Academy Sports and Outdoors Inc (ASO) 2023 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Academy Sports and Outdoors First Quarter Fiscal 2023 Results Conference Call. At this time, this call is being recorded. (Operator Instructions) I will now turn the call over to Matt Hodges, Vice President of Investor Relations for Academy Sports and Outdoors. Matt, please go ahead.

早上好，女士們，先生們，歡迎參加 Academy Sports and Outdoors 第一季度 2023 財年業績電話會議。此時，此通話正在錄音中。 （操作員說明）我現在將電話轉給學院體育和戶外投資者關係副總裁 Matt Hodges。馬特，請繼續。

Good morning, everyone, and thank you for joining the Academy Sports and Outdoors first quarter 2023 financial results call. Participating on the call are Ken Hicks, Executive Chairman; Steve Lawrence, Chief Executive Officer; and Michael Mullican, President and Acting Chief Financial Officer. As a reminder, statements in today's earnings release and the comments made by management during this call may be considered forward-looking statements.

大家早上好，感謝您參加 Academy Sports and Outdoors 2023 年第一季度財務業績電話會議。參加電話會議的有執行主席 Ken Hicks；史蒂夫·勞倫斯，首席執行官；總裁兼代理首席財務官 Michael Mullican。提醒一下，今天的收益發布中的聲明和管理層在本次電話會議上發表的評論可能被視為前瞻性聲明。

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 SEC filings. The company undertakes no obligation to revise any forward-looking statements. Today's remarks 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.

這些陳述受風險和不確定性的影響，這些風險和不確定性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。今天的評論還涉及某些非 GAAP 財務指標。與最具可比性的 GAAP 指標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. Ken?

我現在將把電話轉給 Ken Hicks。肯？

Thank you, Matt. Good morning and thank you all for joining us today. In April, Academy announced our Board of Directors' thoughtful leadership succession plan, including my transition from President and CEO to Executive Chairman of our Board of Directors. This officially took effect on June 1, 2023. I believe now is the right time for this transition given the strong foundation we've built over the last several years and the clear growth strategy we have set forth for the future and the strong proven leadership team that is in place at Academy.

謝謝你，馬特。早上好，感謝大家今天加入我們。 4 月，Academy 宣布了我們董事會深思熟慮的領導繼任計劃，包括我從總裁兼首席執行官到董事會執行主席的過渡。這於 2023 年 6 月 1 日正式生效。鑑於我們在過去幾年中建立的堅實基礎、我們為未來製定的明確增長戰略以及久經考驗的強大領導力，我認為現在是進行這一過渡的正確時機在學院就位的團隊。

Steve Lawrence, our Chief Merchandising Officer is now Chief Executive Officer and a Member of our Board of Directors; and Michael Mullican, our Chief Financial Officer, is now President of the company. The Board and I are confident that Steve and Michael will continue to work very well together to lead Academy Sports and Outdoors to new heights of operational and financial performance. They exhibited their leadership abilities through their significant contributions during the transformation of the company over the last four years, and we are all aligned with the Executive Committee on our vision, mission and values on the long-range plan we shared with you in April.

我們的首席營銷官 Steve Lawrence 現任首席執行官兼董事會成員；我們的首席財務官 Michael Mullican 現任公司總裁。董事會和我相信，史蒂夫和邁克爾將繼續密切合作，帶領 Academy Sports and Outdoors 的運營和財務業績達到新的高度。他們在過去四年的公司轉型過程中通過他們的重大貢獻展示了他們的領導能力，我們在 4 月份與您分享的長期計劃中的願景、使命和價值觀方面都與執行委員會保持一致。

It's been an honor and a privilege leading academy over the past five years and as I conclude my time as CEO, I want to thank the entire Academy team that have made my time here incredibly rewarding and fun. We've accomplished a lot, and I recognize it's due to the unwavering dedication of our 22,000 team members and our talented Executive Committee and our Board of Directors. I also know we've become the company we are today due to the support of you, our shareholders, who have supported and believed in Academy during our transformation into a highly profitable growth retailer.

