Five Below Inc (FIVE) 2025 Q1 法說會逐字稿

Good day and welcome to the Five Below first-quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded. I would now like to turn the conference over to Christiane Pelz, Vice President of Investor Relations. Please go ahead.

大家好，歡迎參加 Five Below 2025 年第一季財報電話會議。（操作員指示）請注意，此事件正在被記錄。現在，我想將會議交給投資者關係副總裁 Christian Pelz。請繼續。

Thank you, Drew. Good afternoon, everyone, and thanks for joining us today for Five Below's first-quarter 2025 financial results conference call. On today's call are Winnie Park, CEO; Kristy Chipman, Chief Financial Officer and Treasurer; and Ken Bull, Chief Operating Officer.

謝謝你，德魯。大家下午好，感謝您今天參加 Five Below 2025 年第一季財務業績電話會議。參加今天電話會議的有執行長 Winnie Park、財務長兼財務主管 Kristy Chipman 和營運長 Ken Bull。

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. 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.

管理層發表正式發言後，我們將開始提問。我需要提醒您，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》的安全港條款做出的。此類前瞻性陳述受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提交給美國證券交易委員會的文件中都有描述。

The forward-looking statements today are as of the date of this call, and we do not undertake any obligation to update our forward-looking statements. 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 combination, marketing and advertising expense, depreciation and amortization expense, and other selling and administrative expenses.

今天的前瞻性陳述截至本次電話會議之日，我們不承擔更新前瞻性陳述的任何義務。在本演示中，我們將參考我們的銷售、一般及行政費用 (SG&A)。對我們來說，SG&A 意味著銷售、一般和行政費用，包括工資和其他組合、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. We 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.

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 (US GAAP) 的對帳。我們沒有今天的新聞稿的副本。您可以透過造訪我們網站 fivebelow.com 的投資者關係頁面來取得。

I will now turn the call over to Winnie.

現在我將把電話轉給 Winnie。

Thank you so much, Christiane. Hello, and thank you for joining us. As we announced last month, we had a strong first quarter with financial results that exceeded our expectations. I'm incredibly proud of the Five Below team for driving these results with a maniacal focus on delivering a great customer experience grounded in fun and extreme value.

非常感謝，克里斯蒂安。您好，感謝您加入我們。正如我們上個月宣布的那樣，我們第一季表現強勁，財務業績超出了我們的預期。我為 Five Below 團隊感到無比自豪，他們全心全意致力於提供以樂趣和極致價值為基礎的卓越客戶體驗，從而取得了這些成果。

We remain committed to putting our customer first with a focus on product, value, and store experience in order to achieve our vision to be the destination for the kid and the kid and all of us. We are the cool store for kids and the yes store for parents. What differentiated this past quarter was our heightened focus on the customer and working as a tight-knit, multidisciplinary team from merchandising, planning, and allocations to marketing, store operations, and supply chain.

我們始終致力於將客戶放在第一位，注重產品、價值和商店體驗，以實現我們的願景，成為孩子、孩子和我們所有人的目的地。我們是兒童專用的酷商店，也是面向父母的肯定商店。上個季度的不同之處在於，我們更加關注客戶，並作為一個緊密聯繫、多學科的團隊開展工作，涵蓋商品銷售、規劃和分配、行銷、商店營運和供應鏈。

We made great strides on, one, sourcing amazing product focused on Easter, spring break, trend-right, beauty, novelty food and candy, as well as relevant cultural zeitgeist moments like Minecraft. Two, amplifying these products with end-to-end storytelling that started with social media through the compelling in-store floor sets. Three, ensuring better in-stock positions with tight alignment between our teams at WowTown, our ship centers, and the store fleet. And four, continuing to benefit from investment in labor hours and operating efficiencies, all while planning for the future within a dynamic tariff environment.

我們取得了長足的進步，首先，我們採購了專注於復活節、春假、潮流、美容、新奇食品和糖果以及 Minecraft 等相關文化時代精神的優質產品。第二，透過從社群媒體到引人注目的店內佈景的端到端故事敘述來擴大這些產品的影響力。第三，確保更好的庫存位置，並與 WowTown 團隊、我們的船舶中心和商店車隊緊密合作。第四，繼續受益於對勞動時間和營運效率的投資，同時在動態關稅環境中規劃未來。

The result was the strong first quarter led by product that resonated with our customers. We had broad-based performance across the majority of our world, proving that our customer-centric strategies focused on product, value, and experience are working. The Five Below team demonstrated that they can execute at a very high level and service of our customer and will carry this forward into the balance of the year. Our customers have validated our place in the market as a resource for fun and great value.

結果是第一季業績強勁，主要得益於引起客戶共鳴的產品。我們在全球大部分地區都取得了廣泛的業績，證明我們以產品、價值和體驗為重點的以客戶為中心的策略正在發揮作用。Five Below 團隊證明他們能夠以非常高的水平執行並為我們的客戶提供服務，並將在今年餘下的時間裡繼續保持這種狀態。我們的客戶已經證實了我們在市場上的地位，即提供樂趣和巨大價值的資源。

Let me share a few highlights from our first quarter performance. Sales income exceeded our updated guidance, with sales of $971 million and comparable sales increase of 7.1%. We were excited to drive these comps through increased transactions of 6.2%. Our sales outperformance led to strong fixed cost leverage, and we delivered adjusted EPS of $0.86.

讓我分享一下我們第一季業績的一些亮點。銷售收入超出我們最新的預期，銷售額達 9.71 億美元，可比銷售額成長 7.1%。我們很高興看到這些公司的交易量增加了 6.2%。我們的銷售業績優異，帶來了強勁的固定成本槓桿，我們實現了調整後的 0.86 美元每股收益。

We continued our store growth during the quarter, opening 55 new stores across 20 states. Two of these stores located in Victorville, California and Joplin, Missouri were among the top 25 all-time grand openings, which supported our new stores with the return of grand opening marketing activities.

本季度，我們繼續擴大門市數量，在 20 個州開設了 55 家新店。其中兩家位於加州維克多維爾和密蘇裡州喬普林的商店均位列史上最盛大的 25 家開幕商店之列，這為我們新店的開幕行銷活動的回歸提供了支持。

This first-quarter performance reinforces our belief that Five Below with the right product and value combined with an incredible store experience is the destination for our customers, the kid and the kid in all of us. Our mission remains offer the newest best products at extreme value to help our customers throughout their life stages to play, live, give, and celebrate.

第一季的業績進一步證實了我們的信念：Five Below 憑藉其合適的產品和價值以及令人難以置信的購物體驗，成為我們顧客、孩子以及我們所有人心中孩子的首選。我們的使命仍然是提供最新、最優質的產品，幫助我們的客戶在人生的各個階段盡情玩耍、生活、給予和慶祝。

Now on to product. Providing fresh trend right and quality products at amazing value is what we are known for and what makes us special. In the first quarter, we featured great license product for customers to build their own special Easter baskets, and we broadened our Easter candy offering. Our shelves were stocked with spring break must haves, including boogie boards, beach towels, and the new assortment of on-trend totes.

現在開始討論產品。我們以提供新鮮潮流、優質且價值驚人的產品而聞名，這也是我們的特別之處。在第一季度，我們推出了出色的授權產品，供客戶製作自己獨特的復活節籃子，並擴大了復活節糖果的供應範圍。我們的貨架上擺滿了春假必需品，包括衝浪板、沙灘巾和新款流行手提包。

We drove sales by consistently flowing newness, most notably in beauty, style, and novelty food. In toys and games, we remain a key destination for collectibles. Finally, maintaining our in-stock positions in key areas like tech has grown sales and shown that we are the place for cables, chargers, phone cases, and Bluetooth audio.

我們透過不斷推出新品來推動銷售，尤其是美容、時尚和新奇食品。在玩具和遊戲方面，我們仍然是收藏品的主要目的地。最後，我們在科技等關鍵領域保持庫存狀態，促進了銷售額的成長，並表明我們是電纜、充電器、手機殼和藍牙音訊的理想選擇。

On store experience, we did a much better job wowing our customers compared to last year. The investments we made in our store experience, which began in the second half of last year, including increasing labor and simplifying and improving processes are paying off. Our crew is now in a much better position to assist customers while also ensuring our shelves are stocked with trend-right products, our customers want/need. We remain committed to our crew into making the store easier and more fun to shop for our customers.

在商店體驗方面，與去年相比，我們在給顧客帶來驚喜方面做得更好。我們從去年下半年開始對門市體驗的投資，包括增加勞動力以及簡化和改進流程，正在獲得回報。我們的團隊現在可以更好地協助客戶，同時確保我們的貨架上備有客戶想要/需要的潮流產品。我們將持續致力於讓顧客在商店購物變得更輕鬆、更有趣。

On to marketing, I continue to believe that there's a big opportunity to better connect with our customers both in-store and digitally, and ultimately, increase our brand awareness. On last quarter's call, I mentioned six curtain-up moments to drive customers to our stores, which include the new year, spring break in Easter, summer, then back-to-school, Halloween, and finally, holiday.

在行銷方面，我仍然相信，我們有很大機會在店內和數位領域更好地與客戶建立聯繫，並最終提高我們的品牌知名度。在上個季度的電話會議上，我提到了六個吸引顧客到我們商店的開店時機，包括新年、復活節春假、夏季、開學、萬聖節以及最後的假期。

We need to let our customers know that we're a go-to destination as they celebrate those special moments in life. And we've just started to do that with our marketing. In the first quarter, we highlighted value and invested in creator content for social media with encouraging results. We have exciting plans in place for the remaining curtain-up moments throughout the year and look forward to sharing our progress.

