達樂 (DG) 2026 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 2026 earnings call. Today is Tuesday, June 2, 2026. (Operator Instructions) 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.

各位早安。我叫 Rob，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Dollar General 2026 會計年度第一季財報電話會議。今天是 2026 年 6 月 2 日（星期二）。（接線員指示）本通話將被錄音。關於收聽本次電話會議重播的指示，已載於公司今早發布的財報新聞稿中。

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

現在我想將會議交給投資人關係副總裁 Kevin Walker 先生。Kevin，您可以開始了。

Thank you, and good morning, everyone. On the call with me today are Todd Vasos, our CEO; and Donny Lau, our CFO. After our prepared remarks, we'll open the call up for your questions, and Emily Taylor, our Chief Operating Officer, will join us for the Q&A session. To allow us to address as many questions as possible in the queue, please limit yourself to one question. Our earnings release issued today can be found on our website at investor.dollargeneral.com under News & Events.

謝謝，各位早安。今天與我一同出席電話會議的有：我們的執行長 Todd Vasos，以及我們的財務長 Donny Lau。在我們的準備發言之後，我們將開放提問；而我們的營運長 Emily Taylor 也將加入問答環節。為了讓我們能在隊列中回答盡可能多的問題，請各位每人僅限提一個問題。我們今天發布的財報新聞稿可於 investor.dollargeneral.com 網站的 News & Events（新聞與活動）欄位中查閱。

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. 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 2025 Form 10-K filed on March 20, 2026, and any later filed periodic report and in the comments that are made on this call.

提醒各位，今天的評論包含《1995 年私人證券訴訟改革法》（Private Securities Litigation Reform Act of 1995）所定義的前瞻性陳述，例如關於我們的財務指引、長期財務架構、策略、各項倡議、計畫、目標、優先事項、機會、對未來事項的預期或信念，以及其他不僅限於歷史事實的陳述。這些陳述受風險與不確定性影響，可能導致實際結果與我們的預期與推估出現重大差異。相關因素包括但不限於：我們今早發布的財報新聞稿中所列之風險因素、我們於 2026 年 3 月 20 日提交的 2025 年 Form 10-K 中「Risk Factors（風險因素）」章節所辨識者、任何其後提交的定期報告，以及本次電話會議中的相關評論。

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.

各位不應過度依賴前瞻性陳述；其僅反映截至今日之情況。除非法律要求，Dollar General 不承擔更新或修訂本次電話會議中所討論任何資訊的義務。

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

現在我很榮幸將電話會議交給 Todd。

Thank you, Kevin, and welcome to everyone joining our call. I want to begin by thanking our teams in our stores, distribution centers, private fleet, and store support center for their continued commitment and dedication to serving our customers.

謝謝你，Kevin，也歡迎各位加入我們的電話會議。我想先感謝我們門市、配送中心、自有車隊以及門市支援中心的團隊，持續以承諾與投入服務我們的顧客。

Overall, we're pleased with our first-quarter performance, particularly our EPS results, which exceeded our expectations as strong operating margin expansion more than offset the impact of severe weather and higher fuel costs.

整體而言，我們對第一季的表現感到滿意，特別是每股盈餘（EPS）結果優於我們的預期，因為強勁的營業利益率擴張，已足以抵銷惡劣天候與較高燃油成本的影響。

For today's call, I'll start by recapping highlights from our first-quarter performance. Donny will then walk through our financial results and outlook, and I'll close with an update on our strategic growth pillars.

在今天的電話會議中，我將先回顧第一季表現的重點。接著 Donny 將說明我們的財務結果與展望，最後我會就我們的策略性成長支柱提供最新進展。

Turning to our first-quarter performance. Net sales for the quarter increased 3.4% to $10.8 billion compared to net sales of $10.4 billion in last year's first quarter. 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 non-consumable product sales. Importantly, in an environment where customers are feeling more pressure on their household budgets, we believe this market share growth reflects the essential role Dollar General serves, particularly in small town communities across America.

接著談第一季表現。本季淨銷售額較去年第一季的 104 億美元成長 3.4%，達到 108 億美元。本季我們在高頻消耗品（highly consumable）銷售方面，再次於金額與件數（units）兩者皆提升市占，同時也在非消耗品（non-consumable）銷售方面提升市占。重要的是，在顧客家庭預算承受更大壓力的環境下，我們認為這樣的市占成長反映了 Dollar General 所扮演的關鍵角色，尤其是在美國各地的小城鎮社區。

Same-store sales increased 2% during the quarter, primarily driven by customer traffic growth of 1.4% and supported by average basket growth of 0.5 point. Notably, this marks the fourth consecutive quarter of growth in customer traffic as our combination of value and convenience continues to resonate with customers.

本季同店銷售（same-store sales）成長 2%，主要由顧客來客數（customer traffic）成長 1.4% 所帶動，並由平均客單（average basket）成長 0.5 個百分點提供支撐。值得注意的是，這是顧客來客數連續第四季成長，顯示我們「價值＋便利」的組合持續引起顧客共鳴。

In addition, all four merchandising categories delivered positive comp sales for the fifth consecutive quarter with growth rate in non-consumables once again outpacing consumables. From a monthly cadence perspective, all three periods of the quarters were positive, led by March, which includes a benefit from the Easter holiday shift. And while winter storm activity, including periods of temporary store closures, negatively impacted results during the first two weeks of the quarter in February, we were pleased with our sales performance across the balance of the quarter. Looking ahead, we are confident about our plans to drive continued growth in sales and customer traffic.

此外，四大商品類別連續第五季皆繳出正向同店銷售，其中非消耗品的成長率再次超越消耗品。以月度節奏來看，本季三個期間皆為正成長，由 3 月領先，3 月包含復活節假期時點移動所帶來的助益。雖然冬季風暴活動（包括部分期間的門市暫時關閉）在 2 月的前兩週對結果造成負面影響，但我們對本季其餘期間的銷售表現感到滿意。展望未來，我們對推動銷售與顧客來客數持續成長的計畫充滿信心。

Moving to an update on our core customer. While there are a variety of puts and takes on customer budgets during Q1, our core customer continues to be financially constrained as any benefit from tax benefits was largely offset by higher fuel prices and reductions in SNAP benefit payments. Importantly, while there has been a significant reduction in overall SNAP dollars distributed in 2026, we grew share of wallet with SNAP customers during Q1, further demonstrating the strength and relevance of our value proposition.

接著更新我們的核心顧客情況。第一季顧客預算有多項利多與利空因素交錯，但我們的核心顧客仍持續面臨財務壓力，因為稅務相關利益帶來的助益，多數被較高的燃油價格以及 SNAP（補充營養援助計畫）福利支付金額的減少所抵銷。重要的是，儘管 2026 年整體 SNAP 發放金額大幅下降，我們在第一季仍提升了 SNAP 顧客的錢包占比（share of wallet），進一步展現我們價值主張的強度與相關性。

Notably, during the quarter, many of our core customers reporting cutting back on other household expenses, including food purchases due to rising gas prices. This pressure has been more pronounced on customers in rural communities as they work to minimize trip distance and make trade-offs in their search for everyday affordability and value. And with our expansive real estate footprint of more than 21,000 stores located within 5 miles of 75% of the US population as well as our growing delivery presence, we are uniquely positioned to serve these customers as they further prioritize value and convenience.

值得注意的是，本季許多核心顧客表示，因汽油價格上漲而縮減其他家庭支出，包括食品採購。這種壓力在鄉村社區的顧客身上更為明顯，因為他們努力縮短出行距離，並在追求日常可負擔性與價值的過程中做出取捨。憑藉我們廣泛的不動產據點——超過 21,000 家門市，且位於美國 75% 人口 5 英里範圍內——以及我們持續擴大的外送服務布局，我們具備獨特優勢，可在顧客更優先考量價值與便利之際，為其提供服務。

From a value perspective, we continue to be pleased with our pricing position, which is within 3 or 4 percentage points of mass retailers as well as our extensive offering of more than 2,000 items across the store at or below the $1 price point.

就價值而言，我們持續對自身的定價定位感到滿意；我們的價格與大型量販零售商（mass retailers）相比，差距在 3 到 4 個百分點以內。同時，我們在全店提供超過 2,000 項商品，價格在 1 美元或以下。

As part of our overall approach to this price point, we continue to emphasize and strengthen our Value Valley offering, which is comprised of more than 500 rotating items all at $1. Of note, this offering once again outperformed the chain average in Q1 with a comp sales increase of 18.4%, driven by broad-based performance across many sections and exceptional performance in health and beauty.

作為我們整體 1 美元價位策略的一部分，我們持續強調並強化 Value Valley 方案；該方案由超過 500 項輪替商品組成，全部定價為 1 美元。值得一提的是，該方案在第一季再次優於全連鎖平均表現，同店銷售成長 18.4%，由多個區段的廣泛性表現所帶動，且在健康與美容品類表現尤為突出。

Beyond our Value Valley program, we also introduced several new $1 private label items during the quarter as well as a new frozen section, which now features a full door dedicated to new frozen items at the $1 price point. We believe this price point continues to be important to our customers and are excited about the opportunity to continue providing tremendous value through these offerings.

除 Value Valley 計畫外，我們本季也推出數款新的 1 美元自有品牌（private label）商品，以及新增一個冷凍區；該冷凍區目前設有一整扇門（full door）專門陳列新的 1 美元冷凍商品。我們相信 1 美元價位對顧客仍然重要，也對透過這些商品持續提供卓越價值的機會感到振奮。

In addition, we are seeing customer penetration growth across low, middle, and high-income segments as customers across all income cohorts seek value at increasing rates. Notably, across these cohorts, the largest increase in customer count came from the highest income segment, which earns more than $100,000 annually, contributing to a significant increase in trade-in customer households during the quarter. We know that value and convenience are always important to our customers, but even more so right now. And as America's neighborhood general store, we are well positioned to help customers across all income levels save time and money every day.

