美元樹 (DLTR) 2023 Q4 法說會逐字稿

Hello, and welcome to the Dollar Tree Q4 2023 Earnings Call. (Operator Instructions)

您好，歡迎參加 Dollar Tree 2023 年第四季財報電話會議。 （操作員說明）

At this time, I'd like to turn the call over to Bob LaFleur, Senior Vice President, Investor Relations. Please go ahead, sir.

現在，我想將電話轉給投資者關係高級副總裁 Bob LaFleur。請繼續，先生。

Good morning, and thank you for joining us today to discuss Dollar Tree's fourth 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 第四季的業績。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 discussion and analysis of financial condition and results of operations section in our annual report on Form 10-K filed on March 10, 2023, our most recent press release, and Form 8-K, and other filings with the SEC. 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.

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經營業績分析部分，我們最新的新聞稿、8-K 表以及向 SEC 提交的其他文件。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 those 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。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較的公認會計準則財務指標的對帳。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 fourth quarter of fiscal 2023 or 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 財年第四季度或上年同期。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) I'd now 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）我現在想將電話轉給 Rick。

Thanks, Bob. Good morning, everyone. This past year, our organization made meaningful progress in the ongoing transformation of our core business, which includes building a foundation for sustainable growth. While I have been Chairman and CEO for a year now, we are still in the early stages of this transformation journey. We're off to a good start and we remain focused, and we are excited about the remaining transformation work that lies ahead of us.

謝謝，鮑伯。大家，早安。去年，我們的組織在核心業務的持續轉型方面取得了有意義的進展，其中包括為永續成長奠定了基礎。雖然我擔任董事長兼執行長已經一年了，但我們仍處於轉型之旅的早期階段。我們有了一個良好的開端，我們仍然專注，我們對擺在我們面前的剩餘轉型工作感到興奮。

You've heard me say that sales per square foot, transactions and units are among the most important benchmarks in retail. I am pleased to report that we are seeing growth across all three, and momentum is building across the business. We are making progress on the operational objectives of our transformation. And in some areas, we are seeing positive results earlier than we expected. While the transformation process is dynamic, we remain focused on delivering against our core growth objectives and as always, navigating through the challenges we encounter along the way.

您聽過我說過，每平方英尺的銷售額、交易量和單位數量是零售業最重要的基準之一。我很高興地報告，我們看到這三個方面都在成長，整個業務的勢頭正在增強。我們正在實現轉型的營運目標方面取得進展。在某些領域，我們比預期更早看到了正面成果。雖然轉型過程是動態的，但我們仍然專注於實現我們的核心成長目標，並一如既往地應對我們一路上遇到的挑戰。

As I previewed on our last call, we are also taking decisive steps to strengthen the Family Dollar brand and better position it to achieve its full potential. We took a thoughtful and deliberate approach to address underperforming stores by considering each individual store's performance, local operating environment, and our broader need for scale and operating efficiencies across the portfolio. As part of the portfolio review process, we have identified approximately 600 Family Dollar stores that we will close in the first half of fiscal 2024. Additionally, approximately 370 more Family Dollar, and 30 Dollar Tree stores will close at the end of each store's current lease term.

正如我在上次電話會議中所預見的那樣，我們還將採取果斷措施來強化 Family Dollar 品牌，並更好地定位它，以充分發揮其潛力。我們採取深思熟慮的方法來解決表現不佳的商店，考慮每家商店的業績、當地營運環境以及我們對整個產品組合的規模和營運效率的更廣泛需求。作為投資組合審查流程的一部分，我們已確定將在2024 財年上半年關閉約600 家Family Dollar 商店。此外，還有大約370 家Family Dollar 和30 家Dollar Tree 商店將在每家商店當前營業結束時關閉。租賃期限。

We believe rationalizing these unprofitable locations will help to unlock meaningful value at the enterprise level. Collectively, we estimate that net sales loss from the stores we intend to close this year is approximately $730 million on an annual run rate basis. On the other hand, given their historical underperformance, we would get back approximately $0.30 of annual run rate EPS net of any stranded costs.

我們相信，合理化這些無利可圖的地點將有助於在企業層面釋放有意義的價值。總的來說，我們估計今年打算關閉的商店的淨銷售額損失按年運行率計算約為 7.3 億美元。另一方面，考慮到他們歷史上表現不佳，我們將收回大約 0.30 美元的年運行率每股收益（扣除任何擱淺成本）。

Now, let me shift gears and discuss our fourth quarter results. On a consolidated basis, net sales increased 12% to $8.6 billion, including a $560 million benefit from this year's 53rd week. Enterprise comp grew by 3% with 4.6% higher traffic, offsetting a 1.5% lower ticket. Adjusted operating income increased by 21% to $749 million. Adjusted EPS grew 25% to $2.55.

現在，讓我換個話題來討論一下我們第四季的業績。綜合來看，淨銷售額成長了 12%，達到 86 億美元，其中包括今年第 53 週帶來的 5.6 億美元收益。企業營收成長 3%，流量增加 4.6%，抵消了票價下降 1.5% 的影響。調整後營業收入成長 21%，達到 7.49 億美元。調整後每股收益成長 25%，達到 2.55 美元。

While our quarter 4 reported EPS on an adjusted basis was below our quarter 4 outlook, these results include $0.17 of net costs, primarily related to actuarial insurance adjustments that were not contemplated in our outlook. Jeff will provide more detail on this in his remarks, but without these unanticipated costs, quarter 4 operating results exceeded our expectations.

雖然我們在第四季度報告的調整後每股收益低於我們第四季度的預期，但這些結果包括 0.17 美元的淨成本，主要與我們的預期中未考慮的精算保險調整有關。傑夫將在他的演講中提供更多細節，但如果沒有這些意外成本，第四季的營運表現超出了我們的預期。

Looking at performance by banner. Dollar Tree segment comps were up 6.3% on 7.1% more traffic, and a 0.7% decrease in ticket. Traffic and ticket both improved sequentially. This strong quarter 4 comp came on top of an 8.7% comp last year. Dollar Tree's consumable comp was up 10.8%, and its discretionary comp was up 3.1%, a 200 basis point sequential increase from quarter 3 and an impressive accomplishment given the general weakness in discretionary demand across retail. The quarter's consumable comp came on top of a 9% comp last year. As pleased as we are with Dollar Tree's quarter 4 performance, it's worth noting that we believe January's winter storms negatively impacted comp by about 70 basis points.

按橫幅查看效能。 Dollar Tree 細分市場的銷售額成長了 6.3%，客流量增加了 7.1%，門票數量減少了 0.7%。客流量和門票均較上月改善。這一強勁的第四季比較高於去年 8.7% 的比較。 Dollar Tree 的消費品成本上漲 10.8%，其可自由支配成本上漲 3.1%，較第三季度環比增長 200 個基點，考慮到整個零售業可自由支配需求普遍疲軟，這一成績令人印象深刻。本季的消費品比較高於去年 9% 的比較。儘管我們對 Dollar Tree 第四季的業績感到滿意，但值得注意的是，我們認為 1 月的冬季風暴對公司業績產生了約 70 個基點的負面影響。

In quarter 4, Dollar Tree continued to take unit market share in consumables. According to Nielsen, our unit volume grew 8%, while the market declined 1.5%. These strong gains in traffic and market share are supported by Dollar Tree's ability to attract new and higher income customers.

第四季度，Dollar Tree 繼續佔據消費品單位市場。根據尼爾森的數據，我們的銷量成長了 8%，而市場則下降了 1.5%。 Dollar Tree 吸引新客戶和高收入客戶的能力為流量和市場份額的強勁成長提供了支持。

Continuing recent trends, Dollar Tree added 3.4 million new customers in 2023, mostly from households earning over $125,000 a year. We attribute Dollar Tree's exceptional performance to the range of initiatives we have been implementing.

延續近期趨勢，Dollar Tree 在 2023 年增加了 340 萬新客戶，其中大部分來自年收入超過 12.5 萬美元的家庭。我們將 Dollar Tree 的卓越表現歸功於我們一直在實施的一系列措施。

One of the most important initiatives at Dollar Tree is our multi-price point strategy, which we're calling More Choices. The underlying premise here is that we can present a more relevant assortment to our customers if we are free to offer items at a variety of price points. Here, we are making tremendous progress. We have substantially completed the rollout of $3, $4, and $5 frozen and refrigerated items, which are now available in more than 6,500 stores. Today, we typically offer multi-price frozen product in 3 coolers within our usual 10-cooler bank. Over time, that will evolve to 8 out of 10 as we expand the assortment.

Dollar Tree 最重要的舉措之一是我們的多價位策略，我們稱之為「更多選擇」。這裡的基本前提是，如果我們可以自由地提供各種價位的商品，我們就可以向顧客提供更相關的品種。在這裡，我們正在取得巨大進展。我們基本上已經完成了 3 美元、4 美元和 5 美元冷凍和冷藏商品的推出，目前在 6,500 多家商店有售。如今，我們通常在 10 個冷卻器庫中的 3 個冷卻器中提供多價冷凍產品。隨著時間的推移，隨著我們擴大品種，這一數字將發展到十分之八。

By the end of 2023, we introduced $3 and $5 center store merchandise to approximately 5,000 Dollar Tree stores, and expect to add another 2,000 stores this year. We are especially excited about the next phase of our multi-price expansion strategy. Dollar Tree's Chief Merchandising Officer, Rick McNeely and his team, are continuously working on new ways to deliver value while expanding our assortment across a wider range of price points. This expanded assortment will offer Dollar Tree shoppers a wider range of choices across a variety of categories, including food and snacks, beverages, pet care, personal care and more.

到 2023 年底，我們向大約 5,000 家 Dollar Tree 商店推出了 3 美元和 5 美元的中心店商品，並預計今年將再增加 2,000 家商店。我們對下一階段的多價格擴張策略感到特別興奮。 Dollar Tree 的行銷長 Rick McNeely 和他的團隊不斷致力於尋找提供價值的新方法，同時將我們的產品種類擴展到更廣泛的價位。這個擴大的品種將為 Dollar Tree 購物者提供更多不同類別的選擇，包括食品和零食、飲料、寵物護理、個人護理等。

This year, across 3,000 stores, we expect to expand our multi-price assortment by over 300 items at price points ranging from $1.50 to $7. But even as our multi-price assortment expands over time, the vast majority of the items sold in Dollar Tree stores will remain at our entry-level fixed price point. Over time, you will also see us fully integrate multi-price merchandise more into our stores so our shoppers will find $5 bags of dog food next to our traditional $1.25 pet treats and toys, and our $3 bags of candy will be found in the candy aisle. This is the next exciting chapter of the Dollar Tree value story, new items, more choices and more savings.

