Ollie's Bargain Outlet Holdings Inc (OLLI) 2025 Q1 法說會逐字稿

Good morning, and welcome to Ollie's Bargain Outlet conference call to discuss financial results for the first quarter of fiscal year 2025. Please be advised that this call is being recorded, and the reproduction of this call in whole or in part is not permitted without the express written authorization of Ollie's.

早安，歡迎參加 Ollie's Bargain Outlet 電話會議，討論 2025 財年第一季的財務表現。請注意，本次通話將被錄音，未經 Ollie's 明確書面授權，不得全部或部分複製本次通話。

Joining today's call from Ollie's management are Eric van der Valk, President and Chief Executive Officer; and Robert Helm, Executive Vice President and Chief Financial Officer. Certain comments made on today's call may constitute forward-looking statements and are made pursuant to and within the [mean] 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.

參加今天 Ollie 管理層電話會議的有總裁兼執行長 Eric van der Valk 和執行副總裁兼財務長 Robert Helm。今天電話會議上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範圍內發表的。此類前瞻性陳述受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 company's earnings press release and filings with the SEC, including the annual report on Form 10-K and quarterly reports on Form 10-Q. Forward-looking statements made today are as of the date of this call, and the company does not undertake any obligation to update these statements.

這些風險和不確定性在該公司的收益新聞稿和提交給美國證券交易委員會的文件中有所描述，包括 10-K 表年度報告和 10-Q 表季度報告。今天所做的前瞻性陳述截至本次電話會議之日為止，本公司不承擔更新這些陳述的任何義務。

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 the company's earnings press release.

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。最接近可比性的 GAAP 財務指標與非 GAAP 財務指標的對帳已包含在本公司的收益新聞稿中。

With that, I will now turn the call over to Mr. van der Valk. Please go ahead, sir.

現在，我將把電話轉給范德華克先生。先生，請繼續。

Good morning. Thank you for your interest in Ollie's. I want to start by thanking my fellow Ollie's team members, the dream team of discount retail. Your passion for serving our customers by delivering unprecedented value is at the heart of our culture and drives our business. Our team has done an amazing job yet again navigating a dynamic environment while delivering strong financial results.

早安.感謝您對 Ollie's 的關注。首先，我要感謝我的 Ollie 團隊成員，他們是折扣零售業的夢幻隊。您透過提供前所未有的價值為我們的客戶服務的熱情是我們文化的核心，並推動著我們的業務發展。我們的團隊再次出色地完成了工作，在動態環境中導航並取得了強勁的財務業績。

Let me touch on some highlights. First, and most importantly, we are delivering accelerated growth. We opened 25 new stores in the first quarter, a record for any period in our history and four stores ahead of plan. As will be the case for most of the year, the majority of these openings were former Big Lots locations. The team has done an excellent job prioritizing these openings in 2025, while advancing our pipeline for 2026 and beyond.

讓我來談談一些亮點。首先，也是最重要的，我們正在實現加速成長。我們在第一季開設了 25 家新店，創下了公司歷史上的最高紀錄，並且比計劃提前開設了 4 家新店。與今年大部分時間的情況一樣，這些新開門店大部分都是以前的 Big Lots 門市。該團隊在優先安排 2025 年的開業事宜以及推進 2026 年及以後的籌備工作方面做得非常出色。

These stores are off to a very strong start. We appear to be benefiting from the fact that these are warm boxes with a built-in discount shopper customer base, which was our hypothesis going in. We delivered another quarter of strong financial results. Total sales, comparable store sales and adjusted earnings were all ahead of expectations. We were very encouraged to see strong mid-single-digit growth in transactions, despite being up against the final liquidation of the reslmaining Big Lots stores for much of the quarter.

這些商店的開局非常強勁。我們似乎受益於這樣一個事實：這些都是帶有內建折扣購物者客戶群的溫暖盒子，這正是我們最初的假設。我們又取得了一個季度的強勁財務表現。總銷售額、可比店銷售額和調整後收益均超出預期。儘管本季大部分時間我們都面臨 Big Lots 剩餘門市的最終清算，但我們仍然很高興看到交易額實現了強勁的中位數個位數成長。

Despite the Big Lots headwind in some SG&A pressure, we beat our expectations on both the top and bottom lines. Our deal flow and our access to product remains strong. There has never been a shortage of goods for us to purchase, and our growing size and scale continues to benefit our buying power.

儘管 Big Lots 在銷售、一般及行政費用方面面臨一些壓力，但我們的營收和淨利潤均超出了預期。我們的交易流程和產品取得管道依然強勁。我們從來不缺少需要購買的商品，而且我們不斷增長的規模和範圍也持續增強了我們的購買力。

The closeout market is very fluid, and there are many factors which influence deal flow in any given moment. Recently, it's been the significant number of retail store closures and supply chain disruptions that have created a tremendous amount of access to inventory.

清倉市場流動性很大，任何特定時刻都有許多因素影響交易流。最近，大量零售店關閉和供應鏈中斷導致大量庫存積壓。

Our flexible operating model allows our team to be very nimble and selective in what we purchase. We buy from thousands of vendors, and we're closely [with] our vendor partners to manage our category mix and assortment to deliver exceptional values while maintaining our margin targets. Our warehouses are set up to handle any type, shape or size product. Our store presentation is fluid. We do not have [planograms] or strict guidance around shelf space, and our customers are fully embrace the treasure hunt experience.

我們靈活的營運模式使我們的團隊在採購時能夠非常靈活和有選擇性。我們從數千家供應商處採購，並與我們的供應商合作夥伴密切合作，管理我們的品類組合和分類，以提供卓越的價值，同時保持我們的利潤目標。我們的倉庫可處理任何類型、形狀或尺寸的產品。我們的商店展示是流暢的。我們沒有[貨架規劃圖]或嚴格的貨架空間指導，我們的客戶完全享受尋寶體驗。

This gives us ultimate flexibility when it comes to navigating a choppy environment, and puts us in a very strong position versus most retailers. Given the challenging environment, we believe there could be significant product and market share opportunities.

這為我們應對動盪的環境提供了極大的靈活性，並使我們比大多數零售商處於非常有利的地位。鑑於充滿挑戰的環境，我們相信可能會有巨大的產品和市場份額機會。

The significant number of retail store closures over the past year has already resulted in strong deal flow customers. This is only likely to increase going forward. We are aggressively going after market share by accelerating our store growth expanding our digital marketing capabilities and enhancing our Ollie's Army customer loyalty program.

過去一年中大量零售店的關閉已經導致客戶交易量大幅減少。未來這一數字可能只會增加。我們正在積極爭取市場份額，加速門市成長，擴大數位行銷能力，加強 Ollie's Army 客戶忠誠度計畫。

We already have one of the strongest loyalty programs in the business. Our Ollie's Army members are our most dedicated customers who account for more than 80% of our sales and spend close to 40% more per visit in shop more frequently These are value-seeking [bargainers] who take pride in saving money and being an Ollie's Army member. We understand this customer base because we are this customer. Ollie's was founded and built by bargainers who were passionate about finding amazing deals and selling good stuff cheap.

我們已經擁有業內最強大的忠誠度計劃之一。我們的 Ollie's Army 會員是我們最忠實的客戶，他們貢獻了我們 80% 以上的銷售額，並且每次購物的消費額比平時高出近 40%。他們是追求價值的 [討價還價者]，他們以省錢和成為 Ollie's Army 會員為榮。我們了解這個客戶群，因為我們就是這個客戶。Ollie's 是由熱衷於尋找超值優惠並以低價出售好東西的廉價商人創立和建立的。

We are constantly looking for ways to better serve our Ollie's Army members. In the first quarter, we completed the initial rollout of our co-branded credit card. We paced the rollout, and we are building the program slowly. While it's still early, we are seeing strong spending in shopping frequency. In addition, we are starting to gain valuable insight into these customers.

我們一直在尋找更好地為奧利軍隊成員服務的方法。第一季度，我們完成了聯名信用卡的首次推出。我們控制了推出的步伐，並且正在緩慢地建立該計劃。雖然現在還為時過早，但我們看到購物頻率的支出正在強勁增長。此外，我們開始對這些客戶獲得寶貴的見解。

Later this month, we are adding a new private shopping event for our Ollie's Army members. Just like our Ollie's Army Night in December, we are adding a similar event in June. This exclusive shopping night offer special discounts to our loyalty members and it's our way to show our appreciation for our best customers. Members will now have two special nights each year to shop and save. In addition, the Ollie's Days promotion that we typically run in late June will be available exclusively to Ollie's Army members.

本月晚些時候，我們將為 Ollie's Army 會員添加一項新的私人購物活動。就像我們 12 月的 Ollie's Army Night 一樣，我們將在 6 月增加類似的活動。這次獨家購物之夜為我們的忠誠會員提供特別折扣，這是我們向最佳客戶表達感謝的方式。會員現在每年將有兩個特別的夜晚來購物和省錢。此外，我們通常在 6 月底舉辦的 Ollie's Days 促銷活動將專門針對 Ollie's Army 成員。

This is different from previous years where the late June promotions were available to anyone. You now have to be a member to take advantage of these. So if you're not a member yet, now is a great time to join.

這與往年不同，往年六月下旬的促銷活動對任何人都開放。您現在必須成為會員才能享受這些優惠。因此，如果您還不是會員，現在是加入的好時機。

Before I turn the call over to Rob, let me just say that while the current environment has added some complexity around the execution of the business, we remain confident in our ability to deliver against our accelerated growth plan, and are reaffirming our financial outlook for the fiscal year today.

