美元樹 (DLTR) 2024 Q2 法說會逐字稿

Greetings. Welcome to the Dollar Tree second quarter 2024 earnings call. (Operator Instructions) Please note this conference is being recorded.

問候。歡迎參加 Dollar Tree 2024 年第二季財報電話會議。 （操作員說明）請注意，本次會議正在錄製中。

I will now turn the conference over to Robert LaFleur, Senior Vice President, Investor Relations. Thank you. You may begin.

我現在將會議交給投資者關係高級副總裁羅伯特·拉弗勒爾 (Robert LaFleur)。謝謝。你可以開始了。

Good morning and thank you for joining us today to discuss Dollar Tree's Second Quarter Fiscal 2024 Results. Before we begin, I'd like to let everyone know that our CEO and Executive Chairman, Rick, has been under the weather for the past few days and his voice has not yet fully recovered.

早安，感謝您今天加入我們討論 Dollar Tree 2024 年第二季財報業績。在開始之前，我想讓大家知道，我們的執行長兼執行主席 Rick 在過去幾天一直身體不適，他的聲音還沒有完全恢復。

He's here listening to the call today and sends his regards, but has asked our Chief Operating Officer, Mike Creedon, to step in for him today. At the end of our prepared remarks, Mike will join our CFO, Jeff Davis, for the Q&A session. We wish Rick a speedy recovery and I know he looks forward to chatting with you all again next quarter.

他今天在這裡聽取電話並致以問候，但今天請我們的首席營運官邁克·克里登 (Mike Creedon) 代他處理此事。在我們準備好的演講結束時，麥克將與我們的財務長傑夫戴維斯一起參加問答環節。我們祝 Rick 早日康復，我知道他期待下個季度再次與大家聊天。

So, with that, 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.

因此，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。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 condition and results of operations sections in our Annual Report on Form 10-K filed on March 20, 2024, 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業績的風險和不確定性的信息，請參閱我們於2024 年3 月20 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和分析部分，我們最新的新聞稿和 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 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 for the second quarter of fiscal 2024 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 2024 財年第二季度的所有比較均與一年前同期進行。請注意，我們網站的 IR 部分提供了概述選定營運指標的補充幻燈片。

Following our prepared remarks, Jeff and Mike will take your questions. Given the number of callers who would like to participate in today's session, we ask that you limit yourself to one question.

在我們準備好的發言之後，傑夫和麥克將回答您的問題。鑑於希望參加今天會議的來電者人數眾多，我們要求您只回答一個問題。

I'd now like to turn the call over to Mike.

我現在想把電話轉給麥克。

Thanks, Bob. Good morning, everyone. This is Mike Creedon. I'm Dollar Tree's Chief Operating Officer and I'm happy to pinch-hit for Rick this morning.

謝謝，鮑伯。大家早安。這是麥克·克里登。我是 Dollar Tree 的首席營運官，我很高興今天早上為 Rick 做兼職。

When Rick first joined Dollar Tree as Executive Chairman and again last year when he became CEO, he told you that he came here to lead a transformation with the primary goal of helping this company realize its full potential.

當Rick 第一次加入Dollar Tree 擔任執行董事長時，以及去年再次擔任執行長時，他告訴您，他來到這裡是為了領導一場轉型，其主要目標是幫助這家公司充分發揮其潛力。

He's also said that transformations are rarely easy or linear and that is especially true for a company as large as ours that is navigating through one of the most challenging macro environments we've ever seen.

他還表示，轉型很少是容易的或線性的，對於像我們這樣正在經歷我們所見過的最具挑戰性的宏觀環境之一的大公司來說尤其如此。

That said Rick and all of us on the senior leadership team believe very deeply in this transformation and the positive impact we're having in the areas we control. We also believe very deeply in the importance of providing the high-quality, low-cost products that individuals and families need in a convenient and comfortable shopping environment.

也就是說，里克和我們高階領導團隊中的所有人都非常相信這項轉變以及我們在我們控制的領域所產生的正面影響。我們也深信在便利舒適的購物環境中提供個人和家庭所需的高品質、低成本產品的重要性。

We are also committed to serving the communities where we operate. And most importantly, we are aware of the awesome responsibility we have each and every day to serve our customers, associates and shareholders.

我們也致力於為我們經營所在的社區提供服務。最重要的是，我們意識到我們每天都肩負著為客戶、員工和股東提供服務的重大責任。

Clearly, we are not pleased with our second quarter results or having to revise our full year outlook. But this updated outlook reflects how the challenging macro environment continues to pressure our customers. It also reflects some revised financial estimates that we will discuss shortly.

顯然，我們對第二季的業績並不滿意，也不得不修改全年展望。但這項更新的前景反映了充滿挑戰的宏觀環境如何繼續給我們的客戶帶來壓力。它也反映了我們將很快討論的一些修訂後的財務估計。

That said, we will also talk about several areas where we are performing well and where our transformation initiatives are taking hold. And I will share where we are heading as a company and why we are still so excited about our future.

也就是說，我們還將討論我們表現良好以及我們的轉型舉措正在發揮作用的幾個領域。我將分享我們公司的發展方向以及為什麼我們仍然對未來如此興奮。

So, let's get started. Sales came in towards the low end of our outlook range. Family Dollar's comp was in line, but Dollar Tree's comp, while positive, was lower than we expected. As we have seen for several quarters now, demand from Family Dollar's core lower-income customer remains weak.

那麼，讓我們開始吧。銷售額接近我們展望範圍的低端。 Family Dollar 的薪酬符合預期，但 Dollar Tree 的薪酬雖然為正，但低於我們的預期。正如我們在幾個季度中看到的那樣，Family Dollar 核心低收入客戶的需求仍然疲軟。

Dollar Tree has a broader customer base that includes more middle and upper-income households. And beginning this quarter, we started to see inflation, interest rates and other macro pressures have a more pronounced impact on the buying behavior of these customers. This impacted our second quarter comp performance and is the primary driver of our revised full year outlook.

Dollar Tree擁有更廣泛的客戶群，其中包括更多的中高收入家庭。從本季開始，我們開始看到通膨、利率和其他宏觀壓力對這些客戶的購買行為產生更明顯的影響。這影響了我們第二季的業績表現，也是我們修訂全年前景的主要動力。

Despite these near-term pressures, we are confident in the Dollar Tree segment's ability to compete and win. Our offerings provide customers with exceptional values that are well matched to the current environment. We are strong believers in the inherent strength of Dollar Tree's differentiated business model and its long-term strategy of multi-price expansion and store growth acceleration.

儘管存在這些近期壓力，我們對 Dollar Tree 部門的競爭和獲勝能力充滿信心。我們的產品為客戶提供與當前環境完美匹配的卓越價值。我們堅信 Dollar Tree 差異化業務模式的內在優勢及其多價格擴張和商店加速成長的長期策略。

Today, we need to be sensitive and responsive to the needs of our customers and meet them where they are and how they are living. In this environment, retailers who can offer products to provide value and convenience to pressured consumers are the ones who will take market share and grow sales. We believe we are and will continue to be one of those winning retailers.

今天，我們需要對客戶的需求保持敏感和回應，並滿足他們的需求和生活方式。在這種環境下，能夠提供產品為有壓力的消費者提供價值和便利的零售商將佔據市場份額並增加銷售。我們相信我們現在是並將繼續成為獲勝的零售商之一。

Before getting into the rest of the details on the second quarter, let us acknowledge that Dollar Tree's comp store performance was just part of the lower-than-expected Q2 earnings. The most significant component, $0.30 of EPS that wasn't in our June outlook, was related to general liability claims.

在討論第二季的其餘細節之前，讓我們承認 Dollar Tree 的比較商店業績只是第二季收益低於預期的一部分。最重要的組成部分，每股收益 0.30 美元，不在我們 6 月的展望中，它與一般責任索賠有關。

Predicting these claims is complex and we again increased our accrual for general liability this quarter after observing higher-than-expected costs to resolve certain claims. Jeff will give you the full details on this in a few minutes.

預測這些索賠很複雜，在觀察到解決某些索賠的成本高於預期後，我們本季再次增加了一般責任的應計費用。傑夫將在幾分鐘內向您提供有關此內容的完整詳細資訊。

Again, in this evolving economic backdrop, our team remains focused on factors that are within our control, including the rollout of key transformation initiatives. Dollar Tree's multi-price expansion continues to resonate with our customers and the 1,600 stores that have been converted into our newest in-line format are seeing an outsized sales lift.

同樣，在不斷變化的經濟背景下，我們的團隊仍然專注於我們控制範圍內的因素，包括關鍵轉型措施的推出。 Dollar Tree 的多價位擴張繼續引起客戶的共鳴，1,600 家商店已轉變為我們最新的線上模式，銷售額大幅提升。

As we talked about last quarter, we are building new muscle memory with multi-price. This rollout is a process and we are constantly making adjustments based on our learnings from earlier rounds of conversions.

正如我們上季度談到的，我們正在建立具有多價格的新肌肉記憶。此次推出是一個過程，我們會根據前幾輪轉換的經驗不斷進行調整。

For example, we are now prioritizing ready-to-convert stores and moving them to the front of the line, ahead of stores that may need some additional prep work before they can realize the full range of conversion benefits. As we've taken the time to incorporate these learnings, we're a few 100 stores behind our original schedule, but we've learned that it's better to get the conversions done right than to rush the process.

例如，我們現在優先考慮準備轉換的商店，並將它們移到隊伍的前面，領先於可能需要一些額外準備工作才能實現全方位轉換優勢的商店。當我們花時間整合這些經驗教訓時，我們比原定計劃落後了 100 家商店，但我們了解到，正確完成轉換比倉促完成轉換更好。

The most important thing is that the customer response is validating our strategy, because our biggest challenge now is keeping up with the demand for the new assortment. To give you a sense of how these stores are performing, comps for the 1,600 stores we've converted were up 4.6% in the second quarter versus less than 0.5% at our other formats.

最重要的是，客戶的反應正在驗證我們的策略，因為我們現在最大的挑戰是跟上對新品種的需求。為了讓您了解這些商店的表現，我們轉換的 1,600 家商店第二季度的銷售額增長了 4.6%，而我們其他業態的銷售額僅增長了不到 0.5%。

Our Q1 conversions, who had the benefit of the new multi-price format and assortment for all of Q2, did a 5.1% comp. Importantly, these in-line stores showed strength across the assortment with a 6.7% consumables comp and a 2.6% discretionary comp.

我們第一季的轉換率在整個第二季都受益於新的多價格格式和分類，實現了 5.1% 的比較。重要的是，這些線下商店在整個品類中表現出實力，消耗品佔 6.7%，非必需品佔 2.6%。

Considering the vast majority of our new discretionary multi-price items won't be in these stores until later this year, we are very pleased with these early results. We also believe that, over time, our expanded discretionary multi-price offerings will help us overcome some of the macro-driven weakness we're seeing elsewhere in the portfolio.

