美元樹 (DLTR) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Dollar Tree Q4 2025 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Dollar Tree 2025 年第四季財報電話會議。（操作說明）提醒各位，本次會議正在錄音。

It's now my pleasure to turn the call over to Daniel Delrosario, Senior Vice President, Investor Relations and Treasurer. Daniel, please go ahead.

現在我很高興將電話交給投資者關係高級副總裁兼財務主管丹尼爾·德爾羅薩裡奧。丹尼爾，請繼續。

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

早安，感謝各位參加本次研討會，共同探討 Dollar Tree 2025 財年第四季業績。今天陪同我出席的有 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.

在開始之前，我想提醒大家，我們今天將要就公司預期、計劃和未來前景發表的一些言論，根據 1995 年《私人證券訴訟改革法案》的安全港條款，屬於前瞻性陳述。這些聲明存在風險和不確定性，可能導致實際結果與我們的前瞻性聲明中所設想的結果有重大差異。

For information on the risks and uncertainties that could affect our actual results, please see the Risk Factors, Business and Management's Discussion and Analysis of Financial Condition and Results of Operations section in our Annual Report on Form 10-K filed on March 16, 2026, our most recent press release and Form 8-K and other filings with the SEC. We caution against reliance on any forward-looking statements made today, and we disclaim any obligation to update any forward-looking statements, except as required by law.

有關可能影響我們實際業績的風險和不確定性的信息，請參閱我們於 2026 年 3 月 16 日提交的 10-K 表格年度報告中的“風險因素”、“業務”和“管理層對財務狀況和經營業績的討論與分析”部分、我們最新的新聞稿以及向美國證券交易委員會提交的 8-K 表格和其他文件。我們提醒各位不要依賴今天發表的任何前瞻性聲明，並且除法律要求外，我們不承擔更新任何前瞻性聲明的義務。

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，我們也將討論一些非GAAP財務指標。這些非GAAP計畫與最直接可比較的GAAP財務指標的調節表已在今天發布的收益報告中提供，該報告可在我們網站的投資者關係部分查閱。這些非GAAP指標並非旨在取代GAAP結果。除非另有說明，我們的財務表現將按照公認會計準則 (GAAP) 進行報告。

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

此外，除非另有說明，今天的所有討論均指我們持續經營的業績，今天討論的 2025 財年第四季度的所有比較均與去年同期進行比較。請注意，我們網站的投資者關係部分提供了一份補充幻燈片，其中概述了選定的營運指標。

Following our prepared remarks, Mike and Stewart will take your questions. Please limit yourself to one question and one follow-up question.

在我們發言結束後，麥克和史都華將回答大家的問題。請將問題數量限制為一個問題和一個後續問題。

And with that, I'll turn the call over to Mike.

接下來，我將把電話交給麥克。

Thanks, Daniel. And before I begin, I want to welcome you in your new role and congratulate you. We're excited to have you stepping into this next chapter with us. I look forward to working closely together as we continue sharpening our execution and communicating our story with clarity and discipline. Good morning, everyone.

謝謝你，丹尼爾。在正式開始之前，我想歡迎你擔任新的職位並向你表示祝賀。我們很高興你能和我們一起邁入人生的新篇章。我期待與大家緊密合作，繼續提升我們的執行力，並以清晰嚴謹的方式傳達我們的故事。各位早安。

I'd like to use my time today to step back and frame what this quarter represents, more importantly, what it tells us about the underlying trajectory of the Dollar Tree business. At Investor Day, we laid out a clear road map for Dollar Tree, expanding and modernizing our assortment through multi-price, strengthening operational execution and managing costs with agility while driving disciplined capital allocation. The fourth quarter is an important proof point that those strategic pillars are translating into measurable results.

今天我想利用這段時間回顧一下本季所代表的意義，更重要的是，它告訴我們關於 Dollar Tree 業務的潛在發展軌跡。在投資者日上，我們為 Dollar Tree 制定了清晰的路線圖，透過多價位策略擴大和更新我們的產品種類，加強營運執行，靈活管理成本，同時推進嚴格的資本配置。第四季是一個重要的證明點，顯示這些策略支柱正在轉化為可衡量的結果。

We delivered 9% revenue growth in the fourth quarter with a comp of 5%. The comp performance reflected continued ticket growth and expected decline in traffic, strong seasonal execution and high discretionary engagement with the customer. As we exit fiscal 2025, we're doing so from a stronger earnings base than we contemplated at Investor Day, reflecting the operational progress made in the back half of the year and positive customer response to our expanded assortment and value offering.

第四季營收成長9%，同店銷售額成長5%。同店銷售業績反映了客單價的持續成長和預期的客流量下降、強勁的季節性銷售表現以及與客戶的高度自主互動。2025 財年即將結束，我們的獲利基礎比投資者日預期的要強勁，這反映了下半年營運方面的進展以及客戶對我們擴大的產品種類和價值提供的正面回饋。

The fourth quarter included approximately 40 basis points of comp headwind from two winter storm events late in January that led to widespread store closures. We don't typically call out weather as those impacts tend to normalize over time, but the severity of these storms makes it appropriate to address. At the peak of the disruptions, nearly half of our store fleet was impacted by closures. The team executed our storm playbook effectively, prioritizing safety, maintaining operational control and reopening stores quickly for the communities that we serve.

第四季受到 1 月下旬兩場冬季風暴的影響，導致大範圍門市關閉，造成約 40 個基點的同店銷售下滑。我們通常不會公開談論天氣，因為這些影響往往會隨著時間的推移而恢復正常，但這些風暴的嚴重性使得我們有必要對此進行討論。在疫情最嚴重的時候，我們近一半的門市都受到了關閉的影響。團隊有效執行了我們的風暴應對方案，優先考慮安全，保持營運控制，並迅速為我們服務的社區重新開放門市。

Despite the headwind from the January storms, comparable sales were still at the midpoint of our outlook range, supported by improved mix and strong seasonal demand. Year-end holiday performance was especially strong, reinforcing customer engagement. Importantly, these results reflect more than just quarterly momentum. They demonstrate the continued progress we are making across the business.

儘管一月份的暴風雪帶來了不利影響，但在產品組合改善和強勁的季節性需求支撐下，同店銷售額仍處於我們預期範圍的中點。年末假日季業績表現尤為強勁，進一步增強了客戶參與度。重要的是，這些結果反映的不僅僅是季度成長勢頭。它們展現了我們公司在各個業務領域持續取得的進步。

In 2025, we made strong progress on our transformation initiatives. We completed the sale of Family Dollar, continued to test, learn and sharpen our multi-price and merchandising strategy, modernized key operational capabilities and laid the groundwork for sustained execution against our long-term algorithm. What we built this year is a stronger foundation for the next phase of growth. We are now, once again, a focused single-banner enterprise: Dollar Tree.

2025年，我們在轉型計畫方面取得了顯著進展。我們完成了 Family Dollar 的出售，繼續測試、學習和改進我們的多定價和商品銷售策略，實現了關鍵營運能力的現代化，並為持續執行我們的長期演算法奠定了基礎。我們今年所取得的成就，為下一階段的成長奠定了更堅實的基礎。我們現在再次成為一家專注於單一品牌的企業：Dollar Tree。

We successfully navigated unprecedented tariff volatility and demonstrated the flexibility we've gained for responding to future macroeconomic factors via our multi-price assortment. We scaled multi-price with discipline, expanding assortment breadth, increasing sales productivity in converted stores and broadening our addressable market while preserving price leadership. We demonstrated measurable progress against strengthening our store standards.

我們成功應對了前所未有的關稅波動，並透過我們的多價位產品組合，展現了我們應對未來宏觀經濟因素的靈活性。我們以嚴謹的態度擴大了多價位策略的規模，擴大了商品種類，提高了改造後門市的銷售效率，並擴大了目標市場，同時保持了價格領先地位。我們在提升門市標準方面取得了可衡量的進展。

That's meaningful change for a 9,000-plus store system and validates our strategy, reinforcing that disciplined execution, clear priorities and operational focus are translating into stronger fundamentals and a durable long-term growth plan.

對於擁有 9000 多家門市的系統來說，這是一個意義重大的變化，驗證了我們的策略，並強化了嚴謹的執行、明確的優先事項和營運重點正在轉化為更強大的基本面和持久的長期成長計劃。

Over the past three months, we've seen an acceleration in Dollar Tree household growth. Dollar Tree US households reached a record 102 million, adding 6.5 million net new households in Q4, which represents a meaningful acceleration versus Q3. The growth in households continues to be broad-based and accelerated sequentially. As we shared with you at Investor Day, increasing trip frequency is a significant opportunity where even modest gains in annual visits translate into meaningful incremental sales.

過去三個月，我們看到 Dollar Tree 家庭客戶數量的成長速度加快。Dollar Tree 在美國的客戶數量達到創紀錄的 1.02 億戶，第四季淨增 650 萬戶，與第三季相比，成長速度顯著加快。家庭數量持續成長，且逐年加速。正如我們在投資者日上與您分享的那樣，增加出行頻率是一個重要的機遇，即使年度訪問量略有增長，也能轉化為可觀的增量銷售額。

Taken together, the data shows multi-price and assortment expansion are not just driving spend; they are expanding Dollar Tree's addressable market.

綜合來看，數據顯示，多價位和品類擴張不僅推動了消費，也擴大了 Dollar Tree 的目標市場。

Let's turn now to comp. The 5% comp in the quarter was ticket driven, with average unit retail increasing to approximately $1.51 versus $1.34 last year. Mix was a key driver in the quarter. Discretionary categories outperformed consumables, with multi-price driving outsized strength in seasonal, party and toys. Multi-price was also a tailwind to our Christmas performance, driving strong engagement across seasonal and discretionary categories.

現在我們來談談計算。本季 5% 的同店銷售額成長主要得益於客單價的上漲，平均單價從去年的 1.34 美元增至約 1.51 美元。混合行銷是本季業績的關鍵驅動因素。非必需消費品類表現優於消耗品類，其中多價位商品推動了季節性商品、派對用品和玩具類商品的強勁成長。多價策略也幫助了我們聖誕節期間的業績，推動了季節性和非必需消費品類別的強勁成長。

Expanded price bands and a more relevant assortment increased category breadth and gifting choice, driving basket expansion.