在過去的五年裡，領導學院一直是我的榮幸和特權，在我結束擔任 CEO 的時候，我要感謝整個學院團隊，是他們讓我在這裡度過了難以置信的收穫和樂趣。我們取得了很多成就，我認識到這要歸功於我們 22,000 名團隊成員以及我們才華橫溢的執行委員會和董事會的堅定不移的奉獻精神。我也知道，我們之所以成為今天的公司，是因為你們，我們的股東，在我們轉型為高利潤增長型零售商的過程中，你們一直支持並相信 Academy。

Thank you for your continued confidence and trust in Academy. I look forward to continuing my leadership role on the Board of Directors as Executive Chairman and working with Steve and the Academy leadership team to support the successful execution of Academy's strategy to achieve our vision of becoming the best sports and outdoors retailer in the country while providing fun for all as we create value for our stakeholders.

感謝您一直以來對學院的信心和信任。我期待繼續擔任執行主席，在董事會中擔任領導職務，並與史蒂夫和學院領導團隊合作，支持學院戰略的成功執行，以實現我們成為美國最好的運動和戶外零售商的願景，同時提供當我們為利益相關者創造價值時，為所有人帶來樂趣。

I'll now turn the call over to our new CEO, Steve Lawrence. Steve?

我現在將把電話轉給我們的新首席執行官史蒂夫勞倫斯。史蒂夫？

Thanks, Ken. Let me start by saying it's an honor and a privilege to succeed Ken as Academy's next CEO. He has guided the transformation of our company into a leading retailer and has laid a strong foundation for our future. I truly enjoyed working closely with Ken over the last 4.5 years, and I look forward to continuing our partnership as we both step into our new roles. I'm also excited to lead our over 22,000 dedicated team members who every day enable Academy to fill our mission, providing fun for all through our strong assortments, our outstanding value proposition and the enjoyment our customers will have as they experience sports and outdoors with the gear they picked up from Academy.

謝謝，肯。首先讓我說，能夠接替肯成為學院的下一任首席執行官是我的榮幸。他指導我們公司轉型為領先的零售商，為我們的未來奠定了堅實的基礎。在過去的 4.5 年裡，我真的很享受與 Ken 的密切合作，我期待著在我們都步入新角色時繼續我們的合作夥伴關係。我也很高興帶領我們超過 22,000 名敬業的團隊成員，他們每天都讓 Academy 完成我們的使命，通過我們強大的產品組合、我們卓越的價值主張以及我們的客戶在體驗運動和戶外活動時所獲得的樂趣，為所有人提供樂趣他們從學院拿到的裝備。

While I certainly have big shoes to fill following a legend like Ken into a role, the thing that gives me confidence is our team. They have been battle-tested over the past four years and have been proven capable of taking on any challenge, including the current environment. In addition to a strong team, we also have a solid balance sheet, a well-engaged customer base, a highly productive operating model and a well thought out long-range plan to help guide us as we move forward. Hopefully, you'll all agree that the future is bright for Academy.

雖然在像 Ken 這樣的傳奇人物擔任角色後，我當然有很多鞋子可以填補，但給我信心的是我們的團隊。他們在過去四年中經過了實戰考驗，並被證明能夠應對任何挑戰，包括當前的環境。除了強大的團隊外，我們還擁有穩健的資產負債表、參與度高的客戶群、高效的運營模式和深思熟慮的長期計劃，以幫助指導我們前進。希望你們都同意學院的未來是光明的。

Now I'd like to turn to our first quarter results. The first quarter presented a very challenging economic environment on a number of fronts. During our Analyst and Investor Day in early April, we reiterated that the first and second quarters will be the most challenging for us. Earlier this morning, we reported first quarter net sales of $1.38 billion, which translated into a negative 7.3% comp versus last year, but continue to be well ahead of our 2019 baseline and up 28%. To be clear, these sales results were below our expectations. We saw a softening in the business as we progressed through the quarter, with April being the weakest month.

現在我想談談我們第一季度的業績。第一季度在許多方面都呈現出極具挑戰性的經濟環境。在 4 月初的分析師和投資者日期間，我們重申第一季度和第二季度對我們來說將是最具挑戰性的。今天上午早些時候，我們報告第一季度淨銷售額為 13.8 億美元，與去年同期相比下降 7.3%，但繼續遠遠高於我們 2019 年的基線並增長 28%。需要明確的是，這些銷售結果低於我們的預期。隨著本季度的進展，我們看到業務疲軟，4 月是最疲軟的月份。

When you break the business down, there were several factors that contributed to the sales decline. We know that our customers are contending with ongoing macroeconomic headwinds, such as higher costs on virtually everything. The customer is being more careful how and when they spend, which has resulted in fewer transactions compared to last year. As we previously called out, we're still comping up against strong results from several big ticket categories such as hunting, camping, fitness and bikes. And as expected, these categories were some of the most challenged within the quarter. Another consideration is that a large chunk of our business is meant to be enjoyed outside.