此外，我們看到低、中、高收入族群的顧客滲透率皆在提升，因為各收入層級的顧客都以更高的速度尋求價值。值得注意的是，在這些族群中，顧客數增加最多的是年收入超過 10 萬美元的最高收入族群，帶動本季「轉入」（trade-in）顧客家庭數顯著增加。我們知道價值與便利對顧客一直都很重要，但在當下更是如此。作為美國社區型的綜合雜貨店（neighborhood general store），我們具備良好定位，能協助各收入層級的顧客每天節省時間與金錢。

Overall, our consistent and balanced top line performance with both new and existing customers further underscores our belief that Dollar General is a trusted partner in the communities we call home with significant opportunity for ongoing growth. In summary, we are pleased with the start of the year and proud of our team's execution. We are committed to serving our customers while driving profitable sales growth and capturing growth opportunity.

整體而言，我們在新客與既有顧客之間展現一致且均衡的營收表現，進一步強化我們的信念：Dollar General 是我們所稱之為「家」的社區中值得信賴的夥伴，並且仍有可觀的持續成長機會。總結來說，我們對今年的開局感到滿意，也為團隊的執行力感到自豪。我們將致力於服務顧客，同時推動具獲利性的銷售成長並掌握成長機會。

With that, let me now turn the call over to Donny.

接下來，我把電話會議交給 Donny。

Thank you, Todd, and good morning, everyone. Now that Todd has taken you through the top-line results for 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，Todd，各位早安。Todd 已帶各位回顧本季的營收端（top-line）結果後，接下來我將說明其他重要的財務細節。除非我們另有特別說明，所有比較皆為年對年（year over year）。所有 EPS 的提及皆指稀釋後每股盈餘（diluted earnings per share），而所有提到的年度皆指相對應的會計年度。

For Q1, gross profit as a percentage of sales was 31.6%, an increase of 65 basis points. This increase was primarily attributable to higher inventory markups, lower shrink and lower inventory damages, partially offset by an increase in markdowns and transportation costs. Our strength mitigation efforts once again contributed to strong gross margin expansion in the quarter as we delivered a 28 basis point reduction in shrink versus prior year, even while lapping a 61 basis point improvement from Q1 2025. We were also pleased with the improvement in damages during the quarter, which exceeded our expectations and reflects strong in-store execution by the team.

第一季，毛利占銷售額比重為 31.6%，增加 65 個基點。此增幅主要歸因於較高的庫存加價、較低的損耗（shrink）以及較低的庫存損壞，部分被折價（markdown）與運輸成本上升所抵銷。我們的防損（shrink mitigation）措施在本季再次推動毛利率強勁擴張，較去年同期損耗降低 28 個基點，儘管去年 2025 年第一季已改善 61 個基點。我們也對本季損壞情況的改善感到滿意，表現優於預期，反映團隊在門市端的強勁執行力。

Turning to SG&A, which as a percentage of sales was 25.7%, an increase of 25 basis points. The primary expenses that were a greater percentage of sales in the quarter include depreciation and amortization, utilities, and property taxes, partially offset by lower incentive compensation.

接著談 SG&A（銷售、一般及行政費用），其占銷售額比重為 25.7%，增加 25 個基點。本季占銷售額比重較高的主要費用包括折舊與攤銷、水電公用事業費，以及不動產稅，部分被較低的獎勵性薪酬所抵銷。

Moving down the income statement. Operating profit for the first quarter increased 10.8% to $638.5 million. As a percentage of sales, operating profit increased 40 basis points to 5.9%, even with higher-than-anticipated fuel costs as we continue to build on our progress towards the annual target of 6% to 7%, as contemplated in our long-term financial framework.

再往下看損益表。第一季營業利益成長 10.8% 至 6.385 億美元。以銷售額百分比計，營業利益率提高 40 個基點至 5.9%；即使燃料成本高於預期，我們仍持續在既有進展上再接再厲，朝年度 6% 至 7% 的目標邁進，這也符合我們長期財務架構中的規劃。

Net interest expense for the quarter decreased to $47.2 million compared to $64.6 million in last year's first quarter. Our effective tax rate for the quarter was 24.9% compared to 23.4% in the prior year. The increase was primarily due to the expiration of the Work Opportunity Tax Credit on December 31, 2025, partially offset by lower stock-based compensation expense. Finally, EPS for the quarter increased 12.4% to $2, which exceeded the high end of our internal expectations.

本季淨利息費用降至 4,720 萬美元，去年第一季為 6,460 萬美元。本季有效稅率為 24.9%，去年同期為 23.4%。上升主要因 2025 年 12 月 31 日「工作機會稅額抵免」（Work Opportunity Tax Credit）到期，部分被較低的股票基礎薪酬費用所抵銷。最後，本季 EPS 成長 12.4% 至 2 美元，超出我們內部預期區間的上緣。

Turning now to our balance sheet and cash flow, where we continue to make significant progress in strengthening our financial position. Merchandise inventories were $6.6 billion at the end of Q1, essentially flat compared to the prior year and represents a decline of 1.6% on an average per store basis.

接著談資產負債表與現金流，我們持續在強化財務體質方面取得顯著進展。第一季末商品存貨為 66 億美元，與去年同期基本持平；若以每店平均計，則下降 1.6%。

Importantly, the team has done a terrific job reducing inventory to a level we believe is appropriate to support strong sales growth and higher in-stock levels going forward. Overall, we're pleased with our inventory position, and for fiscal 2026, continue to expect inventory to grow at a rate below our sales curve.

重要的是，團隊在將存貨降至我們認為適當的水準方面表現出色，以支撐未來強勁的銷售成長與更高的在庫率（in-stock levels）。整體而言，我們對目前的存貨狀況感到滿意；在 2026 會計年度，我們仍預期存貨成長率將低於銷售成長曲線。

In Q1, we generated significant cash flow from operations of $716.2 million, providing flexibility to reinvest in the business and return meaningful cash to shareholders, all while further strengthening our balance sheet and liquidity position. Our capital allocation priorities continue to serve us well and remain unchanged.

第一季，我們創造了 7.162 億美元的可觀營運現金流，讓我們能更有彈性地再投資於業務並向股東返還可觀現金，同時進一步強化資產負債表與流動性部位。我們的資本配置優先順序持續發揮良好效果，且維持不變。

Our first priority is investing in the business, including our existing store base as well as other high-return growth opportunities such as new store expansion and strategic initiatives. Next, we seek to return cash to shareholders through our quarterly dividend payment and when appropriate, share repurchases, all while maintaining our goal of less than 3 times adjusted debt to adjusted EBITDAR in support of our commitment to middle BBB ratings by S&P and Moody's.

我們的第一優先是投資於業務，包括既有門市基礎，以及其他高報酬的成長機會，例如新店擴張與策略性計畫。其次，我們透過季度現金股利發放，以及在適當時機進行庫藏股買回，向股東返還現金；同時維持「調整後負債／調整後 EBITDAR」低於 3 倍的目標，以支持我們對 S&P 與 Moody’s 中段 BBB 評級的承諾。

Moving to an update on our financial outlook for fiscal 2026. Our update reflects our strong Q1 results and outlook for the remainder of the year while also considering our efforts to mitigate ongoing inflationary pressures as well as the potential for continued uncertainty, particularly in consumer behavior.

接著更新我們對 2026 會計年度的財務展望。本次更新反映我們第一季的強勁表現與對今年剩餘期間的看法，同時也納入我們因應持續通膨壓力的努力，以及持續不確定性（特別是消費者行為）的可能性。

With all of this in mind, we now expect the following for 2026: net sales growth in the range of 3.7% to 4.2%, same-store sales growth in the range of 2.2% to 2.7%, and EPS in the range of $7.20 to $7.45, which compares to our previous range of $7.10 to $7.35. Our EPS guidance now assumes an effective tax rate of approximately 24.5%. Our expectations for capital spending in real estate projects are unchanged from what our previously stated amounts.

綜合以上因素，我們目前對 2026 年的預期如下：淨銷售成長介於 3.7% 至 4.2%；同店銷售成長介於 2.2% 至 2.7%；EPS 介於 7.20 至 7.45 美元，相較先前區間 7.10 至 7.35 美元上調。我們目前的 EPS 指引假設有效稅率約為 24.5%。我們對不動產專案的資本支出預期，與先前所述金額一致，維持不變。

In addition, our Board of Directors recently approved a quarterly cash dividend payment of $0.59 per share for Q2 2026. And while our guidance does not contemplate share repurchases this year, they remain an important part of our broader capital allocation strategy at the appropriate time.

此外，我們董事會近期核准於 2026 年第二季發放每股 0.59 美元的季度現金股利。雖然我們的指引未納入今年的庫藏股買回，但在適當時機，庫藏股買回仍是我們更廣泛資本配置策略的重要一環。

Now let me provide some additional context around our updated outlook for 2026. Despite higher-than-anticipated fuel costs, we continue to expect gross margin expansion for the full year, driven by continued progress against our key gross margin initiatives, many of which are still early in their maturity curve.

接下來我補充一些關於 2026 年更新展望的背景。儘管燃料成本高於預期，我們仍預期全年毛利率將擴張，主要由我們關鍵毛利率計畫的持續進展所帶動，其中許多仍處於成熟曲線的早期階段。

As a reminder, our initiatives include continued improvements in shrink and damages, growth in our DG Media Network, non-consumables merchandising, supply chain productivity, and category management.

提醒一下，我們的計畫包括持續改善損耗與損壞、擴大 DG Media Network、強化非消耗品商品策略、提升供應鏈生產力，以及品類管理。

On the expense side, we still expect modest SG&A deleverage in 2026, even as we plan to accelerate investments in key initiatives, including AI, as we look to build on our momentum and progress towards the achievement of our long-term financial framework grow.

在費用方面，即使我們計畫加速對關鍵計畫（包括 AI）的投資，以延續動能並朝達成長期財務架構的成長目標前進，我們仍預期 2026 年 SG&A 將出現溫和的去槓桿（deleverage）。

Finally, we have received a -- while we have received an immaterial amount of IEEPA tariff refund payments to date, our guidance does not include any impact from tariff refunds as the exact timing and amount of any future potential refunds remains uncertain.

最後，我們已收到——雖然截至目前我們收到的 IEEPA 關稅退稅款金額不具重大性，但由於任何未來可能退稅的確切時間與金額仍不確定，我們的指引未包含關稅退稅的任何影響。

In closing, we are pleased with our first-quarter results and strong start to the year. Looking ahead, we're excited about our plans to drive continued growth while delivering against our long-term financial framework goals. Overall, we're confident in our business model and approach to driving profitable sales growth, high returns on invested capital, strong operating cash flow, and long-term shareholder value.

