我用幾分鐘談談本季損益表其餘項目與毛利率。本季毛利率為 53.3%，較去年提升 182 個基點。

This quarter, we had a $15 million LIFO charge versus an $80 million LIFO charge for Q4 last year. Excluding the LIFO comparison, we were up 76 basis points versus last year as we benefited $96 million from tariff reimbursements we received this past quarter. Now given the lumpiness of gross margins this year, excluding LIFO, you should expect gross margins to be flat to up 25 basis points on a GAAP basis in FY '27. With respect to LIFO assumptions for Q1, we're anticipating a $40 million charge and expect approximately $15 million in charges for quarters 2, 3 and 4. In total, we're modeling $85 million to $90 million in LIFO charges for FY '27.

本季我們認列 1,500 萬美元的 LIFO 費用，而去年第四季為 8,000 萬美元的 LIFO 費用。若排除 LIFO 的比較，我們較去年提升 76 個基點，主要受惠於本季收到的關稅補償款 9,600 萬美元。鑑於今年毛利率（排除 LIFO）波動較大，您應預期在 2027 財年按 GAAP 基礎，毛利率將持平至上升 25 個基點。就第一季的 LIFO 假設而言，我們預期將有 4,000 萬美元費用，並預期第 2、3、4 季各約 1,500 萬美元費用。合計而言，我們對 2027 財年的 LIFO 費用建模為 8,500 萬至 9,000 萬美元。

As a reminder, we recognized $192 million in LIFO charges for all of fiscal 2026. Moving on to operating expenses. Our expenses were up 8.9% versus Q4 last year as SG&A as a percentage of sales deleveraged 101 basis points. On a per store basis, our SG&A was up 4% compared to last quarter's 3% increase. The deleverage was driven primarily by our growth initiatives.

提醒一下，我們在 2026 財年全年認列的 LIFO 費用為 1.92 億美元。接著談營業費用。相較去年第四季，我們費用增加 8.9%，銷售、一般及行政費用（SG&A）占銷售比重出現去槓桿 101 個基點。以單店計算，我們的 SG&A 較上季增加 4%，高於上季 3% 的增幅。去槓桿主要由我們的成長計畫所驅動。

We expect SG&A per store and total growth to be in a similar range in the first quarter of FY '27, which is up roughly 4% on a per store basis or 8.5% to 9% on a total growth basis. Similarly, we expect SG&A per store to grow roughly 3% for FY '27 or approximately 8% on a total growth basis. For Q1 FY '27, we expect to open approximately 65 stores globally versus 53 in Q1 last year. And for the full year, we expect to open approximately 400 stores versus the 374 new stores opened in FY '26. Moving to the rest of the P&L.

我們預期在 2027 財年第一季，單店 SG&A 與總體成長將落在相近區間，約為單店增加 4%，或總體增加 8.5% 至 9%。同樣地，我們預期 2027 財年單店 SG&A 約成長 3%，或總體約成長 8%。在 2027 財年第一季，我們預期全球將新開約 65 家門市，去年第一季為 53 家。全年而言，我們預期新開約 400 家門市，高於 2026 財年新開的 374 家。接著談損益表其餘項目。

EBIT for the quarter was $1.3 billion, up 10.1% versus the prior year. Adjusting for LIFO charges in both years, our EBIT would have been up 4.4% versus the prior year. Interest expense for the quarter was $149 million, flat with a year ago as our debt outstanding at the end of the quarter was up approximately $280 million. We're planning interest of $114 million for the first quarter of FY '27 versus $106 million in Q1 last year. For the quarter, our tax rate was 20.3%, roughly flat versus a year ago.

本季 EBIT 為 13 億美元，較去年成長 10.1%。若將兩年度的 LIFO 費用調整後，我們的 EBIT 將較去年成長 4.4%。本季利息費用為 1.49 億美元，與去年同期持平，儘管期末未償債務約增加 2.8 億美元。我們規劃 2027 財年第一季利息為 1.14 億美元，去年第一季為 1.06 億美元。本季稅率為 20.3%，與去年大致持平。

Excluding the benefit from stock option exercises, our ETR for the quarter was 20.8% versus 21.7% last year. This quarter, the rate benefited approximately $7 million from stock options exercised versus a $16 million benefit last year for Q4. For Q1, we suggest investors model us at approximately 22.7% all-in. Now moving to net income and EPS. Net income for the quarter was $932 million, up 11.3% versus last year.

若排除股票選擇權行使帶來的利益，本季有效稅率（ETR）為 20.8%，去年為 21.7%。本季稅率約受惠於股票選擇權行使帶來的 700 萬美元利益，而去年第四季受惠 1,600 萬美元。對於第一季，我們建議投資人以約 22.7% 的全包稅率進行建模。接著談淨利與每股盈餘（EPS）。本季淨利為 9.32 億美元，較去年成長 11.3%。

Our diluted share count of $16.6 million was 3.3% lower than last year's fourth quarter. The combination of higher net income and lower share count drove earnings per share for the quarter to $56.05, up 15.1% versus last year's Q4. As a reminder, LIFO drove our EPS down $0.69 a share and tariff refunds added $4.43 a share. Now let me talk about our free cash flow. For the fourth quarter, we generated $684 million in free cash flow versus $511 million in Q4 last year.

我們的稀釋後股數為 1,660 萬股，較去年第四季低 3.3%。淨利增加與股數下降的組合，推動本季每股盈餘達 56.05 美元，較去年第四季成長 15.1%。提醒一下，LIFO 使我們的 EPS 減少每股 0.69 美元，而關稅退還使 EPS 增加每股 4.43 美元。接下來我談談我們的自由現金流。第四季我們產生 6.84 億美元自由現金流，去年第四季為 5.11 億美元。

For FY '26, we generated approximately $1.8 billion in free cash, roughly flat versus a year ago despite a $169 million increase in CapEx. We expect to continue being an incredibly strong cash flow generator in fiscal 2027 and are planning higher free cash flow that will fund growth and robust returns to the shareholders in the form of share buybacks. Regarding our balance sheet, our liquidity position remains very strong and our leverage ratio finished at 2.5x EBITDAR. Our inventory per store was up 5% versus Q4 last year, while total inventory increased 10% over the same period last year, driven by new stores, additional inventory investment to support our growth initiatives and inflation. Net inventory, defined as merchandise inventories less accounts payable on a per store basis was negative $107,000 versus negative $131,000 last year and negative $107,000 last quarter.

在 26 財年，我們創造了約 18 億美元的自由現金流，儘管資本支出（CapEx）增加了 1.69 億美元，仍與去年大致持平。我們預期在 2027 財年將持續成為極為強勁的現金流創造者，並規劃更高的自由現金流，用於支持成長並以股票回購的形式為股東帶來穩健回報。就資產負債表而言，我們的流動性部位仍然非常強勁，槓桿比率期末為 2.5 倍 EBITDAR。每店庫存較去年第四季增加 5%，而總庫存較去年同期增加 10%，主要受新店開設、為支持成長計畫而增加的庫存投資以及通膨所帶動。淨庫存（定義為商品庫存減去應付帳款，以每店為基礎）為負 10.7 萬美元，去年為負 13.1 萬美元，上季為負 10.7 萬美元。

As a result, accounts payable as a percentage of inventory finished the quarter at 111.1% versus last year's Q4 of 114.2%.

因此，應付帳款占庫存的比例在本季期末為 111.1%，相較去年第四季的 114.2%。

Lastly, I'll spend a moment on capital allocation and our share repurchase program. We repurchased $697 million of AutoZone stock in the quarter and $2 billion for the fiscal year. And at quarter end, we had $1.6 billion remaining under our share buyback authorization. Our 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 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.

