Caseys General Stores Inc (CASY) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by.

您好，感謝您的支持。

Welcome to the Second Quarter FY 2025 Casey's General Stores Earnings Conference Call.

歡迎參加 Casey's General Stores 2025 財年第二季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Brian Johnson, Senior Vice President of Investor Relations, and Business Development.

現在，我想將會議交給今天的發言人、投資者關係和業務發展高級副總裁布萊恩·約翰遜。

Please go ahead.

請繼續。

Good morning, and thank you for joining us to discuss the results from our second quarter ended October 31, 2024.

早安，感謝您加入我們討論截至 2024 年 10 月 31 日的第二季業績。

I'm Brian Johnson, Senior Vice President, Investor Relations, and Business Development.

我是布萊恩·約翰遜，投資者關係和業務發展高級副總裁。

With me today are Darren Rebelez, Board Chair, President, and Chief Executive Officer; as well as Steve Bramlage, Chief Financial Officer.

今天與我一起的是董事會主席、總裁兼執行長 Darren Rebelez；以及財務長史蒂夫·布拉姆拉格（Steve Bramlage）。

Before we begin, I'll remind you that certain statements made by us during this investor call may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我要提醒您，我們在本次投資者電話會議中所作的某些聲明可能構成《1995 年私人證券訴訟改革法案》所定義的前瞻性聲明。

These forward-looking statements include any statements relating to the potential impact of the Fikes transaction, expectations for future periods, possible or assumed future results of operations, financial conditions, liquidity and related sources or needs, the company's supply chain, business and integration strategies, plans and synergies, growth opportunities and performance at our stores.

這些前瞻性陳述包括與 Fikes 交易的潛在影響、對未來期間的預期、可能或假設的未來經營業績、財務狀況、流動性和相關來源或需求、公司的供應鏈、業務和整合策略有關的任何陳述、計劃和協同作用、成長機會和我們商店的表現。

There are a number of known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from any future results expressed or implied by those forward-looking statements, including, but not limited to, the integration of the recent acquisitions, our ability to execute on our strategic plan or to realize benefits from the strategic plan, the impact and duration of the conflict in Ukraine and related governmental actions as well as other risks, uncertainties and factors, which are described in our most recent annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the SEC and available on our website.

存在許多已知和未知的風險、不確定性和其他因素，可能導致我們的實際結果與這些前瞻性陳述表達或暗示的任何未來結果有重大差異，包括但不限於最近收購的整合、我們執行策略計劃或從戰略計劃中獲益的能力、烏克蘭衝突的影響和持續時間以及相關政府行動以及其他風險、不確定性和因素，這些在我們最近的年度報告中進行了描述以表格10-K 和表格10-Q 上的季度報告形式向美國證券交易委員會(SEC) 提交並可在我們的網站上查閱。

Any forward-looking statements made during this call relet our current views as of today with respect to future events, and Casey's disclaims any intention or obligation to update or revise forward-looking statements, whether as a result of new information, future events or otherwise.

本次電話會議中所做的任何前瞻性陳述均代表了我們目前對未來事件的看法，Casey's 否認有任何更新或修改前瞻性陳述的意圖或義務，無論是由於新資訊、未來事件還是其他原因。 。

A reconciliation of non-GAAP to GAAP financial measures referenced in this call as well as a detailed breakdown of the operating expense increase for the second quarter can be found on our website at www.caseys.com under the Investor Relations link.

本次電話會議中提及的非 GAAP 與 GAAP 財務指標的對帳表以及第二季度營運費用增加的詳細分類可在我們的網站 www.caseys.com 的「投資者關係」連結中找到。

With that said, I would now like to turn the call over to Darren to discuss our second quarter results.

話雖如此，我現在想把電話轉給 Darren 討論我們的第二季業績。

Darren?

達倫？

Thanks, Brian, and good morning, everyone.

謝謝，布萊恩，大家早安。

We're excited to discuss the strong second quarter results in a moment.

我們很高興稍後討論強勁的第二季業績。

First, however, I want to thank the Casey's team for delivering another outstanding quarter in addition to officially welcoming the Fikes team to the Casey's family.

不過，首先我要感謝 Casey 團隊又一個出色的季度，同時正式歡迎 Fikes 團隊加入 Casey 大家庭。

Each November, we raised funds for two organizations to support veterans and their families, children to follow Patriots and hope for the Warriors.

每年十一月，我們都會為兩個組織籌集資金，以支持退伍軍人及其家人、追隨愛國者的孩子以及對勇士的希望。

This year, we raised over $1 million, thanks to our team members, generous guests, and partners at PepsiCo.

今年，我們籌集了超過 100 萬美元，感謝我們的團隊成員、慷慨的客人以及百事可樂的合作夥伴。

As a veteran myself, I'm personally grateful for the engagement and response this campaign draws each year.

身為一名退伍軍人，我個人非常感謝這項活動每年所獲得的參與和回應。

Thank you for helping veterans when you shop at Casey's.

感謝您在 Casey's 購物時為退伍軍人提供幫助。

Now let's discuss the results from the quarter.

現在讓我們討論一下本季的結果。

Diluted earnings per share finished at $4.85 per share, net income was $181 million and EBITDA was $349 million.

每股攤薄收益為 4.85 美元，淨收入為 1.81 億美元，EBITDA 為 3.49 億美元。

All of these metrics were up 14% from the prior year.

所有這些指標都比上年增長了 14%。

Our second quarter results were an excellent example of the strength of Casey's differentiated business model.

我們第二季的業績充分體現了凱西差異化商業模式的實力。

We were again able to expand gross profit dollars while simultaneously controlling operating expenses.

我們再次能夠擴大毛利並同時控制營運費用。

Inside the store, innovation in prepared food continued to drive strong performance, while the grocery and general merchandise category was the primary driver of margin expansion.

在商店內部，預製食品的創新繼續推動強勁的業績，而雜貨和日用百貨類別是利潤率擴大的主要驅動力。

On the fuel side, the team is doing an excellent job balancing volume and margin with fuel margins over $0.40 per gallon, while outperforming the geographic market in same-store fuel gallons.

在燃料方面，該團隊在平衡銷售和利潤方面做得非常出色，燃料利潤超過每加侖 0.40 美元，同時在同店燃料銷售方面也超越了地理市場。

As we discussed at our Analyst Day in October, we are very confident in our ability to execute on our three-year strategic plan and is showing up in the results both inside and outside the store.

正如我們在十月的分析師日所討論的那樣，我們對執行三年戰略計劃的能力非常有信心，並且這一成果在店內店外都有所體現。

I'd now like to go over our results and share some of the details in each of the categories.

現在我想回顧一下我們的結果並分享每個類別的一些細節。

Inside same-store sales were up 4% for the second quarter or 7.1% on a two-year stack basis, with an average margin of 42.2%.

第二季同店銷售額成長 4%，以兩年累積計算成長 7.1%，平均利潤率為 42.2%。

Same-store prepared food and dispensed beverage led the way as sales were up 5.2% or 11.6% on a two-year stack basis with an average margin of 58.7%.

同店熟食和飲料銷售額領先，兩年累計成長 5.2% 或 11.6%，平均利潤率為 58.7%。

Hot Sandwiches continued their strong performance, up over 60% and coal Dispensed Beverages also performed well, up nearly 10%.

熱三明治持續保持強勁表現，上漲超過 60%，煤炭飲料也表現良好，上漲近 10%。

Margin was down approximately 30 basis points from the prior year due to a modest cheese headwind.

由於起司市場溫和逆風，利潤率較前一年下降約 30 個基點。

Same-store grocery and general merchandise sales were up 3.6% or 5.4% on a two-year stack basis, with an average margin of 35.6%, an increase of approximately 160 basis points from the prior year due to product mix and the excellent work of our asset protection and strategic sourcing teams.

