達樂 (DG) 2025 Q1 法說會逐字稿

Good morning. My name is Rob and I'll be your conference operator today. At this time I'd like to welcome everyone to the Dollar General first quarter 2025 earnings call. Today is Tuesday, June 3, 2025.

早安.我叫羅布，今天我將擔任您的會議主持人。現在，我歡迎大家參加 Dollar General 2025 年第一季財報電話會議。今天是 2025 年 6 月 3 日，星期二。

(Operator Instructions)

（操作員指示）

This call is being recorded. Instructions for listening to the replay of the call are available in the company's earnings press release issued this morning. Now I'd like to turn the conference over to Mr. Kevin Walker, Vice President of Investor Relations. Kevin, you may begin your conference.

此通話正在錄音。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。現在，我想將會議交給投資者關係副總裁凱文沃克先生。凱文，你可以開始你的會議了。

Thank you and good morning everyone. On the call with me today are Todd Vasos, our CEO, and Kelly Dilts, our CFO. Our earnings release issued today can be found on our website at investor.dollargeneral.com under News and Events.

謝謝大家，早安。今天與我一起通話的是我們的執行長 Todd Vasos 和財務長凱利迪爾茨 (Kelly Dilts)。您可在我們網站 investor.dollargeneral.com 的「新聞與事件」欄位下找到我們今天發布的收益報告。

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, long-term growth framework, strategy, initiatives, plans, goals, priorities, opportunities, expectations, or beliefs about future matters, and other statements that are not limited to historical fact.

我要提醒您，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、長期增長框架、戰略、舉措、計劃、目標、優先事項、機會、期望或對未來事項的信念的陳述，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. These factors include, but are not limited to those identified in our earnings release issued this morning under risk factors in our 2024 Form 10-K filed on March 21, 2025, and any later filed periodic report and in the comments that are made on this call. You should not unduly rely on forward-looking statements which speak only as of today's date.

這些聲明受風險和不確定性的影響，可能導致實際結果與我們的預期和預測有重大差異。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 2025 年 3 月 21 日提交的 2024 年 10-K 表格中的風險因素以及任何後續提交的定期報告中確定的因素以及在本次電話會議上發表的評論中確定的因素。您不應過度依賴僅代表今日觀點的前瞻性陳述。

Dollar General disclaims any obligation to update or revise any information discussed in this call unless required by law. At the end of our prepared remarks, we will open the call up for your questions. To allow us to address as many questions as possible in the queue, please limit yourself to one question. Now it is my pleasure to turn the call over to Todd.

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。在我們準備好的發言結束時，我們將開始回答大家的提問。為了使我們能夠解答隊列中盡可能多的問題，請將問題限制為一個。現在我很高興將電話轉給托德。

Thank you, Kevin, and welcome to everyone joining our call. We're pleased with our start of the year, including strong results that exceeded our expectations on both the top and bottom lines. We believe our efforts are resonating with a wide range of customers as they continue to seek value in our more than 20,000 store locations around the country.

謝謝凱文，歡迎大家參加我們的電話會議。我們對今年的開局感到滿意，包括超越我們預期的營收和利潤的強勁業績。我們相信，我們的努力得到了廣大顧客的共鳴，他們將繼續在我們遍布全國的 20,000 多家門市中尋求價值。

Our results are a product of the dedication of this team to serving our customers and communities every day. I want to thank each of them for their great work they continue to do in our stores, distribution centers, private fleet, and store support center to fulfill our mission of serving others.

我們的成果是整個團隊每天致力於服務客戶和社區的結果。我要感謝他們每個人，感謝他們在我們的商店、配送中心、私人車隊和商店支援中心持續所做的出色工作，以完成我們為他人服務的使命。

For today's call, I'll begin by recapping some of the highlights of our Q1 performance, as well as sharing some of our updated consumer observations and our current approach to tariffs.

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，並分享一些我們最新的消費者觀察和我們目前的關稅方法。

After that, Kelly will share the details of our financial performance as well as our updated financial outlook for fiscal 2025. I will then wrap up the call with an update on some of our key growth driving initiatives.

之後，凱利將分享我們的財務表現細節以及我們對 2025 財年的最新財務展望。然後，我將在電話會議結束時介紹一些推動我們成長的關鍵舉措。

Turning to our first quarter performance, net sales increased 5.3% to $10.4 billion in Q1 compared to net sales of $9.9 billion in last year's first quarter. Contributing to this strong top line growth, we opened 156 new stores during the quarter as we continue to expand the number of communities we serve.

回顧我們第一季的業績，第一季淨銷售額成長 5.3% 至 104 億美元，而去年第一季淨銷售額為 99 億美元。為了實現強勁的營收成長，我們在本季度開設了 156 家新店，並繼續擴大我們服務的社區數量。

We also continue to grow market share in both dollars and units in highly consumable product sales during the quarter, in addition to growing market share in non-consumable product sales. Same store sales increased 2.4% during the quarter, driven by growth of 2.7% in the average basket, including relatively similar increases in the average unit retail price per item and average items per basket.

本季度，我們除了在非消耗品銷售方面維持市場佔有率成長外，在高度消耗品銷售方面，以美元和單位計算的市佔率也持續成長。本季同店銷售額成長 2.4%，主要得益於平均購物籃成長 2.7%，其中包括每件商品平均單位零售價和每購物籃平均商品數量也出現相對類似的成長。

Customer traffic slightly decreased by 0.3% during the quarter, but remains strong on a two year stack basis as we've lapped the 4.3% traffic increase from the prior year's first quarter.

本季客戶流量略有下降，為 0.3%，但兩年來依然保持強勁，因為我們已達到去年第一季 4.3% 的流量增幅。

We are excited to see broad-based category growth during the quarter with positive comp sales in each of our consumables, seasonal, home, and apparel categories. With both our seasonal and home categories comping at or above 3% during the quarter, we were especially pleased to see our non-consumable product categories resonate with our customers for the Easter and early spring seasons.

我們很高興看到本季各類別產品均實現成長，消費品、季節性產品、家居產品和服裝等各類別產品的銷售額均實現正成長。本季我們的季節性和家居類別的銷售額均達到或超過 3%，我們尤其高興地看到我們的非消耗品類別在復活節和早春季節引起了客戶的共鳴。

From a monthly cadence perspective, all three periods were positive, led by April, which benefited from the later Easter compared to the prior year. We believe these top line results are a testament to our improved execution, as well as the customers across multiple income bands seeking value.

從月度節奏來看，三個時期均呈現正面態勢，其中四月份表現最佳，得益於復活節比去年同期晚。我們相信，這些營收業績證明了我們的執行力有所提升，也證明了多個收入階層的客戶都在尋求價值。

To that end, we continue to feel good about our everyday low price position relative to other competitors and classes of trade. As a reminder, our goal is to be priced within 3 percentage points to 4 percentage points of mass on average, and we end at Q1 within our targeted range.

為此，我們繼續對我們相對於其他競爭對手和貿易類別的日常低價地位感到滿意。提醒一下，我們的目標是將價格平均控制在品質的 3 個百分點到 4 個百分點以內，並且我們在第一季結束時將處於目標範圍內。

In addition, we continue to carry at least 2000 SKUs at or below the increasingly rare $1 price point as we seek to help our customers stretch their dollars. We believe this value offering will become increasingly more important to customers in the months ahead.

此外，為了幫助客戶節省開支，我們繼續以越來越少見的 1 美元或以下的價格提供至少 2000 個 SKU。我們相信，在未來的幾個月裡，這種價值產品對客戶來說將變得越來越重要。

During our recent customer survey work, 25% of DG customers reported having less income than they did a year ago, and nearly 60% of our core customers noted that they felt the need to sacrifice the necessities in the coming year.

在我們最近的客戶調查工作中，25% 的 DG 客戶表示他們的收入比一年前有所減少，近 60% 的核心客戶表示他們覺得有必要在未來一年犧牲一些必需品。

While our core customer remains financially constrained, we have seen increased trade-in activity from both middle and higher income customers. Our data shows that new customers this year are making more trips and spending more with us compared to new customers from last year, while also allocating more of their spend to discretionary categories.

雖然我們的核心客戶仍然受到財務限制，但我們看到中等收入和高收入客戶的以舊換新活動增加。我們的數據顯示，與去年的新客戶相比，今年的新客戶在我們這裡的出行次數更多、消費更多，同時他們將更多的支出分配到可自由支配的類別上。

We believe these behaviors suggest we are continuing to attract higher income customers who are looking to maximize value while still shopping for items they want and need.

我們相信這些行為表明我們將繼續吸引那些希望在購買自己想要和需要的商品的同時實現價值最大化的高收入客戶。

To that end, in Q1, we saw the highest percent of trading customers we've had in the last four years. We are pleased to see this growth with a wide range of customers and are excited about our ongoing opportunity to grow share with them.

為此，在第一季度，我們的交易客戶比例達到了過去四年來的最高水準。我們很高興看到廣大客戶的成長，並對我們與他們共同成長的持續機會感到興奮。

Before I turn the call over to Kelly, I want to provide an update on how we are thinking about the impact of the evolving tariff environment on our business. Our direct imports remain a relatively small percentage of our overall purchases, with most years in the mid to high single digit range. While our indirect import amount varies, in recent years, we estimate it amount to be approximately twice that of our direct imports.

在我將電話轉給凱利之前，我想先介紹一下我們如何看待不斷變化的關稅環境對我們業務的影響。我們的直接進口量在整體採購量中所佔比例相對較小，大多數年份都處於中高個位數範圍內。雖然我們的間接進口量有所不同，但近年來，我們估計其數量大約是直接進口量的兩倍。

We have continued to diversify the countries of origin as part of our direct foreign sourcing strategies in recent years. Importantly, we have successfully reduced our China exposure to less than 70% of our direct imports, and we estimate less than 40% of our indirect imports are sourced from China.

近年來，作為我們直接海外採購策略的一部分，我們持續實現原產國多元化。重要的是，我們已成功將對中國的進口量減少至不到 70% 的直接進口量，我們估計不到 40% 的間接進口量來自中國。

While we have relatively low exposure, we are working diligently to mitigate the impact of current tariffs on our business as much as possible, using many of the same tactics that we used successfully in 2018 and 2019.

雖然我們的風險敞口相對較低，但我們正在努力盡可能減輕當前關稅對我們業務的影響，並使用許多我們在 2018 年和 2019 年成功使用過的相同策略。

These actions include working with our vendor partners to reduce cost on a variety of ways, including negotiating cost concessions, shifting manufacturing to other countries where possible, re-engineering products, or finding substitute products.

這些行動包括與我們的供應商合作夥伴合作，透過各種方式降低成本，包括協商成本讓步、盡可能將製造轉移到其他國家、重新設計產品或尋找替代產品。

While the tariff landscape remains dynamic and uncertain, we expect tariffs to result in some price increases as a last resort, though we intend to work to minimize them as much as possible.

