Five Below Inc (FIVE) 2023 Q1 法說會逐字稿

Good day. and welcome to the Five Below First Quarter 2023 Earnings Conference Call. (Operator Instructions) Please note this event is being recorded.

再會。歡迎參加 2023 年第一季度收益電話會議。 （操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Christiane Pelz, VP of Investor Relations. Please go ahead.

我現在想將會議交給投資者關係副總裁克里斯蒂安·佩爾茲 (Christiane Pelz)。請繼續。

Thanks, Sarah, and good afternoon, everyone. Thanks for joining us today for Five Below's First Quarter 2023 Financial Results Conference Call. On today's call are Joel Anderson, President and Chief Executive Officer; and Ken Bull, Chief Operating Officer; Chief Financial Officer and Treasurer. After management has made their formal remarks, we will open the call to questions. I need to remind you that certain comments made during this call may constitute forward-looking statements and are made pursuant to and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended.

謝謝莎拉，大家下午好。感謝您今天加入我們的 Five Below 2023 年第一季度財務業績電話會議。出席今天電話會議的有總裁兼首席執行官喬爾·安德森 (Joel Anderson)；首席運營官 Ken Bull；首席財務官兼財務主管。管理層發表正式講話後，我們將開始提問。我需要提醒您的是，在本次電話會議中發表的某些評論可能構成前瞻性陳述，並且是根據經修訂的 1995 年《私人證券訴訟改革法案》的安全港條款並在其含義範圍內發表的。

Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements. Those risks and uncertainties are described in the press release and our SEC filings. The forward-looking statements made today are as of the date of this call, and we do not undertake any obligation to update our forward-looking statements. If you do not have a copy of today's press release, you may obtain 1 by visiting the Investor Relations page of our website at fivebelow.com.

此類前瞻性陳述受到已知和未知的風險和不確定性的影響，可能導致實際結果與此類陳述存在重大差異。這些風險和不確定性在新聞稿和我們向 SEC 提交的文件中進行了描述。今天做出的前瞻性陳述截至本次電話會議之日，我們不承擔任何更新前瞻性陳述的義務。如果您沒有今天的新聞稿副本，您可以通過訪問我們網站 Fivebelow.com 的投資者關係頁面獲取一份。

I will now turn the call over to Joel.

我現在將把電話轉給喬爾。

Thank you, Christiane, and thanks, everyone, for joining us for our first quarter 2023 earnings call. We were pleased to achieve first quarter results in line with our guidance, with sales growth of approximately 14% to $726 million, and a transaction-driven 2.7% comp sales increase. It continues to be a challenging time for consumers with persistent inflation, lower tax refunds and fewer government-sponsored benefits compared to the stimulus fueled periods of the pandemic. However, being an extreme value trend-right retailer, we continue to attract and retain more customers and grow our comparable transactions in both converted and non-converted stores.

謝謝 Christiane，也謝謝大家參加我們的 2023 年第一季度財報電話會議。我們很高興實現第一季度業績符合我們的指導方針，銷售額增長約 14% 至 7.26 億美元，交易驅動的可比銷售額增長 2.7%。與大流行期間的刺激措施相比，對於消費者來說，這仍然是一個充滿挑戰的時期，通貨膨脹持續存在，退稅較低，政府資助的福利也較少。然而，作為一家極值趨勢正確的零售商，我們繼續吸引和留住更多客戶，並增加轉型商店和非轉型商店的可比交易量。

Our transaction increase of 3.9% was the highest since 2017, excluding the stimulus fuel period during the pandemic and is a strong indicator that Five Below is a destination customers rely on even in tougher economic times. We are a resilient retailer with a flexible model, and we continue to play offense, opening new stores and quickly reacting to customer needs to bring them the WOW products that they want at amazing values, while also executing against our strategic pillars to achieve our triple double growth.

我們的交易增幅為 3.9%，是 2017 年以來的最高水平（不包括大流行期間的刺激燃料時期），這有力地表明，即使在經濟困難時期，“五以下”也是客戶依賴的目的地。我們是一家有彈性的零售商，擁有靈活的模式，我們繼續進攻，開設新店并快速響應客戶的需求，為他們帶來他們想要的超值的令人驚嘆的產品，同時還執行我們的戰略支柱，以實現我們的三重目標雙倍增長。

On product and trends, we saw continued popularity of a broad variety of trends across our worlds in Squish, Hello Kitty, Anime, Collectibles and our version of consumables, including candy, snacks and beverages in our Candy World, and also beauty items and accessories in our style world.

在產品和趨勢方面，我們看到 Squish、Hello Kitty、動漫、收藏品和我們的消耗品版本中各種趨勢的持續流行，包括糖果世界中的糖果、零食和飲料，以及美容用品和配飾在我們的時尚世界裡。

The new Super Mario movie released in April was a hit, and we sold through tees, posters and other items and quickly procured more. It is nice to see licenses emerging again.

4 月份上映的新《超級馬里奧》電影很受歡迎，我們通過 T 卹、海報和其他商品進行銷售，並很快採購了更多商品。很高興看到許可證再次出現。

For Easter, we had great baskets and candy at extreme value that resonated with our customers. The broad-based results of our worlds demonstrate the relevancy of our products.

在復活節，我們提供了物超所值的精美籃子和糖果，引起了客戶的共鳴。我們世界的廣泛結果證明了我們產品的相關性。

All through the quarter, we made progress across our 5 key strategic pillars that underpin our long-term triple double vision. As a reminder, we are looking at each of these 5 pillars through the lens of customer relevancy and are unleashing the power of data and analytics to drive results.

整個季度，我們在支撐我們長期三雙願景的 5 個關鍵戰略支柱方面取得了進展。提醒一下，我們正在通過客戶相關性的角度來審視這 5 個支柱中的每一個，並釋放數據和分析的力量來推動結果。

The first pillar is store expansion. We are expanding our reach to put Five Below anywhere, as we said at our Investor Day. We now expect to reach a milestone of over 200 new stores this year, while building our pipeline for next year and beyond. In the first quarter, we opened 27 new stores across 19 states. Two of these stores were in the top 25 spring grand openings of all time. With our strong balance sheet, seasoned and nimble teams and focused execution, we acquired several leases from other retailers in bankruptcy, positioning us to exceed our original 200-store openings goal for this year. These negotiations took time and effort from our real estate, construction and design, legal and finance teams on top of their already busy jobs, and we are very thankful for their commitment in achieving a great result.

第一個支柱是商店擴張。正如我們在投資者日所說，我們正在擴大我們的覆蓋範圍，將“五以下”放在任何地方。現在，我們預計今年將開設 200 多家新店，同時為明年及以後的產品線建立渠道。第一季度，我們在 19 個州開設了 27 家新店。其中兩家商店名列歷史上 25 家春季新開業商店之列。憑藉我們強大的資產負債表、經驗豐富、靈活的團隊以及專注的執行力，我們從其他破產零售商那裡獲得了幾筆租約，使我們能夠超越今年最初開設 200 家商店的目標。這些談判花費了我們的房地產、建築和設計、法律和財務團隊在本已繁忙的工作之外的時間和精力，我們非常感謝他們為取得良好成果而付出的努力。

Moving to our second pillar, store potential. We are focused on growing our average unit volume through the addition of Five Beyond in the back of the store as well as new products and services such as ear piercing and fun snarky helium balloons. We converted approximately 250 stores into the new prototype in the first quarter alone and are on track to convert over 400 stores to the new Five Beyond prototype this year to achieve our goal of Five Beyond everywhere. These conversions continue to drive traffic and higher baskets, and we see a large opportunity to grow Five Beyond from the current single-digit penetration of sales today.

