Tractor Supply Company (TSCO) 2026 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to Tractor Supply Company's conference call to discuss second-quarter 2026 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.

各位女士、先生，早安，歡迎參加 Tractor Supply Company 的電話會議，討論 2026 年第二季業績。(接線員指示) 請注意，未經 Tractor Supply Company 書面授權，不得全部或部分複製本次電話會議內容。並提醒各位，本次電話會議正在錄音。

I would now like to introduce your host for today's call, Mary Winn Pilkington, Senior Vice President of Investor and Public Relations for Tractor Supply Company. Mary Winn, please go ahead.

現在我想介紹今天電話會議的主持人：Tractor Supply Company 投資人關係與公共關係資深副總裁 Mary Winn Pilkington。Mary Winn，請開始。

Thank you, operator. 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 Chief Financial Officer. We will also have Seth Estep, EVP and Chief Merchant; Rob Mills, EVP of Digital, IT, and Pet Services; John Ortiz, EVP and Chief Stores Officer; and Craig Ledbetter, our SVP and Chief Supply Chain Officer, join the call for the Q&A portion.

謝謝，接線員。各位早安。感謝各位撥冗並參與今天的電話會議。今天的預備發言由我們的執行長 Hal Lawton，以及財務長 Kurt Barton 進行。在問答環節，我們也將邀請 Seth Estep（執行副總裁暨首席採購長）、Rob Mills（數位、資訊科技與寵物服務執行副總裁）、John Ortiz（門市營運執行副總裁暨首席門市長）以及供應鏈資深副總裁暨首席供應鏈長 Craig Ledbetter 一同參與。

Following our prepared remarks, we'll open the floor for questions. 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 risk and uncertainties, including the future operating and financial performance of the company.

在預備發言結束後，我們將開放提問。現在我先引用 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若干前瞻性陳述，這些陳述受重大風險與不確定性影響，包括公司未來的營運與財務表現。

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.

在許多情況下，這些風險與不確定性超出我們的控制範圍。儘管公司認為其前瞻性陳述所反映的預期屬合理，但公司無法保證該等預期或任何前瞻性陳述將被證實為正確，實際結果可能與預期存在重大差異。

Important risk factors that could also cause 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 takes no obligation to update any information discussed in this call.

其他可能導致結果與前瞻性陳述所反映內容出現重大差異的重要風險因素，已載於今日發布的新聞稿末尾，以及公司向美國證券交易委員會提交的文件中。本次電話會議所含資訊僅截至所討論日期為準。投資人不應假設相關陳述在日後仍然有效。Tractor Supply 不承擔更新本次電話會議中任何資訊的義務。

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 any further discussions.

進入問答環節時，請各位每次僅提一個問題，以確保每位與會者都有機會參與。如有其他問題，歡迎重新排隊等候。感謝各位的理解與配合。電話會議結束後，我們也將提供時間進一步交流。

Today's presentation will also include certain non-GAAP measures, including but not limited to adjusted operating margin, adjusted diluted earnings per share. And for reconciliation for these and other non-GAAP measures to the corresponding GAAP measures, please refer to our earnings press release and our website.

今天的簡報也將包含若干非 GAAP 指標，包括但不限於調整後營業利益率、調整後稀釋每股盈餘。關於上述及其他非 GAAP 指標與相對應 GAAP 指標之調節，請參閱我們的財報新聞稿與公司網站。

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

現在我很高興把電話會議交給 Hal。

Thank you, Mary Winn, and good morning, everyone. And thank you for joining us today. I'd like to begin by thanking our more than 54,000 team members for their continued dedication to serving our customers and communities. Their commitment to our mission and values remains one of Tractor Supply's greatest strengths and continues to differentiate our business every day.

謝謝你，Mary Winn，各位早安。也感謝各位今天加入我們。我想先感謝我們超過 54,000 位團隊成員，持續致力於服務我們的顧客與社區。他們對我們使命與價值觀的承諾，始終是 Tractor Supply 最重要的優勢之一，也讓我們的業務每天都能持續展現差異化。

I would also like to welcome the veterinarians, clinic teams, and support professionals joining Tractor Supply through our acquisition of VIP Petcare. We're excited to have them join the family as we continue to strengthen our pet ecosystem.

我也要歡迎透過我們收購 VIP Petcare 而加入 Tractor Supply 的獸醫師、診所團隊與支援專業人員。我們很高興他們加入這個大家庭，並在我們持續強化寵物生態系的過程中共同前進。

The Tractor Supply business model demonstrated its strength and durability during the second quarter. Our core customer remain engaged with healthy retention. Our needs-based categories continue to perform well, and our competitive position remains solid. We had positive comparable store sales in both April and June. However, they were more than offset by unusually adverse conditions in May, which drove second-quarter results below our expectations. Taken together, we believe the underlying business remains healthy.

Tractor Supply 的商業模式在第二季展現其強勁與韌性。我們的核心顧客仍保持參與度，留存表現健康。以需求為導向的品類持續表現良好，我們的競爭地位依然穩固。我們在 4 月與 6 月的同店銷售均為正成長。然而，5 月出現異常不利的情況，抵銷了上述表現，使第二季結果低於我們的預期。綜合來看，我們認為基本面仍然健康。

Before turning to our second quarter results, it's worth spending a moment on May. Fuel prices peaked during the height of our spring selling season, putting meaningful pressure on our customers' discretionary spending at the most important time of the quarter. Our customers often drive longer distances to shop, frequently in pickup trucks, many of which are diesel-powered, making them especially sensitive to higher fuel costs.

在談第二季業績之前，值得先花一點時間談談 5 月。燃油價格在我們春季銷售旺季的高峰期達到峰值，對顧客的非必需性支出造成明顯壓力，而這正是本季最關鍵的時點。我們的顧客往往需要開較長距離來購物，且常駕駛皮卡，其中許多為柴油車，因此對燃油成本上升特別敏感。

At the same time, persistent drought conditions across several key southeastern markets limited normal seasonal activity and reduced demand for lawn care and other outdoor-related purchases. To put that in perspective, performance in our big-ticket categories and hardline spring goods during May alone reduced our second-quarter comp sales by approximately 2 percentage points, highlighting how concentrated the softness was within the quarter. These conditions disproportionately affected discretionary and project-oriented categories, while our needs-based businesses remained resilient.

同時，東南部多個關鍵市場持續乾旱，限制了正常的季節性活動，並降低了草坪護理及其他戶外相關購買需求。為了具體說明，僅 5 月份我們的大型商品品類與春季硬線商品的表現，就使第二季同店銷售約減少 2 個百分點，顯示疲弱主要集中在季度中的特定時段。這些情況對非必需性與專案導向品類造成不成比例的影響，而我們以需求為導向的業務仍具韌性。

With that context, let me turn to our second-quarter results. Net sales increased approximately 2% to $4.5 billion, driven by new store growth and partially offset by lower comparable store sales. Comp sales declined approximately 1.5%, reflecting lower transaction counts, which were most pronounced in May, along with modest inflation and softer discretionary demand, particularly in big ticket.

在此背景下，讓我說明第二季業績。淨銷售額約成長 2% 至 45 億美元，主要由新店成長帶動，但部分被同店銷售下滑所抵銷。同店銷售約下滑 1.5%，反映交易筆數下降（5 月最為明顯），以及溫和通膨與較疲弱的非必需性需求，尤其是在大型商品方面。

Consumable, usable, and edible categories remained positive during the quarter. Big-ticket declined in mid-single digits, again led by softness in spring and summer categories in May. Digital sales once again experienced double-digit growth, driven by strong deliver-from-store performance, higher traffic, and improved conversion.

消耗性、可用性與可食用品類在本季仍維持正成長。大型商品下滑約中個位數百分比，主要仍由 5 月春夏季品類疲弱所帶動。數位銷售再次實現雙位數成長，受惠於強勁的門市出貨（deliver-from-store）表現、更高的流量與轉換率改善。

Net income and earnings per share were below our expectations for the quarter. Even with significant sales pressure during our largest month of the quarter, the team maintained disciplined expense management and continued to deliver productivity improvements that mitigated the impact of the sales pressure.

本季淨利與每股盈餘低於我們的預期。即使在本季最大月份面臨顯著的銷售壓力，團隊仍維持嚴謹的費用管理，並持續推動生產力提升，以減輕銷售壓力帶來的影響。

Looking beyond the quarter, our conviction in the business has not changed. At the same time, we recognize that generating modest positive comp sales is not where Tractor Supply should perform over the long term. We're not satisfied with our business, and we're taking decisive actions to improve it.

放眼本季之外，我們對業務的信心並未改變。同時，我們也認知到，僅能實現小幅正向同店銷售，並非 Tractor Supply 長期應有的表現水準。我們對目前的業務表現並不滿意，並正採取果斷行動加以改善。

Tractor Supply has successfully navigated changing economic environments for nearly 90 years, and we remain confident in the durability of our business model. We operate in end markets that are currently experiencing several discrete headwinds. Approximately 40% of our addressable market is tied to farm and ranch and rural economies, where customers continue to navigate a challenging operating environment shaped by elevated gas costs, persistent drought, and more cautious discretionary spending.

Tractor Supply 近 90 年來成功因應不同的經濟環境變化，我們仍對商業模式的耐久性充滿信心。我們所服務的終端市場目前正面臨若干獨立的逆風因素。約 40% 的可服務市場與農場、牧場及鄉村經濟相關，顧客仍在因應具挑戰性的營運環境，其特徵包括高油價、持續乾旱，以及更為審慎的非必需性支出。

Approximately 20% is tied to pet, where industry growth remains challenged. And another 20% is tied to home improvement and property maintenance, where demand continues to be constrained by a prolonged period of historically low housing turnover. While these pressures had notable impacts on our first half performance, they do not change our confidence in the long-term opportunity.

約 20% 與寵物相關，而產業成長仍面臨挑戰。另有約 20% 與居家改善及物業維護相關，而需求仍受限於房屋換手率長期處於歷史低檔的情況。雖然這些壓力對我們上半年表現造成明顯影響，但並不改變我們對長期機會的信心。

What has not changed is customer engagement. What has changed is customer spending behavior. Customers continue to invest in the care of their pets, animals, farms, and properties, but they're shopping more deliberately, consolidating trips and prioritizing needs-based items while taking a more measured approach to discretionary purchases.

未改變的是顧客參與度。改變的是顧客的消費行為。顧客仍持續投入在寵物、動物、農場與物業的照護上，但購物更為審慎，會合併採購行程並優先購買需求型商品，同時對非必需性購買採取更為克制的態度。

Against that backdrop and despite May's performance, our second quarter fell short of expectations. We are not satisfied with the results, and we are addressing the challenges facing the business. At the same time, we believe that the fundamentals supporting the rural lifestyle, pet ownership, and property maintenance remain attractive.