當您分解業務時，有幾個因素導致銷售額下降。我們知道，我們的客戶正在應對持續的宏觀經濟逆風，例如幾乎所有事物的成本上升。客戶在消費方式和時間上更加謹慎，這導致與去年相比交易量減少。正如我們之前所說，我們仍在與狩獵、露營、健身和自行車等幾個大門票類別的強勁結果作鬥爭。正如預期的那樣，這些類別是本季度內挑戰最大的類別之一。另一個考慮因素是，我們的大部分業務都是在戶外進行的。

And with the unfavorable weather patterns in several of our major markets, we got off to a slower-than-anticipated start in many of the seasonal categories. On a positive front, we have some areas of the country where the weather has been more normalized, and these markets have outperformed in these seasonal categories. Looking at sales by division, our best-performing business is apparel, which was up roughly 1% versus 2022. We picked up market share here. In apparel, we benefited from having a much better assortment of spring seasonal categories, such as shorts, short sleeve tops from key national brands, such as Nike, Columbia and Carhartt.

由於我們幾個主要市場的天氣模式不利，我們在許多季節性類別中的開局比預期的要慢。從積極的方面來看，該國一些地區的天氣更加正常，這些市場在這些季節性類別中表現出色。從各部門的銷售額來看，我們表現最好的業務是服裝，與 2022 年相比增長了大約 1%。我們在這裡獲得了市場份額。在服裝方面，我們受益於擁有更好的春季季節性類別，例如耐克、哥倫比亞和 Carhartt 等主要民族品牌的短褲、短袖上衣。

Our private brands in apparel also performed well, led by Magellan Outdoors, R.O.W. and Freely, which all grew by more than 20%. These brands represent the value end of our assortment and the customer is clearly seeking out this product during the quarter. Footwear was the second best business at down 2% versus last year. We saw strength in new brands and ideas such as Nike, HEYDUDE, Birkenstock's and SKECHERS Slip-ins. Our Kids business as well as our [Cleated] business were also stand-outs during the quarter. The most challenging category with the Athletic Shoe business where customers voted for more casual court looks at the expense of more running inspired athletic shoes.

我們在服裝方面的自有品牌也表現出色，由 Magellan Outdoors、R.O.W. 領銜。和 Freely，均增長了 20% 以上。這些品牌代表了我們產品系列的價值端，客戶顯然在本季度尋找該產品。鞋類是第二好的業務，與去年相比下降了 2%。我們看到了新品牌和創意的優勢，例如 Nike、HEYDUDE、Birkenstock's 和 SKECHERS Slip-ins。我們的兒童業務以及我們的 [Cleated] 業務在本季度也表現出色。最具挑戰性的類別是運動鞋業務，客戶投票支持更休閒的運動鞋，而犧牲了更多以跑步為靈感的運動鞋。

Sports & Recreation sales declined 3% with our Team sports and Outdoor Cooking businesses being the strongest performance year-over-year. In both cases, the teams have had success by leaning into new brands and ideas such as Blackstone and (inaudible) and Marucci and DeMarini Bats and Baseball, resulting in market share gains in these two categories. The Recreation and Fitness portion of the business were the most challenged during the quarter. We attribute some of this weakness to being up against historic demand in categories such as bikes and fitness equipment. In other areas such as water sports and outdoor furniture, we believe the cooler temps and rainy weather delayed customer purchases and that these businesses should improve as we move through the second quarter.