考慮到我們絕大多數新的可選多價商品要到今年稍後才會在這些商店上市，我們對這些早期結果感到非常滿意。我們也相信，隨著時間的推移，我們擴大的全權委託多價格產品將幫助我們克服我們在投資組合其他地方看到的一些宏觀驅動的弱點。

We believe the expansion of in-line multi-price across the Dollar Tree portfolio will be a major growth driver for many years to come. Today, less than 15% of our SKUs are multi-price.

我們相信，Dollar Tree 投資組合中線上多價格的擴張將成為未來許多年的主要成長動力。如今，我們的 SKU 中只有不到 15% 是多價的。

In addition to driving comp, the higher gross profit dollars per item generated by this assortment should provide a meaningful lift to store economics over time. As excited as we are about these initial results, we believe we are still in the very early innings with many years of runway ahead of us.

除了推動競爭之外，這種產品組合帶來的每件商品更高的毛利也應該會隨著時間的推移對商店的經濟效益產生有意義的提升。儘管我們對這些初步結果感到興奮，但我們相信我們仍處於早期階段，前面還有很多年的路要走。

We're also happy to announce that as of today, we've reopened approximately 85 former 99 Cents Only locations as Dollar Trees. In fact, another 20 stores are reopening tomorrow and the remaining 56 should reopen by the end of the year.

我們也很高興地宣布，截至今天，我們已將大約 85 個以前的 99 Cents Only 門市重新開放為 Dollar Trees。事實上，另有 20 家商店將於明天重新開業，其餘 56 家商店將在年底前重新開業。

Getting this done from scratch in less than 100 days required a massive effort across multiple teams. That's a real accomplishment. I would like to thank everyone involved for all their hard work.

在不到 100 天的時間內從頭開始完成這項工作需要多個團隊付出巨大的努力。這是一項真正的成就。我要感謝所有參與者的辛勤工作。

These 99 Cents Only locations are proven, high-quality stores in strong markets with great growth potential. We're very excited about expanding our footprint across California and the Southwest and we couldn't be more pleased with the reception we've received from the communities who've welcomed us.

這些 99 Cents Only 店是經過驗證的高品質商店，位於強勁的市場中，具有巨大的成長潛力。我們對擴大我們在加州和西南部的足跡感到非常興奮，我們對來自歡迎我們的社區的接待感到非常高興。

This transaction was a rare opportunity to acquire a portfolio of assets under very favorable lease terms. We expect these stores will provide compelling unit-level economics and positive synergies across our network. While we have to absorb some unanticipated upfront costs that Jeff will talk about in a minute, this is still a great deal.

此次交易是在非常優惠的租賃條件下收購資產組合的難得機會。我們預計這些商店將在我們的網路中提供令人信服的單位級經濟效益和積極的協同效應。雖然我們必須承擔傑夫稍後將討論的一些意料之外的前期成本，但這仍然是一筆很大的錢。

In supply chain, our DC in West Memphis, Arkansas, has reopened and is now making deliveries. Recall that after we lost our DC in Marietta, Oklahoma, we decided to temporarily repurpose West Memphis to support the Dollar Tree banner.

在供應鏈方面，我們位於阿肯色州西孟菲斯的配送中心已重新開放，目前正在送貨。回想一下，在我們失去俄克拉荷馬州瑪麗埃塔的 DC 後，我們決定暫時改變西孟菲斯的用途以支持美元樹旗幟。

We're also making good progress on RotaCarts. West Memphis is servicing over 600 Dollar Tree and combo stores with RotaCarts, and by next year, it will be able to handle an additional 150 stores.

我們在 RotaCarts 上也取得了良好進展。西孟菲斯正在透過 RotaCarts 為 600 多家 Dollar Tree 和組合商店提供服務，到明年，它將能夠為另外 150 家商店提供服務。

Elsewhere, our DC in Matthews, North Carolina is delivering to Family Dollar Stars with RotaCarts and we're serving approximately 300 Dollar Tree stores with RotaCarts out of our DC here in Chesapeake, Virginia.

在其他地方，我們位於北卡羅來納州馬修斯的配送中心正在透過 RotaCarts 向 Family Dollar Stars 送貨，並且我們在弗吉尼亞州切薩皮克的配送中心透過 RotaCarts 為大約 300 家 Dollar Tree 商店提供服務。

By the end of the year, four DCs should be providing RotaCart deliveries to over 2,000 stores. We're collecting lots of data from initial deployments and refining our rollout plans based on what we learn along the way.

今年底，四個配送中心將為 2,000 多家商店提供 RotaCart 送貨服務。我們正在從初始部署中收集大量數據，並根據我們在過程中學到的知識來完善我們的推出計劃。

In IT, Bobby Aflatooni and his team are making great progress across our modernization initiatives. Our new warehouse management system went live at its first two DCs, with two more slated for early next year.

在 IT 領域，Bobby Aflatooni 和他的團隊在我們的現代化計劃中取得了巨大進展。我們的新倉庫管理系統在前兩個配送中心投入使用，另外兩個配送中心預計將於明年初投入使用。

Across both banners, we've transitioned over 9,000 stores to our network infrastructure, which supports business operations by improving Internet connectivity, security and in-store Wi-Fi access for associates.

在這兩個領域，我們已將 9,000 多家商店遷移到我們的網路基礎設施，該基礎設施透過改善員工的網路連線、安全性和店內 Wi-Fi 存取權來支援業務運作。

Additionally, we've created an entirely new infrastructure to support the multi-price rollout, including shelf tag label printers, in-store price checkers, and back office functionality.

此外，我們還創建了一個全新的基礎設施來支援多價格推出，包括貨架標籤印表機、店內價格檢查器和後台功能。

Our Family Dollar Private Brands program continues to gain momentum. Private Brands contributed 16% of consumable sales in the quarter, which puts us well ahead of schedule to hit our 70% year-end target.

我們的 Family Dollar 自有品牌計劃繼續保持強勁勢頭。自有品牌佔本季消費品銷售額的 16%，這使我們提前實現 70% 的年終目標。

Year-to-date, we've added 75 new SKUs across food, HBA, and household products and Private Brands now represent 9% of Family Dollar SKUs. Among categories, we're seeing strong growth in food and we see great potential in HBA, where we remain under-indexed.

今年迄今，我們在食品、HBA 和家居用品領域新增了 75 個 SKU，自有品牌目前佔 Family Dollar SKU 的 9%。在類別中，我們看到食品的強勁成長，我們看到 HBA 的巨大潛力，但我們的指數仍然偏低。

Shrink remains a major topic across retail. While shrink remains unacceptably high, it appears to be stabilizing. While it is too early to declare victory, I am pleased that our targeted actions and interventions helped our second quarter shrink rate.

收縮仍然是整個零售業的一個主要話題。儘管收縮率仍然高得令人無法接受，但它似乎正在趨於穩定。雖然現在宣布勝利還為時過早，但我很高興我們有針對性的行動和乾預措施幫助我們第二季度縮小了成長率。

We are running ahead of shrink expectations at Family Dollar and still have some additional work to do at Dollar Tree as we adjust to the new shrink challenges that arise when we introduce more high-value, multi-price products into the assortment.

Family Dollar 的減貨預期超出了我們的預期，Dollar Tree 仍有一些額外的工作要做，因為我們要適應新的減貨挑戰，因為我們在品種中引入更多高價值、多價格產品時會出現這種挑戰。

Now, let's move to the financial highlights from the quarter. On a consolidated basis, net sales increased 0.7% to $7.4 billion. Enterprise comp increased 0.7% on a 1.1% traffic increase, partially offset by a 0.5% average ticket decline.

現在，讓我們來看看本季的財務亮點。合併後淨銷售額成長 0.7%，達到 74 億美元。企業營業額成長 0.7%，客流量增加 1.1%，但被平均門票下降 0.5% 部分抵銷。

Looking at performance by banner, Dollar Tree comps increased 1.3% on a 1.4% traffic increase, modestly offset by a 0.1% average ticket decline. While comps were positive in each month, they softened sequentially throughout the quarter.

從橫幅表現來看，Dollar Tree 的銷量成長了 1.3%，流量增加了 1.4%，但被平均門票下降 0.1% 所抵消。雖然每個月的業績都呈現正值，但整個季度的業績卻連續走軟。

While discretionary products remain an integral part of Dollar Tree's retail mission. Our sales mix has shifted towards consumables in recent years. For example, Dollar Tree's consumable mix increased 210 basis points in the second quarter to 50.6%.

儘管非必需品產品仍然是 Dollar Tree 零售使命不可或缺的一部分。近年來，我們的銷售組合已轉向消耗品。例如，Dollar Tree 的消費品結構在第二季增加了 210 個基點，達到 50.6%。

Part of this shift reflects softer discretionary demand, but part of it is tied to some timing differences in our latest multi-price rollout. Given their shorter lead times, many of the earliest items we introduced were consumables.

這種轉變部分反映了可自由支配需求的疲軟，但部分與我們最新的多價格推出中的一些時間差異有關。鑑於交貨時間較短，我們最早推出的許多物品都是消耗品。

In the back half of the year, our discretionary mix should improve as more longer lead time discretionary items, particularly in seasonal, finally arrive in our stores.

今年下半年，隨著更多交貨時間較長的非必需品（尤其是季節性的）最終抵達我們的商店，我們的非必需品組合應該會有所改善。

Dollar Tree's consumable comp was 4.7% against a very challenging 13.2% comp last year. While discretionary comp was down 1.9% on the unfavorable mix, this was a sequential improvement from the Easter-related challenges we faced in Q1.

Dollar Tree 的消耗品利潤率為 4.7%，而去年的利潤率為 13.2%，極具挑戰性。儘管由於不利的組合，可自由支配的薪酬下降了 1.9%，但與我們在第一季面臨的復活節相關挑戰相比，這是一個連續的改善。

Consumable categories like candy, apparel, snacks and beverages were our best performing areas in Q2, while higher-margin discretionary categories like crafts, floral, and home decor underperformed.

糖果、服裝、零食和飲料等消費品類別是我們第二季度表現最好的領域，而工藝品、花卉和家居裝飾等利潤率較高的非必需品類別表現不佳。

After several quarters of strong growth, Dollar Tree's unit and dollar market share gains moderated in the second quarter. Dollar Tree attracted 2.8 million net new shoppers over the past 12 months.

經過幾個季度的強勁增長後，Dollar Tree 的單位和美元市場份額增長在第二季度有所放緩。過去 12 個月，Dollar Tree 吸引了 280 萬新淨購物者。

In the Family Dollar segment, customer traffic and average ticket largely offset as comps declined 0.1%. Comps were positive in the middle month of the quarter and negative in the first and last months.

