美元樹 (DLTR) 2023 Q2 法說會逐字稿

Hello, and welcome to the Dollar Tree Q2 2023 Earnings Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to your host, Bob LaFleur, Senior Vice President, Investor Relations. Please go ahead, sir.

您好，歡迎參加 Dollar Tree 2023 年第二季度收益電話會議和網絡廣播。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興將電話轉給主持人投資者關係高級副總裁鮑勃·拉弗勒爾 (Bob LaFleur)。請繼續，先生。

Good morning, and thank you for joining us today to discuss Dollar Tree's second quarter results. With me today are Dollar Tree's Chairman and CEO, Rick Dreiling; and CFO, Jeff Davis. Before we begin, I would like to remind everyone that some of the remarks that we will make today are about the company's expectations, plans and future prospects and are considered forward-looking statements under the safe harbor provision of the Private Securities Litigation Reform Act of 1995.

早上好，感謝您今天加入我們討論 Dollar Tree 第二季度業績。今天與我在一起的有 Dollar Tree 的董事長兼首席執行官 Rick Dreiling；和首席財務官傑夫·戴維斯。在開始之前，我想提醒大家，我們今天將發表的一些言論是關於公司的預期、計劃和未來前景，根據美國《私人證券訴訟改革法案》的安全港條款，這些言論被視為前瞻性陳述。 1995年。

These statements are subject to risks and uncertainties, which could cause actual results to differ materially from those contemplated by our forward-looking statements. For information on the risks and uncertainties that could affect our actual results, please see the risk factors, business and Management Discussion and Analysis of Financial Condition and Results of Operations sections in our annual report on Form 10-K filed on March 10, 2023, our Form 10-Q for the most recently ended fiscal quarter, our most recent press release and Form 8-K and other filings with the SEC.

這些陳述存在風險和不確定性，可能導致實際結果與我們前瞻性陳述中預期的結果存在重大差異。有關可能影響我們實際結果的風險和不確定性的信息，請參閱我們於2023 年3 月10 日提交的10-K 表格年度報告中的風險因素、業務和管理層討論以及財務狀況和運營結果分析部分，我們最近結束的財政季度的 10-Q 表格、我們最近的新聞稿和 8-K 表格以及向 SEC 提交的其他文件。

We caution against reliance on any forward-looking statements made today, and we disclaim any obligation to update any forward-looking statements, except as required by law. Also, during this call, we will discuss certain non-GAAP financial measures. Reconciliations of these non-GAAP items to the most directly comparable GAAP financial measures are provided in today's earnings release available on the IR section of our website. These non-GAAP measures are not intended to be a substitute for GAAP measures. Unless otherwise stated, we will refer to our financial results on a GAAP basis.

我們告誡不要依賴今天發表的任何前瞻性聲明，並且我們不承擔更新任何前瞻性聲明的義務，除非法律要求。此外，在本次電話會議中，我們將討論某些非公認會計準則財務指標。我們網站的投資者關係部分今天發布的收益報告中提供了這些非公認會計準則項目與最直接可比的公認會計準則財務指標的對賬。這些非公認會計原則措施無意取代公認會計原則措施。除非另有說明，我們將根據公認會計原則（GAAP）參考我們的財務業績。

Additionally, unless otherwise stated, all comparisons discussed today for the second quarter of fiscal 2023 are against the same period a year ago. Please note that a supplemental slide deck outlining selected operating metrics is available on the IR section of our website. Following our prepared remarks, Rick and Jeff will take your questions. Given the number of callers who would like to participate in today's session, we ask that you limit yourself to 1 question. I'd now like to turn the call over to Rick.

此外，除非另有說明，今天討論的 2023 財年第二季度的所有比較均與一年前同期進行。請注意，我們網站的 IR 部分提供了概述選定運營指標的補充幻燈片。在我們準備好的發言之後，里克和傑夫將回答您的問題。鑑於希望參加今天會議的來電者人數，我們要求您將自己的問題限制在 1 個以內。我現在想把電話轉給里克。

Thanks, Bob. I'd like to welcome all of you that have joined our call this morning. I am sure that many of you had a chance to attend our investor conference in June. I hope the information we presented was valuable to you and that you left the event with a better understanding of the key growth strategies that we have in place to deliver $10 or more EPS by 2026.

謝謝，鮑勃。我謹歡迎今天早上參加我們電話會議的所有人。我相信你們中的許多人都有機會參加我們六月份的投資者會議。我希望我們提供的信息對您有價值，並且希望您在結束活動時能夠更好地了解我們為到 2026 年實現 10 美元或更多每股收益而製定的關鍵增長戰略。

I am confident that the team has identified the right levers to unlock the true value of our business. We are making good progress and continue to act with urgency to accelerate the pace of improvement in our merchandising, store operations, supply chain and IT infrastructure. Our renewed merchandising efforts represent a major opportunity to unlock value. We outlined our multi-price journey at Dollar Tree, detailed our real estate and merchandising initiatives at Family Dollar and reviewed our plans to improve store standards across the enterprise.

我相信團隊已經找到了釋放我們業務真正價值的正確槓桿。我們正在取得良好進展，並將繼續採取緊急行動，加快改善我們的商品銷售、商店運營、供應鍊和 IT 基礎設施的步伐。我們新的營銷努力代表著釋放價值的重大機會。我們概述了 Dollar Tree 的多價格之旅，詳細介紹了 Family Dollar 的房地產和銷售計劃，並審查了我們提高整個企業商店標準的計劃。

We have also launched efforts to drive sales productivity and increase operating efficiency like simplifying the truck unloading process and improving in-stock levels. You heard me say many times that retail is all about growing units, growing transactions and growing sales per square foot. When these retail fundamentals move in the right direction, everything else follows.

我們還採取了一些措施來提高銷售效率和運營效率，例如簡化卡車卸貨流程和提高庫存水平。你聽我說過很多次，零售就是不斷增長的單位、不斷增長的交易和不斷增長的每平方英尺銷售額。當這些零售基本面朝著正確的方向發展時，其他一切都會隨之而來。

I am pleased to report that all 3 are heading in the right direction for us. For the past 2 quarters, both segments posted positive unit growth in consumables, while the market has been negative. Second quarter traffic was up over 3% at Family Dollar and nearly 10% at Dollar Tree. The fourth consecutive quarter of growth at Family Dollar and the second for Dollar Tree. And finally, sales per square foot is up 4% at Family Dollar and 6% at Dollar Tree.

我很高興地向大家報告，這三者都在朝著對我們來說正確的方向前進。在過去的兩個季度中，這兩個細分市場的消耗品單位數量均實現正增長，而市場卻呈現負增長。 Family Dollar 第二季度的流量增長了 3% 以上，Dollar Tree 的流量增長了近 10%。 Family Dollar 連續第四個季度實現增長，Dollar Tree 連續第二個季度實現增長。最後，Family Dollar 的每平方英尺銷售額增長了 4%，Dollar Tree 的每平方英尺銷售額增長了 6%。

When it comes to our momentum in these key retail fundamentals, our ongoing merchandising efforts and the investments in labor and stores are paying dividends and setting the stage for everything else to follow.

當談到我們在這些關鍵零售基礎方面的勢頭時，我們正在進行的銷售努力以及對勞動力和商店的投資正在帶來紅利，並為其他一切的後續發展奠定了基礎。

Now let me review some of our second quarter highlights. A little later, Jeff will provide a more detailed review of our results and update you on our outlook for the balance of the year.

現在讓我回顧一下第二季度的一些亮點。稍後，傑夫將對我們的業績進行更詳細的審查，並向您介紹我們對今年剩餘時間的展望。

For the quarter, on a consolidated basis, we delivered an 8.2% increase in sales to $7.3 billion, with 6.9% enterprise comp growth and $287.8 million of operating income, which led to EPS of $0.91. In our Dollar Tree segment, our 7.8% comp was driven by 9.6% more traffic, with a modest offset from average ticket. Dollar Tree's momentum remained strong with this quarter's comp coming in on top of a 7.5% comp last year.

本季度，在合併基礎上，我們的銷售額增長了 8.2%，達到 73 億美元，企業利潤增長了 6.9%，營業收入達到 2.878 億美元，每股收益為 0.91 美元。在 Dollar Tree 細分市場，我們的 7.8% 的報酬是由 9.6% 的流量增加推動的，與平均票價略有抵消。 Dollar Tree 的勢頭依然強勁，本季度的比較高於去年 7.5% 的比較。

Meanwhile, the Family Dollar segment continues to make good progress in its operational turnaround. The second quarter comp of 5.8% was nicely balanced between 3.4% more traffic and 2.3% average ticket growth with the strong comp trends being supported by our improved price position and merchandising efforts. While the challenging macro environment continues to pressure our sales mix in both segments, I am pleased with the gains in traffic, new customers and market share.

