美元樹 (DLTR) 2025 Q2 法說會逐字稿

Greetings, and welcome to the Dollar Tree Q2 2025 Earnings Call. (Operator Instructions)

您好，歡迎參加 Dollar Tree 2025 年第二季財報電話會議。（操作員指示）

As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Bob LaFleur, Senior Vice President, Investor Relations. Bob, please go ahead.

提醒一下，本次會議正在錄製中。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 Second 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 財年第二季的業績。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. For information on the risks and uncertainties that could affect our actual results, please see the risk factors, business in Management's 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 in 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.

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。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 表年度報告中管理層對財務狀況和經營成果的討論和分析中的風險因素、業務部分、我們最近的 8-K 表新聞稿以及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.

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。

Additionally, unless otherwise stated, all discussions today refer to our results from continuing operations and all comparisons discussed today for the second quarter of fiscal 2025 or against the same period a year ago. Please note that a supplemental slide deck outlining selected operating metrics is available on the IR section of our website.

此外，除非另有說明，今天的所有討論均指我們的持續經營業績以及今天討論的 2025 財年第二季度或與去年同期的所有比較。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 one 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一個。現在我想把電話轉給麥克。

Thanks, Bob. Good morning, everyone, and thank you for joining us today. With the closing of the Family Dollar sale, the second quarter represents an important milestone in the evolution of the Dollar Tree story. In addition to closing the sale, I'm proud to say we delivered another strong quarter with results exceeding the high end of our expectations and reflecting a high level of execution across the board.

謝謝，鮑伯。大家早安，感謝大家今天加入我們。隨著 Family Dollar 促銷活動的結束，第二季成為 Dollar Tree 發展歷程中的重要里程碑。除了完成銷售之外，我很自豪地說，我們又度過了一個強勁的季度，業績超出了我們的預期上限，並反映了整體的高水準執行力。

The timing of the impacts of tariffs and our mitigation activities played out differently than we originally anticipated, with some of the net positive benefits of our mitigation initiatives coming earlier in Q2 and the tariff impact shifting to later in the year. Having said that, we are pleased with our momentum and our team's ability to adapt to a rapidly changing landscape. The second quarter unfolded against a volatile backdrop for both the consumer and retail industry, as the economy continued to adjust to elevated tariffs, persistent cost pressures and a static labor market.

關稅影響和我們的緩解活動的時間與我們最初預期的不同，我們的緩解措施的一些淨正效益在第二季度初出現，而關稅影響則轉移到今年稍後。話雖如此，我們對我們的發展勢頭以及我們團隊適應快速變化的環境的能力感到滿意。第二季度，消費品和零售業都面臨動盪的背景，經濟持續適應關稅上調、持續的成本壓力和停滯的勞動力市場。

In today's environment, customers are seeking value and convenience more than ever, and Dollar Tree is uniquely positioned to deliver both. Whether it's a mom stretching her grocery budget, a college student outfitting a dorm room or a higher-income shopper attracted to an expanded assortment of everyday essentials. Our stores are increasingly the destination of choice. This context is important because our Q2 performance was not just about exceeding a set of earnings expectations. It was about gaining share, expanding our relevance to a broader base of customers and proving once again that Dollar Tree thrives when customers focus on value.

在當今環境下，客戶比以往任何時候都更追求價值和便利，而 Dollar Tree 擁有獨特的優勢，可以同時滿足這兩點。無論是一位母親在節省食品雜貨預算，或是大學生在為宿舍添置家具，亦或是追求更多日常必需品的高收入購物者。我們的商店越來越成為人們的首選目的地。這一背景很重要，因為我們第二季的業績不僅僅是超出了一系列獲利預期。這是為了獲得市場份額，擴大我們與更廣泛客戶群的相關性，並再次證明當客戶專注於價值時，Dollar Tree 就會蓬勃發展。

So let's walk through the Q2 highlights. Net sales increased 12.3% to $4.6 billion, driven by a 6.5% comp sales growth, which is a solid result in a quarter without major traffic driving events or holidays. Importantly, comp growth was nicely balanced between traffic and ticket and between consumables and discretionary. In fact, it's been two years since we've achieved a discretionary comp this high.

讓我們來回顧一下第二季度的亮點。淨銷售額成長 12.3% 至 46 億美元，這得益於 6.5% 的同店銷售額成長，在沒有重大客流量驅動事件或假日的季度中，這是一個不錯的成績。重要的是，流量和票務之間以及消耗品和可自由支配物品之間的複合增長實現了良好的平衡。事實上，我們已經兩年沒有實現如此高的可自由支配薪酬了。

Additionally, unit growth was positive, even with the limited pricing actions we took in the quarter. The bottom line was strong with adjusted EPS of $0.77 coming in ahead of our outlook. Stewart will walk you through the details of how Q2 benefited from some timing issues and how those should flow through the balance of the year.

此外，即使本季我們採取的定價措施有限，但單位成長仍保持正成長。底線表現強勁，調整後的每股收益為 0.77 美元，超出我們的預期。史都華將向您詳細介紹第二季如何從一些時間安排問題中受益，以及這些問題應如何貫穿全年的平衡。

This positive momentum and consistency of execution demonstrates our growing appeal as a value retailer in periods of increased volatility. More importantly, we believe the customer gains we've made are sustainable, a belief underscored by our growing understanding of the dynamics driving these gains.

這種積極的勢頭和執行的一致性表明，在市場波動加劇的時期，我們作為價值零售商的吸引力日益增強。更重要的是，我們相信我們為客戶帶來的收益是可持續的，我們對推動這些收益的動力的日益了解也進一步證實了這一信念。

Our dollar and unit share gains accelerated in Q2, providing additional evidence that our value proposition is resonating with customers. Our strong performance was led by seasonal items, party, balloons and personal items as customers find more items through our expanded assortment to help them live and celebrate their lives.

我們的美元和單位份額成長在第二季度加速，這進一步證明我們的價值主張引起了客戶的共鳴。我們的強勁表現主要由季節性物品、派對、氣球和個人物品所引領，因為顧客可以透過我們擴大的商品種類找到更多物品來幫助他們生活和慶祝生活。

As of the end of Q2, we have added 2.4 million new customers on a last 12 months' basis, consistent with our pace in recent quarters. And nearly two-thirds of those new customers came from households earning $100,000 or more. Underscoring growing engagement, the number of shoppers visiting three or more times a month increased by 11% in Q2, a sequential improvement from the 9% growth we saw last quarter.

截至第二季末，我們在過去 12 個月內增加了 240 萬新客戶，與最近幾季的成長速度一致。其中近三分之二的新客戶來自家庭收入 10 萬美元或以上。每月訪問三次或三次以上的購物者數量在第二季度增加了 11%，與上一季 9% 的增幅相比有所提高，這凸顯了消費者參與度的不斷提高。

While sales growth was strong across all income cohorts, we continue to see especially strong performance from middle- and higher-income customers, with households earning over $100,000 per year, providing a meaningful portion of our Q2 growth. The strength of these results reflects how our value, convenience and discovery proposition is resonating with more and more customers and leading to increased trade-in activity. The increasing relevance of our expanded assortment is helping us attract and more importantly, retain a broader range of shoppers.

雖然所有收入群體的銷售成長都很強勁，但我們仍然看到中等和高收入客戶的表現尤其強勁，這些家庭的年收入超過 10 萬美元，為我們第二季的成長提供了有意義的部分。這些結果的強勁表現反映了我們的價值、便利性和發現主張如何引起越來越多客戶的共鳴，並導致以舊換新活動的增加。我們不斷擴大的商品種類的相關性正在幫助我們吸引、更重要的是留住更廣泛的購物者。

To support the rollout of our expanded assortment, we completed 3,600 3.0 format store conversions through the end of Q2 and remain on track to reach our target of approximately 5,000 stores by year-end. Recall that last quarter, we said the distinctions amongst our various multi-price and non multi-price store formats were beginning to blur as we roll out certain aspects of the expanded assortment across all store formats. And since the flexibility of multi-price is increasingly embedded across all our stores, the relative performance among the various formats is less meaningful.

為了支持我們擴大產品種類的推出，截至第二季末，我們完成了 3,600 家 3.0 格式商店的轉換，並預計在年底前實現約 5,000 家商店的目標。回想一下，上個季度，我們說過，隨著我們在所有商店形式中推出擴展品種的某些方面，各種多價格和非多價格商店形式之間的區別開始變得模糊。而且，由於多種價格的靈活性在我們所有的商店中日益普及，因此各種形式之間的相對錶現變得不那麼有意義了。

As you could see from our aggregate comp this quarter, the business is doing exceptionally well, and we continue to be pleased with positive contribution from our expanded assortment. Expanding our assortment to include items at a variety of price points is fast becoming the standard Dollar Tree model. It enhances our flexibility, whether through larger pack sizes, better quality items or entirely new categories.

從本季的整體情況可以看出，業務表現非常出色，我們繼續對擴大產品種類所帶來的正面貢獻感到滿意。擴大我們的商品種類以涵蓋各種價位的商品正迅速成為 Dollar Tree 的標準模式。它增強了我們的靈活性，無論是透過更大的包裝尺寸、更優質的產品還是全新的類別。

The ability to shop for $1.25 snacks and $3 to $5 home decor items in the same trip makes Dollar Tree more compelling than ever. Our expanded assortment makes us more relevant, broadens our customer base, and increases our flexibility in responding to tariffs and other cost pressures.

在同一次購物中，人們可以購買價值 1.25 美元的零食和價值 3 至 5 美元的家居裝飾品，這使得 Dollar Tree 比以往更具吸引力。我們擴大的產品種類使我們更具相關性，擴大了我們的客戶群，並提高了我們應對關稅和其他成本壓力的靈活性。

Tariffs remain a source of ongoing volatility and operating in an environment where rates change frequently remains one of our largest challenges. A quarter ago, we told you we were forecasting the balance of the year based on our expectation that China tariffs would be 30% and the rest of the world would be closer to 10%. Today, tariff guidelines for China have yet to be finalized and currently remain at 30%, but countries like Vietnam, India and Bangladesh are meaningfully higher than they were in June when we provided our last outlook. We are adapting to this volatility and have several strategies in place across the business to address multiple cost pressures, including tariffs.

