Five Below Inc (FIVE) 2021 Q2 法說會逐字稿

Good day, and welcome to the Five Below Second Quarter 2021 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded. I would now like to turn the conference over to Christiane Pelz, Vice President of Investor Relations. Please go ahead.

美好的一天，歡迎參加 2021 年第二季度財報電話會議的五個以下。 （操作員說明）請注意，此事件正在記錄中。我現在想將會議轉交給投資者關係副總裁 Christiane Pelz。請繼續。

Thank you. Good afternoon, everyone, and thank you for joining us today for Five Below's Second Quarter Fiscal 2021 Financial Results Conference Call. On today's call are Joel Anderson, President and Chief Executive Officer; and Ken Bull, Chief Financial Officer and Treasurer. After management has made their formal remarks, we will open the call to questions.

謝謝你。大家下午好，感謝您今天加入我們的五個以下的 2021 財年第二季度財務業績電話會議。今天的電話會議是總裁兼首席執行官喬爾·安德森（Joel Anderson）；以及首席財務官兼財務主管 Ken Bull。在管理層發表正式講話後，我們將開始提問。

I need to remind you that certain comments made during this call may constitute forward-looking statements and are made pursuant to and within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 as amended. Such forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from such statements. Those risks and uncertainties are described in the press release and Five Below's SEC filings.

我需要提醒您，本次電話會議期間發表的某些評論可能構成前瞻性陳述，並且是根據經修訂的 1995 年《私人證券訴訟改革法案》的安全港條款並在其含義範圍內做出的。此類前瞻性陳述受已知和未知風險和不確定性的影響，可能導致實際結果與此類陳述存在重大差異。這些風險和不確定性在新聞稿和五個以下的 SEC 文件中有所描述。

The forward-looking statements made today are as of the date of this call, and we do not undertake any obligation to update our forward-looking statements. If you do not have a copy of today's press release, you may obtain one by visiting the Investor Relations page of our website at fivebelow.com. I will now turn the call over to Joel.

今天做出的前瞻性陳述截至本次電話會議之日，我們不承擔任何更新我們的前瞻性陳述的義務。如果您沒有今天的新聞稿副本，您可以通過訪問我們網站 Fivebelow.com 的投資者關係頁面獲取一份。我現在將把電話轉給喬爾。

Thank you, Christiane, and thanks, everyone, for joining us for our second quarter earnings call. I will review the highlights of our second quarter performance before handing it over to Ken to discuss our financials and outlook in more detail. Then we'll open the call for questions.

謝謝克里斯蒂安，也謝謝大家加入我們的第二季度財報電話會議。我將回顧我們第二季度業績的亮點，然後將其交給肯，以更詳細地討論我們的財務和前景。然後我們將打開問題的電話。

We continue to operate successfully in a very dynamic environment, staying nimble to navigate the evolving conditions related to the Delta variant and global supply chain. Ensuring the health and safety of our customers and crew remains our priority, while also delivering that much-needed fund with our WOW product and store experience.

我們繼續在充滿活力的環境中成功運營，靈活應對與 Delta 變體和全球供應鏈相關的不斷變化的條件。確保我們的客戶和工作人員的健康和安全仍然是我們的首要任務，同時還通過我們的 WOW 產品和商店體驗提供急需的資金。

Now turning to the quarter. We are very pleased with our second quarter results, delivering sales of $647 million and earnings per share of $1.15. versus 2019, which is more comparable than 2020 due to the store closures in the first half of the year. Sales grew 55%, driven by double-digit ticket growth, and earnings per share grew 125%.

現在轉向季度。我們對第二季度的業績非常滿意，銷售額為 6.47 億美元，每股收益為 1.15 美元。與 2019 年相比，由於上半年門店關閉，與 2020 年相比更具可比性。在兩位數門票增長的推動下，銷售額增長了 55%，每股收益增長了 125%。

For the group of stores that were opened in the second quarter of 2019 and 2021, sales grew 21%. Both new and existing stores performed well with record average sales per store. New stores that fuel of the Five Below growth engine, once again delivered strong performance.

對於 2019 年第二季度和 2021 年第二季度開業的門店組，銷售額增長了 21%。新店和現有門店均表現良好，每家門店的平均銷售額均創歷史新高。推動五以下增長引擎的新店再次表現強勁。

In the second quarter, we opened 34 new stores across 19 states, bringing our total open for the first half to a record 102 new stores. Three of these stores in California, South Carolina and West Virginia made the top 25 list of summer grand openings.

第二季度，我們在 19 個州開設了 34 家新店，使我們上半年的新店總數達到創紀錄的 102 家。其中加州、南卡羅來納州和西弗吉尼亞州的三家商店進入了夏季盛大開業的前 25 名名單。

We now are on track to open 170 to 175 new stores this year and end fiscal 2021 with nearly 1,200 stores, leaving us a long runway ahead to reach the 2,500-plus total store potential we believe exists in the United States.

我們現在有望在今年和 2021 財年結束時開設 170 至 175 家新店，並在 2021 財年結束時擁有近 1,200 家門店，這讓我們在達到我們認為在美國存在的 2,500 多家門店的潛力方面還有很長的路要走。

The teams executed extremely well in Q2. Our merchants did an amazing job sourcing WOW products and capitalizing on current trends to bring our customers the items they just got to have. The supply chain team worked diligently to ensure the stores were stocked with these trend-right products while managing through the ongoing global supply chain disruption.

球隊在第二季度的表現非常出色。我們的商家在採購 WOW 產品並利用當前趨勢為我們的客戶帶來他們剛剛擁有的商品方面做得非常出色。供應鏈團隊努力工作，以確保商店備有這些符合潮流的產品，同時應對持續的全球供應鏈中斷。

Our store teams also delivered these results while operating with fewer hours than in the past and very little marketing. Overall, the team continued to focus and make progress against our 3 key strategic priorities of product, experience and supply chain, which I will now discuss in more detail.

我們的商店團隊也提供了這些結果，同時運營時間比過去更少，營銷也很少。總體而言，團隊繼續關注產品、體驗和供應鏈這 3 個關鍵戰略重點並取得進展，我現在將更詳細地討論這些重點。

For product, we continue to see broad-based strength across our worlds on both a 1- and 2-year basis, especially in the Sports, Tech, Candy, Room and Style worlds. Customer trends were broad and diverse. For example, renewed interest in sensory items emerged including popular new fidget toys called Poppers. Our Pet business remains strong as did the gaming products we launched through the collaboration with Bugha last year.

對於產品，我們繼續在 1 年和 2 年的基礎上看到我們世界範圍內的廣泛實力，特別是在體育、科技、糖果、房間和時尚世界。客戶趨勢廣泛而多樣。例如，人們對感官項目重新產生了興趣，包括流行的新型坐立不安玩具 Poppers。我們的寵物業務與去年通過與 Bugha 合作推出的遊戲產品一樣強勁。

We love trends as they drive traffic and bring in new customers. We have the unique ability to participate in almost any trend through our 8 worlds and the flexibility within those worlds enable us to adapt to ever-changing customer preferences. All of these are key distinguishing features of our model.

我們喜歡趨勢，因為它們會增加流量並帶來新客戶。我們擁有通過 8 個世界參與幾乎任何趨勢的獨特能力，而這些世界中的靈活性使我們能夠適應不斷變化的客戶偏好。所有這些都是我們模型的關鍵區別特徵。

Back-to-school kicked off at the end of Q2 with amazing products and featured a seasonal five beyond WOW Wall in all our stores. Our merchandising team sourced some great value products like denim jackets, flannel shirts and backpacks for the new school year. We are very pleased with our performance through August.

返校季在第二季度末以令人驚嘆的產品拉開帷幕，並在我們所有的商店中推出了超越 WOW Wall 的季節性五。我們的銷售團隊為新學年採購了一些物超所值的產品，例如牛仔夾克、法蘭絨襯衫和背包。我們對八月份的表現感到非常滿意。

The extreme value five beyond section in our new prototype store allows us to offer products in categories we previously would not have been able to sell in our stores. With approximately 40 to 60 SKUs in the permanent section of a five beyond prototype store, at any given time, the offering, although relatively small, provides an opportunity to acquire new customers and drive additional sales.

在我們的新原型店中，超值五區允許我們提供以前無法在我們的商店中銷售的類別的產品。在任何給定時間，在五家以上原型店的永久部分中大約有 40 到 60 個 SKU，該產品雖然相對較小，但提供了獲得新客戶和推動額外銷售的機會。

Approximately 270 stores featured the five beyond section of the back to the store at the end of Q2, and we expect about 30% of our chain to offer five beyond by year-end, with approximately 50% of the chain by the end of 2022. The merchandising team is looking forward to continue to delight our customers with new extreme five beyond products as well as products priced $1 to $5.

到第二季度末，大約有 270 家門店採用了 5 個超越部分，我們預計到年底，我們連鎖店中約有 30% 的門店將提供 5 個超越，到 2022 年底，大約 50% 的連鎖店將提供. 銷售團隊期待繼續以新的超五種產品以及價格為 1 至 5 美元的產品來取悅我們的客戶。

On experience, our second strategic priority, we relentlessly look to enhance the in-store and digital experience for our customers and crew. Five beyond is an example of the innovation we are creating in this area as is associate-assisted self-checkout or ACO, as we call it. ACO offers both customer experience benefits as well as store operational efficiencies. We remain on track to offer ACO in over 60% of the chain by the end of this year and eventually be in almost all of our stores.