今年，我們預計將在 3,000 家商店中增加 300 多種價格從 1.50 美元到 7 美元不等的多價商品。但即使我們的多價格品種隨著時間的推移而擴大，Dollar Tree 商店中銷售的絕大多數商品仍將保持在我們的入門級固定價格點。隨著時間的推移，您還將看到我們將多價商品更多地融入我們的商店中，因此我們的購物者會在我們傳統的1.25 美元寵物零食和玩具旁邊找到5 美元袋的狗糧，而我們的3 美元袋糖果將在糖果中找到走道。這是 Dollar Tree 價值故事的下一個令人興奮的篇章，新商品、更多選擇和更多節省。

Now let's turn to Family Dollar. Here, persistent inflation and reduced government benefits continue to pressure the lower income consumers that comprise a sizable portion of Family Dollar's customer base. Accordingly, Family Dollar's quarter 4 comp declined 1.2% as a 0.7% traffic increase was more than offset by 2% ticket decline. Family Dollar's consumables comp decelerated sequentially to 2.2% in quarter 4 from 6.2% in quarter 3. Discretionary comp was down a full 12%. As challenging as this was, it was a slight sequential improvement over quarter 3. Categories like apparel, home decor, electronics and general merchandise remain weak as lower income consumers continue to be very deliberate about their spending.

現在讓我們轉向家庭美元。在這裡，持續的通貨膨脹和政府福利的減少繼續給低收入消費者帶來壓力，而這些消費者在 Family Dollar 的客戶群中佔很大一部分。因此，Family Dollar 第四季的比較下降了 1.2%，因為 0.7% 的流量成長被 2% 的門票下降所抵消。 Family Dollar 的消費品比較從第三季的 6.2% 連續下降至第四季的 2.2%。全權委託的比較下降了整整 12%。儘管這具有挑戰性，但與第三季相比仍略有改善。服裝、家居裝飾、電子產品和日用商品等類別仍然疲軟，因為低收入消費者仍然非常謹慎地對待自己的支出。

Family Dollar continued to take unit and dollar market share in consumables even as lower income consumers struggle with reduced SNAP benefits and other macro pressures. In fact, we estimate the reduced SNAP payments for total quarter 4 comps by about 5 points, and when coupled with the weak discretionary demand, the comp impact was closer to 7 points. Looking forward, we expect reduced SNAP benefits will be a headwind through at least the first half of FY '24 before comparisons ease.

儘管低收入消費者因 SNAP 福利減少和其他宏觀壓力而苦苦掙扎，但家庭美元繼續佔據消費品的單位和美元市場份額。事實上，我們估計第 4 季總的 SNAP 付款減少了約 5 個百分點，再加上可自由支配需求疲軟，對比較的影響接近 7 個百分點。展望未來，我們預計，在比較緩解之前，至少在 24 財年上半年，SNAP 福利的減少將成為不利因素。

While the operating environment remains difficult, I don't believe the challenges we face are structural, and I continue to believe that a well-run and well-located Family Dollar store is a powerful retail force. As I mentioned earlier, we are taking aggressive actions to address underperforming stores.

雖然經營環境仍然困難，但我不認為我們面臨的挑戰是結構性的，而且我仍然相信經營良好且位置優越的 Family Dollar 商店是一支強大的零售力量。正如我之前提到的，我們正在採取積極行動來解決業績不佳的商店問題。

Looking through the transient factors that weighed on comps throughout 2023, I am encouraged by the fact that in a more normalized operating environment, our comps would have been higher. We believe our ongoing market share gains are a strong validation of the many initiatives we have underway. We are gaining traction in the vast majority of stores where they've been implemented, and I continue to believe that the Family Dollar banner is well positioned for long-term improvement as we continue to focus on operational excellence and financial performance.

綜觀 2023 年影響公司績效的暫時性因素，令我感到鼓舞的是，在更規範的營運環境中，我們的公司業績會更高。我們相信，我們持續的市場份額成長是對我們正在進行的許多舉措的有力驗證。我們在絕大多數實施了這些措施的商店中都獲得了關注，而且我仍然相信，隨著我們繼續專注於卓越營運和財務業績，Family Dollar 旗幟處於長期改進的有利位置。

Before I turn the call over to Jeff, I'd like to update you on some of the key milestones we have achieved so far in our transformation journey. In real estate, we opened 641 new stores last year, which was at the high end of our target of 600 to 650. Selling square footage increased 3.6%, which was ahead of target. We are placing a greater emphasis on Dollar Tree openings given the attractive returns and performance, and we expect the vast majority of our new store openings in fiscal 2024 will be Dollar Trees. I'm excited about the overall quality of our project pipeline for both banners.

在將電話轉給傑夫之前，我想向您介紹我們迄今為止在轉型之旅中取得的一些關鍵里程碑的最新情況。在房地產領域，我們去年開設了 641 家新店，處於 600 至 650 家目標的高端。銷售面積成長了 3.6%，超出了目標。鑑於 Dollar Tree 具有吸引力的回報和業績，我們更加重視 Dollar Tree 的開業，我們預計 2024 財年新開的絕大多數門市將是 Dollar Tree。我對這兩個橫幅項目管道的整體品質感到興奮。

In supply chain, our DC in Matthews, North Carolina is now providing roto cart deliveries to approximately 600 Family Dollar stores, and we are also testing roto carts deliveries to Dollar Tree stores from our DC here in Chesapeake. By the end of this year, over 3,000 stores should be receiving roto cart deliveries from a total of 6 DCs, 4 for Dollar Tree, and 2 for Family Dollar. As expected, we are already seeing a meaningful reduction in unloading times at stores using roto carts, and we expect those efficiencies will continue to build.

在供應鏈方面，我們位於北卡羅來納州馬修斯的配送中心現在正在為大約600 家Family Dollar 商店提供旋轉推車送貨服務，我們也正在測試從切薩皮克的配送中心向Dollar Tree 商店提供旋轉推車配送服務。到今年年底，超過 3,000 家商店應該會收到來自 6 個 DC 的旋轉購物車送貨，其中 4 個是 Dollar Tree，2 個是 Family Dollar。正如預期的那樣，我們已經看到使用旋轉推車的商店的卸貨時間顯著減少，並且我們預計這些效率將繼續提高。

Expanding and modernizing our trailer fleet is an important part of the roto cart initiative. To this end, we added nearly 900 new trailers with lift gates to the fleet in 2023, and expect to add 2,000 more this coming year. By the end of 2023, 9 of our DCs were temperature controlled. By the end of this year, all 25 of our DCs should be either fully temperature-controlled or have dedicated temperature-controlled facilities on site.

擴大和現代化我們的拖車車隊是 roto cart 計劃的重要組成部分。為此，我們將於 2023 年向車隊增加近 900 輛升降門的新拖車，並預計明年再增加 2,000 輛。到 2023 年底，我們的 9 個資料中心實現了溫度控制。到今年年底，我們所有 25 個配送中心都應實現完全溫控或在現場配備專用溫控設施。

Temperature-controlled DCs help reduce cross-stocking costs and allow us to carry OTC and other temperature-sensitive products throughout our distribution network. They also increase productivity by providing associates with a safer and more comfortable working environment.

溫控配送中心有助於降低交叉庫存成本，並使我們能夠在整個分銷網路中運送 OTC 和其他溫度敏感產品。它們還透過為員工提供更安全、更舒適的工作環境來提高生產力。

And finally, we continue to make progress on our completely revamped Family Dollar DC in West Memphis, which should improve the overall efficiency of our distribution network. As you probably saw in the news last month, Family Dollar reached a resolution with the U.S. Department of Justice regarding its West Memphis DC, and we are pleased to have this situation behind us. As part of our ongoing transformation efforts, we continue to strengthen and enhance our food and product safety protocols and our compliance oversight.

最後，我們繼續在西孟菲斯徹底改造的 Family Dollar DC 方面取得進展，這應該會提高我們分銷網絡的整體效率。正如您可能在上個月的新聞中看到的那樣，Family Dollar 與美國司法部就其西孟菲斯特區達成了一項決議，我們很高興這種情況已經過去。作為我們持續轉型努力的一部分，我們繼續加強和加強我們的食品和產品安全協議以及合規監督。

In our IT modernization, our new warehouse management system is up and running at its first DC. Concurrent with this rollout, we are also deploying and integrating our new transportation management and labor management system. Over time, we expect these enterprise-wide solutions to contribute to the optimization of our distribution network and labor efficiency. We have also installed new network infrastructure in over 3,800 stores, bringing improved Internet connectivity, security and in-store WiFi access to better support store operations.

在我們的 IT 現代化過程中，我們的新倉庫管理系統已在其第一個配送中心啟動並運作。與此次推出同時，我們也正在部署和整合新的運輸管理和勞動力管理系統。隨著時間的推移，我們預計這些企業級解決方案將有助於優化我們的分銷網絡和勞動力效率。我們還在 3,800 多家商店安裝了新的網路基礎設施，改善了網路連線、安全性和店內 WiFi 接入，以更好地支援商店營運。

Since our last report, we have also begun implementation work on both our new enterprise-wide POS solution and our new human capital and payroll management system. We have also launched new mobile apps for both Family Dollar and Dollar Tree. The Family Dollar app allows us to offer more targeted promotions and a better customer experience. The Dollar Tree app gives shoppers the ability to see new products, view weekly ads, receive notifications about great deals and do price checks.

自上次報告以來，我們也開始實施新的企業級 POS 解決方案以及新的人力資本和薪資管理系統。我們也為 Family Dollar 和 Dollar Tree 推出了新的行動應用程式。 Family Dollar 應用程式使我們能夠提供更有針對性的促銷活動和更好的客戶體驗。 Dollar Tree 應用程式可讓購物者查看新產品、查看每週廣告、接收有關超值優惠的通知以及進行價格檢查。

In private brands, we launched approximately 250 new SKUs, and converted over 300 control brands to private brands. The private brand program is one of the most significant initiatives underway at Family Dollar. And I'm excited that we now have a highly competitive offering that expands our assortment across multiple categories and offers the Family Dollar consumer national brand equivalent products at compelling values. By the end of last year, our private brand penetration reached 15%, 100 basis points ahead of our target, and a great head start towards reaching our 20% goal by 2026.