關稅仍然是持續波動的一個根源，在費率頻繁變動的環境中運作仍然是我們面臨的最大挑戰之一。一個季度前，我們告訴大家，我們根據對中國關稅為 30% 而世界其他地區關稅接近 10% 的預期，對今年的餘額進行了預測。如今，針對中國的關稅指導方針尚未最終確定，目前仍維持在 30%，但越南、印度和孟加拉等國的關稅稅率較我們 6 月上次發布展望時的稅率明顯上升。我們正在適應這種波動，並在整個業務範圍內制定了多項策略來應對包括關稅在內的多種成本壓力。

Over the past few quarters, we've detailed what we call our five levers to mitigate these cost pressures. To review, these levers include negotiating with our suppliers, restocking products, shifting country of origin, dropping noneconomic SKUs and finally, and as a last resort, pricing. As we demonstrated in Q2 and expect will be true over the balance of the year, these levers are effective mitigation techniques. Using all five levers helps us to achieve the lowest landed cost possible and keep delivering compelling value to our customers.

在過去的幾個季度中，我們詳細介紹了所謂的緩解這些成本壓力的五個槓桿。回顧一下，這些手段包括與我們的供應商談判、補充庫存、轉移原產國、放棄不經濟的 SKU，以及最後作為最後的手段，定價。正如我們在第二季所證明的，並且預計在今年餘下時間裡將會實現，這些槓桿是有效的緩解技術。使用所有五個槓桿有助於我們實現盡可能低的到岸成本，並繼續為我們的客戶提供極具吸引力的價值。

As many of you saw in our stores, our price initiatives started in late Q2 and will continue rolling out across the balance of the year. Following the selective pricing actions that we've taken so far, we are pleased with the understanding and resilience of our customers and the effect on unit volume has been less than we initially expected. This again demonstrates the power of our value proposition and validates multi-price as a structural advantage as we navigate a challenging tariff landscape. In a few minutes, Stewart will share more details on our tariff mitigation efforts in Q2 and for the rest of the year.

正如許多人在我們的商店看到的那樣，我們的價格舉措於第二季末開始實施，並將在今年餘下時間繼續推行。在我們迄今為止採取的選擇性定價行動之後，我們對客戶的理解和適應力感到滿意，並且對單位數量的影響小於我們最初的預期。這再次證明了我們的價值主張的力量，並證實了多種價格在我們應對充滿挑戰的關稅格局時具有結構性優勢。幾分鐘後，史都華將分享有關我們在第二季以及今年剩餘時間內降低關稅的更多細節。

Beyond the P&L, execution was strong across the business. Our inventory levels are healthy heading into the fall and holiday seasons. Supply chain performance remains solid with strong in-stocks, favorable freight compared to last year and efficiency gains from DC realignment projects in Odessa and Ocala.

除了損益表之外，整個業務的執行力都很強勁。進入秋季和假期，我們的庫存水準保持健康。供應鏈表現依然穩健，庫存充足，貨運量與去年相比有利，並且敖德薩和奧卡拉的配送中心重組項目提高了效率。

In real estate, we have opened 254 new stores so far this year, including 42 former Party City locations and are on track to hit our full year target of approximately 400 stores. Additionally, we have converted 26 former Family Dollar combo stores to full Dollar Trees and expect to convert the remaining 31 stores by year-end. We remain pleased with the outperformance of our new stores, particularly the $0.99 only conversions.

在房地產領域，今年迄今為止我們已經開設了 254 家新店，其中包括 42 家以前的 Party City 門市，並且預計將實現全年開設約 400 家門市的目標。此外，我們已將 26 家原始 Family Dollar 組合店改造為完整的 Dollar Tree，並預計在年底前將剩餘的 31 家店改造為 Dollar Tree。我們對新店的出色表現感到滿意，尤其是僅售 0.99 美元的轉換率。

Elsewhere in real estate, the renovation of legacy Dollar Tree locations continues to enhance store conditions and improve the overall productivity of our fleet. Additionally, our expanded preventative maintenance program is reducing downtime and lost business, including a 15% year-over-year reduction in store closed days due to maintenance issues. That is on top of a 50% improvement last year.

在房地產的其他領域，對傳統 Dollar Tree 門市的翻新繼續改善了店鋪條件並提高了我們店舖的整體生產力。此外，我們擴大的預防性維護計畫正在減少停機時間和業務損失，包括因維護問題導致的商店關閉天數年減 15%。這是在去年 50% 的改善基礎上的。

On August 28, we announced a new partnership with Uber Eats. I'm very excited about this partnership, as it represents the next logical step in meeting our customers where they are and helping them shop the way they want to shop. Importantly, this agreement gives us access to Uber Eats' 25 million customers, which is a newer and younger demographic that Dollar Tree has yet to fully tap into. While it's still early days, we are encouraged by the initial response to the launch.

8 月 28 日，我們宣布與 Uber Eats 建立新的合作關係。我對這次合作感到非常興奮，因為它代表著我們在客戶所在地與客戶見面並幫助他們以自己想要的方式購物的下一個合理步驟。重要的是，這項協議使我們能夠接觸到 Uber Eats 的 2500 萬客戶，這是 Dollar Tree 尚未充分挖掘的較新、較年輕的客戶群。雖然現在還處於早期階段，但發布的初步反應令我們感到鼓舞。

In short, we are executing on growth, productivity and cost control simultaneously. Dollar Tree has always thrived in tough times. From our founding in 1986 to today, our formula has been remarkably consistent, deliver value, convenience and discovery for our customers. With our newly expanded assortment, we can now offer more compelling products and be more agile in navigating tariffs and other cost pressures, all while offering our customers more discovery at still affordable prices.

簡而言之，我們正在同時實現成長、提高生產力和控製成本。Dollar Tree 在困難時期總是能蓬勃發展。從 1986 年成立至今，我們的理念始終如一，為客戶提供價值、便利性和發現。透過我們新擴大的產品系列，我們現在可以提供更具吸引力的產品，並更靈活地應對關稅和其他成本壓力，同時以仍然可負擔的價格為我們的客戶提供更多發現。

Our ability to adapt not only positions us to withstand volatility, it positions us to gain share in the face of it. Dollar Tree is built to win in these conditions, offering prices that customers value, pack sizes that help them manage tight budgets and a range of products from everyday essentials to the joy of the perfect Treasure Hunt find. Taken together, our ability to drive traffic, ticket, comp and market share in a volatile environment highlights the resilience of our model and the ever-increasing agility of our organization.

我們的適應能力不僅使我們能夠抵禦波動，還使我們能夠在波動中贏得市場份額。Dollar Tree 正是在這樣的條件下取得成功的，它提供客戶認可的價格、有助於他們管理緊張預算的包裝尺寸以及從日常必需品到完美尋寶樂趣的一系列產品。總的來說，我們在動盪的環境中推動流量、票房、營收和市場份額的能力凸顯了我們模式的彈性和我們組織不斷提高的敏捷性。

Before I turn things over to Stewart for more detail on our financial results and outlook, I'd like to acknowledge the extraordinary efforts of our associates in every store, every distribution center, every support function, our people are the reason Dollar Tree continues to perform at such a high level and in a challenging and unpredictable environment.

在我將話題轉交給斯圖爾特，讓他更詳細地介紹我們的財務業績和前景之前，我想感謝每家商店、每個配送中心、每個支持部門的員工所做出的非凡努力，我們的員工是 Dollar Tree 在充滿挑戰和不可預測的環境中繼續保持如此高水平表現的原因。

I'd like to give a special shout out for all the hard work that went into the Family Dollar sales process. This was a massive effort that involved nearly every aspect of the business, and I'm especially grateful for the efforts of everyone involved. The Dollar Tree team's dedication to serving customers and executing our initiatives with urgency, delivers great outcomes and will drive our success for many years to come.

我要特別感謝 Family Dollar 銷售過程中付出的所有辛勤工作。這是一項巨大的努力，幾乎涉及業務的各個方面，我特別感謝所有參與人員的努力。Dollar Tree 團隊致力於服務客戶並緊急執行我們的計劃，取得了豐碩的成果，並將在未來許多年推動我們的成功。

Thanks, Mike, and good morning, everyone. Q2 comp sales increased 6.5% and adjusted EPS was $0.77. We recognize that this was substantially better than the outlook we provided last quarter, when we said we expected Q2 comp sales to be towards the higher end of our full year range of 3% to 5% and that adjusted EPS could be down by as much as half compared to the prior year.

謝謝，麥克，大家早安。第二季同店銷售額成長6.5%，調整後每股盈餘為0.77美元。我們承認，這遠好於我們上季給予的預期。當時我們預期第二季同店銷售額將接近全年3%至5%預期的上限，而調整後每股盈餘可能較去年同期下降一半。

With respect to compound performance, our initial outlook took into account the relative lack of events and holidays in Q2. But as the quarter unfolded, we saw that the increasing relevance of our expanded assortment to a wider range of customers overpowered the lack of events and Q2 comps came in stronger than we expected.

對於複合表現，我們最初的展望考慮到了第二季度相對缺乏事件和假期。但隨著本季的展開，我們發現，我們擴大的產品種類對更廣泛客戶的相關性日益增強，超過了活動不足的影響，第二季的業績強於我們的預期。

With respect to the EPS outperformance, our sales were higher than anticipated, our pricing actions started earlier, the timing of how our mitigation efforts impacted COGS differed from our initial expectations, and we were able to leverage our payroll costs in SG&A. The COGS timing difference reflected tariff headwinds shifting from Q2 into Q3 and Q4 and the benefits of our mark on being higher than expected. While all of these factors will impact the cadence of our EPS in the back half of the year, on a full year basis, our outlook remains intact.

