Five Below Inc (FIVE) 2024 Q3 法說會逐字稿

Good day and welcome to the Five Below third-quarter 2024 earnings conference call. (Operator Instructions) Please note that this event is being recorded. I would now like to turn the conference over to Christiane Pelz, Investor Relations. Please go ahead.

美好的一天，歡迎參加 2024 年第三季財報電話會議。 （操作員說明）請注意，該事件正在被記錄。我現在想將會議交給投資者關係部門的克里斯蒂安·佩爾茨 (Christiane Pelz)。請繼續。

Thank you, Nick. Good afternoon, everyone and thanks for joining us today for Five Below's third-quarter, 2024 financial results conference call. On today's call are Tom Vellios, Executive Chairman and Founder; and Ken Bull, Interim Chief Executive Officer and Chief Operating Officer; and Kristy Chipman, Chief Financial Officer and Treasurer.

謝謝你，尼克。大家下午好，感謝您今天參加我們的五以下 2024 年第三季財務業績電話會議。出席今天電話會議的有執行主席兼創辦人 Tom Vellios；臨時執行長兼營運長 Ken Bull；財務長兼財務主管克里斯蒂·奇普曼 (Kristy Chipman)。

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.

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.

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。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. 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.

在本簡報中，我們將提及我們的 SG&A 費用。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. A reconciliation of these items to US GAAP are included in today's press release. 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. I will now turn the call over to Tom.

此外，我們也將討論某些非公認會計準則財務指標。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。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。我現在會把電話轉給湯姆。

Thank you, Christiane, and thank you all for joining us today to discuss our third-quarter results and business update. We are very pleased with the progress we've made since our second-quarter call. The entire Five Below organization has come together with a refreshed mindset and a focus that is already making an impact.

謝謝克里斯蒂安，也謝謝大家今天加入我們討論我們的第三季業績和業務更新。我們對自第二季電話會議以來的進展感到非常滿意。整個「五以下」組織以全新的心態和已經產生影響的焦點聚集在一起。

Ken and I have asked a lot of our team. It's been a heavy lift since the second quarter, and I have been so impressed to witness firsthand what we are capable of achieving with this shift. I want to thank our teams across the entire company for their commitment, hard work and execution as we position Five Below for the opportunity that lie ahead of us.

肯和我向我們的團隊提出了很多要求。自第二季以來，這是一次重大的提升，親眼目睹我們透過這項轉變所能實現的目標給我留下了深刻的印象。我要感謝整個公司的團隊的承諾、辛勤工作和執行力，因為我們將「五低」定位為擺在我們面前的機會。

Before I discuss the organizational refocus on the way, I want to say how excited we are to announce Winnie Park as our new CEO. The breadth of Winnie's leadership experience across specialty and value retail, especially have merchandising expertise, global sourcing, consumer acumen, and importantly, how she values people and champions organizational culture. All make her uniquely suited for the role. In addition, she brings a deep understanding of the power at the intersection of trend and value.

在討論組織重新聚焦的方式之前，我想說我們非常高興宣布 Winnie Park 成為我們的新執行長。 Winnie 在專業和價值零售領域擁有廣泛的領導經驗，尤其是在銷售專業知識、全球採購、消費者敏銳度方面，更重要的是，她如何重視人才並倡導組織文化。所有這些都使她非常適合這個角色。此外，她對趨勢與價值交叉點的力量有著深刻的理解。

As you saw in our press release, I am delighted that Ken is continuing in his role as COO. And on behalf of the Board and the entire Five Below team, I want to thank him for stepping in as the Interim CEO. Ken's expertise and deep knowledge of our business was integral in setting a refocus in motion and will continue to be as we execute on our strategic priorities.

正如您在我們的新聞稿中看到的，我很高興 Ken 繼續擔任營運長。我謹代表董事會和整個「五以下」團隊感謝他擔任臨時執行長。肯的​​專業知識和對我們業務的深入了解對於重新調整重點至關重要，並將在我們執行策略重點時繼續發揮作用。

In my role as Executive Chairman, I'm excited to work alongside Winnie and Ken. We now have a powerful combination of skills and experience that positions us well to realize our full potential.

作為執行主席，我很高興能與 Winnie 和 Ken 一起工作。我們現在擁有強大的技能和經驗組合，使我們能夠充分發揮我們的潛力。

In the three short months since we last spoke, we've made meaningful strides to refocus the organization and are operating with a sense of urgency to address the areas of the business we outlined on our last call: product, value and store experience. While we are off to an encouraging start, we have a way to go to deliver the performance that we believe this company is capable of.

自我們上次通話以來的短短三個月內，我們在重新調整組織重點方面取得了有意義的進展，並以緊迫感開展工作，以解決我們在上次電話會議中概述的業務領域：產品、價值和商店體驗。雖然我們有了一個令人鼓舞的開端，但要實現我們認為該公司有能力實現的業績，我們還有很長的路要走。

Our vision for Five remains the same, to be the best destination for teens and preteens and a YES! store for parents. We are getting back to our core, focusing on the customer and what they want.

我們對 Five 的願景保持不變，即成為青少年和青春期前兒童的最佳目的地，並且是的！為父母準備的商店。我們正在回歸我們的核心，專注於客戶和他們的需求。

Work is underway to edit our assortment, leverage our scale, and deliver newness and trend-right high-quality product up an amazing value, while at the same time, improving store experience and optimizing our cost strength. We have a long runway of growth with significant white space available to us, and we are working to ensure we are properly positioned to capitalize on this opportunity.

我們正在努力編輯我們的品種，利用我們的規模，以驚人的價值提供新穎且符合潮流的高品質產品，同時改善商店體驗並優化我們的成本優勢。我們有很長的成長跑道，有大量的空白空間可供我們使用，我們正在努力確保我們處於適當的位置來利用這個機會。

I've always been passionate about working back from the customer and maintaining an unwavering commitment to delivering on the Five Below promise of extreme value, trend-right product, and a fun store experience. I'm excited about our future, and I'm confident in our team's ability to achieve the vision we've put before them. And with that, I will now hand it over to Ken. Ken?

我一直熱衷於為客戶提供回饋，並堅定不移地致力於兌現「以下五項」承諾：極致價值、緊跟潮流的產品和有趣的商店體驗。我對我們的未來感到興奮，並且對我們團隊實現擺在他們面前的願景的能力充滿信心。現在，我將把它交給肯。肯？

Thanks, Tom, and good afternoon, everyone. I'll make some comments on the third-quarter results and then share progress updates on our key focus areas of product and value and store experience then Kristy will discuss more details on our results and outlook for the rest of the year.

謝謝湯姆，大家下午好。我將對第三季的業績發表一些評論，然後分享我們的產品和價值以及商店體驗等關鍵重點領域的最新進展，然後克里斯蒂將討論有關我們今年剩餘時間業績和前景的更多細節。

But before I get into results, I want to add how excited I am to welcome Winnie to the team. For customer-centric experience, team-oriented leadership style, and deep focus on people, both customers and crew make her a great fit. I look forward to partnering with Winnie to unlock our full potential and drive the next phase of Five Below's growth. I also want to take a moment to acknowledge and recognize the incredible contribution of all our teams. It has been a very busy five months and what they have accomplished has been and is significant.

但在公佈結果之前，我想補充一下，我非常高興歡迎 Winnie 加入團隊。對於以客戶為中心的體驗、以團隊為導向的領導風格以及對人的高度關注，客戶和船員都非常適合她。我期待與 Winnie 合作，釋放我們的全部潛力，推動「五以下」下一階段的發展。我還想花一點時間來認可和認可我們所有團隊所做的令人難以置信的貢獻。這是非常忙碌的五個月，他們所取得的成就非常重要。

Now on to our results. Sales in the third quarter increased 15% to $844 million with a comp increase of 0.6%. Adjusted EPS was $0.42. These results were ahead of our guidance. Overall, we saw improved sales across a broader group of worlds and categories compared to the second quarter.

現在來看我們的結果。第三季銷售額成長 15%，達到 8.44 億美元，年增 0.6%。調整後每股收益為 0.42 美元。這些結果超出了我們的指導。總體而言，與第二季度相比，我們看到更廣泛的領域和類別的銷售額有所改善。

Our operational execution across all areas of the business also improved and drove a better customer experience. We were very encouraged to see this overall improvement in the business, including across key comp metrics. At the same time, we acknowledge we still have work to do to achieve our vision and deliver consistently positive comp results.

我們在所有業務領域的營運執行也得到了改善，並帶來了更好的客戶體驗。看到業務的整體改善（包括關鍵的競爭指標），我們感到非常鼓舞。同時，我們承認，要實現我們的願景並持續提供積極的競爭結果，我們仍有許多工作要做。

For new stores, much like our performance in comp sales, performance here also exceeded our expectations. We opened a record 82 stores during the third quarter, delivering growth of 18% versus last year's third quarter store count. These new stores were located across 31 states, including our 44th State of Wyoming. Four stores in four states made our top 25 summer or fall grand opening list of all time.

對於新店來說，就像我們在比較銷售方面的表現一樣，這裡的表現也超出了我們的預期。我們在第三季開設了創紀錄的 82 家門市，與去年第三季的門市數量相比增加了 18%。這些新店遍布 31 個州，其中包括第 44 個州懷俄明州。四個州的四家商店躋身我們有史以來夏季或秋季盛大開幕的 25 家商店之列。

Regarding performance by worlds, the tech seasonal style and candy worlds, which together represented over half of our business in the third quarter delivered the sales outperformance. We were encouraged to see the positive results from the initiatives we took to add newness and deliver value, especially in our beauty, Halloween, tech, and games and toys categories.

