Caseys General Stores Inc (CASY) 2027 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to the first quarter FY 2027 Casey's General Store earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您撥冗等候。歡迎參加 Casey's General Store 2027 財年第一季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Sam James, Senior Vice President Finance and Investor Relations. Sir, please go ahead.

現在我將把會議交給今天的發言人：財務與投資人關係資深副總裁 Sam James。先生，請開始。

Good morning and thank you for joining us to discuss the results of our first quarter ended July 31, 2026. My name is Sam James, Senior Vice President, Finance and Investor Relations. With me today are Darren Rebelez, Chairman, President and Chief Executive Officer; and Steve Bramlage, Chief Financial Officer.

各位早安，感謝各位參與我們的會議，一同討論截至 2026 年 7 月 31 日止第一季的營運成果。我是 Sam James，財務與投資人關係資深副總裁。今天與我一同出席的還有：董事長、總裁暨執行長 Darren Rebelez，以及財務長 Steve Bramlage。

Before we begin, I will 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 1,995. These forward-looking statements include any statements relating to the potential impact of the [Fikes] transaction, expectations of 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 source.

在開始之前，我要提醒各位，我們在本次投資人電話會議中所做的某些陳述，可能構成《1995 年私人證券訴訟改革法》所定義的前瞻性陳述。這些前瞻性陳述包括任何與 [Fikes] 交易的潛在影響、對未來期間的預期、可能或假設的未來營運結果、財務狀況、流動性及其相關來源或需求、公司的供應鏈、業務與整合策略、計畫與綜效、成長機會，以及我們來源端的表現等相關之陳述。

There are a number of known and unknown risks, uncertainties, and other factors that may cause our actual results to differ materially from any uncertainties or any future results expressed or implied by those forward-looking statements.

存在多項已知與未知的風險、不確定性及其他因素，可能導致我們的實際結果與這些前瞻性陳述所表達或暗示的任何不確定性或任何未來結果出現重大差異。

Including but not limited to the integration of the recent Fikes acquisition, our ability to execute our strategic plan, or realize the synergies from the strategic plan, the impact and duration of conflicts in oil-producing regions, and related governmental action; as well as other risks, uncertainties, and factors which are described on our most recent annual report on Form 10-K, our quarterly reports on Form 10-Q as filed with the SEC and available on our website.

包括但不限於：近期 Fikes 收購案的整合、我們執行策略計畫的能力，或自策略計畫實現綜效的能力；產油地區衝突的影響與持續時間及相關政府行動；以及其他風險、不確定性與因素，皆已載明於我們最近一期的 Form 10-K 年報、向美國證券交易委員會（SEC）申報的 Form 10-Q 季報，並可於我們網站查閱。

Any forward-looking statements made during this call reflect our current views as of today with respect to future events and Casey's disclaims any attention 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，均反映我們截至今日對未來事件的現行觀點；Casey's 不承擔亦無意承擔更新或修訂前瞻性陳述之任何責任或義務，不論係因新資訊、未來事件或其他原因所致。

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

本次電話會議所提及之非 GAAP 與 GAAP 財務衡量指標的調節表，以及第一季營業費用增加的詳細拆解，皆可於 www.caseys.com 的 Investor Relations（投資人關係）連結中查閱。

With that said, I'd like to turn the call over to Darren to discuss our first quarter results. Darren?

接下來，我想把電話交給 Darren，請他說明我們第一季的業績表現。Darren？

Thanks, Sam, and good morning, everyone. Before we go into further detail on our outstanding first quarter performance, I'd like to thank the entire Casey's team for their hard work during our 100 days of summer and for the excellent job they did serving our guests.

謝謝你，Sam，各位早安。在我們進一步深入說明第一季亮眼的表現之前，我想先感謝全體 Casey's 團隊在「夏季 100 天」期間的辛勤付出，以及他們為顧客服務所展現的卓越表現。

I'm also proud of the positive impact we're making on the communities we serve. As students head back to school, our Annual Path for Classrooms Giving Campaign raised funds for grants that will support schools, students, and teachers. This year, with the help of our guests, team members, and supplier partner Coca-Cola, we raised over $1.8 million. This sets a new record and reflects our shared commitment to invest in the future of the communities we call home.

我也為我們對所服務社區帶來的正面影響感到自豪。隨著學生返校，我們的年度「Path for Classrooms」捐贈活動募集資金，用於提供補助金以支持學校、學生與教師。今年在顧客、團隊成員以及供應商夥伴可口可樂的協助下，我們募集超過 180 萬美元。這創下新紀錄，也反映出我們共同致力於投資我們稱之為家園的社區未來。

We're through the first quarter of our fiscal 2027 to 2029 three-year strategic plan that we laid out in June. Where we highlighted Casey's advantage convenience QSR flywheel with our three lines of business under one operating cost structure. Our strong first quarter result is yet another proof point that our advantage model is working as we continue to gain share both inside and outside the store.

我們已完成 2027 至 2029 財年三年策略計畫的第一季；該計畫我們已於 6 月對外說明。當時我們強調 Casey's 的優勢：以便利商店與 QSR（快速服務餐飲）飛輪為核心，三大業務線共用同一套營運成本結構。第一季的強勁成果再次證明我們的優勢模式正在發揮作用，並持續在店內與店外兩端擴大市占。

Now let's discuss the results from the quarter. Diluted EPS finished at $7.37 per share, up 28% from the prior year. Net income was $274 million, an increase of 27% from the prior year. The company generated $485 million in EBITDA, 17% higher than the prior year, and up 40% on a two-year stack basis. Inside the store, prepared food and dispensed beverages remain strong.

接下來我們討論本季的業績。稀釋後每股盈餘（EPS）為每股 7.37 美元，較去年同期成長 28%。淨利為 2.74 億美元，較去年同期增加 27%。公司創造 EBITDA 4.85 億美元，較去年同期高 17%，以兩年疊加（two-year stack）基礎計算則成長 40%。店內方面，現做食品與現調飲料（prepared food and dispensed beverages）維持強勁。

PF&DB transactions were up over 100 basis points, driving PF&DB units up nearly 4% versus the same period in the prior year as guests continue to gravitate toward our abundant offering, compelling value, and continued innovation such as our Bacon, Cheeseburger pizza LTO. Inside margin expansion was driven primarily by prepared food and dispensed beverage mix.

PF&DB 交易筆數增加逾 100 個基點，帶動 PF&DB 銷量較去年同期成長近 4%；顧客持續偏好我們豐富的產品組合、具吸引力的價值主張，以及持續創新，例如我們的培根起司漢堡披薩限時供應（LTO）。店內毛利率擴張主要由現做食品與現調飲料的產品組合帶動。

In the forecourt, the capabilities we developed over the past couple of years help us navigate a volatile environment. [Fuel] margin was nearly $0.48 per gallon, while same-store gallons were roughly flat. One note on the quarter. As part of our integration of the Fikes acquisition, approximately 1% of our total store base had a planned disruption associated with remodeling legacy CEFCO stores to Casey's.

在前庭（forecourt）方面，我們過去幾年建立的能力，協助我們在波動環境中靈活應對。[Fuel] 毛利接近每加侖 0.48 美元，而同店加侖數大致持平。關於本季有一點補充說明。作為整合 Fikes 收購案的一部分，我們約有 1% 的總店數因將既有 CEFCO 門市改裝為 Casey's 而出現計畫性的營運中斷。

As a result, same-store sales both inside and outside the store faced a slight headwind. Despite this, we still posted strong same-store results for the quarter and remained ahead of schedule on our integration efforts. The stores that have been already remodeled to Casey's in prior periods have performed exceptionally well, and we expect to remodel South Coast stores throughout the fiscal year.

因此，店內與店外的同店銷售皆面臨些微逆風。儘管如此，我們本季仍繳出強勁的同店表現，且整合進度仍超前原定時程。先前期間已完成改裝為 Casey's 的門市表現非常出色，我們預期將在本財年持續改裝 South Coast 門市。

Now with that disclaimer out of the way, I'd like to now go over our results and share some of the details in each of the categories. Inside same-store sales were up 3.2% for the quarter or 7.7% on a two-year stack basis. Gross profit margin for the quarter was 42.2%, up 30 basis points from the prior year.