在 Family Dollar 細分市場，客戶流量和平均票價在很大程度上被抵消，因為比較下降了 0.1%。本季中期的比較結果為正，而第一個月和最後幾個月的比較結果為負。

Customer traffic increased 0.7%, while average decreased traffic, 0.8%. Our consumables comp increased 0.3% on top of a strong 9.5% comp in Q2 last year. Discretionary comp declined 1.7%, a 300 basis point sequential improvement over Q1.

客戶流量增加了 0.7%，而平均流量下降了 0.8%。我們的消耗品比較在去年第二季 9.5% 的強勁成長基礎上成長了 0.3%。全權委託成本下降 1.7%，比第一季季增 300 個基點。

The improving trend in discretionary comp reflects recent efforts to improve our assortment by emphasizing more relevant items with higher purchase frequency. Standouts for best performing categories were evenly split across discretionary and consumables, including beverages, apparel, health OTC, and personal care.

可自由支配的補償的改善趨勢反映了我們最近透過強調購買頻率更高的相關商品來改善我們的品種的努力。表現最佳類別的佼佼者均勻分佈在非必需品和消費品領域，包括飲料、服裝、健康非處方藥和個人護理品。

Meanwhile, bottom-performing categories like home decor, seasonal, and beauty skewed towards discretionary. Family Dollar's unit and market share were essentially flat in the quarter. Family Dollar attracted 1.8 million net new shoppers over the past 12 months.

同時，家居裝飾、季節性和美容等表現最差的類別則偏向非必需品。 Family Dollar 的單位數量和市佔率在本季基本持平。過去 12 個月，Family Dollar 吸引了 180 萬新淨購物者。

Let's also update you on SNAP benefits. As you may know, over 40% of Family Dollar customers are eligible for some form of government assistance, including SNAP, and those benefits are a meaningful part of their household resources.

我們也向您介紹 SNAP 福利的最新情況。如您所知，超過 40% 的 Family Dollar 客戶有資格獲得某種形式的政府援助，包括 SNAP，這些福利是他們家庭資源的重要組成部分。

We have cycled most of last year's benefit reductions and we believe the worst is now behind us. In the second quarter, reduced SNAP benefits were a 60 basis point comp headwind for Family Dollar, significantly better than the 280 basis-point impact we saw in Q1 and the 500 basis point impact in Q4 of last year.

我們已經循環了去年大部分的福利削減，我們相信最糟糕的時期已經過去了。第二季度，SNAP 福利減少對 Family Dollar 造成 60 個基點的影響，明顯好於我們在第一季看到的 280 個基點的影響和去年第四季度的 500 個基點的影響。

And one last point to share on SNAP, Family Dollar customers can now buy SNAP eligible products online through Instacart delivery. This collaboration reduces transportation dependency by giving customers access to same day delivery of Family Dollar products. This is a logical extension of our mission to help individuals and families do more with less by making essential goods more affordable and accessible.

最後要分享的一點是，Family Dollar 客戶現在可以透過 Instacart 送貨在線購買 SNAP 合格產品。此次合作讓客戶能夠在當天交付 Family Dollar 產品，從而減少對運輸的依賴。這是我們使命的合理延伸，即透過讓必需品變得更實惠和容易獲得，幫助個人和家庭用更少的錢做更多的事。

Now, let us share some thoughts on a few other top-of-mind issues. We know that tariffs have been a big topic recently. In the event of any meaningful change to the current tariff regime, we have long-standing contingency plans to diversify our supply chain in a timely and cost-effective manner. We also have the flexibility to adjust product specs and price points to address any changes in the market.

現在，讓我們就其他一些首要問題分享一些想法。我們知道關稅最近一直是一個大話題。如果當前關稅制度發生任何有意義的變化，我們有長期的應急計劃，以及時且具有成本效益的方式來實現供應鏈多元化。我們還可以靈活地調整產品規格和價格點，以應對市場的任何變化。

Regarding ocean freight, our exposure to spot rates remains limited as the vast majority of our capacity is covered by annual or long-term contracts. With limited near-term exposure to container rate volatility, our outlook for ocean and domestic freight remains positive.

關於海運，我們的即期匯率風險仍然有限，因為我們的絕大多數運力都由年度或長期合約涵蓋。由於近期貨櫃運價波動的風險有限，我們對海運和國內貨運的前景仍然樂觀。

Regarding changes to overtime thresholds for salary workers under the Fair Labor Standards Act, we fully absorbed the first phase of this in early July. The next proposed phase, which raises the July salary threshold by an additional 34%, is scheduled to go into effect on January 1st of next year.

關於《公平勞動標準法》下工資工人加班門檻的變更，我們已在7月初全面吸收了第一階段的內容。下一階段計畫將 7 月薪資門檻再提高 34%，計畫於明年 1 月 1 日生效。

However, there is significant uncertainty over when and if this change will be implemented. We are evaluating multiple mitigation strategies to address the proposed rules.

然而，何時以及是否實施這項改變存在很大的不確定性。我們正在評估多種緩解策略來解決擬議的規則。

And finally, we wanted to provide an update and let you know what we are making good progress on our strategic review at Family Dollar, which includes evaluating a full range of pathways to maximize shareholder value.

最後，我們希望提供最新情況，讓您了解我們在 Family Dollar 的策略審查方面取得的良好進展，其中包括評估實現股東價值最大化的全方位途徑。

As we discussed in June, our transformation includes operational and business improvements, such as multi-price at Dollar Tree, as well as this more holistic evaluation of the best structure and pathway for our Family Dollar business.

正如我們在 6 月討論的那樣，我們的轉型包括營運和業務改進，例如 Dollar Tree 的多價格，以及對 Family Dollar 業務的最佳結構和途徑進行更全面的評估。

We understand that there are many questions on this topic and we reiterate our commitment to update you when we reach the conclusion of the review.

我們知道有關此主題的問題有很多，我們重申我們的承諾，當我們得出審核結論時，我們會向您提供最新情況。

The actions we took earlier this year at Family Dollar to close underperforming stores are having the intended impact, and our remaining Family Dollar stores are focused on providing service and value to our customers across the country each and every day.

我們今年早些時候在 Family Dollar 上採取的關閉業績不佳商店的行動正在產生預期的影響，我們剩餘的 Family Dollar 商店每天都專注於為全國各地的客戶提供服務和價值。

Before wrapping up, we'd like to share a few thoughts about our revised outlook. We've adjusted our sales outlook to better reflect where the consumer is today as they continue to adapt to the evolving macro landscape.

在結束之前，我們想分享一些關於我們修訂後的前景的想法。我們調整了銷售前景，以更好地反映消費者當前的狀況，因為他們不斷適應不斷變化的宏觀環境。

Regarding the 99 Cents Only portfolio, our revised outlook reflects a better estimate of the one-time pre-opening costs associated with these stores and better than what we had when the transaction first closed.

關於 99 Cents Only 投資組合，我們修訂後的前景反映了與這些商店相關的一次性開業前成本的更好估計，並且比交易首次結束時的估計更好。

Finally, it is also the adjustment to our general liability exposure and our latest D&A forecast, which Jeff will discuss in a moment. We are comfortable with this reset, given where the customer and the business are today, and we are confident in our ability to execute against our objectives.

最後，這也是對我們一般責任風險敞口和最新 D&A 預測的調整，傑夫稍後將討論這一點。考慮到客戶和業務目前的狀況，我們對這次重置感到滿意，並且我們對實現目標的能力充滿信心。

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

這樣，我就把電話轉給傑夫。

Thank you, Mike, and good morning. I'll start off by discussing our second quarter results, after which I'll provide some comments on our third quarter and fiscal 2024 outlook. Where applicable, I will focus on our adjusted results. A reconciliation of our non-GAAP adjusted results is provided in our earnings release.

謝謝你，麥克，早安。我將首先討論我們的第二季業績，然後我將對我們的第三季和 2024 財年前景發表一些評論。在適用的情況下，我將重點放在我們的調整結果。我們的收益發布中提供了我們的非公認會計準則調整後績效的調節表。

Second quarter results obviously fell short of our expectations. Our adjusted EPS of $0.67 was $0.38 below the midpoint of our June outlook. Of that $0.38, $0.30 was attributable to the general liability adjustment, while the remaining $0.08 was attributable to the flow-through from the sales shortfall, mostly in the Dollar Tree segment.

第二季業績明顯低於我們的預期。我們調整後的每股收益為 0.67 美元，比 6 月展望的中點低 0.38 美元。在這 0.38 美元中，0.30 美元歸因於一般負債調整，而其餘 0.08 美元歸因於銷售短缺的流動，主要是在 Dollar Tree 部門。

As Mike indicated, Dollar Tree's comp softness was primarily on the discretionary side of the business and reflected the increasing effect of macro pressures on the purchasing behavior of the Dollar Tree's middle and higher income-customers. Our original second quarter outlook did not anticipate those pressures migrating to Dollar Tree's customer base to the degree that they did.

正如麥克所指出的，Dollar Tree 的薪酬疲軟主要體現在業務的可自由支配方面，反映出宏觀壓力對 Dollar Tree 的中高收入客戶的購買行為的影響越來越大。我們最初的第二季展望並沒有預料到這些壓力會轉移到 Dollar Tree 的客戶群身上。

Turning to the business results on a consolidated basis. Adjusted operating income was $218 million, a 24% decrease from last year. Adjusted operating margin decreased by approximately 90 basis points to 3%, reflecting an 80 basis point increase in gross margin, offset by a 180 basis point increase in adjusted SG&A rate.

轉向合併基礎上的業務成果。調整後營業收入為 2.18 億美元，比去年下降 24%。調整後營業利潤率下降約 90 個基點至 3%，反映毛利率增加 80 個基點，但被調整後 SG&A 率增加 180 個基點所抵銷。

Gross margin improvement came primarily from lower freight costs, partially offset by unfavorable sales mix and higher occupancy costs. Adjusted SG&A increased primarily from the general liability adjustment, higher depreciation, temporary labor for Dollar Tree's multi-price rollout, higher utility costs, and sales deleverage, partially offset by lower incentive comp cost. Our adjusted effective tax rate was 24.2%, compared to 24%. Adjusted net income was $143 million and adjusted diluted EPS was $0.67.

毛利率的改善主要來自貨運成本的降低，但部分被不利的銷售組合和較高的佔用成本所抵銷。調整後的銷售及管理費用增加主要來自一般負債調整、較高的折舊、Dollar Tree 多價格推出的臨時勞動力、較高的公用事業成本和銷售去槓桿化，但部分被較低的激勵補償成本所抵消。我們調整後的有效稅率為 24.2%，去年同期為 24%。調整後淨利為 1.43 億美元，調整後稀釋每股收益為 0.67 美元。

Let me take a step back and offer additional details around the general liability adjustment we made in the quarter. As we stated before, predicting the outcome of both existing and unreported claims is inherently complex, particularly as general liability claims have become more volatile in recent years.

