Ollie's Bargain Outlet Holdings Inc (OLLI) 2024 Q1 法說會逐字稿

Good morning, and welcome to Ollie's Bargain Outlet's conference call to discuss financial results for the first quarter of fiscal year 2024. (Operator Instructions)

早安，歡迎參加 Ollie's Bargain Outlet 的電話會議，討論 2024 財年第一季的財務表現。（操作員說明）

Please be advised that this call is being recorded and reproduction of this call in whole or in part is not permitted without express written authorization of Ollie's. Joining on today's call from Ollie's management are John Swygert, Chief Executive Officer; Eric van der Valk, President; and Robert Helm, Executive Vice President, Chief Financial Officer.

請注意，本次通話正在錄音中，未經 Ollie's 明確書面授權，不得全部或部分複製本次通話。參加今天 Ollie 管理階層電話會議的還有執行長 John Swygert；艾瑞克‧范德瓦爾克，總裁；執行副總裁兼財務長 Robert Helm。

Certain comments made today may constitute forward-looking statements 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.

今天發表的某些評論可能構成前瞻性陳述，這些評論是根據經修訂的 1995 年《私人證券訴訟改革法案》的安全港條款並在其含義範圍內做出的。此類前瞻性陳述受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 our annual report on Form 10-K and quarterly reports on Form 10-Q on file with the SEC and the earnings press release. Forward-looking statements made today are as of the date of this call, and we do not undertake any obligation to update these statements. On today's call, the company will also be referring to certain non-GAAP financial measures. Reconciliation of those most closely comparable GAAP financial measures to the non-GAAP financial measures are included in our earnings press release.

這些風險和不確定性在我們向 SEC 歸檔的 10-K 表格年度報告和 10-Q 表格季度報告以及收益新聞稿中進行了描述。今天所做的前瞻性陳述截至本次電話會議之日，我們不承擔更新這些陳述的任何義務。在今天的電話會議上，該公司還將提及某些非公認會計準則財務指標。我們的收益新聞稿中包含了最接近的公認會計原則財務指標與非公認會計原則財務指標的調節表。

With that said, I'll turn the call over to Mr. Swygert. Please go ahead, sir.

話雖如此，我會將電話轉給 Swygert 先生。請繼續，先生。

Thank you, and good morning, everyone. We appreciate you joining our call today. We are extremely pleased with our performance this quarter. Our team has executed at a very high level, offered an amazing deals to our customers, delivering consistent financial results and investing into our future.

謝謝大家，大家早安。我們感謝您今天加入我們的電話會議。我們對本季的表現非常滿意。我們的團隊執行水準非常高，為我們的客戶提供了令人驚嘆的交易，提供一致的財務表現並投資於我們的未來。

Our first quarter comparable store sales, total revenue, gross margin, and expenses were all better than expected, and this resulted in a 49% increase in adjusted earnings per share. Consumers clearly remain under pressure and are seeking value in making their purchases. Our unique business model is delivering exceptional values on branded merchandise that our customers want and need at prices 20% to 70% below the fancy stores. Everyone loves the bargain, and bargain is our middle name.

我們第一季的可比商店銷售額、總收入、毛利率和費用均優於預期，這導致調整後每股收益成長 49%。消費者顯然仍面臨壓力，並在購買時尋求價值。我們獨特的商業模式以比高檔商店低 20% 至 70% 的價格為客戶想要和需要的品牌商品提供卓越的價值。每個人都喜歡討價還價，討價還價是我們的中間名。

There are a few important things propelling our business that we wanted to touch on today. The first is the growth in the closeout industry. Large consumer retailers supplied by large product manufacturers are constantly introducing new products and packaging, and this is leading to growth in the closeout industry. The second is our increasing size and scale. While the closeout industry is growing, the number of bigger players buying and selling closeouts today is shrinking.

今天我們想談談一些推動我們業務發展的重要事情。首先是清倉業的成長。由大型產品製造商供應的大型消費品零售商不斷推出新產品和包裝，這導致了清倉行業的成長。第二是我們的規模不斷擴大。雖然清倉產業正在成長，但如今買賣清倉的大型企業數量卻在減少。

Operating a closeout retailer is not for the faint of heart. And over the years, there have been a number of failures because they were not set up properly. We are, by far, the largest buyer of closeout products, and this has been our only business for almost 42 years. Nobody has our know-how, size and scale, or credibility in the closeout market. As a result, our purchasing power is growing and we're becoming more and more meaningful to our vendor partners.

經營一家清貨零售商不適合膽小的人。多年來，由於設置不當，出現了許多失敗的情況。到目前為止，我們是清倉產品的最大買家，近 42 年來，這一直是我們唯一的業務。沒有人擁有我們在清倉市場的專業知識、規模和信譽。因此，我們的購買力不斷增強，我們對供應商合作夥伴的意義也越來越大。

The third driving theme is the investments we have made back into our business to drive execution, productivity and growth. This is an area that we probably don't talk about enough. While it's the great deals and product offerings that will always be the key to driving our business, it's investments in our people, supply chain, stores, marketing and systems that enhance our execution, propel our margins and position us for continued long-term success and profitable growth.

第三個驅動主題是我們對業務的投資，以推動執行、生產力和成長。這是一個我們可能談論得不夠多的領域。雖然優質的交易和產品供應永遠是推動我們業務發展的關鍵，但對我們的員工、供應鏈、商店、行銷和系統的投資可以增強我們的執行力、推動我們的利潤並幫助我們持續的長期成功和獲利成長。

On that topic, I would like to discuss two recent announcements. The first is a purchase agreement for a group of 99 Cents Only Stores. Eric will provide more details on this in a moment, but we were very excited about these stores. They have attractive rents, longer lease terms, demographics that align nicely with our core customer and are located in key markets across Texas, where we have a meaningful growth opportunity. I spoke earlier to the shrinking number of closeout players and 99 Cents Only bankruptcy filing and store closures is further validation of this.

關於這個主題，我想討論一下最近發布的兩項公告。第一個是一組 99 美分專賣店的購買協議。埃里克稍後將提供更多詳細信息，但我們對這些商店感到非常興奮。他們擁有有吸引力的租金、更長的租賃期限、與我們的核心客戶非常契合的人口結構，並且位於德克薩斯州的主要市場，在那裡我們擁有有意義的成長機會。我之前談到了清倉玩家數量的減少，99 Cents Only 的破產申請和商店關閉進一步證實了這一點。

The second piece of news, supporting our long-term growth and success is a number of executive promotions and appointments as part of a rigorous succession planning process conducted by our Board of Directors. I have been with the company for over 20 years and enjoyed every minute, but it's my desire to step up to the Executive Chairman role and pass the CEO baton on to Eric in early 2025.

支持我們長期發展和成功的第二個訊息是，作為董事會執行的嚴格繼任計畫流程的一部分，進行了一系列高階主管晉升和任命。我在公司工作了 20 多年，享受每一分鐘，但我希望在 2025 年初擔任執行主席，並將執行長的接力棒交給艾瑞克。

Since joining Ollie's, Eric has played a pivotal role in the company's growth and success. He has transformed key areas of the business, including supply chain, store operations, and store design, all of which resulted in improved execution and operating efficiencies. This, combined with his closeout merchandise experience makes him the ideal person for his new role. Effective today, I am proud to announce that he's been promoted to President.

