Five Below Inc (FIVE) 2020 Q2 法說會逐字稿

Good day, and welcome to the Five Below Second Quarter 2020 Earnings Conference Call. (Operator Instructions) Please note, this event is being recorded.

美好的一天，歡迎參加 2020 年第二季財報電話會議。 （操作員說明）請注意，正在記錄此事件。

And I'd now like to turn the conference over to Christiane Pelz, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給投資人關係副總裁 Christian Pelz。請繼續。

Thank you, Cole. Good afternoon, everyone, and thanks for joining us today for Five Below's Second Quarter 2020 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，科爾。大家下午好，感謝您今天加入我們參加 5 Below 2020 年第二季財務業績電話會議。出席今天電話會議的有總裁兼執行長喬爾·安德森 (Joel Anderson)；以及財務長兼財務主管 Ken Bull。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. 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.

我需要提醒您的是，在本次電話會議中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發表的。此類前瞻性陳述受到已知和未知的風險和不確定性的影響，可能導致實際結果與此類陳述有重大差異。這些風險和不確定性在新聞稿和 5 Below 的 SEC 文件中進行了描述。今天所做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前瞻性陳述的義務。

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.

如果您沒有今天新聞稿的副本，您可以造訪我們網站 Fivebelow.com 的投資者關係頁面以取得一份。我現在將把電話轉給喬爾。

Thank you, Christiane. And thanks, everyone, for joining us for our second quarter 2020 earnings call.

謝謝你，克里斯蒂安。感謝大家參加我們的 2020 年第二季財報電話會議。

I want to begin by saying how proud I am of the execution and results the entire Five Below team delivered, especially given the pandemic-impacted and rapidly evolving backdrop. We did this by playing offense and staying focused on our growth strategies. We swiftly responded to new and changing operating conditions while safely preopening our existing stores, adapting our new store opening plan, remodeling stores, accelerating our digital strategy and ensuring the relevance of our merchandise assortment and marketing messages reflected the current environment and store -- and our customers' needs.

首先，我想說，我對整個「五以下」團隊所交付的執行和成果感到非常自豪，特別是考慮到受疫情影響和迅速發展的背景。我們透過進攻並專注於我們的成長策略來做到這一點。我們迅速應對新的和不斷變化的營運條件，同時安全地預開現有商店、調整新店開業計劃、改造商店、加速我們的數位化策略並確保我們的商品分類和行銷訊息的相關性反映當前的環境和商店——以及我們客戶的需求。

Through it all, we did not lose sight of our longer-term vision and goals. This discipline and focus is evident in the significant strides we made on the foundational initiatives that underpin our growth strategy, namely: Our people, systems and infrastructure, which I will discuss further. Our teams worked very hard to accomplish all of this, and they did so with the safety and well-being of our customers and crew remaining top of mind. I thank them for their flexibility, dedication and determination and rising to the challenges presented by this unique environment. As you can tell, it was a busy quarter for Five Below.

縱觀這一切，我們並沒有忽略我們的長期願景和目標。這種紀律和重點體現在我們在支撐我們成長策略的基本舉措方面取得的重大進展，即：我們的人員、系統和基礎設施，我將進一步討論這些問題。我們的團隊非常努力地完成所有這一切，他們在這樣做時始終將客戶和船員的安全和福祉放在首位。我感謝他們的靈活性、奉獻精神和決心，感謝他們迎接這個獨特環境帶來的挑戰。如您所知，對於「五以下」來說，這是一個繁忙的季度。

Let me start by discussing the restart and ramp in our operations and reopening of our stores. We reopened stores in weekly waves throughout the quarter, and virtually all of our stores were reopened by the end of June. Additionally, during the reopening period, we opened a record 63 new stores, most in the new prototype, which features Five Below Beyond and the reimagined front end, which includes self-checkout and an expanded snack area, and we remodeled 8 additional stores. We did this while restarting our supply chain, which has largely been shut down. Our vendors have been great partners throughout this entire period, quickly ramping up their own operations to fulfill our orders. During the quarter, we also opened a new distribution center, expanding our supply chain network and enhancing our overall distribution efficiency.

讓我先討論我們營運的重啟和提升以及商店的重新開業。我們整個季度每週都重新開業商店，幾乎所有商店都在 6 月底重新開業。此外，在重新開業期間，我們開設了創紀錄的63 家新店，其中大部分是新原型，其中包括五層以下和重新設計的前端，其中包括自助結帳和擴大的小吃區，我們還改造了另外8 家商店。我們在重啟供應鏈的同時做到了這一點，基本上已經關閉。我們的供應商在整個時期都是很好的合作夥伴，他們迅速擴大自己的業務來完成我們的訂單。本季度，我們還開設了一個新的配送中心，擴大了我們的供應鏈網路並提高了我們的整體配送效率。

In addition to all the work we did related to stores, we rapidly improved and expanded our e-commerce capabilities in the quarter, enabling strong current and future growth from this channel. We leveraged the platform, capabilities and customers acquired with the purchase of Hollar.com's assets last year to improve and grow our e-commerce offering, achieving 3 major milestones in Q2. First, the successful migration of our site to our new platform was completed in mid-July without any interruption to our site. Second, we launched the Five Below app about a year ahead of our originally contemplated time line. And third, we fully transitioned Hollar's.com Ohio e-commerce fulfillment to Five Below.

除了我們所做的與商店相關的所有工作外，我們在本季度迅速提高和擴展了我們的電子商務能力，從而實現了該管道當前和未來的強勁增長。我們利用去年購買 Hollar.com 資產時獲得的平台、能力和客戶來改進和發展我們的電子商務產品，在第二季度實現了 3 個主要里程碑。首先，我們的網站已於 7 月中旬成功遷移到新平台，網站沒有任何中斷。其次，我們比最初預期的時間線提前了大約一年推出了「五以下」應用程式。第三，我們將 Hollar's.com 俄亥俄州電子商務履行完全轉變為「五以下」。

With a stronger technology stack, a newly launched app, and a second and fully dedicated e-commerce fulfillment center, we are in a great position to continue to improve and expand our e-com business.

憑藉更強大的技術堆疊、新推出的應用程式以及第二個完全專用的電子商務履行中心，我們處於繼續改進和擴展我們的電子商務業務的有利位置。

Now on to our financial results. Total sales in the second quarter grew 2% over last year's second quarter to $426 million, despite the impact of store closures, as Ken will later discuss. We are very pleased that we generated a positive reopen comp of approximately 6% from our reopened stores and e-com combined. With disciplined expense management, we delivered earnings per share of $0.53 compared to $0.51 in the second quarter last year.

現在談談我們的財務表現。儘管受到商店關閉的影響，第二季度的總銷售額比去年第二季度增長了 2%，達到 4.26 億美元，正如 Ken 稍後將討論的那樣。我們非常高興的是，我們重新開業的商店和電子商務合計產生了約 6% 的積極重新開業補償。透過嚴格的費用管理，我們實現了每股收益 0.53 美元，而去年第二季為 0.51 美元。

Our most attractive growth opportunity continues to be new stores, which were disrupted by the pandemic. We were able to partially catch up in Q2, opening 63 new stores. And this brings our year-to-date openings to 84 new stores, similar to the 83 new stores opened in the first quarter of 2019. These new stores opened in diverse geographies across 24 states. We were pleased with the performance of these openings even in this COVID environment, which curtailed our ability to grand open new stores in the manner we typically do. We also operated the new stores with reduced hours compared to previous years, as we did throughout the entire chain.

我們最有吸引力的成長機會仍然是新店，這些店因大流行而中斷。我們在第二季部分迎頭趕上，開設了 63 家新店。這使得我們今年迄今新開的門市達到 84 家，與 2019 年第一季開設的 83 家新店類似。這些新店分佈在 24 個州的不同地區。即使在新冠疫情的環境下，我們對這些新店的表現也很滿意，因為這限制了我們像通常一樣盛大開設新店的能力。與往年相比，我們也縮短了新店的營業時間，就像我們在整個連鎖店中所做的那樣。

Despite this, 2 stores still made our top 25 summer grand openings, and they were both in the brand-new markets of Denver, Colorado, and Las Vegas, Nevada, which demonstrates the universal appeal of Five Below and the growing awareness of our brand.

儘管如此，仍有2 家門市躋身夏季新店開業前25 名，並且均位於科羅拉多州丹佛市和內華達州拉斯維加斯的全新市場，這表明了Five Below 的普遍吸引力以及我們品牌知名度的不斷提高。

The appeal of Five Below lies in our unique, special, flexible and edited assortment of WOW product at incredible values delivered in a neat, clean and fun store environment. History has taught us that tougher economic times serve to strengthen that appeal. And our commitment to our customer promise of delivering WOW and value is stronger than ever. With nearly 1,000 stores today, we have a long runway of growth with a nationwide potential of over 2,500 stores.

Five Below 的吸引力在於我們獨特、特殊、靈活且經過編輯的 WOW 產品品種，在整潔、乾淨和有趣的商店環境中提供令人難以置信的價值。歷史告訴我們，經濟困難時期有助於增強這種吸引力。我們對客戶提供令人驚嘆和價值的承諾比以往任何時候都更加堅定。目前，我們擁有近 1,000 家門市，還有很長的發展道路，在全國各地擁有超過 2,500 家門市的潛力。

As we navigate the current environment, we do so with the flexibility and speed that is inherent to our model and the discipline that is core to our DNA. And most importantly, we do so while staying true to our customer promise of always delivering value. We have a unique ability and organizational agility to make quick assortment changes that ensure continued relevancy, recognizing that shopping patterns have changed. With customers consolidating trips and prioritizing health, safety and convenience, we added more essential households and wellness items and snacks at great prices. In addition to the hand sanitizers, wipes and masks we sourced in the first quarter, we now offer new home and personal care essentials, including kitchen and bath products. We also continue to see demand for fun tees and tops as well as home or nesting products, including items for pets. Both new and existing customers discovering or returning to our stores have recognized and embraced our offering of fresh product, extreme value and a fun shopping experience, and we are pleased with their response.

