Savers Value Village Inc (SVV) 2024 Q3 法說會逐字稿

Good afternoon, and welcome to Savers Value Village conference call to discuss financial results for the third quarter ending September 28, 2024.

下午好，歡迎參加 Savers Value Village 電話會議，討論截至 2024 年 9 月 28 日的第三季財務業績。

(Operator Instructions) Please note that this call is being recorded, and a replay of this call and related materials will be available on the company's Investor Relations website.

（操作員說明）請注意，本次電話會議正在錄音，本次電話會議的重播及相關資料將在本公司的投資者關係網站上提供。

The comments made during this call and the Q&A that follows are copyrighted by the company and cannot be reproduced without written authorization from the company.

本次電話會議中的評論以及隨後的問答版權歸本公司所有，未經本公司書面授權不得轉載。

Certain comments made during this call may constitute forward-looking statements, which are subject to significant risks and uncertainties that could cause the company's actual results to differ materially from expectations or historical performance.

本次電話會議期間發表的某些評論可能構成前瞻性陳述，這些陳述受到重大風險和不確定性的影響，可能導致本公司的實際業績與預期或歷史績效有重大差異。

Please review the disclosure on forward-looking statements included in the company's earnings release and filings with the SEC for a discussion of these risks and uncertainties.

請查看公司收益報告和向美國證券交易委員會提交的文件中包含的前瞻性聲明的披露內容，以討論這些風險和不確定性。

Please be advised that statements are current only as of the date of this call, and while the company may choose to update these statements in the future, it is under no obligation to do so unless required by applicable law or regulations.

請注意，聲明僅截至本次電話會議之日有效，雖然本公司可能選擇將來更新這些聲明，但除非適用法律或法規要求，否則本公司沒有義務這樣做。

The company may also discuss certain non-GAAP financial measures.

本公司也可能討論某些非公認會計準則財務措施。

A reconciliation of each of these non-GAAP measures to the most directly comparable GAAP financial measure can be found in today's earnings release and SEC filings.

這些非 GAAP 指標與最直接可比較的 GAAP 財務指標的調整可以在今天的收益報告和 SEC 文件中找到。

Joining from management on today's call are Mark Walsh, Chief Executive Officer; Jubran Tanious, President and Chief Operating Officer; Michael Maher, Chief Financial Officer; and Ed Yruma, Vice President of Investor Relations and Treasury.

出席今天電話會議的管理層包括執行長馬克沃爾什 (Mark Walsh)； Jubran Tanious，總裁兼營運長；麥可‧馬赫，財務長；以及投資者關係和財務副總裁 Ed Yruma。

Mr. Walsh, you may begin the conference.

沃爾什先生，您可以開始會議了。

Thank you, and good afternoon, everyone.

謝謝大家，大家下午好。

We appreciate you joining us today.

我們感謝您今天加入我們。

Let me start by giving you a few highlights of our third quarter performance and then talk about the things we're doing to drive the business forward.

首先，我向您介紹我們第三季業績的一些亮點，然後談談我們為推動業務所做的事情。

The overall trends we saw in the third quarter were within the range of our expectations.

我們第三季看到的總體趨勢在我們的預期範圍內。

Our US business remained steady and continued to generate positive comp sales growth, driven by increases in both transactions and average basket.

在交易量和平均籃子數量增加的推動下，我們的美國業務保持穩定，並繼續實現銷售正成長。

Our Canadian business continues to be impacted by the challenging macro environment with comp sales trends softening further early in the quarter for modestly improving more recently.

我們的加拿大業務繼續受到充滿挑戰的宏觀環境的影響，本季初公司銷售趨勢進一步疲軟，最近略有改善。

We opened 9 new stores in the quarter, and we are on track to deliver against our target of 29 new stores this year.

我們在本季開設了 9 家新店，並有望實現今年 29 家新店的目標。

We also gained momentum on our new store opening plans for 2025.

我們的 2025 年新店開幕計畫也取得了進展。

As a class, our new stores continue to perform well with sales and earnings that exceeded our expectations.

作為一個類別，我們的新店繼續表現良好，銷售額和收入超出了我們的預期。

We also continued to see solid growth in our loyalty program with double-digit percentage growth in active members in both the US and Canada over the last year.

我們也繼續看到我們的忠誠度計劃穩步增長，去年美國和加拿大的活躍會員百分比增長了兩位數。

Loyalty members accounted for 72% of our total sales in the quarter, up from 70% last year.

忠誠會員佔本季總銷售額的 72%，高於去年的 70%。

Finally, the resilience of our business model allowed us to generate $82 million of adjusted EBITDA in the quarter, or more than 20% of sales.

最後，我們業務模式的彈性使我們在本季度實現了 8,200 萬美元的調整後 EBITDA，即銷售額的 20% 以上。

The macroeconomic environment in Canada remains challenging with 6.5% unemployment and a rising cost of living that is especially hard on low-income consumers.

加拿大的宏觀經濟環境仍充滿挑戰，失業率高達 6.5%，生活成本不斷上升，對低收入消費者來說尤其困難。

While these factors have a lot to do with the sales trends we are seeing in Canada, we are not satisfied with our performance there.

雖然這些因素與我們在加拿大看到的銷售趨勢有很大關係，但我們對在那裡的表現並不滿意。

We have been actively testing different approaches to improve our Canadian business, particularly in the areas of selection and pricing.

我們一直在積極測試不同的方法來改善我們的加拿大業務，特別是在選擇和定價領域。

In our business, selection is a function of donations, processing levels, and the product we put on the floor.

在我們的業務中，選擇取決於捐贈、加工程度以及我們投放的產品。

We know that fresh new product is an important driver of the business, but at the same time, we strive to align our processing and inventory levels with demand trends.

我們知道新鮮的新產品是業務的重要驅動力，但同時，我們努力使我們的加工和庫存水準與需求趨勢保持一致。

Late in the second quarter and through the first two months of the third quarter, we pulled back on processing levels in response to softer demand in Canada.

在第二季末和第三季的前兩個月，我們縮減了加工水平，以應對加拿大需求疲軟的情況。

It's always a balancing act.

這始終是一種平衡行為。

But in hindsight, we believe we pulled back too far, which caused our sales trends to decelerate further.

但事後看來，我們認為我們的回檔幅度太大，導致我們的銷售趨勢進一步放緩。

We began rebalancing at higher levels of production in September.

我們從九月開始在更高的生產水準上進行再平衡。

And since then, we have seen modest improvement in our Canadian sales trends as a result.

從那時起，我們看到加拿大的銷售趨勢略有改善。

On the pricing side, we continue to test a number of different pricing and discounting approaches.

在定價方面，我們繼續測試許多不同的定價和折扣方法。

We believe our overall value proposition is strong.

我們相信我們的整體價值主張是強大的。

That said, we recognize we have opportunities to sharpen price points in select categories and markets and believe this could help drive stronger sales.

也就是說，我們認識到我們有機會提高特定類別和市場的價格點，並相信這可能有助於推動更強勁的銷售。

We continue to closely monitor this in the context of the competitive and macroeconomic landscape and make further adjustments as necessary.

我們將繼續在競爭和宏觀經濟情勢的背景下密切關注這一情況，並根據需要做出進一步調整。

We are acting nimbly to navigate this challenging Canadian macroeconomic environment.

我們正在靈活行動，以應對加拿大充滿挑戰的宏觀經濟環境。

We will continue to deliver a strong consumer value proposition while remaining focused on driving consistent and profitable long-term growth.

我們將繼續提供強大的消費者價值主張，同時繼續專注於推動持續且有利可圖的長期成長。

While we continually work to optimize selection and pricing in the short term, we are also thinking about longer-term opportunities to better utilize data and technology to drive further improvements.

在我們不斷努力在短期內優化選擇和定價的同時，我們也在考慮更好地利用數據和技術來推動進一步改進的長期機會。

In both the US and Canada, we've built a culture of innovation with successful deployment of centralized processing, automated book processing, and self-checkout.

在美國和加拿大，我們成功部署了集中處理、自動化圖書處理和自助結帳，建立了創新文化。

These capabilities are now firmly embedded in our business.

這些能力現已牢牢融入我們的業務中。

By the end of this year, centralized processing will support 67 stores, automated book processing will support 160 stores, and self-checkout is rolled into nearly all of our stores.

到今年年底，集中處理將支援67家商店，自動化圖書處理將支援160家商店，自助結帳將覆蓋幾乎所有商店。

We believe these kinds of innovations will help us drive long-term profitable growth.

我們相信這些創新將幫助我們推動長期獲利成長。

This quarter marked the beginning of what we expect to be a long-term new store growth era for our company.

本季標誌著我們公司預期的長期新店成長時代的開始。

We opened 9 new stores.

我們開設了 9 家新店。

We will open 9 more in the fourth quarter.

我們將在第四季再開設 9 個。

We also made additional progress in our new store expansion plans for 2025, and we now expect to open 25 to 30 new stores, a further acceleration from our previous outlook.