同店雜貨和日用百貨銷售額增長 3.6% 或兩年疊加 5.4%，平均利潤率為 35.6%，較上年增加約 160 個基點，這得益於產品組合和出色的工作我們的資產保護和戰略採購團隊。

We saw positive momentum in the category.

我們看到了該類別的正面動力。

Notably, in both non-alcoholic and alcoholic beverages, specifically in the energy and liquor categories.

值得注意的是，無論是非酒精飲料或酒精飲料，特別是能量飲料和酒類。

Our merchandising team is doing an excellent job optimizing our assortment to meet our guest needs.

我們的商品銷售團隊正在出色地優化我們的商品組合以滿足客人的需求。

For fuel, same-store gallons sold were down 0.6%, with a fuel margin of $0.402 per gallon.

就燃料而言，同店燃料銷售量下降 0.6%，燃料利潤為每加侖 0.402 美元。

We continue to outperform our geographic region on volume as OPIS fuel gallons sold data shows the Mid-Continent region down approximately 5% in the quarter, indicating that we are taking market share.

我們在銷售上的表現持續優於我們所在的地理區域，OPIS 燃料加侖銷售數據顯示，中部地區本季銷量下降約 5%，顯示我們正在搶佔市場份額。

Our field team is doing a tremendous [shot] on volume and margin and the results continue to show it.

我們的現場團隊在數量和利潤方面做了大量工作，結果繼續證明了這一點。

Operating expense management remains a focus.

營運費用管理仍然是重點。

In the second quarter, saw an increase of just 2.3% on a same-store, excluding credit card fee basis.

第二季度，不含信用卡費用，同店銷售額僅成長2.3%。

Our continuous improvement team is identifying areas to be more efficient and our store operations team is executing on those opportunities at a high level.

我們的持續改善團隊正在確定需要提高效率的領域，我們的商店營運團隊正在高水準地利用這些機會。

The results speak for themselves.

結果不言而喻。

The same-store labour hours were down 1% once again.

同店勞動時間再次下降1%。

I'd now like to turn the call over to Steve to discuss the financial results from the second quarter.

現在我想把電話轉給史蒂夫，討論第二季的財務表現。

Steve?

史蒂夫？

Thanks, Darren.

謝謝，達倫。

Good morning.

早安.

I'm very proud of the hard work of our team during the quarter.

我對我們團隊在本季的辛勤工作感到非常自豪。

We're now halfway through our three-year strategic plan, and we are carrying tremendous momentum into the second half of it.

我們的三年戰略計劃現已完成一半，我們正以強勁勢頭邁向下半場。

Total revenue for the quarter was $3.9 billion, a decrease of $118 million or 2.9% from the prior year and that's due primarily to a 14.1% decline in the retail price of fuel, which was nearly offset by higher inside sales as well as higher fuel gallons sold.

本季總收入為 39 億美元，比上年減少 1.18 億美元，降幅為 2.9%，主要是由於燃料零售價格下降 14.1%，但內部銷售額增加以及燃料價格上漲幾乎抵消了這一下降。售出加侖。

Results were also favourably impacted by operating approximately 4% more stores on a year-over-year basis.

與去年同期相比，門市數量增加了約 4%，這也對業績產生了正面影響。

Total inside sales for the quarter were $1.47 billion, an increase of $121 million or 9% from the prior year.

本季總內部銷售額為 14.7 億美元，比上年增加 1.21 億美元，成長 9%。

For the quarter, prepared food and Dispensed Beverage sales rose by $35 million to $418 million, an increase of 9.2% and Grocery and General Merchandise sales increased by $85 million to $1.05 billion, which is an increase of 8.8%.

本季，熟食和飲料銷售額增加 3,500 萬美元，達到 4.18 億美元，增幅 9.2%，雜貨和日用百貨銷售額增加 8,500 萬美元，達到 10.5 億美元，增幅 8.8%。

Retail fuel sales were down $232 million in the quarter, driven primarily by a $0.51 decline in the retail price of fuel from $3.62 per gallon in the prior year to $3.11 per gallon in the second quarter.

本季零售燃料銷售額下降 2.32 億美元，主要原因是燃料零售價格從去年的每加侖 3.62 美元下降 0.51 美元至第二季的每加侖 3.11 美元。

This was partially offset by a 6% increase in total fuel gallons sold as our newer units tend to sell more fuel than a chain average.

由於我們的新單位銷售的燃油量往往高於連鎖店的平均水平，因此總燃油銷量增加了 6%，部分抵消了這一影響。

We define gross profit as revenue less cost of goods sold, but excluding depreciation and amortization.

我們將毛利定義為收入減去銷售成本，但不包括折舊和攤提。

Casey's had gross profit of $959 million in the quarter.

Casey's 本季的毛利為 9.59 億美元。

That's an increase of $73 million or 8.2% from the prior year.

這比上年增加了 7,300 萬美元，增幅為 8.2%。

This is driven primarily by higher Insight gross profit of $66.4 million or 12%, while fuel gross profit was higher by $3.4 million or 1.1%.

這主要得益於 Insight 毛利上漲 6,640 萬美元，漲幅 12%，而燃料毛利潤上漲 340 萬美元，漲幅 1.1%。

Insight gross profit margin was 42.2% and that's up 110 basis points from the prior year.

Insight 毛利率為 42.2%，較上年增加 110 個基點。

Prepared food and Dispensed Beverage margin was 58.7%, down 30 basis points from prior year.

預製食品和飲料利潤率為58.7%，比前一年下降30個基點。

The primary driver of the slight decrease was a modest headwind on cheese which was $2.25 per pound in the quarter compared to $2.12 per pound in the prior year.

導致價格略有下降的主要原因是起司價格遭遇了輕微阻力，本季起司價格為每磅 2.25 美元，而去年同期為每磅 2.12 美元。

It's an increase of 6% or approximately 35 basis points.

增幅為 6%，或約 35 個基點。

The Grocery and General Merchandise margin was 35.6%, an increase of 160 basis points from prior year.

雜貨和日用百貨的利潤率為 35.6%，比前一年增加了 160 個基點。

The change was primarily due to favourable mix and good asset protection performance.

這項變更主要歸因於有利的組合和良好的資產保護表現。

Fuel margin for the quarter was $0.402 per gallon.

本季燃油利潤率為每加侖 0.402 美元。

That's down $0.21 from the prior year.

這比上年下降了 0.21 美元。

Fuel gross profit includes almost $5 million from the sale of RINs and that's down $3.5 million from the same quarter in the prior year.

燃料毛利潤包括來自 RIN 銷售的近 500 萬美元，比去年同期下降了 350 萬美元。

Total operating expenses were up 5.2% or $30 million.

總營運費用上漲 5.2% 即 3,000 萬美元。

Approximately 4% of the total operating expense increase is due to unit growth as we operated 93 additional stores versus prior year.

總營運費用增加的約 4% 是由於單位成長所致，因為與前一年相比，我們增加了 93 家門市。

Same-store employee expense accounted for approximately 1% of the increase as modest increases in wages were partially offset by the reduction in same-store hours.

同店員工費用約佔增幅的 1%，因為薪資的小幅成長被同店營業時間的減少部分抵銷。

Depreciation in the quarter was $96.6 million.

本季折舊為 9660 萬美元。

That's up $11 million versus the prior year, primarily due to more stores.

這比上年增加了 1,100 萬美元，主要原因是門市增加。

The effective tax rate for the quarter was 24.5%, and that's compared to 23.6% in the prior year.

本季的有效稅率為 24.5%，而去年同期為 23.6%。

That increase was driven by a onetime benefit in the prior year that did not repeat.

這一增長是由前一年的一次性福利推動的，此後沒有重複出現。

Net income was up versus the prior year to $180.9 million, an increase of 13.9%.

淨收入較上年同期上漲至1.809億美元，成長13.9%。

EBITDA for the quarter was $348.9 million compared to $305.9 million a year ago, an increase of 14.1%.