就每股盈餘的優異表現而言，我們的銷售額高於預期，我們的定價行動開始得更早，我們的緩解措施對銷貨成本的影響時間與我們最初的預期不同，並且我們能夠利用銷售、一般和行政費用中的工資成本。銷貨成本的時間差異反映了關稅逆風從第二季度轉移到第三季度和第四季度，以及我們的品牌效益高於預期。雖然所有這些因素都會影響我們下半年每股盈餘的節奏，但從全年來看，我們的前景仍然沒有改變。

With that, let's go through the details of our second quarter financial performance. For the quarter, net sales increased 12.3% to $4.6 billion. Comparable store sales increased 6.5%. Growth was balanced with increases of 3% in traffic and 3.4% in ticket. Meanwhile, the sales contribution from non-comp stores also exceeded our expectations based on strong results from new store openings and our $0.99 only conversions.

接下來，讓我們來詳細了解第二季的財務表現。本季淨銷售額成長 12.3%，達到 46 億美元。同店銷售額成長6.5%。客流量成長 3%，票務量成長 3.4%，實現了平衡成長。同時，由於新店開業業績強勁以及我們僅 0.99 美元的轉換率，非同店銷售貢獻也超出了我們的預期。

Positive performance was broad-based across categories, with comp up 6.7% for consumables and 6.1% for discretionary, which is particularly impressive, given the seasonal lull we normally see in Q2. Strength in electronics, hardware and lawn and garden drove the healthy mix in the quarter.

各類別均表現積極，消耗品年增 6.7%，非必需品同比增長 6.1%，考慮到我們通常在第二季度看到的季節性低迷，這一表現尤其令人印象深刻。電子、硬體以及草坪和花園行業的強勁表現推動了本季的健康組合。

Turning to margins. Q2 gross margin increased 20 basis points to 34.4%. Several factors contributed to this, including lower merchandise costs driven by higher inventory mark-on and lower freight as well as favorable pricing that helped us offset higher tariffs. We also benefited as our mix shifted away from some lower-margin consumable categories. The strong sales comp also helped us leverage occupancy costs. These benefits were partially offset by higher markdown reserves on aged inventory, higher distribution costs and elevated shrink.

轉向利潤。第二季毛利率上升20個基點至34.4%。造成這一結果的因素有很多，包括庫存加價和運費降低導致的商品成本降低，以及幫助我們抵消更高關稅的優惠定價。隨著我們的產品組合不再局限於一些利潤率較低的消費品類別，我們也從中受益。強勁的銷售額也幫助我們降低入住成本。這些好處被老化庫存的降價儲備增加、分銷成本增加和損耗增加部分抵消。

While tariffs were a meaningful headwind as expected, we were able to use our five mitigation levers to counteract much of the impact. At the Dollar Tree segment level, our Q2 adjusted SG&A rate increased 50 basis points to 26.3% driven by higher store payroll related to stickering activity, wage increases, depreciation, incentive compensation and repairs and maintenance. These were partially offset by lower general liability expenses and sales leverage. While general liability expense was lower than last year, it was higher than we contemplated in our June outlook. As many companies have noted recently, the cost of claims continues to rise across the industry.

儘管關稅如預期一樣是一個重大阻力，但我們能夠利用五個緩解手段來抵消大部分影響。在 Dollar Tree 部門層面，由於與貼紙活動、薪資上漲、折舊、獎勵性薪資以及維修和保養相關的門市薪資增加，我們的第二季調整後銷售、一般及行政費用率增加了 50 個基點，達到 26.3%。這些被較低的一般責任費用和銷售槓桿部分抵消。雖然一般責任費用低於去年，但高於我們在六月展望中預期的水平。正如許多公司最近指出的那樣，整個行業的索賠成本持續上升。

At the corporate level, adjusted SG&A expense was higher driven by incentive comp and IT project expense. On a year-over-year basis, prior to TSA income, our corporate SG&A rate held steady at 3.1%. Subsequent to the sale of Family Dollar, we received $8 million of TSA income net during the second quarter. Adjusted operating income increased 7.4% to $236 million and operating margin decreased 20 basis points to 5.2%. This was significantly better than our outlook, reflecting the sales outperformance, expense control and timing benefits.

在公司層面，調整後的銷售、一般及行政費用因激勵補償和 IT 專案費用而增加。與去年同期相比，在扣除 TSA 收入之前，我們的企業銷售、一般及行政費用率保持穩定在 3.1%。在出售 Family Dollar 之後，我們在第二季獲得了 800 萬美元的 TSA 淨收入。調整後的營業收入成長 7.4% 至 2.36 億美元，營業利潤率下降 20 個基點至 5.2%。這明顯好於我們的預期，反映了銷售業績優異、費用控制和時機優勢。

Moving on to the balance sheet and free cash flow. Total inventory increased $112 million or 4.4%, reflecting store growth, our expanded assortment and inventory mark-on related to our pricing initiatives. We ended the quarter with $666 million in cash and cash equivalents. On the Q2 cash flow statement, we generated $261 million in cash from operating activities and had capital expenditure of $245 million. This resulted in free cash flow of $16 million, which was a $131 million positive swing year-over-year. On a year-to-date basis, we have generated $145 million of free cash flow.

繼續討論資產負債表和自由現金流。總庫存增加了 1.12 億美元，即 4.4%，反映了商店的成長、我們擴大的商品種類以及與我們的定價措施相關的庫存加價。本季末，我們的現金和現金等價物為 6.66 億美元。在第二季現金流量表中，我們從營運活動中產生了 2.61 億美元的現金，資本支出為 2.45 億美元。這導致自由現金流達到 1,600 萬美元，較上年同期增加 1.31 億美元。今年迄今為止，我們已產生 1.45 億美元的自由現金流。

Additionally, in Q2, we received $668 million of cash proceeds from the sale of Family Dollar. On top of that, we expect approximately $425 million of cash tax benefits from the sale and approximately $100 million of accelerated cash tax benefits as a result of the recently enacted tax bill. Also, during the quarter, we paid off our $1 billion May 2025, 4% senior notes using a combination of commercial paper and available cash on hand. In the near term, we will continue to leverage commercial paper and available cash.

此外，在第二季度，我們透過出售 Family Dollar 獲得了 6.68 億美元的現金收益。除此之外，我們預計此次出售將帶來約 4.25 億美元的現金稅收優惠，而根據最近頒布的稅收法案，我們還將獲得約 1 億美元的加速現金稅收優惠。此外，在本季度，我們使用商業票據和可用現金償還了 2025 年 5 月發行的 10 億美元、利率為 4% 的優先票據。短期內，我們將繼續利用商業票據和可用現金。

In Q2, we repurchased 5 million shares of $501 million, including excise tax. Subsequent to quarter end, we repurchased an additional 0.6 million shares for $71 million. Year-to-date, we've completed $1 billion in share purchases or approximately 11.6 million shares at an average price of $86 per share.

第二季度，我們回購了 500 萬股，價值 5.01 億美元，其中包括消費稅。季度結束後，我們又回購了 60 萬股，回購金額為 7,100 萬美元。年初至今，我們已完成價值 10 億美元的股票購買，約 1,160 萬股，平均價格為每股 86 美元。

We ended the quarter with healthy liquidity, a more flexible balance sheet and ample capacity to fund growth while returning capital to shareholders. Our capital allocation priorities have remained consistent and include investing growth for new stores, multi-price conversions and supply chain efficiency, maintain balance sheet strength and flexibility, return capital to shareholders through ongoing share repurchases.

本季結束時，我們的流動性更加健康，資產負債表更加靈活，並且有足夠的能力為成長提供資金，同時向股東返還資本。我們的資本配置重點始終保持一致，包括投資新店成長、多價格轉換和供應鏈效率、維持資產負債表實力和靈活性、透過持續的股票回購向股東返還資本。

Now let me provide an update on our full year 2025 outlook. We now expect comparable sales growth of 4% to 6% and adjusted EPS of $5.32 to $5.72, assuming current tariff rates. Gross margin improvement of approximately 50 basis points driven by pricing, freight and partially offset by higher tariffs.

現在，讓我來介紹一下我們對 2025 年全年的展望。假設目前的關稅稅率，我們現在預計可比銷售額成長率為 4% 至 6%，調整後的每股收益為 5.32 美元至 5.72 美元。毛利率提高約 50 個基點，主要受定價和運費推動，但被關稅提高部分抵銷。

For Dollar Tree segment adjusted SG&A, we anticipate approximately 120 basis points of year-over-year deleveraging driven by a modestly higher outlook for labor and general liability costs. For corporate SG&A, prior to any TSA reimbursement, we expect costs to increase approximately 11% to 12% on a year-over-year basis. TSA proceeds of approximately $55 million to $60 million, subject to final adjustments. On a net basis, our outlook for adjusted corporate SG&A and net of TSA proceeds remains essentially unchanged.

對於 Dollar Tree 部門調整後的銷售、一般及行政費用，我們預計年比去槓桿率將下降約 120 個基點，這主要得益於勞動力和一般責任成本前景略有上升。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 11% 至 12%。TSA 收益約 5,500 萬至 6,000 萬美元，但需進行最終調整。從淨值來看，我們對調整後的企業銷售、一般及行政費用以及 TSA 收益淨額的展望基本上保持不變。

Finishing the P&L, we expect net interest expense of approximately $100 million and an effective tax rate of approximately 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.

