Big Lots Inc (BIG) 2022 Q2 法說會逐字稿

Good morning. This is Alvin Concepcion, Vice President of Investor Relations at Big Lots. Welcome to the Big Lots Second Quarter Conference Call.

早上好。我是 Biglots 投資者關係副總裁 Alvin Concepcion。歡迎來到大手筆第二季度電話會議。

(Operator Instructions)

（操作員說明）

As a reminder, this conference is being recorded. On the call with me today are Bruce Thorn, President and Chief Executive Officer, and Jonathan Ramsden, Executive Vice President, Chief Finance and Administrative Officer.

提醒一下，本次會議正在錄製中。今天與我通話的是總裁兼首席執行官 Bruce Thorn 和執行副總裁、首席財務和行政官 Jonathan Ramsden。

Before starting today's call, we would like to remind you that any forward-looking statements made on the call involve risks and uncertainties that are subject to the company's safe harbor provisions as stated in the company's press release and SEC filings and that actual results can differ materially from those described in the forward-looking statements. We would also like to point out that our applicable commentary today is focused on adjusted non-GAAP results. Reconciliations of GAAP to non-GAAP adjusted results are available in today's press release.

在開始今天的電話會議之前，我們想提醒您，電話會議上的任何前瞻性陳述都涉及風險和不確定性，這些風險和不確定性受公司新聞稿和美國證券交易委員會文件中所述的公司安全港條款的約束，實際結果可能會有所不同實質上來自前瞻性陳述中描述的內容。我們還想指出，我們今天的適用評論側重於調整後的非公認會計原則結果。今天的新聞稿中提供了 GAAP 與非 GAAP 調整結果的對賬。

The second quarter earnings release, presentation and related financial information are available at biglots.com/corporate/investors. I will now turn the call over to Bruce.

第二季度收益發布、演示和相關財務信息可在 biglots.com/corporate/investors 獲得。我現在將把電話轉給布魯斯。

Good morning, everyone, and thank you for joining us. The second quarter was one in which we did what we said we would do, despite a very challenging environment. We brought inventories down materially, stayed tight in both OpEx and CapEx, and made great progress on repositioning our assortment toward better bargains, closeouts and lower price points while enhancing our healthy offering of treasures and everyday essentials.

大家早上好，感謝您加入我們。儘管環境非常具有挑戰性，但第二季度我們還是按照我們所說的去做了。我們大幅降低了庫存，在運營支出和資本支出方面保持緊張，並在重新定位我們的品類以更好的交易、清倉和更低的價格點方面取得了巨大進展，同時增強了我們對珍品和日常必需品的健康供應。

We also took important steps to strengthen our balance sheet and secure our liquidity. We'll talk more about each of these points in a moment, but this is an appropriate moment to thank our entire team here at Big Lots for their outstanding contributions over the past quarter.

我們還採取了重要步驟來加強我們的資產負債表並確保我們的流動性。稍後我們將詳細討論這些要點，但現在正是感謝 Biglots 整個團隊在過去一個季度做出的傑出貢獻的合適時機。

For our customer, things remain tough with high inflation making it more difficult for her to afford daily living expenses and causing her to pull back on discretionary purchases. We serve customers across a wide range of light income levels, but our lower-income customers have been hurt more than others.

對於我們的客戶來說，高通脹使她更難以負擔日常生活費用，並導致她減少可自由支配的購買。我們為各種低收入水平的客戶提供服務，但我們的低收入客戶受到的傷害比其他客戶更大。

Never has our mission to help her Live BIG and Save LOTS been more important than now. We are working hard to provide her with more bargains and closeouts to help stretch her dollar and more surprising treasures to bring excitement and freshness to her shopping experience, as well as improving our assortment of everyday essentials she counts on.

我們的使命是幫助她“活得大”和“節省很多”，從來沒有像現在這樣重要過。我們正在努力為她提供更多的便宜貨和清倉商品，以幫助她花更多的錢和更多令人驚喜的寶藏，為她的購物體驗帶來興奮和新鮮感，並改善我們對她所依賴的日常必需品的分類。

We are leveraging the foundations upon which our company was built and leaning into our brand DNA of phenomenal value. We are simplifying our value offerings, leveraging our scale and more deeply partnering with our vendor partners to deliver compelling opening price points across our assortment.

我們正在利用我們公司建立的基礎，並傾向於我們具有非凡價值的品牌 DNA。我們正在簡化我們的價值產品，利用我們的規模並與我們的供應商合作夥伴更深入地合作，以在我們的產品系列中提供引人注目的開盤價。

We are moving quickly to elevate our penetration of amazing bargains by way of closeouts. We are clearly communicating the uniqueness of our value offering throughout our stores and online with new signage and powerful end-cap displays. More detail on all of these initiatives in a moment, but I want to make sure the message for this call is clear. We are meeting the current challenges head on. We are making tremendous progress in repositioning our business for the current environment, and we expect that to become increasingly clear in our results in the near future.

我們正在迅速採取行動，通過平倉來提高我們對驚人便宜貨的滲透率。我們正在通過新的標牌和強大的端蓋顯示器在整個商店和在線清楚地傳達我們提供的價值的獨特性。稍後將詳細介紹所有這些舉措，但我想確保這次電話會議的信息是明確的。我們正在直面當前的挑戰。我們在為當前環境重新定位我們的業務方面取得了巨大進展，我們預計在不久的將來我們的業績將變得越來越清晰。

I'll now spend a few moments to share some more specifics. As I mentioned, we remain laser-focused on providing outstanding value to our customers. To do this, we are partnering closely with our vendors, flexing our long-established closeout muscle and leveraging our excellent private label brands.

我現在將花一些時間來分享更多細節。正如我所提到的，我們始終專注於為客戶提供卓越的價值。為此，我們正在與我們的供應商密切合作，發揮我們長期建立的收尾實力，並利用我們優秀的自有品牌。

Earlier this month, we met with over 100 representatives of our top 50 vendors to ensure we are fully aligned on how we are going to partner to deliver great value. Last quarter, you heard me talk about cost engineering, and using our scale and relationships with suppliers to offer better opening price points to create unique deals that customers can only find at Big Lots.

本月早些時候，我們與前 50 家供應商的 100 多名代表會面，以確保我們在如何合作以提供巨大價值方面完全一致。上個季度，您聽到我談論成本工程，並利用我們的規模和與供應商的關係來提供更好的開盤價點，以創造客戶只能在 Big Lots 找到的獨特交易。

These are not going to be baby steps in opening price points, we're going big. Across the Furniture category, for example, we are margin engineering products to offer opening price points at pre-COVID levels over the coming quarters. I'm very pleased with the progress here, and you should expect to see more great opening price points on quality items in time for Labor Day, for example, in sofas and recliners.

這些不會是開放價格點的小步驟，我們會做大。例如，在家具類別中，我們是保證金工程產品，可在未來幾個季度以 COVID 之前的水平提供開盤價。我對這裡的進展感到非常滿意，您應該期望在勞動節及時看到更多優質商品的開盤價，例如沙發和躺椅。

As it relates to the bargains, which are closeout items, off-price brands and limited-time deals, it is a target-rich environment for procurement. We've already capitalized on these opportunities, and we continue to see great deals of categories such as toys, appliances, Soft Home and apparel.

由於它涉及到討價還價，即清倉商品、折扣品牌和限時交易，因此它是一個目標豐富的採購環境。我們已經利用了這些機會，並且我們繼續看到大量的類別，如玩具、電器、軟家居和服裝。

As we continue to aggressively rightsize our inventory position, this is freeing up additional open-to-buy capacity for even more deals for our customers. In order to meet our customers' needs, we are planning for the mix of bargains and closeouts to reach 1/3 of the business over time, offset by strategic reductions in less productive or redundant never-out merchandise.

隨著我們繼續積極調整我們的庫存頭寸，這正在釋放額外的開放購買能力，為我們的客戶提供更多交易。為了滿足我們客戶的需求，我們正計劃隨著時間的推移將討價還價和清倉組合達到業務的 1/3，並通過戰略性減少生產力較低或多餘的永不淘汰商品來抵消。

With regard to treasures, which are more unique, quirky, trending and seasonal items, we also expect this to represent 1/3 of our assortment. A great example of the excitement we can bring in this area is the Disney pop-up shop within the Lots section that we'll launch later this week.

至於更獨特、更奇特、更流行和更季節性的珍品，我們也預計這將占我們品類的 1/3。我們可以在這個領域帶來的興奮的一個很好的例子是我們將在本週晚些時候推出的地段部分的迪士尼快閃店。

In Essentials, which include category staples and never out, we have already added more daily deals this month, particularly in the Food and Consumable categories and there will be more to come as we continue to curate an even better assortment of solutions in the back half of '22 and into '23.

在 Essentials 中，包括主食類別且永不退出，本月我們已經增加了更多每日交易，特別是在食品和消費品類別中，隨著我們在後半部分繼續策劃更好的解決方案種類，還會有更多優惠'22 和進入 '23。

With more bargains and treasures, we are adjusting our end caps to make it easier for our customers to find and recognize these great deals. Our new end caps will feature cleaner, simpler and more compelling signage price points and assortment. In July, a little under 40% of our end caps were bargains and treasures. By October, it will be nearly 90%.

隨著更多的便宜貨和珍品，我們正在調整我們的端蓋，以使我們的客戶更容易找到和識別這些超值優惠。我們的新端蓋將具有更清潔、更簡單和更具吸引力的標牌價格點和分類。 7 月，我們的終端上限中略低於 40% 是便宜貨和珍品。到 10 月，這一比例將接近 90%。

So this is a substantial step-up in messaging to our consumers. Lastly, we're well positioned as a trade-down destination. As we continue to improve our value offerings, we've seen a significant increase of 16% in customer reactivations through our loyalty program.