擴大價格區間和更相關的商品種類增加了品類範圍和禮品選擇，從而推動了購物籃商品數量的增加。

Stores with more mature, multi-price assortments delivered stronger seasonal demand and higher average tickets, reinforcing the incremental nature of the strategy. We see discretionary outperformance as an indicator of customer receptivity to expanded value, with shoppers gravitating toward broader assortments and higher-value options. As we have underscored in the past, Dollar Tree maintains laser focus on real-time quantitative benchmarking of the value in our stores versus the competition.

商品種類更成熟、價格更多樣化的商店帶來了更強勁的季節性需求和更高的平均客單價，這強化了該策略的漸進性。我們認為，非必需消費品的超額收益顯示消費者對更高價值的接受度，購物者傾向於選擇更廣泛的商品種類和更高價值的產品。正如我們過去一直強調的那樣，Dollar Tree始終專注於即時量化基準測試，以評估我們門市的價值與競爭對手之間的差異。

On an aggregate basis, our relative value proposition was even stronger as we exited 2025 than when we entered and versus our historical average. This is, of course, after pricing actions in response to tariffs and increased multi-price penetration.

整體而言，到 2025 年底，我們的相對價值主張比年初和歷史平均值都要強。當然，這是在採取價格措施來應對關稅和多價滲透率上升之後的結果。

I'd also like to highlight that, on average, the relative value of our multi-price offerings is even higher than that of our entry-price SKUs. Gross margin performance continues to improve, supported by favorable mix, freight moderation and disciplined [markdown] management, even as we absorbed higher markdowns and continue to manage tariff volatility. Robust comp and margin performance, coupled with an incredible and expanding value proposition for our customers reflect the strength and durability of Dollar Tree's fundamentals.

我還想強調的是，平均而言，我們多價位產品的相對價值甚至高於我們的入門級 SKU。在有利的產品組合、適度的運費和嚴格的降價管理的支持下，毛利率表現持續改善，即使我們承受了更高的降價幅度並繼續應對關稅波動。強勁的同店銷售和利潤率表現，以及我們為客戶提供的不斷增長的價值主張，都體現了 Dollar Tree 基本面的實力和持久性。

Let me turn to multi-price, which is a core pillar of our growth strategy and central to how we are expanding the business. In Q4, multi-price represented approximately 16% of total sales. Over the course of the year, we rolled out roughly 2,400 additional in-line 3.0 multi-price stores, bringing the total to approximately 5,300 locations. While the distinction between our different store formats is becoming less pronounced as multi-price elements are integrated across all stores, our in-line multi-price stores continue to deliver meaningfully higher sales productivity than legacy formats, reinforcing the structural productivity benefits of the model as we scale.

讓我來談談多價位定價，這是我們成長策略的核心支柱，也是我們拓展業務的核心。第四季度，多價商品約佔總銷售額的 16%。在這一年中，我們新增了約 2400 家 3.0 版多價位門市，使門市總數達到約 5,300 家。隨著多價元素融入所有門市，我們不同門市形式之間的差異正在變得不那麼明顯，但我們的直列式多價門市的銷售效率仍然比傳統形式高得多，這在我們擴大規模的過程中鞏固了該模式的結構性生產力優勢。

By maintaining $1.25 leadership and introducing more price points, we've increased flexibility, improved relevance and deepened basket potential through complementary new offerings, delivering thrill of the hunt while value. Approximately 85% of our opening price point assortment is $2 and below. And more than 80% of the assortment is unique to Dollar Tree, reinforcing the differentiated, discovery-driven nature of our model.

透過保持 1.25 美元的領先地位並推出更多價格點，我們提高了靈活性，增強了相關性，並透過互補的新產品加深了購物籃潛力，在提供價值的同時，也帶來了購物的刺激感。我們約 85% 的開盤價商品價格在 2 美元及以下。超過 80% 的商品是 Dollar Tree 獨有的，這進一步強化了我們模式的差異化、發現驅動的性質。

We remain in the early innings of Dollar Tree's multi-price evolution. The results we have achieved to date give us building excitement on the opportunity ahead.

Dollar Tree的多價位模式演進仍處於早期階段。我們迄今為止所取得的成果讓我們對未來的機會充滿信心。

I'd like to take a moment to discuss traffic trends at Dollar Tree. Traffic declined in the quarter, in line with our expectations. I want to zoom out now and share how we're currently thinking about traffic more broadly. As we shared at Investor Day, everything we're doing is deliberate, from how we're modernizing pricing to how we're strengthening execution across the fleet. With that context, let me put our traffic trends in perspective.

我想花點時間談談Dollar Tree的客流量趨勢。本季交通流量有所下降，符合我們的預期。現在我想把視角拉遠，更廣泛地談談我們目前對交通問題的看法。正如我們在投資者日上分享的那樣，我們所做的一切都是經過深思熟慮的，從定價現代化到加強整個船隊的執行力。基於以上背景，讓我來分析一下我們的流量趨勢。

We have successfully worked through the restickering process. It is now largely behind us. That process was a system-wide reset, new signage, improved price clarity and assortment updates designed to modernize the shopping experience. We've only adjusted pricing twice in our history: first, breaking the dollar in 2022; and second, targeted price actions in response to tariffs in 2025.

我們已經成功完成了重新貼標流程。現在這件事基本上已經過去了。這個過程是一次系統性的重置，包括新的標誌、更清晰的價格說明和商品種類更新，旨在實現購物體驗的現代化。在公司歷史上，我們只調整過兩次價格：第一次是 2022 年美元貶值；第二次是 2025 年針對關稅採取的定向價格措施。

Historically, with pricing resets at Dollar Tree, while overall comp sales remain robust, there is a temporary mix shift in the same-store sales composition between traffic and ticket. What we're seeing today is directionally consistent with that pattern. That being said, as we look at the data, we see a traffic trend that is above prior reset levels, outperforming our historical experience.

從歷史上看，隨著 Dollar Tree 的價格調整，雖然整體同店銷售額保持強勁，但客流量和客單價之間的同店銷售組成會出現暫時性的變化。我們今天看到的現像在方向上與這種模式是一致的。也就是說，當我們查看數據時，我們發現流量趨勢高於先前的重置水平，超過了我們以往的經驗。

Importantly, we were more strategic and deliberate with our assortment during our current price adjustment cycle. As Stewart will outline in more detail shortly, our 2026 outlook reflects an expectation for a more balanced contribution from traffic and ticket. In fact, we saw sequentially improving traffic in Q4 and we're pleased with our quarter-to-date trend.

重要的是，在目前的價格調整週期中，我們在產品組合方面採取了更具策略性和深思熟慮的做法。正如 Stewart 稍後將更詳細地概述的那樣，我們對 2026 年的展望反映了交通和罰單收入將更加平衡的預期。事實上，我們看到第四季流量逐週增長，我們對本季迄今的趨勢感到滿意。

Larger picture, what matters most is how customers are behaving during a pricing transition. If engagement were deteriorating, we would expect to see pressure first in discretionary and impulse categories. Instead, in Q4, discretionary outperformed, seasonal was strong and multi-price adoption increased. That is the profile of a customer who is engaging and responding to expanded assortment and incremental value.

從更宏觀的角度來看，最重要的是客戶在價格調整期間的行為。如果消費者參與度下降，我們預計首先會在非必需消費品和衝動消費品類別中看到壓力。相反，在第四季度，非必需消費品表現優異，季節性消費強勁，多價位消費模式的採用率提高。這是積極參與並回應不斷擴大的產品種類和增加的價值的客戶畫像。

Let me shift to execution. This is where we've made some of the most important progress. Operational metrics are improving across the fleet. Since midyear 2025, we've seen improvement in store-level performance indicators. For example, on a net basis, more than one-third of our stores have improved against our internal operating standards, driving greater consistency across the fleet.

接下來我將介紹執行部分。我們正是在這裡取得了一些最重要的進展。整個艦隊的營運指標都在改善。自 2025 年年中以來，我們看到門市層級的績效指標有所改善。例如，從淨值來看，超過三分之一的門市已達到內部營運標準，提高了整個門市的一致性。

Importantly, stores that perform at the highest levels across key operational indicators are outperforming the fleet with higher levels of comp and profitability. This reinforces a simple principle. When store leadership is stable, schedules are optimized, shelves are stocked and processes are consistent, stores perform better. We've made tangible progress filling store manager vacancies, reducing turnover and minimizing early closes and late openings. Retail is local, and it's one store by store.

重要的是，在關鍵營運指標方面表現最佳的門市，其同店銷售額和獲利能力都高於其他門市。這印證了一個簡單的原則。當門市領導穩定、排班優化、貨架商品充足、流程一致時，門市業績就會更好。我們在填補門市經理空缺、降低員工流動率以及盡量減少提前關門和延遲開門方面取得了切實進展。零售業是本地化的，而且是逐家門市進行的。

That strengthening foundation extends beyond the four walls of the store and into our broader supply chain and inventory discipline, which I'll touch on next. The foundation of our business is getting stronger, and that improvement is particularly visible in our supply chain. We're raising the bar across the organization and we're seeing strong delivery from our supply chain team as service levels, in-stock metrics and inventory discipline continue to improve.

這種強化的基礎不僅限於商店的四面牆內，還延伸到我們更廣泛的供應鏈和庫存管理中，接下來我將談到這一點。我們業務的基礎越來越牢固，這種改善在我們的供應鏈中尤其明顯。我們正在提高整個組織的標準，我們看到供應鏈團隊表現出色，服務水準、庫存指標和庫存管理都在不斷提高。

As we shared at Investor Day, those gains are driving greater operating efficiency including higher throughput per distribution center and improved shipping productivity and giving us confidence in our expectations.

正如我們在投資者日上分享的那樣，這些收益正在推動營運效率的提高，包括每個配送中心的吞吐量提高和運輸效率的提高，並使我們對我們的預期充滿信心。

We also navigated meaningful cost volatility this year. Tariff expense increased substantially year over year. As we've discussed, we continue to actively deploy the five mitigation levers we've historically used to manage cost headwinds, including supplier negotiations, product reengineering, country-of-origin shifts, assortment adjustments and targeted pricing actions, all to maintain strong profitability while preserving value for our customers.

