Tractor Supply Co (TSCO) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Tractor Supply Company's conference call to discuss fourth quarter and fiscal-year 2025 results. (Operator Instructions) Please be advised that reproduction of this call in whole or in part is not permitted without written authorization of Tractor Supply Company. And as a reminder, this call is being recorded.

女士們、先生們，早安，歡迎參加 Tractor Supply Company 的電話會議，我們將討論 2025 財年第四季業績。（操作員說明）請注意，未經 Tractor Supply Company 書面授權，不得全部或部分複製此通話內容。再次提醒，本次通話正在錄音。

Your host for today's call is Mary Winn Pilkington, Senior Vice President of Investor and Public Relations for Tractor Supply Company. Now first up is a year-end video.

今天電話會議的主持人是 Tractor Supply Company 的投資者和公共關係高級副總裁 Mary Winn Pilkington。首先是年終影片。

(video playing)

（影片播放）

I would now like to pass the call to our host, Mary Winn Pilkington. Mary Winn, please go ahead.

現在我想把電話交給我們的主持人瑪麗·溫·皮爾金頓。瑪麗·溫恩，請繼續。

Thank you, Elissa. Good morning, everyone. We appreciate your time and participation in today's call. On the call today, participating in prepared remarks are Hal Lawton, our Chief Executive Officer; and Kurt Barton, our CFO. We will also have Seth Estep, Rob Miles, John Ordus, and Colin Yankee, join the call for the question-and-answer portion. Following our prepared remarks, we'll open the floor for questions. Please note that a supplemental slide presentation has been made available on our website to accompany today's earnings release.

謝謝你，艾莉莎。各位早安。感謝您抽空參加今天的電話會議。今天參加電話會議並發表準備好的演講的有：我們的執行長 Hal Lawton；以及我們的財務長 Kurt Barton。我們還將邀請 Seth Estep、Rob Miles、John Ordus 和 Colin Yankee 加入問答環節。在我們發言完畢後，我們將開放提問環節。請注意，我們網站上已提供補充幻燈片演示文稿，以配合今天的收益發布。

Now let me reference the Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. This call may contain certain forward-looking statements that are subject to significant risks and uncertainties, including the future operating and financial performance of the company. In many cases, these risks and uncertainties are beyond our control. Although the company believes the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct, and actual results may differ materially from expectations. Important risk factors that could cause actual results to differ materially from those reflected in the forward-looking statements are included at the end of the press release issued today and in the company's filings with the Securities and Exchange Commission. The information contained in this call is accurate only as of the date discussed. Investors should not assume that statements will remain operative at a later time. Tractor Supply undertakes no obligation to update any information discussed in this call.

現在讓我引用一下 1995 年《私人證券訴訟改革法案》中的安全港條款。本次電話會議可能包含某些前瞻性陳述，這些陳述受到重大風險和不確定性的影響，包括公司未來的營運和財務表現。在許多情況下，這些風險和不確定性是我們無法控制的。儘管該公司認為其前瞻性聲明中反映的預期是合理的，但無法保證這些預期或任何前瞻性聲明將被證明是正確的，實際結果可能與預期有重大差異。可能導致實際結果與前瞻性聲明中反映的結果存在重大差異的重要風險因素已列入今天發布的新聞稿末尾以及公司向美國證券交易委員會提交的文件中。本次通話所包含的資訊僅在通話當天有效。投資者不應假定這些聲明在未來仍然有效。Tractor Supply公司不承擔更新本次電話會議中討論的任何資訊的義務。

As we move into the Q&A session, please limit yourself to one question to ensure everyone has the opportunity to participate. If you have additional questions, please feel free to rejoin the queue. We appreciate your understanding and cooperation. We will also be available after the call for further discussions. Thank you for your time and attention this morning.

進入問答環節，請每人限提一個問題，以確保每個人都有機會參與。如果您還有其他問題，請隨時重新排隊。感謝您的理解與合作。通話結束後，我們仍將提供進一步的討論機會。感謝您今天上午抽出時間關注。

Now it's my pleasure to turn the call over to Hal.

現在我很高興把電話交給哈爾。

Thank you, Mary Winn, and good morning, everyone. Before we begin, I want to recognize our team members, first responders, and local communities impacted by winter storm Fern. Our teams moved quickly to support our neighbors during challenging times and continue to do so, and it reinforces our role as a dependable supplier when our customers need us most.

謝謝你，瑪麗溫，大家早安。在開始之前，我想向我們的團隊成員、緊急應變人員以及受冬季風暴「弗恩」影響的當地社區表示感謝。在困難時期，我們的團隊迅速採取行動支持我們的鄰居，我們將繼續這樣做，這鞏固了我們在客戶最需要我們的時候作為可靠供應商的角色。

Turning to the business. The opening video highlights the progress our team made in 2025 and does a nice job of setting the context for the discussion that will follow in this earnings call. As with any year, 2025 was not without its challenges, and I want to thank our more than 52,000 Tractor Supply team members for staying focused on our purpose, operating with discipline, and making the adjustments necessary in a dynamic environment while continuing to evolve the business. That work positions us to build on our strategic advantages and remain a consistent share gainer in an attractive market.

轉入正題。開場影片重點介紹了我們團隊在 2025 年取得的進展，並很好地為本次財報電話會議接下來的討論奠定了基礎。與往年一樣，2025 年也面臨著許多挑戰，我要感謝我們超過 52,000 名 Tractor Supply 團隊成員，感謝他們始終專注於我們的目標，嚴於律己地運營，並在動態環境中做出必要的調整，同時不斷發展業務。這項工作使我們能夠鞏固自身的策略優勢，並在充滿吸引力的市場中保持持續的市場份額成長。

Before getting into the details, I want to acknowledge that our fourth-quarter results came in below our expectations. Results reflected a shift in consumer spending with essential categories remaining resilient while discretionary demand moderated, and emergency response was absent versus last year.

在詳細介紹之前，我想先說明一下，我們第四季的業績低於預期。結果反映出消費者支出發生了變化，必需品類別保持韌性，而可自由支配的需求有所緩解，與去年相比，緊急應變措施有所減少。

There were three primary drivers of our performance that I'd like to drill down on. First, as we cycled the benefit from last year's Hurricane Helene and Milton storm recovery, it became clear that it contributed more meaningfully to our results in 2024 than we had originally estimated. In contrast, 2025 was a historically quiet storm season with no hurricanes making landfall in the Continental US for the first time in a decade. We now estimate this dynamic represented roughly 100 basis points headwind to comps, most pronounced in the South Atlantic.

我想深入探討影響我們績效的三個主要因素。首先，當我們回顧去年颶風海倫和米爾頓風暴災後重建的成果時，很明顯，它對我們 2024 年的業績貢獻比我們最初估計的要大得多。相較之下，2025 年是一個歷史上異常平靜的風暴季，十年來首次沒有颶風在美國大陸登陸。我們現在估計，這種動態對同類產品造成了約 100 個基點的不利影響，在南大西洋最為明顯。

The second main driver was big ticket categories, excluding emergency response, and they experienced a step down versus our trend in Q3. Our inventory levels and pricing were competitive, and we do not believe we lost share in these categories. Instead, we believe customers were more selective and that some discretionary spending shifted towards categories outside of our addressable market in the fourth quarter.

第二個主要驅動因素是大額消費類別（不包括緊急救援），與第三季的趨勢相比，這些類別出現了下滑。我們的庫存水準和定價都很有競爭力，我們認為我們在這些類別中沒有失去市場份額。相反，我們認為顧客的選擇性更強，第四季度一些可自由支配的支出轉向了我們目標市場以外的類別。

And lastly, performance across select holiday periods and seasonal categories such as holiday decor, toys, things like dogs, toys and snacks, power tools, they were below our expectations. And this reflected a highly promotional holiday environment, combined with softer demand. Again, we believe these dynamics were category-specific, quarter-specific, and broadly consistent with what we saw across retail.

最後，在某些假期和季節性類別（如節日裝飾、玩具、狗、玩具和零食、電動工具等）中，它們的表現低於我們的預期。這反映出假日促銷活動非常活躍，而需求卻相對疲軟。我們再次認為，這些動態是特定品類、特定季度的，並且與我們在整個零售業中看到的情況基本一致。

At the same time, customer engagement remained healthy throughout the quarter, and our consumable, usable and edible categories continue to perform very well, reinforcing the resilience of our needs-based model. We estimate we had one of our strongest quarters of share gain in Farm & Ranch, stayed disciplined on cost, and continue to execute the fundamentals of the business while investing strategically in our growth priorities.

同時，整個季度客戶參與度保持良好，我們的消費品、實品和食品類別繼續表現非常出色，這增強了我們以需求為導向的模式的韌性。我們預計，我們在農場和牧場業務方面取得了有史以來最強勁的市場份額增長之一，在成本控制方面保持了嚴格的紀律，並繼續執行業務的基本原則，同時對我們的增長重點進行戰略性投資。

Now let's transition to the fourth quarter and full-year 2025 results. For the fourth quarter, net sales increased 3.3% to $3.9 billion, with comparable store sales increasing 0.3% driven by modest growth in average ticket. Fourth-quarter diluted EPS was $0.43, reflecting the combined impact of modest sales growth, elevated promotional activity, and continued investment to support our strategic initiatives. Our digital business delivered high single-digit growth. We posted positive comps in 11 of our 15 regions. However, this strength was offset by the two regions in the South Atlantic, which declined mid-single digits, as I mentioned previously, we're lapping storm activity.

現在讓我們來看看2025年第四季和全年的業績。第四季淨銷售額成長 3.3% 至 39 億美元，同店銷售額成長 0.3%，主要得益於平均客單價的溫和成長。第四季度稀釋後每股收益為 0.43 美元，反映了銷售額溫和增長、促銷活動增加以及為支持我們的策略舉措而持續投資的綜合影響。我們的數位業務實現了接近兩位數的成長。我們在15個區域中的11個區域實現了積極的業績對比。然而，南大西洋的兩個區域抵消了這一優勢，這兩個區域的活動下降了個位數，正如我之前提到的，我們正在經歷風暴活動的重疊階段。

Customer fundamentals remained solid during the quarter. Identified customer counts increased approximately 2%, while spend per customer moderated just slightly. From a category standpoint, consumable, usable, and edible were strong, as I mentioned previously, and they delivered low mid-single-digit comparable growth, led by livestock, equine and poultry, and wildlife supplies, and our winter seasonal categories posted modest comp growth with cold weather conditions largely neutral for the quarter. Again, as I mentioned previously, this strength was offset by continued pressure in big ticket emergency response categories, which together declined high-singledigits.