總結來說，我們對第一季的業績與今年強勁的開局感到滿意。展望未來，我們對推動持續成長、並交付長期財務架構目標的計畫感到振奮。整體而言，我們對自身商業模式與推動獲利性銷售成長、高投入資本報酬、強勁營運現金流，以及長期股東價值的做法充滿信心。

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

接下來，我把電話交回給 Todd。

Thank you, Donny. I'll take the next few minutes to provide an update on our four strategic growth pillars, which are supported by targeted initiatives to drive long-term sustainable growth and value creation. As a reminder, these pillars include enhancing the customer experience, elevating our brand, driving greater enterprise-wide efficiencies, and extending our reach.

謝謝你，Donny。我接下來用幾分鐘更新我們四大策略性成長支柱；這些支柱由具針對性的計畫所支持，以推動長期可持續的成長與價值創造。提醒一下，這些支柱包括：提升顧客體驗、強化品牌、推動全企業更高效率，以及擴大觸及範圍。

First, we remain focused on enhancing the customer experience. Our efforts to improve the non-consumable product offering continues to resonate with customers as evidenced by the 4.6% increase in combined non-consumable comp sales during Q1. This performance was led by strong growth in toys, including many on-trend items that are resonating with our customers.

首先，我們仍專注於提升顧客體驗。我們改善非消耗品商品供給的努力持續引起顧客共鳴，第一季非消耗品合計同店銷售成長 4.6% 即為明證。此表現主要由玩具品類的強勁成長帶動，其中包含許多符合潮流、深受顧客喜愛的商品。

In addition, we continue to evolve and expand our successful brand partnerships during the quarter, launching three brands, including Holly Williams, in our home category. These new brands have been popular with our customers, along with other brands launched last year, such as Dolly Parton as we continue to deliver compelling value while creating a sense of newness and excitement in our discretionary category.

此外，本季我們持續演進並擴大成功的品牌合作，在家居品類推出三個品牌，其中包括 Holly Williams。這些新品牌深受顧客歡迎，連同去年推出的其他品牌（例如 Dolly Parton），在我們持續提供具吸引力的價值主張之際，也在選購性品類中營造新鮮感與興奮感。

Beyond our in-store initiatives, we are also advancing our digital initiatives as we seek to further enhance the omnichannel customer experience at Dollar General. Our robust digital ecosystem, which includes our popular DG app, and a suite of delivery offerings is an important complement to our expansive physical store network and continues to be a key driver of incremental value and convenience for our customers. As we look to drive future growth in this area, we are focused on scaling our delivery options, personalizing the experience for customers and growing the DG Media Network.

除了門市端的計畫外，我們也在推進數位計畫，進一步提升 Dollar General 的全通路顧客體驗。我們強健的數位生態系包含廣受歡迎的 DG app，以及一系列配送服務，作為我們廣泛實體門市網絡的重要補充，並持續成為為顧客帶來增量價值與便利性的關鍵驅動力。為推動此領域的未來成長，我們聚焦於擴大配送選項規模、為顧客打造更個人化的體驗，並成長 DG Media Network。

We continue to grow the reach of our delivery options available to customers and are now delivering from approximately 18,000 stores with our own myDG delivery offering as well as through third-party partners, DoorDash and Uber Eats. Collectively, these delivery options have significantly enhanced the convenience proposition for our customers with the ability to deliver from stores to their homes within minutes.

我們持續擴大提供給顧客的配送選項覆蓋範圍，目前透過自有的 myDG 配送服務，以及第三方合作夥伴 DoorDash 與 Uber Eats，已可由約 18,000 家門市提供配送。整體而言，這些配送選項大幅提升了顧客的便利性主張，使其能在數分鐘內由門市配送到府。

To that point, once again during the quarter, more than 80% of the orders were delivered in 1 hour or less with approximately half of those orders delivered under 30 minutes, further underscoring the strength of our convenience proposition. Our rapidly growing delivery platform are becoming a more meaningful sales driver as we continue to see larger basket sizes than an average in-store transaction and strong repeat visit rate. In fact, we estimate delivery sales contributed approximately 70 basis points to our comp sales growth of 2% in Q1.

就此而言，本季我們再次達成超過 80% 的訂單在 1 小時內送達，其中約有一半的訂單在 30 分鐘內送達，進一步凸顯我們「便利性」價值主張的強勁實力。我們快速成長的外送平台正逐步成為更具意義的銷售驅動力，因為我們持續看到外送的平均客單價高於一般門市交易，且回購／重複下單率強勁。事實上，我們估計外送銷售在第一季 2% 的同店銷售成長中，約貢獻了 70 個基點。

Looking ahead, we are targeting continued incremental sales growth through customer experience enhancements, increased customer awareness, and expanded loyalty opportunities, including the planned pilot of a delivery subscription program later this year.

展望未來，我們的目標是透過提升顧客體驗、提高顧客認知度，以及擴大會員忠誠度機會來持續帶動增量銷售成長，其中包括計畫於今年稍晚試點推出外送訂閱方案。

Building on the growth within this ecosystem, one of the most significant components of our digital initiative is our DG Media Network, which enables a more personalized experience for our customers while delivering a higher return on ad spend for our partners. Our DG Media Network strategy is focused on accelerating on-site performance through improved search, sponsored products, and a stronger e-commerce experience while expanding our ability to capture emerging off-site spend across social, Connected TV, and video. We're also creating more opportunities for advertisers to participate inside our stores, including our recently expanded in-store radio network, ultimately providing better connection between our digital and physical experiences.

在此生態系成長的基礎上，我們數位化計畫中最重要的組成之一是 DG Media Network（DG 媒體網路），它能為顧客提供更個人化的體驗，同時為合作夥伴帶來更高的廣告投放報酬率。我們的 DG Media Network 策略聚焦於透過改善站內搜尋、贊助商品，以及更強的電商體驗來加速站內表現，同時擴大我們在社群、Connected TV（連網電視）與影音等渠道捕捉新興站外廣告支出的能力。我們也在門市內創造更多讓廣告主參與的機會，包括近期擴大的店內廣播網路，最終在我們的數位與實體體驗之間建立更好的連結。

Overall, we believe this approach positions our advertising network as a strategic lever to drive profitable growth, enhance the customer experience, and strengthen loyalty across our digital ecosystem. Overall, digital strategy is an important component to our in-store customer experience and a key driver within our long-term financial framework.

整體而言，我們相信此一作法能使我們的廣告網路成為推動獲利成長、提升顧客體驗並強化我們數位生態系忠誠度的策略槓桿。總體來看，數位策略是我們門市顧客體驗的重要組成，也是我們長期財務架構中的關鍵驅動因素。

Our second strategic growth pillar is elevating our brand. We have a mature store base that uniquely enables us to serve customers in smaller and more rural communities. We continue to make strategic investments in our mature stores, particularly through our Project Renovate and Elevate remodel programs, which we believe can drive significant sales and profit growth.

我們第二個策略性成長支柱是提升品牌。我們擁有成熟的門市基礎，能以獨特方式服務較小型與更偏鄉的社區。我們持續對成熟門市進行策略性投資，特別是透過 Project Renovate 與 Project Elevate 的改裝計畫；我們相信這些計畫能帶動顯著的銷售與獲利成長。

As a reminder, Project Renovate is our traditional remodel program, which impacts the entire store and includes adding or replacing coolers as well as upgrading to our latest store format. These projects are focused primarily on stores that are seven or more years removed from opening or their last full remodel. While Project Elevate is designed to further grow sales and market share 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 enhancements, merchandising updates, product adjacency adjustments, and category refreshes, all of which generally impact up to 80% of the total store.

提醒一下，Project Renovate 是我們傳統的全面改裝計畫，影響整間門市，包含新增或更換冷藏櫃，以及升級至我們最新的門市格式。這些專案主要聚焦於開店或上一次完整改裝已滿七年或以上的門市。至於 Project Elevate，則是為了在成熟門市群中、尚未達到納入全面改裝管線年限的部分門市，進一步提升銷售與市占。這些專案包含實體資產強化、陳列／商品化更新、商品相鄰性調整與品類更新，通常可影響門市總面積的最多約 80%。

We continue to expect to execute a total of 2,000 Project Renovate remodels and 2,250 Project Elevate remodels this year. We made significant progress on these goals in the first quarter, completing 659 Project Renovate remodels and 711 Project Elevate remodels.

我們仍預期今年將執行合計 2,000 間 Project Renovate 改裝，以及 2,250 間 Project Elevate 改裝。我們在第一季已在這些目標上取得顯著進展，完成了 659 間 Project Renovate 改裝與 711 間 Project Elevate 改裝。

We continue to target annualized comp sales lift of approximately 6% in Project Renovate stores and approximately 3% in Project Elevate stores. These projects are not only enhancing the customer experience, but also our store associate experience. In turn, we believe we can continue to improve customer satisfaction, store manager turnover, and sales.

我們仍以 Project Renovate 門市約 6% 的年化同店銷售提升、以及 Project Elevate 門市約 3% 的年化同店銷售提升為目標。這些專案不僅在提升顧客體驗，也在改善門市同仁的工作體驗。進而，我們相信能持續提升顧客滿意度、降低店經理流動率並帶動銷售。

Our third strategic growth pillar is driving greater enterprise-wide efficiency. We continue to pursue opportunities to drive greater efficiencies while lowering costs across the organization, including increased supply chain productivity, further simplification in our stores, inventory optimization, and increased use of artificial intelligence. Within our supply chain, we increased productivity in both our distribution and transportation functions during the quarter, which helped us mitigate a portion of the substantial increase in our fuel costs.

我們第三個策略性成長支柱是推動全企業更高效率。我們持續尋找在整個組織中提升效率並降低成本的機會，包括提升供應鏈生產力、進一步簡化門市作業、最佳化庫存，以及增加人工智慧的使用。在供應鏈方面，本季我們在配送中心與運輸職能兩端都提升了生產力，協助我們抵銷燃料成本大幅上升的部分影響。

Additionally, while we are still early in our AI journey, we are building an AI operating system for the enterprise, focused on reshaping our workflows to improve productivity and enablement. Overall, we are making meaningful progress advancing our AI goals, including creating shared enterprise-wide foundations and building momentum around new AI operating models. These steps have allowed us to accelerate adoption of high-value use cases, and we believe will improve how we engage with customers and how they shop with us as well as drive greater cost efficiencies throughout the business.

