Management remarks
Call period: 2026 Q2 · 2026-08-20
Guidance: William Sheehan: If the second half of 2026 performs in line with these projections, earnings per share for the full year are now forecast to be in the range of $8.61 to $8.77 versus $6.61 last year.Demand and orders: James G. Conroy: The quarter was really solid, and we are thrilled by not only the underlying growth number, the 10% comp, but the quality of the comp it is really driven mostly by more transactions Those transactions are driven by customer capture, both new and regaining lapsed customers, We are seeing existing customers shop more frequently.Margins: William Sheehan: Second quarter operating margin increased 610 basis points, which included the aforementioned 405 basis points from tariff refunds. Excluding this benefit, operating margin increased 205 basis points compared to the prior year.Analyst Q&A
Analyst Mark Altschwager asked: But even so, how are you thinking about protecting the value gap in this environment and what are your assumptions for ticket growth in the back half and how that might change as you maintain your competitive pricing? Management James G. Conroy answered: And if that were if that were to if we were to see something where we did not have that price umbrella under mainstream retail, we would make a change. But I think we are we are still safe where we are now. For the back half of the year, you will likely see some very modest AUR increase sort of at the same sort of levels that we are seeing now. You know, low single digit, And you know, we really want to be there for a customer that is battling higher gas prices and all the other inflation pressures that they have in their life.管理层陈述
电话会期间：2026 Q2 · 2026-08-20
指引：威廉·希恩称，如果2026年下半年符合上述预测，全年每股收益预计将处于8.61美元至8.77美元区间，去年为6.61美元。需求与订单：詹姆斯·G·康罗伊称，本季度表现十分强劲，我们不仅对10%的同店销售额增长率这一核心增长数据感到满意，更对其增长质量感到振奋——增长主要源于更多交易，而这些交易来自新客户和重新回流的老客户，我们还看到现有客户的购物频率有所提升。利润率：威廉·希恩称，第二季度营业利润率增长610个基点，其中包括前述来自关税退税的405个基点；若剔除该利好因素，营业利润率较去年同期仍增长205个基点。分析师问答
分析师马克·阿尔特施瓦格提问：即便如此，你们如何考虑在当前环境下保护价值缺口？你们对下半年的客单价增长有何假设？随着维持竞争性定价，这一增长会如何变化？ 管理层詹姆斯·G·康罗伊回应：若我们失去主流零售的价格保护伞，将做出调整，但目前我们的处境仍安全。今年下半年，我们可能会看到非常小幅的平均单位售价（AUR）增长，幅度与当前水平一致，即低个位数。我们希望能为正面临汽油价格上涨和其他生活通胀压力的顾客提供支持。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。