自從加入 Ollie's 以來，Eric 在公司的發展和成功中發揮了關鍵作用。他對業務的關鍵領域進行了改造，包括供應鏈、商店營運和商店設計，所有這些都提高了執行力和營運效率。再加上他的清倉商品經驗，使他成為新職位的理想人選。從今天起，我很自豪地宣布他已晉升為總裁。

Also effective today, Rob Helm, has been promoted to Executive Vice President and will take on the added responsibilities of managing real estate. Both Eric and Rob have strengthened our leadership team, and the promotions are well deserved. I look forward to working with them for years to come.

Rob Helm 已晉升為執行副總裁，並將承擔管理房地產的額外職責，即日起生效。艾瑞克和羅布都加強了我們的領導團隊，這次晉升是當之無愧的。我期待在未來的歲月裡與他們合作。

Finally, we announced today the hiring of Chris Zender to the role of Executive Vice President and Chief Operating Officer effective June 17. Chris brings a vast wealth of operational and leadership experience from a number of deep discount and closeout retailers.

最後，我們今天宣布聘用 Chris Zender 擔任執行副總裁兼營運官，自 6 月 17 日起生效。克里斯帶來了多家深度折扣和清倉零售商的豐富營運和領導經驗。

We have a great team, and I will work with them to ensure a smooth transition early next year. The business is in very good -- in a very good place, and we are well positioned to keep winning into the future. Now it is my pleasure to turn the call over to Eric.

我們擁有一支優秀的團隊，我將與他們合作，確保明年初順利過渡。我們的業務狀況非常好——處於一個非常好的位置，我們處於有利位置，可以在未來繼續獲勝。現在我很高興將電話轉給艾瑞克。

Thanks, John. I appreciate the confidence you and the Board having me to lead our company into its next phase of growth. John alluded to this, but we really outperformed on every level in the first quarter. Our results are a function of the strong deal flow and execution of our team. The process improvements and investments we have made in our people, supply chain, stores, and marketing continue to pay off in the form of better productivity and consistent financial results.

謝謝，約翰。我感謝您和董事會對我的信任，讓我帶領我們公司進入下一階段的發展。約翰提到了這一點，但我們在第一季確實在各個層面上都表現出色。我們的業績取決於我們團隊強大的交易流程和執行力。我們在人員、供應鏈、商店和行銷方面進行的流程改善和投資繼續以更高的生產力和一致的財務表現的形式獲得回報。

These investments include wages across both our distribution network and our stores; enhanced operational teams across major functional areas such as marketing, real estate, loss prevention, and supply chain; upgraded distribution and transportation capabilities; new technology and systems; a store remodel program; and a retooled marketing strategy with expanded digital capabilities. These and other investments have also made us a more nimble organization, capable of handling unplanned events and circumstances such as the collapsing of the Baltimore bridge.

這些投資包括我們的分銷網絡和商店的工資；增強行銷、房地產、防損和供應鏈等主要職能領域的營運團隊；升級配送和運輸能力；新技術和系統；商店改造計劃；以及具有擴展數位功能的重組行銷策略。這些和其他投資也使我們成為一個更靈活的組織，能夠處理意外事件和情況，例如巴爾的摩大橋倒塌。

Within hours of this event, we took action to reroute ocean containers to alternate ports, which resulted in minimal delays, disruptions or incremental costs. This was only possible because of the upgraded team, new systems and new carrier contracts that we put in place a few years ago to provide increased visibility and flexibility around international freight.

事件發生後數小時內，我們採取行動將海運貨櫃改道至備用港口，從而最大限度地減少了延誤、中斷或增加成本。這之所以成為可能，是因為我們幾年前實施了升級的團隊、新系統和新的承運人合同，以提高國際貨運的可見性和靈活性。

As a reminder, almost 90% of our foreign shipping requirements are covered under contract, and we have very little exposure to the spot market. In May, we negotiated our annual international carrier contracts at favorable rates.

提醒一下，我們幾乎 90% 的國外運輸需求都是透過合約滿足的，我們對現貨市場的曝險很少。五月，我們以優惠的價格談判了年度國際承運合約。

I'm also pleased to report that our new distribution center in Princeton, Illinois has begun receiving product and is on track to start shipping stores in late July. The construction of the building, installation of our racking and automation solutions, and staffing of the new facility is going as planned and within budget. This fourth distribution center will have the capacity to support an additional 150 to 175 stores. This will give us the ability to service up to 750 stores.

我還很高興地報告，我們位於伊利諾伊州普林斯頓的新配送中心已開始接收產品，並預計在 7 月底開始向商店發貨。大樓的建造、貨架和自動化解決方案的安裝以及新設施的人員配備正在按計劃並在預算範圍內進行。第四個配送中心將有能力支援另外 150 至 175 家商店。這將使我們能夠為多達 750 家商店提供服務。

We are excited about the recently acquired 99 Cents Only Stores. As John mentioned, this is a group of 11 stores located in key markets in Texas, three are owned properties and the balance are leases. These stores are the right size located in good trade areas have attractive occupancy costs and have been servicing value-oriented customers for many years.

我們對最近收購的 99 Cents Only Stores 感到非常興奮。正如 John 所提到的，這是一組位於德州主要市場的 11 家商店，其中 3 家是自有物業，其餘則是租賃物業。這些商店規模合適，位於良好的貿易區域，擁有有吸引力的入住成本，多年來一直為以價值為導向的客戶提供服務。

Texas is a great market for us where we have tremendous growth opportunity. It's hard to find good locations with the type of rent structures that we typically require, and these stores will significantly strengthen our presence in key markets across the state.

德克薩斯州對我們來說是一個巨大的市場，那裡有巨大的成長機會。很難找到具有我們通常需要的租賃結構類型的好地點，而這些商店將顯著加強我們在全州主要市場的影響力。

On the marketing front, we continue to shift advertising dollars into various digital and social media platforms, including influencers across TikTok, Instagram, and Facebook. This is helping us reach new and younger customers and keeping our brand top of mind with existing customers.

在行銷方面，我們繼續將廣告資金轉移到各種數位和社群媒體平台，包括 TikTok、Instagram 和 Facebook 上的影響者。這有助於我們吸引新的和年輕的客戶，並使我們的品牌成為現有客戶心目中的首選。

Our growing customer base is reflected in our Ollie's Army numbers. Consistent with prior trends, we are seeing growth in the younger customer demographic and also in younger customers joining the Army. Lastly, we continue to benefit from the trade down effect we have experienced over the last few quarters and are seeing strong retention from this customer cohort.

我們不斷成長的客戶群反映在我們的 Ollie's Army 數量上。與先前的趨勢一致，我們看到年輕客戶群以及加入軍隊的年輕客戶數量有所增長。最後，我們繼續受益於過去幾季所經歷的貿易下降效應，並且看到該客戶群的強勁保留。

Before I turn the call over to Rob, I would like to thank the entire Ollie's team for their continued support and confidence in my leadership of this amazing business. I am honored to be named President and looking forward to working with John and the executive team on the CEO transition. We are a super unique organization that is rooted in great people, experience, and an amazing culture. Rob?

在我把電話轉給 Rob 之前，我要感謝整個 Ollie 團隊對我領導這個令人驚嘆的企業的持續支持和信任。我很榮幸被任命為總裁，並期待與約翰和執行團隊一起完成執行長的過渡。我們是一個超級獨特的組織，植根於優秀的人才、經驗和令人驚嘆的文化。搶？

Thanks, Eric, and good morning, everyone. We are very pleased with our strong start to the year. Our first-quarter results came in ahead of our expectations across the board, driven by strong comparable store sales, significant gross margin expansion, continued discipline, and higher interest income.