與此同時，Family Dollar 部門在運營轉型方面繼續取得良好進展。第二季度的競爭率為 5.8%，在客流量增長 3.4% 和平均票價增長 2.3% 之間取得了很好的平衡，強勁的競爭趨勢得到了我們改善的價格地位和銷售努力的支持。儘管充滿挑戰的宏觀環境繼續給我們兩個細分市場的銷售組合帶來壓力，但我對流量、新客戶和市場份額的增長感到高興。

Regarding the industry-wide shift in consumer purchasing behaviors to consumables, we believe this is reflective of the current macroeconomic environment and continuing rotation to a prepandemic balance after years of elevated spending across discretionary categories. We believe we are winning in consumables as more customers come to see Dollar Tree and Family Dollar as the compelling destinations for value.

關於全行業消費者購買行為向消費品的轉變，我們認為這反映了當前的宏觀經濟環境，以及在多年來非必需品類支出增加之後繼續轉向疫情前的平衡。我們相信，隨著越來越多的客戶將 Dollar Tree 和 Family Dollar 視為具有吸引力的價值目的地，我們正在消費品領域獲勝。

At Dollar Tree, our multi-price strategy provides flexibility to respond to changing customer needs. At Family Dollar, our improved price image and wide range of merchandising initiatives are clearly resonating with consumers. In this environment, consumers from all income levels are increasingly seeking value.

在 Dollar Tree，我們的多價格策略可靈活應對不斷變化的客戶需求。在 Family Dollar，我們改善的價格形象和廣泛的營銷舉措顯然引起了消費者的共鳴。在這種環境下，各個收入水平的消費者都越來越追求價值。

We are well positioned to capture incremental share of wallet when higher income consumers respond to our strong price value proposition and when lower income customers concentrate their spending on needs-based consumables. This is particularly true across food and other consumables where value-oriented retailers are taking unit and dollar share. As a result, food categories are disproportionately driving sales momentum across the value retail landscape.

當高收入消費者對我們強大的價格價值主張做出反應以及當低收入消費者將支出集中在基於需求的消費品時，我們處於有利位置，可以獲取增量的錢包份額。在食品和其他消費品領域尤其如此，以價值為導向的零售商正在佔據單位和美元份額。因此，食品類別不成比例地推動了整個價值零售領域的銷售勢頭。

Dollar Tree and Family Dollar are no exception. Our food business is especially well positioned in the current environment, and we are seeing extremely high volume growth across our frozen and center store food categories. There is also growing evidence that consumers are seeking value through private brands, expanding and improving our private brand assortment will be a significant growth vehicle for us going forward.

Dollar Tree 和 Family Dollar 也不例外。我們的食品業務在當前環境下處於特別有利的地位，我們的冷凍食品和中心商店食品類別的銷量增長非常快。還有越來越多的證據表明，消費者正在通過自有品牌尋求價值，擴大和改善我們的自有品牌品種將成為我們未來的重要增長工具。

To this end, the private brand expansion program at Family Dollar remains on track. This year, we launched over 125 private brand items, which we will further accelerate when our new family wellness and vitamin products hit store shelves in the fourth quarter.

為此，Family Dollar 的自有品牌擴張計劃仍在按計劃進行。今年，我們推出了超過 125 個自有品牌產品，當我們的新家庭健康和維生素產品於第四季度上架時，我們將進一步加快推出速度。

We are already seeing encouraging results across our private brands with second quarter penetration expanding by 55 basis points, units sold growing by 4% and private brand comps increasing over 15%. New customers are the lifeblood of retail and a critical part of driving traffic and market share.

我們已經看到自有品牌取得了令人鼓舞的業績，第二季度滲透率擴大了 55 個基點，銷量增長 4%，自有品牌比較增長超過 15%。新客戶是零售業的命脈，也是推動流量和市場份額的關鍵部分。

In the past year, we have added nearly 5 million new customers across both segments with 2.6 million of these customers having a household income over $125,000. Importantly, our research tells us that a very high percentage of these new customers come back visiting an average of 5x in the year following their initial trip. In fact, we now rank in the top 10 retailers measured by annual new customer activations. These positive traffic and new customer trends are leading to strong market share gains.

去年，我們在這兩個細分市場增加了近 500 萬新客戶，其中 260 萬客戶的家庭收入超過 125,000 美元。重要的是，我們的研究告訴我們，這些新客戶中很大一部分人在初次旅行後的一年內平均會回訪 5 次。事實上，按照年度新客戶激活情況衡量，我們現在已躋身前 10 名零售商之列。這些積極的流量和新客戶趨勢正在帶來強勁的市場份額增長。

For the second quarter in a row, both segments gained market share in consumables as our unit volume grew while the market's unit volume shrink. According to Nielsen data, our second quarter consumable unit volume growth outpaced the market by over 1,100 basis points at Dollar Tree and 530 basis points at Family Dollar, with both segments extending their margin of outperformance from last quarter.

連續第二個季度，隨著我們的單位數量增長而市場單位數量萎縮，這兩個細分市場的消耗品市場份額都增加了。根據尼爾森的數據，我們第二季度的消費品單位銷量增長超過市場，Dollar Tree 超過市場 1,100 個基點，Family Dollar 超過市場 530 個基點，這兩個部門都比上季度擴大了領先優勢。

Shifting from our recent sales performance, I'd like to take a few minutes to update you on several key initiatives across our company. In merchandising, we have increased our Dollar Tree Plus target to 4,900 stores by year-end, up from 4,300 stores that we articulated in June. At the end of the second quarter, our Dollar Tree Plus assortment was available in over 3,600 locations and the $3, $4 and $5 frozen and refrigerated assortment was available in nearly 5,600 stores.

從我們最近的銷售業績來看，我想花幾分鐘時間向您介紹我們公司的幾項關鍵舉措的最新情況。在商品銷售方面，我們已將 Dollar Tree Plus 目標從 6 月份制定的 4,300 家商店增加到年底前的 4,900 家商店。截至第二季度末，我們的 Dollar Tree Plus 品種在 3,600 多個地點有售，3 美元、4 美元和 5 美元的冷凍和冷藏品種在近 5,600 家商店有售。

At Family Dollar, we are on track to complete planogram resets at all of our stores by November, and we are pleased with the sales lift from these resets so far. In real estate, we remain on pace to hit our target of 600 to 650 new store openings this year with roughly 2/3 of those coming in the back half of the year. We also continue to make progress with our emerging formats at Family Dollar.

在 Family Dollar，我們有望在 11 月之前完成所有商店貨架圖的重置，我們對迄今為止這些重置所帶來的銷售提升感到滿意。在房地產領域，我們仍將繼續努力實現今年開設 600 至 650 家新店的目標，其中大約 2/3 將在今年下半年開業。我們還在 Family Dollar 的新興形式上繼續取得進展。

We completed 271 H2.5 renovations bringing the total number of 2.5 locations to 830. We opened or converted 90 Family Dollar stores under our rural combo format.

我們完成了 271 項 H2.5 改造，使 2.5 門店總數達到 830 個。我們以鄉村組合形式開設或改造了 90 家 Family Dollar 商店。

Overall, we are on track to complete at least 1,000 Family Dollar renovations by year-end. In supply chain, Mike Kindy and his team are investing in temperature control, across our distribution center network. Adding full temperature control to our DCs improves the work environment for our associates and drives improved operating performance. It also drives efficiency by reducing cross-stocking expenses and increasing flexibility to store the full range of OTC HBA products. We recently expanded temperature controls at 2 additional DCs, which brings us to 4 in total. By year-end, we expect to upgrade 8 additional DCs with the balance rolled out by the end of 2024.

總體而言，我們有望在年底前完成至少 1,000 項 Family Dollar 翻修工程。在供應鏈中，Mike Kindy 和他的團隊正在投資於整個配送中心網絡的溫度控制。在我們的 DC 中添加全面的溫度控制可以改善我們員工的工作環境並提高運營績效。它還通過減少交叉庫存費用和提高存儲全系列 OTC HBA 產品的靈活性來提高效率。我們最近擴大了另外 2 個 DC 的溫度控制，使總數達到 4 個。到年底，我們預計將升級另外 8 個數據中心，其餘的數據中心將在 2024 年底前完成升級。

While still in its early days, we continue to make good progress on our roto cart rollout. Beta testing on roto cart deliveries is currently underway, and we are on track for our D.C. and Matthews, North Carolina to be roto cart enabled by the end of this year.

