Academy Sports and Outdoors Inc (ASO) 2022 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Academy Sports and Outdoors First Quarter Fiscal 2022 Results Conference Call. At this time, this call is being recorded. (Operator Instructions)

女士們，先生們，早上好，歡迎參加 Academy Sports and Outdoors 2022 財年第一季度業績電話會議。此時，此通話正在錄音中。 （操作員說明）

I will now turn the call over to Matt Hodges, Vice President of Investor Relations for Academy Sports and Outdoors. Matt, please go ahead.

我現在將把電話轉給 Academy Sports and Outdoors 投資者關係副總裁 Matt Hodges。馬特，請繼續。

Good morning, everyone, and thank you for joining the Academy Sports and Outdoors First Quarter 2022 Results Call. Participating on the call are Ken Hicks, Chairman, President and CEO; Michael Mullican, Executive Vice President and CFO; and Steve Lawrence, Executive Vice President and Chief Merchandising Officer.

大家早上好，感謝您參加 Academy Sports and Outdoors 2022 年第一季度結果電話會議。參加電話會議的有董事長、總裁兼首席執行官 Ken Hicks； Michael Mullican，執行副總裁兼首席財務官；和執行副總裁兼首席營銷官史蒂夫·勞倫斯（Steve Lawrence）。

As a reminder, statements in today's earnings release and the comments made by management during this call may be considered forward-looking statements. These statements are subject to risks and uncertainties that could cause our actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, the factors identified in the earnings release and in our filings with the SEC. The company undertakes no obligation to revise any forward-looking statements.

提醒一下，今天的收益發布中的陳述和管理層在本次電話會議期間發表的評論可能被視為前瞻性陳述。這些陳述受到風險和不確定性的影響，可能導致我們的實際結果與我們的預期和預測存在重大差異。這些風險和不確定性包括但不限於收益發布和我們向美國證券交易委員會提交的文件中確定的因素。公司不承擔修改任何前瞻性陳述的義務。

Today's remarks will also refer to certain non-GAAP financial measures. Reconciliations to the most comparable GAAP measures are included in today's earnings release which is available at investors.academy.com.

今天的評論還將涉及某些非公認會計原則的財務措施。與最具可比性的 GAAP 措施的對賬包含在今天的收益發布中，可在 Investors.academy.com 上獲取。

I will now turn the call over to Ken Hicks, CEO. Ken?

我現在將把電話轉給 CEO Ken Hicks。肯?

Thank you, Matt, and good morning, and thank you all for joining us today. Let me start the call by thanking all of the Academy Sports and Outdoors team members for their continued hard work and dedication to our vision of becoming the best sports and outdoors retailer in the country.

謝謝你，馬特，早上好，感謝大家今天加入我們。讓我首先感謝所有 Academy Sports and Outdoors 團隊成員的持續辛勤工作和對我們成為該國最好的運動和戶外用品零售商的願景的奉獻。

Before I provide a high-level overview of Academy's first quarter results, I would like to spend a few minutes discussing the opening of our first new stores since 2019. On April 24, we opened our 11th Metro Atlanta store in Conyers, Georgia. It was a great job by all of the team members who helped execute this highly successful store opening. This location was built with our new store format, making it an even more exciting place to shop with added visuals featuring brand and key item call-outs, key category shops, enhanced category sidelines and improved, more efficient checkout and more localized inventory. We now have 260 stores in 16 states, and we're excited about the growth opportunities we have across the rest of the country.

在我提供 Academy 第一季度業績的高級概述之前，我想花幾分鐘時間討論我們自 2019 年以來開設的第一家新店。4 月 24 日，我們在佐治亞州科尼爾斯開設了第 11 家亞特蘭大都會店。幫助執行這個非常成功的商店開業的所有團隊成員都做得很好。這個位置採用我們的新商店形式建造，使其成為一個更加令人興奮的購物場所，增加了品牌和關鍵商品標註、關鍵類別商店、增強的類別副業以及改進、更高效的結賬和更本地化的庫存的視覺效果。我們現在在 16 個州擁有 260 家門店，我們對全國其他地區的增長機會感到興奮。

Our current plan is to open at least 8 new stores this fiscal year and 80 to 100 stores over the next 5 years. We view this growth in 3 distinct areas. First is filling out existing markets to build scale, like in Atlanta, where we just opened and plan to open another store later this summer; second, expanding into adjacent markets like our planned opening in Lexington, Kentucky, later this year; and third, opening in new markets. Our current store base is located in only 16 states, and all states deserve Academy stores. We will be opening our first stores in Virginia and West Virginia as we enter these 2 new states later this year.

我們目前的計劃是在本財年開設至少 8 家新店，並在未來 5 年內開設 80 至 100 家店。我們從三個不同的領域來看待這種增長。首先是填補現有市場以擴大規模，例如在亞特蘭大，我們剛剛在那裡開設併計劃在今年夏天晚些時候開設另一家商店；其次，擴展到鄰近市場，例如我們計劃於今年晚些時候在肯塔基州列剋星敦開業；三是開拓新市場。我們目前的商店基地僅位於 16 個州，所有州都值得擁有 Academy 商店。隨著我們今年晚些時候進入這兩個新州，我們將在弗吉尼亞州和西弗吉尼亞州開設第一家門店。

Our unique concept has been well received because we sell fun, and customers are drawn to our broad assortment of top national brands and high-quality private labels at an everyday great value. We have an exceptional model with the highest store productivity in our peer group, making new stores our best investment for a high return on invested capital.

我們獨特的理念廣受好評，因為我們銷售樂趣，客戶被我們種類繁多的頂級民族品牌和高品質的自有品牌所吸引，每天都物超所值。我們有一個卓越的模型，在同行中擁有最高的商店生產力，使新店成為我們獲得高投資資本回報的最佳投資。

Now turning to our first quarter results. The foundation of our business, which is built on the operational improvements made over the past few years, is very solid as we transition out of the pandemic environment. While some broader market headwinds remain, such as inflation and supply chain constraints, we are a fundamentally different company than we were 4 years ago with the improvements across all elements of the company, including merchandise, marketing, store operations, supply chain, systems and omnichannel, with a strong team that has demonstrated their ability to execute in different market and challenging environments.

現在轉向我們的第一季度業績。隨著我們擺脫大流行環境，我們的業務基礎建立在過去幾年的運營改進之上，非常穩固。儘管仍然存在一些更廣泛的市場逆風，例如通貨膨脹和供應鏈限制，但我們與 4 年前相比是一家根本不同的公司，公司的所有要素都得到了改進，包括商品、營銷、商店運營、供應鏈、系統和全渠道，擁有一支強大的團隊，展示了他們在不同市場和充滿挑戰的環境中執行的能力。

We also see a consumer trend to have a healthier, happier and more fun lifestyle which supports more of the sports and recreation merchandise we sell. We saw the benefits of these improvements and trend in the first quarter as we weathered the headwinds and last year's stimulus payments. Our comparable sales decreased 7.5% in the first quarter, in line with our expectations. As a reminder, the company was lapping 38.9% comparable sales in the first quarter of 2021, partially driven by the government stimulus payments.

我們還看到了一種消費者趨勢，即擁有更健康、更快樂和更有趣的生活方式，這支持了我們銷售的更多體育和娛樂商品。當我們經受住逆風和去年的刺激支付時，我們在第一季度看到了這些改進和趨勢的好處。我們的可比銷售額在第一季度下降了 7.5%，符合我們的預期。提醒一下，該公司在 2021 年第一季度實現了 38.9% 的可比銷售額，部分原因是政府刺激支付。

When comparing the quarter sales to the first quarter of 2019, which we believe more closely aligns with the normalized sales trend, total sales have increased 36%. Our expectations is to maintain a similar growth rate to 2019 for the remainder of the year.

將本季度銷售額與 2019 年第一季度進行比較時，我們認為這更符合正常化的銷售趨勢，總銷售額增長了 36%。我們的預期是在今年剩餘時間內保持與 2019 年相似的增長率。

During the quarter, we were very pleased with our positive e-commerce performance, which grew 19%. We continue to invest in technology to accelerate our omnichannel growth to create a seamless and engaging experience for our customers. All 4 geographic regions and each of our 4 major merchandise divisions, sports and recreation, apparel, outdoors and footwear, saw a decrease in their year-over-year sales. However, when compared to the first quarter of 2019, each merchandise division grew by at least 20% with outdoors increasing by more than 50%. We believe this division is a real differentiator for us long term as fewer retailers are focused on it, and we continue to expand our assortment through relationships with vendors, such as Coleman, YETI, The North Face and more. Steve will discuss our merchandise results in more detail later in the call.

在本季度，我們對電子商務的積極表現感到非常滿意，增長了 19%。我們將繼續投資於技術以加速我們的全渠道增長，從而為我們的客戶創造無縫且引人入勝的體驗。所有 4 個地理區域和我們的 4 個主要商品部門（運動和娛樂、服裝、戶外用品和鞋類）中的每個部門的銷售額均出現同比下降。然而，與 2019 年第一季度相比，每個商品部門至少增長 20%，其中戶外增長超過 50%。我們相信，從長遠來看，這個部門對我們來說是一個真正的差異化因素，因為關注它的零售商越來越少，我們通過與 Coleman、YETI、The North Face 等供應商的關係繼續擴大我們的產品種類。史蒂夫將在稍後的電話會議中更詳細地討論我們的商品結果。

Looking at the second quarter with our very productive and profitable stores, our growing e-commerce business, healthy inventory with broad and deep product assortments and upcoming major traffic-driving events like Father's Day and the Fourth of July, we are focused on winning the summer season. For the full year, we have confidence in the positive sports and outdoors market trends that have been driving our business, and we have a strong strategic plan to continue to drive sales and profits over the long term. However, we are cognizant of rising macroeconomic challenges. And as a result, we believe it is prudent to revise our full year guidance to account for these increasing risks.

展望第二季度，我們擁有非常高效和盈利的商店，我們不斷增長的電子商務業務，擁有廣泛而深入的產品分類的健康庫存以及即將到來的父親節和七月四日等重大流量驅動活動，我們專注於贏得夏季。全年，我們對推動我們業務發展的積極運動和戶外市場趨勢充滿信心，我們制定了強有力的戰略計劃，以繼續長期推動銷售和利潤。然而，我們認識到宏觀經濟挑戰正在上升。因此，我們認為修訂全年指引以應對這些不斷增加的風險是審慎的做法。

Regardless of the dynamics of the economy, though, our team has learned to successfully navigate our business over the past few years, and we will continue to win and service our customers at the highest level.

然而，無論經濟動態如何，我們的團隊在過去幾年中已經學會了成功地駕馭我們的業務，我們將繼續以最高水平贏得和服務我們的客戶。

I'll now turn the call over to Michael to review our first quarter financial results, discuss our capital allocation efforts and provide more details on our revised guidance to 2022. Michael?

我現在將電話轉給邁克爾，以審查我們的第一季度財務業績，討論我們的資本分配工作，並提供有關我們修訂後的 2022 年指導的更多細節。邁克爾？

Thanks, Ken, and good morning, everyone. In the first quarter, Academy delivered solid earnings on a planned sales decline. There were a lot of actions taken and operational discipline from our strong team across the company to deliver this performance. Let me walk you through the details of the first quarter.

謝謝，肯，大家早上好。在第一季度，學院在計劃的銷售額下降的情況下實現了穩健的收益。我們整個公司的強大團隊採取了很多行動和運營紀律來實現這一績效。讓我帶你了解第一季度的細節。

Net sales were $1.47 billion, a decline of 7.1% with comparable sales of negative 7.5%. The sales decline was a result of fewer transactions this quarter compared to last year when elevated demand was driven by the stimulus payments. The decline was partially offset by an increase in average ticket driven by higher average unit prices.

