Five Below Inc (FIVE) 2020 Q1 法說會逐字稿

Good day, and welcome to the Five Below First Quarter 2020 Earnings Conference Call.

美好的一天，歡迎參加 2020 年第一季財報電話會議。

(Operator Instructions) Please note this event is being recorded.

（操作員說明）請注意此事件正在被記錄。

I would now like to turn the conference over to Christiane Pelz, VP of Investor Relations.

我現在想將會議交給投資者關係副總裁克里斯蒂安·佩爾茲 (Christiane Pelz)。

Please go ahead.

請繼續。

Thank you, Chad.

謝謝你，查德。

Good afternoon, everyone, and thanks for joining us today for Five Below's first quarter 2020 financial results conference call.

大家下午好，感謝您今天參加我們的 Five Below 2020 年第一季財務業績電話會議。

On today's call are Joel Anderson, President and Chief Executive Officer; and Ken Bull, Chief Financial Officer and Treasurer.

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。

After management has made their formal remarks, we will open the call to questions.

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.

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。

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.

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。

Those risks and uncertainties are described in the press release and our SEC filings.

這些風險和不確定性在新聞稿和我們向 SEC 提交的文件中進行了描述。

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.

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.

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。

I will now turn the call over to Joel.

我現在將把電話轉給喬爾。

Thank you, Christiane, and thanks, everyone, for joining us for our first quarter earnings call.

謝謝克里斯蒂安，也謝謝大家參加我們第一季的財報電話會議。

Before we get started, I want to share how deeply saddened I am by the events of the past weeks.

在我們開始之前，我想告訴大家，過去幾週發生的事件讓我深感悲痛。

We, as a company, simply do not tolerate racism, and we want to proactively be a part of the solution.

作為一家公司，我們絕不容忍種族主義，我們希望積極參與解決方案。

We are taking time to listen and learn how we can do just that.

我們正在花時間傾聽並學習如何做到這一點。

Since the day, Tom and David founded Five Below in 2002, we have been a store of the community.

自 2002 年 Tom 和 David 創立 Five Below 那天起，我們就一直是社區商店。

Today, in honor of George Floyd and all other victims of racial discrimination, we closed our stores in Houston, as we did in Minneapolis last Thursday and in Fayetteville last Saturday.

今天，為了紀念喬治·弗洛伊德和所有其他種族歧視受害者，我們關閉了休斯頓的商店，就像我們上週四在明尼阿波利斯和上週六在費耶特維爾所做的那樣。

During this unprecedented period, which began with COVID-19, we adapted swiftly and we have done so with the safety and well-being of our customers and crew top of mind.

在從新冠肺炎 (COVID-19) 開始的這段史無前例的時期，我們迅速做出了調整，並且我們將客戶和船員的安全和福祉放在首位。

As I look back at Q1 and what has taken place since our last earnings call, there are 5 key themes that define our actions.

當我回顧第一季以及自上次財報電話會議以來發生的情況時，有 5 個關鍵主題定義了我們的行動。

Number one, health and safety.

第一，健康和安全。

Without a question, the health and safety of our customers and crew has been and remains our #1 priority.

毫無疑問，我們的客戶和船員的健康和安全一直是並且仍然是我們的第一要務。

With this in mind, we closed chain-wide on March 20, and we reopened -- and as we reopen, we have implemented strict health and sanitation protocols consistent with CDC and other guidance at our stores, ship centers and offices.

考慮到這一點，我們於3 月20 日關閉了整個連鎖店，然後重新開業——在重新開業時，我們在我們的商店、船舶中心和辦公室實施了符合CDC 和其他指導方針的嚴格的健康和衛生協定.

Number two, financial strength.

第二，資金實力。

We entered this period with a strong debt-free balance sheet and a business that self funds its growth while generating cash.

我們進入這段期間時擁有強大的無債務資產負債表，並且業務能夠在產生現金的同時自行為其增長提供資金。

In a closed store environment, we moved quickly to address costs and capital outlays as well as increasing our line of credit, all in order to further bolster our liquidity.

在封閉的商店環境中，我們迅速採取行動解決成本和資本支出問題，並增加信貸額度，所有這些都是為了進一步增強我們的流動性。

We had to make some difficult but necessary decisions to do this.

為此，我們必須做出一些困難但必要的決定。

And as we reopen, we retain the financial discipline that has always been characteristic to how we operate.

當我們重新開業時，我們保留了我們營運方式一直以來的財務紀律。

Number three, flexibility and adaptability.

第三，靈活性和適應性。

I've been nothing short of amazed by the resilience and flexibility demonstrated by our teams across the entire organization as they navigated the challenges presented by the pandemic.

我對整個組織的團隊在應對這場流行病帶來的挑戰時所表現出的韌性和靈活性感到非常驚訝。

Our business model, with its 8 worlds and historical ability to rapidly flex in response to trends is inherently agile, but it is our people, will enable and embody that agility and I could not be more proud to lead this amazing team.

我們的業務模式擁有 8 個世界以及根據趨勢快速靈活的歷史能力，本質上是敏捷的，但我們的員工將實現並體現這種敏捷性，我為領導這個令人驚嘆的團隊感到無比自豪。

Number four, unwavering commitment to value.

第四，堅定不移地致力於價值。

Delivering WOW product at incredible value to the customer is core to our DNA.

為客戶提供令人難以置信的價值的令人驚嘆的產品是我們 DNA 的核心。

We know how important this promise of value is to our customers, especially today, and we are more committed than ever to delivering value day in and day out.

我們知道這種價值承諾對我們的客戶有多重要，尤其是在今天，我們比以往任何時候都更致力於日復一日地提供價值。

Number five, positioned for growth.

第五，定位於成長。

Even as we move swiftly to navigate the current environment, we simultaneously made progress on key strategies focused on experience, product and supply chain to support the significant growth that lies ahead for Five Below.

儘管我們迅速採取行動應對當前環境，但我們同時在專注於體驗、產品和供應鏈的關鍵策略上取得了進展，以支持「五以下」未來的顯著成長。

While we had to play defense for a period of time in Q1, we quickly got back to playing offense and positioned ourselves for growing again.

雖然我們在第一季不得不進行一段時間的防守，但我們很快就恢復了進攻，並為再次增長做好了準備。

Speaking of growth, as we sit here today, we are reopening our eighth wave of stores.

說到成長，當我們今天坐在這裡時，我們正在重新開設第八波商店。

Let me share what we did to enable a smooth reopening process.

讓我分享一下我們為實現順利重新開放過程所做的努力。

Prior to our initial wave of reopenings that began on April 21, we spent several weeks preparing our stores, including retaining our store managers to help with this process.

在 4 月 21 日開始的第一波重新開業之前，我們花了幾週時間準備商店，包括聘請商店經理來幫助完成這一過程。

During the closure period, we also developed an alternative service with curbside pickup, which was available at stores were allowed by local and state mandates.

在關閉期間，我們還開發了路邊取貨的替代服務，可在當地和州政府規定允許的商店中使用。

We also enhanced our e-commerce channel, reallocating resources to meet the high demand during this time.

我們也增強了電子商務管道，重新分配資源以滿足這段時間的高需求。

Above all, however, we listened to our crew and our customers as we operated with these limited curbside capabilities and ramped up our e-commerce operations.

然而，最重要的是，我們在利用有限的路邊能力開展業務並加強電子商務業務時，聽取了工作人員和客戶的意見。

As of today, we've reopened approximately 90% of our stores.

截至今天，我們大約 90% 的商店已重新開業。

George Hill and his operations team have seamlessly executed this reopening process with amazing speed, and we are pleased with what we are seeing in terms of sales performance.

喬治希爾和他的營運團隊以驚人的速度無縫地執行了重新開業過程，我們對所看到的銷售業績感到滿意。

Comparable sales for our reopened stores, including our e-commerce business, are tracking up approximately 8% for the second quarter-to-date, with comp contribution split about evenly between the 2 channels.

迄今為止，我們重新開業的商店（包括我們的電子商務業務）的可比銷售額在第二季度增長了約 8%，兩個渠道的補償貢獻大約各佔一半。

While we are very encouraged by the strong early performance as stores have reopened, our enthusiasm is tempered by the acknowledgment that significant stimulus dollars began to hit bank accounts in mid-April, and there's likely some level of pent-up demand that is also being reflected in our current performance.

雖然我們對商店重新開業後的強勁早期表現感到非常鼓舞，但我們的熱情因承認大量刺激資金於 4 月中旬開始進入銀行帳戶而受到抑制，而且可能存在一定程度的被壓抑的需求。反映在我們目前的業績上。

In addition, we have experienced some store disruption related to the protests that impacted sales during the last 2 weeks.

此外，我們也經歷了一些與抗議活動相關的商店中斷，影響了過去兩週的銷售。

Given the still substantial uncertainty around the impact of this pandemic in the coming months, we are preparing for a range of possible scenarios and have contingency plans in place for each as we look to the remainder of the year and into 2021.

鑑於未來幾個月這場流行病的影響仍然存在很大的不確定性，我們正在為一系列可能的情況做好準備，並在展望今年剩餘時間和 2021 年時為每種情況制定應急計劃。

Now turning back to the first quarter.

現在回到第一季。

With all of our stores closed for most of the second half of the quarter, which included the all-important Easter selling season, total sales were down 45% over last year, and we had a loss per share of $0.91.

由於我們所有的商店在本季下半年的大部分時間（包括最重要的復活節銷售季節）都關門，因此總銷售額比去年下降了 45%，每股虧損 0.91 美元。

As we had mentioned previously, we were very pleased that the business was tracking to a 2.9% comp increase prior to the pandemic announcement on March 11.

正如我們之前提到的，我們非常高興在 3 月 11 日宣布大流行之前，該業務的複合成長率達到 2.9%。

During the closure period, our e-commerce business was very strong, with record daily sales which we fulfill out of Pedricktown and the newly acquired Cincinnati operations of Hollar.com.

在關閉期間，我們的電子商務業務非常強勁，我們在 Pedricktown 和 Hollar.com 新收購的辛辛那提業務部門實現了創紀錄的每日銷售額。

While we were very pleased to see our e-commerce sales grow over 4x versus last year's first quarter, this level of growth has moderated as stores have reopened.

雖然我們很高興看到我們的電子商務銷售額比去年第一季增長了 4 倍以上，但隨著商店重新開業，這種增長水平已經放緩。

We still expect e-comm penetration to remain in the low single-digit range in relation to our overall sales for 2020.

我們仍然預計，相對於 2020 年的整體銷售額，電子商務滲透率仍將保持在較低的個位數範圍內。

In addition, to help mitigate the impact of the closed stores, we made several difficult decisions to cut costs and limit cash outlays as we focused on maintaining our financial health, flexibility and liquidity, as Ken will discuss in a more detail in a moment.