運動和休閒業務的銷售額下降了 3%，而我們的團隊運動和戶外烹飪業務同比表現最為強勁。在這兩種情況下，這些團隊都通過採用 Blackstone 和（聽不清）以及 Marucci 和 DeMarini Bats and Baseball 等新品牌和創意取得了成功，從而在這兩個類別中獲得了市場份額。該業務的娛樂和健身部分在本季度面臨的挑戰最大。我們將這種弱點部分歸因於自行車和健身器材等類別的歷史需求。在水上運動和戶外家具等其他領域，我們認為涼爽的氣溫和多雨的天氣推遲了客戶的購買，隨著我們進入第二季度，這些業務應該會有所改善。

Outdoor continue to be our weakest performing division with sales down 15%. The hunting category remains challenged as we continue to anniversary strong ammunition sales from last year. It's important to note that while running down to last year, outdoor continues to perform up 29% versus 2019 with Amelon running up roughly a 100%. We did have some bright spots in outdoor with brands such as YETI, which benefited from the strong delivery of new products and seasonal colors. As we parse the results in the first quarter, what has become clearer to customers [affording] for both value and newness and innovation.

戶外仍然是我們表現最差的部門，銷售額下降了 15%。狩獵類別仍然面臨挑戰，因為我們繼續從去年開始週年紀念強勁的彈藥銷售。重要的是要注意，雖然到去年有所下降，但與 2019 年相比，戶外繼續增長 29%，其中 Amelon 增長了大約 100%。我們在戶外確實有一些亮點，比如 YETI，這得益於新產品和季節性色彩的強勁交付。當我們分析第一季度的結果時，客戶對價值、新穎性和創新的[負擔]變得更加清晰。

In terms of value, we've seen customers gravitate towards deals with a focus on promotions and clearance with both of these buckets [rank] sales increases during the quarter. We also see this drive for value in the performance from our private brands, which outperformed national brands. At the same time, customers have positively responded to new ideas of brands regardless of price. There are multiple places we've seen this, such as BOGG BAGS and (inaudible), Blackstone Griddles, the Limited Edition in Colors in YETI or in our new shoe brands such as HEYDUDE and Birkenstock.

就價值而言，我們已經看到客戶傾向於以促銷和清倉為重點的交易，這兩個桶 [rank] 銷售額在本季度都有增長。我們還從我們的自有品牌的表現中看到了這種價值驅動，這些品牌的表現優於民族品牌。同時，顧客對品牌的新創意不計價格也積極響應。我們在很多地方都看到過這種情況，例如 BOGG BAGS 和（聽不清）、Blackstone Griddles、YETI 的彩色限量版或我們的新鞋品牌，如 HEYDUDE 和 Birkenstock。

Our plan going forward through the remainder of the year will be to push even harder on both the value and the newness fronts. Shifting to profitability; first quarter adjusted net income decreased 33% to $103 million or $1.30 per share. This decrease was partially due to a 110 basis point decline in merch margins. The decline in merch margins was similar to what we saw in Q4 was primarily driven by an increase in promotions during the quarter. This lower merch margin helped contribute to our gross margin rate coming in at 33.8% or down 170 basis points versus Q1 of 2022. Michael will give you more color around the other factors that impacted profitability shortly as well as provide more detail regarding our revised outlook for 2023.

我們在今年剩餘時間裡的計劃是在價值和創新方面更加努力。轉向盈利；第一季度調整後淨收入下降 33% 至 1.03 億美元或每股 1.30 美元。這一下降的部分原因是商品利潤率下降了 110 個基點。商品利潤率的下降與我們在第四季度看到的情況相似，主要是由於本季度促銷活動的增加。較低的商品利潤率有助於我們的毛利率達到 33.8%，或與 2022 年第一季度相比下降 170 個基點。邁克爾將在短期內為您詳細介紹影響盈利能力的其他因素，並提供有關我們修訂後前景的更多細節2023 年。

Turning to inventory; our quarter ending inventory balance was $1.39 billion, which was a 4.7% increase compared to Q1 2022. In terms of units compared to last year, total units are up 2% but on a per store basis are down 1.4%. The slight increase in total units versus last year is primarily positioned to fund new stores and is also focused into the areas that ran low in stocks last year, such as cleats and Team Sports. The current depth and breadth of our assortment across all of our categories is healthy and fresh, and we believe we are well-positioned for the summer selling season.