就世界的表現而言，科技季節性風格和糖果世界（它們合計占我們第三季業務的一半以上）的銷售表現出色。我們很高興地看到我們為增加新鮮感和提供價值而採取的舉措所取得的積極成果，特別是在我們的美容、萬聖節、科技、遊戲和玩具類別中。

Our license business was also strong across several departments with both newer trends and existing trends such as Sanrio, as we help celebrate Hello Kitty's 50th birthday. Within our Five Beyond assortment, items that represented extreme value and were trend right resonated with our customers.

我們的授權業務在多個部門也表現強勁，無論是新趨勢還是現有趨勢，例如 Sanrio，我們都在幫助慶祝 Hello Kitty 的 50 歲生日。在我們的「五之外」系列中，代表極高價值且符合潮流的商品引起了我們客戶的共鳴。

Now on to our key focus areas. Starting with product and value, we are renewing our commitment to being the YES! store for kids and parents. Flexibility, relevancy, nimbleness, and speed are key to Five Below's merchandising success, and we are focused on leaning into these core capabilities.

現在談談我們的重點關注領域。從產品和價值開始，我們重申我們的承諾：成為 YES！為孩子和家長準備的商店。靈活性、相關性、敏捷性和速度是 Five Below 的行銷成功的關鍵，我們專注於依靠這些核心能力。

One of our key differentiators has always been the ability to quickly identify trends and capitalize on them. With the teams back together in the office, we have seen positive momentum towards greater innovation and speed, driven by improved collaboration and communication across multiple groups, including merchandising, product development, sourcing, planning, allocation, and visual merchandising.

我們的關鍵區別之一始終是能夠快速識別趨勢並利用它們。隨著團隊重新回到辦公室，我們看到了在多個團隊（包括銷售、產品開發、採購、規劃、分配和視覺行銷）之間改進的協作和溝通的推動下，朝著更大的創新和速度邁進的正向動能。

We believe our merchant teams are now better organized and equipped to quickly capitalize on trends and innovate. They have a renewed focus on sourcing truly amazing trend-right items that deliver quality, value, and WOW for our customers.

我們相信，我們的商家團隊現在組織得更好，裝備也更好，可以快速利用趨勢並進行創新。他們重新專注於採購真正令人驚嘆的潮流產品，為我們的客戶提供品質、價值和令人驚嘆的產品。

Work is underway to drive broader and more consistent category and world performance. With an improved key item approach, better SKU rationalization and productivity, and sharper value. As we said last quarter, this will take some time, and we currently expect to begin to see the impact of these changes in the second quarter next year.

我們正在努力推動更廣泛、更一致的品類和全球表現。透過改進的關鍵項目方法、更好的 SKU 合理化和生產力以及更清晰的價值。正如我們上季度所說，這將需要一些時間，目前我們預計將在明年第二季開始看到這些變化的影響。

Regarding Five Beyond, we believe it continues to provide us an opportunity to deliver a highly edited assortment of great trend-right products at incredible value. We will apply the same core teen and preteen customer filter and focus as we do with the Five Below product when creating this assortment, and we will optimize presentation in our stores.

關於 Five Beyond，我們相信它繼續為我們提供機會，以令人難以置信的價值提供經過精心編輯的、符合潮流的優質產品。在創建此分類時，我們將應用與「五以下」產品相同的核心青少年和青春期前客戶過濾器和關注點，並且我們將優化商店中的展示。

On to store experience. Our store experience is also a key differentiator for Five Below. We aim to be the cool store for kids and the destination for fun treasure hunt experience. We have invested in our stores by increasing labor and streamlining operations to enhance the experience for both our customers and crew. We added more labor into the stores this year beginning in August and have begun creating work efficiencies and reducing tasks for our crew.

去商店體驗。我們的商店體驗也是 Five Below 的關鍵差異化因素。我們的目標是成為孩子們最酷的商店和有趣的尋寶體驗的目的地。我們透過增加勞動力和簡化營運來投資我們的商店，以增強客戶和工作人員的體驗。今年從八月開始，我們為商店增加了更多勞動力，並開始提高工作效率並減少員工的任務。

As an example, to improve crew efficiency and store service levels, especially in the high-volume holiday quarter, part of our investment has associates manning our self checkout areas and available to assist. The actions we have taken to date have reenergized the store teams and enable them to focus and engage more with our customers to deliver a better customer experience.

例如，為了提高工作人員效率和商店服務水平，特別是在客流量大的假日季度，我們的部分投資是讓員工負責我們的自助結帳區域並提供協助。我們迄今為止採取的行動為商店團隊注入了新的活力，使他們能夠集中精力並更多地與客戶互動，以提供更好的客戶體驗。

Now turning to the fourth quarter. While it is very early, the holiday season is off to a solid start with the Black Friday weekend coming in on plan. Our stores are filled with gifts and stocking stuffers from cozy apparel to toys and games to seasonal decor. We are leaning into value even more this holiday season with $1, $2 and $3 items.

現在轉向第四季。雖然現在還很早，但隨著黑色星期五週末的到來，假期季節已經有了一個很好的開始。我們的商店裡擺滿了禮品和聖誕禮物，從舒適的服裝到玩具和遊戲，再到季節性裝飾。這個假期，我們更加重視價值，推出 1 美元、2 美元和 3 美元的商品。

As pleased as we were with our third-quarter outperformance and solid start to holiday with our Black Friday weekend results, it's important to acknowledge the expected impact on our fourth-quarter results of the five fewer shopping days between Thanksgiving and Christmas. We last had this calendar in 2019 and have used that experience to build our fourth quarter plan this year.

儘管我們對第三季度的優異表現和黑色星期五週末業績的良好開局感到高興，但重要的是要承認感恩節和聖誕節之間減少五個購物日對我們第四季度業績的預期影響。我們上次製作此日曆是在 2019 年，並利用這些經驗制定了今年第四季的計劃。

As we look ahead, we are pleased with the changes and improvements we have been able to implement in a short period and are excited about the opportunities for the future. We have a long runway of growth ahead and encouraging early results from the work that is underway to improve performance and results.

展望未來，我們對在短時間內實現的變革和改進感到高興，並對未來的機會感到興奮。我們還有很長的成長道路，並且正在進行的旨在提高績效和成果的工作取得了令人鼓舞的早期成果。

Before I close, I want to make a few comments on the topic of potential tariffs. First, tariffs are not new to Five Below. We successfully solved for tariffs in the late 2018 and 2019 time frame through a combination of vendor collaboration, product reengineering and assortment changes, moving product sourcing to other countries and ultimately, pricing increases, primarily in our tech world. We expect to utilize these tools and tactics again.

在結束之前，我想就潛在關稅主題發表一些評論。首先，關稅對於「五以下」來說並不新鮮。我們透過供應商合作、產品重新設計和品種變化相結合，在 2018 年底和 2019 年成功解決了關稅問題，將產品採購轉移到其他國家，最終提高了價格（主要是在我們的科技領域）。我們期望再次利用這些工具和策略。

What's different today is that not only do we have a playbook, having successfully navigated this before, we also have Five Beyond established as well as our India global sourcing office which will help to optimize our vendor base overseas. That said, work is already underway with our many vendor partners and our overseas sourcing teams to mitigate the impact of potential tariffs.

今天的不同之處在於，我們不僅有一個劇本（之前已經成功地解決了這個問題），我們還建立了Five Beyond 以及我們的印度全球採購辦事處，這將有助於優化我們的海外供應商基礎。也就是說，我們已經與許多供應商合作夥伴和海外採購團隊合作，以減輕潛在關稅的影響。

In closing, we are fortunate to have talented and energized teams in place across the organization. We have begun to reset the mindset of our company and have implemented meaningful change that our teams have wholeheartedly embraced. I could not be prouder of and more confident in the entire Five Below team to drive the vision Tom and I have laid out. And with that, I'll hand it over to Kristy to discuss our results and outlook in more detail. Kristy?

最後，我們很幸運在整個組織中擁有一支才華橫溢、充滿活力的團隊。我們已經開始重新調整公司的思維方式，並實施了我們的團隊全心全意接受的有意義的變革。我對整個「五以下」團隊推動湯姆和我所製定的願景感到無比自豪和充滿信心。接下來，我將把它交給克里斯蒂，更詳細地討論我們的結果和前景。克里斯蒂？

Thanks, Ken, and good afternoon, everyone. I would like to add my welcome to Winnie. I look forward to working with you to create value for our shareholders. I will begin my remarks with a review of our third-quarter results and then discuss our outlook. My comments will refer to results on an adjusted basis. Please refer to our earnings press release for GAAP results and all reconciliations.

謝謝，肯，大家下午好。我想對溫妮表示歡迎。我期待與您合作，為我們的股東創造價值。我將首先回顧我們第三季的業績，然後討論我們的前景。我的評論將參考調整後的結果。請參閱我們的收益新聞稿，以了解 GAAP 結果和所有調整表。

Total sales in the third quarter of 2024 increased 14.6% to $843.7 million from $736.4 million in the third quarter last year. Comparable sales increased 0.6%, driven by an increase in comp ticket of 1.2%, partially offset by a decrease in comp transactions of 0.6%.