本季的 EBITDA 為 3.489 億美元，而去年同期的 EBITDA 為 3.059 億美元，成長 14.1%。

Our balance sheet is in excellent condition.

我們的資產負債表狀況良好。

And on October 31, we had total available liquidity of $1.25 billion.

截至 10 月 31 日，我們的總可用流動資金為 12.5 億美元。

Please note the liquidity calculation excludes the impact of the restricted cash balance, which is included within long-term assets as of October 31.

請注意，流動性計算不包括受限現金餘額的影響，該餘額包含在 10 月 31 日的長期資產中。

The restricted cash relates to cash held in an escrow account for the acquisition of fights, which closed the next day on November 1, and that is subsequent to the quarter end.

受限現金與為收購比賽而存放在託管帳戶中的現金有關，該帳戶於 11 月 1 日第二天關閉，即本季末之後。

On October 31, the leverage ratio of debt-to-EBITDA was 2.3 times per the covenants in the company's recently amended credit facilities.

10 月 31 日，根據公司最近修改的信貸安排中的契約，債務與 EBITDA 的槓桿率為 2.3 倍。

We still plan to deliver to 2 times within the first year of closing, and we will do spending as originally planned on property, plant, and equipment.

我們仍計劃在交易完成後的第一年內實現 2 倍的交付，並且我們將按照原計劃在房地產、廠房和設備上進行支出。

We likely will not repurchase shares until we achieve the targeted leverage ratio.

在達到目標槓桿率之前，我們可能不會回購股票。

For the quarter, net cash generated by operating activities of $271 million, less purchases of property and equipment, of $111 million resulted in the company generating $160 million in free cash flow compared to $145 million in the prior year.

本季度，經營活動產生的淨現金為 2.71 億美元，減去購買的物業和設備 1.11 億美元，導致公司產生 1.6 億美元的自由現金流，而去年同期為 1.45 億美元。

At the December meeting, the Board of Directors voted to maintain the quarterly dividend of $0.50 per share.

在 12 月的會議上，董事會投票決定維持每股 0.50 美元的季度股息。

Primarily due to the closing of the Fikes transaction, we are updating our previously communicated fiscal year guidance.

主要是由於 Fikes 交易的結束，我們正在更新先前傳達的財政年度指引。

For the second half of fiscal 2025, specifically related to the Fikes transaction, Casey's expects to incur an additional $15 million to $20 million in onetime deal and integration costs primarily in the third quarter.

對於 2025 財年下半年，具體與 Fikes 交易相關，Casey's 預計將在第三季額外產生 1,500 萬至 2,000 萬美元的一次性交易和整合成本。

EBITDA contribution from Fikes is expected, therefore, to be modestly dilutive in the third quarter, again, primarily due to the previously mentioned costs.

因此，預計 Fikes 的 EBITDA 貢獻在第三季將略有稀釋，這主要歸因於前面提到的成本。

EBITDA contribution from Fikes is expected to be modestly accretive in the fourth quarter.

預計 Fikes 的 EBITDA 貢獻將在第四季度小幅增加。

Interest expense will be $35 million higher than the original outlook due to the financing of the transaction.

由於交易融資，利息支出將比最初預期高出 3500 萬美元。

For Casey's total fiscal year 2025 outlook, including the impact of the Fikes acquisitions, EBITDA is now expected to increase at least 10%.

對於 Casey 2025 財年的整體展望，包括 Fikes 收購的影響在內，EBITDA 預計目前將成長至少 10%。

Total operating expenses are expected to increase between 11% to 13% for the fiscal year, and that includes approximately $25 million to $30 million in onetime deal and integration costs.

預計本財年總營運費用將成長 11% 至 13%，其中包括約 2,500 萬至 3,000 萬美元的一次性交易和整合成本。

While same-store operating expenses, excluding credit card fees, are expected to only increase approximately 2% for the year.

而不包括信用卡費用的同店營業費用預計今年僅會成長約 2%。

Net interest expense is expected to be approximately $90 million for the year.

預計全年淨利息支出約 9,000 萬美元。

Depreciation and amortization is expected to be approximately $410 million and purchases of PP&E are expected to be approximately $550 million.

預計折舊和攤銷約 4.1 億美元，PP&E 採購預計約 5.5 億美元。

The tax rate is expected to be approximately 23% to 25% for the fiscal year.

預計本財年的稅率約為23%至25%。

Note that Casey's is not updating its outlook for the following metrics.

請注意，Casey's 並未更新其對以下指標的展望。

We still expect to add approximately 270 stores for the fiscal year.

我們仍預計本財年將增加約 270 家門市。

We expect inside same-store sales to increase between 3% to 5% and inside margins to be comparable to the prior year.

我們預計同店銷售額將成長 3% 至 5%，利潤率將與上年持平。

The company expects same-store fuel gallons sold to be between negative 1% to positive 1%.

該公司預計同店燃油銷售將介於負 1% 至正 1% 之間。

Overall, Fikes is expected to contribute over $200 million of inside sales and approximately 200 million gallons of fuel for the second half of fiscal 25.

總體而言，Fikes 預計將在 25 財年下半年貢獻超過 2 億美元的內部銷售額和約 2 億加侖的燃料。

Of the expected total operating expense increase of 11% to 13%, approximately 5% to 7% of the increase is due to the existing Casey's business, and that's a decrease from our previously communicated 6% to 8% expected increase.

在預計的總營運費用增加 11% 至 13% 中，約有 5% 至 7% 的增幅是由於現有的 Casey 業務，比我們先前傳達的預期增幅 6% 至 8% 有所下降。

The Fikes acquisition is expected, therefore, to contribute approximately 6% of the total increase, over 1% of which is related to the onetime yield and integration costs.

因此，預計 Fikes 收購將為總增幅貢獻約 6%，其中 1% 以上與一次性收益和整合成本有關。

Our results for November were as follows.

我們十一月份的結果如下。

Inside same-store sales were near the midpoint of the annual outlook range.

同店銷售額接近年度預期範圍的中點。

As we enter the seasonally lower time of year for both fuel margin and fuel volume, same-store fuel gallons are near the low end of the annual outlook range and CPG is between the mid- to high 30s.

隨著我們進入燃料利潤率和燃料消耗量的季節性低迷期，同店燃料消耗量接近年度預期範圍的低端，而 CPG 則在 35% 到 36% 之間。

Currencies costs have improved but are still modestly unfavourable versus the prior year by several hundred basis points.

貨幣成本有所改善，但與前一年相比仍然略有不利，低了幾百個基點。

Our third quarter total operating expense expectation is an increase of approximately 20% and that's primarily due to the Fikes acquisition and the $15 million to $20 million of onetime deal and integration costs.

我們預計第三季總營運費用將增加約 20%，這主要歸因於 Fikes 的收購以及 1,500 萬至 2,000 萬美元的一次性交易和整合成本。

As a result of these closing costs and the incremental interest expense, Fikes will be dilutive to our earnings in the third and fourth quarters as we expected.

正如我們預期的那樣，由於這些成交成本和增量利息支出，Fikes 將稀釋我們第三季和第四季的收益。

I'll now turn the call back over to Darren.

我現在將電話轉回給達倫。

Thanks, Steve.

謝謝，史蒂夫。

I'd like to thank the entire Casey's team for another outstanding quarter, and again, I want to welcome the Fikes team to the Casey's family.

我要感謝整個 Casey 團隊又一個出色的季度，並且再次歡迎 Fikes 團隊加入 Casey 大家庭。

We're excited to have you on board and are looking forward to integrating these stores into our network.

我們很高興您的加入，並期待將這些商店整合到我們的網路中。

Our team has done an incredible job executing on the first half of the three-year strategic plan and is looking forward to finishing out the second half strong.

我們的團隊在執行三年戰略計劃的前半部分做得非常出色，並期待著強勢完成後半部分。

Growth is a key pillar of the strategic plan, and we're executing on it.