此外，為了幫助減輕關閉商店的影響，我們做出了幾項艱難的決定來削減成本和限制現金支出，因為我們專注於保持我們的財務健康、靈活性和流動性，正如肯稍後將更詳細地討論的那樣。

We want to extend our appreciation to all those impacted by these actions for leaning in during this extraordinarily difficult time.

我們要向所有受這些行動影響的人們表示感謝，感謝他們在這個異常困難的時期伸出援手。

Regarding capital expenditures, several projects were delayed given the environment, including the openings of our Texas and Midwest distribution centers and our new store opening plans.

在資本支出方面，鑑於環境因素，多個項目被推遲，包括德克薩斯州和中西部配送中心的開業以及新店開業計劃。

We now expect our Texas DC to open late in the second quarter and to begin the building of our Midwest DC in 2021, with the expectation for it to open in 2022.

我們現在預計德州配送中心將於第二季末開業，中西部配送中心將於 2021 年開始建設，預計於 2022 年開業。

The West DC remains on track to open in the second half of 2021.

西區 DC 仍有望於 2021 年下半年開放。

As it relates to our store plans, as we have communicated, we now expect to open 100 to 120 stores in 2020, representing 11% to 13% growth over 2019.

由於這與我們的門市計劃有關，正如我們所傳達的，我們現在預計在 2020 年開設 100 至 120 家門市，較 2019 年增長 11% 至 13%。

This compares to our previous plan for approximately 180 store openings.

相比之下，我們之前計劃開設約 180 家商店。

New stores remain our most significant growth opportunity, and we continue to see a 2,500-plus store potential in the United States.

新店仍然是我們最重要的成長機會，我們繼續看到美國有超過 2,500 家店的潛力。

We hope to return to a more normalized growth trajectory and new store opening program in 2021.

我們希望在 2021 年恢復更正常的成長軌跡和新店開幕計畫。

Five Below has always stood for incredible value.

五以下一直代表著令人難以置信的價值。

With a WOW factor in a bright, clean and fun treasure hunt store experience, for tweens, teens and beyond.

明亮、乾淨、有趣的尋寶店體驗令人驚嘆，適合青少年及其他人群。

Our founders originally referred to us as the "yes!" store, because of the affordability of our merchandise assortment, which allows parents to say yes to their children.

我們的創始人最初稱我們為“yes！”商店，因為我們的商品種類齊全，價格實惠，這讓父母對他們的孩子說“是”。

This commitment to value is stronger than ever today.

如今，這種對價值的承諾比以往任何時候都更加強烈。

And in tougher economic times, we believe this will resonate even more with new and existing customers alike.

在經濟困難時期，我們相信這將更能引起新舊客戶的共鳴。

With respect to merchandise, we have quickly pivoted our focus to enhance our offering of essential goods, consumables and everyday items such as health care and personal care that we know our customers looking for today.

在商品方面，我們迅速將重點轉向增強必需品、消耗品和日常用品（例如我們了解客戶今天所尋找的醫療保健和個人護理）的供應。

We've allocated more space to items such as hand sanitizers and wipes as well as masks and added new home essentials, including kitchen and bath product to our assortment.

我們為洗手液、濕紙巾以及口罩等物品分配了更多空間，並添加了新的家居必需品，包括廚房和浴室產品。

We also sourced some great new tech items to help customers work from home.

我們也採購了一些很棒的新科技產品來幫助客戶在家工作。

We are pleased to be there for our customers and add some aspect of fun to their lives by continuing to provide cool toys, fun teas, snacks and fitness items as many continue to exercise at home.

我們很高興為我們的客戶提供幫助，並透過繼續提供酷炫的玩具、有趣的茶、零食和健身用品，為他們的生活增添一些樂趣，因為許多人繼續在家運動。

For summer, we have new inflatables for the pool and are adding home related to core items and games to create more fun-at-home opportunities for our customers.

在夏季，我們為泳池提供了新的充氣玩具，並添加了與核心物品和遊戲相關的家居用品，為客戶創造更多在家中享受樂趣的機會。

Overall, we continue to source amazing value products and are taking advantage of opportunity buys in the market across several major product brands.

總體而言，我們繼續採購超值產品，並利用市場上幾個主要產品品牌的購買機會。

On marketing for Q1, since the stores were closed, we canceled the airing of our planned TV commercial as well as the distribution of our easter flyer.

在第一季的行銷方面，由於商店關門，我們取消了計劃中的電視廣告的播放以及復活節傳單的分發。

For Q2, we are substantially shifting our program to focus on digital advertising rather than TV or print circulars.

對於第二季度，我們將大幅調整計劃，將重點放在數位廣告上，而不是電視或印刷廣告。

The benefit of digital advertising is it allows us far more flexibility and localization to target at the store level using ZIP code data, and it can be turned on and off very quickly.

數位廣告的好處是它使我們能夠使用郵遞區號資料在商店層級進行定位，從而具有更大的靈活性和本地化性，並且可以非常快速地打開和關閉。

Our social media accounts have been trending with the[#Home with Five Below], offering customers ideas for activities during the shelter-at-home period and beyond.

我們的社群媒體帳號一直以[#Home with Five Below]為趨勢，為客戶提供居家隔離期間及之後的活動建議。

This week, we will officially launch our Kick Start the Fun (sic) [Kick Start the Fun Again!] campaign focused on fun, value, assortment and safety of our stores.

本週，我們將正式啟動 Kick Start the Fun（原文如此）[Kick Start the Fun Again!] 活動，重點關注我們商店的樂趣、價值、品種和安全。

In addition, with the surge in e-commerce, we are working on digital marketing strategies to retain both new and existing customers to drive traffic and sales across all channels.

此外，隨著電子商務的蓬勃發展，我們正在製定數位行銷策略，以留住新客戶和現有客戶，從而推動所有管道的流量和銷售。

These are unprecedented times, and we are navigating them with our customers and team members at the center of our decision making.

這是一個前所未有的時代，我們正在以客戶和團隊成員為決策中心來應對這些時代。

Strategically, we remain focused on 3 areas: experience, product and supply chain.

在策略上，我們仍然專注於三個領域：體驗、產品和供應鏈。

Within experience, the health and safety of our team members and customers remain our top priority.

根據經驗，我們團隊成員和客戶的健康和安全仍然是我們的首要任務。

We are also focused on keeping the shopping experience fresh and exciting for our customers, which is why we created a zone and most of our new stores and remodels called five beyond.

我們也致力於為客戶提供新鮮和令人興奮的購物體驗，這就是為什麼我們創建了一個區域，並將我們的大多數新商店和改建稱為「五之外」。

The tech and room worlds be located in the back of the store and will feature a limited selection of new amazing value items priced above $6, along with the current items in those worlds.

科技和房間世界位於商店後面，將提供一系列價格超過 6 美元的全新超值商品以及這些世界中的現有商品。

On product, as I discussed, we are working hard to provide our customers with essential needs while still adding in a element of fun for the family during this time.

在產品方面，正如我所討論的，我們正在努力滿足客戶的基本需求，同時仍在這段時間為家庭增添樂趣。

With inherent flexibility of the Five Below model with its 8 worlds that span over 15 departments, we have the unique ability and organizational agility to make quick assortment changes in order to stay relevant and consistently deliver WOW and incredible value to our customers.

憑藉「五個以下」模型固有的靈活性及其跨越15 個部門的8 個世界，我們擁有獨特的能力和組織敏捷性來快速進行品種變更，以保持相關性並始終如一地為我們的客戶提供令人驚嘆的和令人難以置信的價值。

In addition, on the supply chain front, we're working on several strategic initiatives to support our future growth.

此外，在供應鏈方面，我們正在製定多項策略措施來支持我們未來的成長。

I already mentioned our distribution center openings.

我已經提到過我們的配送中心空缺。

Another important initiative is the integration of our e-commerce site with Hollar.com's, which is expected to be completed later this summer.

另一項重要措施是我們的電子商務網站與 Hollar.com 的整合，預計今年夏天晚些時候完成。

Once the integration is complete, the Hollar.com URL as well as the app will automatically become fivebelow.com.

整合完成後，Hollar.com URL 以及應用程式將自動變為 Fivebelow.com。

In summary, we are focused on successfully managing the business throughout this turbulent time while simultaneously executing on our strategic initiatives, which will drive our long-term success.

總而言之，我們專注於在這個動盪的時期成功管理業務，同時執行我們的策略舉措，這將推動我們的長期成功。

We entered the pandemic in an extremely healthy position with a resilient business model, robust sales growth, no debt and substantial cash reserves.

我們以極為健康的狀態進入新冠疫情，擁有富有彈性的商業模式、強勁的銷售成長、無債務和大量現金儲備。

And we believe we are emerging from these times in a strong, if not stronger, competitive position, once again, focused on growth and playing offense.

我們相信，我們正在從這些時代中脫穎而出，處於一個強大的（如果不是更強的話）競爭地位，再次專注於成長和進攻。

I want to thank all of our teams for their commitment during this time.

我要感謝我們所有團隊在這段期間所做的承諾。

We are excited to be welcoming our customers back into our stores once again and look forward to surprising and delighting them, delivering some much-needed respite and smiles with our amazing assortment and incredible values in a safe, fun and exciting store environment.

我們很高興再次歡迎顧客回到我們的商店，並期待著給他們帶來驚喜和愉悅，在安全、有趣和令人興奮的商店環境中，透過我們令人驚嘆的品種和令人難以置信的價值，為他們帶來急需的休息和微笑。

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

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。

Ken?

肯？

Thanks, Joel, and good afternoon, everyone.

謝謝喬爾，大家下午好。

I will begin my remarks with a review of our first quarter results and then discuss the second quarter.

我將首先回顧我們第一季的業績，然後討論第二季的情況。

As a reminder, all of our stores were closed beginning on March 20 and through the key Easter selling period with only a small number of stores reopening late in the first quarter on April 21.

提醒一下，我們的所有商店從 3 月 20 日開始一直關閉，直到復活節關鍵銷售期，只有少數商店在 4 月 21 日第一季末重新開業。

While e-com sales were strong in Q1, with sales over 4x higher versus last year's first quarter, it still represents a low single-digit percentage of our total sales.

儘管第一季電子商務銷售強勁，銷售額比去年第一季高出 4 倍以上，但占我們總銷售額的比例仍然較低，只有個位數。

In addition, we cut costs as quickly as we could in order to conserve cash.

此外，我們會盡快削減成本以節省現金。

One of the early actions we took was to furlough the majority of our store and distribution center associates.

