Ollie 的廉价奥特莱斯控股公司 (OLLI) 首席执行官马克巴特勒在 2019年 第一季度业绩 - 收益电话成绩单

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Ollie's Bargain Outlet Holdings, Inc. (NASDAQ:OLLI) Q1 2019 Results Earnings Conference Call June 6, 2019 4:30 PM ET

Ollie's Bargain Outlet Holdings,Inc。(纳斯达克股票代码:[OLLI])2019年第一季度业绩收益电话会议2019年6月6日下午4:30ET

公司参与者

Jean Fontana - IR
Mark Butler - Chairman, President and CEO
John Swygert - EVP and COO
Jay Stasz - SVP and CFO

  • 让·丰塔纳 - 红外线
  • 马克巴特勒 - 董事长,总裁兼首席执行官
  • John Swygert - 执行副总裁兼首席运营官
  • Jay Stasz - 高级副总裁兼首席财务官

电话会议参与者

Matthew Boss - JP Morgan
Brad Thomas - KeyBanc Capital Markets
Elizabeth Suzuki - Bank of America
Randal Konik - Jefferies
Scott Ciccarelli - RBC Capital
Judah Frommer - Credit Suisse
Rick Nelson - Stephens
Edward Kelly - Wells Fargo
Paul Lejuez - Citigroup
Jeremy Hamblin - Dougherty & Company
Anthony Chukumba - Loop Capital Markets
Christopher Prykull - Goldman Sachs

  • 马修老板 - 摩根大通
  • 布拉德托马斯 - KeyBanc资本市场
  • Elizabeth Suzuki - 美国银行
  • Randal Konik - Jefferies
  • Scott Ciccarelli - RBC Capital
  • Judah Frommer - 瑞士信贷
  • 里克尼尔森 - 斯蒂芬斯
  • 爱德华凯利 - 富国银行
  • Paul Lejuez - 花旗集团
  • Jeremy Hamblin - Dougherty&Company
  • Anthony Chukumba - Loop Capital Markets
  • Christopher Prykull - 高盛

会议主持员

Good afternoon and welcome to Ollie’s Bargain Outlet Conference Call to discuss financial results for the First Quarter of Fiscal 2019. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. Please be advised that reproduction of this call in whole or in part is not permitted without written authorization from Ollie’s. As a remainder, this call is being recorded.
On the call today from management are Mark Butler, Chairman, President and Chief Executive Officer; John Swygert, Executive Vice President and Chief Operating Officer; and Jay Stasz, Senior Vice President and Chief Financial Officer.
I will turn the call over to Jean Fontana, Investor Relations, to get started. Please go ahead, ma'am.

下午好,欢迎来到Ollie的廉价出口电话会议,讨论2019财年第一季度的财务业绩。此时,所有参与者都处于只听模式。 之后,我们将进行问答环节,届时将提供相关说明。 请注意,未经Ollie's书面授权,不得全部或部分复制本次电话会议。 作为其余部分,正在记录此呼叫。

管理层今天致电马克巴特勒,董事长,总裁兼首席执行官

让·丰塔纳

Thank you,. Good afternoon, everyone.
A press release covering the Company's first quarter 2019 financial results was issued this afternoon and a copy of that press release can be found in the Investor Relations section of the Company's website.
I want to remind everyone that management’s remarks on this call may contain forward-looking statements, including but not limited to predictions, expectations, or estimates and that actual results could differ materially from those mentioned on today’s call. Any such items, including our outlook for fiscal 2019 and future performance, should be considered forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.
You should not place undue reliance on these forward-looking statements, which speak only as of today, and we undertake no obligation to update or revise them for any new information or future events. Factors that might affect future results may not be in our control and are discussed in our SEC filings. We encourage you to review these filings, including our annual report on Form 10-K and quarterly reports on Form 10-Q, as well as our earnings release issued earlier today for a more detailed description of these factors.
We will be referring to certain non-GAAP financial measures on today's call such as adjusted EBITDA, adjusted net income, and adjusted net income per diluted share that we believe may be important to investors to assess our operating performance. Reconciliations of the most closely comparable GAAP financial measures to these non-GAAP financial measures are included in our earnings release.
With that said, I will turn the call over to Mark.

谢谢,。大家下午好。

今天下午发布了涵盖公司2019年第一季度财务业绩的新闻稿,该新闻稿的副本可在公司网站的“投资者关系”部分找到。

我想提醒大家,管理层对此次电话会议的评论可能包含前瞻性陈述,包括但不限于预测,预期或估计,实际结果可能与今天电话会议上提到的结果大不相同。任何此类项目,包括我们对2019财年的展望和未来业绩,均应视为1995年“私人证券诉讼改革法案”界定的前瞻性陈述。

您不应过分依赖这些前瞻性陈述,这些陈述仅适用于今天,我们不承担更新或修改任何新信息或未来事件的义务。可能影响未来业绩的因素可能不在我们的控制范围内,并在我们的SEC文件中进行了讨论。我们鼓励您查看这些文件,包括我们的10-K表格年度报告和10-Q表格的季度报告,以及我们今天早些时候发布的收益发布,以便更详细地描述这些因素。

我们将在今天的调用中提及某些非GAAP财务指标,例如调整后的EBITDA,调整后净收入以及每股摊薄后的调整后净收益,我们认为这对投资者评估我们的经营业绩可能很重要。最具竞争力的GAAP财务指标与这些非GAAP财务指标的调节表包含在我们的收益发布中。

话虽如此,我会把电话转给马克。

马克巴特勒

Thanks, Jean, and hello, everyone. Thanks for joining our call today. We're off to another strong start this year with first quarter resulting exceeding our top and bottom line expectations. Strong deal flow outstanding new performance and comparable store sales growth drove an 18% increase in our top line. This was our 20th consecutive quarter of positive comps with a 0.8% comp store sales increase on top of a two-year stack increase of 3.6%.
We saw broad based strength across our merchandise categories with over half of our departments comping positive. Our best performing categories included floor coverings, health and beauty aids, electronics and toy. Tough weather in many of our markets impacted our seasonal business, but we were able to deliver better than top line sales as our new stores crushed it. As always we successfully controlled our business and delivered strong results and another earnings beat.
As we look to the balance of 2019 we remain focused on the execution of our key strategies, offering amazing deals, growing our store base, and leveraging and expanding Ollie's army. Our proven track record of offering good stuff cheap has driven our success for now almost 37 years. Our amazing deals clearly resonate with our bargain seeking customers. And I'll tell you we continue to get incredible deals from new and existing vendors. Our ability to capitalize on the disruption in the retail landscape has never been better, as we continue to leverage our growing scale and key vendor relationships.
The bigger we get, the greater the opportunities for us to land even more great deals to support even more stores. This will absolutely be the fuel for our continued growth. New stores once again performed above our expectations in the quarter, further demonstrating the strength of our model. We've been busy. So far this year we've opened 24 stores including 12 former Toys "R" Us locations. We expect the new stores to continue to be a significant driver of our growth as we see great opportunities to expand the Ollie's footprint with successful new stores in existing and new markets. We're on target to open 42 to 44 stores in 2019 in line with our long-term growth algorithm.
We're planning to enter two new states; Oklahoma and Massachusetts and with these additions we will have reached the halfway mark to 50 states. As we move toward our goal of tripling our store base to more than 950 stores nationwide, we're investing in our infrastructure. We've made significant investments in our distribution network including the construction of our third DC. We are on budget. We are on schedule and expect to be operational during the first quarter of 2020. With the new DC we will have three distribution centers with total capacity to serve over 500 stores.
We are continuing to grow our loyal base of Ollie's Army members as we expand our retail presence. The Bargain Battalion is now over 9.4 million active members, nearly 11% increase year-over-year. Our 2018 program enhancements, the Ollie's army ranks and the mobile app were designed to both attract new Army members and to keep us top of mind with current members. Our goal remains straightforward with every initiative, reward the tremendous loyalty of the Army and keep them coming back.

谢谢,让,大家好。感谢您今天加入我们的电话。今年第一季度我们又迎来了另一个强劲的开端,超出了我们的最高和最低预期。强劲的交易流量突出的新业绩和可比店面销售增长推动我们的收入增长18%。这是我们连续第20个季度的正面补偿,在两年的叠加增长3.6%的基础上,补偿店销售额增长0.8%。

我们看到我们的商品类别具有广泛的实力,超过一半的部门是积极的。我们表现​​最好的类别包括地板覆盖物,健康和美容用品,电子产品和玩具。我们许多市场的恶劣天气影响了我们的季节性业务,但由于我们的新店压碎了它,我们能够提供比顶线销售更好的产品。一如既往,我们成功地控制了我们的业务,并取得了强劲的业

当我们期待2019年的平衡时,我们仍然专注于执行我们的关键战略,提供惊人的交易,扩大我们的商店基础,以及利用和扩展奥利的军队。我们在提供便宜货物方面的良好记录使我们的成功至今已有近37年的历史。我们的惊人交易显然与我们讨价还价的客户产生共鸣。我会告诉你,我们将继续从新的和现有的供应商处获得令人难以置信的优惠。随着我们继续利用我们不断扩大的规模和关键供应商关系,我们利用零售环境中断的能力从未如此好过。

我们获得的越大,我们就有越大的机会获得更多优惠以支持更多商店。这绝对是我们持续增长的动力。本季度新店再次超出我们的预期,进一步展示了我们模型的实力。我们一直很忙。今年到目前为止,我们已经开设了24家门店,包括12家前玩具“R”Us店。我们预计新店将继续成为我们增长的重要推动力,因为我们看到通过在现有市场和新市场成功开设新店铺来扩大Ollie足迹的巨大机会。根据我们的长期增长算法,我们的目标是在2019年开设42至44家商店。

我们计划进入两个新州

Our philosophy of buying cheap and selling cheap coupled with tight expense control and profitable new store openings has driven our business for almost 37 years and will continue to do so. This is the model that got us here and we're sticking with it. We've grown our organization over 8000 team members who are working harder than ever. It's their combined experience and commitment that makes Ollie's successful and I'd like to thank everyone in the stores, the distribution centers, and the store support center for their hard work and their dedication.
So to wrap it up, we are very pleased with our strong start to 2019 and I feel good about the business. Our long-term algorithm, including our 1% to 2% annual comp guidance has not changed. Stick with me. Our new stores are stronger than ever and we're very pleased with the overall trends and the opportunities in the business. We're confident in our ability to continue driving sales and profitable growth this year and into the future. I'd like to thank you for your support of Ollie's.
I'll now turn the call over to Jay to take you through our financial results and the 2019 outlook in more detail.