體驗是我們的第二個戰略重點，我們不懈地尋求為我們的客戶和員工提升店內和數字體驗。五個超越是我們在這一領域創造的創新的一個例子，我們稱之為助理輔助自助結賬或 ACO。 ACO 提供客戶體驗優勢以及商店運營效率。到今年年底，我們仍有望在超過 60% 的連鎖店中提供 ACO，並最終在我們幾乎所有的商店中提供。

Separately, as it relates to the experience for our crew. We recently completed upgrading our human capital management system to the new Workday platform. Since the end of 2016, we have more than doubled our workforce, and this new platform is another great example of our investment in robust enterprise systems to support our continued growth.

另外，因為它關係到我們船員的經驗。我們最近完成了將人力資本管理系統升級到新的 Workday 平台。自 2016 年底以來，我們的員工人數增加了一倍多，而這個新平台是我們投資強大的企業系統以支持我們持續增長的又一個很好的例子。

Under digital experience, we include marketing and e-commerce, which are both focused on increasing our brand awareness and acquiring as well as retaining new and existing customers. We shifted marketing from Q2 into Q3, as we mentioned on the last call, and the very small amount we did in Q2 was focused on paid search and social campaigns, which we believe were successful.

在數字體驗下，我們包括營銷和電子商務，它們都專注於提高我們的品牌知名度和獲取以及留住新老客戶。正如我們在上次電話會議中提到的那樣，我們將營銷從 Q2 轉移到 Q3，我們在 Q2 所做的極少部分專注於付費搜索和社交活動，我們認為這是成功的。

Digital continues to be an effective and efficient platform to reach customers, both new and current. As for e-commerce, we are focused on growing the number of new customers while also increasing the percentage of repeat customers. In addition, we expanded the partnership with Instacart for same-day delivery to now reach the entire chain. We believe our presence on Instacart is an effective brand awareness and new customer acquisition tool as well as a convenient service for our customers.

數字化仍然是接觸新老客戶的有效平台。至於電子商務，我們專注於增加新客戶的數量，同時增加回頭客的比例。此外，我們擴大了與 Instacart 的合作夥伴關係，以實現當日送達，現在已覆蓋整個連鎖店。我們相信我們在 Instacart 上的存在是一種有效的品牌知名度和新客戶獲取工具，以及為我們的客戶提供的便捷服務。

On to our third strategic focus, supply chain. We are very excited to announce the opening of our Arizona ship center. We began shipping our stores from this facility at the beginning of the third quarter, which will help us better serve our Five Below stores out west. E-commerce fulfillment in that center is expected to begin later in Q3, which will also contribute to more efficiency and sending packages to customers out west.

關於我們的第三個戰略重點，供應鏈。我們非常高興地宣布我們的亞利桑那船舶中心開業。我們在第三季度初開始從該工廠運送我們的商店，這將有助於我們更好地為西部的五家以下商店提供服務。該中心的電子商務履行預計將在第三季度晚些時候開始，這也將有助於提高效率並將包裹發送給西部的客戶。

In addition, the Indiana ship Center, which is planned to open in the summer of 2022, is under construction and will complete what we believe to be the optimal distribution center network to service over 2,000 stores. While focused on achieving our longer-term objectives within supply chain, we've also continued to manage through the current global challenges and rising costs resulting from the pandemic. We expect these conditions to persist through the balance of fiscal 2021, and our teams are staying nimble and innovative as they continue to navigate the tight supply chain environment.

此外，計劃於 2022 年夏季開業的印第安納船舶中心正在建設中，並將完成我們認為為 2,000 多家商店提供服務的最佳配送中心網絡。在專注於實現我們在供應鏈中的長期目標的同時，我們還繼續應對當前的全球挑戰和大流行導致的成本上升。我們預計這些情況將持續到 2021 財年的剩餘時間，我們的團隊將在繼續應對緊張的供應鏈環境時保持敏捷和創新。

In summary, we are very pleased with the results from the second quarter. As we begin the third quarter, we continue to see strong momentum in our overall business. We are playing offense, pivoting and flexing as we execute with discipline, and we are making the right investments across our priorities of product, experience and supply chain to support our high growth.

總之，我們對第二季度的結果非常滿意。隨著我們第三季度的開始，我們繼續看到我們整體業務的強勁勢頭。當我們以紀律執行時，我們正在進攻、調整和彎曲，我們正在對我們的產品、經驗和供應鏈的優先事項進行正確的投資，以支持我們的高速增長。

Additionally, we are focused on the all-important fourth quarter and are excited to showcase great new product, including the holiday five beyond WOW Wall. We will continue to listen to and work back from our customers to find those got to have trend-right products at extreme value and all packaged in a fun and amazing shopping experience.

此外，我們專注於最重要的第四季度，並很高興展示出色的新產品，包括 WOW Wall 之外的假期五。我們將繼續傾聽客戶的意見並回饋客戶，以找到那些必須擁有超值的潮流產品，並且所有這些產品都包裝在一個有趣和令人驚嘆的購物體驗中。

With that, I'd like to turn it over to Ken for the financial discussion. Ken?

有了這個，我想把它交給肯進行財務討論。肯?

Thanks, Joel, and good afternoon, everyone. I will begin my remarks with a review of our second quarter results and then provide guidance for the third quarter and commentary on the full year. Because our stores were temporarily closed during the second quarter last year, making a year-over-year comparison less meaningful, I will also provide a review of our results versus the second quarter of 2019.

謝謝，喬爾，大家下午好。我將以回顧我們的第二季度業績開始我的發言，然後提供第三季度的指導和全年的評論。由於我們的商店在去年第二季度暫時關閉，因此同比比較意義不大，我還將提供與 2019 年第二季度的業績對比。

As Joel said, we were very pleased with our second quarter results. Sales increased to $646.6 million from $426.1 million reported in the second quarter last year. Total sales this year grew 55% compared to the second quarter of 2019 on an average store count growth rate of 36%. For the comparable subset of stores that were open in both the second quarter of 2019 as well as the second quarter of 2021, sales increased 21%, driven by continued strong customer tickets.

正如喬爾所說，我們對第二季度的業績非常滿意。銷售額從去年第二季度的 4.261 億美元增加到 6.466 億美元。與 2019 年第二季度相比，今年的總銷售額增長了 55%，平均店鋪數量增長率為 36%。對於在 2019 年第二季度和 2021 年第二季度開業的同類商店，在持續強勁的客票推動下，銷售額增長了 21%。

Transactions continue to be down versus 2019, given we operated the stores with fewer hours versus our standard pre-COVID operating hours. These ticket and transaction trends are similar to what we have seen since reopening the chain last year.

與 2019 年相比，交易量繼續下降，因為與我們的標準 COVID 之前的營業時間相比，我們以更少的時間經營商店。這些門票和交易趨勢與我們自去年重新開放連鎖店以來所看到的相似。

We opened 34 new stores across 19 states in the second quarter compared to 62 net new stores opened in the second quarter last year. We ended the quarter with 1,121 stores, an increase of 139 stores or approximately 14% versus 982 stores at the end of the second quarter of 2020. We were very pleased with the performance of our new stores, especially given the limited grand opening marketing. As Joel noted, we had record grand openings in Q2 with 3 store locations in Summerville, South Carolina, Turlock, California and Charleston, West Virginia, finishing in the all-time top 25 summer grand opening weekends.

第二季度，我們在 19 個州開設了 34 家新店，而去年第二季度淨新開店 62 家。我們在本季度末擁有 1,121 家門店，與 2020 年第二季度末的 982 家相比，增加了 139 家門店或約 14%。我們對新店的表現感到非常滿意，尤其是考慮到有限的開業營銷。正如 Joel 指出的那樣，我們在第二季度的盛大開業時間創下了記錄，在南卡羅來納州薩默維爾、加利福尼亞州特洛克和西弗吉尼亞州查爾斯頓開設了 3 家門店，並在夏季盛大開業周末排名前 25 位。

Gross profit for the second quarter of 2021 was $230.3 million versus $139.8 million in the second quarter of 2020. Compared to the second quarter of 2019, gross profit increased by 58%, while gross margin increased approximately 60 basis points, driven primarily by occupancy leverage on the strong sales results, which more than offset higher inbound freight costs later in the quarter.

2021 年第二季度的毛利潤為 2.303 億美元，而 2020 年第二季度為 1.398 億美元。與 2019 年第二季度相比，毛利潤增長了 58%，而毛利率增長了約 60 個基點，主要受入住率的推動強勁的銷售業績抵消了本季度晚些時候更高的入境運費。

SG&A expenses were $144.2 million for the second quarter of 2021 versus $106.7 million in the second quarter of fiscal 2020. Compared to the second quarter of 2019, SG&A expenses decreased approximately 410 basis points as a percent of sales. The leveraging of SG&A expenses as a percent of sales versus 2019 was primarily driven by reduced marketing expense, lower store expenses on the reduced operating hours and fixed cost leverage.

2021 年第二季度的 SG&A 費用為 1.442 億美元，而 2020 財年第二季度為 1.067 億美元。與 2019 年第二季度相比，SG&A 費用佔銷售額的百分比下降了約 410 個基點。與 2019 年相比，SG&A 費用佔銷售額的百分比主要是由於營銷費用減少、營業時間減少和固定成本槓桿導致的商店費用減少。

As a result, we reported operating income of $86.2 million for the second quarter of 2021 versus operating income of $33.1 million in the second quarter of 2020. Versus the second quarter of 2019, operating income this year more than doubled. Net income for the second quarter of 2021 was $64.8 million versus $29.6 million last year and $28.8 million in 2019. Earnings per diluted share for the second quarter was $1.15 compared to $0.53 last year and $0.51 in 2019. Versus Q2 2019, earnings per diluted share increased 125%.

