達樂 (DG) 2025 Q2 法說會逐字稿

Good morning. My name is Rob, and I'll be your conference operator today. At this time, I would like to welcome everyone to the Dollar General second-quarter 2025 earnings call. Today is Thursday, August 28, 2025. (Operator Instructions)

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 年第二季財報電話會議。今天是 2025 年 8 月 28 日，星期四。（操作員指示）

This call is being recorded. (Operator Instructions)

此通話正在錄音。（操作員指示）

Now I'd like to turn the conference over to Mr. Kevin Walker, Vice President, Investor Relations. Kevin, you may begin your conference.

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 & Events.

謝謝大家，早安。今天與我一起通話的有我們的執行長 Todd Vasos 和我們的財務長凱利迪爾茨 (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 financial 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、長期財務框架、戰略、舉措、計劃、目標、優先事項、機會、對未來事項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. 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.

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上午在 2025 年 3 月 21 日提交的 2024 年 10-K 表格中「風險因素」下發布的收益報告中以及之後提交的任何定期報告中和本次電話會議上發表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. 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.

您不應過度依賴前瞻性陳述，這些陳述僅代表截至今日的觀點。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。

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 our call. I want to begin by thanking our team for their great work to fulfill our mission of serving others every day in our stores, distribution centers, private fleet and store support center. These efforts are resonating with our customers as well as driving strong operating and financial performance. To that end, we are pleased to deliver strong second quarter results, highlighted by earnings growth that significantly exceeded our internal expectations.

謝謝凱文，歡迎大家參加我們的電話會議。首先，我要感謝我們的團隊，感謝他們每天在我們的商店、配送中心、私人車隊和商店支援中心所做的出色工作，履行了我們為他人服務的使命。這些努力引起了客戶的共鳴，並推動了強勁的營運和財務表現。為此，我們很高興地宣布第二季業績強勁，其中獲利成長顯著超出了我們的內部預期。

For today's call, I'll begin by recapping some of the highlights of our second quarter performance as well as sharing our latest observations on the consumer environment. 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.

在今天的電話會議上，我將首先回顧我們第二季業績的一些亮點，並分享我們對消費環境的最新觀察。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我們的一些關鍵成長驅動舉措的最新情況。

Turning to our second quarter performance. Net sales increased 5.1% to $10.7 billion in Q2 compared to net sales of $10.2 billion in last year's second quarter. This growth was driven by strong performance from new stores and our mature store base. We grew market share in both dollars and units in highly consumable product sales once again during the quarter, in addition to growing market share in nonconsumable product sales.

談談我們第二季的表現。第二季淨銷售額為 107 億美元，較去年同期的 102 億美元成長 5.1%。這一增長得益於新店的強勁表現和我們成熟的門市基礎。本季度，我們在高度消耗性產品銷售中的美元和單位市場份額再次增加，此外非消耗性產品銷售中的市場份額也有所增加。

Same-store sales increased 2.8% during the quarter, driven by relatively balanced growth of 1.5% in customer traffic and 1.2% in average basket. The basket growth was driven by an increase in both average unit retail price per item and average items per basket. We were excited to see a second consecutive quarter of broad-based category growth with positive comp sales in each of our consumables, seasonal, home and apparel categories.

本季同店銷售額成長 2.8%，主要得益於客流量和平均購物籃價格相對均衡的成長，分別為 1.5% 和 1.2%。購物籃的成長是由每件商品的平均零售單價和每籃平均商品數量的增加所推動的。我們很高興看到連續第二季各類別的銷售額均實現成長，消費品、季節性商品、家居用品和服裝等各類別的銷售額均實現正成長。

From a monthly cadence perspective, we saw same-store sales growth above 2% in all three periods with our strongest comps in June and July. We believe these strong and balanced top line results are a reflection of the hard work the team has done to improve execution and further enhance the value and convenience proposition for both existing and new customers. To that end, we're pleased to see growth with customers across all income brackets during the quarter.

從月度節奏來看，我們在三個時期都看到同店銷售額成長超過 2%，其中 6 月和 7 月的增幅最大。我們相信，這些強勁且均衡的營收績效反映了團隊為改善執行力以及進一步提升現有和新客戶的價值和便利性所做的努力。為此，我們很高興看到本季各個收入階層的客戶數量都有成長。

This includes our core customer who increased spending despite worsening sentiment. In addition, we continue to see trade-in growth with middle- and higher-income customers during the quarter, which we believe is contributing to the nice performance we've seen in our non-consumable categories.

其中包括我們的核心客戶，儘管市場情緒惡化，但他們仍增加了支出。此外，本季我們繼續看到中高收入客戶的以舊換新成長，我們認為這有助於我們在非消耗品類別中看到良好的表現。

Ultimately, customers across all income brackets are coming to Dollar General as they seek value. As America's neighborhood general store in more than 20,000 locations across the country, we recognize and embrace our role in being here for what matters for our customers. This includes providing the items they want and need at prices they can afford. With that in mind, we are committed to delivering everyday low prices that are within 3 to 4 percentage points on average of mass retailers.

最終，各個收入階層的顧客都會選擇去 Dollar General 購物，因為他們尋求的是價值。作為美國一家在全國擁有 20,000 多個門市的社區雜貨店，我們認識到並接受我們的職責，即為顧客提供重要服務。這包括以他們能夠負擔的價格提供他們想要和需要的物品。考慮到這一點，我們致力於提供每天的低價，平均比大眾零售商低 3 到 4 個百分點。

While we are pleased that we continue to operate within the targeted price range, we are also focused on maintaining our substantial offering of more than 2,000 SKUs at or below the $1 price point. We know this price point is important in helping our core customers stretch their dollar, particularly at the end of the month and when budgets are tight.

雖然我們很高興能夠繼續在目標價格範圍內運營，但我們也致力於將我們提供的超過 2,000 個 SKU 維持在 1 美元或以下的價格水平。我們知道這個價格點對於幫助我們的核心客戶精打細算非常重要，特別是在月底和預算緊張的時候。

In fact, our $1 Value Valley merchandising set which is comprised of more than 500 rotating SKUs was one of our strongest performing areas in the quarter, with same-store sales growth more than twice the rate of the overall company. We believe this holistic approach to offering value will continue to be important for our customers, particularly in the back half of this year.

事實上，我們的 1 美元 Value Valley 商品套裝（由 500 多個輪換 SKU 組成）是我們本季表現最強勁的領域之一，同店銷售額成長率是公司整體成長率的兩倍多。我們相信，這種提供價值的整體方法對我們的客戶來說仍然很重要，尤其是在今年下半年。

Now I'd like to provide a brief update on how we're thinking about tariffs. With the rates currently in place, we believe we will be able to mitigate the vast majority of the impact on our cost of goods. The proactive approach of our sourcing team, coupled with our relatively low direct import exposure, has positioned us well to serve our customers with a quality assortment at tremendous value.

現在我想簡單介紹一下我們對關稅的看法。我們相信，按照目前的稅率，我們將能夠減輕對我們商品成本的絕大部分影響。我們的採購團隊採取積極主動的方式，加上我們相對較低的直接進口風險，使我們能夠為客戶提供優質且價值極高的產品。

While the landscape remains dynamic, tariffs have begun to result in some price increases, and we will continue to work to minimize them as much as possible. Most importantly, we know this further amplifies the need for value within our communities, and we remain committed to serving our customers with the everyday low prices they have come to know and appreciate from Dollar General.

儘管情況依然動態，但關稅已開始導致一些價格上漲，我們將繼續努力盡可能地將其降至最低。最重要的是，我們知道這進一步擴大了我們社區對價值的需求，我們將繼續致力於為我們的客戶提供他們所了解和欣賞的 Dollar General 的日常低價服務。

Overall, we're proud of our performance during the quarter and the tremendous progress we've made throughout the first half of the year. Our actions are delivering an enhanced shopping experience for our customers and driving strong operating and financial results. We are further strengthening our value and convenient proposition for our customers, while making significant progress on our long-term financial goals.

總體而言，我們對本季的表現以及上半年的巨大進步感到自豪。我們的行動正在為客戶提供增強的購物體驗，並帶來強勁的營運和財務表現。我們正在進一步加強為客戶提供的價值和便利主張，同時在長期財務目標上取得重大進展。

Before I turn the call over for our financial update, I want to thank Kelly for her partnership as well as her leadership of our finance organization over the last few years. We wish her the very best as she prepares and begins her new chapter. I also want to note that we're excited to welcome Donny Lau back to Dollar General as our next CFO beginning in October.

在我將電話轉交給財務更新部門之前，我想感謝凱利在過去幾年中的合作以及對我們財務組織的領導。我們祝福她在準備和開啟新篇章的過程中一切順利。我還想指出，我們很高興歡迎 Donny Lau 從 10 月起重返 Dollar General 擔任我們的下一任財務長。

He is highly regarded throughout the organization for his deep understanding of the business, thoughtful strategic leadership and appreciation for our culture and values. We look forward to his leadership of our finance organization as we seek to drive excellence and create long-term shareholder value.

他因對業務的深刻理解、深思熟慮的策略領導以及對我們的文化和價值觀的欣賞而在整個組織中受到高度評價。我們期待他領導我們的財務部門，努力追求卓越並創造長期股東價值。

With that, I'd now like to turn the call over to Kelly.

說完這些，我現在想把電話轉給凱利。

Thank you, Todd, and good morning, everyone. First, on a personal note, I want to express my appreciation to this team, our customers and our shareholders. This is a special organization with a unique mission, and I'm grateful for the time I've had to serve alongside them. 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.

謝謝你，托德，大家早安。首先，就我個人而言，我要向這個團隊、我們的客戶和股東表示感謝。這是一個肩負獨特使命的特殊組織，我很感激能與他們一起服務。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。

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. For Q2, gross profit as a percentage of sales was 31.3%, an increase of 137 basis points. This increase was primarily attributable to lower shrink, higher inventory markups and lower inventory damages.

