美元樹 (DLTR) 2024 Q3 法說會逐字稿

Greetings, and welcome to the Dollar Tree Q3 2024 Earnings Call and Webcast.

大家好，歡迎參加 Dollar Tree 2024 年第三季財報電話會議和網路廣播。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）提醒一下，本次會議正在錄音。

It's now my pleasure to turn the call over to Bob LaFleur, Senior Vice President, Investor Relations.

現在我很高興將電話轉給投資者關係高級副總裁 Bob LaFleur。

Please go ahead, Bob.

請繼續，鮑伯。

Good morning, and thank you for joining us today to discuss Dollar Tree's third quarter fiscal 2024 results.

早安，感謝您今天加入我們討論 Dollar Tree 2024 財年第三季的業績。

With me today are Dollar Tree's Interim CEO, Mike Creedon and CFO, Jeff Davis.

今天與我一起的有 Dollar Tree 的臨時執行長 Mike Creedon 和財務長 Jeff Davis。

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.

在我們開始之前，我想提醒大家，我們今天對公司期望、計劃和未來前景所發表的一些言論，根據 1995 年《私人證券訴訟改革法》的安全港條款，被視為前瞻性陳述。

These statements are subject to risks and uncertainties, which could cause actual results to differ materially from those contemplated by our forward-looking statements.

這些聲明受風險和不確定性的影響，可能導致實際結果與我們的前瞻性聲明所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 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.

有關可能影響我們實際結果的風險和不確定因素的信息，請參閱我們於 2024 年 3 月 20 日提交的 10-K 表年度報告中的風險因素、業務和管理層對財務狀況和經營成果的討論和分析部分、我們最近的新聞稿以及 8-K 表和向美國證券交易委員會提交的其他文件。

We caution against reliance on any forward-looking statements made today, and we disclaim any obligation to update any forward-looking statements, except as required by law.

我們警告不要依賴今天所做的任何前瞻性陳述，並且我們不承擔更新任何前瞻性陳述的義務，除非法律要求。

Also during this call, we will discuss certain non-GAAP financial measures.

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。

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.

這些非 GAAP 項目與最直接可比較的 GAAP 財務指標的對帳表可在我們網站的 IR 部分找到，請參閱今天的收益報告。

These non-GAAP measures are not intended to be a substitute for GAAP results.

這些非 GAAP 指標並非旨在取代 GAAP 結果。

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

除非另有說明，我們將根據 GAAP 參考我們的財務結果。

Additionally, unless otherwise stated, all comparisons discussed today for the third quarter of fiscal 2024 are against the same period a year ago.

此外，除非另有說明，今天討論的 2024 財年第三季的所有比較都是與去年同期進行的。

Please note that a supplemental slide deck outlining selected operating metrics is available on the IR section of our website.

請注意，我們網站的 IR 部分提供了概述所選營運指標的補充幻燈片。

Following our prepared remarks, Mike and Jeff will take your questions.

在我們準備好發言之後，麥克和傑夫將回答大家的問題。

Given the number of callers you would like to participate in today's session, we ask that you limit yourself to 1 question.

考慮到您希望參加今天會議的來電者數量，我們要求您將問題限制為 1 個。

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

現在我想把電話轉給麥克。

Thanks, Bob, and good morning.

謝謝，鮑勃，早安。

I want to welcome everyone to today's call.

我歡迎大家參加今天的電話會議。

This is my first time speaking to you as interim CEO following our recent leadership transition.

這是我們最近的領導層變動之後我第一次以臨時執行長的身份與您交談。

I'm honored that the board has named me to this role at a critical time in our transformation.

我很榮幸董事會在我們轉型的關鍵時刻任命我擔任這一職位。

To all our stakeholders, please know that I take this responsibility very seriously and with great humility.

對於我們所有的利害關係人，請知道我非常認真且謙卑地對待這項責任。

I also want to thank Rick Dreiling for his leadership and the support he provided to all our associates and leaders.

我還要感謝 Rick Dreiling 的領導以及他為我們所有同事和領導者提供的支持。

From all of us at Dollar Tree, we wish him the very best.

我們 Dollar Tree 全體員工都向他致以最美好的祝愿。

As an organization, our top priorities remain accelerating the growth of Dollar Tree and finalizing the strategic review to identify the optimal ownership structure for Family Dollar.

作為一個組織，我們的首要任務仍然是加速 Dollar Tree 的發展並完成策略審查以確定 Family Dollar 的最佳所有權結構。

Executing against these objectives is the first priority for this leadership team and our Board.

實現這些目標是領導團隊和董事會的首要任務。

Throughout the strategic review process, we have maintained our operational focus and driven meaningful improvements in Family Dollar sales productivity and profitability.

在整個策略審查過程中，我們始終保持營運重點，並推動 Family Dollar 銷售效率和獲利能力的顯著提升。

Our ultimate goal remains positioning both banners for long-term success and unlocking value for Dollar Tree shareholders.

我們的最終目標仍然是讓這兩面旗幟獲得長期成功並為 Dollar Tree 股東釋放價值。

At the Dollar Tree banner, we're converting stores to our in-line multiprice 3.0 format, opening new stores and improving the in-store experience through renovations and customer service enhancements.

在 Dollar Tree 品牌下，我們正在將商店轉變為我們的線上多價格 3.0 格式，開設新店，並透過裝修和增強客戶服務來改善店內體驗。

We believe there is ample runway ahead for Dollar Tree to meaningfully grow its square footage over a multiyear horizon.

我們相信，Dollar Tree 有足夠的空間在未來幾年內實現其營業面積的大幅成長。

Value always resonates with the customer, and that is why our business model has stood the test of time across decades in multiple economic cycles.

價值總是能與客戶產生共鳴，這就是為什麼我們的商業模式在幾十年的多個經濟週期中經受住了時間的考驗。

We have made good progress on store conditions and operations, but there is more work to be done.

我們在商店條件和營運方面取得了良好進展，但仍有更多的工作要做。

At the end of the day, retail fundamentals are the key to unlocking value at Dollar Tree, and I am confident that we have the right team in place to deliver improved merchandising execution and store standards.

歸根結底，零售基本面是釋放 Dollar Tree 價值的關鍵，我相信我們擁有合適的團隊來改善商品銷售執行和商店標準。

One of the things that originally attracted me to Dollar Tree was its culture and clear understanding of what we do and who we serve.

我最初選擇 Dollar Tree 的其中一個原因是它的文化以及對我們所做的事情和服務對象的清晰理解。

We offer unparalleled value and convenience for our customers and our scale provides us with a unique competitive advantage through our procurement power and distribution reach.

我們為客戶提供無與倫比的價值和便利，我們的規模透過採購能力和分銷範圍為我們提供了獨特的競爭優勢。

We empower our associates and support their career aspirations or as we like to say, this is a career, not a job.

我們授權我們的員工並支持他們的職業抱負，或者正如我們所說，這是一份職業，而不是一份工作。

And it is my responsibility to ensure that every aspect of our culture supports this goal.

我的責任是確保我們文化的各個方面都支持這一目標。

From the many stores and DCs that I've visited in my two-plus years at Dollar Tree, and from the time I've spent here at home in the store support center, it is clear to me that our leadership team and dedicated associates are aligned and our objectives are in focus, position Dollar Tree for sustainable growth and create value for our fellow shareholders.

從我在 Dollar Tree 工作兩年多來訪問過的許多商店和配送中心以及我在商店支援中心度過的時間來看，我清楚地知道，我們的領導團隊和敬業的員工是一致的，我們的目標是集中的，讓 Dollar Tree 實現可持續發展並為我們的股東創造價值。

While I've already talked to many of you in the investment community, I look forward to getting to know many more of you in the days and months ahead.

雖然我已經與投資界的許多人進行了交談，但我期待在未來的日子和月份裡認識更多的人。

With that, I'd like to share our third quarter highlights and update you on several of our key initiatives.

為此，我想分享我們第三季的亮點，並向您介紹我們的幾個關鍵舉措。

As a reminder, we said that third quarter results were in line with expectations when we announced our leadership transition in early November.

提醒一下，我們在 11 月初宣布領導層變動時就表示，第三季的業績符合預期。

In Q3, our Dollar Tree and Family Dollar merchandising efforts produced tangible results and sales came in at the high end of our outlook range.

在第三季度，我們的 Dollar Tree 和 Family Dollar 行銷活動取得了切實的成果，銷售額達到了我們預期範圍的高端。

Total net sales got a big boost from our noncomp stores with Dollar Tree noncomp sales contributing over 3 times more revenue this year.

我們的非同店商店的總淨銷售額得到了大幅提升，其中 Dollar Tree 非同店銷售額今年貢獻的收入增長了 3 倍以上。

This reflects the increased pace of Dollar Tree store openings overall and the especially strong out-of-the-gate performance of the 99 Cents Only portfolio.

這反映了 Dollar Tree 商店整體開業速度的加快，以及 99 Cents Only 產品組合的強勁開門表現。

Dollar Tree's comp improved sequentially over Q2, driven by market share gains and positive trends in both traffic and ticket.

受市場佔有率成長以及客流量和票價呈正面趨勢的推動，Dollar Tree 的營收表現較第二季較上季成長。

Family Dollar's comp also improved sequentially, with its first positive discretionary comp since 2022.

Family Dollar 的薪資也較上季提高，自 2022 年以來首次出現正向可自由支配薪資。

Turning to the current environment and tone of business.

談談當前的環境和商業基調。

Customers continue to seek value and many are focused on buying for need and buying closer to the time of that need.

客戶不斷尋求價值，許多客戶專注於根據需要進行購買，並在更接近需要的時間進行購買。

We continue to see evidence of belt tightening, particularly among lower-income customers and, to a lesser extent, among middle and higher income families with young children.

我們繼續看到勒緊褲腰帶的證據，特別是在低收入消費者中，而有年幼孩子的中、高收入家庭的情況則有所改善（但程度較小）。

While this dynamic remains a discretionary headwind, it does create some opportunities across both banners and consumables.

儘管這種動態仍然是一種可自由支配的逆風，但它確實為橫幅廣告和消耗品創造了一些機會。

As consumption data shows lower and middle income households are increasingly shifting more of their spending toward food at home.

消費數據顯示，中低收入家庭越來越多地將支出轉向家庭食品。

Given these trends, it's worth reminding everyone of the strong value proposition we offer at Dollar Tree, a customer that walks in to a typical Dollar Tree store will find over 90% of the products in the store priced at $1.25. So we offer a powerful solution for customers looking to stretch their dollar.

鑑於這些趨勢，值得提醒大家我們在 Dollar Tree 提供的強大價值主張，走進一家典型的 Dollar Tree 商店的顧客會發現商店中 90% 以上的產品售價為 1.25 美元。因此，我們為希望節省資金的客戶提供強大的解決方案。

Moving on to Dollar Tree's multi-price rollout.

繼續討論 Dollar Tree 的多價格推出。

We converted another 720 stores to the 3.0 format in the quarter, bringing the total number of converted stores to approximately 2,300.