此外，雖然我們的 AI 旅程仍在早期階段，但我們正在為企業打造一套 AI 作業系統，聚焦於重塑工作流程，以提升生產力與賦能。整體而言，我們在推進 AI 目標方面已取得實質進展，包括建立全企業共享的基礎能力，並在新的 AI 營運模式上累積動能。這些步驟使我們得以加速導入高價值的應用情境；我們相信這將改善我們與顧客互動的方式，以及顧客在我們這裡購物的方式，同時也能在整個業務中帶來更高的成本效率。

Our final strategic growth pillar is extending our reach. We continue to extend our unique combination of value and convenience to new communities across the country. In Q1, we opened 190 new stores in the US as part of our continued plan to open a total of 450 new stores in 2026. Importantly, these projects continue to be one of our best uses of capital, delivering healthy returns while also expanding our access to new customers and communities.

我們最後一個策略性成長支柱是擴大觸及範圍。我們持續將「價值」與「便利」的獨特組合帶到全國更多新社區。第一季，我們在美國新開了 190 間門市，符合我們持續推進、在 2026 年合計新開 450 間門市的計畫。重要的是，這些專案仍是我們資本運用中最優的選項之一，不僅帶來健康的報酬，也擴大我們接觸新顧客與新社區的能力。

In addition to our new Dollar General store growth, we continue to test, learn, and refine our strategies for international growth in Mexico. As part of our plans to open a total of approximately 10 stores in Mexico in 2026, we opened five Mi Súper Dollar General stores in Q1, bringing us to a total of 21 stores in Mexico. While our core business proposition of value and convenience continues to resonate with customers in Mexico, we are leveraging our customer, real estate, and merchandising insights to further expand our reach and capture more of those exciting growth opportunities.

除了 Dollar General 在美國的新店成長外，我們也持續在墨西哥測試、學習並精進國際成長策略。作為我們在 2026 年於墨西哥合計新開約 10 間門市計畫的一部分，我們在第一季新開了 5 間 Mi Súper Dollar General 門市，使我們在墨西哥的門市總數達到 21 間。雖然我們以價值與便利為核心的商業主張持續獲得墨西哥顧客共鳴，但我們正運用在顧客、房地產與商品化方面的洞察，進一步擴大觸及範圍，並掌握更多令人振奮的成長機會。

Overall, we are confident in our strategy and excited about our plans to build on our progress toward these goals laid out in our long-term financial framework. And we are pleased with our Q1 performance and proud of the team's efforts to the start this year. Our people are our greatest strategic advantage, and I want to thank our approximately 195,000 employees for their ongoing commitment and dedication to serving our customers and communities every day. Looking ahead, we believe we are well positioned to continue advancing our progress while fulfilling our mission of serving others.

整體而言，我們對自身策略充滿信心，也對在長期財務架構中所列示、持續推進這些目標的計畫感到振奮。我們對第一季表現感到滿意，也為團隊在今年開局所付出的努力感到自豪。我們的員工是我們最大的策略優勢；我要感謝約 195,000 名員工持續投入與奉獻，每天服務我們的顧客與社區。展望未來，我們相信自己已具備良好條件，能在履行「服務他人」使命的同時，持續推進我們的進展。

With that, operator, we would now like to open the lines for questions.

接下來，接線員，我們想開放電話線路進行提問。

(Operator Instructions) Matthew Boss, JPMorgan.

（接線員指示）Matthew Boss，摩根大通。

Thanks, and congrats on the nice quarter. So Todd, could you elaborate on the consistency of comps despite the backdrop with positive comps? I think you cited in all three periods of the quarter. Have you seen any change in trends in May to kick off the second quarter? And just larger picture, how do you believe gas prices, if they remain elevated, will impact your results and opportunities you see to amplify value if we just use history as a guide for your business?

謝謝，也恭喜本季表現不錯。Todd，你能否進一步說明在整體環境背景下，同店銷售仍能維持一致性且為正的原因？我想你提到本季三個期間皆為正。你們是否看到 5 月在第二季開局時的趨勢有任何變化？另外從更宏觀的角度來看，如果油價維持在高檔，你認為會如何影響你們的業績？以及若以你們業務的歷史經驗作為參考，你們看到有哪些機會可以進一步放大「價值」主張？

Thank you, Matt. Yeah. So a couple of things. Let's concentrate real quickly on Q1 here. And I would tell you starting out, we were in the hole.

謝謝你，Matt。是的，有幾點。我們先很快聚焦在第一季。我會告訴你，一開始我們是落後的。

We had two weeks of negative comp with thousands of stores closed at any given time, especially during week one. And then as expected, and the team did a great job really in our transportation, warehousing group, our stores, what we saw for the balance of the quarter, so 11 of the 13 weeks was on the upper end of our range. And so that was good to see. And then as we entered and exited May, that trend continued, so here into Q2.

我們有兩週同店為負，且在任何特定時間都有數千家門市關閉，尤其是第一週。接著如預期一樣，團隊表現非常出色，特別是在運輸、倉儲團隊以及門市端。就本季其餘期間而言，也就是 13 週中的 11 週，我們的表現落在我們指引區間的上緣。這點很高興看到。而當我們進入 5 月並走出 5 月時，這個趨勢仍在延續，也就是延續到第二季。

So really pleased with where we are on the top line. What we're seeing though is we are seeing an accelerated rate of trade-in. We have seen that the upper end, while all cohorts are trading in, we're seeing that the upper end is trading in the most, and we're seeing that as well. A reminder, that's, that $100,000-plus cohort that's trading in. And I believe that the pressures that had persisted prior to fuel prices, so sustained inflation and now those elevated fuel prices.

因此，我們對營收端的表現非常滿意。不過我們看到的是「消費降級／轉向更低價選擇」（trade-in）的速度正在加快。我們看到雖然所有客群都在轉向，但高端客群轉向的幅度最大，我們也看到了這一點。提醒一下，這指的是年收入 10 萬美元以上的客群正在轉向。我認為在燃油價格之前就已存在的壓力，也就是持續通膨，再加上如今居高不下的燃油價格，是主要原因。

And we've always said, Matt, that when that price hits that $4 mark and then process it and then sustains for a while, you start to see that trade in come in and you start to see that our core customer needs us most. This is exactly what's happening. So history repeats itself pretty well as you mentioned.

而且我們一直都說，Matt，當油價觸及 4 美元這個關卡、之後市場消化並且維持一段時間，你就會開始看到這種消費降級出現，也會開始看到我們的核心顧客最需要我們。現在正是如此。所以如你所說，歷史確實相當程度地重演。

So what we do here at Dollar General is we try to capitalize on that because we're here for our customer, and that's the way we work. And so when you think about that, value convenience is paramount all the time, but during this time, especially. And what you're already seeing and what we're doing is we're actually working hard to ensure that value equation is front and center for not only our core customer, but those trade-in customers.

因此，我們在 Dollar General 所做的，就是嘗試把握這個機會，因為我們是為了顧客而在這裡，這也是我們的運作方式。所以當你想到這一點時，價值與便利性始終是最重要的，但在這段期間尤其如此。而你已經看到、以及我們正在做的，是我們確實在努力確保「價值方程式」不僅對我們的核心顧客，而且對那些轉入（trade-in）的顧客，都能成為最核心、最醒目的重點。

So when you think about that, think about things like our everyday price is very strong across all classes of trade. And then we have been targeting promotional activity, very targeted to drive additional traffic into our stores. And you're seeing that at an accelerated rate as well.

所以當你想到這一點時，可以想想像是我們的日常價格（everyday price）在所有交易層級上都非常有競爭力。接著，我們也一直在推動促銷活動，而且是非常精準、非常有針對性的促銷，以帶動更多客流進入門市。你也看到這個速度正在加快。

And then lastly, and I can't emphasize this enough, that $1 price point has turned out to be a real savior for our core customer and is really resonating with the trade-in customer, we're seeing that accelerate at a great rate, 18.4% comp in Value Valley. New entrances into the $1 price point across the store. And in my prepared remarks, you heard we talked about that frozen door that we put in, which is all exclusively $1 in the frozen food area, and it's been doing very well since launch.

最後一點，我再怎麼強調都不為過：1 美元的價格帶已經證明對我們的核心顧客而言是真正的救星，對轉入顧客也非常有共鳴；我們看到這正在以很快的速度加速成長，Value Valley 同店成長（comp）達 18.4%。全店也新增了更多 1 美元價格帶的入口。在我事先準備的發言中，你也聽到我們提到新增的那扇冷凍櫃門，在冷凍食品區完全都是 1 美元商品，自推出以來表現非常好。

So a lot to be proud about, but also a lot that we're doing to be here for our customer. Like we always said, when she needs us most, we step up, and that's exactly what we're doing.

所以有很多值得自豪的地方，但同時我們也做了很多事情來服務顧客。就像我們一直說的，當她最需要我們的時候，我們就會挺身而出，而這正是我們正在做的。

And then lastly, I'll say that the team has already launched areas where we can ensure that we're grabbing that trade-in customer and actually marketing to her specifically to ensure that as things start to settle out, which they usually -- always do, we want to make sure we retain that customer. So all those retention elements that we know how to do pretty well is already in full bloom for that customer to make sure we continue to engage her as she trades in, but also think about Dollar General when time start to get a little bit better.

最後我想說，團隊已經推出一些作法，讓我們能確保抓住那些轉入顧客，並且針對她進行行銷，以確保當情勢開始趨於穩定（通常——總是會的）時，我們能留住這位顧客。因此，我們擅長的各種留存（retention）要素，已經全面啟動，確保我們在她轉入期間持續與她互動，同時也讓她在景氣開始好轉時，仍會想到 Dollar General。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

Todd, you just mentioned that you're being a little bit more promotional in order to support your overall traffic growth. There's a perception out there based on the commentary from some other consumable retailers that the overall environment in the broader space is becoming more competitive. And there's a prospect that the various players in the space are going to have to sacrifice some profitability in order to maintain or grow market share.

