美元樹 (DLTR) 2024 Q4 法說會逐字稿

Greetings, and welcome to the Dollar Tree Q4 2024 earnings call. (Operator Instructions) As a reminder, this conference is being recorded.

大家好，歡迎參加 Dollar Tree 2024 年第四季財報電話會議。（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. Bob, please go ahead.

現在我很高興將電話轉給投資者關係高級副總裁 Bob LaFleur。鮑勃，請繼續。

Good morning, and thank you for joining us today to discuss Dollar Tree's fourth quarter fiscal 2024 results. With me today are Dollar Tree CEO, Mike Creedon; CFO, Jeff Davis; and Chief Transformation Officer, Stewart Glendinning.

早安，感謝您今天加入我們討論 Dollar Tree 2024 財年第四季的業績。今天與我在一起的有 Dollar Tree 首席執行官 Mike Creedon；首席財務官，傑夫戴維斯；以及首席轉型官 Stewart Glendinning。

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

在我們開始之前，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。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's Discussion and Analysis of Financial Condition and Results of Operations section in our annual report on Form 10-K to be filed on or about March 26, 2025, 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 2025 年 3 月 26 日左右提交的 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. Reconciliations of these non-GAAP items to the most directly comparable GAAP financial measures are provided in today's earnings release available on the IR section of our website. These non-GAAP measures are not intended to be a substitute for GAAP results. Unless otherwise stated, we will refer to our financial results on a GAAP basis.

此外，在本次電話會議中，我們還將討論某些非公認會計準則財務指標。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，在今天的收益報告中提供。這些非 GAAP 指標並非旨在取代 GAAP 結果。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 fourth 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 財年第四季度的所有比較都是與去年同期進行的。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, Jeff and Stewart will take your questions. (Operator Instructions) I'd like to now turn the call over to Mike.

在我們準備好發言之後，麥克、傑夫和史都華將回答大家的問題。（操作員指示）現在我想將電話轉給麥克。

Thanks, Bob. Good morning, everyone, and thank you for joining our call today. Today is a very exciting day for our company. As I'm sure most of you saw this morning, we announced that Brigade-Macellum will acquire our Family Dollar business for a total price of just over $1 billion.

謝謝，鮑伯。大家早安，感謝大家今天參加我們的電話會議。今天對我們公司來說是非常令人興奮的一天。我相信大多數人今天早上都看到，我們宣布 Brigade-Macellum 將以總價略高於 10 億美元的價格收購我們的 Family Dollar 業務。

After a thorough review of our strategic alternatives, the company determined that a sale of Family Dollar is the best way to achieve our value creation goals.

在徹底審查了我們的策略替代方案後，公司確定出售 Family Dollar 是實現我們的價值創造目標的最佳方式。

Dollar Tree and Family Dollar are two different businesses with limited synergies, and each is at a very different stage of its journey. Separating them will enable each banner to be led and managed by a dedicated team that can focus exclusively on that banner's distinct needs and on realizing each banner's full potential.

Dollar Tree 和 Family Dollar 是兩家不同的企業，綜效有限，而且各自處於不同的發展階段。將它們分開將使每個橫幅由專門的團隊領導和管理，該團隊可以專注於該橫幅的不同需求並發揮每個橫幅的全部潛力。

Separating will also enable investors to own a business they value more without also having to own a business they value less or that may not fit in their investment profile. It should also make it easier for the market to properly value each business.

分離還可以使投資者擁有自己更重視的企業，而不必擁有自己重視的企業或可能不適合其投資組合的企業。這也使得市場更容易正確評估每項業務。

Under the terms of the deal, subject to certain closing adjustments, Dollar Tree will receive just over $800 million in cash proceeds. The deal should close in about 90 days, and Family Dollar will remain headquartered here in Chesapeake.

根據交易條款，經過某些成交調整後，Dollar Tree 將獲得略高於 8 億美元的現金收益。該交易預計將在大約 90 天內完成，Family Dollar 的總部仍設在切薩皮克。

In the fourth quarter, our team was focused on achieving three distinct objectives: successfully closing out the year; bringing the strategic review to a favorable conclusion; and setting Dollar Tree on a path to realize its full potential and create long-term value for our associates, customers and shareholders.

在第四季度，我們的團隊專注於實現三個不同的目標：成功結束這一年；使策略審查取得有利的結論；並使 Dollar Tree 走上充分發揮其潛力並為我們的員工、客戶和股東創造長期價值的道路。

With a strong finish to 2024 and the sale of Family Dollar set to close later this year, my leadership team and I will fully dedicate ourselves to Dollar Tree's long-term growth, profitability and returns on capital. Our focus and energy will be devoted to growing sales and profits at this iconic and powerful retail brand.

隨著 2024 年的強勁收官和 Family Dollar 的出售將於今年稍後完成，我和我的領導團隊將全心全意致力於 Dollar Tree 的長期成長、獲利能力和資本回報。我們的重點和精力將致力於提高這個標誌性的強大零售品牌的銷售和利潤。

Dollar Tree offers customers incredible value, convenience and discovery. Our world-class merchants consistently provide our shoppers with an unparalleled and ever-changing assortment of discretionary and consumable products. No other retailer or e-commerce platform can reproduce the immediacy and thrill of that signature Dollar Tree treasure hunt. This is our heritage, and this is our future.

Dollar Tree 為顧客提供難以置信的價值、便利性和探索。我們世界級的商家始終如一地為我們的購物者提供無與倫比且不斷變化的各種可自由支配和可消耗的產品。沒有其他零售商或電子商務平台可以複製 Dollar Tree 尋寶活動的即時性和刺激性。這是我們的遺產，這是我們的未來。

One of our founders, Macon Brock, always spoke of running clean, bright and inviting stores that exceed our customers' expectations. With Dollar Tree as our sole focus, we can remain true to that vision and return to our roots, while still competing and innovating in the marketplace in new and better ways than we could before.

我們的創辦人之一梅肯·布洛克 (Macon Brock) 總是說要經營乾淨、明亮、溫馨的商店，以超越顧客的期望。以 Dollar Tree 作為我們唯一的關注點，我們可以堅持這個願景並回歸我們的根源，同時仍然以比以前新的、更好的方式在市場上競爭和創新。

With value, convenience and discovery, Dollar Tree offers just what the customer needs in today's value-seeking environment. By delivering on the fundamentals, we can drive the sales productivity and profitability necessary to create long-term value for our associates, customers and shareholders.

憑藉價值、便利性和探索，Dollar Tree 提供的正是當今追求價值環境中的客戶所需要的東西。透過實現基本目標，我們可以提高銷售效率和獲利能力，從而為我們的員工、客戶和股東創造長期價值。

With that, let's now turn to our results. 2024 ended strong as Dollar Tree's multi-price journey continued to build momentum and improvements in store standards and operational efficiency are creating the foundation for sustainable growth and value creation. Fourth quarter results reflect the positive impact of our expanded assortment with our newest multi-price offerings, especially in holiday categories, driving strong year-end sell-through.

有了這些，現在讓我們來看看我們的結果。 2024 年以強勁收官，Dollar Tree 的多價位之旅繼續積聚勢頭，門市標準和營運效率的提高為永續成長和價值創造奠定了基礎。第四季的業績反映了我們擴大產品種類以及推出最新多種價格產品所帶來的正面影響，尤其是在假日類別，推動了年底強勁的銷售。

In the current economic landscape, we continue to see value-seeking behavior across all customer groups. In recent weeks, many retailers reported that customers, particularly middle-income customers, are shifting towards alternatives that present value. Dollar Tree is also seeing middle-income shoppers who make up about half of our customer base, focusing more on value.

在當前的經濟情勢下，我們持續看到所有客戶群都追求價值的行為。最近幾週，許多零售商報告稱，顧客，尤其是中等收入顧客，正在轉向更有價值的替代品。Dollar Tree 也發現，中等收入購物者約占我們客戶群的一半，他們更注重價值。

At the same time, we are seeing stronger demand from higher-income customers who increasingly see Dollar Tree as a cost-effective source for an expanding range of products. This trade-in has helped to offset other headwinds.

同時，我們看到高收入客戶的需求越來越強烈，他們越來越多地將 Dollar Tree 視為不斷擴展的產品系列的經濟實惠的來源。這次以舊換新有助於抵銷其他不利因素。

We believe our ability to continue gaining market share amid such challenging market conditions shows that consumers appreciate the discovery aspect of our unique assortment and our compelling value proposition.

我們相信，在如此嚴峻的市場條件下，我們仍然能夠繼續獲得市場份額，這表明消費者欣賞我們獨特的產品組合和引人注目的價值主張的探索性。

Dollar Tree's Q4 comp was 2%. The quarter got off to a slow start with the late Thanksgiving, but our merchandising teams delivered across the broader holiday season as customers responded positively to our expanded multi-price holiday assortment.

Dollar Tree 第四季的營收年增 2%。由於感恩節的延遲，本季開局緩慢，但由於客戶對我們擴大的多價位假日商品組合反應積極，我們的銷售團隊在整個假期季節都表現出色。

We are particularly gratified that our comp growth was balanced with traffic up 0.7% and ticket up 1.3%. Not only were both positive measures, but ticket actually grew faster than traffic for the first time since Q4 of 2022, during the tail end of the anniversary impact from breaking the dollar.

我們特別高興的是，我們的同比增長達到了平衡，客流量增長了 0.7%，票價增長了 1.3%。這兩項指標不僅為正，而且在美元貶值週年紀念日尾聲，機票價格實際上自 2022 年第四季以來首次增長速度超過客流量。

We are encouraged by the deceleration in consumables mix shift this quarter, which was supported by the strong performance of our expanded holiday assortment. Q4 consumables mix increased 60 basis points to 45.2%, which is an improvement over the average per quarter mix shift of roughly 200 basis points we've seen recently.

我們對本季消耗品組合變化的減速感到鼓舞，這得益於我們擴大的假日產品組合的強勁表現。第四季消耗品組合增加了 60 個基點，達到 45.2%，比我們最近看到的平均每季組合變化約 200 個基點有所改善。

Consumables comp was 4.2%, which was on top of a 10.8% comp last year. Discretionary comp was 0.4%, its first positive reading since Q4 of last year.

消耗品年增 4.2%，高於去年的 10.8%。可自由支配支出年增 0.4%，這是自去年第四季以來的首次正成長。

Multi-price clearly provided a boost to our Q4 performance. And while we are still in the early stages of this journey, I'm pleased with the progress so far and excited about the opportunity still ahead.

多種價格顯然促進了我們第四季的業績。雖然我們仍處於這段旅程的早期階段，但我對迄今為止的進展感到滿意，並對未來的機會感到興奮。

With that, let me share some highlights of how our expanded assortment boosted our Q4 results. First, as a reminder, our 3.0 stores are new or converted stores that offer our expanded multi-price assortment throughout the store. Other formats include 2.0, which have a smaller multi-price assortment that is concentrated in a single aisle we call the valley and our 1.0 stores, which are over 95% of the items are still at $1.25.