今年我們也經歷了相當大的成本波動。關稅支出較去年同期大幅成長。正如我們所討論的，我們將繼續積極運用我們過去用來應對成本逆風的五種緩解手段，包括與供應商談判、產品重新設計、原產國轉移、產品組合調整和有針對性的定價措施，所有這些都是為了在保持強勁盈利能力的同時，為我們的客戶創造價值。

Gross margin expanded despite this volatile tariff backdrop. We managed corporate expenses with discipline, are rightsizing the organization post separation, improved free cash flow and returned significant capital to shareholders. This is a structurally stronger enterprise than it was 12 months ago.

儘管關稅環境動盪，毛利率依然有所成長。我們嚴格控制公司開支，在分拆後調整了組織規模，改善了自由現金流，並向股東返還了大量資金。與 12 個月前相比，這項企業的結構更加穩固。

When I step back, what I see is a resilient, high-quality business that has navigated through a period of unprecedented change while advancing a broad set of strategic initiatives. At Investor Day, we laid out a clear set of assumptions and a path forward. And in the back half of the year, we outperformed the earnings expectations embedded in that framework. That performance reinforces both the resiliency of the model and the early progress we're making against the plan we shared with you.

當我退後一步，我看到的是一家具有韌性、高品質的企業，它在經歷前所未有的變革時期的同時，推進了一系列廣泛的策略舉措。在投資者日上，我們闡明了一系列明確的假設和前進方向。下半年，我們的業績超過了該框架內設定的獲利預期。這一表現既鞏固了該模式的韌性，也表明我們在實現與你們分享的計劃方面取得了初步進展。

We're exiting the year with an expanded, more relevant assortment driven by disciplined multi-price execution, a stronger customer connection and accelerating household growth, improved store operations and greater consistency across the fleet and agile cost management in a volatile environment, supported by supply chain excellence and disciplined financial management. That combination positions us well going forward.

在供應鏈卓越和財務管理的支撐下，我們以更豐富、更相關的產品組合結束了這一年。這得益於嚴格的多價格執行、更緊密的客戶聯繫、家庭數量的加速增長、改進的門店運營、車隊的更高一致性以及在動盪環境中靈活的成本管理。這種組合使我們在未來的發展中處於有利地位。

In summary, Dollar Tree today is simpler, more focused and structurally stronger than it was a year ago. We're confident in the durability of this model and in the direction we are heading. With that, I'll turn it over to Stewart to walk through the financial details.

總而言之，如今的 Dollar Tree 比一年前更簡潔、更專注、結構更穩固。我們對這款機型的耐用性以及我們前進的方向充滿信心。接下來，我將把發言權交給斯圖爾特，讓他來詳細介紹財務細節。

Thank you, Mike, and good morning, everyone. For the fourth quarter of fiscal 2025, Dollar Tree delivered strong results, extending the momentum we've built throughout the year. Comparable sales increased 5%, gross margin expanded 150 basis points and adjusted diluted earnings per share increased 21% year over year. I'll walk through the key drivers for the quarter, and then we can discuss outlook. Fourth quarter net sales increased 9% to $5.5 billion, driven by a 5% increase in comparable store sales and a 4% contribution from net new store growth.

謝謝你，麥克，大家早安。在 2025 財年第四季度，Dollar Tree 取得了強勁的業績，延續了我們全年累積的成長勢頭。同店銷售額成長 5%，毛利率成長 150 個基點，調整後稀釋每股盈餘較去年同期成長 21%。我將介紹本季的主要驅動因素，然後我們可以討論前景展望。第四季淨銷售額成長 9% 至 55 億美元，主要得益於同店銷售額成長 5% 和新店淨成長 4%。

As expected, comps were driven by a 6.3% increase in average ticket, reflecting strong holiday performance. Traffic was down 1.2%.

正如預期的那樣，平均客單價上漲 6.3%，推動了同店銷售額的成長，反映出假期期間的強勁表現。交通流量下降了1.2%。

By category, consumables increased 3.6%, while discretionary delivered a 6.2% comp, with notable strength in Christmas party, paper and toys on the back of an enhanced multi-price assortment. Gross margin expanded 150 basis points year over year driven primarily by higher merchandise margin, lower freight costs, favorable mix toward higher-margin discretionary categories and occupancy leverage. These benefits were partially offset by tariffs and higher markdowns.

按類別劃分，消耗品增長了 3.6%，而可選消費品同比增長了 6.2%，其中聖誕派對用品、紙製品和玩具的增長尤為顯著，這得益於多種價格商品的豐富組合。毛利率年增 150 個基點，主要得益於商品毛利率提高、貨運成本降低、高毛利率可選消費品類組合優化以及入住率提升。這些好處被關稅和更高的折扣幅度部分抵消了。

Moving down the P&L. Dollar Tree segment adjusted SG&A delevered 170 basis points year over year, primarily driven by higher store payroll and general liability claims. We absorbed approximately $30 million for restickering costs in Q4, bringing the full year total to approximately $100 million. As I'll discuss momentarily, we will cycle the majority of these costs in the current fiscal year.

向下移動損益表。Dollar Tree 業務部門經調整後的銷售、一般及行政費用較去年同期下降 170 個基點，主要原因是門市薪資和一般責任索賠增加。第四季我們承擔了約 3,000 萬美元的重新貼標費用，使全年總額達到約 1 億美元。正如我稍後將要討論的，我們將在本財政年度內分攤這些成本的大部分。

Adjusted corporate SG&A net of $23 million of TSA income was $138 million, down 3% year over year and leveraged 40 basis points. We continue to make progress on this line item and remain on track toward our longer-term target of corporate SG&A at approximately 2% of sales by fiscal 2028. Taken together, adjusted operating margin expanded 20 basis points to 12.8% and adjusted operating income dollars increased 11% year over year.

經調整後的公司銷售、一般及行政費用淨額（扣除 2,300 萬美元的 TSA 收入）為 1.38 億美元，年減 3%，槓桿率為 40 個基點。我們繼續在這項專案上取得進展，並繼續朝著我們的長期目標穩步前進，即到 2028 財年將公司銷售、一般及行政費用控制在銷售額的 2% 左右。綜合來看，調整後的營業利潤率成長了 20 個基點，達到 12.8%，調整後的營業收入年增了 11%。

Below the operating line, net interest expense was in line with our expectations, while the effective tax rate and average diluted share count were modestly favorable. During fiscal 2025, we returned significant capital to shareholders through share repurchases, reducing shares outstanding by approximately 8% year over year.

在營運成本方面，淨利息支出符合我們的預期，而實際稅率和平均稀釋股份數略有優勢。在 2025 財年，我們透過股票回購向股東返還了大量資本，使流通股數量比去年同期減少了約 8%。

Turning to the balance sheet. Inventory was down 7% versus the prior year, while sales increased 9%, resulting in a favorable inventory-to-sales spread. Our continued focus on improving inventory turns supports fresher assortments for our customers, working capital efficiency and stronger free cash flow generation. We ended the quarter with $718 million in cash and no commercial paper outstanding. We generated over $1.2 billion in cash from operations and invested $264 million in capital expenditures, resulting in free cash flow in the quarter of approximately $970 million.

接下來看一下資產負債表。與去年相比，庫存下降了 7%，而銷售額增長了 9%，從而實現了有利的庫存銷售比。我們持續致力於提高庫存週轉率，從而為客戶提供更新鮮的商品組合，提高營運資金效率，並增強自由現金流。本季末，我們擁有7.18億美元現金，且無未償還商業票據。我們從經營活動中產生了超過 12 億美元的現金，並在資本支出方面投資了 2.64 億美元，使得本季自由現金流約為 9.7 億美元。

For the full year, we generated more than $1 billion in free cash flow.

全年來看，我們創造了超過10億美元的自由現金流。

During the quarter, we repurchased 2.2 million shares for $232 million. For fiscal 2025, we deployed nearly $1.6 billion towards share repurchases at an average price of $91. Subsequent to quarter end, we repurchased approximately $190 million of stock. We ended the year with a strong liquidity position and remain well positioned to fund growth and return capital to shareholders.

本季度，我們以 2.32 億美元的價格回購了 220 萬股股票。2025 財年，我們投入近 16 億美元用於股票回購，平均價格為每股 91 美元。季度末之後，我們回購了約 1.9 億美元的股票。我們以強勁的流動性結束了這一年，並且仍然有能力為成長提供資金，並為股東帶來資本回報。

Our capital allocation priorities remain unchanged: first, invest in the business to support growth; second, maintain a strong and flexible balance sheet; and third, return excess capital to shareholders.

我們的資本配置優先事項保持不變：第一，投資於業務以支持成長；第二，維持強勁且靈活的資產負債表；第三，將多餘的資本回饋給股東。

Before reviewing our outlook, I want to briefly address the tariff environment. We have considered all of the recent changes. And while there may be some upside, we remain cautious because of the potential for further near-term changes and because of the potential for negative freight and other costs related to the conflict in the Middle East. It is also important to note that our current inventories have capitalized the tariff rates in place before the recent Supreme Court decision, and those costs will flow through the financials over the next quarter or so. As a result, any potential benefits will come after that.

在展望未來之前，我想先簡單談談關稅環境。我們已考慮了所有近期變化。儘管可能存在一些上漲空間，但由於近期可能出現進一步的變化，以及中東衝突可能導致貨運和其他成本負成長，我們仍然保持謹慎。還需注意的是，我們目前的庫存已將最高法院最近裁決之前的關稅稅率資本化，這些成本將在接下來的季度左右反映在財務報表中。因此，任何潛在的好處都將在此之後到來。

Turning to our outlook for fiscal 2026. We expect net sales in the range of $20.5 billion to $20.7 billion, reflecting comparable store sales growth of 3% to 4%. We expect diluted earnings per share in the range of $6.50 to $6.90, which is consistent with our Investor Day framework and represents high-teens earnings growth for the year. We expect top line growth to be driven by continued multi-price expansion, improved space productivity and assortment optimization, new store openings and improving store conditions. Our full year comp outlook assumes a positive contribution for traffic.

接下來展望一下我們對 2026 財年的展望。我們預計淨銷售額將在 205 億美元至 207 億美元之間，反映同店銷售額成長 3% 至 4%。我們預計稀釋後每股收益在 6.50 美元至 6.90 美元之間，這與我們的投資者日框架一致，並代表全年接近 10% 的獲利成長。我們預計營收成長將主要得益於多價位商品的持續擴張、空間利用率的提高和商品組合的優化、新店開業以及門市環境的改善。我們對全年業績的預測是基於交通流量將帶來正面貢獻的假設。

As previously shared, we are targeting approximately 400 gross new store openings and 75 closings. We expect gross margin to be roughly flat, driven by improved markdown performance, partially offset by higher freight costs. We continue to deploy our five merchant levers to mitigate tariffs and other cost-related headwinds.