在自有品牌方面，我們推出了約250個新SKU，並將300多個控製品牌轉換為自有品牌。自有品牌計劃是 Family Dollar 正在進行的最重要的舉措之一。我很高興我們現在擁有極具競爭力的產品，將我們的產品範圍擴展到多個類別，並以令人信服的價值為 Family Dollar 消費者提供國家品牌的同等產品。截至去年底，我們的自有品牌滲透率達到 15%，比我們的目標提前了 100 個基點，為實現 2026 年 20% 的目標奠定了良好的基礎。

On category resets, I'd like to take this opportunity to recognize Family Dollar's Chief Merchandising Officer, Larry Gatta and his team for their efforts to expand and improve our merchandising assortment. By the end of 2023, we successfully raised the merchandise height profile to 78 inches across the banner, and optimize our assortment with the addition of approximately 900 net new SKUs.

關於類別重置，我想藉此機會表彰 Family Dollar 的首席行銷長 Larry Gatta 和他的團隊為擴大和改進我們的行銷品種所做的努力。到 2023 年底，我們成功地將橫幅上的商品高度提高到 78 英寸，並通過增加約 900 個淨新 SKU 來優化我們的品種。

These efforts are already having a meaningful impact on our results, adding 130 basis points to our quarter 4 comp, which helped offset at least some of the impact from the softer macro environment and comparatively weaker discretionary demand. This reset was a major undertaking for Larry's team, and our new planograms will allow us to expand and improve our product assortment and help Family Dollar gain additional market share.

這些努力已經對我們的業績產生了有意義的影響，使我們的第四季業績成長了130 個基點，這至少有助於抵消宏觀環境疲軟和相對較弱的可自由支配需求帶來的部分影響。這次重置是拉里團隊的一項重大任務，我們的新貨架圖將使我們能夠擴大和改進我們的產品種類，並幫助 Family Dollar 獲得更多的市場份額。

We are also moving forward with our goal of increasing the number of cooler doors in Family Dollar stores. We added over 17,000 cooler doors last year, which was 1,000 doors above our target, and brought our average across the Family Dollar segment to 26 coolers per store, which is approaching our goal of 30 coolers per store.

我們也正在努力實現增加 Family Dollar 商店冷藏門數量的目標。去年，我們增加了17,000 多個冷藏櫃門，比我們的目標高出1,000 個冷藏櫃門，並使Family Dollar 細分市場的平均每家商店擁有26 個冷藏櫃，接近我們每家商店30 個冷藏櫃的目標。

In summary, we continue to execute well around factors that we can control. I've said before that our progress on this journey will include challenges with the belief that we will succeed more often than not in our efforts, but the direction and destination remain clear, which is the long-term health and success of our business for the benefit of our customers, associates, stakeholders and partners.

總而言之，我們繼續圍繞著我們可以控制的因素良好執行。我之前說過，我們在這趟旅程中的進步將包括挑戰，我們相信我們的努力往往會成功，但方向和目的地仍然明確，這就是我們業務的長期健康和成功。我們的客戶、員工、利害關係人和合作夥伴的利益。

Our growth initiatives are central to this journey and we are focused on continually improving, even in the face of a rapidly evolving macro landscape. We have an outstanding team with a cultural foundation focused on service to the customer and improving our performance each and every day. We remain relentlessly focused on retail fundamentals and continue to take market share.

我們的成長計畫是這趟旅程的核心，即使面對快速變化的宏觀環境，我們也致力於不斷改進。我們擁有一支優秀的團隊，其文化基礎專注於為客戶提供服務並每天提高我們的績效。我們仍然堅持不懈地關注零售基本面並繼續佔據市場份額。

While challenges and macroeconomic factors will always be part of any retail journey, we continue to face them head on as they arise. We're excited about where we are and optimistic about where we are headed.

雖然挑戰和宏觀經濟因素始終是任何零售旅程的一部分，但我們將繼續直面它們的出現。我們對我們所處的位置感到興奮，並對我們的前進方向感到樂觀。

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

這樣，我就把電話轉給傑夫。

Thank you, Rick, and good morning. I will first discuss our fourth quarter results. After which, I'll provide some details on the financial impact of the portfolio optimization, and close with our fiscal 2024 and Q1 outlook.

謝謝你，瑞克，早安。我將首先討論我們第四季的業績。之後，我將提供有關投資組合優化的財務影響的一些詳細信息，並以我們的 2024 財年和第一季度展望作為結束。

As I discuss our fourth quarter results, where applicable, I will focus on our non-GAAP adjusted results. A reconciliation between GAAP and non-GAAP is provided in our earnings release. Also, as a reminder, our Q4 and full year 2023 results include an extra week of operations, which gave us an incremental $560 million in revenue and $0.35 of EPS for the quarter and the year.

當我討論我們的第四季度業績時（如果適用），我將重點放在我們的非公認會計原則調整後的業績。我們的收益報告中提供了 GAAP 和非 GAAP 之間的調整表。另外，提醒一下，我們的 2023 年第四季度和全年業績包括額外一周的運營，這使我們的季度和年度收入增加了 5.6 億美元，每股收益增加了 0.35 美元。

In the fourth quarter, the Dollar Tree and Family Dollar segments increased traffic, unit volume and market share despite persistent headwinds from an unfavorable sales mix and reduced SNAP benefits. Looking at the business on a consolidated basis, net sales increased 12% to $8.6 billion. Adjusted operating income was $749 million, a 21% increase from last year. Adjusted operating margin increased by 70 basis points, driven by a 220 basis point increase in adjusted gross margin, and offset by a 150 basis point increase in adjusted SG&A rate.

第四季度，儘管不利的銷售組合和 SNAP 福利減少帶來持續阻力，但 Dollar Tree 和 Family Dollar 業務的客流量、單位數量和市場份額仍有所增加。從綜合業務來看，淨銷售額成長了 12%，達到 86 億美元。調整後營業收入為 7.49 億美元，比去年成長 21%。調整後營業利潤率成長了 70 個基點，這主要得益於調整後毛利率成長 220 個基點，並被調整後 SG&A 率成長 150 個基點所抵銷。

Adjusted gross profit increased 20% to $2.9 billion. Adjusted gross margin improvement was driven primarily by lower freight costs, occupancy cost leverage from the extra week, and higher vendor allowances, partially offset by product cost inflation, unfavorable sales mix and elevated shrink.

調整後毛利成長 20%，達到 29 億美元。調整後毛利率的改善主要是由於貨運成本降低、額外一周的佔用成本槓桿以及供應商津貼增加而推動的，但部分被產品成本通膨、不利的銷售組合和收縮加劇所抵消。

Adjusted SG&A expenses increased primarily from ongoing labor investments, higher incentive compensation, unfavorable general liability claim development and depreciation, partially offset by leverage from additional sales from the extra week. Our adjusted effective tax rate was 23.1% compared to 23.4%. Adjusted net income was $556 million, and adjusted EPS was $2.55, which includes the $0.17 per share negative impact, primarily from unfavorable general liability insurance claims.

調整後的銷售及管理費用增加主要來自持續的勞動力投資、更高的激勵薪酬、不利的一般責任索賠發展和折舊，部分被額外一周額外銷售的槓桿所抵消。調整後的有效稅率為 23.1%，去年同期為 23.4%。調整後淨利潤為 5.56 億美元，調整後每股收益為 2.55 美元，其中包括每股 0.17 美元的負面影響，主要來自不利的一般責任保險索賠。

Before I move on to segment level results, let me spend a moment to walk you through the non-GAAP adjustments in our Q4 results and shed some additional light on the $0.17 per share negative impact, primarily from unfavorable general liability insurance claims.

在繼續討論細分市場層面的業績之前，讓我花點時間向您介紹一下我們第四季度業績中的非GAAP 調整，並進一步說明每股0.17 美元的負面影響，主要來自不利的一般責任保險索賠。

The first non-GAAP adjustment was related to the portfolio review process. Here, we incurred total noncash charges of $594 million, including $86 million for inventory markdowns and $504 million for store asset impairments. We also incurred an additional $4 million of related fees. The second non-GAAP adjustment was a noncash impairment charge of $2 billion for Family Dollar, including $1.1 billion related to goodwill, and $950 million related to the trade name. The third non-GAAP adjustment was a $27 million charge within SG&A related to the resolution we reached with the Department of Justice regarding our West Memphis distribution center. This was in addition to the $30 million West Memphis reserve we recorded in Q1.

第一次非公認會計原則調整與投資組合審查流程有關。在這裡，我們的非現金費用總額為 5.94 億美元，其中包括 8,600 萬美元的庫存降價費用和 5.04 億美元的商店資產減損費用。我們還額外支付了 400 萬美元的相關費用。第二項非 GAAP 調整是 Family Dollar 的 20 億美元非現金減損費用，其中 11 億美元與商譽相關，9.5 億美元與商號相關。第三項非 GAAP 調整是 SG&A 內的 2,700 萬美元費用，與我們與司法部就西孟菲斯配送中心達成的決議有關。這是我們在第一季記錄的 3000 萬美元西孟菲斯儲備金之外的。

Outside of the non-GAAP adjustments, Q4 results included $0.17 of net EPS headwinds related to items that weren't contemplated in our Q4 outlook. These items include negative adjustments to our general liability accruals, which were partially offset by favorable adjustments to workers' compensation liabilities and the elimination of certain rent and depreciation expenses as part of our Family Dollar impairment process. Adjustments to general liability accruals may sound familiar to many of you as we absorbed $0.07 of EPS impact from this issue in the second quarter of 2023. So let me explain why we are revisiting this in Q4.

除了非 GAAP 調整之外，第四季度業績還包括 0.17 美元的淨每股收益阻力，這些阻力與我們第四季度展望中未考慮到的項目相關。這些項目包括對我們一般應計負債的負調整，這些調整被對工人賠償負債的有利調整以及作為我們 Family Dollar 減值流程一部分的某些租金和折舊費用的消除所部分抵消。對一般責任應計費用的調整對你們中的許多人來說可能聽起來很熟悉，因為我們在2023 年第二季度吸收了此問題對每股收益0.07 美元的影響。因此，讓我解釋一下為什麼我們在第四季重新考慮這個問題。

In the process of accruing for potential general liability exposure, predicting the outcome of both existing and unreported claims is inherently complex. We rely on third-party actuarial analysis to estimate insurance reserves on an ongoing basis. As we discussed in our second quarter call, general liability claims have been more volatile in recent years. Since the pandemic, the development of claims has worsened. The charge taken this quarter intends to capture this new environment.

