Five Below, Inc. (FIVE) 2026 Q1 法說會逐字稿

Good day and welcome to the Five Below first-quarter 2026 earnings conference call (Operator Instructions) Please note, this event is being recorded.

大家好，歡迎參加 Five Below 2026 會計年度第一季財報電話會議（接線員指示）。請注意，本活動將被錄音。

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

現在我想將電話會議交給投資人關係副總裁 Christiane Pelz。女士，請開始。

Thank you, operator. Good afternoon, everyone, and thanks for joining us today for Five Below's first-quarter 2026 financial results conference call. On today's call are Winnie Park, Chief Executive Officer; and Dan Sullivan, Chief Financial Officer and Treasurer.

謝謝，接線員。各位下午好，感謝大家今天加入 Five Below 2026 會計年度第一季財務結果電話會議。今天與會的有執行長 Winnie Park，以及財務長兼財務主管（Treasurer）Dan Sullivan。

After management has made their formal remarks, we will open the call to questions. Certain comments made during this call may constitute forward-looking statements. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from such statements including those described in the press release and our SEC filings.

管理層發表正式談話後，我們將開放提問。本次電話會議中的某些評論可能構成前瞻性陳述。此等前瞻性陳述受風險與不確定性影響，可能導致實際結果與該等陳述存在重大差異，包括新聞稿及我們向 SEC 提交之文件中所述者。

In this presentation, we will refer to our SG&A expenses which for us include depreciation and amortization. Additionally, we will be discussing certain non-GAAP financial measures. Please review today's press release which is posted on our Investor Relations website for a reconciliation of these items to the most directly comparable US GAAP measure and a cautionary statement regarding forward-looking statements.

在本次簡報中，我們將提及 SG&A 費用；對我們而言，其中包含折舊與攤銷。此外，我們也將討論若干非 GAAP 財務衡量指標。請查閱今日新聞稿（已發布於我們的投資人關係網站），其中包含這些項目與最直接可比的美國 GAAP 指標之調節表，以及關於前瞻性陳述的警示聲明。

I will now turn it over to Winnie. Thank you.

現在我把時間交給 Winnie。謝謝。

Thank you, Christiane, and hello, all. I want to start by saying how grateful I am to our amazing Five Below crew. They have executed our strategy at an exceptional level by staying laser-focused on what matters most, our customer, our boss. Our first-quarter results are a testament to their great work, which reflects our operating flywheel in action and demonstrates the traction we’ve made in transforming our business and strengthening our position as the destination for the kid and the kid in all of us.

謝謝你，Christiane，大家好。我想先說，我非常感謝我們出色的 Five Below 團隊成員。他們以極高水準執行我們的策略，始終高度聚焦在最重要的事——我們的顧客，也就是我們的老闆。我們第一季的成果證明了他們的卓越表現，展現了我們營運飛輪的運作，也顯示我們在轉型業務、強化作為「孩子以及我們每個人心中那個孩子」首選目的地方面所取得的進展。

For the first quarter, we’re reporting results that exceeded our expectations, with sales growth of nearly 33% to $1.3 billion driven by 23% comp growth and strong new store performance, including 49 net new stores that opened during the quarter. Adjusted EPS of $2.22 per share grew over 2.5 times compared to the first quarter of last year. With this positive momentum and despite an expected more challenging macro environment as the year plays out, we’re raising our full-year outlook which Dan will discuss shortly.

第一季我們公布的結果優於預期，銷售額成長近 33% 至 13 億美元，主要由 23% 的同店成長以及強勁的新店表現所帶動，其中包含本季淨新增開店 49 家。調整後每股盈餘（Adjusted EPS）為每股 2.22 美元，較去年第一季成長逾 2.5 倍。在這股正向動能之下，儘管預期今年後續宏觀環境將更具挑戰，我們仍上調全年展望，Dan 稍後將進一步說明。

Our outsized sales growth in the quarter was driven by three key factors. First, we continue to see the customer reacting favorably to our strategy and the changes we made to our operating model. We often talk about the three legs of the stool that support our unique value proposition. The first leg is curated product storytelling focused on newness and amazing value across our assortment. Second, meeting the customer where they are with relevant marketing and social and digital media. Third, easier and funner shopping experiences in our stores, which offer better in-stock positions and streamlined pricing.

本季超常的銷售成長由三個關鍵因素驅動。第一，我們持續看到顧客對我們的策略以及我們對營運模式所做的改變反應正面。我們常談到支撐我們獨特價值主張的「三腳凳」。第一隻腳是精選的商品敘事，聚焦於新品與全品類組合中的超值價值。第二，是透過貼近顧客所在的相關行銷，以及社群與數位媒體觸達顧客。第三，是在門市提供更輕鬆、更有趣的購物體驗，包括更佳的到貨/在庫狀況與更精簡的定價。

Importantly, we operate as a real team, galvanizing all of our corporate ship centers and stores in six curtain-up moments that celebrate the seasons and milestones in our customers’ lives. The second driver of our sales growth was engaging in social trends to amplify their virality. While we have benefited from trends in the past, we are now able to actively engage with our customers through social media, direct marketing, and finally with in-store activations. Our marketing toolkit is expanding, and with the adoption of a social-first approach, we are so much reactive and relevant in messaging and engaging with our Gen Alpha, Gen Z, and Millennial mom communities.

重要的是，我們以真正的團隊方式運作，凝聚所有公司團隊、配送中心與門市，透過六個「揭幕時刻」（curtain-up moments）來慶祝季節與顧客生活中的重要里程碑。第二個銷售成長動能來自於參與社群趨勢並放大其病毒式傳播效應。雖然過去我們也曾受惠於趨勢，但現在我們能透過社群媒體、直效行銷，並最終透過門市活動與顧客主動互動。我們的行銷工具箱正在擴大，隨著採用「社群優先」策略，我們在訊息傳遞上更具即時性與相關性，並能更有效與 Alpha 世代、Z 世代以及千禧世代媽媽社群互動。

And third, we benefited from customers spending their tax refunds. We leverage our position as a value retailer to make fun and newness accessible to all. We continue to push ourselves to deliver aspirational product stories at very accessible price points. Importantly, our growth was broad-based, with 15 of 18 departments comping positively. Games and Toys were particularly strong, driven by collectibles and the overall squish trend. We again grew in all districts, all vintages of stores, and across all income cohorts.

第三，我們也受惠於顧客使用退稅款進行消費。我們運用作為價值型零售商的定位，讓有趣與新品對所有人都更可負擔、可取得。我們持續自我要求，以非常親民的價格點提供具「向往感」的商品故事。重要的是，我們的成長相當廣泛，18 個部門中有 15 個同店銷售呈正成長。其中遊戲與玩具表現特別強勁，受收藏品與整體 squish 風潮帶動。我們再次在所有區域、所有店齡，以及各收入族群中都實現成長。

The comp growth was disproportionately driven by transactions up 19% with ticket up 4%, reflecting strong traffic, customer engagement, and continued success in our value proposition across price points. This reinforces what we’ve consistently said, our strategy is not a single product or trend, but rather driven by a full assortment of products at great relative value and supported by strong execution. Identifying and capitalizing on trends is a core and growing capability at Five Below. And once our newer, more impactful marketing strategy and campaigns enable us to amplify, as we did with the authentic RMS Squishy Dumplings.

同店成長主要由交易筆數成長 19% 所驅動，客單價成長 4%，反映出強勁的人流、顧客參與度，以及我們在各價格帶價值主張的持續成功。這也再次印證我們一貫所說：我們的策略並非依賴單一商品或單一趨勢，而是由具相對高價值的完整商品組合所驅動，並以強力執行作為支撐。辨識並掌握趨勢是 Five Below 的核心能力，而且正在持續增強。而當我們更新、更具影響力的行銷策略與活動使我們得以放大聲量時，就如同我們對正宗 RMS Squishy Dumplings 所做的一樣。

Leveraging our enhanced social activation capabilities and working with more agility cross-functionally, we fueled a cultural zeitgeist that has reinforced the strength of our brand with our core customers, while also introducing the brand to new customers. This end-to-end approach from detecting a burgeoning trend to amplifying it in social to creating an amazing in-store experience. That’s our special sauce, and we’re just getting started with how much more we can do here.

藉由強化的社群啟動能力，並以更敏捷的跨部門協作方式運作，我們推動了一股文化熱潮（cultural zeitgeist），不僅鞏固品牌在核心顧客心中的力量，也將品牌介紹給新顧客。這種端到端的方法——從偵測正在萌芽的趨勢、在社群中放大，到打造令人驚豔的門市體驗。這就是我們的獨門秘方，而我們才正要開始發揮我們在這方面還能做得更多的潛力。

Our teams remain laser-focused on consistently executing against our core pillars, the three Cs. One, staying maniacally focused on our target customers. Two, delivering a connected customer journey from social to in-store. And three, collaborating cross-functionally to enhance execution. This focus allows us to deliver amazing new products packed with compelling value, engage with our customers on social media and digital, and execute consistently at a high level.

我們的團隊仍高度聚焦於持續落實核心支柱——三個 C。第一，近乎偏執地聚焦於我們的目標顧客。第二，打造從社群到門市的連貫顧客旅程。第三，跨部門協作以提升執行力。這樣的聚焦使我們能推出令人驚豔、具強大價值的新商品，在社群媒體與數位渠道與顧客互動，並持續以高水準穩定執行。

On merchandise specifically, we differentiated our trend-right newness at amazing price value. The popularity of Candy, Beauty, and Toys helped fulfill Valentine gift needs and fill Easter baskets. Our robust Games and Toys growth in the quarter further evidenced our role as the greatest little toy store in America. Our focus on curating licensed products led to an exclusive collaboration with an old favorite, Winnie the Pooh. Value remains a critical component to our offering, and we believe our customers recognize the compelling value we provide whether it be at $5 and below, our foundation and the vast majority of our products, or $6 and above.

就商品而言，我們以符合趨勢的新品與極具吸引力的價格價值做出差異化。糖果、美妝與玩具的高人氣，有助於滿足情人節送禮需求並填滿復活節彩蛋籃。本季遊戲與玩具的強勁成長，進一步證明我們作為「美國最棒的小型玩具店」的角色。我們聚焦於精選授權商品，促成與一位老朋友——小熊維尼（Winnie the Pooh）的獨家合作。價值仍是我們產品主張的關鍵組成，我們相信顧客能感受到我們提供的強大價值——無論是 5 美元及以下（我們的基礎，也是絕大多數商品所在），或是 6 美元及以上。

We’re very disciplined about ensuring it’s not just another product on the shelf. But something that delivers wow value and really speaks to our customers’ need for newness and fun. With our new cross-functional go-to-market process in place, the team’s focus is on bringing the product to life by delivering curtain-up moments for Valentine and Easter. We also hosted in-store activations to help our customers celebrate special moments such as the 30th anniversary of Pokémon on National Pokémon Day in our entire network of stores.