在此背景下，儘管5月表現不俗，我們第二季的表現仍未達預期。我們對結果並不滿意，並正著手應對業務所面臨的挑戰。同時，我們相信支撐鄉村生活型態、寵物飼養與物業維護的基本面仍具吸引力。

Like we've done throughout our history, we're not waiting for the environment to improve. We understand the moment we're in, and we're responding with urgency, and much of that work has already begun. As we shared on our last earnings call, we began taking action in two areas where we saw the greatest near-term opportunity, strengthening our pet business and reinforcing our value proposition through pricing and everyday value.

如同我們一路走來的作法，我們不會等待環境好轉。我們理解當前所處的時刻，並以緊迫感迅速回應，而其中許多工作已經展開。正如我們在上次財報電話會議中分享的，我們已開始在兩個我們認為短期機會最大的領域採取行動：強化寵物業務，以及透過定價與日常價值（everyday value）來鞏固我們的價值主張。

While pet performance remains below where we want it to be, trends improved sequentially from the first quarter, and we continue to hold share. We believe the deliberate actions we're taking to strengthen our competitive position and capture additional share of wallet are beginning to gain traction. While still in the early stages, we're confident they will continue to build momentum through the back half of the year.

雖然寵物業務表現仍低於我們期望，但趨勢較第一季呈現逐季改善，我們也持續維持市占。我們相信，為強化競爭地位並爭取更多顧客錢包份額（share of wallet）而採取的審慎行動，正開始取得進展。儘管仍處於早期階段，我們有信心這些措施將在今年下半年持續累積動能。

The category resets we outlined last quarter are complete, introducing more localized assortments, expanding our presence in faster-growing premium nutrition segments, and strengthening our exclusive brand portfolio to better meet the evolving needs of pet parents. We're encouraged by the early results. Our rollout of Freshpet continues to perform well. The program was at approximately 250 stores at the end of the second quarter, and we remain on track to expand to at least 700 stores in total by year-end.

我們在上季所提到的品類重整已完成，導入更在地化的商品組合、擴大我們在成長更快的高端營養細分市場的布局，並強化我們的獨家品牌組合，以更好滿足寵物家長不斷演變的需求。我們對初步成果感到鼓舞。我們推廣 Freshpet 的進展持續良好。該計畫在第二季末已進入約250家門市，我們仍按計畫在年底前將總門市數擴展至至少700家。

We're also leveraging the broader pet ecosystem we've built through services while strengthening our marketing, enhancing the digital pet shopping experience, expanding subscription capabilities, and improving in-store execution. Together, these initiatives create a more connected experience for pet parents while strengthening customer loyalty.

我們也正運用透過服務所建立的更廣泛寵物生態系，同時強化行銷、提升數位寵物購物體驗、擴大訂閱功能，並改善門市端執行。這些措施共同為寵物家長打造更緊密連結的體驗，同時提升顧客忠誠度。

Additionally, during the quarter, we completed the acquisition of VIP Petcare, which adds relationships with approximately 1 million pets annually through a network of 2,500 veterinarians across 39 states. The acquisition fills an important gap in our pet ecosystem, allowing us to connect veterinary services, prescriptions, and products across physical and digital channels.

此外，本季我們完成對 VIP Petcare 的收購，透過遍布39州、2,500名獸醫的網絡，每年新增與約100萬隻寵物的關係連結。此收購補足我們寵物生態系中的重要缺口，使我們能在實體與數位通路串聯獸醫服務、處方與產品。

At the same time, we're reinforcing our price perception through the launch of our unbeatable price campaign, clear everyday value messaging, and targeted promotional activity. Consumable, usable, and edible products remain the foundation of Tractor Supply, and we're committed to reinforcing our value proposition where it matters most to our customers. And these investments are already generating encouraging customer response.

同時，我們透過推出「無可匹敵價格」活動、清晰的日常價值訊息，以及精準的促銷活動，來強化消費者對我們價格的認知。消耗性、可用性與可食用產品仍是 Tractor Supply 的基石，我們致力於在對顧客最重要之處強化我們的價值主張。而這些投入已開始帶來令人鼓舞的顧客回饋。

We're also using this period to critically evaluate our priorities, sharpen our strategic focus, and ensure we're allocating capital to the highest opportunities, generating the strongest customer response and strong long-term returns. As part of that work, and in light of our updated 2026 outlook, we've decided to withdraw our long-term financial framework.

我們也利用這段期間嚴格檢視優先事項、聚焦策略重點，並確保將資本配置在最高機會上，以帶來最強的顧客回應與長期穩健回報。作為這項工作的一部分，並考量我們更新後的2026年展望，我們決定撤回我們的長期財務框架。

We recognize the importance of providing investors with a clear long-term roadmap, and we're committed to introducing an updated framework in conjunction with our fourth-quarter 2026 earnings announcement. That work has already led us to several important conclusions that we'll be sharing with you today.

我們理解向投資人提供清晰的長期路線圖的重要性，並承諾將在2026年第四季財報公告時一併推出更新後的框架。這項工作已使我們得出幾項重要結論，我們今天將與各位分享。

Following a disciplined review of Petsense, we've decided to close approximately 75 underperforming stores. We believe these actions will improve returns, simplify the business, and allow us to direct resources towards higher growth, higher return opportunities. We've also concluded that while our new stores continue to generate attractive returns, driving stronger comp sales and improving the productivity of our existing assets are critical priorities in this environment.

在對 Petsense 進行嚴謹檢視後，我們決定關閉約75家表現不佳的門市。我們相信這些行動將提升報酬、簡化業務，並讓我們能將資源導向更高成長、回報更高的機會。我們也得出結論：雖然新店仍持續帶來具吸引力的回報，但在此環境下，推動更強的同店銷售（comp sales）並提升既有資產的生產力是關鍵優先事項。

To support these priorities, we plan to open approximately 85 to 90 new stores in 2027, compared with our previous expectation of 100 new stores. And we will redeploy that capital toward initiatives such as Project Fusion remodels, store locations, and final mile delivery. Project Fusion remains one of our most important initiatives to improve the performance of our existing store base.

為支持這些優先事項，我們計畫在2027年新開約85至90家門市，低於先前預期的100家。我們也將把這部分資本重新配置至 Project Fusion 改裝、門市選址，以及最後一哩配送等計畫。Project Fusion 仍是我們提升既有門市基礎表現最重要的計畫之一。

We will continue to evolve the program by investing behind the elements delivering the strongest returns, including greater localization and expanded pet wash, both of which are contributing meaningful to the performance of Fusion stores. We will also continue investing in our existing stores through technology enhancements, expanded tractor vision capabilities, and merchandising concepts such as outdoor recreation, where we're seeing encouraging customer response.

我們將持續演進該計畫，並加碼投資於帶來最高回報的要素，包括更高程度的在地化與擴增寵物洗澡服務（pet wash），兩者皆對 Fusion 門市的表現有顯著貢獻。我們也將持續透過技術升級、擴大 tractor vision 能力，以及戶外休閒等商品陳列概念投資既有門市，在這些方面我們看到令人鼓舞的顧客回應。

Final mile remains one of our most compelling growth opportunities, with customer adoption continue to exceed our expectations and economics improving as we scale the business. Through the first half of the year, we've already completed as many final mile deliveries as we did during all of 2025, underscoring the strong customer demand and momentum behind this capability. And as a result, we expect to accelerate the rollout ahead of our original timeline.

最後一哩仍是我們最具吸引力的成長機會之一，顧客採用度持續超出預期，且隨著業務規模擴大，經濟效益也在改善。今年上半年，我們完成的最後一哩配送量已與2025年全年相當，凸顯顧客對此能力的強勁需求與動能。因此，我們預期將較原先時程加速推廣。

Together, these investments will improve the customer experience, enhance store execution and productivity, and drive stronger returns across our existing store base. This work is ongoing. Today's announcements represent important first steps, and we look forward to sharing additional actions and our updated long-term framework over the coming quarters.

綜合而言，這些投資將改善顧客體驗、提升門市執行與生產力，並在我們既有門市基礎上帶來更強的回報。這項工作仍在進行中。今天的公告代表重要的第一步，我們期待在未來幾季分享更多行動，以及我們更新後的長期框架。

We remain confident in Tractor Supply's future. We have a differentiated business model, a strong balance sheet, and a proven ability to create long-term shareholder value. The actions we're taking today are designed to further strengthen our competitive position, improve productivity, and position Tractor Supply for long-term success.

我們對 Tractor Supply 的未來仍充滿信心。我們擁有差異化的商業模式、強健的資產負債表，以及創造長期股東價值的成熟能力。我們今天採取的行動旨在進一步強化競爭地位、提升生產力，並讓 Tractor Supply 具備長期成功的定位。

And with that, I'll turn the call over to Kurt.

接下來，我把電話交給 Kurt。

Thank you, Hal, and good morning, everyone. As Hal outlined, we're taking decisive steps to strengthen the business and improve our long-term earnings power. The quarter reflected continued pressure on discretionary demand while our needs-based categories remained resilient. Those trends shaped our financial performance during the quarter. I'll build on Hal's comments by focusing on profitability, our updated outlook, and the capital allocation decisions supporting our long-term strategy.

謝謝你，Hal，各位早安。如 Hal 所述，我們正採取果斷措施以強化業務並提升長期獲利能力。本季反映非必需性需求持續承壓，而以需求為導向的品類仍具韌性。這些趨勢形塑了我們本季的財務表現。我將延續 Hal 的說明，聚焦於獲利能力、我們更新後的展望，以及支持長期策略的資本配置決策。

Reported gross profit increased 2.6% to $1.68 billion, and gross margin expanded 11 basis points to 37.1%. Results for the quarter included a $5.9 million inventory write-down related to the planned closure of approximately 75 Petsense stores. On an adjusted basis, gross profit increased 3.0% to $1.69 billion and gross margin expanded 24 basis points to 37.2% of net sales.

公告的毛利增加2.6%至16.8億美元，毛利率擴張11個基點至37.1%。本季結果包含一筆590萬美元的存貨減記，與計畫關閉約75家 Petsense 門市相關。以調整後口徑計，毛利增加3.0%至16.9億美元，毛利率擴張24個基點至淨銷售額的37.2%。

Disciplined product cost management and benefits from tariff refunds more than offset pressure from higher freight expense and investments to strengthen our price value position. We've been encouraged by the early customer response to our improved value offerings in [core Q] items, which gives us confidence that these investments are resonating with our customers.