轉向庫存；我們季度末的庫存餘額為 13.9 億美元，與 2022 年第一季度相比增長了 4.7%。就單位數而言，與去年相比，總單位數增長了 2%，但按門店計算則下降了 1.4%。與去年相比，總銷量略有增加主要是為了為新店提供資金，同時也集中在去年庫存不足的領域，例如防滑鞋和 Team Sports。目前我們所有類別的產品種類的深度和廣度都是健康和新鮮的，我們相信我們已經為夏季銷售旺季做好了準備。

Overall, I believe the team has done a good job managing the inventory and receipts over the past four years. Our plan as we move forward is to continue to thoughtfully manage our inventory and to make sure it aligns with the trends in the business. Looking ahead to the remainder of the year, we anticipate that the consumer will continue to remain thoughtful in their spending as they navigate the current economic environment. We have a couple of natural high-traffic time periods ahead of us in the near term, such as Fathers Day and Back to School, and the results from these events will inform our decision-making as we head into the back half of the year.

總的來說，我相信團隊在過去四年中在管理庫存和收據方面做得很好。我們前進的計劃是繼續深思熟慮地管理我們的庫存，並確保它符合業務趨勢。展望今年剩餘時間，我們預計消費者在駕馭當前經濟環境的過程中將繼續謹慎消費。短期內我們有幾個自然的高流量時間段，例如父親節和返校，這些事件的結果將在我們進入下半年時為我們的決策提供信息.

We've increased our focus on positioning Academy as the everyday value leader in our space that we can help customers (inaudible) out there at affordable price. Our inventory remains under control and beneath the surface we have a strong inventory position and seasonally appropriate products that all typically peak during the summer months. We believe that this combination of value plus strong in-stock positions us well as we move through Q2. We'll also see us continue to drive improvements in efficiencies in stores and DCs while thoughtfully managing expenses as we navigate through this challenging macroeconomic environment.

我們更加註重將 Academy 定位為我們所在領域的日常價值領導者，我們可以以可承受的價格幫助那裡的客戶（聽不清）。我們的庫存仍處於控制之下，在表面之下，我們擁有強大的庫存狀況和季節性合適的產品，這些產品通常都在夏季達到高峰。我們相信，這種價值加上強大的庫存組合使我們能夠順利度過第二季度。我們還將看到我們繼續推動提高商店和 DC 的效率，同時在我們度過這個充滿挑戰的宏觀經濟環境時謹慎地管理費用。

Now, I'll turn it over to Michael to walk you through our first quarter financials and updated 2023 guidance. Michael?

現在，我將把它交給邁克爾，向您介紹我們第一季度的財務狀況和更新的 2023 年指南。邁克爾？

Thanks, Steve. First, let me say it has been an honor to work under Ken's leadership these last five years. We have accomplished a lot as a team and we've had a lot of fun doing it. Ken has built a winning culture that will stay with the company for years to come and help the company drive results and achieve our long-range plan. I look forward to continuing to work with him in his new role as Executive Chairman. I am proud to step into the role of President of Academy during such a pivotal time in the company's evolution.

謝謝，史蒂夫。首先，讓我說，過去五年在 Ken 的領導下工作是我的榮幸。作為一個團隊，我們已經取得了很多成就，並且我們從中獲得了很多樂趣。 Ken 建立了一種成功的文化，這種文化將在未來幾年留在公司，幫助公司取得成果並實現我們的長期計劃。我期待著在他擔任執行主席的新職位上繼續與他合作。在公司發展的關鍵時刻，我很自豪能夠擔任學院院長一職。

With my new and expanded responsibilities, I look forward to continuing to work with Steve and our talented team as we execute our long-range plan of growing sales and profits through new store openings, omni-channel expansion and increasing the productivity of existing stores and distribution centers. I'm excited to take on a greater operational role and work with the team to execute our key initiatives. Now, let's review our first quarter results. Net sales for the first quarter were $1.38 billion with comparable sales of negative 7.3%. Sales were lower than planned due to fewer transactions and smaller ticket size. Let me be clear, these results did not meet our expectations.

