Five Below Inc (FIVE) 2025 Q2 法說會逐字稿

Good day, and welcome to the Five Below second quarter 2025 earnings conference call. (Operator Instructions) Please note this event is being recorded.

大家好，歡迎參加 Five Below 2025 年第二季財報電話會議。（操作員指示）請注意，此事件正在被記錄。

I would now like to turn the conference over to Ms. Christiane Pelz, Vice President, Investor relations. Please go ahead, ma'am.

現在，我想將會議交給投資者關係副總裁克里斯蒂安·佩爾茨女士。請繼續，女士。

Thank you, operator. Good afternoon, everyone, and thanks for joining us today for Five Below's Second Quarter 2025 Financial Results Conference Call. On today's call are Winnie Park, Chief Executive Officer; and Ken Bull, Chief Operating Officer and Interim Chief Financial Officer and Treasurer. After management has made their formal remarks, we will open the call to questions.

謝謝您，接線生。大家下午好，感謝您今天參加 Five Below 2025 年第二季財務業績電話會議。參加今天電話會議的有執行長 Winnie Park 和營運長、臨時財務長兼財務長 Ken Bull。管理層發表正式講話後，我們將開始提問。

I need to remind you that certain comments made during this call may constitute forward-looking statements and are made pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended.

我需要提醒您，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》的安全港條款的含義發表的。

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.

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 compensation, 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。在本次示範中，我們將參考我們的銷售、一般和行政費用。對我們來說，SG&A 意味著銷售、一般和行政費用，包括薪資和其他補償、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.

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對帳。如果您沒有今天的新聞稿副本，您可以訪問我們網站 fivebelow.com 的投資者關係頁面獲取。

I will now turn the call over to Winnie.

現在我將把電話轉給 Winnie。

Hello, and thanks so much for joining us. We're excited to share our second quarter results, which were very strong and exceeded our expectations. I'd like to take a moment to acknowledge a major milestone for Five Below, achieving our first $1 billion sales quarter outside of a Q4.

您好，非常感謝您加入我們。我們很高興地分享我們第二季的業績，業績非常強勁，超出了我們的預期。我想花點時間來慶祝 Five Below 的一個重要里程碑，即在第四季度之外首次實現 10 億美元的銷售額。

This is a testament to the hard work and dedication of our teams across the company who delivered our value proposition of great product, extreme value and a fun shopping experience, to our boss, the customer. Our results demonstrate that our customers are recognizing Five Below as the destination for the kids and the kid and all of us.

這證明了我們公司各團隊的辛勤工作和奉獻精神，他們向我們的老闆——客戶傳達了優質的產品、極高的價值和有趣的購物體驗的價值主張。我們的結果表明，我們的客戶已經認識到 Five Below 是孩子、孩子本身以及我們所有人的目的地。

A few strategies that bolstered our Q2 results were one, curating relevant wow newness in our assortment, two, simplifying our pricing to whole price points, highlighting value. Three, improving in-stocks and flow of product throughout our network of stores and four, initiating marketing campaigns fueled by creator content.

一些支持我們第二季業績的策略是：一、在我們的產品組合中精選相關的令人驚嘆的新品；二、將我們的定價簡化為整個價格點，突出價值。第三，改善我們整個商店網路的庫存和產品流動；第四，發起由創作者內容推動的行銷活動。

These actions drove total sales growth of nearly 24% to over $1 billion and a comparable sales increase of 12.4%. Very notable was our comparable transactions increase of 8.7%. With strong fixed cost leverage and a disciplined expense management, adjusted EPS increased 50% to $0.81.

這些舉措推動總銷售額成長近 24%，超過 10 億美元，可比銷售額成長 12.4%。非常值得注意的是我們的可比交易量增加了8.7%。憑藉強大的固定成本槓桿和嚴格的費用管理，調整後的每股收益將成長 50% 至 0.81 美元。

We also grew our store base in the quarter with 32 net new stores across 21 states. Four of these stores were among the top 25 all-time spring and summer grand openings, including our Redding, California and Columbia, Tennessee locations, which just shows the diversity of our appeal.

本季度，我們也擴大了門市數量，在 21 個州新增了 32 家門市。其中四家門市名列史上春夏季開幕門市前 25 名，包括我們位於加州雷丁和田納西州哥倫比亞的門市，這充分體現了我們吸引力的多樣性。

One of our Q2 new stores in Fort Smith, Arkansas made the top all-time openings list, strengthening these openings for our popular grand opening marketing activities, which created a ton of fun and excitement for our customers.

我們位於阿肯色州史密斯堡的第二季新店之一躋身歷史新店開幕榜首，為我們廣受歡迎的盛大開幕行銷活動提供了強有力的支持，為我們的客戶帶來了無窮的樂趣和興奮。

The real key to our success in Q2 is our commitment to our customers. We have a new mantra at Five Below, the customer is our boss. And everyone from our WowTown teams to our ship centers to our amazing store crew aspires to put the customer at the center of what we do.

我們第二季成功的真正關鍵在於我們對客戶的承諾。在 Five Below，我們有一個新的口號：顧客就是我們的老闆。從我們的 WowTown 團隊到我們的船舶中心，再到我們出色的商店工作人員，每個人都渴望將客戶放在我們工作的中心。

We are all focused on simplification and collaboration across our teams to optimize our product assortment and store labor, which is contributing to better in-stocks and service levels and creating a more appealing shopping experience for our customers.

我們都專注於簡化和跨團隊協作，以優化我們的產品分類和商店勞動力，這有助於提高庫存和服務水平，並為我們的客戶創造更具吸引力的購物體驗。

Now on to product. Providing fresh, trend-right quality products at amazing value is our mandate at Five Below. The second quarter was about summer fun, be it staycations, or road trips to the beach and lake, we delighted our customers with products to play, live, give and celebrate.

現在開始討論產品。以驚人的價值提供新鮮、時尚的優質產品是 Five Below 的使命。第二季的主題是夏日樂趣，無論是居家度假，還是去海灘和湖泊的公路旅行，我們都為客戶提供玩樂、生活、贈送和慶祝的產品。

We were pleased to deliver broad-based performance across our world. Our merchant source an amazing assortment of products, including licensed must haves with exclusive collaborations like the Stitch Surf Shop. From toys and games to loungewear, handy, beauty products, including travel necessity and more, we offer trend-right products that resonated with our customers.

我們很高興能夠在全球範圍內提供廣泛的業績。我們的商家提供各式各樣的產品，包括與 Stitch Surf Shop 等獨家合作的授權必備品。從玩具和遊戲到家居服、便利品、美容產品，包括旅行必需品等等，我們提供符合潮流的產品，引起客戶的共鳴。

In tech, we continue to benefit from better in-stock positions in cables, chargers and phone cases, perfect at any time of year, but especially for back-to-school. Also for back-to-school, we delivered great value for teachers and kids with crafts and supplies.

在科技領域，我們繼續受益於電纜、充電器和手機殼庫存狀況的改善，適合一年中的任何時候，尤其適合返校。此外，在返校之際，我們為老師和孩子們提供了非常有價值的手工藝品和用品。

Parents and kids loved our iconic $5 backpack and our expanded assortment of licensed backpacks, which were a great deal at only $7. This is a good segue into the topic of value and how we define it at Five Below. We are 100% committed to providing value for our customers.

家長和孩子都很喜歡我們標誌性的 5 美元背包和我們擴大的授權背包系列，這些背包僅售 7 美元，非常划算。這很好地引出了價值主題以及我們在 Five Below 如何定義它。我們 100% 致力於為客戶提供價值。

Value for us is providing unique trend-right quality Wow products at amazing price points against a backdrop of higher prices industry-wide due to tariffs, we are laser-focused on ensuring a compelling value proposition for our customers.

對我們來說，價值在於以驚人的價格提供獨特、符合潮流的優質 Wow 產品，在關稅導致全行業價格上漲的背景下，我們專注於確保為客戶提供引人注目的價值主張。

Specifically, in the second quarter, we executed our planned strategic pricing changes to whole price points in order to simplify the shopping experience for our customers and execution for our store crew. The majority of items outside of our candy world are now priced at $1, $2, $3, $4 and $5. We've also been selective in assorting products above $5 that represent great value for money. To date, we've been very encouraged by the customer response to the implementation of our pricing strategy.

具體來說，在第二季度，我們執行了計劃中的策略定價變更，以調整整個價格點，從而簡化客戶的購物體驗和店員的執行。現在，我們糖果世界之外的大多數商品的價格為 1 美元、2 美元、3 美元、4 美元和 5 美元。我們還精心挑選了價格超過 5 美元且物超所值的產品。到目前為止，客戶對我們實施定價策略的反應讓我們深受鼓舞。

On store experience, our simplification strategy is key to enhancing our customer experience and making our stores easier to operate for our crew. By streamlining assortments and pricing, we see immediate and long-term operational benefits across the supply chain, in stores and within our visual and marketing teams.

在商店體驗方面，我們的簡化策略是提升客戶體驗和讓我們的員工更容易操作商店的關鍵。透過簡化分類和定價，我們看到了整個供應鏈、商店以及視覺和行銷團隊的直接和長期營運效益。

With the focus on newness and conviction buys, our shelves are stocked with the latest trend products and our stores are cleaner and more appealing with reimagined displays. Improved inventory flow has led to better in-stock positions, ensuring the right product is available at the right time and place to help bolster sales.

我們注重新穎性和購買意願，貨架上擺滿了最新潮流產品，商店也經過重新設計的展示，變得更加整潔、更具吸引力。庫存流的改善帶來了更好的庫存狀況，確保在正確的時間和地點提供正確的產品，以幫助促進銷售。

On to marketing. We see an opportunity to better connect with our customers both in-store and digitally, to elevate the Five Below brand and increase our brand awareness. We are letting our customers know where a go-to destination to help them celebrate, focus on six curtain up moments we've discussed with our Halloween and the all-important holiday season up next.

