美元樹 (DLTR) 2022 Q2 法說會逐字稿

Good day, and welcome to the Dollar Tree, Inc. 2Q 2022 Earnings Conference Call. Today's call is being recorded.

美好的一天，歡迎參加 Dollar Tree, Inc. 2022 年第二季度收益電話會議。今天的電話正在錄音。

At this time, I'd like to hand the conference over to Randy Guiler, VP of Investor Relations. Please go ahead.

在這個時候，我想把會議交給投資者關係副總裁 Randy Guiler。請繼續。

Thank you, operator. Good morning, and welcome to our call to discuss results for Dollar Tree's Second Fiscal Quarter 2022. With me on today's call are Executive Chairman, Rick Dreiling; President and CEO, Mike Witynski; and CFO, Kevin Wampler.

謝謝你，接線員。早上好，歡迎參加我們的電話會議，討論 Dollar Tree 2022 年第二財季的業績。今天與我通話的是執行主席 Rick Dreiling；總裁兼首席執行官邁克·維滕斯基；和首席財務官 Kevin Wampler。

Before we begin, I would like to remind everyone that various remarks that we will make about our expectations, plans and prospects for the company constitute forward-looking statements under the purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties, and our actual results may differ materially from those included in these forward-looking statements. For information on the risks and uncertainties that could affect our actual results, please refer to the Risk Factors, Business, Management's Discussion and Analysis of Financial Condition and Results of Operations sections in our annual report filed March 15, 2022; our Form 10-Q for the most recently ended fiscal quarter; our most recent press release and Form 8-K; and other filings we make from time to time with the Securities and Exchange Commission. We caution against reliance on these forward-looking statements made today, and we disclaim any obligation to update or revise these statements, except as may be required by law.

在開始之前，我想提醒大家，根據 1995 年《私人證券訴訟改革法案》的安全港條款，我們將對公司的預期、計劃和前景發表的各種言論構成前瞻性陳述。這些陳述受到風險和不確定性的影響，我們的實際結果可能與這些前瞻性陳述中包含的結果大不相同。有關可能影響我們實際業績的風險和不確定性的信息，請參閱我們於 2022 年 3 月 15 日提交的年度報告中的風險因素、業務、管理層對財務狀況和經營業績的討論和分析部分；我們最近結束的財政季度的 10-Q 表；我們最近的新聞稿和 8-K 表格；以及我們不時向證券交易委員會提交的其他文件。我們告誡不要依賴今天做出的這些前瞻性陳述，並且我們不承擔更新或修改這些陳述的任何義務，除非法律要求。

Following our prepared remarks, Mike and Kevin will take your questions. (Operator Instructions) I will now turn the call over to Rick.

在我們準備好的發言之後，邁克和凱文將回答您的問題。 （操作員說明）我現在將把電話轉給 Rick。

Thank you, Randy. Good morning, everyone. Mike and I and our new Board have been together for just over one quarter now. As planned and expected, change is underway, and we are moving at a fast pace. We are entirely focused on taking the right steps to transform this organization for the long term through growing and improving Family Dollar and Dollar Tree. We are 90 days further down the road from our last earnings call, and the opportunity and action steps needed continue to become more clear.

謝謝你，蘭迪。大家，早安。邁克和我以及我們的新董事會已經合作了一個多季度。正如計劃和預期的那樣，變革正在進行中，我們正在快速前進。我們完全專注於採取正確的步驟，通過發展和改進 Family Dollar 和 Dollar Tree 來長期改造這個組織。距離我們上次的財報電話會議還有 90 天的時間，需要的機會和行動步驟繼續變得更加清晰。

Our main priorities are our associates, the distribution network and supply chain, Family Dollar's pricing and the value proposition in both segments, store standards and technology. Additionally, and Mike will go into more detail, we have a great deal of work underway to improve the company's culture, designed to build an environment of accountability, empowerment, courageous leadership, transparency and fostering two-way dialogue.

我們的主要優先事項是我們的員工、分銷網絡和供應鏈、Family Dollar 的定價以及這兩個領域的價值主張、商店標準和技術。此外，邁克將更詳細地介紹，我們正在進行大量工作來改善公司文化，旨在建立一個問責制、授權、勇敢的領導、透明度和促進雙向對話的環境。

And we are orchestrating these changes in one of the most unique and dynamic environments I've experienced in my retail career. Inflation is at its highest in decades as shoppers are experiencing higher costs related to food, fuel, rent and more. Supply chains have been strained and inconsistent. Inventory levels are higher across retail, and consumer shopping patterns continue to zig and zag.

我們正在我的零售職業生涯中經歷過的最獨特、最具活力的環境之一中精心策劃這些變化。由於購物者正在經歷與食品、燃料、租金等相關的更高成本，通貨膨脹達到了幾十年來的最高水平。供應鏈緊張且不一致。零售業的庫存水平較高，消費者購物模式繼續曲折。

Let me be very clear. We are not here to take half measures or to defer high return capital and operating investments in order to manage earnings. We are honed in on taking steps necessary to seize the great opportunity for us and deliver to our shareholders, our associates and our customers the great company they deserve. And by executing on this commitment, we'll deliver the greatest possible risk-adjusted returns to our shareholders. We'll not waver from this strategy.

讓我說得很清楚。我們在這裡不是為了管理收益而採取半途而廢的措施或推遲高回報資本和運營投資。我們精益求精地採取必要措施，為我們抓住這個巨大的機會，為我們的股東、我們的員工和我們的客戶提供他們應得的偉大公司。通過履行這一承諾，我們將為我們的股東提供盡可能大的風險調整回報。我們不會動搖這一策略。

You will hear from Mike and Kevin later in the call about some of the actions we're taking to fix Family Dollar. As you know, our new leadership team is taking shape, and the team is moving to accelerate actions to improve the business. The most notable action is our decision to move forward with price investments that began in July and will carry into the second half intended to close our historical GAAP and pricing to key competitors.

您將在稍後的電話會議中聽到邁克和凱文關於我們為修復家庭美元而採取的一些行動。如您所知，我們新的領導團隊正在形成，團隊正在加快行動以改善業務。最值得注意的行動是我們決定推進從 7 月開始的價格投資，並將持續到下半年，旨在關閉我們的歷史 GAAP 和對主要競爭對手的定價。

We believe this is a necessary action to provide the right value proposition and a foundational step to improve Family Dollar long term and that it will pay off handsomely. There is much more to do to enhance the results of Family Dollar, and you will hear about some positive improvements beginning to be made later in the call. That said, the refreshed team has been together for about a quarter, and we feel very confident in our ability to fix Family Dollar and materially improve its performance long term and in the process, create enormous value.

我們認為，這是提供正確價值主張的必要行動，也是長期改善 Family Dollar 的基礎步驟，並且將獲得豐厚的回報。要提高 Family Dollar 的結果還有很多工作要做，您將在電話會議的後期聽到一些積極的改進。也就是說，更新後的團隊已經在一起大約四分之一，我們對我們修復 Family Dollar 並長期實質性改善其績效並在此過程中創造巨大價值的能力充滿信心。

We are a growth company. We are making change happen to create long-term shareholder value and enable the next waves of profitable growth for Family Dollar and Dollar Tree. On behalf of our Board, I want to thank each of our teams for their efforts on delivering very good results for the second quarter.

我們是一家成長型公司。我們正在做出改變，以創造長期的股東價值，並為 Family Dollar 和 Dollar Tree 帶來下一波盈利增長。我代表我們的董事會，感謝我們每個團隊為在第二季度取得非常好的結果所做的努力。

I'll now turn the call over to Mike.

我現在將把電話轉給邁克。

Thank you, Rick, and good morning, everyone. Thank you for joining us today. We are dialed in today from our Annual Field Leadership Summit. More than 1,000 leaders, including every district manager in the company, have gathered for several days to learn, collaborate and focus on all things Family Dollar and Dollar Tree. This is our first large in-person meeting since 2019. The energy and excitement here makes me and each of us more inspired than ever. We will transform our culture and company, and we will do this together.

謝謝你，瑞克，大家早上好。感謝您今天加入我們。今天，我們從年度現場領導峰會上撥通了電話。包括公司每位區域經理在內的 1,000 多名領導者齊聚一堂，學習、合作並專注於 Family Dollar 和 Dollar Tree 的所有事情。這是我們自 2019 年以來的第一次大型面對面會議。這裡的能量和興奮讓我和我們每個人都比以往任何時候都更有靈感。我們將改變我們的文化和公司，我們將共同做到這一點。

Rick just mentioned that we are moving at a fast pace. The theme of our leadership summit is, in fact, Lead with Speed. I want to publicly thank all of our participants for their commitment, dedication and focus while attending this great event. I'm proud to be part of your team.

里克剛剛提到我們正在快速前進。事實上，我們領導力峰會的主題是“以速度引領”。我要公開感謝我們所有的參與者在參加這一盛會時的承諾、奉獻精神和專注。我很自豪能成為你們團隊的一員。

At these meetings, we typically talk about our company's strategy and share proof points of our collective successes. But this year is different. This year, I'm speaking to our leaders about something no less important than strategy. It's our company's culture. Every retailer has a playbook when it comes to strategy. But what sets the winning companies apart is their culture. Just as Rick mentioned, we are committed to developing a culture of accountability, empowerment, courageous leadership, transparency, and fostering two-way dialogue. We have recognized and acknowledged to ourselves that we have substantial opportunity for improvement in this respect. We have the courage to address this head on, and we would deliver the culture necessary to provide our associates, the customers and the shareholders the greatness they deserve.

在這些會議上，我們通常會談論公司的戰略並分享我們集體成功的證據。但今年不同。今年，我正在與我們的領導人談論一些不亞於戰略的重要問題。這是我們公司的文化。在戰略方面，每個零售商都有一本手冊。但是，使獲勝公司與眾不同的是他們的文化。正如 Rick 所提到的，我們致力於發展一種問責、授權、勇敢的領導、透明度和促進雙向對話的文化。我們已經認識到並承認我們在這方面有很大的改進機會。我們有勇氣直面這一問題，我們將提供必要的文化，為我們的員工、客戶和股東提供他們應得的偉大。

Also at this summit, our field leaders got their first look at the initial holiday buys purchase for the new $1.25 price point. We are all excited by the compelling and relevant assortment sourced by Rick McNeely's Dollar Tree merchant team and are very confident our shoppers will be wowed by these new items and the great values over the upcoming holiday season.