謝謝埃里克，大家早安。我們對今年的強勁開局感到非常滿意。在強勁的可比商店銷售、顯著的毛利率擴張、持續的紀律和更高的利息收入的推動下，我們第一季的業績全面超出了我們的預期。

In the first quarter, net sales increased 11% to $509 million, driven by new store growth and a 3% increase in our comparable store sales. Transactions, basket and average retail were all up in the quarter, with basket being the biggest driver of the comp. The 53rd week last year and the shift in the Easter holiday this year created some movement in our ad calendar year over year, which made for some choppy weekly comparisons.

第一季度，受新店成長和可比商店銷售額成長 3% 的推動，淨銷售額成長 11%，達到 5.09 億美元。本季度交易、購物籃和平均零售額均有所上升，其中購物籃是該公司的最大推動力。去年的第 53 週和今年復活節假期的轉變導致我們的廣告日曆逐年發生一些變化，導致每週比較出現一些波動。

Barring these shifts, our underlying comp trends were strong and accelerated as we moved through the quarter. Our category strength was broad based with over 50% of our product categories comping positive. Our best performing categories were lawn and garden, housewares, food, sporting goods, and candy. Ollie's Army membership increased 7% to 14.2 million members and sales to our members represented over 80% of total sales.

除非發生這些變化，否則隨著本季的進展，我們的基本比較趨勢將強勁且加速。我們的品類實力基礎廣泛，超過 50% 的產品類別表現良好。我們表現最好的類別是草坪和花園、家居用品、食物、體育用品和糖果。Ollie's Army 會員人數增加了 7%，達到 1,420 萬名會員，會員銷售額佔總銷售額的 80% 以上。

During the quarter, we opened four new stores ending with 516 stores in 30 states, an increase of 8% year over year. We are pleased with the performance of our new stores, which continue to perform in line with our expectations.

本季度，我們新開了 4 家門市，在 30 個州開設了 516 家門市，較去年同期成長 8%。我們對新店的表現感到滿意，它們的表現繼續符合我們的預期。

Gross margin increased 220 basis points to 41.1% primarily due to favorable supply chain costs and higher merchandise margins. SG&A expenses were well controlled in the quarter and decreased 40 basis points as a percentage of net sales to 28%, driven by leverage of fixed expenses on the increase in comparable store sales.

毛利率成長 220 個基點至 41.1%，主要得益於有利的供應鏈成本和更高的商品利潤率。本季的 SG&A 費用得到了很好的控制，在固定費用對可比商店銷售額增長的槓桿作用的推動下，佔淨銷售額的百分比下降了 40 個基點至 28%。

Operating income increased 47% to $56 million, and operating margin increased 270 basis points to 11.1% in the quarter. Adjusted net income increased 47% to $45 million, adjusted earnings per share increased 49% to $0.73. Lastly, adjusted EBITDA increased 40% to $69 million, and adjusted EBITDA margin increased 280 basis points to 13.6% for the quarter.

本季營業收入成長 47%，達到 5,600 萬美元，營業利潤率成長 270 個基點，達到 11.1%。調整後淨利成長 47%，達到 4,500 萬美元，調整後每股收益成長 49%，達到 0.73 美元。最後，本季調整後 EBITDA 成長 40%，達到 6,900 萬美元，調整後 EBITDA 利潤率成長 280 個基點，達到 13.6%。

Turning to the balance sheet. Our balance sheet remains very strong and is a significant strategic asset, which provides us maximum flexibility to drive growth and maximize shareholder returns. We ended the quarter with $342 million between cash on hand and short-term investments and no outstanding borrowings under our revolving credit facility.

轉向資產負債表。我們的資產負債表仍然非常強勁，是一項重要的策略資產，它為我們提供了最大的靈活性來推動成長並最大化股東回報。截至本季末，我們的手頭現金和短期投資為 3.42 億美元，循環信貸安排下沒有未償還借款。

Inventories increased 6% to $527 million, primarily driven by new store growth. Capital expenditures totaled $27 million for the quarter and were primarily related to our new distribution center in Princeton, Illinois, the remodeling of existing stores and the development of new stores.

庫存成長 6% 至 5.27 億美元，主要受到新店成長的推動。本季資本支出總計 2700 萬美元，主要與我們位於伊利諾伊州普林斯頓的新配送中心、現有商店的改造和新商店的開發有關。

We are committed to returning capital to our investors through share repurchases, while balancing our strategic growth opportunities and working capital needs. With some of the share price volatility in the quarter, we stepped up our repurchase activity and bought $25 million of our common stock.

我們致力於透過股票回購向投資者返還資本，同時平衡我們的策略成長機會和營運資金需求。由於本季股價出現一些波動，我們加強了回購活動，並購買了 2,500 萬美元的普通股。

Turning to our outlook for 2024. We are pleased with our strong start to the year and are raising both our sales and earnings outlook for fiscal 2024.

轉向我們對 2024 年的展望。我們對今年的強勁開局感到滿意，並提高了 2024 財年的銷售和獲利預期。

For the full year, which is a 52-week year compared to 53 weeks in 2023, we now expect total net sales of $2.257 billion to $2.277 billion, comparable store sales growth of 1.5% to 2.3%, gross margin of approximately 40%, operating income of $250 million to $258 million, adjusted net income of $196 million to $202 million, and adjusted net income per diluted share of $3.18 to $3.28, which assumes an annual effective tax rate of 25.5%, which excludes the tax benefits related to stock-based compensation and diluted weighted average shares outstanding of approximately 62 million.

對於全年而言，即52 週，而2023 年為53 週，我們現在預計總淨銷售額為22.57 億美元至22.77 億美元，可比商店銷售額增長1.5% 至2.3%，毛利率約為40% ，營業收入為2.5 億至2.58 億美元，調整後淨利潤為1.96 億至2.02 億美元，調整後每股攤薄淨利潤為3.18 至3.28 美元，假設年度有效稅率為25.5%，不包括與股票相關的稅收優惠以薪資及攤薄加權平均數的已發行股數約為6,200萬股。

Lastly, let me provide color on how we're thinking about the quarterly comp and store opening cadence as well as a few other numbers to help with your models. For Q2, we are planning comps around the midpoint of our long-term algo of 1% to 2%. Although, we are currently running ahead of this, July represents a very challenging monthly comparison for us.

最後，讓我提供一些關於我們如何考慮季度薪酬和開店節奏的信息，以及一些其他數字來幫助您建立模型。對於第二季度，我們計劃在長期演算法的中點附近進行比較，即 1% 到 2%。儘管我們目前已經領先，但 7 月對我們來說是一個非常具有挑戰性的月度比較。

For Q3, we anticipate comp sales to be flat due to a shift of one flyer from Q3 into Q4. As a result of the shift, we'd expect Q4 comps to be slightly above the high end of our long-term algo. For new store openings, we're still targeting a total of 50 new stores, less 2 closures that we chose not to renew. As Eric discussed in his remarks, we are very excited to be the winning bidder of 11, 99 Cents Only Stores.

對於第三季度，我們預計由於一張傳單從第三季度轉移到第四季度，公司銷售額將持平。由於這一轉變，我們預計第四季度的業績將略高於我們長期演算法的高端。對於新店開業，我們的目標仍然是總共 50 家新店，減去 2 家我們選擇不續約的關閉店。正如 Eric 在他的演講中所討論的，我們非常高興能夠成為 11 家 99 美分專賣店的得標者。

Since we will start to incur occupancy expenses on these locations at closing, our goal is to open these stores as fast as possible. With these new stores, we will likely push a handful of our original plant openings from 2024 into early 2025.