繼續行銷。我們看到了在店內和數位領域與客戶建立更好聯繫的機會，從而提升 Five Below 品牌並提高我們的品牌知名度。我們會讓顧客知道哪裡是可以去慶祝的目的地，重點關注我們在萬聖節和接下來最重要的假期期間討論過的六個開幕時刻。

In the second quarter, we connected with our customers with a continued focus on value and end-to-end storytelling from social to in-store. We leaned in to create our content with viral product moments, and we believe this is driving visits from both new and existing customers. We are pleased with the progress we've made over the last several months and excited to further capitalize on the opportunity to better connect with our customers and grow awareness.

在第二季度，我們與客戶建立了聯繫，繼續專注於價值以及從社交到店內的端到端故事敘述。我們傾向於利用病毒式產品時刻來創建我們的內容，我們相信這會吸引新舊客戶的訪問。我們對過去幾個月的進展感到滿意，並很高興進一步利用這個機會更好地與客戶聯繫並提高知名度。

Now as we look forward, in an ever-changing tariff environment, our teams continue to work very closely with our partners to optimize our inventory availability and receipt flow for the balance of the year. We are all working incredibly hard to control the controllables, mitigate risks and drive sales through continued executional excellence.

現在，展望未來，在不斷變化的關稅環境中，我們的團隊將繼續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。我們都在竭盡全力控制可控因素、降低風險並透過持續卓越的執行來推動銷售。

We believe that we are in a strong position heading into the fall with exciting plans for both Halloween and holiday. We are the destination for the kid and the kid in all of us, the cool store for kids and the yes store for parents. Our mission remains to offer amazing trend-right product at extreme value to help our customers throughout their life stages, to play, live, give and celebrate.

我們相信，透過為萬聖節和假期制定的令人興奮的計劃，我們將在秋季到來時處於有利地位。我們是孩子和我們所有人心中孩子的目的地，是孩子們的酷商店，也是父母的肯定商店。我們的使命仍然是提供極具價值的令人驚嘆的潮流產品，幫助我們的客戶在人生的各個階段玩耍、生活、給予和慶祝。

With that, I'll turn it over to Ken for the financial update. Take it away, Ken.

有了這些，我將把財務更新交給肯。把它拿走，肯。

Thanks, Winnie, and good afternoon, everyone. I will begin my remarks with a review of our second quarter results and then discuss our outlook for the third quarter and full year of fiscal 2025. My comments will refer to results on an adjusted GAAP basis, excluding the impact of nonrecurring or noncash items, as outlined in our earnings press release. Please refer to our earnings press release for GAAP results and all reconciliations.

謝謝，溫妮，大家午安。我將首先回顧我們的第二季業績，然後討論我們對 2025 財年第三季和全年的展望。我的評論將參考調整後的 GAAP 結果，不包括非經常性或非現金項目的影響，如我們的收益新聞稿中所述。請參閱我們的收益新聞稿，以了解 GAAP 結果和所有對帳。

Total sales in the second quarter of 2025 increased 23.7% to $1,027 million from $830 million in the second quarter last year. Comparable sales increased 12.4% driven by increases in comp transactions of 8.7% and comp ticket of 3.4%.

2025 年第二季總銷售額從去年第二季的 8.3 億美元成長 23.7% 至 10.27 億美元。可比銷售額增長 12.4%，這得益於可比交易量增長 8.7% 和可比票面價格增長 3.4%。

On a two year stack basis, comparable sales increased 6.7%, split approximately evenly between transaction and ticket growth. On store growth, we opened 32 net new stores compared to 62 new stores in the second quarter last year.

以兩年疊加計算，可比銷售額增長了 6.7%，其中交易量和票房增長大致均等。在門市成長方面，我們淨開了 32 家新店，而去年第二季我們開設了 62 家新店。

We ended the quarter with 1,858 stores, an increase of 191 stores or 11.5% versus the second quarter last year. We were pleased with the performance of our new stores, which generated productivity at our target level, which is in the mid-80% range.

截至本季末，我們共有 1,858 家門市，比去年第二季增加了 191 家，增幅為 11.5%。我們對新店的業績感到滿意，新店的生產力達到了我們的目標水平，即 80% 左右。

Adjusted gross profit for the second quarter of 2025 was $343.3 million, an increase of 26% over the second quarter of 2024. Adjusted gross margin increased by approximately 70 basis points to 33.4%, driven primarily by fixed cost leverage on the strong comp sales, partially offset by the net impact of tariffs.

2025 年第二季調整後毛利為 3.433 億美元，較 2024 年第二季成長 26%。調整後的毛利率增加了約 70 個基點，達到 33.4%，這主要得益於強勁的同店銷售額帶來的固定成本槓桿，但被關稅的淨影響部分抵消。

As a percentage of sales, adjusted SG&A for the second quarter of 28.1% decreased approximately 20 basis points compared to last year's second quarter. This was driven by fixed cost leverage on the strong comp sales results, offset in part by higher incentive compensation.

作為銷售額的百分比，第二季調整後的銷售、一般及行政費用為 28.1%，與去年第二季相比下降了約 20 個基點。這是由強勁的銷售業績帶來的固定成本槓桿所推動的，但被更高的激勵薪酬部分抵消。

As a result, adjusted operating income grew nearly 50% this year to $55.1 million versus $37 million in the second quarter last year and adjusted operating margin increased approximately 90 basis points to 5.4%.

因此，今年調整後的營業收入成長近 50%，達到 5,510 萬美元，而去年第二季為 3,700 萬美元，調整後的營業利潤率增加約 90 個基點，達到 5.4%。

Net interest income was $5.5 million for the second quarter which was better than planned due to a higher average cash balance throughout the quarter. Adjusted net income for the second quarter was $44.8 million versus $29.7 million last year.

第二季淨利息收入為 550 萬美元，由於整個季度平均現金餘額較高，因此好於計劃。第二季調整後淨收入為 4,480 萬美元，去年同期為 2,970 萬美元。

This resulted in adjusted earnings per diluted share for the second quarter of $0.81 compared to last year's adjusted earnings per diluted share of $0.54. We ended the second quarter with approximately $670 million in cash, cash equivalents and investments and no debt, including nothing outstanding on our $225 million line of credit.

這使得第二季調整後每股攤薄收益為0.81美元，而去年同期調整後每股稀釋收益為0.54美元。截至第二季末，我們持有約6.7億美元的現金、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 second quarter was approximately $800 million as compared to approximately $640 million at the end of the second quarter last year. Average inventory on a per store basis increased approximately 12% versus the second quarter last year.

第二季末的庫存約為 8 億美元，而去年第二季末的庫存約為 6.4 億美元。與去年第二季相比，每家商店的平均庫存增加了約 12%。

As we communicated on our last earnings call, the increase in our inventory position reflects the actions we took to accelerate receipts in response to shifts in the global trade environment. At this point, we expect our inventory levels at the end of the third quarter to also be elevated due to continued acceleration of receipts, and we expect to be well positioned for the all-important holiday season.

正如我們在上次財報電話會議上所傳達的那樣，庫存狀況的增加反映了我們為應對全球貿易環境的變化而採取的加快收貨措施。目前，我們預計第三季末的庫存水準也將由於收貨量的持續加速而上升，並且我們預計將為最重要的假期季節做好準備。

Turning to guidance. For the third quarter of 2025, we expect total sales in the range of $950 million to $970 million or growth of 13.8% at the midpoint versus last year's third quarter. Comparable sales are expected to increase between 5% and 7% versus a positive 0.6% comp in the third quarter of last year, and we expect to open approximately 50 net new stores in the third quarter.

轉向指導。對於 2025 年第三季度，我們預計總銷售額將在 9.5 億美元至 9.7 億美元之間，或比去年第三季成長 13.8%。預計可比銷售額將成長 5% 至 7%，而去年第三季的可比銷售額成長了 0.6%，我們預計第三季將開設約 50 家新店。

Adjusted operating margin at the midpoint is expected to be 1% versus 3.3% in the third quarter of last year. This decline is being driven by both gross margin and SG&A expenses. Within gross margin, we expect approximately 160 basis points of unmitigated tariff-related costs which will be partially offset by fixed cost leverage.

預計調整後的中位數營業利潤率為 1%，而去年第三季為 3.3%。造成此下降的因素包括毛利率及銷售、一般及行政費用。在毛利率範圍內，我們預期未降低的關稅相關成本約為 160 個基點，這些成本將被固定成本槓桿部分抵銷。

SG&A is expected to be approximately 100 basis points higher than the third quarter of last year due primarily to higher incentive compensation and investments in store labor, including to support additional physical inventory counts.

預計銷售、一般及行政費用將比去年第三季高出約 100 個基點，主要原因是激勵薪資增加以及對店內勞動力的投資增加，包括支援額外的實體庫存數量。

The improvement versus our prior implied guidance is primarily due to leverage on the higher sales. Net interest income is expected to be approximately $4 million for the third quarter and our effective tax rate is expected to be approximately 26%.

與我們先前的隱含指引相比，這項改善主要歸功於銷售增加所帶來的槓桿作用。預計第三季淨利息收入約為 400 萬美元，有效稅率預計約為 26%。

Adjusted net income for the third quarter is expected to be between $6.7 million and $13.2 million versus $23.3 million in the third quarter last year, with adjusted diluted earnings per share expected to be between $0.12 to $0.24, compared to $0.42 in the third quarter of 2024.

預計第三季調整後淨收入將在 670 萬美元至 1,320 萬美元之間，而去年第三季為 2,330 萬美元；預計調整後每股攤薄收益在 0.12 美元至 0.24 美元之間，而 2024 年第三季為 0.42 美元。

For the full year of fiscal 2025, we are increasing our sales guidance to reflect the better than expected performance in the second quarter and our second half outlook. Full year sales are now expected to be in the range of $4.44 billion to $4.52 billion with a comparable sales increase of 5% to 7%. The midpoint of our full year operating margin guidance has increased from our prior outlook by approximately 60 basis points to approximately 7.9%, driven by fixed cost leverage on the higher sales.