為此，讓我分享一些關於我們擴大產品系列如何提升第四季業績的亮點。首先，提醒一下，我們的 3.0 店是新建的或改建的商店，整個商店提供擴展的多種價格組合。其他格式包括 2.0，其商品種類較少，且多種價格集中在單一過道，我們稱之為「山谷」；還有我們的 1.0 商店，其中 95% 以上的商品價格仍為 1.25 美元。

So in Q4, our in-line 3.0 stores saw a 220 basis point comp lift compared to other formats, including a 40 basis point consumables lift and a 290 basis point discretionary lift. Compared to other formats, 3.0 stores also saw a 20 basis point traffic lift and, more importantly, a 200 basis point ticket lift.

因此，在第四季度，與其他業態相比，我們的 3.0 線下商店的銷售額增長了 220 個基點，其中包括消耗品銷售額增長了 40 個基點，可自由支配支出增長了 290 個基點。與其他業態相比，3.0門市的客流量也提升了20個基點，更重要的是，票價提升了200個基點。

Our merchandising team worked tirelessly to improve and refine execution around our expanded assortment, especially in holiday categories. Across seasonal merchandise broadly, our 3.0 stores saw a 10 percentage point comp lift over other formats, including 30 points in Thanksgiving and 15 points in Christmas.

我們的銷售團隊孜孜不倦地努力改進和完善我們擴大的產品系列的執行，特別是假日類別。就季節性商品而言，我們的 3.0 門市的銷售額比其他業態增長了 10 個百分點，其中感恩節增長了 30 個百分點，聖誕節增長了 15 個百分點。

In everyday categories like textiles, electronics, apparel and toys, we saw comp lifts in the low to mid-teens. Toys, in particular, was a big winner this season. And even in underperforming categories like books, beauty and food, that was more by design as we cut space allocations for these items to make way for more productive categories.

在紡織品、電子產品、服裝和玩具等日常用品類別中，我們看到同店銷售額成長了 10% 左右。尤其是玩具，是本季的大贏家。即使是書籍、美容和食品等表現不佳的類別，這也更多是經過精心設計的，因為我們削減了這些商品的空間分配，為更有成效的類別騰出空間。

We finished the year with approximately 2,900 3.0 format stores, including roughly 2,600 conversions and 300 new stores. While the number of 3.0 conversions this year fell a bit short of target, we continue to believe it is better to not rush and get them done right with the least amount of disruption for our customers and associates. To that end, we are targeting approximately 5,200 3.0 stores by the end of 2025, including 2,000 new conversions and 300 new stores.

截至今年年底，我們擁有約 2,900 家 3.0 格式商店，其中包括約 2,600 家轉換商店和 300 家新商店。雖然今年 3.0 轉換的數量略有未達目標，但我們依然相信，最好不要著急，以對我們的客戶和同事造成最少的干擾的方式正確完成轉換。為此，我們的目標是到 2025 年底擁有約 5,200 家 3.0 店，其中包括 2,000 家新轉換店和 300 家新店。

In summary, we're pleased with the first year performance of our expanded assortment in our 3.0 stores. The traffic, ticket and sales lift that we saw is validating the investments we're making in our expanded assortment.

總而言之，我們對 3.0 商店擴大商品種類後的第一年表現感到滿意。我們看到的客流量、票價和銷售額的提升驗證了我們在擴大產品種類方面所做的投資。

Before I wrap up the Q4 results, I should note that with the decision to sell Family Dollar, from an accounting perspective, our Dollar Tree and Corporate segments are now reported as continuing operations and Family Dollar results are reported as discontinued operations.

在總結第四季度業績之前，我應該指出，由於決定出售 Family Dollar，從會計角度來看，我們的 Dollar Tree 和 Corporate 部門現在被報告為持續經營，而 Family Dollar 業績被報告為終止經營。

Net sales from continuing operations increased 0.7% to $5 billion, reflecting the solid comp performance and strong revenue contribution from noncomp stores, including the former 99 Cents Only portfolio, offset by lapping the 53rd week of last year.

持續經營淨銷售額成長 0.7% 至 50 億美元，反映出穩健的同店業績和包括前 99 Cents Only 組合在內的非同店門市強勁的營收貢獻，但與去年第 53 週的業績持平。

Net sales from discontinued operations decreased 11.2% to $3.3 billion, reflecting Family Dollar's 1.3% comp, the impact of store closings and the lapping of last year's 53rd week. Therefore, on a consolidated basis, net sales were $8.3 billion, which was at the high end of our $8.1 billion to $8.3 billion outlook range.

來自停止營運的淨銷售額下降 11.2% 至 33 億美元，反映了 Family Dollar 1.3% 的同比下滑、門市關閉的影響以及去年第 53 週的重疊。因此，以合併基礎計算，淨銷售額為 83 億美元，處於我們 81 億美元至 83 億美元預期範圍的高點。

I'd like to take a few minutes to talk about tariffs and give you a quick supply chain update. As a large retailer and significant importer, we have years of experience dealing with global trade variability. As discussed last quarter, we have multiple contingencies in place to address a variety of tariff scenarios and mitigate the earnings impact of higher tariffs.

我想花幾分鐘談談關稅，並向您簡要介紹一下供應鏈最新情況。作為大型零售商和重要進口商，我們擁有多年應對全球貿易變化的經驗。正如上個季度所討論的，我們已經制定了多種應急措施來應對各種關稅情景並減輕提高關稅對盈利的影響。

These include negotiating supplier cost concessions, changing product specs, dropping noneconomical items, moving country of origin and, lastly, exercising the flexibility multi-price gives us. While we are focused on limiting the financial impact of any new tariffs, we are equally committed to continuously delivering value and market leadership on the items we offer our customers and differentiating ourselves from our competitors across the retail landscape.

這些措施包括與供應商協商成本讓步、改變產品規格、放棄不經濟的商品、轉移原產國，以及最後行使多種價格賦予我們的彈性。在我們專注於限制任何新關稅帶來的財務影響的同時，我們同樣致力於持續為我們提供給客戶的商品提供價值和市場領導地位，並在整個零售領域中使我們自己與競爭對手區分開來。

Our strategies to diversify country of origin sourcing have been in place for some time now. We intend to remain flexible and nimble, focusing our efforts on sourcing products via channels that deliver the lowest landed cost to us in order to maintain value continuity for our customers.

我們的原產國採購多元化策略已經實施了一段時間了。我們打算保持靈活性和敏捷性，專注於透過為我們提供最低到岸成本的管道採購產品，從而為我們的客戶保持價值的連續性。

This includes the optionality to shift sourcing to and from different countries within a relatively short time frame. For example, given our anticipated 2025 imports, the expected net impact of the 10% China tariff that was announced on February 4 prior to any mitigation efforts would have been about $15 million to $20 million per month. Based on our mitigation efforts to date, we have offset more than 90% of this incremental cost, which is reflected in our current 2025 outlook.

這包括在相對較短的時間內可選擇在不同國家之間轉移採購。例如，根據我們預計的2025年進口量，在任何緩解措施之前於2月4日宣布的10%中國關稅的預期淨影響將達到每月約1500萬至2000萬美元。根據我們迄今為止的緩解努力，我們已經抵消了 90% 以上的增量成本，這反映在我們目前的 2025 年展望中。

With respect to the additional tariffs proposed in March, which included an additional 10% on goods from China and 25% on goods from Canada and Mexico, we believe our potential pre-mitigation exposure is approximately $20 million per month.

對於 3 月提出的額外關稅，其中包括對來自中國的商品徵收 10% 的額外關稅，對來自加拿大和墨西哥的商品徵收 25% 的額外關稅，我們認為，我們在緩解之前的潛在風險約為每月 2000 萬美元。

As we speak, our merchants are working to mitigate the impact of this latest round of tariffs. On top of that, we are evaluating the potential impact of any additional tariffs that could materialize and impact our sourcing efforts. We have not reflected the impact of this second round of tariffs in our 2025 outlook as the net impact will depend on the eventual policy and the degree, scope and timing of our mitigation efforts.

目前，我們的商家正在努力減輕最新一輪關稅的影響。除此之外，我們正在評估任何可能實現並影響我們採購工作的額外關稅的潛在影響。我們尚未在 2025 年展望中反映第二輪關稅的影響，因為淨影響將取決於最終政策以及我們緩解措施的程度、範圍和時間。

The imposition of this year's tariffs has introduced uncertainty and volatility. But over the long term, we believe that our mitigation efforts can help us prevent sustained margin erosion.

今年徵收的關稅帶來了不確定性和波動性。但從長遠來看，我們相信我們的緩解措施可以幫助我們防止利潤率持續下滑。

Finally, concerning our supply chain operations, we will be replacing the DC capacity we lost in Marietta, Oklahoma, and we'll communicate our plans to you once they are finalized. In the interim, we will continue incurring additional stem mile and other related costs until a replacement is up and running.

最後，關於我們的供應鏈運營，我們將彌補在俄克拉荷馬州瑪麗埃塔失去的直流容量，一旦計劃最終確定，我們將把計劃告知您。在此期間，我們將繼續承擔額外的幹線里程和其他相關費用，直到替代品投入運作。

As an immediate step to help ease some of our current network pressure and support our growing store base, prior to the closing of the sale, we plan to convert the Family Dollar distribution center in Odessa, Texas to a Dollar Tree distribution center.

為了立即緩解當前的網路壓力並支援不斷增長的門市基礎，在銷售結束之前，我們計劃將位於德克薩斯州敖德薩的 Family Dollar 配送中心轉變為 Dollar Tree 配送中心。

In sum, we finished 2024 on a high note with strong execution at Dollar Tree. Our results reflected sales momentum powered by growing consumer acceptance of our expanded assortment. With the pending sale of Family Dollar, I am excited at the opportunity to return to Dollar Tree's roots and begin to unlock the full potential of this iconic retail brand.

總而言之，我們憑藉 Dollar Tree 的強勁執行力，在 2024 年取得了圓滿成功。我們的業績反映了消費者對我們擴大的產品系列的接受度不斷提高所推動的銷售動能。隨著 Family Dollar 即將出售，我很高興有機會回歸 Dollar Tree 的根源並開始釋放這個標誌性零售品牌的全部潛力。

Before I turn the call over to Jeff to go through the details of our Q4 results, I'd like to welcome Stewart Glendinning to our team. We recently announced that Stewart will take over as CFO at the end of March. Stewart joined the company earlier this year as our Chief Transformation Officer, where he has been heavily immersed in the Family Dollar sale process and charting the future course for Dollar Tree as a standalone organization. After Jeff's Q4 recap, I've asked Stewart to share our 2025 outlook.

在我將電話轉給傑夫介紹我們第四季度業績的詳細信息之前，我想歡迎斯圖爾特·格倫丁寧加入我們的團隊。我們最近宣布史都華將於三月底接任財務長。史都華今年稍早加入公司，擔任首席轉型官，他深入參與 Family Dollar 的銷售流程，並為 Dollar Tree 作為獨立組織規劃未來發展方向。在傑夫對第四季度進行回顧之後，我請史都華分享我們對 2025 年的展望。

Finally, I want to thank Jeff Davis for his partnership these past 2.5 years and for helping to ensure a smooth transition as Stewart assumes his new role. And with that, I'll turn the call over to Jeff.