由於我們將在關閉時開始產生這些地點的佔用費用，因此我們的目標是盡快開設這些商店。有了這些新店，我們可能會將少數原來的工廠開業時間從 2024 年推遲到 2025 年初。

Over the course of the next 18 months, we now expect to open a higher number of stores than originally planned. In addition, the shift of a few stores into early next year also means that opening cadence will be more front-end loaded next year, which should benefit both full-year sales and earnings.

在接下來的 18 個月內，我們預計開設的門市數量將超過原計劃。此外，部分門市移至明年初也意味著明年的開幕節奏將更加靠前，這應有利於全年銷售和獲利。

We're still working through some of this real time. but we're now modeling approximately 6 new store openings in the second quarter, 30 in the third quarter, and 10 early in the fourth quarter. While we haven't yet taken physical possession to these stores to complete a thorough assessment, we'd expect the remodeling cost of a 99 Cents Only store to be a little higher than a typical opening.

我們仍在即時處理其中的一些問題。但我們現在正在對第二季度大約有 6 家新店開業進行建模，第三季度大約有 30 家新店開業，第四季度初大約有 10 家新店開業。雖然我們還沒有實際擁有這些商店來完成全面的評估，但我們預計 99 Cents Only 商店的改造成本會比典型的開業稍高一些。

With that in place, we would expect capital expenditures to be approximately $90 million, which excludes the $14.6 million purchase price for these locations, and preopening expenses to be in the range of approximately $17 million for the year. In terms of gross margin, our first quarter was our easiest comparison for the year.

到位後，我們預計今年的資本支出約為 9,000 萬美元，其中不包括這些地點的 1,460 萬美元購買價，開業前費用約為 1,700 萬美元。就毛利率而言，我們第一季是今年最容易進行比較的。

As a result, we would expect the increases in second and third quarters to be much more modest and the fourth quarter to be down slightly. Keep in mind that gross margins in 2Q and 4Q are historically lower than 1Q and 3Q. We are planning for depreciation and amortization expense of approximately $42 million, which includes $11 million that runs through cost of goods sold.

因此，我們預計第二季和第三季的成長將更加溫和，第四季將略有下降。請記住，第二季和第四季的毛利率歷來都低於第一季和第三季。我們計劃折舊和攤提費用約為 4,200 萬美元，其中包括 1,100 萬美元的銷售成本。

Lastly, we expect net interest income of approximately $14 million. We are now modeling the consensus view of one rate decrease in the back half of the year, instead of the three decreases contemplated in our original guidance.

最後，我們預計淨利息收入約為 1400 萬美元。我們現在正在對下半年降息一次的共識觀點進行建模，而不是我們最初指導中設想的三次降息。

Now let me turn the call back over to John.

現在讓我把電話轉回給約翰。

Thanks, Rob.

謝謝，羅布。

We operate a very unique business model that involves everyone from every level to make us successful. I am very proud of the entire team for their hard work and dedication. We love saving customers money and selling good stuff cheap and it's this passion that brings all of us together and drives the Ollie's culture.

我們採用非常獨特的商業模式，讓各個層面的每個人都參與進來，使我們成功。我為整個團隊的辛勤工作和奉獻精神感到非常自豪。我們喜歡為客戶省錢並以低價銷售好東西，正是這種熱情將我們所有人聚集在一起並推動了 Ollie 的文化。

It has been a privilege to be part of Ollie's expansion over the last 20 years and to watch this grow from $100 million in sales to over $2 billion in sales. We have so much more growth ahead of us, and in many ways, we are just getting started. We are Ollie's.

在過去 20 年裡，我很榮幸能夠參與 Ollie 的擴張，並見證其銷售額從 1 億美元成長到超過 20 億美元。我們還有更多的成長空間，而且在很多方面，我們才剛開始。我們是奧利的。

That concludes our prepared remarks, and we are now happy to take questions. Operator?

我們準備好的演講到此結束，現在我們很樂意回答問題。操作員？

(Operator Instructions) Brad Thomas, KeyBanc Capital Markets.

（操作員說明）Brad Thomas，KeyBanc 資本市場。

Yes, hi. Good morning and congratulations to everyone on the new opportunities ahead.

是的，嗨。早上好，恭喜大家獲得新的機會。

Thanks, Brad.

謝謝，布拉德。

Sure, John. My question was really, if you could comment a little bit more on the health of the consumer and your outlook over the next few quarters as you're up against these tough comparisons. We're certainly seeing some mixed data points in terms of out of the consumer spending, and any more color around how you're feeling in your medium-term outlook would be helpful. Thanks.

當然，約翰。我的問題是，在面對這些艱難的比較時，您是否可以對消費者的健康狀況以及未來幾季的前景發表更多評論。當然，我們在消費者支出方面看到了一些混合的數據點，並且任何有關您對中期前景的感受的更多顏色都會有所幫助。謝謝。

Sure. Brad, this is Eric. What we're seeing in Q1 is pretty similar to Q4. We're continuing to see a trade down of higher income consumers, the sweet spot looks to still be the $100,000 to $150,000 household income range. And our lower income cohort is relatively stable. I mean, keep in mind that we're underpenetrated in lower-income consumers compared to others, but it's been relatively stable. So we're pretty consistent quarter over quarter. We're not seeing much change.

當然。布拉德，這是艾瑞克。我們在第一季看到的情況與第四季非常相似。我們繼續看到高收入消費者的消費下降，最佳點似乎仍然是 100,000 美元至 150,000 美元的家庭收入範圍。我們的低收入群體相對穩定。我的意思是，請記住，與其他國家相比，我們在低收入消費者中的滲透率較低，但相對穩定。所以我們每季的表現都非常穩定。我們沒有看到太多變化。

Yeah, Brad. I think the only thing I'd add to that is with consumers being stretched -- in our opinion, value is going to win. And I think the best value that you can give to the customer, you're earning more people shopping in our stores, and we're well positioned for that.

是的，布拉德。我認為我唯一要補充的是消費者的壓力——在我們看來，價值將會獲勝。我認為，您可以為客戶提供的最佳價值是吸引更多人在我們的商店購物，而我們為此做好了準備。

That's helpful. And as a follow-up, John, I was wondering, if you could talk a little bit more about how your conversations are going with suppliers as you talk about potentially having more strategic partnerships with them rather than just doing closeouts and how do you think about that opportunity longer term?

這很有幫助。作為後續行動，約翰，我想知道，當您談論可能與供應商建立更多戰略合作夥伴關係而不僅僅是進行清倉時，您是否可以多談談您與供應商的對話進展如何，您認為如何從長遠來看這個機會？

Yeah. We really focus on driving relationships, Brad. We don't really try to drive made for Ollie's per se and have everyday value goods. So our -- what happens at the end of the day, we don't know. But with our size and scale, we believe that some of this is occurring naturally, but the biggest way you continue to garner the best product offerings available by keeping those relationships real strong with what you're doing business with.

是的。我們真的專注於推動關係，布拉德。我們並沒有真正嘗試駕駛專為 Ollie's 本身設計並擁有日常有價值的商品。所以我們不知道最終會發生什麼。但考慮到我們的規模和規模，我們相信其中一些是自然發生的，但您繼續獲得最佳產品的最大方式是透過與您開展業務的業務保持真正牢固的關係。

Yeah. I mean another way to say that Brad is, strategic partnerships are closeout partnerships.