嚴謹的產品成本管理與關稅退稅帶來的效益，足以抵銷較高運費支出以及為強化價格價值定位所進行投資的壓力。我們對顧客對我們在 [core Q] 品項上改善後的價值方案之初步反應感到鼓舞，這讓我們更有信心這些投資正與顧客產生共鳴。

Turning to SG&A, reported SG&A increased 14.4% from the prior year to $1.22 billion and included two significant items this quarter: a $65.8 million charge related to the Petsense business and $9.5 million of acquisition costs associated with our acquisition of VIP Petcare. Excluding those items, adjusted SG&A increased 7.3% and deleveraged approximately 118 basis points as a percent of sales.

接著談SG&A，公告的SG&A較去年增加14.4%至12.2億美元，且本季包含兩項重大項目：與 Petsense 業務相關的6,580萬美元費用，以及與收購 VIP Petcare 相關的950萬美元收購成本。排除上述項目後，調整後SG&A增加7.3%，且以銷售額百分比計約去槓桿118個基點。

The level of spending was largely in line with our expectations entering the quarter, with the deleverage driven principally by lower comparable sales. We remained committed to investing in labor to deliver a strong customer experience during our peak selling season. Adjusted SG&A growth also reflected unplanned costs related to medical claims and certain legal settlements, which increased adjusted SG&A as a percentage of net sales by approximately 35 basis points.

支出水準大致符合我們在進入本季時的預期，而去槓桿主要由同店銷售下滑所致。我們仍致力於在人力方面投資，以在銷售旺季提供優質的顧客體驗。調整後SG&A的成長亦反映與醫療理賠及部分法律和解相關的非預期成本，使調整後SG&A占淨銷售額的比例約增加35個基點。

At the same time, we continue to execute our productivity agenda across the business. Strong execution in our distribution centers and ongoing labor productivity improvements at the store level through our field activity support teams helped partially offset investments in our strategic initiatives and other discrete expenses. While we remain committed to investing in the capabilities that strengthen our competitive position, we are equally focused on ensuring those investments generate attractive returns and that our cost structure remains aligned with the current demand environment.

同時，我們持續在全公司推進生產力議程。我們在配送中心的強勁執行力，以及透過外勤活動支援團隊在門市層級持續提升勞動生產力，協助部分抵銷我們在策略性計畫上的投資以及其他一次性費用。在我們仍致力於投資能強化競爭地位的能力之際，我們同樣聚焦於確保這些投資能帶來具吸引力的報酬，並使我們的成本結構持續與當前需求環境保持一致。

On an adjusted basis, operating income was $548.3 million and diluted EPS were $0.81. Our inventory remains in good shape, with the average inventory per store increase of approximately 6.5%, primarily reflecting inflation, inclusive of tariff costs, with some carryover of spring seasonal goods. We view the incremental inventory as low risk and appropriately positioned to support ongoing spring and summer demand. While still early in the quarter, we've seen a continuation of the June seasonal selling trends into July.

以調整後基礎計，營業利益為5.483億美元，稀釋後每股盈餘（EPS）為0.81美元。我們的庫存狀況仍然良好，平均每店庫存約增加6.5%，主要反映通膨（包含關稅成本），並有部分春季季節性商品結轉。我們認為新增庫存風險偏低，且配置得當，可支撐持續的春夏需求。雖然本季仍在初期，我們已看到6月的季節性銷售趨勢延續至7月。

From a financial perspective, we are operating the business with discipline in aligning our investments and resource allocation with the demand environment we are operating in today. Importantly, this does not represent an increase in spending, but rather a disciplined and relatively modest reallocation of existing capital and resources toward the opportunities we believe will drive the strongest near-term sales growth and financial returns.

從財務角度來看，我們以紀律性方式經營業務，使投資與資源配置與我們當前所處的需求環境相匹配。重要的是，這並不代表支出增加，而是以有紀律且相對溫和的方式，將既有資本與資源重新配置至我們認為可在短期內帶動最強銷售成長與財務報酬的機會上。

In the near term, we are focused on improving the consistency of comparable sales performance and driving greater productivity across the business. We are managing gross margin with a balanced approach across pricing, product mix, and promotional activity while continuing to navigate a dynamic cost environment. We continue to maintain a strong expense discipline while investing in the opportunities we believe will generate the strongest long-term returns. Our objective is straightforward: improve comp sales performance and strengthen flow-through across the P&L.

短期內，我們聚焦於提升同店銷售表現的一致性，並推動全公司更高的生產力。在持續因應多變的成本環境之際，我們以平衡的方式在定價、產品組合與促銷活動之間管理毛利率。我們持續維持嚴謹的費用紀律，同時投資於我們認為可帶來最強長期報酬的機會。我們的目標很明確：改善同店銷售表現，並強化損益表（P&L）的流轉效益（flow-through）。

Turning to our outlook, given our year-to-date performance and our expectations for the balance of the year, we are updating our fiscal 2026 outlook. We now expect net sales growth of approximately 2.5% to 3.5%, comparable store sales in the range of negative 1% to flat, adjusted operating margin between 8.5% and 8.8%, and adjusted diluted EPS between $1.90 and $2.

談到我們的展望，基於年初至今的表現以及我們對今年剩餘期間的預期，我們正在更新2026會計年度展望。我們目前預期淨銷售成長約2.5%至3.5%，同店銷售介於負1%至持平，調整後營業利益率介於8.5%至8.8%，調整後稀釋EPS介於1.90美元至2.00美元。

Looking ahead to the second half of the year, our base case assumes modest sequential improvement in comparable sales as our recent actions continue to drive improvement and comparisons ease as the second half progresses. That said, we continue to operate in an uncertain environment, and our guidance range reflects both the possibility that current pressures persist and the opportunity for improving customer demand as we move through the balance of the year.

展望下半年，我們的基本情境假設同店銷售將出現溫和的逐季改善，因我們近期的行動持續帶動改善，且隨著下半年推進，比較基期將趨於有利。儘管如此，我們仍在不確定的環境中營運，我們的指引區間同時反映：當前壓力可能持續的可能性，以及隨著今年剩餘期間推進、客戶需求改善的機會。

To put our second half outlook in context, the comparisons are not uniform across the period. Last year's third quarter was the strongest in July. It moderated in August and was approximately flat in September, creating a different cadence as we move through the quarter. Against that backdrop, we are encouraged by the two-year trend, with seasonal demand holding up well and solid performance across several areas of the business. While it is still early, the third quarter trends are tracking in line with our expectations.

為了讓下半年展望更具脈絡，期間的比較基期並不一致。去年第三季在7月表現最強。8月趨於放緩，9月約為持平，因而在季度推進過程中形成不同的節奏。在此背景下，我們對兩年趨勢感到鼓舞，季節性需求維持良好，且業務多個領域表現穩健。雖然仍在初期，第三季趨勢目前與我們的預期一致。

More broadly, while the comparison patterns differs between the third and fourth quarters, we expect both quarters to remain within the comparable sales range of the implied second half guidance. On the gross margin side, we expect freight costs, including fuel, to remain elevated, while tariff refunds are expected to be less of a benefit in the second half than they were in the second quarter.

更廣泛而言，雖然第三季與第四季的比較型態不同，我們預期兩個季度都將落在下半年指引所隱含的同店銷售區間內。在毛利率方面，我們預期運費成本（包含燃料）將維持高檔，而關稅退稅在下半年的助益預期將低於第二季。

As a result, we are forecasting gross margin below the prior year for the second half, with greater pressure in the third quarter than the fourth, primarily due to the prior-year compares and the supply chain benefits from the new distribution center beginning in the fourth quarter. To that point, we plan to open our 11th distribution center early in the fourth quarter.

因此，我們預測下半年毛利率將低於去年同期，其中第三季的壓力將大於第四季，主要原因在於去年同期比較基期，以及新配送中心自第四季開始帶來的供應鏈效益。就此而言，我們計畫在第四季初開設第11座配送中心。

For modeling purposes, startup costs will begin in the third quarter and continue into the fourth quarter, resulting in an SG&A headwind in both periods. We expect the impact to be approximately 20 basis points in both the third and fourth quarter. There is no expected gross margin benefit in the third quarter. Supply chain efficiency should begin to benefit fourth-quarter gross margin by approximately 20 basis points. This cadence is consistent with our historical experience and our original guidance for the year.

就建模而言，啟動成本將自第三季開始並延續至第四季，導致兩個期間的銷售、一般及行政費用（SG&A）形成逆風。我們預期第三季與第四季的影響皆約為20個基點。第三季預期不會有毛利率效益。供應鏈效率預計將在第四季使毛利率受益約20個基點。此節奏與我們過往經驗以及年初原始指引一致。

As a result, we continue to expect earnings to be more heavily weighted toward the fourth quarter. We expect third-quarter profitability to be more pressured, reflecting the new distribution center costs, the gross margin dynamics we discussed, and more challenging year-over-year comparisons.

因此，我們仍預期獲利將更偏重於第四季。我們預期第三季獲利能力將承受較大壓力，反映新配送中心成本、我們所討論的毛利率動態，以及更具挑戰性的年對年比較基期。

While investing in the business remains our top capital allocation priority, we continue to balance those investments with meaningful returns to shareholders. We view our shares as an attractive investment opportunity and expect repurchase activity to be toward the high end of our original guidance of $375 million to $450 million. In addition, we remain committed to our longstanding approach of returning capital to shareholders through a growing dividend.

雖然投資業務仍是我們資本配置的首要優先事項，我們也持續在這些投資與對股東的實質回饋之間取得平衡。我們認為本公司股票具吸引力的投資機會，並預期庫藏股回購活動將接近我們原先指引3.75億至4.50億美元的高端。此外，我們仍致力於長期以來透過成長型股利向股東返還資本的做法。

Before moving on, I'd like to address the long-term financial algorithm we introduced at our Investor Day in December 2024. When we established those targets, they reflected both the operating environment at the time and our expectations for the contribution from our strategic initiatives. Today, several of those underlying assumptions have changed.

在繼續之前，我想先說明我們在2024年12月投資人日所提出的長期財務演算法（financial algorithm）。當我們設定那些目標時，它們反映了當時的營運環境，以及我們對策略性計畫貢獻的預期。如今，其中若干基本假設已經改變。

The broader farm and ranch market has softened, and a number of our key end markets continue to experience pressure. While we believe these conditions will moderate over time, they have weighed on the underlying performance of the business. At the same time, our strategic initiatives continue to perform well and strengthen our competitive position. However, their contribution is currently being more than offset by the pressure we're experiencing in the base business, resulting in a different earnings trajectory than we anticipated when we established our long-term framework.