儘管關稅情況仍然動態且不確定，但我們預計關稅將作為最後手段導致價格上漲，儘管我們打算盡可能地將其降至最低。

In turn, we believe our customers will continue to seek opportunities to save money, and we remain committed to serving them with the everyday low prices they have come to know and appreciate from Dollar General.

反過來，我們相信我們的客戶將繼續尋找省錢的機會，我們將繼續致力於以他們所了解和欣賞的 Dollar General 的每日低價為他們提供服務。

Overall, we are proud of our Q1 performance and the tremendous progress we continue to make in the business, including lower year-to-date turnover at all levels within our retail operations, and improved overall supply chain on time and in full rate, higher in-stock levels, and lower inventory levels, all of which has contributed to an improved in-store experience for our customers and our associates.

總體而言，我們對第一季的業績和業務上持續取得的巨大進步感到自豪，包括零售業務各個層面年初至今的營業額下降、整體供應鏈準時全額供應的改善、庫存水平的提高和庫存水平的降低，所有這些都為我們的客戶和員工改善了店內。

Our efforts are yielding positive results, and we believe we are well-positioned to succeed in a wide range of economic environments as we continue enhancing our value and convenience proposition for our customers with a focus on working toward our long-term financial goals and creating long-term shareholder value. With that, I'll now turn the call over to Kelly.

我們的努力正在產生積極的成果，我們相信，隨著我們繼續增強為客戶提供的價值和便利性主張，並專注於實現我們的長期財務目標和創造長期股東價值，我們有能力在各種經濟環境中取得成功。說完這些，我現在將電話轉給凱利。

Thank you, Todd, and good morning everyone. Now that Todd has taken you through a few of the top line highlights of the quarter, let me take you through some of the other important financial details. Unless we specifically note otherwise, all comparisons are year over year, all references to EPS refer to diluted earnings per share, and all years noted refer to the corresponding fiscal year.

謝謝你，托德，大家早安。現在，托德已經向您介紹了本季的一些重要亮點，接下來讓我向您介紹一些其他重要的財務細節。除非我們另有特別說明，所有比較均為同比，所有 EPS 均指稀釋每股收益，所有年份均指相應的財政年度。

For Q1, gross profit as a percentage of sales was 31%, an increase of 78 basis points. This increase was primarily attributable to lower shrink and higher inventory markups. Our shrink mitigation efforts have continued to drive positive results, including a year-over-year improvement of 61 basis points in the first quarter. With regards to damages, the year-over-year change was slightly favorable, which was relatively in line with our expectations.

第一季度，毛利佔銷售額的百分比為 31%，成長了 78 個基點。這一增長主要歸因於損耗減少和庫存加價增加。我們為緩解收縮所做的努力繼續帶來了積極的成果，包括第一季同比增長 61 個基點。就損害賠償而言，同比變化略有改善，這相對符合我們的預期。

The gross margin increase was partially offset by increased markdowns, which were primarily driven by promotional activity during the quarter as we took this opportunity to serve our customers with targeted price markdowns.

毛利率的成長被降價幅度的增加部分抵消，降價幅度的增加主要受到本季度促銷活動的推動，我們藉此機會為客戶提供有針對性的降價服務。

Turning to SG&A, which was 25.4% as a percentage of sales, an increase of 77 basis points. The primary expenses that were a higher percentage of net sales in the quarter were retail labor, incentive compensation, and repairs and maintenance.

銷售、一般及行政費用佔銷售額的 25.4%，增加了 77 個基點。本季佔淨銷售額較高比例的主要支出是零售勞動力、獎勵薪酬以及維修和保養。

Moving down the income statement, operating profit for the first quarter increased 5.5% to $576 million. As a percentage of sales operating profit was relatively flat at 5.5%. Net interest expense for the quarter decreased to $64.6 million compared to $72.4 million in last year's first quarter. Our effective tax rate for the quarter was 23.4% and compares to 23.3% in the first quarter last year.

從損益表中可以看出，第一季的營業利潤成長 5.5%，達到 5.76 億美元。營業利潤佔銷售額的百分比相對平穩，為 5.5%。本季淨利息支出從去年第一季的 7,240 萬美元下降至 6,460 萬美元。本季我們的有效稅率為 23.4%，而去年第一季為 23.3%。

Finally, EPS for the quarter increased 7.9% to $1.78 which exceeded the high end of our internal expectations.

最後，本季每股收益成長 7.9% 至 1.78 美元，超過了我們內部預期的高端。

Now turning to our balance sheet and cash flow, where we continue to make great progress in strengthening our financial position.

現在轉向我們的資產負債表和現金流，我們在加強財務狀況方面繼續取得巨大進展。

Merchandise inventories were $6.6 billion at the end of Q1, a decrease of $344 million or 5% compared to prior year, and a decrease of 7% on a per store basis. The team continues to do a tremendous job reducing inventory while increasing sales and improving in stocks, which is having a positive operational impact in both our stores and distribution centers.

第一季末的商品庫存為 66 億美元，比去年同期減少 3.44 億美元（5%），以每家商店計算則減少 7%。團隊繼續大力減少庫存，同時增加銷售額並改善庫存，這對我們的商店和配送中心的營運產生了積極的影響。

The business generated cash flows from operations of $847 million during the quarter, an increase of 27.6% compared to the prior year.

該業務本季產生的營運現金流為 8.47 億美元，比上年成長 27.6%。

This strong performance is a result of our sales results and ongoing inventory management efforts. Additionally, with the continued focus on strengthening our balance sheet, we were able to use cash on hand to repay $500 million of our senior notes in Q1, which was earlier than the November maturity date, and ended the quarter with balance sheet cash of $850 million.

這一強勁表現得益於我們的銷售業績和持續的庫存管理努力。此外，由於我們持續專注於加強資產負債表，我們能夠利用庫存現金在第一季償還 5 億美元的優先票據，這早於 11 月的到期日，並且在本季末資產負債表現金為 8.5 億美元。

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

本季度，我們透過向股東派發每股 0.59 美元的季度股息（總計 1.3 億美元）向股東返還現金。

Overall, we are very pleased with our cash and inventory positions and the progress we've made in strengthening our balance sheet. We're proud of our strong performance in Q1 and continue to position the business to deliver value for associates, customers, and shareholders moving forward. With that in mind, I'd like to discuss our updated financial outlook for 2025.

總體而言，我們對我們的現金和庫存狀況以及我們在加強資產負債表方面取得的進展感到非常滿意。我們為第一季的強勁表現感到自豪，並將繼續致力於為員工、客戶和股東創造價值。考慮到這一點，我想討論一下我們對 2025 年的最新財務展望。

We believe our positive first quarter results are a testament to the importance of our value and convenience proposition for our customers, particularly in a time of continued uncertainty and a financially constrained core consumer. Furthermore, our Q1 performance has positioned us well as we look towards achieving our guidance range for 2025.

我們相信，第一季的積極業績證明了我們的價值和便利性主張對客戶的重要性，特別是在持續不確定和核心消費者財務受限的時期。此外，我們第一季的業績為我們實現 2025 年的指導範圍奠定了良好的基礎。

However, the tariff landscape remains dynamic and uncertain, and there is a higher degree of variability in potential outcomes around tariff related impacts, including on consumer spending, cost of goods, and the supply chain. With this in mind, we're updating our financial guidance for 2025 to reflect our Q1 outperformance, while considering a heightened level of uncertainty as we move through 2025.

然而，關稅格局仍然動態且不確定，關稅相關影響的潛在結果存在較大差異，包括對消費者支出、商品成本和供應鏈的影響。考慮到這一點，我們正在更新 2025 年的財務指導，以反映我們第一季的優異表現，同時考慮到 2025 年不確定性的加劇。

The updated guidance assumes current tariff rates remain in place through mid-August 2025 when the 90 day pause on the increased tariff rates on the goods from China is set to expire, and we have plans in place to address the potential reversion to the tariff rates previously announced on goods from China on April 2, 2025.

更新後的指南假設當前的關稅稅率將維持到 2025 年 8 月中旬，屆時對中國商品提高關稅稅率的 90 天暫停期將到期，並且我們已製定計劃，以應對可能於 2025 年 4 月 2 日恢復先前宣布的對中國商品徵收的關稅稅率的情況。

Our financial guidance is based upon our best estimates and assumes successful mitigation of a significant portion of the anticipated tariff impact on our gross margin, but also allows for some incremental pressure on consumer spending.

我們的財務指導是基於我們的最佳估計，並假設成功減輕預期關稅對我們毛利率的很大一部分影響，但也允許對消費者支出施加一些增量壓力。

We believe this is the prudent approach to setting expectations at this point in the year, and we're excited about the potential for our business as we move throughout the year. With that in mind, we now expect the following for 2025, net sales growth of approximately 3.7% to 4.7%, same store sales growth of approximately 1.5% to 2.5%, and EPS in the range of $5.20 to $5.80.

我們相信，這是在今年這個時候設定預期的審慎方法，並且我們對全年業務的潛力感到興奮。考慮到這一點，我們現在預計 2025 年的淨銷售額增長約為 3.7% 至 4.7%，同店銷售額增長約為 1.5% 至 2.5%，每股收益在 5.20 美元至 5.80 美元之間。

Our EPS guidance continues to assume an effective tax rate of approximately 23.5%, and that we will not repurchase shares under our share repurchase program.

我們的每股盈餘指引繼續假設有效稅率約為 23.5%，且我們不會根據股票回購計畫回購股票。

Now I want to provide some additional context around our expectations. While we're not providing specific quarterly guidance, we expect SG&A and Q2 to be pressured by a more significant year-over-year increase in incentive compensation expense than other quarters as we la the prior year reversal of the incentive compensation accrual. I also want to note that for the full year we now anticipate incentive compensation expense to be a headwind of approximately $180 million to $200 million.

現在我想提供一些關於我們期望的額外背景資訊。雖然我們沒有提供具體的季度指導，但我們預計銷售、一般及行政費用和第二季度將受到比其他季度更顯著的激勵薪酬費用同比增長的壓力，因為我們逆轉了上一年的激勵薪酬應計。我還想指出，我們預計全年激勵薪資支出將出現約 1.8 億至 2 億美元的逆風。

As we look at the top line for the remainder of the year, we expect the potential impact of tariffs on our core and trade-in customers could be more substantial if price increases take effect more broadly across retail.

當我們展望今年剩餘時間的營業收入時，我們預計，如果價格上漲在零售業中產生更廣泛的影響，關稅對我們的核心客戶和以舊換新客戶的潛在影響可能會更大。

Moving to the final portions of our guidance for 2025, we continue to expect capital spending in the range of $1.3 billion to $1.4 billion designed to support our ongoing growth.

進入 2025 年指引的最後部分，我們繼續預計資本支出將在 13 億美元至 14 億美元之間，以支持我們的持續成長。

This includes our continued expectations to execute approximately 4,885 real estate projects in 2025, including 575 new store openings in the United States, up to 15 in Mexico, 2,000 Project Renovate remodels, 2,250 Project Elevate remodels, and 45 relocations.