在完成上述聲明後，我接下來將說明我們的業績，並分享各類別的一些細節。店內同店銷售本季成長 3.2%，以兩年疊加基礎計算則成長 7.7%。本季毛利率為 42.2%，較去年同期提升 30 個基點。

Prepared food and dispense beverage led the way as same-store sales were up 4.8% or 10.7% on a two-year stack basis with a gross profit margin of 59.3%. The majority of same-store sales growth was from traffic with minimal pricing. This was highlighted by great performance to whole pies with units up nearly double digits in the quarter.

現做食品與現調飲料表現領先，同店銷售成長 4.8%，以兩年疊加基礎計算則成長 10.7%，毛利率為 59.3%。同店銷售成長多數來自來客數提升，價格調整幅度很小。其中整個披薩（whole pies）表現亮眼，本季銷量成長接近兩位數。

Same-store grocery and general merchandise sales were up 2.7% or 6.5% on a two-year stack basis, with a gross profit margin of 35.6%. Energy drinks and Nicotine alternatives continue to outperform the category with double-digit growth. The alcohol category, specifically beer, was a headwind during the quarter.

同店雜貨與一般商品銷售成長 2.7%，以兩年疊加基礎計算則成長 6.5%，毛利率為 35.6%。能量飲料與尼古丁替代品持續優於品類表現，維持兩位數成長。酒類品類，特別是啤酒，在本季形成逆風。

On the fuel side, same-store gallons sold were down slightly at 0.3%, but were positive 1.4% on a two-year stack basis, with a fuel margin of $47.8 per gallon. The Mid-Continent region saw an approximate 6% decline this quarter, according to OPIS fuel gallons sold data, indicating that our play is working and we continue to gain market share and drive guest traffic.

燃油方面，同店加侖銷量小幅下滑 0.3%，但以兩年疊加基礎計算則成長 1.4%，燃油毛利為每加侖 47.8 美分。根據 OPIS 燃油加侖銷量資料，本季中部大陸（Mid-Continent）地區約下滑 6%，顯示我們的策略正在奏效；我們持續提升市占並帶動顧客來店。

In the quarter, same-store operating expense, excluding credit card fees, increased 5%. Steve will provide some of the specific puts and takes related to operating expense changes, but I'm extremely proud of our operations team to be able to meet the increased food demand without meaningfully increasing store labor hours. The same store labor hours were roughly flat for the quarter.

本季同店營運費用（不含信用卡手續費）增加5%。Steve 會說明與營運費用變動相關的一些具體增減因素，但我對我們營運團隊能在不顯著增加門市工時的情況下滿足增加的食品需求感到非常自豪。本季同店勞動工時大致持平。

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

接下來我想把電話會議交給 Steve，請他說明第一季的財務結果。Steve？

Thank you, Darren, and good morning. Before I begin, I also want to share my appreciation for our team members' hard work executing a plan during our busy summer months. It takes the entire organization's buy-in to be able to generate such strong results, which are not easy to achieve.

謝謝你，Darren，大家早安。在我開始之前，我也想分享我對團隊成員在我們忙碌的夏季月份辛勤執行計畫的感謝。要能產生如此強勁的成果，需要整個組織的全力投入，而這些成果並不容易達成。

Total revenue for the quarter was $5.68 billion. That's an increase of $1.11 billion or 24.3% from the prior year due primarily to higher inside sales and a higher retail price of fuel. Higher fuel gallons sold also contributed. The results were favorably impacted by operating approximately 2% more stores on a year-over-year basis.

本季總營收為56.8億美元。較去年同期增加11.1億美元或24.3%，主要因店內銷售增加以及燃油零售價格提高所致。燃油銷售加侖數增加亦有貢獻。此外，年對年我們營運的門市數約增加2%，也對結果帶來正面影響。

Total inside sales for the quarter were $1.78 billion. That's an increase of $94 million, or 5.6% from the prior year. For the quarter, prepared food and dispensed beverage sales rose by $34 million to $493 million, an increase of 7.4%. And grocery and general merchandise sales increased by $60 million to $1.28 billion, an increase of 4.9%.

本季店內總銷售額為17.8億美元。較去年同期增加9,400萬美元或5.6%。本季即食食品與現調飲料（PF&DB）銷售增加3,400萬美元至4.93億美元，增幅7.4%。雜貨與一般商品（GM）銷售增加6,000萬美元至12.8億美元，增幅4.9%。

Inside same-store sales have an approximate 25 basis points headwind from the [CEFCO] construction. Retail fuel sales were up $991 million in the quarter as the average retail price of fuel rose 33% from [$3.00 to $3.99] per gallon, and total gallons sold increased by 2.5%. Same-store gallons had an approximately 50 basis points headwinds from the Fikes construction.

店內同店銷售約受到 [CEFCO] 施工帶來的約25個基點逆風影響。本季燃油零售銷售增加9.91億美元，因燃油平均零售價格每加侖由[$3.00升至$3.99]、上升33%，且總銷售加侖數增加2.5%。同店加侖數約受到 Fikes 施工帶來的約50個基點逆風影響。

We define gross profit as revenue less cost of goods sold, but excluding depreciation and amortization. Caseys had total gross profit of $1.24 billion in the quarter, an increase of $127 million or 11.4% from the prior year and up 29.7% on a two-year stack basis. This is driven by the higher inside gross profit of $44.3 million or 6.3% as well as higher fuel gross profit of $73.4 million or 19.6%.

我們將毛利定義為營收扣除銷貨成本，但不包含折舊與攤銷。Casey’s 本季總毛利為12.4億美元，較去年同期增加1.27億美元或11.4%，以兩年疊加基礎計算則增加29.7%。主要由店內毛利增加4,430萬美元或6.3%，以及燃油毛利增加7,340萬美元或19.6%所帶動。

Inside gross profit margin was 42.2% and that's up to 30 basis points from a year ago. The increase is primarily due to mixed shift and solid cost of goods management. Also, during the first quarter, we made a modest change in accounting for inside cost of goods sold related to internal distribution costs that had no net impact on inside margin and the aggregate, but it did create a slight tailwind to the PF&DB margin and a slight headwind to the grocery and GM margin. We believe this change better reflects the true cost of goods sold between the two categories.

店內毛利率為42.2%，較一年前提高30個基點。提升主要來自產品組合轉變以及良好的銷貨成本管理。此外，在第一季，我們對店內銷貨成本中與內部配送成本相關的會計處理做了小幅調整；在整體合計上對店內毛利率沒有淨影響，但對即食食品與現調飲料（PF&DB）毛利率帶來些微順風，對雜貨與一般商品（GM）毛利率帶來些微逆風。我們認為此調整能更好地反映兩個品類之間的真實銷貨成本。

Prepared food and expensed beverage gross profit margin was 59.3%. That's up 130 basis points from prior year. Cheese was [$1.93 per pound] for the quarter compared to [$2.11 per pound] last year. It's a decrease of 9% or an approximate 45 basis points benefit to the margin. Along with the aforementioned distribution cost reclass, these two items accounted for all of the margin change in the quarter.

即食食品與現調飲料毛利率為59.3%。較去年同期提高130個基點。本季起司成本為每磅[$1.93]，去年為每磅[$2.11]。下降9%，約為毛利率帶來45個基點的助益。加上前述配送成本重分類，這兩項因素構成了本季毛利率變動的全部原因。

The grocery and general merchandise gross profit margin was 35.6%, a decrease of 30 basis points from the prior year, and that change is completely attributable to the distribution cost reclass. Fuel margin for the quarter was $47.8 per gallon, up $6.8 per gallon from the prior year and sequentially about [1p] stronger than the fourth quarter of fiscal 2026, which reflected the beginning of the Middle East conflict and the related volatility in global petroleum markets.

雜貨與一般商品毛利率為35.6%，較去年同期下降30個基點，而此變動完全歸因於配送成本重分類。本季燃油毛利為每加侖$47.8，較去年同期每加侖增加$6.8，且較2026會計年度第四季序列增加約[1p]；當時反映了中東衝突的開始以及全球石油市場相關波動。

Total operating expenses were up 8% or $55.9 million in the quarter. Approximately 2% of the total operating expense increase was due to unit growth as we operated 64 more stores than the prior year. Same-store credit card fees added approximately 1.5% to the increase, primarily due to the previously mentioned higher retail prices per gallon.