雖然仍處於早期階段，但我們在 roto cart 的推出方面繼續取得良好進展。目前正在進行輪轉車交付的 Beta 測試，我們有望在今年年底前在華盛頓特區和北卡羅來納州馬修斯啟用輪轉車。

Moving on to IT. We're also making good progress on needed upgrades to our infrastructure, particularly our new store and inventory management systems. Meanwhile, our new warehouse and transportation management systems are progressing through their development stages with rollouts anticipated to begin early next year.

轉向 IT。我們在基礎設施所需的升級方面也取得了良好進展，特別是我們的新商店和庫存管理系統。與此同時，我們的新倉庫和運輸管理系統正在進入開發階段，預計將於明年初開始推出。

With the continued focus on our people, we saw double-digit improvements during the second quarter in employee turnover and store vacancy levels across both segments as the investments we are making in store level wages, benefits and elevated standards begin to yield clear intangible results. As I mentioned at our investor conference, we had a significant number of stores that don't open on time or close early due to staffing shortages.

隨著我們對員工的持續關注，我們在商店層面的工資、福利和更高的標準方面進行的投資開始產生明顯的無形成果，因此第二季度兩個部門的員工流動率和商店空缺水平都實現了兩位數的改善。正如我在投資者會議上提到的，我們有大量商店由於人員短缺而無法按時開業或提早關門。

I'm happy to report that we saw a measurable improvement in this area during the second quarter at both Dollar Tree and Family Dollar. If we eliminated all 8 openings and early closings, it could add 1.5 points to our overall comp. In summary, when it comes to the factors that we can control, we continue to execute at a high level. As our recent sales performance shows, consumers are clearly responding to our merchandising initiatives.

我很高興地向大家報告，第二季度，Dollar Tree 和 Family Dollar 在這方面都取得了顯著的進步。如果我們消除所有 8 個空缺和提前結束的空缺，那麼我們的整體得分可能會增加 1.5 分。總而言之，當涉及到我們可以控制的因素時，我們繼續保持高水平執行。正如我們最近的銷售業績所顯示的那樣，消費者對我們的營銷活動做出了明顯的反應。

At the same time, Mike Creedon and his team are acting with urgency to upgrade our store conditions and improve operational consistency across our store fleet. We are making the investments we need to make to accelerate our top line performance, generate greater operating efficiencies and improve profitability. We've built a strong cultural foundation as an organization, and we are focused on delivering better results for all our key constituents including our more than 200,000 associates.

與此同時，Mike Creedon 和他的團隊正在緊急行動，升級我們的商店條件並提高整個商店的運營一致性。我們正在進行必要的投資，以提高我們的營收績效、提高運營效率並提高盈利能力。作為一個組織，我們已經建立了強大的文化基礎，我們致力於為所有關鍵成員（包括超過 200,000 名員工）提供更好的成果。

And speaking of our associates, we've just spent the last 2 weeks meeting with our field leadership at our headquarters here in Virginia. A team of more than 1,300 leaders who represent more than 200,000 associates and the energy coming out of those sessions was amazing. Our people are the key to a great customer experience, and I am so grateful for the progress we've made in our turnaround efforts over such a short period of time.

說到我們的同事，過去兩週我們剛剛在弗吉尼亞州總部與我們的現場領導進行了會面。團隊由 1,300 多名領導者組成，代表超過 200,000 名員工，這些會議所產生的能量是驚人的。我們的員工是卓越客戶體驗的關鍵，我非常感謝我們在如此短的時間內在扭虧為盈方面取得的進展。

I will now turn the call over to Jeff to review our financial results and outlook for the balance of the year.

我現在將電話轉給傑夫，以審查我們的財務業績和今年剩餘的前景。

Thank you, Rick, and good morning, everyone. In the second quarter, we continued to generate strong top line results across both segments, driven by growth in customer traffic, unit volume and an accelerating market share. We continue to have a favorable view of the current operating environment. Our top line performance was not driven by any material increase in promotional intensity.

謝謝你，瑞克，大家早上好。在第二季度，在客戶流量、單位數量增長和市場份額加速增長的推動下，我們在這兩個領域繼續取得了強勁的營收業績。我們對當前的經營環境仍然持樂觀態度。我們的營收業績並不是由促銷強度的任何實質性增加所推動的。

While our sales mix continues to shift towards consumables, we generated more gross profit dollars in the second quarter than we did last year. We also remain resolute in our strategy to make the necessary investments in stores, IT, supply chain and our people.

雖然我們的銷售組合繼續轉向消耗品，但我們第二季度的毛利潤比去年更高。我們還堅定地執行我們的戰略，對門店、IT、供應鍊和員工進行必要的投資。

On a consolidated level, operating income declined 43.1% to $287.8 million and operating margin compressed by 360 basis points. This was driven by a 220 basis point decrease in gross margin and a 130 basis point increase in SG&A expenses. Gross margin contracted primarily from lower merchandise margin as we lap the margin benefit from last year's $1.25 rollout and from unfavorable sales mix, product cost inflation and elevated shrink.

綜合來看，營業收入下降 43.1% 至 2.878 億美元，營業利潤率壓縮 360 個基點。這是由於毛利率下降 220 個基點和 SG&A 費用增加 130 個基點所致。毛利率收縮主要是由於商品利潤率下降，因為我們放棄了去年 1.25 美元的推出以及不利的銷售組合、產品成本通脹和收縮率上升帶來的利潤率。

SG&A expenses expanded primarily from wage investments, incentive compensation, general liability claims, and repairs and maintenance costs from improving store conditions. These were partially offset by leverage from increased comp sales and lower stock compensation expense.

SG&A 支出主要來自工資投資、激勵補償、一般責任索賠以及改善商店條件帶來的維修和維護成本。這些損失被公司銷售額增加和股票補償費用減少所帶來的槓桿所部分抵消。

Notably, the impact of general liability claims was $0.07 for the quarter. Our effective tax rate was 24% versus 24.2% last year as higher work opportunity tax credits were partially offset by higher nondeductible expenses. Net income was $200.4 million and diluted earnings per share was $0.91 versus $1.60 a year ago.

值得注意的是，本季度一般責任索賠的影響為 0.07 美元。我們的有效稅率為 24%，而去年為 24.2%，因為較高的工作機會稅收抵免被較高的不可扣除費用部分抵消。淨利潤為 2.004 億美元，稀釋後每股收益為 0.91 美元，而一年前為 1.60 美元。

At a business segment level, Dollar Tree's operating income declined 27.8% to $397.8 million and operating margin compressed 510 basis points. This was driven by a 400 basis point decline in gross margin and a 110 basis point increase in SG&A expenses. Gross margin contracted primarily from lower merchandise margin as we lapped the margin benefit from last year's $1.25 rollout and from unfavorable sales mix, product cost inflation and elevated shrink.

在業務部門層面，Dollar Tree 的營業收入下降 27.8% 至 3.978 億美元，營業利潤率壓縮 510 個基點。這是由於毛利率下降 400 個基點和 SG&A 費用增加 110 個基點造成的。毛利率收縮主要是由於商品利潤率下降，因為我們放棄了去年 1.25 美元的推出以及不利的銷售組合、產品成本通脹和收縮加劇帶來的利潤率收益。

These were partially offset by comp sales leverage against occupancy costs. SG&A expenses expanded principally from wage investments, minimum wage increases, general liability claims, utility costs and repair and maintenance costs for improving store conditions. These were partially offset by sales comp leverage.

這些部分被同業銷售槓桿對入住成本的影響所抵消。 SG&A 支出主要來自工資投資、最低工資上漲、一般責任索賠、公用事業成本以及改善商店條件的維修和維護成本。這些被銷售補償槓桿部分抵消。

Family Dollar's operating income declined 78.5% to $11.8 million and operating margin compressed 140 basis points. This was led by a 30 basis point decrease in gross margin and 110 basis point increase in SG&A expenses. Gross margin contracted primarily from elevated shrink with a partial offset from leveraging occupancy costs.

Family Dollar 的營業收入下降 78.5% 至 1,180 萬美元，營業利潤率壓縮 140 個基點。這是由於毛利率下降了 30 個基點，SG&A 費用增加了 110 個基點。毛利率收縮主要是由於收縮率上升，部分抵消了槓桿佔用成本的影響。

SG&A expenses also increased principally from wage investments, minimum wage increases, utility costs and repairs and maintenance costs from improving store conditions. These were partially offset by sales comp leverage.

SG&A 支出的增加主要來自工資投資、最低工資上漲、公用事業成本以及商店條件改善帶來的維修和維護成本。這些被銷售補償槓桿部分抵消。

Moving onto the balance sheet and cash flow. As a reminder, my comments reflect balance sheet comparisons between Q2 2023 and Q2 2022. Inventory decreased by 1.7%. While inventory was below last year's level, it was elevated due to early receipts of imports. With the rapid recovery across our supply chain, seasonal imports from Asia arrived well ahead of our scheduled third quarter receipts.