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。第二季度，毛利佔銷售額的百分比為 31.3%，成長 137 個基點。這一增長主要歸因於損耗減少、庫存加價增加以及庫存損壞減少。

Our focus on reducing shrink has continued to produce positive results, including a healthy year-over-year improvement of 108 basis points in the second quarter. We're excited to be outperforming the shrink reduction educations contemplated within our long-term financial growth framework in terms of both timing and magnitude. Given these results, we're optimistic about the potential for shrink reduction to contribute more than 80 basis points toward the operating margin goal of 6% to 7% contemplated within our long-term financial framework.

我們致力於減少收縮，並持續取得正面成果，包括第二季年比大幅改善 108 個基點。我們很高興能夠在時間和幅度上超越我們長期財務成長框架中所設想的縮減教育。鑑於這些結果，我們對縮減開支的潛力持樂觀態度，認為這將為我們長期財務框架內預期的 6% 至 7% 的營業利潤率目標貢獻超過 80 個基點。

In addition, we were pleased to drive a reduction in damages in the second quarter as our efforts in this area have begun to take hold as well. The gross margin increase was partially offset by an increased LIFO provision as well as increased markdowns and increased distribution costs. Now let's turn to SG&A, which as a percentage of sales, was 25.8%, an increase of 121 basis points. The primary expenses that were a higher percentage of net sales in the quarter were incentive compensation, repairs and maintenance and benefits.

此外，我們很高興看到第二季損失減少，因為我們在這方面的努力也開始取得成效。毛利率的增加被後進先出法撥備的增加以及降價幅度和分銷成本的增加部分抵消。現在我們來看看銷售、一般及行政費用，佔銷售額的百分比為 25.8%，增加了 121 個基點。本季佔淨銷售額較高比例的主要支出是獎勵薪資、維修和保養以及福利。

Moving down the income statement. Operating profit for the second quarter increased 8.3% to $595 million. As a percentage of sales, operating profit increased 16 basis points to 5.6%. Net interest expense for the quarter decreased to $57.7 million compared to $68.1 million in the last year's second quarter. Our effective tax rate for the quarter was 23.5% and compares to 22.3% in the second quarter last year.

向下移動損益表。第二季營業利潤成長8.3%至5.95億美元。以銷售額的百分比計算，營業利潤成長 16 個基點，達到 5.6%。本季淨利息支出從去年第二季的 6,810 萬美元下降至 5,770 萬美元。本季我們的有效稅率為 23.5%，而去年第二季為 22.3%。

Finally, EPS for the quarter increased 9.4% to $1.86, which exceeded the high end of our internal expectations. Turning now to our balance sheet and cash flow, where we continue to make great progress strengthening our financial position. Merchandise inventories were $6.6 billion at the end of Q2, a decrease of $391 million or 5.6% compared to prior year and a decrease of 7.4% on an average per store basis.

最後，本季每股收益成長 9.4% 至 1.86 美元，超過了我們內部預期的高端。現在來看看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。第二季末的商品庫存為 66 億美元，比去年同期減少 3.91 億美元（5.6%），平均每家店庫存減少 7.4%。

The team continues to do a tremendous job reducing inventory while increasing sales and improving in-stock levels, which is having positive operational impacts in both stores and distribution centers. The business generated cash flows from operations of $1.8 billion during the first half of the year, an increase of 9.8% compared to the prior year. Our strong top and bottom line results along with our focused inventory management efforts continue to generate significant cash flow.

團隊繼續大力減少庫存，同時增加銷售額並提高庫存水平，這對商店和配送中心的運作產生了積極的影響。該業務上半年的營運現金流為 18 億美元，比上年增長 9.8%。我們強勁的營收和利潤業績以及我們專注的庫存管理工作繼續產生大量現金流。

During the quarter, we returned cash to shareholders through a quarterly dividend of $0.59 per common share outstanding for a total payment of approximately $130 million. Our capital allocation priorities continue to serve us well and remain unchanged. Our first priority is investing in our business, including our existing store base as well as high return growth opportunities such as new store expansions, remodels and other strategic initiatives.

本季度，我們透過每股普通股 0.59 美元的季度股息向股東返還現金，總支付額約為 1.3 億美元。我們的資本配置重點繼續為我們服務並且保持不變。我們的首要任務是投資我們的業務，包括我們現有的門市基礎以及高回報成長機會，如新店擴張、改造和其他策略舉措。

Next, we seek to return cash to shareholders through a quarterly dividend payment and over time and when appropriate, share repurchases. And while our leverage ratio remains above our goal, which is below 3 times adjusted debt to adjusted EBITDAR, we are making great progress towards reaching our target level. Importantly, we remain focused on improving our debt metrics in support of our commitment to middle BBB ratings by S&P and Moody's.

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。儘管我們的槓桿率仍高於我們的目標，即低於調整後債務與調整後 EBITDAR 比率的 3 倍，但我們在實現目標水準方面正在取得巨大進展。重要的是，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中等 BBB 評級的承諾。

Overall, we're very pleased with our operating performance and financial results. Our strong performance has positioned us to raise our financial outlook for 2025. This update primarily reflects our outperformance in the second quarter and improved outlook for the second half of the year, while considering the potential uncertainty, particularly on consumer behavior as we move through the back half of 2025.

整體而言，我們對我們的經營業績和財務業績非常滿意。我們的強勁表現使我們有能力提升 2025 年的財務前景。此次更新主要反映了我們在第二季度的優異表現以及對下半年前景的改善，同時也考慮到了潛在的不確定性，尤其是 2025 年下半年消費者行為的不確定性。

With that in mind, we now expect the following for 2025: Net sales growth of approximately 4.3% to 4.8%, same- store sales growth of approximately 2.1% to 2.6% and EPS in the range of $5.80 to $6.30. 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.

考慮到這一點，我們目前對2025年的業績預期如下：淨銷售額增長約4.3%至4.8%，同店銷售額增長約2.1%至2.6%，每股收益在5.80美元至6.30美元之間。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, the low end of our sales and earnings guidance ranges allow for increasing pressure on consumer spending as we move through the back half of the year with Q4 potentially more impacted than Q3. In addition, we expect shrink to be a continued tailwind throughout the remainder of the year though to a lesser extent in Q4 as we begin to lap the improvements we made toward the end of last year.

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，但我們的銷售和盈利指導範圍的低端使得下半年消費者支出的壓力越來越大，第四季度受到的影響可能比第三季度更大。此外，我們預計，隨著我們開始延續去年年底所取得的進步，收縮將在今年剩餘時間內繼續成為順風，儘管第四季度的收縮程度將有所減輕。

Turning to SG&A. Given our strong performance, we now anticipate incentive compensation expense to be a headwind of approximately $200 million. 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. This includes our continued expectations to execute approximately 4,885 real estate projects in 2025, including 575 new store openings in the United States and up to 15 in Mexico, 2,000 Project Renovate remodels, 2,250 Project Elevate remodels and 45 relocations.

談到銷售、一般及行政費用 (SG&A)。鑑於我們強勁的業績，我們現在預計激勵薪酬支出將達到約 2 億美元。進入 2025 年指導的最後部分。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。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。

Finally, as a result of our strong cash position, we are using cash on hand to redeem $600 million of our senior notes in the third quarter earlier than their April 2027 maturity. In summary, we're pleased with our Q2 results, and we're proud of the work that the team has done to strengthen our operating and financial position. This business model is strong, and we believe Dollar General is well positioned to drive sustainable long-term growth on both the top and bottom lines while creating long-term shareholder value.

最後，由於我們擁有強大的現金狀況，我們將利用庫存現金在第三季贖回 6 億美元的優先票據，比 2027 年 4 月到期的票據提前。總而言之，我們對第二季的業績感到滿意，並為團隊為加強我們的營運和財務狀況所做的工作感到自豪。這種商業模式非常強大，我們相信 Dollar General 有能力在創造長期股東價值的同時，推動公司營收和利潤的長期永續成長。

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

說完這些，我就把電話轉回給托德。

Thank you, Kelly. I'll take the next few minutes to provide updates on three of the most important initiatives across the business, as we look to further advance our progress toward achieving our short- and long-term goals. I'll start with our real estate work as we continue to focus on driving sales and market share growth by expanding our unique real estate footprint while also enhancing our mature store base.

謝謝你，凱利。接下來的幾分鐘，我將介紹整個業務中三個最重要的舉措的最新情況，我們希望進一步推進實現我們的短期和長期目標。我將從我們的房地產工作開始，我們將繼續專注於透過擴大我們獨特的房地產足跡來推動銷售和市場份額的成長，同時增強我們成熟的門市基礎。

We opened 204 new stores in Q2, primarily using our 8,500 square foot format in rural markets. Dollar General continues to serve as a vital partner, bringing value and convenience to communities across the country through new store growth. In addition to our US growth, we opened four new stores in Mexico during the quarter, bringing us to a total of 13.

我們在第二季開設了 204 家新店，主要採用農村市場 8,500 平方英尺的面積。Dollar General 繼續作為重要的合作夥伴，透過新店擴張為全國各地的社區帶來價值和便利。除了美國市場的成長外，本季我們還在墨西哥開設了 4 家新店，使我們的門市總數達到 13 家。

Our team is doing a wonderful job serving those communities as we continue to test and learn and further develop that potential growth opportunity. We are also pleased with the progress of our remodel projects. 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 in 2025.

我們的團隊正在為這些社區提供出色的服務，同時我們將繼續測試、學習並進一步開發潛在的成長機會。我們對改造專案的進度也感到滿意。提醒一下，除了我們稱為「Project Renovate」的傳統改造計畫之外，我們還在 2025 年推出了名為「Project Elevate」的全新增量改造計畫。

This initiative is designed to drive sales and market share growth in portions of our mature store base that are not yet old enough to be part of a full remodel pipeline. These projects include physical asset investments as well as merchandising optimization, product adjacency adjustments and category refreshes, all of which impacts approximately 80% of the total store.

