達樂 (DG) 2021 Q4 法說會逐字稿

Good morning. My name is Robert, and I will be your conference operator today. At this time, I'd like to welcome everyone to Dollar General's Fourth Quarter 2021 Earnings Conference Call. Today is Thursday, March 17, 2022. (Operator Instructions) This call is being recorded, and instructions for listening to the replay of the call are available in the company's earnings press release issued this morning.

早上好。我叫羅伯特，今天我將擔任您的會議接線員。在這個時候，我想歡迎大家參加 Dollar General 的 2021 年第四季度收益電話會議。今天是 2022 年 3 月 17 日，星期四。（操作員說明）此電話正在錄音，有關收聽電話重播的說明可在公司今天上午發布的收益新聞稿中找到。

Now I'd like to turn the conference over to Mr. Donny Lau, Vice President of Investor Relations and Corporate Strategy. Mr. Lau, you may begin.

現在我想將會議轉交給投資者關係和企業戰略副總裁 Donny Lau 先生。劉先生，你可以開始了。

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

謝謝大家，大家早上好。今天與我通話的是我們的首席執行官 Todd Vasos；傑夫歐文，我們的首席運營官；和我們的首席財務官 John Garratt。我們今天發布的收益報告可以在我們的網站investor.dollargeneral.com 的新聞和事件下找到。

Let me caution you that today's comments include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, such as statements about our financial guidance, strategy, initiatives, plans, goals, priorities, opportunities, investments, 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 2020 Form 10-K filed on March 19, 2021, and any later filed periodic report, and the comments that are made on this call. You should not unduly rely on forward-looking statements, which speak only as today -- as of today's date. Dollar General disclaims any obligation to update or revise any information discussed in this call unless required by law.

讓我提醒您，今天的評論包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性陳述，例如關於我們的財務指導、戰略、舉措、計劃、目標、優先事項、機會、投資、期望或信念的陳述未來事項和其他不限於歷史事實的陳述。這些陳述受到風險和不確定性的影響，可能導致實際結果與我們的預期和預測存在重大差異。這些因素包括但不限於我們今天上午發布的收益報告中確定的因素、我們於 2021 年 3 月 19 日提交的 2020 年 10-K 表中的風險因素以及任何後來提交的定期報告，以及發表的評論在這個電話上。您不應過分依賴前瞻性陳述，這些陳述僅在今天發表——截至今天。除非法律要求，否則 Dollar General 不承擔更新或修改本次電話會議中討論的任何信息的義務。

We also will reference certain non-GAAP financial measures. Reconciliations to the most comparable GAAP measures are included in this morning's earnings release, which, as I mentioned, is posted on investor.dollargeneral.com under News & Events.

我們還將參考某些非公認會計準則財務指標。與最具可比性的 GAAP 指標的對賬包含在今天上午的收益發布中，正如我所提到的，發佈在investor.dollargeneral.com 的新聞與事件下。

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

在我們準備好的評論結束時，我們將打開電話詢問您的問題。 （操作員說明）

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

現在我很高興將電話轉給 Todd。

Thank you, Donny, and welcome to everyone joining our call. We are pleased with our fourth quarter and fiscal year results, and I want to thank our associates for their unwavering commitment to meeting the critical needs of our communities, particularly over the past 2 years of the COVID pandemic.

謝謝你，唐尼，歡迎大家加入我們的電話。我們對第四季度和財政年度的業績感到滿意，我要感謝我們的員工堅定不移地致力於滿足我們社區的關鍵需求，特別是在過去 2 年的 COVID 大流行期間。

Our fourth quarter performance was impacted by sustained and rising inflation, ongoing global supply chain pressure and a surge in Omicron cases, which impacted staffing levels at our distribution centers, contributing to elevated out-of-stocks. Despite these challenging conditions, our teams continued to focus on controlling what we can control and being there for our customers.

我們第四季度的業績受到持續和上升的通貨膨脹、持續的全球供應鏈壓力和 Omicron 案件激增的影響，這影響了我們配送中心的人員配備水平，導致缺貨增加。儘管存在這些具有挑戰性的條件，我們的團隊仍繼續專注於控制我們可以控制的內容並為我們的客戶服務。

Because of their efforts and great execution over the past 2 years, we believe our underlying business is even stronger than before the pandemic, which positions us well to deliver solid sales and profit growth in 2022 and beyond. And while we expect this challenging environment to persist over the near term, which is reflected in our Q1 and fiscal 2022 outlook, we're confident we are taking the appropriate actions to manage through this period and deliver on our full year plan.

由於他們在過去 2 年的努力和出色的執行，我們相信我們的基礎業務比大流行之前更加強勁，這使我們能夠在 2022 年及以後實現穩健的銷售和利潤增長。雖然我們預計這種充滿挑戰的環境將在短期內持續存在，這反映在我們的第一季度和 2022 財年展望中，但我們相信我們正在採取適當的行動來應對這一時期並實現我們的全年計劃。

In fact, I'm pleased to report our staffing levels are back to 2019 pre-COVID levels in both our stores and distribution centers, and we are seeing a meaningful improvement in our in-stock positions. Additionally, although we experienced higher-than-expected product and supply chain cost in Q4, we are very confident in our price position as our price indexes, relative to competitors and other classes of trade, remain in line with our targeted and historical ranges.

事實上，我很高興地報告我們的商店和配送中心的人員配備水平已恢復到 2019 年 COVID 之前的水平，並且我們看到我們的庫存狀況有了顯著改善。此外，儘管我們在第四季度經歷了高於預期的產品和供應鏈成本，但我們對我們的價格定位非常有信心，因為我們的價格指數相對於競爭對手和其他類別的貿易，仍然符合我們的目標和歷史範圍。

And because so many families depend on us for everyday essentials at the right price, we believe products at the $1 price point are important to our customers, and they will continue to have a significant presence in our assortment. In fact, approximately 20% of our overall assortment is $1 or less. And moving forward, we expect to continue to foster and grow this program where appropriate. And with more than 18,000 stores located within 5 miles about 75% of the U.S. population, we believe we are well positioned to continue supporting our customers through our unique combination of value and convenience, even in a challenging economic environment.

由於如此多的家庭依靠我們以合適的價格購買日常必需品，我們相信 1 美元價位的產品對我們的客戶很重要，他們將繼續在我們的產品系列中佔有重要地位。事實上，我們總分類中大約 20% 的價格為 1 美元或更少。展望未來，我們希望在適當的情況下繼續培育和發展該計劃。超過 18,000 家商店位於 5 英里範圍內，約占美國人口的 75%，我們相信即使在充滿挑戰的經濟環境中，我們也有能力通過我們獨特的價值和便利組合繼續為客戶提供支持。

Looking ahead, we remain focused on advancing our operating priorities and strategic initiatives as we continue to strengthen our competitive position while further differentiating Dollar General from the rest of the retail landscape.

展望未來，我們將繼續專注於推進我們的運營重點和戰略計劃，因為我們將繼續加強我們的競爭地位，同時進一步將 Dollar General 與其他零售領域區分開來。

Turning now to our fourth quarter performance. Net sales increased 2.8% to $8.7 billion, following a 17.6% increase in Q4 of 2020. Comp sales declined 1.4% compared to the prior year period, which translates into a robust 11.3% increase on a 2-year stack basis. From a monthly cadence perspective, Comp sales were lowest in January, with December being our strongest month of performance.

現在轉向我們第四季度的表現。繼 2020 年第四季度增長 17.6% 之後，淨銷售額增長 2.8% 至 87 億美元。比較銷售額與去年同期相比下降 1.4%，這意味著在 2 年堆棧基礎上強勁增長了 11.3%。從月度節奏的角度來看，Comp 銷售額在 1 月份最低，12 月份是我們表現最強勁的月份。

Our fourth quarter sales results include a decline in customer traffic, which was largely offset by growth in average basket size. Notably, our average basket size at year-end was approximately $16 and consisted of nearly 6 items. This compares to an average basket size of about $13 and 5 items at the end of 2019, which we believe reflects the growing impact of our strategic initiatives and a degree of inflation.

我們第四季度的銷售業績包括客戶流量的下降，這在很大程度上被平均購物籃規模的增長所抵消。值得注意的是，我們年底的平均購物籃大小約為 16 美元，包含近 6 件商品。相比之下，2019 年底的平均籃子大小約為 13 美元和 5 件，我們認為這反映了我們戰略舉措的影響越來越大和一定程度的通貨膨脹。

In addition, we are pleased with the market share gains as measured by syndicated data in our frozen and refrigerated product categories, where we have placed a good deal of emphasis over the past years in an effort to provide customers with an even wider variety of options. And even as our market share in highly consumable product sales decreased slightly in Q4, we feel good about our share gains on a 2-year basis. We are also pleased with the retention rates of new customers acquired in 2020, which continues to exceed our initial expectations.

此外，我們對冷凍和冷藏產品類別的聯合數據衡量的市場份額增長感到滿意，在過去幾年中，我們非常重視為客戶提供更廣泛的選擇.即使我們在第四季度的高度消費品銷售中的市場份額略有下降，但我們對兩年來的份額增長感到滿意。我們也對 2020 年獲得的新客戶的保留率感到滿意，這繼續超出我們最初的預期。

For the full year, net sales increased 1.4% to $34.2 billion, which was on the high end of our full year guidance and on top of a robust 21.6% increase in fiscal 2020. Comp sales for the year decreased 2.8%, which translates into a very healthy 13.5% increase on a 2-year stack basis.

全年淨銷售額增長 1.4% 至 342 億美元，處於我們全年指導的高端，並且在 2020 財年強勁增長 21.6% 的基礎上。全年的比較銷售額下降 2.8%，這意味著在 2 年的堆棧基礎上增長了 13.5%，非常健康。

In total, we completed more than 2,900 real estate projects during the year, including the opening of our 18,000th Dollar General store and 50 stand-alone pOpshelf locations as we continue to build and strengthen the foundation for future growth.

年內，我們總共完成了 2,900 多個房地產項目，包括開設第 18,000 家 Dollar General 商店和 50 個獨立的 pOpshelf 地點，我們將繼續為未來的增長打下基礎。

From a position of strength, we also made targeted investments in key areas, including the acceleration of our pOpshelf concept, as well as our most recent initiatives focused on health and international expansion as we continue to meet the evolving needs of our customers and further position Dollar General for long-term sustainable growth.

從優勢地位出發，我們還在關鍵領域進行了有針對性的投資，包括加速我們的 pOpshelf 概念，以及我們最近專注於健康和國際擴張的舉措，因為我們繼續滿足客戶不斷變化的需求和進一步的定位Dollar General 用於長期可持續增長。

Overall, we are proud of our fourth quarter and full year results, which further validate our belief that our strategic actions and targeted investments positions us well for continued success while supporting long-term shareholder value creation. We operate in one of the most attractive sectors in retail. And while our mission and culture remain unchanged as the foundation for our success, with our robust portfolio of short- and long-term initiatives, I believe Dollar General is a much different company and is in a much stronger competitive position than it was just a few short years ago.

總體而言，我們為第四季度和全年業績感到自豪，這進一步驗證了我們的信念，即我們的戰略行動和有針對性的投資使我們能夠在支持長期股東價值創造的同時取得持續成功。我們在零售業最具吸引力的行業之一開展業務。雖然我們的使命和文化作為我們成功的基礎保持不變，但憑藉我們強大的短期和長期計劃組合，我相信 Dollar General 是一家截然不同的公司，並且比它只是一個更強大的競爭地位幾年前。

As a result, I've never felt better about the underlying business model, and we are excited about the enormous growth opportunities we see ahead.