因此，我們報告 2021 年第二季度的營業收入為 8620 萬美元，而 2020 年第二季度的營業收入為 3310 萬美元。與 2019 年第二季度相比，今年的營業收入翻了一番多。 2021 年第二季度的淨收入為 6480 萬美元，去年為 2960 萬美元，2019 年為 2880 萬美元。第二季度的每股攤薄收益為 1.15 美元，去年為 0.53 美元，2019 年為 0.51 美元。與 2019 年第二季度相比，每股攤薄收益增加了 125%。

We had share-based accounting benefit of approximately $0.01 in the second quarter this year compared to approximately $0.03 in the second quarter last year and $0.01 in the second quarter of 2019. We ended the second quarter with $414 million in cash, cash equivalents and investments and no debt, including nothing outstanding on our $225 million line of credit.

今年第二季度我們的股票會計收益約為 0.01 美元，而去年第二季度約為 0.03 美元，2019 年第二季度為 0.01 美元。我們在第二季度結束時擁有 4.14 億美元的現金、現金等價物和投資並且沒有債務，包括我們 2.25 億美元信貸額度的任何未償債務。

Inventory at the end of the second quarter was $347 million as compared to $294 million at the end of the second quarter last year. Average inventory on a per store basis increased approximately 3.5% versus the second quarter last year as last year's second quarter inventory was impacted by pandemic-related order cancellations. Versus the second quarter of 2019, average inventory per store decreased approximately 5%.

第二季度末的庫存為 3.47 億美元，而去年第二季度末為 2.94 億美元。由於去年第二季度的庫存受到與大流行相關的訂單取消的影響，每家商店的平均庫存與去年第二季度相比增加了約 3.5%。與 2019 年第二季度相比，每家商店的平均庫存減少了約 5%。

We feel well positioned from an inventory standpoint to deliver on our Q3 outlook and are accelerating receipts ahead of the holiday season. Now looking ahead, we are providing formal guidance for the third quarter of 2021. We are still not guiding beyond the quarter, given the uncertainty related to the ongoing impact of COVID variants, a potential shift in consumer spending away from goods and towards services and the impact of the ongoing supply chain disruption.

從庫存的角度來看，我們感覺自己處於有利位置，可以實現我們的第三季度前景，並且在假期前正在加速收貨。現在展望未來，我們正在為 2021 年第三季度提供正式指導。鑑於與 COVID 變體的持續影響相關的不確定性、消費者支出可能從商品轉向服務以及持續供應鏈中斷的影響。

However, I will offer directional commentary on how we are viewing the full year, which we will continue to compare to fiscal 2019 due to the disruption in store closures caused by COVID in the first half of last year. For the third quarter, we will compare our guidance to last year, as our stores were fully reopened for the entire third quarter of 2020.

但是，我將就我們如何看待全年提供定向評論，由於去年上半年 COVID 導致商店關閉中斷，我們將繼續與 2019 財年進行比較。對於第三季度，我們會將我們的指導與去年進行比較，因為我們的商店在 2020 年第三季度整個第三季度都已全面重新開業。

We are very pleased with the start to the third quarter. We expect third quarter sales to be in a range of $550 million to $565 million with comparable sales in the mid-single-digit range versus the record third quarter comparable sales increase of 12.8% last year.

我們對第三季度的開始感到非常滿意。我們預計第三季度銷售額將在 5.5 億美元至 5.65 億美元之間，可比銷售額在中個位數範圍內，而去年第三季度可比銷售額將增長 12.8%。

We expect to open approximately 40 to 45 stores in the third quarter. Versus the third quarter last year, we expect operating margin to delever by over 100 basis points, with the majority of this deleverage to occur within SG&A expenses. We are up against record comps and sales, which resulted in higher-than-usual leverage on fixed costs last year in addition to lower marketing expenses and store hours.

我們預計第三季度將開設約 40 至 45 家門店。與去年第三季度相比，我們預計營業利潤率將下降 100 個基點以上，其中大部分去槓桿將發生在 SG&A 費用中。我們正面臨創紀錄的業績和銷售額，這導致去年固定成本的槓桿率高於往常，此外營銷費用和營業時間也有所降低。

We also expect gross margin to delever versus last year as supply chain disruptions are increasing our inbound freight costs. Our effective tax rate for the third quarter is planned at approximately 25%, which excludes the impact of share-based accounting or any share repurchases.

我們還預計毛利率將與去年相比下降，因為供應鏈中斷正在增加我們的入境貨運成本。我們計劃第三季度的有效稅率約為 25%，這不包括基於股份的會計或任何股份回購的影響。

As you know, our practice is to update the tax rate outlook quarterly with actual results when we report earnings. Net income is expected to be in the range of $12.8 million to $16.7 million with diluted EPS expected to be in the range of $0.23 to $0.30.

如您所知，我們的做法是在報告收益時每季度根據實際結果更新稅率前景。淨收入預計在 1280 萬美元至 1670 萬美元之間，攤薄後每股收益預計在 0.23 美元至 0.30 美元之間。

Looking at the full year. On our last earnings call in June, though not in a position to provide formal guidance, we shared an outcome scenario in order to shed some light on how we are thinking about the business from a profitability perspective. We provided a full year scenario where a 2-year compound sales growth rate in the low 20% range versus 2019 would result in operating leverage of approximately 30 basis points versus fiscal 2019.

縱觀全年。在 6 月的最後一次財報電話會議上，儘管無法提供正式指導，但我們分享了一個結果情景，以闡明我們如何從盈利能力的角度考慮業務。我們提供了一個全年情景，其中與 2019 財年相比，2 年復合銷售增長率在 20% 的低範圍內，將導致運營槓桿與 2019 財年相比提高約 30 個基點。

With more visibility now and despite the tightening supply chain environment that's driving higher freight costs, that same 2-year compound sales growth rate over 2019 would now deliver approximately 50 basis points of operating leverage.

現在隨著可見度的提高，儘管供應鏈環境趨緊導致運費上漲，但與 2019 年相同的 2 年復合銷售增長率現在將提供大約 50 個基點的經營槓桿。

We plan to continue to spend approximately $315 million in gross capital expenditures, excluding the impact of tenant allowances. This reflects the opening of our new ship center in Arizona, construction of a new ship center in Indiana, opening new stores and executing remodels and investing in systems and infrastructure. We expect to open 170 to 175 new stores and complete approximately 30 remodels in fiscal 2021.

我們計劃繼續花費大約 3.15 億美元的總資本支出，不包括租戶津貼的影響。這反映了我們在亞利桑那州開設新船舶中心、在印第安納州建設新船舶中心、開設新商店、進行改造以及對系統和基礎設施進行投資。我們預計將在 2021 財年開設 170 至 175 家新店並完成約 30 次改造。

In conclusion, we had a great second quarter, and Q3 is off to a strong start. Our teams are executing at a high level across the organization, remaining agile in this very dynamic operating environment. As we look to the second half of the year, we expect continued challenges in the global supply chain. Flexibility, innovation and disciplined cost and capital management are key attributes of how we have always operated, and they are even more important for us now.

總而言之，我們第二季度表現出色，第三季度開局良好。我們的團隊在整個組織的高水平執行，在這個非常動態的運營環境中保持敏捷。展望下半年，我們預計全球供應鏈將繼續面臨挑戰。靈活性、創新性以及嚴格的成本和資本管理是我們一直以來運營的關鍵屬性，現在對我們來說更加重要。

We look forward to delivering an outstanding assortment of WOW product at incredible value to our customers in the third quarter and the all-important holiday season as we expand our store base, improve our capabilities and relentlessly raise the bar on the value that we deliver to customers day in and day out.

我們期待在第三季度和最重要的假日季節為我們的客戶提供各種超值的 WOW 產品，因為我們擴大了我們的商店基礎，提高了我們的能力，並不斷提高我們提供的價值的標準客戶日復一日。

And with that, I'll turn the call back over to Joel for a summary before we begin Q&A.

有了這個，在我們開始問答之前，我會將電話轉回給 Joel 進行總結。

Thanks, Ken. As you can tell from both Ken and my prepared remarks, we are very pleased with our year-to-date performance. Our teams have executed well, and I want to thank them again for their continued resilience and agility. Every week has brought new challenges. The teams have worked through them and found innovative ways to address them.

謝謝，肯。正如您從肯和我準備好的講話中可以看出的那樣，我們對今年迄今為止的表現感到非常滿意。我們的團隊執行得很好，我要再次感謝他們持續的韌性和敏捷性。每週都會帶來新的挑戰。這些團隊已經解決了這些問題，並找到了解決這些問題的創新方法。

I'm confident we will continue to do so. And given the inherent flexibility of our 8 worlds, our unique merchandising approach, and focus on innovation across product, experience and supply chain, we believe we will remain in a position of strength to continue growing Five Below and driving sustainable, long-term value for all our stakeholders. With that, I'd like to turn the call back to the operator for questions. Operator?

我有信心我們會繼續這樣做。鑑於我們 8 個世界固有的靈活性、我們獨特的銷售方式以及專注於跨產品、體驗和供應鏈的創新，我們相信我們將繼續保持優勢地位，繼續發展以下五項並推動可持續的長期價值對於我們所有的利益相關者。有了這個，我想把電話轉回給接線員提問。操作員？

(Operator Instructions) Our first question is from Simeon Gutman with Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Simeon Gutman。

My question is on freight. So maybe just 2 parts, but same topic. Can you -- do you have line of sight or visibility into sort of when the pressures peak inside the gross margin? And then if we didn't have the pressures this quarter, can you talk about, I guess, how much better gross margin would have been because I assume some of your merchandising initiatives are paying off?

