達樂 (DG) 2024 Q1 法說會逐字稿

Good morning.

早安.

My name is Donna and I will be your conference operator today.

我叫唐娜，今天我將擔任你們的會議操作員。

At this time, I would like to welcome everyone to the Dollar General First Quarter 2024 Earnings Call.

此時，我謹歡迎大家參加 Dollar General 2024 年第一季財報電話會議。

Today is Thursday, May 30, 2024.

今天是 2024 年 5 月 30 日，星期四。

(Operator Instructions) Today's call is being recorded.

（操作員說明）今天的通話正在錄音。

Instructions for listening to the replay of the call are available in the company's earnings press release issued this morning.

有關收聽電話會議重播的說明，請參閱該公司今天上午發布的收益新聞稿。

I would now like to turn the conference over to Mr. Kevin Walker, Vice President of Investor Relations.

我現在將會議交給投資者關係副總裁凱文沃克先生主持。

Kevin, you may begin your conference.

凱文，你可以開始你的會議了。

Thank you and good morning, everyone.

謝謝大家，早安。

On the call with me today are Todd Vasos, our CEO; and Kelly Dilts, our CFO.

今天與我通話的是我們的執行長 Todd Vasos；和我們的財務長凱利·迪爾茨 (Kelly Dilts)。

Our earnings release issued today can be found on our website at investor.dollargeneral.com under News and Events.

我們今天發布的收益報告可以在我們的網站 Investor.dollargeneral.com 的「新聞和活動」下找到。

Let me caution you that today's comments include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, such as statements about our financial guidance, strategy, initiatives, plans, goals, priorities, opportunities, expectations or beliefs about future matters and other statements that are not limited to historical fact.

請容許我提醒您，今天的評論包括1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述，例如有關我們的財務指導、策略、舉措、計劃、目標、優先事項、機會、對未來事務的期望或信念的陳述以及其他不限於歷史事實的陳述。

These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections.

這些陳述存在風險和不確定性，可能導致實際結果與我們的預期和預測有重大差異。

These factors include but are not limited to, those identified in our earnings release issued this morning under Risk Factors in our 2023 Form 10-K filed on March 25, 2024 and any later filed periodic reports and in the comments that are made on this call.

這些因素包括但不限於我們今天早上發布的收益報告中在2024 年3 月25 日提交的2023 年10-K 表格和任何後來提交的定期報告中的風險因素下確定的因素以及在本次電話會議中提出的評論中確定的因素。

You should not unduly rely on forward-looking statements, which speak only as of today's date.

您不應過度依賴前瞻性陳述，這些陳述僅代表今天的情況。

Dollar General disclaims any obligation to update or revise any information discussed in this call unless required by law.

除非法律要求，否則 Dollar General 不承擔更新或修改本次電話會議中討論的任何資訊的義務。

At the end of our prepared remarks, we will open the call up for your questions.

在我們準備好的演講結束時，我們將開始徵集您的問題。

To allow us to address as many questions as possible in the queue, please limit yourself to 1 question.

為了讓我們能夠解決隊列中盡可能多的問題，請將您的問題限制在 1 個以內。

Now it is my pleasure to turn the call over to Todd.

現在我很高興將電話轉給托德。

Thank you, Kevin and welcome to everyone joining the call.

謝謝你，凱文，歡迎大家加入通話。

We are pleased with our start of the year and I want to recognize the great work of our entire team as they have fully embraced our plan to get back to the basics at Dollar General.

我們對今年的開始感到滿意，我想對我們整個團隊的出色工作表示認可，因為他們完全接受了我們在 Dollar General 回歸基礎的計劃。

On today's call, I will begin by recapping some of the highlights of our Q1 performance as well as sharing an update on some of our plans for 2024.

在今天的電話會議上，我將首先回顧我們第一季業績的一些亮點，並分享我們 2024 年一些計劃的最新情況。

After that, Kelly will share the details of our Q1 financial performance as well as our current outlook for Q2 and the full year.

之後，凱利將分享我們第一季財務業績的詳細資訊以及我們目前對第二季和全年的展望。

And then I will wrap up the call with an update on our work in getting back to the basics across the business.

然後，我將透過回顧整個業務的基礎知識來介紹我們工作的最新情況來結束這通通話。

Turning to our first quarter performance.

轉向我們第一季的業績。

Net sales increased 6.1% to $9.9 billion in Q1 compared to net sales of $9.3 billion in last year's first quarter.

第一季淨銷售額成長 6.1%，達到 99 億美元，而去年第一季淨銷售額為 93 億美元。

These results included accelerated market share growth in both dollars and units in highly consumable product sales as well as market share growth in dollars in nonconsumable product sales.

這些結果包括高消耗產品銷售中以美元和單位計算的市場份額的加速增長，以及非消耗性產品銷售中以美元計算的市場份額的增長。

We opened 197 new stores during the quarter and are excited about our ability to continue to expand the number of communities we serve.

我們在本季開設了 197 家新店，並對我們能夠繼續擴大我們服務的社區數量感到興奮。

Same-store sales increased 2.4% during the quarter, which was above the top end of our Q1 guidance.

本季同店銷售額成長 2.4%，高於我們第一季指引的上限。

We believe this result is a testament to the relevance of Dollar General in our communities and the ongoing positive impact of our Back to Basics work.

我們相信這一結果證明了 Dollar General 在我們社區中的相關性以及我們回歸基礎工作的持續積極影響。

The comp sales increase was driven by strong growth in consumer traffic of more than 4% and was partially offset by a decline in average transaction amount, primarily driven by fewer items per basket.

消費者流量強勁成長超過 4% 推動了同品類銷售額的成長，但部分被平均交易額下降所抵消，而平均交易額下降主要是由於每籃子商品數量減少所致。

The comp sales increase was driven entirely by strong growth in our consumable category while customers relied on us for the value of the items they need most often for their families.

贈品銷售的成長完全是由我們的消費品類別的強勁成長所推動的，而客戶則依賴我們為他們的家庭提供他們最需要的物品的價值。

This growth was partially offset by declines in the home, seasonal and apparel categories.

這一增長被家居、季節性和服裝類別的下降部分抵消。

From a cadence perspective, growth was strongest in March, including a benefit of Easter moving from April into March this year and was relatively similar in the months of February and April.

從節奏的角度來看，三月的成長最為強勁，其中包括今年復活節從四月移至三月的好處，二月和四月的成長相對相似。

We believe the softness in sales in the discretionary category during Q1 is a reflection of the continued pressure our core customers feel on their spending.

我們認為，第一季非必需品類別的銷售疲軟反映了我們的核心客戶對其支出持續承受的壓力。

They continue to be very value-oriented in their shopping behavior, which we see manifested in accelerated share growth in private brand sales as well as increased engagement with items at or below the $1 price point.

他們的購物行為仍然非常注重價值，我們看到這體現在自有品牌銷售份額的加速增長以及對 1 美元或以下價格點的商品的參與度增加。

Importantly, we continue to do well with our core customers while growing with middle- and higher-income trade-in customers from adjacent cohorts.

重要的是，我們繼續與核心客戶保持良好關係，同時與鄰近群體的中等收入和高收入以舊換新客戶一起成長。

We continue to feel very good about our pricing position relative to competitors and other classes of trade.

相對於競爭對手和其他行業，我們仍然對自己的定價地位感到非常滿意。

And our value proposition presents significant opportunity for ongoing growth among a wide range of customers.

我們的價值主張為廣大客戶的持續成長提供了重大機會。

Looking ahead, we expect value to continue to be the most important consideration for customers in multiple income ranges.

展望未來，我們預期價值將繼續成為多種收入範圍的客戶最重要的考慮因素。

We know that our customers need us even more when they face economic challenges and we are well positioned to help them stretch their dollar.

我們知道，當客戶面臨財務挑戰時，他們更需要我們，而我們有能力幫助他們節省金錢。

Before I turn the call over to Kelly, I want to provide a brief update on our shrink reduction efforts, including the changes to our self-checkout strategy that we announced in March.

在將電話轉給 Kelly 之前，我想簡要介紹我們減少損耗工作的最新情況，包括我們在 3 月宣布的自助結帳策略的變化。

Shrink continues to be the most significant headwind in our business and we are deploying an end-to-end approach to shrink reduction across the organization, including efforts in our supply chain, merchandising and within our stores.

損耗仍然是我們業務中最重要的阻力，我們正在整個組織內部署端到端的方法來減少損耗，包括我們的供應鏈、銷售和商店內部的努力。

To help combat issues around shrink, our supply chain teams are primarily focused on ensuring deliveries are on time and in full and our merchants on reducing the amount of inventory we carry.

為了幫助解決損耗問題，我們的供應鏈團隊主要致力於確保按時、足額交貨，而我們的商家則致力於減少庫存量。

Within our stores, we are focusing on delivering a more consistent, front-end presence, broaden the reach of our high shrink planograms, which include the removal of high shrink SKUs and the elimination of self-checkout in the vast majority of stores.

在我們的商店內，我們專注於提供更一致的前端展示，擴大我們的高收縮貨架圖的範圍，其中包括取消高收縮 SKU 和消除絕大多數商店的自助結帳。

As we discussed on last quarter's call, we converted approximately 9,000 stores away from self-checkout during the quarter.

正如我們在上個季度電話會議中討論的那樣，本季度我們將大約 9,000 家商店取消了自助結帳。

Following the quick and successful conversion of these stores in Q1 and given the ongoing challenge from shrink, we converted approximately 3,000 additional stores away from self-checkout in May, bringing us to approximately 12,000 conversions completed in total.

在第一季對這些商店進行快速而成功的轉型之後，考慮到持續面臨的萎縮挑戰，我們在 5 月又將大約 3,000 家商店從自助結帳轉變為非自助結帳，總共完成了大約 12,000 家轉型。

While this represents a significant change in our stores, we believe this is the right course of action to drive increased customer engagement while also better positioning us to begin reducing shrink in the back half of '24 with a more material positive impact expected in 2025.

雖然這代表了我們商店的重大變化，但我們相信這是推動提高客戶參與度的正確行動方針，同時也使我們能夠更好地定位我們，以便在24 年下半年開始減少損耗，並預計在2025年產生更實質的正面影響。

Moving forward, we plan to have self-checkout options available in a limited number of stores, most of which are higher volume and low-shrink locations.

展望未來，我們計劃在有限數量的商店中提供自助結帳選項，其中大多數是銷量較高且損耗較少的商店。

Overall, we are pleased with the results and progress across the business during the first quarter, which I will discuss in more detail later.