轉向資產負債表和現金流量。提醒一下，我的評論反映了 2023 年第二季度和 2022 年第二季度的資產負債表比較。庫存下降了 1.7%。雖然庫存低於去年的水平，但由於早期收到進口貨品，庫存有所增加。隨著我們整個供應鏈的快速復蘇，來自亞洲的季節性進口產品遠遠早於我們預定的第三季度收入。

Moving forward, we will continue to manage our inventory and related trade accounts payable to improve free cash flow generation. Capital expenditures were $425.4 million in the second quarter versus $276.2 million last year. reflecting elevated investment levels in new store openings and renovations, supply chain and information systems.

展望未來，我們將繼續管理庫存和相關貿易應付賬款，以改善自由現金流的產生。第二季度資本支出為 4.254 億美元，去年同期為 2.762 億美元。反映了新店開業和裝修、供應鍊和信息系統方面投資水平的提高。

For fiscal 2023, we expect capital expenditures will total approximately $2 billion, with approximately 40% allocated to maintenance CapEx and the balance towards growth initiatives. Free cash flow improved $40.5 million versus the second quarter of last year. This represents the third consecutive quarterly improvement in free cash flow generation, even as we make significant investments to support the long-term growth of the business.

2023 財年，我們預計資本支出總額約為 20 億美元，其中約 40% 用於維護資本支出，其餘用於增長計劃。自由現金流比去年第二季度增加了 4050 萬美元。這代表著自由現金流生成連續第三個季度改善，儘管我們進行了大量投資以支持業務的長期增長。

For the first 6 months of 2023, free cash flow improved $157 million versus the same period last year, led largely by lower merchandise inventories with a partial offset from lower net income adjusted for noncash items, increased CapEx and the timing of accounts payable. In the second quarter, we repurchased approximately 700,000 shares for $99.9 million, including applicable excise tax. At quarter end, we had $1.6 billion remaining under our share repurchase authorization.

2023 年前 6 個月，自由現金流較去年同期增加了 1.57 億美元，這主要是由於商品庫存減少，部分抵消了非現金項目調整後淨利潤的減少、資本支出增加和應付賬款時間安排。第二季度，我們以 9,990 萬美元回購了約 700,000 股股票，其中包括適用的消費稅。截至季度末，我們的股票回購授權尚有 16 億美元。

Cash and cash equivalents totaled $512.7 million compared to $688.9 million a year ago. In July, we established a new commercial paper program to issue unsecured notes with maturities up to 397 days with an aggregate face amount outstanding at any time of $1.5 billion. We expect to use the net proceeds for general corporate purposes. The notes will rank pari passu with all other unsecured and unsubordinated indebtedness. Our revolving credit facility will serve as a liquidity backstop for the repayment of outstanding notes under this program.

現金和現金等價物總額為 5.127 億美元，而去年同期為 6.889 億美元。 7 月，我們制定了一項新的商業票據計劃，發行期限最長為 397 天的無擔保票據，任何時候未償付面額總額為 15 億美元。我們預計將所得款項淨額用於一般公司用途。這些票據將與所有其他無擔保和非次級債務享有同等地位。我們的循環信貸安排將作為該計劃下未償票據償還的流動性支持。

This new program provides additional flexibility to manage our working capital needs and at current rates, it provides short-term borrowing at lower rates than our credit facility. There are no notes issued and outstanding as of the end of the quarter. Now let me provide some additional visibility into our sales and EPS expectations for the third quarter and the balance of 2023.

這項新計劃為管理我們的營運資金需求提供了額外的靈活性，並且按照當前利率，它以低於我們信貸安排的利率提供短期借款。截至本季度末，沒有已發行和未償還的票據。現在讓我對第三季度和 2023 年剩餘時間的銷售額和每股收益預期提供一些額外的了解。

At a high level, we are reiterating the center point of the full year outlook we gave last quarter and bringing in the high and low end to better reflect the balance of opportunities and risks we see in the current operating environment. Our outlook takes into consideration the following factors: continued shift in sales mix and unfavorable shrink trends over the balance of the year, our utility and repairs and maintenance costs related to the national heat down, higher diesel fuel prices.

在高層，我們重申了上季度全年展望的中心點，並引入了高端和低端，以更好地反映我們在當前運營環境中看到的機會和風險的平衡。我們的前景考慮了以下因素：銷售結構的持續變化和今年餘下時間的不利收縮趨勢、與全國氣溫下降相關的公用事業以及維修和保養成本、柴油價格上漲。

On the Plus side, we expect improved sales performance and incremental ocean freight savings. That all said, we see nothing systemic or structural in the current environment that would have a lasting negative implications for the multiyear outlook that we shared in June.

從好的方面來說，我們預計銷售業績會有所改善，海運費也會逐漸節省。話雖如此，我們認為當前環境中沒有任何系統性或結構性因素會對我們在 6 月分享的多年前景產生持久的負面影響。

So against that backdrop, we expect consolidated net sales for the third quarter will be in the range of $7.3 billion to $7.5 billion. Based on a mid-single-digit increase in comp store sales for the enterprise in each of the segments. We estimate third quarter diluted earnings per share will be in the range of $0.94 to $1.04.

因此，在此背景下，我們預計第三季度的綜合淨銷售額將在 73 億美元至 75 億美元之間。基於每個細分市場中企業的比較商店銷售額實現中個位數增長。我們預計第三季度稀釋後每股收益將在 0.94 美元至 1.04 美元之間。

For the full fiscal year, which includes a 53rd week this year, we are raising our 2023 sales expectations to a range of $30.6 billion to $30.9 billion, driven by a mid-single-digit increase in comp store sales across both segments and the full enterprise. Based on better visibility into the margin headwinds I just detailed, we are narrowing our full year diluted GAAP earnings per share outlook to a range of $5.78 to $6.08, including the $0.12 legal reserve we talked in the first quarter.

對於整個財年（包括今年的第53 週），我們將2023 年的銷售預期上調至306 億至309 億美元，這主要得益於兩個細分市場的比較店銷售額實現中個位數增長，以及整個財年的銷售額增長。企業。基於對我剛剛詳述的利潤率不利因素的更好了解，我們將全年稀釋後GAAP 每股收益預期縮小至5.78 美元至6.08 美元的範圍，其中包括我們在第一季度談到的0.12 美元法定準備金。

We still expect selling square footage to grow between 3% and 3.5% for the year and new store growth to be back-end weighted. Other considerations in our 2023 outlook include the following: We have not included any assumptions for incremental share repurchases; depreciation and amortization should be in the range of $845 million to $850 million; net interest expense should be approximately $25 million for the third quarter and approximately $110 million for the full year.

我們仍然預計今年銷售面積將增長 3% 至 3.5%，新店增長將在後端加權。我們 2023 年展望中的其他考慮因素包括： 我們沒有納入任何增量股票回購的假設；折舊和攤銷應在8.45億美元至8.5億美元之間；第三季度淨利息支出約為 2500 萬美元，全年淨利息支出約為 1.1 億美元。

We are assuming an effective tax rate of approximately 23% and for the third quarter and approximately 24% for the full year. We expect 220.6 million diluted shares for the third quarter and 221 million diluted shares for the full year. Our outlook reflects continued margin pressures that we expect to persist through the back half of the year. Based on our continued market share gains at both Dollar Tree and Family Dollar, we are in a good position to generate higher levels of rebates and promotional allowances.

我們假設第三季度的有效稅率約為 23%，全年的有效稅率約為 24%。我們預計第三季度稀釋後股票數量為 2.206 億股，全年稀釋後股票數量為 2.21 億股。我們的前景反映了我們預計今年下半年將持續存在的持續利潤壓力。基於我們在 Dollar Tree 和 Family Dollar 的市場份額持續增長，我們有能力獲得更高水平的回扣和促銷津貼。

We also continue to be disciplined in managing our cost structure, even as we make investments necessary to meet our stated long-term growth objective of $10 or more of EPS by 2026. Now I'll turn the call back over to Rick for closing remarks.

我們還繼續嚴格管理成本結構，即使我們進行了必要的投資，以實現到 2026 年每股收益 10 美元或更多的長期增長目標。現在我將把電話轉回給 Rick 做結束語。

Thank you, Jeff. We remain very pleased with the progress of our transformation in these early stages and remain confident in the 3-year road map outlined in June. For those of you familiar with my operating philosophy, the immediate focus of any retail turnaround is growing sales. From that perspective, we are succeeding.