本季度，我們又將 720 家門市轉換為 3.0 格式，使轉換後的門市總數達到約 2,300 家。

The converted stores produced approximately 30% of Dollar Tree's total net sales in Q3 and continue to produce comps nicely above our portfolio average.

改造後的商店在第三季創造了 Dollar Tree 總淨銷售額的約 30%，並且繼續產生遠高於我們投資組合平均水平的銷售額。

The multi-price 3.0 stores in aggregate produced a 3.3% comp in the quarter with a strong 6.6% consumables comp and a modestly positive discretionary comp.

本季度，多種價格 3.0 商店的整體年銷售額成長 3.3%，其中消耗品較去年同期銷售額成長強勁，為 6.6%，非必需品年銷售額也略有成長。

Importantly, comps at these stores are being driven by traffic and ticket in roughly equal proportion.

重要的是，這些商店的銷售額大致受到客流量和票價的影響。

Focusing in on some Q3 category highlights at our 3.0 stores, we saw a 7 comp across our full seasonal assortment, including a 10 comp for Halloween-specific products.

重點關注我們 3.0 商店中第三季度的一些類別亮點，我們看到整個季節性產品系列中有 7 個可比產品，其中包括 10 個萬聖節專用產品。

Looking out to the balance of the year, we expect to convert an additional 300 to 400 stores to the 3.0 format by the end of Q4.

展望今年的剩餘時間，我們預計到第四季末將有另外 300 至 400 家門市轉換為 3.0 格式。

This will put us a bit below the 2,800 figure we provided last quarter.

這將使我們的數字略低於上個季度提供的 2,800。

But we are taking our time to ensure that each store is ready for conversion before we give it the final green light.

但我們會花時間確保每家商店都做好轉換準備，然後才會給予最終批准。

To reiterate what I said last quarter, it's better to get the conversion done right then to get them done fast.

重申我上個季度所說的話，最好立即完成轉換，以便快速完成。

That being said, including converted and newly opened stores, we will have approximately 3,000 multi-price 3.0 stores open and operating by year-end, including most of the former 99 sent only stores.

話雖如此，包括改建和新開的商店在內，到年底我們將有大約 3,000 家多價位 3.0 商店開業並運營，其中包括之前 99 家僅限發送的商店中的大多數。

And speaking of the former 99 Cents Only stores, we are just about done with the integration of this portfolio.

說到之前的 99 Cents Only 商店，我們剛剛完成了這個產品組合的整合。

To date, we've converted and reopened 158 stores as Dollar Trees and should finish up the remaining handful of stores by the end of this month.

到目前為止，我們已經將 158 家商店改建並重新開業為 Dollar Trees，並將在本月底完成剩下的幾家商店的改建和重新開業。

The strong initial sales performance of these stores confirms our original optimism about the quality of these assets and their locations across California and the Southwest.

這些商店強勁的初始銷售業績證實了我們對這些資產的品質及其在加州和西南地區的位置的最初樂觀態度。

Stepping back and looking at our real estate efforts more broadly, we are well on our way towards meeting our full year goal of opening 600 to 650 new stores.

回顧過去，更廣泛地看待我們的房地產工作，我們正在順利實現全年開設 600 至 650 家新店的目標。

Through the end of Q3, we've opened 567 new stores with over 85% of those coming under the Dollar Tree banner.

截至第三季末，我們已開設 567 家新店，其中 85% 以上屬於 Dollar Tree 旗下。

Year-over-year, we have increased our Dollar Tree store base by over 7% and still see a long growth runway ahead of us given the growing market resonance of multi-price.

與去年同期相比，我們的 Dollar Tree 商店數量增加了 7% 以上，而且鑑於多種價位的市場反應日益增強，我們仍然看到未來還有很長的成長空間。

In supply chain, our team continues to do outstanding work in the face of challenges related to our DC in Marietta, Oklahoma that was destroyed by a tornado.

在供應鏈方面，我們的團隊在俄克拉荷馬州瑪麗埃塔的配送中心被龍捲風摧毀的挑戰面前繼續出色地工作。

The biggest challenge is elevated stem miles across our network.

最大的挑戰是我們網路的幹線里程增加。

On top of that, absorbing 158 new 99 Cents Only stores within a relatively concentrated geography required additional resource allocation.

除此之外，在相對集中的地區吸收 158 家新的 99 Cents Only 商店需要額外的資源配置。

While our newly reopened D.C. and West Memphis has helped to relieve some of the network pressure, additional measures are needed to restore the network to peak efficiency.

雖然我們新重新開放的華盛頓特區和西孟菲斯已經幫助緩解了部分網路壓力，但仍需要採取額外措施來恢復網路的最佳效率。

To this end, we are working to add new capacity to our network, including replacing the capacity we lost in Marietta.

為此，我們正在努力增加我們的網路容量，包括彌補我們在瑪麗埃塔失去的容量。

On loan times continue to improve at the stores using rotor carts out of our DCs in West Memphis, Matthews, North Carolina and here in Chesapeake.

我們在西孟菲斯、馬修斯、北卡羅來納州和切薩皮克的配送中心使用轉子車的商店的借出時間繼續改善。

In Q3, our proactive steps to reduce shrink delivered year-over-year improvements at both banners, particularly Family Dollar.

在第三季度，我們採取了積極措施減少損耗，使兩個品牌（尤其是 Family Dollar）的業績同比都有所改善。

While the expansion of multiprice at Dollar Tree has necessitated some stepped-up shrink mitigation efforts, we still saw modest reduction in shrink during the quarter.

儘管 Dollar Tree 的多價位擴張需要加強收縮緩解力度，但我們仍看到本季收縮幅度略有減少。

Now let me recap some of the operational highlights from the quarter.

現在讓我回顧一下本季的一些營運亮點。

On a consolidated basis, net sales increased 3.5% to $7.6 billion and adjusted diluted EPS was $1.12. Looking at performance by banner.

綜合來看，淨銷售額成長 3.5% 至 76 億美元，調整後稀釋每股收益為 1.12 美元。透過橫幅看表現。

Dollar Tree segment comp increased 1.8% on a 1.5% increase in traffic and a 0.3% increase in average ticket.

由於客流量增加 1.5% 且平均票價增加 0.3%，Dollar Tree 部門營收成長了 1.8%。

This was Dollar Tree's first positive ticket comp since Q4 of 2022.

這是 Dollar Tree 自 2022 年第四季以來首次實現正票房收入。

Dollar Tree's Q3 consumable mix was 49.9%, a year-over-year increase of 150 basis points.

Dollar Tree 第三季的消費品組合為 49.9%，較去年同期成長 150 個基點。

Mix had been shifting towards consumables by over 200 basis points in each of the previous 4 quarters.

在過去 4 個季度中，產品結構每季都向消耗品轉移超過 200 個基點。

So this is clearly a step in the right direction.

這顯然是朝著正確方向邁出的一步。

Consumable comp was 6.2%, which came on top of an 11.1% comp.

消耗品年增 6.2%，高於 11.1% 的成長率。

Snacks, beverages and candy were the best-performing categories.

零食、飲料和糖果是表現最好的類別。

Discretionary comp declined 1.8%, reflecting consumers' ongoing focus on needs-based purchases.

可自由支配的支出下降了 1.8%，反映出消費者持續專注於基於需求的購買。

Discretionary comp was modestly positive at the multi-price 3.0 stores in the quarter.

本季度，多種價格 3.0 商店的可自由支配收入略有增長。

Hardware, electronics, health care and personal care were our best-performing discretionary categories with additional strength seen in Halloween and textiles at the 3.0 stores.

硬體、電子產品、醫療保健和個人護理是我們表現最好的非必需品類別，而 3.0 商店的萬聖節和紡織品類商品的銷售也表現強勁。

Our soft discretionary demand was consistent with trends we saw across the broader retail industry during the quarter.

我們的軟性可自由支配需求與我們本季看到的整個零售業趨勢一致。

Based on Nielsen data, Dollar Tree's consumables market share gain accelerated in the quarter with growth in dollar volume outpacing the industry by 480 basis points and unit volume outpacing by 280 basis points.

根據尼爾森的數據，Dollar Tree 的消耗品市場份額在本季加速成長，美元交易量增幅超過行業平均 480 個基點，單位交易量增幅超過行業平均 280 個基點。

Before moving on to Family Dollar, let me take a moment to comment on Dollar Tree's recent performance in the context of broader market trends.

在談論 Family Dollar 之前，請允許我花點時間根據更廣泛的市場趨勢評論 Dollar Tree 的近期表現。

Given Dollar Tree's particular consumer product and price point mix, its comps are running below our long-term run rate expectations.

鑑於 Dollar Tree 的特定消費產品和價格點組合，其同店銷售額低於我們的長期運行率預期。

We attribute this to the unique challenges our customers are facing at this point in the economic cycle, which might not necessarily be aligned with the cycle timing at other retailers, whether looking at comps or store growth, we believe our multiyear results stack up well against any retailer in the country.

我們將此歸因於我們的客戶在經濟週期的這個階段面臨的獨特挑戰，這些挑戰可能不一定與其他零售商的周期時間相一致，無論是從同店銷售還是門市增長來看，我們相信我們多年的業績與該國任何零售商相比都毫不遜色。

With a two-year comp stack of 17%, our consumable business is as strong as ever, but that is only half of Dollar Tree's business.

我們的消費品業務兩年複合成長率為 17%，一如既往地強勁，但這僅佔 Dollar Tree 業務的一半。

The other half is discretionary.

另一半則是可自由支配的。

And these are the categories where shoppers have pulled back the most, given the cumulative impact of the economic pressures they feel.

考慮到經濟壓力的累積影響，這些是購物者減少購買最多類別的商品。

Moving on to the Family Dollar segment.

繼續討論 Family Dollar 部分。

Comp increased 1.9% with the gain driven almost entirely by traffic.

銷售額成長了 1.9%，其成長幾乎完全是由流量推動的。

Average ticket was flat after three consecutive quarters of declines.

平均票價在連續三個季度下降後持平。

Consumables comp increased 1.3%, which came on top of a 6.2% comp increase last year.

消耗品銷售額年增 1.3%，高於去年 6.2% 的增幅。

Discretionary comp increased 3.7%, which was a 540 basis point sequential improvement over Q2.

可自由支配收入成長 3.7%，比第二季度環比提高 540 個基點。

More importantly, Q3 was Family Dollar's first positive discretionary comp since Q4 2022, children's apparel, electronics and hardware were the best-performing discretionary categories.

更重要的是，第三季是 Family Dollar 自 2022 年第四季以來首次出現正成長的可自由支配收入，兒童服裝、電子產品和硬體是表現最好的可自由支配類別。

We believe Family Dollar's positive discretionary results are the direct result of our targeted merchandising efforts.

我們相信，Family Dollar 的積極可自由支配的表現是我們有針對性的行銷努力的直接結果。

In recent quarters, we adjusted our pricing strategy with more emphasis on value and higher frequency purchase items like everyday Home Essentials.

最近幾個季度，我們調整了定價策略，更加重視價值和高頻率購買的商品，例如日常家庭必需品。

As part of this strategy, we increased the number of items priced at or below $5.