我們採取的早期行動之一是讓大多數商店和配送中心員工暫時休假。

Our Wowtown team and field leadership also took temporary pay cuts to help offset the impact of lost sales.

我們的 Wowtown 團隊和現場領導層也臨時減薪，以幫助抵消銷售損失的影響。

Additionally, we managed our working capital by canceling merchandise orders and delaying vendor payments.

此外，我們透過取消商品訂單和延遲供應商付款來管理我們的營運資金。

We also reduced our plan for growth capital expenditures for 2020.

我們也減少了 2020 年成長資本支出計畫。

With the majority of stores now reopened, we believe we are in a solid position on all fronts from associate engagement to inventory, liquidity and future real estate opportunities.

隨著大多數商店現在重新開業，我們相信我們在從員工參與到庫存、流動性和未來房地產機會的各個方面都處於穩固的地位。

Our sales in the first quarter of 2020 were $200.9 million, down 44.9% from $364.8 million reported in the first quarter of 2019.

我們 2020 年第一季的銷售額為 2.009 億美元，比 2019 年第一季的 3.648 億美元下降 44.9%。

We opened 20 net new stores during the quarter compared to 39 new stores opened in the first quarter of 2019.

我們在本季淨開設了 20 家新店，而 2019 年第一季淨開設了 39 家新店。

We ended the quarter with 920 stores, an increase of 131 stores or 16.6% versus 789 stores at the end of the first quarter of 2019.

截至本季末，我們擁有 920 家門市，與 2019 年第一季末的 789 家門市相比，增加了 131 家門市，增幅為 16.6%。

With the reduction in comp store operating days of approximately 47% due to the temporary store closures in Q1 and the loss of the key Easter selling days, comparable sales decreased by 51.8%, with the positive contribution of e-commerce, only a small offset.

由於第一季門市臨時關閉以及復活節關鍵銷售日的喪失，可比店營業天數減少約47%，可比銷售額下降51.8%，在電商的積極貢獻下，僅小幅抵消。

Through March 11, the day COVID-19 was declared a pandemic, our comps were up 2.9% for the quarter-to-date period.

截至 3 月 11 日，即 COVID-19 被宣佈為大流行的當天，我們的公司本季迄今的股價上漲了 2.9%。

Turning to gross profit.

轉向毛利。

Approximately 25% of our cost of goods sold are fixed, with occupancy being the largest fixed component, followed by certain distribution center operating costs and the expenses related to our buying teams.

我們大約 25% 的銷售成本是固定的，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和與我們的採購團隊相關的費用。

Given the store closures and the impact it had on our sales results as well as the associated deleverage of our fixed costs, gross profit decreased approximately $100 million from the first quarter of 2019 to $20.5 million.

考慮到商店關閉及其對我們銷售業績的影響以及固定成本的相關去槓桿化，毛利從 2019 年第一季減少了約 1 億美元至 2,050 萬美元。

And gross margin finished at 10.2% compared to 32.9% in the first quarter last year.

毛利率為 10.2%，而去年第一季為 32.9%。

SG&A expense of $92.7 million for the first quarter of 2020 decreased by 3% over last year's first quarter versus our original plan for SG&A growth of approximately 20%.

2020 年第一季的 SG&A 費用為 9,270 萬美元，比去年第一季下降了 3%，而我們最初的 SG&A 成長計畫約為 20%。

As a percent of sales, SG&A increased to 46.1% from 26.2% last year.

SG&A 佔銷售額的百分比從去年的 26.2% 增加到 46.1%。

Although we moved quickly to reduce costs in a closed store environment, the significant decline in sales drove the deleverage of the fixed portion of SG&A expenses.

儘管我們在封閉的商店環境中迅速採取行動降低成本，但銷售額的大幅下降推動了SG＆A費用固定部分的去槓桿化。

The actions we took to reduce expenses, which began later in the quarter, included furloughing hourly store associates, reducing marketing spend, temporarily reducing executive leadership compensation and delaying annual salary increases and overall hiring.

我們在本季稍後開始採取的減少開支的措施，包括讓小時店員工休假、減少行銷支出、暫時減少高階主管領導薪酬以及推遲年薪上漲和整體招聘。

In addition to these actions, we reversed certain previously recorded expenses related to stock-based incentive compensation.

除了這些行動之外，我們還沖銷了先前記錄的與股票激勵薪酬相關的某些費用。

As a result, we reported an operating loss of $72.2 million versus operating income of $24.5 million in the first quarter of 2019.

因此，我們報告 2019 年第一季的營運虧損為 7,220 萬美元，而營運收入為 2,450 萬美元。

Due to the operating loss, a tax benefit of $21.5 million was recorded in the first quarter.

由於經營虧損，第一季的稅收優惠為 2,150 萬美元。

Our effective tax rate for the first quarter of 2020 was 29.8% on a pretax loss of $72.1 million compared to a tax rate of 1.9% on pretax income of $26.2 million in the first quarter of 2019.

我們 2020 年第一季稅前虧損 7,210 萬美元的有效稅率為 29.8%，而 2019 年第一季稅前收入 2,620 萬美元的稅率為 1.9%。

The effective tax rate this year also includes the income tax accounting impact of the CARES Act, which allows for the expected net loss for tax purposes for 2020 to be applied to taxable income generated since 2015.

今年的有效稅率還包括《CARES法案》對所得稅會計的影響，該法案允許將2020年稅收目的的預期淨虧損應用於自2015年以來產生的應稅收入。

We currently expect our effective tax rate for fiscal 2020 to be approximately 25%.

我們目前預計 2020 財年的有效稅率約為 25%。

Net loss for the first quarter of 2020 was $50.6 million versus net income of $25.7 million last year.

2020 年第一季淨虧損為 5,060 萬美元，而去年淨利為 2,570 萬美元。

Loss per diluted share for the first quarter was $0.91 compared to last year's earnings per diluted share of $0.46, driven primarily by the factors I just described.

第一季攤薄後每股虧損為 0.91 美元，而去年攤薄後每股收益為 0.46 美元，這主要是由我剛才描述的因素推動的。

Last year's first quarter had a share-based accounting benefit of approximately $0.11 compared to approximately $0.02 this year.

去年第一季的股份會計收益約為 0.11 美元，而今年約為 0.02 美元。

We ended the first quarter with $139 million in cash, cash equivalents and investments and no debt, including nothing outstanding on our $225 million line of credit.

第一季結束時，我們有 1.39 億美元的現金、現金等價物和投資，沒有債務，包括我們 2.2​​5 億美元的信貸額度中沒有任何未償債務。

We repurchased approximately 137,000 of our shares at a cost of $12.7 million during the first quarter.

第一季度，我們以 1,270 萬美元的成本回購了約 137,000 股股票。

To date, under our $100 million repurchase authorization that was approved in March 2018, we have repurchased approximately 496,000 of our shares at a total cost of $51.5 million.

迄今為止，根據 2018 年 3 月批准的 1 億美元回購授權，我們已回購約 496,000 股股票，總成本為 5,150 萬美元。

Inventory at the end of the first quarter was $368 million as compared to $268 million at the end of the first quarter last year.

第一季末的庫存為 3.68 億美元，而去年第一季末的庫存為 2.68 億美元。

Average inventory on a per-store basis increased 17.4% versus the first quarter last year due to the temporary closure of our stores and the receipt of certain merchandise orders, primarily direct imports that left overseas ports prior to our store closures.

由於我們的商店暫時關閉以及收到某些商品訂單（主要是在我們的商店關閉之前從海外港口直接進口的商品），每家商店的平均庫存比去年第一季度增加了 17.4%。

We managed inventory carefully once stores closed, including canceling and delaying orders.

商店關門後，我們會仔細管理庫存，包括取消和延遲訂單。

Due to the timing of the store closures, we marked down excess seasonal Easter merchandise, specifically candy.

由於商店關閉的時間，我們對多餘的季節性復活節商品進行了降價，特別是糖果。

In addition, we have tightened our purchase plans and allowed for capacity and liquidity in our open-to-buy plans for compelling product opportunities.

此外，我們還收緊了採購計劃，並在開放式購買計劃中考慮了產能和流動性，以獲得引人注目的產品機會。

We believe we are in a very good position with our inventory levels and expect our year-over-year growth at the end of Q2 to be in a more normalized range.

我們相信，我們的庫存水準處於非常有利的位置，並預計第二季末的同比增長將處於更正常的範圍內。

Now looking ahead, we are not providing guidance due to the continued uncertainty, but we have forecasted and are prepared for a variety of scenarios.

現在展望未來，由於持續的不確定性，我們不會提供指導，但我們已經預測並為各種情況做好了準備。

And we are confident in our ability to successfully navigate each one.

我們對成功應對每一項挑戰的能力充滿信心。

As Joel mentioned, we are very pleased with the customer response as our stores reopen.

正如喬爾所提到的，我們對商店重新開業後客戶的反應感到非常滿意。

Comparable sales for reopened stores in e-commerce are tracking up approximately 8% for the second quarter to date with e-commerce contributing about half of the comp increase.

迄今為止，第二季重新開業的電子商務商店的可比銷售額增長了約 8%，其中電子商務貢獻了約一半的銷售額增長。

We do not expect e-commerce to continue to perform at this level as stores reopen.

我們預計，隨著商店重新開業，電子商務不會繼續保持這一水平。

In the stores, we are seeing higher average tickets, partially offset by lower transactions as we believe customers are currently consolidating trips.

在商店中，我們看到平均票價較高，但部分被交易量減少所抵消，因為我們認為客戶目前正在整合旅行。

While there may be temporary tailwinds influencing these results, including the government stimulus program and potential pent-up demand, we are encouraged by this early performance in the reopening phase and will continue to carefully monitor results.

儘管可能存在暫時的有利因素影響這些結果，包括政府刺激計劃和潛在的被壓抑的需求，但我們對重新開放階段的早期表現感到鼓舞，並將繼續仔細監控結果。

On to real estate and stores.

轉向房地產和商店。

We are continuing our growth program, and we are planning to open 100 to 120 net new stores in 2020, expecting to end the year with 1,000 to 1,020 stores or unit growth of 11% to 13%.

我們正在繼續我們的成長計劃，計劃在 2020 年淨開設 100 至 120 家新店，預計年底將開設 1,000 至 1,020 家店，單位增長率為 11% 至 13%。

While majority of these new stores are being opened in existing markets, we will be entering new markets like Sacramento and the new states of Colorado and Nevada later this quarter, bringing the number of states that we operate in to 38.

雖然大多數新店都在現有市場開設，但我們將在本季度晚些時候進入薩克拉門託以及科羅拉多州和內華達州等新市場，使我們經營的州數量達到 38 個。

Our current plans for 2021 are to return to a unit growth rate in the high teens as we are seeing some great opportunities.