這項措施旨在推動我們成熟門市群中尚未成熟到可以納入全面改造範圍的部分門市的銷售和市場份額成長。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，所有這些都影響到整個商店的約 80%。

We completed 729 Project Elevate remodels in Q2 and an additional 592 Project Renovate remodels during the quarter. While still early, we expect to reach our goal of delivering 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.

我們在第二季完成了 729 個 Project Elevate 改造，並在本季完成了另外 592 個 Project Renovate 改造。雖然還處於早期階段，但我們預計將實現我們的目標，即「翻新計劃」門市第一年的年化銷售額將增長 6% 至 8%，而「提升計劃」門市第一年的年化銷售額將增長 3% 至 5%。

Importantly, we've seen significant improvements in customer satisfaction in these locations upon completion of the remodels. And we believe the improved performance and customer response in these stores paves the way to make Project Elevate a key component of our real estate strategy in the years ahead.

重要的是，改造完成後，我們看到這些地方的客戶滿意度有了顯著提高。我們相信，這些商店業績和客戶反應的提升將為「Project Elevate」成為我們未來幾年房地產策略的關鍵組成部分鋪平道路。

The next area I want to discuss is our digital initiative, which serves as an important complement to our expansive 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 and website that continues to be very popular with our customers as well as growing our 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，它是我們不斷擴張的門市足跡的重要補充，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一個引人入勝的行動應用程式和網站，它們繼續受到客戶的歡迎，同時我們的交付選項和 DG 媒體網路也在不斷擴大。

We continue to expand the reach of our delivery options with solutions targeted both new and existing customers. Our DoorDash partnership, which now serves more than 17,000 stores, continues to drive significant incrementality and sales growth. To that end, our Q2 sales through this platform increased by more than 60% year-over-year.

我們將繼續擴大我們的交付選項的覆蓋範圍，為新舊客戶提供解決方案。我們與 DoorDash 的合作目前已為超過 17,000 家門市提供服務，並繼續推動銷售額的大幅成長。為此，我們第二季透過該平台的銷售額年增了60%以上。

Building on this success, we partnered with DoorDash to launch our own same-day delivery offering through our DG digital solutions late in 2024. We have now expanded this offering to nearly 6,000 stores. We are also excited to note that we now expect to offer DG delivery from more than 16,000 stores by year's end compared to our previous expectation of approximately 10,000 stores.

在這個成功的基礎上，我們與 DoorDash 合作，於 2024 年底透過我們的 DG 數位解決方案推出我們自己的當日送達服務。現在我們已將此項服務擴展至近 6,000 家商店。我們也很高興地指出，我們預計到今年年底，超過 16,000 家門市將提供 DG 配送服務，而我們之前預計約為 10,000 家門市。

And most recently, we entered a partnership with Uber Eats to further expand the reach of our delivery capabilities as we provide value and convenience to customers on their platform. We have already expanded to approximately 4,000 stores with Uber and expect to be in approximately 14,000 stores by the end of Q3.

最近，我們與 Uber Eats 建立了合作夥伴關係，進一步擴大我們的配送能力，為其平台上的客戶提供價值和便利。我們與 Uber 合作將業務擴展到約 4,000 家門市，預計到第三季末將擴展到約 14,000 家門市。

Collectively, more than 75% of the orders through these offerings are delivered in one hour or less. Ultimately, we believe this suite of delivery options will introduce new customers to Dollar General and drive incremental sales growth while also further enhancing the value and convenient proposition for our existing customer base.

總體而言，透過這些服務，超過 75% 的訂單可以在一小時或更短的時間內送達。最終，我們相信這套配送選項將為 Dollar General 帶來新客戶，推動銷售額的成長，同時進一步提升我們現有客戶群的價值和便利性。

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 continue to be pleased with the performance of DG Media Network, which is driving significant year-over-year growth in retail media volume as partners seek to access our unique customer base.

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。我們繼續對 DG Media Network 的表現感到滿意，隨著合作夥伴尋求進入我們獨特的客戶群，該網絡正在推動零售媒體銷售同比大幅增長。

This initiative is an important component of our strategy to deliver on our long-term growth framework, and we are excited about its potential. Over time, we believe we can leverage our digital initiative 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.

這項舉措是我們實現長期成長框架策略的重要組成部分，我們對其潛力感到非常興奮。隨著時間的推移，我們相信我們可以利用我們的數位化措施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。

The final initiative I want to discuss is our non-consumables growth strategy. As a reminder, we are focused on a few key growth drivers in our non-consumable categories over the next three years. These include brand partnerships, a revamped treasure hunt experience, and reallocation of space within our home category.

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，未來三年我們將重點放在非消費品類別的幾個關鍵成長動力。這些包括品牌合作、改進的尋寶體驗以及家居類別內空間的重新分配。

During Q2, we were pleased to deliver positive quarterly same-store sales growth in each of the three non-consumable categories for the second consecutive quarter. Notably, the magnitude of growth was broad-based with same-store sales increases in each of these categories of at least 2.5%. Our brand partnerships are resonating with customers, and we have been pleased with the strong sell-through in many of these sets.

在第二季度，我們很高興看到三個非消耗品類別連續第二個季度實現了季度同店銷售額的正成長。值得注意的是，成長幅度是廣泛的，每個類別的同店銷售額均成長至少 2.5%。我們的品牌合作關係引起了客戶的共鳴，我們對許多套裝的強勁銷售量感到非常高興。

As a result of the success as well as our improved execution, our home products category saw its largest quarterly same-store sales increase in more than four years. In addition, our pOpshelf stores delivered another quarter of strong same-store sales growth. We continue to be pleased with the performance of the new store layout in this banner, including a greater emphasis on categories such as toys, party, candy and beauty.

由於取得成功以及我們執行力的提升，我們的家居產品類別實現了四年多來最大的季度同店銷售額增幅。此外，我們的 pOpshelf 商店又一個季度實現了強勁的同店銷售成長。我們繼續對品牌新店佈置的表現感到滿意，包括更加重視玩具、派對、糖果和美容等類別。

The pOpshelf banner will also continues to produce learning that we are able to apply to our non-consumable categories in our Dollar General stores to further strengthen that offering for our DG customers. We believe our non-consumable sales performance, both in Dollar General and pOpshelf stores also benefited from improved execution in our stores and supply chain as well as from the expanded trade-in shopping, we've seen from middle- and higher-income customers.

pOpshelf 橫幅也將繼續產生學習成果，我們可以將這些學習成果應用到我們的 Dollar General 商店中的非消耗品類別中，以進一步加強為我們的 DG 客戶提供的服務。我們相信，Dollar General 和 pOpshelf 商店的非消耗品銷售業績也受益於我們商店和供應鏈執行力的提升，以及我們看到的中高收入客戶擴大的以舊換新購物。

These results, including strong sales performance and market share gains continue to demonstrate that our treasure hunt approach is resonating with the customer. In turn, we believe we are well positioned to serve them in these discretionary categories in stores across both banners, and ultimately drive further growth in both sales and gross margin.

這些結果，包括強勁的銷售業績和市場份額的成長，繼續表明我們的尋寶方法引起了客戶的共鳴。反過來，我們相信我們有能力在兩個品牌的商店中為他們提供這些可自由支配類別的服務，並最終推動銷售額和毛利率的進一步成長。

In closing, we're pleased with our second quarter performance. Operationally, we are improving execution, stabilizing our workforce through lower turnover rates, advancing our key initiatives and enhancing our position for sustainable long-term growth. Financially, we're delivering balanced sales growth, significant margin improvement and strong earnings while also strengthening our balance sheet and operating cash flow.

最後，我們對第二季的表現感到滿意。在營運方面，我們正在提高執行力，透過降低員工流動率來穩定員工隊伍，推進我們的關鍵舉措，並增強我們可持續長期成長的地位。從財務角度來看，我們實現了均衡的銷售成長、顯著的利潤率提高和強勁的盈利，同時也增強了我們的資產負債表和經營現金流。

With that said, we have ample opportunity in front of us to drive growth and further improve our operating and financial performance. And this team is laser-focused on delivering on these goals. As an essential partner in communities across the country, our customers rely on Dollar General in all economic environments.

話雖如此，我們面前仍有充足的機會推動成長並進一步改善我們的營運和財務表現。這個團隊正全心全意地致力於實現這些目標。作為全國各地社區的重要合作夥伴，我們的客戶在所有經濟環境中都依賴 Dollar General。

Delivering on our mission of serving others continues to guide everything we do and we are excited about our plans for the back half of 2025 and beyond. Lastly, I want to thank our more than 195,000 employees for their commitment and dedication, and I'm looking forward to all we can accomplish together in the second half of the year. With that, operator, we would now like to open the lines for questions. Thank you.

履行服務他人的使命將繼續指導我們的一切工作，我們對 2025 年下半年及以後的計劃感到興奮。最後，我要感謝我們超過 195,000 名員工的承諾和奉獻，並期待我們能夠在下半年共同取得成就。接線員，現在我們可以開始回答問題了。謝謝。

(Operator Instructions)

（操作員指示）

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good morning. Thank you so much for taking my question. Given that you are optimistic that shrink could contribute more than 80 basis points to your long-term financial framework, does that mean that you expect to be able to realize the 6% to 7% operating margin, maybe as soon as next year or alternatively, your long-term range should be recalibrated above 7%? Or are you seeing anything in the environment that might suggest you'll have to take some of this upside in shrink and other factors and reinvest it back in the business in order to drive the top line?

