Five Below Inc (FIVE) 2024 Q1 法說會逐字稿

Good day and welcome to the Five Below first quarter 2024 earnings conference call.

美好的一天，歡迎參加 2024 年第一季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（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 Ms. Christiane Pelz, Vice President, Investor Relations and Treasury.

我現在將會議交給投資者關係和財務部副總裁克里斯蒂安·佩爾茨女士主持。

Please go ahead, ma'am.

請繼續，女士。

Thank you.

謝謝。

Good afternoon, everyone, and thanks for joining us today for Five Below's first quarter 2024 financial results conference call.

大家下午好，感謝您今天參加我們的 Five Below 2024 年第一季財務業績電話會議。

On today's call are Joel Anderson, President and Chief Executive Officer; and Kristy Chipman, Chief Financial Officer and Treasurer.

出席今天電話會議的有總裁兼執行長喬爾·安德森 (Joel Anderson)；財務長兼財務主管克里斯蒂·奇普曼 (Kristy Chipman)。

And After management has made their formal remarks, we will open the call to questions.

在管理層發表正式講話後，我們將開始提問。

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.

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.

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有重大差異。

Those risks and uncertainties are described in the press release and our SEC filings.

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。

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.

今天所做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。

In this presentation, we will refer to our SG&A expenses.

在本簡報中，我們將提及我們的 SG&A 費用。

For us, SG&A means selling, general and administrative expenses, including payroll and other compensation, marketing and advertising expense, depreciation and amortization expense, and other selling and administrative expenses.

對我們來說，SG&A 指銷售、一般和管理費用，包括薪資和其他報酬、行銷和廣告費用、折舊和攤提費用以及其他銷售和管理費用。

Additionally, we will be discussing certain non-GAAP financial measures.

此外，我們也將討論某些非公認會計準則財務指標。

A reconciliation of these items to US GAAP are included in today's press release.

今天的新聞稿中包含了這些項目與美國公認會計準則的調節。

If you do not have a copy of today's press release, you may obtain one by visiting the Investor Relations page of our website at fivebelow.com.

如果您沒有今天新聞稿的副本，您可以造訪我們網站 Fivebelow.com 的投資者關係頁面以取得一份。

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 2024 earnings call.

謝謝 Christiane，也謝謝大家參加我們的 2024 年第一季財報電話會議。

In the first quarter, we delivered total sales growth of 12% and comparable sales decline of 2.3% and adjusted earnings per share of $0.60. These results fell short of our expectations as we experienced a meaningful slowdown in sales during the back half of the quarter.

第一季度，我們的總銷售額成長了 12%，可比銷售額下降了 2.3%，調整後每股收益為 0.60 美元。這些結果沒有達到我們的預期，因為我們在本季後半段經歷了銷售大幅放緩。

Despite the sales shortfall, we delivered adjusted earnings at the low end of our outlook range.

儘管銷售額不足，但我們的調整後收益仍處於預期範圍的下限。

As we analyzed our first quarter sales performance of following factors were apparent.

當我們分析第一季的銷售業績時，以下因素是顯而易見的。

First, our negative comp results were driven by a decline in comp transactions.

首先，我們的負面業績是因為同業交易下降所造成的。

Second, consumers were more discerning with their dollars increasingly buying to need.

其次，消費者的眼光更加敏銳，他們的錢越來越多地用於購買需要的東西。

We saw this in the types of products they purchase choosing more items in our version of consumable categories such as candy, food and beverage, beauty and HBA.

我們從他們購買的產品類型中看到了這一點，他們在我們的消費品類別版本中選擇了更多商品，例如糖果、食品和飲料、美容和 HBA。

Each of these areas contributed positively to the quarterly comp.

這些領域中的每一個都對季度業績做出了積極貢獻。

Additionally, declining sales and older merchandise trends led by Squishmallows presented greater comp headwinds than planned.

此外，銷售下降和 Squishmallows 引領的舊商品趨勢帶來了比計劃更大的競爭阻力。

Finally, we achieved positive comps in our higher income cohorts, suggesting some trade down of these customers seeking valued at our stores.

最後，我們在高收入群體中實現了積極的回報，這表明這些在我們商店尋求價值的客戶會進行一些降價。

However, we saw underperformance in the lower income demographic that more than offset these results.

然而，我們看到低收入者的表現不佳，足以抵銷這些結果。

The quarter solidified that consumers are feeling the impact of multiple years of inflation across many key categories such as food, fuel and rent and are therefore far more deliberate with their discretionary dollars.

本季證實，消費者正在感受到多年來通貨膨脹對食品、燃料和租金等許多關鍵類別的影響，因此對可自由支配的美元更加謹慎。

While we are tracking this behavior and noticed some pressures over the last several quarters, the degree to which it was affecting consumers at the beginning of the first quarter was masked by the noise created from tax refund timing and an earlier Easter.

雖然我們正在追蹤這種行為並注意到過去幾季的一些壓力，但它在第一季初對消費者的影響程度被退稅時間和提前的復活節產生的噪音所掩蓋。

I would also call out that the slowdown we experienced was across all geographies, further suggesting there was a broader macro impact.

我還想指出，我們所經歷的經濟放緩遍及所有地區，這進一步表明存在更廣泛的宏觀影響。

Five Below has always stood for Wild products at extreme value, and we will lean into this mission even more heavily as we contend with the pressures faced by our core customer.

「五以下」一直代表著具有極高價值的野生產品，在應對核心客戶面臨的壓力時，我們將更加堅定地致力於這項使命。

Vast majority or about 85% of our units sold are priced at or below $5.

在我們銷售的產品中，絕大多數（約 85%）的價格等於或低於 5 美元。

And while we believe we are currently delivering value for our customers, we will continue to look for ways to bring even more distorted value to them.

雖然我們相信我們目前正在為客戶提供價值，但我們將繼續尋找方法為他們帶來更多扭曲的價值。

Our number one focus is on driving sales as well as driving cost optimization to maximize margins.

我們的首要重點是推動銷售以及推動成本優化以實現利潤最大化。

I will give you some examples of exactly what we are doing.

我將為您提供一些我們正在做的事情的例子。

First, chasing trends has always been a strength of ours.

首先，追逐潮流一直是我們的強項。

And we will continue to quickly identify and capitalize on trends, bringing them in-store quickly and communicate the value we provide to customers across our social media channels.

我們將繼續快速識別和利用趨勢，將它們快速帶入店內，並透過社群媒體管道向客戶傳達我們提供的價值。

Second, we recently kicked off a pricing test in about 100 stores to measure the impact of price reductions and driving sales.

其次，我們最近在大約100家商店啟動了定價測試，以衡量降價並推動銷售的影響。

Third, we launched a marketing test in late May that will run over the next three months in one of our regions.

第三，我們在五月下旬啟動了一項行銷測試，該測試將在接下來的三個月內在我們的一個地區運行。

Fourth, we have been working on optimizing our cost structure across the entire organization, including both operating expenses and capital spending.

第四，我們一直致力於優化整個組織的成本結構，包括營運費用和資本支出。

To drive these results, Ken Bull's assumed leadership of the teams within the store expansion and store potential pillars while maintaining oversight of the inventory optimization pillar.

為了推動這些成果，肯·布爾 (Ken Bull) 擔任商店擴張和商店潛在支柱團隊的領導，同時保持對庫存優化支柱的監督。

We have line of sight into significant savings over the next 18 to 24 months with some savings benefiting 2024.

我們預計在未來 18 至 24 個月內將節省大量資金，其中一些節省將惠及 2024 年。

Finally, I want to comment on our shrink mitigation efforts.

最後，我想評論一下我們緩解收縮的努力。

We are cautiously optimistic about the progress we made in Q1.

我們對第一季的進展持謹慎樂觀態度。

We recently completed approximately 200 physical inventories and believe we now have a firmer handle on how to mitigate shrink.

我們最近完成了大約 200 個實體庫存，並相信我們現在對如何減輕損耗有了更堅定的把握。

These early reads demonstrated several examples of our operating efforts working and have put us on a path to reducing our shrink levels.

這些早期的讀數展示了我們營運努力發揮作用的幾個例子，並使我們走上了減少損耗水準的道路。

I want to thank the many teams dedicated to our shrink task force, especially our asset protection and operations team.

我要感謝致力於縮減工作小組的許多團隊，特別是我們的資產保護和營運團隊。

Kristy will give you a more detailed update in a moment.

克里斯蒂稍後將為您提供更詳細的更新。

Now let me update you on the strategic pillars that serve as a foundation for a triple double growth strategy.

現在讓我向您介紹作為三雙成長策略基礎的策略支柱的最新情況。

While we are implementing changes to address recent sales trends and offset shrink, we remain committed to our strategic pillars and continue to see a long runway of growth for Five Below.

雖然我們正在實施變革以應對近期的銷售趨勢並抵消萎縮，但我們仍然致力於我們的策略支柱，並繼續看到「五以下」的長期成長。

Our first pillar is store expansion.

我們的第一個支柱是商店擴張。

With over 1,600 stores currently and a road map to 3,500 Five Below locations nationwide by the end of 2030.

目前擁有超過 1,600 家商店，並計劃在 2030 年底前在全國開設 3,500 家「五以下」門市。

The opportunity to open in new markets and densify in existing markets remains significant.

開拓新市場和強化現有市場的機會仍然很大。

In the first quarter alone, we opened 61 new stores, and we continue to see customers excited to have Five Below nearby.

僅在第一季度，我們就開設了 61 家新店，我們繼續看到顧客對附近的 Five Below 感到興奮。

New store productivity delivered at our target level in the [mid 80%s] and this quarter, one of our new locations in Goldsboro, North Carolina, was among our top all-time spring grand openings.