完成損益表後，我們預期淨利息支出約為 1 億美元，有效稅率約為 25%。我們仍預期資本支出將在 12 億美元至 13 億美元之間，包括開設約 400 家新的 Dollar Tree 商店。

We remain committed to offsetting cost pressures, including tariffs through our five levers while sustaining investment in growth initiatives and store expansion. Throughout the balance of 2025, we will be focused on consistent execution, disciplined cost control and delivering value to customers in what remains a challenging macro environment. And with that, I'll turn the call back to Mike.

我們將繼續致力於透過五個槓桿來抵消成本壓力（包括關稅），同時維持對成長計畫和門市擴張的投資。在 2025 年餘下時間裡，我們將專注於持續執行、嚴格的成本控制，並在仍然充滿挑戰的宏觀環境中為客戶創造價值。說完這些，我就把電話轉回給麥克。

Thanks, Stewart. Our second quarter results reinforce the unique position Dollar Tree holds in today's retail landscape. We delivered strong sales growth, margin outperformance and market share gains, all while navigating cost pressures in a dynamic consumer environment.

謝謝，斯圖爾特。我們第二季的業績鞏固了 Dollar Tree 在當今零售業中的獨特地位。我們實現了強勁的銷售成長、利潤率優異和市佔率成長，同時應對了動態消費環境中的成本壓力。

With the Family Dollar divestiture complete, Dollar Tree is now a fully focused business. Every ounce of our leadership attention, capital investment and operating resources is now directed towards strengthening the core Dollar Tree brand. This sharper focus is already showing up in the pace of conversions, new openings, and faster decision-making on pricing, assortment and sourcing.

隨著 Family Dollar 業務剝離的完成，Dollar Tree 現已成為一家業務重心完全集中的企業。我們領導層的每一份關注、資本投資和營運資源現在都用於加強核心 Dollar Tree 品牌。這種更清晰的關注已經體現在轉換速度、新開張速度以及更快的定價、分類和採購決策上。

Looking ahead, our strategic priorities remain clear: one, continue the rollout of our expanded assortment, which is driving higher traffic, ticket and discretionary penetration; two, manage costs with agility, use our five mitigation levers to protect margins while maintaining customer value; three, invest in the customer experience with compelling assortments, clean stores and well stocked shelves; and four, drive disciplined growth and returns, supported by a strong balance sheet, free cash flow and the proceeds from Family Dollar.

展望未來，我們的策略重點仍然明確：第一，繼續推出更廣泛的商品組合，這將推動客流量、票務和可自由支配商品滲透率的提高；第二，靈活管理成本，利用我們的五個緩解槓桿來保護利潤率，同時保持客戶價值；第三，透過引人注目的商品組合、整潔的商店和庫存充足的貨架投資於現金體驗；

We entered the back half of the year with strong momentum, healthy inventory, a clear strategy and the resources to execute. That gives me tremendous confidence in our ability to deliver for our customers, associates and shareholders, not just in the near term, but for the long run.

我們以強勁的勢頭、健康的庫存、清晰的策略和執行資源進入了下半年。這讓我對我們為客戶、同事和股東提供服務的能力充滿信心，不僅在短期，而且在長期。

Finally, as we mentioned last quarter, we'll be hosting an Investor Day in New York on October 15 to share a refreshed long-term strategy and financial outlook for the stand-alone Dollar Tree business. This will be an important opportunity to show you how we intend to build on the momentum we've established and how we see the company evolving over time.

最後，正如我們上個季度提到的，我們將於 10 月 15 日在紐約舉辦投資者日，分享獨立 Dollar Tree 業務的最新長期策略和財務前景。這將是一個重要的機會，向您展示我們如何利用已經建立的勢頭，以及我們如何看待公司隨著時間的推移而發展。

Importantly, we will share more details about our updated strategic road map and financial framework. We look forward to showcasing the growth runway ahead, the earnings power of our expanded assortment and the operational improvements we are embedding across the business. And with that, we're ready to take your questions.

重要的是，我們將分享有關我們更新的策略路線圖和財務框架的更多細節。我們期待展示未來的成長前景、擴大產品系列的獲利能力以及我們在整個業務中嵌入的營運改善。現在，我們準備好回答您的問題了。

(Operator Instructions)

（操作員指示）

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good morning. Thank you so much for taking my question.

早安.非常感謝您回答我的問題。

Guys, there's a perception out there that as you have more fully rolled out some of your tariff mitigation strategies, including raising price points across your assortment that the consumer has pushed back, your comps have slowed, and the perception of relative value has decreased. And if this is the case, Dollar Tree's margins are going to be at risk over the long term as it will not have the levers to navigate through a higher cost environment. So why are those points wrong, especially in light of, what there's been a lot of moving pieces within your full year guidance suggesting that business does remain somewhat volatile? Thank you so much.

夥計們，人們有一種看法，認為隨著你們更全面地推出一些關稅減免策略，包括提高整個產品系列的價格點，但消費者卻反對，你們的同店銷售增長放緩，相對價值的認知也下降了。如果情況確實如此，那麼 Dollar Tree 的利潤率將長期面臨風險，因為它將缺乏在高成本環境中生存的槓桿。那麼，為什麼這些觀點是錯誤的，特別是考慮到您的全年指導中有很多變動因素表明業務確實仍然存在一定波動？太感謝了。

Yes. Thanks, Michael. Michael, we're pleased with our customer response. If you look at mix on all levels of our customer, the traffic and ticket are balanced, our consumables and discretionary are balanced and across all income levels, Dollar Tree is resonating with our customer. You look at what we're adding last quarter in Q1, 50% of the customers we added came from the higher $100,000 price point -- salary point. If you look this quarter, that was two-thirds of our customers. So we think we're resonating very well with the customer.

是的。謝謝，麥可。邁克爾，我們對客戶的反應非常滿意。如果你看一下我們各個層次的客戶組合，你會發現流量和票務是平衡的，我們的消耗品和可自由支配的物品也是平衡的，而且在所有收入水平上，Dollar Tree 都能引起客戶的共鳴。看看我們上個季度第一季新增的客戶，我們新增的客戶中有 50% 來自 100,000 美元以上的價位——薪資點。如果你看一下本季，你會發現這佔了我們客戶的三分之二。因此我們認為我們與客戶產生了很好的共鳴。

And when you look at these comps, both one-year and on a two-year basis, these are incredibly strong comps that demonstrate the relevance that Dollar Tree holds. Our customers are walking in and one of the things I love about small box is you get a feel for the whole store as soon as you walk in the door. They're walking in and they're seeing value. We still have 85% of our stores at $2 or less. Think about that, you walk in and you're finding value around every corner. We think our customer is really pleased with that.

當你查看這些一年期和兩年期的比較時，你會發現它們都是非常強勁的比較，證明了 Dollar Tree 的相關性。我們的顧客走進來，我喜歡小盒子的其中一個原因是，你一走進門就能感受到整個商店的氛圍。他們走進來並看到了價值。我們仍有 85% 的商店售價為 2 美元或更低。想想看，當你走進去時，你會發現每個角落都有價值。我們認為我們的客戶對此非常滿意。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hey. Thanks, guys. Can you talk about the drivers of the higher ticket between AUR and UPT, maybe any more detail you gave about AUR and discretionary versus consumables? And just at a high level, just trying to understand what pricing actions were already taken in the second quarter versus what is still planned in the second half? Thanks.

嘿。謝謝大家。您能否談談 AUR 和 UPT 之間票價上漲的驅動因素，或者您能否提供更多關於 AUR 以及可自由支配費用與消耗品費用的細節？從高層次來看，您只是想了解第二季已經採取了哪些定價行動，以及下半年仍計劃採取哪些定價行動？謝謝。

Yes, Paul. When we look at the drivers of it, first of all, that balance that I talked about between discretionary and consumables was really strong and then, of course, the balance in traffic and ticket. And even though we did take some price in Q2, units were still up. So that tells us that our customer is accepting, they're still finding value in our stores. And we look at their reaction and they'll continue to guide us. But as I mentioned in my prepared remarks, the unit performance was actually better than we expected. So those are the major drivers there in terms of the mix and what we've seen on units.

是的，保羅。當我們研究其驅動因素時，首先，我談到的可自由支配的物品和消耗品之間的平衡確實很強，然後，當然，還有流量和票務之間的平衡。儘管我們在第二季確實降低了一些價格，但銷量仍然上漲。這說明我們的客戶接受了我們的產品，他們仍然認為我們的商店有價值。我們會觀察他們的反應，並繼續指導我們。但正如我在準備好的發言中提到的那樣，該部隊的表現實際上比我們預期的要好。因此，就組合和我們在單位上看到的情況而言，這些是主要的驅動因素。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Hi. Good morning, everyone. I wanted to follow up on guidance. Looking at your guidance for the back half of the year, it implies a fairly wide comp range of about 2% to 6%. And I was curious if you could maybe talk a bit about why that range would be wide, given you have accelerating price you've mentioned lower-than-expected elasticity, which is obviously positive. I mean wouldn't a comp slowdown be a surprise given that?

你好。大家早安。我想遵循指導。從您今年下半年的預測來看，這意味著相當寬的薪資範圍，約為 2% 至 6%。我很好奇，您是否可以談談為什麼這個範圍會這麼廣，因為您提到了加速價格，彈性低於預期，這顯然是積極的。我的意思是，考慮到這一點，公司業績放緩難道不會令人感到意外嗎？

And then the second part of this is related to bottom line. And I was just curious if you could maybe quantify some of the new headwinds that sort of work their way in, whether it's incremental tariffs, liability claims or anything else? Thank you.

第二部分與底線有關。我只是好奇，您是否可以量化一些新的不利因素，無論是增量關稅、責任索賠還是其他什麼？謝謝。

So I think, looking at the back half of the year, there's a lot of volatility in the marketplace. We can't say how the consumer will react to various price increases that are taking place in general. So far, in the first half of the year, we've had a very strong performance. We expect a strong performance in the back part of the year. But we want to be certain that we take account of volatility that consumers are faced with. So I think that's really the expectation, the answer to your question about the variability in the comp range.