我的問題是關於貨運的。所以也許只有 2 個部分，但主題相同。你能 - 你有視線或能見度什麼時候壓力在毛利率內達到頂峰嗎？然後，如果我們本季度沒有壓力，你能談談，我猜，毛利率會提高多少，因為我假設你的一些銷售計劃正在獲得回報？

Yes. Thanks, Simeon. I'll comment specifically and let Ken talk to it from a financial perspective. As we've said on many calls, we contract the overwhelming majority of our freight. So relatively speaking to the industry, I think that -- in fact, I know our teams have done a fantastic job managing the pressures as it relates to freight, and they continue to manage those.

是的。謝謝，西蒙。我會具體評論，讓肯從財務角度談談。正如我們在許多電話中所說的那樣，我們承包了絕大多數貨運。因此，相對於行業而言，我認為 - 事實上，我知道我們的團隊在管理與貨運相關的壓力方面做得非常出色，他們將繼續管理這些壓力。

So look, despite a really tough environment, Simeon, and as you can tell by the overwhelming results and the updated guidance Ken gave us a scenario there, despite all that, we continue to deliver a pretty strong bottom line. Ken, if you want to comment on the financials.

所以看，儘管環境非常艱難，西蒙，你可以從壓倒性的結果和更新的指導中看出，肯給了我們一個場景，儘管如此，我們繼續提供相當強大的底線。肯，如果你想對財務發表評論。

Yes, Simeon, just in terms of the impact on the financials, with regards to the freight, the cadence, we really saw increased freight costs come in, in the back half of the second quarter. And then, as I mentioned, expect them in the third quarter and fourth quarter. In terms of a net impact, it's really in the tens of basis points as we look forward.

是的，Simeon，就對財務的影響而言，關於運費和節奏，我們確實看到第二季度後半段的運費增加了。然後，正如我所提到的，預計它們會在第三季度和第四季度出現。就淨影響而言，正如我們所期待的那樣，它實際上是幾十個基點。

There's a couple of things going on there. One, the mitigating factors and things that we're doing internally and the logistics team is doing to be able to offset those costs is helping us out. So that's why I'm saying it's not a very large number that you're seeing that's going to be reflected in the third quarter guidance. And again, I didn't provide a full year guidance, but we are doing a pretty good job in terms of mitigating but if they're in the tens of basis points in terms of a net impact on the financials.

那裡發生了幾件事。第一，我們在內部和物流團隊為抵消這些成本所做的緩解因素和事情正在幫助我們。所以這就是為什麼我說這不是一個很大的數字，你看到這將反映在第三季度的指導中。再說一次，我沒有提供全年的指導，但我們在緩解方面做得很好，但如果就對財務的淨影響而言，它們在幾十個基點內。

The next question is from Edward Kelly with Wells Fargo.

下一個問題來自富國銀行的 Edward Kelly。

I just wanted to follow up on freight, particularly Ken, in relation to the tens of basis points impact that you talk about for the quarter. And I'm kind of curious if there's any more color that you could give us on kind of container usage, how much business needs to be done on spot versus sort of like a normal times?

我只是想跟進貨運，尤其是肯，與您談到的本季度的數十個基點影響有關。我有點好奇，如果你可以給我們更多關於容器使用的顏色，需要在現場完成多少業務而不是像正常時間那樣？

And then as it relates to mitigation, you guys have a very good, strong, flexible pricing model. And I'm just kind of curious as we saw with tariffs, right, with the ability to offset those issues, how big is pricing as part of the mitigation? And is that really why you're able to keep this issue down to the level that you're talking about?

然後因為它與緩解有關，你們有一個非常好的、強大的、靈活的定價模型。正如我們在關稅方面看到的那樣，我有點好奇，對，有能力抵消這些問題，作為緩解措施的一部分，定價有多大？這真的是為什麼您能夠將這個問題降低到您正在談論的水平嗎？

Ed, great question. Let me start with the pricing and work back to Ken there. Look, I think this came up in the last call as well. And I think had this happened 3 or 4 years ago, we would have been in a much different position as we didn't have five beyond. And so with five beyond and -- as part of our arsenal today, it certainly gives us an opportunity to mitigate through pricing.

埃德，好問題。讓我從定價開始，然後回到那裡的肯。看，我認為這也是在最後一次通話中出現的。我認為如果這發生在 3 或 4 年前，我們將處於一個截然不同的位置，因為我們沒有超過 5 個。因此，除了五個之外 - 作為我們今天武器庫的一部分，它肯定給了我們一個通過定價來緩解的機會。

Having said that, we have always gone there last, and that will continue to be our strategy. And so in addition to raising price, we also talked about we can also pause for a period of time the addition of new features into product, which also we've done that in the past as we've gotten leverage from our scale instead of taking that to the bottom line and gross margin, we've added new features and benefits.

話雖如此，我們總是最後到達那裡，這將繼續是我們的戰略。所以除了提高價格之外，我們還談到我們還可以暫停一段時間在產品中添加新功能，我們過去也這樣做過，因為我們從規模而不是考慮到利潤和毛利率，我們增加了新的功能和優勢。

So there's a couple of different ways we can go at it, Ed. And I can tell you, our mantra here at Five Below is pricing is the last place we go. But it clearly now is an avenue and a vehicle that we will use much like we did when we first implemented it to mitigate against the tariffs. So it's hard to quantify what percentage it is. But I can tell you, it will be the last one we'll pull. But as you can tell by the scenario Ken laid out, we've got line of sight on how we will continue to have a net impact in the -- only in the tens of basis points.

所以我們可以採取幾種不同的方法，Ed。我可以告訴你，我們在下面五處的口頭禪是定價是我們最後去的地方。但現在它顯然是一種途徑和工具，我們將像我們第一次實施它以減輕關稅時一樣使用它。所以很難量化它是多少百分比。但我可以告訴你，這將是我們要拉的最後一個。但是，正如您從肯提出的情景中可以看出的那樣，我們已經對我們將如何繼續產生淨影響有所了解——只有幾十個基點。

And then, Ed, at the beginning of the question, I think you spoke about kind of our contract set up and our commitments out there. You mentioned spot rates. The overwhelming majority of our rates are contracted in advance. So we are not in the spot market. So when you do that, you're actually locking up your capacity and your rates. And I think, again, the team has done a great job in doing that and navigating through that and also working with our carriers to adjust as we've moved through the year here.

然後，Ed，在問題的開頭，我想你談到了我們簽訂的合同以及我們的承諾。你提到了即期匯率。我們絕大多數的費率都是提前簽訂的。所以我們不在現貨市場。因此，當您這樣做時，您實際上是在鎖定您的容量和費率。而且我認為，團隊在這方面做得很好，並在這方面做得很好，並且還與我們的運營商合作進行調整，因為我們在這裡度過了這一年。

Some of the things we're doing around mitigation, obviously, just the overall investment that we've made in the business historically that we're starting to see some leverage in areas I'll bring up the distribution network, and the ability for us to have stores closer to our DCs and have lower stem miles. I mean that helps us out. And all those things help.

顯然，我們圍繞緩解措施所做的一些事情，只是我們在歷史上對業務進行的整體投資，我們開始在我將建立分銷網絡的領域看到一些影響力，以及我們的商店離我們的配送中心更近，並且幹線里程更低。我的意思是這可以幫助我們。所有這些都有幫助。

We're looking at now transloading, which we do to kind of help out now internally when the goods get here to the United States. So again, there's a list of things that the teams are doing to mitigate. And again, if -- we've always done this in our past, right, we've ever been faced with cost increases that we've got a great team in terms of being flexible and innovative. And it's the same thing that we're doing now through this increase in freight costs. And again, that's why I'm saying that you're really looking at tens of basis points in terms of the impact in the back half of the year.

我們現在正在考慮轉運，當貨物到達美國時，我們現在在內部提供幫助。再說一次，有一個團隊正在做的事情的清單來緩解。再說一次，如果我們過去一直這樣做，對，我們曾經面臨成本增加的問題，因為我們擁有一支靈活和創新的優秀團隊。這與我們現在通過增加貨運成本所做的事情是一樣的。再說一次，這就是為什麼我說你真的在考慮今年下半年的影響方面的幾十個基點。

The next question is from Brian Nagel with Oppenheimer.

下一個問題來自奧本海默的 Brian Nagel。

Nice quarter. So the question I have, and I apologize if you get too much maybe in the weeds here. But with regard to sales and just kind of the underlying sales momentum from Q1 to Q2, Clearly, a lot of moving parts with all the COVID disruptions. If you look at that comparable comp you gave of 21% in Q2 that similarly calculated figure was 23% in Q1. Again, I know it's in 2 percentage points. But is there a way to explain kind of that shift. I think in the prior commentary, you called out the benefit of stimulus. Has that waned? Or is there some other factor at play?

漂亮的季度。所以我有一個問題，如果你在這裡的雜草中得到太多，我很抱歉。但就銷售以及從第一季度到第二季度的潛在銷售勢頭而言，很明顯，許多活動部件都受到了 COVID 的影響。如果你看一下你在第二季度給出的 21% 的可比比較，那麼類似計算的數字在第一季度是 23%。同樣，我知道它是 2 個百分點。但是有沒有辦法解釋這種轉變。我認為在之前的評論中，你提到了刺激的好處。那已經減弱了嗎？還是有其他因素在起作用？

Yes. Thanks, Brian. Yes, you called out the right percentages there. That was the calculation that we did on a -- because you couldn't do a true comp, we picked a subset of stores that were open in '19 and '21, 23% increase in Q1, 21% increase in Q2. You could attribute the difference between those 2 amounts really to the stimulus. That third round of stimulus in March of this year that was in the first quarter, that had a pretty material effect on the business, and I think that was probably the biggest differential between those 2 rates.