成長是戰略計劃的重要支柱，我們正在執行該計劃。

Announcing the closing of the largest transaction in the company's history is extremely exciting and right in line with the plan we laid out in June of 2023.

宣布完成公司歷史上最大的交易是非常令人興奮的，這完全符合我們在 2023 年 6 月制定的計劃。

We are also committed to maintaining a strong balance sheet and we'll work to deliver toward targeted 2 times leverage ratio quickly.

我們也致力於維持強勁的資產負債表，並將努力快速實現2倍槓桿率的目標。

We believe our ability to execute and integrate acquisitions like these will continue to build shareholder value.

我們相信，我們執行和整合此類收購的能力將繼續為股東創造價值。

Inside the store, we continue to produce excellent results.

在商店內部，我們持續創造優異的業績。

On the prepared food and Dispensed Beverage side of the business, guests are flocking to our refreshed sandwich lineup as we offer high-quality products at a great value.

在業務的熟食和飲料方面，由於我們以極高的價格提供高品質的產品，客人紛紛湧向我們更新的三明治系列。

With respect to Grocery and General Merchandise, our merchandising team is doing an excellent job identifying the right products and working with our supplier partners to develop effective promotions for our guests.

對於雜貨和日用百貨，我們的銷售團隊做得非常出色，他們找到了合適的產品，並與我們的供應商合作夥伴合作，為我們的客人制定了有效的促銷活動。

One shining star within the non-alcoholic beverage category remains energy trains where we had another quarter of over double-digit same-store growth.

非酒精飲料類別中的一顆耀眼明星仍然是能量列車，我們在該類別中又實現了超過兩位數的同店增長。

Overall, we believe our inside offering is a meaningful differentiator in the industry.

整體而言，我們相信我們的內部產品是產業中一個有意義的差異化因素。

Enhancing operational efficiencies is the third pillar of the strategic plan.

提高營運效率是策略計畫的第三支柱。

Our continuous improvement team is doing a great job collaborating with store operations to make the organization more efficient.

我們的持續改進團隊正在與商店營運部門進行出色的合作，以提高組織的效率。

The results are compelling as the second quarter marked the tenth consecutive quarter with a reduction in same-store labour hours.

這結果引人注目，因為第二季已是同店勞動時間連續第十個季度減少。

The team has done this with a rigorous process to simplify store operations and get rid of non-value-added work.

該團隊透過嚴格的流程實現了這一目標，以簡化商店營運並擺脫非增值工作。

Sum things up, we've never felt more confident in our team's ability to execute our plan and deliver differentiated results to our shareholders.

總而言之，我們從未像現在這樣對我們團隊執行計劃和為股東帶來差異化成果的能力充滿信心。

We'll now take your questions.

我們現在來回答你們的問題。

(Operator Instructions) Bobby Griffin, Raymond James.

（操作員指示）Bobby Griffin，Raymond James。

Congrats on getting the Fikes deal over the finish line.

恭喜您成功完成 Fikes 交易。

So I guess first from me, I just wanted to kind of dive in a little bit to the Grocery and General Merchandise margin.

所以我想首先我想稍微深入一下雜貨和日用百貨的利潤。

Another great quarter, second quarter in a row over 35%.

又是一個出色的季度，連續第二個季度成長超過 35%。

So can you maybe talk a little bit more about the puts and takes there?

那麼您能否再多談一下那裡的情況呢？

And is this a more structural step up in your view of where the margins in this business -- this side of the business could be at, especially with some of the opportunities like we saw out there with the back bar changes coming and some things like that?

您認為這是否是一個更具結構性的進步，可以提高該業務的利潤率？

Yes.

是的。

Bobby, this is Darren.

鮑比，這是達倫。

What I'd tell you is I think there's a few things going on in Grocery and General Merchandise, obviously, we've done a great job in just working with supplier partners on joint business planning, and that ultimately translates into some impact there.

我想告訴你的是，我認為在雜貨和日用百貨領域發生了一些事情，顯然，我們在與供應商合作夥伴進行聯合業務規劃方面做得很好，這最終產生了一些影響。

But really, the biggest driver is in mix.

但實際上，最大的驅動因素是混合。

And what we're seeing kind of across the board is a mix shift to some of the higher-margin items that we have in the categories.

我們看到，產品組合正在轉移到類別中利潤率較高的產品。

I'll give you a couple of examples.

我給你舉幾個例子。

If you take a look at alcohol as an example, the lowest-margin subcategory within alcohol is premium beer, and that's been probably the softest of the subcategories within alcohol.

以酒類為例，酒類中利潤率最低的子類別是高檔啤酒，而且這可能是酒類中利潤率最低的子類別。

Inside of beer, though, the fastest-growing part of that is imports and super premiums, which tend to come with higher margin.

不過，在啤酒領域，成長最快的部分是進口啤酒和超高端啤酒，因為它們的利潤往往更高。

If you go to the other subcategories, liquor, and wine, those are both growing at about a 10% clip and those have higher margin as well.

如果你看看其他子類別，烈酒和葡萄酒，它們的成長率都在 10% 左右，而且利潤率也更高。

So as we continue to accelerate growth in the higher-margin areas and the lower margins are kind of hanging in there, you're just seeing that margin shift.

因此，隨著我們繼續加速高利潤領域的成長，而低利潤領域則保持不變，您將看到利潤率的轉變。

And so that was a 200 basis point improvement year-over-year, primarily driven on mix.

因此，這比去年同期提高了 200 個基點，主要得益於組合。

You go to the other example would be tobacco.

另一個例子是煙草。

And again, you have a similar dynamic where cigarettes, combustible cigarettes are the lowest margin subcategory within that category, and they're declining and have been declining for a number of years.

再一次，你會看到類似的動態，香菸、可燃香菸是該類別中利潤率最低的子類別，而且它們正在下降，並且已經下降了很多年。

On the flip side, nicotine alternatives in vapor, which are growing at the fastest pace.

另一方面，蒸氣中的尼古丁替代品正在以最快的速度成長。

In fact, nicotine alternatives are almost triple-digit increases and those tend to come with a much higher margin rate.

事實上，尼古丁替代品的銷量幾乎呈現三位數成長，而且利潤率往往更高。

So we're actually seeing margin rate expansion in tobacco overall, even though you're seeing that decline on combustible cigarettes.

因此，儘管可燃香菸的利潤率有所下降，但我們實際上看到菸草整體的利潤率正在擴大。

And then lastly, our asset protection team has done a really nice job on shrink.

最後，我們的資產保護團隊在縮減方面做得非常出色。

And we've done a lot of work over the last year or so with exception-based reporting and some other technology to really identify sources of shrink and route those out.

在過去一年左右的時間裡，我們做了大量工作，採用基於異常的報告和其他一些技術來真正識別損失的根源並將其排除。

So when you put all that together, that's where you end up with 160 basis point improvement in margin.

所以，當你把所有這些放在一起時，你最終會得到 160 個基點的利潤率提高。

And so I would say to your other question on is this structural?

所以我想問你的另一個問題，這是結構性的嗎？

I say, to a large extent, it is because that mix shift is continuing to go.

我認為，很大程度上是因為這種混合轉變仍在繼續。

That's very helpful.

這非常有幫助。

And I guess just my final one for me is just on the Fikes deal itself, is there a seasonality aspect to their EBITDA that we should be aware of?

我想我最後一個問題是關於 Fikes 交易本身的，他們的 EBITDA 是否有我們應該注意的季節性因素？

I think some of the investors that were doing some quick math on the $89 million that was given when you announced the deal and then kind of back into what's implied for the guidance change.

我認為一些投資者正在對你宣布交易時給出的 8900 萬美元進行一些快速計算，然後再回顧指導變化所暗示的內容。

So I just want to make sure, is there any seasonality aspect we should be aware of?

