Ollie's Bargain Outlet Holdings, Inc. (OLLI) 2026 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 fiscal year 2026. 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.

各位早安，歡迎參加 Ollie’s Bargain Outlet 的電話會議，討論 2026 會計年度第一季的財務結果。請注意，本次電話會議將被錄音；未經 Ollie’s 明確書面授權，不得全部或部分重製本次通話內容。

I would now like to introduce our host for today's call, John Rouleau, Managing Director of Corporate Communications and Business Development for Ollie's. John, please go ahead.

現在我想介紹今天電話會議的主持人：Ollie’s 企業傳播與業務發展董事總經理 John Rouleau。John，請開始。

Thank you, Carmen. Good morning, everybody. We appreciate your time and participation. Joining me on today's call from Ollie's are Eric van der Valk, President and Chief Executive Officer, and Robert Helm, Executive Vice President and Chief Financial Officer. Following their prepared remarks, we will open the call for your questions. (Event Instructions)

謝謝你，Carmen。各位早安。感謝各位撥冗參與。今天與我一同出席電話會議的 Ollie’s 代表包括：總裁兼執行長 Eric van der Valk，以及執行副總裁兼財務長 Robert Helm。在他們的預先準備發言之後，我們將開放提問。（活動說明）

Finally, let me remind you that certain comments made on today's call may constitute forward-looking statements, and these are made pursuant and to 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.

最後提醒各位，今天電話會議中的某些評論可能構成前瞻性陳述，並係依據及在經修訂之《1995 年私人證券訴訟改革法案》安全港條款之意義範圍內作出。此類前瞻性陳述受已知與未知之風險與不確定性影響，可能導致實際結果與該等陳述存在重大差異。

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.

上述風險與不確定性已載於公司之盈餘新聞稿及向美國證券交易委員會（SEC）提交的文件中，包括 Form 10-K 年度報告與 Form 10-Q 季度報告。今日所作之前瞻性陳述以本次電話會議日期為準，公司不承擔更新該等陳述之任何義務。

On today's call, the company will be referring to certain non-GAAP financial measures. Reconciliation of the most closely comparable GAAP financial measures to the non-GAAP financial measures are included in the company's earnings press release.

在今天的電話會議中，公司將提及若干非 GAAP 財務衡量指標。最可比之 GAAP 財務衡量指標與非 GAAP 財務衡量指標之調節表已包含於公司之盈餘新聞稿中。

With all that said, and out of the way, it's my pleasure to turn the call over to Eric.

以上說明完畢，我很榮幸將電話會議交給 Eric。

Good morning, and thank you for joining us today. We are pleased with our first-quarter results and the outstanding performance of our team. We delivered strong earnings growth, driven by solid top-line results and unit growth, robust margins and disciplined expense control. These results underscore the durability of our business model, the strength of our value proposition and our ability to execute through a challenging consumer backdrop.

各位早安，感謝今天加入我們。我們對第一季的成果以及團隊的傑出表現感到滿意。我們實現了強勁的獲利成長，主要受惠於穩健的營收表現與門店數成長、強韌的毛利率，以及嚴謹的費用控管。這些結果凸顯了我們商業模式的韌性、價值主張的強度，以及在具挑戰性的消費環境下持續落實執行的能力。

Sales and traffic trends were strong across the board early in the quarter. As the quarter progressed, we began to see divergent trends across our different regions. The combination of unseasonable weather and surging fuel prices put pressure on a few key categories such as Lawn and Garden and Summer Furniture.

本季初期，各項銷售與來客趨勢整體表現強勁。隨著季度推進，我們開始看到不同區域之間出現分歧趨勢。反常的天氣與燃油價格飆升的組合，對草坪與園藝、夏季戶外家具等幾個關鍵品類造成壓力。

With our stores being located in more rural and suburban areas, we also think the rapid spike in gas prices led to some trip consolidation, which impacted traffic. Rob will speak to this in a few minutes, but the areas with more favorable weather significantly outperformed those with unseasonable weather. As we move through the second quarter, we think there is the potential to benefit from pent-up demand in weather-sensitive categories.

由於我們的門店多位於較偏鄉與郊區地帶，我們也認為汽油價格的快速飆升導致部分消費者合併採買行程，進而影響來客數。Rob 稍後會進一步說明；但天氣較為有利的地區明顯優於天候反常的地區。進入第二季後，我們認為在受天氣影響的品類上，仍有機會受惠於遞延需求的釋放。

Touching on the consumer for a moment. Customers are shopping closer to need more than ever before, but also remain resilient. In the first quarter, the environment shifted very quickly with surging gas prices impacting shopping patterns with a focus on trip consolidation.

簡要談一下消費者。顧客比以往更傾向於「接近需求時才購買」，但整體仍具韌性。第一季中，環境變化非常迅速，汽油價格飆升影響了購物型態，並使消費者更聚焦於合併採買行程。

This primarily impacted the lower-income consumer, particularly those driving longer distances to the store. We saw further strengthening of trade down, but typically in these moments of economic stress, lower-income consumers trade out more quickly than upper income trade in.

這主要影響到低收入消費者，尤其是需要開較長距離到店的族群。我們看到「向下替代」（trade down）進一步增強；但通常在這類經濟壓力時刻，低收入消費者「轉出」的速度會比高收入消費者「轉入」更快。

Our continued focus on productivity and efficiency initiatives throughout our model gives us the flexibility to strengthen our value proposition when the consumer needs it most. As we move forward, we will further reinforce our strong value proposition with a renewed emphasis on exceptional deals that are extremely relevant in this moment.

我們持續聚焦於全模式的生產力與效率提升計畫，使我們在消費者最需要的時候，具備強化價值主張的彈性。展望未來，我們將以重新強調「極具吸引力且在此刻高度相關」的超值交易，進一步鞏固我們強大的價值主張。

This fuels the closeout market and our business model. We benefit from disruption and volatility, and we are seeing this in both the quantity and quality of the deals. Our deal flow has been extremely strong, which gives us an additional opportunity to further strengthen our value proposition and invest in price.

這也推動了清倉（closeout）市場與我們的商業模式。我們能從市場的擾動與波動中受益，而我們在交易的數量與品質上都看到了這一點。我們的交易供給（deal flow）非常強勁，讓我們有額外機會進一步強化價值主張並投入價格。

Outside of this, we are focused on controlling what we can control and executing against our strategic priorities. We remain on target to open 75 stores this year, including having opened our first store in the great State of Minnesota, and we are growing rapidly in the Midwest.

除此之外，我們專注於掌控可控事項，並依照策略重點落實執行。我們仍按計畫今年開設 75 家門店，其中包括在明尼蘇達州開出首家門店；我們也正在中西部快速擴張。

Our next priority is growing Ollie's Army loyalty program. These are our best customers who account for more than 80% of our sales. Our focus here is attracting new members to the program and retaining them through a variety of marketing channels. Growth in our loyalty program was again strong in the quarter, increasing 13% to 17.5 million members.

我們的下一項重點是擴大 Ollie’s Army 會員忠誠計畫。這些是我們最重要的顧客，貢獻超過 80% 的銷售額。我們在此的重點是透過多元行銷渠道吸引新會員加入並提升留存。本季忠誠計畫成長再次強勁，會員數增加 13%，達到 1,750 萬名。

Our Ollie's Army members received special access to various events, deals and discounts. One of these events is Ollie's Army Night, which we hold twice a year. These exclusive shopping nights celebrate our best customers. The next event will take place on Sunday, June 14, from 5 to 9 PM. The date is one week earlier than last year, which was moved up due to the Father's Day shift.

我們的 Ollie’s Army 會員可獲得各類活動、優惠與折扣的專屬優先權。其中一項活動是每年舉辦兩次的 Ollie’s Army Night。這些專屬購物之夜用以致敬我們最重要的顧客。下一場活動將於 6 月 14 日（週日）下午 5 點至 9 點舉行。日期較去年提前一週，去年因父親節日期變動而提前。

We will also be running our annual Ollie's Days event in the second quarter. America loves the bargain, and we could not think of a better way to celebrate our country's 250th birthday than with a blowout event. We invite you to join us and see the amazing deals for yourself. If you're already a loyalty member, you will be hearing more about these events in the coming weeks. If you're not a member, why not? Signing up is free and easy.

我們也將在第二季舉辦年度 Ollie’s Days 活動。美國人熱愛撿便宜；我們想不到有比一場盛大促銷活動更好的方式，來慶祝我們國家 250 週年生日。我們邀請各位一同參與，親自來看看令人驚豔的優惠。如果您已是會員，接下來幾週會收到更多活動資訊；如果您還不是會員，為什麼不加入呢？註冊免費又簡單。

One other note on event cadence. We routinely make adjustments based on timing of key events throughout the year. We are shifting one flyer event out of the third quarter and into the second quarter from August to July.

另外補充一點關於活動節奏。我們會依據全年關鍵活動的時點，例行性地進行調整。我們將把第三季的一次傳單活動移至第二季，時間從 8 月改為 7 月。

On the top of things we can't control is optimizing category mix to drive sales productivity. We went after the seasonal decor category last year with great success, and we continue to build on that success in the first quarter. Even with the headwind of an early Easter, seasonal decor was one of our top-performing categories.

在我們能掌控的事項中，另一項重點是最佳化品類組合以提升銷售生產力。我們去年大力推進季節性裝飾品類並取得很大成功，第一季也持續在此基礎上擴大成果。即使面臨復活節偏早的不利因素，季節性裝飾仍是我們表現最好的品類之一。

We also shrank our wall-to-wall carpet offering and replaced this with a limited assortment of living room furniture. This proved to be a good swap with the added furniture business improving sales productivity by over 100% in the same floor space.

我們也縮減了全鋪式地毯（wall-to-wall carpet）的商品供應，並以有限品項的客廳家具取而代之。這項替換證明是良好的調整：在相同的賣場面積下，新增的家具業務使銷售生產力提升超過 100%。

We are excited by these early wins, and we'll apply our learnings to other areas of the store. We are working on rightsizing and optimizing the assortments of other down turning categories, such as Books and Flooring. For competitive reasons, we're going to be a bit guarded in how much we share publicly. Most importantly, I'm excited we have built the framework and a test and learn process that leverages data to make more informed merchandising decisions to drive productivity.

我們對這些初期成果感到振奮，並將把學到的經驗應用到門店的其他區域。我們正著手調整並最佳化其他走弱品類的商品組合，例如圖書與地板。基於競爭因素，我們在對外分享的細節上會相對保守。最重要的是，我很高興我們已建立一套框架與「測試—學習」流程，運用數據做出更有依據的商品決策，以提升生產力。

On the supply chain side, we are reinvesting in our distribution centers to drive throughput, productivity and capacity. We completed the replacement of the warehouse execution system in our Texas DC early in the quarter. This was our last remaining DC to receive the upgrade, and we are seeing productivity benefits across the network.

在供應鏈方面，我們正再投資於配送中心，以提升吞吐量、生產力與產能。我們在本季初完成德州配送中心（DC）倉儲執行系統的更換。這是最後一個完成升級的配送中心，我們已在整體網路中看到生產力提升的效益。

The expansion of our Texas distribution center is progressing as scheduled and should be completed early in the third quarter. Later this year, we will begin expanding our Illinois distribution center. The two expansions will increase our network capacity to over 850 stores.

