美元樹 (DLTR) 2026 Q1 法說會逐字稿

Greetings, and welcome to the Dollar Tree Q1 2026 Earnings Conference Call and Webcast. (Operator Instructions) As a reminder, this conference is being recorded. (Operator Instructions). It's now my pleasure to turn the call over to Daniel Delrosario, Senior Vice President, Investor Relations and Treasurer.

各位好，歡迎收聽 Dollar Tree 2026 會計年度第一季財報電話會議與網路直播。(接線員指示) 提醒各位，本次會議正在錄音。(接線員指示)。現在很榮幸將電話會議交給 Daniel Delrosario 先生，投資人關係與財務主管資深副總裁。

Good morning, everyone, and thank you for joining us today to discuss Dollar Tree's First Quarter fiscal 2026 Results. With me today are Dollar Tree's CEO, Mike Creedon; and CFO, 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.

各位早安，感謝各位今天加入我們，一同討論 Dollar Tree 2026 會計年度第一季業績。今天與我一同出席的有 Dollar Tree 執行長 Mike Creedon，以及財務長 Stewart Glendinning。在開始之前，我想提醒各位，我們今天將就公司之預期、計畫與未來展望所做的部分評論，依據 1995 年《私人證券訴訟改革法》之安全港條款，屬於前瞻性陳述。

These statements are subject to risks and uncertainties and 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 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.

這些陳述受到風險與不確定性影響，可能導致實際結果與我們前瞻性陳述所預期者出現重大差異。關於可能影響我們實際結果的風險與不確定性資訊，請參閱我們於 2026 年 3 月 16 日提交之 Form 10-K 年報中的風險因素、業務與管理階層對財務狀況及營運結果之討論與分析章節，以及我們最新的新聞稿與 Form 8-K 及其他向美國證券交易委員會（SEC）提交的文件。

We caution against reliance on any forward-looking statements made today, and we disclaim any obligation to update any forward-looking statements, except as required by law. Also during this call, we will discuss certain non-GAAP financial measures.

我們提醒各位勿過度依賴今日所作之任何前瞻性陳述；除法律要求外，我們不承擔更新任何前瞻性陳述之義務。此外，在本次電話會議中，我們也將討論若干非 GAAP 財務衡量指標。

Reconciliations of these non-GAAP items to the most directly comparable GAAP financial measures are provided in today's earnings release available on the IR section of our website. 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 non-GAAP basis.

這些非 GAAP 項目與最直接可比之 GAAP 財務衡量指標的調節表，已載於今日的財報新聞稿中，可於我們網站投資人關係（IR）專區取得。這些非 GAAP 衡量指標並非用以取代 GAAP 結果。除非另有說明，我們將以非 GAAP 基礎說明我們的財務結果。

Additionally, unless otherwise stated, all discussions today refer to our results from continuing operations and all comparisons discussed today for the first quarter of fiscal 2026 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. Following our prepared remarks, Mike and Stewart will take your question. Please limit yourself to one question and one follow-up question. And with that, I'll turn the call over to Mike.

另外，除非另有說明，今日所有討論均指持續營運之結果；且今日針對 2026 會計年度第一季所做的所有比較，皆以去年同期為對照。請注意，一份概述部分營運指標的補充簡報已上傳至我們網站的 IR 專區。在我們的準備講稿之後，Mike 與 Stewart 將回答各位的提問。請每位提問者限制為一個問題與一個追問。接下來，我把電話會議交給 Mike。

Thanks, Daniel. Good morning, everyone. At Dollar Tree, we continue to focus on executing our strategic plan, expand and modernize our assortment through multi-price, manage costs with agility, create a strong connection with our customer, open more new stores and improve the condition of our fleet and the in-store experience, all of which are supported by supply chain excellence and our more than 150,000 associates.

謝謝你，Daniel。各位早安。在 Dollar Tree，我們持續專注於執行策略計畫：透過多價格帶擴充並現代化我們的商品組合、以敏捷方式管理成本、與顧客建立更強連結、開設更多新店、改善門店車隊（店舖資產）狀況與店內體驗；上述各項均由卓越的供應鏈能力以及超過 150,000 名同仁所支持。

At the same time, we recognize the consumer environment remains dynamic, especially for lower-income households, navigating higher fuel costs and broader macro uncertainty. Customers are shopping thoughtfully and closer to need, with a continued focus on affordability, convenience and trip efficiency.

同時，我們也認知到消費環境仍具動態性，特別是低收入家庭正面臨較高燃油成本與更廣泛的總體不確定性。顧客購物更為審慎、更加貼近實際需求，並持續聚焦於可負擔性、便利性與單次購物效率。

Customers value the ability to shop nearby and quickly to stretch their budgets through smaller and more affordable pack sizes and to still find a compelling assortment and discovery throughout the store. Importantly, our model is built for environments like this.

顧客重視能在住家附近快速購物，透過較小且更可負擔的包裝規格來延伸預算，同時仍能在店內各處找到具吸引力的商品組合與探索驚喜。重要的是，我們的商業模式正是為了這樣的環境而打造。

Our deep value and attractive opening price points not only enable us to best serve our core customer, they also position us to benefit from trading behavior, as customers across multiple income cohorts become increasingly value focused. Against a backdrop of ongoing uncertainty around fuel costs and tariffs, we will continue to protect value while strengthening the quality and relevance of our assortment.

我們深度的超值定位與具吸引力的入門價格點，不僅讓我們能更好地服務核心顧客，也使我們能受惠於消費者的「轉向更高性價比」行為，因為不同收入族群的顧客都愈來愈重視價值。在燃油成本與關稅持續存在不確定性的背景下，我們將持續守護價值，同時強化商品組合的品質與相關性。

In this environment, our powerful combination of value, convenience and discovery continues to resonate with customers across all income levels and a wide range of shopping occasions. Our financial performance in the first quarter builds upon the strength of the prior quarter and validates our approach. Total sales increased 7.2%, while comparable sales rose 3.5%, driven by continued strength in ticket and traffic trends that improved in line with our expectations.

在此環境下，我們「價值、便利與探索」的強大組合，持續在各收入層級與多元購物情境中引起顧客共鳴。我們第一季的財務表現延續上一季的強勁動能，並驗證了我們的方法。總銷售額成長 7.2%，同店銷售成長 3.5%，主要由客單價與來客數趨勢的持續強勁所帶動，且改善幅度符合我們的預期。

Our focus and execution drove strong margins in Q1 adjusted earnings per share growth of 38% year-over-year to $1.74, exceeding the high end of our outlook range. As expected, this year's earlier Easter timing created a natural comp headwind, and our core customer continues to buy much closer to need.

我們的聚焦與執行帶動強勁的利潤表現，第一季調整後每股盈餘年增 38% 至 1.74 美元，超越我們展望區間的上緣。如預期所示，今年復活節較早的時點帶來自然的同店比較逆風，而我們的核心顧客仍持續更貼近需求進行採購。

Despite these dynamics, we delivered a good quarter. Our performance reflects the underlying momentum in the business and strong execution from our merchandise, store and supply chain teams. Our multi-price assortment continues to perform well and remains a meaningful growth driver.

儘管有這些動態因素，我們仍交出不錯的一季成績。我們的表現反映了業務的內在動能，以及商品、門店與供應鏈團隊的強力執行。我們的多價格帶商品組合持續表現良好，並仍是重要的成長驅動力。

While Dollar Tree has historically and continues to feature prominently around the holidays and celebrations, we are increasingly leveraging that traffic and customer engagement to build greater relevance across everyday consumables in household categories throughout the year. Our merchant teams are focused on bringing the multi-price excitement of holiday to the everyday categories.

雖然 Dollar Tree 過去以來、且目前仍在節慶與慶祝活動期間扮演重要角色，但我們正愈來愈善用這些人流與顧客互動，來提升全年在家用類別等日常消耗品上的相關性。我們的採購團隊專注於把節慶的多價格帶「驚喜感」帶進日常品類。

Increasingly at Dollar Tree, we've been saying, "come for the holiday, stay for the every day". Customers often enter the store for a seasonal need, particularly around holidays and celebrations and then engage more broadly across everyday categories once in the store. Our internal data continues to show that expanded multi-price assortment is supporting incremental strength in everyday categories like toys and beverages.

在 Dollar Tree，我們愈來愈常說：「為節慶而來，為日常而留」。顧客常因季節性需求進店，特別是在節日與慶祝活動期間，進店後便更廣泛地在日常品類中選購。我們的內部數據持續顯示，擴大的多價格帶商品組合正支撐玩具、飲料等日常品類的增量成長動能。

Turning to the components of comp, traffic declined 1% in the quarter, representing a 20 basis point sequential improvement from the fourth quarter. This improvement is consistent with our expectations. On a two-year basis, traffic trends improved about 200 basis points sequentially in the first quarter when compared to the Q4 two year traffic stack reflecting both continued normalization from the initial reaction to pricing resets and also encouraging customer response to our expanding assortment and value proposition.

談到同店的組成，第一季來客數下滑 1%，較第四季序列改善 20 個基點。此改善符合我們的預期。以兩年基礎觀察，第一季的來客數趨勢較第四季兩年來客數疊加（two-year traffic stack）序列改善約 200 個基點，反映出價格重設初期反應的持續正常化，以及顧客對我們擴大商品組合與價值主張的正向回應。

Ticket increased 4.5% in the quarter. Ticket growth reflects the continued evolution of our assortment, the expansion of multi-price and our ability to offer customers a broader range of value options across categories. We are seeing strength in areas such as home decor, and household consumables, where we have leaned into even higher quality, sharper price points and clearer value communication.

本季客單價成長 4.5%。客單價成長反映我們商品組合的持續演進、多價格帶的擴張，以及我們在各品類提供更廣泛價值選項的能力。我們在家居裝飾與家用消耗品等領域看到強勁表現；在這些領域，我們更著重於更高品質、更具競爭力的價格點，以及更清晰的價值溝通。

The expansion of multi-price continues to be a key enabler of that progress. It allows us to improve quality in core categories, introduce new items that were previously not viable at a single price point, and create more compelling options across a wider range of purchase occasions. Additionally, it enables us to better align price points with product attributes, improving both clarity and value for the customer.