Todd，你剛才提到你們為了支撐整體客流成長而在促銷上更積極一些。外界有一種看法，根據其他一些民生消費品零售商的評論，整體大環境在更廣泛的領域正變得更具競爭性。而且也有一種可能性：這個領域的各家業者將不得不犧牲部分獲利能力，才能維持或擴大市占率。

So, A, are you seeing any evidence of that? Is that what is driving your decision to be a bit more promotional? And B, how do you expect this to play out over the next couple of quarters, especially as your traffic comparisons will get a little bit more difficult? You may have to work the model a little bit harder in order to drive the top line. Sorry for all the words out there.

所以，A，你們是否看到任何這方面的跡象？這是否是你們決定更促銷一些的原因？以及 B，你預期未來幾個季度會如何發展，特別是當你們的客流比較基期會變得更具挑戰時？你們可能需要更努力地運作商業模式，才能推動營收成長。抱歉我講了這麼多。

No, that's no problem. The crust of your question is the promotional piece. And I would tell you that our promotional activity, while increased during the quarter and will probably continue to increase, has been very targeted and by the way, very proactive, not reactive. So we're really being very prudent on where we promote, how we promote and the value that we're showing.

不會，沒問題。你問題的核心在於促銷。我會告訴你，我們的促銷活動雖然在本季度有所增加，且可能還會持續增加，但一直都非常有針對性，而且順帶一提，是非常主動的，而不是被動反應式的。因此，我們在促銷的地點、方式，以及所呈現的價值上，都非常審慎。

And at this point, the consumer is definitely looking for value, seeking value, all cohorts. You can see it in the everyday business. And you can see it in our seasonal and our discretionary areas as well, which, as you saw, we really did a nice job balancing consumables and non-consumables. As a matter of fact, non-consumables is on its fifth consecutive quarter of nice growth.

而在目前這個時間點，消費者確實在尋找價值、追求價值，涵蓋所有族群。你可以在日常業務中看到，也可以在我們的季節性與選擇性消費（discretionary）品類中看到；正如你所見，我們在民生消費品（consumables）與非民生品（non-consumables）之間的平衡做得很好。事實上，非民生品已經連續第五個季度維持不錯的成長。

So I think value wins all the time. And I believe that, yeah, you'll see some others probably start to play catch-up a little bit because we're already ahead on value every day in really great shape. Now this nice cadence of promotional activity that we layered in should continue to move the needle and promote that traffic that we all look for. Very proud of that 1.4% traffic gain in the quarter. But also that $1 price point. Again, I can't emphasize enough how that is the anchor to a lot of our everyday pricing here at Dollar General.

所以我認為價值永遠是致勝關鍵。我也相信，是的，你可能會看到其他人開始有點追趕，因為我們在日常價值上已經領先，而且狀態非常好。現在我們加上的這種良好促銷節奏，應該會持續帶動成效，並推升我們都在追求的客流。我對本季度 1.4% 的客流成長感到非常自豪。但還有那個 1 美元價格帶——我再次強調，它是 Dollar General 很多日常定價的核心錨點。

Zhihan Ma, Bernstein.

Zhihan Ma，Bernstein。

Shifting gears on the margin side of things. Could you help us understand as you start to lap some of the tougher shrink comparisons as the year goes on how to think about the cadence of margins from here? And longer term, I think your long-term algo implies a gross margin level that you haven't really achieved sustainably before outside of a quarter or two during COVID. So what gives you the confidence level that that's going to be sustainable longer term?

把焦點轉到毛利率方面。隨著今年進行、你們開始度過一些較嚴峻的損耗（shrink）比較基期，你能否協助我們理解接下來毛利率的節奏該如何看？以及更長期來看，我認為你們的長期演算法（long-term algo）所暗示的毛利率水準，是你們過去除了 COVID 期間一兩個季度之外，並未真正持續達成的。那麼，是什麼讓你們有信心這在長期能夠持續？

Yeah. No, very much appreciate the question. This is Donny. I'll take that one. I think maybe we'll start with the Q1 gross margin. I think that'll help contextualize a little bit about how we're thinking about the balance of the year and then a little bit from a longer-term perspective.

好的。非常感謝這個問題。我是 Donny，我來回答。我想我們可以先從第一季（Q1）的毛利率開始談，我認為這有助於提供一些背景，說明我們如何看待今年剩餘期間的平衡，以及再從更長期的角度補充一些看法。

And so from a Q1 perspective, very pleased with our gross margin performance. As you saw in the release, 65 basis points of improvement versus prior year, which exceeded our expectations, and it's even with higher-than-anticipated fuel costs. And I think the primary drivers that we called out are markups as the team continues to do a really great job with category management.

從第一季的角度來看，我們對毛利率表現非常滿意。如你在公告中所見，相較去年提升了 65 個基點，超出我們的預期，而且是在燃油成本高於預期的情況下達成。我認為我們點出的主要驅動因素是加價（markups），因為團隊在品類管理（category management）上持續做得非常出色。

I do think it's important to note here that on the markup side of the house, there really wasn't -- price really wasn't a meaningful driver in Q1. And shrink and damages also delivered really nice results better than anticipated, quite frankly.

我確實認為這裡需要特別指出：在加價這一塊，第一季價格其實並不是一個重要的驅動因素。另外，損耗（shrink）與損壞（damages）也交出了非常好的成果，坦白說，優於預期。

And so -- and Todd alluded to the fact also that we did lean in a little bit with the promotions in spite of all that or even with all that, really strong gross margin performance. And so I think from a Q1 perspective, the thing I'm most excited about is it really does reflect another quarter of what I would say tangible proof points that were building momentum across a lot of our key gross margin drivers. And that gives us a lot of confidence in our ability to deliver against our long-term framework targets.

因此——Todd 也提到，儘管如此、或即便在這些因素之下，我們仍在促銷上稍微加大力度，但毛利率表現依然非常強勁。所以從第一季的角度來看，我最興奮的是，這確實反映出又一個季度的、我所說的具體且可驗證的證據點，顯示我們在多項關鍵毛利率驅動因素上正在累積動能。這也讓我們對達成長期架構目標的能力更有信心。

As you look at Q2 and the back half, I'd say there's really not a lot -- anything I would call out from a Q2 versus back half specifically. From a headwinds perspective, the laps do get a little bit more challenging versus Q1. And we do anticipate fuel cost to remain elevated versus the prior year for the balance of the year. And we're watching the tariff landscape. Right now, our full year guidance reflects current tariff levels that are in place today.

展望第二季（Q2）與下半年，我會說，並沒有太多——我不會特別把 Q2 與下半年分開強調什麼。從逆風來看，相較第一季，接下來的比較基期會變得更具挑戰。我們也預期在今年剩餘期間，燃油成本相較去年仍將維持在較高水準。我們也在關注關稅情勢。目前，我們的全年指引反映的是今天現行的關稅水準。

But from a tailwinds perspective, we expect continued improvement, a little bit more modest but continued improvement in shrink, which we talked about exceeded our expectations, continued improvement in damages, which was also a meaningful contributor in Q1. And continued growth across a number of our other gross margin drivers, including our DG Media Network, non-consumables merchandising, supply chain productivity, and category management.

但從順風來看，我們預期損耗（shrink）將持續改善，幅度可能更溫和但仍會改善；我們也提到其表現超出預期。損壞（damages）也會持續改善，這在第一季也是一個重要貢獻因素。此外，我們也預期其他多項毛利率驅動因素將持續成長，包括 DG Media Network、非民生品商品經營（non-consumables merchandising）、供應鏈生產力，以及品類管理。

And so overall, as we look at the back half or the balance of the year, I continue to believe there's more tailwinds and headwinds as we think about gross margin, feel really good about the momentum we're seeing across pretty much all of our gross margin drivers. And so I think when you look out to the long-term framework, our target of 6% to 7%. But what I would tell you is we continue to feel really good about our ability to deliver against our long-term operating margin targets.

因此整體而言，當我們看下半年或今年剩餘期間時，我仍然認為在毛利率方面，順風多於逆風；我們對幾乎所有毛利率驅動因素所呈現的動能感到非常樂觀。所以我認為，當你把視野拉到長期架構、我們 6% 到 7% 的目標時——但我想告訴你的是，我們仍然對達成長期營業利益率目標的能力感到非常有信心。

Again, a number of drivers in place that we expect will contribute to gross margin expansion over time. As we look further out, we continue to expect shrink and damages to contribute approximately 50 basis points of incremental gross margin expansion. And by the way, that's on top of the over 80 basis points of expansion we've delivered in 2025, just from a shrink side of the house. And so shrink continues to improve at a faster and higher rate than initially anticipated. And again, we delivered 28 basis points in Q1, which was better than expected, which is good news.

再次強調，我們已具備多項驅動因素，預期將隨時間推動毛利率擴張。往更長期看，我們仍預期損耗與損壞將合計貢獻約 50 個基點的額外毛利率擴張。順帶一提，這還是在我們於 2025 年已實現超過 80 個基點擴張的基礎之上，而那部分僅來自損耗端。因此，損耗的改善速度與幅度都持續快於我們最初的預期。而且我們在第一季帶來了 28 個基點的貢獻，優於預期，這是個好消息。

In terms of damages, what I'd tell you here is the improvement in 2025 was in line with our expectations. And as I just noted, Q1 improvement was better than expected. And so overall, we continue to be very pleased with the progress on this front. We also expect DG Media Network will be a meaningful contributor over time, 50 basis points of incremental margin expansion is what we're targeting over the next three to four years. And the great news is, even though it's still early innings here, we're continuing to build really good momentum here as well.

就損壞而言，我想說的是，2025 年的改善符合我們的預期。而如我剛才提到的，第一季的改善優於預期。因此整體來看，我們對這方面的進展仍感到非常滿意。我們也預期 DG Media Network 將隨時間成為重要的貢獻來源；我們的目標是在未來三到四年帶來 50 個基點的額外毛利率擴張。好消息是，儘管目前仍在早期階段，我們在這裡也持續建立非常好的動能。

And then we have another 70 basis points of gross margin expansion that we expect from other gross margin drivers. Again, a few proof points. We're continuing to see growth in non-consumables five consecutive quarters in a row, as Todd just alluded to. We're seeing greater efficiencies across the supply chain, a nice contributor to gross margin expansion in Q1 and category management initiatives continue to perform. And again, I'll point to the Value Valley comp of 18.4% in Q1.