最後，我想簡要談談資本配置以及我們的股票回購計畫。本季我們回購了 6.97 億美元的 AutoZone 股票，全年回購金額為 20 億美元。截至季末，我們在股票回購授權額度下仍有 16 億美元的剩餘額度。我們強勁的獲利能力、資產負債表以及強大的自由現金流創造能力，使我們能透過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，我們累計回購的股份已超過當時流通在外股份總數的 100%。

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 our shareholders. 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 strategies continue to work as we remain focused on gaining market share and improving our competitive positioning in a disciplined way. As we look forward to the beginning of our new fiscal year, we're bullish on our growth prospects behind a resilient DIY business, a solid international business and a domestic commercial business that is growing share in a meaningful way. We continue to have tremendous confidence in our ability to drive significant and ongoing value for our shareholders.

我們仍致力於這項嚴謹的資本配置方法，使我們能投資於業務並向股東返還具意義的現金。總結而言，我們將持續透過投資成長計畫、推動強勁的獲利與現金流，並將多餘現金返還給股東，以創造長期股東價值。我們的策略持續奏效；我們仍專注於以嚴謹的方式提升市占率並改善競爭定位。展望新財年的開始，在具韌性的 DIY 業務、穩健的國際業務，以及在國內商用業務於市占上有顯著成長的帶動下，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 turning the call back to Phil, I want to remind you that we report revenue comps on a constant currency basis to reflect our operating performance. We generally don't take on transactional risks, so our results primarily reflect the translation impact for reporting purposes. As mentioned earlier, foreign currency resulted in a tailwind to revenue and EPS this quarter. If yesterday's spot rates held for Q1, then we expect an approximate $45 million benefit to revenue, a $14 million benefit to EBIT and a $0.60 share benefit to EPS. And as a reminder, in Q1, we expect LIFO to reduce EBIT by approximately $40 million, impact our gross margin rate negatively by approximately 80 basis points and our EPS by approximately $1.85 a share.

在把電話交回給 Phil 之前，我想提醒各位，我們以固定匯率（constant currency）基礎來揭露營收同店比較（comps），以反映我們的營運表現。我們通常不承擔交易性風險，因此我們的結果主要反映的是為報導目的所產生的匯兌換算影響。如先前所提，外幣在本季對營收與每股盈餘（EPS）帶來順風。若昨日即期匯率在第一季維持不變，我們預期營收約可受益 4,500 萬美元，EBIT 約可受益 1,400 萬美元，EPS 約可受益每股 0.60 美元。另外提醒，第一季我們預期 LIFO 將使 EBIT 減少約 4,000 萬美元，使毛利率約負面影響 80 個基點，並使 EPS 約減少每股 1.85 美元。

And now I'll turn it back to Phil.

現在我把電話交回給 Phil。

Thank you, Jamere. We are excited to start off FY '27, and we have a lot to accomplish. We remain committed to outstanding customer service, flawless execution and appropriately spending our capital to drive growth and efficiency. We believe we are well positioned to grow both our domestic DIY and commercial sales. We also expect our international same-store sales on a constant currency basis will improve in fiscal year 2027.

謝謝你，Jamere。我們很期待以 27 財年作為新的起點，而且我們有很多事情要完成。我們仍致力於卓越的客戶服務、零失誤的執行，以及以適當的方式投入資本以推動成長與效率。我們相信我們已具備良好條件，能同時推動國內 DIY 與商用銷售成長。我們也預期在 2027 財年，以固定匯率計算的國際同店銷售將有所改善。

We believe our gross margins will be strong, and we expect our operating expense to grow in line with accelerated store opening assumptions. This time of year, we always enjoy reflecting on the past 12 months highlights. Our teams achieved several milestones this past year. Our sales totaled $20.3 billion, an all-time high and the first time we have exceeded the $20 billion mark. Domestic commercial sales were just under $5.8 billion and grew just under 11% for the year.

我們相信毛利率將維持強勁，並預期營業費用將隨著加速展店的假設而同步成長。每年這個時候，我們總是很享受回顧過去 12 個月的亮點。我們的團隊在過去一年達成了多項里程碑。我們的銷售額合計達 203 億美元，創歷史新高，也是首次突破 200 億美元大關。國內商用銷售接近 58 億美元，全年成長接近 11%。

Average weekly sales domestically of $50,000, equating to $2.6 million per store annually. We opened an amazing 374 stores this past year, the most ever. We have over 8,000 total stores and 1,000 stores in Mexico. Our operating cash flow was over $3.3 billion for the year, second only to FY27 at the height of the pandemic and should increase again in FY '27. We opened our new expanded Monterrey Mexico distribution center and broke ground on another planned DC in Mexico.

國內平均每週銷售額為 5 萬美元，換算每店年銷售額約 260 萬美元。過去一年我們新開了驚人的 374 家門市，創下歷史新高。我們的門市總數已超過 8,000 家，且在墨西哥有 1,000 家門市。我們全年營運現金流超過 33 億美元，僅次於疫情高峰期的 27 財年，並且在 27 財年應會再次增加。我們啟用了新的擴建版墨西哥蒙特雷配送中心，並為另一座規劃中的墨西哥配送中心（DC）動土。

This expanded Mexico supply chain will allow us to serve our customers better, reduce supply chain costs and better support our international store growth. I would also like to update you on our longer-term strategic growth initiatives where we are investing both CapEx and SG&A and expect to produce a faster growing and more profitable AutoZone over time, specifically our investments in our supply chain, accelerated, new store openings, execution and improved customer service and leveraging technology. Many of these initiatives are in various stages of maturity, but all of them are in the later stages of implementation are on track or ahead of our plan. Supply chain investments that started in earnest in 2020 are now in the final stages of completion. We have completed the vast majority of the technology upgrades needed to accommodate a much more dynamic and global supply chain.

這套擴充後的墨西哥供應鏈將使我們能更好地服務客戶、降低供應鏈成本，並更有效支援我們的國際展店成長。我也想向各位更新我們較長期的策略性成長計畫；我們在其中同時投入資本支出（CapEx）與銷售、一般及行政費用（SG&A），並預期隨時間推進，打造成長更快且獲利能力更強的 AutoZone，特別是我們在供應鏈、加速新店開設、執行力與提升客戶服務，以及運用科技方面的投資。這些計畫多數處於不同成熟階段，但所有已進入後期導入階段的計畫皆符合或超前我們的規劃進度。自 2020 年起大力推動的供應鏈投資，目前已進入最後完成階段。我們已完成絕大多數必要的技術升級，以因應更具動態性與全球化的供應鏈。

Our U.S. DC expansion is complete with two new U.S. distribution centers and two direct import facilities. Our new Brazil DC is complete and already reducing our supply chain costs in country. Our new Mexico DC in Monterrey is now more than 2x the size and fully operational.

我們在美國的配送中心（DC）擴建已完成，新增兩座美國配送中心以及兩座直接進口設施。我們在巴西的新配送中心已完工，並已開始降低當地的供應鏈成本。我們在蒙特雷的新墨西哥配送中心目前規模已擴大至原來的 2 倍以上，且已全面投入營運。

In August, we broke ground on our third Mexico DC that will allow us to service our customers in stores more efficiently as we grow our store count in country. Let me talk about flawless execution and improved customer service investments that we've made over the last 18 months. We have been focused on our store-level execution, customer service and reducing delivery times to our professional customers. While we will always invest in customer service and execution, these investments will moderate. We are already beginning to see these investments pay off.