本季總營運費用增加8%，或增加5,590萬美元。總營運費用增幅中約2%來自單位成長，因我們較去年多營運64家門市。同店信用卡手續費約使增幅增加1.5%，主要因前述每加侖零售價格較高所致。

Same-store employee expenses accounted for approximately 1% of the increase due primarily to increases in labor rates as same-store labor hours were roughly flat. Insurance primarily same-store healthcare insurance was responsible for approximately 1% of the increase. In addition, same-store repairs and maintenance and same-store utilities collectively made-up approximately 1% of the increase.

同店員工費用約占增幅的1%，主要因勞動費率上升，而同店勞動工時大致持平。保險（主要為同店醫療保險）約占增幅的1%。此外，同店維修與保養以及同店公用事業費用合計約占增幅的1%。

Net interest expense was $22.1 million in the quarter. That's down $4.8 million versus the prior year, which is primarily due to deleveraging associated with the Fikes transaction. Depreciation in the quarter was $116 million, that's up to $7 million versus the prior year, primarily due to operating more stores. The effective tax rate for the quarter was 21.1% compared to the prior year of 22.7%. That decrease was driven by an increase in tax benefits that were recognized on share-based awards.

本季淨利息費用為2,210萬美元。較去年同期減少480萬美元，主要因與 Fikes 交易相關的去槓桿所致。本季折舊為1.16億美元，較去年同期增加700萬美元，主要因營運門市數增加。本季有效稅率為21.1%，去年同期為22.7%。下降主要由於與股份基礎給付獎酬相關、可認列的稅務利益增加。

Our financial flexibility remains excellent. On July 31, we had total available liquidity of $1.4 billion. Also, our credit facility debt to EBITDA ratio was 1.5 times. For the quarter, net cash generated by operating activities of $384 million, less purchases of property and equipment than $194 million, resulted in the company generating $190 million in free cash flow compared to generating $262 million in the prior year. The decrease in free cash flow is due in large part to the planned increase in capital expenditures from the CEFCO store remodels.

我們的財務彈性仍然非常充裕。截至7月31日，我們的可用流動性總額為14億美元。此外，我們的信用融資負債對 EBITDA 比率為1.5倍。本季營運活動產生的淨現金為3.84億美元，扣除不動產與設備購置1.94億美元後，公司產生1.90億美元自由現金流，去年同期為2.62億美元。自由現金流下降很大一部分原因在於 CEFCO 門市改裝所帶來、按計畫增加的資本支出。

At the September meeting, the Board of Directors voted to maintain the quarterly dividend at [$0.65] per share. During the first quarter, we repurchased approximately $46 million in shares. While we're off to a great start to the year, consistent with our past practice, we plan to update annual guidance on our second quarter earnings call when we are through the seasonally largest time of the year.

在9月的會議上，董事會投票決議維持每股[$0.65]的季度股利。第一季期間，我們回購約4,600萬美元的股份。雖然我們今年開局良好，但依照以往慣例，我們計畫在第二季財報電話會議（度過一年中季節性最旺的期間後）更新全年財測指引。

Our results for August were as follows. Same store volumes, both inside and outside the store, were consistent with our first quarter results and within our annual guidance ranges. Fuel CPG is in the low [$0.40] per gallon.

我們8月的結果如下。同店銷量（店內與店外）與第一季結果一致，且落在我們全年指引區間內。燃油 CPG 處於每加侖低於[$0.40]的水準。

Current cheese costs are slightly favorable versus the prior year. We expect the second quarter operating expense increase to be similar to the first quarter, and that's partially driven by the increase in resale fuel prices as compared to the second quarter of fiscal 2026.

目前起司成本較去年同期略為有利。我們預期第二季營運費用增幅將與第一季相近，部分原因是轉售燃油價格相較於2026會計年度第二季有所上升。

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

我現在把電話交回給 Darren。

Thanks, Steve. As we just wrapped up our first quarter into the new plan, I'm as excited as ever about our progress. Our food team is doing a tremendous job. Whole pies have continued their strong momentum in the quarter. Guests are flocking to the Casey's Rewards platform as we're now over 11 million members.

謝謝，Steve。我們剛完成新計畫下的第一季，我對我們的進展一如既往地感到振奮。我們的食品團隊表現非常出色。整個派在本季持續維持強勁動能。顧客正大量湧入 Casey's Rewards 平台，目前會員數已超過 1,100 萬。

We believe our abundant and value-oriented food offering is not only a differentiator driving inside traffic but is also driving traffic to the pump. This coupled with our fuel team doing an excellent job balancing fuel margin and gallons during an uncertain environment has yielded great results. This is our three-legged business model in action.

我們相信，我們豐富且以價值為導向的食品供應，不僅是帶動店內來客數的差異化因素，也同時帶動加油站的車流。再加上我們燃油團隊在不確定的環境中，出色地平衡燃油毛利與銷量（加侖數），因此帶來了很好的成果。這正是我們三支柱商業模式的實際運作。

During fiscal year 2026, we remodeled approximately 50 CEFCO stores to Casey's. In the first quarter of fiscal year '27, we've remodeled 24 more stores. We're extremely excited about the results we're seeing as the average PF&DB lift at the stores that were remodeled to Casey's has been approximately 30% versus the results of the same period prior to remodel. While we're busy with CEFCO conversions, does not stop us from continuing to grow the store base as we are on track to meet our 120-store unit goal for the fiscal year.

在 2026 會計年度期間，我們將約 50 家 CEFCO 門市改裝為 Casey's。在 2027 會計年度第一季，我們又改裝了另外 24 家門市。我們對目前看到的成果感到非常興奮，改裝為 Casey's 的門市，其 PF&DB 平均提升幅度約為 30%，相較於改裝前同期間的表現。雖然我們正忙於 CEFCO 轉換，但這並不妨礙我們持續擴大門市基礎；我們正按計畫達成本會計年度 120 家門市的目標。

Operational efficiency is another key pillar of the strategic plan. As we discussed at Industrial Day, we expanded our continuous improvement efforts to include both the store and the enterprise as a whole. We're off to a great start as the team has completed a number of initiatives with many more on track for completion during the fiscal year, both at the store and throughout the organization.

營運效率是策略計畫的另一個關鍵支柱。如同我們在 Industrial Day 所討論的，我們將持續改善（continuous improvement）的努力擴大到涵蓋門市端以及整個企業。我們有一個很好的開始，團隊已完成多項計畫，且還有更多計畫正按進度於本會計年度內完成，涵蓋門市與整個組織。

Overall, I'm very proud of the team's execution of the plan. We look forward to building on the momentum we have going throughout the fiscal year and beyond. We'll now take your questions.

整體而言，我對團隊執行計畫的表現感到非常自豪。我們期待在本會計年度及未來持續延續目前的動能。接下來我們開始提問。

(Operator Instructions)

(接線員指示)

Edward Kelly, Wells Fargo.

Edward Kelly，富國銀行。

Yeah, hi. Good morning, everyone. I wanted to start just on fuel margins. I was hoping that you can maybe talk about the trend in fuel margin during Q1. I think you said you had a very strong start last quarter, which I think a lot of us assumed that maybe that was in the [50s]. Just curious what the rest of the quarter looked like?

是的，你好。各位早安。我想先從燃油毛利談起。我希望你們可以談談第一季燃油毛利的趨勢。我記得你們提到上季一開始非常強勁，我想我們很多人都假設那可能是在[50 多]。想請教本季其餘時間的情況如何？

And then the underlying dynamics that drove that really robust Q4 performance and strong start, just curious as to the sustainability of those dynamics through the quarter. And then just lastly related to all of this, as you think about your mid-40s margin guide, is anything you're seeing out there currently that raises question about that at all? Maybe talk about break evens as part of that. Thank you.

另外，驅動第四季非常亮眼表現與強勁開局的底層動態是什麼？也想了解這些動態在本季內的可持續性如何。最後，關於你們所給的 40 多中段（mid-40s）毛利指引，就目前你們看到的外部情況，有沒有任何因素會讓你們對該指引產生疑慮？也請一併談談損益兩平點（break-evens）。謝謝。

Hi and good morning. This is Steve. I'll address the first, the first one on fuel margins during the course of the quarter. We certainly did enter the beginning of this fiscal year in a good position, certainly, given the experience that we've had in the fourth quarter. But I would say, honestly, that the quarter was volatile is the word I would describe with few margins.