總體而言，我們對第一季整個業務的業績和進展感到滿意，我將在稍後更詳細地討論這一點。

We have a lot of opportunity ahead of us and this team is excited about the work we are doing.

我們面前有很多機會，這個團隊對我們正在做的工作感到興奮。

We have a long history of serving customers in a variety of economic environments, thanks to our distinctive combination of value and convenience.

憑藉我們獨特的價值和便利性組合，我們在各種經濟環境下為客戶提供服務有著悠久的歷史。

I also want to note that we recently published our annual Serving Others Report, which provides several important updates on our ongoing ESG efforts and goals.

我還想指出，我們最近發布了年度「服務他人」報告，其中提供了有關我們正在進行的 ESG 努力和目標的一些重要更新。

We recognize the great responsibility we have as an essential partner to the communities we call home and are excited about the many ways we are able to serve our customers, associates, communities and shareholders.

我們認識到，作為我們稱之為家園的社區的重要合作夥伴，我們肩負著巨大的責任，並對我們能夠以多種方式為客戶、員工、社區和股東提供服務感到興奮。

And with everyday low prices and store locations within 5 miles of approximately 75% of the U.S. population, we are uniquely positioned to serve customers and communities across the country.

憑藉每日低價以及門市位置覆蓋約 75% 的美國人口 5 英里範圍內，我們擁有獨特的優勢，可以為全國各地的客戶和社區提供服務。

We remain focused on getting back to the basics of Dollar General as we look to enhance the way we serve customers, further develop and support our associates and create a long-term shareholder value.

我們仍然專注於回歸 Dollar General 的基礎，我們希望改善我們為客戶服務的方式，進一步發展和支持我們的員工並創造長期股東價值。

With that, I will turn the call over to Kelly.

這樣，我就把電話轉給凱利。

Thank you, Todd and good morning, everyone.

謝謝托德，大家早安。

Now that Todd has taken you through a few highlights of the quarter, let me take you through some of the important financial details.

現在托德已經向您介紹了本季的一些亮點，讓我向您介紹一些重要的財務細節。

Unless we specifically note otherwise, all comparisons are year-over-year.

除非我們特別指出，否則所有比較都是逐年比較。

All references to EPS refer to diluted earnings per share and all years noted refer to the corresponding fiscal year.

所有提及每股收益均指稀釋後的每股收益，所有提及的年份均指相應的會計年度。

As Todd already discussed sales, I'll start with gross profit.

由於托德已經討論過銷售，我將從毛利開始。

For Q1, gross profit as a percentage of sales was 30.2%, a decrease of 145 basis points.

第一季度，毛利佔銷售額的百分比為30.2%，下降145個基點。

This decrease was primarily attributable to increases in shrink and markdowns, a greater consumable sales mix and lower inventory markups.

這一下降主要歸因於損耗和降價的增加、消耗品銷售組合的擴大以及庫存加價的降低。

These were partially offset by a lower LIFO provision.

這些被較低的後進先出準備金部分抵消。

Shrink continues to be our most significant headwind and was 59 basis points worse in the first quarter compared to prior year.

收縮仍然是我們最重要的阻力，第一季比去年同期下降了 59 個基點。

As Todd noted, we are taking multiple actions aimed at reducing shrink.

正如托德指出的，我們正在採取多項行動來減少損耗。

And I'll discuss our expectation for this headwind for the remainder of the year in just a bit.

我將稍微討論一下我們對今年剩餘時間這種逆風的預期。

With regards to markdowns, we're seeing promotional levels more similar to 2019 levels, as we anticipated coming into the year.

至於降價，我們看到促銷水平與 2019 年的水平更加相似，正如我們預期的那樣。

As Todd noted, customers are seeking value and we saw strong take rates on promotional items during the first quarter.

正如托德指出的那樣，客戶正在尋求價值，我們在第一季看到促銷品的購買率很高。

Turning to SG&A, it was 24.7% as a percentage of sales, an increase of 97 basis points.

SG&A 佔銷售額的百分比為 24.7%，成長了 97 個基點。

This increase was primarily driven by retail labor, depreciation and amortization, incentive compensation and repairs and maintenance.

這一增長主要是由零售勞動力、折舊和攤提、激勵補償以及維修和保養所推動的。

Moving down the income statement, operating profit for the first quarter decreased 26.3% to $546 million.

從損益表來看，第一季營業利潤下降 26.3% 至 5.46 億美元。

As a percentage of sales, operating profit was 5.5%, a decrease of 242 basis points.

營業利潤佔銷售額的百分比為 5.5%，下降 242 個基點。

Net interest expense for the quarter decreased to $72 million compared to $83 million in last year's first quarter.

本季淨利息支出從去年第一季的 8,300 萬美元減少至 7,200 萬美元。

Our effective tax rate for the quarter was 23.3% and compares to 21.8% in the first quarter last year.

我們本季的有效稅率為 23.3%，而去年第一季的有效稅率為 21.8%。

This higher rate is primarily due to the effect of certain rate-impacting items on lower earnings before taxes and expense recognition attributable to stock-based compensation.

這一較高的利率主要是由於某些影響利率的項目對因股票薪酬而導致的稅前利潤和費用確認較低的影響所致。

Finally, EPS for the quarter decreased 29.5% to $1.65, which exceeded the high end of our internal expectations.

最後，本季每股收益下降 29.5% 至 1.65 美元，超出了我們內部預期的上限。

Turning now to the balance sheet and cash flow.

現在轉向資產負債表和現金流。

Merchandise inventories were $6.9 billion at the end of Q1, a decrease of 5.5% compared to prior year and a decrease of 9.5% on a per store basis.

第一季末商品庫存為 69 億美元，比去年同期下降 5.5%，每店庫存下降 9.5%。

Notably, total nonconsumable inventory decreased 19.1% compared to last year and decreased 22.5% on a per store basis.

值得注意的是，非消耗品庫存總額比去年下降了 19.1%，每家商店的庫存下降了 22.5%。

The team continues to do great work reducing our overall inventory position while simultaneously optimizing our mix and driving higher end stocks.

團隊繼續做出出色的工作，減少我們的整體庫存狀況，同時優化我們的產品組合併推動高端庫存的成長。

We're pleased with the significant progress on this important goal, which not only frees up more cash in the business but also helps to mitigate further shrink risk.

我們對這一重要目標的重大進展感到高興，這不僅為業務釋放了更多現金，而且有助於減輕進一步萎縮的風險。

And importantly, we continue to believe the quality of our inventory remains good.

重要的是，我們仍然相信我們的庫存品質仍然良好。

The business generated cash flows from operations of $664 million during the quarter, an increase of 247% as we improved our working capital, primarily through inventory management.

該業務在本季度產生了 6.64 億美元的營運現金流，隨著我們主要透過庫存管理改善了營運資本，成長了 247%。

Total capital expenditures were $342 million and included our planned investments in new stores, remodels and relocations, distribution and transportation projects and spending related to our strategic initiatives.

總資本支出為 3.42 億美元，包括我們計劃在新店、改造和搬遷、分銷和運輸項目以及與我們的策略性舉措相關的支出方面的投資。

During the quarter, we returned cash to shareholders through a quarterly dividend of $0.59 per common share outstanding for a total payout of $130 million.

本季度，我們透過每股已發行普通股 0.59 美元的季度股息向股東返還現金，總支付額為 1.3 億美元。

Overall, we're pleased with our progress and proud of these results, including gains in customer traffic and market share, significantly lower inventory levels and improved cash flow from operations.

總體而言，我們對我們的進展感到滿意，並對這些成果感到自豪，包括客戶流量和市場份額的增加、庫存水準的顯著降低以及營運現金流的改善。

Moving to our financial outlook for fiscal 2024.

轉向 2024 財年的財務展望。

While it's still early in the year, we believe our positive first quarter results reinforce the importance of our stores to the communities we serve as well as the progress of our Back to Basics work.

雖然現在還處於今年年初，但我們相信第一季的積極業績強化了我們的商店對我們所服務的社區的重要性以及我們回歸基礎工作的進展。

With that in mind, we're reiterating our financial guidance for 2024 and continue to expect net sales growth in the range of approximately 6% to 6.7%, same-store sales growth in the range of 2% to 2.7% and EPS in the range of $6.80 to $7.55.

考慮到這一點，我們重申 2024 年的財務指引，並繼續預期淨銷售額成長約 6% 至 6.7%，同店銷售額成長 2% 至 2.7%，每股收益範圍為 6.80 美元至 7.55 美元。

This guidance continues to assume an estimated negative impact to EPS of approximately $0.50 due to higher incentive compensation expense and an effective tax rate in the range of approximately 22.5% to 23.5%.

由於較高的激勵補償費用和約 22.5% 至 23.5% 的有效稅率，本指引繼續假設對 EPS 的估計負面影響約為 0.50 美元。

We also continue to anticipate capital spending in the range of $1.3 billion to $1.4 billion as we invest to drive ongoing growth.

我們也繼續預期資本支出將在 13 億至 14 億美元之間，因為我們將進行投資以推動持續成長。

We continually evaluate and seek to optimize the use of this capital.

我們不斷評估並尋求優化該資本的使用。

And as a result, we have updated our expectations for real estate projects in 2024.

因此，我們更新了對 2024 年房地產項目的預期。

We now expect to remodel approximately 1,620 stores this year compared to our previous expectation of 1,500 remodels.

我們目前預計今年將改造約 1,620 家門市，而先前的預期為 1,500 家。

To facilitate this increase in remodels, we're reducing the number of planned new stores to 730 compared to our previous expectation of 800 new stores.

為了促進改造的增加，我們將計劃開設的新店數量從之前的 800 家新店數量減少到 730 家。

We continue to expect to relocate 85 stores.

我們仍預計將搬遷 85 家商店。

In total, this increases our expected total real estate project count from 2,385 to approximately 2,435.

總的來說，這使我們預期的房地產項目總數從 2,385 個增加到約 2,435 個。

We're excited about this increase in projects and the expanded investment in our mature stores and we believe this is an appropriate reallocation of our capital.

我們對項目的增加以及對成熟商店的投資擴大感到興奮，我們相信這是對我們資本的適當重新分配。

As a reminder, our capital allocation priorities are unchanged and we believe they continue to serve us well.

提醒一下，我們的資本配置優先事項沒有改變，我們相信它們將繼續為我們提供良好的服務。

Our first priority is investing in our business, including our existing store base as well as high return, organic growth opportunities such as new store expansion and strategic initiatives.

我們的首要任務是投資我們的業務，包括我們現有的商店基礎以及高回報、有機成長機會，例如新店擴張和策略舉措。

Next, we seek to return cash to shareholders through a quarterly dividend payment and over time and when appropriate, share repurchases.