多價格帶的擴張持續是推動上述進展的關鍵助力。它讓我們能提升核心品類的品質、導入過去在單一價格點下不可行的新商品，並在更廣泛的購買情境中提供更具吸引力的選擇。此外，它也使我們能更好地讓價格點與產品屬性對齊，提升顧客對價格的清晰度與價值感受。

At the same time, we remain disciplined in maintaining strong relative price competitiveness. Our opening price point remains a critical anchor for both the brand and the customers' perception of value. Even as we expand assortment and choice above the entry price point, rigorous benchmarking of pricing and assortment against competitors has enabled us to maintain our position as a value leader.

同時，我們在維持強勁的相對價格競爭力方面仍保持紀律。我們的入門價格點仍是品牌與顧客價值認知的關鍵錨點。即使我們在入門價格點之上擴充商品組合與選擇，透過對競品價格與商品組合的嚴謹對標，我們仍得以維持作為價值領導者的地位。

Importantly, approximately 85% of our sales mix remains at $2 and below, underscoring our continued commitment to affordability and everyday value. And as Dollar Tree celebrates its 40th anniversary this year, customers will also see the dollar price point featured in stores as we honor the heritage and foundation of the brand.

重要的是，我們約 85% 的銷售組合仍維持在 2 美元及以下，凸顯我們對可負擔性與日常價值的持續承諾。此外，Dollar Tree 今年迎來 40 週年，顧客也將在門店看到美元價格點的呈現，我們藉此致敬品牌的傳承與根基。

Let's move on now and discuss profitability. Dollar Tree's margin profile is improving. We are making progress in areas that are within our control. This dynamic contributes to stronger overall profitability and reinforces the trajectory we outlined coming into the year.

現在讓我們繼續並討論獲利能力。Dollar Tree 的毛利率結構正在改善。我們在可控的領域正取得進展。這樣的動態有助於提升整體獲利能力，並強化我們在年初所勾勒的發展軌跡。

Stewart will review the financial results in more detail later, but I would like to call out an area where our operating initiatives, in particular, our gold store standards and agile cost management focus are translating into positive financial outcomes. While it's still early days, we are starting to bend the curve on shrink.

Stewart 稍後會更詳細地檢視財務結果，但我想特別指出一個領域：我們的營運舉措，尤其是我們的金牌門市標準與敏捷成本管理的聚焦，正在轉化為正向的財務成果。雖然仍在初期階段，我們已開始扭轉損耗（shrink）的趨勢曲線。

Shrink improved year-over-year as our strategies are gaining real traction. Initiatives we outlined at Investor Day, such as the nonnegotiable audit, along with continued teaching, coaching and training on shrink prevention are having a measurable impact. In addition, we are seeing increasing benefits from our product protection efforts which are helping to reduce loss on higher risk items.

隨著我們的策略真正發揮效果，損耗較去年同期改善。我們在投資人日所提出的舉措，例如不可妥協的稽核（nonnegotiable audit），以及持續在損耗防範上的教學、輔導與訓練，正產生可衡量的影響。此外，我們也看到商品防護措施帶來的效益持續增加，有助於降低高風險品項的損失。

In departments where we've tightened merchandising standards, improved product placement and applied more deliberate controls on an at-risk category performance is holding up better and losses are coming down. We are also being more intentional in how we identify opportunity areas in stores, addressing them through focused training, stronger oversight, and consistent operational discipline.

在我們收緊陳列標準、改善商品擺放，並對高風險品類施加更審慎控管的部門中，表現維持得更好，損失也在下降。我們也更有意識地識別門市的機會領域，透過聚焦訓練、更強的監督，以及一致的營運紀律來加以改善。

Improved store standards and greater execution consistency across the fleet directly contribute to more stable performance at the store level. While this work is ongoing, early results continue to reinforce the disciplined, consistent execution in the field is driving meaningful improvement versus last year. At Dollar Tree, we're focused on the areas within our control, and our gold store initiatives are contributing to our financial performance.

改善門市標準並提升全體門市的執行一致性，會直接促成門市層級更穩定的表現。雖然這項工作仍在進行中，但早期成果持續證實：前線以紀律且一致的方式執行，正相較去年帶來具意義的改善。在 Dollar Tree，我們聚焦於可控的領域，而我們的金牌門市計畫正為財務表現做出貢獻。

Now let's talk about marketing, which is a new muscle for Dollar Tree, and one that is becoming increasingly relevant as our assortment expands as our customer base increasingly includes more higher income customers, and as we seek to drive shopping frequency.

接著談行銷。這對 Dollar Tree 來說是一項新的能力，而且隨著我們的商品組合擴大、客群中高收入顧客占比提高，以及我們希望提升購物頻率，行銷的重要性正日益增加。

Dollar Tree has one of the strongest unaided awareness levels in retail, and we are working to more fully leverage that strength. We have been building and scaling more advanced marketing capabilities, particularly around targeted and data-driven engagement. These efforts improve our understanding of customer behavior and how we communicate value across different customer groups.

Dollar Tree 在零售業擁有最強的「未提示品牌知名度」（unaided awareness）之一，我們正努力更充分地運用這項優勢。我們一直在建立並擴大更進階的行銷能力，特別是在精準投放與數據驅動的互動方面。這些努力提升了我們對顧客行為的理解，以及我們如何向不同顧客族群傳達價值。

They enable us to better segment our customer base and tailor messaging in a way that is more relevant. This includes how we communicate assortment, highlight key categories and support seasonal and everyday merchandising initiatives. The net result is better customer engagement and reinforcement of our value proposition.

這讓我們能更好地對客群進行分眾，並以更貼近需求的方式調整訊息。這包括我們如何溝通商品組合、突顯關鍵品類，以及支援季節性與日常的商品陳列推動。最終結果是更好的顧客互動，並強化我們的價值主張。

We are also improving how we measure the effectiveness of our marketing efforts, enabling us to refine our approach over time and ensure that we are investing in the most impactful channels and strategies and are capturing a return on our investment. It is about improving precision and delivering clear relevant messaging that aligns with how customers are shopping our stores and engaging with our expanded assortment.

我們也在改善衡量行銷成效的方法，使我們能隨時間精進作法，並確保投資在最具影響力的渠道與策略上，同時取得投資報酬。這關乎提升精準度，並傳遞清楚且相關的訊息，與顧客在門市的購物方式及其對我們擴大商品組合的互動相一致。

As these capabilities continue to evolve, that will play an increasingly important role in supporting overall performance and strengthening customer engagement. At Dollar Tree, everything starts with the customer. And we are spending more time listening to our customers and understanding how they shop in ways we never have before.

隨著這些能力持續演進，它們將在支撐整體表現與強化顧客互動方面扮演愈來愈重要的角色。在 Dollar Tree，一切都從顧客開始。我們也投入更多時間傾聽顧客、理解他們的購物方式，這是我們過去從未做到的程度。

Let's turn to traffic, which remains an important component of the overall model. The performance in Q1 was consistent with our expectations and directionally aligned with the traffic patterns we discussed last quarter, following the pricing transition and re-stickering activity.

接著談客流量（traffic），這仍是整體模式的重要組成。第一季的表現符合我們的預期，方向上也與我們上季在價格轉換與重新貼標作業後所討論的客流型態一致。

Our experience with breaking the dollar demonstrated that a major pricing reset at Dollar Tree results in a temporary shift in the balance between traffic and ticket, while overall comp performance remains healthy. Importantly, we continue to believe the current traffic response remains more muted and will normalize more quickly, reflecting the more targeted and strategic nature of the pricing actions taken over the past year.

我們在「打破一美元定價」的經驗顯示，Dollar Tree 進行重大價格重置時，會在客流與客單價（ticket）之間造成暫時性的平衡變化，但整體同店表現（comp）仍維持健康。重要的是，我們仍相信目前的客流反應相對溫和，且會更快回歸常態，反映過去一年所採取的定價行動更具針對性與策略性。

We remain highly focused on the needs of our customers and approach pricing thoughtfully, ensuring we continue to deliver the deep value they rely on while reinforcing our position as the value leader. More broadly, traffic trends are behaving in a way that is aligned with how we would expect the business to perform given the evolution of assortment, multi-price strategy and customer behavior.

我們仍高度聚焦顧客需求，並審慎地制定價格，確保持續提供他們所依賴的深度價值，同時鞏固我們作為價值領導者的地位。更廣泛而言，客流趨勢的表現符合我們對業務在商品組合演進、多價格策略與顧客行為變化下的預期。

When we look across the fleet, traffic performance varies in ways that are consistent with trade area, store characteristics and execution levels. That variation provides clear visibility into the underlying drivers of traffic performance and helps inform how we continue to operate and prioritize across the business.

當我們檢視整體門市群時，客流表現的差異與商圈、門市特性及執行水準一致。這些差異讓我們能清楚看見客流表現背後的驅動因素，並有助於我們持續調整營運方式與全公司資源優先順序。

Importantly, it also reinforces that the levers we are focused on, execution, assortment and overall store standards, are directly relevant to how the business performs. Against a still uncertain macro backdrop, we are seeing customers remain highly value-focused, intentional in how they shop and shopping closer to need.

重要的是，這也再次證明我們所聚焦的槓桿——執行力、商品組合與整體門市標準——與業務表現直接相關。在總體環境仍不確定的背景下，我們看到顧客依然高度重視價值、以更有目的性的方式購物，並更貼近需求採買。

While the external environment remains dynamic, including ongoing variability in fuel prices and tariff-related uncertainty, we believe our value positioning continues to resonate with customers navigating this current inflationary environment. As we anniversary last year's pricing actions in the second half, traffic should also benefit from the operational and merchandising progress already underway across the business, and our focus remains on reinforcing clear value in the assortment, targeted customer engagement and better in-store execution.

雖然外部環境仍在變動，包括油價持續波動與關稅相關不確定性，我們相信在當前通膨環境下，我們的價值定位仍能引起顧客共鳴。當我們在下半年迎來去年定價行動的比較基期（anniversary）後，客流也應可受惠於公司各項營運與商品陳列改善的進展；我們仍將聚焦於在商品組合中強化清楚的價值、精準的顧客互動，以及更好的門市執行。

First, we'll continue leaning into the areas where customers are responding positively, particularly multi-price expansion in everyday categories and a compelling opening price point assortment. Second, as I just discussed, we are continuing to scale our marketing capabilities, where targeted outreach is driving incremental trips and a strong ROI.