我們非常自律，確保它不只是貨架上的另一個商品。而是能帶來「哇」的價值，並真正回應顧客對新品與樂趣的需求。隨著新的跨部門上市（go-to-market）流程到位，團隊聚焦於讓商品更具生命力，為情人節與復活節打造揭幕時刻（curtain-up moments）。我們也在全體門市網絡舉辦店內活動，協助顧客慶祝特別時刻，例如在全國寶可夢日（National Pokémon Day）慶祝寶可夢（Pokémon）30 週年。

In terms of marketing, as I mentioned earlier, we engaged our customers in social with creative content highlighting trends, newness, and viral moments. We also deployed amazing AI content and connected TV commercials focused on seasonal moments. During the quarter, we made great progress building an email database which will sharpen our ability to direct social and digital marketing content to better engage with our customers and develop a more personalized relationship with them. Across our fleet, we host fun treasure-hunt shopping experiences for the whole family.

在行銷方面，如我先前提到的，我們透過具創意的內容在社群平台與顧客互動，聚焦於趨勢、新品與爆紅時刻。我們也投放了出色的 AI 內容與連網電視（CTV）廣告，主打季節性時刻。本季期間，我們在建立電子郵件資料庫方面取得重大進展，這將提升我們將社群與數位行銷內容更精準導向的能力，以更好地與顧客互動並發展更個人化的關係。在我們整體門市網絡中，我們為全家人打造有趣的尋寶式購物體驗。

Our labor model is designed to ensure in-stock positions, while we simplify pricing structure and improve visual presentations have made our stores easier to shop. We’ve largely completed integrating Five Beyond product in line in their appropriate worlds. And we are now testing layouts and designs within the store to further strengthen the shopping experience while improving sales.

我們的人力配置模式旨在確保商品在庫，同時我們簡化定價架構並改善視覺陳列，使門市更容易逛、更容易買。我們已大致完成將 Five Beyond 產品線整合至其對應的品類世界中。目前我們正在門市內測試版面與設計，以在提升銷售的同時進一步強化購物體驗。

So to wrap up, I’m really excited about our first-quarter results. They demonstrate the strength of what we’ve built and the progress we’re making and staying maniacally focused on our customer.

總結來說，我對我們第一季的成果感到非常振奮。這些成果展現了我們所建立的基礎之強韌，以及我們所取得的進展，同時我們仍以近乎偏執的專注度聚焦於顧客。

We’re just getting started with what we can do across Merchandising, Marketing, and the store experience. More to come, but we are confident that the strategies we put in place will enable us to deliver sustainable growth on the top and bottom line and drive long-term value creation.

我們在商品、行銷與門市體驗方面能做的事情才剛開始。後續還有更多，但我們有信心，已部署的策略將使我們能在營收與獲利兩端實現可持續的成長，並推動長期價值創造。

With that, I’ll turn it over to Dan.

接下來我把時間交給 Dan。

Thanks, Winnie. Good afternoon, everyone. I’d like to start by also thanking our crew for their incredible focus on serving our customers. In the face of growing macro challenges and an increasingly cautious consumer, our results exceeded our expectations in the quarter and further reinforce the strength of our unique retail concept. For the first quarter, net sales increased nearly 33% to $1.3 billion. Supported by a strong comparable sales increase of approximately 23%. On a two-year stack basis, comp sales were approximately 30%. Q1 represented our fifth consecutive quarter of positive comp sales growth and fourth straight of double-digit growth with widespread increases in new and retained customers as well as across all income cohorts. Growth across Games and Toys was noteworthy, underpinned by strong Squishy trends and collectibles. We opened 49 net new stores across 25 states compared to 55 new stores in the first quarter last year. We grew our store count by 8% year over year and ended the quarter with 1,970 stores.

謝謝你，Winnie。各位下午好。我也想先感謝我們的團隊在服務顧客方面展現出的高度專注。在宏觀挑戰加劇、消費者愈發謹慎的情況下，我們本季的表現超出預期，並進一步印證我們獨特零售概念的強勁實力。第一季淨銷售額成長近 33%，達 13 億美元。主要受惠於約 23% 的強勁同店銷售成長。以兩年疊加（two-year stack）口徑計算，同店銷售約成長 30%。第一季是我們連續第五季同店銷售正成長，也是連續第四季達到雙位數成長；新客與回流客均廣泛增加，且各收入族群皆呈現成長。遊戲與玩具品類的成長尤為突出，主要由 Squishy 熱潮與收藏品帶動。我們在 25 個州淨新增 49 家門市，去年第一季新增 55 家。我們的門市數量年增 8%，季末門市總數達 1,970 家。

As Winnie mentioned, we were very pleased with the performance across our fleet as growth rates were across all classes of stores. Adjusted gross profit increased 46% to $479 million or 37.2% in rate of sales, an increase of approximately 40 basis points compared to Q1 last year. This was primarily driven by fixed cost leverage on the strong comp sales, with efficiencies in distribution and a lower shrink accrual also contributing.

如 Winnie 所提到的，我們對整體門市網絡的表現非常滿意，因為各類型門市的成長率皆呈現提升。調整後毛利增加 46% 至 4.79 億美元，或銷售比率 37.2%，較去年第一季提升約 40 個基點。這主要由強勁同店銷售帶來的固定成本槓桿所驅動，配送效率提升與較低的損耗（shrink）提列也有所貢獻。

Adjusted SG&A expenses totaled $324 million or 25.2% in rate of sales, a decrease of approximately 250 basis points compared to Q1 last year. This was primarily driven by fixed cost leverage on the strong comp sales, partially offset by increased incentive costs and higher store labor related to the April physical inventory counts. The profit flow-through on our sales growth was strong. Adjusted operating income grew 160% to $155 million. And adjusted operating margin increased approximately 600 basis points to 12%.

調整後 SG&A 費用合計 3.24 億美元，或銷售比率 25.2%，較去年第一季下降約 250 個基點。這主要由強勁同店銷售帶來的固定成本槓桿所驅動，但部分被較高的獎勵成本，以及因 4 月實體盤點而增加的門市人力成本所抵銷。我們銷售成長帶來的利潤流入（flow-through）表現強勁。調整後營業利益成長 160% 至 1.55 億美元。調整後營業利益率提升約 600 個基點至 12%。

Net interest income was $8 million or $2 million above last year primarily due to a higher average cash balance throughout the quarter. Adjusted net income for the quarter grew 160% to $123 million. And adjusted earnings per share increased 158% to $2.22. We ended the first quarter in a strong cash position with approximately $1.1 billion in cash, cash equivalents, and investments.

淨利息收入為 800 萬美元，較去年增加 200 萬美元，主要因本季期間平均現金餘額較高。本季調整後淨利成長 160% 至 1.23 億美元。調整後每股盈餘成長 158% 至 2.22 美元。第一季結束時，我們的現金部位強勁，現金、約當現金與投資合計約 11 億美元。

Inventory was $813 million at the end of the first quarter. An increase of approximately 16% with a commensurate 10% increase in units. Average inventory per store grew 7% at the end of Q1. The increase in inventory reflects both opportunistic buying during this favorable tariff environment and taking the appropriate steps to ensure seamless flow of product amidst a more challenging global supply chain environment. Overall, we believe we’re in a very good inventory position heading into the summer and holiday periods.

第一季末存貨為 8.13 億美元。年增約 16%，同時件數（units）相應增加 10%。第一季末每店平均存貨增加 7%。存貨增加反映了兩個因素：在目前較有利的關稅環境下進行機會性採購，以及在更具挑戰的全球供應鏈環境中採取適當措施以確保商品順暢供應。整體而言，我們認為在進入夏季與假期檔期前，我們的存貨水位處於非常良好的狀態。

Now I want to turn to our expectations for the remainder of the year. We’re very pleased with our Q1 performance and remain highly convicted in our ability to continue to generate durable, sustainable growth. At the same time, we remain cautious with respect to the macro environment, consumer sentiment, and buying behaviors. As such, we have left our half-two comparable sales assumptions unchanged from our previous guidance.

接下來我想談談我們對今年剩餘期間的預期。我們對第一季表現非常滿意，並且對我們持續創造穩健、可持續成長的能力保持高度信心。同時，我們對宏觀環境、消費者信心與購買行為仍維持審慎態度。因此，我們維持先前指引中對下半年同店銷售的假設不變。

On tariffs, we have now flowed through the estimated benefits from the 10% global tariff rate that is in place through July 24, and we continue to assume that the tariffs will then revert to the rates that were in place at the beginning of the fiscal year. I’d like to also point out that our guidance does not assume any impact from IEEPA tariff refunds. With this as context, I’ll now turn to our outlook.

關於關稅，我們已反映目前至 7 月 24 日適用的 10% 全球關稅稅率所帶來的預估效益，並且我們仍假設其後關稅將回到本財年初的稅率水準。我也想指出，我們的指引並未假設 IEEPA 關稅退稅帶來的任何影響。在此背景下，我接著說明我們的展望。

For the second quarter, we are raising our previous implied outlook. We now expect total sales in the range of $1.18 billion to $1.2 billion or growth of 16% at the midpoint versus last year’s second quarter with comparable sales growth between 7% and 9%. We expect to open approximately 50 new stores in the second quarter compared to 32 last year. Adjusted operating margin at the midpoint is expected to be 7% versus 5.4% in the second quarter last year. With the 160-basis-point increase driven by gross margin expansion, partially offset by higher SG&A. Adjusted gross margin in the second quarter reflects higher merchandise margins, fixed cost leverage, and a lower shrink accrual partially offset by the effect of higher supply chain and fuel costs on outbound transportation.

針對第二季，我們上調先前隱含的展望。我們目前預期總銷售額介於 11.8 億至 12.0 億美元之間，以中位數計較去年第二季成長 16%，同店銷售成長介於 7% 至 9%。我們預期第二季將新開約 50 家門市，去年同期為 32 家。調整後營業利益率以中位數計預期為 7%，去年第二季為 5.4%。此 160 個基點的提升主要由毛利率擴張帶動，但部分被較高的 SG&A 所抵銷。第二季調整後毛利率反映較高的商品毛利、固定成本槓桿與較低的損耗提列，但部分被供應鏈與燃料成本上升對出貨運輸成本的影響所抵銷。

Adjusted SG&A is expected to delever slightly, as the benefits of leverage are more than offset by increased marketing investment and increased store labor due to the timing of physical inventory counts. Net interest income is expected to be approximately $8 million for the second quarter, and the effective tax rate is expected to be approximately 25%. Adjusted net income is expected to be $68 million at the midpoint or an increase of 52% versus Q2 last year.

調整後 SG&A 預期將略為去槓桿（delever），因槓桿效益將被增加的行銷投資，以及因實體盤點時點所致的門市人力增加所超過。第二季淨利息收入預期約為 800 萬美元，有效稅率預期約為 25%。調整後淨利以中位數計預期為 6,800 萬美元，較去年第二季增加 52%。

Adjusted diluted earnings per share at the midpoint is expected to be $1.23 compared to $0.81 last year. For the full year, our guidance for sales reflects the outperformance we delivered in the first quarter and the improved sales outlook for the second quarter. We expect operating margin expansion to be driven by gross margins, with SG&A rate of sale now expected to be flat to 2025. Full-year sales are expected to be in the range of $5.4 billion to $5.48 billion, an increase of 14% at the midpoint versus last year. And comparable sales growth is expected to be between 6% and 8%, or nearly 20% growth at the midpoint on a two-year stack basis.