當我們駕馭當前環境時，我們以我們的模型固有的靈活性和速度以及我們 DNA 的核心規則來做到這一點。最重要的是，我們在這樣做的同時恪守我們始終提供價值的客戶承諾。我們擁有獨特的能力和組織敏捷性，可以快速進行品種變更，以確保持續的相關性，並認識到購物模式已經發生了變化。隨著客戶整合旅行並優先考慮健康、安全和便利，我們以優惠的價格增加了更多必需的家庭用品以及健康用品和零食。除了我們在第一季採購的洗手液、濕紙巾和口罩外，我們現在還提供新的家庭和個人護理必需品，包括廚房和浴室產品。我們也繼續看到對有趣的 T 恤和上衣以及家居或嵌套產品（包括寵物用品）的需求。發現或返回我們商店的新舊客戶都認可並接受我們提供的新鮮產品、極致價值和有趣的購物體驗，我們對他們的反應感到滿意。

With regards to marketing for Q2, given the environment, we focused our program on targeted digital advertising, scaling back from traditional TV and eliminating print flyers. We created an authentic approach with a digitally focused Kickstart the Fun campaign that launched in mid-June. It was a very successful and cost-effective campaign for us. We were present across many digital platforms, including YouTube, Instagram, Facebook, Snapchat and others. And we also executed paid search and emails. While our digital reach increased, our TV reach was reduced to just over 10% of our stores in Q2.

關於第二季的行銷，考慮到環境，我們將計劃重點放在有針對性的數位廣告上，減少傳統電視廣告並取消印刷傳單。我們透過 6 月中旬推出的以數位為重點的 Kickstart the Fun 活動創建了一種真實的方法。這對我們來說是一次非常成功且具成本效益的活動。我們出現在許多數位平台上，包括 YouTube、Instagram、Facebook、Snapchat 等。我們也執行了付費搜尋和電子郵件。雖然我們的數位覆蓋範圍有所增加，但第二季度我們的電視覆蓋範圍卻減少至門市的 10% 多一點。

We will continue to evaluate our marketing mix, prioritizing digital marketing strategies, including e-com where we have a great opportunity to attract and retain the large number of customers new to fivebelow.com.

我們將繼續評估我們的行銷組合，優先考慮數位行銷策略，包括電子商務，我們有很好的機會吸引和留住 Fivebelow.com 的大量新客戶。

In addition to our operating activities and achievements during the second quarter, we also made significant progress on our strategic investments across people, systems and infrastructure, which will allow us to continue to scale our business to over 2,500 stores. Some examples include: we made key senior hires at the Senior Vice President level for digital and stores, we installed a new warehouse management system, and we opened a new distribution center in Conroe, Texas, which is our second owned facility. We also announced our next distribution center which will be located in Buckeye, Arizona, where we are currently already under construction for a new building to service our stores and our Western states. We expect this DC to open in mid-2021.

除了第二季的營運活動和成就外，我們在人員、系統和基礎設施方面的策略性投資也取得了重大進展，這將使我們能夠繼續將業務規模擴大到超過 2,500 家門市。一些例子包括：我們聘請了數位和商店高級副總裁級別的關鍵高級人員，安裝了新的倉庫管理系統，並在德克薩斯州康羅開設了一個新的配送中心，這是我們的第二個自有設施。我們也宣布我們的下一個配送中心將位於亞利桑那州巴克艾市，目前我們正在那裡建造一座新大樓，為我們的商店和西部各州提供服務。我們預計該配送中心將於 2021 年中期開幕。

I'm extremely impressed at the team's speed and ability to accomplish these major fundamental milestones that are critical to our growth, especially given the very challenging environment. Looking ahead to Q3 and the holiday season, I'm very pleased with our readiness, including our lineup of amazing products at outstanding values as well as the improvement in store operations that will make for a better customer experience during this important time of year. Given that this back-to-school season is far from traditional, we shifted the level of composition of our assortment accordingly from backpacks to study and work-at home-related items as well as more essential items, being flexible, quickly adapting and constantly innovating our core to Five Below and what we do every day, and these capabilities serve us well in this current environment, which requires extreme nimbleness. We are in the middle of finalizing our plans for holiday. Our buying team has been busy sourcing amazing, fresh, new and relevant products. We believe our inventory will be in a very good position as we have adjusted orders and are closely monitoring deliveries in order to maximize the sales in the back half of 2020.

我對團隊實現這些對我們的成長至關重要的重要基本里程碑的速度和能力印象深刻，特別是考慮到非常具有挑戰性的環境。展望第三季度和假期季節，我對我們的準備工作感到非常滿意，包括我們以卓越價值推出的一系列令人驚嘆的產品，以及商店運營的改進，這將在一年中的這個重要時刻為客戶帶來更好的體驗。鑑於這個返校季節與傳統相差甚遠，我們相應地調整了商品品類的構成，從背包轉向與學習和在家工作相關的物品以及更必需的物品，靈活、快速適應並不斷將我們的核心創新為「五以下」以及我們每天所做的事情，這些能力在當前需要極高靈活性的環境中為我們提供了很好的服務。我們正在敲定假期計劃。我們的採購團隊一直忙於採購令人驚嘆的、新鮮的、新的和相關的產品。我們相信，我們的庫存將處於非常有利的位置，因為我們已經調整了訂單，並正在密切監控交付情況，以便最大限度地提高 2020 年下半年的銷售額。

From a store operations standpoint, we are working on a number of initiatives so that our customers can continue to shop safely and efficiently in the holiday quarter. For example, we're in the process of increasing the penetration of self-checkout and adding temporary registers, especially in our higher-volume stores, and expect half of our chain will have self-checkout this holiday season. These initiatives improve the customer experience by significantly increasing register capacity and customer throughput, which is especially important during the holiday shopping period. We also plan to optimize store hours and once again offer curbside pickup as needed. In addition, and brand new this year, we expect to implement a trial for same-day home delivery and BOPUS.

從商店營運的角度來看，我們正在採取一系列舉措，以便我們的客戶能夠在假期季節繼續安全高效地購物。例如，我們正在提高自助結帳的滲透率並增加臨時收銀機，特別是在我們銷量較大的商店中，並預計我們一半的連鎖店將在這個假期季節實現自助結帳。這些措施透過顯著提高收銀能力和客戶吞吐量來改善客戶體驗，這在假期購物期間尤其重要。我們還計劃優化商店營業時間，並根據需要再次提供路邊取貨服務。此外，今年我們預計將試行當日送貨上門和 BOPUS。

On the merchandising front, we will be bringing back the seasonal WOW Wall, now called Five Beyond, featuring unbelievable products at extreme value. And we are allocating more space for these incredible gifts as well as starting our holiday selling period earlier than we did last year. Our digital team will be increasing their reach throughout the second half to let customers know about our amazing offering. And finally, the holiday calendar itself is more favorable, which will help to spread out the holiday traffic and shopping. This year, there are 2 more shopping days between Thanksgiving and Christmas. And Christmas is on a Friday, providing a full week post-Super Saturday for last minute holiday shopping. We are ready for the holidays and are confident in our ability to offer unbelievable and affordable gifts for our customers and to provide multiple shopping options for them. We can't wait to surprise and delight our customers with our amazing assortment of WOW holiday gifts and stocking stuffers at incredible prices.

在銷售方面，我們將重新推出季節性的 WOW Wall，現在稱為 Five Beyond，以超值的方式展示令人難以置信的產品。我們正在為這些令人難以置信的禮物分配更多空間，並比去年更早開始假日銷售期。我們的數位團隊將在下半年擴大影響力，讓客戶了解我們令人驚嘆的產品。最後，假日日曆本身更有利，這將有助於分散假日客流量和購物。今年，感恩節和聖誕節之間又多了兩個購物日。聖誕節是在星期五，超級星期六後為最後一刻的假期購物提供了整整一周的時間。我們已為假期做好準備，並有信心為客戶提供令人難以置信且價格實惠的禮物，並為他們提供多種購物選擇。我們迫不及待地以令人難以置信的價格提供各種令人驚嘆的節日禮物和聖誕禮物，讓我們的客戶感到驚喜和高興。

In summary, we are successfully managing the business through this challenging time, innovating and adapting quickly while making progress on our strategic initiatives, which will continue to drive our long-term success. Our business model is flexible and resilient. The team is very disciplined in the management of our expense structure and capital allocation and in the prudent investments we continue to make in our people, systems and infrastructure. We have substantial cash reserves, a debt-free balance sheet, and a new store model that continues to pay back our investment in less than a year, enabling us to self-fund our continued growth. We maintain an unwavering focus on delivering WOW and unbeatable value for our customers as we further strengthen our competitive position and drive long-term sustainable growth.

總之，我們成功地管理業務度過了這個充滿挑戰的時期，快速創新和適應，同時在我們的策略舉措上取得進展，這將繼續推動我們的長期成功。我們的業務模式靈活且有彈性。該團隊在費用結構和資本配置的管理以及我​​們繼續對人員、系統和基礎設施進行審慎投資方面非常嚴格。我們擁有大量的現金儲備、無債務的資產負債表和新的商店模式，可以在不到一年的時間內繼續收回我們的投資，使我們能夠為持續成長提供自籌資金。我們堅定不移地致力於為客戶提供令人驚嘆的服務和無與倫比的價值，進一步加強我們的競爭地位並推動長期永續成長。

With that, I will turn it over to Ken to provide more details on the financials. Ken?