德州配送中心的擴建正按計畫推進，預計將於第三季初完成。今年稍晚，我們將開始擴建伊利諾伊配送中心。這兩項擴建將使我們的網路產能提升至支援超過 850 家門店。

On top of all of this, we bought back $53 million of our common stock in the quarter. We are an opportunistic retailer. Our business model thrives on buying good stuff, cheap. This quarter that included our own stock. Everyone loves a bargain and so do we.

此外，我們本季回購了 5,300 萬美元的普通股。我們是一家善於把握機會的零售商。我們的商業模式擅長以低價買到好貨；本季也包括買回我們自己的股票。人人都愛撿便宜，我們也是。

On that note, I'll turn the call over to Rob, who will take you through our financial results in more detail. Rob?

說到這裡，我把電話會議交給 Rob，他將更詳細帶各位回顧我們的財務結果。Rob？

Thanks, Eric, and good morning, everyone. We are pleased with our execution and the positive impact this is having on our results across the P&L. This drove better-than-expected earnings growth in the quarter. New stores and customer acquisition remain our top two priorities, and we continue to deliver on both.

謝謝你，Eric，各位早安。我們對執行成果以及其對損益表（P&L）各項結果帶來的正面影響感到滿意，這也推動本季獲利成長優於預期。新店開設與顧客獲取仍是我們的兩大優先事項，我們也持續在這兩方面交出成果。

We opened 27 new stores in the first quarter, an increase of more than 15% and ended the period with 672 stores in 35 states. At the same time, we added almost 500,000 net new Ollie's Army members in the quarter and grew our loyalty program by 13% to 17.5 million members.

第一季我們新開 27 家門店，增幅超過 15%，期末在 35 個州共有 672 家門店。同時，本季我們新增近 50 萬名 Ollie’s Army 淨新會員，忠誠計畫會員數成長 13%，達到 1,750 萬名。

Now let me walk you through the P&L. Net sales increased 14% to $659 million, driven by new store openings and comparable store sales growth. Comparable store sales increased 1.7%, driven by an increase in basket. Top-performing categories were food, general merchandise, hardware, seasonal decor and stationery, while weather-sensitive categories underperformed, such as lawn and garden and summer furniture.

現在讓我帶各位看一下損益表（P&L）。淨銷售額成長14%至6.59億美元，主要受新店開幕與同店銷售成長帶動。同店銷售成長1.7%，主要由客單（basket）提升所驅動。表現最佳的品類為食品、綜合商品、五金、季節性裝飾與文具；而受天氣影響較大的品類表現較弱，例如草坪與園藝以及夏季家具。

As Eric mentioned, performance varied by region, primarily driven by weather patterns with the East, Midwest and Central markets all outperforming their respective plans, while the South largely underperformed. The biggest drag in the South was the lawn and garden category. The slower selling of bulky seasonal products also led to throughput constraints in our Texas distribution center, which impacted the Southern region.

如Eric所提到的，各地區表現不一，主要由天氣型態所驅動；東部、中西部與中部市場皆優於各自的計畫目標，而南部整體則大多低於預期。南部最大的拖累來自草坪與園藝品類。大型季節性商品銷售較慢也導致我們德州配送中心的處理量（throughput）受限，進而影響南部地區。

Gross margin increased 80 basis points to 41.9%. This was above our expectation and driven by lower supply chain costs. Higher fuel costs were more than offset by lower tariff expenses. Merchandise margin was slightly higher. SG&A expenses were well managed and flat as a percentage of sales in the quarter.

毛利率提升80個基點至41.9%。這高於我們的預期，主要由較低的供應鏈成本所帶動。較高的燃料成本已被較低的關稅費用所抵銷。商品毛利率略為提高。SG&A費用控管良好，本季占銷售額比重持平。

Pre-opening expenses were in line with expectations and decreased 3% to $6.4 million. The decrease was driven primarily by lower rent expense, specifically the dark rent associated with the bankruptcy acquired sites last year. This was partially offset by a higher number of new store openings.

開店前費用符合預期，下降3%至640萬美元。下降主要由較低的租金費用所致，特別是去年破產收購據點所產生的閒置租金（dark rent）。此影響部分被較多的新店開幕數量所抵銷。

Moving down to the bottom line. Adjusted net income increased 21% to $56 million and adjusted earnings per share increased to $0.91. Lastly, adjusted EBITDA increased 22% to $88 million, adjusted EBITDA margin increased 80 basis points to 13.3% for the quarter.

接著看損益底線。調整後淨利成長21%至5,600萬美元，調整後每股盈餘提升至0.91美元。最後，調整後EBITDA成長22%至8,800萬美元，本季調整後EBITDA利潤率提升80個基點至13.3%。

Turning to the balance sheet. Our total cash and investments increased $111 million or 27% to $526 million, and we continue to have no meaningful long-term debt at the end of the quarter. With our strong balance sheet and the consistency of our earnings and cash flows, we stepped up our buyback and repurchased $53 million worth of our common stock in the quarter.

接著看資產負債表。我們的現金與投資總額增加1.11億美元（或27%）至5.26億美元，且截至本季末我們仍沒有任何具實質規模的長期負債。憑藉強健的資產負債表，以及獲利與現金流的一致性，我們加大了庫藏股回購，本季回購了5,300萬美元的普通股。

As a reminder, we are targeting annual buyback levels at roughly 50% of free cash flow and raising our outlook to $125 million this year. Our buyback activity reflects our confidence in the durability and earnings power of our business model.

提醒一下，我們的目標是年度回購規模約為自由現金流的50%，並將今年的展望上調至1.25億美元。我們的回購行動反映出我們對商業模式韌性與獲利能力的信心。

Inventories increased 12% year-over-year, primarily driven by our new store growth. Capital expenditures were $25 million in the quarter, with the majority of the spending going towards the opening of new stores, the improvement of existing stores and the expansion of our Texas distribution center.

存貨年增12%，主要由新店成長所帶動。本季資本支出為2,500萬美元，支出大多用於新店開幕、既有門市改善，以及德州配送中心的擴建。

Let me wrap up with commentary about our outlook for the full fiscal year. First, we remain confident in our ability to deliver against our earnings algo of mid-teens growth. Solid sales growth, strong margins, controlled expenses and the stepped-up buyback all support earnings growth this year.

最後我以對全年財年的展望做個總結。首先，我們仍有信心達成我們的獲利演算法（earnings algo）——中十位數（mid-teens）的成長。穩健的銷售成長、強勁的毛利率、受控的費用，以及加大的回購，都將支持今年的獲利成長。

At the same time, we are cognizant of the state of the consumer right now. They are prioritizing their spending around their needs and driving a little less if they can. Weather is still a bit of lingering factor, and we don't have the benefit of higher tax refunds to offset some of these pressures in the second quarter.

同時，我們也留意到目前消費者的狀況。他們正把支出優先放在需求上，並且如果可以的話會少開車一些。天氣仍是揮之不去的因素，而在第二季我們也沒有較高的退稅可用來抵銷部分壓力。

Our comp target remains a positive 2% for the full fiscal year. Our current trends are running below this level, primarily reflecting continued weather volatility and ongoing pressure on the lower-income consumer. While a significant portion of the quarter remains ahead of us and we could benefit from a normalization of weather patterns and lower income spending, we currently believe second quarter comps could look similar to the first quarter.

我們對全年同店（comp）目標仍維持正成長2%。目前趨勢低於此水準，主要反映天氣持續波動，以及低收入消費者持續承壓。雖然本季仍有相當多時間，且若天氣型態回歸正常、低收入族群支出壓力緩解，我們可能受惠；但目前我們認為第二季同店可能與第一季相近。

As a result, we are making a small update to our full-year sales outlook to reflect current trends and raising our full-year earnings per share outlook to account for the results in the first quarter. All of our outlook figures are contained in the table in our earnings release posted this morning.

因此，我們對全年銷售展望做了小幅更新以反映目前趨勢，並上調全年每股盈餘展望以納入第一季的結果。我們所有展望數字都列在今天早上發布的財報新聞稿表格中。

Our full-year guidance includes 75 new store openings, net sales of $2.98 billion to $3 billion, comparable store sales growth in the range of 2%, gross margin in the range of 40.7%, operating income of $340 million to $348 million, adjusted net income and adjusted net income per share of $271 million to $277 million and $4.45 to $4.55, respectively.

我們的全年指引包含新開75家門市、淨銷售額29.8億至30.0億美元、同店銷售成長約2%、毛利率約40.7%、營業利益3.40億至3.48億美元、調整後淨利與調整後每股淨利分別為2.71億至2.77億美元以及4.45至4.55美元。

Let me give you some of the additional assumptions behind these numbers. Starting with tariffs. We benefited from the lower levels provided by the SCOTUS decision and assume these remain in place through July. In the back half of the year, we have left the higher pre-SCOTUS tariff assumptions in our guidance. Lastly, we have not considered the benefit of any tariff refunds in our outlook.

我再補充一些支撐這些數字的假設。先從關稅談起。我們受惠於SCOTUS裁決所帶來的較低水準，並假設該水準將維持至7月。在下半年，我們在指引中仍保留較高的、SCOTUS裁決前（pre-SCOTUS）的關稅假設。最後，我們的展望未納入任何關稅退還（refunds）的利益。

Our earnings guidance also assumes higher fuel costs for the balance of the year. Depreciation and amortization expenses of $63 million, inclusive of $15 million within cost of goods sold; pre-opening expenses of $22 million; an annual effective tax rate of approximately 25%, which excludes the tax benefits related to stock-based compensation; diluted weighted average shares outstanding of approximately $60.9 million, which now includes a higher share repurchase level of $125 million; and capital expenditures are expected in the range of $103 million to $113 million, which includes almost $20 million for the expansion of our Texas and Illinois distribution centers.

我們的獲利指引也假設今年剩餘期間燃料成本較高。折舊與攤銷費用為6,300萬美元，其中包含1,500萬美元計入銷貨成本；開店前費用2,200萬美元；全年有效稅率約25%，不含與股票基礎給付相關的稅務利益；稀釋後加權平均流通股數約6,090萬股，現已包含較高的回購規模1.25億美元；資本支出預期約1.03億至1.13億美元，其中包含近2,000萬美元用於擴建德州與伊利諾伊州配送中心。

In closing, let me thank all of our hard-working team members across the country. It is what you do day in, day out that makes Ollie's a special company. Now let me turn the call back over to Eric.

最後，讓我感謝全國各地辛勤工作的所有團隊成員。正是你們日復一日的付出，讓Ollie's成為一家特別的公司。現在我把電話交回給Eric。

Thanks, Rob. Our team did a great job navigating a far more dynamic and challenging environment than we've seen in quite some time. The consumer today is under pressure and increasingly focused on stretching their hard-earned dollars. We remain focused on our strategic priorities, executing with discipline and most importantly, continuing to serve our customers. This is at the core of what we do best.