調整後稀釋每股盈餘以中位數計預期為 1.23 美元，去年為 0.81 美元。就全年而言，我們的銷售指引反映第一季的超預期表現，以及第二季更佳的銷售展望。我們預期營業利益率擴張將由毛利率帶動，而 SG&A 銷售比率目前預期將與 2025 年持平。全年銷售額預期介於 54 億至 54.8 億美元之間，以中位數計較去年增加 14%。同店銷售成長預期介於 6% 至 8%，以兩年疊加口徑計，中位數接近 20% 的成長。

Adjusted operating margin is expected to increase 170 basis points to 11.6% at the midpoint driven by gross margin expansion. Versus our prior guidance, the operating profit flow-through from the increase in sales is partially being offset by higher incentive costs. We've largely mitigated higher operating costs across the supply chain, including fuel-related headwinds, primarily through the lower tariff rates and increased efficiencies in our distribution centers. We expect net interest income of approximately $31 million and a full-year effective tax rate of approximately 25%. Adjusted diluted earnings per share is expected to be $8.85 at the midpoint on 55.7 million shares outstanding or growth of 33% versus 2025.

調整後營業利益率預期在中點將提升170個基點至11.6%，主要由毛利率擴張所帶動。相較於我們先前的指引，銷售增加所帶來的營業利益流入（flow-through）部分被較高的獎勵性薪酬成本所抵銷。我們已在很大程度上緩解供應鏈各環節較高的營運成本（包括燃料相關逆風），主要透過較低的關稅稅率以及配送中心效率提升。我們預期淨利息收入約為3,100萬美元，全年有效稅率約為25%。調整後稀釋每股盈餘預期在中點為8.85美元，以5,570萬股流通在外股數計算，較2025年成長33%。

Capital expenditures are still 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.

資本支出仍預期介於2.30億至2.50億美元之間（不含承租人裝修補助的影響），反映約150家淨新增門市開設，以及對科技與基礎設施的投資增加。

In summary, we're very pleased with the performance of the business. We remain focused on executing at a high level and continuing to deliver on our top and bottom line growth strategies. With that, I'll hand the call back over to the operator to start the Q&A session.

總結來說，我們對業務表現感到非常滿意。我們仍專注於高水準執行，並持續推進我們在營收端與獲利端的成長策略。接下來我把電話交回給主持人，開始問答環節。

(Operator Instructions) John Heinbockel, Guggenheim.

(主持人指示) John Heinbockel，Guggenheim。

Winnie, can you talk to the results that you're seeing, obviously incredibly strong, particularly as it relates to traffic. Can you talk to brand awareness? And then maybe brand awareness around certain elements of your go-forward strategy and the degree to which you're acquiring new customers because it would appear that you're acquiring them at a much more rapid pace than even you had six months ago.

Winnie，你能談談你們看到的結果嗎？顯然非常強勁，尤其是與來客數（traffic）相關的部分。能否談談品牌知名度？以及你們未來策略中某些要素的品牌知名度，還有你們獲取新客的程度；因為看起來你們獲取新客的速度比六個月前甚至你們自己預期的還要快得多。

Thanks, John. Thanks for your question. A really good one. We actually did see a really, really great lift this quarter out of transactions driven by traffic and actually nice double-digit growth both the new customers as well retained. And I think we're actually in the early innings with marketing and growing our awareness.

謝謝你，John。謝謝你的提問。這個問題非常好。我們這一季確實看到交易筆數因來客數帶動而大幅提升，新客與留存客戶都實現了不錯的兩位數成長。我認為在行銷與提升知名度方面，我們其實還在非常早期的階段。

Our awareness still remains both aided and unaided, remains pretty low relative to our competitors. So we've just started this journey. I think what we're very pleased with is the fact that we're making good strides, and it was really a switch in our marketing strategy moving from more traditional marketing and directing our media spend into social. Coupled with that, we have really tried to build our customer database and to ensure that our stores are capturing customer e-mails because that just makes us that much more effective, both in driving the appropriate media messages to our customers, but also hopefully growing a lifetime relationship with them and eventually being able to personalize our reach out to them. But traffic has been tremendous, and we certainly had a nice lift.

我們的知名度（不論是提示知名度或非提示知名度）相較競爭對手仍然偏低。所以我們才剛開始這段旅程。我們非常高興的是，我們正在取得不錯的進展；而這主要來自我們行銷策略的轉換，從較傳統的行銷方式，轉而把媒體投放導向社群。同時，我們也非常努力建立客戶資料庫，並確保門市能蒐集顧客電子郵件，因為這能讓我們更有效地向顧客傳遞合適的媒體訊息，也希望能與他們建立長期關係，最終能夠個人化我們對他們的觸達。但來客數表現非常出色，我們確實獲得了不錯的提升。

Our traffic -- our messaging resonated with our customers in social, and it was across Valentine's, Easter or health and fitness trends, which focused on Pilates all the way through to squishy things and squish sampling. So really pleased with the initial results we've seen. Thanks, John.

我們的來客數——我們在社群上的訊息與顧客產生共鳴，涵蓋情人節、復活節或健康與健身趨勢（聚焦皮拉提斯），一直到軟軟捏捏的商品與試捏體驗。因此我們對目前看到的初步成果感到非常滿意。謝謝你，John。

Matthew Boss, JPMorgan.

Matthew Boss，JPMorgan。

Congrats on another nice quarter. So two questions. Winnie, with four straight quarters now of double-digit comps, could you touch on foundational changes you've made, which you think provides confidence to comp the comp, I guess how best to think about merchandise opportunity remaining across your world today? And can you just touch on the momentum that you've seen continue so far in May?

恭喜又交出一個不錯的季度。我有兩個問題。Winnie，連續四個季度同店（comps）都達到兩位數成長，你能否談談你們做了哪些基礎性的改變，讓你們對「同店再比同店」（comp the comp）更有信心？也就是說，該如何看待你們目前各個品類世界（world）中仍然存在的商品機會？另外，你能否談談截至目前在5月持續看到的動能？

Thanks so much for the question, Matthew. And it's a really, really good one. We feel really good about the strategy we put in place, and what we think is a lot of dry powder in order to go after continued growth of the top line. I have a simple saying around here at the office and it's, sales solves problems. And I'm a tried and true merchant, and I'm incredibly excited about the momentum I see in the business, but also what our merchants have brought to the table.

非常感謝你的提問，Matthew。這確實是個非常、非常好的問題。我們對所制定的策略感到非常有信心；我們認為為了追求營收端持續成長，我們還有很多「乾火藥」（dry powder，可動用的資源與空間）。我在辦公室常說一句很簡單的話：銷售能解決問題。我是一個貨真價實的商品人（merchant），我對業務動能感到非常興奮，也對我們商品團隊帶來的成果感到非常振奮。

We have taken what used to be a very item-focused merchandising approach to really an assortment merchandising approach, looking across assortments targeting our core customers and really thinking through how do we tell stories around the product. And I think it's the combination of that product storytelling being maniacal about continuing to refresh the product lines because that is what our customers are voting for, and then also making sure that we've got compelling value. The majority of our assortment over 80% is still $5 and below. We did switch to simplify pricing at full price points, much easier to shop. Frankly, it's a lot easier to merchandise to as well.

我們已把過去非常以單品為中心的商品策略，轉變為真正以「組合／品類配置」（assortment）為中心的商品策略，從整體組合出發鎖定核心客群，並深入思考如何圍繞商品講故事。我認為關鍵在於多重因素的結合：以近乎偏執的態度持續更新產品線（因為顧客就是用購買在投票）、商品故事化，以及同時確保我們提供具吸引力的價值。我們的商品組合中，超過80%仍維持在5美元及以下。我們也改為更簡化的定價方式（以整數全價價位為主），讓購物更容易。坦白說，對陳列與商品規劃也更容易。

As we look at price points above $5, we've seen really great resonance because we pack so much value into anything that's above $5. We also abolish the Five Beyond section, move that product in line, and we've actually seen that product perform better because it's basically merchandise the way the customer wants to shop the product. If you have a $35 gilt floor mirror in the room section and not tucked away in the back of the store. So all of those changes have made a real difference. We also -- in terms of store execution, we're very, very focused on these curtain-up moments.

在5美元以上的價位帶，我們看到非常好的共鳴，因為我們在所有高於5美元的商品中都塞進了非常高的價值感。我們也取消了Five Beyond專區，把那些商品併入主動線陳列；而我們實際上看到那些商品表現更好，因為這樣的陳列方式更符合顧客想要的購物方式。例如，把一面35美元的金色落地鏡放在居家房間（room）區，而不是藏在店鋪後方。所以這些改變都帶來了很大的差異。另外——在門市執行方面，我們非常、非常聚焦在這些「拉開帷幕」（curtain-up）的關鍵時刻。

And what it has done is galvanized the organization to work together to make sure we've got the right product at the right place at the right time, in-stock levels are good and that our stores are educated about the product stories that they're going to be hosting for all of our customers. So all of that has been a foundational work. We have ways to go early innings in terms of what more we can do both in terms of marketing, via database, via social.

這讓整個組織更凝聚、共同合作，確保在對的時間把對的商品放在對的位置，庫存水位良好，並且門市同仁了解他們將要為所有顧客呈現的商品故事。因此，這些都是基礎性的工作。在行銷方面，無論是透過資料庫或社群，我們仍在早期階段，還有很多可以做的。

And then in terms of merchandising and specific to your question, I am really excited about the newness that I see and the opportunities we have in every single world. We had outsized growth this quarter in terms of toys, collectibles and games. But I also see so many green shoots and so much strength across the assortment from beauty to fashion, and very, very strong food and candy business that continues to be a cornerstone for us at Five Below. So a lot ahead of us.

接著回到商品與你具體的問題，我對我看到的新品力（newness）以及我們在每一個世界（world）中的機會都感到非常興奮。本季玩具、收藏品與遊戲的成長特別突出。但我也在整體組合中看到許多新芽（green shoots）與強勁動能，從美妝到時尚皆然；而食品與糖果業務也非常強勁，並持續是Five Below的核心支柱之一。所以我們前方還有很多可期待的。

And I think the big thing with my coming here, we've unleashed the merchant. And the vendors really do love us, and we've worked very hard to diversify that vendor base. So I think we've got a lot ahead of us in terms of growth, and I feel very confident about our ability to comp. Thanks so much, Matt.

我認為我來到這裡後最重要的一點是，我們釋放了商品團隊的能量。供應商真的很喜歡我們，而我們也非常努力讓供應商基礎更多元化。因此我認為在成長方面我們還有很多空間，我也對我們維持同店成長（comp）的能力非常有信心。非常感謝你，Matt。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

A, is there a way that you can quantify some of the unique contributions to the comp from things like Squish Dumplings or Pokémon that may be more trend related and not necessarily continue for an extended period of time? And B, could you break down some of the unique costs that you are experiencing today such that if the market were to assume you comp flat as you anniversary some of these strong growth rates, we can get a baseline of what Five Below's earnings outlook would be even a more conservative scenario as you get into 2027?