讓我退後一步，提供有關我們在本季度進行的一般負債調整的更多細節。正如我們之前所說，預測現有索賠和未報告索賠的結果本質上是複雜的，特別是近年來一般責任索賠變得更加不穩定。

Due to the increase in estimated liabilities for these claims, we took an incremental $84 million charge or $0.30 of EPS against our prior outlook, with about $0.21 of that pertaining to Dollar Tree and the balance to Family Dollar.

由於這些索賠的預期負債增加，我們根據先前的預期增加了 8,400 萬美元的費用或每股收益 0.30 美元，其中約 0.21 美元與 Dollar Tree 相關，餘額與 Family Dollar 相關。

So, what's going on here and why are we talking about this again. Given the size and scale of our footprint, we managed thousands of general liability claims stemming from customer accidents and other incidents at our stores and surrounding areas.

那麼，這裡發生了什麼事以及為什麼我們要再討論這個問題。鑑於我們足跡的規模和規模，我們處理了數千起因顧客事故以及我們商店和周邊地區的其他事件而產生的一般責任索賠。

While some claims are current, many relate to prior years. Overtime, the ultimate outcome of claims particularly older claims during the pandemic and post-pandemic time frame has become increasingly challenged to predict given the higher settlement and litigation costs that have resulted from a more volatile insurance environment.

雖然有些說法是當前的，但許多都與前幾年有關。隨著時間的推移，鑑於更加不穩定的保險環境導致更高的和解和訴訟成本，索賠的最終結果，尤其是大流行期間和大流行後時間範圍內較舊的索賠，變得越來越難以預測。

For these reasons, twice a year, we rely on third-party actuarial assessments and assumptions to evaluate accruals for open claims, as well as incurred but not yet reported claims. The claims have continued to develop unfavorably due to the rising cost to reimburse, settle and litigate these claims, which impacted our actuarily determined liabilities.

由於這些原因，我們每年兩次依靠第三方精算評估和假設來評估未決索賠以及已發生但尚未報告的索賠的應計費用。由於償還、解決和訴訟這些索賠的成本不斷上升，影響了我們實際確定的負債，索賠繼續不利地發展。

While exposure to general liability claims remain difficult to forecast, we believe the adjustment we took in Q2 captures the current range of potential outcomes, based on what we have experienced in recent years.

雖然一般責任索賠的風險仍然難以預測，但我們相信，根據我們近年來的經歷，我們在第二季度採取的調整反映了當前潛在結果的範圍。

Now, let's move on to our business segment results. At Dollar Tree, adjusted operating income decreased 13% to $344 million. Adjusted operating margin decreased 190 basis points, driven by a 80 basis point increase in gross margin, offset by a 270 basis point increase in adjusted SG&A rate.

現在，讓我們看看我們的業務部門的結果。 Dollar Tree 的調整後營業收入下降 13% 至 3.44 億美元。調整後營業利潤率下降 190 個基點，原因是毛利率增加 80 個基點，但被調整後 SG&A 率增加 270 個基點所抵銷。

Gross margin improved primarily from lower freight costs. This was partially offset by unfavorable sales mix and occupancy cost. Adjusted SG&A expenses increased primarily due to the general liability adjustment, higher depreciation, temporary labor for the multi-price rollout, higher utility costs, and sales deleverage.

毛利率的提高主要得益於貨運成本的下降。這被不利的銷售組合和入住成本部分抵消。調整後的銷售、管理及行政費用增加主要是由於一般負債調整、折舊增加、多價格推出的臨時勞動力、公用事業成本增加以及銷售去槓桿化。

At Family Dollar, adjusted operating loss was $3.6 million, compared to adjusted operating income of $11.8 million last year. Adjusted operating margin decreased 40 basis points on a 50 basis point increase in gross margin, offset by a 100 basis point increase in adjusted SG&A rate.

Family Dollar 的調整後營業虧損為 360 萬美元，而去年調整後營業收入為 1,180 萬美元。調整後營業利潤率下降 40 個基點，毛利率增加 50 個基點，但被調整後 SG&A 率增加 100 個基點所抵銷。

Gross margin increased primarily from lower freight and occupancy costs, partially offset by unfavorable sales mix, higher distribution costs, and markdowns. Adjusted SG&A rate increased primarily from higher depreciation and amortization, the general liability charge, and sales deleverage.

毛利率的成長主要來自運費和占用成本的下降，但部分被不利的銷售組合、更高的分銷成本和降價所抵消。調整後的銷售及管理費用率的增加主要是由於折舊和攤提、一般責任費用和銷售去槓桿化的增加。

Moving on to the balance sheet and cash flow. Inventory decreased by 4% or $228 million. Average inventory per store decreased 3.6%.

接下來是資產負債表和現金流量。庫存減少 4%，即 2.28 億美元。每店平均庫存量下降 3.6%。

On a related note, to-date, we have received $70.8 million of insurance proceeds related to the inventory loss and property damage at our Marietta, Oklahoma DC. We expect the remaining $46 million of outstanding losses will be fully recovered under our existing insurance policies in due course.

與此相關的是，迄今為止，我們已收到與俄克拉荷馬特區瑪麗埃塔的庫存損失和財產損失相關的 7,080 萬美元的保險賠償金。我們預計剩餘的 4,600 萬美元未償損失將在適當的時候根據我們現有的保單得到全額賠償。

With cash and cash equivalents of $570 million and long-term debt of $3.4 billion, our balance sheet remains strong. Our bank-defined leverage at quarter-end stood at approximately 2.5 times, which continues to underpin our investment-grade creditworthiness.

我們的現金和現金等價物為 5.7 億美元，長期債務為 34 億美元，資產負債表仍然強勁。季度末我們的銀行定義槓桿約為 2.5 倍，這繼續支撐著我們的投資等級信用度。

On the cash flow statement, we generated $307 million from operating activities, compared to $172 million last year. Capital expenditures were $501 million in the quarter versus $425 million last year, reflecting the accelerated new store openings and ongoing investments in growth and other initiatives. Our free cash flow in the quarter improved $60 million over last year.

在現金流量表中，我們的營運活動產生了 3.07 億美元，而去年為 1.72 億美元。本季資本支出為 5.01 億美元，而去年為 4.25 億美元，反映出新店開業的加速以及對成長和其他舉措的持續投資。本季我們的自由現金流比去年增加了 6,000 萬美元。

Consistent with our disciplined approach to capital allocation after investing in the growth of our business this quarter, we returned $91 million to our shareholders by repurchasing 750,000 shares at an average price of $120 per share. At quarter-end, we had approximately $952 million remaining under our existing share repurchase program.

與本季投資業務成長後嚴格的資本配置方法一致，我們以每股 120 美元的平均價格回購了 75 萬股股票，向股東返還了 9,100 萬美元。截至季末，我們現有的股票回購計畫剩餘約 9.52 億美元。

Now, let me provide some perspective on our third quarter and full year expectations. Our current revised outlook reflects the following. We are taking a more conservative view towards comp sales in the back half of the year, particularly in the Dollar Tree segment, as macro factors continue to weigh on customer sentiment and adversely affect discretionary demand and buying behavior.

現在，讓我對我們第三季和全年的預期提供一些看法。我們目前修訂後的展望反映了以下內容。我們對下半年的銷售持更保守的看法，特別是在 Dollar Tree 領域，因為宏觀因素繼續影響客戶情緒並對可自由支配的需求和購買行為產生不利影響。

It also reflects one-time integration costs related to the 99 Cents Only lease acquisitions, because time was of the essence in acquiring these leases and in a competitive bidding process, the time between when we took physical possession of these properties and when we and when they opened was longer than expected.

它也反映了與99 Cents Only 租賃收購相關的一次性整合成本，因為時間對於收購這些租賃以及在競爭性投標過程中至關重要，即我們實際擁有這些財產的時間與我們實際擁有這些財產的時間之間的時間。

As a result, we are incurring upfront occupancy costs like rent, insurance and security for an extended period before the stores open we announced this transaction a week before or prior to our last earnings call and these additional upfront costs were not anticipated in the outlook we gave at that time. All-in, we estimate these incremental upfront costs will negatively impact third quarter EPS by approximately $0.07 and fourth quarter EPS by approximately $0.05.

因此，在商店開業之前的很長一段時間內，我們都會產生租金、保險和安保等前期佔用成本，我們在上次財報電話會議之前或之前一周宣布了這項交易，而這些額外的前期成本是我們在展望中沒有預料到的。總而言之，我們估計這些增量前期成本將對第三季每股盈餘產生約 0.07 美元的負面影響，對第四季每股盈餘產生約 0.05 美元的負面影響。

On a positive note , the initial sales performance of the converted and reopened stores is exceeding our initial expectations and we are increasingly bullish regarding the long-term prospect for this portfolio.

從積極的方面來看，改造後重新開業的商店的初始銷售業績超出了我們最初的預期，我們越來越看好該組合的長期前景。

We are also expecting higher D&A expense in the back half of the year after reforecasting our capital projects to reflect higher anticipated costs for projects, such as new stores, renovations, and our IT transformation, as well as the timing of receipt for vendor invoices.

我們也預計，在重新預測我們的資本項目後，下半年的 D&A 費用將會更高，以反映新店、裝修和 IT 轉型等項目的更高預期成本，以及收到供應商發票的時間。

This is expected to be an incremental EPS headwind of approximately $0.12, split evenly between Q3 and Q4. On the positive side of the ledger, we saw some green shoots in discretionary mix at Family Dollar in Q2, which is so far carried into Q3. We are assuming this trend continues for the balance of the year and are now expecting a modest mix headwind for Family Dollar in the back half.

預計 EPS 增量逆風約為 0.12 美元，在第三季和第四季之間平均分配。從積極的一面來看，我們在第二季度看到 Family Dollar 的可自由支配組合出現了一些萌芽，目前已延續到第三季。我們假設這一趨勢將在今年餘下時間持續下去，並且現在預計 Family Dollar 在下半年將面臨溫和的混合逆風。

The better initial performance at the converted 99 Cents Only stores is also reflected in our revised sales outlook. From a modeling perspective, it's also worth reminding everyone that sales from these and all new stores won't show up in our comp store net sales until after they've been open for 15 months. And finally, payroll should come in lower than previously forecast as we align incentive comp and hours with our revised business outlook.

改建後的 99 Cents Only 商店更好的初始業績也反映在我們修改後的銷售前景中。從建模的角度來看，也值得提醒大家的是，這些商店和所有新商店的銷售額只有在開業 15 個月後才會顯示在我們的比較商店淨銷售額中。最後，隨著我們根據修訂後的業務前景調整激勵薪酬和工作時間，薪資應該低於先前的預測。

With that background, for the third quarter, we expect net sales will be in the range of $7.4 billion to $7.6 billion, based on low-single digit comp net sales growth for the enterprise and both Dollar Tree and Family Dollar segments.