謝謝你，Rob。我們的團隊在一個比我們相當長一段時間以來所見更為動態且更具挑戰的環境中，做得非常出色。如今消費者承受壓力，並愈來愈專注於讓辛苦賺來的每一塊錢花得更有價值。我們仍專注於策略優先事項，以紀律執行，最重要的是持續服務顧客。這正是我們最擅長的核心。

For more than 40 years, our commitment to our customers has been to make their lives better by selling good stuff cheap. We will continue to uphold that commitment by managing our cost and pricing to deliver the best value in retail today.

40多年來，我們對顧客的承諾一直是：以便宜的價格賣好東西，讓他們的生活更美好。我們將持續透過成本與定價管理來堅守這項承諾，提供當今零售市場中最好的價值。

We are executing well and delivering strong results. We are investing in our future and excited about the opportunities that lie ahead. We are committed to supporting loyal bargainers in their time of need. We are proud to say, we are Ollie's.

我們執行到位並交出強勁成果。我們正投資於未來，並對前方的機會感到振奮。我們承諾在顧客需要的時刻支持忠誠的撿便宜族群（bargainers）。我們很自豪地說：我們是Ollie's。

Operator, we're ready for questions.

接線員，我們準備好回答問題了。

(Operator Instructions) Matthew Boss, JPMorgan.

（接線員指示）Matthew Boss，摩根大通（JPMorgan）。

So Eric, maybe could you elaborate on the cadence of comps that you spoke to in the first quarter? Maybe if we thought about it relative to plan and just your confidence in delivering roughly two comps for the year?

Eric，能否請你更詳細說明一下你在第一季提到的同店（comps）走勢節奏？也許從相對於計畫的角度，以及你對全年大約2%同店目標的達成信心來談？

And then near term, is there a way to break out maybe the trends that you're seeing by category or by region in order to parse through the impact of weather that you may be seeing that seems to give you the confidence in delivering similar comps in the second quarter to what you've delivered in the first quarter despite the softer start?

另外就短期而言，是否能按品類或地區拆解一下你們看到的趨勢，以便釐清天氣影響？因為儘管開局較疲弱，你們仍有信心第二季同店能與第一季相近。

Matt, this is Rob. I'll take that. So for the first quarter, all three months of the quarter were positive, which was encouraging. February was the strongest month. That was up about mid-single digits. April -- March was positive and then April ticked up slightly, which was notable because we had the Easter shift into March this year.

Matt，我是Rob。我來回答。第一季三個月份同店都為正成長，這令人鼓舞。2月最強，約成長中個位數（mid-single digits）。3月為正成長，接著4月小幅回升；這點值得注意，因為今年復活節提前到3月。

As I mentioned in the call, we saw diversion trends across the quarter, across the country when the gas prices started to spike and the weather didn't really shift as quickly as it normally does. The East, Midwest and Central all experienced more normalized conditions and they'd be planned by 100 to 200 basis points.

如我在電話會議中提到的，當油價開始飆升、而天氣變化沒有像往常那樣快速轉換時，我們在整個季度、全國各地都看到消費轉移（diversion）趨勢。東部、中西部與中部的狀況較為正常化，表現較計畫高出100到200個基點。

The South where it was hot and we saw drought-like conditions, that region lagged between 100 to 300 basis points. The biggest drag on those regions was clearly lawn and garden.

南部則因高溫且出現類似乾旱的狀況，該地區落後約100到300個基點。對這些地區最大的拖累顯然是草坪與園藝。

From a Q2 perspective, we talked about our trends quarter-to-date. We are running behind our full-quarter guide for the second quarter. Comp trends in what we call our core comp categories; the consumables categories remain strong. It's really outdoor seasonal product that we're seeing the biggest impact.

從第二季角度來看，我們談到了截至目前（quarter-to-date）的趨勢。我們目前落後於第二季全季指引。同店趨勢在我們所稱的核心同店品類中——也就是消耗品（consumables）品類——仍然強勁。影響最大的是戶外季節性商品。

We do think that the weather will change. It always -- it gets hot every year. It always does. We're seeing some of that weather come this weekend. So there is a potential for pent-up demand. But we have a lot of quarter ahead of us. We have a big Ollie's Days, big Ollie's Army Night plans in celebration of the 250th birthday this year, so we're confident that we have what we need to deliver on the guidance.

我們確實認為天氣會改變。每年都會——每年都會變熱，總是如此。我們看到這個週末就會出現一些這樣的天氣。因此存在被壓抑需求（pent-up demand）釋放的可能。不過本季還有很長時間。我們有一個大型的Ollie's Days，以及大型的Ollie's Army Night活動計畫，以慶祝今年的250週年，因此我們有信心具備達成指引所需的一切。

That's great color. And then maybe, Rob, just to switch gears. Could you break apart the drivers of your raised gross margin outlook? And maybe a different way to think about it is, what's the best way to consider the potential flow-through of better buying relative to opportunities that this provides you to reinvest into value?

那是很棒的顏色。接著也許，Rob，稍微換個話題。你能否拆解一下你們上調毛利率展望的驅動因素？另外也可以換個角度來看：相較於你們目前看到的機會，更好的採購所帶來的潛在毛利流入（flow-through），最佳的思考方式是什麼？以及這又如何讓你們有空間把這些回饋再投資到價值上？

Yeah. From a gross margin perspective, most of our elevated gross margin guide is coming off of our outperformance in the first quarter. We left most of the gross margin in place for the balance of the year. We do -- we are buying better, as we mentioned in the call.

好的。從毛利率的角度來看，我們較高的毛利率指引主要來自第一季的超預期表現。我們把大部分的毛利率水準保留到今年剩餘期間。我們確實——如同在電話會議中提到的——採購做得更好。

And we do think that that gives us the opportunity to invest in price. Our bias continues to be market share to reinvest in customer loyalty. and to drive the top line while delivering on what we guided to originally when we entered the year.

而且我們確實認為，這讓我們有機會在價格上進行投資。我們的偏好仍然是透過再投資於顧客忠誠度來提升市占率，並在推動營收成長的同時，達成我們在年初所給出的原始指引。

Randy Konik, Jefferies.

Randy Konik，Jefferies。

It will be really helpful if we could, I guess, double-click on the consumer environment, give us some initial broad strokes about trip consolidation, some trade down or trade out, trade in. And it would be really helpful if you can kind of just elaborate on that a bit more, some more granularity. What you're seeing in the quarter? Any kind of changes, particularly in the South if weather has changed in a couple of markets, a couple of stores would be helpful as well. Just a little flavor there would be great.

如果我們能更深入一點談談消費者環境會很有幫助。我想，能否先給我們一些初步的整體輪廓，像是出行/購物行程的整併（trip consolidation）、一些降級購買（trade down）或轉出/轉入（trade out、trade in）之類的情況。若你能再多做一些延伸、提供更細的顆粒度會很有幫助。你們在本季看到什麼？是否有任何變化？特別是南部，如果天氣在幾個市場、幾家門市有所改變，也請分享一下。給我們一點風味描述就很棒了。

Sure, Randy. I'll take that. Yeah. I would say I'll start with your last question first. We have seen these green shoots as the weather changes regionally even for moments. Two or three days of a weather trend that's more favorable, we're seeing green shoots in our business where we see a meaningful spike in the overall business and traffic in these stores and a recovery of the seasonal businesses. So it does give us confidence that when the weather is a little bit more cooperative in these areas that the business comes back and that confidence in our guide for Q2 or our thoughts around comps for Q2.

當然，Randy。我來回答。是的，我先從你最後一個問題開始。我們確實看到一些「綠芽」（green shoots）：即使只是區域性的天氣短暫轉變，只要兩三天的天氣趨勢比較有利，我們就會在業務上看到綠芽——整體業績與這些門市的來客量會出現明顯跳升，季節性品類也會回升。因此，這讓我們對於當這些地區的天氣稍微更配合時，業務會回來更有信心，也支持我們對第二季指引、或對第二季同店（comps）的看法。

In terms of the state of the consumer, I said that we saw a meaningful change over the last few months that really started at the beginning of March, coming out of the geopolitical environment and then the spike that happened almost overnight in surge in gas prices. Coupled with extreme weather, uncertainty around the economic backdrop, we did see a meaningful change in shopping patterns.

就消費者狀態而言，我之前提到過，我們在過去幾個月看到一個明顯變化，真正是從三月初開始的：地緣政治環境之後，汽油價格幾乎一夜之間飆升。再加上極端天氣、對經濟背景的不確定性，我們確實看到購物型態出現顯著改變。

Customers bought what they needed, very close to need. Consumables were very strong, seeded deferred purchases on non-essentials, including weather-related items. They also shop stores closer to home. We saw an acceleration of high-income customers, actually the most significant acceleration we've seen in quite some time. So the trade down was very strong in higher income; we're defining here as over $100,000 in household income.

顧客只買他們需要的東西，而且非常貼近「即時需求」。民生消耗品（consumables）非常強，而非必需品（non-essentials）的延後購買增加，包括與天氣相關的商品。他們也更常去離家更近的門市購物。我們看到高收入顧客加速流入，實際上是我們相當長一段時間以來看到最顯著的一次加速。因此，高收入族群的降級購買（trade down）非常強；我們這裡定義高收入為家庭年收入超過10萬美元。

The pace of the trade out also accelerated, and it netted out about flat, where when you look at previous quarters, either the low-income consumer was a bit more stable or there was a slight trade out of low consumer in the upper -- the higher income consumer more than made up for that trend. So for the quarter, it ended up netting out flat.

轉出（trade out）的速度也加快了，但整體淨效應大致持平。回看前幾季，要嘛低收入消費者相對更穩定，要嘛低收入端略有轉出，但高收入消費者的流入足以彌補那個趨勢。因此就本季而言，最後淨效應是持平。

We also see, just to add a little bit more color, a higher concentration of older fixed income customers that it's -- we have a higher concentration of those customers and they're a relatively weak cohort for us in the quarter, which was new for us. We do know that for all the years we've been in business that value always wins. We believe we're very well positioned with a strong value proposition as customers continue to adjust the environment in that we will win to.

另外再補充一點背景：我們的顧客結構中，年長且依賴固定收入的顧客占比更高，而這一群在本季對我們而言相對偏弱，這對我們來說是新的現象。我們也知道，從我們經營的所有年份來看，「價值」永遠會勝出。我們相信，隨著顧客持續調整以因應環境，我們以強勁的價值主張（value proposition）具備非常好的定位，我們也會因此勝出。

Great. Super helpful. And then just following up, if you think about your comp guide for the year, how should we be thinking about traffic versus ticket contribution given what we saw in the first quarter? Just any thoughts there would be helpful.

很好，非常有幫助。接著追問一下，如果你看你們今年的同店指引，考量第一季看到的情況，我們應該如何看待來客量（traffic）與客單價（ticket）的貢獻？任何想法都會很有幫助。

And then I remember last year, maybe it was the fourth quarter where new store productivity was a little underwhelming given the way you opened stores, I guess, soft versus grand opening. Just give us some thoughts on how you're thinking about these openings this year, how that's going to change perhaps or not change versus last year? And how you think about new store productivity trends in this year's cohort versus last year?