對於 2025 財年全年，我們將提高銷售預期，以反映第二季優於預期的業績以及我們對下半年的展望。目前預計全年銷售額將在 44.4 億美元至 45.2 億美元之間，可比銷售額成長 5% 至 7%。受銷售額增加帶來的固定成本槓桿作用的推動，我們全年營業利潤率預期的中點較先前的預測提高了約 60 個基點，達到約 7.9%。

On a year over year basis, operating margin is expected to be down approximately 130 basis points, driven primarily by tariff and incentive compensation headwinds, partially offset by fixed cost leverage. Net interest income for the year is expected to be approximately $19 million, and the effective tax rate is expected to be approximately 26%.

與去年同期相比，營業利潤率預計將下降約 130 個基點，主要原因是關稅和激勵薪資不利因素，但部分被固定成本槓桿所抵消。預計全年淨利息收入約為1,900萬美元，有效稅率預計約為26%。

Adjusted diluted earnings per share is expected to be in the range of $4.76 to $5.16. For fiscal 2025, gross capital expenditures, excluding the impact of tenant allowances, is expected to be approximately $210 million, which reflects 150 net new store openings and investments in systems and infrastructure.

調整後每股攤薄收益預計在4.76美元至5.16美元之間。 2025財年，不包括租戶補貼影響的總資本支出預計約為2.1億美元，這反映了150家新店的淨開設以及系統和基礎設施的投資。

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)

（操作員指示）

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Hi, good morning, everyone, and nice quarter. I wanted to ask you a question about holiday. I was curious if you could expand upon the assortment that you're sort of thinking about and excited about for the holiday season? And then Ken, as you look at the guidance for Q4, the implied comp looks like it's up about low single digits. And I know this is like a tight window. That's harder to drive sales on.

大家早安，祝大家新年快樂。我想問你一個關於假期的問題。我很好奇，您是否可以詳細說明一下您在假期期間考慮和期待的商品種類？然後，肯，當你查看第四季度的指引時，隱含的銷售額似乎上漲了約個位數。我知道這就像是一扇緊閉的窗戶。這使得推動銷售變得更加困難。

But on the other hand, if you dig through sort of like comp sales per store or overall sales per store, I mean, the comparison seems pretty favorable. I mean you did talk about leaving sales on the table last year. So I'm just curious as to how you're thinking about Q4 in a bit more detail related to all that.

但另一方面，如果你深入研究每家商店的銷售額或每家商店的總銷售額，你會發現這種比較似乎相當有利。我的意思是，你去年確實談到放棄銷售。所以我只是好奇你對與這一切相關的第四季有何更詳細的看法。

Great. Thank you so much, Ed. I will start with the holiday assortments and then pass it on to Ken. We are really excited about the holiday assortments. I think we did have several winners last year that we would like to grow further this year.

偉大的。非常感謝，艾德。我會先從節日什錦開始，然後再轉交給肯。我們對節日系列感到非常興奮。我認為去年我們確實有幾位獲勝者，我們希望今年能有進一步的發展。

But I think the key to holiday that is a bit different is that we will be leveraging the front and back of store to really create a holiday moment for our customers. We'd love to be known as a gift destination for America at great value.

但我認為假期與眾不同的關鍵在於我們將利用商店的前後空間為我們的顧客真正創造一個假期時刻。我們希望成為美國極具價值的禮品目的地。

So you're going to see tons of gifting as well as lounge, a great holiday decor, anything you need for those stocking stuffers last minute. So we really want to outfit all of holiday and again, at great value. So that's the plan. We're very excited for it.

因此，您將看到大量的禮物以及休息室、精美的節日裝飾以及您在最後一刻需要的聖誕禮物。因此，我們確實希望為整個假期做好充分的準備，並且物有所值。這就是計劃。我們對此感到非常興奮。

And right now, we also have a nice assortment of Halloween and back of store, and we're very pleased with what we're seeing with those results. So I think that will be great. The last piece is messaging to the customers. We will be messaging and telegraphing what is landing, when it's landing so that people really get a sense of what to come back for all during the holiday season. And I'll pass it on to Ken.

現在，我們也有各種各樣的萬聖節和商店後台商品，我們對所看到的結果非常滿意。所以我認為這會很棒。最後一部分是向客戶傳達訊息。我們將透過資訊和電報告知即將推出的產品以及推出時間，以便人們真正了解假期期間將推出哪些產品。我會把它轉達給肯。

Yeah. Thanks, Winnie. And Ed, regarding the Q4 implied guide, you're right, it's in that mid-single-digit range, really unchanged from what we said at the beginning of the year. We'll provide further guidance as we get a chance to get through Q3, knowing that Q4 is a little bit different of a quarter, right, the high competitiveness condensed part of the season there.

是的。謝謝，溫妮。艾德，關於第四季度隱含指引，您說得對，它處於中等個位數範圍內，與我們年初所說的相比沒有變化。當我們有機會度過第三季度時，我們會提供進一步的指導，因為我們知道第四季度與前一個季度略有不同，對吧，那裡的競爭非常激烈，是整個賽季的濃縮部分。

And then there could be some uncertainty go forward from a consumer standpoint. So we think it's appropriate just to leave that guide where it was for Q4 based on where we started the year. Thanks, Ed.

從消費者的角度來看，未來可能會存在一些不確定性。因此，我們認為，根據年初的情況，將該指南保留到第四季度是合適的。謝謝，艾德。

Thank you.

謝謝。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good evening. Thank you so much for taking my question. In the past, with Five Below has been comping up at this level. It was often driven by a particular product, rainbow looms, fidget spinners, silly bands. This time around, what is different to be driving these types of comps? And how does that influence your confidence in the sustainability of the model heading into 2026.

晚安.非常感謝您回答我的問題。過去，Five Below 一直保持著這個水準。它通常由特定產品、彩虹織布機、指尖陀螺、搞笑樂團等推動。這一次，駕駛這些類型的汽車有什麼不同？這對您對 2026 年該模型可持續性的信心有何影響？

And on top of that, how much of is it driven by the consumers' reaction to tariffs? And is the reactions better to the tariff pricing that you've been passing along, why can't you pass along more but you don't have as much margin degradation in the next few quarters or into 2026. Thank you very much and I appreciate it.

除此之外，這在多大程度上是由消費者對關稅的反應所驅動的？而且，對於您一直在傳遞的關稅定價，反應是否更好，為什麼您不能傳遞更多，但在接下來的幾個季度或到 2026 年，您的利潤率不會下降那麼多。非常感謝，我對此表示感謝。

Thanks so much, Michael. Nice to speak to you this evening. So you -- while I wasn't here in the past, yes, you are absolutely correct. Five Below was very, very good at chasing that single trend. And what's really nice in the business currently is the fact that we see really good comp momentum in 6 out of the 8 worlds, the majority of our worlds.

非常感謝，麥可。很高興今晚和你交談。所以你——雖然我以前不在這裡，但是，是的，你完全正確。Five Below 非常擅長追逐這一單一趨勢。目前業務中真正令人欣喜的是，我們在 8 個世界中的 6 個（占我們世界的大多數）看到了非常好的競爭勢頭。

And we think that, that actually makes it quite a good story moving into 2026 to be less reliant on a single thing and have worlds really speak to the customer and their needs. And then in terms of the customer and their and tariffs on a go-forward basis, it's been nice to see that the customer -- we've seen really nice growth in customers, both new as well as retained and great -- nice traffic trends.

我們認為，這實際上為進入 2026 年創造了一個相當不錯的故事，即減少對單一事物的依賴，讓世界真正與客戶及其需求對話。然後就客戶及其未來的關稅而言，我們很高興看到客戶數量——無論是新客戶還是老客戶，都出現了非常好的成長，而且流量趨勢也很好。

And so all of that has been very positive. When we have taken those price adjustments and really looked at simplification of pricing, we've been pleased with the elasticity that we've seen in terms of those adjustments.

所以這一切都是非常正面的。當我們進行這些價格調整並真正考慮簡化定價時，我們對這些調整所表現出的彈性感到滿意。

And certainly, on a go-forward basis, we can continue to look at what else we should do vis-a-vis the tariffs. With that said, delivering extreme value, I think, has been one of our keys to success this past quarter and clearly communicating that with an amazing assortment, the majority of which is at $5 and below. And when we do invest in product that's above $5, ensuring that we pack real great value and especially relative to others, but just something that's new, trend right and super special. Thanks so much.

當然，從未來來看，我們可以繼續研究針對關稅我們還應該採取什麼措施。話雖如此，我認為，提供極高的價值是我們上個季度成功的關鍵之一，並透過令人驚嘆的產品組合清楚地傳達了這一點，其中大部分產品的價格都在 5 美元及以下。當我們投資售價超過 5 美元的產品時，我們確保我們提供的產品具有真正的巨大價值，尤​​其是相對於其他產品而言，但只是一些新穎、潮流正確且超級特別的產品。非常感謝。

Simeon Gutman, Morgan Stanley.

西緬古特曼，摩根士丹利。

Hi everyone, and good results. So Winnie, if you do your best, your hypothesis on trend versus price simplification. I think that was in place for more part of this quarter. Maybe some capacity coming out of retail market. It's better execution. There's a lot of things you can put up on the wall. How do you boil it down to yourself, to your team on what's driving the success?

大家好，祝大家取得好成績。所以溫妮，如果你盡力的話，你對趨勢與價格的假設就會簡化。我認為本季的大部分時間都是如此。也許有些產能來自零售市場。執行效果更好。牆上可以掛很多東西。您如何向自己和您的團隊解釋成功的驅動力？

Thanks so much, Simeon. I think that we had a nice flywheel effect this past quarter in terms of having a great balance between one, an assortment with curated newness that really spoke to the customer across the majority of our worlds. Two, we did a great job of executing.

