Five Below Inc (FIVE) 2025 Q3 法說會逐字稿

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

大家好，歡迎參加 Five Below 2025 年第三季財報電話會議。（操作說明）請注意，本次活動正在錄影。

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

現在我將把會議交給投資者關係副總裁克里斯蒂安·佩爾茨。請繼續。

Good afternoon, everyone, and thanks for joining us today for Five Below's third-quarter 2025 financial results conference call. On today's call are Winnie Park, Chief Executive Officer; and Daniel Sullivan, Chief Financial Officer and Treasurer.

各位下午好，感謝各位今天參加 Five Below 2025 年第三季財務業績電話會議。今天參加電話會議的有執行長 Winnie Park 和財務長兼財務主管 Daniel Sullivan。

After management has made their formal remarks, we will open the call to questions. I need to remind you that certain comments made during this call may constitute forward-looking statements and are made pursuant to and within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended.

管理層發表正式演講後，我們將開放提問環節。我需要提醒各位，本次電話會議期間發表的某些評論可能構成前瞻性陳述，這些陳述是根據經修訂的 1995 年《私人證券訴訟改革法案》的安全港條款作出的，並且符合該條款的含義。

Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements. Those risks and uncertainties are described in the press release and our SEC filings. The forward-looking statements today are as of the date of this call, and we do not undertake any obligation to update our forward-looking statements.

此類前瞻性陳述受到已知和未知風險及不確定性的影響，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已在新聞稿和我們提交給美國證券交易委員會的文件中進行了描述。今天發布的這些前瞻性聲明僅代表截至本次電話會議發布之日的信息，我們不承擔更新這些前瞻性聲明的任何義務。

In this presentation, we will refer to our SG&A expenses. For us, SG&A means selling, general and administrative expenses, including payroll and other compensation, marketing and advertising expense, depreciation and amortization expense and other selling and administrative expenses. 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.

在本次報告中，我們將提及我們的銷售、一般及行政費用。對我們而言，SG&A 指的是銷售、一般及行政費用，包括薪資和其他報酬、行銷和廣告費用、折舊和攤提費用以及其他銷售和管理費用。此外，我們也將討論一些非GAAP財務指標。今天的新聞稿中包含了這些項目與美國通用會計準則的核對錶。

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

如果您沒有今天發布的新聞稿副本，您可以訪問我們網站 fivebelow.com 的投資者關係頁面獲取一份。

I will now turn the call over to Winnie.

現在我將把電話交給溫妮。

Hello, and thanks so much for joining us. We're excited to share our third-quarter results, which exceeded our expectations. Before we do, I want to extend a warm welcome to our two new leaders Dan Sullivan, our Chief Financial Officer, who you'll hear from shortly; and Michelle Israel, a Chief Merchandising Officer, both of whom joined us in early October, Dan and Michelle are seasoned, highly experienced executives who have integrated into our amazing Five Below management team incredibly well. We're excited to support their contribution as we continue to grow and redouble our efforts to amplify our unique value proposition.

您好，非常感謝您的參與。我們很高興與大家分享第三季業績，該業績超出了我們的預期。在此之前，我想熱烈歡迎兩位新領導：首席財務官丹·沙利文（Dan Sullivan），您很快就會聽到他的演講；以及首席商品官米歇爾·以色列（Michelle Israel）。他們兩人於 10 月初加入我們，丹和米歇爾都是經驗豐富、資歷深厚的管理者，他們與我們優秀的 Five Below 管理團隊的融合非常出色。我們很高興能夠支持他們的貢獻，我們將繼續發展壯大，並加倍努力，以擴大我們獨特的價值主張。

I would also like to thank Ken Bull, who served as interim CFO for his amazing partnership. We are excited to have Ken transition back into his role as COO as we enter the critical holiday season.

我還要感謝 Ken Bull，他擔任臨時財務長期間給予了我們極大的幫助和合作。我們很高興肯能夠重新擔任營運長一職，尤其是在即將到來的關鍵假日季。

Now turning to our fantastic results. In Q3, we delivered our second consecutive quarter of over $1 billion in sales and double-digit comparable sales growth. Our customers continue to recognize Five Below as the destination for the kid and the kid in all of us. I'm really proud of the work our teams are doing in support of our boss the customer. We are seeing clear proof points that our customer-centric strategy is working.

現在讓我們來看看我們所取得的優異成績。第三季度，我們連續第二個季度實現了超過 10 億美元的銷售額，並實現了兩位數的同店銷售額成長。我們的顧客一直認為 Five Below 是孩子和我們每個人心中童心的歸宿。我為我們團隊在支持我們的老闆——客戶——方面所做的工作感到非常自豪。我們看到了確鑿的證據，證明我們以客戶為中心的策略是有效的。

And as a result, we've taken up our outlook for the remainder of the year, which Dan will discuss in more detail shortly. In Q3, net sales grew 23%, with comparable sales growth of over 14%, driven by both transactions and ticket. With disciplined expense management, adjusted diluted earnings per share grew 62% over last year to $0.68. Store growth continued to be strong at 9% over last year.

因此，我們展望了今年剩餘時間的前景，丹稍後將對此進行更詳細的討論。第三季淨銷售額成長 23%，同店銷售額成長超過 14%，主要得益於交易量和客單價的雙雙成長。透過嚴格的費用管理，調整後的稀釋每股收益較上年增長 62%，達到 0.68 美元。門市成長動能依然強勁，較上年成長 9%。

We welcome 49 net new stores, the Five Below family, including our new store in Rogers, Arkansas, which became our best ever fall grand opening. And we ended the quarter with over 1,900 stores. The success of our new store openings continued into the fourth quarter with our entry into the Pacific Northwest or each of our 8 new stores set all-time grand opening records.

我們迎來了 49 家新店，成為 Five Below 大家庭的一員，其中包括我們在阿肯色州羅傑斯的新店，該店成為我們有史以來秋季盛大開業最成功的一家。本季末，我們的門市數量超過 1900 家。我們新店開幕的成功動能延續到了第四季度，我們在太平洋西北地區的8家新店開幕均創下了歷史最佳開幕紀錄。

Notably, all these grand openings were supported by marketing and in-store activations that drew thousands of customers on opening day. The strong positive reception to Five Below in these new markets strengthens the conviction we have for the significant growth ahead of us. The results in the quarter again exceeded our expectations and we were very excited to see broad-based growth across merchandising departments and our entire network of stores.

值得一提的是，所有這些盛大的開幕活動都得到了行銷和店內活動的大力支持，在開幕當天吸引了成千上萬的顧客。Five Below 在這些新市場獲得了強烈的正面反響，這更加堅定了我們對未來巨大成長的信心。本季業績再次超出預期，我們很高興看到商品部門和整個門市網路都實現了全面成長。

This growth is the result of maniacally executing our customer-centric strategy, which is supported by three core pillars. The first pillar is a sharpened focus on the customer, the kid, and for us, this means understanding the trends, life stages and how to influence Gen Alpha, Gen Z, and Millennials. We deepened our understanding of what our customer wants, how we can build connections with them and ultimately, how they shop our stores. This relationship with the customer is our true north and underpins our merchandising, marketing and store operations approach.

這一成長源自於我們以客戶為中心的策略的不懈執行，而這項策略又由三大核心支柱支撐。第一個支柱是更關注客戶，也就是孩子。對我們來說，這意味著了解趨勢、人生階段以及如何影響 Alpha 世代、Z 世代和千禧世代。我們加深了對顧客需求、如何與顧客建立聯繫以及最終顧客如何在我們的商店購物的理解。與顧客建立這種關係是我們真正的方向，也是我們商品銷售、行銷和門市營運方式的基礎。

The second pillar is delivering a connected customer journey, acknowledging that awareness begins on digital channels and social media and ends with an amazing in-store experience. By curating compelling stories in social that lead our customers to pre-shop on our website, culminating in a trip to our stores. The customer should see our big ideas come to life with a consistent look and feel.

第二大支柱是打造互聯的客戶旅程，認識到品牌認知始於數位管道和社群媒體，最終以令人驚豔的店內體驗告終。透過在社群媒體上精心策劃引人入勝的故事，引導顧客在我們的網站上進行預購，最終促使他們到我們的實體店購物。客戶應該能夠透過一致的視覺效果和體驗，看到我們的宏偉構想變成現實。

The third pillar is coordinated cross-functional execution in our go-to-market for our six [Curtnet] moments from New Year's and Valentine's to holiday. The way we work has fundamentally changed as the team aligns earlier, resulting in the full engagement of our 1,900-plus store managers prior to launch on merchandising, marketing and the critical flow of newness to our stores. Underpinning these pillars is a mindset of operating with urgency and discipline as we saw in our tariff mitigation efforts earlier in the year while also remaining relentless in our focus on efficiency.

第三支柱是協調跨職能部門執行我們面向市場推出的六個[Curtnet]重要時刻（從新年和情人節到假日）的行銷活動。我們的工作方式發生了根本性的變化，團隊提前達成一致，使得我們在商品銷售、市場營銷以及新品進入門店的關鍵環節之前，能夠讓 1900 多名門店經理充分參與進來。這些支柱的基礎是一種緊迫而嚴謹的行事心態，正如我們在今年早些時候的關稅緩解工作中所看到的那樣，同時我們也始終不懈地專注於提高效率。

We now operate with an approach of test, learn and ramp to quickly introduce new products, price points and processes. Test, learning ramp ensures that our bias towards action is also informed by insights and analysis. To achieve our results, the crew across Five Below pulled together as a unit, a true team who shared one focus, the customer, our boss.

我們現在採用測試、學習和推廣的方法來快速推出新產品、新價格點和新流程。測驗和學習過程確保我們的行動傾向也能被洞察和分析的指導。為了達到這樣的成績，Five Below 的所有員工團結一心，組成了一個真正的團隊，他們只有一個共同的目標，那就是顧客，也就是我們的老闆。

I'm incredibly grateful for our team's passion, grit and all-in engagement on working cross-functionally in service of our customers. Their hard work and commitment delivered these results. Thank you, Five Below crew.

我非常感謝我們團隊的熱情、毅力和全心投入，他們跨部門協作，竭誠為客戶服務。他們的努力和堅定承諾帶來了這些成果。感謝 Five Below 的工作人員。

In Q3, our customer-centric strategy allowed us to deliver a sharpened value proposition. Our merchandising teams were unleashed to deliver a continuous flow of newness across product categories. We weren't reliant on a single trend as the majority of our departments comped positive. Also, we took a disciplined approach to curation and managing the breadth and depth of our buys, resulting in better in-stocks for our big ideas throughout the season, like Halloween decor.