因此，我對潛在的商業模式感覺從未如此好過，我們對我們看到的巨大增長機會感到興奮。

With that, I'll now turn the call over to John.

有了這個，我現在將把電話轉給約翰。

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

謝謝你，托德，大家早上好。既然托德已經帶您了解了本季度和全年的一些亮點，讓我帶您了解一些重要的財務細節。除非我們另有特別說明，否則所有比較都是同比，所有對每股收益的引用均指稀釋後的每股收益，所有註明的年份均指相應的財政年度。

As Todd already discussed sales, I will start with gross profit. As a reminder, gross profit in Q4 2020 and fiscal year 2020 were both positively impacted by a significant increase in sales, including net sales growth of 24% and 28%, respectively, in our combined nonconsumables categories.

正如托德已經討論過銷售，我將從毛利潤開始。提醒一下，2020 年第四季度和 2020 財年的毛利潤都受到銷售額顯著增長的積極影響，包括我們綜合非消耗品類別的淨銷售額分別增長 24% 和 28%。

For Q4 2021, gross profit as a percentage of sales was 31.2%, a decrease of 131 basis points. The decrease compared to Q4 2020 was primarily attributable to a higher LIFO provision, increased transportation and distribution costs and a greater proportion of sales coming from our consumables category.

2021 年第四季度，毛利潤佔銷售額的百分比為 31.2%，下降 131 個基點。與 2020 年第四季度相比，這一下降主要是由於 LIFO 撥備增加、運輸和分銷成本增加以及我們的消耗品類別的銷售額比例增加。

Of note, while we expect some relief as we move through 2022, our Q4 supply chain expenses were significantly higher compared to Q4 2020, resulting in a headwind to gross margin of approximately $100 million. These factors were partially offset by a reduction in markdowns as a percentage of sales in higher inventory markups.

值得注意的是，雖然我們預計到 2022 年會有所緩解，但與 2020 年第四季度相比，我們的第四季度供應鏈費用顯著增加，導致毛利率約為 1 億美元。這些因素被在較高庫存加價的情況下減價佔銷售額的百分比減少部分抵消。

SG&A as a percentage of sales was 22% in the quarter, a decrease of 16 basis points. This decrease was primarily driven by lower incremental costs related to COVID-19, lower hurricane-related expenses and a reduction in incentive compensation. These items were partially offset by certain expenses that were higher as a percentage of sales, including retail labor, occupancy costs and depreciation and amortization.

本季度 SG&A 佔銷售額的百分比為 22%，下降了 16 個基點。這一下降主要是由於與 COVID-19 相關的增量成本降低、颶風相關費用降低以及激勵補償減少。這些項目被某些佔銷售額百分比較高的費用部分抵消，包括零售勞動力、佔用成本以及折舊和攤銷。

Moving down the income statement. Operating profit for the fourth quarter decreased 8.7% to $797 million. As a percentage of sales, operating profit was 9.2%, a decrease of 116 basis points. Our effective tax rate for the quarter was 21.2% and compares to 22.7% in the fourth quarter last year. Finally, EPS for the fourth quarter decreased 1.9% to $2.57, which reflects a compound annual growth rate of 10.6% over a 2-year period.

向下移動損益表。第四季度營業利潤下降 8.7% 至 7.97 億美元。營業利潤佔銷售額的百分比為 9.2%，下降 116 個基點。我們本季度的有效稅率為 21.2%，而去年第四季度為 22.7%。最後，第四季度每股收益下降 1.9% 至 2.57 美元，這反映了兩年期間 10.6% 的複合年增長率。

Turning now to our balance sheet and cash flow, which remained strong and provided us the financial flexibility to continue investing for the long term while delivering significant returns to shareholders.

現在轉向我們的資產負債表和現金流，它們保持強勁，為我們提供了財務靈活性，可以繼續長期投資，同時為股東帶來可觀的回報。

Merchandise inventories were $5.6 billion at the end of the year, an increase of 7% overall and 1.4% on a per store basis. Importantly, as Todd noted, we have begun to see a meaningful improvement in our in-stock levels since the end of the year and expect continued improvement as we move through 2022, underscoring our optimism that we are well positioned to serve our customers with the products they want and need.

到年底，商品庫存為 56 億美元，整體增長 7%，單店增長 1.4%。重要的是，正如 Todd 指出的那樣，自今年年底以來，我們的庫存水平已經開始顯著改善，並預計隨著我們進入 2022 年，我們的庫存水平將繼續改善，這突顯了我們對我們有能力為客戶提供服務的樂觀態度。他們想要和需要的產品。

In 2021, we generated significant cash flow from operations totaling $2.9 billion. Total capital expenditures for the year were $1.1 billion and included our planned investments in new stores, remodels and relocations, distribution and transportation projects and spending related to our strategic initiatives.

2021 年，我們從運營中產生了總計 29 億美元的巨額現金流。該年度的總資本支出為 11 億美元，其中包括我們對新店、改造和搬遷、分銷和運輸項目的計劃投資以及與我們的戰略計劃相關的支出。

During the quarter, we repurchased 2.2 million shares of our common stock for $490 million and paid a quarterly dividend of $0.42 per common share outstanding at a total cost of $97 million. At the end of the year, the remaining share repurchase authorization was $2.1 billion.

本季度，我們以 4.9 億美元回購了 220 萬股普通股，並支付了每股 0.42 美元的季度股息，總成本為 9700 萬美元。年末剩餘股份回購授權21億美元。

Our capital allocation priorities continue to serve us well and remain unchanged. Our first priority is investing in high-return growth opportunities, including new store expansion and our strategic initiatives. We also remain committed to returning significant cash to shareholders through anticipated share repurchases and quarterly dividend payments, all while maintaining our current investment-grade credit rating and managing to a leverage ratio of approximately 3x adjusted debt to EBITDAR.

我們的資本配置優先事項繼續為我們服務，並保持不變。我們的首要任務是投資於高回報的增長機會，包括新店擴張和我們的戰略舉措。我們還繼續致力於通過預期的股票回購和季度股息支付向股東返還大量現金，同時保持我們目前的投資級信用評級，並管理調整後債務與 EBITDAR 的槓桿比率約為 3 倍。

Moving to our financial outlook for fiscal 2022. First, I want to remind everyone that our fiscal year 2022 includes a 53rd week which will occur during the last period of the fourth quarter. We also continue to operate in a time of uncertainty regarding, among other things, the impacts on the business arising from the current geopolitical conflict and the recovery from the global COVID pandemic, including recovery of the U.S. economy, changes in consumer behavior, labor markets and government stimulus and assistance programs.

轉到我們對 2022 財年的財務展望。首先，我想提醒大家，我們的 2022 財年包括第 53 週，這將發生在第四季度的最後一個時期。我們還在不確定的時期繼續運營，其中包括當前地緣政治衝突和全球 COVID 大流行的複蘇對業務的影響，包括美國經濟的複蘇、消費者行為的變化、勞動力市場以及政府的刺激和援助計劃。

Despite these uncertainties, including cost inflation, ongoing pressure in the supply chain and rising fuel costs, we are pleased to provide annual guidance that reflects our confidence in the business. With that in mind, we expect the following for 2022.

儘管存在這些不確定性，包括成本膨脹、供應鏈的持續壓力和燃料成本上升，但我們很高興提供反映我們對業務信心的年度指導。考慮到這一點，我們預計 2022 年會出現以下情況。

Net sales growth of approximately 10%, including an estimated benefit of approximately 2 percentage points from the 53rd week; same-store sales growth of approximately 2.5%; and EPS growth of approximately 12% to 14%, including an estimated benefit of approximately 4 percentage points from the 53rd week. Our EPS guidance assumes an effective tax rate range of 22.5% to 23%. We also expect capital spending to be in the range of $1.4 billion to $1.5 billion, which includes the impact of increases in the cost of certain building materials as well as continued investment in our strategic initiatives and core business to support and drive future growth.

淨銷售額增長約 10%，其中從第 53 週起預計收益約 2 個百分點；同店銷售額增長約2.5%；每股收益增長約 12% 至 14%，其中包括從第 53 週起估計約 4 個百分點的收益。我們的每股收益指引假設有效稅率範圍為 22.5% 至 23%。我們還預計資本支出將在 14 億美元至 15 億美元之間，其中包括某些建築材料成本增加的影響，以及對我們的戰略舉措和核心業務的持續投資，以支持和推動未來的增長。

With regards to shareholder returns, our Board of Directors recently approved a quarterly dividend payment of $0.55 per share, which represents an increase of 31%. We also plan to repurchase a total of approximately $2.75 billion of our common stock this year, reflecting our continued strong liquidity position, the benefit from the 53rd week and our confidence in the long-term growth opportunity for our business.

關於股東回報，我們的董事會最近批准了每股 0.55 美元的季度股息支付，增幅為 31%。我們還計劃今年回購總計約 27.5 億美元的普通股，以反映我們持續強勁的流動性狀況、第 53 週的收益以及我們對業務長期增長機會的信心。

Let me now provide some additional context as it relates to our outlook. In terms of quarterly cadence, we anticipate both comp sales and EPS growth to be much stronger in the second half of the year than the first half. As a reminder, we are lapping a significant stimulus benefit from Q1 2021, including gross margin expansion of 208 basis points. We also anticipate ongoing cost inflation, including elevated supply chain and fuel costs.

現在讓我提供一些與我們的前景相關的額外背景。就季度節奏而言，我們預計下半年的複合銷售額和每股收益增長都將比上半年強勁得多。提醒一下，我們正在從 2021 年第一季度獲得顯著的刺激收益，包括毛利率擴大 208 個基點。我們還預計成本會持續上漲，包括供應鍊和燃料成本上升。

While we do not typically provide quarterly guidance, given the unusual lap in the significant inflationary environment in Q1, we are providing more specific detail on our expectations for the first quarter. To that end, we expect a comp sales decline of 1% to 2% in Q1 with an EPS in the range of approximately $2.25 to $2.35.

雖然我們通常不提供季度指引，但鑑於第一季度顯著通脹環境中的不尋常一圈，我們將提供有關我們對第一季度預期的更具體細節。為此，我們預計第一季度的複合銷售額下降 1% 至 2%，每股收益約為 2.25 美元至 2.35 美元。

Turning now to gross margin for 2022. We expect to continue realizing benefits from our initiatives, including DG Fresh and NCI. In addition, we are optimistic that distribution and transportation efficiencies, including significant expansion of our private fleet, could drive additional benefits over the year despite continued cost pressures in the near term. Partially offsetting some of these benefits are rising fuel costs as well as an expected return to recent historical rates of markdowns and shrink, all of which are expected to be headwinds in 2022.

現在轉向 2022 年的毛利率。我們預計將繼續從我們的舉措中受益，包括 DG Fresh 和 NCI。此外，我們樂觀地認為，儘管短期內成本壓力持續存在，但分銷和運輸效率（包括我們私人車隊的顯著擴張）可能會在一年內帶來額外收益。部分抵消了其中一些好處的是燃料成本的上漲，以及近期歷史降價和收縮率的預期回歸，所有這些都預計將在 2022 年成為不利因素。

With regards to SG&A, we expect continued investments in our strategic initiatives as we further their rollouts. However, in aggregate, we continue to expect they will positively contribute to operating profit and margin in 2022 as we expect the benefits to gross margin from our initiatives will more than offset the associated SG&A expense. We also continue to pursue efficiencies and savings through our Save to Serve program, including Fast Track. And we believe these savings in 2022 will offset a portion of an expected increase in wage inflation.