這包括我們繼續預期在 2025 年執行約 4,885 個房地產項目，包括在美國開設 575 家新店、在墨西哥開設最多 15 家新店、2,000 個項目翻新改造、2,250 個項目提升改造和 45 個搬遷。

Importantly, we believe that the tariff impact on our net CapEx will be minimal. All of this aligns with our capital allocation priorities, which begin with investing in our business, including our existing store base, as well as high return growth opportunities such as new store expansion and strategic initiatives.

重要的是，我們相信關稅對我們的淨資本支出的影響將是微不足道的。所有這些都符合我們的資本配置優先事項，首先是投資我們的業務，包括我們現有的門市基礎，以及新店擴張和策略性舉措等高回報成長機會。

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利支付以及在適當的時候回購股票來向股東返還現金。

Finally, I want to provide a brief update on how we're thinking about and planning to communicate our adjusted debt to adjusted [EBITDAR] leverage ratio.

最後，我想簡要介紹一下我們如何思考和計劃傳達調整後的債務與調整後的 [EBITDAR] 槓桿率。

Going forward, we intend to speak to our target calculation using balance sheet lease liabilities in place of the more general 8 times rent multiple that we have communicated historically.

展望未來，我們打算使用資產負債表租賃負債來代替我們過去所傳達的更普遍的 8 倍租金倍數來談論我們的目標計算。

Using this approach, which aligns with the calculation more frequently used by credit investors and rating agencies, our leveraged target is below 3 times adjusted debt to adjusted [EBITDAR].

使用這種方法，與信貸投資者和評級機構更常用的計算方法一致，我們的槓桿目標是低於調整後債務與調整後資產負債表比率的 3 倍[息稅折舊攤提前利潤]。

While our leverage ratio remains above our goal, we are making good progress, reducing it closer to our target level, and we remain focused on improving our debt metrics in support of our commitment to middle BBB ratings by S&P and Moody's.

雖然我們的槓桿率仍然高於我們的目標，但我們正在取得良好進展，將其降低到更接近我們的目標水平，並且我們仍然專注於改善我們的債務指標，以支持我們對標準普爾和穆迪的中等 BBB 評級的承諾。

In summary, we're pleased with our Q1 result and our performance to begin the year. We continue to make progress against our goals, and while we have more work to do, we're happy to see our efforts translating into improved financial results.

總而言之，我們對第一季的業績和年初的表現感到滿意。我們繼續朝著我們的目標前進，雖然我們還有很多工作要做，但我們很高興看到我們的努力轉化為更好的財務表現。

We're excited about the future of this business and we're confident in the long-term approach, including our long-term financial framework. We believe this business model is strong and that we're well positioned to drive sustainable long-term growth on both the top and bottom lines while creating long-term shareholder value. With that, I'll turn the call back over to Todd.

我們對這項業務的未來感到興奮，我們對長期方針（包括我們的長期財務框架）充滿信心。我們相信這種商業模式是強大的，我們有能力在創造長期股東價值的同時推動營收和利潤的長期永續成長。說完這些，我就把電話轉回給托德。

Thank you, Kelly. I want to take the next few minutes to provide updates on three of our most important initiatives across the business as we look to accelerate our progress toward achieving our goals. I'll start with our real estate work as we continue to execute a significant number of projects aimed at driving market share growth in new communities as well as in our mature store base.

謝謝你，凱利。接下來的幾分鐘，我想介紹我們整個業務中三個最重要的舉措的最新情況，以加快我們實現目標的進程。我將從我們的房地產工作開始，我們將繼續執行大量項目，旨在推動新社區和成熟門市的市場份額成長。

As I mentioned earlier, we opened 156 new stores in Q1, primarily using our 8,500 square foot formats. Notably, the cost to build new stores has risen more than 40% since 2019, and these formats average approximately $500,000 to open, including both CapEx and inventory.

正如我之前提到的，我們在第一季開設了 156 家新店，主要採用 8,500 平方英尺的面積。值得注意的是，自 2019 年以來，新店建設成本上漲了 40% 以上，這些業態的平均開店成本約為 50 萬美元，包括資本支出和庫存。

Despite this increase, we continue to target healthy returns of approximately 17% on average for our portfolio. This team is working to further reduce cannibalization this year by focusing on new communities for Dollar General.

儘管有所成長，我們仍將投資組合的健康回報率定為平均約 17%。今年，該團隊將重點關注 Dollar General 的新社區，以進一步減少客戶流失。

In addition, we are increasing the number of operating weeks for new stores compared to prior years by pulling forward more projects even earlier in the year. As a result, we expect to open the vast majority of our new stores within the first three quarters of this year. We are also pleased with the progress of our remodel projects to begin the year.

此外，透過在今年稍早提前推出更多項目，我們比往年增加了新店的營業週數。因此，我們預計絕大多數新店將在今年前三個季度開業。我們對今年年初改造專案的進展也感到滿意。

As a reminder, in addition to our traditional remodel program, which we call Project Renovate, we have introduced a new incremental remodel program called Project Elevate. This initiative is aimed at bolstering performance in portions of our mature store base that are not yet old enough to be part of a full remodel pipeline.

提醒一下，除了我們稱為「Project Renovate」的傳統改造計畫之外，我們還推出了一個名為「Project Elevate」的全新漸進式改造計畫。這項措施旨在提高我們成熟門市群中那些尚未成熟到可以納入全面改造流程的部分門市的表現。

These projects include physical asset investments as well as merchandising optimization, product adjacency adjustments and category refreshes impacting approximately 80% of the total store. In addition, while the cost of a project renovate remodel is approximately half that of a new store, a project elevate remodel costs significantly less. Notably, we anticipate returns on both of these projects to well exceed the healthy returns generated by our new stores.

這些項目包括實體資產投資以及商品優化、產品相鄰調整和類別更新，影響到整個商店的約 80%。此外，雖然工程翻新改造的成本約為新店成本的一半，但工程提升改造的成本卻低得多。值得注意的是，我們預計這兩個項目的回報將遠遠超過我們的新店所產生的健康回報。

We completed 668 Project Elevate stores in Q1 and an additional 559 Project Renovate remodels during the quarter. As we focus on driving greater profitability in our mature store base, our goal is to drive first year annualized comp sales lifts in the range of 6% to 8% for Project Renovate stores and 3% to 5% for Project Elevate stores.

我們在第一季完成了 668 家 Project Elevate 門市，並在本季完成了另外 559 家 Project Renovate 改造。由於我們專注於提高成熟門市的獲利能力，我們的目標是推動「翻新計畫」​​門市第一年的年化銷售額成長 6% 至 8%，而「提升計畫」門市第一年的年化銷售額成長 3% 至 5%。

Between these two remodel approaches, we expect to touch approximately 20% of our store base annually and to significantly improve the shopping experience within our stores, while elevating the brand and driving greater top and bottom line contributions from our robust mature store base.

透過這兩種改造方法，我們預計每年將影響約 20% 的門市數量，並顯著改善門市內的購物體驗，同時提升品牌形象，並透過我們強大而成熟的門市數量帶來更大的營收和利潤貢獻。

The next area I want to discuss is our digital initiative, which is an important complement to our unique store footprint as we continue to deploy and leverage technology to further enhance convenience and access for our customers. Our digital capabilities include an engaging mobile app that is popular with our customers as well as our website, the growing delivery options, and DG Media Network.

我想討論的下一個領域是我們的數位化計劃，這是我們獨特的門市佈局的重要補充，我們將繼續部署和利用技術，進一步提高客戶的便利性和可訪問性。我們的數位功能包括深受客戶歡迎的引人入勝的行動應用程式以及我們的網站、不斷增長的交付選項和 DG 媒體網路。

Our delivery partnerships with DoorDash continues to exceed our initial expectations for both incrementality and sales. And our Q1 sales through this platform increased more than 50% year over year. We continue to seek ways to grow sales through this channel exclusive partnership including expanding the number of stores in the program to more than 16,000 and growing.

我們與 DoorDash 的配送合作關係持續超越我們對增量和銷售額的最初預期。我們透過該平台實現的第一季銷售額年增了50%以上。我們將繼續尋求透過該管道獨家合作夥伴關係來增加銷售額的方法，包括將計劃中的商店數量擴大到 16,000 多家並不斷增加。

In addition, we are now processing both Snap and EBT transactions for our delivery orders, which contributed nicely to our sales growth in Q1. Moreover, our partnership with DoorDash has extended to the launch of our own same-day home delivery offering through our DG digital solutions.

此外，我們現在正在處理送貨訂單的 Snap 和 EBT 交易，這對我們第一季的銷售成長做出了很大貢獻。此外，我們與 DoorDash 的合作已擴展到透過我們的 DG 數位解決方案推出我們自己的當日送貨上門服務。

We launched with approximately 400 stores late in 2024 and have now expanded the offering to more than 3,000 stores as we continue to leverage customers and associates' feedback. We believe our expansive real estate footprint uniquely positions us to offer a compelling home delivery option and ultimately become the fastest delivery alternative for customers and our communities, further expanding their access to value and convenience that saves them time and money every day.

我們於 2024 年底推出了約 400 家門市，現在我們已將服務範圍擴大到 3,000 多家門市，同時我們將繼續利用客戶和員工的回饋。我們相信，我們廣泛的房地產足跡使我們能夠提供引人注目的送貨上門選擇，並最終成為客戶和社區最快的送貨選擇，進一步擴大他們獲得價值和便利的途徑，從而每天節省他們的時間和金錢。

The linchpin of our digital initiative is our DG Media Network, which enables a more personalized experience for our unique customer base, while delivering a higher return on ad spend for our partners. We are excited about the potential for the DG Media Network, which grew retail media volume more than 25% in Q1 compared to Q1 of 2024.

我們的數位計畫的關鍵是我們的 DG 媒體網絡，它為我們獨特的客戶群提供更個人化的體驗，同時為我們的合作夥伴帶來更高的廣告支出回報。我們對 DG 媒體網路的潛力感到興奮，與 2024 年第一季相比，該網路第一季的零售媒體銷量成長了 25% 以上。

Over time, we believe we can leverage this offering to increase market share and drive profitable sales growth while further evolving our relationship with our customers and driving greater customer loyalty within the digital platform. The final initiative I want to discuss is our non-consumable growth strategy. As a reminder, we are focused on four pillars of growth to drive sales in non-consumable categories over the next three years.

隨著時間的推移，我們相信我們可以利用這項產品來增加市場份額並推動獲利銷售成長，同時進一步發展我們與客戶的關係並在數位平台內提高客戶忠誠度。我想要討論的最後一個舉措是我們的非消耗品成長策略。提醒一下，未來三年我們將專注於四大成長支柱，以推動非消費品類別的銷售。

These pillars include brand partnerships, a revamped treasure hunt experience, and a reallocation of space within our home category. We are already beginning to realize benefits from these efforts and have seen particularly strong sell-through in SKUs associated with our brand partnerships.