你好，早安。我是 Steve。我先回應第一個問題，也就是本季期間燃油毛利的情況。我們在本會計年度一開始確實處於不錯的位置，尤其考量到我們在第四季的經驗。但老實說，我會用「波動」來形容本季的燃油毛利。

There were days when it was in the [16s]. There were days when it was in the 30s. Most days, it was in the 40s. And to some extent, depending on the headlines that you read about in the paper and social media, there would be a corresponding move in fuel margin over the next day or two.

有些日子是在[16 多]。有些日子是在 30 多。大多數日子是在 40 多。某種程度上，取決於你在報紙與社群媒體上看到的新聞標題，燃油毛利在接下來一兩天也會出現相應的變動。

So I don't think it's possible to really describe a solid trend during the course of the quarter before for sure, was higher, which is what we saw in the fourth quarter of last year because of the conflict that was unchanged, but it really moved around quite a bit based on headlines as we went through the quarter.

所以我認為很難在整個季度中描述一個明確的趨勢；一開始確實較高，這也是我們在去年第四季看到的情況，因為那場衝突沒有改變，但隨著季度推進，毛利確實會因新聞標題而大幅上下波動。

[Greg Millick], Evercore ISI.

[Greg Millick]，Evercore ISI。

Hi. Thanks, guys. I'd love to follow-up on the trends you saw through the quarter, particularly with how much of the comp decel in grocery and prepared food might have been people getting squeezed in terms of cash they had, filling up the gas tank at the same time. Anything about that and the trends since the quarter as well? Thanks.

你好。謝謝各位。我想追問一下你們在本季看到的趨勢，特別是雜貨與即食食品（prepared food）同店成長放緩，有多少可能是因為消費者現金更吃緊、同時又要加滿油箱所致。想請教你們對此的看法，以及季度結束後至今的趨勢。謝謝。

Yeah, Greg, this is Darren. I'll go ahead and take that one. Yeah, I would say that the trends that we saw in first quarter were similar to what we've seen over the last several quarters. A couple of points. One is that the lower income consumers are being slightly more impacted than the other income cohorts. If you look at our business, all three income cohorts that we measure had positive growth in the quarter. So I'll [caveat] it with that.

好的，Greg，我是 Darren。我來回答這題。我會說，我們在第一季看到的趨勢與過去幾季相當類似。有幾點。第一，低收入消費者受到的影響略大於其他收入族群。但如果看我們的業務，我們衡量的三個收入族群在本季都呈現正成長。所以我先加上這個[但書]。

But I would say that more of the impact we saw on the grocery and general merchandise side is really driven by category trends versus demographic trends and what I mean by that is if you look at the three areas where we had some softness is beer, snacks, and cigarettes. And those categories have all been challenged for different reasons. That's an industry-wide phenomenon. We're not immune to that.

不過我會說，我們在雜貨與一般商品端看到的影響，更多是由品類趨勢而非人口結構趨勢所驅動。我的意思是，如果看我們出現一些疲弱的三個領域：啤酒、零食與香菸。而這些品類各自因不同原因而面臨挑戰。這是全產業的現象。我們也無法置身事外。

On the beer side, we were able to make up for a good part of that with our liquor business. We're ready to drink cocktails, in particular, were up over 30% in the quarter. So we saw some good strength there, not enough to overcome the Dragon Beer, snacks, I think we talked about this before. We're seeing a lot of price action taken from the national brands, which has put some pressure on there, and six has been a multi-decade trend.

在啤酒方面，我們能透過烈酒業務彌補其中相當一部分。尤其是即飲調酒（ready-to-drink cocktails），本季成長超過 30%。因此我們在那裡看到不錯的強勁表現，但仍不足以抵消啤酒的下滑。至於零食，我想我們之前談過。我們看到全國性品牌採取大量漲價動作，對該品類造成一些壓力；而香菸則是數十年來的長期趨勢。

On the other side, on grocery and general merchandise, real strength in nickel alternatives up 47% in the quarter. Energy continues to form well at 12%. And non-alcoholic beverages overall were a strong contributor. So overall, I'd say the trends are what they are. And then lastly, when I look at a two-year stack basis, grocery and general merchandise up 6.5% in an environment like this, I think is pretty solid performance.

另一方面，在雜貨與一般商品中，尼古丁替代品（nicotine alternatives）表現非常強勁，本季成長 47%。能量飲料持續表現良好，成長 12%。而非酒精飲料整體也是重要的成長貢獻來源。所以整體而言，我會說趨勢就是如此。最後，若以兩年疊加（two-year stack）來看，在這樣的環境下雜貨與一般商品成長 6.5%，我認為是相當穩健的表現。

Tom Palmer, JPMorgan.

Tom Palmer，摩根大通。

Good morning, and thanks for the question. I wanted to -- maybe just follow-up on the CEFCO commentary in terms of the remodels. You noted 25 basis points inside same-store sales headwind and [50 basis points] on the fuel gallons.

早安，謝謝讓我提問。我想——也許追問一下你們對 CEFCO 的評論，特別是關於改裝。你們提到店內同店銷售有 25 個基點的逆風，以及燃油加侖數有 [50 個基點]的影響。

How did this compare to what you had seen on past remodels? And then as we look out here over the next couple of quarters? Should we be thinking about a similar headwind, or does like the lift from the remodeled stores start to more than offset, let's say, any headwind from the disruption during the remodels?

這與你過去在其他翻新案中看到的情況相比如何？另外，展望未來幾個季度，我們是否應該預期類似的逆風，還是翻新門市帶來的拉抬開始足以抵消（例如）翻新期間干擾所造成的任何逆風？

Yeah, this is Darren. You're -- on the remodels, this is to be expected when we do heavy lifting. Why you didn't see this in the first quarter -- fourth quarter of last year was there's a cohort of stores that already had kitchens in them that we were able to convert in just a matter of days. So there's really very minimal impact to the performance of the business while those were being remodeled.

是的，我是 Darren。關於翻新，當我們進行較大規模的工程時，這是可預期的。你之所以在去年第一季——去年第四季沒有看到這種情況，是因為有一批門市原本就已經有廚房，我們只花了幾天就能完成轉換。因此在那些門市翻新期間，對營運表現的影響其實非常有限。

This next tranche of stores that we started this quarter, this past quarter, are impacted anywhere from four to six weeks. And so that puts a pretty significant drag. They're not closed the entire time, but they're closed for a good part of it and then partially under construction for part of it. So there's a lot of disruption that puts a drag.

而我們在本季、上一季開始的下一批門市，受到影響的時間大約是四到六週。因此會造成相當明顯的拖累。它們並非全程關店，但有相當一段時間會關閉，另外一段時間則是在部分施工狀態下營運。所以干擾很多，因而形成拖累。

It is not anything different than what we would normally see in a remodel of other acquisitions. Probably the biggest difference is the CEFCO stores [tend] to be higher volume stores versus others that we've acquired in the past. And so it has more of a disproportionate impact. And there's just more of them that we're remodeling.

這並沒有不同於我們在翻新其他併購案時通常會看到的情況。可能最大的差異在於 CEFCO 門市[往往]是較高銷量的門市，相較於我們過去併購的其他門市。因此影響更不成比例地放大。而且我們正在翻新的門市數量也更多。

So all that said, we've been very happy with the results coming out of the remodels. And so at some point, to your point, Tom. These numbers will inflict, but that's probably later in the fiscal year. And so I wouldn't expect to see that in second quarter, probably not anything meaningfully in third quarter, probably be more fourth quarter where you start to see that inflection point.

總之，我們對翻新完成後的成果非常滿意。因此在某個時間點，如你所說的，Tom，這些數字會出現拐點，但那可能要到本財年較後段。所以我不預期第二季會看到，第三季大概也不會有任何顯著變化，可能要到第四季才會開始看到那個拐點。

Yeah, I would probably just add to that, all of this was confidence in our annual guidance. We knew all of this was going to happen, and so none of this is a surprise. And I think it's exactly kind of the impact and the timing that we would have expected.

是的，我可能只想補充一點：這一切都已納入我們對全年指引的信心之中。我們知道這些都會發生，所以沒有任何意外。而且我認為其影響與時點正如我們所預期。

Bonnie Herzog, Goldman Sachs.

Bonnie Herzog，高盛。

Hi, thank you. Good morning, everyone. I had a question on OpEx, which has remained, elevated over the last several years. Excuse me. So could you provide a little more color on the [FQ1] drivers and, how you expect the cadence for OpEx to trend from here?