我們需要讓顧客知道，我們是他們慶祝人生中特殊時刻的首選目的地。我們剛開始在行銷中這樣做。第一季度，我們強調價值並投資於社群媒體的創作者內容，並取得了令人鼓舞的成果。我們為全年剩餘的開幕時刻製定了令人興奮的計劃，並期待分享我們的進展。

Now as we look forward, the tariff environment presents additional complexity, and our teams have been working hard and moving swiftly on mitigation plans. Our plans include vendor negotiations, diversification of sourcing, continued investment in new value pack product, as well as assortment and pricing adjustments with a focus on reducing the number of price points.

現在，展望未來，關稅環境變得更加複雜，我們的團隊一直在努力並迅速制定緩解計劃。我們的計劃包括供應商談判、採購多樣化、繼續投資新的價值包裝產品，以及以減少價格點數量為重點的分類和價格調整。

In a relatively short period with a heavy lift by the teams, we were able to accelerate the work that was planned for our assortment by quickly sourcing new products in different countries, expanding our vendor base and simplifying our approach to pricing. Our efforts have already resulted in a reduction in goods sourced from China by about 10 percentage points for the back half of the year.

在團隊的辛勤努力下，我們在相對較短的時間內，透過在不同國家快速採購新產品、擴大供應商基礎和簡化定價方法，加快了計劃中的產品分類工作。我們的努力已經使下半年來自中國的商品進口量減少了約10個百分點。

In conjunction with these changes, we are working very closely with our partners to optimize our inventory availability and receipt flow for the balance of the year. We remain committed to providing extreme value, quality products for our customers. The teams are working incredibly hard to control the controllables and mitigate the risks that the current global trade environment presents. We are also laser-focused on continuing to drive sales through executional excellence.

結合這些變化，我們正在與合作夥伴密切合作，以優化今年剩餘時間的庫存可用性和收貨流程。我們始終致力於為客戶提供極高價值、優質的產品。這些團隊正在竭盡全力控制可控因素並減輕當前全球貿易環境的風險。我們也致力於透過卓越的執行來繼續推動銷售。

As always, we will act quickly and remain nimble and flexible in our approach as we react to macro news and find solutions to a changing environment. In summary, we're excited to see early signs of success across our core strategies of product, value, and experience. We look forward to building on this progress with an unwavering focus on our core customer and are confident we will continue to provide our customers with amazing value and a fun shopping experience.

像往常一樣，我們將迅速採取行動，保持敏捷靈活，對宏觀新聞做出反應，並尋找應對不斷變化的環境的解決方案。總而言之，我們很高興看到我們的產品、價值和體驗等核心策略取得了早期成功跡象。我們期待在這一進步的基礎上繼續努力，始終如一地關注我們的核心客戶，並有信心繼續為客戶提供驚人的價值和有趣的購物體驗。

Now before I turn it over to Kristy to provide more details on our performance, I want to take a moment to discuss the announcement that Kristy will be leaving Five Below for personal reasons. I would like to personally thank Kristy for all that she has done during her time here. We're truly grateful for her many contributions and her partnership. We've begun a national search for a new CFO. And in the meantime, I'm very thankful that Campbell will take on the additional role of interim CFO.

現在，在我讓克里斯蒂提供有關我們表演的更多細節之前，我想花點時間討論一下克里斯蒂因個人原因將離開 Five Below 的消息。我要親自感謝克里斯蒂在這裡工作期間所做的一切。我們由衷感謝她的諸多貢獻和合作。我們已經開始在全國範圍內尋找新的財務長。同時，我非常感謝坎貝爾將擔任臨時財務長的額外職務。

Now on to Kristy.

現在談談克里斯蒂。

Thanks, Winnie, and good afternoon, everyone. I want to thank you, the Board, and the team at Five Below for their support. I am proud of what we've accomplished during my time here, and I'm confident in the management team and the growth opportunities that lie ahead for this company.

謝謝，溫妮，大家午安。我要感謝您、董事會以及 Five Below 團隊的支持。我為我們在我任職期間所取得的成就感到自豪，並且我對管理團隊和公司未來的發展機會充滿信心。

I will begin my remarks with a review of our first-quarter results, and then Ken will discuss our outlook for the second quarter and full year of fiscal 2025. My comments will refer to results on an adjusted GAAP basis, excluding the impact of non-recurring or non-cash items as outlined in our earnings press release. Please refer to our earnings press release for GAAP results and all reconciliations.

我首先會回顧我們的第一季業績，然後肯將討論我們對 2025 財年第二季和全年的展望。我的評論將參考調整後的 GAAP 結果，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。請參閱我們的收益新聞稿，以了解 GAAP 結果和所有對帳資訊。

Total sales in the first quarter of 2025 increased 19.5% to $970.5 million from $811.9 million in the first quarter last year. Comparable sales increased 7.1%, driven by an increase in comp transactions of 6.2% and comp ticket of 0.9%. On a two-year stacked basis, comparable sales increased 4.8%, driven primarily by comparable transactions, which increased 3.4%.

2025 年第一季總銷售額從去年第一季的 8.119 億美元成長 19.5% 至 9.705 億美元。可比銷售額成長 7.1%，其中可比交易量成長 6.2% 且可比票面價格成長 0.9%。以兩年累計計算，可比銷售額成長 4.8%，主要受可比交易成長 3.4% 的推動。

These results reflect better-than-expected performance in the key selling weeks leading up to Easter, and this momentum continued through the end of the quarter. We opened 55 new stores compared to 61 new stores in the first quarter last year. We ended the quarter with 1,826 stores, an increase of 221 stores or 13.8% over last year. We were pleased with the productivity of our new stores at 87%, slightly above our targeted percentage range of the mid-80s.

這些結果反映出復活節前關鍵銷售週的表現優於預期，而這種勢頭一直持續到本季結束。我們開了 55 家新店，而去年第一季我們開設了 61 家新店。截至本季末，我們共有 1,826 家門市，比去年同期增加了 221 家，增幅達 13.8%。我們對新店的生產力達到 87% 感到滿意，略高於我們設定的 80 年代中期的生產力目標。

Adjusted gross profit for the first quarter of 2025 was $328.4 million, an increase of 24.6% over the first quarter of 2024. Adjusted gross margin increased by approximately 140 basis points to 33.8%, driven primarily by improved inventory health, requiring less reserves for aged inventory, and fixed cost leverage on the strong comp sales.

2025 年第一季調整後毛利為 3.284 億美元，較 2024 年第一季成長 24.6%。調整後的毛利率增加約 140 個基點至 33.8%，主要原因是庫存狀況改善、老化庫存儲備減少以及強勁的可比銷售額帶來的固定成本槓桿。

As a percentage of sales, adjusted SG&A for the quarter of 27.7% was slightly lower as a percentage of sales compared to last year's first quarter. This was driven by fixed cost leverage on the strong comp sales results, offset by investments in store labor. As a result, adjusted operating income was $59.6 million versus $38.1 million in the first quarter last year, and adjusted operating margin increased approximately 140 basis points to 6.1%.

作為銷售額的百分比，本季調整後的銷售、一般及行政費用為 27.7%，與去年第一季相比略有下降。這是由強勁的銷售業績帶來的固定成本槓桿所推動的，但被店內勞動力的投資所抵消。因此，調整後的營業收入為 5,960 萬美元，而去年第一季為 3,810 萬美元，調整後的營業利潤率增加約 140 個基點，達到 6.1%。

Net interest income was $5.6 million for the first quarter, better than planned due to a higher average cash balance throughout the quarter. Adjusted net income for the first quarter was $47.5 million versus $33.0 million last year. This resulted in adjusted earnings per diluted share for the first quarter of $0.86 compared to last year's adjusted earnings per diluted share of $0.60. We ended the quarter with approximately $624 million in cash, cash equivalents and investments and no debt including nothing outstanding on our $225 million line of credit.

第一季淨利息收入為 560 萬美元，由於整個季度平均現金餘額較高，因此好於計劃。第一季調整後淨收入為 4,750 萬美元，去年同期為 3,300 萬美元。這使得第一季調整後每股攤薄收益為0.86美元，而去年同期調整後每股攤薄收益為0.60美元。本季末，我們持有約6.24億美元的現金、現金等價物及投資，且無任何債務，包括2.25億美元信用額度中未償還的債務。

Inventory at the end of the first quarter was approximately $702 million as compared to approximately $630 million at the end of the first quarter last year. Average inventory on a per-store basis decreased approximately 2% versus the first quarter last year, primarily due to the write-down from fiscal 2024. We are pleased with the inventory levels and health of our inventory position. As we adjust to the shift in the global trade environment and position ourselves for the back half of the year by accelerating receipts, we expect our inventory levels at the end of the second quarter will be significantly higher than last year.

第一季末的庫存約為 7.02 億美元，而去年第一季末的庫存約為 6.3 億美元。與去年第一季相比，每家店的平均庫存減少了約 2%，這主要是由於 2024 財年的減記。我們對庫存水準和庫存狀況的健康狀況感到滿意。隨著我們適應全球貿易環境的變化並透過加速收貨為下半年做好準備，我們預計第二季末的庫存水準將大大高於去年。

Now I'll turn it over to Ken to discuss our outlook.