是的。謝謝，布賴恩。是的，你在那裡指出了正確的百分比。這就是我們所做的計算——因為你不能做一個真正的比較，我們選擇了 19 和 21 年開業的一部分商店，第一季度增長 23%，第二季度增長 21%。您可以將這兩個金額之間的差異真正歸因於刺激。今年 3 月第一季度的第三輪刺激措施對企業產生了相當大的影響，我認為這可能是這兩個利率之間最大的差異。

The next question is from John Heinbockel with Guggenheim.

下一個問題來自古根海姆的約翰·海因博克爾。

So guys, it's never too early, right, to think about holiday. You've got a bunch of levers here, right? You can step the marketing back up. You can increase the hours and you can do more five beyond just to 3 things. So how do you think about holiday pulling those levers, right? And maybe some level of confidence this year compared to prior years on those fronts?

所以伙計們，考慮假期永遠不會太早，對吧。你這裡有一堆槓桿，對吧？您可以加強營銷。你可以增加時間，你可以做更多的五件事，而不僅僅是三件事。那麼你如何看待假期拉動這些槓桿，對吧？與前幾年相比，今年在這些方面可能有一定程度的信心？

Yes. John, thanks. Great question. And you know what, you called out several levers that are available to us. And in addition to that, you've got the pure merchandise assortment that Michael and his team put together and we called out on the call some of the trends that are out there right now. I would also add to that, just the overall scale of the business today versus a couple of years ago is much different.

是的。約翰，謝謝。好問題。你知道嗎，你調出了我們可以使用的幾個槓桿。除此之外，您還擁有邁克爾和他的團隊整合的純商品分類，我們在電話會議上呼籲了一些目前存在的趨勢。我還要補充一點，只是今天的業務總體規模與幾年前有很大不同。

The operations team with ACO has really helped us on line management in the fourth quarter. And so I think when you add them all up, John, we've got a lot of tools in the toolbox, so to speak, that we can use to manage sales. And you can tell by the guide of mid-single digits here in Q3, as an example, on top of a double-digit comp last year that the teams are doing a great job of executing and managing through not only the examples you gave, but the couple that I laid out there and we've got a few others.

ACO 的運營團隊在第四季度確實幫助了我們進行線上管理。所以我想當你把它們全部加起來時，約翰，我們的工具箱裡有很多工具，可以說，我們可以用來管理銷售。你可以通過第三季度中個位數的指南來判斷，例如，在去年兩位數的組合之上，團隊在執行和管理方面做得很好，不僅通過你提供的例子，但是我放在那裡的那對夫婦，我們還有其他幾個。

So John, there's really -- I mean it's -- what you're seeing is honestly the overall maturity of the business. We are much bigger than we were a few years ago. And just are gaining more momentum as we continue to come outside of the post pandemic, and we've obviously picked up some new customers that were acquired during that time period. And I feel really good about Q3. I think you heard Ken and I a number of times, a strong start to the quarter.

所以約翰，真的 - 我的意思是 - 你看到的是老實說業務的整體成熟度。我們比幾年前要大得多。隨著我們繼續走出大流行之後，我們正在獲得更多動力，我們顯然已經獲得了在那段時間獲得的一些新客戶。我對第三季度感覺非常好。我想你聽過我和 Ken 很多次了，這是本季度的一個強勁開端。

Now, look, there's a bunch of uncertainties in the future, and we'll manage through those as we get closer to it, and it's probably the reason we haven't done a long-term guide as we think about the future. But we've got a lot to use at our disposal as we get closer to the fourth quarter.

現在，看，未來有很多不確定性，隨著我們越來越接近它，我們將解決這些不確定性，這可能是我們在考慮未來時沒有製定長期指南的原因。但是隨著第四季度的臨近，我們有很多東西可以使用。

The next question is from Matthew Boss with JPMorgan.

下一個問題來自摩根大通的 Matthew Boss。

And congrats on another nice quarter.

並祝賀另一個不錯的季度。

Thanks, Matt.

謝謝，馬特。

Thanks, Matt.

謝謝，馬特。

Maybe, Joel, near term, you cited, like you said a couple of times the strong start to August. I guess my near-term question would just be, have you seen any moderation in comp at all relative to the second quarter? And Ken, to your point, it sounds like the first and second quarter have had some pretty nice consistency.

也許，喬爾，你提到的近期，就像你說過幾次八月份的強勁開局一樣。我想我近期的問題是，相對於第二季度，你有沒有看到comp的任何緩和？肯，就你的觀點而言，聽起來第一節和第二節有一些相當不錯的一致性。

And then maybe just larger picture, as we exit the crisis, is there a way to just maybe rank offensively? The top line drivers that you think you have moving forward, as we think about maybe incremental to the pre-pandemic low single-digit comp algorithm, Basically, what do you think you've gained out of this period that you didn't have before?

然後也許只是更大的圖景，當我們擺脫危機時，有沒有辦法在進攻端排名？您認為您正在向前發展的頂線驅動因素，因為我們認為可能會增加大流行前的低個位數補償算法，基本上，您認為您從這段時期中獲得了什麼，而您沒有前？

Yes. Thanks, Matt. There's a lot to unpack there. On the comp side of things, it's just -- it's not fair to like compare quarters as apples-to-apples. I mean, clearly, Q2 is up against basically a half closed quarter and Q1 was up against a totally closed quarter. And -- but Q3, we're up against a very strong quarter last year and then are lapping it with a guide of mid-single digits. I mean that should give you some indication of how strong the business is right now.

是的。謝謝，馬特。那裡有很多東西要解壓。在比較方面，這只是 - 喜歡將季度作為蘋果對蘋果進行比較是不公平的。我的意思是，很明顯，第二季度基本上是一個半封閉的季度，而第一季度是一個完全封閉的季度。而且 - 但第三季度，我們去年遇到了一個非常強勁的季度，然後用中個位數的指導來覆蓋它。我的意思是，這應該可以讓您了解該業務目前的實力。

And I spoke to trends which are out there, and those are really helping the business. As it goes to the last part of like actually ranking them, it's hard to rank. And I think similar to the way I was answering the question John just asked, rather than rank, it's more about do you have a lot of different levers to pull. And I think you could tell that what we called out was certainly a variety of different levers.

我談到了那裡的趨勢，這些趨勢確實對企業有所幫助。當它進入最後一部分時，實際上對它們進行排名，很難排名。我認為類似於我回答約翰剛剛提出的問題的方式，而不是排名，更多的是關於你是否有很多不同的槓桿可以拉動。而且我想你可以看出我們所說的肯定是各種不同的槓桿。

What I might add that I didn't talk about in John's question was, we also have -- we're in a much different environment as it relates to digital than we were pre pandemic. We made the acquisition of Hollar, we've rolled out Instacart. We're no longer doing paper flyers and it's now 100% digital flyers. So that's just one example of the difference pre-pandemic.

我可能要補充的是，我在約翰的問題中沒有談到的是，我們也有 - 我們處於與數字化相關的環境中，與大流行前相比，我們所處的環境大不相同。我們收購了 Hollar，推出了 Instacart。我們不再做紙質傳單，現在是 100% 數字傳單。所以這只是大流行前差異的一個例子。

And then the other side of it is the scale. And I touched on that a little bit with John, but I would tell you, our merchants are better than we were two years ago, our operators are better and all that contributes to how we're driving sales. And our store consistency with George team has done great. ACL is now in 60% of the chain, which just helps in operating efficiencies.

然後它的另一面是規模。我和約翰談了一點，但我會告訴你，我們的商家比兩年前更好，我們的運營商更好，所有這些都有助於我們推動銷售。我們與喬治團隊的商店一致性做得很好。 ACL 現在在鏈的 60% 中，這有助於提高運營效率。

So you put all those together, Matt, and I think you can tell we're pretty bullish on the long term as we continue to get in a post-pandemic environment and obviously, excited about the back half of the year.

所以你把所有這些放在一起，馬特，我認為你可以看出我們在長期來看非常樂觀，因為我們繼續處於大流行後的環境中，顯然對下半年感到興奮。

The next question is from Paul Lejuez with Citi.

下一個問題來自花旗的 Paul Lejuez。

Curious, outside of freight, what sort of product cost inflation you're seeing these days and just how you plan to navigate that? And on a related note, I'm curious what percent of your assortment is at the $1 to $2 price point.

好奇，除了運費，你最近看到了什麼樣的產品成本膨脹，以及你打算如何應對？在相關的說明中，我很好奇你的分類中有多少百分比是在 1 到 2 美元的價格點。

Yes. Thanks. Look, I -- obviously, supply chain is probably the biggest one that we're talking about from the inflation front. You're certainly also seeing it probably the most in wages. And wage inflation comes in the form of 2 different ways, one where we've moved our base wages up. And then also where states are moving. So we have a variety of different wages out there. We're very competitive and -- but at the same time, there are state-mandated wages that continue to happen and they roll at all different times.

是的。謝謝。看，我——顯然，供應鏈可能是我們從通脹方面談論的最大的一個。你當然也看到它可能是工資最高的。工資上漲有兩種不同的形式，一種是我們提高了基本工資。然後還有各州正在移動的地方。所以我們有各種不同的工資。我們非常有競爭力，而且——但與此同時，國家規定的工資仍在繼續發生，並且在所有不同的時間滾動。

Those are probably the 2 biggest ones. And then the third one we manage always through is raw material inflation. And the merchants have done a great job on that. You get more efficient, you get some benefits of scale. We might not add in some new features this year to maintain the same cost. But that's the 3 areas that we're seeing the most in inflation. In terms of the $1.