這樣，我會將其轉交給肯，以提供有關財務狀況的更多詳細資訊。肯？

Thanks, Joel, and good afternoon, everyone. I will begin my remarks with a review of our second quarter results and then provide some go-forward commentary.

謝謝喬爾，大家下午好。我將首先回顧我們第二季度的業績，然後提供一些前瞻性評論。

When we held our first quarter call in early June, about 90% of our stores were reopened. And by the end of June, virtually all of our stores had reopened. As Joel mentioned, in addition to reopening stores, our teams did an amazing job in the second quarter opening 63 new stores compared to 44 new stores opened in the second quarter last year. We ended the quarter with 982 stores, an increase of 149 stores or 17.9% versus 833 stores at the end of the second quarter of 2019.

當我們在 6 月初召開第一季電話會議時，大約 90% 的商店已重新開業。到六月底，我們幾乎所有商店都已重新開業。正如 Joel 所提到的，除了重新開店之外，我們的團隊在第二季開設了 63 家新店，而去年第二季開設了 44 家新店，這一點令人驚嘆。截至本季末，我們擁有 982 家門市，與 2019 年第二季末的 833 家門市相比，增加了 149 家門市，增幅為 17.9%。

Despite this growth, given the temporary store closures during the quarter, our total operating days were down about 3% compared to last year's second quarter, which significantly impacted sales, operations and results. Additionally, throughout Q2, our reopened stores operated on limited hours.

儘管出現這種成長，但考慮到本季臨時關閉的商店，我們的總營業天數與去年第二季相比下降了約 3%，這對銷售、營運和業績產生了重大影響。此外，在整個第二季度，我們重新開業的商店均限時營業。

Our sales for the second quarter of 2020 were $426.1 million, up 2.1% from $417.4 million reported in the second quarter last year. Comparable sales for the second quarter decreased by 12.2%, driven by a reduction of approximately 19% in comp store operating days. Positive comp contributions from both our reopened stores and e-commerce helped partially offset the loss of operating days. Comparable sales for the reopen period increased approximately 6%, with the reopened stores comping up approximately 4% when compared to the same open period last year, and e-commerce contributing approximately 2% to the total reopen period comp.

我們 2020 年第二季的銷售額為 4.261 億美元，比去年第二季的 4.174 億美元成長 2.1%。第二季的可比銷售額下降了 12.2%，因為比較店營業天數減少了約 19%。我們重新開業的商店和電子商務的積極補償貢獻部分抵消了營業天數的損失。重新開業期間的可比銷售額增長約6%，其中重新開業的商店較去年同期增長約4%，電子商務佔重新開業期間總銷售額的約2%。

E-commerce sales were strong in Q2, with sales over 4x higher than last year's second quarter. Yet they still represented a low single-digit percentage of our total sales. As we had expected, as stores reopened throughout the quarter, e-commerce sales moderated. In stores, since reopening, we saw higher average tickets, partially offset by lower transactions as we believe customers consolidated trips.

第二季電子商務銷售強勁，銷售額比去年第二季高出 4 倍以上。然而，它們在我們總銷售額中所佔的百分比仍然很低。正如我們預期的那樣，隨著商店在整個季度重新開業，電子商務銷售有所放緩。在商店中，自重新開業以來，我們看到平均門票有所上升，但部分被交易量下降所抵消，因為我們相信客戶會合併旅行。

Turning to gross profit. Typically, about 20% to 25% of cost of goods sold are fixed costs, with occupancy being the largest fixed component, followed by certain distribution center operating costs and the expenses related to our buying teams. Given the temporary store closures and the impact they had on our sales results and our fixed costs. Gross profit decreased $6.4 million from the second quarter of 2019 to $139.8 million. Gross margin decreased 220 basis points to 32.8% compared to 35% in the second quarter last year, with more than 2/3 of the decline driven by occupancy cost deleverage. We also faced a headwind as we anniversaried last year's benefit from the timing of certain merchandise costs that shifted from Q2 to Q3 in 2019.

轉向毛利。通常，約 20% 至 25% 的銷售商品成本是固定成本，其中佔用率是最大的固定組成部分，其次是某些配送中心營運成本以及與我們的採購團隊相關的費用。考慮到商店的暫時關閉及其對我們的銷售業績和固定成本的影響。毛利較 2019 年第二季減少 640 萬美元，至 1.398 億美元。毛利率下降220個基點至32.8%，而去年第二季為35%，其中超過2/3的下降是由入住成本去槓桿化推動的。我們也面臨逆風，因為我們去年因某些商品成本從 2019 年第二季轉移到第三季而受益的周年紀念日。

SG&A expense for the second quarter of 2020 of $106.7 million decreased by approximately 3% versus last year's second quarter. As a percent of sales, SG&A decreased 140 basis points to 25% from 26.4% last year. We acted swiftly to manage variable expenses in a closed store environment and approached the reopening period with discipline from an expense standpoint. The primary drivers of the SG&A leverage were lower marketing and store expenses. We reduced our TV advertising penetration, produced a lower-cost commercial, and did not print any flyers as we shifted our focus to a more efficient and cost-effective digital spend. The lower store expenses were driven by the reduction in operating hours.

2020 年第二季的 SG&A 費用為 1.067 億美元，比去年第二季下降約 3%。 SG&A 佔銷售額的百分比從去年的 26.4% 下降了 140 個基點至 25%。我們迅速採取行動，在關閉的商店環境中管理可變費用，並從費用角度嚴格遵守重新開業期間的規定。 SG&A 槓桿的主要驅動因素是行銷和商店費用的降低。我們降低了電視廣告的滲透率，製作了成本較低的廣告，並且沒有印刷任何傳單，因為我們將重點轉向了更有效率、更具成本效益的數位支出。商店費用下降是由於營業時間減少所致。

These savings were partially offset by the deleverage of corporate expenses. Corporate expenses for the second quarter included a benefit of over 100 basis points from stimulus-related credits. As a result, we reported operating income of $33.1 million for the second quarter versus operating income of $36 million in the second quarter of 2019.

這些節省金額被企業支出去槓桿化部分抵銷。第二季的企業支出包括與刺激相關的信貸帶來的超過 100 個基點的收益。因此，我們報告第二季的營業收入為 3,310 萬美元，而 2019 年第二季的營業收入為 3,600 萬美元。

Our effective tax rate for the second quarter of 2020 was 9.4% compared to 23.2% in the second quarter of 2019. The effective tax rate includes the benefits of discrete items related to the stimulus program and share-based accounting. We currently expect a more normalized effective tax rate for the back half of fiscal 2020, bringing the rate for the full year of fiscal 2020 to approximately 20%.

我們 2020 年第二季的有效稅率為 9.4%，而 2019 年第二季為 23.2%。有效稅率包括與刺激計畫和股份制會計相關的離散項目的好處。我們目前預計 2020 財年下半年的有效稅率將更加正常化，從而使 2020 財年全年的稅率達到 20% 左右。

Net income for the second quarter of 2020 was $29.6 million versus net income of $28.8 million last year. Earnings per diluted share for the second quarter was $0.53, compared to last year's earnings per diluted share of $0.51, driven primarily by the factors I just described. This year's earnings also included a share-based accounting benefit of approximately $0.03 compared to last year's second quarter benefit of approximately $0.01.

2020 年第二季淨利為 2,960 萬美元，去年淨利為 2,880 萬美元。第二季攤薄後每股收益為 0.53 美元，而去年的攤薄後每股收益為 0.51 美元，這主要是由我剛才描述的因素推動的。今年的收益還包括約 0.03 美元的基於股份的會計收益，而去年第二季的收益約為 0.01 美元。

We ended the second quarter in a strong liquidity position with $202 million in cash, cash equivalents and investments and no debt, including nothing outstanding under our $225 million line of credit. Inventory at the end of the second quarter was $294 million as compared to $273 million at the end of the second quarter last year. Average inventory on a per store basis decreased 8.5% versus the second quarter last year as we managed inventory carefully by canceling and delaying orders and as we sold through the inventory from the end of the first quarter which resulted from the store closures. We feel we are in a good current inventory position going into the back half of the year with flexibility and open to buy to respond to customer preferences we have seen since reopening our stores.

在第二季結束時，我們的流動性狀況強勁，現金、現金等價物和投資為 2.02 億美元，沒有債務，包括 2.25 億美元信貸額度下的任何未償債務。第二季末的庫存為 2.94 億美元，而去年第二季末的庫存為 2.73 億美元。與去年第二季相比，每家商店的平均庫存下降了 8.5%，這是因為我們透過取消和延遲訂單來仔細管理庫存，並且我們從第一季末開始銷售因商店關閉而產生的庫存。我們認為，進入今年下半年，我們目前的庫存狀況良好，可以靈活地進行購買，以響應自重新開業以來我們看到的客戶偏好。

Now looking ahead and similar to last quarter, we are not providing guidance due to the continued uncertainty in this COVID environment. While we normally do not provide quarter-to-date updates, we will provide some color on what we are seeing currently as well as certain of our plans and expectations.

現在展望未來，與上季類似，由於新冠疫情環境持續存在不確定性，我們不會提供指引。雖然我們通常不提供季度至今的更新，但我們會提供一些有關我們目前所看到的情況以及我們的某些計劃和期望的資訊。

We are continuing our growth and have increased the low end of our 2020 new store opening program from 100 to 110 stores, expecting to end the year with 1,010 to 1,020 stores, or unit growth of 12% to 13%. The majority of these new stores are being opened in existing markets as we execute our densification strategy. In addition, we plan to remodel approximately 45 stores and add self-checkout capabilities to over 100 additional existing stores.