現在我將把話題交給肯恩來討論我們的前景。

Thanks, Kristy. Echoing Winnie's words, I am grateful for your contributions to Five Below. Your dedication to the company for the past two years and your passion for developing our people will have long-lasting benefits.

謝謝，克里斯蒂。與 Winnie 的話一致，我非常感謝您對 Five Below 的貢獻。您過去兩年對公司的奉獻以及對培養員工的熱情將帶來持久的利益。

Since issuing full year fiscal 2025 guidance last quarter, there have been changes in the tariff rate environment. Our updated guidance provided today reflects the impact of tariff rates that are currently in place. This guidance also reflects the outperformance we delivered in the first quarter and a better than originally planned sales outlook for the second quarter. And as Winnie noted, our customer-centric strategy and focus on product, value, and store experience are driving the desired outcomes.

自從上個季度發布 2025 財年全年指引以來，關稅稅率環境發生了變化。我們今天提供的最新指南反映了現行關稅稅率的影響。該指引也反映了我們在第一季的出色表現以及第二季優於原計劃的銷售前景。正如 Winnie 所說，我們以客戶為中心的策略以及對產品、價值和商店體驗的關注正在推動我們實現預期成果。

For the second quarter of 2025, we expect total sales in the range of $975 million to $995 million or growth of 18.7% at the midpoint versus last year's second quarter. Comparable sales are expected to increase between 7% and 9% compared to a negative 5.7% comp in the second quarter of last year and we expect to open approximately 30 net new stores in the second quarter. Adjusted operating margin at the midpoint is expected to be 3.9% versus 4.5% in the second quarter of last year.

對於 2025 年第二季度，我們預計總銷售額將在 9.75 億美元至 9.95 億美元之間，或比去年第二季度中位數成長 18.7%。預計可比銷售額將成長 7% 至 9%，而去年第二季的年銷售額為負 5.7%，我們預計第二季將開設約 30 家新店。預計調整後中位數營業利潤率為 3.9%，而去年第二季為 4.5%。

This decline is being driven primarily by SG&A deleverage related to higher incentive compensation costs and our investments in store labor. The majority of tariff-related costs in the second quarter will impact gross margin. And these costs are largely expected to be offset by fixed cost leverage resulting in only slight gross margin pressure year-on-year.

這種下降主要是由於與更高的激勵薪酬成本和我們對店內勞動力的投資相關的銷售、一般及行政費用去槓桿化所致。第二季的關稅相關成本大多將影響毛利率。預計這些成本大部分將被固定成本槓桿所抵消，從而導致毛利率同比僅承受輕微壓力。

Net interest income is expected to be approximately $4 million for the second quarter and taxes are expected to be approximately 26%. Adjusted net income for the second quarter is expected to be between $28 million and $34 million versus $29.7 million in the second quarter last year, with adjusted diluted earnings per share expected to be between $0.50 to $0.62 compared to $0.54 in the second quarter of 2024.

預計第二季淨利息收入約為 400 萬美元，稅率預計約為 26%。預計第二季調整後淨收入將在 2,800 萬美元至 3,400 萬美元之間，而去年第二季為 2,970 萬美元；預計調整後每股攤薄收益在 0.50 美元至 0.62 美元之間，而 2024 年第二季為 0.54 美元。

For the full year of fiscal 2025, we are increasing our sales guidance to reflect the better-than-expected performance in the first half of the year. Our sales expectations for the second half of the year are largely unchanged from last quarter. Full year sales are expected to be in the range of $4.33 billion to $4.42 billion, with a comparable sales increase of 3% to 5%.

對於 2025 財年全年，我們將提高銷售預期，以反映上半年優於預期的業績。我們對下半年的銷售預期與上一季基本沒有變化。預計全年銷售額將在 43.3 億美元至 44.2 億美元之間，可比銷售額成長 3% 至 5%。

The midpoint of our full year operating margin guidance is unchanged from our prior outlook at approximately 7.3% or a decline of almost 200 basis points versus last year. While the full year sales and comp guidance has increased given expected first half performance, the associated flow-through of operating profit dollars are largely offset by the impact of absorbing incremental tariff-related costs, net of all our mitigation work.

我們全年營業利潤率預期的中點與先前的預測保持不變，約為 7.3%，或比去年下降近 200 個基點。雖然考慮到預期的上半年業績，全年銷售額和同店銷售額預期有所增加，但扣除我們所有的緩解工作後，相關的營業利潤流入很大程度上被吸收增量關稅相關成本的影響所抵消。

Adjusted diluted earnings per share is expected to be in the range of $4.25 to $4.72. For fiscal 2025, gross capital expenditures, excluding the impact of tenant allowances, continue to be between $210 million and $230 million, which reflects approximately 150 net new store openings and investments in systems and infrastructure.

調整後攤薄每股收益預計在4.25美元至4.72美元之間。 2025財年，扣除租戶補貼的影響後，總資本支出仍將在2.1億美元至2.3億美元之間，這反映了約150家淨新店開業以及系統和基礎設施方面的投資。

And with that, I will turn the call over to the operator to start the Q&A session. Operator?

接下來，我將把電話轉給接線員，開始問答環節。操作員？

(Operator Instructions) Michael Lasser, UBS.

（操作員指示）瑞銀 (UBS) 的 Michael Lasser。

There's been a pretty remarkable pivot in the comp cadence of the business over the last -- this quarter and last quarter. How much of it would you attribute to actions that Five Below has taken versus other factors? And what would need to happen in the back half of the year in order for the momentum to slow as it is embedded in your guidance currently?

在過去的這個季度和上個季度，公司的業務節奏發生了相當顯著的變化。與其他因素相比，您認為其中有多少是 Five Below 採取的行動造成的？那麼，下半年需要發生什麼才能使這種勢頭放緩，正如您目前所預期的那樣？

Thank you so much, Michael, for your question. So I think starting with the first question in terms of the momentum in sales and how much is attributed to action versus other factors, I think that the teams have worked incredibly hard and the actions that we've taken are definitively paying off.

非常感謝你，邁克爾，提出這個問題。因此，我認為從銷售勢頭的第一個問題開始，以及有多少歸因於行動而不是其他因素，我認為團隊已經非常努力，我們採取的行動肯定會獲得回報。

We've seen sequential improvement in the business from the back half of last year, Q3 through Q4 to Q1. And specifically, what is really resonating is the selections we've made for product and the assortment. I think that the team has done a terrific job of identifying relevant trends and destoring them. We also had the benefit of great storytelling that started again in social and walked its way through to the site, all the way through to in-store execution with our floor sets that were really terrific.

我們看到，自去年下半年（第三季、第四季和第一季）以來，業務不斷改善。具體來說，真正引起共鳴的是我們對產品和分類的選擇。我認為團隊在識別相關趨勢和消除這些趨勢方面做得非常出色。我們也受益於精彩的故事敘述，它從社交開始，一直延續到現場，一直到店內執行，我們的地板佈景真的非常棒。

We also refocused on value and ensured that we had really great outstanding value and relevant value and relative value in the marketplace that the customers have definitely reacted to. I will say also that the teams have worked very hard to ensure that we've got the appropriate flow of inventory and product. We've added labor to the stores. But what we've also done is really worked very tight -- in tight formations between merchandising, cleaning our ship centers, as well as allocations in the stores to ensure that everyone was aware of when that inventory was coming.

我們也重新關注價值，並確保我們在市場上擁有真正卓越的價值、相關價值和相對價值，客戶對此做出了明確的反應。我還要說的是，團隊已經非常努力地確保我們有適當的庫存和產品流。我們為商店增加了勞動力。但我們所做的工作也確實非常緊密——商品銷售、清潔船舶中心以及商店分配之間的緊密配合，以確保每個人都知道庫存何時到達。

They move quickly from the back to the front. And we improve processes in the stores so that our associates could actually engage with customers at a higher and better level than they have in the past. So I think a lot of action really added up to the current results. And I think the second part of your question is what would need to happen for the back half of the year.

他們迅速地從後方移動到前方。我們改進了商店的流程，以便我們的員工比過去更高、更好地與顧客互動。所以我認為很多行動確實促成了目前的結果。我認為你問題的第二部分是今年下半年需要發生什麼。

We're just looking at the back half of the year with great prudence. We are looking at two-year stack comps across the next upcoming quarters of plus 2%. And certainly, every action we've taken thus far will apply to the back half of the year. With that said, we acknowledge that there still is a macroeconomic uncertainty. And so we wanted to take a very prudent approach to how we guided for the back half of the year.

我們只是非常謹慎地展望今年下半年。我們預計未來幾季的兩年期堆疊補償將增加 2%。當然，我們迄今為止採取的每一項行動都將適用於今年下半年。話雖如此，我們承認宏觀經濟仍然存在不確定性。因此，我們希望採取非常謹慎的方式來指導下半年的工作。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Great. Thanks and congrats on a really nice quarter. So Winnie Park or Ken, maybe just on the magnitude of comp strength in the first quarter and the momentum across world that you're seeing in the second quarter, are you seeing new customer acquisition? Are you seeing a basket build from existing customers? Just trying to explain the magnitude of comps that you're producing in the first half of the year.