接著，還有另外 70 個基點的毛利率擴張，我們預期將來自其他毛利驅動因素。同樣提供幾個佐證：如 Todd 剛才提到的，我們已連續五個季度看到非消耗品成長；我們也在供應鏈各環節看到更高效率，這在第一季對毛利率擴張有不錯的貢獻；品類管理的各項措施也持續奏效。另外，我也要指出第一季 Value Valley 的同店成長為 18.4%。

So again, strong proof points across all our gross margin drivers and feel really good about our ability to deliver against our long-term framework targets.

因此，再次強調，我們在所有毛利驅動因素上都有強勁的佐證，並且對我們達成長期架構目標的能力感到非常有信心。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

Todd, as you prepare to transition away from the business, do you think that the top line growth rate on comp to actually normalize closer back to 3% versus the 2%? And about puts and takes, something that we're noticing the contribution from the fulfillment of last mile step down a little. I know you're going to have tougher compares, but are you still seeing enough incrementality where that could be a unique driver?

Todd，當你準備逐步交棒、離開這項業務時，你是否認為同店的營收成長率會更接近回到 3% 的常態，而不是 2%？另外談到利多利空，我們注意到最後一哩履約（fulfillment of last mile）的貢獻似乎略有下滑。我知道你們將面臨更嚴峻的比較基期，但你們是否仍看到足夠的增量，使其可能成為一個獨特的驅動因素？

Yeah. Thank you for the question. And I'm very bullish on that top line and be able to continue to grow that top line. Our goal in the long-term framework that 2% to 3%, the business does very well in that range. And it's evidenced by the 2% comp that we delivered this quarter and the substantial bottom line growth that came with it.

是的，謝謝你的問題。我對營收端非常樂觀，也相信我們能持續推動營收成長。在我們的長期架構中，目標區間是 2% 到 3%，業務在這個區間表現非常好。本季我們交出 2% 的同店成長，也伴隨顯著的獲利端成長，這就是證明。

So Simeon, I believe that the team has really done a nice job in setting up the future. As I think about the balance of consumables and non-consumables, even in the face of a very tough macro backdrop, is a real proof point that the team is working hard to ensure that we're showing value and convenience every day to the customer. Now as you think about also the future, that delivery piece is pretty important. And Emily, you may want to just touch on that just a moment.

所以 Simeon，我認為團隊在為未來布局方面做得非常好。當我思考消耗品與非消耗品的平衡時，即便面對非常嚴峻的總體環境，這也是一個很好的佐證，顯示團隊正努力確保我們每天都能向顧客展現價值與便利。再談到未來，配送這一塊相當重要。Emily，你或許可以簡單補充一下。

Sure. So we're excited about what we're seeing from a customer reaction and engagement in our delivery program. Of course, we're still within the first year of full deployment, in particular, on our myDG delivery portion of this business. And of course, for the quarter contributed 70 basis points, which is a nice meaningful contribution to the in-store growth that we saw in the quarter.

當然。我們對顧客在配送方案上的反應與參與度感到振奮。當然，我們仍處於全面部署的第一年，特別是在本業務的 myDG 配送部分。而且本季貢獻了 70 個基點，對本季我們看到的店內成長而言，是一個相當不錯且具意義的貢獻。

Just maybe a reminder, delivery for us, it's a highly incremental business, and it's a profitable business for us today. We see that when customers shop our delivery options, they buy a larger basket as part of that transaction versus what we see inside our stores. And in addition to that, we see that our existing customers use delivery to shop us more often. And at the same time, new customers are using delivery to find us. So highly incremental for us.

再提醒一下，對我們而言，配送是一項高度增量的業務，而且目前對我們來說是有利潤的。我們看到當顧客使用我們的配送選項購物時，單筆交易的購物籃更大，較之於在門市內購物的情況。此外，我們也看到既有顧客會透過配送更頻繁地向我們購買。同時，新顧客也透過配送找到我們。因此對我們而言是高度增量。

And you heard again in the prepared remarks, 80% of our orders are delivered within an 1.5 hour of those. So 40% of our delivery orders make it to our customers within 30 minutes. And really, that's a function of the proximity of our stores to our customers. And it means that for us, delivery really is showing a very important convenience piece of kind of our proposition here, and it's unique for our rural customers in a very important and meaningful way.

而你也在事先準備的發言中再次聽到，我們 80% 的訂單會在 1.5 小時內送達。其中 40% 的配送訂單在 30 分鐘內就能送到顧客手上。這主要是因為我們門市與顧客之間的距離很近。對我們而言，配送確實展現了我們主張中非常重要的「便利」要素，對我們的鄉村顧客來說更是以非常重要且有意義的方式呈現出差異化。

The fact that we continue to see really high repeat rates tells us that our customers definitely see the value that we're bringing in this space, and I do see a continued pathway for growth for us. One of the important deliverables that we have this year is going to be that pilot on subscription. So more to come, but excited about bringing that to our customers as well. They tell us they're excited about that and would like us to offer a subscription offer. So I think that could provide additional growth as we move ahead.

我們持續看到非常高的回購率，這告訴我們顧客確實看見我們在這個領域帶來的價值，而我也認為我們仍有持續成長的路徑。今年我們其中一項重要交付將是訂閱制的試點。後續會再分享，但我們也很期待把它帶給顧客。他們告訴我們對此感到興奮，並希望我們提供訂閱方案。因此我認為，隨著我們往前推進，這可能帶來額外的成長。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，Oppenheimer。

So as we look at the non-consumables category for the balance of the year, just curious on the confidence in sustaining momentum there? And then would you expect non-consumables to continue outpacing consumables even with some of the new macro headwinds out there?

當我們看今年剩餘期間的非消耗品品類時，想請教你們對於維持該品類動能的信心如何？另外，即使外部出現一些新的總體逆風，你們是否仍預期非消耗品會持續跑贏消耗品？

Thanks for the question, Rupesh. Yeah. We're confident in our ability to drive both consumables and non-consumables here at Dollar General. We really prioritize that non-consumable business. You heard us talk about it about a year ago and how we're going to lean in there and we have. And I would tell you that the team has done a great job.

謝謝你的問題，Rupesh。是的，我們對在 Dollar General 同時推動消耗品與非消耗品的能力有信心。我們確實非常重視非消耗品業務。你們大約一年前就聽過我們談到這點，以及我們將如何加大投入，而我們也確實這麼做了。我想說團隊做得非常出色。

When you think of the value in our non-consumable business, which I'll talk about in a minute, but also the relevancy and right trend, is so important for not only our customer, but that trade-in customer that's coming in. So we're happy with what we're seeing there. And the value, I'll come back to that, is really the key here. And the value is not only like items that you can find and other retailers that were substantially lower in our retail prices, but also in that lower end $1 price point.

當你想到我們非消耗品業務的價值（我稍後會再談），以及其相關性與符合趨勢的程度，這不僅對我們的顧客很重要，對於正在轉向我們的「轉換型」顧客也同樣重要。因此我們對目前看到的表現感到滿意。而價值——我會再回到這點——確實是關鍵。這個價值不僅體現在：你能在其他零售商找到的同類商品，我們的零售價格顯著更低；也體現在更低端的 1 美元價位帶。

As you've heard us talk, Easter, as an example, a very large percentage of our Easter this year on the non-consumable side was at $1. That trend continues in the spring and summer and will continue into the back half of the year. Again, I keep emphasizing, but I can't emphasize enough that, that $1 price point is so important to not only our core customer, but we're seeing great takeaway because of the value it shows in that middle and upper income as well.

如你們聽我們提到的，以復活節為例，今年我們在非消耗品端的復活節商品中，有非常高的比例定價在 1 美元。這個趨勢在春季與夏季仍會延續，並且會持續到下半年。再次強調，我一直在強調，但怎麼強調都不為過：1 美元價位帶不僅對我們的核心顧客非常重要；我們也看到因其所展現的價值，對中高收入族群也帶來很好的「搶走份額」（takeaway）。

So I feel really good about what we've done. We've got a lot of work to do, but I believe that it is very sustainable. And again, if you think about that long-term model, it does model out that we've been the trend on the percentage of consumables and the non-consumable side of that business. And I believe that showing that we're on our fifth consecutive quarter of showing that bending of the trend, I think that's a nice string to be able to leverage as we move over the next couple of years.

因此我對我們所做的事情感到非常有信心。我們還有很多工作要做，但我相信這是非常可持續的。再者，如果你回到那個長期模型，它確實反映出我們在消耗品與非消耗品占比上的趨勢變化。我認為，連續第五個季度展現這種趨勢的「彎折」，是一段很好的連續表現，讓我們在未來幾年能夠加以運用。

John Heinbockel, Guggenheim Partners.

John Heinbockel，Guggenheim Partners。

Todd, can you talk about when someone's got $1 item in the basket, so what happens to UPT? And I mean, that might go up, what happens to basket size? And then with more $1 items, does that put any pressure on labor hours just in terms of kind of volume throughput on an item -- on a unit basis?

Todd，你能談談當有人在購物籃裡放了 1 美元商品時，UPT 會發生什麼變化嗎？我的意思是，UPT 可能會上升，那購物籃金額會怎麼變？另外，隨著更多 1 美元商品，是否會在人力工時上造成任何壓力——就單品/單位的吞吐量而言？

Yeah. Thank you for the question. We watch the basket very closely. The great thing is we saw our ticket go up about 0.5 point in the quarter with transactions up [1.4]. So feel really good about that even with the large comp in our Value Valley area and other $1 price points against that 2,000 items at or below the $1 price point.

是的。謝謝你的提問。我們非常密切地關注客單組合。好消息是，本季我們的客單價（ticket）約提升了0.5個百分點，同時交易筆數成長了[1.4]。因此即使在我們的Value Valley專區以及其他1美元價位點面臨較高的同店比較基期，且全店有2,000項商品定價在1美元或以下，我們對此仍感到非常振奮。

We've never been very concerned here about the average basket size, the AUR. The concern is more can we give value to the consumer, can she see that value, and that halo effect of $1 and value is so important, not only to our core consumer, but that trade-in.