因此，這是向我們的消費者傳遞信息方面的一大進步。最後，我們處於有利地位，是一個以舊換新的目的地。隨著我們不斷改進我們的價值產品，我們看到通過我們的忠誠度計劃重新激活的客戶顯著增加了 16%。

Our private brands, especially Broyhill, will play a key role in increasing our appeal as a trade-down destination. Both Broyhill and Real Living continued to do well with sales growth of around 20% in each brand. Across all divisions, these brands represent 30% of our business in Q2, up notably from the mid-20s last year.

我們的自有品牌，尤其是 Broyhill，將在提高我們作為以舊換新目的地的吸引力方面發揮關鍵作用。 Broyhill 和 Real Living 繼續表現良好，每個品牌的銷售額增長約 20%。在所有部門中，這些品牌占我們第二季度業務的 30%，明顯高於去年 20 年代中期。

We also note that our seasonal customer has a household income that is 2x higher than our core customer. So we see that category as a year-round trade-down opportunity. These are all important steps we've taken. They are underpinned by the knowledge that across all our categories, including big-ticket items, our customers will shop us when they see a great deal. While we have more work ahead of us, our strategic direction is clear.

我們還注意到，我們的季節性客戶的家庭收入比我們的核心客戶高 2 倍。因此，我們將該類別視為全年的折價機會。這些都是我們採取的重要步驟。他們的基礎是，在我們所有的品類中，包括大件商品，我們的客戶在看到大量商品時都會購買我們的商品。雖然我們還有更多工作要做，但我們的戰略方向是明確的。

Turning back to the second quarter. Despite volatility caused by the current macroeconomic backdrop, I am pleased we are able to deliver second quarter results in line with the financial guidance we provided.

回到第二季。儘管當前宏觀經濟背景造成波動，但我很高興我們能夠按照我們提供的財務指導交付第二季度業績。

Looking at specific category performance in the quarter, Seasonal comps grew strongly, accelerating sequentially from Q1 to up to roughly 30% in Q2 on both a 1-year and 3-year comp basis. Relative to Q1, our Q2 3-year comp sales also accelerated in Soft Home, in the Lot, Apparel and Electronics. It was in line in Food, but decelerated somewhat in Furniture, Hard Home and Consumables.

從本季度特定類別的表現來看，季節性組合增長強勁，從第一季度開始，在 1 年和 3 年的組合基礎上，第二季度的增幅都達到了大約 30%。相對於第一季度，我們在 Soft Home、地塊、服裝和電子產品中的第二季度 3 年綜合銷售額也有所增長。它在食品方面是一致的，但在家具、硬家居和消耗品方面有所放緩。

I'll give you a little more flavor on what drove some of the category performance. In Seasonal, we had high sell-throughs on many items such as gazebos and upper price points for resin wicker. Our Halloween sales were also strong, up double digit versus prior year.

我會給你更多關於是什麼推動了一些類別的表現。在季節性，我們在許多商品上都有很高的銷售量，例如涼亭和樹脂柳條的較高價格點。我們的萬聖節銷售也很強勁，與去年相比增長了兩位數。

Our Food and Consumables categories have stabilized with strength in candy, laundry, paper and our salty and snack categories. Furniture, Soft Home and Hard Home categories continue to be impacted by consumers, delaying or cutting back on higher ticket purchases. The Lot and Apparel drove a lot of excitement in our stores and showcased some of our newest items and best deals.

我們的食品和消耗品類別在糖果、洗衣、紙張以及我們的鹹味和零食類別中表現穩定。家具、軟家居和硬家居品類繼續受到消費者的影響，推遲或削減高價購買。 The Lot and Apparel 在我們的商店中引起了很多興奮，並展示了我們的一些最新商品和最優惠的價格。

As we progress into the back half of the year, I'm excited about the lower-opening price points, great bargains and fund treasures and more productive essentials, which will help drive momentum across our categories. It's now worth zooming out a little bit because it's easy to get caught up in the near term and lose sight of the bigger, longer-term picture.

隨著我們進入下半年，我對較低的開盤價、超值的便宜貨和基金寶藏以及更高效的必需品感到興奮，這將有助於推動我們各個類別的發展勢頭。現在值得將其縮小一點，因為很容易在短期內陷入困境而忽視更大、更長期的畫面。

Our business has historically been resilient regardless of the economic environment. That's because value never goes out of style, and that won't change this time around either. Areas where we are seeing great traction include our e-com business, up 35% in Q2, representing 7% of our total business.

無論經濟環境如何，我們的業務歷來都具有彈性。那是因為價值永遠不會過時，這一次也不會改變。我們看到巨大牽引力的領域包括我們的電子商務業務，在第二季度增長了 35%，占我們總業務的 7%。

We were particularly pleased with an improvement in the conversion rate online by 50 basis points, which we also saw in our stores. Within e-comm, same-day delivery grew over 80%, and our convenience offerings continue to expand with new partnerships with DoorDash and Shipt. Meanwhile, we continue to focus on removing friction across the e-commerce journey with improved navigation, access to deals, and streamlined cart and check out. We're also excited to have rolled out a regional pricing model in California with more regions to come.

我們對在線轉化率提高了 50 個基點感到特別滿意，我們在商店中也看到了這一點。在電子商務領域，當日送達增長超過 80%，我們的便利產品通過與 DoorDash 和 Shipt 的新合作夥伴關係繼續擴大。與此同時，我們將繼續專注於通過改進導航、訪問交易以及簡化購物車和結賬來消除電子商務旅程中的摩擦。我們也很高興能夠在加利福尼亞推出區域定價模型，未來還會有更多區域。

A more localized approach enables us to flex pricing to improve our competitive position and optimize our margin profile. Our new space planning capabilities are also enabling us to flex and optimize our assortment across the fleet. In addition, we are investing in new tools to improve the efficiency of our promotions and are already seeing some quick wins from our work in this area.

更加本地化的方法使我們能夠靈活定價，以提高我們的競爭地位並優化我們的利潤狀況。我們新的空間規劃能力也使我們能夠靈活和優化我們在整個車隊中的分類。此外，我們正在投資新工具以提高我們的促銷效率，並且已經從我們在該領域的工作中看到了一些快速的成功。

While the Furniture business has been challenging on an industry-wide basis, we are proud to be one of the few furniture retailers that customers can go to and take their furniture home that same day, while still providing her options to order online and pick up in store at the curb or deliver the same day for nearly 1,000 stores across the U.S.

儘管家具業務在整個行業範圍內都面臨挑戰，但我們很自豪能夠成為少數幾家客戶可以在同一天將家具帶回家的家具零售商之一，同時仍然提供在線訂購和取貨的選擇美國近 1,000 家商店在路邊商店或同一天送貨。

We continue to enhance our unique position with the new furniture sales model with improved staffing and incentive-based compensation to drive engagement and sales. This model is now in 380 stores and is continuing to do very well, delivering strong double-digit lifts in stores, where the full new staffing models in place versus the rest of the chain.

我們繼續通過新的家具銷售模式加強我們的獨特地位，通過改進人員配備和基於激勵的薪酬來推動參與和銷售。這種模式現在在 380 家門店中使用，並且繼續表現出色，在門店中實現了兩位數的強勁增長，與連鎖店的其他部門相比，這裡採用了全新的人員配備模式。

Meanwhile, our new stores continue to perform well, and we have been running ahead of plan with particularly strong performance in small town and rural markets that are increasingly the focus of our strategy. While we are prudently slowing down in the near term, we still see a long runway for growth with the potential for over 500 new stores over time.

與此同時，我們的新店繼續表現良好，我們一直在提前計劃，在越來越成為我們戰略重點的小城鎮和農村市場表現特別強勁。儘管我們在短期內謹慎放慢了速度，但我們仍然認為增長的道路很長，隨著時間的推移，有超過 500 家新店的潛力。

Finally, we continue to improve our supply chain visibility. Earlier this month, we rolled out our new tool that enhances inventory flow to both, support sales and drive down costs. In September, we'll be opening our fourth forward DC, which adds incremental capacity to help flow inventory in the peak season. Also by the end of September, we'll complete Phase 1 of a multiyear project to have an order management system, which will give us a single view of inventory to greatly improve the omnichannel customer experience.

最後，我們繼續提高我們的供應鏈可見性。本月早些時候，我們推出了新工具，可增强两者的庫存流動，支持銷售並降低成本。 9 月，我們將開設第四個遠期配送中心，增加產能以幫助在旺季流動庫存。同樣在 9 月底，我們將完成一個多年項目的第一階段，以擁有一個訂單管理系統，這將使我們能夠對庫存進行單一視圖，從而大大改善全渠道客戶體驗。

So to sum it up, we did what we said we would do in the face of a challenging environment in Q2. But alongside that, we continue to make tremendous progress on our journey to deliver outstanding long-term shareholder value. We are confident in our ability to increase customer shopping frequency to grow our business through good times and bad. We're bringing in more bargains and closeouts that our customers need, and we'll communicate these deals better.

總而言之，面對第二季度充滿挑戰的環境，我們做了我們所說的我們會做的事情。但除此之外，我們在實現卓越的長期股東價值的過程中繼續取得巨大進展。我們對提高客戶購物頻率的能力充滿信心，從而在順境和逆境中發展我們的業務。我們帶來了更多客戶需要的討價還價和清倉，我們將更好地傳達這些交易。

We're getting sharper and more productive on pricing and promotions. We're driving more excitement and freshness through our treasurers in the Lot. We're getting better at selling quality furniture that customers can take on the same day, will order online with speedy delivery. We've got a strong private label and seasonal offering to capitalize on trade-down opportunities.