非常感謝，西緬。我認為，上個季度我們實現了良好的飛輪效應，即在產品種類和精心挑選的新品之間實現了良好的平衡，真正吸引了全球大多數客戶的注意。二是我們的執行工作做得很好。

And I really -- I'm so thankful to the team for the end-to-end execution of ensuring that we had, one, better in-stocks on product. But two, really great inventory flow and communication of what that flow was going to be. And it was not -- didn't stop just at the store, went all the way through to the customer in terms of our communication with that customer. So I think that worked in our favor.

我真的——我非常感謝團隊的端到端執行，確保我們有更好的產品庫存。但其次，庫存流程和流程溝通確實很棒。而且，我們與客戶的溝通並不僅限於商店，而是一直延伸到客戶那裡。所以我認為這對我們有利。

Then finally, the price simplification was good for us in terms of making an easier shopping experience for the customer, and frankly, for the crew, it's a lot more efficient and effective.

最後，價格簡化對我們來說是件好事，因為它能為顧客帶來更輕鬆的購物體驗，而且坦白說，對於工作人員來說，它也更有效率、更有效。

But again, we were very also pleasantly pleased with some of the results that we saw in terms of customers accepting the roundups and price. But we also did round down in this process. So I think it's the flywheel between all of those pieces that helped us be successful this quarter.

但是，就客戶接受總和價格而言，我們也對所看到的一些結果感到非常高興。但我們在這個過程中也確實進行了四捨五入。所以我認為所有這些部分之間的飛輪幫助我們在本季度取得了成功。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

Hi, good afternoon. Thanks for taking our question. We wondered if you could just drill down a little bit more into the role of licensing. Kind of to Michael's question earlier, just how much of a driver do you think that is, what does that look like into the back half.

嗨，下午好。感謝您回答我們的問題。我們想知道您是否可以更深入地了解許可的作用。有點像邁克爾之前提出的問題，您認為這是一個多好的車手，後半部分看起來怎麼樣。

And then just any update on the progress on SKU rationalization. I think you noted in the winter, we should see some benefits from these actions, but are you already starting to see some of those effects? Or did you see the effect in Q2? Thank you.

然後只是關於 SKU 合理化進展的任何更新。我想您在冬天就注意到了，我們應該能從這些行動中看到一些好處，但是您是否已經開始看到其中的一些效果了呢？或者您在第二季度看到了效果嗎？謝謝。

Thanks for your question, Kate. So licensing, I think, has always been a key component of what we deliver, especially the value at which we deliver licensing. I noticed that for back-to-school, having licensed black packs at $7, which really was tremendous value relative to what else was out there is something that we're really proud of being able to do, and certainly, the customers reacted well.

謝謝你的提問，凱特。因此，我認為，許可一直是我們所提供服務的關鍵組成部分，尤其是我們提供許可的價值。我注意到，對於開學季來說，我們以 7 美元的價格提供授權黑色包，這相對於其他產品來說確實具有巨大的價值，我們為能夠做到這一點感到非常自豪，當然，顧客的反應也很好。

So it's always going to be an important piece of it. I think the key difference is that this time around in Q2, we did highlight and bring together licensing statements like the Stitch Surf Shop so that when you walk in the store, you really got hit with this beautiful assortment that went across multiple different categories.

所以它永遠是其中重要的一部分。我認為關鍵的區別在於，這次在第二季度，我們確實強調並彙集了像 Stitch Surf Shop 這樣的許可聲明，這樣當你走進商店時，你真的會被涵蓋多個不同類別的精美商品所吸引。

We communicated to the customer about that assortment and the fact that it had landed. All of that worked really well. Again, a nice little flywheel between merchandising, marketing and in-store execution. And then in terms of SKU rationalization, I think we're reaping some of the benefits of clear distinct statements. We like to say fewer, bigger, better product statements of key ideas.

我們向客戶通報了該商品組合以及其已到貨的事實。所有這些都非常有效。再次，商品銷售、行銷和店內執行之間有一個漂亮的小飛輪。然後，就 SKU 合理化而言，我認為我們正在獲得清晰明確的聲明的一些好處。我們喜歡用更少、更大、更好的方式表達關鍵思想的產品陳述。

And I do think that the customer is benefiting from those clear statements, and we are getting behind product ideas in a more meaningful way. I think the merchandising team here has done a terrific job. So this is the beginning, and there's more to come.

我確實認為客戶正在從這些明確的聲明中受益，我們正在以更有意義的方式支持產品理念。我認為這裡的行銷團隊做得非常出色。這只是開始，未來還會有更多。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Thanks. Congrats on a good quarter. Just a couple of quick ones for me. With new store productivity back above 90%, just curious how you're thinking about reaccelerating store growth and the potential to get back to 10% unit growth in the coming years. And then on the quarter, the 3.4% ticket increase, can you unpack that between UPT and AUR? Thanks.

謝謝。恭喜本季業績良好。對我來說，只有幾個簡單的問題。隨著新店生產力回升至 90% 以上，我只是好奇您如何考慮重新加速門市成長以及在未來幾年內恢復 10% 單位成長的潛力。然後在本季度，票價上漲了 3.4%，您能否在 UPT 和 AUR 之間解釋一下？謝謝。

So I'm going to do this as a two part along with Ken. In terms of new stores, we've been really pleased with the openings this year. And we certainly have a lot of white space. We believe there's still more white space in the market, especially as we enter new markets later this year, like the Pacific Northwest.

因此我將和 Ken 一起將此分為兩部分進行。就新店而言，我們對今年的開幕感到非常滿意。我們確實有很多空白。我們相信市場上還有更多的空白，特別是當我們今年稍後進入新市場時，例如太平洋西北地區。

I think part of what we've been very pleased with is the fact that we've been very selective in terms of the criteria to take kind of filter our pipeline, which is a very solid pipeline that filter the pipeline of new stores and evaluate the best opportunities and be choosy about where we land. That's a methodology that we'll continue to assert as we move forward.

我認為，讓我們感到非常高興的部分原因是，我們在篩選管道的標準方面非常有選擇性，這是一個非常可靠的管道，可以篩選新店的管道，評估最佳機會，並挑選我們的落腳點。這是我們未來將繼續堅持的方法。

And then, Chuck, related to the ticket growth, that was pretty much all driven by AUR in the quarter. So we saw that. Again, when he made the comment about the price adjustments that we made during the quarter and how we were pleased with the elasticity there and the lower unit degradation than we had expected. But the majority of the ticket increase was driven by AUR.

然後，查克，與票務增長有關，這幾乎全部是由本季度的 AUR 推動的。所以我們看到了這一點。再次，當他評論我們在本季進行的價格調整時，我們對其彈性感到滿意，並且單位降幅低於我們的預期。但票價上漲的大部分是由 AUR 推動的。

Great. Thank you.

偉大的。謝謝。

Thanks, Chuck.

謝謝，查克。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

Hey, everyone, congrats on the results. I wanted to follow up on the gross margin outlook. The 160 basis points unmitigated tariff impact for the third quarter. If I recall, there was a discussion in the past about a 250 basis point quarterly impact from tariffs. So I'm just trying to reconcile that. Is it just timing?

嘿，大家，祝賀你們所取得的成果。我想跟進毛利率前景。第三季未緩解的關稅影響為 160 個基點。如果我沒記錯的話，過去曾討論過關稅對季度造成 250 個基點的影響。所以我只是想調和這一點。只是時機問題嗎？

Or have some of the other assumptions changed. And I guess just related to that, on pricing, if you can give us any more perspective on how to think about the ramp in AUR through the rest of the year, that would be helpful. Thanks so much.

或其他一些假設已經改變。我想與此相關的是，在定價方面，如果您能給我們更多關於如何看待今年剩餘時間內 AUR 成長的觀點，那將會很有幫助。非常感謝。

Okay. Thanks, Seth. With regards to the impact in Q3 around tariffs, I believe we had mentioned in our prior guidance that it was going to be about 225 basis points now landing around 160 basis points of total operating margin drag.

好的。謝謝，塞思。關於第三季關稅的影響，我相信我們在先前的指引中提到過，這將導致總營業利潤率下降約 225 個基點，現在將導致總營業利潤率下降約 160 個基點。

And by the way, all of that's really up in gross margin for Q3. And -- the improvement there is really due to a few things. Again, we've talked about the lower unit degradation and how we were really pleased with the results of our price adjustments from a customer response.

順便說一句，所有這些都確實提高了第三季的毛利率。而且——那裡的改善確實歸功於幾件事。再次，我們討論了較低的單位降級以及我們對客戶反應的價格調整結果感到非常滿意。

There's a little bit of sales mix included in there too, and then some little changes in cost mitigation because we had made estimates before and now we've got some better numbers. So that kind of drove the difference there.

其中也包括一些銷售組合，然後在成本緩解方面進行了一些小的改變，因為我們之前已經做過估算，現在我們得到了一些更好的數字。所以這就導致了那裡的差異。

And then from an AUR perspective going forward, we would expect that to be similar really to what we've seen kind of exiting the second quarter because we made our price adjustments throughout the quarter for the most part in the middle of the quarter, they were in place. And so we're going to expect them to remain relatively consistent as we move forward, although they'll switch based on sales mix and type of product as we go forward.

然後從未來的 AUR 角度來看，我們預計這將與我們在第二季結束時看到的情況非常相似，因為我們在整個季度中期大部分時間都進行了價格調整，這些調整已經到位。因此，我們預計它們在我們前進的過程中會保持相對一致，儘管它們會根據銷售組合和產品類型而變化。

That's exactly right. And I think that one of the things that Ken just highlighted is an important one. Because our assortments change, season on season. the sales mix in terms of what customers really react to will also drive the AUR outcome.