早安.非常感謝您回答我的問題。鑑於您樂觀地認為收縮可能為您的長期財務框架貢獻超過 80 個基點，這是否意味著您預計能夠實現 6% 至 7% 的營業利潤率，也許最早在明年，或者您的長期範圍應該重新調整到 7% 以上？或者，您是否看到任何環境因素可能表明您必須利用收縮和其他因素中的部分優勢並將其重新投資於業務以推動營業收入成長？

Thank you so much.

太感謝了。

Yes. Thank you, Michael. Great question. So we are definitely optimistic that we could potentially outperform on shrink and get a little bit more than those 80 basis points over the mid- to longer term. But we're still targeting that long-term framework 6% to 7% on the operating margin.

是的。謝謝你，麥可。好問題。因此，我們絕對樂觀地認為，我們有可能在縮減方面表現出色，並在中長期內獲得略高於 80 個基點的收益。但我們仍將長期框架目標設定為營業利益率 6% 至 7%。

This quarter just solidifies the fact that we feel good about where we are. Shrink is a big component of that, and we've got a lot of strategies and initiatives in place to achieving that long-term framework. And I think what's important for us is not only getting to that 6% to 7%, but also the sustainability of that operating margin as we go forward.

本季進一步證實了我們對目前狀況感到滿意。收縮是其中一個重要的部分，我們已經制定了許多策略和舉措來實現這個長期框架。我認為對我們來說重要的不僅是達到 6% 到 7% 的利潤率，而且還有未來營業利潤率的可持續性。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Hey, good morning, everyone. And Kelly, good working with you and then eventually, congratulations to Donny. I'm going to ask a two-part --

嘿，大家早安。凱利，很高興與您合作，最後，恭喜唐尼。我要問兩個問題——

Thank you.

謝謝。

You're welcome, two-part question. So first, if you take the gross margin in the second quarter and we hold that base, it does look like it steps down in Q3, but is there any reason why it should step down more than expected seasonally? Meaning, is there anything temporal about the gross margin that's not a good proxy?

不客氣，問題分為兩部分。首先，如果以第二季的毛利率為基準，那麼看起來第三季的毛利率確實會下降，但有什麼理由導致毛利率下降幅度超過季節性預期呢？意思是，毛利率是否有暫時性因素，導致其無法很好地代表什麼？

And then second, Todd, from when you came back in 2023, thinking about all the execution items, can you talk about what's left and what you've gotten done? Thanks.

其次，托德，從你 2023 年回來以來，考慮到所有的執行項目，你能談談還剩下什麼以及你已經完成了什麼嗎？謝謝。

Yes. So I'll answer the gross margin question first. What we're seeing now is obviously just an outperformance on shrink. So 108 basis points this quarter of the 137 basis points improvement. As we think about cadence for the back half, we're certainly expecting a year- over-year improvement in both of the quarters. But what I would tell you is we actually have tougher laps in Q4 on the gross margin front.

是的。因此我先回答毛利率問題。我們現在看到的顯然只是縮水的優異表現。因此，本季的改善幅度為 137 個基點中的 108 個基點。當我們考慮下半年的節奏時，我們當然預期這兩個季度都會出現年比改善。但我想告訴你的是，我們在第四季的毛利率方面實際上面臨著更艱難的考驗。

And so we would expect maybe a little bit less on Q4 as far as improvement over year-over-year. And then you didn't ask that SG&A, but I do want to call out just one thing on the SG&A front. We would expect more pressure in SG&A in third quarter, and that's really around repairs and maintenance.

因此，我們預計第四季的年比改善幅度可能會略小。然後你沒有問銷售、一般和行政費用 (SG&A)，但我確實想在銷售、一般和行政費用方面指出一件事。我們預計第三季銷售、一般及行政開支將面臨更大壓力，這主要與維修和保養有關。

It's kind of the season for repairs and maintenance as we get into hurricane season, and we're still kind of in that warm weather. But what's the big contributor there is we're also wrapping up our Project Elevate and Renovate projects mostly in the third quarter and so that puts a little bit of pressure on Q3.

現在正是進行維修和保養的季節，因為我們正進入颶風季節，而且天氣仍然比較溫暖。但最大的因素是，我們還將在第三季完成我們的 Project Elevate 和 Renovate 項目，因此這給第三季帶來了一些壓力。

Yes. And Simeon, I am very, very pleased with where we are with our Back to Basics work. I would tell you that the team has done a really good job from back of house, so our supply chain, our merchants to front of house, if you will, and that's in our stores and the execution. It really is paying off. You can see it in our top line, not only a strong 2.8% comparable sales number that we posted.

是的。西緬，我對我們「回歸基本」工作的進展感到非常非常滿意。我想告訴你，團隊從後台做得非常好，所以我們的供應鏈、我們的商家到前台，如果你願意的話，那就是在我們的商店和執行中。這確實有回報。您可以在我們的營收中看到這一點，不僅僅是我們公佈的 2.8% 強勁的可比銷售額。

But as you look at that sales number, it's very balanced, consumables and non-consumables contributed very nicely to that 2.8%. I would tell you that we're retailers. We always have work to do as it relates to a lot of what we've been working on. But again, if I was to step back and think about it in baseball terms and innings, I would say we're in the very late innings of this game.

但當你看到這個銷售數字時，你會發現它非常平衡，消耗品和非消耗品對 2.8% 的貢獻非常大。我想告訴你我們是零售商。我們總是有工作要做，因為這與我們一直在做的許多事情有關。但是，如果我退一步從棒球術語和局數來思考這個問題，我會說我們正處於這場比賽的最後階段。

And then we're really into now sustainability of what we have worked on. And I would tell you, I feel really good about that as well from a couple of standpoints. Number one, we have done a really nice job and our turnover rates have come down. We've had some consecutive quarters of those decreases, and we continue to be happy with where we're at.

現在我們真正關注的是我們所做工作的可持續性。我想告訴你，從幾個角度來看，我對此也感到非常高興。首先，我們做得非常好，我們的營業額率下降了。我們已經連續幾個季度出現下降，但我們對目前的狀況仍然感到滿意。

I would tell you that our pipeline for folks coming into the organization is as robust as ever. And I'm very happy to say that our store manager turnover rates are down again this quarter. So a lot of what we've been working on to make life easier at the store level is starting to really resonate not only with the customer, but our employee base, which is really important.

我想告訴你們，我們公司引進人才的管道一如既往地強大。我很高興地說，本季我們的店長流動率再次下降。因此，我們為使商店層面的生活更加輕鬆而進行的許多工作不僅開始引起顧客的共鳴，也引起我們員工的共鳴，這一點非常重要。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning and thanks for taking my question, and also Kelly, best of luck. So I'm going to focus my comments just on delivery. So as you look at the DoorDash partnership, and I guess Uber is still very early, but just any surprises or key learnings to date? And then as you've added Uber, like how do you think about the incrementality of that offering?

早安，感謝您回答我的問題，也祝凱利好運。因此我將只關注交付方面的意見。因此，當您看到 DoorDash 與 Uber 的合作關係時，我猜 Uber 還處於早期階段，但到目前為止有什麼驚喜或關鍵的經驗嗎？然後，當您加入 Uber 時，您如何看待該產品的增量？

Thank you.

謝謝。

Yes, Rupesh, thank you. Yes, I'd tell you, our digital solutions in general, just in totality, we're very happy with where we are. Very early innings, again, baseball analogy for you, very early innings on our digital journey. But as you know, and you've pointed out, DoorDash has been really the start of our digital journey, if you will, from a delivery perspective. We're up to 17,000 locations, which is great to see.

是的，魯佩什，謝謝你。是的，我想告訴你，總的來說，我們對我們的數位解決方案的現狀感到非常滿意。非常早期的局，再次以棒球類比，這是我們數字旅程中非常早期的局。但正如您所知，並且您已經指出，從配送的角度來看，DoorDash 確實是我們數位化之旅的開始。我們的門市數量已達 17,000 個，這令人非常高興。

And I would tell you that we saw a 60% year-over-year increase on that platform. And by the way, off of a pretty robust number to start with. So very happy with what we're seeing there. But the team isn't slowing down here because, again, we're in the early innings. You saw where we just signed a deal with Uber Eats. And we're happy with what we're seeing very early there in the partnership.

我可以告訴你們，該平台的年成長率為 60%。順便說一句，一開始的數字就相當強勁。我們對所見所聞感到非常高興。但球隊並沒有放慢速度，因為我們才剛開始比賽。您看到我們剛剛與 Uber Eats 簽署了協議。我們對合作初期所取得的進展感到非常滿意。

4,000 stores up and running. And by the end of the third quarter, we'll have 14,000 stores is what our goal to have up and running on that platform. And that just expands the reach to our consumer. And then lastly, on our delivery piece, our white label program that we stood up, again, very early days, but we're seeing both incrementality there as well as larger baskets.

4,000 家商店投入營運。我們的目標是到第三季末，該平台上將有 14,000 家商店投入營運。這只會擴大我們消費者的覆蓋範圍。最後，在我們的交付部分，我們剛剛啟動了白標計劃，雖然還處於早期階段，但我們看到其既有增量，也有更大的籃子。

And these larger baskets and some of them well north of $20 baskets for us would point to incrementality and would point to more of a fill-up versus a fill-in. And with that notion, you would feel that -- and we feel that it is -- a lot of it is incremental to our base. The great thing about our delivery piece is we're going to have more and more stores up and running, we believe, and we were great to be able to put out there 16,000 by year-end now, which is an acceleration from where we were.

對於我們來說，這些較大的籃子以及其中一些價值遠高於 20 美元的籃子將指向增量，並且指向更多的填充而不是填補。有了這種觀念，你會感覺到──我們也感覺到──很多東西對我們的基礎來說都是漸進的。我們配送業務的偉大之處在於，我們相信，我們將開設並經營越來越多的商店，而且我們很高興能夠在年底前開設 16,000 家商店，這比我們之前的速度有所加快。

And I think that's a real testament to what we've already seen so far. To use my terminology, we're going to put the pedal to the metal here because we see some real opportunity ahead. And I would tell you, again, the platform across all the digital properties, the linchpin of this is our digital media network.