正如之前所宣布的，我們的目標是新開約 400 家門市，同時關閉約 75 家門市。我們預期毛利率將基本持平，這主要得益於降價促銷活動的改善，但部分會被更高的運費成本所抵銷。我們繼續運用五項商家槓桿來緩解關稅和其他成本相關的不利因素。

With respect to SG&A, we plan to tightly manage store labor while continuing to support improved store conditions. We're also taking actions to rightsize our corporate cost structure, keeping us on track to achieve our longer-term SG&A targets, including corporate SG&A of approximately 2% of sales by fiscal 2028. For 2026, we see corporate SG&A in the range of $470 million to $490 million net of TSA.

在銷售、管理及行政費用方面，我們計劃嚴格控制門市勞動成本，同時持續改善門市環境。我們也採取措施調整公司成本結構，以確保我們能夠實現長期銷售、一般及行政費用目標，包括到 2028 財年將公司銷售、一般及行政費用控制在銷售額的 2% 左右。預計 2026 年，公司銷售、一般及行政費用淨額（扣除 TSA 後）將在 4.7 億美元至 4.9 億美元之間。

Overall, our outlook reflects modest SG&A leverage as we continue to manage operating costs tightly.

總體而言，由於我們繼續嚴格控制營運成本，我們的前景反映了適度的銷售、一般及行政費用槓桿。

For modeling purposes, let me walk through the key items we expect to lap this year. In the second, third and fourth quarters, we will lap the stickering and price implementation costs incurred in 2025. In total, these costs were approximately $100 million, spread relatively evenly across those three quarters. As the TSA winds down this year, we anticipate roughly $70 million of TSA income in fiscal 2026 weighted towards the first three quarters of the year.

為了方便建模，讓我來介紹一下我們今年預計會取得突破的關鍵項目。在第二、第三和第四季度，我們將抵銷 2025 年產生的貼標和價格實施成本。這些費用總計約為 1 億美元，相對均勻地分配到這三個季度。隨著 TSA 在今年逐步解散，我們預計 TSA 在 2026 財年的收入約為 7,000 萬美元，主要集中在該財年的前三個季度。

Putting it all together, we expect year-over-year operating margin expansion to be the greatest in the second and third quarters of the year.

綜合所有因素，我們預計今年第二季和第三季的營業利潤率將年增幅最大。

Below the operating line, we expect net interest and other income of approximately $85 million, an effective tax rate of 25.4% and a diluted share count of approximately 199 million shares, which does not assume any additional share repurchases. Our balance sheet remains strong, and we're well positioned to continue returning capital to shareholders.

在營業收入之外，我們預計淨利息和其他收入約為 8,500 萬美元，有效稅率為 25.4%，稀釋後股份數量約為 1.99 億股，這還不包括任何額外的股份回購。我們的資產負債表依然穩健，我們完全有能力繼續向股東返還資本。

In fiscal year 2026, we expect CapEx in the range of $1.1 billion to $1.2 billion, which represents a slight year-over-year decrease in capital intensity driven by normalizing supply chain spend. Lastly, on the cash flow statement, we expect to utilize our NOL balance to generate roughly $165 million of cash tax benefits.

2026 財年，我們預計資本支出將在 11 億美元至 12 億美元之間，這代表著由於供應鏈支出正常化，資本密集度比去年同期略有下降。最後，在現金流量表中，我們預計將利用淨營業虧損餘額產生約 1.65 億美元的現金稅收優惠。

Turning to the first quarter. We expect net sales in the range of $4.9 billion to $5 billion, reflecting comparable store sales growth of 3% to 4%. Adjusted diluted earnings per share are expected to be in the range of $1.45 to $1.60.

進入第一季。我們預期淨銷售額將在 49 億美元至 50 億美元之間，反映出同店銷售額成長 3% 至 4%。經調整後的稀釋每股收益預計在 1.45 美元至 1.60 美元之間。

In closing, we remain focused on disciplined execution of our Dollar Tree strategy and on delivering against our long-term earnings growth targets. We are encouraged by the progress we've made strengthening our fundamentals, improving store execution and driving a more productive and relevant assortment for our customers.

最後，我們將繼續專注於嚴格執行 Dollar Tree 策略，並實現我們的長期獲利成長目標。我們透過加強基本面、改善門市營運以及為顧客提供更有效率、更相關的商品組合，取得了令人鼓舞的進展。

In 2025, we returned a record amount of capital to shareholders. With a strong balance sheet and multiple levers to drive growth, we believe we are well positioned to deliver consistent profitable growth and to create long-term value for our shareholders.

2025年，我們向股東返還了創紀錄的資本。憑藉強勁的資產負債表和多種成長驅動力，我們相信我們有能力實現持續獲利成長，並為股東創造長期價值。

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

這樣，我就把電話轉回給麥克了。麥克風？

Thanks, Stewart. Over the past year, we have simplified the enterprise and sharpened our focus on what matters most: building a stronger stand-alone Dollar Tree. We're scaling multi-price with discipline, the assortment is more relevant, customer engagement is higher and converted stores are delivering improved productivity. Execution is improving across the business. Store performance is strengthening.

謝謝你，斯圖爾特。過去一年，我們簡化了企業運營，並將重點放在最重要的事情上：打造一個更強大的獨立 Dollar Tree。我們正在有條不紊地擴大多價位策略的規模，商品種類更加豐富，客戶參與度更高，轉換率更高的門市也帶來了更高的生產力。整個公司的執行力都在提升。門市業績正在增強。

The supply chain is operating with greater stability and efficiency is increasing across the fleet.

供應鏈運作更加穩定，整個船隊的效率也不斷提高。

At Investor Day, we laid out a clear road map, disciplined growth, stronger returns in a structurally more productive enterprise. In 2025, we delivered a financial performance that exceeded our Investor Day outlook. As we exit 2025, our strategy is translating into measurable progress. Dollar Tree is simpler, more focused and better positioned for the future. The fundamentals are strengthening, the organization is aligned, and we are confident in our ability to deliver sustainable, profitable growth over the long term.

在投資者日上，我們闡述了一個清晰的路線圖，在結構上更俱生產力的企業中實現穩健成長、獲得更高回報。2025年，我們的財務表現超出了投資者日的預期。2025 年即將結束，我們的策略正在轉化為可衡量的進展。Dollar Tree 更簡潔、更專注，也更有利於未來的發展。基本面正在增強，組織架構協調一致，我們有信心在長期內實現可持續的獲利成長。

Thank you. And with that, we're ready to take your questions.

謝謝。那麼，我們現在可以回答你們的問題了。

(Operator Instructions) Matthew Boss, JPMorgan.

（操作說明）Matthew Boss，摩根大通。

Congrats on a nice quarter. So Mike, could you provide some additional color on your monthly comp cadence in the fourth quarter and elaborate on what you saw in traffic? Just what you think were the key drivers? And then quarter to date, could you speak to how the comp is trending relative to the 3% to 4% guidance?

恭喜你本季業績出色。麥克，你能否詳細介紹一下第四季的月度比較數據，並詳細說明你在流量方面觀察到的情況？你認為關鍵驅動因素是什麼？那麼，從本季至今，您能否談談同店銷售額的成長趨勢與先前3%至4%的預期相比如何？

Yes. Thanks, Matt. Let me just start by saying we were pleased with the 5% comp in Q4. And it would have been higher if not for some of the weather events that I spoke about at the end of January. If I look at the quarter by month, December was our strongest month on the back of a really exciting multi-price led Christmas.

是的，謝謝你，馬特。首先我想說的是，我們對第四季 5% 的業績成長感到滿意。如果不是因為我在一月底提到的那些天氣事件，這個數字還會更高。如果以季度和月份來看，12 月是我們業績最好的一個月，這得益於聖誕節期間一系列令人興奮的特價促銷活動。

I would say November was a very close second. And then January, of course, experienced a significant impact from the storms.

我認為十一月緊隨其後，位居第二。當然，一月也受到了風暴的嚴重影響。

Now within those monthly comps, we were excited because we saw traffic improve sequentially as the quarter unfolded. P12 better than P11, P11 better than P10. And really, it wasn't until the end of January that we saw that disruption.

現在，在這些月度對比數據中，我們感到興奮，因為我們看到隨著季度的展開，流量逐週增長。P12 比 P11 好，P11 比 P10 好。而實際上，直到一月底我們才看到這種混亂局面。

In terms of the start to the year, the quarter-to-date trend, as I said in the script, we're pleased with what we're seeing. Relative to the 3% to 4% guidance for the first quarter, we feel comfortable. Let's remember Easter's earlier this year, and historically, that's been a headwind for the business. And we've, of course, tried to account for that in the comp guide. So overall, we feel good about our comp trend, and we like where we've started quarter to date.

就今年的開局而言，從本季至今的趨勢來看，正如我在稿子裡所說，我們對目前的情況感到滿意。相對於第一季 3% 至 4% 的成長預期，我們感到滿意。讓我們回顧一下今年早些時候的復活節，從歷史來看，這對企業來說一直是一個不利因素。當然，我們在競賽指南中已經盡量考慮到了這一點。總的來說，我們對同店銷售趨勢感到滿意，也對本季迄今的開局感到滿意。

Great. And then as a follow-up for Stewart. On gross margin, can you speak to some of the puts and takes within the outlook for roughly flat? And then additionally, just how should we think about potential upside from tariff changes? And when could that flow through?

偉大的。然後是史都華的後續報道。關於毛利率，您能否談談對毛利率大致持平的預期中的一些利弊分析？此外，我們該如何看待關稅變化可能帶來的潛在好處？那什麼時候才能實現呢？

Yes. Look, I'll start by saying that 2025 was a pretty strong performance. I mean we were up 59 basis points in the year. I think that's a big increase. You'll also notice the guidance that I've given you is now tighter than the plus/minus 50 bps I was sort of going into the year with because we have a, in some places, a better view and, in some places, more volatility. But let me give you a little bit of perspective.