本季客戶基本面依然穩健。已識別客戶數量增加了約 2%，而每位客戶的支出僅略有下降。從品類角度來看，正如我之前提到的，消費品、實用品和食用品表現強勁，實現了低至個位數的同店銷售增長，其中畜牧業、馬匹和家禽以及野生動物用品的增長尤為顯著。冬季季節性類別的同店銷售成長較為溫和，寒冷天氣對該季度的影響基本持平。正如我之前提到的，這種成長勢頭被高額緊急應變類別的持續壓力所抵消，這兩個類別加起來下降了接近兩位數。

Turning to the full year. 2025 was a year of steady progress as we navigated a challenging and uneven retail environment. Throughout the year, we stayed focused on executing the fundamentals of the business, serving our customers well and advancing our Life Out Here 2030 strategy.

展望全年。 2025年是穩步前進的一年，我們克服了充滿挑戰且不均衡的零售環境。在過去的一年中，我們始終專注於執行業務的基本原則，為客戶提供優質服務，並推進我們的「2030 年戶外生活」策略。

Net sales increased 4.3% to $15.5 billion, driven by new store growth, the addition of Allivet and comparable store sales gains of 1.2%. Diluted earnings per share were $2.06, reflecting disciplined execution while continuing to fund strategic investments across the business. Total active customers and high-value customer retention continued to be strong, and customer service scores once again reached all-time highs.

淨銷售額成長 4.3% 至 155 億美元，主要得益於新店成長、Allivet 的加入以及同店銷售額成長 1.2%。稀釋後每股收益為 2.06 美元，這反映了公司在持續為各項業務的策略投資提供資金的同時，也保持了嚴謹的執行力。活躍客戶總數和高價值客戶留存率持續保持強勁，客戶服務評分再次創歷史新高。

Neighbor's Club continued to grow, with membership representing more than 80% of sales. Team member engagement remained high, and turnover stayed near historic lows, particularly at the store manager level. On the technology front, our digital business continued to scale in 2025, delivering high-single-digit growth for the year, and this performance reflects continued improvement in personalization and conversion as well as our delivery capabilities.

鄰裡俱樂部持續發展壯大，會員費佔銷售額的 80% 以上。團隊成員敬業度依然很高，人員流動率也維持在歷史低點附近，尤其是門市經理級別。在技​​術方面，我們的數位業務在 2025 年繼續擴大規模，實現了高個位數的成長，這一業績反映了我們在個性化和轉換率以及交付能力方面的持續改進。

More broadly on the technology front, we expanded our use of AI across the enterprise, including expanding our relationship with OpenAI. The capabilities are improving forecasting, inventory flow, and team member productivity, helping us operate more efficiently and better serve our customers. A hallmark of Tractor Supply continues to be opening productive new stores. We opened 99 Tractor Supply stores and once again saw robust early new store productivity performance.

在技​​術方面，我們更廣泛地擴大了人工智慧在企業中的應用，包括擴大了與 OpenAI 的合作關係。這些功能正在改善預測、庫存流動和團隊成員生產力，幫助我們更有效率地運營，更好地服務我們的客戶。Tractor Supply 的一大特色就是不斷開設高效率的新店。我們開設了 99 家 Tractor Supply 商店，並再次看到了新店早期強勁的生產力表現。

Our distribution centers delivered mid-single-digit productivity improvements for the year while maintaining excellent safety and engagement results. We also opened our first bulk distribution center in 2025, and we broke ground in Idaho on our 11th DC. As part of our Life Out Here 2030 strategy, 2025 was a year of meaningful progress in building capabilities to support long-term growth.

我們的配送中心在維持卓越的安全性和員工敬業度的同時，實現了年內中等個位數的生產力提升。2025年，我們開設了首個大宗配送中心，並在愛達荷州破土動工興建第11個配送中心。作為「2030年戶外生活策略」的一部分，2025年是我們在建立支持長期成長的能力方面取得實質進展的一年。

We focused on strengthening what we do best, while continuing to scale new initiatives that expand how we serve our customers and grow our share of wallet. On the stores front, we continue to embed localization into new stores and remodels with 160 stores localized as of year-end. With nearly 60% of our stores in the Project Fusion format, we continue to see attractive economics and improved customer relevance from our remodel program.

我們專注於加強我們最擅長的領域，同時繼續擴大新舉措的規模，以擴大我們服務客戶的方式並提高我們的市場份額。在門市方面，我們繼續將本地化融入新店和改造中，截至年底已有 160 家門市實現了本地化。我們近 60% 的門市都採用了 Project Fusion 模式，我們的改造計畫持續帶來可觀的經濟效益和更高的客戶相關性。

We also advanced our final mile delivery initiative, which lowers the cost to serve online orders and expands our ability to fulfill larger, more complex orders. During the year, we increased capacity and execution, expanding to more than 210 delivery centers, covering nearly 25% of our store base. In direct sales, we ended the year with approximately 50 sales specialists covering 375 stores.

我們還推進了最後一公里配送計劃，降低了線上訂單的服務成本，並提高了我們處理更大、更複雜訂單的能力。年內，我們提高了產能和執行力，配送中心數量增至 210 多個，涵蓋了我們近 25% 的門市。在直銷方面，我們年底擁有約 50 名銷售專員，涵蓋 375 家門市。

While both initiatives are still early, we're encouraged by the traction we're seeing in customer engagement, basket size, and repeat behavior. In pet and animal prescriptions, 2025 was focused on building the foundation and integrating capabilities into the Tractor Supply ecosystem. While customer adoption progressed more gradually at the beginning that we have liked, Allivet accelerated throughout the year and delivered approximately $100 million in sales in the total year, reinforcing the customer demand in this category and the opportunity ahead.

雖然這兩項措施都還處於早期階段，但我們對客戶參與度、購物籃金額和重複購買行為方面取得的進展感到鼓舞。在寵物和動物處方方面，2025 年的重點是建立基礎並將各項能力整合到 Tractor Supply 生態系統中。雖然客戶接受度在初期進展較為緩慢，不如我們預期，但 Allivet 在這一年中加速成長，全年銷售額約為 1 億美元，這鞏固了該類別的客戶需求和未來的機會。

Taken together, these initiatives strengthen our foundation, improved execution, and positioned Tractor Supply for durable long-term growth. As we plan for 2026, we are preparing for a wide range of demand outcomes. We're planning for continued net sales growth supported by new store openings and improved comp sales and better leverage as our investments mature.

這些措施共同鞏固了我們的基礎，提高了執行力，並為 Tractor Supply 的長期永續成長奠定了基礎。在規劃 2026 年時，我們正在為各種可能的需求結果做好準備。我們計劃透過開設新店、提高同店銷售額以及隨著投資的成熟而提高槓桿率，實現淨銷售額的持續成長。

In our view, the broader environment remains uncertain with a wide range of potential consumer spending outcomes. We continue to see mixed signals, including an all-time high stock market and a strong projected tax refund season. However, that's alongside declining consumer sentiment and a robust national debate around affordability. These dynamics are not unique to Tractor Supply. We believe our needs-based model, strong customer relevance, scale, and disciplined execution positions us favorably.

我們認為，整體環境仍存在不確定性，消費者支出結果可能會出現多種變化。我們持續看到各種喜憂參半的訊號，包括股市創歷史新高和預計強勁的退稅季。然而，同時，消費者信心正在下降，全國也正在就消費能力問題展開激烈的討論。這些現象並非 Tractor Supply 獨有。我們相信，我們以需求為導向的模式、強大的客戶相關性、規模以及嚴謹的執行力使我們處於有利地位。

And with that, I'll now turn the call over to Kirk for further insights on our results and our outlook for 2026.

接下來，我將把電話交給柯克，讓他進一步介紹我們的表現和2026年的展望。

Thank you, Hal, and hello to everyone on the call. I'd like to start by walking us through the cadence of the quarter. Looking at comp sales, October started soft as we lapped the hurricane response, followed by a rebound in November as they got colder and the Hurricane lap dissipated. We entered the final five weeks of the year with relatively flat quarter-to-date comps.

謝謝你，哈爾，也向所有參加電話會議的人問好。我想先帶大家了解一下本季的節奏。從同店銷售來看，10 月開局疲軟，因為我們受到了颶風的影響，隨後 11 月隨著天氣轉冷和颶風影響的消退而反彈。今年最後五週，我們與上季同期相比基本持平。

December, inclusive of Black Friday produced modest gains. All accounts, broader retail sales growth, especially general merchandise stepped down in December. Average ticket increased 0.3%, driven by approximately 2 points of retail inflation, offset by softness in big ticket categories and a decline in units per transaction. The retail inflation was primarily the result of a higher commodity cost environment and selective price adjustments as higher product costs flowed through our supply chain. The decline in UPT reflects the softness in certain discretionary seasonal and holiday categories.

12 月（包括黑色星期五）的銷售額略有成長。12月份，所有帳戶顯示，整體零售銷售成長放緩，尤其是一般商品銷售成長放緩。平均客單價上漲 0.3%，主要受零售通膨率約 2 個百分點的影響，但被大宗商品類別的疲軟和每筆交易商品數量的下降所抵銷。零售通膨主要是由於大宗商品成本上漲以及隨著產品成本上漲而透過供應鏈進行的選擇性價格調整所造成的。UPT（未計入商品和服務）的下降反映了某些非必需的季節性和假日商品類別的疲軟。

Turning to margins. Fourth-quarter gross margin declined approximately 10 basis points year-over-year as ongoing cost management was offset by incremental tariffs, elevated promotional activity, and higher delivery-related transportation costs.

