美元樹 (DLTR) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Dollar Tree First Quarter 2025 Earnings Call. (Operator Instructions) As a reminder, this conference is being recorded.

您好，歡迎參加 Dollar Tree 2025 年第一季財報電話會議。（操作員指示）提醒一下，本次會議正在錄音。

I'd now like to turn the call over to your host, Mr. Bob LaFleur, Senior Vice President, Investor Relations for Dollar Tree. Thank you. You may begin.

現在我想將電話轉給主持人、Dollar Tree 投資者關係資深副總裁 Bob LaFleur 先生。謝謝。你可以開始了。

Good morning, and thank you for joining us today to discuss Dollar Tree's first quarter fiscal 2025 results. With me today are Dollar Tree's CEO, Mike Creedon; and CFO, Stewart Glendinning.

早安，感謝您今天加入我們討論 Dollar Tree 2025 財年第一季的業績。今天和我一起的還有 Dollar Tree 的執行長 Mike Creedon 和財務長 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、計劃和未來前景所做的一些評論，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 Discussion and Analysis of Financial Condition and Results of Operations section in our annual report on Form 10-K filed on March 26, 2025, our most recent press release and Form 8-K and other filings with the SEC. We caution against reliance on any forward-looking statements made today, and we disclaim any obligation to update any forward-looking statements, except as required by law.

有關可能影響我們實際結果的風險和不確定性的信息，請參閱我們於 2025 年 3 月 26 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。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. Additionally, unless otherwise stated, all comparisons discussed today for the first quarter of fiscal 2025 are against the same period a year ago.

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 財務指標的對帳表已在今天的收益報告中提供，可在我們網站的 IR 部分查閱。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。此外，除非另有說明，今天討論的 2025 財年第一季的所有比較均與去年同期進行比較。

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 Stewart will take your questions. Given the number of callers who would like to participate in today's session, we ask that you limit yourself to 1 question. I'd now like to turn the call over to Mike.

在我們準備好發言之後，麥克和史都華將回答大家的提問。考慮到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。現在我想把電話轉給麥克。

Good morning, everyone. Thank you for joining us today. Let me begin my comments by thanking our associates and leadership team for their efforts in delivering a strong first quarter result. In Q1, we delivered upside across every key metric and results exceeded the outlook we provided. Our expanded assortment strategy is having the intended impact of driving incremental traffic, ticket and comp.

大家早安。感謝您今天加入我們。首先，我要感謝我們的同事和領導團隊為實現第一季的強勁業績所做的努力。在第一季度，我們在每個關鍵指標上都取得了進步，業績超出了我們預期。我們擴大的商品種類策略正在產生預期的效果，推動客流量、票務和補償的增加。

We also continue to grow the Dollar Tree footprint, recently celebrating the opening of our 9,000th store located in Plano, Texas. As excited as we are to reach this milestone, we're just as excited about the growth runway ahead of us.

我們也繼續擴大 Dollar Tree 的足跡，最近慶祝了位於德克薩斯州普萊諾的第 9,000 家門市的開幕。我們為達到這一里程碑而感到興奮，同時我們對未來的成長跑道也同樣感到興奮。

Turning now to our Q1 results. We are pleased with our performance. Amid increasing volatility, we remain focused on the things that are within our control and our results demonstrate just how much progress our teams have made in areas like rolling out our expanded assortment, improving store conditions and achieving strong sell-through of seasonal merchandise.

現在來看看我們的第一季業績。我們對自己的表現很滿意。在日益動盪的環境中，我們仍然專注於我們能夠控制的事情，我們的業績證明了我們的團隊在推出擴大的商品種類、改善店舖條件和實現季節性商品的強勁銷售等方面取得了多大的進步。

Q1 comps and net sales both exceeded the high end of our outlook range, driven by a strong Valentine's Day and Easter. Additionally, the revenue contribution from noncomp stores was up nearly 90% year-over-year, led by ongoing strength in the former $0.99 only portfolio. Adjusted EPS from continuing operations came in $0.01 above our outlook range at $1.26, reflecting strong sales and ongoing focus in expense management.

受情人節和復活節的強勁推動，第一季的同店銷售額和淨銷售額均超出了我們預期範圍的高端。此外，非同店銷售收入貢獻年增近 90%，這主要得益於先前售價僅為 0.99 美元的商品組合的持續強勁成長。調整後的持續經營每股收益比我們的預期範圍高出 0.01 美元，達到 1.26 美元，反映出強勁的銷售業績和對費用管理的持續關注。

Dollar Tree's 5.4% cap was nicely balanced with traffic up 2.5% and ticket up 2.8%. And category performance was strong across the board with consumables comp up 6.4% and discretionary comp up 4.6%, our highest discretionary comp since Q4 of 2022.

Dollar Tree 的 5.4% 上限與客流量成長 2.5% 和票價成長 2.8% 之間實現了良好的平衡。各類別表現均表現強勁，消耗品類比成長 6.4%，非必需品類比成長 4.6%，為 2022 年第四季以來最高非必需品的類比成長。

We always start with our customer. And today, our customers need us now more than ever. Each week, more shoppers across a diverse range of economic and demographic backgrounds are responding to the appeal of Dollar Tree's unique value, convenience and discovery proposition. Our gains in dollar and unit market share accelerated in Q1. In fact, we gained twice as much unit share in Q1 as we did in Q4.

我們始終以客戶為中心。今天，我們的客戶比以往任何時候都更需要我們。每週，越來越多來自不同經濟和人口背景的購物者對 Dollar Tree 獨特的價值、便利性和發現主張的吸引力做出回應。我們在第一季的美元和單位市佔率成長加速。事實上，我們第一季獲得的單位份額是第四季的兩倍。

These gains are driven by strong trends in immediate consumption purchases like candy, snacks and beverages as well as key discretionary categories.

這些成長是由糖果、零食和飲料等即時消費品以及主要非必需品類別的強勁趨勢所推動的。

New customers and increasing trip frequency are both driving share gains. We added 2.6 million new customers in Q1, and the number of customers who visit a Dollar Tree store 3 times a month or more increased by 9%.

新客戶和不斷增加的出行頻率均推動著市場份額的成長。我們在第一季增加了 260 萬名新客戶，每月造訪 Dollar Tree 商店 3 次或以上的客戶數量增加了 9%。

Trade and trends remain strong as we attract customers from other retail channels. In recent quarters, higher income customers have been a meaningful growth driver for us. In Q1, we had measurable sales improvement across all income levels with the most growth coming from our higher income customers. In particular, we saw a meaningful traffic increase from customers with household incomes of more than $100,000, demonstrating Dollar Tree's broad appeal.

由於我們從其他零售通路吸引客戶，貿易和趨勢依然強勁。最近幾個季度，高收入客戶已成為我們重要的成長動力。在第一季度，我們各個營收水準的銷售額都取得了顯著的成長，其中最大的成長來自於高收入客戶。特別是，我們看到家庭收入超過 10 萬美元的顧客的流量顯著增加，這證明了 Dollar Tree 的廣泛吸引力。

Dollar Tree is resonating with its customers. In the current environment, our low prices and smaller pack sizes are perfect for families trying to manage a tight household budget. And our expanded assortment is attractive to all customers across every income level. We believe that value, convenience and discovery is exactly the right formula for all of our customers.

Dollar Tree 正在引起顧客的共鳴。在當前環境下，我們的低價和較小的包裝尺寸非常適合那些試圖控制緊張家庭預算的家庭。我們擴大的商品種類對各個收入水準的顧客都有吸引力。我們相信，價值、便利性和發現正是適合我們所有客戶的正確公式。

Q1 marked the 1-year anniversary of our Multi-Price 3.0 launch, demonstrating the broader appeal of our expanded assortment, the 3.0 portfolio continues to outperform our other store formats by providing a nice boost to traffic, ticket, comp and discretionary mix. During the quarter, we completed approximately 500 3.0 conversions, and we are still on track to have about half the store base converted by year-end.

第一季是我們推出多價位 3.0 一周年，證明了我們擴大產品系列的廣泛吸引力，3.0 產品組合繼續優於我們的其他商店形式，為流量、票務、補償和可自由支配組合提供了良好的推動力。在本季度，我們完成了大約 500 個 3.0 轉換，我們仍有望在年底前完成大約一半的門市轉換。

Now let me shift to tariffs. As I detailed for you last quarter, our merchant and operations teams have spent the past several years developing contingency plans to address a wide range of potential disruptions to global trade, including tariffs. As a result of these efforts, we have multiple tools in place to address any challenges. As a reminder, the 5 levers we have available to address cost inflation, including tariffs are negotiating with our suppliers, reinspecting products, moving country of origin, dropping noneconomic items and leveraging our expanded multi-price capabilities. Today, we are actively engaged on multiple fronts to mitigate the impact of inflationary cost pressures, including tariffs.

現在讓我來談談關稅。正如我在上個季度向您詳細介紹的那樣，我們的商家和營運團隊在過去幾年中一直在製定應急計劃，以應對包括關稅在內的各種潛在的全球貿易中斷。透過這些努力，我們擁有多種工具來應對任何挑戰。提醒一下，我們可以用來解決成本上漲的 5 個手段，包括關稅，與我們的供應商談判，重新檢查產品，轉移原產國，放棄不經濟的商品，並利用我們擴大的多價格能力。今天，我們正積極從多個方面努力減輕包括關稅在內的通膨成本壓力的影響。

As we discussed last quarter, our teams effectively use these levers to offset 90% of the first round of tariffs, the initial 10% announced in February. And we are continuing to employ these levers to address the latest round. But the tariff landscape is highly fluid and changing week to week. So we are focused on agility and on improving that agility. As always, our goal is to use our significant scale, combined with the uniqueness and flexibility of our assortment to secure the lowest landed cost on the products we source and provide our customers with compelling products at a great relative value.