作為該策略的一部分，我們增加了售價在 5 美元或以下的商品數量。

We updated our in-store signage and shelf strips to better communicate our price value image, and we identified additional ways to optimize our planograms to drive sales and space productivity.

我們更新了店內標誌和貨架條，以更好地傳達我們的價格價值形象，並且我們找到了優化規劃圖的其他方法，以提高銷售和空間生產力。

These initiatives are clearly resonating with our core Family Dollar customer, and we are seeing the positive results at the cash register.

這些舉措顯然引起了 Family Dollar 核心客戶的共鳴，我們在收銀台看到了積極的成果。

We are also pleased to report that Family Dollar's renovation and store conversion program is generating positive results.

我們也很高興地報告，Family Dollar 的翻新和店鋪改造計劃正在產生積極的成果。

Since the beginning of the program in 2022, we have completed over 1,500 projects and year-to-date comps are up by high single digits at our 8 2.5 format stores and by double digits at our urban extra small box format stores.

自 2022 年計畫開始以來，我們已經完成了 1,500 多個項目，今年迄今為止，我們 8 家 2.5 格式商店的銷售額同比增長了個位數，而我們城市超小型盒子格式商店的銷售額同比增長了兩位數。

As a reminder, these formats feature customized product assortments that better meet the needs of our diverse customer base.

提醒一下，這些格式具有客製化的產品組合，可以更好地滿足我們多樣化客戶群的需求。

For example, a 2.5 stores include additional coolers, expanded seasonal offerings and an enhanced shopping experience with customized end caps and space optimization that drive better unit economics.

例如，2.5 家商店包括額外的冷藏室、擴大季節性產品供應和增強的購物體驗，透過客製化端蓋和空間優化來提高單位經濟效益。

Lastly, on Family Dollar, we estimate reduced SNAP benefits or a 30 basis point comp headwind in the quarter.

最後，關於家庭美元，我們預計本季 SNAP 福利將減少，或薪資阻力將達到 30 個基點。

While overall SNAP payments were down by 5% nationally in Q3, we think the comp headwinds from SNAP will continue to moderate over the balance of the year.

儘管第三季全國 SNAP 支付總額下降了 5%，但我們認為，SNAP 帶來的競爭阻力將在今年餘下時間內繼續緩和。

Shifting gears, we have received questions about the potential impact of tariffs in the new administration.

換個話題，我們收到了關於新政府關稅潛在影響的問題。

While the situation remains fluid and the exact nature, scope and eventual timing of any new tariffs is not yet clear, we are prepared to act on multiple fronts.

儘管局勢仍不明朗，任何新關稅的具體性質、範圍和最終時間尚不清楚，但我們已準備好在多個方面採取行動。

Rick McNeely and his team of merchants have many years of experience successfully navigating a variety of tariff landscapes.

Rick McNeely 和他的商人團隊擁有多年的成功應對各種關稅環境的經驗。

Back in 2018 and 2019, when we last dealt with this issue, we were able to mitigate the majority of the potential impact by negotiating lower costs with our suppliers, changing product specs or pack sizes or dropping noneconomical items.

早在 2018 年和 2019 年，當我們上次處理這個問題時，我們透過與供應商協商降低成本、更改產品規格或包裝尺寸或放棄不經濟的物品，成功減輕了大部分潛在影響。

Today, all 3 of those options are still at our disposal.

如今，這三種選擇我們仍然可以使用。

On top of those, we now have detailed plans in place to shift supply sources for most of our products to alternate countries and multi-price gives us additional flexibility on our product assortment.

除此之外，我們現在還制定了詳細的計劃，將大多數產品的供應源轉移到其他國家，多種價格為我們的產品組合提供了額外的靈活性。

Based on our scale and our past history of navigating through similar challenges, we believe there is a wide range of potential actions that we can take to help mitigate additional tariffs if and when they materialize.

根據我們的規模和過去應對類似挑戰的歷史，我們相信，我們可以採取多種潛在行動來幫助緩解額外的關稅（如果真的發生）。

With respect to freight, markets continue to be relatively stable, particularly in relation to domestic freight.

就貨運而言，市場持續相對穩定，尤其是國內貨運。

On ocean freight, we continue to manage through a fluid environment despite disruptions over the past year in the Red Sea and Panama Canal as well as the strikes at North American ports.

在海運方面，儘管過去一年紅海和巴拿馬運河出現中斷以及北美港口發生罷工，但我們仍在動盪的環境中繼續管理。

Regarding potential strikes, we're proactively managing our seasonal imports in the event that the East and Gulf Coast port workers don't approve their tentative contract by the current January deadline.

關於潛在的罷工，如果東部和墨西哥灣沿岸港口工人在目前的 1 月截止日期前不批准他們的臨時合同，我們將積極管理我們的季節性進口。

I also want to comment briefly on the proposed Department of Labor overtime rule.

我還想簡單評論一下勞工部提議的加班規則。

Last month, a U.S. District Court in Texas struck down the proposed rule and the decision that applied nationwide.

上個月，美國德州地方法院推翻了這項擬議規則以及適用於全國的裁決。

The court invalidated both phases of the threshold increase the 1 from this past July and the pending 1 for next month.

法院判定兩個階段的門檻上調均無效，其中，從今年 7 月開始的 1 次上調和下個月即將上調的 1 次上調。

We absorbed the first increase back in July and won't reverse that change.

我們在七月就吸收了第一次成長，並且不會扭轉這項變化。

It remains to be seen whether the current administration will appeal the ruling in its waiting days or if the incoming administration will revisit the issue, but we are prepared for various scenarios.

目前尚不清楚現任政府是否會在等待期間對裁決提出上訴，或者新政府是否會重新審視這一問題，但我們已為各種情況做好了準備。

We remain committed to completing the formal review of strategic alternatives for Family Dollar, which could include a potential sale, spin-off or other disposition of the business, among others.

我們仍致力於完成對 Family Dollar 策略替代方案的正式審查，其中可能包括潛在的出售、分拆或其他業務處置等。

The process is moving forward as planned.

該進程正按計劃推進。

While good progress is being made by the team, there remains no set deadline or definitive timeline for completion and at this time, we can't comment on any specific outcome.

雖然團隊正在取得良好進展，但仍然沒有設定最後期限或明確的完成時間表，目前我們無法對任何具體結果發表評論。

We will continue to share updates when we have new public information.

當我們有新的公開資訊時，我們將繼續分享更新。

The guideposts of the review remain, as always, to maximize shareholder value through finding the optimal structure for each banner.

審查的指導方針一如既往，透過為每個橫幅找到最佳結構來實現股東價值最大化。

We have made solid operational progress at Family Dollar over the past few years, even as our core customer was navigating their way through an extremely challenging macro landscape.

在過去幾年裡，儘管我們的核心客戶正在極具挑戰性的宏觀環境中摸索前進，但我們 Family Dollar 的營運仍然取得了穩步進展。

We're proud of the work we've accomplished to date, and we look forward to the next steps in the review and for the business.

我們為迄今為止所完成的工作感到自豪，並期待審查和業務的下一步進展。

Before I turn the call over to Jeff, I'd like to offer a few high-level comments about the current tone of business and our outlook for the balance of the year.

在把電話轉給傑夫之前，我想就目前的業務基調和我們對今年剩餘時間的展望發表一些高層評論。

Jeff will cover this in greater detail in his remarks.

傑夫將在他的發言中更詳細地討論這一點。

Our merchandising teams have laid the foundation for a successful year-end holiday season.

我們的銷售團隊為年終假日季節的成功奠定了基礎。

We're especially excited by our expanded Christmas assortment at Dollar Tree and our ability to deliver exceptional value to consumers at a wider range of price points.

我們對 Dollar Tree 聖誕節商品種類的擴大以及我們能夠以更廣泛的價格範圍為消費者提供卓越價值的能力感到特別興奮。

While the response to our expanding multi-price assortment continues to be positive, the fourth quarter got off to a softer start given the election and later than usual Thanksgiving timing.

儘管我們不斷擴大的多價位產品系列的反應仍然積極，但考慮到選舉和比平時更晚的感恩節時間，第四季度的開局較為疲軟。

That said, we remain optimistic about December.

儘管如此，我們仍然對十二月持樂觀態度。

While there are five fewer selling days in total between Thanksgiving and Christmas this year, we should get some extra help from Christmas falling in the middle of the week.

雖然今年感恩節和聖誕節之間的銷售日總數減少了五天，但由於聖誕節恰逢周中，我們應該會得到一些額外的幫助。

Our merchant and operation teams have done an excellent job preparing for the holidays.

我們的商家和營運團隊已經為假期做好了出色的準備。

The stores look great, and our merchandise assortment is more compelling than it's ever been.

商店看起來很棒，我們的商品種類比以往更引人注目。

Even with these moving pieces, we are confident in our ability to deliver low single-digit comps in the fourth quarter at both the Dollar Tree and Family Dollar banners.

即使存在這些變動因素，我們仍然有信心在第四季度為 Dollar Tree 和 Family Dollar 品牌帶來低個位數的同店銷售額。

Before I wrap up, I am sure you saw our announcement earlier this morning that Jeff Davis will be stepping down as Chief Financial Officer.

在結束之前，我相信您已經看到我們今天早上宣布的消息，傑夫戴維斯將辭去財務長一職。

The company has launched an external search and to facilitate a smooth transition.

該公司已啟動外部搜索，以促進平穩過渡。

Jeff has agreed to remain on board through the filing of our 10-K.

Jeff 已同意繼續留任直到我們提交 10-K 報告為止。

Ideally, we plan to announce a successor prior to his departure.

理想情況下，我們計劃在他離職前宣布繼任者。

We thank Jeff for his service and appreciate the contributions he has made to the business during his time with Dollar Tree.

我們感謝傑夫的服務並感謝他在 Dollar Tree 任職期間為公司做出的貢獻。

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

說完這些，我會把電話轉給傑夫。

Thank you, Mike, and good morning.

謝謝你，麥克，早安。

Before I discuss the details of our third quarter results, I want to extend my thanks to our Interim CEO, Mike Creedon, our former Chairman and CEO, Rick Dreiling, my finance team and the extended Dollar Tree management team.

在討論第三季業績細節之前，我要向我們的臨時執行長 Mike Creedon、前董事長兼執行長 Rick Dreiling、我的財務團隊和 Dollar Tree 管理團隊表示感謝。

During my time here, I've had the privilege of working with talented colleagues navigating exciting challenges and celebrating many milestones along the way.

在此期間，我有幸與才華橫溢的同事一起應對激動人心的挑戰，並慶祝了許多里程碑。

I'm proud of what we've accomplished together, and I'm confident in this management team and the business strategies that are in place.

我為我們共同取得的成就感到自豪，我對這個管理團隊和現有的業務策略充滿信心。

I remain energized about the future possibilities for both Dollar Tree and Family Dollar.

我對 Dollar Tree 和 Family Dollar 的未來發展前景充滿信心。

With that, let's get back to business.

好了，讓我們回歸正題。

As usual, I'll start with a discussion of our quarterly results. and then I'll provide our outlook for the balance of 2024.

