0001817358-26-000146
SEC filingASO二季度销售增3.0%、调整后EPS增19.1%，靠关税退款再投资与门店扩张驱动，并上调全年EPS指引。
| 指标 | 本期 | 去年同期 | 同比 |
|---|---|---|---|
| Net sales | $1,647.3M | $1,599.8M | 3.0% |
| Comparable sales | (0.4)% | 0.2% | — |
| Gross margin | $665.9M | $576.7M | — |
| Gross margin rate | 40.4% | 36.0% | — |
| Operating income | $246.4M | $172.4M | — |
| Net income | $137.9M | $125.4M | 10.0% |
| Adjusted net income | $146.5M | $131.3M | 11.6% |
| Earnings per common share, diluted | $2.17 | $1.85 | 17.3% |
| Adjusted earnings per common share, diluted | $2.31 | $1.94 | 19.1% |
| 期间 | 指标 | 指引 | 口径 |
|---|---|---|---|
| FY2026 | Net sales | $6,230 - $6,355M | N/A |
| FY2026 | Comparable sales | 0% - 2.0% | N/A |
| FY2026 | Gross margin rate | 35.5% - 36.0% | N/A |
| FY2026 | GAAP net income | $390 - $415M | GAAP |
| FY2026 | Adjusted net income | $420 - $445M | Non-GAAP |
| FY2026 | GAAP earnings per common share, diluted | $6.05 - $6.45 | GAAP |
| FY2026 | Adjusted earnings per common share, diluted | $6.50 - $6.90 | Non-GAAP |
| FY2026 | Capital Expenditures | $200 - $240M | N/A |
| FY2026 | Adjusted free cash flow | $300 - $350M | Non-GAAP |
二季度净销售同比增长3.0%至$1,647.3M，但可比销售小幅下滑(0.4)%，增长主要由新店与电商（+12.8%）驱动，新店可比销售录得中个位数正增长。毛利率大幅扩张至40.4%（去年同期36.0%），叠加SG&A费用率仅微升，推动营业利润增至$246.4M、营业利润率升至15.0%；GAAP摊薄EPS $2.17（+17.3%），调整后EPS $2.31（+19.1%），其中含关税退款相关净影响$0.06（含再投资）。管理层强调消费承压尤其低收入家庭，公司正将关税相关收益再投资于价值、新品牌与全渠道及忠诚度计划以抢占份额。
全年指引维持销售$6,230–$6,355M（+3.0%–5.0%）与可比销售0%–2.0%不变，但上调EPS区间：GAAP $6.05–$6.45、调整后$6.50–$6.90，毛利率指引亦上调至35.5%–36.0%，调整后自由现金流指引升至$300–$350M。资本返还方面，上半年回购$182.1M（+82.3%）、派息$19.0M，并宣派季度股息$0.15/股（10月14日支付）。门店扩张延续，Q2新开3家至327家，Q3计划再开11家。需关注关税退款一次性收益的可持续性及低收入消费疲软对可比销售的持续压力。