偉大的。謝謝並祝賀本季取得了非常好的成績。那麼 Winnie Park 或 Ken，也許僅從第一季的公司實力以及第二季度全球的發展勢頭來看，您是否看到了新客戶的獲得？您是否看到現有客戶增加了購物籃數量？只是想解釋一下您在今年上半年生產的同類產品的規模。

And then for the back half, I guess, maybe could you just walk through the incremental opportunities that you see across product, value and marketing as potential improvement in the back half as well?

然後對於後半部分，我想，也許您能否簡單介紹一下您在產品、價值和行銷方面看到的增量機會，作為後半部分的潛在改進？

So in the front half in terms of the comp strength from a customer point of view, we did see a really nice lift in terms of transactions. They are up 6.2%, and we're actually seeing a nice growth, both in terms of new customers and comp stores as well as existing customers returning to us. And so all of that has really buoyed the business. And I will say that to get the traffic across the threshold is one thing and to get them to convert as a second. And we've also seen really nice progress in terms of conversion.

因此，從客戶角度來看，就上半年的競爭實力而言，我們確實看到交易量有了顯著提升。它們成長了 6.2%，我們實際上看到了良好的成長，無論是新客戶和同店，還是回頭客。所有這些都確實促進了業務的發展。我想說的是，讓流量跨越門檻是一回事，讓他們轉換是第二件事。我們在轉換方面也看到了非常好的進展。

And customers are greeted with fresh new products that they can see, especially with some of the cleanup we did in the latter part of last year and the beginning of this year. And again, execution in terms of what the customers agreed to with at store level is -- has been a key to our success. In terms of the back half of the year, in terms of what we anticipate, we will continue to drive some of this positive momentum we're seeing in the business.

顧客們也看到了新鮮的產品，特別是我們在去年下半年和今年年初進行了一些清理工作。再次強調，根據顧客在商店層級同意的執行情況是我們成功的關鍵。就今年下半年而言，就我們的預期而言，我們將繼續推動我們在業務中看到的一些積極勢頭。

The majority of our merchandising world actually saw really great comp increases. And we are seeing some trends now that kind of began at the beginning of the year that we will actually continue to distort through the back half of the year. Those trends include some of the new beauty product and the flow of new beauty product the really great flow of new relevant food product in novelty candy has been terrific for our business.

我們大多數商品銷售行業的銷售額實際上都實現了大幅增長。我們現在看到的一些趨勢在年初就已出現，而這些趨勢實際上將在下半年繼續扭曲。這些趨勢包括一些新的美容產品和新美容產品的流動，新奇糖果中新的相關食品產品的真正大量流動對我們的業務非常有利。

And then we also are seeing really great progress in terms of -- and growth in terms of our style business that's been buoyed by our focus on lounge and lounge pants, along with our great graphic tees. So all of those things have been nice additions to the business. And then finally, I will say that in the younger segments of the business like toys and games, it's just been terrific to see collectibles take off.

然後，我們在時尚業務方面也取得了長足的進步和成長，這得益於我們對休閒服和休閒褲以及精美圖案 T 恤的關注。所以所有這些事情都為業務帶來了良好的補充。最後，我想說，在玩具和遊戲等較年輕的產業領域，收藏品的起飛令人欣喜。

The last piece of this is our in-stock positions are so much better this year than last year. We will continue to drive that. We have -- because of the great success of Q1 pulled forward receipts and continue to ensure that we've got great in-stock specifically in tech, and that's been a really nice win in terms of some of the comps we've achieved. So again, applying the same set of actions and distorting trends that we're seeing right now through the back half of the year is what we intend to do.

最後一點是，我們今年的庫存狀況比去年好得多。我們將繼續推動這項進程。由於第一季的巨大成功，我們提前收到了貨款，並繼續確保我們擁有充足的庫存，特別是在技術領域，就我們取得的一些成績而言，這是一個非常好的勝利。因此，我們打算在下半年採取相同的行動並扭轉目前看到的趨勢。

And Matt, just to add to that, too, Winnie mentioned the store experience piece of it, which is important. We're going to continue to invest in the stores as we mentioned before. We started that last year. That's continued through this quarter, whether it's in hours for the stores or the simplification and reduction of workloads, so they can focus more of those customer-facing activities. And to Winnie point, keeping the stores fresh and those in-stocks high.

馬特，我還要補充一點，溫妮提到了商店體驗部分，這一點很重要。正如我們之前提到的，我們將繼續對商店進行投資。我們去年就開始這麼做了。這項措施將持續整個季度，無論是商店的工作時間還是工作量的簡化和減少，這樣他們就可以將更多的精力放在面向客戶的活動上。正如 Winnie 所說，要保持商店的新鮮度和高庫存量。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Kristy, best of luck. Ken, just on the guide, can you unpack the annual compression in operating margins, it looks like it's roughly the same, down about 180 to 200 basis points relative to your prior guide. But it sounds like your tariff expectation might be up another maybe 60 basis points to about 160 basis points of pressure. Can you talk to that? And then if you're embedding any shrink improvement in the back half of the year?

克里斯蒂，祝你好運。肯，僅根據指南，您能否解釋一下營業利潤率的年度壓縮情況，看起來大致相同，相對於您之前的指南下降了約 180 至 200 個基點。但聽起來您的關稅預期可能會再上升 60 個基點，達到約 160 個基點的壓力。你能談談這個嗎？那麼，您是否會在下半年嵌入任何收縮改進？

Yes. Thanks, Chuck. And you're pretty close there, Chuck. In terms of the -- on a full year basis in terms of the impact of tariffs, net of any mitigation activities. We see it as about 150 basis points for the full year. And you're right, we're pretty much maintaining that 200 basis point operating margin deleverage for the full year. About 60% of that resides in gross margin, and the remainder, about 40% is in SG&A. Relative to shrink, we've continued to maintain our reserves at the same level that we exited last year.

是的。謝謝，查克。你已經非常接近目標了，查克。就全年關稅影響而言，扣除任何緩解活動。我們預計全年漲幅約為 150 個基點。你說得對，我們全年基本上保持了 200 個基點的營業利潤率去槓桿率。其中約 60% 為毛利率，其餘約 40% 為銷售、一般及行政費用。相對於縮減，我們繼續將儲備維持在與去年相同的水平。

So we haven't changed that yet. We've got inventories coming up in August. So in the third quarter, we're going to be able to see if we've made improvement. If you recall, we did see improvement in -- at the January inventories last year, but decided to maintain our accrual level at the same rate until we see more of that consistent performance. And we should see that later in the year, but we've maintained that same shrink rate through the year from -- consistent with our last guide.

所以我們還沒有改變這一點。我們的庫存將在八月增加。因此在第三季度，我們將能夠看到我們是否取得了進步。如果你還記得的話，我們確實看到了去年 1 月份庫存的改善，但我們決定將我們的應計水平維持在相同的水平，直到我們看到更多一致的表現。我們應該會在今年晚些時候看到這一點，但我們全年都保持了相同的收縮率 - 與我們上次的指導一致。

Scott Ciccarelli, Truist.

斯科特·西卡雷利（Scott Ciccarelli），Truist。

I guess just kind of a follow-up to Chuck's question. When we kind of think about the tariff impact that you just outlined, Ken, can you help us kind of think about it on a go-forward basis? Like how much is --? This is the hit now; we're able to mitigate. As Winnie referenced earlier, you're already expecting the back half to source a lot fewer products from China. So like what's the right way to think about this as we kind of like try to model out the following year?

我想這只是對查克問題的後續回答。肯，當我們考慮您剛才概述的關稅影響時，您能否幫助我們從未來的角度考慮這個問題？比如多少錢--？這是現在的打擊；我們能夠減輕。正如 Winnie 之前提到的，您已經預計後半部分將從中國採購更少的產品。那麼，當我們嘗試模擬來年的情況時，正確的思考方式是什麼？

Yes. Thanks, Scott. Yes, I'll try to -- I'll walk you through it here to give you a little bit of help. Based on what I mentioned in my prepared remarks around the second quarter guidance, again, on an overall basis, we are looking for about 60 basis points of deleverage on operating margin. A significant portion of that is coming from higher incentive compensation and also about 150 basis points embedded in Q2 of tariff-related costs net of mitigation.

是的。謝謝，斯科特。是的，我會盡力——我會在這裡引導你，給你一點幫助。根據我在第二季指引的準備好的發言中提到的內容，從總體上看，我們預計營業利潤率將下降約 60 個基點。其中很大一部分來自更高的激勵薪酬，以及第二季度扣除緩解措施後的關稅相關成本中約 150 個基點。

Again, the majority of the deleverage that's occurring in Q2 is going to be in SG&A, again, with a higher incentive cost and investments in store labor. Again, a lot of that's going to be offset by some fixed cost leverage and then up in gross margin for Q2, just slight deleverage there, where the majority of any impact in Q2 for tariff costs are embedded in gross margin. And that, too, is going to be almost fully offset by leverage on fixed costs.

同樣，第二季度發生的大部分去槓桿化將發生在銷售、一般和行政費用方面，同樣，激勵成本和商店勞動力投資也會更高。同樣，其中很大一部分將被一些固定成本槓桿所抵消，然後第二季度的毛利率上升，只是略微去槓桿，其中第二季度關稅成本的大部分影響都包含在毛利率中。而這也將幾乎完全被固定成本的槓桿所抵銷。

Now when we move through the rest of the year, just looking at what we've provided so far through Q2 and then you look at what we did for the full year, we're looking at pretty significant deleverage in the back half of the year. It's about 350 basis points of deleverage in the back half of the year and about 70% of that is in gross margin, obviously driven by the tariff costs and about 30% of that is in SG&A. So just to give you a sense kind of of how it flows as we go from the second quarter through to the end of the year.