正如我們上個季度所討論的那樣，我們的團隊有效地利用這些槓桿來抵消第一輪關稅的 90%，即 2 月宣布的初始 10%。我們將繼續利用這些手段來應對最新一輪的爭端。但關稅形勢高度不穩定，每週都在變動。因此，我們專注於敏捷性並提高敏捷性。像往常一樣，我們的目標是利用我們龐大的規模，結合我們產品組合的獨特性和靈活性，確保我們採購的產品具有最低的到岸成本，並為我們的客戶提供具有較高相對價值的引人注目的產品。

Since our founding, we have been committed to delivering great value at low prices, and that mission is just as central to our business today as it was when Macon Brock, Doug Perry and Ray Compton opened the first Dollar Only store back in 1986. To put things in perspective, the average unit retail or AUR in our first Dollar Store was $1. Today, almost 40 years later, our AUR is around $1.35, and 85% of the items in the store are still priced under $2. No other retailer has been able to sustain a value proposition like that for as long as we have.

自成立以來，我們一直致力於以低廉的價格提供巨大的價值，這項使命對於我們今天的業務來說，就像 1986 年 Macon Brock、Doug Perry 和 Ray Compton 開設第一家 Dollar Only 商店時一樣重要。為了更清楚地說明情況，我們第一家一元商店的平均單位零售價或 AUR 為 1 美元。如今，近 40 年後，我們的 AUR 約為 1.35 美元，商店中 85% 的商品價格仍低於 2 美元。沒有其他零售商能夠像我們一樣長期維持這樣的價值主張。

What has made us successful over the years is our ability to remain agile in how we deliver value. We are constantly adapting to the evolving needs of our customers, not just by what we offer, but by how we offer it.

多年來，我們之所以取得成功，是因為我們能夠保持靈活的價值交付方式。我們不斷適應客戶不斷變化的需求，不僅透過我們提供的產品，而且透過我們提供產品的方式。

The evolution of our business model towards multi-price has added a new dimension to our agility. Multi price allows us to expand our product assortment to give customers access to a wider variety of items at a wider variety of value-centered price points. This way, our offerings remain attractive and relevant under a wide range of macro inflationary and tariff scenarios. And as the success of our 3.0 stores suggest, our customers are responding positively.

我們的業務模式向多種價格的演變為我們的敏捷性增添了新的維度。多種價格使我們能夠擴大產品種類，讓客戶能夠以更廣泛的以價值為中心的價格點購買到更多種類的商品。這樣，我們的產品在各種宏觀通膨和關稅情境下仍具有吸引力和相關性。正如我們的 3.0 商店的成功所表明的那樣，我們的客戶反應積極。

As we build on the ability to meet our customers' needs and deliver great value, we will continue to scale this model. This enables us to respond to our customers' needs, strengthen our value proposition and support profitable growth over the long term.

隨著我們滿足客戶需求和提供巨大價值的能力不斷增強，我們將繼續擴展這一模式。這使我們能夠回應客戶的需求，加強我們的價值主張並支持長期獲利成長。

Given the volatility of today's operating environment, it is challenging to predict with precision the near-term performance of the business in Q2, especially regarding tariff and other cost mitigation efforts. Stepping back and taking a full year view, we believe that by successfully deploying our 5 levers, we will be able to mitigate most, if not all, of the potential earnings impact from higher tariffs, assuming the current levels remain in place.

鑑於當今經營環境的波動性，準確預測第二季業務的近期表現具有挑戰性，尤其是在關稅和其他成本緩解措施方面。退一步來看，從全年來看，我們相信，透過成功部署我們的五個槓桿，我們將能夠減輕提高關稅對盈利造成的大部分（如果不是全部）潛在影響（假設目前的水平保持不變）。

To this end, we are updating our full year adjusted EPS outlook range to $5. 15 to $5.65, which is essentially the outlook we provided last quarter, adjusted for our year-to-date share repurchases. Stewart will share more details on our outlook shortly.

為此，我們將全年調整後每股收益預期範圍更新為 5.15 美元至 5.65 美元，基本上是我們上個季度提供的預期，並根據今年迄今為止的股票回購進行了調整。斯圖爾特將很快分享有關我們展望的更多細節。

Before I close, I wanted to update you on the Family Dollar sale. We have received U.S. regulatory approval for the transaction, and we remain on track for an early summer close. As we work through the final logistics of separating the 2 companies, our leadership team remains focused on growing and strengthening the core Dollar Tree business. As I detailed last quarter, selling Family Dollar sharpens our operational focus, strengthens our balance sheet and is highly cash flow accretive.

在結束之前，我想向您介紹一下 Family Dollar 促銷的最新情況。我們已獲得美國監管機構對該交易的批准，預計夏初完成交易。在我們完成兩家公司分離的最後物流工作時，我們的領導團隊仍然專注於發展和加強 Dollar Tree 的核心業務。正如我上個季度所詳述的那樣，出售 Family Dollar 可以增強我們的營運重點、增強我們的資產負債表，並大大增加現金流。

In closing, we're proud of what we accomplished this quarter, and we're even more excited about what lies ahead. Our strong performance in Q1 underscores the progress we've made against our strategic priorities. And it is a clear signal that our customers are responding positively to that progress. From store operations to merchandising, from sourcing to in-store execution, every part of our business is becoming more agile, better aligned and more resilient. The Dollar Tree model is uniquely positioned to succeed in times like these.

最後，我們為本季所取得的成就感到自豪，並對未來充滿期待。我們第一季的強勁表現凸顯了我們在策略重點方面的進展。這清楚地表明我們的客戶對這一進展做出了積極的反應。從商店營運到商品銷售，從採購到店內執行，我們業務的每個部分都變得更加靈活、更加協調、更具彈性。在這樣的時代，Dollar Tree 模式具有獨特的優勢，能夠取得成功。

Thanks to the hard work and commitment of our teams, I'm confident in our ability to navigate whatever near-term challenges we may face. With that, I'll turn the call over to Stewart. Stewart?

感謝我們團隊的辛勤工作和承諾，我相信我們有能力應對我們可能面臨的任何短期挑戰。說完這些，我將把電話轉給史都華。史都華？

Thank you, and good morning. As Mike mentioned, our latest results reflect continued top line momentum and strong margin performance. Solid execution of our multi-price strategy and expense management combined to deliver upside relative to our internal expectations and the Q1 outlook that we previously provided. Unless otherwise noted, I'll focus my prepared comments on Dollar Tree's continuing operations.

謝謝，早安。正如麥克所提到的，我們的最新業績反映了持續的收入成長動能和強勁的利潤率表現。我們多價格策略和費用管理的穩健執行相結合，為我們的內部預期和我們先前提供的第一季展望帶來了上行空間。除非另有說明，我將專注於 Dollar Tree 的持續經營業務。

First quarter adjusted EPS from continuing operations was $1.26, which exceeded the high end of our outlook range of $1.10 to $1.25. Turning to results from continuing operations as compared to the same period of last year, our revenue increased by 11.3%, driven by a 5.4% comparable store sales growth and a 7.4% increase in square footage from last year.

第一季調整後持續經營業務每股收益為1.26美元，超出我們1.10美元至1.25美元的預期區間上限。持續經營業務績效方面，與去年同期相比，我們的營收成長了11.3%，這得益於同店銷售額成長5.4%以及營業面積成長7.4%。

Adjusted operating income was $388 million, a 1.4% increase from last year. Adjusted operating margin declined 80 basis points, driven by a 20 basis point increase in gross margin, offset by a 100 basis point increase in the adjusted SG&A rate.

調整後的營業收入為 3.88 億美元，比去年增長 1.4%。調整後的營業利潤率下降了 80 個基點，原因是毛利率增加了 20 個基點，但調整後的銷售、一般及行政費用率增加了 100 個基點，抵消了這一影響。

The gross margin improvement came from lower freight costs, improved mark-on and lower occupancy due to sales leverage from the strong comps. Our SG&A rate was negatively impacted by higher depreciation related to investments in our stores, wage-related payroll increases, general liability claims and utility costs partially offset by lower stock compensation expense and less temporary labor related to our 3.0 conversions. Our adjusted effective tax rate was 26.1%, compared to 24.6%, reflecting increased tax expense for share-based payment awards. Adjusted net income was $270 million, compared to $268 million.

毛利率的提高得益於運費成本的降低、加價幅度的提高以及強勁同店銷售槓桿帶來的入住率的降低。我們的銷售、一般及行政費用率受到與門市投資相關的較高折舊費、與工資相關的工資增加、一般責任索賠和公用事業成本的負面影響，但股票薪酬費用的降低和與 3.0 轉換相關的臨時勞動力的減少部分抵消了這一影響。我們的調整後有效稅率為 26.1%，而之前為 24.6%，這反映了以股份為基礎的支付獎勵的稅費增加。調整後淨收入為 2.7 億美元，去年同期為 2.68 億美元。

Moving on to the balance sheet and free cash flow. Total inventory increased $247 million or 10% to $2.7 billion on higher mark on and inventory receipts as we expanded our multi-price assortment. We ended the quarter with $1 billion in cash and cash equivalents. On the cash flow statement for continuing operations for the quarter, generated $379 million in cash from operating activities, had capital expenditures of $249 million and delivered $130 million of free cash flow.

繼續討論資產負債表和自由現金流。隨著我們擴大了多價位商品組合，由於利潤和庫存收入增加，總庫存增加了 2.47 億美元（10%），達到 27 億美元。本季末，我們的現金和現金等價物為 10 億美元。在本季持續經營現金流量表中，經營活動產生了 3.79 億美元的現金，資本支出為 2.49 億美元，並產生了 1.3 億美元的自由現金流。

We ended the quarter with no borrowings under our revolvers, no commercial paper outstanding and bank-defined leverage below 2.5x. Subsequent to the end of the first quarter, we paid off our $1 billion May 2025 senior notes using a combination of commercial paper and available cash on hand. Recall that on last quarter's call, we announced a new $1 billion 364-day revolver to address this maturity in addition to extending our pre-existing 5-year $1.5 billion credit facility to 2030. As a result, we continue to have ample liquidity between cash on hand and availability under these credit facilities to meet the ongoing capital needs of the business.