我们的理念是购买廉价和便宜的销售以及严格的费用控制和有利可图的新店开张,这使我们的业务推动了近37年,并将继续这样做。这是让我们来到这里的模型,我们坚持不懈。我们组织了超过8000名团队成员,他们比以往任何时候都更加努力。这是他们的综合经验和承诺,使Ollie成功,我要感谢商店,配送中心和商店支持中心的每个人的辛勤工作和奉献精神。

总而言之,我们对2019年的良好开端感到非常满意,我对这项业务感到满意。我们的长期算法,包括我们1%到2%的年度补偿指导没有改变。坚持我。我们的新店比以往任何时候都更加强大,我们对整体趋势和业务机会非常满意。我们对今年和未来继续推动销售和盈利增长的能力充满信心。我要感谢你对奥利的支持。

我现在将电话转到周杰伦,更详细地介绍我们的财务业绩和2019年展望。

Jay Stasz

Thanks Mark and good afternoon everyone. We're very pleased to have delivered another great quarter with strong topline growth, effective management of gross margin, and tightly controlled expenses resulting in adjusted EPS of $0.46 per diluted share, $0.02 ahead of the consensus estimates.
Net sales increased 17.8% to $324.9 million. Comparable store sales increased 0.8% resulting in our 20th consecutive quarter of positive comps. The increase in comp store sales was driven by an increase in average basket partially offset by a decrease in transactions.
As Mark mentioned, we did see some weather related headwinds throughout the quarter, but by managing elements within our control we delivered strong results. During the quarter we opened 21 new stores ending with 324 stores in 23 states, an increase in store count of 17.4% year-over-year. Our new stores continue to perform above our expectations across both new and existing markets and we are very pleased with the productivity of our entire store base.
Gross profit for the quarter increased 17.6% to $132.7 million and gross margin was consistent with the prior year at 40.9% as both merchandise margin and supply chain costs as a percentage of net sales were flat to last year. SG&A expenses increased 15.2% to $83.3 million primarily the result of additional selling expenses from our new stores and the increased sales volume in our existing store base. SG&A as reported included a gain of $565,000 from an insurance settlement. Excluding this gain we leveraged SG&A expenses by 40 basis points to 25.8% of net sales.
Preopening expenses increased to $5.2 million and deleveraged 100 basis points due to the number and timing of new store openings year-over-year. We opened 21 stores in the first quarter this year compared to eight stores last year. Operating income increased 13.3% to $40.8 million. Excluding the gain from the insurance settlement, adjusted operating income increased 11.8% to $40.2 million and adjusted operating margin decreased 70 basis points to 12.4% as a result of the deleveraging of preopening expenses.
Net income increased 27.1% to $38.7 million and net income per diluted share increased 28.3% to $0.59. Included in the $0.59 is the benefit of $0.12 from tax benefits related to stock-based compensation. Adjusted net income which excludes these benefits and the after-tax gain from the insurance settlement in the first quarter this year and the loss on extinguishment of debt in the first quarter last year increased 13.5% to $30.2 million and adjusted net income per diluted share increased 12.2% to $0.46. Adjusted EBITDA increased 13.7% to $46.6 million. At the end of the quarter we had $58.5 million in cash and no outstanding borrowings under our revolving credit facility.
As previously announced, we recently amended our credit agreement providing for our five-year $100 million revolving credit facility and subject to certain conditions an additional $150 million of incremental term loan or revolver commitments for a total borrowing capacity of $250 million. We also recently completed the sale-leaseback transaction pursuant to which the pro 12 former Toys “R” Us store locations that we acquired last year were sold for approximately $42 million.

感谢马克,大家下午好。我们非常高兴能够实现另一个强劲的季度增长,有效的毛利率管理以及严格控制的支出,导致调整后的每股摊薄收益0.46美元,比市场预期更高0.02美元。

净销售额增长17.8%至3.249亿美元。可比店面销售额增长0.8%,导致我们连续第20个季度出现正面补偿。补偿店销售额的增加是由于平均篮子的增加部分被交易减少所抵消。

正如马克所说,我们确实在整个季度看到了一些天气相关的逆风,但通过管理我们控制范围内的因素,我们取得了很好的成果。本季度,我们在23个州开设了21家新店,其中有324家店铺,店铺数量同比增长17.4%。我们的新店继续在新市场和现有市场上超出我们的预期,我们对整个店铺的生产力非常满意。

本季度毛利润增长17.6%至1.327亿美元,毛利率与去年同期保持在40.9%,因商品利润率和供应链成本占净销售额的百分比与去年持平。销售及管理费用增加15.2%至8330万美元,主要是由于我们新店的额外销售费用以及现有店铺销量增加所致。据报道,SG&A包括保险结算收益565,000美元。扣除此收益后,我们将SG&A费用减少40个基点至净销售额的25.8%。

由于新店开张数量和时间同比,开业前费用增加至520万美元,去杠杆化100个基点。我们今年第一季度开设了21家门店,去年有8家门店。营业收入增长13.3%至4,080万美元。剔除保险结算的收益,经调整的营业收入增加11.8%至4020万美元,经调整的经营利润率下降70个基点至12.4%,原因是开业前费用去杠杆化。

净收入增长27.1%至3870万美元,每股摊薄净收益增加28.3%至0.59美元。 0.59美元包括与股票补偿相关的税收优惠0.12美元。扣除这些福利的调整后净收入和今年第一季度保险结算的税后收益以及去年第一季度的债务清偿损失增加了13.5%,达到3020万美元,调整后每股摊薄净收益增加12.2%至0.46美元。调整后EBITDA增长13.7%至4660万美元。截至本季度末,我们拥有5850万美元的现金,并且在我们的循环信贷额度下没有未偿还的借款。

如前所述,我们最近修订了我们的信贷协议,规定了我们为期五年的1亿美元循环信贷额度,并在某些条件下额外增加1.5亿美元的增量定期贷款或左轮手枪承诺,总借贷能力为2.5亿美元。我们最近还完成了售后回租交易,据此,我们去年收购的12个前Toys'R“Us商店的地点售价约为4200万美元。

Inventory at the end of the quarter increased 19.2% over the prior year primarily due to new store growth and the timing of deal flow. Capital expenditures increased to $20.1 million in the quarter compared to $4.7 million in the prior year period due to investments in our third distribution center, new stores and maintenance capital.
Turning to our outlook we are raising our full year guidance to reflect first quarter results. While we believe the first quarter was strong, we remain prudent in how we plan the business given that we operate in a deal driven environment and we are lapping a very strong year. As we said last quarter, our plans are in line with our long-term annual targets long term unit growth and 1% to 2% comp store sales increase which drives adjusted net income growth of approximately 20%.
We now expect total net sales of $1 billion $440 million to $1 billion $453 million, an increase of 16.5% at the midpoint of the range, comparable store sales growth of 1% to 2%, the opening of 42 to 44 new stores with no planned relocations or closures, adjusted operating income $190 million to $194 million, adjusted net income of $142 million to $145 million and adjusted net income per diluted share of $2.13 to $2.17, both of which exclude the tax benefits related to stock-based compensation and the after-tax gain from the insurance settlement.
A couple of additional points to help you in your modeling. While there is no change to our full year gross margin forecast of 40.1%, we want to clarify our quarterly guidance. We anticipate an approximate 20 to 30 basis point decrease in 2Q compared to the prior year which we will pick up in the back half of the year the cadence of our new store openings remains approximately 60% in the front half and 40% in the back half.
$5.2 million of our expected $11 million in preopening expenses were incurred in Q1 resulting in approximately $5.8 million to be spent during the remainder of the year. We expect to incur approximately 35% of the remaining preopening expenses in Q2, 45% in Q3 and 20% in Q4. Our CapEx outlook remains the same at $75 million to $80 million driven by the construction and build out of our new distribution center in Texas and investments in new and existing stores.
I'll now turn the call back over to the operator to start the Q&A session. Operator?

