達樂 (DG) 2026 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'd like to welcome everyone to the Dollar General second quarter 2026 earnings call. Today is Thursday, August 27, 2026.

早安。我叫 Rob，今天將擔任各位的會議接線員。此刻，我謹代表公司歡迎各位參加 Dollar General 2026 會計年度第二季財報電話會議。今天是 2026 年 8 月 27 日（星期四）。

(Operator Instructions) Now I would like to turn the conference over to Mr. Kevin Walker, Vice President of Investor Relations. Kevin, you may begin your conference.

(接線員指示) 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。

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.

今天與我一同出席電話會議的有我們的執行長 Todd Vasos，以及財務長 Donny Lau。在我們的準備發言之後，我們將開放提問。此外，我們的營運長 Emily Taylor 也將加入問答環節。

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 and Events.

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 and Events（新聞與活動）欄位查閱。

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

提醒各位，今天的評論包含《1995 年私人證券訴訟改革法》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。

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. 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.

這些因素包括但不限於：我們今早發布的財報新聞稿中所辨識者、我們於 2026 年 3 月 20 日提交的 2025 年 Form 10-K（10-K 年報）之風險因素、其後提交的任何定期報告，以及本次電話會議中的相關評論。請勿過度依賴前瞻性陳述，該等陳述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 team for their continued dedication to fulfilling our mission of serving others every day in our stores, distribution centers, private fleet and store support center. We are pleased with our second quarter results, including balanced top line growth, healthy operating margin expansion and strong double-digit EPS growth, each of which exceeded our expectations even before considering any impact from tariff refunds.

謝謝你，Kevin，也歡迎所有加入本次電話會議的各位。我想先感謝我們的團隊持續投入，致力於在門市、配送中心、自有車隊以及門市支援中心每天實踐「服務他人」的使命。我們對第二季的成果感到滿意，包括均衡的營收成長、健康的營業利益率擴張，以及強勁的兩位數 EPS 成長；即使在尚未考量任何關稅退稅影響之前，這些表現也都超出我們的預期。

For today's call, I'll start by recapping highlights from our second 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，我將先回顧第二季表現的重點。接著 Donny 會說明我們的財務結果與展望，而我將以策略性成長支柱的最新進展作結。

Turning to our second quarter performance. Net sales for the quarter increased 5.2% to $11.3 billion compared to net sales of $10.7 billion in last year's second quarter. Once again, during the quarter, we grew market share in both dollars and units in highly consumable product sales while also growing market share in nonconsumable product sales. We were especially pleased to see our share gains accelerate in the quarter, which we believe demonstrates the strength and broad appeal of our unique combination of value and convenience, particularly in rural communities across America.

接著談第二季的表現。本季淨銷售額較去年第二季的 107 億美元成長 5.2%，達到 113 億美元。本季我們再次在高消耗性商品銷售上，無論以金額或件數計皆提升市占，同時也在非消耗性商品銷售上提升市占。我們尤其高興看到本季市占增幅加速，我們相信這展現了我們「價值」與「便利」獨特組合的強大實力與廣泛吸引力，特別是在美國各地的鄉村社區。

Same-store sales increased 3.5% during the quarter, driven by customer traffic growth at 2% and average basket growth of 1.5%. Notably, this marks the fifth consecutive quarter of growth in customer traffic as we continue to build on the momentum in our business with both new and existing customers.

本季同店銷售成長 3.5%，主要由顧客來客數成長 2% 與平均客單成長 1.5% 所帶動。值得注意的是，這是來客數連續第五季成長，我們持續在新舊顧客的帶動下，累積業務動能。

In addition, all four merchandising categories delivered positive comp sales for the sixth consecutive quarter with the growth rate in nonconsumables once again outpacing consumable. This broad-based category growth is a testament to the relevance of our offering and our position as America's neighborhood general store.

此外，四大商品類別同店銷售已連續第六季皆為正成長，其中非消耗品的成長率再次超越消耗品。這種廣泛的類別成長，證明了我們商品組合的相關性，以及我們作為「美國鄰里型綜合商店」的定位。

From a monthly cadence perspective, all three periods of the quarter were strong, led by both June and July. And while still early, we're pleased with the strong sales performance to begin Q3 and confident in our plans to drive continued growth in sales, market share, and customer traffic.

從每月節奏來看，本季三個期間的表現都很強勁，其中以 6 月與 7 月領先。雖然目前仍屬初期，我們對第三季開局的強勁銷售表現感到滿意，並對我們推動銷售、市占與來客數持續成長的計畫充滿信心。

Moving to an update on our customer. Our core customers continue to be financially constrained with a variety of factors impacting their budget. Most notably, higher and more volatile fuel prices have forced customers to further prioritize purchases with a focus on value and affordability. As customers have continued to reduce trips and shop closer to home, Dollar General is uniquely positioned to meet their needs with more than 21,000 stores located within five miles of approximately 75% of the US population.

接著更新我們的顧客狀況。我們的核心顧客仍面臨財務壓力，且有多項因素影響其預算。最值得注意的是，較高且更具波動性的燃油價格迫使顧客進一步優先安排購買項目，更加聚焦於價值與可負擔性。隨著顧客持續減少外出次數並更靠近住家購物，Dollar General 憑藉超過 21,000 家門市、其中約 75% 的美國人口在 5 英里範圍內就有門市的布局，具備獨特優勢以滿足其需求。

Our expansive store footprint continues to be a unique competitive strength and is complemented by our growing delivery presence, which contributed an estimated 40 basis points to our comp sales growth in Q2. In addition to our strong convenience offering, we remain committed to delivering exceptional value through our strong everyday low price position, which is within 3 to 4 percentage points of mass retailers. Disciplined and strategic approach to promotional activity and extensive offering of more than 2,000 items across the store at or below the $1 price point.

我們廣泛的門市版圖仍是獨特的競爭優勢，並由我們日益擴大的外送服務布局相輔相成；外送服務在第二季估計為同店銷售成長貢獻了 40 個基點。除了強大的便利性主張之外，我們也持續致力於透過穩健的「天天低價」定位提供卓越價值，價格水準與大型量販零售商相比僅高出約 3 到 4 個百分點。同時，我們以嚴謹且具策略性的方式進行促銷活動，並在全店提供超過 2,000 項售價在 1 美元或以下的商品。

Within our $1 price point, we continue to emphasize and strengthen our Value Valley offering, which is now comprised of more than 600 rotating items each priced at $1. During Q2, we expanded our $1 off-shelf display presence in more than 9,000 stores. We are encouraged by the early results, and these stores are already driving incremental comp sales greater than the rest of the chain. Notably, our Value Valley offering once again significantly outperformed the chain average in Q2 with comp sales increases of more than 16%.

在 1 美元價位帶中，我們持續強調並強化 Value Valley（超值谷）商品組合，目前包含超過 600 項輪替商品，且每項皆定價 1 美元。第二季期間，我們在超過 9,000 家門市擴大了 1 美元商品的離架陳列展示。我們對初期成果感到鼓舞，這些門市已帶動高於全連鎖平均的增量同店銷售。值得注意的是，Value Valley 在第二季再次顯著優於全連鎖平均，同店銷售增幅超過 16%。

Looking ahead, we're excited about our plans for an expanded $1 presence in our fall and holiday set in the back half of the year. We know this price point is important to our customers, and we are excited about the opportunity to continue providing tremendous value through these offerings.

展望未來，我們對於在今年下半年秋季與假期陳列中擴大 1 美元商品的規劃感到振奮。我們知道這個價位對顧客很重要，也很期待透過這些商品持續提供極具吸引力的價值。

We also received tariff refund payments during the quarter and reinvested a substantial portion primarily to further enhance the overall value proposition for our customers while helping them save money on everyday necessities. More specifically, we delivered additional savings through both targeted promotional activities, particularly around the important summer holidays and lower everyday prices.

我們也在本季收到關稅退稅款，並將其中相當大的一部分再投資，主要用於進一步強化顧客的整體價值主張，同時協助他們在日常必需品上省錢。更具體而言，我們透過精準的促銷活動（特別是圍繞重要的夏季假期）以及降低日常售價，為顧客帶來額外的節省。

Consistent with our overall approach to pricing, we took these actions strategically to serve customers while targeting sustainable share gains and sales growth over time. In addition, tariff refund reinvestments during the quarter included incremental SG&A spend on customer-facing initiatives, including increased marketing expense as we look to further enhance the customer experience and elevate our brand. For the quarter, we once again experienced strong trade-in across middle and high-income cohort while also driving productivity gains with our low income customers.

與我們整體定價方法一致，我們以策略性方式採取上述行動，在服務顧客的同時，鎖定可持續的市占提升與長期銷售成長。此外，本季關稅退稅再投資也包含增加 SG&A（銷售、一般及行政費用）支出於面向顧客的各項倡議，包括提高行銷費用，以進一步提升顧客體驗並強化我們的品牌。本季我們再次在中高收入族群看到強勁的「trade-in」趨勢，同時也在低收入顧客方面推動了生產力提升。

Overall, we're proud of the consistency and balance of our top line performance, which was enabled by strong execution and further demonstrates the essential role that Dollar General serves as a trusted partner in the communities we call home.

整體而言，我們對營收表現的穩健一致性與均衡性深感自豪；這得益於強勁的執行力，並進一步彰顯 Dollar General 作為我們稱之為家園之社區中值得信賴夥伴的關鍵角色。

Finally, as we continue to invest in the growth and development of our teams, we are pleased to see lower year-over-year turnover collectively in our stores, distribution centers, private fleet and store support center, all of which is contributing to our improved execution and strong financial results.

最後，隨著我們持續投資於團隊的成長與發展，我們很高興看到門市、配送中心、自有車隊以及門市支援中心的整體年度離職率較去年同期下降，這些都在促進我們執行力的提升與強勁的財務成果。

In summary, we are pleased with our Q2 performance and proud of our team's strong execution. We are confident in our long-term financial framework and excited about our plans to continue delivering value for our customers, associates and shareholders.

總結來說，我們對第二季表現感到滿意，並以團隊強勁的執行力為榮。我們對長期財務架構充滿信心，也對持續為顧客、同仁與股東創造價值的計畫感到振奮。

With that, I'll 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結果後，接下來我將說明其他重要的財務細節。除非我們特別另有說明，所有比較皆為與去年同期相比。所有對 EPS 的提及皆指稀釋後每股盈餘，且所提及之年度皆為對應的會計年度。

For Q2, gross profit as a percentage of sales was 32.6%, an increase of 127 basis points. This increase was primarily attributable to the benefit from tariff refunds, a lower LIFO provision and lower distribution costs, partially offset by increased markdowns and increased transportation costs.