是的。我的意思是布拉德的另一種說法是，戰略夥伴關係是緊密的夥伴關係。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Hi. Thanks. Good morning. Congrats from me as well on the promotions. For the full-year guide, are you raising the rest of the year? It looks like, with Rob, you kind of maintained your quarterly cadence, but it does seem to hit the midpoint of the comp guide that the numbers might be a little bit above what you were thinking a couple of months ago?

你好。謝謝。早安.我也對晉升表示祝賀。對於全年指南，您是否會在今年剩餘的時間裡籌集資金？看起來，與 Rob 一樣，您保持了季度節奏，但似乎確實達到了薪酬指南的中點，即數字可能略高於您幾個月前的想法？

From a guidance perspective, we are keeping our comp guidance in place, but we were able to pick up quite a few sales weeks based on the acquisition of 99 Cents Only Stores.

從指導的角度來看，我們保持了比較指導，但基於收購 99 Cents Only Stores，我們能夠獲得相當多的銷售週。

Okay. Maybe just to stick on those stores. So can you give some characteristics around the size of them? And I guess just going backwards into history, but there was in history of Toys "R" Us and opening up a lot of stores at once caused some operational difficulties. So if you can just talk about the cadence of opening those and managing the supply of the stores?

好的。也許只是為了堅持那些商店。那麼你能給出一些關於它們大小的特徵嗎？我想只是回顧一下歷史，但玩具“反”斗城的歷史上曾經有一次一次性開設很多商店造成了一些運營困難。那麼您能否談談開設這些商店和管理商店供應的節奏？

Sure, Peter. I'll take it. It's Eric. I think very different from 2019, our supply chain is in a much different place. We have the capacity to ensure that we can get those stores up and running with the right inventory without sacrificing comp, the comp base. We will not sacrifice customer experience or profitability as we move forward on these stores. We have the bandwidth to open them properly and get them executed.

當然，彼得。我要買它。是埃里克。我認為與 2019 年有很大不同，我們的供應鏈處於一個非常不同的位置。我們有能力確保我們能夠在不犧牲競爭基礎的情況下，以正確的庫存來啟動和營運這些商店。在我們推進這些商店的過程中，我們不會犧牲客戶體驗或獲利能力。我們有足夠的頻寬來正確打開它們並執行它們。

Yeah, Peter. This is John. The other thing that I would add to it that's the exact reason why we're not adding any incremental stores to the overall class, if you want to call it. We're going to just springboard into 2025 with many more stores ready to open earlier in the year because we don't want to put too much more pressure on our ability to open the stores.

是的，彼得。這是約翰。我要添加的另一件事是我們不向整個類別添加任何增量儲存的確切原因（如果您想呼叫它）。我們將踏入 2025 年，更多商店準備在今年稍早開業，因為我們不想對我們開設商店的能力施加太大壓力。

Yeah. I think, Peter, you also asked a question, I didn't answer on the size. The size of the stores is in the mid-20s, 1,000 square feet. As you know, our average for the chain is more like 30. So they're a little smaller than the average. They're the right size for the markets that we're in, considering the stores were picking up. Perhaps it makes it a little bit easier in terms of the inventory that takes to open them, but not necessarily a material difference.

是的。我想，彼得，你也問了一個問題，我沒有回答尺寸。商店的規模在20多歲左右，1,000平方英尺。如您所知，我們的連鎖店平均數量約為 30。所以它們比平均要小一些。考慮到商店的銷量正在回升，它們的尺寸適合我們所在的市場。也許這使得打開它們所需的庫存變得更容易一些，但不一定是實質的差異。

And Peter, just to remind everybody back in the day when we did the Toys "R" Us sites back in 2019, those stores were closer to 40,000 square foot stores, and we opened up 22 of them in one quarter. So that was a little more stress on the network that wasn't quite as sophisticated as it is today.

Peter，只是提醒大家，當我們在 2019 年創建玩具「反」斗城網站時，這些商店的面積接近 40,000 平方英尺，我們在一個季度內開設了 22 家。因此，這對當時並不像今天那麼複雜的網路造成了更大的壓力。

And we filled them, the 40,000 feet.

我們填滿了它們，40,000 英尺。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

Hi. Good morning. Thanks for taking our question. We were wondering just how the competitive environment looks right now with regards to going after closeout deals, and outside some of the CPG commentary where you're seeing some of the more compelling closeout opportunities.

你好。早安.感謝您提出我們的問題。我們想知道目前在追求清倉交易方面的競爭環境如何，在一些 CPG 評論之外，您會看到一些更引人注目的清倉機會。

Yeah, Kate. Like, we say almost every call, we don't see a whole lot of competition in the closeout market for a lot of our deals. So we're not -- I don't know, if it's just because of our size and scale, we're able to be the first call and what we want, we take. But we're not seeing any issues from an overall pressure perspective that we're losing deals to anybody after in the market today.

是的，凱特。就像我們幾乎每次電話會議時都會說的那樣，我們的許多交易在清倉市場上都沒有看到激烈的競爭。所以我們不是——我不知道，如果只是因為我們的規模和規模，我們就能成為第一個接到電話的人，我們想要什麼，我們就採取什麼。但從整體壓力的角度來看，我們沒有看到任何問題，即我們在今天的市場上輸給了任何人。

So we feel very well positioned and we’re able to get all the product offerings for all the categories we’re looking for at this point in time where merchants are in a very good position.

因此，我們感覺自己處於非常有利的位置，並且我們能夠及時獲得我們正在尋找的所有類別的所有產品，而商家處於非常有利的位置。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

Yeah. Hey. Good morning, guys. It's Anthony on for Ed. Thanks for taking our questions. So first, I wanted to ask about the gross margin. It looks like a record for Q1. It came in a lot higher than most for modeling and obviously running well above your full year number. Can you just talk a little bit more about what's driving that strength and then how we should be thinking about the cadence of the rest of the year in terms of guidance?

是的。嘿。早安，夥計們。安東尼替補艾德。感謝您回答我們的問題。首先，我想問一下毛利率。這看起來像是第一季的記錄。它比大多數模特兒的得分要高得多，而且顯然遠遠高於你的全年數字。您能否多談談是什麼推動了這種力量，然後我們應該如何考慮今年剩餘時間的指導節奏？

This is Rob. I can take this one. We were very pleased with our gross margin result. Most of the expansion was supply chain related, which was what we had kind of forecasted when we came into the year that we get a nice supply chain lift in the first half of this year. We did get nicely complemented on our gross margin line from the merchandise margin and some nice deal flow that we saw in the quarter.

這是羅布。我可以拿走這個。我們對毛利率結果非常滿意。大部分擴張與供應鏈相關，這是我們在進入今年上半年時的預測，我們的供應鏈將得到很好的提升。我們確實從商品利潤率和本季看到的一些不錯的交易流中得到了很好的補充。

But keep in mind, our gross margin in Q1 and 3Q typically is higher than our full-year annual gross margin. So we're expecting it to step down sequentially from here. Although, we do still expect expansion off of last year's gross margin results. And then from the rest of the year, 3Q will be up slightly and then 4Q down slightly because to your point, it was also a record, and we're going to continue to plan conservatively until we get a little bit more short-term visibility.