8 月我們為第三座墨西哥配送中心動土，隨著我們在當地持續增加門市數量，該中心將使我們能更有效率地為門市客戶提供服務。接著我想談談過去 18 個月我們在零失誤執行與提升客戶服務方面所做的投資。我們一直聚焦於門市端的執行力、客戶服務，以及縮短對專業客戶的配送時間。雖然我們將始終投資於客戶服務與執行力，但這些投資的增幅將會趨緩。我們已開始看到這些投資帶來的成效。

Leveraging technology, again, a longer-term initiatives but we are in the final stages of these investments. We have made investments in scalable, resilient platforms that are now predominantly cloud-based and ready to be leveraged to improve what we call WOW customer service enable us to leverage new technologies and improve efficiency. New store acceleration from roughly 200 stores annually to this year over 400. We are nearing the long-term goals as stated earlier, of around 430 stores annually. We are excited about the performance of our new stores.

在運用科技方面，同樣屬於較長期的計畫，但我們已進入這些投資的最後階段。我們投資於可擴充、具韌性的平臺，目前主要已轉為雲端化，並已準備好用來強化我們所稱的 WOW 客戶服務，使我們能運用新技術並提升效率。新店加速方面，從每年約 200 家提升到今年超過 400 家。我們正接近先前所述的長期目標，即每年約 430 家門市。我們對新店的表現感到振奮。

These stores are slightly ahead of our expected sales and EBIT performance. We are also more than halfway to our goal of around 300 Mega Hubs and more Hub locations. As mentioned earlier, these expanded assortments in these hubs are a key element needed to continue to accelerate growth in market share gains in both our DIY and more specifically with our professional customers. Although the growth in new stores will continue through FY '28, the year-over-year ramp will moderate as we near our long-term goals. As a reminder, our stores are our highest and best returning assets and we are happy with these accelerated openings.

這些門市的銷售與EBIT表現略優於我們的預期。我們也已經超過達成約300家Mega Hub以及更多Hub據點目標的一半。如先前所提，這些Hub內擴充的商品組合，是我們在DIY業務、尤其是專業客戶方面，持續加速市占率成長所需的關鍵要素。雖然新店成長將持續到FY '28，但隨著我們接近長期目標，年對年擴張速度將趨於放緩。提醒一下，門市是我們報酬率最高、也是最具回報的資產，我們對這些加速展店感到滿意。

Finally, I want to wrap up my comments by providing you with how we see sales playing out for FY '27. We expect our domestic same-store sales to be flat to up low single digits, driven by an expectation of approximately 4% ticket growth. We see our total domestic commercial sales growing high single to low double digits. As with retail, we expect ticket average to grow in the roughly 4% range, and we expect to continue to grow market share, fueled by our growth initiatives. In International, we expect low to mid-single-digit comps on a constant currency basis.

最後，我想以我們對FY '27銷售走勢的看法來總結我的發言。我們預期美國本土同店銷售將持平至小幅成長（低個位數），主要由約4%的客單成長所帶動。我們預期美國本土整體商用（commercial）銷售將以高個位數到低雙位數成長。與零售相同，我們預期平均客單將在約4%的區間成長，並在成長計畫的推動下持續提升市占率。在國際市場方面，我們預期以固定匯率計算的同店成長為低到中個位數。

We saw trends improving later in the latter half of Q4, and we expect continued improvement in FY '27. And as we are planning to open approximately 400 new stores in FY '27, we have decided to reduce the FY '28 target from roughly 500 stores to 430 as we do not expect to open as many international stores. Specifically, we will slow the pace of our Brazil expansion to concentrate on the U.S. and Mexico in the near term. The top focus for fiscal 2027 will remain growing market share in our domestic commercial business and reaccelerating our international growth.

我們在第四季後半段看到趨勢改善，並預期FY '27將持續改善。此外，由於我們計畫在FY '27開設約400家新店，我們已決定將FY '28目標由約500家下修至430家，因為我們預期國際門市開設數量不會那麼多。具體而言，我們將放緩巴西擴張步伐，短期內把重心放在美國與墨西哥。2027會計年度的首要重點仍將是提升美國本土商用業務的市占率，並重新加速國際成長。

We have remained laser-focused on customer service, flawless execution and gaining market share in every market in which we operate. We believe we can continue to gain market share compared to the overall industry, and we are confident in our ability to achieve our goals. We have great leadership in place, and we feel we are executing at our highest level in many years. We are excited about what we can accomplish for this year. AutoZoners everywhere are prepared to deliver on our commitments of growing together.

我們始終高度聚焦於客戶服務、零失誤的執行力，以及在我們營運的每一個市場提升市占率。我們相信相較於整體產業，我們能持續提升市占率，並對達成目標的能力充滿信心。我們已具備優秀的領導團隊，且我們認為自己正以多年來最高水準在執行。我們對今年能完成的成果感到振奮。各地的AutoZoners都已準備好履行我們「共同成長」的承諾。

We believe AutoZone's best days are ahead of us. Now we would like to open up the call for questions.

我們相信AutoZone最好的日子還在前方。現在我們想開放提問。

(Operator Instructions) Bret Jordan, Jefferies.

(接線員指示) Jefferies的Bret Jordan。

On the IEEPA contribution, is most of the refund in the fourth quarter, obviously, your direct import refunds come to you, but do you have suppliers who are going to be trickling out rebates to you as we get into '27?

關於IEEPA的貢獻，退款大多是在第四季嗎？顯然你們直接進口的退款會直接回到你們這邊，但你們是否也有供應商會在進入'27之後陸續以回饋/折讓的方式給你們？

Yes. Most of that refund was in the fourth quarter. As we talked about, we have a little over $100 million that were in IEEPA tariffs. We got most of that in the fourth quarter, and that is basically on the inventory that we have sold. We expect the remainder of that to sort of trickle out over FY '27.

是的。那筆退款大多是在第四季。如我們所談到的，我們有略高於1億美元是IEEPA關稅。我們在第四季拿回了大部分，基本上是針對我們已售出的庫存。我們預期剩餘部分會在FY '27期間陸續回收。

Okay. And then a question on same SKU inflation. I think you called out 5% in Q1, but you called out a 4% ticket contribution for fiscal '27. Could you sort of talk about how you see the cadence of same SKU inflation as we sort of roll over that peak tariff impact in late calendar '25.

了解。接著想問同SKU通膨。我記得你們提到Q1是5%，但你們對'27會計年度提到客單貢獻是4%。你們能否談談，當我們在曆年'25年底跨過那段關稅影響高峰後，你們如何看待同SKU通膨的節奏？

Yes. We think the first quarter will be in the similar ZIP code as the fourth quarter of this year, probably closer to 5%, and then we expect it to moderate over time, and we expect to average around 4%. What I will say is that it's a pretty volatile environment. In the near term, there's certainly pressure on categories like oil that are driving higher inflation. And as we move through, we expect to see sort of more normalized inflation across the business.

可以。我們認為第一季會與今年第四季大致在同一區間，可能更接近5%，之後我們預期會隨時間趨緩，全年平均約4%。我想補充的是，這是一個相當波動的環境。短期內，像機油等品類確實帶來壓力，推升較高的通膨。隨著時間推進，我們預期整體業務的通膨會更趨於正常化。

And I think the most important point to that is that this industry is pretty disciplined and rational. And as we see the ticket inflation go up, we'll raise retails accordingly.

我認為最重要的一點是，這個產業相當自律且理性。當我們看到客單通膨上升時，我們也會相應調升零售價格。

Simeon Gutman, Morgan Stanley.

Morgan Stanley的Simeon Gutman。

So I guess, Phil, some of the math or, I think, Jamere, when you gave the guidance on, I think it was Phil's guidance, on retail and commercial. I guess if you just do the weighted some products, you'd get somewhere between a 2 at the low end of comp guide to something like a 4 or 5. And I know you're not guiding, but you're giving us a framework. Is that fair? And then looking at your market share gains, are you satisfied with them?