在我將電話轉給 Rob 之前，我只想說，雖然當前的環境為業務執行增加了一些複雜性，但我們仍然對我們實現加速成長計畫的能力充滿信心，並重申了今天對本財年的財務前景。

We know how to manage shopping waters, and we thrive on disruption, we are fiercely committed to delivering the best values in the market. Good Stuff Cheap has been our mission from day one, remains our guiding principle and what drives our passion in this environment.

我們知道如何管理購物水域，我們在顛覆中蓬勃發展，我們堅定地致力於在市場上提供最佳價值。「物美價廉」從第一天起就是我們的使命，始終是我們的指導原則，也是推動我們在這個環境中保持熱情的動力。

With that said, let me turn the call over to Rob.

話雖如此，讓我把電話轉給羅布。

Thanks, Eric, and good morning, everyone. We were pleased with our results and continued momentum in the first quarter. We grew comparable store sales and adjusted earnings ahead of expectations despite some headwinds on both the top and bottom lines. Our value proposition is strong and continues to resonate with our customers. Consumers are looking for value and prioritizing their spending around their immediate needs.

謝謝，埃里克，大家早安。我們對第一季的業績和持續的發展勢頭感到滿意。儘管營收和利潤都面臨一些阻力，但我們的同店銷售和調整後收益仍超乎預期。我們的價值主張非常強大，並持續引起客戶的共鳴。消費者追求的是價值，並根據當前需求優先考慮支出。

We saw continued evidence of this in the first quarter. Demand for consumer staples was consistently strong throughout the quarter, while demand for certain seasonal categories was impacted by the weather. Now let me run through our financial numbers.

我們在第一季繼續看到了這種證據。整個季度，消費必需品的需求持續強勁，而某些季節性類別的需求受到天氣的影響。現在讓我來介紹一下我們的財務數據。

Net sales increased 13% to $577 million, driven by new store openings and an increase in comparable store sales growth. We opened 25 new stores in the first quarter and ended the period with a total of 584 stores, an increase of 13% year over year.

受新店開業和可比店銷售額成長的推動，淨銷售額成長 13%，達到 5.77 億美元。我們在第一季開設了 25 家新店，截至本季末，門市總數達到 584 家，年增 13%。

The openings in the quarter were ahead of our plan. Our new stores are performing well, particularly the former Big Lots locations. Comparable store sales in the first quarter increased 2.6%, driven by an increase in transactions. Our best-performing categories in the quarter were food, hardware, electronics, domestics and housewares. Ollie's Army members increased over 9% to 15.5 million members in the quarter, and sales to our members represented over 80% of total sales.

本季度的開業數量超出了我們的計劃。我們的新店表現良好，尤其是之前的 Big Lots 店。受交易量增加的推動，第一季同店銷售額成長 2.6%。本季表現最好的類別是食品、五金、電子產品、家居用品和家庭用品。本季度，Ollie's Army 的會員數量增加了 9% 以上，達到 1,550 萬，會員銷售額佔總銷售額的 80% 以上。

Gross margin was flat at 41.1%, and this was slightly a headwind. Lower supply chain costs were offset by lower merchandise margins, primarily driven by product mix. SG&A expenses as a percentage of sales increased 60 basis points to 28.6%, driven primarily by higher medical and casualty claims and new store growth. Pre-opening expenses were $6.7 million in the quarter. Most of the $4 million increase was from the higher number of new store openings this year.

毛利率持平於 41.1%，這略微是一個阻力。較低的供應鏈成本被較低的商品利潤率所抵消，這主要受產品組合的影響。銷售、一般及行政費用佔銷售額的百分比增加了 60 個基點，達到 28.6%，主要原因是醫療和意外傷害索賠增加以及新店增長。本季開業前費用為 670 萬美元。400 萬美元的成長大部分源自於今年新店開幕數量的增加。

As mentioned, we opened 25 new stores in the quarter, which was 4 more than our plan. By comparison, we opened 4 stores in the first quarter last year. [Dark rent] associated with the bankruptcy acquired stores was $1.8 million in the first quarter, which was also a factor in the year-over-year increase. Moving down to the bottom line. Adjusted net income and adjusted earnings per share were $46.1 million and $0.75, respectively.

如前所述，我們在本季開設了 25 家新店，比計劃多出 4 家。相比之下，我們去年第一季新開了4家店。第一季度，破產收購門市相關的暗租為180萬美元，這也是年成長的因素。移至底線。調整後的淨收入和調整後的每股盈餘分別為 4,610 萬美元和 0.75 美元。

Lastly, adjusted EBITDA was $72.2 million and adjusted EBITDA margin was 12.5% for the quarter. Turning to the balance sheet. Our financial position remains very strong. Cash, cash equivalents and short-term investments were $370 million at the end of the quarter. We also had an additional $45 million in long-term investments, giving us a total cash and investment position of $415 million and no meaningful long-term debt.

最後，本季調整後的 EBITDA 為 7,220 萬美元，調整後的 EBITDA 利潤率為 12.5%。轉向資產負債表。我們的財務狀況依然非常強勁。本季末的現金、現金等價物和短期投資為 3.7 億美元。我們還額外擁有 4500 萬美元的長期投資，使我們的現金和投資總額達到 4.15 億美元，並且沒有任何重大長期債務。

Inventories increased 16% year-over-year, primarily driven by our accelerating store growth. As Eric mentioned, the closeout pipeline remains very strong. We feel good about our inventory content and position. Capital expenditures totaled $27 million for the quarter, with the majority of the spending going towards the opening of new stores and investments in our supply chain. The Big Lots locations were generally well maintained and have required limited build-out expense to open thus far.

庫存年增 16%，主要得益於我們門市數量的加速成長。正如 Eric 所提到的，清倉渠道仍然非常強勁。我們對我們的庫存內容和狀況感到滿意。本季資本支出總計 2700 萬美元，其中大部分支出用於開設新店和投資我們的供應鏈。Big Lots 各門市整體維護良好，迄今開幕所需的建設費用有限。

Lastly, let me run through our outlook for fiscal year 2025. We are reaffirming our earnings outlook for the full fiscal year. This outlook flows through the upside in our first quarter sales results, maintains our gross margin target of 40% and assumed slightly higher SG&A levels from the higher-than-expected medical and casualty trends that we experienced in the first quarter. It also assumes that current tariffs in effect remain in place for the balance of this fiscal year. Our updated guidance figures are contained in the table in our earnings release posted this morning and include 75 new store openings, net sales of $2.579 billion to $2.599 billion.

最後，讓我來介紹一下我們對 2025 財年的展望。我們重申整個財年的獲利前景。這一前景得益於我們第一季銷售業績的上行，維持了我們 40% 的毛利率目標，並且由於我們在第一季經歷的高於預期的醫療和傷亡趨勢，預計銷售、一般及行政費用 (SG&A) 水平將略有上升。它還假設現行關稅在本財政年度剩餘時間內保持不變。我們更新後的指導數據包含在今天早上發布的收益報告表格中，其中包括 75 家新店開業、淨銷售額 25.79 億美元至 25.99 億美元。

Comparable store sales growth of 1.4% to 2.2%, gross margin of 40%, operating income of $283 million to $292 million and adjusted net income and adjusted net income per share of $225 million to $232 million and $3.65 to $3.75, respectively. These estimates assume depreciation and amortization expenses of $54 million, inclusive of $14 million within cost of goods sold, Preopening expenses of $21 million, which includes [dark rent] of approximately $5 million related to the acquired Big Lots locations, an annual effective tax rate of 25% which excludes the tax benefits related to stock-based compensation, diluted weighted average shares outstanding of approximately 62 million and capital expenditures of approximately $83 million to $88 million, which includes the buildout of the Big Lots stores. As far as the quarterly comps are concerned, our thinking has not changed. We still think our second quarter comp to be at the lower end of our long-term algo of 1% to 2% and third and fourth quarter comps to be at the higher end of that same 1% to 2% range. As Eric said, we feel very good about our results and positioning in the market.

同店銷售額成長 1.4% 至 2.2%，毛利率為 40%，營業收入為 2.83 億美元至 2.92 億美元，調整後淨收入和調整後每股淨收入分別為 2.25 億美元至 2.32 億美元和 3.65 美元至 3.75 美元。這些估計假設折舊和攤銷費用為 5,400 萬美元，包括銷售成本中的 1,400 萬美元，開業前費用為 2,100 萬美元，其中包括與收購的 Big Lots 門市相關的約 500 萬美元，開業前費用為 2,100 萬美元，其中包括與收購的 Big Lots 門市相關的約 500 萬美元的 [暗租]，年度有效稅率為 25%（不包括與股票薪酬相關的稅收支出約為 200 萬流通資本，200 萬股資本約為 200 萬8800 萬美元，其中包括 Big Lots 門市的擴建。就季度業績而言，我們的想法沒有改變。我們仍然認為，第二季的年比銷售額將處於長期演算法 1% 至 2% 的低端，而第三季和第四季的同比銷售額將處於同一 1% 至 2% 範圍的高端。正如埃里克所說，我們對我們的業績和市場定位感到非常滿意。

As consumers seek value and the current environment with our retailers and suppliers, we believe we are well positioned to benefit and continue driving profitable growth and market share. Now let me turn the call back to Eric.

隨著消費者尋求價值以及我們與零售商和供應商的當前環境，我們相信我們已準備好從中受益並繼續推動盈利增長和市場份額。現在讓我把電話轉回給艾瑞克。

Thanks, Rob. This continues to be a very exciting time for Ollie's. We have a tremendous opportunity to grow the business and remain focused on our strategic priorities. We are investing in our people who are the lifeblood of our business. We are delivering extraordinary value to consumers at a time when they need it most.

