Five Below, Inc. (FIVE) 2026 Q2 法說會逐字稿

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

大家好，歡迎參加 Five Below 2026 會計年度第二季財報電話會議。(接線員指示) 請注意，今天的活動將被錄音。

I'd now like to turn the conversation over to Christiane Pelz, VP, Investor Relations. Please go ahead.

現在我想把會議交給投資人關係副總裁 Christiane Pelz。請開始。

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

謝謝。各位下午好，感謝大家今天參加 Five Below 2026 會計年度第二季財務業績電話會議。今天與會者包括 Winnie Park，執行長；以及 Dan Sullivan，財務長兼財務主管（Treasurer）。

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. In this presentation, we will refer to our SG&A expenses, which for us includes depreciation and amortization.

在管理團隊發表正式談話後，我們將開放提問。本次電話會議中的部分評論可能構成前瞻性陳述。此類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，相關風險已載於新聞稿及我們向美國證券交易委員會（SEC）提交的文件中。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。

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.

此外，我們將討論若干非 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 the call over to Winnie.

接下來我把電話會議交給 Winnie。

Thank you, Christiane, and hello, all. I want to start by thanking our amazing Five Below crew. They continue to deliver tremendous energy, fun, and executional excellence in service of our customer, The Boss. Their focused collaboration and drive are what truly delivered our exceptional Q2 results. We are so excited to welcome two new leaders, Rodney Lastinger, our Chief Retail Officer; and Christos Yatrakis, our Chief Legal Officer, both of whom joined us during the second quarter. Our leadership team is now complete and I'm looking forward to seeing the impact we can continue to make on our customer and the crew experience.

謝謝你，Christiane，大家好。我想先感謝我們出色的 Five Below 團隊。他們持續以滿滿的活力、樂趣與卓越的執行力服務我們的顧客——「老闆」（The Boss）。他們專注的協作與衝勁，正是促成我們第二季卓越業績的關鍵。我們也非常高興迎接兩位新領導者：零售長（Chief Retail Officer）Rodney Lastinger，以及法務長（Chief Legal Officer）Christos Yatrakis，兩位都在第二季加入我們。我們的領導團隊現已完整，我期待看到我們能持續為顧客與團隊體驗帶來的影響。

The results in the quarter exceeded our expectations and reinforced the progress we are making in transforming the business, strengthening the brand, and deepening Five Below's position as the destination for the kid and the kid and all of us.

本季業績超出我們預期，並強化了我們在轉型業務、強化品牌，以及深化 Five Below 作為「孩子、內心仍是孩子的你我」首選目的地方面所取得的進展。

With our strong first half performance and increased outlook for the second half, we are again raising our full year outlook, which Dan will discuss shortly.

憑藉上半年強勁表現以及對下半年展望的上調，我們再次提高全年展望，Dan 稍後將進一步說明。

The second quarter results further demonstrate that our customer-centric strategy and the foundational enhancements we made to our operating model are working. The strategy is focused on clarifying who our customer is and what we can uniquely offer them, moving from more item-focused merchandizing approach to an assortment and product storytelling approach, redirecting marketing spend towards social and digital, simplifying pricing, and improving the store experience.

第二季業績進一步證明，我們以顧客為中心的策略，以及我們對營運模式所做的基礎性強化正在奏效。該策略聚焦於釐清我們的顧客是誰，以及我們能為他們提供哪些獨特價值；從較偏重單品的商品陳列方式，轉向以品類組合與產品故事敘事為核心；將行銷支出重新導向社群與數位；簡化定價；並改善門市體驗。

The key to our success is speed to market and close collaboration between merchandizing, marketing, and supply chain, and stores to deliver compelling new product stories. Together, these are driving our operating flywheel, which serves as the basis for our durable top-line growth.

我們成功的關鍵在於快速上市（speed to market），以及商品、行銷、供應鏈與門市之間的緊密協作，以推出具吸引力的全新產品故事。這些共同推動我們的營運飛輪，並成為我們可持續營收成長的基礎。

Now on to the second quarter results. Sales surpass our expectations, delivering $1.3 billion, up 23% versus last year with adjusted diluted EPS of $1.68, more than double last year's second quarter. Sales growth was driven by both comparable sales growth of 14% and continued unit growth of approximately 9%.

接著談第二季業績。銷售額超出我們預期，達 13 億美元，較去年成長 23%；調整後稀釋每股盈餘（EPS）為 1.68 美元，較去年第二季增加逾一倍。銷售成長同時受惠於同店銷售成長 14%，以及約 9% 的持續展店（門市數）成長。

Notably, we lapped last year's double-digit comps with double-digit comps and a 26.5% two-year stack. These results give us even greater conviction in the power of our model. This growth was driven by transactions with robust traffic growth and increased customer engagement from both new and returning customers.

值得注意的是，在去年已是雙位數同店成長的高基期下，我們今年仍繳出雙位數同店成長，兩年疊加（two-year stack）達 26.5%。這些結果讓我們對自身模式的力量更具信心。本次成長由交易筆數帶動，客流成長強勁，且新客與回流客的參與度皆提升。

We saw broad-based growth across customers cohorts, geographies, and product categories. The breadth of the worlds that grew is a testament to our assortment strategy from room to toys to tech to snacks, and we saw amazing response to newness and trends across price points. We have deployed a repeatable operating capability that enables us to detect customer trends early, amplify these trends with our emerging marketing muscles, and execute consistently across the store experience.

我們在各類顧客族群、各地區與各產品品類都看到廣泛成長。成長的「世界」（worlds）涵蓋面之廣，印證了我們的品類組合策略——從居家到玩具、科技到零食——且我們看到顧客對不同價位帶的新商品與趨勢反應熱烈。我們已建立可複製的營運能力，使我們能及早偵測顧客趨勢，運用逐步成形的行銷能力放大趨勢，並在門市體驗上穩定一致地落地執行。

New stores also continue to deliver strong performance. We opened 52 net new stores across 26 states, including four stores that made our all-time spring and summer grand opening lists. The success and productivity of our new stores is a testament to the strength of our brand and the unique place we occupy in retail as a kid-focused, value-driven destination where newness and trend drive visits and loyalty.

新店也持續展現強勁表現。我們在 26 個州淨新增 52 家門市，其中有 4 家門市入選我們歷來春季與夏季盛大開幕（grand opening）名單。新店的成功與高生產力，證明了我們品牌的實力，以及我們在零售市場中所占據的獨特定位：以孩子為核心、以價值為導向的目的地，新鮮感與趨勢驅動來客與忠誠度。

We have a long runway to bring Five Below to more customers and more communities, and new stores continue to fuel our growth. In July, we celebrated the opening of our 2,000th store, an important milestone for Five Below and our crew.

我們仍有很長的成長跑道，能把 Five Below 帶給更多顧客與更多社區，而新店持續為成長注入動能。7 月，我們慶祝第 2,000 家門市開幕，這是 Five Below 與我們團隊的重要里程碑。

In August, we entered our 47th state with our first store in Idaho, and we continue to explore fill-in opportunities to support our successful launch in the Pacific Northwest less than 12 months ago. And we're super excited to announce that we plan to enter the market of Puerto Rico in the back half of 2027. This US territory represents a highly attractive opportunity for our brand with a strong customer fit and desirable real estate opportunities.

8 月，我們在愛達荷州開出首店，正式進入第 47 個州；同時，我們也持續探索補點（fill-in）機會，以支持我們在不到 12 個月前於太平洋西北地區成功啟動後的拓展。我們也非常興奮地宣布，計畫在 2027 年下半年進入波多黎各市場。這個美國屬地對我們品牌而言是極具吸引力的機會，顧客契合度高，且具備理想的不動產（店址）機會。

There's currently no retail concept in the market that delivers the same combination of kid-focused fun and value that are hallmarks of Five Below. We expect to open a handful of stores as part of the initial launch and will remain thoughtful and disciplined in how we build our presence in the market over time.

目前該市場尚無任何零售概念能提供與 Five Below 標誌性特色相同的組合：以孩子為核心的樂趣與高性價比。我們預期在初期導入時開設少數幾家門市，並將在長期建立市場據點的過程中保持審慎與紀律。

We're excited to see our flywheel driving these results. As our merchants identify trend-right product, our marketing team amplifies the story in real time, creating excitement for our customers and driving trips to our stores where we provide a fun and easy experience that converts interest into transactions and repeat visits.

我們很高興看到飛輪效應推動出這些成果。當我們的採購與商品團隊辨識出符合趨勢的產品時，行銷團隊便即時放大其故事，為顧客創造興奮感並帶動到店；而我們在門市提供有趣且便利的體驗，將興趣轉化為交易與回訪。

As our capabilities grow, the flywheel becomes more powerful, driving continued customer engagement and durable growth. We are still in the early innings of unlocking the full potential of each capability. And while each stands on its own in terms of importance to the model, the relationship and connectivity between all three is key to unleashing the full power of the Five Below brand and driving durable growth.

隨著我們能力提升，飛輪將變得更強大，推動持續的顧客參與與可持續成長。我們仍處於釋放各項能力全部潛力的早期階段。雖然每一項能力本身對模式都很重要，但三者之間的關聯與連結，才是釋放 Five Below 品牌全部力量並推動可持續成長的關鍵。

With respect to merchandizing, our teams remain focused on what Five Below does well: listening to customers in social, spotting emerging trends, and delivering compelling newness at great value through product stories that feel fresh, fun, and relevant.

在商品方面，我們的團隊仍專注於 Five Below 最擅長的事：在社群中傾聽顧客、捕捉新興趨勢，並透過令人耳目一新、有趣且貼近需求的產品故事，以超值價格提供具吸引力的新鮮商品。

Our ability to identify, pursue, and scale trends is a meaningful competitive advantage. It brings new customers into the brand and when they experience the breadth, value, and fun at Five Below, it gives them reasons to come back.

我們辨識、追逐並擴大趨勢的能力，是一項重要的競爭優勢。它能為品牌帶來新顧客；當他們體驗到 Five Below 的豐富選擇、價值與樂趣時，也會有理由再次回來。

During the second quarter, our teams delivered a rolling thunder of newness across the store. We amplified numerous trends from Asian food and snacks, to the return of slime and create. And we continue to build the overall squishy trend with new collections and fresh drops.

在第二季期間，我們的團隊在全店持續推出一波接一波的新品攻勢。我們放大了多項趨勢，從亞洲食品與零食，到史萊姆（slime）與手作（create）的回歸。同時，我們也透過新系列與全新上架（fresh drops），持續打造整體「軟Q捏捏」（squishy）趨勢。

We also leaned into cultural events and curtain-up moments that matter to our customers. From World Cup madness to blockbuster movie releases to music and entertainment trends, our teams move quickly to bring relevant products to market, including license items like FIFA and the NBA as well as the Toy Story and Spider-Man movies, and Netflix KPop Demon Hunter series.

我們也更加投入對客戶而言重要的文化活動與「拉開序幕」的關鍵時刻。從世界盃熱潮到賣座電影上映，再到音樂與娛樂趨勢，我們的團隊迅速行動，將相關產品推向市場，包括 FIFA 與 NBA 等授權商品，以及《玩具總動員》、《蜘蛛人》電影與 Netflix《KPop Demon Hunter》系列。

With both the summer and back to school curtain-up moments following during the second quarter, we had lots to celebrate. We helped kick off with a full lineup of products for the pool and beach, from inflatables to craft kits and all things squishy. For back to school, we offered strong value across the assortment that feature both need-to-have pencils and notebooks to must-have novelty giant calculators.

第二季接續迎來夏季與返校兩個「拉開序幕」的關鍵時刻，我們有許多值得慶祝的成果。我們以完整的泳池與海灘產品陣容協助揭開序幕，從充氣用品到手作套組，以及各式各樣的軟軟捏捏商品。針對返校季，我們在整體商品組合上提供強勁的價值，既涵蓋必備的鉛筆與筆記本，也包含必買的新奇巨型計算機。

We brought the season to life through a series of trend-forward destinations designed to inspire both our Gen Alpha and Gen Z customers. For Gen Z, for example, we launched our first-ever dorm blow-up where trend met value, making it easy to create a stylish, personalized dorm room without stretching the budget.

我們透過一系列走在潮流前端的主題陳列區，讓季節氛圍更具體呈現，旨在啟發 Gen Alpha 與 Gen Z 客戶。例如，針對 Gen Z，我們首次推出宿舍「快閃佈置」企劃，讓潮流與價值兼具，輕鬆打造時尚、個人化的宿舍空間，同時不拉高預算。

We curated two collections grounded in pink, gold, and leopard print with washable rugs, full-length mirrors, and amazing storage solutions like our plush storage ottomans. The response to this collection has fueled continued interest in Five Below as a destination for room decor and accessories.