關於 SG&A，我們預計隨著我們進一步推出戰略計劃，將繼續投資於我們的戰略計劃。然而，總的來說，我們繼續預計它們將在 2022 年為營業利潤和利潤率做出積極貢獻，因為我們預計我們的舉措對毛利率的好處將超過相關的 SG&A 費用。我們還通過我們的 Save to Serve 計劃（包括 Fast Track）繼續追求效率和節約。我們認為，2022 年的這些節省將抵消部分預期的工資通脹增長。

In summary, we are proud of our fourth quarter and full year results in 2021, which are a testament to the perseverance and execution by the team. Looking ahead, we are excited about our plans for 2022, including our outlook for sales and EPS growth as well as our planned significant returns to shareholders via an increased dividend payout and increased share repurchases.

總而言之，我們為 2021 年第四季度和全年的業績感到自豪，這證明了團隊的毅力和執行力。展望未來，我們對 2022 年的計劃感到興奮，包括我們對銷售和每股收益增長的展望，以及我們計劃通過增加股息支付和增加股票回購為股東帶來的重大回報。

As always, we continue to be disciplined in how we manage expenses and capital with the goal of delivering consistent, strong financial performance while strategically investing in our business and employees for the long term. We remain confident in our business model and our ongoing financial priorities to drive profitable same-store sales growth, healthy new store returns, strong free cash flow and long-term shareholder value.

與往常一樣，我們在如何管理費用和資本方面繼續自律，目標是提供一致、強勁的財務業績，同時對我們的業務和員工進行長期戰略投資。我們對我們的商業模式和持續的財務優先事項充滿信心，以推動盈利的同店銷售增長、健康的新店回報、強勁的自由現金流和長期股東價值。

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

有了這個，我會把電話轉給傑夫。

Thank you, John. Let me take the next few minutes to update you on our operating priorities and strategic initiatives, including our plans for 2022. Our first operating priority is driving profitable sales growth. We have a growing portfolio of initiatives which are contributing to our strong results as well as strengthening the foundation for future growth. Let me take you through some of the recent highlights as well as some of our next steps.

謝謝你，約翰。讓我在接下來的幾分鐘內向您介紹我們的運營重點和戰略計劃，包括我們的 2022 年計劃。我們的首要運營重點是推動可盈利的銷售增長。我們有越來越多的舉措組合，這些舉措有助於我們取得強勁的業績，並加強未來增長的基礎。讓我帶您了解一些最近的亮點以及我們接下來的一些步驟。

Starting with our nonconsumables initiative, or NCI, which was available in more than 11,700 stores at the end of 2021. We continued to be very pleased with the strong sales and margin performance we are seeing across the NCI store base. Notably, NCI stores outperformed non-NCI stores in both average ticket and customer traffic, driving an incremental 2.5% total comp sales increase on average in NCI stores, along with a meaningful improvement in gross margin rate. We expect to realize ongoing sales and margin benefits from NCI in 2022, and we are on track to complete the rollout across nearly the entire chain by the end of the year.

從我們的非消耗品計劃 (NCI) 開始，該計劃於 2021 年底在 11,700 多家商店推出。我們繼續對我們在 NCI 商店群中看到的強勁銷售和利潤率表現感到非常滿意。值得注意的是，NCI 門店在平均門票和客流量方面均優於非 NCI 門店，推動 NCI 門店的總銷售額平均增長 2.5%，同時毛利率顯著提高。我們預計將在 2022 年實現 NCI 的持續銷售和利潤收益，並且我們有望在年底前完成幾乎整個鏈條的推出。

Moving to our newest store concept, pOpshelf, which further builds on our success and learnings with NCI. As a reminder, pOpshelf aims to engage customers by offering a fun, affordable and differentiated treasure hunt experience delivered through continually refreshed merchandise, a differentiated in-store experience and exceptional value, with the vast majority of our items priced at $5 or less.

轉向我們最新的商店概念 pOpshelf，它進一步建立在我們與 NCI 的成功和學習的基礎上。提醒一下，pOpshelf 旨在通過不斷更新的商品、差異化的店內體驗和卓越的價值提供有趣、負擔得起和差異化的尋寶體驗來吸引客戶，我們的絕大多數商品的價格都在 5 美元或以下。

During the quarter, we opened 25 new pOpshelf locations, bringing the total number of stores to 55 and exceeding our initial goal of 50 stores. Additionally, we opened 11 new store within a store concepts during Q4, bringing the total number of Dollar General Market stores with a smaller-footprint pOpshelf store included to a total of 25 at the end of the year. And we continue to be pleased with the results.

本季度，我們開設了 25 家新的 pOpshelf 門店，門店總數達到 55 家，超過了我們最初的 50 家門店目標。此外，我們在第四季度在商店概念中開設了 11 家新店，使包括佔地面積較小的 pOpshelf 商店在內的 Dollar General Market 商店總數在年底達到 25 家。我們繼續對結果感到滿意。

In 2022, we plan to nearly triple the pOpshelf store count and open up to an additional 25 store-within-a-store concepts, which would bring us to a total of more than 150 stand-alone pOpshelf locations and a total of approximately 50 store-within-a-store concepts. We continue to anticipate year 1 annualized sales volumes for our current locations to be between $1.7 million and $2 million per store, and expect the average gross margin rate for these stores to exceed 40%.

到 2022 年，我們計劃將 pOpshelf 門店數量增加近三倍，並增加 25 家店中店概念，這將使我們的獨立 pOpshelf 門店總數達到 150 多個，總數約為 50店中店概念。我們繼續預計我們當前位置的第一年年銷售額將在每家商店 170 萬美元到 200 萬美元之間，並預計這些商店的平均毛利率將超過 40%。

In addition to the early success of pOpshelf, we have been able to take some of our learnings and apply them in our Dollar General store base, particularly in further enhancing our nonconsumables offering. Overall, we are very pleased with the results from this unique and differentiated concept, and we are excited about our goal of approximately 1,000 pOpshelf locations by year-end 2025.

除了 pOpshelf 的早期成功之外，我們還能夠吸取我們的一些經驗並將其應用到我們的 Dollar General 商店基地，特別是在進一步增強我們的非消耗品產品方面。總體而言，我們對這一獨特和差異化概念的結果感到非常滿意，我們對到 2025 年底實現約 1,000 個 pOpshelf 地點的目標感到興奮。

Turning now to DG Fresh, which is a strategic, multi-phased shift to self-distribution of frozen and refrigerated goods, along with a focus on driving continued sales growth in these areas. As a reminder, we completed the initial rollout of DG Fresh across the entire chain in 2021 and are now delivering to more than 18,000 stores from 12 facilities.

現在轉向 DG Fresh，這是一個戰略性的、多階段的向冷凍和冷藏商品自我分銷的轉變，同時專注於推動這些領域的持續銷售增長。提醒一下，我們於 2021 年在整個連鎖店完成了 DG Fresh 的首次推出，現在從 12 個設施向 18,000 多家商店提供服務。

The primary objective of DG Fresh is to reduce product cost on our frozen and refrigerated items, and we continue to be very pleased with the savings we are seeing. Notably, DG Fresh was a meaningful positive contributor to our gross margin rate in 2021, and we expect to see continued benefits in 2022.

DG Fresh 的主要目標是降低我們冷凍和冷藏產品的產品成本，我們繼續對所看到的節省感到非常滿意。值得注意的是，DG Fresh 對我們 2021 年的毛利率做出了有意義的積極貢獻，我們預計 2022 年將繼續受益。

Another important goal of DG Fresh is to increase sales in our frozen and refrigerated categories. We are pleased with the performance on this front, including enhanced product offerings in stores and strong performance from our perishables department. In fact, our perishables department had a high single-digit comp increase in Q4 and contributed more comp sales dollars than any other department for both Q4 and the full year. Importantly, the sales penetration of these categories has increased to approximately 9% as compared to approximately 8% prior to the rollout of DG Fresh.

DG Fresh 的另一個重要目標是增加我們冷凍和冷藏品類的銷售額。我們對這方面的表現感到滿意，包括增強的商店產品供應和我們易腐品部門的強勁表現。事實上，我們的易腐品部門在第四季度實現了高個位數的補償增長，並且在第四季度和全年貢獻了比任何其他部門更多的補償銷售額。重要的是，與推出 DG Fresh 之前的約 8% 相比，這些類別的銷售滲透率已增加到約 9%。

In 2022, we expect to realize additional benefits from DG Fresh as we continue to optimize our network, further leverage our scale and deliver an even wider product selection. And while produce is not included in our initial rollout, we continue to believe that DG Fresh provides a potential path forward to expanding our produce offering to more than 10,000 stores over time. To that end, at the end of Q4, we offered produce in more than 2,100 stores, with plans to expand this offering to a total of more than 3,000 stores by the end of 2022.

2022 年，隨著我們繼續優化我們的網絡、進一步利用我們的規模並提供更廣泛的產品選擇，我們預計 DG Fresh 將帶來額外的好處。雖然我們最初推出的產品不包括農產品，但我們仍然相信 DG Fresh 提供了一條潛在的途徑，可以隨著時間的推移將我們的農產品供應擴展到 10,000 多家商店。為此，在第四季度末，我們在 2,100 多家商店提供農產品，併計劃到 2022 年底將這種產品擴展到總共 3,000 多家商店。

Finally, DG Fresh has also extended the reach of our cooler expansion program. During 2021, we added more than 65,000 cooler doors across our store base. In 2022, we again expect to install more than 65,000 additional doors as we continue to build on our multiyear track record of growth in cooler doors and associated sales.

最後，DG Fresh 還擴大了我們的冷卻器擴展計劃的範圍。 2021 年，我們在我們的門店基礎上增加了 65,000 多扇冷櫃門。 2022 年，我們再次預計將安裝超過 65,000 扇額外的門，因為我們將繼續鞏固我們在冷藏門和相關銷售方面的多年增長記錄。

Turning now to an update on our expanded health offering, which consists of up to 30% more feet of selling space and up to 400 additional items as compared to our standard offering. This offering was available in nearly 1,200 stores at the end of 2021, with plans to expand to a total of more than 4,000 stores by the end of 2022. As we move toward becoming more of a health destination, particularly in rural America, our plans include further expansion of our health offering, with the goal of increasing access to basic health care products and ultimately services over time.

現在轉向我們擴展的健康產品的更新，與我們的標準產品相比，它包括多達 30% 的銷售空間和多達 400 種額外的物品。到 2021 年底，該產品在近 1,200 家商店中提供，併計劃到 2022 年底擴大到總共 4,000 多家商店。隨著我們越來越成為一個健康目的地，特別是在美國農村，我們的計劃包括進一步擴大我們的醫療服務，目標是隨著時間的推移增加獲得基本醫療保健產品和最終服務的機會。

In addition to the gross margin benefits associated with the initiatives I just discussed, we continue to pursue other opportunities to enhance gross margin, including improvements in private brand sales, global sourcing, supply chain efficiencies and shrink reduction.

除了與我剛才討論的舉措相關的毛利率收益外，我們還將繼續尋求其他機會來提高毛利率，包括改善自有品牌銷售、全球採購、供應鏈效率和減少收縮。

Our second priority is capturing growth opportunities. Our proven high-return, low-risk real estate model has served us well for many years and continues to be a core strength of our business. In 2021, we completed a total of 2,902 real estate projects, including 1,050 new stores, 1,752 remodels and 100 relocations.