謝謝，羅布。對於 Ollie's 來說，這仍然是一個非常令人興奮的時刻。我們擁有巨大的機會來發展業務並繼續專注於我們的策略重點。我們正在投資我們的員工，他們是我們業務的命脈。我們在消費者最需要的時候為他們提供非凡的價值。

We are doubling down on customer acquisition and retention and driving transaction and loyalty member growth, and we are delivering consistent financial results and profitable growth. Before we move to the Q&A, let me make one final comment. Last quarter, we did not do a very good job on Ollie's (inaudible). The [channeling] our team takes a lot of pride in, and this has been a topic of conversation internally since the last earnings call. We now have the opportunity to redeem ourselves and are excited to make this right.

我們正在加倍努力獲取和保留客戶，推動交易和忠誠會員的增長，並且我們正在實現持續的財務業績和盈利增長。在我們進入問答環節之前，請允許我做最後一則評論。上個季度，我們在 Ollie 的（聽不清楚）。我們的團隊對此感到非常自豪，自上次財報電話會議以來，這一直是我們內部討論的話題。我們現在有機會挽回自己的損失，並且很高興能夠做到這一點。

Are you ready, guys? We are. That concludes our remarks. We are now happy to answer your questions.

你們準備好了嗎，夥計們？是的。我們的發言到此結束。我們現在很高興回答您的問題。

Matthew Boss, JPMorgan.

摩根大通的馬修·博斯。

So Eric, could you elaborate on the state of closeout availability, maybe where things stood before the impact of tariffs? Any area or areas of concern today across categories and just opportunities you see from this disruption, whether it's in the back half of this year or into next year?

那麼 Eric，您能否詳細說明清倉供應的情況，也許是在關稅影響之前的情況？您認為目前各類別中有哪些領域值得關注，並且從這種顛覆中可以發現哪些機遇，無論是在今年下半年還是明年？

Sure. Thanks, Matt. Good question. We've seen a very strong deal flow over the past several months. Our inventory was up 16% at the end of Q1, as Rob indicated, which is a strong indicator of great deal flow.

當然。謝謝，馬特。好問題。過去幾個月，我們看到了非常強勁的交易流。正如 Rob 指出的那樣，我們的庫存在第一季末增加了 16%，這是交易流量很大的一個有力指標。

With all the retail bankruptcies and store closings out there, we're being offered a tremendous amount of an a product, and we're getting access to product pipelines that weren't available to us year ago. It happens to coincide with accelerated growth. So it lines up very, very well for us. In terms of what might come in the future, the environment is creating even more pressure on retailers and suppliers who are having challenging moments [applying] their business, and we think there'll be even more product available as you move into the back half of the year related to some of what I consider supply chain disruption related to tariffs. In terms of categories, this business ebbs and flows with deals that are out there that are created from all kinds of various sources, and we haven't seen any particular pressure or windfall in any given category yet to date.

隨著零售企業破產和商店關閉，我們獲得了大量的產品，並且獲得了一年前無法獲得的產品管道。這恰好與加速成長相吻合。所以這對我們來說非常非常好。就未來可能發生的事情而言，當前的環境給零售商和供應商帶來了更大的壓力，他們在開展業務時面臨著挑戰​​，我們認為，隨著進入下半年，由於我認為與關稅有關的供應鏈中斷，將會有更多的產品可供選擇。就類別而言，該業務隨著來自各種來源的交易而起伏不定，到目前為止，我們還沒有看到任何特定類別出現任何特殊的壓力或意外收穫。

It's about deals and big deals and many of the biggest deals are tying back to bankruptcies.

它涉及交易和大交易，許多最大的交易都與破產有關。

Does that answer your questions?

這回答了你的問題嗎？

Yes. And then, Rob, maybe just as a follow-up, could you elaborate on just what you saw from traffic trends in terms of the progression throughout the first quarter, maybe what you've seen in May? Just your visibility or confidence in comping the tougher compare in the second quarter?

是的。然後，羅布，也許只是作為後續問題，您能否詳細說明一下您從第一季的流量趨勢發展中看到的情況，也許是您在五月看到的情況？您對第二季更艱難的比較的知名度或信心如何？

Thanks, Matt. Traffic has been strong, continues to be strong. It built throughout the quarter. Our seasonal categories were a little impacted at the tail end of the quarter due to weather, but the traffic has remained strong throughout and into the second quarter. In terms of second quarter comps and our ability to comp it, I would say that our core comp today for the second quarter is running in the low to mid-single-digit range.

謝謝，馬特。交通狀況一直很強勁，並將繼續保持強勁。它在整個季度內都在建設。由於天氣原因，我們的季節性類別在本季末受到了一點影響，但整個第二季的客流量一直保持強勁。就第二季的業績和我們的業績比較能力而言，我想說，我們今天第二季的核心業績處於低點到中位數個位數範圍內。

It's getting impacted by seasonal categories from week to week as the weather ebbs and flows. It has been a tiny bit on seasonal thus far. But it gets warm every year, and we're confident it's going to get warm again this year and then we'll be good to deliver our guidance of the lower end of the 1% to 2% range for the second quarter.

隨著天氣的變化，它每週都會受到季節類別的影響。到目前為止，它還是有點季節性的。但每年都會變暖，我們相信今年也會再次變暖，然後我們就能實現第二季 1% 至 2% 區間下限的預期。

Brad Thomas, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Brad Thomas。

Congrats on the strong start to the year. I wanted to first ask a couple of follow-ups on tariffs, if I could. And the first question is really around how, if at all, the tariff environment is affecting how you think about negotiations with suppliers and how you think about pricing given that many retailers are being a bit cagey about when and where they may be putting through price increases? And so how that's affecting how you look at sourcing? And then if you could also just comment on the direct import side of things.

恭喜您今年取得了良好的開端。如果可以的話，我想先問幾個有關關稅的後續問題。第一個問題實際上是關於關稅環境如何影響您與供應商談判的看法以及您對定價的看法，因為許多零售商對於何時何地提高價格都有些謹慎？那麼這對您看待採購的方式有何影響？然後，如果您也可以對事情的直接進口方面發表評論。

It seems like you're in a very good spot here for 2025, but anything we should think about for 2026 if the rates stay where they are? Sure.

看起來你們在 2025 年處於一個非常有利的位置，但如果利率維持現狀，我們應該考慮 2026 年的情況嗎？當然。

Yes. Thanks, Brad. So in terms of vendor relationships, we have long-standing, deep relationships with our vendors, and we've been working [properly] with our vendor partners. They're great partners and they have been very supportive throughout this process. Suppliers and manufacturers are under pressure as a result of this dynamic environment, the vendors are seeking retailers who have strong balances to partner and moving inventory, and we're very well positioned for this moment.

是的。謝謝，布拉德。因此，就供應商關係而言，我們與供應商有著長期、深厚的關係，並且一直與供應商合作夥伴進行[適當的]合作。他們是優秀的合作夥伴，在整個過程中給予了我們很大的支持。由於這種動態環境，供應商和製造商面臨壓力，供應商正在尋找擁有強大合作夥伴關係和庫存轉移能力的零售商，而我們目前已做好充分準備。

In terms of pricing, we're fiercely committed to be taking our value prop and our price gaps, especially on branded items. As you know, we've always been a fast follower in terms of price where the price of the market goes up or down. We simply don't buy a product if we can't offer a tremendous value to the customer. So in addition to working closely with our better partners, we're buying alternative products. We're buying more closeouts.

在定價方面，我們堅決推行我們的價值主張和價格差距，特別是品牌商品。如您所知，我們始終快速跟隨市場價格的上漲或下跌。如果我們不能向客戶提供巨大的價值，我們就不會購買產品。因此，除了與更好的合作夥伴密切合作之外，我們還購買替代產品。我們正在購買更多清倉商品。

We're reducing our reliance on Chinese imports. We're expecting those retailers to be very deliberate, smart, strategic in their approach to pricing, taking a portfolio approach across their entire business, and we're watching that very closely. Retailers adjusting price up and down to hit margin targets. And as I said, we're fiercely committed to maintain our value prop and our price.

我們正在減少對中國進口的依賴。我們期望這些零售商在定價方面非常謹慎、明智、有策略，在整個業務中採取組合方式，我們正密切關注這一點。零售商上下調整價格以達到利潤目標。正如我所說，我們堅決致力於維護我們的價值主張和價格。

And quickly, Eric, on the real estate front, clearly off to a great start here this year. Wondering what you're seeing in terms of maybe more of the market that's still out there. There's been so many bankruptcies. How are you feeling about the pipeline for stores as we move through the year and look at incremental signing opportunities?

很快，埃里克在房地產方面就取得了今年的良好開端。想知道您對仍然存在的更多市場有何看法。已經發生了很多破產事件。隨著我們度過這一年並看到越來越多的簽約機會，您對商店的管道有何感想？

Ladies and gentlemen, please remain on your line. The program will resume momentarily. Once again, ladies and gentlemen, your program will resume momentarily. Thank you for your patience, and please continue to hold. [Technical Difficulty] Mr.

女士們、先生們，請保持通話。該程式將立即恢復。女士們、先生們，你們的節目將會立即恢復。感謝您的耐心等待，請繼續堅持。[技術難題] 先生

Thomas, would you mind repeating your last question, our speaker line has reconnected.

湯瑪斯，你介意重複一下你的最後一個問題嗎，我們的揚聲器線已經重新連接。

Great. Can you hear me now?

偉大的。現在你能聽到我說話嗎？

Yes. We [don't] know what happened.

是的。我們不知道發生了什麼事。

No problem. I think we got a pretty full answer to my initial question. So I just wanted to follow up on the real estate side of things. And it seems like you all are very happy with the signings that you've had from Big Lots. I was wondering what the market looks like for you today, particularly given that there were so many stores that were that you didn't take on.