2024 年第三季的總銷售額從去年第三季的 7.364 億美元成長 14.6% 至 8.437 億美元。可比銷售額增長 0.6%，主要是由於贈券門票增長 1.2%，但贈券交易量下降 0.6% 部分抵消了這一增長。

As Ken mentioned, the team did a great job executing against the initiatives we put in place to improve sales. While it's still early in our reset, we were encouraged to see an improvement in third quarter compared to the first and second quarters across key sales metrics, including transactions and average ticket.

正如肯所提到的，團隊在執行我們為提高銷售而採取的舉措方面做得非常出色。雖然我們的重置還處於早期階段，但我們很高興看到第三季的關鍵銷售指標（包括交易量和平均門票數）與第一季和第二季相比有所改善。

In the third quarter, we opened 82 new stores compared to 74 new stores opened in the third quarter last year. We ended the quarter with 1,749 stores, an increase of 268 stores or approximately 18% over last year. New stores also benefited from the actions taken to improve the business resulting in new store productivity that exceeded our expectations and our guidance for the third quarter.

第三季度，我們新開了 82 家門市，而去年第三季我們新開了 74 家門市。截至本季末，我們擁有 1,749 家門市，比去年增加 268 家，增幅約 18%。新店也受益於為改善業務而採取的行動，導致新店生產力超出了我們的預期和第三季的指導。

Adjusted gross profit for the third quarter of 2024 was $280.1 million, an increase of 25.7%. Adjusted gross margin increased by approximately 290 basis points to 33.2%, driven primarily by lapping the approximate 180 basis point shrink true-up from last year's third quarter, the timing of certain product margin benefits, including freight and efficiencies and distribution. These benefits were partially offset by fixed cost deleverage.

2024年第三季調整後毛利為2.801億美元，成長25.7%。調整後毛利率成長約 290 個基點，達到 33.2%，主要是因為與去年第三季相比縮小了約 180 個基點，以及某些產品利潤率效益（包括運費、效率和分銷）的時機。這些好處被固定成本去槓桿化部分抵銷。

As a percentage of sales, adjusted SG&A for the third quarter of 2024 increased approximately 180 basis points to 29.9% versus last year's third quarter. This was driven primarily by increases in store payroll, including investments in labor hours and wages as well as fixed cost deleverage, partially offset by leverage from cost management initiatives.

作為銷售額的百分比，2024 年第三季調整後的 SG&A 較去年第三季成長約 180 個基點，達到 29.9%。這主要是由於商店工資的增加，包括對工時和工資的投資以及固定成本去槓桿化，部分被成本管理措施的槓桿所抵消。

As a result, adjusted operating income was $27.6 million and adjusted operating margin was 3.3% versus 2.2% last year. Versus guidance, our adjusted operating margin results were better than expected, primarily due to the favorable fixed cost deleverage that was lower due to the sales fee.

結果，調整後營業收入為 2,760 萬美元，調整後營業利潤率為 3.3%，而去年為 2.2%。與指引相比，我們調整後的營業利潤率結果優於預期，主要是因為銷售費用導致的有利的固定成本去槓桿化較低。

Adjusted net income for the third quarter was $23.3 million versus net income of $14.6 million last year. Adjusted earnings per diluted share for the third quarter was $0.42 compared to last year's earnings per diluted share of $0.26. We ended the quarter with $216.6 million in cash, cash equivalents, and investments and no debt.

第三季調整後淨利為 2,330 萬美元，而去年淨利為 1,460 萬美元。第三季調整後每股攤薄收益為 0.42 美元，而去年的每股攤薄收益為 0.26 美元。本季結束時，我們擁有 2.166 億美元的現金、現金等價物和投資，沒有債務。

Inventory at the end of the third quarter was $818 million as compared to $763 million at the end of the third quarter last year. Average inventory on a per-store basis decreased approximately 9% versus the third quarter last year, primarily due to our ongoing strategy to normalize inventory levels.

第三季末的庫存為 8.18 億美元，而去年第三季末的庫存為 7.63 億美元。與去年第三季相比，每家商店的平均庫存下降了約 9%，這主要是由於我們持續實施庫存水準正常化的策略。

The inventory balance at the end of the quarter includes an approximate $21 million incremental reserve for unproductive inventory as we implement our new merchandising strategy that Ken discussed. Our third quarter ending inventory has us well positioned to deliver against our fourth-quarter sales guidance, and we expect to end the year with average inventory per store lower than last year.

本季末的庫存餘額包括約 2,100 萬美元的非生產性庫存增量儲備，因為我們實施了肯討論的新銷售策略。我們的第三季期末庫存使我們能夠很好地實現第四季度的銷售指導，並且我們預計到年底每家商店的平均庫存將低於去年。

Turning now to our guidance. Our press release outlines our sales, new stores and earnings guidance for Q4 and full year 2024. So I'll focus my commentary on additional detailed drivers for that guidance. I will refer to fiscal year 2023 and a 52-week basis and the fourth quarter of 2023 on a 13-week basis and to fiscal year 2024 on an adjusted basis that excludes the impact of nonrecurring or noncash items as outlined in our earnings press release. As a reminder, the extra week in fiscal 2023 added approximately $48 million in sales and approximately $0.15 in earnings per share to the fourth quarter and year.

現在轉向我們的指導。我們的新聞稿概述了我們第四季度和 2024 年全年的銷售、新店和盈利指引。我將提及以52 週為基礎的2023 財年，以13 週為基礎的2023 年第四季度，以及經過調整的2024 財年，其中不包括我們的收益新聞稿中概述的非經常性或非現金項目的影響。需要提醒的是，2023 財年第四季和全年的額外一週銷售額增加了約 4,800 萬美元，每股收益增加了約 0.15 美元。

For the fourth quarter of 2024 on a 13-week year-over-year adjusted basis, we expect the following. Total sales are expected to increase between 5% to approximately 7% with a comp decline in the range of negative 5% to negative 3%. As a reminder, this is a unique holiday season due to the calendar with five fewer shopping days between Thanksgiving and Christmas similar to the 2019 holiday season.

對於 2024 年第四季 13 週同比調整後的情況，我們預計如下。總銷售額預計將成長 5% 至約 7%，而年減幅度為負 5% 至負 3%。提醒一下，這是一個獨特的假期季節，因為與 2019 年假期季節類似，感恩節和聖誕節之間的購物日減少了 5 個。

Adjusted gross margin at the midpoint is expected to decrease by approximately 90 basis points as the 100 basis point benefit of lapping the shrink true-up from the fourth quarter last year is more than offset by fixed cost deleverage on the negative comp and the timing of certain product costs, including freight.

調整後毛利率中位數預計將下降約 90 個基點，因為去年第四季收縮調整帶來的 100 個基點收益被負補償的固定成本去槓桿化和調整時間所抵消。 。

Adjusted SG&A as a percentage of sales at the midpoint is expected to be approximately 120 basis points higher than the prior year. This is driven by fixed cost deleverage on the negative comp and investments in store hours and wages, partially offset by lower incentive compensation. This results in an adjusted operating margin decline at the midpoint of approximately 210 basis points compared with the prior year's fourth quarter.

調整後的 SG&A 佔銷售額中點的百分比預計將比前一年高出約 120 個基點。這是由負補償的固定成本去槓桿化以及對商店營業時間和工資的投資所推動的，但部分被較低的激勵薪酬所抵消。與去年第四季相比，這導致調整後營業利潤率中位數下降約 210 個基點。

Moving on to the full year. Total sales are expected to increase between approximately 9% to approximately 10% with a comp decline of approximately 3%. Adjusted gross margin at the midpoint is expected to decrease approximately 20 basis points due to fixed cost deleverage on the negative comp that is partially offset by lower inbound freight from the first half of the year, lapping last year's shrink reserve true-up as well as DC efficiencies.

進入全年。總銷售額預計將成長約 9% 至約 10%，而年減約 3%。調整後毛利率中點預計將下降約 20 個基點，原因是負補償的固定成本去槓桿化，部分被今年上半年入境運費下降所抵消，超越了去年的縮減準備金調整以及直流效率。

Adjusted SG&A as a percentage of sales at the midpoint is approximately 150 basis points higher than last year. Fixed cost deleverage on the negative comp and investments in store hours and wages are only partially offset by lower incentive compensation. As a result, adjusted operating margin is expected to be approximately 9% or 170 basis points lower than the prior year.

調整後的 SG&A 佔銷售額中點的百分比比去年高出約 150 個基點。負面補償的固定成本去槓桿化以及商店營業時間和工資的投資僅被較低的激勵薪酬所部分抵消。因此，調整後的營業利潤率預計將比上年下降約 9% 或 170 個基點。

Net interest income is forecasted to be approximately $14 million for the year-end. We expect a full effective tax rate for 2024 of approximately [25%]. With respect to growth CapEx, we now plan to spend approximately $340 million, excluding the impact of tenant allowances. This reflects the opening of 228 new stores, converting about 180 store locations to the [Five VM] format, the completion of expansions in our distribution centers in Georgia and Arizona, and investments in systems and infrastructure.

預計年底淨利息收入約 1,400 萬美元。我們預計 2024 年的全面有效稅率約為 [25%]。關於成長資本支出，我們現在計劃支出約 3.4 億美元，不包括租戶津貼的影響。這反映了新開設 228 家商店、將約 180 個商店位置轉換為 [五 VM] 格式、完成喬治亞州和亞利桑那州配送中心的擴建以及對系統和基礎設施的投資。

We expect to end the year with 1,771 stores. For all other details related to our results and guidance, please refer to our earnings press release.