隨著我新的和擴大的職責，我期待繼續與史蒂夫和我們才華橫溢的團隊合作，因為我們通過開設新店、全渠道擴張和提高現有商店的生產力來執行我們增加銷售額和利潤的長期計劃。配送中心。我很高興能夠擔任更重要的運營角色，並與團隊合作執行我們的關鍵舉措。現在，讓我們回顧一下我們的第一季度業績。第一季度淨銷售額為 13.8 億美元，可比銷售額為負 7.3%。由於交易減少和門票規模較小，銷售額低於計劃。讓我明確一點，這些結果沒有達到我們的預期。

We have taken swift action to minimize the impact of this disappointing quarter. Among other things, we have been able to substantially reduce operating expenses without impacting our long-range plan or our capital allocation strategy. Our gross margin was $467.1 million with a rate of 33.8%, a 170 basis point decrease from the first quarter of last year. As Steve mentioned, the rate decline was primarily driven by lower merchandise margins from greater promotional activity but also higher shrink costs. Total losses from shrink were 76 basis points higher than the first quarter of last year. During the quarter, SG&A expenses were $340.9 million or 24.6% of net sales, an increase of 310 basis points compared to the first quarter of 2022.

我們已迅速採取行動，以盡量減少這個令人失望的季度的影響。除其他外，我們已經能夠在不影響我們的長期計劃或我們的資本配置策略的情況下大幅減少運營費用。我們的毛利率為 4.671 億美元，增長率為 33.8%，比去年第一季度下降 170 個基點。正如史蒂夫所提到的，利率下降主要是由於促銷活動增加導致商品利潤率下降以及收縮成本上升。收縮造成的總損失比去年第一季度高出 76 個基點。本季度，SG&A 費用為 3.409 億美元，占淨銷售額的 24.6%，比 2022 年第一季度增加 310 個基點。

The increase was primarily driven by three factors: an increase in stock-based compensation, new store expenses and technology investments we are making to support our growth plans. In total, net income was $94 million or 6.8% of net sales, a 340 basis point decrease from the first quarter of 2022, resulting in GAAP diluted earnings per share of $1.19 per share. Adjusted diluted earnings per share were $1.30 per share. While we are not satisfied with these results, it is important to note that our sales and profitability remain well above pre-pandemic levels. We have made significant operational changes over the last few years and believe that we will keep the majority of the gains we have achieved. We are actively investing in areas of our business that will further enhance our long-term profitability.

這一增長主要是由三個因素推動的：基於股票的薪酬增加、新店開支和我們為支持增長計劃而進行的技術投資。總的來說，淨收入為 9400 萬美元，占淨銷售額的 6.8%，比 2022 年第一季度減少 340 個基點，導致 GAAP 攤薄後每股收益為每股 1.19 美元。調整後每股攤薄收益為每股 1.30 美元。雖然我們對這些結果並不滿意，但重要的是要注意我們的銷售額和盈利能力仍遠高於大流行前的水平。我們在過去幾年中進行了重大的運營變革，並且相信我們將保持我們所取得的大部分成果。我們正在積極投資我們的業務領域，以進一步提高我們的長期盈利能力。

Turning to the balance sheet; at the end of the quarter, we had $296 million in cash and no outstanding borrowings on our $1 billion credit facility. Academy generated $52 million in net cash from operating activities during the first quarter. We utilized this cash to invest in the business and execute our capital allocation plan by repurchasing 750,000 shares for approximately $50 million. Additionally, we paid out $6.9 million in dividends. In addition, the Board recently approved a dividend of $0.09 per share payable on July 13, 2023, to stockholders of record as of June 15, 2023. One of our primary growth strategies is opening new stores, so I wanted to spend a few minutes updating you on this important initiative.

轉向資產負債表；在本季度末，我們有 2.96 億美元的現金，我們的 10 億美元信貸額度沒有未償還的借款。第一季度，學院從經營活動中產生了 5200 萬美元的淨現金。我們利用這筆現金投資業務並執行我們的資本分配計劃，以大約 5000 萬美元的價格回購 750,000 股股票。此外，我們還支付了 690 萬美元的股息。此外，董事會最近批准了每股 0.09 美元的股息，將於 2023 年 7 月 13 日支付給截至 2023 年 6 月 15 日在冊的股東。我們的主要增長戰略之一是開設新店，所以我想花幾分鐘時間向您介紹這一重要舉措的最新情況。

We are on track to open 13 to 15 new stores in 2023 as part of our plan to open 120 to 140 stores over the next five years. We remain confident in our store opening plans based on the overall performance of the 2022 vintage. As a group, they are operating with an ROIC above their hurdle rate, already resulting in positive EBITDA. In the first quarter, we opened one new store in an entirely new market for us, Lafayette, Indiana. After being open for two months, the store sales performance ranks among the top of all store openings we have completed in the last several years. A significant part of this new store success is driven by the implementation of several learnings from our 2022 store openings.