另外我記得去年，可能是第四季，新店生產力（new store productivity）有點不如預期，因為你們開店方式比較像是試營運（soft opening）而不是盛大開幕（grand opening）。請分享一下你們今年對開店的想法，是否會相較去年有所改變或不變？以及你們如何看待今年這批新店的生產力趨勢，相較於去年？

Sure. I'll answer the traffic versus ticket. Rob will take the new store productivity. We -- I guess the real transparent answer is we don't really think about traffic versus ticket. So it's always our goal to drive traffic, and that's the most positive way to continue growing our business, and we've been very successful at that for many, many, many quarters and for the history of the company.

好的。我先回答來客量對客單價；Rob 會回答新店生產力。我們——我想最坦白的答案是：我們其實不太用「來客量 vs. 客單價」這樣去思考。我們的目標一直都是帶動來客量，這是持續擴大業務最正向的方式；而且我們在很多很多很多個季度、以及公司整個歷史中，都在這方面非常成功。

. So that is our goal. That is our priority. But we don't really think about the components because it's a very dynamic environment in terms of -- our business model is very dynamic in terms of how we buy; it's an opportunistic business model.

所以那就是我們的目標，也是我們的優先事項。但我們不太去拆解那些組成，因為環境非常動態——我們的商業模式在採購方式上也非常動態；這是一個機會導向（opportunistic）的商業模式。

You'll remember last year in Q2 moving into Q3, we had a bit of a ticket drag due to the nature of the deal flow, and we drove a bit of a lower ticket, which resulted in very strong transaction lift, and we were very happy with that even though there was a ticket drag. So we manage it according to the deal flow environment in we're never -- we never shy away from a deal that we believe is compelling and will excite a customer, no matter what the ticket might be.

你會記得去年第二季進入第三季時，因為交易/貨源流（deal flow）的性質，我們的客單價有一些拖累；我們帶動了較低的客單價，結果交易筆數（transactions）大幅提升。即使客單價有拖累，我們仍然非常滿意。我們會依照 deal flow 的環境來管理；只要我們相信某個交易很有吸引力、能讓顧客興奮，不管客單價可能是多少，我們都不會迴避。

From a new store productivity perspective, I would say that the new stores were similarly impacted, so some of the impacts that we saw in the comp base. So it makes a little bit more difficult to assess what the true impact of that -- what the true impact of the soft opening was. Overall, we're pleased with the 2026 store openings. And the new store productivity came in only slightly below our plan -- our original plan.

從新店生產力的角度來看，我會說新店也受到類似影響，和我們在同店基礎（comp base）上看到的一些影響相同。因此，要評估試營運（soft opening）的真正影響會更困難一些。整體而言，我們對2026年的開店表現感到滿意。而新店生產力只比我們的計畫——原始計畫——略低一些。

Steven Shemes, RBC Capital Markets.

Steven Shemes，RBC Capital Markets。

I wanted to follow up on an earlier one on reinvestment. So you said you'll reinvest in price but also raised the gross margin guidance. Was hoping you can maybe speak to how consumers are responding to price investment or promotions that you've already put in the market that gives you confidence that you've embedded enough cushion to actually move the needle on top line?

我想追問先前關於再投資（reinvestment）的問題。你提到會在價格上再投資，但同時又上調了毛利率指引。希望你能談談，消費者對你們已經投放到市場的價格投資或促銷活動的反應如何，讓你有信心你們已經內含了足夠的緩衝（cushion），能夠真正推動營收成長（top line）？

Sure. Thanks, Steve. Rob mentioned it earlier; our bias is always to drive market share in investing in prices the way that we do it. We know how to motivate customers through compelling deals. That's probably the simplest way to answer the question; we deliver compelling deals.

當然。謝謝你，Steve。Rob 先前提到過；我們的偏好一向是透過價格投資來推動市占率。我們做法是——我們知道如何透過有吸引力的交易來驅動顧客。這大概是回答這個問題最簡單的方式；我們提供非常有吸引力的好康交易（compelling deals）。

Our growing buying power and better execution resulted in stronger margins, which gives us the confidence we can continue to invest in price and maintain strong product margins as we move forward. It will further reinforce the strength of our value proposition, our emphasis on exceptional deals, an extremely relevant product in this moment.

我們不斷增長的採購規模與更好的執行帶來更強的毛利，這讓我們有信心在未來能持續投資價格，同時維持強勁的商品毛利率。這將進一步強化我們價值主張的力度、我們對「超值交易」的強調，以及在此刻極具相關性的商品組合。

So for competitive reasons, we don't share a lot of details, but I'll highlight a handful. So we do have an aggressive plan as we move through Q2. We're not waiting for the weather to break. We have an aggressive plan to invest in price. It starts with the most compelling deals. I call it lighting up deals and making the deals even more compelling than they were.

基於競爭因素，我們不會分享太多細節，但我會點出幾項重點。我們在第二季推進時有一個相當積極的計畫。我們不會等天氣好轉；我們有一個積極的價格投資計畫。它從最具吸引力的交易開始。我把它稱為把交易「點亮」（lighting up deals），讓這些交易比原本就已經很吸引人的程度更上一層樓。

So that really means and simply put, that the price gaps on some of our deals will be even wider than they were. Although we're happy with our price gaps and our price gaps are very similar in Q1 to where they've been running, we're going to get even wider on select deals.

也就是說，簡單講，我們某些交易的價差（price gaps）會比之前更大。雖然我們對目前的價差很滿意，而且第一季的價差與我們一貫的水準非常接近，但我們會在部分精選交易上把價差拉得更開。

And those -- just to emphasize, the pricing for us is an everyday low price value proposition. We're fiercely committed to everyday low price. So this isn't some sort of temporary price. These are adjustments to price that are the ongoing price and prevailing price for the item for us. We're investing in trend in highly relevant product, which is also a reflection of our growing size and scale and buying power. We're enhancing Ollie's Army events.

另外——再強調一次——對我們而言，定價是一種「天天低價」（everyday low price）的價值主張。我們非常堅定地承諾天天低價。所以這不是某種短期的臨時價格；這些是價格調整，會成為我們該商品持續性的價格與現行價格。我們也在高度相關的趨勢商品上加大投資，這同時反映了我們規模與量體、以及採購力的提升。我們也在強化 Ollie's Army 活動。

So anything that we consider even semi promotional in nature is an investment or a reward for a loyal customer that's in the Army, which includes stimulating customers who live at a bit of a distance from stores where we've seen less frequency over the last couple of months. And we're continuing to press forward with speed to -- on our sales productivity initiatives.

因此，任何我們認為哪怕只是帶有一點促銷性質（semi promotional）的做法，對我們而言都是對 Army 忠誠顧客的投資或回饋；這也包括刺激那些住得離門市稍遠、而在過去幾個月來店頻率較低的顧客。我們也會持續以更快速度推進——我們的銷售生產力提升計畫。

That's very helpful. I appreciate the color there. And then just as a follow-up, obviously, a very challenging consumer environment, a lot changed very quickly during the quarter, but we also did have higher tax refunds that other companies have called out as a benefit. So question is, do you think you received any benefit from the tax refunds being higher on a year-over-year basis? And if not, why do you think that was the reason?

這非常有幫助。我很感謝你提供的細節。接著再追問一下，顯然消費者環境非常具挑戰性，本季期間很多事情變化很快，但我們也確實看到退稅金額較高，其他公司也提到這是一項利多。所以問題是，你認為你們是否因為退稅較去年同期更高而受惠？如果沒有，你認為原因是什麼？

Steve, I would say that the way we've talked about tax refunds in the past and really nothing has changed is that more money in the consumer's wallet is always better. But we didn't see any notable spikes or green shoots of sales as the tax refund season rolled out. So I don't think it was meaningful, but it's hard to assess.

Steve，我會說我們過去談退稅的方式其實沒有改變：消費者口袋裡多一些錢永遠是好事。但隨著退稅季展開，我們沒有看到任何明顯的銷售尖峰或回溫跡象。所以我不認為它有實質影響，但也很難評估。

Understood. I appreciate all the color. Best of luck moving forward.

了解。謝謝你提供的所有細節。祝你們接下來一切順利。

Ed Kelly, Wells Fargo.

Ed Kelly，富國銀行。

Eric, a question for you and then maybe like a follow-up from Robin here. So regarding the flyer, philosophically, can you just maybe give us some context on like the shifting that's been taking place? So you had one that moved a little bit earlier in April. Obviously, now you had one coming in July. I think investor perception is that this is happening in response to sales, but I think you maybe have some operational reason for this stuff.

Eric，我先問你一個問題，然後可能再接著 Robin 的追問。關於傳單（flyer），從理念上來說，你能否提供一些背景，說明目前發生的調整？你們有一檔在 4 月稍微提前。顯然現在又有一檔安排在 7 月。我想投資人認為這是因應銷售狀況，但我猜可能有一些營運面的原因。

And then in the context of that flyer moving forward into July, Rob, how are you thinking about the second-half outlook? I mean you do have some easier compares. Just curious how you're thinking about the balance of the year after like the Q2 lap that we all are talking about here?

另外，在這檔傳單往後移到 7 月的背景下，Rob，你怎麼看下半年展望？你們確實會遇到比較容易的比較基期。想了解你如何看待在我們都在討論的 Q2 這個「跨期」之後，今年剩餘期間的平衡？

Sure. Thanks, Ed. And as always, I appreciate your flyer question. So -- and I've been reflective since the last call on how I answered the question when you asked and we did offer a little more color on this call about a flyer shift. We didn't have a shift in Q1 just to reinforce that.

好的，謝謝你，Ed。而且一如既往，我很感謝你對傳單的提問。所以——自從上次電話會議後，我一直在反思當你問這個問題時我當時的回答；這次我們也就傳單調整提供了更多細節。我也想再次強調，Q1 並沒有做任何調整。

I've been a bit reticent to share details on flyer shifts or any event shifts for competitive reasons. I've reflected on that, and I'm still reticent to share details, but I think it's a good question to answer about our thought process on flyers, Ed, and to kind of debunk the assumption that our flyer timing is somehow dynamic enough that we would shift intra-quarter.

基於競爭因素，我一直有點不太願意分享傳單調整或任何活動調整的細節。我也反思過這點，我仍然不太願意透露細節，但我認為回答我們對傳單的思考邏輯是個好問題，Ed，也可以澄清一個假設：我們的傳單時點並沒有「動態」到會在季度內臨時調整。

We make all our flyer event decisions in January, in that period, and we don't shift. I can't remember in my time here ever shifting a flyer event after we set the calendar, which is before the fiscal year starts. And at that point, we've set Q1 permanently and we're just refining and setting more permanently the balance of the year.

我們在 1 月那段期間就做出所有傳單活動的決策，而且不會再調整。我不記得我在這裡任職期間，有在設定好行事曆後還改過任何一檔傳單活動；而行事曆是在會計年度開始前就定下來的。到那個時點，Q1 已經永久確定，我們只是進一步細化並更正式地確定年度其餘期間。

So we're not making decisions about flyer shifts in real time. We make these decisions way upfront. We make decisions based on the timing of events typically and, of course, we look back on our history on the performance of the events related to the timing. When I say events, primarily they are holidays we're talking about.

