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Seven Various Ways To Do How To | Invoice and Resume Ideas - family dollar receipt book
Seven Various Ways To Do How To | Invoice and Resume Ideas – family dollar receipt book | family dollar receipt book

Dollar Tree, Inc. (NASDAQ: DLTR)Q2 2018 Antithesis Appointment CallAug. 30, 2018, 9:00 a.m. ET

Good day, everyone, and acceptable to Dollar Tree, Inc.’s added division antithesis call. Today’s alarm is actuality recorded. At this time, I would like to about-face the appointment over to Mr. Randy Guiler, Vice President, Broker Relations. Amuse go ahead, sir.

Thank you, Lisa. Acceptable morning and acceptable to our appointment alarm to altercate Dollar Tree’s achievement for added budgetary division of 2018. Participating on today’s alarm will be our President and CEO, Gary Philbin, and our CFO, Kevin Wampler.

Before we begin, I would like to admonish anybody that assorted animadversion that we will accomplish about approaching expectations, plans, and affairs for the aggregation aggregate advanced statements for the purposes of the Safe Harbor accoutrement beneath the Clandestine Securities Litigation Reform Act of 1995. Actual after-effects may alter materially from those adumbrated by these advanced statements as a aftereffect of assorted important factors included in our best contempo columnist release, best contempo 8-K, 10-Q, and anniversary report, which are all on book with the SEC. We accept no obligation to amend our advanced statements and you should not apprehend us to do so.

At the end of our able remarks, we will accessible the alarm to your questions. Amuse absolute your questions to one and one follow-up, if necessary. Now, I will about-face the alarm over to Gary Philbin, Dollar Tree’s President and Chief Executive Officer.

Gary M. Philbin — President and Chief Executive Officer

Thank you, Randy, and acceptable morning, everyone. This morning we appear our after-effects for our added quarter. Sales added 4.6% to $5.53 billion. Our circumscribed same-store sales added 1.8%. By segment, our atone sales for Dollar Tree banderole added 3.7% and the Ancestors Dollar banners comps were collapsed compared to aftermost year’s Q2 access of 1%. Our action gross allowance amount beneath 70 abject credibility to 30.1%. Operating assets was $382.5 actor or 6.9%. Adulterated antithesis per allotment added 17.3% to $1.15, one penny beneath the aerial end of our advice range.

In mid-July, our aggregation hit a anniversary by aperture our 15,000th store. We acclaimed the breach with agitative offers and promotions at both Dollar Tree and Ancestors Dollar stores, forth with accommodating admirable aperture celebrations at baddest aliment aloft the country. Additionally in July, we opened up our 23rd U.S. administration center, amid in Warrensburg, Missouri, on time and on budget. The 1 actor aboveboard basal adeptness is creating about 400 jobs in Western Missouri and will initially be confined Dollar Tree stores, but is able with the all-important systems to serve both Dollar Tree and Ancestors Dollar banners in the future. The affiliation and abutment we accustomed from the State of Missouri, the City of Warrensburg, and the surrounding communities was aloof outstanding.

The Dollar Tree sales initiatives accept been hitting on all cylinders. Dollar Tree has now delivered 42 afterwards abode of same-store sales growth. In fact, anniversary of the aftermost 5 quarters, the increases accept been greater than 3.5%. The aftermost time Dollar Tree hit a band of at atomic 5 afterwards abode over 3.5% was in 2012. Our commodity action continues to be apprenticed by abundant ethics for a dollar, the ysis of what’s new, and our efforts about our aloft holidays and seasons. Dollar Tree continues to abound its business about these important times of the year.

For our Dollar Tree banderole in the added quarter, top-performing categories were bonbon and beverage, candy, bloom and claimed care, toys, and domiciliary consumables. Sales achievement was counterbalanced aloft arbitrary and consumables. Comps were absolute all three months. May same-store sales was the arch ages in the quarter. However, on a 2-year assemblage basis, July had the best anniversary performance, as we had a actual able July in 2017.

Geographically, Dollar Tree same-store sales advance was arch in the West, Southwest, and Midwest, and all of our zones delivered absolute comps greater than 2.5%. With the Ancestors Dollar banderole in the added quarter, while we did not accomplish our advised ambition on comps for the quarter, we connected to focus on the key initiatives that would drive the abiding success.

The important elements that will change the sales aisle for Ancestors Dollar are advance in the chump experience, including bigger in-stocks and assortment; added clandestine cast offerings, forth with bigger affairs from our acceptation capabilities; carrying amount through our Acute Means to Save; specific chump offers that are targeted through our Acute Coupon program; and best of all, about our efforts to clean the aliment with bigger adjacencies and commodity appulse of our important categories.

Top-performing categories in the division included adorableness care, accessories, electronics, and bonbon and beverage. Our atone achievement in the division was apprenticed by consumables, about three-quarters of our business at Ancestors Dollar is consumable, needs-based products. We’ve comped afresh absolutely for 7 afterwards quarters.

For accent in the quarter, atone sales were arch in May. July was negative, but up adjoin the toughest allegory from the above-mentioned year. Geographically, Ancestors Dollar same-store sales for the division was already afresh arch in our Northeast and West zones.

Switching to Canada, highlights for Dollar Tree Canada. Our aggregation connected to bear mid-single chiffre absolute comps for the quarter, with increases in both cartage and ticket. The sales advance was balanced, as both arbitrary and consumables comped bigger than 5% for the quarter. Top-performing categories in Canada included books, backyard and garden, candy, and greeting cards.

For Dollar Tree Direct, while small, beneath than 1% of our sales, it will abide to be an important allotment of our business. It provides us the apparatus to affix with our customers, enhance adherence at Dollar Tree, and drive cast awareness. In Q2, we saw double-digit increases in both sales and website cartage to dollartree.com. Our efforts actuality are to affix with our chump and organizations advice them acquisition calmly the solutions they charge for aggregate purchases, and the adeptness to buy aboriginal some of the aboriginal season’s abundant values.

We abide to appoint our barter in all forms of amusing media, with a growing abject of admirers and amusing alternation that includes artistic videos highlighting the Dollar Tree product. Amuse ysis both of our websites, dollartree.com and familydollar.com.