但請記住，我們第一季和第三季的毛利率通常高於全年毛利率。因此，我們預計它將從這裡開始依次下台。儘管如此，我們仍然預計去年的毛利率結果會有所擴大。然後從今年剩下的時間來看，第三季將略有上升，然後第四季度將略有下降，因為就你而言，這也是一個記錄，我們將繼續保守計劃，直到我們得到更多的短期數據能見度。

Got it. That's helpful. And then just on the Q1 comp, I know you guys mentioned some calendar noise in Q1 given the 53rd week. Can you just talk us through the magnitude of that impact in a little more detail? Just trying to understand how clean over that number is?

知道了。這很有幫助。然後就第一季的比較而言，我知道你們提到了第一季第 53 週的一些日曆噪音。您能否更詳細地向我們介紹一下這種影響的嚴重程度？只是想了解這個數字有多乾淨？

Well, from a quarter perspective, the quarter had the same number of adds year over year. My comments were referencing the week-to-week shifts, which are calendar shifts with our flyer. So the weekly fluctuations could be quite significant. But over the course of the quarter, we saw that we did a positive comps in all three quarters when factoring in for the Easter shift. And we saw that the comp trends strengthened as we move throughout the quarter as the customer responded to our spring and seasonal offerings later in the quarter.

嗯，從季度的角度來看，該季度的新增數量與去年同期相同。我的評論是指每週的輪班，這是我們傳單的日曆輪班。因此每週的波動可能相當大。但在整個季度中，我們發現，考慮到復活節的轉變，我們在所有三個季度都取得了積極的業績。我們看到，隨著客戶在本季稍後對我們的春季和季節性產品做出反應，整個季度的競爭趨勢有所加強。

Scot Ciccarelli, Truist Securities.

斯科特·西卡雷利 (Scot Ciccarelli)，Truist 證券公司。

Hey, good morning, guys. This is Joe on for Scot. Thanks for taking my question. I was just wondering, if you could talk a little bit more about line of sight for sourcing this year and where you see the most opportunities across categories.

嘿，早上好，夥計們。這是喬代表斯科特。感謝您提出我的問題。我只是想知道，您是否可以多談談今年的採購視線以及您在哪些類別中看到最多的機會。

Yes. Joe, as you know, with our business and being predominantly close out retailing, we don't have a ton of line of sight per se. We're not out six months or eight months from our perspective. But we have a couple of months, two months, three-month visibility.

是的。喬，如你所知，我們的業務主要是封閉零售業，我們本身沒有太多的視野。從我們的角度來看，我們還沒有離開六個月或八個月。但我們有幾個月、兩個月、三個月的可見度。

And right now, our line of sight feels very good where we're positioned. And what we feel in the marketplace is the strength of the deal flow and the momentum we have. It's been pretty good, and I think it's going to continue to be pretty strong for us. So we feel well positioned going into the second half of the year as well.

現在，我們所在位置的視線感覺非常好。我們在市場上感受到的是交易流的強度和我們擁有的動力。這非常好，我認為這對我們來說將繼續保持強勁。因此，我們在進入下半年時也感覺處於有利位置。

Got you. Great. And if I could just do a quick follow-up on how you're thinking about consumers versus like general merchandise in terms of demand and sourcing out there would be great. Thanks.

明白你了。偉大的。如果我能快速跟進您對消費者與一般商品在需求和採購方面的看法，那就太好了。謝謝。

We look at it more on the deal. Obviously, consumables are a big driver right now to everyone with the pressure the consumer is under. But we do give the best deal to consumer. And if it's a value the consumer responds as we have such a wide disparity of income levels in our stores.

我們會更關注這筆交易。顯然，對每個人來說，消費品都是一個很大的推動力，因為消費者面臨壓力。但我們確實給消費者最優惠的價格。如果這是一個價值的話，消費者就會做出反應，因為我們商店裡的收入水準差距如此之大。

So we're being the right product and at the right price itself. But consumables are definitely a big part of the puzzle right now and we keep focused on that. But we also are staying away from real big ticket items just because that's more challenging to move. So we're seeing right in our spot, which we know is working well for the consumer.

因此，我們正在以合適的價格提供合適的產品。但消耗品目前無疑是這個難題的重要組成部分，我們將繼續關注這一點。但我們也遠離真正的大件物品，因為它們運輸起來更具挑戰性。所以我們看到了我們的位置，我們知道這對消費者來說效果很好。

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Thanks, and congrats on a nice quarter.

謝謝，並祝賀您度過了一個愉快的季度。

Thanks, Matt.

謝謝，馬特。

Thanks, Matt.

謝謝，馬特。

So John, could you elaborate on new customer acquisition trends, maybe key initiatives to capture competitive opportunities in the landscape? And then, just near term, have you seen any change in consumer behavior so far in the second quarter versus that strengthening in the comps that you cited as the first quarter progressed?

那麼約翰，您能否詳細說明新的客戶獲取趨勢，也許是捕捉該領域競爭機會的關鍵舉措？然後，就近期而言，與您提到的第一季進展相比，您是否看到第二季迄今為止消費者行為發生任何變化？

Matt, I'll let Eric take part of that, and then I can kick in at the end.

馬特，我會讓艾瑞克參與其中，然後我可以在最後介入。

Yeah. I think in terms of acquisition, Matt, the biggest trend we're seeing is with the younger consumers, the 18 to 45 year old cohort is where we're seeing the strongest acquisition of new customers. It's very exciting. We do believe that our digital marketing investments and the remix of print investing more into digital is working quite well in attracting that customer. And also on the product side, bringing in products that appeal to younger customers as the deals present themselves is also very helpful in driving the younger consumer.

是的。Matt，我認為就獲取客戶而言，我們看到的最大趨勢是年輕消費者，18 至 45 歲的消費者是新客戶獲取最強勁的群體。這非常令人興奮。我們確實相信，我們的數位行銷投資以及印刷品在數位方面的投資在吸引客戶方面效果很好。同樣在產品方面，在優惠活動中引進對年​​輕消費者有吸引力的產品，對於吸引年輕消費者也非常有幫助。

I would also say that the boost we're seeing in the customer file is also attrition starting to level off. We're seeing that we're repeating customers at greater levels than we have over the last couple of years. And if you remember, Matt, we picked up a lot of customers in the pandemic and then had some operational challenges. So we're -- we feel like, we're coming out the other side of that. And the Ollie's Army filed up 7% for the quarter is a testament to that.

我還想說，我們在客戶檔案中看到的成長也開始趨於平穩。我們發現我們的回頭客數量比過去幾年更高。如果你還記得的話，馬特，我們在疫情期間吸引了很多客戶，然後遇到了一些營運挑戰。所以我們——我們感覺，我們正在走出困境的另一面。Ollie's Army 本季的成長率為 7% 就證明了這一點。

Yeah. And Matt, lastly, on the consumer behavior going into Q2 with us being a little bit better than our expectations. It’s really not – we’re not seeing the change in the consumer behavior. We’re seeing more of the weather patterns were a little more favorable earlier this year than they were last year so far. So that’s why we’re just kind of holding tight where we’re sitting.

是的。最後，馬特談到了第二季度的消費者行為，我們的表現比我們的預期要好一些。事實並非如此——我們沒有看到消費者行為的改變。我們發現今年早些時候的天氣模式比去年迄今為止的情況要好一些。所以這就是為什麼我們只是緊緊抓住我們坐的地方。

Jeremy Hamblin, Craig-Hallum.