淨銷售額為 14.7 億美元，下降 7.1%，可比銷售額為負 7.5%。與去年相比，當刺激支付推動需求增加時，本季度的交易量減少，導致銷售額下降。下降部分被平均單價上漲推動的平均票價增加所抵消。

Our e-commerce sales grew 19% and made up 9.5% of merchandise sales in the quarter. Since Q1 of 2019, e-commerce sales have grown 375%. We continue to transform our e-commerce site into a robust, seamless customer experience that is well integrated into our omnichannel platform. E-commerce growth should continue as we make further enhancements to academy.com. Additionally, both the number of markets we serve and our overall brand awareness continue to increase as we open new stores which will ultimately drive more omnichannel business.

我們的電子商務銷售額增長了 19%，佔本季度商品銷售額的 9.5%。自 2019 年第一季度以來，電子商務銷售額增長了 375%。我們將繼續將我們的電子商務網站轉變為強大、無縫的客戶體驗，並與我們的全渠道平台完美整合。隨著我們對 academy.com 的進一步增強，電子商務應該會繼續增長。此外，隨著我們開設新店，我們服務的市場數量和我們的整體品牌知名度都將繼續提高，這最終將推動更多的全渠道業務。

Overall, we gained market share during the quarter. Going forward, we believe we will continue to gain share based on the following factors: our position as the market leader in many of the fastest-growing markets in the United States; increasing customer visits and conversion rates through more targeted and personalized marketing campaigns; driving greater adoption and use of our Academy credit card; improving customer service through more team member training, optimizing schedules and faster checkout times; our continued commitment to the outdoors customer while other retailers have deemphasized the category; and lastly, our strengthening partnerships with major sports apparel and footwear brands.

總體而言，我們在本季度獲得了市場份額。展望未來，我們相信我們將繼續基於以下因素獲得份額：我們在美國許多增長最快的市場中作為市場領導者的地位；通過更有針對性和個性化的營銷活動提高客戶訪問量和轉化率；推動我們學院信用卡的更多采用和使用；通過更多的團隊成員培訓、優化時間表和更快的結賬時間來改善客戶服務；我們對戶外客戶的持續承諾，而其他零售商已不再強調該類別；最後，我們加強了與主要運動服裝和鞋類品牌的合作夥伴關係。

Moving to gross margin. Our gross margin dollars were $521 million with a rate of 35.5%. While our gross margin rate was slightly below last year's rate of 35.7%, we saw several positive developments as a result of the structural changes we have made to our business, including the merchandising and supply chain initiatives we have been talking about for several years. For example, our merchandise margins were higher than Q1 last year. Additionally, due to the incredible efforts of our supply chain team, freight expense as a percentage of sales was lower than the same period last year. Our gross margin rate has expanded by more than 600 basis points since 2019. We expect that it will continue to be structurally higher than historical levels as a result of the success of our initiatives.

轉向毛利率。我們的毛利率為 5.21 億美元，增長率為 35.5%。雖然我們的毛利率略低於去年的 35.7%，但由於我們對業務進行的結構性改變，包括我們多年來一直在談論的商品銷售和供應鏈計劃，我們看到了一些積極的發展。例如，我們的商品利潤率高於去年第一季度。此外，由於我們供應鏈團隊的不懈努力，運費佔銷售額的百分比低於去年同期。自 2019 年以來，我們的毛利率擴大了 600 多個基點。我們預計，由於我們的舉措取得成功，毛利率將繼續在結構上高於歷史水平。

Our focus on expense management has paid off. SG&A expenses were 21.5% of sales during the quarter, including new store opening expenses. This is a slight deleverage to last year, mainly due to lower sales but was in line with expectations. For the full year, we still expect SG&A dollars to be less than in fiscal 2021.

我們對費用管理的關注得到了回報。 SG&A 費用佔本季度銷售額的 21.5%，包括新店開張費用。這與去年相比略有去槓桿，主要是由於銷售額下降，但符合預期。對於全年，我們仍預計 SG&A 美元將低於 2021 財年。

Interest expense was $3.6 million less than Q1 of last year as a result of repricing and paying down our term loan by $99 million in May 2021. In total, we achieved first quarter pretax income of $195 million.

由於在 2021 年 5 月重新定價並償還了 9900 萬美元的定期貸款，利息支出比去年第一季度減少了 360 萬美元。我們第一季度的稅前收入總計為 1.95 億美元。

First quarter GAAP diluted earnings per share were $1.69 per share compared to $1.84 per share in Q1 2021. Adjusted diluted earnings per share were $1.73 per share compared to $1.89 per share in Q1 of 2021.

第一季度 GAAP 攤薄後每股收益為每股 1.69 美元，而 2021 年第一季度為每股 1.84 美元。調整後的攤薄後每股收益為每股 1.73 美元，而 2021 年第一季度為每股 1.89 美元。

From a store-level sales and profitability perspective, trailing 12-month sales per square foot were $363, and trailing 12 months adjusted EBIT per store were $3.6 million. As a reminder, 100% of our existing stores are profitable and accretive to earnings which gives us great confidence in our future growth potential.

從商店層面的銷售額和盈利能力的角度來看，每平方英尺過去 12 個月的銷售額為 363 美元，每家商店過去 12 個月的調整後息稅前利潤為 360 萬美元。提醒一下，我們現有的商店 100% 都是盈利的，並且可以增加收益，這讓我們對未來的增長潛力充滿信心。

On the subject of store profitability, as Ken mentioned, we opened a new store in Conyers, Georgia, at the end of the quarter. It's off to a strong start. In fact, it delivered one of the highest first 2-week sales of any new store opening in Academy's history. We are excited and grateful that customers came out, liked our broad assortment at great prices, and most importantly, went home with something fun.

正如肯所說，關於商店盈利能力，我們在本季度末在佐治亞州科尼爾斯開了一家新店。這是一個強勁的開端。事實上，它創造了學院歷史上所有新店開業的前 2 週最高銷售額之一。我們很高興也很感激客戶的出現，以優惠的價格喜歡我們種類繁多的產品，最重要的是，他們帶著一些有趣的東西回家了。

The success of our first new store opening in several years gives us great confidence as we enter an accelerated phase of store growth. We plan to open at least 8 new stores in 2022, all of which should follow our general new store opening model. Each store is expected to have an average return on invested capital of at least 20%. The ramp to maturity is 4 to 5 years, and the model forecasts a store to be EBITDA accretive after the first year being opened.

我們幾年來第一家新店開業的成功給了我們極大的信心，因為我們進入了門店增長的加速階段。我們計劃在 2022 年至少開設 8 家新店，所有這些都應遵循我們一般的新店開店模式。預計每家商店的平均投資資本回報率至少為 20%。成熟期為 4 至 5 年，該模型預測商店在開業第一年後將增加 EBITDA。

Now for an update on our strong balance sheet and liquidity position. We are pleased with the health and composition of our inventory. Our ending inventory balance was $1.3 billion, a 22% increase compared to Q1 2021. This growth was expected given the diminished inventory level resulting from the 39% sales comp last year. When compared to the first quarter of 2019, total sales increased 36%, while inventory dollars were only up 8.8%, and inventory units were down 8%. This demonstrates the effectiveness of our inventory planning and allocation initiatives as we are running higher sales on less inventory compared to 2019. We have the right inventory and the right stores at the right time. As we move into the summer and back-to-school season, having a strong inventory position enables us to be the destination of choice for the best value and assortment for our customers.

現在更新我們強勁的資產負債表和流動性狀況。我們對庫存的健康狀況和構成感到滿意。我們的期末存貨餘額為 13 億美元，與 2021 年第一季度相比增長了 22%。鑑於去年 39% 的銷售額導致庫存水平下降，這一增長是預期的。與 2019 年第一季度相比，總銷售額增長了 36%，而庫存美元僅增長了 8.8%，庫存單位下降了 8%。這證明了我們的庫存計劃和分配計劃的有效性，因為與 2019 年相比，我們以更少的庫存實現了更高的銷售額。我們在正確的時間擁有正確的庫存和正確的商店。隨著我們進入夏季和開學季，擁有強大的庫存狀況使我們成為為客戶提供最佳價值和分類的首選目的地。

We ended the quarter with $472 million in cash, had no outstanding borrowings on our $1 billion credit facility and generated nearly $80 million in adjusted free cash flow. As of the end of Q1, our trailing 12-month free cash flow yield was 14%.

我們在本季度結束時擁有 4.72 億美元的現金，我們 10 億美元的信貸額度沒有未償還的借款，並產生了近 8000 萬美元的調整後自由現金流。截至第一季度末，我們過去 12 個月的自由現金流收益率為 14%。

Our capital priorities remain the same: maintain a strong balance sheet, invest in the growth of the business and reward and recognize our investors. During the quarter, we repurchased and retired 2.3 million shares for $88.5 million and paid a dividend of $0.075 per share, returning a total of $95 million to investors. In addition, our Board of Directors recently approved a new 3-year $600 million share repurchase program, bringing the total amount available under both share repurchase programs to $700 million. The Board also declared a dividend of $0.075 per share payable on July 14, 2022, to stockholders of record as of June 16, 2022.

我們的資本優先事項保持不變：保持強勁的資產負債表，投資於業務增長，獎勵和認可我們的投資者。本季度，我們以 8,850 萬美元的價格回購和退市 230 萬股股票，並支付每股 0.075 美元的股息，共向投資者返還 9,500 萬美元。此外，我們的董事會最近批准了一項新的 3 年期 6 億美元的股票回購計劃，使兩個股票回購計劃的可用總額達到 7 億美元。董事會還宣佈於 2022 年 7 月 14 日向截至 2022 年 6 月 16 日在冊的股東派發每股 0.075 美元的股息。

Finally, while we are confident in our strategic plan to drive long-term sales and profit growth through our expansion and other operational initiatives, there are current macroeconomic developments that we believe are prudent to factor into our fiscal 2022 guidance. Therefore, we are revising our estimates as follows: total net sales of $6.43 billion to $6.63 billion and comparable sales of down 6% to down 3%. Our gross margin rate for the full year is still expected to range from 33% to 33.5%. We expect to have higher AURs offset by elevated supply chain costs and increased level of promotions when compared to last year.

最後，雖然我們對通過擴張和其他運營舉措推動長期銷售和利潤增長的戰略計劃充滿信心，但我們認為當前的宏觀經濟發展情況應謹慎考慮納入我們的 2022 財年指導方針。因此，我們將我們的估計修正如下：總淨銷售額為 64.3 億美元至 66.3 億美元，可比銷售額下降 6% 至 3%。我們全年的毛利率仍預計在 33% 至 33.5% 之間。與去年相比，我們預計更高的 AUR 會被供應鏈成本上升和促銷水平增加所抵消。

GAAP net income of $550 million to $615 million. GAAP diluted earnings per share are now expected to range from $6.30 per share to $7 per share. Non-GAAP diluted earnings per share, which excludes estimated stock comp expense of approximately $20 million and store preopening expenses, are now expected to range from $6.55 per share to $7.25 per share. We also expect to generate $450 million to $500 million of free cash flow and spend approximately $140 million in capital expenditures in 2022. The EPS outlook is based on 88 million diluted weighted average shares outstanding for the full year, which accounts for the share repurchase activity in the first quarter but does not assume any further repurchase activity for the full year.

GAAP 淨收入為 5.5 億美元至 6.15 億美元。 GAAP 攤薄後每股收益現在預計在每股 6.30 美元至 7 美元之間。非 GAAP 攤薄後每股收益（不包括約 2000 萬美元的估計股票費用和商店開業前費用）現在預計在每股 6.55 美元至 7.25 美元之間。我們還預計到 2022 年將產生 4.5 億至 5 億美元的自由現金流，並在資本支出上花費約 1.4 億美元。每股收益前景基於全年 8800 萬股攤薄加權平均流通股，即股票回購活動第一季度，但不假設全年有任何進一步的回購活動。

With that, I will turn the call over to Steve for more details around our merchandising and operations performance. Steve?