我們目前的 2021 年計畫是恢復到十幾歲的單位成長率，因為我們看到了一些巨大的機會。

With respect to gross CapEx, which excludes tenant allowances, we now plan to spend in total for 2020 approximately $200 million as compared to our pre COVID-19 estimate of $270 million.

就總資本支出（不包括租戶津貼）而言，我們現在計劃 2020 年的總支出約為 2 億美元，而我們在 COVID-19 之前的估計為 2.7 億美元。

This reflects the planned investments in the new Texas and West distribution centers, new stores and remodels and investments in systems and infrastructure.

這反映了對新德克薩斯州和西部配送中心、新商店和改造的計劃投資以及對系統和基礎設施的投資。

In conclusion, I want to reiterate the gratitude Joel expressed to our entire team for rising to the challenges presented by the pandemic.

最後，我想重申喬爾對我們整個團隊應對疫情帶來的挑戰表示的感謝。

We maneuvered through what we hope will be the worst of the disruption and are far better prepared and positioned from an operational and financial standpoint for whatever challenges the remaining weeks and months may bring.

我們度過了我們所希望的最嚴重的混亂時期，並且從營運和財務的角度來看，我們已經做好了更好的準備和定位，以應對剩餘幾周和幾個月可能帶來的任何挑戰。

Agility, flexibility and innovation along with extremely disciplined cost and capital management are inherent to our model and how we have always operated, and these qualities will continue to serve us well as we react to and navigate through what we expect will be a shifting operating environment.

敏捷性、靈活性和創新以及極其嚴格的成本和資本管理是我們的模式和我們一貫的營運方式所固有的，當我們對不斷變化的營運環境做出反應並駕馭時，這些品質將繼續為我們提供良好服務。 。

And with that, I would like to turn the call back over to the operator to open up the lines for questions.

有了這個，我想將電話轉回給接線員以打開提問線路。

Operator?

操作員？

(Operator Instructions) And the first question comes from Matthew Boss of JPMorgan.

（操作員指示）第一個問題來自摩根大通的Matthew Boss。

And congrats on the strong start, guys.

恭喜你們取得了良好的開局，夥計們。

Joel, maybe to start on the positive high single-digit comps since reopening stores, maybe just higher level, have you seen a fairly consistent trend since the initial first reopenings?

喬爾，也許自從重新開業商店以來，開始出現正的高個位數比較，也許只是更高的水平，自最初的第一次重新開業以來，您是否看到了相當一致的趨勢？

And maybe any areas of relative strength to call out across your worlds?

也許在你們的世界裡有什麼相對優勢的領域值得呼籲？

And just third, you talked about the stronger potential exits post-crisis competitively, where do you see opportunity as we think about consolidation and the bankruptcies laterally that we're seeing across brick-and-mortar retail?

第三，您談到了危機後更強勁的潛在退出競爭，當我們考慮實體零售業的整合和橫向破產時，您在哪裡看到機會？

Say that last part there, Matt.

說最後一部分，馬特。

Where do we see...

我們在哪裡看到...

Just on opportunities to come out of this as a stronger model and take market share?

只是為了有機會擺脫這個模式，成為更強大的模式並佔據市場份額嗎？

Yes.

是的。

Yes.

是的。

No, look, actually, what I would tell you is, I think in my prepared remarks, Matt, I said we're in the middle of our eighth wave of opening.

不，事實上，我要告訴你的是，我想在我準備好的演講中，馬特，我說我們正處於第八波開放的中間。

And what that means is we opened state-by-state as regulations changed.

這意味著隨著法規的變化，我們逐州開放。

And we saw a pretty consistent opening across geographies.

我們看到各地區的開放程度相當一致。

It took about a week, which was consistent in almost every wave to kind of ramp up to this new norm we're seeing, regardless of what part of the country in.

大約花了一周的時間，幾乎每一波浪潮都一致，直到達到我們所看到的新規範，無論在該國的哪個地區。

So I think that part was pretty consistent throughout it.

所以我認為這部分在整個過程中非常一致。

In terms of commentary on categories and that types of things, not surprising just a lot of demand for essentials as well as things that tie in to being at home.

就對類別和此類事物的評論而言，對必需品以及與居家相關的事物的大量需求並不令人驚訝。

The tees business is great.

T卹生意很棒。

Obviously, the casualization of America working from home makes a big difference.

顯然，美國在家工作的臨時化產生了很大的影響。

And like we always do at Five Below, we're kind of fun and snarky with our tees.

就像我們在《五下》中一貫所做的那樣，我們的 T 卹既有趣又尖刻。

And I returned back to Wowtown for the first time yesterday as we reopened here in Philly, and I had one of our fun tees on that said I totally miss humans.

昨天，當我們在費城重新開業時，我第一次回到 Wowtown，我穿著一件有趣的 T 卹，上面寫著我完全想念人類。

I mean that's the kind of fun we have at Five Below.

我的意思是，這就是我們在《五下》中所享受的樂趣。

And then finally, as far as consolidation goes, Matt, it's really a little too early on that piece of it.

最後，就整合而言，馬特，現在就這件事來說確實有點太早了。

But I think, clearly, there's going to be a geographical opportunity as many retailers go out.

但我認為，顯然，隨著許多零售商走出去，將會存在地理機會。

And I think that's going to give us some opportunities to get into some markets that we haven't been able to get into before.

我認為這將為我們提供一些機會進入一些我們以前無法進入的市場。

And then I think as we've tweaked our assortment, like we do in -- every time there's a trend, we become more and more relevant to the customer.

然後我認為，隨著我們調整我們的品種，就像我們所做的那樣——每當出現趨勢時，我們就會變得越來越與客戶相關。

And this is just another example of being relevant.

這只是相關性的另一個例子。

And of course, I think I'd just finish by saying value, value, value that certainly resonated back in '08.

當然，我想我只想說價值、價值、價值，這在 08 年確實引起了共鳴。

And we came out of '08 with a really strong '09.

我們在 08 年走出了非常強勁的 09 年。

And I think the customer really appreciates our value.

我認為客戶真的很欣賞我們的價值。

The next question will be from Simeon Gutman with Morgan Stanley.

下一個問題將由摩根士丹利的西蒙·古特曼提出。

Joel, my question is on EBIT margin.

喬爾，我的問題是息稅前利潤率。

You ended last year at around 12% just underneath it.

去年的收盤價為 12% 左右，略低於該水準。

Knowing what we know, realizing it's still fresh and raw, your store operating costs, I assume, are a little bit higher, your online exposure may be a little bit higher when this is all done.

了解我們所知道的，意識到它仍然是新鮮和原始的，我認為你的商店營運成本會高一點，當這一切完成後，你的線上曝光率可能會高一點。

And I don't know if you're permanently, if you're going to get back up to double-digit or 20% store growth or high teens as a normal run rate.

我不知道你是否會永久恢復到兩位數或 20% 的商店成長率或正常的十幾歲的營業率。

But can you talk about how EBIT could get back to the prior level, knowing what you know now or any of these impediments that I mentioned could prevent you, assuming you get back to the same-store level productivity?

但是，您能否談談息稅前利潤如何恢復到之前的水平，知道您現在所知道的情況，或者假設您恢復到同店水平的生產力，我提到的任何這些障礙可能會阻止您？

Yes.

是的。

Thanks, Simeon.

謝謝，西蒙。

Again, you're going out to the future here a little bit in 2021.

再說一次，你將在 2021 年展望未來。

As you know, we weren't even really able to provide guidance for '20 based on the uncertainty ahead of us.

如您所知，基於我們面臨的不確定性，我們甚至無法真正為 20 世紀提供指導。

But we did mention, to your point, that we do see ourselves continuing to grow the top line from unit growth in that high-teen percentage.

但我們確實提到，就您的觀點而言，我們確實認為自己的收入將繼續以高十位數的單位成長來成長。

And if you kind of look back on the years when we don't have unusual events, significant investments and things like that where we do have comps, say, in that 3% range, we do expect to see some slight leverage from an operating margin perspective.

如果你回顧一下那些年，當我們沒有發生異常事件、重大投資和類似的事情時，我們確實有比較，比如說，在 3% 的範圍內，我們確實預計會看到運營中的一些輕微槓桿作用邊際視角。

But obviously, coming off of 2020, we would expect to see meaningful deleverage this year, given the significant loss of sales in the first half of the year and the reduced operating days and meaningful improvement on that as we move into 2021.

但顯然，從 2020 年開始，考慮到上半年銷售額的大幅下降以及營業天數的減少以及進入 2021 年時營業天數的顯著改善，我們預計今年將出現有意義的去槓桿化。

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

下一個問題將由美國銀行的大衛·巴克利提出。

Given the current economic environment, there's likely an opportunity to attract more new customers, just given the increased focus on value offerings.

考慮到當前的經濟環境，只要人們更關注價值產品，就有可能吸引更多新客戶。

Can you talk about what you're doing to attract those consumers?

您能談談您正在採取哪些措施來吸引這些消費者嗎？

And then just any color on recovery by store location that you can share?

然後您可以分享按商店位置恢復的任何顏色嗎？

Yes.

是的。

Thanks, David.

謝謝，大衛。

Well, clearly, we already saw that on e-commerce.

嗯，顯然，我們已經在電子商務上看到了這一點。

But having said that, e-comm is still a very small piece of our business.

但話雖如此，電子商務仍然只占我們業務的一小部分。

The biggest change you're seeing from us, and it was -- if you go back to my prepared remarks, as I was talking about our marketing plans for Q2, obviously, we've really accelerated our shift into digital with no print in Q1 or Q2.

你從我們身上看到的最大的變化是——如果你回到我準備好的言論，當我談論我們第二季度的營銷計劃時，顯然，我們確實加速了向數位化的轉變，沒有印刷Q1 或Q2。

The biggest benefit of that is it really gives us the flexibility to zero in on ZIP Codes, take advantage of markets where we're seeing customers come more rapidly and that's probably the single biggest area that we're going to continue to focus in terms of our shift in marketing.

這樣做的最大好處是，它確實為我們提供了將郵政編碼歸零的靈活性，利用我們看到客戶來得更快的市場，這可能是我們將繼續關注的最大領域我們在行銷方面的轉變。

We're seeing that as a really great way to attract and keep new customers as customers are out there watching their pocket book more than ever, we come across very strong when it relates to value.

我們認為這是吸引和留住新客戶的一種非常好的方式，因為客戶比以往任何時候都更加關注他們的錢包，當它與價值相關時，我們表現得非常強烈。

And that's the biggest reason we pivoted there.

這就是我們轉向那裡的最大原因。

And then, David, I think the second part of your question around the recovery by store location, you had...