我們正在繼續成長，並將 2020 年新店開幕計畫的下限從 100 家增加到 110 家，預計年底門市數量將達到 1,010 家到 1,020 家，單位成長率為 12% 到 13%。隨著我們執行密集化策略，大多數新店都是在現有市場開設的。此外，我們計劃改造約 45 家商店，並為另外 100 多家現有商店增加自助結帳功能。

With respect to business trends so far in the third quarter, total comparable sales are tracking up approximately 6%, consistent with the second quarter. In stores, as we anticipated, we continue to see higher baskets and fewer transactions.

就第三季迄今的業務趨勢而言，可比銷售總額成長了約 6%，與第二季一致。在商店中，正如我們預期的那樣，我們繼續看到購物籃數量增加，交易量減少。

As it relates to future profitability, after cutting and delaying expenses in Q1 and Q2 due to the COVID environment, we are restoring expenses in the back half of the year. In Q3, this is expected to result in a slight operating margin decline. For Q4, we expect to return to a more normalized gross margin after a record 42.1% gross margin in Q4 last year. In addition, we expect a more normalized level of incentive compensation expense in Q4 this year that will result in SG&A deleverage.

由於關係到未來的獲利能力，在受疫情影響，第一季和第二季削減和推遲支出後，我們將在下半年恢復支出。在第三季度，預計這將導致營業利潤率略有下降。對於第四季度，我們預計在去年第四季毛利率達到創紀錄的 42.1% 後，毛利率將恢復到更正常化的水平。此外，我們預計今年第四季的激勵薪資支出水準將更加正常化，這將導致銷售、管理和行政費用去槓桿化。

With respect to gross capital expenditures, which excludes tenant allowances, we still plan to spend, in total, approximately $200 million in 2020. This reflects the planned investments in new stores and remodels, the new Texas and West distribution centers, and investments in systems and infrastructure. I believe we are in a very good position on many fronts, and I am not only proud of everything we accomplished in the last 90 days, but all that we accomplished over the last 6 months. Our teams did an outstanding job reopening stores quickly and safely and pivoting on merchandise, store operations, marketing and e-commerce as well as preparing for the all-important second half of the year, all while continuing to advance our strategic growth priorities.

就資本支出總額（不包括租戶津貼）而言，我們仍計劃在 2020 年總共支出約 2 億美元。這反映了對新店和改造、新德克薩斯州和西部配送中心以及系統投資的計劃投資和基礎設施。我相信我們在許多方面都處於非常有利的位置，我不僅為我們在過去 90 天內所取得的一切感到自豪，而且為我們在過去 6 個月中所取得的一切感到自豪。我們的團隊出色地完成了快速、安全地重新開業商店的工作，並以商品、商店運營、營銷和電子商務為重點，為今年最重要的下半年做好了準備，同時繼續推進我們的戰略增長重點。

I, too, thank the teams for their hard work, dedication and enthusiasm. The flexibility of our model and the discipline that is an integral part of our culture here at Five Below will continue to serve us well as we execute our growth plans, especially during the current evolving environment. And with that, I would like to turn the call back over to the operator to open up the lines for questions. Operator?

我也感謝團隊的辛勤工作、奉獻精神和熱情。我們的模型的靈活性和紀律是我們文化中不可或缺的一部分，這將繼續為我們執行成長計畫提供良好的服務，特別是在當前不斷變化的環境中。有了這個，我想將電話轉回給接線員以打開提問線路。操作員？

(Operator Instructions) Your first question today will come from Simeon Gutman with Morgan Stanley.

（操作員說明）今天您的第一個問題將來自摩根士丹利的 Simeon Gutman。

It's Simeon. My question for either Joel or Ken is the off-pricers who you're sometimes compared to, they haven't seen their sales recover yet. Your business seems to be on a better trajectory. And I think, Joel, you said that you're selling value and fun. The key thing the market is trying to figure out is what your value proposition ends up being in a post-COVID world, one in which we're going to have likely a higher e-com mix, and so your comps would suggest that you'll have a pretty strong place going forward. Can you point to anything else to make that case even stronger?

這是西蒙。我要問喬爾或肯的問題是，你有時會與他們進行比較，他們的銷售額還沒有恢復。您的業務似乎正走在更好的軌道上。我認為，喬爾，你說過你正在出售價值和樂趣。市場試圖弄清楚的關鍵問題是，在後新冠疫情時代，您的價值主張最終會是什麼，在這個世界中，我們可能會擁有更高的電子商務組合，因此您的比較會建議您未來將會有一個非常強大的地方。你能指出其他什麼東西來讓這個理由更有說服力嗎？

Yes. Thanks, Simeon. I can't speak for them. I can tell you, for us, and I think you heard it both in my comments as well as Ken's, I'll tell you, the team just executed on all levels. They were fast. They were nimble. We got back in stock and product. We were playing offense, quite frankly. And once we kind of knew the path to reopening, we got back to getting back in stock, ordering product. We really -- especially those first couple waves of stores reopened, we watched the shift in what the customer was buying. You heard us talk about adapting and picking up essential merchandise. I think, normally, if you would see a quarter, and I'll say we announced a 5-, 6-comp quarter, our high departments would probably be low double digits, and our underperforming departments would be flat. That's very different this time. We're seeing our eight worlds, some are up 20%, 30%, some are down significantly in negative comps.

是的。謝謝，西蒙。我不能代表他們說話。我可以告訴你，對我們來說，我想你在我的評論和肯的評論中都聽到了，我會告訴你，團隊剛剛在各個層面上執行。他們很快。他們很敏捷。我們恢復了庫存和產品。坦白說，我們是在進攻。一旦我們知道了重新開業的途徑，我們就回到庫存、訂購產品。我們確實——尤其是重新開業的前幾波商店，我們觀察了顧客購買商品的變化。您聽到我們談論適應和挑選必需品。我認為，通常情況下，如果你看到一個季度，我會說我們宣布了 5、6 個季度，我們的高部門可能會是低兩位數，而我們表現不佳的部門將持平。這次情況非常不同。我們看到了我們的八個世界，有些成長了 20%、30%，有些則在負面比較中大幅下降。

So what the buyers especially did was nimble, and we shifted what we bought back into, and that's really kind of served us well. And clearly you've got every kid in America home either in -- for the summer extended as it's varying for schools. And I think parents are looking for something to do with their kids, and Five Below is that destination, and you add value into it, and it all plays into our favor. Thanks, Simeon.

因此，買家的做法尤其靈活，我們將購買的東西重新投入其中，這確實對我們很有幫助。顯然，美國的每個孩子都在暑假期間回家，因為學校的情況各不相同。我認為父母正在尋找與孩子們一起做的事情，而「五以下」就是那個目的地，你為它增加了價值，這一切都對我們有利。謝謝，西蒙。

And our next question will come from David Buckley with Bank of America.

我們的下一個問題將來自美國銀行的大衛·巴克利。

What have you seen with traffic trends in 2Q? And how does that compare with August? And then looking out to the fourth quarter, how are you thinking about Black Friday and the holiday shopping season as consumers remain reluctant to return to in-store shopping, and how that will impact fourth quarter sales volumes?

您對第二季的流量趨勢有何看法？與八月相比如何？然後展望第四季度，您如何看待黑色星期五和假期購物季，因為消費者仍然不願意返回店內購物，這將如何影響第四季度的銷售？

Ken, do you want to talk about traffic trends, and I'll take fourth quarter.

肯，你想談談流量趨勢嗎？我會談談第四季的情況。

Sure. And David, thanks for the question. We saw, from the beginning of Q2 when we were reopening stores, that trend and the components of comp where transactions were down, but they were more than offset by average ticket. And it was pretty consistent throughout the quarter, and we've actually continued to see that as we moved into the third quarter again, where transaction's down and ticket up. So it's been relatively consistent throughout the reopening period even into August.

當然。大衛，謝謝你的提問。從第二季初我們重新開業商店開始，我們就看到了這種趨勢以及交易量下降的組成部分，但它們被平均門票所抵消。整個季度的情況相當一致，實際上，當我們再次進入第三季度時，我們繼續看到這種情況，交易量下降，門票量上升。因此，在整個重新開放期間，甚至到八月份，情況都相對穩定。

Yes, it's good. As far as Q4 goes, David, I think I hit on it in a lot of my prepared remarks. The biggest couple of changes we've made is the amount of self-checkout stores we've added. As I said, half our fleet will have self-checkout. And really, what that does is allows for greater social distancing. It allows for more checkout locations in a given store. On average, we go from 5 in a normal environment to 9.

是，很好。就第四季而言，大衛，我想我在許多準備好的發言中都提到了這一點。我們所做的最大的改變是增加了自助結帳商店的數量。正如我所說，我們一半的機隊將提供自助結帳服務。事實上，這樣做的目的是允許更大的社交距離。它允許在給定商店中有更多結帳地點。平均而言，我們從正常環境的 5 增加到 9。

And we also have looked at shifting our hours a little bit in fourth quarter. And then quite honestly, the calendar setup for this particular year couldn't be better for us. Hanukkah moves earlier. Last year, it was right on top of Christmas. We've got a full week from Super Saturday, which really spreads out shopping.

我們也考慮在第四季稍微調整我們的工作時間。老實說，今年的日曆設定對我們來說再好不過了。光明節提前。去年，恰逢聖誕節。距離「超級星期六」還有整整一周，購物時間確實很分散。

So between the calendar setup, which is great, and then the changes our operators are making to allow for a greater throughput, will really serve us well as we try to manage through the increase in traffic in Q4.

因此，日曆設定非常好，然後我們的營運商為實現更大的吞吐量而進行的更改，將真正為我們提供良好的服務，因為我們試圖透過第四季度的流量增加進行管理。

And our next question will come from Matthew Boss with JPMorgan.

我們的下一個問題將來自摩根大通的馬修·博斯。

Great, and congrats on a nice quarter.

太棒了，恭喜您度過了一個愉快的季度。

Thanks, Matt.

謝謝，馬特。

Thanks, Matt. Appreciate it.