沒問題。我想我們對我最初的問題已經得到了相當完整的答案。所以我只是想跟進房地產方面的事情。看起來你們都對與 Big Lots 的簽約感到非常滿意。我想知道今天的市場狀況如何，特別是考慮到有這麼多的商店你都沒有接手。

And there are so many opportunities in (inaudible) you to get high-quality real estate that would seem. What are you seeing out there? And how does that set up for 2026?

而且，你們似乎有很多機會（聽不清楚）獲得高品質的房地產。你在那裡看到了什麼？那麼 2026 年的情況又是如何呢？

Thanks, Brad. This is Rob. You're exactly right. The setup for 2026 is very strong. We're not ready to guide 2026 yet, but we were surprised at this point based on what we see in the environment that we're setting up for the potential of another above algo year in '26 in terms of real estate.

謝謝，布拉德。這是羅布。你說得完全正確。2026 年的設定非常強大。我們還沒有準備好預測 2026 年的表現，但根據我們所看到的環境，我們對此感到驚訝，因為就房地產而言，2026 年可能再創歷史新高。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Nice quarter and nice chant. On the Big Lots stores, so the closures, there's a lot of them in Q1. I was wondering if you would be able to quantify what, if any headwind you saw from their liquidations during the quarter? And then on the reverse of that, do you have any increased visibility on the comp lift from stores that perhaps overlap with a former Big Lots store?

美妙的季度和美妙的歌聲。對於 Big Lots 商店來說，第一季有很多門市關閉。我想知道您是否能夠量化本季清算給您帶來的不利因素？那麼反過來說，您是否對可能與之前的 Big Lots 商店重疊的商店的銷售額增長有了更清晰的了解？

Sure, Peter. This is Rob. It's still early on both sides, right? But we can give you in terms of the first quarter for the 200 or so stores that were closing during the quarter and it's the time frame from January to say about the middle of March. Those stores had about a 50 basis point impact on the comp for that set of stores.

當然，彼得。這是羅布。雙方都還很早吧？但我們可以為您提供第一季關閉的約 200 家商店的數據，時間範圍是從 1 月到 3 月中旬。這些商店對該組商店的銷售額產生了約 50 個基點的影響。

So when you boil it down to the impact on the total comp, it was a little bit less than 25 basis points of a headwind for the quarter, for the first quarter. In terms of the Big Lots stores that closed prior to Christmas, and we'll call that set in the range of, say, 200 stores as well. Those stores are seeing low to mid-single-digit lift versus the rest of the stores in the chain. They were similarly impacted by unseasonable weather and the factors that impacted the quarter in the comp store base. But we're very pleased with the trends in those stores.

因此，當你將其歸結為對整體業績的影響時，你會發現第一季的不利因素略低於 25 個基點。就聖誕節前關閉的 Big Lots 商店而言，我們也將其稱為 200 家商店。與該連鎖店的其他商店相比，這些商店的銷售額成長幅度僅為低至中等個位數。他們同樣受到異常天氣和影響同店銷售額季度因素的影響。但我們對這些商店的趨勢感到非常滿意。

We're very pleased with the transaction trends, which are a sign of lifting market share, and we're very pleased with the Ollie's Army sign-ups as well.

我們對交易趨勢感到非常滿意，這是市場份額提升的標誌，我們對 Ollie's Army 的簽約情況也感到非常滿意。

Okay. Very good. And then maybe a follow-on from that. I believe maybe last fall, you were talking about stores that were within a half hour of a former Big Lots stores were kind of considered the same trade area. Have you reassessed how many Ollie's stores would be the trade area to pick up share from a big lot closure?

好的。非常好。然後也許還會有後續行動。我相信也許去年秋天，您談論的距離以前的 Big Lots 商店半小時車程內的商店被視為同一貿易區。您是否重新評估過，在大規模關閉門市後，有多少家 Ollie 商店將成為搶佔市場份額的貿易區？

Not exactly reassessed. We started the rings broad, but we have a certain algo in terms of how we think about drive tons for our discount shoppers. So that's been pretty static in terms of how we thought about it.

並未完全重新評估。我們一開始的環度很寬，但是在如何為我們的折扣購物者帶來大量收益方面，我們有一定的演算法。因此，就我們的想法而言，這一直相當穩定。

But can you remind us about how many stores total do you think are -- it might see some type of low to mid-single-digit lift?

但是您能否提醒我們一下，您認為總共有多少家商店——可能會出現某種低到中等個位數的增長？

I would call it in the range of 400 stores.

我認為大約有 400 家商店。

Chuck Grom, Gordon Haskett.

查克·格羅姆、戈登·哈斯凱特。

Can you guys talk about the cadence of the comp in the quarter a bit more? Maybe just a little bit more granular on the exit rate in April. And as a follow-up, can you talk about the decision to extend the second Ollie's Army night this year and how it's going to be structured? And I guess, bigger picture, how you're thinking about continuing to grow the Ollie's Army base? I believe it was up over 9% in the quarter, your best run rate in probably close to 4 years.

你們能否再多談談本季的競爭節奏？也許對四月的退出率有更詳細的了解。另外，您能談談今年延長第二屆奧利軍隊之夜的決定以及活動的結構嗎？我想，從更大的角度來看，您如何考慮繼續擴大 Ollie's Army 基地？我相信本季的成長率超過了 9%，這可能是近 4 年來的最佳成長率。

Sure. I'll take the first part, and Eric will take the second part of the question. In terms of the cadence of the comp, we talked about on the year-end call, February started down slow. It was a down month. We were weighed by the big loss liquidation sales that we were up against severe weather in February and a delayed timing in tax refunds.

當然。我將回答第一部分，埃里克將回答問題的第二部分。就我們在年終電話會議上討論的業績節奏而言，二月開始放緩。這是一個低迷的月份。由於二月天氣惡劣，退稅時間延遲，導致清算銷售損失慘重，這給我們帶來了很大壓力。

In March, we saw a meaningful change in acceleration, and we had a strong positive comp in the mid-single digit range in the month of March. And then headed into April, we were pleased with the performance of our spring selling seasonal selling an Easter holiday. And then we saw some unseasonable weather impact us at the very tail end of April.

3 月份，我們看到了加速度的顯著變化，3 月份我們的銷售額在中個位數範圍內實現了強勁的正成長。進入四月，我們對春季銷售、復活節假期季節性銷售的表現感到滿意。然後我們在四月底看到了一些反常的天氣影響我們。

Yes. On the second part of your question, Chuck, we're very excited about enhancing the program, the Ollie's Army loyalty program. So I guess, to take it up a level. Moving into this year, with the market share opportunity that we knew would exist from -- primarily from the closure of Big Lots, we said no better time to really just double down on the loyalty program, and that's both in ensuring we drive new customers into the store through our enhanced digital marketing capabilities and then converting or convincing them to join the army once we're in the store. So as part of that, we've introduced enhancements to the program to make it even more compelling for customers to join the program, even more compelling for our cashiers to convince customers to join the program.

是的。關於你問題的第二部分，查克，我們非常高興能夠加強奧利軍隊忠誠度計劃。所以我想，將其提升到一個層次。進入今年，我們知道市場份額機會將存在——主要是因為 Big Lots 的關閉，我們認為現在是加倍推行忠誠度計劃的最佳時機，這既是為了確保我們通過增強的數字營銷能力吸引新客戶進入商店，然後在我們進入商店後轉化或說服他們加入我們的大軍。因此，作為其中的一部分，我們對該計劃進行了改進，使其更能吸引顧客加入該計劃，也使我們的收銀員更能說服顧客加入該計劃。

We -- this Ollie's Army night we're going to run in June is something we've actually been talking about for years. Probably the most special aspect of the program that many, many customers have known us for a long, long time is the Ollie's Army night we run in December. So why not run a second one at a different point in time of the year? So we're very excited to do this. It's got to run in late June, right before we run the Ollie's Days promotion that we're now calling the Ollie's Army Days promotion.

我們——我們將於 6 月舉辦的奧利軍隊之夜實際上是我們已經談論多年的事情。該計劃最特別之處可能是我們在 12 月舉辦的奧利軍隊之夜，許多顧客已經認識我們很久了。那麼為什麼不在一年中的不同時間舉辦第二次呢？所以我們非常高興這樣做。它必須在 6 月底運行，就在我們運行 Ollie's Days 促銷活動之前，我們現在將其稱為 Ollie's Army Days 促銷活動。

It will give the customer special discounts on certain categories, primarily discount -- sorry, seasonal categories. The store has an overall discount of 15% and certain categories will be 25%, really mirrors the events that we're running in December [or only] the categories are relevant to the season that we're in. And then also requiring a customer to be a member of the Army for the Ollie's Days promotion or what is now the Ollie's Army Days promotion was something we thought would be an enhancement to make it even kind of more special to our loyalty customers to only have access to that discount versus anyone who happens to walk in the door. So that, along with the credit card are, we believe, significant enhancements to the program this year make it much more compelling, and we're very, very focused on driving loyalty members and long-term value, ultimately, as a result of ensuring we retain all these new customers that we welcome into our stores.

它將為顧客提供某些類別的特別折扣，主要是折扣——抱歉，是季節性類別。該商店的整體折扣為 15%，某些類別的折扣為 25%，這實際上反映了我們 12 月舉辦的活動（或僅）與我們所處季節相關的類別。此外，我們還認為，要求顧客必須是陸軍成員才能參加 Ollie's Days 促銷活動或現在的 Ollie's Army Days 促銷活動，這將是一項增強功能，使我們的忠誠顧客能夠享受到更特別的折扣，而其他走進門的人則無法享受到。因此，我們相信，除了信用卡之外，今年該計劃還將進行重大改進，使其更具吸引力，而且我們非常非常注重推動忠誠會員和長期價值，最終確保我們留住所有我們歡迎光臨我們商店的新客戶。

And then just, Rob, just a follow-up on the gross margin line, flat performance against a tough compare last year. How should we think about the phasing of the gross margin line over the next 3 quarters? And any thoughts on maybe quantifying what you actually think the tariff impact has been on the business, which it appears like you found some offsets.