整體農場與牧場市場已轉弱，我們多個關鍵終端市場仍持續承受壓力。雖然我們相信這些狀況將隨時間推移而趨於緩和，但它們已拖累業務的基本表現。同時，我們的策略性計畫持續表現良好並強化我們的競爭地位。然而，其貢獻目前被我們在基礎業務所承受的壓力所超過，導致獲利軌跡與我們建立長期框架時的預期不同。

These market dynamics also informed our decision to optimize our portfolio and allocate capital toward the opportunities that we believe will generate the strongest long-term returns. As a result, we no longer believe it is appropriate to anchor investors to the long-term financial algorithm we previously outlined, and we are withdrawing that framework.

這些市場動態也促使我們決定優化投資組合，並將資本配置至我們認為可帶來最強長期報酬的機會。因此，我們不再認為以先前所概述的長期財務演算法作為投資人錨定基準是合適的，我們將撤回該框架。

Importantly, this decision does not change our confidence in the long-term opportunity for Tractor Supply. We remain confident in our ability to grow market share, generate attractive returns on our strategic initiatives, and create long-term shareholder value. We intend to provide an updated long-term framework in conjunction with our fourth-quarter 2026 earnings announcement that better reflects our plans and the trajectory of the business.

重要的是，這項決定不會改變我們對Tractor Supply長期機會的信心。我們仍有信心能提升市占率、在策略性計畫上創造具吸引力的報酬，並創造長期股東價值。我們計畫在2026年第四季財報公告時一併提供更新的長期框架，以更貼近我們的計畫與業務發展軌跡。

Turning to capital allocation, as Hal shared, we continue to prioritize investments that generate attractive customer and shareholder returns while maintaining flexibility in how we deploy capital. As always, every capital allocation decision we're making today is being evaluated against expected returns and long-term shareholder value creation.

談到資本配置，如Hal所分享，我們持續優先投資於能為客戶與股東帶來具吸引力報酬的項目，同時維持資本運用方式的彈性。一如既往，我們今天所做的每一項資本配置決策，都會以預期報酬與長期股東價值創造作為評估基準。

Importantly, we continue to see strong returns across our core investment priorities. Our new stores continue to perform well and generate attractive returns. Our Fusion remodel program continues to drive productivity improvements across the existing store base. These are proven initiatives, and we remain confident they will continue to strengthen our business over the long term.

重要的是，我們在核心投資優先事項上仍看到強勁報酬。我們的新店持續表現良好並創造具吸引力的報酬。我們的Fusion改裝計畫持續推動既有門市基礎的生產力提升。這些都是已被驗證的計畫，我們仍有信心它們將在長期持續強化我們的業務。

Additionally, the strategic repositioning of Petsense is expected to create a healthier, more profitable business that better complements our Tractor Supply stores and strengthens our ability to serve pet customers across our integrated pet ecosystem.

此外，Petsense的策略性重新定位預期將打造更健康、獲利能力更佳的業務，更能與我們的Tractor Supply門市互補，並強化我們在整合式寵物生態系中服務寵物客戶的能力。

Tractor Supply remains in a strong financial position. We continue to generate healthy cash flow, maintain a strong balance sheet, and preserve significant financial flexibility. That flexibility allows us to invest through the cycle, pursue attractive growth opportunities, and continue returning capital to shareholders.

Tractor Supply 仍維持強勁的財務狀況。我們持續產生健康的現金流、維持穩健的資產負債表，並保有顯著的財務彈性。這種彈性使我們能在景氣循環中持續投資、追求具吸引力的成長機會，並持續向股東回饋資本。

While we remain focused on navigating the near-term environment, we are equally focused on making disciplined decisions that strengthen the business and position Tractor Supply to deliver sustainable growth, attractive returns, and long-term shareholder value.

在我們仍專注於因應短期環境的同時，我們也同樣專注於做出審慎的決策，以強化業務並讓 Tractor Supply 具備條件實現可持續成長、具吸引力的報酬，以及長期股東價值。

With that, we will now open the call for questions.

接下來，我們現在開放提問。

(Operator Instructions) Steven Forbes, Guggenheim.

(接線員指示) Steven Forbes，Guggenheim。

(technical difficulty) companion animal trends, specifically hoping if you can provide some deeper insight into what you're seeing, both in terms of the market itself and member wallet share dynamics.

(技術問題) 伴侶動物趨勢，特別希望您能就您所觀察到的情況提供更深入的洞見，包括市場本身以及會員錢包占比（wallet share）動態。

And then as we think about some of the recent moves you've made, including the announcement with Instacart and what appears to be more of a pricing value proposition reset, I'm curious if there's any way to frame up when we should expect those trends to stabilize, if there's line of sight to that, and just how committed you are to progressing the business back to a share gainer and shoring up the share position of the business.

另外，考量到你們近期的一些動作，包括與 Instacart 的公告，以及看起來更像是價格價值主張的重置，我想了解是否有方式可以界定我們應該何時預期這些趨勢趨於穩定、是否有可見度；以及你們在推動業務回到市占率提升者、並鞏固公司市占地位方面的承諾程度。

Thanks, Steve. Your first part of the question we didn't hear exactly, but I think we've got most of it. So we'll jump in with Seth.

謝謝你，Steve。你問題的第一部分我們沒有完全聽清楚，但我想我們大致掌握了。所以我們先請 Seth 回答。

Yes. Hey, Steve. Thanks for the question. I think, hey, the first part of that question is more about a little bit more trends that we're seeing from pet and animal and more in general, just to address that one quickly. Just kind of mentioned prepared remarks, obviously, we did see some sequential improvement from Q1. And as well, like just on broader share, really some stabilization continued to happen throughout the quarter.

是的。嗨，Steve。謝謝你的提問。我想你問題的第一部分，主要是想更了解我們在寵物與動物相關方面所看到的一些趨勢；我先快速回應這一點。如同在事先準備的發言中提到的，很明顯我們相較第一季看到一些逐季改善。此外，就更廣泛的市占而言，整個季度也確實持續出現一些穩定的跡象。

As we went through the quarter, all of our initiatives really are starting to really come under play. All of our reset activity across all dog and cat did get complete. I'll tell you that we are pleased with the initial results as those continue to roll out, as we see continued progression in things like our for health being strong, new items being strong, our fresh continuing to expand in the initial results from that as we're now over 250 stores.

隨著季度推進，我們所有的計畫也開始真正發揮作用。我們在所有犬貓品類的重置作業都已完成。我可以告訴你，隨著這些措施持續推進，我們對初步結果感到滿意；我們也看到例如 For Health 表現強勁、新品表現強勁，以及鮮食（fresh）持續擴張的初步成果，目前已覆蓋超過 250 家門市。

With that, I would tell you that Freshpet specifically, now that we're in the 250 stores, we're seeing those results be to our expectation, and I think one of the most encouraging things with that is that we're seeing over 40% of those buyers in Fresh, specifically Freshpet, be either new pet food buyers at Tractor Supply or reactivated buyers at Tractor Supply.

就此而言，我會說 Freshpet 尤其如此；現在我們已進入 250 家門市，我們看到的結果符合預期。我認為其中最令人鼓舞的一點是，在鮮食品類、特別是 Freshpet 的購買者中，超過 40% 是 Tractor Supply 的新寵物食品買家，或是在 Tractor Supply 被重新喚回的買家。

So I think it's just kind of one example as we continue to iterate on the assortment. We're continuing to make sure that we're going where the consumer trends are going and making sure that we can not only stabilize share, but continue back to our share gain that we've done in the past.

所以我想這只是我們持續迭代商品組合的一個例子。我們會持續確保跟上消費者趨勢的走向，並確保我們不僅能穩定市占，也能回到過去曾做到的市占提升軌道。

Also, we're continuing to lean in on other things like in our digital enhancements. Subscription is going well with that as well. We're continuing to see adoption there with a lot of improvements. And just in general, just very pleased with the overall enterprise execution with our pet reacceleration strategy and with the goal to continue to see those sequential improvements as we go through the full back half of this year.

此外，我們也持續加碼其他事項，例如數位端的強化。訂閱服務也進展良好。我們持續看到採用率提升，並伴隨許多改善。整體而言，我們對公司在寵物再加速策略上的整體執行非常滿意，目標是在今年下半年持續看到逐季改善。

As far as the second part of your question, just kind of on pricing and stabilization there, really pleased with the initial results of kind of our value initiatives that we've gone after. As you've seen, we've gone after our unbeatable price program, which is really at the core of our business with really good consumer response specifically around that. We've seen customers' engagement on that be strong across all of our customer cohorts.

至於你問題的第二部分，關於定價與穩定性，我們對所推動的價值相關措施的初步成果感到非常滿意。如你所見，我們推動了「無可匹敵價格」（unbeatable price）計畫，這確實是我們業務的核心，且消費者對此的回應非常正面。我們看到客戶在這方面的互動度在所有客群中都很強。

And with that as well, we've seen about 180-basis-point improvement year over year from our customer survey results that we have just on their perception of our price value perception with Tractor Supply. And that's continuing to improve not only year over year, but we saw it improve sequentially in June and even stronger here in July. And you'll see us continue to lean in on that.

同時，從我們的客戶調查結果來看，客戶對 Tractor Supply 的價格價值感知（price value perception）較去年同期提升約 180 個基點。這不僅在年對年持續改善，我們也看到 6 月逐月改善，而 7 月到目前為止更強。你也會看到我們持續加碼推進。

So overall, pleased with both those initiatives that we outlined on the last earnings call, and you'll see us continue to lean into those as we go through the balance of the year.

因此整體而言，我們對上次財報電話會議中所概述的兩項措施都感到滿意；在今年剩餘期間，你會看到我們持續加大投入。

Steven Zaccone, Citigroup.

Steven Zaccone，Citigroup。

Good morning. Thanks very much for taking my question. I wanted to ask about the second half, same store sales outlook, because it sounds like you're expecting to be down 1 to flat. Comparison gets a little bit tougher in the third quarter. So could you just elaborate on that a little bit more? And it sounds like some of the seasonal trends you saw in June have continued into July, so should we interpret that as positive trends have continued? Thank you.

早安。非常感謝讓我提問。我想詢問下半年同店銷售展望，因為聽起來你們預期會下滑 1% 到持平。第三季的比較基期會稍微更具挑戰。能否再多說明一些？另外，聽起來你們在 6 月看到的一些季節性趨勢延續到 7 月，所以我們是否可以解讀為正向趨勢仍在延續？謝謝。

Hey, Steve, it's Kurt. On the second half cadence, you hit one key point, and that is just to reiterate, as I mentioned in my remarks, that we do expect both Q3 and Q4 to fall in its comp sales range in the implied range of the second half. So relatively tight range in regards to that. Some of the base assumptions on that is that, as already mentioned, we are seeing sequential improvement in key categories like pet. We're seeing improvement throughout the business.