第一，我們將持續加碼在顧客反應正向的領域，特別是日常品類的多價格擴張，以及具吸引力的入門價位帶商品組合。第二，如我剛才所述，我們將持續擴大行銷能力規模，其中精準觸達正帶來額外來店次數與強勁的投資報酬率（ROI）。

Third, on the operations side, we're focused on making stores easier to shop, ensuring consistent cashier coverage, continuing to address underperforming stores with tighter field accountability and reinforcing our gold standards across the fleet to improve execution, store conditions, and the overall customer experience.

第三，在營運面，我們聚焦讓門市更容易購物，確保收銀人力配置一致，並以更嚴格的前線問責來持續改善表現不佳的門市，同時在全體門市強化我們的金牌標準，以提升執行力、門市狀況與整體顧客體驗。

Fourth, we'll continue improving the experience through disciplined store refreshes and renovations focused on enhancing productivity and the customer experience. As our founders often said, when we operate clean, bright and inviting stores, our customers win and Dollar Tree wins.

第四，我們將透過有紀律的門市翻新與整修持續改善體驗，重點放在提升生產力與顧客體驗。正如我們的創辦人常說的，當我們營運出乾淨、明亮且令人感到受邀的門市時，顧客受益，Dollar Tree 也受益。

Finally, because our model enables us to help our customers better navigate uncertain times, Dollar Tree has in the past, become more relevant in tougher economic environments. This may prove an added tailwind over the quarters ahead. Taken together, we believe these efforts support improved trip frequency, broader customer engagement across shopping occasions and a more consistent experience that should help us earn that next visit.

最後，因為我們的模式能幫助顧客更好地度過不確定時期，Dollar Tree 過去在較艱困的經濟環境中往往會變得更具相關性。這可能在未來幾季成為額外的順風。綜合而言，我們相信這些努力將支持提升來店頻率、在不同購物情境下擴大顧客互動，並提供更一致的體驗，進而幫助我們贏得顧客的下一次到訪。

When we step back and look at the quarter holistically, a few things are clear. First, we delivered strong operational execution, resulting in margin expansion, and earnings growth ahead of our outlook. Second, the business continues to perform as expected with comp driven by ticket and supported by a stronger assortment.

當我們退一步從整體角度回顧本季，有幾點很清楚。第一，我們展現強勁的營運執行，帶動毛利率擴張，且獲利成長優於我們的展望。第二，業務持續如預期運作，同店成長（comp）由客單價（ticket）驅動，並受更強的商品組合支撐。

Third, traffic trends remain in line with our expectations following the pricing actions last year. And finally, we are deploying strategies to increase customer frequency. We are encouraged by the progress we are making in profitability and execution, and we remain focused on continuing to build on that momentum. We are operating with discipline, focused on the right priorities in building a business that is more consistent, more predictable and better positioned for long-term growth.

第三，在去年定價行動之後，客流趨勢仍與我們的預期一致。最後，我們正在部署提升顧客來店頻率的策略。我們對獲利能力與執行力的進展感到鼓舞，並將持續專注於在此動能上再接再厲。我們以紀律營運，聚焦正確的優先事項，打造更一致、更可預測、且更具長期成長定位的企業。

As we look ahead, our focus remains on continuing to execute against the priorities we have outlined, while remaining responsive to the external environment and aligned with the needs of the customer. We believe our work today builds a stronger foundation for the future and positions us well for sustainable growth over time. Importantly, we believe the first quarter serves as another proof point that the actions we are taking across assortment, operations and execution are driving strong financial performance.

展望未來，我們的重點仍將放在持續落實我們已提出的優先事項，同時對外部環境保持敏捷回應，並與顧客需求保持一致。我們相信，今天所做的工作正在為未來奠定更堅實的基礎，並使我們在長期內具備實現可持續成長的良好定位。更重要的是，我們認為第一季再次證明，我們在商品組合、營運與執行等面向所採取的行動，正在推動強勁的財務表現。

We are building a more relevant assortment delivered through more consistently well-run stores informed by deeper engagement with customers and a better understanding of how they shop Dollar Tree.

我們正在打造更貼近需求的商品組合，並透過更一致、管理更到位的門市來交付；這些門市運作是基於與顧客更深度的互動，以及對顧客在 Dollar Tree 購物方式更佳的理解。

With that, I'll turn it over to Stewart to walk through the financial details.

接下來，我把時間交給 Stewart，請他帶大家看財務細節。

Thank you, Mike, and good morning, everyone. For the first quarter of fiscal 2026, Dollar Tree delivered strong results across the P&L. Traffic trends improved, and we drove operating margin expansion and grew adjusted earnings per share, 38% year-over-year to $1.74. This result was ahead of our outlook range.

謝謝你，Mike，各位早安。在 2026 會計年度第一季，Dollar Tree 在損益表各項指標上都交出強勁成果。來客趨勢改善，我們推動營業利益率擴張，並使調整後每股盈餘年增 38% 至 1.74 美元。此結果優於我們的展望區間。

Let me walk you through the details and then discuss our updated outlook. First quarter net sales increased 7.2% to $5 billion, driven by a 3.5% increase in comparable store sales and a 3.7% contribution from net new store growth. In line with our expectations, comps were driven by a 4.5% increase in average ticket on the back of last year's pricing actions, and higher multi-price penetration. Traffic was down 1%, also in line with our expectations.

我先帶各位看細節，接著說明我們更新後的展望。第一季淨銷售額成長 7.2% 至 50 億美元，主要由同店銷售成長 3.5% 以及淨新增門市帶來的 3.7% 貢獻所驅動。符合我們的預期，同店表現主要來自平均客單價成長 4.5%，受惠於去年定價措施，以及多價位（multi-price）滲透率提升。來客數下滑 1%，同樣符合我們的預期。

By category, consumables increased 3.2%, while discretionary delivered a 3.9% comp with notable strength in toys and Personal Care. Gross margin expanded 120 basis points year-over-year, driven primarily by higher merchandise margin, freight favorability and lower shrink. These benefits were partially offset by higher tariffs and markdowns.

按品類來看，民生消耗品（consumables）成長 3.2%，而非必需品（discretionary）同店成長 3.9%，其中玩具與個人護理品類表現尤為強勁。毛利率年增 120 個基點，主要由較高的商品毛利、運費有利因素以及損耗（shrink）下降所帶動。上述利多部分被較高的關稅與降價促銷（markdowns）所抵銷。

Moving down the P&L. Total SG&A inclusive of TSA income delevered 10 basis points, driven by increased investments in marketing higher general liability costs and higher depreciation expense, partially offset by TSA income and lower payroll expenses.

接著往下看損益表。包含 TSA 收入在內的總 SG&A 去槓桿 10 個基點，主要因為行銷投資增加、一般責任保險成本上升以及折舊費用增加；部分被 TSA 收入與薪資費用下降所抵銷。

We continue to make progress on growing total SG&A in line with the rate of sales growth, even after factoring in the impact from incremental marketing investments and higher general liability cost, SG&A growth inclusive of TSA income was largely in line with sales growth.

我們持續在推進讓總 SG&A 的成長與銷售成長率一致；即使納入額外行銷投資與一般責任成本上升的影響，包含 TSA 收入在內的 SG&A 成長仍大致與銷售成長一致。

Let me take a moment to briefly address corporate SG&A. After the sale of Family Dollar, a separate corporate segment is no longer needed. However, so you can track our progress. We will continue to provide the breakout of corporate SG&A through the fourth quarter of this fiscal year. But starting in the first quarter of 2027, we intend to report on total SG&A line only.

我想花點時間簡要說明公司層級的 SG&A。在出售 Family Dollar 之後，已不再需要單獨的公司部門（corporate segment）。不過，為了讓各位能追蹤我們的進展，我們將持續提供公司層級 SG&A 的拆分資訊直到本會計年度第四季。但自 2027 年第一季起，我們計畫僅報告總 SG&A 這一行項目。

With that said, Q1 corporate SG&A, inclusive of TSA income, declined 15% year-over-year and levered 70 basis points to 2.4% of total revenue. Taken together, adjusted operating margin expanded 110 basis points to 9.5%, and adjusted operating income dollars increased 22% year-over-year.

在此背景下，第一季公司層級 SG&A（包含 TSA 收入）年減 15%，並槓桿改善 70 個基點至總營收的 2.4%。綜合來看，調整後營業利益率擴張 110 個基點至 9.5%，調整後營業利益金額年增 22%。

Below the operating line, net interest expense and tax rate were in line with our expectations, while the average diluted share count was modestly favorable. Adjusted diluted earnings per share increased 38% to $1.74. Turning to the balance sheet. Inventory declined 9% versus the prior year while sales increased 7.2%, resulting in a favorable inventory to sales spread.

在營業利益以下，淨利息費用與稅率符合我們的預期，而平均稀釋後股數略為有利。調整後稀釋每股盈餘成長 38% 至 1.74 美元。接著看資產負債表。在銷售成長 7.2% 的同時，存貨較去年下降 9%，使存貨相對銷售的差距表現有利。

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 $1 billion in cash and no commercial paper outstanding. We generated $644 million in cash from operations and invested $253 million in capital expenditures, resulting in free cash flow of $392 million.

我們持續聚焦提升存貨周轉，能為顧客提供更新鮮的商品組合、提升營運資金效率，並帶來更強的自由現金流創造能力。本季末我們持有 10 億美元現金，且未有任何商業本票（commercial paper）餘額。我們由營運活動產生 6.44 億美元現金，並投入 2.53 億美元資本支出，最終自由現金流為 3.92 億美元。

During the quarter, we repurchased about 5.5 million shares for $595 million. Subsequent to quarter end and as of today, we repurchased a further $98 million of stock. Looking back over the past 12 months, we've reduced our share count by approximately 8% and returned $1.7 billion to investors through share repurchases.

本季我們以 5.95 億美元回購約 550 萬股。在季末之後截至今日，我們又額外回購了 9,800 萬美元的股票。回顧過去 12 個月，我們已將股數減少約 8%，並透過股票回購向投資人返還 17 億美元。

Before I share our second quarter outlook and updated expectations for fiscal 2026, I would like to start by talking to you about our tariff rate assumptions. We are closely monitoring the tariff environment, and we're taking a prudent approach to our outlook.