轉向我們的第二個支柱，儲存潛力。我們致力於通過在商店後面增加 Five Beyond 以及新產品和服務（例如耳洞和有趣的尖刻氦氣球）來增加我們的平均單位銷量。僅在第一季度，我們就將大約 250 家商店改造為新原型，今年有望將 400 多家商店改造為新的 Five Beyond 原型，以實現我們在各地實現 Five Beyond 的目標。這些轉化繼續推動流量和更高的購物籃，我們看到了從目前個位數的銷售滲透率中實現“五超越”增長的巨大機會。

Our third pillar is product and brand strategy. We've discussed how Five Below is a merchandise-driven organization and how our merchants are relentless about scouring the globe to pursue trends while newness and value. In the first quarter, we were very pleased to officially incorporate and open our first global sourcing office in India. We are very excited to have a presence on the ground to work directly with our factories overseas and together develop and bring to market even more amazing products at disruptive and distorted value for our customers. This was a huge effort by so many people who supported our product development team in establishing this office. Thank you to those who went above and beyond to achieve this milestone.

我們的第三個支柱是產品和品牌戰略。我們討論了“Five Below”如何成為一家以商品為導向的組織，以及我們的商家如何堅持不懈地在全球範圍內尋找潮流，同時追求新穎性和價值。第一季度，我們非常高興在印度正式成立並開設我們的第一個全球採購辦事處。我們非常高興能夠在當地直接與我們的海外工廠合作，共同開發並向市場推出更多令人驚嘆的產品，為我們的客戶帶來顛覆性和扭曲的價值。這是許多支持我們產品開發團隊建立這個辦公室的人們付出的巨大努力。感謝那些超越自我、實現這一里程碑的人們。

On brand strategy, our digital marketing investments continue to grow and reach more customers to build our brand awareness, drive customer traffic and position Five Below as a go-to destination for fun. We conducted a successful campaign in Q1 surrounding Easter, while continuing to push evergreen offerings of the brand. In doing this, we have successfully used data and analytics to understand audiences to segment and optimize our digital marketing investments.

在品牌戰略上，我們的數字營銷投資持續增長，吸引更多客戶，以建立我們的品牌知名度，增加客戶流量，並將“五以下”定位為娛樂的首選目的地。我們在復活節前後的第一季度開展了一場成功的活動，同時繼續推廣該品牌的常青產品。在此過程中，我們成功地利用數據和分析來了解受眾，以細分和優化我們的數字營銷投資。

Complementing our paid digital marketing efforts, our social presence and customer fans are growing in terms of followers engagement across social media platforms. In addition to influencers creating content and posting about us, celebrities like Walker Hayes and Bethany Frankel shared the videos about their visits to Five Below on TikTok. Their post had high viewership and engagement.

作為對我們付費數字營銷工作的補充，我們的社交影響力和客戶粉絲在社交媒體平台上的關注者參與度方面不斷增長。除了有影響力人士創作內容並發布有關我們的內容外，Walker Hayes 和 Bethany Frankel 等名人也在 TikTok 上分享了他們訪問 Five Below 的視頻。他們的帖子有很高的收視率和參與度。

The fourth pillar is inventory optimization. The focus of this pillar is to further enable the scale required to achieve our Triple Double strategy. while continuing to leverage inventory as an asset to drive sales and maximize profits. Using technology and data analytics, we are focused on improving inventory forecasting, ordering, replenishment and flow with a goal of increasing turns and improving end-to-end visibility. We've already implemented a new vendor management platform that increases transparency and enhances real-time communications and we are beginning to work on both the new planning system and a replenishment forecasting tool.

第四個支柱是庫存優化。該支柱的重點是進一步實現實現“三雙”戰略所需的規模。同時繼續利用庫存作為資產來推動銷售並實現利潤最大化。利用技術和數據分析，我們專注於改進庫存預測、訂購、補貨和流動，以提高周轉率和提高端到端可見性。我們已經實施了一個新的供應商管理平台，該平台可以提高透明度並增強實時通信，並且我們正在開始開發新的計劃系統和補貨預測工具。

The fifth pillar is crew innovation, which focuses on the critical pipeline and talent that we need to achieve our triple double. We will hire and train hundreds of thousands of crew members in the next several years in order to serve our customers, lead our teams, ship our product and support our strong growth. As you can see, we have been busy this first quarter.

第五個支柱是人員創新，重點關注我們實現三雙所需的關鍵管道和人才。我們將在未來幾年內僱用和培訓數十萬名船員，以服務我們的客戶、領導我們的團隊、運輸我們的產品並支持我們的強勁增長。正如您所看到的，我們第一季度一直很忙。

In summary, we are pleased with our financial results and operational accomplishments in the first quarter amid a challenging macro backdrop. With May actualized, we have a good perspective on Q2 in which we expect to see a continuation of transaction increases. As we look to the remainder of the year, we believe many of the headwinds of the pandemic [era] that impacted us will begin to emerge as tailwinds, we are accelerating our offensive playbook. We are opening 200-plus new stores and completing over 400 conversions. We're executing a focused marketing campaign to bring to life the new Five Beyond store format. And we are capitalizing on an improving supply chain, including favorability in freight costs and continuing to build our strong pipeline of new stores for 2024.

總之，在充滿挑戰的宏觀背景下，我們對第一季度的財務業績和運營成就感到滿意。隨著 5 月的到來，我們對第二季度的前景看好，預計交易量將持續增長。展望今年剩餘時間，我們相信影響我們的大流行[時代]的許多逆風將開始成為順風，我們正在加快我們的進攻策略。我們正在開設 200 多家新店，並完成 400 多項改造。我們正在開展一項有針對性的營銷活動，以使新的“五超越”商店模式煥發活力。我們正在利用不斷改善的供應鏈，包括有利的貨運成本，並繼續為 2024 年建立強大的新店渠道。

With that, I will turn it over to Ken to review our financials and our outlook in more detail. Ken?

至此，我將把它交給肯，讓他更詳細地審查我們的財務狀況和前景。肯？

Thanks, Joel, and good afternoon, everyone. I will begin my remarks with a review of our first quarter results and then provide guidance for the second quarter and the full year. Our sales for the first quarter of 2023 increased 13.5% to $726.2 million from $639.6 million reported in the first quarter of 2022.

謝謝喬爾，大家下午好。我將首先回顧我們第一季度的業績，然後為第二季度和全年提供指導。我們 2023 年第一季度的銷售額從 2022 年第一季度的 6.396 億美元增長 13.5% 至 7.262 億美元。

On a 4-year basis since 2019, total sales for the first quarter this year increased by an approximate 19% compounded annual growth rate. Comparable sales increased by 2.7% with a comp transaction increase of 3.9%, partially offset by a comp ticket decline of 1.2%. We opened 27 new stores across 19 states in the first quarter compared to 35 new stores opened in the first quarter last year and continue to be very pleased with the productivity of our new locations.

從2019年以來的4年來看，今年第一季度的總銷售額複合年增長率約為19%。可比銷售額增長 2.7%，贈品交易增長 3.9%，部分被贈品門票下降 1.2% 所抵消。今年第一季度，我們在 19 個州開設了 27 家新店，而去年第一季度則開設了 35 家新店，我們對新店的生產力仍然非常滿意。

We ended the quarter with 1,367 stores, an increase of 142 stores or approximately 12% versus 1,225 stores at the end of the first quarter of 2022. Gross profit for the first quarter of 2023 increased 13.6% to $234.8 million versus $206.8 million in the first quarter of 2022. As expected, gross margin of 32.3% was flat versus the first quarter of 2022.