接下來，我們尋求透過季度股息支付以及隨著時間的推移並在適當的情況下回購股票，向股東返還現金。

Finally, although our leverage ratio is currently above our target of approximately 3x adjusted debt-to-adjusted EBITDAR, we are focused on improving our debt metrics in support of our commitment to our current investment-grade credit ratings, which, as a reminder, are BBB and Baa2.

最後，儘管我們的槓桿率目前高於調整後債務與調整後 EBITDAR 約 3 倍的目標，但我們仍致力於改善債務指標，以支持我們對當前投資級信用評級的承諾，提醒一下，是BBB 和Baa2。

Now let me provide some additional context as it relates to our outlook for 2024.

現在讓我提供一些與我們 2024 年展望相關的額外背景資訊。

Our customer continues to be very value driven and we anticipate they will continue to be price sensitive as we move through the year.

我們的客戶仍然非常以價值為導向，我們預計，隨著我們今年的發展，他們將繼續對價格敏感。

With this in mind, we expect sales mix pressure to be above our original expectation.

考慮到這一點，我們預期銷售組合壓力將高於我們最初的預期。

And as I mentioned earlier, we have seen and continue to expect the promotional environment reversion to prepandemic levels as we move throughout 2024.

正如我之前提到的，我們已經看到並繼續預計，隨著 2024 年的到來，促銷環境將恢復到疫情前的水平。

As such, we expect our promotional markdown headwinds to gross margin will continue at least through the first half of the year.

因此，我們預期促銷降價對毛利率的不利影響將持續至少到今年上半年。

As Todd noted, shrink is currently trending worse than we initially expected coming into the year and we now expect this headwind to be greater in 2024 than what was originally contemplated in the financial guidance we provided on our earnings call in March.

正如托德指出的那樣，目前的萎縮趨勢比我們最初預期的今年更嚴重，我們現在預計 2024 年的阻力將比我們在 3 月的財報電話會議上提供的財務指引中最初預期的更大。

We're taking aggressive and decisive action to mitigate this challenge.

我們正在採取積極而果斷的行動來應對這項挑戰。

And we're expecting to see improvement later in the back half of 2024 than we had previously anticipated and more significantly into 2025.

我們預計 2024 年下半年稍後會出現比我們之前預期的改善，並且到 2025 年會更顯著。

Turning to SG&A.

轉向SG&A。

Our expectations are relatively unchanged from what we previously provided on our Q4 call.

我們的預期與我們先前在第四季度電話會議中提供的預期相對不變。

We continue to anticipate a significant headwind this year from the normalization of incentive compensation in 2024 as well as an ongoing headwind from depreciation and amortization.

我們仍然預計，2024 年激勵薪酬正常化以及折舊和攤提將帶來持續的阻力，今年將面臨重大阻力。

While we don't typically provide quarterly guidance, given the somewhat atypical cadence of this year and some of its specific headwinds, we're providing more detail on our expectations for the second quarter.

雖然我們通常不提供季度指引，但考慮到今年有些不典型的節奏及其一些具體的不利因素，我們將提供有關第二季度預期的更多細節。

To that end, we expect comp sales to increase in the low 2% range in the second quarter, with EPS in the range of approximately $1.70 to $1.85. In summary, we're pleased with the solid start to our year, including exceeding our top and bottom line expectations for first quarter.

為此，我們預計第二季公司銷售額將成長 2% 左右，每股收益約為 1.70 美元至 1.85 美元。總之，我們對今年的良好開局感到滿意，包括超越我們對第一季的營收和利潤預期。

We believe our actions are resonating with our customers, strengthening our competitive position and reinforcing our foundation for future growth.

我們相信，我們的行動能夠引起客戶的共鳴，增強我們的競爭地位，並鞏固我們未來成長的基礎。

We remain committed to maintaining our discipline in how we manage expenses and capital as a low-cost operator, with the goal of delivering consistent, strong financial performance, while strategically investing for the long term.

我們仍致力於維持作為低成本營運商管理費用和資本的紀律，目標是提供一致、強勁的財務業績，同時進行長期策略投資。

We continue to believe that this model is resilient and strong.

我們仍然相信這種模式具有彈性且強大。

We're excited about the long-term future of this business, including plans to drive profitable same-store sales and meaningful operating margin growth, healthy new store returns, strong free cash flow and long-term shareholder value.

我們對該業務的長期未來感到興奮，包括推動盈利的同店銷售和有意義的營業利潤增長、健康的新店回報、強勁的自由現金流和長期股東價值的計劃。

With that, I'll turn the call back over to Todd.

這樣，我會將電話轉回給托德。

Thank you, Kelly.

謝謝你，凱利。

Our focus continues to center on our 4 key operating priorities of driving profitable sales growth, capturing growth opportunities, leveraging and reinforcing our position as a low-cost operator and investing in our diverse teams through development, empowerment and inclusion.

我們的重點仍然集中在我們的4 個關鍵營運優先事項上，即推動盈利銷售成長、抓住成長機會、利用和鞏固我們作為低成本運營商的地位，以及透過發展、授權和包容來投資我們的多元化團隊。

As we have discussed to advance these priorities in the near term, we have implemented a refreshed approach to getting back to the basics to enhance store standards and the associate and customer experience in our stores.

正如我們討論在短期內推進這些優先事項一樣，我們實施了一種全新的方法來回歸基礎，以提高商店標準以及商店中的員工和客戶體驗。

I want to take the next few minutes to provide an update on these efforts in our supply chain, stores and merchandising.

我想用接下來的幾分鐘來介紹我們在供應鏈、商店和銷售方面所做的努力的最新情況。

I will start with our stores, where everything begins and ends for our customers.

我將從我們的商店開始，一切都是為了我們的顧客而開始和結束。

As a reminder, we have prioritized increasing the employee presence at the front end of our stores to provide a friendly welcome and elevated level of engagement to our customers, while also facilitating a positive checkout experience.

謹此提醒，我們優先考慮增加商店前端的員工人數，以便為顧客提供友善的歡迎和更高的參與度，同時也促進積極的結帳體驗。

As we have continued to move away from self-checkout in the majority of our stores, we believe this focus is even more important in serving our customers and supporting our sales growth.

隨著我們大多數商店繼續放棄自助結帳，我們相信這一重點對於服務客戶和支持我們的銷售成長更加重要。

We have additionally focused more of our labor hours on perpetual inventory management in our stores by adding specific inventory management shifts and specified and specialized inventory training in each store.

此外，我們還透過在每家商店增加特定的庫存管理班次以及指定和專門的庫存培訓，將更多的工作時間集中在商店的永續庫存管理上。

Our customers are taking note of these efforts as we have seen a significant improvement in their perception of our in-stock levels, which we believe is contributing to our growth in customer traffic, market share and comp sales.

我們的客戶正在註意到這些努力，因為我們看到他們對我們庫存水準的看法有了顯著改善，我們相信這有助於我們客戶流量、市場份額和競爭銷售的成長。

Finally, we have also taken a significant action to make it easier to operate our stores while also enhancing the overall experience for associates and customers.

最後，我們也採取了重大行動，使我們的商店更容易運營，同時也增強了員工和顧客的整體體驗。

Our supply chain and merchandising teams have made significant strides in serving our stores in addition to the work we have done in the field, such as reducing district manager spans of control, simplifying and eliminating certain activities and reducing inventory.

除了我們在現場所做的工作之外，我們的供應鏈和銷售團隊在為商店提供服務方面也取得了重大進展，例如減少區域經理的控制範圍、簡化和消除某些活動以及減少庫存。

We continue to focus on reducing store manager turnover, which is correlated to sales and shrink results in our stores.

我們繼續專注於減少商店經理的流動率，這與我們商店的銷售和收縮結果有關。

Notably, while we still have work to do, we are seeing year-over-year reductions in turnover at all levels within our retail operations, including regional director, district manager, store manager, assistant store manager and sales associate.

值得注意的是，雖然我們仍有工作要做，但我們的零售業務各個層面的營業額都在逐年減少，包括區域總監、區域經理、商店經理、助理商店經理和銷售助理。

We are proud of this progress and excited to see our actions resonating with our team in the field.

我們為這項進展感到自豪，並很高興看到我們的行動與我們的現場團隊產生共鳴。

Overall, we believe the actions in our stores will drive improvements in customer satisfaction, including customer service and on-shelf availability and convenience, enhance the associate experience in the stores, including improved employee engagement and retention and drive improvements in financial results, including sales and shrink.

總體而言，我們相信我們商店的行動將推動客戶滿意度的提高，包括客戶服務和貨架可用性和便利性，增強商店員工的體驗，包括提高員工敬業度和保留率，並推動財務業績的改善，包括銷售並收縮。

Next, let me provide a quick update on our supply chain.

接下來，讓我快速介紹一下我們的供應鏈。

Our top priority in this area continues to be improving our rates of on-time and in-full truck deliveries, which we refer to as OTIF.

我們在這一領域的首要任務仍然是提高卡車準時和完整交付率，我們稱之為 OTIF。

Our distribution and transportation teams have taken aggressive action to improve their service to our stores and these efforts have led to significantly higher OTIF levels compared to the same time last year.

我們的分銷和運輸團隊已採取積極行動來改善對商店的服務，這些努力導致 OTIF 水準與去年同期相比顯著提高。

When we began our Back to Basics work last year, we identified an opportunity to exit 12 temporary warehouse facilities, which would lower cost and improve inventory flow throughout our supply chain.

當我們去年開始回歸基礎工作時，我們發現了退出 12 個臨時倉庫設施的機會，這將降低成本並改善整個供應鏈的庫存流動。

Since that time, we have exited 7 of these buildings and are in and on track to exit the remainder in 2024.

自那時起，我們已經拆除了其中 7 棟建築，並預計在 2024 年拆除其餘建築。

In conjunction with these moves, we are making great progress on our permanent distribution centers in Arkansas and Colorado, both of which are scheduled to open later this year and which should contribute to a reduction in stem miles and lower transportation costs over time.

與這些舉措相結合，我們在阿肯色州和科羅拉多州的永久配送中心也取得了巨大進展，這兩個中心都計劃於今年晚些時候開業，隨著時間的推移，這將有助於減少幹線里程並降低運輸成本。

Finally, we have also begun the first full-scale refresh of our sorting process within our distribution centers since the launch of our Fast Track initiative in 2017.

最後，自 2017 年啟動快速通道計畫以來，我們也開始對配送中心的分類流程進行首次全面更新。

Work has begun on all 18 of our dry facilities with 4 already completed.