我們策劃了兩個以粉紅、金色與豹紋為主題的系列，包含可水洗地毯、全身鏡，以及如絨毛收納腳凳等出色的收納解決方案。市場對此系列的回應，推動了消費者持續將 Five Below 視為房間裝飾與配件的購物目的地。

On the marketing front, we continue to focus on creating a connected customer journey, which often starts in digital and ends in a store visit. Our customers are social natives, and meeting them where they are strengthens our connection with them and improves the relevance of the Five Below brand.

在行銷方面，我們持續聚焦打造連貫的顧客旅程，這段旅程往往從數位端開始，並以到店造訪作結。我們的客戶是社群原生族群，在他們所在的平台與其互動，能強化我們與他們的連結，並提升 Five Below 品牌的相關性。

Beyond social, we are also growing our customer database to further develop a relationship with the customer and inspire repeat visits. This is an emerging capability for Five Below and one that we are excited to develop.

除了社群之外，我們也在擴大客戶資料庫，以進一步深化與客戶的關係並促進回訪。這對 Five Below 而言是一項新興能力，我們也很期待持續發展。

Our marketing efforts are helping to drive brand awareness while deepening engagement with new and existing customers. Both customer cohorts grow faster than we had historically experienced, and we were pleased to see new customers gained in 2025, returned to Five Below throughout the first half of 2026.

我們的行銷投入正協助提升品牌知名度，同時加深與新舊客戶的互動。兩個客群的成長速度都快於我們過往的經驗；我們也很高興看到 2025 年新增的客戶在 2026 年上半年持續回到 Five Below 消費。

We're still early in our journey to fully unlock the potential of our marketing strategy, and the capabilities we're developing will become increasingly important drivers of customer acquisition, retention, and brand strength.

我們仍處於全面釋放行銷策略潛力的早期階段，而我們正在建置的能力，將日益成為客戶獲取、留存與品牌力的重要驅動因素。

Turning to the store experience, we are focused on making our stores easier to shop and more engaging for customers. We aim to make shopping fun for kids and easy for their parents to say yes. Our customers thrive on newness, value, and novelty, and we are all about the treat and the treasure hunt.

談到門市體驗，我們專注於讓門市更好逛、也更能吸引客戶。我們希望讓孩子逛得開心，也讓家長更容易說「好」。我們的客戶喜歡新鮮感、價值與新奇感，而我們的核心就是「犒賞自己」與「尋寶式購物」。

We are continuing to evolve the Five Below store experience. The first step began last year as we moved Five Beyond items in line with their associated departments rather than merchandizing them on the back of the store.

我們持續進化 Five Below 的門市體驗。第一步從去年開始：我們將 Five Beyond 商品移至其對應的品類部門陳列，而非集中陳列在店鋪後方。

We have an opportunity to re-merchandise the space which was walled off in the balance of the store. By opening up the space and merchandizing a World of Play in this area, co-locating toys, games, collectibles, and craft, we believe we can make our aspiration to be America's greatest little toy store come to life.

我們有機會重新規劃門市其餘區域中原本被隔出的空間。透過打開該空間並在此打造「玩樂世界（World of Play）」的陳列，將玩具、遊戲、收藏品與手作商品集中配置，我們相信能讓「成為美國最棒的小型玩具店」的願景具體實現。

Similarly, we believe that Gen Z customers will appreciate shopping for a World of Style, Beauty, and Room that are co-located in the store and offer an immersive and engaging experience tailored to this important customer cohort.

同樣地，我們相信 Gen Z 客戶會喜歡在門市中一次購足「風格、 美妝與房間（World of Style, Beauty, and Room）」的共區陳列，並享受為這個重要客群量身打造、沉浸且具吸引力的體驗。

We believe that creating these immersive worlds in the store with intuitive product adjacencies, clearer, and more inspiring signage and improved sightlines from the front to the back of stores will bring to life and provide inspiration and excitement for our customers as they build their baskets. The store environment, combined with their trend right product assortment and exceptional value, is what makes Five Below a one-of-one concept and a destination for discovery.

我們相信，在門市打造這些沉浸式主題世界，搭配直覺的商品相鄰配置、更清楚且更具啟發性的指示牌，以及從店前到店後更佳的視線通透性，將能在顧客加購、建立購物籃的過程中，帶來靈感與興奮感。門市環境結合緊貼潮流的商品組合與卓越的價值，正是 Five Below 獨一無二的概念所在，也是探索發現的目的地。

Our stores have also become an increasingly important element of how we are able to amplify trends. Our merchants, marketers, and store teams are working together to amplify trends and activate them with impactful in-store events.

我們的門市也日益成為放大趨勢的重要要素。我們的採購、行銷與門市團隊正攜手合作，透過具影響力的店內活動放大趨勢並加以啟動。

A great example from the quarter was our Golden Ticket Squishy Dumpling event in May. This one day event created excitement for our customers and communities and was flawlessly executed across the chain. It was a great example of building an engaging community at the local store level with a viral trend that has swept across multiple generations from parents to kids and young adults.

本季一個很好的例子是我們在 5 月舉辦的「Golden Ticket Squishy Dumpling」活動。這場為期一天的活動為客戶與社區帶來熱度，並在全通路門市完美執行。這也很好地示範了如何以席捲多個世代（從家長到孩子與年輕成人）的病毒式趨勢，在在地門市層級建立具互動性的社群。

After the event, our marketing team continued the story in social by taking Goldie, our exclusive Golden Dumpling on the road with her friends, introducing new exclusive dumpling drops through social storytelling and keeping customers connected to our brand. Together, the product, social engagement, and store execution has helped us to continue capitalizing on the squishy trend, driving traffic to our stores and leading a cultural zeitgeist.

活動結束後，我們的行銷團隊持續在社群延伸故事線，帶著 Goldie——我們獨家的金色餃子——與她的朋友們上路，透過社群敘事推出新的獨家餃子新品上架，並讓客戶持續與品牌保持連結。產品、社群互動與門市執行三者相輔相成，協助我們持續掌握「軟軟捏捏」趨勢，帶動到店人流，並引領文化潮流。

In summary, we are very pleased with our second quarter performance and are encouraged by the strength we are seeing in the business, driven by the continued progress across merchandizing, marketing, and store experience.

總結來說，我們對第二季的表現非常滿意，也對業務展現的強勁動能感到鼓舞；這主要來自於我們在商品陳列（merchandizing）、行銷與門市體驗上的持續進展。

As we move through the rest of the year and into 2027, we will remain maniacally focused on our customer, The Boss, and on continued growth and executing our strategy at a consistently high level. The scale of our growth opportunity across the business and the brand is exciting, and we believe the effectiveness of our flywheel positions us well for the future.

在今年剩餘時間以及邁向 2027 年的過程中，我們將持續以近乎偏執的專注度聚焦於我們的客戶——「老闆（The Boss）」——並持續成長，以一貫高水準執行我們的策略。我們在業務與品牌層面的成長機會規模令人振奮，我們相信飛輪效應的有效運作，讓我們在未來具備良好定位。

With that said, I'd like to turn it over to Dan for a deeper discussion of our financial results and our updated outlook for 2026. Take it away, Dan.

接下來，我想把時間交給 Dan，請他更深入說明我們的財務結果，以及我們對 2026 年更新後的展望。交給你了，Dan。

Thanks, Winnie. Good afternoon, everyone. I'd like to start by adding my sincere thanks to the Five Below team for another outstanding quarter. The organization's continued collaboration and relentless focus on our customer is reflected in the results we're sharing today.

謝謝你，Winnie。各位下午好。我想先向 Five Below 團隊致上誠摯的感謝，感謝大家再度交出一個出色的季度表現。組織持續的協作與對客戶的堅定聚焦，已反映在我們今天分享的成果之中。

I'll begin my remarks with a review of our second quarter results and then discuss our updated outlook for the third quarter and full year fiscal 2026. My comments will refer to results on an adjusted or non-GAAP basis, and therefore, exclude the P&L impact of the tariff refunds, amongst other items.

我將先回顧第二季的業績，接著說明我們對第三季與 2026 會計年度全年更新後的展望。我的評論將以調整後或非 GAAP 基礎的結果為準，因此會排除關稅退款等項目對損益表（P&L）的影響。

Overall, we were extremely pleased with the results in the quarter, highlighted by further execution against our strategies, outsized sales, and profit gains and strong free cash flow generation. As we drove transactions in our stores and meaningfully grew comp sales, the fundamental elements of our business model were widely visible: gross margin accretion, a healthy combination of discipline investments and productivity gains, and broad deployment of capital that was prioritized in support of growth.

整體而言，我們對本季結果感到非常滿意，亮點包括策略執行的進一步落地、超預期的銷售與獲利成長，以及強勁的自由現金流創造。隨著我們帶動門市交易量並顯著提升同店銷售，我們商業模式的基本要素清晰可見：毛利率提升、兼具紀律性投資與生產力改善的健康組合，以及以支持成長為優先的廣泛資本配置。

For the second quarter, net sales increased 23% to $1.3 billion, driven by a strong comparable sales increase of just over 14%, primarily due to an increase in comp transactions and new store unit growth of 9%. This was our fifth straight quarter of double-digit comp growth with two-year stacked growth of 26.5%.

第二季淨銷售額成長 23% 至 13 億美元，主要由強勁的同店銷售成長（略高於 14%）所帶動，該成長主要來自同店交易量增加，以及 9% 的新店數成長。這是我們連續第五個季度達成雙位數同店成長，兩年疊加成長率為 26.5%。

We opened 52 net new stores compared to 32 net new stores in the second quarter of last year, ending the quarter with 2,022 stores. New store productivity again outperformed, and the strong results from our 2025 and 2026 vintages reinforce the benefits of our disciplined real estate strategy.

相較於去年第二季淨新增 32 家門市，我們本季淨新增 52 家門市，季末門市總數達 2,022 家。新店生產力再次優於預期，而我們 2025 與 2026 年度開店批次（vintages）的強勁表現，進一步印證我們嚴謹不動產策略所帶來的效益。

Adjusted gross profit increased 31% to $449 million. As a percentage of sales, gross margin increased approximately 220 basis points year over year to 35.6%, despite meaningfully higher fuel costs. These gains were primarily driven by merch margin expansion, fixed cost leverage on the strong comp sales, and an improved shrink reserve rate based on 2025 physical inventory results.

調整後毛利增加 31% 至 4.49 億美元。以銷售額百分比計，儘管燃料成本顯著上升，毛利率仍年增約 220 個基點至 35.6%。這些提升主要來自商品毛利率擴張、在強勁同店銷售帶動下的固定成本槓桿效益，以及基於 2025 年實體盤點結果而改善的損耗（shrink）準備率。

SG&A expenses total $336 million or 26.6% in rate of sale, or 140 basis points lower than the second quarter last year. This was largely due to fixed cost leverage on the strong comp sales, partially offset by planned higher marketing investments and incremental labor costs associated with the timing of physical inventory counts. Importantly, despite these timing headwinds, we leverage labor costs year over year.

SG&A 費用合計 3.36 億美元，銷售費用率為 26.6%，較去年第二季下降 140 個基點。這主要歸因於強勁同店銷售帶來的固定成本槓桿效益，但部分被計畫性提高的行銷投資，以及因實體盤點時點所致的新增人力成本所抵銷。重要的是，儘管存在這些時點上的逆風，我們的人力成本仍實現年對年槓桿改善。

Adjusted operating income more than doubled to $113 million and adjusted operating margin increased approximately 360 basis points to 9%. Adjusted net interest income was about $9 million or $4 million higher than last year, due primarily to a higher average cash balance throughout the quarter. Adjusted net income and adjusted earnings per share for the second quarter, each more than doubled to $93 million and $1.68 per share, respectively.

調整後營業利益增加逾一倍至 1.13 億美元，調整後營業利益率提升約 360 個基點至 9%。調整後淨利息收入約 900 萬美元，較去年增加約 400 萬美元，主要因本季平均現金餘額較高。第二季調整後淨利與調整後每股盈餘亦各自增加逾一倍，分別達 9,300 萬美元與每股 1.68 美元。

During the second quarter, we repurchased approximately 311,000 shares at a total cost of about $60 million as part of the $100 million repurchase authorization from November 2023.