嗨，謝謝。各位早安。我想問的是營運費用（OpEx），過去幾年一直維持在較高水準。不好意思。能否請你們更詳細說明一下[FQ1]的驅動因素，以及你們預期接下來 OpEx 的走勢節奏會如何？

And then curious if you could touch on, how much of the increase in the quarter was, you know tied to the new stores or CEFCO, maybe labor, credit card fees, or other inflationary pressures? And just really just trying to think about how we should think about normalized OpEx growth from here over the long-term?Thank you.

另外也想請你們談談，本季費用增加中有多少是與新店或 CEFCO 相關，例如人力、信用卡手續費或其他通膨壓力？我主要是想了解，從長期來看，我們應該如何看待正常化的 OpEx 成長？謝謝。

Hi, Bonnie. Hey, good morning. This is Steve. In terms of a waterfall that I think will end up on the web page as we've done in the past, but to get to the total OpEx change of the 8% in the quarter. About a [1.5] of that was same store employee expense. So think of 3% wage rate offset by flat hours gets you a [1.5]. About 2% would have been what we would broadly bucket of same store operations. So that would be repairs and maintenance, utilities.

嗨，Bonnie。早安。我是 Steve。就像我們過去做法一樣，我想之後網站上會放一張瀑布圖，但先就本季 OpEx 總變動 8% 來拆解：其中約[1.5]個百分點來自同店員工費用。也就是大約 3% 的薪資率上升，被工時持平所抵消，得到[1.5]。約 2% 可大致歸類為同店營運項目。例如維修與保養、公用事業費用。

Insurance, we're self-insured for our healthcare, that would go into that 2% bucket. New units, to your point, is about 2% all by itself, just the wrap of new units. Credit card fees, same-store credit card fees would be another [1.5] almost 2 points, and then you get everything else in the 1% bucket, which would be technology and supplies and some miscellaneous things.

保險方面，我們的醫療保險採自保，這也會算在那 2% 的類別中。新店，如你所說，大約單獨就占了 2%，就是新店帶來的整體增量。信用卡手續費，同店信用卡手續費約再增加[1.5]、接近 2 個百分點；其餘都在 1% 的籃子裡，包括科技、耗材以及一些雜項。

We continue to believe the best way to think about OpEx on a long-term basis is consistent with the algorithm, right? We'll grow -- we firmly believe we can grow operating expense at a slower rate. And we're going to grow EBITDA over the medium and long-term, I think that's imminently achievable for us.

我們仍然認為，長期看待 OpEx 的最佳方式是符合我們的演算法（algorithm），對吧？我們會成長——我們堅信我們能以較慢的速度成長營運費用。而在中長期我們會提升 EBITDA，我認為這對我們而言是很快就能達成的。

And for this year, I just probably point you back to, we obviously haven't updated the guide for the year, but the squeeze math for the rest of the year, if you go back to what we experienced in the fourth quarter of last year, you'll get less OpEx growth on a year-over-year basis this year to land the plane within that range, and especially if you take the fact, second quarter is going to look similar to first because of the credit card fee dynamic, you should be able to land second half of the year pretty close.

至於今年，我大概會請你回頭看：我們顯然還沒有更新全年指引，但如果你用「擠壓」的數學去看今年剩餘期間——回到去年第四季我們的經驗——那麼今年在年對年基礎上，OpEx 成長會更低，才能把結果落在那個區間內；尤其考量第二季因信用卡費用的動態會看起來與第一季相似，你應該會看到下半年能夠相當接近地落點。

Mark Carden, UBS.

Mark Carden，瑞銀。

Hi, this is Matthew Rothway on for Mark. Thank you for taking our question. So I was wondering if you could touch on the competitive landscape and promotional landscape a little bit. Are you seeing any impact from price investments from some of the mass merchants on your inside sales or grocery and [Gen, Merch] and any shift from your convenience store peers and competition and pricing?

嗨，我是代替 Mark 的 Matthew Rothway。謝謝你們回答我們的問題。我想請你們談談競爭環境與促銷環境。你們是否看到一些大型量販商在價格投資上，對你們的店內銷售或雜貨與[Gen, Merch]造成任何影響？以及你們的便利商店同業在競爭與定價上是否有任何轉變？

Hey, Matthew, this is Darren. Really, we haven't seen any unusual or different activity from the C-store competitors. And I think that's a reflection of the more challenged environment that they find themselves in relative to us with a big prepared foods business. But yeah, we really haven't seen much of that there.

嘿，Matthew，我是 Darren。其實我們沒有看到便利商店（C-store）競爭對手有任何不尋常或不同的動作。我認為這反映出，相較於我們擁有龐大的現做食品業務，他們所處的環境更具挑戰。不過，是的，我們在那方面確實沒有看到太多。

On the pizza side of the business, it's been a mixed bag. I think there's been some more promotional activity. But again, I'd remind you of how we approach the business. We have our own degree of promotional activity. But our starting point is far lower in price versus the national brands.

至於披薩業務方面，情況比較參差不齊。我認為促銷活動確實多了一些。但我也要提醒你我們的做法：我們也有自己一定程度的促銷活動。但我們的起始價格相較全國性品牌本來就低很多。

We're close to -- on average, about $3 for a single topping pizza below what a national brand would be priced at, just line pricing. And then, also as a reminder, about half of our stores don't even have a national brand pizza competitor.

以平均來看，單一配料披薩的標價，我們大約比全國性品牌低 3 美元，這只是單純的標價比較。另外也提醒一下，大約有一半的門市甚至沒有全國性品牌披薩的競爭對手。

So we're really in a very good competitive spot, and what we did see over the quarter was that similar to the dynamic that we described in Investor Day, where we've taken minimal price while the pizza QSR set has taken more price. We saw that dynamic in first quarter continue, and that gap that we had from our pricing in prepared foods to theirs actually widened even further. So we think we saw that in the numbers with the unit growth and the dollar growth as well in PF&DB.

因此我們的競爭位置其實非常好；而我們在本季看到的是，與我們在投資人日所描述的動態相似——我們只做了很小幅度的漲價，而披薩 QSR 同業則漲價更多。第一季這個動態持續存在，而且我們在現做食品相對於他們的定價差距實際上進一步擴大。因此我們認為，這也反映在 PF&DB 的銷量成長與金額成長數字上。

Chuck Cerankosky, Northcoast Research.

Chuck Cerankosky，Northcoast Research。

Good morning, everyone. Great quarter. I'd like to return to the nicotine category. It's shrinking on the cigarette size. Could you talk a little bit about the -- I can't even think of the name right now, the artificial cigarettes? And then what it means for the inside merchandising is you change space allocation or need to use other products to get that traffic back?

各位早安。本季表現很棒。我想回到尼古丁品類。香菸的規模正在縮小。能否談談——我一時想不起名稱，那些人造香菸？另外，對店內陳列而言，這代表你們會調整空間配置，或需要用其他產品把那個客流帶回來嗎？

Yeah, Chuck, this is Darren, and they're called nicotine alternatives. And so, yeah, what we've seen over the course of the last couple of years is as that secular decline in combustible cigarettes continues, nicotine alternatives is starting to replace that lost volume.

是的，Chuck，我是Darren，它們稱為尼古丁替代品。所以，是的，我們在過去幾年看到的是，隨著可燃式香菸的長期下滑持續，尼古丁替代品開始取代流失的銷量。

Now, it's not a one-for-one yet. It hasn't quite grown that fast, but if you think about how the categories are trending, with cigarettes down, a [1% or 2%] on sales basis and down, call it 5% or 6% on a unit basis, and nicotine alternatives up 47% in the quarter. You can see where that change is going to come here soon.

目前還不是一比一的替代。它的成長速度還沒那麼快，但如果你看品類趨勢，香菸在銷售額基礎上下降約[1%或2%]，在銷量（件數）基礎上下降約5%或6%，而尼古丁替代品本季成長47%。你可以看到這個變化很快就會在這裡出現。

From a space allocation standpoint, I think that's where our merchandising team has done a really good job, is getting ahead of this and we talked about this on previous calls. We reset those nicotine back bars to reduce the combustible cigarette space to make more room for nicotine alternatives. And that move a couple of years ago was -- I think we were one of the first in the industry to do that. And it's really improved our benefit. And I think that's one of the reasons that you see the strength in that category today in our stores.