本季末，我們的循環信貸額度下沒有借款，沒有未償還的商業票據，銀行規定的槓桿率低於2.5倍。第一季結束後，我們利用商業票據和可用現金償還了10億美元2025年5月到期的優先票據。回想一下，在上個季度的電話會議上，我們宣布了一項新的 10 億美元 364 天循環信貸額度來解決這一到期問題，此外還將我們現有的 5 年期 15 億美元信貸額度延長至 2030 年。因此，我們庫存現金和這些信貸安排下的可用資金之間繼續擁有充足的流動性，以滿足業務持續的資本需求。

As Mike mentioned, the proceeds from the Family Dollar sale will put us in an even stronger cash position. During the first quarter, we repurchased approximately 5.9 million shares of common stock for approximately $437 million, including excise tax. Subsequent to quarter end, we purchased an additional 780,000 shares for approximately $68 million. Year-to-date, we have completed over $500 million of share repurchases.

正如麥克所提到的，Family Dollar 銷售所得將使我們的現金狀況更加強勁。第一季度，我們以約 4.37 億美元（包括消費稅）回購了約 590 萬股普通股。季度末之後，我們又以約 6,800 萬美元的價格購買了 78 萬股。年初至今，我們已經完成了超過5億美元的股票回購。

The pending sale of Family Dollar remains on track, and we expect the transaction to close during the second quarter. As we indicated last quarter, we are in the process of establishing transition service agreements, or TSAs, for shared services. These agreements will allow us to provide ongoing support and services to the new buyers and to ensure business continuity for Family Dollar after the separation is complete. Recall that because Family Dollar is being treated as discontinued operations from an accounting perspective, Dollar Tree will be burdened by a full year of corporate SG&A, but we will not receive any TSA-related income to offset these expenses until after the deal closes. This timing mismatch will negatively impact our first half and full year profitability.

Family Dollar 的待售仍在進行中，我們預計交易將在第二季完成。正如我們上個季度所指出的，我們正在為共享服務建立過渡服務協議（TSA）。這些協議將使我們能夠為新買家提供持續的支援和服務，並確保 Family Dollar 在分離完成後的業務連續性。回想一下，由於從會計角度來看 Family Dollar 被視為已停止經營，Dollar Tree 將承擔全年的企業銷售、一般和行政費用，但在交易結束之前，我們不會收到任何與 TSA 相關的收入來抵銷這些費用。這種時間錯配將對我們上半年和全年的獲利能力產生負面影響。

Our current outlook for TSA-related income for fiscal 2025 is approximately $85 million to $90 million subject to final adjustment at the time of deal close. This figure is based on internal and third-party estimates and will begin meaningfully running through the P&L in the third and fourth quarters.

我們目前對 2025 財年 TSA 相關收入的預測約為 8,500 萬至 9,000 萬美元，具體金額將在交易完成時進行最終調整。該數字基於內部和第三方估計，並將在第三季和第四季開始對損益表產生重大影響。

Now let me provide our updated perspective on fiscal 2025. First, we are reiterating the full year comp and revenue outlook that we provided last quarter, namely net sales in the range of $18.5 billion to $19.1 billion and comparable same-store sales growth of 3% to 5%. We are updating our outlook for full year adjusted EPS from continuing operations to $5.15 to $5.65, which is essentially the same net income range implied by our previous outlook, adjusted to reflect our year-to-date share repurchases.

現在，讓我提供我們對 2025 財年的最新看法。首先，我們重申上個季度提供的全年業績和收入預期，即淨銷售額在 185 億美元至 191 億美元之間，同店銷售額增長 3% 至 5%。我們將全年調整後持續經營每股收益預期更新為 5.15 美元至 5.65 美元，這與我們之前的預期所暗示的淨收入範圍基本相同，並根據我們今年迄今為止的股票回購情況進行了調整。

Over the balance of this year, assuming tariffs remain at their current levels, we believe we can address the tariff and other cost pressures we face using the 5 levers that Mike discussed earlier. In the near term, we do expect to see some volatility relating to timing issues as the various inputs and outputs work their way through our P&L. While we delayed some shipments in early April when the tariff adjustments were first announced, some products did arrive in the United States that were subject to the highest tariffs and some of those items will work their way through our system before the full breadth of our mitigation efforts are deployed. As such, we expect our second quarter profits to be meaningfully lower than last year in light of higher tariff and other costs, including some costs we absorbed during the 145% window on China tariffs.

假設關稅在今年餘下時間保持在當前水平，我們相信我們可以使用麥克之前討論的 5 個槓桿來解決我們面臨的關稅和其他成本壓力。在短期內，隨著各種輸入和輸出在我們的損益表中發揮作用，我們確實預期會看到與時間問題相關的一些波動。雖然我們在 4 月初關稅調整首次宣佈時推遲了部分貨物的發貨，但確實有一些產品抵達了美國，並且這些產品需要繳納最高關稅，而其中一些產品將在我們全面部署減稅措施之前通過我們的系統進行處理。因此，考慮到關稅和其他成本的提高（包括我們在中國關稅 145% 期間吸收的一些成本），我們預計第二季的利潤將比去年大幅下降。

From a timing perspective, that is approximately $70 million more of a COGS impact in the second quarter than what was contemplated in our original (inaudible) is also fluid. We now expect the initial round of labor and other cost investments associated with these efforts in the second quarter to be approximately $40 million higher. We expect the benefits of these efforts will be largely realized on a go-forward basis in the second half of the year.

從時間角度來看，第二季的 COGS 影響比我們最初預期的多約 7000 萬美元（聽不清楚）也是不確定的。我們現在預計第二季與這些工作相關的首輪勞動力和其他成本投資將增加約 4,000 萬美元。我們預計這些努力的成果將在今年下半年基本實現。

So on a net basis, we're expecting a transitory impact on our near-term profitability as elevated costs run through our P&L in Q2, while the benefits and profit recovery from our mitigation efforts should materialize later in the year. As such, our Q2 adjusted EPS from continuing operations could be down as much as 45% to 50% year-over-year before reaccelerating in Q3 and Q4 to get us back on track to reach our full year target.

因此，從淨值來看，我們預計成本上升將對我們的近期獲利能力產生暫時影響，因為成本上升將在第二季度影響我們的損益表，而我們緩解措施帶來的收益和利潤恢復將在今年稍後實現。因此，我們第二季調整後的持續經營每股盈餘可能年減 45% 至 50%，然後在第三季和第四季重新加速，使我們重回正軌，實現全年目標。

We expect to recover these costs in the back half of the year given the lower tariff rates that are currently in effect and as we ramp up our commercial efforts and build on the strong business trends we saw in Q1. It's worth noting that on a gross unmitigated basis, all the higher tariff rates announced this year amount to a year-over-year cost increase of approximately $200 million across the balance of this fiscal year. To put this in context of the line item, this is less than our expected payroll inflation for the full year. So we're well equipped to deal with the tariffs as we address other cost increases as well.

鑑於目前實施的較低關稅稅率，以及我們加大商業努力並鞏固第一季強勁的業務趨勢，我們預計今年下半年將收回這些成本。值得注意的是，從總體來看，今年宣布的所有上調關稅稅率將導致本財年剩餘時間的成本年增約 2 億美元。從具體項目來看，這低於我們預期的全年薪資通膨率。因此，我們有能力應對關稅問題，同時也能解決其他成本增加的問題。

From a top line perspective, given trends to date and our outlook for the balance of the quarter, we believe Q2 comps will be towards the higher end of our full year outlook range of 3% to 5%. On full year basis, assuming tariff rates remain at their current levels, we believe we can offset the negative earnings impact of inflationary costs, including tariffs and deliver $5.15 to $5.65 of adjusted EPS. With that, for the full year on a continuing operation basis, we expect gross margin improvement of approximately 50 to 75 basis points.

從營收角度來看，鑑於迄今為止的趨勢以及我們對本季剩餘時間的展望，我們認為第二季的銷售額將接近我們全年預期範圍 3% 至 5% 的高端。從全年來看，假設關稅稅率保持在當前水平，我們相信我們可以抵消包括關稅在內的通膨成本對盈利的負面影響，實現 5.15 美元至 5.65 美元的調整後每股收益。因此，我們預計全年持續經營毛利率將提高約 50 至 75 個基點。

For Dollar Tree segment SG&A, we anticipate approximately 100 to 110 basis points of year-over-year deleveraging. For corporate SG&A, prior to any TSA reimbursement, we expect costs to increase approximately 20% on a year-over-year basis. We expect TSA proceeds of approximately $85 million to $90 million subject to final adjustments.

對於 Dollar Tree 部門的銷售、一般及行政費用，我們預計將年比去槓桿率下降約 100 至 110 個基點。對於企業銷售、一般及行政費用 (SG&A)，在任何 TSA 報銷之前，我們預計成本將年增約 20%。我們預計 TSA 收益約為 8500 萬至 9000 萬美元，具體取決於最終調整。

Finishing the P&L, we expect net interest and other income of approximately $95 million and an effective tax rate of 25%. We still expect capital expenditures to be in the range of $1.2 billion to $1.3 billion, including approximately 400 new Dollar Tree store openings and approximately $110 million as we start reconstruction of our DC in Marietta, Oklahoma. Here, I would also add that 2025 should be the peak in our multiyear investment cycle. So we would expect CapEx to be lower in 2026 and 2027.

完成損益表後，我們預計淨利息和其他收入約為 9,500 萬美元，有效稅率為 25%。我們仍預計資本支出將在 12 億美元至 13 億美元之間，其中包括開設約 400 家新的 Dollar Tree 商店，以及在我們開始重建位於俄克拉荷馬州瑪麗埃塔的配送中心時花費約 1.1 億美元。在這裡，我還要補充一點，2025年應該是我們多年投資週期的巔峰。因此，我們預計 2026 年和 2027 年的資本支出將會降低。

With respect to cash, we ended the quarter with $1 billion of cash and cash equivalents on the balance sheet. We expect approximately $800 million of net proceeds from the Family Dollar sale and $350 million of cash tax benefits from the transaction. Our capital allocation priorities remain investing in the growth of the business and then returning cash to shareholders. Our preferred vehicle remains share repurchase.

