Management remarks
Call period: 2026 Q2 · 2026-07-30
Guidance: Jeremy Adam Fletcher: For 2026, we now expect our total revenues to be between $18.9 billion and $19.2 billion. Our second quarter effective tax rate was in line with our expectations at 22.6% of pretax income, comprised of a base rate of 23.3%, reduced by a 0.7% benefit from share-based compensation.Demand and orders: Brad W. Beckham: Our team's steadfast commitment to providing consistently high levels of service to our customers drove a comparable store sales growth of 6% for our second quarter.Margins: Brent G. Kirby: Given our in line first half performance, and the current stable market environment, we are maintaining our full year gross margin guidance range of 51.5% to 52%.Analyst Q&A
Analyst Zachary Fadem asked: Hey. Good morning. You are pointing us to an SG&A per-store level that is moving back closer to that 3% range. And the first question is whether you think this is the right run rate now as we move past an elevated period. And as we normalize, is it fair to think about a 3% comp leverage point? Management Jeremy Adam Fletcher answered: That elevated our SG&A levels that had been higher than what we had seen before. And so, the I think the 1 positive of that is as we as we calendar against some of those things, we will we will see the impact of some of those pressures being built into the base and not necessarily seeing a reacceleration on top of that. In the back half of the year. that is part of why we got comfort in why implicitly the per store SG&A growth rate within our guidance is less in the back half of the year than it is in the front half of the year.管理层陈述
电话会期间：2026 Q2 · 2026-07-30
指引：杰里米·亚当·弗莱彻：对于2026年，我们目前预计总营收在189亿美元至192亿美元之间。我们第二季度有效税率为税前利润的22.6%，符合预期，由23.3%的基准税率减去股权激励带来的0.7%税收优惠组成。需求与订单：布拉德·W·贝克汉姆：我们团队始终如一地为客户提供高水平服务，推动第二季度可比门店销售额增长6%。利润率：布伦特·G·柯比：鉴于上半年表现符合预期，且当前市场环境稳定，我们维持全年毛利率指引区间为51.5%至52%。分析师问答
分析师扎卡里·法德姆问道：贵公司提到单店销售及管理费用（SG&A）正回升至接近3%的区间，我想请问这是否是摆脱高成本阶段后的合适运行率？业务正常化后，是否可以认为会出现3%的同店销售额杠杆点？管理层杰里米·亚当·弗莱彻回应称：此前的SG&A水平高于以往，积极的一面是，随着我们将这些因素按日历周期纳入常规核算，部分成本压力已计入基础水平，不会再出现额外加速增长。今年下半年，我们之所以安心，部分原因就在于指引中隐含的单店SG&A增速低于上半年。This earnings 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.这篇财报研究基于公司业绩公告、监管文件、财务报表，以及财报电话会议记录或官方回放整理。内容仅供参考，不构成投资建议。