同樣在本次峰會上，我們的現場領導首次了解了以 1.25 美元的新價格點購買的初始假日購買。我們都對 Rick McNeely 的 Dollar Tree 商家團隊提供的引人注目且相關的分類感到興奮，並且非常有信心我們的購物者會在即將到來的假日季節對這些新商品和超值價值感到驚嘆。

We are undergoing a period of change, exciting change, and we have accomplished a great deal and what I'd call the first 100-plus days since our Board was reconstituted. A few months ago, we announced a number of leadership changes. We are actively engaged in recruiting leaders to the organization with the right perspectives, experiences and skill sets to help transform our company. The great opportunity before us has attracted the attention and interest of the strongest leaders in retail. In just a few months, we have already filled several key roles with exceptional talent, including Larry Gatta as Family Dollar's Chief Merchant, John Flanigan as our Head of Enterprise Supply Chain; and Bobby Aflatooni now leads our enterprise IT department.

我們正在經歷一段令人興奮的變革時期，我們已經取得了巨大的成就，我稱之為董事會重組後的前 100 多天。幾個月前，我們宣布了一些領導層變動。我們積極參與為組織招聘具有正確觀點、經驗和技能的領導者，以幫助公司轉型。擺在我們面前的巨大機會吸引了零售業最強大的領導者的關注和興趣。在短短幾個月內，我們已經用傑出的人才填補了幾個關鍵職位，包括拉里·加塔 (Larry Gatta) 擔任 Family Dollar 的首席商人，約翰·弗拉尼根 (John Flanigan) 擔任我們的企業供應鍊主管； Bobby Aflatooni 現在領導我們的企業 IT 部門。

This morning, we announced that Jeff Davis will be joining Dollar Tree as our new CFO. Jeff has many years of experience as a retail CFO and spent nearly a decade in executive leadership roles with one of the largest retailers. And we have carefully reviewed a field of exceptional candidates for our COO and General Counsel executive roles. The teams are gelling, and the new leaders are hitting the ground running. I look forward to sharing upcoming announcements as we round out the executive team for the next waves of growth and transformation for Dollar Tree and the Family Dollar business.

今天早上，我們宣布 Jeff Davis 將加入 Dollar Tree 擔任我們的新首席財務官。 Jeff 擁有多年的零售 CFO 經驗，並在最大的零售商之一擔任了近十年的行政領導職務。我們已經仔細審查了我們的首席運營官和總法律顧問執行職位的優秀候選人。團隊正在凝聚，新的領導者正在起步。我期待著分享即將發布的公告，因為我們完善了執行團隊，以迎接 Dollar Tree 和 Family Dollar 業務的下一波增長和轉型。

In light of the substantial leadership changes, I felt that we could deliver a more useful and productive event if we will defer our Investor Day from October until the spring of 2023. We will share more details on the event as it takes shape in the months ahead.

鑑於領導層發生了重大變化，我認為如果我們將投資者日從 10 月推遲到 2023 年春季，我們可以舉辦更有用和更有成效的活動。隨著活動在幾個月內形成，我們將分享有關活動的更多細節先。

Our second quarter performance reinforces the relevance of our brands for millions of households as they continue to face cost pressures across the board. The team delivered increases of 6.7% in sales, 14.2% in gross profit, 25.7% in operating profit and 30.1% in EPS while successfully navigating through another quarter of macro uncertainty.

我們第二季度的業績加強了我們品牌與數百萬家庭的相關性，因為他們繼續面臨全面的成本壓力。該團隊的銷售額增長了 6.7%，毛利潤增長了 14.2%，營業利潤增長了 25.7%，每股收益增長了 30.1%，同時成功度過了又一個季度的宏觀不確定性。

Now to Q2 performance by banner. I am pleased with the quarter delivered by Family Dollar team. The positive 2% comp represented an acceleration from Q1 on a 1-, 2- and 3-year stack basis. A 3.3% increase in average ticket more than offset a 1.2% decline in transaction count. Same-store sales were relatively balanced throughout the quarter as monthly comps range from a positive 1.5 to a positive 2.5.

現在到第二季度的表現。我對 Family Dollar 團隊交付的季度感到滿意。正的 2% 補償代表了從第一季度開始的 1 年、2 年和 3 年堆棧的加速。平均票價增長 3.3% 抵消了交易數量下降 1.2% 的影響。整個季度的同店銷售額相對平衡，因為月銷售額從正 1.5 到正 2.5 不等。

Despite supply chain challenges and OTC-related categories, the consumables comp increased 4% for the quarter. Discretionary comps declined 4.1% as shoppers continued to manage through this inflationary environment. Compared to the prior year's quarter, we saw 150 basis point swing in product mix from discretionary to consumables. In Q2, consumables represented 77.3% of Family Dollar sales compared to 75.8% in Q2 of 2021.

儘管存在供應鏈挑戰和與 OTC 相關的類別，但本季度的消耗品收入增長了 4%。由於購物者繼續在這種通貨膨脹環境中進行管理，可自由支配的收入下降了 4.1%。與去年同期相比，我們看到產品組合從非必需品到消耗品波動了 150 個基點。在第二季度，消耗品佔 Family Dollar 銷售額的 77.3%，而 2021 年第二季度為 75.8%。

The turnaround of Family Dollar is an enormous value creation lever, and it is getting a great deal of focus and attention. Components of the transformation include, as Rick mentioned, a focus on our people, the DC network and supply chain, pricing and the value proposition as well as our technology. Additional factors include enhancing our culture, elevating store standards, developing our private brands, improving category adjacencies, enhancing the product mix, optimizing vendor partnerships and much more. We are pushing forward on each one of these fronts.

Family Dollar 的翻身是一個巨大的價值創造槓桿，它得到了極大的關注和關注。正如 Rick 所說，轉型的組成部分包括關注我們的員工、DC 網絡和供應鏈、定價和價值主張以及我們的技術。其他因素包括增強我們的文化、提升商店標準、發展我們的自有品牌、改善品類鄰接、增強產品組合、優化供應商合作夥伴關係等等。我們在每一個方面都在推進。

We are still early in this journey, but I am enthusiastic about the progress we have made just in the last few months. I want to call out, in particular, the important initiative we have taken on our pricing at Family Dollar. With the recent price investments, we believe Family Dollar is now in a better competitive position on price than it has been for over a decade. We will continue to refine the Family Dollar value proposition to drive store traffic and productivity, and we will fully expect to see great benefits from these and other actions over time.

我們仍處於這一旅程的早期階段，但我對我們在過去幾個月中取得的進展充滿熱情。我想特別指出我們在 Family Dollar 定價方面採取的重要舉措。通過最近的價格投資，我們相信 Family Dollar 現在在價格上的競爭地位比十多年來更具競爭力。我們將繼續完善 Family Dollar 的價值主張，以推動商店客流量和生產力，我們完全期望隨著時間的推移從這些和其他行動中看到巨大的好處。

During the quarter for Family Dollar, we opened 95 new stores, renovated 257 stores and relocated 24 stores. We ended the quarter with more than 540 Combo Stores, which continue to resonate with the shoppers while driving more productivity and more profitability.

在 Family Dollar 的季度，我們新開了 95 家店，翻新了 257 家店，搬遷了 24 家店。我們在本季度結束時擁有超過 540 家 Combo Store，它們繼續引起購物者的共鳴，同時提高生產力和盈利能力。

Moving now to the Dollar Tree segment. The Dollar Tree banner delivered another strong quarter. Among the highlights, a 7.5% comp; a 37.4% gross margin, 500 basis points above the prior year's quarter; and a 15.4% operating margin, more than 500 basis points over Q2 of last year. The 7.5% comp sales increase was driven by a 14.2% increase in average ticket partially offset by a traffic decline of 5.8%.

現在轉到美元樹部分。 Dollar Tree 橫幅又帶來了一個強勁的季度。在亮點中，7.5％的補償；毛利率為 37.4%，比上年同期高出 500 個基點；營業利潤率為 15.4%，比去年第二季度高出 500 多個基點。 7.5% 的綜合銷售額增長是由 14.2% 的平均票價增長推動的，部分被 5.8% 的客流量下降所抵消。

Importantly, the consumable business at Dollar Tree was strong. Consumables, which represented 46.8% of the mix in Q2, comped at 7.9%, while discretionary increased 6.7%. The last time the consumable comp exceeded discretionary was at the onset of the pandemic in Q1 of 2020. This demonstrates the success we are seeing in key traffic-driving categories where our merchants have been active in enhancing value, such as carbonated beverage, snacks and cookies and food. As a reminder, our reassortment consumables has been more immediate than the discretionary merchandise given the purchasing cycle, and our sales performance demonstrates that shoppers are reacting favorably to refine the value proposition.

重要的是，Dollar Tree 的消耗品業務強勁。消耗品佔第二季度組合的 46.8%，佔 7.9%，而非必需品增長了 6.7%。消耗品上一次超過可自由支配是在 2020 年第一季度大流行開始時。這表明我們在關鍵交通驅動類別中看到了成功，我們的商家一直在積極提升價值，例如碳酸飲料、零食和餅乾和食物。提醒一下，考慮到購買週期，我們的重新分類消耗品比可自由支配的商品更直接，而且我們的銷售業績表明購物者對完善價值主張的反應良好。

Renewed consumables momentum is a good indicator for our continued long-term health of the Dollar Tree banner. The discretionary side of the business was strong despite the negative impact of the limited global supply of helium, which hindered sales of balloon products and the party-related merchandise. Regarding cadence, similar to Family Dollar, comps were relatively balanced throughout the quarter with each month's comping increasing between 6.5% and 8.5%.

更新的消耗品勢頭是我們美元樹橫幅持續長期健康的一個很好的指標。儘管全球氦氣供應有限的負面影響阻礙了氣球產品和派對相關商品的銷售，但該業務的可自由支配方面仍然強勁。關於節奏，類似於家庭美元，整個季度的補償相對平衡，每個月的補償在 6.5% 和 8.5% 之間增加。

During the quarter for Dollar Tree, we opened 32 new stores and relocated 5 stores, and we added multi-price assortment to another 697 stores, bringing the total to 2,170 stores as we head into the back half of 2022 and the important holiday season. I would like to speak to what we are seeing in the business as consumers continue to be burdened by levels of inflation not experienced in decades.

在 Dollar Tree 的季度中，我們開設了 32 家新店並搬遷了 5 家門店，並且我們在另外 697 家門店中增加了多價分類，隨著我們進入 2022 年下半年和重要的假日季節，門店總數達到 2,170 家。我想談談我們在業務中看到的情況，因為消費者繼續承受著幾十年來未經歷過的通貨膨脹水平。

Overall, sales performance remains in line with our expectations. And in fact, we have modestly increased expectations for Family Dollar for the back half. There are signs of trade down to our stores, and we are focused on the value proposition for both banners in this environment. Like many retailers, we are seeing a shift in consumable preferences as many shoppers are gravitating to needs-based consumables, which is impacting our margin through product mix.