我們的第二要務是抓住增長機會。我們久經考驗的高回報、低風險房地產模式多年來一直為我們服務，並繼續成為我們業務的核心優勢。 2021年，我們共完成房地產項目2902個，其中新店1050個，改造1752個，搬遷100個。

For 2022, we remain on track to execute nearly 3,000 real estate projects in total, including 1,110 new stores, 1,750 remodels and 120 store relocations. As a reminder, we expect approximately 800 of our new stores in 2022 to be in our larger, 8,500 square foot store format, allowing for an expanded assortment and room to accommodate future growth as we respond to our customers' desire for an even wider product selection. Importantly, we continue to be very pleased with the sales productivity of all of our larger-format stores as average sales per square foot are about 15% above an average traditional store.

2022年，我們將繼續按計劃執行總計近3,000個房地產項目，其中包括1,110家新店、1,750家改造和120家門店搬遷。提醒一下，我們預計 2022 年將有大約 800 家新店採用我們更大的 8,500 平方英尺的店面形式，從而在我們滿足客戶對更廣泛產品的需求時擴大產品種類和空間以適應未來的增長選擇。重要的是，我們繼續對我們所有大型商店的銷售效率感到非常滿意，因為每平方英尺的平均銷售額比傳統商店的平均水平高出約 15%。

In addition to our planned Dollar General and pOpshelf growth in 2022, and included in our expected new store total, we are very excited about our plans to expand internationally with the goal of opening up to 10 stores in Mexico by the end of 2022.

除了我們計劃在 2022 年實現 Dollar General 和 pOpshelf 增長，並包括在我們預期的新店總數中，我們對我們的國際擴張計劃感到非常興奮，目標是到 2022 年底在墨西哥開設 10 家門店。

Overall, our real estate pipeline remains robust with more brick-and-mortar stores than any retailer in the country. And we are excited about our ability to capture significant growth opportunities in the years ahead.

總體而言，我們的房地產渠道仍然強勁，實體店數量超過該國任何零售商。我們對我們在未來幾年抓住重大增長機會的能力感到興奮。

Next, our digital initiative, which is an important complement to our physical footprint as we continue to deploy and leverage technology to further enhance convenience and access for our customers. Our efforts remain centered around building engagement across our digital properties, including our mobile app. We ended 2021 with over 4 million monthly active users on the app and expect this number to grow as we look to further enhance our digital offerings.

接下來，我們的數字計劃是對我們實體足蹟的重要補充，因為我們將繼續部署和利用技術來進一步提高客戶的便利性和訪問權限。我們的努力仍然集中在建立我們的數字資產的參與度，包括我們的移動應用程序。到 2021 年底，我們的應用程序每月活躍用戶超過 400 萬，預計隨著我們希望進一步增強我們的數字產品，這個數字會增長。

As with everything we do, the customer is at the center of our digital initiative. Our partnership with DoorDash is the latest example of these efforts as we look to extend the value offering of Dollar General, combined with the convenience of same-day delivery in an hour or less. This offering was available in more than 10,700 stores at the end of Q4, and we are very pleased with the early results, including our ability to generate profitable transactions as well as better-than-expected customer trial, strong repurchase rates, high levels of sales incrementality and a broadening of our customer base.

與我們所做的一切一樣，客戶是我們數字計劃的中心。我們與 DoorDash 的合作是這些努力的最新例證，因為我們希望擴大 Dollar General 的價值提供，並在一個小時或更短的時間內提供當日送達的便利性。截至第四季度末，該產品已在 10,700 多家商店中提供，我們對早期結果非常滿意，包括我們產生盈利交易的能力以及好於預期的客戶試用、強勁的回購率、高水平的銷售增量和擴大我們的客戶群。

In addition, our DG Media Network is becoming increasingly more relevant in connecting our brand partners with our customers. To that end, we significantly grew the reach of this network in 2021, increasing from 6 million unique active profiles to more than 75 million, enabling our vendors to now reach over 90% of our DG customers through the DG Media Network. After establishing the foundation over the last few years, we are poised to meaningfully grow this business in 2022 and beyond as we expand the program and enhance the value proposition for both our customers and brand partners while increasing the overall net financial benefit for the business.

此外，我們的 DG 媒體網絡在將我們的品牌合作夥伴與客戶聯繫起來方面變得越來越重要。為此，我們在 2021 年顯著擴大了該網絡的覆蓋範圍，從 600 萬個獨特的活躍配置文件增加到超過 7500 萬個，使我們的供應商現在能夠通過 DG 媒體網絡覆蓋超過 90% 的 DG 客戶。在過去幾年奠定了基礎之後，我們準備在 2022 年及以後有意義地發展這項業務，因為我們擴大了計劃並增強了對客戶和品牌合作夥伴的價值主張，同時增加了業務的整體淨財務收益。

Overall, our strategy consists of building a digital ecosystem specifically tailored to provide our customers with an even more convenient, frictionless and personalized shopping experience. And we are pleased with the growing engagement we are seeing across our digital properties.

總體而言，我們的戰略包括建立一個專門定制的數字生態系統，為我們的客戶提供更方便、無摩擦和個性化的購物體驗。我們對我們在數字資產中看到的日益增長的參與感到高興。

Our third operating priority is to leverage and reinforce our position as a low-cost operator. We have a clear and defined process to control spending which continues to govern our disciplined approach to spending decisions. This zero-based budgeting approach, internally branded as Save to Serve, keeps the customer at the center of all we do while reinforcing our cost control mindset.

我們的第三個運營重點是利用和鞏固我們作為低成本運營商的地位。我們有一個明確而明確的流程來控制支出，這將繼續指導我們嚴格的支出決策方法。這種以零為基礎的預算方法，內部品牌為“節約服務”，將客戶置於我們所做的一切工作的中心，同時加強我們的成本控制思維。

Notably, the Save to Serve program contributed more than $800 million in cumulative cost savings from its inception in 2015 through the end of 2021. Our Fast Track initiative is a great example of this approach, where our goals include increasing labor productivity in our stores, enhancing customer convenience and further improving on-shelf availability.

值得注意的是，Save to Serve 計劃從 2015 年開始到 2021 年底，累計節省了超過 8 億美元的成本。我們的快速通道計劃就是這種方法的一個很好的例子，我們的目標包括提高我們商店的勞動生產率，提高客戶便利性並進一步提高貨架上的可用性。

The first phase of Fast Track consisted of both rolltainer and case pack optimization, which has led to the more efficient stocking of our stores.

Fast Track 的第一階段包括行李箱和箱包優化，這使得我們商店的庫存更加高效。

The second component of Fast Track is self-checkout, which provides customers with another flexible and convenient checkout solution while also driving greater efficiencies for our store associates. Self-checkout was available in more than 6,100 stores at the end of 2021. We continue to be pleased with our results, including strong and growing customer adoption rates and high scores on speed and ease of checkout. In 2022, we plan to expand this offering to a total of up to 11,000 stores by the end of the year as we look to further extend our position as an innovative leader in small box discount retail.

Fast Track 的第二個組成部分是自助結賬，它為客戶提供了另一種靈活方便的結賬解決方案，同時也為我們的店員提高了效率。截至 2021 年底，超過 6,100 家商店提供自助結賬服務。我們繼續對我們的結果感到滿意，包括強勁且不斷增長的客戶採用率以及結賬速度和便利性方面的高分。到 2022 年，我們計劃在年底前將此服務擴展到多達 11,000 家門店，因為我們希望進一步擴大我們作為小盒折扣零售創新領導者的地位。

Looking ahead, the next phase of Fast Track consists of increasing our utilization of emerging technology and data strategies, which includes putting new digital tools in the hands of our field leaders in 2022. When combined with our data-driven inventory management, we believe these efforts will reduce store workload and drive greater efficiencies for our retail associates and leaders.

展望未來，Fast Track 的下一階段包括增加我們對新興技術和數據戰略的利用，其中包括在 2022 年將新的數字工具交到我們的領域領導者手中。結合我們的數據驅動的庫存管理，我們相信這些這些努力將減少商店的工作量，並為我們的零售員工和領導者提高效率。

I also want to highlight our growing private fleet, which consisted of more than 700 tractors and accounted for approximately 20% of our outbound transportation fleet at the end of 2021. We are focused on significantly expanding our private fleet in 2022, as we plan to more than double the number of tractors, we expect will account for approximately 40% of our outbound transportation fleet by the end of the year.

我還想強調我們不斷增長的私人車隊，該車隊由 700 多輛拖拉機組成，到 2021 年底約占我們出境運輸車隊的 20%。我們計劃在 2022 年顯著擴大我們的私人車隊，因為我們計劃拖拉機數量增加一倍以上，我們預計到今年年底將占我們出境運輸車隊的約 40%。

Importantly, we save an average of 20% of associated costs every time we replace a third-party tractor with one from our private fleet. Moving forward, we believe our private fleet will become an increasingly significant competitive advantage as it gives us greater operational control in our supply chain while further optimizing our cost structure.

重要的是，每次我們將第三方拖拉機更換為我們私人車隊的拖拉機時，我們平均可節省 20% 的相關成本。展望未來，我們相信我們的私人車隊將成為越來越重要的競爭優勢，因為它使我們能夠在供應鏈中獲得更大的運營控制權，同時進一步優化我們的成本結構。

Our underlying principles are to keep the business simple, but move quickly to capture growth opportunities while controlling expenses and always seeking to be a low-cost operator.

我們的基本原則是保持業務簡單，但要迅速採取行動以抓住增長機會，同時控制費用並始終尋求成為低成本運營商。

Our fourth operating priority is investing in our diverse teams through development, empowerment and inclusion. As a growing retailer, we created thousands of new jobs in 2021, providing career growth opportunities for existing associates and the start of a career for many others. In 2022, we now expect to create more than 10,000 net new jobs as a result of our continued growth. Our internal promotion pipeline remains robust, as evidenced by our internal placement of more than 75% of our store associates at or above the lead sales associate position.

我們的第四個運營重點是通過發展、授權和包容對我們多元化的團隊進行投資。作為一家成長中的零售商，我們在 2021 年創造了數千個新工作崗位，為現有員工提供了職業發展機會，並為許多其他人開啟了職業生涯。由於我們的持續增長，我們現在預計到 2022 年將創造超過 10,000 個淨新工作崗位。我們的內部晉升渠道依然強勁，我們內部將超過 75% 的門店員工置於或高於首席銷售助理職位就證明了這一點。

We also continue to innovate on development for our teams to provide ongoing opportunities for career advancement, and in turn, meaningful wage growth. These investments include offering an enhanced college tuition benefit for our associates and their families as well as continuing to facilitate driver training programs for associates who would like to become drivers in our private fleet.

我們還繼續為我們的團隊在發展方面進行創新，為職業發展提供持續的機會，進而實現有意義的工資增長。這些投資包括為我們的員工及其家人提供更高的大學學費福利，以及繼續為希望成為我們私人車隊司機的員工提供駕駛員培訓計劃。

In addition to our focus on development, we continue to focus on further enhancing the associate experience and our strong workplace culture.

除了專注於發展之外，我們還將繼續專注於進一步提升員工體驗和我們強大的工作場所文化。

Collectively, these investments continue to yield positive results across our organization, including healthy applicant flow and strong critical staffing levels. We believe the opportunity to start and develop a career with a growing and purpose-driven company is a unique competitive advantage and remains our greatest currency in attracting and retaining talent.