謝謝，馬特。欣賞它。

So can you speak to trends that you're seeing in your new stores? Productivity was back nearly to historical levels in the second quarter, and that's despite the social restrictions and marketing cuts. So maybe just touch on opportunities that you see in the store pipeline, your confidence in multiyear and high-teens unit growth, just overall new stores and what you're seeing.

那麼您能談談您在新店中看到的趨勢嗎？儘管存在社會限制和行銷削減，但第二季的生產力幾乎恢復到歷史水平。因此，也許只需談談您在商店管道中看到的機會、您對多年和高青少年單位增長的信心、整體新商店以及您所看到的情況。

Yes. You know what, we're really pleased with what we saw with new stores. If you recall, Matt, somewhere late last year, we started talking about a new prototype, and that really emerged out of the tariffs when we broke $5 for the first time. And back then, we called it Ten Below, and we tried several different versions of that.

是的。你知道嗎，我們對新店的狀況非常滿意。馬特，如果你還記得的話，去年年底的某個時候，我們開始討論一種新的原型，當我們第一次突破 5 美元時，它就真正從關稅中出現了。當時，我們將其稱為“十下”，並且我們嘗試了幾個不同的版本。

We've now landed on it being called Five Beyond. And so all these new stores that we're opening this year are opening in the new prototype that has a Five Beyond section year-round in the back of the store. It has a reimagined front end, which is expanded snack and self-checkout.

我們現在將其命名為「五之外」。因此，我們今年開設的所有新店都以新的原型開業，該原型在商店後面全年設有“五之外”部分。它有一個重新設計的前端，擴展了小吃和自助結帳功能。

And then quite frankly, just being value-driven, the timing couldn't be more right as the country went through this pandemic. And as our awareness continues to grow and we open new stores, it's like customers kind of know we're coming. And so we've seen -- I called out having a record opening in both Denver and Vegas, and I think those are just indicators of the awareness levels being there. But really, no concerns on the new stores. We clearly couldn't -- the first week or 2 certainly opened softer because we didn't do grand openings like we normally would. But you put those first couple of weeks aside, it really was all around 63 stores. In a pandemic environment, a great execution by the operators.

坦白說，只是出於價值驅動，在這個國家經歷這場大流行之際，時機再合適不過了。隨著我們的意識不斷增強，我們開設新店，顧客好像知道我們要來了。所以我們已經看到——我呼籲在丹佛和維加斯都創下開業紀錄，我認為這些只是那裡意識水平的指標。但實際上，新店不用擔心。我們顯然不能——第一週或第二週的開幕肯定會比較疲軟，因為我們沒有像往常那樣進行盛大的開幕。但撇開最初幾週不談，實際上只有 63 家商店。在疫情環境下，營運商的執行力非常出色。

And our next question will come from Edward Kelly with Wells Fargo.

我們的下一個問題將來自富國銀行的愛德華凱利。

Joel, I wanted to ask you about -- I wanted to just get back into holiday a little bit. Can you just maybe provide a little bit more color around sort of how you're thinking about it? I mean obviously, historically, you've been very traffic dependent. You do a lot of business in a very short period of time before Christmas. Maybe help us think about what that cadence normally looks like and how you overcome it.

喬爾，我想問你──我想稍微回去度假。您能否就您的想法提供更多的色彩？我的意思是，顯然，從歷史上看，你一直非常依賴流量。聖誕節前很短的時間內你做了很多生意。也許可以幫助我們思考這種節奏通常是什麼樣的以及如何克服它。

And then as you think about the product cycle for holiday, what's really changing? Because you're going to lap things like Frozen. Obviously, you have some things coming in. Do you think -- is that a net positive? Just sort of like additional thoughts there, I think, would be helpful.

然後，當您考慮假期的產品週期時，真正發生了什麼變化？因為你要拍《冰雪奇緣》之類的東西。顯然，你有一些事情要做。你認為這是一個淨積極的結果嗎？我認為，類似的額外想法會有所幫助。

Yes. Certainly, we are lapping Frozen. But we always talk about trends, and all the trend around essentials right now is significantly bigger than Frozen. So that more than offsets that.

是的。當然，我們正在學習《冰雪奇緣》。但我們總是談論趨勢，目前圍繞必需品的所有趨勢都比《冰雪奇緣》大得多。所以這不僅僅抵消了這一點。

I called out in my prepared remarks the continued emphasis on Five Beyond. I think last year, it was opportunistic, and the buying teams had to scramble to get that in place as that was the first time we'd ever done that. Whereas this year, they had more than a year to prepare and put together an incredible assortment that we're quite honestly really excited about. And that will make a difference. So that Five Beyond section will be bigger, and it will be throughout the entire chain.

我在準備好的發言中呼籲繼續強調「超越五個」。我認為去年，這是機會主義的，採購團隊必須爭先恐後地將其落實到位，因為這是我們第一次這樣做。而今年，他們花了一年多的時間來準備和整合令人難以置信的品種，說實話，我們對此感到非常興奮。這將會帶來改變。這樣「五之外」部分就會更大，並且會貫穿整個鏈條。

Also, look, we're going to stretch the season this year. It's going to start in October. It's not only us. I think all of retail is looking to pull things forward. So we'll benefit from that. We always say we drive half our traffic. Other retailers drive the other half. So by starting it earlier in October, I think that helps spread out the traffic further.

另外，看，今年我們將延長季節。將於十月開始。不僅僅是我們。我認為所有零售業都在尋求推動事情向前發展。所以我們將從中受益。我們總是說我們駕駛了一半的流量。其他零售商則推動另一半。因此，我認為透過在十月初開始，這有助於進一步分散流量。

And with more customers home than ever, I mean, look, a large majority of schools are on school at home. And so it gives the customer a lot more flexibility when they shop. We're not going to be relying on just weekend traffic.

我的意思是，隨著越來越多的顧客回家，你看，絕大多數學校都在家上學。因此，它為客戶購物時提供了更大的靈活性。我們不會只依賴週末的交通。

So really, Ed, it sets up about as good as you could ask, and especially when you layer in the overarching concerns over safety in that. And we're just about prepared as we could be, and you layer in we got a great assortment of product coming. We feel good.

所以說真的，艾德，它的設定已經達到了你所要求的程度，尤其是當你將安全問題納入其中時。我們已經做好了盡可能多的準備，您可以加入我們，我們將提供各種各樣的產品。我們感覺很好。

And our next question will come from Karen Short with Barclays.

我們的下一個問題將來自巴克萊銀行的凱倫·肖特。

I was wondering if you could talk a little bit more about the online customer. Maybe a little bit of color on what the average ticket is online, what the demographic is for the online? And then maybe tie that in with a little more color on what you're seeing with respect to new customer draw with the app as well?

我想知道您是否可以多談談線上客戶。或許可以稍微了解一下網路上的平均票價是多少，網路上的人口統計是怎麼樣的？然後也許可以將其與您在使用該應用程式吸引新客戶方面所看到的內容結合起來？

Yes. Thanks, Karen. Look, this is my third time running an online business from Toys "R" Us, Walmart and now this. And like most retailers, your -- a typical online transaction is roughly double the stores. That's how I used to look at it in the past. That's kind of how we see it today.

是的。謝謝，凱倫。看，這是我第三次經營玩具「反」斗城、沃爾瑪和現在的線上業務。與大多數零售商一樣，典型的線上交易大約是商店的兩倍。過去我也是這麼看的。這就是我們今天的看法。

It's a little early to really tell you a lot about the customers we picked up from the Hollar transition as we just made that conversion in July. We do know we saw a lot of new customers come from that. Now we need to keep them and keep bringing them back. So I think that's a net positive that will continue to grow.

現在真正告訴你很多關於我們從 Hollar 轉型中獲得的客戶的資訊還為時過早，因為我們剛剛在 7 月進行了轉型。我們確實知道我們看到了很多新客戶來自於此。現在我們需要保留它們並繼續將它們帶回來。所以我認為這是一個將繼續成長的淨正面因素。

And so as excited as we are about really finally putting some investment behind our digital capabilities, specifically e-commerce, we hired a Senior Vice President of Digital. I think it's also important, Karen, to still keep in mind that e-com is still the icing on the cake for us. It's not the driver of our business. It's still low single digits, but it is a nice additive. And clearly, for those customers concerned about going in the stores, want to socially distance even further, it was fortuitous timing that we made that acquisition last year, have it up and running and will be fully operational for holidays.

儘管我們對最終對我們的數位能力（特別是電子商務）進行一些投資感到興奮，但我們聘請了一位數位高級副總裁。凱倫，我認為同樣重要的是要記住，電子商務仍然是我們的錦上添花。它不是我們業務的驅動力。它仍然是低個位數，但它是一個很好的添加劑。顯然，對於那些擔心走進商店、希望進一步保持社交距離的顧客來說，我們去年進行這項收購、讓它投入運行並將在假期期間全面運營是一個偶然的時機。

So a lot of good stuff there, Karen. It's just a little early to speculate on a couple of questions you asked, but hopefully, that gives you some good color. Thanks, Karen.

那裡有很多好東西，凱倫。現在推測您提出的幾個問題還為時過早，但希望這能為您帶來一些啟發。謝謝，凱倫。

And our next question will come from John Heinbockel with Guggenheim Partners.

我們的下一個問題將來自古根漢合夥人公司的約翰·海因博克爾。

Joel, 2 quick ones. Five Beyond, do you think you'd double the space and assortment this year? And do you think we'll see a lot of $10 and up items?

喬爾，兩個快的。 Five Beyond，您認為今年的空間和品種會增加一倍嗎？您認為我們會看到很多 10 美元及以上的商品嗎？

And then on BOPUS, right, how many stores do you think you'll really have where there's a store-specific inventory, right, and you can do BOPUS completely. What percent of the change, do you think?