轉向邊際效應。第四季毛利率年減約 10 個基點，持續的成本控制被不斷增加的關稅、促銷活動增加以及與交付相關的運輸成本上升所抵消。

The largest variance versus our expectation was the promotional environment, particularly around Black Friday and Cyber Week as customers were more deliberate in how they allocated their spending. Our view is that these promotions were transitory and specific to the operating environment in Q4. Stepping back for the full year, gross margin expanded 16 basis points, underscoring the underlying strength of our margin structure despite the more challenging dynamics.

與預期最大的差異在於促銷環境，尤其是在黑色星期五和網路星期一期間，因為顧客在分配支出方面更加謹慎。我們認為這些促銷活動是暫時的，並且是針對第四季度的經營環境而製定的。從全年來看，毛利率成長了 16 個基點，這凸顯了儘管面臨更具挑戰性的市場環境，我們利潤結構的基本實力依然強勁。

SG&A, including depreciation and amortization, increased approximately 70 basis points to 27.5% of sales, driven primarily by planned investments and fixed cost deleverage at the lower level of comp sales growth. These pressures were partially offset by continued productivity and cost control. Our expense management was a strong point for the quarter. SG&A inclusive of D&A expense increased 6% over the prior year, with nearly 2/3 of the growth rate attributed to new stores and the acquisition of Allivet, providing evidence of a more normalized cost structure.

銷售、一般及行政費用（包括折舊和攤提）佔銷售額的比例上升了約 70 個基點，達到 27.5%，這主要是由於計劃投資和固定成本在同店銷售增長較低水平下的去槓桿化所致。這些壓力部分被持續的生產力提升和成本控制所抵消。本季度，我們的費用控製表現出色。包含折舊和攤銷費用在內的銷售、一般及行政費用比上年增長了 6%，其中近 2/3 的增長率歸因於新店開業和收購 Allivet，這表明成本結構更加正常化。

Operating income declined 6.5% year-over-year, reflecting the combined impact of the modest sales growth, gross margin performance, and the investments to support our key strategic initiatives. Our effective tax rate for the fourth quarter improved approximately 250 basis points to 19%, primarily reflecting the timing of certain tax planning initiatives, including a federal tax benefit discrete to the quarter representing half of the rate reduction. Average inventory per store was up approximately 5%. About 1/3 of the growth reflects the impact of tariffs, the remaining portion of the growth reflects our deliberate actions to support customer demand and in-stock levels going into 2026. We remain comfortable with our inventory position.

營業收入較去年同期下降 6.5%，反映了銷售額溫和成長、毛利率表現以及為支持我們關鍵策略舉措而進行的投資的綜合影響。第四季我們的實際稅率提高了約 250 個基點，達到 19%，這主要反映了某些稅務規劃措施的時機，包括本季度特有的聯邦稅收優惠，該優惠佔稅率降低的一半。每家門市的平均庫存量增加了約 5%。約三分之一的成長反映了關稅的影響，其餘部分的成長反映了我們為支持客戶需求和2026年庫存水準所採取的積極措施。我們對目前的庫存狀況仍然感到滿意。

Taken together, while 2025 was not the year we had planned, some of the challenges we faced were largely transitory rather than structural. And we made meaningful progress strengthening the business as we head into 2026.

總的來說，雖然 2025 年不是我們計劃中的年份，但我們面臨的一些挑戰在很大程度上是暫時的，而不是結構性的。展望 2026 年，我們在加強業務方面取得了實質進展。

Let me now turn to our outlook. We view the upcoming year as a period of normalization for the business. For 2026, we expect total sales growth in the range of 4% to 6%, driven by continued new store openings and improving comparable store sales. We expect comp sales growth of 1% to 3% supported by continued improvement in average ticket as AUR growth trends are expected to continue, along with modest transaction growth.

現在讓我談談我們的前景。我們認為未來一年將是業務正常化的時期。預計到 2026 年，總銷售額將成長 4% 至 6%，這主要得益於新店的持續開設和同店銷售額的提高。我們預計，隨著平均客單價的持續提高（預計 AUR 成長趨勢將持續），以及交易量溫和成長，同店銷售額將成長 1% 至 3%。

From a gross margin perspective, we expect continued expansion driven by ongoing cost management initiatives, growth in our exclusive brands, retail media, and continued supply chain efficiencies. These benefits are partially offset by delivery costs and tariffs. Overall, these positive gross margin drivers remain firmly in place. On the expense side, we expect measured SG&A deleverage. SG&A will experience some pressure from the opening of a new DC in the second half of the year and a more normalized incentive compensation burden in most quarters.

從毛利率的角度來看，我們預計在持續的成本管理舉措、自有品牌的成長、零售媒體的拓展以及供應鏈效率的持續提高的推動下，毛利率將持續成長。這些收益會被配送成本和關稅部分抵銷。總體而言，這些積極的毛利率驅動因素依然穩固。在支出方面，我們預期銷售、一般及行政費用槓桿率將會下降。SG&A 將在下半年面臨新配送中心開業帶來的一些壓力，並且在大多數季度中，激勵性薪酬負擔將趨於正常化。

After several years of elevated investment, we expect G&A growth to moderate and move more in line with sales growth this year. Taken together, we expect operating margin in the range of 9.3% to 9.6%, which implies we can maintain operating margin at the midpoint of the range. For planning purposes, we are assuming an effective tax rate of approximately 22% and interest expense that is generally consistent with 2025, reflecting our ongoing approach to disciplined capital structure and leverage.

經過數年高額投資後，我們預計今年一般及行政費用成長將放緩，並與銷售成長更加同步。綜合來看，我們預期營業利潤率將在 9.3% 至 9.6% 之間，這意味著我們可以將營業利潤率維持在該範圍的中點。為了進行規劃，我們假設有效稅率約為 22%，利息支出與 2025 年基本一致，這反映了我們持續採取的嚴謹的資本結構和槓桿方法。

We are forecasting diluted EPS in the range of $2.13 to $2.23. As we manage the business, we are anchored to the midpoint of our guidance, while maintaining flexibility to respond to changes in the operating environment. Net capital spending is expected to be in the range of $675 million to $725 million, with the majority focused on growth initiatives. We plan to open 100 new stores that are low-risk, high-return organic growth opportunities.

我們預測稀釋後每股收益將在 2.13 美元至 2.23 美元之間。在管理業務的過程中，我們將以該預測的中點為基準，同時保持靈活性，以因應經營環境的變化。預計淨資本支出將在 6.75 億美元至 7.25 億美元之間，其中大部分將用於成長計畫。我們計劃開設 100 家新店，這些都是低風險、高回報的自然成長機會。

Our new store pipeline is robust, and we expect to see greater consistency of openings across the year. In 2026, approximately 50% of our new stores will be fee development, which continues to provide cost efficiencies, improved site quality, and more favorable long-term economics. We also expect share repurchases between $375 million and $450 million, representing approximately 1% to 1.5% of shares outstanding.

我們新店的開設計畫進展順利，預計全年新店開幕數量將更加穩定。到 2026 年，我們大約 50% 的新店將採用收費開發模式，這將繼續帶來成本效益、提高場地品質和更有利的長期經濟效益。我們也預計將回購 3.75 億美元至 4.5 億美元的股票，約佔已發行股份的 1% 至 1.5%。

While we remain focused on supporting our strategic priorities, we also expect those investments to increasingly self-fund. Our capital allocation priorities remain unchanged. We will continue to invest in our flywheel, new stores, remodels, supply chain capacity, digital and newer growth initiatives like direct sales and final mile delivery while maintaining a competitive and growing dividend, consistent share repurchases and a strong balance sheet.

在繼續專注於支持我們的策略重點的同時，我們也希望這些投資能夠越來越多地實現自籌資金。我們的資本配置優先事項保持不變。我們將繼續投資於我們的飛輪效應、新店、改造、供應鏈能力、數位化和更新的成長計劃，如直銷和最後一公里配送，同時保持具有競爭力和不斷增長的股息、持續的股票回購和強勁的資產負債表。

Overall, we believe this positions Tractor Supply to continue executing effectively and deliver long-term value for shareholders. As always, we view our results in halves rather than the quarters given the seasonality of the business.

總而言之，我們相信這將使 Tractor Supply 能夠繼續有效運營，並為股東創造長期價值。像往常一樣，考慮到業務的季節性，我們以半年為單位而不是以季度為單位來看待我們的業績。

Turning to the calendarization of key line items. We currently expect comp sales performance to be relatively balanced across the year, with each half contributing relatively equal to the comp sales growth. We expect every quarter to be within the range of 1% to 3% growth. We are planning for a more normalized spring season, which would result in a rebalancing of sales between Q2 and Q3.

接下來是關鍵專案日程。我們目前預期全年同店銷售業績將相對均衡，上下半年對同店銷售成長的貢獻相對相等。我們預計每季的成長率將在 1% 到 3% 之間。我們計劃迎接一個更正常的春季銷售旺季，這將導致第二季和第三季之間的銷售額重新平衡。

While the first quarter began against tougher comparisons, recent winter weather has supported demand across our core categories. That said, importantly, a majority of the quarter remains ahead of us, with March representing more than 40% of first-quarter sales, and each successive week becoming more impactful as spring conditions emerge across the country.

雖然第一季開局面臨較為嚴峻的基數，但近期的冬季天氣支撐了我們核心品類的需求。也就是說，重要的是，本季的大部分時間還在後面，3 月的銷售額佔第一季總銷售額的 40% 以上，而且隨著春季在全國各地到來，接下來的每一周都會產生更大的影響。

From a margin standpoint, we expect gross margin performance to be stronger in the second half of the year as comparisons ease and benefits from our new distribution center begin to flow through. SG&A deleverage is expected to be modestly higher in the first half, driven by an earlier cadence of new store openings, a more normalized incentive compensation, and the lapping of strategic investments, which ramped up near midyear 2025.

從利潤率的角度來看，我們預計下半年的毛利率表現將更加強勁，因為同比基數會降低，而且我們新的配送中心帶來的好處也會開始顯現。預計上半年銷售、管理及行政費用的去槓桿化將略有提高，這主要得益於新店開業的節奏提前、激勵性薪酬更加正常化以及戰略投資的逐步退出（這些投資在 2025 年年中左右開始加速）。

We expect the cost of the new Idaho DC to add approximately $10 million of incremental expense on the year, most of this in the second half. We anticipate Q1 EPS to be comparable to the prior year as it bears a heavier burden of these three key SG&A factors I just mentioned. Given the prior year's compares, we expect stronger EPS growth in Q2 and Q4. So stepping back for a moment before I wrap up, I want to address the underlying earnings power of Tractor Supply.