現在，當我們進入今年剩餘時間時，只要看看我們在第二季度迄今為止提供的情況，然後再看看我們全年的表現，我們就會發現下半年的去槓桿率相當顯著。下半年去槓桿率約為 350 個基點，其中約 70% 來自毛利率，顯然是由關稅成本推動的，約 30% 來自銷售、一般及行政費用。因此，我們只是想讓您了解一下從第二季到年底的流程。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

So it's a little bit related to the prior question. The question is regarding pricing and the approach. I think Winnie, you talked about simplifying pricing and understanding some prices going up, some going down. So now you have tariffs part of the picture, how much more complex is it? Do you feel confident on the elasticity?

所以這與前面的問題有點相關。問題在於定價和方法。我認為溫妮，你談到了簡化定價並了解一些價格上漲，一些價格下降。現在你已經了解關稅的部分情況，它有多複雜了？您對彈性有信心嗎？

And then, Ken, to the point you just made, I guess it doesn't sound like there's mitigating activities built into the guidance for the back half. So it sounds like you're not changing price that much? Or you're absorbing costs if you can connect those thoughts, if you can?

然後，肯，關於你剛才提出的觀點，我猜這聽起來不像是後半部分的指導中包含了緩解措施。這麼說來，價格變動似乎不大？或者，如果您能將這些想法連結起來，您就能承擔成本，如果可以的話？

Yes. Thanks so much, Simeon. Great question. So the mitigation activities that we got include, as I mentioned earlier, vendor diversification. And the other piece of this is actually assortment mix.

是的。非常感謝，西緬。好問題。因此，正如我之前提到的，我們採取的緩解措施包括供應商多樣化。另一部分其實是混合搭配。

And then as you mentioned, price adjustments. What we have done is modeled out the entire year. We've actually gone SKU by SKU product by product. just look at what we should and would price things at.

然後正如您所提到的，價格調整。我們所做的一切都是針對全年情況進行建模的。實際上，我們已經對每個產品的 SKU 進行了逐一分析。只需查看我們應該和願意為產品定價。

And we are looking at touching about 15% in terms of price, both up and down. And it's not just for tariffs. It's really looking at relative value in the marketplace. What we wanted to hold to was this notion of delivering value. And so we will still have 80% of the units that we offer in store at $5 and below.

我們預計價格將上漲或下跌 15% 左右。這不僅涉及關稅。它實際上關注的是市場上的相對價值。我們想要堅持的就是傳遞價值的理念。因此，我們店內提供的商品中 80% 的價格仍為 5 美元及以下。

So a lot of this was a rounding exercise in terms of getting ready some of the cent endings. We are going to be holding on to the heritage price point of $5.55, $5.55. But outside of that, we're really looking at just simplifying the shopping experience for customers and also simplifying workload for the crew. And I'll turn it over to Ken to help you with the answer.

因此，這在很大程度上是為了準備一些分詞結尾而進行的四捨五入練習。我們將維持5.55美元的傳統價格。除此之外，我們真正想做的就是簡化顧客的購物體驗，並減輕工作人員的工作量。我將把這個問題交給肯恩來幫你解答。

Yes, Simeon, just around kind of the assumptions based on what Winnie mentioned in terms of the mitigation activities. Relative to pricing, as we mentioned, we're going to maintain the same level of sales guidance that we provided on our last call. And the assumption there is that any benefit that we would get from pricing adjustments would be offset by unit degradation. So when you do the math, that would lead to some margin erosion. And that's what -- in one of the prior questions that I responded to, that 150 basis points of operating margin drag, a big portion of that is due to the margin erosion from that assumption related to pricing.

是的，西緬，這只是根據溫妮在緩解活動方面提到的一些假設。關於定價，正如我們所提到的，我們將維持上次電話會議中提供的相同水準的銷售指導。並且假設我們從價格調整中獲得的任何好處都會被單位品質下降所抵消。因此，當你計算時，這將導致利潤率的下降。這就是——在我之前回答過的一個問題中，150 個基點的營業利潤率拖累，其中很大一部分是由於與定價相關的假設導致的利潤率下降。

And so the tariff mitigation efforts and initiatives are embedded in the guidance. So just to be -- just to double down on that point.

因此，關稅減免努力和措施已納入指導意見中。所以只是為了——加倍強調這一點。

Yes.

是的。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

I wanted to ask, I guess, sort of a similar question but bigger picture. Obviously, a lot of headwinds in the business from a margin perspective, particularly this year, but you've seen over the last couple of years, I guess. I'm curious as you take a step back and think about tariff mitigation, changes in vendor, sourcing geographies, that type of stuff, and some pricing, where you think margin recapture could be moving forward? And what you think is the appropriate level of EBIT margin for the business to the extent that you have some decent visibility on that?

我想問一個類似的問題，但範圍更大。顯然，從利潤率的角度來看，業務面臨很多阻力，尤其是今年，但我想，你在過去幾年裡已經看到了這一點。我很好奇，當您退一步思考關稅減免、供應商變化、採購地理位置等因素以及一些定價時，您認為利潤率回收可以在哪裡取得進展？並且，您認為對於企業來說，適當的息稅前利潤率水準是多少，您是否對此有一定的了解？

So one of the things I'll just say upfront is we've been really focused on driving sales and growth at the top line, which actually does a lot of great things. I said sales solve problem. And so that's one of the key pieces in this in terms of the future.

因此，我要先說的一件事是，我們一直非常注重推動銷售和收入成長，這實際上帶來許多好處。我說銷售解決問題。因此，就未來而言，這是其中的關鍵部分之一。

The second piece of it is, I will say that some of the challenges we faced with the tariffs have accelerated work that we're doing on the merchandising front, both in terms of vendor mix and diversifying our vendors. And that's domestic vendors as well as factories that we work with abroad and really looking at price through the lens of relative value.

第二點是，我想說，我們在關稅方面面臨的一些挑戰加速了我們在商品銷售方面的工作，包括供應商組合和供應商多樣化。這些包括國內供應商以及我們在國外合作的工廠，我們實際上是透過相對價值的視角來看待價格的。

And I really think that we're going to deliver great value pound for pound versus competition for the product that we offer. We're also in a super lucky place in that. Our assortments change constantly, and so we're able to bring new things in and really test at different levels of price and value.

我真的認為，與競爭對手相比，我們提供的產品將具有極高的價值。從這一點上來說我們也非常幸運。我們的產品種類不斷變化，因此我們能夠引入新產品，並在不同價格和價值水平上進行真正的測試。

And so those things are, I think, very unique to Five Below. And again, great acceleration in the work that we were going to do based on tariffs and the recent news.

所以我認為這些東西對於 Five Below 來說非常獨特。而且，根據關稅和最近的新聞，我們即將開展的工作將大大加快。

And then, Ed, I'll add to that. I mean what Winnie mentioned there around the acceleration of our efforts around product and value that was definitely accelerated. I mean that's going to present opportunities for us down the road. And as Winnie mentioned also, our focus is on this year, right? This is a pretty challenging environment for us.

然後，艾德，我會補充一點。我的意思是，溫妮提到的我們在產品和價值方面的努力肯定是在加速。我的意思是，這將為我們將來帶來機會。正如 Winnie 所提到的，我們的重點是今年，對嗎？這對我們來說是一個相當具有挑戰性的環境。

So we're staying close to that. However, if we were to look longer term in a more normalized environment, I think I would see operating margin expansion. As we reap more of the benefits around the work that we're doing now, and then we maintain those disciplines in the business that we've always had that we feel that would drive operating margin expansion for us.

因此，我們會密切關注這一情況。然而，如果我們在更正常化的環境中進行長期觀察，我認為我會看到營業利潤率擴大。當我們從現在所做的工作中獲得更多收益時，我們會在業務中保持一貫的紀律，我們認為這將推動我們的營業利潤率擴張。

Yes. And leveraging off of great sales, strong sales.

是的。並利用出色的銷售業績和強勁的銷售業績。

Yes.

是的。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

I'm curious if you could speak a little bit more about some of the operational changes you've made. You talked about adding labor hours. Where are we there? You also mentioned some other operating efficiencies things that do seem to be improving the customer experience in the stores. And I guess related, if you step back and think about the level of investment you're making this year, can you just remind us on that?

我很好奇您是否可以再多談談您所做的一些營運變革。您談到了增加工時。我們在哪裡？您還提到了其他一些提高營運效率的措施，這些措施似乎確實改善了商店的顧客體驗。我想相關的是，如果您退一步思考一下您今年的投資水平，您能提醒我們嗎？

And I guess given the early success, is there a thought that you could actually increase the level of investment at some point?

我想，鑑於早期的成功，您是否想過在某個時候實際上可以增加投資水平？

Great. Thanks, Seth. Yes, it's one of the things, if you recall, that we really kind of shifted in the middle of last year and focus more on the in-store experience. And one of the things that we did, we added on some additional labor hours when we looked at the work that needed to be done. We put some more hours out there for the stores that they could complete those jobs, getting the product to the floor and any customer engagement and interaction.