最後，我要感謝傑夫戴維斯 (Jeff Davis) 過去兩年半來的合作，以及他幫助確保史都華在擔任新職務時的順利過渡。說完這些，我會把電話轉給傑夫。

Thank you, Mike, and good morning. I also want to extend my congratulations to Stewart. Having had the opportunity to work with Stewart over the past few months, I want to echo Mike's comments regarding what has been a smooth transition.

謝謝你，麥克，早安。我還要向史都華表示祝賀。過去幾個月裡，我有機會與史都華共事，我想同意麥克關於順利過渡的評論。

Let me start with an overview of the changes in our financial reporting this quarter. Last June, we initiated a formal review of strategic alternatives for Family Dollar, which ultimately resulted in the transaction we announced today. That process officially ended in the fourth quarter with the company's decision to pursue a sale. And accordingly, Family Dollar was classified as discontinued operations.

首先，我來概述一下本季財務報告的變化。去年六月，我們啟動了對 Family Dollar 戰略選擇的正式審查，最終促成了我們今天宣布的交易。隨著公司決定出售，這一過程於第四季正式結束。因此，Family Dollar 被歸類為已停止經營的業務。

As such, our fourth quarter and full year 2024 results are reported on a continuing operations basis, which includes the results of the Dollar Tree segment and Corporate, support and Other. Family Dollar's results are reported as discontinued operations.

因此，我們的第四季和 2024 年全年業績是按持續經營基礎報告的，其中包括 Dollar Tree 部門和公司、支援及其他部門的業績。Family Dollar 的業績被報告為已停止的經營業務。

In our earnings release this morning, we provided schedules of our 2024 quarterly and annual GAAP and non-GAAP results on a continuing, discontinued and consolidated basis. Unless otherwise stated, my comments today reference our adjusted results from continuing operations.

在今天早上的收益報告中，我們提供了 2024 年季度和年度 GAAP 和非 GAAP 業績的持續、停止和合併時間表。除非另有說明，我今天的評論均參考我們調整後的持續經營業績。

Also for comparability purposes, please keep in mind that Q4 and FY 2023 included a 53rd week, which positively impacted revenue by approximately $560 million and adjusted EPS by approximately $0.35.

此外，為了便於比較，請記住，2023 財年第四季和第 53 週，這對收入產生了約 5.6 億美元的正面影響，調整後的每股盈餘產生了約 0.35 美元的正面影響。

Fourth quarter adjusted EPS was $2.11 from continuing operations and $0.18 from discontinued operations for a total adjusted enterprise EPS of $2.29, which compares to our outlook range of $2.10 to $2.30.

第四季調整後每股收益為 2.11 美元（來自持續經營業務）和 0.18 美元（來自停止經營業務），企業總調整後每股收益為 2.29 美元，而我們的預期範圍為 2.10 美元至 2.30 美元。

Enterprise results include a $19 million or $0.07 per share benefit from a Mastercard settlement in discontinued ops and a $25 million or $0.09 per share charge for an antidumping duty recorded in continuing operations. Neither of these items were contemplated in our fourth quarter outlook. After netting both items, enterprise adjusted EPS would have been $0.01 above the high end of our outlook range.

企業績效包括因萬事達卡終止經營業務而產生的 1,900 萬美元或每股 0.07 美元的和解收益，以及因持續經營業務而產生的 2,500 萬美元或每股 0.09 美元的反傾銷稅費用。我們對第四季的展望並未考慮上述任何一項。扣除這兩項後，企業調整後每股盈餘將比我們預期範圍的高點高出 0.01 美元。

Turning to results from continuing operations. Adjusted operating income was $628 million, a 15% decrease from last year. Adjusted operating margin declined 230 basis points as gross margin declined 130 basis points and adjusted SG&A rate increased 100 basis points.

轉向持續經營的成果。調整後營業收入為 6.28 億美元，較去年同期下降 15%。調整後的營業利益率下降 230 個基點，因為毛利率下降 130 個基點，調整後的銷售、一般及行政費用率增加 100 個基點。

Our adjusted effective tax rate was 24.8% compared to 23.8%, reflecting higher nondeductible expenses for executive compensation and lower work opportunity tax credits in the current year.

我們的調整後有效稅率為 24.8%，而之前為 23.8%，這反映了本年度高階主管薪酬的不可扣除費用增加和工作機會稅收抵免減少。

Adjusted net income was $455 million compared to $544 million. Adjusted EPS from continuing operations was $2.11, which includes the $0.09 impact from the antidumping duty.

調整後淨收入為 4.55 億美元，去年同期為 5.44 億美元。調整後持續經營每股盈餘為 2.11 美元，其中包括反傾銷稅帶來的 0.09 美元的影響。

Now let me move to our fourth quarter results for the Dollar Tree segment. Adjusted operating income declined 12.1% to $768 million. Adjusted operating margin declined by approximately 220 basis points, reflecting a 130 basis point decline in gross margin and a 90 basis point increase in adjusted SG&A rate.

現在我來介紹一下 Dollar Tree 部門第四季度的業績。調整後營業收入下降 12.1% 至 7.68 億美元。調整後營業利潤率下降約 220 個基點，反映毛利率下降 130 個基點以及調整後銷售、一般及行政費用率增加 90 個基點。

Gross margin declined primarily from the loss of sales leverage, lower mark-on and higher shrink, distribution and markdown costs, partially offset by lower freight. Also note that Q4 cost of sales included the $25 million antidumping duty.

毛利率下降主要由於銷售槓桿的喪失、加價幅度的降低和損耗、分銷及降價成本的上升，但被運費的下降部分抵消。還要注意，第四季的銷售成本中包含了 2,500 萬美元的反傾銷稅。

Adjusted SG&A rate rose principally from higher depreciation and utilities expense and the loss of sales leverage, which was partially offset by lower general liability claims adjustments.

調整後的銷售、一般及行政費用率主要由於折舊和公用事業費用增加以及銷售槓桿損失而上升，但一般責任索賠調整減少部分抵消了這一影響。

Moving on to the balance sheet and free cash flow. On a continuing operations basis, total inventory increased $176 million to $2.7 billion on higher mark-on and inventory receipts as we expanded our multi-price assortment. We ended the year with $1.3 billion in cash and cash equivalents.

轉到資產負債表和自由現金流。在持續經營基礎上，隨著我們擴大了多種價格組合，總庫存增加了 1.76 億美元，達到 27 億美元，原因是加價和庫存收貨增加。截至年底，我們的現金和現金等價物為 13 億美元。

On the cash flow statement for continuing operations, on a full year basis, we generated $2.2 billion in cash from operating activities, had capital expenditures of $1.3 billion and delivered $893 million of free cash flow.

在持續經營現金流量表中，以全年計算，我們從經營活動產生了 22 億美元的現金，資本支出為 13 億美元，並實現了 8.93 億美元的自由現金流。

We ended the year with no borrowings under our revolver, no commercial paper outstanding and bank-defined leverage below 2.5 times. Last week, we extended the maturity of our $1.5 billion long-term revolving credit facility to 2030 from 2026. Additionally, we closed on a new $1 billion 364-day revolver ahead of the May maturity of our $1 billion 4% senior notes.

截至年底，我們的循環信貸項下沒有借款，沒有未償還的商業票據，銀行定義的槓桿率低於 2.5 倍。上週，我們將 15 億美元長期循環信貸額度的到期日從 2026 年延長至 2030 年。此外，我們在 10 億美元 4% 優先票據 5 月到期前提前完成了一筆 10 億美元 364 天期新循環信貸。

We believe we have ample funding capacity between cash on hand and availability under these credit facilities to meet our near-term debt obligations and provide for the ongoing capital needs of the business.

我們相信，我們擁有充足的現金和這些信貸安排下的可用資金來履行我們的近期債務義務並滿足業務持續的資本需求。

We did not repurchase any shares in the fourth quarter. For the full year, we repurchased approximately 3.3 million shares of common stock for approximately $404 million, including excise tax. At the end of the year, we had approximately $952 million remaining under our existing share repurchase program.

我們在第四季沒有回購任何股票。全年我們回購了約 330 萬股普通股，回購金額約 4.04 億美元（含消費稅）。截至年底，我們現有的股票回購計畫剩餘約 9.52 億美元。

And now let me turn the call over to Stewart.

現在，讓我把電話轉給史都華。

Thank you, Jeff. Now let me provide our current perspective on fiscal 2025. With the pending sale of Family Dollar, 2025 will be a transitional year for Dollar Tree as a standalone business. We will be working to separate Family Dollar while simultaneously focusing on driving growth and operating improvements in Dollar Tree.

謝謝你，傑夫。現在，讓我提供我們對 2025 財年的當前看法。隨著 Family Dollar 的即將出售，2025 年將成為 Dollar Tree 作為獨立企業的過渡年。我們將努力分離 Family Dollar，同時專注於推動 Dollar Tree 的成長和營運改善。

Prior to the closing of the sale, continuing operations, or what we are calling RemainCo, will be burdened with the full cost of corporate shared services. After the sale closes, which we expect will be in June 2025, a transition services agreement, or TSA, will go into effect. This agreement will help offset the shared cost burden until such time as these costs are fully transitioned to the new owners, a process which should unfold throughout 2025 and into 2026.

在出售完成之前，持續經營（或我們所說的RemainCo）將承擔企業共享服務的全部成本。我們預計交易將於 2025 年 6 月完成，交易完成後，過渡服務協議 (TSA) 將生效。該協議將有助於抵消共擔的成本負擔，直至這些成本完全轉移給新主人，這一過程應在 2025 年至 2026 年期間展開。

Looking forward to fiscal year 2025, we expect strong top line growth from the Dollar Tree banner, with sales being positively impacted by multi-price expansion, operating improvements in our stores, new store growth and the continuing ramp-up of our recently opened stores, especially the former 99 Cents Only portfolio.

展望 2025 財年，我們預計 Dollar Tree 品牌的營收將實現強勁成長，多種價格擴張、門市營運改善、新店成長以及新開門店（尤其是先前的 99 Cents Only 產品組合）的持續成長將對銷售產生積極影響。

Taking all this into consideration, we expect fiscal year 2025 sales will be in the range of $18.5 billion to $19.1 billion based on comparable store sales growth of 3% to 5%. We expect a modest improvement in gross margin based on the mitigation actions we've taken to date on implemented tariffs.

考慮到所有這些因素，我們預計 2025 財年的銷售額將在 185 億美元至 191 億美元之間，基於同店銷售額增長 3% 至 5%。根據我們迄今為止採取的緩解關稅措施，我們預計毛利率將略有改善。

That said, the tariff situation remains volatile, and any additional tariffs or unforeseen waterfall effects from the already announced tariffs could affect this assumption. Keep in mind Mike's comments about our ability to mitigate those tariffs over time.