在累積潛在一般責任風險的過程中，預測現有索賠和未報告索賠的結果本質上是複雜的。我們依靠第三方精算分析來持續估算保險準備。正如我們在第二季電話會議中討論的那樣，近年來一般責任索賠的波動性更大。自大流行以來，索賠情況惡化。本季採取的行動旨在捕捉這一新環境。

To address this over the long term, we have upgraded our risk management capabilities and revised our processes to focus on claim closures, among other areas. As we continue to address all open claims with our new processes, our actuarial studies should reflect more normalized risk exposure over time.

為了長期解決這個問題，我們升級了風險管理能力，並修改了流程，並專注於索賠結案等領域。隨著我們繼續用新流程處理所有未決索賠，我們的精算研究應該反映出隨著時間的推移而更加規範化的風險暴露。

Now back to our business segment results. Dollar Tree's net sales increased by 16% to $5 billion. Adjusted operating income increased 21% to $873 million. Adjusted operating margin increased 80 basis points, driven by a 230 basis point increase in gross margin, partially offset by a 150 basis point increase in adjusted SG&A rate.

現在回到我們的業務部門業績。 Dollar Tree 的淨銷售額成長了 16%，達到 50 億美元。調整後營業收入成長 21%，達到 8.73 億美元。受毛利率成長 230 個基點的推動，調整後營業利潤率成長 80 個基點，但部分被調整後 SG&A 率成長 150 個基點所抵銷。

Gross margin improved primarily from lower domestic and import freight costs and favorable occupancy cost leverage due to the 53rd week. These were partially offset by mix pressures from lower-margin consumables, cost inflation, higher distribution and merchandise costs, and elevated shrink. Adjusted SG&A expenses expanded principally from the unfavorable general liability insurance claims and higher payroll expenses, depreciation, amortization, and repairs and maintenance.

毛利率的改善主要得益於國內和進口貨運成本的下降以及第 53 週有利的佔用成本槓桿。這些因素被利潤率較低的消耗品、成本通膨、分銷和商品成本上升以及損耗加大帶來的混合壓力部分抵消。調整後的銷售、管理及行政費用主要來自不利的一般責任保險索賠和較高的工資費用、折舊、攤提以及維修和保養。

Family Dollar's net sales increased by 7% to $3.7 billion. Adjusted operating income was $7.2 million compared to $1.4 million, and adjusted operating margin increased 20 basis points on a 160 basis point increase in adjusted gross margin, offset by a 140 basis point increase in adjusted SG&A rate. Adjusted gross margin increased primarily from lower freight, mark-on increases resulting from vendor allowances, lower occupancy and distribution costs, partially offset by higher shrink and sales mix. Adjusted SG&A expenses increased primarily from unfavorable general liability claims, store labor investments, repairs and maintenance, and depreciation.

Family Dollar 的淨銷售額成長 7%，達到 37 億美元。調整後的營業收入為720 萬美元，而調整後的營業利潤為140 萬美元，調整後的營業利潤率增加了20 個基點，調整後的毛利率增加了160 個基點，但被調整後的SG&A率增加了140 個基點所抵銷。調整後毛利率的成長主要是由於運費下降、供應商補貼導致的加價成長、佔用率和分銷成本下降，但部分被更高的損耗和銷售組合所抵消。調整後的銷售、管理及行政費用增加主要來自不利的一般責任索賠、商店勞動力投資、維修和保養以及折舊。

Moving on to the balance sheet and free cash flow. Inventory decreased by 6.2%, reflecting a decrease of $337 million. Relative to last year, our sell-through of seasonal merchandise was strong. In addition, we had more capitalized freight costs and inventory last year. Fourth quarter capital expenditures were $784 million versus $328 million, reflecting the record 219 new stores we opened in the quarter, and elevated investments in other renovations, supply chain and IT to support our growth initiatives.

接下來是資產負債表和自由現金流。庫存下降 6.2%，減少 3.37 億美元。與去年相比，我們的季節性商品銷售強勁。此外，去年我們的資本化貨運成本和庫存更多。第四季資本支出為7.84 億美元，對比3.28 億美元，反映出我們在本季度開設了創紀錄的219 家新店，並增加了對其他裝修、供應鏈和IT 的投資，以支持我們的成長計劃。

Free cash flow declined by $82 million versus the fourth quarter last year, reflecting higher levels of capital expenditures at year-end. For fiscal 2023, free cash flow improved by $217 million versus the same period last year led largely by lower merchandise inventories and the timing of accounts payable with a partial offset from lower net income adjusted for noncash items and increased CapEx. This improvement for the full year comes despite a challenging macro environment and significantly higher levels of investments to support our multiyear growth strategy.

與去年第四季相比，自由現金流下降了 8,200 萬美元，反映出年底資本支出水準較高。 2023 財年，自由現金流較去年同期增加了 2.17 億美元，這主要是由於商品庫存減少和應付帳款時間安排的減少，部分抵消了非現金項目調整後淨利潤的減少和資本支出的增加。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進行的投資水準顯著提高，但全年業績仍取得了改善。

Given the portfolio review process, we did not repurchase any shares in the open market during Q4. For the year, we repurchased 3.9 million shares for $504 million, including applicable excise tax. At the end of fiscal 2023, we had $1.35 billion remaining under our share repurchase authorization. Cash and cash equivalents totaled $685 million compared to $643 million. At year-end, our leverage as defined under our revolving credit agreement, stood at approximately 2.4x.

鑑於投資組合審查流程，我們在第四季度沒有在公開市場回購任何股票。今年，我們以 5.04 億美元回購了 390 萬股股票，其中包括適用的消費稅。截至 2023 財年末，我們的股票回購授權仍有 13.5 億美元。現金及現金等價物總額為 6.85 億美元，去年同期為 6.43 億美元。截至年底，我們的循環信貸協議定義的槓桿約為 2.4 倍。

Before I move on to our fiscal '24 and Q1 outlook, I'd like to take a moment to level set our 2023 performance to give you some deeper perspective on the foundation upon which our 2024 outlook is built. We think the best way to look at fiscal '23 is to start with our non-GAAP adjusted full year EPS of $5.89. As I mentioned earlier, this adds back all the costs associated with the portfolio review, the goodwill and trade name impairments, and the West Memphis resolution.

在繼續討論我們的 24 財年和第一季展望之前，我想花點時間對我們 2023 年的業績進行平衡，以便讓您對我們 2024 年展望的基礎有更深入的了解。我們認為，看待 23 財年的最佳方式是從我們的非 GAAP 調整後全年每股收益 5.89 美元開始。正如我之前提到的，這增加了與投資組合審查、商譽和商號減損以及西孟菲斯決議相關的所有成本。

On top of that, we got about $0.29 related to costs we called out in quarters 2, 3 and 4, including the insurance true ups, the OTC recall and other discrete items. Finally, the 53rd week this year added an extra $0.35 of EPS. Taking all that into consideration gets you to approximately $5.83 of EPS coming from the underlying operating performance of the business in 2023 on a 52-week basis.

除此之外，我們還獲得了大約 0.29 美元，與我們在第 2、3 和 4 季提出的成本相關，包括保險真實費用、OTC 召回和其他離散項目。最後，今年第 53 週每股收益額外增加了 0.35 美元。考慮到所有這些因素，您可以從 2023 年 52 週的基本業務業績中獲得約 5.83 美元的每股盈餘。

So with this $5.83 as a 2023 starting point, I'd like to discuss a few items that we expect to affect the actual operating performance of the business in 2024. First, lower ground and ocean freight costs benefited our full year 2023 EPS by approximately $1.50, which was nicely ahead of our original expectations. On the other side of the ledger, shrink and mix hurt EPS by approximately $1.15 on a full year basis, which is also more than we originally expected. Said another way, the 2023 shrink and mix headwinds offset about 3/4 of the benefit we received from lower freight costs last year.

因此，以 5.83 美元作為 2023 年的起點，我想討論一些我們預計會影響 2024 年業務實際運營業績的項目。首先，較低的陸路和海運成本使我們 2023 年全年每股收益受益約1.50 美元，遠遠超出了我們最初的預期。另一方面，收縮和混合導致全年每股收益約 1.15 美元，這也超出了我們最初的預期。換句話說，2023 年的收縮和混合逆風抵消了去年貨運成本下降帶來的約 3/4 的收益。

The good news is that, based on current rates, we expect to realize additional freight savings in FY '24. The bad news is that the base level of shrink and mix headwinds is meaningfully worse than we had previously expected. We anticipate these headwinds to be concentrated in the first half of 2024 and then moderate longer term as the macro environment normalizes and our self-help initiatives start to yield results. In light of these factors and to address the immediate macroeconomic environment, in 2024, we will be optimizing our SG&A and capital expenditure investments to support our growth initiatives.

好消息是，根據當前費率，我們預計 24 財年將實現額外的運費節省。壞消息是，收縮和混合逆風的基本水平比我們之前的預期要嚴重得多。我們預計這些不利因素將集中在 2024 年上半年，然後隨著宏觀環境正常化以及我們的自助措施開始產生效果，長期來看會有所緩解。鑑於這些因素並為了應對當前的宏觀經濟環境，到 2024 年，我們將優化 SG&A 和資本支出投資，以支持我們的成長計畫。

So with that, let's move on to our full year and Q1 outlook. Consolidated net sales for fiscal 2024 are expected to be in the range of $31 billion to $32 billion. For the full year, we expect low to mid-single-digit comparable net sales growth for the enterprise, low single-digit growth for the Family Dollar segment, and mid-single-digit growth for the Dollar Tree segment. Adjusting for the stores that are closing as part of the portfolio optimization, we expect fiscal year '24 net sales for the Family Dollar segment to decline by 1% to 3% on a year-over-year basis. Diluted EPS for the full year is expected to be in the range of $6.70 to $7.30.

那麼，讓我們繼續展望全年和第一季。 2024 財年的合併淨銷售額預計將在 310 億美元至 320 億美元之間。就全年而言，我們預期企業可比淨銷售額成長為低至中個位數，Family Dollar 細分市場為低個位數成長，Dollar Tree 細分市場為中個位數成長。在對作為投資組合優化的一部分而關閉的商店進行調整後，我們預計 Family Dollar 部門 24 財年的淨銷售額將年減 1% 至 3%。全年稀釋後每股收益預計在 6.70 美元至 7.30 美元之間。

For Q1, we expect net sales to be in the range of $7.6 billion to $7.9 billion based on comparable net sales growth in the low to mid-single digits for both the enterprise and Dollar Tree segment, and approximately flat for the Family Dollar segment. Diluted EPS for the first quarter is expected to be in the range of $1.33 to $1.48. Our outlook for Q1 and fiscal '24 does not include any severance or other incremental costs related to the portfolio review process.