A，你們是否能量化一下，像是 Squish Dumplings 或寶可夢（Pokémon）這類較偏趨勢性、未必能長期延續的因素，對同店銷售（comp）的獨特貢獻？另外 B，你能否拆解一下你們目前正在承擔的一些特殊成本？也就是說，若市場假設在你們逐步進入 2027 年、並在強勁成長率的比較基期（anniversary）之後同店持平，我們可以用什麼作為 Five Below 在更保守情境下的獲利展望基準？

Thanks for the question, Michael. And I'll kick off and talk about quantifying the comp for Q1. I would characterize our strategy at work, the flywheel operating model, great product, great value. Stores that look great are fun to shop, easier to shop as well as our ability to really engage with customers via social media. I would quantify that as being high-single digit in terms of run rate and what we're seeing. In addition to that, we had a quarter where we enjoy the benefit of higher tax refunds that the customers spent with us. That was terrific.

謝謝你的提問，Michael。我先開頭談談第一季同店的量化。我會把它歸因於我們策略的落地：飛輪式營運模式、優質商品、超值價格。門店看起來很棒、逛起來很有趣，也更容易購物，再加上我們透過社群媒體真正與顧客互動的能力。就我們看到的表現與趨勢，我會把這部分量化為高個位數的運行水準（run rate）。此外，本季我們也受惠於較高的退稅金額，顧客把這些錢花在我們這裡。那非常棒。

The final thing is everyone's been talking about the Squishy Dumpling. And what's really interesting to me about this particular trend because we've always had cyclical trends in the business that come in and out. It's not the what, but the how. And I think that the big driver of how this trend went from zero to hero was; one, our doing a lot of social listening, seeing what was popping; two, amplify, reposting and then engaging with customers. And then three, really thinking through not just a dumpling, but a full assortment of squishy things.

最後一點，大家都在談 Squishy Dumpling。對我來說，這個趨勢特別有意思，因為我們的業務一直都有週期性趨勢來來去去。重點不在「是什麼」，而在「怎麼做」。我認為這個趨勢能從默默無聞到爆紅的關鍵驅動因素是：第一，我們做了大量社群聆聽（social listening），觀察什麼正在竄紅；第二，放大聲量，轉發並與顧客互動；第三，不只把它當作一個「餃子」，而是思考一整套「軟軟捏捏」商品的完整組合。

And that has driven some really nice traffic and we're going to continue to use that mental model to drive traffic in the future. And we're constantly looking at what next trend can we amplify. The good thing about our business today, however, is that, again, we've got a store in business. Every world is working very well and positively, and we continue to drive what new ideas are out there in every single world and then how can we talk and engage with our customers about it. That is really a new tool for us.

這帶來了非常不錯的來客數（traffic），未來我們也會持續用這個心智模型來帶動來客。我們也一直在找下一個可以被我們放大的趨勢是什麼。不過，我們目前業務的好處在於，再次強調，我們的門店業態。每一個「世界」（world）都運作得非常好且正向，我們持續在每一個世界裡推動新的點子，並思考如何與顧客溝通、互動。這對我們來說真的是一個新的工具。

And then I'll let Dan speak to costs.

接下來我讓 Dan 來談成本。

Yes, hi, Michael, thanks for the question. I would probably highlight two topics to your question on the cost profile. One is clearly transitory, and that is around the supply chain. And in particular, the rising cost of fuel and the rising cost of diesel fuel per gallon. We've sized that for the year 20 to 25 basis points of an increase.

好的，嗨 Michael，謝謝你的提問。針對你問的成本結構，我大概會強調兩個主題。第一個很明顯是短期性的（transitory），也就是供應鏈相關。特別是燃油成本上升，以及每加侖柴油價格上升。我們估算這對全年會造成 20 到 25 個基點的增幅。

Important to note though, within our outlook for the year, we have fully offset those costs through a combination of better tariff costs flow through and better productivity and efficiency across our distribution centers. But that's clearly, to your point, one of the outliers. And then I think the second one that I would highlight, which is absolutely intentional is around the marketing investments that we are making. Winnie has described so much of the incredible outcomes that we are seeing. And that's coming from our stated desire to really feed this capability.

不過要注意的是，在我們對全年的展望中，我們已透過關稅成本更有利的傳導，以及在各配送中心提升生產力與效率的組合，完全抵銷了這些成本。但如你所說，這確實是其中一個異常項（outlier）。第二個我想強調的，是我們正在進行、而且完全是刻意為之的行銷投資。Winnie 已經描述了我們看到的許多驚人的成果。而這些成果來自於我們明確希望持續「餵養」並強化這項能力。

It's about a 20- to 25-basis-point year-over-year increase this year. The beauty of that is we're seeing terrific returns. And if we get to a place in whatever circumstance hypothetically, where we are in a more challenged environment, we would obviously be able to pull that back as well. So hopefully, that answers your question.

今年這部分大約是年增 20 到 25 個基點。其美妙之處在於，我們看到非常好的回報。而且假設在任何情境下、如果我們處於更具挑戰的環境，我們顯然也能把這部分支出收回一些。希望這回答了你的問題。

David Bellinger, Mizuho.

David Bellinger，瑞穗（Mizuho）。

I want to ask about the trading card category, some of that's very on trend right now. Is that an opportunity to chase product? And can you talk about any conversations you've had with larger brands or manufacturers to get even more allocation across the store base?

我想問集換式卡牌（trading card）品類，其中有些目前非常符合潮流。這是否是一個可以追貨（chase product）的機會？另外，你能談談你們是否與較大型品牌或製造商有過任何對話，以便在整體門店基礎上取得更多配額（allocation）嗎？

Trading cards are a great business driver for us, and we were really happy with the results of our National Pokémon Day. And we are definitely looking at further opportunities to chase Pokémon than other trading cards. That is actually one of the trends that has a more enduring effect. And what I'm also seeing is that we're just looking at what does that mean beyond just the trading cards and looking at the impact of anime collectibles and growing those assortments accordingly as well. So it's something that we are looking at very carefully, and I'm having daily discussions about increasing supply. Thanks so much for your question.

集換式卡牌對我們來說是很好的業務驅動因素，而我們對「全國寶可夢日」（National Pokémon Day）的成果也非常滿意。我們確實在尋找更多機會去追寶可夢（Pokémon）以及其他集換式卡牌的供給。這其實是影響更為持久的一個趨勢。另外我也看到，我們正在思考這除了卡牌之外還意味著什麼，並觀察動漫收藏品（anime collectibles）的影響，進而相應擴充這些品類的商品組合。所以這是我們非常謹慎在看的事情，我也每天都在討論如何增加供應。非常感謝你的提問。

Edward Kelly, Wells Fargo.

Edward Kelly，富國銀行（Wells Fargo）。

Congrats on really amazing results. Dan, you mentioned in your prepared remarks around the outlook, just about a bit more caution, I guess, on the macro and the consumer. Could you just maybe give a little bit more color around why that's worked its way into sort of like your way of thinking. Is there anything that you're seeing in the business yourself currently? And then as it pertains to all this and the outlook for the back half because that hasn't changed.

恭喜你們交出非常驚人的成績。Dan，你在事先準備的談話中提到展望時，似乎對總體環境與消費者多了一點謹慎。你能否再多補充一些背景，說明為什麼這會納入你們的思考方式？你們目前在自身業務中有看到任何跡象嗎？另外，關於這些因素以及下半年展望，因為你們的下半年展望並沒有改變。

Can you just maybe talk about some of the things you might be excited about for the holiday period as it pertains to how you're thinking about the back half?

你能否談談一些你對假期檔期（holiday period）可能感到興奮的事情，以及這如何影響你對下半年的思考？

Yes, absolutely. Look, I think there's a couple of things here within the business that are worth commenting on. One, and you've heard Winnie unpacked the Q1 results. We are incredibly pleased and confident with the results that our strategy is delivering in terms of sustainable growth. We're fore quarters now of double-digit growth and five quarters of comp growth, and that's a great reflection of the execution of the strategy.

好的，當然可以。我想這裡有幾點在業務面值得評論。第一，你也聽到 Winnie 拆解了第一季的結果。我們對策略所帶來的、可持續成長的成果感到非常滿意且充滿信心。我們已連續四個季度達成雙位數成長、連續五個季度同店成長，這很好地反映了策略執行的成效。

I think as we look forward from here, and we talked about it in our last call, we are certainly cognizant of the fact that we are cycling a stronger year-over-year performance in the quarter we're in, let alone the back half of the year, and that factored into our thinking as well. I mean half two of this year will be cycling 15% comp growth from a year ago. And we'll be doing it, having fully anniversaried the pricing activities that we initiated a year ago. And so as we thought about that, we see an incredibly healthy business that is absolutely delivering durable growth. We see a more challenging back half of the year simply based on what we will cycle.

我認為往前看，我們在上一次電話會議也談到，我們確實意識到：我們正在面對更強的年對年比較基期，不只是在當前這一季，更包括下半年，而這也納入了我們的思考。也就是說，今年下半年將要對比去年 15% 的同店成長。而且屆時我們也將完全跨過（anniversary）一年前啟動的定價措施所帶來的影響。因此在這樣的思考下，我們看到的是一個非常健康的業務，確實正在交付具韌性的成長。我們之所以認為下半年更具挑戰，單純是基於我們將面對的比較基期。

And then that leads to the point of your question, which is the environment in which we're operating. And I would say here, we're being cautious, and we're looking at the environment. We're looking at the world that our customers are living in with rising fuel costs with very sticky inflation with a somewhat soft labor market. And we think a piece of that pain that they are feeling wasn't felt in the first quarter purely because of tax proceeds year-over-year that were significantly up. And so I think you have to look at all three of those together.

接著就回到你問題的重點，也就是我們所處的營運環境。我會說，在這裡我們保持審慎，並且在觀察環境。我們在看客戶所處的世界：燃料成本上升、通膨非常黏著，以及勞動市場略為疲軟。我們認為，他們感受到的部分壓力在第一季之所以沒有那麼明顯，純粹是因為稅務退稅（或稅收款項）相較去年同期大幅增加。因此我認為你必須把這三點一起看。

We don't have data that would suggest there's trade down happening. We don't have data that would suggest there's been a shift in behavior. That's certainly not what we're saying. But I do think we transparently have to look at the environment we're operating in and the world our customers are living in the reality of some of the points that I made. So that's how we shaped it and thought about both the near term and the back half of the year.

我們沒有任何數據顯示正在發生消費降級（trade down）。我們也沒有數據顯示行為出現轉變。這當然不是我們在說的。但我確實認為，我們必須透明地看待我們所處的環境，以及客戶所生活的世界，並正視我剛才提到的一些現實因素。所以我們就是這樣來塑造並思考，無論是短期還是今年下半年。

Winnie, I'll let you talk about what you're excited about.

Winnie，我讓你來談談你最興奮的部分。

And Edward, I would also add to Dan's comment to say that, as he mentioned, we actually have seen growth across all of our income cohorts. And I think the beauty of our model is we have a very unique value proposition that's pretty much one of one. We are a brand that is delivering a specialty experience for kids and doing it at extreme value. And the notion that the price of entry is a buck is something that we think is going to really help us gain market share as we move through the quarters and should the customer feel more pressure. With that, in holiday, it's very interesting being part of the Five Below team because one characteristic is that no one's ever satisfied.