是的。首先，我要說的是，2025 年的表現相當出色。我的意思是，我們今年上漲了59個基點。我認為這是一個很大的成長。您還會注意到，我給出的指導意見現在比我年初給出的正負 50 個基點的幅度要小，因為我們在某些​​方面看到了更好的前景，而在某些方面則出現了更大的波動。但讓我給你換個角度來看這個問題。

So guidance is to keep that better performance versus last year, flat in this year. I think that's a good starting point. If you look forward, we've done a stronger job of buying. You'll keep in mind that now sort of tariffs have settled in, our teams have that chance to get out employ the five levers. Multi-price mix is helping.

因此，我們的預期是保持今年的業績與去年持平，而不是比去年更好。我認為這是一個不錯的起點。展望未來，我們在採購方面做得更好了。你要記住，現在各種關稅已經穩定下來，我們的團隊有機會運用五大槓桿。多價位組合策略很有幫助。

And we've seen strong performance in our supply chain from a productivity perspective. All these things are setting up positively for next year.

從生產力角度來看，我們的供應鏈表現優異。所有這些都為明年奠定了積極的基礎。

On the offset side, I did call out last quarter that we expected to see some reversion in freight, and freight was a big benefit last year, absolutely. We're hanging on to that benefit in other ways, but freight is likely to come back to be more expensive this year. And certainly, with the current fuel prices, there's going to be some volatility in fuel.

在抵銷方面，我上個季度確實提到過，我們預計貨運量會有一些回落，而貨運量去年確實帶來了很大的好處。我們仍在以其他方式享受這種好處，但今年的貨運成本可能會上漲。當然，在目前的燃油價格下，燃油價格肯定會出現一些波動。

On the tariff side, we are paying slightly lower tariffs at the moment, although the administration has pointed out that they expect to get back to where we were. And so we've taken that into account as we planned this year. And while there might be some small upside in the early days, although keep in mind, because of the cycle of our inventory, it will take about four months as the inventory cycles through before we start seeing the benefit of that. But I think some of the benefit of the tariff might be offsetting to some of the fuel increases we're seeing. And on fuel, we'll have to see what that looks like for the rest of the year.

在關稅方面，我們目前支付的關稅略低，儘管政府方面指出，他們預計關稅會恢復到先前的水平。因此，我們在製定今年的計劃時已經考慮到了這一點。雖然初期可能會有一些小的收益，但請記住，由於我們的庫存週期，大約需要四個月的時間，庫存才能完成循環，之後我們才能開始看到收益。但我認為，關稅帶來的一些好處或許可以抵銷我們目前看到的一些燃油價格上漲的影響。至於燃油方面，我們得看看今年餘下的時間情況會如何。

So overall, we think we've given some strong guidance, and we expect to deliver it this year.

總的來說，我們認為我們已經給出了一些強有力的指導，並且我們預計今年就能實現這些指導。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

I wanted to follow up on traffic. Can you just elaborate on how you think that plays out through this year? Specifically, when do you think traffic could actually inflect positively? And maybe you could also elaborate on that point that your experience this time around regarding elasticity has been maybe better than the past.

我想跟進一下交通狀況。您能否詳細說明您認為這種情況今年會如何發展？具體來說，您認為交通狀況何時可能會出現正面的轉變？或許您也可以詳細說明一下，您這次在彈性方面的經驗可能比以往更好。

Yes. Sure, Seth. I really look at traffic with two lenses. One is the lens of today. We saw the restickering we had to do in Q3.

是的。當然可以，塞思。我用兩種視角來看交通狀況。一是當今的視角。我們在第三季看到了需要進行的重新貼標工作。

That continued in Q4. You see that in how the costs played out. And that restickering , it's not a onetime disruption, it's kind of that disruption throughout the quarters. That's disruptive to our people, in the store, our associates, but also to the customer. That's now behind us.

第四季這種情況仍在持續。從成本最終結果就能看出這一點。而這種重新貼標並非一次性的干擾，而是貫穿整個季度的干擾。這不僅會擾亂我們店內員工的正常運營，也會影響顧客的購物體驗。那些都過去了。

And what I'm pleased with is that we continue to improve in the traffic as you look throughout the quarter. So when you look at, like I said, P12 was better than P11 and P11 better than P10. As we got away from those restickering, we really saw that improvement.

令我欣慰的是，從整個季度來看，我們的流量持續改善。所以你看，就像我說的，P12 比 P11 好，P11 又比 P10 好。當我們不再需要重新貼標籤時，我們確實看到了改進。

And then the second lens is the historical lens. We've only taken price twice in our 40-year history. And so when I go back to break the dollar, you can go back and look, the traffic declined 4% and was negative for more than a year. We look now and say, okay, we're down 1%. So it just hasn't fallen as much, and we expect that duration to be shorter as well.

第二個視角是歷史視角。在公司40年的歷史中，我們只考慮過價格兩次。所以當我回頭分析美元時，你可以回頭看看，流量下降了 4%，並且一年多來一直為負增長。我們現在看看，然後說，好吧，我們下降了 1%。所以它並沒有像人們預期的那樣大幅下跌，而且我們預計這種下跌的持續時間也會更短。

So a more muted response for a shorter duration. And why? Because we were more strategic this time around in where we took price, before the entire store went up, leaving a good percentage of the store just not at value and so our merchants had to go work that through buying cycles and get back in line. This time around, you were able to be more strategic. And as a result, we were sharper on the pricing and we've seen a more softer response in terms of the -- not declining as much.

因此，反應會比較微弱，持續時間也會更短。為什麼？因為這次我們在定價方面採取了更有策略性的做法，在整個商店漲價之前就確定了價格，這樣一來，商店裡很大一部分商品的價格就沒那麼划算了，所以我們的商家不得不通過採購週期來調整價格，使商品重新回到合理水平。這一次，你能夠採取更具策略性的行動。因此，我們在定價方面更加果斷，我們看到市場反應也更加溫和——下降幅度沒有那麼大。

Okay. Great. Very helpful. And then, Stewart, for you, on the SG&A outlook, I guess that's one of the big changes versus 2025. There are a lot of moving pieces and things that you're lapping from last year.

好的。偉大的。很有幫助。然後，Stewart，對你來說，關於銷售、一般及行政費用的展望，我想這是與 2025 年相比最大的變化之一。有很多環節需要調整，還要沿用去年的做法。

Can you just frame the leverage that you're expecting to get here on SG&A on an underlying basis? And how are you thinking about some of the SG&A investments going forward? And just ultimately, what do you see as the drivers of operating leverage here?

您能否從根本上解釋一下您期望在銷售、一般及行政費用方面獲得的槓桿作用？那麼，您對未來的銷售、管理及行政費用投資有何看法？最後，您認為影響經營槓桿的因素是什麼？

Great. Let's take this in two pieces because I think it's helpful to look first at the segment SG&A and then to look separately at corporate SG&A. First of all, we said last year, we were going to go aggressively at expense, and we wanted to see ourselves driving leverage, and that has remained the goal. And I think we did a good job in 2025 of bringing those corporate SG&A costs down. But let me start with the segment.

偉大的。讓我們分成兩部分來分析，因為我認為先看一下分部銷售、一般及行政費用，然後再單獨看一下公司銷售、一般及行政費用會很有幫助。首先，我們去年就說過，我們要大力控製成本，我們希望看到自己能夠提高槓桿率，而這仍然是我們的目標。我認為我們在 2025 年很好地降低了企業銷售、一般及行政費用。但讓我先從這段開始。

I mean on the segment last year, we did have higher wages and some investment in ours, which we called out this time last year. Those were -- that was money that was well spent because we started to see improvement in our stores and we saw a much bigger comp.

我的意思是，就去年的這部分內容而言，我們的工資確實更高，也進行了一些投資，我們在去年這個時候也提到過這一點。那些錢花得值，因為我們開始看到門市業績有所改善，同店銷售額也大幅成長。

If you think about the other big item, which we'll cycle this year, it was about $100 million, which related to all of the stickering and the price resets, so that won't recur this year. If you pull out the $100 million, all of our efforts have been focused around managing the rest of the SG&A costs on our payroll, which is about two-thirds of our total SG&A. We've done a good job of planning this year. We're implementing new workforce management software, and we expect to keep a lid on our increases.

如果你想想我們今年要輪換的另一個大項目，它大約有 1 億美元，這與所有的貼紙和價格重置有關，所以今年不會再發生了。如果扣除這 1 億美元，我們所有的努力都集中在管理薪資單上剩餘的銷售、一般及行政費用，這大約占我們銷售、一般及行政總費用的三分之二。今年我們的計劃制定工作做得很好。我們正在實施新的勞動力管理軟體，並希望能夠控製成本成長。

So if you take into account the small investments, I'd say, small investment in marketing, on an underlying basis, you'll see a very small amount of leverage or flat. And that is a big difference to prior years. On corporate SG&A, as you know, of course, we're driving that down, and you will see absolute leverage on corporate SG&A as we continue to take those numbers lower.

所以，如果你考慮到小額投資，例如行銷方面的小額投資，從根本上來說，你會看到槓桿作用非常小或持平。這與往年有很大的不同。關於企業銷售、一般及行政費用，您當然知道，我們正在努力降低這部分費用，隨著我們繼續降低這些數字，您將會看到企業銷售、一般及行政費用方面的絕對槓桿效應。

Rupesh Parikh, Oppenheimer.

Rupesh Parikh，奧本海默。

I was hoping you could help us to understand how your team is thinking about the impacts to your business related to higher gas prices on the consumer front, some of the raw material impacts and higher freight costs. And I think it'd also be helpful to hear how your team is quantifying the impact of higher diesel prices. And finally, I just want to get a sense of your team spot exposure and whether the latest higher level of energy prices have been factored into your guidance?

我希望您能幫助我們了解您的團隊是如何看待消費者方面汽油價格上漲、原材料價格上漲以及貨運成本上漲對貴公司業務的影響的。我覺得如果能了解一下你們團隊是如何量化柴油價格上漲的影響的，也會很有幫助。最後，我想了解貴團隊的現貨風險敞口，以及最近能源價格上漲是否已納入貴團隊的績效指引？

Yes. Sure, Rupesh. Why don't I -- I'll take the consumer piece and then I'll let Stewart talk to the P&L? Higher prices at the pump impact all households. And so what we see is in the middle to higher income households, we see accelerated trading.