第二季期間，作為 2023 年 11 月 1 億美元庫藏股回購授權的一部分，我們回購約 311,000 股，總成本約 6,000 萬美元。

Subsequently, our Board approved a new $600 million repurchase authorization without an expiration date. This new authorization offers an attractive alternative for the deployment of excess liquidity and reflects our confidence in the underlying strength of our business and ability to continue to generate healthy free cash flow while self-funding our store growth and delivering industry-leading paybacks on our new stores.

其後，我們董事會核准一項新的 6 億美元回購授權，且不設到期日。此新授權為運用超額流動性提供具吸引力的替代方案，並反映我們對業務基本面實力的信心，以及在自籌資金支持門市成長、並為新店帶來業界領先的投資回收表現（paybacks）的同時，持續產生健康自由現金流的能力。

We ended the second quarter in a strong cash position with approximately $1.2 billion in cash, cash equivalents, and investments, inclusive of $170 million in pre-tax IEEPA refunds. For the first six months of fiscal 2026, CapEx levels were just over $110 million and 36% above the same period last year.

第二季末我們現金部位強勁，現金、約當現金與投資合計約 12 億美元，其中包含 1.7 億美元的稅前 IEEPA 退稅款。2026 會計年度前六個月的資本支出（CapEx）略高於 1.10 億美元，較去年同期高出 36%。

As we continue to disproportionately invest in new unit growth where returns on invested capital are most attractive, inventory was $941 million at the end of the second quarter, an increase of 18%.On an average per store basis, inventory dollars were up 8% with units slightly down.

隨著我們持續在投資資本報酬率最具吸引力的地區加大新店成長投資，第二季末存貨為 9.41 億美元，增加 18%。On以每店平均計，存貨金額增加 8%，而件數略為下降。

In summary, as our strategy gains further traction and enterprise execution levels continue to strengthen. We have increased confidence in the long-term value drivers of our business.

總結而言，隨著我們的策略進一步發揮成效，且全公司執行力持續提升。我們對本業務長期價值驅動因素的信心也隨之提高。

We are on strong foot entering the second half of the year with clear momentum, a healthy balance sheet, and ample liquidity. As such, we are raising our outlook for the back half of the year. As a reminder, our outlook excludes the IEEPA tariff refunds and does not contemplate future share repurchases.

我們以強勁態勢進入下半年，動能明確、資產負債表健全且流動性充裕。因此，我們上調對下半年展望。提醒一下，我們的展望不包含 IEEPA 關稅退稅款，亦未納入未來股票回購。

For the third quarter, we expect total sales in the range of $1.21 billion to $1.23 billion, or growth of about 18% at midpoint versus last year's third quarter, with comparable sales growth between 8% and 10%. We expect to open approximately 40 net new stores in the third quarter, compared to 49 net new stores last year.

第三季我們預期總銷售額介於 12.1 億至 12.3 億美元，中位數較去年第三季成長約 18%，同店銷售成長介於 8% 至 10%。我們預期第三季將淨新增約 40 家門市，去年同期為淨新增 49 家。

Adjusted operating margin at the midpoint is expected to be at about 6%, an increase of 160 basis points versus last year, driven by both gross margin expansion and SG&A leverage. Adjusted gross margin at the midpoint is expected to increase about 100 basis points, reflective of leverage on fixed costs and higher merch margins, in part due to lower tariff costs.

調整後營業利益率在中位數預期約為 6%，較去年增加 160 個基點，主要由毛利率擴張與 SG&A 槓桿效益共同帶動。調整後毛利率在中位數預期將提升約 100 個基點，反映固定成本槓桿效益與較高的商品毛利率，部分原因為關稅成本下降。

This is partially offset by higher fuel costs on outbound transportation and an unfavorable shrink comparison against last year's true-up. Adjusted SG&A for the third quarter is expected to leverage fixed costs on the 9% comp at the midpoint, while funding increased marketing investment.

上述部分將被出貨運輸（outbound transportation）較高燃料成本，以及相較去年調整（true-up）所造成的不利損耗比較所抵銷。第三季調整後 SG&A 預期將在中位數 9% 的同店成長下實現固定成本槓桿，同時支應增加的行銷投資。

Net interest income is expected to be approximately $8 million for the third quarter, and the effective tax rate is expected to be approximately 25%. Adjusted net income is expected to be $59 million at the midpoint or an increase of 57% versus Q3 last year. Adjusted diluted earnings per share at the midpoint is expected to be $1.07 compared to $0.68 in Q3 last year.

第三季淨利息收入預期約為 800 萬美元，有效稅率預期約為 25%。調整後淨利在中位數預期為 5,900 萬美元，較去年第三季增加 57%。調整後稀釋每股盈餘在中位數預期為 1.07 美元，去年第三季為 0.68 美元。

Turning to the full year. Sales are expected to be in the range of $5.63 billion to $5.71 billion, an increase of 19% at the midpoint versus last year, and comparable sales growth is expected to be between 10% and 12%, or 24% at the midpoint on a two-year stack basis.

接著談全年。全年銷售額預期介於 56.3 億至 57.1 億美元，中位數較去年增加 19%；同店銷售成長預期介於 10% 至 12%，以兩年疊加（two-year stack）基礎計算，中位數為 24%。

Adjusted operating margin for the year is now expected to increase 250 basis points to approximately 12.5% at the midpoint, with three-quarters of it driven by gross margin expansion, and one-quarter by leverage over SG&A. We expect adjusted net interest income of approximately $36 million and a full year effective tax rate of approximately 25%.

全年調整後營業利益率目前預期將提升 250 個基點，中位數約為 12.5%，其中四分之三由毛利率擴張帶動，四分之一來自 SG&A 槓桿效益。我們預期調整後淨利息收入約 3,600 萬美元，全年有效稅率約為 25%。

Adjusted diluted earnings per share is expected to be $10.07 at the midpoint on 55.5 million shares outstanding or growth of 51% versus 2025.

調整後稀釋每股盈餘在中位數預期為 10.07 美元，以流通在外股數 5,550 萬股計算，較 2025 年成長 51%。

Capital expenditures are now expected to be between $250 million and $260 million or 4.5% of net sales at the midpoint, excluding the impact of tenant allowances. This reflects 150 net new store openings and investments in our store experience, infrastructure, and technology.

資本支出目前預期介於 2.50 億至 2.60 億美元，中位數約為淨銷售額的 4.5%，不含租戶補助（tenant allowances）的影響。此反映淨新增 150 家門市開幕，以及對門市體驗、基礎設施與科技的投資。

In summary, we are pleased with the continued strong performance of the business. We are increasingly confident that our strategy for merchandizing, marketing, and in-store experience will drive durable top- and bottom-line growth.

總結而言，我們對業務持續強勁的表現感到滿意。我們愈發有信心，我們在商品策略、行銷與店內體驗方面的策略將帶動可持續的營收與獲利成長。

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

接下來，我把電話交回給接線員，開始問答環節。

(Operator Instructions) Randy Konik, Jeffries.

(接線員指示) Randy Konik，Jefferies。

Hey. Good afternoon, everybody. I guess, Winnie, first to you. I've been doing this for 26 years. I've only seen transformational changes like this very rarely in my career. So congratulations to you, guys. I guess what I want to unpack is the word flywheel and the different ingredients that go into that flywheel.

嗨。各位下午好。我想，Winnie，先問你。我做這行 26 年了。像這樣的轉型變化，在我的職涯中非常罕見。所以恭喜你們。我想深入拆解的是「飛輪（flywheel）」這個詞，以及構成這個飛輪的不同要素。

Let's say, let's focus on two of them in product and marketing. And if you think about the outperformance of your quarter on the top line, maybe give us some perspective and get a little deeper on how much of it you thought came from the strides you're making, in product, and what -- in the balance in marketing.

我們先聚焦其中兩個：產品與行銷。如果你回頭看你們本季在營收端的超預期表現，能否給我們一些觀點，並更深入談談你認為其中有多少來自你們在產品上的進展，以及另外一部分在行銷上的貢獻。

And then really give us some perspective on your journey on how you're thinking about the evolution of product and marketing into '27, '28, and '29, and how you're thinking about that journey and how that leads to more customers coming into the business and then your existing customer cohorts how they continue to drive more frequency of shop to the box as well. That'd be very helpful. Thank you.

然後也請您真正給我們一些視角，談談您一路走來的歷程：您如何看待產品與行銷在 '27、'28 與 '29 年的演進，以及您如何思考這段旅程如何帶來更多新客進入業務，同時也讓既有客群（cohorts）持續提高到店購買、提升購物頻率。這會非常有幫助。謝謝。

Thanks so much, Randy, and thank you for the congratulations. I just want to one more time thank the crew here at Five Below for a tremendous quarter and it's actually our fifth consecutive double-digit top quarter, which makes us all incredibly proud. But what it really reinforces for me is that the strategy that we put into place last year is working and that the customers are really responding.

非常感謝你，Randy，也謝謝你的祝賀。我想再一次感謝 Five Below 的團隊，這一季表現非常出色；而且這其實是我們連續第五個「營收（top line）雙位數成長」的季度，這讓我們都感到無比自豪。但對我而言，更重要的是，這再次印證了我們去年制定並落地的策略正在奏效，顧客也確實在回應。

And so there's nothing more gratifying than to see as a merchant and a marketer that things are really, really working. And I would say that we've got this amazing operating flywheel and it's grounded in a strategy that was reset.

所以，作為一名商品人與行銷人，沒有什麼比看到這些事情真的、真的在運作更令人滿足。我會說，我們有一個很棒的營運飛輪，而它的基礎是一次重新校準（reset）的策略。

And thank you for acknowledging that the transformation happened quickly. I think that it's a testament to our overall value proposition in the marketplace. We are a one-of-one concept that is a destination for kids and the kid in all of us at extreme value. There's really no one like Five Below.

也謝謝你提到這次轉型發生得很快。我認為這證明了我們在市場上的整體價值主張。我們是一個獨一無二（one-of-one）的概念店，以極致性價比成為孩子們、以及我們每個人心中的那個孩子的目的地。真的沒有任何品牌像 Five Below。

And what we did last year was first put that maniacal focus on the customer. Who is our customer? And got really intimate with what it means to be Gen Alpha, Gen Z, and a millennial parent, and what their needs are.

而我們去年做的第一件事，就是把對顧客的極致專注放在首位。誰是我們的顧客？我們非常深入地理解 Gen Alpha、Gen Z，以及千禧世代父母的意義與他們的需求。

And with that, we re-merchandised and we really took a step back and up. And thought about not just merchandizing items and chasing great one-off ideas, but how do we do our job telling really great stories and curated product stories that are grounded in what's happening out there, especially in social media.

在此基礎上，我們重新做了商品配置（re-merchandised），也確實退一步、站高一點重新審視。我們思考的不只是陳列單品、追逐零星的好點子，而是：我們如何把工作做成「講好故事」——以外部正在發生的事情為根基，尤其是社群媒體上的趨勢，去打造精選的商品故事（curated product stories）。

And we've always been a business of trend, but it's exciting to see that products that we've had aligned for five years, like the squishy dumpling, when it gets acknowledged in social, we now can not only build it from a product perspective but also meet customers where they are from a marketing perspective.

我們一直都是做趨勢生意，但令人興奮的是，像「軟軟的餃子（squishy dumpling）」這種我們已經布局了五年的商品，一旦在社群上被點名、被帶起來，我們現在不僅能從產品角度把它做大，也能從行銷角度在顧客所在的地方與他們相遇。

And last year we worked hard to move our working media spend away from traditional commercials and into social media. And with that, at the end of last year, we could really amplify those trends as well as create our create our own content on those trends and we saw a lot of goodness come with that, including better brand awareness.

去年我們也努力把可運用的媒體投放（working media spend）從傳統電視廣告轉向社群媒體。因此在去年底，我們不僅能大幅放大那些趨勢，也能圍繞趨勢創作我們自己的內容；我們看到很多正向成果，包括更好的品牌知名度。

And then right now, we're hard at work and at the very early innings of trying to capture customers at the till and capture their records. When I started, we were at roughly 0% and we're making great progress in the stores. It's a concerted effort with everyone involved.

接著目前我們正全力投入，而且還在非常早期的階段，嘗試在收銀台（till）端捕捉顧客並取得他們的資料紀錄。我剛加入時大約是 0%，而我們在門市端正取得很大進展。這是所有人共同投入的協同努力。

But with those records, we're able to better direct great content to those individuals and start to build a relationship through email marketing, and we're going to refine that even further. But again, very early innings. And what's really great to see is the customers we captured in 2025 are coming back in '26. Those that we gained new in the first quarter of '26 are coming back in the second quarter of '26.