在此背景下，我們預計第三季的淨銷售額將在 74 億美元至 76 億美元之間，基於企業以及 Dollar Tree 和 Family Dollar 部門的低個位數複合淨銷售額增長。

Adjusting for the stores that were closed as part of the portfolio optimization, we expect third quarter net sales for the Family Dollar segment to decline by 1% to 3% on a year-over-year basis. We expect adjusted EPS will be in the range of $1.05 to $1.15, which reflects a more conservative sales outlook, the incremental upfront cost of the 99 Cents Only stores, and the D&A reforecast.

在投資組合優化而關閉的商店進行調整後，我們預計 Family Dollar 部門第三季淨銷售額將年減 1% 至 3%。我們預計調整後每股收益將在 1.05 美元至 1.15 美元之間，這反映了更保守的銷售前景、99 Cents Only 商店的增量前期成本以及 D&A 的重新預測。

For the full year, we expect net sales to be in the range of $30.6 billion to $30.9 billion, based on low-single digit comp net sales growth for the enterprise and both the Dollar Tree and Family Dollar segments.

基於企業以及 Dollar Tree 和 Family Dollar 部門的低個位數複合淨銷售額成長，我們預計全年淨銷售額將在 306 億美元至 309 億美元之間。

Adjusting for stores closed as part of the portfolio optimization in the extra week in fiscal 2023, we expect full year net sales for Family Dollar to decline by 3% to 5% on a year-over-year basis. Adjusted EPS for the full year is now expected to be in the range of $5.20 to $5.60, reflecting our second quarter results, our revised sales forecast, the 99 Cents Only cost, and D&A.

在 2023 財年額外一週因投資組合優化而關閉的商店進行調整後，我們預計 Family Dollar 的全年淨銷售額將年減 3% 至 5%。目前，全年調整後每股收益預計在 5.20 美元至 5.60 美元之間，反映了我們第二季度的業績、修訂後的銷售預測、僅 99 美分的成本以及 D&A。

In the interest of time, I will direct you to our supplemental financial presentation, which is available on our IR website, for the remaining details that support our current outlook.

由於時間關係，我將引導您查看我們的補充財務簡報（可在我們的 IR 網站上取得），以了解支援我們當前前景的其餘詳細資訊。

So, to recap, we're revising the midpoint of our full year 2024 outlook from $5.40 from $6.75. Of that $1.35 delta, $0.38 came from Q2 shortfall, the vast majority of which came from the general liability adjustment. Then in the back half of the year, $0.12 is from the higher upfront cost in the 99 Cents Only portfolio.

因此，回顧一下，我們將 2024 年全年展望的中點從 5.40 美元上調至 6.75 美元。在這 1.35 美元的增量中，0.38 美元來自第二季的缺口，其中絕大多數來自一般負債調整。然後在今年下半年，0.12 美元來自 99 Cents Only 投資組合中較高的前期成本。

Another $0.12 is from the D&A adjustment and the remaining $0.73 is primarily from the flow-through on the lowered sales outlook, which is mostly due to our more conservative outlook for discretionary sales at Dollar Tree.

另外 0.12 美元來自 D&A 調整，剩餘的 0.73 美元主要來自降低的銷售前景的流動資金，這主要是由於我們對 Dollar Tree 的可自由支配銷售前景更為保守。

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

這樣，我會將電話轉回給麥克。

Thanks, Jeff. On behalf of Rick and the entire senior management team, I want to thank our teams for their continued hard work in a very challenging macro environment and for supporting our strategic review of Family Dollar.

謝謝，傑夫。我謹代表 Rick 和整個高階管理團隊，感謝我們的團隊在非常具有挑戰性的宏觀環境中持續努力工作，並支持我們對 Family Dollar 的策略審查。

Our strategic review is looking at the full range of alternatives for Family Dollar with a focus on clearly demonstrating the full value of our two distinct franchises. Despite significant headwinds, our Dollar Tree banners comp remains positive even as they lap two years of extremely strong performance.

我們的策略審查正在尋找 Family Dollar 的全方位替代方案，重點是清楚地展示我們兩個不同特許經營權的全部價值。儘管面臨巨大的阻力，我們的 Dollar Tree 橫幅廣告仍然保持積極的勢頭，儘管它們已經經歷了兩年極其強勁的表現。

Our non-multi-price stores were modestly positive this quarter and our newly converted multi-price stores produced a 4.6% comp. This is one of the best multi-year comp performances in all of retail.

我們的非多價商店本季業績溫和，新改建的多價商店實現了 4.6% 的年增長。這是所有零售業中最好的多年業績表現之一。

Most importantly, we have just begun to roll out our expanded multi-price SKUs and we still have thousands of stores to convert to our new format. On top of that, we're opening hundreds of brand new in-line multi-price stores this year and plan to do so for many years to come.

最重要的是，我們剛開始推出擴展的多價格 SKU，並且仍有數千家商店需要轉換為我們的新格式。最重要的是，我們今年將開設數百家全新的多價直營店，並計劃在未來的許多年裡這樣做。

In light of all this, we continue to believe that Dollar Tree is one of the strongest platforms in all of retail with many years of strong comp and store growth still ahead of us.

鑑於這一切，我們仍然相信 Dollar Tree 是所有零售業中最強大的平台之一，我們仍然面臨著多年強勁的競爭和商店成長。

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)

（操作員說明）

Michael Lasser with UBS.

瑞銀集團的麥可·拉塞爾。

Good morning. Thank you so much for taking my question. So putting aside what has been happening at Family Dollar, the core Dollar Tree banner has a number of tailwinds, such as multi-price point, freight improvements, and others, yet a series of unexpected items that have indicated to be one-time in nature have consistently been dragging down the earnings of this business.

早安.非常感謝您回答我的問題。因此，拋開 Family Dollar 發生的事情不談，Dollar Tree 的核心旗幟有許多有利因素，例如多價格點、貨運改進等，但一系列意想不到的項目表明一次性大自然一直在拖累該業務的收益。

So, at what point can it move past the one-time in nature items and be on a consistent glide path forward? And as part of that, what is an updated realistic operating margin for core Dollar Tree if it is a long-term low-single-digit comp grower? Thank you very much.

那麼，什麼時候它才能超越一次性的自然事物並走上一致的道路呢？作為其中的一部分，如果核心美元樹是長期低個位數的種植者，其最新的實際營業利潤率是多少？非常感謝。

Yeah. Good morning, Michael. This is Jeff. I'll take a portion of that question regarding general liability and some of the other elements. You point out, I think, a very valid point. The general liability adjustments we had to take is one that we're not happy with. It's one in which, as I had mentioned in my remarks, it is very complex as a result of how these claims develop over time and having new information around that.

是的。早上好，麥可。這是傑夫。我將回答該問題中有關一般責任和其他一些要素的部分內容。我認為你指出了一個非常正確的觀點。我們對必須進行的一般責任調整感到不滿。正如我在演講中提到的，這是一個非常複雜的問題，因為這些主張如何隨著時間的推移而發展，並且圍繞著這一點有新的訊息。

We believe that the adjustment that we've taken today reflects not only that historic performance, our current outcomes as it relates to how these claims are developing, but we're also making sure that we're not anticipating any improvement in these claims experience on a go-forward basis.

我們相信，我們今天採取的調整不僅反映了歷史表現、我們當前的結果，因為它與這些索賠的發展方式有關，而且我們還確保我們預計這些索賠體驗不會有任何改善在前進的基礎上。

Thus, we feel more confident around the adjustment that we've taken reflects the current liability that is sitting out there for, once again, not only these existing claims, but the claims that have yet to be reported. That's the best way I can respond to that to you to Michael, that we believe we now have this behind us.

因此，我們對我們所採取的調整更有信心，這再次反映了當前的責任，不僅包括這些現有索賠，還包括尚未報告的索賠。這是我對邁克爾的回應的最好方式，我們相信我們現在已經解決了這個問題。

The second portion of your question, I believe, was around where do we think the operating margins of the long-term operating margins of the business would be.

我認為，你問題的第二部分是關於我們認為該業務的長期營業利潤率會是多少。

As we continue to drive multi-price and we're going to continue to drive higher gross profit dollars per transaction, we believe that as we move forward and we get beyond some of the higher transformation costs that we're experiencing right now as it relates to some of the IT investments that we're making, supply chain investments, that we'll be able to achieve the outlook that we had provided previously on the longer-term basis for the business.

隨著我們繼續推動多價格，我們將繼續提高每筆交易的毛利，我們相信，隨著我們的前進，我們將超越我們目前正在經歷的一些更高的轉型成本，因為它與我們正在進行的一些IT 投資、供應鏈投資有關，我們將能夠實現我們先前為業務提供的長期前景。

I don't want to give any longer-term view of the business other than what we've already given. In our outlook for the quarter, we said that, once again, Family Dollar, I'm sorry, Dollar Tree is going to be low-single-digits. We said that the, one second here, in our financial let's see if I can find it real quick.

除了我們已經給出的內容之外，我不想給出任何對業務的長期看法。在我們對本季的展望中，我們再次表示，Family Dollar，對不起，Dollar Tree 將是低個位數。我們說過，在我們的財務中，讓我們看看我是否能很快找到它。

And while Jeff's doing that, Michael, the mix we see too on the multi-price, remember, it comes in heavy consumable first because that's what we could get in the short order. As you look to enter the back half of the year with the holidays, you get that discretionary benefit from the multi-price rollout.

當傑夫（Jeff）這樣做時，邁克爾（Michael），我們在多價格上也看到了混合，請記住，它首先是重型消耗品，因為這是我們可以在短期內獲得的。當您希望進入下半年的假期時，您可以從多價格推出中獲得可自由支配的好處。

Yeah, I found it here, Michael. I just want to make sure that I quoted this appropriately. As it relates to 2024 outlook, we still believe that the gross margins on the Dollar Tree business will be in the range of 36% and the flow-throughs that we've had previously, we said on a consolidated basis, the SG&A will be approximately 26% and the SG&A outlook on the Dollar Tree segment already reflects the additional costs that we've had as it relates to the approximately 2,800 stores that we're going to convert to multi-price. That's the other headwind that we have currently in the business as we're using third-party labor for that.

是的，我在這裡找到的，麥可。我只是想確保我引用的內容是正確的。由於與 2024 年前景相關，我們仍然認為 Dollar Tree 業務的毛利率將在 36% 左右，並且我們之前說過，在合併基礎上，SG&A 將是大約26%，Dollar Tree 部門的SG&A 前景已經反映了我們的額外成本，因為它與我們將要轉換為多價商店的大約2,800 家商店有關。這是我們目前在業務中遇到的另一個阻力，因為我們為此使用第三方勞動力。

Edward Kelly with Wells Fargo.

愛德華凱利與富國銀行。

Yeah. Hi, guys. Good morning. So I want to just take a step back given the, I guess, the overhangs and the questions that investors really have at this point. As you think about multi-price point at Dollar Tree, how confident are you that some of the weakness we've seen recently is just macro as, opposed to push back on the multi-price point strategy? I know you have the conversions that are doing well, but I think $3 and $5 are in many more stores. Just curious, just like what you think consumers are really saying there? And then you had optimism around Q4.