Now adorable at absolute acreage in the added quarter, we opened a absolute of 146 new aliment — 82 Dollar Trees, 64 Ancestors Dollars. We relocated or broadcast 13 aliment — 10 Dollar Trees and 3 Ancestors Dollars. We adapted 109 Ancestors Dollar aliment as allotment of our advance initiative. We additionally rebannered 17 Ancestors Dollar aliment to Dollar Tree stores, for a absolute of 285 projects during the quarter. We additionally added freezers and coolers to 125 Dollar Tree aliment during the added quarter, bringing our absolute Dollar Tree aliment with freezers and coolers to 5,436 now. During the quarter, we bankrupt 26 aliment — 3 Dollar Trees and 23 Ancestors Dollars. We concluded the division with 15,073 stores, breach out with 6,812 Dollar Trees and 8,261 Ancestors Dollars.

Before I about-face the alarm over to Kevin, I aloof basal to allege briefly about tariffs and the abeyant for added tariffs that are in the news. So far, the United States Barter Representative has implemented tariffs adjoin $50 billion in Chinese appurtenances and is because implementing 10% or 25% tariffs adjoin an added $200 billion in Chinese goods. This abeyant appulse could be mitigated by a array of factors. The USTR may abate a anniversary of impacted appraisal ambit afore tariffs are implemented, and afterwards may alike admission specific artefact exclusions. We are and will be alive in the process. We will not angle still. Like added shocks to the system, we will do what we accept consistently done to abate impact. We can additionally attack to accommodate amount concessions, change prices, specifications, and advance artefact mix. At Ancestors Dollar, we can do all those things and we can additionally change our price. And, as always, we accept consistently taken a attending at addition sources of accumulation and artefact alfresco of China.

I’ll now about-face the alarm over to Kevin to accommodate added detail on our added division achievement and our angle for Q3 and budgetary 2018. Kevin?

Kevin S. Wampler — Chief Banking Officer

Thanks, Gary. Acceptable morning. Absolute sales for the added division grew 4.6% to $5.53 billion, aural our advice ambit of $5.47 billion to $5.57 billion. Dollar Tree articulation absolute sales added 7% to $2.77 billion and Ancestors Dollar articulation absolute sales added 2.3% to $2.76 billion. Action same-store sales added 1.8% on a connected bill basis, or 1.9% aback adapted for Canadian bill fluctuations. On a articulation basis, same-store sales for the Dollar Tree banderole added 3.7% or 3.8% aback adapted for Canadian bill fluctuations and the Ancestors Dollar banderole atone was collapsed aback compared to the above-mentioned year’s quarter.

Overall, gross accumulation added 2.2% to $1.66 billion for the added division of 2018 compared to the above-mentioned year’s quarter. As a percent of sales, gross accumulation allowance beneath 70 abject credibility to 30.1% adjoin 30.8% in the above-mentioned year’s quarter. Gross accumulation allowance for the Dollar Tree articulation was 34.5% for the added quarter, a 10 abject point abatement compared to the above-mentioned year’s added quarter. The abatement was primarily due to 20 abject credibility of added compress cost, partially anniversary by bigger commodity amount net of freight. As sales mix absolutely impacted margin, offsetting bales headwinds.

Gross accumulation allowance for the Ancestors Dollar articulation was 25.7% during the added quarter, compared with 27.2% in the commensurable above-mentioned year period. The 150 abject point abatement was primarily due to commodity cost, including freight, which added 85 abject points, constant from college calm bales cost, partially anniversary by added antecedent mark-on. Administration costs added 30 abject credibility due to college affairs and administration centermost payroll-related costs. Compress amount added 15 abject credibility and ascendancy costs added 10 abject points, constant from the deleveraging aftereffect of collapsed commensurable abundance sales.

Consolidated selling, general, and authoritative costs as a allotment of net sales in the division added 30 abject credibility to 23.2% from 22.9% in the aforementioned division aftermost year. Excluding the $2.6 actor receivable crime from the above-mentioned year’s quarter, SG&A as a percent of sales added 40 abject credibility from an adapted 22.8% in the above-mentioned year’s quarter. The access was apprenticed by college abundance amount costs, partially anniversary by lower abrasion and lower abundance aliment and aliment costs as a allotment of sales.

Second division SG&A amount for the Dollar Tree articulation as a allotment of sales added to 23.7%, compared to 23.4% in the above-mentioned year’s quarter. The access was primarily due to our abundance alternate amount cost, which added 40 abject credibility accompanying to our planned Tax Cut and Jobs Act accumulation reinvestment plan. SG&A amount for the Ancestors Dollar articulation as a allotment of sales was 22.6%, compared to 22.4% in the above-mentioned year’s quarter. Excluding the $2.6 actor receivable crime from the above-mentioned year, Ancestors Dollar SG&A as a allotment of sales added 30 abject credibility from 22.3%. The access was the aftereffect of a 55 abject point access in abundance alternate amount amount that was partially anniversary by lower aliment and aliment amount and lower abrasion expense.

Operating assets for the action was $382.5 million, compared with $419.5 actor in the aforementioned aeon aftermost year, and operating assets allowance was 6.9%, compared to 7.9% in aftermost year’s added quarter. Operating assets allowance for the Dollar Tree articulation beneath 40 abject credibility to 10.8% aback compared to the above-mentioned quarter. Operating assets for the Ancestors Dollar articulation was $84.8 actor or 3.1% for the quarter.

Non-operating costs for the division totaled $44.8 million, which was comprised primarily of net absorption expense. Our able tax amount for the division was 18.9%, compared to 32% in the above-mentioned year period. The lower amount is the aftereffect of the Tax Cut and Jobs Act, which bargain the federal tax amount to 21% from 35% in the above-mentioned year, as able-bodied as an $8.1 actor abridgement in assets for ambiguous tax position constant from statute expirations. For the added quarter, the aggregation had net assets of $273.9 actor or $1.15 per adulterated share, compared to appear net assets of $233.8 actor or $0.98 per adulterated allotment in the above-mentioned year’s quarter.

Looking at the antithesis sheet, accumulated banknote and banknote equivalents at division end totaled $647.3 million, compared to $1.1 billion at the end of budgetary 2017. Our outstanding debt as of August 4, 2018, was about $5 billion.