我們預計愛達荷州新資料中心的成本將使今年的額外支出增加約 1,000 萬美元，其中大部分支出將在下半年發生。我們預計第一季每股收益將與去年同期持平，因為第一季將承受我剛才提到的這三個關鍵銷售、管理及行政費用因素帶來的更重負擔。鑑於上年同期數據，我們預計第二季和第四季每股收益成長將更加強勁。在結束之前，我想先退一步，談談 Tractor Supply 的潛在獲利能力。

While our recent earnings performance has been influenced by our comp sales trends, we have been transparent that the backdrop has not been conducive to achieving our long-term outlook. We continue to believe the company is capable of delivering 3% to 5% comparable store sales growth over time. As that growth materializes, operating leverage naturally follows. Our model shows an inflection point in the low 2% comp range.

雖然我們近期的獲利表現受到了同店銷售趨勢的影響，但我們一直坦誠地表示，當前的環境不利於我們實現長期目標。我們仍然相信，隨著時間的推移，該公司有能力實現 3% 至 5% 的同店銷售額成長。隨著成長的實現，經營槓桿自然也會隨之而來。我們的模型顯示，在 2% 左右的低估值範圍內存在拐點。

As comps move above that inflection point, we would expect operating margin to improve by roughly 5 to 20 basis points per year. This will allow us to progress back toward our target operating margin over time, consistent with our long-term framework. To close, we remain focused on execution, productivity, and advancing our Life Out Here 2030 Strategy, and we believe the actions we are taking position the business for durable long-term value.

隨著同店銷售額超過該拐點，我們預期營業利潤率每年將提高約 5 至 20 個基點。這將使我們能夠按照長期發展框架，逐步恢復到目標營業利益率。最後，我們將繼續專注於執行、提高生產力並推進我們的“2030 年戶外生活策略”，我們相信我們正在採取的行動將使公司獲得持久的長期價值。

Now I'll turn it back over to Hal.

現在我把麥克風交還給哈爾。

Thank you, Kurt. As we begin 2026, we're staying focused on what is resonating most with customers across retail, value and essentials. Needs-based products are a core strength for Tractor Supply. We are effectively the grocery store for our customers' animals and pets with the scale, frequency and relevance that come with that role. That allows us to lead on value, invest with confidence, and remain the dependable supplier our customers rely on every day.

謝謝你，庫爾特。2026 年伊始，我們將持續專注於零售、價值和必需品領域中最能引起顧客共鳴的事物。滿足客戶需求的產品是 Tractor Supply 的核心優勢。我們其實就是顧客的動物和寵物的雜貨店，規模、頻率和相關性都與這個角色相符。這使我們能夠以價值為導向，充滿信心地進行投資，並繼續成為客戶每天依賴的可靠供應商。

While much of the country is still in winter mode, spring will be here before long, particularly for Southern markets. As that transition unfolds, we're committed to being a dependable supplier for our customers' spring needs while also bringing meaningful innovation and newness across the store to keep Tractor Supply relevant and differentiated.

雖然全國大部分地區仍處於冬季模式，但春天很快就會到來，尤其是對於南方市場。隨著這項轉型的展開，我們致力於成為客戶春季需求的可靠供應商，同時為整個商店帶來有意義的創新和新事物，以保持 Tractor Supply 的相關性和差異化。

This year, Chick Days will be bigger than ever with more stores participating and more selling weeks. Chick Days is retail theater like no other. It continues to be a powerful traffic driver with existing customers and a gateway for new customers, particularly backyard home centers and hobby farmers.

今年的「小雞節」規模將比以往任何時候都更大，參與的商店更多，銷售週也更長。Chick Days 是一家與眾不同的零售劇場。它仍然是現有客戶強大的流量驅動力，也是新客戶的門戶，特別是後院家居中心和業餘農場。

This year, we're leaning into chick health and wellness, expanding breed assortments, and deepening education support for both new and experienced poultry customers. We're also extending Chick Days online to 365 days a year, and expanding our exclusive ImPECKables brand with more functional treats and toys. Taken together, these efforts reinforce Tractor Supply as the destination for poultry while driving differentiation, value, and engagement across channels.

今年，我們將重點關注雛雞的健康和福祉，擴大品種選擇，並深化對新舊家禽客戶的教育支持。我們還將「小雞日」線上活動延長至全年 365 天，並擴大我們獨家 ImPECKables 品牌，推出更多功能性零食和玩具。綜上所述，這些努力鞏固了 Tractor Supply 作為家禽採購目的地的地位，同時推動了跨通路的差異化、價值提升和客戶參與度。

As we prepare for the spring selling season, we're leaning into targeted newness in the categories where customers are actively investing. That includes refreshed assortments in lawn and garden on our exclusive Groundwork brand, including expanded outdoor living and grilling accessories and also a stronger, more curated riders presentation in our flagship stores featuring Bad Boy, Cub Cadet, and Toro.

在為春季銷售旺季做準備之際，我們正著力於在顧客積極購買的品類中推出有針對性的新品。這包括我們獨家 Groundwork 品牌草坪和花園產品的更新，包括擴大的戶外生活和燒烤配件，以及我們旗艦店中更強大、更精心挑選的騎手產品展示，其中包括 Bad Boy、Cub Cadet 和 Toro。

We're also creating a dedicated in-store destination for outdoor power equipment and battery power tools, bringing together leading brands like Husqvarna and Dewalt, Toro and Dreamworks to make it easier for customers to shop and complete their projects. By midyear, we'll also be rolling out expanded outdoor and wildlife recreation aisles in approximately 500 stores. This includes a broader field and stream presence, extending beyond hardgoods into apparel and footwear, along with a more complete assortment of food and supplements to support wildlife feeding and recreation. These updates strengthen our relevance with customers who live and work outdoors and reinforce Tractor Supply as a destination for both everyday needs and seasonal pursuits.

我們也在店內打造一個專門的戶外動力設備和電池動力工具專區，匯集了 Husqvarna、Dewalt、Toro 和 Dreamworks 等領先品牌，讓顧客更容易購物並完成他們的專案。到年中，我們還將在大約 500 家門市推出擴大的戶外和野生動物休閒用品區。這包括更廣泛的野外和溪流業務，從硬商品擴展到服裝和鞋類，以及更全面的食品和補充劑，以支持野生動物的餵食和娛樂。這些更新增強了我們與戶外生活和工作的客戶的相關性，並鞏固了 Tractor Supply 作為滿足日常需求和季節性活動的理想目的地的地位。

Beyond Outdoor and Wildlife, we're also expanding our fresh pet food offering following a successful initial pilot with plans to add Fresh Pet to additional stores by midyear and continue building from there. At the same time, we're investing in our 4health private brand, including refreshed packaging, new fresh food products, and updates to lines such as Shreds and Untamed. In Pet & Animal prescriptions with Allivet, we're focused on deeper integration, embedding prescription in our Vet clinics and pet wash experience, and strengthening our subscription offering on tractorsupply.com.

除了戶外和野生動物產品外，在成功進行初步試點後，我們還在擴大新鮮寵物食品的供應，計劃在年中之前將新鮮寵物食品添加到更多門市，並在此基礎上繼續發展。同時，我們正在投資我們的自有品牌 4health，包括更新包裝、推出新的新鮮食品，以及對 Shreds 和 Untamed 等產品線進行升級。在與 Allivet 合作的寵物和動物處方業務中，我們專注於更深層的整合，將處方嵌入到我們的獸醫診所和寵物洗浴體驗中，並加強我們在 tractorsupply.com 上的訂閱服務。

As we move from spring into summer, we'll then layer in seasonal moments like our Ameraucana program, combining patriotic assortments and in-store experiences with continued focus on value and care for animals. Taken together, these efforts reflect our ongoing investment in private brands and curated assortments that strengthen value, support margins, and reinforce our role as a dependable supplier.

隨著我們從春季過渡到夏季，我們將推出季節性活動，例如我們的 Ameraucana 項目，將愛國商品和店內體驗與對價值和動物關懷的持續關注相結合。總而言之，這些努力體現了我們對自有品牌和精選商品系列的持續投入，從而增強了價值，提高了利潤率，並鞏固了我們作為可靠供應商的地位。

Combined with continued investments in our core flywheel, we're advancing our Life Out Here 2030 Strategy and strategic initiatives. Two of our highest priority initiatives are direct sales in Final Mile, which are gaining traction and becoming increasingly important in how we serve customers with larger, more complex and needs-based purchases. In direct sales, we're continuing the rollout of this initiative, including building the capabilities, tools and operating discipline needed to scale along with plans to approximately double our sales force over the course of the year.

結合對核心業務的持續投入，我們正在推動「2030 年戶外生活策略」和各項策略舉措。我們最重要的兩項措施是「最後一公里」直接銷售，這項措施正在獲得越來越多的支持，並且在我們服務那些購買金額更大、更複雜、更符合客戶需求的顧客方面變得越來越重要。在直銷方面，我們正在繼續推行這項計劃，包括建立規模化所需的能力、工具和營運紀律，並計劃在一年內將銷售人員數量增加約一倍。

Turning to Final Mile. Our focus in 2026 is on lowering the cost and improving the efficiency of our digital order delivery while enabling large and bulky store purchases and supporting direct sales. To do that, we're planning to add more than 150 new hubs this year, take us to approximately 375 hubs, covering more than 50% of our stores by year-end.

進入最後一公里。2026 年，我們的重點是降低數位訂單交付的成本並提高效率，同時支援大型和笨重商品的商店購買和直接銷售。為了實現這一目標，我們計劃今年新增 150 多個配送中心，到年底將配送中心總數達到約 375 個，覆蓋超過 50% 的門市。

One way to think about that level of coverage is that it gives us last-mile delivery capabilities across more than 1,200 stores and reaching over 15 million customers. We are also increasing utilization of our own delivery network while further integrating with gig providers, allowing us to optimize final mile execution and lower our cost per delivery across all channels.