本季度末的库存较上年增长19.2%,主要是由于新店增长和交易流程的时间。由于投资于我们的第三个配送中心,新店和维修资本,本季度的资本支出增加至2010万美元,而去年同期为470万美元。

谈到我们的展望,我们正在提高全年的指引,以反映第一季度的业绩。虽然我们认为第一季度表现强劲,但鉴于我们在交易驱动的环境中运营并且我们正处于非常强劲的一年,我们仍然对我们的业务规划保持谨慎。正如我们上个季度所说,我们的计划符合我们的长期年度目标长期单位增长和1%至2%的复合店销售增长,推动调整后的净收入增长约20%。

我们现在预计总净销售额为10亿美元至4.4亿美元至4.5亿美元,在该范围中点增加16.5%,可比店面销售额增长1%至2%,42至44家新店开业但没有计划搬迁或关闭,经调整的营业收入1.9亿美元至1.94亿美元,调整后净收入1.42亿美元至1.45亿美元,调整后每股摊薄净收入2.13美元至2.17美元,这两者均不包括与股票补偿相关的税收优惠和保险结算的税后收益。

还有几点可以帮助您进行建模。虽然我们的全年毛利率预测没有变化40.1%,但我们希望澄清我们的季度指引。我们预计第二季度将比去年同期减少约20至30个基点,我们将在今年下半年回升,我们的新店开张时间在前半部分保持约60%,后部保持40%半。

我们预计的1,100万美元预开支费中的520万美元是在第一季度产生的,因此在今年剩余时间内将花费约580万美元。我们预计第二季度剩余的开业前费用约为35%,第三季度为45%,第四季度为20%。由于我们在德克萨斯州的新配送中心的建设和建设以及对新店和现有店的投资,我们的资本支出前景保持不变,分别为7,500万至8,000万美元。

我现在将呼叫转回给运营商以启动问答会话。操作?

问答环节

Certainly. [Operator Instructions] Our first question comes from the line of Matthew Boss from JP Morgan. Your question please?

当然。 [操作员说明]我们的第一个问题来自摩根大通的Matthew Boss。 你的问题好吗?

马修老板

Mark, maybe by category, what exceeded versus missed your internal plan in the first quarter, any comments on May [ph] and just your confidence in comping the tougher comparisons on tap for the remainder of the year?

Mark,也许是按类别划分,第一季度超出与错过内部计划的比例,对5月份的任何评论[ph]以及您对今年余下时间进行更严格的比较的信心?

马克巴特勒

Yes, well Matt, the top three departments performers were floor covering, HBA, electronics and toys, and toys so that everybody doesn't get well, and toys, this isn’t a very, very big mover for us in the quarter, but we did very well compared to last year. So we really have been doing very well in floor covering. We've got a lot of great deals and a lot of great product. So I would say that is the most exciting thing that we have going on right now.
As far as May, obviously we all know we can't speak to -- I feel good about where we are. The weather has not been favorable. We're not the only retailer in America that is saying that, but anything that we feel is going to be corrected with a little bit of warm weather and we're locked and we're loaded in warm weather and seasonal products which are performing well.
Air conditioners with a warm night are really going to kick in. We've got plenty of them. We've got great buys. We've been buying them all year long, so I'm excited about that. And our lawn and garden and our patio were locked and loaded. And any kind of real pop that we were expecting in Q1 we're expecting to come in Q2 much like we discussed putting Q1 and Q2 together when we were at your retail roundup.

是的,Matt,前三个部门的表演者是地板覆盖物,HBA,电子产品和玩具以及玩具,这样每个人都不会好起来,玩具,这对我们来说不是一个非常非常大的推动者,但与去年相比,我们的表现非常好。所以我们在地板覆盖方面做得非常好。我们有很多很棒的优惠和很多很棒的产品。所以我想说这是我们现在最激动人心的事情。

至于五月,显然我们都知道我们不能说话 - 我对自己所处的位置感到满意。天气不好。我们并不是美国唯一一家这样说的零售商,但我们认为任何事情都会在一点温暖的天气下得到纠正,而且我们已被锁定,我们在温暖的天气和季节性产品中装载好。

有一个温暖的夜晚的空调真的会开始。我们有很多。我们买得很好。我们整年都在买它们,所以我很兴奋。我们的草坪,花园和庭院都被锁住了。我们在第一季度期待的任何一种真正的流行音乐,我们预计会在第二季度出现,就像我们讨论将Q1和Q2放在一起进行零售综述一样。

马修老板

Perfect. And then just a followup on the stores, so new store productivity of almost 100% remains pretty far above your target model. I guess what are you seeing in your most recent openings? And can you just talk to the interplay between new stores and same-store sales given you are raising revenues today despite comps the at the low-end for the quarter?

完善。 然后只是对商店进行跟进,因此几乎100%的新商店生产率仍远高于目标模式。 我想你在最近的开场时看到了什么? 您是否可以谈谈新店和同店销售之间的相互作用,因为尽管本季度处于低端,但您今天仍在增加收入?

Jay Stasz

Sure Matt, this is Jay and I can talk to the new store productivity and you are right, I mean the stores are performing extremely well, extremely strong this class as well as the prior classes. So we are seeing and we're planned right now on an annual basis about the 100% and part of that has to do with the cadence of our stores being frontloaded this year versus last year. But like we've talked about, those new stores and several classes have been very strong and I think from a comp standpoint, we are seeing some headwinds as those stores enter the comp base. It's something that we've mentioned a little bit. We're seeing it from our reverse waterfall standpoint as well as a cannibalization standpoint.

Sure Matt,这是周杰伦,我可以谈谈新店的生产力,你是对的,我的意思是商店的表现非常好,非常强大的这个班级以及之前的课程。 所以我们现在看到,我们现在每年都计划100%左右,其中一部分与我们今年与前一年的前装货店的节奏有关。 但就像我们所说的那样,那些新店和几个班级都非常强大,我认为从comp的角度来看,我们看到了一些逆风,因为这些商店进入了基地。 这是我们已经提到的一点点。 我们从反向瀑布的立场和相似的观点看到它。

马克巴特勒

You know, I think Matt from our perspective as well, obviously the new stores are performing very strong as Jay said, but the reverse waterfall impact and we're still able to deliver the positive comps in 20 quarters a row. So we're very excited about being able to grow as rapidly as we're growing and continuing to deliver these comp store sales.

你知道,我认为马特从我们的角度来看,显然新的商店表现得非常强劲,如杰伊所说,但反向瀑布影响,我们仍然能够连续20个季度提供积极的比赛。 因此,我们非常高兴能够像我们一样快速增长并继续提供这些商店销售。

马修老板

That's great, best of luck guys.

那太好了,祝你们好运。

马克巴特勒

Thanks Matt.

谢谢马特。

会议主持员

Thank you. Our next question comes from the line of Brad Thomas from KeyBanc Capital Markets. Your question please?

谢谢。 我们的下一个问题来自KeyBanc Capital Markets的Brad Thomas。 你的问题好吗?

布拉德托马斯

Hey, good afternoon, guys.

嘿,大家下午好。

马克巴特勒

Hey Brad.

嘿布拉德

布拉德托马斯

First question just around tariffs and if you could give us your latest thinking on for one, the financial impact of the 25% with three tariffs on your current guidance? And then more broadly, how you see the tariffs and change in the retail industry and how you all react to that more broadly would be great?

关于关税的第一个问题,如果你可以给我们一个最新的想法,25%的三个关税对你当前的指导的财务影响? 然后更广泛地说,你如何看待零售业的关税和变化,以及你们如何更广泛地对此做出反应将会很棒?

Jay Stasz

Sure Brad, this is Jay and I'll start with that. As far as our guidance, right our tariffs are embedded in the margin, they are actually part of our supply chain costs, but we are sticking to the 40.1% gross margin on an annual basis. And for us, what we have baked into the model is really the 10% tariffs on the third list, list 3. If that moves up from 10 to 25 what we're thinking is that we wouldn’t have a major impact on margin, one just because the level of imports we do and then the imports that are actually impacted by tariffs is not very material. And maybe more importantly is that like Mark talks about, we are a price follower, so we think that if the tariffs move from 10% to 25% the market will react which will drive retail prices up and we'll follow along with that which will keep our margin intact.

当然布拉德,这是杰伊,我将从那开始。 就我们的指引而言,我们的关税是固定在保证金中的,它们实际上是我们供应链成本的一部分,但我们坚持每年40.1%的毛利率。 而对于我们来说,我们对模型的关注实际上是第三个清单上的10%关税,清单3.如果从10上升到25,我们认为我们不会对保证金产生重大影响 一个原因只是因为我们的进口水平以及实际受关税影响的进口并不是很重要。 也许更重要的是,就像马克谈到的那样,我们是价格追随者,所以我们认为如果关税从10%上升到25%,市场会做出反应,这将推动零售价格上涨,我们将跟随 将保持我们的保证金完整。

布拉德托马斯

Got you. And then Jay, I think you talked about gross margin being down in 2Q, you picking it up in the back half of the year, what's driving that pressure in 2Q and what's changed versus the way you had forecast the quarters originally?

有你。 然后周杰伦,我想你谈到第二季度毛利率下降,你在今年下半年回升,是什么推动了第二季度的压力,而且与你原来预测的方式有什么变化?

Jay Stasz

Yes Brad, good question. Nothing has really changed. This is kind of actualizing Q1 and our model with our actual product mix and our actual costs on supply chain. It's just kind of refining that and cleaning it up, actualizing it and just there is a little bit of shift in cadence, but no major call outs to it.

是布拉德,好问题。 什么都没有改变。 这有点实现Q1和我们的模型与我们的实际产品组合和我们在供应链上的实际成本。 它只是一种精炼和清理,实现它,并且只有一点点的节奏转移,但没有重大的呼吁。

布拉德托马斯

Got you, thank you very much.

有你,非常感谢你。

Jay Stasz

Thanks Brad.

谢谢Brad。

会议主持员

Thank you. Our next question comes from the line of Elizabeth Suzuki from Bank of America. Your question please?

谢谢。 我们的下一个问题来自美国银行的Elizabeth Suzuki。 你的问题好吗?

Elizabeth Suzuki

Great, thanks guys. Just sort of following up on the tariff question, have you seen any opportunities for interesting deals in the fallout of the tariff environment for other retailers that are maybe more impacted than you are?

太棒了,谢谢你们。 关注关税问题,您是否看到任何有可能在其他零售商的关税环境影响中进行有趣交易的机会,这些零售商可能比您更受影响?

