美元樹 (DLTR) 2023 Q3 法說會逐字稿

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

您好，歡迎參加 Dollar Tree 2023 年第三季財報電話會議和網路廣播。 （操作員指示）謹此提醒，本次會議正在錄製中。現在我很高興將會議交給投資者關係高級副總裁 Bob LaFleur 主持。繼續吧，先生。

Good morning, and thank you for joining us today to discuss Dollar Tree's third quarter results. With me today are Dollar Tree's Chairman and CEO, Rick Dreiling; and CFO, Jeff Davis.

早安，感謝您今天加入我們討論 Dollar Tree 第三季業績。今天與我在一起的有 Dollar Tree 的董事長兼執行長 Rick Dreiling；和財務長傑夫戴維斯。

Before we begin, I would like to remind everyone that some of the remarks that we will make today about the company's expectations, plans and future prospects are considered forward-looking statements under the safe harbor provision of the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties, which could cause actual results to differ materially from those contemplated by our forward-looking statements.

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，我們今天將發表的有關公司預期、計劃和未來前景的一些言論被視為前瞻性陳述。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有重大差異。

For information on the risks and uncertainties that could affect our actual results, please see the risk factors, business and Management's Discussion and Analysis of Financial Conditions 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.

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、業務和管理層對財務狀況和經營業績的討論與分析部分，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.

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。

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 results. Unless otherwise stated, we will refer to our financial results on a GAAP basis.

此外，在本次電話會議中，我們還將討論某些非公認會計準則財務指標。今天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較的公認會計準則財務指標的對賬，可在我們網站的投資者關係部分找到。這些非 GAAP 衡量標準無意取代 GAAP 結果。除非另有說明，我們將根據公認會計原則（GAAP）參考我們的財務表現。

Additionally, unless otherwise stated, all comparisons discussed today are for the third quarter of fiscal 2023 and 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.

此外，除非另有說明，今天討論的所有比較均針對 2023 財年第三季度，並與去年同期相比。請注意，我們網站的 IR 部分提供了概述選定營運指標的補充幻燈片。

Following our prepared remarks, Rick and Jeff will take your questions. (Operator Instructions) And now, I'd like to turn the call over to Rick.

在我們準備好的發言之後，里克和傑夫將回答您的問題。 （接線生說明）現在，我想將電話轉給 Rick。

Thanks, Bob. I'd like to welcome everyone joining us on the call today. In brief, thanks to the dedication and hard work of our teams and continued execution towards our business transformation, third quarter results were well within our expected range.

謝謝，鮑伯。我謹歡迎大家今天加入我們的電話會議。簡而言之，由於我們團隊的奉獻和辛勤工作以及業務轉型的持續執行，第三季業績完全在我們的預期範圍之內。

In a challenging retail environment where the accumulating pressures of inflation, reduced government benefits and depleted savings have negatively affected lower-income consumers, our top line performance outpaced most of our peers. We accomplished this by taking market share in both segments, which we believe reflects the initial impact of our investments and transformation initiatives.

在充滿挑戰的零售環境中，通膨壓力不斷累積、政府福利減少和儲蓄枯竭對低收入消費者產生了負面影響，我們的營收表現超過了大多數同業。我們透過在這兩個領域佔據市場份額來實現這一目標，我們認為這反映了我們的投資和轉型舉措的初步影響。

Despite Family Dollar softer comps and $0.05 per share of unexpected costs from the previously announced voluntary recall of OTC and other products, we delivered $0.97 of EPS. Our sales momentum continues to be mostly traffic driven as we attract new customers and gain both unit and dollar market share.

儘管 Family Dollar 的業績比較疲軟，並且先前宣布的 OTC 和其他產品自願召回導致每股 0.05 美元的意外成本，但我們仍實現了 0.97 美元的每股收益。隨著我們吸引新客戶並獲得單位和美元市場份額，我們的銷售動力仍然主要由流量驅動。

In the last 12 months, we have added 4.3 million new customers at Dollar Tree and 2.3 million new customers at Family Dollar. Importantly, most of these first-time customers come back to shop with us multiple times after their first visit. In fact, our loyal customers are now the third largest retail customer base in the United States.

在過去 12 個月中，我們在 Dollar Tree 上增加了 430 萬新客戶，在 Family Dollar 上增加了 230 萬新客戶。重要的是，大多數首次顧客在第一次光臨後會多次回到我們這裡購物。事實上，我們的忠實客戶現在是美國第三大零售客戶群。

As importantly, Dollar Tree is attracting customers from a broader range of income levels. Most of our new customers over the past year have household incomes over $125,000, and this income demographic was a significant contributor to Dollar Tree's quarter 3 comp growth.

同樣重要的是，Dollar Tree 正在吸引更廣泛收入水平的客戶。去年我們大多數新客戶的家庭收入超過 125,000 美元，這一收入人群是 Dollar Tree 第三季業績成長的重要貢獻者。

At Family Dollar, our price value perception remains strong after last year's price investments, which we cycled in July. That said, Family Dollar fell short of our quarter 3 comp expectations.

在 Family Dollar，我們的價格價值認知在去年的價格投資（我們在 7 月進行了週期投資）之後仍然強勁。也就是說，Family Dollar 未達到我們第三季的預期。

Similar to what other retailers have reported, we experienced softening trends throughout the quarter, particularly in October. As lower-income consumers responded to the accumulated impact of inflation and reduced government benefits, we saw a notable pullback in spending, particularly in higher-margin discretionary categories.

與其他零售商的報告類似，我們整個季度都經歷了疲軟的趨勢，特別是在 10 月。隨著低收入消費者應對通貨膨脹的累積影響和政府福利的減少，我們看到支出顯著下降，特別是在利潤率較高的可自由支配類別上。

I will now review some of our third quarter highlights. For the third quarter, consolidated basis, we delivered a 5.4% increase in our net sales to $7.3 billion. This was driven by comp growth of 3.9%, with traffic up 4.7% and average ticket down a little less than 1%. Operating income came in at $301.7 million, which resulted in EPS of $0.97, including the negative $0.05 impact from the OTC recall.

我現在將回顧第三季的一些亮點。在第三季度，我們的合併淨銷售額成長了 5.4%，達到 73 億美元。這是由 3.9% 的同比增長推動的，其中客流量增長了 4.7%，而平均票價下降了略低於 1%。營業收入為 3.017 億美元，每股收益為 0.97 美元，其中包括 OTC 召回帶來的 0.05 美元的負面影響。

In the Dollar Tree segment, our comp was up 5.4%, with traffic increasing by 7% and average ticket decreasing by 1.5%. We are especially pleased with these results as they come on top of an 8.6% comp last year.

在 Dollar Tree 部分，我們的比較增加了 5.4%，流量增加了 7%，平均票價下降了 1.5%。我們對這些結果感到特別滿意，因為它們高於去年 8.6% 的比較。

Our consumables comp was up 11.1%, and discretionary was up 1.1%. We believe the consumables strength at Dollar Tree this quarter as well as our strong multiyear discretionary comp shows customers are embracing our compelling value proposition in this strained economic environment.

我們的消費品價格上漲 11.1%，非必需品價格上漲 1.1%。我們相信，Dollar Tree 本季的消耗品實力以及我們強大的多年可自由支配的比較表明，在這個緊張的經濟環境中，客戶正在接受我們令人信服的價值主張。

According to Nielsen, Dollar Tree gained an impressive [30] basis points of consumables market share in the third quarter as our unit volume grew 6%, while market unit volume declined.

根據 Nielsen 的數據，Dollar Tree 在第三季的消耗品市佔率獲得了令人印象深刻的 [30] 個基點，我們的單位銷售量成長了 6%，而市場單位銷售量卻下降了。

In the Family Dollar segment, our comp was up 2%, with traffic increasing 1.4% and average ticket increasing 0.7%. Our consumable comp was especially strong at 6.2%, while discretionary was down meaningfully at 12.5%, particularly in categories like home decor, electronics and toys.

在 Family Dollar 部分，我們的比較增加了 2%，流量增加了 1.4%，平均票價增加了 0.7%。我們的消費品比較尤其強勁，達到 6.2%，而非必需品則大幅下降，達到 12.5%，特別是在家居裝飾、電子產品和玩具等類別中。

In our view, these trends underscore how lower-income households are under increasing financial stress and directing their spending towards needs-based goods.

我們認為，這些趨勢突顯出低收入家庭面臨越來越大的財務壓力，並將其支出轉向基於需求的商品。

While traffic and ticket were both positive for the quarter, results did soften substantially as we moved through the quarter, with average ticket turning negative in October as our customers pulled back and we realized the adverse impact of the OTC recall. Even with these external challenges, Family Dollar grew market share in consumables, with both unit and dollar growth exceeding the market by wide margins.