謝謝你，傑夫。我們對早期階段的轉型進展仍然感到非常滿意，並對 6 月份概述的三年路線圖仍然充滿信心。對於那些熟悉我的經營理念的人來說，任何零售業扭虧為盈的直接焦點都是銷售增長。從這個角度來看，我們正在成功。

We are providing a new experience to the next generation of customers across both our segments and seeing strong repeat purchase activity from these new shoppers. Our goal is to provide the consumer with convenience, value, variety and a great shopping experience. Our stores are already conveniently located. 87% of the population of the Continental United States lives within a 5-mile radius of one of our stores.

我們正在為兩個細分市場的下一代客戶提供新的體驗，並看到這些新購物者的重複購買活動強勁。我們的目標是為消費者提供便利、價值、品種和良好的購物體驗。我們的商店位置已經很方便了。美國大陸 87% 的人口居住在我們商店之一的 5 英里半徑範圍內。

As we grow our footprint, we will be closer and more convenient to an even greater number of customers. I remain confident that our long-term earnings potential can be realized within the time frame we have communicated. Our improving top line performance places us in a position of strength and the combined impact of our merchandising, real estate, supply chain, IT and people initiatives should put us in an even stronger position relative to the competition. Operator, Jeff and I are now ready to take questions.

隨著我們的足跡不斷擴大，我們將更接近、更方便地與更多的客戶聯繫。我仍然相信我們的長期盈利潛力可以在我們溝通的時間範圍內實現。我們不斷提高的營收業績使我們處於優勢地位，而我們的銷售、房地產、供應鏈、IT 和人員計劃的綜合影響將使我們在競爭中處於更有利的地位。接線員、傑夫和我現在準備好回答問題。

(Operator Instructions) Our first question is coming from Mike Lasser from UBS.

（操作員說明）我們的第一個問題來自 UBS 的 Mike Lasser。

So with the knock on the transformation at Dollar Tree has been that it's just going to take a lot more heavy lifting, a lot more investment than what was originally anticipated. And the fact that your sales are trending better than what was expected is a good sign, but it does not seem like the profitability is flowing through. So, a, do you have a good handle right now on all of the ins and outs of the different considerations with the profitability. And b, as you look towards the next 12 months, there's going to be a benefit from lower supply chain costs. Is that going to flow through? Or will you use that as a source of further savings to then reinvest that back in the business to drive the $10 of earnings several years out.

因此，隨著 Dollar Tree 轉型的敲響，它需要比最初預期更多的重擔和更多的投資。事實上，您的銷售趨勢比預期更好，這是一個好兆頭，但盈利能力似乎並沒有流動。那麼，您現在是否能夠很好地掌握與盈利能力相關的不同考慮因素的所有來龍去脈。 b，展望未來 12 個月，供應鏈成本降低將會帶來好處。那會流過去嗎？或者你會用它作為進一步節省的來源，然後將其重新投資回業務，以在幾年後獲得 10 美元的收益。

Yes, Mike, 3 really good questions. First off, is the lift heavier than we thought it was going to be. I would say no. When we all got in on this, we knew what we were facing. I do think what we're trying to do, because of what has to be done, we are moving much faster than I thought we would. And when you move fast, it takes a little more expense, it takes a little more effort, it takes a little more push. And so is the lift heavier? No, it's the same. But what we're trying to do is move as fast as we possibly can.

是的，邁克，三個非常好的問題。首先，電梯比我們想像的要重。我會說不。當我們都參與其中時，我們知道我們面臨著什麼。我確實認為我們正在努力做的事情，因為必須要做的事情，我們的進展比我想像的要快得多。當你快速行動時，就需要多一點花費，多一點努力，多一點推動。那麼電梯更重嗎？不，是一樣的。但我們正在努力做的是盡可能快地行動。

In regards to the drop-through, I think we are learning to do a lot of things, flexing a lot of muscles that we have not used in the past. The Family Dollar side is all about the commitment you make to the vendor community. And Jeff called out the potential for increased rebates and allowances that's all driven by retail execution. And the Family Dollar people are doing a really terrific job on that. What has happened on the Dollar Tree side, the Dollar Tree people have responded to the change in patterns that the consumer is exhibiting in our store, buying more consumables.

關於下降，我認為我們正在學習做很多事情，展示很多我們過去沒有使用過的肌肉。 Family Dollar 方面就是您對供應商社區做出的承諾。傑夫指出了增加回扣和津貼的潛力，這一切都是由零售執行推動的。 Family Dollar 的員工在這方面做得非常出色。 Dollar Tree 方面發生的情況是，Dollar Tree 員工對消費者在我們商店中展示的模式變化做出了反應，購買了更多消耗品。

So I think and I always have subscribed to the fact that when top line starts moving, everything else catches up. I remain incredibly bullish on our margin targets and where we're going. And I do not see any trouble to getting to more realistic margin levels. In regards to the improvements in the supply chain, that will be a combination of both. As you know, we've got massive changes taking place on the supply chain side. Some of that will make it to the bottom line and some of it will invest. And Jeff, I don't know if you have anything you want to add?

所以我認為而且我一直都承認這樣一個事實：當頂線開始移動時，其他一切都會迎頭趕上。我仍然非常看好我們的利潤目標和我們的發展方向。我認為達​​到更現實的保證金水平沒有任何困難。至於供應鏈的改進，這將是兩者的結合。如您所知，我們的供應鏈方面正在發生巨大的變化。其中一些將實現盈利，另一些將用於投資。 Jeff，我不知道你還有什麼要補充的嗎？

Yes. There's a couple of additional items, Michael. We -- as it relates to the flow-through, and we tried to call us out -- it's really a situation where our sales mix is an area that, as you see across the retail landscape, people are moving more into consumables, and that we're not immune to that. The other area that we talked about was shrink and the ongoing progression there. Those are the 2 more significant items from a gross margin basis that are really impacting us and addressing the flow-through or restricting the flow through.

是的。還有一些額外的項目，邁克爾。我們——因為它與流通有關，我們試圖叫我們出來——這確實是一種情況，我們的銷售組合是一個領域，正如你在整個零售領域看到的那樣，人們更多地轉向消費品，並且我們也不能倖免。我們討論的另一個領域是收縮和正在進行的進展。從毛利率來看，這些是真正影響我們並解決流通或限制流通的兩個更重要的項目。

The other thing that it's kind of muted in our comments, but this past quarter, we had about $0.07 related to an accrual adjustment that we needed to make for the progression of certain general liability claims that really dated back to 2019 and 2020 during the pandemic period. Once again, something that we needed to take care of, but it also restricted the flow through and the tremendous sales that we were driving over the course of the year. So I think that we're seeing right now, we've called out in the past and reason for our adjustment in the overall guidance that we gave last quarter, which was around sales and shrink. And then it was just further exacerbated, unfortunately, with this accrual adjustment we need to make.

另一件事是，我們的評論中有點沉默，但在上個季度，我們有大約0.07 美元與應計調整相關，我們需要對某些一般責任索賠的進展進行調整，這些索賠實際上可以追溯到2019 年和2020 年大流行期間時期。這又是我們需要處理的事情，但它也限制了我們在這一年中推動的流量和巨大的銷售。因此，我認為我們現在看到，我們過去曾呼籲調整我們上季度給出的總體指導，即圍繞銷售和收縮的指導。不幸的是，隨著我們需要進行的應計調整，情況進一步惡化。

Our next question today is coming from Edward Kelly from Wells Fargo.

今天我們的下一個問題來自富國銀行的愛德華·凱利。

I wanted to dig in on the core Dollar Tree gross margin this quarter. If we think about the 33.4%, it's obviously a step back versus where you were in Q1. I was hoping that you could talk a little bit more about the incremental pressures? And then how we think about the back half, you had previously talked about a 36%, 37% gross margin for the year. Obviously, that's coming down. So thoughts there.

我想深入研究 Dollar Tree 本季度的核心毛利率。如果我們考慮一下 33.4%，這顯然比第一季度的情況有所倒退。我希望你能多談談增量壓力嗎？然後我們如何看待下半年，您之前談到了今年的毛利率為 36%、37%。顯然，這正在下降。所以有這樣的想法。

And then just as it relates to all of that, how does this inform the longer-term target of 35.5%, 37.5%. It looks like this year, you maybe even below the low end of that range. What does it take to get to the middle end of that range? Do you need the backdrop to normalize demand, obviously you got freight coming in, but I'm not sure shrink is bottomed. Just thoughts around all of that, I think would really be helpful.