總的來說，這些投資繼續在我們的組織中產生積極的結果，包括健康的申請人流動和強大的關鍵人員配備水平。我們相信，有機會在一家成長中且以目標為導向的公司開始和發展職業生涯是一種獨特的競爭優勢，並且仍然是我們吸引和留住人才的最大貨幣。

Overall, we made significant progress against our operating priorities and strategic initiatives in 2021. These efforts have further strengthened our foundation and position heading into 2022 as we continue to drive long-term sustainable growth.

總體而言，我們在 2021 年的運營重點和戰略舉措方面取得了重大進展。隨著我們繼續推動長期可持續增長，這些努力進一步鞏固了我們進入 2022 年的基礎和地位。

In closing, I'm proud of the team's strong and resilient performance in 2021. As we enter 2022, we are laser-focused on executing and delivering our robust plans, which we believe will further enhance our unique combination of value and convenience for our customers while delivering strong returns for our shareholders. I want to thank our approximately 163,000 employees for their tireless dedication to fulfilling our mission of serving others every day, and I am looking forward to all we will accomplish together in the year ahead.

最後，我為團隊在 2021 年的強勁而有彈性的表現感到自豪。隨著我們進入 2022 年，我們將專注於執行和交付我們強大的計劃，我們相信這將進一步增強我們獨特的價值和便利性組合，為我們的客戶，同時為我們的股東帶來豐厚的回報。我要感謝我們大約 163,000 名員工為履行我們每天為他人服務的使命而不懈努力，我期待著我們將在新的一年中共同完成的一切。

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

有了這個，操作員，我們現在想打開問題線。

(Operator Instructions) Our first question comes from the line of Matthew Boss with JPMorgan.

（操作員說明）我們的第一個問題來自摩根大通的 Matthew Boss。

Great. So maybe to kick off, Todd, with a number of moving pieces between employment and inflation, could you speak to health of your low-income consumer? How do you view the opportunity to potentially take share in this environment? And just drivers of top line improvement that you see as the year progresses within your 2.5% comp guide.

偉大的。所以也許開始，托德，在就業和通貨膨脹之間有許多變動因素，你能談談你的低收入消費者的健康嗎？您如何看待在這種環境中潛在的分享機會？並且只是您在 2.5% 薪酬指南中看到的隨著年度進展的頂線改進的驅動因素。

Sure, Matt. Thank you for the question. Yes, I'll first start by saying, we've always said here that the health of the consumer, this low-end consumer that we serve the most here at Dollar General, is usually geared and attached to whether they're gainfully employed or not. I'm happy to say that, with the labor market the way it is, that she is gainfully employed, working as many hours as she would like to right now. Matter of fact, we believe that approximately $1.20 increase year-over-year in her wages are in her wallet. So that is a significant amount.

當然，馬特。感謝你的提問。是的，我首先要說，我們一直在這裡說，消費者的健康，我們在 Dollar General 服務最多的低端消費者，通常與他們是否獲得有報酬的工作密切相關。或不。我很高興地說，就目前的勞動力市場而言，她是有報酬的工作，她現在想工作多少時間都可以。事實上，我們認為她的工資同比增長了大約 1.20 美元在她的錢包裡。所以這是一個很大的數目。

Now to your point, there are some other things, other headwinds here that we watch out for. Obviously, inflation has definitely taken a toll on some of that additional wage growth that she's seen. And then recently, over the last couple of weeks, gas prices are up $0.70 a gallon. So that -- we watch that very carefully.

現在說到您的觀點，我們要注意其他一些事情，其他不利因素。顯然，通貨膨脹肯定對她所看到的一些額外的工資增長造成了影響。然後最近，在過去的幾周里，汽油價格上漲了每加侖 0.70 美元。所以——我們非常仔細地觀察。

Now we always also said that once that gas price reaches over $4 a gallon, which it has now, that we normally see the consumers stay closer to home, which bodes very well for that value and convenient message that we have out there for our core consumer and that we deliver every day. That value and convenient message reigns supreme at the end of the day across the company here at Dollar General and with our core customer.

現在我們還總是說，一旦汽油價格達到現在的每加侖 4 美元以上，我們通常會看到消費者住在離家更近的地方，這對於我們核心的價值和便捷信息來說是個好兆頭消費者，我們每天都提供。這種價值和方便的信息在一天結束時在 Dollar General 公司和我們的核心客戶中佔據著至高無上的地位。

So again, as you think about it, tougher times for the consumer normally means that she needs us more, and we normally start to see a trade-down once that occurs and we'll be watching out for that. Again, that value and convenience really attracts that trade-in, trade-down customer.

再一次，正如你所想的那樣，消費者的艱難時期通常意味著她更需要我們，一旦發生這種情況，我們通常會開始看到折衷，我們會注意這一點。同樣，這種價值和便利性確實吸引了以舊換新、以舊換新的客戶。

As far as the drivers of what we believe. Well, our initiatives, Matt, as you know, have been very, very successful over the last 6 to 7 years here at Dollar General. And they're the cornerstone of why we feel confident in our guide for 2022. Obviously a lot of year ahead of us, but those initiatives are truly the cornerstone of that.

至於我們所相信的驅動因素。好吧，我們的舉措，馬特，正如你所知，在過去的 6 到 7 年裡，在 Dollar General 非常非常成功。它們是我們對 2022 年指南充滿信心的基石。顯然，我們還有很多年，但這些舉措確實是其中的基石。

But then when you think again about that value and convenience message we have, if the market gets a little tighter from a labor perspective or inflation continues to pull more money out of the consumer's wallet, we feel that we're very well positioned as we move through '22 as well.

但是，當您再次考慮我們所傳達的價值和便利信息時，如果從勞動力的角度來看市場變得更加緊張，或者通貨膨脹繼續從消費者的錢包中抽出更多的錢，我們覺得我們處於非常有利的位置，因為我們也可以通過'22。

Great. And then maybe, John, as a follow-up on gross margin, just to dig a bit deeper. I guess what level of runway remains with DG Fresh in terms of the gross margin opportunity from here? Are you seeing anything in pricing and the promotional landscape as we think about your assumption for markdowns to return to historical levels?

偉大的。然後也許，約翰，作為毛利率的後續行動，只是為了更深入地挖掘。我猜從這裡的毛利率機會來看，DG Fresh 的跑道水平如何？當我們考慮您對降價回歸歷史水平的假設時，您是否在定價和促銷環境中看到了什麼？

And then just last, the net of distribution and transportation efficiencies relative to fuel costs, is that a net headwind, tailwind, neutral? Just kind of trying to size those 3 up in terms of a net for the year.

最後，分配和運輸效率相對於燃料成本的淨值，是淨逆風、順風還是中性？只是試圖根據今年的淨額來衡量這三個人的規模。

Sure. Sure. So a lot of pieces there. I'll try and attack all those as I kind of walk through the puts and takes of gross margins. I'll start by saying we're really pleased with what we've done with gross margin in recent years. As you look at 2021, it's up about 100 basis over 2019 levels.

當然。當然。所以那裡有很多碎片。我會嘗試攻擊所有這些，因為我會通過看跌期權和毛利率。我首先要說的是，我們對近年來在毛利率方面所做的事情感到非常滿意。當您查看 2021 年時，它比 2019 年的水平高出約 100 個基點。

Now we didn't give specific margin -- gross margin guidance for 2022, but we did mention that Q1 in particular would be pressured as we're lapping a pretty significant expansion last year of 208 basis points that certainly benefited from favorable mix fueled by stimulus. In addition to that tough lap, we have cost inflation continuing in Q1, which is driven by supply chain, fuel and product costs, and to a lesser extent, a return to recent historical rates of markdowns and shrink. Still lower than the pandemic levels, but normalizing a little bit.

現在我們沒有給出具體的利潤率——2022 年的毛利率指導，但我們確實提到第一季度尤其會受到壓力，因為我們去年經歷了相當顯著的 208 個基點的擴張，這肯定受益於有利的組合刺激。除了那艱難的一圈之外，我們在第一季度繼續存在成本通脹，這是由供應鏈、燃料和產品成本驅動的，在較小程度上，還回到了最近的歷史降價和收縮率。仍低於大流行水平，但略有恢復正常。

So certainly, there's some near-term pressures persisting in Q1 in the first part of the year. But bear in mind, as we move through the year, the lap gets easier in the second half as we're lapping the heavy inflation from this year.

因此，可以肯定的是，今年上半年第一季度仍存在一些近期壓力。但請記住，隨著我們度過這一年，下半年會變得更容易，因為我們正在應對今年的嚴重通脹。

And just as a frame of reference, in Q4, we had about 200 basis points of added pressure to gross margin from the combination of supply chain, which was about $100 million incremental year-over-year impact; and the LIFO provision, which was $72 million. We don't see this as structural. We anticipate some moderation in cost pressures. We're already seeing this in transportation, supply chain, for instance.

作為一個參考框架，在第四季度，我們的供應鏈組合給毛利率帶來了大約 200 個基點的額外壓力，同比增長約 1 億美元；後進先出準備金為 7200 萬美元。我們不認為這是結構性的。我們預計成本壓力會有所緩和。例如，我們已經在運輸、供應鏈中看到了這一點。

Plus, when you look at the benefits of the initiatives and the cost-reduction actions we have in place, we see a growing benefit from that. For instance, if you look at private fleet, we mentioned we're going to double that in size from the end of 2021 to the end of 2022. That drives, as Jeff mentioned, about 20% savings each time we switch from a third-party carrier to in-house. And of course, we have the growing benefit of the initiatives that Todd mentioned, which not only helped the top line but the bottom line when you think of DG Fresh, NCI and pOpshelf.

此外，當您查看這些舉措的好處和我們已採取的降低成本行動時，我們會從中看到越來越多的好處。例如，如果您查看私人車隊，我們提到從 2021 年底到 2022 年底，我們的規模將增加一倍。正如 Jeff 所說，每次我們從三分之一轉換時，這將節省大約 20% - 方承運人到內部。當然，我們從 Todd 提到的舉措中獲得了越來越大的好處，當您想到 DG Fresh、NCI 和 pOpshelf 時，這些舉措不僅幫助了頂線，而且幫助了底線。

And there's still -- to your other question, there's still a lot of runway there. As we continue to optimize DG Fresh, get the leverage from that now that we can negotiate directly on that and we're top 3 vendors -- or customers, in many cases. NCI, we'll continue the rollout of that and virtually complete that this year. And then you have the growing benefit of pOpshelf, which we mentioned comes out of the ground with margins north of 40% and should only grow from there as we get scale. And we've talked about all the other levers we have. And then not to mention just our ability to leverage our scale as a limited SKU operator.

還有 - 對於你的另一個問題，那裡還有很多跑道。隨著我們繼續優化 DG Fresh，現在我們可以直接就此進行談判，並且在許多情況下，我們是前 3 大供應商或客戶，因此可以從中獲得優勢。 NCI，我們將繼續推出它，並在今年幾乎完成它。然後你會獲得 pOpshelf 的不斷增長的好處，我們提到它以 40% 以上的利潤率從地面出現，並且隨著我們的規模擴大，應該只會從那裡增長。我們已經討論了我們擁有的所有其他槓桿。更不用說我們作為有限 SKU 運營商利用我們的規模的能力了。

So we've contemplated all this in the EPS guidance, which we feel very good about. While there's some near-term pressures, especially in the early part of the year, we feel great about the initiatives, the other levers we have. And we still believe we can expand gross margin over the long term.

因此，我們在 EPS 指南中考慮了所有這些，我們對此感覺非常好。儘管存在一些近期壓力，尤其是在今年年初，但我們對這些舉措以及我們擁有的其他槓桿感覺很好。而且我們仍然相信我們可以長期擴大毛利率。

Our next question comes from Karen Short with Barclays.