傑里米·漢布林，克雷格·哈勒姆。

Congrats on the momentum and the promotions. I wanted to ask about shrink. And you were still hearing a ton of retail peers that are struggling with shrink control. You guys have identified a subset of stores that I think are causing the majority of your shrink. But I want to get an update because I think the last time you said it's still a little bit elevated. I wanted to get an update on where you are on that -- on the shrink front?

恭喜您的勢頭和晉升。我想問關於收縮的事情。你仍然聽到大量零售同行在為控制損耗而苦苦掙扎。你們已經確定了我認為導致你們大部分收縮的部分商店。但我想得到更新，因為我認為你上次說的情況仍然有點高。我想了解您在收縮方面的最新進展？

Hey, Jeremy. This is Rob. Shrink does remain elevated. It feels like we've had a little bit of a plateau here. We continue to work on it every day. And as we take actions and improve one store, another store kind of pop up as we do rolling counts throughout the course of the year.

嘿，傑里米。這是羅布。收縮率確實保持在較高水平。感覺我們在這裡經歷了一段停滯期。我們每天都在繼續努力。當我們採取行動並改進一家商店時，隨著我們在一年中進行滾動計數，另一家商店就會突然出現。

The good news is, it does seem to have leveled off and that our guidance contemplates the shrink at this, albeit higher level. So we haven't forecasted for any improvement yet, continue to be a work in progress, and we're focused on it. And hopefully, we'll have a more positive update in the future.

好消息是，它似乎已經趨於平穩，我們的指導考慮到在此水平上的收縮，儘管水平較高。因此，我們尚未預測會有任何改進，這項工作仍在進行中，我們將重點放在它。希望我們將來能有更積極的更新。

Great. And then I just want to come back to the 99 Cents Only Stores. And thinking about the economics of the box a little bit smaller box, in terms of thinking about kind of the returns on that, presumably, we might be modeling these at 80% productivity of a full line Ollie's store, but how do we think about the kind of the EBITDA or four wall cash generation that you're getting from these stores, given that it sounds like you've got some favorable rent economics?

偉大的。然後我只想回到 99 Cents Only 商店。考慮一下盒子的經濟性，一個小一點的盒子，考慮到回報的類型，大概，我們可能會以 Ollie 全線商店 80% 的生產率來建模，但我們如何考慮考慮到聽起來你有一些有利的租金經濟，你從這些商店獲得的EBITDA 或四牆現金產生？

That's a good question. I'll take this one. From a store pro forma perspective, you're correct. We're modeling need for these stores to be slightly less productive on the sales line. But with the slightly less productive on the sales line, comes to lower occupancy cost and a lower payroll cost. And all of that's kind of considered in the math.

這是個好問題。我要這個。從商店預計的角度來看，你是對的。我們正在對這些商店的銷售效率稍微降低的需求進行建模。但由於銷售線的生產力略有下降，佔用成本和薪資成本也隨之降低。所有這些都在數學中得到了考慮。

And when you get to the bottom line, these stores we'd anticipate aren't too far off from an economic perspective of what a prototypes Ollie's would look like typically. So we'd expect economics to be nicely accretive to this year.

當你了解底線時，我們預計這些商店與 Ollie’s 原型商店的典型外觀的經濟角度相差不遠。因此，我們預計今年經濟將大幅成長。

Melanie Nunez, Bank of America.

梅蘭妮·努涅斯，美國銀行。

Hey. Good morning. Thanks for taking my question. I just wanted to see what you're seeing in terms of the promotional landscape across the space and how your buying teams really monitor that and factor that into your buying and pricing strategies?

嘿。早安.感謝您提出我的問題。我只是想看看您在整個空間的促銷環境方面看到了什麼，以及您的購買團隊如何真正監控這一點並將其納入您的購買和定價策略？

Yeah, Melanie. We look at pricing every day, that's our paramount measure of our success. So promotional pricing has not been a real headwind for us at all to date. But our merchants every single time they buy a deal, they look at the price in the marketplace to base our value for the consumer off of that.

是的，梅蘭妮。我們每天都會關注定價，這是我們衡量成功的最重要標準。因此，到目前為止，促銷定價對我們來說根本不是真正的阻力。但我們的商家每次購買商品時，都會查看市場上的價格，以此為基礎為消費者提供價值。

So if and when someone's got a promotional price, we look at it and we'll adjust accordingly when we need to. But for the most part, where our gaps are so large, we don't need to make any additional adjustments from that. But if and when it does happen, we make it quickly.

因此，如果有人獲得促銷價格，我們會進行查看，並在需要時進行相應調整。但在大多數情況下，我們的差距如此之大，我們不需要對此進行任何額外的調整。但如果真的發生了，我們很快就會做到。

Eric Cohen, Gordon Haskett.

艾瑞克‧科恩，戈登‧哈斯克特。

Good morning. Thanks for the question. Great quarter and congrats on all the promotions. Just want to ask on the guidance. You guys called out the big Q1 beat. How much of that is just flowing through or in other words, I guess, now that you have the 99 Cents Only Stores you’re going to have dark rent until they open. Could the full year guidance have been raised even higher if it wasn't for the 99 Cents store acquisitions?

早安.謝謝你的提問。很棒的季度，恭喜所有促銷活動。只是想請教指導。你們喊出了第一季的大節奏。其中有多少只是流動的，或者換句話說，我猜，現在你有了 99 美分專賣店，在它們開業之前你將擁有暗租。如果沒有收購 99 Cents 商店，全年指導是否會提高得更高？

99 Cents will be accretive to this year. While you have the dark rents that you do reference, we're not raising our total store opening count for the year. And we do have some level of preopening expenses in for non-99 Cents stores that we were going to open instead of the stores. From a net-net perspective, we think it's accretive this year because we're picking up sales weeks and we're advancing our pipeline based on acquiring these stores.

99 美分今年將會增值。雖然您有參考的暗租金，但我們不會增加今年的開店總數。對於我們要開設的非 99 Cents 商店（而不是商店），我們確實有一定程度的開業前費用。從淨淨角度來看，我們認為今年的銷量有所增加，因為我們的銷售週數有所增加，並且我們正在透過收購這些商店來推進我們的通路。

Got it. And historically, 70% of your sales have been from closeout for the last four years, it's dipped down to 65%, understandably during 2020, 2021 with strong demand and less closeout opportunity it shrunk. But even as the retail environment has stabilized, it still stayed at that 65%. So is that the right way to think about it, the business going forward? And does increase in that everyday value mix actually make the comps more consistent?

知道了。從歷史上看，過去四年裡，您的銷售額有70% 來自清倉，但在2020 年和2021 年，這一比例下降到了65%，這是可以理解的，因為需求強勁，清倉機會也減少了。但即使零售環境已經穩定，它仍然停留在 65%。那麼，這是思考未來業務的正確方式嗎？日常價值組合的增加是否真的會讓比較更一致？

Eric, that's a great question. From our perspective, we've always said that our goal would be to have 100% closeouts, which we know is not possible. So our internal goal is always 70-30 closeout versus everyday value goods. But the reality is, as we continue to expand, it gets harder and harder to have all the closeouts that you need to have the business model operating correctly.

艾瑞克，這是一個很好的問題。從我們的角度來看，我們一直說我們的目標是 100% 清倉，但我們知道這是不可能的。因此，我們的內部目標始終是與日常價值商品相比，清倉率達到 70-30。但現實是，隨著我們不斷擴張，要讓業務模式正確運作所需的所有清倉工作變得越來越困難。

So we do believe that as we continue to slide up to the 1,000 plus store number, we’ll see that closeout percentage start to dip down a little bit, but we don’t believe something south of 60 is ever going to happen. So we think 60-40 is probably about as well as we would go on and closeout versus everyday value goods. And we’ve been doing this for a long, long time.