作為未來五年開設 120 至 140 家門店計劃的一部分，我們有望在 2023 年開設 13 至 15 家新店。根據 2022 年份的整體表現，我們對我們的開店計劃充滿信心。作為一個整體，他們的 ROIC 高於最低迴報率，已經產生了正的 EBITDA。第一季度，我們在印第安納州拉斐特的全新市場開設了一家新店。開業兩個月後，店鋪銷售業績在我們近幾年完成的所有開業店鋪中名列前茅。新店取得成功的一個重要部分是我們從 2022 年開店中吸取的一些經驗教訓的實施。

These include more localized assortments, better preopening preparations and the extension of post-opening marketing and activities. As we have seen in other new markets, our unique concept has been well-received. We self fund and customers are drawn to our broad assortment of top national and high-quality private brands at an everyday great value. In the second quarter, we plan to open one new store in Peoria, Illinois. The remainder of the fiscal 2023 new store pings will occur in Q3 and Q4. Now turning to our outlook for the remainder of the year; we are taking a more cautious view due to the current macroeconomic pressures on our customers.

其中包括更本地化的產品組合、更好的開業前準備以及開業後營銷和活動的擴展。正如我們在其他新市場所看到的那樣，我們獨特的概念受到了廣泛歡迎。我們自籌資金，客戶被我們種類繁多的頂級國家品牌和優質自有品牌所吸引，每天都物超所值。第二季度，我們計劃在伊利諾伊州皮奧里亞開設一家新店。 2023 財年新店 ping 的其餘部分將發生在第三季度和第四季度。現在轉向我們對今年剩餘時間的展望；由於當前我們客戶面臨的宏觀經濟壓力，我們持更加謹慎的態度。

However, we are not standing by and waiting this out. We have taken several actions to help drive the business in this environment. These actions include: first, increasing our focus and strengthening our position as a value-provider in our space. We are leaning into categories that are working by emphasizing key value items at everyday value pricing. Second, managing our inventory levels; third, controlling expenses based on the revised sales expectations. We have already made cuts, and we will continue to reduce expenses to align with our new forecast.

然而，我們不會袖手旁觀，等待這一切結束。我們已採取多項措施來幫助在這種環境下推動業務發展。這些行動包括：首先，提高我們的關注度並加強我們作為我們所在領域的價值提供者的地位。我們正傾向於通過在日常價值定價中強調關鍵價值項目而發揮作用的類別。第二，管理我們的庫存水平；三是根據修正後的銷售預期控制費用。我們已經進行了削減，並將繼續削減開支以符合我們的新預測。

Finally, supporting our growth initiatives; these investments are worthwhile and many are already bearing fruit. We will be well-positioned for growth when the market comes out of this downturn. Based on the results of the first quarter and current business trends, we are revising our fiscal 2023 guidance as follows: net sales of $6.17 billion to $6.36 billion. Comparable sales are expected to range from negative 7.5% to negative 4.5%; gross margin rate between 34% and 34.4%; GAAP income before taxes is expected to range from $675 million to $750 million; GAAP net income between 520 and $575 million; GAAP diluted earnings of $6.50 per share to $7.20 per share.

最後，支持我們的增長計劃；這些投資是值得的，許多已經取得成果。當市場走出低迷時，我們將為增長做好準備。根據第一季度的結果和當前的業務趨勢，我們將 2023 財年的指引修訂如下：淨銷售額為 61.7 億美元至 63.6 億美元。可比銷售額預計在負 7.5% 至負 4.5% 之間；毛利率在34%至34.4%之間； GAAP 稅前收入預計在 6.75 億美元至 7.5 億美元之間； GAAP 淨收入在 520 至 5.75 億美元之間； GAAP 每股攤薄收益為 6.50 美元至每股 7.20 美元。

Adjusted diluted earnings per share, which excludes certain estimated expenses such as stock compensation, are expected to range from $6.80 per share to $7.50 per share. For modeling purposes, stock-based compensation is expected to be $30 million to $35 million in fiscal 2023. The earnings per share estimates are calculated on a share count of 79.7 million diluted weighted average shares outstanding for the full year and do not include any potential repurchase activity using our remaining $250 million repurchase authorization. Capital expenditures are forecasted to range from $200 million to $250 million. And even in this tough climate, where sales have not met expectations, we still expect to generate $400 million to $450 million of adjusted free cash flow. Fiscal 2023 is a 53-week year, which adds approximately $85 million in sales to the year.

