Five Below, Inc. (FIVE) 2025 Q4 法說會逐字稿

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

大家好，歡迎參加 Five Below 2025 年第四季財報電話會議。（操作說明）請注意，本次活動正在錄影。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。

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

謝謝接線生。各位下午好，感謝各位今天參加 Five Below 2025 年第四季財務業績電話會議。參加今天電話會議的有執行長 Winnie Park 和首席財務長兼財務主管 Dan 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 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，並且是根據經修訂的 1995 年《私人證券訴訟改革法案》的安全港條款作出的。

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。

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.

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。在本次報告中，我們將提及我們的銷售、一般及行政費用。

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

對我們而言，SG&A 指銷售、一般及行政費用，包括薪資及其他報酬、行銷及廣告費用、折舊及攤提費用以及其他銷售及行政費用。

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。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。

Thank you, Christiane. Hello, and thank you all for joining us this afternoon. We're excited to share our outstanding fourth quarter results that capped off a transformational year for Five Below, one that reaffirmed that Five Below is the destination for the kid and the kid in all of us.

謝謝你，克里斯蒂安娜。大家好，感謝各位今天下午蒞臨。我們很高興與大家分享我們出色的第四季度業績，這為 Five Below 的轉型之年畫上了圓滿的句號，也再次證明 Five Below 是孩子們和我們所有人心中童真的目的地。

We are a unique brand and our incredible financial results in 2025 and tell only part of the story because what made this year truly exceptional is how we achieved the results. We made a fundamental shift in how we operate, how we engage with our customers and how we strategize and deliver growth of the business and the brand.

我們是一個獨特的品牌，我們在 2025 年取得的令人難以置信的財務表現只是故事的一部分，因為今年真正非凡之處在於我們取得這些業績的方式。我們從根本上改變了我們的營運方式、與客戶的互動方式以及製定策略和實現業務及品牌成長的方式。

And our maniacal focus on our target customer has pushed us to be more agile in delivering newness at great value and, as importantly, communicating with our customers in the social media channels they live in.

我們對目標客戶的狂熱關注促使我們更靈活地提供物超所值的新產品，同樣重要的是，在客戶活躍的社群媒體管道上與他們溝通。

In 2025, we invested in curated product stories, but with authority. Better in-stock position supported by a store labor model focused on replenishing product and serving customers during peak periods led to a better experience for our customers and drove sales.

2025年，我們投資精心策劃的產品故事，但要具有權威性。庫存充足，加上以高峰期補貨和為顧客提供服務為中心的門市勞動力模式，為顧客帶來了更好的體驗，並促進了銷售。

For the year, we delivered sales growth of 23% to over $4.7 billion, a comp of 12.8%, operating margin expansion of 75 to nearly 10% and adjusted EPS growth of 32%. We grew our store count by 8.5%, opening 150 net new stores with strong results capped by eight record-breaking grand openings in the Pacific Northwest in the fourth quarter.

本年度，我們的銷售額成長了 23%，超過 47 億美元，年成長 12.8%，營業利潤率成長了 75%，接近 10%，調整後每股盈餘成長了 32%。我們的門市數量成長了 8.5%，淨增 150 家門市，業績強勁，其中第四季在太平洋西北地區更是創下了 8 家門市盛大開幕的紀錄。

This performance was achieved during a challenging macro environment that required tremendous urgency and agility from our incredible crew, who are the real secret to our success in 2025.

這項業績是在充滿挑戰的宏觀環境下取得的，這需要我們傑出的團隊展現出極大的緊迫感和敏捷性，他們才是我們在 2025 年取得成功的真正秘訣。

These results incorporate a better-than-expected end of the year with our strongest holiday performance since becoming a public company. We delivered fourth quarter sales growth of 24%, including a 15.4% comparable sales increase.

這些業績包括優於預期的年末表現，以及自上市以來最強勁的假期業績。我們第四季銷售額成長了 24%，其中同店銷售額成長了 15.4%。

Importantly, this growth was both broad and balanced as we further strengthened our position as a portfolio-driven product business. We saw strength across all our merchandising worlds, and we grew in all 170 districts, all vintages of stores and across all income cohorts.

重要的是，這種成長既廣泛又均衡，因為我們進一步鞏固了我們作為一家以產品組合為導向的企業的地位。我們在所有商品銷售領域都看到了強勁的成長勢頭，我們在所有 170 個地區、所有年份的商店以及所有收入群體中都實現了成長。

We drove both traffic and ticket growth resulting from improved marketing, amazing new products packed with compelling value, better in-store execution and positive customer response to our simplified pricing strategy.

我們透過改進行銷、推出極具吸引力價值的優質新產品、改進店內執行以及簡化定價策略後客戶積極的回饋，實現了客流量和客單價的成長。

I'm so proud of our crew for their focus and dedication in producing these results. I'm equally grateful for their hard work and commitment as we united and embraced change. It was a year of transformation as we successfully delivered six pertinent moments.

我為我們團隊的專注和奉獻感到無比自豪，他們取得了這些成果。我同樣感謝他們的辛勤工作和奉獻精神，正是他們的努力和付出，才讓我們團結一致，擁抱改變。這是改變的一年，我們成功實現了六個重要時刻。

With the new go-to-market process focused on storytelling and product newness, tackle tariffs overhauled our marketing to focus on social media, expanded our omnichannel capabilities with third-party delivery service and bolstered the executive team with new leaders in marketing, finance and merchandising, all of which has laid the foundation for continued growth.

新的行銷流程著重於講故事和產品新穎性，應對關稅問題，我們徹底改革了行銷策略，將重點放在社群媒體上，透過第三方配送服務擴展了我們的全通路能力，並加強了管理團隊，引入了行銷、財務和商品銷售方面的新領導者，所有這些都為持續成長奠定了基礎。

And most importantly, over the past year, we defined and executed our new strategy, which is underpinned by three pillars, a maniacal focus on the target customer, delivering a connected customer journey from social to in-store and collaborating cross-functionally to enhance execution throughout the year.

最重要的是，在過去一年中，我們制定並執行了新的策略，該策略以三大支柱為基礎：一是高度關注目標客戶，二是打造從社交媒體到實體店的無縫客戶體驗，三是全年跨部門協作以提升執行力。

Our strategy reinforces our position as the true destination for the kid and the kid in all of us. First, we further defined our target customers sharpening our focus on Gen Alpha, Gen Z and millennial moms and ensuring our product, marketing and store experience resonate with their needs and more importantly, what is trending and what they are following.

我們的策略鞏固了我們作為真正適合孩子以及我們每個人心中童真的目的地的地位。首先，我們進一步明確了目標客戶，更加專注於 Alpha 世代、Z 世代和千禧世代媽媽，確保我們的產品、行銷和門市體驗能夠引起她們的共鳴，更重要的是，能夠契合她們的流行趨勢和關注點。

Second, we met our customers where they are, namely in social, where we can dynamically engage with creator content and amplify viral moments like the current squishy dumpling craze.

其次，我們在客戶所在的地方與他們見面，也就是在社群媒體上，在那裡我們可以動態地與創作者內容互動，並放大像目前軟綿綿的餃子熱潮這樣的病毒式傳播時刻。

Speaking to our customers in social channels and following up through targeted content and direct communications by capturing customer records will drive even more resonance and repeat visits as we develop our CRM capabilities.

透過社群管道與客戶溝通，並透過獲取客戶記錄，利用有針對性的內容和直接溝通跟進客戶，隨著我們客戶關係管理能力的提升，這將帶來更大的共鳴和回頭客。

And third, changing how we work, we aligned merchandising, marketing, supply chain, IT and store teams around six curtain up moments, operating with urgency and discipline to ensure a seamless flow of content and newness to our stores.

第三，我們改變了工作方式，將商品、行銷、供應鏈、IT 和門市團隊圍繞六個開業時刻進行協調，以緊迫感和紀律性開展工作，以確保我們的門市能夠無縫地獲得內容和新品。

This structural change through a disciplined cross-functional go-to-market process has activated our flywheel of delivering timely newness, compelling storytelling and great in-store experiences like events and curtain up floor sets.

透過嚴謹的跨職能市場推廣流程所實現的結構性變革，啟動了我們的飛輪效應，使我們能夠及時推出新品、講述引人入勝的故事，並提供精彩的店內體驗，例如舉辦活動和搭建展廳佈景。

The result is an improved customer experience generating more visits from new and existing customers. On merchandise, we have systematically delivered relevant newness throughout our world with curated assortments at great value.

結果是提高了客戶體驗，吸引了更多新舊客戶到訪。在商品方面，我們透過精心挑選、物超所值的商品，有條不紊地將相關的新品帶給世界各地的消費者。

We continue to focus on differentiating our offer through amazing price value for the quality we provide from the hottest license lines to viral trends in beauty, fashion, candy and collectibles.

我們將繼續專注於透過提供物超所值的優質產品來打造差異化優勢，產品涵蓋最熱門的授權產品系列以及美容、時尚、糖果和收藏品等領域的流行趨勢。

We've also launched exclusive license products for our old favorites like Stitch as well as newer franchises like Wicked. This holiday, we aspire to be the greatest little toy store in America.

我們也推出了《星際寶貝》等經典作品以及《魔法壞女巫》等新作品的獨家授權產品。這個假期，我們立志成為美國最棒的小玩具店。

And to this end, we offered everything from legos to crafting kits and remote control cars, all at amazing value. In addition to compelling gifts from toys to beauty sets and Yumi holiday PJs to Gingerbread [HouthKits]. We offer customers a one-stop shop for holiday decor, gift wrap and Party Essentials.

為此，我們提供從樂高積木到手工套裝和遙控汽車等各種商品，而且價格非常實惠。除了琳瑯滿目的精美禮品，從玩具到美容套裝，從Yumi節日睡衣到薑餅，應有盡有。[HouthKits]。我們為顧客提供一站式節日裝飾品、禮品包裝和派對用品購物服務。

Value remains a critical linchpin for our offering, and we demonstrated that we can effectively provide exceptional value at $5 and below as well as at $7, $10, $15 and beyond. Customers recognize compelling value across the assortment and at all price points and their receptivity to our expanded offering above $5 reinforces our belief and the tremendous relative value that our products provide.

價值仍然是我們產品/服務的關鍵所在，我們已經證明，我們能夠有效地提供 5 美元及以下以及 7 美元、10 美元、15 美元及以上價格的卓越價值。顧客認可我們產品系列在所有價位上的卓越價值，他們對我們5美元以上產品的接受度，進一步鞏固了我們對產品巨大相對價值的信念。

Moving to more rounded price points also help simplify and improve the shopping experience for our customers and the crew.

轉向更均衡的價格體係也有助於簡化和改善顧客和員工的購物體驗。

In terms of marketing, we redirected spend towards social and creator content so that we could be faster and more agile in communicating newness and amplifying viral moments that customers were generating on their own.

在行銷方面，我們將支出重新分配到社群媒體和創作者內容上，以便我們能夠更快、更靈活地傳播新品訊息，並放大客戶自己創造的病毒式傳播事件。

We have just begun building a customer database, which will sharpen our ability to drive personalized social and direct marketing content to better engage with our customers and develop a relationship with them.

我們剛開始建立客戶資料庫，這將增強我們進行個人化社交和直接行銷內容的能力，從而更好地與客戶互動並與他們建立關係。

While we're still in very early innings with the strategy, we are very pleased with how it drove traffic and sales growth, both online and in stores throughout the year. On to the store experience.

雖然我們這項策略還處於非常早期的階段，但我們對它在過去一年中推動線上和線下客流量和銷售成長的效果非常滿意。接下來是門市體驗環節。

We bought into newness and trend with conviction, delivering improved in-stock levels. We also invested in labor at peak periods to ensure that our shelves were restocked and customers needs were met.