完全正確。我認為肯剛才強調的一點非常重要。由於我們的產品組合會隨著季節而變化，因此客戶真正反應的銷售組合也會影響 AUR 的結果。

And again, part of what we've seen in Q2 is less price resistance to some of the adjustments that we made, but also a nice mix of product that worked across assortments and packing value and price points above $5 is a strategy that has worked for us.

再次強調，我們在第二季度看到的情況是，我們所做的一些調整所面臨的價格阻力較小，而且，產品組合合理，適合各種產品，包裝價值和價格點高於 5 美元，這是對我們有效的策略。

Thanks, Seth.

謝謝，塞思。

Thank you.

謝謝。

Scot Ciccarelli, Truist Securities.

斯科特·西卡雷利 (Scot Ciccarelli)，Truist 證券公司。

This is Sherman on for Scot. Just a couple here. Kind of on a topic from like where this momentum is coming from, various discretionary retailers like Temu were negatively impacted by the elimination of the de minimis exemption with data point to roughly 35% drops around the time of the announcement and implementation. So I'm curious if you've noticed any of the impact from these orphan sales? And if so, is any of that momentum built into the guidance?

這是謝爾曼代替斯科特上場。這裡只有一對夫婦。關於這種勢頭從何而來的話題，像 Temu 這樣的各種非必需品零售商都受到了最低限度豁免取消的負面影響，數據顯示，在宣布和實施時，銷售額下降了約 35%。所以我很好奇您是否注意到這些孤兒藥銷售的影響？如果是這樣，那麼這種勢頭是否已融入指導中？

And then really quickly on gross margin. If there was any sort of benefit baked into the quarter from price increases ahead of the higher price inventory flowing through. Just really trying to wrap my head around sustainability and variability should tariffs remain constant or subside and how it looks forward into 2026. Thank you.

然後很快就能了解毛利率。如果在高價庫存流入之前價格上漲給本季度帶來了任何好處。我只是真的想弄清楚如果關稅保持不變或降低，其可持續性和可變性會如何，以及 2026 年前景如何。謝謝。

Thanks for your question, Scot. In terms of Temu, certainly, there was probably some impact in terms of Temu and de minimis loop pull being closed. However, we actually don't know exactly what that is, and it's never played a huge role in our business. I think part of the reason being is that our offer is differentiated and that it really focuses on kids. And with kids in particular, the in-store experience and the ability to touch and feel and play is a big piece of it.

謝謝你的提問，斯科特。就 Temu 而言，當然，Temu 和最低限度循環拉動的關閉可能會產生一些影響。然而，我們實際上並不確切知道那是什麼，而且它從未在我們的業務中發揮過巨大的作用。我認為部分原因是我們提供的服務具有差異化，並且真正以兒童為重點。特別是對於孩子來說，店內體驗以及觸摸、感受和玩耍的能力是其中很重要的一部分。

So -- and where we've seen momentum in the business, it's in businesses like play and toys and games, but also in some of the other businesses like beauty and even in lounge that are just a little more experience-based and impulse based and driven by kids. So that kind of explains that. And then Ken is going to talk to you about gross margins.

所以——我們看到這個行業的勢頭強勁，不僅體現在遊戲、玩具和遊戲等行業，還體現在美容等其他行業，甚至休閒娛樂等行業，這些行業更注重體驗和衝動，由孩子們驅動。這就可以解釋這一點。然後肯將與您討論毛利率。

Yeah. And then your question around sales and gross margin kind of going into the third quarter, obviously, we've got learnings coming out of Q2 with the price adjustments that we made and how the customer is responding. So we are considering that in our guidance in Q3 and bringing that forward.

是的。然後，您關於第三季銷售額和毛利率的問題，顯然，我們從第二季的價格調整和客戶的反應中獲得了經驗。因此，我們在第三季的指導中考慮到了這一點，並將其提前。

And it is one of the reasons why I think it was called out on a prior question, why the impact of net tariffs is lower now than what we thought a quarter ago. Again, a piece of that is just the result of the price adjustment we made and the lower unit degradation that we've seen versus our expectations. Thank you.

我認為這也是之前提出的問題之一，為什麼現在淨關稅的影響比我們一個季度前認為的要低。再次強調，這部分只是我們所做的價格調整以及與我們的預期相比單位降幅較低的結果。謝謝。

Thanks, Scot.

謝謝，斯科特。

Thanks.

謝謝。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

Thanks and congrats on a great quarter. So Winnie, on the inflection in comp sales in the first half, is there a way to maybe break down what you think is being driven by traffic and new customer acquisition versus basket build?

感謝並祝賀本季取得如此出色的成績。那麼 Winnie，關於上半年可比較銷售額的變化，您認為是什麼因素推動了流量和新客戶的獲取，還是推動了購物籃的建立？

And then, Ken, on the August trend, I guess, is there a way to peg where you stand quarter-to-date relative to the 5% to 7% third quarter forecast. Maybe any thoughts on back-to-school and just opportunities you see for further product improvement relative to the assortment today?

然後，肯，關於 8 月的趨勢，我想，有沒有辦法將本季迄今的狀況與第三季 5% 至 7% 的預測掛鉤。您對返校有什麼想法嗎？您認為相對於目前的產品組合，產品有進一步改進的機會嗎？

Right. So Matt, let me try to answer questions with regards to unpacking comp sales in the front half. Our front half and specifically this quarter, I think the key differentiator was the growth in transactions. And the transaction growth of 8.7% certainly, part of that was driven by customers. And this is where we've seen nice increases in terms of new customer acquisition in our comp stores as well as new stores as well as repeat visits.

正確的。那麼馬特，讓我嘗試回答有關前半部分解開銷售問題。我認為，對於我們的上半年，特別是本季而言，關鍵的差異在於交易量的成長。交易量成長 8.7% 肯定有一部分是由客戶推動的。我們看到，我們的同店、新店的新客戶獲取量以及重複訪問量都有了顯著增長。

And I think that a little bit of that is being driven by our initial marketing that we're working on that is much more focused on social as a channel that we think is very relevant for the younger customer and for millennial moms. So that kind of explains that. The other piece of it is we did have single-digit growth in terms of AUR with some of the pricing adjustments that were made, but also driven off of the mix of the business.

我認為這在一定程度上是由我們正在進行的初始行銷所推動的，該行銷更加註重社交管道，我們認為這對年輕客戶和千禧世代媽媽來說非常重要。這就可以解釋這一點。另一部分原因是，由於進行了一些價格調整，我們的 AUR 確實實現了個位數成長，但這也是由業務組合推動的。

And then, Matt, on your question around quarter-to-date thus far in Q3. I mean we feel good about the business. We normally don't talk about intra-quarter activity at this stage knowing that we provide our guidance based on what we've seen so far, and then we look forward and look for any anomalies or anniversarying or things like that. But overall, we feel really good about where the business is and feel that guide is appropriate. Thanks, Matt.

然後，馬特，關於你關於第三季度迄今為止的問題。我的意思是我們對這項業務感覺良好。我們通常不會在這個階段談論季度內活動，因為我們根據迄今為止所看到的情況提供指導，然後我們展望未來並尋找任何異常或週年紀念或類似的事情。但總體而言，我們對業務現狀感到非常滿意，並認為該指南是合適的。謝謝，馬特。

Thank you.

謝謝。

Randy Konik, Jefferies.

蘭迪‧科尼克 (Randy Konik)，傑富瑞 (Jefferies)。

Yeah. Thanks a lot. Good evening everybody. I guess, Ken, for you, can you just give us or remind us like around the topic of shrink. Where are we at with that topic, the strategies that have taken place, when's the next inventory count, some of the comparisons were going up against there and just updates we can expect around that area.

是的。多謝。大家晚上好。我想，肯，對你來說，你能否告訴我們或提醒我們有關收縮的話題。我們在這個主題上處於什麼位置，已經採取了哪些策略，下一次庫存盤點是什麼時候，一些比較正在進行，以及我們可以期待的有關該領域的更新。

And then as you noted in your commentary and answers to questions around accelerating receipts, maybe give us some perspective of how you're thinking about sourcing strategies into '26. How are you kind of thinking about the supply chain, given all the moving pieces out there, how should we be thinking about what your -- those different strategies are going to take next year that are perhaps different from what you're doing in 2025? Thanks.

然後，正如您在評論和回答有關加速收據的問題時所指出的那樣，也許您可以從一些角度來了解您如何考慮將策略納入 26 年。考慮到所有變動的部分，您如何看待供應鏈，我們應該如何思考您明年將採取哪些不同的策略，這些策略可能與您在 2025 年採取的策略有所不同？謝謝。

Thanks, Randy. On the shrink piece, we're actually right in the middle of taking a significant level of physical inventory accounts throughout the chain. It's actually one of the reasons why labor is slightly up in Q3 because we felt it was important to really get a handle on the results.

謝謝，蘭迪。在收縮部分，我們實際上正處於整個鏈條中大量實體庫存帳戶的中間階段。這實際上是第三季勞動力略有上升的原因之一，因為我們認為真正掌握結果非常重要。

And if you recall, when we spoke at the beginning of the year, we talked about starting to put various initiatives in that we were going to test. So these August physical inventories are very important for us to see how those initiatives went and what we're going to take going forward to help us manage shrink.

如果你還記得的話，當我們在年初談話時，我們談到了開始實施我們將要測試的各種措施。因此，這些八月份的實體庫存對於我們了解這些措施的進展以及我們將採取哪些措施來幫助我們管理萎縮非常重要。

The results are that we're right in the middle of those now, right? You take the counts and it takes a little bit of time to reconcile those. But as part of our third quarter call, we'll be able to come back and provide results on that.

結果是我們現在正處於其中，對嗎？您需要進行計數並花一點時間來核對它們。但作為我們第三季電話會議的一部分，我們將能夠回來並提供相關結果。

Relative to sourcing, a couple of things, and Winnie, you can jump in on this, too, you're right. We feel in this global trade environment, the right thing to do is accelerate receipts as much as we can. So we get control of the goods, and we have them here ready to go for all our curtain up events in the key seasons.