偉大的。謝謝，塞思。是的，如果你還記得的話，這是我們去年年中真正做出的轉變之一，我們更加重視店內體驗。我們所做的事情之一就是，當我們查看需要完成的工作時，我們增加了一些額外的工時。我們為商店投入了更多時間，以便他們能夠完成這些工作，將產品送到商店，並與客戶進行任何接觸和互動。

That's continued on into this year. But there's also the other side of the equation and to the extent that we're able to make work easier for them, more efficient and actually eliminate any work that creates more time for them even within the same number of labor hours. So we continue to do that. I think we did some things last year around making it easier for them to close out on the registers.

這一情況一直持續到今年。但還有等式的另一面，在某種程度上，我們能夠讓他們的工作更輕鬆、更有效率，並且實際上消除任何為他們創造更多時間的工作，即使在相同的勞動時間內。因此我們將繼續這樣做。我認為我們去年做了一些事情，讓他們更容易結束登記。

If you recall, we updated shrink procedures where we moved from checking out customers to just to being up there and monitoring what the customers were doing from a shrink perspective, but it actually gives them more focus on the customer too and it ended up being a benefit for customer service. Those, we feel can continue. We're going to continue to get more efficient as we move forward and again, continue to push on the experience for the customer.

如果您還記得的話，我們更新了收縮程序，從檢查客戶轉變為僅僅在那裡並從收縮的角度監控客戶的行為，但這實際上也讓他們更加關注客戶，最終為客戶服務帶來了好處。我們覺得這些可以繼續下去。我們將持續提高效率，並不斷改善客戶體驗。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

The strength of your business sounds more category-led than maybe trend led, i.e. strengthened like beauty and apparel than one specific trend like Squishmallows. Would you agree with that? And our follow-up question is just can you talk about what's sustaining the comp into May given April mostly have the benefit of Easter.

您的業務優勢聽起來更多的是由類別主導，而不是趨勢主導，即像美容和服裝這樣的優勢比像 Squishmallows 這樣的特定趨勢更明顯。你同意嗎？我們的後續問題是，鑑於四月份主要受到復活節的影響，您能否談談是什麼支撐了五月份的業績？

Thanks, Kate. Thanks for your question. It's actually both trend as well as category that we're seeing really when in terms of the strong comps that we've seen. And I'll point to one trend, which is this notion, again, with the younger segment of customers and collectibles, and we've seen a really great lift in terms of games and toys in our business there because of collectibles, which is definitively a trend business, also novelty candy, so much of the growth that we've seen is in specific items like pillars and squashes. And so we're very excited about some of the trends.

謝謝，凱特。謝謝你的提問。就我們所見的強勁比較而言，這實際上既是趨勢，也是類別。我要指出一個趨勢，也就是這個概念，再次強調，隨著年輕客戶群和收藏品的出現，我們看到我們的遊戲和玩具業務有了很大的提升，因為收藏品絕對是一個趨勢業務，還有新奇糖果，所以我們看到的很大一部分增長都來自柱子和南瓜等特定物品。因此，我們對一些趨勢感到非常興奮。

And again, taking a trend from ground level and just making sure we chase it and maximize it and being very, very specific about what we represent when you cross the threshold. So I would say that it is actually both that's helped us. And I think it's always going to be a balancing act between the two.

再一次，從基層把握趨勢，確保我們追逐它、最大化它，並且非常非常具體地了解當你跨過門檻時我們所代表的東西。所以我想說，實際上兩者都對我們有幫助。我認為這始終是兩者之間的一種平衡行為。

We're also seeing some really nice trends right now in the business. We'll speak to next quarter that are specific to license business. and some of the cultural zeitgeist moments like Minecraft and Stitch that we really went after in a big way and represented in-store. And again, told the customer about in advance, drove traffic to the store so that they had this great presence on the floor.

我們現在也看到該行業目前出現了一些非常好的趨勢。我們將在下個季度討論專門針對授權業務的內容。以及一些我們真正大力追求並在店內展示的文化時代精神時刻，例如 Minecraft 和 Stitch。並且再次提前告知顧客，為商店帶來客流量，以便他們在店內擁有良好的存在感。

John Heinbockel, Guggenheim.

古根漢美術館的約翰·海因博克爾。

Can you talk about -- I think when you talked about chasing some trends but chasing inventory this holiday, right? Because, obviously, you don't want too much. How long can you wait in terms of trying to assess demand? Can you reduce -- compress the door-to-door time from Asian factories, which I think is like eight weeks? And then what role do you think close out could or should play this year?

你能談談嗎——我想當你談到追逐一些趨勢但追逐這個假期的庫存時，對嗎？因為，顯然，你想要的不會太多。在評估需求方面您能等待多久？您能否減少－壓縮亞洲工廠的送貨上門時間（我認為大約是八週）？那麼，您認為今年收尾工作可以或應該扮演什麼角色？

John, thanks so much for your question. So first of all, closeouts have been very important to us, and they will continue to be important, if not more important as we move forward. And so we have actually amplified the team with some specific additions that we're exactly focused on closeouts and going after business and going after existing trends and making them even bigger.

約翰，非常感謝你的提問。首先，清倉對我們來說非常重要，而且隨著我們前進，清倉將繼續發揮重要作用，甚至更加重要。因此，我們實際上透過一些特定的補充擴大了團隊，我們完全專注於清倉和追求業務以及追求現有趨勢並使其變得更大。

But also just taking advantage of available product. In terms of inventory flow, I would say this year is a little unusual given the tariff situation and kind of the stop starts and the pauses that we've seen. We specifically pause when the 145% tariff hit on China. And we have re-upped that the pause at 30 and our booking product in. We're actually ahead of time in terms of ordering product and just ensuring we've got the right flow.

但也只是利用可用的產品。就庫存流而言，考慮到關稅情況以及我們所看到的停頓和暫停，我想說今年的情況有點不尋常。當中國遭遇 145% 的關稅時，我們特別停下來。我們已將暫停時間重新調至 30，並將我們的預訂產品納入其中。事實上，我們在訂購產品和確保獲得正確流程方面已經領先一步。

On a go-forward basis, it goes back to diversification of the sources and the vendors, both domestically as well as what we get from partners and vendor partners abroad. And so that's been a big push for us. We are looking. We'll be adding, for instance, we've got a great global sourcing office out of India that we're finally really able to leverage. The team was on the ground in India within days of the tariffs going up. And so for us, it's about how many different sources we have, both domestically and abroad to basically provide ample product but also give us agility in terms of getting that product in shorter periods of time.

從未來來看，我們需要實現來源和供應商的多樣化，包括國內來源以及來自國外合作夥伴和供應商夥伴的來源。這對我們來說是一個巨大的推動。我們正在尋找。例如，我們將會補充一點，我們在印度有一個很棒的全球採購辦事處，我們終於可以真正利用它了。關稅上調後的幾天內，該團隊就抵達了印度。因此，對我們來說，關鍵在於我們有多少不同的國內和國外的來源，以便基本上提供充足的產品，同時也讓我們能夠在更短的時間內獲得該產品。

And John, the other piece there, too, Winnie mentioned kind of the accelerating the shipments and making sure we're doing everything we can to kind of move that product as quickly as possible. The capacity that we have from a container perspective.

約翰，溫妮也提到了另一件事，那就是加快出貨速度，確保我們盡一切努力盡快運送產品。從容器角度來看我們擁有的容量。

And with our distribution centers, we've made sure that we have ample capacity to handle this because there is, to Winnie's point, there are shifts that have taken place here where it was a pause for a while now we're kind of moving a lot faster. And we're making sure we've got the capacity there to handle all this activity.

透過我們的配送中心，我們確保擁有足夠的能力來處理這個問題，因為正如 Winnie 所說，這裡發生了一些轉變，之前一度停滯不前，但現在我們的行動速度要快得多。我們正在確保我們有能力處理所有這些活動。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

Kristy, thanks for -- it's been nice working there. I appreciate it. So the question I have, and I apologize, I'm going to bounce back to, I think, where the Q&A started but just the acceleration we saw that we've seen here in the business in Q4 to Q1 and now into Q2. And sorry about if it's going to be repetitive, but can you just maybe explain that? I mean is there -- what drove actually?

克里斯蒂，謝謝你——在那裡工作很愉快。我很感激。所以我的問題是，我很抱歉，我想回到問答開始的地方，但我們看到的是，業務從第四季度到第一季度，再到現在的第二季度都在加速成長。抱歉，如果重複的話，您能解釋一下嗎？我的意思是——實際上是什麼驅動的？

If you look at the numbers, it's almost like a flip to switch moment where the business has got stronger quickly and stayed that way. And this has all happened if you look at across retail and at a time when retail spending seems to be generally more sluggish. So kudos, but is there anything more you can explain really what happened in the business?

如果你看一下這些數字，你會發現這幾乎就像一個轉折點，業務迅速變得更加強大並保持這種狀態。如果你看看整個零售業，你會發現這一切都發生在零售支出普遍較為低迷的時期。非常值得稱讚，但是您能進一步解釋一下業務中到底發生了什麼嗎？

I think that on a two-year stack comp basis, we did have easier compares in the front half of the year. And there is definitely underlying strength in the business, and we're excited for it. But on a two-year stack basis and on a last year basis, we actually had easier compares. And so that gets a little harder in the back half of this year, notably. I will say that I think the thing that has made the biggest difference for us is just us maniacally focusing on our strategy, which is product, value and experience.