所以我只是想確認一下，我們是否應該注意季節性因素？

Is that business still trending around $90-ish million in EBITDA as it was when you guys announced the deal?

就像你們宣布交易時一樣，該業務的 EBITDA 是否仍保持在 9,000 萬美元左右？

Bobby, this is Steve.

鮑比，這是史蒂夫。

There is some seasonality with Fikes.

Fikes 具有一些季節性。

Yes, it's probably not quite as significant as what we would call the Casey's mothership just because they're not as far -- not as far north as we are, but there's still some seasonality.

是的，它可能不像我們所說的凱西母艦那麼重要，因為它們離得沒有那麼遠——沒有像我們那麼靠北，但仍然有一定的季節性。

So the second half of the year for them is not going to be quite as big as the first half of the year, and that would be consistent with our business on a general rule and yeah the LTM $89 million that we had talked about previously, which included some contributions from ramping stores, right, that had not been open.

因此，對他們來說，下半年的業績不會像上半年那麼大，這與我們的業務總體上是一致的，是的，我們之前談到的 LTM 8900 萬美元，其中包括一些尚未開業的店鋪的貢獻。

They had about 20 stores or so that were either under construction or had not been open a full year.

他們有大約 20 家商店要么正在建設中，要么尚未開業滿一年。

That's a good number to start with.

這是一個很好的開始數字。

That's the number we're basing all of our plans, et cetera, on.

這是我們制定所有計劃等等的基礎。

But just remember that there's some ramping store dynamics in that number.

但請記住，該數字中存在一些不斷上升的商店動態。

Absolutely.

絕對地。

I appreciate the details, and congrats again on a great quarter.

我很欣賞這些細節，並再次祝賀本季的出色成績。

Bonnie Herzog, Goldman Sachs.

高盛的邦妮·赫爾佐格 (Bonnie Herzog)。

All right.

好的。

For same-store inside sales guidance of 3% to 5% for the year, which you maintained, I guess at the midpoint, this does imply a bit of an acceleration in the second half versus the first half.

對於您維持的全年同店內部銷售額 3% 至 5% 的預期，我猜是在中間值，這確實意味著下半年相對於上半年會有所加速。

So just curious what will be the drivers of this?

所以很好奇這背後的驅動因素是什麼？

And then along those lines, could you maybe touch on how your traffic levels trended in the quarter versus last quarter?

那麼，順著這個思路，您能否談談本季與上一季相比的流量水準趨勢如何？

And then maybe any color on November and so far in December.

然後可能是 11 月和 12 月到目前為止的任何顏色。

And again, outlook for traffic for the -- or heading into next year or the rest of your fiscal year?

再次，您對明年或本財年剩餘時間的流量有何展望？

Steve.

史蒂夫。

I'll start with that.

我先從那裡開始。

Traffic was positive in the quarter for us.

本季我們的客流量表現良好。

Our November experience, we were right at literally right at 4% inside same-store sales for November, so right in the middle of the range.

根據我們 11 月的經驗，11 月同店銷售額的成長幅度確實剛好達到 4%，因此處於該範圍的中間。

So certainly, we were obviously below the low end of the range in the first quarter on inside same-store sales.

因此，我們第一季的同店銷售額顯然低於預期範圍的低端。

So we're aware of that, obviously.

所以我們顯然意識到了這一點。

But our current thought is the second quarter was kind of right on the nose in the middle of the range, November, which is the biggest month of the third quarter is right on the nose in the middle of the range.

但我們目前的想法是，第二季的成長正好處於範圍的中間，而 11 月，也就是第三季成長最快的月份，的成長也正好處於範圍的中間。

We feel pretty good about comparability from some of the exogenous [stuff] on weather and a lot of initiatives that the team has to launch various programs, et cetera, as we kind of get into the new part of the calendar year.

隨著我們進入新的一年，我們對天氣等一些外在因素以及團隊啟動各種計劃等諸多舉措的可比性感到非常滿意。

So it just felt like that range still felt good to us within the range.

因此，感覺該範圍對我們來說仍然感覺良好。

We are certainly aware of in the fourth quarter that there's the dynamic, obviously, of lapping the prior year's leap day, but we know that that's in there already.

我們當然知道，在第四季度，顯然存在著重疊前一年閏日的動態，但我們知道這已經存在了。

So it felt like there was no need really to change that range.

因此感覺好像真的沒有必要改變這個範圍。

It feels pretty safe based on what we know kind of year-to-date through November and what we have going forward.

根據我們對今年截至 11 月的情況以及未來發展情況的了解，感覺相當安全。

Okay.

好的。

And can I just clarify something then I'll pass it on.

我能否澄清一些事情然後我將其傳達出去。

Just in the context of what you just talked about, then are you seeing any change, behaviour, consumer behaviour.

就您剛才談論的上下文而言，您是否看到任何變化、行為、消費者行為？

Are you seeing any strengthening with the consumer in the context of all of this?

在這一切的背景下，您是否看到消費者的需求有所增強？

Bonnie, it's Darren.

邦妮，我是達倫。

With respect to the consumer, we're -- directionally, the consumer is hanging in there about the same as what we would have talked about last quarter.

對於消費者而言，從方向來看，消費者的情況與我們上個季度談論的情況大致相同。

We're still seeing a little bit of softness on that lower income consumer.

我們仍然看到低收入消費者略顯疲軟。

But again, we don't have a disproportionate exposure to that consumer for the balance of the consumers, which are about three quarters of them.

但是，我們對該消費者的曝險並未超過其餘消費者的曝險，其餘消費者約佔四分之三。

They're continuing to shop.

他們繼續購物。

They're continuing to visit the store at the same frequency continuing to buy as normal.

他們繼續以相同的頻率訪問商店並繼續正常購買。

So I think getting back to Steve's point, we've -- this quarter, we're at the midpoint of the guidance this past month in November at the midpoint.

所以我認為回到史蒂夫的觀點，我們 - 本季度，我們處於上個月 11 月指導的中點。

We think that three to five is the appropriate range that ultimately, we will land on for the year.

我們認為，今年最終將達到三到五個合適的範圍。

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

I just wanted to go a bit into prepared food and the competitive dynamic there.

我只是想稍微了解一下熟食和其中的競爭動態。

Just wondering what you're seeing in terms of competition with Pizza, other QSR's and if you may feel the need to increase like the promotional or invest some of the gross margin there?

只是想知道您在與 Pizza 和其他 QSR 的競爭方面看到了什麼，以及您是否覺得有必要增加促銷或在那裡投資一些毛利率？

Yes, Jacob, this is Darren.

是的，雅各布，這是達倫。

We're keeping an eye on the competition pretty closely.

我們正密切關注比賽。

And I guess I'd break it into two segments.

我想我會把它分成兩個部分。

There's the pizza segment and then there's the rest of the QSRs.

其中有披薩部分，還有其他的 QSR 部分。

With the rest of the QSR, obviously, it's become a much more value-oriented environment.

顯然，對於其他 QSR 來說，它已經成為一個更注重價值的環境。

But as we've discussed previously, our value proposition just on a line pricing basis is pretty compelling relative to what a lot of the others are doing.

但正如我們之前所討論過的，與其他許多公司的做法相比，我們基於線路定價的價值主張相當引人注目。

And so if you think of the sandwich QSR players that have really invested heavily in extreme value.

因此，如果你想想那些確實在極值方面投入巨資的三明治 QSR 玩家。

I mean those are typically sandwiches and that sort of thing, and that's where we're seeing the most strength.

我的意思是那些通常是三明治和類似的東西，而這就是我們看到的最強大的東西。

And so that's more reflective of the innovation and our line pricing value proposition.

因此，這更能反映創新和我們的線路定價價值主張。

So we don't feel the need to have to get any more aggressive than we already are.

因此，我們覺得沒有必要採取比現在更激進的行動。

And those products carry a pretty healthy margin.