我認為這真實地證明了我們迄今為止所看到的情況。用我的話來說，我們要全力以赴，因為我們看到前方有一些真正的機會。我想再次告訴你們，跨越所有數位資產的平台，其關鍵是我們的數位媒體網路。

And again, it has shown strong results this quarter and continues to show strong results. So stay tuned there because I believe there is going to be even more incrementality that comes from that media network. We have a very unique customer base, as you know, being that 80% of our stores are in small town rural America.

本季該公司再次展現強勁業績，並將持續保持強勁業績。所以請繼續關注，因為我相信該媒體網絡將會帶來更多的增量。如您所知，我們擁有非常獨特的客戶群，因為我們 80% 的商店都位於美國鄉村小鎮。

And it is hard for CPG companies and other companies to get a hold of clientele that is just in those areas, and we have all that data. And so that data will be used in our media network. And I would tell you that our partners are already very interested in that. And then lastly, our secret sauce here, if you will, is that so far to date, we have seen that 75%-plus of our deliveries are in one hour or less.

而 CPG 公司和其他公司很難獲得這些地區的客戶，而我們擁有所有這些數據。這樣這些數據就會在我們的媒體網路中使用。我想告訴你，我們的合作夥伴已經對此非常感興趣。最後，如果您願意的話，我們的秘密武器是，到目前為止，我們已經看到 75％ 以上的送貨都在一小時或更短的時間內完成。

And I would tell you that, that is the fastest that we've seen out there across the spectrum so far, especially in rural America, where it is hard to reach many, many customers. So we believe that's a competitive advantage for us and will continue to be as we move forward.

我想告訴你，這是我們迄今為止看到的最快的速度，特別是在美國農村地區，那裡很難接觸到許多客戶。因此，我們相信這是我們的競爭優勢，隨著我們前進，這種優勢將繼續存在。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Thanks, and congrats on a nice quarter.

謝謝，並恭喜本季取得良好業績。

Thank you.

謝謝。

So Todd, on your forecast for increasing pressure on the low-income consumer as the year progresses, what are you seeing in your survey work today across your income customer cohorts? And where do you see DG's value proposition as it stands today relative to opportunities maybe plan to amplify value?

那麼托德，根據您關於未來低收入消費者壓力將不斷增加的預測，您在今天針對收入客戶群的調查中看到了什麼？您如何看待 DG 目前的價值主張，相對於機會或計劃擴大價值？

And Kelly, on the gross margin, where do you see shrink recovery in terms of innings today? And how best to think about additional drivers of gross margin multiyear from here?

凱利，就毛利率而言，您認為今天的縮減復甦情況如何？那麼，如何才能最好地考慮未來幾年毛利率的其他驅動因素呢？

I'll start, Kelly, and send it over to you. Right now, Matt, I would tell you that I would characterize the customer, number one, as resilient. And number two, seeking value and seeking value, we're seeing that in all cohorts of customers, meaning our core customer, mid- and high-end customers, all seeking value at this point. We're seeing it in our numbers. Our trade-in has been accelerating over the last few quarters.

凱利，我先開始，然後把它寄給你。馬特，現在我要告訴你，我認為第一位的客戶是具有韌性的。第二，追求價值，追求價值，我們發現所有客戶群，也就是我們的核心客戶、中高端客戶，都在追求價值。我們從數字中看到了這一點。過去幾個季度，我們的以舊換新業務一直在加速發展。

We saw that again coming into and out of Q2. And what we're seeing from the customer is a good start to Q3. Our back-to-school offering was solid and in good shape. And I would tell you; our Harvest and Halloween programs are off to a great start. And it really shows and what we see in our data is not only our existing customers, but those new customers coming in and those new customers coming in have a little extra money in their pocket to spend on that non-consumable categories.

我們在第二季度再次看到了這種情況。從客戶的情況來看，第三季有一個好的開始。我們的返校活動很充實，而且進行得很順利。我想告訴你們，我們的豐收和萬聖節計劃已經有了一個很好的開始。這確實表明，我們在數據中看到的不僅是我們現有的客戶，還有那些新客戶，這些新客戶的口袋裡有一些額外的錢可以花在非消費品類別上。

And as you heard in my prepared remarks, and I mentioned earlier, we saw a really nice balance in our sales of both consumables and non-consumables. But I would tell you, it's much deeper than that as well. As they seek value, we have a great proposition for them, right? So our everyday low price stance, we have never lost focus on that. We're as good as ever across all classes of trade on our everyday price and our customers resonate with that very nicely.

正如您在我準備好的演講中所聽到的，以及我之前提到的，我們的消耗品和非消耗品的銷售實現了非常好的平衡。但我想告訴你，它的意義遠比這深刻得多。當他們尋求價值時，我們會為他們提供一個很好的建議，對嗎？因此，我們每天的低價立場從未改變。我們在所有貿易類別中的日常價格都一如既往地好，我們的客戶對此非常滿意。

We have a great promotional cadence that we use to continue to stimulate that consumer and especially stimulate these newer consumers as they come in to deliver value because they're not as familiar with that value proposition and what we offer them. So that digital -- through digital properties, we're able to reach them. And so a nice promotional cadence as well.

我們有很好的促銷節奏，用來持續刺激消費者，特別是刺激這些新消費者，因為他們不太熟悉我們的價值主張和他們所提供的產品。這樣，透過數位資產，我們就能接觸到他們。這也是一個很好的促銷節奏。

Here's the other value proposition that I think gets lost at times. And that is we still have and will continue to have at least 2,000 items at $1 or less every day on the shelf. Matter of fact, our Value Valley area, which I know you know, Matt, pretty well, we have over 500 SKUs and they're rotating SKUs at that $1 price point still today with 2,000 overall inside the store.

這是我認為有時會被忽略的另一個價值主張。也就是說，我們仍然擁有並將繼續每天在貨架上擺放至少 2,000 件價格為 1 美元或更低的商品。事實上，我們的 Value Valley 區域​​，我知道你很了解，馬特，我們有超過 500 個 SKU，而且他們今天仍然以 1 美元的價格輪換 SKU，店內總共有 2,000 個 SKU。

And I would tell you, in Value Valley and across the store, the gross margin on those items are -- they exceed the category margins in each one of those items that they play in. So it's very sustainable for us. And by the way, when you look across the retail spectrum, it's a very elusive price point at this point. I would say we're one of the only ones that have really doubled down here and really push that $1 price point. So value, to me and I believe, as our consumers look at it, is multipronged here at Dollar General and is very sustainable.

我想告訴你，在 Value Valley 和整個商店，這些商品的毛利率都超過了它們所涉及的每個商品的類別利潤。所以這對我們來說是非常永續的。順便說一句，當你縱觀零售領域時，你會發現這是一個非常難以捉摸的價格點。我想說，我們是唯一一家真正加倍投入並真正推動 1 美元價格點的公司。因此，對我而言，我相信，從我們的消費者的角度來看，Dollar General 的價值是多方面的，而且非常永續。

On the gross margin side, I'll take it in a couple of pieces. So first, on the shrink side, again, we were just really excited to be outperforming the shrink reduction expectations that we contemplated in our long-term framework, again, in timing and magnitude. Shrink continues to be in the trend. And like I talked about earlier, we do anticipate it's going to continue to be a tailwind into 2025, even with the tougher laps in the second half and particularly in Q4.

在毛利率方面，我將把它分成幾個部分。因此，首先，在收縮方面，我們非常高興能夠在時間和幅度上超越我們在長期框架中考慮的收縮減少預期。萎縮趨勢仍在持續。正如我之前提到的，我們確實預計，即使在下半場，特別是第四季度，比賽會變得更加艱難，但到 2025 年，它仍將繼續成為順風。

If you don't mind, I'm just going to list out all the actions that we're taking because as you know, we've got a full team that sits on this shrink problem, and they are really producing results. The first thing was just the self-checkout conversion, and that's been a big tailwind. But we're also getting back to our operational excellence with strong in-store control environments.

如果你不介意的話，我將列出我們正在採取的所有行動，因為如你所知，我們有一個完整的團隊致力於解決這個收縮問題，而且他們確實正在取得成果。第一件事就是自助結帳的轉換，這是一個巨大的推動力。但我們也正在透過強大的店內控制環境恢復卓越營運。

And we see that because we continue to see shrink improvement in stores that never had self-checkout. And so that's great to see. All the inventory reduction and SKU rationalization work is contributing the improving retail turnover that you heard us talk about is certainly a contributor to this as well as just the expanded shrink incentive programs that we put in place.

我們之所以看到這一點，是因為我們不斷看到從未有過自助結帳服務的商店的萎縮有所改善。看到這一點真是太好了。所有庫存減少和 SKU 合理化工作都有助於提高零售營業額，您聽到我們談論的這一點無疑是其中的一個貢獻，我們實施的擴大收縮激勵計劃也是如此。

We're still utilizing the high shrink planograms. And then as you know, we've really worked at this end-to-end process enhancements so that we make sure that we're mitigating shrink at all points of exposure. And I think what all of this combined gets us really excited because as you can remember, it takes a full year for benefits of any actions to truly show up in the P&L. And our work around shrink never ends.

我們仍在使用高收縮規劃圖。然後，如您所知，我們確實致力於端到端流程的改進，以確保在所有暴露點上減輕收縮。我認為所有這些結合在一起讓我們感到非常興奮，因為正如你所記得的，任何行動的收益都需要整整一年的時間才能真正體現在損益表中。我們針對收縮的工作永無止境。

So as we add continual actions, we should see some improvement. So over the mid- to long-term, we do feel optimistic that we would get more than the 80 basis points of shrink improvement. I think the other piece that we've talked about in the long-term framework and that we're starting to see improve is also around damages. So our goal going into 2025 for damages was flat to slightly favorable.