我們在定價和促銷方面變得更加敏銳和高效。我們正在通過我們的財務主管推動更多的興奮和新鮮感。我們在銷售優質家具方面做得越來越好，客戶可以在同一天拿走，將在網上訂購併快速交貨。我們擁有強大的自有品牌和季節性產品，可以利用降價機會。

We're improving our supply chain and tech capabilities to improve our business model and provide more convenient solutions for our customers. All of this will help us deliver on our Operation North Star strategy, which remains more critical than ever.

我們正在改善我們的供應鍊和技術能力，以改善我們的商業模式並為我們的客戶提供更便捷的解決方案。所有這些都將幫助我們實現我們的“北極星行動”戰略，該戰略比以往任何時候都更加重要。

Simply said, we are working hard to be her best destination for quality bargains and treasures while improving her shopability of her everyday essentials. I'll now pass it over to Jonathan, and I will return in a few moments to make some closing comments before taking your questions.

簡單地說，我們正在努力成為她購買優質便宜貨和珍品的最佳目的地，同時提高她對日常必需品的購物能力。我現在將把它交給喬納森，稍後我會在回答你的問題之前做一些結束評論。

Thanks, Bruce. And I would also like to express my gratitude to the entire Big Lots team. I'm going to start by going into more detail on our Q2 results, which I will discuss on an adjusted basis, excluding store asset impairment charges, and we'll then address our outlook for the back half of the year.

謝謝，布魯斯。我還要對整個 Biglots 團隊表示感謝。我將首先詳細介紹我們的第二季度業績，我將在調整後的基礎上進行討論，不包括商店資產減值費用，然後我們將討論我們對下半年的展望。

A summary of our financial results for the second quarter can be found on Page 10 of our quarterly results presentation. Q2 net sales were $1.346 billion, a 7.6% decrease compared to $1.457 billion a year ago. The decline versus 2021 was driven by a comparable sales decrease of 9.2%, which was within our guidance range.

我們第二季度的財務業績摘要可以在我們的季度業績報告的第 10 頁上找到。第二季度淨銷售額為 13.46 億美元，比一年前的 14.57 億美元下降 7.6%。與 2021 年相比的下降是由 9.2% 的可比銷售額下降推動的，這在我們的指導範圍內。

As you will recall, our second quarter sales got off to a strong start in May with a mid-teen 3-year comp fueled by a strategic decision to elevate promotional activity aimed at reducing inventory levels. As we successfully drove inventory levels lower, we were able to reduce promotional activity as the quarter progressed. In turn, our 3-year comp sales trends slowed over the course of the quarter.

您會記得，我們的第二季度銷售在 5 月份開局強勁，在 3 年中期業績的推動下，我們做出了一項戰略決策，以提升旨在降低庫存水平的促銷活動。隨著我們成功降低庫存水平，我們能夠隨著季度的進展減少促銷活動。反過來，我們的 3 年比較銷售趨勢在本季度放緩。

While at the lower end of our guidance range, 3-year comps ended up nearly 2 points ahead of Q1 at about plus 4%. The slowdown in July, we've seen across the broader retail environment, and we were not immune. Consumers continue to feel spending pressure from high inflation and our lower-income goods customer continues to be the most affected.

雖然在我們指導範圍的下限，但 3 年期比較最終比第一季度高出近 2 個百分點，約為 4%。我們在更廣泛的零售環境中看到了 7 月份的放緩，我們也未能倖免。消費者繼續感受到高通脹帶來的支出壓力，我們的低收入商品客戶繼續受到最大影響。

High inflation is causing consumers to delay or cut back on discretionary purchases, especially of high-ticket items. Since then, we have seen comp sales trends stabilize on a 1-year basis, which will be primarily -- which we will be primarily referencing going forward from July into August.

高通脹導致消費者推遲或減少可自由支配的購買，尤其是高價商品。從那時起，我們看到comp銷售趨勢在1年的基礎上穩定下來，這將主要是——我們將主要參考從7月到8月的數據。

Second quarter adjusted net loss was $66 million compared to $38 million of net income in Q2 of 2021. The adjusted diluted loss per share for the quarter was $2.28 versus diluted EPS of $1.09 last year. Gross margin rate for the second quarter was 32.6%, down approximately 700 basis points from last year's rate and in line with our guidance.

第二季度調整後的淨虧損為 6600 萬美元，而 2021 年第二季度的淨收入為 3800 萬美元。本季度調整後的攤薄每股虧損為 2.28 美元，而去年的攤薄每股收益為 1.09 美元。第二季度毛利率為 32.6%，較去年下降約 700 個基點，符合我們的預期。

This included significant impacts from higher markdowns and freight, although as we will discuss in a moment, we are starting to see both of these headwinds turn.

這包括更高的降價和運費帶來的重大影響，儘管正如我們稍後將討論的那樣，我們開始看到這兩個逆風都發生了轉變。

Turning to adjusted SG&A. Total expenses for the quarter, including depreciation were $523.5 million, very close to the $523.9 million last year, and a (inaudible) than our guidance of slightly up year-over-year.

轉向調整後的 SG&A。本季度的總費用（包括折舊）為 5.235 億美元，非常接近去年的 5.239 億美元，並且（聽不清）比我們的同比略有上升的指引。

Store payroll costs, bonus accruals and equity compensation were all below last year but were offset by increases in distribution and outbound transportation expense. We expect transportation headwinds to continue through the back half of the year, but at a moderating pace, as we've seen some relief in recent spot fuel rates.

商店工資成本、應計獎金和股權補償均低於去年，但被分銷和出境運輸費用的增加所抵消。我們預計運輸逆風將持續到今年下半年，但速度會放緩，因為我們已經看到近期現貨燃料價格有所緩解。

Adjusted operating margin for the quarter was negative 6.3% compared to a profit of 3.7% in 2021. Interest expense for the quarter was $3.9 million, up from $2.3 million in the second quarter last year. The adjusted income tax rate in the quarter was 25.5% compared to last year's rate of 26.7%, with the rate change primarily driven by discrete items related to audit settlements and employment-related tax credits, partially offset by lower nondeductible compensation expense.

本季度調整後的營業利潤率為負 6.3%，而 2021 年的利潤為 3.7%。本季度的利息費用為 390 萬美元，高於去年第二季度的 230 萬美元。本季度調整後的所得稅率為 25.5%，而去年的稅率為 26.7%，稅率變化主要由與審計結算和與就業相關的稅收抵免相關的離散項目驅動，部分被不可扣除的補償費用減少所抵消。

The tax rate comparison was impacted by comparing income tax benefit this year to income tax expense last year. Total ending inventory cost was up 22.8% last year at $1.159 billion, in line with our guidance and driven by average unit cost. This represents a significant sequential improvement versus Q1.

將今年的所得稅優惠與去年的所得稅費用進行比較，會影響稅率比較。去年的期末存貨總成本增長 22.8% 至 11.59 億美元，符合我們的指導並受平均單位成本的推動。與第一季度相比，這代表了顯著的連續改進。

During the second quarter, we opened 11 new stores and closed 3 stores. We ended Q2 at 1,442 stores and total selling square footage of 33.1 million. Capital expenditures for the quarter were $46 million compared to $45 million last year. Depreciation expense in the quarter was $37 million, up $2 million to the same period last year.

第二季度，我們開設了 11 家新店，關閉了 3 家店。我們在第二季度結束時有 1,442 家商店，總銷售面積為 3,310 萬平方英尺。本季度的資本支出為 4600 萬美元，而去年為 4500 萬美元。本季度折舊費用為 3700 萬美元，比去年同期增加 200 萬美元。

We ended the second quarter with $49 million of cash-and-cash equivalents and $253 million of long-term debt. At the end of Q2 2021, we had $293 million of cash-and-cash equivalents and no long-term debt. The year-over-year change reflects share repurchases executing during fiscal 2021 and higher inventories. We did not execute any share repurchases during Q2 but have $159 million remaining available under our December 2021 authorization.

我們在第二季度結束時擁有 4900 萬美元的現金和現金等價物以及 2.53 億美元的長期債務。在 2021 年第二季度末，我們擁有 2.93 億美元的現金和現金等價物，並且沒有長期債務。同比變化反映了 2021 財年執行的股票回購和更高的庫存。我們在第二季度沒有執行任何股票回購，但根據我們 2021 年 12 月的授權，還有 1.59 億美元可用。

On July 29, we executed an engagement letter for a new 5-year syndicated asset-based revolving credit facility of up to $900 million, with an additional uncommitted increase option of up to $300 million. We are making good progress on the new facility and expect it to be completed during the current quarter, replacing and refinancing our current $600 million 5-year unsecured credit facility.

7 月 29 日，我們簽署了一份新的 5 年基於銀團資產的循環信貸額度高達 9 億美元的委託書，以及高達 3 億美元的額外未承諾增加選擇權。我們在新貸款方面取得了良好進展，預計將在本季度完成，取代和再融資我們目前的 6 億美元 5 年期無抵押信貸貸款。

In addition, we expect to further strengthen our balance sheet through asset monetization. This includes the outright sale of approximately 25 owned stores we are targeting to complete by the end of the year, in addition to which we are evaluating sale leaseback proposals on our remaining owned stores and other owned assets.

此外，我們預計通過資產貨幣化進一步加強我們的資產負債表。這包括我們計劃在今年年底前完成的大約 25 家自有商店的直接出售，此外，我們正在評估對剩餘自有商店和其他自有資產的銷售回租建議。

On August 23, our Board of Directors declared a quarterly cash dividend for the second quarter of fiscal 2022 of $0.30 per common share. This dividend is payable on September 23, 2022, to shareholders of record as of the close of business on September 9, 2022.