在我分享第二季展望與 2026 會計年度更新後的預期之前，我想先談談我們對關稅稅率的假設。我們正密切監控關稅環境，並以審慎的方式制定展望。

Consistent with last quarter, we are assuming that the current tariff rates remain in place through July and then increase in the back half of the year to the levels predating the February 20 Supreme Court decision. Additionally, we've not included any tariff refunds in the outlook. Turning to our updated outlook for the year. We expect net sales in the range of $20.5 billion to $20.7 billion, reflecting comparable store sales growth of 3% to 4%.

與上季一致，我們假設目前的關稅稅率將維持至 7 月，之後在下半年上調至 2 月 20 日最高法院裁決之前的水準。此外，我們的展望中未納入任何關稅退還（refunds）。接著說明我們更新後的年度展望。我們預期淨銷售額介於 205 億至 207 億美元，反映同店銷售成長 3% 至 4%。

Given the stronger first quarter performance, lower tariffs for part of the year, higher fuel costs are driven by the current macro environment and lower share count following our repurchase we now expect adjusted diluted earnings per share in the range of $6.70 to $7.10. Note that this outlook incorporates an outstanding share count of 194 million shares which reflects share repurchases through today's date.

考量第一季表現更強、年度部分期間關稅較低、在目前總體環境下燃油成本較高，以及在回購後股數下降，我們目前預期調整後稀釋每股盈餘介於 6.70 至 7.10 美元。請注意，此展望採用 1.94 億股的流通在外股數，已反映截至今日的股票回購。

Turning to the second quarter. We expect net sales in the range of $4.8 billion to $4.9 billion, reflecting comparable sales store growth of 2.5% to 3.5%. Adjusted diluted earnings per share are expected to be in the range of $1 to $1.15.In closing, we are encouraged by the start to the year, and we believe we're well positioned to deliver consistent profitable growth and to create long-term shareholder value.

接著看第二季。我們預期淨銷售額介於 48 億至 49 億美元，反映同店銷售成長 2.5% 至 3.5%。調整後稀釋每股盈餘預期介於 1.00 至 1.15 美元。最後，我們對今年的開局感到鼓舞，並相信我們已具備良好定位，可實現穩健且具獲利性的成長，並創造長期股東價值。

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

接下來，我把電話會議交回給 Mike。

Thanks, Stewart. We delivered a strong start to the year with improved execution, driving margin expansion and earnings ahead of expectations. The business is performing well, and we're seeing good progress in the areas we control.

謝謝，Stewart。我們以更佳的執行力為今年帶來強勁開局，推動利潤率擴張，並使獲利優於預期。業務表現良好，我們也在可控的領域看到不錯的進展。

As we look ahead, our focus remains on disciplined execution, driving strong financial performance and staying flexible in an uncertain environment. At Dollar Tree, we're building a stronger, more resilient business positioned for consistent profitable growth.

展望未來，我們的重點仍是紀律執行、推動強勁的財務表現，並在不確定的環境中保持彈性。在 Dollar Tree，我們正在打造更強健、更具韌性的企業，並具備實現穩定且具獲利性成長的定位。

And with that, we're happy to take your questions.

接下來，我們很樂意回答各位的問題。

(Operator Instructions)

（接線員指示）

Matthew Boss, JPMorgan Chase & Co.

Matthew Boss，摩根大通（JPMorgan Chase & Co.）。

So maybe first, could you walk us through drivers of the first quarter beat relative to your outlook from back in March? How much of it was related to lower tariff rates? And can you give us a sense of the impact from higher fuel in the quarter? And then I have a follow-up.

那我先問第一個問題：能否帶我們梳理一下，相較於你們在 3 月時給出的展望，第一季優於預期的驅動因素是什麼？其中有多少與較低的關稅稅率有關？另外，能否說明本季燃油成本上升的影響？之後我還有一個追問。

Yes, Matt, before Stewart jumps in, this was a really strong top line quarter for Dollar Tree. When you think about the setup, I mean we delivered a 3.5% comp on a tough compare and overcame the unfavorable Easter calendar shift. To us, this just speaks to the underlying strength of the business and the operational improvements we continue to see.

好的，Matt，在 Stewart 補充之前，這一季對 Dollar Tree 來說營收端表現非常強勁。從整體情境來看，我們在高基期比較下仍交出 3.5% 的同店成長，並克服了復活節檔期在日曆上的不利移動。對我們而言，這反映了業務的內在韌性，以及我們持續看到的營運改善。

So thank you to our Dollar Tree associates. They just absolutely love delivering this magic to our customers and helping our core customers get through this present time. So Stewart, do you want to talk about the margins?

因此，感謝我們的 Dollar Tree 門市同仁。他們真的非常熱愛把這份魔法帶給顧客，並協助我們的核心顧客度過當前這段時期。那麼 Stewart，你要談談毛利率嗎？

Yes. Thanks, Mike. If you looked at the quarter and our performance relative to expectations, I mean there's two big drivers here. The biggest driver was shrink, obviously, a great performance. We said we would take action there, and we have. But the other drivers, we had favorable freight relative to our assumptions and then some contribution from margin as well.

是的。謝謝，Mike。如果你看本季以及我們相對於預期的表現，我的意思是，這裡有兩個主要驅動因素。最大的驅動因素顯然是損耗（shrink），表現非常出色。我們說過會在那方面採取行動，而我們也確實做了。但其他驅動因素方面，運費相較於我們的假設更有利，另外毛利率也有一些貢獻。

If you take those together, that's the 120 basis points of gross margin expansion. As Mike highlighted in his prepared remarks, we're really pleased, and we're pleased because the kind of changes that we saw here were really driven by operating actions.

把這些加總起來，就是毛利率擴張 120 個基點。如 Mike 在事先準備的發言中所強調的，我們真的很滿意；而我們之所以滿意，是因為我們在這裡看到的變化，主要是由營運行動所驅動。

Tariffs, while there were a year-over-year headwind, were really offset by our five lever actions. So they weren't really a factor in this quarter at all. And just for absolute clarity, I mean we had no tariff refunds in this gross margin number for this quarter as well.

關稅雖然在年對年比較上是逆風，但確實被我們的五項槓桿行動所抵銷。所以它在本季其實完全不是因素。而且為了絕對清楚起見，我的意思是，本季這個毛利率數字裡也沒有任何關稅退稅（tariff refunds）。

On your question about fuel, there was some sort of small volatility in the quarter, but it really wasn't a factor so much this quarter because of the timing of the conflict and the increases in the fuel rate. We'll start to see that coming in the back part of the year.

關於你問到的燃油，本季確實有一些小幅波動，但由於衝突發生的時間點以及燃油費率上調的時點，本季它並沒有造成太大影響。我們會在今年後半段開始看到那個影響反映出來。

Great. And then as a follow-up, could you maybe speak to the progression of comps and traffic in the quarter? And if you could give us some more color on the Easter performance. And then if you could just speak to how the comp is trending quarter-to-date. I think that would be really helpful.

很好。接著追問一下，你能否談談本季同店銷售（comps）與來客數（traffic）的走勢？以及能否再多提供一些復活節表現的細節？另外，如果你也能談談本季迄今（quarter-to-date）同店的趨勢。我想那會非常有幫助。

Sure, Matt. Broadly speaking, traffic was in line with our expectations. We saw that 20 bps improvement versus Q4. And on a two-year basis, we saw meaningful acceleration versus Q4. So we were happy to see that. The comp was strong, trended in line with expectations, and I really liked the strength in both discretionary at 3.9% and consumables at a 3.2%.

當然可以，Matt。整體而言，來客數符合我們的預期。我們看到相較於第四季改善了 20 個基點。而以兩年基礎來看，我們也看到相較於第四季有明顯加速。所以我們很高興看到這點。同店表現強勁，走勢符合預期；而我也很喜歡非必需品（discretionary）達 3.9% 與民生消耗品（consumables）達 3.2% 的雙雙強勁。

For Easter, it was an expected headwind. Two weeks fewer selling moves it up into the worst weather part of the month, and seeing a customer that's shopping so much closer to need, those days matter. But the underlying was really good at Easter with record sales in the final days of Easter.

至於復活節，它是預期中的逆風。少了兩週的銷售檔期，使其落在當月天氣最差的時段；而且在顧客購物更貼近即時需求（shopping closer to need）的情況下，那些天數確實很重要。但復活節的基本面其實非常好，在復活節最後幾天創下了創紀錄的銷售。

With the quarter-to-date, we don't quantify inter-quarter trends. Our comp performance informs our Q2 outlook, which we are very comfortable with. I will say we are encouraged by the strength of Mother's Day, but still so much of the quarter ahead of us. And as I mentioned last call, 2025 was an incredibly strong Q2. So I think we've hit the right balance here when I look at that Q2 comp outlook.

關於本季迄今，我們不會量化跨季的趨勢。我們的同店表現會反映在我們對第二季的展望中，而我們對此非常有信心。我會說，我們受到母親節強勁表現的鼓舞，但本季仍有很大一部分尚未走完。而且如我上次電話會議提到的，2025 年的第二季非常強勁。所以當我看第二季同店展望時，我認為我們在這裡取得了適當的平衡。

Seth Sigman, Barclays.

Seth Sigman，Barclays。

Great. Good morning, everyone. When you look at the guidance for the year, considering the magnitude of the Q1 beat and then the benefit from share repurchases, which is really more of a benefit on future quarters. it doesn't seem like you're flowing through all of that upside to the full year’s guidance.

很好。各位早安。當你看全年指引時，考量第一季超預期的幅度，以及股票回購帶來的效益（這其實對未來幾季的效益更大），看起來你們並沒有把所有這些上行完全反映到全年指引中。

Obviously, you're raising it not to that extent. So can you just walk us through some of the puts and takes as you think about that updated 2026 guidance?

顯然，你們上調了，但幅度沒有到那個程度。所以你能否帶我們梳理一下，在思考更新後的 2026 年指引時，各項利多與利空（puts and takes）是什麼？

Good morning. Thanks for that question. Look, I'll just start by saying we're very happy that the Q1 start was so strong because that reduces some pressure on the back part of the year given the macro uncertainties that are out there. We thought it was appropriate to raise the full year outlook, but we also wanted to be appropriately balanced and financially prudent, given some of the uncertainties that are out there.

早安。謝謝你的問題。我先說，我們非常高興第一季開局如此強勁，因為在外部宏觀不確定性存在的情況下，這能降低今年後半段的一些壓力。我們認為上調全年展望是合適的，但同時在面對一些不確定性時，我們也希望保持適度平衡並在財務上審慎。

And there are several there are several variables that remain dynamic today, including tariffs, fuel, freight and just some broader consumer pressure. And the updated guidance we've given reflects a more cautious view around some of the transportation and fuel costs relative to where we entered last year.