我們滿懷信心地投資於新產品和潮流產品，從而提高了庫存水準。在高峰期，我們也投入人力，確保貨架上的商品及時補貨，滿足顧客的需求。

We met, we made our stores easier to shop for our customers by beginning to move Five Beyond products in line with the categories where they logically belonged.

我們見面後，開始將 Five Beyond 產品移至與其邏輯上所屬的類別中，使我們的商店更容易為顧客提供購物體驗。

As we simplified operations and improve communication and collaboration, our crew was even more engaged, leading to better execution and attentiveness to our customer, the boss. Providing a terrific experience for our customers, while also driving greater productivity in our stores remains a priority.

隨著我們簡化營運流程，改善溝通與協作，我們的員工更加投入，從而更好地執行任務，並更加關注我們的客戶—老闆。為顧客提供卓越的體驗，同時提高門市的生產力，仍是我們的首要任務。

We also became more planful in our approach to new stores. We dialed back the pace of unit expansion to sharpen focus on the quality obligations and ensure that grand openings were brilliantly executed.

我們在開設新店方面也變得更有計劃性。我們放慢了單元擴張的速度，以便更加專注於品質義務，並確保盛大開幕活動能夠完美執行。

With our customer-centric strategy well underway, strong comp performance and accelerating new store productivity, we're confident in the long runway of growth ahead. The results of 2025 offer clear proof points that our transformation is gaining traction, and we have more runway.

憑藉我們以客戶為中心的策略的良好實施、強勁的同店銷售業績和不斷提升的新店生產力，我們對未來的長期成長充滿信心。2025 年的成果清楚證明，我們的轉型正在取得進展，我們還有更多的時間。

As we enter 2026, we believe the business is well positioned for consistent, durable top and bottom line growth, continuing to execute on our customer-centric strategy provides us great opportunity to further strengthen the Five Below brand and deepen the competitive moat that our unique retail concept provides.

展望 2026 年，我們相信公司已做好充分準備，以實現持續穩定的營收和利潤成長。繼續執行以客戶為中心的策略，將為我們進一步加強 Five Below 品牌，並加深我們獨特的零售理念所帶來的競爭優勢提供絕佳機會。

With our growing scale, we are focused on expanding our brand and customer reach across our communities, bringing joy to kids, adults and parents as we help them to play, live, give and celebrate.

隨著我們規模的不斷擴大，我們致力於在社區內擴大我們的品牌和客戶覆蓋範圍，為孩子、成年人和家長帶來歡樂，幫助他們玩耍、生活、給予和慶祝。

As we evolve, I'm confident that we will retain our strong customer focus and entrepreneurial culture and remain unrelenting in our commitment to provide unmatched value to our customers. With that, I'll turn it over to Dan.

隨著公司的發展，我相信我們將保持以客戶為中心的理念和創業文化，並始終堅持不懈地為客戶提供無與倫比的價值。接下來，我將把麥克風交給丹。

Thanks, Winnie, and good afternoon, everyone. I'll begin my remarks with a review of our fourth quarter and fiscal 2025 results and then discuss our outlook for the first quarter and full year of fiscal 2026. My comments will refer to the results on an adjusted or non-GAAP basis.

謝謝你，溫妮，大家午安。我將首先回顧我們第四季和 2025 財年的業績，然後討論我們對 2026 財年第一季和全年的展望。我的評論將基於調整後的結果或非GAAP準則下的結果。

As Winnie mentioned, we were very pleased to end the year on a strong note with sales and profit exceeding our expectations. In January, we saw stronger-than-expected traffic growth, which converted well and broad basket growth that was fueled by AUR expansion.

正如溫妮所說，我們非常高興能夠以強勁的勢頭結束這一年，銷售額和利潤都超出了我們的預期。1 月份，我們看到流量成長強於預期，轉換率良好，且由於 AUR 擴張，客單價普遍上漲。

For the fourth quarter, net sales increased 24% to $1.7 billion, supported by strong comparable sales increase of just over 15%, which was driven by growth in comparable ticket of 8% and comparable transactions of 7%.

第四季淨銷售額成長 24% 至 17 億美元，這得益於同店銷售額強勁增長 15% 以上，而同店銷售額增長 8% 和同店交易量增長 7% 又推動了這一增長。

Importantly, operating profit grew ahead of comp sales growth, further evidencing the strength and efficiency of our business model. We are operating in a highly dynamic environment, and the end-to-end execution of our crew was noteworthy.

重要的是，營業利潤成長超過了同店銷售額成長，進一步證明了我們商業模式的實力和效率。我們身處在一個高度動態的環境中，我們團隊從頭到尾的執行力都非常出色。

In the fourth quarter, we opened 14 net new stores across eight states compared to 22 net new stores in the fourth quarter last year. In 2025, we grew our store count by 8.5% and ended the year with 1,921 stores in 46 states, including the two new states of Oregon and Washington.

第四季度，我們在八個州淨增開設了 14 家門市，而去年第四季淨增門市數量為 22 家。2025 年，我們的門市數量增加了 8.5%，到年底在 46 個州擁有 1,921 家門市，其中包括俄勒岡州和華盛頓州這兩個新州。

Adjusted gross profit increased 24% to $697 million or 40.3% in rate of sale, a decrease of approximately 20 basis points compared to the fourth quarter last year. This was primarily driven by transitory tariff costs of 160 basis points, which were mostly mitigated by fixed cost leverage on the strong comp sales and improved shrink results.

經調整後的毛利成長 24% 至 6.97 億美元，銷售額成長 40.3%，比去年第四季下降約 20 個基點。這主要是由於 160 個基點的暫時性關稅成本造成的，但強勁的同店銷售額和改善的損耗結果在很大程度上抵消了固定成本的影響。

For shrink, the results of the physical inventory counts we conducted in January were actualized and trued up for all stores for a total benefit of 50 basis points year-over-year. Adjusted SG&A expenses totaled $385 million in Q4 or 22.3% in rate of sale, which was consistent to last year's fourth quarter rate.

對於損耗，我們在 1 月進行的實體盤點結果已對所有門市進行了實際調整和修正，與去年同期相比，總效益提高了 50 個基點。第四季調整後的銷售、一般及行政費用總計 3.85 億美元，佔銷售額的 22.3%，與去年第四季的水平持平。

The benefit of fixed cost leverage fully offset, increased incentive costs and the incremental investment in labor hours that we made in the stores during the peak holiday period.

固定成本槓桿的好處完全抵消了增加的激勵成本以及我們在假日高峰期在門市投入的額外工時。

Adjusted operating income grew 23% in the fourth quarter to $313 million, and adjusted operating margin decreased approximately 10 basis points to 18.1%. Net interest income was about $6 million for the fourth quarter or approximately $2 million higher than last year due primarily to a higher average cash balance throughout the quarter.

第四季調整後營業收入成長 23% 至 3.13 億美元，調整後營業利潤率下降約 10 個基點至 18.1%。第四季淨利息收入約為 600 萬美元，比去年同期高出約 200 萬美元，主要原因是該季度平均現金餘額較高。

Adjusted net income grew 25% to $240 million and adjusted earnings per share increased 24% to $4.31 per share. For the full year, net sales increased 23% to $4.8 billion, driven by a strong comparable sales increase of nearly 13% that was largely equally driven by both transactions and ticket growth.

經調整後的淨收入成長了 25%，達到 2.4 億美元；經調整後的每股盈餘成長了 24%，達到每股 4.31 美元。全年淨銷售額成長 23% 至 48 億美元，這主要得益於同店銷售額強勁成長近 13%，而同店銷售額的成長又主要由交易量和客單價的成長共同推動。

Adjusted gross profit for the year increased 25% to $1.7 million or 36.1% in rate of sale, an increase of approximately 50 basis points compared to last year.

經調整後，本年度毛利成長 25% 至 170 萬美元，銷售額成長 36.1%，較上年成長約 50 個基點。

Adjusted gross margin accretion was primarily driven by fixed cost leverage and improved shrink results, partially offset by the net impact of unmitigated transitory tariff costs. Adjusted SG&A totaled $1.2 billion in fiscal '25 or 26% in rate of sale, which represented a 20 basis point decrease compared to last fiscal year.

經調整後的毛利率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，但部分被未緩解的暫時性關稅成本的淨影響所抵銷。2025 財年調整後的銷售、一般及行政費用總計 12 億美元，佔銷售額的 26%，比上一財年下降了 20 個基點。

This was driven by fixed cost leverage on the strong comp sales, largely offset by higher incentive costs and investments in store labor during the holiday. Adjusted operating income grew 33% for the year to $472 million, and adjusted operating margin increased 70 basis points to approximately 10%.

這主要得益於強勁的同店銷售額帶來的固定成本槓桿效應，但大部分被假日期間更高的激勵成本和門市勞動投資所抵銷。經調整後的營業收入本年度增長了 33%，達到 4.72 億美元，經調整後的營業利潤率增長了 70 個基點，達到約 10%。

Net interest income was about $23 million for fiscal 2025 or approximately $8 million above last year, due mostly to a higher average cash balance throughout the year.

2025 財年淨利息收入約為 2,300 萬美元，比上年多約 800 萬美元，這主要是由於全年平均現金餘額較高。

Adjusted net income for fiscal 2025 grew 33% to $370 million, and adjusted earnings per share increased 32% to $6.67 per share. We ended the year in a strong cash position with approximately $932 million in cash, cash equivalents and investments.

2025 財年調整後淨收入成長 33% 至 3.7 億美元，調整後每股盈餘成長 32% 至每股 6.67 美元。年底時，我們現金狀況良好，擁有約 9.32 億美元的現金、現金等價物和投資。

Inventory was approximately $847 million at the end of the year, an increase of 28% with a commensurate 18% increase in units versus last year. The increase in inventory reflects both the higher store count and the impact of tariffs on average unit costs.

截至年底，庫存約為 8.47 億美元，比上年增長 28%，單位數量也相應增長 18%。庫存增加反映了門市數量的增加以及關稅對平均單位成本的影響。

Average per store units were up about 9% at year-end, reflecting the pull forward of inventory and our commitment to driving higher in-stock positions in store, in support of our growth objectives.

年底平均每家門市的商品數量增加了約 9%，這反映了庫存提前到貨以及我們致力於提高門市庫存水準以支持成長目標的決心。

Capital expenditures, excluding the impact of tenant allowances, were approximately $175 million or 3.7% of net sales, which includes 150 net new store openings and investments in technology and infrastructure. We continue to allocate capital in support of growth with a clear view towards delivering the best return on that investment and with each dollar we deploy competing for the highest return.

不包括租戶補貼的影響，資本支出約為 1.75 億美元，佔淨銷售額的 3.7%，其中包括 150 家新店開業以及對技術和基礎設施的投資。我們持續投入資金支持成長，目標是實現最佳投資回報，每一美元的投資都力求最高回報。

We generated strong free cash flow and plan to continue to focus on reducing our working capital in fiscal 2026 as we cycle the impact of tariffs. Overall, 2025 proved to be a year of transformation for our business and the successful execution of our strategy delivered outsized top and bottom line growth.

我們產生了強勁的自由現金流，並計劃在 2026 財年繼續專注於減少營運資本，以應對關稅的影響。整體而言，2025 年是我們業務轉型的一年，我們策略的成功實施帶來了超乎尋常的營收和利潤成長。

In a challenging and dynamic macro environment, we operated with both urgency and discipline and with maniacal focus on the needs of our customers.

在充滿挑戰和瞬息萬變的宏觀環境中，我們以緊迫感和紀律性開展工作，並全心全意地關注客戶的需求。

Now on to our outlook for fiscal 2026. We're operating in a highly dynamic and increasingly complex macro environment with significant geopolitical uncertainties and difficult to predict implications for the consumer. We believe this backdrop provides the rationale for a measured prudent outlook.