雖然本季的客流量和客票量均呈正值，但隨著本季的進展，業績大幅走軟，隨著我們的客戶撤退以及我們意識到OTC 召回的不利影響，10 月份的平均客票量變為負值。儘管面臨這些外部挑戰，Family Dollar 在消費品領域的市佔率仍在成長，單位數量和美元成長都大幅超過市場。

Although our low prices enable us to operate from a position of strength in consumables, our lower-income customers at Family Dollar have been especially pressured by reductions in government SNAP benefits. Nationwide, third quarter SNAP benefits were down 23% on a year-over-year basis, which was much more than the 5% reduction in quarter 1 or the 16% reduction in quarter 2.

儘管我們的低價使我們能夠在消耗品領域佔據優勢地位，但 Family Dollar 的低收入客戶尤其受到政府 SNAP 福利減少的壓力。在全國範圍內，第三季 SNAP 福利年減 23%，遠高於第一季 5% 的降幅或第二季 16% 的降幅。

Timing-wise, the month-by-month deceleration in our quarter 3 comps matched the progressive reductions in national SNAP payments throughout the quarter.

從時間來看，我們第三季度比較的逐月減速與整個季度國家 SNAP 付款的逐步減少相匹配。

In addition to pressure from lower SNAP payments, Family Dollar's comps were negatively affected by lower tax refunds this year. That said, I believe that the wide range of growth initiatives we have in place will help us maintain our momentum relative to the competition.

除了 SNAP 付款減少的壓力之外，Family Dollar 的公司業績也受到今年退稅減少的負面影響。也就是說，我相信我們採取的廣泛的成長舉措將幫助我們保持相對於競爭對手的勢頭。

As a value retailer, we're uniquely positioned to meet customers' needs in a challenging economic environment. We remain focused on the factors that we can control, and we'll continue to navigate as best we can around those that we don't.

作為一家價值零售商，我們擁有獨特的優勢，可以在充滿挑戰的經濟環境中滿足客戶的需求。我們仍然專注於我們可以控制的因素，並且我們將繼續盡最大努力繞過那些我們無法控制的因素。

Now let me take a few minutes to update you on our transformation journey. Our merchandising, IT and supply chain initiatives are on time and on budget, and we are pleased with our progress to date.

現在，讓我花幾分鐘時間向您介紹我們的轉型之旅的最新情況。我們的銷售、IT 和供應鏈計劃按時按預算進行，我們對迄今為止的進展感到滿意。

At Dollar Tree, we're ahead of schedule on our multi-price journey. Our Dollar Tree Plus assortment is now available in 4,500 stores, and we are on track to finish the year with more than 4,900. Our Dollar Tree frozen and refrigerated assortments are now in 6,500 stores, significantly ahead of our original year-end target of 5,500.

在 Dollar Tree，我們的多價格之旅提前了。我們的 Dollar Tree Plus 產品系列現已在 4,500 家商店出售，預計今年年底的銷售數量將超過 4,900 家。我們的 Dollar Tree 冷凍和冷藏品種現已在 6,500 家商店銷售，大大超出了我們原定的年底目標 5,500 家。

Customers are clearly responding to our expanded multi-price assortment as our research shows us that 17% of U.S. households have purchased a multi-price product from a Dollar Tree store at least once in the past 12 months. Importantly, these customers are adding multi-price products on top of their traditional baskets. For example, in quarter 3, the average multi-price basket included 2.3 multi-priced items and 11.6 traditional $1.25 items.

客戶對我們擴大的多價產品種類做出了明顯的反應，因為我們的研究表明，17% 的美國家庭在過去 12 個月內至少從 Dollar Tree 商店購買過一次多價產品。重要的是，這些客戶在傳統購物籃的基礎上添加了多價產品。例如，在第三季度，多價購物籃中平均包含 2.3 種多價商品和 11.6 種傳統 1.25 美元商品。

At Family Dollar, we completed our planogram resets by November as scheduled, improving and expanding our product assortment while increasing our shelf profile and merchandising to [78] inches across the portfolio. We're on track to renovate more than 1,000 Family Dollar stores by year-end. We have now upgraded 1,600 Family Dollar stores to our H 2.5 rural and extra-small box formats.

在 Family Dollar，我們按計劃在 11 月之前完成了貨架圖重置，改進和擴大了我們的產品種類，同時將整個產品組合的貨架輪廓和商品陳列增加到 [78] 英寸。我們預計在年底前翻新 1,000 多家 Family Dollar 商店。我們現已將 1,600 家 Family Dollar 商店升級為 H 2.5 農村和超小盒子格式。

In quarter 3, private brand penetration at Family Dollar reached 14%, a quarter ahead of schedule, and we are on pace to hit our 20% target by 2026. We are also on track to add over 70 new SKUs to our Family Wellness product line and more than 100 new private brand SKUs in total by the end of December. Within that same time frame, we also expect to complete our conversion of 300 control brands to private brands.

第三季度，Family Dollar 的自有品牌滲透率達到 14%，比原計劃提前了一個季度，我們正在努力實現到 2026 年 20% 的目標。我們還有望在 Family Wellness 產品中添加 70 多個新 SKU截至12月底，新增自有品牌SKU總計超過100個。在同一時間範圍內，我們也預計完成 300 個控製品牌向自有品牌的轉變。

In real estate, we opened 197 new stores in quarter 3, and we are on track to meet our target of 600 to 650 new stores this year.

在房地產領域，我們在第三季開設了 197 家新店，我們預計將實現今年 600 至 650 家新店的目標。

In supply chain, we are preparing to implement our streamlined delivery process for stores serviced by our Matthews, North Carolina distribution center with roto carts and liftgate trailers starting next month. We have been testing our roto carts, and the feedback has been extremely positive. We remain on schedule for all of our distribution centers to be using roto carts by the end of 2027.

在供應鏈方面，我們正準備從下個月開始，為北卡羅來納州馬修斯配送中心提供旋轉推車和升降門拖車的商店實施簡化的送貨流程。我們一直在測試我們的旋轉推車，並且得到了非常積極的回饋。我們仍按計畫在 2027 年底前在所有配送中心使用旋轉推車。

Across our teams, the investments we've made in our people, including increased wages in key markets, simplified work at the store level and increased communications throughout the company, are driving meaningful improvements in store turnover and associate satisfaction.

在我們的團隊中，我們對員工的投資，包括提高主要市場的工資、簡化商店層面的工作以及加強整個公司的溝通，正在推動商店營業額和員工滿意度的顯著改善。

Additionally, as we prepared for our busiest season of the year, I'm proud to report that our annual National Hiring Day in mid-October was a huge success. We hired nearly 14,000 part-time associates to work in our stores for the current holiday season, an all-time record for this event.

此外，當我們為一年中最繁忙的季節做準備時，我很自豪地向大家報告，我們十月中旬的年度全國招聘日取得了巨大成功。在當前假期期間，我們僱用了近 14,000 名兼職員工在我們的商店工作，這是活動的歷史記錄。

While we still have a lot of work to do in this transformational journey, I am pleased with what we've accomplished to date. We are focused on our plans to accelerate sales and grow earnings, and I remain confident in our ability to execute this ambitious undertaking.

雖然在這趟轉型之旅中我們還有很多工作要做，但我對我們迄今為止所取得的成就感到滿意。我們專注於加速銷售和增加收入的計劃，我對我們執行這項雄心勃勃的事業的能力仍然充滿信心。

That said, this journey also needs to be dynamic and adapt to changing market conditions and our learnings along the way. We believe being thoughtful about our store portfolio will help enhance our results.

也就是說，這趟旅程也需要是動態的，並且適應不斷變化的市場條件和我們一路走來的經驗教訓。我們相信，深思熟慮我們的商店組合將有助於提高我們的業績。

To maximize value creation, we need to periodically reevaluate our portfolio in terms of current market conditions, individual store performance and overall portfolio considerations. To this end, we have initiated a comprehensive review of our Family Dollar portfolio to address underperforming stores that are not aligned with our transformative vision for the company.

為了最大限度地創造價值，我們需要根據當前的市場狀況、個別商店的業績和整體投資組合考慮因素定期重新評估我們的投資組合。為此，我們啟動了對 Family Dollar 投資組合的全面審查，以解決與我們公司變革願景不符的表現不佳的商店。

This will involve, among other things, identifying stores as candidates for closure, rebannering or relocation with the goal of ensuring that each assets under the Family Dollar banner is delivering its full value for our shareholders on a sustainable basis.

除此之外，這將涉及確定哪些商店是關閉、重新命名或搬遷的候選商店，目的是確保 Family Dollar 旗下的每項資產都能可持續地為我們的股東帶來全部價值。

I am a strong believer in the Family Dollar brand and what it means to our customers and associates in thousands of communities across the country. Going forward, we need to ensure that the Family Dollar portfolio is well positioned for success and meets the financial and operating objectives of our organization and the expectations of our valued customers and associates. We believe that this action will fortify our base, strengthen our brand and allow Family Dollar to achieve its full growth potential.

我堅信 Family Dollar 品牌及其對全國數千個社群的客戶和員工的意義。展望未來，我們需要確保 Family Dollar 投資組合能夠取得成功，並滿足我們組織的財務和營運目標以及我們尊貴的客戶和員工的期望。我們相信，這項行動將鞏固我們的基礎，增強我們的品牌，並使 Family Dollar 充分發揮其成長潛力。

Jeff will now review our financial results and outlook for the remainder of the year.