第三季度，我們以客戶為中心的策略使我們能夠提供更清晰的價值主張。我們的商品團隊被賦予了充分的自主權，以不斷推出各個產品類別的新品。我們並沒有依賴單一趨勢，因為我們大多數部門的薪酬都實現了正增長。此外，我們對採購的廣度和深度採取了嚴格的篩選和管理方法，從而在整個銷售季中為我們的大創意產品（如萬聖節裝飾品）提供了更好的庫存。

With the focus on big ideas such as Hero license programs, the merchandising teams coordinated to deliver unified statements like Wicked, which incorporates products from nearly every merchandising category. Also, our merchandising teams are relentlessly focused on value and simplifying our pricing.

以英雄授權計畫等大創意為重點，商品銷售團隊協調合作，推出了像《魔法壞女巫》這樣的統一宣傳，該宣傳融合了幾乎所有商品類別的產品。此外，我們的商品團隊始終致力於提升產品價值，並簡化定價流程。

Today, value is not just about $5 and below. But ensuring we pack value into $7, $10 and $15 plus items. We are able to incorporate these multiple price points throughout the departments in the store to simplify the shopping experience. and our customers have responded well. This change allowed us to span the Five Beyond area and leverage this space to drive seasonal business.

如今，物美價廉不僅僅指5美元及以下的價格。但要確保我們能將價值融入 7 美元、10 美元和 15 美元以上的商品中。我們能夠在店內各部門整合多種價格點，從而簡化購物體驗，顧客對此反應良好。這項變更使我們能夠涵蓋 Five Beyond 區域，並利用此空間來推動季節性業務。

For example, we featured the last gas to summer in that area with back-to-school in the front when we kicked off the quarter. The newness and curated product stories that our teams merchandise were amplified by more effective marketing as we shifted our marketing channels and content to be more relevant for our target customers. We increased our investment in social media, moving spend away from traditional channels, resulting in traffic growth, both online and in our stores.

例如，我們在本季開始時，以返校季為主題，重點介紹了該地區夏季來臨前的最後加油站。我們團隊精心策劃並推廣的新產品及其背後的故事，透過更有效的行銷手段得到了提升，因為我們調整了行銷管道和內容，使其更貼近我們的目標客戶。我們加大了對社群媒體的投入，將支出從傳統管道轉移到社群媒體，從而帶動了線上和線下門市的流量成長。

We also changed our content development strategy from studio produced to creator produce, engaging social influencers and amplifying user-generated content. We also renewed our creative online and in stores to deliver a single campaign with a distinct brand right look and feel.

我們也改變了內容開發策略，從工作室製作轉變為創作者製作，與社群媒體影響者合作，並擴大用戶生成內容的影響力。我們也更新了線上和線下門市的創意，以打造具有鮮明品牌特色和風格的統一宣傳活動。

The third-quarter results are a real testament to our store crew. Who have embraced the mantra that the customer is our boss. The stores are where customer experiences come to life. We improved the store experience in several ways, namely better collaboration with our store teams, garnering better feedback from customers, simplifying operations and investing in labor to ensure our shelves are stocked, enabling the product stories to come to life.

第三季的業績是對我們門市員工的最佳證明。他們秉持著「顧客就是老闆」的理念。門店是顧客體驗鮮活呈現的地方。我們從多個方面改善了門市體驗，包括更好地與門市團隊合作、更好地收集顧客回饋、簡化營運以及投資勞動力以確保貨架貨源充足，從而使產品故事栩栩如生。

The execution of our strategy accelerated from Q2 to Q3. This flywheel effect is evidenced in our sales results, which were driven by growth in transactions and ticket. We packed the quarter with two big curtain moments Back-to-school and Halloween. We flowed newness throughout the store with a focus on ideas we're able to test and ramp.

從第二季到第三季度，我們的策略執行速度加快。這種飛輪效應在我們的銷售業績中得到了體現，銷售業績的成長是由交易量和票房的成長所推動的。本季我們安排了兩場盛大的開幕典禮：返校季和萬聖節。我們在店內不斷推陳出新，並專注於那些我們可以測試和推廣的想法。

Again, the key to our execution is the way we work cross-functionally with tight coordination between merchandising, supply chain distribution, marketing and stores. This type coordination also made the difference in our growth by new stores. Our 2025 fleet is exceeding expectations as we worked as a close-knit team for the ultimate curtain up, a store brand opening. We invested in grand opening marketing and activations in stores that were fully merchandise and crews who are well staffed and better trained.

再次強調，我們執行成功的關鍵在於跨職能協作，商品銷售、供應鏈分銷、行銷和門市之間緊密協調。這種協調方式也對我們透過開設新店實現成長起到了關鍵作用。我們的 2025 年車隊超出了預期，因為我們作為一個緊密合作的團隊，為最終的揭幕——自有品牌商店的開業——付出了巨大的努力。我們投資了盛大的開幕行銷和推廣活動，門市商品齊全，員工配備充足且訓練有素。

Looking ahead, the strong performance over the previous three quarters serves as a valuable proof point that our customer-centric strategies are starting to work. As we prepare for the holidays, we will continue to surprise and delight our customers with unbelievable deals for decor, gifts and stocking stuffers, from gingerbread houses and advent calendars to an army of large nutcrackers, beauty bundles, toys, and candy.

展望未來，前三個季度的強勁表現有力地證明了我們以客戶為中心的策略開始奏效。在為節日做準備之際，我們將繼續為顧客帶來驚喜和愉悅，推出令人難以置信的裝飾品、禮品和聖誕襪填充物優惠，從薑餅屋和聖誕倒數日曆到各種大型胡桃夾子、美容套裝、玩具和糖果，應有盡有。

Our performance is a testament that our unique place in retail of being the destination for the kid and the kid and all of us is a compelling, sustainable value proposition. While we are at the early stages of our journey, our progress to date is clear. And the team and I are highly committed to and extremely excited for the growth that lies ahead for our business.

我們的業績證明，我們在零售業中獨特的地位——成為孩子和我們所有人的目的地——是一個引人注目、可持續的價值主張。雖然我們仍處於旅程的初期階段，但迄今為止我們所取得的進展是顯而易見的。我和我的團隊對公司未來的發展充滿信心，並感到無比興奮。

With that, I will turn it over to Dan to discuss more details about our results and updated outlook for the fourth quarter and year. Take it away, Dan.

接下來，我將把發言權交給丹，讓他詳細討論我們的業績以及第四季和全年的最新展望。丹，請開始吧。

Thanks, Winnie, and good afternoon, everyone. I'm thrilled to join the Five Below team and excited to contribute to its continued success. I look forward to working with everyone on this call as well as our investor community. I'll begin my remarks with a review of our third-quarter 2025 results and then discuss our outlook for the fourth quarter and full year.

謝謝你，溫妮，大家午安。我很高興加入 Five Below 團隊，並期待為它的持續成功做出貢獻。我期待與本次電話會議的各位以及我們的投資者群體合作。我將首先回顧我們 2025 年第三季的業績，然後討論我們對第四季和全年的展望。

My comments will refer to results on an adjusted GAAP basis. As Winnie mentioned, we were very pleased with our third quarter performance, which exceeded our expectations for both the top and bottom line. In the quarter, we saw accelerated comparable sales growth that was driven fairly equally by transaction and ticket gains. Importantly, the improving effectiveness of our marketing spend was evidenced in our traffic gains, which accelerated as we exited the quarter.

我的評論將基於調整後的GAAP準則下的結果。正如溫妮所說，我們對第三季的業績非常滿意，營收和利潤都超出了我們的預期。本季度，同店銷售額加速成長，主要得益於交易量和客單價的成長。重要的是，我們行銷支出的有效性不斷提高，這體現在流量的成長上，而且隨著季度末流量成長速度加快。

Operational execution across our stores and distribution centers was also strong. And we saw the benefit of better inventory flow and improved in-stock positions on shelf. We allocated additional labor, both in support of the stronger growth and as a part of our preholiday preparations. We also saw a solid improvement in shrink results from our August counts, reflecting the initial benefits from our broader mitigation initiatives. The heightened sales growth converted well, delivering 110 basis points of adjusted operating income margin gains and 62% adjusted earnings per share growth year over year.

我們各門市和配送中心的營運執行力也很強。我們看到了庫存週轉更順暢和貨架上庫存充足狀況改善的好處。我們增派了勞動力，既是為了支持業務的強勁成長，也是作為節前準備工作的一部分。我們也看到，與 8 月的統計數據相比，損耗結果有了顯著改善，這反映了我們更廣泛的緩解措施的初步成效。銷售額的顯著成長帶來了良好的業績轉化，調整後的營業利潤率提高了 110 個基點，調整後的每股盈餘年增了 62%。

Now turning to the results for the quarter. Net sales increased 23% to just over $1 billion, underpinned by a strong comparable sales increase of over 14%. We were pleased to see this growth was led equally by increases in both comparable transactions and comparable tickets.

現在來看本季的業績。淨銷售額成長 23%，略高於 10 億美元，主要得益於同店銷售額強勁成長超過 14%。我們很高興地看到，這一增長是由可比交易量和可比票務量的增長共同推動的。

In the quarter, we successfully drove more traffic to our stores, which led to better-than-expected transaction growth. Comparable ticket growth was fueled by AUR gains, reflecting the successful execution of our rounded hole price strategy. While also curating great value above $5 as we move these items in line with their departments. Our comparable sales growth was widespread. Across most departments, new and retained customers and all household income cohorts.

本季度，我們成功地為門市帶來了更多客流量，從而實現了超出預期的交易成長。可比票務成長得益於 AUR 的成長，這反映了我們圓孔定價策略的成功實施。同時，我們也精心挑選了價格高於 5 美元的超值商品，並根據這些商品所屬的部門進行調整。我們的同店銷售額普遍成長。在大多數部門，新舊客戶以及所有家庭收入群體中。

Our new store performance was equally compelling, with productivity levels in the mid-80s, which was in line with our expectations. We opened 49 net new stores across 26 states compared to 82 new stores in the third quarter last year. Year over year, we grew our store count by 9% and ended the quarter with just over 1,900 stores. As our performance in Arkansas and even more recently in the Pacific Northwest of firms, we remain bullish about the growth opportunities that lie ahead.

我們新店的業績同樣令人滿意，生產力水準達到 80% 以上，符合我們的預期。我們今年在 26 個州淨增開設了 49 家門市，而去年第三季新開店數量為 82 家。與去年同期相比，我們的門市數量增加了 9%，本季末門市數量略超過 1900 家。鑑於我們在阿肯色州以及最近在太平洋西北地區的公司業績，我們仍然對未來的成長機會充滿信心。

Adjusted gross profit increased 26% to $352 million or 33.9% in rate of sale, an increase of approximately 70 basis points compared to the third quarter last year. Adjusted gross margin accretion was driven primarily by fixed cost leverage and improved shrink results that were partially offset by the net impact of unmitigated tariffs. Adjusted SG&A expenses totaled $307 million in Q3 or 29.5% of sales, which represented a 40 basis point decrease compared to last year's third quarter.