截至本季度末，我們擁有 1,367 家門店，與 2022 年第一季度末的 1,225 家門店相比，增加了 142 家門店，增幅約為 12%。2023 年第一季度的毛利潤增長 13.6%，達到 2.348 億美元，而第一季度的毛利潤為 2.068 億美元。 2022 年第一季度。正如預期，毛利率為 32.3%，與 2022 年第一季度持平。

As a percentage of sales, SG&A for the first quarter of 2023 increased approximately 80 basis points to 26.5% versus last year's first quarter, driven primarily by a planned increase in marketing expense as well as higher costs and certain store-related expenses. As a result, operating profit finished at $42.4 million versus $42.3 million in the first quarter of 2022, while operating margin decreased approximately 80 basis points to 5.8% as expected.

作為銷售額的百分比，2023 年第一季度的銷售、管理及行政費用比去年第一季度增長了約 80 個基點，達到 26.5%，這主要是由於計劃增加的營銷費用以及更高的成本和某些商店相關費用所致。結果，營業利潤最終達到 4240 萬美元，而 2022 年第一季度為 4230 萬美元，而營業利潤率如預期下降約 80 個基點至 5.8%。

Net interest income was $3.65 million as compared to a net other expense of $237,000 in the first quarter of 2022 as our investment income benefited from rising interest rates. Our effective tax rate for the first quarter of 2023 was 18.6% compared to 22.3% in the first quarter of 2022. This decrease was due primarily to a higher benefit from share-based accounting this year versus last year.

淨利息收入為 365 萬美元，而 2022 年第一季度的其他淨費用為 237,000 美元，因為我們的投資收入受益於利率上升。我們 2023 年第一季度的有效稅率為 18.6%，而 2022 年第一季度為 22.3%。這一下降主要是由於今年股份會計的效益高於去年。

Net income for the first quarter of 2023 was $37.5 million versus net income of $32.7 million last year. Earnings per diluted share for the first quarter was $0.67 compared to last year's earnings per diluted share of $0.59. Diluted EPS included a share-based accounting benefit of approximately $0.06 this year compared to an approximate $0.03 benefit in the first quarter of 2022.

2023 年第一季度淨利潤為 3,750 萬美元，而去年淨利潤為 3,270 萬美元。第一季度稀釋後每股收益為 0.67 美元，而去年同期稀釋後每股收益為 0.59 美元。稀釋每股收益包括今年約 0.06 美元的基於股份的會計收益，而 2022 年第一季度約為 0.03 美元。

We ended the first quarter with $424 million in cash, cash equivalents and investments and no debt, including nothing outstanding on our $225 million line of credit. Inventory at the end of the first quarter was $534 million as compared to $504 million at the end of the first quarter last year. Average inventory on a per-store basis decreased approximately 5% versus the first quarter last year as we strategically ordered inventory earlier last year to ensure healthy in-stock positions. We are pleased with the current level and quality of our inventory going into the summer season and expect to be well positioned for the second quarter.

第一季度結束時，我們的現金、現金等價物和投資為 4.24 億美元，沒有債務，其中 2.25 億美元的信貸額度沒有任何未償債務。第一季度末的庫存為 5.34 億美元，而去年第一季度末的庫存為 5.04 億美元。與去年第一季度相比，每家商店的平均庫存下降了約 5%，因為我們去年早些時候戰略性地訂購了庫存，以確保健康的庫存狀況。我們對進入夏季的當前庫存水平和質量感到滿意，並預計第二季度將處於有利位置。

Now I'd like to turn to our guidance. For the second quarter of 2023, net sales are expected to be in the range of $755 million to $765 million, an increase of 12.9% to 14.4%. At the midpoint of this guidance, total sales are expected to show an approximate 16% compounded annual growth rate for the 4-year period since 2019. We plan to open approximately 40 new stores in the second quarter this year as compared to 27 stores opened in the second quarter last year, and are assuming a second quarter comp sales increase in the range of 2% to 3%.

現在我想談談我們的指導。 2023年第二季度，淨銷售額預計在7.55億美元至7.65億美元之間，增長12.9%至14.4%。在此指引的中點，自 2019 年以來的 4 年期間，總銷售額預計將呈現約 16% 的複合年增長率。我們計劃在今年第二季度開設約 40 家新店，而去年開設了 27 家店去年第二季度的銷售額增長了 2% 至 3%。

As a reminder, the slower cadence of opening 1/3 of our annual new stores in the first half of this year, was due primarily to permitting and landlord related delays. We expect operating margin of 7.5% to 7.9% in the second quarter of 2023 or deleverage of approximately 70 basis points at the midpoint as a shift in marketing spend and more normalized incentive compensation costs this year are only partially offset by lower freight expenses.

提醒一下，今年上半年我們每年開設 1/3 的新店的速度較慢，主要是由於許可和房東相關的延誤。我們預計 2023 年第二季度的營業利潤率為 7.5% 至 7.9%，或中點去槓桿化約 70 個基點，因為今年營銷支出和更加標準化的激勵補償成本的變化僅被較低的運費所部分抵消。

Net interest income is expected to be approximately $4 million for the second quarter and taxes are expected to be approximately 26%, which does not include any potential impact from share-based accounting. Diluted earnings per share for the second quarter of fiscal 2023 are expected to be $0.80 to $0.85 versus $0.74 in diluted earnings per share in the second quarter of 2022.

第二季度淨利息收入預計約為 400 萬美元，稅費預計約為 26%，其中不包括股份會計的任何潛在影響。 2023 財年第二季度的稀釋每股收益預計為 0.80 至 0.85 美元，而 2022 年第二季度的稀釋每股收益為 0.74 美元。

Now on to the full year. We are tightening the range of our EPS guidance with the midpoint consistent with our previous guidance, and we still expect that at this midpoint, we would generate slight operating margin expansion. Our total sales for the second half of the year are still expected to grow in the high teens on a 4-year CAGR basis, similar to the first half with a comparable sales increase in the second half of the year currently assumed in a low single-digit range.

現在進入全年。我們正在收緊每股收益指導範圍，其中點與我們之前的指導一致，我們仍然預計在此中點，我們將實現營業利潤率的小幅擴張。按 4 年復合年增長率計算，我們下半年的總銷售額預計仍將保持在高位，與上半年類似，目前假設下半年的可比銷售額增長處於較低水平- 數字範圍。

Fiscal 2023 includes a 53rd week, which is expected to add approximately $40 million in sales and approximately $0.08 in EPS. My remarks on full year guidance will refer to the 53-week year unless otherwise noted.

2023 財年包括第 53 週，預計銷售額將增加約 4000 萬美元，每股收益將增加約 0.08 美元。除非另有說明，我對全年指導的評論將指 53 週的一年。

For 2023, sales are expected to be in the range of $3.5 billion to $3.57 billion, an increase of 13.8% to 16.1%. The comparable sales increase is expected to be in the range of 1% to 3%.

2023年，銷售額預計在35億美元至35.7億美元之間，增長13.8%至16.1%。可比銷售額增幅預計在1%至3%之間。

We now plan to open over 200 new stores and to end the year with over 1,540 stores or unit growth of approximately 15%. For the full year, the slight leverage in operating margin at the midpoint of our guidance is driven by lower freight costs, offset in part by lapping lower incentive compensation and certain onetime cost management strategies we put in place last year. With our strong cash balance and healthy free cash flow generation, combined with higher year-over-year interest rates, we are still assuming a significant increase in net interest income this year.

我們現在計劃開設 200 多家新店，到年底門店數量將超過 1,540 家，單位數量增長約 15%。就全年而言，我們指導中點的營業利潤率出現輕微槓桿作用，這是由於貨運成本下降，但部分被我們去年實施的較低激勵薪酬和某些一次性成本管理策略所抵消。憑藉我們強勁的現金餘額和健康的自由現金流生成，再加上同比利率上升，我們仍然假設今年的淨利息收入將大幅增長。

We expect a full year effective tax rate for 2023 of approximately 25%, which currently assumes a higher effective tax rate for the second half of the year of approximately 26% and does not include any potential future impact from share-based accounting. Net income is expected to be in the range of $297 million to $319 million, representing a growth rate of approximately 13.5% to 22.1% over 2022.