第二季毛利率（占銷售額比重）為 32.6%，增加 127 個基點。此增幅主要來自關稅退稅的效益、較低的 LIFO 提列以及較低的配送成本，部分被折價促銷增加與運輸成本上升所抵銷。

We are especially pleased with our gross margin performance during the quarter even before considering the approximate 81 basis point benefit from tariff refunds after gross margin-related reinvestment. We were also pleased with the continued improvement in damages and shrink in Q2, which reflects strong in-store execution by the team.

我們對本季毛利率表現尤其滿意，即使在不考慮關稅退稅在扣除與毛利率相關再投資後約 81 個基點的貢獻之前亦然。我們也很高興第二季損壞與盤損（shrink）持續改善，反映團隊在門市端的強勁執行。

Turning to SG&A, which as a percentage of sales was 25.8% and flat year-over-year. The primary expense that was a higher percentage of sales in the quarter was depreciation and amortization offset by rent, which was lower as a percentage of sales.

接著看 SG&A（銷售、一般及行政費用），占銷售額比重為 25.8%，與去年同期持平。本季占銷售額比重上升的主要費用為折舊與攤銷，但被租金占比下降所抵銷。

Moving down the income statement. Operating profit for the second quarter increased 29.2% to $769 million. As a percentage of sales, operating profit increased 126 basis points to 6.8%, and includes an approximate 66 basis point benefit from tariff refunds after related reinvestments.

再往下看損益表。第二季營業利益成長 29.2%，至 7.69 億美元。營業利益率提升 126 個基點至 6.8%，其中包含關稅退稅在扣除相關再投資後約 66 個基點的貢獻。

Net interest expense for the quarter decreased to $42.9 million compared to $57.7 million in last year's second quarter. Our effective tax rate for the quarter was 24.2% and compares to 23.5% in the prior year. Finally, EPS for the quarter increased 33% to $2.48, including an approximate $0.25 benefit from tariff refunds after related reinvestments.

本季淨利息費用降至 4,290 萬美元，去年第二季為 5,770 萬美元。本季有效稅率為 24.2%，去年同期為 23.5%。最後，本季 EPS 成長 33% 至 2.48 美元，其中包含關稅退稅在扣除相關再投資後約 0.25 美元的貢獻。

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 Q2, essentially flat compared to the prior year and represented a decline of 2.7% on an average per store basis.

接著看資產負債表與現金流量；我們持續在強化財務體質方面取得顯著進展。第二季末商品存貨為 66 億美元，與去年同期基本持平；以單店平均計算則下降 2.7%。

Importantly, the team has done a terrific job reducing inventory to a level we believe is appropriate to support strong sales growth 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 growth.

重要的是，團隊在將存貨降低至我們認為足以支撐未來強勁銷售成長的適當水位方面做得非常出色。整體而言，我們對存貨狀況感到滿意，並且在 2026 會計年度仍預期存貨成長率將低於銷售成長率。

Year-to-date through Q2, we generated significant cash flow from operations of $1.5 billion, providing flexibility to reinvest in the business and return meaningful cash to shareholders, all while further strengthening our balance sheet and liquidity position.

截至第二季的年初至今，我們自營運活動產生 15 億美元的可觀現金流，提供我們彈性以再投資於業務並向股東回饋可觀現金，同時進一步強化資產負債表與流動性部位。

Our capital allocation priorities continue to serve us well and remain unchanged. 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 our strategic initiatives.

我們的資本配置優先順序持續發揮良好效果，且維持不變。首要任務是投資於業務，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。

Next, we seek to return cash to shareholders through our quarterly dividend payment and when appropriate, share repurchases. Finally, we remain committed to 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.

其次，我們希望透過季度股利發放，以及在適當時機進行庫藏股買回，向股東回饋現金。最後，我們仍致力於維持「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 所評定之 BBB 中段評級的承諾。

Now with regards to shareholder returns and consistent with our capital allocation framework, I'm very pleased to note that we plan to resume our share repurchase program in the third quarter. More specifically, we plan to repurchase up to $700 million of our common stock in the second half, funded with cash on hand. This step reflects our strong cash and liquidity position, the progress we are making towards our long-term financial framework targets and our confidence in the future of the business.

關於股東報酬，並與我們的資本配置架構一致，我很高興指出我們計畫在第三季恢復股票回購計畫。更具體而言，我們計畫在下半年以手上現金為資金來源，回購最多 7 億美元的普通股。此舉反映我們強勁的現金與流動性部位、我們朝長期財務架構目標所取得的進展，以及我們對公司未來的信心。

Moving to our outlook. Given our strong first half performance and expectations for the balance of the year, we are raising our full year outlook. We now expect the following for fiscal 2026. Net sales growth in the range of 4% to 4.3%. Same-store sales growth in the range of 2.5% to 2.9%. And EPS in the range of $7.80 to $8, including the approximate $0.25 Q2 benefit from tariff refunds after related reinvestments.

接著談展望。鑑於上半年表現強勁以及對今年其餘期間的預期，我們上調全年展望。我們目前對 2026 會計年度的預期如下：淨銷售成長介於 4% 至 4.3%。同店銷售成長介於 2.5% 至 2.9%。EPS 介於 7.80 至 8.00 美元之間，其中包含第二季關稅退稅在扣除相關再投資後約 0.25 美元的貢獻。

Our EPS guidance continues to assume an effective tax rate of approximately 24.5% and now contemplates up to $700 million of share repurchases in the back half of the year. Our expectations for capital spending and real estate projects remain unchanged from our previously stated amounts.

我們的 EPS 指引仍假設有效稅率約為 24.5%，並且現在納入下半年最多 7 億美元的股票回購。我們對資本支出與不動產專案的預期，維持先前所述金額不變。

In addition, our Board of Directors recently approved a quarterly cash dividend payment of $0.59 per share for Q2 2026. Let me provide some additional context as it relates to our outlook. First, our revised outlook reflects the strength of our first half performance, underlying momentum in the business, the anticipated impact of tariff refunds after related reinvestments, and our improved expectations for the remainder of the year. We believe the updated range appropriately balances our confidence in the business while also considering the evolving consumer environment.

此外，我們董事會近期核准於 2026 年第二季每股發放 0.59 美元的季度現金股利。我再補充一些與展望相關的背景。首先，我們修訂後的展望反映上半年表現的強勁、業務的內在動能、關稅退稅在扣除相關再投資後的預期影響，以及我們對今年剩餘期間更佳的預期。我們認為更新後的區間在展現對業務的信心之餘，也適當納入消費者環境持續變化的考量。

In addition, despite much higher-than-anticipated fuel costs, we expect gross margin expansion in the second half, supported by continued progress against our key gross margin initiatives, many of which remain early in their maturity curve. As a reminder, our initiatives include continued improvements in shrink and damages, growth in our DG Media Network, nonconsumables merchandising, supply chain productivity and category management.

此外，儘管燃料成本遠高於原先預期，我們仍預期下半年毛利率將擴張，並由我們關鍵毛利率計畫的持續進展所支撐，其中許多仍處於成熟曲線的早期階段。提醒一下，我們的計畫包括持續改善盤損與損壞、DG Media Network 的成長、非消耗品商品經營、供應鏈生產力以及品類管理。

On the expense side, we continue to expect modest SG&A deleverage in 2026 as we continue to invest in key initiatives to support the long-term growth and productivity of the business. Finally, with regards to tariff refunds, we received the majority of our anticipated total refund amount in Q2 and do not expect a material impact from tariff refunds after related reinvestments in the second half.

在費用方面，隨著我們持續投資於關鍵計畫以支持業務的長期成長與生產力，我們仍預期 2026 年 SG&A 將出現小幅去槓桿（deleverage）。最後，關於關稅退稅，我們已在第二季收到預期總退稅金額中的大部分，並不預期下半年在扣除相關再投資後，關稅退稅會帶來重大影響。

In closing, we're pleased with our second quarter results and the momentum we carried through the first half of the year. Looking ahead, we remain confident in our strategy, our business model and our ability to continue advancing toward the targets outlined in our long-term financial framework.

最後，我們對第二季的業績以及上半年延續的動能感到滿意。展望未來，我們對自身策略、商業模式，以及持續朝長期財務框架所列目標推進的能力仍充滿信心。

As we move through the back half, our focus remains on disciplined execution and continued progress across the key drivers of profitable sales growth, strong operating cash flow, healthy returns on invested capital and long-term shareholder value.

進入下半年後，我們的重點仍將放在嚴謹執行，並在獲利性銷售成長、強勁的營運現金流、健康的投入資本報酬率，以及長期股東價值等關鍵驅動因素上持續取得進展。

With that, I'll turn the call back 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。接下來幾分鐘，我將就我們四大策略性成長支柱提供最新進展；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、推動更高的全企業效率，以及擴大我們的觸及範圍。

First, we remain focused on enhancing the customer experience. We are working to do this in a number of ways, both in our physical stores as well as through our digital initiatives. Within our merchandising initiatives, our efforts to improve the nonconsumable product offering continues to resonate with the customer as evidenced by the 4.5% increase in combined non-consumable comp sales during Q2. This performance has continued to drive a positive mix shift impact within our gross margin as well.

首先，我們仍專注於提升顧客體驗。我們正透過多種方式推進，涵蓋實體門市以及數位計畫。在商品策略方面，我們提升非消耗品商品供給的努力持續獲得顧客共鳴，第二季非消耗品同店銷售合計成長 4.5% 即為明證。這項表現也持續對毛利率帶來正向的品類組合轉移效應。

Our nonconsumable growth was once again led by toys this quarter as our team continues to do a nice job offering an on-trend items and licensed products that are resonating with customers. Our brands and licenses are continuing to enhance the customer experience through a surprise and delight approach that offers exciting products at a compelling value.

本季我們的非消耗品成長再次由玩具品類領軍；團隊持續在提供符合潮流的商品與授權產品方面表現出色，並與顧客需求高度契合。我們的品牌與授權持續以「驚喜與愉悅」的方式提升顧客體驗，提供令人興奮且具吸引力價值的商品。

Looking ahead, we're excited about our extensive plans to drive newness and build on this momentum in the back half of the year.

展望未來，我們對下半年推動新品並延續這股動能的完整規劃感到振奮。

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 digital ecosystem 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 customer experience and growing our DG Media Network.