這些支柱包括品牌合作、改進的尋寶體驗以及家居類別中空間的重新分配。我們已經開始從這些努力中獲益，並且看到與我們的品牌合作相關的 SKU 的銷售尤其強勁。

During Q1, we were pleased to deliver positive quarterly same-store sales growth in each of our three non-consumable categories. This performance was led by our seasonal category and a strong Easter selling season.

在第一季度，我們很高興看到三個非消耗品類別的季度同店銷售額均實現了正成長。這項業績是由我們的季節性類別和強勁的復活節銷售季所推動的。

In addition, our pOpShelf stores delivered strong same-store sales growth during the quarter, exceeding our expectations and supporting our optimism in the new store layout, including a greater emphasis on categories such as toys, party, candy and beauty.

此外，我們的 pOpShelf 商店在本季度實現了強勁的同店銷售額增長，超出了我們的預期，並支持了我們對新店佈局的樂觀態度，包括更加重視玩具、派對、糖果和美容等類別。

We also continue to leverage learnings from this banner and apply them in non-consumable categories in our Dollar General stores to further strengthen that offering for our DG customers. We also believe our non-consumable sales performance, both in Dollar General and pOpshelf stores has benefited from the expanded trade in shopping we have seen from middle and higher income customers.

我們也將繼續利用從該品牌中汲取的經驗，並將其應用到 Dollar General 商店的非消費品類別中，以進一步加強對 DG 客戶的服務。我們也相信，Dollar General 和 pOpshelf 商店的非消耗品銷售業績受益於中等和高收入客戶的購物交易擴大。

Importantly, our customer feedback, sales performance, and market share gains give us confidence that our treasure hunt approach is resonating with customers and that we are well-positioned to serve them in these discretionary categories in stores across both banners. In closing, we are excited about the business and the strong results we delivered in Q1.

重要的是，我們的客戶回饋、銷售業績和市場份額的成長讓我們相信，我們的尋寶方法引起了客戶的共鳴，並且我們有能力在兩個品牌的商店中為這些可自由支配的類別的客戶提供服務。最後，我們對第一季的業務和強勁業績感到非常興奮。

This team is working hard and is laser-focused on continuing to improve execution and implement our initiatives while building on our strong foundation. We are proud of the progress we've made, and we believe we have ample opportunity to continue to enhance the way we serve our customers. And looking ahead, we believe this work continues to strengthen our position as we work to achieve our longer-term financial goals in the next few years.

這個團隊正在努力工作，並全心全意地致力於在我們堅實的基礎上繼續提高執行力並實施我們的計劃。我們為所取得的進步感到自豪，並相信我們有充足的機會繼續改善我們為客戶服務的方式。展望未來，我們相信，這項工作將繼續加強我們的地位，因為我們將努力在未來幾年實現我們的長期財務目標。

Our team is excited about the opportunity to serve, and I want to thank our more than 193,000 employees for their ongoing commitment to each other and our customers. I'm excited about our plans for the remainder of the year and all that we will accomplish together. With that, operator, we would now like to open the lines for questions.

我們的團隊對服務的機會感到非常興奮，我要感謝我們超過 193,000 名員工對彼此和客戶的持續承諾。我對我們今年剩餘時間的計劃以及我們將共同完成的所有事情感到興奮。接線員，現在我們可以開始回答問題了。

(Operator Instructions)

（操作員指示）

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Congrats on a really nice quarter. So I have two related questions just on the top line. So I want to get a sense of your team's confidence in being able to sustain the complementum. And then during the quarter, was there anything that was surprising on the top line that you saw? And then just related to that, the guide for the full year -- the comp full year implies a moderation at least at the midpoint in comparison to these.

恭喜您度過了一個非常愉快的季度。因此，我在第一行就有兩個相關問題。所以我想了解你們團隊對於維持互補的信心。那麼在本季度，您是否發現營收方面有什麼令人驚訝的事情？與此相關的是，全年指南——與這些相比，全年指南至少在中點意味著適度。

So I just wanted to get a sense of -- is that conservatism or just how you guys are thinking about the top line for the balance of the year?

所以我只是想了解一下——這是保守主義還是你們對今年餘額的營收的看法？

Thank you, Rupesh. I'll take the first part and then pass it over to Kelly for that second part of the question. What gives us a lot of confidence on what we've seen on the top line or a few things, but I want to highlight, though, the biggest opportunity that we saw coming into the year and obviously for the past 18 months, and that was our back-to-basics work.

謝謝你，魯佩什。我將回答第一部分，然後交給凱利回答問題的第二部分。是什麼讓我們對所看到的頂線或其他一些事情充滿信心，但我想強調的是，我們看到的今年以及過去 18 個月的最大機遇，那就是我們回歸基礎的工作。

And all the work that we have done over the last few months to set ourselves up for success has really benefited us. So if you think about at retail, our store standards are much, much better than they've been in quite a long time.

過去幾個月我們為取得成功所做的一切工作確實讓我們受益匪淺。因此，如果您考慮零售業，我們的商店標準比相當長一段時間以來要好得多。

And every single quarter that goes by, continues to get better and better. Our service at store as well. Customer service continues to grow as well. And I would tell you that our customers are seeing that. We're seeing that in the data that we get back on customer satisfaction scores are rising each and every quarter as well.

並且每季都會變得越來越好。我們店內也提供同樣的服務。客戶服務也持續成長。我想告訴你，我們的客戶也看到了這一點。我們從所獲得的數據中看到，客戶滿意度評分每季都在上升。

Turnover continues to reduce at store level. That's another initiative that we had that will add to the top line. Our turnover for the fifth straight quarter at retail has decreased. So again, we're very proud of that stat. And then obviously, shrink plays a part of this.

門市營業額持續減少。這是我們的另一項舉措，將會增加我們的營業額。我們的零售營業額連續第五個季度下降。所以，我們再次對這項數據感到非常自豪。顯然，收縮在其中扮演了一定角色。

I'm sure we can talk about that later, but shrink. Overall, you heard in our prepared remarks, feels like we're on the right track. And the reason why we believe it adds to the top line is if it's there for the customer to buy and not being taken, then it will add to that top line.

我相信我們稍後可以談論這個問題，但是要謹慎。總的來說，您聽到了我們準備好的發言，感覺我們走在正確的軌道上。我們之所以相信它會增加營業額，是因為如果它是供顧客購買而不是被拿走的，那麼它就會增加營業額。

Very quickly on our supply chain, I feel really good about our on-time pieces, not only are we hitting our goal, but we have sustained hitting that goal now for more than two quarters in a row, which is a trend. So we feel good about that.

在我們的供應鏈上，我對我們的準時交貨感到非常滿意，我們不僅達到了我們的目標，而且我們已經連續兩個多季度持續達到這個目標，這是一種趨勢。因此我們對此感到很高興。

And then in full continues to get better and better. Our inventory at store level while down in total and same store, it's up in availability to the consumer and up in a pretty good way. So that just shows that our on time and in full is well on track.

然後整體來說會越來越好。我們商店的庫存總量和同一家商店的庫存雖然有所下降，但消費者的可用庫存卻增加了，而且增幅相當可觀。這顯示我們的準時、全額交付工作進展順利。

And then as you think about our merchandising pieces, and this is the heartbeat of what we do at Dollar General, SKU reduction has been a big win. And the reason being, while we have taken out 1,000 SKUs last year, and we're in the process of taking out more this year and as evidenced by the reduction in our inventory levels.

然後，當您想到我們的商品時，這就是我們在 Dollar General 所做工作的核心，SKU 的減少是一個巨大的勝利。原因是，雖然去年我們已經取出了 1,000 個 SKU，但今年我們正在取出更多，這從我們庫存水準的降低就可以看出。

What we have been able to do, though, is make more room for what matters on the shelf to stay in stock on those SKUs that turn fastest. And that adds to our top line and gives us confidence. And then lastly, those discretionary initiatives that I laid out in my prepared remarks, have done very, very well at retail. We were really happy to see our discretionary comp where it was. It's the first time we've seen that in a while, and it gives us a lot of confidence.

然而，我們能夠做到的是，為貨架上的重要商品騰出更多空間，以保持週轉最快的 SKU 庫存。這增加了我們的營業額並增強了我們的信心。最後，我在準備好的發言中提出的那些自由裁量措施在零售業中表現得非常非常好。我們真的很高興看到我們的可自由支配的薪酬處於目前的水平。這是我們這麼長時間以來第一次看到這種情況，它給了我們很大的信心。

So all these things give us confidence. And then lastly, trade-in continues to play a part of this. We saw it start in Q3 of last year. It accelerated in the four now into Q1. Nothing that we've seen so far in Q2 would say that has slowed down.

所有這些都給了我們信心。最後，以舊換新繼續發揮一定作用。我們看到它從去年第三季開始。進入第一季度，這一增長速度已加快。到目前為止，我們在第二季度沒有看到任何放緩跡象。

So we believe the trade-in is here, and we are primed to take advantage of that and retain that customer long term. So a lot of good things happening here at Dollar General. It gives us that confidence. But as you know, retail is dynamic. So we'll continue to work hard and drive that top line.

因此，我們相信以舊換新已經到來，我們已準備好利用這一點並長期留住客戶。Dollar General 發生了很多好事。它給了我們信心。但如你所知，零售業是動態的。因此，我們將繼續努力，推動營收成長。

Yeah. And Rupesh, in regards to your question just around the top-line guidance, what might be helpful is for me to just go ahead and kind of walk through the P&L and just let you know how we're thinking about the guide. As you heard Todd say lots of things to like about the Q1 performance.

是的。魯佩什，關於你關於頂線指引的問題，我最好先介紹一下損益表，並讓你了解我們對指引的看法。正如您所聽到的，托德 (Todd) 對 Q1 的表現有很多讚賞之處。

So I would say that the top line guide really does consider the Q1 outperformance, but it also considers just the heightened uncertainty as we move through the year. And so it allows for some incremental pressure on that consumer spending on the top line.

因此，我想說，頂線指南確實考慮了第一季的優異表現，但它也考慮了我們全年面臨的加劇的不確定性。因此，它可以對消費者的營業收入支出產生一些增量壓力。

As we think about gross margin, we are just really pleased with where shrink came in. We continue to believe that shrink is going to provide a tailwind throughout 2025, and so we feel really good about that for all of the reasons that we just talked about.

當我們考慮毛利率時，我們對收縮的情況感到非常滿意。我們仍然相信，收縮將在 2025 年帶來順風，因此，出於我們剛才談到的所有原因，我們對此感到非常高興。

But as we think about tariffs, there's certainly a lot of potential outcomes. Now we've got plans in place to mitigate certain tariff ranges. And I would tell you that would include both lower tariffs that we are seeing in the current rates, but also up to the reversion of tariffs on China going back to those that were previously announced on that April 2 date.