8 月 23 日，我們的董事會宣布 2022 財年第二季度的季度現金股息為每股普通股 0.30 美元。該股息將於 2022 年 9 月 23 日支付給截至 2022 年 9 月 9 日營業結束時在冊的股東。

Turning to the third quarter outlook. We expect the sales environment to remain uncertain. We expect 1-year comps to be down in the low double-digit range in line with what we have seen quarter-to-date. Net new stores will add about 140 basis points of growth versus 2021. We expect continued promotional activity will drive our Q3 gross margin rate into the mid-30s. While this is down from the prior year, it is sequentially better than Q2, driven in part by lessening promotional activity as we have made good progress in clearing through inventories.

轉向第三季度展望。我們預計銷售環境仍不確定。我們預計 1 年期補償將下降到兩位數的低位，與我們本季度迄今看到的一致。與 2021 年相比，淨新店將增加約 140 個基點。我們預計持續的促銷活動將推動我們的第三季度毛利率進入 30 年代中期。雖然這比去年有所下降，但比第二季度要好，部分原因是促銷活動減少，因為我們在清理庫存方面取得了良好進展。

We expect SG&A dollars to grow low single digits versus 2021 due primarily to increased outbound transportation costs, and costs related to 2 incremental forward distribution centers. Overall, this will result in a significant operating loss for the quarter. We expect a share count of approximately 28.9 million for Q3.

我們預計 SG&A 美元將比 2021 年增長低個位數，這主要是由於出境運輸成本增加，以及與 2 個增量遠期配送中心相關的成本。總體而言，這將導致本季度出現重大運營虧損。我們預計第三季度的股票數量約為 2890 萬股。

As we move into Q4, we expect the cleaner inventory levels improving sales momentum due to our efforts in providing better value to customers and lower freight and non-freight costs will lead to a recovery in Q4 gross margin to be approximately in line with the prior year.

隨著我們進入第四季度，我們預計由於我們努力為客戶提供更好的價值以及降低貨運和非貨運成本，更清潔的庫存水平將改善銷售勢頭，這將導致第四季度毛利率恢復到與之前的水平大致持平年。

While we expect the sales environment to remain uncertain, we see a more normalized fourth quarter gross margin rate for a few reasons. First, relative to Q3, sales should improve sequentially on a 1-year comp basis as our inventories get into a clean position, creating open-to-buy opportunities to offer better deals for our customers with increased bargains and closeout offerings, unique and exciting treasures and lower opening price points. With improving sales and clean inventories, there is a reduced need for markdowns and promotions which will benefit our gross margin.

儘管我們預計銷售環境仍不確定，但出於幾個原因，我們認為第四季度毛利率將更加正常化。首先，相對於第三季度，隨著我們的庫存進入乾淨的位置，銷售額應在 1 年的基礎上連續提高，創造開放購買機會，通過增加討價還價和清倉產品為我們的客戶提供更好的交易，獨特而令人興奮珍品和較低的開盤價點。隨著銷售和清潔庫存的改善，對降價和促銷的需求減少，這將有利於我們的毛利率。

Second, inbound freight costs are easing. In Q2, higher inbound freight costs, including retention and emerge charges approached 400 basis points of gross margin rate erosion versus 2019. Freight costs have been coming down since the early spring, and we are starting to see this benefit flow through. Meanwhile, detention and demurrage charges will be much lower in the back half as we have cleaned out our DC yards and got past much of the supply-chain disruption for the past 18 months.

二是進境貨運成本下降。與 2019 年相比，第二季度，更高的入境貨運成本（包括保留費和臨時費用）使毛利率下降了 400 個基點。自早春以來，貨運成本一直在下降，我們開始看到這種收益正在流淌。同時，由於我們已經清理了我們的 DC 船廠，並且在過去 18 個月中克服了大部分供應鏈中斷，因此後半部的滯留費和滯期費將大大降低。

Third, non-freight costs are also coming down as we're seeing price reductions from our vendors as raw material prices have moderated. Fourth, as Bruce referenced, we have been more targeted and efficient with pricing and promotions. Our road work in Food and Consumables indicates a $20 million annualized gross margin opportunity where we are already actioning and expect to see benefit from in the second half.

第三，非運費成本也在下降，因為我們看到供應商降價，因為原材料價格已經放緩。第四，正如布魯斯所說，我們在定價和促銷方面更有針對性和效率。我們在食品和消費品領域的道路工作表明了 2000 萬美元的年化毛利率機會，我們已經在採取行動，並希望在下半年從中受益。

Last, we expect to see a shrink benefit in the fourth quarter versus the headwind we have faced in the first 3 quarters. We are also continuing to intensify our expense reduction efforts. We continue to expect to take out $100 million in SG&A this year, which is our original plan, of which approximately $70 million is structural.

最後，與前三個季度面臨的逆風相比，我們預計第四季度的收益將縮小。我們還將繼續加大開支削減力度。我們繼續預計今年將在 SG&A 中拿出 1 億美元，這是我們最初的計劃，其中約 7000 萬美元是結構性的。

This will be partially offset by outbound transportation expense, including the impact of higher fuel rates. We have achieved approximately half of these savings in the first half of the year. And while there is some benefit in Q3, much of the balance is in Q4 due to seasonality effects. As a reminder, the $70 million in structural savings will come from store payroll, supplies and other goods and offer retail, and headquarter costs.

這將被出境運輸費用部分抵消，包括燃油價格上漲的影響。今年上半年，我們已經實現了大約一半的節省。儘管第三季度有一些好處，但由於季節性影響，大部分餘額都在第四季度。提醒一下，7000 萬美元的結構性節省將來自商店工資、用品和其他商品以及零售和總部成本。

The balance is driven by expense freight on lower sales and lower bonus accruals. We expect to continue to drive savings in 2023 and beyond. In regard to CapEx, we now expect approximately $160 million versus $175 million previously. On the store front, recall that last quarter, we prudently slowed the pace of store openings, given the current economic uncertainty.

餘額是由較低的銷售額和較低的應計獎金導致的費用運費驅動的。我們預計將在 2023 年及以後繼續推動儲蓄。關於資本支出，我們現在預計約為 1.6 億美元，而之前為 1.75 億美元。在店面，回想上個季度，鑑於當前的經濟不確定性，我們謹慎地放慢了開店速度。

We still expect over 50 openings in 2022. But due to economic conditions, we have also taken a harder look at stores we would like to exit, including both new stores and underperforming owned stores. Based on this review, the number of closures at the end of 2022 is likely to be higher than previously anticipated and could be similar to or greater than our number of openings. We see this as a very healthy pruning of our fleet and, in some cases, an acceleration of closures that would otherwise have occurred in later years.

我們仍預計 2022 年將有超過 50 家新店開業。但由於經濟狀況，我們也更仔細地審視了我們希望退出的門店，包括新店和表現不佳的自有門店。根據這次審查，2022 年底的關閉數量可能會高於之前的預期，並且可能與我們的開業數量相似或更多。我們認為這是對我們船隊的一次非常健康的修剪，並且在某些情況下，加速了本應在以後幾年發生的關閉。

Meanwhile, our store refresh program remains paused. Looking forward, we continue to see major store growth opportunity and expect to continue with a healthy rate of openings in 2023, albeit while continuing to take a prudent and watchful approach. We expect full year depreciation of around $153 million, including approximately $38 million in Q3.

同時，我們的商店更新計劃仍然暫停。展望未來，我們繼續看到主要的門店增長機會，並預計將在 2023 年繼續保持健康的開業率，儘管同時繼續採取謹慎和謹慎的態度。我們預計全年折舊約為 1.53 億美元，其中第三季度約為 3800 萬美元。

We are committed to ending Q3 with cleaner inventories as we drove higher sell-throughs and reduced receipts. As Bruce mentioned, this increases our ability to go after closeout later in the year, when we will have more open to buy opportunities. We expect total inventory cost at the end of Q3 to be up mid- to high single digits year-over-year which will represent a further substantial narrowing of the sales-to-inventory spread from where we ended Q2.

我們致力於以更清潔的庫存結束第三季度，因為我們推動了更高的銷售量和減少的收入。正如布魯斯所說，這增加了我們在今年晚些時候進行平倉的能力，屆時我們將有更多的買入機會。我們預計第三季度末的總庫存成本將同比上升中高個位數，這將代表我們在第二季度末的銷售與庫存之間的價差進一步大幅收窄。

We continue to expect Q4 inventory to be flat to down compared with the prior year. Beyond this year, our confidence in the long-term runway for both has not wavered, and we are optimistic about the value we will create as Operation North Star progresses. I will now turn the call back over to Bruce.

我們繼續預計第四季度庫存將與去年相比持平或下降。今年之後，我們對雙方長期跑道的信心沒有動搖，我們對隨著北極星行動的進展將創造的價值持樂觀態度。我現在將把電話轉回布魯斯。

Thank you, Jonathan. I'd like to end the call by again thanking our associates for their focus on playing to win and maintaining that obsession with the customer that has led to the very positive customer feedback. Together, we achieved a Net Promoter Score above 80% in Q2, which is top tier in the industry.

謝謝你，喬納森。最後，我想再次感謝我們的員工專注於贏得比賽並保持對客戶的痴迷，這導致了非常積極的客戶反饋。我們一起在第二季度實現了超過 80% 的淨推薦值，這是行業中的頂級水平。

As a result of their efforts, 22 million customers have rewarded us with their loyalty. I'll now turn the call back over to the moderator so that we can begin to address your questions. Thank you.