理解這種覆蓋範圍的一種方式是，它使我們能夠為超過 1200 家門市提供最後一公里配送服務，覆蓋超過 1500 萬客戶。我們也不斷提高自有配送網路的利用率，同時進一步整合與零工經濟服務供應商，從而優化最後一公里配送，降低所有通路的單次配送成本。

While both direct sales and Final Mile are still early, we're encouraged by the progress we're seeing and the role these capabilities can play in expanding how we serve our customers. Importantly, they sit behind continued investment in our core growth engine, including opening approximately 100 new stores, advancing our store remodel program with roughly 160 to 175 Fusion projects with localization, expanding distribution capacity with our new Idaho DC, and continued investment in digital capabilities.

雖然直銷和最後一公里配送都還處於早期階段，但我們對目前的進展以及這些能力在拓展我們服務客戶的方式方面所能發揮的作用感到鼓舞。重要的是，它們支撐著我們對核心成長引擎的持續投資，包括開設約 100 家新店，推進我們的門市改造計劃，開展約 160 至 175 個融合本地化項目，透過我們在愛達荷州的新配送中心擴大配送能力，以及持續投資於數位化能力。

Taken together, these investments support a disciplined, balanced approach to growth, and represent meaningful long-term opportunities as we work to address a larger share of our approximately $225 billion total addressable market. To close, we remain confident in the long-term opportunity for Tractor Supply. We operate a differentiated needs-based model that has proven resilient across cycles, and we continue to gain share in a highly fragmented market.

總而言之，這些投資支持了我們採取嚴謹、平衡的成長方式，並代表著有意義的長期機遇，因為我們將努力開拓約 2,250 億美元潛在市場中更大的份額。最後，我們仍然對 Tractor Supply 的長期發展前景充滿信心。我們採用差異化的需求導向模式，這種模式已證明能夠經受週期性波動的考驗，並且我們在高度分散的市場中不斷擴大市場份額。

The actions we're taking, investing with discipline, strengthening our core, and scaling our capabilities thoughtfully support a year of greater normalization in 2026 and position the business to deliver more consistent performance and create long-term value for our shareholders.

我們正在採取的行動，包括有條不紊地進行投資、加強核心業務以及深思熟慮地擴大自身能力，這些都將支持 2026 年業務更加正常化，並使公司能夠提供更穩定的業績，為股東創造長期價值。

With that, thank you for joining us this morning. We'll now open the call for questions.

那麼，感謝您今天早上收看我們的節目。現在開始接受提問。

Thank you, Hal. Before we move to Q&A, one note for planning purposes. Due to a scheduling conflict, we will release our first-quarter 2026 earnings on Tuesday, April 21. For the balance of the year, we anticipate returning to our normal reporting cadence. We just wanted everybody to be able to get that on their calendars now.

謝謝你，哈爾。在進入問答環節之前，為了方便規劃，先說明一點。由於日程安排衝突，我們將於 4 月 21 日星期二發布 2026 年第一季財報。今年剩餘時間裡，我們預計將恢復正常的報告節奏。我們只是想讓大家能把這個日期記在日曆上。

With that, I'll turn it over to Elissa to begin our Q&A session.

接下來，我將把發言權交給艾莉莎，讓她開始我們的問答環節。

Thank you, Mary Winn. (Operator Instructions) Steven Zaccone, Citigroup.

謝謝你，瑪麗溫恩。（操作員說明）Steven Zaccone，花旗集團。

I wanted to start on gross margin. So it sounds like for '26, you're still expecting expansion which will be second half weighted. Should we anticipate gross margin decline in the first half? And then specifically on promotions, what gives you confidence that the promotions will be confined to the fourth quarter and not persist to the '26?

我想先從毛利率談起。聽起來你們仍然預期2026年會擴張，而且擴張主要集中在下半年。那麼我們是否應該預期上半年毛利率會下降呢？那麼具體來說，關於促銷活動，是什麼讓您確信促銷活動只會持續到第四季度，而不會延續到 2026 年？

To your point on gross margin gave guidance on, our expectation is that we can continue to expand gross margin. The fundamentals of our gross margin initiatives are still very solid. There is a stronger opportunity for expansion in the back half of the year, but we are not anticipating gross margin retraction in the first half of the year.

關於您提到的毛利率問題，我們已給出指導意見，預計毛利率將繼續提高。我們提高毛利率舉措的基本面依然非常穩固。下半年擴張機會更大，但我們預計上半年毛利率不會下降。

The puts and takes that we described on fourth quarter, as I mentioned, very transitory. Our gross margin initiatives, our cost management is still producing a strong opportunity for gross margin expansion, albeit modest particularly in the first half of the year.

正如我之前提到的，我們在第四季描述的買賣交易都是非常短暫的。我們的毛利率措施和成本管理仍然為毛利率擴張創造了強勁的機會，儘管尤其是在上半年，擴張幅度可能不大。

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

It sounds like 1Q started against tough comparisons. You saw some outsized demand due to winter storm Fern, recognizing that March is a large chunk of the quarter, with each quarter anticipated to be between 1% and 3%. Is that to suggest the quarter-to-date trend is in that range? Or could you just clarify maybe how the first couple of weeks in the quarter in aggregate are trending?

聽起來第一季開局就面臨嚴峻的挑戰。由於冬季風暴 Fern 的影響，我們看到了一些異常大的需求，考慮到三月是季度中很大一部分，預計每個季度的需求量將在 1% 到 3% 之間。這是否意味著本季迄今的趨勢就在這個範圍內？或者您能否具體說明本季前兩週的整體趨勢如何？

I think you've encapsulated it pretty well. As you mentioned, the first few weeks, we were lapping winter weather from last year and storms, and it was warm in the first three weeks of this year, and so we had offsetting comps there. And then, of course, with winter storm Fern, we had the flip where we were having strength due to storm preparations and storm recovery on top of some warmer weather last year. Case in point on the volatility that often happens in the beginning of the year, this week, as an example, last year was the warmest in 35 years, and then week this year is the coldest in 35 years.

我覺得你已經概括得很好了。正如您所提到的，前幾週，我們經歷了去年冬季的惡劣天氣和暴風雪，而今年前三週天氣溫暖，所以我們遇到了相互抵消的情況。當然，隨著冬季風暴「弗恩」的到來，情況發生了逆轉，由於去年天氣較為溫暖，加上防風暴準備和災後重建工作，我們的實力得到了增強。以年初常出現的波動為例，例如，去年是 35 年來最溫暖的一周，而今年本週又是 35 年來最冷的一周。

So you get these extremes in the first part of the year. But net-net, to your point, we are tracking at above our plan for the quarter-to-date. But as you said, there's still a lot of sales left to go. The month of January is like 30%-ish of our sales. The month of March is 40%-ish per set. We certainly need the weather to turn in the south in late February to deliver on our plan for March.

所以每年上半年都會出現這些極端狀況。但總的來說，正如您所說，我們本季迄今為止的進度已經超過了計劃。但正如你所說，還有很多銷售工作要做。一月份的銷售額約占我們總銷售額的30%。三月每套產品約有 40% 的折扣。我們當然需要2月下旬南方的天氣好轉，才能實現我們3月份的計畫。

But in addition to spring coming on, which we know happens every year, just in a little bit different time, we're optimistic about the potential for tax refunds this year, and I think that could be very similar to, say, 2018, and that would be -- the majority of that benefit would also be in the first quarter. So there are a number of things as we look out at the balance of the seven weeks to go in the quarter that give us optimism but feeling good about the quarter so far, yes.

除了春天即將到來（我們知道春天每年都會到來，只是時間略有不同）之外，我們對今年的退稅前景持樂觀態度，我認為這可能與 2018 年非常相似，而且大部分退稅款項也將在第一季度到賬。所以，展望本季剩餘的七週，有很多事情讓我們感到樂觀，但到目前為止，我們對本季的感覺確實不錯。

Bobby Griffin, Raymond James.

博比·格里芬，雷蒙德·詹姆斯。

I just want to maybe talk about the discretionary weakness you referenced. I'm just curious, like, can you unpack that a little more? Do you think there's been a step function change where your customer, the more rule-based customers started to feel maybe some of the pressure other areas in this country felt across retailer? Or Is It really just weather-driven? Is anything there to help us understand that and what the maybe drivers will be for that to get better in '26 and beyond?

我只是想談談你提到的自由裁量權的弱點。我只是好奇，可以再詳細解釋一下嗎？您是否認為出現了階躍式變化，導致您的客戶，尤其是那些更注重規則的客戶，開始感受到國內其他地區零售商所面臨的一些壓力？或者，這真的只是天氣原因造成的？有什麼方法可以幫助我們理解這一點，以及在 2026 年及以後，哪些因素可能會推動情況好轉？

When we reflect back on the discretionary for Q4 and a bit of the step down that we saw there, we do think that was specific to Q4 using the word transitory, I guess. And kind of hit on a few things there.

當我們回顧第四季度的可自由支配支出以及我們看到的下降幅度時，我們認為這是第四季度特有的情況，我想用「暫時的」這個詞來形容也是。而且也算是提到了一些事情。

First, a lot of it was emergency response as we called out which is being specific to that quarter. The second one was really around kind of these like seasonal holiday categories that we really only participate in Q4 in. And so things like toys, holiday decor, some of the -- even like in like dog snacks and dog treats, you see like a lift in those last two weeks kind of that are discretionary in their orientation. We just didn't see that.

首先，很多都是緊急回應，正如我們所呼籲的那樣，這具體指的是那個季度的情況。第二個類別實際上是圍繞著一些季節性節日類別展開的，我們實際上只在第四季度參與其中。因此，像是玩具、節日裝飾品，甚至像狗零食和狗點心之類的東西，在最後兩週，你會發現它們的需求有所上升，這在某種程度上是他們自主選擇的。我們當時沒注意到這一點。

But as we head into 2026, we feel very good about our business. Just based on Jonathan's question, just gave a little bit of a summary of how things are playing to date in the quarter. We feel very good about our big ticket plan for the spring. We've had two successful seasons in riders, even with kind of broader big ticket pressure in the market.