總體而言，銷售業績仍符合我們的預期。事實上，我們已經適度提高了對後半部分家庭美元的預期。我們的商店有下降的跡象，我們專注於在這種環境下這兩個橫幅的價值主張。與許多零售商一樣，我們看到消耗品偏好發生了轉變，因為許多購物者都傾向於基於需求的消耗品，這正在通過產品組合影響我們的利潤。

Our suppliers are being hit with -- by inflation as well. This, along with our commitments to competitive pricing and the value proposition, is expected to negatively impact our gross margins in the near term. Over time, we believe our business should be able to protect its merchandising margin from inflation effects. And regarding supply chains, from a sourcing perspective, a year ago, we had a backlog of thousands of containers we were working to get through the transpacific shipping lanes. This year, we have a small, manageable backlog.

我們的供應商也受到了通貨膨脹的打擊。這一點，連同我們對具有競爭力的定價和價值主張的承諾，預計將在短期內對我們的毛利率產生負面影響。隨著時間的推移，我們相信我們的業務應該能夠保護其商品利潤率免受通脹影響。關於供應鏈，從採購的角度來看，一年前，我們積壓了數千個集裝箱，我們正在努力通過跨太平洋航線。今年，我們有少量的、可管理的積壓工作。

Kevin will go into more detail regarding our updated outlook for the back half of the year. Our outlook will be reduced with most of the guidance reduction related to the Family Dollar as we take action to improve that banner. Of the total, more than half of our guidance reduction is due to pricing actions taken at Family Dollar. The remainder is due to mix shift differences and inflationary cost increases on consumables at both banners. None of this dampens my enthusiasm for our long-term prospects.

凱文將詳細介紹我們對下半年的最新展望。隨著我們採取行動改善該橫幅，我們的前景將隨著與家庭美元相關的大部分指導減少而降低。在總數中，我們一半以上的指導減少是由於在 Family Dollar 採取的定價行動。其餘是由於混合班次差異和兩個橫幅的消耗品通脹成本增加。這些都不會削弱我對我們長期前景的熱情。

I'll now hand the call over to Kevin to provide more color on Q2 and our updated outlook.

我現在將電話交給凱文，以提供更多關於第二季度的信息和我們更新的展望。

Thanks, Mike, and good morning. For the quarter, consolidated net sales increased 6.7% to $6.77 billion, comprised of $3.57 billion at Dollar Tree and $3.19 billion at Family Dollar. Enterprise same-store sales increased 4.9%. Comps for the Dollar Tree segment increased 7.5%, and Family Dollar same-store sales increased 2%. At both banners, the increase in average ticket more than offset the decline in transaction count as shoppers continue to consolidate trips as gas prices are significantly higher than a year ago. Gross profit improved 14.2% to $2.12 billion for the quarter. Gross margin was 31.4% compared to 29.4% in the prior year's quarter.

謝謝，邁克，早上好。本季度，合併淨銷售額增長 6.7% 至 67.7 億美元，其中 Dollar Tree 為 35.7 億美元，Family Dollar 為 31.9 億美元。企業同店銷售額增長4.9%。 Dollar Tree 部門的銷售額增長了 7.5%，Family Dollar 同店銷售額增長了 2%。在這兩個橫幅上，平均票價的增加抵消了交易數量的下降，因為由於汽油價格明顯高於一年前，購物者繼續整合旅行。本季度毛利潤增長 14.2% 至 21.2 億美元。毛利率為 31.4%，而去年同期為 29.4%。

Gross profit margin for the Dollar Tree segment increased 500 basis points to 37.4% compared to 32.4% for the same period last year as a result of the net of the following. Merchandise costs, including freight, decreased 455 basis points primarily due to higher initial mark-on, partially offset by higher freight costs and increased sales of lower-margin consumable merchandise. Occupancy costs decreased 50 basis points from leverage on the comp sales increase. Distribution costs decreased 20 basis points from leverage and higher capitalized amounts due to increases in inventory levels partially offset by higher hourly wages and higher DC maintenance and compliance costs. And shrink increased 20 basis points primarily from more favorable results in relation to accruals in the prior year quarter.

Dollar Tree 部門的毛利率從去年同期的 32.4% 增加 500 個基點至 37.4%，這是由於以下因素的淨值。包括運費在內的商品成本下降了 455 個基點，這主要是由於較高的初始加價，部分被較高的運費成本和低利潤消費品銷售的增加所抵消。佔用成本從補償銷售增長的槓桿作用中降低了 50 個基點。由於庫存水平的增加，分銷成本從槓桿和更高的資本化金額下降了 20 個基點，部分被更高的小時工資和更高的 DC 維護和合規成本所抵消。收縮增加了 20 個基點，主要是由於與上一季度的應計收益相關的更有利的結果。

Gross profit margin for the Family Dollar segment decreased 140 basis points to 24.7% compared to 26.1% for the same period last year. The factors include markdown costs increased 80 basis points due to higher promotional and price action markdowns. Shrink increased 45 basis points primarily from more favorable results in relation to accruals in the prior year quarter. And merchandise costs, including freight, increased 15 basis points, primarily due to higher freight costs and higher sales of lower-margin consumable merchandise, partially offset by higher initial mark-on.

Family Dollar 業務的毛利率從去年同期的 26.1% 下降 140 個基點至 24.7%。這些因素包括由於更高的促銷和價格行動降價，降價成本增加了 80 個基點。收縮增加了 45 個基點，主要是由於與上一季度的應計收益相關的更有利的結果。包括運費在內的商品成本增加了 15 個基點，主要是由於運費上漲和利潤率較低的消費品銷售增加，部分被較高的初始加價抵消。

Similar to Q1, consolidated selling, general and administrative expenses as a percentage of total revenue increased 100 basis points. The SG&A rate for the quarter was 24% compared to 23% in Q2 last year with Dollar Tree favorable to prior year, more than offset by Family Dollar and slightly higher corporate costs. For the second quarter, the SG&A rate for the Dollar Tree segment improved 30 basis points to 22% when compared to the prior year's quarter.

與第一季度類似，綜合銷售、一般和管理費用佔總收入的百分比增加了 100 個基點。本季度的 SG&A 率為 24%，而去年第二季度為 23%，Dollar Tree 優於去年，被 Family Dollar 和略高的企業成本所抵消。第二季度，與去年同期相比，美元樹部門的 SG&A 率提高了 30 個基點至 22%。

Payroll costs improved 90 basis points from leverage on the 7.5% comp and favorable development of workers' comp claims, partially offset by the annualization of minimum wage increases and investments in store payroll; other SG&A, which increased approximately 40 basis points, resulting from unfavorable development of general liability insurance claims; and inflationary pressure across several expense categories. Facilities costs increased 10 basis points primarily from higher utility and repairs and maintenance as we focus on improving store conditions. For the Family Dollar segment, the second quarter SG&A rate increased 200 basis points to 23% compared to 21% in the prior year's quarter.

工資成本從 7.5% 補償的槓桿和工人補償索賠的有利發展中提高了 90 個基點，部分被最低工資增長的年度化和商店工資單的投資所抵消；由於一般責任保險索賠的不利發展，其他 SG&A 增加了約 40 個基點；以及多個費用類別的通脹壓力。由於我們專注於改善商店條件，設施成本增加了 10 個基點，主要是由於更高的公用事業和維修和維護。對於家庭美元部分，第二季度的 SG&A 利率從去年同期的 21% 增加了 200 個基點至 23%。

Payroll expenses increased 70 basis points, primarily due to hourly wages and investment in store payroll and an increase in workers' compensation expense due to favorable accrual adjustments in the prior year, partially offset by lower incentive compensation expenses. Store facility costs increased 50 basis points, primarily from higher utility costs and an increase in repairs and maintenance expense as we focus on improved store conditions for our customers and associates. Other SG&A expenses increased 45 basis points due to higher legal fees, debit and credit card transaction fees, store supply expense and inflationary pressure across several expense categories.

工資支出增加了 70 個基點，主要是由於小時工資和對商店工資的投資，以及由於上一年有利的應計調整導致工人補償費用增加，部分被較低的激勵補償費用所抵消。商店設施成本增加了 50 個基點，主要是由於公用事業成本增加以及維修和維護費用增加，因為我們專注於為我們的客戶和員工改善商店條件。由於較高的法律費用、借記卡和信用卡交易費用、商店供應費用以及多個費用類別的通脹壓力，其他 SG&A 費用增加了 45 個基點。

Depreciation and amortization increased 30 basis points related to elevated capital expenditures for store renovations and improvements. Corporate support and other expense as a percentage of total revenue was 1.5% compared to the prior year quarter of 1.3%. The higher costs primarily consist of increased stock compensation costs.

由於商店裝修和改善的資本支出增加，折舊和攤銷增加了 30 個基點。企業支持和其他費用佔總收入的百分比為 1.5%，而去年同期為 1.3%。較高的成本主要包括增加的股票補償成本。

Operating income improved 25.7% to $505.4 million or 7.5% of total revenue in the second quarter, an improvement of 120 basis points compared to a year ago. Nonoperating expenses totaled $30.7 million, comprised primarily of net interest expense. The effective tax rate was 24.2% compared to 23.5% in the prior year's quarter, resulting from higher state tax rates and lower work opportunity tax credits as a percentage of pretax income in the current year's quarter.

第二季度營業收入增長 25.7% 至 5.054 億美元，佔總收入的 7.5%，與一年前相比提高了 120 個基點。營業外支出總計 3070 萬美元，主要包括淨利息支出。與去年同期的 23.5% 相比，有效稅率為 24.2%，這是由於本季度較高的州稅率和較低的工作機會稅收抵免佔稅前收入的百分比。

Net income for the quarter improved 27.4% to $359.9 million or $1.60 per diluted share. This compares to net earnings of $282.4 million or $1.23 per diluted share in the prior year's quarter.

本季度淨收入增長 27.4% 至 3.599 億美元或攤薄後每股收益 1.60 美元。相比之下，上一季度的淨收益為 2.824 億美元或每股攤薄收益 1.23 美元。

Looking at the balance sheet. Combined cash and cash equivalents at quarter end totaled $689 million compared to $985 million at the end of fiscal 2021. Outstanding debt as of July 30 was $3.45 billion. The company repurchased approximately 1.66 million shares at an average price of $141.67 in Q2 or $235.8 million under the share repurchase authorization.