我們所有 18 個乾燥設施的施工工作均已開始，其中 4 個已完工。

We are making quick progress on the others and believe we will finish this work by the end of the year.

我們正在其他方面取得快速進展，並相信我們將在今年年底前完成這項工作。

Once we conclude the re-sort process, we believe our store teams will be able to restock shelves more quickly, ultimately driving greater on-shelf availability for our customers and increased sales.

一旦我們完成重新分類過程，我們相信我們的商店團隊將能夠更快地補充貨架，最終為我們的客戶帶來更多的貨架可用性並增加銷售。

Ultimately, we believe these actions will enhance the agility of our supply chain, allowing us to meet changing demands and respond quickly to challenges, all while driving greater efficiencies and a further improved experience for our store teams and customers.

最終，我們相信這些行動將增強我們供應鏈的敏捷性，使我們能夠滿足不斷變化的需求并快速應對挑戰，同時提高效率並進一步改善我們商店團隊和客戶的體驗。

Finally, I want to provide an update on getting Back to Basics in merchandising.

最後，我想提供有關回歸基礎行銷的最新資訊。

Our team's top priority is always delivering value to the customer and we continue to innovate on ways to provide the products they want and need, at affordable prices.

我們團隊的首要任務始終是為客戶提供價值，我們不斷創新，以實惠的價格提供他們想要和需要的產品。

These basics are important to our customer, which is why we remain committed to a strong private brand offering, affordable national brands and the $1 price point.

這些基礎知識對我們的客戶很重要，這就是為什麼我們仍然致力於提供強大的自有品牌、價格實惠的民族品牌和 1 美元的價格點。

Despite the inflationary pressures we have experienced over the last year, we continue to carry approximately 2,000 items at or below the $1 price point in the majority of our stores as we help our customers stretch their dollar in our stores each and every day.

儘管去年我們經歷了通貨膨脹壓力，但我們仍然在大多數商店中以 1 美元或以下的價格出售約 2,000 種商品，每天幫助顧客在我們的商店中節省開支。

As Kelly noted, we also continue to focus on meaningfully reducing our inventory position and the team has done an outstanding job on this front over the past 6 months.

正如凱利所指出的那樣，我們也繼續致力於有意義地減少我們的庫存狀況，團隊在過去 6 個月中在這方面做得非常出色。

In 2024, we committed to a net reduction of up to 1,000 SKUs within our chain by the end of this year and we are well on our way to meeting that goal.

2024 年，我們承諾在今年年底在我們的連鎖店內淨減少多達 1,000 個 SKU，並且我們正在努力實現這一目標。

We have already made good progress selling through the remaining inventory and resetting planograms to remove these items from our stores.

我們已經在銷售剩餘庫存和重置貨架圖以將這些商品從我們的商店中移除方面取得了良好進展。

Importantly, we expect a significant portion of the sales of the secondary and tertiary SKUs will transfer to primary SKUs that will remain in our offering.

重要的是，我們預計二級和三級 SKU 的銷售額的很大一部分將轉移到我們產品中保留的主要 SKU。

Finally, our merchants have been working with our operators to identify and execute on simplification opportunities, such as reducing the number of floor stands and monthly end cap resets to reduce activities for our store teams.

最後，我們的商家一直在與我們的營運商合作，以確定並執行簡化機會，例如減少展位數量和每月重新設置端蓋，以減少我們商店團隊的活動。

In conjunction with the work of our supply chain teams to optimize the sorting process, our merchants are also working to increase the number of products that can go straight to the shelf, eliminating the need for extra touches within the store.

結合我們的供應鏈團隊優化分類流程的工作，我們的商家也致力於增加可以直接進入貨架的產品數量，從而消除在商店內進行額外操作的需要。

Collectively, these actions are designed to save time in our stores for our teams and ultimately result in an improved associate and customer experience.

總的來說，這些行動旨在為我們的團隊節省在商店的時間，並最終改善員工和客戶的體驗。

As we wrap up this morning, I want to say, again, how proud I am of the team's great work and commitment to getting Back to Basics as we fulfill our mission of serving others.

當我們今天早上結束時，我想再次說，我對團隊的出色工作和在履行服務他人使命時回歸基礎的承諾感到非常自豪。

We are moving with great urgency to implement our Back to Basics plan and execute on the things that matter most to our customers.

我們正在緊急實施「回歸基礎」計劃，並執行對客戶最重要的事情。

And while we are pleased with the positive results stemming from many of these actions, we recognize that some of our efforts may take longer to deliver the intended benefit and we'll continue to work to capitalize on these opportunities.

雖然我們對其中許多行動所取得的積極成果感到高興，但我們認識到，我們的一些努力可能需要更長的時間才能實現預期效益，我們將繼續努力利用這些機會。

I want to thank our more than 186,000 employees for their ongoing engagement and their passion for our customer.

我要感謝我們超過 186,000 名員工的持續參與以及對客戶的熱情。

This team is energized and confident in our strategy, both near term to restore operational excellence and long term to deliver value for our customers and shareholders alike.

團隊對我們的策略充滿活力和信心，無論是在短期內恢復卓越運營，還是在長期內為我們的客戶和股東創造價值。

I look forward to all that we can accomplish together throughout 2024.

我期待著我們在 2024 年能夠共同完成的一切。

With that, operator, we will now open the lines for questions.

接線員，我們現在開始提問。

(Operator Instructions) Our first question today is coming from Michael Lasser of UBS.

（操作員說明）我們今天的第一個問題來自瑞銀集團的邁克爾·拉瑟（Michael Lasser）。

It's a multipart question.

這是一個多部分的問題。

First, why is shrink worse than you expected?

首先，為什麼收縮比你預期的更嚴重？

And how have you been able to offset that while still being able to maintain your full year EPS guidance?

您如何在保持全年每股盈餘指引的同時抵銷這項影響？

And similarly, you mentioned that the promotional environment has gotten more intense.

同樣，您提到促銷環境變得更加激烈。

That's not surprising given all the announcements from competitors who've talked about price investments.

考慮到競爭對手的所有公告都談到了價格投資，這並不奇怪。

What risk does that create to your margins in the second half of the year as you might have to respond to what's happening in the marketplace?

由於您可能必須對市場上發生的事情做出反應，這會對您下半年的利潤造成什麼風險？

Yes, Michael, thank you for the question.

是的，邁克爾，謝謝你的提問。

So on shrink, I just want to make sure we reference back to last quarter as we rolled out our Back to Basics program in earnest over the last few months.

因此，在收縮方面，我只想確保我們回顧上個季度，因為我們在過去幾個月中認真推出了「回歸基礎」計畫。

We talked about last quarter that some areas will take a little longer to manifest itself in a real positive manner.

我們在上個季度談到，某些領域需要更長的時間才能以真正積極的方式體現。

We called out shrink as being one of those because shrink has the longest tail to it.

我們稱收縮為其中之一，因為收縮具有最長的尾巴。

And quite frankly, we have many levers on shrink that we watch and we look at each and every quarter.

坦白說，我們有很多收縮槓桿，我們每個季度都會觀察。

In saying that, the great thing here is that what we're seeing on the shrink front right now is, what we thought we would.

話雖如此，最棒的是我們現在在收縮前緣看到的正是我們所認為的。

And that is, of the shrink indicators that we watch and by the way, we use a proprietary predictive model to look at this, we've had this for many years.

也就是說，在我們觀察的收縮指標中，順便說一句，我們使用專有的預測模型來觀察這一點，我們已經這樣做很多年了。

And as you know, over the years, our shrink indicators would have indicated and have performed in a pretty, pretty good manner up until recently.

如您所知，多年來，我們的收縮指標一直表明並且直到最近都表現得非常非常好。

And these predictive models are now flashing green or positive with the majority of the items that we look at for shrink.

這些預測模型現在閃爍著綠色或正面的訊號，我們認為大多數商品都會收縮。

So in saying that, in a nutshell, we feel pretty good about what that would indicate for the back half of the year and what that will indicate hopefully for '25 and beyond.

因此，簡而言之，我們對這對今年下半年的影響以及對 25 年及以後的影響感到非常滿意。

Just like we thought it would come together, a little softer in Q1 but again, green shoots, which is really great to see starting to perform.

就像我們認為它會走到一起一樣，第一季有點軟，但再次出現綠芽，看到開始表現真的很棒。

And Kelly, you may want to just mention how it affects the margin overall.

凱利，您可能只想提及它如何影響整體利潤。

Yes.

是的。

No, absolutely.

不，絕對是。

So it takes a little while for some of that improvement to show up in our financial results, which is why we're calling it out.

因此，部分改善需要一段時間才能體現在我們的財務表現中，這就是我們大聲疾呼的原因。

So we do expect to see improvement in the second half of the year and even more meaningfully into 2025 as we work through that.

因此，我們確實預計下半年會改善，甚至到 2025 年，在我們努力解決這個問題的過程中，情況會更有意義。

I think your other question was just what are we doing to work to offset any of those risks.

我認為你的另一個問題是我們正在採取哪些措施來抵消這些風險。

And I'll tell you, we have a lot underway as we typically do.

我會告訴你，我們和往常一樣正在進行很多工作。

Our goal is always to improve margins.

我們的目標始終是提高利潤。

And so some of the underlying drivers that we still have in place as we work through the shrink piece include DG Media Network, so looking for some meaningful contribution there.

因此，在我們縮小規模的過程中，我們仍然擁有一些潛在的驅動因素，其中包括 DG Media Network，因此我們需要在那裡尋找一些有意義的貢獻。

We still have private brands which generate better margins than some of the national brands and it's certainly something that our consumer is looking for now.

我們仍然擁有比一些國家品牌產生更好利潤的自有品牌，這肯定是我們的消費者現在正在尋找的東西。

We've got global sourcing.

我們有全球採購。

Category management, which is just huge here at Dollar General and certainly a way to offset any of the risks that we see in the near term.

品類管理對於 Dollar General 來說非常重要，這無疑是抵消我們在短期內看到的任何風險的一種方式。

And then, of course, inventory optimization, which the team has done just a fantastic job of focusing on.

當然，還有庫存優化，團隊在這方面做得非常好。

And finally, supply chain efficiencies.

最後，供應鏈效率。

Certainly, we are continuing to look for those efficiencies as we move through this year and frankly, as we move through each and every year.

當然，在今年，坦白說，在每年的過程中，我們都會繼續尋求這些效率。

So I think with all of those underlying drivers and just delivering on our Back to Basics actions on driving sales and lowering shrink, we feel good that we're strengthening that foundation for the long term and into the back half of the year.