然後，羅布，請跟進一下毛利率，與去年相比，今年的業績表現持平。我們該如何考慮未來三個季度毛利率的分階段變化？您是否考慮過量化關稅對業務的實際影響，看起來您已經找到了一些抵消措施。

Thanks, Chuck. In terms of phasing, we expect that the year follows a seasonal flow typical of our pattern as seasonal gross margin. We're targeting the 40% gross margin target for the year with the tariff impact included. We'd anticipate that third quarter would be above that 40% gross margin target and that the second and fourth quarter, consistent with how it has been in the past because of the allies days and Ollie's Army Night events would be below that 40% target to come out to the [40] for the year. In terms of tariffs to date, we've incurred a few million dollars of tariff thus far to date.

謝謝，查克。從分階段來看，我們預計今年的毛利率將遵循我們典型的季節性模式。考慮到關稅的影響，我們今年的毛利率目標是達到 40%。我們預計第三季的毛利率將高於 40% 的目標，而第二季和第四季的毛利率將低於 40% 的目標，與過去的情況一致，因為有盟友日和奧利的陸軍之夜活動，全年的毛利率將達到 [40]。就迄今為止的關稅而言，我們迄今已產生數百萬美元的關稅。

That's included in our numbers for the year. And we feel comfortable with delivering the [40] with that tariff impact included.

這已包含在我們今年的數字中。我們對實現[40]包括關稅影響在內的目標感到放心。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

First question I had was on pricing. Just given what's happening with the tariff environment, what are you seeing from competition? Maybe what's your strategy on pricing? How do you feel about your price gaps right now?

我的第一個問題是關於價格。鑑於目前的關稅環境，您認為競爭情況如何？也許您的定價策略是什麼？您對目前的價格差距有何看法？

Sure. We -- Steve, we feel very good about our price gaps. And as I said earlier, and hopefully, it wasn't cut off when I answered Brad's question. We are fiercely committed to maintaining our value prop, price gas, especially on branded products. So we have seen some movement on price in the market.

當然。我們——史蒂夫，我們對我們的價格差距感到非常滿意。正如我之前所說的，希望當我回答布拉德的問題時沒有被打斷。我們堅決致力於維護我們的價值主張和價格優勢，尤其是品牌產品。因此我們看到市場價格出現了一些變動。

It's still a little bit early to fully understand the impact of pressure related to tariffs primarily on various retailers, but we're very, very close to it. And we're very good at looking at competitive prices and ensuring that we maintain price gaps and making choices not to buy products where we don't think we can offer tremendous value. So a lot of our product is substitutable. It is a close of business. We're opportunistic.

現在要完全了解關稅相關壓力對各零售商的影​​響還為時過早，但我們已經非常接近了。我們非常擅長尋找有競爭力的價格，並確保保持價格差距，並選擇不購買我們認為不能提供巨大價值的產品。因此我們的許多產品是可以替代的。現在是營業結束的時候了。我們是機會主義者。

It's a fluid and flexible model. As I said on the call in terms of how we manage the business and how the operation has been built. So we're constantly sourcing a counter sourcing product on a day-to-day basis. This is the nature of the business, and we feel very good about our ability to maintain price gaps.

這是一個流暢且靈活的模型。正如我在電話中談到我們如何管理業務以及如何開展業務。因此，我們每天都在不斷地採購逆向採購產品。這是業務的本質，我們對維持價格差距的能力感到非常滿意。

Okay. Great. The follow-up I had. One was one minor thing for the model. Can you quantify the SG&A item in the first quarter?

好的。偉大的。我進行了後續行動。對模型來說，這是一件小事。您能量化第一季的銷售、一般及行政費用 (SG&A) 項目嗎？

And then will that carry into any impact in the forward quarters at all? And then you may have mentioned about '26 being a year for real estate above algo. How do you think about potential earnings power into next year since you'll have real estate openings above algo? Could we expect similar trend?

那麼這會對未來幾季產生任何影響嗎？然後您可能提到過 26 年是房地產超越演算法的一年。由於您的房地產開盤價高於演算法，您如何看待明年的潛在獲利能力？我們能期待類似的趨勢嗎？

Sure. This is Rob. In the first quarter, there were 2 expense pressures that were weighed against our earnings growth. The first was preopening expense that's on a separate line outside of SG&A. That was a $4 million headwind relative to last year.

當然。這是羅布。第一季度，有兩項支出壓力對我們的獲利成長產生了影響。第一個是開業前費用，它位於銷售、一般和行政費用之外的單獨項目上。與去年相比，這造成了 400 萬美元的逆風。

that was considered in our guidance and largely planned. We did a little bit better than we anticipated because honestly, the Big Lots openings have gone a little bit smoother than we've anticipated when we entered the year. The second was SG&A pressure relative to higher medical and casualty claims. This one was an unplanned pressure. And it was really more so on the medical side.

我們在指導中已經考慮到了這一點，並且已經進行了大量的計劃。我們做得比預期要好一點，因為說實話，Big Lots 的開業比我們年初預期的要順利一點。第二個是與醫療和意外傷害索賠增加相關的銷售、一般及行政費用壓力。這是一個意料之外的壓力。從醫學角度來看，情況確實更是如此。

We had an uptick in high severity claims. So a few specific claims that are driving a significant amount of expense. In my past experience and based on what we've seen, the uptick is going to be the highest that we'd expect for the year in the first quarter. We'd expect for it to trail off from here. But we felt that it was prudent to be conservative about our expense for the balance of the year.

我們收到的高嚴重程度索賠有所增加。因此，一些具體的索賠會導致大量的開支。根據我過去的經驗以及我們所看到的情況，第一季的漲幅將達到我們預期的今年最高水準。我們預計它會從這裡逐漸減弱。但我們認為，對於今年的餘額，謹慎地控制開支是明智之舉。

We are proactively seeking opportunities to offset the expense and working on those actions as we speak. In terms of real estate opportunities for next year, we'd anticipate the number of organic openings to increase for next year. That will reduce, obviously, the dark rent that we're incurring for this year. And to one of the earlier questions, the pipeline is strong for next year, and there's a lot of availability out there based on the recent bankruptcy events.

我們正在積極尋找機會來抵消開支，並正在採取行動。就明年的房地產機會而言，我們預計明年有機開業數量將會增加。顯然，這將減少我們今年產生的暗租。對於之前的一個問題，明年的管道很強大，而且根據最近的破產事件，有很多可用的管道。

Jeremy Hamblin, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的傑里米·漢布林。

Congrats on the strong results. I wanted to come back to the Ollie's Army sign up. And just get a sense for -- you're clearly seeing kind of outsized performance here in these warm form Big Lots stores. Wanted to get a sense for this acceleration in the Ollie's Army growth, the best in 4 years. What is the performance that you're seeing in that new sign-up generation at those former Big Lots stores versus your legacy stores?

恭喜您取得如此優異的成績。我想回到奧利軍隊報名。並且只需感受一下——您就會清楚地看到這些溫暖的 Big Lots 商店表現出超乎尋常的表現。想要了解奧利軍隊 (Ollie's Army) 發展加速的情況，這是 4 年來最好的一次。與您原來的商店相比，您在以前的 Big Lots 商店中看到的新註冊客戶的表現如何？

I was wondering if you might be able to provide any additional insight into that.

我想知道您是否可以對此提供更多見解。

Sure, Jeremy. We -- it's not just in this moment, but in every moment in the -- over the past several years, we are much more focused on convincing customers to join the Army in newer stores. And we have different standards for conversion of non-Ollie's Army members at the point of sale in our newer stores.

當然，傑里米。我們——不僅僅是在這一刻，而是在過去幾年的每一刻——我們都更加專注於說服顧客加入新店的軍隊。並且，我們在新店的銷售點對非 Ollie's Army 會員的轉換有不同的標準。

We are, in this moment, seeing an outsized performance in conversion to the Army [Inter] newer stores it typically is significant. It's even a little more significant in this moment. And part of that is our focus part of that, we believe, is a customer who's familiar with loyalty programs, not just because they're common in the industry but because Big Lots had one and don't want to miss out on whatever our program may have to offer. So that's certainly a piece of the performance improvement that we're seeing in having all these Army -- in converting to the Army. But our comparable store sales are also performing quite well.

此時，我們看到陸軍 [Inter] 新商店的轉換表現異常出色，這通常意義重大。此刻，它甚至變得更有意義。其中一部分是我們的重點，我們相信，客戶熟悉忠誠度計劃，不僅是因為它們在行業中很常見，還因為 Big Lots 有一個忠誠度計劃，並且不想錯過我們的計劃可能提供的任何東西。所以，這肯定是我們在將這些軍隊轉變為陸軍後所看到的績效改進的一部分。但我們的同店銷售額也表現相當不錯。

And I've been super proud of our team and how well they've executed in both welcoming new customers in the stores and convincing them to join our family, our Ollie's Army family and to be part of this.

我為我們的團隊感到非常自豪，他們在店裡歡迎新顧客並說服他們加入我們的大家庭、我們的 Ollie's Army 大家庭並成為其中的一部分方面表現出色。

Great color. And then kind of taking that point a step further, as you focus on these -- the private shopping event here in Q2, I think historically, Ollie's Army Night December is maybe your biggest day of the year. Wanted to get a sense for how you would expect a midyear private shopping event to perform. Is this in terms of what it could look like in terms of a driver in Q2 you put some context around how much the Q4 Ollie's Army Night impact Q4 results? And how are you sizing up what you think this new event could do here in Q2?