像往常一樣，我先討論我們的季度業績。然後我將提供我們對 2024 年平衡的展望。

Where applicable, I will focus on our adjusted results.

在適用的情況下，我將專注於我們的調整後結果。

A reconciliation of non-GAAP adjusted results is provided in our earnings release.

我們的收益報告中提供了非 GAAP 調整後結果的對帳表。

Third quarter adjusted EPS increased 16% to $1.12. Overall results benefited from sequential top line improvement at both banners and positive discretionary trends at Family Dollar.

第三季調整後每股收益成長 16% 至 1.12 美元。整體業績受益於兩個品牌營收的連續成長和 Family Dollar 可自由支配支出的正面趨勢。

Turning to the business results.

轉向業務成果。

On a consolidated basis, adjusted operating income was $343 million, a 14% increase from last year.

綜合來看，調整後營業收入為 3.43 億美元，較去年同期成長 14%。

Adjusted operating margin increased by approximately 40 basis points to 4.5%, reflecting a 120 basis point increase in gross margin offset by an 80 basis point increase in adjusted SG&A rate.

調整後營業利益率增加約 40 個基點至 4.5%，反映毛利率增加 120 個基點，但調整後銷售、一般及行政開支率增加 80 個基點抵銷。

Our adjusted effective tax rate was 23.8% compared to 21.8%, reflecting lower workers' opportunity tax credits in the current year.

我們的調整後有效稅率為 23.8%，而之前為 21.8%，這反映了本年度工人機會稅收抵免的降低。

Adjusted net income increased 13% and to $241 million.

調整後淨收入成長 13%，達到 2.41 億美元。

Now let's move to our business segment results.

現在讓我們來看看我們的業務部門業績。

At Dollar Tree, adjusted operating income decreased 3% to $466 million.

Dollar Tree 的調整後營業收入下降 3% 至 4.66 億美元。

Adjusted operating margin decreased 140 basis points, driven by a 60 basis point increase in gross margin offset by a 180 basis point increase in adjusted SG&A rate.

調整後的營業利益率下降 140 個基點，原因是毛利率增加 60 個基點，但調整後的銷售、一般及行政費用率增加 180 個基點。

Gross margin improved primarily from lower freight costs, partially offset by markdowns and higher distribution costs.

毛利率的提高主要得益於運費的降低，但被降價和分銷成本的提高部分抵消。

Adjusted SG&A expenses increased primarily due to higher depreciation and temporary labor for the 3.0 rollout.

調整後的銷售、一般及行政費用增加主要是因為 3.0 版本推出帶來的折舊和臨時勞動力增加。

At Family Dollar, adjusted operating income was $10 million compared to an adjusted operating loss of $66 million last year.

Family Dollar 調整後的營業收入為 1,000 萬美元，而去年調整後的營業虧損為 6,600 萬美元。

Adjusted operating margin improved 220 basis points on a 130 basis points increase in gross margin and a 90 basis point decrease in adjusted SG&A rate.

調整後的營業利潤率提高了 220 個基點，毛利率增加了 130 個基點，調整後的銷售、一般及行政費用率減少了 90 個基點。

Gross margin increased primarily from lower freight costs, lower markdowns from the OTC recall last year and lower shrink.

毛利率的成長主要得益於運費的降低、去年非處方藥召回帶來的降價幅度的降低以及損耗的減少。

Adjusted SG&A rate decreased primarily from lower payroll and lower store supplies.

調整後的銷售、一般及行政開支下降主要是因為薪資下降和店內供應減少。

Moving on to the balance sheet and free cash flow.

轉到資產負債表和自由現金流。

Total inventory was $5.5 billion, flat to last year.

總庫存為 55 億美元，與去年持平。

With cash and cash equivalents of $698 million and senior notes of $3.4 billion, our balance sheet remains strong.

我們的資產負債表依然強勁，現金和現金等價物為 6.98 億美元，優先票據為 34 億美元。

Our bank-defined leverage at quarter end stood at approximately 2.4 times.

我們季度末的銀行定義槓桿率約為 2.4 倍。

On the cash flow statement, we generated $786 million from operating activities compared to $506 million last year.

在現金流量表上，我們從經營活動中獲得 7.86 億美元，而去年同期為 5.06 億美元。

Capital expenditures were $426 million versus $541 million last year.

資本支出為 4.26 億美元，去年同期為 5.41 億美元。

Our free cash flow improved by $395 million over last year.

我們的自由現金流比去年增加了 3.95 億美元。

We ended the quarter with no borrowings under our revolver and no commercial paper outstanding.

本季末，我們的循環信貸項下沒有借款，也沒有未償還的商業票據。

Year-to-date, we repurchased approximately 3.3 million shares of common stock for approximately $404 million, which is consistent with our year-to-date free cash flow generation of $389 million.

年初至今，我們以約 4.04 億美元回購了約 330 萬股普通股，這與我們年初至今 3.89 億美元的自由現金流產生量一致。

At quarter end, we had approximately $952 million remaining under our existing share repurchase program.

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 fourth quarter and full year expectations.

現在，讓我就我們對第四季和全年的預期提供一些看法。

The current outlook reflects the following: as Mike mentioned, November comps got off to a slow start.

目前的前景反映出以下情況：正如麥克所提到的，11月份的銷售起步緩慢。

We believe part of this was the so-called CNN effect.

我們認為其中部分原因就是所謂的 CNN 效應。

Something we've seen in prior cycles where customers defer shopping trips to closely follow the ins and outs of a national election.

我們在之前的周期中看到過這樣的情況，消費者推遲購物行程，以密切關注全國大選的進展。

Also, Thanksgiving fell in the fourth week of November this year versus the third week of last year.

此外，今年的感恩節是在 11 月的第四周，而去年是第三週。

As such, customers didn't start their Thanksgiving shopping until later in the month.

因此，顧客直到月底才開始感恩節購物。

There are also 5 fewer shopping days between Thanksgiving and Christmas this year.

今年感恩節和聖誕節之間的購物日也減少了5天。

However, Christmas falls on a Wednesday this year versus Monday last year, which does help extend the selling season.

不過，今年的聖誕節是星期三，而去年是星期一，這確實有助於延長銷售季。

All of this was factored into our plans, and we feel good about our position leading into the Christmas home stretch.

所有這些都已納入我們的計劃中，我們對自己即將迎來聖誕節的處境感到滿意。

With that as a background for the fourth quarter, we expect net sales will be in the range of $8.1 billion to $8.3 billion based on low single-digit comp sales growth for the enterprise and both the Dollar Tree and Family Dollar segments.

以此作為第四季度的背景，我們預計淨銷售額將在 81 億美元至 83 億美元之間，基於企業以及 Dollar Tree 和 Family Dollar 部門的低個位數同店銷售額增長。

Adjusting for stores closed as part of the portfolio optimization and the extra week in the fourth quarter of fiscal 2023, we expect fourth quarter net sales for Family Dollar to decline by 10% to 12% on a year-over-year basis.

考慮到由於投資組合優化而關閉的門市以及 2023 財年第四季度的額外一周，我們預計 Family Dollar 第四季度的淨銷售額將同比下降 10% 至 12%。

We expect adjusted EPS will be in the range of $2.10 to $2.30.

我們預計調整後的每股盈餘將在 2.10 美元至 2.30 美元之間。

For the full year, we expect net sales to be in the range of $30.7 billion to $30.9 billion based on low single-digit comp sales growth for the enterprise and both the Dollar Tree and Family Dollar segments.

就全年而言，我們預計淨銷售額將在 307 億美元至 309 億美元之間，這基於企業以及 Dollar Tree 和 Family Dollar 部門的低個位數同店銷售額增長。

Adjusted for stores closed as part of the portfolio optimization and the extra week in the fiscal 2023, we expect full year net sales for Family Dollar to decline by 3.5% to 4.5% on a year-over-year basis.

經過因投資組合優化而關閉的門市以及 2023 財年的額外一周調整後，我們預計 Family Dollar 全年淨銷售額將年減 3.5% 至 4.5%。

Adjusted EPS for the full year is expected to be in the range of $5.31 to $5.51.

預計全年調整後每股收益在 5.31 美元至 5.51 美元之間。

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.

為了節省時間，我將引導您參閱我們的補充財務報告，該報告可在我們的 IR 網站上找到，其中包含支持我們當前展望的其餘詳細資訊。

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

說完這些，我將把電話轉回給麥克。

Before I go, I want to acknowledge our associates who were affected by Hurricane Helen and Milton.

在離開之前，我想向受到海倫颶風和米爾頓颶風影響的同事們表示感謝。

Those in the affected areas face significant challenges, and many of them were personally and directly impacted by the storms.

受災地區的居民面臨重大挑戰，其中許多人直接受到了風暴的影響。

While rightly concerned about themselves and their families, they nonetheless stepped up to serve others.

儘管他們理所當然地關心自己和家人，但他們仍然挺身而出為他人服務。

The two storms closed over 1,800 of our stores but within a day or two, two-third of those stores were back open and serving their communities.

兩場風暴導致我們超過 1,800 家商店關閉，但在一兩天內，其中三分之二的商店重新開業並為社區提供服務。

The resilience, dedication and commitment of our associates to their communities is inspiring.

我們的員工對社區的堅韌、奉獻和承諾令人鼓舞。

By quickly reopening these stores to provide essential services to those in need, our associates truly demonstrated what it means to live our values.

透過迅速重新開放這些商店，為有需要的人提供基本服務，我們的員工真正展現了我們的價值觀。

Finally, I also want to take the opportunity to thank all of our associates and team leaders during this especially important holiday season.

最後，我還想藉此機會在這個特別重要的節日期間感謝我們所有的同事和團隊領導。

In the face of a challenging and rapidly changing landscape, I am extremely proud of the contributions made by each and every one of our associates.

面對充滿挑戰和快速變化的環境，我為我們每位同事所做的貢獻感到非常自豪。

As a result of all your hard work, we expect to turn in a very good year-end and a very bright future lies ahead for our business.

由於大家的辛勤工作，我們預期今年的業績將非常好，我們的業務前景非常光明。

With that, we're ready to take your questions.

現在，我們已準備好回答您的問題。

(Operator Instructions)

（操作員指令）

I have two-part question on your earnings outlook moving forward.

我對您未來的獲利前景有兩個問題。

The first part is, you obviously had some onetime items this year that should come back next year.

第一部分是，你今年顯然有一些一次性物品應該在明年回來。

So as you see today, is there anything that would stand in the way for us to simply add the impact of these onetime items to your base earnings next year?

那麼正如您今天所看到的，有什麼因素會阻礙我們將這些一次性項目的影響簡單地添加到您明年的基本收入中嗎？

And the second part of that question is the two wildcards might be anything that happens with Family Dollar.

問題的第二部分是，這兩個通配符可能是 Family Dollar 發生的任何事情。

So how should we think about that potentially impacting your earnings outlook and then tariffs?

那麼，我們應該如何看待這可能會對您的獲利前景和關稅產生影響？

What's the downside case to your earnings for next year from tariffs?