除了門市端的計畫外，為了進一步提升 Dollar General 的全通路顧客體驗，我們也在推進數位計畫。我們的數位生態系是對龐大實體門市網絡的重要補充，並持續成為為顧客帶來額外價值與便利的關鍵驅動力。在推動此領域未來成長時，我們聚焦於擴大配送選項規模、個人化顧客體驗，以及成長我們的 DG Media Network。

We continue to rapidly grow our delivery business through multiple avenues, including our myDG Delivery offering as well as through third-party partnerships of DoorDash and Uber Eats. These offerings are enhancing the convenience proposition for our existing customers as well as introducing new customers to Dollar General. In fact, we estimate that our collective delivery offerings are generating a strong sales incrementality rate of approximately 80%, along with high customer repeat rate.

我們透過多元管道持續快速擴張配送業務，包括 myDG Delivery 服務，以及與 DoorDash、Uber Eats 等第三方合作夥伴的合作。這些服務不僅提升既有顧客的便利性主張，也為 Dollar General 帶來新顧客。事實上，我們估計整體配送服務帶來約 80% 的強勁增量銷售率，且顧客回購率高。

Our delivery platforms are also becoming a more meaningful sales driver as digitally engaged and delivery customers are more than twice as productive as our nondigitally engaged customer. Importantly, we believe we have significant opportunity to continue growing incremental delivery sales, while also attracting new customers through digital engagement and ultimately, in our stores. In fact, we estimate we have already seen more than 1 million new customers first engaged through our delivery and then become an in-store shopper at Dollar General.

我們的配送平台也正成為更具意義的銷售驅動因素，因為數位互動與配送顧客的生產力是未進行數位互動顧客的兩倍以上。重要的是，我們相信在持續擴大配送增量銷售方面仍有顯著機會，同時也能透過數位互動吸引新顧客，並最終帶動其到店消費。事實上，我們估計目前已看到超過 100 萬名新顧客先透過配送服務首次互動，之後成為 Dollar General 的到店購物顧客。

Looking ahead, we are focused on building the growth within our digital ecosystem while driving sales and customer growth and also support greater contributions from our DG Media Network. Our DG Media Network strategy is focused on accelerating on-site performance through improved search, sponsored products and stronger e-commerce experience while expanding our ability to capture off-site spend across social, connected TV and video.

展望未來，我們將專注於壯大數位生態系的成長，同時推動銷售與顧客成長，並支持 DG Media Network 帶來更大的貢獻。我們的 DG Media Network 策略聚焦於透過改善搜尋、贊助商品與更強的電商體驗來加速站內表現，同時擴大我們在站外（社群、連網電視與影音）捕捉廣告支出的能力。

We are combining this approach with the opportunity for advertisers to participate inside our expansive footprint of physical stores, including our recently expanded in-store radio network, ultimately providing better connections between our digital and physical experiences.

我們也結合此作法，提供廣告主在我們廣泛的實體門市版圖內參與的機會，包括近期擴大的店內廣播網路，最終在數位與實體體驗之間建立更好的連結。

Over time, we believe our media network will serve as a strategic lever to drive profitable growth, enhance the customer experience and strengthen loyalty across our digital ecosystem. Overall, our digital strategy is an important complement to our in-store customer experience and a key driver within our long-term financial framework.

長期而言，我們相信媒體網路將成為推動獲利性成長、提升顧客體驗並強化數位生態系忠誠度的策略槓桿。整體而言，我們的數位策略是門市顧客體驗的重要補充，也是我們長期財務框架中的關鍵驅動因素。

Our second strategic growth pillar is elevating our brand. Our mature store base is a unique competitive advantage that enables us to serve customers in smaller, rural communities across the country. We continue to make strategic investments in our store base, particularly through Project Renovate and Elevate remodel programs, which are positively impacting the customer and associate experience.

第二個策略性成長支柱是強化我們的品牌。我們成熟的門市基礎是一項獨特的競爭優勢，使我們能服務全國各地較小的鄉村社區顧客。我們持續對門市基礎進行策略性投資，特別是透過 Project Renovate 與 Elevate 翻新改裝計畫，這些計畫正對顧客與員工體驗帶來正面影響。

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 the latest store format. These projects are focused primarily on stores that are seven or more years removed from opening or their last full remodel.

提醒一下，Project Renovate 是我們傳統的改裝計畫，涵蓋整間門市，包括新增或更換冷藏櫃，並升級至最新門市格式。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。

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. We continue to expect to execute a total of 2,000 Project Renovate remodels and 2,250 Project Elevate remodels this year.

而 Project Elevate 則旨在於我們成熟門市基礎中、尚未達到納入完整改裝管線年限的部分門市，進一步提升銷售與市占。這些專案包括實體資產強化、陳列更新、商品鄰接關係調整與品類更新，通常可影響門市總面積的最多約 80%。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。

We made significant progress on these goals in the second quarter and have now completed 1,324 Project Renovate remodels and 1,422 Project Elevate remodels through the end of Q2. We continue to target annualized comp sales lift of approximately 6% in Project Renovate stores and approximately 3% in Project Elevate stores as we believe these projects can drive significant sales and profit growth.

我們在第二季於這些目標上取得顯著進展，截至第二季末已完成 1,324 間 Project Renovate 改裝與 1,422 間 Project Elevate 改裝。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，因為我們相信這些專案可帶來顯著的銷售與獲利成長。

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 of our stores, inventory optimization and increased use of artificial intelligence. By focusing on controlling the things we can control and driving efficiencies, we have been able to mitigate other cost pressures, including higher fuel costs.

第三個策略性成長支柱是推動更高的全企業效率。我們持續尋求在全組織提升效率並降低成本的機會，包括提高供應鏈生產力、進一步簡化門市作業、庫存最佳化，以及更廣泛運用人工智慧。透過聚焦於掌控可控事項並推動效率提升，我們得以緩解其他成本壓力，包括燃料成本上升。

Additionally, while we are still early in our AI journey, we are building agentic operating systems for the enterprise focused on reshaping and optimizing our workflows to improve productivity throughout the organization.

此外，儘管我們在 AI 的旅程仍處於早期階段，我們正在為企業打造具代理能力（agentic）的作業系統，聚焦於重塑並最佳化工作流程，以提升全組織的生產力。

Our final strategic growth pillar is extending our reach. We continue to extend our unique combination of value and convenience in new communities across the country. In turn, this extension is helping attract new customers and support further market share gains.

最後一個策略性成長支柱是擴大我們的觸及範圍。我們持續在全國新的社區中延伸我們獨特的「價值＋便利」組合。因此，這樣的擴張有助於吸引新顧客，並支持進一步提升市占率。

In Q2, we opened 125 new stores in the US as part of our continued plan to open a total of 450 stores in 2026. Importantly, these projects continue to be one of the best uses of capital, delivering healthy returns, while also expanding access for new customers and communities.

第二季，我們在美國新開 125 間門市，符合我們持續推進的計畫：於 2026 年合計開設 450 間門市。重要的是，這些專案仍是資本運用的最佳選項之一，能帶來健康的報酬，同時也為新顧客與社區擴大可及性。

In addition to our new store growth in the US we continue to test, learn and refine our strategy for incremental growth in Mexico. As part of our plans to open a total of approximately 10 stores in Mexico in 2026, we opened one Mi Super Dollar General in Q2, bringing us to a total of 22 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 extend our reach and capture more of these exciting growth opportunities.

除了在美國的新店成長外，我們也持續在墨西哥測試、學習並精進我們的增量成長策略。依據我們在 2026 年於墨西哥合計開設約 10 間門市的規劃，我們在第二季新開 1 間 Mi Super Dollar General，使墨西哥門市總數達到 22 間。雖然我們以價值與便利為核心的商業主張在墨西哥仍持續獲得顧客共鳴，但我們正運用顧客、房地產與商品洞察，進一步擴大觸及範圍，並掌握更多這些令人振奮的成長機會。

Overall, we are pleased with the strong and steady progress we are making toward the goals laid out in our long-term financial framework. We are advancing each of our strategic pillars and are confident in our strategy to build on our progress and momentum.

整體而言，我們對於朝著長期財務架構中所訂定目標所取得的強勁且穩健進展感到滿意。我們正推進各項策略支柱，並對於在既有進展與動能之上持續推動的策略充滿信心。

In closing, we are proud of our strong Q2 performance and financial results. The business is performing well, and we are operating from a position of strength as we head into the back half of the year. We recently had approximately 1,800 leaders of the organization in Nashville for our annual Field Leadership Meeting, and I was once again reminded of the talent, passion and commitment of our team.

最後，我們為第二季強勁的表現與財務成果感到自豪。業務運作良好，隨著我們進入下半年，我們正處於有利的強勢位置。近期我們在納什維爾舉辦年度現場領導力會議，約有1,800位組織領導者與會，我再次感受到團隊的才華、熱情與投入。

I want to thank our more than 198,000 employees for the work they do to serve our customers and communities every day, and I'm looking forward to all they will accomplish together in the second half of the year.

我要感謝超過198,000名員工每天為服務客戶與社區所付出的努力，也期待他們在下半年攜手完成更多成果。

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

接下來，接線員，我們現在想開放電話線路進行提問。

(Operator Instructions)

(接線員指示)

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，Oppenheimer。

Congrats on a nice quarter. So I want to start with gross margins. So I was hoping for more color on back half gross margins, including some of the key puts and takes you guys see out there and how you're managing through some of the transportation cost headwinds.

恭喜本季表現不錯。我想先從毛利率談起。我希望能更了解下半年毛利率的更多細節，包括你們看到的幾個主要利多與利空因素，以及你們如何因應運輸成本逆風的管理作法。

And then related to that, how is your team thinking about the competitive promotional backdrop as others invest tariff refunds and there's more chatter out there on industry price investments?

另外也相關的是，當其他業者投入關稅退稅並且市場上對於產業價格投資的討論增加時，你們團隊如何看待競爭性的促銷環境？

Yes. Thanks, Rupesh. This is Donny. Maybe I'll start with your first question and then maybe hand it off to Todd to address your second one. But in terms of gross margin, I'd start with maybe just providing some color as it relates to Q2 because I think that does provide a little bit of context as we think about the second half.

是的。謝謝你，Rupesh。我是Donny。也許我先回答你的第一個問題，然後再請Todd來回應第二個。就毛利率而言，我先就第二季提供一些背景說明，因為這能在我們思考下半年時提供一些脈絡。

So in terms of Q2 gross margin, what I'd say here is, very pleased with the gross margin performance that we delivered in Q2. As you saw in the release, a 127 basis point improvement, that does include 81 basis point benefit from tariff refunds net of the reinvestment. But even when you set that aside, gross margin performance exceeded our expectations, and that's despite higher-than-anticipated fuel costs.