經調整後的毛利成長 26% 至 3.52 億美元，銷售額成長 33.9%，比去年第三季成長約 70 個基點。調整後毛利率的成長主要得益於固定成本槓桿作用和損耗控制效果的改善，但部分被未緩解關稅的淨影響所抵銷。第三季調整後的銷售、一般及行政費用總計 3.07 億美元，佔銷售額的 29.5%，比去年第三季下降了 40 個基點。

This was driven by fixed cost leverage on the strong comp sales, partially offset by higher incentive costs. Adjusted operating income grew over 63% in the third quarter to $45 million versus $28 million in the third quarter last year, and adjusted operating margin increased approximately 110 basis points to 4.3%. Net interest income was about $6 million for the third quarter or approximately $3 million above last year, due mostly to a higher average cash balance throughout the quarter.

這主要得益於強勁的同店銷售額所帶來的固定成本槓桿效應，但部分被較高的激勵成本所抵銷。第三季調整後營業收入成長超過 63%，達到 4,500 萬美元，去年同期為 2,800 萬美元；調整後營業利潤率成長約 110 個基點，達到 4.3%。第三季淨利息收入約為 600 萬美元，比去年同期高出約 300 萬美元，主要是由於該季度平均現金餘額較高。

Adjusted net income was $38 million and adjusted earnings per share was $0.68, and both grew 62% year over year. We ended the third quarter in a strong cash position with approximately $536 million in cash, cash equivalents and investments.

經調整後的淨收入為 3,800 萬美元，經調整後的每股收益為 0.68 美元，兩者均較去年同期成長 62%。第三季末，我們現金狀況良好，擁有約 5.36 億美元的現金、現金等價物和投資。

Inventory was approximately $1.1 billion and average inventory on a per store basis increased nearly 25% versus the third quarter last year as we had expected. This increase was primarily due to our strategic decision to accelerate receipts in response to the global trade environment. We're very pleased with our inventory position as we head into the holiday season, and we expect that the growth in our average inventory per store will begin to moderate by the end of the fiscal year.

庫存約為 11 億美元，每家門市的平均庫存比去年第三季增長了近 25%，正如我們預期的那樣。這一增長主要是由於我們為應對全球貿易環境而採取的加快收款的策略決策。我們對即將到來的假期季節的庫存狀況非常滿意，並預計到本財年末，每家門市的平均庫存成長速度將開始放緩。

Now turning to our outlook. Based on our strong performance to date, we are increasing our outlook for the fourth quarter and full year. We now expect total sales in the range of $1.58 billion to $1.61 billion or growth of 14.7% at the midpoint versus last year's fourth quarter. Comparable sales are expected to increase between 6% and 8%. While it's early, we are pleased with the start to the holiday season, underpinned by Black Friday weekend sales that were in line with our expectations.

現在談談我們的展望。鑑於我們迄今為止的強勁表現，我們提高了對第四季度和全年業績的預期。我們現在預計總銷售額將在 15.8 億美元至 16.1 億美元之間，以中間值計算，比去年第四季成長 14.7%。預計同店銷售額將成長 6% 至 8%。雖然現在還為時過早，但我們對假期季節的開局感到滿意，這主要得益於黑色星期五週末的銷售情況符合我們的預期。

Adjusted operating margin at the midpoint is expected to be 15.8%, inclusive of higher incentive costs and unmitigated tariff costs. We have not changed our assumptions for shrink associated with the results of the January physical inventory counts. Net interest income is expected to be approximately $5 million. Assuming an effective tax rate of about 26% at the respective midpoints, we expect adjusted net income to be $192 million and adjusted diluted earnings per share to be $3.45 and on 55.6 million diluted shares outstanding. As a reminder, this does not include the impact of share repurchases, if any.

調整後的營業利潤率中點預計為 15.8%，其中包括更高的激勵成本和未緩解的關稅成本。我們沒有改變 1 月實物盤點結果相關的損耗假設。預計淨利息收入約500萬美元。假設在各中間點的有效稅率約為 26%，我們預期調整後的淨收入為 1.92 億美元，調整後的稀釋每股收益為 3.45 美元，稀釋後流通股數為 5560 萬股。需要提醒的是，這不包括股票回購的影響（如果有的話）。

For the full year, sales are now expected to be in the range of $4.62 billion to $4.65 billion, with a comparable sales increase of 9.4% to 10.1%. On a two-year stack basis, this represents an approximate 7% comparable sales growth at the midpoint. Adjusted operating margin is expected to be approximately 8.9% at the midpoint. Net interest income is now expected to be approximately $22 million. With a 26% effective tax rate, adjusted diluted earnings per share for fiscal 2025 is now expected to be $5.80 at the midpoint.

預計全年銷售額將在 46.2 億美元至 46.5 億美元之間，同店銷售額將成長 9.4% 至 10.1%。以兩年累計計算，相當於中點時可比銷售額成長約 7%。調整後的營業利益率預計中位數為 8.9% 左右。預計淨利息收入約2,200萬美元。假設實際稅率為 26%，則 2025 財年調整後的稀釋每股盈餘預計中位數為 5.80 美元。

Representing growth of 15%. Capital expenditures, excluding the impact of tenant allowances, is expected to be approximately $200 million, which reflects 150 net new store openings and continued investments in systems and infrastructure.

增長15%。不包括租戶補貼的影響，資本支出預計約為 2 億美元，這反映了 150 家新店淨開業以及對系統和基礎設施的持續投資。

We're proud of the work the team has done over the past year to drive meaningful year-over-year top and bottom line growth and a much-improved outlook for fiscal 2025 versus the beginning of the year. As we head into the critical holiday season, we are confident in our ability to execute our customer-centric strategy and continue to deliver growth in the years to come.

我們為團隊在過去一年中所做的工作感到自豪，這些工作推動了公司營收和利潤的逐年顯著增長，並且與年初相比，2025 財年的前景有了很大的改善。隨著關鍵的假期季節即將到來，我們有信心執行以客戶為中心的策略，並在未來幾年繼續實現成長。

And with that, I'll turn the call back over to the operator to start the Q&A session.

接下來，我將把電話轉回給接線生，開始問答環節。

(Operator Instructions) Chuck Grom, Gordon Haskett.

（操作說明）查克·格羅姆，戈登·哈斯克特。

Congrats on a great quarter. Winnie, your sales per store are on track to hit about $2.4 million this year. That's getting you back to 2021 levels. Can you remind us how your best stores performed today on sales productivity and what opportunities you see to drive sales even higher in the coming years?

恭喜你本季表現出色。Winnie，你今年的單店銷售額預計將達到約 240 萬美元。這樣就恢復到 2021 年的水準了。您能否簡單介紹一下您公司業績最好的門市目前的銷售效率如何？您認為未來幾年有哪些機會可以進一步提高銷售額？

Chuck, thank you so much. We are very excited to see our average store productivity return to historic highs. And I think that for us, what's been exciting to see is that across our network of stores, we're actually seeing really great performance regardless of kind of age of store or type of store. And I would say that there's consistency in what we're seeing in terms of the broad-based growth and what's driving that growth within the stores.

查克，非常感謝你。我們非常高興地看到，我們門市的平均生產力已恢復到歷史最高水準。我認為，對我們來說，最令人興奮的是，在我們所有的門市中，無論門市的開幕時間長短或門市類型如何，我們都看到了非常好的業績。我認為，就整體成長以及推動門市成長的因素而言，我們所看到的現像是具有一致性的。

That broad-based growth is really being driven first by a focus on the customer. And with that focus on the customer comes a really great focus on what they want. And I think our assortments are geared towards younger customers, geared towards trends and again, I use the word assortment. It's not about a single item, but it goes across a broad range of categories and departments. So we're excited for that.

這種廣泛的成長實際上是首先由對客戶的關注所驅動的。而這種以客戶為中心的理念，也帶來了對顧客需求的精準掌握。我認為我們的產品系列是面向年輕顧客的，是面向潮流的，我再次使用了「產品系列」這個詞。這並非關乎單一物品，而是涉及廣泛的類別和部門。我們對此感到很興奮。

We finally have the ability to actually talk about it vis-a-vis marketing, and that's worked especially what we've planted within social media has driven traffic to the stores, and we've seen really nice traffic growth and growth both in new customers as well as retention. So that's been terrific.

我們終於能夠真正地從行銷的角度來談論它了，而且效果顯著，尤其是在社群媒體上投放的內容已經為門市帶來了流量，我們看到了非常好的流量成長，新客戶和客戶留存率也都實現了成長。那真是太棒了。

And then finally, I think that what's really worked in terms of growth is our expansion of the idea of what value looks like. We still curate a great assortment. It's roughly 80% of the assortments, $5 and below. But we took a lot of attention for those items that were above $5 and specifically packing a ton of value at $7, $10, $15. And we inserted those items in line and really disbanded the Five Beyond area.

最後，我認為真正促進成長的是我們擴展了對價值的理解。我們依然精心挑選了一系列優質商品。大約 80% 的商品價格在 5 美元及以下。但我們非常關注那些售價超過 5 美元的商品，尤其是售價 7 美元、10 美元、15 美元的超值商品。我們將這些項目插入產品線中，並徹底解散了「五大領域」區域。

We're getting more productivity with the disbandonment of Five Beyond because we're able to offer more seasonal stories and other things are relevant to the customer. And we basically put the product in line with how they shop. So those are the real drivers of what's getting us to those great productivity levels.

在放棄 Five Beyond 後，我們的生產力提高了，因為我們能夠提供更多與顧客相關的季節性故事和其他內容。我們基本上是根據他們的購物方式來調整產品。所以，這些才是真正推動我們達到如此高生產力水準的因素。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Congrats on a great quarter. So Winnie, could you speak to the monthly progression of comps over the course of the quarter? Maybe help bridge the upside drivers to the 14% comp relative to the 5% to 7% guidance initially.

恭喜你本季表現出色。Winnie，你能談談本季每月的業績成長情況嗎？或許有助於將成長動力轉化為 14% 的同店銷售額，而最初的預期是 5% 到 7%。

And then if you could elaborate on the start to the fourth quarter and if there's the potential for a similar scenario, meaning guidance for the fourth quarter implies a sequential moderation. Have you seen that yet? Is that embedded over the rest of the holiday season?

然後，如果您能詳細說明第四季度的開局情況，以及是否存在類似情況的可能性，也就是說，第四季度的業績指引是否意味著環比放緩，那就太好了。你看到了嗎？這種情況會持續整個假期嗎？

Thanks so much for that question, Matt. Dan is going to lean in here.