關稅會對您明年的收入造成什麼負面影響？

Thanks, Michael.

謝謝，麥可。

I'll let Jeff handle the onetime and the FD, and then I'll jump in on the tariffs.

我會讓傑夫處理一次性付款和定期付款，然後我會處理關稅。

But Jeff?

但是傑夫？

Yes.

是的。

Michael, on the onetime, as we had discussed last quarter, those items would be added back to sort of a base level for going into FY '25.

邁克爾，正如我們上個季度所討論的那樣，這些項目將被重新添加到 25 財年的基準水平。

And then as it relates to the second part, which was around Family Dollar.

然後它與第二部分有關，即關於家庭美元 (Family Dollar)。

As it relates to Family Dollar and a strategic review, we're not giving any guidance as to what that might -- how that might impact us in 2025 at this point in time.

至於它與 Family Dollar 和策略評估有關，我們目前還沒有給出任何關於這可能會對我們在 2025 年產生什麼影響的指導。

There are a number of factors that you just mentioned, we have to work through, but it would be inappropriate for us to make any discussions or points of adjustment at this point in time.

您剛才提到的許多因素我們都需要努力解決，但是現在進行任何討論或調整都是不合適的。

And Michael, on the tariffs, it's still unclear what will make its way to policy.

邁克爾，關於關稅，目前還不清楚將會採取怎樣的政策。

But we managed through this before.

但我們以前曾解決過這個問題。

Rick McNeely and his team in 2018 and 2019 -- they did a very good job of mitigating the vast majority of the impact with only a few levers to pull.

2018 年和 2019 年，里克·麥克尼利 (Rick McNeely) 和他的團隊僅利用幾個槓桿就出色地減輕了絕大多數影響。

Back then, the choices were they could change some of the specs on the they could negotiate furiously with our suppliers or they can eliminate the product altogether.

當時，他們面臨的選擇是，可以改變部分規格，可以與我們的供應商進行激烈談判，或者可以完全淘汰產品。

They still have all three of those levers to pull.

他們仍需利用這三個槓桿。

And yet we add to it now, we've done a tremendous amount of work over the years looking at alternative countries of origin.

我們現在還要補充一點，多年來我們已經做了大量的工作來尋找替代原產國。

Our China plus 1 strategy basically backs up our key categories so that we could move if we needed to.

我們的「中國+1」策略基本上支持了我們的重點產品類別，以便我們可以在必要時採取行動。

And then finally, we've got multi-price.

最後，我們得到了多種價格。

Multi-price gives us the ability to flex where we need to if a certain product becomes something that we've got to move in the market to be competitive.

如果我們必須推出某種產品才能在市場上保持競爭力，多種價格使我們能夠在需要時靈活應對。

Edward Kelly from Wells Fargo.

富國銀行的愛德華‧凱利。

Mike, I was hoping -- can you talk a little bit more about the softness that you mentioned in November.

麥克，我希望——你能否再多談一下你在 11 月提到的疲軟情況。

I know you started the year, you're pretty optimistic around Q4, and I think a lot of that was around the seasonal product for holiday.

我知道您今年年初對第四季度非常樂觀，而且我認為其中很大一部分原因是圍繞假期季節性產品。

So have you seen that bounce post Thanksgiving?

那麼，你有看過感恩節後的反彈嗎？

And I guess the question I'm really trying to get at is how much optimism is in the forecast for an improvement off of November.

我真正想知道的問題是，對於 11 月經濟狀況好轉的預測有多樂觀。

Can you just dive a little bit more help related to all that?

您能否就所有這些問題提供更多幫助？

Sure, Ed. One of the keys we're seeing is, and I mentioned it earlier, our customer is focusing on their needs, and we see that in our consumables.

當然，埃德。我們看到的關鍵之一是，我之前提到過，我們的客戶關注他們的需求，我們在我們的消耗品中看到了這一點。

I mean, it's an incredible -- the growth we've seen in our consumables, both Dollar Tree and Family Dollar.

我的意思是，我們看到 Dollar Tree 和 Family Dollar 的消費品都出現了令人難以置信的成長。

And when you look at the multi price, I mean we ran a 6, 6 in consumables on Dollar Tree multi-price.

當您查看多種價格時，我的意思是我們在 Dollar Tree 多種價格中以 6、6 種消耗品進行銷售。

So the customer is clearly buying for need, and she's also buying what we call closer to need.

所以顧客顯然是為了需要而購買，她購買的也是我們所說的比較接近需要的東西。

So we saw this in Q3 as you saw a cadence built as we got to Halloween, which occurred at the end of the quarter, you could see the strength with which she showed up in terms of buying at the end.

因此，我們在第三季度看到了這一點，隨著萬聖節的臨近（萬聖節發生在本季度末），您會看到她在季度末的購買力增強。

We ran -- multiple, we're in a 10 comp for Halloween specific products.

我們舉辦了許多萬聖節特別產品比賽，我們參加了 10 場比賽。

So that buying for need and then buying closer to need.

這樣就可以根據需要進行購買，並且更貼近需要進行購買。

And then as you look at Q4 and how it unfolds, we saw it with Thanksgiving.

然後，當您回顧第四季度及其進展時，我們在感恩節看到了這一點。

I mean it was -- it came at the end I always take the foil pans, which are such a key component of Thanksgiving for us. the last week was just incredible.

我的意思是——它是最後才出現的，我總是帶著鋁箔鍋，這對我們來說是感恩節的關鍵組成部分。過去一周真是難以置信。

So we see her getting closer and closer to the need.

所以我們看到她離需要越來越近了。

And then what we're trying to do in terms of the for the rest of the quarter is really balancing that, okay, there's 5 fewer days, yes.

然後，就本季剩餘時間而言，我們要做的是平衡這一點，好的，少了 5 天，是的。

But there are also -- you've got more days before Christmas when you move it to the middle of the week.

但是如果將聖誕節移到周中，那麼距離聖誕節還有更多天的時間。

And so we have a wide range in the fourth quarter, but that contemplates that balance of her buying for need and then buying closer to the need and how that unfolds, especially with the 5 fewer days.

因此，我們在第四季度有一個很大的範圍，但這考慮到了她在滿足需求的購買和更接近需求的購買之間的平衡，以及如何展開，特別是在減少了 5 天的情況下。

But the set is fantastic, especially when you look at the holiday set, what we're seeing, what we're seeing in toys, what we're seeing in We really like the cadence we're seeing of the customer as she navigates through this holiday.

但這個場景非常棒，特別是當你看到假期場景時，我們看到的，我們在玩具中看到的，我們在看到的，我們真的很喜歡我們看到的顧客在這個假期中的節奏。

Matthew Boss from JPMorgan.

摩根大通的 Matthew Boss。

So Mike, maybe could you speak to customer demand trends across income cohorts best you can decipher out any notable trends you're seeing between consumables and discretionary.

所以 Mike，也許您能談談不同收入群體的客戶需求趨勢嗎，您能最好地解讀出您在消費品和非必需品之間看到的任何顯著趨勢。

And just for perspective, were comps at the Dollar Tree banner positive in November.

僅從角度來看，11 月份 Dollar Tree 橫幅的銷售額是正成長的。

And then, Jeff, on the conversions, I guess, is there a way to elaborate maybe on top line and margin performance versus your initial plan?

然後，傑夫，關於轉換，我想，有沒有辦法詳細說明與您的初步計劃相比，營收和利潤表現如何？

And just a mindset for further slowing the rollout this year and what the expansion looks like for next year?

以及今年進一步放緩推出速度的心態以及明年的擴張情況如何？

Yes, I'll take the first part and Jeff to take the margin.

是的，我負責第一部分，傑夫負責餘部分。

When you look at the customer cohort our low-end customer is definitely pressured.

當你查看客戶群時，我們的低端客戶肯定面臨壓力。

We see that.

我們看到了。

We see that she is clearly focused on consumables.

我們看到她明顯專注於消耗品。

We see a rise in the heated home, which helps us, and you see that in our consumables comp.

我們看到家庭供暖的增加，這對我們有幫助，你可以在我們的消耗品中看到這一點。

And then the low -- the middle income and even the higher income is still feeling some pressure.

而低收入、中等收入甚至高收入者仍感受到一些壓力。

And basically, when you look at a year ago, they were cutting out big purchases.

基本上，當你回顧一年前的時候，他們就削減了大宗採購。

TV, things like that.

電視，諸如此類的東西。

If you look at the early part of this year, they started eating more at home and cutting going out.

如果你看看今年年初，他們開始多在家吃飯，減少外出。

Now they're reducing some parties, and we see that -- or the party is not as big, they don't invite as many people as they did.

現在他們正在減少一些聚會，我們發現，聚會規模沒有以前那麼大，邀請的人也沒有以前那麼多。

So we're seeing that throughout.

所以我們始終看到這一點。

But I think when you look at the share we're taking and you look at Dollar Tree and Family Dollar as an answer for this customer as they're pursuing need and closer to need, we like what we're seeing from that customer.

但我認為，當你看到我們所佔據的份額，並且看到 Dollar Tree 和 Family Dollar 為這些客戶所做的貢獻時，你會發現，當他們追求需求並更接近需求時，我們會覺得我們很滿意這些客戶的表現。

The shift is tough.

這種轉變十分艱辛。

It is really tough to start the year when you have Thanksgiving later and all those days are comping against days from last year that are different in the calendar.

當感恩節來得晚一些並且所有的日子都與日曆上去年不同的日子相比較時，開始新的一年真的非常困難。

It -- look, it happens every six years.

你看，每六年就會發生一次。

It's one of the things that we have to deal with.

這是我們必須處理的事情之一。

And it definitely is a reason for the soft start.

這確實是軟啟動的一個原因。

But when we double-click and we look into fall in Thanksgiving sell-through.

但當我們雙擊並查看感恩節秋季的銷售情況時。

When we double-click on some of the early subcategories for Christmas.

當我們雙擊一些聖誕節的早期子類別時。

We believe that we're set up really well for the fourth quarter, and our guidance implies that we'll hit that low single digit in both Family Dollar and Dollar Tree.

我們相信，我們已經為第四季度做好了充分的準備，我們的預期表明，Family Dollar 和 Dollar Tree 的銷售額都將達到個位數的低點。

Matt, this is as it relates to the conversions, we've talked about this in prior quarters.

馬特，這與轉換有關，我們在前幾個季度已經討論過這個問題。

But if you think about our stores as being a little bit of a bell curve, we've got the stores that are far exceeding our expectation with respect to multi-price across not only consumables, but discretionary and some of those are that are laggards.

但是，如果你把我們的商店想像成一條鐘形曲線，你會發現有些商店在多種價格方面遠遠超出了我們的預期，不僅是消耗品，還包括可自由支配的物品，而其中一些商店則落後了。

But as we think about on the quantum of the business, it is absolutely meeting our expectation.

但當我們考慮業務量時，它絕對符合我們的預期。

What we're really excited about, and Mike has been talking about it is as we've been transitioning now into the time of the year where discretionary is a much more important complex for our customer purchases we're actually seeing a customer really lean into our multi-price and that's something else that's very attractive to us.