傑夫現在將回顧我們今年剩餘時間的財務表現和前景。

Thank you, Rick, and good morning, everyone. In the third quarter, our Dollar Tree and Family Dollar segments, both generated higher levels of customer traffic, unit volume and increased market share. Overall, we generated 5% more gross profit dollars in the third quarter than we did last year as consumers continue to respond positively to our growth initiatives.

謝謝你，瑞克，大家早安。第三季度，我們的 Dollar Tree 和 Family Dollar 業務均產生了更高水準的客戶流量、單位數量和市場份額。總體而言，由於消費者繼續對我們的成長計劃做出積極反應，我們第三季的毛利比去年增加了 5%。

Consistent with prior-quarter trends, sales mix continued to shift towards consumables. This trend was more pronounced at Family Dollar, where our third quarter consumables mix reached an all-time high of 82%.

與上一季的趨勢一致，銷售組合繼續轉向消耗品。這種趨勢在 Family Dollar 上表現得更為明顯，我們第三季的消費品組合達到了 82% 的歷史新高。

Looking at the business on a consolidated basis, net sales increased 5.4% to $7.3 billion. Operating income declined 20.9% to $301.7 million. Operating margin compressed 140 basis points, which was a substantial trend improvement versus the first 2 quarters of the year. The contraction in Q3 operating margin was driven by a 15 basis point decrease in gross margin and a 125 basis point increase in SG&A rate.

從綜合業務來看，淨銷售額成長 5.4%，達到 73 億美元。營業收入下降 20.9% 至 3.017 億美元。營業利潤率壓縮了 140 個基點，與今年前兩個季度相比，這是一個顯著的趨勢改善。第三季營業利潤率收縮是由於毛利率下降 15 個基點和 SG&A 率上升 125 個基點。

Gross margin contracted primarily from higher shrink, unfavorable product mix, increased distribution costs and markdowns from the OTC recall. This was partially offset by lower freight costs.

毛利率下降主要是由於收縮率上升、產品組合不利、分銷成本增加以及 OTC 召回造成的降價。這被較低的貨運成本部分抵消。

While still elevated across both banners, shrink results were mostly in line with our expectations. We have now completed physical inventory checks across more than 90% of our stores, with a balance set for completion in January.

雖然這兩個指標仍然較高，但收縮結果基本上符合我們的預期。目前，我們已完成 90% 以上門市的實際庫存檢查，剩餘部分將於 1 月完成。

SG&A expenses expanded primarily from ongoing labor investments in our stores, IT costs, depreciation and facility costs. Our effective tax rate was 21.8% versus 23.4%. Our tax rate was favorable versus expectations as higher work opportunity tax credits and lower net state taxes were partially offset by higher nondeductible expenses.

SG&A 支出主要來自於我們商店持續的勞動投資、IT 成本、折舊和設施成本。我們的有效稅率為 21.8%，而實際稅率為 23.4%。我們的稅率比預期有利，因為較高的工作機會稅收抵免和較低的淨州稅被較高的不可扣除費用部分抵消。

Net income was $212 million, and diluted EPS was $0.97 versus $1.20. The net impact of the OTC recall was approximately $0.05 per share.

淨利潤為 2.12 億美元，稀釋後每股收益為 0.97 美元，而稀釋後每股收益為 1.20 美元。 OTC 召回的淨影響約為每股 0.05 美元。

At the business segment level, Dollar Tree's net sales increased by 6.6% to $4 billion. Operating income declined 3.4% to $482.7 million. And operating margin compressed approximately 125 basis points, driven by a 55 basis point decrease in gross margin and a 70 basis point increase in SG&A rate.

在業務部門層面，Dollar Tree 的淨銷售額成長了 6.6%，達到 40 億美元。營業收入下降 3.4% 至 4.827 億美元。由於毛利率下降 55 個基點和 SG&A 率上升 70 個基點，營業利潤率壓縮約 125 個基點。

Gross margin contracted primarily from higher product costs, distribution center costs and shrink. These were partially offset by lower freight and sales leverage and occupancy cost.

毛利率收縮主要是因為產品成本上升、配送中心成本下降。這些被較低的貨運和銷售槓桿以及佔用成本部分抵消。

SG&A expenses expanded principally from store labor investments, minimum wage increases and facility costs. These were partially offset by sales leverage.

SG&A 支出主要來自商店勞動投資、最低工資上漲和設施成本。這些被銷售槓桿部分抵消。

Family Dollar's net sales increased by 3.9% to $3.3 billion. Operating income declined $47.9 million to a loss of $66.3 million. Operating margin compressed 140 basis points on a 20 basis point increase in gross margin and a 160 basis point increase in SG&A rate.

Family Dollar 的淨銷售額成長 3.9%，達到 33 億美元。營業收入下降 4,790 萬美元，虧損 6,630 萬美元。毛利率上升 20 個基點，SG&A 率上升 160 個基點，營業利益率下降 140 個基點。

Gross margin increased primarily from lower freight, partially offset by higher shrink, markdowns related to the OTC recall and sales mix. SG&A expenses increased primarily from labor investments, minimum wage increases, facility costs, costs related to the OTC recall and depreciation.

毛利率的成長主要來自運費的下降，但部分被與 OTC 召回和銷售組合相關的收縮率上升、降價所抵消。 SG&A 支出的增加主要來自勞動投資、最低工資上漲、設施成本、與 OTC 召回和折舊相關的成本。

Moving on to the balance sheet and free cash flow. As a reminder, my comments reflect balance sheet comparisons between Q3 2023 and Q3 2022. Inventory decreased by 2.5%. As we work through our shipments of seasonal imports, we expect a meaningful improvement in our inventory position by year-end.

接下來是資產負債表和自由現金流。提醒一下，我的評論反映了 2023 年第三季和 2022 年第三季的資產負債表比較。庫存下降了 2.5%。當我們處理季節性進口貨物時，我們預計到年底我們的庫存狀況將出現有意義的改善。

Third quarter capital expenditures were $541.4 million versus $391.2 million, reflecting elevated investments in new store openings, renovations, supply chain and IT. Free cash flow improved $142.1 million versus the third quarter last year. This improvement comes despite a challenging macro environment and the accelerated investments to support our multiyear growth strategy.

第三季資本支出為 5.414 億美元，而第三季資本支出為 3.912 億美元，反映出新店在開業、裝修、供應鏈和 IT 的投資增加。自由現金流比去年第三季增加了 1.421 億美元。儘管宏觀環境充滿挑戰，並且為支持我們的多年成長策略而加速投資，但這項改善還是出現了。

For the 9 months of 2023, free cash flow improved $299.1 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.

2023 年的9 個月，自由現金流較去年同期增加了2.991 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的淨利潤減少、資本支出增加和應付賬款時間安排的影響。

In the third quarter, we repurchased approximately 2.2 million shares for $252.3 million, including applicable excise tax. At quarter end, we had $1.35 billion remaining under our share repurchase authorization. Cash and cash equivalents totaled $444.6 million compared to $439 million.

第三季度，我們以 2.523 億美元回購了約 220 萬股股票，其中包括適用的消費稅。截至季末，我們的股票回購授權尚有 13.5 億美元。現金及現金等價物總額為 4.446 億美元，去年同期為 4.39 億美元。

You'll recall last quarter, we announced our new commercial paper program as an additional source of liquidity to manage our working capital needs. At quarter end, we had $230 million outstanding under this program.

您還記得上個季度，我們宣布了新的商業票據計劃，作為管理我們營運資金需求的額外流動性來源。截至季末，我們在該計劃下尚未償還 2.3 億美元。

During the third quarter, we also implemented a new supply chain finance program. Participation in this program is voluntary for our suppliers and provides them with additional flexibility to finance payments due from Dollar Tree. This process will be managed by a third-party financial institution. At quarter end, our leverage, as defined under our revolving credit agreement, was 2.53x.

第三季度，我們也實施了新的供應鏈金融計畫。我們的供應商自願參與該計劃，並為他們提供額外的靈活性來資助 Dollar Tree 的應付款項。此過程將由第三方金融機構管理。截至季末，我們的槓桿率（根據循環信貸協議定義）為 2.53 倍。

Now let me provide some perspective into our sales and EPS expectations for the fourth quarter and its impact on our full-year outlook.

現在讓我對第四季度的銷售和每股收益預期及其對全年前景的影響提供一些看法。

Our outlook takes into consideration the following factors and expectations: Consistent with our prior expectations and the patterns we have seen throughout the year, we expect shrink trends will remain unfavorable in the fourth quarter. Family Dollar comps are expected to remain soft, reflecting the unfavorable macro environment for low-income households, continued discretionary weakness and elevated promotional activity in the market.

我們的展望考慮了以下因素和預期： 與我們先前的預期和我們全年看到的模式一致，我們預計第四季度的收縮趨勢仍將不利。 Family Dollar 預計將保持疲軟，反映出低收入家庭不利的宏觀環境、可自由支配的持續疲軟以及市場促銷活動的增加。

On the plus side, we expect continued strength at the Dollar Tree banner as consumers embrace our compelling value proposition and multi-price strategy in addition to incremental freight savings.