我們在 2025 年新店擴張計畫上也取得了額外進展，目前預計將開設 25 至 30 家新店，比我們先前的預期進一步加速。

Thrift is still highly fragmented in an emerging sector, particularly in the US.

儲蓄銀行在新興產業中仍然高度分散，尤其是在美國。

We are significantly underpenetrated in our existing US markets and have virtually no presence in major regions such as the South and the Southeast.

我們在現有的美國市場的滲透率明顯不足，在南部和東南部等主要地區幾乎沒有業務。

Roughly 60% of our new store openings in 2025 will be in the US, and that percentage will continue to grow over time.

到 2025 年，我們大約 60% 的新店將在美國開設，隨著時間的推移，這一比例將繼續增長。

Overall, we expect new stores to be the primary driver of high-single-digit total annual sales growth over the long term.

整體而言，我們預期新店將成為長期年銷售額高個位數成長的主要動力。

Critical to accelerating our new store growth is the expansion of our off-site processing capabilities.

加速我們新店成長的關鍵是擴大我們的場外處理能力。

Our network of central processing centers and off-site warehouse facilities enable us to open stores in locations that, for various reasons, can't support on-site processing.

我們的中央處理中心和場外倉庫設施網絡使我們能夠在因各種原因無法支持現場處理的地點開設商店。

This has proven to be a critical unlock for our new store growth plans with more than half of our new stores going forward expected to utilize some form of off-site processing.

事實證明，這對我們的新店成長計畫至關重要，未來我們一半以上的新店預計將採用某種形式的場外處理。

As we continue to run more volume through this network and gain operational efficiencies, the cost per unit is declining.

隨著我們繼續透過該網路運行更多數量並提高營運效率，單位成本正在下降。

We expect this trend to continue, enabling more profitable long-term growth and making off-site processing an even more important competitive differentiator for us.

我們預計這一趨勢將持續下去，從而實現更有利可圖的長期成長，並使場外加工成為我們更重要的競爭優勢。

I'm especially pleased that we were able to make such great progress against our strategic growth plans even as we continue to navigate a challenging economic environment in Canada.

我特別高興的是，儘管我們繼續應對加拿大充滿挑戰的經濟環境，但我們仍能夠在戰略成長計畫方面取得如此巨大的進展。

We delivered an adjusted EBITDA margin above 20%, which speaks to the resilience of our business model and our team's disciplined focus on execution.

我們的調整後 EBITDA 利潤率超過 20%，證明了我們業務模式的彈性以及我們團隊對執行的嚴格關注。

I am convinced our experience managing through this environment is making us a more dynamic company, which will serve us well as we enter a new phase of growth.

我相信，我們在這種環境下的管理經驗正在使我們成為一家更具活力的公司，這將為我們進入新的成長階段提供良好的服務。

In closing, let me thank our more than 20,000 team members for their work and dedication to the Savers family.

最後，讓我感謝我們 20,000 多名團隊成員的工作和對 Savers 大家庭的奉獻。

Together, we are executing the business, controlling what we can control and investing in our future.

我們一起執行業務，控制我們可以控制的事情並投資我們的未來。

We know we have a tremendous opportunity in front of us, and I am more confident than ever in our long-term growth prospects and in our mission to make second hand second nature.

我們知道我們面前有一個巨大的機會，我對我們的長期成長前景和讓二手成為第二天性的使命比以往任何時候都更有信心。

Now I'll hand the call over to Michael to discuss our financial performance and the outlook for the remainder of the year.

現在我將把電話轉給邁克爾，討論我們的財務表現和今年剩餘時間的前景。

Thank you, Mark, and good afternoon, everyone.

謝謝你，馬克，大家下午好。

As Mark indicated, the overall trends that we saw in the third quarter were in the range of our outlook.

正如馬克指出的那樣，我們在第三季度看到的總體趨勢在我們的預期範圍內。

The US remained steady and sales were in line with our expectations.

美國保持穩定，銷售符合我們的預期。

Canada was a little weaker than expected, with sales at the lower end of our range.

加拿大的銷售量略低於預期，銷售量處於我們範圍的下限。

We opened 9 new stores during the quarter, and we are on track to open 29 new stores for the year.

我們在本季開設了 9 家新店，預計今年將開設 29 家新店。

We also effectively managed our costs and delivered an adjusted EBITDA margin of greater than 20% despite top line headwinds, further demonstrating the resilience of our financial model.

儘管面臨營收逆風，我們也有效管理了成本，調整後的 EBITDA 利潤率仍超過 20%，這進一步證明了我們財務模式的彈性。

Turning now to the income statement.

現在轉向損益表。

Total net sales increased 0.5% to $395 million.

總淨銷售額成長 0.5%，達到 3.95 億美元。

On a constant currency basis, net sales increased 1.2% and comparable store sales decreased 2.4%.

以固定匯率計算，淨銷售額成長 1.2%，可比商店銷售額下降 2.4%。

In the US, net sales increased 6.2% to $212 million and comparable store sales increased 1.6%, driven by growth in both transactions and average basket.

在美國，受交易量和平均購物籃成長的推動，淨銷售額成長 6.2%，達到 2.12 億美元，可比商店銷售額成長 1.6%。

In Canada, net sales declined 7.1% to $152 million and comparable store sales declined 7.5%, primarily driven by declines in transactions.

在加拿大，淨銷售額下降 7.1%，至 1.52 億美元，可比商店銷售額下降 7.5%，主要是由於交易量下降。

A timing shift in the Canada Day holiday negatively impacted Canadian comparable store sales by approximately 100 basis points.

加拿大國慶日假期的時間變化對加拿大可比商店銷售額產生了約 100 個基點的負面影響。

Cost of merchandise sold as a percentage of net sales increased 300 basis points to 43.3%, with the increase reflecting the impact of new stores and deleverage on lower comparable store sales.

商品銷售成本佔淨銷售額的百分比增加了 300 個基點，達到 43.3%，這一增長反映了新店和去槓桿化對可比商店銷售額下降的影響。

As a reminder, our new stores typically open at roughly half of their mature sales levels, resulting in lower profit margins in their first few years.

需要提醒的是，我們的新店開張率通常約為其成熟銷售水平的一半，導致最初幾年的利潤率較低。

As we accelerate our growth, new stores will be a headwind to profit margins in the short to medium term.

隨著我們加速成長，新店在中短期內將成為利潤率的阻力。

However, this headwind will subside and become a tailwind as a growing number of new stores work their way up the maturity curve.

然而，隨著越來越多的新店逐漸成熟，這種逆風將會消退並成為順風。

New stores typically achieve profitability by year two.

新店通常會在第二年獲利。

More importantly, investments in new stores are the highest returning use of our capital, generating returns well in excess of our cost of capital.

更重要的是，新店投資是我們資本報酬率最高的用途，產生的報酬遠超過我們的資本成本。

As Mark indicated, we've made further progress on our store opening plans for 2025, and we now expect to open 25 to 30 new stores next year.

正如 Mark 所言，我們在 2025 年的開店計畫上取得了進一步進展，目前預計明年將開設 25 至 30 家新店。

Our 2025 new store opening plan will be more balanced throughout the year versus 2024's back end-weighted opening cadence.

與 2024 年後端加權的開幕節奏相比，我們 2025 年的新店開幕計畫全年將更加平衡。

Investments in off-site processing are also impacting our cost of merchandise sold.

對場外加工的投資也影響了我們的商品銷售成本。

Off-site processing entails additional activities and costs, including freight and overhead, resulting in pressure on our profit margins when we open a central processing center or other off-site facility and work through the initial ramp phase.

場外處理需要額外的活動和成本，包括運費和管理費用，當我們開設中央處理中心或其他場外設施並完成初始階段時，會對我們的利潤率造成壓力。

As we increase throughput and improve productivity in these facilities, the cost per unit is declining.

隨著我們提高這些設施的吞吐量和生產力，單位成本正在下降。

In our most mature CPCs in the US and Canada, cost per unit is approaching the level of in-store processing.

在美國和加拿大最成熟的每次點擊費用中，單位成本已接近店內處理的水平。

Our total cost of merchandise sold per pound processed was $0.65 in the third quarter compared to $0.64 in the third quarter last year.

第三季每磅加工產品的銷售總成本為 0.65 美元，而去年第三季為 0.64 美元。

Salaries, wages, and benefits expense was $74 million.

工資、工資和福利費用為 7,400 萬美元。

Excluding IPO-related stock-based compensation, salaries, wages and benefits as a percentage of net sales decreased 70 basis points to 16.6%.

不計入 IPO 相關的股票薪酬，薪資、工資和福利佔淨銷售額的百分比下降 70 個基點至 16.6%。

The decrease was driven primarily by lower incentive compensation expenses.

這一下降主要是由於激勵補償費用減少所致。

Selling, general and administrative expenses as a percentage of net sales increased 50 basis points to 21.3%, primarily due to new stores and preopening expenses, partially offset by continued expense discipline.