就現金而言，本季末我們的資產負債表上有 10 億美元的現金和現金等價物。我們預計 Family Dollar 出售的淨收益約為 8 億美元，交易產生的現金稅收優惠為 3.5 億美元。我們的資本配置重點仍是投資於業務成長，然後向股東返還現金。我們的首選工具仍然是股票回購。

While 2025 is shaping up to be a more complicated year than we initially anticipated, we are encouraged by our strong sales trends driven by our attractive value proposition of multiprice efforts, and we remain confident in our ability to navigate our way through the current environment and still achieve our profitability goals for the year. We're looking forward to the closing of the Family Dollar sale, and we feel great about our cash position and the future growth prospects of our business. And with that, I'll turn the call back over to Mike.

雖然 2025 年比我們最初預期的要複雜得多，但我們對強勁的銷售趨勢感到鼓舞，而這種趨勢是由我們具有吸引力的價值主張——多價格努力——所推動的，我們仍然有信心我們有能力在當前環境中前行，並仍然實現今年的盈利目標。我們期待 Family Dollar 出售的完成，我們對我們的現金狀況和業務的未來成長前景感到非常滿意。說完這些，我將把電話轉回給麥克。

Thanks, Stewart. History has shown that we have the resilience to emerge stronger from periods of economic uncertainty, and that strength comes from the dedication and adaptability of our associates. In today's rapidly evolving environment, we see a meaningful opportunity to build on that foundation by enhancing our merchandising efforts and further elevating the value we deliver to our customers. . Thanks to the hard work and commitment of our teams, I'm confident in our ability to meet customers' needs with our exceptional value proposition, including multi-price and to navigate whatever near-term challenges we may face.

謝謝，斯圖爾特。歷史表明，我們有能力走出經濟不確定時期，變得更強大，而這種力量來自於員工的奉獻精神和適應能力。在當今快速發展的環境中，我們看到了一個有意義的機會，即透過加強我們的行銷並進一步提升我們為客戶提供的價值，在此基礎上再接再厲。。感謝我們團隊的辛勤工作和承諾，我相信我們有能力透過我們卓越的價值主張（包括多種價格）滿足客戶的需求，並應對我們可能面臨的任何近期挑戰。

Finally, with the sale of Family Dollar set to close here shortly and Dollar Tree setting off on its new journey as a stand-alone business, we think it's appropriate to provide the Street with a refreshed view of our long-term strategy and financial outlook. So we're planning to host an Investor Day in New York on October 15. We'll provide all the invitation details a little closer to the event. And with that, we're ready to take your questions.

最後，隨著 Family Dollar 的出售即將完成，以及 Dollar Tree 作為獨立企業開始新的旅程，我們認為有必要向華爾街提供關於我們長期策略和財務前景的新看法。因此，我們計劃於 10 月 15 日在紐約舉辦投資者日。我們將在活動臨近時提供所有邀請詳情。現在，我們準備好回答您的問題了。

(Operator Instructions) Michael Lasser, UBS.

（操作員指示）瑞銀 (UBS) 的 Michael Lasser。

Even the -- about $110 million of unanticipated costs between the 70% in gross margin and the 40% in SG&A that you will incur in the second quarter. What will be the offset at Dollar Tree in general is able to achieve in the back half of the year, such that you're able to hold the guidance consistent with what you expected previously. And then on top of that, the only thing that we can say will be constant this year and into the next couple of years is going to be change in volatility? And given how dynamic the environment is and given how your guidance, it does seem like your model is going to be a little slower to react to some of this change such that it could create some more earnings volatility. Why is that wrong?

即使在第二季度，毛利率 70% 和銷售、一般及行政費用 40% 之間還會產生約 1.1 億美元的意外成本。Dollar Tree 整體上能夠在下半年實現什麼樣的抵消，以便能夠保持與先前預期一致的指導。除此之外，我們唯一可以說的是，今年以及未來幾年波動性會改變嗎？考慮到環境的動態性以及您的指導，您的模型對某些變化的反應似乎會稍微慢一些，這可能會造成更多的收益波動。為什麼這是錯誤的？

Thanks for the question, Michael. First, I'll address the volatility. We believe that over the past years, we've really created a more nimble and flexible company that's able to address the volatility when given enough time. If you look at the first round of tariffs we faced that we started planning for, we were able to offset 90% of that first 10%. And then when you look at where we sit today over the course of the year, we're able to offset those tariffs as well and mitigate those cost pressures using our 5 levers that we are able to absorb it and take care.

謝謝你的提問，麥可。首先，我要談談波動性。我們相信，在過去的幾年裡，我們確實創建了一個更靈活和靈活的公司，只要有足夠的時間，它就能夠應對波動。如果你看看我們開始計劃時面臨的第一輪關稅，我們能夠抵消最初 10% 中的 90%。然後，當你回顧我們今年的處境時，你會發現我們也能夠抵消這些關稅，並使用我們能夠吸收和處理的 5 個槓桿來減輕這些成本壓力。

And so when I look at it and say, there's a near-term piece of that, where you have product flowing in that comes in at a higher tariff rate, Stewart outlined that in his comments. But over time, we're able to make the adjustments, leveraging our multi-price, leveraging country of origin, sometimes choosing not to sell a product and reinspecting and negotiating with our suppliers. So we feel that we're more flexible today than we've ever been. And given the right amount of time, we're able to offset those pressures.

因此，當我看到這一點並說，短期內會出現這種情況，即流入的產品會以更高的關稅稅率進入，而斯圖爾特在他的評論中概述了這一點。但隨著時間的推移，我們能夠做出調整，利用我們的多種價格，利用原產國，有時選擇不銷售產品並重新檢查並與我們的供應商進行談判。因此，我們覺得我們今天比以往任何時候都更加靈活。只要有適當的時間，我們就能抵銷這些壓力。

Yes. Thanks, Mike. Maybe I'll just jump in and just add a few extra comments on the first part of the question. Yes, look, I mean, we've highlighted $110 million, so we're going to take in the second quarter. We wanted that to be clear for you.

是的。謝謝，麥克。也許我會直接介入並對問題的第一部分添加一些額外的評論。是的，你看，我的意思是，我們已經強調了 1.1 億美元，所以我們將在第二季獲得這筆資金。我們希望您能清楚這一點。

Clearly, we've got mitigation strategies Mike has spoken to. And in any normal year, the back half of the year is a bigger part of the year, which gives us the ability to recover. It's probably also worth noting that in the first quarter, we came in ahead and there is some benefit that will sweep from that quarter into the full year results. And finally, I'd point to the fact that we had a very strong set of comps in the first quarter, and we're guiding to another set of strong comps in the second quarter. So the business itself is performing very well.

顯然，我們已經有了麥克談到的緩解策略。在任何正常年份，下半年都是一年中更重要的一部分，這使我們有能力恢復。也值得注意的是，在第一季度，我們取得了領先，而該季度的一些好處將延續到全年業績。最後，我想指出的是，我們在第一季取得了非常強勁的業績，我們預計在第二季也將取得另一系列強勁的業績。因此業務本身表現非常好。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

So Dollar Tree has successfully operated at a 35% to 36% gross margin for a very long time before you had multi-price point. Are you telling us today that you expect to be able to maintain that level of margin despite current China tariffs at 30% over time. And as part of this, can you talk a bit more about the importance of the various levers of mitigation, especially pricing and what the rollout of that pricing looks like, such that when do you expect you could be back at that level of margin?

因此，在推出多種價格點之前，Dollar Tree 已經成功地以 35% 至 36% 的毛利率運營了很長一段時間。您今天是否告訴我們，儘管目前中國關稅高達 30%，但您預計能夠長期維持這一利潤水平？作為其中的一部分，您能否進一步談談各種緩解措施的重要性，特別是定價以及定價的推出情況，以便您預計何時可以回到該利潤水平？

Yes. So let me just jump in quickly on the gross margin side. I mean, we've given you guidance for the year. So clearly, we believe that we are in a position this year to deliver that gross margin. Some of that strength is coming through, as you mentioned, is freight.

是的。那麼讓我快速談談毛利率方面的問題。我的意思是，我們已經為您提供了今年的指導。因此，很明顯，我們相信今年我們能夠實現這一毛利率。正如您所提到的，部分優勢體現在貨運上。

But we think our merchants have done a terrific job of getting the right assortment. And they're very focused on making sure that the kind of margins that we deliver to the business are not by accident. These are products that have chosen specifically for the performance that we expect.

但我們認為我們的商家在獲得正確的商品組合方面做得非常出色。他們非常注重確保我們為企業帶來的利潤不是偶然的。這些是專門為滿足我們期望的性能而選擇的產品。

And then when you look at the 5 levers, they have to be used in harmony. It's not one out ranks the other. It really is taking all 5 of them, and we order them appropriately. We'll first work with our vendors and negotiate. We'll look at reinspecting.

然後，當您查看這 5 個槓桿時，它們必須協調使用。這並不是說其中一個優於另一個。確實需要全部 5 個，我們會對它們進行適當的排序。我們將首先與我們的供應商合作並進行談判。我們將重新檢查。

We've spent the last several years really improving our ability to move country of origin. Sometimes we'll choose not to sell it.

過去幾年來，我們一直在實際提高遷移原產國的能力。有時我們會選擇不出售它。

And then finally, Ed, yes, we leverage multi-price to be able to make sure that we deliver what our customer wants and needs always starting with the customer, and they're the ones that get to vote in terms of us exceeding their expectations and delivering that value convenience and discovery.