然後，大衛，我認為你問題的第二部分是關於按商店位置進行恢復的，你...

Yes, David, are you talking about as it relates to the protests or just store reopenings?

是的，大衛，你說的是與抗議活動有關的還是與商店重新開業有關的？

No.

不。

More just reopening, urban, suburban, semi rural, just any...

更多只是重新開放，城市、郊區、半農村，任何地方...

I should say, like I was saying to Matt, we've been opening by waves.

我應該說，就像我對馬特說的那樣，我們正在一波又一波地開放。

Those waves tend to be by state.

這些浪潮往往是按州進行的。

Our states are full of both, urban as well as suburban, rural stores and really not seeing any material difference by type of store as well as we're not seeing a material difference by geography.

我們的州充滿了城市、郊區、鄉村商店，實際上沒有看到商店類型有任何實質差異，也沒有看到地理位置有任何實質差異。

But the only consistent thing we're seeing is it takes about a week to ramp them up as customers discover that we've reopened, but really not much difference.

但我們看到的唯一一致的事情是，當客戶發現我們已經重新開業時，需要大約一周的時間來增加它們，但實際上沒有太大差異。

Now the big -- the remaining 10% that we haven't opened, not surprising is largely here in the Tri-state areas, New York, New Jersey, but we've got line of sight now pretty much on the entire country reopening here within the next 2 weeks.

現在，剩下的 10% 尚未開放，這並不奇怪，主要集中在紐約州、新澤西州等三州地區，但我們現在幾乎可以看到整個國家都將重新開放在接下來的兩週內到這裡。

And we don't expect those stores to open much different.

我們預計這些商店的開業不會有太大不同。

In fact, we're just hearing great feedback from customers.

事實上，我們剛剛聽到了客戶的良好回饋。

They're just excited to have us open.

他們很高興我們開業。

It's unprecedented.

這是前所未有的。

Every parents got their kids home.

每個父母都帶著孩子回家。

They're looking for us to help them kind of provide solutions and have a fun store environment.

他們正在尋找我們幫助他們提供解決方案並擁有一個有趣的商店環境。

So we're seeing great results regardless the type.

因此，無論哪種類型，我們都看到了很好的結果。

Thanks, David.

謝謝，大衛。

Next question comes from John Heinbockel with Guggenheim.

下一個問題來自古根漢的約翰·海因博克爾。

A couple of things.

有幾件事。

Learnings from curbside so far, your ability to accelerate omnichannel, whether it be curbside or direct-to-home by holiday.

迄今為止從路邊學到的經驗，您加速全渠道的能力，無論是路邊還是假期直接到家。

And then operational changes, right, when you get into Holiday December, right, and maybe social distancing still being in place, what changes do you think you need to do and how digital plays into that?

然後，當你進入 12 月假期時，對吧，營運上的變化，對吧，也許社交距離仍然存在，你認為你需要做哪些改變以及數位化如何發揮作用？

Yes.

是的。

Look, I think the real learnings from curbside is it just showed us how fast we can really move when pressed.

聽著，我認為從路邊學到的真正教訓是，它只是向我們展示了在壓力下我們能真正移動的速度有多快。

Obviously, we didn't have really any BOPIS capabilities going into this.

顯然，我們實際上沒有任何 BOPIS 功能來解決這個問題。

So our curbside offering was pretty scrappy and -- but hand it to the team, they really put it together quickly and it resonated with the customer.

因此，我們的路邊產品非常雜亂，但是將其交給團隊，他們確實很快地將其組合在一起，並引起了客戶的共鳴。

Now keep in mind, John, we made the acquisition of the Hollar assets back before this pandemic even happened.

現在請記住，約翰，我們在這場大流行發生之前就收購了 Hollar 資產。

So we knew we had to get into the e-commerce and omnichannel space with a little bit more effort than we had been putting in, now that we have our store infrastructure stabilized.

因此，我們知道，既然我們的商店基礎設施已經穩定下來，我們就必須付出比之前更多的努力來進入電子商務和全通路領域。

And so combined with what we learned during the pandemic, plus picking up the resources of Hollar, it's really just going to allow us to accelerate.

因此，結合我們在疫情期間學到的知識，再加上 Hollar 的資源，這確實會讓我們加速前進。

We've got 2 distribution centers now instead of 1. We're looking at the capabilities of accelerating BOPIS quicker than we originally planned.

我們現在有 2 個配送中心，而不是 1 個。我們正在研究加速 BOPIS 的能力，速度比我們最初計劃的要快。

And the customer is spending time on our website.

客戶正在我們的網站上花費時間。

And they're learning about our new product, which will only benefit the stores seeing the essentials we now carry.

他們正在了解我們的新產品，這只會讓商店看到我們現在提供的必需品而受益。

So the 2 all tied together, and we're going as we can, John.

所以這兩個都連結在一起，我們會盡力而為，約翰。

(Operator Instructions) The next question comes from Chuck Grom with Gordon Haskett.

（操作員說明）下一個問題來自 Chuck Grom 和 Gordon Haskett。

Congrats guys on the start to 2Q.

恭喜大家進入第二季。

My question is with regards to the product and the ability to grow overseas to secure that product.

我的問題是關於產品以及在海外發展以確保該產品的能力。

So I guess I'm curious how much Michael's been able to go overseas, identify trends and secure all the items?

所以我想我很好奇麥可有多少能力去海外、識別趨勢並獲得所有物品？

And how that bodes for the back half of the year and 2021?

這對今年下半年和 2021 年意味著什麼？

Yes.

是的。

Thanks, Chuck.

謝謝，查克。

Just as I was kind of talking about digital capabilities with John Heinbockel there a second ago, Chuck, I think the same applies to kind of ways of working for our whole corporate staff here at Wowtown.

正如我剛才與約翰·海因博克爾 (John Heinbockel) 談論數位能力一樣，查克 (Chuck)，我認為這同樣適用於 Wowtown 整個公司員工的工作方式。

And while Michael hasn't been able to go over there physically during this time period, the technology afford to do us vis-à-vis the Zooms and the teams networks has really worked well.

雖然邁克爾在這段時間無法親自前往那裡，但我們面對 Zoom 的技術和團隊網絡確實運作良好。

And our buying teams have kept very connected to Asia and India and some of the other countries we're in.

我們的採購團隊與亞洲、印度以及我們所在的其他一些國家保持著密切的聯繫。

And I would tell you that we've moved and reacted very, very quick on that, and it really hasn't been a problem.

我想告訴你，我們對此採取了非常非常快的行動和反應，這確實不是問題。

I think now you're going to add, there's clearly going to be some closeout opportunities out there.

我想現在你要補充的是，顯然會有一些清倉機會。

And like we have in the past, we'll be nimble and take advantage of those as well, but we're feeling really good.

就像我們過去一樣，我們會變得靈活並利用這些優勢，但我們感覺非常好。

If you go back to my prepared remarks, it's why I spent some time talking about shifting from -- we obviously had to play defense for a good 4- to 6-week period there to really shut things down and react to the stores being closed.

如果你回到我準備好的講話，這就是為什麼我花了一些時間談論從——我們顯然必須在 4 到 6 週的時間裡進行防守，以真正關閉一切並對商店關閉做出反應。

But Michael and all the [merchants, the buyer] has done a great job, pivoting 180 degrees and getting back to playing offense, and we're just doing it all virtually.

但邁克爾和所有的[商人、買家]做得很好，180度轉變並重新開始進攻，而我們只是在網上做這一切。

And products starting to flow back into the stores, and we're starting the engine back up again.

產品開始回流商店，我們又重新啟動引擎。

It feels great to see the sales.

看到銷量感覺很棒。

Thanks, Chuck.

謝謝，查克。

The next question comes from Karen Short with Barclays.

下一個問題來自巴克萊銀行的凱倫·肖特。

One clarification, and the bigger picture.

一項澄清，以及更大的圖像。

Just on -- in terms of the stores, the reopening stores, I know there are 8 waves, but are you still at an exit rate of that 8% in terms of the quarter-to-date?

就商店而言，重新開業的商店，我知道有 8 波，但就本季迄今而言，您的退出率仍然是 8% 嗎？

I just want to clarify that.

我只是想澄清這一點。

But then my bigger picture question is, you have talked about closeouts and opportunistic buys.

但我更大的問題是，你談到了清倉和機會主義購買。

Wondering how to think about that in terms of sales mix, percent of sales going into kind of the fall back-to-school and/or how you're pivoting on that to make that more of a focus?

想知道如何從銷售組合、秋季返校銷售的百分比和/或您如何圍繞這一點來考慮這一點，以使其更加成為焦點？

Yes.

是的。

Thanks, Karen.

謝謝，凱倫。

Yes, I mean, look, on one hand, look, we're always trying to be really transparent with all of you.

是的，我的意思是，一方面，我們一直努力對你們所有人保持透明。

And this is a very unusual quarter.

這是一個非常不尋常的季度。

Year-to-date, you can't put a lot of faith and focus just on comp sales.

今年迄今為止，您不能對銷售抱持很大的信心並只專注於比較銷售。

And look, it's part of the reason we're not giving you an outlook, and it's not because we don't want to, there's just so many possible scenarios.

看，這也是我們不給你展望的部分原因，並不是因為我們不想，只是有很多可能的情況。

But the short answer is, yes, as I said, all of those waves are kind of seeing a consistent trend there.

但簡短的回答是，是的，正如我所說，所有這些浪潮都在那裡看到了一致的趨勢。

But you got to remember, Karen, I mean, some of those waves are only a week or 2 old.

但你必須記住，凱倫，我的意思是，其中一些浪潮只有一兩週的時間。

So it's really -- you're asking me to speculate on something, I just -- it's unprecedented, right?

所以這真的是——你讓我推測一些事情，我只是——這是前所未有的，對吧？

I don't have a history here on the plus side, you certainly got the pent-up and you got the stimulus.

我在這裡沒有正面的歷史，你肯定得到了被壓抑的東西，你得到了刺激。

On the negative side, there's been a lot of distractions the last 2 weeks with the protests.

消極的一面是，過去兩週的抗議活動造成了許多幹擾。

So it kind of goes both ways, and there's just so much noise in that number, Karen.

所以它是雙向的，而且這個數字中有太多噪音，凱倫。

But as I shared with a couple of the other questions, the consistency is there geographically, the consistency is there by type of store.

但正如我與其他幾個問題分享的那樣，一致性是在地理上存在的，一致性是在商店類型上存在的。

And then I think in terms of trying to comment on a percentage of sales, the closeouts or that will be -- it's really opportunistic driven.