相對於採購，有幾件事，溫妮，你也可以參與其中，你是對的。我們認為，在這種全球貿易環境下，正確的做法是盡可能加快收貨速度。因此，我們可以控制貨物，並準備好它們，以便在關鍵季節的所有開幕活動中使用。

We always want to make sure we have the available capacity out there and a call out to our supply chain and logistics teams. They've done a phenomenal job by making sure that we have that capacity through the end of this year and then going into next year.

我們始終希望確保我們擁有可用的產能，並能及時回應我們的供應鏈和物流團隊的號召。他們做了出色的工作，確保我們在今年年底和明年之前都擁有這樣的產能。

But as you know, we've done a pretty good job historically around this, and I think we're going to continue with similar strategies as we move forward into 2026, reacting to whatever takes place.

但正如你所知，我們在這方面的歷史表現相當出色，我認為在邁向 2026 年的過程中，我們將繼續採取類似的策略，對可能發生的任何事情做出反應。

I think that one of the important things that we garnered out of the tariff volatility is this agile team mentality from merchandising and playing an application to supply chain and logistics and the stores. We really take an end-to-end approach, and we'll continue to exercise those muscles as tariffs continue to be a somewhat volatile situation.

我認為，我們從關稅波動中獲得的重要收穫之一就是這種敏捷的團隊精神，從商品銷售到應用、供應鏈、物流和商店。我們確實採取了端到端的方法，並且隨著關稅繼續處於某種不穩定狀態，我們將繼續鍛鍊這些能力。

With regards to 2026 in sourcing, the other key in this that we started in '25 and is no different for 2026 is continually diversifying our store space and looking at the best-of-breed vendors across the world. And so that's something that with 25% of our source coming out of the United States. We certainly have more that we can do here and elsewhere. So that agility and looking globally is something that we're very, very focused on. Thanks you.

關於 2026 年的採購，另一個關鍵是我們在 2025 年就開始了，並且 2026 年也不例外，那就是不斷豐富我們的商店空間並尋找世界各地最優秀的供應商。我們的 25% 貨源來自美國。我們當然可以在這裡和其他地方做更多的事情。因此，我們非常重視敏捷性和全球視野。感謝您。

Thanks you.

感謝您。

David Bellinger, Mizuho.

瑞穗的戴維·貝林格。

Hey everyone, thanks for the question. Really incredible quarter and a nice flow-through as well. Just as we step back to -- it seems like a lot of the momentum in the business today is basically Five Below getting back to what it does really well. We get that.

大家好，感謝您的提問。這確實是一個令人難以置信的季度，而且流程也很好。正如我們所回顧的那樣——似乎當今業務的許多勢頭基本上都是 Five Below 回到了它真正擅長的領域。我們明白。

Our question is where do we go from here? I think you mentioned two underperforming worlds across the business. And is there a potential to recover those sales? Are there things on the table like party or balloons or some categories that we could look for as a preview into 2026 is how we keep this momentum going?

我們的問題是，我們接下來要去哪裡？我認為您提到了整個業務中兩個表現不佳的領域。是否有可能恢復這些銷售額？是否有派對或氣球之類的東西或一些我們可以作為 2026 年預覽的類別，我們如何保持這種勢頭？

David, thanks so much for your question. And absolutely, I think that there is more opportunity and one of the things that we are certainly focused on and maybe lost a little side up in the past was just the agility to trend down businesses that are no longer on trend and make sure that we've got more in the pipeline on the things that are coming up.

大衛，非常感謝你的提問。絕對的，我認為現在有更多的機會，我們當然關注的事情之一，過去可能稍微忽略了一點，就是靈活地降低不再流行的業務趨勢，並確保我們對即將出現的事情有更多的準備。

And the team has done such a great job comping the comp, but now they're also, I think, have really -- the merchant team is terrific. They've been really unleashed to go after trends. And now we've got like a lot of really great discipline in terms of taking a trend from zero to hero.

團隊在競爭方面做得非常出色，但我認為現在他們也真的——商人團隊非常棒。他們真的已經放開手腳去追尋潮流了。現在，我們在將趨勢從零變為英雄方面已經擁有了許多非常好的紀律。

So we've got more business opportunity. We -- certainly, I think, have more business opportunity in terms of personal celebrations as well as holiday celebrations inclusive of party. So we've got an ever-evolving kind of merchandising strategy. And there's -- I think there's a lot more growth in our future. Thank you, David.

因此我們擁有更多的商業機會。當然，我認為，我們在個人慶祝活動以及包括聚會在內的節日慶祝活動方面擁有更多的商業機會。因此，我們擁有一種不斷發展的行銷策略。而且我認為我們的未來還會有更大的成長。謝謝你，大衛。

Jeremy Hamblin, Craig-Hallum Capital.

傑里米·漢布林 (Jeremy Hamblin)，Craig-Hallum Capital。

Thanks, and I'll add my congratulations on the impressive results. I wanted to see if we could ask a clarifying question on incentive comp. You talked about roughly 50 basis point impact at the start of the year, given how much you're exceeding initial expectations. I wanted to get a sense for how much more is flowing through. I imagine you're maxing out to some degree?

謝謝，我對這項令人印象深刻的成果表示祝賀。我想看看我們是否可以就激勵補償提出一個澄清問題。考慮到您超出最初預期的程度，您談到了年初大約 50 個基點的影響。我想了解還有多少水流過。我想你已經達到某種程度的極限了？

And then I had a question just clarifying on the pricing adjustments and the simplification that you're doing. So it sounds like you've moved away from $3.50 price points to $3 or $4 and so on and so forth. But also, you haven't heard as much Five Beyond in kind of the upper end price points.

然後我有一個問題，只是想澄清一下您正在進行的價格調整和簡化。因此，聽起來您已經從 3.50 美元的價格點移到了 3 美元或 4 美元等等。但同時，您還沒有聽說過 Five Beyond 有如此高端的價格。

So I wanted to get a sense for whether or not that's an area that's going to be, let's say, less front and center in the strategy going forward? Or if that's just another area that you potentially could look at getting momentum in here as we look into the next year?

所以我想了解一下，在未來的策略中，這個領域是否會不再那麼重要？或者這只是我們在展望明年時可能考慮獲得發展動力的另一個領域？

Thanks, Jeremy. On the first part of your question around incentive compensation, yes, there has been an increase there, given the outperformance we saw in the second quarter and where we're guiding the third quarter, especially versus where we were guiding previously.

謝謝，傑里米。關於您問題的第一部分，關於激勵薪酬，是的，考慮到我們在第二季度的優異表現以及我們對第三季度的預期，特別是與我們之前的預期相比，激勵薪酬有所增加。

And you're right, we had estimated about 50 basis points of deleverage and incentive compensation, pretty much down in the SG&A area. And that's up about 20 basis points to about 70 basis points of deleverage for the year.

您說得對，我們估計去槓桿和激勵薪酬約為 50 個基點，基本上都落在銷售、一般和行政費用 (SG&A) 領域。這意味著今年的去槓桿率將上升約 20 個基點，達到約 70 個基點。

And then with regards to Five Beyond, Jeremy, we are still -- we still believe in Five Beyond. However, instead of isolating the product in the back of the store, what we've done is we're moving the product in line. And the thought process behind that is that's how the customer shops.

關於 Five Beyond，傑里米，我們仍然——我們仍然相信 Five Beyond。然而，我們並沒有將產品隔離在商店後面，而是將產品移到線上。這背後的思考過程就是顧客購物的方式。

And I will give you the example of back to school, one of the statements we make is dorm decor. And while in the past, you had mirrors that were $35 in the back of store, we actually put them in line with the balance of the core items for back-to-school.

我舉個開學的例子，我們做的一個陳述就是宿舍裝飾。雖然過去商店後面的鏡子售價為 35 美元，但實際上我們將它們與開學核心商品的平衡放在了一起。

So that's that process customers are responding well to because I think that is how they shop the store. And we will continue to support that and bring items in line. And the important piece around bringing items in line is they have to be Wow. They have to represent great value trend and something really special that you can't find elsewhere. And we do think that feels a bit of that treasure hunt.

所以顧客對這個過程反應良好，因為我認為這就是他們在商店購物的方式。我們將繼續支持這項措施並使其符合規定。而使物品符合要求的重要一點是它們必須令人驚嘆。它們必須代表巨大的價值趨勢和一些你在其他地方找不到的真正特別的東西。我們確實認為這有點像尋寶的感覺。

The other piece of this is, I think in the past, there was probably more of a focus on jumping from $5 all the way to like $15 or $20. Now Five Beyond is really for us how to deliver great value at incremental price points, be it $6, $7, all the way up.

另一點是，我認為過去可能更注重從 5 美元一路漲到 15 美元或 20 美元。現在 Five Beyond 真正為我們展現的是如何以增量價格點（無論是 6 美元、7 美元還是更高）提供巨大價值。

And again, as long as it's great value for the customer, we believe in it. And we think it's a really great way for us to continue to deliver items that we couldn't in the past because they happen to be above $5. Thanks so much Jeremy.

再說一次，只要它對客戶有很大價值，我們就相信它。我們認為這是一種非常好的方式，讓我們能夠繼續配送過去因價格超過 5 美元而無法配送的商品。非常感謝傑里米。

John Heinbockel, Guggenheim.

古根漢美術館的約翰·海因博克爾。

Hey, guys, two quick things. So Winnie, you mentioned on Five Beyond moving that in line, so is there going to be a conscious effort to kind of reverse, right? I know you've had home and tech in the back of the store to reverse that and move that in line to your thoughts on that. And then secondly, I know the idea was maybe chase product this holiday. What's your thought and given the strength of the business is there less of a need to think about close out than there might have been a few months ago?