我們預計到今年年底會有 1,771 家商店。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。

To wrap up, the work to return Five Below to realize its full potential is well underway, and we are pleased with the early signs of progress. We have a large opportunity ahead to meaningfully improve our comp trajectory as we implement our merchandise and experience strategies and continue our growth. The entire Five Below team is focused on executing against our plans, and we are beginning to see positive results and improvements, which provides us confidence in the opportunities that lie ahead.

總而言之，返回「五以下」以充分發揮其潛力的工作正在順利進行，我們對早期進展跡象感到高興。隨著我們實施商品和體驗策略並繼續成長，我們面臨著巨大的機會來有意義地改善我們的競爭軌跡。整個「五以下」團隊都專注於執行我們的計劃，我們開始看到積極的成果和改進，這讓我們對未來的機會充滿信心。

I want to thank our teams for leaning in during these last several months as we reset for the future. And with that, I would like to turn the call back over to the operator for the question-and-answer session.

我要感謝我們的團隊在過去幾個月裡在我們為未來重新定位時的努力。這樣，我想將電話轉回給接線生進行問答環節。

(Operator Instructions) John Heinbockel, Guggenheim Securities.

（操作員指令）John Heinbockel，古根漢證券公司。

Ken, the one question is a broad one. But when you think about what you want to do with product, right, as you go forward, maybe touch on how you think about sort of allocation by world, kind of recapturing that extreme value, right?

肯，這個問題是一個廣泛的問題。但是，當你思考你想用產品做什麼時，對吧，當你前進時，也許會觸及你如何思考世界的分配，有點重新捕捉那種極端價值，對嗎？

How do you think about the SKU assortment? Do you want to noticeably cut back certain areas? And then price point, right, I don't know if you talk about 1,135. But just to sort of touch on the key things you think recapture that extreme value orientation?

您如何看待 SKU 分類？您想顯著削減某些區域嗎？然後是價格點，對吧，不知道你說的是不是1135。但只是想談談您認為重新獲得極端價值取向的關鍵問題？

Yes. Thanks, John. As you know and as we've said, the key focus areas and a couple of key focus areas are around product and value. You mentioned the world, and it's one of the things that we want to get back to as a more kind of consistent and broad performance across the world. And I think you -- we saw that in the third quarter, which was good to see across more than just a few worlds, and we increased that.

是的。謝謝，約翰。如您所知，正如我們所說，關鍵重點領域和幾個關鍵重點領域都圍繞著產品和價值。你提到了世界，這是我們希望在世界範圍內以更一致和廣泛的表現回歸的事情之一。我想你——我們在第三季度看到了這一點，這在不僅僅是幾個世界上看到是很好的，而且我們增加了這一點。

And that's ultimately our goal is to deliver on more consistent performance there. It's always been, and it always will be around trend right product, high-quality, extreme value, all focused towards and targeting kids. And I think that's the piece that we're going to get back to from a focus perspective for the teams and the merchandising areas.

我們的最終目標是在那裡提供更一致的性能。它一直是，也將永遠圍繞著潮流正確的產品、高品質、極致價值，所有這些都專注於兒童。我認為這就是我們將從團隊和銷售領域的焦點角度回到的部分。

The other piece around the SKUs, we did say we were going to and we will start to go through a SKU rationalization, and we're also going to be looking at SKU productivity, which should drive less SKUs. That work is more on a go-forward basis, like we would expect to see some improvement there as we get into the middle of next year.

關於 SKU 的另一件事，我們確實說過我們將開始進行 SKU 合理化，我們也將考慮 SKU 生產力，這應該會減少 SKU 的數量。這項工作更多是在向前推進的基礎上進行的，就像我們預計在明年年中時會看到一些改進一樣。

Now that being said, for the inventory that we own, and Kristy had mentioned it, we've got a reserve that we put in place against the existing products. So that will help us get there too. But the go-forward is a meaningful reduction in our SKUs as we move forward, and we'll probably see that into next year.

話雖這麼說，對於我們擁有的庫存，克里斯蒂已經提到過，我們已經針對現有產品建立了儲備。這也將幫助我們實現這一目標。但隨著我們的前進，我們的 SKU 將會大幅減少，我們可能會在明年看到這一點。

I think you also mentioned the price points, the 1 to 3. It was an area in holiday that we emphasized, if you're in our stores, you'll see that especially when you walk in. It's always been a key part of our business. And even when you look at the $5 and less price points, I mean, they still represent probably 85% of the units out there for us.

我想你也提到了價格點，1到3。關鍵部分我們的業務。我的意思是，即使你看看 5 美元及以下的價格點，它們仍然代表了我們市場上 85% 的產品。

So that's always going to be an ongoing focus for us as we move forward. That's important for us, especially for the kids. And then, Tom, I don't know if you have anything you want to add to that?

因此，在我們前進的過程中，這始終是我們持續關注的焦點。這對我們很重要，尤其是對孩子。然後，湯姆，我不知道你是否還有什麼要補充的？

No, I think you cover it. John, one thing I would say, as we look at some of the learnings, as we've looked at all the worlds, it's also fair to say that without guiding into a lot of specifics, we see a real opportunity ahead to reset some of the areas. And in those areas, we can obviously expect to see a much greater SKU reduction to enable businesses. And we need as a company to find a way to look at businesses that perhaps need a certain degree, almost a reinvention, and ability to reduce SKUs in a meaningful way to allow for newness to come in.

不，我認為你涵蓋了它。約翰，我要說的一件事是，當我們研究一些經驗教訓時，當我們研究所有世界時，公平地說，在沒有指導很多具體細節的情況下，我們看到了一個真正的機會來重置一些的地區。在這些領域，我們顯然可以預期 SKU 會大幅減少，從而為企業提供支援。作為一家公司，我們需要找到一種方法來看待那些可能需要某種程度、幾乎是徹底改造的業務，並且需要能夠以有意義的方式減少 SKU，以允許新鮮事物的出現。

Just to add on Ken's comment on price points, there is no question about it. You're starting to see it. You can expect to see more, a greater emphasis on Five Below. And even within that range, narrowing the price points. While at the same time, we think there is an opportunity in Five Beyond, but to be very selective and to make sure that the filter -- same filter of extreme value trend right product is what we are focusing on. So more to come.

補充一下 Ken 對價格點的評論，這是毫無疑問的。你開始看到它了。您可以期待看到更多、更加強調以下五項內容。即使在這個範圍內，價格點也會縮小。同時，我們認為「五之外」有機會，但要非常有選擇性，並確保過濾器——同樣的極值趨勢過濾器正確的產品是我們關注的重點。未來還會有更多。

Thanks, John.

謝謝，約翰。

Chuck Grom, Gordon Haskett.

查克·格羅姆，戈登·哈斯克特。

Good afternoon. Thanks a lot. Congrats on the progress. Wondering you guys could just talk a little bit about the benefits of everyone being back in the office. On the outside looking in, it's hard to see. But clearly, that was missing, and it clearly, it looks like it's helping. So can you talk about that?

午安.多謝。祝賀取得的進展。想知道你們能談談每個人回到辦公室的好處嗎？從外面看，很難看到。但顯然，這一點缺失了，而且顯然，它看起來很有幫助。那你能談談這個嗎？

And also as we look out over the next couple of years, how are you thinking about store growth. New store productivity was better this quarter, but it's still a little bit below where you guys have historically trended. So just how should we think about store growth next year and the years out? Thank you.

當我們展望未來幾年時，您如何看待商店的成長。本季新店生產力提高，但仍略低於歷史趨勢。那麼我們應該如何考慮明年和未來幾年的商店成長呢？謝謝。

Thanks, Chuck. Yeah, we -- it was important for us to get everybody back to the office, and that's been -- I think it's been a few months now. You can see and feel the difference because this business is all about collaboration and innovation. And really, the only way to get there is that's tough to do in a hybrid environment, it's tough to do virtually, it's tough to do online.

謝謝，查克。是的，我們——讓每個人都回到辦公室對我們來說很重要，我想已經過去了幾個月了。您可以看到並感受到其中的差異，因為這項業務的核心在於協作和創新。事實上，實現這一目標的唯一方法是在混合環境中很難做到這一點，在虛擬環境中很難做到，在網路上也很難做到。

So you can see throughout the organization, especially in those key areas around products, so merchandising, planning, allocation, visual merchandising. In fact, we reinstituted the pod, the physical pods where these teams are working together because that's what it's all about. It's a team approach. So you're right, we have seen the benefits of that in a real short period of time, and I think that's going to continue for us.

所以你可以看到整個組織，特別是在產品周圍的那些關鍵領域，像是銷售、規劃、分配、視覺行銷。事實上，我們重新建立了 Pod，即這些團隊一起工作的實體 Pod，因為這就是一切。這是一種團隊方法。所以你是對的，我們在很短的時間內就看到了這樣做的好處，我認為這對我們來說將會持續下去。

Around store growth, we mentioned to you, I think, on the last call, we called out for next year a range of 150 to 180 stores. As that stands now, based on what we're looking at, it's probably closer to the lower end of that range. We've had -- and we mentioned before, we've been extremely selective with our sites, and I think that's going to continue.