嗨，Steve，我是 Kurt。關於下半年的節奏，你提到了一個關鍵點；我再重申一次，如同我在發言中提到的，我們確實預期第三季與第四季都會落在下半年隱含的同店銷售區間內。因此在這方面的區間相對緊。其中一些基本假設是：如先前所提到的，我們在寵物等關鍵品類看到逐季改善。我們也看到整體業務持續改善。

It's important just to mention the performance of the second quarter, while May was a strong headwind on the quarter, the performance of the core business in the consumables in particular was solid in all three months of the quarter, and we like the progression that we're seeing in the business.

也重要的是要提到第二季的表現：雖然 5 月對本季造成了強勁逆風，但核心業務、尤其是消耗品，在本季三個月份的表現都很穩健；我們也喜歡目前在業務上看到的進展。

As far as Q3 and Q4, on the second half of the year, the strongest compares that we're going up against are the beginning of Q3. We had a really solid, strong, extended spring selling season with big ticket in July. And so that's the strongest compare. And then with a year where there was really no named storms, there was no real winter weather in the back half of the year, as we look at the cadence of it, the toughest compares are really July.

至於第三季與第四季、也就是下半年，我們面對的最強比較基期是在第三季初。去年 7 月有一段非常扎實且延長的春季銷售季，大型商品（big ticket）表現強勁。因此那是最強的比較基期。另外，去年下半年幾乎沒有具名風暴，也沒有真正的冬季天氣；就節奏來看，最具挑戰的比較基期其實是 7 月。

And as I mentioned in my remarks, we like when we see signs of an extended spring selling season. While the business has pressure from drought, a majority of the geographies are showing signs of extra precipitation and the potential for that extended spring selling season. So the business continues to show solid spring selling momentum from June into July. It's only one month, but we like what we're seeing, pleased with the performance in July. So we consider that.

如同我在發言中提到的，我們樂見延長的春季銷售季出現跡象。雖然業務受到乾旱壓力影響，但多數地區顯示降雨增加的跡象，並可能帶來延長的春季銷售季。因此，從 6 月延續到 7 月，業務仍展現穩健的春季銷售動能。雖然目前只有一個月，但我們喜歡所看到的情況，對 7 月的表現感到滿意。所以我們會將此納入考量。

And then I would just reiterate, while we recognize there's uncertainty and we factored into our guidance that there could be headwinds with the consumer, there's a lot of uncertainty. We do see optimism within our range and have baked that in that we see sequential improvement throughout the cadence of the second half of the year.

最後我再重申：雖然我們理解存在不確定性，並已在指引中納入消費者可能面臨逆風的因素、整體也有許多不確定性，但在我們的區間內仍看到一些樂觀因素，並已將其反映在內；我們預期在下半年整體節奏中會持續出現逐季改善。

Jonathan Matuszewski, Jefferies.

Jonathan Matuszewski，Jefferies。

Good morning, and thanks for taking my question. Appreciate all the commentary on pricing and just wanted to kind of drill down on that if I could. So as we think about some of these price investments in 2Q and potentially further price investments in the second half, how do you think about kind of your price gaps relative to different channels of competition, whether it be kind of farm and ranch or the mass channel or digital? Can you kind of maybe just frame for us how your pricing versus peers may look maybe at the end of this year versus maybe at the beginning of the year as a result of the pricing action? Thanks.

早安，謝謝讓我提問。感謝各位對定價的所有評論，我想如果可以的話再深入追問一下。因此，當我們思考第二季的一些價格投資，以及下半年可能進一步的價格投資時，你們如何看待相較於不同競爭通路的價差——不論是農牧通路、大眾量販通路，或是數位通路？你們能否幫我們框架一下：因為這些定價動作，你們相對同業的定價在今年年底可能會呈現什麼樣子，相較於年初又會有何不同？謝謝。

Hey, Jonathan. Yes, this is Seth. Thank you for the question. Yes, as you notated, we've continued to really go after the price value proposition at the end of the quarter and continue to look at that in the back half this year as consumers are definitely looking for value and how we can be their advocate to kind of help them live their lifestyle.

嗨，Jonathan。我是Seth。謝謝你的問題。是的，如你所提到的，我們在季末持續強化價格價值主張，並且在今年下半年也會持續檢視，因為消費者確實在尋求價值，而我們也希望成為他們的後盾，協助他們維持其生活型態。

From a historical perspective, we've always had really good robust tools in place where we index and track across farm and ranch, across mass, across digital-only players. And we've always indexed to make sure on those core items that we have that we are in a very solid price position to make sure that we can drive market share while also making sure that we can appropriately manage margins.

從歷史角度來看，我們一直都有非常完善且強健的工具，能在農牧通路、量販通路，以及純數位玩家之間進行指數化比較與追蹤。我們也一直透過指數化來確保在那些核心品項上，我們維持非常穩健的價格位置，以便在推動市占的同時，也能適當管理毛利。

I would just state that right now, our price perception and our price index continues to be equal to or even slightly better than historical as we've gone after these kind of unbeatables in particular, and you'll see us to continue to invest in that in the back half this year and with the appropriate support from our supplier partners as well as leverage our landed cost initiatives as we continue to open up new distribution centers and go after those as well.

我想說的是，就目前而言，隨著我們特別針對這些所謂「無可匹敵」的品項加大投入，我們的價格觀感與價格指數仍與歷史水準相當，甚至略優於歷史水準；你們也會看到我們在今年下半年持續投資於此，同時也會獲得供應商夥伴的適當支持，並且在我們持續開設新的配送中心、推進相關計畫之際，運用我們的到岸成本（landed cost）改善措施。

So in terms of price indexing and what we're going to see there, again, consumers are looking for value. We're going to lean into that. We're committed to driving market share, balancing that appropriately where we need to with our margin management. And again, we've been indexing that for years and our index position where we are right now is equal to or stronger than it's even been in recent years.

因此，就價格指數化以及我們將看到的結果而言，再次強調，消費者在尋求價值。我們會加大力道投入其中。我們致力於推動市占，同時在需要之處與毛利管理做適當平衡。而且我們多年來一直在做這些指數化追蹤；我們目前的指數位置與過往相當，甚至比近年來更強。

Zach Fadem, Wells Fargo.

Zach Fadem，Wells Fargo。

Hey, good morning. You mentioned a favorable early assessment on the changes you've been making inside the stores, pricing, promo, assortment, et cetera. The first question is whether you think you're moving fast enough or why not go faster? And then second question, separate question, could you talk about what the benefit was from tariff refunds in Q2?

嗨，早安。你提到對店內正在進行的變更（定價、促銷、品類組合等）的初步評估是正面的。第一個問題是，你是否認為你們推進得夠快？如果不是，為什麼不再快一些？第二個問題，另外一題，你能談談第二季關稅退稅帶來的效益是什麼嗎？

I'll take those two questions and maybe bundle them together because I think there's a correlation there. So let me just frame up the gross margin and our approach to pricing and some of the even cost headwinds of freight in the industry right now. And then I think that really, in a sense, answers somewhat of your question on pricing. Do we have the right timing? Are we going fast enough, et cetera?

我來回答這兩個問題，並且可能把它們合在一起，因為我認為兩者之間是有關聯的。我先說明一下毛利率、我們對定價的做法，以及目前產業中運費成本的一些逆風。我想這在某種程度上也能回答你對定價的問題。我們的時點是否正確？我們推進得是否夠快？等等。

So if you just step back on cost pressures or cost gross margin drivers in the business -- and this is more of a macro across retail. You've got freight hitting unexpected high. The fuel costs are higher than most anticipated, and certainly even the rates on freight. So there is a burden across retail on freight in general. There is a tariff benefit that all or most retailers like us are experiencing at this point. And as we manage all of the factors that go through gross margin, in this environment right now, there is a strong appetite and looking for from the consumers on value.

如果你先退一步看企業中的成本壓力或影響毛利率的成本驅動因素——這更偏向零售業的總體面。你會看到運費升至出乎意料的高位。燃料成本高於多數人預期，當然也包括運費費率本身。因此，整體零售業普遍承受運費方面的負擔。同時，像我們這樣的所有或大多數零售商，目前也都在享有關稅方面的利益。而當我們管理所有會影響毛利率的因素時，在目前這樣的環境下，消費者對「價值」有很強的需求與期待。

So as we're stepping into a value proposition, as we're looking for ways to not drive higher cost from freight, we're using the benefits that we're receiving at this point with tariff refunds. Now tariff refunds are a bit choppy, and we said and expected to be uncertainty and some choppiness across that. And so the benefits may not exactly land at the same timeframe as some of the pricing initiatives that we're placing throughout this year.

因此，當我們強化價值主張、並尋找方法避免運費推升更高成本時，我們正在運用目前收到的關稅退稅所帶來的好處。不過關稅退稅的節奏有些不穩定，我們也說過並預期這部分會有不確定性與波動。因此，這些效益落地的時間點，未必會與我們今年推行的部分定價措施完全同步。

But we're benefiting in utilizing tariffs to be able to drive value to our customers, give us a strong position, especially in farm and ranch, and to be able to be competitive in an environment that we view across retail as a renewed competitive environment as the consumer is pushing for value, very much like 2018 and 2019.

但我們確實受益，並且運用關稅來為客戶創造價值，讓我們在農牧通路上具備更強的定位，同時也能在我們所觀察到的零售業「競爭再度升溫」的環境中保持競爭力；因為消費者正在要求價值，這很像2018年與2019年的情況。

So we believe we're stepping in at exactly the right level, as Seth mentioned, to manage both market share. And we're seeing that movement in regards to, as he mentioned, the level of engagement across existing or even accelerating new or re-engaging customers across our core Q consumable business. And we're utilizing throughout this year the tariff benefits to be able to invest in those areas and avoid price increases for freight and be able to drive value.

因此，我們相信我們正以完全正確的力度切入，如Seth所提到的，來同時管理市占。而且我們也看到相關的動能——如他所說，在我們核心的Q類消耗品業務中，既有客戶的互動程度提升，甚至新客或重新互動的客戶也在加速。我們在今年持續運用關稅利益，投資於這些領域，並避免因運費而調漲價格，從而推動價值。

To that extent, I'll just mention that I said it's choppy. And you heard my prepared remarks on gross margin that we saw a benefit and increase in gross margin the second quarter. While we see gross margin in the back half and even particularly stronger in in Q3 -- and that's really stronger in regards to decline year over year in Q3. It really has to do with some of that lumpiness of when tariff benefits are coming in and our commitment to utilizing that to ensure we're driving value.