然後我認為，就試圖評論銷售百分比、清倉或其他方面而言，這確實是機會主義驅動的。

We've moved away from being a closeout company a long time ago when we got to such a size that we're at, that you have to plan for the business.

很久以前，當我們達到這樣的規模時，我們就不再是一家清倉公司，你必須為業務進行規劃。

And Michael's teams got a great plan for the back half of the year.

麥可的團隊為今年下半年制定了一個偉大的計劃。

We're layering in the five beyond product.

我們正在對五種超越產品進行分層。

I mean, as I said in my comments, we're starting to play offense again.

我的意思是，正如我在評論中所說，我們又開始進攻了。

And the closeouts were just -- they're going to be opportunistic.

清倉只是——他們將是機會主義的。

They got to fit in.

他們必須融入。

They got to screen value, and they got to resonate with our customer.

他們必須篩選價值，並與我們的客戶產生共鳴。

And so that's where we'll really use those, and it's plus or minus in terms of what the percent is.

這就是我們真正使用它們的地方，它的百分比是正負。

It's more about how do they fit in and drive value.

更重要的是他們如何融入並驅動價值。

Thanks, Karen.

謝謝，凱倫。

The next question will come from Judah Frommer with Crédit Suisse.

下一個問題將由瑞士信貸銀行的 Judah Frommer 提出。

First, just wanted to follow-up on kind of the margin recovery opportunity here.

首先，我只是想跟進一下這裡的利潤恢復機會。

Is there anything you're doing different in terms of store operations, obviously, you furloughed a lot of your workers, you kept the store managers in place, but any thoughts around bringing back less labor to the store as traffic is depressed right now and maybe working around that going forward?

在商店運營方面，您有什麼不同的做法嗎？顯然，您解雇了很多員工，保留了商店經理，但由於目前客流量低迷，有任何關於減少勞動力返回商店的想法嗎？也許可以解決這個問題？

Yes.

是的。

Great question.

很好的問題。

I think, look, we had to make a lot of decisions through this.

我想，看，我們必須透過這個做出很多決定。

I think one of the best decisions we made was not to furlough our store managers.

我認為我們做出的最好的決定之一就是不讓我們的商店經理休假。

They are the heart and soul of each community we run in, and they've been there throughout the entire thing and it's been -- the best part about keeping them as we've been able to get these stores back open quicker.

他們是我們所在的每個社區的核心和靈魂，他們在整個事件中一直都在那裡，這是保留他們的最好部分，因為我們能夠讓這些商店更快地恢復營業。

If you'll notice, we are running on reduced hours and still running positive comps.

如果您注意到的話，我們正在減少工作時間，但仍然進行積極的補償。

And that -- what that is allowing us to do is to run with less hours.

這讓我們能夠以更少的時間跑步。

So there is a labor benefit there, but we'll continue to pivot as the traffic comes.

因此，那裡存在勞動力優勢，但隨著流量的增加，我們將繼續轉向。

Once this engine is back up and going like it is now, the model is pretty flexible.

一旦該引擎恢復正常並像現在一樣運行，模型就非常靈活。

And with shortened hours, that certainly afforded us some real opportunity to run on less hours.

隨著工作時間的縮短，這無疑為我們提供了一些真正的機會來減少工作時間。

But for the most part, the less labor is working out just fine.

但在大多數情況下，勞動力越少效果越好。

And what we're seeing is less transactions, but a higher ticket.

我們看到的是交易量減少，但門票價格上漲。

It's turned out really good.

結果真的很好。

And then just following up on the real estate plan for next year.

然後跟進明年的房地產計劃。

Just the thought process behind kind of going back to high-teens square footage growth off of a lower 2020 base and not kind of making up for the 2020 stores that didn't open in 2020 or maybe pushing above 20% growth for that year?

只是在 2020 年較低基數的基礎上回到高十幾位數的平方英尺增長背後的思考過程，而不是彌補 2020 年沒有開業的 2020 年商店，或者可能推動當年的增長超過 20%？

Yes.

是的。

Look, there's going to be some great opportunities, Judah, out there for real estate.

瞧，猶大，房地產領域將會有一些很好的機會。

And it's really too early for us to speculate on the 2021 number.

我們現在猜測 2021 年的數字還為時過早。

I think what Ken was referring to is more of a multiyear run rate.

我認為肯所指的更多的是多年運行率。

And just as I think 2020 was real anomaly, the biggest variable left in 2021 is honestly, the landlords.

正如我認為 2020 年確實是反常的一年一樣，老實說，2021 年留下的最大變數是房東。

They're not back up and running yet.

他們還沒有恢復運作。

So as they paused on construction, as they don't understand what the turnover is going to be of other retailers, it's a little hard to speculate on '21.

因此，當他們暫停施工時，因為他們不了解其他零售商的營業額是多少，所以很難推測 21 年的情況。

But I would say there's probably more upside than there is downside to the 2021 number.

但我想說，2021 年的數字可能利大於弊。

But I -- what we're trying to share, as we always know, is give you guys a much more longer-range outlook on store openings as it still remains our biggest driver of growth.

但正如我們所知，我們試圖分享的是，讓你們對開店有更長遠的展望，因為它仍然是我們最大的成長動力。

Thanks, Judah.

謝謝，猶大。

Our next question comes from Paul Lejuez with Citi Research.

我們的下一個問題來自花旗研究部的 Paul Lejuez。

Joel, you said it takes about a week for stores to ramp back up.

喬爾，你說過商店需要大約一週的時間才能恢復營業。

I'm curious, maybe you could talk about the kind of Wave 1, Wave 2 stores.

我很好奇，也許你可以談談 Wave 1、Wave 2 商店的類型。

And since those are the ones that have been opened the longest, what have you seen kind of since then?

由於這些是打開時間最長的，從那時起你看到了什麼？

And have you reached a point in those stores where traffic is actually up where transactions are actually positive as you've kind of moved along?

隨著你的發展，你的商店是否達到了客流量實際上上升、交易實際上積極的程度？

And curious if you've had any issues in any of the delays of stores, in terms of the number of people that can be [lead in] just has tried to adhere to any social distancing capacity requirements?

好奇您是否在商店的任何延誤中遇到任何問題，就可以[引導]試圖遵守任何社交距離容量要求的人數而言？

Yes.

是的。

Thanks, Paul.

謝謝，保羅。

I know this is hard to swallow but -- or believe.

我知道這很難接受，但──或者相信。

But honestly, the difference between the wave 1 and 2 and the waves 5 and 6 from a traffic perspective really aren't that different.

但老實說，從流量的角度來看，第 1 波和第 2 波以及第 5 波和第 6 波之間的差異實際上並沒有那麼不同。

And so I mean, obviously, what we're seeing from the customer is a consolidation of trips.

所以我的意思是，顯然，我們從客戶那裡看到的是旅行的整合。

They're coming in less frequently, but they're buying more when they're in there.

他們進來的頻率越來越低，但他們在那裡購買的東西卻越來越多。

What we don't know and we just need more time is how many new customers we're going to pick up.

我們不知道，我們只需要更多時間，我們將吸引多少新客戶。

We have seen that on our e-commerce channel, where we're able to know exactly who the customer is.

我們已經在我們的電子商務管道上看到了這一點，我們能夠準確地知道客戶是誰。

But we're really seeing incredible consistency from wave to wave as we continue to open that up.

但隨著我們繼續開放，我們確實看到了每一波令人難以置信的一致性。

Paul, there's a second part to that?

保羅，還有第二部分嗎？

Second part was just you had any constraints in terms of letting people into the stores...

第二部分是你在讓人們進入商店方面有任何限制...

Yes.

是的。

Yes.

是的。

No.

不。

No.

不。

No.

不。

Look, the teams have done a great job.

看，團隊做得很好。

And I think the benefit of less people but bigger baskets is kind of helped on that, but we have not ran into any constraints at all.

我認為更少的人但更大的籃子的好處對此有所幫助，但我們根本沒有遇到任何限制。

And store is doing a great job.

商店做得很好。

If you've been in one of our stores, they're all marked.

如果您去過我們的任何商店，它們都會有標記。

And -- but we've been able to adhere to kind of all the guidelines out there and doing well.

而且——但是我們已經能夠遵守所有的指導方針並且做得很好。

The next question will come from Chandni Luthra with Goldman Sachs.

下一個問題將由高盛的 Chandni Luthra 提出。

I wanted to talk to you about your supply chain.

我想和您談談您的供應鏈。

In terms of the disruption that we've obviously seen this year and then in more recent years from tariffs, are you envisioning any permanent changes to your global supply chain?

就我們今年和近年來關稅造成的明顯破壞而言，您是否設想對您的全球供應鏈進行任何永久性的變更？

Any plans to diversify?

有多元化的計劃嗎？

Yes.

是的。

Thanks.

謝謝。

Look, we -- in terms of supply chain goes, clearly, last year's tariff multi phases of that really put a lot of pressure on the supply chain, forced us to get into many different countries.

看，我們——就供應鏈而言，顯然，去年的多階段關稅確實給供應鏈帶來了巨大的壓力，迫使我們進入許多不同的國家。

And so if anything, we sit here today, in a much more flexible position than we've been in years past.

因此，如果有什麼不同的話，那就是我們今天坐在這裡，我們的立場比過去幾年更有彈性。

And so -- but overall, we're not really forecasting any major disruption to our supply chain, even through the height of this pandemic, the supply chain has really continued to work.

因此，但總的來說，我們並沒有真正預測我們的供應鏈會受到任何重大干擾，即使在這場大流行最嚴重的時期，供應鏈確實仍在繼續運作。

And so we feel we're in a good spot.

所以我們覺得我們處於一個很好的位置。

Thank you.

謝謝。

Next question comes from Michael Lasser with UBS.

下一個問題來自瑞銀集團的麥可·拉塞爾。

Joel, you mentioned that half of your 8% comp quarter-to-date is coming from your e-commerce channel, that would imply that the channel is growing 200% to 300%, given the low single digit penetration.

Joel，您提到本季迄今為止 8% 的營收中有一半來自您的電子商務管道，這意味著考慮到單位數滲透率較低，該管道正在增長 200% 到 300%。

Why do you think the channel has not flowed quarter-to-date even as you reopened stores?

您認為為什麼即使您重新開店，該通路本季至今仍沒有流通？

Is it due in part to having assortment of masks, hand sanitizer and other, I think, you referred to it as essential items?

部分原因是因為有各種各樣的口罩、洗手液和其他我認為你所說的必需品嗎？

Would you say that that's as big as a trend you might have witnessed in the past like fidget spinners, Silly Bandz or looms?

您是否認為這與您過去可能見過的指尖陀螺、Silly Bandz 或織布機等流行趨勢一樣大？

And then how are you buying for the holiday?