马克巴特勒

Yes, that's a great question and while we are ready, willing and able to take advantage of any disruption, we haven’t seen a lot come through with that because I believe there is a possibility that if and when the additional 15% goes through, that might become a little bit more accentuated and there might be some more canceled orders. But at the 10% it appears that most people have been able to mitigate or be able to navigate the waters with the 10%, but we have not seen major deal flow in relation and because of that Liz.

是的,这是一个很好的问题,虽然我们已经准备好,愿意并且能够利用任何中断,但我们还没有看到很多事情,因为我相信有可能在额外的15%通过时 ,这可能会变得更加突出,可能会有更多的取消订单。 但是在10%的情况下,似乎大多数人已经能够减轻或能够以10%的速度在水域航行,但我们还没有看到关系中的主要交易流量以及因为Liz。

Elizabeth Suzuki

Okay, great. And just in general, have any recent retail store closures been helping to drive the strong close out environment and any noteworthy opportunities that you would want to call out?

好,太棒了。 总的来说,最近的零售商店关闭是否有助于推动强大的收盘环境以及您想要提出的任何值得注意的机会?

马克巴特勒

Not on the liquidation side because by and large most of them have been smaller and apparel based or footwear based. Obviously we've been able to benefit most recently in this year with the opening of some of the Toys "R" Us sites that we were able to procure and buy and/or take over the leases from last year, but not on the retail merchandise side, no.

不在清算方面,因为基本上大多数都是小型的,以服装为主或以鞋类为主。 显然,我们今年最近能够受益于一些Toys“R”Us网站的开业,这些网站我们能够从去年采购和购买和/或接管租赁,但不是零售 商品方面,没有。

Elizabeth Suzuki

Okay, great, thank you.

好的,太棒了,谢谢。

马克巴特勒

Thank you.

谢谢。

会议主持员

Thank you. Our next question comes from the line of Randy Konik – Jefferies. Your question please?

谢谢。 我们的下一个问题来自Randy Konik - Jefferies。 你的问题好吗?

Randal Konik

Hey, thanks a lot. Mark, I just wanted to ask you, if you think about the long term, and you think about the ability as you're getting bigger, you are scaling more, you are going more vendor direct. Give us some perspective of more of how, where you were in vendor direct in the past, where you are today, where do you think, maybe think you can go? Just trying to -- or if you see, if you're looking at the chessboard you see the pieces unfolding over the next five years, where do you kind of think about the biggest areas of opportunity in the business potentially to occur over the long term?

嘿,非常感谢。 马克,我只是想问你,如果你考虑长期的问题,并且考虑到随着你变得越来越大的能力,你正在扩大规模,你会更直接地向供应商发展。 给我们一些更多的视角,了解您过去在供应商中的位置,您今天所处的位置,您认为,您认为可以去哪里? 只是想 - 或者如果你看到,如果你正在看棋盘,你会看到未来五年内展开的棋子,你在哪里可以想到业务中可能发生的最大机会领域 术语?

马克巴特勒

Yes, I think that, and Jay has got the exact per store, the approximately percentage of our direct, but when we started the march on this public company venture we still had a great deal of our product that we're getting through close out distributors, and middle men and brokers and we're seeing our relationships increase with these manufacturers, I think that what I had said in the past and even at most recently at ICR, I think that we are certainly positioned well and innovation breeds obsolescence.
So we love it when a manufacturer comes out with a new product, because the only other thing that's going to happen besides the new product is that going to have old product, and we are able to be able to take advantage of that. Certainly over the last few years in particular Randy, we've made great strides in CPG and the consumables within our organization and we're careful not to let that upset our cake mix because the consumables we certainly operate on lower gross margin than we do on hard goods closeouts. But we don't see any slowdown.
Our phone keeps ringing. The deals have been very, very plentiful, and we are, as I've said the last call on previous we're appropriately overbought. I love it. And we're anxiously looking forward to and buying each and every day in particular, a category that I can speak of is toys where we're buying to not only meet, but certainly to beat our incredible results that we had on the toys and the toy business last year. So I think that's - we will expect that to be an area of growth this year.

是的,我认为,周杰伦已经确定了每家商店的确切数量,这是我们直接投资的比例,但是当我们开始在这家上市公司开展游行时,我们仍然拥有大量的产品,我们正在通过关闭经销商,中间人和经纪人,我们看到我们与这些制造商的关系越来越多,我认为我过去所说过的,甚至最近在ICR,我认为我们当然定位好,创新也会过时。

因此,当制造商推出新产品时,我们非常喜欢它,因为除了新产品之外唯一会发生的事情就是拥有旧产品,我们能够利用它。当然在过去的几年里,特别是兰迪,我们在CPG和我们组织内的消耗品方面取得了很大的进步,我们小心翼翼地不要让我们的蛋糕组合感到不安,因为我们的消费品肯定比我们的毛利率低。关于硬货收尾。但我们没有看到任何放缓。

我们的手机一直响个不停。这些交易非常非常丰富,而且正如我之前所说的最后一次电话会议,我们已经恰当地超买了。我喜欢它。而且我们焦急地期待并特别购买每一天,我可以说的一个类别是我们购买的玩具,不仅满足,而且肯定会击败我们对玩具的不可思议的结果。去年的玩具业务。所以我认为 - 我们预计这将成为今年的增长领域。

Randal Konik

Got it. And when you think about new stores in new markets, let's say, in 2018 versus years past, you're now going to be up to almost half the states, I guess, at the end of next year or this year, what's changed in terms of pace of awareness levels? It seems as if something has improved from awareness of the brand or the concept has gotten quicker than in the past in more recent past. Just give us some perspective of what you think is different there? What you think - because in the news report said it’s amazing, so, I’m just curious on different strategies and different uptick you’re seeing with the awareness levels of the concept?

得到它了。 当你考虑新市场的新店时,比如说,在2018年与过去几年相比,你现在将达到几乎一半的州,我想,在明年年底或今年,有什么变化的 意识水平的速度方面? 从最近的过去看,似乎有些东西从品牌意识中得到了提升,或者概念比过去更快。 只是给我们一些你认为不同的观点吗? 您的想法 - 因为在新闻报道中说这太棒了,所以,我只是对这些概念的意识水平的不同策略和不同的上升感到好奇吗?

John Swygert

Yes, Randy this is John. With regards to the new stores, what we’ve seen is obviously with our scale and [indiscernible] being public I just think there's more awareness of the brand. We have opened up in what we believe was going to be a hot market when we entered Florida and that’s planned to be – that's come up to be the truth for us and we've seen some great results there. But we continue to open up stores in every market we've been, in the new markets it’s just been well-received. I think what it says to us is America wants a bargain and we continue to give them what they want.

是的,兰迪这是约翰。 关于新店,我们所看到的显然是我们的规模和[音频不清晰]公开我只是觉得对品牌有更多的认识。 当我们进入佛罗里达州时,我们已经开始了我们认为将成为一个热门市场的计划 - 这对我们来说是真实的,我们在那里看到了一些很好的结果。 但是我们继续在我们所经历过的每个市场开设店铺,在新的市场中它们很受欢迎。 我认为它对我们说的是美国想要讨价还价,我们继续给他们想要的东西。

Jay Stasz

Yes, I think Randy, what - another thing that we see and we're excited, John just pointed out Florida. Although I don't have the intimate knowledge of Texas that I did with Florida and that might be related only to vacation time. I think Texas is going to be - we're told it's going to be pretty good and we're very, very excited and Texas is a big state. And we have four stores open there right now. We're going to open up one or two more this year in Texas. And then in the next year that's going to be a major growing area for us. We're going to open up a bunch of stores in Texas.
So, I think we're going to see similar results when we really open up and start really pressing Texas. And of course Texas, we have to get the DC open Randy. That’s the main thing. That's - one could say why aren’t you doing it now, but we've got to get to the DC so we can get our goods to the stores.

是的,我认为兰迪,什么 - 我们看到的另一件事,我们很兴奋,约翰只是指出佛罗里达州。 虽然我对佛罗里达州没有德克萨斯州的熟悉知识,但这可能只与休假时间有关。 我认为得克萨斯将会是 - 我们被告知这将是相当不错的,我们非常非常兴奋,德克萨斯州是一个大州。 我们现在有四家商店在那里开业。 我们今年将在德克萨斯开一两个。 然后在明年,这对我们来说将是一个重要的增长领域。 我们打算在德克萨斯开设一堆商店。

所以,我认为当我们真正开放并开始真正压制德克萨斯时,我们会看到类似的结果。 当然德克萨斯州,我们必须让DC开放兰迪。 这是主要的事情。 那就是 - 有人可以说你为什么现在不这样做,但是我们必须去DC,这样我们才能把货物运到商店。

Randal Konik

Perfect. Thanks, guys very helpful.

完善。 谢谢,伙计们非常有帮助。

Jay Stasz

Thanks, Randy.

谢谢,兰迪。

会议主持员

Thank you. Our next question comes from the line of Scot Ciccarelli from RBC Capital. Your question please?

谢谢。 我们的下一个问题来自RBC Capital的Scot Ciccarelli。 你的问题好吗?

Scot Ciccarelli

Hi, guys. Two questions. The first is with about 60% of your store openings in 1Q coming from the former Toys "R" Us locations, is the size of those stores much different than your typical prototype? I guess I'm wondering if we are to look at your NSP like on a square foot basis, for instance, what would that look like relative to the way we would calculate it?

嗨,大家好。 两个问题。 第一个是大约60%的商店在1Q开店,来自前Toys'R“Us的位置,那些商店的大小与典型的原型大不相同? 我想我想知道我们是否要以平方英尺为基础来看待你的NSP,例如,相对于我们计算它的方式看起来会是什么样的?