最後，艾德，是的，我們利用多種價格來確保我們能夠提供客戶想要和需要的東西，始終從客戶開始，而他們才是投票者，決定我們是否超越他們的期望，並提供價值便利和發現。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

ust a follow-up on Ed's question. Just as far as price points, can you maybe talk about what's happening at the $1.50 price point, and to what extent will that be used as part of the go-forward plan to offset some of these tariffs? And then I'm also just curious about your higher-income consumer, and what price points are they gravitating towards? Are they steering more towards those price points above $2 when they first visit your store?

只是對 Ed 的問題的後續回答。就價格點而言，您能否談談 1.50 美元的價格點會發生什麼情況，以及在多大程度上該價格點將作為未來計劃的一部分來抵消部分關稅？然後我也很好奇你的高收入消費者，他們傾向於哪些價格點？當他們第一次訪問您的商店時，他們是否更傾向於選擇 2 美元以上的價位？

Yes. In terms of the price points, Paul, we don't see this as a break the dollar moment. We're really focused on what the customer wants from us. And so we're strategic in terms of where we take that price. The 5 levers we have and especially multi-price gives us the flexibility to make sure that if a customer wants that product, we can have that product for them.

是的。保羅，就價格點而言，我們並不認為這是美元突破的時刻。我們真正關注的是客戶對我們的需求。因此，我們在定價方面具有策略性。我們擁有的 5 個槓桿，特別是多種價格，讓我們能夠靈活地確保如果客戶想要該產品，我們可以為他們提供該產品。

So this is not necessarily that big switch up the way it was in the past. This is all about us leveraging our 5 leverage and leveraging multi-price to deliver for the customer.

因此，這不一定與過去有太大的改變。這一切都是為了利用我們的 5 個槓桿和多種價格為客戶提供服務。

I go back to that AUR comment, you're still at an AUR of $1.35 and 85% of the store less than $2. And as far as the higher income customer, we love that we added 2.6 million new customers in Q1. And when you look at the majority of that growth coming above $100,000 income, we believe they're loving the expanded assortment that multi-price provides. So the customer is getting what they want across all income cohorts and yes, the multi-price really resonates with that higher income customer.

我回到那個 AUR 評論，你的 AUR 仍然為 1.35 美元，而 85% 的商店價格低於 2 美元。就高收入客戶而言，我們很高興在第一季增加了 260 萬新客戶。當您看到大部分增長來自 100,000 美元以上的收入時，我們相信他們會喜歡多種價格提供的更廣泛的選擇。因此，各個收入群的客戶都可以得到他們想要的東西，而且多種價格確實能引起高收入客戶的共鳴。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

So my first question, can you tell us, Mike, you said the $1 to $1.35 evolution over time. Can you tell us or have you told us what the AUR is in the 3.0 stores and then not related, but regarding the TSA, is whatever you're incurring you're going to get fully reimbursed? Are there is some risk that you spend money and you don't recoup that? Is there something to negotiate within that TSA?

所以我的第一個問題是，麥克，你能告訴我們，你說過 1 美元到 1.35 美元的演變過程是怎樣的嗎？您能告訴我們或已經告訴我們 3.0 商店中的 AUR 是什麼，然後不相關，但關於 TSA，您產生的任何費用都會得到全額報銷嗎？是否存在你花了錢卻無法收回的風險？在 TSA 內部還有什麼需要協商的嗎？

I'll let Stewart handle the TSA question. On the AUR, we provide that for -- across the chain. The $1.35 is across the chain. I didn't break that up between the different 3.0, 2.0, 1.0. Stewart, do you want to handle the TSA?

我會讓斯圖爾特處理 TSA 問題。在 AUR 上，我們為整個鏈提供該功能。整個連鎖店的價格為 1.35 美元。我沒有將其分為 3.0、2.0 和 1.0 三個版本。 Stewart，你想處理 TSA 嗎？

Yes, absolutely. Maybe just -- I'm going to give you a little bit of an expanded answer just so you can look at the total. I mean we've got a group of people who work in our shared center. Some of those people will go to Family Dollar. They will be conveyed to Family Dollar on the very first day.

是的，絕對是。也許只是——我將給你一個稍微擴展一點的答案，以便你可以看到總數。我的意思是我們有一群人在共享中心工作。其中一些會去 Family Dollar。它們將在第一天被運送到 Family Dollar。

That cost disappears from our P&L. There will be some people who remain inside of our business and who will perform services for Family Dollar. To the extent that they perform services related to Family Dollar, the cost of their salaries, other benefits and other related costs will all be reimbursed to us by Family Dollar. And at the end of that TSA period, so more of those people will then potentially go over to Family Dollar.

該成本從我們的損益表中消失了。有些人仍將留在我們的公司並為 Family Dollar 提供服務。如果他們提供與 Family Dollar 相關的服務，他們的薪水、其他福利和其他相關費用將全部由 Family Dollar 償還給我們。在 TSA 期限結束時，更多的人可能會選擇使用 Family Dollar。

After all that said and done, you'll recall in our last call -- last quarter, we're targeting over the medium term to get down to about 2% SG&A as a percentage of revenue.

說了這麼多，大家應該還記得，在我們上次的電話會議——上個季度——中期，我們的目標是將銷售、一般及行政費用佔收入的比例降至 2% 左右。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Congrats on a nice quarter. So Mike, could you elaborate on the breakdown of your mid-single-digit first quarter comp? And maybe more specifically, I think what stood out is the almost equal contribution from traffic and ticket. Have you seen that balance continue into the second quarter? And if we were to bottoms up build your comp from here, should we expect both traffic and ticket to contribute as we think about the back half of the year and multi-year?

恭喜本季取得良好業績。那麼麥克，你能詳細說明一下第一季中等個位數的業績細目嗎？也許更具體地說，我認為最突出的是流量和罰單的貢獻幾乎相等。您是否看到這種平衡持續到第二季​​？如果我們從這裡開始自下而上地建立您的公司，那麼當我們考慮下半年和多年期時，我們是否應該期望流量和票房都會做出貢獻？

Yes. As I look back -- thanks, Matt. As I look back on -- in Q1, we were very pleased. We got a lot of questions after the last call about the 3% to 5%. And really, we talked about a number of things.

是的。當我回首往事時——謝謝你，馬特。回顧第一季度，我們非常高興。上次通話後，我們收到了很多關於 3% 到 5% 的問題。事實上，我們談論了很多事情。

The holiday calendar much better this year. Last year was the worst holiday calendar. You have it every 7 years. And so we knew the holiday calendar, especially with Easter later, which allows for better weather for Easter, more outdoor activities, et cetera. And then for us, having that multi-price in the season, remember, we only started multi-price.

今年的假期日曆好多了。去年是最糟糕的假期日曆。每 7 年一次。因此我們知道了假期日曆，尤其是復活節較晚，這樣復活節的天氣會更好，可以進行更多的戶外活動等等。然後對於我們來說，在這個季節有多種價格，請記住，我們才剛開始多種價格。

We just anniversaried it in February. So having multi-price in the assortment really adds to the discretionary and adds to the seasons and the events that are the driver of Dollar Tree. So being able to bring holidays and seasonal events to the table with multi-price just makes it that much more attractive to our customers.

我們剛剛在二月慶祝了周年紀念日。因此，擁有多種價格的商品確實增加了顧客的自由裁量權，也增加了季節和活動的吸引力，而這些正是 Dollar Tree 發展的驅動力。因此，能夠以多種價格推出假日和季節性活動，對我們的客戶來說更具吸引力。

As far as the balance, we want to see that balance. We know multi-price drives the ticket. We want to see that expanded assortment, driving people into our stores as well. We want to create a sticky relationship with that customer, such that we can count on them in the future. So we really will strive to balance traffic and ticket as much as we can, knowing that multi-price does have an impact on that higher ticket.

就平衡而言，我們希望看到平衡。我們知道多種價格會導致罰單增加。我們希望看到商品種類的擴大，從而吸引人們光顧我們的商店。我們希望與客戶建立牢固的關係，以便將來可以信賴他們。因此，我們會盡力平衡客流量和票價，但我們知道多種價格確實會對更高的票價產生影響。

Rupesh Parikh, Oppenheimer & Company.

魯佩什·帕里克 (Rupesh Parikh)，奧本海默公司。

So just going back, I guess, to the sales and comp guidance for the year. You guys beat on -- you beat the high end of your Q1 comp guidance and you also guide to the high end of -- high end for Q2. Just curious why the reiteration of the guidance versus maybe raising it. Does it reflect conservatism or maybe some high-level thoughts on why you maintain the range?

所以我想，我們還是回顧一下今年的銷售和業績指引。你們的業績超出了第一季業績預期的上限，也超出了第二季業績預期的上限。只是好奇為什麼要重申這項指導而不是提高它。它是否反映了保守主義，或者也許反映了關於為什麼維持該範圍的一些高層思想？

So, Stewart here. Look, in the last quarter, we got a bunch of questions about how could we put out such a range and somebody actually had the audacity to say, what (inaudible) the Street wanted to see. And I'd say we were really pleased to see that the quarter turned out as strongly as it did and we're pleased to see that, that strength, we believe, will go through the second quarter. And I wouldn't -- there was no reason to take it up given that we still think that, that's a good range for the year. But we did want to make sure that for the second quarter, a quarter in which we were going to see some higher costs because of the current tariff and some investments in store that you'd be able to see that this was being done in concert with a very strong performance from the business.

我是史都華。你看，在上個季度，我們收到了很多問題，關於我們怎麼能提出這樣的範圍，有人居然大膽地說，華爾街想看到什麼（聽不清楚）。我想說，我們真的很高興看到本季表現如此強勁，我們很高興看到，我們相信這種強勁勢頭將延續到第二季​​。我不會——沒有理由接受它，因為我們仍然認為，這對今年來說是一個很好的範圍。但我們確實想確保，在第二季度，由於當前的關稅和一些店內投資，我們的成本將會增加，但你會看到，這是與業務的強勁表現相協調的。

And for that reason, we wanted to make sure you realize that we would be towards the upper end of the range.