然後，正如它與所有這些相關一樣，這如何影響 35.5%、37.5% 的長期目標。看起來今年，您甚至可能低於該範圍的低端。怎樣才能到達該範圍的中間位置？你是否需要需求正常化的背景，顯然你有貨運進來，但我不確定收縮是否已經觸底。只是圍繞所有這些進行思考，我認為真的很有幫助。

Yes. Great question again. What's happening in Dollar Tree as we were responding to the needs of the consumer. You go back a year ago, we did not have nearly the number of consumable SKUs that we now have in the store. Saying all that, our discretionary business on the Dollar Tree side was slightly up. But what -- when I think about quarter 3, particularly or quarter 4, we're going to be in a much stronger position on the margin due because of the change in the mix, we think is going to happen. And that's because quarter 4 is a very seasonal quarter for us with Christmas and Halloween and all of that. So I remain bullish on it. I do believe, Ed, that we are responding to the customer and sales takes care of everything eventually, and the 2-year stack in Dollar Tree is just outstanding. So I remain very, very bullish on where we're going with the margin.

是的。又是一個好問題。當我們響應消費者的需求時，Dollar Tree 正在發生什麼。一年前，我們店裡的消耗品 SKU 數量還沒有現在那麼多。話雖如此，我們在美元樹方面的全權委託業務略有上升。但是，當我想到第三季度，特別是第四季度時，由於組合的變化，我們將在利潤方面處於更有利的位置，我們認為這將會發生。這是因為第四季度對我們來說是一個非常季節性的季度，有聖誕節和萬聖節等。所以我仍然看好它。 Ed，我確實相信我們正在響應客戶，銷售最終會解決一切問題，而 Dollar Tree 的 2 年堆棧非常出色。因此，我仍然非常非常看好我們的利潤率。

And Ed, the other thing I would add to that, hopefully, I hope don't sound like a broken record here, but -- unfortunately, the headwinds we're having in shrink are muting our margins right now. When you get a chance, you have an opportunity to take a look at the supplemental presentation that we have, you'll see that shrink is continuing to be -- restrict our margins by about 75 to 80 basis points on a year-over-year basis. We are taking the appropriate actions, we believe in the organization to start to address that. As you know, shrink is a sort of a trailing indication because stores are shrinking over the course of the year. And as you're adding new actions to reduce it, it takes time for those things to actually take hold. But between the sales mix and the shrink once again, this is one of the things that have been muting the margin.

埃德，我要補充的另一件事是，希望聽起來不像破紀錄，但是 - 不幸的是，我們在收縮方面遇到的阻力正在削弱我們的利潤率。當您有機會時，您有機會查看我們的補充演示文稿，您會發現收縮仍在繼續——將我們的利潤率同比限制約 75 至 80 個基點——年為基礎。我們正在採取適當的行動，我們相信組織會開始解決這個問題。如您所知，收縮是一種跟踪指標，因為商店在一年中都在收縮。當你添加新的行動來減少它時，這些事情需要時間才能真正發揮作用。但在銷售組合和再次萎縮之間，這是導致利潤率下降的因素之一。

The other thing that while we are seeing less frequency of product cost increases and maybe the magnitude of those are not as significant. They are still in the marketplace. And Rick McNeely and his team are freeing our ways to work through those through a number of different merchandising actions. So we still have a little bit of headwind there on product cost pressures, which as we move forward, depending on consumer demands, we believe that those will start to -- should start to abate over time.

另一件事是，雖然我們看到產品成本增加的頻率較低，但其幅度可能並不那麼顯著。他們仍然在市場上。里克·麥克尼利（Rick McNeely）和他的團隊正在通過許多不同的營銷活動釋放我們的工作方式來解決這些問題。因此，我們在產品成本壓力方面仍然存在一些阻力，隨著我們的前進，根據消費者的需求，我們相信這些壓力將隨著時間的推移而開始減弱。

Your next question is coming from John Heinbockel from Guggenheim Securities.

您的下一個問題來自古根海姆證券公司的約翰·海因博克爾。

Rick, my question is multipart, really revolved around the $3, $4, $5, right, frozen and cooler. So can you maybe talk about the experience you're seeing because that clearly has to be lifting consumable comps. Your thought on the rollout, not just to all stores, but then expanding doors, right, getting to more than 3 doors today. But on the rollout and then the impact that that's having on traffic, that is hitting discretionary, right? And then ultimately, do you think that, that should -- it should hurt gross but the increased ticket, right, should positively impact expense control over time. So maybe your thought on that as it impacts the Dollar Tree P&L?

里克，我的問題是多方面的，實際上圍繞著 3 美元、4 美元、5 美元，對吧，冷凍和冷藏。那麼您能否談談您所看到的體驗，因為這顯然必須提高消耗品的競爭力。您對推出的想法，不僅是在所有商店，而且是擴大門店，對吧，今天已經超過 3 家門店。但在推出以及對流量產生的影響方面，這是可自由裁量的，對嗎？最終，您認為這應該會造成總體損失，但增加的門票應該會隨著時間的推移對費用控制產生積極影響。那麼，您對此有何看法，因為它會影響美元樹損益表？

Yes. Another effort that we're working really, really hard on. In regards to the number of cooler doors, we're going to go from 3, I believe, 10 or 12 is the plan. We'll have a door that is a $1.25, couple of doors will be $3, $4, $5, and we're actually looking as we look at the multi-price point to expand that even more. The interesting thing is when a frozen food item goes into the basket, the basket actually gets larger. So your point about driving traffic, driving transactions is spot on. The other interesting thing, when we went to $3, $4 and $5, that allowed us to offer a family serving versus at $1.25, where it's just a single serve. So again, much more appealing to the actual -- to the consumer.

是的。我們正在非常非常努力地進行另一項努力。至於冷卻器門的數量，我們將從 3 個開始，我相信，計劃是 10 或 12 個。我們將有一扇門的價格為 1.25 美元，幾扇門的價格為 3 美元、4 美元、5 美元，我們實際上正在考慮多價位，以進一步擴大這一範圍。有趣的是，當冷凍食品放入籃子時，籃子實際上會變大。所以你關於推動流量、推動交易的觀點是正確的。另一個有趣的事情是，當我們的價格為 3 美元、4 美元和 5 美元時，我們可以提供家庭份量，而 1.25 美元的價格則只提供一份。再說一遍，這對消費者來說更有吸引力。

The other thing, John, the fact that we went to multiple price points allowed us to put ice back in the stores. And ice is always a big seller. When we were locked in on the dollar, we had to take it out and we went to a larger bag, 7 pounds, took it to $2. And again, we're back in the ice business. I also agree that what will happen is we will keep growing sales and allow us to leverage our SG&A down in the stores.

另一件事，約翰，事實上我們去了多個價格點，這使我們能夠將冰塊放回商店。冰塊總是暢銷的。當我們被鎖定在美元上時，我們不得不把它拿出來，然後我們去一個更大的袋子，7英鎊，把它換成2美元。我們再次回到冰品行業。我也同意，我們將繼續增長銷售額，並允許我們在商店中充分利用我們的銷售及管理費用。

And then I also want you to think about the fact as we roll roto carts out, that we'll be delivering to the Dollar Tree stores and those also. So all of that time that it takes to unload a truck will be invested in putting more multi-price point items out on the shelves.

然後我還希望您考慮一下這樣一個事實：當我們推出旋轉推車時，我們將運送到 Dollar Tree 商店和那些商店。因此，卸貨卡車所需的所有時間都將用於將更多多價位商品擺上貨架。

Next question is coming from Paul Lejuez from Citi.

下一個問題來自花旗銀行的 Paul Lejuez。

Curious if you could talk about the monthly trend for each segment. Also curious to hear about performance in urban versus suburban and rural locations. And anything that you would say in terms of the competitive landscape that you see changing out there from a pricing perspective?

很好奇您能否談談每個細分市場的每月趨勢。我也很想了解城市與郊區和農村地區的表現。從定價角度來看，您對競爭格局的變化有何看法？

Yes. Great question. As I look at the flow across both banners through the quarter, it was pretty consistent all the way through. We started off strong, and it remained strong through the balance of the quarter.

是的。很好的問題。當我查看本季度兩個橫幅的流量時，發現整個過程中都非常一致。我們一開始就表現強勁，並且在整個季度的剩餘時間內保持強勁。

There -- in terms of performance, I think it's pretty even, but I will make this observation. It appears that the trade down from a higher income customer it's coming more in the urban environment than in the rural environment. So that's -- it's an interesting spin, but it's pretty even all the way across. In regards to the competitive environment out there in regards to pricing, the way I see it, it's very rational right now. Nothing significant is going on. I would say the ad collateral is basically the same it's always been. Everybody's kind of -- I think everybody is on the same playing field right now.

就性能而言，我認為相當均勻，但我會做出這樣的觀察。看來，來自高收入客戶的交易更多地出現在城市環境中，而不是農村環境中。所以這是一個有趣的旋轉，但從頭到尾都很均勻。至於定價方面的競爭環境，在我看來，目前是非常理性的。沒有什麼重大的事情發生。我想說的是，廣告宣傳資料基本上和以前一樣。每個人——我認為現在每個人都處於同一個競爭環境中。

Our next question is coming from Matthew Boss from JPMorgan.