所以我們不是在即時做傳單調整的決策。我們很早就做這些決定。通常我們會依據活動時點來決定，當然也會回顧歷史上這些活動在不同時點的表現。我說的活動，主要指的是節日。

And Easter, as it moves around year-to-year, is one of those events that we need to plan around. I mentioned earlier, Father's Day is another one. We're not going to hold it on Ollie's Army Night on Father's Day, although perhaps some families like kick their family out of the house and send them to Ollie's, which we'd appreciate. But -- so we do make those decisions based on the timing of -- primarily the timing of holidays well in advance.

而復活節每年日期不同，就是我們需要納入規劃的活動之一。我前面也提到，父親節也是另一個。我們不會把它安排在父親節當天舉辦 Ollie's Army Night，雖然也許有些家庭會把家人「趕出門」送去 Ollie's，我們也會很感謝。但——總之，我們主要是根據節日的時點，提前很久就做出這些決策。

In the case of July, I'll give you the Q1 -- the Q3 to Q2 shift. I will give you a little bit of color that we have a very significant gap in the calendar between our last June event and our first August event, and that's always bothered us, and we really haven't ever done anything about it. We miss a period of time in the month of July that is very back-to-school oriented.

以 7 月為例，我可以談談從 Q3 移到 Q2 的調整。我可以補充一點背景：在行事曆上，我們 6 月最後一檔活動與 8 月第一檔活動之間有一個非常大的空檔，這一直讓我們覺得不理想，但過去也沒有真正做出改變。我們錯過了 7 月中一段非常偏向返校（back-to-school）的期間。

And so we wanted to see what we could do with that that we were spacing our events out -- a little more likely space events out the rest of the year, and trying something a little bit different with a certain time of the year that typically we don't try to play as strongly in. So that was our thought process around Q2.

因此我們想看看能否利用這段時間，把活動在全年其餘時間的間距拉得更均衡一些，並在一年中某個我們通常不會那麼積極經營的時段，嘗試一些不同做法。這就是我們對 Q2 的思考。

And in terms of the full-year guide, I just want to put into perspective, we're talking about tens of basis points below the 2 in the first half and potentially tens of basis points above the 2 in the second half. And to Eric's point, for the third quarter, we've planned this flyer shift since January.

至於全年指引，我想提供一些脈絡：我們談的是上半年可能比 2% 低幾十個基點，而下半年可能比 2% 高幾十個基點。也呼應 Eric 的觀點，第三季的這次傳單調整我們從 1 月就已經規劃好了。

We understand the impact of flyers, and we understand that what we're up against when we shift one. So we're set up with the plan. We're set up with the product, and we know what we need to do to be able to drive the sales in the third quarter.

我們了解傳單的影響，也了解當我們調整一檔傳單時所面對的比較基期。我們已依計畫準備就緒：計畫已定、商品已到位，也清楚第三季要做什麼才能帶動銷售。

Mary Sport, Bank of America.

Mary Sport，美國銀行。

I was wondering if you could give us an update on the state of the closeout environment and just what you're seeing there?

我想請你更新一下清倉（closeout）環境的狀況，以及你們目前觀察到的情形？

Sure. Yeah, the closeout environment, it's been a highly disruptive environment for the consumer, which creates opportunities for us. We continue to benefit also from the consolidation of retail. In terms of the strength of the pipeline and the consolidation of retail customers that are out there buying closeouts, has continued to be very helpful to us.

好的。是的，清倉環境對消費者而言一直是高度擾動的環境，而這為我們創造了機會。我們也持續受惠於零售業的整併。就供應來源管線的強度，以及市場上購買清倉品的零售客戶整併而言，這些都持續對我們很有幫助。

But most importantly, consumers under pressure means suppliers are under pressure, inventories are out of balance, and suppliers are more motivated to move product. The larger deals, we continue to see consolidation of the buyers' results in larger deals available on our ability to buy all of what a supplier potentially is offering.

但最重要的是，消費者承壓意味著供應商也承壓，庫存失衡，供應商更有動機去出清商品。至於更大規模的交易，我們持續看到買方的整併，使得市場上出現更大筆的交易，因為我們有能力把供應商可能提供的量一次買下來。

That continues to be a story for us. It has been a story for us probably for the last year or two at this point, and we continue to gain momentum at. So simply put, we're continuing to see an increase in both the quantity and the quality of the deals.

這仍然是我們的核心故事。大概在過去一到兩年一直如此，而我們也持續在這方面累積動能。簡單來說，我們持續看到交易在「數量」與「品質」兩方面都在提升。

Brad Thomas, KeyBanc Capital Markets.

Brad Thomas，KeyBanc Capital Markets。

Eric, since you've taken over as CEO, I think you've really tried to be proactive about playing offense and driving sales, bringing in new customers, I was wondering if you could just speak to where you're seeing the biggest opportunities as we think about the balance of the year, in particular, how are you thinking about the effectiveness of the second time of doing an annual Ollie's Army Night in June?

Eric，自從你接任 CEO 以來，我覺得你一直很主動地採取進攻策略、推動銷售、帶進新客。我想請你談談，在今年剩餘期間你看到最大的機會在哪裡？特別是，你如何看待 6 月第二次舉辦年度 Ollie's Army Night 的成效？

Sure. I -- so yeah, I guess when you look at it overall, we are very aggressive about driving compelling deals, newness in managing the productivity -- the space productivity, sales productivity in our stores. So those are things we're doing, call it, more incrementally as we move forward and have been.

好的。我——是的，我想整體來看，我們在推動具吸引力的交易、提升新品（newness），以及管理門市的生產力——也就是空間生產力與銷售生產力——方面都非常積極。這些都是我們在往前走的過程中，以更漸進的方式持續在做、也一直在做的事情。

It all starts with product. Product being strong deals with meaningful price gaps and also highly relevant product, which includes trend product, which isn't a foreign concept for Ollie's. We've been in and out of trend product over the years, but I believe we could do trend product even better. And there are many examples of that, and it could vary category by category, but we are driving a lot more trend product as well. So that -- those are the main ways in which we're aggressively proactively driving top line.

一切都從商品開始。商品要有強勁的交易：具意義的價差（price gaps），以及高度相關的商品；其中也包含趨勢商品（trend product），這對 Ollie's 並不是陌生概念。多年來我們一直有進出趨勢商品，但我相信我們可以把趨勢商品做得更好。這方面有很多例子，也會因品類而異；但我們也正在導入更多趨勢商品。所以——這些是我們更積極、主動推動營收成長的主要方式。

I would mention Ollie's Army as well, and I'll come back to the Ollie's Army Night question, Brad. The Ollie's Army has been even larger priority for us in driving the growth of the program. We're aggressive in how we market it and making some of these events like the second Ollie's Army Night or Ollie's Days event and some other things we're doing, even more exclusive and even more special for the customer, making the program more compelling, which helps to attract new customers to the program.

我也想提到 Ollie's Army，Brad，我等一下會回到你關於 Ollie's Army Night 的問題。Ollie's Army 在推動計畫成長方面，對我們而言已成為更高優先事項。我們在行銷上很積極，並讓一些活動——例如第二次 Ollie's Army Night 或 Ollie's Days 活動，以及我們正在做的其他事情——對顧客而言更具專屬性、也更特別，讓這個計畫更有吸引力，進而吸引新顧客加入。

It also helps with retention. Our stores, and I'll give the cashiers a ton of credit, are doing an even better job in convincing people to join the Ollie's Army program, which you think is an easy sales pitch, but some customers can be a bit resistant to share personal information. So they're doing a great job of selling the program in.

這也有助於留存。我們的門市——我必須大力肯定收銀員——在說服顧客加入 Ollie's Army 計畫方面做得更好了。你可能覺得這是很容易的推銷，但有些顧客對於分享個人資訊會比較抗拒。所以他們在推廣這個計畫上做得非常出色。

We're supporting our cashiers by making the program even more compelling, which gives them even more selling points with the consumer to get those new customers that come in or store convinced to sign up immediately, which gives us the ability to understand that customer better and market to them and tailor marketing to them, which plays into the trend product component as well.

我們也透過讓計畫更具吸引力來支持收銀員，讓他們在面對消費者時有更多賣點，促使那些新進店或在店內的顧客立刻被說服完成註冊。這讓我們能更了解該顧客、對其進行行銷並量身打造行銷內容，而這也與趨勢商品的面向相互呼應。

When it is -- we have trend product, we could deliver marketing to these customers in various digital channels primarily, very directed to drive urgency around some of this trend product we have in stores. So we're very excited about how all that comes together so nicely.

當情況是如此——我們有趨勢商品時，我們就能主要透過各種數位通路，向這些客戶投放行銷，而且非常精準地去驅動對我們店內部分趨勢商品的急迫感。因此，我們對這一切能如此順暢地整合在一起感到非常興奮。

As far as Ollie's Army Night is concerned, we feel very good about the event. We are going to be making a small adjustment to the event that hasn't yet been communicated to the public. So I'm not going to share for competitive reasons that adjustment, but we do look at these events as opportunities to simulate and excite and reward our customers.

就 Ollie's Army Night 而言，我們對這個活動的表現感到非常滿意。我們將對活動做一項小幅調整，但目前尚未對外公告。因此，基於競爭因素，我不會分享那項調整的內容；不過，我們確實把這些活動視為刺激、帶動、並回饋顧客的機會。

So we're always looking at opportunities to make adjustments to make the events even more compelling and it convinced people to jump off their couches and run into the store and stand in a line to get special discounts and the exclusivity of shopping the store without the general public.

因此，我們一直在尋找調整的機會，讓活動更具吸引力，並說服大家從沙發上跳起來衝進門市、排隊，取得特別折扣，以及在一般大眾尚未進場時獨享逛店的專屬性。

That's great. And if I could ask a follow-up on gross margin to Rob. Just as we think about some of the moving pieces here, the flyer, what's happening in seasonal right now, any more details that you'd be able to share about how to think about the cadence of gross margin through the year?

很好。如果我可以再追問 Rob 一個關於毛利率的問題：當我們思考這裡一些變動因素——傳單、目前季節性商品的狀況——你是否能再分享更多細節，讓我們理解全年毛利率節奏應該如何看待？

We'd expect the cadence of grosses to be very similar for the balance of the year to what we saw last year. I think that's the best way to model it. That includes some tariff relief in the second quarter, which is offset by higher fuel prices. And then we've run the higher fuel prices out for the balance of the year, and we have some other offsets in there. But overall, cadence is very similar for the balance of the year.

我們預期今年剩餘期間的毛利率節奏，會與去年看到的非常相似。我認為這是最好的建模方式。其中包含第二季的一些關稅緩解，但會被較高的燃油價格所抵銷。接著，我們已將較高燃油價格的影響納入今年剩餘期間的預估，並且還有其他抵銷因素。整體而言，今年剩餘期間的節奏非常相近。

Peter Keith, Piper Sandler.