接下來，我們展望一下2026財年。我們身處一個高度動態且日益複雜的宏觀環境，存在著重大的地緣政治不確定性，對消費者的影響難以預測。我們認為，在這種背景下，採取審慎穩健的展望是合理的。

This year also has a few nuances, primarily related to the cadence of sales and the impact of tariffs. With respect to tariff rates specifically, for 2026, we have assumed that the global tariff rates that were in place as we entered this fiscal year will remain in place all year.

今年也有一些細微差別，主要與銷售節奏和關稅的影響有關。就關稅稅率而言，我們假設 2026 年的全球關稅稅率將與本財政年度開始時實施的稅率保持一致。

Our outlook, therefore, does not contemplate the impact of the recently enacted Section 122 tariffs, which are only in place for 150 days. Now with respect to our outlook for the year.

因此，我們的展望並未考慮最近頒布的第 122 條款關稅的影響，該關稅僅實施 150 天。現在來說說我們對今年的展望。

Sales are expected to be in the range of $5.2 billion to $5.3 billion, an increase of 10% at the midpoint, and comparable sales growth is expected to be between 3% and 5%, or approximately 17% on a two year stack basis at the midpoint.

預計銷售額將在 52 億美元至 53 億美元之間，中位數為 10%；預計同店銷售額成長將在 3% 至 5% 之間，或以兩年累積計算約為 17%（中位數為 17%）。

Adjusted operating margin at the midpoint is expected to increase 100 basis points to 10.9%, driven by gross margin expansion, net of increased marketing investments. Adjusted diluted earnings per share is expected to be $8 at the midpoint or a growth of 20% versus 2025 and 55.7 million shares outstanding.

經調整後的營業利潤率中位數預計將增加 100 個基點至 10.9%，主要得益於毛利率的擴張（扣除行銷投資增加的影響）。經調整後的稀釋每股盈餘預計為 8 美元（中位數），比 2025 年成長 20%，流通股數為 5,570 萬股。

As a reminder, our outlook does not include the impact of share repurchases. We expect net interest income of approximately $26 million and a full year effective tax rate of approximately 26%.

再次提醒，我們的展望不包括股票回購的影響。我們預計淨利息收入約為 2,600 萬美元，全年實際稅率約為 26%。

Capital expenditures are expected to be between $230 million and $250 million, excluding the impact of tenant allowances, which reflects approximately 150 net new store openings and increased investments in technology and infrastructure.

資本支出預計在 2.3 億美元至 2.5 億美元之間，不包括租戶補貼的影響，這反映了約 150 家新店淨開業以及對技術和基礎設施的增加投資。

On to the guidance for the first quarter of 2026. We expect total sales in the range of $1.18 billion to $1.2 billion or growth of 23% at the midpoint versus last year's first quarter, with comparable sales growth of between 14% and 16%.

接下來是2026年第一季的業績展望。我們預計總銷售額將在 11.8 億美元至 12 億美元之間，與去年第一季相比成長 23%（取中間值），同店銷售額成長 14% 至 16%。

The first quarter is expected to be our highest comping quarter of the year, in part due to the unanniversaried benefits of the rounded price simplification strategy that we implemented last year. We expect to open approximately 45 net new stores across 24 states in the quarter.

預計第一季將是我們全年業績比較最高的季度，部分原因是去年實施的四捨五入價格簡化策略帶來的未到期收益。我們預計本季將在 24 個州淨增開設約 45 家門市。

Gross margin in the first quarter is benefiting primarily from fixed cost leverage on strong costs, higher merchandise margins related to the net benefit of pricing and lower shrink.

第一季的毛利率主要受益於強勁的成本槓桿作用、與定價淨收益相關的較高商品毛利率以及較低的損耗。

Adjusted operating margin at the midpoint is expected to be 9.7% versus 6.1% in the first quarter last year with the majority of the 360 basis point increase driven by gross margin expansion and to a lesser degree, leverage over SG&A expenses.

經調整後的營業利潤率中位數預計為 9.7%，而去年第一季為 6.1%，360 個基點的成長主要得益於毛利率的提高，其次是銷售、一般及行政費用的槓桿作用。

Adjusted diluted earnings per share at the midpoint is expected to be $1.63 per share or a growth of 90% versus last year. In summary, we're very pleased with the underlying performance of the business and the continued execution of our customer-centric strategy underpins our confidence in this outlook for 2026.

經調整後的稀釋每股收益（取中間值）預計為每股 1.63 美元，比去年增長 90%。總而言之，我們對公司的基本業績非常滿意，我們以客戶為中心的策略的持續執行增強了我們對 2026 年前景的信心。

We remain focused on executing at a high level and continuing to deliver on our top and bottom line growth for the business. With that, I'll hand the call back over to the operator to start the Q&A session.

我們將繼續專注於高水準的執行，並繼續實現公司營收和利潤的成長。接下來，我將把電話轉回給接線生，開始問答環節。

(Operator Instructions) Matthew Boss both with JPMorgan.

（操作員說明）Matthew Boss，均任職於摩根大通。

Congrats on a great quarter and the continued momentum. So Winnie, could you help by breaking down the drivers behind the magnitude of comps that you're seeing near term, mid-teens comps the last two quarters?

恭喜你們本季取得優異成績並保持持續成長動能。所以 Winnie，你能幫忙分析一下，導致近期（過去兩個季度）同店銷售額大幅下降（十幾個百分點）的根本原因是什麼？

And if you could speak to the acceleration that you've seen in the first quarter or maybe even larger picture, if you could just walk through the structural changes to the organization and maybe some of the new customer acquisition metrics that support this as durable or drivers off of a higher revenue base from here?

如果您能談談您在第一季看到的加速成長，或者從更宏觀的角度來看，如果您能詳細介紹組織結構的變化，以及一些新的客戶獲取指標，這些指標能夠證明這種增長是持久的，或者能夠從現在開始推動更高的收入基礎，那就太好了？

Thanks so much, Matt. It has been a tremendous quarter, and we're excited to see that momentum continue. And really, I would say that there is one word that characterizes our success, and that is our crew.

非常感謝，馬特。這是一個非常棒的季度，我們很高興看到這種勢頭能夠繼續下去。而實際上，我認為有一個詞可以概括我們的成功，那就是我們的團隊。

And I say that because what we've done is we have basically taken a year of pretty significant change and driven amazing results of that change and that transformation. The change started with a real focus on the customer and getting back to our roots and focusing on the kid.

我之所以這麼說，是因為我們已經經歷了一年的重大變革，並且取得了令人矚目的成果。改變始於真正關注客戶，回歸初心，關注孩子。

And specifically, Gen Alpha, Gen Z and millennial parents who love to reward their kids with a trip to Five Below.

具體來說，阿爾法世代、Z世代和千禧世代的父母喜歡用去 Five Below 購物來獎勵孩子。

The second piece is really focusing on how our customers basically become aware of us, and how they get to us, and how we announce newness to them and creating what we're calling a connected customer journey.

第二部分主要關注我們的客戶如何了解我們，如何找到我們，以及我們如何向他們宣布新產品/服務，並創造我們所謂的互聯客戶旅程。

And we're meeting our customers where they live, which is in social media, so we redirected our marketing to focus on social media.

我們正在客戶聚集的地方——社交媒體上——與他們互動，因此我們將行銷重點轉向社交媒體。

We've also just begun the journey of actually capturing their records, so that we can continue a dialogue with them and invite them back, which we think is going to be a major lever for growth in the future, just driven off of repeat visits, and again, engagement on new content.

我們也剛開始記錄他們的訊息，以便我們能夠繼續與他們對話並邀請他們再次光臨。我們認為這將是未來發展的重要槓桿，這主要得益於重複訪問以及對新內容的參與。

The last piece is the team pulled together and executed brilliantly. And I call this the flywheel effect, and it really was about cross-functional collaboration across the organization. We honed in on the six curtain up moments or new for sets.

最後一點是團隊齊心協力，出色地完成了任務。我稱之為飛輪效應，它其實是關乎整個組織內的跨職能協作。我們重點關注了六個開場時刻或新佈景。

But instead of just passing up a time between the merchants and marketers and stores, we basically start the season together, really hind sighting together what just happened.

但我們並沒有讓商家、行銷人員和商店之間出現一段空檔期，而是共同開啟新一季，一起回顧剛剛發生的事情。

And then as we move forward through the season being connected throughout and that culminates in a call with our 1,900 stores to really tell them what is number one, the newness that we're bringing forth.

然後，隨著賽季的推進，我們將保持聯繫，最終與我們的 1900 家門市進行通話，真正告訴他們最重要的是什麼，以及我們正在推出的新產品。

Two, what is the marketing message, what are we going to be activating in stores and beyond and then staying really connected in terms of how we drive the product into the stores and ensuring that they've got honestly, good in-stock positions.

第二，行銷訊息是什麼？我們將在商店內外進行哪些活動？然後，如何將產品推向商店並確保商店擁有充足的庫存，從而保持真正的聯繫。

So it is a bit of retail 101, but executed really, really well. And I think that moving forward, this is early innings I joined a year ago, so we've just started executing against the strategy and the team has executed very well. But we've got more growth ahead of us that I think is incredibly durable.

所以這有點像是零售業的基礎知識，但執行得非常非常出色。我認為展望未來，現在還處於早期階段。我一年前加入球隊，所以我們才剛開始執行策略，而團隊執行得非常好。但我認為我們未來還有更大的成長空間，而且這種成長勢頭非常持久。

And one of the things that makes it so relevant is the fact that we've got a unique retail concept. So we're operating as a differentiated specialty store for kids, but with the discipline of an extreme value retailer. So all very good.

而它如此受歡迎的原因之一是我們擁有獨特的零售理念。所以，我們是一家與眾不同的兒童專賣店，但同時又秉持超值零售商的嚴謹作風。一切都很好。

Edward Kelly with Wells Fargo.

愛德華凱利，富國銀行。

I'd like to add congratulations. I'd like to add my congratulations. I would like to ask you about just the comp momentum and there's a lot of excitement about what you've been seeing so far in Q1. And I was hoping that you could maybe talk about what you think is driving that, particularly from a trend standpoint.

我謹表示祝賀。我謹向你們表示祝賀。我想問您關於同業競爭勢頭的問題，大家對您在第一季看到的情況都非常興奮。我希望您能談談您認為推動這一現象的因素，特別是從趨勢的角度來看。

And then as you take a step back and think about the Q1 comp guidance versus the full year comp guidance, can you just sort of help us bridge the way you're thinking about full year given the robust start out of the gate.

然後，當您退後一步，思考第一季業績預期與全年業績預期之間的差異時，鑑於開局強勁，您能否幫助我們理清您對全年業績的看法？

Thank so much, Ed. I'm going to kick us off and talk to you about like the business that we're seeing now and then also have Dan lean in and talk about how we're going to bridge quarter-to-quarter. So we're very excited.

非常感謝，埃德。我先來和你談談我們目前的業務狀況，然後讓丹也來談談我們將如何銜接各季度的業務。所以我們非常興奮。

I think what we saw in consecutive quarters last year continues this year. We really do have right now, Q1 broad-based growth. And it's across our entire assortment. We're excited that our worlds are all comping, and we have been very intentional to take more of an assortment approach as opposed to relying on a single item.

我認為去年連續幾季出現的情況今年仍在持續。我們現在確實迎來了第一季的全面成長。而且這種情況涵蓋了我們所有的產品系列。我們很高興我們的產品系列都能相互搭配，而且我們一直有意識地採取多元化的產品組合方式，而不是依賴單一產品。

So what you do is you take that growth across all of our world that's being kind of driven by great traffic, great transactions, also AUR. But then you layer on top of that some compelling trends that are happening right now.