非常感謝你的提問，馬特。丹要湊近來看看。

Thank you for the question. I'll start with where you ended, which is how we thought about the fourth quarter. Largely, over the course of the quarter, the monthly year-over-year growth is fairly consistent, if you think about it relative to our guide range and our midpoint. You don't see month-over-month spikes. A lot of that, obviously, is what we're cycling from a year ago, but it's a fairly consistent growth pattern. That's number one.

謝謝你的提問。我先從你最後說的開始，也就是我們對第四季的看法。總的來說，從本季來看，每月同比增速相當穩定，如果你將其與我們的指導範圍和中點進行比較的話。你看不到環比激增的趨勢。顯然，其中許多都是我們沿用一年前的數據，但成長模式相當穩定。這是第一點。

I would say number two, and we talked about this in the opening remarks, we're really pleased with the start to the season. That start is essentially month of November and then obviously, Black Friday weekend. And again, from a pure performance basis relative to how we're thinking about the holiday we're pleased. So we sit here today, certainly not chasing anything that didn't happen over the weekend and a pretty consistent month-over-month comp growth profile.

第二點，我們在開場白中也談到了這一點，我們對本賽季的開局非常滿意。這個活動基本上是從11月開始，然後當然還有黑色星期五週末。再次強調，就我們對假期的想像而言，純粹從實際表現來看，我們很滿意。所以，我們今天坐在這裡，當然不會去追逐週末沒有發生的事情，而且每個月的薪資成長情況都相當穩定。

If I go backwards to the start of your question on Q3, you would see actually a very -- very similar trend in terms of comp growth. And I think what excites us the most is that our performance, and I'll define that particularly as I think about traffic growth, actually strengthened as the quarter went on. So we exited the quarter with traffic growth month-over-month at the highest level we had seen.

如果我回顧一下你關於第三季度的問題，你會發現薪資成長方面實際上存在非常非常相似的趨勢。最令我們興奮的是，我們的業績（我特別要從流量成長的角度來定義一下）在本季實際上有所增強。因此，本季末，我們的流量環比成長率達到了我們所見過的最高水準。

So all in all, we're in a really good place, and we think we've got a really good view on fourth quarter.

總而言之，我們現在處境非常好，而且我們對第四季的情況也有著非常樂觀的看法。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Congratulations on a great quarter. Winnie, I wanted to start, your results have been phenomenal, obviously. And it obviously begs the question around how you're thinking about lapping all of this next year. I know you talked about the strength being broad-based, but could you call out maybe some of the bigger trends that you think have been helping results? How you think about -- how those trends roll into next year and any continued benefit that you might see?

恭喜你們本季業績出色。Winnie，我想先說，你的成績非常出色，這是顯而易見的。這顯然引出了一個問題：你打算如何計劃明年完成所有這些挑戰？我知道您提到過這種優勢是普遍存在的，但您能否指出一些您認為有助於取得成果的更大趨勢呢？您認為這些趨勢會如何影響明年，以及您可能會看到的任何持續益處？

And then what's out there that you're excited about? And I guess what I'm really kind of trying to ask at the end of the day is, do you think you could comp the comp, even against some of these results next year?

那麼，你對外界的哪些事物感到興奮呢？我想問的最終問題是，你認為明年即使與這些結果相比，你還能進行類似的比較嗎？

Thanks so much, Ed. Thanks for the question. And I want to start actually with what we put in place this year, and we've seen with each quarter an acceleration of this flywheel effect, it really starts with customer focus. And with the customer focus, I think what we've done is really leaned into broader trends and ideas that resonate with Gen Alpha, Gen Z as well as Millennials. So that it's really leaning into lifestyle statements as opposed to a single item. That thought process in terms of how we merchandise and how we go after trends has lifted across our departments, and it's something we will continue to pursue.

非常感謝，埃德。謝謝你的提問。我想先談談我們今年採取的措施，我們看到這種飛輪效應每季都在加速發展，而這一切都始於以客戶為中心。秉持著以客戶為中心的理念，我認為我們真正做到了順應更廣泛的趨勢和想法，這些趨勢和想法能夠引起阿爾法世代、Z世代以及千禧世代的共鳴。所以它真正專注於生活方式的表達，而不是單一的商品。這種在商品銷售方式和追逐潮流方面的思考方式已經提升到我們各部門的水平，我們將繼續追求這種理念。

And I think the second piece is when with that focus on the customer is being highly aware of the fact that their journey with our product and with our product stories in digital and online through social. And so how do we -- we just started doing this. We started to redirect our marketing spend away from traditional channels into social.

我認為第二點是，當這種以客戶為中心的理念深入人心時，就意味著要高度重視客戶與我們產品的互動體驗，以及他們在社交媒體等數位和線上平台上與我們產品故事的互動。所以，我們該怎麼做呢——我們才剛開始做這件事。我們開始將行銷支出從傳統管道轉移到社群媒體。

And as we learn more, and as we generate more content, both from users as well as influencers and align earlier between merchandising and marketing, we think we've seen this beautiful flywheel effect that has driven traffic to stores. As well as introduction to new customers. And so those two pieces is a 1 plus 1 equals 3. And I think next year, how much more can we do on that customer-connected journey, we haven't touched on one. We're really just beginning.

隨著我們了解得越多，我們產生的內容（包括來自用戶和影響者的內容）越多，並且商品銷售和行銷之間的協調也越早，我們認為我們已經看到了這種美麗的飛輪效應，它為商店帶來了流量。以及向新客戶介紹客戶。所以這兩個部分加起來等於 1 加 1 等於 3。我認為明年，我們可以在客戶連結之旅上做更多的事情，我們還沒有觸及這方面。我們才剛起步。

And on marketing even getting down to the individual, we've just begun to capture customer records. And so we haven't really in earnest done anything in marketing in terms of reaching out one-to-one or personalization, much less really directing even, hey, new product launches. You bought beauty last year, here something else that's happening. So those are the types of things that we have we're seeding for next year and that we've begun this year.

而就行銷而言，即使深入個人層面，我們也才剛開始收集客戶記錄。因此，我們在行銷方面並沒有真正認真地做任何事情，例如一對一行銷或個人化行銷，更不用說真正指導新產品發布了。你去年買了美妝產品，現在又有其他事情發生了。所以，這些就是我們為明年播種、今年已經開始著手的專案類型。

And then I will finally say that the customers has given us license to play in price points beyond $5. And this was a concerted effort to move items above $5 back in line in their departments. And we really wanted to test and see what the receptivity would be, and it's been very good. We're excited about this.

最後，我要說的是，顧客已經允許我們把價格定在 5 美元以上。這是為了讓售價超過 5 美元的商品回到各自部門的正常貨架上而採取的集體行動。我們真的很想測試一下用戶的接受度，結果非常好。我們對此感到興奮。

And as long as the team stays focused on relative value and packing a ton of value within the products that are above $5, $7, $10, $15. We think that there is a lot more we can do there in terms of customer giving us permission to really do more outside of the price bands we traditionally have played in. Thank you so much, Ed.

只要團隊繼續專注於相對價值，並在售價高於 5 美元、7 美元、10 美元、15 美元的產品中融入大量價值。我們認為，在客戶允許我們真正超越傳統價格範圍開展更多業務方面，我們還有很多工作要做。非常感謝你，艾德。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

Is there any scenario where you would start off the year next year guiding to a negative comp. And even if you started out the year thinking your comp was going to be flat given the performance this year, what would be the puts and takes of the model, especially as you anniversary and have to incorporate things like tariff off in the first half of next year? Is there a framework you can give us as we try and calibrate our models for 2026?

是否存在這樣一種情況：明年年初的業績預期會低於去年同期水準？即使你年初認為鑑於今年的業績，你的業績將與去年持平，但該車型的取捨是什麼？尤其是在你周年紀念日，並且必須將明年上半年關稅下調等因素考慮在內？當我們嘗試校準 2026 年模型時，您能否為我們提供一些框架？

Michael, it's Dan. Thanks for the question. Look, it's obviously at this stage, premature to get ahead of ourselves for next year, let alone on a quarterly basis. But I totally appreciate your question. I would say a couple of things. One is just the principle at which we are operating this business, which is with a clear growth orientation. And I think you've heard in the prepared remarks and in Winnie's answers, the underlying drivers of that.

邁克爾，我是丹。謝謝你的提問。顯然，現在就展望明年還為時過早，更不用說按季度展望了。但我非常感謝你的提問。我想說幾點。第一點是我們經營這項業務所遵循的原則，那就是明確的成長導向。我認為，從事先準備好的發言稿和溫妮的回答中，你們已經聽到了背後的驅動因素。

Secondly, Winnie talked a lot about the importance of what this price action has signaled to us in terms of responsive customer, we also have to remember, we don't lap the price increase until half two of next year. So mechanically, that's going to be a tailwind for us for most of the first half of the year. So look, we'll have a lot more to say about the business when we get to March and really talk in detail about next year. But I think where we sit today is confident in our ability to grow on top of growth.

其次，Winnie 多次談到此價格變動對我們向客戶發出的重要訊號，以及我們對客戶反應速度的重視。我們也必須記住，價格上漲要到明年年中下半年才會結束。因此，從技術層面來說，這將在今年上半年的大部分時間對我們有利。所以，等到三月份，我們會對業務方面有更多要說的內容，並詳細討論明年的情況。但我認為，我們目前所處的地位讓我們有信心在成長的基礎上繼續成長。

And you're right, we will navigate a tariff headwind as well in the first half, there's a lot of puts and takes that we're going to have to face into when we build the plan and ultimately share the details. But I certainly want to emphasize the growth orientation we have and ultimately, the operating profit leverage that we expect that growth to deliver. And again, we'll have more to say on that in March.

你說得對，上半年我們也會面臨關稅方面的阻力，在製定計劃並最終公佈細節時，我們將不得不面對許多權衡取捨的問題。但我一定要強調我們所秉持的成長導向，以及我們最終期望這種成長帶來的營業利益槓桿效應。關於這一點，我們將在三月再做更多說明。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

This is Lauren on for Simon. A question on traffic versus get you said you mentioned they were fairly equal for the third quarter. Can you share if the strength was driven by maybe new customers versus returning customers?

這裡是勞倫替西蒙發言。關於交通流量與收入的問題，您提到第三季兩者基本上持平。您能否分享一下，這種成長主要是由新客戶還是老客戶推動的？

So actually, the growth was equal between transactions and ticket. And one of the drivers of transaction certainly was traffic growth. And we saw growth about equal between the new customers and our ability to retain customers and bring them back. So -- and we've seen that pattern actually in the last 2 quarters pretty consistently.

所以實際上，交易量和票務量的成長是相等的。而推動交易成長的因素之一無疑是交通流量的成長。我們發現，新客戶數量的成長與留住現有客戶並讓他們再次光顧的能力成長基本持平。所以——而且我們在過去兩個季度也一直看到這種模式。

And then beyond that, of course, I think that we've been really excited with the tickets increasing specifically with customers accepting price and really shopping across the range of price. It's been terrific to see that and not limiting themselves just items at $5 and below.