因此，隨著我們不斷採取行動，我們應該會看到一些改善。因此，從中長期來看，我們確實樂觀地認為我們將獲得超過 80 個基點的收縮改善。我認為我們在長期框架中討論的另一個部分以及我們開始看到的改善也與損害有關。因此，我們到 2025 年的損失目標是持平或略有改善。

We're still holding that in the back half, but I'll tell you that Q2 exceeded our expectations. And as you saw, it was actually a call out of a good guy in our variance analysis in our earnings release. So really pleased to see that starting to take hold. And just like shrink, we've got a team after this. A lot of the things that help us on the shrink side also help us on the damage side, which is the inventory reduction, SKU rationalization.

我們仍然在後半段保持這種狀態，但我要告訴你，第二季度超出了我們的預期。正如您所看到的，這實際上是我們收益報告中差異分析中的一個好人發出的呼籲。我很高興看到這一點開始發揮作用。就像心理醫生一樣，我們之後也組了一個團隊。許多在損耗方面對我們有幫助的措施在損壞方面也會對我們有幫助，例如減少庫存、SKU 合理化。

We're also having a full-court effort around product rotation, getting more precise in our inventory allocation, which helps us to mitigate future expiration damages. And then just that proactive investment in the repairs and maintenance through our two-remodel program should also help us reduce cooler damages. So I would tell you, between the two, overall, we are just feeling really good about the path to the improvement, that 80 basis points on shrink, the 40 basis points on damages that we identified in our framework that we rolled out in March.

我們也全力進行產品輪換，使庫存分配更加精確，這有助於我們減輕未來的到期損失。然後，透過我們的兩次改造計畫對維修和維護進行主動投資也應該有助於我們減少冷卻器的損壞。因此，我想告訴您，總體而言，我們對改善的道路感到非常滿意，我們在 3 月推出的框架中確定的收縮為 80 個基點，損害為 40 個基點。

And then just on the initiative side, I think you've heard Todd talk all about the initiatives that we have in place to drive the 150 basis points around DG Media Network, all the exciting things that we're doing with the delivery and the non-consumable initiatives as well. So we feel good about gross margin as we head into that mid- and longer term.

然後就計劃方面而言，我想你已經聽到托德談論了我們為推動 DG 媒體網絡 150 個基點而採取的所有舉措，以及我們在交付和非消耗品計劃方面所做的所有令人興奮的事情。因此，我們對中長期的毛利率感到滿意。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Hi, good morning, everyone. Thank you for taking my question. I wanted to follow up on the gross margin. Obviously, a very strong result this quarter, shrink a big driver. LIFO was an offset and it does seem like there is, I don't know, roughly like 80 basis points in here of a tailwind that -- I mean, I guess, it seems like a lot of it is initial markup. So can you just talk about what that is?

大家好，早安。感謝您回答我的問題。我想追蹤一下毛利率。顯然，本季業績非常強勁，萎縮是一大推動力。LIFO 是一種抵消，看起來確實有，我不知道，大約有 80 個基點的順風 - 我的意思是，我猜，看起來其中很多都是初始加價。那你能談談那是什麼嗎？

And then just a quick follow-up. SG&A, there have been some retailers talking about increased higher liability claims. Just kind of curious, is that something that you are seeing sort of like where you are in the process there from like an actuarial standpoint, an assessment and if there's any risk there? Thanks.

然後只是快速的跟進。在銷售、一般及行政費用方面，一些零售商一直在談論增加高額責任索賠。只是有點好奇，從精算的角度來看，您是否看到了一些類似於您在那裡進行評估的過程，以及是否有任何風險？謝謝。

Yes. Thank you for the question. So yes, on the LIFO, I would say year-to-date, Q2 reflects what we know as regards to current tariff rates as well as it contemplates any cost increases that we've gotten from any of our vendors. But if you step back and just take a look at the big picture, what I would say is of the 137 basis points improvement in gross margin, we got 108 basis points of that in shrink. And then we're getting 29 basis points of tailwind from all of the other areas combined. So solid improvement on the gross margin front.

是的。謝謝你的提問。所以是的，關於後進先出法，我想說，從年初至今，第二季度反映了我們對當前關稅稅率的了解，同時也考慮到了我們從任何供應商那裡獲得的任何成本增加。但如果你退一步來看大局，我想說的是，毛利率提高了 137 個基點，其中有 108 個基點是縮水。然後，我們從所有其他領域獲得了總計 29 個基點的順風。因此毛利率方面有顯著改善。

Do you want to address the workers' comp and those pieces?

您想解決工人補償和那些問題嗎？

Yes, yes. Thank you, Todd. And on the general liability front, we are seeing some impact. It's not material. Generally, we're seeing the trend towards claims being more expensive as we resolve those, but not a material impact to us right now. And any trends that we are seeing has certainly been contemplated in our guidance.

是的，是的。謝謝你，托德。在一般責任方面，我們看到了一些影響。這不是物質的。總體而言，隨著我們解決索賠問題，我們發現索賠費用會越來越高，但目前對我們沒有實質的影響。我們所看到的任何趨勢肯定都已在我們的指導中考慮到了。

Zhihan Ma, Bernstein.

馬志漢，伯恩斯坦。

Great. Thank you so much for taking my question. I wanted to break down the comp sales performance a bit more in terms of -- you mentioned the trade-in benefit and also, of course, the better store operations driving more traffic. Can you help us better understand what proportion of the comp is driven by more macro-oriented trade-in versus more company-specific? And then going into next year, as we start to lap the tougher trading comps, what is going to be sustainable on the top line?

偉大的。非常感謝您回答我的問題。我想從以下幾個方面進一步細分同店銷售業績——您提到了以舊換新優惠，當然還有更好的門市營運帶來更多的客流量。您能否幫助我們更了解，與公司特定因素相比，哪些比例的銷售額是由更宏觀的以舊換新所驅動的？那麼進入明年，當我們開始應對更嚴峻的貿易競爭時，什麼才能在營收上維持永續發展？

Thank you.

謝謝。

Yes. Well, I would think as we look at where we are today, let me address the first part, and then we'll get to that sustainability piece. We feel good about where we are, both from our core consumer as well as this trade-in consumer. And I would tell you that a lot of the work that we did on Back to Basics has served us well and, quite frankly, has set us up nicely for that trade-in consumer. As that

是的。好吧，我想當我們回顧我們今天的狀況時，讓我先討論第一部分，然後我們再討論可持續性部分。我們對目前的狀況感到滿意，無論是來自我們的核心消費者還是來自以舊換新的消費者。我想告訴你們，我們在 Back to Basics 專案上所做的大量工作對我們非常有益，坦白說，它們為我們為以舊換新消費者做好了充分的準備。因為

trade-in consumer came into the brand over the last few quarters, they've seen a better store, both from cleanliness in stock as well as friendly as well as having somebody at the front end to meet and greet them. So I would tell you that from all the work that the team has done organically has produced a nice outcome on the comp of 2.8%.

在過去幾個季度中，以舊換新的消費者來到該品牌，他們看到了更好的商店，無論是從庫存的整潔度還是從友好度，以及有人在前端迎接他們。因此我想告訴你們，團隊所做的所有工作都為 2.8% 的複合成長率帶來了良好的結果。

I would tell you that as I look at the composition, as I mentioned earlier, being pretty balanced between consumables and nonconsumables that the work the team has done on the merchandising side on our non-consumable business has been phenomenal. All these brand partnerships that we've been talking about along with great execution at store level and the flow of freight from our distribution centers has all been very, very good to deliver that outsized comp that we saw in our non-consumable businesses.

我想告訴你，當我查看構成時，正如我之前提到的，消耗品和非消耗品之間相當平衡，團隊在非消耗品業務的商品方面所做的工作非常出色。我們一直在談論的所有這些品牌合作夥伴關係，以及商店層面的出色執行力和來自我們配送中心的貨運流量都非常非常好，為我們帶來了非消耗品業務中看到的超大利潤。

We believe as we move to the back half of the year, we're well positioned. Think about it this way. Right now, as we look at the back half of the year, our value proposition is as strong as ever. Matter of fact, we've got our $1 SKUs for the seasonal piece for the back half of the year. 25% of the offering is at $1 or less.

我們相信，隨著進入下半年，我們已經處於有利地位。這樣想想吧。現在，當我們回顧下半年時，我們的價值主張一如既往地強勁。事實上，我們下半年的季節性產品的 SKU 價格為 1 美元。 25% 的產品價格為 1 美元或更低。

So even in the face of tariffs, we've been able to maintain a $1 price point in our seasonal offering, which should resonate with the consumer. Matter of fact, 70% of the total offering is at $3 or less. So again, the team has done a great job. What that shows me and I believe will show in our results with our customer is that value is alive and well at Dollar General and they're seeing that as they trade into the brand.

因此，即使面臨關稅，我們仍然能夠將季節性產品的價格維持在 1 美元，這應該會引起消費者的共鳴。事實上，70% 的發行價都是 3 美元或更低。所以，再次強調，該團隊做得非常出色。這表明，並且我相信，我們與客戶的合作結果也將表明，Dollar General 的價值仍然存在且很好，而且他們在使用該品牌進行交易時也看到了這一點。

So I would say it's really both sides. It was some self-help, but also that consumer coming into the brand. But without that self-help, I'm not so sure that she would have stuck with us. So that really brings me to the second part of your question. And we do this very well. And that is being able to retain that trade-in customer. We've got a playbook that is very robust and dense.