然後在 BOPUS 上，對吧，你認為你真的會有多少家商店有特定商店的庫存，對吧，你可以完全做 BOPUS。您認為變化的百分比是多少？

Yes. Look, on the Five Beyond stuff, it's -- it will definitely -- it's probably not double, John, but it's significantly more than last year.

是的。聽著，在「超越五」的事情上，它肯定會——它可能不是雙倍，約翰，但它比去年要多得多。

And I think the biggest difference is Michael seemed last year, as I said a couple of questions ago, they had to be opportunistic. This year, we go into it planned.

我認為最大的區別是邁克爾去年似乎，正如我之前說過的幾個問題，他們必須是機會主義的。今年，我們按計劃進行。

And I think what it's really going to allow us to do long term, John, is continue to move more and more to center of the plate. So instead of being just the stocking stuffer destination, we'll become the main gift destination.

約翰，我認為從長遠來看，這真正能讓我們做的是繼續越來越多地向盤子的中心移動。因此，我們將成為主要的禮物目的地，而不僅僅是聖誕禮物目的地。

So we got to walk there at the right pace, John. We can't just quickly and immediately jump to $15 and $20. So the majority of the items will be in $5 to $10, but there is the opportunity to push that even further.

所以我們必須以正確的速度走到那裡，約翰。我們不能很快地跳到 15 美元和 20 美元。因此，大多數商品的價格將在 5 至 10 美元之間，但我們還有機會進一步提高價格。

The one caveat, John, though, is it will always be about value. So it's that -- if you don't walk in and see that Five Beyond and go, "Wow, that's incredible value," then we missed on that piece of it.

不過，約翰需要注意的是，它永遠與價值有關。所以，如果你沒有走進去，看到“五個之外”並感嘆“哇，這真是難以置信的價值”，那麼我們就錯過了其中的一部分。

And as far as BOPUS goes, look, it's a trial. We hope to have it out really soon here. And then based on how well that trial does, we'll determine how quickly we roll that to the chain. But we've been moving really fast on that since we last talked. And I think it's just another addition and feature we need to get added into our offering for all our customers. But I think for 2020, think of it as a trial and just another feature for our customer. Thanks, John.

就 BOPUS 而言，這是一次試驗。我們希望很快就能在這裡推出。然後根據試驗的效果，我們將確定將其滾動到鏈上的速度。但自從上次談話以來，我們在這方面的進展非常快。我認為這只是我們需要添加到為所有客戶提供的產品中的另一個補充和功能。但我認為 2020 年，將其視為一次試用，只是為我們的客戶提供的另一個功能。謝謝，約翰。

And our next question will come from Brian Nagel with Oppenheimer.

我們的下一個問題將來自布萊恩·內格爾和奧本海默。

Great quarter, congratulations. So my question, just with regard to store openings, I mean, clearly you continue to execute well upon an aggressive opening plan. And you're one of the few retailers I know that's opening stores, particularly in this environment. So the question I have is maybe just talk about the rent negotiations. So as you're looking at the stores you opened or stores you will be opening soon, how much more leverage do you have as you talk to landlords with regard to rents?

很棒的季度，恭喜。所以我的問題是，關於新店開業，我的意思是，顯然你們繼續執行積極的開業計劃。你們是我所知道的為數不多的開設商店的零售商之一，特別是在這種環境下。所以我的問題也許只是談租金談判。因此，當您考慮已開設的商店或即將開設的商店時，當您與房東討論租金問題時，您還有多少籌碼？

Yes, it's a good question. I'm going to be a little vague with you, but it's not intended to be that way. And a, I appreciate the call-out notice on how fast we're moving on that. In fact, that muscle of opening stores is probably what allowed us to really get our chain reopened faster. I never thought we'd use that muscle to reopen existing chains, but we really approached our reopening the same way we open a new store.

是的，這是一個好問題。我會對你說得有點含糊，但事實並非如此。而且，我很感謝關於我們在這方面進展速度的通知。事實上，開店的力量可能使我們能夠真正更快地重新開業連鎖店。我從來沒有想過我們會利用這種力量來重新開業現有的連鎖店，但我們確實以與開設新店相同的方式重新開業。

But I think as it goes to rent negotiations, look, the landlords need strong balance sheet retailers, thriving centers as much as we want to be in one. And so I think the biggest difference going forward is while certainly we're going to get better deals, and I think we've already started to see that, more importantly we're going to be in better centers.

但我認為，在租金談判方面，房東需要強大的資產負債表零售商和繁榮的中心，就像我們希望成為的那樣。所以我認為未來最大的區別是我們肯定會得到更好的交易，而且我認為我們已經開始看到這一點，更重要的是我們將處於更好的中心。

And I think our model, different than some other value players out there, has always been to kind of be in the A centers. And so I think, obviously, I think the first place we'll see a change in rent structure is going to be in the urban locations. And as those locations struggle with the pandemic, the rent concessions there are going to be higher quicker.

我認為我們的模式與其他一些價值球員不同，一直處於 A 中心。因此，我認為，顯然，我認為我們首先會看到租金結構發生變化的地方將是在城市地區。隨著這些地點與大流行作鬥爭，那裡的租金優惠將會更快地提高。

And so it's going to be case by case, Brian, but we see it as a net positive. And more importantly, we see it as an opportunity to get into the centers we haven't able to get in, in the past because we offer a differentiated concept that -- and we've got a strong balance sheet. And certainly, the landlords are really especially appreciative right now of that. Thanks, Brian.

所以這將根據具體情況而定，布萊恩，但我們認為這是一個淨積極的結果。更重要的是，我們認為這是進入我們過去無法進入的中心的機會，因為我們提供了一個差異化的概念——而且我們擁有強大的資產負債表。當然，房東現在對此真的特別感激。謝謝，布萊恩。

And our next question will come from Paul Lejuez with Citi Research.

我們的下一個問題將來自花旗研究部的 Paul Lejuez。

Curious if you can talk about what your best-selling categories are online and how that might differ from in-store? And also, curious how you're thinking about e-com growth plans for 4Q. What sort of growth do you anticipate? And how do you plan to manage the shipping surcharges around this holiday?

想知道您是否可以談談您在網上最暢銷的類別以及它們與店內有何不同？另外，我想知道您如何考慮第四季的電子商務成長計劃。您預計會出現什麼樣的成長？您打算如何管理這個假期前後的運費附加費？

Yes. For competitive reasons, I won't get into the specifics on the differentiation. What I will tell you, though, is that, in general, they're the same. What we really see is each season takes off sooner online than it does in the stores.

是的。出於競爭的原因，我不會詳細討論差異化的細節。不過，我要告訴你的是，總的來說，它們是相同的。我們真正看到的是，每一季的線上銷售都比實體店銷售更快。

So for example right now, our Halloween store's already up and running online. It's not in the stores. So it takes off sooner. It allows us to get a better read on what we think is going to sell in the stores because of what's selling online, and there is a lot of similarities to that. And so that's the first thing I would tell you. And it's kind of the leading indicator.

例如，現在我們的萬聖節商店已經在線上上線並經營。商店裡沒有。所以起飛得更快。它使我們能夠更好地了解我們認為商店中會銷售的商品，因為網上銷售的商品有很多相似之處。這就是我要告訴你的第一件事。這是一種領先指標。

And then look, as far as the shipping surcharges, fortunately, we're in a good position in the sense that we don't offer free shipping today. We charge $5 for every order. We certainly haven't made the decision to raise that price at this point in time. But we're not like some that have to decide if they're going to go off of free. You could easily see a path where we're at $5.55 or $5.95. But we're getting our arms around the surcharges that have happened.

然後看看，就運費附加費而言，幸運的是，我們處於有利地位，因為我們今天不提供免費送貨。我們對每個訂單收取 5 美元。目前我們當然還沒有做出提高價格的決定。但我們不像有些人必須決定是否要免費。您可以輕鬆地看到我們的價格為 5.55 美元或 5.95 美元的路徑。但我們正在努力應對已經發生的附加費。

It's also a small enough piece of our business that we can absorb a lot of it. We're not a retailer that e-com makes up 30%, 40%, 50% of your transactions. And so I think in many ways, we look at this year as a one-off on that. And we haven't made any final decisions here, but we're not in any position where I think it's going to have a material impact on the bottom line for this year.

這也是我們業務的一小部分，我們可以吸收很多。我們不是一家零售商，電子商務佔您交易的 30%、40%、50%。因此，我認為從很多方面來說，我們都將今年視為一次性的。我們尚未在此做出任何最終決定，但我認為這不會對今年的利潤產生重大影響。

Our next question will come from Michael Montani with Evercore.

我們的下一個問題將來自 Evercore 的 Michael Montani。

I just wanted to ask, if I could, about your thoughts around media mix moving forward. Obviously, you mentioned some increased digital there, so I just wanted to get a better sense of that. And then on a related note was opportunity for personalized marketing as you will ramp up digital. And then lastly is loyalty, is there a chance to maybe accelerate that sort of the way that you're able to do with the mobile app?

如果可以的話，我只是想問一下您對未來媒體組合的想法。顯然，您提到了一些數位化的增加，所以我只是想更好地了解這一點。與此相關的是，隨著數位化程度的提高，個人化行銷的機會也隨之而來。最後是忠誠度，是否有機會像行動應用程式一樣加速這種方式？

Yes. Look, I think what you could tell from our media mix discussion was we are now largely out of the print circular business. We probably accelerated that an extra 12 to 24 months from the path we were already on. And so I see no reason to return to that. And what you saw us do in the second quarter is likely the strategy we'll take going forward.

是的。聽著，我想你可以從我們的媒體組合討論中看出，我們現在基本上已經退出了印刷循環業務。我們可能比我們已經走的道路多加速了 12 到 24 個月。所以我認為沒有理由回到這個主題。您看到我們在第二季所做的很可能是我們未來將採取的策略。

And then what was the second half of that?