除此之外，當然，我認為我們非常高興看到票價上漲，特別是隨著顧客接受價格並真正開始在各種價位範圍內購物。看到他們這樣做真是太棒了，而且他們並沒有將自己局限於5美元及以下的商品。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

We wanted to ask a little bit more about licensing. It's very clear that licensing has a much bigger presence in the store across all different price points. And we just wondered if there was a way to quantify how much that's been integrated into the assortment, if it's attracting a different customer? And if any of these products are -- or how many of these products are exclusive to Five Below?

我們想再了解一下授權方面的資訊。很明顯，授權產品在商店的各個價位段都佔據了更大的份額。我們只是想知道是否有辦法量化這種產品融入產品組合的程度，以及它是否吸引了不同的顧客群？這些產品中有多少是 Five Below 獨家銷售的？

Thanks so much, Kate. Licensing has always played a really critical role in terms of adding not just a branded element, but something really special that the customer looks for within Five Below. I will say that what is different about how we approach licensing is looking at how we collaborate with licensees and bring full assortments across multiple types of product.

非常感謝你，凱特。授權許可一直以來都發揮著至關重要的作用，它不僅能增添品牌元素，還能為 Five Below 帶來顧客所追求的真正特別的東西。我想說的是，我們在授權方面與眾不同之處在於，我們關注的是與被授權者的合作方式，以及提供涵蓋多種產品類型的全系列產品。

So a good example of this is Wicked and the fact that you can find everything from beauty products to ready-to-wear products within the same assortment. And so this takes kind of working all the way back to the team at Wicked and Universal and thinking through with them how do we bring the story to life. That's an approach, this collaborative approach that I think is going to be meaningful to us on a go-forward basis.

Wicked 就是一個很好的例子，你可以在同一系列商品中找到從美容產品到成衣的各種產品。因此，我們需要追溯到《魔法壞女巫》和環球影業的團隊，與他們一起思考如何將這個故事搬上銀幕。我認為這種合作方式對我們未來的發展很有意義。

And so for us, it's constantly monitoring, what new releases, especially with films and with shows are coming out. And then staying very, very close to other trend ideas and things that are happening out there. And I'm just -- the one thing I can say about my team is they get trend, they live on trend, and we now are kind of orchestrating all of that energy into single statements. Thank you so much, Kate.

因此，我們一直在關注有哪些新作品，特別是電影和電視劇即將上映。然後密切注意其他趨勢理念和正在發生的事情。我只能說——關於我的團隊，我唯一能說的就是他們了解潮流，他們緊跟潮流，而我們現在正在將所有這些能量整合到單一的聲明中。非常感謝你，凱特。

John Heinbockel, Guggenheim.

約翰海因博克爾，古根漢美術館。

Winnie, two things. Can you talk about sort of your product priorities over the next year, right? I know product development has been a key one.

溫妮，兩件事。能談談未來一年的產品發展重點嗎？我知道產品開發一直是關鍵。

And then secondly, right, are you now finding vendors who -- or is there a big opportunity vendors who would not have sold to you before, either because now you've got brand awareness or scale and are now sourcing that product?

其次，對吧，你現在是否找到了以前不會向你供貨的供應商——或者說，是否存在一個巨大的機會，可以找到以前不會向你供貨的供應商，要么是因為現在你擁有了品牌知名度或規模，並且正在採購該產品？

Thank you so much, John. So I'll start with your first question around product priorities. I am super excited to have Michelle Israel, to join the team, and I think that it's going to be wonderful to get a new perspective with an amazing team that I said lives and brief trend and has really, really close historical relationships with our vendors to kind of bring the best up to market. I think on a go-forward basis, our duty as merchants is really leaning into the broader lifestyle trends that we see out there and not getting caught being too reliant on a single item.

非常感謝你，約翰。那麼，我就先回答你關於產品優先順序的第一個問題。我非常高興米歇爾·以色列加入團隊，我認為與這支優秀的團隊合作，獲得新的視角將會非常棒。正如我所說，這支團隊了解並掌握潮流趨勢，並且與我們的供應商有著非常密切的歷史關係，能夠將最好的產品推向市場。我認為，展望未來，我們作為商家的責任是真正順應我們所看到的更廣泛的生活方式趨勢，而不是過度依賴單一商品。

And that really has been one of the underlying success factors of the quarter and will certainly be something that we want to pursue on a go-forward basis. We also think there are new opportunities and new ideas that frankly, we house them currently, but we don't do a lot to distort them ideas like party and celebration. And so we're always looking for how better can we serve the customer and their needs.

而這確實是本季成功的關鍵因素之一，也必將是我們將來想要繼續努力的方向。我們也認為有新的機會和新想法，坦白說，我們目前就擁有這些機會和新想法，但我們不會做太多事情來扭曲它們，例如聚會和慶祝活動之類的想法。因此，我們一直在尋找如何更好地服務客戶並滿足他們的需求。

And with that as our beginning point, we're constantly curious about what's out there and what more we can do. And a good example, just this past quarter was lounge. It was a small idea that we distorted and it certainly has taken off. In terms of vendors, we are seeing -- like I've mentioned before, we've got some great relationships but we're definitely seeing more vendors come to the table with greater brand recognition and our ability to really do a 360 marketing effect so that we can play up new ideas.

以此為出發點，我們始終對外面的世界充滿好奇，也對未來還能做些什麼充滿好奇。一個很好的例子就是上個季度的休息室。這原本只是個小想法，我們稍加改進，沒想到竟然發展壯大了。就供應商而言，正如我之前提到的，我們已經建立了一些很好的合作關係，但我們確實看到越來越多的供應商帶著更高的品牌知名度和我們真正實現 360 度營銷效果的能力加入我們，以便我們能夠突出新的想法。

And it's not just about putting the product on the shelf, but it's great in-store displays. And it really works back from how we tell the story in digital and social and working in partnership with them. So we're really pleased with some of our new vendor introductions like LEGO and also, again, working more closely with licensed product. And so it's a journey, but there's a lot more to come. Thank you for your question, John.

這不僅僅是把產品擺上貨架，而是要打造出色的店內陳列。這實際上取決於我們如何在數位和社交媒體上講述故事，以及如何與它們合作。所以我們對引入的一些新供應商（例如樂高）感到非常滿意，而且，我們再次與授權產品進行了更緊密的合作。所以這是一段旅程，但未來還有更多精彩等著我們。謝謝你的提問，約翰。

Zhihan Ma, Bernstein.

馬志漢，伯恩斯坦。

So first on near-term question, just on Q4, can you talk about the near-term trends you're seeing relative to the guidance? Is there still an element of conservatism in the Q4 guide?

首先，關於近期問題，特別是第四季度，您能否談談您觀察到的與業績指引相關的近期趨勢？第四季指南中是否仍存在保守主義因素？

And secondly, longer term, if the current trend continues, right, if you manage to comp the comp next year and going forward. Does that change your view on the pace of new store openings from here?

其次，從長遠來看，如果目前的趨勢持續下去，那麼，如果你能夠完成明年及以後的比賽，情況就會好轉。這是否會改變您對未來新店開幕速度的看法？

Yes. Thank you for the question. Look, no, I wouldn't say there's conservatism in the guide. I think what we've tried to -- to do here is be thoughtful. And what we're balancing is two distinct forces, right? A business with clear momentum that exited the third quarter with a pronounced growth profile to it. But we all know that the holidays are just different. The size and scale and magnitude of the business, the time period upon which it happens, the competitive lens, which this all needs to be viewed through and a bit of uncertainty around the ultimate consumer and where they are at as well and where will they be across the holiday.

是的。謝謝你的提問。不，我不會說這本指南裡有保守主義的成分。我認為我們在這裡努力做的就是深思熟慮。我們現在要平衡的是兩種截然不同的力量，對吧？發展勢頭強勁的企業，第三季末呈現明顯的成長態勢。但我們都知道，假日就是不一樣。企業的規模、體量和影響力，發生的時期，競爭視角，所有這些都需要從這個角度來看待，以及最終消費者及其現狀和假期期間的去向存在一些不確定性。

So there's always going to be clear puts and takes within a guide, hence the range, but I wouldn't want to categorize anything at this point as conservative. We've tried to be really thoughtful. In terms of the new store growth plan for this business. I think what you're seeing right now is what really good execution looks like. And it's not about how many stores can we open. It's about how many great stores can we open.

所以指南中總會有明確的建議和批評，因此才會有範圍，但我現在不想把任何東西歸類為保守的。我們努力做到考慮周全。就該企業的新店擴張計畫而言。我認為你現在看到的，就是真正優秀的執行力。關鍵不在於我們能開多少家店。關鍵在於我們能開設多少家優質門市。

And when you see the results that we described in this quarter, particularly in the Pacific Northwest, which was just staggering what really, really good execution looks like and how the customer responds. That's what we're going after. We think that number is [150]. That's the number today could change, of course, but ultimately, we want to be great at launching new stores, and that's going to dictate the pace.

當你看到我們本季所描述的成果，尤其是在太平洋西北地區，你會驚訝於真正優秀的執行力以及客戶的回饋。這就是我們努力的目標。我們認為這個數字是[150]這個數字目前可能會改變，當然，但最終，我們希望在開設新店方面做到卓越，而這將決定開設新店的速度。

Scott Ciccarelli, Truist.

Scott Ciccarelli，Truist。

One question and hopefully, one clarification. First, can you provide more details or maybe some examples around the marketing changes you've made? Because it sounds like there is a real step function change on that front. And then secondly, just one more question about the 4Q comp cadence you are not expecting much monthly volatility in your comp guide. Does that mean November was in that 6% to 8% range?

一個問題，希望能得到一個解答。首先，您能否提供更多關於您所做的行銷改變的細節或一些例子？因為聽起來這方面確實發生了翻天覆地的變化。其次，還有一個關於第四季度薪酬調整節奏的問題，您預計薪酬指導中不會出現太大的月度波動。那是不是代表11月份的降幅在6%到8%之間？

I'll take the second question, Scot, and then I'll hand it to Winnie on the marketing. The short answer is yes. The month in the holiday have lined up to where we would have expected them to be going into now the second half of the holiday season in line with our guide.

史考特，我來回答第二個問題，然後我會把行銷方面的問題交給溫妮。簡而言之，答案是肯定的。假期月份的安排與我們預期的一致，現在我們已經進入假期季節的下半程，這與我們的指南相符。

And then in terms of the marketing change, Scot, what we've done is actually redirect the spend into channels that we think are most relevant with young customers. And so while we were doing social, for instance, before, we've distorted the spend in social and really gone after better curated storytelling in conjunction with our merchandising team. So it's really merchandising and marketing working in unison. And so that has actually been terrific.