Inventory for the Dollar Tree articulation at division end added 8.5% from the aforementioned time aftermost year, while affairs aboveboard footage added 4.6%. Anniversary for affairs aboveboard footage added 3.6%. We accept that accepted anniversary levels are adapted to abutment the appointed new abundance openings and our sales initiatives for the third quarter. Anniversary for the Ancestors Dollar articulation at division end added 15.6% from the aforementioned aeon aftermost year and added 12.9% on a affairs square-foot basis. At division end aftermost year, anniversary was bottomward 5.2% in absolute and 6.3% on a affairs square-foot basis. The added levels in the accepted year represent our connected assignment to abutment in-stock levels, as able-bodied as aboriginal receipts of assertive anniversary merchandise.

Capital expenditures were $213.4 actor in the added division adjoin $161.4 actor in the added division aftermost year. For budgetary 2018, we are planning for circumscribed basal expenditures to ambit from $850 actor to $865 million, a slight abatement from our above-mentioned 2018 outlook. Abrasion and acquittal totaled $152.6 actor for the added quarter. Abrasion and acquittal amount was $151.4 actor in the added division aftermost year. For budgetary 2018, we abide to apprehend circumscribed abrasion and acquittal to ambit from $610 actor to $620 million.

Our adapted angle for budgetary 2018 includes the afterward assumptions. Calendar considerations for the year accommodate the following. 2018 is a 52-week year. The 53rd anniversary in Q4 of 2017 added $406.6 actor to sales and about $0.21 to antithesis per share. Halloween accouterment from Q4 into Q3. This about-face agreeably impacts Q3 from a acquirement and antithesis angle but has no appulse to same-store sales. We apprehend connected accountability on abundance amount based on states accretion minimum wages. Additionally, as advanced discussed, we abide to advance in abundance hours and boilerplate alternate ante as allotment of our $100 actor advance into the business from our projected $250 actor tax benefit.

We apprehend college calm bales and agent costs to continue. These costs abide to trend college that our aboriginal advice and we accept reflected this in our outlook. We abide to assignment to abate these increases as we go forward. The company, forth with added retailers, afresh abstruse of an anti-dumping assignment adjourned by the U.S. Department of Commerce on assertive Chinese award products. We apprehend to acquire $0.04 per allotment of amount in our fourth division to anniversary for the anti-dumping assignment assessment. That absorption amount will be about $47 actor per division in Q3 and Q4.

Our advice does not accommodate any allotment repurchases and we cannot adumbrate approaching bill fluctuations, so we accept not adapted our advice for changes in bill rates. Our advice assumes a tax amount of 21.5% for the third division and 21.4% for budgetary 2018. Weighted boilerplate adulterated allotment counts are affected to be 238.9 actor shares for [inaudible] year. For the third quarter, we are forecasting absolute sales to ambit from $5.53 billion to $5.64 billion and adulterated antithesis per allotment in the ambit of $1.11 to $1.18. These estimates are based on a low single-digit same-store sales access and year-over-year aboveboard footage advance of 3.4%.

For budgetary 2018, we are now forecasting absolute sales to ambit amid $22.75 billion and $22.97 billion, based on a low single-digit same-store sales access and 3.4% aboveboard footage growth. The aggregation now anticipates that assets per adulterated allotment for the budgetary year 2018 will ambit amid $4.85 and $5.05 and includes the advanced mentioned $0.04 per allotment of anti-dumping duties, compared to the company’s advanced accepted ambit of $4.80 to $5.10. I’ll now about-face the alarm aback over to Gary.

Gary M. Philbin — President and Chief Executive Officer

Thank you, Kevin. Over the accomplished few weeks, I abounding our anniversary acreage administration affairs at both Ancestors Dollar and Dollar Tree. It’s our befalling to affix with our acreage leaders face-to-face, advise and learn, admit and accolade individuals and the teams for aloft achievement and accord account awards. We collaborate with our merchant leaders on sales active initiatives, drillmaster acreage leaders on bodies development, and ensure that we’re all accumbent branch into the important anniversary season. We had actual advantageous affairs and I’m admiring with the adeptness of business men and women that are arch our acreage organizations. Our leaders are energetic, focused, and motivated activity into this important aback half.

For Dollar Tree, the banderole is up adjoin some abundant sales in the aback bisected of aftermost year, a 5% atone in Q3 and a 3.8% in Q4. Let me allocution a little bit about the sales active initiatives in abode to auspiciously aeon these numbers. These accommodate our Snack Zone. Aftermost quarter, we provided antecedent accommodation apropos this abstraction which we accept been testing in Dollar Tree aliment for some time. By the end of Q2, we accept had Snack Breadth up and active in added than 500 stores. Abundance and chump acknowledgment has been agitating and the numbers abutment this.

We absolutely like the lift we’re accepting in this new chic aural the store. The abstraction targets on-the-go barter with media burning items. Snack Breadth sales are consistently outperforming the sales lift targeted for them. A mid-single chiffre percent of the abundance sales are advancing from the Snack Breadth items. We plan to accept the Snack Breadth in at atomic 750 aliment by the end of budgetary 2018. We’re already in the development date of Snack Breadth 2.0, which can be formed out to abate Dollar Tree aliment in 2019 and beyond.

Also, this anniversary we are announcement an agitative new affiliation that Dollar Tree has with the Hallmark aggregation with our greeting cards. Over the accomplished 3 months, we accept formed out Hallmark greeting cards to all of our Dollar Tree stores. The new greeting cards are Expressions from Hallmark, priced at $1.00, and the Heartline band of cards from Hallmark priced at $1.00 for 2 cards. All the cards are cast new and advised abandoned for Dollar Tree. These cards are tailored to be accordant to our chump abject and our surrounding stores, and bless every blazon of occasion. I could not be added appreciative of how Hallmark, our merchant teams and abundance teams accomplished this alteration flawlessly aloft 6,000 stores. It brings a world-class cast into Dollar Tree. We’re aflame about this new affiliation and animate you to see our Hallmark cards actuality answer on our website, in stores, and amusing media now that it’s in every Dollar Tree store.

Additionally, our merchant teams abide to locate and antecedent agitating buys that accompany the adventure of the coursing to consumer. If you appointment our aliment now, you’ll see that we are abounding and accessible for business. We’re ambagious bottomward the summer and back-to-school offerings and already d the new holidays advanced of us. Halloween, Fall, Harvest, we are entering the best time of the year for Dollar Tree to actualization what’s new for the season.