新店生產力達到了我們在[80%中期]的目標水平，本季度，我們位於北卡羅來納州戈爾茲伯勒的新店之一是我們有史以來春季盛大開業的頂級店之一。

Our differentiated concept and strong balance sheet continue to provide us with many opportunities to drive our growth despite a tight real estate market.

儘管房地產市場緊張，但我們的差異化理念和強勁的資產負債表繼續為我們提供許多推動成長的機會。

We are confident in our path to achieve approximately 230 new store openings this year and I've already built a strong pipeline for 2025.

我們對今年開設約 230 家新店的目標充滿信心，並且我已經為 2025 年建立了強大的通路。

Our second pillar is store potential.

我們的第二個支柱是商店潛力。

We've been focused on growing our fleet of Five Beyond format stores and product offerings.

我們一直專注於發展我們的五超格式商店和產品系列。

In addition, we continue our relentless focus on simplifying the operating model for our stores by reducing tasks and improving communications while mitigating shrink.

此外，我們繼續不懈地致力於透過減少任務和改善溝通來簡化商店的營運模式，同時減少損失。

One of the biggest changes we made to mitigate shrink was moving to associate lead checkouts and the customer feedback with new process has been overwhelmingly positive.

我們為減輕損失而做出的最大改變之一是轉向關聯潛在客戶結帳，並且客戶對新流程的回饋非常積極。

On our conversion strategy, we ended the first quarter with over 60% of our comp base in the Five Beyond format, of which more than half in their 2nd year as a Five Beyond store.

在我們的轉換策略上，第一季結束時，我們超過 60% 的公司採用 Five Beyond 格式，其中一半以上是在作為 Five Beyond 商店的第二年。

Comps for converted stores in the Five Beyond format outperform non-converted stores by mid-single digits in both sales and transactions with stronger transactions still the primary driver of the outperformance.

「五超越」格式的轉型商店在銷售額和交易方面的表現比非轉型商店高出中個位數，而強勁的交易仍然是業績優異的主要驅動力。

We completed 84 conversions in the first quarter of approximately 180 conversions planned for this year, and we now expect nearly 80% of our store base to be in the Five Beyond format by the end of the year.

今年計劃的約 180 次轉換中，我們在第一季完成了 84 次轉換，現在預計到年底，近 80% 的商店基數將採用 Five Beyond 格式。

This will significantly improve our 2025 buying leverage and simplify our marketing efforts going forward.

這將顯著提高我們 2025 年的購買槓桿並簡化我們未來的行銷工作。

Our third pillar is product and brand strategy.

我們的第三個支柱是產品和品牌策略。

Our merchants remain passionate and are committed to bringing the best trend-right amazing value products to our customer, while newness are part of our DNA, and I am really pleased with the latest trends they have identified as well as the lineup we have for Back to School, Halloween in this coming holiday.

我們的商家仍然充滿熱情，致力於為我們的客戶帶來最適合潮流的超值產品，而新穎性是我們 DNA 的一部分，我對他們發現的最新趨勢以及我們的產品陣容感到非常滿意去學校，萬聖節即將到來的假期。

As for brand awareness, our marketing and customer analytics teams are working closely together to ensure our message of value, fun and trend is emphasized and reaches the right customers to spur repeat visits as well as attract new audiences to Five Below.

在品牌知名度方面，我們的行銷和客戶分析團隊正在密切合作，以確保我們的價值、樂趣和趨勢訊息得到強調，並傳達給合適的客戶，以刺激重複訪問並吸引新受眾到「五以下」。

We have invested in this area for several years and have far more customer intelligence than we previously did, allowing us to quickly push relevant content and optimize targeting.

我們在這一領域投入了好幾年，擁有比以前更多的客戶情報，使我們能夠快速推送相關內容並優化定位。

We also have more specific store detail than we did before, which has helped us dissect our first quarter results.

我們還擁有比以前更具體的商店詳細信息，這有助於我們剖析第一季度的業績。

In fact, based on this data, as I previously stated, we created and are rolling out a marketing test in a major region, which we expect will help drive sales and increase customer awareness of Five Below.

事實上，根據這些數據，正如我之前所說，我們在一個主要地區創建並正在推出行銷測試，我們預計這將有助於推動銷售並提高「五以下」的客戶意識。

The fourth pillar is focused on inventory optimization.

第四個支柱著重於庫存優化。

This pillar continues to be a key component to creating both sales and operating efficiencies for Five Below.

這支柱仍然是為「五以下」創造銷售和營運效率的關鍵組成部分。

And given our emphasis on reducing shrink, this pillar is particularly important.

鑑於我們強調減少收縮，這一支柱尤為重要。

Our focus is on implementing capabilities to enable scale, driving optimal inventory levels and sell-throughs while balancing operating costs and enabling simplification.

我們的重點是實施能力以實現規模化、推動最佳庫存水準和銷售量，同時平衡營運成本並簡化。

The progress we have made in this area is exemplified by our in-line inventory levels despite lower than planned comp sales.

儘管銷售量低於計劃，但我們的庫存水準足以證明我們在這一領域取得的進展。

We have five node ship center infrastructure and upgrades systems for retail merchandising, inventory ordering and distribution management in place, we're delivering more accurate forecasting, ordering and replenishment, which will lead to improved turns, in-stocks and end-to-end visibility.

我們擁有五個節點的船舶中心基礎設施和升級系統，用於零售銷售、庫存訂購和分銷管理，我們正在提供更準確的預測、訂購和補貨，這將改善週轉、庫存和端到端能見度。

Overall, we have better control of our inventory.

總體而言，我們可以更好地控制庫存。

Utilizing newer AI power tools, we expect this to continue to improve and we will benefit from more real-time information as a result.

利用更新的人工智慧工具，我們預計這一情況將繼續改善，我們將受益於更多的即時資訊。

Our fifth pillar is crew.

我們的第五個支柱是船員。

Much of our focus this quarter has been on our shrink mitigation efforts.

本季我們的重點主要集中在緩解收縮措施。

We are so pleased with how our crew has embraced the changes we have made to self checkout and other store processes.

我們對我們的員工接受我們對自助結帳和其他商店流程所做的改變感到非常高興。

I want to thank everyone involved for their part in helping improve the shrink rate of the stores we counted this quarter and expect this to have a broader impact on the full chain going forward.

我要感謝所有參與其中的人，他們為幫助改善我們本季統計的商店的收縮率做出了貢獻，並預計這將對整個連鎖店的未來產生更廣泛的影響。

And I want to conclude my remarks with a few comments on our plans for the rest of the year.

我想以對我們今年剩餘時間的計劃的一些評論來結束我的發言。

Q1 fell short for the reasons I outlined at the beginning of the call, and we have adjusted our guidance for the year to reflect the current run rate of sales.

由於我在電話會議開始時概述的原因，第一季業績未達標，我們調整了今年的指導，以反映當前的銷售運行率。

While there is a larger macro consumer backdrop dynamic, we always play offense at Five Below, and we'll not sit back idly waiting for the consumer economics to improve on their own.

儘管有更大的宏觀消費背景動態，但我們總是在低於五的情況下進攻，我們不會袖手旁觀，等待消費經濟自行改善。

We are focused on the overall opportunities we have to drive the business while leaning into value that our customers expect us to deliver.

我們專注於推動業務發展的整體機會，同時注重客戶期望我們提供的價值。

We have undertaken a deep dive into our product, pricing and marketing strategies to understand where we can be more effective as we maintain our focus on shrink mitigation and cost optimization opportunities.

我們深入研究了我們的產品、定價和行銷策略，以了解在我們繼續專注於減少損耗和成本優化機會的同時，我們可以在哪些方面更加有效。

We look forward to providing updates next quarter.

我們期待下個季度提供更新。

With that, I'll turn it over to Kristy to review the financials in more detail.

這樣，我會將其交給克里斯蒂更詳細地審查財務狀況。

Kristy?

克里斯蒂？

Thanks, Joel, and good afternoon, everyone.

謝謝喬爾，大家下午好。

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.

我將首先回顧我們第一季的業績，然後為第二季和全年提供指導。

Our sales for the first quarter of 2024 increased 11.8% to $811.9 million from $726.2 million reported in the first quarter of 2023.

我們 2024 年第一季的銷售額從 2023 年第一季的 7.262 億美元成長 11.8% 至 8.119 億美元。

Comparable sales decreased by 2.3% with a comp transaction decrease of 2.8%, partially offset by a comp ticket increase of 0.5%.

可比銷售額下降 2.3%，贈品交易減少 2.8%，但贈品門票增加 0.5% 部分抵消了這一影響。

The increase in comp ticket was driven by an increase in the average unit retail price, which was largely offset by lower units per transaction.

贈券的增加是由平均單位零售價的上漲所推動的，而平均單位零售價的上漲在很大程度上被每筆交易單位數的減少所抵消。

We opened 61 new stores across 23 states in the first quarter compared to 27 new stores opened in the first quarter last year and continue to see new productivity in line with our target in the mid

我們第一季在 23 個州開設了 61 家新店，而去年第一季開設了 27 家新店，並且繼續看到新的生產力符合我們中期的目標

[80%s].

[80%s]。

We ended the quarter with 1,605 stores, an increase of 238 stores or approximately 17% versus 1,367 stores at the end of the first quarter of 2023.

截至本季末，我們擁有 1,605 家門市，與 2023 年第一季末的 1,367 家門市相比，增加了 238 家門市，增幅約為 17%。

Gross profit for the first quarter of 2024 was up 12.2% to $263.5 million versus $234.8 million in the first quarter of 2023.

2024 年第一季的毛利成長 12.2%，達到 2.635 億美元，而 2023 年第一季的毛利為 2.348 億美元。

Gross margin increased by approximately 20 basis points to 32.5%, driven primarily by lower than expected inbound freight costs, partially offset by higher shrink accruals that we mentioned last quarter and deleverage of fixed costs on the negative comp.