因此，我們希望確保您意識到我們將處於該範圍的高端。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

A couple of questions for me. Just on multi-price. Can we talk about how the 1.0 and 2.0 stores are comping so far in the first quarter? And then, Stewart, on the SG&A guide for the year, you took it up pretty significantly. It looks like about $40 million of that or 20 basis points is here in the second quarter.

我有幾個問題。僅以多種價格。我們可以談談第一季到目前為止 1.0 和 2.0 商店的業績如何嗎？然後，斯圖爾特，關於今年的銷售、一般及行政費用指南，你提出了相當多的意見。看起來其中約有 4,000 萬美元或 20 個基點是在第二季度實現的。

But can we talk about the overall increase and the factors driving that?

但是我們可以談談整體成長和推動這一成長的因素嗎？

Yes. Just in terms -- Chuck, in terms of the different formats, it gets tougher and tougher as we convert more and more of the chain over, but what we saw in the first quarter was our 3.0 continued to be our strongest performance. But the entire chain, the 1.0 to 2.0 have all lifted. So if you look at the kind of gaps between them, they get a little bit tighter, but only because the 1.0 and the 2.0 are performing stronger and our full multi-price 3.0 store, which we continue to invest in, covered 500 stores. Those continue to be the strongest performers.

是的。就條款而言——查克，就不同的格式而言，隨著我們轉換越來越多的連鎖店，它變得越來越困難，但我們在第一季度看到的是我們的 3.0 繼續保持最強勁的表現。但整個鏈條，從 1.0 到 2.0 都已經解除。因此，如果你觀察它們之間的差距，你會發現它們的差距確實縮小了一點，但這只是因為 1.0 和 2.0 表現更強勁，而且我們繼續投資的全價位 3.0 商店覆蓋了 500 家商店。這些仍然是表現最強勁的。

And then, Stewart, in terms of the SG&A, do you want to take that?

那麼，斯圖爾特，就銷售、一般和行政費用而言，你想接受嗎？

Yes, absolutely. I think that if you look at SG&A, broadly, the cost increases follow the kind of cost increases that we shared last quarter. But the biggest one of these -- on the biggest 2, if you just looked at them by a long shot is store payroll and depreciation. And what you're seeing in the balance of the year is that increased investment in store, which we think will have a good payback.

是的，絕對是。我認為，如果從整體來看銷售、一般和行政費用 (SG&A)，成本的成長與我們上個季度分享的成本成長一致。但其中最大的一個——如果你從長遠來看，最大的兩個是商店工資和折舊。而您在今年餘下的時間裡看到的是店內投資的增加，我們認為這將帶來良好的回報。

When you go back to last quarter, we said that we would have 50 to 80 basis points on the year, and now we're saying it's 100 to 110. So just think about that as the uplift in the range. And as I said, I think this is really a big spend in a manner that we expect to have a good return.

回顧上個季度，我們曾表示今年的利率將達到 50 至 80 個基點，而現在我們則表示利率將達到 100 至 110 個基點。因此，只需將其視為範圍的提升即可。正如我所說，我認為這確實是一筆很大的支出，我們期望獲得良好的回報。

Scot Ciccarelli, Truist Securities.

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

A follow-up question on the $70 million impact on COGS from the 145% tariff. You seem to be talking about it as kind of a onetime-ish item, but still guiding the full year to the same net income. So I guess my question is, are these costs you guys have to eat and somehow you're making it up later in the second half on an operational basis, so that's an ongoing benefit? Or are you somehow calling back those specific dollars in the back half?

後續問題是關於 145% 關稅對 COGS 造成 7000 萬美元的影響。您似乎將其視為一次性項目，但仍指導全年實現相同的淨收入。所以我想我的問題是，這些成本是你們必須承擔的，而你們在下半年的營運基礎上以某種方式彌補了這些成本，所以這是持續的利益？或者您是否以某種方式收回後半部分的特定美元？

Yes. I'll go first here. I think you've got to look at how we deploy our toolkit and our 5 levers. When you think about negotiating, when you think about reinspecting especially country of origin, -- those take a little more time. When given the right amount of time, we're able to mitigate these costs as we did with the first 10%, as we will do with this 30% and 10% over the course of the year.

是的。我先到這裡。我認為你必須看看我們如何部署我們的工具包和我們的五個槓桿。當你考慮談判時，當你考慮重新檢查原產國時，這些都需要更多時間。只要給予適當的時間，我們就能降低這些成本，就像我們對前 10% 所做的那樣，我們將在一年內對這 30% 和 10% 進行同樣的操作。

In the near term, as you work all 5 levers, there is a period of time where you get some near-term disruption. So that's what you're seeing from us. Stewart, I don't know if you want to add anything?

在短期內，當你使用全部 5 個槓桿時，會有一段時間你會遇到一些短期中斷。這就是您從我們這裡看到的。斯圖爾特，我不知道您是否想補充什麼？

Yes. I mean to go to some of the specifics, I mean, this is not about all onetime and no ongoing. This is a sort of a mix of both, right? We have some costs, which because of timing will be onetime. We've talked about the investments we're making in store.

是的。我的意思是談一些具體的事情，我的意思是，這不是一次性的事情，也不是持續的。這是兩者的混合，對嗎？我們有一些成本，由於時間原因，這些成本將是一次性的。我們已經討論了我們在商店中進行的投資。

We don't believe that those will be enduring. So think about that as sort of more of a bubble in this year that perhaps has some decline next year. The tariffs, we don't know, we're assuming that those will be ongoing. So the actions we're taking in the back half are a bit of both. Some of it is flow back of one time.

我們不相信這些會持久。因此，可以將其視為今年的泡沫，明年可能會有所下降。我們不知道關稅的具體情況，我們假設這些關稅將會持續下去。因此，我們在後半段採取的行動是兩者兼具的。有些是一次性回流。

And some of those changes that we're making, you will see will provide enduring benefits to the business.

您將會看到，我們正在進行的一些變革將為企業帶來持久的利益。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Obviously, a very strong quarter. I am curious specifically on conversions. I just wanted to go back to that. I think you mentioned 150 basis points with this quarter. I'm not sure if that's exactly apples-to-apples with prior disclosure, but does it seem like that lift is moderating?

顯然，這是一個非常強勁的季度。我特別對轉換感到好奇。我只是想回到那個狀態。我認為您提到了本季度的 150 個基點。我不確定這是否與之前披露的內容完全一致，但看起來這種提升是否正在減緩？

Any more perspective on that? And then as you think about what happens after the first year of the conversion, how do you think these stores are going to comp. Do they continue to outperform? .

對此還有其他看法嗎？然後，當您考慮轉換後的第一年會發生什麼時，您認為這些商店將如何競爭。他們的表現是否繼續優異？。

Yes. In terms of the conversions, as I did say, it tightened a bit, but not because of the overall strength of the 3.0 stores, they continue to perform incredibly well. But our 2.0 and our 1.0 stores are also improving it. What gets harder and harder as we convert more of the store. And then our learnings from 3.0, we will deploy in other stores.

是的。就轉換而言，正如我所說，它有點收緊，但這並不是因為 3.0 商店的整體實力，它們繼續表現得非常好。但我們的 2.0 和 1.0 商店也在改進它。隨著我們轉換的商店越來越多，事情變得越來越困難。然後，我們將把從 3.0 中學到的知識部署到其他商店。

So if you think of the seasons and you think of multiprice 3.0 stores getting the Easter expanded assortment, every store got that. There's elements of multiprice now that goes into every store. And so we're seeing great results from the 1.0 and the 2.0. But in reality, the more we convert and the more we take our learnings of this expanded assortment across the entire chain, the harder it gets to kind of break them down. And then in terms of how they perform over time, we continue to see that the longer you're on multi-price, the stronger your comps perform.

因此，如果您考慮季節，並考慮多價位 3.0 商店獲得復活節擴展品種，那麼每家商店都會獲得這種商品。現在每家商店都存在多種價格元素。所以，我們在1.0和2.0版本中看到了不錯的成果。但實際上，我們轉換的越多，我們在整個供應鏈中運用擴展產品線的經驗越多，打破這些模式就越困難。然後，就它們的長期表現而言，我們繼續看到，您採用多種價格的時間越長，您的同類產品的表現就越強勁。

We just hit an anniversary in February. We'll continue to take the learnings and apply them across the chain, and we're really pleased -- most importantly, we're pleased with what the customer is seeing and saying in terms of voting with their footsteps and with their basket.

我們二月剛過週年紀念日。我們將繼續吸取經驗教訓，並將其應用於整個鏈條，我們真的很高興——最重要的是，我們對顧客在用腳步和購物籃投票方面所看到和說的話感到滿意。

Zhihan Ma, Bernstein.

馬志漢，伯恩斯坦。

We'll go to the next question, operator.

接線員，我們來回答下一個問題。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

We wanted to ask a little bit more about inventory and the composition of inventory. Of the 10% increase, can you talk to how much of that increase with dollars versus units. And just how you're thinking of managing the inventory into the second half just given a lot of the disruption that has come as a result of tariffs, if you're experiencing any kind of delays or any kind of disruption and how you feel about second half being in stock?

我們想進一步詢問有關庫存和庫存組成的問題。對於這 10% 的成長，您能否談談以美元還是單位計算，成長了多少？考慮到關稅造成的許多影響，您打算如何管理下半年的庫存？您是否遇到了任何延誤或中斷？您對下半年的庫存狀況有何看法？

Let me pick up on the numbers and Mike can talk about the quality of inventory for the back half, but we haven't really broken down inventory by units. We did say, obviously, you can see it in the financials that we're up about 10%. There's a little bit of tariff impact in there. Obviously, as you think about stuff that's been received, we did have some period where we were getting hit with the 145% tariffs, all that early tariff money is actually sitting in the inventory. So there's a piece of that in there.