從好的方面來說，隨著消費者接受我們令人信服的價值主張和多價格策略以及增量運費節省，我們預計 Dollar Tree 的旗幟將繼續保持強勢。

With that background, we expect net sales for the fourth quarter will be in the range of $8.6 billion to $8.8 billion, based on low single-digit increase in comp store sales for the enterprise, supported by a mid-single-digit increase at Dollar Tree and a minus 1% to plus 1% comp at Family Dollar.

在此背景下，我們預計第四季度的淨銷售額將在86 億美元至88 億美元之間，這是基於企業公司商店銷售額的低個位數增長，以及美元中個位數增長的支持. Family Dollar 提供樹木和負 1% 至正 1% 的補償。

As a reminder, last year's Family Dollar comp accelerated meaningfully throughout the year, most notably in the back half as we began our price and labor investments and launched our transformation initiatives. Our Family Dollar comp results for Q3 and outlook for Q4 reflect these tougher comparisons.

提醒一下，去年的家庭美元比較在全年中顯著加速，尤其是在下半年，因為我們開始了價格和勞動力投資並啟動了轉型計劃。我們第三季的 Family Dollar 比較結果和第四季的前景反映了這些更嚴格的比較。

We estimate fourth quarter diluted EPS will be in the range of $2.58 to $2.78. For the fiscal year, which includes a 53rd week, we expect sales in the range of $30.5 billion to $30.7 billion, driven by a mid-single-digit increase in comp store sales at the enterprise level, supported by a mid-single-digit comp at Dollar Tree and a low single-digit comp at Family Dollar.

我們預計第四季度稀釋後每股收益將在 2.58 美元至 2.78 美元之間。對於包括第53 週在內的本財年，我們預計銷售額將在305 億美元至307 億美元之間，這主要受到企業級商品商店銷售額中個位數增長的推動，並受到中個位數增長的支持Dollar Tree 的薪酬和 Family Dollar 的低個位數薪酬。

With respect to EPS, we believe that higher sales at Dollar Tree, incremental savings and freight and proactive expense controls will allow us to offset lower revenue expectations at Family Dollar. We are tightening our full-year GAAP EPS outlook to a range of $5.81 to $6.01, including the $0.12 legal reserve we took in the first quarter. We still expect selling square footage to grow by 3% to 3.5% for the year and new store growth to be back-end weighted.

就每股收益而言，我們相信 Dollar Tree 銷售額的增加、增量節省和運費以及積極的費用控制將使我們能夠抵消 Family Dollar 較低的收入預期。我們將全年 GAAP 每股收益預期收緊至 5.81 美元至 6.01 美元，其中包括我們在第一季度提取的 0.12 美元法定準備金。我們仍預期今年銷售面積將成長 3% 至 3.5%，新店成長將採用後端加權。

Other considerations in our 2023 outlook include the following: No incremental share repurchases. Depreciation and amortization should be in the range of $840 million to $845 million. Net interest expense should be approximately $30 million for the fourth quarter or approximately $110 million for the full year. We are assuming an effective tax rate of approximately 24% for the fourth quarter and approximately 23.5% for the full year.

我們 2023 年展望中的其他考量包括： 不進行增量股票回購。折舊和攤銷應在8.4億至8.45億美元之間。第四季淨利息支出約 3,000 萬美元，全年淨利息支出約 1.1 億美元。我們假設第四季的有效稅率約為 24%，全年的有效稅率約為 23.5%。

We expect 218.4 million diluted shares for the fourth quarter and 220 million diluted shares for the full year. We expect capital expenditures will total approximately $2 billion, with approximately 40% allocated towards maintenance CapEx and the balance toward growth initiatives.

我們預計第四季稀釋後股票數量為 2.184 億股，全年稀釋後股票數量為 2.20 億股。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，其餘則用於成長計畫。

Finally, our Q4 and full-year outlook does not include any potential impact from the optimization review of the Family Dollar portfolio that Rick outlined in his remarks. We expect the review process will take several months, and we will update you on our progress no later than our Q4 call in March.

最後，我們的第四季度和全年展望不包括 Rick 在演講中概述的 Family Dollar 投資組合優化審查的任何潛在影響。我們預計審核過程將需要幾個月的時間，我們將在 3 月的第四季電話會議之前向您通報我們的進度。

Now, I'll turn the call back over to Rick for closing remarks.

現在，我將把電話轉回給里克，讓他作結束語。

Thank you, Jeff. Similar to other retailers you've heard from this earnings season, we are seeing more macro pressures than we did earlier in the year, particularly among our lower-income consumers. Nonetheless, I'm encouraged by our market share momentum and am confident in our outlook for the balance of the year.

謝謝你，傑夫。與您在本財報季聽到的其他零售商類似，我們看到比今年早些時候更大的宏觀壓力，特別是在我們的低收入消費者中。儘管如此，我對我們的市佔率勢頭感到鼓舞，並對我們今年剩餘時間的前景充滿信心。

Across our enterprise, we are making good progress on our transformation initiatives. As I've said before, we benchmark our operating performance on growing traffic, units and sales per square foot. All three of these metrics are heading in the right direction.

在我們的整個企業中，我們的轉型計劃正在取得良好進展。正如我之前所說，我們根據不斷增長的客流量、單位面積和每平方英尺銷售額來衡量我們的營運績效。所有這三個指標都朝著正確的方向發展。

With the steps we're taking to optimize our Family Dollar portfolio, we want to be better positioned to meet the financial and operating objectives of our organization and the expectations of our valued customers and associates.

透過我們正在採取的優化 Family Dollar 投資組合的措施，我們希望能夠更好地滿足我們組織的財務和營運目標以及我們尊貴的客戶和員工的期望。

Relative to our competition, we want to operate from a position of strength at both banners. I look forward to updating you on our continued progress in the months ahead.

相對於我們的競爭對手，我們希望在兩個領域都擁有優勢地位。我期待著向您通報我們未來幾個月的持續進展。

And since we're in the midst of the important holiday season, I also want to take this opportunity to thank our more than 200,000 associates for their dedication in support of our continued growth as an organization.

由於我們正處於重要的假期期間，我也想藉此機會感謝我們超過 200,000 名員工為支持我們作為一個組織的持續發展所做的奉獻。

Operator, with that, Jeff and I are now ready to take questions.

接線員，傑夫和我現在準備好回答問題了。

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

（操作員說明）我們的第一個問題來自瑞銀集團的 Michael Lasser。

It's a two-part question. Number one is, given the economic environment that you're facing, seems to be different than what you expected when you offered your long-term guidance earlier this year, how does that influence your thinking about your ability to achieve $10 of earnings by 2026 if the economic environment that is current to date remains the case for the next few years?

這是一個由兩部分組成的問題。第一個問題是，考慮到您面臨的經濟環境似乎與您今年早些時候提供長期指導時的預期有所不同，這對您對到 2026 年實現 10 美元收入的能力的看法有何影響目前的經濟環境在未來幾年是否仍然如此？

And the second point is -- my second question is there's a perception that you're going to earn, call it, around $6 this year. You get $1 of freight benefit next year. And that would generate $7 of earnings. What would stand in the way of you not realizing that?

第二點是——我的第二個問題是，人們認為今年你會賺到大約 6 美元。明年您將獲得 1 美元的運費優惠。這將產生 7 美元的收入。如果你沒有意識到這一點，什麼會阻礙你呢？

I'm going to let Jeff handle that.

我會讓傑夫來處理這件事。

I appreciate your question. The first part of your question regarding the longer-term outlook, the economic environment that we're in today, we believe that we're managing through. You see the Dollar Tree and Family Dollar continue to take market share, they're doing well across consumables.

我很欣賞你的問題。你的問題的第一部分是關於長期前景，我們今天所處的經濟環境，我們相信我們正在渡過難關。您會看到 Dollar Tree 和 Family Dollar 繼續佔據市場份額，它們在消費品領域表現良好。

We believe that many of the actions that we're still sort of developing and will be put into action as we go through the fourth quarter into next year will help improve our top line, especially with a customer who is looking for additional value opportunities.

我們相信，我們仍在製定並將在第四季度到明年期間付諸實施的許多行動將有助於提高我們的收入，特別是對於正在尋找額外價值機會的客戶。

This is -- we're early in the transformation. We believe that the actions we're taking that we feel strongly will continue to move us forward to our longer-term outlook. There's a lot that's going to happen between now and 2026, and there really isn't a real crystal ball there, but we remain resolute in our outlook.

這是──我們正處於轉型的早期階段。我們相信，我們強烈感受到的正在採取的行動將繼續推動我們實現更長期的前景。從現在到 2026 年，將會發生很多事情，而且確實沒有真正的水晶球，但我們對我們的前景仍然堅定。

As it relates to 2024, I think that the way you're thinking about this from a standpoint on a sort of pro forma no growth, no incremental basis, yes, $7 of EPS when you take all the puts and takes between our forecast for this year. Remember, you've got to back up the 53rd week, which is about $0.30 in that. But we feel that that's a good starting point as you think about our 2024 outlook.