我們的下一個問題來自 Barclays 的 Karen Short。

So I wanted to just talk a little bit about the longer-term algorithm and relationship between sales growth and EBIT. So when I look at 2022, excluding the extra week, it looks like 8% -- well, it is 8% for the top line, and about 6% EBIT growth. I just want to get a sense, is that the right relationship or algorithm to think about going forward? So like slight EBIT margin expansion off of the 9.3% that I think guiding you're to, excluding the extra week. And then I had a bigger-picture question.

所以我想談談銷售增長和息稅前利潤之間的長期算法和關係。因此，當我看 2022 年時，不包括額外的一周，它看起來像 8%——嗯，收入增長了 8%，息稅前利潤增長了大約 6%。我只是想了解一下，這是正確的關係或算法來考慮前進嗎？因此，就像我認為指導您達到的 9.3% 的息稅前利潤率略有增長，不包括額外的一周。然後我有一個更大的問題。

Sure. I would say, as you think about the 10% plus model, every element of that is very well intact. Starting at the top, we've never had a bigger pipeline of new unit growth with the -- for everybody in discount retail, about 17,000 potential opportunities there, not to mention Mexico.

當然。我想說，當您考慮 10% 以上的模型時，其中的每個元素都完好無損。從頂部開始，我們從未有過更大的新單位增長管道——對於折扣零售業的每個人來說，那裡有大約 17,000 個潛在機會，更不用說墨西哥了。

We're still seeing the same rate unit level economics on the top line, the bottom line and the returns. A ton of initiatives in place to drive sales, as well as we're seeing an outsized bigger impact from real estate. Not only we're seeing a 15% increase in sales per square foot productivity in the bigger box stores, but as we've mentioned, we're accelerating the number of new stores we're putting out there, and again, seeing really good impact on comp sales from the initiatives.

我們仍然在頂線、底線和回報上看到相同的利率單位水平經濟學。為推動銷售而採取的大量舉措，以及我們看到房地產產生的巨大影響。我們不僅看到更大的盒子商店每平方英尺的銷售額增加了 15%，而且正如我們所提到的，我們正在加速開設新店的數量，再一次，看到真的這些舉措對comp銷售產生了良好的影響。

And as you look at margin overall, operating margin overall, a lot of levers, as I just mentioned on Matt's question, with gross margin, SG&A. We stay laser-focused on that. We mentioned in the prepared comments, our Save to Serve program is alive and well. And since 2015, we've saved over $800 million from that.

正如我剛剛在馬特的問題中提到的那樣，當您查看整體利潤率、整體營業利潤率、很多槓桿時，還有毛利率、SG&A。我們始終專注於這一點。我們在準備好的評論中提到，我們的 Save to Serve 程序運行良好。自 2015 年以來，我們已經節省了超過 8 億美元。

And so as you look at all the pieces, each year might be a little bit different. But I think that's the way to think about that, is the unit growth we've talked about, we feel very good about and are accelerating that a bit. We're seeing -- we've talked before about the impact of real estate, 150 to 200 basis points. And we're seeing the benefit at the high end of that. And then you have the initiatives on top of that and all the levers.

因此，當您查看所有作品時，每年可能都會有所不同。但我認為這是思考這個問題的方式，是我們談到的單位增長，我們感覺非常好並且正在加速這一點。我們看到了——我們之前已經討論過房地產的影響，150 到 200 個基點。我們看到了高端的好處。然後你就有了最重要的舉措和所有的槓桿。

So feel very good about our ability to drive 10% growth over the long term. And I think directionally, you're thinking about it right in terms of ongoing top line strength in that 2% to 4% comp range; and the ability over time, we believe, to hold, and in cases, expand our EBIT margins.

因此，我們對我們長期推動 10% 增長的能力感到非常滿意。而且我認為，在 2% 到 4% 的薪酬範圍內，您正在考慮的方向是持續的頂線實力；我們相信，隨著時間的推移，我們有能力保持並在某些情況下擴大我們的息稅前利潤率。

Okay. That's helpful. And then just in general, I think there's definitely been a concern that you're lapping in 2022 tough discretionary comparisons, obviously. You talked about that. But wondering if you could give a little bit of color on how you think about that discretionary specifically and baked -- in terms of expectations baked into your guidance.

好的。這很有幫助。然後總的來說，我認為肯定有人擔心你會在 2022 年進行艱難的自由裁量比較，顯然。你談到了那個。但是想知道您是否可以就您如何具體考慮該可自由支配和烘焙提供一點色彩 - 就您的指導中包含的期望而言。

And then it sounds like you're certainly not leaning away from discretionary in calendar '22. So maybe just some color on that given that, that is probably a category that will be pressured in the year, this year.

然後聽起來你肯定不會在 22 年日曆中放棄自由裁量權。因此，考慮到這一點，也許只是一些顏色，這可能是今年將受到壓力的一個類別。

Sure. As you think about the non-consumable sales and discretionary sales, what we have contemplated in our guidance is some moderation of that. We still continue to feel great about that side of the business, the growing benefit of the non-consumable initiative as well as the scaling of pOpshelf. But what we have contemplated, given the backdrop from a macro perspective, is somewhat of a moderation of mix back toward consumables, but not going back to where they were. So holding on to a lot of the strength in that business and the mix benefit from that, but some moderation.

當然。當您考慮非消耗品銷售和可自由支配的銷售時，我們在指導中考慮的是對此有所緩和。我們仍然對這方面的業務、非消耗品計劃的日益增長的利益以及 pOpshelf 的擴展感到滿意。但是，從宏觀角度來看，考慮到背景，我們所考慮的是在某種程度上將混合放回消耗品，但不會回到原來的位置。因此，保持該業務的大部分優勢，並從中受益，但要適度。

Our next question comes from Simeon Gutman with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Simeon Gutman。

I'm wondering if you've given any thought to the 20% of the mix being $1. Has there been any debate around that mix moving?

我想知道你是否考慮過 20% 的組合是 1 美元。圍繞這種混合移動是否有任何爭論？

And then, Todd, you mentioned that at the customer, this could be a good environment for you. I take it as you haven't seen any sign yet that there's been any sensitivity to the current inflation.

然後，托德，你提到在客戶那裡，這對你來說可能是一個很好的環境。我認為你還沒有看到任何跡象表明對當前的通貨膨脹有任何敏感性。

We didn't hear your first part of the question, Simeon.

Simeon，我們沒有聽到您問題的第一部分。

The 20% of the merchandise mix. How do you think about that? Is there debate about changing that?

20%的商品組合。你怎麼看？是否有關於改變這一點的爭論？

The $1 mix. Yes. But I would tell you that every time we talk to our core customer, she tells us the same thing, how important that $1 is so that she can round out her month. We've always said here, it's an unfortunate situation, but our customer runs out of money before that month runs out. And that $1 bridges that last few days for her, always has, and that continues to do so.

1美元的組合。是的。但我會告訴你，每次我們與核心客戶交談時，她都會告訴我們同樣的事情，即 1 美元對於她可以完成她的一個月有多重要。我們一直在這裡說，這是一個不幸的情況，但是我們的客戶在那個月用完之前就用完了錢。對她來說，持續幾天的 1 美元橋樑一直存在，並且繼續如此。

So what we've done is, in light of that information, also with some of the inflationary pressures that we're seeing on other goods, we've actually leaned into our $1 price point. And what you'll see, if you come into our stores over the near term, will be even more displays of $1 items on end caps and off-shelf displays and really pushing that side of the business because I think our customers will need us even more there.

所以我們所做的是，鑑於這些信息，再加上我們在其他商品上看到的一些通脹壓力，我們實際上已經傾向於我們的 1 美元價格點。你會看到，如果你在短期內進入我們的商店，將會在端蓋和貨架上展示更多價值 1 美元的商品，並真正推動業務的發展，因為我認為我們的客戶會需要我們甚至更多。

And we believe that over time, we could grow that where appropriate and not even stay at that 20% level. So we feel really good about that $1 price point. And the great thing is our vendor community across the board has leaned into that $1 price point with us as well.

我們相信，隨著時間的推移，我們可以在適當的地方增長，甚至不會停留在 20% 的水平。因此，我們對 1 美元的價格點感覺非常好。最棒的是，我們的供應商社區也向我們傾斜了 1 美元的價格點。

Right. This is Michael Kessler -- oh. Simeon, you got this?

對。這是邁克爾·凱斯勒——哦。西蒙，你明白了嗎？

Yes. I just wondered if any signs of trade-down yet? Or there hasn't been any sign?

是的。我只是想知道是否有任何交易下降的跡象？還是沒有任何跡象？

Yes. Right now, we haven't seen a lot of trade-down yet. The great thing, though, Simeon, is we actually have a lot of that trade-down already embedded in, and I think there'll be more as inflation comes in. And the reason I say it's embedded in is that we are extremely, extremely confident and glad to see that the gains that we got during COVID, so call it the 2020 gains, we've kept a lot more of those customers than we even thought we would have kept.

是的。目前，我們還沒有看到很多降價交易。不過，Simeon，偉大的事情是我們實際上已經嵌入了很多折衷，而且我認為隨著通貨膨脹的到來還會有更多。我說它嵌入的原因是我們非常，非常有信心和高興地看到我們在 COVID 期間獲得的收益，所以稱之為 2020 年收益，我們保留的這些客戶比我們想像的要多得多。

And that continues. Actually, we saw a slight acceleration of that as we moved through Q4. So it was great to see. And we know that, based on the credit card data and our marketing against that, a lot of these customers are in that trade-down area that would happen when trade down occurs. So we've got some of it already, and I believe we'll get even more as inflation continues to take hold across the U.S.

而且這種情況還在繼續。實際上，當我們進入第四季度時，我們看到了這種情況的輕微加速。所以很高興看到。而且我們知道，根據信用卡數據和我們的營銷活動，這些客戶中有很多都處於降價區域，當降價發生時會發生這種情況。所以我們已經得到了一些，我相信隨著通脹繼續在美國蔓延，我們會得到更多。

Our next question comes from Rupesh Parikh with Oppenheimer.

我們的下一個問題來自 Rupesh Parikh 和 Oppenheimer。

I was hoping to just touch on, I guess, on the comp line. I want to better understand the building blocks for comp growth this year, whether you can touch on inflation, traffic, the new store contribution.

我想，我希望能在補償線上談一談。我想更好地了解今年薪酬增長的基石，是否可以觸及通脹、客流量、新店貢獻。

And the guidance implies an acceleration on the comp line as the year progresses. So I just wanted to better understand, what gives you confidence to drive that acceleration? So just any color there in terms of the stronger trends in the back half of the year.

隨著時間的推移，該指導意味著在comp線上的加速。所以我只是想更好地理解，是什麼讓你有信心推動這種加速？因此，就今年下半年的強勁趨勢而言，任何顏色都可以。

Yes. I think you're thinking about it the right way. As we see our comp growth accelerating, as we move sequentially from quarter-to-quarter throughout the year, and we feel great about -- we've said before, this model works very well at 2% to 4% comp. And we feel very good about the 2.5% comp guide, which would imply a pretty healthy 3-year stack with that.