至於行銷方面的改變，Scot，我們實際上是將支出重新分配到我們認為與年輕客戶最相關的管道。因此，例如，雖然我們之前也做過社交媒體行銷，但我們調整了社交媒體方面的支出，並與我們的商品團隊合作，真正追求更精心策劃的故事講述。所以這其實是商品銷售和行銷的協同作用。所以這其實非常棒。

We also tested a catalog for Q4 a toy catalog, which we're super excited about. It went to our best customers. And again, this is about marketing mix and evaluating what works, what resonates and getting the best possible [ROAS], and we're doing all those things currently. Thank you, Scott.

我們也測試了一份第四季的玩具產品目錄，我們對此感到非常興奮。它送給了我們最好的客戶。再說一遍，這關乎行銷組合，關乎評估哪些有效、哪些能引起共鳴，以及獲得最佳的廣告支出回報率 (ROAS)，而我們目前正在做所有這些事情。謝謝你，斯科特。

Spencer Hanus, Wolfe Research.

Spencer Hanus，Wolfe Research。

You mentioned the traffic accelerated as you exited the quarter. Can you just talk about what is driving that? And then in terms of elasticities from the price increases you've taken, have you seen any change in sort of the customer response to that? .

你提到駛出街區後，交通流量加快了。能具體談談是什麼原因導致這種情況嗎？那麼，就您採取的價格上漲措施的彈性而言，您是否觀察到客戶對此的反應有任何變化？。

Yes. So I'll take the traffic question. So we have seen really great acceleration of traffic, and it is -- we started this journey with moving marketing spend into social and into digital, and it really was starting in Q2. And as we saw the results in the ROAS and actually a traffic increase week in, week out, we continue to pulse that. And that's really what we believe has driven the traffic.

是的。那我就來回答交通問題吧。因此，我們看到了流量的顯著增長，而這一切始於第二季度，當時我們將行銷支出轉移到了社交媒體和數位領域。正如我們在 ROAS 和流量每週成長方面看到的結果一樣，我們將繼續加大投入。我們認為這才是真正推動流量成長的因素。

And it's not just about the level of spend but it really is about the content and generating good, good content. So we went from more studio produced content to creator content and again, seeing really great results. We also really pay attention to what's happening in social and user-generated content and play into things that consumers are excited about, like the rainbow challenge and leaning into this. So it's really trying to speak to Gen Alpha and Gen Z and Millennials in the most effective way.

這不僅關乎投入的金額，更關乎內容本身以及如何創造出優質的內容。因此，我們從製作工作室出品的內容轉向創作者內容，並且再次看到了非常好的效果。我們也十分關注社群媒體和用戶生成內容的動態，並積極參與消費者感興趣的議題中，例如彩虹挑戰賽，並順應潮流。所以它實際上是想以最有效的方式與阿爾法世代、Z世代和千禧世代對話。

And then to the second part of your question on unit performance over the quarter, we didn't see any real trends from what we saw in Q2. So said another way, the consumer response, the unit degradation, it remains well above what we had originally modeled, which is super encouraging for us and no material change from the second quarter.

至於你關於本季單位業績的第二部分問題，我們沒有看到與第二季相比的任何真正趨勢。換句話說，消費者的反應，即產品損耗，仍然遠高於我們最初預測的水平，這對我們來說非常令人鼓舞，並且與第二季度相比沒有實質變化。

And I will say the only difference in terms of what we saw was -- we did make the move this quarter in terms of inserting items that were above $5 in line and saw a good response to that as well.

我想說，我們所看到的唯一不同之處在於——本季度我們確實採取了措施，將價格超過 5 美元的商品納入了銷售範圍，也看到了良好的反響。

Paul Lejuez, Citi.

Paul Lejuez，花旗銀行。

Can you quantify the performance in products that are priced above (inaudible), just curious about the year-over-year change. And then I think you mentioned that the majority of the departments comp positive with such a strong comp for the quarter. I was kind of surprised to hear that.

能否量化一下價格高於（聽不清楚）的產品的效能？我只是好奇與去年相比的變化。然後我想您提到過，由於本季業績表現強勁，大多數部門的業績都為正。聽到這個消息我有點驚訝。

So curious what was not comping positive? And then last, just curious how you're thinking about traffic versus ticket for the fourth quarter within that comp guidance?

所以，我很好奇哪些方面不盡人意？最後，我很好奇您如何看待第四季度在同業比較預期範圍內的交通流量與罰單數量之間的關係？

Yes. So let me try to unpack it from where you ended. In the fourth quarter, we essentially expect current to continue. It will be a ticket-driven growth profile as a headline, I would say that first. I think transactions, though, will provide growth in the quarter, but it will be ticket led. And we've essentially contemplated a very similar trend is what I spoke about earlier. In terms of what drives the ticket and overall unit performance. So I'll start with that. Winnie, did you want to?

是的。那麼，讓我試著從你結束的地方繼續分析。第四季度，我們基本上預計當前情勢將持續。首先，我認為，這將以門票銷售驅動的成長為主要特徵。我認為本季交易量將實現成長，但成長將主要由訂單量帶動。我們基本上已經考慮過非常類似的趨勢，正如我之前提到的那樣。從影響客單價和整體單元績效的因素來看。那我就從這裡開始吧。溫妮，你願意嗎？

No, I was just going to respond to the point in terms of what didn't comp. So we had less than a handful of departments that didn't comp. And these were, in large part, intentional in terms of we were seeing that the resonance of these particular departments were down trending. And so we intentionally said, you know what, we're going to go ahead and comp them down so that we can put the dollars into things that really work.

不，我只是想就哪些方面不匹配這一點做出回應。所以只有不到幾個部門不提供補償。在很大程度上，這些都是有意為之，因為我們發現這些特定部門的影響力正在下降。因此我們特意表示，我們要降低它們的售價，這樣我們就可以把錢投入到真正有效的事情上。

The other piece of it was we were hit in certain areas by tariffs and where we couldn't source product that we thought had the right price value equation. And again, that landscape continues to change with the global trade environment and how it changes.

另一方面，我們在某些​​地區受到了關稅的影響，無法採購到我們認為性價比合適的商品。而且，隨著全球貿易環境的變化，這種格局也不斷在變化。

Michael Montani, Evercore ISI.

邁克爾·蒙塔尼，Evercore ISI。

I just wanted to ask a two-parter. First, if you could just unpack a little bit in the third quarter, the dynamics with shrink. We thought there could have been some upside to the reserve there. It doesn't sound like that happened. And then also SG&A in the quarter, we thought there might have been a bit more leverage, given the strong comp?

我只想問一個分成兩個部分的問題。首先，如果你能在第三季稍微放鬆一下，那麼動態就會縮小。我們認為那裡的保護區可能會有一些潛在價值。聽起來好像沒發生過這件事。此外，考慮到去年同期強勁的年比數據，我們認為本季的銷售、管理及行政費用（SG&A）可能會有更大的槓桿作用？

And then for 4Q, for correct, it looks like 240 bps of EBIT margin contraction at the midpoint. And I think maybe tariffs could be 200 bps of that. But just wanted to see if there's any offset there from leverage, given the [7%] comp is well above 3% that we think you'd need to lever?

那麼，就第四季而言，以正確率計算，息稅前利潤率中點值似乎會收縮 240 個基點。我認為關稅或許可以定為其中的 200 個基點。但我想看看，考慮到 [7%] 的收益率遠高於我們認為需要使用槓桿的 3%，槓桿是否能抵消這部分損失？

Yes. Let me take them in order. So in terms of shrink, Mike, we did have a pickup in the third quarter. It was about 70 basis points of a tailwind in the quarter. which we're super encouraged by. That is a great initial indicator that a tremendous amount of energy and focus and effort of this organization -- bear some fruit in the quarter. It's early. Shrink is a challenge, of course.

是的。讓我按順序來。所以就縮水而言，麥克，我們在第三節確實有所回升。本季出現了約70個基點的順風，我們對此感到非常鼓舞。這是一個很好的初步跡象，表明該組織投入的巨大精力、專注和努力將在本季度取得一些成果。現在還早。縮小尺寸當然是個挑戰。

And we're going to stay on it, but we were really encouraged to see that performance. It was about two-thirds of our fleet that was counted in the quarter, and we'll hit the other [1/3] in January. So encouraged by that. In terms of the fourth quarter, look, I think we have to go back and sort of remind ourselves what was our initial view of the quarter.

我們會繼續努力，但看到這樣的表現，我們真的備受鼓舞。本季統計了我們船隊的約三分之二，我們將在 1 月統計剩下的三分之一。真是太令人鼓舞了。至於第四季度，我覺得我們必須回顧一下我們最初對這個季度的看法。

What we had initially profiled was low single-digit growth and with that low single-digit growth, about 320 basis points of year-over-year operating margin declines. That was our initial view. We've updated that view now. We're calling for mid-single-digit growth and about, you're right, 240 basis points of year-over-year decline.

我們最初預測的成長率為個位數低段，而隨著個位數低段的成長，年比營業利潤率將下降約 320 個基點。那是我們最初的看法。我們已經更新了該觀點。我們預測經濟成長率為個位數中段，年減約 240 個基點，沒錯。

So the two drivers of the decline are not news, of course, right? It's the higher incentive costs, which got higher in the fourth quarter. That's what that third quarter comp will do for you. And the tariff headwinds year over year, it's actually got a little bit better.

所以，導致衰退的兩大原因當然不是什麼新聞，對吧？主要是激勵成本上升，第四季激勵成本進一步上升。這就是第三季對比數據能為你帶來的好處。而且，關稅方面的不利因素逐年有所改善。

So the way I would think about the fourth quarter is the year-over-year headwinds are not new. It's something we've -- we've certainly been transparent and talked about. We're now delivering about $70 million of incremental sales, and that $70 million is flowing through in the mid-30%, which we think is a really good number for us. So I'll leave it there, thanks.

所以，我對第四季的看法是，年比不利因素並非新鮮事。這是我們一直以來都坦誠相待並討論過的事情。我們現在實現了約 7000 萬美元的增量銷售額，這 7000 萬美元的轉換率在 30% 左右，我們認為這對我們來說是一個非常不錯的數字。那就到此為止吧，謝謝。

Jeremy Hamblin, Craig-Hallum Capital Group.

傑里米·漢布林，克雷格-哈勒姆資本集團。

And I'll add my congratulations on the impressive results. Just want to come back here to the gross margins a little bit. So I think the 33.9% adjusted gross margins, maybe the best the company has ever had in a Q3 70 basis points year over year. I think you'd come into the quarter expecting a 160 basis point impact from tariffs. Just trying to understand, as we look forward and think about the implications here, and some drag for Q4, but the change we've also had change in tariff policy as it relates to China, and I think about 10 percentage points there of change.