這些可能是最大的兩個。然後我們總是通過第三個管理是原材料通脹。商人在這方面做得很好。你會變得更有效率，你會得到一些規模的好處。今年我們可能不會添加一些新功能來保持相同的成本。但這是我們在通貨膨脹中看到最多的三個領域。就1美元而言。

Yes, Paul, I think you asked about the penetration of certain price points. I think the $1 to $3, it's greater than 50% of the units that are in a store. So it's still a pretty significant portion of our assortment that we have.

是的，保羅，我想你問的是某些價格點的滲透率。我認為 1 到 3 美元，超過了商店中 50% 的單位。所以它仍然是我們所擁有的產品系列中相當重要的一部分。

The next question is from Lorraine Hutchinson with Bank of America Merrill Lynch.

下一個問題來自美銀美林的 Lorraine Hutchinson。

I just wanted to hear your thoughts on the push and pull between increasing your store hours back to 2019 levels. If you think that, that might move transaction count above 2019 levels? And then how you balance that with the associated costs over the holiday season?

我只是想听聽您對將商店營業時間增加到 2019 年水平之間的推拉的想法。如果你這麼認為，那可能會使交易數量超過 2019 年的水平？然後你如何平衡假期期間的相關成本？

Thanks, Lorraine. And I think the way you asked the question is exactly the way we think about it. Clearly, we have seen if you increase the hours, the transactions do go up. But the balance is, the labor market is very tight right now and hiring is tight. And so those are the exact ways we're looking at it.

謝謝，洛林。我認為你提出問題的方式正是我們思考問題的方式。顯然，我們已經看到，如果你增加工作時間，交易確實會增加。但平衡是，目前勞動力市場非常緊張，招聘也很緊張。所以這些就是我們看待它的確切方式。

We all -- probably the third factor we look at is when is the center open? Who's in the center with us? And what's the right hours to be? But we did take the hours up mid-second quarter. And we feel we're in a good spot. It's a nice balance right now, gotten feedback from the field, and they feel we're in the right spot. But the way you asked the question is exactly why we are thinking about it. And right now, we're in -- we think we're at the right balance between the 2.

我們所有人——可能我們關注的第三個因素是中心什麼時候開放？誰在我們中間？什麼是合適的時間？但我們確實在第二季度中期花費了幾個小時。我們覺得我們處於一個很好的位置。現在這是一個很好的平衡，得到了現場的反饋，他們覺得我們來對了地方。但你問這個問題的方式正是我們考慮這個問題的原因。而現在，我們處於 - 我們認為我們在兩者之間處於適當的平衡。

The next question is from Anthony Chukumba with Loop Capital Markets.

下一個問題來自 Loop Capital Markets 的 Anthony Chukumba。

I was just wondering if you're seeing any -- I mean, obviously, you had a very strong quarter, and it sounds like the strength is broad-based. I was wondering if you're seeing any variations in your performance geographically based on COVID-19 infections and the overall hospitalizations and also vaccination rates.

我只是想知道你是否看到任何 - 我的意思是，顯然，你有一個非常強勁的季度，聽起來實力是廣泛的。我想知道您是否看到基於 COVID-19 感染和總體住院率以及疫苗接種率的地理表現有任何變化。

Anthony, great question. You know what, we look at that every week. And Surprisingly, it's pretty consistent from week to week, and we really don't see a large difference, certainly not based on vaccination rates and COVID cases. So that was pretty consistent during the pandemic as well. Not sure I can tell you why that is, but it is something we look at consistently, and it has not been a driver geographically.

安東尼，好問題。你知道嗎，我們每週都會看。令人驚訝的是，它每週都非常一致，我們真的看不出有很大的差異，當然不是基於疫苗接種率和 COVID 病例。因此，在大流行期間，這也是相當一致的。我不確定我能告訴你為什麼會這樣，但這是我們一直關注的事情，而且它在地理上並不是一個驅動因素。

The next question is from Michael Lasser with UBS.

下一個問題來自瑞銀的 Michael Lasser。

Given the algorithm that you laid out for this year, where if you were to achieve a low compound annual growth rate to translates to 50 basis points of margin expansion. Can we also assume that, that would be valid for 2022? Or because of the wraparound of some of these freight costs catch up in marketing and increase in wages, your margin expansion might be more modest next year even if you had the low 20% top line growth algorithm?

鑑於您為今年制定的算法，如果您要實現較低的複合年增長率，則意味著利潤率擴張 50 個基點。我們是否也可以假設這對 2022 年有效？或者由於這些運費成本中的一些在營銷中趕上和工資的增加，即使你有 20% 的低收入增長算法，明年你的利潤率增長可能會更加溫和？

Yes. Thanks, Michael. We don't want to get too far out ahead for '22. We still got a long way to go in '21. But yes, I mean you've probably heard the supply chain disruptions are going to have an impact, obviously, through the end of this year and most likely into next year also. But as you know, you've been with us for a long time. We've been faced with rising cost environments before, and you've seen us navigate through those.

是的。謝謝，邁克爾。我們不想在 22 年走得太遠。 21 年我們還有很長的路要走。但是，是的，我的意思是你可能已經聽說供應鏈中斷會產生影響，顯然，到今年年底，很可能也會持續到明年。但如你所知，你已經和我們在一起很長時間了。我們之前一直面臨成本上升的環境，您已經看到我們在這些環境中導航。

And again, there's a lot of things that we can do out there and a lot of levers that we can pull. I think Joel talked about a little bit earlier in terms of scale of the business is always a big one for us. But there's also other initiatives out there. We talked about five beyond, the assisted checkout, product collaborations from a traffic driver standpoint, the distribution network that we've put in place over the years that we can start to see some leverage from that.

再說一次，我們可以做很多事情，還有很多可以拉動的槓桿。我認為喬爾早些時候談到的業務規模對我們來說總是一個大問題。但也有其他舉措。我們談到了五個以外，輔助結賬，從交通司機的角度來看的產品合作，我們多年來建立的分銷網絡，我們可以開始從中看到一些影響力。

So we still have a ways to go, but I think the good thing here and the takeaway is that we do have a lot of tools in the toolbox here to be able to help to offset a rising cost environment.

所以我們還有很長的路要走，但我認為這裡的好處是我們的工具箱中有很多工具可以幫助抵消不斷上升的成本環境。

Yes. And I'd just add, I think got asked earlier a question how much would we use price and price continues to be a lever we'll use. So if that pressure persists into '22, you'll start to see us start to move on that one a little bit more. But we're just not ready yet, Michael, until we get our hands around it to give some '22 guidance. But hopefully, from our commentary, you can get a sense of the levers that are out there at our disposal.

是的。我想補充一點，我認為之前有人問過一個問題，我們將使用多少價格，價格仍然是我們將使用的槓桿。因此，如果這種壓力持續到 22 年，您將開始看到我們開始在這一點上繼續前進。但是我們還沒有準備好，邁克爾，直到我們得到我們的手來提供一些 '22 指導。但希望，從我們的評論中，您可以了解我們可以使用的槓桿。

The next question is from Jeremy Hamblin with Craig-Hallum Capital Group.

下一個問題來自 Craig-Hallum Capital Group 的 Jeremy Hamblin。

Congrats on the sustained momentum. Wanted to ask a question about the new units. You took the top end of the new unit openings down by 5% in total. And typically, you are further along in the percentage of new units for the year than you're suggesting by the end of Q3. I wanted to get a sense for -- I'm sure some of that is maybe landlords not having sites quite done on time, but I wanted to see if you could add a little bit of color on the change there. And also whether or not it's something for us to think about -- I know you're not guiding to '22 at this point on new units. But are we seeing a backup just on the construction side of things that may spill over into '22?

祝賀持續的勢頭。想問一個關於新單位的問題。您將新單位開業的最高端總共減少了 5%。通常，今年新單位的百分比比你在第三季度末建議的要高。我想了解一下——我敢肯定，其中一些可能是房東沒有按時完成網站，但我想看看你是否可以為那裡的變化添加一點顏色。還有我們是否需要考慮這件事——我知道你現在不是在指導 22 年的新單位。但是，我們是否在可能會蔓延到 22 年的事物的建設方面看到了備份？

Yes, thanks, Jeremy. I think it's a little less -- sorry, we're getting an AMBER alert here.

是的，謝謝，傑里米。我認為它少了一點——抱歉，我們在這裡收到了 AMBER 警報。

That's tornado warning.

那是龍捲風警告。

Tornado warning, sorry. We're in Philly and the tornado made its way here. So -- not tornado, but something to do with the hurricane. But Jeremy, back to the question, it's less about a little bit of what you were insinuating, it's more about getting back into a rhythm post pandemic. You got to remember, we literally stopped all construction a year ago. And so now it's starting to start that up.

龍捲風警告，對不起。我們在費城，龍捲風來了。所以 - 不是龍捲風，而是與颶風有關。但是傑里米，回到這個問題，這不是關於你暗示的一點點，而是關於在大流行後恢復節奏。你要記住，一年前我們真的停止了所有的建設。所以現在它開始啟動了。

And if you remember, a few years ago, we really didn't even give you guys a range on new stores. We just gave you a number. And so the last couple of years, we've given a range, obviously, last year has got totally disrupted. And I think when we gave you the range at the beginning of the year, we just weren't there on knowing all the inputs that go into getting the chain back up and going, both not only on our side but on the contractor side, on the landlord side.