嘿，夥計們，有兩件小事。溫妮，你在《Five Beyond》節目中提到要改變這種現狀，那麼我們是否會有意識地努力扭轉這個局面，對嗎？我知道你已經在家裡和商店後面安裝了技術來扭轉這種局面，並使其符合你的想法。其次，我知道這個想法可能是在這個假期追逐產品。您的想法是什麼？考慮到業務的實力，與幾個月前相比，是否沒有必要考慮關閉？

Thanks so much, John. Great questions. In terms of Five Beyond and looking at the store in the setup, we are leveraging now the back of store to create statements. And in this case, you'll see it right now in terms of Halloween and you'll also see it in terms of holiday as we move more of those Five Beyond items in terms of the core items in line. So we will be looking at what impact does that have in terms of the movement of different worlds.

非常感謝，約翰。很好的問題。就 Five Beyond 而言，從設定來看商店，我們現在利用商店的後部來創建聲明。在這種情況下，您現在會在萬聖節方面看到它，您也會在假期方面看到它，因為我們將更多的 Five Beyond 商品移至核心商品行列。因此，我們將研究這對不同世界的運動有何影響。

The beauty of our box is that we want to maintain as much flexibility and agility as possible. We may want to make a very clear shopping experience, but that flexibility and agility will help us in terms of not buying to fill a space but really bind consumer need and trend. So we're evaluating all of those things right now.

我們的盒子的美妙之處在於我們希望盡可能保持靈活性和敏捷性。我們可能希望創造非常清晰的購物體驗，但靈活性和敏捷性將幫助我們不為了填補空間而購買，而是真正滿足消費者的需求和趨勢。所以我們現在正在評估所有這些事情。

And then in terms of chase product, one of the keys to our success is the ability to test something and chase and then also the extent to which a hot new trend comes on the market, going after it and seeing what else can we do and how do we like make it happen, be it a Netflix movie premier, whatever is happening in the cultural side guys, we're out there really trying to chase down the hottest trend.

就追逐產品而言，我們成功的關鍵之一是能夠測試和追逐某些東西，然後還要關注市場上新熱門趨勢的程度，追逐它，看看我們還能做什麼，以及我們如何實現它，無論是 Netflix 電影首映，還是文化方面發生的任何事，我們都在努力追逐最熱門的趨勢。

And finally, on closeouts, we're actually -- we're quite excited about closeout, the extent to which again, they represent trend and value, and we continue to have closeouts in our assortment as opportunistic buys. And that's still a meaningful piece of our product diversification strategy. Thank you, John.

最後，關於清倉，我們實際上 - 我們對清倉感到非常興奮，它們再次代表了趨勢和價值，並且我們繼續在我們的分類中將清倉作為機會性購買。這仍然是我們產品多樣化策略中一個有意義的一部分。謝謝你，約翰。

Brad Thomas, KeyBanc Capital Markets.

布拉德‧托馬斯 (Brad Thomas)，KeyBanc 資本市場。

Hey, thanks. Winnie, I wanted to follow up on maybe a couple of different questions and ask it a different way. When I think of you join the company after Tom had stepped in with tariffs, certainly an element of the company being in more crisis mode almost initially.

嘿，謝謝。溫妮，我想跟進幾個不同的問題，並以不同的方式提出。當我想到你是在湯姆介入關稅之後加入公司的，這無疑使公司最初處於更加危機的狀態。

And as you all clearly are hitting stride here and getting some nice momentum, how do you think about some of maybe the opportunities and allocations of your time and the team's time that you maybe couldn't focus on in the past.

既然你們都在這裡取得了長足的進步並獲得了一些良好的勢頭，那麼你們如何看待過去可能無法集中精力的一些機會和時間分配以及團隊的時間分配呢？

For example, accelerating store growth as alluded to, you used to do more on the remodeling front. How do you think about what incremental priorities you all may think about in the months and quarters ahead here?

例如，正如所提到的加速商店成長，您過去在改造方面做得更多。您如何看待未來幾個月和幾季大家會考慮的增量優先事項？

Great. Brad, thank you for that. And we -- I certainly entered the company in an interesting time, and we certainly didn't waste the crisis. And you're absolutely right. It did take up a ton of time and attention.

偉大的。布拉德，謝謝你。而且我們——我確實是在一個有趣的時期進入公司的，我們當然沒有浪費這場危機。你說得完全正確。它確實耗費了大量的時間和精力。

What tariffs did though, which was terrific, was got me very, very close to the details of merchandising and how we think about the product assortments and working closely with those teams and getting to know them. So that, for me, has been lightning in a bottle. It's been terrific. And if anything, what that experience has shown me is that we definitely have more opportunity.

然而，關稅的作用非常大，它讓我非常非常接近商品銷售的細節，以及我們如何考慮產品組合，並與這些團隊密切合作並了解他們。所以，對我來說，這就像是瓶中閃電。太棒了。如果有什麼不同的話，那就是那段經歷告訴我，我們肯定擁有更多的機會。

And as the business hit its stride, taking some of those insights in terms of the art of the possible of what we have with product and thinking through not only store growth, but also what the box looks like is part of the discussions that we're having right now as a leadership team and as a first team.

隨著業務的順利開展，我們作為領導團隊和一線團隊目前正在討論的議題包括：利用這些見解來探索產品的可能性，不僅要考慮門市的成長，還要考慮盒子的外觀。

What is critical, though, is kind of our core tenants product value and experience and going back to those core tenants and making sure that we don't lose sight of that is part of the discipline that Tom brought in, but it's something that I truly believe in.

然而，至關重要的是我們的核心租戶的產品價值和體驗，回到這些核心租戶並確保我們不會忽視這一點，這是湯姆帶來的紀律的一部分，但這是我真正相信的事情。

And if you look customer first, the magic behind Five Below is making sure that with all of that energy behind new growth and new growth strategies, we remain focused on the customer and that customer is a kid and being the destination for the kid. Thank you, Brad.

如果你把客戶放在第一位，那麼 Five Below 背後的魔力就在於確保我們在投入所有精力用於新增長和新增長戰略的同時，仍然專注於客戶，而這個客戶就是孩子，Five Below 就是孩子的目的地。謝謝你，布拉德。

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴 (Anthony Chukumba)，Loop 資本市場。

Thank you so much for taking my question and congrats to the team. This has been just a remarkable turnaround. So Winnie, in response to another question you were asked, you talked about -- you alluded to a Netflix best seller, and that leads into my question. Three words. K-Pop Demon Hunters. How big of an opportunity is that for you. Halloween Christmas, would this be as big as Frozen was for you?

非常感謝您回答我的問題，並向團隊表示祝賀。這真是一次非凡的轉變。溫妮，在回答你被問到的另一個問題時，你談到了——你提到了 Netflix 的暢銷書，這就引出了我的問題。三個字。K-Pop 惡魔獵人。這對你來說是一個多大的機會？萬聖節和聖誕節，這對你來說會像《冰雪奇緣》一樣重要嗎？

So Anthony, who knew, K-Pop Demon Hunters would be as explosive as it is. It's amazing. The teams are all over it. But right now, product -- I don't think even Netflix realizes how big it was going to be. So we're trying to go after it in the ways that we can.

所以安東尼知道，K-Pop《惡魔獵人》會如此火爆。太神奇了。各支球隊都對此十分重視。但就目前而言，我認為就連 Netflix 都沒有意識到它將會變得多麼龐大。因此，我們正在盡我們所能實現這一目標。

I do think what it underlines is a broader trend side (inaudible) and we certainly see it in categories like novelty food and candy, which is this whole -- you can see it in Korean beauty as well. But those are some of the ideas that like if you tease out what's really hot beyond a particular moment of K-Pop Demon Hunters.

我確實認為它強調的是更廣泛的趨勢方面（聽不清楚），我們當然可以在新奇食品和糖果等類別中看到它，這也是整體——你也可以在韓國美容中看到它。但這些都是一些想法，就像如果你梳理出除了 K-Pop 惡魔獵人的特定時刻之外真正熱門的東西一樣。

How do we continue to follow the through line of that trend. So we have been talking about the influence of Asia, Korea, Japan and all the goodness that comes from that. Thank you for your question. And I hope you watch the movie.

我們如何繼續遵循這一趨勢的主線。因此，我們一直在談論亞洲、韓國、日本的影響以及由此產生的所有優點。感謝您的提問。我希望你能觀看這部電影。

Phillip Blee, William Blair.

菲利普·布利、威廉·布萊爾。

Thanks and congrats on a great quarter. So it seems like the investments and optimization of store labor has had a really nice tailwind on in-stocks and conversion. Is there still a decent amount of room there for further improvements? And then what other areas are you looking at to improve in-store operations that could help continue to fuel strong comps next year against more difficult comparisons. Thank you.

感謝並祝賀本季取得如此出色的成績。因此，看起來，對商店勞動力的投資和優化對庫存和轉換率產生了非常好的推動作用。還有相當大的進步空間嗎？那麼，您還在考慮哪些其他方面來改善店內運營，以幫助在明年繼續推動強勁的業績，以應對更困難的比較。謝謝。

Phil, before I pass it on to Ken, one of the questions that came earlier in terms of unpacking our comps. Conversion actually was a big driver of it and it was execution. And Ken's going to lean in here and talk about like what we've done and also what's ahead.

菲爾，在我把它轉交給肯之前，我先問一下之前提出的一個問題，關於解開我們的文件。轉換其實是其一大驅動力，也是執行力。肯將在這裡談論我們已經在做的事情以及未來的計劃。

Yeah. To Winnie's point, Phillip, inside that transaction number, conversions was a big driver this year on a year-over-year basis. And you're right, we started that investment in store labor, in the back half of last year, we're going to start to lap that as we move forward. So we saw that in the first half. And we're really looking at that in a couple of ways.