關於商店成長，我想，在上次電話會議上，我們向您提到，我們要求明年開設 150 至 180 家商店。就目前情況而言，根據我們目前的情況，它可能更接近該範圍的下限。我們之前也提到過，我們對我們的網站非常挑剔，我認為這種情況將會持續下去。

And some of our landlords have had delays in some of the properties, and so that's kind of pushed that number. So we're looking right now to be at the low end of that range.

我們的一些房東推遲了一些房產的交付，因此這在一定程度上推高了這個數字。因此，我們現在正在尋找該範圍的低端。

With regards to anything else related to 2025, I mean, we'll obviously update everyone on our fourth quarter call as we normally do. But that's kind of how we look at the growth going forward. We'll have more to talk about it even in further future years on our fourth quarter call. Thanks, Chuck.

至於與 2025 年相關的其他任何事情，我的意思是，我們顯然會像往常一樣在第四季度電話會議上向所有人通報最新情況。但這就是我們對未來成長的看法。即使在未來幾年，我們也會在第四季度的電話會議上更多地討論這個問題。謝謝，查克。

Jeremy Hamblin, Craig-Hallum Capital Group.

傑里米·漢布林 (Jeremy Hamblin)，克雷格·哈勒姆資本集團。

Thanks. Congrats to Winnie and congrats to the whole team on the improved results. I wanted to come back to just understanding, when you look at Q4, you're off to a solid start, South Black Friday period. But what do you think maybe you missed out on?

謝謝。恭喜溫妮並祝賀整個團隊取得了進步。我想回到剛剛的理解，當你看第四季時，你在南部黑色星期五期間有了一個良好的開端。但你認為你可能錯過了什麼？

If you could have had a do-over on where your product assortment was, what do you think the missed opportunity is in Q4, whether that's licensing opportunities with kind of some exciting things like Moana, Wicked, et cetera? But what do you feel like you would have leaned into a bit more that could have drove business better?

如果您可以重新調整產品分類，您認為第四季度錯過了哪些機會，是否是像 Moana、Wicked 等令人興奮的產品的授權機會？但您認為您應該進一步投入哪些方面才能更好地推動業務？

And then just as a reminder, can you outline for us, Ken or Kristy, what the compressed season impact was in 2019? I think I recall is like several hundred basis points to comp.

然後提醒一下，Ken 或 Kristy，您能為我們概述一下 2019 年壓縮賽季的影響是什麼嗎？我想我記得大約有幾百個基點。

Okay. Thanks, Jeremy. I'll take the last part of that question first. We had the benefit this time in a shortened season to be able to have a year that's more comparable. And that's, as you called out, that's 2019. And we use that cadence and modeling and experience to be able to determine expectations for this fourth quarter.

好的。謝謝，傑里米。我先回答這個問題的最後一部分。這次我們在縮短的賽季中受益匪淺，能夠擁有更具可比性的一年。正如您所說，那就是 2019 年。

I believe if you go back and you look at the transition from, say, Q3 of 2019 into Q4, I think we did probably about a three comp in Q3 of 2019, about a minus two comp in the fourth quarter. So you had about a 500 basis point differential in comp.

我相信，如果你回顧一下從 2019 年第三季到第四季的過渡，我認為我們可能在 2019 年第三季進行了大約三場比賽，在第四季度進行了大約負二場比賽。所以你的比較有大約 500 個基點的差異。

It's pretty similar to what we've done here in terms of where we landed in the third quarter and what we're guiding to in the fourth quarter. So as we said in our prepared remarks, we use that as kind of a guide for us.

就我們第三季的目標和第四季的目標而言，這與我們在這裡所做的非常相似。正如我們在準備好的演講中所說，我們將其作為我們的指南。

In terms of the fourth quarter and potential opportunities, I think the first thing I want to just reinforce, we're really happy with what the teams have done in a real short period of time. They had a chance to make an impact on Q3, a little bit easier to do that for the third quarter, just given the nature of the quarter.

就第四節和潛在機會而言，我認為我想強調的第一件事是，我們對球隊在短時間內所做的事情感到非常滿意。他們有機會對第三季產生影響，考慮到第三季的性質，在第三季做到這一點要容易一些。

It's a smaller quarter. It's got small season in there, Halloween, and you just have the ability on an item-by-item approach to have the impact there. It's much more difficult to do that in Q4 just because of the size of the quarter and the nature of our business. It turns from self-purchase in Q3 to more of a gifting approach in Q4.

這是一個較小的季度。那裡有一個小季節，萬聖節，你有能力透過逐項的方法來產生影響。由於第四季度的規模和我們業務的性質，在第四季度要做到這一點要困難得多。從第三季的自購轉向第四季的送禮方式。

And as you know, myself and Tom, we're never pleased, we're never happy. We're always looking for better. So yes, there's definitely opportunities out there. But I got to tell you, the team has done a really good job in preparing us for the holiday season from a product standpoint and also from an execution standpoint across the organization.

如你所知，我和湯姆，我們永遠不會高興，我們永遠不會幸福。我們一直在尋找更好的。所以是的，那裡肯定有機會。但我必須告訴你，從產品的角度以及整個組織的執行角度來看，團隊在為我們的假期做好準備方面做得非常好。

So whether it was the stores and what they've done to get the experience there for us or even the operating teams, the planning teams, the allocation teams have done a fantastic job. So there's a lot here that we continue to learn. I think Tom mentioned that in his remarks to, that we're going to use those things, and that's just going to be more opportunity as we go forward. Thanks, Jeremy.

因此，無論是商店以及他們為我們獲得體驗所做的工作，還是營運團隊、規劃團隊、分配團隊都做得非常出色。所以這裡有很多東西我們需要繼續學習。我認為湯姆在他的演講中提到，我們將使用這些東西，隨著我們的前進，這將成為更多的機會。謝謝，傑里米。

Karen Short, Melius Research.

凱倫·肖特，Melius 研究公司。

Hi, thanks very much. Just a couple of questions. Well, I'll leave it to one, but maybe lumped into a few. That's on CMO replacement, if there are any? And then I'm curious what you think the optimal number of SKUs are for the stores?

你好，非常感謝。只是幾個問題。好吧，我會把它留給一個，但也許會集中到幾個。這是關於 CMO 更換的，如果有的話？我很好奇您認為商店的最佳 SKU 數量是多少？

Yeah. So I'll -- thanks, Karen. I'll have Tom answer on the CMO, and I'll take on the SKUs.

是的。所以我會——謝謝，凱倫。我會讓 Tom 回答 CMO 問題，而我負責 SKU。

I think our team in merchandising as it is today, we are very pleased with. We have any consultant who leads the team there. We have seven -- we've mentioned this before. We have seven DMM, 6 of whom have a tremendous amount of experience, anywhere between 6 to 15 years.

我認為我們的團隊在行銷方面對於今天的表現，我們感到非常滿意。我們有任何顧問在那裡領導團隊。我們有七個——我們之前已經提到過這一點。我們有 7 位 DMM，其中 6 位擁有豐富的經驗，年限在 6 到 15 年之間。

We have a great team of the merchandising organization. Very pleased with all the work that they do, and we're confident in their ability to really drive this business forward at this point. And I do believe, and with Winnie coming on Board and you look at hub level of experience around the side of marketing and merchandising product and units, my involvement, which has been a bit. But I think the team is in place, ready and we are very, very happy with the team.

我們擁有優秀的銷售組織團隊。對他們所做的所有工作非常滿意，我們對他們目前真正推動這項業務向前發展的能力充滿信心。我確實相信，隨著溫妮的加入，你會看到在行銷和銷售產品和部門方面的中心經驗水平，我的參與程度有所提高。但我認為團隊已經就位、準備就緒，我們對團隊非常非常滿意。

Yeah. And then Karen, just on the SKU optimization, as we said, that's a focus for us now. We'll see results of that going forward. I mean, we've quoted before that we could see up to say, a 20% reduction in SKUs. And again, that takes a little bit of time to get into play there.

是的。然後凱倫，關於 SKU 優化，正如我們所說，這是我們現在的重點。我們將看到未來的結果。我的意思是，我們之前引用過，我們可以看到 SKU 減少了 20%。再說一遍，這需要一點時間才能發揮作用。

But the key there is, when we say SKU optimization, it's really rationalization and productivity. I mean that's where the focus is going to be. And we have an opportunity in some of these in the future seasons to be able to do that work.

但關鍵是，當我們說SKU優化時，它實際上是合理化和生產力。我的意思是這就是焦點所在。在未來的賽季中，我們有機會在其中一些項目中完成這項工作。

So we'll look across the world, and I think you heard Tom mention also, there's probably certain worlds that there's a little bit more of that that's going to take place for us. What that does for us is it opens up the opportunities for newness.

所以我們將放眼世界各地，我想你也聽過湯姆提到過，可能在某些世界上我們會發生更多的事情。這對我們來說是它開啟了新的機會。

Newness is really critical to the business, especially when you talk about trend and excitement for the customer. So that will give us the ability to really focus more in newness as we go forward. So just a little bit of clarity around the SKU optimization. Thanks, Karen.