看著資產負債表。季度末現金和現金等價物合計為 6.89 億美元，而 2021 財年末為 9.85 億美元。截至 7 月 30 日的未償債務為 34.5 億美元。該公司在第二季度以平均價格 141.67 美元或根據股票回購授權的 2.358 億美元回購了約 166 萬股股票。

Compared to last year, inventory levels at Dollar Tree are up 59.7% in dollars due to increased capitalized freight and distribution costs, additional multi-price Plus inventory and a significant increase in import inventory in transit compared to the prior year. Total units per store are up approximately 20% to prepandemic Q2 2019 levels but are expected to normalize as we go through the back half of the year. The inventory is fresh and basic in nature and does not represent a significant markdown risk.

與去年相比，Dollar Tree 的庫存水平以美元計增長 59.7%，原因是資本化貨運和分銷成本增加、多價 Plus 庫存增加以及在途進口庫存與去年相比顯著增加。與 2019 年第二季度大流行前的水平相比，每家商店的總單位數量增加了約 20%，但隨著我們進入下半年，預計將正常化。庫存是新鮮的和基本的，不代表重大的降價風險。

Inventory levels at Family Dollar increased 35.7% compared to Q2 last year due to increased capitalized freight and distribution costs and an increase in the average unit cost. Total units per store are below prepandemic Q2 2019 levels. Capital expenditures were $276.2 million in the second quarter versus $229.1 million in Q2 of last year. For fiscal 2022, we currently expect that consolidated capital expenditures will be approximately $1.4 billion.

由於資本化貨運和分銷成本增加以及平均單位成本增加，Family Dollar 的庫存水平與去年第二季度相比增加了 35.7%。每家商店的總單位數低於 2019 年第二季度大流行前的水平。第二季度的資本支出為 2.762 億美元，而去年第二季度為 2.291 億美元。對於 2022 財年，我們目前預計合併資本支出約為 14 億美元。

Depreciation and amortization totaled $193.5 million for Q2 compared to $176.1 million in the second quarter of last year. For fiscal 2022, we expect consolidated depreciation and amortization to be approximately $770 million.

第二季度折舊和攤銷總額為 1.935 億美元，而去年第二季度為 1.761 億美元。對於 2022 財年，我們預計綜合折舊和攤銷約為 7.7 億美元。

As we look to the back half of 2022, we see the following affecting our business. As Mike mentioned, we are accelerating price investments in our Family Dollar business. These investments are designed to improve the value proposition for our shoppers and to drive traffic and store productivity. This investment has a near-term impact on profit, but we expect it to accrue long-term benefit. We have seen consumer purchasing shift based on economic conditions to a more consumable-based basket at both banners, which will negatively impact our expected mix and product margin.

當我們展望 2022 年下半年時，我們看到以下影響我們的業務。正如邁克所說，我們正在加快對家庭美元業務的價格投資。這些投資旨在改善我們購物者的價值主張，並推動客流量和商店生產力。這項投資對利潤有短期影響，但我們預計它會產生長期利益。我們已經看到，基於經濟狀況的消費者購買轉變為基於消費品的購物籃，這將對我們的預期組合和產品利潤率產生負面影響。

Dollar Tree's sales continue to be negatively affected by the global helium shortage. This directly affects balloon sales, but also has a halo effect on the entire party department. In general, stores with helium are comping positive in the party category, while those without helium are running negative comps. The delta is a 10%-plus comp differential in one of our largest high-margin discretionary categories.

Dollar Tree 的銷售繼續受到全球氦氣短缺的負面影響。這直接影響了氣球的銷量，同時也對整個黨部產生了光環效應。一般來說，有氦氣的商店在派對類別中是正面的，而沒有氦氣的商店是負面的。在我們最大的高利潤率可自由支配類別之一中，增量是 10% 以上的補償差異。

Our over-the-counter categories are being negatively affected by our supply chain challenges. This is creating a higher level of out of stocks in this category. We plan to continue to increase our investment in payroll in our stores in the back half. The labor market remains dynamic, and we are proactively addressing select markets to attract and retain associates. We are making investments in our stores and distribution centers through repairs and maintenance as well as compliance programs to ensure a great shopping and working environment.

我們的非處方藥類別正受到供應鏈挑戰的負面影響。這在該類別中造成了更高水平的缺貨。我們計劃在下半年繼續增加對我們商店工資單的投資。勞動力市場仍然充滿活力，我們正在積極應對特定市場以吸引和留住員工。我們通過維修和維護以及合規計劃對我們的商店和配送中心進行投資，以確保良好的購物和工作環境。

Based on these factors, diluted earnings per share for the full year is now expected to range from $7.10 to $7.40. This represents a $0.75 per share adjustment to the prior outlook based on the midpoint and is comprised of the following components. Roughly 60% of the change relates to the price investments at Family Dollar. An estimated 20% of the change relates to the margin impact of the mix shift towards needs-based consumables, projected to be a 300 basis point shift at Family Dollar and a 150 basis point shift at Dollar Tree in the back half. Again, the majority of this impact is expected to be on the Family Dollar side of the business.

基於這些因素，現在預計全年每股攤薄收益在 7.10 美元至 7.40 美元之間。這表示基於中點對先前前景的每股調整 0.75 美元，由以下部分組成。大約 60% 的變化與 Family Dollar 的價格投資有關。估計 20% 的變化與混合轉向基於需求的消耗品的利潤率影響有關，預計後半部分 Family Dollar 將發生 300 個基點的變化，而 Dollar Tree 將發生 150 個基點的變化。同樣，預計這種影響的大部分將發生在業務的家庭美元方面。

We are experiencing some degree of inflationary-related product cost increases, especially in lower-margin consumables, primarily at Dollar Tree, contributing to approximately 15% of the guide adjustment. As we have for decades, we have the ability to alter or reassort product based on cost changes, but this can take a few quarters, hence the near-term profit impact. And a small component of the guide adjustment relates to other items, including our commitment to improve store conditions.

我們正在經歷一定程度的與通脹相關的產品成本增加，尤其是在較低利潤的消耗品中，主要是在 Dollar Tree，約佔指導調整的 15%。正如我們幾十年來所做的那樣，我們有能力根據成本變化來改變或重新組合產品，但這可能需要幾個季度，因此會對短期利潤產生影響。指南調整的一小部分與其他項目有關，包括我們對改善商店條件的承諾。

As a result of the aforementioned factors, most notably our accelerated price investment, we are expecting Family Dollar to be approximately breakeven from a segment operating margin perspective in the second half, down from its first half margin of approximately 2%. Consolidated net sales for the year are now expected to range from $27.85 billion to $28.10 billion with slightly higher comps offset by slightly reduced square footage growth relative to prior guidance. We expect to deliver a mid-single-digit comparable store sales increase for the year comprised of a high single-digit increase in the Dollar Tree segment and a positive increase in the Family Dollar segment.

由於上述因素，尤其是我們加速的價格投資，我們預計 Family Dollar 將在下半年從分部營業利潤率的角度大致實現盈虧平衡，低於上半年約 2% 的利潤率。現在預計今年的合併淨銷售額在 278.5 億美元至 281.0 億美元之間，相對於之前的指導，建築面積增長略有下降，抵消了略高的補償。我們預計今年可比商店銷售額將實現中個位數增長，其中包括美元樹部門的高個位數增長和家庭美元部門的正增長。

Selling square footage is expected to grow by approximately 3.5%, down slightly from prior guidance due to the supply chain delays related to procuring equipment and fixtures for store openings. For Q3, we estimate consolidated net sales will range from $6.75 billion to $6.87 billion based on a mid-single-digit increase in same-store sales for the enterprise. Diluted earnings per share for the quarter is expected to be in the range of $1.05 to $1.20 per share.

由於與採購設備和商店開業固定裝置相關的供應鏈延遲，預計銷售面積將增長約 3.5%，略低於先前的指導。對於第三季度，基於企業同店銷售額的中個位數增長，我們估計綜合淨銷售額將在 67.5 億美元至 68.7 億美元之間。本季度每股攤薄收益預計在每股 1.05 美元至 1.20 美元之間。

Other considerations for our updated 2022 outlook include the following. Net interest expense is expected to be approximately $31 million in Q3 and $125 million for the year. Our outlook assumes a tax rate of 23.6% for the third quarter and 23.8% for fiscal 2022. Weighted average diluted share counts are assumed to be 224.8 million shares for Q3 and 225.4 million shares for the full year. Our outlook does not include any share repurchases. As of July 30, we had $2.25 billion remaining in our existing share repurchase authorization.

我們更新的 2022 年展望的其他考慮因素包括以下內容。第三季度的淨利息支出預計約為 3100 萬美元，全年約為 1.25 億美元。我們的展望假設第三季度和 2022 財年的稅率分別為 23.6% 和 23.8%。加權平均稀釋後股票數量假設為第三季度的 2.248 億股和全年的 2.254 億股。我們的展望不包括任何股票回購。截至 7 月 30 日，我們現有的股票回購授權中剩餘 22.5 億美元。

And I'll now turn the call back over to Mike.

現在我將把電話轉回給邁克。

Thanks, Kevin. As we continue to navigate through this dynamic and somewhat uncertain environment, we are excited about the continued progress at Dollar Tree and the material positive changes beginning to be made at Family Dollar. At Dollar Tree, as it relates to our multi-price offering, the team is continuing to refine the $3 and $5 assortment and testing various concepts to enhance the program and build on the very positive long-term impact from our multi-price offering.

謝謝，凱文。隨著我們繼續在這個充滿活力且有些不確定的環境中導航，我們對 Dollar Tree 的持續進步以及 Family Dollar 開始做出的重大積極變化感到興奮。在 Dollar Tree，由於它與我們的多價產品相關，團隊正在繼續完善 3 美元和 5 美元的分類並測試各種概念，以增強該計劃，並在我們的多價產品的非常積極的長期影響的基礎上再接再厲。

For example, test of multi-price frozen foods are driving exceptional sales productivity as the new offering is delivering tremendous value and meeting family portion needs such as frozen meals, pizza and ice cream. At Family Dollar, our Combo Store initiative continues to drive improved store performance at very attractive levels, in line with previous commentary. In fact, we are now exploring various sizes and formats in other markets beyond our rural target locations, pursued in our first iteration of the concept.