有了這個，我將把電話轉給史蒂夫，以了解有關我們的銷售和運營績效的更多細節。史蒂夫?

Thanks, Michael. We knew heading into Q1 that this would be our most challenging quarter of the year as we lap the plus 39% comp from Q1 of last year. To help us get a good read on our performance, we've been using comparisons versus 2021 as well as 2019, which was the last normalized year we had prior to the pandemic.

謝謝，邁克爾。我們知道進入第一季度，這將是我們今年最具挑戰性的季度，因為我們比去年第一季度增加了 39%。為了幫助我們更好地了解我們的表現，我們一直在使用與 2021 年和 2019 年的比較，這是我們在大流行之前的最後一個正常化年份。

When you look at the quarter, the $1.47 billion of sales represented a negative 7.1% decrease versus 2021 and was up 36% versus 2019. As we look at the results during the quarter, we've seen the overall shape of the business pretty closely mirror how 2019 played out but at an elevated level of volume. This is helping inform how we're projecting the business moving forward.

當您查看本季度時，14.7 億美元的銷售額與 2021 年相比下降了 7.1%，與 2019 年相比增長了 36%。當我們查看本季度的結果時，我們已經非常接近地看到了業務的整體狀況反映 2019 年的表現如何，但音量水平較高。這有助於告知我們如何規劃業務向前發展。

Breaking it down by category. Our best-performing division in the quarter was footwear, which was down 2% versus '21 but up 20% versus 2019. Improved inventory levels and content from key partners, such as Nike, adidas, Brooks, SKECHERS and Crocs, really drove this category. Our improved inventory position helped drive in stocks back to historical levels which was a key factor in our performance.

按類別分解。本季度我們表現最好的部門是鞋類，與 21 年相比下降了 2%，但與 2019 年相比增長了 20%。耐克、阿迪達斯、布魯克斯、斯凱奇和 Crocs 等主要合作夥伴的庫存水平和內容的改善確實推動了這一點類別。我們改善的庫存狀況有助於將庫存推回曆史水平，這是我們業績的一個關鍵因素。

One of the categories we're still chasing receipts is the cleated business which continues to experience shortages. A lot of this product was made in Vietnam, and the shutdown that occurred back in Q3 of last year created inventory shortages that we started feeling the impact of in Q1 of this year. The good news is that even with the much lower inventory, we've maintained a steady flow of receipts in cleats, and this category has continued to run positive to '21 and '19 despite running with lower average inventory than we would desire. Simply put, we're selling them as fast as they hit the stores, and we expect this to continue into the back half of the year.

我們仍在追逐收據的類別之一是繼續面臨短缺的夾板業務。很多這種產品是在越南製造的，去年第三季度發生的停產造成了庫存短缺，我們在今年第一季度開始感受到了這種影響。好消息是，即使庫存低得多，我們仍保持穩定的夾板收貨流，儘管平均庫存低於我們的預期，但這一類別在 21 年和 19 年繼續保持正向運行。簡而言之，我們會在它們上架時以最快的速度銷售它們，我們預計這種情況將持續到今年下半年。

The #2 division for the quarter was outdoor, which was down 6% to '21 but is up 52% versus 2019. Some of the shoes were in a much better inventory position than most categories which is driving improvement in stocks. Some highlights during the quarter were our camping, coolers and drinkware and hunting businesses. We believe that our strong relationships with key partners, such as YETI, Igloo, Coleman and The North Face, were instrumental in driving these results.

本季度排名第二的部門是戶外，與 21 年相比下降了 6%，但與 2019 年相比增長了 52%。與大多數類別相比，一些鞋子的庫存狀況要好得多，這推動了庫存的改善。本季度的一些亮點是我們的露營、冷卻器和飲料器皿以及狩獵業務。我們相信，我們與 YETI、Igloo、Coleman 和 The North Face 等主要合作夥伴的牢固關係有助於推動這些成果。

Our inventory levels in firearms and ammunition are also in the best position they've been in since pandemic began. But that being said, there are still constraints in some specific categories, such as hunting rifles and certain calibers of ammunition. Similar to cleats, we continue to see strong business in these constrained areas as goods continue to sell as fast as they hit the store.

我們的槍支和彈藥庫存水平也處於自大流行開始以來的最佳位置。但話雖如此，某些特定類別仍然存在限制，例如獵槍和某些口徑的彈藥。與夾板類似，我們繼續看到這些受限領域的強勁業務，因為商品在進入商店後繼續以最快的速度銷售。

Apparel sales for the quarter were down 9% versus '21 but up 26% versus 2019. The strongest-performing categories within the division versus last year were the outdoor and licensed apparel businesses. Our biggest challenge in our apparel business during the quarter with its spring deliveries were delayed, we were not able to fully execute our spring sets until late April versus traditionally being fully set in early March. The good news is that we ended the quarter with overall inventory well positioned in summer product and started to see the business rebound as the assortments became more balanced. We expect to see this momentum carry forward into Q2.

本季度的服裝銷售額與 21 年相比下降了 9%，但與 2019 年相比增長了 26%。與去年相比，該部門表現最強勁的類別是戶外和特許服裝業務。我們在本季度服裝業務面臨的最大挑戰是春季交付被推遲，我們要到 4 月下旬才能完全執行我們的春季套裝，而傳統上是在 3 月初完成。好消息是，我們在本季度結束時整體庫存在夏季產品中處於有利位置，並且隨著品種變得更加平衡，業務開始出現反彈。我們預計這種勢頭會延續到第二季度。

Sports and rec sales came in at down 12% versus '21 but were up 40% versus 2019. We're excited to see the team sports business drive a strong increase in the quarter, driven by the key spring sports of soccer and baseball. We worked hard on building out the better and best levels of our assortment in baseball with brands like Marucci, EASTON, Rawlings and Wilson, and this expanded offering has really resonated with customers.

體育和娛樂的銷售額與 21 年相比下降了 12%，但與 2019 年相比增長了 40%。我們很高興看到團隊運動業務在本季度強勁增長，這得益於足球和棒球這一主要春季運動。我們努力與 Marucci、EASTON、Rawlings 和 Wilson 等品牌一起打造更好和最好的棒球產品系列，這種擴展的產品確實引起了客戶的共鳴。

Our recreation business, on the other hand, was more challenged. Breaking the business down, we have several categories like water sports and grilling that historically have done the lion's share of their business in Q2. During 2020 and 2021, we saw these businesses accelerate into Q1 as there was scarcity of supply in the market for these categories. However, this meant that these businesses were very challenged in the second quarter in each of those years as we sold through a lot of our merchandise earlier in the season and were sold off during the peak time.

另一方面，我們的娛樂業務面臨更大的挑戰。細分業務，我們有幾個類別，例如水上運動和燒烤，這些類別歷來在第二季度佔據了他們業務的最大份額。在 2020 年和 2021 年期間，我們看到這些業務加速進入第一季度，因為這些類別的市場供應稀缺。然而，這意味著這些業務在這些年的第二季度都面臨著很大的挑戰，因為我們在本季早些時候銷售了很多商品，並在高峰期被賣掉了。

As inventory levels in these categories have normalized across the marketplace, we did not see the same scarcity of supply or the pull forward this year. We anticipate that the sales curve has moved back to a more normalized cadence in these businesses and that they will be closer to what we experienced in 2019 and prior which would point to opportunity for Q2 in these areas.

由於這些類別的庫存水平在整個市場上已經正常化，我們今年沒有看到同樣的供應稀缺或向前推進。我們預計這些業務的銷售曲線已經回到更正常的節奏，並且它們將更接近我們在 2019 年和之前的經歷，這將指向這些領域的第二季度機會。

There were a couple of businesses you did not hear me mention as we went through each division, categories such as fitness, fishing and bikes saw an outsized benefit from the shutdown associated with the COVID pandemic. As we expected, these businesses are not sustaining the same level of demand as they did in 2020 and 2021. The good news is that even at the reduced volume levels, they're still, in aggregate, up over 20% versus 2019.

在我們遍歷每個部門時，您沒有聽到我提到幾項業務，健身、釣魚和自行車等類別從與 COVID 大流行相關的停工中獲得了巨大的收益。正如我們預期的那樣，這些業務的需求水平並沒有像 2020 年和 2021 年那樣維持。好消息是，即使在銷量水平下降的情況下，它們的總體需求仍比 2019 年增長了 20% 以上。

Turning to margin. As planned, we held onto the gains we have made over the past couple of years. The gross margin rate for the quarter came in at 35.5%, which was a 20 basis point decline versus '21 but was up 600 basis points versus our 2019 baseline. Beneath the surface, our merchandise margins were up slightly versus last year.

轉向邊緣。按照計劃，我們保持了過去幾年取得的成果。本季度的毛利率為 35.5%，與 21 年相比下降了 20 個基點，但與我們 2019 年的基線相比上升了 600 個基點。在表面之下，我們的商品利潤率與去年相比略有上升。

As we have discussed before, we attribute the majority of the margin expansion over the past 2 years to our improved buying, planning and allocation strategies and believe that this work should stick to our roots moving forward. The overall promotional environment has not returned to the levels we saw in 2019 and prior. We anticipate that as the year progresses, some discounting will creep back into the marketplace. To account for this, we built in targeted promotions around key must-win market share time periods. The impact of these preplanned events was built into the earnings guidance for the year that Michael covered earlier.

正如我們之前所討論的，我們將過去 2 年的大部分利潤增長歸因於我們改進的購買、計劃和分配策略，並相信這項工作應該堅持我們的根基向前發展。整體促銷環境尚未恢復到我們在 2019 年及之前看到的水平。我們預計，隨著時間的推移，一些折扣將重新進入市場。考慮到這一點，我們圍繞關鍵的必須贏得市場份額的時間段建立了有針對性的促銷活動。這些預先計劃的事件的影響已納入邁克爾早些時候報導的年度收益指南中。

Regarding inventory, there's still a couple of supply-constrained categories that I mentioned earlier, such as cleats and certain calibers of ammunition, that we'll continue to chase for the remainder of the year. That being said, after being chased on for the past few years across virtually every area in the store, we're pleased that we're in a good inventory position across most businesses.

關於庫存，我之前提到的還有幾個供應受限的類別，例如防滑釘和某些口徑的彈藥，我們將在今年剩餘時間繼續追逐。話雖如此，在過去幾年幾乎在商店的每個區域都被追逐之後，我們很高興我們在大多數業務中都處於良好的庫存狀態。

One thing to note is that our mix of business has fundamentally changed over the past couple of years. Our business in the first quarter broke out 56% hard goods and 44% soft goods. This compares to 2019 where the split was 51%, hard goods; 49%, soft goods. The reason I bring this up is that compared to 2019, our sales increased 36%, while our inventory in terms of units is tracking down 8%. When compared to 2019, you'll find a deeper investment into year-round seasonless categories, such as sporting goods, camping, coolers and other categories, that have leveled up over the past couple of years.

需要注意的一點是，我們的業務組合在過去幾年中發生了根本性變化。我們第一季度的業務突破了 56% 的硬商品和 44% 的軟商品。相比之下，2019 年的拆分為 51%，硬商品； 49%，軟商品。我提出這個問題的原因是，與 2019 年相比，我們的銷售額增長了 36%，而我們的單位庫存下降了 8%。與 2019 年相比，您會發現對全年無季節類別的投資增加了，例如體育用品、露營、冷卻器和其他類別，這些類別在過去幾年已經達到了水平。

We've also layered on a better, best assortment in some of our power businesses, such as baseball, outdoor cooking and fishing. The end result of all this is that the overall composition of our inventory has improved with better balance when compared with 2019. As we had in the second quarter, we believe we have the right inventory levels and content to fuel the business.