有了這些資料紀錄後，我們就能更精準地把優質內容推送給這些個人，並透過電子郵件行銷開始建立關係；我們也會進一步精煉這件事。但再次強調，仍在非常早期的階段。而很棒的是，我們在 2025 年捕捉到的顧客在 '26 年回來了；我們在 '26 年第一季新增的顧客，也在 '26 年第二季回來了。

So really great stuff. And I would say that if you got the right content and the right value proposition, those messages when they hit, they drive great visits.

所以這真的很不錯。我會說，只要內容對、價值主張對，當這些訊息觸達時，就能帶動很好的到店訪次。

The third aspect is really around our stores and the store experience. And again, we are just getting started here in some ways. We're so excited to have Rodney lead the troops and our crews. But in terms of store experience, we are beginning a journey of just making it that much more fun, simpler for customers to shop starting with our price simplification last year, but also just making these product stories come to life.

第三個面向則是門市與門市體驗。同樣地，在某些方面我們其實才剛開始。我們非常興奮由 Rodney 來帶領前線與各門市團隊。就門市體驗而言，我們正啟動一段旅程：讓購物變得更有趣、也更簡單——從去年做的價格簡化開始，同時也讓這些商品故事在店內真正「活起來」。

And these six curtain-up moments really have galvanized the crew to work together. And this is where you see merchandizing, you see marketing and stores, as well as our wonderful supply chain and distribution crew come together to deliver goodness to the customer to celebrate these magical moments in the year.

而這六個「揭幕時刻（curtain-up moments）」確實凝聚了團隊，讓大家一起協作。在這裡你會看到商品、行銷與門市，以及我們優秀的供應鏈與配送團隊共同合作，把好的體驗交付給顧客，去慶祝一年中這些充滿魔力的時刻。

So you asked the question with regards to how much further can we take this? We are very much in the early innings. And what is really great is we've just begun and we are seeing nice resonance in terms of getting that repeat growth up in the double digits, new customer counts up in the double digits, our brand awareness, spiking, and it is, again, the operating flywheel in effect.

所以你問我們還能把這件事推進到多遠？我們確實還在非常早期的階段。而真正令人振奮的是，我們才剛開始就已經看到很好的共鳴：回購成長提升到雙位數、新客數提升到雙位數、品牌知名度明顯攀升；這再次證明營運飛輪正在發揮作用。

And we have a lot more ahead of us, and you add on all the white space opportunity we've got with new stores and it's a very nice position to be in as a growth brand.

而我們前方還有很多可以做；再加上我們透過新開店所擁有的大量「白地」機會（white space opportunity），作為一個成長型品牌，這是一個非常好的位置。

And I'm also going to pass it on to Dan to fill in some of the details here.

我也會把時間交給 Dan，請他補充一些細節。

Thanks, Winnie. Hey, Randy. You asked about the over delivery against our outlook for Q2. Remember when we spoke back in June, we had one month in the books essentially for the quarter. We were also looking out trying to anticipate and predict a couple of unknowns, one around what would happen as we cycled and anniversaried the pricing over a year ago.

謝謝你，Winnie。嗨，Randy。你問到我們第二季（Q2）相對於展望（outlook）的超預期表現。記得我們在六月溝通時，這一季基本上只過了一個月、等於只掌握了部分數據。我們也在向前看，試著預判幾個未知數，其中之一是：當我們進入去年調價的週期比較（cycled）與週年基期（anniversaried）時，會發生什麼。

And then second was, of course, the trend profile, particularly as school would be letting out and trying to be thoughtful about that. So that was the backdrop.

第二個當然是趨勢輪廓（trend profile），特別是學校放假之後的走勢，我們希望在這方面更審慎。所以當時的背景是這樣。

I would point to three things that really were the catalyst for the over delivery against our expectations. One, transaction growth was simply more robust than we anticipated. We drove significant traffic to the store. That traffic converted and we saw transaction growth that was above what we had expected.

我會指出三件事，是真正促成我們超出預期的催化因素。第一，交易筆數成長（transaction growth）比我們預期更強勁。我們為門市帶來了顯著的客流。這些客流也成功轉化，我們看到的交易成長高於原先預期。

I think, secondly, part and parcel to that, the trend, demand continued. And so we were excited. We had new products to offer. We had a better in-stock position. We did some really cool stuff in store to activate and we saw a really, really strong response from the customer.

第二，與此相輔相成的是，趨勢需求持續。因此我們很興奮。我們有新產品可以提供。我們的在庫狀況（in-stock position）更好。我們也在店內做了一些很酷的活動來帶動（activate），並看到顧客非常、非常強烈的回應。

And then thirdly, and Winnie highlighted some of the special moments, if you look at the quarter that was, there are some moments in time. 4th of July would be an example. World Cup would be an example. Even early back to school, where we knew we would have great new interesting product.

第三，Winnie 也提到一些特殊時刻；如果你回看這一季，確實有一些時間點，例如 7 月 4 日（美國獨立日）。世界盃也是一個例子。甚至是較早啟動的返校季（back to school），我們知道我們會有很棒、很有趣的新商品。

We knew we would execute at a high level and even with that as the inputs, those moments outperformed what we had expected. So super excited, obviously, about the results and the over delivery, and we're heading into the back half of the year with clear momentum.

我們也知道我們會以高水準執行；即便在這些前提之下，那些時刻的表現仍然超出我們的預期。所以我們當然對結果與超預期表現感到非常振奮，也帶著明確的動能進入下半年。

Thanks so much, Randy.

非常感謝你，Randy。

Krisztina Katai, Deutsche Bank.

Krisztina Katai，德意志銀行。

Hey, guys. Congratulations on yet another very strong quarter. I wanted to ask about the composition of the better-than-expected traffic growth a bit more. I guess, Winnie or Dan, can you unpack like the categories of product stories that were the biggest traffic drivers? Are you seeing traffic increasingly concentrated around major trends events or the visits becoming more broad-based across the assortment?

嗨，各位。恭喜你們再度交出非常亮眼的一季。我想再多問一些關於優於預期的客流成長，其組成結構的問題。我想問 Winnie 或 Dan，你們能否拆解一下：哪些產品故事/品類是帶動客流的最大驅動因素？你們是否看到客流愈來愈集中在重大趨勢事件上，還是來店/瀏覽更廣泛地分散在整體商品組合之中？

If I could just throw in a second one, just when we look at obviously quarter to-date, you gave us an 8% to 10% guidance, is anything you can comment on as it relates to the exit rate or or how maybe August has trended and if anything from a composition perspective might be changing or you're seeing that continue? Thank you.

如果我可以再加問第二個問題：就目前本季迄今的表現來看，你們給了 8% 到 10% 的指引；你們能否就退出率（exit rate）或 8 月的趨勢分享一些看法？以及從組成結構的角度，是否有任何變化，或你們看到這樣的趨勢仍在延續？謝謝。

Thanks so much, Krisztina. I'll start and then I'll let Dan speak in terms of the guidance. The traffic growth that we saw and that we experienced in the quarter was consistent with the traffic growth we saw in quarter one. And what's been really great is to see that actually we saw broad-based growth across all of our categories. Certainly, we had really, really nice effect of the squishy trend, and it did survive quarter in, quarter out, which has been terrific.

非常感謝你，Krisztina。我先回答，然後再請 Dan 就指引部分補充。我們在本季看到、也實際感受到的客流成長，與第一季看到的客流成長一致。而非常棒的是，我們其實在所有品類都看到廣泛性的成長。當然，「squishy」這股趨勢帶來了非常、非常好的效果，而且它一季接一季都延續下來，這點非常好。

And I think what's been very telling about seeing the traffic that's come from the squishy trend is that those customers have converted into broader Five Below, and we're seeing them buy across the assortment. We're also saying that our aspiration to be America's greatest little toy store is definitely coming to life. That's something that I put out as an aspiration last year, and we certainly highlighted in holiday and we're following up now.

而且我認為，從「squishy」趨勢帶來的客流所呈現出的另一個很有指標性的現象是：這些顧客已經轉化為更廣泛的 Five Below 顧客，我們看到他們在整體商品組合中跨品類購買。我們也看到，我們希望成為「美國最棒的小型玩具店」的願景確實正在成真。這是我去年提出的願景，我們在假期檔期也特別強調，現在也持續推進。

And I think that the squishy trend has made our games, toys, collectibles, and even our create and crafting departments really relevant. And so it's been great. I think the key with any trend now at Five Below is -- well there always have been trends, is what we do with them. And I think that we have new ways of managing them, first and foremost, listening to social and seeing what pops up.

我認為，「squishy」趨勢讓我們的遊戲、玩具、收藏品，甚至是創作與手作部門都變得非常貼近消費者、很有相關性。所以這真的很棒。我想現在在 Five Below，任何趨勢的關鍵在於——其實一直都有趨勢——在於我們如何運用它們。我認為我們有新的管理方式，首先是傾聽社群、觀察哪些東西開始爆紅。

Secondly, being able to engage with customers really, really fast through social media and amplify and boost those trends. And then thirdly, provide a product assortment where we're dropping newness and continuing to engage the customer and we're doing that throughout the store. So that's what's been really, really exciting.

第二，是能夠透過社群媒體非常、非常快速地與顧客互動，並把這些趨勢放大、推升。第三，是提供一個商品組合：我們持續上新、持續與顧客互動，而且我們是在全店範圍內這麼做。所以這就是讓人非常、非常興奮的地方。

And again, we saw nice growth across our world and a lot of resonance. And so I think Five Below is just becoming a brand that's known for affordable, great fun for the kid and kid and all of us.

再說一次，我們在各個「世界」（world）都看到不錯的成長，也引起了很大的共鳴。所以我認為 Five Below 正在成為一個品牌：以可負擔的價格，帶給孩子、也帶給我們所有人很棒的樂趣。

And I'm going to pass it on to Dan to talk about the quarter.

接下來我把時間交給 Dan 來談本季。

Yeah. Thanks, Winnie. Thanks for the question, Krisztina. I'm not going to get into necessarily the in-quarter performance to-date or color. What I would say is that, just maybe to pivot back as we thought about how we constructed the guide, let me take you through a bit of the thinking.

好的。謝謝你，Winnie。謝謝你的提問，Krisztina。我不會特別深入談本季迄今的季內表現或提供太多細節。我想說的是，或許回到我們如何建構這次指引的思考，我帶大家走一遍我們的想法。

Obviously, we started with a very strong underlying growth rate. You've heard some of the reasons why here already on the call and some of the points that Winnie has made, but certainly with an 18% growth half one, 28% on a two-year stack, we've got new store productivity levels that we're super pleased with. We have real increased proof points that the strategy is resonating and the execution is strong.

很明顯地，我們是從一個非常強勁的基本成長率出發。你們在電話會議中已經聽到一些原因，也聽到 Winnie 提到的一些重點；但確實，上半年成長 18%，兩年疊加（two-year stack）成長 28%，我們的新店生產力水準讓我們非常滿意。我們也有更多明確的佐證，顯示策略正在引起共鳴、執行也很到位。

So that was the basis. We then did factor in of course, the impact of trend both on a, let's say, direct comp basis, but also indirect as it continues to drive traffic and brand awareness. And so you put those elements together for the third quarter, we have profiled what we think is a is a thoughtful outlook, 9% at the midpoint, over 20% on a two-year stack. and I would say that we would expect the composition of that comp growth to very similar to the first two quarters of the year, which means largely driven by transaction growth. Thank you.

所以這是基礎。接著我們當然也納入了趨勢的影響：不僅是在直接的同店（comp）層面，也包括它持續帶動客流與品牌知名度的間接影響。把這些因素放在一起看第三季，我們給出的展望我們認為是審慎且周全的：中位數 9%，兩年疊加超過 20%。我也會說，我們預期這個同店成長的組成會與今年前兩季非常相似，也就是主要由交易量（transaction）成長所驅動。謝謝。

Matthew Boss, JPMorgan.

Matthew Boss，摩根大通。

Thanks and congrats on another great quarter.

謝謝，也恭喜你們又交出一個很棒的季度。

Thanks, Matt.

謝謝你，Matt。

So two questions. Winnie, could you elaborate on the rolling thunder approach to newness across categories that you cited and how you see this impacting traffic frequency and new customer acquisition?

我有兩個問題。Winnie，你能否更詳細說明你提到的、跨品類「rolling thunder」式的上新策略，以及你認為這會如何影響來店頻率與新客獲取？

And then Dan, you touched on it, but could you speak to the drivers of this new store performance, from the recent cohorts and the new store productivity levels, which, as you said, continue to materially outpace your historical plan?