例如，對多價冷凍食品的測試推動了卓越的銷售效率，因為新產品提供了巨大的價值並滿足了冷凍食品、比薩餅和冰淇淋等家庭部分的需求。在 Family Dollar，我們的 Combo Store 計劃繼續以非常有吸引力的水平推動商店業績的改善，這與之前的評論一致。事實上，我們現在正在探索農村目標地區以外的其他市場的各種尺寸和形式，這是我們在概念的第一次迭代中所追求的。

Some of the initiatives to improve the business will take more time to produce an impact, notably in the supply chain and technology. That said, at Family Dollar, the work being done by Larry Gatta's merchandising and marketing teams has been remarkable and is beginning to be actioned upon more urgently. In fact, we have made a number of enhancements to our H2 strategic store format. We refer to the new version as H2.5. Among the changes made to improve store productivity, customer satisfaction and to better support our store associates through efficiencies include: adding a linear footage, developing seasonal assortments as a focal point, utilizing deeper shelving on key consumable categories to enhance store efficiencies and improve in-stocks, expanding the direct-to-store delivery offering, enhancing space dedicated to snacks and increasing the beverage offering and optimizing the frozen food assortments.

一些改善業務的舉措將需要更多時間才能產生影響，尤其是在供應鍊和技術方面。也就是說，在 Family Dollar，拉里·加塔 (Larry Gatta) 的營銷和營銷團隊所做的工作非常出色，並且開始採取更加緊迫的行動。事實上，我們已經對我們的 H2 戰略商店格式進行了許多改進。我們將新版本稱為 H2.5。為提高商店生產力、客戶滿意度和通過效率更好地支持我們的商店員工所做的更改包括：添加線性鏡頭、開發季節性分類作為焦點、利用關鍵消耗品類別的更深貨架來提高商店效率並改善-庫存，擴大直接到店送貨服務，擴大零食專用空間，增加飲料供應並優化冷凍食品分類。

At our Leadership Summit, the merchandising team shared the field leaders a wide array of consumables and discretionary merchandising initiatives to drive traffic and sales at Family Dollar. Our marketing teams are currently focused on 4 key initiatives: refreshing Family Dollar's brand positioning, evolving to a more productive ad program, relaunching our Smart Coupon program and expanding our Boys & Girls Clubs of America partnership to be a good partner in the communities that we serve.

在我們的領導力峰會上，銷售團隊與現場領導分享了廣泛的消耗品和可自由支配的銷售計劃，以推動 Family Dollar 的流量和銷售。我們的營銷團隊目前專注於 4 項關鍵舉措：更新 Family Dollar 的品牌定位、發展為更有成效的廣告計劃、重新啟動我們的 Smart Coupon 計劃以及擴大我們的 Boys & Girls Clubs of America 合作夥伴關係，以成為我們所在社區的良好合作夥伴服務。

We believe that these key initiatives are beginning to have an impact, and consumers are increasingly looking to our stores to meet their needs. We believe the time is right to accelerate actions to better serve customers by providing an exceptional value proposition. We will go into more details on these initiatives and broader plans to transform Family Dollar and continue delivering great success at Dollar Tree in the quarters ahead and at our Investor Day in the spring of 2023.

我們相信，這些關鍵舉措開始產生影響，消費者越來越希望我們的商店滿足他們的需求。我們認為，現在是時候加快行動，通過提供卓越的價值主張來更好地為客戶服務了。我們將詳細介紹這些舉措和更廣泛的計劃以改造 Family Dollar，並在未來幾個季度的 Dollar Tree 和 2023 年春季的投資者日繼續取得巨大成功。

And I want to briefly share a few initiatives that Bobby Aflatooni's IT team are focused on to provide better support for our stores. These include: improving DC and store in-stock service levels through refinement of our demand forecasting, allocation and replenishment systems for both banners; improving customer satisfaction and driving through enhanced ability to support more complex promotional offers, such as buy a product A and get a discount on the product B; supporting field leadership and store efficiencies with improved labor systems; and enhancing our enterprise-wide data integration platforms.

我想簡要分享一下 Bobby Aflatooni 的 IT 團隊專注於為我們的商店提供更好支持的一些舉措。其中包括：通過改進我們對兩個橫幅的需求預測、分配和補貨系統來提高配送中心和商店的庫存服務水平；提高客戶滿意度並通過增強支持更複雜促銷優惠的能力來推動，例如購買產品 A 並獲得產品 B 的折扣；通過改進的勞動力系統支持現場領導和商店效率；並增強我們的企業級數據集成平台。

Before we go into Q&A, as I had previously announced, Kevin will be transitioning out of his role as Dollar Tree's CFO. Kevin has been instrumental in the company's growth and success since joining the organization in 2008. During Kevin's tenure, Dollar Tree has grown from 3,600 stores to more than 16,200 stores, from annual sales of $4.6 billion to more than $26 billion and from annual operating profits of $365 million to more than $1.8 billion. When Kevin joined Dollar Tree in December 2008, shares were trading at a split adjusted price of just $13 or $14 per share. I would like to publicly thank Kevin for his commitment, stewardship and significant contributions to Dollar Tree and its stakeholders over the last 14 years.

在我們進行問答之前，正如我之前宣布的那樣，Kevin 將不再擔任 Dollar Tree 的首席財務官。自 2008 年加入該組織以來，Kevin 一直為公司的成長和成功發揮了重要作用。在 Kevin 任職期間，Dollar Tree 的門店從 3,600 家增長到 16,200 多家，年銷售額從 46 億美元增長到超過 260 億美元，年營業利潤從從 3.65 億美元到超過 18 億美元。當凱文於 2008 年 12 月加入美元樹時，股票的交易價格為每股 13 美元或 14 美元。我要公開感謝 Kevin 在過去 14 年中對 Dollar Tree 及其利益相關者的承諾、管理和重大貢獻。

Operator, we are now ready to take questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) We'll take our first question from Chuck Grom with Gordon Haskett.

（操作員說明）我們將回答 Chuck Grom 和 Gordon Haskett 的第一個問題。

Rick, I'm curious, since you joined the company 90 days ago, what have been the biggest surprises for you, both positive and negative? And when you talk about steps to improve the store standards at Family Dollar and the DC network across both banners, can you elaborate a little bit more for us? And do you see any offsets in the P&L to help fund those actions?

瑞克，我很好奇，自從你加入公司 90 天以來，對你來說最大的驚喜是什麼，無論是正面的還是負面的？當您談到提高 Family Dollar 的商店標準和兩個橫幅上的 DC 網絡的步驟時，您能否為我們詳細說明一下？您是否看到損益表中有任何抵消來幫助為這些行動提供資金？

Yes, I'll start here and then turn it over to Michael. The positive, I have to tell you, the enthusiasm within the organization, and its willingness to embrace change. The interesting thing has been, there's not a lot of things we're talking about that people, Chuck, aren't shaking their head, yes, let's go get it done. So that, to me, is the foundation of this. And the company has made a major commitment to culture enhancement. In fact, we spent our near whole day just talking about how to manage people and how people need to be managed. And we spent a whole day just listening to people to hear what they're dealing with.

是的，我將從這裡開始，然後將其交給邁克爾。積極的一面，我必須告訴你，組織內部的熱情，以及接受變革的意願。有趣的是，我們談論的事情並不多，查克，人們不會搖頭，是的，讓我們去完成它。所以，對我來說，這是它的基礎。公司還對文化提升做出了重大承諾。事實上，我們幾乎一整天都在談論如何管理人以及需要如何管理人。我們花了一整天的時間傾聽人們的聲音，聽聽他們在處理什麼。

Probably on the negative side, the pricing gap was a little bit larger than we thought. And we also believe this is a great time for customer trial, and we want to be right on our pricing. In terms of the supply chain side, we're looking at everything in the supply chain. We are assembling, I think Mike would agree, probably one of the best supply chain teams in the country. We have a lot of distribution centers that need to be updated and modernized. So we're feeling really good on how we're approaching that.

可能不利的一面是，定價差距比我們想像的要大一些。我們也相信這是客戶試用的好時機，我們希望我們的定價是正確的。在供應鏈方面，我們正在關注供應鏈中的所有內容。我們正在組建，我認為邁克會同意，這可能是該國最好的供應鏈團隊之一。我們有很多配送中心需要更新和現代化。所以我們對我們如何接近這一點感覺非常好。

The IT side, information technology, I might classify as a little bit bigger surprise in that there's a lot of basic things that the operators and the merchants need and the supply chain needs. So with that, Mike, I don't know if you want to add anything?

IT方面，信息技術，我可能會歸類為更大的驚喜，因為運營商和商家需要和供應鏈需要的基本東西很多。有了這個，邁克，我不知道你是否想添加任何東西？

No, I think Rick said it right. On the store side, I think the biggest thing is, is we're focusing the entire organization from a culture perspective on doing everything that we can do to make our store associates successful and enabling them to run better, cleaner, fuller stores. And we've -- I said -- I shared in my opening that we're here right now from our summit with -- every district manager in the country is here, and we are all aligned behind driving better store conditions.

不，我認為瑞克說得對。在商店方面，我認為最重要的是，我們從文化角度關注整個組織，盡我們所能讓我們的商店員工取得成功，並使他們能夠經營更好、更清潔、更充實的商店。我們已經 - 我說 - 我在開幕式上分享了我們現在從我們的峰會到這裡 - 這個國家的每個地區經理都在這裡，我們都支持推動更好的商店條件。

And that's going to entail in your question is, yes, we're going to continue to invest, and as Kevin said, into our property management and in everything we need to, to make sure our store conditions are the way -- to our standards for our customers, and we're committed to do that. And more importantly, our associates are enthusiastic, not only about the culture of supporting them and putting them at the center of everything that we do. But then they see the proof points of we're investing in pricing, we're improving our logistics. Larry is improving the merchandising, and they're seeing better assortment, more linear footage where the customers shop.

你的問題是，是的，我們將繼續投資，正如凱文所說，投資於我們的物業管理和我們需要做的一切，以確保我們的商店條件符合我們的要求。為我們的客戶提供標準，我們致力於做到這一點。更重要的是，我們的員工充滿熱情，不僅僅是支持他們並將他們置於我們所做一切的中心的文化。但隨後他們看到了我們正在投資定價的證據，我們正在改善我們的物流。拉里正在改進商品銷售，他們在顧客購物的地方看到了更好的分類、更線性的鏡頭。

And then I think Rick nailed it on the supply chain. We're doing everything we can and turning all the leaves over to drive efficiencies and improvements and really ultimately to supply our stores more efficiently with the product they need and when they need it.