是的。我認為您正在以正確的方式考慮它。當我們看到我們的薪酬增長加速時，隨著我們全年從一個季度到另一個季度的順序移動，我們感覺很棒——我們之前說過，這個模型在 2% 到 4% 的薪酬下運行得很好。我們對 2.5% 的薪酬指南感覺非常好，這意味著 3 年的籌碼非常健康。

As you look at the building blocks of that, what we're seeing right now is we're retaining -- we're exceeding our expectations in terms of what we've done in terms of retaining the new customers, holding on to those bigger basket sizes. We're seeing a bigger impact from real estate, at the high end of that 150 to 200 basis points we've talked about. And as we mentioned, seeing a growing impact from our initiatives as they scale.

當你看到它的構建塊時，我們現在看到的是我們正在保留 - 我們在保留新客戶方面所做的工作超出了我們的預期，堅持那些更大的籃子尺寸。我們看到房地產的影響更大，在我們談到的 150 到 200 個基點的高端。正如我們所提到的，隨著我們的計劃規模擴大，我們看到了越來越大的影響。

And the other thing to point out is we're improving our in-stocks. As we improve our in-stocks, that's driving sales as well. Todd mentioned that we're closely watching the consumer. But history tells us that we do very well in all cycles of the economy. And if the consumer is pressured as they are increasingly with inflation, what we've seen is that customer more productive. With high fuel prices, we've seen them shop, as we mentioned, closer to home. And we've seen trade in, all of which benefit us.

需要指出的另一件事是我們正在改善我們的庫存。隨著我們改善庫存，這也推動了銷售。托德提到我們正在密切關註消費者。但歷史告訴我們，我們在所有經濟周期中都做得很好。如果消費者因通貨膨脹而受到壓力，我們所看到的是客戶的生產力更高。正如我們所提到的，由於燃料價格高昂，我們已經看到他們在離家更近的地方購物。我們已經看到了以舊換新，所有這些都使我們受益。

So when you put all these pieces together, we feel great about the fundamentals of the business. And we think we're very well positioned, for this backdrop, to deliver that comp we've guided to. And we're going to go after more.

因此，當您將所有這些部分放在一起時，我們對業務的基本面感覺很好。我們認為，在這種背景下，我們處於非常有利的位置，可以提供我們所指導的組合。我們將追求更多。

Great. And then maybe just one follow-up question on the CapEx side. So this year, CapEx as a percent of sales is closer to 4%. And I think historically, you've been in that 2.5% to 3% type range. So going forward, is this the right way to think about CapEx, at a more elevated level?

偉大的。然後可能只是資本支出方面的一個後續問題。所以今年，資本支出佔銷售額的百分比接近 4%。而且我認為從歷史上看，您一直處於 2.5% 到 3% 的類型範圍內。那麼展望未來，這是在更高水平上思考資本支出的正確方式嗎？

No, great question. There's 2 pieces of that. And we have been, for the last few years, a little above 3%, but rounding down to 3%. This year, we're rounding up to 4%. And there's really 2 things I'd point to there.

不，很好的問題。有2塊。在過去的幾年裡，我們的比例略高於 3%，但四捨五入到 3%。今年，我們將四捨五入到 4%。我真的要指出兩件事。

One is we've stepped up our real estate. We're accelerating our new unit growth, which obviously delivers great returns, and it helps the bottom line, but does add a little bit of CapEx. That impact is outsized this year really due to inflation, steel inflation. It's up substantially, still getting great returns even with that steel inflation factored in, still getting the same returns. We've talked about that 20% to 22% after-tax IRR. But that really is the nearer-term pressure, the commodity pressure from fixtures, HVACs, things like that as we do these projects. That we see that coming back down over time.

一是我們已經加強了我們的房地產。我們正在加速我們的新單位增長，這顯然帶來了巨大的回報，它有助於盈利，但確實增加了一點資本支出。由於通貨膨脹，鋼鐵通貨膨脹，今年的影響非常大。它大幅上漲，即使考慮到鋼鐵通脹因素，仍然可以獲得豐厚的回報，仍然獲得相同的回報。我們已經討論了 20% 到 22% 的稅後內部收益率。但這確實是近期的壓力，來自固定裝置、暖通空調以及我們做這些項目時的商品壓力。我們看到隨著時間的推移會回落。

If you exclude the impact of that near-term inflation, that puts us back to a point where we're back to close to where we were, rounding down to 3%. So we don't see something structurally different here other than we have stepped up our real estate, which is a great decision, which we're pleased with. But it's really the difference in the short term, is that commodity inflation.

如果你排除近期通脹的影響，這會讓我們回到接近我們之前的水平，四捨五入到 3%。因此，除了我們加強了我們的房地產之外，我們在這裡沒有看到結構上的不同，這是一個偉大的決定，我們對此感到高興。但短期內真正的區別在於，商品通脹。

Our next question is from Michael Lasser with UBS.

我們的下一個問題來自瑞銀的 Michael Lasser。

There's puts and takes with your margin outlook for this year. But if you assume you take on a little bit of leverage to buy back stock, it could imply that your operating margin is flat to maybe down 20 basis points versus last year. And if that's right, have all the initiatives that you've deployed translated to Dollar General's operating margin now being about 100 basis points higher than it was in 2019? And to what extent could this be eroded moving forward by a return to promotions and discounting in the broader retail environment?

今年的保證金前景有看跌期權。但是，如果您假設您利用一點槓桿回購股票，則可能意味著您的營業利潤率與去年持平，可能下降 20 個基點。如果這是對的，那麼您部署的所有舉措是否已轉化為 Dollar General 的營業利潤率現在比 2019 年高出約 100 個基點？在更廣泛的零售環境中回歸促銷和折扣會在多大程度上削弱這種影響？

Yes. Look, I'll answer your question. If I don't, let me know. But what I would start with saying is that we continue to see the initiatives contributing to operating margin at or above what we expected. They're delivering across the board. But there are some near-term pressures. We talked about the puts and takes of gross margin. And we -- as you look at the gross margin, the biggest piece of that being inflation. Much of which we don't believe is structural. And we see signs of that easing, and certainly taking actions to make sure that eases.

是的。看，我來回答你的問題。如果我不知道，請告訴我。但我首先要說的是，我們繼續看到這些舉措對營業利潤率的貢獻達到或高於我們的預期。他們正在全面交付。但存在一些近期壓力。我們討論了毛利率的看跌期權。我們 - 當你看到毛利率時，其中最大的一部分是通貨膨脹。我們認為其中大部分不是結構性的。我們看到了緩解的跡象，並且肯定會採取行動確保緩解。

When you look at the SG&A side of that, there, too, we don't see a structural change there. We've talked about some geography as we spend a little bit of SG&A to save more gross margin. Again, those initiatives are delivering at or above what we expected. Throws off the geography a little bit.

當您查看其中的 SG&A 方面時，我們也沒有看到那裡的結構性變化。我們已經討論了一些地理問題，因為我們花費了一些 SG&A 來節省更多的毛利率。同樣，這些舉措正在達到或超過我們的預期。稍微拋開地理。

The other thing we have talked about is we did see some wage inflation above norm. We've said in the past that our wage inflation was running about 3% to 4% pre-pandemic. It was higher this year. As we look ahead to next year, we expect it to be a little bit higher than that 3% to 4%, but lower than what we saw in 2021. And we're already seeing moderation there. And we're in a great spot in terms of staffing levels.

我們談到的另一件事是，我們確實看到了一些高於正常水平的工資通脹。我們過去曾說過，在大流行前，我們的工資通脹率約為 3% 至 4%。今年更高了。當我們展望明年時，我們預計它會略高於 3% 到 4%，但低於我們在 2021 年看到的水平。我們已經看到那裡的放緩。就人員配備水平而言，我們處於一個很好的位置。

So as I look at our EBIT, I don't see anything structurally changing there. And as I mentioned to Karen, you see the ability for us over the long term to modestly increase that over time while driving the top line, too. And so feel very good about the algorithm and our ability to manage all the levers within gross margin and SG&A. Hopefully, that answers your question.

因此，當我查看我們的息稅前利潤時，我沒有看到任何結構性變化。正如我向凱倫提到的那樣，從長遠來看，你看到我們有能力隨著時間的推移適度增加這一點，同時推動收入增長。因此，我們對算法以及我們在毛利率和 SG&A 中管理所有槓桿的能力感到非常滿意。希望這能回答你的問題。

It's helpful. My follow-up question is the competitive dynamics in the environment are ever so changing. The mass merchants and the grocery stores have been comping well above Dollar General for the last several quarters, which is unique in recent history. And now there's likely to be some changes at you're a big competitor. So how do you see this playing out over the next few quarters? Do you see some of these share changes as just a function of the unique dynamics, and you can reassert the leadership that Dollar General has historically had in the marketplace?

這很有幫助。我的後續問題是環境中的競爭動態不斷變化。在過去的幾個季度裡，大眾商戶和雜貨店的銷售額一直遠高於 Dollar General，這在近代史上是獨一無二的。現在，你是一個大競爭對手，可能會發生一些變化。那麼您如何看待未來幾個季度的情況？您是否將其中一些份額變化視為獨特動態的函數，並且您可以重申 Dollar General 歷來在市場上的領導地位？

Yes. So Michael, this is Todd. I would tell you that there's nothing that we see that doesn't suggest that our share gains won't start to come back to historical levels as we move through 2022. There's nothing structural that says that our comps won't get back to a more algorithmic level over time.

是的。邁克爾，這是托德。我會告訴你，我們所看到的一切都表明，隨著我們進入 2022 年，我們的股票收益不會開始回到歷史水平。沒有任何結構表明我們的業績不會恢復到隨著時間的推移，算法水平更高。

And I think you have to look at, we had well oversized gains in 2020. And when you start looking on a 2-year stack basis, we stack up pretty well on a comp to our -- to those other classes of trade and by far out-exceeded our chief competitor in the space. So we feel very good.

而且我認為你必須看看，我們在 2020 年獲得了非常大的收益。當你開始以 2 年的籌碼量為基礎看時，我們在與我們的其他類別的交易和遠遠超過了我們在該領域的主要競爭對手。所以我們感覺很好。

And then you've heard John and myself already talk about all these levers that we have. These are not new, right? These are ones that are well established and some newer ones that are already being embedded in our -- inside of our chain, where we can deliver, we believe, comp sales as we continue to move forward. The first quarter is going to be a little challenged, as we've already said. But as we move through the rest of the year, we feel better and better about where that comp is going to be.

然後你已經聽到約翰和我自己已經談論過我們擁有的所有這些槓桿。這些都不是新的，對吧？這些是已經確立的，一些較新的已經嵌入到我們的 - 在我們的鏈中，我們相信，隨著我們繼續前進，我們可以在其中提供銷售。正如我們已經說過的，第一季度將面臨一些挑戰。但是隨著我們在今年剩下的時間裡前進，我們對比賽的去向感覺越來越好。

And then lastly, I would tell you that, your first part of the question, the competition, I would say it's very much the way it's been. I would tell you, we're on a little over 2 years now of pretty tame promotional environment. Obviously, we've had to take some price as others have done on an everyday basis due to some of the inflationary pressures that have been well documented out there. Matter of fact, our pricing position has never been better. And as I said in my prepared remarks, our indexes are as good if not better than they've ever been.

最後，我會告訴你，你的問題的第一部分，比賽，我會說它一直都是這樣。我會告訴你，我們現在處於 2 年多一點的促銷環境中。顯然，由於一些通貨膨脹壓力已被充分記錄在案，我們不得不像其他人每天所做的那樣付出一些代價。事實上，我們的定價地位從未像現在這樣好。正如我在準備好的評論中所說，我們的指數與以往一樣好，如果不是更好的話。

So we feel great about our everyday price. And promotionally, we don't see anything in the near horizon that would say promotional pricing is going to escalate to any large degree.