我還要祝賀你們取得如此令人矚目的成績。我想稍微回到毛利率這個話題上來。所以我認為 33.9% 的調整後毛利率，可能是該公司第三季有史以來最好的成績，比去年同期高出 70 個基點。我認為，進入本季時，你應該會預期關稅會帶來 160 個基點的影響。我們只是想了解一下，展望未來，思考一下這裡的影響，以及第四季度可能出現的一些拖累，但我們也經歷了與中國相關的關稅政策的變化，我認為這方面的變化大約有 10 個百分點。

As we look ahead, has the gross margin outlook gotten a little bit better? And then just in terms of what's kind of gone on here in Q3 and record gross margins, just trying to understand that a little bit, given you haven't had kind of a pickup yet on the shrink accrual rates?

展望未來，毛利率前景是否有所改善？然後，就第三季的情況以及創紀錄的毛利率而言，考慮到你們的損耗計提率還沒有出現回升，我想稍微了解一下這是怎麼回事？

Yes. Great. Thank you for the question. I appreciate that. Look, let me start with the tariff piece of it because you're right, based on the executive order signed in early November, there is a 10% reduction the reciprocal tariff, if you will. That does not affect our 2025 results because we're obviously already baked in terms of products and what will flow through in COGS. So there will be no tailwind from that. I think your point is fair, though, on the margin profile itself.

是的。偉大的。謝謝你的提問。我很感激。好的，我先從關稅部分說起，因為你說得對，根據 11 月初簽署的行政命令，互惠關稅降低了 10%。這不會影響我們 2025 年的業績，因為就產品和銷售成本而言，我們顯然已經準備好了。所以不會因此而獲得任何順風。不過，我認為你關於利潤率本身的觀點是合理的。

And I think what I would say is in both the third and the fourth quarter, the tariff headwinds, while meaningful year over year, we're a bit lower than what we had profiled and I think that speaks to the amazing work the team has done in attacking this topic both through the cost lever and through the strategic price discussion that Winnie mentioned. And so we're really pleased with that.

我認為，在第三季和第四季度，關稅帶來的不利影響雖然年比顯著，但比我們預期的要小一些。我認為這反映了團隊在應對這一問題上所做的出色工作，他們既透過成本控制，也透過溫妮提到的策略價格討論。所以，我們對此非常滿意。

The overall tariff headwind is looking smaller than what we had profiled most recently let alone initially in the year. So you've got a lot of puts and takes happening in the margin profile. I think ultimately, what you saw in the third quarter is the shrink benefit run through. That's your 70 basis points of year-over-year gains. I think everything else leverage and some of these headwinds was a push.

整體而言，關稅方面的不利因素似乎比我們最近預測的要小，更不用說年初時的預測了。所以保證金狀況中有很多買賣操作。我認為最終，你在第三季看到的是縮水效益的體現。這就是您年增70個基點。我認為其他所有因素，包括一些不利因素，都起到了推動作用。

We don't have any shrink assumptions baked into our fourth quarter preview. So you're not seeing any pickup there nor are you seeing any headwinds. So that's the margin story. Hopefully, that's answered your question. Thank you.

我們的第四季預測中沒有包含任何關於經濟萎縮的假設。所以你既沒看到任何成長，也沒看到任何逆風。這就是利潤率的故事。希望這能解答你的疑問。謝謝。

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴 (Anthony Chukumba)，Loop 資本市場。

Congrats on a very, very strong quarter. I guess my question, so you said that the comp was roughly split between traffic and ticket, and maybe this is a difficult to parse on the ticket side. But how much of that was your price adjustments as opposed to maybe just like a mix shift to some of your higher-priced items, particularly the above $5 items?

恭喜你們本季業績非常出色。我的問題是，您說收入大致分為流量和工單兩部分，而工單部分可能很難準確計算。但其中有多少是價格調整，又有多少只是產品組合向高價商品（尤其是 5 美元以上的商品）的調整呢？

So Anthony, thanks for your question. So yes, the pickup was in our comps was attributed to both increase in transactions and ticket that were about equal. On the ticket front, I should kind of unpack a little bit what we're seeing. We are seeing higher AURs and it's being driven by a mix of different factors.

安東尼，謝謝你的提問。所以，是的，我們銷售額的成長歸因於交易量和客單價的雙雙成長。關於票務方面，我應該稍微解釋一下我們目前看到的情況。我們看到平均使用率 (AUR) 上升，這是由多種不同因素共同導致的。

One is we did have a strategic pricing strategy that rounded up and down the simplification of price. Actually, we were able to maintain through that the same level of product that was being offered at [$5] and below from the same quarter last year. So there was no change there. However, the receptivity at the $5 and above, we saw really nice momentum and growth. double-digit growth in terms of the pickup there. And it's thus leading to our higher AUR.

一是我們確實有一個策略定價策略，透過向上或向下取整來簡化價格。事實上，我們得以維持與去年同期相同水準的產品供應，價格為 5 美元及以下。所以這方面沒有任何變化。然而，在5美元及以上的價位，我們看到了非常強勁的成長勢頭，漲幅顯著，實現了兩位數的成長。因此，這導致了我們更高的平均用戶活躍度（AUR）。

And when you look at that, it really is coming from one smart decisions about where we did price up, packing enough value to the relative value of the items were really great. And then secondly, again, putting those items in line. So if you're in the room department and you're shopping for pillows, you might see a $35 mirror. And by putting that in line as opposed to putting it in by beyond area in the back of store, the customer definitely responded better.

當你仔細觀察時，你會發現這確實源於我們在定價方面做出的明智決策，我們為商品賦予了足夠的價值，使其與商品的相對價值相匹配，這真的很棒。其次，再次將這些項目排序。所以，如果你在客房部選購枕頭，你可能會看到一面 35 美元的鏡子。與其把商品放在商店後面的偏僻角落，不如把它放在顯眼的位置，這樣顧客的反應肯定更好。

And so those are some of the kind of strategic actions that we took and the customer voted for growth in those $5 and above items. I hope that answers your question.

因此，這些就是我們採取的一些策略行動，而顧客也投票支持5美元及以上商品的成長。希望我的回答能解答你的疑問。

Joe Feldman, Telsey Advisory Group.

Joe Feldman，Telsey顧問集團。

I wanted to ask with -- where do you see opportunities in the merchandise mix? Like I'm curious now with the new Chief Merchant, Michelle Israel, coming in, what her initial feedback might be, like where there are some opportunities to lean in more, maybe pull back. If you could share any color on that would help?

我想問的是－您認為商品組合有哪些機會？我現在很好奇，隨著新任首席商務官米歇爾·以色列的到來，她最初的反饋會是什麼，例如在哪些方面可以更積極地參與，或者在哪些方面可以退居幕後。如果你能提供一些顏色資訊就太好了？

Thank you so much, Joe. And we're excited to have Michelle on board. She started in October, so early days. And I think what's really exciting is the fact that the team, the merchandising team that we have here who are working with Michelle are really just experts in pros. They're amazing.

非常感謝你，喬。我們也很高興米歇爾加入我們。她在十月開始上班，所以現在還處於初期階段。我覺得真正令人興奮的是，我們這裡的商品銷售團隊，也就是和米歇爾一起合作的團隊，他們都是真正的專業人士。他們太棒了。

And I think what we did with that team is something that Michelle will continue which is to unleash their energy and their excitement over chasing down the best trends in the market and the best value for money that they can find. And again, focus on that kid. And so early days in terms of where we'll take the assortment on a go-forward basis, but there are always opportunities within the current assortment that we've got in terms of levels of product looking at the depth of buys and refining that.

我認為我們和那個團隊一起做的事情，米歇爾將繼續下去，那就是釋放他們的能量和熱情，去追逐市場上最好的趨勢和他們能找到的性價比最高的產品。再次強調，要把注意力放在那個孩子身上。因此，就我們未來將如何發展產品系列而言，現在還處於早期階段，但我們目前的產品系列中總有機會透過深化採購和改進產品種類來提升產品水平。

But we're just excited to see that the customer is again responding to so much of the assortment, and we really have taken much more of a broad-based approach as opposed to trying to hang our hat on one thing and a wide range of prices and value. And so we're going to continue to push the envelope on all those fronts.

但我們很高興看到顧客再次對我們的產品種類給予了正面回饋，我們確實採取了一種更廣泛的策略，而不是試圖只專注於某一方面以及各種價格和價值。因此，我們將繼續在所有這些方面取得突破。

And the last piece I will say is the team has done a great job of bringing newness into the assortment in a disciplined fashion. And that constant flow of newness is what customers want. Thank you so much.

最後我想說的是，團隊在以嚴謹的方式為產品系列引入新元素方面做得非常出色。而這種源源不絕的新鮮感正是顧客所想要的。太感謝了。

David Bellinger, Mizuho.

David Bellinger，瑞穗銀行。

Thanks. Really nice results. I got the toy catalog by the way. So it says a lot about where my kids are spending our money. Another question on the branded items. You've seen much more of that in the stores lately, LEGO, Legal Stitch, SpongeBob. As you get more into those -- how do you think about the competitive forces, especially as you break above the $5 price point, so in $10, $15 items, can you start moving into this area where a Walmart or a Target does very well. So -- how do you plan to keep your edge versus those larger value-oriented players?

謝謝。結果非常好。順便說一句，我拿到了玩具目錄。這足以說明我的孩子把我們的錢花在哪裡了。關於品牌商品還有另一個問題。最近你在商店裡看到了許多這類商品，像是樂高、法律史迪奇、海綿寶寶。隨著你越來越深入地了解這些——你會如何看待競爭壓力，特別是當你突破 5 美元的價格點，進入 10 美元、15 美元的商品市場時，你能開始進入沃爾瑪或塔吉特等公司做得很好的領域嗎？那麼──你打算如何保持你相對於那些規模更大、更注重價值的競爭對手的優勢呢？

Thanks so much, David, and thank you for being a loyal customer. Thank your kids for that. branded items have always been part of the mix. I think what I'm really amazed by is the discipline with which our teams look at price value and relative value. And so for us, that is achieved through a lot of exclusives and working very, very closely with the vendors. And being very precise about if it's a LEGO, if it's a stitch, what do our customers want? What do they respond to?

非常感謝你，大衛，也謝謝你一直以來的支持。感謝祢的孩子們。品牌商品一直都是我們消費組合的一部分。真正讓我感到驚訝的是，我們的團隊在看待價格價值和相對價值方面展現出的嚴謹態度。因此，對我們來說，這是透過大量的獨家合作以及與供應商非常、非常緊密的合作來實現的。我們需要非常精確地判斷，無論是樂高積木還是縫紉線，我們的客戶想要什麼？它們對什麼有反應？

And then again, it's bringing a presentation together so that it's not just another item on a shelf, but really, there's a WOW statement. And we've been working very closely with the vendors to bring together visual merchandising, marketing, visual marketing in the stores that create presentations and ranges. So that approach, I think, is kind of our special sauce, and it really goes back to value and how to get that relative value and be the best value in the marketplace.