儘管如此，關稅情況仍然不穩定，任何額外的關稅或已經宣布的關稅的不可預見的瀑布效應都可能影響這一假設。請記住麥克關於我們隨著時間的推移減輕這些關稅的能力的評論。

Outside of tariffs, we're forecasting favorability in mark-on, markdown and freight, with a partial offset from higher distribution costs related to incremental D&A from our supply chain investments and additional stem mile and other costs from losing the Marietta DC. Our freight cost outlook is positive across ocean and both inbound and outbound ground.

除關稅外，我們預測加價、減價和運費將呈現有利因素，但部分抵消因素包括與我們供應鏈投資的增量 D&A 以及因失去瑪麗埃塔配送中心而產生的額外幹線里程和其他成本相關的更高配送成本。我們對跨洋和進出陸路的貨運成本前景持樂觀態度。

For SG&A, I'll talk about Dollar Tree segment separately from Corporate, support and Other. Dollar Tree's adjusted SG&A rate in 2024 was 23.8%. In 2025, we expect deleverage of approximately 50 to 80 basis points. This is coming from higher store payroll related to our investments in additional hours and state-mandated minimum wage increases, management incentive compensation, D&A related to our elevated 2024 and 2025 CapEx investments as well as repair and maintenance, as we continue to improve store standards.

對於銷售、一般及行政費用，我將分別討論 Dollar Tree 部門與公司、支援和其他部門。Dollar Tree 2024 年的調整後銷售、一般及行政費用率為 23.8%。到 2025 年，我們預計去槓桿率將達到約 50 至 80 個基點。這是由於我們在增加工作時間和國家規定的最低工資標準上調方面的投資、管理層激勵薪酬、與我們增加的 2024 年和 2025 年資本支出以及維修和保養相關的 D&A 導致的門店工資增加，因為我們會繼續提高門店標準。

Our corporate adjusted SG&A in 2024 was approximately $550 million. We expect this to grow by approximately 20% in 2025. The largest contributor to the year-over-year increase is IT spending, as we move systems off legacy platforms and onto the cloud, followed by payroll from merit increases and incentive comp and D&A.

我們 2024 年的企業調整後銷售、一般及行政開支約為 5.5 億美元。我們預計到 2025 年這一數字將成長約 20%。隨著我們將系統從傳統平台轉移到雲端，IT 支出是年成長的最大貢獻者，其次是績效加薪、激勵補償和 D&A 帶來的薪資支出。

Under the TSA that I mentioned earlier, we expect to receive approximately $95 million in the last six months of 2025 for services provided to Family Dollar over the second half of the year and a similar amount next year. While we will receive TSA income in connection with the cost of supporting Family Dollar for the second half of the year, we will incur these costs over the entire year. This negatively impacts our adjusted EPS by approximately $0.30 to $0.35, given the expected timing of the deal closing.

根據我之前提到的 TSA，我們預計在 2025 年下半年為 Family Dollar 提供的服務將獲得約 9,500 萬美元，明年也將獲得類似金額。雖然我們將在下半年獲得與支持 Family Dollar 的費用相關的 TSA 收入，但我們將在全年承擔這些費用。考慮到交易完成的預期時間，這將對我們的調整後每股收益產生約 0.30 美元至 0.35 美元的負面影響。

On a normalized basis, had we received TSA payments for the full year, our net corporate costs at RemainCo would be lower, and our adjusted EPS would be $0.30 to $0.35 higher than the outlook we are providing.

在正常基礎上，如果我們全年收到 TSA 付款，RemainCo 的淨公司成本將會更低，我們的調整後每股收益將比我們提供的前景高出 0.30 至 0.35 美元。

Over the next several years, we expect absolute Corporate SG&A dollars will go down, as overhead costs permanently shift to Family Dollar's new owners. Our Corporate infrastructure adjusts to the level needed to properly support a single banner, stranded costs go away and the TSA runs its course. We are targeting a reduction in our adjusted Corporate SG&A rate of approximately 100 basis points over the medium term.

在接下來的幾年裡，我們預計絕對企業銷售、一般及行政開支將會下降，因為管理費用將永久轉移到 Family Dollar 的新主人身上。我們的企業基礎設施調整到適當支援單一橫幅所需的水平，滯留成本消失，TSA 順利運作。我們的目標是在中期內將調整後的企業銷售、一般及行政開支率降低約 100 個基點。

Finishing out the P&L, we expect net interest and other income of approximately $115 million, an effective tax rate of approximately 25.2% and 216 million shares outstanding, which does not reflect any share repurchases.

完成損益表後，我們預期淨利息和其他收入約為 1.15 億美元，有效稅率約為 25.2%，流通股數為 2.16 億股，不反映任何股票回購。

Adjusted EPS from continuing operations is expected to be in the range of $5 to $5.50, which compares to last year's $5.10. Capital expenditures are expected to be in the range of $1.2 billion to $1.3 billion, including approximately 400 new Dollar Tree store openings.

預計持續經營業務的調整後每股收益將在 5 美元至 5.50 美元之間，去年同期為 5.10 美元。預計資本支出在 12 億至 13 億美元之間，包括開設約 400 家新的 Dollar Tree 商店。

With respect to cash, we started the year with $1.3 billion on the balance sheet and expect to receive approximately $800 million of net proceeds from the Family Dollar sale. On top of this, we expect tax benefits from losses on the sale to be approximately $350 million accretive on a cash flow basis.

就現金而言，我們今年年初的資產負債表上有 13 億美元，預計將從 Family Dollar 出售中獲得約 8 億美元的淨收益。除此之外，我們預計此次出售損失帶來的稅收優惠將以現金流為基礎增加約 3.5 億美元。

Our capital allocation priorities remain investing and growing the business, then returning excess cash to shareholders with our preferred vehicle to date having been share repurchase. It is reasonable to assume that we will be back in the market repurchasing shares this year.

我們的資本配置重點仍然是投資和發展業務，然後透過股票回購等迄今為止我們首選的工具將多餘的現金回饋給股東。我們有理由相信，今年我們將重返市場回購股票。

Our balance sheet is strong. For this reason, we expect to come to market with a new debt offering following our May debt maturity and the closing of the Family Dollar sale.

我們的資產負債表強勁。因此，我們預計在五月債務到期和 Family Dollar 銷售結束後向市場發行新的債務。

In the near term, we expect first quarter net sales to be in the range of $4.5 billion to $4.6 billion based on comparable net sales growth in the 3% to 5% range and adjusted diluted earnings per share in the range of $1.10 to $1.25.

短期內，我們預計第一季淨銷售額將在 45 億美元至 46 億美元之間，基於 3% 至 5% 之間的可比淨銷售額增長率以及 1.10 美元至 1.25 美元之間的調整後每股攤薄收益。

In summary, 2025 is going to be a transitional year. With the sale of Family Dollar, we can fully focus on unlocking value at Dollar Tree. We had a solid 2024, and we feel good about many parts of our business heading into 2025.

總而言之，2025年將是一個過渡的一年。透過出售 Family Dollar，我們可以全力專注於釋放 Dollar Tree 的價值。我們在 2024 年取得了穩健的業績，我們對 2025 年許多業務的前景充滿信心。

We're optimistic about the top line, and we're addressing cost pressures on several fronts, with tariffs being at the top of that list. We feel great about our cash position and our ability to generate meaningful levels of cash going forward.

我們對營收持樂觀態度，並且正在從多個方面應對成本壓力，其中關稅是首要問題。我們對我們的現金狀況以及未來產生有意義現金的能力感到非常滿意。

With a solid balance sheet and prudent CapEx commitments, we should have the ability to return a substantial amount of capital to shareholders this year and into the future.

憑藉穩健的資產負債表和審慎的資本支出承諾，我們應該有能力在今年和未來向股東返還大量資本。

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。

Thanks, Stewart. This is a pivotal time at Dollar Tree. We are shifting our long-term operational focus away from an integrated two-banner model. With the sale of Family Dollar, our leadership team can focus all our energy and resources on growing Dollar Tree.

謝謝，斯圖爾特。這是 Dollar Tree 的關鍵時刻。我們正在將長期營運重點從綜合雙橫幅模式轉移。隨著 Family Dollar 的出售，我們的領導團隊可以集中所有精力和資源來發展 Dollar Tree。

I strongly believe selling Family Dollar and returning to our roots with an expanded assortment at Dollar Tree has created material value. Dollar Tree remains one of the best growth stories in retail, and the separation of the two businesses will allow us to move forward with a single-minded focus of driving growth and profitability.

我堅信出售 Family Dollar 並回歸 Dollar Tree 的根源並擴大其商品種類已經創造了物質價值。Dollar Tree 仍然是零售業中成長最好的公司之一，兩家公司的分離將使我們能夠一心一意地推動成長和獲利。

As Stewart indicated, 2025 is going to be a transition year as we pivot to operating Dollar Tree as a standalone entity. After 2025, on a go-forward basis, we will drive top line results by growing comp and opening new stores. We expect increased sales productivity will allow us to expand gross margin, begin leveraging SG&A and grow EPS. Most importantly, by returning a meaningful level of cash to our shareholders, we can leverage that EPS growth even more.

正如史都華所指出的，2025 年將是一個過渡年，因為我們將轉向將 Dollar Tree 作為獨立實體來運作。2025 年後，我們將透過擴大銷售額和開設新店來推動營收成長。我們預計，銷售效率的提高將使我們能夠擴大毛利率、開始利用銷售、一般和行政費用並增加每股收益。最重要的是，透過向股東返還大量現金，我們可以進一步提高每股盈餘的成長。

I'd like to close with a shout-out to the entirety of the Dollar Tree and Family Dollar teams. They have worked masterfully and tirelessly on behalf of our shareholders and our customers. I could not be more honored to count myself among them.

最後，我想向 Dollar Tree 和 Family Dollar 的全體團隊致以最誠摯的謝意。他們為了我們的股東和客戶付出了辛勤的努力和不懈的努力。我很榮幸能成為他們中的一員。

And 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) Edward Kelly, Wells Fargo.

（操作員指示）愛德華·凱利，富國銀行。

I wanted to start with just the tariff side and the mitigation. So it sounds like $20 million a month or about $0.85 a share is not in guidance. Can you talk about the potential mitigation of that? What are the efforts that you currently have on deck in order to see -- to mitigate that, your confidence level around your ability to offset it?

我想先從關稅方面和緩解措施開始。因此，聽起來每月 2,000 萬美元或每股 0.85 美元左右並不在指導範圍內。您能談談可能採取的緩解措施嗎？為了緩解這種影響，您目前正在做出哪些努力來提高您抵消這種影響的能力的信心水平？

And then as part of this, Mike, it does seem like you have new price points on deck, just from what we can see, $1.50, $1.75. I don't know if that's a test or not. But how important could that be to offsetting this as well? I'm just curious as to how you put all this together and you view your opportunity to mitigate what potentially could be ahead.