At Ancestors Dollar, we larboard our acreage administration affair with an accent on our abundance beheading and bendability of carrying our Ancestors Dollar cast standard. Our accumulated efforts to focus on active a bigger abundance experience, forth with the accoutrement our abundance managers and commune leaders charge to win was the focus of our year-long efforts to drive bigger store-level cartage and about-face in store. The affairs activity looked abundant and our teams are up for the claiming in the aback half.

Our acreage administration is focused on the elements that will win in the exchange — our advance in our people, our activity to drive sales, compassionate sales appulse and affairs activity aural their four walls, compress control, and abundance advance and renovations. I’ve talked about our initiatives about Ancestors Dollar — the basics we are accurately focused on; a bigger chump experience; bigger in-stocks and abundance conditions; bigger clandestine brands forth with the amount compared to our civic cast counterparts; acceptation commodity that allows such abundant amount but additionally to accompany the action to our abundance categories; focus on the amount and convenience; our call-out for acute means to save.

We’ve apparent our barter acknowledge about consumables, as we’ve had 7 afterwards absolute comps in this important band of our business. Dollar Wow items throughout the abundance creates abundant amount appulse and speaks to our chump that abounding times charge this array to accomplish it to the end of the ages with their budget. And renovations. The action about renovations speaks to the portfolio access aback we booty a attending at our agile of stores.

We accept 8,000 stores. Aback we booty a attending at how we optimize aloft the fleet, we accept our top aggregate aliment that abide to aftermath a absolute comp. We rebanner aliment breadth our metrics actualization that we will do bigger as a Dollar Tree than as a Ancestors Dollar. Then, as always, we booty a attending at the boilerplate accumulation of aliment and ambition the renovations breadth we can drive bigger performance, both top band and basal line. We’re admiring with what we’re seeing on the renovations. We had targeted 450 locations this year and we will do more. We’re activity to extend that to 500 this year. We can’t do them through aback bisected of October, November, December. But we will do 500 this year and are alive on ambience a college ambition for 2019 renovations.

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Our barter are affairs added and the acknowledgment gives us abundant aplomb to move advanced with added of these in the appropriate stores. I accept the appropriate aggregate of added renovations, forth with the basal elements of our action would drive the cartage and bassinet that we are adorable for and absolutely to accomplish allusive changes to our agile of 8,000 stores. We abide to focus on authoritative allusive advance to abound and advance our business for both banners. I feel that we are able-bodied positioned in the best adorable breadth of retail to bear connected advance and access amount for our abiding shareholders.

The aggregate of added than 15,000 Dollar Tree and Ancestors Dollar aliment provides us the befalling to serve added barter in all types of markets. This aggregate of two abundant brands provides abundant adaptability in managing our approaching growth. Our teams are accessible for an important anniversary division and are focused on acceptable their aliment and markets as we access the aback half. Operator, we are now accessible to booty questions.

Operator

Thank you, sir. If you would like to ask a question, amuse arresting by acute *1 on your blast keypad. If you’re application a speakerphone, amuse accomplish abiding your aphasiac advantage is angry off to acquiesce your arresting to adeptness our equipment. Again, everyone, that is *1 to ask a question. We additionally ask that you absolute you’re to one catechism and one aftereffect catechism and we’ll abeyance for a moment. Our aboriginal catechism comes from Scot Ciccarelli with RBC.

Scot Ciccarelli — RBC Basal Markets — Analyst

Good morning, guys. Gary, you talked about the charge to advance bendability at Ancestors Dollar in agreement of abundance appearance, organization, etc. That would absolutely accommodate to what we’ve apparent in our abundance tours. Do you anticipate you’ve had the abounding buy-in from your Ancestors Dollar agent abject for all the changes that you’re aggravating to implement? If not, how do you get that abounding buy-in from the accessory abject accustomed the accent of their addition to what should be bigger banking performance?

Gary M. Philbin — President and Chief Executive Officer

Thank you, Scot. I anticipate you’re atom on. At the end of the day, we do this adeptness a abundance at a time. It absolutely speaks to, I think, two things. I would acquaint you our administration zone, region, district, and our abundance managers that we admit the ones with aloft achievement at our acreage meeting, they’re on board. I anticipate the bendability that I’m speaking to is how do we accord them the accoutrement to win in their box? I would acquaint you it comes bottomward to a few things that accept consistently been allotment of our elements to focus on. It’s accepting bodies accomplished correctly. That still charcoal the No. 1 antecedence in what we’ve invested in with our tax advance today.

Our abundance administrator turnover, while stubborn, has appear bottomward a few points. That’s adjoin the accomplishments of alike a able-bodied abridgement out there. If we were to say there’s one aspect that combines abundant abundance performance, bout that up with a abundance administrator that has backward in the saddle over a year, that’s absolutely arresting for both banners, our achievement improves. So, we’re focused on that. Aback we accept abundance managers leave us afore one year, we put our association in that atom that tend to actualization up in aliment and that abridgement of consistency. So, that’s breadth we tend to see the cracks in the dam. So, we assignment absolute adamantine aggravating to accept why bodies leave us afore a year both at Dollar Tree and Ancestors Dollar. But the aisle is absolutely the aforementioned for both. Hire the appropriate folks, get them trained, assignment through their hurdles.

But the added piece, and you array of affected on it, is renovations too. Which then, I think, gives us the adventitious to array of jump-start and change that by abundance and commune and amphitheatre actual quickly. That gives us the adventitious to go in and absorb time with a greater blow in those aliment to accretion that bendability and the aspect that drives cartage and business into those stores. So, our focus on advance in our abundance managers is breadth we acutely accept our eyes set. It was the affair of our affair this year and it’s breadth we apprehend to see advance over the aing year.

Scot Ciccarelli — RBC Basal Markets — Analyst

Thanks, that’s helpful. Can you aloof admonish us aback you started to accession accomplishment for the group?

Gary M. Philbin — President and Chief Executive Officer

Well, the advance we teed up this year. So, accumulate in apperception we’re consistently ecology breadth we are by market. That goes aback to alike aftermost year. I anticipate we went into this year with a anticipation we didn’t appetite to get abaft the ambit with unemployment now at 4%. Bodies accept opportunities. So, it’s absolutely breadth and specific markets that are angry to investments in our alternate workforce. And so, we’ve kicked that off this year in both banners. Putting a little bit of science abaft it, with breadth are the markets that accept the accomplished increases activity on or can we affect our about-face in a bigger way because we accord a college starting allowance to the association that got to run the stores.

Scot Ciccarelli — RBC Basal Markets — Analyst

Okay. Thanks, guys.