從空間配置的角度來看，我認為我們的陳列團隊做得非常好，就是提前因應這件事，我們在先前的電話會議也談過。我們重新設定了尼古丁背牆陳列（back bars），縮減可燃式香菸的空間，為尼古丁替代品騰出更多位置。而幾年前的那次調整——我想我們是業界最早這麼做的公司之一。這確實提升了我們的效益。我認為這也是你今天在我們門市看到該品類強勁表現的原因之一。

And we just did another adjustment this past fiscal year to give even more space to the nicotine alternatives. So the category overall is definitely shifting in favor of those alternatives, and we expect to be a leader in that space.

而在上一個會計年度，我們又做了一次調整，給尼古丁替代品更多空間。因此整體品類確實正朝向這些替代品傾斜，我們也預期會在這個領域成為領導者。

Pooran Sharma, Stephens.

Pooran Sharma，Stephens。

Good morning and thanks for the question here. Just a quick one from me. I think you mentioned your cheese cost at about [$1.93 per pound]. Let's just wondering if you could give us how much your cover -- as you're looking out here, how much you're covered and how many quarters you are covered out?

早安，謝謝讓我提問。我這邊只有一個簡短問題。我想你提到起司成本大約是[每磅1.93美元]。想請問你們目前的覆蓋（對沖/鎖價）比例大概是多少？以及往外看，你們大概覆蓋到未來幾個季度？

Yeah, [Pooram]. Good morning. This is Steve. I'll address that. We are about 80%, 80% covered through early into the first quarter of next fiscal year. And generally -- certainly for the remainder of this fiscal year, the three out quarters, we would be covered in a modest tailwind to margin each of those three quarters.

好的，[Pooram]。早安。我是Steve。我來回答。我們大約覆蓋了80%，80%的部位一直覆蓋到下一個會計年度第一季初。而一般來說——至少在本會計年度剩餘期間，也就是接下來三個季度，我們每一季的毛利率都會有溫和的順風（正面助益）。

Corey Tarlowe, Jefferies.

Corey Tarlowe，Jefferies。

Great. Thanks and good morning.

很好。謝謝，早安。

Good morning.

早安。

Thanks. I have a two-parter. So the first, I would love an update on chicken wings. And then second is on M&A. I think you've placed recently a little bit more emphasis on Texas. Could you maybe talk a little bit about the strategy within that market, please? Thank you very much.

謝謝。我有兩個問題。第一，我想請你們更新一下雞翅的情況。第二是關於併購（M&A）。我想你們最近對德州的著墨多了一些。能否談談在該市場的策略？非常感謝。

Hey, Corey, this is Darren. Yeah, with respect to wings, wings are performing well. We've been really happy with the results so far. We're still in 850 stores. And we'll start rolling out the next Toronto stores here later this month.

嗨，Corey，我是Darren。是的，關於雞翅，雞翅表現很好。我們對目前的結果非常滿意。目前仍在850家門市。我們會在本月稍晚開始在下一批多倫多門市推廣上線。

We didn't do any rollouts over the 100 days of summer just to give our stores a chance during their biggest peak period to execute at a high level. So we'll start those now, and we'll start getting those open probably in early third quarter.

在「夏季100天」期間我們沒有做任何上線推廣，主要是讓門市在一年中最旺的尖峰期能以高水準執行。所以我們現在會開始推進，並且可能在第三季初開始陸續開出。

Wings, like I said, have performed well. One of the encouraging things is about 38% of guests that have purchased wings have had a wings-only order. And if you recall when we talked about this strategically, we were looking to achieve another night of the week or another occasion in addition to pizza. And so those wing-only orders really represent that incremental occasion.

雞翅如我所說表現良好。其中一個令人鼓舞的點是，購買雞翅的顧客中約有38%是「只買雞翅」的訂單。如果你還記得我們在策略上談過，我們希望在披薩之外，再取得一個每週的用餐夜晚或另一個消費情境。因此，這些只買雞翅的訂單確實代表了新增的消費情境。

And so the folks that have had a wing-only order have increased their frequency of prepared food purchases overall by about 30%. So it's a really good fact pattern for us. We're still early stages and still growing. As an example, in the Des Moines DMA, which we've had the wings in the longest. We were up 46% in the quarter over prior year. So there's still a long runway for growth there and very bullish on that category.

而那些曾下過「只買雞翅」訂單的顧客，其整體熟食（prepared food）購買頻率提升了約30%。所以對我們來說，這是一個非常好的事實樣態。我們仍在早期階段，仍在成長。例如在得梅因（Des Moines）DMA，我們是最早導入雞翅的市場。本季相較去年同期成長46%。所以那裡仍有很長的成長跑道，我們對該品類非常看多。

Kelly Bania, BMO Capital Markets.

Kelly Bania，BMO Capital Markets。

Hi, good morning. Thanks for taking our question. Steve and Darren, wanted to just go back to the beer, snacks and cigarette commentary and the impact on the grocery comps. Just curious a little bit more color there, when that weaker trend started? And are you seeing just more of a unit slowdown or is there a trade down, to lower price points or smaller pack sizes? And do you or some of the vendors have some plans to promote these categories through the rest of the year?

嗨，早安。謝謝接受我們的提問。Steve和Darren，我想回到你們對啤酒、零食和香菸的評論，以及它們對雜貨同店銷售（comps）的影響。想再多了解一些細節：這個較弱的趨勢是從什麼時候開始的？你們看到的是更多的銷量（件數）放緩，還是有消費降級（trade down），例如轉向較低價位或較小包裝？以及你們或部分供應商是否有計畫在今年剩餘期間促銷這些品類？

Yes, Kelly, I'll go ahead and take that. You got something different going on in each of those. I'd say I'll just start with cigarettes because that's the easiest. That's been for 30-, 40 years, that trend. So nothing new to report in cigarettes other than it's just continuing to be under pressure.

是的，Kelly，我來回答。這三個品類各自有不同的情況。我先從香菸開始，因為那最簡單。那個趨勢已經持續30、40年了。所以香菸沒有什麼新的可報告，除了它仍持續承受壓力。

And like I said, I feel better about that category, the total nicotine category, now than I have in a long time because of [nickel] alternatives. And the growth rate we're seeing there and the margin profile, as a reminder, the margin in nickel turn is double what it is in combustible cigarettes. So that math ends up working out pretty favorably on a gross profit dollar standpoint over the long-term.

如我所說，對於整體尼古丁品類，我現在的感受比很長一段時間以來都更好，因為有[尼古丁]替代品。我們看到的成長率以及毛利結構——提醒一下，尼古丁替代品的毛利率是可燃式香菸的兩倍。因此從長期的毛利額（gross profit dollars）角度來看，這個算式會相當有利。

Snacks is something that we've probably experienced for the last couple of years where the national brand manufacturers have just taken a lot of price, primarily in chips, and so you see a lot of pressure in that category. And while there's been some price action that they're taking on take-home packages, they're not taking that on immediate consumption packages, which is the bulk of what we sell. So they just price themselves out of the market, frankly.

零食方面，我們可能在過去幾年就已經感受到：全國性品牌製造商大幅提價，主要是在洋芋片，因此你會看到該品類承受很大壓力。雖然他們對外帶（take-home）包裝做了一些價格動作，但對即食（immediate consumption）包裝並沒有採取同樣作法，而即食包裝是我們銷售的大宗。所以坦白說，他們就是把自己定價到市場之外了。

Now, what we're doing about that is we've leaned heavier into our private label offering, and so we're seeing really good growth in those same categories in our private label products. So we think we're not losing traffic necessarily, but the retails are lower, and so it doesn't have quite the impact on the sales line as it might otherwise have.

目前我們針對這點的作法是，更加著重於自有品牌（private label）的產品供給，因此我們在相同品類的自有品牌產品上看到非常好的成長。所以我們認為不一定是在流失客流，但零售價格較低，因此對銷售額的拉動效果就不像原本可能那麼大。

And beer, beer has been a category that's really struggled for the last couple of years. I think it started off with Budweiser and their social media [Snafu], and then it's just hung in there like that. The one bright spot is super premium beer with [Michelob Ultra], but outside of that, it's been sought.

至於啤酒，啤酒這個品類在過去幾年確實表現得很吃力。我認為一開始是百威（Budweiser）在社群媒體上的「翻車」事件，之後就一直延續這種狀況。唯一的亮點是超高端啤酒，例如 Michelob Ultra，但除此之外，一直都很疲弱。

What we've really done is, we have made sure that we're priced appropriately. We are looking at space allocation. In the category to make sure we're appropriately spaced and then leaning a little bit heavier on the liquor category in -- like I mentioned earlier on the call, ready to drink cocktails up 30%-plus. So that's been a good offset, and that's a little bit more on trend with where the consumers are going.