毛利率成長約 20 個基點，達到 32.5%，這主要是由於入境貨運成本低於預期，部分被我們上季度提到的應計費用縮減和負補償固定成本去槓桿化所抵消。

As a percentage of SG&A for the first quarter of 2024 increased approximately 150 basis points to 28.0% versus last year's first quarter, driven primarily by fixed cost deleverage as well as a non-recurring legal expense, higher preopening expenses due to more openings versus last year and a planned marketing shift into the first quarter.

2024 年第一季的銷售、管理及行政費用(SG&A) 所佔百分比較去年第一季增加約150 個基點，達到28.0%，這主要是由於固定成本去槓桿化以及非經常性法律費用、由於與去年相比開業更多而導致的開業前費用較高併計劃將行銷轉移到第一季。

The non-recurring legal expense added approximately 20 basis points to SG&A as a percentage of sales.

非經常性法律費用佔銷售額的百分比使 SG&A 增加了約 20 個基點。

As a result, adjusted operating income for the quarter was $38.2 million versus $42.4 million in the first quarter of 2023, while adjusted operating margin decreased approximately 110 basis points to 4.7%.

因此，本季調整後營業收入為 3,820 萬美元，而 2023 年第一季為 4,240 萬美元，而調整後營業利潤率下降約 110 個基點至 4.7%。

Net interest income was $5.0 million as compared to $3.6 million in the first quarter of 2023 as we benefited from higher interest rates.

淨利息收入為 500 萬美元，而 2023 年第一季為 360 萬美元，因為我們受益於較高的利率。

Our effective tax rate for the first quarter of 2024 was 23.5% compared to 18.6% in the first quarter of 2023 due to a lower share-based accounting benefit this year.

由於今年基於股份的會計收益較低，我們 2024 年第一季的有效稅率為 23.5%，而 2023 年第一季為 18.6%。

Adjusted net income for the first quarter of 2024 was $33.0 million, and adjusted diluted earnings per share was $0.60 versus net income of $37.5 million and EPS of $0.67 in the first quarter last year.

2024 年第一季調整後淨利為 3,300 萬美元，調整後稀釋每股收益為 0.60 美元，而去年第一季淨利潤為 3,750 萬美元，每股收益為 0.67 美元。

During the first quarter, we repurchased about 182,000 shares at an average price of $164.56 for about $30 million.

第一季度，我們以約 3,000 萬美元的平均價格 164.56 美元回購了約 182,000 股股票。

We ended the first quarter with approximately $370 million in cash, cash equivalents and investments and no debt, including nothing outstanding on our $225 million line of credit.

第一季結束時，我們擁有約 3.7 億美元的現金、現金等價物和投資，沒有債務，包括我們 2.2​​5 億美元的信貸額度中沒有任何未償債務。

Inventory at the end of the first quarter was approximately $630 million as compared to $534 million at the end of the first quarter last year.

第一季末的庫存約為 6.3 億美元，而去年第一季末的庫存為 5.34 億美元。

Average inventory on a per-store basis increased by 0.4% compared to the first quarter last year.

與去年第一季相比，每家商店的平均庫存增加了 0.4%。

While sales did not meet our expectations for the first quarter, we are pleased with the team's ability to quickly react to the dynamic environment as expense discipline as well as operations and inventory management allowed us to deliver adjusted earnings per share slightly above the low-end of our guidance range.

雖然第一季的銷售額沒有達到我們的預期，但我們對團隊快速應對動態環境的能力感到滿意，因為費用紀律以及營運和庫存管理使我們能夠實現略高於低端水平的調整後每股收益我們的指導範圍。

Before I move on to guidance, I'd like to say a few words about the changes we have made in the stores to combat shrink and the early results we have seen thus far.

在繼續提供指導之前，我想先談談我們為應對萎縮而在商店中所做的改變以及迄今為止我們看到的早期結果。

As a reminder, on the fourth quarter call, we shared that we were moving to associate lead checkout with a goal of 75% of all transactions to be associate led with 100% associate lead transactions and our highest shrink stores, which we have now successfully implemented.

提醒一下，在第四季度的電話會議上，我們分享了我們正在轉向聯營線索結帳，目標是所有交易的75% 是聯營線索，100% 聯營線索交易和我們最高的收縮商店，我們現在已經成功地做到了這一點實施的。

We also conducted additional tests in about 70 stores, which included changes like receipt checking at the door, adding guards and incremental upfront labor.

我們還在大約 70 家商店進行了額外的測試，其中包括在門口檢查收據、增加警衛和增加前期人工等變化。

We counted physical inventories in about 250 stores in May, including those with these additional tests and saw positive results in the shrink rate overall.

我們統計了 5 月約 250 家商店的實體庫存（包括那些進行了這些額外測試的商店），發現總體收縮率出現了正面的結果。

The subset of stores that had an associate lead checkout, along with another mitigation measure experienced greater improvement in the rate of shrink.

擁有副引導結帳以及另一項緩解措施的商店子集的損耗率得到了更大的改善。

We're happy to see our efforts working.

我們很高興看到我們的努力取得了成效。

We will be evaluating our turns and these various initiatives and will then quickly roll them out to the stores we believe will benefit from these additional measures.

我們將評估我們的行動和這些不同的舉措，然後迅速將其推廣到我們認為將從這些額外措施中受益的商店。

As a reminder, we will count about half of our change in August in the normal course of business.

提醒一下，我們將在正常業務過程中計算 8 月份大約一半的變更。

May inventories provided us an early read and we are cautiously optimistic our efforts will show continued improvement in the August results when completed.

5 月份的庫存為我們提供了早期的解讀，我們對我們的努力將在完成後的 8 月份業績中顯示出持續改善持謹慎樂觀的態度。

We are not including any changes to our shrink assumptions in our guidance, and we'll update you on the August inventory results during our second quarter call.

我們的指導中沒有包含對收縮假設的任何更改，我們將在第二季度電話會議期間向您通報 8 月份庫存結果的最新情況。

Now I would like to turn to our guidance.

現在我想談談我們的指導。

Please note our estimates do not include any potential impact from future share repurchases or share-based accounting.

請注意，我們的估計不包括未來股票回購或基於股票的會計的任何潛在影響。

For the full year, we are comparing against fiscal 2023 on a 52 week basis as the extra week in fiscal 2023 added approximately $48 million in sales and approximately $0.15 in earnings per share.

對於全年，我們以 52 週為基礎與 2023 財年進行比較，因為 2023 財年多一周增加了約 4800 萬美元的銷售額和約 0.15 美元的每股收益。

I will refer to comparisons to fiscal year 2023 on a 52 week adjusted basis, which excludes the one-time legal settlement mentioned earlier.

我將參考以 52 週調整為基礎與 2023 財年的比較，其中不包括前面提到的一次性法律和解。

For the second quarter of 2024 net sales are expected to be in the range of $830 million to $850 million, an increase of 9.4% to 12% compared to the second quarter last year.

2024 年第二季淨銷售額預計在 8.3 億至 8.5 億美元之間，較去年第二季成長 9.4% 至 12%。

We plan to open approximately 60 new stores in the second quarter of this year as compared to 40 stores opened in the second quarter last year and are assuming a second quarter comparable sales decrease in the mid single-digit range.

我們計劃在今年第二季開設約 60 家新店，而去年第二季開設了 40 家新店，並假設第二季可比銷售額下降幅度為中個位數。

The midpoint of our second quarter comp guidance assumes the current trends we are experiencing will continue into the second quarter.

我們第二季業績指引的中點假設我們目前所經歷的趨勢將持續到第二季​​。

We expect operating margin of 5.2% at the midpoint in the second quarter of 2024, our deleverage of approximately 250 basis points as higher shrink and higher fixed cost deleverage on a negative comp is only partially offset by lower freight expenses and lower incentive compensation compared to last year.

我們預期2024 年第二季中點的營業利潤率為5.2%，我們的去槓桿化約為250 個基點，因為與去年同期相比，較高的收縮率和較高的固定成本去槓桿化僅被較低的運費和較低的激勵補償所部分抵消。

Net interest income is expected to be approximately $3 million for the second quarter, and taxes are expected to be 25.8%, which does not include any potential impact from share-based accounting.

第二季淨利息收入預計約為300萬美元，稅費預計為25.8%，其中不包括股份會計的任何潛在影響。

Net income for the second quarter is expected to be between $32 million and $38 million versus $46.8 million in the second quarter last year.

第二季淨利預計在 3,200 萬美元至 3,800 萬美元之間，而去年第二季淨利為 4,680 萬美元。

Diluted earnings per share for the second quarter are expected to be $0.57 to $0.69 versus $0.84 in the second quarter of 2023.

第二季稀釋後每股盈餘預計為 0.57 至 0.69 美元，而 2023 年第二季為 0.84 美元。

Now onto the full year.

現在進入全年。

For fiscal 2024, sales are now expected to be in the range of $3.79 billion to $3.87 billion, an increase of 7.9% to 10.2% on a 52 week basis.

目前預計 2024 財年銷售額將在 37.9 億美元至 38.7 億美元之間，較 52 週成長 7.9% 至 10.2%。

The comparable sales decrease is expected to be in a range of negative 5% to negative 3%.

預期可比銷售額下降幅度為負5%至負3%。

We plan to open approximately 230 stores to end the year with 1,774 stores or unit growth of approximately 15%.

我們計劃在年底開設約 230 家門市，門市總數達到 1,774 家，單位數量增加約 15%。

Our new store cadence is now fully normalized, returning to about 50% opening in the first half of the year.

我們的新店節奏現已完全正常化，上半年開店率恢復到 50% 左右。

For the full year, adjusted operating margin is expected to be 9.8% at the midpoint of guidance or deleverage of 90 basis points on a 52 week basis.

全年調整後營業利益率預計為 9.8%（以 52 週基準或去槓桿化 90 個基點的指導中位數計算）。

This decline is primarily due to deleverage of fixed costs on the lower sales outlook, offset in part by benefits associated with lower inbound freight, lower incentive comp and certain cost optimization strategies.