銷售、一般和管理費用佔淨銷售額的百分比增加了 50 個基點，達到 21.3%，這主要是由於新店和開業前的費用，但部分被持續的費用限制所抵消。

Depreciation and amortization increased 9% to $17 million, reflecting investments in new stores, central processing centers, and automated book processing systems.

折舊和攤銷成長 9%，達到 1,700 萬美元，反映了對新商店、中央處理中心和自動圖書處理系統的投資。

Interest expense decreased 17% to $15 million due to reduced debt and lower average interest rates.

由於債務減少和平均利率降低，利息支出下降 17% 至 1500 萬美元。

GAAP net income for the quarter was $21.7 million, or $0.13 per diluted share.

該季度 GAAP 淨利潤為 2,170 萬美元，或攤薄後每股收益 0.13 美元。

Adjusted net income was $25.1 million, or $0.15 per diluted share.

調整後淨利為 2,510 萬美元，即稀釋後每股收益 0.15 美元。

Third quarter adjusted EBITDA was $82 million, and adjusted EBITDA margin was 20.8%.

第三季調整後 EBITDA 為 8,200 萬美元，調整後 EBITDA 利潤率為 20.8%。

US segment profit was $43.8 million, down $8.5 million versus last year due primarily to new stores and preopening expenses.

美國部門利潤為 4,380 萬美元，比去年減少 850 萬美元，主要是由於新店和開業前的費用。

Canada segment profit was $45.4 million, down $11 million versus last year, primarily due to comp store sales declines, new stores, and preopening expenses.

加拿大分部利潤為 4,540 萬美元，比去年減少 1,100 萬美元，主要是由於同店銷售下降、新店和開業前費用。

Turning now to capital allocation.

現在轉向資本配置。

We remain committed to a disciplined approach that funds our growth and strengthens our balance sheet.

我們仍然致力於採取嚴格的方法，為我們的成長提供資金並加強我們的資產負債表。

As our business continues to generate strong cash flow, we will continue to repay debt and be opportunistic in returning capital to shareholders.

隨著我們的業務繼續產生強勁的現金流，我們將繼續償還債務，並以伺機向股東返還資本。

We remain on track for 29 new stores this year, and we expect operating cash flow to be more than sufficient to fund our capital expenditures.

今年我們仍有望開設 29 家新店，我們預計營運現金流足以為我們的資本支出提供資金。

Our balance sheet remains strong with $138 million in cash and cash equivalents and a net leverage ratio of 2.1 times at the end of the quarter.

我們的資產負債表依然強勁，截至本季末，現金和現金等價物為 1.38 億美元，淨槓桿率為 2.1 倍。

We repurchased approximately 1.8 million shares of our common stock during the quarter at an average price of $9.86 per share.

本季我們以每股 9.86 美元的平均價格回購了約 180 萬股普通股。

As of the end of the third quarter, we had approximately $29 million remaining on our share repurchase authorization.

截至第三季末，我們的股票回購授權剩餘約 2,900 萬美元。

Finally, let me discuss our updated outlook for 2024.

最後，讓我討論一下我們對 2024 年的最新展望。

Based on our third quarter results and the continued macroeconomic headwinds in Canada, we are narrowing our outlook ranges for the full year to the following: Total net sales to a range of $1.53 billion to $1.54 billion; comparable store sales to a range of down 1% to flat, with the US up low-single-digits and Canada down low-to-mid-single digits; net income to a range of $44 million to $49 million; adjusted net income to a range of $81 million to $86 million; and adjusted EBITDA to a range of $290 million to $300 million.

根據我們第三季的業績和加拿大持續的宏觀經濟逆風，我們將全年的展望範圍縮小至以下範圍： 總淨銷售額至 15.3 億美元至 15.4 億美元；可比商店銷售額下降 1% 至持平，其中美國出現低個位數成長，加拿大出現低個位數至中個位數下降；淨利潤在 4,400 萬美元至 4,900 萬美元之間；將淨利調整為8,100萬美元至8,600萬美元；並將 EBITDA 調整至 2.9 億至 3 億美元範圍。

Our full year 2024 outlook remains unchanged for new store openings.

我們對 2024 年全年新店開幕的展望保持不變。

We are still expecting a total of 29 new stores this year, which includes 22 organic openings and the 7 acquired 2 Peaches locations.

我們預計今年將開設 29 家新店，其中包括 22 家自然開幕店和 7 家收購的 2 家 Peaches 店。

We closed 2 stores with expiring leases in the third quarter, bringing net new store growth for the year to '27.

我們在第三季關閉了 2 家租約到期的商店，使全年新店淨成長達到 27 年。

Finally, capital expenditures are planned in the range of $105 million to $115 million.

最後，資本支出計畫在 1.05 億至 1.15 億美元之間。

Just a few final details.

只是一些最後的細節。

Our outlook for net income assumes an effective tax rate of approximately 34%.

我們對淨利潤的展望假設有效稅率約為 34%。

And based on our share repurchase activity to date, we are now projecting weighted average diluted shares outstanding to be approximately 167 million for the full year.

根據我們迄今為止的股票回購活動，我們目前預計全年加權平均稀釋後流通股約為 1.67 億股。

This does not contemplate any potential future share repurchases.

這並未考慮未來任何潛在的股票回購。

This concludes our prepared remarks.

我們準備好的演講到此結束。

We would now like to open the call for questions.

我們現在要開始提問。

Operator?

操作員？

(Operator Instructions)

（操作員說明）

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great.

偉大的。

Thanks.

謝謝。

So maybe to kick off, Mark, could you elaborate on the progression of same-store sales trends that you saw in the third quarter and maybe just trend in that you've seen so far in October, early November in the US and Canada

馬克，首先請您詳細說明您在第三季度看到的同店銷售趨勢的進展情況，也許只是您在 10 月、11 月初在美國和加拿大看到的趨勢

Yeah, Matt, trend in both Cananda and US improved from July through September, and that trend has continued into the early fourth quarter.

是的，馬特，加拿大和美國的趨勢從 7 月到 9 月都有所改善，而且這種趨勢一直持續到第四季初。

Great.

偉大的。

And then, Michael, maybe from a bottom line perspective, could you help break down drivers of the third quarter gross margin contraction?

然後，邁克爾，也許從底線的角度來看，您能否幫助分解第三季毛利率收縮的驅動因素？

Maybe how best to think about puts and takes in the fourth quarter?

也許如何最好地考慮第四季的看跌期權和拿跌期權？

And just as we look forward, if there was a way to kind of think about maybe the profile for same-store sales, if it's low-single-digit same-store sales, how best to think about year-over-year margin profile maybe in next year relative to multi-year?

正如我們所期望的那樣，如果有一種方法可以考慮同店銷售額的情況，如果同店銷售額是低個位數，那麼如何最好地考慮同比利潤率情況也許相對於多年而言是明年？

Yes, Matt, you got it.

是的，馬特，你明白了。

So let me try to take those in order here.

那麼讓我嘗試在這裡按順序排列這些內容。

So gross profit margin deleverage in the third quarter, really 2 drivers.

因此，第三季毛利率去槓桿確實是兩個驅動因素。

It's new stores and it's deleverage on the lower comp sales.

這是新店，也是較低銷售額的去槓桿化。

And so just as a reminder on new stores, when we open those, we're roughly half of our mature sales levels.

因此，就像新店提醒一樣，當我們開設新店時，我們的銷售水平大約只有成熟的一半。

And so we don't have the same level of gross profit or net EBITDA profit.

因此，我們沒有相同水準的毛利或 EBITDA 淨利潤。

Now the stores do grow rapidly.

現在，商店確實在快速成長。

They are typically profitable by year two, but that is a temporary headwind when we open the store.

他們通常在第二年就能獲利，但這只是我們開店時的暫時阻力。

The good news, I would say, on third quarter is we talked about this a little bit last quarter, but our investments in off-site processing are really starting to be mitigated by the improvements that we're making in the cost per unit of the existing ones.

我想說，第三季的好消息是，我們在上個季度對此進行了一些討論，但我們在場外處理方面的投資確實開始因我們在單位成本方面所做的改進而得到緩解。的。

So at this point in our most mature CPCs in both countries, the US and Canada, the cost per unit is now approaching parity with in-store processing.

因此，目前在美國和加拿大這兩個國家最成熟的每次點擊費用中，單位成本現已接近與店內處理相同的成本。

And therefore, we're at a point where our total blended cost of merchandise sold per pound that we processed during the third quarter was $0.65 this year versus $0.64 last year.

因此，今年第三季加工的每磅商品的總混合成本為 0.65 美元，而去年為 0.64 美元。

So really pleased with that.

對此我真的很滿意。

Now as we make additional investments in off-site processing, again, that will be a temporary increase related to that particular facility, but that will continue to be mitigated as we drive improvement in all of the existing facilities.

現在，隨著我們對場外處理進行額外投資，這將是與該特定設施相關的暫時增加，但隨著我們推動所有現有設施的改進，這種增加將繼續得到緩解。

As far as the fourth quarter, similar trends.