所以我想說這確實是雙方的問題。這是某種自助行為，但也是消費者進入該品牌的行為。但如果沒有這種自助，我不確定她是否會和我們在一起。這實際上引出了我的問題的第二部分。我們在這方面做得很好。這就是能夠留住以舊換新的客戶。我們有一本非常強大和密集的劇本。

We digitized it a few years back coming out of COVID. And what I mean by digitize it, we had a great playbook coming out of the Great Recession, call it, that 2010, '11-time frame. We digitized it coming out of COVID in '21, '22. And now we're pulling that playbook back out. Matter of fact, we've already started marketing to these new customers digitally to, one, continue to keep them engaged; and two, hopefully keep them on that Dollar General journey even if times start to get a little better or different for that core consumer.

幾年前，在疫情結束後，我們就將其數位化了。我所說的數位化是指，我們在走出大衰退時有一本很棒的劇本，稱之為 2010 年、'11 年時間框架。我們在 2021 年和 2022 年新冠疫情結束後將其數位化。現在我們又重新開始執行這個劇本。事實上，我們已經開始透過數位方式向這些新客戶行銷，第一，繼續保持他們的參與度；第二，希望即使核心消費者的境況開始好轉或有所不同，也能讓他們繼續留在 Dollar General 購物。

So -- or I'm sorry, for that trade-in consumer. So we're working on all angles as you would imagine from Dollar General. But the comp sales are the lifeblood of this business, and we're pushing to deliver a comp at or above where we said we would be.

所以——或者我很抱歉，對於那些以舊換新的消費者。因此，正如您想像的那樣，我們正在從各個角度開展工作，就像 Dollar General 一樣。但同店銷售額是我們業務的命脈，我們正在努力實現達到或超過我們承諾的銷售額。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Hey, thanks. Good morning. Real nice work here, Todd. It seems like the only really missing ingredient here is getting the comp back above 3% and being able to do it consistently. I guess how are you feeling about that opportunity? And what are the drivers to get there?

嘿，謝謝。早安.托德，你做得真棒。看起來這裡唯一真正缺少的因素是讓同店銷售額回到 3% 以上，並且能夠持續做到這一點。我猜你對這個機會有什麼感覺？那麼實現這目標的驅動力是什麼呢？

And then, Kelly, on the gross margin line, a lot of questions there. Can you talk about the interrelationship between shrink and inventory damages and maybe size up the damages opportunity relative to maybe where you were in the past couple of years?

然後，凱利，關於毛利率，有很多問題。您能否談談損耗和庫存損失之間的相互關係，並根據過去幾年的情況來評估損失賠償的機會？

Thank you.

謝謝。

Yes, Chuck, thanks for the question. In our long-term framework, as you probably recall, we feel very comfortable in that 2% to 3% to deliver that. Now we're retailers. You know me pretty well. You know this team well. We will strive for more to drive it above those numbers. But I would tell you, we feel very comfortable in that 2% to 3% range as we go forward.

是的，查克，謝謝你的提問。您可能還記得，在我們的長期框架中，我們對 2% 到 3% 的目標感到非常滿意。現在我們是零售商。你很了解我。你很了解這個團隊。我們將竭盡全力使其超越這些數字。但我想告訴你，隨著我們不斷前進，我們對 2% 到 3% 的範圍內感到非常滿意。

Now in saying that, we've got a lot of drivers, not only the self-help that we talked about, not only that great value proposition that we continue to have for our core consumer as well as these trade-in consumers. But what we also have is a plethora of initiatives. So when you start to think about our Project Renovate and Elevate stores, those are great comp drivers.

現在說到這裡，我們有很多驅動因素，不僅僅是我們談到的自助，也不僅僅是我們繼續為核心消費者以及這些以舊換新消費者提供的巨大價值主張。但我們也有大量的舉措。因此，當您開始考慮我們的 Project Renovate 和 Elevate 商店時，它們都是很好的競爭驅動力。

As a matter of fact, our mature store base really threw off a very nice comp this past quarter. A lot of that driven again on all of the initiatives that we laid out, but also as you start to look at what projects Elevate and Renovate are doing. They're starting to produce those comps of 6% to 8% for Renovate and starting to produce and working our way to 3% to 5% on the Project Elevate stores.

事實上，我們成熟的門市基礎在過去一個季度確實取得了非常好的業績。其中許多再次推動了我們提出的所有舉措，但當你開始關注 Elevate 和 Renovate 正在進行的專案時也是如此。他們開始為 Renovate 生產 6% 到 8% 的同類產品，並開始在 Project Elevate 商店生產並努力將同類產品的比例提高到 3% 到 5%。

So those are all great mature store-based comp drivers. And we've got a long runway for that, as you would imagine, over the next few years with 20,000 to almost 21,000 stores now in the portfolio. So we've got a great opportunity there. And by the way, the customer response has been overwhelming on these remodels. And as important, so as the -- our associate, our employee base has really loved the remodels because they're very proud because the customer is loving it.

這些都是非常成熟的以商店為基礎的競爭驅動因素。正如您所想像的，在未來幾年內，我們擁有很長的發展道路，目前我們的投資組合中已有 20,000 到近 21,000 家商店。因此，我們在這方面獲得了一個很好的機會。順便說一句，客戶對這些改造的反應非常熱烈。同樣重要的是，我們的同事、我們的員工群都非常喜歡這些改造，因為他們感到非常自豪，因為客戶也喜歡它。

And then lastly, we want to deliver a very balanced portfolio of sales. And so those non-consumable initiatives continue to be very important. And I would tell you that pOpshelf will continue to be important for us as we continue to test and learn and then bring back to the mothership, if you will, Dollar General, those learnings and then deploy those across the chain. We're doing that as we speak. And I believe that's been some of the comp driver you've also seen on our non-consumable businesses.

最後，我們希望提供非常均衡的銷售組合。因此，這些非消耗性措施仍然非常重要。我想告訴你，pOpshelf 對我們來說仍然很重要，因為我們會繼續測試和學習，然後將這些學習成果帶回母艦（如果你願意的話，Dollar General），然後將其部署到整個鏈條中。我們說話的時候就在做這件事。我相信這也是您在我們的非消耗品業務中看到的一些競爭驅動因素。

And then just as I think about shrink and damages, one thing I'd just like to say is seeing shrink and damages improve together is real positive. And so we've talked a lot about strength, and maybe I'll just give you a little bit more color on the damage side. Like I noted just a little bit earlier that we did expect damages to be flat to slightly favorable as we work towards that 40 basis points improvement of our mid- to long-term framework.

然後，當我想到縮水和損害時，我想說的一件事是看到縮水和損害同時改善是非常積極的。我們已經談了很多關於力量的問題，也許我會在傷害方面給你多一點說明。就像我剛才提到的那樣，我們確實預計損失將持平或略有改善，因為我們正在努力實現中長期框架 40 個基點的改善。

And we believe we're well on our way to that with Q2 exceeding our expectations there. And so as you're probably noting in your question, a lot of the things that improve shrink will also improve damages, and we're seeing all of those things come to fruition. And so we feel good about our ability and our path to that 40 basis points of improvement.

我們相信，我們正在順利實現這一目標，第二季的業績超出了我們的預期。因此，正如您可能在問題中提到的那樣，許多改善收縮的因素也會改善損害，而且我們看到所有這些因素都已取得成果。因此，我們對我們的能力以及實現 40 個基點改進的途徑感到滿意。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Hey, good morning, everyone. I wanted to focus on SG&A. Q2 seemed unique because of the incentive comp returning. You talked about maintenance and repairs, I guess, in Q3. Can you talk a little bit more about the path back to normal operating leverage in light of the 2% to 3% comps that you mentioned?

嘿，大家早安。我想專注於銷售、一般及行政費用 (SG&A)。由於激勵補償的回歸，第二季顯得獨特。我想，您在第三季談到了維護和維修。您能否根據您提到的 2% 至 3% 的可比較價格，再多談一下恢復正常營運槓桿的途徑？

I guess a lot of costs have come back over the last two years, including this year, year-to-date. Should we assume this is just catch-up and then we enter next year with a more normal expense base? How do you guys think about that?

我想過去兩年，包括今年到目前為止，很多成本已經回升。我們是否應該認為這只是追趕，然後我們以更正常的支出基礎進入明年？大家對此有什麼看法？

Thank you so much.

太感謝了。

Yes. No, that incentive piece is certainly a big headwind for us this year at almost $200 million. And so I think probably a more normalized rate is one that we would exit out of this year as we think about going into 2026. I will say there's just been a ton of work around just making sure that we're mitigating SG&A deleverage as we move forward as part of our framework that we called out.

是的。不，那項近 2 億美元的激勵措施對於我們今年來說無疑是一個巨大的阻力。因此，我認為，當我們考慮進入 2026 年時，我們可能會在今年退出一個更正常化的利率。我想說的是，我們做了大量的工作，以確保我們在推進我們所呼籲的框架的過程中減輕銷售、一般和行政費用的去槓桿化。

So that's a huge focus for us, specifically around simplifying work and driving efficiencies as well as, as we think about the CapEx side and how it plays into depreciation, just optimizing CapEx to stabilize depreciation and amortization. And so working hard to make sure we're mitigating that SG&A deleverage. And then with all of the gross margin levers that we have in place, that's where we feel really good about getting to that 6% to 7% framework as we go over the mid- to longer term.

因此，這是我們關注的重點，特別是圍繞簡化工作和提高效率，以及當我們考慮資本支出方面及其如何影響折舊時，只需優化資本支出以穩定折舊和攤提。因此，我們努力確保減輕銷售、一般和行政費用的去槓桿作用。然後，透過我們現有的所有毛利率槓桿，我們對中長期內實現 6% 至 7% 的框架感到非常滿意。

Kelly Bania, BMO Capital Markets.

凱利·巴尼亞（Kelly Bania），BMO 資本市場。

Hi, good morning and best of luck to you as well, Kelly.

嗨，早上好，凱利，祝你好運。

Thank you.

