Management remarks
Call period: 2027 Q2 · 2026-08-18
Guidance: Richard McPhail: We expect to continue to grow our market share and for our comp sales to range between flat to 2% growth, with total sales growth of between approximately 2.5% and 4.5%, reflecting the contribution of the GMS acquisition, new stores, new branches and tuck-in acquisitions.Demand and orders: Richard McPhail: We have had a start to Q3 that's really consistent with the demand we saw in the second quarter.Margins: Richard McPhail: In the second quarter, our gross margin was 33.7%, an increase of approximately 25 basis points from the second quarter of last year, which was primarily driven by the benefit from the IEEPA tariff refund, largely offset by incremental cost pressures related to fuel, energy and other product input costs as well as a change in mix as a result of the GMS acquisition.Analyst Q&A
Analyst Zachary Fadem asked: We know tariff refund, that benefit rolls off from Q1 to -- Q2 to Q3, that roughly 60 basis points of GMS mix pressure, that also rolls off. I just -- could we help understand whether the 60 basis points of fuel and freight is transitory versus something like a freight contract that would enter the base for a year or longer? Management Richard McPhail answered: But just maybe to answer your question specifically, since we've had a couple of questions on it, the timing of the refunds again, created a timing benefit in gross margin that you're likely going to see offset to a degree in Q3, right? So the benefit was seen in Q2, we are able to use that economic benefit to offset costs and that offset is largely a Q2 and Q3 kind of dynamic. And then, again, just to repeat it, by Q4, we expect that we will see our gross margin to be relatively flat versus last year.管理层陈述
电话会期间：2027 Q2 · 2026-08-18
指引：理查德·麦克菲尔：我们预计将持续提升市场份额，同店销售额增长率介于持平至2%之间，总销售额增长率介于约2.5%至4.5%之间，这反映了GMS收购、新门店、新分支机构以及补强收购的贡献。需求与订单：理查德·麦克菲尔：第三季度的开局与我们在第二季度观察到的需求状况完全一致。利润率：理查德·麦克菲尔：第二季度，我们的毛利率为33.7%，较去年第二季度增长约25个基点，这主要得益于IEEPA关税退款的利好，但被燃油、能源及其他产品原材料成本带来的增量成本压力以及GMS收购引发的产品结构变化大幅抵消。分析师问答
分析师扎卡里·法德姆问道：我们知道关税退税优惠从第二季度到第三季度逐步取消，约60个基点的GMS组合压力也同样逐步取消。我想了解一下，60个基点的燃油和货运成本是临时性的，还是会像货运合同一样纳入一年或更长时间的基数？ 管理层理查德·麦克菲尔回答道：针对这个具体问题，由于此前已有多个相关提问，我想说明：退税的时间安排给毛利率带来了时间性收益，该收益在第三季度将被部分抵消。第二季度我们获得了该经济收益以抵消成本，这种抵消主要发生在第二和第三季度。再次重申，我们预计第四季度的毛利率将与去年基本持平。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