這些產品的利潤相當可觀。

On the pizza side, I wouldn't say that it's gotten any more competitive than it always is.

就披薩方面而言，我認為它的競爭力並未比以往更強。

And we look at our pricing across our geography and I'd probably remind you that in about half of our stores, we don't even have one of the major pizza competitors.

我們查看了整個地區的定價，我大概要提醒你，在我們大約一半的商店中，我們甚至沒有一個主要的披薩競爭對手。

So we're not under any real pressure at all from a pricing perspective in about half of our stores.

因此，從大約一半的商店的定價角度來看，我們並沒有面臨任何真正的壓力。

And the other half, we tend to be $1 to $2 below their standard menu pricing just every day.

而另一半，我們每天的價格往往比他們的標準菜單價格低 1 到 2 美元。

And then, of course, we layer in a variety of promotional offers via our rewards platform.

當然，我們會透過我們的獎勵平台提供各種促銷優惠。

And so what you see right now in terms of margin and value proposition is pretty reflective of our normal operating mode.

因此，您現在看到的利潤和價值主張非常能反映我們的正常營運模式。

And as long as our sales volume continues to perform like an [aspen] we don't see the need to get any more aggressive from a value standpoint.

只要我們的銷售量持續保持良好的表現，從價值角度來看，我們就沒有必要採取更激進的措施。

I appreciate that.

我很感激。

And then just wondering if you had any updates on the time line for rebannering the Fikes stores or for incorporating some of their fuel assets into your upstream capabilities?

然後我想知道您是否對重新規劃 Fikes 商店或將其部分燃料資產納入上游能力的時間表有任何更新？

Yes.

是的。

With respect to the remodelling of stores, that's going to -- that's probably the longest pole in the tent in terms of the overall integration.

對於商店的改造，從整體整合的角度來看，這可能是帳篷中最長的桿子。

That will take a few years.

這將需要幾年時間。

And First, as we discussed before, they had a pretty successful food program.

首先，正如我們之前討論過的，他們的食品計劃非常成功。

And obviously, we have one as well.

顯然，我們也有一個。

And so we're going to quickly remodel a few stores integrating those two platforms and really understand how they perform together so we can really have an informed scope of work to apply to the rest of the chain.

因此，我們將快速改造一些商店，整合這兩個平台，真正了解它們如何協同運作，這樣我們才能真正擁有明智的工作範圍，並應用於整個連鎖店。

And so a little bit of work to do there.

因此那裡還有一點工作要做。

And then permitting process can take anywhere from 12 to 24 months depending on the jurisdiction.

然後，許可過程可能需要 12 到 24 個月，具體取決於司法管轄區。

So there's a pretty long time line there.

因此那裡的時間線相當長。

On the fuel side, that integration will happen a little more quickly as we take over pricing and procurement activities and that sort of thing.

在燃料方面，隨著我們接管定價和採購活動等，這種整合將會更快發生。

So I would anticipate a little more benefit sooner in the time line than on the remodel side.

因此，我預計在時間線上會比改造方面更快獲得更多的收益。

But really, you should be thinking three to four years from where we sit here today to the end of that integration process.

但實際上，你應該考慮從我們現在所處的位置到整合過程結束需要三到四年的時間。

Anthony Bonadio, Wells Fargo.

富國銀行的安東尼·博納迪奧 (Anthony Bonadio)。

Nice quarter.

不錯的季度。

So just wanted to talk a little bit more about guidance.

所以只是想再多談一點關於指導的事情。

It looks like the back half now implies 8% EBITDA growth, which includes, call it, a 4% headwind from onetime cost in that $15 million to $20 million.

現在看起來，後半部分意味著 8% 的 EBITDA 成長，其中包括 1,500 萬美元至 2,000 萬美元的一次性成本帶來的 4% 的逆風。

So as you guys work through your revision to guidance, I guess, has anything fundamentally changed about how you're thinking about the existing Casey's business in the back half?

所以，我想，當你們修改指導方針時，你們對下半年現有 Casey 業務的看法是否發生了根本性的改變？

And then any initial thoughts on the fiscal 25 contribution from synergy capture from Fikes, just trying to better bridge the back half of the year.

然後，您對 Fikes 協同效應對財政 25 的貢獻有什麼初步想法，只是想更好地彌補今年下半年的不足。

This is Steve.

這是史蒂夫。

I'll start on that. related to kind of mothership assumptions for the second half of the year, I think, no, nothing has fundamentally changed.

我先從那件事開始。關於下半年的母艦假設，我認為，沒有，沒有什麼根本性的改變。

I mean I -- we tried to acknowledge our performance is better than we originally guided to.

我的意思是——我們試圖承認我們的表現比我們最初預期的要好。

So the OpEx growth and the Casey's legacy operations is going to be lower than we had originally guided to by 100 basis points or so, and that's even with some incremental incentive compensation.

因此，營運支出成長和 Casey 的遺留營運將比我們最初指導的低 100 個基點左右，即使有一些增量激勵薪酬。

So I think we feel really good about that.

所以我認為我們對此感覺非常好。

We certainly -- to Darren's earlier comment have seen really good margin performance in the legacy business inside the stores.

正如達倫之前所說，我們確實看到商店內部傳統業務的利潤率表現非常好。

And so we would have no reason to think that that's not going to continue as a general rule.

因此，我們沒有理由認為這不會作為普遍規則持續下去。

And so I would say it's largely steady as she goes in the mothership.

所以我想說，當她進入母艦時，情況基本上是穩定的。

From an income statement perspective, we are we're making some consciously different decisions on some items that will impact cash flow just to contribute to the speed of deleveraging, and so we're sequencing some capital spending on new units that we otherwise would have been building.

從損益表的角度來看，我們正在對一些會影響現金流的項目做出有意識的不同決定，以加快去槓桿的速度，因此，我們正在對一些新單位的資本支出進行排序，否則我們將正在建造。

We'll have a little bit lower so tax payments because of some of the benefits of the deal.

由於該協議帶來的一些好處，我們的稅務義務將會稍微減少一些。

So cash flow, I think, is going to be a little higher than we had initially thought it was going to be, and that will directly get applied to paying off debt associated with the transaction.

因此，我認為現金流將比我們最初預想的要高一些，這將直接用於償還與交易相關的債務。

And as it relates to Fikes, we don't have any specific commentary out on the next fiscal year yet at this point in time, but generally on synergies from the transaction, if I bucket them kind of what comes first, et cetera, we would expect to get some fuel synergies very quickly in the game.

至於 Fikes，我們目前還沒有對下一財年做出任何具體評論，但總的來說，關於交易帶來的協同效應，如果我把它們分成先發生的事，等等，我們希望在遊戲中很快就獲得一些燃料協同作用。

That's really a function of us taking over and centralizing the pricing and the procurement of fuel that's already underway as we sit here today.

這實際上是我們接管和集中燃料定價和採購的職能，這項工作今天就已經在進行了。

A little bit further out, will be some SG&A related synergies as some of that work gets consolidated.

再遠一點，隨著部分工作得到整合，將會出現一些銷售、一般及行政開支 (SG&A) 相關的綜效。

As -- and procurement synergies will come kind of in line with the G&A as we get the advantage of greater scale on a lot of the sourcing side of the business.

由於我們在業務的許多採購方面獲得了更大規模的優勢，因此採購協同效應將與 G&A 保持一致。

Ultimately, the real most significant savings will be on the inside of the store as we introduce the pizza into the stores.

最終，當我們將披薩引入商店時，真正最顯著的節省將是在商店內部。

That is more dependent on the remodel schedule.

這更取決於改造計劃。

So that will certainly not be in the next 12 months realistically.

因此從現實角度來看，這肯定不會在未來 12 個月內實現。

But in the second half of this fiscal year, it's not going to be a significant number and it is reflected in the guidance that we've given.