然後作為此事的一部分，麥克，從我們所看到的來看，你確實有新的價格點，1.50 美元，1.75 美元。我不知道這是不是一次測試。但這對於抵銷這項影響有多重要呢？我只是好奇您如何將所有這些結合起來，以及您如何看待減輕未來可能發生的危險的機會。

Yes. Thanks, Ed. If you look at the tariffs, the first round, our team has been working our tariff strategy for a while now. We went through the round one of tariffs several years ago. And really, we've put actions in place as soon as November to start mitigating the first round of tariffs. And as we said, we were able to offset 90% of those first round.

是的。謝謝，埃德。如果你看一下第一輪關稅，我們的團隊已經研究關稅策略已經有一段時間了。幾年前，我們經歷了第一輪關稅。事實上，我們早在11月就已採取行動，開始減輕第一輪關稅。正如我們所說的，我們能夠抵消第一輪的 90%。

With the second round, we continue to leverage the tools that we have, those big five that I talk about in terms of if we have to change the spec, negotiate really, really well with our suppliers, eliminate the product if we have to and, of course, what multi-price has opened up for us and given us the ability to mitigate.

在第二輪談判中，我們將繼續利用我們擁有的工具，也就是我提到的五大工具，如果我們必須改變規格，就要與我們的供應商進行非常非常好的談判，如果有必要的話，就要淘汰該產品，當然，多價格政策為我們帶來了便利，讓我們能夠減輕壓力。

If you look at the second round, the 10% on top of 10% and the 25% for Mexico and the 25% for Canada, there's still a great deal of uncertainty as to what completely hits, how those change. April 2 is a big day in terms of what happens with reciprocal tariffs. And so our teams are actively looking to mitigate.

如果你看第二輪，10% 加上 10%，墨西哥是 25%，加拿大是 25%，那麼對於哪些會完全達到、這些會如何變化，仍然存在很大的不確定性。就互惠關稅而言， 4 月 2 日是個重要的日子。因此我們的團隊正在積極尋求緩解措施。

But given the level of uncertainty, we want to go with what we knew, and then we continue to run our plays and our mitigation strategies to offset any other tariffs that come. I think we've demonstrated that when we've got the time, we can mitigate these tariffs, and that's what the team will continue to do.

但考慮到不確定性程度，我們希望按照已知的情況行事，然後繼續實施我們的措施和緩解策略，以抵消任何隨之而來的其他關稅。我認為我們已經證明，只要有時間，我們可以減輕這些關稅，而這正是團隊將繼續做的事情。

In terms of the different price points, we look at that value, we look at convenience and we look at discovery and we say: Where can we offer that and maybe move on some pricing as part of just -- not just tariffs, but an inflationary cost environment that we've got to mitigate?

就不同的價格點而言，我們會考慮價值、便利性和發現，然後我們會說：我們可以在哪裡提供這些產品，也許可以在定價上做出一些調整——不僅僅是關稅，還有我們必須緩解的通膨成本環境？

And so that's where you're seeing that work where it makes sense. And I think we're positioned better than we ever have before to manage what is a very uncertain and volatile arena that we're in.

所以這就是您所看到的有意義的工作。我認為，我們比以往任何時候都更有能力應對我們所處的非常不確定和動盪的領域。

Michael Lasser, UBS.

瑞銀的麥可‧拉瑟 (Michael Lasser)。

So Mike, I think the fact that Dollar Tree quantified the 90% mitigation of the first 10% from China and the fact that the second 10% from China is currently being collected, is being assumed by the market that, that's a cost that should be embedded in the P&L for this year.

所以麥克，我認為 Dollar Tree 量化了來自中國的前 10% 的 90% 減免，以及目前正在收取來自中國的第二個 10% 的事實，市場已經假設這是應該嵌入今年損益表中的成本。

So A, is that wrong? And B, can you give us a sense of what your overall sourcing portfolio looks like right now, such that when the reciprocal tariffs do come out, if they do, we can get a sense for the exposures for the core Dollar Tree, and that would help us understand the potential financial impact?

那麼 A，這錯了嗎？B，您能否向我們介紹您目前的整體採購組合情況，以便當互惠關稅出台時，我們能夠了解核心 Dollar Tree 的風險敞口，從而幫助我們了解潛在的財務影響？

And then on top of that, to what extent is Dollar Tree willing to use its balance sheet and all the cash that has on its balance sheet, especially as the Family Dollar sales consummated to offset the potential margin implications of these tariffs and support the EPS outlook from here?

除此之外，Dollar Tree 願意在多大程度上利用其資產負債表以及資產負債表上的所有現金，特別是在 Family Dollar 銷售完成後，以抵消這些關稅對利潤率的潛在影響並支持 EPS 前景？

Yes. Thanks, Michael. The first I'd say is no. We have included the first round of tariffs, our mitigation strategy. And so if you look at the uncovered 10%, if you will, that is in our 2025 forecast.

是的。謝謝，麥可。我首先要說的是否定的。我們已經將第一輪關稅納入了我們的緩解策略。因此，如果您看一下未被覆蓋的 10%，如果您願意的話，那就是我們的 2025 年預測。

It was premature given the uncertainty in the April 2 reciprocal tariffs and some of the back and forth that we've seen for us to include the second -- the March 4 tariffs, we call them, to include the second round of tariffs in our outlook.

考慮到 4 月 2 日互惠關稅的不確定性以及我們看到的一些反复，將第二輪關稅（我們稱之為 3 月 4 日關稅）納入我們的展望還為時過早。

And so we will continue to look to mitigate those. We've got to see what materializes there. We did dimensionalize it, though, to talk about how it would impact us per month on an unmitigated basis, and that's the $20 million per month if unmitigated.

因此，我們將繼續尋求減輕這些影響的方法。我們必須看看那裡會發生什麼。不過，我們確實對其進行了維度化，以討論它在不緩解的情況下每月對我們造成的影響，即每月 2000 萬美元。

I think we've demonstrated as a company that we've been doing this a long time with our China Plus One strategy coming out of 2017, 2018, we're in a good position to manage that over time, and we'll continue to do that.

我認為，我們公司已經證明，我們透過 2017 年和 2018 年推出的「中國+1」策略已經實施了很長時間，我們有能力長期實現這一目標，我們也將繼續這樣做。

As far as the balance sheet, Stewart, why don't you take the balance sheet to offset any margin impact?

就資產負債表而言，斯圖爾特，為什麼不採用資產負債表來抵銷利潤率的影響呢？

Yes. Great. Michael, can you just help us in what ways you're thinking about us using our balance sheet to offset margin?

是的。偉大的。邁克爾，您能否幫助我們，您考慮如何使用我們的資產負債表來抵銷保證金？

You have a lot of financial flexibility to return excess cash to shareholders.

您擁有很大的財務彈性，可以將多餘的現金回饋給股東。

Okay. Good. Yes. No, certainly. Look, let me address both of those. So first of all, there is actually one hidden benefit in our balance sheet. We are carrying a level of inventory that potentially is not tariffed yet. And of course, we'll be able to use that. So there's a sort of -- there's a baked-in benefit in our P&L.

好的。好的。是的。不，當然。瞧，讓我來談談這兩個問題。首先，我們的資產負債表中其實有一個隱藏的好處。我們持有的一定數量的庫存可能尚未徵收關稅。當然，我們可以使用它。因此，我們的損益表中存在某種內在利益。

Understand that I just want to reinforce what Mike said, we have baked in all the first round tariffs, the second round tariffs. We gave you a sense of the run rate. So at least you could decide what that looks like as we see the tariffs unfold. But that $20 million, we're still working on mitigating.

請理解，我只是想強調麥克所說的話，我們已經把第一輪關稅和第二輪關稅都考慮進去了。我們讓您了解了運行率。因此，至少你可以在看到關稅實施後決定情況會是怎樣。但我們仍在努力減輕那 2,000 萬美元的損失。

With respect to using our balance sheet to return cash to shareholders, in my prepared remarks, I mentioned that you should expect to see us back in the market repurchasing shares. Outside of the tariffs, we are in a place where our balance sheet is very healthy. We have an attractive stock price. And the reality is we are sitting on a lot of cash that we will need to do something with.

關於利用我們的資產負債表向股東返還現金，我在準備好的發言中提到，你應該會看到我們重返市場回購股票。除關稅外，我們的資產負債表非常健康。我們的股價具有吸引力。而現實情況是，我們有大量現金，需要用來做一些事情。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西緬古特曼 (Simeon Gutman)。

Congratulations on the Family Dollar sale. Mike, I wanted to ask you the, I guess, philosophy of how you're going to run the business over the next few years. You have a fresh start now with one asset. And if you look back, inflation has been pretty challenging for Dollar stores. And now you still have to navigate tariffs.

恭喜 Family Dollar 促銷成功。麥克，我想問你未來幾年將如何經營公司的理念。現在您可以憑藉一項資產重新開始。如果你回顧過去，你會發現通貨膨脹對一元商店來說是一個相當大的挑戰。現在你還必須考慮關稅問題。

So I wanted to ask how you think about margins for the business. Do you invest during the next several years, keeping margin down to reinvest back in the company? You have your competitors. Your biggest one is reinvesting in itself. Not sure what Family Dollar's plans will be.

所以我想問一下您如何看待企業的利潤。您是否會在接下來的幾年內進行投資，降低保證金以重新投資於公司？你有你的競爭對手。你最大的投資就是對自己再投資。不確定 Family Dollar 的計劃是什麼。

But curious, do you let margins run up? Or do you have to keep a lot of ammunition and firepower given the pretty uncertain backdrop that the Dollar stores have been navigating for the last several years?

但令人好奇的是，您是否讓利潤率上升？或者，考慮到過去幾年一元商店所處的非常不確定的環境，你是否必須保留大量的彈藥和火力？

Yes. I'm excited about the opportunities of Dollar Tree on its own on a standalone basis. If you look at the ability to open stores every year, you look at the great work that our merchants have done, you look at the clarity of message that we can deliver from a Dollar Tree-only scenario, we believe that there is a very attractive algorithm over time that has strong margins.

是的。我對 Dollar Tree 獨立發展的機會感到非常興奮。如果您看看每年開設商店的能力，請看看我們的商家所做的出色工作，看看我們可以從 Dollar Tree 唯一的場景中傳遞的清晰信息，我們相信，隨著時間的推移，存在一個非常有吸引力的演算法，並且具有很高的利潤率。

And when you look, we've been in investment mode for the last several years. As you can see from our CapEx, you can see some of the pressures we've put on ourselves through wage increases, through hours investments.

如果你看一下，你會發現過去幾年我們一直處於投資模式。從我們的資本支出中你可以看出，我們透過增加薪資、增加工時投資給自己帶來了一些壓力。

And while 2025 is a bit of a year where we have half of a TSA, we have to close the deal on the work with Family Dollar, I look out multiyear and say this is a very strong business, one that we can manage through even in inflationary environment in a large part because of the investments we've made over the past couple of years in our stores, in our distribution centers and what we've done in terms of the ability to provide an assortment, an expanded assortment as a result of our multi-price.