另外 Dan，你也提到了一點，但你能否談談近期批次（cohorts）的新店表現驅動因素，以及新店生產力水準；如你所說，這些表現仍顯著優於你們過往的規劃假設？

Thanks so much, Matt. The rolling thunder approach is something that we have worked really, really hard on, and it's across every single world. I think that Five Below has always been about newness and has been about refreshing the assortments at very specific times during the year.

非常感謝你，Matt。「rolling thunder」的方法是我們非常、非常努力在做的事情，而且涵蓋每一個「世界」（world）。我認為 Five Below 一直以來都主打上新，也一直會在一年中特定時間點更新商品組合。

But I think what's different about what we're doing today is, one, we're acknowledging that newness is what's driving those visits and that excitement from the customers and we're talking about it. So along with the newness drops, we're actually engaging in marketing. We're messaging it, we're talking about it, and it's working. Customers acknowledge when we have. It is driving the visits. We're able to communicate with them now with the growth of our email file as well.

但我認為我們現在做法不同之處在於：第一，我們承認上新正是驅動來店與顧客興奮感的關鍵，而且我們把這件事說出來、拿來溝通。因此，配合上新投放（newness drops），我們實際上也同步投入行銷。我們會傳遞訊息、會談論它，而這確實有效。顧客會注意到我們何時上新。這正在帶動來店。隨著我們電子郵件名單的成長，我們現在也更能與他們溝通。

The other piece of the rolling thunder approach is being intentional about, again, product storytelling, and instead of just launching a bunch of new stuff, really build out a story with connective tissue and think about things with the collection's mindset.

「rolling thunder」方法的另一個部分，是更有意識地——再一次——做產品敘事；與其只是一次上架一堆新品，我們更著重建立一個有連結脈絡的故事，並以「系列/收藏」的思維來規劃。

And so this has been a lot of hard work in the background between merchandizing, visual merchandizing, marketing, stores, to get this right. And I really applaud the teams because we see that the customers are picking up on these SKUs and it's driving them into the stores, so it's been terrific.

因此，這背後在商品企劃（merchandizing）、視覺陳列（visual merchandizing）、行銷、門店之間做了大量的辛苦工作，才把它做到位。我也非常肯定這些團隊，因為我們看到顧客確實注意到這些 SKU，並被帶進門店，所以效果非常好。

Yeah, Matt, picking up on your second question around new store productivity. Look, we're obviously super pleased with the results and the trend that we're on. It makes what was already a very exciting investment profile outstanding for us.

好的，Matt，接著回應你第二個關於新店生產力的問題。你看，我們對結果以及目前的趨勢當然非常滿意。這讓原本就已經很吸引人的投資輪廓，對我們而言變得更加出色。

I point to two main drivers. One, I think just the acknowledgement, the reality of the breadth and depth of the growth that we are seeing. When you see this type of growth across all geographies, all income cohorts, all demographics, there's certainly a rising tide element to this that plays out in your NSP.

我會指出兩個主要驅動因素。第一，我認為就是對我們所看到的成長廣度與深度的認知與現實。當你看到這種成長遍及所有地理區域、所有收入族群、所有人口統計，你的 NSP（新店生產力）當中確實會呈現一種「水漲船高」的效應。

I think more importantly, though, is I think this is a great reflection of the more disciplined real estate strategy that we put in place about 18 months ago, and really applied that strategy, not only in white space thinking, which you saw in the Pacific Northwest last year, but also as we thought about fill-in.

我認為更重要的是，我覺得這很好地反映了我們大約在18個月前所建立、且更具紀律性的房地產策略；並且我們確實把這個策略落實到位，不僅是在「白地」思維上（你們去年在太平洋西北地區看到的），也同樣在我們思考補點（fill-in）時加以運用。

And this strategy is based upon the notion of much more discipline upfront, really engaging from site selection all the way through to grand opening, holding a really high bar on location, on lease terms, on our ability to then activate an execution the minute we open the doors, and knowing how to seed the market both ahead of the entry and as part of the execution.

而這項策略是基於一個理念：在前端投入更多紀律，從選址一路到盛大開幕都要深度參與；對地點、租賃條款，以及我們在開門營業的第一分鐘就能啟動並執行的能力，都維持非常高的標準；同時也要知道如何在進入市場之前以及執行過程中為市場「鋪貨／預熱」（seed the market）。

I think we are meaningfully better on all elements of that than we were 18 months ago, and those results are playing out in our new store productivity. Thanks for the question.

我認為在這些所有要素上，我們相較於18個月前已經明顯更好，而這些成果也正在我們新店生產力上展現出來。謝謝你的提問。

Robbie Ohmes, Bank of America.

Robbie Ohmes，美國銀行。

Hey, Winnie. Hey, Dan. Thanks for taking my question. I was hoping this might be more for Dan, just, if you could speak to the tariff refunds and how you think about that cash or how we should think about the back half and investing the tariff refunds as expenses in the back half, versus expenses because your traffic is so much higher. So spending into the higher comp trends that you guys keep coming up with and how we should think about that in our models.

嗨，Winnie。嗨，Dan。謝謝讓我提問。我希望這題可能更適合Dan回答：你能談談關稅退稅（tariff refunds），以及你們如何看待這筆現金嗎？或者我們在建模時，應該如何看待下半年把關稅退稅作為費用投入（investing the tariff refunds as expenses in the back half），相較於因為你們客流量高很多而產生的費用？也就是說，針對你們持續出現的更高同店成長（comp）趨勢去加大投入，我們在模型裡應該怎麼思考？

Yeah. Sure, Robbie. Thanks for the question. Look, our focus from an investment standpoint has been and is going to continue to be primarily focused against our customers and in support of our growth. That is at the heart of our strategy. That is how we have prioritized and will continue to.

是的。當然可以，Robbie。謝謝你的提問。你看，從投資的角度來說，我們的重點一直是、也將持續主要聚焦在客戶身上，並支持我們的成長。這是我們策略的核心。這也是我們如何進行優先排序，並將持續如此。

Now, I think what the IEEPA refunds offer us is an ability to accelerate that and with some optionality. And so the areas that I would expect that we would think to redeploy these funds, first, is going to be to continuing to invest in the customer experience in store and making sure we are offering our customers the best experience possible.

我認為IEEPA退稅帶給我們的是一種加速這件事的能力，而且還帶有一些選擇性（optionality）。因此，我預期我們會考慮重新部署這些資金的第一個方向，是持續投資於門市端的顧客體驗，並確保我們為顧客提供最佳可能的體驗。

And Winnie's talked about that in her prepared remarks around the importance of how we bring our product to life, how we simplify and improve the shopping experience for our customers and really reinforce the treasure hunt aspect of our offering, which is so important.

Winnie在事先準備的發言中也談到這點：我們如何讓商品更有生命力、如何為顧客簡化並改善購物體驗，以及如何真正強化我們產品主張中非常重要的「尋寶式購物」（treasure hunt）特性。

I think the second one following on that is applying the same thinking importance to our digital platform as we think about ourselves through the lens of omni-channel and really improving the online shopping experience for our customers and making sure that that experience lives up to our brand and matches the in-store experience.

第二點是延續同樣的思維與重要性，投向我們的數位平台；我們以全通路（omni-channel）的視角看待自己，真正改善顧客的線上購物體驗，並確保該體驗符合我們的品牌、且能與門市體驗一致。

And then thirdly, I would point to we're going to continue to invest in the product, in our hunt, in our search for newness and in our value proposition. And so I think as you put all three of those together, I would expect that it will disproportionately be seen in CapEx and it will be seen over time. Thanks, Robbie.

第三點，我會指出我們將持續投資在商品本身：投資在我們的「尋寶」（hunt）、投資在我們對新鮮感（newness）的搜尋，以及投資在我們的價值主張。因此，當你把這三點放在一起看，我預期這些投入將不成比例地反映在資本支出（CapEx）上，並且會隨時間逐步呈現。謝謝你，Robbie。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

Good evening. Thank you so much for taking my question. Last quarter, you quantified what the flywheel meant to your business in that the underlying run rate was in the high single-digit range inclusive of some pricing.

晚安。非常感謝讓我提問。上個季度，你們量化了「飛輪」對業務的意義，指出包含部分定價因素在內，底層的運行速率（underlying run rate）大約在高個位數區間。

Now that you've seen the second quarter play out as well as having some time to reflect on that number, is that still a good way to think about the underlying run rate for the business as you look to next year and the coming quarters?

現在你們也看到了第二季的表現，並且有時間回頭反思那個數字；當你們展望明年與接下來幾個季度時，這仍然是理解公司底層運行速率的一個好方式嗎？

We take pause if there are any unique factors that we should consider as we model over the next few quarters that are just going to be difficult to repeat and will act as an impediment to Five Below's ability to sustain a positive comp in the periods ahead. Thank you so much.

我們也想停下來確認一下：在我們對未來幾季建模時，是否有任何需要考量的特殊因素——這些因素可能很難重複，並會成為Five Below在未來期間維持正向同店成長（positive comp）的阻礙？非常感謝。

Thanks, Michael. I'm just going to start in terms of taking a step up and back as we look at what's coming for the balance of the year. What's great about the operating flywheel is that the momentum is starting to speed up and carry itself.

謝謝你，Michael。我先從拉高一個層次、退一步來看我們今年剩餘期間的走勢開始談。營運飛輪最棒的地方在於，動能正開始加速，並且能自我推動。

And I think the aspects that we've been really pleased with our disciplined approach of delivering great relevant newness at extreme value with a very focused intention of being a destination for kids. And I think that one-of-one concept and that focus on value is going to be even more resonant as we move through the year.

我認為我們對於以有紀律的方式提供高度相關的新品（newness）、以極致價值（extreme value）呈現，並且非常聚焦地要成為孩子們的目的地（destination for kids），這些面向讓我們非常滿意。而我認為這種獨一無二（one-of-one）的概念與對價值的聚焦，將在我們走過今年的過程中更具共鳴。

We also have the ability this year versus last year, especially as we look forward to holiday of bringing in products that the tariffs did not allow us to bring in last year. So we have a full assortment of goodness coming through, both for Halloween and spend holiday that we feel really excited about, and we think it's going to be incredibly compelling to the customer.

此外，今年相較於去年，我們也有能力——特別是展望假期季——引進一些去年因關稅而無法引進的商品。因此，無論是萬聖節或年末假期（holiday）消費季，我們都有完整且很棒的商品組合即將到來；我們對此非常興奮，也認為對顧客會非常有吸引力。

We've seen really nice new customer acquisition both through trend as well as their marketing efforts and that just continues to grow. And I would say that what's nice is to able to take those customers and see them repeat with us.

我們看到非常不錯的新客獲取（new customer acquisition），不論是透過趨勢帶動，或是透過行銷努力，而這股動能仍在持續成長。我也會說，很棒的是我們能把這些顧客留下來，並看到他們在我們這裡重複購買。

And so, as we capture more customer records and are able to communicate with those customers and build relationships with them over time, I think that that is going to be a huge tailwind for us in the quarters coming up. So very, very excited about those elements. And again, early innings on those pieces.

因此，隨著我們累積更多顧客資料紀錄，並能與這些顧客溝通、長期建立關係，我認為這將在接下來幾個季度成為我們非常大的順風（tailwind）。所以我們對這些要素非常、非常興奮。而且再次強調，這些部分都還在早期階段。

And I'm going to pass it on to Dan to lean in here.

接著我把問題交給Dan，請他補充。

Thanks, Winnie. Yeah, Michael, I would only add a couple of things. I think the operating flywheel that Winnie talks about, which is really the heart of a winning strategy that is being executed at a really high level, that's obviously the catalyst here.

謝謝，Winnie。是的，Michael，我只再補充幾點。Winnie提到的營運飛輪，其實就是一個致勝策略的核心，而且目前正以非常高的水準被執行；這顯然是這裡的催化劑。

I'd point out that the result of this is also reflected in a business that is much more about assortment than it is about item. In the quarter itself, squishy dumplings as an example, was a low single-digit contributor to our comp growth, and that's similar to what we saw in the first quarter.

我也想指出，這樣的結果也反映在一個更偏向「商品組合」（assortment）而非單一「品項」（item）的業務上。就本季而言，以「軟Q餃子」（squishy dumplings）為例，它對我們同店成長（comp growth）的貢獻是低個位數，這與第一季看到的情況相似。

Now, we recognize, obviously, it had a bigger impact from a halo perspective and from its ability to contribute to our traffic gains.