目前仍有幾個變數持續動態變化，包括關稅、燃油、運費，以及更廣泛的消費者壓力。我們提供的更新指引，反映了相較於去年初我們所預期的水準，對運輸與燃油成本採取更審慎的看法。

So let me cover a couple of the details. First, when we spoke to you last quarter, there was an expectation, I think, of a shorter period of impact related to the conflict in the Middle East, and that has proved not to be the case. And so now we're assuming that the higher fuel prices lost throughout the year since we don't know when that conflict will end. And we're also assuming that that amount is absorbed by the business.

我來說明幾個細節。首先，上季我們與各位溝通時，我想當時預期與中東衝突相關的影響期間會較短，但事實證明並非如此。因此，我們現在假設較高的燃油價格會持續整個年度，因為我們不知道該衝突何時結束。而且我們也假設這部分成本將由公司營運吸收。

At the same time, we do get some benefit from lower tariffs which will manifest themselves in the second and the third quarter. But that hasn't really changed from last quarter since we were already expecting that. And our assumption there is that following the statements from the administration, we will revert back to the old tariffs.

同時，我們確實會從較低的關稅中獲得一些好處，並將在第二季與第三季逐步顯現。但這點相較於上季並沒有真正改變，因為我們原本就已經預期會如此。而我們的假設是，依據政府的相關聲明，我們將回到先前的關稅水準。

So because of those things, and really, if you just step back and said, what's changed, the only thing that's changed in the whole assumption is that the fuel -- the increased fuel prices are going to go for longer. So we're not flowing that full through for the full year. But a couple of other things are important in how we constructed that outlook.

因此，基於這些因素，若你退一步看並問「到底改變了什麼」，整個假設中唯一改變的是：燃油——燃油價格上升將持續更久。所以我們沒有把這部分的全部上行完整反映到全年。但在我們建構該展望時，還有幾點也很重要。

We did increase -- we did incorporate, I should say, the lower share count for the share repurchases through the debt, no assumptions for any share repurchases through the rest of the year. And we're also not assuming any benefit from the potential tariff refunds in the guidance, just given some of the uncertainty about when they will come and the amounts that will be coming.

我們確實提高——更精確地說，我們已納入透過舉債進行股票回購所帶來的較低流通股數；但對於今年剩餘期間，不假設再進行任何股票回購。此外，在指引中我們也未假設任何潛在的關稅退稅帶來的利益，主要是因為何時會收到以及金額多寡仍存在不確定性。

And so I want you to -- I'll just wrap up by saying I want you to keep in mind three upsides to the full year. The first one is that the Middle East conflict ends and oil prices dropped before year-end. That happens, obviously, we'll take some benefit. Second, if the tariffs that are currently in place extend past July, then there's the potential for more benefit in the results.

最後我想補充：請記住全年仍有三個上行空間。第一，中東衝突在年底前結束，油價下跌。若發生，顯然我們會獲得一些好處。第二，如果目前實施的關稅延續到 7 月之後，那麼業績結果可能會有更多利多。

And the third thing is that once we receive those tariff benefits, if we assume that there's reinvestment in the business, and we do think we will have reinvestment in the business, that those reinvestment benefits could drive the flywheel of our business in a very positive way. And of course, we would intend that to be the case. So I think we've taken an approach here, which is sensible, given the uncertainties, and I think I've outlined some of the things that could give you a bit of upside.

第三，一旦我們收到那些關稅利益，如果我們假設會把部分回饋再投資於業務——而我們確實認為會再投資於業務——那麼這些再投資所帶來的效益，可能會以非常正面的方式推動我們業務的飛輪效應。當然，我們也會以此為目標。所以我認為，在不確定性之下，我們採取了合理的做法；而我也已概述了一些可能帶來額外上行的因素。

Okay. Perfect. That's super helpful. I did want to follow up on traffic, down 1% this quarter. It seems pretty manageable, especially given some of the history you've seen when you look at Q2, difficult compare, do you still feel like traffic can inflect positively in the second half of the year?

好的。完美。這非常有幫助。我確實想追問一下客流，本季下降了1%。看起來相當可控，尤其考量到你們回顧Q2時看到的一些歷史情況、比較基期很難；你們是否仍然覺得今年下半年客流有機會轉為正向？

The macro backdrop and gas prices are higher. So if things do feel a little bit different for the end customer than they did in March. So how are you thinking about that inflection in traffic?

宏觀背景以及油價都更高。所以對終端客戶而言，年底的感受可能跟3月時有些不同。那你們如何看待客流的這個轉折？

Yeah. Thanks. . We recognize the macro has changed. And as you just said and I've said before, Q2 is a robust comparison. But we believe traffic will continue to improve over the course of the year. We take confidence in the Q1 improvement versus Q4 despite that earlier Easter.

是的。謝謝。。我們認知到宏觀環境已經改變。而且如你所說、我也之前提過，Q2的比較基期很強。但我們相信客流會在今年的過程中持續改善。儘管復活節較早，我們仍對Q1相較Q4的改善感到有信心。

And then that 200 bps acceleration on the two year, I mean, that's meaningful, and that gives us further confidence. And then you look at the back half, we anniversary several pricing actions in our initiatives that we laid out at Investor Day, they really continue to scale. So we get benefit from that.

另外，兩年期口徑加速了200個基點，我的意思是，這很有意義，也讓我們更有信心。再看下半年，我們將迎來多項定價動作的周年比較，而我們在投資人日所提出的各項計畫也持續擴大規模。因此我們會從中受益。

And then finally, we're not someone that takes price a lot. And if you look at our history, it's rare. And the worst day of our pricing is the day we take that pricing. It's in a $0.25 increment and then we continue to improve from there as others adjust their own pricing and we're at our level. So that gives us further confidence.

最後，我們不是那種經常調價的公司。如果你看我們的歷史，這很少見。我們定價最糟的一天，就是我們剛調價的那一天。我們以0.25美元為增量，之後隨著其他人調整他們自己的價格、而我們維持在我們的價位水準，情況就會持續改善。所以這也讓我們更有信心。

On the macro, sure, customers are under pressure from higher fuel prices, but that also makes them more value focused. Look back at history, I always talked about that 20 years of positive comps. Periods like this reinforce Dollar Tree's position as a key partner for our customers. One, our outstanding value. Two, we're close to home with an in and out shop.

就宏觀而言，當然，客戶受到較高燃油價格的壓力，但這也讓他們更重視價值。回顧歷史，我一直談到那20年的同店正成長。像這樣的時期更凸顯Dollar Tree作為客戶關鍵夥伴的定位。第一，我們的超值。第二，我們離家近，能快速進出購物。

And three, people still want to treat themselves. And at Dollar Tree, you'll retreat yourselves because of where we're -- our value is in our pricing. So that gives us confidence as we look out over the course of the year.

第三，人們仍然想犒賞自己。而在Dollar Tree，你會犒賞自己，因為我們的價值——我們的價值體現在我們的定價上。因此，當我們展望今年的進程時，這讓我們更有信心。

Rupesh Parikh, Oppenheimer & Co Inc.

Rupesh Parikh，Oppenheimer & Co Inc.

Good morning. Thanks for taking my question. So during our store tax, we recently observed some price increase in center store food. So curious whether this was planned, much the store did impact and what's the strategy behind it? And then as you look at the place where you took pricing, how do your values compare to the competition at the new price levels?

早安。謝謝讓我提問。所以在我們最近的門市走訪中，我們觀察到中間貨架的食品有一些漲價。想請教這是否是事先規劃的、對門市的影響有多大，以及背後的策略是什麼？另外，針對你們已經調價的品類，在新的價格水準下，你們的價值主張與競品相比如何？

Thanks, Rupesh. I'll start that. First, just to put it in context, -- this is a very small portion of our assortment, less than 5%. Our objective was to improve assortment relevance and also improve price clarity for the customer. We're listening to our customers in ways we never have before.

謝謝，Rupesh。我先來回答。首先先放在脈絡裡看——這只占我們品項組合中非常小的一部分，不到5%。我們的目標是提升品項的相關性，同時也提升客戶對價格的清晰度。我們正以前所未有的方式傾聽客戶。

And there were brands that we had lost because we couldn't provide them at the dollar or the $1.25. And our customers wanted those brands; they were part of their occasions to come. And so at $1.50, we were able to bring that back. [Rice Saroni's] a great example. Spam, you can see it in the stores.

而且有些品牌我們曾經失去，因為我們無法在1美元或1.25美元的價位提供它們。而客戶想要那些品牌；那是他們來店消費情境的一部分。因此在1.50美元時，我們就能把它們帶回來。[Rice Saroni's]就是很好的例子。Spam，你在門市裡也看得到。

Frank's hot sauce. I mean we put that on everything. So it really gave us a good opportunity. And then in terms of the competitiveness, Stewart, do you want to hit the process there?

Frank's辣醬。我的意思是我們什麼都會加它。所以這確實給了我們一個很好的機會。至於競爭力的部分，Stewart，你要不要談一下那邊的流程？

Great. That's helpful color. Then my follow-up question. SG&A deleverage during the quarter; can you speak to your confidence that SG&A can lever this year? And also since you're lapping the red stickering headwind, how should we think about SG&A growth on an underlying basis? Just any headwinds or tailwinds we should be thinking about?

很好。這些補充很有幫助。那我追問一下。本季SG&A出現去槓桿；你能談談你們對今年SG&A能夠槓桿化的信心嗎？另外，因為你們即將跨過紅色貼標帶來的不利比較基期，我們應該如何看待SG&A在剔除該因素後的基礎成長？有沒有任何我們需要留意的逆風或順風？

Yes. Thanks, Rupesh. I mean yes, let me pick that apart. So first of all, the SG&A outcome is really good. Look at this against history. It's clear that the results we've delivered in Q1 are good results that put us absolutely on the track that we've been talking about.

是的。謝謝，Rupesh。我的意思是，是的，讓我把它拆開來說。首先，SG&A的結果其實很好。把它和歷史相比。很清楚我們在Q1交出的成果是好的成果，讓我們完全走在我們一直在談的軌道上。

When you consider -- what also took us in Q1 because at the same time, we delivered these results in the first quarter, we were continuing to invest incrementally in marketing initiatives, and we also had to absorb some increased pressure from general liabilities.