因此我認為，縱觀今年下半年，市場波動很大。我們無法預測消費者對於普遍存在的各種價格上漲會如何反應。到目前為止，今年上半年我們的表現非常強勁。我們預計今年下半年會有強勁表現。但我們希望確保考慮到消費者面臨的波動。所以我認為這確實是預期，也是關於補償範圍變化的問題的答案。

In terms of the costs -- increased costs that we're facing, on the general liability side, this is not a problem with having more claims. This is something we're seeing across all industry, the cost of settling claims is getting higher. And therefore, while we haven't seen any increase in the rate of claims, we are seeing those claims come in more costly. And just so you understand, this is not the question of sort of million-dollar claims. Most of the claims we have are very, very small, but it's the percentage cost change between settlement last year and the settlements we're seeing now.

就成本而言——我們面臨的成本增加，在一般責任方面，這不是索賠增加的問題。這是我們在所有行業都看到的現象，解決索賠的成本越來越高。因此，雖然我們沒有看到索賠率有任何增加，但我們看到這些索賠的成本更高了。你要明白，這不是百萬美元索賠的問題。我們收到的大多數索賠金額都非常小，但這是我們去年的和解金額與我們現在看到的和解金額之間的百分比成本變化。

When you -- to put that into context, if you looked at last year versus this year, in the second quarter of last year, we had a big charge to catch up some of our general liability reserves. In this year, we didn't have that kind of big charge. We are keeping track as we go of the change in the settlement cost. But if you look at a total year-over-year, our general liability costs this year are expected to be in line with last year despite the bigger increase. So that's a sense of that.

如果你把去年與今年比較，你會發現在去年第二季度，我們花了一大筆錢來彌補部分一般責任準備。今年我們還沒有收取這麼大的費用。我們正在追蹤結算成本的變化。但如果從同比總體來看，儘管今年的一般責任成本增幅較大，但預計仍與去年持平。這就是那種感覺。

On the other side, we have seen a slightly increased costs in both shrink, which we called out last quarter. And in markdowns also, we haven't quantified either of those.

另一方面，我們看到兩項收縮的成本略有增加，我們在上個季度就提到這一點。在降價方面，我們也沒有量化這兩者。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Hi. This is Zach on for Simeon. Thanks for taking our question.

你好。這是 Zach 為 Simeon 上場。感謝您回答我們的問題。

I was wondering if you could speak to perhaps what a normalized EPS for the full year '25 would be in the way you see it? Because it does seem like there's some one-time items. There's some noise with corporate and TSA as well as some of the general liability and other tariff impact. So in any way you can to kind of address that and the way you see it, what a normalized level of EPS could be in for the year? Thank you.

我想知道您是否可以談談您認為 25 年全年的正常每股收益是多少？因為它看起來確實有一些一次性物品。企業和 TSA 存在一些問題，而且還有一些一般責任和其他關稅影響。那麼，您能以任何方式解決這個問題嗎？從您的角度來看，今年的 EPS 正常水平是多少？謝謝。

Yes. I mean I think just as you look at the year itself, there are a lot of moving parts. And therefore, are the tariffs that we're facing right now, are they normal or not. So the real question here is sort of what you're normalizing for. I think the question -- behind the question is, okay, what's that flow through look like for 2026? And maybe it's easier for me to answer your question using that lens.

是的。我的意思是，我認為，當你回顧這一年本身時，你會發現有很多活動的部分。因此，我們現在面臨的關稅是否正常。所以這裡真正的問題是你要規範什麼。我認為問題背後的問題是，2026 年的流量會是什麼樣的呢？也許從這個角度來回答你的問題對我來說會比較容易。

When you look at the factors that are driving this year, we had, first going into the tariffs much higher tariffs than those tariffs settle down a little bit. And then in the most recent realm of tariffs, there was some increase in the number of countries in which we source. So think about India or Vietnam. (inaudible) unusual shift to tariffs during the year. But if you actually looked at our pricing strategies, those strategies were designed as we moved into that sort of second set of tariffs.

當你看看今年的驅動因素時，我們首先要考慮的是關稅，當時的關稅比現在稍微穩定下來的關稅高得多。在最近的關稅領域，我們採購的國家數量有所增加。所以想想印度或越南。 （聽不清楚）今年的關稅出現了不同尋常的變化。但如果你真的看一下我們的定價策略，你會發現這些策略是在我們進入第二套關稅時設計的。

As you look at the final set of tariffs, we've had some increase in this year. We did not take any further changes to address those tariffs, mainly because we felt like we had enough coverage coming through the actions that we had taken. And we had other cost benefits that were flowing through our P&L that we felt confident that we could keep the year intact, and that was really important for us.

從最終的關稅來看，今年的關稅有所增加。我們沒有採取任何進一步的改變來解決這些關稅問題，主要是因為我們覺得我們已經採取的行動已經提供了足夠的保障。而且我們還有其他成本效益流入我們的損益表，我們有信心我們可以保持全年完好無損，這對我們來說非常重要。

So think about the flow-through from a tariff perspective to next year, is one that we're sort of running our P&L in a way to maintain our gross margin. We may need some tweaks up and down as we see any further changes in tariffs or as we manage costs, but our five levers are intended to sort of address that.

因此，從關稅角度考慮明年的流通，我們會以某種方式運行我們的損益表以維持我們的毛利率。當我們看到關稅的進一步變化或我們管理成本時，我們可能需要進行一些調整，但我們的五個槓桿旨在解決這個問題。

Final point is let me address the sort of one-offs in the year, and there are a couple of important one-offs you need to recognize. First, there is an increased cost of stickering re-signage in the store. And that cost, when you look at it in total, it's somewhere around $115 million for the year to give you a number. If you take that number, offsetting that in this year are a couple of other items.

最後一點是，讓我來談談今年發生的一次性事件，有幾個重要的一次性事件需要大家認識。首先，商店重新貼標示牌的成本增加了。如果從總體上看，那麼全年成本約為 1.15 億美元。如果你採用這個數字，那麼今年就會有其他一些項目來抵銷這個數字。

The first one is that you are -- we are taking the benefit from some inventory, which did not have that higher rate of tariff baked into it, that we're now -- that's now coming through our cash register at a higher price. That's a onetime benefit. And then I think if you also then finally take the fact that we have costs coming through our inventory, our on-hand inventory revaluation, our on-hand inventory smartphones, that's a one-time benefit that you saw a lot of in the second quarter, which will start to unwind. You'll see it again in the second quarter, in the third quarter and the fourth quarter, and that will unwind as we go through the course of this year and likely a little bit into next year.

第一個是，我們從一些庫存中獲益，這些庫存中沒有包含更高的關稅稅率，我們現在以更高的價格透過收銀機出售這些庫存。這是一次性福利。然後我認為，如果您最終也考慮到我們的成本來自庫存、現有庫存重估、現有庫存智慧型手機，那麼這是您在第二季度看到的一次性收益，它將開始消退。你會在第二季、第三季和第四季再次看到這種情況，而這種情況將在今年全年甚至明年逐漸消退。

So there's a lot there. I gave you a lot because it is actually a very complex estimate. But that's a lot to say that when we get to the end of the year, we balance that out. And I think if you looked at a lot of the one-times, there are offsets to those one-times. So difficult to say exactly what is the normalized number, but I'll wrap up by saying that if you look into next year, our plan is to maintain our gross margin.

那裡有很多東西。我給了你很多，因為這實際上是一個非常複雜的估計。但這還不夠，到年底時，我們會平衡這些。我認為，如果你看了很多一次性的事情，你會發現這些一次性的事情都有抵銷。因此很難確切地說出標準化的數字是多少，但我想說的是，如果你展望明年，我們的計劃是保持我們的毛利率。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯（Matthew Boss）。

Great. Thanks. So I have a couple. Mike, maybe first on the sequential acceleration in same-store sales. Where are you seeing the largest gains by income demographic, if you broke it down. Second, on the initial pricing actions, are there any categories where you've seen material pushback? And then last, any change in comps so far in the third quarter relative to the second quarter performance or just how best to think about third quarter versus fourth quarter comps?

偉大的。謝謝。所以我有幾個。麥克，首先我想談談同店銷售額的連續成長。如果按照收入人群來劃分的話，您認為哪裡的收入成長最多？其次，在最初的定價行動中，您是否看到哪些類別遭遇了實質的阻力？最後，到目前為止，第三季的業績與第二季的表現相比有什麼變化嗎？或如何最好地看待第三季與第四季的業績？

Yes. In terms of the sequential acceleration, when we started and we had our call and we were one period in, you were kind of done with the holidays and the events. And so we looked out -- and Q2, I always say periods 5, 6 and 7. So Q2 and the start of Q3 are the toughest times for Dollar Tree because you don't have those big drivers, the real reasons people go to Dollar Tree. And yet in Q2, we saw very strong performance, balanced ticket and traffic in those comps.

是的。就連續加速而言，當我們開始、接到電話並且進入一個時期時，您就已經完成了假期和活動。所以我們觀察了一下——第二季度，我總是說第 5、6 和 7 個時期。因此，第二季和第三季初是 Dollar Tree 最艱難的時期，因為你沒有那些重要的驅動力，也就是人們去 Dollar Tree 的真正原因。然而在第二季度，我們看到了非常強勁的表現，這些公司的票房和客流量都比較平衡。

And in terms of the drivers, where they come from income cohorts, yes, we saw the strongest performance from the higher income. But what was interesting was we still saw very strong performance from our lower income customer. So really, the pack sizes that we have, the ability to help them kind of stretch their budget and make it to that next paycheck, we saw that all strong.