但在本財年下半年，這個數字不會很大，這反映在我們給予的指引中。

But just in the next six months, other than a little bit of fuel, I don't think there'll be synergies per se that would move any of the numbers we've given.

但僅在接下來的六個月內，除了少量燃料外，我認為不會有任何協同效應本身能夠改變我們給出的任何數字。

Got it.

知道了。

That's super helpful.

這非常有幫助。

And then just a follow-up on fuel.

接下來是燃料方面的跟進。

I guess just any additional thoughts on how you're thinking about fuel margins in the context of that 10% EBITDA growth.

我想，您對於在 10% EBITDA 成長的背景下燃料利潤率有何看法？

And just to clarify that, I believe mid- to high 30s, you said Q-to-date includes the new sales growth stores.

需要澄清的是，我認為您所說的 Q 季度的銷售額成長數字在 35% 到 40% 之間，其中包括新店的銷售成長。

And just any thoughts on how those margins blend in.

以及關於如何將這些邊緣融合的任何想法。

Yes, listen, we consciously -- we don't guide to fuel margins.

是的，聽著，我們有意識地——我們不指導燃料利潤。

Our crystal ball is not any better than anybody else's necessarily.

我們的水晶球不一定比其他人的好。

And so our obviously experienced in the quarter is kind of that between the mid and the high 30s.

因此，我們在本季經歷的明顯情況是 35% 到 38% 之間的水平。

I would expect just the mixing in of the Fikes business, those geographies tend to be a little bit lower.

我預計，只要混合了 Fikes 業務，這些地區的比例就會稍微低一些。

Margin fuel geographies than what we have.

利潤燃料地理位置比我們現有的好。

There's probably about $0.01 or maybe a little bit more than $0.01 per gallon.

每加侖大概是 0.01 美元或略高於 0.01 美元。

Headwind, just on the math of mixing in that fuel profitability from Fikes that would be reflected, obviously, in our EBITDA expectations for the second half of the year.

逆風，僅從數學角度考慮，Fikes 的燃料盈利能力顯然會反映在我們對今年下半年的 EBITDA 預期中。

But we don't have a specific number.

但我們還沒有具體的數字。

We're going to guide to for CPG in the second half of the year, just consistent with how we manage the full year expectations.

我們將為下半年的 CPG 提供指導，與我們管理全年預期的方式保持一致。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼（Michael Montani），Evercore ISI。

Congrats on the quarter and getting the Fikes deal completed.

恭喜本季取得佳績並完成 Fikes 交易。

I just wanted to ask on the inside margins.

我只是想問一下內部邊緣的情況。

First off, if there's anything to be aware of in terms of timing or headwinds, et cetera, that could kind of impact improvement that we've seen in grocery and gen merch into the back half of the year?

首先，如果在時間安排或不利因素等方面有什麼需要注意的，這可能會影響我們在下半年看到的雜貨和一般商品的改善嗎？

And then secondly, other than cheese spot, any headwinds you'd call out to the prepared foods side of the gross margins as well?

其次，除了起司之外，您認為預製食品的毛利率還有哪些不利因素？

Yes.

是的。

Michael, this is Darren.

邁克爾，這是達倫。

On the Grocery and General Merchant side, I wouldn't anticipate any real headwinds.

在雜貨和百貨方面，我預計不會有任何真正的阻力。

We're not seeing that.

我們沒有看到這一點。

We'll -- as we roll over the calendar year, there'll be some cost increases in some categories, and we should be able to offset that largely through pricing actions.

隨著日曆年的推移，某些類別的成本會增加，而我們應該能夠透過定價行動在很大程度上抵消這一增加。

So I wouldn't anticipate any big shifts there.

所以我預計那裡不會有任何重大轉變。

The mix evolution is something that I do think will stick.

我確實認為混合進化將會持續下去。

And so I think that's probably to our benefit.

所以我認為這可能對我們有利。

On the cheese side, Steve, maybe you can comment on the cheese side?

關於起司方面，史蒂夫，也許你可以對起司方面發表評論？

Just one thing to buttress Darren's comment, there's a little bit of seasonality in our home of course, product mix on the grocery side, right?

只有一件事可以支持達倫的評論，當然，我們家的食品雜貨產品組合有一點季節性，對吧？

In the coldest part of the year, we don't sell as much ice and things that are kind of higher-margin products for us.

在一年中最冷的時候，我們賣出的冰和利潤較高的產品就沒那麼多。

So I think the third quarter natural mix is probably going to be a little bit dilutive relative to the summer periods of time.

因此，我認為第三季的自然組合相對於夏季而言可能會稍微稀釋一些。

And outside of cheese and prepared food, no, I don't think there's anything significant to note.

除了起司和熟食外，我認為沒有什麼值得注意的。

Again, cheese at the moment is a little bit more.

再次，此刻的起司有點多。

It's less of a headwind as we sit here today than it was in the second quarter.

與第二季相比，我們今天面臨的阻力較小。

Krisztina Katai, Deutsche Bank.

德意志銀行的 Krisztina Katai。

Congrats on nice results.

恭喜你取得好成績。

So I wanted to ask on OpEx, but as it relates to the Fikes stores.

所以我想問 OpEx，但它與 Fikes 商店有關。

And now that you've owned them for almost a month and a half.

現在您已經擁有它們將近一個半月了。

I was wondering if you could just discuss your initial assessment on some of the opportunities at these acquired stores.

我想知道您是否可以討論一下對這些收購商店的一些機會的初步評估。

Just how do you see opportunity to implement many of the same labour hour saving initiatives that were so successful at Casey's?

您如何看待實施 Casey's 所取得巨大成功的許多節省工時措施的機會？

And then what could that general time line look like over the next 18 to 24 months?

那麼，未來 18 到 24 個月的整體時間表會是什麼樣的呢？

Yes, Krisztina, this is Darren.

是的，克里斯蒂娜，這是達倫。

Yes, we feel pretty good about that.

是的，我們對此感覺很好。

Fikes has done a great job operating their stores.

Fikes 在經營其商店方面做得非常出色。

So I would say they have a good operation generally, but we've learned a lot ourselves over the last couple of years, employing a lot of these different techniques and tactics and technologies to impact our OpEx.

所以我想說他們總體來說運作得很好，但是在過去幾年中我們自己也學到了很多東西，採用了很多不同的技巧、策略和技術來影響我們的營運支出。

So we feel we still have that opportunity to do that in the Fikes stores.

因此我們覺得我們仍然有機會在 Fikes 商店做到這一點。

That's going to take some time.

這需要一些時間。

I wouldn't anticipate a lot of that for the balance of this fiscal year, we're still pulling together that operation overall.

我預計本財年的餘額不會有太多這樣的情況，我們總體上仍在整合這項業務。

But we'll have some more detailed plans as we go into the next fiscal year in terms of how we might approach that and when we might expect to see some of those benefits.

但在進入下一個財政年度時，我們將製定更詳細的計劃，說明我們如何處理這個問題以及何時可以看到其中的一些好處。

But we definitely have the opportunity there.

但我們確實有機會。

So we feel really good about that.

因此我們對此感到非常高興。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just a follow-up.

然後只是後續行動。

I was hoping you could talk a little bit more about your about your joint planning process on the prepared food side of things, which I think is a relatively newer development for you.

我希望您能多談談您在預製食品方面的聯合規劃過程，我認為這對您來說是一個相對較新的進展。

And then just if you could discuss on the type of benefits you and your vendors look to achieve in the upcoming calendar year.

然後，您是否可以討論一下您和您的供應商希望在未來一年實現哪些類型的利益。

Yes.

是的。

You're right.

你說得對。

The joint planning process on prepared foods is a little bit newer than it is on the Grocery and General Merchandise side.

與雜貨和日用百貨相比，預製食品的共同規劃流程要新一些。

But I think what we're seeing more broadly is that we're -- the suppliers that we've used historically are pretty large companies have a lot of capabilities.