因此，我認為，憑藉所有這些潛在的驅動因素，以及我們在推動銷售和減少損耗方面採取的回歸基本行動，我們感到很高興，因為我們正在加強長期和今年下半年的基礎。

And then, Michael, I know you had a second part question.

然後，邁克爾，我知道你有第二部分的問題。

And as it relates to the promotional activity and what we're seeing from that, as you may recall, we are probably one of the first ones to call out that we believe that the promotional environment would rise in 2024.

由於它與促銷活動以及我們從中看到的情況有關，您可能還記得，我們​​可能是最早指出我們相信 2024 年促銷環境將會改善的人之一。

We made a mention that we believe that it's going to be more reminiscent to pre-COVID time, so 2019 type levels.

我們提到，我們相信這會更讓人想起新冠疫情之前的情況，所以是 2019 年的水平。

And quite frankly, in Q1, that's exactly what we saw.

坦白說，在第一季度，這正是我們所看到的。

And we still see it the same way, today, as we move through Q2 and into the back half of the year.

今天，當我們進入第二季並進入今年下半年時，我們仍然以同樣的方式看待這個問題。

So it's pretty much right on what we thought.

所以這與我們的想法非常正確。

And I would tell you that for us, here at Dollar General, we've always done a very good job, as you know, of balancing that everyday value here on the shelf, meeting our everyday price and then seeding in that promotional activity to really show even more value to the consumer.

我想告訴你，對我們來說，在 Dollar General，正如你所知，我們一直做得很好，平衡貨架上的日常價值，滿足我們的日常價格，然後開展促銷活動真正向消費者展示更多價值。

We do that probably as good as anyone.

我們在這方面可能和其他人一樣好。

And the great thing about Dollar General is that category management that Kelly just mentioned, where we are a large player with almost every CPG company in America.

Dollar General 的偉大之處在於凱利剛才提到的品類管理，我們是美國幾乎所有 CPG 公司的重要參與者。

And with that, allows us the opportunity to continue to work with them very closely, to help mitigate margin risks from that promotional activity.

這樣，我們就有機會繼續與他們密切合作，幫助降低促銷活動帶來的利潤風險。

So we feel good.

所以我們感覺很好。

Everything is contemplated in our guidance as we move forward and we feel good about that promotional activity to show good value to the consumer.

隨著我們前進，一切都在我們的指導中得到考慮，我們對促銷活動感到滿意，向消費者展示了良好的價值。

And it's been resonating.

它一直引起共鳴。

Take a look at our sales for the quarter and our transactions for the quarter, I think the balance is being struck very well here.

看看我們本季的銷售額和本季的交易，我認為這裡取得了很好的平衡。

The next question is coming from Matthew Boss of JPMorgan.

下一個問題來自摩根大通的馬修·博斯。

Great.

偉大的。

So Todd, maybe could you elaborate on customer behaviors that you saw as the first quarter progressed, as we think about consumables relative to discretionary?

托德，也許您可以詳細說明您在第一季中看到的客戶行為，因為我們考慮的是相對於可自由支配的消費品？

Maybe what comp trend have you seen so far in May relative to your low 2s second quarter guidance?

相對於第二季低 2 的指引，您可能在 5 月看到了怎樣的比較趨勢？

And then just larger picture, where does the Back to Basics strategy stand today relative to the overall opportunity, I'm thinking about near-term opportunities?

然後從更大的角度來看，相對於整體機會，今天的回歸基礎策略處於什麼位置，我正在考慮近期機會？

And then as you said, things that just may take a little bit longer.

然後正如你所說，事情可能需要更長的時間。

Yes, sure.

是的，當然。

Well, Matt, what we're seeing from the consumer overall is what we pretty well called out in March.

嗯，馬特，我們從消費者身上看到的情況正是我們在三月所呼籲的。

And that is, it's a cautious consumer, I think, is the best way to put it.

我認為，這是一個謹慎的消費者，這是最好的說法。

She has definitely -- see the value, especially in the lower income stratas.

她肯定看到了價值，特別是在低收入階層。

But what we're seeing, like we saw in Q4, what we're seeing is that the, the next cohort and the one above that, so let's call it middle to upper middle income and then in some of the upper income stratas, we're seeing the trade down still come in.

但我們所看到的，就像我們在第四季度看到的那樣，我們所看到的是，下一個群體和上面那個群體，所以我們稱之為中等到中上收入，然後在一些高收入階層，我們看到交易仍下跌。

So we feel good that we're getting new customers in.

因此，我們對吸引新客戶感到很高興。

We can see it in our data and that we're retaining at a high level those core customers of ours in that lower income strata.

我們可以從我們的數據中看到這一點，並且我們在較高水平上保留了低收入階層的核心客戶。

She is definitely making trade-offs in the store and at the shelf and feeding her family and taking care of her family is her #1 priority.

她肯定會在商店和貨架上進行權衡，養活家人和照顧家人是她的第一要務。

Inflation has and continues to be top of mind for her.

通貨膨脹已經並將繼續成為她最關心的問題。

While she does say in our recent work, as you know, we go out each quarter and talk to the consumer, in our recent work, she does indicate overall, year-over-year, the inflation has slowed down.

雖然她在我們最近的工作中確實說過，如你所知，我們每個季度都會出去與消費者交談，但在我們最近的工作中，她確實表明總體而言，通貨膨脹已經放緩。

But what she keeps pointing out is that the inflation that has happened to her over the last couple of years is still there.

但她不斷指出的是，過去幾年發生在她身上的通膨仍然存在。

It hasn't gone away.

它並沒有消失。

So it's in the base, if you will.

如果你願意的話，它就在基地裡。

And as we had pointed out a couple of quarters ago, we don't believe that, that is probably going to dissipate as we continue to move forward.

正如我們在幾個季度前指出的那樣，我們認為，隨著我們繼續前進，這種情況可能會消失。

So our core consumer is still continuing to figure out her overall spending rates.

所以我們的核心消費者仍在繼續計算她的整體支出率。

Now, the great thing and as your second question asked was that consumable versus nonconsumable mix.

現在，最重要的是，正如您提出的第二個問題一樣，消耗品與非消耗品的組合。

And what we saw in Q1 is in those times when the consumer wants to spend more, let's talk about Easter for a moment, we saw Easter was very good for us, both on the consumable and the non-consumable side of that discretionary side of the equation.

我們在第一季看到的是消費者想要花更多錢的時候，讓我們談談復活節，我們看到復活節對我們非常有利，無論是在可自由支配的消費品方面還是在非消費品方面。

So she has the ability to spend some but she's very deliberate with that spend.

所以她有能力花一些錢，但她花的錢非常謹慎。

And so we need to continue to show her value even in the discretionary areas.

因此，即使在可自由支配的領域，我們也需要繼續展現她的價值。

So what that signals to us is that she continues to figure out her income levels because she is spending on some of that discretionary.

因此，這向我們發出的信號是，她繼續計算自己的收入水平，因為她正在支出一些可自由支配的費用。

So we'll continue to foster that as we move through Q2 and beyond.

因此，我們將在第二季及以後繼續促進這一點。

And we believe it's fully contemplated in our low 2s guidance that we gave in Q2.

我們相信，我們在第二季度給出的低 2s 指導中充分考慮了這一點。

And then lastly, on our Back to Basics work, thanks for asking that because we're proud of what we've done so far.

最後，關於我們的回歸基礎工作，感謝您提出這個問題，因為我們對迄今為止所做的事情感到自豪。

If you recall, we talked about starting at about our own 20-yard line, if I can revert back to my football analogy for a moment, I would tell you that we're at or just crossing the 50-yard line now as we exited Q1.

如果你還記得，我們​​討論過從我們自己的 20 碼線開始，如果我能回到我的足球類比，我會告訴你，我們現在正處於或剛剛越過 50 碼線，因為我們退出 Q1。

That's quite a move very quickly.

這是一個非常快速的舉動。

I would tell you and you asked, a few of the components are moving even quicker, so I would tell you in our supply chain, very happy with what we're seeing there, has moved well past the 50-yard line and probably more on the 40-yard line on the other side of the field.

我會告訴你，你問過，一些組件的移動速度更快，所以我會告訴你，在我們的供應鏈中，我們對在那裡看到的情況非常滿意，已經遠遠超過了50 碼線，甚至可能更多在球場另一邊的 40 碼線上。

So feeling very good about that.

所以對此感覺非常好。

Our on-time and in-full rates have been very stable and top-notch for many weeks now.

幾週以來，我們的準時率和全額率一直非常穩定且一流。

And that stability is really the key.

穩定性確實是關鍵。

If you remember me saying that last time, that consistency is where the stores start to feel it and the customers feel it the most.

如果您還記得我上次說過的話，那麼一致性是商店開始感受到的地方，也是顧客感受最深的地方。

And we're starting to see that materialize and have been for the last few weeks.

我們開始看到這種情況在過去幾週成為現實。

As it relates to our merchandising side, I would tell you, we're squarely across the 50-yard line as well with some of our biggest components yet to come in Q2 and into early Q3.

由於這與我們的銷售方面有關，我想告訴你，我們已經完全跨越了 50 碼線，我們的一些最大的組件尚未在第二季度和第三季度初推出。

All the pipe has been laid for that.

所有管道都已為此鋪設。

And we are already starting to see some of that benefit as we worked in the Q2 here.

當我們在第二季度工作時，我們已經開始看到其中的一些好處。

And then our operations inside of our stores, in our field, I'm very proud of what they've done so far.

然後是我們商店內部、我們領域的運營，我對他們迄今為止所做的一切感到非常自豪。

Because everything we've done back of house is now starting to manifest itself at store level.

因為我們在後台所做的一切現在開始在商店層級體現出來。

And so I would tell you that we're squarely on the 50-yard line there as well.

所以我想告訴你，我們也剛好位於 50 碼線上。

And I know that the team is squarely focused on moving the ball down the field in Q2 there.

我知道球隊在第二季度專注於將球轉移到球場。

And I believe that with the back-of-the-house indicators that we see right now, I believe that that's going to happen as we move forward.

我相信，根據我們現在看到的後台指標，我相信隨著我們的前進，這將會發生。

Shrink is still, as we indicated, probably the laggard there.

正如我們所指出的，Shrink 可能仍然是落後者。

We knew it would be the laggard.

我們知道它將成為落後者。

This is not a surprise, a little worse than we thought in Q1 but overall, not a surprise that it's going to tail everything else.

這並不令人意外，比我們在第一季的預期要糟糕一些，但總的來說，它會落後於其他所有因素並不令人意外。

But again, those green shoots I mentioned earlier really give us the confidence to reiterate our guidance for full year because we're starting to see some of that occur.