就2024 年而言，我認為您從一種預計的角度考慮這一問題的方式沒有增長，沒有增量基礎，是的，當您考慮我們預測之間的所有看跌期權和看跌期權時，每股收益為7 美元今年。請記住，您必須備份第 53 週，大約為 0.30 美元。但我們認為，當您思考我們的 2024 年前景時，這是一個很好的起點。

We remain very confident in our ability to pick up the additional dollar in freight and EPS. There may be some additional upside to that, based upon what we're currently trending. And the actions that we're taking and the returns that we believe we will get from the initiatives that we've started this year will continue to develop as we move forward, that's a good starting point for you.

我們對獲得額外的運費和每股收益的能力仍然非常有信心。根據我們目前的趨勢，這可能還有一些額外的好處。我們正在採取的行動以及我們相信將從今年開始的舉措中獲得的回報將隨著我們的前進而繼續發展，這對您來說是一個很好的起點。

And Michael, let me add a little more thoughts on getting the 2026 number. We remain very bullish on that. And I think as we look into 2024, what's important is the number of initiatives that we've gotten done in just 1 year are really starting to gain traction. .

邁克爾，讓我補充一下關於獲取 2026 年數字的更多想法。我們對此仍然非常樂觀。我認為，當我們展望 2024 年時，重要的是我們在短短一年內完成的舉措數量確實開始受到關注。 。

And let's not lose sight of the fact why the fact that discretionary sales are softer than we all want our consumable sales are excellent, and we're responding to the needs of the consumer.

我們不要忽視這樣一個事實，為什麼非必需品銷售比我們所有人希望的要疲軟，我們的消費品銷售非常好，而且我們正在滿足消費者的需求。

And when we have the items they want, they're going to come into the store and see the incremental items, the incremental price points on the Dollar Tree side. They're going to see the new shelf profile, and they're going to see the fact that we're more relevant. And that's what gives me great confidence as we look into '24 and beyond.

當我們有了他們想要的商品時，他們就會進入商店並看到增量商品，以及美元樹一側的增量價格點。他們將看到新的貨架概況，他們將看到我們更具相關性的事實。當我們展望 24 年及以後時，這給了我很大的信心。

Our next question today is coming from Simeon Gutman from Morgan Stanley.

今天我們的下一個問題來自摩根士丹利的西蒙·古特曼。

It's a little follow-up to the prior question and then maybe a slight second part. If we take again the $1 in freight, should we think about next year, again, without talking about real guidance, the core business should grow plus we get freight? Or you're not endorsing that the core business necessarily grows as we get freight for sure?

這是對前一個問題的一點後續，然後可能是第二部分。如果我們再次考慮 1 美元的運費，我們是否應該再次考慮明年，在不談論真正的指導的情況下，核心業務應該增長並且我們獲得運費？或者您不認為隨著我們獲得貨運，核心業務必然會成長？

And then just the second part of it is on Family Dollar, can you remind us if the crux of generating higher margins to sales productivity, then what's going to be the step-change? And when should that occur?

第二部分是關於 Family Dollar，您能否提醒我們，如果提高銷售生產力的利潤率的關鍵是什麼，那麼階躍變化是什麼？那應該什麼時候發生呢？

Want to take the first part?

想參加第一部分嗎？

You take the freight, and I'll take the second one.

你拿這批貨物，我拿第二批。

Very good. I think, and the way I was trying to respond to Michael's point from a standpoint of what's the starting point for FY '24 as he was kind of putting together the components, if you assume once again -- I think the view is looking at -- assuming a no growth, no incremental investment year, you would be starting off with a point that would be roughly $6.80 to $7 of EPS, assuming where we believe we'll end this year plus the additional dollar of freight and then once again, the other puts and takes around the 53rd week, which comes off as well as some of those discrete items we had this year as it relates to West Memphis, OTC and general liability.

非常好。我認為，我試圖從 24 財年的起點的角度來回應邁克爾的觀點，因為他正在將各個組成部分放在一起，如果你再次假設 - 我認為這種觀點正在考慮- 假設沒有增長，沒有增量投資的一年，你會從每股收益大約6.80 美元到7 美元的點開始，假設我們相信今年結束時加上額外的運費，然後再一次，另一個看跌期權和看跌期權大約在第53 週左右，它與我們今年的一些離散項目一樣消失，因為它與西孟菲斯、場外交易和一般責任有關。

But we believe that we will have the opportunity to grow our business from there. We're not giving guidance for 2024 as of yet. But I think that people are focused on the right components that get you to a starting point and then what your assumptions are based upon how you think our initiatives will continue to take hold and grow from there.

但我們相信，我們將有機會從那裡發展我們的業務。目前我們還沒有給出 2024 年的指導。但我認為人們關注的是正確的組成部分，這些組成部分可以讓你到達一個起點，然後你的假設是基於你認為我們的舉措將如何繼續站穩腳跟並從那裡發展。

And then in regards to Family Dollar and when we should start to see the incremental margin, I think as I reflect on where we're at right now, you think about the incremental SKUs, of which the bulk are OTC and HBA, which all carry higher margin rates, now they tend to be a little more discretionary. .

然後，關於 Family Dollar，當我們應該開始看到增量利潤時，我認為當我反思我們現在所處的位置時，你會想到增量 SKU，其中大部分是 OTC 和 HBA，它們都是保證金率較高，但現在他們往往更自由裁量。 。

You think about the fact that now private label -- we've already reached our 14%, which carries massive incremental margin. All of that stuff is going to be in place as we roll into 2024, which, again, gives me a lot of comfort on how Family Dollar is going to perform next year.

你想想現在自有品牌的事實——我們已經達到了 14%，這帶來了巨大的增量利潤。當我們進入 2024 年時，所有這些東西都將就位，這再次讓我對 Family Dollar 明年的表現感到非常放心。

There's no doubt there's pressure on that consumer. But I've always said the lower-income consumer has the ability to figure it out. And we are offering a better value proposition in Family Dollar than it has ever had. I'm very, very comfortable with the way the box looks, the way it's presented and how the consumer is responding.

毫無疑問，消費者面臨壓力。但我一直說低收入消費者有能力弄清楚這一點。我們在 Family Dollar 中提供了比以往更好的價值主張。我對盒子的外觀、展示方式以及消費者的反應感到非常非常滿意。

And I would add that when we entered quarter 3, the first period of the quarter, our comps were very good in Family Dollar, and we watched them [erode] through the period -- through the quarter. So again, we entered it from a very strong position.

我想補充一點，當我們進入第三季度，即該季度的第一階段時，我們在 Family Dollar 中的表現非常好，並且我們看到它們在整個時期（整個季度）中[受到侵蝕]。因此，我們再次以非常有利的地位進入了它。

Next question is coming from Paul Lejuez from Citi.

下一個問題來自花旗銀行的 Paul Lejuez。

Can you talk about your Family Dollar comp assumption 4Q, just how you're thinking about how it breaks down from a traffic versus ticket perspective?

您能否談談第四季度的家庭美元補償假設，以及您如何從流量與門票的角度考慮它如何分解？

And then within ticket, AUR versus [BT]? I'm curious if you can make any comments about your inflation assumptions for 4Q and FY '24?

然後在票內，AUR 與 [BT]？我很好奇您能否對 24 年第四季和 24 財年的通膨假設發表評論？

Paul, I guess the way we think about it, we really -- the balance of the comp has really been between ticket and traffic. It's been pretty consistent in its makeup. It's been around 50-50. What we've seen here more recently is ticket has dropped off as that customer has been a little more challenged.

保羅，我想我們的思考方式是，我們確實 - 補償的平衡實際上是在門票和流量之間。它的妝容非常一致。已經50-50左右了。我們最近在這裡看到的是，由於該客戶遇到了更多的挑戰，門票已經減少。

We're continuing to see that going into the fourth quarter, thus our guidance of down 1% to plus 1%. We're not prepared to start getting into AUR and other further -- [by-section] of it. But as we think about traffic and ticket, it's going to -- we think we're going to have traffic probably driving more of the comp, offset by some ticket pressure.

我們將繼續看到這種情況進入第四季度，因此我們的指導方針是下降 1% 至增加 1%。我們不准備開始深入了解 AUR 和其他內容 - [按部分]。但當我們考慮交通和門票時，我們認為交通可能會推動更多的競爭，並被一些門票壓力所抵消。

And Paul, I'd like to add to that, that I -- we look -- we are intently focused on three key metrics: Transactions, traffic, whatever you want to call it, unit growth and sales per square footage -- square foot. And those are the things that we want to report on because I believe that drives comp sales and ultimately, growth in the chain.

保羅，我想補充一點，我──我們看起來──我們專注於三個關鍵指標：交易、流量，無論你怎麼稱呼它，單位成長和每平方英尺的銷售額──平方公尺腳。這些就是我們想要報告的事情，因為我相信這會推動公司銷售並最終推動連鎖店的成長。

Your next question is coming from Edward Kelly from Wells Fargo.