我們預計 2023 年全年有效稅率約為 25%，目前假設下半年有效稅率較高，約為 26%，且不包括股份會計未來的任何潛在影響。淨利潤預計在2.97億美元至3.19億美元之間，較2022年增長率約為13.5%至22.1%。

Diluted earnings per share are expected to be in the range of $5.31 to $5.71, implying year-over-year growth of 13.2% to 21.7%. On a 52-week comparative basis, growth for diluted earnings per share is implied to be 11.5% to 20%. This guidance does not include any potential future impact from share repurchases.

稀釋後每股收益預計在 5.31 美元至 5.71 美元之間，意味著同比增長 13.2% 至 21.7%。在 52 週比較基礎上，稀釋每股收益預計增長 11.5% 至 20%。本指引不包括股票回購對未來的任何潛在影響。

With respect to CapEx, we now plan to spend in total approximately $335 million in gross CapEx, excluding the impact of tenant allowances. This reflects the opening of over 200 new stores, including those recently acquired from bankrupt retailers, converting over 400 store locations, commencing expansions to our distribution centers in Georgia and Arizona and investments in systems and infrastructure.

就資本支出而言，我們現在計劃總資本支出總計約 3.35 億美元，不包括租戶津貼的影響。這反映了我們開設了 200 多家新店（包括最近從破產零售商手中收購的店）、改造了 400 多家店面、開始擴建我們在佐治亞州和亞利桑那州的配送中心以及對系統和基礎設施的投資。

In summary, we delivered first quarter results within the range of our outlook and against the difficult macro backdrop. As Joel mentioned, we also made important operational progress against key strategic objectives. This once again is a testament to the executional capabilities and focus of our teams and I am extremely grateful for their efforts.

總之，在困難的宏觀背景下，我們交付的第一季度業績在我們的預期範圍內。正如喬爾提到的，我們還在關鍵戰略目標方面取得了重要的運營進展。這再次證明了我們團隊的執行能力和專注力，我非常感謝他們的努力。

For all other details related to our results and guidance, please refer to our earnings press release -- and with that, I would like to turn the call back over to the operator for the question-and-answer session. Operator?

有關我們的結果和指導的所有其他詳細信息，請參閱我們的收益新聞稿 - 在此，我想將電話轉回給接線員進行問答環節。操作員？

(Operator Instructions) Our first question comes from Simeon Gutman with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Simeon Gutman。

My one question with no extra parts is every -- literally every company across the retail landscape that we follow, whether they're selling to lower income or higher income, guided strain on the consumer basket pressure, some weakness. So I'm curious, Joel, if you can give us some insight into your quarter, the cadence of it, seeing if we're over a hump in terms of your customer and an insight on how your customer is sort of handling it in terms of basket and visits just as a way to sort of gauge if we can expect the steadiness going forward.

我的一個沒有多餘部分的問題是，實際上是我們關注的零售領域的每一家公司，無論他們的銷售對像是低收入還是高收入，消費者籃子壓力的引導壓力，一些弱點。因此，我很好奇，喬爾，您能否向我們介紹一下您的季度及其節奏，看看我們在您的客戶方面是否已經度過了難關，並了解您的客戶如何處理它籃子和訪問次數只是衡量我們是否可以預期未來穩定性的一種方式。

Yes. Simeon, and it's a great question. I don't know that I could say that our customers over it, but I would say that the indication of such a strong transaction-led quarter for us, probably indicates that like we've seen multiple times, when times are tough for our customer, they have to rebalance their balance sheet, figure out their spending patterns again and Five Below becomes part of their new routines. And so clearly, that showed up in transactions.

是的。西蒙，這是一個很好的問題。我不知道我是否可以說我們的客戶對此感到滿意，但我想說，對我們來說，如此強勁的交易主導季度的跡象可能表明，就像我們多次看到的那樣，當我們的日子很艱難時對於客戶來說，他們必須重新平衡資產負債表，再次弄清楚他們的支出模式，“五以下”成為他們新慣例的一部分。很明顯，這體現在交易中。

Look, as far as the quarter goes, we were really pleased with Easter and like many called post Easter was a softening. So I think we're seeing trends get back to more normal pre-pandemic where the customer buys closer to the events. We certainly saw that with Easter. We've seen it with Mother's Day. That trend happened last year with things like Halloween, and there's no reason that, that wouldn't continue to happen. We see the end of the month cycle with -- at the end of the month, the sales get softer, then they really pick up in the beginning of the month.

看，就本季度而言，我們對複活節非常滿意，就像許多人所說的複活節後的情況一樣。因此，我認為我們看到趨勢回到了大流行前的更正常狀態，即客戶在臨近活動時購買。我們在復活節確實看到了這一點。我們已經在母親節看到過這一點。去年萬聖節等活動就出現了這種趨勢，而且沒有理由不會繼續發生。我們看到月末的周期——在月底，銷售變得疲軟，然後在月初真正回升。

So all that, we've got many, many years of following that, and we're really kind of getting back to trends that we saw closer to last year. Look, we're trend right, we're extreme value, we believe that the last place customers cut out are their kids. And so all that should bode well in tough times as well as in really strong times. So quarter was on the soft end of it, but we've definitely seen an improvement here. And I think that the peak of the headwinds are behind us.

因此，我們已經跟踪了很多年，而且我們確實正在回到我們去年看到的趨勢。看，我們是正確的趨勢，我們是極端的價值，我們相信客戶最後淘汰的地方是他們的孩子。因此，無論是在困難時期還是在真正的強盛時期，這一切都應該是好兆頭。所以這個季度的情況比較糟糕，但我們確實看到了進步。我認為逆風的頂峰已經過去了。

Our next question comes from Scot Ciccarelli with Truist.

我們的下一個問題來自 Scot Ciccarelli 和 Truist。

Scot Ciccarelli. I guess my question is, we've had declines in average ticket for several quarters now. Just given the growth in Five Beyond, I guess the question is, at what point would you expect average ticket to shift into positive territory given the current environment? .

斯科特·西卡雷利。我想我的問題是，我們的平均票價已經連續幾個季度下降。考慮到《五之外》的增長，我想問題是，在當前環境下，您預計平均門票在什麼時候會轉入正值？ 。

Thanks, Scot. You've seen declines, but they've been pretty small. And I think it's important to remind everybody, post-pandemic, we saw extreme increases in ticket. And so while there's been some declines, they still are much higher than they were pre-pandemic and double-digit increases.

謝謝，斯科特。你已經看到了下降，但下降的幅度非常小。我認為重要的是要提醒大家，大流行後，我們看到門票急劇增加。因此，儘管出現了一些下降，但仍遠高於大流行前的兩位數增長。

So it has ticked down. I think that's a sign that customer is being very discerning in what they put in their basket. But at the same time, I think where the positivity for Five Beyond really is proving to play out is on trips. So that shows up in transactions. We're just 1 more reason to come visit Five Below, there's another reason. I don't know, Ken, anything else to add?

所以它已經下降了。我認為這表明顧客對放入購物籃的物品非常挑剔。但與此同時，我認為“五之外”的積極性真正發揮出來的地方是在旅行中。這會體現在交易中。我們只是來參觀“五下”的又一個理由，還有另一個理由。我不知道，肯，還有什麼要補充的嗎？

No. I think you hit it on the Five Beyond, Scot. Early on, we've talked about this, and we're still seeing it. It's really driving an increase in transactions. I think it's somewhat in the newness of the store when the customer comes in and they see that. That may change because we're still early in this, but at least out of the gate, we're seeing that increase on the transaction side versus ticket.