是的。當然可以，魯佩什。為什麼我不──我來負責消費者部分，然後讓史都華來負責損益表部分呢？汽油價格上漲會影響所有家庭。因此，我們看到，在中高收入家庭中，交易活動加速進行。

So those customers are turning towards Dollar Tree. And then our core customer, the lower-income shopper, our pack sizes are what really help them stretch their paycheck and make their budgets work for them. So the price impacts everyone, but for us, Dollar Tree is really that key tool that helps them manage their budgets and deal with these higher prices.

所以這些顧客都轉向了美元樹（Dollar Tree）。對我們的核心客戶群－低收入消費者來說，我們的包裝規格確實能幫助他們更有效地利用薪資，讓他們的預算更合理。所以價格會影響到每個人，但對我們來說，Dollar Tree 確實是幫助他們管理預算和應對這些較高價格的關鍵工具。

And when you look back and see, I mentioned this in the press release, for 20 years, Dollar Tree has been posting positive comps. There's a lot of economic cycles in those 20 years. And the one constant is that Dollar Tree continues to be the answer across all income levels as people live and celebrate their lives. Stewart?

回顧過去，正如我在新聞稿中提到的，20年來，Dollar Tree 的業績一直保持正成長。這20年間經歷了許多經濟週期。唯一不變的是，無論收入水平如何，人們在生活和慶祝生活中，Dollar Tree 仍然是他們的理想選擇。史都華？

Yes. So on diesel prices, and we obviously have a very close watch on this and we know exactly by increase how much that's affecting the P&L, I think we plan in the short run here, as I mentioned in the answer to the earlier question, we'll have some offset in the short run between diesel increases and some of the tariff benefits. We also -- we'll employ the five levers. If this looks like it's going to go longer, then we've got other actions we can take. I've been quite clear I think last quarter in pointing out that we manage to a margin, we buy to a margin.

是的。所以關於柴油價格，我們顯然非常密切地關注著它，我們也確切地知道價格上漲對損益表的影響有多大。我認為，正如我在對先前問題的回答中提到的，我們計劃在短期內透過柴油價格上漲和一些關稅優惠來抵消部分影響。我們也會－我們會運用這五個槓桿。如果這種情況持續下去，我們還可以採取其他措施。上個季度我已經非常明確地指出，我們設法控制利潤率，我們進貨也控制利潤率。

And any of these kinds of price increases that we see, if we think they're going to be permanent or long-lasting, we're going to be taking other operating decisions and choices to drive out that increase.

對於我們看到的任何此類價格上漲，如果我們認為它們是永久性的或長期的，我們將採取其他營運決策和選擇來消除這種上漲。

Great. And then my follow-up question, just going back to Q4, I think it would also be helpful if you can provide more color on the Q4 gross margin and also on the 170 basis points of SG&A deleverage that we saw.

偉大的。然後我的後續問題是，回到第四季度，如果您能更詳細地說明一下第四季度的毛利率以及我們看到的 170 個基點的銷售、管理及行政費用去槓桿化，我認為會很有幫助。

Well, Q4 margin was heavily influenced by a much lower freight costs. And again, that was something we saw throughout the year. We were pleased with that benefit. I think it's a good thing, actually we're hanging on to that benefit in the following year's margin guidance, notwithstanding the potential reversion in freight costs.

第四季利潤率受到運費大幅下降的嚴重影響。而且，我們全年都看到了這種情況。我們對這項福利感到滿意。我認為這其實是件好事，儘管運費成本可能會回落，但我們仍然將這一優勢保留在下一年的利潤率預期中。

But there are other drivers also. And I mentioned those. We continue to see sourcing improvements as our merchants have had more time to wrestle with the higher costs coming through from tariff and inflation. And of course, we've had favorable mix from multi-price, which has been helpful to us.

但還有其他司機。我提到了那些。隨著我們的商家有更多時間來應對關稅和通貨膨脹帶來的成本上漲，我們看到採購狀況持續改善。當然，多價位策略也帶來了有利的組合，這對我們很有幫助。

On the supply chain, as we actually saw Q4 was strong performance in productivity there as our warehouses work aggressively to be more efficient, and we shared some of that at our Investor Day, we're starting to see that come to fruition. The SG&A pressure in the quarter was the same story as it was in the last three quarters of the year, which was really all of the onetime stickering costs, which we don't expect to repeat this year.

在供應鏈方面，正如我們在第四季度實際看到的那樣，生產力表現強勁，因為我們的倉庫積極努力提高效率，我們在投資者日上分享了一些相關信息，我們開始看到這些努力結出碩果。本季的銷售、一般及行政費用壓力與今年前三個季度的情況相同，這實際上都是一次性貼標成本，我們預計今年不會再出現這種情況。

We did see a continuation of a higher insurance and general liability costs, but those -- broadly they're smaller costs, they don't move the P&L around as much.

我們確實看到保險和一般責任成本繼續上漲，但這些成本總體上較小，不會對損益表造成太大影響。

Bobby Griffin, Raymond James.

博比·格里芬，雷蒙德·詹姆斯。

I guess, Mike, I want to start on multi-price points. So if you could speak a little bit about those higher price points, and more importantly, what you're seeing at the level of productivity gains out of those stores. And then taking that a step further, just as multi-price point mixes up -- or continues to mix up, how are you in the team looking at where you stack up competition-wise on those new or higher price points? And can you tie that back into what we're talking about with traffic and your confidence there?

我想，麥克，我想先從多價位開始。所以，如果您能談談這些更高的價格點，更重要的是，您從這些門市的生產力提升方面看到了什麼，那就太好了。更進一步來說，隨著多價位產品不斷混合（或者說持續混合），你們團隊是如何看待自己在新價格或更高價格點上的競爭地位的呢？你能把這一點和我們剛才討論的交通狀況以及你在這方面的信心連結起來嗎？

Yes, absolutely. We continue to see really strong customer acceptance for multi-price, particularly in that $3 to $5 range where the assortment expansion is driving incremental demand rather than substitution. And multi-price is improving store productivity. With higher sales per square foot and larger basket sizes in those converted stores, the broadened assortment and the increased relevance really both benefits the customer. And then in terms of our associates, it's fewer things to put on the shelf.

是的，絕對的。我們持續看到顧客對多價位商品的接受度非常高，尤其是在 3 美元到 5 美元的價格區間，商品種類的增加推動了增量需求，而不是替代需求。多價模式提高了門市效率。改造後的店家每平方英尺的銷售額更高，顧客的購物籃容量更大，商品種類更豐富，相關性更高，這確實都讓顧客受益。而對我們的員工來說，需要上架的商品也變少了。

And so there's some nice productivity in our stores (inaudible). The ones that haven't been converted can't wait to be converted.

因此，我們門市的生產力表現相當不錯。（聽不清楚）那些尚未轉變的人都迫不及待地想要轉變。

And I want to be clear though that this is not simply about raising prices. This is about us having better items, larger pack sizes, the right pack sizes and categories that just weren't available to us at a strict dollar or even $1.25 price point. So even at those higher price points, we remain incredibly competitive with a better assortment. And in fact, in multi-price, our value proposition is significantly better than anyone we see in terms of mass or grocery or other alternatives. So as a result of that, we're just not seeing resistance from the customers.

但我要明確指出，這不只是提高價格的問題。這關係到我們能否擁有更好的商品、更大的包裝規格、合適的包裝規格和商品類別，而這些商品在嚴格的 1 美元甚至 1.25 美元的價格範圍內是無法獲得的。因此，即使在更高的價格點上，我們仍然擁有極強的競爭力，並提供更豐富的產品選擇。事實上，在多價位商品方面，我們的價值主張比我們所看到的任何其他大型超市、雜貨店或其他替代品都要好得多。因此，我們沒有看到來自客戶的抵制。

Instead, and you saw this in the great household growth, we're seeing customers come to Dollar Tree. And that accelerated household growth in Q4 is just a great proof point of that relevance and that incremental benefit to the customer.

相反，正如您在家庭消費大幅增長中所看到的，我們看到顧客們紛紛來到 Dollar Tree。第四季家庭數量的加速成長，正是這種相關性以及為客戶帶來的增量收益的有力證明。

I really look and say multi-price items deliver an incredible relative value, while the entry price point continues to be what drives people as a destination to Dollar Tree. And our customers are telling us, they're telling us with their footsteps to the store and with their baskets. And we believe, as I mentioned, when we get their frequency up, that's when you really start to see that traffic take off. But right now, I love where we're at in terms of more and more households finding Dollar Tree and finding this incredible assortment.

我仔細觀察後發現，多價商品確實能帶來令人難以置信的相對價值，而入門價格仍然是吸引人們前往 Dollar Tree 的主要原因。我們的顧客正在告訴我們，他們用走進商店的腳步和手中的購物籃告訴我們。正如我剛才提到的，我們相信，當我們提高他們的頻率時，你就會真正開始看到流量激增。但就目前而言，我非常滿意，越來越多的家庭發現了 Dollar Tree，並發現了這裡令人難以置信的商品種類。

And maybe just a quick follow-up for Stewart. Just on -- I appreciate the comments on the SG&A. Maybe can we [close-up] on the corporate SG&A. I think the guide is maybe modestly higher than what we would imply coming out of the Investor Day at the midpoint. So can you talk about that and just kind of the glide path back to 2%, what the timing there?

或許還可以給史都華一個簡短的後續問題。補充一下—感謝您對銷售、管理及行政費用的評論。或許我們可以[近距離]來看看公司的銷售、一般及行政費用。我認為該指引可能略高於我們在投資者日結束後預期的中點價值。那你能談談這方面嗎？例如，如何回落到 2%？時機如何？

Has anything changed?

情況有變化嗎？

So let's start with the 2%. We're still pushing for 2% by '28, and we think that's reasonable. In terms of the actual guide of $470 million to $490 million, we had targeted $470 million at Investor Day. So we're still at the -- the strong part of the guide is still a possibility. I think it's important to just recognize that we finished 2025 in a really powerful way.