是的。嗨，大家好。早安.因此，我想退後一步，考慮到投資者目前真正面臨的懸而未決的問題和問題。當您考慮 Dollar Tree 的多價格點時，您對我們最近看到的一些弱點只是宏觀方面的信心有多大，而不是推遲多價格點策略？我知道你們的轉換效果很好，但我認為 3 美元和 5 美元的商店有更多。只是好奇，就像您認為消費者真正在說什麼一樣？然後你對第四季持樂觀態度。

So, when do you think you can start to turn the corner? And then the other thing is Family Dollar, and I don't know what you can say, but is there anything you can tell us around your confidence in your ability to come to some resolution in that business that is accretive to shareholder value? Thank you.

那麼，您認為什麼時候可以開始扭轉局面？另一件事是家庭美元，我不知道你能說什麼，但是你有什麼可以告訴我們的，關於你對自己有能力在該業務中達成某種能夠增加股東價值的解決方案的信心嗎？謝謝。

Yeah, and it's Mike. I'll take the first one. We said we're still in the early innings of multi-price and I'll tell you that we like what the customer is telling us with multi-price. So we're surveying our customers, we're listening to them.

是的，這是麥克。我就拿第一個。我們說過，我們仍處於多價格的早期階段，我會告訴您，我們喜歡客戶透過多價格告訴我們的內容。所以我們正在調查我們的客戶，我們正在傾聽他們的意見。

They're telling us with their comps. I highlighted how strong our multi-price stores are performing compared to stores that just have the $1.25. And we're really growing traffic. We're adding new customers and our customers are letting us know that they like the product. And then when you look to the second half, we really think they're going to like the discretionary product.

他們用他們的比較告訴我們。我強調了與只售 1.25 美元的商店相比，我們的多價商店的表現有多強勁。我們的流量確實在成長。我們正在增加新客戶，我們的客戶讓我們知道他們喜歡該產品。然後，當你展望下半年時，我們真的認為他們會喜歡可自由支配的產品。

So we've seen it as our stores have set. Our associates are our customers and our associates are telling us they love this multi-price product. They're excited about the holiday season and all that. So we'll continue to learn as we go.

所以我們已經看到了我們商店的設定。我們的員工就是我們的客戶，我們的員工告訴我們他們喜歡這種多價產品。他們對假期和所有這一切感到興奮。因此，我們將繼續學習。

We've made changes. As I mentioned in my prepared remarks, we're a couple of hundred stores behind where we are. That's because we want to be better. We want to get it right when we roll them out. And so, we took the approach.

我們已經做出了改變。正如我在準備好的發言中提到的，我們落後了幾百家商店。那是因為我們想變得更好。我們希望在推出它們時能夠做到正確。因此，我們採取了這種方法。

We added some, call it, milestones or stop gates to say, we're not going to convert a store unless that store is ready to be converted, so we can improve what the customer sees when they come in and the overall performance of the multi-price stores. And then, Jeff, I'll let you talk to the FD strategic.

我們添加了一些里程碑或停止門，表示我們不會轉換商店，除非該商店已準備好轉換，因此我們可以改善客戶進來時看到的內容以及商店的整體性能多價商店。然後，傑夫，我會讓你談談 FD 戰略。

Yeah. Just a couple of things to add to that. If you think about the Dollar Tree segment, last year this time, we added over 2 million new customers. We're now lapping that. We continue to add beyond that. So it is absolutely resonating with the customer. If you think about the fact that we continue to maintain our market share in this environment at a time when we're actually seeing customers contract their spend, it's not that we are seeing, it's a combination of things.

是的。只需添加幾件事即可。如果您考慮 Dollar Tree 細分市場，去年這個時候，我們增加了超過 200 萬新客戶。我們現在正在研磨它。除此之外我們還會繼續增加。所以絕對能引起客戶的共鳴。如果你想一想，在我們實際上看到客戶收縮支出的情況下，我們在這種環境下繼續保持我們的市場份額，那麼這並不是我們所看到的，而是多種因素的結合。

So, we're seeing contraction of spend. We're not seeing necessarily a loss from a competitive standpoint. So we continue to add new customers, maintain market share, continue to resonate with the customer when Mike had spoken about the new in-line conversion stores, that multi-price delivering 6%-plus comps in consumables and even positive almost a 3% comp in discretionary.

因此，我們看到支出收縮。從競爭的角度來看，我們不一定會看到損失。因此，當麥克談到新的線上轉換商店時，我們繼續增加新客戶，保持市場份額，繼續與客戶產生共鳴，多價格提供消費品的 6% 以上的補償，甚至接近 3%酌情補償。

So very, very favorable for us. As it relates to Family Dollar, we're excited about what we're seeing in Family Dollar also. From a standpoint of we're starting to actually see some discretionary improvement, we believe we're beyond the biggest headwinds that we've had with respect to the customer with SNAP. We're continuing to see improvement in shrink.

對我們來說非常非常有利。由於它與 Family Dollar 相關，我們也對 Family Dollar 中看到的東西感到興奮。從我們開始實際看到一些可自由支配的改進的角度來看，我們相信我們已經超越了 SNAP 客戶所遇到的最大阻力。我們繼續看到收縮率的改善。

We've invested in people time, technology and systems on the Family Dollar side and this proof points are really starting to deliver and improve shrink results there. The customer is resonating with a number of the resets that we've had. It's just that customer right now is under some of the more significant budget pressures and they're working through it.

我們在 Family Dollar 方面投資了人員時間、技術和系統，這些證據確實開始提供和改善那裡的收縮結果。客戶對我們進行的多次重置產生了共鳴。只是客戶現在面臨一些更重大的預算壓力，他們正在努力克服它。

And when we're seeing that customer use all tenders, not only that may be government assistance, but also using credit where it makes sense.

當我們看到客戶使用所有投標時，這不僅可能是政府援助，而且在有意義的情況下也使用信貸。

Simeon Gutman with Morgan Stanley.

摩根士丹利的西蒙古特曼。

Hi. Good morning, everyone. Mike, I wanted to start with Dollar Tree. Thinking about multi-price rollout, can you remind us what's the timing of the rollout? Why can you go quicker and if labor is a constraint, does it make sense to hire your own? And then was there any rhyme or reason for the first 1,600 stores, so thinking about what the results could look like further downstream as you get further along the way?

你好。大家早安。麥克，我想從美元樹開始。考慮到多價格推出，您能提醒我們推出的時間嗎？為什麼你可以走得更快，如果勞動力是一種限制，那麼僱用自己的人有意義嗎？那麼，前 1,600 家商店有什麼韻律或理由嗎？

Sure, Simeon. So there's two pieces to this. One is the bandwidth of our own internal team to get these stores done with both the new store openings we're doing, renovations we're doing, and the multi-price rollout. That's why we really leaned on third-party to take off as much as we could and go as quickly as we could.

當然，西蒙。所以這有兩個部分。一是我們自己的內部團隊的頻寬，以完成這些商店的工作，包括我們正在做的新店開業、我們正在做的裝修以及多價格的推出。這就是為什麼我們真正依賴第三方來盡可能地起飛並儘快完成。

The other gating process is, as we turn our distribution network on with multi-price that then feeds the stores that we convert. So there is a little bit of a gating factor in terms of the product coming in, the DC being set for multi-price and being able to service those stores. So we'll do when you look at it, we set a couple of hundred behind this year.

另一個控制過程是，當我們以多價格打開我們的分銷網絡時，然後為我們轉換的商店提供服務。因此，就產品的進入、配送中心設定為多種價格以及能夠為這些商店提供服務而言，存在一些限制因素。所以當你看到它的時候我們就會做，我們今年落後了幾百。

So instead of 3,000, that's 2,800 or more. But then there's another 300 new stores that open up multi-price as well. And you'll see a similar cadence each year as we go through to all stores that we can put multi-price in. So it's really a question of our own bandwidth to process it and then our ability to work with vendors to get it into our DCs and get it out to the stores. I'll tell you, Simeon, when we do the execution right, the only challenge we have is keeping up with the product, because the customers love it.

所以不是 3,000，而是 2,800 或更多。但隨後還有另外 300 家新店也開設了多價商品。每年，當我們遍歷所有可以放入多種價格的商店時，您都會看到類似的節奏。的能力的問題我們的 DC 並將其送到商店。我告訴你，西蒙，當我們正確執行時，我們面臨的唯一挑戰就是跟上產品的步伐，因為客戶喜歡它。

Matthew Boss with JPMorgan.

摩根大通的馬修·博斯。

Great. Thanks. So, Mike, at the Dollar Tree banner, could you elaborate on the softening progression of same-store sales in the second quarter? And any change in trends that you've seen so far in the third quarter? And then just larger picture, I guess, maybe could you speak to performance versus plan in the roughly 80% of your doors at Dollar Tree outside of the 1,600 converted stores? I think you cited these as flattish comps this quarter. But pre-pandemic, 2017 to 2019, Dollar Tree banner comps were pretty consistently in that 3% run rate. Just how best to think about the difference in the core doors relative to pre-pandemic performance?

偉大的。謝謝。那麼，Mike，在 Dollar Tree 橫幅上，您能否詳細說明第二季同店銷售的疲軟進展？到目前為止，您在第三季看到的趨勢有什麼變化嗎？然後，我想，從更大的角度來看，也許您能談談 Dollar Tree 1,600 家改建商店之外大約 80% 的門市的績效與計劃嗎？我認為您將這些視為本季持平的比較。但在大流行前，2017 年至 2019 年，Dollar Tree 橫幅廣告的運行率幾乎保持在 3% 的水平。如何最好地考慮核心門相對於大流行前表現的差異？

Sure, Matt. Good morning. So, first, in terms of the trends, I think it's a little bit of the, I call it, the who, the how, and the what. The who is the income level. While we saw in Family Dollar early that the low-income pressured shopper, we saw that drift up and materially drift up in the second quarter as the middle income, the greater than $125,000, that person started feeling the pressure as well from the macro environment.

當然，馬特。早安.因此，首先，就趨勢而言，我認為這有點像我所說的「誰」、「方式」和「內容」。誰是收入水平。雖然我們早期在 Family Dollar 中看到低收入購物者面臨壓力，但隨著中等收入（超過 125,000 美元）在第二季度大幅上升，該人也開始感受到來自宏觀環境的壓力。

And then the how, they shifted to buying for need versus buying for want. And so really that showed in our discretionary mix, leaning towards consumables. And then finally, the what. This started with sensitivity on big ticket items and has come all the way now to us as people have maybe changed how they celebrate a party this summer, fewer guests, fewer parties.