由於他們的努力，2200 萬客戶以他們的忠誠回報了我們。我現在將把電話轉回主持人，以便我們開始解決您的問題。謝謝你。

(Operator Instructions)

（操作員說明）

Our first question today is coming from Greg Badishkanian from Wolfe Research.

我們今天的第一個問題來自 Wolfe Research 的 Greg Badishkanian。

On for Greg. So just given the volatility in trends and weakness in the lower-income consumer that we're seeing and I think a lot of people in retail are seeing, how are you thinking about the setup for the holiday season? And then with the heavy discounting that we've seen across retail, do you think there's been any pull forward from 4Q sales into the third quarter or potentially into the second quarter as well?

對格雷格來說。因此，鑑於我們所看到的低收入消費者的趨勢波動和疲軟，我認為很多零售業人士都看到了，您如何看待假日季節的設置？然後隨著我們在零售業看到的大量折扣，您認為從第四季度到第三季度或可能到第二季度的銷售是否有任何推動？

Spencer, I'll jump in on that, and then maybe Bruce will want to add a couple of comments. So baked into our guidance is some moderation in comps from where we were in Q2, both on a 1-year and a 3-year basis.

斯賓塞，我會加入，然後布魯斯可能會想添加一些評論。因此，在我們的指導中，我們在第二季度的情況下，在 1 年和 3 年的基礎上有所緩和。

We did get some benefit, obviously, from the intense promotional activity in Q2, which we're kind of modeling out for Q3. And then we expect Q4 to be a little better than Q3 for a number of reasons, including some of the supply-chain constraints we had last year. So -- yes, we think there's been some pull forward, and we've tried to model that into our outlook curve for the balance of the year.

顯然，我們確實從第二季度的激烈促銷活動中獲得了一些好處，我們正在為第三季度建模。然後我們預計第四季度會比第三季度好一些，原因有很多，包括我們去年遇到的一些供應鏈限制。所以 - 是的，我們認為有一些進步，我們試圖將其建模到我們今年餘下的展望曲線中。

And I'll add by saying, I think we've got a good holiday plan. The team is working very hard on making sure that we're all staffed and ready to go with good product. We've obviously tailored our assortment for the holiday. We're off to a good start with Halloween, as we mentioned in our opening remarks. Halloween is up double digit versus last year.

我會補充說，我認為我們有一個很好的假期計劃。該團隊正在努力確保我們所有人都配備齊全並準備好推出優質產品。我們顯然已經為假期量身定制了我們的分類。正如我們在開場白中提到的那樣，我們的萬聖節有了一個良好的開端。萬聖節比去年增加了兩位數。

And we're very much looking at what's top of mind for our consumers right now. It's tough out there and necessities are top of mind. We're making sure we've a good stock there. Deals on big-ticket items are also top of mind. Credit is still in good shape with the consumer. As we've watched in some cases in the maybe medium to upper income levels better than pre-pandemic.

我們現在非常關註消費者最關心的問題。那裡很艱難，必需品是最重要的。我們確保我們在那裡有很好的庫存。大件商品的交易也是最重要的。消費者的信用狀況仍然良好。正如我們在某些情況下所看到的那樣，中高收入水平可能比大流行前更好。

The lower income levels are still pretty strong. She's frugal, she's smart. Food items are still top of mind, but also home maintenance, cleaning, storage resilient -- are all resilient. And the holidays, especially holidays, she never stopped shopping for a holiday. Holidays are important for her in good times and bad times, and we're set up to meet her expectations for the holiday.

較低的收入水平仍然相當強勁。她很節儉，她很聰明。食品仍然是首要考慮因素，但家庭維護、清潔、存儲彈性——都是彈性的。而節假日，尤其是節假日，她從來沒有停止過節假日購物。無論順境還是逆境，假期對她都很重要，我們已經準備好滿足她對假期的期望。

Great. That's helpful. And then just to dive into SG&A for a minute, can you talk about what's driving the growth in 3Q? And then how are you thinking about pulling further costs out of the business as you start to rightsize the cost structure given where the top line is today?

偉大的。這很有幫助。然後只是潛入 SG&A 一分鐘，你能談談是什麼推動了第三季度的增長嗎？那麼，當您開始調整成本結構時，您如何考慮將進一步的成本從業務中剔除，因為目前的收入是多少？

Yes. So Spencer, in Q3, the big driver is really transportation expense. You'll just continue to run pretty well up from a year ago. And then also the cost of our 2 newest forward distribution centers, which have come on stream. So that's what's driving SG&A up a little bit in Q3. And then we see a more favorable dynamic in Q4 as we've got more savings coming through. So we'd expect more be kind of flattish in Q4 on SG&A currently.

是的。所以斯賓塞，在第三季度，最大的驅動力是交通費用。從一年前開始，您將繼續運行良好。還有我們的 2 個最新的前向配送中心的成本，這些配送中心已經投產。這就是推動 SG&A 在第三季度略微上漲的原因。然後我們看到第四季度的動態更加有利，因為我們有更多的節省。因此，我們預計目前第四季度的 SG&A 會更加平淡。

Overall, we think there's still significant opportunity to take structural cost out of SG&A. We've taken $70 million out this year. The biggest chunk of that has come out of the stores, but also some out of quarters and other areas. And we think that's an ongoing opportunity. We will be going after that. We are intensifying our efforts there. We've got a task force set up to really dive deep into that. And we think there's still significant opportunity beyond 2022.

總體而言，我們認為仍有很大的機會從 SG&A 中扣除結構性成本。今年我們已經拿出了 7000 萬美元。其中最大的一部分來自商店，但也有一些來自宿舍和其他地區。我們認為這是一個持續的機會。我們將在那之後。我們正在那裡加緊努力。我們已經成立了一個工作組來深入研究這個問題。我們認為 2022 年之後仍有重大機遇。

Our next question is coming from Sarang Vora from TAG.

我們的下一個問題來自 TAG 的 Sarang Vora。

My first question is on the current trends. Can you provide color on the low double-digit negative comps you are seeing quarter-to-date? Is the trend -- the category trends very similar to what we saw in the second quarter? Or are you seeing shifts, given the changes in the consumer behavior?

我的第一個問題是關於當前的趨勢。您能否為您在本季度看到的低兩位數負數提供顏色？趨勢 - 類別趨勢是否與我們在第二季度看到的非常相似？或者，鑑於消費者行為的變化，您是否看到了變化？

Sarang, Yes, I'll be happy to take that. So -- yes, generally consistent with what we're seeing in Q2. Clearly, comps and seasonal were pretty strong in Q2 as we were supporting that with a lot of promotions. A little bit of moderation there, but generally pretty consistent. And generally, we would say that, that sequential decline from where we were for Q2 is primarily a factor of the higher promotional activity, particularly around seasonal in Q2.

薩朗，是的，我很樂意接受。所以 - 是的，通常與我們在第二季度看到的一致。顯然，第二季度的補償和季節性非常強勁，因為我們通過大量促銷活動來支持這一點。那裡有一點節制，但通常相當一致。一般來說，我們會說，與第二季度相比的連續下降主要是促銷活動增加的一個因素，尤其是在第二季度的季節性前後。

We see as the quarter goes on, that remains fairly consistent, although August was probably a somewhat more challenging comp for us than the balance of the quarter.

我們認為隨著季度的繼續，這仍然相當一致，儘管 8 月對我們來說可能比本季度的餘額更具挑戰性。

Got it. And my second question is on the composition of inventory. You clearly made progress from 1Q to 2Q, and it seems like there is a work in progress right now. But as you go towards the end of fourth quarter, I heard that it will be flat to down by the end of the year. So just curious if you could share color again on like category -- like, how are you managing this inventory to be flat to down for fourth quarter?

知道了。我的第二個問題是關於庫存的構成。您顯然從 1Q 到 2Q 取得了進展，現在似乎有一項工作正在進行中。但是當你接近第四季度末時，我聽說到今年年底它將持平到下降。所以只是好奇你是否可以在類似的類別上再次分享顏色——比如，你如何管理這個庫存在第四季度持平到下降？

Are you ordering less? Are there any categories that could see significant decline as you go through the fourth quarter? Just curious to know the trend on the inventory side and the composition of inventory towards, as you talked, to the second (inaudible).

你訂購的少嗎？在您度過第四季度時，是否有任何類別可能會出現顯著下降？只是想知道庫存方面的趨勢和庫存的構成，正如你所說的那樣，第二個（聽不清）。

Sure. Yes. So a lot of it comes back to seasonal. So we've been carrying seasonal inventory through Q2 and some -- to some into Q3, and we expect that problem to be largely solved as we go into Q4 and have a much more normalized seasonal inventory level. And then last year, we brought in a lot of seasonal relatively early in Q4. So that's one of the reasons why we're going to be down at the end of Q4 is we don't expect to fully lap there.

當然。是的。所以很多都是季節性的。因此，我們一直在第二季度和第三季度進行季節性庫存，我們預計隨著我們進入第四季度並擁有更加正常化的季節性庫存水平，這個問題將在很大程度上得到解決。然後去年，我們在第四季度相對較早地引入了很多季節性產品。所以這就是為什麼我們會在第四季度末下降的原因之一是我們不希望完全跑到那裡。

We had essentially to smooth the supply-chain issues. Brought in some receipts early in Q4 last year to set us up what we thought was going to be a stronger selling season for summer lawn and garden. But yes, we feel good about the inventory levels. And the important point behind that is that it's opening up -- open to buy to go after better closeout opportunities, and we're excited about that.