所以，你要做的就是利用我們整個世界的成長，這種成長是由巨大的流量、龐大的交易量以及 AUR 所驅動的。但除此之外，還有一些目前正在發生的引人注目的趨勢。

And in the past, when these trends happened, we weren't communicating directly with the customer vis-a-vis the channels that they live in like social.

過去，當這些趨勢出現時，我們並沒有透過客戶常用的管道（例如社群媒體）直接與他們溝通。

Today, we can engage directly. We see something pop on social like the squishy trend. And what's really nice is that we can amplify that through, honestly, what we say and do, but also watch it carefully. And we've got a whole community it's also engaging as well as brands.

今天，我們可以直接互動。我們在社群媒體上看到了一些流行趨勢，例如軟萌玩具的流行。真正令人欣慰的是，我們可以透過言行舉止來放大這種影響，但同時也要密切注意。我們擁有一個龐大的社區，它不僅吸引品牌參與，也吸引了整個社區的注意。

So it's been really nice to see that, and we're enjoying that in this quarter in particular. And I'm going to let Dan step in and just help us bridge a bit.

看到這種情況真的很令人高興，尤其是在本季度，我們更是從中受益匪淺。我打算讓丹進來，幫我們稍微過渡一下。

Yes, thanks for the question. You're right. We're off to a good start here in the quarter that we're in, and I think you all see the same data that we see. There's great momentum coming out of the holiday, which we're super excited about.

是的，謝謝你的提問。你說得對。本季我們開局良好，我想你們看到的也和我們看到的一樣。假期過後，市場勢頭強勁，我們對此感到非常興奮。

And the midpoint of our Q1 guide on comps puts us right smack in line with run rate trend, which we think is appropriate.

我們第一季比較指南的中點與運行率趨勢完全一致，我們認為這是合適的。

As we go to sort of the balance of year and to give you a little bit of the thinking on how we constructed the guide, I think the most important thing that I would highlight is what we're up against as we think about Q2, 3 and 4.

隨著我們進入年底，為了向大家解釋我們是如何建立這份指南的，我認為最需要強調的是，我們在考慮第二、三、四季時所面臨的挑戰。

We're going to start comping some really, really tough growth quarters. And I think just pure math, when you think about a Q2 last year at plus 12%, all the way up to plus 14% in Q3 and plus 16 in Q4. That's real, right? That's math and that matters.

我們將開始比較一些非常非常艱難的成長季度。我認為純粹從數學角度來看，想想去年第二季成長了 12%，第三季成長了 14%，第四季成長了 16%。那是真的，對吧？這是數學，這很重要。

And so that obviously factors in. I think the second thing I would highlight is just the state of the consumer and the macro environment in which we're operating. And we just don't think it gets easier from here, whether it's the prices at the pump or the sticky inflation that seems to be hanging around or a job market that is that is somewhat sluggish.

所以這顯然也是一個需要考慮的因素。我認為第二點要強調的是消費者的現況以及我們所處的宏觀環境。我們認為情況只會越來越糟，無論是汽油價格上漲，還是持續存在的頑固通膨，亦或是略顯疲軟的就業市場。

We think the environment here is going to continue to be challenging. And so we sort of factored that in as we thought about the plans that we have, the execution and the newness and the strategy that Winnie referred to and then ultimately, what we're up against in terms of back half of the year trend.

我們認為這裡的環境將繼續充滿挑戰。因此，我們在考慮我們的計劃、執行、創新以及溫妮提到的策略時，都考慮到了這一點，最終，我們也考慮了下半年的趨勢。

The last thing I'll say is when you look at Q2, 3 and 4 of our business on a two year stack, which is, I think, really important because it takes the noise out of a moment in time, over those quarters, you're seeing mid-double-digit growth consistently Q2, Q3, Q4. So that tells us, we're still in a real strong growth position, and I think we've put the guide together in a pretty constructive way.

最後我想說的是，如果你把我們公司過去兩年的第二、三、四季度業績放在一起看（我認為這非常重要，因為它能消除某一時刻的干擾），你會發現，在這幾個季度裡，第二、三、四季度都持續保持著兩位數的中等增長。這說明我們仍然處於強勁的成長狀態，而且我認為我們以相當建設性的方式編寫了這份指南。

Simeon Gutman with Morgan Stanley.

西蒙古特曼，摩根士丹利員工。

This is Pedro Gil on for Simeon. Great quarter, fantastic momentum congratulations. My first question is for Winnie. In your prior roles, have you experienced a period of such strong growth as you're seeing right now?

這是佩德羅·吉爾代表西蒙上場。本季業績出色，勢頭強勁，祝賀！我的第一個問題是問溫妮的。在你之前的職業生涯中，你是否經歷過像現在這樣強勁的增長期？

And what are the learnings that you take from those positions from those roles that you can apply to comp to comp here into 2026? And then I have a follow-up.

從這些職位和角色中，你學到了哪些經驗可以應用在 2026 年的薪資制度？然後我還有一個後續問題。

Thanks so much for the question. So I actually have seen strong growth in my past life, especially when I was engaged in international and in international luxury. What's nice though about Five Below is that we really think we've got, I guess, a toolkit for durable growth as we move forward.

非常感謝你的提問。所以，我過去的經歷確實讓我取得了長足的進步，尤其是我從事國際業務和國際奢侈品行業的時候。不過 Five Below 的好處在於，我們真的認為我們已經擁有了一套能讓我們在未來實現永續成長的工具。

And we think the strategy is compelling. I mean you really start with the fact that we have a unique retail concept that's focused on kids. And I think that that's compelling here and other places. The second piece of this is our execution is really, really strong.

我們認為這項策略很有說服力。我的意思是，首先我們擁有一個獨特的、專注於兒童的零售理念。我認為這裡和其他地方都很有說服力。第二點是，我們的執行力非常非常強。

And I think you can have a brilliant strategy, but you can't execute. And with our teams and our crew, the execution is about collaboration and being really one team, one dream, being very close in terms of the trends that we're seeing and reacting quickly.

我認為你可以製定一個絕妙的策略，但卻無法執行。而對於我們的團隊和工作人員來說，執行的關鍵在於協作，真正做到一個團隊、一個夢想，密切關注我們所看到的趨勢並迅速做出反應。

And I would say the last piece of this is we're just really excited to be able to engage directly with the customer. The customers are responding well, I think in part because we're talking to them.

最後我想說的是，我們非常高興能夠直接與客戶互動。顧客的反應很好，我認為部分原因是我們在與他們溝通。

And it's not a one-way dialogue, traditional advertising where you just put it out there. We're engaging with them constantly. And through our new marketing efforts in social media, where we can be incredibly agile. If something is popping, we can immediately react.

而且這不是單向對話，也不是傳統的廣告方式，你只是把訊息發佈出去而已。我們一直在與他們保持溝通。透過在社群媒體上的全新行銷舉措，我們可以做到極為靈活。如果發生緊急情況，我們可以立即做出反應。

And the other piece of it is we've got a rich source of information because we can see what's trending out there and again, react. So I would say that all of those things give us a lot of confidence, and I do think this growth is special, but it's also durable.

另一方面，我們擁有豐富的資訊來源，因為我們可以看到當前的趨勢，並做出相應的反應。所以我覺得這一切都給了我們很大的信心，而且我認為這種成長很特別，也很持久。

Michael Lasser with UBS.

瑞銀集團的麥可·拉塞爾。

It's really on investments that you can make in order to sustain this momentum moving forward and it comes in two parts. First, Dan, you mentioned that you're expecting 100 basis points of gross margin expansion this year.

關鍵在於你可以進行哪些投資來維持這種發展勢頭，這分為兩個部分。丹，首先，你提到你預計今年的毛利率將成長 100 個基點。

How would you break that down from factors that are unique to this year versus letting more of the goodness flow to the bottom line rather than reinvesting in? Does that create some tension over the long term if Five Below does not reinvest in all of the scale and other benefits it gets from being a bigger organization.

你會如何分析今年特有的因素，以及應該如何權衡利弊，例如如何讓更多收益轉化為利潤，而不是再投資？如果 Five Below 沒有將規模擴大帶來的規模和其他好處再投資於自身發展，這是否會在長期內造成一些緊張局勢？

And then as part of that, if you could just talk about how we should be modeling the contribution margin if indeed, you are able to sustain this comp momentum above and beyond your guidance, would you choose to reinvest some of this outperformance back to be able to sustain this comp beyond 2026.

然後，作為其中的一部分，如果您能談談，如果確實能夠保持這種超出您預期的薪酬增長勢頭，我們應該如何對貢獻毛利進行建模，您是否會選擇將部分超額收益再投資，以便在 2026 年以後繼續保持這種薪酬增長勢頭？

Hi, Michael, thank you very much for the thoughtful question. So look, if you look at 2026 as a whole, we've got actually 130 basis points of gross margin accretion year-over-year and about 100 basis points of operating profit accretion.

嗨，邁克爾，非常感謝你提出的這個深思熟慮的問題。所以你看，如果從整體上看 2026 年，我們實際上實現了毛利率同比增長 130 個基點，營業利潤同比增長約 100 個基點。

That's the model that we've built, and that's on the 3% to 5% comp that we put together. The way we get there, to answer your first question on sort of what's driving that margin, taking away sort of the leverage point and the shrink point, I think you've got three fundamental drivers.

這就是我們建立的模型，也是基於我們制定的 3% 到 5% 的佣金比例。要回答你的第一個問題，就是什麼驅動了利潤率，去掉槓桿點和收縮點，我認為有三個基本驅動因素。

You've got price, which we want to anniversary until late in 2Q. You've got the cycling of the transitory tariff headwinds of a year ago, and you've got a structurally lower tariff rate versus a year ago, mostly related to the reduction in the pentanol tariffs in China.

價格方面，我們希望將週年紀念日延長至第二季末。目前的情況是，一方面存在一年前那種暫時的關稅逆風，另一方面，與一年前相比，關稅稅率結構性地降低了，這主要與中國戊醇關稅的降低有關。

Those are the predominant drivers of the gross margin accretion, and they'll play differently between half one and half two. I think to your second question on the investment stance of this business, look, we feel really good that we are remaining committed to a growth stance for the business.

這些是毛利率成長的主要驅動因素，它們在第一年下半年和第二年下半年會發揮不同的作用。關於你提出的第二個問題，也就是這家企業的投資立場，我們感到非常欣慰的是，我們將繼續致力於這家企業的成長。

That growth stance shows up, in my opinion, in a few different ways. We are incrementally investing in marketing this year.

在我看來，這種成長姿態體現在以下幾個面向。今年我們將逐步加大對行銷的投入。

And you've heard Winnie talk a lot about the vision for how we want to engage, how we want to build awareness for this beautiful brand and talk to our customers in a different way, that's about 20 to 25 basis points of incremental year-over-year investment.

你們也聽 Winnie 多次談到我們希望如何與客戶互動，如何提高這個美好品牌的知名度，以及如何以不同的方式與客戶溝通，這大約需要每年增加 20 到 25 個基點的投資。

We are continuing to invest in labor. We have seen the benefit of what happens when we put the right profile on the shop floor at our busiest times, and so we're committed to getting that model continue to be optimized.

我們將繼續加大對勞動力的投入。我們已經看到了在最繁忙的時候，在車間配備合適的員工所帶來的好處，因此我們致力於繼續優化這種模式。

And then thirdly, we're going to continue to lean in on capital and support the growth of this business, both in new stores but also in capacity within our distribution network to make sure that we're ready, not only for 2026 but beyond.