Peter Keith，Piper Sandler。

Curious on the furniture offering that started in the quarter. I guess, is it -- is this going to be something now that you're going to keep in stores on a go-forward basis as you reflect on Q1? Or do you think there's things that you could be doing better with furniture to improve that productivity?

我想了解本季開始推出的家具品類。我想問的是——回顧第一季後，這會不會成為你們未來會持續在門市常態化陳列的品類？或者你們認為在家具方面還有什麼可以做得更好，以提升生產力？

And then lastly, with that 100% improvement in space productivity, I guess, did that actually drive any benefit to comp? It seems like it could have had maybe a 50-basis-point lift overall.

最後，關於空間生產力提升 100% 這件事，我想問：這是否實際上對同店銷售（comp）帶來任何助益？看起來它可能讓整體同店有大約 50 個基點的拉抬。

Sure, Peter. Yeah, I appreciate the question about furniture. Just to remind us, we identified furniture as a white space opportunity, a replacement to a very low productivity category, wall-to-wall carpet, which had been down turning for us for years.

當然，Peter。是的，我很感謝你對家具的提問。先提醒大家，我們把家具視為一個「白地」機會，用來取代一個生產力非常低的品類——滿鋪地毯（wall-to-wall carpet），而那個品類對我們而言已經多年呈現下滑。

I'll just -- just on your math, I'll hit it right on the front side. We reset approximately 50% of the stores over the course of the quarter. It's not a big business overall. It's never been a significant business. It's been like a 1%-ish business and wall-to-wall carpet, obviously, it's worth even less than that.

我先就你的計算直接回應：我們在本季期間大約重置了 50% 的門市。整體來說這不是一個很大的業務，它從來都不是一個重要的業務；大概就是約 1% 左右的業務，而滿鋪地毯顯然比這還要更低。

So it's not necessarily a material impact on Q1, but we do believe this and other sales productivity initiatives, when you add them all up, as we get them all moving along, will become a meaningful comp mover. But this one on its own in Q1 to help move the comp but not necessarily in a material way.

因此，它不一定會對第一季造成實質性的影響；但我們確實相信，這項以及其他銷售生產力的措施，當你把它們全部加總起來、並且讓它們都持續推進後，將會成為帶動同店的有意義因素。不過就第一季單看這一項，它對同店有幫助，但不一定是很「實質」的程度。

We were very pleased with the early performance of the business, but I'm going to call it early performance. We put furniture in all stores as part of, call it, just a deal that we did in February. It was advertised, but the intention to replace the wall-to-wall carpet was only to go forward in 50% of the stores, at least at this point in time.

我們對這項業務的早期表現非常滿意，但我會稱之為「早期」表現。我們在二月做了一筆交易，作為其中一部分把家具放進所有門市。這有做廣告宣傳，但用來取代滿鋪地毯的意圖，至少在目前這個時間點，只是要在 50% 的門市往前推進。

We're learning, we're making adjustments. We'll expand into additional stores as we continue to read performance. And I think your question about what did we learn, and how do we think about the assortment on a go-forward basis, for competitive reasons, I'm not going to share detail on this, but I will say that we have learned and we are making some adjustments.

我們正在學習、也在做調整。隨著我們持續解讀表現，我們會擴展到更多門市。至於你問到我們學到了什麼、以及未來在品項組合上如何規劃——基於競爭因素，我不會分享細節；但我可以說，我們確實有所學習，也正在做一些調整。

Nothing all that meaningful, though. We were mostly right in what we did. And I think the adjustments I would characterize as continuing to bring some newness to the customer and make sure that the product offering is in scale.

不過，並沒有什麼特別重大的改動。我們大致上做對了。我會把這些調整描述為：持續為顧客帶來一些新鮮感，並確保商品供給的規模到位。

That being said, there are certain components of the business that are more basics oriented that may not change as much. But having a nice rotation of styles out there, I think is important in our business model to continue to reinforce the surprise and delight aspect of our business.

話雖如此，業務中有些組成更偏向基本款，可能不會改變太多。但我認為，維持一個良好的風格輪替，對我們的商業模式很重要，能持續強化我們業務中的「驚喜與愉悅」元素。

And then the other comment I'll share is that we have the confidence based on what we've seen in the business to date, which included testing in Q4 that we are no longer putting wall-to-wall carpet in any new stores going forward and furniture is being set in most of those stores, the majority of those stores, the handful of stores that are relatively -- are smaller footprints. We may not set furniture in, but the vast majority of stores will have furniture and now have wall-to-wall carpet on a go-forward basis.

另外我想補充的是，基於我們迄今在這項業務中看到的表現（其中也包含第四季的測試），我們已經有信心：未來所有新開門市都不再導入滿鋪地毯，而多數新店會配置家具；少數門市因為坪數相對較小，可能不會配置家具，但絕大多數門市都會有家具，並且未來不再配置滿鋪地毯。

Steven Zaccone, Citi.

Steven Zaccone，Citi。

Could we talk about SG&A planning for the rest of the year? And I'm curious, since you're running behind from a comp perspective here in the second quarter to date, talk about the ability to flex SG&A if comps come in a little bit below plan?

我們可以談談今年剩餘期間的 SG&A 規劃嗎？我也想了解，因為你們第二季迄今在同店（comp）表現上落後一些，若同店略低於計畫，你們在 SG&A 上有多大的彈性可以調整？

SG&A guidance is similar to what we have seen, what we guided originally for the year. In the first quarter, the pressure that we had seen in the past, medical expenses and workers' comp and casualty claims came in pretty neutral. So that was a good sign to see. Some of the things that we've done to moderate that expense have taken hold in those actions.

SG&A 的指引與我們先前對全年給出的指引相近。第一季時，我們過去看到的壓力——醫療費用、工傷補償（workers' comp）以及意外損失理賠（casualty claims）——結果相當中性。這是個好現象，顯示我們為了抑制這些費用所採取的一些措施已經開始發揮效果。

For the first quarter, we were actually up against elevated utilities expense. I think a lot of folks have talked about it. That was almost a deleverage of about call it, 15 basis points in the quarter alone. We wouldn't expect for that to really repeat. A lot of it was coming off of the winter conditions.

第一季我們其實面臨較高的公用事業費用。我想很多人都提過。單就本季而言，這幾乎造成大約 15 個基點的去槓桿（deleverage）。我們不預期這種情況會真正重演；其中很大一部分是受到冬季天候條件的影響。

But we're in a position where our bias is to invest to drive market share. We were driving gross margins on the top side of the P&L. So we feel well positioned with our guidance that we're able to invest where we need to, particularly in the marketing to drive sales in the back half of the year.

不過，我們目前的傾向是投資以推動市占。我們在損益表（P&L）上端推動毛利率。因此，我們認為在既有指引下，我們處於良好位置，能在需要的地方進行投資，特別是在行銷方面，以帶動下半年銷售。

Okay. Great. And then the follow-up I had is just trying to understand the commentary about running behind. First, does that mean you're decel from April and they're running negative? And help us understand the level of pent-up demand in seasonal, right, that can get you to accelerate on top of tougher compares as you go over the next couple of months?

好的。很好。那我接著追問一下，想更理解你們提到「落後」的評論。首先，這是否表示你們相較四月在減速，且目前是負成長？另外，也請幫我們理解季節性品類的「累積需求」（pent-up demand）程度——也就是說，在接下來幾個月面對更具挑戰的比較基期時，它能在多大程度上讓你們加速？

Sure. I'm not exactly comfortable given exactly where we are quarter-to-date. We typically don't give that kind of color. We wanted to give the color in this moment about running behind our full-quarter guidance, but we're going to leave it at that.

當然。就目前本季迄今的具體狀況而言，我不太方便談得那麼精確。我們通常不會提供那種程度的細節。我們此刻想提供的訊息是：目前表現落後於我們整季的指引，但我們就先說到這裡。

From a seasonal perspective, our seasonal business in the first half is very meaningful to us. It could be 15% to 20% of our sales for any given quarter. So that bodes nicely for the fact that we didn't see those sales come in in the first quarter.

從季節性角度來看，我們上半年季節性業務對我們非常重要。它在任何一個季度都可能占我們銷售的 15% 到 20%。因此，第一季沒有看到那些銷售進來，這點反而對後續是有利的。

We know that it's going to get warm and the season is going to change, and it bodes well that there's pent-up demand for the second quarter. What that number is and where we'll ultimately land, I'll have to pull out my crystal ball, but I'll tell you we get hot every year.

我們知道天氣會轉暖、季節會改變，而第二季存在累積需求，這是個好現象。至於那會是多少、我們最終會落在哪裡——我得拿出水晶球才知道；但我可以告訴你，我們每年天氣一熱就會很旺。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，Morgan Stanley。

One more stab at that same question. Can you just give us a perspective that that seasonal category needs to grow mid-single digits or double digits now to make up for the plan in order to get back to where you'd like to be? And then I have one follow-up.

我再就同一個問題追問一次。你能否給我們一個觀點：季節性品類現在需要成長中個位數，還是需要雙位數成長，才能彌補計畫、回到你們希望達到的水準？然後我還有一個追問。

I'm not sure how to answer that question, Simeon. In terms of the seasonal business, we've seen when there are green shoots of demand from a daily basis, the comp can be in excess of double digits, well in excess of double digits.

Simeon，這個問題我不太確定該怎麼回答。就季節性業務而言，我們看到當需求每天出現一些回溫跡象（green shoots）時，同店可能會超過雙位數，甚至遠遠超過雙位數。

When it gets hot, consumers run to the store, and they buy the products they need for the outdoor seasonal. So we're confident, and we've seen that as the weather normalizes in those regions, the sales come back.

天氣一熱，消費者就會跑到店裡，購買他們戶外季節性所需的商品。因此我們很有信心，而且我們也看到，當那些地區的天氣回到正常狀態時，銷售就會回升。

The other piece that we're encouraged by is that our core comp, our core category comp consumables remains very strong. And that's well in excess of what the overall company's comp is. And we think that when the weather moderates, that they'll come back in line together.

另一個讓我們感到鼓舞的部分是，我們的核心同店表現——核心品類的消耗品——仍然非常強勁。而且這遠高於公司整體的同店表現。我們認為當天氣趨於溫和時，兩者會一起回到較一致的水準。

Yeah. We own the inventory. The values are compelling. We shop the competition often to make sure our price gaps are solid, wide enough, super compelling deals. And I'll just remind us, and I said it earlier, we're also not waiting for the weather to break.

是的。我們持有庫存。這些價值主張很有吸引力。我們也經常比價競品，以確保我們的價差夠扎實、夠大，提供非常有吸引力的優惠。我也提醒一下——我先前也提過——我們不會等到天氣轉好才行動。

We're taking aggressive action to invest in price, to light up key deals, investing in trend and highly relevant product, making our Ollie's Army events extremely compelling, stimulating customers who are driving a little bit of a longer distance from stores. So all those things, along with, we hope, the weather, as Rob said, it always gets hot breaking -- get us closer even in excess of our target for Q2.