雖然到 2025 年我們可能要完成一半的 TSA 業務，但我們必須完成與 Family Dollar 的合作，展望多年期，我認為這是一項非常強大的業務，即使在通貨膨脹的環境下，我們也能順利開展業務，這在很大程度上要歸功於我們在過去幾年中對商店和配送中心進行的投資，以及我們在提供多種商品的能力方面所做的努力，由於我們的種類，由於我們擴大了多種商品的能力方面。

So when I look at the multiyear algorithm, I think it's a very compelling business that we feel we can manage well for multiple -- very long time.

因此，當我查看多年演算法時，我認為這是一項非常引人注目的業務，我們認為我們可以在很長一段時間內管理它。

Matthew Boss, JPMorgan.

摩根大通的馬修‧博斯 (Matthew Boss)。

So Mike, could you elaborate on trends you're seeing from higher income versus middle and lower? I thought that was interesting in your prepared remarks. And maybe just drivers of 3% to 5% comps in the first quarter relative to the 2% comp that you did in the fourth quarter. Have you seen acceleration so far quarter-to-date? And is it traffic or ticket?

那麼麥克，您能詳細說明您看到的高收入與中低收入之間的趨勢嗎？我認為你準備好的發言很有趣。也許只是第一季 3% 到 5% 的年成長，而第四季則為 2%。本季度迄今，您是否看到了加速？是交通堵塞還是罰單？

Yes. Let me hit the comp builders first. As I look out over 2025, there's a couple of things going on. One, you have a large pool of NSOs -- I'm sorry, new store openings that will become part of our comp, including the 99 Cent Only stores. And if you recall from last quarter, opening two 99 Cent Only stores or converting them is the equivalent of opening three Dollar Trees.

是的。讓我先來了解一下電腦建造者。展望2025年，我發現有幾件事會發生。首先，你們擁有大量的 NSO——對不起，新開的商店將成為我們公司的一部分，包括 99 Cent Only 商店。如果你還記得上個季度的情況，開設兩家 99 美分專賣店或將其改造成實體店就相當於開設三家 Dollar Trees。

So last year, we had a significant headwind from the self-inflicted cannibalization of our new store openings without the maturing of year two, year three, year four of a new store opening. We start to get that tailwind this year, which is exciting.

因此，去年，我們面臨著巨大的阻力，因為我們自己造成了新店開設的蠶食，而新店開設的第二年、第三年、第四年還沒有成熟。我們今年開始迎來順風，這令人興奮。

Multi-price continues to mature. I was very encouraged in Q4. You kind of saw the true strength of multi-price in Q4 with that discretionary growth -- significant discretionary growth. And it's the new conversions this year to multi-price, but it's also the maturing of the ones we've done in the past.

多種價格不斷成熟。我對第四季感到非常鼓舞。您在第四季度看到了多種價格的真正實力，以及可自由支配的成長——顯著的可自由支配成長。這是今年向多價格的新轉變，也是我們過去所做的轉變的成熟。

When I look by cohort, the Q1 conversions, the Q2 conversions, the Q3 conversions, every single one of those strengthened in Q4 versus Q3. And the longer you're on multi-price, you get the real benefit of that expanded assortment.

當我按群組查看時，第一季的轉換率、第二季的轉換率、第三季的轉換率，與第三季相比，第四季的轉換率都有所增強。而且您使用多種價位的時間越長，您就能從擴大的商品種類中獲得真正的好處。

And then this -- last year, we lived through the worst holiday calendar there is. There were eight fewer days at Easter. There were five fewer days at Christmas. That is in the rearview mirror for another seven years, I think. And so when you look at that improved holiday calendar, that's a boost.

然後就是這個——去年，我們經歷了最糟糕的假期日程。復活節少了八天。聖誕節少了五天。我想，這還要再過七年才會實現。因此，當你看到改進後的假期日曆時，你會感到很振奮。

And then finally, it's store standards. It's blocking and tackling and improving our stores. We've made some investments in hours. We've made investments in wages, and we believe that will help position us.

最後是商店標準。它正在阻止、解決並改善我們的商店。我們已經投入了一些時間。我們對工資進行了投資，我們相信這將有助於我們定位。

So the comp, I feel good about. I really like to see how the holidays unfold for us coming off the strength of a very strong Christmas. So that is kind of the strength I feel there.

因此，我對這家公司感覺很好。我真的很想看看在經歷了一個非常強勁的聖誕節之後，我們的假期將會如何展開。這就是我感受到的力量。

And then the consumer behavior, what's interesting is in the -- you came out of COVID and you very much had what they call the K-shaped recovery. Wealthy people were doing well. They had low interest rates. Stock market was going up. Lower income folks were really, really hurting.

然後是消費者行為，有趣的是——你擺脫了 COVID，並經歷了所謂的 K 型復甦。富人過得很好。他們的利率很低。股票市場正在上漲。低收入者確實受到了極大的傷害。

Dollar Tree has done very well in recessions, in pure recessions. And right now, what we're seeing is that lower income shopper needs us for pack size. They need us for a fill-in. They need us basically to make their wallet go far. They're in between paychecks.

在經濟衰退期間，在純粹的經濟衰退期間，Dollar Tree 表現得非常好。而現在，我們看到的是低收入購物者需要我們提供包裝尺寸。他們需要我們來填補。他們基本上需要我們來讓他們的錢包發揮更大的作用。他們正處於失業狀態。

That middle-income person, that's our bread and butter. 50% of our customers is middle income. They need us to live and celebrate their lives.

那個中等收入者就是我們的衣食父母。我們的顧客中有 50% 屬於中等收入。他們需要我們去生活並慶祝他們的生活。

And what's been most interesting is this time around, this inflationary environment, all shoppers across all income cohorts, including the higher income, is finding Dollar Tree as part of their solution.

最有趣的是，這一次，在這種通膨環境下，所有收入群體的購物者，包括高收入者，都發現 Dollar Tree 是解決方案的一部分。

And so we see in growing ticket, we see in growing share as well. That is -- and of course, traffic. I'm encouraged by seeing that across all income cohorts. We believe it doesn't matter how much money you make, everybody is hurting right now. The good news is Dollar Tree and Family Dollar are a big part of that answer to what hurts.

因此我們看到票務量在成長，份額也在成長。那是——當然，還有交通。看到所有收入群體都有這樣的情況，我感到很鼓舞。我們相信，無論你賺多少錢，現在每個人都很痛苦。好消息是 Dollar Tree 和 Family Dollar 在解決這一痛點方面發揮了重要作用。

John Heinbockel, Guggenheim Securities.

古根漢證券的約翰‧海因博克爾 (John Heinbockel)。

Mike, two related things. What are your product priorities, right? When I think about discretionary, particularly around seasonal, right, because you did a lot of new stuff with holiday last year. So priority is there, priorities with regard to multi-price point cooler expansion.

麥克，兩件相關的事情。您的產品優先考慮的是什麼？當我想到可自由支配的事物時，特別是在季節性方面，對吧，因為去年你在假期做了很多新的事情。因此，優先考慮的是多價格點冷卻器擴展。

And then when you think about comp getting better by maybe 200 basis points, do you think it's equal between discretionary and consumable, each go up by an equal amount? Or is there a difference?

然後，當您想到薪資可能會提高 200 個基點時，您是否認為可自由支配的開支和可消耗的開支之間的差異是相等的，它們都上漲了相同的數額？或者說有差嗎？

Yes. So we're trying to exceed our customers' expectations at every turn. We believe that you saw in Q4 the real power of our assortment in Christmas and in what we call harvest or Thanksgiving. The holidays are what drives Dollar Tree.

是的。因此，我們盡力滿足客戶的每一個期望。我們相信，您在第四季度看到了我們在聖誕節以及我們所謂的豐收節或感恩節中的產品組合的真正力量。節慶季節是 Dollar Tree 發展的動力。

There's -- I don't care what your income is. There's no better place to celebrate the holidays or celebrate in general than Dollar Tree. No one should go anywhere else because we offer the best value. We've got the convenience, and you walk in there and our associates do it first. They can't believe what we can bring in at the price points we bring in. And so that discovery is so important.

有——我不在乎你的收入是多少。沒有比 Dollar Tree 更好的地方來慶祝節日或進行其他慶祝活動了。沒有人應該去其他地方，因為我們提供最優惠的價格。我們為您提供便利，您走進去，我們的同事會先為您辦理。他們不敢相信我們以這樣的價格能帶來什麼。所以這個發現非常重要。

So we will be balanced. We know we have to be there for what the customer needs, which has shifted the mix a bit to consumables over the last couple of years. But we know what really is the DNA of Dollar Tree, and it's discretionary.

這樣我們就會保持平衡。我們知道我們必須滿足客戶的需求，這在過去幾年已將產品組合稍微轉向消耗品。但我們真正了解 Dollar Tree 的 DNA 是什麼，它是自由裁量的。

And so look, we'll continue to provide what the customer needs. But our focus is how do we wow them at the seasons, how do we wow them at the holidays, and that's a huge focus. When you look at the expanded assortment last year in multi-price, we talked about we had to bring in what we could get in quickly. That meant domestic, that meant consumables.

所以，我們將繼續提供客戶所需的產品。但我們的重點是如何在季節中讓他們驚嘆，如何在假期中讓他們驚嘆，這是一個很大的重點。當您查看去年多種價位的擴大品種時，我們談到我們必須快速引進我們可以引進的商品。這意味著國產，意味著消耗品。

Over time, you saw in Q4 what we can do when we bring in the discretionary and really have time to buy. We buy a season a year in advance. And so to be able to really fuel that discretionary business with an expanded assortment, I'm excited about that go forward.

隨著時間的推移，您會在第四季度看到，當我們引入可自由支配的資金並真正有時間購買時，我們可以做些什麼。我們提前一年購買了一個季。因此，能夠透過擴大產品種類真正推動可自由支配業務的發展，我對未來的發展感到非常興奮。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克（Rupesh Parikh），奧本海默。

So just going back to 3.0 format store, just any positive or negative surprises you're seeing with that format? And then as you look forward, what are the bigger opportunities to further optimize the performance?

那麼回到 3.0 格式商店，您認為該格式有什麼正面或負面的驚喜嗎？那麼展望未來，進一步優化效能的更大機會是什麼？

Yes, Rupesh, it's -- the 3.0s continue to perform. The longer you're on it, the program, the better off you are, the better you perform.

是的，Rupesh，3.0 繼續發揮作用。您參加該計劃的時間越長，您的狀況就越好，您的表現就越好。

Remember, we don't do a lot of marketing, if any. Our customers need to discover us. And when they come into the store, they need to discover multi-price. And so it's very encouraging to see that the Q1 conversions remain our strongest performer.

請記住，我們不會進行大量行銷，如果有的話。我們的客戶需要發現我們。當他們走進商店時，他們需要發現多種價格。因此，看到第一季的轉換率仍然是我們表現最強勁的，我們感到非常鼓舞。

But every single conversion cohort, Q1, Q2, Q3 also grew significantly over the prior quarter, which tells us our customers are finding us. And when you bring in that expanded assortment around the seasons and around the holidays, you really see the power of multi-price.