同時也要考量——在Q1我們交出這些成果的同時，我們仍在行銷計畫上做額外的增量投資，而且我們也必須吸收一般責任（general liabilities）帶來的壓力上升。

So let me talk to a couple of those things. First of all, on general liabilities, I want you to think about that a little bit like we shrink. We've taken it apart. We know what the drivers are. We've got teams organized around it. And we have a very clear action plan that is designed to bend the trend on general liability, even though that is a bit of an industry problem.

所以我來談其中幾點。首先，關於一般責任，我希望你把它想得有點像損耗（shrink）。我們已經把它拆解。我們知道驅動因素是什麼。我們也圍繞它組織了團隊。而且我們有非常清楚的行動計畫，目標是在一般責任上扭轉趨勢，儘管這在某種程度上是產業性的問題。

We are also continuing to make progress on growing SG&A more in line with our business. That has been the focus of our organization, and we're seeing much better cost discipline we're seeing labor productivity, and we're starting to see those leverage characteristics. Now in the back half of the year, in the back half of the year, we will start to lap the stickering from last year.

我們也持續在推進，讓SG&A的成長更貼近我們的業務成長。這一直是我們組織的重點，我們看到更好的成本紀律、看到勞動生產力，也開始看到那些槓桿化的特徵。而在今年下半年、在今年下半年，我們將開始跨過去年貼標（stickering）的比較基期。

So you're going to see absolute leverage in the back half of the year. I mean, how am I confident we're going to see leverage because I know we've got that onetime from last year. But putting that aside, all of our goals remain the same and we're confident that we are on the right track to deliver our SG&A promises.

所以你會在下半年看到絕對槓桿。我的意思是，我為什麼有信心會看到槓桿，因為我知道去年有那個一次性因素。但撇開那點不談，我們所有目標都維持不變，我們有信心正走在正確的軌道上，能夠兌現我們對SG&A的承諾。

Chris Bottiglieri, BNP Paribas.

Chris Bottiglieri，BNP Paribas。

Good morning. Thanks for taking the question. Can you speak to what you're seeing from low income consumer given elevated gas prices Additionally, have you started to see any trade-in to Dollar Tree from hierarchy consumers, given the environment, are you seeing anything differently from a merchandising perspective? Are you doing anything differently from a merchandising perspective?

早安。謝謝讓我提問。你能談談在油價高企的情況下，你們從低收入消費者那邊看到什麼嗎？另外，在這樣的環境下，你們是否開始看到較高收入消費者轉向Dollar Tree（trade-in）？從商品策略角度，你們有看到任何不同嗎？你們在商品策略上有做任何不同的事情嗎？

Yeah. Thanks, Chris. Yes, across all income levels, customers are value-focused and definitely prioritizing affordability, convenience and gas saving trip efficiency. In Q1, customers saw higher gas prices for sure, but they also saw higher tax returns. And typically, we see a lag in the true impact from higher gas. So that remains to be seen a bit as to the impact they have.

是的。謝謝，Chris。是的，在所有收入層級，客戶都以價值為導向，並且明顯優先考量可負擔性、便利性，以及節省油耗的行程效率。在Q1，客戶確實看到油價上升，但他們也看到更高的退稅。而通常我們會看到高油價的真正影響會有一段滯後。所以其影響程度仍有待進一步觀察。

But no matter what the customer faces, we know that value and convenience will be top of their priorities. And for us, that's where we meet them, and that's what we think we're really well suited. And I couldn't think of a better time to have a more complete and relevant assortment. So yes, we are seeing trade-in customers as we continue to grow households.

但無論顧客面臨什麼情況，我們知道「價值」與「便利」都會是他們最優先考量的事項。而對我們而言，這正是我們與他們相遇、也是我們認為自己真正最擅長的地方。我想不出有比現在更好的時機，去提供更完整且更貼近需求的商品組合。所以是的，隨著我們持續擴大家戶數，我們確實看到以舊換新（trade-in）的顧客。

We're the fourth largest household by penetration retailer, and it's skewing higher income, more than half skew higher income, and they're finding an assortment that is really relevant to them. So Dollar Tree, it's a destination in times like this, and we will -- we've proven that over our history, and we'll continue to see that.

以滲透率來看，我們是第四大覆蓋家戶的零售商，而且客群偏向較高收入，超過一半偏高收入，他們也在我們這裡找到對他們而言非常相關的商品組合。因此在這樣的時期，Dollar Tree 會成為一個目的地型通路，而我們——我們在歷史上已經證明了這一點，未來也會持續看到這樣的情況。

Mike, maybe just -- let me just offer a couple of thoughts on some of the data that we're seeing. We look at our performance by income cohort; we've got the ability to slug some of that. And there's no question that lower consumers under pressure.

Mike，也許——我先補充幾點我們看到的一些數據想法。我們會按收入族群來看表現；我們有能力把其中一些拆解出來分析。毫無疑問，低收入消費者正承受壓力。

I mean I've just gone through three or four years of higher inflation generally, think about food, health care, housing utilities, look at all those things over the last number of years, and you will see them indexing higher, markedly higher. And now on top of that, is coming this much higher gas price.

我的意思是，過去三、四年整體通膨都偏高，想想食品、醫療保健、住房與公用事業，看看這些項目在過去幾年的走勢，你會看到它們的指數更高、明顯更高。而現在在此之上，又出現了更高的汽油價格。

But the critical thing, and this is really the message I want to give you is that when we look at Dollar Tree, when I take the part of the data from this past quarter, and we look at our store base by income demographic. All of our cohorts are comping positive in this past quarter.

但關鍵的一點——這也是我真正想傳達給各位的訊息——是當我們看 Dollar Tree 時，取用本季的部分數據，並按收入人口結構來看我們的門店基礎。我們所有收入族群在本季的同店比較（comp）都呈現正成長。

So comp growth is broad-based. And some of the things that Mike is saying about the attractiveness of our assortment and our offering and our value to customers is proving out in the data.

所以同店成長是廣泛分布的。而 Mike 所說的、關於我們商品組合與供給的吸引力，以及我們為顧客提供的價值，正在數據中得到驗證。

And then my follow-up would be a question on tariff refunds. Can you give us an update on the tariff refunds and how you think about timing amount and the use of the proceeds?

接著我想追問一個關於關稅退稅（tariff refunds）的问题。你們能否更新一下關稅退稅的進度，以及你們如何看待時點、金額與款項用途？

Sure. Yeah, thanks for the question. Like many companies, we're participating in the tariff refund program. There's still a lot to process through, especially on what future tariff landscape might be. But at Dollar Tree, we start with the customer. Our focus is the customer, so we would look to reinvest any refunds in the business to enhance our ability to deliver that value convenience and discovery that our customer comes to us for.

當然。是的，謝謝你的提問。和許多公司一樣，我們正在參與關稅退稅計畫。仍有很多需要釐清，特別是未來關稅環境可能會如何演變。但在 Dollar Tree，我們從顧客出發。我們的重點是顧客，因此我們會考慮把任何退稅款再投資於業務，以提升我們提供顧客所期待的價值、便利與探索（discovery）體驗的能力。

In terms of the outlook, as Stewart said, we haven't -- nothing was in Q1 and nothing is assumed in the outlook going forward.

就展望而言，如 Stewart 所說，我們——第一季（Q1）沒有納入任何退稅，往後的展望中也沒有假設會有。

Michael Lasser, UBS AG.

Michael Lasser，UBS AG。

Thank you so much for taking my question. We're all trying to figure out the interplay between your outlook for traffic and your profitability. So on the one hand, you're making the case that given the outlook for stacks as the traffic comparisons get easier coupled with the historic experience as traffic had come back following your initial move to the $1.25 price point, traffic will improve.

非常感謝讓我提問。我們都在試著釐清你們對客流（traffic）展望與獲利能力之間的相互影響。一方面，你們的論點是，隨著客流比較基期變得更容易，再加上歷史經驗顯示在你們最初把價格點調到 1.25 美元之後客流曾回升，因此客流將會改善。

But on the other hand, you're also saying that you're going to absorb some of the increased costs in the second half of the year may focus a bit more on marketing. So perhaps you're saying you're going to need to sacrifice your profitability in order to drive that traffic.

但另一方面，你們也表示你們將在下半年吸收部分增加的成本，並可能在行銷上多投入一些。所以也許你們的意思是，為了帶動客流，你們需要犧牲一些獲利能力。

So how do you prioritize over time, this balance between restoring positive traffic versus maintaining the profitability of the business. Is there one that you would prioritize over the other, meaning if traffic does not improve in the back half, you'd be willing to sacrifice some of your margins in order to do that?

那麼，隨著時間推進，你們如何在「恢復客流轉正」與「維持公司獲利能力」之間做取捨與排序？是否會優先其中之一？也就是說，如果下半年客流沒有改善，你們是否願意犧牲部分毛利率來達成？

Yes. Good. Well, let's talk about, Michael, that's a good question. I mean, I don't think we're going to say what we will do when we face specific circumstances. I can tell you what our plan is. In answer to the question that I had earlier about the outlook, I sort of made it clear that some of the benefit we took in Q1, some of the outsized performance in Q1, we will use that to help insulate the back part of the year.

是的。好的。Michael，我們來談談，這是個好問題。我的意思是，我不認為我們會去說在面對特定情境時一定會怎麼做。但我可以告訴你我們的計畫是什麼。回到我先前回答關於展望的問題，我已經大致說明，我們在第一季（Q1）取得的一些好處、第一季一些超預期的表現，我們會用來幫助緩衝下半年的壓力。

And so our view is we don't know how long the conflict in the Middle East is, like others, we are hopeful that, that is a temporal and not a structural issue. For the moment, we are treating that as a temporal problem. And that is to say we've got the resource in our forecast for the year, our estimates to be able to manage absorbing that cost.

因此我們的看法是，我們不知道中東衝突會持續多久；和其他人一樣，我們希望那是短期而非結構性問題。就目前而言，我們把它視為短期問題。也就是說，在我們對全年預測與估算中已配置資源，以便能夠管理並吸收那項成本。

And as I also said earlier, I mean, I think there are some upsides here. I mean if we do see early oil change and that will take the pressure off in an obvious way when we get those tariff refunds, those will see reinvestment in the business. None of those are really in there. So I think there are other places to go to reinforce traffic in the back half before we have to eat into the outlook that we provided to you today. Does that make sense?