而且，它還能將整個展示環節串聯起來，使其不僅僅是貨架上的另一件商品，而是真正能讓眼前一亮、驚艷全場的作品。我們一直與供應商密切合作，將視覺陳列、行銷和視覺行銷結合起來，在商店中打造展示效果和產品系列。所以我認為，這種方法算是我們的獨門秘訣，它實際上歸根結底還是價值，以及如何獲得相對價值，並在市場上成為最有價值的產品。

Seth Sigman, Barclays.

巴克萊銀行的塞思‧西格曼。

I wanted to ask about the trends that you're seeing throughout the quarter in terms of seasonal events versus just everyday business. Maybe help us understand the growth that you're seeing across through those different types of periods.

我想詢問一下，就季節性事件和日常業務而言，您在本季觀察到的趨勢是什麼。或許您可以幫助我們理解您在不同時期觀察到的成長情況。

And then I also just wanted to clarify on the quarter-to-date commentary. I think I heard a comment that traffic accelerated exiting the quarter, but then you also said quarter to date is in line with the comps range, the guidance for the fourth quarter, which would be a deceleration. So I think investors are just trying to reconcile that?

此外，我還想澄清一下本季至今的評論。我好像聽到有人評論說，本季末交通流量有所加速增長，但你也說過，本季度迄今為止的流量與同店銷售範圍一致，與第四季度的預期一致，這意味著流量將有所放緩。所以我認為投資人只是試圖調和這兩種情況之間的矛盾？

Seth, thanks for the question. I'll start, and then I'll hand it to Winnie. Two distinct comments, and I apologize if it was unclear. So what we were saying was the traffic performance across Q3 built month-over-month. We exited the quarter with traffic growth that had accelerated, and it was our biggest month-over-month traffic gain that we had seen.

塞思，謝謝你的提問。我先開始，然後交給溫妮。這是兩則不同的評論，如果我的表達不夠清晰，我深感抱歉。所以我們想表達的是，第三季的流量表現逐月穩定提升。本季末，我們的流量成長速度加快，這是我們迄今為止最大的月度流量成長。

I was not making that comment about the holiday -- the fourth quarter that we're in, what I was saying with respect to the fourth quarter was now one month in and with Black Friday and Black Friday weekend behind us, I was answering the question that our performance is in line with our expectation and in fact, in line with how we had contemplated the guide.

我當時並不是在評論假期——我們現在正處於第四季度，我當時說的是第四季度已經過去一個月了，黑色星期五和黑色星期五週末也已經過去，我是在回答這個問題：我們的業績符合預期，實際上也符合我們對業績指南的設想。

So hopefully, that clears that up. Winnie?

希望這樣能解釋清楚。溫妮？

So trends in terms of seasonal events versus everyday business, we have these 6 current moments that really celebrate these moments in the customers' life, but we take advantage of those current net moments to really drive newness throughout the assortments. And so for us, it's less episodic about seasonal events and activations and much more about the everyday business.

因此，就季節性活動與日常業務的趨勢而言，我們有這 6 個當前時刻，旨在慶祝客戶生活中的這些時刻，但我們利用這些當前淨時刻來真正推動整個產品系列的創新。因此，對我們來說，重點不再是季節性活動和推廣，而是日常業務。

We know looking forward to the fourth quarter that we're a destination for that last-minute gift and the last-minute stocking stuffer. So we do -- we're looking forward to that surge in the last couple of weeks before the holiday, which is kind of a pattern that we've been able to repeat. So looking forward to all of that, but it's the everyday business that really drives us. Hope that answers your question. Thank you, Seth.

展望第四季度，我們知道我們將成為人們購買最後一刻禮物和最後一刻聖誕襪填充物的首選之地。所以，我們確實期待著假期前最後幾週的銷售高峰，這已經是我們能夠重複的模式了。我很期待這一切，但真正驅動我們的是日常業務。希望這能解答你的疑問。謝謝你，塞思。

Brian Nagel, Oppenheimer.

Brian Nagel，奧本海默。

Great quarter, congratulations. So I'll ask two really quick questions here. The first, just with respect to tariffs. As we're looking to results now, are the tariffs or at least the tariffs that are now known are those fully reflected in what we're seeing in Transit Five Below?

本季業績出色，恭喜！所以我在這裡問兩個非常簡單的問題。首先，僅就關稅而言。現在讓我們來看看結果，目前已知的關稅是否完全反映在 Transit Five Below 的數據中？

Then my second question, looking -- recognizing you've done a fantastic job of really repositioning a job, the business internally. But from an external standpoint, has there been any shift in the competitive environment that's helped to bolster results at Five Below Lily?

那麼我的第二個問題是，考慮到您在內部重新定位工作和業務方面做得非常出色。但從外部角度來看，競爭環境是否發生了任何變化，從而幫助 Five Below Lily 提升了業績？

So I'll start with the tariff question. I want to make sure I understand it correctly. But look, our guide certainly contemplates further tariff pressures and headwinds in the fourth quarter. I think we put an original guide out that we expected that number to be about 225 basis points in the quarter. We think it will be slightly less than that now, going back to the comments made earlier about the tremendous work the team has done to mitigate this.

那我就先從關稅問題開始吧。我想確保我理解正確。但是，我們的指南確實考慮了第四季度可能面臨的進一步關稅壓力和不利因素。我認為我們最初發布的指導意見是，我們預計該季度該數字約為 225 個基點。我們認為現在的情況會比之前略好一些，這要歸功於先前提到的團隊為緩解這個問題所做的巨大努力。

And of course, the great results we're seeing on receptivity to the price actions that we took. So it will be a bit less of a headwind. So it is contemplated in the quarter. I think as we're thinking about the future here, even in this operating environment, I would just remind everyone that while we have largely mitigated these tariff implications at the unit level, which is a tremendous result.

當然，我們也看到了市場對我們採取的價格措施的接受度取得了顯著成效。所以逆風會小一點。所以，這是本季正在考慮的問題。我認為，當我們思考未來時，即使在這種經營環境下，我也想提醒大家，雖然我們已經在單位層面上基本上減輕了這些關稅影響，這是一個巨大的成果。

Some of the costs that we have incurred, are trapped in inventory obviously, and will release as we get into half one of next year. So we're not out of the tariff woods by any means, but it is fully reflected in both our actuals to date and in our fourth quarter outlook.

我們已經產生的一些成本顯然被困在了庫存中，這些成本將在明年上半年釋放。因此，我們遠未擺脫關稅的影響，但這已充分反映在我們迄今為止的實際業績和第四季度展望中。

And then Brian, with regards to the external environment and the competitive environment, I think what has actually shifted is our approach. And we have redoubled our efforts to be a destination for kids. It is resonant in everything we do from product to marketing. And, I dare say there's not a player out there like us in retail that focuses on kids at great value.

布萊恩，就外在環境和競爭環境而言，我認為真正轉變的是我們的方法。我們已加倍努力，力爭成為孩子們喜愛的目的地。從產品到行銷，它貫穿我們所做的每一件事。而且，我敢說，零售業中還沒有哪家公司像我們這樣專注於為兒童提供物美價廉的產品。

And I think that that is a competitive differentiator that we're now shouting about, and we're telling the customers what we offer, and we're telling them in a way in which they listen. And so I think that's been a big shift for us, is adding that bit of marketing and doubling and doubling down on kids as our core.

我認為這是我們現在大力宣傳的競爭優勢，我們正在告訴客戶我們提供什麼，而且我們以一種客戶能夠接受的方式告訴他們。所以我認為這對我們來說是一個很大的轉變，那就是增加一些行銷，並加倍投入，將兒童作為我們的核心。

Phillip Blee, William Blair.

菲利普·布利，威廉·布萊爾。

So it sounds like the improved inventory flow and in-stock levels has been a nice driver of some of the upside you've seen this year. How do you think about ways to further optimize inventory from here to keep that momentum rolling? And then should we be embedding some sort of more meaningful improvement in turns over the next year or so?

看來，庫存週轉和庫存水準的改善是今年以來你所看到的一些成長的良好驅動因素。您認為如何才能進一步優化庫存，以保持這種成長動能？那麼，在接下來的一年左右的時間裡，我們是否應該在轉彎方面做出一些更有意義的改進？

Thanks so much, Philip. We've been -- I'm really proud of the team in terms of what we've been able to do with inventory, especially in the back half of the year. Actually, throughout the year, the flow has gotten better and better. That's come through a lot of alignment between the teams, a live discussion about when we secure product and literally when does it land in the stores? And how is it going to land in the stores.

非常感謝你，菲利普。我為團隊在庫存管理方面所取得的成就感到非常自豪，尤其是在下半年。事實上，這一年來，水流越來越順暢了。這得益於團隊之間的大量協調一致，以及關於何時確保產品安全以及何時真正上架商店的即時討論？它在商店裡的銷售情況會如何？

And I think for us, there's always room for improvement. And we'll look at this even further. We are leveraging AI in terms of inventory management. But I think there's a lot more we could be doing even further upstream between merchandising and planning. And so that's part of, I think, what we're looking forward to with Michelle joining us is connecting all the dots along that journey.

我認為對我們來說，總有進步的空間。我們也會對此進行更深入的研究。我們正在利用人工智慧進行庫存管理。但我認為，在商品銷售和規劃之間的上游環節，我們還有很多工作要做。所以，我認為，我們期待米歇爾加入我們，就是將這段旅程中的所有點連接起來。

Thank you so much. And I think that was our last --

太感謝了。我想那是我們最後一次見面了。--

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

我們的問答環節到此結束。我謹將會議交還給樸慧敏女士，請她作閉幕致詞。請繼續。

Thank you so much. We are really excited to bring the magic of Five Below home for the holidays. And I really believe that Five Below is the destination for the kid and the kit and all of us. We aspire to be the greatest little toy, candy and gift store in America this holiday.

太感謝了。我們非常興奮能把 Five Below 的節日魔法帶回家。我真心認為 Five Below 是孩子、童裝以及我們所有人的目的地。今年假期，我們立志成為美國最棒的小型玩具、糖果和禮品店。

And we're also really proud to continue our partnership with Toys for Tots for the 16th year so that we can make holiday special for even more kids. I really want to thank all of you for your continued support. And we're looking forward to seeing all of you all in our stores and wish you and your family a wonderful holiday.

我們非常自豪能夠與「玩具總動員」（Toys for Tots）慈善機構連續第 16 年合作，讓更多孩子擁有一個特別的假期。我衷心感謝大家一直以來的支持。我們期待在我們的門市見到各位，並祝您和您的家人假期愉快。

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

會議已經結束。感謝各位參加今天的報告會。您現在可以斷開連線了。