Edward，我也想補充 Dan 的評論：如他所提到的，我們其實在所有收入族群中都看到了成長。我認為我們模式的美妙之處在於，我們有非常獨特的價值主張，幾乎是獨一無二。我們是一個為孩子提供專業化體驗、同時以極致價值交付的品牌。而入門價格只要 1 美元這件事，我們認為將在接下來幾個季度幫助我們提升市占率，並且在客戶感受到更大壓力時更能發揮作用。另外，談到假期檔期，加入 Five Below 團隊很有趣，因為有一個特點是：沒有人會感到滿足。

And with the great holiday results that we posted last year, we walked away hindsighting 15 or 16 things we could be doing better. There are certainly things that we executed really well. And I would say from a product ammunition point of view, we were still light in certain areas because of tariffs. And I think we believe we can buy back into those categories. So there will be additional goodness that we couldn't necessarily afford last year.

即便我們去年公布了非常好的假期成績，事後回顧我們仍列出了 15 或 16 件可以做得更好的事。當然也有一些事情我們執行得非常好。但我會說，從商品「火力」（product ammunition）的角度來看，因為關稅因素，我們在某些領域仍然偏輕。而我們相信可以重新加碼採購回到那些品類。因此會有一些額外的利多，是我們去年未必負擔得起的。

The other piece of this is that, like I said earlier, the product storytelling and bringing together really fulsome product stories to engage with the customers at the beginning of the holiday season ending with an amazing stocking stuffer type of event. We've got a lot going. And our job is to pull it together to make sure that it's curated and that we're messaging it correctly. So we're actually quite excited. We think we've got a lot of really great dry powder for the season. Thank you.

另外一部分是，如我先前所說，商品敘事（product storytelling）以及把非常完整的商品故事整合起來，在假期季一開始就吸引顧客互動，並以一個很棒的「襪子禮物」（stocking stuffer）類型活動作結。我們有很多事情在推進。我們的工作是把它們整合起來，確保內容經過策展，並且訊息傳達正確。所以我們其實相當興奮。我們認為這個季節我們有很多很棒的「乾粉」（dry powder，可用資源/彈藥）。謝謝。

Scot Ciccarelli, Truist Securities.

Scot Ciccarelli，Truist Securities。

Dan, I think that last call, you used the phrase, we're seeing what you're seeing in terms of your sales growth versus maybe what some of the 3P services would have suggested. Given that context, it appears your 2Q guide is below, I think, what we're seeing from the outside. So given the magnitude of outperformance in 1Q, and what we always believe is a higher current run rate, are you actually expecting a slowdown in the back part of the quarter? Or is it more of that kind of cushion for the macro dynamics that you were earlier referencing?

Dan，我記得在上次電話會議你用過一句話：就銷售成長而言，我們看到的跟你們看到的差不多，可能與一些第三方（3P）服務所暗示的不同。在這個背景下，看起來你們的第二季指引低於、我想、外界所看到的水準。因此，考量第一季超預期的幅度，以及我們一向認為目前的即期運行率（run rate）更高，你們是否其實預期本季後段會放緩？還是說，這更多是為了你先前提到的總體環境變數而預留的緩衝？

Yes. No, of course. Look, let me spend a minute on how we thought about the second quarter. I'm not going to get into necessarily the specifics of the quarter of where we are, but I'm happy to put some color to it and connect it to how we built the outlook. I'll start by saying we're certainly pleased with the start to the quarter.

是的。不，當然。你看，我花一點時間說明我們如何思考第二季。我不會深入談本季目前進展的具體細節，但我很樂意補充一些背景，並連結到我們如何建立展望。我先說，我們對本季開局當然感到滿意。

The team has executed at a very, very high level. And you've had some interesting holiday moments, whether they be Mother's Day or grad or early summer that certainly we're excited about, and we've seen good results. So from that standpoint, off to a good start. The quarter the way the quarter shapes to May is the smallest of the three months. June and July is where the heavy lift is.

團隊以非常、非常高的水準在執行。而且你們也看到一些有趣的節慶時點，不論是母親節、畢業季，或初夏，這些我們都很興奮，也看到不錯的成果。所以就這點而言，開局良好。就季度節奏來看，5 月是三個月份中最小的一個。6 月和 7 月才是主要的重頭戲。

We have a lot of work left to do here as we get deeper into summer, the heart of grad, Father's Day, Fourth of July, et cetera. And so we've got a long way ahead of us here in terms of the quarter. As a reminder, at this moment, we've almost entirely cycled the pricing actions of a year ago. And so for the back half of the quarter and rest of the year, we will have fully anniversaried that.

隨著我們更深入夏季、進入畢業季核心、父親節、7 月 4 日等，我們還有很多工作要做。因此就本季而言，我們前面還有很長一段路要走。提醒一下，到目前這個時間點，我們幾乎已經完全走完去年定價動作的比較基期（cycle）。因此在本季後半段以及今年剩餘時間，我們將完全完成其周年比較（anniversary）。

And so look, all in all, again, we're pleased with the start of it. We're about halfway through it. We have a lot of -- a lot to do for sure. And look, while I'm on the quarter, let me just comment for a second on the squishy event that took place in mid-May. Look, you heard Winnie described it in her prepared remarks, it was an absolutely amazing, amazing program. Cultural zeitgeist is what we've called it. I think that's the right way to describe it.

所以總的來說，再次強調，我們對開局感到滿意。我們大概進行到一半。確實還有很多——很多事情要做。另外，既然談到本季，我也想簡短評論一下 5 月中旬發生的那個 squishy 活動。你們聽到 Winnie 在事先準備的講稿中描述了，那真的是一個非常、非常精彩的專案。我們稱之為「文化時代精神」（cultural zeitgeist）。我認為這樣形容很貼切。

We saw tremendous response from customers and really brilliant flawless execution from our team. And so if you look at that event through the lens of the Five Below brand, how we engage customers, create a unique retail moment, and ultimately execute terrific on absolutely all accounts. I would caution against the notion of this event being a meaningful catalyst to the comp profile for the quarter that we've built, right? It's a one-day event, essentially of one item with intentionally constrained supply.

我們看到顧客反應非常熱烈，團隊的執行也非常出色且幾乎零瑕疵。所以如果你從 Five Below 品牌的角度來看這個活動：我們如何與顧客互動、創造獨特的零售時刻，並且最終在各方面都執行得非常到位。但我會提醒，不要把這個活動視為我們所建立之本季同店（comp）走勢的重大催化劑，對吧？它基本上是一日活動，且主要是一個單品，供應量也是刻意受限。

And so I want to just sort of make clear for everyone, it was an absolutely terrific event that was not designed to be a meaningful catalyst to the comp profile for the quarter. So hopefully, that gives you a bit of color of how we thought about it.

因此我想對大家說清楚：這確實是一個非常棒的活動，但它的設計目的並不是要成為本季同店表現的重大催化劑。希望這能讓你更了解我們是如何思考的。

And I would say the last thing is just price and the roller price because I think Dan mentioned this, but pricing impacts a little bit of Q2, but then we will have anniversaried it for the second half of Q2.

最後我想說的是價格，以及 roller 的價格，因為我想 Dan 提到過：定價對第二季仍有一點影響，但到了第二季後半段我們就會完成其周年比較。

Zhihan Ma, Bernstein.

Zhihan Ma，Bernstein。

I wanted to ask about the traffic versus ticket dynamic with the great traffic result that you guys achieved in Q1. I'm assuming part of that is linked to squishy, wondering if there's additional color you can provide there. And meanwhile, ticket growth did seem to have decelerated somewhat. Despite in Q1, I'm assuming you still had some tariff-driven price increases in there. So was UPT down?

我想問一下，在你們第一季達成很強勁的來客數（traffic）表現下，來客數與客單（ticket）之間的動態。我猜其中一部分與 squishy 有關，想請你們提供更多說明。同時，客單成長看起來確實有些放緩。儘管在第一季，我猜你們仍包含了一些由關稅推動的漲價因素。所以 UPT（每筆交易件數）是下降了嗎？

Are people buying smaller baskets? And how do we see the balance for the rest of the year?

人們是否在購買更小的購物籃？以及我們如何看待今年剩餘時間的平衡？

So for the first quarter, Zhihan, you hit the nail on the head pretty much. So the traffic, we had a couple of things going on. We saw really nice increases. We did see nice increases that were generated by all the marketing actions we took to amplify the squish trend. And with that trend, we did drive footsteps that cross the threshold.

所以在第一季，Zhihan，你幾乎是一語中的。所以在客流方面，我們有幾件事同時在發生。我們看到非常不錯的成長。我們確實看到由我們為放大 squish 趨勢而採取的所有行銷動作所帶來的良好增長。而隨著那個趨勢，我們確實帶動了跨過門檻進店的腳步。

And those baskets typically are smaller than the broader basket. And that kind of explains why you see ticket not being quite as high or equally as high as other quarters. So that's effectively it. With that said, one of the things that we're seeing, we continue to see is nice traffic lift, and it really is we think our marketing strategy is working and our ability to be agile to really think about what's happening, reflect on those trends, react very quickly and drive footsteps across the threshold. So all good stuff, but we did see a nice benefit and a smaller basket in the quarter because of the squish trend.

而那些購物籃通常比整體更廣泛的購物籃要小。這也某種程度解釋了為什麼你看到客單價沒有像其他季度那麼高，或同樣高。所以基本上就是這樣。話雖如此，我們持續看到不錯的客流提升；我們確實認為我們的行銷策略正在奏效，以及我們保持敏捷、真正去思考正在發生什麼、反映這些趨勢、非常快速地反應並推動跨過門檻的進店人流的能力。所以都是好事，但由於 squish 趨勢，我們在本季確實看到不錯的效益，同時購物籃也更小。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

First question, new space productivity was outstanding. I assume part of it is how strong the core comp is. So you're opening stores with product and trend that you probably didn't have in the base. So how to think about it if there's any change or things that you're doing on your side outside of the strong comp? And then, Dan, just to paraphrase, you left back half unchanged, but you're not seeing anything different about the consumer and some of the cost things that you cited, it sounds like they're mostly or fully offset other than increase in marketing.

第一個問題，新店空間生產力非常出色。我猜其中一部分是核心同店表現有多強。所以你們開新店時帶入了在既有基礎店可能沒有的商品與趨勢。那麼，除了同店很強之外，你們這邊是否有任何改變或正在做的事情，該如何看待？然後，Dan，我換句話說，你維持下半年不變，但你並沒有看到消費者有任何不同；而你提到的一些成本因素，聽起來除了行銷增加之外，大多或完全被抵消了。

Hi, Simeon. So thanks for the questions. On new store productivity, of course, you're right. When you see widespread growth like this, comp growth, you're going to see the step-up in productivity. And of course, that's what we're seeing.