而且如我先前所說，我認為這裡也有一些上行空間。我的意思是，如果我們確實看到油價提早回落，壓力就會以很明顯的方式減輕；當我們拿到那些關稅退稅時，也會再投資於業務。這些其實都沒有真正納入其中。所以我認為，在我們必須侵蝕今天提供給各位的展望之前，還有其他手段可以用來在下半年強化客流。這樣說有道理嗎？

It does, Stewart, it will be helpful if you could outline some of those levers that you would push in order to drive traffic. It does not perform up to what you're expecting? And then I have a quick follow-up.

有道理，Stewart。如果你能概述一下你們會推動哪些槓桿來帶動客流，會很有幫助。如果表現沒有達到你們的預期呢？另外我還有一個簡短的追問。

Yeah. Michael, the initiatives that are already in play that we've laid out, those improving store standards, Stewart talked about how we saw traffic by our store groups, how they were performing, where they were located, all that. All those initiatives are already underway. We really see those as gaining traction and being big drivers in the second half.

好的。Michael，我們已經在推進、也已經對外說明的那些措施——包括提升門店標準；Stewart 也談到我們如何按門店群組來看客流、它們的表現、所在位置等等。這些措施都已經在進行中。我們確實看到它們正在取得動能，並將成為下半年的重要驅動因素。

You talk about shrink, shrink improves in well-run stores. And so we really look at the assortment we're delivering and looking out over the second half, we look at the improvement in the store standards. We look at the marketing that has -- it's a kind of low-cost, quick return type marketing. We really feel all of those will be big drivers in the second half.

你提到損耗（shrink）；在管理良好的門店，損耗會改善。因此我們會看我們正在提供的商品組合，並展望下半年，我們會看門店標準的改善。我們也會看行銷——這是一種低成本、快速回收的行銷。我們真的認為這些都會是下半年的重要驅動因素。

Understood. My quick follow-up is, Mike has the basket -- the price of a basket for a customer increases the customer comes to the register sees that it cost a lot more to buy the same volume of goods that they might have purchased in the past. Perhaps their expectation around the store experience also elevate if they're going to have to spend more to buy the same amount.

了解。我簡短的追問是，Mike 提到客單——顧客的購物籃價格上升，顧客到收銀台時會看到，買同樣數量的商品，成本比過去高很多。如果他們必須花更多錢才能買到同樣的量，也許他們對門店體驗的期待也會提高。

So you showed this help a graph on where your store standards are across the distribution of your entire population. Where does that stand today? And are you willing to invest more in labor or other operating expenses to accelerate and then the curve on your overall level of store standard in order to meet the customers' expectations if they have risen as a result of the higher price points.

所以你們展示了一張圖，說明你們的門店標準在整體門店分布中的位置。那目前的狀況如何？而且，若顧客因較高的價格點而提高期待，你們是否願意在用工或其他營運費用上投入更多，以加速提升整體門店標準的曲線，來符合顧客的期待？

Yeah. Yes. First, on the back, I think you've got to ground yourself in the fact that 85% of what we sell is less than $2 or less. So we have an average unit of $1.51. You get a basket $12 and change. We are not the same sticker shock you're getting when you check out at a grocery store or one of these mass merchants.

是的。是。首先，從大方向來看，我認為你必須先立足於一個事實：我們所賣的商品有 85% 的單價是 2 美元或以下。所以我們的平均單件售價是 1.51 美元。你的購物籃大概是 12 美元多一點。我們不像你在雜貨店或這些大型量販商結帳時會感受到那種價格震撼。

It's different. In terms of we call the Himalayas, somebody said that at Investor Day, and I've always liked to [Jose ] gets tired of me asking about the Himalayas. We are seeing improvement and it's sliding to the right. And retailers are always chasing their lower-performing stores. We were chasing more than we should have been. We've seen that improve and materially improve shifting to the right.

這是不一樣的。就我們所謂的「喜馬拉雅」而言，有人在投資人日提到過這個說法，我一直很喜歡——[Jose] 都被我一直問喜馬拉雅的事問到煩了。我們看到改善，而且曲線正在往右移。零售商總是在追趕表現較差的門店。我們過去追得比應該的還多。我們看到這點有所改善，而且是實質性改善、往右移。

And I think shrink is a good proof point of that. When you've got a well-run store, we know shrink can be internal and external. And when you have a well-run store it's kind of easier to see what's out of place, and it's easier to control the things you control including in-stocks and shrink. So I think that's a good proof point, Michael, of the progress we've made in improving the overall store standards.

我認為損耗（shrink）就是一個很好的佐證。當你有一家管理良好的門店時，我們知道損耗可能來自內部也可能來自外部。而當門店運作良好時，就比較容易看出哪些地方不對勁，也更容易控制你能控制的事情，包括缺貨率（in-stocks）和損耗。所以我認為，Michael，這是我們在提升整體門店標準方面所取得進展的一個很好的證明。

Scot Ciccarelli, Truist Securities.

Scot Ciccarelli，Truist Securities。

Good morning, guys. Thanks for the time. You talked about making progress on the initiatives we provided at Investor Day. I think one of the ones that really stood out was your gold star goals and how the majority of your stores basically are substandard by your own metrics.

各位早安。謝謝撥冗。你們談到在投資人日提出的各項倡議上取得進展。我想其中一項特別突出的，是你們的金星目標（gold star goals），以及依照你們自己的衡量標準，多數門店基本上都未達標。

So can you help us understand the progress that you've already made on improving the store standards, whether that's percentage that shifted from 3% to 5% or whatever it is? And then also, what is your expected progress for the balance of the year?

所以你能否協助我們理解，你們在提升門店標準方面已經取得了哪些進展——例如未達標比例從 3% 變成 5% 或不管實際數字是什麼？另外，你們對今年剩餘期間的預期進展是什麼？

Sure. And just to correct, I think 42% is what we showed, so it wasn't the majority were below our standards. But if the average retailer is chasing 15% to 20% of their stores, we were chasing 42% below our standard. So that's what I showed at Investor Day, that's significantly high. That's less than one third today.

當然可以。先更正一下，我記得我們展示的是 42%，所以並不是多數門店低於我們的標準。但如果一般零售商是在追趕其 15% 到 20% 的門店，我們當時是在追趕 42% 低於我們標準的門店。這就是我在投資人日展示的內容，那個比例顯著偏高。而今天已經降到不到三分之一。

So we haven't broken that out, but I'll tell you right now that's less than one third, still not where we want it to be, but significant improvement. When you have 9,400 stores and chains, turning these big [QE2] are hard to do. I'm very pleased with the progress we've made over the past year.

我們沒有把它細分揭露，但我現在可以告訴你，已經不到三分之一了，仍然不是我們想要的水準，但改善幅度很大。當你有 9,400 家門店與連鎖體系時，要扭轉這樣的大型[QE2]並不容易。我對過去一年我們取得的進展非常滿意。

And as more and more stores are above our standard and approaching that grand opening look daily, the ones left to manage get easier to manage just because of volume. If every room in your house is a mess, it takes longer to clean. As you start cleaning room to room, it gets easier to clean up the kitchen.

而且，隨著越來越多門店達到或超過我們的標準，並且每天都更接近新店開幕時的狀態，剩下需要管理的門店就會更容易管理，純粹因為數量變少。如果你家每個房間都很亂，打掃起來就會更久。當你開始一間一間房間整理後，廚房就更容易收拾。

And that's really what [Jose] and the team are doing. They're making that progress. And it's not linear. It starts to accelerate because of fewer stores to address.

這正是[Jose]和團隊正在做的事。他們正在推動這樣的進展。而且這不是線性的。因為需要處理的門店變少，進度會開始加速。

Thanks for that. And then just a quick follow-up. We saw a decline in inventory levels. Is -- was there something kind of unique about this quarter in terms of timing? Or is the expectation to manage down inventory because obviously, that becomes a gross margin benefit for the balance of the year if it stays lower? Thanks.

謝謝你的說明。再追問一個簡短問題。我們看到庫存水準下降。這一季在時間點上是否有什麼比較特殊的因素？或者你們的預期是要持續把庫存降下來，因為如果庫存維持較低水準，對今年剩餘期間的毛利率顯然會有幫助？謝謝。

Good question. We've been very focused over the last 12 months trying to manage that inventory. If you look back a year ago, we felt that our turns were just too slow. We were carrying too much inventory. It was gumming up stores and distribution centers taking too much storage space.

問得好。過去 12 個月我們一直非常專注在管理庫存。如果回看一年前，我們覺得庫存周轉（turns）實在太慢。我們庫存帶得太多。它讓門店和配送中心的運作卡住，占用了太多儲存空間。

So it's been a very conscious effort over the past 12 months. to reduce the inventory. And we think it's a really great result. I mean if you looked at this quarter, is the inventory has just grown in line with the sales over the past 12 months we would have $425 million more inventory than we have today. So it's been a good result operationally to unclog the system, and it's also been a very good outcome for working capital efficiency.

所以在過去 12 個月裡，降低庫存一直是非常有意識的努力。我們認為這是非常好的成果。我的意思是，如果看這一季，假設過去 12 個月庫存只是隨銷售同步成長，那我們今天的庫存會比現在多出 4.25 億美元。因此，從營運角度來看，疏通系統是一個好結果；同時在營運資金效率方面也是非常好的成果。

Edward Kelly, Wells Fargo Securities LLC.

Edward Kelly，Wells Fargo Securities LLC。

Stewart, I was hoping that you could (inaudible) on freight for us. Historically, obviously, it's typically been a sizable headwind for Dollar Tree on prices spike. Could you maybe just talk a bit more about ocean domestic spot versus contract? And I guess overall, the real question here is how confident you are in your visibility in terms of any freight headwind being guidance this year.

Stewart，我希望你能為我們談談（聽不清）運費。歷史上，顯然當價格飆升時，運費通常一直是 Dollar Tree 的一個重大逆風。你能否多談一點海運與國內運輸的即期（spot）相較於合約價（contract）？我想整體真正的問題是：你對於今年指引中任何運費逆風的可見度，有多大信心？

Got you. Okay. Well, let's pick it apart. I mean, I think some of the comments that I've made in the last quarters, I would just sort of echo here today. I mean, we had very favorable freight environment last year.I mean there's been plenty of capacity in the marketplace. That hasn't changed dramatically through this point as we were coming into the year, it was one of the things that was on my watch list as a potential downside. That hasn't manifested itself, which is sort of good news.