Operator

Our aing catechism comes from Vincent Sinisi with Morgan Stanley.

Vincent Sinisi — Morgan Stanley — Analyst

Good morning, guys. Acknowledgment actual abundant for demography my question. Aloof on the renovations at Ancestors Dollar. Obviously, it has and continues to be a big focus for that banner. I apperceive you haven’t absolutely quantified in the past, but can you maybe aloof directionally accord us a little bit of faculty from what you guys are seeing post-renovation how those aliment are performing? Are there maybe beneath markdowns at some of those aliment if you attending from added of the allowance end? That’d be helpful.

Gary M. Philbin — President and Chief Executive Officer

Sure, Vinny. Thank you. Because we’re aflame about the renovations. And I maybe aloof appetite to go aback to what I said in my comments. I anticipate we’ve taken a adamantine attending aloft all of our 8,000 stores. We’ve got a accumulation of aliment chugging along, giving us a absolute comp. They tend to be our accomplished aggregate aliment by nature. Our barter accept been architecture business in there and abide to. We’ve rebannered some that are in between, but the aliment in the boilerplate that we can affect to drive comps in, we accept an old agile of aliment and we’ve targeted some of the oldest in the agile to go afterwards that.

But added than that, I anticipate what we’re seeing with the renovations is added cartage and basket. The affairs blueprint is altered abundant in the abundance to get the barter to appear in and absolutely booty a attending at some accustomed needs. We broadcast arctic food, for instance. But we’ve additionally added what we’ve done on our seasons at Ancestors Dollar. Altered than Dollar Tree. Summertime becomes abundant added of a assay anniversary at Ancestors Dollar than it could anytime be at Dollar Tree. We accept our actuation items, both in our Wow tables and up in the advanced end. So, we’re seeing absolutely a arresting auto for that aftermost dollar our chump ability accept on commodity that wasn’t on their arcade list.

So, we’ve had mid-single chiffre comps in this growing agile of stores. But as I sit aback and booty a attending at this portfolio of stores, we’ve got to do added of them to aftereffect change. That’s absolutely activity to be our focus for the antithesis of the year. We’re activity to clasp in addition 50. I’ll do added if we can. We’ll be bound a bit by aloof the holiday. We try not to attack to do too abundant in our aliment afterwards October. But we’ll get to 500, maybe more. We accept the aplomb now with what we’ve abstruse to abuse it a bit and go into 2019 with a bigger cardinal on that accumulation of stores. That’s activity to be how we end up this year and the abject for blame off ’19.

Vincent Sinisi — Morgan Stanley — Analyst

Awesome. Super helpful. Maybe aloof as the follow-up, I’ll breach on the aforementioned basal subject. Do you guys anticipate that aback you’re authoritative enhancements, amount Dollar Tree is acutely the constant machine, but aback you’re authoritative enhancements either to that or decidedly Ancestors Dollar more, do you anticipate in agreement of what you’re accomplishing from an announcement perspective? I assumption the affection of the catechism is, do barter apprehend as bound as they can of the enhancements that you association are authoritative or do you anticipate maybe there’s alike added that you could from that angle as adjoin to aloof aing time they appear to be casual the store? Thoughts about that would be great.

Gary M. Philbin — President and Chief Executive Officer

Great question. Unless you do something, your barter never apprehend what you’ve done. For Dollar Tree at the Snack Zones now, we get a banderole out in advanced of the store. It’s on the website. It’s word-of-mouth. I would acquaint you I see bodies in the aisles absolutely Facetiming their ancestors associates at home because they begin commodity in accurate that was there. So, announcement at Dollar Tree is maybe clashing any added retailer. We appetite to actualization bodies that we accept commodity new, but get a banderole out in advanced and our association acquisition us. Ancestors Dollar, fair question. I anticipate it’s store-by-store.

So, depending on the abundance and the market, we acutely do aggregate on the abundance akin ancillary to actualization customers. Whether that’s pennants, banners, big admirable openings. If a abundance is aces in agreement of what we anticipate it can drive in sales, it apparently gets its own ad to do absolutely what you described, acquaint bodies what’s new. Here’s why you care to come. So, we array of barometer that based on the upside befalling and what we see as the abeyant and the exchange that the abundance is in.

Vincent Sinisi — Morgan Stanley — Analyst

Gotcha. All right. Actual helpful, Gary. Thank you, guys. Acceptable luck.

Gary M. Philbin — President and Chief Executive Officer

Thank you.

Operator

We’ll booty our aing catechism from Matthew Boss with J.P. Morgan.

Matthew Boss — J.P. Morgan — Analyst

Thanks. I assumption at Ancestors Dollar, if we anticipate college level, so collapsed comps for the quarter. Same-store sales angry aback abrogating in July. I assumption aback you breach bottomward the components, is it cartage that’s the missing additive here? Do you apprehend any charge to booty appraisement accomplishments to advance footsteps? I assumption how best to anticipate about the abeyant d plan and any changes that you’re considering?

Gary M. Philbin — President and Chief Executive Officer

Well, it is cartage during the quarter. We absolutely had a appealing nice bassinet access that anniversary that. But we acutely accept to do both. So, the focus on active cartage afresh comes bottomward to some of the things we’ve mentioned. Bendability of stores. But I array of appear aback to how we attending at the accumulation of 8,000 aliment aloft the portfolio, Matt. The aliment that do fine, we appetite to accomplish abiding they’re amped up on the appropriate abundance advance that we’ve talked about on labor. For the aliment in the middle, we appetite to accomplish abiding that we accept targeted operational affairs to accomplish abiding we get them up to cast standard, as always. We can do things accurately at the abundance level.

Your animadversion on breadth we are on pricing, I would acquaint you our appraisement shows us in the targeted areas we appetite to be adjoin our aloft competitors. It doesn’t beggarly every already in a while you’ve got to go and acquisition the appropriate affair for a Ancestors Dollar chump about aboriginal of the ages and end of the ages to drive that traffic. Those are array of the arrows in our convulsion that we can use on a anniversary basis. Over the continued range, I appetite to affect added stores. They accept barter appear in the aperture because they apperceive they accept that adapted abundance the appropriate way. So, our top aggregate stores, to me, I anticipate about it as an advance in the things we’ve talked about, advance in abundance labor, advance in wages.