然後我認為 Rick 把它釘在了供應鏈上。我們正在竭盡所能，全力以赴，以提高效率和改進，最終真正更有效地為我們的商店提供他們需要的產品，並在他們需要的時候提供。

And we'll go ahead and move on to our next question from John Heinbockel with Guggenheim Securities.

我們將繼續討論 John Heinbockel 與古根海姆證券公司的下一個問題。

I want to drill into pricing and investments at FD here, right? So how do you think the maturity of the price investments will play out, right? Immediately, it's deflationary, right, to comp until people recognize the benefit then traffic picks up. How does that play out? Is it more challenging in an inflationary environment to change your price perception? And then do you think most of the investments at FDO will be limited to '22, right? Or do you think there's a bunch that -- other than just a wraparound, a bunch that will occur in '23 as well?

我想在這裡深入了解 FD 的定價和投資，對吧？那麼，您認為價格投資的成熟期將如何發揮作用，對吧？立即，它是通貨緊縮的，對，直到人們認識到好處然後流量回升。怎麼玩？在通脹環境下改變您的價格認知是否更具挑戰性？然後你認為 FDO 的大部分投資都將限制在 22 年，對嗎？或者你認為有一堆——不僅僅是一個環繞，一堆也將在 23 年出現？

Yes. Thanks for the question. And like I said earlier, the time is right, right now. And the reason we really looked at it is because we saw new customers shifting our way. In this inflationary environment, we think it's a perfect time to really change the customer's perception and what they're seeing in our stores because we're getting new customers and new eyes in our stores and our existing customers. They're feeling pressured like they never have before.

是的。謝謝你的問題。就像我之前說的，現在是時候了。我們真正關注它的原因是因為我們看到新客戶改變了我們的方式。在這種通貨膨脹的環境中，我們認為現在是真正改變客戶的看法以及他們在我們的商店中看到的東西的最佳時機，因為我們在我們的商店和現有客戶中獲得了新客戶和新的目光。他們感到前所未有的壓力。

And in this inflationary environment, with the customer's wallet stretched, our consumers are relying on our stores to meet their budget goals. And we're seeing good demand trends. So this was really an ideal environment to begin to move more quickly than we previously anticipated to more fully meet the customers' value expectation, close the pricing gaps and win them as customers long term in this inflationary budget. We think the time was right. We -- initially, we talked about it in our outlook, and we were going to do this over time, starting with, of course, our KVIs, the known value items. But then just as we saw the dynamic environment, the pressure on our customers and the inflation, we decided that now is the time to win these customers for the long term and get it right.

在這種通貨膨脹的環境下，客戶的錢包捉襟見肘，我們的消費者依靠我們的商店來實現他們的預算目標。我們看到了良好的需求趨勢。因此，這確實是一個理想的環境，可以比我們之前預期的更快地開始行動，以更充分地滿足客戶的價值期望，縮小價格差距，並在通脹預算中贏得他們作為長期客戶的青睞。我們認為時間是對的。我們 - 最初，我們在展望中談到了它，隨著時間的推移，我們將這樣做，當然，從我們的 KVI 開始，即已知的價值項目。但正如我們看到動態環境、客戶面臨的壓力和通貨膨脹一樣，我們決定現在是長期贏得這些客戶並做好準備的時候了。

And to your question, it's now. It's -- we are -- like I said, we are in the best price position in over 10 years to the competitive market. So we're there. Now it's just managing it from here. And getting right on our promotions. And Larry is going to continue rocking the H2.5 in the assortment. So we're in a great place right now.

對於你的問題，就是現在。這是 - 我們是 - 就像我說的那樣，我們在競爭激烈的市場中處於 10 多年來最優惠的價格位置。所以我們在那裡。現在它只是從這裡管理它。並正確地參加我們的促銷活動。拉里將繼續在產品系列中搖擺 H2.5。所以我們現在處於一個很好的位置。

And we'll go ahead and move on to our next question with Matt Boss from JPMorgan.

我們將繼續與摩根大通的 Matt Boss 討論下一個問題。

So at the Dollar Tree banner, what was the cadence of top line trends during the second quarter? Any color on August or just drivers of confidence in holding high single-digit performance in the back half? And then on Dollar Tree banner gross margin, could you just touch on any puts and takes in the back half of the year to consider and how you're thinking about multiyear gross margin at the Dollar Tree banner?

那麼在美元樹的旗幟下，第二季度頂線趨勢的節奏是什麼？八月有什麼顏色，還是只是對在後半區保持高個位數表現的信心驅動因素？然後在美元樹橫幅毛利率上，您能否談談下半年的任何看跌期權和收益，以及您如何考慮美元樹橫幅的多年毛利率？

Yes. Thanks for the question. And as I shared, it was pretty stable throughout the summer at Dollar Tree on our comp, 6.5% to 8.5%. And remember that -- and Dollar Tree really does well around the seasons. And in the second quarter, the biggest season is graduation. And you heard Kevin say we were really impacted by helium supply in one of our largest categories. That really has a halo effect over party. So largest category, most profitability for Dollar Tree. So that was one of the impacts.

是的。謝謝你的問題。正如我所分享的，整個夏天在我們的組合中，Dollar Tree 的表現相當穩定，從 6.5% 到 8.5%。記住這一點——美元樹在各個季節都做得很好。而在第二季，最大的季節就是畢業了。你聽說凱文說我們確實受到了我們最大類別之一的氦供應的影響。這確實對派對產生了光環效應。所以最大的類別，Dollar Tree 的盈利能力最強。這就是影響之一。

On the good news, the other big season is lawn and garden, and lawn and garden season was one of the top 5 categories. So when we had the product, our customer is responding very, very well. And then the other categories that did well is, as Kevin said and I said, the shift to consumables, and our merchants reassorted and reinvested in the consumable items to drive traffic. The other top 5 categories, again, were beverages, candy, snacks and cookies and food.

好消息是，另一個大季節是草坪和花園，草坪和花園季節是前 5 個類別之一。因此，當我們擁有產品時，我們的客戶反應非常非常好。然後其他表現良好的類別是，正如凱文所說和我所說，轉向消耗品，我們的商家重新分類並重新投資於消耗品以增加流量。其他排名前 5 位的類別同樣是飲料、糖果、零食、餅乾和食品。

So our customers are responding very, very well. And early in -- it's really early into Q3, but we see so far this month trending better than Q2 at Dollar Tree and Family Dollar both. And as you think about the margins in the back, where we're at -- as Kevin shared, our inventory is up. But remember, this time last year, we had thousands of containers at origin, meaning it wasn't even at our system. It wasn't even at the origin yet.

所以我們的客戶反應非常非常好。早在第三季度就已經很早了，但我們看到本月到目前為止，美元樹和家庭美元的趨勢都好於第二季度。當您考慮後面的利潤時，我們所處的位置 - 正如凱文所分享的那樣，我們的庫存增加了。但請記住，去年的這個時候，我們有數千個容器在原點，這意味著它甚至不在我們的系統中。它甚至還沒有到達原點。

So now all that is in our system. We're getting our seasonal on time. And it's also -- remember, our merchants at Dollar Tree bought for the back half at the $1.25. The product is amazing. All of our district managers, regional directors, all of our field associates are here with us right now. And they see the exciting items, and they're thrilled. A, we've got the product when we want it; and B, newly assorted $1.25 will blow the market away, and our customers are going to respond well. And we're very excited about it. Kevin can kind of touch on some of the margin puts and takes in the back half.

所以現在所有這些都在我們的系統中。我們正按時到達我們的季節。它也是 - 請記住，我們在 Dollar Tree 的商人以 1.25 美元的價格購買了後半部分。該產品是驚人的。我們所有的地區經理、區域主管、我們所有的現場員工現在都和我們在一起。他們看到令人興奮的項目，他們很激動。 A，我們有需要的時候得到產品；和 B，新組合的 1.25 美元將震撼市場，我們的客戶會反應良好。我們對此感到非常興奮。凱文可以在後半場觸及一些邊線位置。

Yes. As you look at it, Matt, obviously, as we talked this year, freight, which was a big headwind last year, and to the first half of this year, we said it would still be a headwind as we annualized last year rates, and we've said that into the back half, then it starts to level out. We still see that. Obviously, with -- if diesel continues to move down, that will be helpful as well. But again, I think as you look at the Dollar Tree gross margin rate, I think Q3 will be a little lower than Q2, but then you'll see it pop back a little bit in Q4, which is highly discretionary quarter for us. So that's kind of the trend you'll see.

是的。正如你所看到的，馬特，顯然，正如我們今年所說的那樣，運費，去年是一個很大的逆風，到今年上半年，我們說這仍然是一個逆風，因為我們將去年的費率年化，我們已經說過到後半部分，然後它開始趨於平穩。我們仍然看到這一點。顯然，如果柴油繼續下降，那也會有所幫助。但同樣，我認為當你查看美元樹毛利率時，我認為第三季度會比第二季度略低，但你會看到它在第四季度反彈一點，這對我們來說是高度可自由支配的季度。這就是你會看到的趨勢。

As I think about the multiyear gross margin, as you think about it, again, looking to build traffic, looking to -- as we build the -- again, really changing the stores. We now have 2,000 Dollar Tree Plus stores as we look at, again, continuing to further the assortment of the $1.25 price point. And then would look to see that the freight rates do start to come down and have an effect in next year. So there are some things that will play into that. A little early to really talk specifically. But I think those are kind of the moving pieces as we see them.

當我考慮多年的毛利率時，當你考慮它時，再次尋求建立流量，期待 - 當我們建立 - 再次真正改變商店。我們現在有 2,000 家 Dollar Tree Plus 商店，我們再次查看，繼續進一步擴大 1.25 美元價格點的品種。然後會看到運費確實開始下降並在明年產生影響。所以有些事情會發揮作用。有點早，具體說一下。但我認為這些是我們所看到的動人的部分。

We'll go ahead and move on to the next question from Robby Ohmes with Bank of America.

我們將繼續討論來自美國銀行的 Robby Ohmes 的下一個問題。

I was hoping we could get a little more color. I think you mentioned trade down. And maybe some more discussion about the environment. The transactions were up at Walmart, Target and warehouse clubs. And I was just curious why the transactions are so much stronger versus being down at Family Dollar and Dollar Tree and if we should expect some improvement in the transactions.