了解。好。我們來拆解一下。我想我在過去幾季所做的一些評論，今天也可以再重申一次。去年我們的運費環境非常有利。我的意思是，市場上運能相當充足。截至目前這點沒有出現劇烈變化；在我們進入今年時，這是我觀察清單上可能的下行風險之一。但它並沒有發生，這算是好消息。

We've been through our -- most of our negotiations on freight and the base rates for those for that freight movement have remained pretty favorable, actually. I mean, so we haven't seen dramatic movements from last year. What is different, of course, is that everybody is facing a higher fuel bill, and it is perfectly reasonable to expect that our freight providers are going to be reimbursed for those higher costs.

我們已經完成了——大部分——運費的談判，而這些運輸的基礎費率其實仍然相當有利。也就是說，我們沒有看到相較去年有劇烈變動。當然，不同的是每個人都面臨更高的燃料帳單，而合理預期是，我們的運輸供應商會就這些較高成本獲得補償。

And so you're seeing price surcharges, which are coming through, which are baked into our expectations for the remainder of the year last quarter and maybe even the quarter before, I had worn that there may be some pressure on driver availability and driver availability has been squeezed some. And so we have seen some incremental costs from driver costs, which we've baked into our numbers. So all of that is in there.

因此你會看到價格附加費（surcharges）陸續反映出來，這些都已納入我們對今年剩餘期間的預期；上季、甚至可能前一季，我曾提醒可能會有司機供給壓力，而司機供給確實有些吃緊。因此我們也看到因司機成本帶來的一些增量費用，並已納入我們的數字。所以這些都已包含在內。

And then just your last question, which is about sort of where we think about spot or long-term contracts versus short term. In the current environment, you want to avoid spot because those prices are very, very high.

再來是你最後一個問題，也就是我們如何看待即期或長期合約相對於短期合約。在目前的環境下，你會想避免即期，因為那些價格非常、非常高。

But if you look at our -- the construct of our freight agreements over the last couple of years, those have moved to more of a shorter-term bias that is to say, a year or so and that was conscious in the current environment, that is not a bad thing because we actually see that we'll be more tightly coupled with the marketplace. So we still have a mix of both, just to reassure you, but it's moved a little bit more towards the shorter time frame.

但如果你看我們——過去幾年運費協議的架構，已經更偏向較短期，也就是大約一年左右；在目前環境下這是有意為之，而且並不是壞事，因為我們其實看到這會讓我們與市場連動得更緊密。所以我們仍然兩者都有搭配，讓你放心，只是稍微更偏向較短的期間。

Great. And then just a quick follow-up. Helium, just thoughts on helium supply. What you're seeing, how it may impact you for the balance of the year?

很好。接著快速追問一下。氦氣方面，想請教你對氦氣供應的看法。你目前看到的情況，以及它可能在今年剩餘期間對你們造成什麼影響？

Sure. Helium is still a bit tight across the industry. But overall, we feel good about how we're managing it. We came into this with stronger inventory position as one of the largest buyers, which really helps us from an access standpoint and is an improvement from where we were dealing with this in the past.

當然。整個產業的氦氣供應仍然有點吃緊。但整體而言，我們對自己的管理方式感到放心。作為最大的買家之一，我們在進入這段期間時就有更強的庫存部位，這在取得供應的可得性方面確實幫助很大，也比我們過去面對這個問題時的狀況有所改善。

I also like the timing. I wish we didn't have any helium shortages, but I like the timing of it because, if you think about big holidays, Valentine's Day being a huge demand, and then we were -- so it came after Valentine's Day. We already had supply for Mother's Day and grads. And so we see demand now ease a bit. And we'll continue to work closely with our suppliers and use our scale to keep things flowing.

我也喜歡這個時間點。我當然希望完全不要有任何氦氣短缺，但我喜歡它發生的時點，因為如果你想想大型節日，像情人節需求非常大，而我們當時——所以它是在情人節之後才發生。我們已經為母親節和畢業季備好供應。因此我們看到目前需求稍微緩和一些。我們會持續與供應商密切合作，並運用我們的規模讓供應保持順暢。

I do also want to mention. I celebrated my son's 15th birthday on Saturday, plenty of helium balloons, but also the stick balloons set up an entire table, I see that to say the substitutability at Dollar Tree is second to none. You want to come in and celebrate, we promise you, we've got something for you to celebrate, and it looks great and no one can match our value.

我也想補充一下。我在週六慶祝我兒子15歲生日，有很多氦氣氣球，但也有那種棒棒氣球，擺滿了整張桌子；我提這個是想說，Dollar Tree 的替代性真的是無可比擬。你想進來慶祝，我們向你保證，我們一定有東西讓你慶祝，而且看起來很棒，沒有人能在價值上超越我們。

John Heinbockel, Guggenheim Securities LLC.

John Heinbockel，Guggenheim Securities LLC。

Hey, Mike. Two things tied together. What's your vision for marketing now that you ramp it up in terms of what should you be spending where right, I think about calls to action on a personalized basis, right, to get people in for that extra trip. How do you think about that holistically? And then what's your outlook for UPT, right, is that naturally should improve, right, as you cycle some of the tariff increases?

嗨，Mike。兩個問題彼此相關。你對行銷的願景是什麼？現在你們把行銷拉升之後，應該把預算花在哪裡、怎麼花才對？我想到的是更個人化的行動呼籲（call to action），對吧，讓人們為了多跑一趟而進店。你如何從整體角度來思考？另外，你對 UPT（每筆交易購買件數）的展望是什麼？隨著你們逐步消化部分關稅調漲，UPT 是否自然應該改善？

Yeah. Thanks, John. In terms of the marketing vision, we have a new muscle here. It's a test and learn muscle. So we're going to lean on that. We've got data now that we've never had before, really leveraging elements of AI throughout our business to really get to know our customer better. And so I say that to say, our test and learn is going to fuel what we do with marketing.

是的。謝謝你，John。就行銷願景而言，我們現在建立了一個新的能力。這是一個「測試與學習」的能力。所以我們會倚重這個能力。我們現在擁有以前從未有過的數據，並在整個業務中真正運用 AI 的各個面向，來更深入了解我們的顧客。所以我這麼說是想表達：我們的「測試與學習」將驅動我們在行銷上的作為。

So when we do our banner ads, our push is when we do influence or social media, when we see things that hit we're going to lean into that and we're going to grow, always with an eye towards the returns on it. So I said at the retail round up earlier this year. Both think of us Super Bowl ad, but definitely think of us leaning into social, leaning into targeted messaging to our customers to make sure they're aware of what's inside the box.

因此，當我們投放橫幅廣告、推播，或做網紅／社群媒體時，只要看到有效的做法，我們就會加碼並擴大，同時始終關注其投資報酬。所以我在今年稍早的 Retail Round Up 上說過。大家可以把我們想成不會去打超級盃廣告，但我們一定會加大社群投入、加大對顧客的精準訊息傳遞，確保他們知道盒子裡（也就是店內）有什麼。

Our unaided awareness at Dollar Tree is incredible. It's one of the highest in retail. But what's in the box with our new expanded assortment has changed, and we want to tell our customer about that. So we'll leverage test and learn to really lean in and over time, develop our long-term marketing vision.

Dollar Tree 的非提示品牌認知度（unaided awareness）非常驚人。在零售業中是最高之一。但隨著我們新的擴充商品組合，盒子裡的內容已經改變了，而我們希望把這件事告訴顧客。因此我們會運用「測試與學習」來真正加碼，並隨著時間推進，發展我們的長期行銷願景。

On the units front, we think about UPT as an output, not an input to our assortment. Given the growth in multi-price, units become less relevant as a marker. As we said -- I said at Investor Day, we're focused on space optimization and driving that shelf productivity. And so as such, we'll reallocate space to a more productive assortment.

在件數方面，我們把 UPT 視為結果（output），而不是我們商品組合的投入（input）。隨著多價格帶（multi-price）的成長，件數作為衡量指標的重要性降低。如同我們所說——我在投資人日也提到，我們聚焦於空間最佳化並提升貨架生產力。因此，我們會把空間重新分配給更高生產力的商品組合。

So if a $5 hammer, Stewart's favorite thing, replaces $4.25 units, your units come down, but we like what we see from the shelf and the shelf is working harder than we had it working before. In Q1, units per transaction declined in line with our expectations, it's a natural output of this evolution I'm talking about.

所以如果一把 5 美元的鐵鎚（Stewart 最喜歡的東西）取代了 4.25 個單位的商品，你的件數會下降，但我們喜歡貨架呈現的結果——貨架比以前更「賣力」地在運作。第一季每筆交易件數的下降符合我們的預期，這是我所說這種演進的自然結果。

And when we look longer term, our objective is to improve basket building opportunities through broader assortment relevance, stronger consumables engagement and a more compelling multi-price offering that drive increased shopping frequency and fill and complete that basket, cross-category purchasing behavior.

從更長期來看，我們的目標是透過更廣泛且更具相關性的商品組合、更強的民生消耗品（consumables）互動，以及更具吸引力的多價格帶商品供給，來提升「組籃」機會，進而帶動更高的購物頻率，並把購物籃填滿、補齊，促進跨品類的購買行為。

So it's important. It's a little less relevant, but it's something we'll keep looking at and it performs in line with our expectations.

所以這很重要。它的相關性稍微低了一些，但我們仍會持續關注，而且目前表現符合我們的預期。

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

謝謝。我們的問答環節到此結束。我想把時間交還給 Mike，請他做任何進一步的結語。

Thank you, and thanks, everybody, for joining us today and for your continued interest in Dollar Tree. I'd like to once again thank our 150,000-plus Dollar Tree associates who make magic. We appreciate you. Thanks for the time. speaking to you again next quarter.

謝謝，也謝謝各位今天參與，並持續關注 Dollar Tree。我也想再次感謝我們超過 15 萬名的 Dollar Tree 夥伴，是你們創造了魔法。我們很感謝你們。謝謝大家撥冗。下個季度再與各位通話。

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

謝謝。今天的電話會議與網路直播到此結束。您現在可以掛斷電話，祝您有美好的一天。感謝您今天的參與。