John Swygert

Scot, this is John. With regards to the TRU sites on average, they were and are larger than our historical sites. They're probably 20% bigger in total square footage than we would normally open. In terms of sales per square foot, probably too early for us to comment on that. Let us get a little more time under our belt to see how these guys come out. They come out of the gates very strong and we're very pleased with the results thus far, but we don’t have enough information yet to really tell you the sales per square foot compared to our overall mature chain. But I think it's going to be - it should be pretty comparable, maybe a little bit lighter when we see in the overall boxes that we have today.

苏格兰人,这是约翰。 关于TRU站点,平均而言,它们比我们的历史站点更大。 它们的总面积比我们通常打开时大20%。 就每平方英尺的销售额而言,我们可能还为时过早评论。 让我们多花一点时间看看这些家伙是如何出来的。 他们走出大门非常强大,我们对目前的结果非常满意,但我们还没有足够的信息来告诉你每平方英尺的销售量与我们整体成熟的链条相比。 但我认为它应该是 - 它应该是相当可比的,当我们看到我们今天的整体盒子时,可能会稍微轻一些。

Scot Ciccarelli

Got it. I guess I'm just trying to figure out Jay's comment that you are planning for NSP to be north of 100. Is that a function of the Toys "R" Us because the stores are bigger or is it more because of the frontend loading? Just trying to size those deltas.

得到它了。 我想我只想弄清周杰伦的评论,你计划让NSP在100以北。这是玩具“R”Us的功能,因为商店更大或是因为前端装载更多? 只是试图确定这些增量的大小。

John Swygert

Scot, yes, it's really driven by the frontend loading and the cadence more than anything.

苏格兰人,是的,它真的受到前端装载和节奏的推动。

Scot Ciccarelli

Got it. Okay. And then secondly, can you help quantify the impact of the reverse waterfall and higher level of cannibalization that you cited before? I know you guys have talked about that reverse waterfall impact. I don't think I've heard a whole lot about cannibalization in a while, so just wondering if you could kind of help us provide a little color on that? Thanks.

得到它了。 好的。 然后,你能否帮助量化你之前引用的逆瀑布和更高水平的同类化的影响? 我知道你们已经谈过反瀑布影响了。 我不认为我有一段时间听过很多关于自相残杀的事情,所以只是想知道你是否可以帮我们提供一点颜色呢? 谢谢。

John Swygert

Yes, Scot. That's one of those things where we're opening these stores very strongly, which is great, but we are seeing those headwinds. But at this point, we're not ready to give specific quantification of that. We're kind of still peeling the onion on it. In general, it's something that we can see out there, we can see the impact. But generally, it's just hard to calculate the - and isolate that impact specifically, so we’re not ready to quantify it.

是的,苏格兰人。 这是我们非常强烈地开设这些商店的事情之一,这很棒,但我们看到了这些不利因素。 但在这一点上,我们还没有准备好对其进行具体量化。 我们还在上面剥洋葱。 一般来说,这是我们可以看到的东西,我们可以看到影响。 但一般来说,很难计算 - 并且明确地隔离了这种影响,因此我们还没有准备好量化它。

Scot Ciccarelli

So the idea of citing it as some kind of like a bigger call out just because of the faster number of stores then Jay, store opening?

所以引用它作为一种更大的呼唤的想法只是因为商店的数量更快,然后杰伊,商店开业?

Jay Stasz

Yes. It's - as it compounds with these strong classes in 2017 and 2016 and 2018 is just something that we've discussed before generally and we talk about it internally, but it's part of the cake mix.

是。 它是 - 因为它在2017年和2016年和2018年与这些强大的类别复合只是我们之前已经讨论过的东西,我们在内部谈论它,但它是蛋糕组合的一部分。

马克巴特勒

Yes and Scot, we just - we want to bring it up because we're seeing it and we thought it was prudent for us to tell you guys about it.

是的,苏格兰人,我们只是 - 我们想要提出它,因为我们正在看到它,我们认为我们告诉你们这件事是谨慎的。

Scot Ciccarelli

Got it. Okay. Thanks a lot, guys.

得到它了。 好的。 非常感谢,伙计们。

马克巴特勒

Thank you.

谢谢。

会议主持员

Thank you. Our next question comes from the line of Judah Frommer from Credit Suisse. Your question please?

谢谢。 我们的下一个问题来自瑞士信贷的Judah Frommer。 你的问题好吗?

犹大Frommer

Hi. Thanks for taking my questions. Maybe first just getting back to tariffs for a second, some of the questions we get are, are tariffs kind of the impact limited to private label within your business? Do you see impact in the 70-ish percent of product that is sourced on close out? Can you help us just kind of with the different drivers and different areas of the business?

你好。 谢谢你回答我的问题。 也许首先只是回到关税一秒钟,我们得到的一些问题是,关税对你业务中的私人标签的影响是什么? 您是否看到在收盘时产生的70%产品的影响? 您能帮助我们解决不同的司机和不同的业务领域吗?

Jay Stasz

Yes. No, the bulk of that close out product is all sourced domestically. So there's no impact from that. Really, right, on the private label you said and we do have some direct factory deals that are impacted. That might be about 20% of our purchases come from overseas, but then of that there's only a portion that are impacted by tariffs, call it 15% to 20% is what we've seen historically. So at the end of the day the amount of purchases impacted by tariffs is about 3% to 5%.
And again, if the retail market moves we’re price followers not price setters so we would look - one, we would look to change retail if the big box stores change in retails and are always on the lookout. Mark is always pushing his buyers if there's a tariff impact to try to get a better buy with our suppliers.

是。 不,大部分关闭产品全部来自国内。 所以没有影响。 真的,对,你说的自有品牌,我们确实有一些受影响的直接工厂交易。 这可能是我们大约20%的采购来自海外,但那时只有一部分受到关税的影响,称之为15%至20%是我们历史上看到的。 因此,在当天结束时,受关税影响的购买量约为3%至5%。

而且,如果零售市场发生变化,那么价格追随者就不会定价,所以我们会看 - 一,如果大型商店的零售业发生变化并且总是在寻找,我们会期待改变零售。 如果有关税影响,马克总是在推动他的买家,试图与我们的供应商进行更好的购买。

犹大Frommer

Okay. Perfect. And then maybe, Mark, can you help us historically when you have kind of some late spring rainy weather what have you seen in terms of kind of that pop that you’re talking about in Q2 for seasonal merchandise maybe specifically lawn and garden hot weather?

好的。 完善。 然后,也许,马克,你可以帮助我们历史上当你有一些春末的阴雨天气你所看到的那种流行音乐你在第二季度所谈论的季节性商品可能特别是草坪和花园炎热的天气?

马克巴特勒

Yes, I think we look at it a couple of things. For us it is more lawn and garden, patio furniture and air conditioners and pool chemicals. So when you have a less than favorable weather pattern, there's not too many people that were opening up their pools. We fully expect them to open their pools. We fully expect to be able to sell shock and chlorine. We the lawn furniture just hasn't been nice. We have plenty of lawn furniture.
We're ready. We're locked. We're loaded and we just need a little bit of good weather and then if we have a couple of nights that it's really, really tough to sleep that's when the air conditioners really take off and we're fully expecting that the heat is going to come. They've been performing just fine down south, but air conditioners sell better up north because of central air systems.
But we think, and we really do look and we've been on, I don't know four or five calls like this before where we look at Q1 and Q2 as merchants together as the selling season we take it right through July and August.

是的,我认为我们看了几件事。对我们来说,更多的是草坪和花园,庭院家具,空调和游泳池化学品。因此,当你的天气模式不佳时,没有太多的人开放他们的游泳池。我们完全希望他们打开他们的游泳池。我们完全希望能够出售冲击和氯气。我们草坪家具一直不好看。我们有很多草坪家具。

我们准备好了。我们被锁定了。我们已经装好了,我们只需要一点点好天气然后如果我们有几个晚上真的那么难以入睡,那时空调真的起飞了,我们完全期待热量正在发生来。他们一直在南方表现得很好,但由于中央空调系统,空调在北方销售情况更好。

但是我们认为,我们真的看起来已经开始了,我不知道这样的四五个电话之前我们将第一季度和第二季度作为商家一起作为销售季节,我们将其视为7月和8月。

犹大Frommer

Great. Thanks a lot.

非常好。 非常感谢。

马克巴特勒

Thank you.

谢谢。

会议主持员

Thank you. Our next question comes from the line of Rick Nelson from Stephens. Your question please?

谢谢。 我们的下一个问题来自Stephens的Rick Nelson。 你的问题好吗?

里克·尼尔森

Thank you. Can you just provide an update on some of the newer categories like apparel and pets some, are you adding any new buyers to the company to pursue other merchandise categories?

谢谢。 您能否提供一些较新类别的更新,如服装和宠物,您是否在公司中添加任何新买家以寻求其他商品类别?

马克巴特勒

Yes. There's no other categories that we're going after and apparel was one of the positive comping departments in Q1 and we see a nice trend in Q2. We don’t have any other or any new buyers coming onboard that we would announce. As far as additional categories, other than the 21 that we have, we don't see any other additions, Rick.

是。 我们没有其他类别,服装是第一季度积极的合作部门之一,我们看到第二季度的好趋势。 我们没有任何其他或任何新买家登机,我们会宣布。 除了我们拥有的其他类别之外,我们没有看到任何其他类别,Rick。

里克·尼尔森

Okay. Got you. And…

好的。 有你。 和…

马克巴特勒

And by the way, pet - in Pets, we've been doing and focusing on, it's just been performing very, very well and continues to do well.