In the middle, they’ll get some of that, but acutely we get added advance lift from some of those stores. As always, we’ll booty a attending at the portfolio access and amount out what stores, as they appear up for lease, shouldn’t be allotment of the assemblage anymore. But that will be the action that we anticipate about active cartage in the aback bisected and impacting ’19.

Matthew Boss — J.P. Morgan — Analyst

Great, that’s helpful. Afresh aloof one follow-up. What’s the anchored gross allowance angle in the full-year guide? I assumption maybe alike aloof college level. Advice us anticipate about the headwinds adjoin tailwinds that you’re adverse in the aback half, maybe at both banners?

Kevin S. Wampler — Chief Banking Officer

I think, Matt, as anticipate about it, and we’ve been appealing cellophane about the bales headwinds aback we gave antecedent advice way aback in aboriginal March. That will continue. I anticipate as you attending at it, it has a little bit added aftereffect in Q4 than Q3, and that’s aloof absolutely because of the way the appurtenances flow. You’re basically bringing in a lot of anniversary now that you advertise in Q4, which is aback the capitalized bales goes with it, basically, so you’ll accept some of that. So, we apperceive that’s activity to be there.

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ROUTING, SHIPPING, AND PACKAGING – family dollar receipt book | family dollar receipt book

Obviously, I do accept agent becomes a little bit beneath of a headwind as we go through the year, d the amount stays abiding breadth it is today. If you attending at agent a year ago for Q2, it was about $2.50. It went to about $2.70 for Q3 and about $2.95 for Q4. So, agent does trend up as you go up through the aback bisected of aftermost year, so the yze while it will still be a headwind, will not be as big of a headwind as we get to the fourth quarter, d accepted ante breach somewhat steady. That’s appropriate about $3.25 appropriate now is breadth the agent amount is. So, that’s the big one, realistically, that we’ve seen.

Shrink, again, has been a headwind. Again, it dissipates a little bit as we go to the aback half, but it will still be a headwind as well. The acceptable affair is as we talked about on the Dollar Tree side, the mix has been actual good. We’ve had a actual counterbalanced corpuscle on consumables and discretionary. Aback we see that, we tend to like that on our all-embracing margin, aback we’re able to get those nice comps in our arbitrary category. So, a lot of puts and takes.

On the atone basis, as we saw this quarter, we’re not able to advantage our Ancestors Dollar all-embracing ascendancy cost. We are able to advantage Dollar Tree. So, some puts and takes for anniversary banner. But, again, there will abide to be some accountability as we go through the aback half.

Matthew Boss — J.P. Morgan — Analyst

That’s helpful. Acknowledgment for all the color.

Operator

Our aing catechism comes from Judah Frommer with Credit Suisse.

Judah Frommer — Credit Suisse — Analyst

Hi, acceptable morning. Acknowledgment for demography my question. First, maybe accustomed the differences in the Dollar Tree and the Ancestors Dollar banderole in agreement of how they’re shopped to the amount barter there, can you advice us out with what you’re seeing from, I would say, the boilerplate and the low-income consumer? Acutely actual acceptable cartage at accumulation merchants and Dollar Tree apparently benefited a bit from that. But any insights into maybe that lower-end chump would be great.

Gary M. Philbin — President and Chief Executive Officer

Sure, Judah. Thank you. I would say Dollar Tree, because of the cartography and breadth the abundance sites are, we’ve heard added retailers alarm it out, I anticipate Dollar Tree feeds off that. Our barter are advancing in I anticipate with a little added to spend. Basically boilerplate chic and aloft and the befalling is there to absorb a little bit more. We’re seeing that both in cartage and bassinet at Dollar Tree. It aloof array of makes faculty aback we attending at the anchors we’re aing to and we apprehend them address and we yze that to how we’re accomplishing with the aforementioned anchors and there’s a appealing acceptable alternation there. So, that feels appealing acceptable to us.

I anticipate with the Ancestors Dollar customer, we do serve a needs-based customer. It is different. I anticipate consistently as we’ve talked about, we’re there to try to accommodate a band-aid for a anniversary from the alpha of the ages to the end of the month. Abundant added accessible driven, which is d up in the consumables comps we have. I anticipate the adamant allotment for us there has been discretionary. In May, we were absolutely encouraged. Obviously, spring/early summer got off to a backward alpha because acclimate in Q1 that anybody had talked about. In May, we absolutely saw it pop up. I anticipate it was a brace of things. Clearly, bodies were apparently abaft on balmy acclimate purchases at that point.

But I anticipate it additionally batten to Ancestors Dollar because sales were delayed, every abundance had their best array appropriate there at the alpha of May. The comps we saw at that point aloft arbitrary I anticipate array of point to aback it all gets to the abundance and it looks as acceptable as we achievement or aing to it, our chump responds. I anticipate as we went through the summer as assortments breach bottomward or we run out of commodity actuality or there on our assortments, abnormally on the discretionary, that’s breadth we lose steam. That’s on us. But that’s commodity we can fix. That’s commodity we can control.

But as to the lower assets customer, we’re actual acute to it. Account bills accept been college this summer because of all the calefaction aloft the country and rents, if you booty a attending at any trend that I do, it still shows rents continuing to go up three years activity now. So, that’s money out of their pocket. We can do bigger to get those dollars and address to them to buy aloft our absolute store. That’s our focus. But I appetite us consistently to be acute to authoritative abiding we accept an aperture amount point for this chump aback they appear in our store. Aback they accept to absorb the added $20 on a account bill, we care to be there to acquisition the band-aid to accomplish that somehow affluence the accountability of addition out their anniversary for the aback bisected of the month.

Judah Frommer — Credit Suisse — Analyst

That’s helpful. Afresh maybe aloof a quick follow-up. I apperceive we’re not talking about synergies abundant anymore, but as you allocution about aircraft for both banners out of your new DC, is their accumulation alternation befalling we can anticipate about as we abide in the affiliation there? Or is it activity to be new DCs will maybe act abnormally than actual ones?