那麼後半部是什麼？

The last one was e-commerce.

最後一個是電子商務。

Personalized.

個性化。

Yes. Look, as far as personalization and loyalty goes, yes, look, they're all on the road map. Obviously, with this pandemic, we had to put on hold a lot of those initiatives that we were originally working on this year. And it's been a focus on getting the site transition, getting the app up, getting ready for things like BOPUS and honestly getting our stores reopened. So several of those new features are all coming, but quite honestly, Michael, they're further down the road now than originally planned.

是的。看，就個人化和忠誠度而言，是的，看，它們都在路線圖上。顯然，由於這場大流行，我們不得不擱置今年原本致力於的許多舉措。我們的重點是進行網站過渡、啟動應用程式、為 BOPUS 等事情做好準備，並誠實地讓我們的商店重新開業。因此，其中一些新功能即將推出，但老實說，邁克爾，它們現在比原計劃更進一步。

And our next question will come from Scot Ciccarelli with RBC Capital Markets.

我們的下一個問題將來自加拿大皇家銀行資本市場的斯科特·西卡雷利（Scot Ciccarelli）。

Scot Ciccarelli. So was there anything to note regarding the cadence of new store openings in 2Q? And kind of related to that, as we do our SG&A per store calculations, it's about -- down about 17% by our math. So as we kind of think about the back half as some of these expenses come back, how should we be thinking about SG&A per store over the next 2 quarters?

斯科特·西卡雷利。那麼第二季的新店開張節奏有什麼需要注意的嗎？與此相關的是，當我們計算每家商店的 SG&A 時，我們的計算結果大約下降了 17%。因此，當我們考慮後半段時，隨著其中一些費用的回升，我們應該如何考慮未來兩季每家商店的銷售及管理費用（SG&A）？

Yes. Scot, with regards to the new store cadence, it was a little bit less than last year's second quarter from a timing perspective. And we talked a little bit before about the new store productivity. And if you were calculating that, we're probably in the -- you probably got 82%, 83%. If you adjust it for timing and then also for some of the things that Joel mentioned, we held back on marketing, also the shortened hours, you'll probably get into the high 80% to 90%. So that's why we were saying we're very pleased with the new stores.

是的。 Scot，就新店節奏而言，從時間角度來看，比去年第二季少。我們之前討論過新店的生產力。如果你計算一下，我們可能會得到 82%、83%。如果你調整時間安排，然後調整喬爾提到的一些事情，我們抑制了行銷，也縮短了工作時間，你可能會達到 80% 到 90% 的高水準。這就是為什麼我們說我們對新店非常滿意。

With regards to the expenses and what we saw in Q2 and then what we expect going forward, you're right. Obviously, on a per-store basis, we really held back on expenses and we had delays and cuts in fact in Q1 and Q2. In Q2, a lot of that was driven by reductions in marketing expense and then also store payroll as we had -- we were operating under reduced store hours.

關於費用、我們在第二季看到的情況以及我們對未來的預期，你是對的。顯然，就每家商店而言，我們確實控制了開支，事實上，我們在第一季和第二季都有延遲和削減。在第二季度，這很大程度上是由於行銷費用的減少以及商店工資的減少所推動的——我們的商店營業時間減少了。

But then looking forward in the back half, we really expect to restore the expenses to the extent that we've seen them in the past now that we're fully reopened and operating. So you could expect to see that as we go into Q3 and into Q4.

但展望下半年，我們確實希望將開支恢復到過去的水平，因為我們已經完全重新開放和運作。因此，當我們進入第三季和第四季時，您可以期待看到這一點。

And our next question will come from Chandni Luthra with Goldman Sachs.

我們的下一個問題將來自高盛的 Chandni Luthra。

Nice quarter, team. I just had a quick question about closeouts and opportunistic buys, which you had mentioned as sort of an opportunity in 1Q. What are you seeing in that space right now? Are there any compelling product open to buy plans? Are you taking advantage of any such opportunities?

不錯的季度，團隊。我只是有一個關於平倉和機會主義購買的快速問題，您在第一季提到這是一種機會。你現在在那個空間裡看到了什麼？是否有任何引人注目的產品開放購買計劃？您是否正在利用此類機會？

It's certainly not as big as last year. Last year was probably the largest ever. And in fact we've got a lot of those teed up and ready to go for fourth quarter this year. But clearly with everybody canceling orders this year, it's not near as big. For us, we use those as supplemental and they're not core to the business, but I don't see it being a big year for closeouts like it has been in the last couple of years.

規模肯定沒有去年那麼大。去年可能是有史以來規模最大的一年。事實上，我們已經做好了很多準備，準備在今年第四季投入使用。但顯然，由於今年每個人都取消了訂單，因此規模並沒有那麼大。對我們來說，我們將這些作為補充，它們不是業務的核心，但我認為今年不會像過去幾年那樣成為清倉的重要一年。

Our next question will come from Michael Lasser with UBS.

我們的下一個問題將來自瑞銀集團的麥可·拉塞爾。

Joel, connecting some of the comments you made about a wider distribution of performance by category this quarter than Five Below has seen historically, coupled with the comment around household essentials doing very well. Presumably, the basket's benefiting from consumers adding things like Tide pods, SOS pads that you're now offering. How long -- a, how long do you think that continues? And b, do you think you're getting permission to expand further into those types of consumable categories to eventually drive more traffic from those products over the long run?

喬爾，您對本季度按類別劃分的業績分佈比歷史上的“五以下”更廣泛的一些評論進行了聯繫，再加上有關家庭必需品表現良好的評論。據推測，該籃子受益於消費者添加了您現在提供的汰漬莢、SOS 墊等物品。多久－a，你認為這種情況會持續多久？ b，您認為您是否獲得許可進一步擴展到這些類型的消費品類別，以最終從長遠來看從這些產品中獲得更多流量？

Yes. The last part of the question there would be a little speculative and a little early on my part, Michael. But clearly, I think, every time we've seen some sort of trend and we've jumped in on it, the customers responded and we pick up new customers from it. Certainly, past trends like selfie sticks or spinners that happened, and in this case, it happens to be household essentials and product like masks and things like that. And I'll tell you, it's done very, very well. Michael's team does a great job of pivoting quickly.

是的。邁克爾，問題的最後一部分可能有點推測性，而且對我來說有點早。但很明顯，我認為，每當我們看到某種趨勢並加入其中時，客戶就會做出反應，我們就會從中吸引新客戶。當然，過去的趨勢，如自拍棒或旋轉器，發生過，在這種情況下，它恰好是家庭必需品和產品，如口罩之類的東西。我會告訴你，它做得非常非常好。邁克爾的團隊在快速轉變方面做得很好。

And as long as we stay relevant, and that's the beauty of the eight worlds, Michael, is it gives us the permission to shift our products. And so our customers respond to trends, and they are certainly responding this time to the trend.

只要我們保持相關性，這就是八個世界的美妙之處，邁克爾，它允許我們改變我們的產品。因此，我們的客戶對趨勢做出了反應，他們這次也肯定對趨勢做出了反應。

And -- but certainly going into it, I would think that is going to lead to a better response from the customers, but we don't have the data yet because it's just been too soon. But we like the early signs and what we're seeing. And hence, the traffic trends we just shared with you have been strong. Thanks, Michael.

而且 - 但當然，我認為這將導致客戶做出更好的反應，但我們還沒有數據，因為現在還為時過早。但我們喜歡早期的跡象和我們所看到的。因此，我們剛剛與您分享的流量趨勢一直很強勁。謝謝，麥可。

Your next question will come from Chuck Grom with Gordon Haskett.

你們的下一個問題將由查克·格羅姆和戈登·哈斯克特提出。

Just on the quarter-to-date, I think you guys said up 6%. Is it possible to quantify what the impact has been from the less operating hours in the month of August? And then also, if you've got an estimate for what you think the shift in Labor Day, whereas Costco said it's about 50 basis points for the month of August. Do you feel like that's a good number?

就本季至今，我想你們說上漲了 6%。是否可以量化八月營業時間減少所帶來的影響？另外，如果您對勞動節的變化有一個估計，而 Costco 表示 8 月的變化約為 50 個基點。你覺得這個數字不錯嗎？

Yes. I can't speculate on the Labor Day one. It's been so long since there's been that shift, and we were a lot smaller company when that last happened. I think it was 15, is that right?

是的。我無法猜測勞動節的情況。這種轉變已經過去很久了，上次發生這種轉變時我們的公司規模要小得多。我記得是 15 歲，對嗎？

Yes.

是的。

We only -- didn't even have 400 stores. But I mean it's a net positive, not a net negative. For them, they report monthly, so they're probably talking about the impact on their month. I think on the quarter, it's a net positive for us. Because remember we're tied to when kids go back to school, so that pushes a lot of schools back a little later. So I think that's kind of the way I would see it there. Thanks, Chuck.

我們甚至沒有 400 家商店。但我的意思是這是淨積極的，而不是淨消極的。對於他們來說，他們每月報告一次，因此他們可能正在談論對他們當月的影響。我認為就本季而言，這對我們來說是淨積極的。因為請記住，我們與孩子們何時重返校園息息相關，因此這使得許多學校推遲了一些時間。所以我認為這就是我的看法。謝謝，查克。

And our next question will come from Jeremy Hamblin with Craig-Hallum.

我們的下一個問題將由傑里米·漢布林和克雷格·哈勒姆提出。

And I'll add my congratulations on the strong execution. I want to come back to the store operating hours and think about it on a longer-term basis. You're starting to get a little bit back towards your more normalized hours, seeing expansion on weekends. But after we get through the holiday season and we're still in an environment with more people working from home, more virtual schooling, have you given thought in 2021 to whether or not going from a 12-hour day to an 8-hour operating day or something in between makes most sense now that you have a much stronger online platform and offering than you've had in the past? Is there a potential change on a more permanent basis?