那麼，我們就從2%開始說起。我們仍然力爭在 2028 年實現 2% 的目標，我們認為這是合理的。就實際的融資目標而言，我們給出的指導目標是 4.7 億美元至 4.9 億美元，我們在投資者日當天設定的目標是 4.7 億美元。所以，我們仍然處於——指南中強有力的部分仍然有可能實現。我認為重要的是要認識到，我們以非常精彩的方式結束了2025年。

We started the year with $660 million of SG&A. We anticipated $95 million of TSA. We only got $55 million. We only got $55 million out of the $95 million. So we had to go out and cut a lot of costs just to get to the number.

年初時，我們的銷售、管理及行政費用為 6.6 億美元。我們預計 TSA 的收入為 9500 萬美元。我們只拿到了5500萬美元。9500萬美元的預算，我們只拿到了5500萬美元。所以，為了達到目標數字，我們只好大幅削減成本。

And actually, what happened, we actually over-delivered. So we ended up being -- instead of being at $565 million, we were $35 million better. So a good result in 2025.

事實上，我們超額完成了任務。所以最終我們不僅沒有達到 5.65 億美元，反而比預期多了 3,500 萬美元。所以2025年會取得好結果。

In 2026, similarly, we think that the TSA numbers will be slightly lower, and we're actively removing cost. But against the 500-and-some-million, we finished up with $530 million, we start with $15 million of inflation. So we've got to pull out the inflation, then take out the next chunk of costs. So I think we're doing a good job.

同樣地，我們認為 2026 年 TSA 的旅客人數會略有下降，我們正在積極降低成本。但與最初的 5 億多美元相比，我們最終得到了 5.3 億美元，而我們最初的通貨膨脹率為 1500 萬美元。所以我們必須先扣除通貨膨脹因素，然後再扣除下一部分成本。所以我覺得我們做得很好。

And I would also say, by the way, that while we're pulling out that cost, we're continuing to invest in the business. And so think about -- we're spending in the back office money on various IT investments to try to automate tasks, which will allow us to flatten out that SG&A curve as we move forward. So all in all, on track for the 2%. Our organization is structurally simpler. And we're going to keep pulling out costs.

順便說一句，雖然我們正在削減這部分成本，但我們仍在繼續投資這項業務。因此，請思考一下——我們正在後台投入資金進行各種 IT 投資，以嘗試實現任務自動化，這將使我們能夠在前進的過程中降低銷售、一般及行政費用曲線。總而言之，有望實現 2% 的目標。我們的組織架構比較簡單。我們將繼續削減成本。

I think we're going to meet the guide.

我想我們會見到導遊。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

If we look at your guidance, there's a fairly narrow range for your top line expectations for 2026, yet there's a pretty wide range for your earnings expectations for this year. And that's despite what seems like a decent amount of flexibility between the restickering costs fading away, some relief on the tariff side. So A, what is going to drive you to the top end of your earnings expectation for the year versus the bottom end? And B, if we look at that wide range, coupled with the fourth quarter that just was basically in line with what you expected despite a slightly better comp, are you still at the point where it's difficult to have a full handle on managing the profitability of the business? And at what point do you think you have more visibility into that outlook?

如果我們看一下你們的業績指引，你們對 2026 年的營收預期範圍相當窄，但對今年的獲利預期範圍卻相當寬泛。儘管重新貼標成本似乎有所下降，關稅方面也有一些緩解措施，但情況依然如此。那麼A，是什麼因素會促使你達到今年收入預期的上限，而不是下限？B，如果我們看一下這個很大的波動範圍，再加上第四季度雖然同比略好，但基本上符合你的預期，你是否仍然覺得難以完全掌控企業的盈利能力？你認為在什麼情況下你會對這種前景有更清楚的了解？

Yes. Well, thanks, Michael. I think, look, when you look at the guide, I mean, there's still $200 million, of course, of revenue separating those two. I understand the point about what that looks like below. There are a lot of moving parts, both in margin, I mentioned, of course, roughly flat.

是的。謝謝你，麥可。我認為，你看，當你查看這份指南時，我的意思是，當然，這兩者之間仍然相差 2 億美元的收入。我明白下面這個例子的意思了。有很多活動部件，包括邊緣部分，當然，正如我所提到的，大致是平的。

We're dealing with tariffs, we're dealing with freight. So these are some of the things that might pull us down. What could pull us up, freight ends up being better, the war in the Middle East ends quickly and we end up being positive there. And of course, if we do see a more powerful return of traffic in the back part of the year, all of those things should be a help to us.

我們正在處理關稅問題，我們正在處理貨運問題。所以，這些就是可能讓我們失敗的一些因素。什麼能讓我們扭轉局勢呢？貨運情況好轉，中東戰爭迅速結束，我們最終在那裡取得積極進展。當然，如果我們在下半年看到客流量強勁回升，所有這些因素都應該對我們有所幫助。

Multi-price from a mix standpoint is beneficial. So we obviously have plans for a level of multi-price. We'd like to see that working in our P&L. When you get down into the SG&A lines, we've given you some spread, obviously, on the corporate SG&A side. And on the segment SG&A, I think the risk there is related mostly to utilities and to general liabilities.

從組合定價的角度來看，多價策略是有利的。所以，我們顯然有推出多層定價方案的計畫。我們希望看到這在我們的損益表中得到體現。深入銷售、一般及行政費用 (SG&A) 部分，我們顯然在公司銷售、一般及行政費用方面給予了您一定的優惠。至於銷售、一般及行政費用部分，我認為風險主要與公用事業及一般負債有關。

The wage number is so big, I mean, two-thirds roughly of our SG&A, that small movements there can have big impacts on the bottom line. So I think those are the big moving pieces.

薪資支出金額龐大，約佔我們銷售、管理及行政費用的三分之二，因此薪資方面的微小變動都會對最終利潤產生重大影響。所以我覺得這些是主要的變動因素。

Okay. It was interesting that you did not mention the prospect of reinvestment either within the stores or within the [merchants], I think especially if you see traffic that does not meet your expectations. So A, how have you factored in reinvestment back into the business? Is that going to be more or less static? And B, have you already seen traffic turn positive such that that gives you confidence that there is the right level of investment in the business today?

好的。有趣的是，你沒有提到在商店或商家內部進行再投資的可能性，我認為尤其是在客流量未達到預期的情況下。A，你們是如何將再投資納入企業營運的考量的？這種情況會基本上保持不變嗎？其次，您是否已經看到流量出現正面變化，讓您確信目前對業務的投資水準是適當的？

Yes. Let me talk about investment. I think we've actually had quite a good deal of investment in the business. And we've spoken at Investor Day to investments in CapEx to redo stores. Our merchants now are on top of the changes coming out of tariffs and, of course, have been investing appropriately in ensuring that we have the right level of value.

是的。讓我來談談投資。我認為我們實際上已經對公司進行了相當多的投資。我們在投資者日上談到了對資本支出進行投資以翻新門市。我們的商家現在都密切關注著關稅政策的變化，當然，他們也進行了適當的投資，以確保我們擁有合適的價值水平。

And as I mentioned in one of the earlier questions, we're investing in a number of back-office systems to help manage our SG&A. So I think that's the right level of investment.

正如我在前面一個問題中提到的，我們正在投資一些後台系統來幫助管理我們的銷售、一般及行政費用。所以我認為這是合適的投資水準。

On the top line side, we spoke at Investor Day about marketing. We have injected a small amount of marketing investment this year. We think it's going to have a good strong return. And so I would say there's a great deal of reinvestment being made in the business to ensure the flywheel is accelerated. Mike, maybe you want to talk to traffic.

在營收方面，我們在投資者日上談到了行銷。今年我們投入了少量行銷資金。我們認為它會帶來良好的回報。因此，我認為公司正在進行大量的再投資，以確保業務飛輪加速運轉。麥克，或許你想跟車流聊聊。

Yes. Michael, I mean, we're confident in what we're seeing both in the sequential improvement we saw in Q4, despite that significant -- remember, almost half of our stores were closed for multiple days as we ended the year. And then we're pleased with what we're seeing to start the year. And yet in your mind, you're still saying, okay, I've got an earlier Easter, which is still ahead of us and we have a very robust Q2 last year that was very strong. But absent all that, the sequence, the start to the year, the earlier Easter, the Q2, I look at the full year and say we expect a meaningful contribution from both traffic and ticket to our year.

是的。邁克爾，我的意思是，儘管在第四季度出現了重大變化——要知道，在年底時，我們幾乎一半的門市都關閉了好幾天——但我們對目前的情況充滿信心，尤其是在第四季度環比改善方面。我們對今年開局的情況感到滿意。然而，你心裡仍然會想，好吧，復活節還早，而且我們去年第二季業績非常強勁。但撇開所有這些因素，例如年初的順序、較早的復活節、第二季度等等，我展望全年，認為我們預計交通和門票收入都會對我們全年的業務做出有意義的貢獻。

Everything we laid out at Investor Day is really working for us and I'm incredibly confident about the full year.

我們在投資者日上提出的所有方案都對我們非常有效，我對全年的業績充滿信心。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

I just wanted to follow up on store standards. I was curious if you could just take a step back and maybe assess where you stand there, as part of those issues like in-stocks, price clarity, cleanliness, et cetera. Is there still work to do here? And if so, can you do that in the context of tightly managing SG&A?

我只是想了解一下門市的標準。我很好奇您是否可以退後一步，評估您在庫存、價格透明度、清潔度等問題上的立場。這裡還有工作要做嗎？如果可以，你能在嚴格控制銷售、一般及行政費用的前提下做到這一點嗎？

Yes. Thanks, Ed. First of all, we've been on this gold path for a while now. And when I first got here, it was whac-a-mole, you improve one store, another one would break, almost in that ratio. And the work that the team has done and the acceleration we've seen in the last six months, that -- remember that number I said, net a third of our stores have improved.

是的。謝謝你，埃德。首先，我們走上這條淘金之路已經有一段時間了。我剛到這裡的時候，情況就像打地鼠一樣，你剛改善一家店，另一家店就會壞掉，幾乎是照這個比例發生的。團隊所做的工作以及我們在過去六個月裡看到的加速發展——記住我剛才說的數字——我們淨改善了三分之一的門市。

So instead of you fix one, you break one, it's you fix several, one might go backwards. And so we're really seeing an overall improvement, and in a quarter, to net improve 30-year stores, that's real meaningful progress. And I think that's showing up in the comp.