我們正在採取積極行動加大價格投資、點亮關鍵促銷，投入趨勢性且高度相關的商品，讓我們的 Ollie's Army 活動極具吸引力，並刺激那些願意從較遠距離開車到店的顧客。這些作為再加上——如 Rob 所說——我們也希望天氣轉熱（總會變熱的）——將使我們更接近，甚至超過我們對第二季的目標。

Okay. And a follow-up, how did you do so well on driving supply chain savings? Was that something, I guess, front-end loaded because it sounds like, I don't know if that holds the rest of the year? And then what is the game plan? Or what are you thinking about regarding tariff refunds? Are you going to wait and see?

好的。追問一下，你們是如何在推動供應鏈節省方面做得這麼好？這是否是某種前期集中（front-end loaded）的成果，因為聽起來我不確定這是否能維持到今年剩餘時間？另外，關於關稅退稅，你們的計畫是什麼？或你們目前怎麼想——會先觀望嗎？

So in terms of supply chain savings, we've been working on productivity initiatives throughout our business. Supply chain is definitely one of the areas where we've worked on very hard. We've seen supply chain savings pretty much in every aspect of supply chain, except for fuel costs, which weighed on us.

就供應鏈節省而言，我們一直在全公司推動生產力提升計畫。供應鏈確實是我們非常努力的領域之一。我們幾乎在供應鏈的各個面向都看到了節省，除了燃料成本之外——燃料成本對我們造成了壓力。

From a tariff perspective, we have filed for our tariff refunds. To date, we have received an immaterial amount of the tariff refunds and we're going to wait and see for the balance of the tariff refunds like everyone else. The one piece to point out is the tariff refund is not anywhere considering our guidance.

從關稅角度來看，我們已經提出關稅退稅申請。截至目前，我們收到的關稅退稅金額並不重大；至於剩餘的退稅，我們會和其他人一樣先觀望。需要指出的一點是：關稅退稅並未納入我們的財測指引考量。

Anthony Chukumba, Loop Capital Markets.

Anthony Chukumba，Loop Capital Markets。

So you mentioned downsizing books and flooring. Maybe you don't want to answer this question for competitive reasons, but just any sense for what you'd replace that square footage with any general ideas?

你們提到會縮減書籍和地板品類。也許出於競爭原因你不想回答，但能否大概談談你們會用什麼來替換那部分坪效/面積，有沒有一些大方向的想法？

I appreciate the question. And yes, we have a plan and no, I'm not going to answer for competitive reasons. I was actually reticent to even share that we're looking at Books and Flooring. But those are two businesses that are -- have been down trading in the industry.

謝謝你的問題。是的，我們有計畫；但也因為競爭原因，我不會回答。其實我連分享我們正在檢視書籍和地板都很猶豫。不過這兩個業務在產業中都——一直處於消費降級（down trading）的狀態。

Flooring may be a little bit more transitory when you look at some of other retailers out there that are in the flooring business related to housing and pressure on housing. But we look at Flooring, not as a business that we would exit, but as a business that we need to reposition in and to ensure that we are in -- that we have a reason for being in flooring and that we're competitively positioned where we want to be there in whatever white space we could find.

地板可能更偏向短期/過渡性的因素，因為你看一些其他做地板的零售商，會受到房市以及房市壓力的影響。但我們看待地板，並不是要退出的業務，而是需要重新定位的業務：確保我們在地板品類中有存在的理由，並且在我們能找到的任何市場空白（white space）中，具備我們希望達到的競爭定位。

And Books has been a down trading business for years, and that's a macro that I think everybody is familiar with. For us, Books is a bit of a reassorting to make sure that we are carrying the most relevant books, which is somewhat about the different subcategories of books that we're in.

而書籍多年來一直是消費降級的業務，這是我想大家都熟悉的宏觀趨勢。對我們而言，書籍更多是重新配貨/重新排序（reassorting），以確保我們販售最相關的書籍，這在某種程度上也涉及我們所涵蓋的不同書籍子品類。

But it's also continuing to recognize, and we've been on this path for years now. I started talking about it probably four years ago, as we move forward with new stores and with some of the remodel initiatives, down spacing books in favor of other categories and even moving books, which used to be in the front of every store in front of the front door and the absolute best pace of the store to a secondary space, not a space that was lost in but a secondary space in the store and downsizing.

但同時也要持續認知到——而且我們走這條路已經很多年了。我大概四年前就開始談這件事——隨著我們開新店以及進行部分翻新計畫，我們會縮減書籍面積，轉而支持其他品類；甚至把書籍從過去每家店都放在店門口前方、也就是店內絕對最好的位置，移到店內的次要區域——不是被藏起來的角落，而是店內的次要區域——並進一步縮小面積。

So this is just a continuation of that; potentially, an acceleration of that. But we're going to stay in the Book business. We're committed to the Book business. We're going to stay in the Flooring business. We're committed to those two businesses. And back to it, yes, we do have a plan for what would go in its place. And we'll share it when it becomes customer-facing.

所以這只是延續既有方向；也可能是加速。但我們會繼續做書籍生意，我們對書籍業務有承諾；我們也會繼續做地板生意，我們對這兩個業務都有承諾。回到你的問題，是的，我們確實有計畫用什麼來替代那個位置/面積；等到對顧客端可見時，我們會再分享。

Got it. And just as a quick follow-up on Furniture. I know one of the things that you guys had, we're thinking about with furnitures that you don't offer delivery and some of the furniture pieces are quite large. I mean, any updated thoughts there and maybe like partnering up with someone or is it just still going to be kind of like, drive up, borrow your cousin's pickup truck to throw the recliner in the back?

了解。再快速追問一下家具。你們之前提到的一點是，你們不提供配送，而有些家具尺寸很大。現在對這件事有沒有更新的想法？例如與某個夥伴合作？還是仍然會是那種——開車來、借表哥的皮卡把躺椅丟到後車斗帶走？

Yeah, it's a good question. And also another good question, I'll put out there is financing and how you think about credit related to furniture and deferred payments and all that. They are all things that we've considered. We're very -- we're worldly and mindful of what's going on in the industry in that business.

是的，這是個好問題。另一個同樣值得討論的問題是融資：你如何看待與家具相關的信用、延後付款等。這些我們都考慮過。我們非常——我們見多識廣，也很留意這個產業在該業務上的動態。

Keep in mind, it's maybe a 1% or 2% business long term. It's not necessarily meaningful enough for us to become, I guess, a full-service furniture destination. We don't think of the business that way. We think of the growth of the business. But honestly, mostly I thought of -- mostly we thought of, we didn't want to be in the wall-to-wall carpet business anymore. So this was, we thought, a good alternative.

請記住，長期來看這可能只是 1% 或 2% 的業務，未必大到足以讓我們成為一個我想所謂的全方位家具目的地。我們不會那樣看待這個業務。我們看的是它的成長。不過坦白說，我們最主要的想法是——我們不想再做滿鋪地毯（wall-to-wall carpet）的生意了，所以我們認為這是一個不錯的替代方案。

On delivery, we tested it and the customer didn't respond well to it. So if we give away the delivery, meaning free delivery, then our values -- either values won't be as good or there's margin compression in the business. And we decided to price it at a price gap that was compelling instead of building in free delivery in having customers -- some customers have the ability to bring it home and some maybe don't, and having that be a point of friction.

關於配送，我們做過測試，但顧客反應不佳。所以如果我們把配送「送掉」，也就是免運/免費配送，那我們的價值主張——要嘛價值就不會那麼好，要嘛就是該業務的毛利率被壓縮。我們因此決定把價格訂在一個很有吸引力的價差上，而不是把免費配送內建進去，造成有些顧客能自己帶回家、有些不能，並讓這件事成為摩擦點。

When we price delivery to cover the cost of delivery, the customer is not willing to spend it. For the most part, they're just not willing to spend. So the jury is not necessarily out. It's not -- I'm not like saying that's a final answer, but we did test it and didn't like the result, and we're currently not offering delivery.

當我們把配送定價到足以覆蓋配送成本時，顧客又不願意付。大多數情況下，他們就是不願意付。所以這不代表結論已定——我不是說這就是最終答案——但我們確實測試過且不喜歡結果，因此目前不提供配送。

Customers seem to figure it out, and I realize not all of them figured out, and it's a reason some may not buy. We do let people purchase in advance and plan to pick up at a later date. So we give people the flexibility to reserve a piece, and we're seeing many customers take advantage of that, and they'll pick up on the weekend.

顧客似乎會自己想辦法；我也知道不是每個人都能解決，這也是有些人可能不買的原因。我們確實允許顧客先行購買，並安排日後再來取貨。所以我們給顧客保留商品的彈性，我們也看到很多顧客善用這點，選在週末來取貨。

So they may come in on a Tuesday and make the purchase and come back on a Saturday or Sunday, when they have a pickup truck available or they have the time to go rent a truck. They figured it out. So far, it seems to be working.

他們可能週二進店下單，週六或週日再回來——那時他們有皮卡可用，或有時間去租車。他們自己把流程安排好了。到目前為止，看起來運作得不錯。

The credit aspect of that is to be determined. As you know, we do have an Ollie's credit card and there is something we could consider there. We have talked about and maybe that's a move to consider as it would apply to some other big-ticket businesses that we're in, like mattresses is a good example. So that's a TBD.

至於信用/分期的部分，還有待決定。你也知道我們有 Ollie's 信用卡，這是我們可以考慮的方向。我們也討論過——也許這會是一個值得考慮的動作，因為它也適用於我們其他一些高單價業務，例如床墊就是個好例子。所以這部分仍是 TBD（待定）。

Chuck Grom, Gordon Haskett.

Chuck Grom，Gordon Haskett。

On 1Q, can you guys provide the composition of the comp between traffic and ticket just so we have it? And then for 2Q, sorry to beat a dead horse here, but just to clarify, are you -- it sounds like you expect the quarter to be up 1 point, but you're behind that today. I just want to get that right?

關於第一季（1Q），你們能否提供同店（comp）在來客數（traffic）與客單/交易金額（ticket）之間的構成，讓我們掌握？另外第二季（2Q），抱歉我再問一次以釐清：聽起來你們預期本季同店會增加 1 個百分點，但目前進度落後於此。我只是想確認我理解正確嗎？

Start with the last part, you're correct. We would expect for the second quarter comp to be slightly lower than the two, similar to the first quarter. From a first-quarter comp dynamics, it was almost entirely basket. Traffic was positive but only slightly positive. We believe that trip consolidation weighed in.

先回答最後一部分，你說得對。我們預期第二季同店會略低於 2%，與第一季類似。就第一季同店的動能來看，幾乎完全來自購物籃（basket）。來客數為正，但只是小幅為正。我們認為行程合併/減少出行次數（trip consolidation）造成了壓力。

Okay. Great. And then, Eric, just on the comment regarding more price actions here in the second quarter, it doesn't sound like you have any anticipation for that to impact the overall gross margin rate. I just want to clarify if that's the case. And I guess, historically, when you've invested in price, the success that you've had with those actions?

好的，很好。那接著，Eric，關於你提到第二季會採取更多價格行動的評論，聽起來你並不預期這會影響整體毛利率。我想確認是否確實如此。另外我也想問，歷史上你們在投入價格時，這些行動的成效如何？

Sure. Yeah, the answer on the gross margin question is we remain confident in delivering the margin for Q2 and for the year, which is definitely a testament to our consolidation of buyers in the closeout space that we're in and better execution. So we remain confident that we have the margin that we can't invest in price as we move forward.