但展望 2026 年，我們對我們的業務感到非常樂觀。根據喬納森的問題，我簡單總結一下本季至今的情況。我們對春季的大項目計劃感到非常滿意。即使市場面臨更大的高價商品壓力，我們仍然取得了兩個賽季在車手方面的成功。

So I feel very good about our setup as we head into the first half of this year and do think most of the step down we saw in Q4 was kind of one-time kind of transitory type things that happened in the month of December. And I think you'll hear that a bit more across retail as it comes out. I mean, by all accounts, December stepped down versus the year-to-date and quarter-to-date if you look at almost any external data, as it relates to retail sales. And in particular, you see that in general merchant and big ticket as well. You see -- you saw kind of low price point gifting, things like beauty and others have a good December. But I think most -- across most categories that were big ticket, you saw a pullback in December .

因此，我對我們今年上半年的安排感到非常滿意，並且我認為我們在第四季度看到的大部分下滑都是12月份發生的一次性的、暫時性的事件。我認為隨著這項政策的推出，你會在零售業聽到更多類似的說法。我的意思是，無論從哪個方面來看，如果你查看幾乎所有與零售銷售相關的外部數據，12 月份的銷售額都比年初至今和本季至今的銷售額有所下降。尤其是在一般商家和高價商品中，這種現象更為明顯。你看——你會看到一些價格較低的禮品，例如美容產品等等，祝大家十二月購物愉快。但我認為，在大多數高價商品類別中，12 月都出現了回檔。。

Kate McShane, Goldman Sachs.

Kate McShane，高盛集團。

Kurt, we wondered if you could walk us through the cadence of how you see tariff costs rolling in here maybe in the first half and how you're managing pricing as a result.

庫爾特，我們想知道您能否為我們介紹一下您認為關稅成本在上半年是如何逐步增加的，以及您是如何據此進行定價的。

Yeah, Kate, I'll share a little bit of what our assumptions are in 2026. And in summary, I'd say there's not that much variation to what we saw in the second half of 2025 as we've said before, we feel like we're basically halfway through the process of cycling through tariffs. Tariffs have had at its base rate anywhere from 20 or 30 basis points of pressure. We've been able to offset that through great cost management initiatives.

是的，凱特，我會跟大家分享我們對 2026 年的一些假設。總而言之，我認為 2025 年下半年的情況與我們之前所說的並沒有太大變化，我們感覺基本上已經完成了關稅輪換過程的一半。關稅基準利率面臨 20 至 30 個基點的壓力。我們透過出色的成本管理措施抵消了這一損失。

In some cases, there are some -- there's price increases selectively like I mentioned in there. And we would anticipate that the impact in the second and the first half to be very similar. It's one of the key drivers of the average ticket increase. As we mentioned, there's some level of inflation in AUR. The biggest portion of that would be related to cycling the tariffs in the first half of the year.

有些情況下，確實存在一些——就像我之前提到的那樣，價格會有選擇性上漲。我們預計下半場和上半場的影響將非常相似。這是導致平均罰單價格上漲的主要原因之一。正如我們之前提到的，AUR存在一定程度的通貨膨脹。其中最大一部分與今年上半年關稅輪換有關。

So not that much different. We step back, we look at -- at the tariff piece of the business, the team managed it really well, been able to maintain our margins related to that, and we anticipate similar in the first half.

所以差別不大。我們退後一步，檢視一下——就關稅業務而言，團隊管理得非常好，能夠維持與此相關的利潤率，我們預計上半年也會有類似的表現。

Michael Lasser, UBS.

瑞銀集團的麥可·拉塞爾。

You have expressed a lot of optimism that the model can eventually return to the algorithm. So under what conditions, economic or otherwise are necessary in order to restore the comp growth back to 3% to 5%, what's a reasonable time frame for that? And is the challenge today versus 10 years ago, that tractor has just achieved so much productivity gains during the last decade through all the initiatives deployed such that it's just going to be more difficult to generate the type of growth that the market had been accustomed to in the past because of the base being so much bigger in the market share being so much larger today?

你曾表達過許多樂觀態度，認為該模型最終能夠回歸演算法。那麼，在哪些經濟或其他條件下，才能將同業成長率恢復到 3% 到 5%？合理的恢復時間是多久？與 10 年前相比，如今的挑戰是否在於，過去十年間，拖拉機透過各種舉措實現了巨大的生產力提升，以至於由於如今的市場份額和用戶基數更大，拖拉機很難再像過去那樣實現市場成長？

We remain very committed to our long-term algorithm on our comp sales. We feel like we're on track and a path to return to those comp sales. And we think we've got the full suite of activities necessary to deliver that, including big investments we made in our core flywheel, everything ranging from our DC capacity to all the investments we made in our stores and our remodel programs.

我們仍然堅定地致力於執行我們基於同店銷售的長期演算法。我們感覺一切都在按計劃進行，並且走上了恢復到以往銷售水平的道路。我們認為我們已經具備了實現這一目標所需的全部活動，包括我們對核心業務飛輪進行的大量投資，涵蓋了從配送中心產能到我們對門市和改造計劃的所有投資。

Our new stores continue to provide excellent maturity curves, and we've got a number of our strategic initiatives as well. So we feel like the toolkit that Tractor Supply has had for the last 20, 30 years is a tried and true tool kit. We continue to add to it like we always have and feel very confident in our long-term algorithm. We think we're on the path back to that.

我們的新店持續展現出優異的成熟度曲線，同時我們也推出了一系列策略性舉措。因此，我們覺得 Tractor Supply 在過去 20、30 年裡使用的工具包是一個久經考驗、行之有效的工具包。我們會像以往一樣不斷完善它，並且對我們的長期演算法充滿信心。我們認為我們正在重回正軌。

Robert Ohmes, Bank of America.

Robert Ohmes，美國銀行。

I was hoping you guys could actually talk a little more about the direct sales model and the profitability now, and it looks like you're going to keep ramping it up. Is there a how do we think about how many stores, how many sales specialists, what the -- how big it needs to be to really become profitable?

我原本希望你們能多談談直銷模式和目前的獲利能力，看來你們打算繼續加大投入了。我們該如何考慮需要多少家店、多少銷售專員，以及──需要多大的規模才能真正獲利？

First, I'll just tell you, I'm very pleased with our performance so far. We saw volume, average sales per rep, transaction value, average transaction volume, all increased in the month and in the quarter. In December, we finished with sales of over $2 million.

首先，我要說的是，我對我們目前的表現非常滿意。我們看到，當月和當季的交易量、每位銷售代表的平均銷售額、交易額、平均交易量都有所成長。12月份，我們的銷售額超過了200萬美元。

We're seeing a month-to-month-to-month ramp as similar to new store maturation curve. Our growth is structural. Our direct sales app is core growth engine for us. Our people and our process investments are delivering returns, and we're seeing strong momentum exiting Q4 into 2026.

我們看到，其銷售額逐月成長，與新店成熟曲線類似。我們的成長是結構性的。我們的直銷應用程式是我們的核心成長引擎。我們的人員和流程投資正在帶來回報，我們看到從第四季到 2026 年都保持著強勁的發展勢頭。

75% of our specialists are external and they're bringing this book of business with them and they are strong at selling. They all live the lifestyle, and they all have an average of 11 years of experience in the farm and ranch industry. And in the month of December, we had our first $1 million specialist. So I was able to go travel with that person. I could tell you just like phone calls throughout the day, the relationship he had with his clients, everybody call them all the stuff they need.

我們75%的專家都是外部人員，他們帶來了自己的客戶資源，而且他們的銷售能力很強。他們都過著這種生活方式，並且在農場和牧場行業平均擁有 11 年的經驗。12 月份，我們迎來了第一位年收入 100 萬美元的專家。所以我就得以和那個人一起去旅行。我可以告訴你，就像他一天到晚接聽電話一樣，他和客戶的關係非常融洽，每個人都會打電話給他們，滿足他們的各種需求。

You can just see that relationship building and building and building there.

你可以看到他們之間的關係在那裡一步步建立起來。

As we look into 2026, we'll continue to invest in technology and training. We'll double our specialist count, as Hal mentioned. We have found that smaller training classes have been better than the bigger classes, and we're able to do more one-on-one training. And we're targeting around $50 million in sales in 2026. I also mentioned that we ended the year with just under 50 sales specialists.

展望2026年，我們將繼續投資於技術和培訓。正如哈爾提到的那樣，我們將把專家人數增加一倍。我們發現小班訓練比大班訓練效果更好，而且我們能夠進行更多的一對一訓練。我們的目標是到 2026 年實現約 5,000 萬美元的銷售額。我還提到，到年底我們擁有不到 50 名銷售專員。

We've hired nine at the end of December going into January, and we'll continue to build as this year goes on throughout the year.

從12月底到1月初，我們已經招募了9名員工，在今年剩餘的時間裡，我們將繼續擴大招募規模。

Peter Benedict, Baird.

彼得·本尼迪克特，貝爾德。

I wanted to follow up on an earlier question. Just on the inflation with, I guess, 200 basis points, a lot of that you're seeing with tariffs. I'm just curious if you could talk about the commodity side of that and what you're seeing and what your outlook for 2026 includes from a commodity standpoint. And then my other question is just around the garden centers, you're about 32% penetrated. What's the outlook there?

我想就之前提出的問題做個後續說明。僅就通貨膨脹而言，我估計有 200 個基點，其中很大一部分是由於關稅造成的。我只是好奇您能否談談大宗商品方面的情況，以及您目前看到的市場動態，以及您對 2026 年大宗商品市場的展望。我的另一個問題是，就園藝中心而言，你們的滲透率大約是 32%。那裡的前景如何？

Any plans to go faster or slower? Just kind of an update on that initiative?

有沒有計劃加快速度或減慢速度？能否提供一下該計劃的最新進展？

Peter, Seth will take the first question on inflation and then I'll take the question on garden centers.

Peter，Seth 將回答第一個關於通貨膨脹的問題，然後我將回答關於園藝中心的問題。

Yes. Peter, it's Seth. Thanks, Hal. As we look ahead to this year -- as we're looking at comp sales, some of what we put in the guide is we do anticipate a little bit of inflation, that kind of potentially at 1% to 2% range from an AUR perspective to really help drive that from a comp perspective with some modest obviously, transaction gains with that.