是的。正如溫妮所說，菲利普，在交易數量中，轉換率是今年同比增長的一個重要驅動力。你說得對，我們從去年下半年就開始對店內勞動力進行投資，隨著業務的推進，我們將會開始加大這方面的投資。我們在上半場就看到了這一點。我們確實正在從幾個方面來看待這個問題。

One is from a workload perspective also to make sure we keep it as efficient as we can, whether it's moving product into the store or the moves that the crew has within the store when we're studying new product.

一是從工作量的角度來看，也要確保我們盡可能保持高效，無論是將產品運送到商店，還是當我們研究新產品時工作人員在商店內的移動。

I can tell you the price adjustments that we made in the second quarter, that drives a good amount of efficiency for the stores. It's much easier for them to move product around not ticketing the product as we were given it's at the whole price points, and you also have a benefit from a signage standpoint.

我可以告訴你，我們在第二季所做的價格調整大大提高了商店的效率。由於我們得到的是全價產品，因此他們可以更輕鬆地移動產品而不必對產品進行標記，並且從標牌的角度來看，您也能從中受益。

So on a year-over-year basis from store labor and the impact to the financials, that will be -- the negative impact will be less and less as we move through the back half of the year as we anniversary those investments from last year.

因此，與去年同期相比，從商店勞動力和對財務的影響來看，隨著我們進入下半年並紀念去年的投資，負面影響將越來越小。

But it's really the bigger side of the -- the other side of the equation there, where we're going to look, to your point, continue to increase the efficiency there so we can repurpose hours into more customer-facing activities. Thanks, Philip.

但這實際上是等式的另一面，正如您所說，我們將繼續提高效率，以便我們可以將時間重新用於更多面向客戶的活動。謝謝，菲利普。

Thanks, Philip.

謝謝，菲利普。

Joe Feldman, Telsey Advisory Group.

喬·費爾德曼，特爾西諮詢集團。

Hey, guys. Thanks for taking the question and Congrats on the quarter. I did want to go back to this composition of the comp and I was wondering if you could share a little of your view of how transaction and ticket and maybe conversion mixed in there, how that's all going to balance out in the second half of the year? Because -- so far, you've been getting great transaction trends.

嘿，大家好。感謝您提出這個問題，並祝賀本季取得的成績。我確實想回到這個公司的組成，我想知道您是否可以分享您對交易、票務和轉換如何混合的看法，以及它們在下半年將如何平衡？因為—到目前為止，您已經獲得了很好的交易趨勢。

And I'm just wondering if that's going to still be like weighting the comp or if it will move more towards ticket. And again, sort of gets into the elasticity and what you're kind of thinking as you head into the back half? Thanks.

我只是想知道這是否仍然像加權補償一樣，或者是否會更多地轉向票務。再次，有點進入彈性，當你進入後半部分時你在想什麼？謝謝。

Thanks, Joe. As we've seen historically, it's normally been transactions that drive the comps, especially higher comps. And obviously, we saw that in Q2, and I think we also saw it back in Q1. If you look at our guide and our assumptions going forward, again, historically, there's -- ticket's been in a kind of low single-digit range increase. I would expect that to remain relatively consistent as we move through into the back half of the year and whatever the remainder is in comp to be driven by transactions.

謝謝喬。正如我們過去所見，通常是交易推動了可比銷售額的成長，尤其是更高的可比銷售額。顯然，我們在第二季度看到了這一點，我認為我們在第一季也看到了這一點。如果你看我們的指南和我們對未來的假設，你會發現，從歷史上看，票價一直處於低個位數的增長範圍內。我預計，隨著我們進入下半年，這一情況將保持相對穩定，而剩餘的收入將由交易驅動。

Great. Thank you. Good luck for the next quarter.

偉大的。謝謝。祝下個季度好運。

Thanks, Joe

謝謝，喬

Brian Nagel, Oppenheimer.

布萊恩·納格爾，奧本海默。

Hey, good evening. Great congratulations.

嘿，晚上好。非常祝賀。

Thank you, Brian

謝謝你，布萊恩

The question I want to ask, I guess this maybe more quality just with regard to tariffs. I mean, clearly, Five Below has been managing tariffs and a lot of the aspects of the business really well. Tariff environment remains fluid. The question why I see, as you're looking forward, are there still significant risks with tariffs as you see them now?

我想問的問題是，我想這可能只是與關稅有關的更多品質。我的意思是，顯然，Five Below 一直在很好地管理關稅和業務的許多方面。關稅環境依然不穩定。問題是，正如您所展望的那樣，為什麼我看到的關稅現在是否仍然存在重大風險？

And what would those be? And then is -- should we interpret the guidance and the communication to suggest that the mitigation efforts of Five Below will -- the tariff mitigation will just evolve and take place over time?

那會是什麼呢？那麼——我們是否應該將指導和溝通解釋為表明 Five Below 的緩解努力——關稅緩解將隨著時間的推移而發展和發生？

So Brian, I think that tariffs is a reality and has certainly been baked into our forward outlook. I think that the key piece of this is the reaction to the tariffs and how do we mitigate? And I do think we've got a toolkit from looking not only at just priced, but also looking at assortment changes and the newness.

所以布萊恩，我認為關稅是一個現實，並且已經融入我們的未來展望中。我認為其中的關鍵是對關稅的反應以及我們如何緩解？我確實認為，我們不僅要關注價格，還要關注產品種類的變化和新穎性，從而獲得一套工具包。

And with that assortment change, a diversification of country of origin as well as vendor base. The last piece of this is that we have had some amazing partners in terms of our vendors, many of whom have been with us for a while.

隨著產品種類的變化，原產國和供應商基礎也變得多樣化。最後一點是，我們在供應商方面擁有一些出色的合作夥伴，其中許多已經與我們合作了一段時間。

And they have also really come to the table in terms of navigating the ups and downs with the tariffs. And so I think this is just a way of life at this point and being able to exercise those muscles constantly and having this toolkit of how to address the issues has been critical for us. Brian, thanks for your question.

他們也確實就關稅的起伏做出了妥協。所以我認為這只是一種生活方式，能夠不斷鍛鍊這些肌肉並擁有解決問題的工具包對我們來說至關重要。布萊恩，謝謝你的提問。

Thank you. Helpful.

謝謝。很有幫助。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

Yes, hey, good evening. Thanks for including me. Just had two quick questions related. The first one was on the fourth quarter. It looks like it's implying about 350 bps of margin pressure at the midpoint. So just wanted to see if you could give any split there between gross margin and SG&A?

是的，嘿，晚上好。謝謝你邀請我。我只想問兩個簡單的問題。第一個是在第四季。看起來這意味著中間點的保證金壓力約為 350 個基點。所以只是想看看您是否可以給出毛利率和銷售、一般及行政費用之間的比例？

And then to follow up on the tariff side, is that a similar kind of 150 bps, 180 bps headwind in 4Q? And how would you compartmentalize some of the offsets to tariffs. In the past, I think it was about a third, a third, a third for the 2017 one. So how would you kind of characterize it this time?

然後從關稅方面來看，第四季是否也會出現類似的 150 個基點、180 個基點的逆風？您將如何劃分部分關稅抵銷措施？過去，我認為 2017 年的比例大約是三分之一、三分之一、三分之一。那麼這次您會如何描述它呢？

Okay. Thanks, Michael. Relative to Q4, we are assuming about a -- it's about a 320 basis point op margin decline, of which you've got about 225 basis points of tariff mitigation, net impact, pretty consistent. I mean the fourth quarter overall remain unchanged for us. And the other pieces that are going on there, again, we still have some -- a little bit of higher incentive compensation in Q4.

好的。謝謝，麥可。相對於第四季度，我們假設營業利潤率下降約 320 個基點，其中關稅減免約 225 個基點，淨影響相當一致。我的意思是，第四季度總體情況對我們來說保持不變。至於其他正在進行的事情，我們仍然有一些——第四季度的激勵薪酬略有提高。

And we also have, and we called this out on the prior call because again, there really hasn't been a change in how we look at Q4. We're going to have a little bit of fixed cost deleverage because it's going to be on a lower comp.

我們也有，而且我們在之前的電話會議上也提到了這一點，因為我們對第四季的看法確實沒有改變。我們將進行少量的固定成本去槓桿，因為成本會較低。

So those are really your components. And of that full operating margin deleverage in Q4, you got about 70% of that up in gross margin and the other 30% deleverage on that 320 basis points down in SG&A. Thanks, Michael.

所以這些確實是你的組件。在第四季的全面營業利潤率去槓桿中，毛利率上升了約 70%，而銷售、一般及行政費用下降了 320 個基點，因此去槓桿率為 30%。謝謝，麥可。

Thank you so much. We really appreciate all of you joining us this evening. And thank you so much for the thoughtful questions. We're really excited by the progress we've made across product, value and experience. And I want to send a heartfelt thank you to our teams for their hard work and dedication to delivering our first ever $1 billion quarter outside of the Q4.

太感謝了。我們非常感謝大家今晚的參加。非常感謝您提出這些深思熟慮的問題。我們對產品、價值和體驗方面所取得的進步感到非常興奮。我要向我們的團隊表示衷心的感謝，感謝他們的辛勤工作和奉獻精神，使我們在第四季度之外首次實現了 10 億美元的季度收入。

I want to reiterate that Five Below really is we aspire to be the destination for the kid and the kid in all of us, and our teams remain focused on delivering trends, extreme value and a fun shopping experience.

我想重申的是，Five Below 確實渴望成為孩子和我們所有人內心深處的孩子的目的地，我們的團隊始終專注於提供潮流、極致價值和有趣的購物體驗。

I think in summary, we feel good about where the business is today, and we're excited for you all to experience, Halloween followed by an amazing gifting season with holiday with Five Below. Thank you all so much.

總而言之，我們對目前的業務狀況感到滿意，並且很高興大家能夠體驗萬聖節，隨後與 Five Below 一起度過一個令人驚嘆的送禮季。非常感謝大家。

Thanks, everybody.

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。