但當我們考慮關稅時，肯定會有很多潛在的結果。現在我們已經制定了減輕某些關稅範圍的計劃。我想告訴你，這不僅包括我們現在看到的較低關稅，還包括將對中國的關稅恢復到 4 月 2 日宣布的水平。

With that higher degree, I would say, of variability and potential outcomes and especially in regard to the various components that make up margin and the timing of those components. It's why we feel good about giving a full year guide, even though there could be some variability within the quarters.

我想說，隨著變化程度和潛在結果的增加，特別是關於構成保證金的各種組成部分以及這些組成部分的時間安排，變化程度會更高。這就是為什麼我們樂意提供全年指南，儘管各個季度內可能會存在一些差異。

And so it does give us a chance to take whatever situation or reality ends up hitting as we move through the year, and it allows us to enact those plans over the years, so that we can land that full year guide. I would tell you on the SG&A side, I think it's just important to call out a couple of things really more around timing than anything else. Most of these you heard on the last call, that first half is getting a little bit pressured by the number of projects that we're doing.

因此，它確實讓我們有機會應對一年中遇到的任何情況或現實，並讓我們能夠在多年中製定這些計劃，以便我們能夠獲得全年指南。我想告訴你，在銷售、一般和行政費用方面，我認為指出一些與時間有關的事情比其他任何事情都更重要。您在上次電話會議上聽到的大部分內容是，由於我們正在進行的項目數量較多，上半年我們面臨一些壓力。

So the initial expenses related to the Project Elevate and Project Renovate. As you heard us talk about on the last call, we really expect to execute more of those real estate projects in the first half of this year than we did last year. And we're trying to complete a vast majority of those real estate projects by the end of Q3.

因此，初始費用與「提升工程」和「翻新工程」有關。正如您在上次電話會議上聽到我們談論的那樣，我們確實希望今年上半年執行的房地產項目比去年更多。我們正努力在第三季末完成絕大多數房地產項目。

This really helps us maximize the number of operating weeks and it benefits not only 2025, but it starts that flywheel turning that is going to continue to benefit us as we move into 2026. If we think about second quarter in particular, I just want to remind you that we did call out that headwind on incentive compensation of $180 million to $200 million for the full year.

這確實有助於我們最大限度地延長營運週數，它不僅有利於 2025 年，而且還啟動了飛輪轉動，這將在我們進入 2026 年時繼續使我們受益。如果我們特別考慮第二季度，我只想提醒你，我們確實指出全年激勵薪酬將面臨 1.8 億至 2 億美元的阻力。

But Q2 is going to be the most impacted by that incentive comp headwind. And so what you'll see there is really the incremental incentive expense for the second quarter versus last year is expected to be almost double what it is for the rest of the quarters.

但第二季將受到激勵補償逆風的最大影響。因此，您會看到，與去年相比，第二季的增量激勵費用預計幾乎是其他季度的兩倍。

And that's really because we're comparing against the 2024 accrual reversal that occurred in the second quarter. And with that, we expect EPS to decline on a year-over-year basis for the second quarter. And then finally, on SG&A, just as we think about the full year, we are considering that we will be pressured by this incentive comp for all of the quarters, as I said, particularly in Q2.

這實際上是因為我們正在與第二季度發生的 2024 年應計逆轉進行比較。因此，我們預計第二季每股收益將年減。最後，關於銷售、一般和行政費用，當我們考慮全年時，我們正在考慮我們將在所有季度受到這種激勵補償的壓力，正如我所說的那樣，特別是在第二季度。

We still continue to wage rate increases of 3.5% to 4%. And I will tell you, Q1 landed right in that range. still expecting headwinds around R&M utilities and depreciation. But as you heard us put together the financial framework. Last quarter, we have a lot of things in place to start to mitigate some of that deleverage around simplification so that we can drive efficiencies.

我們仍繼續將工資率提高3.5%至4%。我會告訴你，第一季正好處於這個範圍內。仍然預計 R&M 公用事業和折舊方面將面臨阻力。但正如您所聽到的，我們制定了財務框架。上個季度，我們已採取多項措施開始緩解簡化過程中產生的部分去槓桿現象，從而提高效率。

The initiatives we have in place, particularly the remodels and how that can help some of the R&M expenses and drive towards those long-term goals that we laid out. The increased sales guidance and the increase in the bottom end of our range, really, as Todd noted, reflect the underlying health of the business and just all of the foundational work that's been done, and it was great to see it show up in the Q1 results.

我們已經實施的舉措，特別是改造，以及這些舉措如何有助於節省部分研發和維護費用並推動我們實現制定的長期目標。正如托德所指出的，銷售預期的提高和產品範圍底端的增加確實反映了業務的基本健康狀況以及已經完成的所有基礎工作，很高興看到它在第一季的業績中得到體現。

But it is really early in the year, and there is a lot of potential outcomes from a macro perspective. So we just believe that this update is a prudent approach to setting expectations for the remainder of the year.

但現在還只是年初，從宏觀角度來看還有很多潛在的結果。因此，我們相信，此次更新是為今年剩餘時間設定預期的審慎方法。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯（Matthew Boss）。

So Todd, maybe on the components of your comp, how do you see traffic progressing through the year? And any change in comps in May that you've seen relative to the 2.4% comp in the first quarter? Or just any change in consumer behavior that you're seeing in this backdrop? And then, Kelly, just within the gross margin, can you speak to higher markdowns that you saw in the first quarter? Just any change in the competitive landscape that you're seeing?

那麼 Todd，也許就貴公司的組成部分而言，您認為今年的流量發展如何？與第一季 2.4% 的年增幅相比，您認為 5 月的年增幅有何變化？或者您在這種背景下看到消費者行為有什麼變化嗎？然後，凱利，僅在毛利率方面，您能否談談第一季看到的更高降價幅度？您看到競爭格局有什麼改變嗎？

Or how best to think about markdowns in the second quarter and in the back half of the year relative to pressure in the first quarter?

或者，相對於第一季的壓力，如何最好地考慮第二季和下半年的降價？

I'll start out, Matt, and thank you for the question. Yes, on the top line, a 2.4% comp in Q1 was a real testament to all the work that this team has done over the many quarters. But I would tell you that what we saw coming into May give you a little bit of color. We're really happy with where we ended up May, so period one to two as well as our traffic turned positive in period one. Now I just want to say, we got a lot of quarter left.

首先，馬特，謝謝你的提問。是的，從營收來看，第一季 2.4% 的同比成長真正證明了這個團隊在過去多個季度中所做的所有工作。但我想告訴你，我們在五月看到的情況會為你帶來一些色彩。我們對五月的業績感到非常滿意，因此第一至第二階段以及第一階段的客流量都轉為正值。現在我只想說，我們還剩下很多時間。

But it's good to see that that's happened. And just as a reminder, I know our prepared remarks had it. But Q1 was our toughest lap both on the top line and the traffic. Traffic was a 4.3 positive last year. and just below flat this year at 0.3 negative.

但很高興看到這樣的事情發生了。提醒一下，我知道我們準備好的演講稿已經提到了這一點。但 Q1 是我們最艱難的一圈，無論是在頂線還是交通方面。去年的交通量為正 4.3，而今年則為負 0.3，略低於去年的水平。

So I would anticipate with all the work that we've done and depending on where the consumer falls, that we'll continue to see comp momentum and hopefully, traffic momentum as we move through the quarter and into the back half of the year.

因此，我預計，透過我們所做的所有工作，並根據消費者的消費情況，隨著我們進入本季度並進入下半年，我們將繼續看到競爭勢頭，並希望看到流量勢頭。

All the work again that we've done would line up with that thesis, not only from all the work that I laid out in Rupesh's question, but also when you think about the trade-in, we have seen trade income in at a pretty good clip during Q1 and nothing that -- nothing shows us so far in Q2 that has slowed down.

我們所做的所有工作都與這一論點相符，不僅從我在 Rupesh 的問題中列出的所有工作來看，而且當你考慮以舊換新時，我們看到第一季度的貿易收入增長相當不錯，而且到目前為止，沒有任何跡象表明第二季度的貿易收入有所放緩。

And depending on where the macro environment goes, it should be very conducive to further trade in possibly as we move forward. And then lastly, what we're working on right now, as you would imagine, from Dollar General is what does that future look like? And that is how do we retain this trade and consumer that we've been blessed with, if you will, over the last couple of quarters and how do we continue to keep them.

並且，根據宏觀環境的走向，這應該非常有利於我們進一步進行貿易。最後，正如您所想像的，我們現在正在從 Dollar General 著手研究的是，未來會是什麼樣子？這就是我們如何保留過去幾季以來我們所擁有的貿易和消費者，以及我們如何繼續保持它們。

So that's being worked on as we speak. We've got a nice playbook for that. but we want to make sure we continue to work that. And then lastly, I want to also talk about Project Elevate and Renovate because they are two good drivers for that comp in that mature store base. And so as Kelly talked about, we see those two adding to our top line as we move through this year.

我們正在討論此事。對此，我們有一個不錯的計劃。但我們希望確保我們能夠繼續努力。最後，我還想談談 Project Elevate 和 Renovate，因為它們是成熟門市基礎上該公司業務的兩個良好驅動力。正如凱利所說的那樣，隨著今年的推進，我們看到這兩家公司為我們的收入做出了貢獻。

And the great thing is accelerating them as far as getting done. So that most of that work is pretty well complete by the end of Q3 so that we can take advantage of that longer term. And then the last thing I think that we want to make sure we concentrate on is our ever-growing both our DoorDash partnership and our delivery partnership with now over 3,000 stores as of now up and running on delivery. We feel good about that. That's jumping up from just [a couple hundred] at the end of Q4 of last year.

最棒的事情是加速它們完成。因此，大部分工作在第三季末已經基本完成，以便我們能夠利用更長遠的時間。最後，我認為我們要確保集中精力的是不斷發展的 DoorDash 合作夥伴關係和配送合作夥伴關係，目前已有超過 3,000 家商店開始提供配送服務。我們對此感到很高興。這一數字較去年第四季末的 [幾百] 大幅上升。

So stay tuned. I think there's a lot to like, but there's a lot of year left, and we're squarely focused on delivering that.

敬請關注。我認為有很多值得喜歡的地方，但還有很多時間，我們專注於實現這一點。

Yes. And just to your markdown question, I would say it's really in line with our anticipation. So the increase on a year-over-year basis is really due to promotional activity. Now some of that's going to be related to the store closures that took effect in the first quarter, so a little bit outsized from what we would expect to see for the rest of the year. I think the good news here is we did get most of those promos covered.

是的。就您提出的降價問題而言，我想說這確實符合我們的預期。因此，同比增長實際上是由於促銷活動。現在其中一些與第一季生效的商店關閉有關，因此與我們預期的今年剩餘時間的關閉情況相比，規模略有擴大。我認為好消息是我們確實涵蓋了大部分促銷活動。

And so what you're seeing ultimately show up in the increase on the gross margin rate has a lot to do with the 61 basis points of shrink improvement that we saw. So from a promotional standpoint, we're expecting kind of normalized rates to last year. If for some reason, something changes and the outlook, obviously, we'll change with it, and we'll do what's right for the customer.