我認為，以兩年期堆疊補償為基礎，我們在上半年確實有更容易的比較。該業務確實具有潛在的優勢，我們對此感到興奮。但以兩年的堆疊基礎和去年的基礎為基礎，我們實際上可以更容易進行比較。因此，今年下半年的情況會變得更加困難。我想說，我認為對我們來說最大的改變就是我們瘋狂地專注於我們的策略，即產品、價值和體驗。

So ensuring we've got the right and relevant trends, ensuring that we've got a clear point of view in terms of what we stand for with the product, ensuring that we've got value-packed product. And again, it's all about relative value. We did roll back prices on key items for our spring and summer sets, and with really great reactions from the customers.

因此，確保我們掌握正確且相關的趨勢，確保我們對產品的立場有清晰的觀點，確保我們擁有價值豐富的產品。再說一遍，這都是關於相對價值的。我們確實降低了春夏系列主要商品的價格，並且得到了顧客的熱烈反響。

And then the last piece is just a much better store experience, where we were able to clean up debt inventory, the newness really is able to show through. And we've got the right level of hours to move the product from the back to the front and greater coordination between our teams in terms of flowing product from D.C. all the way through to the stores. So it's a bit of retail blocking and tackling, but we're in better fighting position, and we're doing much better and exercise a lot of muscles across the last few quarters. And that will not stop.

最後一點是更好的商店體驗，我們能夠清理債務庫存，新鮮感確實能夠顯現出來。我們有適當的時間將產品從後台運送到前台，並且我們的團隊之間在產品從華盛頓特區一直流向商店方面有更好的協調。因此，這有點像零售業的阻擊和進攻，但我們的戰鬥力更強，而且在過去幾個季度我們做得更好，鍛鍊了很多力量。且這種情況不會停止。

David Bellinger, Mizuho.

瑞穗的戴維·貝林格。

Another one on tariffs and reducing your reliance on China. So reduction for sourcing in the back half. What's the end goal there? Could you get to something materially below 50% over time? And which countries are you pivoting that volume to now? What country is the most capacity for the back half?

另一個是關於關稅和減少對中國的依賴。因此後半部的採購量減少了。最終目標是什麼？隨著時間的推移，你能達到低於 50% 的水平嗎？現在您將把這項銷售轉向哪些國家？哪個國家後半部容量最大？

So we are down 10%, and it really is 10 percentage points. And so the important piece there is, again, we were able to leverage our global sourcing office and hit the ground running. That had been established a year ago, and we are actively leveraging that resource. We're also looking at broadening and have added a lot of vendors across domestic as well as looking outside of China, in particular. So all of those things have helped us.

所以我們下降了 10%，實際上是 10 個百分點。因此，重要的是，我們能夠利用我們的全球採購辦公室並立即開始工作。該機構於一年前成立，我們正在積極利用這項資源。我們也考慮擴大業務範圍，在國內增加了許多供應商，同時也將目光投向了中國以外的地區。所以所有這些都對我們有幫助。

We also have a lot of flexibility built up in terms of how we drive business and chase trends. And in the back half of the year, the trends that are really working right now are less reliant on purely coming from a single source in a single country of origin. So all of those things are working in our favor, but it was very intentional by the team.

我們在推動業務和追逐趨勢方面也建立了很大的靈活性。而在下半年，真正有效的趨勢不再僅依賴單一原產國的單一來源。所以所有這些事情都對我們有利，但這是團隊有意為之。

And when I say that we sprung into action, we really sprung into action. We have been more actively on mitigation. It is a daily cross-functional meeting and literally a hit list of things that we're going to do and target. And that's all come -- we're manifesting all of that now through the back half of this year.

當我說我們立即採取行動時，我們確實立即採取了行動。我們在緩解方面採取了更積極的行動。這是每天一次的跨職能會議，實際上是一份我們要做的事情和目標的清單。而這一切都已經到來——我們將在今年下半年實現這一切。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Two quick ones. I just wanted to understand what happened when China tariffs were at 145. You said that you put a pause. But what ended up happening with that product? Did you eventually take it once the rates were reduced or did you end up having to cancel a bunch.

兩個簡單的。我只是想了解當中國關稅達到 145 時會發生什麼。你說你暫停了一下。但該產品最終結果如何？利率降低後，您最終是否接受了這些服務，還是最終不得不取消許多服務？

And then second, I'm just curious if you could give us any color about income cohort and any performance difference that you might have seen versus a lower versus upper income folks.

其次，我很好奇您是否可以向我們介紹收入群體的情況，以及您可能看到的低收入人群和高收入人群的表現差異。

Yes, absolutely. Thanks, Paul. When the tariffs hit 145%, which I think was around April 9, we basically just paused shipment of the product so we could let things settle and understand better what the environment would be. And since then, we've released that product. They were absolutely -- we weren't canceling product. We let it go, and it's flowing now.

是的，絕對是。謝謝，保羅。當關稅達到 145% 時（我記得是在 4 月 9 日左右），我們基本上就暫停了產品的發貨，以便讓事情穩定下來，更好地了解環境會是什麼樣子。從那時起，我們就發布了該產品。他們絕對不會取消產品。我們放開了它，它現在正在流動。

So because we had good business in the first quarter of the year, we actually were actively pulling forward receipts, especially for our replenishment products. So I feel like we took the right actions to ensure that we didn't get hit with outsized tariffs in this quarter and in Q2. But that product is now flowing. And then in terms of income cohort, we actually saw growth evenly across all of our cohorts. And so it's been nice to see not only great growth across the majority of our product worlds, but also across our customer base, agnostic at socioeconomic level.

因此，由於我們今年第一季的業務良好，我們實際上正在積極推進收貨，特別是補貨產品。因此，我覺得我們採取了正確的行動，以確保我們在本季和第二季不會受到過高關稅的打擊。但該產品現在已開始流通。就收入群體而言，我們實際上看到所有群體的收入都實現了均勻成長。因此，我們很高興地看到，不僅我們的大多數產品領域都實現了巨大增長，而且我們的客戶群也實現了巨大增長，不受社會經濟層面的限制。

Jeremy Hamblin, Craig Hallum Capital Group.

傑里米·漢布林 (Jeremy Hamblin)，克雷格·哈勒姆資本集團 (Craig Hallum Capital Group)。

Congratulations on the exceptional results and best wishes Kristy. I wanted to come back to sourcing here and ask a little bit of a follow-up. It would appear like based on typical seasonality in your Q1 performance that kind of the underlying EPS for the business is about $6 a share. So a fairly significant tariff drag here even as you make that kind of 10 percentage point reduction in sourcing from China.

祝賀你取得優異的成績，並向克里斯蒂致以最良好的祝愿。我想回到這裡尋找資源並詢問一些後續問題。根據您第一季業績的典型季節性，該業務的潛在每股收益似乎約為每股 6 美元。因此，即使從中國採購的量減少了 10%，關稅仍會造成相當大的拖累。

As you look ahead to 2026, how much further do you think that you can get that sourcing down if tariffs at an elevated level should persist? And then kind of as a related question, I wanted to understand whether or not you've seen any notable change as kind of the de minimis exemption has gone away, whether or not that's changed some of the competition?

展望 2026 年，如果高額關稅持續存在，您認為採購量還能降低多少？然後作為一個相關問題，我想了解您是否看到任何顯著的變化，因為最低限度豁免已經消失，這是否改變了一些競爭？

So in terms of -- I'm going to actually start with your last which is de minimis. It's unclear whether or not de minimis has had any impact on our business. I will say that Five Below is an interesting business. It's pretty unique in terms of its focus on kids. And so I think just less impact overall from de minimis.

因此就——我實際上要從最後一個最低限度開始。目前還不清楚最低限度是否對我們的業務產生了影響。我想說的是，Five Below 是一家有趣的公司。就其對兒童的關注而言，它非常獨特。因此我認為，從總體上看，微不足道的影響較小。

And then in terms of going for 2026 with sourcing, really what we do is try and chase the best trends and get the most relevant assortment of products. And so a lot of what we've done, some part of it is intentional in terms of really looking at what's out there outside of China.

然後，就 2026 年的採購而言，我們真正要做的就是嘗試追逐最佳趨勢並獲得最相關的產品組合。因此，我們所做的很多事情，有些是有意為之，真正關注中國以外的情況。

But the other piece of it is ensuring that we get more vendors into the mix. And we've been working on that actually since the back half of last year and ensuring that we've got really, really great product. And we're finding really great domestic sources, for instance, and we're exploiting that. We're definitely going after closeouts. So it's a combination of all things.

但另一部分是確保我們能吸引更多的供應商加入。事實上，我們從去年下半年就一直致力於此，確保我們能夠推出真正優秀的產品。例如，我們正在尋找非常好的國內資源，並且正在加以利用。我們一定會進行清倉促銷。所以它是所有事物的結合。

And then I'll let Ken speak to the last question.

然後我請肯回答最後一個問題。

Yes. Jeremy, I think you mentioned kind of the tariff impact for this year and kind of rolling that forward. Yes, you're probably just under $1 based on the 150 basis points of that net tariff impact. And again, we're going to focus on 2025 for now.

是的。傑里米，我想你提到了今年關稅的影響以及其未來影響。是的，根據 150 個基點的淨關稅影響，您的損失可能略低於 1 美元。再次強調，我們現在將重點放在 2025 年。

But given a lot of the benefits that's coming out of this work based on this tariff challenge, and as Winnie mentioned, kind of accelerating a lot of these activities that were strategies for us, but we've really pulled that forward. We do feel, again, in a more normalized environment that we should be able to deliver operating margin expansion as we move forward.