我們還在一些電力業務（例如棒球、戶外烹飪和釣魚）中提供了更好、最好的分類。所有這一切的最終結果是，與 2019 年相比，我們的庫存整體構成有所改善，平衡性更好。正如我們在第二季度所做的那樣，我們相信我們擁有合適的庫存水平和內容來推動業務發展。

Now that we have Q1 behind us, our comps versus last year moderate a little. We believe that all the work we put in around building out our core strategies and competencies will allow us to carry momentum through the remainder of 2022. There continues to be strong, natural demand for most of the categories we carry. All the work we've done to stable our supply chain and get back in stock has put us in the best inventory position we've been in over the past couple of years which should allow us to capitalize on this demand. A more controlled distribution by many of our key vendor partners will continue to funnel shoppers looking for the best national brands in sports and outdoors into our stores.

既然我們已經完成了第一季度的工作，我們的業績與去年相比有所緩和。我們相信，我們圍繞構建核心戰略和能力所做的所有工作將使我們能夠在 2022 年剩餘時間內保持勢頭。對我們開展的大多數類別的需求持續強勁、自然。我們為穩定供應鍊和恢復庫存所做的所有工作使我們處於過去幾年中的最佳庫存狀態，這應該使我們能夠利用這種需求。我們的許多主要供應商合作夥伴更加可控的分銷將繼續將尋找運動和戶外最佳民族品牌的購物者吸引到我們的商店。

Another key driver of traffic for us will be our position as the value leader in our space. As inflation pressures continue to mount, we believe our everyday value proposition will set us apart as active young families and sports and outdoor enthusiasts look to stretch their dollars as they pursue their passions for sports and outdoor activities.

對我們來說，流量的另一個關鍵驅動因素將是我們作為該領域價值領導者的地位。隨著通貨膨脹壓力的持續增加，我們相信我們的日常價值主張將使我們與眾不同，因為活躍的年輕家庭以及運動和戶外運動愛好者在追求對運動和戶外活動的熱情時希望花更多的錢。

Lastly, our continued shift away from traditional print and broadcast advertising to a more digitally targeted approach will improve our marketing reach and effectiveness.

最後，我們繼續從傳統的印刷和廣播廣告轉向更具數字化目標的方法，這將提高我們的營銷範圍和有效性。

In closing, we believe that the strategy we put in place should allow us to finish the year strong and carry the momentum that we've built up over the past couple of years throughout the remainder of the year.

最後，我們相信我們實施的戰略應該讓我們能夠以強勁的勢頭結束這一年，並在今年餘下的時間裡保持我們在過去幾年中建立的勢頭。

Now I'd like to turn the call back over to Ken for some closing comments. Ken?

現在，我想將電話轉回給 Ken，以徵求一些結束意見。肯?

Thanks, Steve. In this economic environment, we know that value is especially important and believe our everyday value that we provide to customers will resonate going forward. Our value proposition allows customers to purchase high-quality products so that they can continue doing the fun things they enjoy without breaking the bank. In addition, the improvements made in the business over the past few years have prepared us to manage through this dynamic market.

謝謝，史蒂夫。在這種經濟環境下，我們知道價值尤為重要，並相信我們為客戶提供的日常價值將在未來產生共鳴。我們的價值主張允許客戶購買高質量的產品，這樣他們就可以繼續做他們喜歡做的有趣的事情，而不會破壞銀行。此外，過去幾年在業務方面取得的進步使我們為管理這個充滿活力的市場做好了準備。

Our vision remains the same: to be the best sports and outdoors retailer in the country, so we will continue to focus on our mission to provide fun for all through strong assortment, value and experience by executing our key priorities in order to achieve our vision. These priorities are creating a consistent and meaningful omnichannel business that delivers a true omnichannel experience for our customer; growing our store base to strengthen existing markets and enter new markets successfully, starting with at least 8 stores this year with a goal of opening 80 to 100 stores over the next 5 years; providing a great customer experience across all of our points of contact that drives loyalty and long-term growth, and we will support our continued growth by maintaining and scaling our IT capabilities, strengthening the efficiency and effectiveness of our supply chain and developing and maintaining an industry-leading retail team.

我們的願景保持不變：成為該國最好的運動和戶外用品零售商，因此我們將繼續專注於我們的使命，通過執行我們的關鍵優先事項，通過強大的分類、價值和體驗為所有人提供樂趣，以實現我們的願景.這些優先事項正在創建一致且有意義的全渠道業務，為我們的客戶提供真正的全渠道體驗；擴大我們的門店基礎以加強現有市場並成功進入新市場，今年至少開 8 家門店，目標是在未來 5 年內開設 80 至 100 家門店；在我們所有的接觸點上提供出色的客戶體驗，從而推動忠誠度和長期增長，我們將通過維護和擴展我們的 IT 能力、加強供應鏈的效率和有效性以及開發和維護行業領先的零售團隊。

We believe these strategic priorities will help us continue to drive productivity to increase sales and profits for years to come. We remain excited and confident about Academy's future.

我們相信這些戰略重點將幫助我們繼續提高生產力，在未來幾年增加銷售額和利潤。我們對學院的未來保持興奮和信心。

Thank you. We'll now open up the call for questions and answers.

謝謝你。我們現在將打開問題和答案的電話。

(Operator Instructions) Our first questions come from the line of Kate Fitzsimons with Wells Fargo.

（操作員說明）我們的第一個問題來自富國銀行的 Kate Fitzsimons。

Yes. Michael, you reiterated your gross margin expectation for the year. It sounds like looking for 33% to 33.5%, I believe. Can you speak to what you're baking in from a promotionality perspective as we get further into the year? Some of your bigger-box peers are calling out more aggressive actions on the promotional front here in 2Q and into the back half. So just curious about how you are thinking about the promotionality of the category all in and just whether or not you think you've embedded enough conservatism on that line item. And then I have one more follow-up.

是的。邁克爾，你重申了你對今年的毛利率預期。我相信，這聽起來像是在尋找 33% 到 33.5%。隨著我們進入這一年，你能從促銷的角度談談你正在做的事情嗎？你的一些大牌同行在第二季度的促銷前線和後半區呼籲採取更積極的行動。所以只是好奇你是如何考慮這個類別的促銷活動的，以及你是否認為你已經在那個項目中嵌入了足夠的保守主義。然後我還有一個後續行動。

Yes. I think we have embedded the view that the back half of the year could potentially be more promotional. Our guidance contemplates a range of scenarios, including the scenario where the consumer doesn't get a lot healthier. The other thing we've talked about a lot is inventory as a leading indicator. And an unfortunate element of retail is that the problems of others could become your problems, and we need to be mindful of the overall inventory build that we've seen in the sector and in retail in general. And I think in this environment, it's wise to be cautious, which is why we wanted to update our guidance to get ahead of the potential that the back half of the year could be more promotional as planned.

是的。我認為我們已經嵌入了這樣一種觀點，即今年下半年可能會有更多的促銷活動。我們的指南考慮了一系列場景，包括消費者沒有變得更健康的場景。我們經常談論的另一件事是將庫存作為領先指標。零售業的一個不幸因素是其他人的問題可能會成為您的問題，我們需要注意我們在該行業和整個零售業中看到的整體庫存增加。我認為在這種環境下，謹慎行事是明智之舉，這就是為什麼我們要更新我們的指導，以提前應對下半年可能會按計劃進行更多促銷的原因。

With that said, Kate, one of the things -- we have done a lot of actions that will allow us to maintain that gross margin rate at the higher level, 33%, 33.5%, through our planning allocation, the assortments, our pricing models and things like that. So we feel confident that even with a more promotional environment, we can manage that.

話雖如此，凱特，其中一件事 - 我們已經採取了很多行動，通過我們的計劃分配、分類、定價，我們可以將毛利率維持在更高的水平，33%、33.5%模型和類似的東西。所以我們有信心，即使有更多的促銷環境，我們也能做到這一點。

Great. That's helpful. And then just really quick on capital allocation, it was really nice to see the new share repurchase authorization. I'm just trying to think about how you guys are approaching, getting after this new authorization, just in light of the more tempered full year outlook, just what is the appetite to put some of this excess cash to use?

偉大的。這很有幫助。然後在資本配置上真的很快，很高興看到新的股票回購授權。我只是想想想你們是如何接近的，獲得這項新授權，鑑於全年前景更加溫和，將這些多餘現金中的一部分用於使用的胃口是什麼？

Yes. I don't think there's anything really new to discuss that we haven't discussed in the past. I mean, our general approach to capital allocation hasn't changed. We are generating enough cash to take a portfolio, do everything approach. And the additional $600 million, I think, frankly, demonstrates great confidence in our business and our ability to deliver strong cash flow regardless of the environment, whether it's at the top or the bottom end of the range.

是的。我認為沒有什麼真正新的東西可以討論，我們過去沒有討論過。我的意思是，我們對資本配置的一般方法沒有改變。我們正在產生足夠的現金來進行投資組合，做任何事情。坦率地說，我認為額外的 6 億美元表明我們對我們的業務以及我們無論環境如何都能提供強勁現金流的能力充滿信心，無論是在範圍的頂端還是底端。

Our priorities, first, stability. We're not smart enough to know when this economic turbulence will end, and that means having a capital structure that can withstand various economic cycles, including the one that we're in. We look to maintain an appropriate cash flow and the ability to be nimble in challenging times. I think that served us well. Particularly in the supply chain, we're able to move some things around and actually lever, from a gross margin standpoint, freight as a rate to sales. I mean, cash was helpful there.

我們的首要任務，首先是穩定。我們不夠聰明，無法知道這種經濟動盪何時結束，這意味著擁有能夠承受各種經濟周期的資本結構，包括我們所處的經濟周期。我們希望保持適當的現金流和能力在充滿挑戰的時代保持敏捷。我認為這對我們很有幫助。特別是在供應鏈中，我們能夠轉移一些東西，並從毛利率的角度實際利用運費作為銷售額的比率。我的意思是，現金在那裡很有幫助。

Secondly, fund our growth. The real value of Academy is in its growth potential with a relatively limited geographic reach that we have today, footprint, the white space we have in front of us; our plan to open 100 stores in the next 5 years; academy.com, which has grown almost 400% since 2019; and frankly, the runway they still have. We want to make sure we preserve capital to fund those initiatives, and we've accounted for that.

其次，為我們的增長提供資金。學院的真正價值在於它的增長潛力，我們今天擁有的地理範圍相對有限，足跡，我們面前的空白空間；我們計劃在未來 5 年內開設 100 家門店； academy.com，自 2019 年以來增長了近 400%；坦率地說，他們仍然擁有的跑道。我們希望確保我們保留資金來資助這些舉措，我們已經考慮到了這一點。

And then lastly, what you're speaking about is returning cash to shareholders via dividends, share repurchases and debt reductions; very strong free cash flow yield, 14%, 15%. So we have the cash flow. And as a reminder, we bought back in the past 2 years almost double what we raised in the IPO. So we think that's a very healthy amount. The $600 million additional authorization is just a signal that we're very comfortable and confident in our ability going forward.

最後，您所說的是通過股息、股票回購和減債向股東返還現金；非常強勁的自由現金流收益率，14%、15%。所以我們有現金流。提醒一下，我們在過去 2 年回購了幾乎兩倍於我們在 IPO 中籌集的資金。所以我們認為這是一個非常健康的數量。 6億美元的額外授權只是一個信號，表明我們對我們未來的能力非常滿意和有信心。

Our next questions come from the line of Greg Melich with Evercore.