我想，Phil，有些數學推算，或者我記得Jamere在給指引時——我想是Phil對零售與商用的指引。如果把各部分加權相加，你會得到同店指引低端大約2%，到大概4或5之間。我知道你們不是在給明確指引，但你們是在提供一個框架。這樣理解合理嗎？另外，從你們的市占率提升來看，你們滿意嗎？

Like how do you look at them for your prior fiscal year?

你們如何看待相較上一個會計年度的表現？

Yes. So you're in the right ZIP code on the comps when you sort of do the math on the some of the parts, if you will. I think the important thing for us is we're calling what we see today based on that ticket inflation being elevated and some of the trends that we're seeing in our business. On the DIY side, clearly, the transactions have been a little bit softer. But as we roll over some of that elevated inflation, we would expect those transaction trends to improve a little bit.

是的。如果你用「各部分加總」的方式來算同店，你的推算大致在正確區間。對我們而言，重點是我們是根據目前所看到的情況來說明，包括客單通膨仍偏高，以及我們在業務中觀察到的一些趨勢。在DIY端，交易筆數確實稍微偏弱。但當我們跨過部分偏高的通膨基期後，我們預期交易趨勢會有所改善。

And we've got a tremendous amount of momentum in commercial that we expect to continue as we move forward.

而在商用端，我們有非常強的動能，並預期在未來推進過程中會持續。

Yes. I would kind of think about market share, you asked, are we satisfied? Well, the answer is no. We're never satisfied with the market share growth. But we do -- we believe in this environment on both the DIY side, we are continuing to gain market share that lower-end consumer is definitely pressured and probably will continue to be pressured for some time.

是的。關於市占率，你問我們是否滿意？答案是否定的。我們永遠不會對市占率成長感到滿足。但我們確實相信，在目前這個環境下，無論在DIY端，我們都在持續提升市占率；而較低端的消費者確實承受壓力，且可能還會在一段時間內持續承壓。

And on the commercial side, we've said for a while, we think we should be able to -- it won't always be smooth, but grow essentially 2x the market growth. And we think we're doing that. And we think that the things that we've spent time investing on and working on, all give us the opportunity to continue to gain share in both DIY and commercial domestically and gain share in the international markets as well. So we feel good about our prospects of gaining share.

至於商用端，我們已經說了一段時間，我們認為我們應該能做到——雖然不會一直很平順——但基本上以市場成長的2倍速度成長。我們認為我們正在做到這點。我們也認為，我們投入時間投資與改善的各項工作，都讓我們有機會在美國本土的DIY與商用兩端持續提升市占率，並在國際市場同樣提升市占率。因此，我們對提升市占率的前景感到樂觀。

And a quick follow-up is that we've had a couple of years of, I don't know, if it's a noisy P&L, but some of the pieces were more volatile than what we're typically used to. And you've gone through an investment phase and Phil, you went out of your way just now to talk about some pieces getting passed, whether it's supply chain investments, some technology investments. Does this year -- does this fiscal year, are we settling into something more normal, and I'm not sure we'll ever be normal given the backdrop of fuel, et cetera. But does it feel like those investments fade and you can get back into that -- some of the prior rhythm of comp growth, steady EBIT growth and then steady EPS growth.

再快速追問一下：過去幾年我們的損益表有些——我不確定是否該說是雜訊——但有些項目波動比我們通常習慣的更大。你們經歷了一段投資期，而Phil你剛才也特別提到有些項目正在度過，例如供應鏈投資、一些科技投資。今年——這個會計年度——我們是否正在回到比較正常的狀態？我不確定在燃油等背景因素下是否還能稱為「正常」。但你是否覺得那些投資的影響在淡化，你們可以回到先前那種節奏：同店成長、穩定的EBIT成長，以及穩定的EPS成長？

Yes. I'll talk a little bit about some of the investments and initiatives. We said even this next year, our CapEx will be slightly higher than this year in '26 versus '27. But most of that will be driven by new stores. Some of the other investments that have elevated CapEx over the last couple of years, like I talked about with distribution centers in the U.S., Mexico, IT investments.

是的。我會稍微談一下部分投資與推動的計畫。我們提到，即使在接下來這一年，我們的資本支出（CapEx）在'26相較於'27會略高於今年。但其中大部分將由新店開設所帶動。過去幾年讓CapEx提高的其他一些投資，例如我提到的美國、墨西哥的配送中心，以及IT投資等。

A lot of those will begin to wane. As I said, most of them are well over halfway through those types of investments. Many of them are in the implementation and optimization stage. So those will start to moderate. We still will continue to open slightly more stores year-over-year.

其中很多將開始趨緩。如我所說，這類投資大多已經完成超過一半。許多已進入導入與優化階段。因此這些將開始降溫。我們仍會持續逐年開出略多的門市。

But again, we're in the latter innings of virtually all of those investments, if that makes sense. They won't be the continuing part of the investment. It will be more new store acceleration as we continue to get closer to that $430 per store globally.

但再說一次，如果這樣說得通的話，我們幾乎所有這些投資都已進入後段。它們不會再是持續性的投資主軸。隨著我們持續更接近全球每店430美元的目標，投資將更偏向加速新店開設。

Yes. And I would just add, from a P&L standpoint, it indeed has been a bit noisy when you think about the things that have impacted us tariffs were one, and then we had tariff refunds. We've had significant hyperinflation that drove LIFO. So one of the things we wanted to do, and you heard Phil do it earlier in a little bit in some of my comments is give a little bit of an outlook on what we see on kind of a normalized basis so that you've got a base set of assumptions from which to model and plan the business. And we'll continue to operate the business with excellence as we move forward, and we expect this to be less noisy as we move forward.

是的。我再補充一點，從損益表（P&L）的角度來看，當你想到影響我們的因素時，確實會有些雜訊：關稅是一項，之後我們也有關稅退稅。我們也經歷了顯著的惡性通膨，推動了LIFO。因此我們想做的一件事——你先前也聽到Phil在我部分評論中稍微提到——是提供一個我們所看到的、較為常態化基礎下的展望，讓你有一組基準假設可用來建模與規劃業務。我們也會在往前推進時持續以卓越的方式經營業務，並且我們預期未來這些雜訊會減少。

Christopher Horvers, JPMorgan.

Christopher Horvers，摩根大通（JPMorgan）。

I just want to follow up on the first quarter guidance to make sure we get this right. So flat DIY, and it seems like you're implying a 6-handle do-it-for-me on a comp basis? I know you talked about this 8 and change expected to continue, but that's a total growth number. So that puts to right around 2%. Is that right?

我想追問一下第一季指引，確保我們理解正確。所以DIY持平，而你們似乎暗示在同店基礎上，「代客施工」（do-it-for-me）會是6字頭？我知道你提到預期8%多的增長會延續，但那是總成長數字。所以換算下來大約是2%左右。是這樣嗎？

And then, I guess, how much conservatism are you baking in weather happens, weather was a headwind earlier, but it's helped in later in August and into September. So are you trying to -- like if you think about the past month, are you trending better than that and that 2% doesn't sort of bake in the continuance of weather benefits.

另外，我想問你們在天氣因素上納入了多少保守假設？天氣先前是逆風，但在8月下旬到9月又帶來助益。所以你們是否在嘗試——如果看過去一個月，你們的趨勢其實比那更好，而這個2%並沒有把天氣利多延續納入？

Yes. I think two things. One is what Phil laid out was sort of our guidance for the year, and what our expectations are. I think the thing that we also talked about is sort of the way we exited the quarter, which was a rebound and a little bit of a snapback from where we started the quarter. So we like the momentum that we have going into the first quarter on DIY and certainly, commercial exit and well north of 9% is something that we would expect to continue.