你們的下一個問題來自富國銀行的愛德華‧凱利。

I wanted to ask you, I guess, a two-part question around Dollar Tree -- the core Dollar Tree business. You continue to roll out new price points. Maybe just an update on where you think the evolution of that is going over time? And how we should think about the timing of rollout of those price points?

我想，我想問你一個關於 Dollar Tree 的問題，這個問題分為兩個部分——Dollar Tree 的核心業務。您繼續推出新的價格點。也許只是更新一下您認為隨著時間的推移它的演變？我們該如何考慮這些價格點的推出時間？

And then, that concept generally, it does like it's developing into a very formidable traditional dollar store competitor. I'm curious as to where you think you're gaining the share from? Is there any impact in Family Dollar, given what is happening there? And how is the evolution of the concept impacting the way you think about growth, both number of units and where those units may go?

然後，總體而言，這個概念確實正在發展成為一個非常強大的傳統一元商店競爭對手。我很好奇你認為你從哪裡獲得份額？考慮到那裡發生的事情，對 Family Dollar 有什麼影響嗎？這個概念的演變如何影響您對成長的看法，包括單位數量和這些單位可能的去向？

Great question. Let's start with the price points. We have Rick McNeely and his team have done an outstanding job of introducing new price points. And you have to remember, Ed, we have to buy these things almost a year in advance in order to get them into the stores. And we're starting to see them arrive. We've actually done a test on Halloween and a number of stores with multi-price candy, and we're really, really excited with what happened with that.

很好的問題。讓我們從價格點開始。里克·麥克尼利（Rick McNeely）和他的團隊在引入新價位方面做得非常出色。你必須記住，艾德，我們必須提前幾乎一年購買這些東西才能進入商店。我們開始看到他們到來。實際上，我們已經在萬聖節和許多商店進行了多價糖果的測試，我們對所發生的事情感到非常非常興奮。

Now, it's really important that -- and I've said this frequently, I don't want anyone to think there's going to be 100 different price points in that store. We're going to -- our core price point is still $1.25. And what we're working on, what is the right amount and right number of price points.

現在，非常重要的是——我經常說過，我不想讓任何人認為那家商店裡會有 100 個不同的價位。我們的核心價格仍然是 1.25 美元。我們正在研究什麼，什麼是正確的數量和正確的價格點數量。

And what I can tell you is the consumer is -- it is -- when we broke the $1.25 a year ago, I have to tell you that, that barrier was broken, and now the consumer is very receptive to what's going on.

我可以告訴你的是，消費者是——確實是——當我們一年前突破 1.25 美元時，我必須告訴你，這個障礙已經被打破，現在消費者非常容易接受正在發生的事情。

And when we added an incremental price point, Rick and his team were not adding $1.25 item that's a little bit bigger or a little different at $2. We're adding a different item that has even more value. So there's no SKU overlap, which makes us a little more harder to get executed.

當我們添加增量價格點時，Rick 和他的團隊並沒有添加 1.25 美元的商品，而該商品的價格稍大或在 2 美元的價格上略有不同。我們正在增加一個具有更多價值的不同項目。所以不存在 SKU 重疊，這讓我們更難被執行。

Now we've already done the work. I know what it's going to take to get items into the store, get them marked, priced properly. 40% of our SKUs are coming from overseas, and they're going to add the price point right on the product. So a lot of great work has been done. And I think that's some of what we're seeing is the -- with the multi pricing, we've been able to make the brand more relevant to more people.

現在我們已經完成了工作。我知道如何才能將商品送入商店、標記並正確定價。我們 40% 的 SKU 來自海外，他們會在產品上添加價格點。因此，我們已經完成了很多偉大的工作。我認為我們看到的是——透過多種定價，我們已經能夠讓品牌與更多人更相關。

And I know it's hard, but the consumable side and the way the team reacted to that, I think, has also proved positive that we're attracting a different customer segment.

我知道這很難，但我認為，消費品方面以及團隊對此的反應方式也證明了我們正在吸引不同的客戶群。

Now in regards to future store growth, we are weighing right now, what is the proper mix between Family Dollar and Dollar Tree. Obviously, the Dollar Trees become very profitable very fast, and it appears that we've broadened the demographic appeal of that brand. And I've said this, a well-run Dollar Tree is a pretty powerful retail format. And it's a format that a lot of people would shop in.

現在，關於未來的商店成長，我們現在正在權衡 Family Dollar 和 Dollar Tree 之間的正確組合是什麼。顯然，美元樹很快就變得非常有利可圖，而且我們似乎已經擴大了品牌的人口吸引力。我已經說過，經營良好的 Dollar Tree 是個非常強大的零售業態。這是很多人購物的一種形式。

And the fact that we're getting our arms on the price points, the fact that we're getting our arms around our store standards is putting us in a position where that brand might be -- we might be able to go to different areas that we've historically stayed away from.

事實上，我們正​​在努力控制價格點，事實上我們正在努力控制我們的商店標準，這使我們處於該品牌可能所處的位置 - 我們可能能夠進入我們歷史上一直遠離的不同領域。

In regards to is it affecting Family Dollar, I would look at you and say, those are two different customer segments. The first thing we did when we got together as a team is realized that the go-to-market strategies for both brands are totally different.

至於它是否會影響 Family Dollar，我會看著你說，這是兩個不同的客戶群。當我們作為一個團隊聚集在一起時，我們做的第一件事是意識到兩個品牌的進入市場策略完全不同。

One is the thrill of the treasure hunt in and out, if you run out, I should have bought more versus Family Dollar, which is traditional consumable retailing, where there's an expectation of what has to be in that store, and it's got to be there every time I come in to get it.

一是進出尋寶的刺激，如果你用完了，我應該買更多的東西，而不是家庭美元，這是傳統的消費品零售，人們對商店裡必須有什麼有期望，而且它必須是每次我進來拿它的時候都在那裡。

And Ed, just to add, in the prepared comments, we had mentioned the fact that a lot of the growth that's happening in Dollar Tree is actually coming from that higher-income customer, where we're attracting 4.3 million new customers on a year-over-year basis. A lot of these customers are in that income demographic of $125,000 or greater, and we're capturing that basket.

Ed，我想補充一點，在準備好的評論中，我們提到了一個事實，即 Dollar Tree 的增長實際上來自於高收入客戶，我們每年吸引 430 萬新客戶- 同比基礎上。其中許多客戶的收入在 125,000 美元或以上，而我們正在抓住這一籃子客戶。

Next question today is coming from John Heinbockel from Guggenheim.

今天的下一個問題來自古根漢的約翰·海因博克爾。

Two quick things or -- maybe the first one is not as quick. But on your [FTL] review, can you talk philosophically, right, how you're going to attack that? Because on the one hand, you'd want to dedicate more resources to the stores that have the most potential, but you also don't want to cut back too far from a descaling or deleverage perspective. So maybe talk about that, the opportunity to convert all of those to Dollar Tree. Does that exist?

兩件事很快，或者——也許第一件事沒那麼快。但是在你的[FTL]評論中，你能從哲學角度談談你將如何解決這個問題嗎？因為一方面，您希望將更多資源投入最有潛力的商店，但從去規模或去槓桿化的角度來看，您也不希望削減太多資源。所以也許可以談談將所有這些轉換為美元樹的機會。那存在嗎？

And then my small follow-up is just remind us when you think you'll get to eight cooler doors at $3 to $5 price point at Dollar Tree, is that 2 years out, a year out, 3 years out? When is that?

然後我的小後續行動只是提醒我們，當你認為你會在 Dollar Tree 以 3 至 5 美元的價格買到八個冷藏門時，是 2 年、一年還是 3 年嗎？那是什麼時候？

Well, let's go with the easy one. The Dollar Tree cooler doors, we should have done within the next couple of years.

好吧，讓我們從簡單的開始。美元樹冷卻器門，我們應該在未來幾年內完成。

Now the [FTL] review, we started off with all of our initiatives and the idea being that we get everything in place and see what stores respond and what don't. And what I do want on this exercise, John, is not everyone to get ahead of me because I do think this is a very healthy thing to do and it's a timely thing to do.

現在進行 [FTL] 審查，我們從所有舉措和想法開始，我們的想法是，我們將一切準備就緒，看看哪些商店做出反應，哪些商店沒有反應。約翰，我在這項練習中真正想要的並不是每個人都超越我，因為我確實認為這是一件非常健康的事情，而且是一件及時的事情。

There will be some stores that will relocate, maybe some stores will close, maybe some stores will rebanner. But I do not have any of that information at this stage of the game. I've always prided myself on being transparent, and all I'm trying to do is tell the world we're taking a look at it.

會有一些商店會搬遷，也許有些商店會關閉，也許有些商店會重新橫幅。但在遊戲的現階段我沒有任何資訊。我一直為自己的透明性感到自豪，而我想做的就是告訴世界我們正在關注它。

And I do think it's prudent. And I do think -- I don't want anyone to misconstrue that I'm not totally behind Family Dollar because I am. And I don't want anyone to think that, that doesn't mean we're not going to grow Family Dollar because I'm not saying that at all. It's simply a matter of reallocating assets to where we think we can be more productive.