是的。彼得，我是塞思。謝謝你，哈爾。展望今年——當我們審視同店銷售時，我們在指南中提到，我們預計會出現一些通貨膨脹，從平均租金收入（AUR）的角度來看，可能會在 1% 到 2% 的範圍內，這將真正有助於從同店銷售的角度推動增長，當然，交易量也會隨之出現一些適度的增長。

And that's kind of a blend, right, with commodities trading kind of within a range in which we manage kind of every day. It's corns within that low to mid-4s, which we feel very comfortable with, with that outlook right now. And as we look ahead, as we strategically manage our kind of pricing, we'll continue to monitor how much is being driven by traffic, how much is being driven by AUR, and we'll continue to flex up and down accordingly. But yes, some modest continued inflation as we look ahead and the guide to deliver on that comp sales goal this year.

這是一種混合策略，對吧，商品交易的價格區間是我們每天都能控制的。玉米粒的密度約在 4 度左右，我們覺得目前的前景非常樂觀。展望未來，在策略性地管理我們的定價策略時，我們將繼續關注流量對價格的影響程度、平均用戶收入（AUR）對價格的影響程度，並根據實際情況靈活調整價格。但展望未來，我們預期通膨將溫和持續，這也是今年實現同店銷售目標的指導方針。

And then circling back on Garden Centers. I'll start off by just saying we remain very pleased and committed to our being in the business of live goods and kind of the outdoor garden business. As expected over the last 5 years, the way we go after that has -- continues to evolve. So we have -- and we talked about this a little bit before, but we have kind of our now really large live goods, garden centers. We've got kind of a medium in size, we have a smaller size.

然後又繞回了園藝中心。首先我想說的是，我們仍然非常高興並致力於從事活體商品和戶外園藝業務。正如過去 5 年所預期的那樣，我們實現這一目標的方式一直在不斷發展演變。所以我們有——我們之前也稍微談到過這一點，但我們現在有了規模非常大的活體商品和園藝中心。我們有中等尺寸的，也有較小尺寸的。

And then we also have another solution set where we do pop-up tents out in our stores. And so gotten really good in our real estate model over the last few years of deciding which one of those solution sets is best for each store and then we deploy it as such.

此外，我們還有另一套解決方案，就是在我們的商店裡搭建臨時帳篷。因此，在過去的幾年裡，我們在房地產模型方面做得非常出色，能夠決定哪一套解決方案最適合每家店，然後我們就按此部署。

And as I mentioned, in my opening remarks, we'll have well over 1,000 stores this year that we -- between garden Center Stores and pop-up garden centers, and we feel really good about it. And Live Goods is one of our best-performing categories last year as a business.

正如我在開場白中提到的，今年我們將擁有超過 1000 家門市——包括花園中心商店和快閃花園中心，我們對此感到非常滿意。去年，活體商品是我們業務表現最好的類別之一。

Oliver Wintermantel, Evercore ISI.

奧利佛·溫特曼特爾，Evercore ISI。

How should we think about the lap of sales leaseback benefits? And as we move through 2026, should we expect any incremental contributions next year? Or does the comparison become neutral?

我們該如何看待售後回租的好處？進入 2026 年，我們是否可以預期明年會有任何增量貢獻？或者說，這種比較變得中立了嗎？

Ali, and Kurt can jump in here if we need to get anything to the. Some of the core details of it. I would just say, in general, the sale leaseback is going to be flat year-over-year from an operating income benefit. What I'd love to do is just step and just talk about how successful our real estate model that we introduced two summers ago is going.

如果需要把東西送到那裡，阿里和庫爾特可以隨時加入。其中的一些核心細節。總的來說，我認為售後回租對營業收入的影響將與往年持平。我真想站出來，好好談談我們兩年前夏天推出的房地產模式有多成功。

We are now doing own development on 50% of our new stores. That is providing two sets of benefits. One, the dollars that we would normally pay a developer, we're now able to reinvest that back in the store. That's saving us somewhere in the high single digit, call it, 10%-ish percent in total cost to build.

目前，我們50%的新店都是自主開發的。這樣就提供了兩方面的好處。第一，我們原本要支付給開發商的錢，現在可以重新投資到商店裡了。這樣可以為我們節省約 10% 的總建造成本。

And then we're also essentially procuring a lot of the materials that go into building our stores, and we're getting high single digit, call it, 10-ish percent savings there as well. So we are getting significant savings from the cost of building a new store that continues to allow us to deliver high IRRs. And now when we're in the market starting to sell some of those owned stores, we're seeing really strong cap rates on those as well. So the strategy has paid off in spades and more. We're very pleased with the results and the returns it's getting and the capital impact, the operating income impact, et cetera.

此外，我們基本上也採購了建造我們商店所需的大量材料，而且在這方面我們也節省了相當高的個位數，大約 10% 左右。因此，我們從新建門市的成本中節省了大量資金，同時也能繼續提供較高的內部報酬率。現在，當我們開始在市場上出售一些自有門市時，我們也看到了非常強勁的資本化率。所以，這策略取得了巨大的成功，甚至超出了預期。我們對結果、收益、資本影響、營業收入影響等都非常滿意。

I just can't say enough about the work that team is doing and the impact it's having on the company.

我無法用言語來充分錶達我對這個團隊的工作以及它對公司產生的影響的讚賞之情。

Michael Baker, D.A. Davidson & Company.

Michael Baker，D.A. Davidson & Company。

Can you talk about the timing of when you start to leverage some of the investments that you've made over the last few years. For instance, you're saying that delivery will still be a drag this year. At some point, I think the final mile investments you're making start to leverage themselves. Similarly with the Big Barn initiative, just wondering when we see a, I guess, would be a lower comp breakeven point from leveraging the past investments?

您能否談談您何時開始利用過去幾年所做的一些投資？例如，你的意思是說今年的配送仍然會是個難題。我認為，在某種程度上，你所做的最後一公里投資會開始產生槓桿效應。同樣，對於“大穀倉”計劃，我只是想知道，我們什麼時候才能看到，我想，通過利用過去的投資，實現更低的盈虧平衡點？

I'll just start off by saying at a low 2% comp, I think that's a really good inflection point for retail. So that's why we're emphasizing it and putting it out there so folks kind of have that in their model. So I feel really good about that. And I think that stands tall in retail in terms of the right comp percent to be inflecting on your operating margin.

首先我想說的是，2% 的低佣金率，我認為這對零售業來說是一個非常好的轉捩點。所以這就是為什麼我們要強調這一點，並把它公之於眾，以便人們能把它納入自己的模型中。所以我對此感覺非常好。我認為，就零售業而言，合適的同店銷售額百分比對營業利潤率的影響非常顯著。

Specific to the initiatives, on Final Mile, there are -- there is no kind of incremental operating expense being attributed into that this year. That -- while we're expanding it to twice the number of stores this year and getting to 50% store coverage, it's basically last year's benefits are paying for the rollout for this year. Incremental to that, there is significant cost savings so that initiative will capture this year related to freight.

具體到各項舉措，就「最後一公里」而言，今年不會有任何新增營運費用。雖然我們今年將門市數量增加一倍，門市覆蓋率達到 50%，但基本上是去年的收益支付了今年的推廣費用。除此之外，還能節省大量成本，因此該措施將在今年實現與貨運相關的顯著收益。

Specific on freight that we use for Roadie and also -- which is our gig provider as well as freight that we use to ship goods from our DCs that will now ship through our stores and then out to the customer for the Final Mile. And those are $10 million-ish a year in savings that help improve our gross margin but then also fund that initiative. So that initiative in many ways is kind of self-funding itself as it goes.

具體來說，我們為 Roadie 使用的貨運服務，以及我們的零工供應商，以及我們從配送中心運送貨物的貨運服務，這些貨物現在將透過我們的商店運送到客戶手中，完成最後一英里的配送。這樣每年可以節省約 1000 萬美元，不僅有助於提高我們的毛利率，還能為該計劃提供資金。因此，這項計劃在許多方面都實現了自我籌資。

On the same front, direct sales is doing the same thing. As we talked about last year, we invested around 10 basis points of margin rate between those two initiatives. They are not further dilutive this year. on final -- on direct sales, it's the same way. As Jon mentioned, we're going to double the class this year, last year 50 to next year 100. The class of last year of 50 is basically paying for the investment of the next 50 this coming year.

在這方面，直銷也在做同樣的事情。正如我們去年所討論的，我們在兩項措施之間投入了約 10 個基點的利潤率。今年它們不會進一步稀釋股權。最終銷售也是如此——直接銷售的情況也是如此。正如喬恩所提到的，我們今年的班級人數將翻一番，從去年的 50 人增加到明年的 100 人。去年畢業的50名學生其實是在為明年接下來50名學生的投資買單。

And so there's not incremental dilution on either one of those from a rate perspective, and that's what allows us to achieve that breakeven just above the 2% comp run rate.

因此，從費率的角度來看，這兩項都不會出現增量稀釋，這也使我們能夠在略高於 2% 的同業收益率的基礎上實現盈虧平衡。

Chris Horvers, JPMorgan.

克里斯霍弗斯，摩根大通。

So I wanted to take the other half of that question. So as you've scaled out the self-help benefits from prescriptions and Final mile and direct sales, how do those build? Like when do you think that will become sort of a greater portion of the comp such that the overall trends become a lot less macro sensitive. Is there an inflection as this year progresses? And how does that look then in '27?

所以我想回答這個問題的另一半。隨著處方藥、最後一公里配送和直銷等自助服務方式的普及，這些服務是如何發展的呢？你認為這種情況何時會佔到比較的更大比例，從而使整體趨勢對宏觀經濟的敏感度大大降低？隨著今年的推進，是否存在轉折點？那麼到了 2027 年又會是什麼樣子呢？

And any quantification around that would be really helpful.

任何相關的量化數據都將非常有幫助。

And what I'd say is if you take -- well, first off, I'd start by saying we expect those initiatives to provide material benefit this year in our comp. And they did have some nominal benefit in our comp last year. Last year at the beginning of the year, we kind of said, hey, look, don't -- we're going to get these things ramped up.