那假期打算怎麼買呢？

Do you expect to buy up year-over-year for the holiday, as you see it now because I think you have to put those orders in the next few days?

您是否預計會在假期期間逐年購買，就像您現在看到的那樣，因為我認為您必須在接下來的幾天內下這些訂單？

Just on the penetration it has started to slow.

就滲透率而言，它已經開始放緩。

But you have to remember, which is, Michael, you have the e-comm for the full quarter but the comp we're giving you is for the stores that have reopened.

但你必須記住，邁克爾，你有整個季度的電子商務，但我們給你的補償是針對已經重新開業的商店的。

So some of those stores are only in there.

所以有些商店只在那裡。

So as every week go by, more stores get added into the comp mix.

因此，隨著每週的過去，更多的商店被添加到競爭組合中。

And so e-comm then becomes a lesser and lesser piece of the total.

因此，電子商務在整體中的比重越來越小。

But at the height, it was over 400% increase, and we are starting to see that moderate a little bit.

但在高峰期，增幅超過 400%，而且我們開始看到增幅有所放緩。

But we need more time to kind of understand that what it will ultimately moderate to.

但我們需要更多的時間來了解它最終會調節到什麼程度。

And as far as holiday goes, Michael, I really -- I don't want to speculate too soon on that.

就假期而言，邁克爾，我真的——我不想太早對此進行推測。

As Ken said, we've got several scenarios we're looking at.

正如肯所說，我們正在研究幾種場景。

Michael still has a good 60 days here to finish up buying, and we're really -- we needed a longer read here before we finalize.

邁克爾還有 60 天的時間來完成購買，我們真的 - 在最終確定之前，我們需要在這裡閱讀更長的時間。

But they turn it around pretty quick, and I think we're going to be ready for all scenarios coming at us.

但他們很快就扭轉了局面，我認為我們將為即將到來的所有情況做好準備。

More to come.

未來還會有更多。

Thanks, Michael.

謝謝，麥可。

Just -- so let me just clarify about the essential...

只是——所以讓我澄清一下基本的...

Yes.

是的。

No, we've added a lot of essentials.

不，我們添加了很多必需品。

I think it's making a big impact.

我認為這正在產生很大的影響。

It's what the customer wants.

這就是客戶想要的。

No different than when we have a Silly Bandz trend or a spinner trend.

與我們的 Silly Bandz 趨勢或 Spinner 趨勢沒有什麼不同。

Michael's team pivots quick, and we added into the assortment.

麥可的團隊迅速轉變，我們加入了產品種類。

And you look on our website, you'll see a big piece of it.

你看看我們的網站，你會看到其中很大的一部分。

Thanks, Michael.

謝謝，麥可。

The next question is from Edward Kelly with Wells Fargo.

下一個問題來自富國銀行的愛德華‧凱利。

Joel, I wanted to ask you about the marketing side.

喬爾，我想問你有關行銷方面的問題。

Maybe can you talk a little bit more about the shift in strategy here?

也許你能多談談這裡的策略轉變嗎？

And then as it relates to TV, what's the outlook for the back half of the year, especially into holiday?

那麼，就電視而言，下半年的前景如何，尤其是假期？

Has that changed?

那改變了嗎？

And then as we look out into '21 on things like national TV advertising, is this something that's still in the cards potentially sort of like post-election period?

然後，當我們展望 21 世紀全國電視廣告等事情時，這是否仍然可能類似於選舉後時期？

Yes.

是的。

Look, as I explained the marketing, we really have pivoted to digital.

看，正如我解釋的營銷，我們確實已經轉向數位化。

It's working really well for us.

它對我們來說非常有效。

Our Kick Start the Fun (sic) [Kick Start the Fun Again!] campaign will start this Friday.

我們的 Kick Start the Fun（原文如此）[Kick Start the Fun Again!] 活動將於本週五開始。

I think especially with this being an election year, going to national TV, this isn't probably the year to do it.

我認為，尤其是今年是選舉年，上國家電視台，今年可能不是這樣做的一年。

Rates are going to be up a lot.

房價將會上漲很多。

There's going to be a lot of bidding for it.

將會有很多人競標。

And honestly, right now, what we're liking is digital and the response we're seeing, a good case in point.

老實說，現在我們喜歡的是數位化，我們所看到的反應就是一個很好的例子。

We were planning to start it today with the memorial service being today, that didn't feel like the right time to start.

我們原計劃今天開始追悼會，但感覺不是開始的合適時間。

And we were able to adjust it really quickly to Friday.

我們能夠很快地將其調整到週五。

And so it just -- it gives us a lot more flexibility, and we'll be able to kind of move into markets that either need extra marketing or we're seeing good trends.

所以它給了我們更大的靈活性，我們將能夠進入需要額外行銷或我們看到良好趨勢的市場。

But right now, the focus on fun and customers are really resonating with that and having something to do is kind of the word we're hearing out there and staying relevant is really important.

但現在，對樂趣的關注和客戶確實對此產生了共鳴，我們聽到的一句話就是有事可做，保持相關性非常重要。

Thanks, Ed.

謝謝，艾德。

Next question will come from Paul Trussell with Deutsche Bank.

下一個問題將由德意志銀行的保羅·特魯塞爾提出。

Yes.

是的。

Wanted to ask about customer response, both in the pre-COVID period as well as in recent weeks to your tech items above $5 as well as the five beyond items maybe give us an update on what you're seeing in regards to that as a percent of the mix and how you're kind of buying for them going forward?

想詢問客戶在新冠疫情爆發之前以及最近幾週對 5 美元以上的科技產品以及超過 5 美元的產品的反應，也許可以讓我們了解您所看到的最新情況佔組合的百分比以及您未來將如何為他們購買？

And then second would just be any update on Nerd Street Gamers?

其次是關於書呆子街頭遊戲玩家的任何更新嗎？

p

p

Honestly, Paul, you're probably not going to like my answer because I just don't have a lot of data to give you, given how much we've been closed.

老實說，保羅，你可能不會喜歡我的回答，因為考慮到我們已經關閉了多少，我沒有太多數據可以給你。

Had it been a normal quarter, we'd have 2 new Nerd Street locations open right now.

如果這是一個正常的季度，我們現在就會在 Nerd Street 開設 2 家新店。

We obviously had to pause those, and now we're looking at more at the end of second quarter to get those open.

顯然我們不得不暫停這些項目，現在我們正在考慮在第二季末進行更多的工作以開放這些項目。

So there's one.

所以有一個。

There's no answer.

沒有答案。

And the same with five beyond.

五個以上也是如此。

The majority of those stores we were putting them in, and why we know more got those in there, Paul.

我們把它們放在大多數商店裡，為什麼我們知道更多的東西都在那裡，保羅。

And we had to close the stores down.

我們不得不關閉商店。

So I don't have a pre and post to kind of understand the penetration.

所以我沒有前期和後期來理解滲透力。

So bear with us a little bit on that one, but we really need another quarter to kind of come back at it and understand the difference in penetrations.

因此，請耐心等待我們，但我們確實需要另一個季度的時間來回過頭來了解滲透率的差異。

More to come.

未來還會有更多。

The next question is from Brian Nagel with Oppenheimer.

下一個問題是布萊恩·內格爾和奧本海默提出的。

So just I guess a follow-up really to some of the other questions, but you had mentioned in your prepared comments, and I'm understanding that it's been a short amount of time.

所以我想確實是對其他一些問題的後續行動，但你在準備好的評論中提到過，我知道這已經是很短的時間了。

It's a dynamic environment that -- and you had the stimulus benefits, maybe pent-up demand, so things may not prove sustainable.

這是一個充滿活力的環境，而且你有刺激效益，也許還有被壓抑的需求，所以事情可能無法持續。

But I guess from the question I have is, as you look at how consumers are initially shopping at your stores, and in particular, the products they're buying, you know your business well.

但我想，從我提出的問題來看，當你了解消費者最初如何在你的商店購物，特別是他們購買的產品時，你就會很了解你的業務。

You know your consumer as well.

您也了解您的消費者。

Is there anything there to suggest that there's an element of unsustainability or something odd in those trends?

是否有任何跡象表明這些趨勢中存在不可持續性或奇怪的因素？

Yes.

是的。

Thanks, Brian.

謝謝，布萊恩。

Look, there's nothing there to suggest that's odd.

看，沒有任何跡象表明這有什麼奇怪的。

But at the same time, we've never, in our history, seen such a significant shift to less transactions, much, much bigger basket.

但同時，在我們的歷史上，我們從未見過如此重大的轉向更少的交易、更大的籃子。

I mean, unprecedented shift.

我的意思是，前所未有的轉變。

And so on one hand, I could say, yes, this is the new normal.

因此，一方面，我可以說，是的，這是新常態。

It's going to stay that way.

它會保持這種狀態。

And on the other hand, I can easily say to you, it's going to go back to smaller basket size, more transactions.

另一方面，我可以很容易地告訴你，它將回到更小的購物籃規模，更多的交易。

We just, honestly, Brian, need more time.

老實說，布萊恩，我們只是需要更多時間。

But what I can tell you is the customers coming in, they're talking about the value, they're excited to see us open and they're buying across the box.

但我可以告訴你的是，顧客進來後，他們正在談論價值，他們很高興看到我們開業，並且正在全場購買。

So those are all good and great signs, and we just need is more time to kind of tell you whether -- how these trends are going to be over a long period of time.

因此，這些都是好的跡象，我們只是需要更多的時間來告訴您這些趨勢在很長一段時間內將如何。

But everything we've seen so far has been great.

但到目前為止我們所看到的一切都很棒。

Thanks, Brian.

謝謝，布萊恩。

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

下一個問題將由傑里米·漢布林和克雷格·哈勒姆提出。

I wanted to just follow-up here on the customer information in terms of how model has changed, you've had more digital engagement, clearly.

我想在這裡跟進客戶訊息，了解模型如何變化，顯然，您已經有了更多的數位參與。

But wanted to just get some clarification on customer data collection, whether it's mobile numbers, email addresses, et cetera, that you've been able to gain during this time?

但只想澄清一下您在這段時間獲得的客戶資料收集情況，無論是手機號碼、電子郵件地址等等？

Could you give a better sense of what the year-over-year growth of that is?

您能否更了解其同比增長情況？

How much -- how many inactive customers you've had?

您有多少不活躍的客戶？

But any additional clarity and whether or not the environment that we're in right now is inhibiting your ability to collect some of that information?

但是否需要進一步澄清，以及我們現在所處的環境是否會限制您收集某些資訊的能力？

Yes.

是的。

Thanks, Jeremy.

謝謝，傑里米。

Look, I'm not -- I don't want to get into the specifics of the number, just -- A, because the number is so small.