這一下降主要是由於銷售前景較低而去槓桿化固定成本，但部分被入境運費下降、激勵補償和某些成本優化策略相關的收益所抵消。

Given the lower sales and related cash flow estimates, we are now lowering our net interest income forecast to approximately $13 million for the year, and we expect a full year effective tax rate for 2024 of 25.8%.

鑑於銷售額和相關現金流預測較低，我們現將全年淨利息收入預測下調至約 1,300 萬美元，並預計 2024 年全年有效稅率為 25.8%。

Adjusted net income for fiscal 2024 is expected to be in the range of $277 million to $299 million, representing a decline of 1.7% at the midpoint over 2023.

2024財年調整後淨利預計在2.77億美元至2.99億美元之間，較2023年中位數下降1.7%。

Adjusted diluted earnings per share are expected to be in the range of $5 to $5.40, implying an approximate 1% decline versus the prior year at the midpoint.

調整後的稀釋每股收益預計在 5 美元至 5.40 美元之間，這意味著與上年中點相比下降約 1%。

The diluted share count is expected to be $55.34 million, excluding any impact from future share repurchases.

不包括未來股票回購的任何影響，稀釋後的股票數量預計為 5534 萬美元。

With respect to gross CapEx, we now plan to spend between $345 million $355 million, excluding the impact of tenant allowances.

就總資本支出而言，我們現在計劃支出 3.45 億美元至 3.55 億美元之間，不包括租戶津貼的影響。

This reflects the opening of approximately 230 new stores, converting about 180 store locations to the Five Beyond format.

這反映了大約 230 家新店的開業，將大約 180 家商店轉變為 Five Beyond 模式。

The completion of expansions in our distribution centers in Georgia and Arizona and investments in systems and infrastructure.

完成喬治亞州和亞利桑那州配送中心的擴建以及系統和基礎設施的投資。

In summary, the first quarter sales reflected a more difficult macro backdrop than expected.

總而言之，第一季的銷售反映出比預期更困難的宏觀背景。

We have adjusted our outlook for the rest of the year, assuming the current environment continues, and we are proactively tightening expenses and managing inventory receipts and allocations to help mitigate the bottom-line impact of the lower sales.

假設當前環境持續下去，我們調整了今年剩餘時間的前景，並且我們正在積極收緊開支並管理庫存收入和分配，以幫助減輕銷售下降對利潤的影響。

Should we see discretionary spending patterns of our core customers increase, we will respond quickly.

如果我們看到核心客戶的可自由支配支出模式增加，我們將迅速做出反應。

We believe this guidance reflects a prudent and realistic way to plan the rest of fiscal 2024.

我們認為，這項指導反映了規劃 2024 財年剩餘時間的審慎和現實的方式。

For all other details related to our results and guidance, please refer to our earnings press release.

有關我們的業績和指導的所有其他詳細信息，請參閱我們的收益新聞稿。

Before I turn the call over to the operator, we know you have a lot of questions about our results.

在我將電話轉給接線員之前，我們知道您對我們的結果有很多疑問。

We would ask that you limit yourself to one question so we can get through everyone in our allotted time.

我們要求您只回答一個問題，以便我們能夠在規定的時間內回答每個人的問題。

With that, I'll turn it over to the operator for the question-and-answer session.

這樣，我會將其轉交給接線員進行問答環節。

(Operator Instructions) Simeon Gutman, Morgan Stanley.

（操作員指令）Simeon Gutman，摩根士丹利。

Good afternoon.

午安.

So I wanted to ask about the customer.

所以我想問客戶的狀況。

You said they're becoming more discerning, and I wanted to ask like chicken versus the egg, if it's possible because of some of the price point increases and through Five Beyond if that's causing it or not?

你說他們變得越來越挑剔，我想問一下，就像先有雞還是先有蛋一樣，是否有可能因為一些價格點的上漲而通過“五之外”來解決，這是否是造成這種情況的原因？

And then the second part of it is this business hasn't really comped negative outside of that 2022 period.

第二部分是，該業務在 2022 年之外並沒有真正產生負面影響。

So how do you forecast the dimensions on the downside now as you go forward?

那麼，您現在該如何預測未來的下行規模呢？

Meaning how do you you've captured the current run rate appropriately or if it can actually get worse?

這意味著您如何正確捕捉當前的運行速率，或者它是否實際上會變得更糟？

Thank you.

謝謝。

Yeah.

是的。

I mean a great question.

我的意思是一個很好的問題。

As for the Five Beyond part of it, we've had Five Beyond, as you know, for a couple of years now.

至於其中的“五之外”部分，如您所知，我們已經擁有“五之外”幾年了。

And we continue to do studies every quarter about the customers' reaction to buy beyond and we haven't seen any change in those studies from when we started in '22 to this final quarter here in the beginning of '24.

我們每季都會繼續研究客戶對購買超出產品的反應，從 22 年開始到 24 年初的最後一個季度，我們沒有看到這些研究有任何變化。

And the comments have been overwhelmingly positive, and the quantifiable data has been overwhelming positive.

評論是壓倒性的積極的，可量化的數據也是壓倒性的積極的。

So I don't think that's really the answer to the customer.

所以我認為這並不是對客戶的真正答案。

In fact, Five Beyond has performed the best in our lower household income stores.

事實上，Five Beyond 在我們的低收入家庭商店中表現最好。

So I think that is another example that they really see the value, the further they have to stretch their dollar.

所以我認為這是他們真正看到價值的另一個例子，他們必須進一步擴大資金投入。

And then in terms of framing up what we seen is the worst.

然後就框架而言，我們所看到的是最糟糕的。

We saw a big decline in the second half of the quarter.

我們看到本季下半年出現了大幅下降。

And I think somebody even asked us the last call, if we were within the range of our guidance, and we were squarely in the middle of it.

我認為有人甚至在最後一次電話會議中問我們，我們是否在我們的指導範圍內，而我們正好處於指導範圍的中間。

So Easter was disappointing and then it continued into spring as well as then into May here.

所以復活節令人失望，然後一直持續到春天，然後到五月。

So on one hand, the decline we've seen has been very steady for a couple of months now, and it also as we get out of spring summer and start to get into more needs state with our customer, in other words, back to schools, the reason they have to come in our stores and certainly holiday, our entire store becomes a need store.

因此，一方面，我們看到的下降幾個月來一直非常穩定，而且隨著我們走出春夏並開始與客戶進入更多的需求狀態，換句話說，回到了學校，他們必須來到我們商店的原因，當然還有假期，我們的整個商店變成了一個需求商店。

I think it will begin to moderate, but it's been pretty consistent since the Easter period.

我認為它會開始放緩，但自復活節以來一直非常穩定。

Thanks, Simeon.

謝謝，西蒙。

Seth Sigman, Barclays.

塞思‧西格曼，巴克萊銀行。

Hey, everyone.

嘿大家。

Thanks for taking the question.

感謝您提出問題。

I wanted to follow-up on the sales performance, the decline in comps and the pressure you're seeing.

我想跟進銷售業績、薪酬下降以及您所看到的壓力。

I don't think it's unique to Five Below.

我不認為這對《五下》來說是獨一無二的。

We've obviously seen declines in discretionary demand at many of your peers, but is the change is up until this quarter, Five had outperformed a lot of those peers and it does seem like that gap has narrowed a lot this quarter.

我們顯然看到許多同行的可自由支配需求下降，但變化直到本季度為止，五的表現優於許多同行，而且本季度差距似乎確實縮小了很多。

Any more perspective on that and why it seems like there's been a sharper slowdown here?

對此有何更多看法以及為什麼這裡似乎出現了更急劇的放緩？

And I know a big part of that is there's a lot happening within the box.

我知道其中很大一部分是在盒子裡發生了很多事情。

Do you feel like there could be anything self-inflicted here?

你覺得這裡可能有什麼自作自受的事情嗎？

Thank you.

謝謝。

Yeah.

是的。

Look, Seth, in terms of self-inflicted, we're never perfect on that.

聽著，塞斯，就自殘而言，我們在這方面從來都不是完美的。

I would tell you I think the one change that's happened is it proven harder for us to lap some of the big trends from last year, namely Squishmallows.

我想告訴你，我認為發生的一個變化是，事實證明，我們更難追隨去年的一些大趨勢，即 Squishmallows。

And this relates to Simeon's question and how do we know we have seen the top.

這與西蒙的問題以及我們如何知道我們已經看到了頂部有關。

Squishmallow penetration begins to moderate here in the back half of the year.

今年下半年，南瓜糖的滲透率開始放緩。

So the front half -- the first half of the year was much bigger than the back half of the year last year.

所以上半年——今年上半年比去年下半年大很多。

And so, I think that moderation will start to help as well.

因此，我認為適度也會開始有所幫助。

But I think that's probably been the biggest difference from last year's outperformance to this year being more in line with those that have discretionary categories.

但我認為，這可能是去年表現出色的最大區別，今年與那些可自由支配的類別更加一致。

Thanks, Seth.

謝謝，塞思。

Paul Lejuez, Citi.

保羅‧勒胡埃斯，花旗銀行。

Hi, Guys.

嗨，大家好。

This is Kelly on for Paul.

這是凱利替保羅發言。

I thank for taking your question.

我感謝您提出問題。

I'd just like a little bit more color on your pricing that you're testing.

我只是想在您正在測試的定價上多一點色彩。

Currently, where exactly are you taking that price points, what categories?

目前，您的價格點到底在哪裡，屬於什麼類別？

And if you do see the reaction you are expecting from the pricing test?

如果您確實看到了定價測試所期望的反應？

Will we expect that the rolled out this year?

我們預計今年會推出嗎？

And how would you account for that in guidance?