所以我們對我們的日常價格感覺很好。在促銷方面，我們在近期內看不到任何可以說促銷價格會在很大程度上升級的事情。

Our next question is from Chuck Grom with Gordon Haskett.

我們的下一個問題來自 Chuck Grom 和 Gordon Haskett。

Todd, could you size up for us the impact that in-stocks have had on comps over the past couple of quarters? Particularly in your traffic trends. And looking ahead, where you are on the restoration of those in-stocks.

托德，您能否為我們估算一下過去幾個季度庫存對公司的影響？特別是在您的流量趨勢中。展望未來，您正在恢復這些庫存。

Chuck, that's a great question, thanks for it. We believe it had a significant impact in Q4. We called it out in our prepared remarks. And due to many factors, one, obviously, we had some labor challenges in Q3 and Q4, in distribution. We're happy to report that we are now back to pre-pandemic levels on staffing. So we feel good about that. But it constrained our inbound and outbound.

查克，這是一個很好的問題，謝謝。我們認為它在第四季度產生了重大影響。我們在準備好的評論中指出了這一點。並且由於許多因素，一個，顯然，我們在第三季度和第四季度在分銷方面遇到了一些勞動力挑戰。我們很高興地報告，我們現在的人員配備已恢復到大流行前的水平。所以我們對此感覺很好。但它限制了我們的入境和出境。

We also, if you recall, Jeff indicated in coming out of Q3, that we prioritized seasonal to ensure that our seasonal goods got on to the shelf. That slowed down our everyday goods onto the shelf and obviously gained more out-of-stocks there.

如果您還記得，傑夫在第三季度結束時表示，我們還表示我們優先考慮季節性，以確保我們的季節性商品上架。這減緩了我們的日常用品上架速度，顯然那裡出現了更多的缺貨情況。

Now as we move through Q4 and now into Q1, we feel much, much better about where our in-stock levels are. Are we back to historical levels yet? Not quite. But I don't think anybody is. The majority of our opportunities still lie within the vendor community in that the constraints from the vendor community has continued into Q1, not nearly at the levels we saw at the end of last year. But we continue to work with our vendor partners to ship on time and in full. And once we get to that point, which we believe we're working towards pretty quickly here, we'll be in much, much better shape as we move through the back half of the year.

現在，當我們進入第四季度並進入第一季度時，我們對我們的庫存水平感覺好多了。我們回到歷史水平了嗎？不完全的。但我認為沒有人是。我們的大部分機會仍然存在於供應商社區中，因為供應商社區的限制一直持續到第一季度，幾乎沒有達到我們去年年底看到的水平。但我們將繼續與我們的供應商合作夥伴合作，按時足額發貨。一旦我們達到這一點，我們相信我們正在迅速朝著這一點努力，隨著我們在今年下半年的移動，我們的狀態會好得多。

Okay. Great. That's helpful. And then one for Jeff. You called out that sales per square foot in the 8,500 square foot stores is 15% higher than the typical box. I was wondering if you could just unpack the delta, where you're getting that greater productivity from?

好的。偉大的。這很有幫助。然後是傑夫的一個。您指出，在 8,500 平方英尺的商店中，每平方英尺的銷售額比典型的盒子高 15%。我想知道您是否可以直接打開 delta 的包裝，從哪裡獲得更高的生產力？

Thanks, Chuck. We are pleased with our larger-format stores and really seeing that sales per square foot productivity. I think it goes back to what we've started a while ago, and that's really providing a fuller fill-in shop for our customers. When you build a bigger store, anybody can do that. But you got to have what the customer wants. And you got to have a customer that wants more from you.

謝謝，查克。我們對我們的大型商店感到滿意，並且真正看到了每平方英尺生產力的銷售額。我認為這可以追溯到我們不久前開始的事情，這確實為我們的客戶提供了一個更全面的填充商店。當你建立一個更大的商店時，任何人都可以做到。但是你必須擁有客戶想要的東西。你必須有一個想從你這裡得到更多的客戶。

So this 8,500 and above square foot store allows us to really expand all the best of that merchants have brought to bear. So we've got expanded wellness. We've got our NCI in full. We've got our full cooler assortment in these stores as well. An expanded queue line. And quite frankly, room to grow. And so we also have produce in many of these stores as well.

因此，這家 8,500 平方英尺及以上的商店讓我們能夠真正擴展商家帶來的所有最好的東西。所以我們得到了擴展的健康。我們已經完成了我們的 NCI。我們在這些商店也有我們完整的冷卻器分類。一個擴展的隊列。坦率地說，還有成長的空間。因此，我們在許多這些商店中也有產品。

And so when you step back and you look at that, that's really what has driven the productivity in these stores. And I can tell you right now that we're just getting started here. And we look to be able to further serve our customer by listening to what she's asking for and leaning on our best-in-class merchant team, our supply chain team and operators that can execute this across a wide, broad group of stores. So feel real good about where that is headed in the future.

因此，當您退後一步看一看，這確實是推動這些商店生產力的原因。我現在可以告訴你，我們才剛剛開始。我們希望能夠通過傾聽客戶的需求並依靠我們一流的商戶團隊、供應鏈團隊和運營商來進一步服務於我們的客戶，他們可以在廣泛的商店群體中執行此操作。因此，對未來的發展方向感到非常滿意。

Our final question comes from Edward Kelly with Wells Fargo.

我們的最後一個問題來自富國銀行的 Edward Kelly。

Thanks for all the great color today. One quick one to start on SNAP. There's been a lot of investor anxiety around reduction in SNAP benefits, what it means for you because it has grown considerably as a percentage of sales. What are you seeing as these payments have decreased?

感謝今天所有偉大的色彩。快速啟動 SNAP。有很多投資者對減少 SNAP 福利感到焦慮，這對您意味著什麼，因為它在銷售額中的百分比已經顯著增長。隨著這些付款的減少，您看到了什麼？

Yes. We've seen a modest decrease as we moved through the year. It peaked middle of the year around May. We've seen it come down a little bit as some of the states rolled off the emergency allotments. But with the Thrifty benefits -- Thrifty Food Plan benefit still in place, it's remained elevated. So if you look at Q4 this year versus Q4 last, still well above where it had been, just not quite where it was at the peak in May.

是的。隨著這一年的發展，我們看到了適度的下降。它在五月左右的年中達到頂峰。隨著一些州取消緊急撥款，我們已經看到它有所下降。但由於節儉福利——節儉食品計劃福利仍然存在，它仍然處於較高水平。因此，如果你看一下今年第四季度與去年第四季度的對比，仍然遠高於過去的水平，只是與 5 月份的峰值水平相差甚遠。

As we move into next year, we're anticipating it to continue to moderate somewhat. However, that may be tapered just based on the cadence of when states roll off of that. So as we look ahead to next year, what we're assuming is that it's down from -- the benefit isn't as much as it was this year, but still elevated to pre-pandemic levels. And again, we've been taking share over a long time with the SNAP customers as we serve them so well, and you'll continue to see that as a key part of our business.

隨著我們進入明年，我們預計它會繼續有所緩和。然而，這可能只是根據各州何時退出的節奏而逐漸減少。因此，當我們展望明年時，我們假設它有所下降——收益不如今年，但仍上升到大流行前的水平。再一次，我們長期以來一直與 SNAP 客戶分享我們為他們提供的優質服務，您將繼續將其視為我們業務的關鍵部分。

Great. And then just a follow-up on self-distribution. You talked about significant expansion, doubling this year. Can you talk a bit more about the benefits operationally? I think you mentioned significant competitive advantage. Maybe more detail on what you mean there.

偉大的。然後只是關於自我分配的後續行動。你談到了顯著的擴張，今年翻了一番。你能多談談運營上的好處嗎？我認為你提到了顯著的競爭優勢。也許更詳細地說明你的意思。

And then from a P&L perspective, this 20% cost saves, is that 20% of domestic freight? Like is that how we think about what you're saying there?

然後從損益表的角度來看，這20%的成本節省，是國內運費的20%嗎？就像我們對你所說的那樣的看法？

Ed, this is Jeff. First of all, thank you for the question. Our private fleet is something we started several years ago. And I think you nailed some of the reasons why we're so excited about it.

埃德，這是傑夫。首先，謝謝你的提問。我們的私人車隊是我們幾年前開始的。而且我認為您指出了我們對此如此興奮的一些原因。

First of all, our drivers are on the same team as our store teams, our merchant teams, and that's certainly just brings a better service to the overall operation. But also, it allows us much more flexibility in our control over the environment. And when you think about it right now, with about 20% of our outbound fleet, we're pleased with that, but we're even more excited about where this thing goes. And we like to use that term early innings. We're certainly in the early innings of this initiative. And as you mentioned, with the 20% reduction in our outbound transportation every time we convert, it's obviously a very good return.

首先，我們的司機和我們的門店團隊、我們的商家團隊在同一個團隊，這當然只是為整體運營帶來了更好的服務。而且，它使我們在控制環境方面有更大的靈活性。當你現在考慮它時，我們約有 20% 的出境機隊，我們對此感到高興，但我們對這件事的去向更加興奮。我們喜歡用這個詞早局。我們當然處於該倡議的早期階段。正如您所提到的，每次我們轉換時，我們的出境運輸減少了 20%，這顯然是一個非常好的回報。

So as you think about this year, we're pleased to be at doubling that to about 40% of our outbound transportation needs. And we look to grow that even further over time as we scale this initiative and really distance ourselves and provide that competitive advantage because it is an incredible lever that we're able to pull. And excited that we started this several years ago.

因此，當您想到今年時，我們很高興能夠將其翻一番，達到我們出境運輸需求的 40% 左右。我們希望隨著時間的推移進一步擴大這一舉措，並真正與自己保持距離並提供競爭優勢，因為這是我們能夠拉動的令人難以置信的槓桿。很高興我們幾年前就開始了。

We've reached the end of the question-and-answer session. I'd now like to turn the call back over to Todd Vasos for closing comments.

我們已經到了問答環節的尾聲。我現在想將電話轉回給 Todd Vasos 以結束評論。

Thank you, and thanks for everyone joining the call and for all the questions. And thanks for your interest in Dollar General. I'm proud of this team, which continues to execute at a high level, even in a consistently evolving environment. As you heard today, we're excited about our initiatives and plans for 2022, which we believe positions us well to grow same-store sales, new stores, operating profit margins and market share over time.

謝謝大家，感謝大家加入電話會議並提出所有問題。感謝您對 Dollar General 的關注。我為這個團隊感到自豪，即使在不斷發展的環境中，它也會繼續保持高水平的執行力。正如您今天所聽到的，我們對 2022 年的舉措和計劃感到興奮，我們相信這將使我們能夠很好地隨著時間的推移增加同店銷售額、新店、營業利潤率和市場份額。

Overall, a mature retailer in growth mode, we believe this company is in a very strong position, which I think speaks to our strategy, our resilience and the strength of our culture and our people. As I said earlier, I've never felt better about the underlying business model, and I can't wait to see what 2022 holds for Dollar General.

總體而言，作為一家處於增長模式的成熟零售商，我們認為這家公司處於非常有利的地位，我認為這說明了我們的戰略、我們的韌性以及我們的文化和員工的實力。正如我之前所說，我從未對潛在的商業模式感覺更好，我迫不及待地想看看 2022 年對 Dollar General 的影響。

Thank you for listening, and have a great day.

感謝您的收聽，祝您有美好的一天。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您此時可以斷開線路，我們感謝您的參與。