我們必須從根本上解決供應鏈問題。去年第四季度早些時候帶來了一些收據，以建立我們認為夏季草坪和花園的銷售旺季。但是，是的，我們對庫存水平感覺良好。這背後的重要一點是它正在開放——開放購買以尋求更好的平倉機會，我們對此感到興奮。

I'll just add, the seasonal inventory we worked through in Q2 was predominantly the patio, lawn and garden furniture. And we went big in that by last year, which we'll be able to comp. And unfortunately, there was a pullback in customer spend early in Q1 and into Q2, as you know, this year.

我要補充一點，我們在第二季度處理的季節性庫存主要是庭院、草坪和花園家具。到去年，我們在這方面做得很大，我們將能夠彌補。不幸的是，如您所知，今年第一季度和第二季度的客戶支出有所回落。

And so the majority of our inventory bulge and markdown promotional activity was to move that product in Q2, which we've for the most part, put behind us. The go-forward seasonal inventory is on lower ticket items and more seasonal items that we've curtailed and rightsized for the Q3 and Q4. We expect to see really nice sell-throughs on that and better management overall across our product lines.

因此，我們的大部分庫存膨脹和降價促銷活動都是在第二季度移動該產品，而我們大部分時間都將其拋在了身後。前進的季節性庫存是針對較低票價商品和更多季節性商品，我們已在第三季度和第四季度縮減和調整大小。我們希望在我們的產品線中看到非常好的銷售和更好的整體管理。

Merchants have done a nice job. Our planning allocation replenishment team have really tightened things up. And we're going to add a lot more bargains than treasurers that's going to excite our customers going into the back half.

商家做得很好。我們的計劃分配補貨團隊確實收緊了。而且我們將增加比財務主管更多的便宜貨，這將激發我們進入後半部分的客戶。

Our next question is coming from Peter Keith from Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Peter Keith。

This is Matt on for Peter. First one from me, just curious if you're seeing any tightening with all your credit providers for -- in regards to consumer credit.

這是彼得的馬特。我的第一個問題，只是好奇你是否看到所有信貸提供者在消費信貸方面收緊。

Yes. Not significantly, Matt. We actually saw an acceleration in our big loss credit card penetration of sales in Q2. Leasing was more sort of flattish, but we haven't seen any significant impact yet from our timing of credit availability.

是的。不顯著，馬特。實際上，我們在第二季度看到了我們的大虧損信用卡銷售滲透率的加速。租賃更趨於平緩，但我們還沒有看到我們提供信貸時間的任何重大影響。

Okay. Great. And then secondly, I was wondering if you could provide a little bit more color on your furniture sales specialists. I think you said still driving a nice lift, but -- is there anything else to call out? And are you all still planning to expand it store-wide maybe by next year? Or what are the plans for that?

好的。偉大的。其次，我想知道您是否可以為您的家具銷售專家提供更多顏色。我想你說仍然開著不錯的電梯，但是——還有什麼要說的嗎？你們是否還計劃在明年之前將其擴展到整個商店？或者有什麼計劃？

Yes, Matt, just to cover off the furniture sales program, we basically have a furniture sales lead and 3 furniture specialists in about 380 stores right now. It gives us open to close furniture coverage, whereas typically we don't have that in the balance of chain. We're seeing nice sales lifts, double-digit sales lift and fully staffed stores.

是的，馬特，只是為了掩蓋家具銷售計劃，我們現在基本上在大約 380 家商店中有家具銷售主管和 3 名家具專家。它使我們可以打開或關閉家具覆蓋範圍，而通常我們在鏈條的平衡中沒有。我們看到了不錯的銷售增長、兩位數的銷售增長和人員配備齊全的商店。

We expect that over time, going into next year as we as we roll this program out, we can get to over 600 stores. And it's really important because buying furniture at Broyhill, large ticket items, Real Living. These brands are going to be billion-dollar brands, and it's a big-ticket sale for our customers and helping them through that requires an incentive team, a knowledgeable team to make that engagement, a really good engagement.

我們預計，隨著時間的推移，進入明年，當我們推出這個計劃時，我們可以到達 600 多家商店。這真的很重要，因為在 Broyhill 購買家具、大件物品、Real Living。這些品牌將成為價值數十億美元的品牌，這對我們的客戶來說是一筆大買賣，幫助他們度過難關需要一個激勵團隊，一個知識淵博的團隊來進行這種參與，一個非常好的參與。

And once again, you heard us talk in opening remarks, as we open up new stores, especially in the rural markets, our furniture program does very well there, along with our omnichannel capabilities to pick up same day from the store, buy it, take it away from the store, but we also have it shipped to our customers.

再一次，您在開幕詞中聽到了我們的講話，當我們開設新店時，尤其是在農村市場，我們的家具計劃在那裡做得很好，以及我們當天從商店取貨、購買的全渠道能力，把它從商店拿走，但我們也會把它運給我們的客戶。

So we think that the furniture sales program that we're rolling out right now is something that will continue to grow in most stores across our balance chain over time.

因此，我們認為我們現在推出的家具銷售計劃將隨著時間的推移在我們的平衡鏈中的大多數商店中繼續增長。

Our next question is coming from Krisztina Katai from Deutsche Bank.

我們的下一個問題來自德意志銀行的 Krisztina Katai。

I wanted to ask about the opening price points and just the proportion of closeouts that you're working towards, which sounds like a good opportunity. Any way to quantify how the customers have responded to your efforts here and how best to think about the competitive dynamics across your peers as we enter the fourth quarter?

我想詢問開盤價以及您正在努力實現的平倉比例，這聽起來是一個很好的機會。有什麼方法可以量化客戶對您的努力的反應，以及在我們進入第四季度時如何最好地考慮同行的競爭動態？

Also, just considering close-out are mostly in the discretionary categories, are you making any assumptions that maybe you should go at -- after closes in consumable categories as well just because that's what we see right now the customer is really looking for and is a traffic driver?

此外，僅考慮關閉主要屬於可自由支配的類別，您是否做出任何可能您應該進行的假設——在消耗品類別關閉之後，僅僅因為這是我們現在看到的客戶真正想要的並且是交通司機？

Yes. First -- Krisztina, I'll take this. The first part of your question, regarding opening price points. During the last couple of years with the inflation rates and so on, they really pushed some of our products out of opening price points, and we've worked hard with our great vendor community to bring those back down, especially in areas like furniture.

是的。首先—— Krisztina，我會接受這個。您問題的第一部分，關於開盤價。在過去的幾年裡，由於通貨膨脹率等等，它們確實使我們的一些產品超出了開盤價，我們一直在與我們偉大的供應商社區一起努力將這些產品降下來，尤其是在家具等領域。

For example, our recliners moved from $299 in the $200 to $300 range up to the $400, $500 range with all the freight cost and component costs. We've now worked to bring that back. And this fall, we'll have a $299 recliner back. And that's just one example. Across the home categories, we're making efforts to do that and should have a very nice opening price line.

例如，我們的躺椅從 200 美元到 300 美元的 299 美元上升到 400 美元、500 美元的範圍，包括所有的運費和組件成本。我們現在已經努力把它帶回來。今年秋天，我們將有一個 299 美元的躺椅回來。這只是一個例子。在家庭類別中，我們正在努力做到這一點，並且應該有一個非常好的開盤價線。

That's what hooks customers back in, and then we shop and trade them up with the bargains and deals that we have in store. With regards to bargains or what we are calling bargains that encompass closeouts, it's basically anything that is a lower comp than other retailers, really pleased with the progress that our merchandising team is making in sourcing the bargains.

這就是吸引顧客回來的原因，然後我們用商店裡的便宜貨和優惠來購物和交易他們。關於討價還價或我們所說的包含清倉的討價還價，基本上是比其他零售商低的任何東西，對我們的銷售團隊在採購便宜貨方面取得的進展感到非常滿意。

I want to explain that it's beyond Food and Consumables. Although Food and Consumables are still a big part of it. In fact, we just got a national closeout on potato chips due to packaging changes just last week that is going to sell very nicely for our customers in Q3 and Q4.

我想解釋一下，它超越了食品和消耗品。儘管食物和消耗品仍然是其中的重要組成部分。事實上，由於上週的包裝變化，我們剛剛在全國范圍內關閉了薯片，這將在第三季度和第四季度為我們的客戶賣得很好。

But it's across the board. As we mentioned in our opening remarks, these closeouts will find a way to our end caps in July, less than 40% of our end caps. And the basic store has about 35 end caps in general around the racetrack. Only about 40% had bargains and treasures. In October this year, we'll have that penetration grow to 90% where bargains will make a major part of that end-cap assortment. So it's going to be across all categories and we're seeing good traction. It's a target-rich environment out there.

但它是全面的。正如我們在開場白中提到的那樣，這些收尾將在 7 月份找到我們的最終上限，不到我們最終上限的 40%。基本商店通常在賽道周圍有大約 35 個端蓋。只有大約 40% 的人有便宜貨和寶藏。今年 10 月，我們的滲透率將增長到 90%，其中便宜貨將成為該終端產品分類的主要部分。因此，它將涵蓋所有類別，我們看到了良好的牽引力。這是一個目標豐富的環境。

We're seeing it in toys, appliances, vacuums, home textiles, furniture, branded product, even secondary branded product. We're very focused on buying smart with a good exit plan. And everything we buy in the closeout bargain arena, we're trying to make sure that it's accretive to that category's margin and overall company margins. So -- we see a lot of opportunity to -- especially during these tough times for our customers, to bring the deals to her that she really enjoys.