就第二季毛利率來看，我想說的是，我們對第二季交出的毛利率表現非常滿意。如你在新聞稿中所見，毛利率提升127個基點，其中包含關稅退稅扣除再投資後帶來的81個基點效益。但即便把這部分排除在外，毛利率表現仍超出我們預期，儘管燃料成本高於原先預估。

And so when you think about the primary drivers of our expansion during the quarter, obviously, the tariff benefit net of reinvestment played a role. But when you set that aside, really pleased to see nice contributions across many of our gross margin drivers.

因此，當你思考本季毛利率擴張的主要驅動因素時，顯然關稅效益扣除再投資確實有所貢獻。但撇除這點，我們也很高興看到多項毛利率驅動因素都有不錯的貢獻。

And so while there's supply chain efficiencies, which we called out, but also continued improvements in shrink and damages. And what I'm very pleased with on the shrink side is we're lapping 108 basis points of improvement in Q2 2025. We touched on the transportation.

因此，除了我們提到的供應鏈效率提升之外，損耗與損壞也持續改善。而在損耗方面讓我非常滿意的是，我們在2025年第二季已經有108個基點的改善基期。我們也提到了運輸。

The one thing I'll note here is it was higher than anticipated cost in the quarter because it was more pronounced in Q2 just given the full quarter impact versus Q1. But overall, building and seeing nice momentum across our gross margin drivers.

我在這裡要補充的一點是，本季成本高於預期，因為相較第一季，第二季受到的影響更為明顯，主要是因為第二季承受了整季的影響。但整體而言，我們在各項毛利率驅動因素上持續建立並看到良好動能。

And so when you think about the second half, we do expect gross margin expansion in the back half. Just a couple of things to note, we are lapping over 100 basis points improvement versus the prior year and fuel costs continue to be a little bit of a pressure point for us in the back half.

因此，談到下半年，我們確實預期下半年毛利率將擴張。有幾點需要注意：我們將面臨相較去年超過100個基點改善的高基期，而燃料成本在下半年仍會對我們造成一些壓力。

But from a tailwinds perspective, again, continued expectations to drive improvement across a lot of our gross margin drivers. We expect continued improvement in shrink and damages. We expect continued improvement in growth in our other gross margin drivers, including our DG Media Network, nonconsumables, merchandising, more supply chain efficiencies and category management, more specifically there on the Value Valley dollar price point private label side of the house.

但從利多面來看，我們仍預期能在多項毛利率驅動因素上持續推動改善。我們預期損耗與損壞將持續改善。我們也預期其他毛利率驅動因素將持續成長，包括DG Media Network、非消耗品、商品陳列、更多供應鏈效率與品類管理；更具體而言，還包括Value Valley一美元價位帶的自有品牌業務。

And again, from a headwinds perspective, just higher fuel costs. We anticipate fuel costs will remain elevated for the balance of the year. The great news here is the team has done a great job so far offsetting these pressures within the base business.

同樣地，從逆風面來看，主要就是燃料成本較高。我們預期燃料成本在今年剩餘期間仍將維持在高檔。好消息是，團隊迄今在基礎業務中已經做得很好，成功抵銷了這些壓力。

And the other thing I'd probably point out is just that the tariff landscape continues to evolve. Now our full year guidance today reflects current tariff levels that are in place today. But like any quarter, lots of puts and takes in any given quarter, and we saw that in Q2 as well. But overall, continue to believe there are more tailwinds than headwinds and feel really good about our ability to drive continued gross margin expansion as we move ahead.

另外我可能也要指出，關稅環境仍在持續演變。我們目前的全年指引反映的是當前已實施的關稅水準。但就像任何一季一樣，每一季都有許多利多與利空的拉鋸，我們在第二季也看到了。但整體而言，我們仍相信利多多於利空，並對於未來持續推動毛利率擴張的能力感到非常有信心。

Yes. Thank you, Donny. And with that, Rupesh, I would tell you that as we exited Q2 from a pricing perspective, we feel very good about where we are on many levels. So we're in a great position on our everyday pricing position against all classes of trade. We executed, I believe, a very strategic promotional cadence in Q2 and expect that strong offensive execution of promotional cadences to be with us in the back half of the year as well.

是的。謝謝你，Donny。Rupesh，接著我想說的是，從定價角度來看，我們在第二季結束時對自身狀況在多個層面都感到非常良好。因此，我們在日常定價上，相較各類型通路都處於非常有利的位置。我認為我們在第二季執行了非常具策略性的促銷節奏，並預期這種強而有力、主動出擊的促銷節奏執行也會延續到下半年。

And of course, a strong and growing $1 price point that you heard in my prepared remarks, both from Value Valley as well as over 2,000 items at or below $1 dollar. So when you think about where we are, I would say that from a promotional activity and such, pretty close to what Q1 looked like overall, not only at Dollar General, but across all classes of trade. And as we look to the back half of the year, we're positioned really well and have a lot of dry powder to continue to be there for the consumer, what she needs, when she needs it.

當然，正如我在事先準備的談話中提到的，一美元價位帶也強勁且持續成長，這不僅來自Value Valley，還包括超過2,000項售價在1美元或以下的商品。因此，談到我們目前的狀況，我會說就促銷活動等而言，整體上與第一季相當接近，不僅是在Dollar General，在各類型通路也都是如此。而展望下半年，我們的布局非常到位，也有充足的「火力」持續貼近消費者，在她需要的時候提供她所需要的商品。

And I think I would also point to you, Rupesh, and I know you know us well, we've got a real strong track record of investing in price over time, including everyday price, our promotional activity. But more importantly, we've got a real good track record, once we do that of keeping that customer engaged at Dollar General even outside of those promotional time frames. We saw that in Q2. Actually, even when we didn't run additional promotional activity in Q2, we saw a very engaged consumer and a very sticky consumer.

我也想補充一點，Rupesh，我知道你很了解我們：我們長期以來在價格投資方面有非常強的紀錄，包括日常價格與促銷活動。但更重要的是，一旦我們做了這些投資，我們也有很好的紀錄能讓顧客即使在非促銷期間也持續在Dollar General保持黏著度。我們在第二季就看到了這點。事實上，即使第二季我們沒有加碼額外促銷活動，我們仍看到消費者高度投入，而且黏著度很高。

Matthew Boss, JPMorgan.

Matthew Boss，JPMorgan。

Congrats on a nice quarter. So Todd, 3.5% comps in the second quarter, your best two-year stack in three years. Can you speak to the cadence of comps that you saw in the quarter? And on the underlying momentum that you cited, where are you seeing the acceleration if you looked at the sequential trends from your core low-income customer versus trade down from middle and higher income customers?

恭喜本季表現不錯。Todd，第二季同店銷售成長3.5%，是你們三年來最佳的兩年累計表現。你能談談本季同店銷售在季度內的變化節奏嗎？另外，針對你提到的潛在動能，如果看核心低收入客群的連續趨勢，以及中高收入客群「向下消費」（trade down）帶來的影響，你們在哪些地方看到加速？

And then Donny, can you speak to the reinstatement of share repurchases now for the back half of the year? It's earlier than your initial '27 plan. Or at two to three comps in the model now, how you see annual earnings growth as a go-forward baseline with the return of capital allocation?

接著，Donny，你能談談今年下半年恢復股票回購的情況嗎？這比你們最初的『27年計畫』更早。或者在模型中目前假設同店成長2%到3%的情況下，隨著資本配置回歸，你如何看待作為未來基準的年度盈餘成長？

Matt, I'll start. And then Donny, I'll pass it over to you. I would tell you, Matt, we're very pleased with our comp sales of 3.5%. It's a real testament of the back to basics plan we had put into place a couple of years ago.

Matt，我先回答。然後 Donny，我再把問題交給你。Matt，我想告訴你，我們對3.5%的同店銷售成長非常滿意。這充分證明了我們在幾年前所推動的「回歸基本功」計畫的成效。

And now fast-forwarding all that work plus the work that we're doing around Renovate and Elevate, and all the work that the team has done on the merchandising side and ops side of the business, really all coming together as we continue to add wins on the consumer side of the equation.

而現在把這些工作快轉來看，再加上我們在 Renovate 和 Elevate 方面所做的努力，以及團隊在商品與營運端所做的所有工作，確實都正在匯聚成效，因為我們持續在「消費者端」這個方程式上不斷累積勝利。

The customer is definitely seeing the differences not only in our stores, our in-stock levels as well as our pricing activity. And when I -- again, as I've mentioned, we are in as good a position as we've been in on everyday price against all classes of trade and feel very good about that momentum leading to the back half of the year.

顧客確實看到了差異，不僅是在我們的門市、商品在庫水位，也包括我們的定價活動。而且我——再次如我提到的，我們在日常價格（everyday price）方面，相較於各類型通路都處於我們有史以來最好的位置之一，並且對這股動能延續到下半年感到非常有信心。

A lot of the momentum you're seeing is very well balanced as well. We're on that sixth consecutive quarter of great momentum in our nonconsumable businesses. And again, a real testament to all the work that the teams have done there.

你所看到的許多動能也相當均衡。我們的非消耗品業務已連續第六個季度展現強勁動能。同樣地，這也充分證明了團隊在那方面所做的所有努力。

And when you think about nonconsumables for a moment, you can also think about in the second part of your question is where we're seeing some of these gains, additional gains and trade in of the consumer, really coming from that $100,000 and above crowd, if you will, income levels. And as I've always said, that cohort of customer brings with them, additional discretionary income that she's able to spend on nonconsumables as well as consumable goods.

而當你稍微想一下非消耗品，也可以連結到你問題的第二部分：我們看到的一些增量成長、以及消費者的「轉入」（trade in）所帶來的額外增益，若你這麼說的話，主要來自年收入10萬美元以上的族群。而且我一直都說，這一群顧客帶來了額外的可支配所得，使她能在非消耗品以及消耗品上都有更多支出。

I think the important thing here to look at, Matt, as well, is the sustainability, we believe, of those comps as we move through the back half of the year. We're in a real good position both from pricing as well as promotional cadence, but also from the consumer standpoint. Inflation is still stubbornly high as well as fuel prices being volatile. And with that, the consumer needs us more every day, and we continue to be there for them. So we feel very good about our positioning and being able to deliver a good strong back half.