當然，我們也認知到，從光環效應（halo）以及它對客流成長的貢獻能力來看，它的影響更大。

But I think the other point I would highlight here is the importance of our ability as a organization to self-amplify this trend. We've almost taken now what's become a commodity item and made it so unique and so compelling and so interesting that it is actually a Five Below item. And so I think these are all examples of durable elements to this growth story.

但我認為我想強調的另一點，是我們作為一個組織自我放大（self-amplify）這股趨勢的能力之重要性。我們幾乎把一個如今已成為大眾化（commodity）的品項，做得非常獨特、非常有吸引力、非常有趣，以至於它實際上成了一個Five Below的品項。因此，我認為這些都是這個成長故事中具持久性的要素（durable elements）的例子。

And while we don't underestimate the impact of squishy dumplings, the math would tell it was a low single-digit contributor and our capabilities here to amplify this trend and drive traffic around the trend are new and growing muscles, which we think also play well into the future. Thanks, Michael.

雖然我們不會低估軟Q餃子的影響，但從數學上來看，它的貢獻確實是低個位數；而我們在放大這股趨勢、並圍繞趨勢帶動客流的能力，是正在形成且持續增強的新肌肉，我們也認為這對未來同樣很有利。謝謝你，Michael。

David Bellinger, Mizuho.

David Bellinger，瑞穗（Mizuho）。

Hey, guys. Thank you very much. Two follow-ups on the social media piece. Any data points you can share around the sales uplift maybe from certain target markets where this is turned on more than others. And then as you look out further, you mentioned being still early innings with the email capture rates, how sophisticated can the marketing program ultimately get? Can we eventually see much more precision on these paid posts, paid sponsorships on a household-by-household basis? Thank you.

嗨，各位。非常感謝。關於社群媒體部分有兩個追問。你們是否能分享一些數據點，例如在某些目標市場（這項策略啟用得比其他市場更積極）帶來的銷售提升？另外，往更長期看，你們提到目前電子郵件蒐集率仍在非常早期階段，最終行銷方案能做到多精細、多成熟？我們是否最終能看到這些付費貼文、付費贊助在「逐戶（household-by-household）」層級做到更高精準度？謝謝。

Thank you so much, David. So on the social media, I can't share exact figures, but what I can share with you is that we like the results we've seen in terms of pivoting our spend from traditional commercials into social. We really look at the media spend in social and digital by cohort of customer and what's most applicable.

非常感謝你，David。關於社群媒體，我無法分享確切數字，但我可以跟你分享的是：就我們把媒體預算從傳統電視廣告轉向社群所看到的成果而言，我們對結果感到滿意。我們確實會依照客群（cohort）來看社群與數位的媒體投放，並評估哪一種最適用。

And we're also seeing some nice results through connected TV for Gen Alpha through YouTube. So we continue to really mix -- modify the mix of media in order to optimize our ROAs. But, more importantly, to capture customer attention and to engage with them in a relevant way.

此外，我們也透過連網電視（connected TV）在 YouTube 上觸及 Alpha 世代（Gen Alpha），看到一些不錯的成效。因此我們持續調整——修正媒體組合，以最佳化我們的 ROA（廣告投資報酬）。但更重要的是，去抓住顧客注意力，並以相關且貼近的方式與他們互動。

And yes, I think we are very early innings on email capture and we're able to batch-and-blast at this point to lots of customers, our ability to really hone in and personalize and dial in our marketing is early stages, and we will be making those investments over time, because we know that they will pay off as we try to grow lifetime value of our customers.

是的，我認為我們在電子郵件蒐集方面仍非常早期。目前我們大多還是以「批次群發（batch-and-blast）」的方式對大量顧客發送；至於真正聚焦、個人化並精準調校行銷的能力，仍在初期階段。未來我們會逐步投入這些投資，因為我們知道，當我們試圖提升顧客終身價值（lifetime value）時，這些投入會帶來回報。

We've also got a neat value proposition at Five Below that we capture customers young. And we ladder them through their preteen and teen years. And we would love to see them beyond that, but certainly as they grow up and out and have their own families, they come back.

我們在 Five Below 也有一個很不錯的價值主張：我們能在顧客年紀很小時就把他們吸引進來。並在他們的青春期前期與青少年階段一路陪伴、引導。我們也希望能在那之後仍持續服務他們；但可以確定的是，當他們長大、成家、有了自己的家庭後，他們會再回來。

And so the true lifetime journey of Five Below is one that I think is exceptional. And once we build out our marketing toolkit and our tools, we'll be able to do a lot more to bridge those moments for the customers. Thank you, David.

因此，Five Below 真正的顧客終身旅程，我認為是非常出色的。而一旦我們把行銷工具箱與相關工具建置完善，我們就能做更多事情，去串聯顧客在不同人生階段的那些關鍵時刻。謝謝你，David。

Joe Feldman, Telsey Advisory Group.

Joe Feldman，Telsey Advisory Group。

Yeah. Good afternoon, guys, and also congrats on a strong quarter. Amazing quarter, really. And the question I had was, you talked a bit about the Five Beyond section in the back of the store and tearing down that wall and allocating some more space.

是的。各位下午好，也恭喜你們交出強勁的一季。真的很驚人的一季。我想問的是，你們提到店內後方的 Five Beyond 區域，會拆掉那面牆並分配更多空間。

Can you talk a little bit about how that will be rolled out and implemented and like the cost to do it or the effort or the time? I'm just trying to get a better sense of what we should expect to see over the next coming months and a couple of quarters. I would assume it's not going to be an overnight thing, so maybe you could share some thoughts on that. Thank you.

你們能否談談這會如何推行與落地，例如成本、所需投入的工作量或時間？我只是想更清楚了解，接下來幾個月以及未來一兩季，我們應該預期看到什麼。我猜這不會是一夕之間就完成的事情，所以也希望你們能分享一些看法。謝謝。

Absolutely. Thank you, Joe. And yes, on Five Beyond, this has been a journey for us, and it really started last year as we started moving the product out of the area. And customers were receiving the product better in their own departmental homes, which left an open space for us to merchandise and try to make more productive.

當然可以。謝謝你，Joe。是的，關於 Five Beyond，這對我們而言是一段旅程，真正的起點是在去年，當時我們開始把商品從那個區域移出。顧客在各自的品類區（departmental homes）對這些商品的接受度更好，於是後方就留下了一塊空間，讓我們可以重新陳列並嘗試讓它更具生產力。

And so we started the work of looking at what could go back there. How do we literally tear down the signage and get the gondolas, they're attached to the wall and a pretty high height down. See what would do for the stores, see what that would do in terms of productivity and customer acceptance, as well as crews and the crew experience, and all of that has been positive.

因此我們開始研究後方可以放什麼。我們要如何實際拆除招牌，並把連在牆上、而且高度相當高的貨架（gondolas）拆下來。我們觀察這對門市會帶來什麼影響，包括生產力與顧客接受度，以及門市團隊（crew）與其工作體驗等，而這些結果都很正面。

So we've just begun that journey of moving through stores to make these adjustments. And we think it's going to do great things from a couple of points. One, we do believe we will make a very productive splash with the World of Play. It's part of a broader strategy to, again, really think about our adjacency of products so they make sense for the customer and the customer shopping so that they can more effectively build their baskets.

所以我們才剛開始逐店推進、進行這些調整。我們認為這會在幾個面向帶來很好的效果。第一，我們確實相信「World of Play」會帶來非常高效的亮點呈現。這也是更廣泛策略的一部分：再次強調，我們要更深入思考商品之間的相鄰關係（adjacency），讓它對顧客與顧客的購物動線更合理，從而更有效地擴大購物籃（basket）。

I think, secondly, we want to make sure that whatever we do keeps us incredibly flexible because the business changes all the time, trends change, needs change for our customers. So we really want to keep it flexible and agile.

第二，我們希望確保不論做什麼，都能讓我們保持高度彈性，因為業務一直在變，趨勢在變，顧客需求也在變。所以我們真的希望維持彈性與敏捷。

And then, I think the third thing is from an overall experience, being able to see back to front first door. It's important, especially if you're shopping as a family and you've got young kids, you want line of sight. For our crew, it's important in terms of being able to track customers and understand what their needs are. So we think there's a lot of goodness that's going to come out of some of these changes, but we're being very disciplined in terms of how we roll it out, monitor it, and move forward that way.

第三，就整體體驗而言，能從店後方一路看到前方入口（first door）的視線通透性很重要。尤其是以家庭為單位購物、又帶著年幼孩子時，你會希望有清楚的視線。對我們的門市團隊而言，也很重要，因為這有助於追蹤顧客並了解他們的需求。因此我們認為這些改變會帶來很多好處，但我們在推行方式上會非常自律：如何推出、如何監測、以及如何以此方式持續往前推進。

So I'll let Dan talk a little bit more about that.

我讓 Dan 再補充說明一下。

Yeah. Thanks, Winnie. Yeah, Joe. We think this is a fairly modest level of capital investment per store. It's probably in the range of $40,000 to $45,000 of CapEx per store. It is at the heart, though, of what led to us increasing our CapEx outlook for the year, now in a range of $250 million to $260 million is our conviction to start investing in this program. And so that has begun and is the cause for us taking up our guidance. Thanks, Joe.

好的。謝謝你，Winnie。Joe，我們認為每家店所需的資本投資水準相對不高。每店的資本支出（CapEx）大概在 4 萬到 4.5 萬美元的區間。不過，這項計畫確實是我們上調今年資本支出展望的核心原因之一；我們現在的 CapEx 指引區間為 2.5 億到 2.6 億美元，反映我們有信心開始投資這個方案。因此這項工作已經啟動，也正是我們上調指引的原因。謝謝你，Joe。

Scot Ciccarelli, Truist Securities.

Scot Ciccarelli，Truist Securities。

Hi, guys. Appreciate the time. So based on the midpoint of your 3Q guide and the full year outlook, it looks like you're still embedding a low single-digit comp in the fourth quarter. I think we recognize 4Q always has some pressure in terms of the amount of volume it has to float through the box.

嗨，各位。感謝撥冗。所以，根據你們第三季指引的中位數以及全年展望來看，第四季看起來仍隱含著低個位數的同店成長（comp）。我想我們也理解第四季通常會因為需要在門市空間內承載的銷量較大，而面臨一些壓力。

But just given the momentum of your trends and the ability to bring in product that you couldn't have last year, why wouldn't you expect 4Q comps to be quite a bit higher than what seems to be implied in the guide? And specifically, do you have real concerns around the physical volume limitations of the stores, or is this just taking more of a prudent or conservative approach in the outlook? Thanks.

但考量到你們趨勢動能，以及能引進去年無法引進的商品，為什麼你們不預期第四季同店成長會比指引所隱含的高出不少？更具體地說，你們是否真的擔心門市在實體銷量（physical volume）上的容量限制，還是這只是展望上採取更審慎或保守的做法？謝謝。

Yeah. Hey, Scot. Thanks for the question. Look, as we've constructed the guide, certainly run rate, momentum of the business factored into that. I think you're right. We've talked about certain opportunities that we left on the cutting room floor last year in the fourth quarter, largely as a result of tariff decisions that we had to make around products.

是的。嗨，Scot。謝謝你的問題。我們在制定指引時，當然已把目前的運行水準與業務動能納入考量。我想你說得沒錯。我們也談到過，去年第四季我們確實有一些機會被迫放棄，主要是因為我們必須就商品做出關稅相關的決策。

We're certainly super excited about the programs and the products that we're bringing in for the holidays and the teams have already begun planning for and executing. So certainly a lot there to like.

我們對於假期檔期將推出的各項方案與產品感到非常興奮，團隊也已經開始規劃並著手執行。因此確實有很多值得期待的地方。

The way we've constructed the fourth quarter, which would position at about a 3% comp growth profile for the quarter, I think, to be fair, you also have to look at that on a two-year basis, given that we have now anniversaried the pricing and we are cycling, as you know, a fairly big 15% quarter a year ago. So on a two-year stack, this quarter, our biggest quarter of the year, profiles at an 18%.

我們對第四季的規劃，是讓本季同店成長率約落在 3% 左右；但我認為，公平起見，也必須以兩年期的基礎來看，因為我們現在已經完成價格調整的周年比較，而且如你所知，我們正在對比去年同期相當大的 15% 成長季度。因此以兩年期疊加來看，本季—也就是我們一年中最大的季度—約為 18%。

And just -- we haven't tried to be conservative or prudent. We've just been thoughtful here, weighing all of the things I just mentioned, and also the reality that we're in in terms of the competitive set in that time period and the amount of business we and others will do over a very, very short period of time, we just wanted to be thoughtful, balancing the obvious underlying run rate of this business, some of the things we're super excited about, and the fact is the holiday season.