當然。是的，關於毛利率的問題，我們仍然有信心在第二季以及全年達成毛利率目標，這確實反映了我們在所處的清倉（closeout）領域整合採購方的成果，以及更好的執行力。因此，我們仍然有信心我們具備相應的毛利率，未來也能在價格上進行投資。

And we have been quite effective at this. We do have a lot of experience in doing this. And it's really part -- it is part of what we do. We may be getting more aggressive in this moment based on where we see the state of the consumer and where we could read into some of what happened in Q1, and looking at our seasonal businesses as well and making sure that we're on top of those businesses.

而且我們在這方面一直相當有效。我們確實有很多相關經驗，這也真的是——這就是我們業務的一部分。基於我們對消費者狀況的判斷、以及從第一季發生的情況中讀到的一些訊號，再加上我們也在檢視季節性業務並確保掌握其動態，我們在此刻可能會更積極一些。

But we have levers to pull, and we like where we're at. We like especially where we're at in a very good deal flow and the ability to bring great deals to the consumer that's going to motivate them to shop.

但我們有可以運用的槓桿，而且我們喜歡目前所處的位置。尤其是我們目前有非常好的交易供給（deal flow），並且有能力把很棒的優惠帶給消費者，進而促使他們來購物。

Jeremy Hamblin, Craig-Hallum Capital Group.

Jeremy Hamblin，Craig-Hallum Capital Group。

I'm going to approach it from a little different angle. In terms of just a hypothetical, Rob, if you had a minus [2%] comp in Q2 or a plus [2%], that type of hypothetical range, what would the impact be on full-year EPS, which you're guiding to about $4.50 this year? I mean, are we talking about a $0.10 (inaudible) $0.20.

我想從稍微不同的角度來問。就一個假設性的情境，Rob，如果第二季同店銷售（comp）是 -[2%] 或 +[2%]，在這種假設區間下，對全年 EPS 的影響會是什麼？你們今年的指引大約是 4.50 美元。我的意思是，我們是在談 0.10 美元（聽不清）還是 0.20 美元？

Very immaterial. For the second quarter alone, right, Jeremy, that's what your question was -- you posed a minus 2% to a positive? Immaterial.

影響非常不重大。就單看第二季而言，對吧，Jeremy，你的問題是——你提出的是從 -2% 到正成長的情境？影響不大。

Right. Got it. All right. And then just in terms of unit growth, you've had pretty consistent unit growth here. You're reiterating the 75-unit growth guidance for the year. As you look ahead and you guys have approached unit growth in very much a contiguous market fashion, is there any expectation that there would be a change in that contiguous growth?

對，了解。好。那再就門店數量成長來看，你們一直都有相當一致的門店成長。你們重申全年新增 75 家門店的指引。展望未來，你們在門店成長上一直採取相當「相鄰市場」（contiguous market）的方式來布局，是否預期這種相鄰式成長會有任何改變？

And the types of kind of numbers here, the 75 units or so that you're going to do this year, is there anything that you see in the outlook for the market that would make that change here in the coming years?

以及像今年大約 75 家門店這樣的數字，從市場前景來看，你們是否看到任何因素會讓未來幾年這個數字出現變化？

No. That's a simple answer. We don't see a change. The real estate pipeline has been strong, has remained strong. So a lot of vacancies out there related to the consolidation of retail, lot of the stores that have closed, which I won't rattle them off. We're all familiar with them, but a lot of those stores are sitting out there, and we have become even more attractive tenant to landlords out there. So we have the confidence that we can continue to deliver.

不會。答案很簡單。我們沒有看到會改變。房地產的開店管線一直很強，也持續保持強勁。因此，因零售業整併而出現很多空置，很多已關閉的門店——我就不一一列舉了。大家都很熟悉，但很多這類店面都還空著，而我們也成為房東更具吸引力的承租方。所以我們有信心可以持續交付。

On the 10%-unit growth, which is 75, a little ahead of the 10%-unit growth for this year, but it's pretty close, if you said 75 for next year, pretty close to 10% for next year. So we don't see anything that would give us any less confidence we can continue to deliver at least through '27. It's hard to have visibility beyond 27, but we have confidence at least for the next two years.

以 10% 的門店成長來看，也就是 75 家，今年的 75 家略高於 10% 的門店成長，但非常接近；如果你說明年也是 75 家，也差不多就是明年的 10%。所以我們沒有看到任何事情會讓我們對至少到 2027 年的交付能力降低信心。很難對 2027 年之後有能見度，但至少未來兩年我們有信心。

And the contiguous growth, I'll answer that. You say contiguous. We're still committed to continuous growth, 100%. Every now and then we challenge ourselves on that. And we always come back with conviction. Contiguous growth works best for us.

至於相鄰式成長，我來回答。你說 contiguous。我們仍然 100% 致力於連續性的成長（continuous growth）。我們偶爾會挑戰自己是否要這麼做，但最後總是帶著更強的信念回到這個策略。相鄰式成長對我們最有效。

Scot Ciccarelli, Truist Securities.

Scot Ciccarelli，Truist Securities。

Another gross margin question. So as it's been pointed out, you do have a bit more of a mix shift to consumables. That's typically lower margin, you're being more aggressive on pricing to provide more value, also potentially gross margin negative. So what are the positive offsets that help us reconcile to the higher gross margin guide for the year?

再問一個毛利率問題。如同先前指出的，你們的組合確實有更多轉向消耗品（consumables），那通常是較低毛利；你們也在定價上更積極以提供更高價值，這也可能對毛利率不利。那有哪些正向抵銷因素，能讓我們把這些因素與你們全年較高的毛利率指引對起來？

The number one starts and stops with its size and scale and the consolidation of closeout buys. We're getting better margins on closeout buys across the landscape, including the food and consumables space.

第一個因素，從頭到尾就是規模與量體，以及清倉採購的整併。我們在整個市場的清倉採購上拿到更好的毛利，包括食品與消耗品領域也是如此。

In addition to that, productivity benefits, right? So we're improving on the supply chain lines. The fuel headwind is a relatively minor headwind for us, call it, 20, 30 bps. Tariffs more than offset that in the first quarter and in the second quarter.

此外還有生產力效益，對吧？我們正在改善供應鏈各環節。燃油逆風對我們而言相對較小，約 20 到 30 個基點。關稅在第一季與第二季對此的抵銷幅度更大。

And the last piece I would tell you is we are experiencing lower shrink. That was a headwind that we saw for several years, continue to do better there.

最後一點是，我們正經歷較低的損耗（shrink）。這是我們過去幾年看到的逆風，而我們在這方面持續改善。

Got it. And then just a follow-up. Given your balance sheet cash flow and kind of where cash yields are today, can we see the buyback program scale even beyond the new $125 million target?

了解。那再追問一下。考量你們資產負債表的現金流，以及目前現金收益率的水準，我們是否可能看到回購計畫的規模甚至超過新的 1.25 億美元目標？

There is potential for that. We are committed to 50% of our free cash flow target. As we drive our cash flows higher, we will reinvest in a number of areas in the business, including ourselves and the stock. I would expect for the buyback at these levels to be similar in Q1, similar in Q2 as it was in Q1.

有這個可能。我們承諾以自由現金流目標的 50% 來執行。隨著我們推升現金流，我們會再投資於業務的多個領域，包括投資我們自己以及股票。我預期在目前這些水準下，回購在第一季的節奏，第二季也會類似，與第一季相近。

Mark Carden, UBS.

Mark Carden，UBS。

The first one is to follow up right there. On fuel, you called out building in higher prices earlier into the balance of the year. So if we see a resolution to the conflict that's on the sooner side, would you expect to recover a good chunk of those 20 to 30 basis points you just outlined? Just trying to piece out how much of an impact this dynamic can have given out fluid time.

第一個問題是接著剛才那點。關於燃油，你提到在今年剩餘期間的假設中納入了較高的價格。所以如果衝突較早獲得解決，你是否預期能收回你剛才提到的那 20 到 30 個基點中的相當一部分？我只是想拆解一下，在這個非常多變的時點，這個動態可能帶來多大影響。

We would invest it in price, but sure.

我們會把它投資到價格上，但可以。

I mean it's hard to tell, right? It's an uncertain and rapidly shifting environment. We thought that it was good to be conservative on our gross margin guide with all the different factors and pieces that we've discussed today. But if there was some relief, Eric's right, we would -- our bias is to drive market share and awareness, and we would continue to do that while delivering on our numbers at the Street.

我的意思是，這很難說，對吧？這是一個不確定且快速變動的環境。我們認為在毛利率指引上採取保守一些是好的，因為今天我們討論了很多不同因素與環節。但如果有一些緩解，Eric 說得對，我們——我們的偏好是推動市占率與知名度，我們會在達成華爾街預期數字的同時，持續這麼做。

Got it. That's helpful. And then as a follow-up, you guys called out consolidation for some of your more rural customers, just given the higher fuel prices that they're facing. Have you guys historically seen this behavior accelerate or decelerate when fuel prices cross certain psychological thresholds, like $4 a gallon or $5 a gallon? Or is it tended to be less cut and dry there?

了解，這很有幫助。那再追問，你們提到一些較偏鄉的客戶因為面臨較高燃油價格而出現「整併」行為。歷史上你們是否看過當油價跨過某些心理門檻（例如每加侖 4 美元或 5 美元）時，這種行為會加速或減速？還是其實沒有那麼明確？

It's a little less cut and dry. It's really -- this year in the first quarter was really about the speed of the increase and the rapid nature of what we've seen here. We think that the consumers likely will rationalize it and we've seen them be resilient and shopping closer to need.

沒有那麼明確。其實——今年第一季主要是因為漲價的速度，以及我們看到的快速上升態勢。我們認為消費者可能會逐步合理化這件事；我們也看到他們很有韌性，並且更接近需求地購物。

I think the point that we've been trying to make on this call is that weather is a need and drives a need. And so if the weather is not cooperating and there's not a need for seasonal product, the customer is going to defer, especially in this environment.

我認為我們在這通電話中一直想表達的一點是，天氣本身就是一種需求，並且會驅動需求。因此，如果天氣不配合、沒有對季節性商品的需求，客戶就會延後購買，尤其是在目前這種環境下。

Yeah. And I think the other point is we've made already, but I'll just repeat it, that is the trade down and the acceleration of the trade down, which we did see the greatest acceleration of trade-outs than we have seen in many quarters in Q1. So we like to think that that acceleration would continue and would help them more fully offset the trade out.

是的。我想另一點我們也已經提過，但我再重申一次：也就是消費降級（trade down）以及降級的加速。我們確實在第一季看到降級的加速幅度，是我們許多季度以來最大的一次。所以我們希望這種加速會持續，並能更充分地抵銷（聽不清）帶來的影響。

Ladies and gentlemen, this concludes our Q&A session and conference for today. We want to thank everyone for participating. You may now disconnect.

各位女士、先生，今天的問答環節與電話會議到此結束。感謝各位的參與。您現在可以掛線。