因此，您最終看到的毛利率上升與我們看到 61 個基點的收縮改善有很大關係。因此，從促銷的角度來看，我們預計利率將與去年持平。如果由於某種原因，情況發生了變化，前景也發生了變化，顯然，我們也會隨之改變，並採取對客戶有利的措施。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

To what extent is Dollar General either willing or needing to make further investments in price in wage rates in order to sustain the comp momentum and I'm sure that it's not just a short-lived gain? And how do you factor that into the guidance? And how do the returns on these investments compared to the returns that you're now seeing on new stores, we do appear to be declining from what was 20% to now around 17%.

為了維持競爭勢頭，Dollar General 在多大程度上願意或需要在價格和工資率方面進行進一步投資？我確信這不僅僅是短暫的收益？您如何將其納入指導之中？這些投資的回報與您現在看到的新店回報相比如何？我們確實看到從 20% 下降到現在的 17% 左右。

Yes, Michael, thank you for the question. I would tell you that, first of all, we're happy with the investments we've made over the last couple of years on both hours in our store and wage rates in our stores. At this point, again, we feel comfortable. We don't see a need to go outside of where we are today. And a lot of that is evidenced by a few things.

是的，邁克爾，謝謝你的提問。我想告訴你，首先，我們對過去幾年我們在商店工作時間和工資率方面的投資感到滿意。此時，我們再次感到舒適。我們認為沒有必要超越現在的現狀。而這在很大程度上可以透過一些事情來證明。

One, what our employees are telling us through turnover and through our -- the pieces that we put in front of them that allows feedback to come back up to us. So we feel good about that, but also what the customer is seeing. And the customer is seeing a lot of good things at store level. And as we all know, a happy employee then translates into better store conditions and sustained store conditions. So I feel good about those investments.

第一，我們的員工透過離職情況和我們向他們提供的資訊告訴我們什麼，以便我們得到回饋。所以我們對此感到滿意，同時也為顧客所見感到高興。顧客在商店層級看到了很多好東西。眾所周知，員工的快樂意味著更好的店鋪條件和持續的店鋪條件。所以我對這些投資感到滿意。

What we've done now, Michael, is quite frankly, pivoted from those labor investments to now investing back into the mature store base with Project Elevate, Renovate, a lot of what we're doing to ensure that the physical plant is taken care of. as well as getting the freshest merchandising thoughts and execution inside of our stores.

邁克爾，坦白說，我們現在所做的就是從那些勞動力投資轉向現在透過 Project Elevate、Renovate 等項目重新投資於成熟的商店基礎，我們所做的很多事情都是為了確保實體工廠得到妥善照顧，以及在我們的商店內獲得最新的商品推銷想法和執行。

So that's where that has now moved, which I think is very prudent and appropriate. As it relates to price, we feel very comfortable. In my prepared remarks, we're right where we believe we should be on an everyday price basis.

這就是現在的進展，我認為這是非常謹慎和適當的。就價格而言，我們感覺非常舒服。在我準備好的發言中，我們認為我們目前的水平正是日常價格水準。

I've been here quite a while, as you know, almost 17 years now. And I tell you I feel as good about my everyday price, as I always have. And we continue to watch that each and every week that goes by not just quarter.

我在這裡已經很久了，如你所知，到現在已經快 17 年了。而且我告訴你，我對每天的價格感覺很好，就像我一直以來感覺的那樣。我們會持續關注每一周的情況，而不僅僅是每季的情況。

So we're very, very diligent to ensure that. Keep in mind, too, Michael, that we're probably one of the only retailers that can say this at this point, and that is we continue to invest in that $1 price point, and I would call it more and more, it's elusive out there, if you will, as far as trying to have that $1 price point.

因此，我們非常非常努力地確保這一點。邁克爾，也請記住，我們可能是目前唯一可以這麼說的零售商之一，那就是我們將繼續投資於 1 美元的價格點，如果你願意的話，我會越來越稱之為，就試圖達到 1 美元的價格點而言，它是難以捉摸的。

But we have over 2,000 items at or below price inside of our store, which when you look at it, equates when you only have about 12,000 items it equates to a nice percentage of your total inventory. So we continue to foster that, which we believe is the right thing on price for our consumer, especially as she gets closer to the end of the month when that money runs out.

但是我們的商店裡有超過 2,000 件價格相同或低於價格的商品，當您查看它時，相當於當您只有大約 12,000 件商品時，它佔總庫存的很大一部分。因此，我們將繼續促進這一點，我們相信這對我們的消費者來說是正確的價格，特別是當她接近月底時，錢會用完。

So we continue to watch that. And I believe the environment overall on a promotional basis is about where it was in Q4. So we don't see that accelerating at this point, but we'll continue to watch as we move forward, depending on what tariffs do and where that consumer is. And we've always said, we reserve the right to be there for her if need be. But as Kelly indicated, we'll let you know if something changes.

因此我們將繼續關注此事。我認為整體促銷環境與第四季的情況大致相同。因此，我們目前認為這一趨勢不會加速，但我們會繼續關注未來的發展，這取決於關稅的影響和消費者的所在地。我們一直說，如果需要的話，我們保留在她身邊的權利。但正如凱利所說，如果有任何變化，我們會通知您。

Yeah. And just around the new store piece. So we still feel really good about the IRRs on our new stores. Real estate investments are absolutely the best use of our capital. But as Todd talked about just kind of shifting those investment dollars, we're really excited about doing that with Project Elevate and Project Renovate.

是的。就在新店周圍。因此，我們對新店的 IRR 仍然感到非常滿意。房地產投資絕對是我們資本的最佳利用方式。但正如托德所說的那樣，只是轉移那些投資資金，我們真的很高興透過「提升項目」和「翻新項目」來實現這一點。

And the long-term financial framework that we laid out last quarter assumes that we get more sales contributions from those mature stores, which we think will be benefited by these programs. And frankly, it's just a great way to leverage our current infrastructure.

我們在上個季度製定的長期財務框架假設我們從那些成熟的商店獲得更多的銷售貢獻，我們認為這些計劃將使這些商店受益。坦白說，這只是利用我們現有基礎設施的好方法。

And so we're excited about the increase in these projects. including all of the expanded investment in our mature stores, as we talked about and just think this is a great allocation of capital, and it moves us towards just achieving those mid- and longer-term goals that we laid out.

因此，我們對這些項目的增加感到非常興奮，包括對我們成熟商店的所有擴大投資，正如我們所討論的，我認為這是一種很好的資本配置，它使我們朝著實現我們制定的中期和長期目標邁進。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Todd, as you think about margins re-expanding because your margins are depressed and I think you said 6 to 7 by 2028. How important is getting to the 3% comps in order to get there? It feels like your back to basics is working and putting less pressure or opening less new stores could be helping not hurting. And then separate unrelated, can you just tell us, Kelly, the shrink benefits that you got this quarter? Does that run rate can that get better from here?

托德，你認為利潤率會重新擴大，因為你的利潤率被壓低了，我認為你說到 2028 年利潤率會達到 6 到 7。為了達到這個目標，達到 3% 的可比性有多重要？感覺你回歸基本面的策略正在奏效，減少壓力或少開一些新店可能會有所幫助而不是造成傷害。然後是無關的單獨內容，凱利，您能告訴我們您本季獲得的縮減福利嗎？運行率今後會變得更好嗎？

Or does that hold? Is that run rate, we hold that for the rest of the year and you get benefits year-over-year, but you don't step up from the rate that you've gotten to accrue in quarter one.

或者這成立嗎？這是運行率嗎？我們會在一年剩餘時間內保持這個速度，並且您會逐年獲得收益，但不會比第一季累積的速度有所提高。

Yeah. Simeon, thanks for the question. And yes, we believe that a healthy traffic and top line is imperative. 3% might be a little strong level. We believe that a sustained comp over 2% gets you to where you want to be.

是的。西緬，謝謝你的提問。是的，我們相信健康的流量和收入至關重要。 3％可能是一個有點強勁的水平。我們相信持續超過 2% 的薪資成長將幫助您實現目標。

But we always strive for more, and that's why that 2% to 3%, we felt very good about talking about in that long-term framework that we put out there. But I would say that overall, we can and should be able to deliver longer term on those pieces. Now there's a lot in front of us over the next few years. But I would tell you, this team is squarely focused. You could see the momentum building as we left Q4 of last year.

但我們始終追求更多，因此，我們非常樂意在我們提出的長期框架中談論那 2% 到 3%。但我想說，總的來說，我們能夠而且應該能夠長期實現這些目標。未來幾年我們面臨很多事情。但我要告訴你，這支球隊非常專注。從去年第四季開始，我們就能看到這種勢頭正在增強。

You can see it now in these results in Q1. And I would tell you that there's nothing in front of us that would say that momentum slows down. If anything, it starts to pick up steam as we get Project Elevate and Renovate in that flywheel that Kelly talked about as well as our non-consumable initiatives. That is a key because I think not only the 2% to 3% comp but also the composition of that comp is important. and us moving the needle on our non-consumable or discretionary areas is vital.

現在您可以在第一季的結果中看到這一點。我想告訴你們，我們面前沒有任何跡象顯示這種勢頭會減緩。如果有的話，當我們在飛輪中引入凱利談到的「提升計畫」和「改造計畫」以及我們的非消耗性計畫時，它就開始加速發展。這是關鍵，因為我認為不僅 2% 到 3% 的比較很重要，而且比較的組成也很重要。我們在非消耗品或可自由支配的領域取得進展至關重要。

And I would tell you, the team has done a really good job there, and we feel good about where that's at. And then lastly, at least for this foreseeable future, that trade in helps that as well because that trading customer comes with a little bit more disposable income. So she's seeing the value as she starts to come into -- for the first time or on a lab space is back into our stores.

我想告訴你們，團隊在那裡做得非常好，我們對此感到很滿意。最後，至少在可預見的未來，以舊換新也會有所幫助，因為以舊換新客戶會有更多的可支配收入。因此，當她開始進入——第一次或在實驗室空間回到我們的商店時，她看到了價值。

Yeah. And on your shrink question, we were just really pleased with the progress, and it exceeded our expectations this quarter at a benefit of 61 basis points. We do expect that to continue as we move through the quarters for the remainder of the year, so excited about that. I think there's some other things we're excited about as well.

是的。關於您提出的縮水問題，我們對進展感到非常滿意，本季的收益超出了我們的預期，達到了 61 個基點。我們確實預計這種情況將在今年剩餘時間的各個季度中繼續下去，對此我們感到非常興奮。我認為還有一些其他的事情也讓我們感到興奮。

One thing that we did see is that the stores that didn't have self-checkout are also seeing similar levels of improvement as the stores that did have the self-checkout removal. And that's just really a testament to the operational excellence that's occurring in the stores and that higher control environment is starting to take hold in those stores.