第三，我們將繼續增加資本投入，支持這項業務的成長，包括開設新店以及擴大分銷網絡的產能，以確保我們不僅為 2026 年做好準備，而且為未來做好準備。

So I think we've got the right balance here of fueling and funding this growth, but also being thoughtful about what flows to the bottom line.

所以我認為我們在這裡找到了合適的平衡點，既要推動和資助這種成長，也要認真考慮哪些因素會影響最終的獲利。

Look, to your second question, what happens if we outperform this, that's a long way away for us. We would love to entertain that. We're certainly thinking about that every day. But we'll have more to say about that should that situation arise.

至於你的第二個問題，如果我們做得比這更好會發生什麼，那對我們來說還很遙遠。我們很樂意提供這項服務。我們每天都在考慮這個問題。但如果發生這種情況，我們會對此做更多說明。

Scott Ciccarelli with Truist Securities.

Scott Ciccarelli，Truist Securities公司。

Dan, I think you mentioned you're seeing the same data that we're seeing on the outside. But I think what we're seeing on the outside would suggest you're providing a relatively conservative guide, at least at this point for the first quarter.

丹，我想你之前說過，你看到的數據和我們從外部看到的數據是一樣的。但我認為，從目前外部情況來看，你們給出的指導相對保守，至少就第一季而言是如此。

Is that based on just conservatism? Is it because you still have Easter ahead, et cetera? If you just could provide more clarity around kind of the thinking on that.

這僅僅是基於保守主義嗎？是因為復活節還沒到嗎？如果您能就這方面的想法做更清晰的闡述就太好了。

Absolutely, Scott. Thanks for the question. Look, we're seeing the same data you're seeing. We're thrilled with what's happening out there. I think we've got to put context here, though, as well.

當然，斯科特。謝謝你的提問。你看，我們看到的數據和你們看到的都是一樣的。我們對目前發生的一切感到非常興奮。不過，我覺得我們也需要結合背景資訊來看待這個問題。

We're seven, eight weeks into the quarter, these are relatively low volume weeks. And I think that's important to note. It doesn't take away from the performance. But I think this quarter is going to be delivered based on what's in front of us, not what's behind us. Easter is a big deal.

本季已經過去七、八週了，這幾週的交易量相對較低。我認為這一點很重要。這絲毫不影響演出效果。但我認為本季的業績將取決於我們面前的挑戰，而不是過去的事情。復活節是一件大事。

Those are two really important selling weeks for us. It's an early Easter this year, which is not ideal, but survivable. And we've got to get that right, and we know we will.

那兩週對我們來說是非常重要的銷售週。今年的復活節來得早，雖然不太理想，但還能應付。我們必須把這件事做好，而且我們知道我們能做到。

I think the second thing I'll go back to Winnie and I both talked about it is, look, the state of the consumer is not as strong as when we exited the year. And I think we have to be thoughtful about that as well.

我認為第二點要回到我和溫妮都談到的一點是，你看，消費者的狀況不如我們年初的時候那麼強勁了。我認為我們也必須認真考慮這個問題。

There's a threshold here in terms of wallet and the consumer is under a lot of pressure. And so I don't think we're trying to be conservative. It's not our intent.

這裡存在著一個消費門檻，消費者的錢包承受著很大的壓力。所以我覺得我們並不是想走保守路線。這並非我們的本意。

I think we're trying to be thoughtful halfway through the quarter, knowing we've got a lot left to do, particularly around Easter, to land the quarter. So hopefully, that answers your question.

我認為，在季度中期，我們應該深思熟慮，因為我們知道還有很多工作要做，尤其是在復活節前後，才能順利完成本季的工作。希望這能解答你的疑問。

Paul Lejuez with Citi.

Paul Lejuez，花旗銀行。

Can you talk about your AUR and ticket assumptions for the first quarter versus transactions? And then I'm curious, as we think about 2Q to 4Q, are you looking at those quarters as being consistent on a one year basis as you move throughout the year?

能否談談您第一季的平均用戶評分 (AUR) 和票務預測與實際交易量的比較？那麼我很好奇，當我們考慮第二季到第四季時，您是否認為這些季度在一年內是保持一致的？

Or are you looking at them as being consistent on a two year basis, or are you building in a stronger second quarter coming down a little bit, decelerating as we move throughout. Anything you could share on that second quarter to fourth quarter cadence and the AUR ticket and transaction assumptions?

或者，你是把他們視為兩年來的穩定成長，還是認為第二季會更強勁，然後略有下降，隨著時間的推移逐漸放緩？關於第二季到第四季的節奏以及AUR的票務和交易假設，您能否分享一些資訊？

Great. Thanks for the question, Paul. Yes, look, let's start at the macro level. We've got we've got comp growth built into every quarter in the year. So I want to reinforce that point.

偉大的。謝謝你的提問，保羅。是的，我們先從宏觀層面開始。我們已經將同業成長融入全年的每個季度。所以我想再次強調這一點。

I think we made it in the opening remarks, but I think that's important to note. Obviously, yes, you're right. The sequential growth will slow as the cycling effect is more pronounced. And 25 got stronger as the year went on, which means the cycling challenge is harder in '26 as the year goes on.

我認為我們在開場白中已經提到了這一點，但我認為這一點值得注意。顯然，是的，你說得對。隨著循環效應的加劇，連續成長速度將會減慢。隨著時間的推移，25 號車手的實力越來越強，這意味著 26 號車手的騎乘挑戰也會越來越艱難。

In terms of how we thought about sort of ticket and AUR, I would sort of maybe ladder up and just think about it in terms of half one and half two. We've modeled very consistent trends that we saw coming out of the year, particularly in Q1 around ticket growth and AUR-driven ticket growth.

至於我們如何看待工單和 AUR，我可能會把它分成一半工單和一半 AUR 兩部分來考慮。我們已經建立了非常一致的趨勢模型，這些趨勢在過去一年中一直存在，尤其是在第一季度，圍繞著票務增長和 AUR 驅動的票務增長。

It's what we saw in the fourth quarter, it's what we expect to see in Q1. That will obviously moderate as we move into Q2, and we anniversary the price increase.

第四季我們看到了這種情況，我們也預期第一季會看到這種情況。隨著我們進入第二季度，以及我們迎來價格上漲週年紀念日，這種情況顯然會有所緩和。

And then over the back half of the year, yes, you're going to see a little bit more balanced, a little bit more moderated growth between both ticket and transaction. We do expect growth in both, but it will be more modest given what we're cycling against.

然後到了下半年，是的，你會看到票務和交易之間的成長更加平衡，更加溫和。我們預期這兩項指標都會成長，但考慮到我們面臨的挑戰，成長幅度會比較溫和。

Robby Ohmes with Bank of America.

羅比‧奧姆斯，美國銀行。

I was just curious on the first quarter and the strength you have there, and it might be hard to see behind it. But, is there any, was there any storm impact coming in the first quarter?

我只是對第一季的表現以及你們的優勢感到好奇，但可能很難看出背後的原因。但是，第一季是否有風暴造成影響？

Does early Easter mean anything for you guys? And maybe to call out historically, how has tax refunds helped or not helped Five Below's business? And are they helping right now?

對你們來說，提前過復活節有什麼特別的意義嗎？或許應該回顧一下歷史，退稅對 Five Below 的業務是有幫助還是沒有幫助？他們現在有在提供協助嗎？

Yes. So all that certainly went into how we thought about the first quarter. There is certainly tax proceeds in the market that came a bit earlier than what we've seen previously. We think that's a bit behind what we're seeing in the early results in the quarter. That's been favorable.

是的。所以，所有這些因素都影響了我們對第一季的思考。市場上確實出現了一些稅收收益，而且這些收益比我們之前看到的要早一些。我們認為這比我們在本季早期結果中看到的要略低一些。那真是個好消息。

Like I think in general, an early Easter is less advantageous than a late Easter, it sets up that post Easter time line where it's still, unfortunately, a bit cold and you don't get the full spring summer sets going.

我覺得一般來說，復活節早一些不如復活節晚一些有利，因為復活節後的一段時間天氣仍然有點冷，而且春夏季節也無法完全到來。

But that's de minimis. That's probably on the rounding. I think at the end of the day, Easter is still a pronounced piece of the quarter for us early or later. It's a big piece of how we think about the quarter.

但這只是微不足道的小事。那可能是四捨五入造成的。我認為歸根結底，對我們來說，復活節仍然是這個季度中非常重要的一部分，無論早晚。這是我們如何看待本季業績的重要組成部分。

And so yes, you've got a bit of tax funding that's worked its way through earlier than maybe we would have expected. You've got Easter out there. I think all of that has factored into how we constructed the first quarter comp cut.

所以，是的，有些稅收資金比我們預期的要早一些到位了。你們那兒正值復活節。我認為所有這些因素都影響了我們第一季薪酬調整方案的發展。

Chuck Crom with Gordon Haskett.

查克·克羅姆和戈登·哈斯克特。

Can you guys unpack the traffic between new and existing customers? And then separately on store growth, what it would take to accelerate unit expansion from here in 26, sorry, in '27 and '28, I guess, what are you guys looking for, given how strong NSP's been over the past year?

你們能分析一下新客戶和舊客戶之間的流量差異嗎？然後，關於門市成長，從現在到 2026 年，抱歉，應該是 2027 年和 2028 年，你們想要加快門市擴張速度需要什麼？考慮到 NSP 在過去一年中的強勁表現，你們在尋找什麼？

Hi, Chuck. So we've seen growth in both new and existing at equivalent levels and actually at really, really great levels that we haven't seen in the half. As I mentioned before, I think that the marketing strategies that we've deployed are, they're very effective.

嗨，查克。因此，我們看到新業務和現有業務都實現了同等水平的增長，而且實際上增長水平非常非常高，這是我們上半年從未見過的。正如我之前提到的，我認為我們所採取的行銷策略非常有效。

They're working, and as we gather customer records, I think that we'll be able to see further growth, especially with our existing customer base and hopefully growth in that customer lifetime value, especially as kids center and grow up, see is a college and maybe one day the (inaudible) come back to us.

他們正在努力，隨著我們收集客戶記錄，我認為我們將能夠看到進一步的成長，尤其是在我們現有的客戶群方面，希望客戶終身價值也能成長，尤其是在孩子們長大成人，上大學，也許有一天他們會（聽不清楚）回到我們這裡。

So really, really good potential out there. In terms of store growth, I think overall, we've taken a position of being incredibly disciplined. I think that's the difference in the past year and that discipline means evaluating the best locations and more importantly, opening with maximum impact.

所以，這裡真的蘊藏著巨大的潛力。就門市成長而言，我認為總體上，我們採取了非常自律的策略。我認為這就是過去一年來的不同之處，這種自律意味著評估最佳地點，更重要的是，以最大的影響力開業。

So ensuring that we've got the right level of inventory, ensuring that we've got crew who are well trained and really, I think, bringing back grand opening marketing and shouting to the community that we're there has worked.

因此，確保我們有合適的庫存水平，確保我們有訓練有素的員工，而且我認為，恢復盛大的開幕行銷活動，向社區大聲宣告我們的到來，這些措施確實奏效了。

And so we really want to focus on the number of stores. I think there's a lot of white space out there for us. But it's more important that we get the right ones and the right level of execution against them. Thanks so much, Chuck.

因此，我們真正想關注的是門市數量。我認為我們還有很大的發展空間。但更重要的是，我們要找到合適的目標，並採取適當的應對措施。非常感謝，查克。

Zhihan Ma with Bernstein.

馬志涵與伯恩斯坦。

Winnie, I wanted to follow up on your comments about pricing and various price points above $5 to $7, $10, $15. Now it's not the first time that size below is going beyond the $5 price point.