因此，我們確實相信，隨著商店數量繼續增加到 1,000 多家，我們會看到清倉率開始略有下降，但我們不相信 60 家以上的情況會發生。因此，我們認為 60-40 可能與我們繼續和清倉相比日常價值商品差不多。我們已經這樣做了很長很長一段時間。

So the customer really doesn’t notice the difference on how we mix in everyday value goods in closeouts. But our goal is to stay close to that 70%. And right now, we feel pretty comfortable we can stay there with what we’re seeing in the marketplace.

因此，顧客實際上並沒有註意到我們在清倉中混合日常有價值商品的方式的差異。但我們的目標是接近 70%。現在，我們對市場上所看到的情況感到非常放心，可以繼續保持下去。

(Operator Instructions) Mark Carden, UBS.

（操作員說明）Mark Carden，UBS。

Great. Thanks so much for taking my questions and congrats guys on the promotions. So to start, I wanted to ask another one on the 99 Cents Only Stores. You guys mentioned they're a bit smaller. How do you think about assorting them? Would you expect to keep a similar closeout, non-closeout mix? Would you expect to trim back in any particular categories? Just want to dig in if there's any differences on that front.

偉大的。非常感謝您回答我的問題，並祝賀各位晉升。首先，我想問 99 美分專賣店的另一位顧客。你們提到它們有點小。您認為如何對它們進行分類？您希望保留類似的清倉、非清倉組合嗎？您希望削減某些特定類別的開支嗎？只是想深入了解這方面是否有任何差異。

Yeah, Mark. It's Eric. We do think about it quite a bit. It's not a big enough difference for there to be a material change in the mix. But it does adjust our thinking about category mix to an extent. It does not adjust our thinking in terms of closeout mix.

是的，馬克。是埃里克。我們確實考慮了很多。差異還不夠大，不足以在混合中發生實質變化。但它確實在一定程度上調整了我們對品類組合的思考。它不會調整我們在收尾組合方面的想法。

But there are certain categories of business that take up a little bit more space, that are a little bit less productive that we'll pull back on to remix the store to make sure the categories that are really the pillars of our business, the destination categories are featured well in a meaningful way.

但有些業務類別會佔用更多空間，生產力也會降低一些，我們將重新調整商店，以確保這些類別真正成為我們業務的支柱、目的地類別以有意義的方式得到很好的展示。

And there's a couple of other categories that are going to be respaced and smaller. We've learned a lot in remodeling stores over the past two years as we respaced and relocated categories as to what works and what doesn't work and it's helped inform us for what mixing a 25,000 square foot store needs to look like.

還有一些其他類別將被重新排列並縮小。在過去的兩年裡，我們在商店改造方面學到了很多東西，因為我們對類別進行了重新劃分和重新定位，了解哪些有效，哪些無效，這有助於我們了解25,000 平方英尺的混合商店需要是什麼樣子。

Got it. Makes sense. And you guys have seen a lot of momentum in higher income customers over the past few quarters. At this stage, are your tailwinds in this cohort skewing more towards repeat buyers or are you still bringing in a lot of new high-end customers into your ecosystem? Thanks.

知道了。有道理。在過去的幾個季度裡，你們已經看到了高收入客戶的強勁勢頭。在這個階段，您在這個群體中的順風是否更傾向於重複購買者，或者您是否仍在為您的生態系統引入大量新的高端客戶？謝謝。

Yeah. I mean it’s really both. We’re seeing repeat buying from – in the aggregate from all cohorts, including the higher income consumers, and we continue to acquire the higher income customers as well.

是的。我的意思是兩者都是。我們看到所有群體（包括高收入消費者）的重複購買，而且我們也將繼續吸引高收入客戶。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Good morning, everyone. I have one question, one follow-up. The first question is on gross margins. You mentioned first quarter seasonally typically a little bit better. Can you talk about what's imputed in terms of freight and supply chain costs? And if we've gotten sort of the peak benefit in the numbers now? And what is that -- what -- how does that flow throughout the rest of the year? And then I have one follow-up.

大家早安。我有一個問題，一個後續問題。第一個問題是關於毛利率。您提到第一季的季節性情況通常會好一些。能談談運費和供應鏈成本的估算嗎？如果我們現在已經獲得了數字上的最大收益呢？那是什麼——什麼——在今年剩下的時間裡它是如何流動的？然後我有一個後續行動。

Sure. I would say from a gross margin perspective, Q1 would be the peak benefit relative to supply chain costs. We do anticipate 2Q to be less than this, and 3Q to be virtually no benefit on the supply chain side. And then 4Q would be like for like for the most part. From a supply chain cost perspective, we did proceed into the year with a decent amount of caution on supply chain rates embedded in our guidance.

當然。我想說，從毛利率的角度來看，第一季將是相對於供應鏈成本的峰值效益。我們確實預計第二季的情況會低於這個水平，而第三季對供應鏈幾乎沒有任何好處。然後 4Q 在很大程度上會是類似的。從供應鏈成本的角度來看，我們確實對今年的指導中包含的供應鏈費率持相當謹慎的態度。

And we're not kind of taking any kind of good news at this point with just the potential for going into the retailers peak season and some commentary out of the ocean carrier front. We're going to foresee a good caution and obviously flow through the gross margin if we're able to do better than what we planned.

目前我們並沒有收到任何好消息，只是有可能進入零售商旺季以及來自海運承運人方面的一些評論。如果我們能夠做得比我們計劃的更好，我們將預見到一個很好的謹慎，並且顯然會影響毛利率。

Okay. And then to follow up to that, that means the caution was justified so far. And then I'll just throw my second question. The second question was back to traffic and ticket. I think you said basket and transactions were both positive. In the basket piece, is that the number of items that are being purchased or I don't know, if there's an average ticket that you can proxy given the changing merchandise?

好的。接下來，這意味著到目前為止的謹慎是合理的。然後我會提出第二個問題。第二個問題回到交通和票務。我認為你說籃子和交易都是正面的。在購物籃中，是正在購買的商品數量，還是我不知道，如果商品不斷變化，您是否可以代理平均票數？

That's a good one. Basket was about two-thirds of the comp B transactions was about a third of the comp -- for the quarter. Out of the basket, and most of it was driven out of AUR. But to your point, it's a difficult one to kind of look at in terms of mix. UPC was up ever so slightly.

這是一件好事。本季度，籃子交易約占公司交易的三分之二，B 交易約占公司交易的三分之一。出了籃子，而且大部分都被趕出了AUR。但就你而言，從混合的角度來看這是一個困難的問題。UPC 的漲幅非常小。

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to John Swygert for any further remarks.

謝謝。今天節目的問答環節到此結束。我想將程式交還給 John Swygert，以供進一步評論。

I would like to thank everyone for their time today and interest in Ollie's. We look forward to updating you on our continued progress on our next earnings call. Thank you and have a great day.

我要感謝大家今天抽出寶貴的時間以及對奧利的興趣。我們期待在下一次財報電話會議上向您通報我們的持續進展。謝謝您，祝您有美好的一天。

Thank you, ladies and gentlemen for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

感謝女士們、先生們參加今天的會議。這確實結束了該程式。您現在可以斷開連線。再會。