新穎性對於企業來說確實至關重要，尤其是當您談論趨勢和讓客戶興奮時。因此，這將使我們能夠在前進的過程中更加關注新事物。因此，我們稍微澄清一下 SKU 優化。謝謝，凱倫。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good evening. Thank you so much for taking my question. How much of the improvement from the second quarter to the third quarter was driven by the actions that Five Below has taken versus just the external environment improved over that time? And if it has been as a result of the actions, especially adding more value, how do you reconcile the increased value using price as a lever versus using prices lever to offset the tariff risk that you're going to face in 2025? Thank you.

晚安.非常感謝您回答我的問題。從第二季到第三季的改善有多少是由「五以下」採取的行動推動的，而不是外部環境在這段時間內的改善？如果這是這些行動的結果，特別是增加更多價值，那麼您如何協調使用價格作為槓桿增加的價值與使用價格槓桿抵消 2025 年將面臨的關稅風險？謝謝。

Yes. Thanks, Michael. Yeah, there was definitely a benefit from an external perspective. I think you saw across the retail sector that traffic improved, especially when you look at the middle of the second quarter probably around that July time frame and as we enter Q3 and then exited Q3, it looks like the continuous improvement in traffic.

是的。謝謝，麥可。是的，從外部角度來看肯定有好處。我認為您看到整個零售行業的流量有所改善，特別是當您查看第二季度中期（可能是在7 月份的時間範圍內）時，當我們進入第三季度然後退出第三季度時，流量看起來在持續改善。

I think the benefit for us was that we capitalized on that traffic, right? And that was the key. And again, it was from a product perspective. You saw the broader performance across the categories there. It was -- we had the ability to introduce newness. We have the ability to introduce trend. We pushed value.

我認為對我們來說的好處是我們利用了這些流量，對嗎？這就是關鍵。再說一遍，這是從產品的角度來看的。您看到了各個類別的更廣泛的表現。我們有能力引入新鮮事物。我們有能力引入趨勢。我們推動價值。

We had also embedded in there, and we haven't really spoken about. We had a successful Halloween season. I mean seasonal business are traffic drivers for us too, and I think the team did an outstanding job in pulling that all together and the customer responded really well to that. But again, it was throughout other categories. When we look at our style categories, and there was the other piece that we did.

我們也曾經參與其中，但我們並沒有真正談論過。我們度過了一個成功的萬聖節季節。我的意思是，季節性業務也是我們的流量驅動因素，我認為團隊在將所有這些整合在一起方面做得非常出色，客戶對此反應非常好。但同樣，它也遍及其他類別。當我們查看我們的風格類別時，我們還做了另一件作品。

Again, I mentioned a from an operational execution standpoint, the teams did a great job. We invested in labor in the stores, the stores delivered for us. And the teams from a product perspective, we flowed the product much better than we did in the second quarter. We had an excellent seasonal transition going into Halloween. And if you were in our stores, you saw much better in-stocks.

我再次提到，從營運執行的角度來看，團隊做得很好。我們在商店裡投資了勞動力，商店為我們送貨。從產品的角度來看，我們的團隊的產品流動比第二季好得多。我們在萬聖節前夕經歷了一個很好的季節性過渡。如果您在我們的商店裡，您會看到更好的庫存。

So it was really a combination of all those things, right? It's hard to kind of pinpoint amounts. So it's all of that combined.

所以這確實是所有這些事情的結合，對吧？很難確定具體金額。所以這就是所有這些的結合。

Your other question was around maybe value and how it relates to mitigating tariffs. The one thing that when we say value, by the way, it's not just price. It's trend, it's high quality and it's price. So it's a combination of all of those. And that's really that what the customers feel and see when they come into the store. So it's not just about the price point because of it is, we're in the wrong business, right? We start with great product.

你的另一個問題是關於可能的價值以及它與減輕關稅的關係。順便說一句，當我們說價值時，不僅僅是價格。它是潮流，它是高品質和它的價格。所以它是所有這些的組合。這確實是顧客走進商店時所感受到和看到的。所以這不僅僅是價格問題，因為我們做錯了事，對吧？我們從優秀的產品開始。

And then from a tariff perspective, we'll see where tariffs go. As I mentioned, it's still a big uncertainty, and it's still a big potential. We have levers that we can pull. Price is the last one for us at the end of the day. And the other piece that's going to benefit us, and it's part of the mindset shift that Tom had mentioned and that we spent a good amount of time working on is better leveraging on our scale. I think that drives more value for us that we can translate back to the customer.

然後從關稅的角度來看，我們將看到關稅的去向。正如我所提到的，這仍然是一個很大的不確定性，但它仍然有很大的潛力。我們有可以拉的槓桿。價格是我們一天結束時的最後一個價格。另一件事將使我們受益，這是湯姆提到的思維轉變的一部分，我們花了很多時間致力於更好地利用我們的規模。我認為這為我們帶來了更多價值，我們可以將其轉化為客戶。

So we'll also have the ability to do that better than we have before. And again, if prices need to go up, I think, on a relative basis compared to other retailers because it's going to be across the board with other retailers, I think we're still going to be in a great position there. So thanks for the question, Michael.

因此，我們也將有能力比以前做得更好。再說一次，我認為，如果價格需要相對於其他零售商上漲，因為它將與其他零售商全面上漲，我認為我們仍然會處於有利地位。謝謝你的提問，麥可。

Scot Ciccarelli, Truist.

斯科特·西卡雷利，真理論者。

Good afternoon, guys. So you guys have pointed to excessive weakness with your lower-income consumers as the primary sales headwind. I know you've had your hands full, but do you have a feel for what customer cohorts drove the sequential improvements in traffic? Was it concentrated with lower income consumers? Or was it kind of across the board?

下午好，夥計們。因此，你們指出，低收入消費者的過度疲軟是主要的銷售阻力。我知道您已經忙得不可開交，但是您是否知道哪些客戶群推動了流量的持續改善？它是否集中在低收入消費者身上？還是全面的？

Yeah, thanks Scott. No, we saw a consistent performance across the various income demographics. So consistent with what we've seen historically. When we go back in the business, we saw that recently. So that was good to see.

是的，謝謝斯科特。不，我們看到了不同收入人群的一致表現。與我們歷史上所看到的一致。當我們回到這個行業時，我們最近看到了這一點。所以很高興看到這一點。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Hi. Good afternoon, everyone. Ken and Kristy, I wanted to ask you about just a couple of things as we think about next year from a margin standpoint because there is some uncertainty on our end. So if I think about shrink, you turned on self-checkout again. So do you get any shrink benefit next year? Labor?

你好。大家下午好。肯和克里斯蒂，我想問你們一些我們從利潤角度考慮明年的事情，因為我們方面存在一些不確定性。所以如果我想到收縮，你就會再次打開自助結帳。那麼明年你會得到任何縮減福利嗎？勞動？

You've invested in labor in the back half by, I think, 20 basis points, it seems to be working. So is that -- like how much of a headwind is that next year? Can you quantify incentive comp? I'm just curious because we think about next year, it looks like there is some margin headwinds that we need to consider. And I don't know to what extent you can help us in thinking about that at the moment.

我認為，你在後半部分的勞動力投資增加了 20 個基點，這似乎正在發揮作用。那麼明年的逆風有多大呢？你能量化激勵補償嗎？我只是很好奇，因為我們考慮到明年，看起來我們需要考慮一些利潤阻力。我不知道你目前能在多大程度上幫助我們思考這個問題。

Yeah. Thanks, Ed. I know it's -- we try as we always do to be as transparent as we can, especially on kind of go-forward outlook and help you guys with the modeling. I will tell you, we are focused on '24 right now, right? And we've got a huge season still ahead of us, and that's where our energies are focused on.

是的。謝謝，艾德。我知道，我們一如既往地努力保持透明，尤其是在未來的前景方面，並幫助你們進行建模。我會告訴你，我們現在的重點是'24，對嗎？我們還有一個重要的賽季等著我們，這就是我們的精力集中的地方。

And as we normally do, we'll provide a complete update and guidance around the future on our fourth-quarter call. The other piece, too, that we have to throw in there, we talked about the potential of tariffs. So any discussion we would have would not be considering the impact of those.

正如我們通常所做的那樣，我們將在第四季度的電話會議上提供有關未來的完整更新和指導。我們還必須討論另一件事，我們討論了關稅的潛力。因此，我們進行的任何討論都不會考慮這些影響。

But I think Kristy mentioned this on the prior call, from a modeling perspective, we are up against incentive compensation headwinds. Excluding the incentive compensation headwinds, just to give you an idea, we would expect to start leveraging at a 3% comp. That's the way we're looking at it now.

但我認為克里斯蒂在之前的電話會議上提到了這一點，從建模的角度來看，我們面臨著激勵補償的阻力。排除激勵薪酬的不利因素，只是為了給您一個想法，我們預期開始以 3% 的比例開始槓桿化。這就是我們現在看待它的方式。

And again, we still have work to be done. We want to get through this holiday season, but we'll provide more information in the fourth quarter. And again, keep in mind, this is all on an adjusted basis when you're comparing the year. So just keep that in mind, too, based on those adjustments that we flow through this year and comparing those to next year. So that's all on an adjusted basis. Thanks, Ed.

再說一次，我們還有工作要做。我們希望度過這個假期，但我們將在第四季度提供更多資訊。再次請記住，當您比較年份時，這一切都是在調整後的基礎上。因此，根據我們今年進行的調整並將其與明年進行比較，請記住這一點。所以這都是在調整的基礎上。謝謝，艾德。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great, thanks. So Ken, maybe just on 3Q comps versus plan, if you could elaborate on the contribution you saw from the newness and value initiatives this quarter. Maybe if you could speak to comps in November, how best to think about it relative to the guide?