顺便说一句,宠物,宠物,我们一直在做和专注,它只是表现非常,非常好,并继续做得很好。

里克·尼尔森

Great. Good to hear. You’re sitting around a big pile of cash, $58 million. You've got another $42 million that came from the sale leaseback. If you could speak to if that should continue to grow, I’d say, where do you see the cash position absent buybacks and what sort of level of cash do you think you need to run the business?

非常好。 很高兴听到。 你坐在一大堆现金,5800万美元。 你还有另外4200万美元来自售后回租。 如果你能说话,如果这种情况继续增长,我会说,你认为现金在哪里没有回购,你认为你需要什么样的现金来经营这家公司?

Jay Stasz

Sure. Rick, this is Jay. And I mean, generally speaking, right, we think having $100 million to $150 million of cash on our balance sheet is fine and there's a lot of companies that have even more than that. To your point, right, we're going to have incremental $42 million coming in to the coffers from the sale leaseback. But we're also this year spending $75 million, $80 million of capital related overall and we're going to finance - we're going to pay for the building out of our third DC in Texas, so that's going to take a chunk of capital and a chunk of cash off our books.
So we're comfortable, again, right, where we're at. We announced the stock buyback last quarter. But again, we'll have maybe $100 million, $150 million of cash on our books. So we're not - we think that's the right level to have from an operating standpoint. We're not rushing just to get that cash off our balance sheet.

当然。 瑞克,这是周杰伦。 我的意思是,一般来说,我们认为在我们的资产负债表上有1亿到1.5亿美元的现金很好,并且有很多公司甚至还有更多。 到目前为止,我们将从销售回租中获得4200万美元的资金。 但我们今年还花费了7500万美元,总计8000万美元的资金并且我们将要融资 - 我们将支付我们在德克萨斯州的第三个DC的建筑物的费用,所以这将花费大量的 资本和我们账簿上的一大笔现金。

所以,我们再次,正确,我们所处的地方感到舒适。 我们在上个季度公布了股票回购。 但同样,我们的书上可能会有1亿美元,1.5亿美元的现金。 所以我们不是 - 我们认为从操作的角度来看,这是正确的水平。 我们并不急于从资产负债表上取下现金。

里克·尼尔森

Okay. all right I undThat’s correct. Right. Thanks and good luck.

好的。 好吧我和那是对的。 对。 谢谢,祝你好运。

Jay Stasz

Thank you, Rick.

谢谢你,里克。

会议主持员

Thank you. Our next question comes from the line of Edward Kelly from Wells Fargo. Your question, please?

谢谢。 我们的下一个问题来自富国银行的爱德华凯利。 你的问题好吗?

爱德华凯利

Hi, guys. Good afternoon. So, Mark, I just wanted to - I wanted to ask a follow-up on toys. You mentioned on toys that you were buying to beat. Can you just provide a bit more color on what the market looks like, particularly as the industry cycles out of this disruption we saw last year? And then I guess, as part of this, how much toy inventory are you sort of packing away and is this part of what where your comp - where you get your confident tone sounds around toys this year?

嗨,大家好。 下午好。 所以,马克,我只想 - 我想问一下玩具的后续行动。 你在购买的玩具上提到要击败。 您能否就市场的情况提供更多颜色,特别是当行业在我们去年看到的这种中断之后? 然后我想,作为其中的一部分,你有多少玩具库存可以打包,这是你的组合的哪一部分 - 你今年在玩具周围听到自信的声音?

马克巴特勒

Yes. We've been after the toys. We went hard obviously even before Christmas of last year in anticipation of this year and I feel good about our purchase. Obviously we won’t give you the number, but I feel good about where we're at.
I will tell you that our philosophy is to try to widen our breadth, widen our assortment of close outs and perhaps maybe don't be quite as deep. Our philosophy is to focus a little bit more on preschool toys and I think you're going to see a lot of preschool toys in our stores this year. I think our merchant, Scott, has done a phenomenal job and there's plenty of toys that have arrived and will continue to arrive. But once again, the confidence is that not only are we going to meet the sensational results we had last year, we have every intention of beating that.

是。 我们一直在玩玩具。 在今年的圣诞节之前,我们显然很努力,因为我们对今年的购买感到满意。 显然我们不会给你这个数字,但我觉得我们所处的位置很好。

我会告诉你,我们的理念是试图扩大我们的广度,扩大各种各样的结束,也许可能不会那么深。 我们的理念是更多地关注幼儿园玩具,我想你今年会在我们的商店里看到很多幼儿园玩具。 我认为我们的商人斯科特已经做了非凡的工作,并且有很多玩具已经到货并将继续到货。 但再一次,我们的信心是,我们不仅要满足去年的耸人听闻的结果,我们还是有意打败这一结果。

爱德华凯利

Okay. And then I wanted to ask you about SG&A and I was hoping that you could talk about costs and what is a continuation of just robust expense leverage? I mean, you leveraged SG&A on a less than a 1% comp and you leveraged by 40 basis points. It's better than, than sort of how you were thinking about full-year guidance. I was hoping just to start maybe you could talk about how things played out relative to expectation. And then beyond that, just bigger picture, what is it about the model that's allowing you to drive such unique leverage despite the strong store growth?

好的。 然后我想问你关于SG&A的事情,我希望你能谈谈成本以及只是强大的费用杠杆的延续? 我的意思是,你在不到1%的比率上利用SG&A,你可以利用40个基点。 这比你考虑全年指导的方式更好。 我希望只是开始,也许你可以谈论事情如何发挥相对于期望。 除此之外,只是更大的图景,尽管商店增长强劲,但是这款车型能够带来如此独特的影响力是什么?

Jay Stasz

Sure. And this is Jay, and I'll start and you have a lot of questions back in there, but I'll address what I can and we'll go from there. But you had the leverage. It was good in the quarter. It was 40 basis points. And like you said, we didn't really have it on the comp side but the new stores perform. So the total sales beat our expectations. So we saw a lot of leverage on the G&A side versus maybe the selling side. We levered our G&A labor. We had some insurance costs which we were able to lever in the quarter as well as we did get some benefit just overall on utilities driven by rate in the quarter so that's where we got the SG&A leverage in the quarter which is great news.
And also just from a culture standpoint, we constantly focus on our expenses and if we don't have to spend the money, we don't spend it and that doesn't change. That comes from the top with Mark and John and so that will never change. On an annual basis, we had probably planned all about 10 basis points of leverage on the last call and now with the goodness in Q1, maybe we're closer to 15 or 20 basis points of leverage on SG%A.
And then that's just I think as far as our ability to grow stores and continue to lever again it just gets back. That's our culture. That's the way we go-to-market. We don't have a high-touch environment and if we don't have to spend the expense we don't do it.

当然。这是周杰伦,我会开始,你在那里有很多问题,但我会解决我能做的事情,我们会从那里开始。但你有杠杆作用。这个季度很好。这是40个基点。就像你说的那样,我们在comp方面并没有真正拥有它,但新商店表现得很好。因此总销售额超出了我们的预期。所以我们在G&A方面看到了很多杠杆,而不是卖方。我们利用了G&A的劳动力。我们有一些保险费用,我们能够在本季度实现杠杆作用,以及我们确实从本季度利率推动公用事业获得了一些好处,这样我们在本季度获得了SG&A杠杆,这是个好消息。

而且从文化的角度来看,我们一直专注于我们的开支,如果我们不必花钱,我们就不会花钱而且不会改变。这来自马克和约翰的顶级,所以永远不会改变。在年度基础上,我们可能计划在最后一次通话中获得大约10个基点的杠杆,现在有了第一季度的优点,也许我们在SG%A上接近15或20个基点的杠杆。

然后就是我认为,就我们增加商店的能力而言,继续再次拉动它只会回来。那是我们的文化。这就是我们进入市场的方式。我们没有高触摸环境,如果我们不必花费这笔费用,我们就不会这样做。

爱德华凯利

Just the way to think about the leverage point on comp over a multiyear basis?

只是在多年的基础上思考comp的杠杆点的方法?

马克巴特勒

Yes. I think it stays at that 1 to 1.5. And again, I think if people want to try to take it up as we grow which I understand that, but we run lean and when we run tight, so there are going to be times when we're going to invest in management or other things as we look out over two, three, four years. So, I wouldn't model anything more than 10 basis points, 15 basis points, 20 basis points of leverage each year.

是。 我认为它保持在1到1.5。 而且,我认为,如果人们想要随着我们的成长而尝试接受它,我理解这一点,但是我们精益求精,当我们紧张时,所以有时候我们会投资管理或其他 在我们看两三年,四年的事情。 因此,我不会模拟任何超过10个基点,15个基点,每年20个基点的杠杆。

爱德华凯利

Okay. Thank you.

好的。 谢谢。

马克巴特勒

Sure. Thank you.

当然。 谢谢。

会议主持员

Thank you. Our next question comes from the mind of Paul Lejuez from Citigroup. Your question please?

谢谢。 我们的下一个问题来自花旗集团的Paul Lejuez。 你的问题好吗?

Paul Lejuez

Hey, thanks, guys. Mark, second quarter, now you use the term appropriately overbought and I'm just curious if you feel that there are - if there are any categories that you're a little bit heavier than you'd like to be coming out of 1Q. I'm also curious if there are any that you felt light end during the first quarter or maybe missed some sales opportunity? And if so, what was the cause of that? And I’ll have a follow-up. Thanks.