我想說的是，如果你採取——首先，我想說的是，我們預計這些舉措將在今年為我們的薪酬帶來實質性的好處。去年，他們在我們公司的競爭中確實獲得了一些名義上的好處。去年年初的時候，我們就說過，嘿，聽著，別——我們要加快這些事情的步伐。

We're making some investments in them. You'll be able to -- we'll be able to see some of the sales, but we're not going to be sharing those a lot, just because we wanted to get ramped up and get in a good spot. This year, we feel like those are off and running. As Jon said, we have 50 sales reps last year. We had the first one to hit $1 million. We did $2 million in the month of December.

我們正在對他們進行一些投資。我們將能夠看到一些銷售數據，但我們不會過度透露這些數據，因為我們想先提升業績，讓自己處於有利地位。今年，我們感覺這些計畫已經啟動並順利進行。正如喬恩所說，我們去年有 50 名銷售代表。我們率先取得了100萬美元的成績。我們在12月份的營業額達到了200萬美元。

We eclipsed that rate in the month of January. So we're seeing the right pace and cadence there. You guys can do the math on that. If you think about the number of reps and the pace we're running at, you can see the dollars that we would roughly be targeting this year, and that starts to have a material 40-ish basis point impact on comp. And the same thing starts to happen in Pet and Rx as we start to scale that up as well, and we start to see the strong growth rates we see in there, and then that starts to add to it as well.

我們在一月就超過了這個速度。所以我們看到的是合適的節奏和步調。你們自己算算看。考慮到我們目前的訓練量和訓練節奏，你可以大致看出我們今年的目標收入是多少，而這將對薪酬產生大約 40 個基點的實質影響。隨著寵物和處方藥業務規模的擴大，同樣的情況也開始在寵物和處方藥領域發生，我們開始看到這些領域強勁的成長率，然後這也開始推動業務成長。

And so feeling really good about these initiatives. And Final Mile, as we talked about, is really it has three purposes. It's driving cost down on our delivery. It's enabling the direct sales as well. But really, it's also providing a means for us to be able to fulfill future demand as delivery becomes more and more a way of life for everyone.

因此，我對這些舉措感到非常滿意。正如我們之前討論的，「最後一哩路」實際上有三個目的。這降低了我們的配送成本。它也促進了直接銷售。但實際上，它也為我們提供了一種滿足未來需求的手段，因為送貨上門正日益成為每個人生活的一部分。

So feeling great about all three initiatives. They're all on track and doing really well.

我對這三項措施都感到非常滿意。他們一切進展順利，表現都非常出色。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Hal, I was hoping you could talk about the pet food category that was not called out as an area of outperformance within Q. I think there's been some concern out there with investors of maybe market share loss or maybe the category seeing deflation. What specifically did you guys see in Q4? And what are you expecting for pet food in '26?

哈爾，我希望你能談談寵物食品這個品類，它在季度報告中沒有被列為表現優異的領域。我認為投資人對市佔率的損失或該品類可能出現通貨緊縮有些擔憂。你們在第四季具體看到了哪些面向？您對2026年寵物食品市場有何預期？

Peter, this is Seth. Relative to Pet, I would approach Pet and how we're thinking about it in kind of three different kind of frameworks, particularly as we look ahead for kind of 2026 and beyond. The first thing I would just say is Pet does not have to over deliver an outsized growth for us to achieve our overall comp targets. We're needs-based, multi-category retailer. We have a history of balancing our full portfolio to deliver our comp growth rates, and there's not -- we're really not relying on any single category kind of going forward.

彼得，這是賽斯。就 Pet 而言，我會從三種不同的框架來看待 Pet 以及我們如何思考它，尤其是在我們展望 2026 年及以後的時候。首先我想說的是，Pet 並不需要實現超乎尋常的成長才能幫助我們實現整體業績目標。我們是一家以需求為導向的多品類零售商。我們一直以來都專注於平衡所有產品組合以實現同業成長率，而且——我們未來真的不會依賴任何單一類別。

The second way I'd look at Pet is also from a share perspective. We're not seeing any indication that we're losing share in pet. We're holding our own, we might not be at the outsized pace that we were over the course of the last couple of years, but the data that we get is a very data-rich industry that we're holding our own. We're holding trips.

我看待 Pet 的第二個角度也是從股票的角度出發。我們沒有看到任何跡象表明我們在寵物用品市場的份額正在下降。我們目前保持著自己的水平，雖然可能沒有過去幾年那樣迅速的發展速度，但我們所獲得的數據表明，我們身處一個數據非常豐富的行業，我們能夠保持自己的水平。我們正在組織旅行。

Our customer remains very engaged in the category. For an example, last year, we saw over 2 million pets come through our pet washes. Our PetVet clinics grew in sales over 20% in those stores. So we're seeing really good engagement from our shoppers in the category itself.

我們的客戶對這一品類仍然非常關注。例如，去年，我們有超過 200 萬隻寵物光顧了我們的寵物清洗店。在這些商店裡，我們的寵物診所銷售額成長了 20% 以上。所以我們看到消費者對這個品類本身的參與度非常高。

And then third, I would just say, hey, we're excited about what's ahead. I mean, from the assortments, from the layouts, we're focusing on more localized assortments, making sure that we're allocating brand and space in our stores to the brands that fit kind of regional preferences in a given market.

第三，我會說，嘿，我們對未來充滿期待。我的意思是，從商品種類到佈局，我們都更加重視在地化的商品種類，確保我們在商店中為符合特定市場區域偏好的品牌分配品牌和空間。

As Hal mentioned as well earlier, we're continuing to expand kind of fresh and frozen into that category. That is the fastest-growing category in the space, and we'll have a few hundred stores this year in that particular area as well. And we're constantly looking to revitalize our brands as well, like for Health, continuing to see that kind of customer engagement and interaction.

正如 Hal 之前提到的那樣，我們正在繼續將新鮮和冷凍食品擴展到這個類別。這是該領域成長最快的類別，今年我們在該地區也將開設數百家門市。我們也不斷尋求重振我們的品牌，例如在健康領域，我們希望繼續看到這種客戶參與和互動。

And as the category returns to kind of historical growth, we feel like we're really well positioned to continue to maintain our share and being in a position to grow share long term here as well.

隨著該品類恢復到歷史成長水平，我們感覺我們完全有能力繼續保持市場份額，並且能夠在長期內進一步擴大市場份額。

David Bellinger, Mizuho.

David Bellinger，瑞穗銀行。

Maybe a bit bigger picture, but you mentioned some of these initiatives layering in for 2026, even maybe 40 basis points of comps from direct sales is very incremental. But if we back some of these things out, why is the core business of Tractor sort of underperforming now? We're talking about a wider range of outcomes. These outcomes basically widening out. And plus, can you square that away with some of this increased promo activity we heard about in Q4.

或許應該從更宏觀的角度來看，但您提到其中一些舉措將在 2026 年逐步實施，即使直接銷售帶來的 40 個基點的增長也是非常顯著的。但如果我們排除掉其中一些因素，為什麼 Tractor 的核心業務現在表現不佳呢？我們討論的是更廣泛的結果。這些結果基本上都在擴大。另外，您能否解釋一下，這與我們聽說的第四季度增加的促銷活動之間的關聯？

Is that something contained to the period or something that we could see bleed into 2026 as well?

這種情況僅限於這段時期，還是可能會延續到 2026 年？

We are very excited as we enter the year 2026. I think as always, as we commented, there's a wide range of outcomes, we think that are allowable for the year. And I think we're starting in the right prudent mentality. As it relates to promos, we really haven't seen that carry over into 2026. I admit there's been a lot of volatility in retail for these first five or six weeks.

進入2026年，我們感到非常興奮。我認為，正如我們之前評論的那樣，今年會出現各種各樣的結果，我們認為這些都是可以接受的。我認為我們一開始就保持著謹慎的態度。至於促銷活動，我們還沒有看到這種情況延續到 2026 年。我承認，過去五、六週零售業波動很大。

And so I think time will tell on that. But to date, we've not seen that carryover. We all -- I would say all already have most part, our spring plans already laid out, and we're planning for a more normalized environment on that as well. But certainly, we'll be prepared to respond if necessary. But I'd just start out by -- just close by just saying we're feeling very optimistic about 2026.

所以我覺得時間會證明一切。但到目前為止，我們還沒有看到這種延續現象。我想說，我們大多數人的春季計劃都已經制定好了，我們也正在為更正常的環境做準備。但如有必要，我們一定會做好應對準備。但我只想先說——最後我想說的是，我們對 2026 年感到非常樂觀。

We like the setup we have coming into 2026. The first five or six weeks have been a nice start to the year. We're optimistic about the potential for tax refunds. We're optimistic about the potential for a strong spring after two tough springs.

我們很滿意目前進入2026年的發展格局。今年前五六週開局不錯。我們對獲得退稅的可能性持樂觀態度。經歷了兩個艱難的春天之後，我們對今年春天充滿信心。

We've got a lot of strategic initiatives underway. Our team is engaged. Supply chain has never been better. Stores have never been operating better.

我們正在推動許多策略舉措。我們的團隊正在積極參與。供應鏈從未如此良好。商店的營運狀況從未如此之好。

We think we've got a great setup as we head into 2026 here, and we're looking forward to getting into the year and coming back and reporting on some strong actuals for you.

我們認為，在邁入 2026 年之際，我們已經做好了充分的準備，我們期待在新的一年裡，為大家帶來一些強勁的實際數據。

Elissa, we've hit the top of the hour, maybe even going a minute past. So we'll go ahead and call it now and wrap the call up. I do want to thank everybody for joining us. And as a reminder, we look forward to speaking with you again during our Q1 earnings on Tuesday, April 21. As always, please don't hesitate to reach out with any questions.

艾莉莎，我們已經到了整點​​，可能都過了一分鐘了。那我們現在就結束通話吧。我衷心感謝各位的到來。再次提醒大家，我們期待在4月21日星期二的第一季財報發布會上再次與您交流。如有任何疑問，請隨時與我們聯繫。

Thank you for your time and attention today.

感謝您今天抽出寶貴時間關注此事。

This will conclude today's conference call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝各位的參與。現在您可以斷開線路了。