聽著，我不是──我不想討論這個數字的細節，只是──A，因為這個數字太小了。

and you remember, we don't have a loyalty program.

您還記得，我們​​沒有忠誠度計劃。

So we can't tie it to the stores.

所以我們不能將其與商店聯繫起來。

What I will tell you is that the overwhelming majority of online transactions that took place over the last 60 days here, were new customers to our online channel.

我要告訴您的是，過去 60 天內發生的絕大多數線上交易都是我們在線上管道的新客戶。

I can't differentiate for you whether they're new to five below or they're just new to the online channel, but a significant majority, way closer to 100% than 50% are new to the five below channel.

我無法為您區分他們是新接觸 5 以下頻道還是剛接觸線上管道，但絕大多數（接近 100% 而非 50%）是新接觸 5 以下頻道的人。

And that's great.

那太好了。

We'll take the customer any way they can go.

我們將竭盡全力滿足客戶的需求。

And with us being closed, it really forced us to pivot and grow that channel.

由於我們被關閉，這確實迫使我們轉向並發展該管道。

But as far as doing cohort analysis and all that, this is way too early to kind of be -- kind of talking about those results publicly, but we're pleased with the new customers.

但就隊列分析等而言，公開談論這些結果還為時過早，但我們對新客戶感到滿意。

Thanks, Jeremy.

謝謝，傑里米。

Our next question is from Michael Montani with Evercore ISI.

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

First off, just from a modeling perspective, I wanted to see if you could give some additional color about what percentage of the 20 percentage point drop-off in gross margin was more related to kind of markdowns versus just natural deleverage given the store closures?

首先，從建模的角度來看，我想看看您是否可以提供一些額外的信息，說明毛利率下降 20 個百分點的百分比與降價與商店關閉的自然去槓桿化更相關？

And then on the SG&A front, I know you guys had ratcheted back expenses to be down 3% for the quarter.

然後在 SG&A 方面，我知道你們已經將本季的開支削減了 3%。

Do we anticipate that SG&A dollars would be down once again in 2Q even as you open up given efficiency gains?

我們是否預計，即使您在效率提升的情況下開放，SG&A 美元也會在第二季再次下降？

Sure.

當然。

Thanks, Michael.

謝謝，麥可。

On the gross margin portion, I think you asked about the lower of cost to market, the inventory write-downs there, a small percentage of the deleverage for the quarter, really the overwhelming percentage is probably close to 80% of the delever that took place in gross margin year-over-year was due to the fixed costs included in cost of goods sold things like occupancy, the fixed components in the distribution center operating model and buying costs.

關於毛利率部分，我想你問的是市場成本較低、庫存減記、本季去槓桿化的一小部分，實際上壓倒性的百分比可能接近去槓桿化的 80%。毛利率同比增長的原因是固定成本包含在銷售成本中，例如佔用率、配送中心營運模式中的固定組成部分和購買成本。

So real -- the key driver, and that write-down was really a small portion of the overall deleverage.

如此真實——關鍵驅動因素，而減記其實只是整體去槓桿化的一小部分。

With respect to SG&A, similar of what we saw in the first quarter.

SG&A 方面，與我們在第一季看到的情況類似。

Again, the fixed cost deleverage as we kind of move forward into the rest of the year, we move into Q2, given the estimated loss in operating days in Q2, I expect that to be less than what we have seen in Q1.

同樣，隨著我們進入今年剩餘時間，固定成本去槓桿化進入第二季度，考慮到第二季度營業天數的估計損失，我預計這將少於我們在第一季度看到的情況。

We do expect significant operating margin deleverage again.

我們確實預期營業利潤率將再次大幅去槓桿。

And a portion of that, obviously, is going to be in the fixed cost components in SG&A.

顯然，其中一部分將包含在銷售、管理和管理 (SG&A) 的固定成本部分中。

And then if you really roll it forward for the full year when you look at operating margin, again, would expect meaningful deleverage on an overall basis with that significant loss of sales in the first half of the year and then also the reduction in new stores.

然後，如果你真的將其推向全年，那麼當你考慮營業利潤率時，你會再次預計整體上會出現有意義的去槓桿化，因為上半年銷售額大幅下降，然後新店數量也減少了。

We reduced -- our original estimate was 180 new stores for the year.

我們減少了——我們最初的估計是今年新開 180 家商店。

And as you heard, we've reduced that down to a range of 100 to 120.

正如您所聽到的，我們已將其減少到 100 到 120 的範圍。

So that -- the combination of those 2 things will drive the fixed cost deleverage for the full year also, which I expect to be meaningful and then split between cost of goods sold and SG&A.

因此，這兩件事的結合也將推動全年的固定成本去槓桿化，我預計這將是有意義的，然後在銷售成本和銷售成本和管理費用之間進行分配。

The next question will come from Joe Feldman with Telsey Advisory Group.

下一個問題將由特爾西諮詢小組的喬·費爾德曼提出。

I also wanted to follow-up kind of been asked around this a couple of times.

我還想跟進幾次被問到這個問題的情況。

But with regard to the various waves, say, wave 1, 2, 3, are the earliest waves comping -- still comping at a high single-digit rate quarter-to-date?

但就各種浪潮而言，例如第一波、第二波、第三波，最早的浪潮是否仍以高個位數的速度競爭？

Or is that like they comp at that rate for a week or 2 and then it starts to normalize back down in the 3% or 4% or something?

還是說他們以這個速度進行一兩週的比較，然後開始正常化回 3% 或 4% 之類的水平？

I'm just trying to get a better understanding of kind of how that's -- we should think about the flow going forward?

我只是想更好地理解這是怎麼回事——我們應該考慮未來的流程嗎？

Well, as I've said, they're all comping relatively at the same rate.

嗯，正如我所說，他們的競爭速度相對相同。

Remember that about half of that comp though is e-commerce comp that's in there.

請記住，該競爭中大約有一半是其中的電子商務競爭。

And so I think, Joe, it's a little too early for us to speculate on what the rest of the quarter is going to look like due to those puts and takes in terms of whether it's pent-up demand or stimulus checking.

因此，我認為，喬，我們現在猜測本季度剩餘時間的情況還為時過早，因為這些看跌期權和看跌期權是被壓抑的需求還是刺激檢查。

We just -- we honestly need more time.

老實說，我們只是需要更多時間。

But as of right now, really all the waves are comping the same.

但截至目前，所有的波浪實際上都是一樣的。

And we feel really good, getting the stores back open on it, but I don't want to try and speculate on what's going to happen on it because this is just unprecedented.

我們感覺非常好，讓商店重新開業，但我不想嘗試猜測會發生什麼，因為這是前所未有的。

We've never experienced something like this, where we've been shut down like this as long.

我們從來沒有經歷過這樣的事情，我們被關閉了這麼長時間。

Thanks, Joe.

謝謝，喬。

The next question comes from Scot Ciccarelli with RBC Capital Markets.

下一個問題來自加拿大皇家銀行資本市場的 Scot Ciccarelli。

It's Beth Reed on for Scott.

貝絲·里德 (Beth Reed) 替補斯科特。

Just given that comps are down 50% in 1Q, just curious how you guys are thinking about the capacity you'll need in 1Q '21 to generate what would be like 100% plus comp to get back to your historical store productivity levels?

鑑於第一季的競爭下降了 50%，只是好奇你們如何考慮 21 年第一季所需的產能，以產生 100% 以上的競爭，以恢復到歷史商店生產力水平？

Just any thoughts you have around about the ability of your stores to handle that kind of volume?

您對您的商店處理這種數量的能力有什麼想法嗎？

Well, if I understood the question right, our stores are already back to historical volume.

好吧，如果我沒理解問題的話，我們的商店數量已經恢復到歷史水準了。

I mean, that's the -- and when they're comping positive, that's relative to last year.

我的意思是，這就是——當他們的業績表現積極時，這是相對於去年的。

So as we reopen stores, they're back to the historical volume.

因此，當我們重新開放商店時，它們就會恢復到歷史水平。

Yes.

是的。

And Beth, let me say it a different way, what drove the significant negative comp in Q1 was really the reduction in operating days, right?

貝絲，讓我換個方式來說，導致第一季業績大幅下滑的真正原因是營業天數的減少，對嗎？

It was the store closures.

這是商店關門的事。

And then next year, the assumption would be that the chain would be open for the full quarter.

明年，假設該連鎖店將在整個季度開放。

So on an average, whether it's a weekly basis or a daily basis, obviously, you get a much -- a pretty significant increase in overall volume for the first quarter next year.

因此，平均而言，無論是每週還是每天，明年第一季的整體交易量顯然會出現相當顯著的成長。

Remember that the decline also includes the new stores that didn't open this year.

請記住，下降還包括今年未開業的新店。

So but stores are back to their historical volume and have no challenges there.

因此，商店數量已恢復到歷史水平，並且沒有遇到任何挑戰。

I believe that's our last call.

我相信這是我們最後一次通話。

And look, I'll just wrap up and say, hey, thanks for joining us today.

聽著，我總結一下，嘿，感謝您今天加入我們。

And a couple of concluding comments.

以及一些結論性意見。

Look, hopefully, what you've heard from us is that we're a nimble organization, the business model is very flexible.

希望您從我們這裡聽到的是，我們是一個靈活的組織，業務模式非常靈活。

And Ken and I couldn't be more pleased with how quickly we're able to adjust to this new environment.

肯和我對我們能夠如此迅速地適應這個新環境感到非常高興。

We continue to innovate, and our focus is -- will always be on making the store experience even more amazing.

我們不斷創新，我們的重點是－將始終致力於讓商店體驗更加令人驚嘆。

Value, value, value, that's what we've been talking about.

價值，價值，價值，這就是我們一直在談論的。

And we're still on a path to build out and support infrastructure that supports 2,500-plus stores here in the U.S. And I'd be remiss if I didn't end by just saying thank you so much to all our associates and their dedication during this unprecedented time, especially our store and distribution associates who, and many of them have worked throughout this pandemic, and they've made Five Below so special to our customers.

我們仍在建造和支持基礎設施，為美國 2,500 多家商店提供支援。如果我沒有在最後對我們所有員工及其奉獻精神表示衷心的感謝，那我就失職了在這個前所未有的時期，尤其是我們的商店和分銷人員，他們中的許多人在整個大流行期間都在工作，他們讓“五以下”對我們的顧客來說如此特別。

We look forward to speaking to all of you again after the summer.

我們期待夏天過後再次與大家交談。

Stay well and be safe.

保持健康並確保安全。

Thanks, everybody.

謝謝大家。

Have a great night.

祝你有個愉快的夜晚。

And thank you, sir.

謝謝您，先生。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。