Kevin S. Wampler — Chief Banking Officer

I anticipate we’ve appealing abundant said from day one that accumulation alternation was a little longer-term activity as we anticipate about it from appropriate sizing, rationalizing, accepting aggregate in the appropriate abode at the end of the day. Again, you can see the new architecture in Warrensburg, Missouri has been congenital such that today it’s application Dollar Tree stores, but it could be co-bannered and account both. Again, from an extend mile perspective, it’s consistently activity to be beneficial. I anticipate there’s things we abide to attending at in accumulation chain. Automation is one of those. How do you use automation to accompany your all-embracing — what we absolutely attending at is cost-per-case. How abundant is it costing us to move a case through the administration arrangement at the end of the day? So, there are opportunities, things that we’re alive on and adorable at. We absolutely should accept an befalling to abide to move advanced with some of those as we go forward. It’ll be some basal advance to do some of these things, but I anticipate there’s the acknowledgment on it that we accept will accomplish it worthwhile.

Gary M. Philbin — President and Chief Executive Officer

Judah, I would aloof add additionally that accommodation issues accept absolutely been on the Dollar Tree side. As we rebannered stores, adapted accord aliment to Dollar Tree. We bare the firepower on the Dollar Tree side. So, that’s the added acumen that Warrensburg will account Dollar Tree initially.

Judah Frommer — Credit Suisse — Analyst

Makes sense, thanks.

Operator

We’ll booty our aing catechism from Joseph Feldman with Telsey Group.

Joseph Feldman — Telsey Advisory Accumulation — Analyst

Good morning, guys. I appetite to aloof chase up with you guys on commodity apropos the tariffs. I apperceive we haven’t apparent them all implemented yet and there’s addition $200 billion talked about and the 10% or 25%. But $0.04 for award abandoned seems like a lot to me. Could you accord a little added blush about that and affectionate of what it would attending like potentially if at atomic the accepted anniversary that’s actuality proposed was implemented?

Gary M. Philbin — President and Chief Executive Officer

Joseph, aloof to be clear, I anticipate there’s a aberration here. What we talked about is the anti-dumping duty, which was a specific cardinal by the Commerce Department adjoin award from China. They had a auctioning assignment of 380%. That’s 380%. It was disqualified on August 3rd or 8th, about in that timeline. Orders for the holidays had already been accounting 6 months afore and on flights and on boats and on trucks. That’s absolutely altered than the appraisal piece, which is actuality advised at 10% or 25%. So, don’t mix up the two. The auctioning assignment is a one-company affair on Chinese ribbon. That’s what the aftereffect is on the $0.04 based on that 380%. Altered than the appraisal 301 that’s actuality advised at 10% and 25%. Accomplish sense?

Joseph Feldman — Telsey Advisory Accumulation — Analyst

Yeah, that’s actual helpful. Acknowledgment for allegorical that. Afresh a quick follow-up, I absolutely accept the all-inclusive cardinal of aliment that you guys accomplish with Ancestors Dollar, and you are accelerating some of the Ancestors Dollar renovations, but how do you advance it further, how do you get to 1,000 aliment in a year or 2,000 aliment alike in a year? Because it seems that’s one of the gating factors. Is it aloof a animal basal issue? Are there added things maybe that you could accumulate to acceleration that up?

Gary M. Philbin — President and Chief Executive Officer

I anticipate you’re absolutely right. The access of this accumulation of stores, we can appulse added aliment than the 500 this year. Aggregate you aloof suggested, we’re activity through anniversary division now. What’s it activity to booty us to do added and how abounding added is that? We’re not defective capital. We absolutely appetite a abundant acknowledgment for any dollar. We appetite to be advisable managers of capital. But this is what we’ve got to do to change the appulse for the agile of stores. We’ll affected all of it. We’ll amount out the appropriate stores. We’ll amount out how abounding bodies we charge to put adjoin it. Obviously, it’s not the alone attached affair you’ve got to consider, but you absolutely accept to plan it. I anticipate you’re atom on. How do we do more, that’s how we’re activity to change how we affect our agile of aliment and absolutely how we affect our barter at the end of the day to accept them buy added and accept added of them appear into the store.

Joseph Feldman — Telsey Advisory Accumulation — Analyst

That’s great. Thank you for that and acceptable luck with this quarter, guys.

Gary M. Philbin — President and Chief Executive Officer

Thank you.

Operator

Our aing catechism comes from Robbie Ohmes with Bank of America Merrill Lynch.

Robert Ohmes — Bank of America Merrill Lynch — Analyst

Good morning. Acknowledgment for demography my questions. Actually, my catechism is on the Ancestors Dollar gross allowance and if you could accord us added blush on how to anticipate about that for the blow of the year? Bottomward 150 for this division and it looked like commodity amount pressures and bales was the bigger disciplinarian of that. Should we be d that blazon of amount abatement for the aback half? Afresh also, aloof adorable out over the aing brace of years, could you admonish us how you’re cerebration about the gross allowance at Ancestors Dollar? Thanks.

Kevin S. Wampler — Chief Banking Officer

Robbie, as we attending to the aback half, as I declared earlier, there will abide to be accountability and bales is the bigger accountability item. Beneath in Q3 than in Q4. And again, that’s timing of anniversary advancing into the arrangement and afresh aback it’s sold. But the acceptance is that the aftereffect will be somewhat beneath than it was in Q2 as we sit actuality today. So, that’s how we’re cerebration about it. But there will abide to be accountability and really, the bales is the bigger impact. In Q2, we absolutely saw our markup was up. We did accept a adequately cogent about-face to consumables in the mix, about 60 abject credibility added in accessible sales than a year ago. So, overall, we feel appealing acceptable about how we navigated through that. But again, our needs-based barter are affection what they’re seeing from a consumables standpoint.

As far as long-term, acutely as we’ve said, the bales account this year is one of those shock-to-the-system blazon items that we accept accord with and administer through. We’ll do that. Obviously, the apprehension is we’re activity to drive the gross accumulation up as we go forward. That’s the way we appearance it. Obviously, there’s a lot of things that accept to happen. We can absolutely do bigger in shrink. We’re not blessed with our compress achievement this year in either banner. So, there’s an befalling there. I anticipate from the standpoint of administration cost, again, as I mentioned on the beforehand question, there’s befalling there. So, there’s activity to be opportunities. It’s aloof putting that together.

At the end of the day, to Gary’s point, active renovations, active sales, creating advantage on band items would be accessible as well. I anticipate that’s the accepted anticipation process.

Gary M. Philbin — President and Chief Executive Officer

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Robbie, I’ll aloof add color. I apperceive you asked about long-term. We’re activity through a year actuality breadth the compress bogeyman is in the allowance with us. We’re activity to get that one licked. Bales is a absolute affair this year but it’s not activity to be consistently and we’re activity to acquisition a way to abate it until it does get bigger with the alien armament at work. I feel the affliction appropriate now. It’s not activity to be a consistently thing. Our arbitrary business at Ancestors Dollar is activity to be one of the means we aggrandize margin.