然後是如何購買，他們轉向按需購買，而不是按需購買。這確實體現在我們的可自由支配的組合中，傾向於消耗品。最後，什麼。這種情況始於對大件物品的敏感，現在已經發生在我們身上，因為人們可能改變了今年夏天慶祝派對的方式，客人減少了，派對也減少了。

They're really tightening their belts and the macro economy is driving them to behave a bit differently. And so when we look at all those things together, that really pressured us. As you look then at how we exit and where we go, I'll tell you, Q2 is always one of those quarters where there's really no holiday. All you have is 4th of July, whereas Q3, we get back to school and Halloween.

他們確實在勒緊褲帶，而宏觀經濟正在促使他們採取一些不同的行為。因此，當我們一起考慮所有這些事情時，這確實給我們帶來了壓力。當你看到我們如何退出以及我們走向何方時，我會告訴你，第二季度始終是真正沒有假期的季度之一。你所擁有的只是 7 月 4 日，而第三季度，我們將回到學校和萬聖節。

And then when you look at Q4, you get that harvest, you get Christmas, and really that demands you go to Dollar Tree. It's we help people celebrate their lives and so that gets our people coming in. So those were the trends. And as we look out, I think, Jeff would say, our current trends reflect our overall forecast right now.

然後當你看第四季度時，你會得到收穫，你會得到聖誕節，這確實要求你去美元樹。我們幫助人們慶祝他們的生活，從而吸引我們的人們加入。傑夫會說，當我們展望未來時，我認為我們當前的趨勢反映了我們目前的整體預測。

And then finally, on the core doors, I mean, I would tell you, I still think, yes, they were in that 0.5%. But you look at some of the two-year stacks, when you really look at the multi-year performance of these stores, I think, it's some of the best in retail. And as we roll out the multi-price, we really feed that thrill of the hunt and we get it to more doors. They come in for the thrill of the hunt on the multi-price and we get to sell the rest of the store. So I really think we end up getting that boost to the core from the rest from the rollout of multi-price.

最後，關於核心門，我的意思是，我會告訴你，我仍然認為，是的，他們就在那 0.5% 之內。但是你看看一些兩年的堆棧，當你真正看到這些商店的多年業績時，我認為，它們是零售業中最好的一些。當我們推出多價格時，我們真正滿足了狩獵的快感，並將其帶到更多的門。他們進來是為了尋找多價的刺激，我們可以賣掉商店的其餘部分。所以我真的認為我們最終會透過多價格的推出從其他方面獲得對核心的推動。

John Heinbockel with Guggenheim Securities.

古根漢證券公司的約翰·海因博克爾。

Hey, Mike, couple of quick things. When you look at those 1,600 stores, can you touch on volume, right, in that comp, right, the unit throughput, the multi-price point penetration? And then when you think about consumable, right, so at Dollar Tree, the consumable share gains, right, kind of flattened out a little bit. Do you think that's more, it's more you, do you think it's the competition?

嘿，麥克，有幾件事要快說。當你觀察這 1,600 家商店時，你能談談銷量（對吧）、在該比較中（對吧）、單位吞吐量、多價位滲透率？然後，當你考慮消費品時，對吧，在 Dollar Tree，消費品份額的增長，對吧，有點趨於平緩。你認為這更多，這更多是你，你認為這是競爭嗎？

And what's the plan for I know you want to get to eight of 10 doors multi-price point. I think you're at three today. What's the plan now to get there, go faster, go slower? What's the thought?

計劃是什麼？ 我知道您希望達到 10 門中的 8 門多價位。我想你今天三點了。現在有什麼計畫來實現這個目標，走得更快還是走得更慢？有什麼想法？

Yeah. So, to the first one, as we roll out the 1,600, right now, you get that mix, where early on, it's consumable and then we go into the full kind of set for this year that gets into the discretionary. And we'll get to like 15% penetration in the store in terms of the multi-price penetration in the store. And then, John, on share gain, I mean, we're growing. Our unit market is growing.

是的。所以，對於第一個，當我們推出 1,600 種產品時，現在，您會得到這種組合，在早期，它是可消耗的，然後我們進入今年的全套產品，進入可自由支配的狀態。就商店中的多價滲透率而言，我們將達到 15% 左右的滲透率。然後，約翰，關於份額增長，我的意思是，我們正在增長。我們的單位市場正在成長。

Our dollar market's growing. We are taking share in a belt-tightening environment, but we continue to be incredibly relevant to the customer. And I would say, we continue to be needed by the customer as they adapt to the macro conditions.

我們的美元市場正在成長。我們正在勒緊褲帶的環境中搶佔份額，但我們仍然與客戶保持著難以置信的聯繫。我想說，隨著客戶適應宏觀條件，我們仍然需要我們。

And then in terms of where this could go, you have a steady rollout. We continue to learn from the rollout, and a big part of why we're behind 200 stores on the rollout was we simply won't convert a store that's not ready to convert. It's something we learned from the early rollout.

然後就其發展方向而言，您將穩步推出。我們繼續從推出中學習，我們在推出中落後於 200 家商店的一個重要原因是我們根本不會轉換尚未準備好轉換的商店。這是我們從早期推出中學到的。

There was this tendency to kind of, hey, we can muscle through this. And when we saw, remember, Rick talked about 50% absolutely, 25% are in line and 25% are behind. In order to try to influence that, we changed our process to say, we're not going to muscle through, we're going to make sure a store is ready to convert and ready to realize the full potential of the multi-price when we execute it. And we'll continue to learn from the rollout and make changes as we go.

有一種傾向，嘿，我們可以透過這個來解決這個問題。當我們看到時，請記住，Rick 談到了 50% 絕對，25% 一致，25% 落後。為了試圖影響這一點，我們改變了我們的流程，說我們不會強行通過，我們將確保商店做好轉換的準備，並準備好在以下情況下實現多價的全部潛力：我們執行它。我們將繼續從推出中學習並不斷做出改變。

And then, John, on the Family Dollar side, while the consumable comp did flatten out a little bit, I would say, in contrast, on the discretionary side, we also saw some flattening out of the decline in discretionary, continue to see the resets that we're doing in that particular area where we're focusing on expandable consumption at price points that is very attractive for the customer, given their needs is starting to resonate for us. And these comps, once again, are on top of last year some of the highest comps that we had for the last year.

然後，約翰，在家庭美元方面，雖然消費品的比較確實有點趨於平緩，但我想說，相比之下，在可自由支配的方面，我們也看到可自由支配的下降有所趨平，繼續看到重置我們在特定領域所做的事情，我們專注於以對客戶非常有吸引力的價格點進行可擴展的消費，因為他們的需求開始引起我們的共鳴。這些比較再次高於去年的一些最高比較。

Chuck Grom with Gordon Haskett.

查克·格羅姆和戈登·哈斯克特。

Thanks. Good morning. On the stores that have been converted, Jeff and Mike, can you unpack that 4.6% comp lift between traffic and ticket? And then can you also talk about the four-wall profitability of those stores as you've progressed on the rollout? If you pull out the SG&A dollar growth for the entire Dollar Tree banner, ex the general liability, is up 10% year-to-date. Curious how the four-wall profits are looking with the higher cost to roll that multi-price point effort out. Thank you.

謝謝。早安. Jeff 和 Mike，對於已經改建的商店，您能解開客流量和門票之間 4.6% 的補償提升嗎？然後，隨著您的推出取得進展，您能否談談這些商店的四面牆盈利能力？如果你把整個 Dollar Tree 的 SG&A 美元成長率（一般負債除外）剔除，今年迄今成長了 10%。好奇四壁利潤如何看待，同時推出多價位努力的成本更高。謝謝。

Yeah. So, great questions there, Chuck. If I unpack some of these, as it relates to the stores that have converted, and you mentioned the 4.6% comp there, we haven't given the detail between traffic and ticket. As we look at it, overall, it's really being driven by traffic.

是的。所以，這是一個很好的問題，查克。如果我解開其中一些，因為它與已轉換的商店有關，並且您提到了 4.6% 的補償，我們還沒有給出流量和門票之間的詳細資訊。從我們的角度來看，總體而言，它確實是由流量驅動的。

Ticket here right now is flat at best with the Dollar Tree and it is, in those particular stores also, ticket, if you can imagine the, when you have a multi-price item in the basket, you also still have a number of $1.25 items and it's the increased traffic that's coming in, that basket is staying relatively flat overall, but we're really being driven by traffic.

現在這裡的門票充其量與美元樹持平，而且在那些特定的商店中，它也是門票，如果你能想像，當你的籃子裡有一個多價商品時，你還有一些 1.25 美元由於流量增加，購物籃整體保持相對平穩，但我們確實是受到流量的推動。

As it relates to the SG&A, I think you very appropriately pointed out. The headwinds in SG&A, other than the general liability, has been as a result of the, what we call, other payrolls, that third-party labor that we're using to implement the stores. We're going to have that this year. We'll have it next year. We had called it out previously as a headwind of $0.20 plus this year as a headwind to our overall EPS.

由於它與 SG&A 相關，我認為您指出得非常恰當。除了一般責任之外，SG&A 的不利因素是我們所說的其他薪資單，即我們用來實施商店的第三方勞動力造成的。我們今年就會有這個。明年我們就會有它。我們之前曾稱其為 0.20 美元的阻力，今年更是對我們整體每股收益的阻力。

The other area that's impacting our SG&A is absolutely on the depreciation side. And it's the cumulative investments that we've been making, not only in new stores, but in other initiatives as it relates to supply chain and IT. Those investments are starting to level off as we've gone that much further in the overall transformation. And as we move forward, we'll be giving you other estimates as we look forward to subsequent years. But we're not updating any forecast at this point in time.

影響我們的 SG&A 的另一個領域絕對是折舊方面。這是我們一直在進行的累積投資，不僅在新店上，而且在與供應鏈和 IT 相關的其他措施上。隨著我們在整體轉型中走得更遠，這些投資開始趨於平穩。隨著我們的前進，我們將在展望未來幾年時向您提供其他估計。但我們目前不會更新任何預測。

Paul Lejuez with Citi.

花旗銀行的保羅‧勒胡埃斯 (Paul Lejuez)。

Hey, thanks, guys. On the macro pressures that you cited, Dollar Tree's middle, higher-income consumers, do you think that customer is shopping less overall or you think they're going somewhere else? And I wondering if you think you need to change anything on the pricing side or how fast you roll out multi-price.

嘿，謝謝，夥計們。關於您提到的宏觀壓力，Dollar Tree 的中高收入消費者，您認為客戶整體購物量減少了，還是您認為他們會去其他地方？我想知道您是否認為需要改變定價方面的任何內容，或推出多價格的速度。

And then, second, I'm curious if you can talk about whether you're taking any actions behind the scenes to separate aspects of the Dollar Tree and Family Dollar business that might have some sort of P&L impact or if you plan to do that over the course of the year as you think about the strategic review of Family Dollar? Thanks.