我希望我們能得到更多的顏色。我想你提到了貿易下降。也許還有更多關於環境的討論。沃爾瑪、塔吉特和倉儲俱樂部的交易量都在增加。我只是很好奇為什麼交易比在 Family Dollar 和 Dollar Tree 上的下降要強得多，以及我們是否應該期望交易有所改善。

Yes. We expect improvement in our transactions, especially as -- the pricing moves that we've made, the assortment changes that Larry Gatta and the merchants are making and bringing in some new adjacencies and our seasonal product that we have ready. Just a little pressure -- as you said, our customer is pressured like none other. And the good news is, is we're excited. We see third-party data that we do have a lot of new customers coming into both banners over last year. And the majority of them are at a household income of $80,000 or higher. So we feel good about that. We also see a huge shift from cash into credit, which tells us the customer is pressured.

是的。我們預計我們的交易會有所改善，尤其是我們所做的定價變動、Larry Gatta 和商家正在進行的分類變化以及引入一些新的鄰接和我們準備好的季節性產品。只是一點壓力——正如你所說，我們的客戶受到的壓力與其他人一樣。好消息是，我們很興奮。我們看到第三方數據表明，去年我們確實有很多新客戶進入這兩個橫幅。他們中的大多數人的家庭收入為 80,000 美元或更高。所以我們對此感覺很好。我們還看到從現金到信貸的巨大轉變，這告訴我們客戶受到了壓力。

And then inside the store, when they get in there, we've seen in the industry where private brands have outpaced national brands for 24 weeks in a row now, 24 weeks in a row. That hasn't happened in the last 5 years, that private brands has outpaced national brands. And that's the customer trying to stretch their dollar and manage their budget. And Larry and the team are working hard on our private brands, and we're seeing the same change inside of our store.

然後在商店裡面，當他們進入那裡時，我們已經在行業中看到，自有品牌已經連續 24 週超過民族品牌，連續 24 週。這在過去 5 年沒有發生過，自有品牌已經超過了民族品牌。這就是客戶試圖擴大他們的資金並管理他們的預算。 Larry 和他的團隊正在努力打造我們的自有品牌，我們在店內也看到了同樣的變化。

And then they're even making decisions on form and function. We see them moving from liquid to powder detergent. We're seeing them even go without softener -- liquid softener in detergents. They're just choosing not to have softener. And those are the things that our customers are -- and the decisions they're making. And we think right now, with the price investments and the changes that Larry is making and our new assortment at Dollar Tree, we're in a wonderful position to meet their needs in 16,000 stores conveniently located where they don't have to drive far. We'll meet their needs, and we're excited about it going forward.

然後他們甚至在形式和功能上做出決定。我們看到他們從液體洗滌劑轉向粉末洗滌劑。我們看到它們甚至不用柔軟劑——洗滌劑中的液體柔軟劑。他們只是選擇不使用柔軟劑。這些就是我們的客戶所擁有的東西——以及他們正在做出的決定。我們認為，現在，憑藉 Larry 所做的價格投資和改變以及我們在 Dollar Tree 的新品類，我們在 16,000 家便利的商店中滿足他們的需求，他們不必開車很遠.我們將滿足他們的需求，我們對未來的發展感到興奮。

We'll take our next question from Scot Ciccarelli with Truist.

我們將與 Truist 一起回答 Scot Ciccarelli 的下一個問題。

Scot Ciccarelli. So I wanted to revisit the question that I actually asked last quarter. So we know that, in general, retail turnarounds take longer, costs more than what people generally expect. And last quarter, when I asked about that, your comment was that for the investments for '22, it was all embedded in your outlook. So given the change this morning and the fact that you've now had more time to evaluate the improvements that need to be made, do you have a better view of how much more investment may be needed to get Dollar Tree and Family Dollar where you want them from an operational and technological standpoint?

斯科特·西卡雷利。所以我想重新審視我上個季度實際提出的問題。所以我們知道，一般來說，零售周轉時間更長，成本也比人們普遍預期的要高。上個季度，當我問及這個問題時，你的評論是，對於 22 年的投資，這一切都包含在你的前景中。因此，鑑於今天早上的變化以及您現在有更多時間來評估需要進行的改進這一事實，您是否更好地了解可能需要多少投資才能讓 Dollar Tree 和 Family Dollar從操作和技術的角度想要它們？

Yes. And Bobby is -- that's a great question. And our team is forming right now. And I think from an OpEx perspective, we're going to continue to invest in labor where we need to. And there will be payroll investments going forward. For this year, as far as we can see with the dynamic markets going on, it is embedded in our forecast.

是的。 Bobby 是——這是一個很好的問題。我們的團隊正在組建中。我認為從運營支出的角度來看，我們將繼續在需要的地方投資勞動力。未來還會有工資投資。今年，就我們所看到的動態市場而言，它已包含在我們的預測中。

From the IT and supply chain, I think those are the 2 big ones. And what Bobby is looking at right now, the good news is, and I think Rick mentioned it, Bobby knows every one of our systems. And he knows exactly what he needs to do because he's done this before at other retailers, and he's worked with the 2 executives in supply chain and merchandising.

從 IT 和供應鏈來看，我認為這是兩大方面。 Bobby 現在正在看什麼，好消息是，我認為 Rick 提到過，Bobby 了解我們的每一個系統。他確切地知道自己需要做什麼，因為他以前在其他零售商做過這件事，而且他曾與供應鍊和商品銷售部門的 2 位高管一起工作。

So Bobby is working really hard. And I will owe you that number probably up in the spring when we have our Investor Day because that is going to be a longer-term outlook, and the majority of it is going to be in CapEx.

所以鮑比真的很努力。當我們有投資者日時，我可能會在春天欠你這個數字，因為這將是一個長期的前景，其中大部分將是資本支出。

And then the same thing with supply chain. We're looking at what is the best way to deliver to our stores, what's the most efficient way to use our network to deliver our Combo Stores, our Dollar Tree Plus stores and, of course, our traditional Dollar Tree and Family Dollar stores.

供應鏈也是如此。我們正在研究什麼是送貨到我們商店的最佳方式，什麼是使用我們的網絡交付我們的組合商店、我們的 Dollar Tree Plus 商店，當然還有我們傳統的 Dollar Tree 和 Family Dollar 商店的最有效方式。

And John is working on that now and modeling it out, and we'll probably have more information on the spring as the -- as we have more knowledge from the 2 leaders. Our CFO that we just announced is going to be coming on board and will certainly have a say in it and will want to look at it.

約翰現在正在研究它並對其進行建模，我們可能會獲得更多關於春季的信息——因為我們從兩位領導人那裡獲得了更多的知識。我們剛剛宣布的首席財務官將加入，並且肯定會對此有發言權，並且會想看看它。

But those are the 2 big investments. But in our OpEx and in our forecast, from a repair and maintenance and store conditions perspective, we have those embedded in, and we will probably come back to you if there's any other longer-term initiatives that will impact that.

但這是兩大投資。但是在我們的運營支出和我們的預測中，從維修和維護以及商店條件的角度來看，我們已經嵌入了這些內容，如果有任何其他長期計劃會影響到您，我們可能會回复您。

We'll move on to our next question from Simeon Gutman with Morgan Stanley.

我們將繼續討論來自摩根士丹利的西蒙·古特曼的下一個問題。

It's Simeon Gutman. For Mike and Rick, this is maybe more theoretical on timing and sequencing. It looks like '23 may end up being more transitional, and that's part one of the question. Is that fair? Because some of these price investments will continue and then we're going to lap some of the multi -- or the breaking the buck at the tree. So if that's a fair assumption, how do you think about maybe speeding up investments, layering -- leaning in, I guess, for '23 to clear the path for '24?

是西蒙·古特曼。對於 Mike 和 Rick 來說，這可能在時間和順序上更具理論性。看起來 '23 可能最終會變得更加過渡，這是問題的一部分。這公平嗎？因為其中一些價格投資將繼續進行，然後我們將進行一些多重投資 - 或者在樹上打破壓力。因此，如果這是一個合理的假設，您如何看待加快投資、分層——我猜，傾向於 23 年為 24 年掃清道路？

Yes. And in theory, I think you're right. But our pricing investment is in, and then we're just going to manage that going forward on that side of it. I think we will lean in on our investments on supply chain and IT, but these are things that take time just because of the amount of systems that you are touching. And as Rick said, it's our -- as our store and retail systems, as our supply chain systems and then our merchandising systems. So that will take time, and we will stage that over our capability.

是的。從理論上講，我認為你是對的。但是我們的定價投資正在進行中，然後我們將在這方面進行管理。我認為我們將依靠我們在供應鍊和 IT 方面的投資，但這些都是需要時間的，因為您要接觸的系統數量眾多。正如里克所說，這是我們的——作為我們的商店和零售系統，作為我們的供應鏈系統，然後是我們的銷售系統。所以這需要時間，我們將在我們的能力範圍內進行。

And then the supply chain will be -- as we roll out and open new distribution centers, that's when we will continue to rightsize our network and make decisions going forward. So we will continue to move with speed that will give us the highest return as quick as possible.

然後供應鏈將——當我們推出並開設新的配送中心時，我們將繼續調整我們的網絡規模並做出未來的決策。因此，我們將繼續以最快的速度為我們帶來最高的回報。

We'll take our next question from Kate McShane with Goldman Sachs.

我們將向高盛的 Kate McShane 提出我們的下一個問題。

It looks like the elasticity response improved again sequentially with the $1.25 change. Just wondered what your expectation for the response is for the second half and if that's changed meaningfully from what you were thinking when we last spoke to last quarter.

看起來彈性響應隨著 1.25 美元的變化而再次依次改善。只是想知道您對下半年的回應的期望是什麼，以及這是否與我們上一季度上次交談時的想法發生了有意義的變化。

Yes. No, I think the biggest change is the dynamic of the marketplace and the huge shift from discretionary to consumables, not the shift about our $1.25. We did some in-depth customer research and customer intercepts about Dollar Tree at the beginning of the quarter. And we really wanted to dig into our brand and the assortment and in-store experience. And I was shocked. Not one of them brought up price. Not one of them brought up the $1.25.

是的。不，我認為最大的變化是市場的動態以及從可自由支配到消耗品的巨大轉變，而不是我們 1.25 美元的轉變。我們在本季度初對 Dollar Tree 進行了一些深入的客戶研究和客戶攔截。我們真的很想深入了解我們的品牌、分類和店內體驗。我很震驚。沒有一個人提出價格。沒有人提出 1.25 美元。

They were all focused on clean, new assortments, seasonal and the service of the -- what they have when they're in the stores. So I think the customers move beyond that because as we tested early on, they understand value more than ever. And in today's dynamics, they see that $1.25 is an exceptional value. That's why all these new items and consumables are all taking off.