是的。我認為有兩點。第一，Phil所說的是我們對全年指引的大致框架，以及我們的預期。第二，我們也談到本季結束時的狀態，也就是相較於季初出現反彈，並有些回補。因此我們喜歡DIY在進入第一季時的動能；當然，商用端在季末的表現也遠高於9%，我們預期這會延續。

We're executing very, very well in that regard. So those are kind of the two big pieces on the domestic comp side. And then I think on the international side, we did see some rebound in the back half of the quarter in Mexico. And the team has continued to execute well through a very difficult macro environment, and we expect to start to climb out from the environment that we've seen over the last few years or so. So those are kind of the key elements of how we're thinking about the quarter, but more importantly, what Phil talked about as we look at the business and look at all the things that are happening.

在這方面我們執行得非常、非常好。所以這是美國同店面向的兩大重點。至於國際方面，我們確實看到墨西哥在本季後半段有些反彈。團隊在非常艱難的總體環境下仍持續良好執行，我們預期將開始走出過去幾年所見的環境。以上是我們對本季的主要思考要素；但更重要的是，正如Phil所談到的，我們在看待業務以及所有正在發生的事情時的整體觀點。

And most of this is predicated on inflation, we feel pretty good about the ranges and the outlook that we gave.

而這些多半是以通膨為前提，我們對所提供的區間與展望感覺相當不錯。

Yes. I would just add the weather in the last -- latter part of the quarter certainly got to a more normal summer temperatures. And it looks like we're going to have a normal if not good winter. And those -- the extremes and weather drive our business, both hot and cold are good for us. And we don't -- we can't predict that weather in the winter time, but by all indications, it's going to be a normal to tougher winter, and we expect to be able to operate well in both of those environments.

是的。我再補充一下，本季後段的天氣確實回到較正常的夏季溫度。而看起來我們將迎來一個正常、甚至不錯的冬季。天氣的極端狀況會驅動我們的業務，無論炎熱或寒冷對我們都算有利。我們無法預測冬季天氣，但從各項跡象來看，將會是正常到較嚴峻的冬天，而我們預期在這兩種環境下都能良好營運。

And then following up on the model. As you look out even beyond '27, it's about 5.5% unit growth. As you think about the SG&A leverage point, is the model that you're building predicated on 4% comps to drive SG&A leverage, understanding that you have these upfront investments, supply chain and technology and people and process. But at the same time, you're going to have sort of these more immature stores that are burdened by labor and rent and so forth. So is the model being built as you look forward on a 4% leverage point on the domestic comp side?

接著追問模型。即使看向'27之後，單位數量成長約為5.5%。當你思考SG&A的槓桿點時，你們建立的模型是否是以4%的同店成長來帶動SG&A槓桿為前提？理解你們有這些前期投資：供應鏈、科技、人員與流程。但同時，你們也會有一些較不成熟的門市，會受到人力、租金等成本拖累。所以往前看，你們的模型是否是以美國同店4%作為槓桿點來建構？

Yes. I wouldn't say that it's built on a 4% leverage point. I mean, clearly, the way that we think about it is that we have the ability to grow SG&A in line with sales in an environment where those sales are are a little bit lower than we have the ability to go into the P&L and manage the SG&A downward. And we had that muscle. We've done it over time.

是的。我不會說它是建立在4%的槓桿點之上。我們的思考方式很清楚：在銷售較低的環境下，我們有能力讓SG&A與銷售同步成長；同時我們也有能力在損益表（P&L）上把SG&A往下管理。而我們具備這種能力。我們長期以來一直這麼做。

In years where the sales have been accelerated, we've seen pretty good leverage on the SG&A line. And in some cases, it gave us the ability to go invest. So I think about it the same way that we have historically, which is we have the ability to grow SG&A in line with sales and manage the leverage and deleverage based on what we're seeing in the near term.

在銷售加速的年度，我們在SG&A這一行看到相當不錯的槓桿效益。而在某些情況下，這也讓我們有能力再投入投資。所以我仍以我們一貫的方式來看：我們有能力讓SG&A與銷售同步成長，並依據短期所見情況來管理槓桿或反槓桿。

Steven Zaccone, Citi.

Steven Zaccone，花旗（Citi）。

I wanted to follow up on the DIY side. I was curious if you could just give a little bit more of an assessment of what you're seeing. You talked about software transactions. I think there are so many moving pieces with the consumer at the moment. Have you seen some of that activity, whether it's trade down or deferral kind of get worse?

我想追問DIY這一塊。我想請你們再多給一些你們所觀察到的評估。你們提到軟體交易。我認為目前消費者端有太多變動因素。你們是否看到那類活動（不論是消費降級或延後消費）變得更嚴重？

How should we think about DIY from a quarterly cadence over the course of FY '27, that also would be helpful.

另外，我們應該如何看待FY '27期間DIY按季度的節奏？如果能說明也會很有幫助。

Yes. We tried to give as much color as we could around what we saw from the transactions and sales perspective over the 4-month time frame that comprises our fourth quarter again, the beginning of the quarter was slower, particularly in the hotter weather categories. But the exit rate in the latter half of Q4 and particularly in August, got better, and we expect those trends to kind of continue. What we've historically seen over long periods of time is after you have about higher traffic declines, they rebound over time, which is what we believe we're seeing today. The 5% decline were north of that in transactions is not typical in this industry, and we would expect those to moderate back into a more normal traffic rate.

是的。我們已盡可能就交易量與銷售面，針對構成我們第四季的4個月期間提供更多細節；同樣地，本季初期較慢，特別是在偏炎熱天氣的品類。但在第四季後半段、尤其是8月的季末走勢變好，我們預期這些趨勢會大致延續。我們長期以來看到的是，當客流量出現較大幅度下滑後，會隨時間反彈，而我們相信目前正在看到這種情況。交易量下滑5%（而且我們的降幅還高於此）在這個產業並不常見，我們預期會回到較正常的客流變動水準。

So we saw that improving coming out of the quarter. We like the exit rate on DIY, and we think that momentum will kind of continue.

所以我們看到這在本季結束時有所改善。我們喜歡 DIY 的期末表現（exit rate），並且我們認為這股動能將會持續下去。

Yes. The only thing I'll add is that the DIY customer certainly is facing some pretty significant inflation, particularly around fuel prices. If you just look at our ticket over a 2-year basis, it's up about 9%. So that consumer has felt a lot of inflation over the last two years. And we think the transaction environment, to Phil's point, will improve when this inflation moderates to something more normal and consumer sentiment gets bigger, it gets better.

是的。我唯一要補充的是，DIY 客戶確實正面臨相當顯著的通膨壓力，特別是在燃油價格方面。如果你只看我們兩年期的客單價（ticket），大約上升了 9%。所以這位消費者在過去兩年感受到很大的通膨。而且我們認為，正如 Phil 所說，當通膨回落到較正常的水準、消費者信心變得更強、也就是變得更好時，交易環境將會改善。

And the last thing that I'll say is that the tailwinds driving the industry are there. I mean you've got higher rates, you've got more expensive new and used vehicles that continue to drive the average age of vehicles higher. And that simply is going to mean that customers are going to keep their older cars longer and the repair frequency will likely increase in 2027, and that's the basis for our outlook there.

我最後要說的是，推動產業的順風因素仍然存在。我的意思是，你有較高的利率，你有更昂貴的新車與二手車，這些都持續推升車輛平均車齡。而這很單純就意味著，客戶會把舊車留得更久，維修頻率很可能在 2027 年增加，這就是我們對該展望的基礎。

The other -- the one last thing that I think is important for the tailwinds is, even though gas prices and oil prices have been higher, we haven't necessarily seen a tail off in the miles driven yet, which I think is ultimately an additional good tailwind for us in this space.