Matt，我認為這裡同樣重要的是要看這些同店成長的可持續性，我們相信在下半年推進過程中是可持續的。我們在定價與促銷節奏（promotional cadence）方面都處於非常好的位置，同時從消費者面來看也是如此。通膨仍然頑固地偏高，燃油價格也很波動。在這樣的情況下，消費者每天都更需要我們，而我們也持續在那裡支持他們。因此我們對自身定位以及交出強勁下半年表現的能力感到非常有信心。

Yes. And Matt, to your question on -- Matt, to your question on share repurchases. I think what I'd say here is just very pleased with our announcement this morning that we now intend to resume our share repurchase program in the third quarter. Our plans are to repurchase up to $700 million of stock in the second half.

是的。Matt，針對你關於——針對你關於股票回購的問題。我想我會說的是，我們對今天早上宣布我們打算在第三季恢復股票回購計畫感到非常高興。我們的計畫是在下半年回購最多7億美元的股票。

Just as a reminder, share repurchases have always been an important component and driver of our long-term financial framework. And as you alluded to, the framework did assume we would resume share repurchases at some point during 2027.

提醒一下，股票回購一直是我們長期財務架構中一個重要的組成部分與驅動因素。而如你所提到的，該架構原本假設我們會在2027年的某個時間點恢復股票回購。

But as we've noted for several quarters now, we're ahead of schedule versus some of the initial goals embedded in our long-term financial framework, and that includes progress towards strengthening our balance sheet and enhancing our liquidity position.

但正如我們過去幾個季度所指出的，我們相較於長期財務架構中所嵌入的一些初始目標已經超前進度，其中包括強化資產負債表以及提升流動性部位的進展。

So really great to be in a position to restart the program, which is also now ahead of our initial long-term financial framework goals, which is great to see. And importantly, not only is this consistent with our capital allocation framework, but this step really does underscore, I think, the progress we're making towards our long-term financial framework targets as well as our confidence in the future of the business. And so as we look ahead, I'll tell you, no changes in terms of how we're thinking about the long-term financial framework.

因此，能夠在這樣的位置重啟該計畫非常好，而且這也比我們最初的長期財務架構目標更早，看到這點令人振奮。更重要的是，這不僅符合我們的資本配置架構，這一步也確實凸顯了——我認為——我們朝向長期財務架構目標所取得的進展，以及我們對公司未來的信心。因此展望未來，我可以告訴你，我們對長期財務架構的思考方式沒有任何改變。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

Has Dollar General entered a new era where it needs to use promotional activity such as $5 off a $25 purchase or $10 off a $40 purchase more frequently in order to drive the traffic? And this year, there's obviously going to be a variety of different offsets like the improvement in shrink and damages as well as some of the tariff-related ins and outs.

Dollar General 是否進入了一個新時代：為了帶動來客數，需要更頻繁地使用促銷活動，例如「消費滿25美元折5美元」或「消費滿40美元折10美元」？而今年顯然會有各種不同的抵銷因素，例如損耗（shrink）與損壞（damages）的改善，以及一些與關稅相關的進出項目。

But as next year approaches, those factors may not be here. And to the extent that this lever may need to continue to be utilized, how do you make sure that your gross margin maintains in an upward trajectory?

但隨著明年臨近，這些因素可能不再存在。若這個槓桿需要持續被使用，你們要如何確保毛利率仍能維持向上的趨勢？

Michael, thanks for the question. I would tell you that we feel very good about the positioning of where we are on pricing, as I indicated.

Michael，謝謝你的問題。我想告訴你的是，正如我所提到的，我們對目前在定價上的定位感到非常有信心。

Coming out of Q2, obviously, the customer is strained. We see that, and the customer obviously is feeling it every day. And we've always said, we reserve the right to go in and do what we believe is necessary for our core consumer as well as any trade down consumer that we see coming in.

第二季結束後，顯然顧客承受壓力。我們看得到，顧客也顯然每天都感受得到。而我們一直都說，我們保留權利，會針對我們的核心消費者，以及我們看到進來的任何「向下轉移」（trade down）的消費者，採取我們認為必要的作法。

We believe it was very prudent in the activity that we've taken. I would tell you that we don't see meaningful step-up in those promotional activities. We did anniversary some. We invested appropriately and very much on the offensive around key holiday times during Q2. Think about Memorial Day, think about 4th of July, where the customer has a little bit more money in their pocket or has the optionality to spend a little bit more.

我們認為我們所採取的活動是非常審慎的。我想告訴你的是，我們不認為這些促銷活動會出現顯著的加碼。我們有一部分是因為去年同期基期因素（anniversary）。我們在第二季的關鍵假期時點，適度投入並且非常積極進攻。想想國殤日（Memorial Day）、想想美國獨立日（7月4日），在這些時候顧客口袋裡會多一點錢，或有更多選擇可以多花一點。

We were there for the consumer during those strong times. But the great thing is, even outside of those promotional times, the consumer hung with us and stuck with us. And we do a really good job on the backside of retaining those customers, and we've seen that.

在那些較強的時點，我們有站在消費者這一邊。但很棒的是，即便在那些促銷時點之外，消費者仍然與我們同行、持續選擇我們。而我們在後端留住這些顧客方面做得非常好，我們也看到了這點。

The other thing that we don't spend a lot of time on, and I know that promotional activity gets a lot of airtime, but it's our strong everyday price that really brings the consumer in and keeps her sticky. And I would tell you that we are as good a price today as we've been against all classes of trade and feel very good about our everyday pricing as well.

另外一點是，我們不會花太多時間談這個——我知道促銷活動很常被討論——但真正把消費者帶進來、並讓她黏著度很高的，是我們強勁的日常價格（everyday price）。我也想告訴你，我們今天的價格競爭力相較於各類型通路都處於我們有史以來最好的水準之一，並且對我們的日常定價同樣非常有信心。

So when you think about that, we actually invested in Q2 and everyday price as well. And keep in mind, that takes a little longer for the customer to realize you've lowered an everyday price. And so that should be the gift that keeps on giving into the back half of the year.

因此當你這樣思考時，我們其實在第二季也投資了日常價格。而且請記住，顧客需要更長一點的時間才會意識到你下調了某個日常價格。因此這應該會成為一個在下半年持續帶來效益的「禮物」。

So we feel we're doing the exact right thing for the customer at the right time from a position of strength and on the offense. And we have the ability to flex up and flex down and have enough dry powder in the back half to be there for the customer every day.

所以我們認為，我們正以強勢的姿態、以進攻的方式，在對的時間為顧客做完全正確的事。而且我們有能力向上或向下調整，並在下半年保有足夠的「乾火藥」（dry powder），每天都能站在顧客這一邊。

Seth Sigman, Barclays.

Seth Sigman，巴克萊。

So when we look at the refunds this quarter, it looked like it was 81 basis points to the gross margin equates to about $91 million. I think the math on the operating profit suggests that the net impact was less than that, so perhaps there's offsets in SG&A. Can you speak to that where are you spending within SG&A?

所以當我們看本季的退款時，看起來對毛利率的影響是81個基點，約等於9,100萬美元。我認為從營業利益的計算來看，淨影響似乎小於這個數字，所以或許在SG&A上有一些抵銷。你能談談在SG&A裡你們把錢花在哪些地方嗎？

And then just related to that, to your credit, SG&A seems quite low even with those investments, up only 3% per store. So just any other color on maybe how you're changing? How you think about cost management? And how to think about that in the back half of the year?

另外也跟這點相關，值得肯定的是，即使有那些投資，SG&A看起來仍然相當低，每店僅增加3%。所以想請你再補充一些細節，或許你們正在如何調整？你們如何看待成本管理？以及今年下半年該如何看待？

Yes. No, I appreciate the question. So I think to your point about the tariff refunds, I think you're thinking about it the right way. We did receive and record the vast majority of the anticipated refund amount in Q2. It did provide us with the opportunity to reinvest heavily as Todd mentioned in enhancing the customer value proposition.

是的。不，我很感謝這個問題。所以我想就你提到的關稅退款而言，我認為你的理解方向是對的。我們在第二季收到了並入帳了預期退款金額中的絕大部分。正如Todd提到的，這確實讓我們有機會大幅再投資，以強化顧客價值主張。

And some of that, to your point, was an incremental SG&A spend on customer-facing initiatives. And the one thing I'd point out is increased marketing spend, which we think is going to pay a lot of dividends as we move ahead.

而其中一部分，如你所說，是在面向顧客的計畫上增加了SG&A支出。我想特別指出的一點是行銷支出增加，我們認為隨著未來推進，這將帶來很大的回報。

And so I think from an SG&A perspective, you're right. In terms of -- as you think about the quarter, we did -- there was a little bit of reinvestment, so about 15 basis points is the way I would think about that math. And so it's flat versus year, but when you take that into account, it essentially delivers leverage in the quarter, which is great to see.

因此我認為從SG&A的角度來看，你說得沒錯。就本季而言，我們確實做了一些再投資，所以我會用大約15個基點來理解這個計算。因此它與去年相比是持平的，但把這點納入後，本季實際上帶來了槓桿效益，這很令人高興。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

Nice quarter. Todd, when the going gets tough, I always want to ask you about the consumer as you understand she and trade down. Can you talk about what's happening there? And then I'll put the follow-up within it.

本季表現不錯。Todd，當情勢變得艱難時，我總是想問你，依你對消費者的理解，她的狀況以及「向下消費／轉向更便宜選擇」的情況如何？你能談談目前發生了什麼嗎？接著我會把追問也放在同一題裡。

The incrementality from here for some of the last mile services that you're using, is the incremental benefit building stable or beginning to lap or moderate against tougher compares?

就你們正在使用的一些最後一哩服務而言，從現在開始的增量效益，是在穩定累積，還是開始進入與更艱難比較基期相互抵銷、或趨於溫和？

Great. Thank you for the question. And I'll take the first half. And then Emily, I'll pass it over to you. Yes, the consumer obviously is strained. I mentioned earlier that stubborn inflation that is currently with that consumer hasn't subsided.

好的。謝謝你的問題。我先回答前半段。然後Emily，我再交給你。是的，消費者顯然承受壓力。我先前提到，消費者目前面臨的頑固通膨尚未緩解。

And also the volatile fuel prices. We've always said here, if you go back years and years, any time it gets close to that $4 mark or crest $4, it puts an extra strain on the consumer. And we obviously have been there for the better part of Q2 and now as we move into Q3.

另外還有波動的燃油價格。我們一直都說，如果你回顧很多很多年，只要油價接近每加侖4美元或突破4美元，就會對消費者造成額外壓力。而我們在第二季大部分時間都處於那個水準，現在進入第三季也仍然如此。

So that consumer is under a lot of pressure. Our core consumer, especially as it relates to feeding her family and being there for her family needs us more than ever. And we're seeing that inside of our numbers as well. And then that trade-in because of all the pressure that, that middle and upper middle income consumer is under, and that is usually that $100,000-plus crowd, if you will, that has been trading in the better part of a year now and has continued to trade in through Q2 and now into Q3, I would tell you, is looking for more and more value as time goes on.