就第四季而言，也有類似的趨勢。

We do expect deleverage again in the fourth quarter due to new store openings.

我們預計，由於新店開業，第四季將再次去槓桿化。

And the degree of that deleverage just really depends on how our sales play out relative to that guidance range.

去槓桿化的程度實際上取決於我們的銷售相對於指導範圍的表現。

So if you think about the low end of our range, it would assume overall deleverage versus LY that's pretty similar to what we saw in Q3.

因此，如果您考慮我們範圍的低端，就會假設相對於 LY 的整體去槓桿化與我們在第三季度看到的非常相似。

And at the higher end, we would have less deleverage because better sales would help mitigate that new store impact.

在高端市場，我們的去槓桿化程度會更低，因為更好的銷售將有助於減輕新店的影響。

And so at the higher end, it's more like it's about 100 basis points less deleverage than we had in Q3.

因此，從高端來看，去槓桿化程度比第三季減少了約 100 個基點。

So to your last question, Matt, about the long-term algorithm and the margin profile, look, I think when we're at a steady state of growth, a low-single-digit comp is sufficient for us to maintain an EBITDA margin from 1 year to the next.

所以，馬特，關於你的最後一個問題，關於長期演算法和利潤率概況，我認為，當我們處於穩定成長狀態時，低個位數的比較足以讓我們維持 EBITDA 利潤率從一年到下一年。

But we are just now embarking on the beginning of this growth phase.

但我們現在才剛開始這個成長階段。

And that has implications, right?

這有影響，對吧？

So as we -- as I just talked about with the dynamics of new stores and the way they open up.

正如我剛才談到的新店的動態及其開業方式。

And so it's not going to be a straight line.

所以它不會是一條直線。

I think that the long-term algorithm that we've discussed, we still believe in high-single-digit total revenue growth, low-single-digit comps, and growing EBITDA consistently with revenue, but it's not a straight line.

我認為，我們討論的長期演算法仍然相信高個位數的總收入成長、低個位數的比較以及 EBITDA 與收入一致的成長，但這不是一條直線。

In the near to medium term, as we're accelerating the new store openings, we're going to have some headwinds.

在中短期內，隨著我們加速新店開業，我們將遇到一些阻力。

And given the back half-weighted nature of our openings here in '24 and the fact that we're now opening up to 30 next year, those headwinds will likely continue into 2025.

考慮到我們 24 年空缺職位的半權重性質，以及明年我們將開放至 30 個職位的事實，這些不利因素可能會持續到 2025 年。

But as we round the corner into 2026, we will have a significant number of young stores that are beginning to mature, that are reaching their second year, that are profitable and starting to provide a powerful tailwind and helping us deliver on that long-term algorithm.

But as we round the corner into 2026, we will have a significant number of young stores that are beginning to mature, that are reaching their second year, that are profitable and starting to provide a powerful tailwind and helping us deliver on that long-term演算法.

That's great color.

那顏色真棒。

Best of luck.

祝你好運。

Thanks, Matt.

謝謝，馬特。

Brooke Roach, Goldman Sachs.

布魯克·羅奇，高盛。

Good afternoon, and thank you so much for taking my question.

下午好，非常感謝您提出我的問題。

Really appreciate it.

真的很感激。

Mark, I was hoping you could elaborate on the tests that you're doing to improve the performance in the Canadian business.

馬克，我希望您能詳細說明您為提高加拿大業務績效而進行的測試。

Were those idiosyncratic tests the primary driver of the improvement in the comp as you move through the quarter?

這些特殊的測試是本季業績改善的主要驅動力嗎？

Are those tests showing EBITDA profit margin improvement as a result of some of these revenue drivers?

這些測試是否顯示 EBITDA 利潤率因其中一些收入驅動因素而有所改善？

And is this something that you think you can copy over to your US business to sequentially accelerate results there as well?

您是否認為您可以將這一點複製到您的美國業務中，以順序加速在那裡取得成果？

Yes.

是的。

Thanks, Brooke.

謝謝，布魯克。

Great question.

很好的問題。

So as we think of -- let's start with the tests and what we did over the last six months.

因此，正如我們所想的那樣，讓我們從測試以及我們在過去六個月中所做的事情開始。

We tested several promotional and pricing strategies to spur demand, promotional cadence, promotional rate, we did some episodic sale events outside of our planned marketing calendar.

我們測試了幾種促銷和定價策略來刺激需求、促銷節奏、促銷率，我們在計劃的營銷日曆之外舉辦了一些臨時銷售活動。

We actually, in one store, we did wholesale price reductions throughout the soft part of the business.

實際上，我們在一家商店中對整個業務的軟部分進行了批發降價。

And then the last test was the strategic price reduction by category and grade.

最後的考驗就是分品類、分檔次的策略性降價。

And as we looked at those tests and the results, we're most encouraged by the strategic price reductions by category and grade.

當我們查看這些測試和結果時，我們最受鼓舞的是按類別和等級進行的策略性降價。

And look, obviously, retail is a dynamic business.

顯然，零售業是一個充滿活力的產業。

This year and in tandem with those Canadian tests, we have invested in some new tools and processes to monitor our consumer proposition relative to the perceived price value and that perception versus our competitive set.

今年，與加拿大的這些測試一起，我們投資了一些新的工具和流程，以監控我們的消費者主張相對於感知價格價值以及相對於我們的競爭對手的感知。

Through this process, look, we don't believe wholesale changes to our price points are warranted.

透過這個過程，我們認為沒有必要對我們的價格點進行大規模的改變。

However, we have identified and executed in this test very targeted changes in selected categories and grades where we felt competitive pressure.

然而，我們在這次測試中確定並執行了對我們感到競爭壓力的選定類別和等級的非常有針對性的改變。

And as I stated, we were encouraged by the results relative to the control groups that we put in place.

正如我所說，我們對與我們設立的對照組相關的結​​果感到鼓舞。

As we roll out these tools and those associated processes that I mentioned that accompany those tests, we will, in fact, be adopting this approach throughout North America in early 2025.

事實上，當我們推出這些工具以及我提到的伴隨這些測試的相關流程時，我們將在 2025 年初在整個北美地區採用這種方法。

We're really excited about that.

我們對此感到非常興奮。

So why now?

那為什麼現在呢？

We've always been mindful of this competitive pricing landscape.

我們一直關注這種競爭性的定價格局。

And look, some local competitors have executed a more aggressive pricing philosophy, necessitating our acceleration into this investment in the tools and the process that I alluded to.

看，一些本地競爭對手已經執行了更積極的定價概念，這需要我們加速對我提到的工具和流程的投資。

But by sharpening our pricing approach, along with rebalancing processing, which I think was really the more influential factor in that improvement of trend line throughout the quarter at this point, we believe and we're talking about Value Village Canada, we believe Value Village Canada shows up better to our consumer and is optimized really for us for market share stability and growth.

但是，透過加強我們的定價方法，以及重新平衡處理，我認為這確實是整個季度趨勢線改善的更具影響力的因素，我們相信並且我們正在談論加拿大價值村，我們相信價值村加拿大對我們的消費者來說表現得更好，確實為我們優化了市場份額的穩定性和成長。

So I think from an impact perspective, short term, a material impact to the fourth quarter based on these test results.

因此，我認為從影響的角度來看，根據這些測試結果，短期內會對第四季產生重大影響。

This is about select geographies, categories, and grades in response to some competitive pressures we're seeing in specific markets, not wholesale changes to our pricing.

這是為了應對我們在特定市場中看到的一些競爭壓力而選擇的地區、類別和等級，而不是對我們的定價進行大規模改變。

But, look, regardless of the outcome, we are much more attuned to what is happening competitively around pricing.

但是，看，無論結果如何，我們都更加關注定價競爭中發生的事情。

We're going to be much more proactive in adjusting price and delivering a sharper value consumer proposition, not just in Canada, but in North America in general.

我們將更加主動地調整價格並提供更清晰的價值消費者主張，不僅在加拿大，而且在整個北美。

And look, I do think at an average unit retail of USD5, we still -- we continue to offer tremendous value.

看，我確實認為，以 5 美元的平均單位零售量計算，我們仍然——我們繼續提供巨大的價值。

Great.

偉大的。

Thanks for the color.

謝謝你的顏色。

And then, Mike, can you comment on the early margin implications of some of these tests?

然後，麥克，您能評論一下其中一些測試的早期利潤影響嗎？

Or is it still too early to tell?

還是現在說還太早？

Yes.

是的。

We're not expecting significant implications to either sales or margins in the fourth quarter.

我們預計第四季度的銷售額或利潤不會受到重大影響。

We were encouraged, but what I would say is that you saw the implications of lower comps in Canada in the third quarter.

我們受到了鼓舞，但我想說的是，您在第三季度看到了加拿大較低的競爭所帶來的影響。

The vast majority of our costs -- our cost of goods, I should say, are labor.