您將如何在指導中解釋這一點？

Yeah.

是的。

You bet, Kelly.

你敢打賭，凱利。

I've always said to all of you when I've talked at the last place, we like to raise price -- gain margin is through raising prices, and we've been consistent throughout the inflation years, going to price increases less.

當我在最後一個地方發言時，我總是對你們所有人說，我們喜歡提高價格——透過提高價格來獲得利潤，而且我們在整個通膨年裡一直保持一致，減少價格上漲。

Having said that, we did have to make several price changes throughout the last couple of years.

話雖如此，過去幾年我們確實不得不進行幾次價格調整。

The focus right now is mainly on the front end of the store so that we can continue to deliver low prices in the front their initial reaction -- initial price points.

現在的重點主要是商店的前端，這樣我們就可以繼續在他們的最初反應——初始價格點——前面提供低價。

So obviously seasonal is a big focus on that area.

顯然，季節性是該地區的重點。

And yes, Kelly, if we do see some positive increases that offset the price declines, we will look to start to roll that out.

是的，凱利，如果我們確實看到一些積極的成長抵消了價格下降，我們將開始推出這項計劃。

But at this point in time, it's a test.

但此時此刻，卻是個考驗。

And like I said in my prepared remarks, we're going to play offense.

正如我在準備好的發言中所說，我們將採取攻擊行動。

We're not going to sit back.

我們不會袖手旁觀。

We know where the issues are and we're going to really focus in some of those categories to see if we can change that trajectory and drive sales faster.

我們知道問題出在哪裡，我們將真正關注其中的一些類別，看看我們是否可以改變這種軌跡並更快地推動銷售。

Thanks, Kelly.

謝謝，凱利。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great, thanks.

萬分感謝。

So Joel, just given the macro backdrop that you laid out and the bifurcation that you're seeing across your income cohort, I guess how best to think about initiatives across world?

那麼，喬爾，鑑於您所闡述的宏觀背景以及您在收入群體中看到的分歧，我想如何最好地考慮全球範圍內的舉措？

And what's the timing that you see in order to stabilize comps?

您認為穩定比較的時機是什麼？

Yeah.

是的。

Look, I think the prudent thing to do, Matt, was provide the guidance that we did for all of you that really in order to beat those numbers, we really don't have to see any change.

聽著，馬特，我認為謹慎的做法是提供我們為大家所做的指導，實際上為了擊敗這些數字，我們真的不需要看到任何變化。

So between what Michael is doing in merchandising and then the new product coming, our are pricing tests that I just talked about as well as marketing tests, some of those are going to stick no different than everything we did, the turnaround shrink.

因此，在邁克爾在推銷方面所做的事情和新產品的推出之間，我們進行了我剛才談到的定價測試以及行銷測試，其中一些測試將與我們所做的一切沒有什麼不同，週轉率會縮小。

And so, I would expect by the back half of the year, we start to see some that we believe in that we can roll out.

因此，我預計到今年下半年，我們將開始看到一些我們相信可以推出的產品。

And then clearly, as we get past the election and into fourth quarter, the pressure should start to subside from what we're seeing today.

顯然，隨著選舉結束並進入第四季度，我們今天所看到的壓力應該會開始消退。

But you will make no doubt about it, Matt, the lower-end customer is really being stretched and we got to deliver value and we got to really display that in how we go to market.

但你對此毫無疑問，馬特，低端客戶確實捉襟見肘，我們必須提供價值，我們必須在進入市場的方式中真正展示這一點。

And when you walk in the store, what you see, but all that's in flight right now, and we expect to see some of those changes improve by the back half of the year.

當你走進商店時，你所看到的，但所有這些現在都在飛行中，我們預計其中一些變化會在今年下半年得到改善。

Thanks, Matt.

謝謝，馬特。

Scot Ciccarelli, Truist.

斯科特·西卡雷利，真理論者。

Hey guy, Scot Ciccarelli.

嘿，夥計，斯科特·西卡雷利。

Joel, I know you've had some questions on self-inflicted wounds versus consumer behavior, but obviously you guys have had a huge shift in behavior just over the last couple months, I guess.

喬爾，我知道你們對自傷與消費者行為有一些疑問，但我想，顯然你們在過去幾個月的行為發生了巨大轉變。

And there's other companies you tend to co-locate with like the off-price retailers are actually performing well.

您傾向於與其他公司合作，例如折扣零售商，它們實際上表現良好。

Like is there any reason to better understand why that would be occurring?

有沒有什麼理由可以更好地理解為什麼會發生這種情況？

Is it just maybe your product has gotten a little bit stale?

只是您的產品變得有點陳舊了？

Could it be some of the shrink mitigation efforts?

這可能是一些緩解收縮的努力嗎？

I know some of it would be speculation on your part, but we love the color.

我知道其中一些可能是您的猜測，但我們喜歡這種顏色。

Thanks.

謝謝。

Yeah.

是的。

No, it's a good question.

不，這是一個好問題。

And I think even the off-price, a large percentage of their business is apparel and apparel is still more that needs based and at incredible value.

我認為即使是折扣，他們的業務很大一部分是服裝，而服裝仍然更多地基於需求並且具有令人難以置信的價值。

And I think that's contributes.

我認為這很有貢獻。

We've seen positive trends in our apparel business as well.

我們的服裝業務也看到了正面的趨勢。

It's just not a big piece of our business.

這並不是我們業務的重要組成部分。

And then in terms of self-inflicted, I think the entire team is being dissecting every piece of their business to see which pieces of it they can improve.

然後就自我造成的而言，我認為整個團隊正在剖析他們業務的每個部分，看看他們可以改進哪些部分。

And then I think if you compare to the Dollar stores, both Dollar General and Dollar Tree called out.

然後我想，如果你跟一元商店相比，一元商店和一元樹都在叫賣。

Like us, they are seeing negative comps and discretionary categories.

和我們一樣，他們也看到了負面的競爭和可自由支配的類別。

Hopefully, that gives you some help there, Scott, thank you.

希望這能給你一些幫助，斯科特，謝謝你。

John Heinbockel, Guggenheim.

約翰·海因博克爾，古根漢。

Hey, Joel.

嘿，喬爾。

Two things.

兩件事情。

What does what type of midcourse corrections does Michael think is appropriate here in terms of -- I know you're set for holiday, but bringing in new product that might be more value-oriented and or maybe dialing back some inventory you had planned.

麥可認為哪種類型的中途修正在這裡是合適的——我知道你準備去度假，但引入可能更注重價值的新產品，或者可能會減少你計劃的一些庫存。

And then, obviously, you've got to reset labor for lower comps.

然後，顯然，你必須針對較低的薪資重新調整勞動力。

How do you do that without impacting the experience for those who are coming in?

如何在不影響新用戶體驗的情況下做到這一點？

Yeah.

是的。

Look, it's a good question, John.

聽著，這是個好問題，約翰。

And we have made some investments in labor, and it has had a positive impact on shrink.

我們在勞動力方面進行了一些投資，這對收縮產生了積極的影響。

And I think we're going to go down that path because it seems to be offsetting shrink more.

我認為我們將走這條路，因為它似乎可以抵消更多的收縮。

And then in terms of Michael, I think the real change you're seeing is historically, we brought in new hot trends at [$5.55 or $5.95], and we're really focused on trying to deliver those at

然後就邁克爾而言，我認為您看到的真正變化是歷史性的，我們以 [5.55 美元或 5.95 美元] 的價格引入了新的熱門趨勢，並且我們真正專注於嘗試在

[Five].

[五]。

And it's just another example, trying to really dial up that shrink.

這只是另一個例子，試圖真正調動心理醫生的力量。

I've had a precursor look into back to school, and it feels like we've really differentiated there this year, and it's a really good value.

我對重返校園進行了初步調查，感覺今年我們確實在這方面有所區別，而且非常有價值。

And as we move past this spring summer timeframe, which like a couple of other retailers have called out, there's just been a little bit of a malaise there and that honestly, has been something we've seen since COVID.

正如其他幾家零售商所指出的那樣，隨著今年春夏季節的過去，我們出現了一些不適，老實說，這是自新冠疫情以來我們所看到的情況。

I mean, we've talked about that a couple of years now.

我的意思是，我們已經討論這個問題好幾年了。

And I think we now have to just assume that's going to happen in the spring summer timeframe.

我認為我們現在必須假設這將在春夏季發生。

And so, where Michael is really looking at is how to reinvent that space next year.

因此，麥可真正關注的是明年如何重塑這個空間。

But as we get past that, we should begin to start to see some improvement in sales.

但當我們克服這個困難時，我們應該開始看到銷售有所改善。

Thanks, John.

謝謝，約翰。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good evening.

晚安.

Thank you so much for taking my question, Joel.

非常感謝你回答我的問題，喬爾。

Why isn't the slowdown that you've been experiencing caused by simply increased competition, whether it some new Dollar Store competitor or inexpensive Asian direct sellers or marketplaces that are gaining increased traction in the United States?

為什麼您所經歷的經濟放緩不是簡單地由競爭加劇造成的，無論是新的一元商店競爭對手還是廉價的亞洲直銷商或在美國越來越受歡迎的市場？

And if you see a prolonged period of negative comps, how does this change your thinking about the long-term margin potential for the business?

如果您看到長期的負收益，這會如何改變您對企業長期利潤潛力的看法？

Thank you.

謝謝。

Yeah.

是的。

No, look, it's a great question, Michael.

不，聽著，這是一個很好的問題，麥可。

And it's a question we've asked ourselves.

這是我們問自己的問題。

I mean, we ask ourselves in multiple ways.

我的意思是，我們以多種方式問自己。

One of the ways we ask it is when we do our quarterly research.

我們詢問的方式之一是在進行季度研究時。

And one of the questions we ask is where do you go when you want fun, it's trend-right, high-value items and we are top of mind on that.