不，我認為你在五之外擊中了它，斯科特。早些時候，我們已經討論過這一點，而且我們仍然看到它。這確實推動了交易量的增加。我認為，當顧客進來時，他們看到了商店的新鮮感。這種情況可能會改變，因為我們還處於早期階段，但至少在起步階段，我們看到交易方面與門票方面的增長。

Next question comes from Matthew Boss with S&Morgan.

下一個問題來自 S&Morgan 的 Matthew Boss。

Congrats on a nice quarter. So Joel, could you expand on the broad-based performance that you're seeing across world and just the drivers behind the material improvement in transaction count? And then, Ken, with store productivity, the best in 2 years, could you just elaborate on the performance of some of the new builds and speak to the acceleration decisions that you made around new stores and conversion?

恭喜您度過了一個美好的季度。那麼喬爾，您能否詳細介紹一下您在世界各地看到的廣泛表現以及交易數量實質性改善背後的驅動因素？然後，Ken，商店生產力是兩年來最好的，您能否詳細說明一些新構建的性能，並談談您圍繞新商店和轉換做出的加速決策？

Yes. Look, Matt, the performance was really 7 out of our 8 worlds where extremely strong, all positive. Really the only world that's running negative comps is tech, and I think that's pretty much across the marketplace. But really led by our version of consumables. I mean, candy, snack, beverages, [HPA] those were the leaders of the quarter. But the fact that 7 out of our 8 worlds were positive, it shows you the customer really shopped our entire offering.

是的。看，馬特，我們的 8 個世界中的 7 個世界的表現確實非常強大，而且都是積極的。實際上，唯一運行負面競爭的世界是科技領域，我認為這幾乎遍及整個市場。但真正由我們的消耗品版本主導。我的意思是，糖果、零食、飲料、[HPA] 這些是本季度的領先產品。但事實上，我們的 8 個世界中有 7 個是積極的，這表明客戶確實購買了我們的全部產品。

Yes. And then, Matt, on the store productivity, you're right. We've seen in some recent quarters back to that kind of 90, 90-plus store productivity performance, which we're happy to see. Joel actually called out this quarter a couple of stores, again, [hitting] records for spring grand opening performance. And if you look at our guidance, if you do the math around that, we do expect that to continue as we move forward to get back to that 90% productivity as we move through the year.

是的。然後，馬特，關於商店生產力，你是對的。最近幾個季度，我們看到商店生產力表現回到了 90、90 以上，我們很高興看到這一點。喬爾實際上在本季度召集了幾家商店，再次打破了春季盛大開業業績的記錄。如果你看一下我們的指導，如果你圍繞這個進行數學計算，我們確實預計這種情況會繼續下去，因為我們將在今年恢復到 90% 的生產率。

Our next question comes from David Bellinger with ROTH MKM.

我們的下一個問題來自 ROTH MKM 的 David Bellinger。

On the leases you recently acquired, it looks like you picked up maybe 18 of those from a home furnishings retailer no longer in operation. And those store sizes look to have a little more square footage than your typical box looks like most of them are in excess of 10,000 square feet. So is there any thought or testing around maybe a slightly larger store format and including not just a wider selection of product, but maybe some additional space for Five Beyond?

在您最近獲得的租約中，您似乎從一家不再營業的家居用品零售商處租下了其中的 18 份租約。這些商店的面積看起來比典型的盒子要大一點，大多數都超過 10,000 平方英尺。那麼，是否有任何想法或測試圍繞稍微更大的商店格式，不僅包括更廣泛的產品選擇，還可能為 Five Beyond 提供一些額外的空間？

Yes. Thanks, David. The majority were picked up from Tuesday morning. And whether it's 10,000, 11,000, it's an immaterial difference to us. We've got plenty of stores out there that have a little extra square footage. What I would tell you about the prototype is we continue to innovate with our prototype. I mean the original Five Below prototype was only 4,000 to 5,000 square feet. Then we create the 7,500 square foot, which was when I got here, and we've slowly grown it now close to 10,000.

是的。謝謝，大衛。大部分是從周二早上開始接的。無論是 10,000 還是 11,000，對我們來說都沒有什麼區別。我們有很多商店有一些額外的面積。關於原型，我想告訴您的是我們將繼續對原型進行創新。我的意思是最初的五層原型只有 4,000 到 5,000 平方英尺。然後我們創建了 7,500 平方英尺，這是我到達這裡的時候，我們已經慢慢地將其擴大到現在接近 10,000 平方英尺。

And the way we've set up Five Beyond, David, is we can continue to grow Five Beyond. All we have to do is keep pushing that back wall back. And so it's only limited by our merchants coming up with rituals and milestones are growing up that they think we can build a classification out of. I think [pet] is a great example, one that we've built over the last few years.

大衛，我們建立 Five Beyond 的方式是我們可以繼續發展 Five Beyond。我們所要做的就是繼續推開後牆。因此，這僅受我們的商人提出的儀式和里程碑的限制，他們認為我們可以從中建立一個分類。我認為 [pet] 是一個很好的例子，是我們在過去幾年中建立的。

But as of this point in time, we are really more focused on these next couple of years of massive conversions to the current prototype that we shared with all of you down in Pembroke in Florida. But it's not to say down the road, there's an opportunity to keep growing the prototype.

但截至目前，我們實際上更關注未來幾年對我們在佛羅里達州彭布羅克與大家分享的當前原型的大規模轉換。但這並不是說以後就有機會繼續開發原型。

Our next question comes from Jeremy Hamblin with Craig-Hallum Capital Group.

我們的下一個問題來自 Craig-Hallum Capital Group 的傑里米·漢布林 (Jeremy Hamblin)。

This is Jack Cole on for Jeremy. So similar to the first question, we've also heard widely across retail pressure from shrinkage, but you guys saw your GMs flat year-over-year as you expected. So just any comments on any impacts you guys saw from shrink in the quarter? And if so, could you quantify it just in terms of bps?

我是傑克·科爾 (Jack Cole) 替傑里米 (Jeremy) 發言。與第一個問題類似，我們也廣泛聽到零售業因萎縮而面臨壓力，但你們看到你們的總經理同比持平，正如你們所預期的那樣。那麼，你們對本季度收縮帶來的影響有什麼評論嗎？如果是這樣，你能用 bps 來量化它嗎？

Yes. Look, shrink is definitely something that's impacted retail. We're no exclusion to it. We trued that up last year, and it had an impact on our fourth quarter we are accruing at the higher rates this year and doing things on our part to mitigate shrink. We've changed our return policy as an example. I don't know, Ken, anything else on shrink?

是的。看，收縮肯定會影響零售業。我們也不排除它。我們去年就糾正了這一點，這對我們第四季度產生了影響，我們今年以更高的利率累積，並採取措施減輕萎縮。例如，我們更改了退貨政策。我不知道，肯，還有什麼關於心理醫生的事情嗎？

No, I think, Jack, we're -- as Joel mentioned, we're focusing on preventative measures around shrink. I mean at this point, we're not experiencing anything materially different than what we saw at the end of last year when we did a lot of our physical inventories. And as Joel mentioned, that higher rate that we came out of last year with has been included in the guidance that we provided for the quarter.

不，我認為，傑克，我們——正如喬爾提到的那樣，我們專注於收縮方面的預防措施。我的意思是，目前我們並沒有經歷任何與去年年底我們進行大量實物盤存時所看到的情況有任何實質性不同的情況。正如喬爾提到的，我們去年的較高利率已包含在我們為本季度提供的指導中。

It's all baked into this year's guidance at a higher rate.

這一切都以更高的速度融入了今年的指導中。

Our next question comes from Michael Lasser with UBS.