我們的絕大多數成本——我應該說，我們的商品成本是勞動力。

And so it benefits us, our model benefits when we deliver a healthy sales yield to sales.

因此，當我們提供健康的銷售收益率時，我們的模型就會受益。

We think it is possible to do that without compromising margin over the long term, but we'll see how that continues to play out.

我們認為，從長遠來看，在不影響利潤率的情況下做到這一點是可能的，但我們將看看這種情況將如何繼續發展。

And as Mark said, I don't think you'll see meaningful impact from the fourth quarter.

正如馬克所說，我認為第四季不會產生有意義的影響。

Great.

偉大的。

Thank you so much.

太感謝了。

I'll pass it on.

我會把它傳遞下去。

Mark Altschwager, Baird.

馬克·阿爾茨瓦格，貝爾德。

Good afternoon.

午安.

Thank you for taking my question.

謝謝你回答我的問題。

Just first, with respect to the guidance, you're holding the low end, bringing down the high end.

首先，就指導而言，你保持低端，降低高端。

Just talk us through the thought process there.

請告訴我們那裡的思考過程。

And are you assuming that the October comp trend you're seeing continues through the balance of the quarter?

您是否假設您所看到的 10 月比較趨勢會持續到本季的剩餘時間？

Just overall, what's giving you confidence in that lower end?

總的來說，是什麼讓您對低端市場充滿信心？

Yes.

是的。

Thanks, Mark.

謝謝，馬克。

I mean, really, the narrowing to the lower half essentially is just a reflection of the way the third quarter played out.

我的意思是，實際上，下半區的縮小本質上只是第三季的表現的反映。

As I mentioned in my prepared remarks, we had -- the US was pretty much in line with the trend we've seen for most of the year and squarely in the middle of our expectations.

正如我在準備好的演講中所提到的，美國的情況與我們今年大部分時間看到的趨勢非常一致，並且完全符合我們的預期。

Canada a little bit on the softer end.

加拿大有點軟。

So as we think about going forward into the fourth quarter, we are not -- first of all, let me just start with the macro assumptions, we're not assuming any significant change in macro conditions in either the US or Canada in the fourth quarter.

So as we think about going forward into the fourth quarter, we are not -- first of all, let me just start with the macro assumptions, we're not assuming any significant change in macro conditions in either the US or Canada in the fourth四分之一.

At this stage with less than two months left, that seems like a reasonable assumption to us.

在現階段還剩下不到兩個月的時間，這對我們來說似乎是一個合理的假設。

At this point, the range of possible outcomes that we've contemplated there reflects a pretty narrow range for the US.

目前，我們所設想的可能結果範圍對美國來說是相當狹窄的。

We've very consistently seen low-single-digit comp growth in the US all year long and across geographies, and that's what we're assuming will continue in the fourth quarter.

我們一直看到美國全年和各個地區的複合成長率都處於低個位數，我們假設第四季將繼續這種情況。

Really, at this stage, the open question, the variability in the range is Canada.

實際上，在現階段，懸而未決的問題是加拿大的變化範圍。

We think we could be down anywhere from low-single-digits to mid-single-digits in the fourth quarter.

我們認為第四季我們的業績可能會從低個位數下降到中個位數。

And the way I would describe that is on the low end, it would be more or less consistent with the third quarter trend.

我的描述方式是處於低端，它或多或少與第三季的趨勢一致。

I mean, remember, we did have a 100-basis point impact from the holiday shift.

我的意思是，請記住，假期班次確實對我們產生了 100 個基點的影響。

But if you normalize for that, the low end assumes we really don't see much improvement from any of the efforts that Mark described, selection, pricing, the slightly easier comparisons versus last year.

但如果你對此進行標準化，那麼低端假設我們確實沒有看到馬克所描述的任何努力、選擇、定價以及與去年相比稍微容易一些的改進。

And the higher end assumes that we do see something from that.

高端假設我們確實從中看到了一些東西。

And I think we're encouraged by the trajectory.

我認為我們對這條軌跡感到鼓舞。

We certainly exited the quarter on a better trend than we started it.

我們本季結束時的趨勢肯定比開始時更好。

And thus far, that has continued into the fourth quarter.

到目前為止，這種情況一直持續到第四季。

That's very helpful.

這非常有幫助。

Thank you.

謝謝。

And then just a follow-up on the production and inventory flow topic.

然後是生產和庫存流程主題的後續內容。

For Canada, you mentioned that you pulled back perhaps too much.

對於加拿大，您提到您可能撤回太多了。

There wasn't enough newness and then you ramped it back up.

沒有足夠的新鮮感，然後你又增加了它。

What data or signals are you using to manage that kind of on the week-to-week, month-to-month basis?

您使用哪些數據或訊號來每週、每月進行此類管理？

And I guess the learning there would maybe seem to imply a limit to the margin flexibility.

我猜想，那裡的學習可能似乎意味著利潤彈性的限制。

So I guess how should we think about that?

所以我想我們應該如何考慮這個問題？

I guess what is the baseline comp that is needed to hold 4-wall gross margin flat given that there's this minimum labor investment to kind of feed that newness on the floor?

我想，考慮到有最低限度的勞動投資來滿足地板上的新鮮感，保持四壁毛利率持平所需的基準補償是多少？

Thank you.

謝謝。

Yes.

是的。

Mark, this is Jubran.

馬克，這是朱布蘭。

It's a great question.

這是一個很好的問題。

As Mark and Michael talked about, yes, selection is a critical component of the value proposition.

正如馬克和邁克爾所說，是的，選擇是價值主張的關鍵組成部分。

By selection, I'm referring to the sheer number of items that a store might put to their floor in a week.

我所說的選擇是指商店在一周內可能投放到其樓層的商品的絕對數量。

So yes, we think we pulled back a little bit too hard in Canada.

所以，是的，我們認為我們在加拿大的撤退有點過分了。

We've since readjusted.

此後我們進行了重新調整。

It's always a balance, right, between preserving and protecting profitability and then ensuring a steady flow of fresh product for the customer.

在維持和保護獲利能力與確保為客戶提供穩定的新鮮產品之間始終需要取得平衡。

And we do our best to match supply and demand in that way like any manufacturing operation would.

我們盡最大努力以這種方式匹配供需，就像任何製造業務一樣。

But yes, it's true.

但是，是的，這是真的。

We can modulate production.

我們可以調整生產。

But to your question, within a certain control limit, right, say, plus or minus a few points.

但是對於你的問題，在一定的控制限度內，對吧，比如說加減幾個點。

And I think we've really appreciated that over the last quarter.

我認為我們在上個季度非常欣賞這一點。

I would also say to your point of what do we index to, we look at transaction volumes in the store.

我還想說，關於我們索引什麼的觀點，我們會查看商店中的交易量。

And we try to match where we think transaction volumes and transaction comps are going with a number of items that are going to the sales floor.

我們嘗試將我們認為的交易量和交易比較與即將進入銷售大廳的許多商品進行匹配。

So I think as we go forward, we have raised production levels in Canada.

因此，我認為隨著我們的前進，我們已經提高了加拿大的生產水準。

I think we think about it in terms of going forward a much more gradual flexing of production levels over longer time frames, right?

我認為我們會考慮在更長的時間內逐步調整生產水平，對嗎？

one weeks or two weeks does not a trend make in what I'm describing and the number of items that hit a floor per transaction.

一周或兩週並不是我所描述的趨勢以及每筆交易達到最低水平的商品數量。

So as we go forward, we're thinking about this more in terms of we will always look to manipulate and optimize production levels, but doing that in a more gradual way and over a longer time frame, if that makes sense.

因此，當我們前進時，我們會更多地考慮這一點，我們將始終尋求操縱和優化生產水平，但如果有意義的話，會以更漸進的方式並在更長的時間內做到這一點。

That does.

確實如此。

Thank you for all the detail.

謝謝你提供的所有細節。

Bob Drbul.

鮑勃·德布爾.

Guggenheim.

古根漢。

Hi.

你好。

Good afternoon.

午安.

If I could just focus a little more on the -- some of the discussion around the new store economics, just as you continue to open stores and you go for 30 next year, just in terms of the paybacks or the new store investments, like any other sort of numbers you can share with us just around what you're seeing?

如果我能多關註一些關於新店經濟的討論，就像你繼續開店，明年你會開 30 家店一樣，只是在回報或新店投資方面，比如您可以與我們分享您所看到的任何其他類型的數字嗎？

I know they seem to be performing pretty well, but it would be helpful if we could get a little bit more of the framework around some of these.

我知道它們似乎表現得很好，但如果我們能夠圍繞其中一些獲得更多的框架，那將會很有幫助。

Thanks.

謝謝。

Bob, it's Michael.

鮑勃，這是麥可。

Sure.

當然。

Happy to talk to economics.

很高興談論經濟學。

And then maybe I'll let Jubran just talk a little bit about more specifically the recent performance of our new store class.