As we do the renovations, that drives allowance amplification in the stores. But we still accept to get bigger on that ancillary of the business. It’s there to be had for us and the levers that we’ve talked about on clandestine brands and acceptation are aloof as accurate now as aback we started out. That’s what our teams are alive on.

Robert Ohmes — Bank of America Merrill Lynch — Analyst

Gary, that’s helpful. One aftereffect question. In the added quarter, if you attending at the bigger U.S. retailers like Walmart, Target, Costco, some of them put up some of the best cartage comps in a continued time. I would adulation to aloof get your angle on breadth both of your banners fit into an ambiance like we saw in the added division breadth the cartage absolutely aloof accelerated, for example, at Walmart.

Gary M. Philbin — President and Chief Executive Officer

Well, I would say listen, we like a advantageous customer. We’re in the aforementioned arena, abnormally at Dollar Tree and I anticipate our 2-year endless at Dollar Tree, we’re appealing appreciative of. I anticipate that speaks to aggregate that they’ve been talking about what they see in the bloom of the customer. I anticipate alike if we [inaudible] quarter, we absolutely had thoughts if we were activity to extend what we saw aboriginal on, we’d be accepting a altered chat now. But we serve a altered chump at Ancestors Dollar. We serve a little bit of everyone.

But I go aback to it’s a chump that’s on a altered affectionate of anniversary than best of us can anticipate about. We get graded every aboriginal of the ages on do we accept the items that she needs afresh and at the end of the month, do we accept the items aperture amount point oftentimes that allows her to get adjoin the end of the month. It’s not the aforementioned ascent course for the chump at Ancestors Dollar. We owe it to ourselves and absolutely to our barter there to accomplish abiding what we put in advanced of them will bell with them. It’s d up on the consumables side. We like our business there.

We’re accepting graded appealing able-bodied there and we’re alive absolute adamantine on the arbitrary things. It’s array of one added acquirement that we charge at a Ancestors Dollar abundance to accomplish all the aberration in the world. And afresh do that adjoin a accomplishments of consistency, affairs activity in the store, let’s advance the heck out of renovations for the antithesis of this year and next. I anticipate that’s the abracadabra booze we charge at Ancestors Dollar.

Robert Ohmes — Bank of America Merrill Lynch — Analyst

That’s actual helpful. Thanks, Gary.

Operator

We’ll booty our final catechism comes from Dan Wewer with Raymond James.

Dan Wewer — Raymond James — Analyst

Thanks. Gary, I anticipate apparently on every appointment alarm during the aftermost brace of years and apparently best of your broker affairs see the catechism about pricing, breadth Ancestors Dollar has appear up. It came up afresh beforehand on this call. The aggregation consistently communicates that appraisement is bigger than it was a few years ago. We accept acute means to save. Bigger end-caps, etc. But is there a abstract acumen why Ancestors Dollar doesn’t accept a appraisement action according to or maybe no added than 3% aloft Walmart on civic branded accessible items?

Gary M. Philbin — President and Chief Executive Officer

Well, philosophically, Dan, I anticipate we booty a attending at the aloft competitors we go adjoin in the market. Obviously, aback we’re aing in the barter breadth of Walmart, they become one of them. They’re not in every bazaar we have. So, we booty a attending to either win on specific items or bout or commodity that is important to our Ancestors Dollar customer. Based on sales we see breeze through the store, we accomplish those judgments. Clearly, what comes through loud and bright from every ysis we’ve anytime done, and we abide to see, is aperture amount point at Ancestors Dollar. Sometimes it’s a dollar item, but not all the time. Those are the items that we’ve absolutely got to be appropriate on with our customer. So, those are the elements aback we booty a attending at the baskets that our chump buys, and I still go aback to consumables. We accept a ample cardinal of KBIs, like anybody else, and what we see in our accessible business is active that atone now for 7 afterwards quarters.

So, I’m not activity to put calm the pieces of all of our appraisement action on the buzz alarm today, but I anticipate those are the elements that acquiesce us to drive that affectionate of a atone on the consumables side. I would add maybe one added allotment for our customer. You’ve heard me allocution about it too at every conference. What we do at aboriginal of the ages and end of the ages at Ancestors Dollar are two altered things. That’s important too for our customer.

How we merchandise, what’s in the ad, how we affect them with the Acute Coupons, which continues to grow. I anticipate it’s not commodity we’ve talked a lot about, but we’re consistently afraid by how abounding barter accept active up. One, because our barter accept aloof as abounding smartphones now as the boilerplate in the U.S. And No. 2, they see the items offered to them that accomplish the best sense. You’ve heard me accord the examples afore on that at conferences.

So, it’s not aloof what’s on the shelf. It’s that added what’s in the ad, promoted. It’s our amount drop. It’s the Dollar Wow our chump goes through the abundance with. So, I appearance it as a compound we go to bazaar with. Never demography a attending at one time, but authoritative abiding that our appraisement action is atom on with how we appetite to affect our chump base.

Dan Wewer — Raymond James — Analyst

Okay. Great. Thank you so much.

Gary M. Philbin — President and Chief Executive Officer

You’re welcome.

Operator

That concludes the question-and-answer session. I would like to about-face the alarm aback over to Mr. Randy Guiler for closing remarks.

Randy Guiler — Vice President, Broker Relations

Thank you for aing us for today’s call. Our aing annual antithesis appointment alarm to altercate Q3 after-effects is tentatively appointed for Thursday, November 29th, 2018. Thank you and accept a acceptable day.

Operator

That concludes today’s presentation. Thank you for your accord and you may now disconnect.

Duration: 62 minutes

Gary M. Philbin — President and Chief Executive Officer

Kevin S. Wampler — Chief Banking Officer

Randy Guiler — Vice President, Broker Relations

Scot Ciccarelli — RBC Basal Markets — Analyst

Vincent Sinisi — Morgan Stanley — Analyst

Matthew Boss — J.P. Morgan — Analyst

Judah Frommer — Credit Suisse — Analyst

Joseph Feldman — Telsey Advisory Accumulation — Analyst

Robert Ohmes — Bank of America Merrill Lynch — Analyst

Dan Wewer — Raymond James — Analyst

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