嗨，Simeon。謝謝你的問題。關於新店生產力，當然你說得對。當你看到像這樣廣泛的成長、同店成長時，你會看到生產力的躍升。而這當然就是我們正在看到的。

I do think it's worth highlighting, we are seeing outsized performance in our 2025 and 2026 classes of stores, which directly feeds back to the strategy that we've put in place, which is we want to be incredibly good from site selection to preopening to grand opening to post opening. We've intentionally shifted our approach here. It's about quality of properties and locations, not just quantity. We still are committed to the high single-digit unit growth profile, but we want to do it in a really, really compelling way. And I think that's a piece of what you're seeing here as well.

我確實認為值得強調的是，我們看到 2025 與 2026 屆（批次）的門店表現特別突出，這直接回饋到我們所制定的策略：我們希望從選址、開店前準備、盛大開幕到開幕後，都做到非常出色。我們刻意在這裡調整了我們的方法。重點在於物件與地點的品質，而不只是數量。我們仍然致力於高個位數的門店數成長輪廓，但我們希望以非常、非常有說服力的方式來做到。我認為這也是你在這裡看到的一部分原因。

And then, yes, I think the way that you described it is right. I think we haven't changed our back of year outlook. We have contemplated when we spoke three months ago, that we were expecting a bit of a choppy environment with our consumer in a challenging macro environment. And that's certainly what we've seen play out. And I would say that has accelerated recently in the world we're operating in.

然後，是的，我認為你描述的方式是對的。我想我們沒有改變我們對今年下半年的展望。三個月前我們溝通時就已經考量到，在具挑戰的總體環境下，我們的消費者可能會面臨較為顛簸的環境。而這確實就是我們看到的發展。我會說，在我們所處的世界裡，這種情況最近還加速了。

I would point out, though, that holding our comps outlook consistent for the half two reflects an incredible confidence and belief in how we are running this business and delivering results, while also acknowledging that it is a challenging environment right now for our consumers. And so we want to be thoughtful about that. We want to be balanced about that, which we think is the appropriate stance given the operating environment.

不過我想指出的是，將下半年同店展望維持一致，反映出我們對於如何經營這門生意並交付成果有極高的信心與信念，同時也承認對我們的消費者而言，當下確實是具挑戰的環境。因此我們希望在這方面保持審慎。我們希望在這方面保持平衡；在我們看來，考量到營運環境，這是適當的立場。

Robbie Ohmes, Bank of America.

Robbie Ohmes，美國銀行。

Congrats. My question is, how much of online growth was a driver in the first quarter? And how do you see going forward? And was digital a bigger contributor than expected in the first quarter? And is that because of the squishy trend?

恭喜。我的問題是，第一季線上成長在多大程度上是驅動因素？以及你們如何看待未來？第一季數位端是否比預期貢獻更大？這是否是因為 squishy 的趨勢？

And just how do we think about that momentum continuing for the rest of the year?

以及我們該如何看待這股動能在今年剩餘時間的延續？

Thanks so much for the question, Robbie. We did see some nice growth online, but it's still a very small percentage of the total business. And again, this is another white space opportunity as we move forward and really think about this connected customer journey and the role of omnichannel. We are seeing nice pickup, but it's still a small percentage. Really where we have leveraged online is the social media and influencer creator marketing that we put out there, it really points most customers directly to the site, which becomes kind of a window to Five Below and drives them traffic into the stores.

非常感謝你的問題，Robbie。我們確實看到線上有不錯的成長，但它仍然只占整體業務非常小的比例。同樣地，隨著我們往前推進並真正思考這段連結式的顧客旅程以及全通路的角色，這是另一個白地機會。我們看到不錯的回升，但仍是小比例。我們真正運用線上的地方是在我們投放的社群媒體與網紅／創作者行銷；它確實把大多數顧客直接導向網站，而網站某種程度上成為 Five Below 的一扇窗，並把流量導入門店。

But again, potential white space opportunity for us in the future.

但同樣地，這對我們而言在未來是潛在的白地機會。

Chuck Grom, Gordon Haskett.

Chuck Grom，Gordon Haskett。

Winnie, on the outside looking in, sometimes hard to contextualize the marketing upside. So could you perhaps size up what's worked well so far? What's next as you leverage loyalty and more influencers to modernize the social spend? And can you touch on the e-mail database that you're building out, I guess, where that stands today relative to, say, a year ago?

Winnie，從外部看，有時很難把行銷的上行空間放在脈絡中理解。所以你能否大致量化一下到目前為止哪些做法效果最好？接下來在運用會員／忠誠度並引入更多網紅以現代化社群投放時，下一步是什麼？另外你能談談你們正在建立的電子郵件資料庫嗎？我想知道它目前相較於一年前大概處於什麼狀態？

Chuck, thanks for the questions. So I'm going to actually start with the marketing spend. It's really interesting. We just started on this journey with social last year. And so I think first step was just trying on different types of content, but creator content, boosting UGC.

Chuck，謝謝你的問題。那我先從行銷支出談起。這真的很有意思。我們去年才剛開始這段社群之旅。所以我認為第一步就是嘗試不同類型的內容，包括創作者內容、推廣 UGC（使用者生成內容）。

And what has really, really helped us is that we have a lot of stories to tell the marketing and merchandising teams work really closely together pretty much from the inception of the line. And they start thinking through what would really hit. The second piece of social though that we've really enjoyed is social listening. And just paying attention to what our customers are talking about and then being able to really lean into those trends. And we see it not just in the squish phenomenon, but we also see it in our food world with candy.

而真正、真正幫助我們的是，我們有很多故事可以講；行銷與商品團隊幾乎從產品線的起點就非常緊密地合作。他們開始思考什麼會真正打中市場。社群的第二個部分是我們非常享受的「社群聆聽」。也就是留意顧客在談論什麼，然後能夠真正順勢加碼那些趨勢。我們不只在 squish 現象上看到，也在我們的食品世界、像糖果上看到。

And even with what's happening with our beauty programs in beauty dupes. So those are new muscles that we're just beginning to really take advantage of. We also have seen a nice pickup in terms of customer growth through Connected TV. And here, I mentioned that we are doing more more AI-generated content that just allows us to be fast, nimble but also really use our imagination and touch kids and really in terms of the channels they are looking at like YouTube. The customer file is beginning to grow, and we are in very early stages, but we are seeing that the value of those customers in our file are growing pretty much not geometric -- pretty much geometrically as we go quarter in, quarter out.

甚至在我們的美妝計畫、以及美妝平替（beauty dupes）上也看得到。所以這些是我們才剛開始真正加以運用的新能力。我們也看到透過 Connected TV 在顧客成長方面有不錯的提升。在這裡，我提到我們正在做更多由 AI 生成的內容，讓我們能夠快速、靈活，同時也能真正發揮想像力，觸及孩子們，並在他們正在觀看的渠道上觸達，例如 YouTube。顧客檔案（customer file）開始成長；我們仍在非常早期階段，但我們看到檔案中的這些顧客價值幾乎不是線性——而是隨著一季又一季，幾乎呈幾何級數地成長。

So the key to this is how do we get more customers capture more at the till, but then also start to really think through what loyalty could look like for Five Below. And what we're working on is, is it going to be through the app is it reward points for spending and visits. We think that our customers will actually really enjoy being first in terms of doing about new releases and new products. So there's a lot more to explore there. And again, we're in early stages in that journey, but excited about what we've seen so far.

所以這件事的關鍵在於，我們要如何吸引更多顧客、在收銀台端提升更多轉換，但同時也要開始真正思考 Five Below 的會員忠誠計畫可能會是什麼樣子。我們正在推進的方向是：會不會透過 App？會不會是依消費金額與到店次數累積的獎勵點數？我們認為，我們的顧客其實會很享受能夠搶先得知新品上市與新產品資訊。所以這裡還有很多可以探索的空間。再說一次，我們在這段旅程仍處於早期階段，但對目前看到的成果感到很振奮。

Michael Montani, Evercore ISI.

Michael Montani，Evercore ISI。

I just wanted to ask for a moment about the EPA tariff rebates basically coming to about 150 basis points of potential tailwind from that, which assumed about 85%, 90% import and then about 30%, 35% foreign direct import. Just wondering if you guys would comment at all on that. And then also, you had mentioned the 10% tariff rate coming back into play that could go up to where it was last year pre-IEEPA. We had that at like 18% to 20%. So I'm just curious if you'd be willing to comment at all on how you see that margin playing out?

我想先花點時間問一下 EPA 關稅退稅，基本上大約相當於 150 個基點的潛在利多，這是基於約 85%、90% 的進口占比，以及約 30%、35% 的海外直接進口（FDI）。想請問你們是否願意對此做任何評論。另外，你們也提到 10% 的關稅稅率可能會重新生效，並可能回升到去年 IEEPA 之前的水準。我們估算大概是 18% 到 20%。所以我很好奇，你們是否願意談談你們如何看待毛利率接下來的走勢？

Yes, Michael. Happy to do so. Look, on the IEEPA tariffs, we've not publicly sized or quantified that, and I'm sure I'm not going to do that here. What I would say is we've taken all the appropriate steps to secure the claims and avail ourselves to these claims. And so from an administrative perspective, I think we're in very good standing here towards the refunds.

是的，Michael。很樂意回答。關於 IEEPA 關稅，我們沒有對外公開估算或量化，我也確定不會在這裡量化。我能說的是，我們已採取所有適當步驟來確保申請（claims）到位，並讓我們能夠提出這些申請。因此從行政作業角度來看，我認為我們在取得退稅方面的準備與狀態都非常良好。

Now of course, the if and the when to that conversation is still to be determined, but we've done all the right things that we need to do. On the broader tariff discussion, just to be completely clear, what we have assumed for the back half of the year is tariff rates that returned to levels that they were at the start of our fiscal year. Certainly, what's been in the news the last couple of days would tell us that's probably a pretty good assumption. How the administration intends to get back to this some way, likely through Section 301 tariffs. So we think we're in a good position there.

當然，這件事是否以及何時會發生，仍有待確認，但我們已把該做的都做對了。至於更廣泛的關稅議題，為了完全說清楚，我們對今年下半年的假設是：關稅稅率回到我們會計年度開始時的水準。過去幾天新聞的發展也顯示，這大概是個相當合理的假設。政府打算以某種方式回到那個水準，可能會透過《301 條款》關稅。所以我們認為在這方面我們處於不錯的位置。

What we have updated in our outlook at this point is we have flowed through the benefit of lower tariffs that we have experienced over the 150-day period that will end in late July. It is an incredibly fluid and complicated topic. We have resisted the temptation to quantify every element of it because I think for us, we want to just make sure that we're being clear with how we thought about it, and what we've included in our outlook or not. This has a lot to play out as we work through the year.

我們目前在展望中更新的是：我們已把在這段 150 天期間（將於 7 月下旬結束）所經歷的較低關稅所帶來的利益反映進去。這是一個極度變動且複雜的議題。我們一直克制不去量化其中每一個元素，因為對我們而言，我們希望確保清楚說明我們如何思考這件事，以及哪些已納入我們的展望、哪些沒有。隨著我們推進今年的營運，還有很多情況會逐步發展。

Brad Thomas, KeyBanc Capital Markets.