如果你還記得，幾年前，我們真的沒有給你們提供新商店的範圍。我們只是給了你一個號碼。所以在過去的幾年裡，我們給出了一個範圍，顯然，去年完全被打亂了。而且我認為，當我們在年初向您提供範圍時，我們只是不知道使鏈條恢復正常運轉的所有投入，不僅在我們方面，而且在承包商方面，在房東方面。

And so the fact that we're still at 170, 175 gives you a great sense that we're still where we thought we'd be at the beginning of the year, which was a high teens growth rate and that continues to be. So the momentum is kind of getting the engine going again and it's right in the same range we thought we'd be. I don't know, Ken, anything to add on that?

因此，我們仍處於 170 歲、175 歲的事實讓您很好地感覺到，我們仍然處於我們認為在年初時會達到的水平，這是青少年的高增長率，並且繼續如此。所以勢頭有點讓引擎再次運轉，它正好在我們認為的範圍內。我不知道，肯，還有什麼要補充的嗎？

Yes. I mean exactly what Joel mentioned there, the range is in that high teens, which still is in line with our multiyear growth vision. You had talked about next year, and again, I think in the near term, we're seeing similar growth rates that we'll be able to hit that.

是的。我的意思正是喬爾在那裡提到的，範圍在十幾歲，這仍然符合我們的多年增長願景。你談到了明年，我認為在短期內，我們看到了類似的增長率，我們將能夠達到這一目標。

I think what you're seeing now and just the adjustment kind of midstream here and back to what Joel mentioned, the pandemic has caused some disruption and delays out there, whether it's permitting or equipment or other types of shortages that are taking place. So we're reacting to that from a landlord's perspective.

我認為你現在所看到的只是這裡的中游調整，回到喬爾提到的，大流行已經造成了一些干擾和延誤，無論是許可、設備還是其他類型的短缺。所以我們從房東的角度對此作出反應。

But on the flip side, you also see that we were able to -- we opened up 102 stores year-to-date, which is a record for us in the first 6 months of the year. So I think, again, it shows the agility and the resilience and the flexibility of the teams and when you look at our real estate and construction teams and what they can do. So again, we expect significant growth as we move forward in the near term.

但另一方面，您也看到我們能夠 - 我們今年迄今為止開設了 102 家商店，這是我們今年前 6 個月的記錄。因此，我認為，它再次顯示了團隊的敏捷性、彈性和靈活性，以及當您查看我們的房地產和建築團隊以及他們可以做什麼時。因此，我們再次預計，隨著我們在短期內向前發展，會有顯著的增長。

The next question is from Michael Montani with Evercore ISI.

下一個問題來自 Evercore ISI 的 Michael Montani。

Just wanted to follow up on the freight front for a moment. I feel like in the past, you all may have said that you had relatively kind of contracted carrier rates through December. I just wanted to see if that, in fact, is correct. Number one. And then number two, what would be some of the main kind of levers if you had to think about it into 2022 that you all could pull to manage that if you do have to go back to the spot rate -- spot market?

只是想在貨運方面跟進一會兒。我覺得在過去，你們可能都說過，到 12 月你們的承運人費率是相對比較好的。我只是想看看這是否正確。第一。然後第二點，如果你不得不考慮到 2022 年，如果你必須回到即期匯率——即期市場，你們所有人都可以拉動來管理它，那麼主要的槓桿是什麼？

Yes. The second part of your question is really answered by the first part of your question, which is our rates are contracted beyond Q3 and 4. They're done on a carrier-by-carrier rolling basis. So we've started to have a pretty good line of sight into '22. So it's well beyond the end of this year. And so we're not overly worried. We're being a high-growth retailer like we are. We have a great relationship with multiple carriers and continue to manage through it. I mean costs are up, but not near to the impact that you're hearing out of the overall industry.

是的。您問題的第一部分確實回答了您問題的第二部分，即我們的費率在第三季度和第四季度之後簽訂。它們是在逐個承運人滾動的基礎上完成的。所以我們已經開始對 22 年有了很好的展望。所以這遠遠超過了今年年底。所以我們並不過分擔心。我們正在成為像我們一樣的高增長零售商。我們與多家運營商建立了良好的關係，並繼續通過它進行管理。我的意思是成本上升了，但還遠不及你從整個行業聽到的影響。

The next question is from Karen Short with Barclays.

下一個問題來自 Barclays 的 Karen Short。

This is actually [Sean Kras]. Sorry to ask another freight question but just wanted to clarify something. As you said your (inaudible) we are though hearing from some other (inaudible)

這實際上是 [Sean Kras]。很抱歉提出另一個貨運問題，但只是想澄清一些事情。正如您所說的（聽不清），我們雖然聽到其他人（聽不清）的消息

We're having some difficulty hearing you. Your line is very bad and hard to understand. The next question is from David Bellinger with Wolfe Research.

我們很難聽到你的聲音。你的台詞很糟糕，很難理解。下一個問題來自 Wolfe Research 的 David Bellinger。

Joel, so you're expecting 40 to 45 new stores in Q3. That would imply something like 25 to 30 new unit openings in Q4 this year or the quarter where you haven't historically opened a lot of stores. So how does that fit into your thing for the holiday season. Will those units get ramped up in time to capture all the sales they can for the holiday? And just also anything in particular you're doing to avoid any operational hurdles that could potentially come up with just opening a larger subset of stores in the Q4 period?

喬爾，所以你預計第三季度會有 40 到 45 家新店。這意味著今年第四季度或您歷史上沒有開設很多商店的季度將開設 25 到 30 個新單位。那麼，這如何適合您的假期。這些單位是否會及時增加以捕捉假期的所有銷售？以及您正在採取哪些特別措施來避免在第四季度開設更多門店時可能出現的任何運營障礙？

Yes. Thanks, David. Yes, you're right. You're -- obviously, your estimate there in terms of opening up in the fourth quarter, and that would be done early in the quarter. And it is unusual for us. But as you can see also, we're opening -- we're opening more of an actual number of stores. And given that the cadence and the time frame for opening those stores starts to stretch out, right?

是的。謝謝，大衛。你是對的。你 - 顯然，你對第四季度開放的估計，這將在本季度初完成。這對我們來說很不尋常。但正如你也看到的那樣，我們正在開業——我們正在開設更多實際數量的商店。鑑於開設這些商店的節奏和時間框架開始延長，對嗎？

We actually opened up stores in February. Historically, we didn't do a lot of that in kind of the winter time in the Northeast here. But -- It's really something we have to do as we continue to get bigger. So you'll see us opening really from the beginning of the year all the way through to the beginning of November. And then you had a part 2 to that question, I thought.

我們實際上在二月份開設了商店。從歷史上看，在東北部的冬天，我們並沒有做很多這樣的事情。但是——隨著我們不斷擴大規模，這確實是我們必須做的事情。所以你會看到我們真的從年初一直到 11 月初開放。然後你對這個問題有第二部分，我想。

Just anything in particular, just given that you haven't opened that big of amount of stores in Q4, just anything that you're doing to avoid any operational hurdles that might come along with that? Or just anything out of the ordinary that you're taking into perspective for this Q4.

只是有什麼特別的，只是考慮到您在第四季度還沒有開設那麼多商店，您正在做些什麼來避免可能隨之而來的任何運營障礙？或者只是您在第四季度考慮的任何不尋常的事情。

Yes. Well, one of the things we continue to do, and we've said it over the years, and Joel says it all the time, investing in the business, right, it's people, systems and infrastructure. And that's, along with other areas of business, real estate and construction is an important area for us that we want to make sure we continue to invest. So whether it's in people or systems or technology to be able to stay out ahead of it, right, in the store opening teams.

是的。嗯，我們繼續做的事情之一，多年來我們一直這麼說，喬爾一直這麼說，投資於業務，對，它是人員、系統和基礎設施。也就是說，與其他業務領域一樣，房地產和建築對我們來說是一個重要的領域，我們希望確保我們繼續投資。因此，無論是在人員、系統還是技術方面，都能夠保持領先，對，在開店團隊中。

We have dedicated store opening teams that have continued to grow and we invest in those. So if you hear what's going on with our stores, I think every quarter, we call out record store openings. So that's great to see as we continue to move on. And I think it's an indication of the success of the teams and the process that we have in terms of opening the store. So we would expect that to continue as we move forward.

我們有專門的開店團隊，他們不斷發展壯大，我們投資於這些團隊。因此，如果您聽到我們商店的情況，我認為每個季度，我們都會召集唱片店開業。所以很高興看到我們繼續前進。我認為這表明了團隊的成功以及我們在開店方面的過程。因此，我們希望隨著我們的前進，這種情況會繼續下去。

Next question is from Chuck Grom with Gordon Haskett.

下一個問題來自 Chuck Grom 和 Gordon Haskett。

A couple of quick ones for me. First one would be on 2Q. You guided $640 million to $660 million that came in a little bit at the bottom end of that. I guess I'm curious why. And then two, just bigger picture, five beyond seems very successful, 30% of the chain by the end of the year, 50% by the end of '22. I guess why not roll it out more quickly?

給我幾個快速的。第一個將在 2Q 上。你引導了 6.4 億美元到 6.6 億美元，這在最低端。我想我很好奇為什麼。然後是兩個，只是更大的圖景，五個超越似乎非常成功，到今年年底達到 30% 的鏈條，到 22 年底達到 50%。我想為什麼不盡快推出呢？

Yes. Chuck, I think on the guide, you got to remember, in days past, our range was more like $5 million in a quarter. And you can tell the range was $20 million, and it's a good example why we're not guiding beyond the quarters as there's just a lot of uncertainties. We weren't comparing it to 2020, there really wasn't a year to compare it to. And so just due to the volatility and unknowns there, need wider guide.