我們的下一個問題來自瑞銀集團的邁克爾·拉塞爾。

This is Atul (inaudible) on for Michael Lasser. We have a question on Five Beyond. Are you still getting a mid-single-digit lift from the Five Beyond remodels? And is there any risk that the lift moderates from here given the macro backdrop?

我是邁克爾·拉瑟 (Michael Lasser) 的阿圖爾（聽不清）。我們有一個關於五之外的問題。您是否仍能從“五之外”改造中獲得中個位數的提升？考慮到宏觀背景，升力是否存在放緩的風險？

That lift has been consistent, and we're seeing that continue in the stores that we first converted and in the stores that have just recently converted. So we see that lift almost immediately, and it has continued throughout. But that's -- we're extreme value and the customer loves what they're seeing in Five Beyond, and that mid-single digit continues to be the forecast we expect.

這種提升是一致的，我們看到這種情況在我們首先改造的商店和最近剛剛改造的商店中繼續存在。所以我們幾乎立刻就看到了這種提升，而且這種提升一直持續著。但這是——我們具有極高的價值，客戶喜歡他們在“五之外”中看到的東西，而中個位數仍然是我們預期的預測。

The next question comes from John Heinbockel with Guggenheim Securities.

下一個問題來自古根海姆證券公司的約翰·海因博克爾。

Joel, 2 quick things. Number one, the acceleration of the Five Beyond conversions, can you accelerate it further meaning do more than $400 million this year and accelerate it next year? And then secondly, your current thoughts on the tech world reset how you feel about that and the ability because you called that out, can that now move us back into positive territory in that category?

喬爾，兩件事快點。第一，加速“五個超越”轉換，您能否進一步加速它，即今年投入超過 4 億美元，並在明年加速？其次，你目前對科技世界的看法重新調整了你對科技世界的看法和能力，因為你指出了這一點，現在可以讓我們回到該類別的積極領域嗎？

Yes, John. Great question. Technically, we could accelerate conversions. However, I would tell you, the people that do our conversions are also the same team that does our new stores. And so it was purposeful this year that we front-end loaded our conversions. As you can tell, our new stores are back-end loaded this year. And so that team is really planning to wrap up conversions here by the end of Q2 to really focus on the back half new stores.

是的，約翰。很好的問題。從技術上講，我們可以加速轉化。然而，我想告訴你，負責我們改造的人員也是負責我們新店的同一團隊。因此，今年我們有目的地加載我們的轉換。如您所知，我們的新店今年已實現後端加載。因此，該團隊確實計劃在第二季度末之前完成這裡的轉換，以真正專注於後半部分新商店。

I mean, this is a record back half opening for us. It's going to be about 1/3, 2/3 front half and the back half. And so that's probably the primary reason we're not accelerating them. But we've got a -- we feel the 400 are getting done. We feel really strong about them, and then we'll pick those right back up starting in the beginning of the year.

我的意思是，這對我們來說是創紀錄的後半場空位。大約是前半部分的 1/3、2/3 和後半部分。所以這可能是我們沒有加速它們的主要原因。但我們覺得 400 已經完成了。我們對它們感覺非常好，然後我們會從今年年初開始重新挑選它們。

And as far as TechWorld goes. Yes, we've seen some improvement from that. We've got an even bigger reset coming early this fall. I think there's a lot of rumors out and some changes happening with the Apple release. It will be positive for us. And I think you'll really see the improvements as we get into the second half of Q3 and certainly, the all-important fourth quarter.

就 TechWorld 而言。是的，我們已經看到了一些改進。今年初秋，我們將進行更大規模的重置。我認為蘋果的發布有很多謠言，並且發生了一些變化。這對我們來說將是積極的。我認為，當我們進入第三季度下半年，當然還有最重要的第四季度時，您會真正看到這些改進。

Our next question comes from Edward Kelly with Wells Fargo.

我們的下一個問題來自富國銀行的愛德華·凱利。

I wanted to ask you about the comp cadence. The Q2 comparison seemed like it was going to be your easier comparison of the year on a multiyear basis. Based upon how you're guiding, I think it implies a little bit of an acceleration in the back half. So just thoughts around that. And then as we think about holiday, generally. Joel, in terms of like product standpoint, things that you're excited about from a holiday perspective, and I know it's early, but sort of like what you're expecting for the season?

我想問你關於節奏的事情。第二季度的比較似乎將是您在多年基礎上更容易進行的一年比較。根據你的引導方式，我認為這意味著後半部分有一點加速。所以只是圍繞這個想法。然後，當我們普遍考慮假期時。喬爾，從產品的角度來看，從假期的角度來看，你感到興奮的事情，我知道現在還為時過早，但有點像你對這個季節的期待？

Ed, on the comp, I think the acceleration, I think you've got to really look at it more on the 4-year geo stacks. And if you look at the 4-year total sales CAGR, the first half comp is very similar to the second half comp. And I think what we forecasted for Q2 is very in line. Take the midpoint of that is dead on in line with where we came out of Q1.

Ed，在比較方面，我認為加速，我認為你必須在 4 年地理堆棧上更多地關注它。如果你看一下 4 年總銷售額複合年增長率，上半年的比較與下半年的比較非常相似。我認為我們對第二季度的預測非常符合。取中點與我們第一季度的結果完全一致。

And then the back half of the year, I'm not ready at this point to really talk about trends we're chasing, things that we're really excited about. That's something that we -- at this point in time, you can appreciate we want to keep that a little closer. But we're pretty excited about some things we're seeing for the back half.

然後到今年下半年，我現在還沒有準備好真正談論我們正在追逐的趨勢，以及我們真正興奮的事情。這就是我們——在這個時候，你可以理解我們希望讓這一點更接近一些。但我們對後半段看到的一些事情感到非常興奮。

Our next question comes from Jason Haas with Bank of America.

我們的下一個問題來自美國銀行的賈森·哈斯。

Can you talk about how May is running to date versus the 2% to 3% comp [guide] that you gave for 2Q? And then can you just remind us what the compares look like as you move through 2Q. I think May was one of the softer months last year. So [declares] get harder through the quarter?

您能否談談 5 月迄今為止的運行情況與您為第二季度提供的 2% 至 3% 的補償[指南]相比？然後您能提醒我們第二季度的比較情況嗎？我認為五月是去年較為疲軟的月份之一。那麼[宣稱]整個季度變得更加困難？

Sure. Thanks, Jason. Normally, we don't provide intra-quarter activity. But I can tell you that when we prepare our guidance for current quarter, we consider where we are and then we look forward to see if there's anything, any changes in the business or expectations or anomalies anniversaries from last year.

當然。謝謝，傑森。通常，我們不提供季度內活動。但我可以告訴你，當我們準備本季度的指導時，我們會考慮我們所處的位置，然後我們期待看看業務或預期是否有任何變化，或者與去年相比周年紀念日是否有任何變化。

So relatively in line with what we're guiding to in terms of that 2% to 3%. You mentioned the kind of changes in the business last year as we moved through the quarter, it was relatively consistent, possibly a slight deceleration last year. based on some of the things that were going on around the customer and inflation. But that's kind of what we're thinking now in terms of the guidance for Q2.

因此，相對符合我們 2% 至 3% 的指導目標。您提到去年我們在整個季度中業務發生的變化，它相對一致，去年可能略有減速。基於圍繞客戶和通貨膨脹發生的一些事情。但這就是我們現在在第二季度的指導方面所思考的。

But pretty much all 3 quarters -- all 3 months in Q2 last year were relatively in line with each other from a comp perspective.

但從比較的角度來看，幾乎所有三個季度——去年第二季度的所有三個月都相對一致。

Yes, from a comp perspective.

是的，從比較的角度來看。

Our next question comes from Brian Nagel with Oppenheimer.