我確實認為這是謹慎的。我確實認為——我不想讓任何人誤解我並不完全支持 Family Dollar，因為我確實支持。我不想讓任何人認為，這並不意味著我們不會增加 Family Dollar，因為我根本沒有這麼說。這只是將資產重新分配到我們認為可以提高生產力的地方的問題。

Next question is coming from Matthew Boss from JPMorgan.

下一個問題來自摩根大通的馬修·博斯。

So a couple of questions from my side. Maybe first, Rick, on mid-single-digit comps at the Dollar Tree banner, what do you think is the best breakdown beyond this year to think about between traffic and ticket? At Family Dollar, Rick, what was the comp in October? Have you seen any change in November?

我這邊有幾個問題。也許首先，瑞克，在美元樹橫幅上的中個位數比較中，您認為今年之後要考慮的流量和門票之間的最佳細分是什麼？ Rick，Family Dollar 十月的薪水是多少？ 11月你有看到什麼改變嗎？

And then, Jeff, could you just elaborate on what you've seen change in the promotional landscape?

然後，傑夫，您能詳細說明您所看到的促銷環境所發生的變化嗎？

Yes. I mean, let me -- let's start with the promotional landscape, and I'll take that, Jeff, if that's okay, and let you put the color around it. .

是的。我的意思是，讓我——讓我們從促銷環境開始，傑夫，如果可以的話，我會接受它，然後讓你給它加上顏色。 。

I think the promotional landscape, I have not seen anything irrational at this stage of the game. I would look at you and tell you that we are seeing discretionary items being promoted, which I think is more a reflex against people worried about the inventory they have on hand.

我認為在促銷方面，我還沒有看到現階段遊戲有什麼不合理的地方。我會看著你並告訴你，我們看到非必需品正在促銷，我認為這更多是對人們擔心手頭庫存的反應。

I will tell you, Thanksgiving being an all-time grocer, historically, you get the right price on turkey, then you make your money on all the grocery items around it. We saw a lot of incredibly well-priced grocery items this year coming out of the big box and the grocery channel, which is a little contrary. And there has been elevated activity on [CSD], basically 12 packs. But other than that, there hasn't been a lot out there.

我會告訴你，感恩節是一個歷史悠久的雜貨商，從歷史上看，你會以合適的價格買到火雞，然後你就可以在周圍的所有雜貨上賺錢。今年我們看到很多價格非常實惠的雜貨商品從大盒子和雜貨渠道中出來，這有點相反。 [CSD] 的活動也有所增加，基本上是 12 包。但除此之外，並沒有太多東西。

And then on the first question?

那麼第一個問題呢？

There was a question regarding the Family Dollar comps. The Family Dollar comps during the course of the quarter, they softened as we went through the quarter. We started off with a nice pace.

有一個關於家庭美元補償的問題。在本季度中，家庭美元的比較在我們經歷該季度時有所疲軟。我們以良好的節奏開始。

October was the most challenged month of the quarter. And you'll see that, that was across all retail. We were essentially flat in that particular month. And our guidance for Q4 was reflecting the fact that, that has continued to soften for us, and that's the guidance of down 1% to plus 1% for the entire quarter.

十月是本季最具挑戰性的月份。你會發現，所有零售業都是如此。在那個特定的月份我們基本上持平。我們對第四季度的指導反映了這樣一個事實，即我們的情況持續疲軟，整個季度的指導是下降 1% 到+ 1%。

And the one thing I'd add to that, Matt, while we think -- we saw things soften in October, I'm knocking on wood here thank God, we had our initiatives in place because while it softened, it could have been a lot worse. And I'm very pleased how we got ourselves through that quarter.

我要補充的一件事是，馬特，雖然我們認為- 我們看到十月份的情況有所緩和，感謝上帝，我在這裡敲木頭，我們已經採取了舉措，因為雖然情況有所緩和，但它本來可以更糟。我很高興我們如何度過了這個季度。

Next question is coming from Kate McShane from Goldman Sachs.

下一個問題來自高盛的凱特·麥克沙恩。

We wanted to ask specifically about Dollar Tree. We know you noted that you saw a broader range of income shopping at Dollar Tree and it contributed to your Q3 comp growth at the higher end. We wondered with regards to the lower end, just what you're seeing specific to the Dollar Tree banner?

我們想具體詢問有關美元樹的情況。我們知道您注意到您在 Dollar Tree 購物時看到了更廣泛的收入範圍，這為您第三季的高端複合成長做出了貢獻。我們想知道關於低端的情況，您所看到的美元樹橫幅具體是什麼？

I would say -- I mean, I would look at you and say, Dollar Tree has always had a broad appeal. And I think what we're seeing, what we're focused on is the fact that we're seeing a trade down in the Dollar Tree. I would say, the customer base is essentially the same. There's been no erosion in the lower-income strata, but the growth, undoubtedly, is coming from the higher income, $125,000 a year.

我想說——我的意思是，我會看著你說，美元樹一直有著廣泛的吸引力。我認為我們所看到的、我們關注的是美元樹交易下降的事實。我想說，客戶群本質上是一樣的。低收入階層並沒有受到侵蝕，但毫無疑問，成長來自於較高收入群體，即每年 125,000 美元。

I reflect back on this, for Dollar Tree, had a very strong consumable performance but also better than a 1% comp in discretionary and still showing growth on a -- it's a sizable growth on a year-over-year basis in discretionary.

我回想一下，Dollar Tree 的消費品表現非常強勁，但在可自由支配方面也優於 1% 的比較，並且仍然顯示出增長——可自由支配方面的同比增長相當大。

The lower-end customer -- lower-income customer, we're probably seeing more of their dollar in consumables, which is good because we're continuing to capture units and share there.

對於低端客戶——低收入客戶，我們可能會看到更多的錢花在消耗品上，這很好，因為我們正在繼續捕獲單位並在那裡分享。

The higher-income customers supporting us in that discretionary as well as in consumable areas with respect to the multi-price also. So it's a combination of both those customers as Thanksgiving has a strong performance across the Dollar Tree banner.

高收入客戶在可自由支配的領域以及在多價格方面的消費品領域也支持我們。因此，這是這兩位客戶的結合，因為感恩節在 Dollar Tree 旗幟上表現強勁。

Next question is coming from Krisztina Katai from Deutsche Bank.

下一個問題來自德意志銀行的 Krisztina Katai。

So my question is on Family Dollar. Understandably, there was some weakness with the low-end consumer. But how are you planning to address the softer-than-planned top line at Family Dollar to get it back on track towards mid-single digits? That is a big part of the profitability inflection, so how do you think about your current pricing position relative to your peers?

所以我的問題是關於家庭美元。可以理解的是，低端消費者存在一些弱點。但是，您打算如何解決 Family Dollar 的收入低於計劃的問題，使其回到中個位數的軌道？這是獲利能力拐點的重要組成部分，那麼您如何看待您目前相對於同業的定價地位？

And then the second part of that, I know you're not guiding to next year, but philosophically, how best to think about the ability of the banner to drive positive units to offset any potential deflation next year in consumables?

然後是第二部分，我知道你不是在指導明年，而是從哲學上講，如何最好地考慮旗幟推動積極單位抵消明年消費品中任何潛在通貨緊縮的能力？

Yes. In regards to the top line, in regards to our pricing position, so first thing I would say, our pricing in Family Dollars as good as it's ever been. And we measure our pricing on a full book basis and what we call key value items. And key value items are the most sensitive items out there.

是的。就營收而言，就我們的定價地位而言，我首先要說的是，我們的 Family Dollars 定價一如既往地好。我們以整本書和所謂的關鍵價值項目為基礎來衡量我們的定價。鍵值項是最敏感的項。

And we do these checks every month, and we do them across multiple channels, so big box as well as small box, as well as drug, as well as grocery. And we're very, very comfortable where we're at. We're right around -- right on the mark at 100% in both, which means we have price parity.

我們每個月都會進行這些檢查，並且透過多個管道進行檢查，包括大盒子和小盒子，以及藥品和雜貨。我們現在所處的位置非常非常舒適。我們在這兩個方面都達到了 100% 的目標，這意味著我們具有價格平價。

And I believe -- and why we've been in this for a year now, I do believe the consumer is starting to respond to that. And remember, we had very powerful consumable growth in quarter 3 in the Family Dollar brand. It's the consumable side where that consumer is feeling that pressure.

我相信——以及為什麼我們已經在這方面投入了一年，我確實相信消費者已經開始對此做出反應。請記住，第三季我們的 Family Dollar 品牌消費品成長非常強勁。消費者感受到壓力的是消費品方面。

And I think you asked me a little bit about deflation. I would look at you and say, deflation will put us in a position where I think the consumer would be able to afford more discretionary items. So we'll take it as it comes. And of course, it should help us with our margin at the same time.