但每個轉換群體，Q1、Q2、Q3 也比上一季有顯著成長，這說明我們的客戶正在尋找我們。當你在不同季節和假日期間擴大商品種類時，你就能真正看到多種價格的威力。

So I believe that there's some really good learnings there as we circle back around. So we talk about converting stores, introducing new stores, but the maturing of the stores and going back around to the assortment. One of the things that Rick McNeely and his team does, I think, better than anybody is they are constantly learning from what worked and what didn't work and circling back around and changing that assortment.

所以我相信，當我們回過頭來時，我們確實可以學到一些很好的知識。因此，我們談論轉換商店、開設新商店，但商店的成熟以及商品組合的回歸。我認為，里克·麥克尼利 (Rick McNeely) 和他的團隊做得比任何人都好的一件事就是，他們不斷從哪些方法有效、哪些方法無效中學習，然後不斷回過頭來改變這種組合。

So we may take a certain section and say, we're going to add 4 feet to that section, or, we may take a section and reduce the SKUs in it based on what's working and what's not working. We are so early in this game. Last year, somebody asked me what inning are we, and I said we're on the on deck circle. This year, let's call it, we're in the first inning of the multi-price evolution. And I look forward to really continuing to learn from it.

因此，我們可能會選取某個部分，然後說，我們要為該部分增加 4 英尺，或者，我們可能會選取某個部分，並根據哪些有效、哪些無效來減少其中的 SKU。我們在這場遊戲中還處於早期階段。去年，有人問我我們現在處於第幾局，我說我們在打擊區。今年，我們正處於多價格演變的第一階段。我期待著真正地繼續從中學習。

Where you say -- where are the opportunities to learn the most, it is still in the operations, getting that store set up right to begin with and making sure that's both the third-party folks that help us set up and managing that better, which we will do in 2025, and also how ready is a store to be converted.

您說的最多學習機會在哪裡，其實還是在營運中，首先要正確設定商店，確保第三方人員能夠幫助我們更好地設置和管理商店，這些我們將在 2025 年實現，同時也要考慮商店的轉型準備程度。

One of the biggest findings we had from 2024 is that you can't just muscle your way through a store and convert it because it just goes back to its poor performance. It must be ready to receive. So you can't have a store manager vacancy. You've got to have a strong assistant store manager that manages the freight in the back room.

我們從 2024 年得到的最大發現之一是，你不能只是強行闖入商店並將其轉化，因為它只會回到其糟糕的表現。它必須已做好接收準備。所以，店長職位不能空缺。你必須有一個強大的商店助理經理來管理後台的貨物。

We do those things well, the results are incredible. When we don't do those things well, we're disappointed. That's our focus for 2025 in terms of areas of improvement.

我們很好地完成了這些事情，結果令人難以置信。當我們做不好這些事時，我們會感到失望。就改進領域而言，這就是我們 2025 年的重點。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

On the multi-price, I think you guys said 220 basis points of an uptick. I believe in the second and third quarter, the numbers were higher. Just wondering if you could just speak to that directional change for us.

關於多價，我認為你們說的是上漲 220 個基點。我相信第二季和第三季的數字會更高。只是想知道您是否可以為我們談談這個方向性的變化。

And then on the '25 outlook, on a 3% to 5% comp, you're expecting 50 to 80 basis points of deleverage. Can you just speak to the factors that are going against you? Do you think you get a little bit more leverage on such a great comp?

然後，根據 25 年的展望，在 3% 到 5% 的成長率下，預計去槓桿率將達到 50 到 80 個基點。能談談對您不利的因素嗎？你認為在如此優秀的公司中，你能獲得更多的籌碼嗎？

Yes. I'll take the first one, Chuck, and then Stewart will address the 50 to 80 bps. First of all, the change in multi-price performance, if you look at the starting point and the ending point of what we're converting, the Q1 conversions we did, it was 80% of them were going from what we call 1.0 to 3.0.

是的。查克，我來回答第一個問題，然後史都華將討論 50 到 80 bps 的問題。首先，多價格表現的變化，如果您查看我們轉換的起點和終點，我們進行的第一季轉換，其中 80％ 是從我們所謂的 1.0 到 3.0。

So they hadn't been touched by the valley yet. It was all about taking the single $1.25 price point and introducing multi-price. In Q2, we were kind of on balance there, roughly 50-50. And in Q3, it switched, and it was only 20% 1.0 to 3.0, and 80% going from the valley to adding the assortment.

所以他們還沒有受到山谷的影響。這一切都是為了採用 1.25 美元的單一價格點並引入多種價格。在第二季度，我們的份額比較平衡，大約是 50-50。而在第三季度，它發生了轉變，只有 20％ 的產品從 1.0 增長到 3.0，而 80％ 的產品從低谷增長到增加品種。

One of the things we've done for 2025 is to get back on balance with the conversions. You'll see a slightly smaller number than we did last year. We're targeting about 2,000 conversions this year. And so we look at that and say, We've achieved by going with that, achieved a more balanced approach, which helps us perform as we learn.

我們為 2025 年所做的事情之一就是重新實現轉換的平衡。你會看到這個數字比去年略小。我們今年的目標是實現約 2,000 次轉換。因此，我們看著這一點，說，透過這樣做，我們已經取得了成就，取得了更平衡的方法，這有助於我們在學習的同時取得成果。

And then finally, I would just say we had talked about absolute comps in Q1, Q2, and Q3. We really are focusing on lift now. As you get through more of the chain, some of the stores we're hitting may be significantly negative comping stores.

最後，我想說我們已經討論了第一季、第二季和第三季的絕對可比較數據。我們現在真正關注的是升力。隨著你接觸到更多的連鎖店，你會發現，我們所接觸到的一些商店可能是競爭壓力很大的商店。

So if I took a negative 10% comping store and turned it into a negative 5% with multi-price, you might look at it and say, hey, I don't like that negative 5% comp, but you love the lift versus where it was. And so you get more of that as we evolve the program.

因此，如果我將一家負 10% 的同店轉變為負 5% 的多種價格，您可能會看著它說，嘿，我不喜歡那個負 5% 的同店，但與原來的情況相比，您喜歡這種提升。隨著我們不斷改進該計劃，您將獲得更多這樣的機會。

Sorry, I'll just pick up on the second part of the question, which is why do we not get the leverage. And I think you need to take into a couple of things into account here. First, at the segment level, of course, you are seeing the leverage. But as I shared in my prepared remarks, because of the sale of Family Dollar, you will see that all of the corporate costs now are being borne by the segment. And so you get automatically some deleverage from that. That's helped by some of the TSA, but we only get that in the second half of the year.

抱歉，我只想回答問題的第二部分，也就是為什麼我們沒有拿到槓桿。我認為您需要考慮以下幾點。首先，在細分層面，你當然會看到槓桿作用。但正如我在準備好的演講中所說的那樣，由於 Family Dollar 的出售，您會發現現在所有的公司成本都由該部門承擔。這樣你就會自動獲得一些去槓桿。這在一定程度上得益於 TSA 的幫助，但我們只能在下半年實現這一目標。

I think the third thing is to point out that from a Corporate SG&A perspective, we did share that we're going to see some increases in Corporate SG&A this year. That's related to some investments we're making in IT, but there are also influences there for costs which were previously being carried by Family Dollar, which now are coming back into the Corporate segment.

我認為第三件事是指出從企業銷售、一般及行政費用的角度來看，我們確實分享今年我們將看到企業銷售、一般及行政費用增加。這與我們在 IT 領域進行的一些投資有關，但也會對先前由 Family Dollar 承擔的成本帶來影響，這些成本現在又回到了企業部門。

So think about dark stores and think about some allocated costs that were going into Family Dollar. So between the IT and the dark stores and the allocation, that really comprises the 20% we spoke to in SG&A.

所以想想黑店，想想進入 Family Dollar 的一些分配成本。因此，在 IT 和暗店以及分配之間，這實際上構成了我們在銷售、一般和行政費用 (SG&A) 中提到的 20%。

And it might be easier for you if I just sort of wrap up those comments by describing the shape of the year for you. And so if you look at the shape of EPS for the year, you will see a higher backloading this year from an earnings perspective because of two essential elements.

如果我只是透過描述今年的情況來總結這些評論，對您來說可能會更容易。因此，如果你觀察今年的每股盈餘走勢，你會發現，從獲利角度來看，今年的後期負擔會更高，因為有兩個基本因素。

The first one is the TSA I spoke of that $95 million kicking in to offset SG&A costs in the second half of the year and then the five days of Christmas, which Mike spoke to, which we're expecting to have a meaningful impact on the fourth quarter in our earnings. Hopefully, that's helpful.

第一個是我剛才提到的 TSA，它有 9500 萬美元用於抵消下半年的銷售、一般及行政費用，然後是麥克提到的聖誕節五天，我們預計這將對第四季度的收益產生重大影響。希望這對你有幫助。

Kate McShane, Goldman Sachs.

高盛的凱特‧麥克沙恩 (Kate McShane)。

Can you remind us how many combo stores you have with Family Dollar and Dollar Tree and how that unwind might look?

您能否提醒我們您與 Family Dollar 和 Dollar Tree 有多少家聯營店，以及這種聯營店的分割情況如何？

And just as a follow-up to all the tariff questions, you mentioned that you can mitigate 90%, I think, of the first round of tariffs. Does that mean that the remaining 10% is going to be mitigated with higher prices?

作為對所有關稅問題的跟進，您提到我認為可以減輕第一輪關稅的 90%。這是否意味著剩下的 10% 將透過提高價格來緩解？

Sure, Kate. Thanks. So this is a clean deal. There are roughly 1,000 combo stores that will go to the new owner. There are what we call full combo, roughly 60, just under 60 that will stay with Dollar Tree. And so there is a little bit of that. Those will be rebranded Dollar Tree only. But going forward, the combo stores will be rebranded just Family Dollar and will convey in the deal.

當然，凱特。謝謝。因此這是一筆乾淨的交易。大約有 1,000 家組合商店將歸新主人所有。我們所說的全套組合大約有 60 種，略少於 60 種會留在 Dollar Tree。所以有一點這樣的情況。這些將被重新命名為 Dollar Tree。但展望未來，該組合店將更名為 Family Dollar，並將納入交易範圍。

In terms of the 90% mitigation, the 10% is in our forecast. We never stop trying to offset tariffs using every single one of the tools in our toolkit. So there are some items that we will not sell and eliminate because we're not able to mitigate it and maintain the margins we want to maintain.

就 90% 的緩解而言，10% 是在我們的預測之內。我們從未停止嘗試利用我們工具箱裡的每種工具來抵消關稅。因此，有些產品我們不會出售和淘汰，因為我們無法減輕影響並維持我們想要維持的利潤率。

There'll be other cases where in round two and round three of negotiations, we get that final 10%. And look, we'll look at country of origin. We'll decide to make something somewhere else if it fits our profile. And then yes, finally, in very strategic and surgical ways, we will look at pricing.