我們的下一個問題來自布萊恩·內格爾和奧本海默。

Nice quarter. Just -- not to be nitpicking but as you look at the guidance, you did take the, I guess, the top end of the annual comp guidance down by 1 point. So what's behind that? Is it something you're seeing now some new expectation in the back half of the year is something more mechanical?

不錯的季度。只是——不是吹毛求疵，但當你查看指導時，我猜你確實將年度薪酬指導的上限降低了 1 個百分點。那麼這背後是什麼？您現在是否看到下半年的一些新期望變得更加機械化？

Yes, Brian, when you look at the full year comp guidance, our previous guidance was a 1% to 4% comp. And then we moved to a 1 to 3 sort of right we brought the high end of that comp down. That really just reflects the expected performance, if you look out in the first half of the year.

是的，Brian，當你查看全年薪酬指導時，我們之前的指導是 1% 到 4% 的薪酬。然後我們轉向 1 比 3 的右路​​，我們降低了該組合的高端。如果你留意今年上半年的話，這實際上只是反映了預期的表現。

And as I mentioned in my prepared remarks, the second half comps imply a range of low single digits. And somewhat similar to what we had talked about on our first call earlier in the year, that low end for the second half would assume some type of deterioration in the say the macro consumer environment and then the high end would assume some slight acceleration on some of those tailwinds that Joel mentioned in his prepared remarks around increased conversions that we're doing, more effective marketing and things like that.

正如我在準備好的發言中提到的，下半年的比較意味著一系列較低的個位數。與我們今年早些時候在第一次電話會議上討論的情況有些相似，下半年的低端將假設宏觀消費環境出現某種程度的惡化，然後高端將假設某些方面略有加速。喬爾在他準備好的講話中提到了我們正在做的關於增加轉化率、更有效的營銷等等的順風車。

Our next question comes from Kate McShane with Goldman Sachs.

我們的下一個問題來自高盛的凱特·麥克沙恩。

A lot of our questions have been answered already. But we wonder to the extent that you can, is there any way to quantify maybe a trade down or just what if he had any more higher-end consumer shopping Five Below in the first quarter?

我們的很多問題已經得到解答。但我們想知道，有沒有什麼方法可以量化可能的交易下降，或者如果他在第一季度有更多高端消費者購物“五以下”會怎樣？

Yes, Kate. And I thought since all the questions were answered, you were going to ask how I was doing or something. But I'll answer the trade-down question instead. No, honestly, we haven't seen anything that is significant on that one. We continue to see our lower-end customer spending more with us. But we are seeing transaction increases across the board. But it's still -- like our core customer is still really dependent on us. And I think if anything, they're probably spending more of their discretionary dollars with us but nothing significant yet on the trade downside.

是的，凱特。我想既然所有的問題都得到了解答，你就會問我過得怎麼樣什麼的。但我會回答折價問題。不，老實說，我們還沒有看到任何重要的事情。我們繼續看到低端客戶在我們這里花費更多。但我們看到交易全面增加。但我們的核心客戶仍然非常依賴我們。我認為，如果有的話，他們可能會在我們身上花費更多的可自由支配資金，但在貿易下行方面還沒有什麼重大影響。

Our next question comes from Karen Short with Credit Suisse.

我們的下一個問題來自瑞士信貸銀行的凱倫·肖特（Karen Short）。

This is Dan Silverstein on Karen's team. Just 2 really quick ones. First, on the strong transaction growth, -- are you able to assess how much of the contribution is from new customers versus existing customers shopping more frequently? I know you guys have done a lot of work on leveraging customer data. So any comments on your consumer behavior would be helpful.

我是凱倫團隊中的丹·西爾弗斯坦。只有兩個非常快的。首先，關於強勁的交易增長，您是否能夠評估新客戶與更頻繁購物的現有客戶的貢獻有多少？我知道你們在利用客戶數據方面做了很多工作。因此，任何有關您的消費者行為的評論都會有所幫助。

And then really quickly, can you just qualitatively speak to what you're planning to in terms of margins for 3Q versus 4Q? Just to get some help with the timing of lapping freight.

然後很快，您能否定性地說明您計劃的第三季度與第四季度的利潤率？只是為了獲得有關研磨貨運時間的一些幫助。

Look, on the transaction side, and then, Ken, you can talk about margins. It's actually Dan both. We're seeing it both in the form of new customers and existing customers coming in more often. So that's really nice to see both an improvement in new customers as well as our existing customers visiting us more often. Ken, do you want to take it.

看，在交易方面，然後，肯，你可以談談利潤。實際上都是丹。我們看到新客戶和現有客戶更頻繁地出現。因此，很高興看到新客戶以及現有客戶更頻繁地訪問我們的情況有所改善。肯，你想接受嗎？

And Dan, yes, on the operating margin leverage, I'll just kind of start with in my prepared remarks. On the full year, so just we expect slight operating margin leverage. We're guiding the second quarter to about a 70 basis point deleverage. So the back half of the year will be operating margin leverage that we're going to see Q4 is going to be from what we're looking at now, slightly more operating leverage than Q3.

丹，是的，關於營業利潤率槓桿，我將從我準備好的發言中開始。就全年而言，我們預計營業利潤率槓桿率會略有上升。我們預計第二季度的去槓桿率將達到約 70 個基點。因此，今年下半年的營業利潤率將是我們現在看到的第四季度的營業利潤率，比第三季度的營業槓桿率略高。

And when you get into the numbers there, the third quarter gross margin leverage is probably going to be double that of the operating margin leverage for that quarter. And when you get into Q4, again, with the freight cost benefit and some of these other things going on, the deleverage around in SG&A, we're probably going to see gross margin leverage in excess of 150 basis points in Q4 and SG&A deleverage probably just a little bit less than 150 basis points.

當你查看那裡的數字時，第三季度的毛利率槓桿可能會是該季度營業利潤槓桿的兩倍。當你再次進入第四季度時，隨著運費成本效益和其他一些事情的發生，SG&A 的去槓桿化，我們可能會看到第四季度的毛利率槓桿超過 150 個基點，SG&A 去槓桿化可能略低於 150 個基點。

Our next question comes from Paul Lejuez.

我們的下一個問題來自保羅·勒胡埃斯。

This is Kelly on for Paul. Just on the first just want to first ask on the licensing business that they hear you're seeing that category improved. Just curious how big that business is for you today versus maybe peak or even pre-COVID levels? And what is kind of coming down the pipeline that's got you excited? And then just to I can circle back -- just as a follow-up on the back half guidance. Just curious if there's any difference in 3Q to 4Q? Or we just sort of plugging in that 2-ish percent comp in the fourth quarter as well?

這是凱利替保羅發言。首先，我想先詢問一下許可業務，他們聽說您看到該類別有所改善。只是好奇今天的業務對您來說有多大，與峰值甚至新冠疫情之前的水平相比？是什麼讓您興奮不已？然後我就可以回過頭來——就像後半部分指導的後續行動一樣。只是好奇3Q和4Q有什麼區別嗎？或者我們只是在第四季度插入 2% 左右的補償？

Look, I think the -- Kelly, the comment on license, it's really been nonexistent for 3 years. And some of that's because movies has been pretty much nonexistent since COVID. It's still very small. It was really nice to, I think, Super Mario surprised us, but it still wasn't -- it didn't have a material impact on the business. But it does give us hope that some of the movies coming out this year are going to turn into licenses. It's just an example of another trend that's back as they appear, we'll take advantage of them. And Ken, on the back half.