所以，不是你修好一個，弄壞一個；而是你修好幾個，其中一個可能還會出現倒退。因此，我們確實看到了整體上的改善，在一個季度內，30 年歷史的門市的淨改善是一個真正有意義的進步。我認為這在比賽中有所體現。

And then we're talking to our customers every week. We have our receipt-based surveys. We scrape websites, thousands and thousands of feedback every single week. We're seeing those improve every single month. And that's a testament to the store standards.

然後我們每週都會與客戶溝通。我們有基於收據的調查。我們每週都會抓取網站、成千上萬條回饋訊息。我們看到這些指標每個月都在改善。這足以證明這家商店的服務標準很高。

And then the work in the supply chain that Roxanne and the team have done is the flow to the stores is much better, so you're not kind of choking out a backroom. We're much more even in our flow. And as a result, the appearance on the shelf and the in-stock is much better. You do those things well, and it's much easier to maintain the front room and keep the price clarity really clear.

羅克珊和她的團隊在供應鏈方面所做的工作，使得到商店的貨物流通更加順暢，避免了倉庫擁擠的情況。我們的節奏更加流暢了。因此，貨架上的商品外觀和庫存狀況都好得多。如果你把這些事情做好，就更容易維護前廳的良好氛圍，並保持價格的清晰透明。

So I'm excited by the progress. I'm excited that we seem to have reached a point where we've started to accelerate the improvement. And as I look forward, you're always going to be managing the fact that there are some stores that might not be where you want them to be, but the overall level of the stores has moved to the right on our scale and the number of stores improving is far exceeding the ones that are declining. And it just makes it much more manageable. And on the whole, the appearance to the customer is that much stronger.

我對取得的進展感到興奮。令我興奮的是，我們似乎已經到了開始加速改進的階段。展望未來，你始終需要應對這樣一個事實：有些門市可能沒有達到你期望的水平，但門市的整體水平已經在我們的評級體系中向右移動，而且業績提升的門市數量遠遠超過了業績下滑的門市數量。這樣一來，事情就更容易管理了。總的來說，給顧客的印像也因此更加深刻。

So I'm really excited about the work that Jocy and the team have done and the progress that they're making. And more importantly, the accelerated progress I'm seeing.

所以我對喬西和她的團隊所做的工作以及他們的進展感到非常興奮。更重要的是，我看到了加速發展的動力。

Okay. And then just as a follow-up, could you speak to what you're seeing in UPT? Did that essentially kind of mirror what's been happening on the traffic side? And then what's the expectation there as you think about '26?

好的。最後，能否請您談談您在 UPT 中看到的情況？這是否與交通方面的情況大致吻合？那麼，展望2026年，你有什麼期望呢？

Yes. So we look at it and say, traffic is important to us, ticket's important to us. We want to make sure we complete the shop. And so when I look at the relevance of the assortment, and being able to have a real gift to give, which is why we've made the investment in toys and you see how the ToyLand for us is improving. Those units are important.

是的。所以我們審視這個問題後會說，交通對我們很重要，罰單對我們來說很重要。我們要確保把店面裝修好。所以，當我審視商品的種類，以及能夠送出一份真正的禮物時，這就是我們投資玩具的原因，你會看到我們的玩具王國正在不斷改善。這些單位很重要。

And so we're seeing, with multi-price, yes, you'll see a unit decline because of the higher price. But what's the basket look like and what's really the relevance of that basket? And that's what we're seeing improving and that's what we really are hearing from our customers that they love.

因此，我們看到，在多價位定價模式下，由於價格較高，你會看到銷售量下降。但是這個籃子長什麼樣子呢？這個籃子的真正意義是什麼？我們看到這方面正在改進，而且我們的客戶也確實喜歡這一點。

Paul Lejuez, Citigroup.

Paul Lejuez，花旗集團。

If you could talk about the inventory number. Can you talk about inventory in units compared to that dollar number that you reported? Also what the plan is for F26? Start there.

如果您能提供一下庫存數量就好了。能否談談您報告的金額與庫存數量（以件為單位）之間的對比情況？F26的計劃是什麼？從那裡開始。

Yes. So look, let's start with the fact that 2025 was a really good performance. I said at the beginning of the year that I thought there was improvement in terms of cycles. I think our merchant and supply chain teams did an excellent job of managing that, down 9% in inventory and up -- or sorry, down, I think, 7% in inventory, up 9% in sales. This is a good -- really good result.

是的。首先，我們要承認 2025 年的表現非常出色。我在年初的時候說過，我認為週期方面有所改善。我認為我們的採購和供應鏈團隊在管理庫存方面做得非常出色，庫存下降了 9%，銷售額上升了——或者抱歉，應該是下降了 7%，銷售額上升了 9%。這是一個非常好的結果。

So when you talk about units, actually, it's quite interesting. I haven't given any data, but I will say that the units actually are even lower, and that's because that's reflecting the fact that we've got a lot more multi-price items there, and therefore, we're handling fewer units. We expect, by the way, that that has a positive impact on labor pressure in our stores.

所以，當你談到單位的時候，實際上，這很有意思。我沒有提供任何數據，但我可以說實際的單位數量甚至更低，這是因為我們有很多多價商品，因此我們處理的單位數量更少。順便說一句，我們預計這將對我們門市的勞動力壓力產生積極影響。

For 2026, we haven't given any sort of balance sheet guidance, but you can expect that we will continue to focus aggressively on managing that inventory so that we've got balance sheet efficiency and higher returns on the capital invested in our business.

對於 2026 年，我們沒有給出任何資產負債表指引，但您可以預期我們將繼續積極專注於庫存管理，從而提高資產負債表效率，並提高我們業務投資資本的回報率。

Stewart, can you frame that inventory units just given the higher tariff costs have been, I think, obviously, the earlier Easter, higher price point, what does that number look like in units?

Stewart，你可以把庫存單位數量估算一下嗎？考慮到更高的關稅成本，我認為，很明顯，復活節提前了，價格也更高了，那麼這個數字（以單位計）是多少？

Yes, sorry. Finish the question, forgive me.

是的，抱歉。請把問題問完，不好意思。

I just also wanted to ask what you built in for shrink this year.

我還想問一下，你們今年的預算中預留了多少資金來應付縮減。

So let me take both of those. First, again, I'm not giving you a number on the units. I'm just telling you that the unit performance was even better than the than the overall performance in dollars. And so you can take that as an added positive.

那我就把這兩個都拿走吧。首先，我再次聲明，我不會提供具體的單位數量。我只是想告訴你，該單位的業績甚至比以美元計的整體業績還要好。所以你可以把這看作是一個額外的正面因素。

In terms of shrink, we're optimistic about this year in shrink. We think that 2025 -- or 2026, forgive me, is the year in which we expect to start to flatten that shrink results. So that's where we sit currently. The changes we're making are the right changes, and we expect that the increases we saw last year will be planted this year.

就損耗而言，我們對今年的損耗情況持樂觀態度。我們認為，2025 年——或者更準確地說，2026 年——是我們預計開始減緩經濟萎縮趨勢的一年。這就是我們目前的處境。我們正在進行的變革是正確的變革，我們預計去年看到的成長將在今年實現。

John Heinbockel, Guggenheim.

約翰海因博克爾，古根漢美術館。

Mike, question. Can you talk about traffic by cohort, maybe annual visits? When you think about the new households that have come in, the average household, maybe -- and then maybe your best ones right, and you frame that opportunity? And then what will drive that? I think about MPP, right?

麥克，問個問題。能否依使用者群體劃分流量數據，例如年度訪問量？當你想到新搬來的家庭，普通家庭，也許——然後也許是你最好的家庭，對吧，然後你如何看待這個機會？那麼，又是什麼因素會推動這股趨勢呢？我想到的是MPP，對吧？

And does discretionary drive that in the 3Q, 4Q holidays? And then consumable, right, cooler, the rest of the year, how do you think about MPP's role in that improvement?

那麼，在第三季和第四季的假期中，可自由支配的支出是否會影響消費？那麼，在一年中的其他時間裡，消費品，對吧，更涼爽一些，您認為 MPP 在這項改進中發揮了怎樣的作用？

Yes, John, thanks. We grew households across all income cohorts. So you saw that accelerated rate, and that wasn't just higher income. That was across all income levels, we saw our household penetration increase. And so when I look at it and say, you look at the traffic drivers, it's not that one income group is accelerating and one is declining.

是的，約翰，謝謝。我們擴大了各個收入階層的家庭規模。所以你看到了這種加速成長，而這不僅僅是因為收入增加。在所有收入階層中，我們的家庭滲透率都有所提高。所以，當我觀察交通流量的驅動因素時，就會發現並不是某個收入群體的流量在加速成長，而另一個收入群體的流量正在下降。

That's not what we're seeing. We're seeing growth in household growth across all the income levels. The higher income does skew higher multi-price, no doubt about it. And they do drive discretionary, and so -- and they are our fastest growing in terms of the household penetration. So we're definitely seeing an acceleration in trade in.

我們看到的並非如此。我們看到各個收入階層的家庭數量都在增加。收入越高，多因素綜合影響也越大，這點毋庸置疑。它們確實能促進可自由支配支出，因此——而且就家庭滲透率而言，它們是我們成長最快的產品。因此，我們確實看到以舊換新速度加快了。

But our core customer, lower income, that represents half of our business, we're still growing that household and they are still loving what they find in multi-price.

但是我們的核心客戶群是低收入群體，他們占我們業務的一半，我們仍在擴大這個群體，他們仍然喜歡在多價位商品中找到的東西。

So yes, consumables are a big driver. That -- not a stock up, but that kind of in between, our pack sizes are a great fit for them, we see that, but we really see the relevance increasing across every income level.

是的，耗材是一個重要的驅動因素。這不是囤貨，而是介於兩者之間的情況，我們的包裝尺寸非常適合他們，我們看到了這一點，而且我們確實看到這種需求在各個收入階層中越來越重要。

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

我們的問答環節結束了。我想把發言權交還給各位，請大家補充或作總結發言。

Thanks, operator. I appreciate it. And thanks to everyone for joining us today. We appreciate your time and engagement, and look forward to updating you again when we get together next quarter. Thank you.

謝謝接線生。謝謝。感謝各位今天蒞臨現場。感謝您抽空參與，期待下季再次與您見面時向您報告最新情況。謝謝。

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

謝謝。今天的電話會議和網路直播到此結束。現在您可以斷開線路了，祝您有美好的一天。感謝您今天的參與。