是的。查克，我認為在指南中，你必須記住，在過去的幾天裡，我們的範圍更像是一個季度的 500 萬美元。你可以看出這個範圍是 2000 萬美元，這是一個很好的例子，為什麼我們沒有在季度之後進行指導，因為存在很多不確定性。我們沒有將它與 2020 年進行比較，真的沒有一年可以與之比較。因此，僅僅由於那裡的波動性和未知因素，需要更廣泛的指導。

But I'll tell you what I -- coming in the middle of it and then beating on the earnings, I think, is really the more important takeaway from the quarter. It shows you that we're able to deliver disciplined earnings approach despite wherever the sales may come in. And -- but we're really pleased with Q2. And more importantly, we're pleased with the momentum we got right now in Q3 and beyond from that perspective.

但我會告訴你我 - 在它的中間然後擊敗收益，我認為，這確實是本季度更重要的收穫。它向您表明，無論銷售情況如何，我們都能夠提供有紀律的收益方法。而且 - 但我們對第二季度感到非常滿意。更重要的是，從這個角度來看，我們對第三季度及以後的勢頭感到滿意。

The next question is from Joe Feldman with Telsey Advisory Group.

下一個問題來自 Telsey 諮詢集團的 Joe Feldman。

On the inventory, I know you guys feel like you're in a good spot. It does feel like it's a little light relative to where you might want to be. And if I recall what you had thought it would be at this point. So I'm wondering just what you are doing to accelerate receipts ahead of the holidays and how we could kind of where you think inventory should be at the end of the third quarter, entering the holidays and maybe even coming out of it? Should it be a fair amount higher than it is today? Or...

在庫存上，我知道你們覺得自己處於一個好位置。相對於您可能想要的位置，它確實感覺有點輕。如果我記得你當時的想法。所以我想知道你在做什麼來加快假期前的收貨，以及我們如何才能在你認為庫存應該在第三季度末、進入假期甚至從假期結束時達到什麼水平？它應該比今天高很多嗎？要么...

Yes. Thanks, Joe. Yes, you're right. I mean we gave you the obviously, the number where we landed at the end of Q2. And again, just to reiterate, we feel like we're in a great position to be able to hit the outlook that we have for Q3 sales.

是的。謝謝，喬。你是對的。我的意思是我們給了你很明顯的，我們在第二季度末登陸的數字。再次重申，我們覺得我們處於能夠實現第三季度銷售前景的有利位置。

Looking forward, as I mentioned, we are going to be accelerating our receipts. And I would expect the that average inventory per store to increase significantly, double digits at the end of Q3 as a reflection of accelerating those receipts. So the buying team and everybody involved there has been working hard with the vendors to try to move those up, especially the holiday receipts and the seasonal receipts to make sure we have those in for the fourth quarter.

展望未來，正如我所提到的，我們將加快收貨速度。而且我預計每家商店的平均庫存將顯著增加，在第三季度末達到兩位數，這反映了這些收入的加速。因此，採購團隊和參與其中的每個人都一直在與供應商一起努力提高這些收入，特別是假期收據和季節性收據，以確保我們有第四季度的收入。

The next question is from Krisztina Katai with Deutsche Bank.

下一個問題來自德意志銀行的 Krisztina Katai。

I just wanted to quickly follow up on the top line. I mean, comp growth has decelerated a bit. And I guess, based on your third quarter guidance, it implies further deceleration versus 2019. So is there a way to quantify how much of this is due to waning stimulus, perhaps being a little bit light on inventory? And then how do you guys think about five beyond rollout helping sustain the top line?

我只是想快速跟進頂線。我的意思是，薪酬增長有所放緩。而且我猜，根據您的第三季度指導，這意味著與 2019 年相比將進一步減速。那麼有沒有辦法量化其中有多少是由於刺激減弱，也許是庫存有點少？然後你們如何看待超越推出的五個有助於維持頂線的？

Yes, we probably have a different take away than you did. I mean, clearly, Q1 had a stimulus in it. And I don't think anybody should build their business based on a stimulus being what sustained you going forward. So if you look at the Q2 number and take some number in the middle of the guide on Q3. I mean you're within spitting distance of a differential there.

是的，我們可能有與你不同的收穫。我的意思是，很明顯，第一季度有一個刺激因素。而且我認為任何人都不應該根據刺激來建立他們的業務，因為刺激是你前進的動力。因此，如果您查看第二季度的數字並在第三季度的指南中間取一些數字。我的意思是你在差速器的吐痰距離之內。

More importantly, I don't think you've ever seen us have a double-digit comp 1 year and then come back with a guide of mid-single digits the next year. The last time you saw a double digit out of us was probably back in the spinner craze. And I think A lot of people wondered how we come around the horn on that with a flat comp. And so here, you're coming around on a 12-plus comp and now you're guiding to a mid-single digit.

更重要的是，我認為您從未見過我們在 1 年有兩位數的比賽，然後在第二年又以中個位數的指南迴來。上一次你看到我們的兩位數可能又回到了旋轉熱潮中。而且我想很多人都想知道我們是如何用一個平坦的組合來解決這個問題的。所以在這裡，你是在一個 12+ 的組合中出現，現在你正在引導到一個中個位數。

So I don't know how you're seeing deceleration, but we're pretty consistent and feeling really good about the business. And I think it's just a testament to the merchants, it's testament to chasing trends. And it's just a testament to the broad-based appeal of the 8 different worlds. So we feel pretty good about it, Krisztina.

所以我不知道你是如何看待減速的，但我們非常一致並且對業務感覺非常好。而且我認為這只是對商人的證明，是對追逐趨勢的證明。這只是對 8 個不同世界的廣泛吸引力的證明。所以我們感覺很好，克里斯蒂娜。

Got it. That's helpful. And as we think about all the new customers that your business has seen over the last year can you maybe just speak to door productivity and just overall brand awareness opportunities ahead, especially in some of your newer stores, call it, the 0 to 2-year-old ones?

知道了。這很有幫助。當我們考慮到您的企業在過去一年中看到的所有新客戶時，您是否可以只談談門的生產力和未來的整體品牌知名度機會，特別是在您的一些新商店中，稱之為 0 到 2-歲的？

Krisztina, I'm just going to ask you if you can bring that back on the follow-up calls because we've got people to get through and we're trying to limit it to one question to everybody.

Krisztina，我只是想問你是否可以在後續電話會議中將其帶回，因為我們已經讓人們通過了，我們正試圖將其限制為對每個人的一個問題。

The next question is from Brian McNamara with Berenberg Capital Markets.

下一個問題來自 Berenberg Capital Markets 的 Brian McNamara。

So you mentioned Poppers in your prepared remarks, which feels like the first big product trend in some time outside of pandemic-related trends. So can you compare this trend to fidget spinners in '17 and how meaningful it was to your Q2 comp and your Q3 comp outlook, Popper seemed to be pretty widely distributed across competitors relative to the early days of spinners?

因此，您在準備好的講話中提到了 Poppers，這感覺就像是在一段時間內與大流行相關的趨勢之外的第一個大產品趨勢。那麼，您能否將這種趨勢與 17 年的指尖陀螺進行比較，以及它對您的 Q2 組合和 Q3 組合前景有多大意義，相對於 Spinner 的早期，Popper 似乎在競爭對手中分佈得相當廣泛？

Yes. Thanks, Brian. And look, obviously, we knew about them last quarter, and it was baked into our guide. And they're continuing now and it's baked into our third quarter guide. It's a little bit harder to calculate at this time versus last time because you got Q2 up against nothing, Q3 up against a big number. But obviously, for it to be in our prepared remarks, it's a pretty healthy piece of the business, and it's -- but it's probably relatively in the same range as spinners were back in '17.

是的。謝謝，布賴恩。看，顯然，我們在上個季度就知道了它們，並且它被納入了我們的指南。他們現在仍在繼續，它已納入我們的第三季度指南。這次與上次相比，計算起來有點困難，因為第二季度沒有任何結果，第三季度遇到了一個很大的數字。但顯然，在我們準備好的評論中，這是一個非常健康的業務，而且它 - 但它可能與 17 年的紡紗廠相對處於同一範圍內。

And that's probably the best way to think about it is just you just don't have the year-over-year apples comparisons like you did back in '17 versus '16. But it's a great trend. And I'll tell you what I give a lot of credit to our merchants for identifying it and then really jumping on it and making it part of our assortment, and it's done really well.

這可能是考慮它的最好方法，只是你沒有像 17 年和 16 年那樣進行蘋果的年度比較。但這是一個很大的趨勢。我會告訴你，我非常感謝我們的商家識別它，然後真正跳上它並使其成為我們產品系列的一部分，而且做得非常好。

This concludes our question-and-answer session. I would like to turn the conference back over to Joel Anderson for his closing remarks.

我們的問答環節到此結束。我想把會議轉回給喬爾·安德森（Joel Anderson）做閉幕詞。

Thank you, operator, and thanks, everyone, for joining us today. We hope to see you in our stores, and we look forward to speaking to you again after the Thanksgiving weekend for Q3 results. Have a great evening and enjoy the upcoming Labor Day weekend. Thank you.

謝謝你，接線員，也謝謝大家今天加入我們。我們希望在我們的商店見到您，我們期待在感恩節週末後再次與您交談，了解第三季度的業績。度過一個愉快的夜晚，享受即將到來的勞動節週末。謝謝你。

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

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。