我們在玩具、電器、吸塵器、家用紡織品、家具、品牌產品，甚至二級品牌產品中看到了它。我們非常專注於通過良好的退出計劃購買智能產品。我們在收尾討價還價舞台上購買的所有東西，我們都在努力確保它能夠增加該類別的利潤率和公司的整體利潤率。所以——我們看到了很多機會——尤其是在我們的客戶面臨的艱難時期，將她真正喜歡的交易帶給她。

That's great. And then just a follow-up on the gross margin outlook. Obviously, it sounds like the third quarter will still be under a little bit of pressure. Maybe just talk about your confidence in getting back to normalized gross margins in the fourth quarter. And just curious to hear your assumptions around the competitive environment across retailers, just considering that there's a lot of retailers with heavy inventory still as of today.

那太棒了。然後只是對毛利率前景的跟進。顯然，聽起來第三季度仍然會承受一點壓力。也許只是談談您對在第四季度恢復正常毛利率的信心。只是想听聽你對零售商競爭環境的假設，只是考慮到今天仍有很多零售商的庫存量很大。

Yes. Krisztina, I'll jump in on that, and I think Bruce will add a few comments. Yes. So we are expecting some continued promotional pressure on margin in Q3, which is why we've guided to the mid-30s. We're still working through that seasonal inventory that we came into the early spring with, so that will continue to weigh on it a little bit. By the time we get Q4 though, we do think that will be behind us. There are a number of factors, which we think will drive our gross margin higher in Q4, which we talked about a little bit in our prepared remarks.

是的。 Krisztina，我會加入，我認為 Bruce 會添加一些評論。是的。因此，我們預計第三季度利潤率將繼續受到促銷壓力，這就是我們將其引導至 30 年代中期的原因。我們仍在處理我們進入早春的季節性庫存，因此這將繼續對其施加一點壓力。不過，當我們得到第四季度時，我們確實認為這將過去。有許多因素，我們認為這將推動我們在第四季度的毛利率更高，我們在準備好的評論中談到了一點。

We're going to be in a better inventory position in general coming into Q4. We're not going to have the supply chain issues that we had last year. We're going to do better on shrink. Detention to emerge is going to come down meaningfully as we clean out our yards and freight rates have started to turn, and we're starting to see that benefit now flow through in our gross margin rate.

總體而言，進入第四季度，我們將處於更好的庫存狀況。我們不會遇到去年的供應鏈問題。我們會在收縮方面做得更好。隨著我們清理堆場和運費開始轉向，出現的滯留量將顯著下降，我們開始看到這種好處現在正流向我們的毛利率。

So all those factors, we think are going to be tailwinds as we come into Q4. We do assume it's still going to be a somewhat challenging promotional environment and our comp sort of bake that in. But overall, we're optimistic about Q4, and we're up against rate in 37.3% in 2021, which we expect to be in line with in Q4.

因此，我們認為所有這些因素都會在我們進入第四季度時成為順風。我們確實認為這仍將是一個頗具挑戰性的促銷環境，而我們的競爭對手則將其納入其中。但總體而言，我們對第四季度持樂觀態度，我們預計 2021 年的增長率為 37.3%與第四季度一致。

And I'll add I feel like we're doing really good work to end fiscal '22 in a stronger position. Keeping in mind what we said earlier, seasonal from lawn and garden played a big role in the first half of this year, moving through that inventory. That's pretty much behind us at this point. Promotions are going to be much more efficient going forward.

我要補充一點，我覺得我們在結束 22 財年時做得非常好，處於更有利的地位。記住我們之前所說的，草坪和花園的季節性在今年上半年發揮了重要作用，通過庫存。在這一點上，這已經遠遠落後於我們了。促銷活動將更加有效。

Our vendor community is working well with us, once again, restoring those opening price points, reengineering products with good quality but more margin for us as well. All that's going to play into a better back half. So back half should continue to grow in margin rate, and the team is really focused on that.

我們的供應商社區再次與我們合作良好，恢復了那些開盤價，重新設計了質量好但也為我們帶來更多利潤的產品。所有這一切都將在一個更好的後半場發揮作用。所以後半部分的利潤率應該會繼續增長，而球隊真的很關注這一點。

Our next question is coming from Kate McShane from Goldman Sachs.

我們的下一個問題來自高盛的 Kate McShane。

This is Mark Jordan on for Kate today. I guess following up on that last question, how do you feel your opening price points are positioned relative to your competitors?

這是今天為凱特做的馬克喬丹。我想跟進最後一個問題，你覺得你的開盤價點相對於你的競爭對手如何定位？

It's a good question, Mark. What we do is we look at our competitive pricing on a weekly basis. And we've added new tools, third-party resources and tools and systems to help us do a better job ensuring that we're based in a good competitive point.

這是個好問題，馬克。我們所做的是每週查看我們具有競爭力的價格。我們還添加了新工具、第三方資源以及工具和系統，以幫助我們更好地工作，確保我們立足於良好的競爭點。

So that helps us establish an opening price points. There's some areas where we look at the elasticity, and we understand the range we can be on basic easy-to-shop, especially name brand items in the consumables and food areas. Other areas are a little bit more difficult to shop, but we maintain a good comparison ratio.

所以這有助於我們建立一個開盤價點。在某些領域，我們關注彈性，我們了解我們可以在基本易於購物的範圍內，特別是消耗品和食品領域的名牌商品。其他地區有點難買，但我們保持了良好的比較率。

And then once again, the increase in bargains, our ability to bring our own brands into the comparison and off-price or close-out brands and that penetration growing across our assortment gives us a competitive edge against everyday low-price mass retailers, grocery chains, et cetera. So I feel like we're in a good position, and it's getting better every week, and it's going to get stronger through the back half of this year, and we'll enter '23 from a really good position with a nice balance of bargains, treasures and everyday essentials.

再一次，便宜貨的增加，我們將自己的品牌帶入比較和低價或關閉品牌的能力，以及在我們的產品組合中不斷增長的滲透率，使我們在日常低價大眾零售商、雜貨店中具有競爭優勢鍊等。所以我覺得我們處於一個很好的位置，而且每週都在變好，今年下半年會變得更強大，我們將從一個非常好的位置進入 23便宜貨、珍品和日常必需品。

And in that respect, we're aiming to get to 1/3 of bargains across our assortment, which is better than everyday low-price deals out there; 1/3 treasures, which were already in a good place. It's an emotional and delightful purchase for her. And everyday essentials we're working on, that's where you really get to the price competitiveness. We're looking at reducing some of the redundancy and making it even more productive with more solutions for her at competitive prices. So I think we're in good shape and getting better every week.

在這方面，我們的目標是在我們的分類中獲得 1/3 的便宜貨，這比那裡的日常低價交易要好； 1/3寶物，本來就在好地方。對她來說，這是一次激動人心且令人愉快的購買。我們正在開發的日常必需品，這就是您真正獲得價格競爭力的地方。我們正在考慮減少一些冗餘，並以具有競爭力的價格為她提供更多解決方案，從而提高工作效率。所以我認為我們的狀態很好，每週都在進步。

Perfect. And I guess it might be early if you haven't done your inventory counts, but do you have any updates on shrink?

完美的。而且我想如果您還沒有完成庫存盤點可能還為時過早，但是您有關於收縮的任何更新嗎？

We really don't yet because, to your point, our physical inventory cycle typically starts in January, which is where we get the full rate. We are planning to do some late September sort of sample test of inventories to see what traction we've got. I mean, I think as we talked about in the past, there's an accounting impact in Q4. But even if our shrink rate didn't improve at all because we effectively in Q4 2021 had to take the sort of hit for all of 2021 in terms of increased shrink rate.

我們真的還沒有，因為就您而言，我們的實物庫存週期通常從一月份開始，這是我們獲得全價的地方。我們計劃在 9 月下旬對庫存進行一些抽樣測試，看看我們有什麼吸引力。我的意思是，我認為正如我們過去所說，第四季度會產生會計影響。但是，即使我們的收縮率根本沒有提高，因為我們在 2021 年第四季度實際上不得不在收縮率增加方面承受 2021 年全年的那種打擊。

So we're up against effectively a 60 basis points impact in 2021 of last year. But we're optimistic we're going to do better than hold the rate flat, and we think all the things we've rolled out, including new shrink technologies embedded training at the store level, new incentive plans and so on, it's going to help us bring that down.

因此，我們在去年的 2021 年實際上面臨 60 個基點的影響。但我們樂觀地認為，我們將比保持利率不變做得更好，我們認為我們推出的所有東西，包括新的收縮技術嵌入商店層面的培訓、新的激勵計劃等等，它正在發生幫助我們降低它。

But we'll get our first read in September, so we'll report on that at our next earnings call, and then we'll get a full read in January when we begin the full physical inventory program for next year.

但我們將在 9 月進行第一次閱讀，因此我們將在下一次財報電話會議上對此進行報告，然後在明年 1 月開始全面的實物庫存計劃時進行全面閱讀。

Your next question is coming from Jason Haas from Bank of America.

您的下一個問題來自美國銀行的 Jason Haas。

I'm curious if you've seen any early signs of trade down? And if not yet fully, I'm curious, what categories going forward do you think are most likely to attract that trade-down customer?

我很好奇你是否已經看到任何交易下降的早期跡象？如果還沒有完全，我很好奇，你認為未來哪些類別最有可能吸引那些以舊換新的客戶？

Jason, trade down is happening. We believe the process is beginning. We're already in the beginning stages of it. Right now, just to give you an overview of how we see trade down, trade-down customers are pretty loyal to the store. They shop and they'll trade down within that store.