太好了，謝謝。那麼 Ken，也許只是關於第三季度的比較與計劃，如果您能詳細說明您從本季度的新穎性和價值舉措中看到的貢獻的話。也許如果你可以在 11 月與比較者交談，相對於指南如何最好地考慮它？

And just if you could rank further initiatives and the incremental initiatives that you cited that would bear by the second quarter of next year, that would help. One quick one for Kristy, just the $21 million inventory write-off, if you could just walk through what line items that impacted that would be helpful.

如果您能夠對明年第二季將實施的進一步舉措和增量舉措進行排名，那就會有所幫助。對於 Kristy 來說，快速了解一下，就是 2,100 萬美元的庫存沖銷，如果您能詳細了解哪些項目會對其產生影響，將會有所幫助。

Okay. Thanks, Matt. On the Q3 comps, we really saw in that improvement between where we guided and where we landed. We really saw it pretty broadly from a performance standpoint.

好的。謝謝，馬特。在第三季的比較中，我們確實看到了指導位置和著陸位置之間的改進。從性能的角度來看，我們確實非常廣泛地看待它。

In general, the teams had a chance to chase some product. It did help to have an impact for the season, which was great. It was around newness and trend and value. And again, whether I called out style, we called out tech, which also benefited from better in-stocks, which was good to see.

總的來說，團隊有機會追逐一些產品。它確實對本賽季產生了影響，這非常棒。它圍繞著新穎性、趨勢和價值。再說一次，無論我提到風格，我們都提到科技，這也受益於更好的庫存，這是很高興看到的。

So those and then Halloween. Halloween across the board did really well for us. And that was not just in the seasonal category, but within other categories that performed well. So it was really kind of coming from all of those. And again, I mentioned beauty too is another area that we were able to impact.

那麼這些，然後是萬聖節。萬聖節對我們來說真的很好。這不僅是在季節性類別中，而且在其他表現良好的類別中也是如此。所以這確實是來自所有這些。我再次提到，美容也是我們能夠影響的另一個領域。

In terms of the November comps, we normally don't speak to intra-quarter activity or anything this early. You have to keep in mind that comps are somewhat not totally relative, especially because of the shift in the Black Friday weekend and lesser days. But again, as I said, we had a solid Black Friday weekend. We feel really good about where we are versus where our -- where we placed our guidance. So we feel like we're in good shape. And then --

就 11 月的比較而言，我們通常不會這麼早就談論季度內的活動或任何事情。您必須記住，比較在某種程度上並不完全相對，特別是因為黑色星期五週末和較少的日子發生了變化。但正如我所說，我們再次度過了一個充實的黑色星期五週末。我們對自己所處的位置和我們的指導位置感到非常滿意。所以我們感覺我們的狀態很好。進而 -

Yeah. I mean as it relates to our inventory, basically, we made an adjustment within gross profit as a reserve for unproductive inventory. So lowering our overall inventory balance to the $818 million that we quoted, but it's within gross profit. And again, everything I talked about was on an adjusted basis. There's a reconciliation in our press release for you to look at to see it well laid out for you.

是的。我的意思是，因為它與我們的庫存有關，基本上，我們在毛利範圍內進行了調整，作為非生產性庫存的儲備。因此，我們將整體庫存餘額降低至我們報價的 8.18 億美元，但仍在毛利範圍內。再說一次，我所說的一切都是經過調整的。我們的新聞稿中有一個調節表供您查看，以了解它是否為您精心設計。

Seth Sigman, Barclays.

塞思‧西格曼，巴克萊銀行。

Hey, everyone. Thanks for taking the question. I wanted to just go back to labor investments and changes you made to the labor model this quarter. Can you just give us a feel for how that helped the performance and, I guess, how you're thinking about the need for further labor investments from here? Thanks.

嘿，大家。感謝您提出問題。我想回到勞動力投資以及本季對勞動力模式所做的改變。您能否讓我們了解一下這對業績有何幫助？謝謝。

Yeah. Thanks, Seth. The labor piece of it really came in one of the focus areas for us is around experience. And we had mentioned that on our second quarter call that we realized that we have not invested enough in labor. And it was reflect in the stores, whether it was the service levels, whether it's the in-stock level.

是的。謝謝，塞思。它的勞動部分確實屬於我們的重點領域之一，那就是體驗。我們在第二季電話會議上提到，我們意識到我們在勞動力方面的投資不足。這反映在商店裡，無論是服務水平，還是庫存水平。

So I think Kristy mentioned that we had an incremental investment in the third quarter. It (technical difficulty) at the very end of the third quarter. So that was good to see.

所以我認為克里斯蒂提到我們在第三季有增量投資。它（技術難度）在第三節結束時。所以很高興看到這一點。

It's not just the labor investment, I don't want you to think that it's just about throwing hours at the stores. It's also around workload efficiency. We've done a handful of things that have helped the stores. We've removed non-value tasks, and we're going to continue to look at that. So that frees them up to focus on the more important things to do in the stores.

這不僅僅是勞動力投資，我不想讓你認為這只是在商店裡投入時間。它也與工作負載效率有關。我們做了一些對商店有幫助的事情。我們已經刪除了無價值的任務，我們將繼續關注這一點。這樣他們就可以騰出時間專注於商店裡更重要的事情。

So we're excited about what we saw there. And I think Kristy has mentioned that we're going to continue that investment. I don't know if you want to expand on the amount of that -- that we had in the third quarter.

所以我們對在那裡所看到的感到興奮。我認為克里斯蒂已經提到我們將繼續這項投資。我不知道你是否想擴大我們在第三季的規模。

Sure. We increased average store hours by about 5%. So the impact was about 50 basis points within the quarter. And then as you look into next quarter, we expect it to be about half of that. So you got -- someone asked earlier, it's about 20 basis points for the full year impact.

當然。我們將平均商店營業時間增加了約 5%。因此，該季度的影響約為 50 個基點。然後，當你展望下個季度時，我們預計這一數字約為一半。所以你知道——早些時候有人問，全年影響大約是 20 個基點。

We'll continue to look at that, particularly in the first half of next year as we continue to invest in what our stores need to deliver on that store experience.

我們將繼續關注這一點，特別是在明年上半年，因為我們將繼續投資於我們的商店提供商店體驗所需的東西。

Yes. And just to add to that, too, the one other thing, Seth, that we did in the quarter, I think it was in my prepared remarks, was around the self-checkout, where we updated that, where we have somebody that's manning that self-checkout area. It creates crew efficiency for us; it creates a better service level for the customer. And we think that's going to help us to as we move forward. So that's been pretty positive for us versus where we were before with that area of the store.

是的。還要補充一點，賽斯，我們在本季度所做的另一件事，我認為這是在我準備好的發言中，是關於自助結帳的，我們更新了這一點，我們有人在操作。自助結帳區。它為我們創造了船員效率；它為客戶創造了更好的服務水準。我們認為這將有助於我們前進。因此，與我們之前在商店那個區域的情況相比，這對我們來說是相當積極的。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

Hi, good afternoon. Thanks for taking our question. Ken, I know you said on the last call that you had thought some of the competitions have been catching up a little bit during your period of softer execution. Just based on what happened with the third quarter and the success and turnaround you had during that time, how would you characterize your competitive positioning today?

嗨，下午好。感謝您提出我們的問題。肯，我知道你在上次電話會議上說過，你認為在你執行力較弱的時期，一些比賽已經迎頭趕上了。根據第三季度發生的情況以及您在那段時間的成功和轉變，您如何描述您今天的競爭定位？

Thanks, Kate. I think what you're seeing is when we talk about work is underway and the beginning of some results and the learnings, I think all of that is what we're seeing in Q3. We were not there in our results in Q2. Again, I know it sounds repetitive, but to get back to trend-right product it's high quality, extreme value, focused towards kids and there's newness. When we do that, we win, and that's what we saw in certain categories in the third quarter.

謝謝，凱特。我認為你所看到的是，當我們談論工作正在進行時以及一些結果和學習的開始時，我認為所有這些都是我們在第三季度看到的。我們在第二季的業績中沒有出現。再說一次，我知道這聽起來很重複，但要回到潮流正確的產品，它是高品質、極端價值、專注於兒童並且有新鮮感。當我們這樣做時，我們就贏了，這就是我們在第三季度在某些類別中看到的情況。

Now again, we still have a ways to go with doing this. But that's really the thing that when we talk about a mindset shift and what we're doing within the organization, that's what we'll continue to see as we move forward in terms of the -- more opportunities for us there. So more to come, Kate. Thanks.

現在，我們仍然還有很長的路要走。但這確實是當我們談論思維方式轉變以及我們在組織內所做的事情時，隨著我們向前邁進，我們將繼續看到的事情——為我們提供更多機會。未來還有更多，凱特。謝謝。

Brian Nagel, Oppenheimer.

布萊恩·內格爾，奧本海默。

Hi, good afternoon. Nice quarter. Congratulations. The question I have just looking at the comp sales upside in the third quarter and given the significant turnaround that we saw earlier in the year, maybe you can just discuss more the cadence through the third period.

嗨，下午好。不錯的季度。恭喜。我剛剛看到的問題是第三季的銷售成長，並考慮到我們在今年早些時候看到的重大轉變，也許您可以更多地討論第三季的節奏。

We're here a lot of other retailers and brands out there that consumers are showing up for big events and the low end in between. Is that -- did you see that too? And was the upside really driven these key events? Or was it more consistent through the quarter?