我們確實看到的一件事是，那些沒有自助結帳的商店也看到了與已經取消自助結帳的商店類似的改善程度。這確實證明了商店的卓越運作以及更高控制環境開始在這些商店中紮根。

And then as you know, we have lots of other actions that we're seeing, so around inventory reduction in the SKU rationalization. As Todd noted, the improved retail turnover always helps the shrink incentive programs that we have in place. just the utilization of the higher shrink planograms.

然後，正如您所知，我們看到了許多其他行動，圍繞 SKU 合理化中的庫存減少。正如托德所指出的，零售營業額的提高總是有助於我們實施的收縮激勵計劃。只是利用更高的收縮規劃圖。

And then again, kind of just looking at that end-to-end process, mitigate any shrinks at any point of exposure in that end-to-end process. So all of those are going to continue to take flight. And as you know, it does take a full year to see those benefits show up in the P&L. And so shrink improvement should be the gift that just keeps on giving here and dollar general, we're not going to stop working on shrink. We're going to continue to work on shrink as we go forward.

然後再次，只需查看端到端流程，即可減輕端到端流程中任何暴露點的任何收縮。因此，所有這些都將繼續飛速發展。如您所知，需要整整一年的時間才能看到這些收益體現在損益表中。因此，收縮改善應該是這裡和美元通用不斷給予的禮物，我們不會停止收縮工作。我們將繼續致力於縮小規模。

But right now, we like the progress that we're making, and we are well on our way to improvements that will allow us to hit that mid and longer-term target.

但目前，我們對所取得的進展感到滿意，並且我們正在順利地進行改進，以使我們能夠實現中期和長期目標。

John Heinbockel, Guggenheim Partners.

古根漢合夥公司的約翰·海因博克爾。

Todd, just two related things. Number one, the trade-in, most of that has been organic, I think, to date, right, people finding you, is there a thought in tweaking marketing and customer acquisition, right, to do that less organically number one. And then number two, what's your current thought on pack size architecture in consumables, meaning small pack sizes in this environment is an advantage do you want to shift more or less to smaller pack sizes?

托德，只有兩件相關的事情。第一，我認為到目前為止，以舊換新大部分都是自然發生的，對吧，人們找到你了，有沒有想過調整營銷和客戶獲取方式，對吧，以不那麼自然的方式做到這一點，第一。第二，您目前對消耗品的包裝尺寸結構有何看法，這意味著在這種環境下小包裝尺寸是一種優勢，您是否想更多地或更少地轉向更小的包裝尺寸？

Thanks, John, for the question. I would tell you, I think overall, your assessment is correct on the trade-in. But I would tell you what we've really seen really in Q4 and Q1 in particular and everything that we've seen so far in Q2 also points to our DoorDash and our beginning of our delivery initiative as incremental customers.

謝謝約翰提出這個問題。我想告訴你，我認為總體而言，你對以舊換新的評估是正確的。但我想告訴你，我們在第四季度和第一季真正看到的情況，以及我們在第二季迄今為止看到的一切也都表明我們的 DoorDash 和我們的送貨計劃開始成為增量客戶。

The incrementality on DoorDash has always been over-the-top phenomenal, but we're starting to also measure and see the incrementality on our white label or our delivery piece through DoorDash. And with that, I believe those are both attracting a new and diverse customer base than what we normally have.

DoorDash 的增量一直是驚人的，但我們也開始衡量並觀察透過 DoorDash 實現的白標或配送件的增量。因此，我相信這些都將吸引比我們通常擁有的新的和多樣化的客戶群。

And then as we continue to grow that, our media network points directly to what you're talking about. We're able to reach customers outside of our core with our media network as well. And that's been growing at a very nice clip. You heard in our prepared remarks, 25% increase year over year.

隨著我們繼續發展，我們的媒體網路直接指向您所談論的內容。我們也能夠透過媒體網路接觸核心客戶以外的客戶。而這一數字一直以非常快的速度成長。您在我們的準備好的發言中聽到了，年增 25%。

We believe that's going to continue to grow and should leverage a lot of those customers and reach those customers that we traditionally do not reach. And then as it relates to pack size, we've never given up on that smaller pack size matter of fact, even in the face of a lot of opposition through CPG and maybe other folks that talk about a smaller pack size I would tell you, it's exactly what the customer needs.

我們相信這個數字將會持續成長，並且能夠利用大量的客戶，接觸到那些我們傳統上無法接觸到的客戶。然後，就包裝尺寸而言，我們從未放棄過更小的包裝尺寸，事實上，即使面臨 CPG 和其他談論更小包裝尺寸的人的強烈反對，我也會告訴你，這正是客戶所需要的。

I would argue, needs all the time, but especially where we are right now in her economic cycle. She definitely wants to be able to afford those luxuries and/or just name brand products as evidenced by what she shops. But she needs it at a price point that she can afford.

我認為，需求始終存在，尤其是在我們目前所處的經濟週期中。從她購買的商品就可以看出，她肯定希望能夠負擔得起那些奢侈品和/或名牌產品。但她需要的是她能負擔的價格。

And at times, that means the ounces could be a little bit smaller than what you would find in traditional grocery or mass or even drug for that matter. But it really hits home for her because she can balance that with her monthly budget. And so more to come. We continue to work that. We work it hard.

有時，這意味著盎司可能比你在傳統雜貨店、大眾商店甚至藥品中找到的要小一點。但這確實讓她深受觸動，因為她可以用每月的預算來平衡這筆開支。未來還會有更多。我們將繼續努力。我們努力工作。

And I would tell you that our CPG partners over the years have come to realize that we were right all along when it related to what that customer wants at that pack size she needs. So we're probably the leader there and the architect of that, and we'll continue to lead there.

我想告訴你們，多年來我們的 CPG 合作夥伴已經意識到，當涉及到客戶對特定包裝尺寸的需求時，我們一直都是正確的。因此，我們可能是該領域的領導者和設計者，我們將繼續發揮領導作用。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

I wanted to focus on damages. That's been one of the lingering issues here for some time. It seems like it could be at an inflection now. Can you talk a little bit more about what's changing how you're running the business differently now? And remind us of what that opportunity actually is. I assume that's both the sales and margin opportunity, but just any more thoughts there.

我想重點關注損害賠償。這是一段時間以來一直存在的問題之一。現在看來，情況可能正處於轉折點。您能否再多談談現在您經營業務的方式發生了哪些變化？並提醒我們這個機會實際上是什麼。我認為這是銷售和利潤機會，但只是還有更多想法。

Yeah. I can start that and then give it to Kelly to add any further color. Yeah, I would tell you that as we continue to work all the levers around shrink and inventory, we will see continued success, we believe, in both shrink and damages. And let me explain real quickly, been around retail for 40 years almost here.

是的。我可以開始這樣做，然後將其交給凱利以添加其他顏色。是的，我想告訴你，隨著我們繼續努力利用所有圍繞損耗和庫存的槓桿，我們相信，我們將在損耗和損失方面繼續取得成功。讓我快速解釋一下，零售業已經存在了近 40 年。

And I would tell you that as goes inventory levels normally as go shrink. And as you've seen, our inventory levels continue to come down. And what I mean by that is that we are able to control inventory levels and get what the customer wants in these at the shelf when she needs it. And with that, inventory levels come down and then traditionally shrink will also follow that, but also damages. Now we don't just rely on that.

我想告訴你，庫存水準通常會隨著減少而下降。如您所見，我們的庫存水準持續下降。我的意思是，我們能夠控制庫存水平，並在顧客需要時將他們想要的商品放在貨架上。隨之而來的是庫存水準下降，傳統上庫存也會減少，但也會出現損失。現在我們不僅僅依賴它。

You heard from Kelly, along our back to basics work, and many of you heard me say this over the last 18 months or so. And that is we have gone back to really getting back to what we know how to do at store level and that is execute, execute, execute. We've got the game plan. We've had the game plan for years. We may have just moved off of it a little bit.

你們已經聽到了凱利在我們回歸基礎工作中所講的內容，你們中的許多人也在過去 18 個月左右的時間裡聽到我說過這些。也就是說，我們真正回到了我們在商店層級所知道的做法，那就是執行、執行、執行。我們已經有了比賽計畫。我們已經制定比賽計劃很多年了。我們可能只是稍微偏離了這一點。

And so what we've done now is really gone back and instituted what is tried and true around shrink control and damage control. Normally, shrink starts first and then damages follow. And that's why we believe that this is going to occur. Now again, we're not taking it at face value. There's a lot of work being done right now.

因此，我們現在所做的實際上是回過頭來製定在收縮控制和損害控制方面行之有效的措施。通常，首先出現收縮，然後出現損壞。這就是我們相信這將會發生的原因。現在我們再一次強調，我們不會只從表面去理解它。目前有很多工作正在進行。

I won't go into all the detailed around controlling damages even further as we move through Q2 and into the back half of the year. And it's really about locking down more and more processes at store level to be able to ensure damages are well in hand, if you will, as we move through the back half of the year. So we feel good about the trajectory. We feel good about what's ahead but there's a lot of work. It's retail.

隨著我們進入第二季和下半年，我不會再詳細討論控制損害的具體問題。這實際上是為了在商店層級鎖定越來越多的流程，以便能夠確保在下半年能夠很好地控制損失。因此我們對這一發展軌跡感到滿意。我們對未來充滿信心，但還有很多工作要做。這是零售。

And as Kelly indicated, shrink is always ongoing work and how I look at damages, it's really just known shrink, and we just need to control it the same way.

正如凱利所指出的，收縮始終是一項持續的工作，而我如何看待損害，它實際上只是已知的收縮，我們只需要以同樣的方式控制它。

Yeah. And I will tell you for this quarter, what we were pleased to see is that damages were relatively in line with our expectations. And while not big enough to call out, I'll say it was a slight improvement at 3 basis points on a year-over-year basis, which is the first time that's occurred in a while.

是的。我要告訴大家，就本季而言，我們很高興地看到，損失與我們的預期基本一致。雖然幅度不大，不足以引起人們的關注，但我可以說，與去年同期相比，這略有改善，提高了 3 個基點，這是一段時間以來的第一次出現這種情況。

We are expecting for the full year that damages are flat to slightly favorable compared to 2024 as we make that progress. The size of the prize here is really what we laid out in our financial framework, which is 40 basis points of improvement as we think about the time of the midterm to longer term.

隨著我們取得進展，我們預計全年損失與 2024 年相比將持平或略有改善。這裡的獎勵規模其實就是我們在財務框架中列出的，從中期到長期來看，也就是 40 個基點的改善。

And some of those longer-term actions as we think ahead really are around continued improvement in inventory management, how we buy and how we allocate. We have done a lot of work and continue to do a lot of work on improvement and optimizing days of supply, which really helps to mitigate damages.

我們考慮的一些長期行動實際上是圍繞著庫存管理、採購方式和分配方式的持續改進。我們已經做了很多工作，並將繼續做大量工作來改進和優化供應天數，這確實有助於減輕損失。

The other piece is just the proactive investments that we're making in Project Elevate and Renovate. That helps mitigate not only the R&M side, but also as coolers go down, we have more damages. And so as we get stores optimized there, we should have fewer damages.