另外—我們並不是刻意要保守或審慎。我們只是更周全地思考，權衡我剛提到的所有因素，以及在那段期間我們所面對的競爭環境現實，還有我們與其他業者會在非常、非常短的時間內完成大量交易的情況；我們只是希望在明顯的業務基本運行速度、一些讓我們非常興奮的事項，以及假期季節這個事實之間取得平衡，做出周全的判斷。

That's all that went into the guide. We don't see it as conservative. We see it as thoughtful. Thanks, Scot.

以上就是指引所考量的全部因素。我們不認為這是保守。我們認為這是周全。謝謝你，Scot。

Chuck Grom, Gordon Haskett.

Chuck Grom，Gordon Haskett。

Hey. Great. Thanks a lot. When you look at your store fleet and overall sales per store this year, which is going to be about $2.7 million, is it possible to speak to maybe your top 10% to 20% of the story base? And I guess any common themes between those locations whether it be brand awareness or others that you can apply to the rest of the fleet. I'm trying to approach the comping the comp question for 2027 from a slightly different angle.

嗨。很好。非常感謝。當你看你們今年的門市組合以及每店整體銷售額（大約會是 270 萬美元）時，能否談談你們門市基礎中表現最好的前 10% 到 20%？以及我想知道這些門市之間是否有任何共通主題，例如品牌認知或其他因素，能夠應用到其餘門市。我想用稍微不同的角度來思考 2027 年同店比較（comping the comp）的問題。

So in terms of the store fleet, it's a great question, Chuck, and that's a great way of thinking through it. We don't see a meaningful variance. It is amazing in terms of the performance across the fleet regardless of vintage or geography. We've seen less throughout, and we don't see a huge meaningful swing between the top percentile versus the bottom either in terms of brand awareness or any other factors. It's been like good throughout the system.

就門市組合而言，這是個很好的問題，Chuck，而且這樣思考也很棒。我們沒有看到顯著的差異。整體門市的表現令人驚艷，不論是開店年資或地理位置。我們看到的差異更少；而且在品牌認知或其他因素上，前段百分位與後段之間也沒有很大的、具意義的落差。整個系統的表現都很不錯。

I think the bigger piece a round comping the comp as we look at 2027 is thinking through how we take these new customers that we've acquired and bring them back and then how we continue to acquire new, both our new store openings but also in existing because we're increasing our brand awareness. And that can be through marketing, but it also can be through a trend and relevance, and I think that's where we're winning currently. Thank you, Chuck.

我認為，當我們看 2027 年「同店再同店比較」時，更大的重點在於：如何讓我們新獲得的顧客回流，以及我們如何持續獲取新客—包括新店開幕帶來的新客，也包括既有門市，因為我們正在提升品牌認知。這可以透過行銷，但也可以透過趨勢與相關性（relevance），而我認為這正是我們目前取勝之處。謝謝你，Chuck。

Jeremy Hamblin, Craig-Hallum Capital.

Jeremy Hamblin，Craig-Hallum Capital。

Thanks and I'll add my congratulations, and especially on your operating margins blowing right past the 11% to 12% legacy level and hitting mid-teens this year. I wanted to get into the curtain-up moments and those 6 times of year, I think we recently seen that for your post back-to-school and early Halloween set.

謝謝，我也要加入恭喜之列，特別是你們的營業利益率不僅超越過去 11% 到 12% 的歷史水準，今年還達到 15% 左右的中段水準。我想談談你們所謂的「揭幕時刻（curtain-up moments）」以及一年大約 6 次的檔期；我想我們最近看到的是返校後與早期萬聖節的陳列。

In terms of the efficiency, around doing those sets, it seemed like your labor investment is quite a bit more than what you've put into it in the past. And given that it's a bigger show of the new assortment than what you've done from a historical perspective, do you feel like you have the formula down from a labor scheduling perspective of how many people you need and when?

就執行這些陳列的效率而言，看起來你們投入的人力比過去多不少。而且由於這次的新商品組合展示規模比歷史上更大，從人力排班角度來看，你們是否覺得已經掌握了需要多少人、以及何時需要的公式？

Or is that something that's a future opportunity as you get more efficient and how to have these wow curtain-up moments and still run the business even if you have maybe comp levels that are a little bit lower than what you're doing currently?

或者，這是否是未來的機會：隨著你們效率提升，如何在打造這些令人驚豔的揭幕時刻的同時仍能維持營運，即便同店成長水準可能比你們目前的表現略低？

Thanks for the question, Jeremy. So overall, we have invested more labor in the stores, and it started last year, and it started in earnest because we had gotten to the point where we weren't, I would say, doing the one-of-one of bringing product from the back to the front in a way that allowed us to refill shelves and to really feed the unit throughput business that we've got.

謝謝你的問題，Jeremy。整體而言，我們確實在門市投入了更多人力，這從去年就開始，而且是認真加大投入，因為我們已經到了某個程度：我會說，我們沒有做到把商品從後場搬到前場的「一對一」補貨作業，無法讓我們有效補滿貨架，並真正支撐我們目前的單位吞吐量（unit throughput）業務。

And so, overall, that's where it all started. With the curtain-up moments, we actually have always had now sets in the front of store. The difference between the current curtain-up moment is the coordination between corporate and stores, and it's merchandizing, marketing, as well as supply chain to get it right.

所以整體來說，一切就是從那裡開始的。至於揭幕時刻，我們其實一直都有在店鋪前區做陳列（sets）。目前揭幕時刻與過去的差異，在於總部與門市之間的協同，包括商品陳列、行銷，以及供應鏈，確保把事情做對。

Get the right product at the right place at the right time to make sure that the stores are educated about what they're seeing, to give them an idea of what they're going to see not only in terms of product content but also in terms of marketing, and gearing for let's not wait to set the floor; let's get it done. So that when we announce, the customer is there.

在正確的時間，把正確的商品放在正確的位置，並確保門市同仁了解他們看到的是什麼，讓他們不僅在商品內容上，也在行銷上知道接下來會看到什麼，並且以「不要等到要上架才開始做；現在就把賣場陳列完成」的方式來準備。這樣當我們對外宣布時，顧客就已經在那裡了。

And so it really is how we collaborate and how we work has been the biggest piece. And yes, of course, I think we're going to get more efficient over time. But in general, we have seen that the visual merchandizing of product, the movement of product has actually driven a lot of interest and a lot of engagement by customers and we like those results. Thank you, Jeremy.

因此，最大的關鍵其實是我們如何協作、如何一起工作。當然，我也認為我們會隨時間變得更有效率。但整體而言，我們看到商品的視覺陳列與商品流動，確實帶來了大量興趣與顧客互動，我們很喜歡這些成果。謝謝你，Jeremy。

Edward Kelly, Wells Fargo.

Edward Kelly，Wells Fargo。

Yeah. Hi. Good afternoon. Maybe just to follow-up to start a number of question. I was hoping that you could clarify traffic versus ticket. I think when you said something about consistent with Q1. I just didn't know if you meant proportionately similar and ticket is still up.

是的。嗨。下午好。也許先跟進一下前面幾個問題。我希望你們能釐清一下來客數（traffic）與客單價（ticket）。我記得你提到某些表現與第一季一致。我不確定你的意思是比例上相似，且客單價仍然上升嗎？

And then the real question is just around the gross margin, Dan. I was hoping that you could maybe unpack it a little bit, fuel versus shrink versus tariffs this quarter. And then looking out in the '27, how we start to think about some of those dynamics, particularly if tariff rates go back up.

然後真正的問題是關於毛利率，Dan。我希望你能把它拆解得更清楚一些：本季燃料（fuel）相對於損耗（shrink）以及關稅（tariffs）各自的影響。另外展望 2027 年，我們應該如何看待這些動態，特別是如果關稅稅率再度上升的話。

Great. Okay. And I'm going to start with transactions. So we saw transaction growth in both quarters, and both quarters was driven by traffic. And so that was the shape of the transaction growth, which has been terrific to see and terrific to see the consistency week in, week out. I'll pass it on to Dan.

很好。好的。我先從交易筆數（transactions）開始。我們在兩個季度都看到交易筆數成長，而且兩個季度的成長都是由來客數帶動。因此交易成長的型態就是如此；看到這點非常令人振奮，也很高興看到每週、週週都維持一致性。我把問題交給 Dan。

Yeah. Thanks, Winnie. Yeah, look, the gross margin profile in the second quarter, we were super pleased with. We had 220 basis points of accretion. Obviously, leverage played a role there, but it was really led by merch margin expansion. So here you saw the benefit of pricing that that we hadn't yet anniversaried and lower tariff costs.

是的。謝謝你，Winnie。是的，你看，第二季的毛利率走勢我們非常滿意。我們提升了 220 個基點。顯然，規模槓桿（leverage）在其中扮演了角色，但主要是由商品毛利率擴張所帶動。因此你在這裡看到的是：我們尚未進入周年比較的定價效益，以及較低的關稅成本所帶來的好處。

And the shrink was solid. It was slightly below year over year, which was helpful. And higher fuel costs was absolutely an offset in the quarter. So you put all of those elements together, and obviously, pleased with the profile.

而且損耗控制得很穩健。年對年略有下降，這是有幫助的。而燃油成本上升在本季確實形成了抵銷因素。所以把所有這些因素綜合起來看，我們顯然對這樣的表現感到滿意。

As we look forward into the tariff environment, and I think we would expect some level of tailwinds moving into the back half of the year, just based on the simple reality that the new rates under Section 301 are lower than the rates we had assumed in our outlook previously. We would expect that that picture slightly reverses as we head into 2027, again, based on everything that we know, because the rates that will be in place, under Section 301 are actually slightly higher than the rates that have been in place under the temporary Section 122.

展望關稅環境，我想我們預期在今年下半年會有一定程度的順風，原因很簡單：301條款下的新稅率低於我們先前在展望中所假設的稅率。我們預期當我們邁向2027年時，這個情況會略為反轉；同樣地，基於我們目前所掌握的一切資訊，因為301條款下將實施的稅率其實略高於臨時122條款下的稅率。

So what does it all mean? Look, I think it's an evolving picture for sure. We know that. I think in the second half of the year, while we do anticipate lower tariffs, we don't anticipate material flow through the gross margin because fuel costs are likely going to be higher and we will likely offset that.

那這一切代表什麼？你看，我認為這確實是一個持續演變的局面。我們知道這點。我想在今年下半年，雖然我們預期關稅會降低，但我們不預期會對毛利率產生實質性的傳導，因為燃油成本很可能會更高，而我們很可能會把這部分抵銷掉。

And then as we think about next year, it's obviously way too soon for us to start constructing a plan and talking about that plan. But what I would say is just because we may be operating under a slightly higher tariff environment, I wouldn't expect that that would necessarily mean a dampening to gross margins. This organization has shown it knows how to address tariffs head-on, largely through the cost lens as well.

至於明年，現在顯然還太早，我們不會開始建構計畫並談論那個計畫。但我想說的是，即便我們可能在略高的關稅環境下營運，我也不會預期這必然意味著毛利率會被壓抑。這個組織已經證明，我們知道如何正面應對關稅，且很大程度上也會從成本的角度來處理。

So I wouldn't necessarily paint a picture for next year that the negative tariff environment will impact margins. Much more work to do on that, and we'll certainly talk about that as we talk about '27. Thank you.

所以我不會把明年的情境描繪成負面的關稅環境會影響利潤率。這方面還有很多工作要做，我們也一定會在談到'27時再討論。謝謝。

Kate McShane, Goldman Sachs.

Kate McShane，高盛。

Hi. Good afternoon. Thanks for taking our question. We always like to ask about licensing. I think I've asked about it in the last couple of calls. It's very obvious that there is a more concerted effort in in the stores when it comes to licensing and it's been an important driver of your product transformation.

嗨。下午好。謝謝讓我們提問。我們一向喜歡問授權（licensing）的問題。我想我在過去幾次電話會議都問過。很明顯地，門市在授權方面投入了更一致、更有系統的努力，而這也一直是你們產品轉型的重要驅動因素。

Just wondered if you could provide any more detail about the role of licensing with regards to the comp in the second quarter, what the movie slate looked like this summer versus previous summers. And just as you implement more, are you seeing a measurable impact to traffic as a result of this initiative?