謝謝。

I wanted to dig into the comps on the discretionary side. It sounds like they were in that maybe 2.5% range. But can you unpack that between the price mix and units? And just help us understand what is in the plan in terms of inflation for those discretionary categories in the back half?

我想深入了解自由支配方面的比較。聽起來他們可能處於 2.5% 的範圍內。但你能從價格組合和單位之間解釋清楚這一點嗎？能否幫助我們了解計畫中後半部可自由支配類別的通貨膨脹？

That's a great question. And I would tell you that the AUR was very similar year-over-year in those categories. Matter of fact, a lot of this is spring and summer during Q2 sales in our seasonal areas as an example. And a lot of the goods that we brought in prior to tariffs really were the drivers here. So tariff and price increases were not a real factor in our overall comp in non-consumables.

這是一個很好的問題。我想告訴你的是，這些類別的 AUR 與去年同期相比非常相似。事實上，以我們季節性地區第二季的春季和夏季銷售為例，其中許多都是如此。我們在徵收關稅之前進口的許多商品確實是推動這一進程的因素。因此，關稅和價格上漲並不是我們非消耗品整體競爭的真正因素。

And as I mentioned earlier, even with tariff numbers starting to flow into our seasonal home and other categories, we're still holding price points on many of them. And you heard me mention the 25% of our holiday assortment will be at $1 or less. And as we look at 70% of our offering, still being at $3 or less.

正如我之前提到的，即使關稅數字開始流入我們的季節性家居和其他類別，我們仍然對其中許多類別保持價格點。您聽到我提到，我們假日商品的 25% 價格將為 1 美元或更低。而我們看到，70% 的產品價格仍然在 3 美元或以下。

So I would tell you that the team has done a really good job of trading off items and bringing in new items for the seasonal areas to keep price points pretty stable for our consumer overall, especially as we look at our non-consumable businesses. So I feel as if the business is very stable but growing.

因此，我想告訴您，團隊在權衡商品和為季節性區域引入新商品方面做得非常好，從而為我們的消費者整體保持了價格點的穩定，特別是在我們關注非消耗品業務時。所以我覺得業務非常穩定，而且還在成長。

And the reason I'm bullish there is we're seeing the takeaway early on our holiday especially in our Harvest and Halloween areas. And those areas again have tariff rates embedded in them. But again, very manageable for our core consumer. And then lastly, I would tell you that all of the work that the team has done in non-consumables is really starting to come together and start to generate this positive momentum we're seeing, to your point, each of the three major categories in our non-consumable areas comped at 2.5%-plus.

我之所以對此持樂觀態度，是因為我們早在假期就看到了外賣的銷售情況，特別是在豐收節和萬聖節地區。這些地區也同樣有關稅稅率。但同樣，對於我們的核心消費者來說，這是非常容易管理的。最後，我想告訴您，團隊在非消耗品領域所做的所有工作確實開始匯聚在一起，並開始產生我們所看到的積極勢頭，正如您所說，我們非消耗品領域的三大類別的複合增長率都在 2.5% 以上。

Some of them -- a couple of them crossing the 3% mark. And I would tell you, feeling really good about that sustained momentum as we go forward with all the work that the team has done through brand partnerships as well as what the team has done at execution at store level. And I can't say enough about that. That is a very big component, especially for our trade-in consumer that's coming in to resonate with these items.

其中有些——有幾個超過了 3% 的水平。我想告訴你，隨著我們團隊透過品牌合作以及在商店層級執行所做的所有工作不斷推進，我們對這種持續的勢頭感到非常高興。我對此說不完。這是一個非常重要的組成部分，特別是對於我們以舊換新的消費者來說，他們對這些產品產生了共鳴。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Hey, thank you, and nice quarter guys. And Kelly, best wishes. I was wondering if you had an early view on how the One Big Beautiful Bill will have an impact on your core customer? And then maybe digging into that a little bit, it looks like SNAP dollars will get cut starting in October, maybe by about high single-digit percent. Is that something that's factored into the outlook? Do you think that will have any impact?

嘿，謝謝你們，你們真是太棒了。凱利，祝一切順利。我想知道您是否早就知道《美麗新法案》將如何影響您的核心客戶？然後稍微深入研究一下，看起來 SNAP 資金將從 10 月開始減少，降幅可能約為個位數百分比。這是影響前景的因素嗎？您認為這會產生影響嗎？

Yes. Let me take the first one first. Everything we know to date is factored into our outlook. Now we don't believe any SNAP things that are out there, especially those related to work requirements will be very impactful for us. As we went through this a few years ago, the work rule requirements was not really a factor for that SNAP customer for us.

是的。我先說第一個。我們迄今所知的一切都已融入我們的觀點之中。現在我們不相信任何現有的 SNAP 計劃，特別是那些與工作要求相關的東西會對我們產生很大影響。正如我們幾年前經歷過的那樣，工作規則要求對於我們那個 SNAP 客戶來說並不是一個真正的因素。

Now as you look at the bill in totality, whether it's this year and items that will be coming up from '26 through '29, we believe, overall, it should be a little bit of a tailwind for our core consumer. Some of you may be surprised at that. But I would tell you, as you look at those areas, especially the ones that are already in play, even though a lot of them won't be -- they won't recognize the income until tax time next year, things like no tax on tips, up to the levels.

現在，當您從整體上看賬單時，無論是今年的賬單還是 26 年至 29 年期間的賬單，我們相信，總體而言，這對我們的核心消費者來說應該是一個小小的順風。你們中的一些人可能會對此感到驚訝。但我要告訴你，當你看看這些領域時，特別是那些已經在實施的領域，儘管其中很多都不會——他們直到明年納稅時才會確認收入，比如小費免稅，直到達到一定水平。

No tax on over time. The social security, no tax pieces. All of that is very beneficial for our core consumer. And we believe we'll get our fair share of those benefits as we move forward. So a lot of positives, at least initially early. Some of the headwinds, broader SNAP cuts perhaps and a few other things that probably come more in late '26, '27, '28, we'll continue to watch for and see how they progress and what they look like. But overall, I feel really good about what our core customer initially will see from these tax benefits. We believe it really will be, including the child tax credits, will really be a benefit for our core consumer.

加班不徵稅。有社保，沒稅件。所有這些對於我們的核心消費者來說都非常有利。我們相信，隨著我們不斷前進，我們將獲得公平的利益。因此有很多積極的方面，至少在初期是如此。一些不利因素、更大範圍的 SNAP 削減以及其他一些可能在 26 年末、27 年、28 年出現的事情，我們將繼續關注並觀察它們的進展和發展。但總的來說，我對我們的核心客戶最初從這些稅收優惠中看到的收益感到非常滿意。我們相信，包括兒童稅收抵免在內的這些政策確實會為我們的核心消費者帶來好處。

Robby Ohmes, Bank of America.

羅比·歐姆斯（Robby Ohmes），美國銀行。

Oh, thanks for sneaking in here. Todd, can you just talk about what Dollar General, remind us what you guys are doing on the -- the fresh initiatives you guys are doing with DG market and maybe how you see competing with Walmart and I guess, maybe even Amazon at some point, trying to get more fresh food delivery into the rural markets?

哦，謝謝你偷偷溜進來。托德，您能否簡單談談 Dollar General 的情況，提醒我們你們在 DG 市場上正在採取哪些新舉措，以及您如何看待與沃爾瑪甚至亞馬遜的競爭，試圖將更多的新鮮食品配送到農村市場？

Yes. Thank you for the question. We're really proud about the work that we've done in these fresh categories. And quite frankly, that work has been going on and accelerating for the last 12, 13 years here at Dollar General. As a reminder, we stood up our own fresh distribution network in 2021 and into early '22, which has given us a real leg up and opportunity to get product to our stores timely and in full.

是的。謝謝你的提問。我們對於在這些新類別中所做的工作感到非常自豪。坦白說，這項工作在 Dollar General 已經進行了 12、13 年，並且進展順利。提醒一下，我們在 2021 年和 2022 年初建立了自己的新鮮分銷網絡，這給了我們真正的優勢和機會，讓我們能夠及時、完整地將產品送到我們的商店。

We've gotten produce now in 7,000-plus stores. We've got fresh meat and thousands of others. We are building our DG market concept and also putting produce in even outside of DG market concept in our Dollar General stores where it makes sense, especially as you mentioned, in rural America.

目前，我們的產品已銷往 7,000 多家商店。我們有新鮮肉和數千種其他肉。我們正在建立我們的 DG 市場概念，甚至將農產品放入我們 Dollar General 商店的 DG 市場概念之外，這是有意義的，尤其是正如您所提到的，在美國農村地區。

And the great thing about our delivery pieces is that -- and we're already seeing it in rural America where folks are buying those fresh items, fresh, frozen, deli, dairy, produce, online and being delivered in an hour or less to our consumer base.

我們的配送服務的優點在於——我們已經在美國農村地區看到了這一點，那裡的人們在網路上購買新鮮物品，包括生鮮食品、冷凍食品、熟食、乳製品和農產品，然後在一小時或更短的時間內送到我們的消費者手中。

We believe, again, as I mentioned earlier, that to be a competitive advantage as we move forward especially the speed that we're able to offer her and at the value pricing that she knows and loves for that Dollar General already. So we believe that it's a powerful combination that we will continue to cultivate in the years to come.

正如我之前提到的，我們相信，隨著我們繼續前進，這將成為一種競爭優勢，特別是我們能夠為她提供的速度，以及她已經了解和喜愛的 Dollar General 的價值定價。因此我們相信，這是一個強大的組合，我們將在未來幾年繼續培育它。

Thank you. At this time, we've reached the end of our question-and-answer session, and this will also conclude today's conference. You may now disconnect your lines at this time. We thank you for your participation and have a wonderful day.

謝謝。至此，我們的問答環節就結束了，今天的記者會也結束了。現在您可以斷開線路了。感謝您的參與並祝您有美好的一天。