我們真正興奮的是，麥克也一直在談論這一點，因為我們現在已經過渡到一年中的這個時候，自由支配的物品對於我們的客戶購買來說是一個更為重要的綜合體，我們實際上看到客戶真正傾向於我們的多種價格，這對我們非常有吸引力的另一點。

The merchant teams have done an extraordinary job of going out and sourcing and determining how to bring good value to our customers.

商家團隊在外出採購和確定如何為我們的客戶帶來良好價值方面做出了卓越的貢獻。

From a margin perspective, in the third quarter, we actually saw the impact of multiprice being more muted than what we thought it would be, meaning that the margins came in stronger for us.

從利潤率的角度來看，在第三季度，我們實際上看到多種價格的影響比我們想像的要小，這意味著我們的利潤率更高。

And a lot of that is, once again, that mix and the discretionary versus the consumables is what we're seeing.

我們看到的很多都是這種組合，即可自由支配的物品與消耗品的混合。

Rupesh Parikh from Oppenheimer.

奧本海默公司的 Rupesh Parikh。

This is actually Eric Hyler on for Rupesh.

這實際上是 Eric Hyler 代替 Rupesh 上場。

So I wanted to dive a little bit deeper into Family Dollar.

所以我想更深入地了解 Family Dollar。

So traffic picked up.

因此交通變得繁忙起來。

You talked a lot about the positive inflection discretionary -- so can you talk about your confidence in being able to sustain the momentum on both these fronts.

您談了很多關於自由裁量的積極拐點，那麼您能談談您對能夠在這兩個方面保持勢頭的信心嗎？

Sure.

當然。

Yes, it was a really nice quarter at Family Dollar.

是的，Family Dollar 本季的表現確實不錯。

And one of the things I mentioned in my remarks earlier, is that we feel that, yes, you've got some of the SNAP that you're sunsetting over time, but it's still an impact.

我在之前的評論中提到過，我們確實感覺到，部分 SNAP 正在隨著時間的推移而逐漸終止，但它仍然會產生影響。

We feel the actions we took and the team took to really improve the discretionary, move a little bit on the discretionary side to the, if you will, the consumable side of discretionary -- The things that people will buy more often and buy each year or each quarter within the discretionary we feel that, that's set and the resets that we've done to the stores, targeted end caps that really provide the customer with what they need, we believe those are long lived.

我們認為，我們和團隊採取的行動確實改善了可自由支配的物品，將可自由支配物品方面稍微轉向了可自由支配物品的消耗品方面——人們會更頻繁地購買的東西，以及每年或每個季度在可自由支配物品範圍內購買的東西，我們認為，這是既定的，我們對商店進行的重新設置，有針對性的端蓋，真正為客戶提供了他們所需要的東西。

We believe that the actions we're taking today help us as we go through.

我們相信，我們今天採取的行動將會幫助我們度過難關。

And then the changes to the stores, when you -- over 1,500 renovations now.

然後是商店的變化，現在已有超過 1,500 項翻新工程。

Our 2.5s, which is our latest and greatest format.

我們的 2.5s 是我們最新、最好的格式。

I mean the comps are fantastic and really fueling it.

我的意思是，比賽非常精彩，確實為比賽注入了活力。

And then the which is this urban smaller footprint store is resonating incredibly well with the customer.

這種城市小型商店與顧客的共鳴非常好。

Those changes are long lasting.

這些變化是持久的。

Those are the ones that really help us.

這些才是真正對我們有幫助的。

Your next question is coming from from Bernstein.

您的下一個問題來自伯恩斯坦。

I wanted to ask on the multi-price side of things.

我想問一下關於多種價格方面的事。

I think last quarter, you mentioned more mid-single-digit comp lift for the Q1 and Q2 conversions.

我認為上個季度您提到了第一季和第二季的轉換率將有更多中等個位數的提升。

Can you talk about the cadence of the multi-price rollout, how the Q3 conversions compared to the Q1 and Q2?

您能談談多價格推出的節奏嗎？

Has there been some sort of a deceleration given that we're seeing a more low single-digit comp sales lift this quarter?

鑑於本季我們看到的同店銷售額增幅低於個位數，是否出現了某種減速？

Sure.

當然。

First of all, the customer response has been incredibly positive to multi-price.

首先，客戶對於多種價格的反應非常正面。

If you look the basket has 5 more units in it.

如果你看一下，籃子裡還有 5 個單位。

It's nearly double the value of a traditional Dollar Tree basket, and we're seeing more trips from the customer in terms of our typical customer, which means they're really embracing that treasure hunt of what they'll find on the next visit via multi-price -- in terms of the cadence, not all conversions are created equal.

它的價值幾乎是傳統 Dollar Tree 籃子的兩倍，而且我們看到，就典型客戶而言，客戶的出行次數有所增加，這意味著他們真的很喜歡透過多種價格尋找下次造訪時能找到的東西——就節奏而言，並非所有的轉換都是平等的。

When you're going -- if you look at -- the vast majority of those stores were going from what we call a 1.0. So just $1.25, they don't have Dollar Tree Plus, they don't have the three, four, five coolers.

當你去的時候——如果你看一下——絕大多數商店都是從我們所說的 1.0 開始的。所以只需 1.25 美元，他們沒有 Dollar Tree Plus，也沒有三、四、五個冷卻器。

And so they're going from a 1.0 all the way to a 3.0. And we look at Q2, that was kind of balanced across the two cohorts going from a 1.0 to a 3.0 versus a 2.0 to 3.0.

所以他們從 1.0 一直升級到 3.0。讓我們來看看第二季度，兩個群體之間保持了某種平衡，從 1.0 到 3.0 而不是從 2.0 到 3.0。

When I look at the Q3, and this is where the comes in, we were 75% coming from 2.0 to 3.0. And as we look out have to convert them by distribution center.

當我查看第三季時，我們發現 75% 的銷售額是從 2.0 成長到 3.0 的。我們認為必須透過配送中心來轉換它們。

And so when you pick a distribution center that's heavily geographically weighted on Ohio, Pennsylvania and New York, you also tend to hit maybe some of our harder geographies and you hit stores that already have Dollar Tree us.

因此，當您選擇在俄亥俄州、賓州和紐約州等地域上佔很大比重的配送中心時，您也可能會接觸到我們一些較難接觸的地區，並且會接觸到已經有 Dollar Tree 的商店。

So what we've done is we look out over next year as we're really trying to balance that out. so that we keep a perspective of that 1.0 to 3.0 and 2.0 to 3.0 in terms of the balance.

因此，我們所做的就是展望明年，因為我們確實在努力實現平衡。因此，我們在平衡方面保持 1.0 到 3.0 和 2.0 到 3.0 的觀點。

One of the things I'm most encouraged by, though, is as multi-price unfolds, the stores from Q1 continue to be our strongest.

不過，最讓我感到鼓舞的事情之一是，隨著多種價格的展開，第一季的商店繼續成為我們最強大的。

Q2, second strongest, and then Q3.

Q2，第二強，然後 Q3。

So the longer they're on multi-price, the more the customer finds it and the more the customer shops it and the better the experience is.

因此，他們使用多種價格的時間越長，客戶找到它的次數就越多，客戶購買它的次數就越多，體驗就越好。

And then finally, one of the -- when you look at some of the geographies of going from 1.0 to 3.0 as we did in Q1, they got the very best of the learnings of Dollar Tree us from the last couple of years.

最後，當你觀察我們在第一季從 1.0 到 3.0 的一些地理位置時，你會發現他們從 Dollar Tree 過去幾年的經驗中獲得了最好的教訓。

And so as we go back we now take those Dollar Tree plus learnings and we revisit other Dollar Tree plus stores and we're upgrade.

因此，當我們回顧時，我們現在吸取了 Dollar Tree 的經驗教訓，並重新訪問了其他 Dollar Tree 商店並進行了升級。

We're taking some categories out or some SKUs out, and we're adding in ones that resonate better.

我們正在刪除一些類別或SKU，並添加一些更能引起共鳴的商品。

Categories that were a bigger hit or SKUs that really resonated with our customers and help them.

更受歡迎的類別或 SKU 真正引起了客戶的共鳴並為他們提供了幫助。

So -- this is -- we're 9 months into this.

所以 — — 這是 — — 我們已經進行了 9 個月了。

This is still test and learn, but we like what we're learning, and we love what the customer is experiencing and the feedback that they're giving us.

這仍然是測試和學習，但我們喜歡我們正在學習的東西，我們也喜歡客戶的體驗和他們給我們的回饋。

John Heinbockel from Guggenheim Securities.

古根漢證券的 John Heinbockel。

Mike, a couple, you did can talk about the performance of the non 3.0, right?

Mike，兩位夫婦，您能談談非 3.0 的表現嗎？

So I think they comped about 1, which is a little bit better than last quarter.

所以我認為他們的業績大約是 1，比上一季略好。

And that gap versus the 3.0, right, is the -- which maybe like 200-plus bps, is that -- is the gap -- if you segregate it, is it entirely multi-price point items that are driving that gap -- and then the last thing, right, it's working as well as it is.

與 3.0 相比，這個差距可能為 200 多基點，如果將其分開，那麼完全是多價格點項目推動了這一差距嗎？

How can you accelerate the process, right, of without letting execution slip, right?

如何才能加速這一進程，而不讓執行失誤，對吧？

Because you'd like to get chain-wide done here probably in the next 18 months, no.

因為您可能希望在未來 18 個月內完成全鏈業務，不是嗎？

Yes.

是的。

So John, it's -- first, in terms of the non- 3.0 performance, it's not just about the base stores.

所以約翰，首先，就非 3.0 性能而言，它不僅僅涉及基礎商店。

We'll get to those, we'll convert them.

我們會找到它們，並將它們轉換。

I think 1 of the keys in accelerating the is in what we're doing going back to Dollar Tree Plus, which has been in place for several years now and refreshing that.

我認為加速這一進程的關鍵之一是我們正在做的回到 Dollar Tree Plus 的事情，它已經存在好幾年了，並且正在不斷更新。

We take whole sections and refresh them and really like the results that we're seeing.

我們對整個部分進行刷新，並且非常喜歡所看到的結果。

In terms of the -- and yes, we did see one of the -- we always measure our gap in terms of how are multi-price comparing to the chain.

就——是的，我們確實看到了其中之一——我們總是根據多種價格與連鎖店的比較來衡量我們的差距。

And one of the reasons that gap closed is the chain got better.

差距縮小的原因之一是鏈條變得更好了。

Dollar Tree Plus, definitely, those base stores got closer to multi-price, which is encouraging.

Dollar Tree Plus，毫無疑問，這些基礎商店已經更接近多元化價格，這是令人鼓舞的。

And then there's 2 ways to accelerate -- the first is in the conversions themselves.

然後有兩種方法可以加速——第一種是轉換本身。

And you'll see we slowed that conversion.

您會發現我們減慢了轉換速度。

Part of that is just from an execution standpoint.

其中一部分只是從執行的角度來說的。

We introduced some milestones where we said our district manager has to sign off in a store 4 weeks before we go live and then a regional director, our next level up, has to sign off on a store 2 weeks before.