另一部分是我們對「提升」和「翻新」項目的積極投資。這不僅有助於減輕 R&M 方面的影響，而且隨著冷卻器的故障，我們將遭受更大的損失。因此，隨著我們對商店進行最佳化，損失就會減少。

And of course, we do have a team focused on damages as well. So we feel good about that path to improvement that we identified over that financial framework and think we'll achieve those 40 basis points in the mid- to longer term.

當然，我們也有一個專注於損害賠償的團隊。因此，我們對在該財務框架內確定的改進道路感到滿意，並認為我們將在中長期內實現這 40 個基點。

Scot Ciccarelli, Truist Securities.

斯科特·西卡雷利 (Scot Ciccarelli)，Truist 證券公司。

This is [Josh Young] on for Scot. So it sounds like quarter-to-date comps have been solid so far with traffic turning positive, but it does look like you've had some heightened clearance activity lately. So just curious how much of a benefit to sales do you think that's been?

我是 [Josh Young]，代替 Scot 發言。因此聽起來本季迄今的業績表現穩健，客流量也呈現正面態勢，但最近似乎清倉活動有所增加。所以我很好奇，您認為這對銷售有多大幫助？

Yeah, this is Todd. I'll answer that. No, we really haven't seen heightened clearance activity. We have some clearance around the stores that we closed. But to be honest, that really didn't add to the comp in any appreciable manner.

是的，這是托德。我會回答這個問題。不，我們確實沒有看到清理活動的加強。我們對已關閉的商店進行了一些清理。但說實話，這確實沒有為競爭對手帶來任何明顯的好處。

So I would tell you, we feel very good about the construct of that of that comp, and we feel good about it. So what we really feel good about is well balanced between consumables and non-consumables. And as we indicated, all the work that we're doing in merchandising around the non-consumable categories, as well as that trade-in starting to come in at a heightened level. We believe that, that balance should continue as we move forward. But again, a lot of quarter left for Q2 and a lot of back half of the year.

所以我想告訴你，我們對該公司的構造感到非常滿意，我們對此感到滿意。因此，我們真正感到高興的是消耗品和非消耗品之間的良好平衡。正如我們所指出的，我們在非消耗品類別的商品推銷方面所做的所有工作以及以舊換新都開始達到更高的水平。我們相信，隨著我們不斷前進，這種平衡將會繼續保持下去。但同樣，第二季還有很多時間，下半年也還有很多時間。

But everything lines up to show that we're well on our way there. And markdowns are well in check. But again, we know that this is a very tight environment for the consumer. So we'll be there for her when we need to be. But at this point, we see promotional activity, clearance activity at a very tame rate.

但一切跡象表明，我們正在順利實現這一目標。降價幅度也得到了很好的控制。但我們再次知道，對消費者來說，這是一個非常緊張的環境。所以當我們需要的時候，我們會在她身邊。但目前，我們看到促銷活動和清倉活動的速度非常緩慢。

Got it. That's helpful. If I could just squeeze in a quick follow-up. So you had positive comps across all categories this quarter. So just curious how you're thinking about the sustainability of that, particularly on the discretionary side as we move to '25 here.

知道了。這很有幫助。如果我能擠出時間快速跟進就好了。因此本季所有類別的業績均呈現正成長。所以我很好奇你如何看待這種做法的可持續性，特別是在我們進入 25 年後的可自由支配方面。

Again, all the work that we're doing around the back to basics work in merchandising, in particular, is really aimed at the balance of consumables and non-consumables. As you heard me talk about a few moments ago, not only the comp is important, but the composition of the comp is important, and we're squarely focused on that.

再次強調，我們所做的所有工作，特別是回歸商品銷售的基礎工作，實際上都是為了實現消耗品和非消耗品的平衡。正如您剛才聽到我所說的那樣，不僅公司很重要，而且公司的組成也很重要，我們非常關注這一點。

Through a lot of initiatives that are going on in merchandising in our discretionary areas, our partnerships that we talked about as well as even pop shelf as we looked in the quarter and we look as we move through Q2 and into the back half of the year, -- we see that continuing to do well.

透過我們在可自由支配領域的商品銷售中開展的大量舉措、我們談到的合作夥伴關係，甚至我們在本季度看到的流行貨架，以及我們在第二季度和下半年看到的——我們看到這些繼續表現良好。

So it shows that we're on the right track with the right merchandise at the right value. But I think that's the key here is in a tight economic environment that our consumers are facing.

這表明我們正走在正確的道路上，以正確的價格提供正確的商品。但我認為，關鍵在於我們的消費者正面臨緊張的經濟環境。

It's going to be that fine balance, and it always is between value and convenience. And that value translates both from and into consumables and non-consumables. So squarely focused on both, and we want to be able to move the needle squarely on both of those metrics as we move forward.

這將是微妙的平衡，並且始終處於價值和便利性之間。該價值既來自消耗品，也轉化為非消耗品。因此，我們完全專注於這兩者，並且希望在前進的過程中能夠完全改變這兩個指標。

Corey Tarlowe, Jefferies.

科里‧塔洛 (Corey Tarlowe)，傑富瑞 (Jefferies)。

Great. Todd, I wanted to ask about your thoughts around the competition and specific competitors calling out a willingness to lean into price potentially during times of uncertainty to drive market share gains and Dollar General's ability to respond to those actions and the willingness to get perhaps more competitive on price? And if so, which categories do you think that you could lean into a little bit more?

偉大的。托德，我想問一下您對競爭和特定競爭對手的看法，他們是否願意在不確定時期降低價格以推動市場份額的增長，以及 Dollar General 是否有能力應對這些行動，是否願意在價格上更具競爭力？如果是這樣，您認為您可以更傾向於哪些類別？

And then secondarily, you talked in your prepared remarks about a balance between new communities and cannibalization as you think about building new units. Is there anything that's different about these new communities that you're going through moving into in terms of the demographics or cost structures?

其次，您在準備好的演講中談到了在考慮建立新單位時如何在新社區和同類相食之間取得平衡。從人口統計或成本結構來看，您要遷入的這些新社區有什麼不同嗎？

Thanks for the question. I would tell you from a competitive standpoint, as I indicated, we see the competitive landscape at least right now on a price perspective, both everyday price and promotional activity to be about the same as it was coming out of Q4. heightened from years leading out of the pandemic. but definitely more in line with what we saw just prior to the pandemic. So when I look at it, it really isn't heightened from what normality looked like.

謝謝你的提問。我想從競爭的角度告訴你，正如我指出的，至少從目前的價格角度來看，我們看到的競爭格局，包括日常價格和促銷活動，都與第四季度的競爭格局大致相同，比疫情爆發前的幾年有所加劇，但肯定更符合我們在疫情爆發前看到的情況。因此，當我看著它時，它確實沒有比正常情況更加突出。

The pandemic sort of drove everything be abnormal in many instances. So I think we're living right now in a pretty normal environment. But we've got great competitors out there. We've been competing with mass drug and grocery for our full existence of 85-plus years now and going. And I would tell you that I would say in my 17 years here, we are as well-positioned today on an everyday price that I've seen.

在很多情況下，疫情導致一切變得不正常。所以我認為我們現在生活在一個非常正常的環境。但我們已經擁有強大的競爭對手。我們已經生存了 85 多年，並且還在繼續與大眾藥品和雜貨店競爭。我想告訴你們，我在這裡工作了 17 年，今天我們處於我所見過的日常價格的最佳位置。

And our promotional activity is well in line for where we thought it would be. But we always say, because we're usually the leader here is that the consumer needs us to heighten that activity, we will do so. But we just don't see a real need at this point to get -- to move a lot further into that promotional cadence. But as we continue to watch the landscape, we know tariffs could play a piece of this. We'll continue to watch it very carefully.

我們的促銷活動完全符合我們的預期。但我們總是說，因為我們通常是這裡的領導者，消費者需要我們加強這種活動，我們就會這樣做。但我們目前還不認為有進一步推進這項促銷節奏的真正必要性。但隨著我們繼續觀察形勢，我們知道關稅可能會在其中發揮一定作用。我們將繼續密切關注。

But to answer your second part of that first question, we believe we are well-positioned to be able to do that. And the reason being is that we're a very large company. We are in the top five with most CPG companies in the United States as far as their volume and their hit parade.

但要回答第一個問題的第二部分，我們相信我們有能力做到這一點。原因在於我們是一家非常大的公司。就銷量和熱度而言，我們與美國大多數 CPG 公司一起位列前五名。

And with that, they are very willing to work with us and our customers to ensure that they continue to move the units that they need to move. And that usually translates into better prices for the consumer if it needs to be.

因此，他們非常願意與我們和我們的客戶合作，以確保他們繼續運送他們需要運輸的貨物。如果需要的話，這通常意味著消費者可以享受更優惠的價格。

And normally, CPG levers that up pretty well, so more to come. We're in a great position to be able to do that as we go forward. And then lastly, on your second part of the question on new communities versus existing. I would tell you that when we talk about new communities, it really is still in our heartland, but where there's more white space than what we have normally looked at in the last couple of years.

通常情況下，CPG 能夠很好地利用這一點，因此未來還會有更多。我們處於非常有利的位置，能夠在未來實現這一目標。最後，關於您問題的第二部分，關於新社區與現有社區。我想告訴你，當我們談論新社區時，它實際上仍然在我們的中心地帶，但那裡的空白空間比我們過去幾年通常看到的要多。

We have a strategy in the last couple of years of intentionally cannibalizing ourselves to ensure we took advantage of great real estate out there. Well, when you think about that and think about how well penetrated we are in many of these areas, we took advantage of most of those opportunities over the last few years.

過去幾年，我們制定了一項策略，即有意蠶食自己的業務，以確保我們能夠利用那裡的優質房地產。好吧，當你考慮到這一點，並考慮到我們在許多領域的滲透程度時，我們在過去幾年中就利用了大部分機會。

And so this now has led to where we can go further from our stores in states that we operate in today in a very meaningful manner. And understand how to operate in, but yet not cannibalize the store as much.

因此，這現在可以讓我們以非常有意義的方式從我們目前經營的各州的商店走得更遠。並了解如何在商店內運營，但又不會對商店造成太大的蠶食。

So it's really distance from existing stores that we're working from versus new states or states that were less penetrated in since we're pretty much in every lower 48 at this point. It's really about a distance from our current locations and reducing that cannibalization. We think we're in a good position to do that and off to a good start in Q1.

因此，這實際上是我們與現有商店之間的距離，而不是與新州或滲透率較低的州之間的距離，因為目前我們幾乎涵蓋了所有下 48 個州。這實際上與距離我們目前位置的距離有關，並可減少這種蠶食。我們認為我們有能力做到這一點，並且在第一季取得了良好的開端。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. It also concludes today's presentation. We thank you for your participation, and this will conclude today's teleconference.

謝謝。女士們、先生們，我們的問答環節到此結束。這也結束了今天的演講。感謝您的參與，今天的電話會議到此結束。