還有一些情況，在第二輪和第三輪談判中，我們會獲得最後的 10%。我們來看看原產國。如果符合我們的要求，我們會決定在其他地方做些事。是的，最後，我們將以非常策略性和精準的方式研究定價。

Paul Lejuez, Citigroup.

花旗集團的 Paul Lejuez。

I think you already started to take some prices up. I'm curious if that was driven by the tariffs, if that was what was driving that decision.

我認為你已經開始提高一些價格了。我很好奇這是否是由關稅推動的，是否是促使做出這項決定的因素。

And then just going back to Matt Boss' question. What do you assume in that 3% to 5% comp from a traffic versus ticket perspective? I'm not sure if I heard the answer there. And just how much are recent price moves a driver of AUR and ticket?

然後回到 Matt Boss 的問題。從客流量與票價的角度來看，您認為 3% 到 5% 的差距有多大？我不確定我是否聽到了答案。那麼近期的價格變動對 AUR 和票價的影響有多大？

And then just last, when is there a clean break from the TSA? And are there any guarantees of the leases on the Family Dollar stores by Dollar Tree?

最後一個問題，什麼時候才能與 TSA 徹底決裂？Dollar Tree 對 Family Dollar 商店的租約有任何擔保嗎？

Sure. Thanks, Paul. So we've been in an inflationary cost environment for a while now. And so the targeted actions we've taken, there are some products that we know we're the destination for the customer. We know that, that customer needs our product. It's not something we really want to eliminate. We say we don't have to have anything. We can have everything.

當然。謝謝，保羅。因此，我們現在已經處於通貨膨脹的成本環境中一段時間了。因此，我們採取了有針對性的行動，我們知道有些產品是客戶的目的地。我們知道，那個客戶需要我們的產品。這並不是我們真正想要消除的。我們說我們不需要擁有任何東西。我們可以擁有一切。

But in some cases, there are places where we're significantly below the market. We have an offering, and we want to continue to offer that for our customers. So very targeted, prayer candles, we're the best destination for prayer candles. They're made in Mexico. And so we want to make sure we could still offer them. So we will look at targeted pricing on things like that.

但在某些情況下，我們的價格明顯低於市場價格。我們提供一種產品，並且我們希望繼續為我們的客戶提供該產品。非常有針對性的祈禱蠟燭，我們是祈禱蠟燭的最佳目的地。它們是在墨西哥製造的。因此我們希望確保我們仍然可以為他們提供服務。因此，我們將研究類似產品的目標定價。

It is -- tariffs are a part of it. But we've been in an inflationary cost environment, state minimum mandated wages, just market wage adjustments, investments, all those things have created an inflationary environment, and we're looking at our full toolkit that the merchants have to address those.

是的——關稅是其中的一部分。但是我們一直處於通貨膨脹的成本環境中，國家規定的最低工資、市場工資調整、投資，所有這些都造成了通貨膨脹的環境，我們正在研究商家必須採取的全部措施來解決這些問題。

The 3% to 5% comp, we really want -- we love when we can expand ticket and traffic. I always love to grow traffic. More importantly, I love to take share. But the strength in ticket in Q4, we believe, really showed the power of multi-price and especially showed the power of the holidays and the seasons to Dollar Tree. And so as you look forward, we will look to both. We want to make sure we're growing both ticket and traffic.

我們真正想要的是 3% 到 5% 的折扣——當我們能夠擴大票價和流量時，我們會很高興。我總是喜歡增加流量。更重要的是，我喜歡分享。但我們認為，第四季度票務的強勁表現真正顯示了多種價格的威力，尤其是假期和季節對 Dollar Tree 的威力。因此，當您展望未來時，我們也會同時展望未來。我們希望確保票務量和流量都成長。

And then finally, this is a clean deal in terms of how we convey. We have the dark stores from the first round of closures that we did, roughly 300 dark stores. Other than that, this is a clean deal where everything conveys.

最後，從我們傳達的方式來看，這是一項乾淨的協議。我們第一輪關閉的黑暗商店大約有 300 家。除此之外，這是一項乾淨的交易，一切都已達成。

Karen Short, Melius Research.

凱倫·肖特（Karen Short），Melius Research。

So congratulations on something that has been long awaited by many in the investment community. I have two questions. One is, what is the right run rate to think about for Dollar Tree banner on operating margin once we get past transition in 2025?

因此，我們要對投資界許多人期待已久的事情表示祝賀。我有兩個問題。一是，一旦我們在 2025 年度過轉型期，Dollar Tree 橫幅廣告的正確營業利潤率應該考慮多少？

And the second question I had was, anything to call out with respect to a breakup fee in this transaction, if there's anything to point out?

我的第二個問題是，關於這筆交易中的分手費，有什麼需要指出的嗎？

In terms of the run rate, I think this company, given the right amount of time, has been able to maintain a very healthy gross margin. We know we have opportunity in an elevated inflationary cost environment to manage our costs better.

就運行率而言，我認為，只要給予適當的時間，這家公司就能夠維持非常健康的毛利率。我們知道，在通膨成本上升的環境中，我們有機會更好地管理成本。

You heard Stewart talk about that in his prepared remarks. You get a little bit in 2025, where it's uneven because you're bearing full Corporate shared costs with only six months of a TSA. But when we look out over the multiyear and I start to look at that algorithm of opening new stores, where we can comp and where we can keep our margins, I really like how that plays out over the multiyear.

您聽到斯圖爾特在他的準備好的演講中談論了這一點。到 2025 年，你會得到一點點，但這是不平衡的，因為你只承擔了六個月的 TSA 而公司承擔了全部的共享成本。但是，當我們放眼多年之後，我開始研究開設新店的演算法，看看我們在哪裡可以競爭，在哪裡可以保持利潤率，我真的很喜歡這種演算法在多年內的運作方式。

Given the right amount of time, we believe we can put this business in a very attractive position over the long haul. And then deal specific?

我們相信，只要有足夠的時間，從長遠來看，我們就可以讓這項業務處於非常有吸引力的地位。然後具體處理嗎？

Maybe, look, just a couple of comments here. I think just structurally, the operating margin of the business changes as soon as you sell Family Dollar because that had a lot of revenue with a much smaller operating margin.

也許，看，這裡只有幾條評論。我認為從結構上來說，一旦你出售 Family Dollar，業務的營業利潤率就會發生變化，因為該公司的收入很高，但營業利潤率卻小得多。

So you will see a pickup immediately. Obviously, the carrying of the full cost in the short run is going to work against the operating margin, despite the pickup. It will be net positive, but you will have some pressure from carrying that total cost.

因此您會立即看到一輛皮卡。顯然，儘管營業利潤率有所回升，但短期內承擔全部成本將對營業利潤率產生不利影響。這將產生淨收益，但是您將面臨承擔總成本的壓力。

But if you looked at our supplemental slides we shared, you'll see in there a chart that shows how we are planning to work down those corporate costs. So even before we start talking about improvements in the banner, you will see with our corporate costs coming down over time, we're talking about 100 basis points, all that's going to be flowing down into our operating margin.

但如果您看了我們分享的補充投影片，您會看到其中有一張圖表，顯示了我們計劃如何降低這些公司成本。因此，在我們開始談論橫幅的改進之前，您就會看到，隨著我們的企業成本隨著時間的推移而下降，我們談論的是 100 個基點，所有這些都將流入我們的營業利潤率。

So it's reasonable to expect a fairly meaningful improvement in our operating margin. We will share more in upcoming call and potentially at an Investor Day later this year, where we'll give you more benefit of the knowledge of what this going-forward algorithm will look like, and you'll get more detail at that point.

因此，我們有理由期待我們的營業利潤率會出現相當顯著的提高。我們將在即將召開的電話會議以及今年晚些時候的投資者日上分享更多信息，屆時我們將讓您更多地了解這個未來演算法將會是什麼樣的，您將在那時獲得更多細節。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

I wanted to focus on the gross margin. The guidance is for a modest improvement in '25. Now obviously, you said that you mitigated the first 10% tariffs here. I just want to clarify that means that there's no impact on the gross margin. I think that's how the commentary implied, but just wanted to clarify that.

我想關注毛利率。該預期是 25 年將出現適度改善。很明顯，您說您已經降低了前 10% 的關稅。我只是想澄清一下，這意味著對毛利率沒有影響。我認為評論就是這麼暗示的，但我只是想澄清這一點。

And then there should be some tailwinds, so I'm just curious what are some of the other offsets to gross margin this year. If you could give us the puts and takes, that would be helpful.

然後應該會有一些順風，所以我只是好奇今年還有哪些因素可以抵銷毛利率。如果您能告訴我們利弊，那將會很有幫助。

Yes, Stewart. Maybe just look, picking up on gross margin. Keep in mind the comments that we made in the prepared remarks. We have obviously considered that first round of tariffs in our gross margin. The second round is not included in there, which is why we gave you the $20 million a month run rate. So that's -- I think that's the first thing.

是的，斯圖爾特。也許只是看看，提高毛利率。請記住我們在準備好的評論中提出的評論。我們顯然已經將第一輪關稅考慮在我們的毛利率中。第二輪融資不包括在其中，這就是為什麼我們給你每月 2000 萬美元的運行率。所以這是——我認為這是第一件事。

Look, from a tailwind perspective, I don't think there's anything meaningful in our gross margin that will be affecting our tailwinds. You'll have taken obviously the benefits that Mike talked about on an ongoing basis, seeing the benefits of multi-price coming through, but that's not going to look dramatically different than what we saw last year as we bring through new multi-price this year.

從順風角度來看，我認為我們的毛利率不會受到任何重大影響。顯然，您將持續享受到 Mike 談到的益處，看到多種價格的好處，但這與我們去年看到的不會有很大不同，因為我們今年推出了新的多種價格。

We've talked about freight seeing some modest benefit in freight. I wouldn't necessarily call that a tailwind. I think there's a market benefit that's coming through there.

我們已經討論過貨運方面看到的一些適度收益。我並不一定會稱此為順風。我認為這會產生市場利益。

When you start talking about SG&A, down in SG&A, we will, of course, lap the benefit from the charge we took last year related to general liabilities, but you have other offsetting onetime that we had last year, and we also will see higher depreciation based on the CapEx we put through last year offsetting that.

當您開始談論銷售、一般及行政費用時，在銷售、一般及行政費用中，我們當然會從去年與一般負債相關的費用中獲得收益，但您還有去年的其他抵消費用，而且我們還將看到基於去年我們投入的資本支出的更高折舊，以抵消這一點。

So I'm not sure on a net basis from an SG&A standpoint that there's any real onetime upside that you should consider in your model for this year.

因此，從銷售、一般及行政開支的淨額來看，我不確定您今年的模型中是否存在任何實際的一次性上行空間值得考慮。

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

我們的問答環節已經結束。我想將發言權轉回給大家，以便大家可以發表進一步的評論或結束語。

Thank you all for joining us this morning, and have a great day. Thank you.

感謝大家今天早上加入我們，祝大家有個愉快的一天。謝謝。

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

今天的電話會議和網路直播到此結束。此時您可以斷開您的線路，並享受美好的一天。我們感謝您今天的參與。