顏色很棒。然後更進一步說，當你關注這些——第二季度的私人購物活動時，我認為從歷史上看，奧利的陸軍之夜 12 月可能是你一年中最重要的一天。想了解您對年中私人購物活動的表現有何期望。就第二季的驅動因素而言，這是否意味著您可以介紹第四季度 Ollie's Army Night 對第四季業績的影響有多大？您如何評估這項新活動在第二季能扮演什麼角色？

Sure. We -- I don't think we've provided color around how meaningful Ollie's Army Night is in December. So I won't get real specific about this, but we don't believe it's going to perform at the same level as the December event, partly because of the time of year and how relevant the [queries] are that we take deeper discounts on and it's the gift-giving season in a customer that tends to shop multiple times over that kind of condensed holiday shopping period. So we don't think it's necessarily going to live up to the volume that we do in December. But we've run various scenarios on it, and we're relatively optimistic that it's going to be a nice lift.

當然。我們——我認為我們還沒有闡明 12 月的奧利陸軍之夜有多有意義。所以我不會對此進行具體說明，但我們認為它的表現不會達到與 12 月活動相同的水平，部分原因是由於現在是一年中的時間，以及我們對更大折扣的查詢的相關性，而且現在是送禮季節，顧客往往會在這種緊湊的假日購物期內多次購物。因此，我們認為它不一定會達到我們 12 月的銷售量。但我們已經對其進行了各種場景的測試，並且我們相對樂觀地認為這將會是一個不錯的提升。

We've never done it before. So we're taking educated guesses about it based on our experience with the December of [ads]. We contemplated this, factored it into our previous guidance. And our most important focus on this event is the enhancement of the program and compelling people to be part of the loyalty program, the long-term value that generates for the company and for the consumer as well. So it's marginally accretive to sales and earnings for the year, though, to answer the question.

我們以前從來沒有這樣做過。因此，我們根據 12 月份的經驗，對此做出有根據的猜測。[廣告]。我們對此進行了思考，並將其納入我們先前的指導中。我們對這次活動的首要關注點是強化該計劃並吸引人們參與忠誠度計劃，為公司和消費者創造長期價值。因此，回答這個問題時，它對今年的銷售額和收益有略微的增加。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

To clarify, the second quarter, you're expecting it comp to be at the lower end and there's a tough compare. And then you mentioned that you started out pretty well even though seasonal weather, I said that hasn't helped you yet. So I was trying to reconcile the two. Is the run rate that you're at already quarter-to-date better than you expected? And then it sounds like that is enough to get you to at least that low end of that range?

需要澄清的是，您預計第二季的銷售額將處於較低水平，而且很難進行比較。然後你提到，儘管季節性天氣影響很大，但你還是開局不錯，我說這還沒有幫助你。所以我試著調和這兩者。您本季迄今的運行率是否比您預期的要好？那麼聽起來這足以讓你至少達到該範圍的低端嗎？

Or are you expecting much weaker in the next 2 months?

還是您預期未來 2 個月內經濟會進一步走弱？

Sure, Simeon. So to clarify my comments, we're running in line with our guidance for the full quarter of the lower end of the 1% to 2% range. In terms of what we're seeing day-to-day week-to-week, we're seeing a strong core comp in our nonseasonal categories in the low to mid-single-digit range. The seasonal categories have still started off soft for the quarter because, as you know, the weather has been unseasonable in May to date across most of the country. In terms of compares, May and June were our strongest month of the quarter last year, and then July was a little bit softer.

當然，西緬。因此，為了澄清我的評論，我們的營運將按照我們對整個季度 1% 至 2% 範圍下限的指導方針進行。就我們每週每天看到的情況而言，我們看到非季節性類別的核心競爭力強勁，處於低至中等個位數的範圍內。本季季節性類別的開局仍然疲軟，因為如您所知，五月迄今為止全國大部分地區的天氣都不合時宜。相較之下，去年五月和六月是我們本季表現最強勁的月份，而七月則略顯疲軟。

Got it. Okay. That's helpful. And then a similar follow-up on gross margin, recognizing Q2, Q4 there might be some pressure points. But can you comment in Q1, did you basically hit where you expect it to be?

知道了。好的。這很有幫助。然後對毛利率進行類似的跟進，認識到第二季、第四季可能會出現一些壓力點。但是您能否評論一下第一季的情況，您是否基本上達到了預期的目標？

Or you also ran a little bit better than that?

還是你跑得比那好一點？

We were slightly better than our expected gross margin for the first quarter. One was really related to deal flow and some better pricing on deal flow. And then 2 was shrink was better than we had anticipated.

我們第一季的毛利率略優於預期。一個確實與交易流程以及交易流程的一些更好的定價有關。然後 2 的收縮比我們預期的要好。

Scot Ciccarelli, Truist.

斯科特·西卡雷利（Scot Ciccarelli），Truist。

With Big Lots effectively being a competitor --

Big Lots 實際上是競爭對手--

Can you hear us?

你聽得到我們說話嗎？

Yes, I can hear you. Can you not hear us? Are you not hearing us? Yes, sir, I hear you --

是的，我聽得到你的聲音。你聽不到我們說話嗎？你沒聽見我們說話嗎？是的，先生，我明白--

Scot.

蘇格蘭人。

Okay. They disconnected again. Ladies and gentlemen, please stand by as our speaker line is experiencing some technical difficulties and [Bill] will rejoin us here in just a moment. [Technical Difficulty] Alright. I believe our speaker line has just rejoined.

好的。他們又斷線了。女士們、先生們，請稍候，因為我們的揚聲器線路遇到了一些技術故障，[比爾] 馬上就會回來。[技術難題] 好的。我相信我們的發言人隊伍剛剛重新加入。

Scot Ciccarelli. With Big Lots effectively being a competitor for deal flow from vendors with Ollie's but now being materially smaller. Do you guys have any examples of incremental deal flow or better terms that you received now that Big Lots can't compete at the same scale?

斯科特·西卡雷利。Big Lots 實際上是 Ollie's 的供應商交易流競爭對手，但現在其規模卻明顯較小。你們有沒有關於增量交易流程或更好條款的例子，因為 Big Lots 現在無法在同樣的規模上競爭？

Yes. I don't think I'd get too specific on examples. But yes, we're absolutely seeing what I call banded pipeline of product, particularly in consumables or CPG-related goods, where Big Lots was relatively strong in the closeout and excess inventory space. There's the question around short-term abandoned product that was already manufactured a debt in the product versus long term, we're starting to see both vendors who are product and product pipeline that would be the Big Lots that are now available to us. It's crossing many different categories.

是的。我想我不會舉出太具體的例子。但是的，我們確實看到了我所說的帶狀產品管道，特別是在消耗品或 CPG 相關商品方面，Big Lots 在清倉和過剩庫存空間方面表現相對強勁。存在一個關於短期廢棄產品的疑問，該產品已在產品中產生了債務，而長期來看，我們開始看到產品和產品管道的供應商都是我們現在可以使用的大批量產品。它跨越了許多不同的類別。

But I guess if are going to be specific, I would say, consumables and [TPG] is the first advantage.

但我想如果要具體一點，我會說消耗品和[TPG]是第一個優勢。

Got it. And then second question, you guys did quantify the amount of dark rent that you incurred in the quarter and expect for the year but young stores tend to be a profit drag as they mature. So is there any way to kind of size the impact of the profit or margin drag from the acceleration in store growth this year?

知道了。然後是第二個問題，你們確實量化了本季產生的暗租金金額以及全年的預期，但新店在成熟時往往會成為利潤的拖累。那麼，有什麼方法可以衡量今年門市成長加速對獲利或利潤率造成的影響嗎？

We haven't really quantify that. I would say that it's going to be meaningful. We're going to get the carry-on impact of opening the 25 stores in the first quarter, which was 4 more than planned, and that will start to accelerate. When you look at the Street numbers that they have out there for consensus, we're relatively in line for that in terms of earnings growth as the year goes on.

我們還沒有真正量化這一點。我想說這將是有意義的。我們將在第一季獲得開設 25 家門市的後續影響，比計劃多了 4 家，而且這種影響將開始加速。當你查看華爾街普遍認同的數字時，你會發現，隨著時間的推移，我們的獲利成長情況與此相對一致。

Got it. So it is a drag. And then obviously, as the stores mature, they become more profitable and should give you a good exit rate out of '25 into '26.

知道了。所以這很麻煩。顯然，隨著商店的成熟，它們的獲利能力會增強，從 2025 年到 2026 年，應該能獲得良好的退出率。

Yes, sir.

是的，先生。

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴 (Anthony Chukumba)，Loop 資本市場。

Congrats on a strong year -- start to the year, but more importantly, on the sequential improvement in the Big Lots -- sorry, in the Ollie's [champ]. So very encouraging to see that. But -- so I guess, first question, you talked about -- you're having the second Ollie's Army Night. And I guess -- my question was how much of this -- or is any of this related to the fact that seasonal has moved a little bit slower than you were expecting? And/or is it intended particularly with you taking that one event and making it just exclusive now to Ollie's Army members to try to drive additional Ollie's Army members.

恭喜你度過了一個強勁的一年——這是新的一年的開始，但更重要的是，恭喜你在 Big Lots 的連續進步——抱歉，是在 Ollie's[冠軍]。看到這一幕我非常受鼓舞。但是——我想，第一個問題，您談到了——您正在舉辦第二屆奧利陸軍之夜。我想——我的問題是，這其中有多少——或者這是否與季節性變化比你預期的要慢一點有關？和/或是否特別有意將活動改為僅對 Ollie's Army 成員開放，以嘗試吸引更多 Ollie's Army 成員。

And you sort of think about that?

您對此有何看法？

Sure. We actually contemplated introducing this event in 2021. So that's how long it's been considered here. It took us a while to drive it to the finish line. We had decided January of this year to execute the event.