所以消費者承受很大壓力。我們的核心消費者，特別是在養家糊口、滿足家庭需求方面，比以往任何時候都更需要我們。我們也在數據中看到了這一點。此外，由於中產與中上收入消費者承受各種壓力，那種「轉向我們消費」的情況也在發生；通常是年收入10萬美元以上的族群，在過去大約一年裡一直在轉入，並在第二季持續、現在進入第三季也仍在轉入。我會說，隨著時間推進，他們在尋求越來越多的價值。

She was trading in earlier on more sporadically. Now on a more everyday basis. Not only everyday goods, but as I mentioned earlier, she has been trading in for those nonconsumable goods as well.

她一開始是比較零星地轉入。現在則更像是日常、經常性地轉入。不僅是日常消耗品，正如我先前提到的，她也在非消耗性商品上轉入。

The great thing about that all put together is we believe that core consumer will continue to be strained as we move through the back half of the year. And we're in a great position on pricing, promotional cadences and our $1 offerings as well as in my prepared remarks, our seasonal offering for the back half of the year is very strong with a very strong offering increased over last year in the dollar price point as well.

把這些因素綜合起來，好的地方在於：我們相信核心消費者在今年下半年仍會持續承受壓力。而我們在定價、促銷節奏與1美元商品上都處於很好的位置；同時如我在事先準備的發言中提到，我們下半年的季節性商品供給非常強，且在美元價位帶的供給也比去年增加很多。

So we feel very good about where we're headed in the back half and what's ahead of us to be able to deliver for the consumer each and every day.

因此我們對下半年的走向以及未來能夠每天為消費者提供服務的能力感到非常有信心。

Yes. And I'll take the delivery question. So from an incrementality perspective, it really is stable. I'll give just a little more color on the business overall. We were really happy with the business in the quarter. It was ahead of our internal plan.

是的。我來回答配送的問題。就增量效益而言，基本上是穩定的。我再補充一點整體業務的背景。我們對本季的業務表現非常滿意。它超出我們的內部計畫。

And delivery for us really is making sure that we are there to meet the convenience needs of the customer, which is, of course, incredibly important. At the same time, we're using delivery, of course, to reach new customers. And that's exactly what we're seeing.

對我們而言，配送的核心是確保我們能滿足顧客的便利性需求，這當然極其重要。同時，我們也利用配送來觸及新顧客。而我們看到的正是如此。

You heard earlier on the call that over 1 million customers found and shopped inside our stores for the first time after they first use delivery to find Dollar General. So that's really exciting results for us. But when you combine that with the fact that we continue to see a higher average basket from our delivery orders versus what we see inside our stores, it means that we're also seeing delivery broaden the way our customers are able to shop with Dollar General.

你先前在電話會議中也聽到，有超過100萬名顧客在首次使用配送來找到Dollar General之後，第一次走進我們的門市並完成購物。所以這對我們來說是非常令人振奮的成果。但當你再把這點與我們持續看到的情況結合起來——也就是配送訂單的平均客單價高於門市購物——這代表我們也看到配送正在擴大顧客在Dollar General的購物方式。

So of course, delivery supports both traffic and basket growth here at Dollar General and with the high repeat rates that we continue to see, it tells us the customers really value what we're doing in the space and it really encourages us in terms of potential for additional growth as we move ahead.

因此，配送當然同時支持Dollar General的來客數與客單成長；而我們持續看到的高回購率也告訴我們，顧客確實重視我們在這個領域所做的事情，並且在我們往前推進時，這也讓我們對額外成長的潛力感到鼓舞。

Chuck Grom, Gordon Haskett.

Chuck Grom，Gordon Haskett。

Todd, Donny, great quarter. Can we spend some time on Value Valley and the dollar price point, strong comps here, high teens again, back to back quarters, I guess how can you capitalize on this going forward? You have a couple of thousand items in stores. Would it make sense to grow this to take advantage of the Tree's multi-price move?

Todd、Donny，本季表現很棒。我們能花點時間談談Value Valley和1美元價位帶嗎？這裡的同店表現很強，再次達到十幾%的高成長，且已連續兩季；我想問你們接下來要如何把握並放大這個機會？你們門市裡有幾千個品項。考量到Dollar Tree轉向多價格策略，擴大這個規模是否合理，以便利用這個趨勢？

And then my follow-up is on SG&A. You guys are lapping, I believe, $200 million of higher incentive comp and the leverage is essentially neutral here in 2Q despite that 3.5%. So how do we think about the hurdle rate going forward? Is it still 3% or costs in the business need to move higher?

接著我的追問是關於SG&A。我相信你們正在與約2億美元較高的激勵薪酬基期做比較，而儘管本季同店成長3.5%，第二季的槓桿效益基本上仍接近中性。那麼往前看，我們該如何思考門檻（hurdle rate）？是否仍是3%，還是業務中的成本需要走得更高？

Chuck, this is Emily. I'll take your Value Valley question. We were really happy with the 16% growth. And you heard us talk about the fact that now we're running over 600 items in this particular set inside our stores. That compares to about 500. So the team is doing an outstanding job of continuing to expand our assortment and the breadth of items that customers can get inside our store within that Value Valley space.

Chuck，我是Emily。我來回答你關於Value Valley的問題。我們對16%的成長感到非常滿意。而且你也聽到我們提到，現在在門市裡這個特定的陳列組合中，我們已經上架超過600個品項。相較之下，之前大約是500個。因此團隊在持續擴充我們的商品組合，以及擴大顧客能在門市Value Valley區域買到的品項廣度方面，表現非常出色。

I think it's really important to call out that Value Valley for us doesn't represent all of the Dollar items. You heard Todd referenced the 2,000 -- more than 2,000 items at $1 and below that we have throughout the store. And we're also growing in those areas. We have off-shelf space in 9,000 stores that we referenced, but working on getting those and see the potential to get those into all stores this year, which will be one source of growth.

我認為很重要的一點是要說明，對我們而言，Value Valley並不代表所有的1美元商品。你也聽到Todd提到，我們在全店範圍內有2,000—超過2,000個定價在1美元及以下的品項。而且我們在那些領域也在成長。我們提到在9,000家門市有離架陳列空間（off-shelf space），並且正在推動把這些導入，並看到今年有機會擴展到所有門市，這將會是其中一個成長來源。

We talked last quarter about our Dollar door in frozen food. The customer response there has been very strong. And as you'd expect, the team is already looking at rapidly expanding that set as well.

我們在上個季度談到冷凍食品的Dollar door。顧客的反應非常強勁。而且如你所預期，團隊也已經在評估快速擴大那個陳列組合。

And then from a seasonal perspective, Todd referenced, but just to give you a number, our dollar SKU count in the back half sets is going to be up 40%. So we continue to deliver that really important value for our customer and feel like we've got plenty of room to continue growing.

另外從季節性角度來看，Todd有提到；但為了給你一個數字，我們在下半年陳列組合中的1美元SKU數量將增加40%。因此我們持續為顧客提供非常重要的價值，也覺得我們仍有很大的空間可以繼續成長。

Yes. And in terms of your question about SG&A, I guess a couple of things. I think the first thing I'd say is I think the number you quoted in terms of the incentive comp, that's not a number I think we've necessarily disclosed.

是的。至於你關於SG&A的問題，我想有幾點。我首先想說的是，你提到的那個關於激勵性薪酬（incentive comp）的數字，我不認為我們曾經必然對外揭露過。

But to your point, we are lapping higher incentive comp from prior year. But what I would tell you is the business is performing, right? And so incentive comp for this year, the tailwind is going to be lower than we were anticipating, which is actually a really good thing from our perspective.

但如你所說，我們正在與去年較高的激勵性薪酬做比較（lapping）。不過我想告訴你的是，業務表現是很好的，對吧？因此今年的激勵性薪酬，所帶來的順風（tailwind）會比我們原先預期的更小，而從我們的角度來看，這其實是非常好的事情。

In terms of the leverage point going forward, as a reminder, the long-term framework always contemplated we would minimize deleverage at a comp of 2% to 3%. That's still our expectation as we move forward. And so the great news here is even with incremental reinvestment that was tariff-related during the quarter, right, SG&A leverage was essentially flat as we talked about leverage when you set that aside.

至於未來的槓桿（leverage）觀點，提醒一下，長期框架一向假設在同店成長（comp）2%到3%時，我們會把去槓桿（deleverage）降到最低。這仍然是我們往前走的預期。所以這裡的好消息是，即使本季有因關稅相關而增加的再投資（incremental reinvestment），如我們所說，把那部分先排除後，SG&A槓桿基本上是持平的。

And so we feel really well positioned to really deliver against our target, outlining the long-term framework. I think the couple of things I'd point you to that actually gives us a lot of confidence is the accelerated remodel program should -- is expected to really mitigate future earnings in expense which should help. And in the meantime, we expect to drive additional efficiencies through our work simplification efforts.

因此我們覺得自己處於非常有利的位置，能夠真正達成我們在長期框架中所提出的目標。我想指出幾個讓我們很有信心的因素：加速的門市改裝計畫應該—預期能有效緩解未來在費用端對獲利的壓力，這會有所幫助。同時，我們也預期透過工作簡化（work simplification）的努力，帶來更多效率提升。

And so overall, I feel really good about our efforts on this front. And as we've alluded to in the past, the long-term framework doesn't contemplate any potential benefit from AI. And we're still early days here, but feel really good about what that could mean for us as we move forward.

所以整體而言，我對我們在這方面的努力感到非常樂觀。而且如我們過去提到的，長期框架並未納入任何來自AI的潛在效益。我們目前仍在早期階段，但對於這在未來可能為我們帶來的意義感到非常有信心。

Zhihan Ma, Bernstein.

Zhihan Ma，Bernstein。

Circling back on the comp side of things, your full year guidance does imply some sort of a moderation compared to the really strong trends that we saw in Q2. Is there anything you can point to in terms of the Q2 drivers that's not sustainable going into the second half?

回到同店（comp）這一塊，你們的全年指引確實暗示，相較於我們在第二季看到的非常強勁趨勢，後續會有某種程度的放緩。就第二季的驅動因素而言，有沒有什麼是你們認為在下半年無法持續的？

And we think that on the delivery comp contribution side, we have seen some deceleration there from 80 basis points to 70 to, I think, 40 this quarter. So as you start to lap tougher comps there, are you expecting a smaller contribution from here?