Brad Thomas，KeyBanc Capital Markets。

Congrats on the momentum. I wanted to ask about the strong customer traffic that you've had over the last year. Wondering if you've looked at or could share with us any insights into what kind of repeat visits you're seeing from new customers that are coming in. And then as we think about a world where perhaps tariffs are more benign, curious if there are any investments in price on the more favorable side for the customer that you may be considering should the savings stay in place?

恭喜你們動能強勁。我想問一下你們過去一年非常強的客流表現。想知道你們是否有研究或能否分享一些洞見：新進來的顧客之中，你們看到的回訪（repeat visits）情況大概是什麼樣子？另外，若我們假設未來關稅環境可能較為溫和，我也好奇：如果節省的成本能持續，你們是否會考慮在價格上做一些更有利於顧客的投資？

Fair question, Brad, on the repeat from new customers, we are seeing a nice growth from repeat from new customers. And we've seen double-digit growth both in terms of repeat as well as new customer acquisition. So really nice results thus far and more to do again, early innings on this one. In terms of price, it's a great question. Last year, we really made a move to simplify prices and to round everything up and down to whole price points.

Brad，這個問題問得很公平。關於新客的回訪，我們確實看到新客回訪有不錯的成長。而且無論是回訪，還是新客獲取，我們都看到雙位數成長。所以到目前為止成果非常好，當然還有很多可以做的——這也還在早期階段。至於價格，這是個很好的問題。去年我們確實採取行動來簡化價格，把所有價格往上或往下調整到整數價位。

And our customers responded very favorably to that move. It's a much easier shopping experience, much easier for our crew as well. With that, we kept the majority of our prices at Five Below, and we made sure to invest in the Five and above and make sure that we had great relative value. The final thing was we got rid of it beyond and put those products in line. Those two things gave us a real insight into how customers respond to price, and we have not seen resistance on prices above $5 if we can pack enough relative value.

顧客對這個調整反應非常正面。購物體驗更容易，對我們的門市同仁也更容易。在此基礎上，我們把大多數商品價格維持在 Five Below 的核心價位，同時也確保在「Five and above（5 美元以上）」區間投入，讓相對價值（relative value）非常突出。最後一點是，我們取消了「beyond」的獨立概念，並把那些商品納入同一套陳列與定價體系。這兩件事讓我們更了解顧客對價格的反應；只要我們能在商品中提供足夠的相對價值，我們並沒有看到顧客對 5 美元以上價格的抗拒。

So we feel good about the strategy we've got and the customers have definitely voted for it, both in terms of a lot on offer at $5 and below. But again, at $5 and beyond, they have responded very favorably to the value we've packed into those products. So we feel good about the trajectory we've got and are sticking to this game plan for now.

所以我們對目前的策略很有信心，顧客也確實用行為投票支持：一方面在 5 美元及以下有大量選擇。但同樣地，在 5 美元以上的區間，他們也對我們放進商品裡的價值回饋非常正面。因此我們對目前的發展軌跡感到樂觀，現階段也會持續依照這個計畫執行。

Anthony Chukumba, Loop Capital Markets.

Anthony Chukumba，Loop Capital Markets。

Let me add my congratulations on another blockbuster quarter, and I'm not going to make a joke, so I can actually get my question in this quarter. So based on your -- I mean, you have a debt-free balance sheet, right, between your cash and short-term investments, call it $1.1 billion and kind of based on where your stock is in the aftermarket, looking at a -- out of a classic buy the rumor, sell the news, it's about -- your cash is about 10% of your current market cap. I guess, my question is, how do you think about potential returns to shareholders given the fact that you're in this very advantaged position.

我也要恭喜你們又交出一個爆發性的季度表現，而且我這季不開玩笑，這樣我就能真的把問題問完。所以根據你們——我的意思是，你們的資產負債表是零負債，對吧？你們的現金與短期投資合計大約 11 億美元；再看你們盤後股價的表現，從典型的「買預期、賣事實」角度來看——你們的現金大約相當於目前市值的 10%。我想問的是：在你們處於這麼有利的位置下，你們如何思考對股東的潛在回饋（returns to shareholders）？

Look, we continue to deploy capital primarily in support of our growth strategies. That's been our stance. And here, we continue to see outsized returns on these investments. So for us, we're super excited about that.

我們仍然主要把資本投入用於支持我們的成長策略。這一直是我們的立場。而且在這裡，我們持續看到這些投資帶來超額報酬。所以對我們而言，我們對此感到非常興奮。

You're right, by the way, though, we're certainly doing this from a position of strength, liquidity, health of balance sheet is spot on. And we're super proud of that and the optionality that gets us as well. I see that personally as a real competitive advantage for us, especially in an increasingly challenging macro environment. Now so in the near term, I think that's unlikely to change. Having said that, I fully appreciate the question.

順帶一提，你說得沒錯，我們確實是在一個很強的基礎上做這些事：流動性充足、資產負債表健康狀況非常到位。我們也為此感到非常自豪，以及它所帶來的策略彈性（optionality）。我個人認為，這對我們而言是一項真正的競爭優勢，尤其是在宏觀環境愈來愈具挑戰性的情況下。因此在短期內，我認為這種資本配置立場不太可能改變。不過，我完全理解這個問題。

And as we move forward, we will continue to reevaluate here and consider opportunities to optimize returns on excess capital to consider alternatives and potentially deploy capital differently, probably not at this moment because we remain in growth mode and really wanting to feed this outsized growth platform that we think we can deliver, but certainly something that we're looking at. And over time, we'll continue to evaluate.

隨著我們往前推進，我們會持續重新評估，並考慮在多餘資本（excess capital）上優化報酬的機會，評估各種替代方案，並可能以不同方式部署資本；但大概不是在此刻，因為我們仍處於成長模式，並且真的希望為我們認為能夠交付的這個超額成長平台提供資源支持——不過這確實是我們正在關注的事項。而且隨著時間推進，我們會持續評估。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

Great quarter, congratulations. So the question I want to ask, you mentioned a few times here, it's the benefit of outsized tax refunds in Q1. So as you look at the quarter, was there -- the tax refund benefit, did it change the shape of that quarter? And I guess how-- if there was a unique driver, so to say, is something else taken over, so as we push into Q2 with the sales momentum persisting.

本季表現很棒，恭喜。我想問的問題是，您在這裡提到幾次，第一季有超出預期的退稅帶來的好處。所以回頭看這一季，退稅的利多是否改變了該季的走勢？另外我想問——如果可以說有一個獨特的驅動因素，那麼在我們進入第二季、且銷售動能持續之際，是否有其他因素接棒？

Yes, Brian. No, I mean, look, the tax refund year-over-year impact was in absolute dollar size of returns year-over-year. It was the phasing and the timing of those returns didn't necessarily change. And so like everyone else, that money was sort of put back in the consumers' hands in late February and then played itself largely over the next few weeks and then a bit -- there's always a bit of a tail towards this. So no.

是的，Brian。不，我的意思是，你看，退稅在年對年影響上，主要體現在退貨金額的絕對美元規模年對年變化。這些退稅的分期與時間點並沒有必然改變。因此就像其他人一樣，那筆錢在二月下旬回到消費者手上，接著在接下來幾週大致發揮作用，然後——通常還會有一點尾端效應。所以沒有。

I think the short answer is, particularly in the year-over-year, did it meaningfully reshape the quarter for us, or was it a specific driver and specific, the answer would be no.

我想簡短的答案是，特別是就年對年而言，這是否對我們而言實質上重塑了這一季，或是否是一個特定驅動因素、且具有特定影響——答案是否定的。

Kate McShane, Goldman Sachs.

Kate McShane，高盛。

It sounded like, Winnie, in your comments that Beauty and Fashion might be a little bit behind the other categories just in terms of performance. And we were wondering if you would say some of those assortment changes are behind that? And if so, what can we expect to see out of these categories over the next couple of quarters?

Winnie，從您的評論聽起來，美妝與時尚在表現上可能比其他品類稍微落後一些。我們想知道，是否可以說其中一部分原因是商品組合（assortment）的調整所致？如果是的話，未來幾個季度這些品類的表現可以期待什麼？

Kate, thanks so much for your question. Actually, I'm so sorry, Beauty and Fashion performed well. And we're actually seeing nice resonance across our assortments. When we speak to 15 out of 18 departments as the majority of the departments. There are a few departments that did not comp positively because we have strategically downsized them and down-trended them.

Kate，非常感謝你的提問。其實很抱歉，美妝與時尚表現得很好。而且我們確實看到我們的商品組合在各方面都有不錯的共鳴。當我們提到18個部門中的15個部門時，指的是大多數部門。有少數部門沒有呈現正向同店成長（comp），因為我們策略性地縮減並下調了它們。

So that's really what's happening. We -- I do think there's more opportunity in beauty fashion, especially as customers may select to trade down and look differently at where they purchase. And so we feel very good about the business and the go forward on both fronts.

所以實際上就是這樣的情況。我們——我確實認為美妝與時尚還有更多機會，特別是在顧客可能選擇降級消費、並以不同方式看待在哪裡購買的情況下。因此我們對這項業務以及未來在這兩個面向的發展都感到非常有信心。

Spencer Hanus, Wolfe Research.

Spencer Hanus，Wolfe Research。

I'm just curious how much run rate you think you have to continue to shift the mix to higher AUR products over time just as you try to mechanically cycle some of these tough comps if the underlying rate here is a high single-digit comp. And then just on the success of this dumpling event in the quarter, do you see an opportunity to run that playbook across other products and categories over time here as well?

我只是好奇，隨著時間推進，為了在機械性地消化一些艱難的同店比較（comp），如果目前的基礎同店成長率是高個位數，您認為還有多少空間可以持續把組合轉向更高AUR（平均單價）的商品？另外，關於本季餃子活動的成功，您是否看到機會把這套作法（playbook）也逐步套用到其他商品與品類上？

Thanks, Spencer. I'm going to start with the dumpling question because I think it's a really good one. I think the playbook is really what we walked away with and how we did it, not necessarily how many dumplings do we sell. And it's certainly something that we want to leverage and activate again. There is something about social listening, amplification getting really in the midst of a viral trend and then fueling it and having an event that in stores was really compelling.

謝謝你，Spencer。我先從餃子這個問題開始，因為我覺得這是個很好的問題。我認為我們帶走的「作戰手冊」其實是我們怎麼做、以及我們如何執行，而不一定是我們賣了多少餃子。這當然是我們想要再度運用並重新啟動的做法。社群聆聽、擴散，在病毒式趨勢正熱時深入其中、再去推波助瀾，並在門市打造一個非常吸引人的活動——這些都有其獨特之處。

Customers, including parents walked away really happy with the event and thought it was pure retailtainment. So those are things that we definitely would like to replicate and use again when appropriate. We are constantly looking for the next new both from the vendor community, but also with the customers. What are they talking about? What's going viral today, and how do we engage with them.