就驅動因素而言，從收入群體來看，是的，我們看到高收入群體的表現最為強勁。但有趣的是，我們仍然看到低收入客戶的表現非常強勁。所以實際上，我們所擁有的包裝尺寸，幫助他們擴大預算並賺取下一筆薪水的能力，我們都看到了強大的力量。

In terms, Matt, of how the Q3 started, I mean, we raised our guidance for the full year to 4% to 6%. P7, again, doesn't have those big holidays, you start to get the back-to-school in it towards the end of it. We're within that range, albeit we are at the lower end of that range, but we're within that range and feel confident about looking out in the year and raising guidance for the full year on the top line.

馬特，就第三季的開局而言，我們將全年預期上調至 4% 至 6%。同樣，P7 沒有那些大的假期，你會在學期末開始回到學校。我們處於該範圍內，儘管我們處於該範圍的低端，但我們仍處於該範圍內，並且對今年的展望和提高全年營收預期充滿信心。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Hey. Thanks. Good morning. As you guys gain more experience with multi-price, how is the buying team evolve in its purchasing decisions? How are you handling incremental markdowns with multi-price as we move forward? And then can you help us frame out where you are on the journey of moving higher on the $1.25 price point to $1.50, $1.75, $2 across the fleet?

嘿。謝謝。早安.隨著你們在多價位方面獲得更多經驗，採購團隊的採購決策如何演變？隨著我們不斷前進，您如何處理多種價格的增量降價？然後，您能否幫助我們概括一下，在整個車隊中，您的價格點從 1.25 美元上升到 1.50 美元、1.75 美元、2 美元的過程中，您處於什麼階段？

Yes. First of all, our merchant team is incredible. The amount of complexity that exists for them in a highly volatile environment. If you look at our five levers, and you go out and you say, okay, 30% for China, 10% for rest of the world, you start negotiating with our suppliers. As you look at country of origin, they're respecting product.

是的。首先，我們的商家團隊非常出色。在高度不穩定的環境中，它們所面臨的複雜程度。如果你看我們的五個槓桿，然後你走出去說，好吧，30%給中國，10%給世界其他地區，你就開始與我們的供應商談判。當你查看原產國時，他們尊重產品。

There are some SKUs, they're just not going to carry anymore. And then they're deciding what could go into the expanded assortment and have a higher price. And then halfway through the quarter, you're doing that and all of a sudden, in India or Vietnam or somebody goes to not 10%, but in India's case, 50%. So I give our merchants just a ton of credit for the work that they're doing. It's remarkable.

有些 SKU 他們不會再銷售了。然後他們決定擴大產品種類並提高價格。然後到了本季中期，你這麼做了，突然之間，印度或越南或某些國家的成長率就不再是 10%，而是印度的 50%。因此，我對我們的商家所做的工作給予高度評價。這真是太了不起了。

And not just our merchants -- our global sourcing team, how our supply chain then handles that. And then, of course, in store, they are at the end of that whipsaw having to adjust. So the teams have done a great job in navigating that.

不只是我們的商家——我們的全球採購團隊，還有我們的供應鏈如何處理這個問題。然後，當然，在商店裡，他們必須進行調整。因此，各團隊在解決這個問題上做得非常好。

And what I do like, you never want this chaos, but I love the agility that it's created at the company. Every one of our teams that I've mentioned is far more nimble now than they ever have been and really looking at ways to have that lowest landed cost so that we can deliver a great value for our customer. And so what does it look like going forward?

我喜歡的是，你永遠不希望出現這種混亂，但我喜歡它在公司中創造的靈活性。我提到的每個團隊現在都比以前更靈活，並且真正在尋找實現最低到岸成本的方法，以便我們能夠為客戶提供巨大的價值。那麼未來會怎麼樣呢？

The $1.25 is still the $1.25. I mentioned that 85% of the store is still $2 or less. That's what we are, that's who we are. But we also believe there's an opportunity to expand the assortment and provide value that quick convenient shop. And then with that expanded assortment really doubled down on that thrill of the hunt discovery that you come into Dollar Tree, you're not exactly sure what you needed, and by the end of the first aisle, there's a basket there because you got more than you thought you would. That's the Dollar Tree magic. That hasn't changed, that will not change, and that's who we are. So that's where we'll continue to be.

1.25美元還是1.25美元。我之前提到過，商店裡85%的商品價格仍然在2美元或更低。這就是我們，這就是我們。但我們也相信有機會擴大商品種類並提供快速便利的購物價值。然後，隨著商品種類的擴大，尋寶的刺激感真的加倍了。當你走進 Dollar Tree 時，你並不十分確定自己需要什麼，而當你走到第一條走道的盡頭時，你會看到一個籃子，因為你買到的東西比你想像的要多。這就是 Dollar Tree 的魔力。這沒有改變，也不會改變，這就是我們。所以我們會繼續這樣做。

Rupesh Parikh, Oppenheimer.

魯佩什·帕里克，奧本海默。

Good morning and thanks for taking my questions. So two on just on pricing. Just given the current tariff backdrop, what inning do you think we are in terms of enacted pricing increases? And then if you look at the increase that you've already taken and plan on taking, just how do you feel about your price gaps?

早上好，感謝您回答我的問題。因此僅就定價而言，還有兩個問題。鑑於目前的關稅背景，您認為我們在實施價格上漲方面處於什麼階段？然後，如果您看看已經實現的和計劃實現的成長，您對價格差距有何感受？

So in terms of what inning we're in, it's a little different for us because of the way the holidays work. So we've taken our price that we are going to take. So in that respect, I'll give you the -- closure is not in yet, but the setup man is in. And so -- but when you look out on Q3 and Q4, as a new holiday comes in and replenishment comes in, there is that opportunity on restickering, re-signage.

因此，就我們所處的情況而言，由於假期的安排，情況有些不同。因此，我們已經確定了我們將要採取的價格。因此，從這個方面來說，我會給你——關閉尚未完成，但設定人員已經完成。所以 - 但是當你觀察第三季和第四季時，隨著新假期的到來和補貨的到來，就有重新貼標籤、重新標牌的機會。

So we've taken the price we're going to take. Our team knows what they're doing, late inning on that, setup man is in, and we still have work to do because every time you get replenished from the DC or you take something out of a packaway, you are faced with that restickering and re-signage.

因此我們已經確定了要接受的價格。我們的團隊知道他們在做什麼，在比賽後期，工作人員已經到位，我們仍然有工作要做，因為每次你從 DC 補給或從包裝箱中取出東西時，你都會面臨重新貼標籤和重新標牌的問題。

In terms of how it's been received, very well. We really look at what our customer tells us every day. And their traffic, they vote with their feet and their ticket, they vote with their wallet, and we like what we see from them.

從它的反響來看，非常好。我們每天都會認真關注客戶告訴我們的事情。他們的流量是用腳和票投票的，他們用錢包投票，我們喜歡從他們身上看到的東西。

John Heinbockel, Guggenheim Partners.

古根漢合夥公司的約翰·海因博克爾。

Hey, Mike. Two questions, somewhat related. When you think about the basket and consumable and discretionary items in the basket. So I mean, how much are you getting a significant very high percentage of baskets with both -- and then how do you think about sort of chicken and the egg? Does treasure hunt drive traffic for consumables, is consumable repetition drive traffic for discretionary?

嘿，麥克。兩個問題，有點相關。當您考慮籃子以及籃子中的消耗品和可自由支配的物品時。所以我的意思是，你能透過這兩種方式獲得相當高比例的投籃命中率嗎？那麼你如何看待先有雞還是先有蛋的問題呢？尋寶能為消耗品帶來流量嗎？消耗品重複能為可自由支配商品帶來流量嗎？

And then lastly, we've talked in the past about this zone pricing. And it sounds like your -- it just sounds to me like you're less interested in that today maybe than you were. Is that just because of the macro backdrop and timing?

最後，我們過去曾討論過這個區域的定價。聽起來你——在我看來，你今天對此的興趣可能不像以前那麼大了。這只是因為宏觀背景和時機嗎？

Great questions, John. The first, the basket, it really is both in terms of the traffic drivers, consumables, and maybe there's a bit nuance by income cohort. So if I look at our traditional lower-income customer, they're driven by kind of everyday essentials. They're driven by pack sizes. They're trying to stretch a budget between paychecks. So they're coming in for that purpose and finding the back-to-school find that just wows them. That $5 backpack that saves them a trip to a large mass merchant at a better price.

很好的問題，約翰。首先，購物籃，實際上既涉及流量驅動因素，又涉及消耗品，而且可能與收入群體存在一些細微差別。因此，如果我觀察我們傳統的低收入客戶，他們受到日常必需品的驅動。它們受包裝尺寸驅動。他們試圖在兩次發薪之間節省預算。因此，他們為此而來，並發現了令他們驚嘆的開學新事物。這款售價 5 美元的背包讓他們省去了去大型超市以更優惠價格購買的麻煩。

And then you have that thrill of the hunt discovery customer that tends to skew more higher income. They're coming into our stores, they're targeting the seasons, the holiday, the back-to-school, all that. And they're saying, wow, I can't get over that I can get Dixie plates for $3. I mean, it's just incredible. They didn't know they could find that. And so really, it's a very complementary ticket and traffic across all income cohorts.

然後，您就會感受到尋找發現客戶的興奮，而這種興奮往往會偏向更高的收入。他們來到我們的商店，瞄準的是季節、假期、返校季等等。他們說，哇，我簡直不敢相信我只需 3 美元就能買到 Dixie 盤子。我的意思是，這真是令人難以置信。他們不知道他們能找到這個。因此，這實際上是一種針對所有收入群體的非常互補的票務和流量。

And then zone pricing, it is not that we've lost our interest in this. Think of it as priorities. If it was something we really wanted to test at the beginning of the year, when we were faced with the inflationary cost environment, the tariffs, et cetera, we really had to pivot to our tariff mitigation strategy. And that has put (inaudible) pricing a little bit down the priority, but it's still something we want to look at.