我們的下一個問題來自摩根大通的馬修·博斯。

Great. So maybe a 2-part question, Rick, at the Dollar Tree banner, could you elaborate on the traffic trends? It seems like that's the real positive progression here. Any change in momentum that you've seen in August? And maybe just speak to market share trends that you're seeing by category at Dollar Tree. And then, Jeff, on the expense front, I guess, is there a way to think about the progression of the foundational investments that you've been putting in place as we think maybe beyond this year? It seems like store standards and wages, maybe 2 of the more stickier initiatives. Or maybe just ask differently, what do you see as the comp that we need to leverage fixed costs maybe next year in the model?

偉大的。所以，也許是一個由兩部分組成的問題，Rick，在 Dollar Tree 橫幅上，您能詳細說明一下流量趨勢嗎？看起來這才是真正的積極進展。 8月份你看到動力有什麼變化嗎？也許只是談談您在 Dollar Tree 中按類別看到的市場份額趨勢。然後，傑夫，在費用方面，我想，有沒有一種方法可以考慮您一直在進行的基礎投資的進展，正如我們認為的，可能會在今年之後？商店標準和工資似乎是兩項更具粘性的舉措。或者也許只是換個方式問，您認為明年我們需要在模型中利用固定成本的補償是什麼？

I'll take the first part, Jeff. Matt, the traffic is steadily increasing in Dollar Tree. Our traffic was up 9% in quarter 2. Really, really pleased with that. Your other question is discretionary was still up in Dollar Tree. It was up 3.9%. The consumables though, were up over 11%, which is our way -- and remember, consumables drive that traffic. And we have, by unlocking that price point -- and as we continue to unlock the price point, it's going to open up more opportunities for us to bring in really powerful value items. So pleased with customer traffic. In fact, I'll throw this in. Customer traffic was up 3.4% on the Family Dollar side. So we are seeing movement now with the customer base.

我會講第一部分，傑夫。馬特，美元樹的流量正在穩步增加。我們的流量在第二季度增長了 9%。對此我真的非常滿意。你的另一個問題是自由裁量權仍然在美元樹上。上漲了3.9%。不過，消耗品上漲了 11% 以上，這是我們的方式——請記住，消耗品推動了流量。通過解鎖這個價格點，隨著我們繼續解鎖這個價格點，這將為我們帶來更多機會，帶來真正強大的有價值的產品。對客流量非常滿意。事實上，我會把這個也算進去。Family Dollar 方面的客戶流量增長了 3.4%。因此，我們現在看到客戶群正在發生變化。

And as it relates to the investments that we're making, they're really twofold. So you have expense mix investments as well as CapEx. As we think about the expense investments, I think you're spot on with respect to the wage and store standard elements. There's a few elements that also transcend into our supply chain as we need to increase and improve the standards in our DCs. We're right on track with respect to how we thought they would play out over the course of this year and then as we think about going into next year.

由於它與我們正在進行的投資有關，因此它們實際上是雙重的。因此，您有費用組合投資和資本支出。當我們考慮費用投資時，我認為您在工資和商店標準要素方面是正確的。由於我們需要提高和改進配送中心的標準，因此有一些因素也超越了我們的供應鏈。我們對今年以及明年的情況的預期是正確的。

From a CapEx perspective, you kind of layer on top of that, then the work that we're going to be doing with our roto cart rollout and what we need to do with trailers and lift gates in the actual to other parts as well as what we're going to be doing from an IT perspective in adding additional capabilities with systems.

從資本支出的角度來看，您可以在此基礎上進行分層，然後是我們將要進行的旋轉推車推出工作以及我們需要對拖車和升降門進行的實際其他部件以及從IT 角度來看，我們將如何為系統添加額外功能。

As you think about what's the level of comp that we're going to need to deliver. There's going to be a number of factors that you have to take into account and quite honestly, we are working through that right now as we look out. One is going to be what's going to be rate of inflation as it relates to our cost in the marketplace, especially in labor, which is one of our more significant areas.

當您考慮我們需要提供什麼水平的補償時。你必須考慮很多因素，老實說，我們現在正在解決這個問題。其中之一是通貨膨脹率，因為它與我們的市場成本有關，尤其是勞動力成本，這是我們更重要的領域之一。

The other piece, of course, is going to be in sales mix. The comp, you need a little higher level of comp when your sales mix is more weighted towards consumables versus discretionary. We believe, over time, we're going to see this mix balance out and then be not as significant a shift on a year-over-year basis, which you're seeing right now. Once again, that's over the long term. We had talked a little bit about this in the Investor Day, where we think that both Family Dollar and Dollar Tree will kind of average out over the period of time. So I'm not going to give you a comp number that we need to meet in order to leverage expenses at this point in time because there's a number of factors that we need to give a little more thought to and quite honestly, depending on what the economy does.

當然，另一部分將涉及銷售組合。當你的銷售組合更多地偏重於消耗品而不是非必需品時，你需要更高水平的補償。我們相信，隨著時間的推移，我們將看到這種混合平衡，然後同比變化不會像您現在看到的那樣顯著。再說一遍，這是長期的。我們在投資者日討論過這一點，我們認為 Family Dollar 和 Dollar Tree 在一段時間內都會趨於平均。因此，我不會向您提供我們需要滿足的補償數字，以便在此時利用費用，因為我們需要更多地考慮許多因素，而且老實說，這取決於什麼經濟確實如此。

(Operator Instructions) Our next question is coming from Simeon Gutman from Morgan Stanley.

（操作員說明）我們的下一個問題來自摩根士丹利的 Simeon Gutman。

Wanted to just clarify and then ask the follow-up, all in one. The higher expenses this quarter, parsing it out between inflationary pressures being a little bit higher? Or are you spending more than planned or than you thought? And then bigger picture, the $10 in 2026, a long way to get there gives you flexibility. I don't think you've said it's ratable in any way. It may not be linear. What happened with expenses show that you're not afraid to spend back into the business. So curious where you're tracking. I'm sure you have your own plan and where '24, I know it's an early look, may land in terms of that run rate of expenses?

只想澄清一下，然後再詢問後續情況，一切都在一個過程中。本季度費用較高，是不是通脹壓力稍高？或者您的支出超出計劃或超出您的想像？從更大的角度來看，2026 年的 10 美元是一個漫長的過程，但要實現這一目標還需要很長的路要走，這給了你靈活性。我不認為你說過它可以以任何方式評價。它可能不是線性的。支出方面的情況表明您並不害怕將資金重新投入到業務中。很好奇你在追踪哪裡。我確信您有自己的計劃，並且“24”（我知道這是一個早期的計劃）可能會在費用運行率方面落地？

Great question. And I'm glad that I got this question finally. One of the things that if you take a look at this quarter and the pace that we're on, we are right on our outlook that we had anticipated with respect to the level of spend in the transformation. And we are actually leveraging against our original forecast, given this strong sales performance. This is also taking into account once again, unfortunately, this accrual adjustment that we just needed to make.

很好的問題。我很高興終於得到這個問題。其中一件事是，如果你看看本季度和我們的步伐，我們對轉型支出水平的預期是正確的。鑑於如此強勁的銷售業績，我們實際上正在利用我們最初的預測。不幸的是，這也再次考慮到我們剛剛需要進行的應計調整。

So as we move forward, we continue to be disciplined in our spend. We look, as Rick has said, in some situations, an opportunity to pull forward a few items if we believe that we're going to be able to get the returns that much sooner. But the rate at which we are investing is according to our original outlook that we were we said at the beginning of this year. There are some modest inflationary components, as you can imagine, predominantly in utilities, and it is, as a result of the heat down that we're seeing on a national basis. The other area we're seeing a little more inflation would be in fuel, particularly in diesel fuel. And we've seen that here most recently and is reflected in -- both of these items are reflected in our guidance for the back half of this year.

因此，隨著我們的前進，我們將繼續嚴格控制支出。正如里克所說，在某些情況下，如果我們相信能夠更快地獲得回報，我們就會有機會將一些項目提前。但我們的投資速度是根據我們今年年初所說的最初預期。正如你可以想像的那樣，有一些溫和的通脹成分，主要是在公用事業領域，這是我們在全國范圍內看到的經濟降溫的結果。我們看到通脹增加的另一個領域是燃料，特別是柴油。我們最近在這裡看到了這一點，並反映在——這兩項都反映在我們今年下半年的指導中。

Our next question today is coming from Kelly Bania from BMO Capital Markets.