我們提出的問題之一是，當您想要樂趣時，您會去哪裡，這是潮流正確的高價值商品，而我們在這一點上是首要考慮的。

And so, that has not changed quarter-over-quarter, and we have not seen some of the retailers you just mentioned, move up the list on that.

因此，這一情況逐季度沒有改變，我們也沒有看到你剛才提到的一些零售商在這方面的排名有所上升。

Secondly, I would tell you we have sliced our sales performance by where our competition is and we're not -- and I mentioned this in my prepared remarks, this decline was broad-based.

其次，我想告訴你，我們已經根據我們的競爭情況和我們沒有的情況來劃分我們的銷售業績——我在準備好的發言中提到了這一點，這種下降是廣泛的。

It was across all geographies.

它遍及所有地區。

And so, we didn't really see any trend that would lead it to say when we're near these retailers or those retailers are closer to us that our performance was worse.

因此，我們並沒有真正看到任何趨勢表明，當我們靠近這些零售商或那些零售商離我們更近時，我們的表現會更差。

So those are just two data points, both on research and then also as just dissecting our sales here, the last few weeks.

所以這些只是兩個數據點，既是關於研究的，也是對我們過去幾週的銷售情況的剖析。

And then also if it really was competition, the bifurcation we saw from the first half of the quarter to the second half, would have never dropped off instantly because there wasn't an event that was competitive driven that happened in the middle of the quarter.

而且，如果真的是競爭，我們從季度上半段到下半段看到的分歧永遠不會立即消失，因為在季度中期沒有發生競爭驅動的事件。

This change we saw literally happened the week of Easter and then the back half of the quarter into May here.

我們看到的這種變化確實發生在復活節那一周，然後是本季後半段到五月的時間。

So all three of those lead to saying this is not a competition driven change.

因此，所有這三個因素都表明這不是競爭驅動的變革。

This isn't something structural that we can't overcome.

這不是我們無法克服的結構性問題。

Thanks, Michael.

謝謝，麥可。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Hi, good morning, everyone.

嗨，大家早安。

Joel, I wanted to ask you a question about shrink and the question I have is are you confident that the adjustments that you're making, the self-checkout have not impacted sales.

喬爾，我想問你一個關於收縮的問題，我的問題是你是否有信心你所做的調整、自助結帳沒有影響銷售。

And I ask that because I think the timing of moving to assisted checkout and the sales decline were somewhat similar.

我這麼問是因為我認為轉向輔助結帳的時機和銷售額下降的時間有些相似。

I'm just curious if you're confident around that?

我只是好奇你對此是否有信心？

And then secondly, when do you think you'll begin to see some benefit coming through the gross margin related to recent shrink improvements?

其次，您認為您什麼時候會開始看到與最近的收縮改善相關的毛利率帶來的一些好處？

Yeah.

是的。

Michael -- I mean, Ed, sorry, Great question.

麥可——我的意思是，艾德，抱歉，好問題。

And it is something we looked at a couple of ways ourselves.

我們自己也透過多種方式看待這個問題。

One -- again, this this change in sales was a dropped off a cliff at that Easter week.

再次強調，在復活節那一周，銷售量的變化急劇下降。

So again, we put those self-checkout mitigations where we switched to associate checkout more closer to the beginning of February.

因此，我們再次將這些自助結帳緩解措施改為在更接近二月初的時候改為關聯結帳。

And then like I said, the sales trajectory changed like the middle of March, late half of March.

然後就像我說的，銷售軌跡發生了變化，像是三月中旬、三月下半月。

And then in terms of confidence of when we'll make changes, and Kristy, please jump in.

然後就我們何時做出改變的信心而言，克里斯蒂，請加入。

I think it would be more along once we complete our August physical inventories we're doing about

我認為一旦我們完成了我們正在做的八月份的實體庫存，情況就會更好

--

--

We're doing about [750] inventories at the beginning of August.

我們在 8 月初進行了大約 [750] 個庫存。

And so, we will have time to reflect those results in our quarter two results, and we'll provide that feedback obviously how it impacts the future quarters at that time as well.

因此，我們將有時間在第二季的業績中反映這些結果，並且我們將提供回饋，明確說明它當時對未來季度的影響。

So that will be -- that would be the time when you'd begin to see the inflection point.

所以那將是——那將是你開始看到轉折點的時候。

Ed, Thank you.

艾德，謝謝你。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Hi, this is Eric on for Chuck.

大家好，我是查克的埃里克。

Thanks for taking the question.

感謝您提出問題。

Just wanted to ask about your inventory.

只是想問一下你們的庫存狀況。

Just how you feel about the quality of inventory.

只是您對庫存品質的感受。

The growth really accelerated versus last quarter and the spread to sales growth also accelerated.

與上季相比，成長確實加速了，而且對銷售成長的利差也加速了。

Just curious if you're taking any additional markdowns to get through some inventory or you can continue to get through it without having discounted over the course of the year?

只是好奇您是否會採取任何額外的降價來處理一些庫存，或者您可以繼續處理它而無需在一年中打折？

Yeah, good question.

是的，好問題。

The health of our inventory still in great shape.

我們的庫存狀況仍然良好。

The teams did a excellent job of managing down once we saw the change.

當我們看到變化後，團隊在向下管理方面做得非常出色。

Any of our categories that have limited life span like candy and food, those are actually the businesses that outperform.

我們任何壽命有限的類別（例如糖果和食品）實際上都是表現出色的業務。

So no liabilities there in terms of spoilage or anything like that.

因此，不存在損壞或類似情況的責任。

And then any areas where we were long, very easy to hold those items back in the distribution center.

然後，我們在任何長期存在的區域，都可以輕鬆地將這些物品保留在配送中心。

And as we add new stores, we can easily absorb that.

當我們增加新商店時，我們可以輕鬆吸收這一點。

So not a big concern there at all from our part.

所以對我們來說根本不是什麼大問題。

Our aged inventory level is pretty consistent to where it was a year ago looking forward.

展望未來，我們的老化庫存水準與一年前相當一致。

Thanks, Eric.

謝謝，埃里克。

David Bellinger, Mizuho.

大衛貝林格，瑞穗。

Hey, thanks for the question.

嘿，謝謝你的提問。

Joel, it just seemed like certain parts of the store still tracked positive for the full quarter where we had others drop off pretty meaningfully.

喬爾，看起來商店的某些部分在整個季度中仍然保持著積極的勢頭，而我們的其他部分則表現得很有意義。

Just absent some of the macro commentary from the prepared remarks.

只是缺少準備好的講話中的一些宏觀評論。

Have you had any internal discussions around some merchandising, maybe flexing some space down in areas like apparel that are not specifically unique to Five.

你們有沒有圍繞著一些商品推銷進行過內部討論，也許在服裝等領域留出一些空間，這些領域並不是五號獨有的。

And maybe putting the core focus back on that younger demographic, kids' product, toys, things of that nature.

也許將核心焦點重新放回年輕族群、兒童產品、玩具等類似性質的東西上。

Is there anything we can expect before the end of the years and as we get into the holiday period?

在年底之前以及進入假期期間，我們可以期待什麼嗎？

Yeah.

是的。

David, I mean, what's been unique about this box since the beginning of time.

大衛，我的意思是，這個盒子從一開始就有什麼獨特之處。

And since I've been here for 10 years, we're always flexing the [box] and growing it.

自從我在這裡工作了 10 年以來，我們一直在不斷地改變[盒子]並不斷擴大它。

And so, as we see those opportunities, we will flex the box.

因此，當我們看到這些機會時，我們將靈活運用。

I think a good example where you're going to see that in the back half is Halloween is going to grow for us.

我認為一個很好的例子，你會看到後半部是萬聖節，這對我們來說將會成長。

And that's the business we've seen really nice positive gains the last couple of years, and we think that's a business we and really grow.

這就是我們在過去幾年中看到的非常好的積極收益的業務，我們認為這是我們真正成長的業務。

And especially in this environment where the customer is looking for value, there's not a strong value player in that space.

尤其是在客戶尋求價值的環境中，該領域沒有強大的價值參與者。

And so, that's just one example where you're going to see us continue to grow.

因此，這只是您將看到我們繼續成長的一個例子。

But Michael and the merchants do a great job on that.

但邁克爾和商人在這方面做得很好。

The merchants' bonuses are based on how their department does, it's based on how the box does.

商家的獎金取決於他們部門的表現，取決於盒子的表現。

So there's no territorial concerns about shrinking one department and growing another.

因此，不存在縮小一個部門並擴大另一個部門的領土問題。

But I'll just give you one example and we see other opportunities, we'll do the same.

但我只會給你一個例子，我們看到其他機會，我們也會這樣做。

Thanks, David.

謝謝，大衛。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

Hi.

你好。

Thanks for taking our question.

感謝您提出我們的問題。

We wondered if you could talk to any impact from cannibalization this quarter and how that maybe compares to what we've seen in previous quarters?

我們想知道您是否可以談談本季的蠶食影響，以及與我們在前幾季看到的情況相比如何？

And if that's having any impact with this slowdown in the back half of the quarter?

這是否會對本季後半段的經濟放緩產生任何影響？

Yeah.

是的。

Thanks, Kate.

謝謝，凱特。

Look, our cannibalization rate has gone up, but it's been the last couple of years, it's more and more in the 80 to 100 basis points annually.

你看，我們的蠶食率有所上升，但最近幾年，每年的蠶食率越來越高，達到 80 到 100 個基點。

Whereas pre-COVID, it was by more in the 50 basis points.

而在新冠疫情之前，這一數字則上漲了 50 個基點。

That's something we manage and we're trying to hold it to that number.

這是我們管理的事情，我們正在努力將其保持在這個數字。

I haven't specifically looked at cannibalization rate first quarter '24 versus cannibalization rate of '23.