嘿,谢谢,伙计们。 马克,第二季度,现在你使用这个术语适当超买了,我只是好奇你是否觉得有 - 如果有任何类别,你比第一季度想要更重一些。 我也很好奇是否有任何你在第一季度感觉轻松或可能错过一些销售机会? 如果是这样,原因是什么? 我会有一个跟进。 谢谢。

马克巴特勒

Yes, I don't think that I worry at all about any of the inventory levels. I think that I get excited about the inventory levels. I think that I'm excited about where we are in the toys, vis-à-vis where we were last year at this time because we have a lot more knowledge. We also have a lot more customers that came to know us for toys, so I'm excited about that. With that being a deal-related or driven business, theirs is the ebb and the flow of a deal that we had a big coffee deal last year that we didn't have this year I'm not talking about the major coffee, I'm talking about a specific coffee deal, we didn't have it this year.
So, the ebbs and flows of the close up business, they happen each and every day. I think that the seasonal business performed just fine in Q1. We would have expected it to be better if we would have had better weather. There was a lot of noise in Q1 that we couldn't - we weren't involved in that was the weather, it was a late Easter. There's all the noise about the tax refunds and everything. So, I was just thrilled with our performance and we're locked and loaded and just needs some sunshine, some hot weather and I feel good about where we're at.

是的,我认为我根本不担心任何库存水平。我认为我对库存水平感到兴奋。我认为我对玩具的位置感到兴奋,因为我们有更多的知识,这与我们去年的情况有关。我们也有更多的客户来了解我们的玩具,所以我很兴奋。由于这是一个与交易相关或驱动的业务,他们去年是我们有一个大咖啡交易的交易的潮起潮落,我们今年没有,我不是在谈论主要的咖啡,我在谈到特定的咖啡交易时,我们今年没有。

因此,关闭业务的起伏,它们每天都在发生。我认为季节性业务在第一季表现不错。如果我们有更好的天气,我们本来期望它会更好。第一季度有很多噪音,我们不能 - 我们没有参与那是天气,这是复活节晚了。关于退税和一切的所有噪音。所以,我对我们的表现非常激动,我们被锁定和装载,只需要一些阳光,一些炎热的天气,我感觉很好,我们在哪里。

Paul Lejuez

Got you. And then on the new stores, can you distinguish between the performance of the rest locations versus the non-toys locations? I’m curious if you’re seeing equally strong performance at both or if it's the toys boxes. It's really the driver of the better than expected results.

有你。 然后在新商店,您能区分休息地点与非玩具地点的表现吗? 我很好奇你是否看到同样强劲的表现,或者它是玩具箱。 这确实是好于预期结果的驱动因素。

Jay Stasz

Yes, this is Jay. And we're seeing good performance across both. We're not going to get into splitting those out but both are performing very well.

是的,这是杰伊。 我们看到两者都有良好的表现。 我们不打算把它们分开,但两者都表现得很好。

Paul Lejuez

And you did mention cannibalization, first time that we can remember. Was that more related to the toys locations or just something you are seeing across the board?

而且你确实提到了自相残杀,这是我们第一次记得。 这与玩具的位置有什么关系,还是只是你所看到的东西?

John Swygert

Paul, this is John. This is really related to across the entire board. We've talked about it previously. We have not talked about it a ton because we don't necessarily think it's proper to quantify it but it's something that's out there and as we continue to grow the chain and continue to have what we call backfilling in existing markets in strong grand openings and reverse waterfall impacts, there's definitely a drag on the comps. We've had it forever. We continue to feel it but we just felt it was appropriate to call it out to remind everyone because we don't talk about it a time

保罗,这是约翰。 这与整个董事会真正相关。 我们之前已经讨论过它。 我们还没有谈论它,因为我们不一定认为量化它是合适的,但它是那里的东西,随着我们继续发展链条并继续拥有我们称之为强大的开放和现有市场的回填 反向瀑布影响,对comps肯定有拖累。 我们永远拥有它。 我们继续感受到它,但我们只是觉得把它叫出来提醒所有人是合适的,因为我们不会谈论它

Paul Lejuez

Got you. Thank you. Good luck.

有你。 谢谢。 祝好运。

John Swygert

Thank you.

谢谢。

会议主持员

Thank you. Our next question comes from the line of Jeremy Hamblin from Dougherty & Company. Your question please?

谢谢。 我们的下一个问题来自Dougherty&Company的Jeremy Hamblin。 你的问题好吗?

Jeremy Hamblin

Congrats on the strong results. Thanks for taking the questions. I wanted to come back to the new unit productivity. And in thinking about future locations, given the strong performance of the TRU locations, do you think about potentially going a little bit larger in terms of your target model going forward maybe to that 35,000 or 40,000 square foot kind of as your new type of site location?

祝贺结果强劲。 感谢您提出问题。 我想回到新单位的生产力。 考虑到TRU地点的强劲表现,在考虑未来的地点时,您是否认为可能会在未来的目标模型方面稍大一些,可能会将35,000或40,000平方英尺作为您的新类型网站 地点?

马克巴特勒

Well, I think that the Toys "R" Us sites in particular provided a very, very unique opportunity for us where we could go to bankruptcy court and raise our hand to whether or not we wanted to participate to buy the property and/or buy the lease. Some of those stores, most of the stores were larger than the average what we have been opening up over the last several to many years.
That being said, the non-Toys "R" Us sites are doing phenomenal. They’re hurt - we’re crushing it in all of the stores. So, it's not totally related to just TRU sites. The TRU sites as a whole were probably more opportunistic for us to get more main and main opportunities at a value price on the rental and or on the ownership which we subsequently have the sale leaseback. And that could be, that could be - it's way too early for us to know, but we're certainly hoping that those average unit volume per unit are going to do more in a 42,000 square foot store than what we would in a 33,000 square foot store.
We're excited. We're excited about the non-TRUs and we're excited about the TRUs. It's just way, way too early to really quantify the TRU site productivity and keeping in mind that it's 12 of the 42 that we're opening this year and I think we're going to open up a couple of more TRUs this year.

好吧,我认为Toys“R”Us网站特别为我们提供了一个非常非常独特的机会,我们可以去破产法庭并举手表示我们是否想参与购买房产和/或购买租约。其中一些商店,大多数商店都比我们过去几年到几年来开放的平均数还要大。

话虽这么说,非玩具“R”Us网站正在做非凡的事情。他们受伤了 - 我们在所有的商店都在粉碎它。所以,它与TRU网站并不完全相关。 TRU网站作为一个整体可能更倾向于我们以租金和/或我们随后拥有销售回租的所有权的价格价格获得更多的主要和主要机会。这可能是 - 这可能是 - 现在对我们来说还为时过早,但我们当然希望单位平均单位成交量在42,000平方英尺的商店中比在33,000平方英尺内做得多。足部商店。

我们很兴奋。我们对非TRU感到兴奋,我们对TRU感到兴奋。现在,真正量化TRU网站生产力的方式还为时尚早,并牢记我们今年开放的42个中的12个,我认为今年我们将开辟更多的TRU。

Jeremy Hamblin

Yes.

是。

马克巴特勒

Yes, and Jeremy I think we definitely - we've definitely not been seeing anything that makes us feel we need to change our overall new store models, the 30,000 to 33,000 square foot store is where we believe is our sweet spot. And we obviously move off of that number depending on the opportunistic, opportunities we have in the marketplace. So that's just how we work and we try to average into the 32,000 square foot store.

是的,杰里米我认为我们肯定 - 我们绝对没有看到任何让我们觉得我们需要改变我们整体新店模式的东西,我们相信这是我们最喜欢的30,000到33,000平方英尺的商店。 我们显然取决于我们在市场上的机会主义和机会,取消了这个数字。 这就是我们的工作方式,我们试着平均进入32,000平方英尺的商店。

Jeremy Hamblin

Okay, great. And then, a followup question on the toy category performance. And as you look back in history where we've had really strong let's say licensing movies and we've got a slate of them this year that clearly probably presents opportunities for you, how has that excluding kind of the vacuum left by the TRU opportunity, how has it - has the category performed in years in which there's these really big licensing deals that are out there whether it's kind of a Star Wars year or Frozen, and this year we've got a whole slate of them.

好,太棒了。 然后,关于玩具类别表现的后续问题。 当你回顾过去我们真的很强大的时候我们会说许可电影而且我们今年有一些它们可能为你提供机会,那怎么能排除TRU机会留下的那种真空 ,它是如何实现的 - 多年来一直在进行的类别中,无论是星球大战年还是冷冻年,都有这些非常大的许可协议,而今年我们已经完成了一大堆。

马克巴特勒

Yes. And look, we're able to benefit from it, Jeremy, but I got to tell you, I'm not going to have Toy Story 4. I'm going to have Toy Story probably 2 and 3 product.

是。 看,我们能够从中受益,Jeremy,但我得告诉你,我不会有玩具总动员4.我将会有玩具总动员2和3产品。

Jeremy Hamblin

Right.

对。

马克巴特勒

And that's just the nature of the closeout industry. So next year, - in all likelihood next year, I'm going to have Toy Story 4 product. And we certainly, the Olaf Ball is going to sell again once Frozen comes out in the fall. All of the Toy Story stuff that we have and have bought this year, I think it's going to be released tomorrow and we're going to be bringing Toy Story product into the store in the next week or two. So, it's not anything that we would deem to be a driver specifically. However, we do pay attention to it. We wish we could get the current, the hottest, the latest, the greatest at close out prices but we usually have to wait a year.

这就是收尾行业的本质。 所以明年, - 很可能在明年,我将有玩具总动员4的产品。 而且我们当然,一旦Frozen在秋季问世,Olaf Ball将会再次出售。 我们今年购买的所有玩具总动员的东西,我认为它将在明天发布,我们将在未来一两周内将玩具总动员产品带入商店。 因此,我们认为不是任何具体的驱动因素。 但是,我们确实关注它。 我们希望我们可以获得当前,最热,最新,最优惠的价格,但我们通常需要等待一年。

Jeremy Hamblin

Right. Now, understood, okay. Thanks for taking the questions, guys. Good luck.