想請問你是否能提供更多細節，關於授權在第二季同店表現（comp）中的角色；今年夏天的電影片單相較於過去幾個夏天是什麼樣子。以及隨著你們導入更多授權合作，是否看到這項計畫對來客數帶來可衡量的影響？

Thanks for your question, Kate. And licensing is definitely of growing importance to us. And I think I mentioned that the big difference for us in terms of how we do licensing is in the past, I think we were really great at infusing relevant licenses into relevant products so Stitch and the toys and games world, for instance, and we definitely saw some tech-licensed IP work for us.

謝謝你的問題，Kate。授權對我們的重要性確實正在提升。我想我也提過，我們在授權操作上最大的不同在於：過去我們很擅長把相關授權導入到相關產品中，例如史迪奇（Stitch）在玩具與遊戲領域；而且我們也確實看到一些科技授權的IP對我們有效。

Today, we're taking a slightly different approach in that, one, we have the ability to deliver a 360 experience with a license and a full collection. And we definitely did that with Toy Story this year. And, in fact, the back part of this year we're excited because we're going to have again, a rolling thunder of great movie titles coming out.

現在我們採取稍微不同的做法：第一，我們有能力以單一授權提供360度的體驗，並推出完整系列。今年我們在《玩具總動員》（Toy Story）上就確實做到了。而且事實上，今年下半年我們也很興奮，因為將會有一連串重量級電影片名陸續上映。

But the other aspect of life licensing that we're excited about is to bring new licenses to market and you'll be seeing more of that as we move through it. But we think that there is a wonderful compliment to what we're seeing in terms of toys, games, and collectibles.

但我們對生活風格授權（life licensing）感到興奮的另一個面向，是把新的授權帶到市場上；隨著我們推進，你們會看到更多這類動作。我們認為這能很好地補強我們在玩具、遊戲與收藏品方面所看到的趨勢。

And if you take an idea like Fugglers that was born really in the world of toys and games, applying it to tech product and seeing what else we can do with something that really resonates with our customer. So that's really different in terms of how we work on this. And you'll see more of that as we roll through this year and, of course, we've already started on thinking through '27 as well. Thanks for your question.

如果以像Fugglers這樣的概念為例，它最初其實是誕生於玩具與遊戲的世界；我們把它延伸到科技產品上，並看看還能用一個真正能引起顧客共鳴的東西做出什麼其他可能。所以這在我們的運作方式上確實很不一樣。你們今年會看到更多這類推進；當然，我們也已經開始思考'27的規劃。謝謝你的問題。

John Heinbockel, Guggenheim.

John Heinbockel，Guggenheim。

Hey, Winnie. Do you guys have good insight into how -- once you get people in the store, how they shop the store is changing in terms of how they work their way through the store, how much time they spend? What has happened so far? Where do you think that is going? And is that -- how does that influence your thoughts operationally?

嗨，Winnie。你們是否對顧客一旦進到店裡後的購物方式變化有很好的洞察——例如他們在店內的動線如何改變、逛店時間花多少？到目前為止發生了什麼？你覺得接下來會往哪個方向走？以及這會如何在營運面影響你們的想法？

Thanks, John. We, I think, have more learning we can do in terms of insights on how the customer shops at the store. Right now, it really is through observation and it's observation through our own visits as well as what we hear from our crew in the field.

謝謝，John。我想我們在顧客如何在店內購物的洞察方面，還有更多可以學習的地方。目前主要還是透過觀察，包括我們自己到店的觀察，以及我們從第一線同仁那裡聽到的回饋。

And this is one of the areas that I think we've got a lot of opportunity with Rodney coming on board is really understanding how the customer engages with the full store. We think there's a lot of opportunity currently. And so, like I said, the move towards eliminating Five Beyond it's not just so that we can make that area more productive, but also get those sightlines clear from the front to the back.

我認為這也是Rodney加入後我們有很大機會的一個領域：真正去理解顧客如何與整間店互動。我們認為目前有很多機會。所以如我所說，朝向取消Five Beyond的調整，不只是為了讓那個區域更有效率，也是在讓從店前到店後的視線更通透。

Five Beyond is actually a walled-in area, so detaching those fixtures from the wall and creating an ability for a customer to snake up and down aisles is the way I like to shop, and I think customers will respond really well to that.

Five Beyond其實是一個被牆面圍起來的區域，因此把那些陳列架從牆面拆開，並創造讓顧客可以在走道間上下穿梭的動線——這是我喜歡的逛法，我也認為顧客會對此有很好的反應。

Finally, I do think that having adjacencies in the store that makes sense and are directed towards a target customer cohort, like a Gen Alpha versus a Gen Z, is going to help them build their basket. Right now, they're hopping from place to place in the store and we think we can do better there.

最後，我確實認為在店內做出合理的相鄰陳列（adjacencies），並且以目標客群（例如Alpha世代相對於Z世代）為導向，將有助於他們增加購物籃的品項。目前他們在店內各區之間跳來跳去，我們認為這方面可以做得更好。

There are two trip driver categories that we know of, that are fairly consistent, which is the World of Candy and the World of Tech, and so again, making moves to think about putting them in the front of store and making them really easy to see for the customer, really easy for whoever wants an in and out experience.

我們知道有兩個相當穩定的「到店驅動」品類：糖果世界（World of Candy）與科技世界（World of Tech）。因此同樣地，我們正在思考把它們放到店前，讓顧客很容易看到，也讓想要快速進出的人更方便。

And I think that the last area that I think is opportunity for us is our aligned queue, just adding those last few items in the basket. So everything will be in service of making that experience funner, better, easier, but also, helping our customers build the basket, but we're early stages on this. Thanks for your question, John.

我認為最後一個我們的機會點是我們的直線式排隊區（aligned queue），也就是在結帳前再把最後幾樣商品加進購物籃。所以所有調整都將服務於讓體驗更有趣、更好、更容易，同時也幫助顧客增加購物籃；但我們在這方面仍處於早期階段。謝謝你的問題，John。

Zhihan Ma, Bernstein.

Zhihan Ma，Bernstein。

Hi. Thank you for fitting me in. A quick two-part follow-up. One, just on the news story side of things. Given the very strong results from the new store openings, what does it take for you to consider re-accelerating the pace of store growth from here?

嗨。謝謝讓我插問。我有一個簡短的兩段式追問。第一，關於新店的部分。鑑於新店開幕帶來非常強勁的成果，你們需要具備哪些條件才會考慮從現在起重新加速展店成長的步伐？

And then the follow-up on the reinvestments of the tariff refunds. How do you think about balancing the reinvestment needs versus returning capital to shareholders? Thank you.

接著追問一下關於關稅退稅再投資的部分。您如何看待在再投資需求與回饋股東之間取得平衡？謝謝。

Yeah. Hi, Zhihan. I'll take them both. Look on the new store side, we're obviously not capital constraint, so that isn't necessarily a barrier here. I think the balancing act for us is continuing to be able to execute at a really high level, and we are really scaling these muscles in an impactful way, such that we're even confident now to expand into a white space like Puerto Rico, so you can see the confidence that we have.

好的。嗨，Zhihan。我兩個問題一起回答。先看新店這一端，我們顯然不受資本限制，所以這不一定會成為障礙。我認為我們需要拿捏的平衡點，是持續以非常高的水準執行；而且我們正在以很有影響力的方式鍛鍊並擴大這些能力，甚至讓我們現在也有信心擴張到像波多黎各這樣的白地市場，所以你可以看到我們的信心。

But also new stores is also subject of what's available and what properties and locations are available. And so we have to balance all of those. We're going to continue to operate with pace and urgency simply because the returns are too good. But we're not going to sacrifice the standards that we have set because we've seen the results here and we're quite pleased. So that was the first part.

但同時，新店拓展也取決於可得性，也就是有哪些物件、哪些店址可用。因此我們必須在這些因素之間取得平衡。我們會持續以速度與急迫感來推進，因為報酬實在太好了。但我們不會犧牲既定的標準，因為我們已經看到成果，而且相當滿意。以上是第一部分。

On the second part, look, we've demonstrated, I think, certainly in this earnings release, our ability to balance capital both ways, right? One is to lean in and invest in growth and in our customers, and that is going to continue to be our priority, and you see that in our updated outlook for the year. CapEx moves up and you've heard the reasons why around the store experience and that discussion.

第二部分，我想我們已經證明了——我認為至少在這次財報新聞稿中——我們有能力在資本運用上做到雙向平衡，對吧？一方面是加碼投資成長與我們的顧客，這會持續是我們的優先事項，你也可以從我們更新的全年展望中看到。資本支出（CapEx）上調，而你也聽到我們針對門店體驗等方面的原因與討論。

At the same time, in the quarter, we just completed buying shares on the original authorization and then subsequently launched a $600 million authorization. So what we are showing here in terms of how we will deploy capital is a reflection of our confidence in this business and its ability to continue to grow, throw off significant cash flow, and it's a capital allocation strategy that is geared in being able to do both: invest in this business to drive growth and at the same time return excess liquidity to shareholders where those returns warranted.

同時，在本季，我們剛完成在原先授權額度下的股票回購，之後又啟動了6億美元的回購授權。因此，我們在資本部署上的作法所展現的，是我們對這門業務的信心：它能持續成長、產生可觀的現金流；而這是一套資本配置策略，目標是兩者兼顧——投資業務以推動成長，同時在回報具吸引力時，把多餘流動性回饋給股東。

And we're quite pleased with that outcome and we'll begin to execute against it. Thanks for the question.

我們對這樣的結果非常滿意，也會開始據此執行。謝謝你的提問。

Philip Blee, William Blair.

Philip Blee，William Blair。

Winnie, Dan, thanks for the question. Thanks for sneaking me in. So as we just start to think about holiday, I think last year you began to roll out some of your larger omni-channel initiatives like focused delivery, et cetera. But maybe had to turn off some of those capabilities due to the high volumes and staffing constraints.

Winnie、Dan，謝謝讓我提問。也謝謝你們把我塞進來。談到假期旺季，我想去年你們開始推出一些較大型的全通路（omni-channel）計畫，例如重點配送等。但可能因為量能太高以及人力配置受限，而不得不關掉其中一些能力。

So are you even planning to have your full suite of omni-channel functions live this holiday? If so, what kind of comp impact do you think that that could have? And then what are the margin implications there assuming there's going to be an uptick in store labor to make that happen? Thank you.

所以今年這個假期，你們是否計畫讓全套全通路功能都上線？如果是，你認為這可能對同店成長（comp）帶來什麼影響？另外，若為了達成這點而使門店人力成本上升，對毛利率會有什麼影響？謝謝。

Hey, Philip. Thanks for your question. We are hoping to be able to continue with our omni during this holiday season. And we're still working through the details of what that looks like and how we execute against that. So I really can't comment with regards to what it will cost, et cetera.

嗨，Philip。謝謝你的提問。我們希望在這個假期季能夠持續推進我們的全通路。我們仍在釐清細節，包括具體會是什麼樣子，以及我們如何落地執行。所以我目前真的無法評論成本會是多少等等。

I will tell you that right now, we're seeing nice results with BOPIS but also third-party delivery. So we've got a couple of different ways to deliver to the customer their needs and meet them where they are, and we're still working on the details. Thank you.

我可以告訴你的是，目前我們看到BOPIS（線上下單、到店取貨）以及第三方配送都有不錯的成效。因此我們有幾種不同方式把商品交付給顧客、在他們所在之處滿足需求，而我們仍在處理相關細節。謝謝。

Thank you. That concludes our question-and-answer session. I'd like to turn the conference back over to Winnie Park for closing remarks.

謝謝。問答環節到此結束。接下來我想把電話會議交回給Winnie Park做結語。

So we want to thank you all for your continued support of Five Below. I also want to add a last huge thank you to the crew for making this quarter possible. We literally could not do this without you. And I would like to invite all of you to come shop our fabulous Halloween curtain-up. We've got some amazing, scary, and fun treats. And so please come and visit and we look forward to seeing you all. Thank you.

我們想感謝各位持續支持Five Below。我也想在最後再次非常感謝團隊，讓本季的成果成為可能。沒有你們，我們真的做不到。同時也邀請各位來逛逛我們精彩的萬聖節陳列。我們有一些很棒、很驚悚也很有趣的商品。所以請務必來看看，我們期待與各位相見。謝謝。

Thank you. That concludes today's conference call. We thank you all for attending today's presentation. You may now disconnect your lines and have a wonderful day.

謝謝。今天的電話會議到此結束。感謝各位參加今天的簡報。您現在可以掛斷電話，祝您有美好的一天。