但同樣，我之前提到的那些萌芽確實讓我們有信心重申全年的指導，因為我們開始看到其中的一些情況發生。

And of course, those positive sales and transactions.

當然，還有那些積極的銷售和交易。

I don't want to minimize that.

我不想最小化這一點。

You have to take a look at that and be very positive because the consumer is seeing the difference inside of our stores.

你必須正視這一點並保持非常積極的態度，因為消費者正在我們商店內看到差異。

A big difference in turn over the last couple of quarters.

過去幾季的營業額差異很大。

So stay tuned.

所以請繼續關注。

We feel pretty good.

我們感覺很好。

You could probably tell by my enthusiasm in the voice that we're seeing some real positives from all the work that we're doing, Matt.

馬特，你可能可以從我聲音中的熱情看出，我們正在從我們正在做的所有工作中看到一些真正的積極成果。

The next question is coming from Kate McShane of Goldman Sachs.

下一個問題來自高盛的凱特·麥克肖恩。

The change in the real estate plan, just wondering if you could talk through why you're changing it at this point in time.

房地產計劃的變化，只是想知道您是否可以談談為什麼此時要改變它。

And longer term, is this something maybe we should expect in terms of breakdown for real estate priorities between refreshes, remodels and new store growth?

從長遠來看，從刷新、改造和新店成長之間的房地產優先事項細分來看，這是否是我們應該預期的事情？

Yes.

是的。

Thanks for the question, Kate.

謝謝你的提問，凱特。

And just to level set everyone, so we are reducing the number of new stores this year.

為了讓大家保持平衡，我們今年減少了新店的數量。

Its's by about 70 stores.

大約有 70 家商店。

And what we're going to do is move them into 2025.

我們要做的就是把它們推遲到 2025 年。

So we feel really good about the locations that we have identified.

所以我們對我們已經確定的地點感覺非常好。

We're just pushing them out into 2025.

我們只是把它們推遲到 2025 年。

And what that does is free up capital in order to increase the number of remodels and the total real estate project count that we have.

這樣做的目的是釋放資金，以增加改造數量和我們擁有的房地產項目總數。

So I have to tell you, we're really excited about this increase in projects with the expanded investment, particularly in our mature stores.

所以我必須告訴你，我們對隨著投資的擴大而增加的項目感到非常興奮，特別是在我們成熟的商店中。

And we think this is absolutely the appropriate reallocation of capital, especially with our Back to Basics work.

我們認為這絕對是資本的適當重新分配，特別是在我們回歸基礎的工作中。

And so stayed tuned for 2025 but for right now, we feel really good about this reallocation.

因此，請繼續關注 2025 年，但就目前而言，我們對這種重新分配感覺非常好。

The next question is coming from Simeon Gutman of Morgan Stanley.

下一個問題來自摩根士丹利的西蒙古特曼。

My question is on longer-term margins.

我的問題是關於長期利潤率。

And Todd, we've talked about getting back north of 7% over time.

托德，我們已經討論過隨著時間的推移恢復到 7% 以上。

You've got now 6 months of reflecting on the business and there are some things that are -- there are puts and takes at the margin, maybe some things that are a little bit worse on margin shrink and promos.

你現在有 6 個月的時間來反思業務，有些事情是——有保證金的看跌期權和賣出期權，也許有些事情在保證金縮減和促銷方面有點糟糕。

Do you think that level now that you have 6 months of seeing how the business and the environment looks, those levels of margin are appropriate given what you are reinvesting?

鑑於您有 6 個月的時間了解業務和環境的情況，考慮到您的再投資，您認為這個水平是否合適？

And then just maybe a slightly different second part of the question.

然後問題的第二部分可能略有不同。

The consumers that you mentioned are buying more on promotion.

你提到的消費者在促銷活動中會購買更多。

How does that fit now with retailers, actually, investing in price?

實際上，這與零售商現在在價格上的投資有何關係？

I'm sure you're watching it closely but how do you think about that and the need to not just promote but actually make structural and price investments?

我相信您正在密切關注，但您如何看待這一點以及不僅需要促進而且實際上需要進行結構性和價格投資？

Yes.

是的。

Thank you for the question.

感謝你的提問。

Simeon, let me actually answer the second one first and I'll turn it over to Kelly for your first question.

西蒙，讓我先回答第二個問題，然後我將把它交給凱利回答你的第一個問題。

So yes, again, the promotional environment is nearly exactly what we thought it would be.

所以，是的，促銷環境幾乎和我們想像的一樣。

A little higher in Q1 but I would tell you that we knew this is the way the consumer was going to react.

第一季略高，但我想告訴你，我們知道這是消費者的反應方式。

And we knew and we said this in Q4, the way CPG would react because they're looking to move units as well.

我們知道並且我們在第四季度說過這一點，CPG 會做出反應，因為他們也在尋求轉移單位。

So I would tell you that this is probably both a CPG and a customer push into some of this promotional activity.

所以我想告訴你，這可能既是消費品，也是顧客推動的一些促銷活動。

Now in saying that, we feel great about our everyday price.

現在這麼說，我們對日常價格感覺很好。

As I indicated in the prepared remarks, we are right in line with everyday price against all classes of trade.

正如我在準備好的評論中指出的那樣，我們與所有類別的交易的日常價格保持一致。

So we feel good about that.

所以我們對此感覺良好。

We continually invest in price and value at the shelf.

我們不斷投資貨架上的價格和價值。

And then the other thing to keep in mind is our expansive and growing private brand business has been very stable and solid and growing, quite frankly, in Q1.

另一件需要記住的事情是，坦白說，我們在第一季不斷擴大和不斷增長的自有品牌業務一直非常穩定、堅實和成長。

And that important magic $1 price point continues to be one of our best performers in the quarter.

1 美元這個重要的神奇價格點仍然是我們本季表現最好的價格點之一。

So we're showing value at all different spots for the consumer and it's resonating.

因此，我們在所有不同的地方為消費者展示了價值，並引起了共鳴。

I mean when you look at that transaction growth across Q1, I think one would say it's resonating heavily with the consumer at this point.

我的意思是，當你看到第一季的交易成長時，我認為人們會說它在這一點上引起了消費者的強烈共鳴。

So we feel good about all of our pricing across the board but we continue to watch it.

因此，我們對所有定價都感到滿意，但我們會繼續關注。

We'll continue to watch all classes of trade.

我們將繼續關注所有類別的貿易。

We'll make adjustments if need be, as we move through Q2 and beyond.

當我們進入第二季度及以後時，如果需要，我們將進行調整。

But right now, the customer is reacting exactly like we thought she would.

但現在，客戶的反應與我們想像的完全一樣。

We know how to do this.

我們知道如何做到這一點。

We've been doing this for a long time.

我們已經這樣做很久了。

And this category management team that we have here built in 2008 continues to be strong and continues to be working all the levers that we know how to do here at Dollar General.

我們在 2008 年建立的這個品類管理團隊仍然很強大，並繼續發揮我們在 Dollar General 知道如何做的所有槓桿作用。

Yes.

是的。

And just taking a look at the longer term and we talked about this just a minute ago, we're certainly doing everything with our Back to Basic actions to strengthen that foundation for longer-term growth with driving sales and working on lowering shrink.

著眼於更長遠的發展，我們在一分鐘前談到了這一點，我們當然正在盡一切努力透過「回歸基本」行動來加強長期成長的基礎，推動銷售並致力於降低損耗。

We still feel great about the fundamentals of this business.

我們仍然對這項業務的基本面感覺良好。

We're growing share.

我們的份額正在成長。

We're growing traffic.

我們正在增加流量。

We had good healthy comps and we're generating a lot of cash.

我們擁有良好健康的業績，並創造了大量現金。

So the model is absolutely intact.

所以這個模型絕對完好無損。

As we look forward, we still have a nice long runway for growth and that's new stores and our remodel program.

展望未來，我們仍然有很長的成長道路，那就是新店和我們的改造計畫。

So feel good about that.

所以對此感覺良好。

We feel good about generating a significant amount of cash flow and the investments that we're making in our business now as we look forward to how that will return in the future.

我們對產生大量現金流以及我們現在在業務中進行的投資感到滿意，因為我們期待未來的回報。

And then, of course, soon as we reach the target of our debt leverage, we'll be returning cash back to shareholders when appropriate in the form of share repurchases.

當然，一旦我們達到債務槓桿目標，我們就會在適當的時候以股票回購的形式將現金回饋給股東。

And so given all of that, I would say that where we're at right now from an operating margin perspective, we know we have a lot of opportunity and we are always looking to improve our operating margin.

因此，考慮到所有這些，我想說，從營業利潤率的角度來看，我們現在所處的位置，我們知道我們有很多機會，而且我們一直在尋求提高我們的營業利潤率。

You heard me talk about a lot of the longer-term levers that we have and some in the shorter term around the gross margin side of things.

你聽到我談論了我們擁有的許多長期槓桿，以及圍繞毛利率方面的一些短期槓桿。

But we also have our Save to Serve approach to controlling costs, which is also a huge benefit to drive operating margin as well.

但我們也有「節省服務」的方法來控製成本，這對於提高營業利潤率也是一個巨大的好處。

So we certainly feel like we can do that from here.

所以我們當然覺得我們可以從這裡做到這一點。

And I would tell you that we believe this business is going to return to a 10% to 10% plus EPS growth on an adjusted basis over the longer term.

我想告訴你，我們相信，從長遠來看，該業務在調整後的基礎上將恢復 10% 至 10% 以上的每股盈餘成長。

The next question is coming from Paul Lejuez of Citi.

下一個問題來自花旗銀行的保羅·勒胡埃斯。

Can you talk about the comps that you assume in the nonconsumable categories for the rest of the year and how those assumptions have changed?

您能否談談您在今年剩餘時間假設的非消耗品類別的比較以及這些假設如何變化？

I think you said the business mix is a little bit less of a drag than you thought.

我想你說過業務組合的拖累比你想像的要小。

I thought it was the same for shrink and also maybe for promos.

我認為這對於收縮來說是一樣的，也許對於促銷也是如此。

So just curious what the offsets are there as well to help keep your guidance.

所以只是好奇還有什麼偏移量可以幫助保持你的指導。

Yes.

是的。

I would tell you that our nonconsumable discretionary business, as I mentioned earlier, it's still alive and well.

我想告訴你，正如我之前提到的，我們的非消費品全權委託業務仍然存在並且運作良好。

It's just, the consumer is making those trade-offs in the store and at the shelf.