我們這裡還有很多其他零售商和品牌，消費者會參加大型活動和其間的低端活動。那是——你也看到了嗎？這些關鍵事件真的是上漲的推動因素嗎？或者整個季度的情況是否更一致？

Yeah. Thanks, Brian. Yeah, we would kind of mirror what you're hearing from the sector. I think the quarter started off probably a little bit more similar with how we exited the second quarter. And we internally saw improvement as we move through the quarter, probably in the middle of the quarter on through the end of the quarter.

是的。謝謝，布萊恩。是的，我們會反映您從該行業聽到的情況。我認為本季的開始可能與我們第二季結束時的情況更為相似。隨著本季的進展，我們內部看到了進步，可能是在季度中期到季度末。

The key there, though, is that we are able to capitalize on it this time. And when we talk about the different areas of the business, the beauty area, the tech area, holiday and seasonal. And yes, the customer came out and they were shopping Halloween, we had a great assortment for them, across newness, across value and across various worlds.

不過，關鍵是我們這次能夠利用它。當我們談論不同的業務領域時，美容領域、科技領域、假期和季節性。是的，顧客出來了，他們正在萬聖節購物，我們為他們提供了各種各樣的商品，涵蓋新穎性、價值和各個領域。

So it all kind of came together. But there was that cadence that you saw it improving as we went through the quarter. Thanks, Brian. Thanks Brian.

所以這一切都融合在一起了。但隨著我們度過這個季度，你會看到它有所改善。謝謝，布萊恩。謝謝布萊恩。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

Hey, thanks for taking the question. I just wanted to ask about tariffs. And I guess it's probably a three parter. But could you remind us basically what was the percentage increase that you saw back in 2018, '19 on the goods that you're selling? Is it around 35%?

嘿，謝謝你提出問題。我只是想問一下關稅問題。我猜這可能是三人組。但您是否可以基本上提醒我們一下，您在 2018 年 19 年銷售的商品的成長率是多少？是35%左右嗎？

I guess part two would be either as a letter grade a percentage, what amount of the corresponding headwind do you feel like you're able to offset net-net given your actions and then vendor leverage? And then I guess the final part is, can you just remind us today and level set what percent of the sourcing is being imported from China directly as well as indirectly?

我想第二部分要么是一個字母等級的百分比，你覺得你能夠抵消多少相應的逆風給你的行動和供應商槓桿？然後我想最後一部分是，您今天能否提醒我們並確定直接和間接從中國進口的採購百分比？

Thanks, Michael. You're right. That was a multipart question. But I'll see if I can do there. From a tariff perspective, when you look at the increases going back to 2018 and '19, if you recall, there was a lot that happened, by the way. They started off, and it took a while for them to get into place and the categories that were going to be tariffed and all that.

謝謝，麥可。你說得對。這是一個由多部分組成的問題。但我會看看我是否可以在那裡做。從關稅的角度來看，當你回顧 2018 年和 19 年的關稅成長時，如果你還記得的話，順便說一句，發生了很多事情。他們開始了，花了一段時間才確定要徵收關稅的類別等等。

It started off probably at the 10% level. And then it moved 15%, 20%, 25%. I think it pretty much peaked at 25% relative to -- it was primarily in our tech and room area that we were hit with that.

一開始可能是 10% 的水平。然後它移動了15%、20%、25%。我認為它幾乎達到了 25% 的峰值——主要是在我們的技術和房間領域，我們受到了影響。

I talked about the mitigating opportunities that we have, and the biggest one out there for us. And it was the majority of what we were able to work with was the vendor partnership, assistance collaboration, whatever you want to say there. That got us up to a certain percentage. And then when the percentages got too high, the vendors kind of pushed back, and that's what drove us to breaking the $5 price point, especially in the tech area.

我談到了我們擁有的緩解機會，以及對我們來說最大的機會。我們能夠合作的大部分內容是供應商合作夥伴關係、援助合作，無論你想說什麼。這使我們達到了一定的百分比。然後，當百分比變得太高時，供應商會反擊，這就是促使我們突破 5 美元價格點的原因，尤其是在科技領域。

You did have the right percentage related to our total product, whether it's directly or indirectly imported. We're close to that 60% level coming out of China. I do want to emphasize, though, again, first of all, all the tariffs, it's still a potential. We don't know where that's going to go. It's a total uncertainty.

你們確實擁有與我們總產品相關的正確百分比，無論是直接或間接進口。我們已經接近來自中國的 60% 水準。不過，我確實想再次強調，首先，所有關稅仍然是一個潛力。我們不知道它會去哪裡。這是一個完全的不確定性。

There's three or four things around tariffs that are going to benefit us. We do have a playbook. We've been through this before. We've got five beyond there if we need it which is well established with the customer because recall, we were testing that back in '18 and '19. So we had to see if that made any sense.

關稅方面有三、四件事將使我們受益。我們確實有一個劇本。我們以前經歷過這件事。如果我們需要的話，我們還有五個，這與客戶已經建立了良好的關係，因為回想起來，我們在 18 和 19 年就進行了測試。所以我們必須看看這是否有意義。

We have a sourcing office over in India that's going to be able to help us. So we have boots on the ground to help us, whether it's with existing vendors within their countries or shifting countries and vendors. And then the other piece we can't understate, again, we go back to the mindset shift, and we talked about this in the second quarter that we need to leverage our vendors much better.

我們在印度設有採購辦事處，可以為我們提供協助。因此，我們有實地人員來幫助我們，無論是與他們國家內的現有供應商還是轉移的國家和供應商合作。然後，我們不能低估的另一件事，我們再次回到思維轉變，我們在第二季度談到了這一點，我們需要更好地利用我們的供應商。

And we're already working on that. So that's going to help us too as we go through. And actually, regardless of where this goes with tariffs and the uncertainty you heard in my prepared remarks, we already have activities and actions and communications underway with our vendor partners and working with our overseas office already looking to set up strategies to mitigate these. So thanks, Michael.

我們已經在努力了。因此，當我們經歷這個過程時，這也會對我們有所幫助。事實上，無論關稅和您在我準備好的演講中聽到的不確定性如何，我們已經與我們的供應商合作夥伴進行了活動、行動和溝通，並與我們的海外辦事處合作，尋求制定緩解這些問題的策略。謝謝，麥可。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Thanks. And nice progress. I want to ask about the sequential improvement again. Can you -- if you look at the age of stores, the cohorts and then new markets for us mature, was it uniform?

謝謝。並且取得了不錯的進展。我想再問一下順序改進的情況。你能－如果你看看商店的年齡、群體以及我們成熟的新市場，它們是統一的嗎？

And then I guess the average means there's probably some stores that are probably low single, even maybe mid-single digit at this point. Is there any rhyme reason for that, if they are, is that immature, mature, those are stores maybe that have more of a Five Beyond offering?

然後我猜平均數意味著可能有一些商店的銷售額可能較低，甚至可能處於中個位數。有沒有任何押韻的原因，如果是的話，是不成熟的，成熟的，那些商店可能有更多的五超越產品？

Yeah. Thanks, Simeon. Yeah, a lot of detail there. And again, we don't want to get too much into the intra-quarter. I can tell you on -- listen, first of all, throughout the chain, you always have the pluses and minuses, right, for various reasons, by the way, whether it's something with a store, whether it's an event, an anniversary, weather, whatever it may be.

是的。謝謝，西蒙。是的，那裡有很多細節。再說一次，我們不想在季度內投入太多。我可以告訴你——聽著，首先，在整個鏈條中，你總是有優點和缺點，對吧，出於各種原因，順便說一句，無論是商店的東西，無論是活動、週年紀念日，天氣，無論是什麼。

And let's not forget cannibalization, right? Because we know that's happening in a controlled environment, and we can plan for that, and that's always in our guidance, assuming some level of that.

我們不要忘記蠶食，對吧？因為我們知道這是在受控環境中發生的，我們可以為此進行計劃，並且這始終在我們的指導中，假設有一定程度的情況。

But I got to tell you, it's been relatively consistent across stores. You heard that just wasn't positive performance in our comp stores, but also in our newer stores where we exceeded our new store productivity and what we had expected.

但我必須告訴你，各個商店的情況相對一致。您聽說我們的比較商店的表現並不樂觀，而且在我們的新商店中也表現不佳，我們超出了新商店的生產力和我們的預期。

So we're pleased with what the performance -- the performance that we saw during the quarter. And again, as I mentioned, for another caller, we did see improvement. And it was across the chain as kind of worked through third quarter. Thanks, Simeon.

因此，我們對本季看到的表現感到滿意。正如我所提到的，對於另一個來電者，我們確實看到了改進。就像整個第三季一樣，它是跨鏈條的。謝謝，西蒙。

This will conclude our question-and-answer session. I would like to turn the conference back over to Ken Bull for any closing remarks.

我們的問答環節到此結束。我想將會議轉回肯·布爾（Ken Bull）發表閉幕詞。

Okay. Thank you, guys, all for joining us today. We wish you all a happy holiday season. And we look forward to seeing you in our stores. Thanks, everybody.

好的。謝謝大家今天加入我們。我們祝大家節日快樂。我們期待在我們的商店見到您。謝謝大家。

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。您現在可以斷開連線。