我們的下一個問題來自與 Evercore 的 Greg Melich。

I guess my first question was on gross margin. You mentioned that the merchandise margins helped year-over-year and also that freight as a percentage of sales was down. Could you quantify that a little bit more and also speak to the sustainability, particularly on the freight side?

我想我的第一個問題是關於毛利率的。您提到商品利潤率同比有所幫助，而且運費佔銷售額的百分比也有所下降。您能否進一步量化這一點，並談談可持續性，特別是在貨運方面？

The bulk of it was in the merch margin expansion. Freight was a benefit. I can't say that's -- we thought we'd be pretty close. I can't say that's exactly how we drew it up. But I'll tell you, we've got a very talented team, and our supply chain initiatives are really starting to work. Freight was a benefit, but majority of it is merch margin.

其中大部分是在商品利潤率擴張中。運費是一種好處。我不能這麼說——我們認為我們會非常接近。我不能說這正是我們繪製它的方式。但我會告訴你，我們有一個非常有才華的團隊，我們的供應鏈計劃真的開始奏效了。運費是一種好處，但其中大部分是商品利潤。

Yes. This is Steve. Merch margins were up roughly 20 basis points. I think, as Ken mentioned in his comment, we attribute that to a lot of the new disciplines we put in place over the past 3 years, the better planning allocation, the better upfront buying process and just overall better management of inventory. So we're pretty pleased with where we're sitting with margins so far through Q1.

是的。這是史蒂夫。商品利潤率上升了大約 20 個基點。我認為，正如肯在他的評論中提到的那樣，我們將其歸因於我們在過去 3 年中實施的許多新規則，更好的規劃分配、更好的前期購買流程以及更好的整體庫存管理。因此，到目前為止，我們對第一季度的利潤率感到非常滿意。

Yes. The drag -- so merch margins, up 20. Freight was also a benefit. The drag was related to inventory overhead and the capitalization of that. All of the other -- frankly, gross margin items were favorable.

是的。拖累 - 所以商品利潤率上升了 20 倍。運費也是一個好處。拖累與庫存開銷及其資本化有關。所有其他 - 坦率地說，毛利率項目都是有利的。

Great. And then maybe a follow-up right there is on inventory, obviously up, while sales were down. But I think -- did you mention the unit inventories? I can't remember. What are those running?

偉大的。然後可能是庫存的後續行動，顯然是上升，而銷售下降。但我想——你提到單位庫存了嗎？我不記得了。那些在跑什麼？

Units were down versus '19 about 8%, so we're actually pretty happy with where our inventory position. It's right about where we planned it. We said it's up 22% versus where we ended a year ago for Q1. Up about 8.8% versus '19 in dollars but down 8% in units.

與 19 年相比，單位下降了約 8%，因此我們實際上對我們的庫存位置感到非常滿意。我們計劃的地方是對的。我們說它比一年前第一季度結束時增長了 22%。與 '19 美元相比上漲約 8.8%，但單位下跌 8%。

Got it. And I guess...

知道了。而且我猜...

I'm sorry, Greg. There are certainly a couple of areas where we have inventory over plan. That being said, those areas are areas that are, frankly, the inventory is evergreen. I mean, there's a little markdown risk associated with those would be some of the bulk items where we saw a little bit of a slowdown. But overall, we're extremely happy with where we're at from an inventory perspective. Again, dollars up 8% over '19 on a 36% sales increase, units down. This is pretty much in line with how we planned it.

對不起，格雷格。我們肯定有幾個領域的庫存超出計劃。話雖如此，坦率地說，這些領域是常青樹。我的意思是，與這些相關的一些降價風險將是我們看到一些放緩的一些大宗商品。但總的來說，從庫存的角度來看，我們對我們所處的位置非常滿意。同樣，美元比 19 年增長 8%，銷售額增長 36%，單位下降。這與我們的計劃非常一致。

And is credit -- are more consumers taking up your credit offer? And has that been helping gross margin or not?

是信用 - 是否有更多的消費者接受您的信用優惠？這是否有助於毛利率？

Well, the credit program has grown consistently since we rolled it out. So yes, more consumers are applying. More consumers are using the credit card, and we're seeing that customer come back more and more frequently. I would not say there's been a dramatic trend shift to what we've seen in prior quarters. It just continues to grow because it's a relatively, frankly, immature program that's scaling and ramping.

好吧，自從我們推出信貸計劃以來，它一直在增長。所以是的，更多的消費者正在申請。越來越多的消費者使用信用卡，我們看到客戶越來越頻繁地回來。我不會說我們在前幾個季度看到的趨勢發生了戲劇性的轉變。它只是繼續增長，因為它是一個相對、坦率、不成熟的程序，它正在擴展和加速。

Our next questions come from the line of Robby Ohmes with Bank of America.

我們的下一個問題來自美國銀行的 Robby Ohmes。

Great quarter. My first question is just on inflation. Can you give us a sense of what the assumption of inflation is in your sales guidance for the rest of the year? Is it contributing more to sales than it did in the first quarter? And then also related to inflation, it sounds like you did a great job with freight costs in the first quarter. What's the assumption for the freight, the import cost outlook and transportation cost outlook? And then I have a follow-up.

很棒的季度。我的第一個問題只是關於通貨膨脹。您能否讓我們了解一下您對今年剩餘時間的銷售指導中的通貨膨脹假設是什麼？它對銷售的貢獻是否比第一季度更大？然後還與通貨膨脹有關，聽起來您在第一季度的貨運成本方面做得很好。運費、進口成本前景和運輸成本前景的假設是什麼？然後我有一個跟進。

I would say so far from an inflation perspective, it's been manageable for us. It's been a relatively low contributor in terms of our AUR increase. We look at the delta between being up 8% in dollars and down 8% units versus '19, and we started breaking that down. Really what a lot of the contributing factors of that are, first, the higher mix of bigger ticket items. If you think about it, we've really moved to more of a hard goods business over the past 3 years. It's about 56% of the business versus about 51% a couple of years ago. At the same time, we've also improved our better, best end of our assortment, so those come with slightly higher costs and higher AURs. And then the third one would be where there has been some inflation, but it's candidly of the 3 factors the smallest amount.

我想說，到目前為止，從通脹的角度來看，這對我們來說是可控的。就我們的 AUR 增長而言，它是一個相對較低的貢獻者。我們看看與 19 年相比，美元上漲 8% 和單位下跌 8% 之間的差值，我們開始對其進行分解。確實有很多促成因素是，首先，更大的門票項目的更高組合。如果你仔細想想，在過去的 3 年裡，我們真的轉向了更多的硬商品業務。它約佔業務的 56%，而幾年前約為 51%。同時，我們還改進了我們更好、最好的產品系列，因此這些產品的成本和 AUR 更高。然後第三個是出現了一些通貨膨脹的地方，但坦率地說，這是三個因素中數量最少的。

And I would say the team has done an excellent job in managing that. We have not seen some of the significant inflation that people are talking about in things like food and fuel, and we have been very, very surgical about where we have had to take the price up. We want to maintain that value effort. We're working with our vendors to put more make in some of the items so that the customer feels are still getting a strong value where we've had to take the price up. But it -- we do see inflation continuing, but we have managed it so far, and we feel that we've got the capability to manage it going forward. With regard to freight, as Michael mentioned, our supply chain team has done an outstanding job working with our vendors, taking actions such as making sure that we buy contracts upfront and negotiating to maintain that inflation under control.

我會說團隊在管理這方面做得非常出色。我們還沒有看到人們在食品和燃料等方面談論的一些顯著通貨膨脹，而且對於我們不得不提高價格的地方，我們一直非常、非常外科手術。我們希望保持這種價值努力。我們正在與我們的供應商合作，在一些商品中添加更多產品，以便客戶覺得在我們不得不提高價格的情況下仍然獲得強大的價值。但是它——我們確實看到通貨膨脹仍在繼續，但到目前為止我們已經控制住了它，我們覺得我們有能力在未來控制它。關於貨運，正如邁克爾所說，我們的供應鏈團隊與我們的供應商合作做得非常出色，採取了諸如確保我們提前購買合同和談判以控制通貨膨脹等措施。

I think the thing that we did really well is, frankly, not overbuy. We didn't have to pay more than we needed. Maximizing cube space and all of the things that we've talked about, that also really came into play as we manage freight. We're not expecting freight to get a whole lot better, and that's accounted for in our guidance.

坦率地說，我認為我們做得很好的是，沒有過度購買。我們不必支付超過我們需要的費用。最大化立方體空間以及我們討論過的所有事情，這在我們管理貨運時也真正發揮了作用。我們並不期望貨運會變得更好，這在我們的指導中有所體現。

That's helpful. And just a quick follow-up, a very large retailer came out and implied that they've seen some changes in what their customers are doing just over the last 3 weeks. Any recent changes in behavior that you guys are seeing in the customer base in the last 3 weeks?

這很有幫助。只是快速跟進，一家非常大的零售商站出來暗示他們在過去 3 週內看到他們的客戶所做的事情發生了一些變化。在過去的 3 週內，你們在客戶群中看到的最近行為有什麼變化嗎？

Yes. I mean, obviously, we don't provide inter-quarter commentary on these calls. But that being said, I think in the comments -- prepared comments, we talked about the trend line versus '19 being very consistent at up around 36%. That -- we've seen that continue through.

是的。我的意思是，顯然，我們不對這些電話提供季度間評論。但話雖如此，我認為在評論中——準備好的評論中，我們談到了趨勢線與 19 年的趨勢線非常一致，漲幅約為 36%。那 - 我們已經看到這種情況繼續存在。

And we have seen actually the customer improved over -- since the early part of the year. That continually -- continues to improve. Still has a lot more room to improve, but it's getting better.

實際上，我們已經看到客戶有所改善 - 自今年年初以來。這不斷 - 繼續改進。還有很多需要改進的地方，但它正在變得更好。

Our next question come from the line of Chris Horvers with JPMorgan.

我們的下一個問題來自摩根大通的 Chris Horvers。

A bit of a follow-up to that last set of questions. So as you just step back, all the color on the category performance in 1Q is super helpful. Other than some of the late inventory receipts, did the quarter generally play out at a category level and from a monthly cadence perspective in line with how you had planned it?

對最後一組問題的一點跟進。因此，當您退後一步時，1Q 中類別表現的所有顏色都非常有用。除了一些較晚的庫存收據之外，本季度總體上是否按照您的計劃在類別級別和每月節奏的角度進行？

Yes. I would tell you that it actually did. We knew that May -- I'm sorry, March was going to be the biggest challenge because that's where the stimulus checks came out. We saw obviously our biggest surge last year in that month. Once we got past that, we saw the business start to come back in April. And as Ken said, we certainly saw it get better as we progress through the month. Some of that was, I think, getting further away from the stimulus impact last year. I think some of it was improving inventory content. We talked about apparel being, I think, the #3 ranked division out of 4. So it was a little bit softer than the average. But when we started tearing it apart, we really attribute a lot of that to just getting later receipts on some of the spring transitional goods. And once those goods hit the floor, we saw the business start to come back pretty well.

是的。我會告訴你，它確實做到了。我們知道 5 月——對不起，3 月將是最大的挑戰，因為那是刺激檢查出來的地方。我們顯然在那個月看到了去年最大的增長。一旦我們過去了，我們看到業務在四月份開始恢復。正如肯所說，隨著我們整個月的進步，我們當然看到它變得更好。我認為，其中一些與去年的刺激影響相去甚遠。我認為其中一些是改善庫存內容。我們談到服裝是，我認為，在 4 個中排名第 3 的分區。所以它比平均水平要軟一些。但是當我們開始拆開它時，我們真的將其中的很多原因歸結為只是後來收到了一些春季過渡商品的收據。一旦這些商品上市，我們就看到業務開始恢復良好。

The other thing that we are seeing is there has been some shifts -- there were some businesses during the pandemic where the buying patterns shifted up. One of the best examples of that was like in pools, and that has more normalized. We used to do the majority of our pool business in the second quarter. The last couple of years, we did it in the first quarter. We see that coming back to a more normal trend because we're in a better stock position.