我想你問了我一些關於通貨緊縮的問題。我會看著你說，通貨緊縮將使我們處於這樣的境地，我認為消費者將能夠負擔更多的非必需品。所以我們會順其自然。當然，它同時應該有助於我們提高利潤。

Just to add one final point. With respect to the work that Larry and his team is doing in private brands is something that's really important for us. The ability to drive greater value for that customer, give [her] other options, this is something that we're really just fully getting implemented here in the fourth quarter, going into '24.

只是補充最後一點。拉里和他的團隊在自有品牌所做的工作對我們來說非常重要。為該客戶帶來更大價值的能力，為她提供其他選擇，這是我們真正在進入 24 年第四季才完全實現的。

So we believe that as that customer is looking for greater value, they have more options within our private brands. It's an opportunity for us to improve our margins. And to the extent that there is sort of price deflation, there's opportunity that can actually provide even more value as we think about how we assort that particular product line.

因此，我們相信，隨著客戶尋求更大的價值，他們在我們的自有品牌中擁有更多選擇。這是我們提高利潤率的機會。在某種程度上，存在某種價格通貨緊縮，當我們考慮如何分類特定的產品線時，實際上可以提供更多價值的機會。

Next question today is coming from Chuck Grom from Gordon Haskett.

今天的下一個問題來自戈登·哈斯克特的查克·格羅姆。

On the Family Dollar store optimization, I'm just curious how, why the comp and profitability gap exists today across the fleet?

關於 Family Dollar 商店的優化，我只是好奇為什麼現在整個車隊之間存在競爭和獲利能力差距？

And then I guess this question is more for Jeff. On the gross margin line for the fourth quarter, how should we think about that between each banner, [FPO] and the Tree and into 2024? What are the biggest puts and takes to think about?

然後我想這個問題比較適合傑夫。關於第四季的毛利率線，我們應該如何考慮每個橫幅、[FPO] 和 Tree 之間的毛利率以及到 2024 年的毛利率？需要考慮的最大的看跌期權和跌幅是什麼？

Yes. Chuck, the first question, I would rather not comment at this stage of the game as the process is underway and we have started it. And I will disclose more of that as we get -- when we get into the March call. But let's say this, obviously, it's an opportunity for us that we intend to address head on.

是的。查克，第一個問題，我不想在比賽的這個階段發表評論，因為這個過程正在進行中，我們已經開始了。當我們進入三月的電話會議時，我將透露更多資訊。但我們可以這麼說，顯然，這對我們來說是一個我們打算正面解決的機會。

And then, Chuck, I think your question is around Q4 and as we think about gross margins, let me take it Dollar Tree first. We would expect our margins to continue to expand in gross margins in the fourth quarter, largely driven by additional freight, the mix shift, a stronger mix of discretionary as you would normally have more seasonally.

然後，查克，我認為你的問題是關於第四季度的，當我們考慮毛利率時，讓我先考慮美元樹。我們預計第四季度的毛利率將繼續擴大，這主要是由於額外的運費、組合的轉變以及通常季節性的更強的可自由支配組合的推動。

The other impact there is that as we had mentioned, we've taken approximately 90% of our inventories, we have the remaining 10%. While we don't expect that remaining 10% to have any different outcomes than we had in the past, the impact on the quarter is much less because you're only talking about a small portion of your inventories on a much larger portion of your overall performance. So our expectation is for further gross margin expansion for Dollar Tree in the fourth quarter.

另一個影響是，正如我們所提到的，我們已經拿走了大約 90% 的庫存，剩下的 10%。雖然我們預計剩餘 10% 的結果不會與過去有任何不同，但對本季度的影響要小得多，因為您只談論庫存的一小部分，而不是庫存的大部分。整體表現。因此，我們預計 Dollar Tree 第四季的毛利率將進一步擴大。

We also believe that, that opportunity is there for Family Dollar also for many of the same reasons as it relates to freight, less of an impact of shrink on the quarter as well as some opportunities that we have within distribution. So we'd expect margin expansion -- gross margin expansion in the fourth quarter also for Family Dollar.

我們也相信，Family Dollar 也有這樣的機會，原因與貨運相關，減少了本季萎縮的影響，以及我們在分銷方面的一些機會。因此，我們預計 Family Dollar 的利潤率將在第四季度擴張。

Next question is coming from Scot Ciccarelli from Truist Securities.

下一個問題來自 Truist Securities 的 Scot Ciccarelli。

This is actually Josh Young on for Scot. On the shrink issue, obviously, it's been a big margin headwind this year. As we think about '24, where do you guys think you are in terms of dealing with it? You've talked about some of the mitigation efforts there, but curious if you think we're still in the early innings or do you think you're starting to make some substantial progress on dealing with the problem?

這實際上是喬什·楊（Josh Young）代表斯科特。顯然，在收縮問題上，今年的利潤率面臨很大的阻力。當我們思考「24」時，你們認為你們在處理這個問題上處於什麼位置？您已經談到了那裡的一些緩解措施，但很好奇您是否認為我們仍處於早期階段，或者您是否認為您在處理該問題方面已開始取得一些實質性進展？

Yes. I would say we're in the early innings, but I do feel we're making headway. The deal is that we take a physical inventory once a year. So if you make these improvements, these adjustments, you still have to wait in order to see them -- see the fruits of your labor.

是的。我想說我們還處於早期階段，但我確實覺得我們正在取得進展。協議是我們每年進行一次實體庫存。因此，如果你做出這些改進、這些調整，你仍然需要等待才能看到它們——看到你的勞動成果。

Now I can tell you, we've eliminated certain SKUs in certain stores. We've put items behind the check stand counter. We've moved certain items up front, so they have a line of sight to the cashier. And the important thing is we haven't affected our sales.

現在我可以告訴你，我們已經取消了某些商店的某些SKU。我們已將物品放在收銀台後面。我們已將某些商品移到前面，以便收銀員能夠看到它們。重要的是我們的銷售沒有受到影響。

And I might also say, we've put in, and I forgot to mention this, an anti-sweep OTC panel that's basically like sliding doors. And you move -- it doesn't lock the counter up, but you move that little door over and you could only pull one item out at a time, which prevents a thief from coming in and cleaning out the whole shelf.

我也可能會說，我們已經安裝了，但我忘記提及這一點，防掃 OTC 面板，基本上就像滑動門一樣。你移動——它不會鎖上櫃檯，但你把那扇小門移過來，你一次只能拉出一件物品，這可以防止小偷進來並清理整個架子。

So we think we're going to make progress. And I don't think it's -- we're going to have to cycle through everything. So it's not like it's going to be an overnight change. but I do believe we're moving in the right direction without having to lock product up.

所以我們認為我們將會取得進展。我不認為我們將不得不循環遍歷所有內容。所以這不會是一夕之間的改變。但我確實相信我們正在朝著正確的方向前進，而不必鎖定產品。

Our final question today is coming from Peter Keith from Piper Sandler.

今天我們的最後一個問題來自 Piper Sandler 的 Peter Keith。

I just want to circle back on the deflation theme because that seems to be something that's percolating out for 2024. Rick, you mentioned your customers have a little bit more money. But is it possible that deflation could be negative for the banners, thinking about maybe less fill-in trips and maybe more competition?

我只想回顧一下通貨緊縮主題，因為這似乎是 2024 年將要發生的事情。Rick，你提到你的客戶有更多的錢。但通貨緊縮是否有可能對橫幅產生負面影響，考慮到可能會減少補差旅行並可能增加競爭？

So on the Dollar Tree side, all it will do is enhance the margin because you basically have a fixed price point, so we end up getting the goods cheaper. So I can say that it could be a benefit. It might have fixed the top line a little, but it should be a benefit.

因此，在美元樹方面，它所做的就是提高利潤，因為你基本上有一個固定的價格點，所以我們最終會得到更便宜的商品。所以我可以說這可能是一個好處。它可能稍微固定了營收，但這應該是一個好處。

To the Family Dollar side, I would look and say it might affect the top line. But again, I can make an argument, it should enhance the margin line.

對於家庭美元方面，我會說這可能會影響營收。但我可以再提出一個論點，它應該可以提高利潤線。

It also gives the opportunity for that customer to take those dollars. And our customer today is limiting their purchases, maybe more in consumables, less in discretionary. The additional disposable income that they would have would allow them to pick up an additional discretionary that they didn't have before.

它還為該客戶提供了獲取這些資金的機會。今天我們的客戶正在限制他們的購買，可能更多的是消耗品，更少的是非必需品。他們擁有的額外可支配收入將使他們能夠獲得以前沒有的額外自由支配收入。

Yes. And again, I'd add, if we do have deflation, it allows us to invest more in the value of the product and actually give the consumer something a little bit additional.

是的。我想再次補充一下，如果我們確實出現通貨緊縮，它使我們能夠對產品的價值進行更多投資，並實際上為消費者提供一些額外的東西。

We've 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.

我們的問答環節已經結束。我想將發言權交還給管理階層，以徵求進一步的意見或結束意見。

Thank you all very much for taking the time, and look forward to talking to you soon.

非常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 lines 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路廣播到此結束。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。