其次，我很好奇你是否能談談你是否在幕後採取任何行動來分離 Dollar Tree 和 Family Dollar 業務的各個方面，這些方面可能會產生某種損益影響，或者你是否計劃這樣做在這一年中，您對Family Dollar 的策略評估有何看法？謝謝。

Yeah, Paul, I'll take the first one and I'll let Jeff tackle the separation of business. So, this is macro belt tightening. I mean, we see it, we see we're growing traffic. We see the 2.8 million new customers we've added. We hear the feedback on multi-price and that they love that they can get more, we get more share of their wallet, they can, not have to drive somewhere else to fill in the shop.

是的，保羅，我會選擇第一個，然後讓傑夫解決業務分離問題。所以，這是宏觀緊縮開支。我的意思是，我們看到了，我們看到我們的流量正在成長。我們新增了 280 萬客戶。我們聽到了關於多價的反饋，他們喜歡他們可以得到更多，我們可以得到更多他們的錢包份額，他們可以，不必開車到其他地方去填補商店。

But they're really changing, as you look at some of the discretionary, in Q2, we saw some changes in terms of how they celebrate. And that is just belt tightening by our consumer and one that we feel they need us more now than ever. And so, we'll be there to help them celebrate as they do need the discretionary and go back to a little more celebration and invite more people to a party and doing all the things that really the kind of the holidays demand. Jeff?

但他們確實正在發生變化，當你看看第二季度的一些可自由支配的事情時，我們看到他們慶祝方式方面發生了一些變化。這只是我們的消費者勒緊褲腰帶，我們覺得他們現在比以往任何時候都更需要我們。因此，我們將在那裡幫助他們慶祝，因為他們確實需要自由裁量權，然後再進行更多的慶祝活動，邀請更多的人參加聚會，並做所有真正符合假期要求的事情。傑夫？

Yeah. Just to add to that, one of the things that we do, we try and double-click on a number of different things that we're seeing from our overall customer base based on customer insights. And we continue to see customers buy more, so they're expanding their consumption, and we see individuals who are contracting their spend.

是的。除此之外，我們所做的一件事是，我們嘗試雙擊根據客戶洞察從整個客戶群中看到的許多不同的內容。我們繼續看到客戶購買更多，因此他們正在擴大消費，我們看到個人正在收縮支出。

Right now, because of this macro belt tightening, you see more people contracting than actually expanding. But that is more the issue, as Mike said, it's belt tightening. It's not, from a competitive standpoint, those individuals net shopping elsewhere. As it relates to Family Dollar and the strategic review, we continue to operate both businesses with the intent of continuing to maximize shareholder value in order to grow both.

目前，由於宏觀緊縮政策，你會看到收縮的人數多於實際擴張的人數。但正如麥克所說，這才是更重要的問題，那就是勒緊褲帶。從競爭的角度來看，這些人並不是在其他地方進行網上購物。由於它與 Family Dollar 和策略審查有關，我們將繼續經營這兩項業務，旨在繼續實現股東價值最大化，從而實現兩者的發展。

As we had mentioned earlier, even last quarter, we had decided that we were going to shift some of the investments as it relates to new store openings and some of the renovations, tilting a little more towards Dollar Tree versus Family Dollar. But other than that, we continue to operate the two businesses with the expectation that, once again, we are bullish on both.

正如我們之前提到的，甚至在上個季度，我們就決定轉移一些與新店開業和一些翻修有關的投資，與 Family Dollar 相比，更傾向於 Dollar Tree。但除此之外，我們繼續經營這兩項業務，並期望我們再次看好這兩項業務。

The question probably didn't go this far, but I think it's probably easiest to address this at this point in time on the strategic review. We are looking at a wide range of operations, including those that would include outside parties and those that would, we should be able to execute by ourselves. And we're very pleased at the progress we're making on that strategic review at this point in time.

這個問題可能沒有發展到這一步，但我認為在策略審查的這個時間點解決這個問題可能是最容易的。我們正在考慮一系列廣泛的行動，包括那些需要外部各方參與的行動以及我們應該能夠自己執行的行動。我們對目前在策略審查方面取得的進展感到非常高興。

Krisztina Katai with Deutsche Bank.

德意志銀行的克里斯蒂娜·卡泰。

Hi. Good morning and thanks for taking the question. Jeff, I wanted to ask if this challenged consumer backdrop that we've been seeing is changing the way that you view if any incremental investments might be needed in the business, just thinking about the overall value engineering, labor, store standards? And as you see the belt tightening, as you noted, just how do you think about core Dollar Tree's value proposition and how do you see the evolution in the back half, just given peers' greater markdown activity? Thank you.

你好。早上好，感謝您提出問題。傑夫，我想問一下，我們所看到的這種充滿挑戰的消費者背景是否正在改變您對業務是否需要增量投資的看法，只考慮整體價值工程、勞動力、商店標準？正如您所指出的，當您看到勒緊褲腰帶時，您如何看待美元樹的核心價值主張，以及考慮到同行更大的降價活動，您如何看待後半部分的演變？謝謝。

Yes, Krisztina. As we think about this, we want to manage the business for the long-term. And these are different, in this period of time, where we're seeing some belt tightening, doesn't mean that this is not, this has an impact on the, this sector of this business longer term.

是的，克里斯蒂娜。當我們考慮這一點時，我們希望長期管理業務。這些是不同的，在這段時間裡，我們看到一些勒緊褲腰帶的情況，並不意味著這不是，這會對這個行業的長期影響。

The investments that we're making around store standards, the investments that we're making with respect to our rollout of the multi-price, we believe is all core to providing a great experience for the customer, a convenient opportunity and delivering value. So we feel as if, as we work through this, we have a, we're mindful of what the current macroeconomic environment is, but we also understand that we need to remain true to our transformation and how this will deliver value over time.

我們圍繞著商店標準進行的投資，以及針對多價格推出的投資，我們相信是為客戶提供良好體驗、便利機會和創造價值的核心。因此，我們覺得，在我們解決這個問題的過程中，我們注意到當前的宏觀經濟環境，但我們也明白，我們需要堅持我們的轉型，以及隨著時間的推移，這將如何帶來價值。

Scot Ciccarelli with Truist Securities.

斯科特·西卡雷利 (Scot Ciccarelli)，來自 Truist 證券公司。

Good morning, everyone. So, you guys took some tougher medicine at Family Dollar over the last couple of quarters. And it seems like the profit performance at Family Dollar actually has started to improve a bit once you get through the adjustments. But Dollar Tree seems to keep suffering from additional issues and expenses quarter-after-quarter.

大家早安。所以，在過去的幾個季度裡，你們在 Family Dollar 上吃了一些更嚴厲的藥。一旦完成調整，Family Dollar 的利潤表現實際上已經開始有所改善。但 Dollar Tree 似乎每季都在遭受額外問題和支出的困擾。

Would it make sense to do a harder reset at Dollar Tree and Dollar Tree expectations, whether that's through store closures, fully or permanently resetting labor costs, et cetera. Because I think investors tend to despise the death of a thousand cuts. Thanks.

對 Dollar Tree 和 Dollar Tree 的預期進行更嚴格的重置是否有意義，無論是透過關閉商店、完全或永久重置勞動成本等等。因為我認為投資人往往會鄙視千刀萬剮的死亡。謝謝。

I think the best way we think about this is, this quarter, we saw a pullback in a higher-income customer. We believe that we are positioned appropriately to meet that customer's needs over time as they're looking for value. We believe our multi-price offering is what's going to give us that support.

我認為我們思考這個問題的最佳方式是，本季度，我們看到高收入客戶的數量減少。我們相信，隨著時間的推移，我們的定位能夠滿足客戶在尋找價值時的需求。我們相信我們的多價格產品將為我們提供這種支持。

The investments that we're making as it relates to, once again, store standards and other things that we're doing is part and parcel to making sure that we deliver the experience that the higher-income customer is looking for. We will continue to be diligent and disciplined as we think about those investments on a go-forward basis, but we believe that it is in line with what we need to deliver over the long-term.

我們所做的投資與商店標準和我們正在做的其他事情有關，是確保我們提供高收入客戶所尋求的體驗的重要組成部分。當我們在未來的基礎上考慮這些投資時，我們將繼續勤奮和自律，但我們相信這符合我們長期需要實現的目標。

Yeah. And as I look at just the new stores we opened, the renovations we're doing, and then when you talk about more than 3,000 stores that we'll touch this year, that is an investment in our store standards. That is making our stores better for our customers.

是的。當我看到我們新開的商店、我們正在進行的裝修，以及今年我們將接觸的 3,000 多家商店時，這是對我們商店標準的投資。這使得我們的商店能夠更好地為顧客服務。

And so we look and we like what that future looks like. We like the ability to kind of touch the chain every year and get back on a track of really showing our customer that we care by bringing in new things that excite them, new things that wow them, and really true to who Dollar Tree is. So, I mean, I look at it and say, our customer needs our business more than ever and we're continuing to evolve the business to meet them where they are.

所以我們期待並喜歡未來的樣子。我們喜歡每年都能接觸到連鎖店，並透過引入讓他們興奮的新事物、讓他們驚嘆的新事物以及真正忠於 Dollar Tree 的方式，重新回到真正向客戶展示我們關心的軌道上。所以，我的意思是，我看著它並說，我們的客戶比以往任何時候都更需要我們的業務，我們正在繼續發展業務以滿足他們的需求。

And the last thing I'll add is, if you think about the 99 Cents store acquisition that we did of leases, yes, we've had some higher-than-expected upfront costs, but we are really excited about these 161 stores that we've been able to acquire. They're in the markets that we believe we need to be in at very attractive overall lease rates.

我要補充的最後一件事是，如果你考慮我們透過租賃方式收購 99 Cents 商店，是的，我們的前期成本高於預期，但我們對這 161 家商店感到非常興奮我們已經能夠獲得。我們認為我們需要以非常有吸引力的整體租賃率進入這些市場。

We believe that we have the credibility and latitude to grow very aggressively in these particular areas. These stores are of the size and scale that other stores that we've had in this type of situation have been able to outperform against the broader portfolio. So while there's some short-term pain here as we kind of work through this. We'll be very excited about what this is going to deliver for us once again over the long-term.

我們相信，我們有信譽和自由度在這些特定領域積極發展。這些商店的規模和規模是我們在這種情況下擁有的其他商店能夠超越更廣泛的產品組合的。因此，儘管我們在努力解決這個問題時會遇到一些短期的痛苦。從長遠來看，這將再次為我們帶來什麼，我們對此感到非常興奮。

Thank you. We have reached the end of our question-and-answer session. I would now like to hand the call back over to management for any closing comments.

謝謝。我們的問答環節已經結束。我現在想將電話轉回管理層以徵求結案意見。

Thank you, everyone, for your time this morning, and thank you for all our Dollar Tree and Family Dollar associates out there serving our customers and we look forward to speaking to you again next quarter.

謝謝大家今天早上抽出時間，也感謝所有 Dollar Tree 和 Family Dollar 員工為我們的客戶提供服務，我們期待下個季度再次與您交談。

Thank you. That does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。享受你一天剩下的時間。