我們真正做的事情是，確保定價在適當水準。我們也在檢視陳列空間分配。在該品類中確保配置空間合理，並且如我先前在電話會議提到的，我們也更偏重烈酒品類——即飲調酒（ready to drink cocktails）成長超過 30%。因此這成為很好的抵銷，而且也更符合消費者目前的趨勢走向。

Brad Thomas, KeyBanc Capital Markets.

Brad Thomas，KeyBanc Capital Markets。

Good morning. Thanks for taking the question. I wanted to ask about the same-store gallons. I know it's tracking within your annual guidance. This was the first quarter of being negative after about six quarters of being positive. Just curious what you were seeing in the quarter. How much is the decline? Is it being a tougher comparison that you're up against? And then to what extent is fewer gas sales trickling through to the inside comp? Not sure if you've been able to look at that yet. Thanks.

早安。謝謝讓我提問。我想問一下同店加侖數（same-store gallons）。我知道它仍在你們全年指引範圍內。這是大約連續六個季度為正之後，第一個季度轉為負值。想請教你們在本季看到了什麼情況。下滑幅度有多少？是否因為面臨較嚴苛的比較基期？另外，較少的燃油銷售在多大程度上會傳導到店內同店（inside comp）？不確定你們是否已經能觀察到這點。謝謝。

Yeah, Brad, I'll go ahead and take that. Just on the same sort gallons on the trend, a few things I'd point out. One is down 30 basis points. So our annual guide was down a [1% to 1%-plus]. So we're talking about pretty nuanced numbers there, point number one. Point number two, as Steve described with the CEFCO three models, that's about a 50 basis points drag on overall gallons. So if you net that out, you're probably up 20 basis points. So that, again, nuanced, but probably right in the middle of the annual guide range.

好的，Brad，我來回答。就同店加侖數的趨勢而言，我會指出幾點。第一是下滑 30 個基點。我們的全年指引是下滑約 1% 到 1% 以上。所以我們談的是相當細微的數字，這是第一點。第二點，如 Steve 所描述的 CEFCO 三種模型，對整體加侖數約造成 50 個基點的拖累。所以若把這部分扣除，你們可能會看到約上升 20 個基點。因此同樣是細微差異，但大概落在全年指引區間的中間位置。

Now, on a two-year stack basis, we were cycling a 1.7% same-store gallon number. And to put that in perspective, so we're -- on a two-year stack, we're up 1.4%.

另外，以兩年疊加（two-year stack）來看，我們去年同期的同店加侖數是 1.7%。換個角度說，

The [OpEx] mid-continent region, which is where we operate primarily, over that same two-year period is down 10%. So we've taken significant share in fuel, and 20 basis points here, 30 basis points there doesn't concern me when the overall trend is where it is. And from a -- I would just add, with a consumer behavior standpoint on fuel, with the higher fuel prices, we're seeing exactly the type of behavior that we would expect to see.

[OpEx] 中大陸地區（mid-continent region），也就是我們主要營運的區域，在同樣的兩年期間是下滑 10%。所以我們在燃油方面拿下了顯著的市占；在整體趨勢如此的情況下，這裡 20 個基點、那裡 30 個基點並不會讓我擔心。另外我也補充一點，從燃油的消費者行為角度來看，在油價較高時，我們看到的正是我們預期會出現的行為。

Fewer gallons per trip, but more trips made, which ultimately accrues our benefit if we have more people coming to the store. People are trading out of premium and mid-grade and opting for regular or higher ethanol blends of fuel. The higher ethanol blends of fuel carry a higher margin for us than clear gasoline. So while these trends ebb and flow, it's very consistent with prior periods of higher gas prices and ultimately, it works out to our benefit.

每次加油的加侖數變少，但出行／加油次數變多；如果有更多人進店，最終對我們是有利的。人們從高階與中階油品轉向，改選普通汽油或較高乙醇混合比例的燃油。較高乙醇混合燃油對我們而言的毛利高於一般純汽油（clear gasoline）。因此，雖然這些趨勢會有起伏，但與過去油價較高時期非常一致，最終結果對我們是有利的。

Krisztina Katai, Deutsche Bank.

Krisztina Katai，德意志銀行（Deutsche Bank）。

Hi, good morning and thanks for taking the question. I had a follow-up to grocery. So Darren, you've highlighted strong growth in energy, non-alcoholic beverages and nicotine alternatives, but obviously snacks remain challenged. So do you think the weakness in snacks is entirely a function of pricing and value perception?

嗨，早安，謝謝讓我提問。我想追問一下雜貨（grocery）。Darren，你提到能量飲、無酒精飲料與尼古丁替代品成長強勁，但顯然零食仍面臨挑戰。所以你認為零食的疲弱完全是定價與價值感知所致嗎？

And are you starting to see evidence maybe of a more durable shift in consumer behavior? Obviously, there's a shift towards healthier consumption patterns or also any GLP-1 usage that you might be seeing. And if that is warranting any kind of a revision of how you're thinking about maybe what the inside of the box needs to look like maybe two to three years from now? Thank you.

另外，你們是否開始看到更持久的消費者行為轉變的跡象？例如明顯轉向更健康的消費型態，或是你們可能觀察到的任何 GLP-1 使用情況。如果是這樣，是否需要修正你們對於未來兩到三年「店內商品組合」（inside of the box）應該長什麼樣子的思考？謝謝。

Yeah, thanks, Krisztina. And certainly, we can keep an eye on that. But, when I look at what's happening in the category, and as I mentioned before on snacks in particular, national branch shifts down around 8%. [Tasty] chips up 16% units.

好的，謝謝你，Krisztina。我們當然會持續關注。不過，當我看這個品類正在發生的事，尤其如我先前提到的零食部分，全國品牌（national brand）下滑約 8%，而 [Tasty] 洋芋片的銷量（units）成長 16%。

So if it was a GLP-1 impact, I don't think we'd see the strength in our own private brand. We just would see overall negative trend in the category. So I can't put my finger on the idea that it's a GLP-1 type issue. That being said, there's certainly a trend of people leaning more towards protein-heavy snacks and foods in general, and we are seeing that.

所以如果是 GLP-1 的影響，我不認為我們會看到自有品牌有這樣的強勢表現。我們應該會看到整個品類呈現全面性的負向趨勢。因此我無法把它明確歸因為 GLP-1 類型的問題。話雖如此，確實存在一個趨勢：人們更偏好高蛋白零食以及整體食物的高蛋白取向，而我們也有看到。

And our merchandising team has done a nice job of bringing in more protein-dense snacks and other foods to satisfy that need, and we are seeing good growth in those. They're just smaller categories, so they really don't move the needle as much on the overall G&GM category, but they are growing well, and we are staying attuned to that trend. We just -- I just don't see enough of it yet to make any more dramatic shifts at this point.

而我們的商品團隊在引進更多高蛋白密度的零食與其他食品以滿足需求方面做得很好，我們也看到這些品類有不錯的成長。只是它們仍屬較小的品類，因此對整體 G&GM 品類的拉動有限，但確實成長良好，我們也會持續貼近這個趨勢。只是——我目前還看不到足夠的規模，讓我們在此時做出更大幅度的調整。

Bobby Griffin, Raymond James.

Bobby Griffin，Raymond James。

Hey, guys, good morning. Thanks for taking the question. Darren, I wanted to touch on just the Texas opportunity further. And I think you called out on the remodel stores for fights. They're performing well. But can you dive into a little bit more about what those stores are showing versus -- maybe corporate average once they get your Casey's Pizza in there? I think spikes were higher performing stores.

各位早安。謝謝讓我提問。Darren，我想再深入談談德州的機會。我記得你提到改裝（remodel）的門市——針對那些門市——表現很好。但你能否更深入說明，當你們把 Casey's Pizza 導入後，這些門市相較於——例如公司平均——呈現了哪些差異？我想那些原本就是表現較好的門市。

So is that translating into higher, just a larger pizza business? And is that indicative of what maybe the opportunity could be as you open up new to industry or you do tuck-ins, you guys completed a small tuck-in in Texas after the quarter end?