顧客（包含家長）參加完活動後都非常開心，覺得這就是純粹的「零售娛樂」（retailtainment）。所以這些確實是我們在適當時機很想複製並再次運用的事情。我們一直在尋找下一個新事物，不僅來自供應商社群，也來自顧客端。他們在談什麼？今天什麼正在爆紅？我們要如何與他們互動？

And then in terms of price, we have more room to explore price and looking at a strategic lever for growth in the future. With that said, where I think we've really won is, again, cost of entry being a buck offering this amazing specialty retail experience and having the majority of our product at very accessible price points. I'd like to say that we make the aspirational accessible and that is our main aim. What our (inaudible) on price did for us last year is, it allowed us to explore price points that didn't go from $5 all the way up to $25, but what's great value at $10 and $15. And it opened up our ability to allow more interesting merchandise into the assortments that we maybe wouldn't have looked at in years past.

至於價格方面，我們還有更多空間去探索，把價格作為未來成長的策略性槓桿。話雖如此，我認為我們真正勝出的地方在於——再次強調——入門門檻只要一美元，卻能提供這種很棒的專門零售體驗，而且我們大多數商品都在非常可負擔的價位帶。我常說我們是把「有質感的嚮往」變得觸手可及，這是我們的主要目標。去年我們在價格上的（聽不清）所帶來的效果是，讓我們能探索一些價位點，不是從5美元一路跳到25美元，而是像10美元、15美元這種「很有價值感」的價位。這也讓我們能把更有趣的商品帶進商品組合中，而這些可能是過去幾年我們不一定會去看的。

So definitely more opportunity. But again, we're going to stick with our guns in terms of delivering great relative value and making again, aspirations accessible.

所以確實還有更多機會。但同樣地，我們會堅持我們的核心——提供很好的相對價值，並再次讓「嚮往」變得可及。

Joe Feldman, Telsey Advisory Group.

Joe Feldman，Telsey Advisory Group。

I wanted to follow up, and it's been asked a little bit about how are you guys driving the trends? Like are you -- it sounds like you're getting better at monitoring trend activity, social media. Like are you are buyers maybe leveraging new tools like AI to help ingest a lot more information about what trends are? Or is it that you guys are actually creating a trend and pushing it through social media that then spurs people into the stores? And I was just hoping you could share a little more color on that.

我想追問一下，之前也有人稍微問到你們是如何推動趨勢的？例如——聽起來你們在監測趨勢活動、社群媒體方面變得更擅長了。你們的採購人員是否可能在使用像AI這樣的新工具，來吸收更多關於趨勢的資訊？還是說你們其實是在創造趨勢，並透過社群媒體推動，進而把人帶進門市？我希望你們能再多分享一些細節。

It's a great question, Joe. I would say that a couple of things happened, and it really started to take hold last year. When I joined being a merchant, I saw the tremendous opportunity and talent we have with our teams, and we literally unleashed them. We said go forth and find great things. And with tariffs, it also pushed us to diversify our vendor base and look further and really explore the market and see what was out there, both domestically as well as abroad.

這是個很好的問題，Joe。我會說有幾件事同時發生，而這其實是從去年開始逐漸成形的。我加入後以商品人的角度看，看到我們團隊擁有巨大的機會與人才，我們幾乎是把他們完全釋放出來。我們說，去吧，去找好東西。而關稅也促使我們分散供應商基礎、把視野放得更遠，真正去探索市場上有哪些東西，不論是國內或海外。

And so I think that part of this is the funnel has broadened, and we have more product and more trend ideas going through the funnel. Then with our switch to social media naturally, when you switch your media buys into social, you're much more engaged from what's happening in social. And I would say that our teams were always kind of looking at it, but now we're really studying it. And it's really great because I would say social trends have picked up and amplified even faster in the past year. And you can do that across everything from like food to room decor to fashion and beauty and toys.

所以我認為其中一部分是，我們的漏斗變得更寬了，有更多產品與更多趨勢想法進入這個漏斗。接著，隨著我們自然地把媒體投放轉向社群媒體，當你把媒體採買轉到社群，你就會更深度地參與社群上正在發生的事。我會說我們的團隊以前也一直在看，但現在我們是真的在研究它。而這很棒，因為我會說過去一年社群趨勢的形成與擴散速度變得更快、更被放大。而且這可以涵蓋從食物、居家佈置、到時尚、美妝與玩具等各個領域。

And so that's been amazing to have our attention and our curiosity really peaked by what's out there. And instead of waiting for the next cycle, we chase it. And our ability to chase, go after things, try to be first to market or a fast follower is at the heart of what our buying teams do. I also think there's a lot more opportunity in terms of leveraging AI and trend detection, and we're excited to keep exploring those options. The last thing I will say is, I would love to say that we created the dumpling trend.

所以這很驚人，因為我們的注意力與好奇心真的被外面正在發生的事情大大激發。我們不再等待下一個週期，而是去追逐它。而我們追趕、出手、嘗試成為第一個上市，或成為快速跟進者的能力，正是我們採購團隊工作的核心。我也認為在運用AI與趨勢偵測方面還有更多機會，我們也很期待持續探索這些選項。最後我想說的是，我很希望能說餃子趨勢是我們創造的。

The dumpling trend is something that we've -- it's an item in our assortment for about five years, we started seeing it pop up with social. What we did was amplify what was becoming hot. That is a special scale, and I do think we can use it to then create trends on a go-forward basis. So lots in our toolkit that we're developing this year and that we can apply to future.

餃子趨勢是我們一直在關注的——這個品項在我們的商品組合中大約已有五年，我們開始看到它在社群媒體上冒出頭。我們所做的是放大那些正在變熱的事物。那是一個特殊的規模，我確實認為我們可以利用它，進而在未來持續創造趨勢。所以我們今年正在打造的工具箱裡有很多內容，也能應用到未來。

Randy Konik, Jefferies.

Randy Konik，Jefferies。

I just want to go back to the squish dumpling impact on the business. I think you said that it negatively impacted basket size yet, but you're talking to this idea that there's a lot of breadth in the business, which kind of makes sense. So do you think that when you look at, let's say, if you hindsight the company, think about years assets fidget spinners and other things that kind of positively impacted the business in the past. Can you kind of give us some perspective of how you looked at how the business kind of performed on, let's say, a trend like that in a big way in the past to say, 10 years ago, whatever it was, and how you kind of see that as different today, and how you're getting more attachment in the business versus maybe you didn't in the past. I'm just curious if you've done that highisighting and looked at a prior trend that was huge back in the day and look at it, and how it's different today versus the past?

我想回到 squish dumpling 對業務的影響。我記得你說它確實對客單（basket size）有負面影響，但你同時也在談業務的廣度很大，這聽起來也合理。所以你是否認為，當你回頭看公司過去，比如十年前，像指尖陀螺（fidget spinners）以及其他曾在過去對業務帶來正面影響的東西。你能否給我們一些觀點：你們如何看待當年那種大型趨勢對業務表現的影響（比如十年前或任何時點），以及你們如何看待今天的不同；還有你們現在如何在業務中獲得更多的連帶購買（attachment），相較於過去可能沒有那麼多。我只是好奇你們是否做過那種回溯分析（hindsighting），把過去某個當年非常巨大的趨勢拿來看，並比較今天與過去有何不同？

That would be super helpful on how you've seen that and how you think about that going forward?

如果你能說明你們如何看待這件事，以及你們未來如何思考，會非常有幫助。

Yes. It's a great question, Randy. I think what our teams have done in terms of analyzing the trend and the trends of the past, it's pretty remarkable. We've got a lot of data, and we've got a lot of different through lines on trends in the past, be it fidget spinners, rainbow loans, or Squishmallows. So we have most those curves to see what demand looks like and when did they peak and when do they climb down?

是的。這是個很好的問題，Randy。我認為我們團隊在分析這個趨勢以及過去的趨勢方面所做的工作相當令人驚豔。我們有大量數據，也有許多不同的脈絡來看過去的趨勢，不論是指尖陀螺、彩虹貸款（rainbow loans），或是 Squishmallows。因此我們掌握了大多數那些曲線，用來觀察需求長什麼樣子、何時達到高峰、以及何時開始回落。

We've looked at seasonality of trends. I think what was unique about the squish dumpling trend is, one, it is bigger and hotter than the other trends. And I think in part because of social media. The exposure of this trend on social and engagement by the community has been tremendous. And the virality of that trend has made the demand peak in a very, very consistent and high way.

我們也看了趨勢的季節性。我認為 squish dumpling 趨勢的獨特之處在於：第一，它比其他趨勢更大、更熱。而我認為其中一部分原因是社群媒體。這個趨勢在社群上的曝光，以及社群的參與度都非常驚人。而這種病毒式傳播使得需求以非常、非常一致且高位的方式達到峰值。

And then for us, it was interesting just engaging in social media with creators and with our customers. The dumpling of that was meat because we tease the campaign in social. We could really get the news out. We could get the excitement out. And that, again, is a skill and a toolkit that will take away from it.

接著對我們而言，有趣的是與創作者以及我們的顧客在社群媒體上的互動。那個餃子（dumpling）之所以成為「爆點」，是因為我們在社群上先行預告（tease）了這個活動。我們真的能把消息傳出去。我們能把興奮感帶出去。而這同樣是一種能力與工具箱，我們會把它帶走並延續運用。

With that said, we have worked very hard to try and build an assortment business that goes beyond a single trend and a single item. And so I really see it as a portfolio. And portfolio management suggests that like we just need to make sure we've got lots of little trends (technical difficulty) and to listen to and perhaps amplify as we see these trends hit their peak and start to die down. The last thing I'll say about squish dumplings is that what makes them unique was; one, the rare; number two, the element of surprise. And so some of those ingredients and what makes it special or also ingredients we'll look forward in terms of new products that come to the line that we think are trend worthy.

話雖如此，我們一直非常努力，試圖建立一個不只依賴單一趨勢、單一商品的商品組合型業務。因此我真的把它視為一個投資組合（portfolio）。而投資組合管理意味著：我們需要確保有很多小趨勢（技術問題），去傾聽並在看到這些趨勢達到高峰、開始降溫時，可能加以放大。我最後想說關於 squish dumplings 的是，它們之所以獨特：第一，是稀有性；第二，是驚喜元素。因此，這些成分、以及讓它特別的因素，也會是我們在展望未來、評估新品線上哪些產品具備成為趨勢的潛力時，會納入考量的要素。

Hope that answers your question. Thanks, Randy.

希望這回答了你的問題。謝謝你，Randy。

And that will conclude 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。我想把電話會議交回給 Winnie Park 女士作結語。請開始。

Thanks so much. As you've heard, we're making really good progress in executing our customer-centric strategy, and we're really excited for the rest of the year. I want to offer a huge thank you to the Five Below crew, who put so much hard work and heart into our brand. And I want to thank you all for joining us on this call today, and I hope to see you in our stores this summer. Thanks so much.

非常感謝。如各位所聽到的，我們在執行以顧客為中心的策略方面取得了非常好的進展，我們也對今年剩下的時間感到非常興奮。我想向 Five Below 團隊致上非常大的感謝，他們為我們的品牌投入了大量的努力與熱情。也感謝各位今天加入這通電話會議，我希望今年夏天能在我們的門市見到你們。非常感謝。

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

本次電話會議已結束。感謝您參加今天的簡報。您現在可以斷線。