讓我來看看數字，麥克可以談談後半年庫存的質量，但我們還沒有真正按單位細分庫存。我們確實說過，顯然，您可以從財務報表中看到我們的成長了約 10%。這其中有一點關稅影響。顯然，當你想到已經收到的物品時，我們確實有一段時間受到 145% 關稅的打擊，所有早期的關稅資金實際上都存放在庫存中。這裡面有一部分內容。

But we're not going to comment on the actual units.

但我們不會對實際單位發表評論。

I can probably also say, by the way, that to the extent that multi-price increases its penetration in our inventory, then you can assume that there are fewer units because the dollars will add up faster with multi-price items than they would with $1.25 items.

順便說一句，我還可以這樣說，如果多種價格增加了它在我們庫存中的滲透率，那麼你可以假設單位數量會更少，因為多種價格商品的美元增加速度會比 1.25 美元商品更快。

Yes. Just in terms of quality and availability, Kate, I mean our global sourcing team and our merchant team are just incredible. It is amazing to me how they're able to navigate so well. And we believe we've got a unique opportunity here as these new customers find us, 2.6 million new customers found us in Q1, and we want to create a great first impression for that customer, and we want to create a sticky relationship with that customer for years and years to come. And so as a result of that, that great first impression needs to be product that they love on the shelf, somebody there ready to check them out in a timely manner.

是的。就品質和可用性而言，凱特，我的意思是我們的全球採購團隊和我們的商家團隊非常出色。我很驚訝他們怎麼能如此出色地導航。我們相信，當這些新客戶找到我們時，我們就有了獨特的機會，第一季有 260 萬新客戶找到了我們，我們希望給這些客戶留下良好的第一印象，我們希望在未來的歲月裡與這些客戶建立牢固的關係。因此，良好的第一印象必須是貨架上擺放著他們喜歡的產品，並且有人願意及時查看。

We're committed to making sure our customer has a great experience both for the customers that shop us all the time and have been with us throughout our history and those new ones that are finding us today and seeing the exciting thrill of the hunt the Dollar Tree provides better than anyone.

我們致力於確保我們的客戶擁有良好的體驗，無論是經常在我們這裡購物並在整個歷史中與我們合作的客戶，還是今天找到我們並比任何人都更能感受到 Dollar Tree 提供的令人興奮的狩獵刺激的新客戶。

So I'm pleased with how well we've navigated that and we're going to work incredibly hard to make sure we make a great first impression.

因此，我對我們的處理方式感到非常滿意，我們將竭盡全力確保給客戶留下良好的第一印象。

One other thing, Mike, I just comment on and Kate, I should have mentioned this earlier, but part of the inventory increase also relates to the fact that we have 496 more stores this year than we had last year. So naturally as the company grows, so the inventory will follow.

還有一件事，麥克，我剛剛評論了一下，凱特，我應該早點提到這一點，但庫存增加的部分原因也與我們今年的門市數量比去年增加了 496 家有關。因此，隨著公司的發展，庫存自然也會隨之成長。

John Heinbockel, Guggenheim Partners.

古根漢合夥公司的約翰·海因博克爾。

Mike, 2 related things, where are we on the journey to multi-price point freezer cooler, right? Because I think the plan was to get to 80% of doors 3, 4, 5 eventually. Where are we there? And then what's your philosophical thought on regional pricing versus national pricing, either at $1.25 or multi-price?

麥克，有兩件相關的事情，我們在多價位冷凍冷藏櫃的旅程中處於什麼位置，對嗎？因為我認為計劃最終是到達 3、4、5 號門的 80%。我們在哪裡？那麼，您對區域定價與全國定價（1.25 美元或多種價格）的哲學看法是什麼？

Yes, John, great questions. In terms of the freezer cooler, it is a significant part of our multi-price strategy. That being said, freezer cooler is in every store. We've got restricted leases in some. We've got some areas where it isn't the right option for the demographics that we have there.

是的，約翰，很好的問題。就冷凍冷藏櫃而言，它是我們多價格策略的重要組成部分。話雖如此，每家商店都有冷凍冷藏櫃。我們對一些地方的租約進行了限制。在某些地區，這並不是適合當地人口狀況的正確選擇。

We do play with the doors, so you may see in some areas, (inaudible) then 3, 4 and 5. In other stores, you'll see 63 dollarsllar doors and then 24s and 25s. So we do play with that as part of the demographics and where we best fit with the customer.

我們確實玩門，所以你可能會在某些區域看到（聽不清楚），然後是 3、4 和 5。在其他商店，你會看到 63 美元的大門，然後是 24 美元和 25 美元。因此，我們確實將其作為人口統計的一部分，並作為我們最適合客戶的地方。

And then in terms of zone pricing, as we look out into the future, I call it zone pricing. As we look out into the future, we believe that there is an assortment play here. It isn't one size fits all, where you can provide a very compelling relative value is a little bit different in California than that may be in Kansas. And so as we look out to the future and becoming more nimble and leveraging this expanded assortment to meet what our customer needs which, as we know, does vary a bit. I believe that's on the edges, primarily, we're a retailer that people love for its consistency.

然後就區域定價而言，展望未來，我稱之為區域定價。展望未來，我們相信這裡有一個多元化的發展空間。它並不是一刀切的，在加州和堪薩斯州，你可以提供一個非常有吸引力相對價值的地方，但可能略有不同。因此，展望未來，我們將變得更加靈活，並利用擴大的產品種類來滿足客戶的需求，而我們知道，客戶的需求確實有所不同。我相信這只是一個邊緣問題，主要是因為我們是一家因一致性而受到人們喜愛的零售商。

And so we'll keep doing that. But there is an opportunity here to take our expanded assortment and meet the specific demographics of a certain area. It's a great point.

我們會繼續這樣做。但這裡有一個機會，讓我們擴大產品種類，滿足特定地區的特定人群需求。這是一個很好的觀點。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Mike, as you're pushing deeper into multi-price with more stores. Are you finding any need that you have to invest more in labor. And on a related note, too, do you see any opportunity to invest more in advertising to drive some of the awareness of new items coming into stores?

麥克，您正在透過更多的商店深入推進多元化價格策略。您是否發現需要在勞動力方面投入更多資金？另外，與此相關的是，您是否認為有機會增加廣告投入，以提高商店對新商品的認知？

Yes. So first of all, as we go deeper into multi-price, the way we put ours, if you will, into the store is based on sales. And so we've been very pleased to see that the performance in sales, these stores are earning their hours. And when I say earning their hours, we're not having to put in place something above and beyond to deliver multi-price. We have that initial reset costs that we continue to go, but look at that as a onetime cost per store.

是的。首先，隨著我們對多價位的深入研究，我們將產品放入商店的方式是基於銷售的。因此，我們很高興看到這些商店的銷售業績值得他們付出努力。當我說賺取他們的時間時，我們不需要採取額外措施來提供多種價格。我們有繼續進行的初始重置成本，但將其視為每個商店的一次性成本。

And then after that, the sales are really strong, and they're earning their labor, which we just love to see. In terms of advertising, it's incredible to me to see on TikTok and see on Instagram. I mentioned this, I think, on the last call, but Dollar Tree dinners, unbelievable, 12 million views. So we look at that and say, we've never had to advertise at Dollar Tree. We believe very strongly in our community and in our word-of-mouth, but we know that we've changed the inside of the store, and we are looking at how we can enhance, how we can capture the social impressions that are occurring and how we can take to the next level making sure everyone knows, across all income levels, what is so exciting inside of Dollar Tree.

此後，銷售業績非常強勁，他們的勞動成果也得到了回報，這是我們樂於看到的。就廣告而言，我在 TikTok 和 Instagram 上看到的效果令人難以置信。我記得上次通話時我提到過這一點，但 Dollar Tree 晚餐，令人難以置信，有 1200 萬次觀看。所以我們看到這一點並說，我們從來沒有在 Dollar Tree 做過廣告。我們非常相信我們的社區和我們的口碑，但我們知道我們已經改變了商店的內部，我們正在研究如何改進，如何捕捉正在發生的社會印象，以及如何將商店提升到一個新的水平，確保每個人，無論收入水平如何，都知道 Dollar Tree 內部有什麼令人興奮的東西。

Robby Ohmes, Bank of America.

羅比·歐姆斯（Robby Ohmes），美國銀行。

Great quarter. I wanted to just follow up on the seasonal as a driver. It looked like it crushed it in the first quarter. In the second quarter, -- is it -- is the impact of seasonal expected to be just very similar to what it was in the first quarter? That would be my first.

很棒的一個季度。我只是想作為一名車手來跟進賽季。看起來它在第一季就取得了壓倒性勝利。在第二季度，季節性的影響預計與第一季非常相似嗎？那將是我的第一次。

And the second question is just and it's kind of been asked already. But just more info on the 100,000 customer you guys are bringing in, like, where were they shopping before? Who do you think you're taking it from?

第二個問題好像已經被問過了。但是，關於你們帶來的 10 萬名客戶，我們想問他們之前在哪裡購物？你認為你是從誰那裡拿來的？

Yes. So Robby, Q2 for us is the -- if you look at our comps traditionally, that's your weakest quarter. You don't have the big drivers. Dollar Tree is all about the seasons and the holidays, the celebrations. Q4, you get Thanksgiving and Christmas.

是的。所以 Robby，對我們來說，第二季度是——如果你按照傳統來看我們的比較，那是最弱的一個季度。你沒有大司機。Dollar Tree 的特色就是季節、節慶和慶祝活動。Q4，你會迎來感恩節和聖誕節。

In Q1, right out of the gate, Valentine's Day and Easter and Mother's Day (inaudible). Q2, you get a little red, white and blue. But until we get to back-to-school, in Q3, you don't have that real, you have to go to Dollar Tree. So Q2, from a seasonal standpoint is typically the weakest. You see that in the balance of discretionary and consumables.