Winnie，我想就你之前關於定價以及 5 美元以上、7 美元、10 美元、15 美元等不同價位的評論做個後續說明。這並非該尺寸產品首次售價超過 5 美元。

What do you think has changed in terms of you seeing the customers giving you the permission to realize more pricing power this time around beyond the $5 point.

您認為是什麼改變了您看待客戶的方式，讓您這次能夠超越 5 美元的價格點，擁有更大的定價權？

Thanks so much, Zhihan. So a couple of things have changed fundamentally. One thing remains the same. We remain very committed to delivering as much value and as much assortment at $5 and below. It represents about 80% of our business in terms of units sold.

非常感謝，志涵。所以有幾件事發生了根本性的變化。有一件事始終未改變。我們將繼續致力於以 5 美元及以下的價格提供盡可能多的商品和種類。以銷量計算，它約占我們業務的 80%。

We're very excited about that number. We're proud of it. We want to be a resource for customers where the price entry is a buck. And so building in great value is always going to be central to what we do. We took a very different approach to pricing above $5.

我們對這個數字感到非常興奮。我們為此感到自豪。我們希望成為客戶的資源平台，而入門價格僅為一美元。因此，創造巨大價值始終是我們工作的核心。我們對 5 美元以上的商品採取了截然不同的定價策略。

A couple of things. One, we evaluated every single product and really looked at if you're going to bring in a price point above $5, does it deserve to be at $7, $10 or $15. And so an example of our holiday was really compelling gift set and bundled products that were at $10.

有幾件事。第一，我們對每一款產品都進行了評估，認真考慮如果價格超過 5 美元，它是否值得定價 7 美元、10 美元或 15 美元。例如，我們假期期間推出的禮品套裝和捆綁產品非常吸引人，價格為 10 美元。

That makes a big difference. And again, focus on relative value and also making sure that we are honestly, priced better than competition.

這會產生很大的影響。再次強調，要注重相對價值，並確保我們的定價確實比競爭對手更優惠。

So that all goes in the mix. The other aspect of how we think we've gotten permission from the customer is we basically merchandise the store the way they shop.

所以這些因素都要考慮進去。我們認為獲得顧客許可的另一個方面是，我們基本上按照顧客的購物方式來佈置商店。

In the past, all of these goods would be in the back of store in the Five Beyond area, and we work very hard to actually trying to span that and actually put these really compelling wow value items in the zones for the customer shopping.

過去，所有這些商品都會放在商店後面的「五大超值」區域，而我們非常努力地想要突破這個限制，將這些真正具有吸引力的超值商品擺放在顧客購物的區域。

So I'll give you the example of a great speaker and the speaker table. You don't need that to be in the back of store. You put it in the tax section with the other speakers, the customer sees the value in it.

所以我舉個例子，說說一位優秀的演講者和一張演講桌。你不需要把它放在商店後面。你把它和其他揚聲器一起放在稅務部分，客戶就能看到它的價值。

And so I think really leaning into how the customer shops, ensuring that they're getting great relative value and remaining very, very focused on what the competition is pricing at versus what we price at has been tremendous.

所以我認為，真正深入了解顧客的購物方式，確保他們獲得良好的相對價值，並且始終非常關注競爭對手的定價與我們自身的定價之間的差異，這一點非常重要。

The last thing I'll say about Five Below that's really great is we're about newness. And so as we introduce new products at higher price points, they're not comped to old products that were in the price, in the line.

關於 Five Below，我最後要說的一點是，我們追求的是創新。因此，當我們推出價格較高的新產品時，它們不會與原產品線中相同價格的舊產品進行比較。

So we can really step out and do something unique. And the customer has responded well and is giving us permission to do more at different price points. Thanks for your question.

所以我們可以真正走出舒適區，做一些獨特的事情。客戶反應良好，並允許我們以不同的價格提供更多服務。謝謝你的提問。

Brian Nagel with Oppenheimer.

Brian Nagel 與 Oppenheimer 合作。

Congratulations. So the question I want to ask, focusing on sales. And look, we have laid out the guidance. I mean you talked about continued strength through the year but really in the first quarter.

恭喜。所以我想問的問題是，重點是銷售方面的問題。你看，我們已經制定了指導方針。我的意思是，你談到了全年的持續強勁勢頭，但實際上主要體現在第一季。

But as we think about 2026, how should we, are there factors that are beyond which you're already doing new factors that should amount to key sales drivers for the year that we maybe did not see in 2025.

但當我們展望 2026 年時，我們該如何看待這個問題？除了我們已經採取的措施之外，還有哪些因素會成為 2026 年的關鍵銷售驅動因素，而這些因素可能是我們在 2025 年沒有看到的？

So Brian, thanks so much for your question. Honestly, I would say that in 2025, we planted a lot of seeds for growth, and we see a lot of green shoots. And so our intention during the course of the year is actually to amplify what we've already planted and started to read.

布萊恩，非常感謝你的提問。說實話，我認為到 2025 年，我們播下了許多發展的種子，現在我們看到了許多嫩芽。因此，我們今年的目標實際上是加強我們已經播下種子並開始閱讀的內容。

And I will give you the example of our ability to actually react to trends as one of those ideas. So in the past, there could be trends that were really hot, especially for kids.

我將以我們能夠對趨勢做出實際反應的能力為例，來說明其中的一個理念。所以過去可能會出現一些非常流行的趨勢，尤其是在兒童群體中。

And we were passive. We were able to provide the product, but we weren't able to engage with the customer and amplify those trends. Today, we've got a different toolkit.

我們當時很被動。我們能夠提供產品，但我們無法與客戶互動並擴大這些趨勢。今天，我們擁有了一套不同的工具。

We really can't actually build community and engage with the customer about what's hot and also react much faster than in the past at addressing that trend. We also are going to take permission to look at those trends and introduce new trends along with that.

我們現在真的無法建立社區，無法與客戶互動，了解哪些產品熱門，也無法比過去更快地應對這些趨勢。我們還將獲得許可，研究這些趨勢，並在此基礎上引入新的趨勢。

So I think that, that is something we're beginning to exercise, and we'll exercise throughout the year. We also, honestly, last year, we had the tariffs to us. And so we weren't able to actually buy or attain all the products that we wanted to fill out some of our worlds.

所以我認為，這是我們開始實踐的事情，我們將在全年持續實踐。說實話，去年我們也面臨關稅問題。因此，我們實際上無法購買或獲得所有我們想要用來充實我們世界的產品。

And this year, that is not an object. We've worked very hard to diversify our store space, to negotiate, we do have the benefit of being able to price at great value above $5.

而今年，那不再是個問題。我們付出了巨大的努力來擴大我們的店鋪空間，透過談判，我們確實有優勢能夠以高於 5 美元的超值價格出售商品。

All of this is lead to greater range and greater growth in certain categories that we weren't able to really service last year. I hope that answers your question. Thanks, Brian.

所有這些都將帶來更大的範圍和更大的成長，尤其是在我們去年未能真正服務的某些類別。希望我的回答能解答你的疑問。謝謝你，布萊恩。

Jeremy Hamblin with Craig-Hallum Capital Group.

Jeremy Hamblin，來自 Craig-Hallum Capital Group。

I'll add my congratulations on the success. First, just a clarifying question on the embedded tariffs in guidance. So I think what you said was that your modeling like, for example, for China, what the ending 2025 tariff rate would be like 20% for China, and not the 10% for the current global tariff rates.

我謹向你們表示祝賀。首先，我想就指導文件中隱含關稅的問題提出一個澄清性問題。所以我認為你剛才說的是，你的模型預測，例如對中國而言，到 2025 年底的關稅稅率可能是 20%，而不是目前全球關稅稅率的 10%。

So just a clarification on that. And then my other question is, if you think about the long-term model here, and you guys for a very long time, for a decade did roughly an 11% to 12% EBIT margin every year.

所以，我需要就此澄清一下。那麼我的另一個問題是，如果你考慮長期模式，你們在過去的十年裡，每年都實現了大約 11% 到 12% 的息稅前利潤率。

And you've been building back towards that through a combination of improved operations and clearly higher AUVs. Where do you think you would need to comp at, or what do you think the average unit volumes would need to get to get back to that 11% to 12% EBIT margin?

你們透過改進營運和明顯更先進的自主水下航行器（AUV）的組合，一直在朝著這個目標努力。您認為需要達到怎樣的同店銷售水平，或平均銷量需要達到多少才能恢復到 11% 至 12% 的息稅前利潤率？

Thanks, Jeremy. Let me take the tariff question first, and then we'll talk about the business model. And maybe I'll just take a step back and confirm for the group. How have we thought about tariffs in total in this outlook. First of all, I think you were in the right place to start.

謝謝你，傑瑞米。我先回答關稅問題，然後再討論商業模式。或許我應該退後一步，再向大家確認一下。在這份展望報告中，我們是如何考慮關稅問題的？首先，我認為你找對了地方。

We have essentially assumed that the tariff rates that were in place as we started the fiscal year on February first, and remain in place. So in rough terms, that means that the EPA tariffs that were eventually struck down later in February, we have assumed those are still in place for the year.

我們基本上假設，在2月1日財政年度開始時實施的關稅稅率將繼續有效。因此，粗略地說，這意味著 EPA 在 2 月晚些時候最終被推翻的關稅，我們假設這些關稅在今年仍然有效。

We think that's the best proxy in a very, very uncertain world given the comments that we've seen from the administration to get back to that level. So that's what's embedded in our outlook. Equally, we have not contemplated the impact in our guidance of this 150 day 10% global tariff rate, the infamous Section 122 tariffs.

鑑於政府方面發表的言論，我們認為在當前這個非常非常不確定的世界中，這是最好的替代指標，以期恢復到那個水準。這就是我們世界觀中根深蒂固的一部分。同樣，我們在指導方針中也沒有考慮到這項為期 150 天、稅率為 10% 的全球關稅（即臭名昭著的第 122 條款關稅）的影響。

We have not factored that into our guidance. We don't believe that, that impact is material to the guidance. So that's how we thought about tariffs. On the business model question that you're asking, look, I think we're not running this business to achieve a certain number, 12%, 13% op profit.

我們尚未將此因素納入指導方針中。我們認為，這種影響對指導意見而言並不實質。這就是我們對關稅的看法。關於你提出的商業模式問題，我認為我們經營這項業務並不是為了實現某個特定的數字，例如 12%、13% 的營業利潤。

What we're doing is designing a model that provides durable growth. And I think this year is a great example of that. The ability to comp on top of 2025 speaks to the durable growth.

我們正在做的是設計一種能夠實現永續成長的模式。我認為今年就是一個很好的例子。2025 年的業績能夠與之持平，這反映了其可持續成長的潛力。

We're going to be super smart and drive margin accretion and that margin accretion is going to balance reinvestment and bottom line operating profit growth. How that model plays out and over time, what does that balance look like between reinvest versus grow the bottom line.

我們將採取非常明智的策略，推動利潤率成長，而利潤率的成長將平衡再投資和最終營業利潤的成長。這種模式會如何運作？隨著時間的推移，再投資與提高利潤之間的平衡會是什麼樣子？

I think that's what we will ultimately decide as we engage over the years, but I think it all starts with a trusted durable growth profile that based on the strategy and to Winnie's comments, the way we're executing the strategy, we feel really, really good about our ability to do that.

我認為，隨著我們未來幾年的深入合作，最終我們會做出這樣的決定。但我認為，這一切都始於一個值得信賴的、可持續的成長模式。根據我們的策略以及溫妮的評論，以及我們執行策略的方式，我們對實現這一目標的能力感到非常非常有信心。

And then I think over time, we will get the mechanism right in the balance right of reinvest to continue to fuel that growth versus grow the EBIT margin line. And that's what we will do over time.