我們在這裡從來不太擔心平均購物籃大小或AUR（平均單價）。我們更關心的是：我們能否為消費者提供價值、她是否能看見這個價值；而1美元與「高性價比」所帶來的光環效應非常重要，不僅對我們的核心消費者如此，對於那些轉入（trade-in）的顧客也是如此。

And that's what we've seen as we've leaned into that $1 price point. The $1 price point, what we've seen traditionally has really been an add-on to the basket where they pick up that extra $1 item, especially at the first and the middle of the month. And then at the end of the month, that $1 price point actually fills a different role, and that is to balance our budget at the end of the month, right, because our core customer, especially right now as we're facing large inflation and gas prices, runs out of money before the month runs out. And that $1 price point bridges that gap.

而這正是我們加大1美元價位點投入後所看到的情況。就1美元價位點而言，我們傳統上看到的情形是：它確實是購物籃的加購項目，顧客會多拿一件額外的1美元商品，尤其是在月初與月中。到了月底，1美元價位點其實扮演不同角色，也就是在月底用來平衡預算，對吧？因為我們的核心顧客，特別是在目前面臨高通膨與油價的情況下，往往在月底之前就把錢花完了。而1美元價位點就能彌補這個缺口。

So it's really shopped two different ways during each period. And our goal to grow that, I think, is very, very important to the core customer. But again, I think as time goes on, will be very important to that trade-in customer as well.

所以在每個期間，它其實以兩種不同方式被購買。我認為，我們的目標是擴大這部分，這對核心顧客非常、非常重要。但同樣地，我也認為隨著時間推進，這對轉入顧客也會非常重要。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團（Citigroup）。

You talked a bit about the trade-in customer in the $100,000-plus range. We hear a lot of companies talk about gaining customers trading down in that income level. I'm curious where you think your customer is coming from. And then would love to hear you talk a little bit more about what you saw specifically on the lower income consumer as we moved through the quarter as gas prices stay high or even increase?

你提到了一些年收入10萬美元以上的轉入顧客。我們聽到很多公司都在談到在這個收入層級獲得「向下轉換」的顧客。我很好奇你認為你們的顧客是從哪裡轉過來的。另外也想請你多談談：隨著油價維持高檔甚至上升，在本季進行過程中，你們在低收入消費者身上具體看到了什麼？

Yeah. Thank you for the question. I would tell you that the trade-in is really coming from the same areas that we've seen over the years at an accelerated rate right now. And that's really from the drug and the grocery side of the business is where we really see the most trade-in. That continues. As I indicated in my prepared remarks, we saw a very nice trade-in from that upper income that $100,000-plus. And that continues as we moved into Q2 at an, again, accelerated rate.

是的。謝謝你的提問。我會告訴你，轉入顧客其實來自我們多年來一直看到的相同來源，只是目前速度加快。主要是從藥妝與雜貨通路那一側轉入，這是我們看到最多轉入的地方，而且這個趨勢仍在延續。如同我在事先準備的發言中提到的，我們看到年收入10萬美元以上的高收入族群有非常不錯的轉入，而且進入第二季後仍在延續，並且同樣以更快的速度發生。

So when you think about that and then when you think about our core customer, the second part of your question, really, the core customer, obviously, is under a lot of distress right now with sustained inflation, now gas prices sustained at or above $4 for the most part, depending on what part of the country you're living in, has really now turned to Dollar General even more. But we're seeing what we normally see, right? And that is, she comes more often. So transactions go up, but basket sizes shrink with that core customer as she balances her budget.

因此當你想到這一點，再想到你問題的第二部分——我們的核心顧客——核心顧客顯然正承受很大的壓力：通膨持續、油價多數地區維持在每加侖4美元或以上（視你居住的地區而定）。在這樣的情況下，她更常轉向Dollar General。但我們看到的仍是我們通常會看到的情形，對吧？也就是她來得更頻繁，所以交易筆數上升；但核心顧客在平衡預算時，購物籃金額會縮小。

Now she's very resilient. That's the other thing that we always have to remember about this customer. It takes her a quarter or so to figure out her budget. And we help with that as I indicated earlier with our value proposition, everyday great prices, the promotional activity that's very targeted to help that core customer, but also that $1 price point. And she figures it out over time. And the great thing is she looks to us to help figure it out, and you can see that in our results.

她也非常有韌性。這是我們必須一直記得的另一件事。她通常需要大約一個季度左右的時間來重新盤點並調整預算。我們也會協助她做到這點——如我先前所說，透過我們的價值主張、天天低價、非常有針對性的促銷活動來幫助核心顧客，另外還有1美元價位點。她會隨著時間推移把預算調整好。最棒的是，她會依靠我們來協助她把預算算清楚，而你也能從我們的業績中看見這一點。

So we'll continue to foster that trade-in, but also take care of that core customer.

所以我們會持續推動轉入，同時也照顧好核心顧客。

Seth Sigman, Barclays.

Seth Sigman，巴克萊（Barclays）。

A couple of clarifications. I guess first just on the guidance change. You raised it by $0.10. I just want to confirm, it looks like $0.05 of that comes from the tax rate, seems like the rest of that comes from the Q1 upside. But can you just confirm if and how you changed assumptions for the rest of the year?

有幾點想釐清。我想先問關於指引的調整：你們上調了0.10美元。我想確認一下，看起來其中0.05美元來自稅率，剩下的似乎來自第一季的超預期表現。但你們能否確認一下：你們是否、以及如何調整了今年剩餘期間的假設？

And then specifically on the promotions being higher, I know there's a lot of talk about this on this call. I'm just curious, is that actually different than you planned or different than you expected? Or is it consistent?

另外，關於促銷活動增加，我知道這通電話上談了很多。我只是好奇：這是否真的與你們原先規劃不同，或與你們預期不同？還是其實是一致的？

Yeah. So maybe I'll start off. This is Donny. I think the way you're thinking about the change in full year guidance is correct. I mean, I think we're obviously very pleased to be increasing our expectations for EPS to a range of $7.20 to $7.45. I think to your point, a lot of it was driven by strong Q1 outperformance, outlook for balance of the year and reduction in the tax rate to about 24.5%.

好的。我先開始回答。我是Donny。我認為你對全年指引變動的理解是正確的。我們顯然很高興能把EPS的預期上調至7.20到7.45美元的區間。正如你所說，其中很大一部分來自第一季強勁的超預期表現、對今年剩餘期間的展望，以及稅率下調至約24.5%。

So you're thinking about that right way in terms of half and half. I think overall, what I would tell you is it reflects the evolving macro environment as well as continued progress against our key initiatives and growing momentum across many aspects of the business. And just keep them on, we're well ahead of several of the goals contemplating in our long-term framework. So adding it up, feel really good about the guidance based on what we know today, but believe it's prudent just in spite of the evolving landscape that we're seeing today.

所以你用「各占一半」的方式來理解是對的。整體而言，我會說這反映了宏觀環境的演變，以及我們在關鍵策略上的持續進展，並且在業務多個面向的動能持續增強。補充一下，我們在長期框架中所設定的幾個目標上已明顯領先。綜合來看，基於我們目前所掌握的資訊，我們對這份指引感覺非常良好；但考量到當前所見的環境仍在變化，我們也認為保持審慎是合理的。

Yeah. And as it relates to the promo activity, it isn't different than what we anticipated. Again, as I indicated, it's very targeted. It's not widespread. It's targeted at that low-end consumer to help her balance her budget but also targeted to -- for retention for that trade-in customer to continue.

是的。至於促銷活動，這並不不同於我們的預期。如我所提到的，它非常有針對性，並非大範圍鋪開。它是針對低端消費者，幫助她平衡預算；同時也針對——為了留住那些轉入顧客，讓他們持續回流。

So very much planned and is very proactive on our part because we've got a very strong everyday price that really is -- that is the lead marker in value for our consumer, and that $1 price point. And that promotional activity is really targeted and planned very, very much each quarter. So that's how I would look at it, to answer your question.

所以這完全在計畫之內，而且我們的作法非常主動，因為我們本來就有非常強的日常價格力——這才是我們對消費者「價值」的主要標誌——再加上1美元價位點。而促銷活動確實是高度聚焦、並且每一季都非常、非常有計畫地安排。因此我會用這樣的角度來看，來回答你的問題。

Scot Ciccarelli, Truist Securities.

Scot Ciccarelli，Truist Securities。

What percent of your $1 mix today is Value Valley or the $1 or less price point at this stage, just so we can better gauge the impact this initiative is having on the total business.

目前你們1美元商品組合中，有多少比例來自Value Valley或「1美元或以下」的價位點？這樣我們才能更好地衡量這項計畫對整體業務的影響。

And then secondly, on the third-party delivery front, I would think seasonality probably led to the comp contribution decline from 80 basis points in 4Q to 70 in 1Q. But how do you expect your delivery growth to scale? If you can put any numbers around that, that would be really helpful.

第二個問題，關於第三方外送。我認為季節性可能導致同店貢獻從第四季的80個基點降到第一季的70個基點。但你們預期外送成長會如何擴大規模？如果你能提供一些數字範圍，會非常有幫助。

I'll do the -- I'll answer the first part and then give it to Emily for the delivery side. But as we look at the $1 price point and especially Value Valley, consider that it's 500 rotating SKUs against the backdrop of over 2,000 SKUs across the store. And while it is a meaningful part of the overall $1 price point comp that we're enjoying, keep in mind that there's a lot of other areas, especially in our private brand areas that come with a $1 price point, that's very meaningful for our customer as well.

我先回答第一部分，然後把外送的部分交給Emily。不過就1美元價位點、特別是Value Valley而言，請記得它是500個輪換SKU，而全店背景則是超過2,000個SKU。雖然它確實是我們目前享有的整體1美元價位點同店成長中的一個重要部分，但也請記住，還有很多其他品類——尤其是我們自有品牌的品類——也有1美元價位點，對我們的顧客同樣非常重要。

So it's a meaningful contributor. I think we'll leave it at that. We talk about it a lot, especially in the 18.4% comp that it contributed. But as we continue to move forward, we think it is an area where we can expand and continue to grow that $1 price point against the entire store.