今天我們的下一個問題來自 BMO 資本市場的 Kelly Bania。

I just wanted to go back to the shrink and mix and just be clear about the magnitude that is maybe coming in different or the same versus your expectations. And also how those 2 factors are planned for the second half. And also just related to the shrink, what kind of margin investment at all do you see necessary to combat the shrink headwind? And is that in your long-term plan?

我只是想回到收縮和混合，並明確與您的期望不同或相同的幅度。以及下半年如何計劃這兩個因素。同樣與收縮相關的是，您認為有必要進行什麼樣的保證金投資來應對收縮逆風？這是您的長期計劃嗎？

Great. Thank you, Kelly. There's a few things here. As we think about shrink and mix, it has definitely advanced a little further than what we had anticipated in our guidance that we had given last quarter. Having said that, we believe that there are other more favorable items that are helping to offset against that. One, in our sales momentum; Two, we are seeing additional freight opportunity as it relates from an ocean perspective. But as it relates to shrink and mix, we had mentioned earlier that we had about $0.55 in total expected as an adjustment to our comp -- to our earnings, and that was going to be spread pretty evenly between shrink and mix. Of that $0.55, about $0.15 of that was actually incurred in the first quarter. So that remains -- that gives you a $0.40 for the back for Q2 through Q4.

偉大的。謝謝你，凱利。這裡有一些事情。當我們考慮收縮和混合時，它肯定比我們在上季度給出的指導中預期的更進一步。話雖如此，我們相信還有其他更有利的項目有助於抵消這一影響。一、我們的銷售勢頭；第二，我們看到了更多的貨運機會，因為它從海洋角度來看。但由於它與收縮和混合有關，我們之前提到過，我們預計總共有大約 0.55 美元作為對我們的比較的調整——我們的收益，並且這將在收縮和混合之間相當均勻地分配。在這 0.55 美元中​​，大約有 0.15 美元是在第一季度實際產生的。所以剩下的就是——第二季度到第四季度的背部費用為 0.40 美元。

In Q2, against our original forecast, shrink and mix advanced another $0.08 on us. All of this is included in our forecast and as we're thinking about the back half, to the extent that there is any further acceleration, how we're thinking about offsetting that through other margin opportunities as we think about once again from additional freight favorability and/or other options that we have through the P&L.

在第二季度，與我們最初的預測相反，收縮和混合使我們又上漲了 0.08 美元。所有這些都包含在我們的預測中，當我們考慮下半年時，如果有任何進一步的加速，我們將如何考慮通過其他利潤機會來抵消這一點，因為我們再次考慮額外的貨運我們通過損益表獲得的好感度和/或其他選擇。

So -- and I'd like to add 1 thing, if I can, Jeff. We are now taking a very defensive approach to shrink. And it's taken us a quarter, but we have several new shrink formats that we'll introduce in the back half of the year. And it goes everything from moving certain SKUs to behind the check stand. It has to do with some cases being locked up. And even to the point where we have some stores that can't keep a certain SKU on the shelf just discontinuing the item. So we have a lot of things in the works that's going to roll forward. You had a question about the mix. Is that correct?

所以——如果可以的話，我想補充一件事，傑夫。我們現在正在採取一種非常防禦性的方法來縮小規模。我們花了四分之一的時間，但我們將在今年下半年推出幾種新的縮小格式。它涵蓋了從將某些 SKU 移至收銀台後面等各種事務。這與某些案件被鎖定有關。甚至有些商店無法將某個 SKU 保留在貨架上，只是停產該商品。因此，我們有很多工作正在進行中，並將繼續推進。您對混合有疑問。那是對的嗎？

And what's in the back half assumption?

後半部分的假設是什麼？

She's asking specifically what's in the back half assumption, which I have not provided.

她具體詢問後半部分的假設是什麼，我沒有提供。

Yes. Okay. Fair enough.

是的。好的。很公平。

So let me -- what I gave was a pretty widespread answer. If you think about the balance of the year, in Q3, what we've said and really in the back half of the year, Q3 sales mix and shrink continues to be a headwind for us. We've taken approximately 70% to 75% of our stores and inventories. So we'll be through the balance of most of those stores by the end of the third quarter. So sales mix and shrink continues to be a little bit of a headwind for us.

所以讓我——我給出的是一個相當廣泛的答案。如果你考慮一下今年的餘額，在第三季度，我們所說的以及實際上在今年下半年，第三季度的銷售組合和萎縮仍然是我們的阻力。我們已經拿走了大約 70% 到 75% 的商店和庫存。因此，我們將在第三季度末之前完成大部分商店的平衡。因此，銷售組合和萎縮對我們來說仍然是一個阻力。

Freight as far as diesel fuel continues to be a little bit of a headwind for us. And then once again, I said from utilities and this heat down back on this to be a little bit of a headwind for us. Offsetting that is going to be certain tailwinds. We've got sales momentum that we are projecting. We know that we believe that we have opportunities in additional freight from an ocean freight perspective. And also, we are starting to lap many of the SG&A investments that we started last year. As you go further into the back half of the year, we have less impact of sales mix and shrink because once again, we've taken all of our inventory. Fourth quarter is a much stronger quarter for us from a seasonal perspective, and it's focused on discretionary.

就柴油而言，貨運對我們來說仍然是一個阻力。然後，我再次從公用事業部門說，這種熱度回落對我們來說有點不利。抵消這將是一定的順風。我們已經取得了預期的銷售勢頭。我們知道，從海運的角度來看，我們相信我們有機會增加貨運量。此外，我們開始回收去年開始的許多銷售、管理和行政費用投資。隨著下半年的深入，我們對銷售組合和收縮的影響越來越小，因為我們再次耗盡了所有庫存。從季節性角度來看，第四季度對我們來說是一個強勁得多的季度，而且它的重點是可自由支配的。

And then the tailwinds in the back half or in the fourth quarter. Once again, we have the 53rd week, which we'll make an adjustment for continued sales momentum in our projection, ocean freight. And then once again, we can further along in lapping those SG&A investments that we started in the back half of last year. So as we progress through the quarters, the fourth quarter, we believe, will be one of our strongest quarters because we have less headwinds from shrink and mix, as well as the sales momentum and continued oceanic freight opportunity.

然後是後半段或第四節的順風順水。再次是第 53 週，我們將根據我們預測的海運費持續銷售勢頭進行調整。然後，我們可以進一步推進去年下半年開始的 SG&A 投資。因此，隨著我們在各個季度的進展，我們相信，第四季度將是我們表現最強勁的季度之一，因為我們因收縮和混合而面臨的阻力較小，而且銷售勢頭強勁，並有持續的海運機會。

Your next question is coming from Chuck Grom from Gordon Haskett.

你們的下一個問題來自戈登·哈斯克特的查克·格羅姆。

My question is on Family Dollar. I was wondering if you could speak to the progress on rolling out the higher shelf freights across the chain? And then just one for Jeff. On that $0.07, which banner was that in? Or was that in the corporate line?

我的問題是關於家庭美元。我想知道您能否談談在整個鏈條上推出更高貨架運費的進展？然後只給傑夫一份。在那 0.07 美元上，是哪條橫幅上的？或者說這是公司的路線？

Yes. In regards to the 78-inch profile, we hope to have that complete towards the end of the year. I would say we're probably maybe 40% or 50% done. While we're doing the Family Dollar side, we're also going to do the Dollar Tree side. So we're making progress on it. And the H2.5 remodels, all of those have the new shelf profile in. And by the way, the shelf profile raise allows us to add more cooler doors and refrigerated.

是的。至於78英寸的外形，我們希望能在今年年底完成。我想說我們可能已經完成了 40% 或 50%。在我們做家庭美元方面的同時，我們還將做美元樹方面。所以我們正在這方面取得進展。 H2.5 的改造，所有這些都採用了新的擱架輪廓。順便說一句，擱架輪廓的升高使我們能夠添加更多涼爽的門和冷藏室。

Yes. And on the journal liability claims, it was across both banners, and the best way to think about it was pretty evenly split.

是的。在期刊責任索賠方面，雙方的觀點都不同，最好的思考方式是平分秋色。

We reached the end of our question-and-answer session. I'd like to turn the floor back over to management for any further or closing comments.

我們的問答環節結束了。我想將發言權交還給管理層，以徵求進一步的意見或結束意見。

No, thank you all for your time and look forward to talking to you soon.

不，感謝大家抽出寶貴的時間，並期待很快與您交談。

Thank you. That does conclude today's teleconference and webcast. You may disconnect your line at this time, and have a wonderful day. We thank you for your participation today.

謝謝。今天的電話會議和網絡廣播到此結束。此時您可以斷開線路，度過美好的一天。我們感謝您今天的參與。