然後我認為隨著時間的推移，我們會找到合適的機制，在再投資以繼續推動成長和提高息稅前利潤率之間取得平衡。而這正是我們日後將會做的事。

Krisztina Katai with Deutsche Bank.

德意志銀行的克里斯蒂娜·卡泰。

Congrats on a great quarter. So Winnie, I wanted to ask on the pertinent moments that delivered newness and the great in-store experience that you talked about. How many curtain up moments are planned for 2026.

恭喜你本季表現出色。所以 Winnie，我想問問你所說的那些帶來新鮮感和絕佳店內體驗的關鍵時刻。2026年計劃上演多少場開幕式？

If you could talk about the expected percentage of newness within the assortment that you aim to achieve through these. And then just lastly, some of the key categories that you anticipate driving the most excitement in the coming year.

如果您能談談您希望透過這些措施實現的商品系列中新品的預期百分比就更好了。最後，您預計來年最令人興奮的幾個關鍵類別是什麼？

So we will also future moments this year like we did in 2025. And they really are the seasonal moments that our customer is focused on, be it New Year's, followed by Valentine's through to spring, Easter, et cetera. So it really is their moment.

所以，今年我們也會像2025年那樣展望未來。而這些也正是我們的客戶所關注的季節性時刻，無論是新年、情人節，或是春天、復活節等等。所以，這真的是屬於他們的時刻。

And what's really nice is that between those moments, we can always layer in newness. And we actually have newness in each of our world that occurs between those moments, and we have the ability to now talk to the customer about when those moments deliver.

真正令人欣喜的是，在這些時刻之間，我們總是能不斷增添新鮮感。事實上，在我們每個人的世界中，在這些時刻之間都會出現新的事物，而我們現在有能力與客戶討論何時會帶來成果這些時刻。

The key to our business success this past year has been getting the right product at the right price. And I think that, again, it begins and ends with a focus on the customer. And when we talk about key categories that we think are important, we set off last year with a mission to really be the destination to the kid and the kid in all of us.

過去一年，我們業務成功的關鍵在於以合適的價格獲得合適的產品。我認為，這一切的開始和結束都在於專注於客戶。當我們談到我們認為重要的關鍵類別時，我們去年就帶著一個使命出發，那就是真正成為孩子們以及我們所有人心中那個孩子的目的地。

And with that, really doubling down on games, toys, in crafting those thought processes that we really stand out, both in terms of our position, but also in terms of our unique concept. We've got 9,000 square feet on average.

因此，我們加倍投入遊戲和玩具領域，精心打造那些讓我們脫穎而出的思維模式，無論是在我們的市場地位上，還是在我們獨特的理念上。我們平均擁有9000平方英尺的面積。

It's a fun place to shop, and it's a fun place to host kids. And then beyond that, really looking at teens and tweens. And so we continue to feel our businesses like beauty as well as our lounge business and accessories.

這裡是購物的好去處，也是招待孩子的好地方。此外，還要進一步關注青少年和準青少年族群。因此，我們繼續專注於我們的業務，例如美容、休閒俱樂部和配件業務。

And so, and then this year, I think we are really excited about doing more in terms of room and dorm. And so lots of great newness throughout our categories and our world. But again, with that focus on the kids and what they care about.

所以，今年我們非常期待在房間和宿舍方面做更多的事情。因此，我們各個品類和整個產業都湧現了許多令人興奮的新事物。但話說回來，重點還是放在孩子和他們關心的事情上。

Anthony Chukumba with Loop Capital.

Anthony Chukumba，來自 Loop Capital。

I guess I have a quick one for, Winnie. This has just been such an amazing first year. Are you sure your first name is Winnie and not Winning?

溫妮，我有個問題想問你。這真是令人難忘的第一年。你確定你的名字是 Winnie 而不是 Winning 嗎？

Anthony, that's very (inaudible). It's Winnie like the Poo, which is also a great product in the line right now. Thank you, Anthony.

安東尼，那非常（聽不清楚）它就像小熊維尼一樣，也是目前系列中很棒的產品。謝謝你，安東尼。

David Bellinger with Mizuho.

David Bellinger 與瑞穗銀行合作。

I don't really know how to follow that one. But my question on social media. I mean when you mentioned some of the influencer TikTok, Instagram marketing. Are you looking at those sales as truly incremental at this point?

我不太清楚該如何理解這一點。但我在社群媒體上提出了這個問題。我的意思是，你剛剛提到了一些TikTok、Instagram上的網紅行銷。您目前是否將這些銷售視為真正的增量銷售？

And just can you help us think there any of the economics around that? Do you do pay for post the influencers participate in any upside. Just help us understand the economics and the incrementality at this point.

您能否幫我們分析一下這方面的經濟學原理？你會為網紅參與的貼文付費嗎？這樣做有什麼好處嗎？請幫我們理解目前的經濟效益和增量效應。

Yes. So David, what we've done is basically redirect what used to be spent on traditional TV commercials into social media. And it's a whole range. It's both engagement in terms of creator content with creators and influencers.

是的。所以，大衛，我們所做的基本上就是將過去花在傳統電視廣告上的錢轉移到社群媒體上。而且涵蓋範圍很廣。它既包括創作者與創作者和影響者之間的內容互動，也包括創作者內容互動。

But it's also just ensuring that, If you're watching, if you're on social and your gen alpha, and you're watching a great video about Stitch and your interest in Stitch product, we're serving up the right content to you.

但這也是為了確保，如果你正在觀看，如果你在社交媒體上，如果你是阿爾法世代，如果你正在觀看一段關於 Stitch 的精彩視頻，並且你對 Stitch 產品感興趣，我們就能為你提供正確的內容。

And so it's a multipronged strategy. It's not as simple as just going out and paying for influencers. I think that what's been really, really great, especially this year as we look at the first quarter, is that it's less about influencer content, and it's much more about our ability to amplify what is user-generated that's out there. People are talking about these products.

所以這是一項多管齊下的策略。這並非簡單花錢請網紅就能解決的問題。我認為今年第一季尤其值得稱讚的是，影響者的內容不再那麼重要，我們更有能力放大用戶生成的內容。人們都在談論這些產品。

We're able to in and say, we've got those products. We've got you. Even our stores are engaged and talking about like this product to (inaudible). So I think it just gives us access to a remarkable channel that, again, is agile, incredibly effective in terms of return on ad spend.

我們可以說，我們有這些產品。我們罩著你。甚至我們的門市也積極參與討論，稱讚這款產品。（聽不清楚）所以我認為這讓我們能夠接觸到一個非常棒的管道，而且這個管道靈活高效，廣告支出回報率非常高。

And honestly, the last piece of this is compelling. It's something that the customers want to engage in. And so all of those people all those pieces give us courage to do more, but we always have a test learning ramp approach on anything we really excited by what we've seen thus far. Thanks, David.

說實話，最後一點尤其引人入勝。這是顧客想要參與的事情。因此，所有這些人和所有這些因素都給了我們勇氣去做更多的事情，但我們始終對任何我們目前為止所看到的東西都採取測試學習的漸進式方法，因為我們真的對它們​​感到興奮。謝謝你，大衛。

John Heinbockel with Guggenheim.

約翰·海因博克爾與古根漢。

Winnie, a quick question. I know in the past, you guys would run events in stores on the weekends. Your thoughts on that, the labor required for that? And then could you do birthday parties and other related parties? Or that's too complicated labor wise?

溫妮，問你個問題。我知道以前你們會在週末在店內舉辦活動。你覺得這需要多少人力？那麼你們可以承辦生日派對及其他相關派對嗎？或者說，那樣做在勞動強度上太複雜了？

Yes. John, great question. So first of all, on events, we continue to host events we just had an amazing Pokemon event. We've been really pleased. And I think part of it is those events are incredibly sticky and create community.

是的。約翰，問得好。首先，關於活動方面，我們繼續舉辦活動，我們剛剛舉辦了一場精彩的寶可夢活動。我們非常滿意。我認為部分原因是這些活動具有極強的凝聚力，能夠建立社區。

And it's something that certainly our brands and vendors want to help activate. So it's a one plus one equals three equation. And the sales that we generate in general really do fund, more than fund any labor that we put towards the events.

當然，我們的品牌和供應商都希望能夠幫助實現這一點。所以這是一個一加一等於三的等式。而且，我們產生的銷售額總體上確實足以支付，甚至超過了我們投入活動的人力成本。

I do think it's an interesting and compelling question with regards to birthday parties and other activations. We haven't contemplated that really fully.

我認為這是一個關於生日派對和其他活動，既有趣又引人注目的問題。我們還沒有真正全面地考慮過這個問題。

However, what we are trying to lean into is try to be a one-stop destination for your birthday needs. And so we were excited about our balloon business.

然而，我們正在努力成為滿足您生日需求的一站式目的地。所以，我們對自己的氣球生意感到非常興奮。

We don't aspire to be all the balloons for the best of balloons and really think about our target customer and then offering really great party celebration items that complement what we've always done, which is party favors and guests.

我們並不渴望成為最好的氣球供應商，而是真正思考我們的目標客戶，然後提供真正優秀的派對慶祝用品，以補充我們一直以來所做的，即派對禮物和賓客。

So those are some thoughts. But certainly, as we focus in on kids, we look at all avenues of potential growth and what that could do for us. Thanks for your question, John.

以上是我的一些想法。但可以肯定的是，當我們關注孩子時，我們會考慮所有潛在的發展途徑以及這些途徑能為我們帶來什麼。謝謝你的提問，約翰。

Michael Montani with Evercore ISI.

Michael Montani，來自 Evercore ISI。

I was going to ask, could you just summarize for the year where tariff headwinds ended up falling out for you.

我本來想問，您能否總結一下，在哪一年關稅阻力最終對您不利？

And then I believe in the first round of tariffs, it was roughly 1/3, 1/3, 1/3 offset from pricing cost out and then vendor leverage. So I'm just wondering if you could provide an update on how that has played out so far.

然後我相信，在第一輪關稅中，大約有 1/3、1/3、1/3 被價格成本抵消，然後是供應商的議價能力。所以我想知道您能否提供一下目前為止事情進展如何的最新情況。

Yes. Thanks, Mike. So we ended up largely where we thought we would a quarter ago of 90 basis points full year headwinds in 2025. In terms of sort of what we, how we addressed those impacts, I go back to what I think is like a really important point with this business, which is we offset tariffs penny for penny at the item unit level.

是的。謝謝你，麥克。因此，我們最終的結果與一個季度前的預期基本一致，即 2025 年全年將面臨 90 個基點的不利因素。至於我們如何應對這些影響，我想回到我認為對這項業務來說非常重要的一點，那就是我們在商品單位層面上逐分逐美分地抵消關稅。

And that's obviously super important to the economics, and you see the benefit of that in 2026 because some of the gross margin tailwinds that we are getting right now is as tariffs have eased, we've got unit economics in a great place, and we've got margin accretion.

顯然，這對經濟來說非常重要，而且在 2026 年就能看到好處，因為我們現在獲得的毛利率利好因素之一是關稅的放鬆，我們的單位經濟效益很好，利潤率也在增長。

So I think it's noteworthy that the team was able to offset all of the tariff headwinds at the item level. How they did it, I think you've got the three buckets, right, in terms of the pricing benefit the ability to negotiate and the ability to reengineer and redesign product.

所以我認為值得注意的是，該團隊能夠在商品層面抵消所有關稅不利因素。我認為他們的做法可以歸結為三個方面，對吧？分別是定價優勢、談判能力、重新設計和改造產品的能力。

I think all of that factored in. I don't know if I would size it 1/3, 1/3, 1/3. I think pricing was probably a bit more but I'll leave it at that for now because you've got all three of the right levers.