另外我們認為，在外送（delivery）對同店的貢獻方面，我們看到一些減速，從80個基點降到70，然後我想本季是40。所以當你開始面對更具挑戰性的比較基期時，你們是否預期外送的貢獻會從這裡開始變得更小？

Thank you for the question. Yes, I would tell you that there really isn't anything in Q2 that we don't -- from a top line perspective that we don't believe will continue into the back half of the year.

謝謝你的問題。是的，我會說，從營收（top line）的角度來看，第二季其實沒有什麼我們不相信會延續到下半年的因素。

One thing to keep in mind, in Q4 last year, we are lapping this year a pretty big benefit as we called out at the beginning of this year from the winter storms last year. So Q4 has that embedded in it from last year. So the lap is pretty big.

有一點要記得，去年第四季，我們今年在比較時會遇到一個相當大的利多，我們在今年年初就提過：那就是去年冬季風暴帶來的影響。所以去年第四季本身就包含了那個因素。因此比較基期（lap）會相當大。

So keep that in mind as you think about it. But I would tell you, from our perspective, all of the fundamentals are very much intact on the top line. And actually, we believe that we have a real opportunity to continue to capitalize and make new friends, if you will. From a customer perspective, that will help propel the back half, but also into 2027. Emily?

所以你在思考時請把這點納入。但我會說，從我們的角度來看，營收端的所有基本面都非常完整、沒有改變。而且實際上，我們相信我們有很好的機會可以持續把握，並且如果你願意這麼說的話，去結交新朋友。從顧客角度來看，這將有助於推動下半年，也會延伸到2027年。Emily？

Yes. And just from a delivery perspective, you heard my earlier comments, but just as a reminder, last year, we were scaling delivery to 18,000 stores, which we finished by year-end. I would just say that even with that in Q2, we did see outsized growth out of the delivery business, and it was great to see it add to really strong brick-and-mortar performance.

是的。就外送而言，你也聽到我先前的評論，但提醒一下，去年我們把外送規模擴展到18,000家門市，並在年底前完成。我想說的是，即便如此，在第二季我們仍看到外送業務出現超預期的成長，很高興看到它在實體門市表現非常強勁的同時，也帶來額外貢獻。

Spencer Hanus, Wolfe Research.

Spencer Hanus，Wolfe Research。

I just wanted to ask on tariff refunds and how you're thinking about the sales lift that you're going to get from those reinvestments that you're going to be making in the second half? And then given what your peers are doing from a pricing standpoint, do you think it's going to be harder to see that volume lift from the promos? And then just on Value Valley as the assortment expands there, have you seen any change in your value scores as people realize you have more of these $1 SKUs in the store?

我想問一下關於關稅退稅（tariff refunds），以及你們如何看待下半年將因這些再投資而帶來的銷售拉升（sales lift）？另外，考量同業在定價方面的作法，你覺得要從促銷（promos）中看到那種量的提升（volume lift）會不會更困難？再來，隨著Value Valley的商品組合在那裡擴大，你們是否看到價值評分（value scores）有任何變化，因為大家意識到店內有更多這些1美元SKU？

Yes, I'll take that. Real quick, I would say, that when you think about where we are on pricing, as I mentioned earlier, we're in a real good spot. And I believe we're in a real good spot as we move into the back half of the year.

是的，我來回答。很快地說，當你思考我們目前的定價位置時，如我先前提到的，我們處在一個非常好的狀態。而且我相信，當我們進入下半年時，我們也會處在非常好的位置。

What we did in Q2 and where we invested, I believe, was from a position of strength and on the offense. And that was the idea. It was around these holidays that I mentioned. But also, it was to continue to help this core consumer and the trade-in consumer bridge the end of the month and, well, quite frankly, all pieces of the month, but definitely bridge where she may fall short throughout the month at times.

我們在第二季所做的，以及我們投入的地方，我相信是建立在實力之上、採取主動進攻的姿態。這就是當時的想法。它圍繞著我提到的這些節日。但同時，也是為了持續幫助這位核心消費者以及換購（trade-in）消費者，撐過月底，並且坦白說，是撐過整個月份的各個時段，但尤其是在她有時在月中可能出現資金不足的時候，幫她補上缺口。

And with that, and I think about competitors, and I mentioned earlier, Q2 looked a lot like Q1. And we feel that we've got plenty of dry powder in the back half of the year to be able to continue to do whatever we need to do for that consumer from a position of strength. We watch very closely all competitors no matter what classes of trade looking at price. Price is paramount for our customer. So as you would imagine, it's paramount for us as we put together our plans.

此外，談到競爭對手，我先前也提到，第二季看起來很像第一季。我們認為在今年下半年，我們仍有充足的「乾粉」（可動用資源），能夠以強勢的姿態，持續為消費者做任何我們需要做的事。我們非常密切地觀察所有競爭對手，不論是哪一種通路型態，都會看價格。價格對我們的顧客而言至關重要。因此如你所想，當我們制定計畫時，價格對我們同樣是最重要的。

And everything that Donny laid out from a guidance perspective in the back half of the year contemplates all of those pieces to be able to deliver from a customer perspective, no matter what we believe that the competition does. Again, from a position of strength is where we're jumping into Q3 and 4.

而 Donny 從指引角度所說的今年下半年所有內容，都已把這些因素納入考量，以便從顧客角度交付成果，不管我們認為競爭對手會怎麼做。同樣地，我們是以強勢姿態進入第三季與第四季。

And then lastly, on the $1 price points and such, we feel, again, very, very good there and where we're headed, but also where we can leverage that with our consumers. And they are giving us credit. We're seeing it in our own data that comes back where the consumer is relying more and more on that $1 price point. And also, it's that whole halo effect on price, and she's given us credit for that as well.

最後，關於 1 美元價位等，我們再次強烈看好目前的狀況與未來走向，也看好我們如何把這點與消費者連結並加以運用。而消費者也給了我們肯定。我們從回傳的自有數據看到，消費者愈來愈依賴 1 美元價位。此外，價格的整體「光環效應」也存在，她在這方面也同樣給了我們肯定。

The great thing is, though, as we see the trade-in come in, even in that middle and upper middle, they're actually moving to a lot of these $1 price points, too. We don't like to use the word magical, but it is a magical price point and we know that. We are leveraging that to our benefit, but also and foremost, the benefit of the consumer. And I would tell you that. And you heard from Emily as we move into the back half, but even more so into '27, we've got real plans to expand that $1 price point to offer even more value for the consumer.

不過最棒的是，當我們看到中等與中上收入客群的「trade-in」（轉入）出現時，他們其實也在轉向許多 1 美元價位的商品。我們不太喜歡用「神奇」這個詞，但這確實是一個神奇的價位，我們也知道。我們正在善用這點，既是為了我們的利益，更重要的是為了消費者的利益。我會這麼告訴你。而且你也聽到 Emily 提到，當我們進入下半年，甚至更往 2027 年看，我們有具體計畫要擴大 1 美元價位，為消費者提供更多價值。

Kate McShane, Goldman Sachs.

Kate McShane，高盛。

Just a quick question from us just about how we should be thinking about ticket versus traffic in the second half versus what you've seen so far this year?

我們這邊有個簡短問題：對於今年下半年「客單價」相對於「來客數」的看法，應該如何思考？以及相較於今年迄今你們看到的情況如何？

Yes. I would tell you, when you look at the traffic numbers and the ticket number, we feel very good about the balance in Q2. We've taken all that into account in the back half of the year. We see the momentum in the business, feel good about the traffic number that we're already seeing here in early Q3, as I mentioned in my prepared remarks, we're off to a good start. And so we believe that a real good balance of traffic and ticket will continue into the back half of the year.

是的。我會說，當你看來客數與客單價，我們對第二季的平衡感到非常滿意。我們已把這些都納入今年下半年的規劃。我們看到業務動能，也對第三季初期已經看到的來客數表現感到樂觀；如我在事先準備的發言中提到，我們開局不錯。因此我們相信，下半年來客數與客單價之間會持續維持良好平衡。

Now we don't take any of that for granted. Obviously, we are, from a position of strength, doing a lot of things to ensure that we solidify those traffic and overall sales numbers in the back half of the year. But the most important thing, I think, to think about here and the way we always look at it is really from the consumer lens and where the consumer is today and being there for her, if we're there on all of the elements that I talked about earlier, from everyday price to promotional cadence and that $1 price point, we believe that delivering on all three of those promises every day will continue the momentum that we've seen.

當然，我們不會把這些視為理所當然。顯然，我們正以強勢姿態採取許多措施，確保在下半年鞏固來客數與整體銷售數字。但我認為最重要、也是我們一向的看法，是要從消費者視角出發，理解消費者今天的處境並陪伴她；如果我們在我先前談到的所有要素上都做到位——從日常價格、促銷節奏到 1 美元價位——我們相信每天兌現這三項承諾，將延續我們所看到的動能。

And then lastly, I don't want to minimize also the execution level that this team is performing at, not only in our operating group, in our supply chain and in our merchandising group back here at our store support centers. We're hitting on all cylinders, and we're there for the consumer each and every day.

最後，我也不想淡化這個團隊的執行水準，不僅是在我們的營運團隊，也包括供應鏈與商品部門，以及後端的門市支援中心。我們各方面都全速運轉，並且每天都在為消費者服務。

Scot Ciccarelli, Truist.

Scot Ciccarelli，Truist。

So I guess my question is you mentioned that the low-income consumer is increasingly strained and that you're seeing that in your numbers. Can you give us any data points or examples around that?

我想我的問題是：你提到低收入消費者的壓力愈來愈大，而且你們在數據上也看得到。你能否提供一些數據點或例子來說明？

And then secondly, you had expected shrink and damage benefits to ease a bit this year. But I think they continue to outpace previous expectations. So like how much lower can shrink and damages go from where we are today?

第二個問題是：你們原本預期今年「損耗」（shrink）與損壞帶來的效益會稍微趨緩。但我認為它們仍持續優於先前預期。那麼，從目前水準來看，損耗與損壞還能再降到多低？

Yes. I'll start that and pass it over to Donny. From our perspective, what we see from our numbers in that core consumer, so the low-end consumer is definitely still stretched.

好的。我先回答，然後交給 Donny。就我們的觀察，從核心消費者的數據來看，低端消費者確實仍然很吃緊。

Now I would tell you, and we say this quite often, as long as she's gainfully employed, she has money and can feed her family. But she is still gainfully employed, which is great to see. And she's seeing some gains in her income levels as well.