另外——我認為對順風因素而言還有最後一點很重要：即使汽油價格和油價更高，我們到目前為止並沒有必然看到行駛里程出現下滑，我認為這最終會成為我們在這個領域的另一個額外利多。

Okay. That's very helpful. The follow-up I had is just understanding the impact of higher freight, right? Is this an expectation that seems to inflation, just trend higher, I heard your commentary to the prior question. But is the view of higher freight rippling through the supply chain, just just gets passed on in terms of higher same-SKU inflation to the end customer?

好的。這非常有幫助。我接著想追問的是，了解更高運費的影響，對吧？這是否是一種預期：看起來通膨會持續走高——我聽到你對前一個問題的評論。但對於更高的運費在供應鏈中層層傳導的看法是什麼？是否就只是以更高的同一 SKU 通膨形式轉嫁給終端客戶？

Yes. obviously, higher gas prices are going to flow through freight and transportation logistics, both domestically and internationally. We expect that, that will continue. I don't think it will be anywhere near like it was in the back half of the pandemic where we had the supply chain crisis. I don't think it'll be anywhere near that number.

是的。顯然，更高的油價會反映到運費與運輸物流上，無論是國內還是國際。我們預期這種情況會持續。我不認為它會接近疫情後半段那種程度，當時我們遇到供應鏈危機。我不認為會接近那個數字。

But our supply chain teams and our merchants do a great job of negotiating our transportation costs, and we expect to be able to manage that well. But there's no doubt that it will continue to be inflationary, not just in our space, but I think it will be inflationary everywhere.

但我們的供應鏈團隊和採購團隊在協商運輸成本方面做得非常好，我們預期能夠妥善管理。但毫無疑問，這仍將持續帶來通膨壓力，不只是在我們這個領域，我認為各行各業都會有通膨壓力。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

How would you quantify the return on the investments that you have seen over the last couple of years. Those have come in the form of accelerated CapEx, accelerated SG&A, as outsiders, what we see is the comps are moderating, you've got a player in the industry that's driving same-store sales growth well ahead of AutoZone. So it's hard for us to dimension the return that you're generating on these investments that you've been making.

你會如何量化過去幾年你們所看到的投資報酬？這些投資以加速資本支出（CapEx）、加速銷售、一般及行政費用（SG&A）的形式呈現；作為外部人士，我們看到的是同店銷售（comps）在降溫，而且產業中有一家業者推動的同店銷售成長遠高於 AutoZone。所以我們很難衡量你們這些投資所產生的報酬規模。

Thank you for the question. I appreciate that. Part of the reason I tried to give a little more commentary on the kind of the investments that we have made with supply chain, operations, new stores, et cetera. And we're happy with those investments. Well, I would agree with you that our comps have maybe not been as high as we would have liked.

謝謝你的問題。我很感謝。我之所以嘗試就我們在供應鏈、營運、新店等方面所做的投資多做一些說明，是部分基於這個原因。而我們對這些投資感到滿意。不過，我同意你所說，我們的同店銷售可能沒有達到我們希望的那麼高。

We do feel that we're operating in -- as well as we have. We like the performance of our new stores. We ultimately had to do some work in our supply chain to make sure we were able to service our base stores that we had and do that well and efficiently, and we needed to expand our supply chain to make sure that we could accommodate what we believe is the right strategy in new store growth. Again, that's why we tried to give you some metrics on what -- how we see those new stores performing. It definitely puts some return on invested capital pressure on us in the short term as those stores begin to mature.

我們確實覺得我們的營運表現——已經是我們所能做到的水準。我們喜歡新店的表現。最終我們必須在供應鏈上做一些工作，以確保我們能夠服務既有的基礎門市，並且把它做得好、做得有效率；同時我們也需要擴充供應鏈，以確保能夠支撐我們認為正確的新店成長策略。同樣地，這也是為什麼我們嘗試提供一些指標，說明我們如何看待這些新店的表現。在短期內，隨著這些門市開始成熟，確實會對我們的投入資本報酬率（ROIC）造成一些壓力。

But we like how they're maturing and they're slightly ahead of the plan we originally forecasted. So we think all of that, over time, works into a better, faster growing business that's going to produce higher returns over the long term.

但我們喜歡它們的成熟進度，而且略微領先於我們原先預測的計畫。因此我們認為，隨著時間推移，這一切會帶來更好、成長更快的業務，並在長期產生更高的報酬。

Understood. My follow-up question is on the visibility that you have into your comps over the next few quarters. You're basically calling for an acceleration in your same-store sales growth as the year progresses, it sounds like there will be less like-for-like inflation that's going to moderate slightly. And the heart of the assumption is that transactions improve from here. So; a, is that right?

了解。我的追問是關於你們對未來幾季同店銷售的能見度。你們基本上是在呼籲隨著年度推進，同店銷售成長會加速；聽起來同店可比的通膨會比較少，並且會略為趨緩。而假設的核心是交易量從這裡開始改善。所以，a，這樣理解對嗎？

And b, if your comps do not fall into, let's call it, a 3% to 4% range, is there enough flexibility for you to manage the P&L to still arrive at the number that you're implicitly guiding for, for fiscal '27?

以及 b，如果你們的同店銷售沒有落在我們姑且稱之為 3% 到 4% 的區間，你們是否仍有足夠的彈性去管理損益表（P&L），以便仍能達到你們對 2027 會計年度（fiscal '27）所隱含指引的數字？

Yes. I think that's right, Michael. Like we said, we still believe we're going to see an accelerated inflation on same SKU inflation as well as ticket. What we believe is the 5-plus percent decline in transactions, particularly on DIY, will kind of start to moderate back to a normal trend of historically over long periods of time, it's been down 1% or 1% to 3% in transactions, and you've gotten average ticket growth that's been higher than that. We expect that to continue, and it's similar to what we saw in the latter half of Q4, and we think that inflation rate for the year is going to be roughly 4%, maybe slightly higher on both DIY and commercial, which kind of gets you to those slightly improved comps from where we were in Q4.

是的。Michael，我認為你說得對。如同我們所說，我們仍然相信同一 SKU 通膨以及客單價（ticket）都會出現加速的通膨。我們認為，交易量下滑超過 5%——特別是在 DIY——將會開始趨緩，回到較正常的趨勢；從歷史長期來看，交易量通常是下滑 1%，或下滑 1% 到 3%，而平均客單價成長高於這個幅度。我們預期這會持續，且與我們在第四季後半段看到的情況相似；我們認為今年的通膨率大約會是 4%，可能略高一些，DIY 與商用（commercial）兩端皆然，這大致能讓同店銷售比我們在 Q4 的水準略有改善。

Steve Forbes, Guggenheim.

Steve Forbes，Guggenheim。

I wanted to maybe dive into the ROI profile that you spoke to in terms of the store maturation curve. So specifically, you mentioned commercial sales double over the 6-year period. Curious how much variability there is in the commercial growth profile between the years, right, year 2 versus year 6, I guess is there a faster growth in the outer years? And then can you speak to what the implicit growth rate is in the up and down, the Street part of the business versus the national account part of the business within that guide?

我想或許深入探討一下你提到的 ROI 輪廓，特別是門市成熟曲線方面。具體來說，你提到商用銷售在 6 年期間翻倍。我好奇商用成長輪廓在各年度之間有多大變異，例如第 2 年相對於第 6 年；也就是說，後期年度是否成長更快？另外，你能否談談在這份指引中，街邊客戶（up and down the Street）業務相對於全國性客戶（national account）業務，其隱含成長率各是多少？

Yes. So two pieces. One is, we do see our commercial growth, having a big bump of acceleration in the first 1 to 2 years of the program, and that drives a lot of the returns on invested capital goodness that we see as we move through years 2 through 6. The majority of that is -- comes from the up and down the street customer. And we continue to see fairly significant share gains in that portion of the business.