當然。我們實際上曾考慮在 2021 年推出這項活動。這就是我們在這裡考慮的時間。我們花了一段時間才把它開到終點線。我們已決定在今年一月舉辦此活動。

So this has absolutely nothing to do with any seasonal drag or any perception of where we may end up in Q2 with the seasonal business. We are purely made a decision to introduce this event because we value our Ollie's Army most loyal member members and customers and want to invest in them. The exclusivity around Ollie's Days is something that I guess when I came into the business, I had a hard time understanding why we would give a discount to somebody who may not actually know when they came in the store, we were discounting the whole store. And that's bother me and others here for the years that we've done it. This event has been around forever here.

因此，這與任何季節性拖累或對我們在第二季度季節性業務可能走向的看法完全無關。我們決定推出此活動純粹是因為我們重視 Ollie's Army 最忠實的會員和客戶，並希望為他們投資。我猜當我進入這個行業時，我很難理解為什麼我們會給那些可能不知道自己何時進店的人打折，因為我們正在給整個商店打折。多年來，這個問題一直困擾著我和這裡的其他人。這個活動在這裡已經舉辦很久了。

But it bothered me that a customer who is not a member of a loyalty program, they may have not received an ad driving them into the store still gets the benefit of the discount. And candidly, I just did not think that was fair to our Ollie's Army members who stayed very loyal to us and shop us frequently and outspend others. So making it exclusive, makes it even more compelling to join the program. It makes our current members feel even more special.

但令我困擾的是，即使顧客不是忠誠度計畫的會員，他們可能沒有收到吸引他們進店的廣告，但仍然可以享受折扣優惠。坦白說，我認為這對 Ollie's Army 的成員不公平，他們一直對我們非常忠誠，經常在我們這裡購物，而且花費比其他人都多。因此，使其成為獨家，使得加入該計劃變得更加引人注目。這讓我們現有的會員感到更加特別。

Got it. That's helpful. And then just one quick follow-up. And this is sort of related to your answer to the last question about Big Lots. One thing that I know that you guys have been doing is building more kind of relationships, direct relationships with the manufacturers, particularly in the [CPG] space.

知道了。這很有幫助。然後只需快速跟進一次。這與您對 Big Lots 的最後一個問題的回答有點相關。我知道你們一直在做的一件事就是與製造商建立更多類型的關係、直接關係，特別是在[CPG]領域。

I was wondering if you just had any update on that, particularly in light of Big Lots.

我想知道您是否對此有任何更新，特別是關於 Big Lots 的更新。

Our update is that cities to go very, very well for us. We continue to expand our relationships with [TPG] companies. We even have newer relationships that have formed over the last couple of years that are now rapidly expanding. We don't always know if it's a direct result of Big Lots. We don't necessarily ask the question.

我們的最新消息是，城市的發展對我們來說非常非常好。我們繼續擴大與[TPG]公司的合作關係。我們甚至在過去幾年中建立了新的關係，而這些關係正在迅速發展。我們並不總是知道這是否是 Big Lots 的直接結果。我們不一定會問這個問題。

It's not necessarily open -- necessarily open the communication about where the product comes from. But what we do know is that we are getting the benefit of expanded product pipelines, and we do believe in some cases, very tangible, it's a result of Big Lots exiting and others right. [Party City] out there, you've got Joanne, out there, people underestimate [Essi Bargain Hunt]. It's a relatively small company you've ever heard of, but they had a pretty meaningful pipeline of consumable goods as well. So we -- at a moment where we're gaining advantage in a lot of different spaces for categories with a lot of (inaudible) [vendors].

它不一定是公開的——不一定公開有關產品來源的溝通。但我們確實知道，我們正在從擴大的產品線中獲益，我們確實相信，在某些情況下，這是Big Lots退出的結果，而其他一些情況也是如此。 [Party City] 那裡有Joanne，那裡有，人們低估了[Essi 討價還價狩獵]。這是您聽說過的相對較小的公司，但他們也擁有相當有意義的消費品管道。因此，我們——目前我們在許多不同領域都獲得了優勢，並且有很多（聽不清楚）[供應商]。

Lorraine Hutchinson, Bank of America.

美國銀行的洛林‧哈欽森 (Lorraine Hutchinson)。

I wanted to just go back to tariffs for a minute. Is there a gross margin hit included in guidance for tariffs above the few million you've already incurred? And how quickly can you reduce your reliance on imports from China for the direct import part of your business?

我想先回到關稅問題上來。除了已經產生的幾百萬美元的關稅外，指導價格中是否還包括對毛利率的影響？您能多快減少業務直接進口部分對中國進口的依賴？

This is Rob. We'll take -- we'll -- I'll take that one. We reiterated our full year earnings outlook, including tariffs at the 40%. That assumes the tariffs that are in place for the balance of the year. Our imports are typically 20% of our overall mix.

這是羅布。我們會接受 - 我們會 - 我會接受這個。我們重申了全年獲利預期，包括 40% 的關稅。這是假設今年餘下的關稅仍然有效。我們的進口量通常佔總進口量的 20%。

So we've been taking a number of actions across our business to mitigate the tariff expense. Our vendors have really worked with us and been great partners thus far. But our biggest advantage is our flexible buying model that Eric mentioned, meaning that we can pick and choose through the best deals in the marketplace. There's nothing that -- absolutely nothing that we're committed to buying. Through this, we have reduced our exposure to China.

因此，我們在整個業務範圍內採取了一系列措施來降低關稅費用。到目前為止，我們的供應商一直與我們進行真誠的合作，並且是我們的優秀合作夥伴。但我們最大的優勢是 Eric 提到的靈活的購買模式，這意味著我們可以從市場上挑選最優惠的交易。我們絕對沒有承諾購買任何東西。透過這種方式，我們減少了對中國的依賴。

In the past, it was closer to, say, 15%. For this year, we'd expect for it to be closer to the 10% range. So that's a positive for our tariff mitigation. And then the last piece that I would say is this is a reminder, we are a fast follower on pricing. We intend to maintain our value proposition and our pricing gap and we'll continue to adjust them as the marketplace shifts over the next couple of months.

過去，這個比例接近 15%。對於今年，我們預計它將接近 10% 的範圍。所以這對我們的關稅減免來說是有利的。最後我想說的是，這是一個提醒，我們在定價方面是快速跟進的。我們打算保持我們的價值主張和價格差距，並將在未來幾個月隨著市場變化而繼續調整它們。

Edward Kelly, Wells Fargo.

愛德華凱利，富國銀行。

A couple of questions. I guess, first, on the comp in Q2. I just want to follow up to make sure I fully understand here. I mean it sounds like May is maybe up about 1% or so. I guess, is that right?

有幾個問題。我想，首先是關於第二季的比較。我只是想跟進一下以確保我完全理解這一點。我的意思是，聽起來五月可能上漲了 1% 左右。我想，是這樣嗎？

And then as we think about the [AA] from last year, which I think was pretty big in June, how are you thinking about the comp against that lab and does the Army night essentially kind of offset that? And then July, but I think the multiyear compare might be harder. I'm just curious as to how you're thinking about the mapping of Q2 against all of this?

然後，當我們考慮去年的 [AA] 時，我認為 6 月的規模相當大，您如何看待與該實驗室的比較，陸軍之夜是否從本質上抵消了這一點？然後是七月，但我認為多年的比較可能會更難。我只是好奇您是如何看待 Q2 與這一切的映射的？

So there are a lot of questions about the Q2 comp. I'll try to unpack that. You're right in saying that we're running in that range of positive 1% quarter-to-date. That's in line with the guidance for the full quarter in terms of the lower end of the 1% to 2% range. In terms of comping against last year.

因此，關於第二季度的業績存在著許多疑問。我會嘗試解開它。您說得對，本季迄今為止我們的成長率一直處於正 1% 的範圍內。這與整個季度 1% 至 2% 範圍下限的指導一致。與去年相比。

The strong [AC labs] really started at the tail end of the first quarter. So the last 2 weeks of April were strong from an [AC] perspective. May was in a strong 18 months, which we just did positive comps, as I just mentioned. And June was a strong month as well. July was a little bit softer, as I mentioned, but it was still strong on a strong quarter from top to bottom last year.

強大的 [AC 實驗室] 真正開始於第一季末。因此從 [AC] 的角度來看，四月的最後兩週表現強勁。正如我剛才提到的，5 月是強勁的 18 個月之一，我們的業績表現良好。六月也是一個強勁的月份。正如我所提到的，七月份表現略微疲軟，但與去年同期相比，七月份表現仍然強勁。

The Ollie's Army Night, we'd expect the change in the event to add that and then to make it special event for the week for just the Ollie's Army members, that would be a little bit of an offset to that addition of that Ollie's Army Night, but we'd expect that the weak in total would be slightly accretive to our 1% guidance for the quarter.

我們希望活動的變化能夠增加奧利軍隊之夜，然後使其成為僅對奧利軍隊成員開放的一周特別活動，這將對增​​加奧利軍隊之夜產生一點抵消作用，但我們預計總體疲軟將略微增加我們本季度 1% 的預期。

Got it. Great. And then just a follow-up on the inventory outlook. I know there's been sort of a debate around this. I'm curious -- could you talk about the product assortment that you see in the pipeline, the quality of that assortment?

知道了。偉大的。然後只是對庫存前景的後續關注。我知道圍繞這個問題存在一些爭論。我很好奇——您能談談您在管道中看到的產品種類以及這些產品種類的品質嗎？

I mean there's been some talk about consumables. I'm curious how you're thinking about the consumable buying backdrop versus the [gen merch] buying backdrop? And then how you think that plays out throughout the year and then from a holiday sort of positioning standpoint, I know visibility is always hard, but how you think about holiday assortment against all of that?