我們引入了一些里程碑，例如我們的地區經理必須在我們上線前 4 週在商店簽字，然後我們的上一級區域主管必須提前 2 週在商店簽字。

And they have the power to say, no, yes.

他們有權力說「不」或「是」。

They have the power to say we need some support to make sure we're ready or change or whatever reason they might have.

他們有權說我們需要一些支持來確保我們做好準備或做出改變，或無論他們有何種理由。

And so it does slow us, but we believe that done right is better than done fast there.

這確實減慢了我們的速度，但我們相信，正確完成比快速完成更好。

And that's not our only means of accelerating -- we also have the opportunity to go back in and look at the SKUs that are working for us.

這不是我們加速的唯一手段——我們還有機會回頭去看看對我們有用的 SKU。

We're several years into Dollar Tree us.

我們進入 Dollar Tree 已經好幾年了。

We're only 9 months into multi-price 3.0. And going back and looking at what resonated with the customer and how do we change going forward?

我們進入多價格 3.0 版僅 9 個月。回過頭來看看什麼引起了顧客的共鳴，以及我們今後該如何改變？

How do we change a season?

我們如何改變季節？

How do we change in every day.

我們每天都會經歷怎樣的變化？

And then finally, and this kind of goes to the rollout cadence.

最後，這就進入了推出的節奏。

Yes, we leverage third party.

是的，我們利用第三方。

You see that in our SG&A, but there's also an org capacity that we're managing through.

您可以在我們的銷售、一般及行政費用中看到這一點，但我們也透過組織能力進行管理。

And one of the reasons we slowed in Q3 is we had all those 99 Cents Only that opened in Q3 that taps on a lot of the same resources in terms of our store setup crews, the leadership that goes out and works these stores.

我們第三季成長放緩的原因之一是，我們在第三季開設的所有 99 Cents Only 都利用了與我們相同的資源，包括店鋪設置人員和前往這些店鋪工作的領導層。

And so we shifted rightly.

因此我們做出了正確的轉變。

We wanted to get those 99 Cents Only stores converted as quickly as we could so that we didn't let a customer forget about us.

我們希望盡快讓那些 99 美分商店轉型，這樣我們就不會讓顧客忘記我們。

If we can flip those in 30 days or 60 days, that's far better than 90 days or 120 days.

如果我們能在 30 天或 60 天內完成這些，那就比 90 天或 120 天好得多。

The longer you're close the more likelihood is the customer will change their habit.

你們關係越密切，顧客改變習慣的可能性就越大。

We put a ton of focus on getting those stores open.

我們非常重視這些商店的開業。

As you saw, we have almost all of them now open and converted and now we can kind of put some resources back towards that multi-price rollout in '25.

正如您所看到的，我們現在幾乎已經開放並轉換了所有這些，現在我們可以將一些資源重新投入到'25 年的多價格推出中。

Simeon Gutman from Morgan Stanley.

摩根士丹利的西緬古特曼 (Simeon Gutman)。

Mike, I have a follow-up on multi-price.

麥克，我對多種價格有一個跟進。

The $5.1 million that we talked about the prior quarter versus the $3.3 billion -- are you saying those are apples-to-apples or not necessarily given timing of 1.0 and 3.0. If it is apples-to-apples, is it because some of the old 1.0s that got converted are seeing inherent or slowing?

我們談論的上一季的 510 萬美元與 33 億美元相比，您是說它們是同類的還是不一定是 1.0 和 3.0 的時間。如果這是同類比較的話，是不是因為一些轉換後的舊 1.0 出現了固有問題或正在放緩？

Or is it that the new 3.0 are not as impactful as they were when they were initially rolled out?

還是說新的 3.0 版本影響力不如剛推出時那麼大了？

Yes.

是的。

So the $5.1 million was just how did the Q1 conversions perform in Q2?

那麼 510 萬美元只是第一季的轉換率在第二季的表現如何嗎？

That's what that was.

事實就是這樣的。

And as I rolled that out to Q3, Simeon, those Q1 conversions continue to be the strongest performing then Q2 and then Q3 in that order.

當我將其推廣到第三季度時，Simeon，第一季的轉換率繼續保持最強勁的表現，然後是第二季度，然後是第三季度。

So the longer they're on, the better they perform.

因此，他們工作的時間越長，表現就越好。

And going from a 1.0 to a 3.0 to use our power loss, $1.25 is a 1.0, $1.3-plus is a 2.0, multi-price in line is 3.0. The stores that went from 1.0 to 3.0 have the biggest bank.

從 1.0 到 3.0 來利用我們的電力損失，1.25 美元是 1.0，1.3 美元以上是 2.0，多價線是 3.0。從 1.0 到 3.0 的商店擁有最大的銀行。

We see them because they're getting everything, if you will.

我們看到他們是因為他們得到了一切，如果你願意的話。

And so then we go back to stores that just have Dollar Tree Plus, and we take the learnings of what's working what's resonating the most and we go upgrade those stores.

然後我們回到只有 Dollar Tree Plus 的商店，吸取經驗，了解哪些方法最有效、哪些方法最能引起共鳴，然後對這些商店進行升級。

And physically, the cost we have for resetting the store, we get that once.

從物理上講，我們重置商店的成本是一次性支付的。

Yes, it plays out because of the conversions over 18 months or 2 years.

是的，這是經過 18 個月或 2 年的轉換才實現的。

But we don't have to go back and change hardware in that store.

但我們不必回到那家商店更換硬體。

We don't have to add steel.

我們不需要添加鋼材。

We do that once.

我們做過一次。

And then Rick and his team can go and make sure we have the best assortment that's resonating the most with the customer.

然後 Rick 和他的團隊就可以去確保我們擁有最能引起客戶共鳴的最佳產品組合。

And so as you look at that cadence, yes, our Q3 were the softest.

所以當你看一下這個節奏時，是的，我們的 Q3 是最柔和的。

They had the fewest amount of 1.0 all the way to 3.0. And I also think there's some geography mix in there.

它們的數量最少，從 1.0 一直到 3.0。我還認為其中存在一些地理混合因素。

If you look -- I mentioned in the Q2 call, we saw California really resonate well with multi-price Florida, we expect to resonate well.

如果你看一下 - 我在第二季度電話會議上提到，我們看到加州與多價格佛羅裡達州確實產生了良好的共鳴，我們預計也會產生良好的共鳴。

We did have some execution issues.

我們確實存在一些執行問題。

I was really pleased to see them kind of have a stronger Q2.

我很高興看到他們在第二季表現更強勁。

And now as we look at the Q3 sets, we're more in our kind of Midwest area, and it doesn't have the same pop that we saw in California and now in Florida.

現在，當我們查看第三季的組情時，我們更關注的是中西部地區，它並沒有像加州和佛羅裡達州那樣出現流行的趨勢。

Kate McShane from Goldman Sachs.

高盛的凱特‧麥克沙恩 (Kate McShane)。

Mike, just given your new position, I wondered if you could talk to anything that you might want to accelerate or change with the investments or the strategy -- and can you talk about some of the leadership changes you announced recently for Chief of Dollar Tree stores and President of Family Dollar stores?

麥克，考慮到您的新職位，我想知道您是否可以談談您希望透過投資或策略來加速或改變什麼？

Sure.

當然。

Yes, I've been here more than two years now.

是的，我來這裡已經兩年多了。

My family and I absolutely love the area.

我和我的家人非常喜歡這個地區。

It is a great community to be a part of I've gotten to know the founders here of Dollar Tree, gotten to know a lot of people, our kids go to school together, those types of things.

這是一個很棒的社區，我認識了 Dollar Tree 的創始人，認識了很多人，我們的孩子一起上學，諸如此類的事情。

So I'm really embraced this company, this culture and its future.

所以我真的很喜歡這家公司、這個文化和它的未來。

And so that has been just amazing and very humbling.

這真是令人驚奇又感到謙卑。

So I'm excited about that.

我對此感到很興奮。

In terms of the changes, our focus is on the successful execution of the Family Dollar strategic review and setting up Dollar Tree for a multiyear kind of next chapter, if you will.

就變革而言，我們的重點是成功執行 Family Dollar 策略評估，並為 Dollar Tree 開啟多年的下一個篇章。

That's my focus.

這就是我的重點。

That's what the Board's charged me with.

這就是董事會賦予我的職責。

And when we look at the pluses and minuses of that, we're going to continue to test and learn.

當我們看到它的優點和缺點時，我們會繼續測試和學習。

We're going to continue to make enhancements to the business and what resonates the most with our customer.

我們將繼續改進業務，並盡可能讓客戶產生共鳴。

And we're always going to start with our customer and work our way back that doesn't change.

我們永遠都會從客戶出發，然後繼續努力，這一點是不會改變的。

So multi-price is a perfect example of that.

多重價格就是一個很好的例子。

It's amazing what resonates and what doesn't.

令人驚訝的是，什麼能引起共鳴，什麼不能。

And we'll continue to kind of work that to make sure we're relevant for the customer.

我們將繼續努力確保我們能夠滿足客戶的需求。

But it's exciting what we see.

但我們看到的事情令人興奮。

The increased trips, the bigger basket really like to see how the customer is responding to it.

行程越多，購物籃越大，我們真的很想看看顧客對此有何反應。

And then in terms of the leadership changes, both and Jason Nordin have been here a year now, have both had a big impact on store standards, big impact with our associates.

就領導層變動而言，Jimmy 和 Jason Nordin 都已經來到這裡一年了，他們都對商店標準產生了很大的影響，對我們的員工也產生了很大的影響。

And it's just -- as I looked at the next chapter, as I look at the next five years for Family Dollar, the next five years for Dollar Tree, I wanted to make sure we had the folks that were best suited to that role.

而當我展望下一章、展望 Family Dollar 的未來五年、展望 Dollar Tree 的未來五年時，我想確保我們擁有最適合這一角色的人。

So Jason's prior role at Pilot Flying J fits really well with Family Dollar, the convenience element of it. the high consumables element of it.

所以 Jason 之前在 Pilot Flying J 的職位與 Family Dollar 非常契合，也因為它的便利性。它的高消耗元素。

Jose Conrad is the first state.

何塞康拉德是第一個州。

He's one of our biggest customer.

他是我們最大的客戶之一。

She's a crafter.

她是一名工匠。

She resonates incredibly well with the team.

她和團隊的配合非常好。

And so I think these changes position us really well for that next chapter of Family Dollar post review and Dollar Tree go forward.

所以我認為這些變化為我們開啟 Family Dollar 回顧後的下一篇章以及 Dollar Tree 未來的發展奠定了良好的基礎。

Chuck Grom from Gordon Haskett.

戈登哈斯凱特 (Gordon Haskett) 的查克·格羅姆 (Chuck Grom)。

This is Ryan Bulger on for Chuck here.

這是 Ryan Bulger，代替 Chuck 發言。

I just wanted to ask on -- it didn't come up this quarter, but there's been the general liability claims a couple of times in the past.

我只是想問一下——本季沒有出現這種情況，但過去曾發生過幾次一般責任索賠。

Is that something that you'd expect to see going forward in FY '25?