第一季度，情人節、復活節和母親節（聽不清楚）。 Q2，你得到了一點紅色、白色和藍色。但直到我們回到學校，在第三季度，你沒有那麼真實，你必須去 Dollar Tree。因此，從季節角度來看，第二季度通常是最疲軟的。您可以在可自由支配的物品和消耗品的平衡中看到這一點。

And so for us, that is traditionally a weaker quarter for us, and we would expect that to continue. But as you look at multi-price and what we're changing inside the store, we're shifting those dynamics, and we're really giving the customer a reason to come see that expanded assortment 12 months out of the year. And so really excited to see how that plays out this Q2 in only the second -- the first anniversary of what we had in multi-price. And then in terms of this higher income cohort customer, we're really happy to see them. And we want to make sure we delight them, exceed their expectations and create a sticky relationship with them.

因此，對我們來說，這傳統上是一個較弱的季度，我們預計這種情況將會持續下去。但是，當您看到多種價格以及我們在商店內部所做的改變時，我們正在改變這些動態，並且我們確實為客戶提供了一個理由，讓他們一年 12 個月都來看看擴大的商品種類。我們非常高興看到這項措施在第二季如何實施，這只是我們推出多價位政策一週年。對於高收入群體客戶而言，我們真的很高興看到他們。我們希望確保讓他們滿意，超越他們的期望，並與他們建立牢固的關係。

And we believe that while we help with our pack sizes, we help with our incredible value, every shopper live their lives better across all income cohorts, we are now attractive due to multi-price, due to our expanded assortment to everyone across every income cohort.

我們相信，透過提供包裝尺寸和令人難以置信的價值，我們可以幫助所有收入群體的每位購物者過上更好的生活，由於多種價格，由於我們擴大了產品種類，適合每個收入群體的每個人，我們現在具有吸引力。

Zhihan Ma, Bernstein.

馬志漢，伯恩斯坦。

Sorry about the (inaudible). So a longer-term question on your philosophy around global sourcing, which has been really an underpinning for your success in the past. Now that we're in the (inaudible) environment. I guess that's how it looks like from here. Does anything change from a strategy and a philosophy perspective?

抱歉（聽不清楚）。所以我想問一個長期問題，關於您的全球採購理念，這確實是您過去成功的基礎。現在我們處於（聽不清楚）環境中。我想從這裡看它就是這個樣子的。從戰略和哲學角度來看有什麼改變嗎？

And specifically on China, how important is China to you today? And do you expect that to change going forward?

具體來說，關於中國，中國對您來說今天有多重要？您認為這種情況未來會改變嗎？

Thanks, Zhihan, no problem at all. The -- if you're committed to delivering value, convenience and discovery, and that's thrill of the hunt discovery, so surprising the customer. If you're committed to delivering that as we are, then global sourcing is critical to providing that. And for us, it's the lowest landed cost. So we -- our global sourcing team will look and find that lowest landed cost.

謝謝志涵，沒問題。如果你致力於提供價值、便利性和發現，那就是尋找發現的快感，那麼就會讓顧客感到驚訝。如果您像我們一樣致力於實現這一目標，那麼全球採購對於實現這一目標至關重要。對我們來說，這是最低的到岸成本。因此，我們的全球採購團隊將尋找並找到最低的到岸成本。

And we look at all countries as partners that can help us deliver that lowest landed cost. And in different years, that shifts a little bit in terms of the country of origin and where we put our biggest bets and our biggest weight, but just know that it will always be to deliver the lowest landed cost because that's how you then turn around and deliver that value to the customer.

我們將所有國家視為能夠幫助我們實現最低到岸成本的合作夥伴。在不同的年份，原產國、我們最大的賭注和最重視的方面會略有變化，但要知道，我們始終致力於提供最低的到岸成本，因為只有這樣，我們才能扭轉局面，將價值傳遞給客戶。

Kelly Bania, BMO Capital Markets.

凱利·巴尼亞（Kelly Bania），BMO 資本市場。

Just wanted to go back to the incremental costs in Q2 that you called out. And just to make sure I understand how much is due to the extreme 145% tariff level during that period. I think there was a comment also about store investments. And I just wanted to also understand the what is driving the SG&A, the $40 million in SG&A there? And I guess, in addition, can you just talk about what are the drivers for the gross margin expansion that you are calling for in the second half?

只是想回到您提到的第二季的增量成本。我只是想確保我了解有多少是由於那段時期高達 145% 的關稅水平造成的。我認為也有關於商店投資的評論。我也想了解是什麼推動了銷售、一般和行政費用 (SG&A) 的成長，那裡 4000 萬美元的銷售、一般和行政費用 (SG&A) 是多少？另外，您能否談談您所預測的下半年毛利率擴張的驅動因素是什麼？

Okay. So Stewart here, let me take both of those up. So first of all, as it relates to the tariffs, a big -- there was a big impact in the second quarter from those few weeks of 145% tariff. That money really adds up at that rate. But it's comprised of both the higher rate and the lower rate that we see now.

好的。所以斯圖爾特，讓我來談談這兩個問題。首先，就關稅而言，第二季幾週的 145% 關稅產生了很大影響。照這個速度，這些錢確實會增加。但它由我們現在看到的較高利率和較低利率組成。

To be honest, the tariff area is very complicated to calculate. And it's the reason why we've been so explicit in the guidance just because using average rates to try to get there and understanding the timing of how this works through the inventory is very difficult. So it's a big component of the second quarter. And the $200 million for the year is a good estimate.

說實話，關稅區計算起來非常複雜。這就是我們在指導中如此明確的原因，因為使用平均利率來嘗試達到目標並了解其透過庫存運作的時間非常困難。所以它是第二季的重要組成部分。而每年 2 億美元是一個不錯的估計。

When we look at the SG&A costs, those, as I mentioned, you should think about those as seeing those in the second, third and fourth quarters, but we would expect those to start to unwind next year so that we don't think these are higher cost that we live with forever. We do have a range of commercial efforts in our stores as we look with strong execution and a strong back half, we're putting -- we're putting more store hours and more labor in to accomplish that. And we've done it knowing that we think we're going to see a strong payback.

當我們查看銷售、一般和行政費用時，正如我所提到的，您應該將其視為第二、第三和第四季度的費用，但我們預計這些費用將於明年開始減少，因此我們不會認為這些費用是我們永遠要承受的高成本。我們確實在我們的商店中做出了一系列商業努力，因為我們期待強大的執行力和強大的後勤支持，我們正在投入——我們投入更多的商店時間和更多的勞動力來實現這一目標。我們這樣做是因為我們知道我們會看到豐厚的回報。

The second thing was the drivers for the gross margin, and I spoke to that in an earlier question, but the big drivers for the gross margin pickup in the back part of the year are similar to what we saw in the first quarter with some benefits expected from freight with some offset coming from shrink (inaudible).

第二件事是毛利率的驅動因素，我在先前的問題中談到了這一點，但今年下半年毛利率回升的主要驅動因素與我們在第一季度看到的情況類似，預計貨運將帶來一些好處，但業務萎縮將抵消部分影響。（聽不清楚）。

Joe Feldman, Telsey Advisory Group.

喬‧費爾德曼 (Joe Feldman)，特爾西顧問集團 (Telsey Advisory Group)。

Wanted to ask with regard to the inventory -- can you share a little more color about how you're planning it for the balance of the year and where you are in terms of presumably, back-to-schools probably landed at this point, but kind of how the staging for the holiday -- through the end of the year for holidays. And what are those kind of breakpoints time-wise, when you need to have the goods and how you're just planning for that? And again, just your inventory levels for the balance of the year?

想問一下關於庫存的問題——您能否更詳細地分享一下您如何計劃今年的剩餘時間，以及您目前大概的開學安排，但假期的準備工作如何——直到年底的假期。從時間角度來看，這些斷點是什麼？何時需要獲得貨物？您如何為此進行規劃？再說一遍，今年剩下的庫存水準是多少？

Yes, Joe, as I look at planning out, I'll go back to we want to create that great first impression. And so our merchant teams and our global sourcing teams are focused in quite crazy times, our focus on making sure our customers find those products on the shelf. So yes, back-to-school already in hand. We -- before you know it, you'll be setting Halloween and then Christmas in the stores. And so we have brought in freight early.

是的，喬，當我考慮制定計劃時，我會回頭看我們想要創造的良好的第一印象。因此，我們的商家團隊和全球採購團隊在相當瘋狂的時期集中精力，確保我們的客戶能夠在貨架上找到這些產品。是的，開學在即。我們—在您不知不覺中，您將在商店裡設置萬聖節和聖誕節。因此我們提前引進了貨物。

Certainly, as you look at what our stores are being asked to do, we're putting some extra hours there to make sure they can execute this. If we have a very traditional flow of product, this is not a traditional year, and we are definitely seeing some of that product flow early, which we want to make sure we process well, and so we've invested in some -- in the stores to make sure that the great moments for Dollar Tree, which are the back-to-school, the Halloween, harvest Thanksgiving and Christmas that we exceed our customers' expectations with great product on the shelf.

當然，當您看到我們的商店被要求做什麼時，我們會投入一些額外的時間來確保他們能夠執行這些要求。如果我們的產品流程非常傳統，那麼今年就不是傳統的一年，我們肯定會看到一些產品提前流動，我們希望確保我們能夠妥善處理這些產品，因此我們在商店中投資了一些產品，以確保在 Dollar Tree 的美好時刻，即返校季、萬聖節、豐收感恩節和聖誕節，我們貨架上的優質產品能夠超出客戶的期望。

So -- we're -- it's a keen focus of ours, and we're looking to make sure we get product in so that we can satisfy that demand from the customer.

所以 - 我們 - 這是我們關注的重點，我們希望確保我們獲得產品，以便能夠滿足客戶的需求。

Thank you. Ladies and gentlemen, we have come to the end of our time for questions. I'll turn the floor back to management for any final comments.

謝謝。女士們、先生們，我們的提問時間已經結束。我將把發言權交還給管理階層，以徵求他們的最終意見。

Yes. Thank you all for joining the call today. Great questions, and look forward to talking to you soon. Thanks so much.

是的。感謝大家今天參加電話會議。很好的問題，期待很快與您交談。非常感謝。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。