對於第一季度，我們預計企業和Dollar Tree 細分市場的淨銷售額將在76 億至79 億美元之間，基於可比較的淨銷售額增長，企業和Dollar Tree 細分市場均處於中低個位數，而Family Dollar 細分市場則大致持平。第一季稀釋後每股收益預計在 1.33 美元至 1.48 美元之間。我們對第一季和 24 財年的展望不包括與投資組合審查流程相關的任何遣散費或其他增量成本。

Having given you our high-level expectations, let me share some of the key factors and assumptions that are incorporated in our fiscal '24 outlook. We expect full year gross margin in the Dollar Tree segment will be in the range of 36% to 36.5%, reflecting our strong comp outlook for the year and reduced freight expenses. In the Family Dollar segment, we expect full year gross margin will be in the range of 24.5% to 25% as elevated shrink, unfavorable mix and reduced SNAP benefits remain headwinds through at least the first half of the year.

在向您表達了我們的高水平期望之後，讓我分享一下我們 24 財年展望中包含的一些關鍵因素和假設。我們預計 Dollar Tree 業務的全年毛利率將在 36% 至 36.5% 之間，反映了我們強勁的年度業績展望和運費支出的減少。在 Family Dollar 領域，我們預計全年毛利率將在 24.5% 至 25% 之間，因為至少在今年上半年，收縮加劇、不利的組合和 SNAP 福利減少仍然是不利因素。

We expect lower freight costs to provide approximately $0.80 to $0.90 of full year EPS benefit in fiscal '24. This is a bit below the $1 benefit we've discussed previously and reflects the current conditions in the global shipping market, including lower water levels in the Panama Canal and the Red Sea situation. We expect approximately 60% of the freight savings to come in the first half of the year, with Q1 seeing the greatest benefit before it moderates in each subsequent quarter.

我們預計較低的貨運成本將為 24 財年全年 EPS 帶來約 0.80 至 0.90 美元的收益。這略低於我們之前討論的 1 美元收益，反映了全球航運市場的當前狀況，包括巴拿馬運河水位較低和紅海情況。我們預計約 60% 的運費節省將在今年上半年實現，其中第一季的效益最大，隨後每季效益將會放緩。

Our fiscal '24 outlook also assumes approximately $0.30 to $0.35 of EPS headwinds from unfavorable mix and elevated shrink. Nearly all of these headwinds will be absorbed in the first half of the year as we annualize our 2023 exit rate on these items, with approximately 2/3 of the impact coming in Q1 and the balance in Q2. While we don't expect to get meaningful relief from shrink and mix pressures in the back half of the year, we expect the year-over-year impact to be more or less neutral in the back half.

我們對 24 財年的展望也假設，由於不利的組合和收縮加劇，每股盈餘將受到約 0.30 至 0.35 美元的阻力。隨著我們對這些項目的2023 年退出率進行年度化，幾乎所有這些不利因素都將在今年上半年被吸收，其中約2/3 的影響將在第一季產生，其餘影響將在第二季度產生。雖然我們預計下半年的收縮和混合壓力不會得到實質緩解，但我們預計下半年的年比影響或多或少是中性的。

We expect full year SG&A expenses as a percent of total revenue will be approximately 25%. Our fiscal '24 SG&A outlook for the Dollar Tree segment reflects the incremental onetime reconfiguration costs that we expect to absorb at each of the 3,000 stores we are scheduled for conversion into our expanded and fully integrated multi-price format this year. Within our overall SG&A expenses, we expect full year corporate, support and other expenses will be in the range of 1.8% to 1.9% of total revenue.

我們預計全年 SG&A 費用佔總收入的百分比約為 25%。我們對 Dollar Tree 部門的 24 財年 SG&A 展望反映了我們預計今年將在 3,000 家商店中吸收的增量一次性重新配置成本，這些商店計劃轉換為擴展且完全集成的多價格格式。在我們的整體 SG&A 支出中，我們預計全年公司、支援和其他支出將佔總收入的 1.8% 至 1.9%。

The Family Dollar store closures are expected to be approximately $0.15 accretive to EPS, mostly in the second half of the year as we close these stores throughout the first half. Adjusting for the timing impacts of all of these items, we believe approximately 38% of our full year EPS will be achieved in the first half of the year, with the remaining 62% coming in the back half. From a seasonality perspective, fourth quarter is historically our strongest earnings quarter.

Family Dollar 商店的關閉預計將增加 EPS 約 0.15 美元，主要是在下半年，因為我們在整個上半年都關閉了這些商店。在調整所有這些項目的時間影響後，我們相信全年每股收益的約 38% 將在上半年實現，其餘 62% 將在下半年實現。從季節性角度來看，第四季是我們歷史上獲利最強勁的季度。

And finally, here are a few other modeling items to consider. Full year depreciation should be approximately $1 billion, which is approximately $0.55 higher year-over-year on an EPS basis, reflecting the additional depreciation and amortization associated with the $2.1 billion of CapEx spent in fiscal '23.

最後，這裡還有一些需要考慮的其他建模項目。全年折舊應約為 10 億美元，以每股盈餘計算，年增約 0.55 美元，反映了與 23 財年 21 億美元資本支出相關的額外折舊和攤提。

We expect net interest expense of approximately $95 million for the year and $26 million for Q1. Our effective tax rate should be approximately 24% for both Q1 and the year. We expect capital expenditures for the year to be in the range of $2.1 billion to $2.3 billion. Finally, our outlook assumes no share repurchases, but we do have $1.35 billion of capacity under our remaining authorization.

我們預計今年淨利息支出約為 9,500 萬美元，第一季淨利息支出約為 2,600 萬美元。第一季和全年的有效稅率應約為 24%。我們預計今年的資本支出將在 21 億美元至 23 億美元之間。最後，我們的前景假設不進行股票回購，但我們的剩餘授權下確實擁有 13.5 億美元的產能。

And with that, I'll turn the call back over to Rick.

然後，我會將電話轉回給里克。

There was certainly a number of moving parts last quarter. As a result, our reported earnings included a few unexpected items. That said, if you peel away the layers, we produced some very good operating results in a very challenging macro environment.

上個季度肯定有許多變化。因此，我們報告的收益包括一些意想不到的項目。也就是說，如果你剝開層層來看，我們在一個非常具有挑戰性的宏觀環境中取得了一些非常好的經營績效。

Considering what we accomplished, while continuing to execute upon multiple strategic initiatives, we have much to be proud of. And as I discussed earlier, we are continuing to invest in our risk mitigation, food and product safety and compliance programs in order to keep building on the foundation of service that defines this company.

考慮到我們所取得的成就，同時繼續執行多項策略舉措，我們有很多值得自豪的事情。正如我之前所討論的，我們將繼續投資於風險緩解、食品和產品安全以及合規計劃，以便繼續建立公司的服務基礎。

Looking forward, the Dollar Tree segment led by multi-price is exceeding expectations and gaining momentum. In the Family Dollar segment, we are taking the steps, as I outlined earlier, to fortify our base, strengthen our brand and position Family Dollar to achieve its full potential. I couldn't be prouder of our organization and our 200,000 associates across Dollar Tree and Family Dollar for their continued contribution to our success. I am truly honored to lead and to be part of the best team in retail.

展望未來，以多價位為主導的Dollar Tree細分市場超乎預期，勢頭強勁。在 Family Dollar 領域，正如我之前概述的那樣，我們正在採取措施鞏固我們的基礎，強化我們的品牌並定位 Family Dollar 以充分發揮其潛力。我為我們的組織以及 Dollar Tree 和 Family Dollar 的 20 萬名員工感到無比自豪，他們為我們的成功做出了持續的貢獻。我真的很榮幸能夠領導零售業最好的團隊並成為其中的一員。

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

接線員，傑夫和我準備好回答問題了。

(Operator Instructions) Our first question today is coming from Edward Kelly from Wells Fargo.

（操作員說明）我們今天的第一個問題來自富國銀行的愛德華‧凱利。

So I wanted to start -- maybe, Rick, just take a step back and talk about how the company or how you are thinking about the company's outlook and the confidence in the strategy around the individual businesses are evolving. So you take your core Dollar Tree segment, the rollout of multi-price point seems to be going very well. How is your view on the opportunity there changing?

所以我想開始——也許，里克，退後一步，談談公司或你如何看待公司的前景以及對各個業務策略的信心是如何演變的。因此，以美元樹的核心細分市場為例，多價位的推出似乎進展順利。您對那裡的機會的看法有何改變？

And then Family Dollar, obviously, not where it needs to be. What does that say? I'm sure you're not going to throw good money at the bad here. And then as part of all of that, is $10 still in play, maybe you just get there differently? Just thoughts on how things are evolving for you would be, I think, helpful.

然後，家庭美元顯然還沒有達到它需要的水平。那說什麼？我確信你不會在這裡把好錢砸在壞人身上。然後，作為所有這一切的一部分，10 美元仍然有效，也許你只是以不同的方式到達那裡？我認為，光是思考事情的發展對你來說是有幫助的。

Yes. Great question. And hey, I'd like to throw on the table, Jeff and I talked a little longer than normal. And for those of you that are interested, we'll go past the 9:00 straight up, and give you a little more time for questions.

是的。很好的問題。嘿，我想談談，傑夫和我聊的時間比平常長一點。對於有興趣的人，我們將直接跳過 9:00，並給您更多的時間來提問。

As I think about, Ed, there is a -- this is a sum-of-the-parts story at the end of the day. And what's important here is we're very intently focused on creating shareholder value. The Dollar Tree multi-price point strategy is doing significantly better than we thought it would do. The customer acceptance has been off the charts to be frank. Our biggest problem right now is getting enough merchandise into the stores fast enough so the consumer can respond.

艾德，我想，歸根究底，這是一個總和的故事。重要的是我們非常專注於創造股東價值。美元樹多價位策略的表現比我們想像的要好得多。坦白說，客戶的接受度是空前的。我們現在最大的問題是足夠快地將足夠的商品送入商店，以便消費者能夠做出反應。

Family Dollar is a victim of the macro environment out there. If you think about the increase in shrink, which I thought would have moderated, if anything, by now, but it's continuing to accelerate. And then the pressure on the mix. But again, I come back to a well-run Family Dollar is a very, very powerful retail format. And I think what we're doing is making the right decisions to fortify the base in Family Dollar and position it so we can go forward in a more stronger position.