所以它是重要的貢獻來源。我想我們就先說到這裡。我們確實經常談到它，尤其是它所貢獻的18.4%同店成長。但隨著我們持續往前推進，我們認為這是一個可以擴大並持續成長的領域，能在全店範圍內進一步擴展1美元價位點。

Yeah. And then from a delivery perspective, I would just say we do, as I mentioned earlier, expect continued growth out of that business. Now one thing I'll just remind you guys to have is the fact that we rolled out in scale delivery over 2025, and so that is a factor. But when you look at what we're doing to improve the shopping experience from a digital perspective in combination with new offers like the subscription program that will pilot this year, that will continue to drive growth really beyond -- this year and beyond.

是的。然後從配送的角度來看，我想我只會說，正如我先前提到的，我們確實預期該業務將持續成長。現在我再提醒各位一點：我們在 2025 年已將規模化配送推出並擴大，因此這是一項因素。但當你看到我們從數位角度、結合像是今年將試點的訂閱方案等新優惠，來改善購物體驗時，這將持續推動成長，真的不僅是今年——而是今年之後也會如此。

Spencer Hanus, Wolfe Research.

Spencer Hanus，Wolfe Research。

Just on the remodel program, I'm just curious how that's been tracking relative to expectations and what you've seen in the latest cohort of stores and also how you're thinking about the year or two lifts there? And then you just also mentioned the pilot for the delivery initiative. Just curious if there's any more color on that and what that's going to look like later this year.

關於翻新計畫，我想了解一下目前的進度相較於預期如何、以及你們在最新一批門市中看到的情況，還有你們如何看待那裡一年或兩年的提升幅度？另外你也提到配送計畫的試點。我也想知道是否能再多提供一些細節，以及今年稍晚它會是什麼樣子。

Okay. So I'll jump in on Renovate and Elevate. And just for context, right, we've got the two elements of our remodel program. Renovate is our full remodel, touches 100% of the stores and we are planning 2,000 projects this year. We also have to Elevate, our lighter remodel project, touches about 80% of the store. And what we really like using these two projects in combination is that it puts us in a really great position to update our store base in an accelerated manner, which ultimately supports really a higher brand standard both for customers and employees.

好的。我先談 Renovate 和 Elevate。先提供一些背景：我們的翻新計畫有兩個部分。Renovate 是我們的全面翻新，涵蓋門市的 100%，我們今年規劃 2,000 個專案。我們也有 Elevate，屬於較輕量的翻新專案，約涵蓋門市的 80%。我們很喜歡把這兩種專案搭配使用，因為這讓我們能以加速的方式更新門市基礎，最終能同時為顧客與員工提升更高的品牌標準。

So our target continues to be a 6% lift out of Renovate on an annualized basis, and a 3% annualized lift out of Elevate, and feel good about where we're tracking. From a two-year perspective, we really started the Elevate last year. So we're early on in being able to read that. But our expectation is that this repositions the store and helps us to continue to drive accelerated growth out of our mature store base overall.

因此，我們的目標仍然是：Renovate 以年化計算帶來 6% 的提升，Elevate 以年化計算帶來 3% 的提升，而且我們對目前的進度感到滿意。從兩年的角度來看，我們其實是去年才開始推動 Elevate，所以目前仍在早期階段，還不容易完全讀出成效。但我們的預期是，這能重新定位門市，並協助我們整體上持續從成熟門市基礎中推動加速成長。

And then I think you had another question, that third piece? What I'll tell you about subscription is just a fact that we are excited about what we are hearing from our customers in terms of their interest level, specifically in subscription from Dollar General.

然後我想你還有另一個問題，是第三個部分？我能告訴你關於訂閱方案的是：我們對於顧客回饋中所展現的興趣程度感到很興奮，特別是對 Dollar General 的訂閱方案。

And I think our team has done a really outstanding job of putting together the right value for that program that will include in our pilot, which combines benefits at Dollar General with other offers and other benefits for our customers that are specifically targeted and chosen for our customer base. So I'm really excited to be able to report on those results as we get a pilot up and running.

我認為我們團隊在設計這個方案的價值主張方面做得非常出色；在試點中，該方案會把 Dollar General 的福利與其他優惠、其他福利結合起來，而且這些內容是針對我們的顧客族群特別鎖定並挑選的。因此，當我們把試點啟動並運行後，我非常期待能回報相關結果。

Peter Keith, Piper Sandler.

Peter Keith，Piper Sandler。

Nice results, guys. With the gas prices, you talked about the impact on the consumer. I was thinking more on the supply chain, if we're in an environment where gas prices continue to go higher. Donny, the gross margin outlook, it doesn't feel like it's changed. Have you contemplated higher gas prices, and perhaps if you have, are those being offset by other things that are perhaps coming in better than you expected on the gross margin line?

各位表現不錯。關於油價，你們談到對消費者的影響。我想的是供應鏈端：如果我們處在油價持續走高的環境。Donny，毛利率展望看起來沒有改變。你們是否已把更高的油價納入考量？如果有，是否有其他因素在毛利率端表現優於預期、從而抵銷了影響？

Yeah. You're thinking about it the right way, Peter. I mean, I think from a gas price perspective, we do anticipate fuel costs to remain elevated versus prior year for the balance of the year, but we'll look to mitigate any additional pressure above and beyond our forecasted rates.

是的，Peter，你的思考方向是對的。我認為就油價而言，我們確實預期今年剩餘期間的燃料成本會維持在高於去年同期的水準，但我們會設法緩解任何超出我們預測費率之上的額外壓力。

But so far, the team has done a really nice job of being able to offset those pressures, particularly in Q1, and that's our expectation balance of the year as well.

但到目前為止，團隊在抵銷這些壓力方面做得非常好，特別是在第一季；而我們也預期今年剩餘期間會是如此。

Robby Ohmes, Bank of America.

Robby Ohmes，美國銀行。

I was hoping, Todd and maybe Emily, can you guys talk about the SKU reduction initiatives, where you guys are at in that? And what kind of benefits you expect to see from that for the balance of the year?

我想請 Todd，或許也請 Emily，能否談談 SKU 精簡（減少）計畫目前進展到哪裡？以及你們預期今年剩餘期間能從中看到哪些效益？

Yeah. It's a great question. We continue to work hard on SKU rationalization. And as we have stated, we have moved out about 1,200 SKUs, maybe a little bit more at this point over the last couple of years to be more productive in the store. I think the way to think about it is it's more productive in our DCs. It's more productive in our stores. It adds to gross margin in a very meaningful manner as well. And it helps the stores be able to manage freight and in-stock levels at a higher rate.

好的。這是個很好的問題。我們持續努力推動 SKU 合理化。正如我們先前所說，過去幾年我們已經移除約 1,200 個 SKU，或到目前為止可能略多一些，以提升門市的生產力。我認為可以這樣理解：它讓我們的配送中心（DC）更有效率，也讓門市更有效率；同時也以非常顯著的方式提升毛利率。此外，它也幫助門市以更高的水準管理運費以及在庫率（in-stock levels）。

So we like the reduction. It is very methodical. It's done, making sure that trade-off to the customer is the right trade-off. And we've done, I believe, a very good job of that. And you can tell that in our comps that we've enjoyed since the reductions have taken place.

所以我們喜歡這樣的精簡。這個過程非常有方法、很有步驟，並且會確保對顧客的取捨是正確的取捨。我相信我們在這方面做得很好。你也可以從我們在精簡後所享有的同店銷售表現（comps）看得出來。

I think the way to think about it into the future, I think there's still opportunity the team is looking at. And that's why we're pretty confident that we'll grow sales at a rate above inventory growth, at least for this year and then looking at how we are targeted in our ability to reduce SKUs into the future as well because we believe that there's opportunity. And again, that grows both the top line, if you do it right, it helps mitigate expense at store in DC, and it adds to gross margin.

我認為從未來來看，團隊仍在評估一些機會。這也是為什麼我們相當有信心，至少在今年，我們的銷售成長率會高於庫存成長率；同時也會持續檢視未來如何更有針對性地降低 SKU，因為我們相信仍有機會。而且再次強調，如果做得對，這不僅能帶動營收端（top line）成長，也能幫助緩解門市與 DC 的費用壓力，並提升毛利率。

Corey Tarlowe, Jefferies.

Corey Tarlowe，Jefferies。

Donny, I was wondering if you could talk a little bit about the margin cadence for the year. You comped a 2 in Q1 and EBIT margins leveraged about 40 basis points. The compares do get tougher and the revised guide would imply that Q1 would be the most substantial EBIT margin expansion in the quarter. Curious about kind of how you're thinking around that.

Donny，我想請你談談今年的利潤率節奏。你們第一季同店成長約 2%，EBIT 利潤率擴張約 40 個基點。接下來比較基期會變得更具挑戰，而更新後的指引似乎意味著第一季會是各季中 EBIT 利潤率擴張最顯著的一季。想了解你們大致是怎麼思考這件事的。

Yeah. No, Corey, I appreciate the question. I think you're thinking about it the right way, Corey. I mean, I think as I alluded to a little bit earlier, I think from a balance of your perspective on the gross margin side, you touched on it, the compares do get a little bit more challenging. We are anticipating, right, the higher fuel cost to remain elevated.

好的。Corey，謝謝你的問題。我認為你的思考方向是對的。就今年剩餘期間在毛利率端的角度來看，正如你提到的，比較基期確實會變得更具挑戰。我們也預期較高的燃料成本將持續維持在高檔。

But again, we feel really good about the tailwinds, but it's early in the year, right? And so we feel really good about the gross margin drivers, how we're performing against them, for the most part, how a lot of them are delivering ahead of our expectations, but there's a lot of year left. And overall, we feel really good about the guidance we provided.

但同樣地，我們對這些順風因素（tailwinds）感到非常有信心，只是現在還在年初，對吧？因此，我們對毛利率的驅動因素、以及我們相對於這些因素的表現感到很滿意；在多數情況下，其中許多項目交出的成果也領先我們的預期，但今年還有很長一段路要走。整體而言，我們對所提供的指引感到非常有信心。

Thank you. This will conclude our question-and-answer session and will also conclude today's call. We thank you for your participation. Have a wonderful day.

謝謝。問答環節到此結束，今天的電話會議也將結束。感謝各位的參與。祝各位有美好的一天。