我的意思是有一些關於消耗品的討論。我很好奇您如何看待消耗品購買背景與 [gen merch] 購買背景？然後您認為這會在全年產生怎樣的影響，從假日定位的角度來看，我知道可見性總是很難，但是您如何看待針對所有這些的假日分類？

Sure. We feel very good about inventory content and the pipeline in this moment. We've actually had to hold our buyers back. There's so much out there to buy across just about every category. And consumables, as I mentioned earlier, CPG has been particularly strong.

當然。我們對目前的庫存內容和管道感到非常滿意。事實上，我們不得不阻止我們的買家。幾乎每個類別都有大量商品可供購買。正如我之前提到的，在消費品方面，CPG 表現尤為強勁。

Our relationships continue to expand and there's plenty of consumable product out there as well to continue driving our business. I don't know necessarily what to expect through the back half of the year. Specific to your question on consumables, it really depends on how the retailers manage the kind of portfolio pricing approach to their businesses and whether there's any real pressure consumables, which series suppression related tariffs or if they'll try to take price and consumables, what that (inaudible) ultimately to the product pipeline, I would just say generically that whenever there's disruption in supply chain or in projecting a business, it tends to benefit us in that we feel very good about -- we feel very good about our opportunities in navigating the back half of the year. In terms of specifically the holiday, so I figured somebody was there, so we could talk specifically about toys. That's a business that's relatively important to us in Q4.

我們的關係不斷擴大，並且有大量的消費品可以繼續推動我們的業務。我並不清楚今年下半年會發生什麼事。具體到您關於消耗品的問題，這實際上取決於零售商如何管理其業務的組合定價方法，以及是否存在任何真正的消耗品壓力，哪些系列抑制相關的關稅，或者他們是否會嘗試採取價格和消耗品，最終對產品線的影響是什麼（聽不清），我只能籠統地說，每當供應鏈或業務預測出現中斷時，它往往會使我們受益，因為我們對此感到非常高興的機會 - 我們對供應鏈或業務預測出現中斷時，它往往會使我們受益，因為我們對此感到非常高興。就具體的假期而言，所以我想有人在那裡，所以我們可以具體談論玩具。這是第四季對我們來說相對重要的業務。

And we like our positioning in toys. We like our positioning in the category. We've continued to buy closeouts in toys, even after the tariffs were announced. We've been very selective in what we've been buying. We've been buying only the product that we think -- we still motivated a consumer that is of a strong value and we have a flexible fluid buy model as well.

我們喜歡我們在玩具領域的定位。我們喜歡我們在該類別中的定位。即使在關稅公佈之後，我們仍繼續購買清倉玩具。我們對所購買的商品非常挑剔。我們一直只購買我們認為的產品——我們仍然激勵著具有強大價值的消費者，而且我們也有靈活的流動購買模式。

So we can buy into and have been buying into other [GI-related] categories, where we can offer strong values and perhaps in at least a limited way stronger value than some of the traditional toys we would otherwise buy. And we feel very confident in our ability to cover that business in the back half of the year despite the tariff headwind.

因此，我們可以購買並且一直在購買其他 [GI 相關] 類別的玩具，這些玩具可以提供強大的價值，並且可能至少在某種程度上比我們原本會購買的一些傳統玩具具有更高的價值。儘管面臨關稅阻力，我們仍然對在下半年完成這項業務的能力充滿信心。

[Matthew Rothway], UBS.

[馬修‧羅斯韋]，瑞銀。

This is [Matt] on for Mark Carden. Just wanting to turn back to gross margin and your supply chain costs. What's driving that lower? And are tariffs having any impact there? And then a follow-on to that. I think on your prior call, you were expecting supply chain costs to be flat this year. Is that still what you're expecting?

我是 [Matt]，代表 Mark Carden 發言。只是想回到毛利率和供應鏈成本的問題。是什麼原因導致這數字下降？關稅對此有影響嗎？然後繼續跟進。我想您在先前的電話會議上預計今年的供應鏈成本將保持穩定。這還是你所期待的嗎？

Sure. I'll take that one. So from a supply chain cost perspective, the tariffs are included in there. That is a slight headwind for the year, but we're offsetting in other areas, including within our buying on the product side. In terms of the rest of supply chain costs, our -- we just did our [ocean] contract in May.

當然。我要那個。因此，從供應鏈成本的角度來看，關稅已包含在內。這對今年來說是一個小小的阻力，但我們正在其他領域進行彌補，包括產品的採購。就其餘供應鏈成本而言，我們—我們剛剛在五月簽訂了[海運]合約。

That negotiation is slightly favorable to our plan. In terms of domestic transportation, we're seeing positive rates there and good improvement there. And then on the DC side, our DCs are functioning at record levels in terms of throughput and cost. So pleased with the results there.

那次談判對我們的計劃略微有利。在國內運輸方面，我們看到那裡的運輸率正在上升，而且情況正在好轉。在 DC 方面，我們的 DC 在吞吐量和成本方面都達到了創紀錄的水平。我對結果非常滿意。

Randy Konik, Jefferies.

蘭迪‧科尼克 (Randy Konik)，傑富瑞 (Jefferies)。

Just real quick back on the seasonal categories. Is there any kind of quantification on how much of a headwind that was or drag on the first quarter comp seasonal was? And just give us some perspective or dimensionalize how big seasonal is as a part of the mix?

快速回顧季節性類別。有沒有辦法量化第一季的不利因素或拖累有多大？請給我們一些觀點或維度來說明季節性在混合中佔多大比例？

In terms of seasonal categories, I would say that -- if I'm thinking about the first quarter, I would combine that with the severe weather we saw in February. Between the severe weather we saw in February and the tail end of the quarter that really impacted the seasonal in terms of (inaudible), I would say that it's in the range of 150 basis points of a headwind for the first quarter. In terms of seasonal for the second quarter, it definitely starts to become more meaningful. As were a meaningful component. We talked about that last year in terms of being a 200 basis point contribution to comp for the quarter of last year.

就季節性類別而言，我想說——如果我考慮第一季度，我會將其與我們在二月遇到的惡劣天氣結合起來。從我們在二月經歷的惡劣天氣到本季末真正對季節性產生影響的天氣（聽不清楚），我想說，第一季的逆風幅度在 150 個基點左右。就第二季的季節性而言，它肯定開始變得更有意義。就像一個有意義的組成部分。我們去年就討論過這個問題，即為上一季的業績貢獻 200 個基點。

But (inaudible) gets a little bit smaller in terms of an impact as we go on throughout the summer here.

但是，隨著整個夏天的到來，（聽不清楚）的影響會變得稍微小一點。

Very helpful. And just final follow-up there. You noted in response to one of the questions, you got better pricing on deals. Is there anything kind of structural there that you kind of think about long term where you just become bigger and bigger and more important to these different partners in the closeout business here and you just get better terms over time that could potentially take up your ability to get gross margin consistently above 40%, even though you're guiding long term to 40%? Just would be really helpful to dimensionalize that.

非常有幫助。這就是最後的跟進。您在回答其中一個問題時指出，您獲得了更優惠的交易價格。您是否考慮過長期的結構性因素，即您在清倉業務中對這些不同的合作夥伴來說會變得越來越大、越來越重要，並且隨著時間的推移您會獲得更好的條款，這可能會影響您將毛利率持續保持在 40% 以上的能力，即使您指導的長期目標是 40%？這對於將其維度化確實很有幫助。

Sure, Randy. It's -- we -- yes, to answer your question, yes, absolutely. We've already seen that happen in a pretty meaningful way over the past several years. More and more of our relationships have become direct. With various manufacturers, and I know we took on CPG, it's an important business, but it's been -- it's happened over many different categories over the last several years.

當然，蘭迪。是的——我們——是的，回答你的問題，是的，絕對的。在過去的幾年裡，我們已經看到這種情況以相當有意義的方式發生。我們的關係越來越直接。我們與多家製造商合作，我知道我們接手了 CPG 業務，這是一項重要的業務，但在過去幾年中，這種情況發生在許多不同的類別中。

The consolidation of discount retail is a piece of that. The growth of Ollie's a piece of it, a very strong balance sheet that we've managed all the way through over many, many years. The fact that we're a public company and there's transparency to our financial situation or status is also helpful in establishing more direct relationships, more meaningful relationships. So yes, it's been a meaningful tailwind to us as we continue to grow our business. At this point in time, we continue to invest in price to maintain the 40% margin target.

折扣零售的整合就是其中的一部分。Ollie 的成長是其中的一部分，多年來我們一直保持著非常強勁的資產負債表。事實上，我們是一家上市公司，我們的財務狀況或地位透明，這也有助於建立更直接、更有意義的關係。所以是的，隨著我們業務的不斷發展，這對我們來說是一個有意義的順風。目前，我們繼續在價格上進行投資，以維持 40% 的利潤率目標。

I can't answer that question. We're not ready to answer that question for '26 and beyond. I like having the pricing power, Randy, to be candid, in a market where we're continuing to gain market share, drive traffic, drive costs and drive growth -- unit growth. I like having the pricing power. So I'm not ready to say that we want the pricing power we're gaining from these direct relationships to drive P&L accretion.

我無法回答這個問題。我們還沒準備好回答 26 年及以後的問題。蘭迪，坦白說，我喜歡擁有定價權，在這個市場中，我們不斷獲得市場份額，推動流量，降低成本，推動成長——單位成長。我喜歡擁有定價權。所以我還沒準備好說我們希望透過這些直接關係獲得的定價權來推動損益的成長。

This does conclude the question-and-answer session as well as today's program. Thank you, ladies and gentlemen, for your participation. You may now disconnect. Good day.

問答環節和今天的節目到此結束。謝謝女士們、先生們的參與。您現在可以斷開連線。再會。