然後也許我會讓 Jubran 更具體地說明我們新商店類別的近期表現。

So as we've talked about before, and as I mentioned earlier, when we open a new store, typically in the first year, it does roughly half the volume that it will do when it reaches maturity, which we define as about year five.

正如我們之前談到的，正如我之前提到的，當我們開設一家新店時，通常是在第一年，它的銷量大約是成熟期（我們定義為大約第五年）時的一半。

And so because of that, and we've got some fixed costs that we're not yet leveraging and our production, we're not fully up to a mature store level of productivity on production and sales yield on that, we typically see new stores lose money in the first year.

因此，正因為如此，我們有一些尚未利用的固定成本，而且我們的生產，我們在生產和銷售收益方面還沒有完全達到成熟商店的生產力水平，我們通常會看到新的商店第一年就虧損。

But they grow quickly on the top line, and we're typically profitable by the second year.

但他們的收入成長很快，我們通常在第二年就獲利了。

And so over the course of the life of the store, as we see that growth play out and the store quickly becomes cash flow-positive, we're generating very healthy returns.

因此，在商店的生命週期中，當我們看到成長的結果並且商店很快就變得正現金流時，我們正在產生非常健康的回報。

We're seeing returns typically around double or better our cost of capital.

我們看到的回報通常約為資本成本的兩倍或更高。

So -- but the implications to our EBITDA and our EBITDA margins in the near term, I think, is the gist of your question is it's a headwind.

所以，但我認為，您問題的要點是，這對我們的 EBITDA 和近期 EBITDA 利潤率的影響是，這是一種逆風。

And especially as we're starting from the place we're in today where we really haven't had anywhere near the level of new store openings that we're now about to embark on -- that we are embarking on here in 2024 and that we expect to accelerate into 2025.

尤其是當我們從今天所處的位置開始時，我們確實還沒有達到我們現在即將開始的新店開業水平——我們將在 2024 年在這裡開始，我們預計到 2025 年會加速。

What that means is that we've got a significant number of new stores that are still in that year 1 point where they're not profitable.

這意味著我們有大量新店在那一年仍然沒有獲利。

And we don't yet have a critical mass of stores that are in their second or third years generating better-than-average comps and quickly growing their bottom lines.

而且我們還沒有足夠多的商店在第二年或第三年產生優於平均水平的業績並迅速提高利潤。

So that's especially pronounced that impact on the back half here of 2024 as we're opening 18 of our 22 new stores this year in the back half.

因此，這對 2024 年下半年的影響尤其明顯，因為我們今年下半年將開設 22 家新店中的 18 家。

And then going into '25, where we'll open up to 30 more new stores.

然後進入 25 年，我們將再開設 30 家新店。

But as those stores work their way up the maturity curve and enter their second years, that's going to start becoming a tailwind.

但隨著這些商店逐漸成熟並進入第二年，這將開始成為一股順風。

And I'll use the 2023 class as a good example of that.

我將使用 2023 年課程作為一個很好的例子。

We opened those in '23.

我們在 23 年開設了這些。

They're not yet comp stores by our definition, they will be next year.

根據我們的定義，它們還不是比較商店，明年就會成為。

They're maturing exactly as we would like.

他們正在成熟，正如我們所希望的那樣。

In fact, we're very pleased with those, and Jubran can speak to that.

事實上，我們對這些感到非常滿意，朱布蘭可以對此表示同意。

But they're profitable.

但他們是有利可圖的。

That group is profitable now, both countries, all but 1 or 2 of the stores in that group individually are profitable.

該集團現在在這兩個國家都實現了盈利，該集團中除了 1 或 2 家商店之外的所有商店都實現了盈利。

And so the class as a whole is profitable as well.

因此，整個班級也是有利可圖的。

And so that's the dynamic that we expect to play out on our future cohorts as well.

因此，這也是我們希望在未來的團隊中發揮的動力。

And Bob, Jubran here.

鮑伯、朱布蘭也在這裡。

I'll just add on to what Michael said that, obviously, pleased with how the new stores are performing in the aggregate, both top line and bottom line.

我只想補充一下麥可所說的，顯然，我對新商店的整體表現（無論是收入還是利潤）感到滿意。

But also pleased that our predictive mark is showing that no model is perfect, but it's been pretty close to the pin.

但也很高興我們的預測標記表明沒有模型是完美的，但它已經非常接近目標了。

And that really gives us confidence as we look to find good deals, accelerate and do them quickly, because, again, the pipeline is growing.

當我們尋找好的交易、加速並快速完成這些交易時，這確實給了我們信心，因為管道正在不斷增長。

Any new deals that we have flowing at this stage of the game are -- we're talking about early 2026 now.

我們在這個階段的任何新交易都是——我們現在談論的是 2026 年初。

So we're starting to fill up the pipeline for early 2026 stores.

因此，我們開始為 2026 年初的商店填補管道。

I think we've mentioned in the past that we were back-loaded on new stores opening this year, right, with the preponderance of them in Q3 and Q4.

我想我們過去曾提到過，我們今年開張的新店數量有所增加，對吧，其中大部分是在第三季和第四季。

But now we are in a steady state where we expect new store openings within reason to feather across the quarters from here on out, certainly, across 2025 in a more balanced way.

但現在我們處於穩定狀態，我們預計從現在開始的幾個季度，新店開業將在合理範圍內，當然，到 2025 年會以更加平衡的方式。

And that just makes things a lot easier for the team, helps ensure execution, all the things that we would expect.

這只會讓團隊的事情變得更加容易，有助於確保執行，以及我們所期望的所有事情。

Great.

偉大的。

Thank you.

謝謝。

Good luck.

祝你好運。

Thanks, Bob.

謝謝，鮑伯。

Randy Konik, Jefferies.

蘭迪·科尼克，傑弗里斯。

A quick clarification item.

一個快速澄清的項目。

Can you just give me the percent increase in on-site and GreenDrop donations during the quarter?

您能否告訴我本季現場捐款和 GreenDrop 捐款的成長百分比？

And then what percent of total pounds were processed in the quarter?

那麼本季處理的總磅數的百分比是多少？

Sorry, Randy, what was the second part of your question there?

抱歉，蘭迪，你問題的第二部分是什麼？

The percent of the total pounds that came in that you guys processed through GreenDrop.

你們透過 GreenDrop 處理的總磅數的百分比。

Through GreenDrop, you mean through on-site donations?

透過GreenDrop，您是指透過現場捐款嗎？

Yes.

是的。

Yes, sorry.

是的，抱歉。

Through on-site donations.

透過現場捐款的方式。

Versus getting from a third party for delivery, yes.

與從第三方交付相比，是的。

Got you.

明白你了。

Yes.

是的。

So we're north of 75% on that, Randy.

所以我們已經完成了 75% 的任務，蘭迪。

I'll get you the specific percentages on that.

我會給你具體的百分比。

Randy, what I will say is on-site donations as a percentage of our total processing continues to be very robust.

蘭迪，我要說的是現場捐款占我們總處理量的百分比仍然非常強勁。

I think Michael is right.

我認為邁克爾是對的。

We'll get the exact percentage on that.

我們將得到確切的百分比。

What we do know is that on-site donations continue to comp positive across the fleet.

我們所知道的是，現場捐贈繼續在整個機隊中發揮積極作用。

Now there's weeks here and there store by store.

現在，各個商店都需要幾週的時間。

But in general, we are seeing pretty robust growth in on-site donation comps.

但總的來說，我們看到現場捐贈補償的強勁成長。

Yes.

是的。

So Randy, just to give you the exact number on that, just shy of 80% was on-site donations and GreenDrop combined.

蘭迪，我想告訴你確切的數字，現場捐款和 GreenDrop 的總和略低於 80%。

And that's up from around 78% last year.

這比去年的 78% 左右有所上升。

All right.

好的。

So that metric continues to grow.

因此該指標繼續增長。

It's good.

很好。

And then can you just kind of -- I might have missed it because I jumped on late here.

然後你能不能——我可能錯過了，因為我來晚了。

Just did you talk about kind of the actions you're trying to take to mitigate kind of the macro difficulties in Canada?

您剛才有沒有談到您試圖採取哪些行動來緩解加拿大的宏觀困難？

Like what steps are you trying to kind of -- what are you looking at to try to change, maybe drive more traffic?

就像您正在嘗試採取哪些步驟 - 您正在考慮嘗試改變什麼，也許會增加流量？

What are you doing up there?

你在上面做什麼？

Just to give us more of a flavor that you may not have covered already.

只是為了給我們更多您可能還沒有接觸到的風味。

Thanks, Randy.

謝謝，蘭迪。

We did cover that.

我們確實涵蓋了這一點。

Happy to quickly go over it.

很高興能快速瀏覽一遍。

And if I eliminate some of the detail, so not to be repetitive, we can catch up with you secondary.

如果我刪除一些細節，這樣就不重複了，我們就可以追上你的第二部分。

Look, we completed 5 significant promotional and pricing strategy tests over the last six months with the most promising result being strategic price reductions by category and grade.