Family Dollar是宏觀環境的受害者。如果你考慮收縮的增加，我認為到目前為止，如果有的話，收縮的增加將會有所減緩，但它正在繼續加速。然後是混合壓力。但我再次回到經營良好的 Family Dollar 是一種非常非常強大的零售業態。我認為我們正在做的是做出正確的決定來鞏固 Family Dollar 的基礎並對其進行定位，以便我們能夠以更強大的地位前進。

Now, in regards to the $10, we continue to believe in the $10 target that we announced, well, I guess, about a year ago, and we're continuing to march toward that goal. However, the macro environment has gotten in our way and we are dealing with high, high shrink numbers. We're dealing with big mix shifts. So it's a little difficult for us to pinpoint that $10 target going forward. We still believe in the target, but we believe the path is to get to $7 in 2024, and we're intently focused on that. But again, we want a positive 2024. And then as we move through '24 and '25, we'll give you more of a handle on the $10.

現在，關於 10 美元，我們仍然相信我們大約一年前宣布的 10 美元目標，並且我們將繼續朝著這個目標邁進。然而，宏觀環境阻礙了我們，我們正在應對大量的收縮數字。我們正在應對重大的組合轉變。因此，我們很難確定未來 10 美元的目標。我們仍然相信這個目標，但我們相信 2024 年達到 7 美元的目標，我們正全神貫注於此。但同樣，我們希望 2024 年有一個積極的結果。然後，當我們進入「24」和「25」時，我們將為您提供更多 10 美元的控制權。

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

我們的下一個問題來自摩根士丹利的西蒙·古特曼。

This is Zach on for Simeon Gutman. Can you provide any additional color on how you're thinking about the comp outlook in '24? Specifically, what are your assumptions for the progression of ticket and traffic throughout the year?

這是西蒙古特曼的紮克。您能否提供更多關於您對 24 年公司前景的看法？具體來說，您對全年門票和客流量的變化有何假設？

Yes. I mean obviously, our guidance -- we're looking for a strong year, particularly on the Dollar Tree side. And I think as we get into quarter 4, that is our big time of the year in terms of discretionary in Dollar Tree. We believe the initiatives that we're putting in place in Dollar Tree are definitely delivering very positive comp.

是的。我的意思顯然是，我們的指導 - 我們正在尋找強勁的一年，特別是在美元樹方面。我認為，當我們進入第四季時，就美元樹的可自由支配權而言，這是我們一年中的重要時刻。我們相信，我們在 Dollar Tree 中實施的措施肯定會帶來非常正面的回報。

Family Dollar, as Jeff called out, is going to be a little tougher. And it's driven by the mix shift and it's also driven by, quite honestly, the pressure on the low-end consumer in terms of income and the SNAP benefits. We will cycle through the SNAP benefits as we move towards the end of the year, but we feel very comfortable with our comp outlook.

正如傑夫所說，家庭美元將會變得更加艱難。這是由結構轉變所推動的，老實說，也是由低端消費者在收入和 SNAP 福利方面面臨的壓力所推動的。隨著年底的臨近，我們將循環了解 SNAP 福利，但我們對我們的薪資前景感到非常滿意。

Your next question is coming from Matthew Boss from JPMorgan.

您的下一個問題來自摩根大通的馬修·博斯。

So two questions. Maybe, could you elaborate on the traffic trends and market share by demographic that you're seeing at the Dollar Tree banner? And just any change in underlying momentum at Dollar Tree quarter to date?

那麼兩個問題。也許您能詳細說明一下您在 Dollar Tree 橫幅上看到的按人口統計的流量趨勢和市場份額嗎？迄今為止，Dollar Tree 的潛在勢頭有任何變化嗎？

And then in light of the portfolio optimization, just your confidence in the go-forward Family Dollar fleet or maybe if you could share some performance across the curve in terms of the store base. And just lastly, potential opportunity to accelerate unit growth at Dollar Tree as you see it, just given the performance.

然後，根據投資組合優化，您對前進的 Family Dollar 車隊有信心，或者您是否可以在商店基礎方面分享一些曲線上的表現。最後，正如您所看到的，考慮到業績，美元樹有加速單位成長的潛在機會。

Yes. Dollar Tree, the fastest-growing demographic is north of $125,000 a year in income, which brings a lot more firepower to the store, to be honest with you. And I think, quite honestly, I think that attraction is the multi-price point, and the fact that we've been able to increase the variety of product in the store. And I think the interesting thing about Dollar Tree, the lift is pretty universal across all the operating markets. It's not like the Northeast is strong and the West is weak, it's where -- that boat is lifting pretty even all the way up.

是的。 Dollar Tree 是成長最快的人群，年收入超過 125,000 美元，老實說，這為商店帶來了更多的火力。老實說，我認為吸引力在於多價位，而且我們已經能夠增加商店中產品的種類。我認為 Dollar Tree 的有趣之處在於，電梯在所有營運市場中都相當普遍。並不是說東北強，西部弱，而是那艘船一直在上升。

When I look at the potential for Family Dollar and the optimization, again, it's a sum-of-the-parts story. And there are many opportunities in Family Dollar to maximize shareholder value. And what we intend to do, we know how well Dollar Tree is performing. As we said on our call, we're going to shift our focus to opening more Dollar Trees than we historically have done in the past. And quite frankly, it's been driven by the work on the coolers, and it's being driven by the multi-price point, that's made the box more viable.

當我再次審視 Family Dollar 的潛力和優化時，我發現這是一個整體的故事。 Family Dollar 有許多機會可以實現股東價值最大化。我們打算做什麼，我們知道 Dollar Tree 的表現如何。正如我們在電話會議上所說，我們將把重點轉向開設比以往更多的美元樹。坦白說，它是由冷卻器的工作推動的，也是由多價位推動的，這使得盒子更加可行。

But I think the rationalization of the portfolio was a natural step. And now what we could do by eliminating a bunch of underperforming stores, which take the bulk of the district managers' time, we can now focus them on the stores that are doing better.

但我認為投資組合的合理化是一個自然的步驟。現在，我們可以透過消除一堆表現不佳的商店來做到這一點，這些商店佔用了地區經理的大部分時間，我們現在可以將他們的注意力集中在表現更好的商店上。

If I may add just one additional point. If you think about the Family Dollar segment, one of the things that we're really proud of is that we continue to take market share across units, dollars, traffic. So what we're doing there within this banner is working for us. We have found that we are under a little more pressure with our particular higher penetration in lower income customer segment. But we believe the other merchandising and operating actions that we're taking will allow us to further unlock the value of this remaining portfolio of stores that we have within the Family Dollar brand.

我可以補充一點嗎？如果你考慮一下家庭美元細分市場，我們真正引以為傲的事情之一就是我們繼續在單位、美元和流量方面佔據市場份額。所以我們在這個橫幅中所做的事情對我們來說是有效的。我們發現，由於我們在低收入客戶群中的滲透率特別高，我們面臨更大的壓力。但我們相信，我們正在採取的其他行銷和營運行動將使我們能夠進一步釋放 Family Dollar 品牌內剩餘商店組合的價值。

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。

Just a couple for me. Jeff, can you unpack the margin guide by banner? I'm just trying to isolate if you're still anticipating another year of a loss at Family Dollar.

對我來說只是一對。傑夫，你能通過橫幅解壓頁邊距指南嗎？我只是想了解一下您是否仍然預計 Family Dollar 又會虧損一年。

And then Rick, just bigger picture, when you look -- with input prices dropping, can you talk about how your merchants are adding more value, particularly at the Dollar Tree and particularly at that $1.25 price point?

然後，Rick，從更大的角度來看，隨著投入價格的下降，您能否談談您的商家如何增加更多價值，特別是在 Dollar Tree 和 1.25 美元的價格點？

Can you take the first one?

你能拿第一個嗎？

Yes. So on Dollar Tree, for example, on the margin, we're guiding to 36% to 36.5%. That's a combination of a couple of things. One, as we continue to roll out the multi-price offering, that is going to place a little bit of pressure on us from a margin rate perspective, but you're really going to like the dollars that's going to be driving with units.

是的。例如，對於 Dollar Tree，我們的指導價為 36% 至 36.5%。這是幾件事的結合。第一，隨著我們繼續推出多價格產品，從保證金率的角度來看，這會給我們帶來一點壓力，但你真的會喜歡單位帶來的美元成長。

We do anticipate -- we had mentioned that we're anticipating about another $0.80 to $0.90 of freight that's going to be more heavily realized on the Dollar Tree side. And as I've mentioned, we'll expect to see about 60% of that in the first half of the year. So the margin on the Dollar Tree side is going to be sort of led by additional freight and then offset partially as a result of the roll out of the 3,000 stores and multi-price and further penetration in some of the other stores. But all in all, a very healthy 36% to 36.5% gross margin.

我們確實預計——我們已經提到過，我們預計另外 0.80 至 0.90 美元的運費將在 Dollar Tree 方面實現更多。正如我所提到的，我們預計今年上半年將達到 60% 左右。因此，Dollar Tree 方面的利潤將由額外的運費帶動，然後由於 3,000 家商店的推出、多價格以及其他一些商店的進一步滲透而部分抵消。但總而言之，36% 至 36.5% 的毛利率非常健康。

And listen, Dollar Tree also is not immune to some of the issues we're having with shrink as well as the overall mix impact across the business. A little more profound when you get to the Family Dollar side of the business, while they will have a modest impact on the freight because we do import there also, but the impact there is really on the shrink and mix, offset by or actually lifted by further penetration of our private label product as well as our opportunity within OTC and HBA, which are normally higher margin opportunities for us.

聽著，Dollar Tree 也不能倖免於我們在收縮以及整個業務的整體組合影響方面遇到的一些問題。當你談到業務的Family Dollar 方面時，情況會更深刻一些，雖然它們會對運費產生適度的影響，因為我們也在那裡進口，但那裡的影響確實對收縮和混合產生了影響，被抵消或實際上提升了透過進一步滲透我們的自有品牌產品以及我們在 OTC 和 HBA 中的機會，這對我們來說通常是更高的利潤機會。

And the only thing I'd add to that, Chuck, especially on the Dollar Tree side. When input cost goes down, the fact that we have fixed price points allows the Dollar Tree team to reengineer the product and bring a greater value to the table. And that's how that franchise has been built over the years. And so it's $1.25, it might stay $1.25, but it brings more value to the table, to the consumer.