傑森，交易正在發生。我們相信這個過程正在開始。我們已經處於起步階段。現在，只是為了讓您大致了解我們如何看待降價，降價客戶對商店非常忠誠。他們購物，他們會在那家商店內進行交易。

We see that in our own stores, especially in the furniture category, where she'll go from Broyhill purchase to a real living purchase. It's just -- they are entry-level price point there. And so we've seen, in fact, Real Living pass Broyhill in overall sales in Q2, which is a good thing for us. Both owned brands are doing quite well.

我們在我們自己的商店中看到了這一點，尤其是在家具類別中，她將從 Broyhill 購買到真正的生活購買。只是 - 它們是那裡的入門級價格點。事實上，我們已經看到，Real Living 在第二季度的整體銷售額中超過了 Broyhill，這對我們來說是一件好事。兩個自有品牌都做得很好。

And then they'll start changing stores, and we're seeing that starting to occur, too, just at the beginning stages of it, we're starting to see customers with a higher income, over $100,000, just ever so slightly start trading into us and gaining penetration in overall sales. But we've got a great assortment for that.

然後他們會開始更換商店，我們也看到這種情況開始發生，就在它的開始階段，我們開始看到收入更高（超過 10 萬美元）的客戶開始交易進入我們並在整體銷售中獲得滲透。但我們有一個很好的分類。

I think the trade down happens in lawn and garden, patio or seasonal areas. We already know the household income of the customer in that area is 2x our core customer. And so we've already proven the trade down happens there. Furniture in the Home categories, Hard Home, Soft Home, are great ideas for her. Especially now when she's being probable about these big-ticket purchases, the accessories you can have in Hard Home and Soft Home, Big Lots is a great option for her.

我認為下降發生在草坪和花園、庭院或季節性區域。我們已經知道該地區客戶的家庭收入是我們核心客戶的 2 倍。因此，我們已經證明交易下跌發生在那裡。家居類別中的家具，硬家居，軟家居，對她來說是個好主意。尤其是現在，當她可能購買這些大件商品時，您可以在 Hard Home 和 Soft Home 中擁有的配件，Biglots 對她來說是一個很好的選擇。

So we think trade down is happening. We think as this macroeconomic environment continues, that trade down will accelerate. And what's more is an exciting and a related way is that our reactivated customer growth has significantly grown in Q2 this year versus Q2 last year, up mid-teens versus last year. So they're coming back as well to shop us.

所以我們認為貿易下降正在發生。我們認為，隨著這種宏觀經濟環境的持續，貿易下滑將加速。更令人興奮且相關的方式是，我們重新激活的客戶增長在今年第二季度與去年第二季度相比顯著增長，與去年相比增長了十幾歲。所以他們也會回來給我們購物。

It's good to hear. And then as my follow-up question, I was curious, maybe for Jonathan, if you could talk about the rationale for doing the sale leaseback and I guess, potentially -- sorry, I can't remember the exact way that you phrased it, between the sale leaseback and the sale of stores. But I was curious, what was the rationale for doing that? And what's the plan to use those proceeds for?

很高興聽到。然後作為我的後續問題，我很好奇，也許是喬納森，如果你能談談進行銷售回租的理由，我猜，可能 - 對不起，我不記得你的確切措辭方式，在銷售回租和商店銷售之間。但我很好奇，這樣做的理由是什麼？將這些收益用於什麼計劃？

Yes. So there's a couple of different buckets of that, Jason. The first is we've got 25 owned stores, which we are planning to sell outright, not leaseback. And they are underperforming stores that if we impute a normal rent charge, they're not economic and we can sell those 25 stores for a very significant multiple of the cumulative EBITDA they're generating.

是的。所以有幾個不同的桶，傑森。首先是我們有 25 家自有商店，我們計劃直接出售，而不是回租。而且他們的商店表現不佳，如果我們估算正常的租金費用，它們就不經濟，我們可以以它們產生的累積 EBITDA 的很大倍數出售這 25 家商店。

And in some cases, they're generating negative EBITDA. So that one we think is kind of straightforward and that's going to be a pretty significant sum. Then we have another 25 or 26 owned stores that we're considering sale leaseback proposals for. We've also got our corporate headquarters here. So we have the ability to execute sale leasebacks on those, which we're considering proposals currently have not made a final decision on, but that's something that we are actively considering.

在某些情況下，他們會產生負 EBITDA。因此，我們認為這是一種直截了當的數字，這將是一筆不小的數目。然後我們還有另外 25 或 26 家自有商店，我們正在考慮出售回租建議。我們的公司總部也在這裡。因此，我們有能力對那些我們正在考慮的提案執行售後回租，目前尚未做出最終決定，但這是我們正在積極考慮的事情。

And then we have the synthetic lease on our Apple Valley distribution center in California, which -- it needs to be refinanced by 2024 in any case. We have -- the equity attached to that belongs to us. So if we were to sell at -- lease it back, I mean, there's the potential equity gain there for us. But that's the other piece we need to address and we're working on currently too. So in terms of proceeds, first of all, our priority is to make sure we have appropriate levels of liquidity.

然後我們在加利福尼亞的蘋果谷配送中心獲得了合成租賃，無論如何它都需要在 2024 年之前再融資。我們擁有 - 附帶的股權屬於我們。因此，如果我們要出售 - 將其出租回來，我的意思是，我們有潛在的股權收益。但這是我們需要解決的另一部分問題，我們目前也在努力。因此，就收益而言，首先，我們的首要任務是確保我們擁有適當的流動性水平。

So we're protected from any downswings like the downswings we all have just seen over the past couple of quarters, we want to make sure we've got healthy levels of minimum liquidity at all times. Next priority is to make sure we're appropriately investing in the business to drive long-term growth and shareholder returns.

因此，我們受到保護，不會出現像過去幾個季度我們都看到的下滑那樣的下滑，我們希望確保我們始終保持健康的最低流動性水平。下一個優先事項是確保我們對業務進行適當投資，以推動長期增長和股東回報。

And obviously, you have the dividend and then you have share repurchases, which assuming we have excess liquidity, and we've utilized capital support appropriate levels of investment in business. If we have excess liquidity beyond that, then we think share repurchase is an appropriate use of that excess liquidity.

顯然，你有股息，然後你有股票回購，假設我們有過剩的流動性，我們已經利用資本支持適當水平的業務投資。如果我們擁有超出此範圍的過剩流動性，那麼我們認為股票回購是對過剩流動性的適當利用。

The next question is coming from Zachary Donnelly from KeyBanc.

下一個問題來自 KeyBanc 的 Zachary Donnelly。

So over the course of the past couple of weeks, we saw some pricing investments from competitors like Family Dollar or different dollars and discounters. And so I was wondering, kind of over the longer term, how you're thinking about potentially the need for price investments, especially within the consumables segment.

因此，在過去幾週的過程中，我們看到了來自 Family Dollar 或其他美元和折扣店等競爭對手的一些定價投資。所以我想知道，從長遠來看，你如何考慮潛在的價格投資需求，特別是在消耗品領域。

Yes, good question, Zachary. What we've done is we partnered with a third-party consultant review, especially our Food and Consumables line, so that we maintain competitiveness and also have the right bargains and deals. And we've rolled that out on the Consumables side of the house and just started rolling out the Food side of the house.

是的，好問題，扎卡里。我們所做的是與第三方顧問審查合作，特別是我們的食品和消耗品系列，以便我們保持競爭力並獲得合適的討價還價和交易。我們已經在房子的消耗品方面推出了它，並且剛剛開始在房子的食品方面推出。

And in some cases, what we've seen both, regionally and across products, in national brands as well as off-price or bargains, is the opportunity to either take prices up or take prices down to grow our share in the marketplace. And we think that on an annualized basis, this will add $20 million worth of margin just in Food and Consumables to our P&L.

在某些情況下，我們在區域和跨產品、民族品牌以及低價或便宜貨中看到的是提高或降低價格以增加我們在市場上的份額的機會。我們認為，按年計算，這將為我們的損益表增加價值 2000 萬美元的食品和消耗品利潤。

That work will start showing up in Q4. So that's just work that we're doing to ensure that we're priced competitively and also have the bargains and treasurers' penetration growing at the same time with opening price points that are appropriately set. We're continuing to roll that out across the country, and we'll take that, as I mentioned earlier, to other categories across the store.

這項工作將在第四季度開始出現。因此，這只是我們正在做的工作，以確保我們的定價具有競爭力，並且在適當設定開盤價點的同時，讓便宜貨和財務主管的滲透率增加。我們將繼續在全國推廣，正如我之前提到的，我們將把它帶到商店的其他類別。

So we've got -- and once again, we price rate every week. We review things. The team is very agile and responsive in our competitive position. It's a muscle that we've actually worked on quite a bit over the last 90 days, and we're getting better and better at it.

所以我們有 - 再一次，我們每周定價。我們審查事情。該團隊在我們的競爭地位上非常敏捷和反應迅速。在過去的 90 天裡，我們實際上對這塊肌肉進行了相當多的鍛煉，而且我們在這方面做得越來越好。

That does conclude today's teleconference and webcast. A replay of this call will become available. You could access the replay until September 13, and by dialing toll 3 (877) 660-6853 and enter the replay confirmation 13732156, followed by the pound sign. The toll number is 1 (201) 612-7415, replay confirmation 13732156, followed by this pound sign. You may now disconnect and have a great day. We thank you for your participation.

今天的電話會議和網絡直播到此結束。此通話的重播將變為可用。您可以在 9 月 13 日之前訪問重播，撥打收費電話 3 (877) 660-6853 並輸入重播確認 13732156，然後輸入井號。收費號碼是 1 (201) 612-7415，重播確認 13732156，後跟這個井號。您現在可以斷開連接並度過美好的一天。我們感謝您的參與。