对。 现在,理解,好吧。 谢谢你提出问题,伙计们。 祝好运。

马克巴特勒

Great. Thank you.

非常好。 谢谢。

会议主持员

Thank you. Our next question comes from the line of Anthony Chukumba from Loop Capital Markets. Your question, please?

谢谢。 我们的下一个问题来自Loop Capital Markets的Anthony Chukumba。 你的问题好吗?

Anthony Chukumba

Thank you for taking my question. I just want to focus very quickly on Ollie’s Army. You mentioned that you have over 9.4 million active members and that was up 11% year-over-year. Can you provide any color just in terms of what percentage of their sales - what percentage of your sales of Ollie’s Army members account for?
And then the only other question I had was, I just want to see if you will provide any commentary just in terms of the member ranks and I mean, if you’re not going to give us numbers, I’d appreciate that, but just any color just in terms of how the member ranks are sort of building out relative to your expectations? Thanks.

谢谢你提出我的问题。 我只想快速关注奥利的军队。 您提到您有超过940万活跃会员,并且同比增长11%。 你可以根据他们的销售百分比来提供任何颜色 - 你的奥利军队成员的销售比例是多少?

然后我唯一的另一个问题是,我只想看看你是否会就会员队伍提供任何评论,我的意思是,如果你不打算给我们数字,我会很感激,但是 只是在成员排名如何构建相对于您的期望的任何颜色? 谢谢。

John Swygert

Sure, Anthony. This is John. With regards to the overall Army, that makes up just north of 70% of our total sales now which we’re very, very pleased with. They are the most responsive members we have. They spend about 40% more than non-Ollie’s Army members and obviously frequently visit our store more than our non-members as well.
So the Army is stronger than it’s ever been and keeps getting stronger. We have been making enhancements into the programs that we have to try to make it easier for folks to onboard and give us better opportunity to track them and speak to them and I think we're on the right path of doing that. The growth is stronger than we’d expected in the quarter, so we're very pleased with that as well.
With regards to the ranks, the ranks are very early. Obviously we reset the rank balances at the beginning of the year and we are the two and three stars, we don't want to talk about them. I would tell you we're very happy with the performance that we've seen, thus far, within our overall changes in the program and we'll report more as we go, even I won't necessary call out the percentage of the ranks, but we are pleased with what we're seeing so far.

当然,安东尼。这是约翰。对于整体军队而言,现在占我们总销售额的70%以上,我们非常非常满意。他们是我们最敏感的成员。他们比非奥利军队成员多花了40%左右,而且显然经常访问我们的商店比非会员更多。

因此,陆军比以往任何时候都更强大并且不断变强。我们一直在对这些程序进行改进,我们必须努力让人们更容易登机并给我们更好的机会来跟踪它们并与他们交谈,我认为我们正在走上正确的道路。增长强于本季度的预期,因此我们对此也非常满意。

在队伍方面,排名很早。显然我们在年初重置排名余额,我们是两星级和三星级,我们不想谈论它们。我会告诉你,到目前为止,我们对我们在整个计划中的整体变化所看到的表现非常满意,我们会随着时间的推移报告更多,即使我不需要调出百分比。排名,但我们对目前所看到的情况感到满意。

Anthony Chukumba

Got it. That's very helpful. Thank you.

得到它了。 这非常有帮助。 谢谢。

John Swygert

Thank you.

是的,Dan你可能还记得我们说你知道我们的票房业务的整体生产在第二季度下降了4%,所以这是一个费率假设。...

会议主持员

Thank you. Our next question comes from the line of Chris Prykull from Goldman Sachs. Your question, please?

是的,Dan你可能还记得我们说你知道我们的票房业务的整体生产在第二季度下降了4%,所以这是一个费率假设。...

Christopher Prykull

Good evening, guys. Thanks for taking my questions. I just had a quick followup on gross margin. I think you guided 2Q down about 20 basis points to 30 basis points if I heard you correctly. I guess what was that related to and then was there any markdown risk that you see in 2Q from excess seasonal product?

伙计们,晚上好。 谢谢你回答我的问题。 我刚刚对毛利率进行了快速跟进。 如果我没听错你的话,我认为你引导2Q下降了20个基点到30个基点。 我想这与那些相关的是什么,然后你有没有降价风险,你会在第二季看到多余的季节性产品?

Jay Stasz

Yes, Chris this is Jay. And we do - we just to clarify the cadence we saw in the models that there were some disconnects. So, right we just wanted to clarify that and say 20 basis points to 30 basis point decrease year-over-year in Q2 and then we get that back in the back half of the year. So, on a full year basis we're right at the 40.1%. So, there's really no fundamental changes in the business or the model just kind of clarifying and doing some housekeeping there.

是的,克里斯这是杰伊。 我们这样做 - 我们只是为了澄清我们在模型中看到的节奏,这些节奏存在一些断开连接。 所以,我们只想澄清这一点,并说第二季度20个基点同比下降30个基点,然后我们在今年下半年得到回报。 因此,在全年的基础上,我们正好在40.1%。 因此,业务或模型实际上没有根本性的变化,只是在那里澄清和做一些内务管理。

Christopher Prykull

Got it. And then expectations for freight and distribution costs throughout the rest of the year?

得到它了。 然后在今年剩余时间内对运费和分销成本的预期?

Jay Stasz

Yes well we're - on an annual basis we had planned the 40.1% which was kind of comprised of an increase in merchandise margin of about 20 basis points to 30 basis points and that would be offset by increased costs on supply chain of about 20 basis points to 30 basis points. We are seeing increased costs in our supply chain primarily related to investments in wages and labor at the DCs as well as on the trucking front, we are seeing increased costs both on inbound and outbound, primarily just due to longer hauls, not so much because of the spot rates or the cost of diesel fuel. But what we are seeing increased costs. Those costs follow inventory so they come out when the inventory turns more or less. But it's embedded in our full year guidance of margin of 40.1%.

是的,我们 - 按年计算我们计划了40.1%,其中包括商品利润率增加约20个基点至30个基点,并且可以通过约20个供应链成本增加来抵消 基点为30个基点。 我们看到供应链中的成本增加主要与DC的工资和劳动力投资以及货运前沿有关,我们看到入境和出境成本增加,主要是因为运输时间较长,而不是因为 现货价格或柴油成本。 但我们看到的成本增加了。 这些成本跟随库存,因此当库存变化或多或少时它们会出现。 但它包含在我们全年40%的保证金指引中。

Christopher Prykull

Great. Then if I could just squeeze one last one in. Just on your real estate strategy longer term, I guess, with the Toys "R" Us sites you mentioned those are sort of more fifth and main locations. Are you looking maybe upgrade existing locations to better sites if you get the chance?

非常好。 然后,如果我可以挤出一个最后一个。就我的房地产策略而言,我想,对于您提到的Toys“R”Us网站,这些网站更像是第五和主要位置。 如果有机会,您是否希望将现有位置升级到更好的站点?

John Swygert

Chris, this is John. With regards to our stores and our overall performance of our stores, I would tell you, it's really hard to upgrade a store or change a store when you have very, very profitable stores. We find ourselves in that luxury, if you want to say that. So, we always are looking in the right - if the right space were to become available, we would consider it. But we are not actively - as you can tell and look at our history, we're not big on relocations.
Our stores are very profitable, so moving stores is hard to get a payback on it. But we're continuing to look at existing TRU sites that are available out in the marketplace today and there are still quite a bit of them out there to look at and there's other retailers that have had some issues in the most recent couple of years that have plenty of availability out there as well. So, we're continuing to take a look at the opportunities to continue to take a good real estate.

克里斯,这是约翰。 关于我们的商店和我们商店的整体表现,我会告诉你,当你拥有非常非常有利可图的商店时,很难升级商店或改变商店。 如果你想这么说,我们发现自己处于那种奢侈之中。 所以,我们总是在向右看 - 如果合适的空间可用,我们会考虑它。 但是我们并不积极 - 正如你可以看到并看看我们的历史,我们在重新安置方面并不重要。

我们的商店非常有利可图,因此搬家商店很难获得回报。 但我们仍在继续关注目前市场上现有的TRU网站,并且仍有相当多的网站可供查看,其他零售商在最近几年也遇到过一些问题。 那里也有充足的可用性。 因此,我们将继续关注继续保持良好房地产的机会。

Christopher Prykull

Great. Thanks so much and good luck the rest of the year.

非常好。 非常感谢,祝你今年剩下的时间好运。

Jay Stasz

Thanks, Chris.

谢谢,克里斯。

马克巴特勒

Thank you.

谢谢。

会议主持员

Thank you. This does conclude the question-and-answer session of today's program. I'd like to hand the program back to Mark Butler for any further remarks.

谢谢。 这确实结束了今天计划的问答环节。 我想把这个程序交还给Mark Butler,以便进一步发表评论。

马克巴特勒

Great. Thanks, everyone, for participating in our call and for your support of Ollie's. As you just heard, we had a great start to the year and we're excited for the continued growth in 2019. We look forward to sharing our results with you on our second quarter call in early September. Thank you very much and have a great day.

非常好。 非常感谢大家参与我们的电话会议以及对Ollie的支持。 正如您刚才所说,我们今年的开局很好,我们对2019年的持续增长感到兴奋。我们期待在9月初的第二季度电话会议上与您分享我们的成果。 非常感谢你,祝你有个美好的一天。

会议主持员

Thank you, ladies and gentlemen, for your participation in today's conference. This does conclude the program. You may now disconnect. Good day.

女士们,先生们,感谢您参加今天的会议。 这确实结束了该计划。 您现在可以断开连接。 美好的一天。

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