我認為所有這些因素都考慮在內了。我不知道該不該把它分成 1/3、1/3、1/3 這幾份。我覺得價格可能稍微貴了一點，但我現在就說到這裡吧，因為你已經擁有了所有三個正確的控制桿。

Brad Thomas with KeyBanc Capital Markets.

來自 KeyBanc Capital Markets 的 Brad Thomas。

What a great year. A question on the step-up in CapEx, Dan. Just what's that going towards any interesting technology or supply chain opportunities? And how are you thinking about perhaps getting back into some of the store refresh or remodel programs that had been in the past?

多麼棒的一年！丹，關於資本支出增加的問題。這筆資金究竟會用於哪些有趣的技術或供應鏈機會？那麼，您是否考慮重新開展一些過去曾進行過的店鋪翻新或改造項目呢？

Yes. Thanks for the question. And you're right, it is a bit of a step-up year-over-year in CapEx. We plan to be somewhere just over 4% of net sales in capital, which is slightly higher than where we ended 2025. I think the capital is largely going to continue to be focused on the network in the stores and building out the next year around 150-ish new stores.

是的。謝謝你的提問。你說得對，資本支出確實比前一年有所成長。我們計劃將資本支出佔淨銷售額的比例控制在略高於 4% 的水平，這比我們 2025 年底的水平略高。我認為資金主要仍將集中用於門市網路建設，並計劃在未來一年內開設約 150 家新店。

That's obviously the priority. The second piece, and you're right, we are making investments in the distribution network. We've got to build for more capacity to support this growth. And so that process begins in 2026, and we've allocated capital for that. And then we are putting a bit more capital behind technology.

這顯然是當務之急。第二點，你說得對，我們正在對分銷網絡進行投資。我們必須建造更多設施來支持這種成長。因此，這項進程將於 2026 年啟動，我們已經為此分配了資金。然後，我們正在加大對科技的投入。

We're seeing real opportunity here structurally to enhance technology. We talked earlier about our digital business and the website. We've talked about how do we make the merch teams more efficient and optimize end-to-end management of this business.

我們看到這裡存在著從結構上提昇技術水平的真正機會。我們之前討論過我們的數位業務和網站。我們已經討論過如何提高商品團隊的效率，並優化這項業務的端到端管理。

So there's a technology investment. And so you've got the new stores. You've got investments in the network and in capacity, and you've got a bit more going towards technology to support the growth.

所以這是一項技術投資。所以就有了這些新店。你們在網路和容量方面進行了投資，並且在支持成長的技術方面投入了更多資金。

The next question will come from, sorry, go ahead.

下一個問題將來自……抱歉，請繼續。

I was just thinking, Brad.

我只是在想事情，布萊德。

Phillip Blee with William Blair.

菲利普·布利與威廉·布萊爾。

Congrats on a great quarter. So when you've spoken a lot about the contribution of the crew and incremental investments in labor over the past few quarters, how that led to better conversion and in-stock levels.

恭喜你本季表現出色。所以，您已經多次談到了員工的貢獻以及過去幾季在勞動力方面的逐步投資，以及這些如何帶來了更好的轉換率和庫存水準。

Do you think stores are appropriately staffed now? Or do you think that there's room for further increases in either ours or headcount, particularly as you ramp up omnichannel efforts?

你認為現在商店的人員配置是否充足？或者您認為我們公司或員工人數還有進一步增加的空間嗎，尤其是在您加大全通路投入的情況下？

And then if so, how do you think about the opportunity to make additional gains in conversion? What kind of contribution could that have? Or has most of the low-hanging fruit been taken already here now.

那麼，如果情況屬實，您如何看待在轉換率方面獲得更多收益的機會？那能做出什麼樣的貢獻呢？或者說，這裡大部分容易實現的目標都已經被摘取了？

Yes. Thanks for your question, Phillip. Great question. It's interesting because I think last year, we made an initial investment in terms of labor to ensure that we could do kind of the basics, which is to get product, move products from the back to the front and to drive the conversion.

是的。謝謝你的提問，菲利普。問得好。有趣的是，我認為去年我們在勞動力方面進行了初步投資，以確保我們能夠做好一些基本工作，例如獲取產品、將產品從倉庫運送到前台以及推動轉換率。

And as the quarter progressed and we started to hit peak periods like holiday, we took a really thoughtful approach to match peak traffic, peak days, with recovery in our stores and ensuring that not only do the customers see the product on the shelf, but they got a better level of service.

隨著季度推進，我們開始迎來假日等高峰期，我們採取了非常周全的措施，將客流量高峰期和高峰日與門市的恢復期相匹配，確保顧客不僅能在貨架上看到產品，還能獲得更高水準的服務。

And so we will continue with that model. And as it relates to kind of future endeavors like omnichannel, we are very much in a test learn and ramp mode. We have initiated buy online, pick up in store. We've seen actually big, big growth with third-party delivery.

因此，我們將繼續沿用這種模式。至於全通路等未來發展方向，我們目前仍處於測試、學習和逐步推進階段。我們已推出線上購買、門市自提服務。我們看到第三方配送業務確實取得了巨大的成長。

And so we're going to continue to look at those avenues because we've got to meet the customer where they are. And I think particularly for the younger customers, specifically Gen Z, convenience is critical.

因此，我們將繼續探索這些途徑，因為我們必須在客戶需要的地方滿足他們的需求。我認為對於年輕顧客，特別是 Z 世代來說，便利性至關重要。

And we think there's, it's actually an opportunity to acquire new customers who may not have considered us or walk away just because it's not convenient.

我們認為這實際上是一個獲取新客戶的機會，這些客戶可能之前沒有考慮過我們，或者因為不方便而放棄我們。

And so I, we'll take a tough learn and ramp approach in terms of how we look at that. But we think that turning on omnichannel is just going to actually lead to greater acquisition and greater conversion moving forward. Thanks for your question.

所以，我們會採取一種艱難的學習和逐步提升的方法來看待這個問題。但我們認為，啟用全通路模式實際上將會帶來更大的客戶獲取量和更高的轉換率。謝謝你的提問。

Spencer Hanus with Wolf Research.

Spencer Hanus，來自 Wolf Research。

Just curious what you're seeing in terms of growth from that new and then existing customers? And then any change in how the recent results are just impacting your view on where this business can comp like durably out in the future. I think your expectation moved up about sort of where comp plan sort of in '27 and in '28.

我很好奇，從新客戶和現有客戶來看，你們的成長情況如何？然後，最近的業績變化如何影響你對這家企業未來能否持續保持競爭力的看法。我認為你的期望值在 2027 年和 2028 年的薪酬計劃中有所提高。

So Spencer, in terms of new and existing customers, we actually had what I would call a banner year in terms of both acquisition as well as repeat visits. And I would attribute that to more effective marketing and really, again, meeting customers where they are.

所以，Spencer，就新客戶和現有客戶而言，我們今年確實取得了巨大的成功，無論是客戶獲取量還是回頭客數量都達到了頂峰。我認為這要歸功於更有效的行銷，以及真正在客戶需要的地方滿足他們的需求。

I talked about the fact that we've just started collecting records for customers. And we think that our ability to, again, get additional repeat and to drive our current customer base in terms of their value is much higher as we move through the year, and that's one of our major initiatives for the year.

我談到了我們剛開始收集客戶記錄的事實。我們認為，隨著時間的推移，我們再次獲得更多回頭客並提升現有客戶群價值的能力會大大提高，這也是我們今年的主要舉措之一。

We will also continue to focus on new customers and driving our brand awareness. So all really, really good stuff. And then I'm going to pass it on to Dan to talk about comp in the future.

我們將繼續專注於開發新客戶並提升品牌知名度。所以都是些非常好的東西。然後我會把它交給丹，讓他將來談談比賽的事情。

Yes. Look, we're super bullish on the growth profile of this business, right? You have to be, you look at the comp growth that we have delivered, you look at the new store growth.

是的。你看，我們對這家公司的成長前景非常看好，對吧？你必須明白這一點，看看我們實現的同店銷售成長，看看新店的成長。

We haven't talked about it on this call, but what we've seen in eight new stores in new markets in the Pacific Northwest, so we've got a business that we think has an optimal opportunity to comp strongly with a lot of white space. And that is a very, very unique concept within retail.

我們在這次電話會議上還沒有談到這一點，但我們在太平洋西北地區的新市場開設了八家新店，所以我們認為我們的業務有很大的機會與許多空白市場展開強有力的競爭。這在零售業是一個非常非常獨特的概念。

And so that's how we feel about it. I think going back to Winnie's earlier comments, we've got a compelling strategy. We're executing at an incredibly high level with a talented crew, and there are so many things left to do here.

這就是我們對此的感受。我認為，回顧溫妮之前的評論，我們已經制定了一個很有說服力的策略。我們擁有一支才華洋溢的團隊，執行力非常強，但這裡還有很多事情要做。

We have not scratched the surface on what's possible. And so you put all that together, I'm going to stop short of putting a number to it.

我們距離探索所有可能性還只是冰山一角。綜上所述，我無法給出一個確切的數字。

But certainly, we are bullish with the growth aspects that this business offers us, particularly with this strategy. Thanks for the question.

但可以肯定的是，我們對這項業務的成長前景，特別是這項策略，持樂觀態度。謝謝你的提問。

Joe Feldman with Telsey Advisory Group

Joe Feldman，來自 Telsey Advisory Group

But I did want to ask you guys because I know you've talked about with maybe thinking about a new format for the store now that you've brought out the Five Beyond items back, into the aisles and have a more fluid merchandise flow. I was just wondering if you guys have been playing around with a newer format, and what you're thinking there?

但我還是想問你們，因為我知道你們之前討論過，既然你們已經把 Five Beyond 的產品重新擺放在貨架上，讓商品流通更加順暢，或許可以考慮為商店設計一種新的佈局。我只是想問你們有沒有嘗試過新的格式，以及你們的想法？

Thanks very much, Joe. I think we're always looking at ways to make the shopping experience that much more inspiring and frankly, just easier. And certainly, with the evaluation, I would say, the five Beyond area. We have opportunity to take the back of store and make it even that much more productive.

非常感謝，喬。我們一直在尋找各種方法，讓購物體驗更加令人愉悅，坦白說，也更加便捷。當然，就評估而言，我認為五星以上。我們有機會改造商店後倉，使其生產效率更高。

And so we are looking at how to create better flow within the store without that Five Beyond area in the back and testing how we honestly convert stores in the network, but then also looking at new format work that allows us to really truly bring to life this idea of these oral that customers can shop in and move from.

因此，我們正在研究如何在沒有後方 Five Beyond 區域的情況下，在店內創造更好的動線，並測試我們如何才能真正提高網絡中門店的轉換率，同時也在研究新的模式，以便真正實現顧客可以在店內購物並離開的理念。

And we are serving some distinct customer groups, the youngest customers with Gen Alpha, Gen Z, (inaudible), tweens and young adults and millennial moms, and they have very different needs. And so we're thinking through how do we optimize the experience for each of those cohorts. So more to come on that, but thanks for your question.

我們服務於一些不同的客戶群體，包括最年輕的客戶群體，如阿爾法世代、Z世代、（聽不清楚）青少年和年輕成年人以及千禧世代的媽媽們，他們的需求各不相同。因此，我們正在思考如何優化每個使用者群體的體驗。關於這一點，後續還會有更多討論，不過謝謝你的提問。

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

我們的問答環節到此結束。我謹將會議交還給 Winnie Park，請她作總結發言。

First and foremost, thank you all so much for your support, and we hope to see everyone in our stores for all your spring break and Easter essentials. We appreciate you. Please convert with us. And thank you for your attention on the call.

首先，非常感謝大家的支持，我們希望大家都能光臨我們的門市，選購春假和復活節所需的各種必需品。我們感謝您。請與我們一起轉換。感謝您在電話會議上的關注。

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。