只是，消費者正在商店和貨架上進行這些權衡。

But I would tell you, again, during those important times when discretionary is important to her family, she has the ability to spend.

但我要再告訴你，在那些重要時刻，當自由裁量權對她的家庭很重要時，她有能力花錢。

So that shows you that and gives us confidence that we have the right products for the consumer at the right value and price.

這向您展示了這一點，並讓我們相信我們能夠以合適的價值和價格為消費者提供合適的產品。

And as we continue to move through Q2 and beyond, we believe layering in some promotional activity and discretionary like we are in our core -- or consumable areas, excuse me, is probably the right thing to do.

隨著我們繼續進入第二季度及以後，我們相信分層進行一些促銷活動和酌情決定，就像我們在我們的核心或消耗領域一樣，對不起，可能是正確的做法。

So we believe a nice balance of both will help the consumer stay engaged in the discretionary side of the business.

因此，我們相信兩者的良好平衡將有助於消費者繼續參與業務的自由裁量權。

I have seen -- looked at -- seen and I'm very pleased with the holiday lineup we've got coming up.

我已經看到了，我已經看到了，我對我們即將推出的假期陣容感到非常滿意。

I know it's a little premature but it never is when you start talking about holiday because it has such a long lead time coming in.

我知道這有點為時過早，但當你開始談論假期時永遠不會這樣，因為它的準備時間很長。

And the lineup we have this year is very strong for the back half of the year as well.

今年我們的陣容在下半年也非常強大。

So more to come.

未來還會有更多。

I believe we've got all the right building blocks in place for the discretionary side of the business to continue to get healthier and healthier as we move through the back half of the year.

我相信，我們已經為業務的全權委託方面做好了所有正確的準備工作，以便在今年下半年繼續變得越來越健康。

The next question is coming from Rupesh Parikh of Oppenheimer.

下一個問題來自奧本海默的魯佩什·帕里克（Rupesh Parikh）。

So just going back to the commentary on the full year guidance.

那麼，回到對全年指導的評論。

So it implies a pretty strong second half profit recovery.

因此，這意味著下半年利潤將強勁復甦。

So I just want to get a sense of the confidence in driving the acceleration and the key drivers as you guys look out through the back half of the year?

所以我只是想了解你們在下半年展望時對加速和關鍵驅動因素的信心？

Yes.

是的。

Thanks, Rupesh.

謝謝，魯佩什。

I would say we are certainly pleased to be able to reiterate our guidance that we gave.

我想說，我們當然很高興能夠重申我們所提供的指導。

And to your point, it does indicate a stronger back half.

就你的觀點而言，這確實表明後半部分更強。

And we really see the momentum of our actions on all of our Back to Basics work will fuel that back half and looking forward to a strong top line and bottom line growth in the back half.

我們確實看到，我們所有回歸基礎工作的行動勢頭將為後半段提供動力，並期待後半段實現強勁的營收和利潤成長。

The next question is coming from Seth Sigman of Barclays.

下一個問題來自巴克萊銀行的塞思‧西格曼。

Despite the comment about shrink being worse than expected, it sounds like -- answer to a prior question is that it was only a little bit worse.

儘管有關收縮的評論比預期更糟，但聽起來——對先前問題的回答是，情況只是更糟一點點。

And then there was also another comment about your internal models flashing green.

然後還有另一個關於你的內部模型閃爍綠色的評論。

So I'm trying to reconcile all of that.

所以我正在努力協調所有這些。

But I guess my real question is around the level of investment required to address shrink, which has been a concern in the market, just cost of doing business going higher.

但我想我真正的問題是解決收縮問題所需的投資水平，這一直是市場關注的問題，只是業務成本上升。

So how confident are you that the investments you're making, including what you've done from a payroll perspective, is really fully baked in here and is not going to have to step up again.

那麼，您對自己所做的投資（包括從薪資角度所做的投資）是否真正完全融入其中，而不必再次加強，有多大信心？

Yes.

是的。

That's a great question.

這是一個很好的問題。

And yes, I just want to reiterate, shrink was worse than we thought it would have been in Q1 but we are seeing those green shoots, which gives us confidence to reiterate our guidance long term.

是的，我只是想重申，第一季的萎縮比我們想像的更嚴重，但我們看到了這些萌芽，這讓我們有信心重申我們的長期指導。

So I just want to make sure we got that point across.

所以我只是想確保我們明白這一點。

But I would tell you that as it relates to all the work we're doing around Back to Basics, it will continue, we believe, to gain momentum.

但我想告訴你，由於它與我們圍繞「回歸基礎」所做的所有工作有關，因此我們相信它將繼續獲得動力。

Everything would show that.

一切都會表明這一點。

And many of those opportunities that we have to gain momentum directly affect the shrink line.

我們必須獲得動力的許多機會直接影響收縮線。

And as Kelly indicated and I also indicated earlier, when you look at inventory levels across the store, I mean, a pretty aggressive but impressive reduction in inventory in light of rising sales.

正如凱利和我之前指出的那樣，當你查看整個商店的庫存水平時，我的意思是，鑑於銷售額的增長，庫存的減少非常積極但令人印象深刻。

And so when you think about that, with a 9.5% reduction in per store inventory and 22.5% on our noncom business or discretionary business, we believe all that -- those actions will help that shrink line because too much inventory or over inventory in some instances always leads to additional shrink.

因此，當你考慮到這一點時，每家商店的庫存減少了9.5%，我們的非商業業務或全權委託業務減少了22.5%，我們相信，這些行動將有助於縮小線，因為庫存過多或某些領域的庫存過多。

So we continue to watch that carefully.

所以我們繼續仔細觀察。

Now the great thing is, our inventory is in really good shape as far as the quality and always has been.

現在最棒的是，就品質而言，我們的庫存狀況非常好，而且一直如此。

But we want to make sure that at store level that it gets to the shelf when it comes in and it gets in front of the consumer as quickly as possible.

但我們希望確保在商店層面，產品進入貨架後儘快到達消費者面前。

And those levels are so important to make sure that happens.

這些水平對於確保實現這一點非常重要。

And then as I look at other levers and all the other work we're doing, the expense lines, as you mentioned, we feel confident on where we are today.

然後，當我查看其他槓桿和我們正在做的所有其他工作以及費用線時，正如您所提到的，我們對今天的狀況充滿信心。

Wage rates being the largest, $150 million investment last year in wages was a strong commitment to grow that consumer awareness and grow our stores in a way that the consumer sees and resonates with.

工資率是最大的，去年在工資方面的投資為 1.5 億美元，這是一項堅定的承諾，旨在提高消費者意識，並以消費者看到並產生共鳴的方式發展我們的商店。

And I believe we're starting to see some of that benefit now.

我相信我們現在已經開始看到其中的一些好處。

But when you look past that, we believe that we are -- we have the right amount at this point of labor hours inside of our stores.

但當你回顧這一點時，我們相信我們——目前我們商店內的勞動時間是適量的。

We also, over the many years, from early 2019 to 2023, we've seen the -- over a 30% increase in our average hourly rate as well.

多年來，從 2019 年初到 2023 年，我們的平均時薪也增加了 30% 以上。

And so we've invested there.

所以我們在那裡投資了。

That's what gives us confidence that we're on the right track.

這讓我們相信我們走在正確的軌道上。

We continue to make those investments where we see needed.

我們將繼續在我們認為需要的地方進行這些投資。

The other investment we made this year was we added 120 additional district managers.

我們今年進行的另一項投資是增加了 120 名地區經理。

And that's very important because, again, being an ex-district manager that I was at one point, anytime a district manager can have less span of control, is able to get to their stores more often, they're able to teach, train, develop and most importantly, solve problems at each and every store that is either his or her responsibility.

這非常重要，因為，作為一名前地區經理，我曾經擔任過，任何時候地區經理的控制範圍可以較小，能夠更頻繁地去他們的商店，他們能夠教導、培訓、發展，最重要的是，解決每家商店的問題，這是他或她的責任。

So those spans of control and reducing those is very important.

因此，控制範圍和減少控制範圍非常重要。

That should pay dividends as we move through '24 as those start to take hold.

當我們進入24世紀時，隨著這些開始紮根，這應該會帶來紅利。

So we feel good about all the investments we've made.

因此，我們對所做的所有投資感到滿意。

We feel that they were appropriate.

我們覺得他們是合適的。

We feel that they're right on track.

我們覺得他們走在正軌上。

And right now, we feel good about where we are and with everything else that we can see today baked into our guidance for the rest of the year.

現在，我們對自己所處的位置以及我們今天能看到的其他一切都融入了我們今年剩餘時間的指導中感到滿意。

The next question is coming from Scot Ciccarelli of Truist.

下一個問題來自 Truist 的 Scot Ciccarelli。

So as you guys reduce SKUs and consumables continue to significantly outpace discretionary sales and that certainly appears to be the case in the stores as well, how do you eventually balance out the relative growth rates of consumables versus discretionary so you can alleviate some of that margin pressure from mix?

因此，當您減少 SKU 時，消耗品的銷售量繼續顯著超過非必需品的銷售，商店中的情況肯定也是如此，您最終如何平衡消耗品與非必需品的相對增長率，以便可以減輕部分利潤混合壓力？

Or don't you?

或者你不？

It just becomes more of a permanent shift in the mix?

它只是變得更像是一種永久性的混合變化？

Yes.

是的。

We don't believe it's a permanent shift.

我們不認為這是永久性的轉變。

And let me step back and say, again, I believe we're doing exactly the right thing at the right time.

讓我退一步再說一遍，我相信我們正在正確的時間做正確的事。

You may recall over the years, I've always said, we at Dollar General go where the consumer wants us to go.

您可能還記得，多年來，我總是說，我們在 Dollar General 就去消費者希望我們去的地方。

And right now, because of her finances, meaning with the inflation over the last couple of years and those pressures that have come with that, this is where she needs us to be right now for her.

現在，由於她的財務狀況，即過去幾年的通貨膨脹以及隨之而來的壓力，這就是她現在需要我們為她服務的地方。

And we doubled down on that, right, because we need to take care of her.

我們加倍努力，對吧，因為我們需要照顧她。

And I believe you see in our comp for Q1 and our transaction growth in Q1 would all benefit what I just said, meaning that consumer is resonating with that.

我相信您在我們第一季的比較中看到的以及我們第一季的交易成長都將有利於我剛才所說的，這意味著消費者對此產生了共鳴。

Now the thing I do want to point out is that all the work we did around our nonconsumable initiatives through the pandemic and even exiting the pandemic, is still alive and well in our stores.