我唯一要補充的是，查克，特別是在美元樹方面。當投入成本下降時，我們有固定的價格點，這使得 Dollar Tree 團隊能夠重新設計產品並帶來更大的價值。這就是多年來該特許經營權的建立方式。所以它是 1.25 美元，可能會保持 1.25 美元，但它為餐桌、為消費者帶來了更多價值。

Our next question today is coming from John Heinbockel from Guggenheim Partners.

今天我們的下一個問題來自古根漢合夥人公司的約翰·海因博克爾。

I wanted to focus on the multi-price point journey, right? So going from 3 doors to 8, how do you think you'll attack that, right, 3 to 8 all at once in certain stores or staggered? How long do you think it will take to kind of replanogram Plus, the old Plus, right, into the categories? And then do you have a view -- like multi-price point penetration, when do we get to 10%? That seems like a fair mile marker.

我想專注於多價位旅程，對吧？那麼，從 3 扇門到 8 扇門，你認為你會如何攻擊，對吧，在某些商店中一次性將 3 扇門增加到 8 扇門，還是交錯排列？您認為需要多長時間才能重新規劃 Plus，舊的 Plus，對吧，進入類別？然後你有什麼看法嗎——例如多價位滲透率，我們什麼時候能達到 10%？這似乎是一個公平的里程標記。

Yes. Great questions. First thing I'll say to you, John, is we will stagger the rollout. I like to spread an initiative over time. That way, it turns into a gift that keeps on giving. So that's kind of our first plan on that.

是的。很好的問題。約翰，我要對你說的第一件事是，我們將錯開推出時間。我喜歡隨著時間的推移傳播倡議。這樣，它就變成了一份持續贈送的禮物。這就是我們的第一個計劃。

The penetration, I would say right now, if Rick McNeely was in the room, the demand is insatiable from the customer. I like the 10% number that you threw out. We're going to be -- we were 8.8% in quarter 4. So yes. I think it is -- right now of all of the things we're doing, and I got Jeff shaking his head, I would call it the gift that keeps on giving right now. And we're just really pleased with it.

我現在想說的是，如果 Rick McNeely 在房間裡，那麼客戶的需求是無法滿足的。我喜歡你丟掉的 10% 的數字。我們將在第四季度達到 8.8%。所以是的。我認為，在我們現在正在做的所有事情中，我讓傑夫搖了搖頭，我稱之為現在繼續給予的禮物。我們對此感到非常滿意。

And then I believe that the last part of the question, if I'm hearing it correctly, is about the timing of doing the replanograming, if you will, of the Plus section. First of all, we don't planogram. So that's an easier part to look at this. But as we think about doing some reconfiguration of the store to bring in the multi-price in line with other products, we're starting to do that this year, and that's the 3,000 stores that we expect to deliver this year.

然後我相信，如果我沒聽錯的話，問題的最後一部分是關於對 Plus 部分進行重新規劃的時間（如果你願意的話）。首先，我們不做貨架圖。所以這是一個比較容易看的部分。但當我們考慮對商店進行一些重新配置以引入與其他產品一致的多價格時，我們今年開始這樣做，這就是我們預計今年交付的 3,000 家商店。

And our goal, John, is get the multi-price point in the aisle where it belongs rather than being in the center of the store. We think it's more shoppable and the consumer will trade up.

約翰，我們的目標是在它所屬的過道而不是商店的中心獲得多價位。我們認為它更容易購物，消費者會升級。

Our next question today is coming from Michael Montani from Evercore ISI.

今天我們的下一個問題來自 Evercore ISI 的 Michael Montani。

Just wanted to ask, first off, two questions related to the store closures. I guess, number one, is there additional opportunity that we should be thinking about here in terms of rebannering in addition to the closures? And then number two, I wanted to see your thoughts around the potential to recapture some of that $700 million of revenue, given the proximity to the other stores.

首先，我想問兩個與關閉商店有關的問題。我想，第一，除了關閉之外，我們是否還應該考慮重新橫幅廣告的其他機會？第二，考慮到與其他商店的距離，我想了解您對重新獲得這 7 億美元收入中部分收入的潛力的想法。

Two great questions. As far as rebannering, we've already looked at a modest number of stores that we intend to do that in. And as we move through the portfolio, we will continue to research that.

兩個很好的問題。就重新橫幅而言，我們已經研究了我們打算在其中進行的少量商店。當我們瀏覽產品組合時，我們將繼續研究這一點。

The one thing we want to be very careful of is, number one, the proximity to another Dollar Tree. And number two, we want to be careful that we don't distort the Dollar Tree brand. So it's a little more complicated than just standing up saying, change them all to Dollar Trees and move forward. But it's a very good question that we're actually looking at as we speak.

我們要非常小心的一件事是，第一，靠近另一棵美元樹。第二，我們要小心，不要扭曲 Dollar Tree 的品牌。因此，這比僅僅站起來說，將它們全部改為美元樹並繼續前進要複雜一些。但這是一個非常好的問題，我們在發言時實際上正在考慮這個問題。

And what was the second part of the question?

問題的第二部分是什麼？

Recapturing sales.

重新奪回銷量。

Yes, recapturing the sales. I think we feel pretty bullish about that. A lot of these stores that were rationalizing out of the system were built on top of another store. And there is the opportunity for us to take back some cannibalization. And I think it's a matter of time. And of course, we're going to continue to build new stores next year.

是的，重新奪回銷量。我認為我們對此非常樂觀。許多在系統之外合理化的商店都是建立在另一家商店之上的。我們有機會收回一些蠶食。我認為這只是時間問題。當然，明年我們將繼續開設新店。

Our next question is coming from Kate McShane from Goldman Sachs.

我們的下一個問題來自高盛的凱特·麥克沙恩。

I wondered if we could ask about the supply chain, the changes that you've been making, and how it's impacted inventory levels and turns.

我想知道我們是否可以詢問供應鏈、你們所做的改變以及它如何影響庫存水準和周轉率。

I mean, I'll speak to half that question, and let Jeff do the hard part.

我的意思是，我會回答這個問題的一半，然後讓傑夫做最困難的部分。

The fascinating thing -- depends on how many cases a store gets in an order to determine how many hours of savings there are. But I can tell you this, we've reduced our unload time to approximately 1 hour, which will benefit us long-term majorly, especially in terms of store standards, in stocks, which should lead to higher transactions, and the rest will be history having been through it. And in regards to inventory?

令人著迷的是——取決於商店收到訂單的數量來確定可以節省多少小時。但我可以告訴你，我們已經將卸貨時間減少到大約1小時，這對我們長期來說主要是有利的，特別是在商店標準方面，在庫存方面，這應該會導致更高的交易，其餘的將是歷史已經經歷過它。關於庫存？

Yes. So from a supply chain basis, one of the things we've been very focused on this past year is, not only in stock in the stores, but how we get in stock in the DCs. So working with our supplier partners to make sure that we're getting the merchandise at a timely basis according to the POs that we've placed. We've actually seen some good improvement in that area, which has benefited us ultimately in having our inventories in store at the time that we need to.

是的。因此，從供應鏈的角度來看，我們去年非常關注的事情之一不僅是商店的庫存，還有我們如何在配送中心獲得庫存。因此，與我們的供應商合作夥伴合作，確保我們根據我們下達的採購訂單及時收到商品。實際上，我們在該領域已經看到了一些良好的改進，這最終使我們在需要時儲備庫存而受益。

The fourth quarter is just an example of that, where last year, we had a little bit more supply chain disruption. The year before this year, we were able to have the merchandise in-country, in DC, in our stores, and that helped us with our overall sell-through, which ultimately helped us on our inventory levels at year-end because we were able to flow that through versus not having any inventory at the right time for the customer.

第四季只是一個例子，去年我們的供應鏈中斷情況增加。今年前年，我們能夠在國內、華盛頓特區和我們的商店購買商品，這幫助我們提高了整體銷量，最終幫助我們提高了年底的庫存水平，因為我們能夠流通，而不是在正確的時間為客戶提供任何庫存。

But I believe, overall, the other actions that we're taking with respect to some of our systems to give us better visibility into where our inventories lie and where our needs are across the network will allow us to further improve on our in-stock positions.

但我相信，總的來說，我們對某些系統採取的其他行動可以讓我們更好地了解我們的庫存所在以及我們的需求在整個網路中的位置，這將使我們能夠進一步改善我們的庫存職位。

And Kate, if I -- I'd like to call out, Mike Kindy, who's been with me for years, he's driving the supply chain now. And again, you raised a very good question.

凱特，如果我——我想喊出麥克金迪（Mike Kindy），他已經和我在一起多年了，他現在正在推動供應鏈。再說一次，你提出了一個非常好的問題。

Mike is working on 2 things: the inbound service rate, which is getting the right inventory here at the right time; and then the outbound service rate, which is shipping what the stores are drawing. And we've had trouble with that, to be frank, over the years. But again, it's another example of improvements we're making.

麥克正在研究兩件事：入庫服務率，也就是在正確的時間獲得正確的庫存；然後是出庫服務費率，即商店抽取的運費。坦白說，多年來我們在這方面遇到了麻煩。但這又是我們正在做出的改進的另一個例子。

Our next question today is coming from Paul Lejuez from Citigroup.

今天我們的下一個問題來自花旗集團的 Paul Lejuez。

Two questions. Just curious what's driving the average ticket lower at Dollar Tree, even as you add the higher price points? And how do you think about enrolling in those high-priced items, the eventual impact on the average ticket at Dollar Tree?

兩個問題。只是好奇是什麼導致 Dollar Tree 的平均票價較低，即使您添加了較高的價格點？您如何看待參加這些高價項目，最終對 Dollar Tree 的平均票價產生的影響？

And then second, and sorry if I missed this, but what's the cash cost of closing the 600 stores of Family Dollar? And maybe if you can talk about the locations of those stores. Are they concentrated in certain geographies? Any common threads other than just not earning their cost of capital?

其次，抱歉，如果我錯過了這一點，那麼關閉 Family Dollar 的 600 家商店的現金成本是多少？也許您可以談談這些商店的位置。他們集中在某些地區嗎？除了沒有賺取資本成本之外，還有什麼共同點嗎？

I'll let you manage the second part, which is the hard part. The -- what we're seeing is the reason our average ticket is down, I think it's because we're seeing more trips. People are coming more often. I think eventually, that will probably shake itself out, but it's all driven by the frequency of which the customer is coming in.