我沒有具體研究 24 年第一季的蠶食率與 23 年第一季的蠶食率。

What I would tell you and remind everybody is we opened a large majority of our stores last year in the back half of the year.

我要告訴你並提醒大家的是，我們去年下半年開設了大部分商店。

So you aren't going to see as many new stores enter our comp pipeline, as you would normally see.

因此，您不會像通常看到的那樣看到那麼多新商店進入我們的競爭管道。

But as far as cannibalization goes, I don't expect that to be any contributing factor to it.

但就蠶食而言，我認為這不會成為其中的任何促成因素。

Again, because front half of the quarter was one set of comps, and second half was a very different set.

再說一次，因為本季度的前半部分是一組比賽，而下半部分是一組非常不同的比賽。

So the cannibalization wouldn't have played out like that.

因此，蠶食不會以這樣的方式進行。

Thanks, Kate.

謝謝，凱特。

Brad Thomas, KeyBanc Capital Markets.

Brad Thomas，KeyBanc 資本市場。

Thanks for taking my question.

感謝您提出我的問題。

I just wanted to confirm that the outlook, as you back into it.

我只是想在你回來時確認一下前景。

Kristy, it looks like your comp guidance is calling for the mid-single digit decline to continue through both 3Q and 4Q.

克里斯蒂，看起來你的公司指引要求第三季和第四季繼續出現中個位數的下降。

Just wanted to confirm that is what's baked into your guidance?

只是想確認一下您的指導包含了哪些內容？

And then hoping you could talk a little bit about have margin implications, what you're assuming for the back half with those new comp assumptions?

然後希望你能談談對利潤率的影響，你對這些新的補償假設對後半部的假設是什麼？

Thanks.

謝謝。

Yeah.

是的。

So we don't -- we're not going to guide for the back half.

所以我們不會——我們不會指導後半部分。

But on a full year basis, the

但從全年來看，

[down 3 to down 5].

[下降3至下降5]。

As you look to the Q3 and Q4 and just the implied there is probably closer to the lower end of mid-single digits.

當您查看 Q3 和 Q4 以及隱含的情況時，可能更接近中個位數的下限。

So you can use that.

所以你可以使用它。

And then your question on margin specifically, was that I'm sorry, for the full year?

然後你具體提出了關於保證金的問題，我很抱歉，全年的保證金是多少？

Essentially what the implications are from the comp declines continuing as we go to the year?

從本質上講，今年的比較持續下降會產生什麼影響？

Thanks.

謝謝。

So what we shared last quarter with you was certainly we would see on a full year basis, some margin benefits, but the deleverage on the comp right now is really what we're looking at.

因此，我們在上個季度與您分享的內容是，我們肯定會在全年的基礎上看到一些利潤率收益，但目前我們真正關注的是公司的去槓桿化。

And so, when you look at it across the full year, we're expecting, as we said, 9.8% at the midpoint or 90 basis points below.

因此，當你縱觀全年時，我們預計，正如我們所說，中點為 9.8%，即低於 90 個基點。

So -- and how that plays out for the full year, this quarter is probably the heaviest burden at the 250 basis points and then it moderates substantially through Q3 and Q4 as our cost optimization initiatives help offset a big part of the fixed cost deleverage.

因此，以及全年的情況如何，本季度可能是250 個基點的最重負擔，然後在第三季度和第四季度大幅緩解，因為我們的成本優化舉措有助於抵消固定成本去槓桿化的很大一部分。

All right.

好的。

Thank you.

謝謝。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

Hey, thanks for taking the question.

嘿，謝謝你提出問題。

I had one question and a follow-up.

我有一個問題和一個後續問題。

So just first, in terms of the margins Kristy just outlined, can you give some more color in terms of the gross margin trajectory versus SG&A?

首先，就克里斯蒂剛剛概述的利潤率而言，您能否就毛利率軌跡與 SG&A 的情況提供更多資訊？

And then the follow-up was on the new-store productivity front.

接下來是新店生產力方面的問題。

Just wanted to see any incremental evidence there that gives you conviction to maintain the robust opening schedule in light of the comp trajectory?

只是想看看是否有任何增量證據讓您確信根據競爭軌跡維持強勁的開業時間表？

So I'll take the first part and then I'll send it over to Joel for a little bit of commentary on NSP.

因此，我將完成第一部分，然後將其發送給 Joel，以獲得有關 NSP 的一些評論。

So from a gross margin perspective, if you recall what we had shared last quarter, we had said we expected gross margin to be flat in Q1, Q2 and Q4 with a benefit in Q3 related to the reversal of the shrink accrual that we took in the prior year.

因此，從毛利率的角度來看，如果您還記得我們上季度分享的內容，我們曾​​說過，我們預計第一季、第二季和第四季的毛利率將持平，而第三季的收益與我們所採取的應計縮水的逆轉有關。

And so, as you look going forward now, again, Q2 being the most difficult gross margin, declining about 130 basis points at the midpoint.

因此，當你現在展望未來時，第二季的毛利率將再次成為最困難的，中間值下降了約 130 個基點。

And then you still -- and again, that's all fixed costs deleverage are coming because of the negative comp.

然後你仍然 - 再說一次，由於負補償，所有固定成本去槓桿化都會到來。

And as you move forward into Q3, Q4, you're getting closer to what we previously guided, which was about 200 basis points of improvements on Q3 and then flat to Q4.

當你進入第三季、第四季時，你會越來越接近我們先前的指導，即比第三季提高約 200 個基點，然後與第四季持平。

And so, that will generally get you from a gross margin perspective.

因此，這通常會讓你從毛利率的角度來看。

We will see continued deleverage on a negative comp in Q2, again, about 120 basis points.

我們將看到第二季負利率繼續去槓桿化，大約 120 個基點。

And then as you move into Q3 and Q4, Q3 has the heaviest -- carrying the heaviest burden on the negative comp with overall [op] margin being relatively flat.

然後，當您進入第三季和第四季時，第三季的負擔最重——負面比較的負擔最重，整體[op]利潤率相對持平。

But the offset is coming in SG&A of over 200 basis points.

但 SG&A 的抵銷額超過 200 個基點。

And then when you look at Q4, again, some deleverage on the negative comp that we've moved to about 50 basis points in SG&A with full year margin being relatively -- [op] margin being relatively flat.

然後，當你再看一下第四季度時，我們對負補償進行了一些去槓桿化，SG&A 已調整至約 50 個基點，全年利潤率相對較低 - [op] 利潤率相對持平。

That was Q4 [PAT] margin being relatively flat.

第四季 [PAT] 利潤率相對持平。

Michael, in terms of NSP -- yeah, in terms of NSP, last year, I think the way you guys calculate it was just above [80%] and we adjust for weeks, it's

邁克爾，就 NSP 而言——是的，就 NSP 而言，去年，我認為你們計算的方式剛剛高於 [80%]，我們調整了幾週，這是

[mid 80%s].

[80%s 中期]。

That's where Q1 was.

這就是 Q1 所在的位置。

You'll see that's where the full year is based on the guide, we just gave you at the midpoint.

您會看到，這就是基於指南的全年數據，我們剛剛為您提供了中點。

So we've seen our NSP post COVID start to really land in those [mid 80%s] and that's what we're projecting, and we're pleased with that.

因此，我們已經看到新冠疫情後的 NSP 開始真正落地到這些人 [80% 中]，這就是我們的預測，我們對此感到滿意。

And so, as long as that continues in that there's really no reason to pull back.

因此，只要這種情況持續下去，就沒有理由退縮。

In fact, if anything, that's probably the area that we haven't spent a lot of time talking about, but our new store pipeline is not only back hitting the numbers, but Kristy shared with you, we're back to that 50% in the front half of the year, which is really where we want to be going forward.

事實上，如果有的話，這可能是我們沒有花很多時間討論的領域，但我們的新商店管道不僅回到了數字，而且克里斯蒂與您分享，我們又回到了 50%今年上半年，這確實是我們想要前進的方向。

This year is complete.

今年就圓滿了。

Next year, we're largely done with already and starting to work on '26.

明年，我們基本上已經完成了工作，並開始著手 '26 的工作。

So we feel really good about the pipeline.

所以我們對管道感覺非常好。

Lot of opportunities out there.

那裡有很多機會。

And I think as we've continued to see some more retail bankruptcies, it will present ourselves with more opportunities to take advantage of.

我認為，隨著我們繼續看到更多的零售破產，這將為我們提供更多的利用機會。

Thanks, Michael.

謝謝，麥可。

Joe Feldman, Telsey Advisory Group.

喬·費爾德曼，特爾西諮詢小組。

Great.

偉大的。

Thanks for taking my question, guys.

謝謝你們提出我的問題，夥伴們。

I wanted to go back to something you said, Joel, about value and needing to just be able to keep delivering value.

喬爾，我想回到你所說的關於價值和需要能夠繼續提供價值的事情。

And I'm just curious what your -- I guess, latest survey work with your customers or interactions or focus groups or have you speak with your customers.

我只是好奇你的——我想，最新的調查與你的客戶或互動或焦點小組合作，或讓你與你的客戶交談。

What that suggesting about the perceived value?

這對感知價值意味著什麼？

Has it changed, again given the push with the Five Beyond product in the stores, maybe you could just chat about that for a minute.

它是否發生了變化，再次考慮到商店中「超越五」產品的推廣，也許你可以討論一下這個問題。

Yeah.

是的。

It's great, Joe. No, it hasn't changed.

太棒了，喬。不，它沒有改變。

It's more of -- we really believe this was a macro induced change.

更多的是──我們真的相信這是宏觀引發的改變。

And for all the reasons that shared with everybody.

出於與大家分享的所有原因。

But too many retailers play defense and certainly we'll do that cut costs and do some things.

但太多零售商採取防禦措施，我們當然會削減成本並採取一些措施。

But we're going to play offense.