是的。所以有兩個部分。第一，我們確實看到商用成長在計畫的前 1 到 2 年有一個很大的加速跳升，而這也帶動了我們在第 2 年到第 6 年期間所看到的投入資本報酬率（ROIC）改善。其中大部分——來自街邊客戶（up and down the street）。而且我們持續看到在這一部分業務中相當顯著的市占提升。

I want to be clear. I mean we like the up and down the street customer. We spend a lot of time growing that portion of the business, but we have share opportunities with both national accounts and up and down the street customers. I mean the metric that I like to continue to trot out in front of folks is that we're a 5% to 6% share in what's approaching $100 billion business, if you will. So there are share opportunities for us in both segments of the business.

我想把話說清楚。我的意思是，我們喜歡「街頭巷尾」的客戶。我們花了很多時間去成長那一塊業務，但不論是全國性客戶（national accounts）或街頭巷尾客戶，我們都有提升市占的機會。我的意思是，我喜歡持續拿出來跟大家說的一個指標是：在一個如果你願意這麼說、規模正逼近1,000億美元的市場裡，我們的市占大約是5%到6%。所以在這兩個業務區隔裡，我們都有市占提升的機會。

And we've clearly been driving our UDS business, but we think there's share opportunities for us to move up the call list and have a bigger play with both sets of customers.

而且我們顯然一直在推動我們的UDS業務，但我們認為，我們也有市占機會可以在拜訪名單（call list）上往前移，並且在這兩類客戶上都能有更大的發揮空間。

The other thing that I think helps with that, we've talked about it. We've got 172 Mega Hubs and hundreds of Hubs around the country. We continue to build that out. And you asked about variability per store. When we drop a Mega Hub in a market that gets our proximity of those parts to a position where we can accelerate the speed of delivery to the shop or the DIY customer that drives sales, like we talked about.

另外一件我認為有幫助的事，我們也談過。我們在全國有172個Mega Hub，以及數百個Hub。我們會持續擴建這個網路。你也問到單店之間的差異性。當我們在某個市場投放一個Mega Hub，讓零件與我們的距離更近，使我們能加快把貨送到維修廠或DIY客戶手上的速度，就會帶動銷售，正如我們先前談到的。

Jamere gave some specifics of what it looks like when a store is in the delivery areas for a Hub and a Mega Hub, and it does improve them. That's why we're so focused on driving the store counts in both those hubs and Mega Hub stores.

Jamere提供了一些具體細節，說明當一家門市位於Hub與Mega Hub的配送範圍內時，表現會是什麼樣子，而確實會改善。這也是為什麼我們如此專注於提升Hub與Mega Hub門市的店數。

And then just a quick follow-up. Just a confirmation here for the gross margin outlook for fiscal 2027. The 0 to 25 basis points of FIFO gross margin expansion, that's I guess, that's inclusive of the baseline benefit that you've captured with tariff refunds, right? There's no expectation for recycling to drag on the FIFO gross margin profile.

接著我再快速追問一下。想確認一下2027會計年度的毛利率展望。FIFO毛利率擴張0到25個基點，我想這是已經包含你們透過關稅退稅所取得的基礎性利益，對嗎？也就是說，不預期回收（recycling）會拖累FIFO毛利率的走勢。

That's right. So what we gave you when we talked about gross margins, as we gave you the LIFO assumptions for this year, we gave you the LIFO assumptions for for last year, obviously, we had $190-plus million last year. We've got $85 million to $90 million this year. So we're just looking at it on a GAAP basis, we should be flat to up 20. And then as it relates to tariffs specifically, while the tariff refunds may appear to be a windfall.

沒錯。所以我們在談毛利率時給你的內容是：我們給了你今年的LIFO假設，也給了你去年的LIFO假設；很明顯地，去年我們有超過1.90億美元。今年我們是8,500萬到9,000萬美元。所以我們只是用GAAP基礎來看，毛利率應該是持平到上升20個基點。至於關稅本身，雖然關稅退稅看起來可能像是一筆意外之財。

The reality is that the refund environment was deflationary and the industry likely would have raised prices faster both retailers and suppliers hadn't received cost relief from those refunds. So we're expecting to lap those tariff benefits and not have that be a call out. Obviously, the way that they came in will make the margin profile a little lumpy, which is why we talked about where we are on an annualized basis. But we feel pretty good about all the work that we're doing both in our supply chain and in our merchandising organization to drive gross margin improvement in total.

但實際情況是，退稅所處的環境是通縮性的；如果零售商與供應商沒有因為這些退稅而獲得成本緩解，整個產業很可能會更快調漲價格。因此我們預期會「跨過」（lap）這些關稅利益，之後不會再特別把它當作一個單獨項目提出。當然，它們進來的方式會讓毛利率走勢有些不平滑，這也是為什麼我們談的是年化基礎下我們所處的位置。但我們對於供應鏈與商品採購（merchandising）組織所做的各項工作、以推動整體毛利率改善，感到相當有信心。

Seth Sigman, Barclays.

Seth Sigman，Barclays。

A couple of things I wanted to follow up there on. One is on the economics of the Mega Hub. So it sounds like programs using the hubs have sales 16% higher than the base business. How has that trended over time? And just given that you do have a lot of newer Mega Hubs because you've accelerated growth over the last year.

我有幾點想接著追問。第一個是關於Mega Hub的經濟效益。聽起來，使用Hub的方案其銷售額比基礎業務高出16%。這個趨勢隨時間推移如何？另外，考量到你們在過去一年加速成長，因此確實有不少較新的Mega Hub。

Is there a reason to believe that the lift in the contribution that you're getting from these should actually accelerate in terms of the impact it could have on comps over the next 12 to 18 months?

是否有理由相信，這些Mega Hub對你們所帶來的貢獻提升（lift）其實會加速，並在未來12到18個月對同店銷售（comps）的影響更大？

It's been fairly consistent over time as we look at Mega Hubs. And one of the reasons that we moved our targets from 75 to 110 and ultimately to 300, is that when we attach a Mega Hub to a satellite network, we see an acceleration, and it's a dynamic that we continue to see. When you jam more parts in the local market closer to the customer, then to Phil's point, it drives sales. As our commercial business continues to mature over time, and we continue to grow our market share and grow our presence as we expand that Mega Hub network and attach it to more stores, we expect that profile to be as good or better on a go-forward basis. So that drives a lot of our confidence about our business as we move closer to the 300 Mega Hubs totals, and it also drives a lot of the confidence in our business to continue to grow market share, particularly in commercial.

就我們觀察Mega Hub而言，長期以來一直相當一致。而我們把目標從75提高到110、最終到300的原因之一，是因為當我們把Mega Hub接到一個衛星門市網路（satellite network）上時，我們會看到加速效應，而且這個動態我們持續看得到。當你在當地市場把更多零件放得更靠近客戶，就像Phil所說的，會帶動銷售。隨著我們的商用（commercial）業務隨時間持續成熟、我們持續提升市占並擴大存在感，當我們擴張Mega Hub網路並把它連結到更多門市時，我們預期這個表現輪廓在未來會同樣好、甚至更好。因此，這也強化了我們在邁向300個Mega Hub總量時對業務的信心，同時也強化了我們持續提升市占的信心，特別是在商用領域。

And we continue in those Hubs and Mega Hubs to figure out ways to get that -- those parts faster to our customers in our stores by leveraging technology. I mean, we know where our drivers are, we know where the parts are. We know how to fastest get those parts to those customers and the shops that are waiting to turn their bay. And ultimately help a DIY customer that may be broken down in our parking lot or broken down with their all. So we'll continue to iterate on our operations and make better and smarter decisions on how we deploy this inventory and how quickly we can get it to our customers.