這是您希望在 25 財年看到的嗎？

And just sort of how that may progress going forward?

那麼接下來會如何發展呢？

Jeff, I'll let you handle that.

傑夫，我讓你處理這個。

Yes.

是的。

Maybe that's a little bit of a sore spot for us here because we've spoken about it so many different times.

也許這對我們來說是一個痛處，因為我們已經談論過很多次了。

Listen, we believe that the adjustments that we've taken this year addresses the portfolio of claims and the progression of those claims.

聽著，我們相信我們今年採取的調整針對的是索賠組合及其進展。

We do an evaluation twice a year, once in April and then a second time in October time frame.

我們每年進行兩次評估，一次在四月，第二次在十月。

We believe we're well positioned based upon the adjustments that we've taken.

我們相信，基於我們所做的調整，我們已處於有利地位。

As we move forward into the future years, it all depends on number of claims and the severity of claims.

隨著未來幾年的推進，一切都取決於索賠的數量和索賠的嚴重程度。

And what we're doing from a safety and security basis with our stores, how we're helping train our associates how to deal with different situations should help mitigate some of the challenges that we've had in the past.

我們在商店安全方面採取的措施，以及我們如何培訓員工如何應對不同情況，應該有助於緩解過去遇到的一些挑戰。

But at this point, it would be, I think, inappropriate for me to start talking about 2025.

但我認為現在開始談論 2025 年是不合適的。

But as we think about what the claims that we have on the books today and how they've progressed that the reserves that we've taken adequately reflect what that liability would be.

但是，當我們思考今天我們帳面上的債權以及它們的進展時，我們會發現我們所提取的儲備金充分反映了這些責任。

Christina Cotai from Deutsche Bank.

德意志銀行的 Christina Cotai。

Mike and I wanted to ask on margin.

我和麥克想問保證金問題。

Obviously, we saw a nice gross margin improvement, but SG&A saw deleverage and you cited higher depreciation on some of the temporary labor associated with the 3.0 rollout.

顯然，我們看到了不錯的毛利率改善，但銷售、一般及行政開支出現了去槓桿現象，而且您提到了與 3.0 版推出相關的部分臨時勞動力的折舊費用增加。

So maybe can you quantify the impact of these 2?

那麼你能量化這兩者的影響嗎？

And when do you expect these temporary labor costs to normalize?

您預計這些臨時勞動成本何時會恢復正常？

And what is the long-term SG&A leverage opportunity as the 3.0 rollout matures?

隨著 3.0 版本的推出日趨成熟，長期銷售、一般及行政費用槓桿機會為何？

Jeff, why don't you take the first.

傑夫，為什麼不選擇第一個呢？

Yes.

是的。

So there's a couple of elements to this.

這其中有幾個因素。

If we think about, first of all, from a temporary labor perspective, the temporary labor is associated with the multi-price rollout this year being the first year and then over the next 18 to 24 months, we'll complete that.

首先，如果我們從臨時勞動力的角度來考慮，臨時勞動力與今年（第一年）的多價格推出有關，然後在接下來的 18 到 24 個月內，我們將完成這一目標。

So you would expect that, that would be a headwind on a declining basis over the next 18-months to 24-months.

因此，您可以預料，在未來 18 個月到 24 個月內，這將成為一種阻力，並且呈下降趨勢。

As it relates to the depreciation, the depreciation reflects the quantum of the investments that we've been making over the last couple of years as it relates to new store growth, the investments we've been making in the supply chain and of course, in our IT system cost.

至於折舊，折舊反映了我們過去幾年在新店成長、供應鏈投資以及 IT 系統成本的投資量。

If you take a look at our asset investments, they're actually starting to moderate -- last year, it was about $1.8 million in -- $1.8 billion to $1.9 billion, that was $1.2 billion.

如果你看看我們的資產投資，它們實際上開始放緩 - 去年約為 180 萬美元 - 18 億美元到 19 億美元，也就是 12 億美元。

This year, we believe we'll be roughly about $1.8 billion.

今年，我們預計收入將達到約 18 億美元。

And as we now kind of hit sort of a high point and as that will moderate as we go forward, the expectation is that the depreciation -- the increase in the depreciation on a period-over-period basis should start to moderate.

現在，我們已經達到了某種高點，隨著我們向前推進，這一高點將會逐漸緩和，預計折舊——逐期折舊的增加將開始緩和。

Unfortunately, where we are in this cycle, given the customer purchasing behaviors with respect to consumables versus discretionary, some of the headwinds that we've had more recently as it relates to shrink and how and mix, how that's been playing out.

不幸的是，我們處於這個週期中，考慮到客戶對消耗品和非必需品的購買行為，我們最近遇到的一些阻力與收縮以及如何和組合有關，以及它是如何發揮作用的。

I've mentioned before that in this economic cycle that we needed approximately a low single digit, maybe a low single-digit plus comp in order to leverage the business.

我之前提到過，在這個經濟週期中，我們需要大約一個低個位數，也許是一個低個位數加上可比較收入，才能發揮業務的槓桿作用。

And coming in at just shy of 2% this quarter on the Dollar Tree side, you saw that there was some deleverage as it relates to the SG&A.

本季 Dollar Tree 的獲利率略低於 2%，我們發現與銷售、一般和行政費用相關的槓桿率有所下降。

Our expectation is that we will continue to be disciplined in our investments, we discipline in our spend.

我們的期望是，我們將繼續嚴格控制投資，嚴格控制支出。

We'll increase productivity where we can, such that as those sales start to come in at the higher margin rates that we'll be able to flow more of that to the bottom line.

我們會盡可能地提高生產力，這樣當銷售額開始以更高的利潤率進入時，我們就能夠將更多的利潤轉化為利潤。

Yes.

是的。

The only thing I'd add is these investments that drive the depreciation, the investments we've had to do, the investments we want to do, the cost comes right away, the benefit, the returns come over time.

我唯一想補充的是，這些導致貶值的投資、我們必須做的投資、我們想要做的投資，成本是立刻產生的，而收益和回報則會隨著時間的推移而產生。

I think new store openings I'm incredibly excited about the pace with which we're opening new stores now compared to in the past.

我認為新店開業與過去相比，我對我們現在開設新店的速度感到非常興奮。

And the real benefit of new stores comes in that year two, year three, year four before they reach kind of the maturity of the enterprise, both in sales and in their profitability.

新店的真正好處在於第二年、第三年、第四年，在企業達到成熟期之前，無論是在銷售額或獲利能力方面。

And so you get that over time, that benefit.

隨著時間的推移，您就會獲得這種好處。

And that's a great example of -- you hit the cost now, the depreciation over time, but the real benefit in the accelerating benefit is a little delayed.

這是一個很好的例子——你現在達到了成本，隨著時間的推移而折舊，但加速收益中的實際收益卻有點延遲。

Then the second thing I'll just say on the leverage is, and I've been in small box for a while, small box math is a beautiful thing.

然後我要說的關於槓桿的第二件事是，我已經在小盒子裡待了一段時間了，小盒子數學是一件美妙的事。

The more sales you can drive through that box, the better you're going to leverage because you get to a point where you need so many people to open the store and close the store, but you can increase the sales and not have to increase the ton of the payroll, and that's really where the leverage comes.

透過該管道推動的銷售量越多，您的槓桿作用就越大，因為到了需要很多人來開店和關店的地步，您可以增加銷售額，而不必增加大量的工資單，這就是槓桿作用的真正來源。

So our focus is on retail fundamentals that will drive those sales per box.

因此，我們的重點是推動每箱銷售量的零售基本面。

Seth Sigman from Barclays.

巴克萊銀行的 Seth Sigman。

I wanted to follow up on the margins.

我想跟進邊緣情況。

I think you've raised the benefit from lower freight costs by about $1 to $1 for the year.

我認為您已將今年降低運費帶來的收益提高了約 1 至 1 美元。

It seems like that's more than the total guidance change.

這似乎比整體指導變化還要多。

So I'm curious if you could maybe frame for us what the offsets to that are in the guidance at this point?

所以我很好奇，您是否可以為我們闡述目前的指導方針中對此的抵消作用？

And then specifically on the gross margin in terms of the acceleration that you've built in here into the fourth quarter?

那麼具體來說，您在第四季加速了毛利率嗎？

And maybe just remind us of some of the key drivers for that.

也許只是提醒我們一些關鍵驅動因素。

Jeff?

傑夫？

Yes, I'll take the first part.

是的，我將選擇第一部分。

Yes, we did increase the expectation of the freight benefit, as you had mentioned, by approximately a $0.01 on the top end there are certain offsets that we would have had during the course of the -- and really that $0.01 is for the second half of the year.

是的，正如您所說，我們確實提高了運費收益的預期，最高增加了約 0.01 美元，我們會在過程中獲得一定的補償 - 實際上這 0.01 美元是針對今年下半年的。

It's not just for the fourth quarter.

這不僅適用於第四季。

We didn't quantify because there was a number of puts and takes.

我們沒有進行量化，因為有許多投入和產出。

But if you can imagine when Mike was in his prepared remarks, speaking to the storms that we had, there were certain costs that we incurred associated with that. it was $0.02 to $0.03 associated with markdowns and other costs to return the stores back to their normal operating format.

但是如果你能想像一下，當麥克在準備好的發言中談到我們遭遇的風暴時，我們因此承受了一定的損失。使商店恢復正常經營方式所需的降價和其他費用為 0.02 到 0.03 美元。

There are a couple of other expenses associated with some of the balance sheet accruals that we've taken most importantly, we have been running short of what our overall annual plan was going to be with respect to sales.

我們也承擔了一些與資產負債表應計項目相關的其他費用，最重要的是，我們的銷售額尚未達到年度總體計劃。

And we take a look at our inventories.

我們查看了一下庫存。

We want to make sure that we're taking the right markdowns on them to address those liabilities.

我們希望確保採取適當的降價措施來解決這些負債問題。

We did so during the course of the quarter, such we make sure that, that is appropriately reflected.

我們在本季這樣做了，以確保這一點得到適當反映。

So that starts to offset a portion of the additional freight costs.

這樣就開始抵銷部分額外的運費成本。

But all in all, as we think about the balance of the year, and what the opportunities are across the business, the guidance that we've given reflects all those puts and takes.

但總而言之，當我們考慮今年的平衡以及整個業務的機會時，我們給予的指導反映了所有這些付出和收穫。

We reached the end of our question-and-answer session.

我們的問答環節已經結束。

I'd like to turn the floor back over to management for any further or closing comments.

我想將發言權交還給管理階層，讓他們發表進一步的評論或結束評論。

Thank you for your time today.

感謝您今天抽出時間。

Look forward to wishing everyone a very happy and healthy holiday season.

祝大家有個快樂、健康的假期。

Thanks so much.

非常感謝。

Thank you.

謝謝。

That does conclude today's teleconference and webcast.

今天的電話會議和網路直播到此結束。

You may disconnect your line at this time, and have a wonderful day.

此時您可以斷開您的線路，並享受美好的一天。

We thank you for your participation today.

我們感謝您今天的參與。