在這方面，我再補充一下，我說過它是有波動的。你也聽到我在事先準備的談話中提到毛利率：我們在第二季看到毛利率受益並上升。同時，我們看到下半年毛利率，甚至特別是在第三季會更強——而這裡所謂「更強」，其實是指第三季的年對年下降幅度更大。這主要與關稅利益進來的時間點不均勻，以及我們承諾運用這些利益來確保推動價值有關。

And in particular, gross margin, as I indicated, year over year, it's down a bit in the second half. Heavier pressure in Q3. I'd look at it from this standpoint: Q3 versus Q2 may have 50, 75 basis points difference in the level of year-over-year performance and gross margin. While there's a few factors that go into this, the largest portion of that is the level of timing of tariff benefit being stronger in Q2. So a little bit of cadence information on timing, and hopefully that helps you understand. We have confidence that we've hit the right measure on our pricing and we'll continue into the second half.

特別是毛利率方面，如我所指出的，下半年年對年會略為下降。第三季壓力更大。我會這樣看：第三季相較第二季，在年對年表現與毛利率的差異上，可能會有50到75個基點的落差。雖然有幾個因素共同影響，但其中最大的一部分，是關稅利益在第二季的時點較強。以上是一些關於時點節奏的資訊，希望能幫助你理解。我們有信心，我們在定價上拿捏到了正確的尺度，並會延續到下半年。

Michael Lasser, UBS.

Michael Lasser，UBS。

Good morning. Thank you so much for taking my question. At this point, the market recognizes that the back half of the year is going to be what it is, but the focus is really starting and increasingly going to be on 2027. And so to that, two simple questions.

早安。非常感謝讓我提問。目前市場已經認知到下半年大致就是那樣，但焦點真的開始、而且會愈來愈集中在2027年。因此，基於此，我有兩個簡單的問題。

One, given that you did remove the long-term framework, how should we think about what a realistic comp number over the intermediate term is for Tractor Supply's business? Recognizing that you're not going to give a specific number, but is there anything different moving forward that we should not rest on maybe the average over the last 10 years that we should consider as we start to lay out our outlooks for the next couple of years?

第一，鑑於你們確實移除了長期框架，我們應該如何看待Tractor Supply業務在中期（intermediate term）合理的同店成長（comp）數字？我理解你們不會給出具體數字，但往前看，有沒有任何不同之處，使得我們不應該僅依賴過去10年的平均值？在我們開始為未來幾年的展望建模時，有沒有什麼需要納入考量的？

And two, it sounds like there's a lot of moving pieces between tariff refunds, tariff -- lower tariff rates, some transitory expenses that are going to impact this year. And this is probably best for Kurt, but to the extent that we want to calibrate our models for 2027, what would you consider unique in this year from a profitability perspective that we should factor in as we estimate what Tractor Supply's profitability looks like next year?

第二，聽起來今年有很多變動因素，包括關稅退稅、關稅——較低的關稅稅率，以及一些會影響今年的短期性費用。這題可能最適合Kurt回答，但如果我們想把模型校準到2027年，從獲利能力的角度來看，你認為今年有哪些獨特之處是我們在估算Tractor Supply明年獲利能力時應該納入的？

Hey, Michael. It's Hal Lawton, and good to speak with you today. Thanks for being on the call. I'll make a couple comments on our long-term guidance. As I said on the prepared remarks, we very much recognize the fact that our investors expect and deserve to have a long-term guidance framework to operate around, and we are committed to delivering an updated long-term guidance framework in concert with our 2027 outlook.

嗨，Michael。我是 Hal Lawton，很高興今天能和你通話。謝謝你參與這通電話。我想就我們的長期指引做幾點說明。正如我在事先準備的發言中提到的，我們非常清楚投資人期望且值得擁有一個可依循的長期指引框架，我們也承諾將在提出 2027 年展望的同時，提供更新版的長期指引框架。

I'll say a couple things on that. As it relates to sales, we continue to believe we are a growth company. And we continue -- we are very pleased, as Kurt has said, with all the actions we've been taking over the last 90, 120 days to accelerate the business. And you can expect us to continue to accelerate these initiatives.

我再補充幾點。就銷售而言，我們仍然相信自己是一家成長型公司。而且我們也持續——如 Kurt 所說——對過去 90 到 120 天為加速業務所採取的所有行動感到非常滿意。你可以預期我們會持續加速推進這些計畫。

And also, as we share with you today, some more structural changes we're making, you can expect to hear more updates from us on that as well. But I would reiterate, we continue to believe that we have growth in our horizons, both on the comp side and on the new store side.

另外，正如我們今天與各位分享的，我們正在推動一些更具結構性的變革，你也可以預期我們會就此提供更多更新。但我想再次強調，我們仍然相信未來仍有成長空間，無論是在同店（comp）面向或新店拓展面向皆然。

As it relates to op margin, I would acknowledge we're at a recently historically low op margin. We still believe that we continue to leverage at a 2% plus comp as we move forward. And really, the historical operating margin that we have right now is a byproduct of our last two-plus years of really modest positive comps, which have driven deleverage in the business.

就營業利益率（op margin）而言，我承認我們目前處於近年歷史低點。我們仍然相信，隨著未來同店成長達到 2% 以上，我們將能持續產生槓桿效益。而我們目前的歷史營業利益率水準，主要是過去兩年多以來同店僅溫和正成長所致，這使得公司出現去槓桿（deleverage）。

We continue to have a lot of optimism around the business. We continue to be pleased with the actions we've taken in the last 90 days and the results we're seeing in the business, Kurt talked a lot about seasonal, pet, and value. I'll hit on just a couple of other things, but we did a lot of sales driving initiative work, say, in our truck tool and hardware business.

我們對業務仍然非常樂觀。我們也持續對過去 90 天採取的行動以及在業務上看到的成果感到滿意；Kurt 談了很多關於季節性、寵物與價值的部分。我再補充幾點：例如我們在卡車工具與五金業務上，做了大量推動銷售的計畫。

We released some press releases on that with our new electrical set and also our new power tool set. We're seeing results and performance there. In clothing and gift, we've made a lot of introductions in the last 60, 90, 120 days. We're seeing very good results there as well. Also, outdoor rec, we're opening up over 700 stores this year with outdoor rec. That continues to go very well.

我們也就新的電工套組以及新的電動工具套組發布了新聞稿。我們在那裡看到了成果與表現。在服飾與禮品方面，我們在過去 60、90、120 天推出了許多新品。我們在那裡也看到非常好的成果。另外，戶外休閒（outdoor rec）方面，我們今年將在超過 700 家門市導入戶外休閒品類。進展也持續非常順利。

The last thing I'll talk about is our seasonal center court programs. Last year, those programs set late. And they were affected by the tariff that came in kind of last minute as those programs are being finalized. This year, we don't have those complications. Many of those programs have already set. Many of them are on their way to set in the next week or two with the right price points and the right quantities, and we're seeing strong performance in our center court activity year over year as well.

最後我想談的是我們季節性中庭（center court）方案。去年這些方案上架較晚。而且在方案定案的最後階段，臨時生效的關稅也對其造成影響。今年我們沒有這些複雜因素。其中許多方案已經完成上架。還有許多將在接下來一兩週內以正確的價格帶與正確的數量完成上架；我們也看到中庭活動的表現相較去年同期依然強勁。

Those are all just examples of reasons that we have confidence in the business. And as I said, we look forward to sharing with you long-term guidance as well as our 2027 outlook in our Q4 earnings call.

以上都只是我們對業務有信心的一些例子。如我所說，我們期待在第四季財報電話會議中，與各位分享長期指引以及我們的 2027 年展望。

Spencer Hanus, Wolfe Research.

Spencer Hanus，Wolfe Research。

Good morning. Thanks for the question. I just wanted to ask on what the initial takeaways have been from the pet resets that you've done so far. How have sales been trending pre and post those resets? And then as we look around the other parts of the store, what do you see as other low-hanging fruit, maybe side lot or other things that you guys can look at to help improve some of the comp momentum from a merchandising standpoint? Thanks.

早安。謝謝讓我提問。我想請教目前為止你們已完成的寵物品類重整（pet resets）有哪些初步重點觀察？重整前後的銷售趨勢如何？另外，放眼門市其他區域，你們認為還有哪些「低垂的果實」可以先做——例如側邊場地（side lot）或其他項目——從商品陳列（merchandising）的角度來幫助提升同店動能？謝謝。

Hey, Spencer. It's Seth. Thanks for the question. Hey, yes, from the recent pet resets, kind of like pre/post, like we've mentioned already, kind of sequentially, we're seeing some nice improvements in our pet business overall. As we went through this last pet reset, a couple key things happened with those, one being, obviously, some new brand expansions and introductions and how we make sure that we have the brand expanded in introductions on a regional and more localized level.

嗨，Spencer。我是 Seth。謝謝你的問題。是的，關於近期的寵物重整，從重整前/後來看，正如我們先前提到的，按序（sequentially）而言，我們看到整體寵物業務有不錯的改善。在這次寵物重整過程中，有幾個關鍵點：第一，當然是一些新品牌的擴充與導入，以及我們如何確保在區域與更在地化的層級，做好品牌擴充與新品引進。

So the team put a lot of work in making sure that we have the right brands and the right stores, and we're seeing that have favorable impact right out of the gate. Second is, we already talked about Fresh. We're introducing Fresh. We're seeing nice adoption with that. And we're not necessarily at significant scale with that yet, we haven't really put any significant marketing behind that. As we continue to scale that, you'll see us get even more marketing behind that activity, which we think will continue to drive some market share opportunities for us.

因此團隊投入大量工作，確保在正確的門市配置正確的品牌，而我們也看到這在一開始就帶來正面影響。第二點是我們已經談過的 Fresh。我們正在導入 Fresh。我們看到不錯的採用度。目前它的規模還沒有非常大，我們也尚未在其上投入任何顯著的行銷資源。隨著我們持續擴大規模，你會看到我們在這項活動上投入更多行銷，我們認為這將持續為我們帶來一些市占機會。

We've also seen some really strong results related to our cat reset recently. That was the one that just happened a few weeks ago. We expanded pretty significantly our cat wet offering that we have there. That has shown a really nice improvement from Q1 to Q2 and even in post-reset.

我們也在近期的貓用品重整（cat reset）上看到非常強勁的成果。那是幾週前才剛完成的。我們大幅擴充了貓罐頭（濕食）的品項供給。這使得從第一季到第二季，甚至在重整後，都呈現相當不錯的改善。

As well as one last thing too, we continue to iterate on our Project Fusion pet layout. And as we continue to iterate on that to be able to make sure that we are having the right footages by categories, the latest Fusion format as well, we call it kind of like our pet-plus format, it is outperforming the balance of the chain as well.