看，我們在過去六個月內完成了 5 項重要的促銷和定價策略測試，最有希望的結果是按類別和等級進行策略性降價。

Along and in tandem with those tests, we have invested in some new tools and processes to monitor our consumer proposition relative to perceived price value versus the competitive set.

在進行這些測試的同時，我們也投資了一些新的工具和流程，以監控我們的消費者主張，以及相對於競爭對手的感知價格價值。

We don't think wholesale changes to price points are warranted, but it's important.

我們認為沒有必要大規模改變價格點，但這很重要。

We have identified and executed in the test very targeted changes in select categories and grades where we felt competitive pressure.

我們在測試中確定並在我們感受到競爭壓力的選定類別和等級中進行了非常有針對性的更改。

And as I stated earlier, we're encouraged by these results.

正如我之前所說，我們對這些結果感到鼓舞。

And as we roll out this further in Canada, and we're going to roll out these tools and these processes throughout North America, we'll be adopting this approach in North America in early '25 throughout the entire North American fleet.

當我們在加拿大進一步推廣這項技術時，我們將在整個北美推廣這些工具和流程，我們將在 25 年初在北美的整個北美機隊採用這種方法。

And I can fill in some details for you separately, but I don't want to repeat a lot of the stuff we said already.

我可以單獨為你填寫一些細節，但我不想重複我們已經說過的很多內容。

Okay.

好的。

Thanks so much.

非常感謝。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Hi.

你好。

Thanks.

謝謝。

Good evening.

晚安.

So Michael, maybe on the gross margin pressure for the quarter, I was hoping you could quantify the pressure that you're seeing from the new stores because it's coming across very clear that this is going to remain a pretty consistent headwind for at least the next year.

所以邁克爾，也許就本季的毛利率壓力而言，我希望你能夠量化你從新店看到的壓力，因為很明顯，這將至少在明年。

So I guess if you could break it out, it would help us to put that in our models properly.

所以我想如果你能把它分解出來，這將有助於我們將其正確地放入我們的模型中。

Yes.

是的。

It's -- I mean, I'd say, Peter, it's pretty consistent, roughly equal between those two factors of new stores and deleverage on the lower comps.

這是——我的意思是，彼得，新店和較低競爭者的去槓桿化這兩個因素之間非常一致，大致相等。

Okay.

好的。

Very helpful.

非常有幫助。

And then, Mark, maybe for you, just on the Canada backdrop, maybe I just need a little bit of handholding here that if you've done any research on the economy there, other retailers seeing pressure because we're just not seeing other retailers call out big Canada weakness.

然後，馬克，也許對你來說，就加拿大的背景而言，也許我只需要一點幫助，如果你對那裡的經濟做過任何研究，其他零售商就會感受到壓力，因為我們只是沒有看到其他零售商零售商指出加拿大的巨大弱點。

I know there's some Canadian retail sales for apparel and those that's run positive in recent months.

我知道加拿大的一些服裝零售額近幾個月呈現正成長。

So what are you guys seeing that sort of makes you feel like it is macro and not company-specific?

那麼你們看到了什麼讓你們覺得它是宏觀的而不是公司特定的呢？

Well, okay, let's start -- we'll start with some economic facts that we're seeing.

好吧，讓我們開始吧——我們將從我們看到的一些經濟事實開始。

We know there are a lot of macro pressures in Canada, unemployment that Michael mentioned, housing crisis, certainly.

我們知道加拿大面臨許多宏觀壓力，麥可提到的失業，當然還有住房危機。

And as reported by Statistics Canada, apparel sales are down in Canada every single month this year as reported by the Canadian government.

據加拿大統計局報道，加拿大政府報告稱，今年加拿大的服裝銷售每個月都在下降。

So year-to-date, we seem to be holding our own versus the broader market.

因此，今年迄今為止，與大盤相比，我們似乎堅守住了自己的立場。

Again, that said, we're not terribly pleased with our results given our comp performance.

話雖如此，考慮到我們的表現，我們對我們的結果並不是非常滿意。

So as we think about who is that Value Village consumer in Canada, look, it's a broad cross section of the consumer landscape.

因此，當我們思考誰是加拿大價值村消費者時，看，這是消費者格局的一個廣泛的橫斷面。

We are highly penetrated, 90% brand awareness.

我們的滲透率很高，品牌知名度達90%。

We estimate we're in 1 in 3 households.

我們估計三分之一的家庭中有我們。

But we've done some work and third-party surveys for shoppers, especially are coming under greater financial stress.

但我們已經為購物者做了一些工作和第三方調查，尤其是面臨更大財務壓力的購物者。

And while we're seeing households as a percent of our total customer base has risen, that has been more than offset by a pullback in lower household demographic.

雖然我們看到家庭占我們總客戶群的百分比上升，但這已經被家庭人口減少所抵消。

And just as a reminder, over 20% of our consumers live below the poverty line.

提醒一下，超過 20% 的消費者生活在貧窮線以下。

So they're making trade-offs on necessities and we think really they're sidelined.

因此，他們正在對必需品進行權衡，我們認為他們確實被邊緣化了。

So ultimately, what we're seeing from a loyalty base and from a non-loyalty base is frequency has declined.

因此，最終，我們從忠誠度基礎和非忠誠度基礎上看到的是頻率下降了。

Attrition has actually been very stable and low.

人員流失率實際上非常穩定且較低。

So we feel good about our long-term outlook because we have not seen people addreseed, but we have seen frequency decline.

因此，我們對我們的長期前景感到滿意，因為我們沒有看到人們發帖，但我們看到頻率下降。

So we're not expecting material improvement in Canada in the near term.

因此，我們預期加拿大短期內不會出現實質改善。

Some economists are projecting some modest improvement in 2025.

一些經濟學家預計 2025 年會出現一些小幅改善。

We will continue to watch unemployment, household debt, consumer spending data, and our own loyalty and survey data until then we're trying to control what we can control, and taking a more cautious approach to planning.

我們將繼續關注失業率、家庭債務、消費者支出數據以及我們自己的忠誠度和調查數據，直到那時我們將嘗試控制我們可以控制的事情，並採取更謹慎的規劃方法。

We're certainly looking to increase innovation and operational effectiveness to be ready for that economic improvement and take advantage of that long term.

我們當然希望提高創新和營運效率，為經濟改善做好準備並充分利用這一長期優勢。

I think in terms of our long-term perspective, especially when it comes to new stores.

我認為從我們的長遠角度來看，尤其是在新店方面。

We've always planned to pivot growth to the US versus Canada.

我們一直計劃將成長重點轉向美國而不是加拿大。

And I think the current macro situation is reinforcing this.

我認為當前的宏觀形勢正在強化這一點。

So as we think about new stores in 2025, they will be much more heavily weighted to the US than they are to Canada.

因此，當我們考慮 2025 年的新店時，它們在美國的比重將遠高於加拿大。

Hopefully, that answers some or most of your question.

希望這能回答您的部分或大部分問題。

Got it.

知道了。

Yes, it does.

是的，確實如此。

Thank you very much.

非常感謝。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good evening.

晚安.

This is Sachin Verma on the line for Michael Lasser.

我是 Sachin Verma，正在接聽 Michael Lasser 的電話。

I wanted to know, given the softening top line throughout the year and this quarter's current performance, what actions would you need to take in the business beyond the near-term strategies in Canada to bridge the gap between this quarter and your long-term algorithm?

我想知道，考慮到全年營收的疲軟和本季目前的業績，除了加拿大的近期策略之外，您還需要在業務中採取哪些行動，以縮小本季與長期演算法之間的差距？

Thank you.

謝謝。

Yes.

是的。

I think, obviously, the biggest gap, I think, as you describe it, would be the macroeconomic environment in Canada and our comp performance there.

我認為，顯然，正如您所描述的，最大的差距是加拿大的宏觀經濟環境以及我們在那裡的比較表現。

And Mark laid out from our efforts in selection alone.

馬克僅從我們在選擇方面的努力就可以看出。

So our exit rate into the quarter and entering the fourth is certainly better than our third quarter comp.

因此，我們進入本季和進入第四季的退出率肯定比我們的第三季比較要好。

But we will continue to strive to get that balance right.

但我們將繼續努力實現這種平衡。

We're going to continue to work on the price value equation, as Mark described that, the gap from a comp store basis.

我們將繼續研究價格價值方程，正如馬克所描述的那樣，即與比較商店基礎的差距。

So I think as we've described, our long-term comp algorithm is for low-single-digits.

因此，我認為正如我們所描述的，我們的長期補償演算法適用於低個位數。

The biggest strategic shift from that to our long-term outlook is really about new store growth.

從這一點到我們長期前景的最大策略轉變實際上是關於新店的成長。

So we opened 12 last year, 22 this year, and we're now tracking to 25 this term.

去年我們開設了 12 家，今年開設了 22 家，而這學期我們的目標是增加到 25 家。

And so -- and we're very pleased with the results of our new store openings.