我還要對強而有力的執行力表示祝賀。我想回到商店的營業時間並從更長遠的角度考慮這個問題。你開始恢復正常的工作時間，週末的時間延長。但在假期結束後，我們仍然處於更多人在家工作、更多虛擬教育的環境中，您是否考慮過在 2021 年是否從每天 12 小時工作制改為 8 小時工作制既然您擁有比過去更強大的線上平台和產品，那麼一天或介於兩者之間的事情最有意義？是否存在更持久的潛在變化？

Yes. Thanks, Jeremy, for the shout-out there. And Chuck, I apologize. You asked something similar, and I didn't touch on the store operating hours.

是的。謝謝傑里米的大聲疾呼。還有查克，我道歉。你問了類似的問題，我沒有提到商店的營業時間。

But Jeremy, look, this is a tough one, right, because I don't think the country has ever seen such a seismic shift in consumer shopping patterns in such a short period of time. And so I think, for us, you're going to see us probably slowly adjust. It's worked out really well for us on the shorter hours. We're a much more efficient operation that way.

但是傑里米，你看，這是一個艱難的過程，對吧，因為我認為這個國家從未在如此短的時間內看到消費者購物模式發生如此巨大的轉變。所以我認為，對我們來說，你可能會看到我們慢慢調整。在較短的時間內，這對我們來說效果非常好。這樣我們的營運效率就高很多。

And quite honestly early on, we tested lengthening hours, and we didn't see any increase in sales. That has changed a little bit on the weekends. And hence, you saw us expand our weekend hours. But for right now, I think the speculation was that we'll move slowly on that.

老實說，我們很早就測試過延長工作時間，但沒有看到銷售有任何增加。週末情況發生了一些變化。因此，您看到我們延長了週末的工作時間。但就目前而言，我認為人們的猜測是我們將在這方面緩慢前進。

I wouldn't expect us to make any other changes before the end of Q3. We will certainly have longer hours in Q4, if for nothing else that we really want to spread out the traffic. And so we're going to use that to do that. But I think for Q3, you'd probably see us where we're going to be and -- but we'll adjust if we need to. It's pretty easy to do that, but it's made for a pretty efficient operation.

我不希望我們在第三季結束之前做出任何其他改變。如果我們真的想分散流量，第四季的工作時間肯定會更長。所以我們將用它來做到這一點。但我認為對於第三季度，你可能會看到我們的目標，但如果需要的話我們會進行調整。做到這一點非常容易，但它是為了非常有效率的操作而設計的。

Plus honestly, our stores need a little extra time to -- for cleaning protocols and getting back in stock. So it's kind of a win-win for both the customers and the stores. And right now, I'll tell you what, safety is trumping everything from the customer. But thanks, Jeremy.

另外，老實說，我們的商店需要一些額外的時間來進行清潔協議並恢復庫存。因此，這對顧客和商店來說是雙贏的。現在，我會告訴你，安全高於客戶的一切。但謝謝，傑里米。

And our next question will come from Brad Thomas with KeyBanc Capital Markets.

我們的下一個問題將來自 KeyBanc Capital Markets 的 Brad Thomas。

Congratulations here. Question on your merchandise margin and hoping you could give us some brushstrokes with which to think about some of the puts and takes on merchandise margin through the back half of the year here.

在此恭喜你。關於您的商品利潤率的問題，希望您能給我們一些建議，讓我們思考今年下半年商品利潤率的一些看跌和承受。

Sure. So Brad, as you look forward, and actually, I mean, we've always said, right, for the most part, we would expect our merch margins to remain flat as any benefit we get from scale, we'll reinvest back into product. There are a couple things that were going on, more related to last year that we might be running up against. If you remember, the tariffs that came into play, and we didn't really start the meaningful price increases until the fourth quarter. So we would expect to see some of that benefit in Q3.

當然。所以布拉德，正如你所期望的那樣，實際上，我的意思是，我們一直說，對，在大多數情況下，我們預計我們的商品利潤率將保持不變，因為我們從規模中獲得的任何好處，我們將重新投資於產品。有一些事情正在發生，我們可能會遇到一些與去年更相關的事情。如果你還記得的話，關稅開始發揮作用，直到第四季我們才真正開始有意義的價格上漲。因此，我們預計在第三季會看到一些好處。

And then last year also, we had some costs, merch costs that were shifted out of Q2 into Q3. So you'll have those 2 things going on in the third quarter.

去年，我們的一些成本、商品成本從第二季轉移到了第三季。所以你會在第三季發生這兩件事。

And if you go into the fourth quarter, what we can say about that is if you look at last year, it was a record overall gross margin for us at 42.1%. And we would expect the fourth quarter to get back to more normalized gross margin levels that we've seen in prior years.

如果你進入第四季度，我們可以說的是，如果你看看去年，我們的整體毛利率達到了創紀錄的 42.1%。我們預計第四季的毛利率將恢復到前幾年的正常水平。

Operator, I think we've got time for one more question.

接線員，我想我們還有時間再問一個問題。

Yes. And that question will come from Joe Feldman with Telsey Advisory Group.

是的。這個問題將由特爾西諮詢小組的喬·費爾德曼提出。

I just wanted to ask, are you seeing any pressure on freight? We're hearing a little bit more about that as you enter the back half of the year and what impact that could have on supply chain costs or -- and timing of receipts. Maybe anything you can share on that would be helpful.

我只是想問一下，你們覺得運費有壓力嗎？隨著進入今年下半年，我們會聽到更多有關此問題的信息，以及這可能對供應鏈成本或收貨時間的影響。也許您能分享的任何內容都會有所幫助。

Yes. I assume you're talking about import freight, Joe?

是的。我猜你說的是進口貨運，喬？

Yes. Yes.

是的。是的。

Yes. Look...

是的。看...

Yes. Go ahead. Go ahead.

是的。前進。前進。

You cut off on me. But look, there are some peak surcharges on ocean freight, but that's largely offset for us by some lower fuel surcharges that have certainly come down from last year. And we also do an annual contract for our ocean carriers. So largely, this is where our scale really benefits us.

你切斷了我的聯繫。但你看，海運有一些高峰附加費，但這在很大程度上被一些較低的燃油附加費所抵消，這些燃油附加費肯定比去年有所下降。我們也為我們的海運承運人簽訂年度合約。在很大程度上，這就是我們的規模真正使我們受益的地方。

And so I think some of that you're hearing out there, smaller players, ones that aren't growing, are probably feeling it more than we are. But overall, the supply chain team has really done a great job with the contracts we have in place to help minimize that. And I don't think it's going to have a material impact on us because we don't rely on spot rates as much as some people do. Thanks, Joe.

因此，我認為你們聽到的一些聲音，規模較小的企業，那些沒有成長的企業，可能比我們更能感受到這一點。但總的來說，供應鏈團隊在我們現有的合約方面確實做得很好，有助於最大限度地減少這種情況。我認為這不會對我們產生實質影響，因為我們不像某些人那樣依賴即期匯率。謝謝，喬。

Operator, I think we're going to have to conclude that. I appreciate everybody joining us today. Let me just close with a couple of quick concluding remarks.

接線員，我想我們必須得出這樣的結論。我感謝今天大家加入我們。讓我以幾句話作為結束語。

Honestly, we've operated successfully through a very difficult environment. Hopefully, you can tell by Ken and I's comments how excited we are about the quarter that just finished.

老實說，我們在非常困難的環境中成功運作。希望您能從肯和我的評論中看出我們對剛結束的季度感到多麼興奮。

Our teams continue to play offense. They've worked tirelessly to get us back up and running again. I really thank our associates, our vendors, our customers for being there for all of us. We are focused on continuing to source cool, trend-right products at amazing value, which we believe is, right now, what our customers want and need as we move into the holiday season, which is a magical time of year for us, and we can truly help make it more affordable for our customers.

我們的球隊繼續進攻。他們不知疲倦地努力讓我們恢復正常運作。我真的感謝我們的同事、供應商、客戶為我們所有人提供幫助。我們專注於繼續以驚人的價值採購酷炫、潮流的產品，我們相信，當我們進入假期時，這就是我們的客戶現在想要和需要的，這對我們來說是一年中的神奇時刻，並且我們可以真正幫助我們的客戶降低價格。

Our customers and communities are special to us. We want to give back to them however we can, whether it's by providing a great store experience, which we talked to a lot about today, helping their hard-earned dollars last longer. It might be hosting a fundraiser for a local nonprofit group. We're raising funds for good causes. And one I'd love to share with you is that most recently, through our partnership and the Kids in Need Foundation, and honestly the generosity of our customers, we recently were able to donate over 350,000 backpacks to kids. Our customers continue to -- never cease to amaze us.

我們的客戶和社區對我們來說很特別。我們希望盡我們所能回饋他們，無論是提供良好的商店體驗（我們今天對此進行了很多討論），還是幫助他們辛苦賺來的錢持續更長時間。它可能正在為當地的非營利組織舉辦籌款活動。我們正在為公益事業籌集資金。我想與您分享的是，最近，透過我們的合作夥伴關係和兒童貧困基金會，以及我們客戶的慷慨捐助，我們最近向孩子們捐贈了超過 350,000 個背包。我們的客戶不斷地帶給我們驚喜。

We hope everyone stays safe this holiday season. And really look forward to speaking with all of you after Thanksgiving. Have a great day, and thanks, everybody. Goodbye.

我們希望每個人在這個假期保持安全。非常期待感恩節後與大家交談。祝你有美好的一天，謝謝大家。再見。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect your lines at this time.

會議現已結束。感謝您參加今天的演講。此時您可以斷開線路。