另外還有最後一點：我們也持續迭代 Project Fusion 的寵物區配置。隨著我們持續迭代，以確保各品類擁有正確的陳列面積（footage）；而最新的 Fusion 格式——我們稱之為類似「pet-plus」的格式——其表現也優於全連鎖其他門市。

There's optimism on the activities that the teams are continuing to put behind this. And you put that along with all the activity going into our digital enhancements, as well as our marketing activities behind it, and then couple that with our pet ecosystem that we're continuing to invest in. We think that has the opportunity to be incredibly sticky for us going forward relative to pet.

對於團隊持續投入的這些行動，我們抱持樂觀。再加上我們在數位強化上的各項投入，以及相關的行銷活動，並結合我們持續投資的寵物生態系，我們認為這將在未來的寵物業務上，為我們帶來非常高的黏著度（sticky）。

Other merchandising activities, kind of excited about as we approach the back half. Hal just mentioned a couple of them. First, I'd just say, basically, our center court activity, those are the things that really come to life in the back half and where we really can drive incrementality. Last year, those were the most impacted of categories and events that we had from tariffs.

至於其他商品陳列相關的行動，隨著我們邁向下半年，我們也感到相當振奮。Hal 剛提到其中幾項。首先我想說的是，我們的中庭活動基本上會在下半年真正發揮效果，也是我們能夠帶動增量（incrementality）的地方。去年這些品類與活動是受關稅影響最嚴重的部分。

I was proud of the work the team did last year to minimize those impacts. But obviously, it wasn't necessarily optimal and optimized based off when they were getting planned or when the tariffs actually rolled out. And this year, I think the team has done a remarkable job bringing incredible value, innovation, and new programs across our Tool Days event, our deer event, our holiday event. And as we approach holiday later in the year, just some special buys, unique products that's going to be innovation and I think get values that consumers are going to really, really respond to.

我為團隊去年為降低這些影響所做的努力感到自豪。但顯然，基於規劃時點以及關稅實際推出的時間點，那並不一定是最理想、最優化的狀態。而今年，我認為團隊在我們的 Tool Days 活動、鹿季活動（deer event）、節慶活動（holiday event）等方面，帶來了非常出色的價值、創新與新方案。隨著我們在今年稍晚進入假期檔期，一些特別採購（special buys）與獨特商品將帶來創新，我也認為其價值會讓消費者有非常、非常強烈的反應。

And then lastly, Hal mentioned also our rec aisle. Our wildlife business has been very strong over the last few years. At this point, we have over a couple hundred stores that we've gone in and back-remodeled. A dedicated rec department, wildlife focused more on deer and hunting.

最後，Hal 也提到我們的休閒走道（rec aisle）。我們的野生動物（wildlife）業務在過去幾年一直非常強勁。截至目前，我們已在兩百多家門市進行後場改裝（back-remodeled）。設置專門的休閒部門，而野生動物則更聚焦於鹿類與狩獵。

Now that's opening up space in Center Court to even expand that category further. And that's really an effort of localization, particularly across the states that are very meaningful in those categories, and we're seeing really good customer response on that right now. And that season is in front of us. So a lot of activity from the merchant perspective ahead and optimistic about the programs that are coming to life.

這也讓 Center Court 釋放出更多空間，甚至可以進一步擴大該品類。而這確實是一項在地化的努力，特別是在那些對這些品類非常重要的州，我們目前也看到客戶反應非常好。而那個季節就在眼前。所以從採購／商品端的角度來看，前面有很多動作，我們也對正在落地的各項方案感到樂觀。

Chuck Grom, Gordon Haskett Research Advisors.

Chuck Grom，Gordon Haskett Research Advisors。

Hey, morning, everyone. Can we dissect the compression in traffic a bit more? Curious if there's any common themes by geographic market, income cohorts, and also driving distance from the store. And then just separately, Kurt, inventory is up about 14% year over year more than the recent trend. How do you feel about the currency of that inventory today? Thank you.

各位早安。我們能不能再更深入拆解一下來客量下滑的壓縮情況？我想了解是否在地理市場、收入族群，以及到店行駛距離方面，有沒有一些共同的主題。另外，Kurt，你們的庫存年增大約 14%，高於近期趨勢。你如何看待目前這些庫存的新鮮度／時效性？謝謝。

Yes, Chuck, this is Kurt. I'll hit both of those. In regards to traffic, I'll start by saying it's important to note that when we entered 2026, we said we expected that we would benefit more from ticket than the business being transaction or traffic led, and that has certainly played out. But that said, both Q1 and Q2 have certainly had traffic and transaction counts below our expectations.

是的，Chuck，我是 Kurt。我兩個都回答。關於來客量，我先說明一點：我們在進入 2026 年時就提到，我們預期相較於由交易筆數或來客量帶動，會更多受益於客單價（ticket），而這確實也如我們所預期地發生了。但即便如此，第一季與第二季的來客量與交易筆數仍然低於我們的預期。

The traffic activity was very much in line with the overall trends of the business. I'll hit some of those key points. We saw only a modest level of comp transaction decline in April and June, flat to slightly down. The majority of this transaction decline that you're seeing in the numbers are very much in line with the results of May.

來客量的表現其實與整體業務趨勢非常一致。我點出幾個重點。我們在 4 月與 6 月看到的同店交易筆數下滑幅度不大，介於持平到小幅下滑。你在數字上看到的交易下滑，多數其實與 5 月的結果非常一致。

And what we saw in May was -- certainly, the biggest pressure was on big ticket, seasonal big tickets, such as riding lawnmowers, those area, seasonal big ticket of wrecked vehicles, and so forth. But then we saw a lot of the spring seasonal activity that's a bit more discretionary based. We saw transaction decline. Certainly, part of the transaction across all the quarter was consistent in being down related to companion animal. But as we mentioned, we saw sequential improvement.

而我們在 5 月看到的是——確實，最大的壓力來自大件商品，尤其是季節性的大件商品，例如乘坐式割草機等那類季節性大件商品，以及報廢車輛等相關品項。此外，我們也看到一些更偏可選性支出的春季季節性活動。交易筆數出現下滑。當然，整個季度的交易下滑中，有一部分也一貫地與伴侶動物（寵物）相關品類下滑有關。但如我們提到的，我們看到逐季改善。

So the pressures that occurred in May were somewhat in certain geographies where there were drought based off of that. I'd give a stronger impact from overall May, as Hal's remarks mentioned, to be very much consistent with the overall consumer sentiment at -- some of it's low. And the rural customer, as even you indicated, certainly driving more distance, impacting their own lifestyle, even if they're the hobby farmer in diesel with their equipment. A greater percentage of our customers drive in diesel trucks.

因此，5 月出現的壓力在某些地區更明顯，因為那些地區受到乾旱影響。我會說，相較於整體 5 月，正如 Hal 的發言所提到的，影響更大的一點其實與整體消費者信心非常一致——其中一部分確實偏低。而鄉村客群——如你也提到的——往往需要開更遠的距離，這也影響到他們的生活方式；即便是以嗜好為主的小農，柴油成本也會影響他們使用設備。我們有更高比例的客戶是開柴油卡車來店。

And we looked across the geographies, and there was a consistent theme during those four weeks. And by the way, those four weeks are historically four of the six largest-volume weeks. And we saw a noticeable -- across our geographies, we saw more meaningful decline in areas where there were some droughts, such as the southeast areas, et cetera. So we do like and are really more leaning on the more normalized traffic, which has been consistently only modestly down year over year.

我們檢視各個地理區域後，在那四週期間看到一致的主題。順帶一提，那四週在歷史上是六個最高銷量週中的四個。我們也看到明顯的——在各地區中，乾旱較嚴重的區域（例如東南部等）下滑更為顯著。因此，我們更傾向、也更倚重較為常態化的來客量表現；而這部分年對年一直都只是小幅下滑。

In regards to our inventory, as I mentioned, a larger portion of that 6% growth in average inventory per store is inflation or cost basis. And the other portion of that is more heavily related to the seasonal goods. We don't see risk in those areas. And we actually believe even more at this time that it's benefiting us as in certain markets, we're seeing a continued demand for the spring seasonal goods.

關於庫存，如我提到的，單店平均庫存成長 6% 的較大部分來自通膨或成本基礎上升。另一部分則更多與季節性商品相關。我們不認為這些領域存在風險。而且我們目前更相信這其實對我們有利，因為在某些市場，我們看到春季季節性商品的需求仍在延續。

We don't see any real significant concerns. We're certainly working to drive our average inventory per store down and expect -- and targeting those numbers on an average inventory per store growth rates to decline as we go throughout the cadence of this year, as we want to just be able to be more efficient across all aspects of our business. But we don't see a concern with inventory at this time.

我們沒有看到任何真正重大的疑慮。我們當然正在努力把單店平均庫存往下拉，並且預期——也以此為目標——隨著今年節奏推進，單店平均庫存的成長率會下降，因為我們希望在業務各個面向都能更有效率。但就目前而言，我們不認為庫存是個問題。

Jeff Lick, Stephens.

Jeff Lick，Stephens。

Great. Thanks for taking my question. I think if you would have polled all the analysts, either buy-side or sell-side, we would have thought that pet was a bigger impact than it was. And then now you're talking about May and big ticket.

好的。謝謝讓我提問。我想如果你去問所有分析師，不論買方或賣方，我們原本都會以為寵物品類的影響會更大，但實際上沒有那麼大。而現在你們在談 5 月與大件商品。

I wonder maybe if you could unpack that a little more and then also just give specific reference to -- I mean, you've talked about how your initiatives are a net positive, but they're kind of being overwhelmed by -- it doesn't seem like it's pet. It's the other category. So maybe if you take that wherever you'd like -- but just like a lot of the analysts just trying to forecast and unpack the sales trajectory and where you're going.

我想知道你們是否可以再多拆解一下，並且也更具體地說明——我的意思是，你們談到你們的各項措施是淨正面，但似乎被其他因素蓋過；而看起來並不是寵物，而是其他品類。是其他品類。所以你可以從你想切入的角度來談——但很多分析師都在嘗試預測並拆解銷售走勢，以及你們接下來的方向。

Hey, it's Hal. I'll just try to use that to reiterate some of the previous comments we've given. First, we saw positive comps, as we've said many times, in April and June. We have a very strong two-year lap. We had a high single-digit comp in the month of July last year, and we are very pleased with our two-year lap on that.

嗨，我是 Hal。我就用這個問題來重申我們先前的一些評論。首先，如我們多次提到的，我們在 4 月與 6 月看到同店成長為正。我們的兩年比較基期非常強。去年 7 月的同店成長是高個位數，我們對兩年比較的表現也非常滿意。

As we've said, we've seen sequential improvement in, really, all aspects of our business from Q1 to Q2, inclusive of pet, and importantly pet, given its concentration in our business. But as I mentioned in just a few Q&As ago, we've also seen improvement in other areas that we've made investments, such as I mentioned in electrical and power tools -- Seth reinforced that -- our center court activity, also in clothing and gift. Those sorts of investments -- outdoor rec is another area.