但我們要進攻。

And we're going to figure out a way to take market share in a time like this and we're going to figure out a way to make our business healthier so that as the consumer backdrop improves, we're already a better and stronger company.

我們將找到一種方法在這樣的時期奪取市場份額，我們將找到一種方法使我們的業務更健康，這樣隨著消費者背景的改善，我們變得更好、更強公司。

As far as value specifically, Joe, one of the things we look at and we look at it every quarter is our NPS scores and our NPS scores have actually gone up this year over last year.

就具體而言，喬，我們每個季度都會關注的事情之一是我們的 NPS 分數，我們的 NPS 分數今年實際上比去年有所上升。

And that is a really positive sign that customers are starting to really rely on us.

這是一個非常積極的跡象，表明客戶開始真正依賴我們。

We happen to be in probably the period of our year where we're the most discretionary, the least number of reasons you have to go to Buy Below.

我們可能正處於一年中最自由裁量權的時期，您必須去「購買以下」的理由也最少。

But that doesn't mean we don't look at self-inflicted wounds.

但這並不意味著我們不關注自傷。

We don't look at ways that our marketing can be stronger.

我們不考慮如何加強我們的行銷。

We don't -- we need to look at ways our pricing can be sharper.

我們不這樣做——我們需要考慮如何提高我們的定價。

And Michael and the merchants are definitely looking at new trends, chasing trends, finding new ways to drive footsteps.

麥可和商家肯定正在關注新趨勢、追逐趨勢、尋找新的方式來推動腳步。

So I didn't mean to allude any of you that I'm concerned about it.

所以我並不是有意暗示你們中的任何人我對此感到擔憂。

In fact, I think the biggest difference between a quarter ago and now is we have a lot more answers that we didn't have before.

事實上，我認為一個季度前和現在最大的區別是我們有了更多以前沒有的答案。

And we know how to bend the curve on shrink now.

我們現在知道如何扭轉收縮曲線。

We know what the right level of labor to put in the store is and that is a big change from where it was.

我們知道商店中合適的勞動力水平是多少，這與以前相比發生了很大的變化。

We have a lengthy trend now line of knowing where the bottom is on sales.

我們現在有一個很長的趨勢線來了解銷售的底部在哪裡。

And now we build back from that.

現在我們以此為基礎進行重建。

But we're not going to sit and wait until it comes to us.

但我們不會坐等它來找我們。

We got to go after it.

我們必須去追尋它。

So hopefully, Joe, that will give you a little background there.

喬，希望這能給你一些背景知識。

Thank you.

謝謝。

That helps.

這有幫助。

Thank you.

謝謝。

Good luck this quarter.

祝這個季度好運。

CJ Dipollino, Craig-Hallum Capital Group.

CJ Dipollino，克雷格-哈勒姆資本集團。

Hey, everyone.

嘿大家。

CJ on for Jeremy Hamblin.

傑里米·漢布林 (Jeremy Hamblin) 上場，CJ 上場。

Thanks for taking my questions.

感謝您回答我的問題。

Wanted to touch on shrink again.

想再談談收縮。

It seems like you've made some good progress in the 70 stores where you really stepped up shrink mitigation efforts.

看來你們確實在 70 家商店中取得了一些良好的進展，在這些商店中確實加大了減少損耗的力度。

I'm curious on like the timing on rolling that out two additional stores, if you're thinking about doing that?

我很好奇開設另外兩家商店的時機，您是否正在考慮這樣做？

And when you might start implementing more labor and higher security measures in the rest of the store base?

您什麼時候可以開始在商店的其他地方實施更多的勞動力和更高的安全措施？

Thanks.

謝謝。

Yeah.

是的。

Hey, CJ.

嘿，CJ。

Let me just clarify for you and the whole team on the call.

讓我向您和整個電話會議團隊澄清一下。

We have implemented shrink mitigation in the entire chain, namely around the shift from self checkout to associate checkout.

我們在整個鏈條中實施了縮減縮減措施，即圍繞從自助結帳到聯合結帳的轉變。

So that has happened chain wide.

所以這種情況已經發生在整個鏈條上。

In addition to that, which is the 70 stores you're referring, we put in extra shrink mitigation like guards and receipt checking and more video cameras and that type of thing.

除此之外，也就是您所指的 70 家商店，我們還採取了額外的縮減措施，例如警衛和收據檢查以及更多攝影機等。

So that's above and beyond.

所以這是超越的。

And those 70 stores saw even bigger declines than the stores that just had the associate checkout.

這 70 家商店的跌幅甚至比剛剛設有副收銀台的商店還要大。

So now we're looking at those 70 and seeing how the ROI works.

現在我們正在研究這 70 個，看看投資報酬率是如何運作的。

Many of you always ask labor costs you more than the shrink.

你們中的許多人總是問你們的勞動成本比心理醫生的成本還要高。

In the chain-wide, we've got that balance.

在整個鏈條範圍內，我們已經達到了平衡。

Right.

正確的。

But in the extra 70, where you've got outside guard services and things like that.

但在額外的 70 英里內，您可以享受外部警衛服務和類似的服務。

That's a real focus on our highest shrink stores.

這是我們對收縮率最高的商店的真正關注。

So the team has just done an amazing job.

所以團隊剛剛完成了一項了不起的工作。

You have to remember, this only showed up in our purview less than 12 months ago, it was end of last August.

你必須記住，這只是在不到 12 個月前出現在我們的權限範圍內，那是去年 8 月底。

So I really applaud asset protection, store operations and everybody here working on a task force to bend in the curve so quickly.

因此，我真的對資產保護、商店運營以及工作小組中的每個人都表示讚賞，以如此迅速地扭轉局面。

So hopefully that helps you understand the difference between the 70 and what we've actually done for the entire chain.

希望這可以幫助您了解 70 與我們為整個鏈條實際所做的工作之間的差異。

Thanks, CJ.

謝謝，CJ。

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

Hey, this is William Dossett on for Brian.

嘿，這是布萊恩的威廉·多塞特。

Thanks for taking our question.

感謝您提出我們的問題。

So a quick question here is just on the efforts to optimize your cost structure.

因此，這裡的一個簡單問題是關於優化成本結構的努力。

You've identified savings over the next 18 to 24 months.

您已確定在未來 18 至 24 個月內可以節省的費用。

And we just wanted to know the key areas of the cost structure in which you'd realize these savings?

我們只是想知道您可以在成本結構的哪些關鍵領域實現這些節省？

Thank you.

謝謝。

Yeah. certainly.

是的。當然。

So there are really across-the-board in both operating expenses as well as capital spending.

因此，營運支出和資本支出確實是全面的。

So looking at everything from consumption to specs to distribution expenses on the last mile.

因此，要考慮從消耗、規格到最後一英里的分銷費用等各個方面。

So we have really peeled away every cost that we have with nearly every supplier, and we're going hard after in-year savings as well as more significant savings that will be realized next year in our indirect procurement areas specifically.

因此，我們確實削減了幾乎所有供應商的所有成本，我們正在努力爭取年內節省開支，以及明年將在我們的間接採購領域實現的更顯著的節省。

Okay.

好的。

I think just adding onto that, Kristy, the one thing this is where our growth has to work to our advantage.

我想補充一點，克里斯蒂，這是我們的成長必須對我們有利的一件事。

And as we look at everything that we haven't reviewed a contract on in a couple of years, it should have different terms to it.

當我們審視幾年來沒有審查過合約的所有內容時，它應該有不同的條款。

We went into COVID, a $2 billion company, and five years later here we're about a $4 billion company.

我們進入了 COVID，這是一家價值 20 億美元的公司，五年後，我們已經成為一家價值 40 億美元的公司。

So with that comes basis point change, and then that begins to add up significantly over the next two years.

因此，隨之而來的是基點變化，然後在接下來的兩年開始顯著增加。

Thanks, William.

謝謝，威廉。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to Mr. Joel Anderson for closing remarks.

我想將會議轉回由喬爾·安德森先生致閉幕詞。

Please go ahead.

請繼續。

Thank you, operator, and thanks, everybody.

謝謝接線員，謝謝大家。

Look, I'd just end with by saying and repeating some of the things I said, our core customer, they are clearly prioritizing needs or wants.

聽著，我最後要重複我所說的一些事情，我們的核心客戶，他們顯然會優先考慮需求或願望。

And that had a big impact on our performance in Q1.

這對我們第一季的表現產生了很大影響。

The guidance that Kristy shared with you that reflects the entire year in this more cautious core customer.

克里斯蒂與您分享的指導反映了這個更謹慎的核心客戶全年的情況。

And as I said, we're playing offense.

正如我所說，我們正在進攻。

We're leaning further into value.

我們進一步傾向於價值。

We're going to ensure this value message is emphasized in all of our marketing.

我們將確保在我們所有的行銷活動中強調這一價值訊息。

We're also focused on ensuring our assortment adequately reflects categories that are being prioritized by our customer.

我們也致力於確保我們的分類充分反映客戶優先考慮的類別。

So we're really going to focus on growing those.

所以我們真的會專注於發展這些。

As we do this, our focus on executing our store growth plans with excellence is unwavering, as is our commitment to managing the cost side of the business with a typical Five Below rigor.

當我們這樣做時，我們堅定不移地致力於以卓越的方式執行我們的商店增長計劃，我們致力於以典型的“低於五”的嚴格標準來管理業務成本方面。

We've asked a lot of our teams as we navigate this current environment and implement processes and procedures to improve efficiency and manage shrink.

在我們應對當前環境並實施流程和程序以提高效率和管理縮減時，我們詢問了許多團隊。

And I just want to thank the entire crew for their hard work and commitment.

我只想感謝全體工作人員的辛勤工作和奉獻精神。

Thanks, everybody, for joining us today, and we look forward to speaking again on our Q2 call in September.

感謝大家今天加入我們，我們期待在 9 月的第二季電話會議上再次發言。

Thank you.

謝謝。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。