現在我想指出的是，我們在大流行期間甚至在大流行結束後圍繞非消耗性舉措所做的所有工作仍然在我們的商店中進行得很好。

And again, when the consumer needs to spend around discretionary right now, she has what she needs at Dollar General.

再說一次，當消費者現在需要隨意花錢時，Dollar General 可以滿足她的需求。

It's proven, we see it, we see it in her spend.

事實證明，我們看到了這一點，我們在她的支出中看到了這一點。

So we don't believe that this is a permanent shift.

所以我們不認為這是永久性的轉變。

We believe it's temporary.

我們相信這是暫時的。

How long?

多久？

We'll wait to see.

我們拭目以待。

Again, the consumer will tell us that.

消費者會再次告訴我們這一點。

But in the meantime, we'll go where she wants us to go, we'll have the right products for her that she needs to feed her family, take care of her family in the meantime.

但同時，我們會去她想去的地方，我們將為她提供合適的產品，讓她可以養活家人，同時照顧她的家人。

But at the same time, continue to foster and grow that discretionary side of the business with either -- even more options and more value as we continue to move through this year and into the back half of the year, standing ready and willing and able to serve her when she's ready to start spending more freely on that side.

但同時，隨著我們繼續度過今年和下半年，繼續培養和發展業務的可自由支配的一面，甚至更多的選擇和更多的價值，準備好、願意和有能力當她準備好開始在這方面更自由地消費時為她服務。

The next question is coming from Michael Montani of Evercore ISI.

下一個問題來自 Evercore ISI 的 Michael Montani。

I just wanted to dig into a little bit further the inventory side and supply chain.

我只是想進一步深入了解庫存方面和供應鏈。

So on the inventory front, should we expect kind of further reductions at this point?

那麼在庫存方面，我們現在是否應該期待進一步減少？

Or do you feel like you have what you need and you could start to grow inventory a little bit again?

或者您是否覺得自己已經擁有了所需的東西，並且可以開始再次增加庫存？

How are in-stocks looking?

庫存狀況如何？

And then just on supply chain, Todd, what's your vision there with the 2 additional DCs coming in line this year?

然後就供應鏈而言，托德，您對今年新增的 2 個配送中心有何願景？

When can we get kind of optimal product flow back?

我們什麼時候才能獲得最佳的產品回流？

So I'll start on that with the inventory question.

所以我將從庫存問題開始。

And I'll say, reducing inventory still really remains a high priority for us.

我想說的是，減少庫存仍然是我們的首要任務。

So we're going to focus on reducing that per store inventory.

因此，我們將專注於減少每家商店的庫存。

What that does is really simplify things, both upstream and the supply chain, as well as in our stores.

這樣做確實簡化了上游、供應鏈以及我們商店的事情。

And so we continue to look at that as a high priority.

因此，我們繼續將其視為重中之重。

The other piece of that is really around focusing on inventory optimization.

另一部分實際上是圍繞庫存優化。

And so we talked a little bit last quarter about some investments that we were making in technology.

因此，我們上個季度討論了我們在技術方面進行的一些投資。

Those are starting to pay dividends.

這些已經開始帶來紅利。

And so we are really looking on how to rightsize the inventory over the next 12 to 18 months from just what we're carrying in the stores and making sure that we are in a better position to serve our customers from an in-stock level.

因此，我們正在真正研究如何在未來 12 到 18 個月內根據我們商店的庫存調整庫存規模，並確保我們能夠更好地從庫存水準為客戶提供服務。

We are seeing in-stocks improve.

我們看到庫存有所改善。

So we are happy to do that.

所以我們很高興這樣做。

And I know I've had a shoutout to the team a couple of quarters now but they have just done a fantastic job of both reducing inventory and improving our in-stocks.

我知道幾個季度以來我一直在向團隊表示感謝，但他們在減少庫存和改善庫存方面做得非常出色。

And I'll tell you all along, we have felt really good and Todd said this earlier about the quality of our inventory.

我會一直告訴你，我們感覺非常好，托德之前就說過我們的庫存品質。

So that's really not our issue.

所以這確實不是我們的問題。

It's really just about getting those levels down so that they're more manageable in the store and in the DCs.

實際上只是降低這些級別，以便它們在商店和配送中心中更易於管理。

And again, felt great about the decreases.

再次，對減少感到高興。

Todd called out the numbers.

托德喊出號碼。

But just to reiterate, we've got a 22.5% decline in that nonconsumable inventory, so just huge there.

但重申一下，我們的非消耗品庫存下降了 22.5%，下降幅度非常大。

And then, if you don't mind, I'm just going to segue a little bit into cash.

然後，如果你不介意的話，我會繼續轉向現金。

One thing that we did see on the inventory management side is what that did for our cash flow.

我們在庫存管理方面確實看到的一件事是它對我們的現金流的影響。

So our cash from operations was up 247% to last year.

因此，我們的營運現金比去年成長了 247%。

And so this is a really important driver not only from the operations standpoint but also just lowering our carrying costs and being really impactful to our cash.

因此，這不僅從營運的角度來看是一個非常重要的驅動因素，而且還降低了我們的持有成本並對我們的現金產生了真正的影響。

And then, Kelly, I'll just add on, the second part of your question, again, as I reiterated -- I'll reiterate, I'm sorry, as I said, we feel good about where our supply chain is right now.

然後，凱利，我會再次補充你問題的第二部分，正如我重申的那樣，我會重申，很抱歉，正如我所說，我們對我們的供應鏈的正確位置感到滿意現在。

As we bring Little Rock, Arkansas on later this year and a little closer in our Colorado DC, it will give us even more confidence as we move forward.

隨著我們今年稍後將阿肯色州的小石城和科羅拉多特區的更近一些，這將給我們前進的信心。

Matter of fact, as we also said, out of these temporary facilities that we had, we're already out of 7 of those and the remaining 5, we'll come out in 2024.

事實上，正如我們也所說的，在我們擁有的這些臨時設施中，我們已經完成了其中的 7 個，剩下的 5 個我們將在 2024 年完成。

And really, the catalyst there will be these 2 facilities that we opened, again, in Colorado and in Little Rock, Arkansas.

事實上，催化劑將是我們在科羅拉多州和阿肯色州小石城再次開設的這兩個設施。

So again, I believe that we're well on our way.

再說一遍，我相信我們一切都很順利。

The consumer is definitely telling us in all the consumer work we've done, they're also saying they're seeing the benefit of that at the shelf, meaning finding what they need more often inside Dollar General.

消費者肯定在我們所做的所有消費者工作中告訴我們，他們也說他們在貨架上看到了這樣做的好處，這意味著可以在 Dollar General 中更頻繁地找到他們需要的東西。

Are we perfect yet?

我們完美了嗎？

No.

不。

But boy, we are light years from where we were and continue to grow that in-stock level inside the store.

但是，天哪，我們距離原來的水平已經有光年之遙了，而且店內的庫存水平還在繼續增長。

So all systems seem green there right now and we continue to benefit from that in-stock level and that on-time levels from our supply chain.

因此，目前所有系統似乎都是綠色的，我們將繼續受益於供應鏈的庫存水準和準時水準。

Our final question today is coming from Joe Feldman of Telsey Advisory Group.

我們今天的最後一個問題來自特爾西諮詢集團的喬·費爾德曼。

I wanted to ask, have you seen any initial green shoots like you said, in the 12,000 stores that you've remodeled?

我想問一下，你們改造的12000家門市，有沒有看到你說的最初的萌芽？

I know 3,000 stores just happened in May but like maybe the original ones that you did, I know it's only 4 months, if removing the self-checkout has made any kind of measurable difference?

我知道 5 月剛剛開設了 3,000 家商店，但就像您最初做的那些商店一樣，我知道只有 4 個月，取消自助結帳是否會產生任何可衡量的差異？

I'm wondering, if it's changed the flow, has it created longer lines?

我想知道，如果改變了流程，是否會造成更長的線路？

Or is it just better for the customer because they're engaged with an associate?

還是只是因為客戶與同事合作而對他們更好？

Yes.

是的。

Well, thank you for that.

嗯，謝謝你。

There is no doubt where we're getting positive customer feedback across the board, on the 9,000 stores.

毫無疑問，我們在 9,000 家商店中全面獲得了正面的客戶回饋。

And quite frankly, some of the 3,000 stores that we did in May, a couple of them have -- many of them have been for a couple of weeks now.

坦白說，我們在 5 月開設的 3,000 家商店中，有一些已經開業了，其中許多商店已經開業幾週了。

So we're getting that feedback.

所以我們正在收到回饋。

It's always positive from what we're getting, the vast majority of it from our consumers because they like the interaction at the front of the store.

從我們得到的資訊來看，這總是積極的，其中絕大多數來自我們的消費者，因為他們喜歡商店前面的互動。

And with that interaction then also comes having somebody at the front of the store, very visible at all times, which, as you recall, was not always the case in 2023.

隨著這種互動的進行，商店前面也會有人隨時可見，但正如您所記得的那樣，在 2023 年並非總是如此。

So with that should come as we continue to move through '24 better shrink results from that action.

因此，隨著我們繼續推進“24 年”，這一行動應該會帶來更好的收縮結果。

Now we'll watch and see.

現在我們拭目以待。

We believe those are -- some of those green shoots that we'll start to see even more as we move to the back half of the year and into '25.

我們相信，隨著今年下半年和進入 25 年，我們將開始看到更多的萌芽。

But the overall reaction from the consumer is thank you.

但消費者的整體反應是謝謝。

We like the checkout with someone that we can interact with at all times at the front.

我們喜歡在前台結帳時隨時與我們互動。

That is overwhelmingly what we get.

這絕大多數是我們得到的。

So that really gave us that confidence, if you will, to take the other 3,000 stores and move it to an assisted lane in May from all the good work that we saw happen from the 9,000 stores we did earlier in the year.

因此，如果您願意的話，這確實給了我們信心，讓我們有信心在5 月份將其他3,000 家商店轉移到輔助車道上，因為我們看到今年早些時候在9,000 家商店中所做的一切工作都取得了良好的效果。

And again, that consumer response, which we rely on across the board for all actions that we take because everything starts and stops with that consumer in the store.

再說一次，我們採取的所有行動都完全依賴消費者的反應，因為一切都以商店裡的消費者開始和結束。

Ladies and gentlemen, that is all the time we have for today.

女士們先生們，今天的時間就到此為止。

We would like to thank you for your interest in Dollar General and your participation on today's conference.

我們衷心感謝您對 Dollar General 的關注以及您參加今天的會議。

You may disconnect your lines at this time or log off the webcast and enjoy the rest of your day.

此時您可以斷開線路或退出網路廣播並享受剩下的一天。