而且我們也持續在這些Hub與Mega Hub中，透過運用科技，找出讓零件更快送到門市客戶手上的方法。我的意思是，我們知道司機在哪裡，我們知道零件在哪裡。我們知道如何以最快速度把零件送到那些客戶，以及那些等著讓工位（bay）恢復運轉的維修廠。最終也能幫助DIY客戶——可能車子在我們停車場拋錨，或是在路上拋錨。所以我們會持續迭代我們的營運，在如何配置這些庫存、以及能多快把它送到客戶手上方面，做出更好、更聰明的決策。

We're working on that continuously. So I suspect that will continue to improve.

我們一直在持續做這件事。所以我預期這會持續改善。

Okay. Great. And then my follow-up is around inflation and the elasticity that we're thinking about here. When you look at the incremental inflation where it's coming from now and what you're thinking about for 2027, is there any reason to believe that the elasticity is going to be different, maybe more favorable than what you saw last year based on the categories that it's targeting?

好的。很好。接著我的追問是關於通膨以及我們在這裡所思考的需求彈性。當你看目前新增通膨的來源，以及你們對2027年的看法時，有沒有任何理由相信彈性會不同——也許會比去年看到的更有利——取決於通膨所影響的品類？

Well, I think two things about inflation. One, we think it's going to be a little bit more favorable from an elasticity and transaction standpoint just because if you think about what's happening is our consumers had to deal with tariffs on top of sort of a normalized inflation, if you will, we get to lap over that beginning in the fourth quarter of this year. So as I mentioned a little bit earlier, if you just look at ticket averages for us, they're up 9% on a 2-year stack basis, we expect that to normalize as we move forward. And then I think very broadly speaking, as we think about inflation, again, I'll come back to this industry is very disciplined and very rational when it comes to dealing with inflation, and how we price our products to our customers. And we'll continue to expect that going forward, and that will mean that our business will be in pretty good shape as we move forward.

我想關於通膨有兩點。第一，我們認為從彈性與交易量（transaction）的角度會稍微更有利一些，因為如果你想想正在發生的事，我們的消費者除了某種「常態化」通膨之外，還得面對關稅；而從今年第四季開始，我們就會開始「跨過」（lap）那段影響。所以如我稍早提到的，如果只看我們的客單價（ticket averages），以兩年疊加（2-year stack）來看上升了9%，我們預期隨著時間推進會回歸常態。第二，更廣泛地談通膨時，我還是會回到這點：這個產業在面對通膨、以及我們如何對客戶訂價方面，是非常自律且理性的。我們也預期未來會持續如此，這意味著我們的業務在往前走時會維持在相當不錯的狀態。

And I think as you talk about elasticities, too, large chunks of our business are really inelastic. It's failure related. And if a starter goes out or your battery goes out, you don't have a whole lot of choice, but you have to replace it. Some elements of our business are more discretionary and have more elasticities, particularly in the the categories like floor mats and seat covers. Those are not necessarily to drive your car.

另外，談到彈性時，我們業務中很大一部分其實是缺乏彈性的。它是故障相關（failure related）的。如果啟動馬達壞了或電池壞了，你其實沒有太多選擇，只能更換。我們業務中的某些部分則更偏向可選擇性消費（discretionary），彈性也更高，特別是在像是腳踏墊與座椅套這類品類。那些並不是讓你的車能開上路所必需的。

Maintenance, people will tend to push them a little bit as they get under pressure from an inflationary perspective. But over time, you have to replace those parts. You can't continue to defer the maintenance on the product on the car. If you do, you end up with a failure, tire (inaudible), maybe wobbly. But if it fails, now you've got to replace ball joints in other parts of the car, which are a much more expensive failure repair.

維修方面，從通膨壓力的角度來看，人們往往會把它們再多撐一下。但隨著時間推移，你必須更換那些零件。你不可能一直延後車輛產品的保養維修。如果你這麼做，最後就會故障，輪胎（聽不清），可能會晃動。但一旦故障，現在你就得更換球接頭以及車上其他零件，而那會是更昂貴的故障維修。

So customers generally understand that over time, and you've got to go do the maintenance on a vehicle, you're going to have a bigger problem. So discretionary can be pushed, which we've seen. But the other categories historically have always rebounded and been positive for us in inflationary environments.

因此，客戶通常隨著時間推移會理解這一點：如果你不去做車輛保養，問題會變得更大。所以可選性支出是可以被延後的，我們也確實看到了。但其他類別在歷史上於通膨環境中總是會反彈，並且對我們而言一直是正向的。

Scot Ciccarelli, Truist.

Scot Ciccarelli，Truist。

How are you thinking about or modeling the higher comp contribution that you should get from the new store acceleration, which I guess started about a year ago. And are you building -- can we assume you're building like a growing lift as the year progresses as more stores roll into the comp base?

你們如何看待或建模新店加速開店（我想大約是一年前開始）所帶來的較高同店貢獻？另外你們是否在模型中納入——我們能否假設，隨著更多門市納入同店基期，全年進行中同店會出現愈來愈大的拉抬？

Yes. I mean as you might expect, the newer stores have higher comps in the near term. It does have some impact on our comps going forward. But you also remember that if you take domestically, for example, we added 236 stores on a base of 6,500 or 6,600 stores. So while it does have some impact, it doesn't move the needle as much as you might think, which the underlying view then is that we expect our mature stores and our mature store profile to continue to make progress as well.

是的。我的意思是，如你所預期，新店在短期內的同店成長會更高。這確實會對我們未來的同店表現帶來一些影響。但你也要記得，以美國本土為例，我們在6,500或6,600家門市的基礎上新增了236家門市。所以雖然確實有一些影響，但不像你可能想的那樣能大幅改變整體走勢；因此我們的基本觀點是，我們預期成熟門市以及成熟門市的營運輪廓也會持續改善。

So while new stores are certainly a contributor here. We're expecting to make some progress across our entire business.

因此，雖然新店當然是其中一個貢獻來源。我們預期會在整體業務上取得一些進展。

Got it. Understood. And then just to clarify something you guys mentioned earlier. Have you made any changes to your domestic store opening plans for '28, or was the whole change on Brazil?

了解。明白。另外想釐清你們稍早提到的一點。你們是否對2028年的美國本土開店計畫做了任何調整，還是所有變動都在巴西？

Yes. We still think we'll get to roughly that 300 stores in the U.S. We'll be in that range of 120 or so in Mexico and roughly 20 or so in Brazil. We'll continue those -- to get to that roughly 430 net new stores on an annual basis. And again, like I said, we really think the opportunity is to continue to double down on our performance in Mexico and U.S.

是的。我們仍然認為在美國大約會達到300家門市；墨西哥大約會在120家左右；巴西大約20家左右。我們會持續推進這些——以每年大約430家淨新增門市為目標。而且再次如我所說，我們確實認為機會在於持續加碼、強化我們在墨西哥與美國的表現。

We'll continue to work on Brazil. We like the market, but there's things that we need to go do down there. And we think it's a great market for us, but we need to focus today on our domestic and Mexico business. Okay. Thank you for those questions.

我們會持續推進巴西。我們喜歡那個市場，但我們在那裡還有一些事情需要去做。我們認為那對我們來說是個很棒的市場，但我們今天需要把重點放在本土與墨西哥業務上。好的。謝謝你提出這些問題。

But before we conclude the call, I'd like to take a moment to reiterate that we have an incredible business in a strong and resilient industry. We are excited about our growth prospects for the new fiscal 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. Thank you for participating in today's call.

但在我們結束本次電話會議之前，我想花一點時間重申：我們擁有一個卓越的業務，所處產業強勁且具韌性。我們對新財年的成長前景感到振奮，但我們不會把任何事情視為理所當然，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瑕疵的執行、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。

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。您現在可以中斷連線，祝您有美好的一天。感謝您的參與。