他們都專注於清潔、新品類、季節性和服務——他們在商店時所擁有的東西。所以我認為客戶超越了這一點，因為我們在早期進行了測試，他們比以往任何時候都更了解價值。在今天的動態中，他們認為 1.25 美元是一個非凡的價值。這就是為什麼所有這些新物品和消耗品都在起飛的原因。

And why I'm excited about the back half -- and to your point, the second quarter did not really have any big season. Dollar Tree is all about the seasons. We change like the leaves on the trees. Well, in the summer, the leaves aren't changing because you've got lawn and garden and then you've got graduation, and graduation was impacted by helium. On the back half, Kevin said we've got 2,000 -- 2,100 actually, Dollar Tree Pluses that we didn't have. So that's going to be -- that's exciting about the back half.

以及為什麼我對後半場感到興奮——在你看來，第二節並沒有真正的大賽季。美元樹是關於季節的。我們像樹上的葉子一樣變化。嗯，在夏天，樹葉沒有變化，因為你有草坪和花園，然後你有畢業典禮，畢業典禮受到氦氣的影響。在後半部分，Kevin 說我們有 2,000 - 實際上是 2,100，我們沒有的 Dollar Tree Pluses。所以這將是 - 後半部分令人興奮。

And then our inventory. We've got all of our seasonal inventory at $1.25. And they will rally around this seasonal merchandise, just like they did in the first quarter with Valentine's and Easter. We expect some exciting things and great response from our customers because we're in a great inventory position. The value is spectacular. And then on the basic side, we've answered that on the consumables that we didn't have last year at this time. So I'm pretty excited about the back half of Dollar Tree.

然後是我們的庫存。我們所有的季節性庫存都是 1.25 美元。他們將圍繞這個季節性商品團結起來，就像他們在第一季度的情人節和復活節所做的那樣。我們期待一些令人興奮的事情和客戶的良好反應，因為我們的庫存狀況很好。價值是驚人的。然後在基本方面，我們已經回答了去年這個時候我們沒有的消耗品。所以我對美元樹的後半部分感到非常興奮。

We'll go ahead and move on to our next question from Scott Mushkin with R5 Capital.

我們將繼續討論 R5 Capital 的 Scott Mushkin 提出的下一個問題。

So I just wanted to get into a little bit more about labor, some of the comments you said about labor and the labor competition and what kind of pressure that might put on you as you try to get that more where you want it to be.

所以我只是想多談一點關於勞工的問題，你所說的關於勞工和勞工競爭的一些評論，以及當你試圖把它帶到你想要的地方時可能會給你帶來什麼樣的壓力。

Yes, Scott, and thanks. Early on, we shared that we're investing over $195 million, just under $200 million in our payroll, the majority of it in our store associates and some of it in our DCs. We feel really good where we're at in our distribution centers. We've got all of our roles filled compared to this time last year where we didn't have open positions. We are continuing to invest in markets in the stores and at retail stores, and we will continue to do that where we see the need.

是的，斯科特，謝謝。早些時候，我們分享說，我們正在投資超過 1.95 億美元，其中近 2 億美元用於我們的工資單，其中大部分用於我們的商店員工，部分用於我們的配送中心。我們在配送中心的工作感覺非常好。與去年這個時候我們沒有空缺職位相比，我們的所有職位都被填補了。我們將繼續投資商店和零售商店的市場，我們將繼續在我們認為需要的地方進行投資。

Looking out over the back half of the year, where we need to make adjustments is already in our forecast. So it's a dynamic environment. Now people are coming back to work a little bit just because of what's going on in the economy. So I think that's going to shift a little bit, but we will continue to invest where we need to. And so far, in the next 6 months, looking for the rest of the year, we have what we need to invest in the forecast.

展望下半年，我們需要進行調整的地方已經在我們的預測中。所以這是一個動態的環境。現在人們只是因為經濟中正在發生的事情而重新開始工作。所以我認為這會發生一點變化，但我們將繼續在我們需要的地方進行投資。到目前為止，在接下來的 6 個月裡，尋找今年剩餘的時間，我們有我們需要投資於預測的東西。

We'll take our next question from Michael Montani with Evercore ISI.

我們將接受 Evercore ISI 的 Michael Montani 的下一個問題。

Just wanted to dig into a little bit further, if I could, the top kind of 2 to 3 drivers of traffic for both banners moving forward and kind of what the realistic time line to anticipate the shift. Obviously, there's pricing actions you're doing at Family Dollar, but then prices have gone up at Dollar Tree. So just kind of talk about, if you could there, Rick and Mike, what gives you the confidence and what's the time line to get those things turned up?

如果可以的話，只是想進一步挖掘一下，兩個橫幅都向前移動的 2 到 3 個頂級流量驅動因素，以及預測這種轉變的現實時間線。顯然，您在 Family Dollar 進行了定價操作，但隨後 Dollar Tree 的價格上漲了。因此，如果可以的話，請談談 Rick 和 Mike，是什麼讓你有信心，以及讓這些事情出現的時間線是什麼？

Well, go ahead.

好吧，繼續。

Yes, I was just going to say, I just got done saying the excitement on the Dollar Tree side. Our assortment and the investments we've made into the new $1.25 on the consumable side is driving traffic. And just to put that in perspective, we haven't seen that kind of improvement in consumables, which drives traffic since pre pandemic. So that's our investment, and that's how we're driving traffic, along with the unbelievable assortment coming up that they're going to see inside our store for the seasons coming up. Unlike anybody else, Dollar Tree -- the $1.25 is the best value, the best wow and the most excitement.

是的，我只是想說，我剛剛說完美元樹方面的興奮。我們的分類和我們在消費品方面對新的 1.25 美元的投資正在推動流量。只是為了正確看待這一點，我們還沒有看到消耗品方面的這種改進，這在大流行前推動了交通。所以這就是我們的投資，這就是我們推動客流量的方式，以及即將到來的季節他們將在我們的商店內看到的令人難以置信的品種。與其他任何人不同，Dollar Tree - 1.25 美元是最物有所值、最令人驚嘆和最令人興奮的。

And then on the Family Dollar side, this pricing, again, we just put ourselves in a position to be the best price to the market in over 10 years. That alone will drive traffic, not even mentioning what Larry Gatta and the merchants are doing with enhancing our H2.5 with a tighter assortment, more meaningful prices, take advantage of more linear foot, so getting more product on the shelf that the customer is looking for. And then getting seasonal upfront and center. So I'm really excited about the moves that we've made.

然後在家庭美元方面，這個定價，再次，我們只是讓自己處於 10 多年來市場上最優惠的價格。僅此一項就可以增加流量，更不用說拉里·加塔（Larry Gatta）和商家正在做些什麼來增強我們的 H2.5 以更緊密的分類、更有意義的價格、利用更線性的腳，從而在貨架上獲得更多客戶所需的產品尋找。然後獲得季節性的前期和中心。所以我對我們所採取的行動感到非常興奮。

Now as you know, it takes time for the customer -- we've got new customers coming in that are recognizing it. And then over time, we will see and get credit for being priced right, better assortment, better position on the Family Dollar side.

如您所知，客戶需要時間——我們已經有新客戶進來並認可它。然後隨著時間的推移，我們將看到並獲得正確定價、更好的分類、更好的家庭美元方面的地位。

And Larry's -- and I mentioned purposefully on marketing, we've got 4 great marketing perspectives going on with our digital marketing, with our print ad, and Larry is really working on exactly what do we need to advertise that the customer responds to that drives traffic. So those are all the levers that the merchants and Larry are pulling on the Family Dollar side, and I'm just thrilled about what we got going on, on the Dollar Tree side to keep growing.

還有拉里——我有目的地提到營銷，我們的數字營銷和平面廣告有 4 個很好的營銷視角，拉里真的在研究我們需要做些什麼來宣傳客戶對此的反應帶動流量。所以這些都是商人和拉里在家庭美元方面拉動的所有槓桿，我只是對我們在美元樹方面所做的事情感到興奮，以保持增長。

And our last question comes from Michael Lasser with UBS.

我們的最後一個問題來自瑞銀的 Michael Lasser。

So Rick, you've been around the value retail space for a long time. Presumably, you came in and over the last 90 days, you said, look, we need to get Family Dollar price perception at a better spot in order to realize the full potential of this asset over the long run and we have this opportunity because Dollar Tree gross margins are expanding, and we can use that expansion to fund investments at Family Dollar. So now the question is, with Dollar Tree exiting this year at a 37% to 38% gross margin rate and Family Dollar exiting this year with a low 20s gross margin rate, can Dollar Tree sustain the 37% to 38% gross margin rate over the long run? And can you rebuild Family Dollar's gross margin rate over the long run in order to generate a suitable return on these investments?

所以瑞克，你已經在價值零售領域工作了很長時間。據推測，您在過去 90 天內進來，您說，看，我們需要在更好的位置獲得家庭美元的價格感知，以便從長遠來看實現該資產的全部潛力，我們有這個機會，因為美元樹的毛利率正在擴大，我們可以利用這種擴張來為 Family Dollar 的投資提供資金。所以現在的問題是，Dollar Tree 今年以 37% 至 38% 的毛利率退出，而 Family Dollar 今年以 20 多歲的低毛利率退出，Dollar Tree 能否維持 37% 至 38% 的毛利率從長遠來看？從長遠來看，您能否重建 Family Dollar 的毛利率，以便從這些投資中獲得合適的回報？

I think the answer to that is we're very comfortable with where we are on the gross margin in Dollar Tree for the back half of the year and going forward. And I will say we are working our way with the vendor community, with vendor support, and we anticipate that the Family Dollar margin will improve over time.

我認為這個問題的答案是我們對今年下半年和未來美元樹的毛利率非常滿意。我會說我們正在與供應商社區合作，在供應商支持下，我們預計家庭美元利潤將隨著時間的推移而提高。

And with that, that does conclude our question-and-answer session for today. I would now like to hand it back over to our presenters for any additional or closing remarks.

至此，我們今天的問答環節就結束了。我現在想把它交還給我們的演示者，以便有任何補充或結束語。

Great. Thank you, Ali. Thank you for joining us for today's call. Our next earnings call for Q3 is tentatively scheduled for Tuesday, November 22. Thank you, and have a good day.

偉大的。謝謝你，阿里。感謝您加入我們今天的電話會議。我們下一次第三季度財報電話會議暫定於 11 月 22 日星期二舉行。謝謝大家，祝您有美好的一天。

With that, that does conclude today's call. Thank you for your participation, and you may now disconnect.

這樣，今天的電話會議就結束了。感謝您的參與，您現在可以斷開連接。