聽著，我認為——凱利，關於許可證的評論，實際上已經三年不存在了。其中部分原因是自新冠疫情以來，電影幾乎不存在了。它仍然很小。我認為《超級馬里奧》讓我們感到驚訝真是太好了，但它仍然沒有對業務產生實質性影響。但這確實給了我們希望，今年上映的一些電影將獲得許可。這只是另一種趨勢的一個例子，當它們出現時，我們將利用它們。還有肯，在後半部分。

Yes. And on the Kelly, on the back half, if you're looking at the modeling, the -- from a comp perspective, the way we're seeing it now really in both Q3 and Q4, we're assuming a low single-digit positive comp for both of those quarters. And then from an operating margin perspective, again, we would expect to see leverage in both Q3 and Q4. And the way we're looking at it now, Q4 is -- looks like it's achieving slightly more leverage than Q3.

是的。在凱利的後半部分，如果你看模型，從比較的角度來看，我們現在在第三季度和第四季度看到的方式，我們假設一個較低的單-這兩個季度的數字積極補償。然後，從營業利潤率的角度來看，我們預計第三季度和第四季度都會出現槓桿。從我們現在的角度來看，第四季度的槓桿率似乎比第三季度略高。

Our next question comes from Steve McManus with BNP Navis.

我們的下一個問題來自 BNP Navis 的 Steve McManus。

So on gross margins, we recognize that Five Below version of consumables is unique, but is there any mix shift impacts working through the P&L that's worth noting?

因此，就毛利率而言，我們認識到“五以下”版本的消耗品是獨一無二的，但是否有任何值得注意的損益表混合變化影響？

I don't think anything material worth noting. We've seen this shift now for over a year, and it continues to tick up. But it's -- it's not a material shift a point here, a point there. And like we always do, I mean, we chase trends, and so you see one area go up and another area go down. But it's not so significant that it's moving 1,000 basis points or something like that.

我認為沒有什麼值得注意的實質性內容。我們已經看到這種轉變一年多了，而且這種轉變還在繼續加劇。但這不是一個實質性的轉變，這裡一點，那裡一點。就像我們一直做的那樣，我的意思是，我們追逐趨勢，所以你會看到一個領域上升，另一個領域下降。但幅度並沒有那麼大，只有 1,000 個基點之類的。

Thanks, Steve. Our next question comes from Chuck Grom with Gordon Haskett.

謝謝，史蒂夫。我們的下一個問題來自查克·格羅姆和戈登·哈斯克特。

Most of my questions have been answered. So I guess, how you do and Joel will be my first one. And the second would be I guess just bigger picture. You guys have been talking about tokenization for a while. I guess at what point do we take that to a loyalty program? And just maybe some observations on what you've learned so far.

我的大部分問題都得到了解答。所以我想，你做得怎麼樣，喬爾將是我的第一個。我想第二個是更大的圖景。你們談論代幣化已經有一段時間了。我想我們什麼時候才能將其納入忠誠度計劃？也許只是對您到目前為止所學到的東西的一些觀察。

Just trying to lighten the mood a little bit. Thanks, Chuck. No, look, tokenizations firmly implemented now I think we are at the point of starting to explore loyalty. Some of that probably just got put on hold because we for 3 years, it's just been COVID and then supply chain and then inflation and the teams have just been so busy dealing with mix shifts and product changes and all that.

只是想稍微緩和一下氣氛。謝謝，查克。不，看，標記化現在已經得到了堅定的實施，我認為我們正處於開始探索忠誠度的階段。其中一些可能只是被擱置了，因為我們三年來，一直是新冠疫情，然後是供應鏈，然後是通貨膨脹，而團隊一直忙於處理組合轉變和產品變化等等。

But the next logical step, Chuck, is really to -- now that we've got some of the base in place to start looking at putting in a loyalty program, I think you got to look at it as '25, not '24, and we'll certainly keep you all updated as we start to put that in place. But the groundwork has been laid and as we continue to see more normalization of our business and we're back to playing offense as I called out for several reasons. That's one that is on the pipeline.

但查克，下一個合乎邏輯的步驟實際上是——現在我們已經有了一些基礎，可以開始考慮實施忠誠度計劃，我認為你必須將其視為“25”，而不是“24” ，當我們開始實施時，我們一定會及時向大家通報最新情況。但基礎已經奠定，隨著我們繼續看到我們的業務更加正常化，我們又回到了進攻狀態，正如我出於幾個原因所呼籲的那樣。這就是正在醞釀中的一個。

Our next question comes from Krisztina Katai with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Krisztina Katai。

Just a quick follow-up to some of the strength that you're seeing in traffic. Are you doing anything differently, I guess, merchandise either price point wise? I know you picked candy snacks and HVA performed, particularly the best. But how do you view the opportunity to further capitalize on a potentially weaker consumer environment now that you're doing a lot more data analytical work?

只是快速跟進您在流量中看到的一些優勢。我想，無論是價格方面還是商品方面，你們有什麼不同的做法嗎？我知道你挑選了糖果零食和 HVA 表演，尤其是最好的。但是，既然您正在進行更多的數據分析工作，您如何看待進一步利用潛在疲軟的消費者環境的機會呢？

Yes. Thanks, Krisztina. Look, the one thing that's been consistent since the beginning and is something we're really probably even more focused now is really delivering value and specifically in the $1 to $3 range. You walk in our stores now, there's a 16-foot wall. It's all a buck. And I think that is really resonating with the customers.

是的。謝謝，克里斯蒂娜。看，從一開始就一直一致的一件事是我們現在可能更加關注的事情，那就是真正提供價值，特別是在 1 美元到 3 美元的範圍內。現在你走進我們的商店，會看到一堵 16 英尺高的牆。這都是一塊錢。我認為這確實引起了客戶的共鳴。

And so while we talk a lot about the growth opportunity and Five Beyond on these calls, the core behind Five Below is not only the $5 WOW product, but right now, the customer is really resonating with the $1, $2, $3 product. And certainly, candy and snack we have a larger majority in that price point, but take a look at the 16-foot wall we got in our stores now that's all priced at $1. And that is value at its extreme, and it's really resonating well with the customer. Thanks, Krisztina.

因此，雖然我們在這些電話會議上談論了很多增長機會和“超越五”的內容，但“超越五”背後的核心不僅僅是 5 美元的 WOW 產品，而且現在，客戶確實對 1 美元、2 美元、3 美元的產品產生了共鳴。當然，糖果和零食我們在這個價位上佔據了絕大多數，但看看我們商店裡現在的 16 英尺高的牆，它的價格都是 1 美元。這就是價值的極致，它確實能引起客戶的共鳴。謝謝，克里斯蒂娜。

This concludes our question-and-answer session. I would like to turn the conference back over to Joel Anderson for any closing remarks.

我們的問答環節到此結束。我想將會議轉回喬爾·安德森（Joel Anderson）發表閉幕詞。

Thank you, everybody, for joining us today. Let me just close by reiterating what I said earlier in my closing prepared remarks. We truly are accelerating our offensive playbook I'll reiterate, we are going to open 200-plus new stores this year. We will complete over 400 conversions. We will capitalize on an improved supply chain. We already have a strong pipeline of new stores for 2024. And as you've heard today from both Ken and I, our growth prospects at Five Below are strong. I hope you all have a great summer and make sure you visit our stores and for all your summer fun. Thanks very much, and have a great night.

謝謝大家今天加入我們。最後，請允許我重申我之前在準備好的結束語中所說的話。我們確實正在加速我們的進攻策略，我會重申，今年我們將開設 200 多家新店。我們將完成 400 多個轉換。我們將利用改善的供應鏈。我們已經為 2024 年準備了強大的新店儲備。正如您今天從 Ken 和我那裡聽到的，我們的 Five Below 的增長前景非常強勁。我希望大家度過一個愉快的夏天，並確保您參觀我們的商店並享受所有的夏日樂趣。非常感謝，祝您度過一個愉快的夜晚。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。