所以這是否轉化為更高、也就是更大的披薩業務？而這是否能反映出你們在新開「新建門市」（new to industry）或進行補強式併購（tuck-ins）時的機會？你們在季末後也在德州完成了一筆小型補強式併購。

Yeah, Bobby, the -- like we said, the performance of the CEFCO stores has been fantastic so far coming out of the remodels. And what I'd say is most encouraging is that these stores were high volume. They were generally higher volume than our average.

好的，Bobby——如我們所說，CEFCO 門市在完成改裝後的表現到目前為止非常出色。我認為最令人鼓舞的是，這些門市本來就是高銷量門市。整體而言，它們的銷量通常高於我們的平均水準。

Now, not in prepared foods, but their prepared foods business was probably the best that we've ever acquired. I don't think there's been anything that was even close to how CEFCO was performing in prepared foods prior to acquisition.

現在，不是在即食食品方面，但他們的即食食品業務可能是我們迄今收購過表現最好的。我認為在收購前，沒有任何一家在即食食品方面的表現能接近 CEFCO。

And so when we can come in and take a store already doing well in prepared foods and layer our program on top of it. And see the types of lifts that we're seeing, 30%-plus year-over-year. It's really encouraging. And even in the proof-of-concept stores that had the full Casey's assortment for over a year, they're still comping positively. And so we feel really good about what we see.

因此，當我們能進入一家在即食食品上已經做得很好的門店，並在其上疊加我們的方案。再看到我們目前看到的那種提升幅度，同比增長超過 30%。這真的很令人鼓舞。即使是在那些作為概念驗證的門店，已經完整導入 Casey's 全品項組合超過一年，仍然維持同店正成長。所以我們對目前看到的情況感到非常樂觀。

We've also had some new industry stores that we built down in Texas, over the last year since we've been down there and those are performing very well. So we really like Texas overall. As this has been a goal of ours to get into that state for a while now.

我們在德州南部也新建了一些新開業門店，過去一年自從我們進入那裡以來，這些門店表現非常好。所以我們整體上非常喜歡德州。因為進入該州一直是我們追求已久的目標。

The two acquisitions we've done and now a third coming. They have been very good to us, and the new industries are doing well also. And as I have looked at Texas, outside of the big four cities: of Dallas, Austin, San Antonio, and Houston, the rest of that entire state is Casey's country. And from our perspective, it's got a long runway for growth.

我們已完成兩筆收購，現在第三筆也即將到來。它們對我們都非常有利，而新開業門店也表現良好。而當我看德州時，除了四大城市：達拉斯、奧斯汀、聖安東尼奧與休士頓之外，該州其餘地區整體上都是 Casey's 的地盤。從我們的角度來看，這裡有很長的成長跑道。

Daniel Guglioma, Capital One Securities.

Daniel Guglioma，第一資本證券（Capital One Securities）。

Hi, everyone. Thank you for taking my question. [Kind of] a follow-up on state strength. You all have stores in 19 different states. If you think about customers at the state level, are there certain states or areas of the country where you're seeing a stronger consumer or weaker ones?

大家好。謝謝讓我提問。算是對「各州強弱」的追問。你們在 19 個不同州都有門店。如果從州的層級來看客戶，你們是否看到某些州或某些地區的消費者更強或更弱？

Daniel, I'd have to look. I probably have to look a little closer to to try to answer that question. Nothing jumps out at me. Probably one example that we have seen is between Illinois and Indiana on the border where Indiana has suspended gas tax in in that state and Illinois hasn't done anything similar and so we're seeing a little bit of weakness along the border in Illinois from a fuel perspective, but we're also seeing a corresponding strength on the other side of the border in our Indiana store.

Daniel，我得再看一下。我可能需要更仔細地看一看才能回答這個問題。目前沒有什麼特別突出的。可能有一個例子是伊利諾伊州與印第安納州交界處：印第安納州暫停了該州的汽油稅，而伊利諾伊州沒有採取類似措施，所以從燃油角度來看，我們在伊利諾伊州邊境一帶看到一些疲弱，但同時在邊境另一側的印第安納州門店也看到相對應的強勁。

So I say it's a wash, just guests' kind of playing an arbitrage game. But outside of that, I couldn't specifically point to any one state doing better or worse than the others. I mean, they always perform a little bit differently, but nothing that really jumps out that concerns me.

所以我會說這算是互相抵消，只是顧客在玩一種套利遊戲。但除此之外，我無法特別指出哪一個州比其他州更好或更差。我的意思是，各州表現總會有些差異，但沒有任何特別突出的情況讓我擔心。

I think it's worth reinforcing that if you just think about part of the strategic load that Caseys has and that we tried to highlight at the Investor Day, the geographic footprint we have remains in some of the lowest cost of living parts of the country.

我認為值得再次強調的是，如果你只要想想 Casey's 的策略布局之一，以及我們在投資人日試圖強調的，我們的地理版圖仍然位於全國生活成本最低的一些地區。

And so broadly speaking the money that our consumers earn goes further than it would certainly for consumers who are similarly situated on the coasts. And we feel like that just accrues to our benefit for sure. And I think that is a very fair statement for the vast majority of the communities that we serve and continue to serve.

因此，從宏觀來看，我們消費者賺到的錢更耐用，肯定比那些在沿海地區、處境相似的消費者更有購買力。我們覺得這無疑會成為我們的優勢。而且我認為，對於我們所服務並將持續服務的絕大多數社區而言，這是非常公允的說法。

(Operator Instructions)

(接線員指示)

Jacob Aiken-Phillips, Melius Research.

Jacob Aiken-Phillips，Melius Research。

Good morning. Thanks so much for taking our question. This is Sam Barton on for Jacob. I just wondered if we could zoom out a little and touch on M&A as a whole. Have you seen the industry changed at all in the last several quarters? And then also just wondering if you could remind us on philosophically just how you see M&A contributing to your 120 new unit growth target by the end of the fiscal year? Thank you.

早安。非常感謝讓我們提問。我是代 Jacob 發言的 Sam Barton。我想把視角拉遠一點，談談整體的併購（M&A）。過去幾個季度你們是否看到產業有任何變化？另外也想請你們再提醒一下，從理念上你們如何看待併購對於在本財年結束前達成 120 家新門店成長目標的貢獻？謝謝。

Yeah, Sam. I'd say the M&A environment is still really good. And that's a reflection of the challenging environment that the industry finds itself in, particularly the small operators. And so, I wouldn't say it's changed. I'd say it's still consistent, maybe even gotten a little better from a buyer's perspective. And multiples have stayed relatively flat, but the EBITDA that that's multiplied by has not. And the EBITDA even with higher fuel margins, tends to go backwards for these smaller operators.

好的，Sam。我會說併購環境仍然非常好。這反映了產業目前所處的艱難環境，尤其是小型經營者。所以我不會說它有改變。我會說它仍然一致，甚至從買方角度看可能還變得更好一些。估值倍數相對持平，但被倍數所乘的 EBITDA 並沒有持平。而對這些小型經營者而言，即便燃油毛利率較高，EBITDA 仍往往是下滑的。

So we find ourselves paying a lower absolute price for some of these assets, even though the multiples are about the same. And consistent with our guidance, every year we go into that, giving a number of stores we'll add in the fiscal year, this year it's 120, we go into that assuming half of that will come from new to industry bills, half that will come from the small deal M&A, and that's exactly how we see it playing out this year, give or take [and all].

因此，即使倍數大致相同，我們也發現自己為其中一些資產支付的絕對價格更低。並且如同我們的指引，每年我們在提出本財年將新增多少家門店時——今年是 120 家——我們假設其中一半來自新建門店（new-to-industry builds），另一半來自小型交易的併購，而這正是我們預期今年的實際走勢，大致如此[以及全部]。

Thank you. And I would now like to hand the conference back over to Darren Rubelez for closing remarks.

謝謝。接下來我想把電話會議交回給 Darren Rubelez 作結語。

All right. Thank you for taking time today to join us on the call. Before we go, I want to thank our team members once again for all their hard work this quarter. Have a great day. Thank you.

好的。感謝大家今天撥冗參加本次電話會議。在結束前，我想再次感謝我們的團隊成員在本季度的辛勤付出。祝大家有美好的一天。謝謝。

This concludes today's conference call. Thank you for participating, and you may now disconnect. Everyone, have a great day.

今天的電話會議到此結束。感謝各位參與，現在可以掛線。各位，祝大家有美好的一天。