但是考慮到基於這項關稅挑戰的工作所帶來的諸多好處，正如溫妮所提到的那樣，我們加速了許多這些對我們來說是戰略的活動，但我們確實將這些活動向前推進了。我們確實再次感覺到，在更正常的環境中，我們應該能夠在未來實現營業利潤率的擴大。

Brad Thomas, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Brad Thomas。

Congrats on the results here. My question is around store openings and store actions. We know that you flow growth and paused remodels as you focused on stabilizing the business, presuming the consistency in comps continues. Is this still the right level of store growth to think about going forward? .

恭喜你所取得的成果。我的問題是關於商店開業和商店活動。我們知道，由於您專注於穩定業務，所以您實現了業務成長並暫停了重塑，並假設可比較數據的一致性能夠持續下去。這是否仍然是未來值得考慮的正確的門市成長水準？。

Thanks for your question, Brad. I think that we will accelerate store growth as we move forward. This year, we're going to be entering markets where frankly, we have a lot of white space. We have stores in the Pacific Northwest. And so we've got a lot ahead of us in terms of potential and white space in the market.

謝謝你的提問，布拉德。我認為，隨著我們不斷前進，門市的成長將會加快。坦白說，今年我們將進入擁有大量空白的市場。我們在太平洋西北地區有商店。因此，就市場潛力和空白而言，我們還有很長的路要走。

And with improvements in terms of our execution and our ability to deliver consistently both sales and profit, we will be looking at further expansion or more assertive expansion of our stores moving forward.

隨著我們執行力的提高以及持續實現銷售和利潤的能力的提高，我們將考慮進一步擴張或更積極地擴張我們的門市。

Yes. And Brad, we mentioned a while ago what we see as the opportunity in the United States of like the 3,000 stores. We still feel really good about that. And as you can see from these results, we're also seeing improvement in the productivity of these new stores. So that's a good thing to see and a little bit more consistency in terms of performance.

是的。布拉德，我們剛才提到，我們認為在美國開設 3,000 家門市是一個機會。我們對此仍然感到非常高興。從這些結果中您可以看到，我們也看到這些新店的生產力有所提升。所以這是一件好事，並且在性能方面更加一致。

So that gives us even more confidence as we move forward. Thanks, Brad.

這讓我們在前進的道路上更加充滿信心。謝謝，布拉德。

Anthony Chukumba, Loop Capital.

安東尼·楚昆巴，Loop Capital。

I guess my question is just around the cadence of comps during the first quarter if there was any sort of noticeable difference between the different months and if you saw any sense of like acceleration in April post liberation day with folks may be trying to get in front of potential price increases? .

我想我的問題只是關於第一季的同店銷售額成長節奏，不同月份之間是否存在明顯差異，以及您是否看到 4 月份解放日後有任何加速的感覺，人們可能正試圖趕在潛在的價格上漲之前？。

Anthony, we saw a really nice improvement in comps month and month out. I think we had a couple of interesting nuances to the quarter. Number one, February, we had bad weather throughout the country, which definitely impacted traffic. And then we have a shift in Easter timing we consider kind of March and April together in terms of a year-on-year comparison. But again, coming out of the holiday, we have continued to see nice growth. And actually, our comp performance has been very good...

安東尼，我們看到公司業績逐月都有顯著改善。我認為本季度我們發現了一些有趣的細微差別。首先，二月，全國各地都遭遇惡劣天氣，這肯定會對交通產生影響。然後，我們的復活節時間發生了變化，從同比來看，我們把三月和四月放在一起考慮。但假期過後，我們又繼續看到了良好的成長。事實上，我們的公司業績一直都非常好…

Yes, the exit rates coming out.

是的，退出率已經出來了。

Coming out. So it's been continuing to accelerate week in, week out, and that's really great testament to everything that the teams have done

出來了。所以它一直在一周又一周地加速，這很好地證明了團隊所做的一切

Michael Montani, Evercore.

邁克爾·蒙塔尼，Evercore。

I was just going to ask on the EBIT margin pressure, I think, $150 million of tariffs. So then should we take the other $50 million and kind of allocate it evenly between incentive comp, marketing spend and then store labor hours? Or is there any extra kind of clarity you can provide on that?

我只是想問一下息稅前利潤率的壓力，我想，1.5億美元的關稅。那麼我們是否應該將剩餘的 5000 萬美元平均分配給獎勵補償、行銷支出和商店工時？或者您能對此提供任何額外的解釋嗎？

Yes, Michael, you're right, on a full year basis, as we mentioned, 150 basis points in op margin deleverage. Again, about 60% of that is going to be up in gross margin. Again, that's where the overwhelming majority of any tariff costs are going to be. And about 40% of that deleverage for the year is going to be sitting in SG&A. And again, you've got the higher incentive comp for the year, the investment in labor hours and it's offset slightly by some fixed cost leverage on a full year basis that gives you a little bit of the geography of that full year.

是的，邁克爾，您說得對，正如我們所提到的，按全年計算，營業利潤率去槓桿率為 150 個基點。同樣，其中約 60% 將增加毛利率。再次強調，絕大多數關稅成本都會發生在那裡。今年約有 40% 的去槓桿將用於銷售、一般及行政費用。再說一次，你獲得了更高的年度激勵補償，在勞動時間上的投資，並且被全年的一些固定成本槓桿稍微抵消了，這讓你對全年的地理位置有了一點了解。

Joe Feldman, Telsey Advisory Group.

喬‧費爾德曼 (Joe Feldman)，特爾西顧問集團 (Telsey Advisory Group)。

Congrats on a very good quarter. Again, I know you've been asked a lot about this. And I understand all the changes you've made in the stores, and I can see them we're in the stores, it does look like the assortment is better, tighter, everything you've described. But how did customers know like -- I mean, did marketing step up measurably?

恭喜本季取得非常好的成績。再說一次，我知道你已經被問過很多次這個問題了。我了解你們在商店中所做的所有改變，而且我可以在商店中看到它們，看起來商品種類更齊全、更齊全，正如你所描述的那樣。但是客戶如何知道——我的意思是，行銷是否取得了顯著的進步？

I don't recall hearing you say anything too much about the marketing. But it seems like customers would have had to have known that things got better to then start to come back more frequently and the traffic was great. So was there more stimulus? Or was it social? Or maybe you could just share some color there?

我不記得聽過你過度談論行銷。但似乎顧客必須知道情況會好轉，然後才會開始更頻繁地回來，而且客流量也很大。那麼還有更多刺激措施嗎？還是社交性的？或者也許您可以在那裡分享一些顏色？

Thanks, Joe. We didn't increase our level of spend. But what we did do was actually look at the channels and we did really invest in social media and greater content. And with that investment and redirecting the spend in that direction, we thought we were doing the right thing by the customer in terms of starting their journey where most customers start today, which is on social and in digital and connecting that journey through to what they saw in stores.

謝謝喬。我們沒有增加支出。但我們所做的實際上是專注於管道，並且我們確實在社交媒體和更豐富的內容上進行了投資。透過這項投資並將支出重新定向到這個方向，我們認為我們正在為客戶做正確的事情，即開始他們的旅程，大多數客戶今天都是從社交和數字開始的，並將這一旅程與他們在商店中看到的東西聯繫起來。

We were very specific about where we invested. We invested in trends that we were seeing that we thought were relevant, be it beauty, be it novelty candy, we did a lot in social around building your own Easter basket, and I'll just take that example of the Easter basket, what you saw in social connected to what you saw on the site in terms of literally built it, one, choose a vessel; two, what goes in it and you saw that all the way through to the store. So that end-to-end and looking at the storytelling and starting with social and stepping up our creator content.

我們對投資方向非常明確。我們投資於我們認為相關的趨勢，無論是美容，還是新奇糖果，我們在社交方面做了很多關於製作您自己的複活節籃子的活動，我就以復活節籃子為例，您在社交上看到的內容與您在網站上看到的相關，就字面上的製作而言，第一，選擇一個容器；第二，在裡面放什麼，您一路看到這些，一直到商店。因此，從端到端的角度來看故事敘述，從社交開始，加強我們的創作者內容。

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

我們的問答環節到此結束。我想將會議交還給 Winnie Park 閉幕演講。

Thank you so much for joining us. Thank you so much for joining us. We're so excited by the progress we've made across product, value and experience, and I want to thank all of our teams for their hard work and dedication to delivering our results. Five Below continues to be a destination for our customers for fun trend-right products at amazing value, and we're committed to continuing to provide the magic that is Five Below. In summary, we feel really good about where the business is today, and we're excited for the future.

非常感謝您加入我們。非常感謝您加入我們。我們對產品、價值和經驗方面所取得的進步感到非常興奮，我要感謝我們所有團隊的辛勤工作和奉獻精神，以實現我們的成果。Five Below 繼續成為我們客戶購買有趣、時尚且超值產品的首選之地，我們致力於繼續提供 Five Below 的魔力。總而言之，我們對目前的業務狀況感到非常滿意，並對未來充滿期待。

We wish everyone a great summer and hope to see you all in our stores. Thank you so much.

我們祝福大家有個愉快的夏天，並希望在我們的商店見到你們。太感謝了。

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。