我們看到的另一件事是發生了一些變化——在大流行期間，一些企業的購買模式發生了轉變。最好的例子之一就是在游泳池中，而且更加規範化。我們過去在第二季度完成了大部分的泳池業務。過去幾年，我們在第一季度就做到了。我們看到這會回到更正常的趨勢，因為我們的庫存狀況更好。

Got it. And then so as you think about the change in the outlook, maybe can you talk about how you're thinking about where did you change the top line outlook? Was that more of a back-half call? And you talked about it in the context of the gross margin, but it seems like the real change in the outlook was the sales. So is that just you're expecting less AUR growth in the back half of the year because of promotions?

知道了。然後，當您考慮前景的變化時，也許您能談談您如何考慮您在哪裡改變了頂線前景？這更像是一個後半場電話嗎？你在毛利率的背景下談到了它，但看起來前景的真正變化是銷售額。那麼，是否只是因為促銷活動，您預計下半年的 AUR 增長會減少？

Well, one of the things that happens, we've got a terrific team here that has done an excellent job managing through all these challenges, making sure that we weren't overbought. But we also recognize when we started seeing other people come out that they were overbought, so we figure there will be some more promotions. And promotions don't always mean more sales because as you take some of the pricing down for promotions, you will get less sales dollars for the units. And so that's part of what we have figured in along with the margin to go with that. But the adjustments were made, as Michael said, more for the environment than for the way we were managing the business.

好吧，其中發生的一件事是，我們這裡有一支了不起的團隊，他們在應對所有這些挑戰方面做得非常出色，確保我們沒有被超買。但我們也認識到，當我們開始看到其他人出來時，他們被超買了，所以我們認為會有更多的促銷活動。促銷並不總是意味著更多的銷售，因為當您降低促銷的一些價格時，您將獲得更少的單位銷售額。這就是我們所考慮的部分內容以及與之相關的餘量。但正如邁克爾所說，這些調整更多是為了環境而不是我們管理業務的方式。

Yes. The business compared to 2019 is following the same general trend line. It's been fairly predictable from that perspective. But as Ken said, there may be a need to be more proactive and respond to what others do to maintain share in the back half. And we wanted to get ahead of it and build that in. At the high end of the updated guidance, we're squarely within the prior guidance. From both the sales and income standpoint, we just felt like this was the right thing to do.

是的。與 2019 年相比，該業務遵循相同的總體趨勢線。從這個角度來看，這是相當可預測的。但正如肯所說，可能需要更加積極主動並回應其他人為保持後半部分的份額所做的事情。我們希望超越它並建立它。在更新指南的高端，我們完全在先前的指導範圍內。從銷售和收入的角度來看，我們只是覺得這是正確的做法。

Our next questions come from the line of Brian Nagel with Oppenheimer.

我們的下一個問題來自奧本海默的 Brian Nagel 的台詞。

Nice quarter. Congratulations. So look, my first question, and I think it's really just -- it's more of a clarification and a follow-up. But just to be clear, so the revision down, the moderation in guidance for the year. That's -- what you're saying is that's just conservatism what you're seeing in the overall environment but not reflective of anything you're actually seeing in your business?

漂亮的季度。恭喜。所以看，我的第一個問題，我認為這真的只是 - 它更多的是澄清和跟進。但只是要清楚，所以修訂下來，今年的指導適度。那就是——你的意思是，這只是你在整體環境中看到的保守主義，而不是反映你在業務中實際看到的任何東西？

That's correct. Yes. I think we're happy with the way that we've managed the business. We're happy with our initiatives. If you go down the list, we're happy with what the way our business is playing out. But we're looking at the environment, and all the leading indicators we've talked about, we've got to be cautious about what the back half looks like.

這是正確的。是的。我認為我們對我們管理業務的方式感到滿意。我們對我們的舉措感到滿意。如果您在列表中列出，我們對我們的業務發展方式感到滿意。但我們正在關注環境，以及我們談到的所有領先指標，我們必須對後半部分的情況保持謹慎。

Got it. Then my follow-up, and so in the prepared comments, you spent time talking about some of the categories that have performed particularly well during the pandemic and then what you're seeing in those categories now. So I guess the question I have is as you look at the trajectory there, certainly, there were some categories, nothing like home fitness was maybe being one of them. Do you think we're now at the point where those -- that we have found the new run rate, they've stabilized or past the pandemic? Or do you think there could be incremental weakness in those categories going forward?

知道了。然後是我的後續行動，因此在準備好的評論中，您花時間談論了一些在大流行期間表現特別好的類別，然後您現在在這些類別中看到了什麼。所以我想我的問題是當你看到那裡的軌跡時，當然，有一些類別，沒有什麼像家庭健身那樣可能是其中之一。你認為我們現在是否處於那些——我們已經找到了新的運行速度、它們已經穩定下來或已經度過了大流行的地步？或者你認為這些類別未來可能會出現漸進式的弱點？

Yes. I would tell you, we kind of look at the business in 3 buckets. You've got -- the first bucket of goods are things that are selling at or better than the average, and those are trending better than the -- or better than the 36% trend line versus 2019.

是的。我會告訴你，我們將業務分為三個方面。你已經得到了——第一桶商品是銷售水平或高於平均水平的商品，並且這些商品的趨勢優於——或優於 2019 年的 36% 趨勢線。

The second bucket is what Ken just mentioned, comment or 2 ago about where we've seen businesses start to normalize. I think pools is a great example of that, and I think grill is a great example of that, where -- they were softer in Q1 than they were in the past 2 years, where we're seeing the shape of that business kind of revert back to where it was historically, and it's showing there's opportunity probably in those businesses in Q2.

第二個桶是肯剛剛提到的，評論或 2 前關於我們看到企業開始正常化的地方。我認為游泳池就是一個很好的例子，我認為燒烤就是一個很好的例子，它們在第一季度比過去兩年更軟，我們看到了這種業務的形狀恢復到歷史水平，這表明第二季度這些業務可能存在機會。

The third category, I think, is the one you're mentioning, which would be things like bikes, fitness, fishing where they are settling in below last year where we ran the last 2 years but still at an elevated level versus where we were in '19. And those, in aggregate, are around up 20%.

第三類，我想，就是你提到的那一類，比如自行車、健身、釣魚，他們在去年的水平低於我們過去兩年的運行水平，但與我們之前的水平相比仍然處於較高水平在 19 年。總的來說，這些增長了 20% 左右。

So we do feel like those have shown a lot of stability, and we've kind of seen what the new baseline is. It's higher than where it was in '19 but a little bit lower than where it trended in '20 and '21.

所以我們確實覺得那些已經顯示出很大的穩定性，並且我們已經看到了新的基線是什麼。它高於 19 年的水平，但略低於 20 和 21 年的趨勢。

Yes, it's important. We're not going back to Galveston. We're -- maybe some of these are heading to Taos but while some of those businesses have leveled off below where they were last year but well above '19. We also have some businesses that are picking up because they were lower at that time, and in particular, apparel and footwear, a couple -- are examples of those.

是的，這很重要。我們不會回到加爾維斯頓。我們 - 也許其中一些正在前往陶斯，但其中一些業務已經平穩低於去年的水平，但遠高於 19 年。我們也有一些業務正在回升，因為當時它們的價格較低，特別是服裝和鞋類，這就是其中的例子。

Our next questions come from the line of Michael Lasser with UBS.

我們的下一個問題來自瑞銀的 Michael Lasser。

This is Atul Maheswari on for Michael Lasser. Granted that sales were down in the first quarter as planned, can you provide more color on the retention rate of the new customers that you picked up over the last couple of years? And are you seeing those customers shop for new categories at Academy versus what they were doing previously?

這是 Michael Lasser 的 Atul Maheswari。鑑於第一季度的銷售額按計劃下降，您能否提供更多關於您在過去幾年中獲得的新客戶的保留率的信息？您是否看到這些客戶在 Academy 購買新品類與他們之前所做的不同？

Yes. We've added about the same number of customers or we're adding about the same number of customers on a continual basis that we did last year, and that trend continues. We are seeing our existing customers shop more categories. And we are also seeing returning customers, those people who might have lapsed and shopped in us for over a year, we're seeing an increase in returning customers.

是的。我們增加了大約相同數量的客戶，或者我們正在持續增加與去年相同數量的客戶，並且這種趨勢仍在繼續。我們看到我們現有的客戶購買更多類別的商品。我們也看到回頭客，那些可能已經在我們這裡購物超過一年的人，我們看到回頭客的增加。

So as Ken just said, I mean, what's most exciting is the overall inflow, outflow of customers have been fairly similar, but the reactivation rate has really been something we've been focusing in on. And I think that's a real testament to the work that the marketing team has done. But we'll be much more targeted with our messaging and being a little more personalized in our communication there. We're seeing a much higher reactivation rate as we've gotten better and better at targeted marketing.

正如肯剛才所說，我的意思是，最令人興奮的是客戶的整體流入和流出非常相似，但重新激活率確實是我們一直關注的問題。我認為這是對營銷團隊所做工作的真實證明。但是，我們的消息傳遞將更有針對性，並且在我們的溝通中更加個性化。隨著我們在有針對性的營銷方面做得越來越好，我們看到了更高的重新激活率。

Okay. Got it. That's helpful. And then as my follow-up, it sounds like you're resuming modest increase in promotions over the rest of the year in your guidance. A, is that right? And then, b, what if some mass merchants or other players are meaningfully more aggressive where they're discounting and clearance activity later in the year, would you have to follow suit? Or do you believe that a product overlap with some of these competitors is more limited, such that you would not have to raise your promotions beyond a point, even if those competitors are much more promotional?

好的。知道了。這很有幫助。然後作為我的後續行動，聽起來你正在恢復在今年剩餘時間裡適度增加的促銷活動。 A，是這樣嗎？然後，b，如果一些大眾商家或其他玩家在今年晚些時候在打折和清倉活動中更加激進，你是否必須效仿？或者您是否認為產品與其中一些競爭對手的重疊更加有限，這樣即使這些競爭對手的促銷力度更大，您也不必將促銷活動提高到一個點以上？

I would say that I think we talked about having very thoughtful promotions around key market share in must-win time periods. We know we're going to have to be competitive there, and that's in our guidance. To your point, we also know that the competitive environment could get a little more challenging as we get deeper into the year. But that being said, we have a different merchandise mix in some of these mass guys. We have access to a lot of vendors that they don't have. I mean, there's not an exposure of Nike or adidas around them or in a lot of these places. And when we do overlap with them on like categories, candidly, we have a much better, deeper offering than they do. So I don't think -- there may be occasionally a category here or there. We might have to react if something crazy happens from a pricing perspective, but we feel pretty good about how we forecasted out our promotions and what we're going to have to do to react to competitors.

我想說，我認為我們談到了在必須贏得的時間段內圍繞關鍵市場份額進行非常周到的促銷活動。我們知道我們必須在那裡保持競爭力，這是我們的指導方針。就您而言，我們也知道隨著今年的深入，競爭環境可能會變得更具挑戰性。但話雖如此，我們在其中一些大眾人群中擁有不同的商品組合。我們可以接觸到很多他們沒有的供應商。我的意思是，在他們周圍或很多這樣的地方都沒有耐克或阿迪達斯的曝光。當我們在類似的類別上與他們重疊時，坦率地說，我們有比他們更好、更深入的產品。所以我不認為-- 這里或那裡可能偶爾會有一個類別。如果從定價的角度來看，如果發生一些瘋狂的事情，我們可能不得不做出反應，但我們對我們如何預測我們的促銷活動以及我們將如何應對競爭對手感到非常滿意。

Our next questions come from the line of Seth Basham with Wedbush.