如我們所說，我們從第一季到第二季在業務各個面向都看到逐季改善，包含寵物品類——而且寵物很重要，因為它在我們業務中的占比很高。但如我在前面幾個問答提到的，我們也在其他我們投入資源的領域看到改善，例如我提到的電工與電動工具——Seth 也再次強調了——我們的 center court 活動，以及服飾與禮品。這類投資——戶外休閒（outdoor rec）也是另一個領域。

Those sorts of investments have also provided sequential improvement in all of our businesses from Q1 to Q2. Certainly, seasonal was what put pressure on us in Q2. That seasonal business has continued to perform in Q3. As Kurt mentioned, we're very pleased that we carried that inventory over. We are seeing the sell down on that as we expected through July. And we continue to see improvement sequentially in the core businesses I mentioned earlier. And it's those elements that give us confidence in our implied Q3 and Q4 outlooks.

這些投資也讓我們所有業務從第一季到第二季都出現逐季改善。當然，第二季對我們造成壓力的是季節性業務。而這個季節性業務在第三季仍持續表現。如 Kurt 提到的，我們很高興我們把那批庫存延續保留下來。我們看到如預期在 7 月持續去化。而我們也持續看到我先前提到的核心業務逐季改善。正是這些因素，讓我們對第三季與第四季隱含的展望更有信心。

Peter Benedict, Baird.

Peter Benedict，Baird。

All right, good morning, guys. So the second half EBIT margins, I guess, are implied like 7.7% or down 75 basis points at the midpoint. I'm wondering, Kurt, could you help us unpack the drivers there? Not necessarily gross margin versus S&GA, which you've given some on, but more what's driving that with the DC costs, the natural deleverage on the negative comp, to what extent price investment might be playing a role, medical?

好的，各位早安。所以我想下半年 EBIT 利潤率在指引中隱含大約是 7.7%，以中位數來看大概下滑 75 個基點。Kurt，我想請你幫我們拆解一下背後的驅動因素？不一定要再談毛利率對比 S&GA（銷售與管理費用），你們已經提供一些了；我更想了解的是，配送中心（DC）成本、同店為負帶來的自然槓桿反向（deleverage）、價格投資在其中扮演多大角色、醫療（成本）等，究竟是哪些在推動這個變化？

I think there were some timing things for tariffs. Anyway, if you can just maybe break that 75 basis points down so we can kind of understand what's maybe temporal here or what maybe continues as we look into '27. Thank you.

我想關稅可能也有一些時點上的因素。總之，如果你能把這 75 個基點拆解一下，我們就能更理解哪些可能是短期／一次性的，哪些可能會延續到我們展望 2027 年時仍然存在。謝謝。

Yes, I'll just give you a few things to kind of pack in there as for your modeling purposes. The tariffs, as I mentioned, are a bit choppy and lumpy. And so where they've been offsetting some of the freight and fuel pressures, they're also allowing to provide an offset to some of the value that we're driving the business.

是的，我再給你幾點，方便你在建模時把這些因素納入考量。如我提到的，關稅的影響有些起伏不定、也不太均勻。因此，雖然它們在某種程度上抵消了部分運費與燃料成本壓力，但同時也讓我們能夠對我們正在推動業務的部分價值提供一些抵消。

We expect, for the back half of the year, the freight pressures to be relatively consistent in both Q3 and Q4 that we had in the first half of the year. We are committed to our everyday low pricing and the value we're driving right now in the business. And so I think there's not that much difference between Q2 versus the second half and those factors.

我們預期在下半年，運費壓力在第三季與第四季將與上半年相對一致。我們致力於維持天天低價（EDLP）以及我們目前在業務中所推動的價值。因此，我認為第二季相較於下半年，在這些因素上差異不大。

The things that generally are different on the gross margin is principally the choppiness on the tariffs. And then additionally in Q4, we're anticipating roughly a 20-basis-point benefit from the supply chain with the new distribution center.

毛利率方面通常不同的因素，主要是關稅的波動性。另外在第四季，我們預期新的配送中心將為供應鏈帶來約20個基點的效益。

On the SG&A side, our numbers implied in the second half of the year should provide an improved SG&A as a percentage of sales while deleveraging shows some improvement, although somewhat offset by having the startup costs from the distribution centers. So it's really a bit of the choppiness on the tariffs. And there's a stronger overall performance from sales in Q4, gross margin improvement from the new distribution center in Q4.

在SG&A方面，我們下半年隱含的數字應可使SG&A占銷售比率有所改善，去槓桿化（deleverage）的情況也會有些改善，但會被配送中心的啟動成本部分抵消。所以主要還是關稅的波動性。以及第四季銷售整體表現更強、第四季新配送中心帶來的毛利率改善。

And if you take all that together -- and I think what might be helpful for the modeling, as we see this, and this has been kind of going back to somewhat of a historical norm, I would package the potential, the growth earnings potential of the second half of the year. Q3 is roughly 45% to 45%, 50% of the earnings, and the Q4 is more than 55% of it. And that's going to really help you understand just the timing because there are a number of things that, as you mentioned, are playing into a timing across -- even the quarters.

如果把這些合在一起——我想對建模可能有幫助的是，依我們的觀察，而且這也有點回到歷史常態——我會這樣來包裝下半年獲利成長的潛力：第三季大約占45%到50%的獲利，而第四季占比超過55%。這會真正幫助你理解時間點，因為如你所提到的，有不少事情會影響到時點分布——甚至跨季度。

Operator, we've got time for one more question.

接線員，我們還有時間再接一個問題。

Kate McShane, Goldman Sachs.

Kate McShane，高盛。

Hi, good morning. Thanks for taking our question. We wanted to go back to what you announced on Petsense today. What do the 75 store closures mean for the fleet? Were they unprofitable stores that you were closing? And just what is the longer-term strategy there?

嗨，早安。謝謝讓我們提問。我們想回到你們今天對Petsense的公告。關閉75家門市對整體門市組合（fleet）意味著什麼？這些是你們要關掉的虧損門市嗎？以及更長期的策略是什麼？

And then just second to that, I don't think we heard much about Neighbors Club today in the prepared comments and just wondered if anything was being leveraged there in a more meaningful way to help drive customer acquisition or improve transaction growth.

另外第二點，我想我們今天在事先準備的發言中沒有聽到太多關於Neighbors Club的內容，想請問是否有在更有意義的層面加以運用，以協助推動客戶獲取或提升交易成長？

Yes, hey, Kate. It's Hal, and thanks for the question today. Appreciate that. On Petsense, I would frame Petsense as part of the broader strategic work that we're doing, as I mentioned, leading up to a re-sharing of a new long-term algorithm in concert with our Q4 earnings call.

是的，嗨，Kate。我是Hal，謝謝你今天的提問。非常感謝。關於Petsense，我會把Petsense視為我們正在進行的更廣泛策略工作的一部分；如我提到的，我們會在第四季財報電話會議時，配合重新分享一套新的長期演算法（long-term algorithm）。

And as I mentioned in my prepared remarks, we're going through a significant amount of work. And as we make decisions through that work, we're committed to being transparent and sharing those publicly. And one of those decisions was around Petsense.

如我在事先準備的發言中提到的，我們正在進行大量的重要工作。而在這些工作中做出決策時，我們承諾會保持透明並對外公開分享。其中一項決策就是關於Petsense。

So the Petsense chain has north of a couple hundred stores. And the performance across those stores has a wide range. And the 75 stores that we announced today that we're shutting down are negative four-wall cash flow. And so we will be able to use that negative four-wall cash flow once we shut those stores down and reinvest that back into the core of our business. And we think that's a kind of smart shareholder capital allocation approach.

Petsense連鎖門市有兩百多家。而各門市的表現差異很大。我們今天宣布要關閉的75家門市，屬於四牆現金流（four-wall cash flow）為負。因此，一旦關閉這些門市，我們就能把這些負的四牆現金流釋放出來，並再投資回我們的核心業務。我們認為這是一種明智的股東資本配置方式。

Reiterate that after that, we think we'll have a very strong, profitable Petsense business. It will work well with the broader pet ecosystem that we're building with Allivet as well as with VIP Petcare. And I will reiterate that while those two businesses, VIP Petcare and Allivet, do integrate and we fully expect them to be core parts of our integration with Tractor Supply, the Petsense business is not directly connected to the core Tractor Supply business. So we feel like this doesn't do anything in terms of impacting our pet re-acceleration in the core Tractor Supply business.

我再強調一次，在此之後，我們認為Petsense將會是一個非常強勁且獲利的業務。它也會與我們正在打造的更廣泛寵物生態系良好協同，包括Allivet以及VIP Petcare。我也要再次強調，雖然VIP Petcare與Allivet這兩項業務彼此整合，且我們完全預期它們會成為與Tractor Supply整合的核心部分，但Petsense業務並未與Tractor Supply的核心業務直接相連。因此，我們認為這不會在核心Tractor Supply業務中，對我們寵物業務的再加速造成任何影響。

On Neighbor's Club, we continue to be very pleased with Neighbors Club. It's 80% plus north of our overall sales volume. We continue to add members. And in particular, as we've been looking to drive improved value positioning in the marketplace, Neighbors Club has really played a role in that because we've been able to target the cohorts, get the message out.

關於Neighbors Club，我們仍然對Neighbors Club非常滿意。它占我們整體銷售額的80%以上。我們持續增加會員。特別是當我們致力於在市場上推動更佳的價值定位時，Neighbors Club在其中確實扮演了角色，因為我們能夠鎖定不同客群（cohorts），把訊息傳遞出去。

And Seth mentioned our consumers' price perception in our business has increased significantly from Q1 to Q2 and year over year. And certainly, Neighbors Club and the depth of understanding we have on those customers has allowed us to effectively reach them and get that message across.

Seth提到，我們業務中消費者對價格的感知，從第一季到第二季以及年對年都顯著提升。而Neighbors Club以及我們對這些客戶的深入理解，確實讓我們能有效觸及他們並把訊息傳達到位。

All right, we've hit the top of the hour, so we'll wrap our call up there. Rena Clayton and I are around for any follow-ups, and thank you all for joining our call today. We'll look forward to talking to you on our Q3 call in October.

好的，現在已到整點，我們就先在此結束電話會議。Rena Clayton和我會在會後提供任何追問的協助，也謝謝各位今天參與我們的電話會議。我們期待在10月的第三季電話會議再與各位交流。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。