然後是區域定價，我們對此並沒有失去興趣。將其視為優先事項。如果這是我們在年初真正想要測試的東西，當我們面臨通膨成本環境、關稅等等時，我們真的必須轉向我們的關稅緩解策略。這使得（聽不清楚）定價的優先順序稍微降低了一些，但這仍然是我們想要關注的事情。

We're all about delivering an incredible relative value. And as you can imagine, that relative value in California or New York may be different than that relative value in other parts of the country. So maybe a little down the priority, but still something that we will lean into at some point.

我們致力於提供令人難以置信的相對價值。你可以想像，加州或紐約州的相對價值可能與該國其他地區的相對價值不同。因此，優先順序可能會降低一點，但我們仍然會在某個時候傾向於此。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Hey. Good morning, everyone. Thanks for taking the question.

嘿。大家早安。感謝您回答這個問題。

I wanted to follow up on the performance across price points. Is there any way to quantify the overall lift to comps from that new multi-price point product? And then specifically on the $1.25, Mike, to your point, obviously, that's still a bulk of the product, but with more variations on that now, I'm just curious, like how is the consumer responding to that? How is that part of the assortment performing? Thanks so much.

我想追蹤各個價位的表現。有什麼方法可以量化這種新的多價位產品對同類產品的整體提升嗎？然後具體到 1.25 美元，麥克，正如你所說，顯然，這仍然是產品的大部分，但現在有了更多的變化，我只是好奇，消費者對此有何反應？該部分產品的表現如何？非常感謝。

Thanks, Seth. We really see across the entire envelope of offering, strong performance. We look at the balance that we're seeing in the basket. We look at the discretionary and the consumables and we look across all different price points. And really, our customer continues to find value, and so their basket is fairly balanced.

謝謝，塞思。我們確實看到了整個產品系列的強勁表現。我們來看看籃子裡的餘額。我們考慮了可自由支配的物品和消耗品，並查看了所有不同的價格點。事實上，我們的客戶不斷發現價值，因此他們的購物籃相當平衡。

We do see a higher basket in multi-price. It does skew higher, but -- and there's -- it's got a good item flow in it. But there's no real breakout of how the different pieces determining their price point perform. We don't really see that across the entire basket, we see strong performance.

我們確實看到多價籃子的商品價格更高。它確實偏高，但是 - 而且 - 它裡面有一個很好的物品流。但對於決定其價格點的不同部分的表現，並沒有真正的突破。我們並沒有真正看到整個籃子都表現出強勁的表現。

Yes. Maybe one other thing just to add, Mike. And that is to say that actually, if you look at the departments where we have had a change in merchandising strategy, i.e., the assortment has gotten broader, we have increased price points. There's very clear data to show that those departments are performing well and use hardware as an example of that.

是的。也許還有一件事需要補充，麥克。也就是說，實際上，如果你看一下我們的銷售策略改變的部門，即商品種類變得更加廣泛，價格點也提高了。有非常明確的數據顯示這些部門表現良好，並以硬體為例。

We had $1.25 hammers before; we couldn't sell them. We've got $5 hammers now; we can't keep those in stock. And so think about those kinds of items is just creating more interest for consumers in a way that is very positive to the shopping experience and also to our revenue line.

我們以前有售價 1.25 美元的錘子；但我們賣不出去。我們現在有 5 美元的錘子；我們無法保留它們的庫存。因此，想想這些商品只是以一種非常積極的方式為消費者創造了更多興趣，這對購物體驗和我們的收入線都有好處。

Scott Ciccarelli, Truist.

斯科特·西卡雷利（Scott Ciccarelli），Truist。

Good morning, guys. Scott Ciccarelli. You seem to be making increasingly cautious comments on the consumer. Can you provide more color or maybe some examples of what you're seeing at the consumer level that's making it more challenging and volatile than before? And then just a housekeeping item, hopefully, what's driving the change to your TSA outlook? Thanks.

大家早安。斯科特·西卡雷利。您似乎對消費者的評論越來越謹慎。您能否提供更多細節或一些例子來說明您在消費者層面看到的哪些情況使其比以前更具挑戰性和波動性？然後只是一個常規事項，希望是什麼推動了您對 TSA 的看法改變？謝謝。

Thanks. The commentary around the consumer, I've been doing this a long time. I really look to say that there's a lot of unknown right now. If you look at how the world is developing? I mean, yes, it's been very strong so far. But you're coming up on a time, your back-to-school time, you're coming up on holidays and seasons. And we started the year -- we had incredible holidays.

謝謝。圍繞著消費者的評論，我已經做了很長時間了。我確實想說現在有很多未知數。如果你觀察一下世界是如何發展的？我的意思是，是的，到目前為止它一直非常強勁。但你即將迎來一個時間，開學時間，假期和季節即將到來。我們開始了新的一年——我們度過了難以置信的假期。

We'd like to think that will continue, but we're still cautious because if you look past over the last four or five years, prices have increased significantly across the entire retail landscape. Things cost more for families. And so, as a result of that, we're cautious. We still don't know the full impact of tariffs. We still don't know exactly, take China, we won't know until November where it ends up. Is it 30%? Is it something different? It's a very volatile time, Scott. And so that just leads us to be a bit cautious.

我們希望這種情況能夠持續下去，但我們仍然保持謹慎，因為如果回顧過去四到五年，整個零售領域的價格都大幅上漲。家庭的花費更多。因此，我們非常謹慎。我們仍然不知道關稅的全部影響。我們還不確切知道，以中國為例，直到十一月我們才能知道最終結果如何。是30%嗎？有什麼不同嗎？這是一個非常動蕩的時期，斯科特。所以這讓我們要謹慎一點。

We love the traffic we're seeing, the ticket -- I mean, that discretionary comp in Q2 is absolutely incredible. So we're very pleased with how our business is responding. But if you look at the lower income consumer and you look at the challenges that they're facing every day just across their entire life, in terms of what things cost, it's just -- it's a cause for caution on our part. We think it's the right posture.

我們喜歡看到的流量，票務——我的意思是，第二季的可自由支配的補償絕對令人難以置信。因此，我們對我們的業務反應感到非常滿意。但如果你看看低收入消費者，看看他們一生中每天面臨的挑戰，就物價而言，這只是——這是我們需要謹慎的原因。我們認為這是正確的姿勢。

But let me finish by saying, no matter where this goes and where the consumer strength plans, we're very confident in the Dollar Tree solution to the problem. We think we are attractive to lower income. We think we're attractive to middle and then our thrill of the hunt just scores well with higher income. So I really do think we have the answer for Dollar Tree. But as you look out on that broader landscape, it's just -- it's a cautious environment we're in.

但最後我想說的是，無論事情發展到什麼程度，無論消費者實力計劃如何，我們都對 Dollar Tree 的解決方案充滿信心。我們認為我們對低收入者俱有吸引力。我們認為我們對中產階級具有吸引力，因此我們的狩獵熱情會隨著更高的收入而提高。所以我確實認為我們已經找到了解決 Dollar Tree 問題的答案。但當你放眼更廣闊的前景時，你會發現我們所處的環境非常謹慎。

Yes. I think also we'll get through this next quarter, we'll have a much better view to some of the tariff items to what's going on with the consumer. And the bottom line is, I mean, we've delivered a terrific comp this year. And even if you look at the back half of the year, no matter where we end up, it's a very, very powerful -- it's a powerful outcome given the range we've put out there.

是的。我認為，我們將度過下個季度，對一些關稅項目以及消費者的情況有更好的了解。最重要的是，我的意思是，我們今年取得了出色的成績。即使你看一下今年下半年，無論我們最終取得什麼成果，這都是一個非常非常強大的成果——考慮到我們已經開展的範圍，這是一個強大的成果。

Let me take up on the TSA item for a second. You raised TSA with the expectation that TSA is slightly lower. I mean, the TSA income is something that's negotiated ultimately with the buyer. In this case, the buyer decided they needed fewer services than we thought they would need. But the good news is we gave guidance relative to our expectations for SG&A.

請容許我稍微討論一下 TSA 問題。您提高了 TSA，但預期 TSA 會略微降低。我的意思是，TSA 收入最終是與買家協商確定的。在這種情況下，買家認為他們需要的服務比我們想像的要少。但好消息是，我們根據銷售、一般及行政費用的預期給了指引。

We're going to hit that guidance for this year. So despite the fact that the TSA will come in a little bit light, we've got other cost savings that we've deployed for this year that will bring us in at the number. I think, if you look at '26, that leaves us with a gap in '26, but we've got plenty of runway now between now and then to solve for the SG&A in 2026. So we're really pleased actually with the way that's worked out.

我們今年將實現這一目標。因此，儘管 TSA 的支出會稍微減少，但我們今年也部署了其他成本節約措施，這將使我們達到這個數字。我認為，如果你看一下 26 年，你會發現我們在 26 年還存在缺口，但從現在到那時我們有足夠的時間來解決 2026 年的銷售、一般和行政費用問題。因此，我們對目前的結果感到非常滿意。

Zhihan Ma, Bernstein.

馬志漢，伯恩斯坦。

Great. Thank you. So my question is on the store side of things with Q2 performance clearly coming in ahead of your expectations. How do you feel about the service level, the in-stock levels in store? Will you need additional investments to sustain the momentum into the back half of the year? Thank you.

偉大的。謝謝。所以我的問題是關於商店方面的事情，第二季的表現明顯超出了您的預期。您對店內的服務水準和庫存水準有何感受？您是否需要額外的投資來維持下半年的發展動能？謝謝。

I'm very pleased with our stores. It's certainly a journey. But Joce Konrad and her team have done a really good job on our -- we call it our road to gold which is grand opening look daily. And as we score our stores and look at their relative performance, the improvements, the more stores scoring higher, the customer lens what they see when they walk in the door, we continue to be pleased with that progress. She would tell you I have a long way to go. She's got a high bar for the team. And so do I, but we're very pleased.