我們的下一個問題來自 Wedbush 的 Seth Basham。

Congrats on a very good quarter. My question is a follow-up, first, on gross margins. Thinking about the normalizing environment that you suspect will occur over the balance of the year, but beyond 2022, should we expect gross margin to come down even further because of promo normalization and other factors? Or do you think we've reached a new baseline in your guidance currently?

祝賀一個非常好的季度。我的問題首先是關於毛利率的後續問題。考慮到您懷疑將在今年餘下時間出現的正常化環境，但在 2022 年之後，由於促銷正常化和其他因素，我們是否應該預期毛利率會進一步下降？還是您認為我們目前在您的指導中達到了新的基準？

Yes. Again, I don't think much has changed there from what we've discussed prior. We feel pretty good that where we're going to be with maybe some, again, additional promotion in the back half of the year. The bulk of the gross margin builders to 2019 revolve around the merchandise planning and allocation work that Steve and his team have taken on. And we think that, that is 475 to 500 basis points of sticky gross margin benefit. We still have a lot of benefit coming our way with our work in the supply chain that we've taken on. We've done a better job managing freight as we've shown. So we feel like that's the best, the right level, and we're comfortable with it going forward.

是的。同樣，我認為與我們之前討論的內容相比沒有太大變化。我們感覺很好，我們可能會在今年下半年再次進行一些額外的促銷活動。到 2019 年的大部分毛利率建設都圍繞著史蒂夫和他的團隊所承擔的商品規劃和分配工作。我們認為，這是 475 到 500 個基點的粘性毛利率。通過我們在供應鏈中開展的工作，我們仍然有很多好處。正如我們所展示的，我們在貨運管理方面做得更好。所以我們覺得這是最好的，正確的水平，我們對它的前進感到滿意。

Yes. The other thing to keep in mind, these systems that we put in place, we use the word learning systems, and now they call them AI. They continue to improve over time, so we have not received the full benefit from all of the changes that we put in place. And we continue to add new capabilities that will allow us to improve our merchandise planning, allocation pricing and markdowns as we go forward.

是的。要記住的另一件事是，我們實施的這些系統，我們使用學習系統這個詞，現在他們稱它們為人工智能。它們會隨著時間的推移不斷改進，因此我們尚未從我們實施的所有更改中獲得全部收益。我們繼續添加新功能，使我們能夠在前進的過程中改進我們的商品規劃、分配定價和降價。

Seth, one other thing I'd just add on there, I mean, we've been able to expand our margins, frankly, with a relatively unfavorable mix shift. So as the mix normalizes over time and that may not happen this year, that will also be a benefit to margins going forward.

賽斯，我要補充的另一件事，我的意思是，坦率地說，我們已經能夠通過相對不利的混合轉變來擴大我們的利潤。因此，隨著時間的推移，這種混合趨於正常化，而這在今年可能不會發生，這也將有利於未來的利潤率。

That's helpful color. And then secondly, just thinking back about the outdoor seasonal category, just trying to understand what gives you confidence that 2Q will be strong by 2019, especially as some of the macro pressures build. If you could provide some more color on that, that would be great.

這是有用的顏色。其次，回想一下戶外季節性類別，只是想了解是什麼讓你相信到 2019 年第二季度將強勁，尤其是在一些宏觀壓力增加的情況下。如果你能提供更多的顏色，那就太好了。

Yes. I would tell you that within the outdoor business, I mean, there's a lot of categories underneath there. We've seen a lot of strength -- continued strength and growth in categories like camping. Our camping business is actually running up to last year. It has been really strong. The hunting business has been pretty strong.

是的。我會告訴你，在戶外業務中，我的意思是，下面有很多類別。我們已經看到了很多力量——露營等類別的持續力量和增長。我們的露營業務實際上一直持續到去年。它真的很強大。狩獵業務一直很強勁。

The softness we've seen is primarily in fishing. Once again, that's running up better than it was versus '19 but a little bit lower than it has in the past years. And then when you take categories like field, all those categories are continuing to comp well above where they were in '19, maybe a little bit lower than we were last year where we were more hand to mouth on some inventory.

我們看到的柔軟度主要是在釣魚中。再一次，這比 19 年要好，但比過去幾年要低一點。然後，當您考慮諸如字段之類的類別時，所有這些類別的比例都繼續遠高於 19 年的水平，可能比去年我們在一些庫存上更多地面對面交流時要低一些。

Yes. The long-term trend from the customers, I think, is continuing and will continue as people looking for more fun, looking for health and wellness. But team sports is another category that's performing well for us. And so we think people are -- right now, we all could use more fun, and they're looking for it, and we sell it.

是的。我認為，隨著人們尋求更多樂趣、尋求健康和保健，客戶的長期趨勢仍在繼續，並將繼續下去。但團隊運動是另一個對我們來說表現良好的類別。所以我們認為人們——現在，我們都可以使用更多的樂趣，他們正在尋找它，我們賣掉它。

Our next questions come from the line of Daniel Imbro with Stephens.

我們的下一個問題來自 Daniel Imbro 和 Stephens 的對話。

Yes. Steve, I think on cleats and some of the outdoor categories, you talked about the ability to run stronger sales with leaner inventories. And I'm curious, how does that change your long-term thinking about how much inventory a store needs?

是的。史蒂夫，我認為關於夾板和一些戶外類別，您談到了通過精簡庫存來實現更強勁銷售的能力。我很好奇，這如何改變您對商店需要多少庫存的長期思考？

And then, Ken, to your point around ROIC of new store builds, how does this updated thought around inventory impact your thoughts around how much investment a new store needs to support it. Could you run these doors leaner and therefore drive stronger cash on cash returns with less inventory?

然後，Ken，談到你關於新店建設的投資回報率的觀點，這種關於庫存的更新想法如何影響你對新店需要多少投資來支持它的想法。您能否更精簡地運行這些門，從而以更少的庫存推動更強勁的現金回報？

I think we are. I mean, I think that's one of the things we're demonstrating is that the inventory levels, at least from a unit perspective that we used to run 2 or 3 years ago, we don't need to run to drive increases, and we can be much more productive. If you've been in our stores 3 years ago, we had a lot of inventory that was on top of [gunnels]. We call it top stock. That's virtually out of our stores. That being said, I mean, there are categories like cleats where I mentioned we're selling as fast as they're coming in. I mean, that's not healthy, candidly. I mean, we're -- our shelves are empty. Customers can't find their sizes. We need to get in a better inventory position in that category so that we can service a customer on a day-in, day-out basis. That being said, it will turn a lot faster than it did back in '19 and prior.

我想我們是。我的意思是，我認為我們正在展示的一件事是庫存水平，至少從我們過去 2 或 3 年前運行的單位角度來看，我們不需要運行來推動增長，我們可以更有效率。如果您在 3 年前去過我們的商店，那麼我們有很多庫存在 [gunnels] 之上。我們稱之為頂級股票。這幾乎不在我們的商店中。話雖如此，我的意思是，有一些類別，比如夾板，我提到我們的銷售速度與它們進入的速度一樣快。我的意思是，坦率地說，這不健康。我的意思是，我們 - 我們的貨架是空的。客戶找不到他們的尺寸。我們需要在該類別中獲得更好的庫存位置，以便我們可以日復一日地為客戶服務。話雖如此，它將比 19 年及之前的速度快得多。

Yes. We -- our new store format is designed to do more flowing of inventory, less store stocking of inventory. And the -- we got up last year over a 4x turn which was a significant improvement from '19 where we were under a 3x turn. We believe operating in the mid-3s probably is where we will be operating. And as we continue to improve and enhance both the supply chain and the planning allocation, we can continue to move that turn up and be more -- much more productive with the inventory.

是的。我們——我們的新商店形式旨在增加庫存流動，減少商店庫存。而且——我們去年的轉彎速度超過了 4 倍，這與 19 年的 3 倍轉彎相比有了很大的改進。我們相信在 3 年代中期運營可能是我們將運營的地方。隨著我們繼續改進和增強供應鍊和計劃分配，我們可以繼續提高這一點，並提高庫存效率。

If I could tie in store growth, maybe the balance sheet. 80 to 100 stores, Ken, over the 5 years. That's a pretty nice ramp. Should we assume that's going to be linear at about 20 a year? And then tying up the balance sheet, Michael, sub-1x levered. I think around the IPO, your target was 2x plus. Would you guys put leverage on the balance sheet to accelerate the new store growth investments or accelerate the buyback? Just how are you thinking about using debt at this point, given the strength and consistency of cash flows?

如果我能與商店增長聯繫起來，也許是資產負債表。 80 到 100 家商店，肯，在 5 年內。這是一個相當不錯的坡道。我們是否應該假設每年大約 20 次是線性的？然後捆綁資產負債表，邁克爾，槓桿低於 1 倍。我認為在 IPO 期間，您的目標是 2 倍以上。你們會利用資產負債表來加速新店增長投資還是加速回購？鑑於現金流的強度和一致性，您現在如何考慮使用債務？

Yes. I don't think there's a need to add any leverage to the balance sheet. Particularly in this environment, I don't think that would -- long term, that's probably a good thing. And honestly, because our cash flow is so strong, we don't need to do that to hit our growth targets. From a ramping perspective, I would stair-step it. I mean, the later years, we'll do more than we will next year, but it will accelerate over the next 3 -- or excuse me, 2 to 5 years from here and till we get the target of 100.

是的。我認為沒有必要在資產負債表上增加任何槓桿。特別是在這種環境下，我認為這不會——從長遠來看，這可能是一件好事。老實說，因為我們的現金流如此強勁，我們不需要這樣做來實現我們的增長目標。從漸進的角度來看，我會一步一步來。我的意思是，在接下來的幾年裡，我們會比明年做得更多，但它會在接下來的 3 年加速——或者對不起，從現在開始 2 到 5 年，直到我們達到 100 的目標。

Yes. We're building the capability of opening new stores. We haven't done it in a couple of years. So...

是的。我們正在建設開設新店的能力。我們已經好幾年沒有這樣做了。所以...

And by the way, first one out of the gate, we touched on it on the call, we said it was one of the strongest we've had. The lawyers made me say that because I couldn't actually go back and prove that the first store didn't open higher than this one, but it's the best one in recent history by a long shot. It was nice to do it in a market that was outside of our legacy market here in Texas, and it gives us a lot of confidence that, frankly, we're going to have a great success with this program.

順便說一句，第一個走出大門，我們在電話中談到了它，我們說它是我們擁有的最強大的之一。律師讓我這麼說是因為我實際上無法回過頭來證明第一家店的開張沒有比這家高，但它絕對是近期歷史上最好的一家。很高興在德克薩斯州的傳統市場之外的市場上做這件事，坦率地說，這讓我們很有信心，坦率地說，我們將在這個項目上取得巨大成功。

Our next questions come from the line of John Heinbockel with Guggenheim.

我們的下一個問題來自古根海姆的約翰·海因博克爾。

I wanted to start with -- Ken, if you think -- your business, technically, right, is all discretionary. But when you really think about your core customer what percent of the business do you think is really discretionary, right? We're in a -- maybe in a normal downturn, they would actually defer a purchase. I'm curious how you think about that. And then if you did think that we were headed for a recession next year, other than inventory management, what would you do tactically, right, from a merchandising standpoint? Would you lean into good a little more? What would you do?