但我認為，從更廣泛的角度來看，我們過去使用的供應商都是相當大的公司，擁有很多能力。

And I don't think we were truly tapping into all the capabilities that they can bring to bear to help us improve our business.

我不認為我們真正利用了他們所能提供的所有能力來幫助我們改善業務。

And so we're doing a much better job of that, and I think that's starting to yield some results, I would say, primarily in the innovation side of the equation.

因此，我們在這方面做得更好，我認為這已經開始產生一些成果，主要是在創新方面。

So most of these ingredient suppliers have pretty sophisticated culinary teams in their own right and when we partner them with our culinary team, we can really get some great innovation, get some great improvements in quality, and get some improvements in costs at the same time.

因此，大多數原料供應商本身都擁有相當成熟的烹飪團隊，當我們將他們與我們的烹飪團隊合作時，我們確實可以獲得一些偉大的創新，在品質上獲得一些重大改進，同時在成本上獲得一些改進。

And so I think the chicken sandwich platform and really the Hot Sandwich platform overall is a great example of that.

因此，我認為雞肉三明治平台以及熱三明治平台就是一個很好的例子。

All of the ingredients and components in those sandwiches are new, and those were jointly developed with our culinary team and the culinary team of the ingredient manufacturers to produce a higher-quality product at a better cost that allowed us to get the kind of performance we're getting.

這些三明治中的所有配料和成分都是新的，它們是由我們的烹飪團隊和配料製造商的烹飪團隊共同開發的，以更低的成本生產出更高質量的產品，使我們能夠獲得我們想要的效果。

So we're going to continue that process with all of our suppliers.

因此我們將與所有供應商一起繼續這項流程。

And this will be a year or two of that process that we're wrapping up right now, and so we're pretty optimistic about what's lying ahead for us.

我們現在即將結束這個過程，這將是一兩年的時間，因此，我們對未來的發展非常樂觀。

(Operator Instructions) Corey Tarlowe, Jefferies.

（操作員指示） Corey Tarlowe，傑富瑞。

Darren, I had two for you and then one for Steve.

達倫，我為你準備了兩份，為史蒂夫準備了一份。

On -- for Darren, I had -- so you mentioned, I think it was energy drinks, where you had seen some nice momentum.

關於 — — 對於達倫，我有 — — 所以你提到，我認為是能量飲料，你看到了一些好的動力。

I was just curious if you could talk a little bit about what's driving that momentum?

我只是好奇，您能否稍微談談推動這種勢頭的因素？

And then I was also curious about the effectiveness of the promotions that you've been doing recently and how that's helped support inside sales?

然後我還很好奇您最近所做的促銷活動的效果以及它如何幫助支持內部銷售？

And then for Steve, could you just remind us about what the traditional ramp to maturity is for a new Casey's store?

然後對於史蒂夫，您能否提醒我們新 Casey 商店的傳統成熟期是怎樣的？

And maybe if you could contrast that with Fikes as well?

也許您也可以將其與 Fikes 進行對比？

Yes.

是的。

Corey, this is Darren.

科里，這是達倫。

Yes, on the energy drinks, that category is up essentially 13% year-over-year.

是的，就能量飲料而言，該類別的銷量年增了 13%。

And I would say that, that is a combination of assortment optimization, assortment management and promotional activity.

我想說，這是商品組合優化、商品組合管理和促銷活動的結合。

So we've got some new products in the assortment, a lot of new [ghost] and C4 are all performing very well, and those are newer entrants into the assortment.

因此，我們的產品系列中增加了一些新產品，許多新（ghost）和 C4 都表現得非常好，這些都是產品系列中的新成員。

Red Bull and Monster on the flip side have been stalwarts in the category and continue to grow and accelerate a pace.

另一方面，紅牛和怪獸一直是該類別的中堅力量，並且繼續成長和加速。

So I'd say the growth is really being driven in part by the new items coming into the assortment.

因此，我認為成長的部分原因實際上是新產品的加入。

And then on the Red Bull and Monster side, less of that and more of some different promotional activities and really execution at the stores and as a reminder, we self-distribute Monster, which is unique in the industry.

然後在紅牛和 Monster 方面，這些較少，而一些不同的促銷活動和真正的在商店的執行較多，提醒一下，我們自行分銷 Monster，這在行業中是獨一無二的。

And I feel like our execution at store level and our in-stock position as a result of that. is a differentiator versus others in the industry.

我覺得我們在商店層面的執行情況和庫存狀況就是由此產生的。是與業界其他企業的區別所在。

And so I think that really accrues our benefit, and that's part of the equation behind the growth in energy drinks.

所以我認為這確實為我們帶來了利益，這也是能量飲料成長背後的部分原因。

On the question on ramping.

關於加速的問題。

So we really don't have a significantly different expectation for ramping a new to industry build versus an acquisition model.

因此，我們對於新產業建設與收購模式的期望並沒有太大不同。

But in terms of returns, of how quickly they generate returns on NTI, we would expect that to be certainly a positive return in the very first year right out of the gate.

但就回報而言，考慮到他們從 NTI 獲得回報的速度，我們預計第一年就肯定會獲得正回報。

It should be a double-digit after-tax returns by the second year, and it should be mature in terms of kind of mid-teens after-tax returns on invested capital by the third or fourth year.

到第二年，稅後報酬率應該會達到兩位數，到第三年或第四年，投資資本的稅後報酬率應該會達到十五六成左右。

Our -- literally decades of history with NTIs would be very supportive of that as a consistent pattern.

我們與 NTI 數十年的歷史非常證明這是一致的模式。

In a newer geography where the brand is a little bit less recognized and people aren't as familiar with the quality of the pizza specifically, you probably had an extra year to that ramp as a general rule, and that's all about just adoption of prepared foods.

在較新的地區，品牌知名度較低，人們對披薩的品質也不太熟悉，一般來說，你可能需要額外一年的時間來提升知名度，而這一切都與採用現成的披薩有關食物。

For Fikes stores specifically, they're a little bit different in that.

具體來說，對於 Fikes 商店來說，它們略有不同。

We're obviously buying an existing business.

我們顯然是在收購一家現有企業。

They've got some very, very busy, high-returning stores already.

他們已經擁有一些非常繁忙、回報豐厚的商店。

The returns there, they're not going to be starting at zero because you're buying that existing business.

那裡的回報不會從零開始，因為你購買的是現有業務。

So you get more of a step change as we remodel those stores because you're putting in that the pizza business kind of all at once, and you're introducing a prepared food business that they just don't have something comparable.

因此，當我們重塑這些商店時，你會得到更大的改變，因為你一次性投入了披薩業務，並且引入了他們所沒有的熟食業務。

So that will be a little bit different pattern.

所以這將是一個略有不同的模式。

But back to the return expectations on those stores, right?

但回到這些商店的回報預期，對嗎？

We'll finish the remodelling of those stores over a three to four year period of time based on permitting time lines.

根據許可時間表，我們將在三到四年的時間內完成這些商店的改造。

But in the meantime, above unit of the stores, right, the fuel benefits, the procurement benefits, the SG&A benefits, those are going to accrue to kind of Casey's consolidated even if they don't show up on an individual store's P&L necessarily.

但同時，在商店單位之上，燃料福利、採購福利、銷售、一般及行政開支福利，這些都將計入凱西的合併報表，即使它們不一定出現在單一商店的損益表中。

I'm not showing any further questions at this time.

我現在不想再問任何問題。

I would like to turn it back to Darren Rebelez for closing remarks.

我想請 Darren Rebelez 作最後發言。

Okay.

好的。

Thank you for taking the time today to join us on the call.

感謝您今天抽空參加我們的電話會議。

And before we sign off, I want to once again thank our team members and wish them and everyone on the call a happy holiday season.

在我們結束之前，我想再次感謝我們的團隊成員，並祝他們和電話會議上的每個人都度過一個快樂的假期。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。