因此，我們對新店開幕的結果非常滿意。

So I think the combination of accelerating new store growth, which we're already doing and then seeing some comp store trend improvements primarily in Canada are really what we're looking to going forward.

因此，我認為加速新店成長（我們已經在這樣做），然後看到主要在加拿大的一些比較店趨勢改善，這確實是我們未來所期待的。

Thank you.

謝謝。

The follow-up is, given the trends that you've seen with the processing improving later, how do you expect this to stabilize?

後續問題是，鑑於您所看到的處理流程改進的趨勢，您預計這種情況將如何穩定？

In other words, what actions are you taking to calibrate the level of processing to align optimally?

換句話說，您正在採取哪些措施來校準處理等級以達到最佳狀態？

Thank you.

謝謝。

Yes, this is Jubran.

是的，這是朱布蘭。

Again, I think it comes back to matching it to transaction volume and then being very mindful and gradual about changes in production level, right?

再說一次，我認為這又回到了將其與交易量相匹配，然後對生產水平的變化非常謹慎和漸進，對嗎？

So again, not manipulating in a severe way production levels just because we see a transaction dip in Canada or any other country over the course of a week or two.

因此，不要因為我們看到加拿大或任何其他國家在一兩週內的交易量下降就嚴重操縱生產水準。

So being gradual, being mindful about that is really the approach.

因此，循序漸進，注意這一點才是真正的方法。

And again, as I mentioned earlier, it's one of the great levers we have, but it's within a few points of center is how we think about it, right?

再說一次，正如我之前提到的，它是我們擁有的偉大槓桿之一，但它在我們的想法中處於中心的幾個點之內，對嗎？

We're not going to be able to react to something that is way off center nor do we want to if we're talking about what we think is a short-term dip.

如果我們談論的是我們認為的短期下跌，我們將無法對偏離中心的事情做出反應，也不想做出反應。

So I think going forward, that puts us in a much more stable place.

所以我認為，展望未來，這將使我們處於一個更穩定的位置。

And that's absolutely appropriate as we think about the future.

當我們思考未來時，這絕對是合適的。

Did you have additional questions?

您還有其他問題嗎？

No.

不。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴 (Anthony Chukumba)，Loop 資本市場。

Good morning.

早安.

Sorry, good evening.

抱歉，晚上好。

Thanks for taking my question.

感謝您提出我的問題。

So certainly understand that there's always sort of a balancing act between processing, particularly when top line is slowing down and trying to control costs, but also making sure you're offering enough assortment.

因此，當然要明白，加工之間總是存在某種平衡行為，特別是當營收放緩並試圖控製成本時，但也要確保提供足夠的品種。

Would love to just -- if you could sort of dimensionalize even kind of directionally like how much you slowed down the processing in Canada, where are you at least sequentially in terms of your top line?

我很想──如果你可以對加拿大的處理速度放慢多少這樣的方向進行維度化，那麼你的收入至少要按順序在哪裡？

Thanks.

謝謝。

Hey, Anthony, it's Jubran.

嘿，安東尼，我是朱布蘭。

It's a good question.

這是一個好問題。

We never look at it in aggregate, right?

我們從不整體看待它，對嗎？

When we look at matching the appropriate production level to the transaction trend that we're seeing, it's always on a store-by-store basis.

當我們考慮將適當的生產水平與我們所看到的交易趨勢相匹配時，總是以逐家商店為基礎。

That's the first thing.

這是第一件事。

And it has to be that way, right, to be appropriate for those four walls.

它必須是這樣的，對的，才能適合那四面牆。

The second thing is determining when do we have a trend, right?

第二件事是確定我們什麼時候有趨勢，對嗎？

And you think about all sorts of factors, timing of support checks from the government, weather anomalies.

你會考慮各種因素，政府檢查支援的時間，天氣異常。

And there's a number of things that can cause noise.

有很多因素會導致噪音。

When you look at it retrospectively, it's a little bit easier to see.

當你回顧過去時，你會更容易看到這一點。

And again, as both Mark and Michael mentioned, when we readjusted, we increased, we saw an immediate reaction to that.

再次，正如馬克和邁克爾所提到的，當我們重新調整、增加時，我們立即看到了反應。

And that really is sort of a control and variable.

這確實是一種控制和變數。

That's what told us that probably went too far on this.

這就是告訴我們，這可能太過分了。

So look, I think it's instructive.

所以看看，我認為這是有啟發性的。

How far off of where we should have been were we to your question, it's a very difficult question to answer.

對於你的問題，我們離我們應該達到的目標還有多遠，這是一個很難回答的問題。

I don't know.

我不知道。

I would be guessing, and I don't want to do that.

我會猜測，但我不想這樣做。

But clearly, when we restored it, it snapped back.

但顯然，當我們恢復它時，它又恢復了。

And so then the obvious question, well, then can you feed it even more?

那麼顯而易見的問題是，那你能餵得更多嗎？

Well, then you start to tip the other way on the balance scale where you're really starting to erode margin and the amount of demand and transactions that you have don't warrant that level of production.

好吧，然後你開始在平衡天平上向另一個方向傾斜，你真的開始侵蝕利潤，而你所擁有的需求和交易量並不能保證這種生產水準。

I would tell you, over the long term, Anthony, what we expect, and we're watching it closely, is that over time, production levels, in aggregate, continue to go up to the right to feed transaction volume that goes up into the right.

我想告訴你，從長遠來看，安東尼，我們所期望的，我們正在密切關注的是，隨著時間的推移，生產水平總體上將繼續上升，以滿足交易量的增長右邊的。

But it's absolutely a multi-variable equation.

但這絕對是一個多變量方程式。

And we just want to make sure that we're not banging wildly from guardrail to guardrail on this.

我們只是想確保我們不會在這方面從一個護欄瘋狂地撞擊到另一個護欄。

Got it.

知道了。

Fair enough.

很公平。

And then just one quick follow-up.

然後只是一個快速跟進。

Any -- I know it's still early, but any updates in terms of the 2 Peaches acquisition integration?

任何 - 我知道現在還為時過早，但是 2 Peaches 收購整合方面有任何更新嗎？

Yes.

是的。

Great question.

很好的問題。

So just as a reminder, we acquired 2 Peaches just about six months ago.

提醒一下，我們大約六個月前買了 2 個桃子。

This is a 7-store chain in the Greater Atlanta market, Georgia.

這是一家位於喬治亞州大亞特蘭大市場的 7 家連鎖店。

And look, our thesis going into that was that these stores have a lot of opportunity.

看，我們的論點是這些商店有很多機會。

So of the 7 stores, we have, over the last six months, converted 2 of the 7 stores.

因此，在過去的六個月裡，我們對這 7 家商店中的 2 家進行了改造。

And by convert, I mean, put on to the Savers model of how we show up to the customer.

我所說的轉換，是指我們如何向客戶展示的儲蓄模式。

And that -- tactically, that means production levels, merchandising techniques, selection and floor turned calibrating space to sales, a whole host of tactics.

從戰術上來說，這意味著生產水準、銷售技術、選擇和樓層調整銷售空間，以及一整套戰術。

And the great news is that we are seeing significant double-digit comp sales growth in both of those locations.

好消息是，我們看到這兩個地點的銷售額均實現了兩位數的大幅成長。

So pleased with that.

對此非常滿意。

Again, we choose 2 first to understand what the road map should look like for conversion of the remaining 5.

同樣，我們首先選擇 2，以了解剩餘 5 個轉換的路線圖應該是什麼樣子。

And I would say, based on what we've learned, we feel great about it over the coming 12 months to 18 months, we look to convert the rest of them.

我想說的是，根據我們所了解到的情況，我們對未來 12 個月到 18 個月的感覺很好，我們希望改變其餘的人。

And then build out upon that with some of the new store growth that Michael talked about earlier, where we're opening new stores in lots of infill markets.

然後在此基礎上，邁克爾之前談到了一些新店的成長，我們在許多填充市場開設了新店。

We see the US Southeast as an opportunity to infill in that market and beyond as we go forward.

我們將美國東南部視為我們前進過程中填補該市場及其他市場的機會。

That's helpful.

這很有幫助。

Thank you.

謝謝。

And at this time, Mr. Walsh, we have no other questions registered, sir.

沃爾什先生，目前我們沒有其他問題，先生。

Please proceed.

請繼續。

I'd like to thank everyone for their time this afternoon and interest in Savers Value Village, and we certainly look forward to speaking with many of you in the days and weeks to come.

我要感謝大家今天下午抽出寶貴的時間以及對 Savers Value Village 的興趣，我們當然期待在未來幾天或幾週內與你們中的許多人交談。

Thank you, again.

再次謝謝你。

Thank you, sir.

謝謝您，先生。

Ladies and gentlemen, this does indeed conclude your conference call for today.

女士們、先生們，今天的電話會議到此結束。

Once again, thank you for attending.

再次感謝您的出席。

And at this time, we ask that you please disconnect your lines.

此時，我們要求您斷開線路。