我想從——Ken，如果你認為的話——你的業務，從技術上講，是的，完全是自由裁量權的。但是，當您真正考慮您的核心客戶時，您認為真正可自由支配的業務百分比是多少，對吧？我們正處於 - 也許是在正常的低迷時期，他們實際上會推遲購買。我很好奇你是怎麼想的。然後，如果你確實認為我們明年會走向衰退，除了庫存管理，你會在戰術上做什麼，對吧，從商品的角度來看？你會更傾向於好的一點嗎？你會怎麼做？

Well, we're going to maintain that balance of good, better, best, and we offer value. Even at the better and best level, we offer a value. And so I think that the customer sees that. With regard to discretionary, I think discretionary is an interesting term. Most people think that their morning coffee is not discretionary. And the children are still going to play softball. The people are still going to participate in their activities. They may not buy as much or they may not buy the best fishing rod or baseball bat, and that's where we come in because we trade broadly across good, better, best. And I can come in, and I can make a decision of which bat I want to buy or which treadmill I want to buy. I can buy a $399 treadmill or I can buy a $1,700 treadmill. And so I think that gives us an advantage over the competition and allows people to still do what it is they want to do. We trade in those mill 3 quintiles of customers, and we have shown in our past that we performed well during economic downturns.

好吧，我們將保持良好、更好、最好的平衡，並且我們提供價值。即使在更好和最好的水平上，我們也提供價值。所以我認為客戶看到了這一點。關於自由裁量權，我認為自由裁量權是一個有趣的術語。大多數人認為他們的早晨咖啡不是隨意的。孩子們還在打壘球。人們仍然會參加他們的活動。他們可能不會買那麼多，或者他們可能不會買最好的釣魚竿或棒球棒，這就是我們進來的地方，因為我們廣泛地交易好、更好、最好的產品。我可以進來，我可以決定我想買哪個球拍或我想買哪個跑步機。我可以買一台 399 美元的跑步機，也可以買一台 1700 美元的跑步機。所以我認為這給了我們在競爭中的優勢，讓人們仍然可以做他們想做的事情。我們在那些工廠交易了五分之三的客戶，我們過去已經證明我們在經濟低迷時期表現良好。

Yes. I just want to reemphasize one thing that Ken said. We know we're the value provider in our space. We know our everyday value pricing proposition gives us an advantage. And we think in an environment where people maybe are looking to trade down or looking for ways to stretch their dollars, we win in those environments. And so strategically, it's leaning into that, making sure we're getting credit for that, whether it's in our marketing, in our stores and just really making sure the customer understands the value proposition that we offer day in and day out.

是的。我只想再次強調肯所說的一件事。我們知道我們是我們所在領域的價值提供者。我們知道我們的日常價值定價主張給我們帶來了優勢。我們認為，在人們可能正在尋求降價交易或尋找擴張資金的方法的環境中，我們會在這些環境中獲勝。因此從戰略上講，它傾向於這一點，確保我們因此而獲得信譽，無論是在我們的營銷中，在我們的商店中，並且只是真正確保客戶理解我們日復一日地提供的價值主張。

And I think just maybe as a follow-up to that, right, your philosophy on seasonal product, right, is to -- or I think more recently write market down and get it out as opposed to pack it up and sell it the following year, correct? That's the philosophy on seasonal. And seasonal as sort of a percent of your business, the way you would characterize it, take the fourth quarter, right, that would probably be what percent of your business do you think?

而且我認為可能只是作為後續行動，對，你對季節性產品的理念，對，是——或者我認為最近寫下市場並將其拿出來，而不是打包並在下面出售年，對嗎？這就是季節性的哲學。季節性佔您業務的百分比，按照您的描述方式，以第四季度為例，對，您認為這可能是您業務的百分之幾？

It's relatively small. It's probably in the teens. And just to be clear, seasonal, I think there's a couple of even kind of subcategories of seasonal. So you're right. We don't traditionally pull goods out of the store, send them back to DC, pack them up and then ship them out the next season. That being said, we do have DCs that can hold capacity. So a great example would be if we were a little long on a category like pools, that we're going to get out of for a couple of months and then reset the following spring. In the past that we've been long on pools, we might hold on to that and use that extra inventory, not send it out to stores and use it as the setup for the next season. So we do that occasionally from an inventory management perspective. In terms of apparel and fashion and seasonal, that doesn't usually age very well, right? So we had to packing that up and then bringing it out next season. Generally, it's not one we've really done.

它相對較小。應該是十幾歲吧。為了清楚起見，季節性，我認為有幾個甚至是季節性的子類別。所以你是對的。傳統上，我們不會將商品從商店拉出，將它們送回 DC，打包然後在下個季節發貨。話雖如此，我們確實有可以容納容量的 DC。所以一個很好的例子是，如果我們對游泳池這樣的類別有點長，我們將退出幾個月，然後在接下來的春天重新設置。在過去，我們一直在使用游泳池，我們可能會保留它並使用額外的庫存，而不是將其發送到商店並將其用作下一季的設置。因此，我們偶爾會從庫存管理的角度這樣做。就服裝、時尚和季節性而言，這通常不會老化，對吧？所以我們不得不把它打包，然後在下個賽季把它拿出來。一般來說，這不是我們真正做過的。

Our final questions come from the line of John Zolidis with Quo Vadis.

我們的最後一個問題來自 John Zolidis 與 Quo Vadis 的對話。

Can you hear me all right?

你能聽到我的聲音嗎？

Sure, John.

當然，約翰。

Okay. Great. I wanted to zero in a little bit more on the comment that was made earlier about the store growth being where the value is located. And in particular, for the 100 stores, just looking at the current EBIT per store of $3.6 million, can we just -- if you're going to do some rough math, multiply that by the 100 stores to see the potential that you anticipate for those stores, which I estimate is a little bit more than $4 per share in earnings, depending on what the share count might be? Or is there some reason that those incremental stores are going to be higher or lower contribution?

好的。偉大的。我想在前面關於商店增長是價值所在的評論中稍微歸零一點。特別是對於 100 家商店，僅查看當前每家商店 360 萬美元的息稅前利潤，我們是否可以 - 如果您要做一些粗略的計算，將其乘以 100 家商店，看看您預期的潛力對於那些商店，我估計每股收益略高於 4 美元，具體取決於股票數量？或者是否有某些原因表明這些增量商店的貢獻會更高或更低？

Yes. From a modeling perspective, that's probably fair. Now there's some ramp time that takes them to get there. Typically, it takes 4 to 5 years for a store to ramp. But, look, I mean, we're planning to open stores that are accretive, and that's the plan. Ken, I don't know if you have anything.

是的。從建模的角度來看，這可能是公平的。現在有一些斜坡時間需要他們到達那裡。通常，一家商店需要 4 到 5 年的時間才能起步。但是，聽著，我的意思是，我們計劃開設具有增值性的商店，這就是計劃。肯，我不知道你有沒有什麼。

If you think about it, there are 4 big growth levers that we have. One is new stores. That's the largest because the 100 is the starting point. We have the opportunity to add significantly more than that over time. But I think 5 years is a long time. But over time, we'll add even more stores. The second is our dot-com business, which now, at the end of the first quarter, was running just under 10%.

如果你仔細想想，我們有 4 個大的增長槓桿。一是新店。這是最大的，因為 100 是起點。隨著時間的推移，我們有機會增加更多。但我認為5年很長。但隨著時間的推移，我們會增加更多的商店。第二個是我們的 dot-com 業務，在第一季度末，該業務的運行率略低於 10%。

That's penetration.

那就是滲透。

Penetration, I'm sorry. Penetration is running 18% sales growth. We see that continuing to grow, particularly as we grow our territory because somebody outside of our current market wouldn't even know to go online for us, although we are finding like on cleats and things like that, they're in short supply. People in Ohio and Pennsylvania are some of our best dot-com markets. But we are -- we see that as a growth, and that can continue to increase.

滲透，對不起。滲透率正在運行 18% 的銷售增長。我們看到它繼續增長，特別是當我們擴大我們的領土時，因為我們當前市場之外的人甚至不知道為我們上網，儘管我們發現像防滑釘之類的東西，它們供不應求。俄亥俄州和賓夕法尼亞州的人們是我們最好的網絡市場之一。但我們是——我們認為這是一種增長，而且可以繼續增長。

The third is our existing store base. With the things that we're doing in terms of customer service, in terms of our presentation, we have an opportunity to continue to have real comp store growth in the future.

第三是我們現有的店鋪基礎。通過我們在客戶服務方面所做的事情，就我們的展示而言，我們有機會在未來繼續實現真正的綜合商店增長。

And the fourth is the improvement in our operations with things like we're doing with our supply chain. And even within the store, our new queuing checkout allows us to be more efficient in the store to get more hours focused on the customer, and our sales associate productivity has continued to go up. So the stores, when you do the math, that's, by far, the -- or that's the biggest, but the others are significant growth opportunities that we have. And not all retailers have all 4 of those that they can take advantage of.

第四是我們的運營改進，比如我們對供應鏈所做的事情。甚至在店內，我們新的排隊結賬讓我們在店內更有效率，有更多時間專注於客戶，我們的銷售助理工作效率也持續提高。所以商店，當你做數學時，到目前為止，這是 - 或者那是最大的，但其他的是我們擁有的重要增長機會。並不是所有的零售商都擁有他們可以利用的全部 4 個優勢。

Yes. And lastly, just to be clear, we certainly don't plan to stop at 100. That's our plan for the next 5 years, but there is a lot of white space beyond that. And look, we've been very disciplined in our process to make sure that we're opening stores that allow us to achieve the profitability levels that you've discussed.

是的。最後，要明確一點，我們當然不打算停留在 100 年。這是我們未來 5 年的計劃，但除此之外還有很多空白。看，我們在我們的過程中非常自律，以確保我們開設的商店能夠讓我們達到你所討論的盈利水平。

John, you've known me a long time. You know that I -- some people call me pedantic. Some people call me methodical, but we are going to be controlled and managed and provide the continued direction. It's one of the reasons why our inventory was under control and a lot of other retailers' inventory wasn't. It's we're able to go out now and buy merchandise that we're hearing other retailers are canceling that are in very good categories that are performing for us.

約翰，你認識我很久了。你知道我——有些人稱我為迂腐。有些人稱我有條不紊，但我們將受到控制和管理並提供持續的方向。這是我們的庫存受到控製而許多其他零售商的庫存卻沒有的原因之一。我們現在可以出去購買我們聽說其他零售商正在取消的商品，這些商品屬於對我們表現非常好的類別。

And so managing that, we are -- the systems that we're putting in place, making sure we're rolling those out, and we don't over -- get over our skis. Same thing with store growth, we're managing that, but we are going to continue to move forward and drive the business forward in a strong way but not get too far ahead of ourselves.

所以管理它，我們是 - 我們正在實施的系統，確保我們正在推出這些系統，而且我們不會結束 - 克服我們的滑雪板。與商店增長一樣，我們正在管理它，但我們將繼續前進並以強勁的方式推動業務向前發展，但不會超越自己太遠。

That concludes the questions. So I want to thank everybody, thank our team for having -- helping us achieve the results that we've had and all of you all for following us and our investors for supporting us as we continue to move Academy to achieve our mission to be the best sports and outdoor retailer in the country.

問題到此結束。所以我要感謝大家，感謝我們的團隊——幫助我們取得了我們已經取得的成果，以及你們所有人都關注我們和我們的投資者支持我們，因為我們繼續推動學院實現我們的使命全國最好的運動和戶外用品零售商。

Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.

謝謝你。今天的電話會議到此結束。我們感謝您的參與。此時您可以斷開線路。享受你一天的剩餘時間。