我會讓你處理第二部分，這是最困難的部分。我們所看到的是我們的平均票價下降的原因，我認為這是因為我們看到了更多的旅行。人們來得越來越頻繁。我認為最終，這可能會自行消失，但這一切都是由客戶進來的頻率所驅動的。

Just to top that off also, what we've seen is that when a customer has a multi-price item in their basket, their basket many times is as much as 2x the average basket. So as it relates to the variety that we're asked that we're providing, it's definitely giving us a larger basket. But as Rick has said, the additional traffic, people are coming more often and their basket is just on average, lower.

最重要的是，我們發現，當顧客的購物籃中有多價商品時，他們的購物籃很多時候是平均購物籃的 2 倍。因此，由於它與我們被要求提供的品種有關，因此它肯定會為我們帶來更大的籃子。但正如里克所說，隨著客流量的增加，人們來得更加頻繁，而他們的購物籃平均而言卻較低。

As it relates to the stores that we're taking action on, from a geography standpoint, there's really no real concentration across the country. It's pretty much reflective of our overall fleet demographics, if you will, across the country.

由於它與我們正在採取行動的商店有關，從地理角度來看，全國範圍內確實沒有真正的集中度。如果你願意的話，它很大程度上反映了我們全國範圍內的整體機隊人口統計。

As it relates to the cash cost of closing these stores, on a cash basis, we'll actually be neutral to actually accretive in closing these stores. And it really comes from the fact that from a P&L perspective, you pick up the idea that you no longer have to carry the rents, but the stranded costs associated with the ongoing cost of running the dark store is going to be less than if you were operating the store. And net-net, you would actually pick up just a little bit of cash versus if we were running these stores and operating them under a loss position.

由於它與關閉這些商店的現金成本有關，因此在現金基礎上，我們實際上會對關閉這些商店保持中性而不是實際增值。這確實來自於這樣一個事實：從損益表的角度來看，你意識到你不再需要承擔租金，但與經營暗店的持續成本相關的擱淺成本將低於如果你正在經營這家商店。和淨淨相比，如果我們經營這些商店並在虧損的情況下經營它們，你實際上只會獲得一點現金。

Over time, that actually gets better as these stores start to run off whatever remaining portion of their lease. So the cash requirement is reduced pretty substantially over the next 3 years.

隨著時間的推移，情況實際上會變得更好，因為這些商店開始耗盡其租約的剩餘部分。因此，未來三年現金需求將大幅減少。

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

今天我們的下一個問題來自 Piper Sandler 的 Peter Keith。

I wanted to dig into the SNAP headwind of negative 5% on Family Dollar. Could you quantify how you got to that math? Because if I'm doing the math myself, I look at about a 35% decline in SNAP for the quarter on about 7% to 8% of sales is about a 2.5% headwind overall.

我想深入研究 Family Dollar 負 5% 的 SNAP 逆風。你能量化一下你是如何得到這個數學的嗎？因為如果我自己計算一下，我會發現本季 SNAP 下降了 35%，銷售額下降了約 7% 至 8%，整體來說是 2.5% 的逆風。

Yes. The way we're looking at this, once again, it depends on the -- your assumption on the penetration of our customer. But as we take a look at what that SNAP customer means for us and how we've been looking at the sort of contribution on a year-over-year basis, that's how we derive the 5%.

是的。我們看待這個問題的方式再次取決於您對我們客戶滲透率的假設。但是，當我們了解 SNAP 客戶對我們意味著什麼以及我們如何逐年看待此類貢獻時，這就是我們得出 5% 的方法。

Our next question is coming from Joe Feldman from Telsey Advisory Group.

我們的下一個問題來自特爾西諮詢集團的喬·費爾德曼。

I wanted to ask, what -- as you guys are looking at the Family Dollar stores that you're closing, I was just kind of curious, like what part of the transformation strategy work that you guys have done in the past year or so, I guess, do you feel won't work in those stores? Like, was there something that you just felt like -- I guess it's a lost cause, for lack of a better term? But maybe you could just share some thoughts around that where maybe like help the other stores that do continue to run and what works there that didn't work in these stores.

我想問，當你們正在關注即將關閉的 Family Dollar 商店時，我只是有點好奇，比如你們在過去一年左右的時間裡做了哪些轉型戰略工作，我猜，你覺得那些店不行嗎？例如，有沒有什麼事情你只是覺得──我想這是一個失敗的原因，因為沒有更好的術語？但也許你可以分享一些想法，例如幫助其他繼續經營的商店，以及那些在那裡有效但在這些商店中不起作用的想法。

Yes. Another really good question. I would look at you and say the initiatives have worked in every store. The problem is the magnitude of the lift. And I think also as we looked at these stores, it was their location, the competitive environment, the quality of the facility, the proximity to the competition. There was many, many, many factors.

是的。另一個非常好的問題。我會看著你說這些措施在每家商店都奏效了。問題在於升力的大小。我認為，當我們檢視這些商店時，我們會考慮它們的位置、競爭環境、設施品質以及與競爭對手的距離。有很多很多很多的因素。

And we have had in the past a real estate strategy that wasn't really, really focused on maximizing value. And what we've done now is pick stores that we don't think have a long-term future, and more importantly, hopefully, we'll be able to transfer some sales from this closed store into one of our operating stores.

我們過去的房地產策略並不是真正專注於價值最大化。我們現在所做的就是挑選那些我們認為沒有長遠未來的商店，更重要的是，希望我們能夠將一些銷售從這家關閉的商店轉移到我們經營的商店之一。

So I mean, it's a pretty thorough process. And the important question is, why didn't they get the lift from the initiatives of the other stores that we're keeping, obviously, which is the bulk of the portfolio. It has to do merely with a lot of other extraneous factors.

所以我的意思是，這是一個非常徹底的過程。重要的問題是，為什麼他們沒有從我們保留的其他商店的舉措中得到提升，顯然，這是投資組合的大部分。它只與許多其他無關因素有關。

Yes. And just to add back, I think actually, Paul had a portion of his question I didn't answer that was on this very topic. Many of these stores were operating unfortunately at a level that the operating loss of these stores was pretty substantial. And even with the lift of some of the initiatives, while we're starting to mute the level of loss, we were still significantly below what we consider to have a reasonable return. Especially when we think about the additional investments that we would want to make in these stores as it relates to store standards, as it relates to just a number of other things, that it just wouldn't be able to carry a return on the additional investment for these stores.

是的。補充一下，我認為實際上，保羅的問題中有一部分我沒有回答，這正是關於這個主題的。不幸的是，其中許多商店的經營水準使得這些商店的經營虧損相當可觀。即使採取了一些舉措，雖然我們開始減少損失水平，但我們仍然遠低於我們認為的合理回報。特別是當我們考慮我們希望在這些商店進行的額外投資時，因為它與商店標準相關，因為它與許多其他事情相關，但它無法帶來額外的回報對這些商店的投資。

A lot of this is driven by the fact that over time, rents shrink and a number of other exogenous sort of factors has driven the store to a point where, unfortunately, they're just operating at a very significant loss.

造成這種情況的主要原因是，隨著時間的推移，租金下降，而許多其他外生因素已將商店推向了一個地步，不幸的是，他們的經營虧損非常嚴重。

Our next question is coming from Brad Thomas from KeyBanc Capital Markets.

我們的下一個問題來自 KeyBanc Capital Markets 的 Brad Thomas。

Rick, I was hoping you could talk a little bit on the Family Dollar side about the consumables category. And I was hoping, you could talk a little bit about the competitive landscape, how you're feeling about pricing and some of the opportunities to drive share going forward?

瑞克，我希望你能談談家庭美元方面的消耗品類別。我希望您能談談競爭格局、您對定價的看法以及未來推動份額成長的一些機會？

Yes. On the consumables side and Family Dollar, as we have gotten our mix right inside the store in terms of the SKU count, remember, we discontinued 1,000 and added 2,000 for a net of 1,900 and change. We're very pleased with what we're seeing in terms of movement. We've made the consumable mix more relevant. And add to that, the emphasis that we have placed on private brands. And now you have a national brand equivalent item that the consumer can purchase. And I think our consumable mix, to be honest, is the best it's been in Family Dollar, hearkens back to my old days as a grocer.

是的。在消耗品方面和 Family Dollar 方面，我們已經在商店內根據 SKU 數量進行了組合，請記住，我們停產了 1,000 種，並添加了 2,000 種，淨值為 1,900 種並進行了更改。我們對所看到的運動狀況非常滿意。我們讓消耗品組合更相關。除此之外，我們也非常重視自有品牌。現在您擁有了消費者可以購買的全國品牌同等商品。老實說，我認為我們的消費品組合是《Family Dollar》中最好的，讓人回想起我作為雜貨商的舊時光。

In regards to pricing activity out there, the market continues to be relatively stable. I would even say, the promotional activity on the weekly flyers is relatively stable. It's not like we're seeing anything that's really wild. And I think our pricing position for Family Dollars is as good as it's ever been.

就定價活動而言，市場仍相對穩定。甚至可以說，週傳單的促銷活動還是比較穩定的。我們並沒有看到任何真正瘋狂的東西。我認為我們對 Family Dollars 的定價定位與以往一樣好。

Our next question is coming from Scot Ciccarelli from Truist Securities.

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

This is Josh Young on for Scott. Could you guys just clarify what are you going to do with the inventory at the stores slated for closure? So in other words, are there discounts which may boost sales and hurt margins? Or will inventory just be shifted to other stores? And is that all captured in your guidance?

這是替補斯科特的喬許楊。你們能澄清一下你們將如何處理即將關閉的商店的庫存嗎？換句話說，是否存在可能促進銷售但損害利潤的折扣？或者庫存會被轉移到其他商店嗎？您的指導中是否包含了所有內容？

Yes. So first of all, it is captured in our guidance. And the way that we'll do this is, given the announcement of the timing of the store closure, we'll run a series of different discounts to help move through the inventory. Also, as part of the impairment that we've taken, we've also already accounted for an impairment of that value of inventory at some level in order to ultimately realize the sale.

是的。因此，首先，它已在我們的指導中得到體現。我們的做法是，鑑於商店關閉時間的公告，我們將提供一系列不同的折扣，以幫助清理庫存。此外，作為我們所採取的減損的一部分，我們也已經在一定程度上考慮了庫存價值的減值，以便最終實現銷售。

Thank you. 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.

謝謝。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 your time today, and looking forward to talking to you again in the near future.

非常感謝大家今天抽出寶貴的時間，並期待在不久的將來再次與大家交談。

Thank you. That does conclude today's teleconference. 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。