我對我們的商店非常滿意。這確實是一次旅程。但是喬斯·康拉德 (Joce Konrad) 和她的團隊在我們的工作上做得非常出色——我們稱之為通往黃金之路，即每日盛大開幕。當我們對商店進行評分並查看它們的相對錶現時，改進情況是，得分越高的商店越多，顧客走進門時看到的景象就越清晰，我們對這種進步感到滿意。她會告訴你我還有很長的路要走。她對團隊的要求很高。我也是，但我們非常高興。

And then Roxane Wang, who runs our supply chain, she would tell you that this is the best position our DCs have been in, in recent memory. This is our peak as we flow product to the stores for the upcoming holiday season and the position our DCs are in and the corresponding position on the shelf is very strong, and in fact, the best we've seen in a number of years.

然後，負責我們供應鏈的 Ro​​xane Wang 會告訴你，這是我們 DC 近年來所處的最佳狀態。這是我們為即將到來的假期向商店供應產品的高峰，我們的 DC 所處的位置以及貨架上的相應位置非常強勁，事實上，這是我們多年來見過的最好的。

So the customer is going to walk in that door, they're going to find stock shelves. They're going to find great value as they always do. And we're confident that they're seeing an improving shopping experience. We've started talking to our customer a lot more through customer insights, some third parties we've engaged, surveys, receipt-based surveys, and we like what our customer is telling us.

因此，當顧客走進那扇門時，他們會發現庫存貨架。他們會像往常一樣發現巨大的價值。我們相信，他們的購物體驗正在不斷改善。我們開始透過客戶洞察、我們參與的一些第三方、調查、基於收據的調查與客戶進行更多交流，我們喜歡客戶告訴我們的內容。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Hey. Thank you. Good morning. Mike, I just want to follow up on the Uber Eats with just a couple of questions on that topic. So is that going out to all stores? And is there any maybe quantifiable lift that you've seen in early tests? And finally, are you a stand-alone offering or is it more part of their multi-store initiative?

嘿。謝謝。早安.麥克，我只是想跟進一下有關 Uber Eats 的幾個問題。那麼這會推廣到所有商店嗎？在早期測試中，您是否看到了任何可量化的提升？最後，您是獨立提供服務還是其多店計劃的一部分？

Yes. As you probably heard in my comments, I'm very excited about this Uber Eats. When you look at kind of digital e-com, Dollar Tree is really an infant when it comes to digital and e-com. It is just not something we've ever really done. It's not been a focus area.

是的。正如您可能在我的評論中聽到的那樣，我對 Uber Eats 感到非常興奮。當你觀察數位電子商務時，你會發現 Dollar Tree 在數位和電子商務方面確實還處於起步階段。這只是我們從未真正做過的事情。這不是一個重點領域。

And when I started in this journey as CEO, there were a couple of things I focused on, and one of them was, I want to talk to my customer more in terms of customer insights and I want to look at opportunity to meet our customers where they are. Uber Eats is a perfect opportunity to do this. 25 million customers that they access. And for us, it's a customer that is very incremental.

當我以執行長的身份開始這段旅程時，我關注了幾件事，其中之一就是，我想在客戶洞察方面與客戶進行更多交流，我想尋找機會在客戶所在的地方與他們會面。Uber Eats 是實現這一目標的絕佳機會。他們擁有 2500 萬客戶。對我們來說，這是一個增量很大的客戶。

When we look at the kind of age of the demographic, it's huge, younger, and they had not been or heard of Dollar Tree to the vast majority of them. So we're really excited about that. It will go to -- it's not quite all the stores, but it's 8,500 stores. And some of that is just, you've got lease restrictions. There's reasons it won't get to (inaudible) or whatever we're at now, but it's basically all the stores, it's large.

當我們查看人口統計的年齡時，我們發現該群體規模龐大，且較為年輕，其中絕大多數人之前沒有或聽說過 Dollar Tree。所以我們對此感到非常興奮。它將覆蓋——不是所有的商店，而是 8,500 家商店。其中有些只是租賃限制。有一些原因導致它無法到達（聽不清楚）或我們現在所處的任何地方，但它基本上是所有的商店，它很大。

And then we haven't even started the marketing for it. The kind of grand opening, it had a soft opening. And we're pretty floored at the numbers coming in and the number of orders. So they're literally just finding us in their app, not through anything we're doing, and the volume flow is really exciting. So yes, I think it's a great offering to our customer. It really accents convenience. We say value, convenience and discovery, convenience at Uber Eats just are synonymous.

但我們甚至還沒有開始行銷它。這是一種盛大的開幕儀式，但也有試營運。我們對收到的數字和訂單數量感到非常震驚。因此，他們實際上只是在他們的應用程式中找到我們，而不是透過我們正在做的任何事情，而且流量確實令人興奮。是的，我認為這對我們的客戶來說是一項很棒的服務。它確實強調了便利性。我們說價值、便利性和發現，Uber Eats 的便利就是同義詞。

Kelly Bania, BMO Capital Markets.

凱利·巴尼亞 (Kelly Bania)，BMO 資本市場。

Hi. Thanks for fitting us in. Just wanted to ask about gross margin, so your outlook now for 50 basis points of expansion. Can you just walk through some of the key factors that are driving that is a little bit lower than your prior outlook. I'm guessing maybe that's just the incremental tariffs. But can you just parse out the impact from pricing actions you've taken, other factors such as freight or any of the other needle movers on the gross margin line this year?

你好。感謝您的安排。只是想問毛利率，您現在預計擴張幅度為 50 個基點。您能否簡單介紹一下導致這一數字略低於您先前預測的一些關鍵因素？我猜這可能只是增量關稅。但是，您能否分析您所採取的定價措施、其他因素（例如運費或今年毛利率的任何其他影響因素）的影響？

Yes, happy to pick up on that. As I mentioned in my commentary earlier, there are a lot of moving parts here, especially as it relates to the freight and how that's running through it. You also need to keep in mind my commentary around the accounting impacts of the revaluation of the inventory that's moving through. These things are depend on the mix of goods that are sold, the rate of those good things sold, et cetera. So there's a small bit of movement there.

是的，很高興得知這一點。正如我之前在評論中提到的，這裡有很多活動部件，特別是與貨運及其運輸方式相關的部件。您還需要記住我對正在流通的庫存重新估價的會計影響的評論。這些因素取決於所售商品的種類、商品的銷售率等等。所以那裡有一點點動靜。

I think if you look at other outstanding factors on the positive side, we continue to have a freight benefit, which we called out last quarter. And in this quarter, we pointed to higher markdowns, which are offsetting in the other direction. I think those are the main factors.

我認為，如果從積極的一面來看其他突出因素，我們將繼續享有貨運優勢，正如我們上個季度所提到的。在本季度，我們指出降價幅度有所增加，這在另一個方向上起到了抵消作用。我認為這些是主要因素。

The broad picture I would take is that we are managing very, very closely here to maintain a strong gross margin. And I think if you look back at sort of our forecast, there was sort of an expectation that you would see some costs from some of the one-off stuff in the tariffs and (inaudible) on benefit coming in that second quarter. Now with that shifting to the third and fourth quarter, that's also a little bit of a drag.

我認為總體情況是，我們正在非常嚴格地管理，以保持強勁的毛利率。我認為，如果你回顧我們的預測，你會發現我們預期第二季會出現一些一次性關稅成本和（聽不清楚）福利成本。現在，隨著這種情況轉移到第三季度和第四季度，這也帶來了一些拖累。

The reason I made the commentary earlier about driving for maintenance of gross margin because that's how we're driving the business. That's what the five levers are intended to do, and we'll manage with tariffs and other costs in a way so as to keep the P&L whole.

我之前之所以發表評論說要努力維持毛利率，是因為這就是我們推動業務的方式。這就是這五個槓桿的作用，我們將以某種方式管理關稅和其他成本，以保持損益完整。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

Yes. Hi. Thanks for taking the question. One thing I wanted to clarify was just last quarter, we had talked about, I think, $0.30 to $0.35 of impact from Family Dollar in the first half of the year. Did that -- can you just share where that ended up coming out?

是的。你好。感謝您回答這個問題。我想澄清的一件事是，就在上個季度，我們曾討論過，我認為，Family Dollar 在上半年的影響為 0.30 美元到 0.35 美元。能分享一下最終結果嗎？

I think you might be referring to the impact of TSA benefit. We were expecting about $95 million in the back half of the year. So that would be that sort of $0.30 you're talking about. I'd say could just go back to the question I answered earlier, which is the TSAs coming in a little bit -- little bit lower than expected. We gave guidance, $55 million to $60 million for the year, sort of $0.20.

我認為您可能指的是 TSA 福利的影響。我們預計今年下半年的收入約為 9,500 萬美元。這就是您所說的 0.30 美元。我想說的是，可以回到我之前回答的問題，即 TSA 的數量略低於預期。我們給出的指導金額是今年 5500 萬至 6000 萬美元，大約是 0.20 美元。

But we've got other savings that are coming through in stock compensation and payroll that are helping us to offset that. And then looking forward to 2026, we had a similar amount estimated for that year, and we'll have a little bit of a shortfall because of the new estimates for the TSAs, but we have plenty of runway between now and next year to work on the GAAP closing items to solve for that.

但我們透過股票薪酬和工資等其他方式節省了開支，從而幫助我們抵消了這一損失。展望 2026 年，我們對該年的估計金額相似，由於對 TSA 的新估計，我們會有一點缺口，但從現在到明年我們有足夠的時間來處理 GAAP 結帳專案以解決這個問題。

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

謝謝。我們的問答環節已經結束。我想再次請大家發表進一步的評論或結束語。

Thanks, everybody, for the call. Have a great day.

謝謝大家的來電。祝你有美好的一天。

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

謝謝。今天的電話會議到此結束。此時您可以斷開線路並享受美好的一天。我們感謝您今天的參與。