我會說，而且我們也常常這麼講，只要她有穩定工作，她就有收入、能養家餬口。而她目前仍有穩定工作，這點很令人欣慰。同時，她的收入水準也有一些提升。

Unfortunately, that's been offset by the stubborn inflation that I mentioned and those volatile gas prices reaching $2, $4 or even above $4 a gallon, depending on what state you're in. So we believe we see that core consumer continuing to be under strain.

不幸的是，這些提升被我提到的頑固通膨所抵銷，再加上油價波動，視你所在州別不同，每加侖可能到 2 美元、4 美元，甚至高於 4 美元。因此我們認為，核心消費者仍將持續承受壓力。

She tells us that in all of our data. We see it very strong. But also, she tells us that she needs us more. And we see that in the traffic number as well. And so she continues to come. She comes more often but she buys less on each trip.

她在我們所有數據中都這麼告訴我們。我們看得非常明顯。但同時，她也告訴我們她更需要我們。我們也在來客數上看到這點。因此她持續上門。她來得更頻繁，但每次購買的量更少。

And again, that's not dissimilar to how we see the core customer in times of distress because she really is watching every penny. She doesn't know what the next week is going to hold. So instead of doing even many stock-up trips, she buys less on each trip, but comes more during the month to ensure she can meet her family's needs. So we see that playing out. And with that, we're there for the consumer.

而且再次強調，這與我們在困境時期所看到的核心顧客行為並無不同，因為她真的在精打細算、每一分錢都要看緊。她不知道下週會發生什麼。所以她不再做那麼多一次性大量採買的行程，而是每次買得更少，但在一個月內來得更頻繁，以確保能滿足家人的需求。因此我們看到這種情況正在發生。而在這樣的情況下，我們也會陪伴消費者。

Yes. So in terms of your question on shrink and damages, obviously, really pleased to see continued improvement during the quarter. We continue to expect that shrink and damages will contribute about 50 basis points of incremental gross margin expansion of the 2025 base.

是的。至於你關於損耗與損壞的問題，我們當然很高興看到本季持續改善。我們仍預期，損耗與損壞將在 2025 年基礎上，貢獻約 50 個基點的額外毛利率擴張。

And again, that's on top of the over 80 basis points of expansion we've already achieved in 2025. And so as a reminder, and you touched on this, we were initially targeting 80 basis points from just shrink alone over a two- to three-year period.

而且再次說明，這是在我們 2025 年已經達成超過 80 個基點擴張的基礎之上。提醒一下，你也提到這點：我們最初的目標是在兩到三年期間，僅靠損耗就達成 80 個基點的改善。

So the takeaway here is shrink is improving at a faster and higher rate than initially anticipated. And as I mentioned, we saw continued improvement in Q2, and that's despite lapping a 108 basis point improvement from the prior year, which is obviously, great to see.

因此重點是：損耗改善的速度更快、幅度也更大，超出最初預期。如我所說，我們在第二季看到持續改善，儘管去年同期已經改善了 108 個基點、形成高基期，但仍能再進一步改善，這顯然很令人振奮。

In terms of damages, the improvement in 2025 was pretty much in line with our expectations, and the improvement in the first half is trending better than anticipated. So overall, also feel really good here and pleased with the progress we're making on this front.

就損害賠償而言，2025 年的改善基本符合我們的預期，而上半年改善的趨勢優於先前預估。因此整體來看，我們也覺得非常不錯，並對我們在這方面取得的進展感到滿意。

Corey Tarlowe, Jefferies.

Corey Tarlowe，Jefferies。

Great. I wanted to ask about any updates with the retail media network. It seems like it could be a very tangible upside driver to the margin profile over the next several years as we march towards that 6% to 7% operating margin profile. So I'd be curious if you could maybe share any unique updates or insights as it relates to that?

很好。我想請教一下零售媒體網路方面是否有任何最新進展。看起來，隨著我們朝 6% 到 7% 的營業利益率輪廓邁進，未來幾年它可能會成為推動利潤率結構上行的一個非常具體的動能。所以我想了解，針對這一點你是否能分享一些特別的更新或洞見？

Yes. I'm happy to give you a little color there. We aren't quantifying the quarter results. We did quantify it at the end of last year as $170 million in annual volume. And as you said, we are expecting that to grow meaningfully.

是的。我很樂意在這裡補充一些說明。我們不會量化本季的結果。我們在去年年底曾量化為年化規模 1.7 億美元。而如你所說，我們預期它將顯著成長。

A couple of things about our media network. Just as a reminder, our network is unique that it offers advertisers access to an unduplicated audience that they otherwise wouldn't be able to reach. And we're able to deliver high returns for our advertisers using our network, and that really is helping us to drive growth in this space.

關於我們的媒體網路，有幾點想補充。提醒一下，我們的網路很獨特，能讓廣告主觸及一個不重複的受眾，否則他們無法觸及到。而且我們能透過我們的網路為廣告主帶來很高的投資報酬，這確實正在幫助我們推動這個領域的成長。

As we move ahead, we have a couple of levers that will really accelerate the growth. We are innovating in ways that are meaningful for our advertisers, increasing the number of opportunities that we have for investment. This is inside our stores as well as in our app and on our website.

展望未來，我們有幾個槓桿可以真正加速成長。我們正以對廣告主有意義的方式進行創新，增加可供投資的機會數量。這些機會涵蓋店內，也包括我們的 App 與網站。

And then importantly, increasing the engagement in our digital platforms. This is an important one because as we continue to grow engagement, which we are seeing, that will continue to attract more advertisers. And those increases will be accelerated by some of the plans we have in place in our digital area of the business.

另外很重要的是，提高我們數位平台的互動參與度。這點很關鍵，因為隨著我們持續提升互動（我們確實看到了），就會持續吸引更多廣告主。而這些提升也將因我們在數位業務領域所規劃的一些方案而加速。

That includes subscription and loyalty, which we will pilot at the end of this year, expect to roll that out fully in 2027. So we expect initiatives like that to not just support the growth in digital, but also help support the growth in our media network going forward.

其中包括訂閱與忠誠度計畫，我們將在今年年底進行試點，並預期在 2027 年全面推出。因此我們預期這類措施不僅能支持數位成長，也能在未來支持我們媒體網路的成長。

Robby Ohmes, Bank of America.

Robby Ohmes，美國銀行。

I was hoping maybe just an update, a little more of an update on the new store format, which you guys have seen this quarter and opportunities you think it might be opening up in new categories? Just any more color on that would be great. And then also remind me, SKU rationalization, is that done? Or could you be doing more from here?

我希望能請你們更新一下新店型的情況，你們本季已經看到一些成果，以及你們認為它可能在新類別上開啟哪些機會？如果能多分享一些細節就太好了。另外也請提醒我一下，SKU 精簡（rationalization）已經完成了嗎？還是接下來還會再做更多？

Yes, sure. I'll take both of those questions. So from a new format perspective, you're exactly right. We started this year rolling out a new format that we call our DGTP '26. And the work that the merchant team did there really was centered in customer insights to help influence the layout of that store.

好的，當然。我來回答這兩個問題。就新店型而言，你說得完全正確。我們今年開始推出一個新店型，我們稱之為 DGTP '26。而商品團隊在那裡所做的工作，確實是以顧客洞察為核心，用來影響該店型的陳列與動線設計。

We opened up the front of the store. We improved sightlines for customers and employees in this new layout. And we made pretty significant adjustments to adjacencies to drive higher engagement across the store, and that's what we're seeing.

我們把店面前區打開了。在這個新布局中，我們改善了顧客與員工的視線通透性。我們也對相鄰品類配置做了相當大的調整，以帶動全店更高的互動參與度，而這正是我們目前看到的結果。

We created clear destinations for food and snacks, for health and beauty, which is generating great results, and then our home and seasonal product as well. So excited about what we're seeing early days. It's rolling out both in the form of new stores as well as part of our Renovate Project as well. And then...

我們為食品與零食、健康與美容，以及家居與季節性商品打造了清楚的目的地區域，並帶來很好的成果。所以對於目前初期看到的表現我們感到很振奮。這個店型會以新店的形式推出，也會作為我們翻新專案（Renovate Project）的一部分推進。然後……

Yes, I'll take the last one. And as you look at SKU rationalization, I first want to step back and say, we're very, very pleased with our inventory levels today. We continue to make a lot of progress on inventory per store, again, growing sales at or below our inventory growth levels, and we delivered again a very strong performance in Q2.

好的，我來回答最後一題。談到 SKU 精簡，我想先退一步說，我們對目前的庫存水位非常、非常滿意。我們在單店庫存方面持續取得很大進展，同樣地，銷售成長與我們的庫存成長水準持平或更低，而我們在第二季再次交出非常強勁的表現。

That has also assisted our stores in being more productive, and being more productive there means getting product to the shelf faster and being there for the consumer with the right amount of items and products that she's looking for as quickly as we possibly can.

這也協助我們的門市提升生產力；而門市生產力提升，意味著能更快把商品上架，並以我們能做到的最快速度，為消費者提供她正在尋找的、適當數量的品項與商品。

And then as you think about, as we go forward, the team is looking at continued SKU rationalization, albeit probably more surgical in nature as we move forward. We're already implementing some test and learns even in the back half of this year around lower volume store type planograms, taking a substantial amount of SKUs out of the mix where it may not be as productive.

再來，展望未來，團隊仍在評估持續進行 SKU 精簡，不過往後可能會更偏向「精準、外科手術式」的做法。我們甚至已在今年下半年開始推行一些測試與學習，針對低銷量店型的平面陳列圖（planogram），將相當多的 SKU 從組合中移除，因為在那裡可能不那麼具生產力。

And also, again, in some high shrink locations where shrink is still a bit of a headwind in some of these stores and looking at SKU rationalization a little bit differently there. So probably as we move forward a little bit more surgical than we have been, but it is still our ultimate goal to grow sales at or below -- or sales at or above the rate of inventory growth overall.

此外，在一些高損耗（shrink）地點，損耗在部分門市仍是些許逆風，我們也會以不同方式來看待那裡的 SKU 精簡。所以往後可能會比過去更精準一些，但我們最終目標仍是讓銷售成長率低於——或銷售成長率高於整體庫存成長率。

Ladies and gentlemen, this will conclude our question-and-answer session and also concludes today's conference. We thank you for your participation. You may now disconnect your lines at this time, and have a wonderful day.

各位女士、先生，我們的問答環節到此結束，今天的電話會議也到此結束。感謝各位的參與。您現在可以掛斷電話線，祝您有美好的一天。