調整後的攤薄每股收益（不包括股票補償等某些估計費用）預計在每股 6.80 美元至 7.50 美元之間。出於建模目的，基於股票的薪酬預計在 2023 財年為 3000 萬至 3500 萬美元。每股收益估計是根據全年 7970 萬股攤薄加權平均流通股計算得出的，不包括任何潛在的使用我們剩餘的 2.5 億美元回購授權進行回購活動。資本支出預計在 2 億美元至 2.5 億美元之間。即使在這種銷售未達到預期的艱難環境下，我們仍預計將產生 4 億至 4.5 億美元的調整後自由現金流。 2023 財年有 53 週，全年銷售額增加約 8500 萬美元。

With that, I will turn the call over to Steve for some closing thoughts. Steve?

有了這個，我會把電話轉給史蒂夫，聽取一些結束語。史蒂夫？

While we have some macroeconomic challenges to manage through, we have a solid plan of action to move the business forward. It's a plan that leans into our position as a healthy, agile, value-based retailer to deliver compelling products at great prices to our customers. I have confidence this team can react and improve our sales while also managing inventory and controlling expenses. As the year progresses, we anticipate sales to improve, driven by the implementation of the following actions: first, introducing new brands and ideas in the back half of the year that will drive consumer excitement; second, increasing traffic through upgraded targeted marketing, utilizing our new customer data platform.

雖然我們要應對一些宏觀經濟挑戰，但我們有一個可靠的行動計劃來推動業務向前發展。該計劃符合我們作為健康、敏捷、基於價值的零售商的定位，以優惠的價格向我們的客戶提供引人注目的產品。我相信這個團隊可以做出反應並改善我們的銷售，同時管理庫存和控制費用。隨著今年的推進，我們預計在實施以下行動的推動下，銷售額將有所改善：首先，在下半年推出新品牌和創意，激發消費者的熱情；第二，利用我們新的客戶數據平台，通過升級的定向營銷來增加流量。

Third, we'll start seeing additional sales contributions from our 2022 stores as well as the addition of new locations we're opening up throughout the remainder of the year; fourth, by continually enhancing our omni-channel functionality and features to improve the customer experience; and finally, by applying the lessons we've learned in Q1 towards driving sales and improving profitability in the remainder of the year. Simultaneously, we will also remain focused on investing in and delivering against our long-range plan. I believe Academy represents one of the best growth opportunities in retail today.

第三，我們將開始看到 2022 年門店的額外銷售貢獻，以及我們在今年剩餘時間開設的新門店；第四，通過不斷增強我們的全渠道功能和特性來改善客戶體驗；最後，通過應用我們在第一季度吸取的教訓，在今年剩餘時間推動銷售和提高盈利能力。同時，我們也將繼續專注於投資和實現我們的長期計劃。我相信學院代表了當今零售業最好的增長機會之一。

We're positioning a $175 billion total addressable market that over the long term is expected to grow faster than GDP. We have a differentiated customer experience with a proven business model and a strong balance sheet that will allow us to self-fund all of our growth initiatives. As we laid out in our Analyst Day in early April, we plan to build on the momentum from the last few years by continuously driving improvements across all facets of business while executing against our three growth strategies.

我們正在定位一個總價值 1750 億美元的潛在市場，從長遠來看，該市場的增長速度預計將超過 GDP。我們擁有差異化的客戶體驗、經過驗證的商業模式和強大的資產負債表，這將使我們能夠為所有增長計劃提供自籌資金。正如我們在 4 月初的分析師日中所規劃的那樣，我們計劃在過去幾年的勢頭的基礎上繼續推動業務各個方面的改進，同時執行我們的三項增長戰略。

As a reminder, these are expanding the store base in existing new markets with the opening of 120 to 140 stores over the next five years, building a more powerful omni-channel business and driving growth from our existing stores by improving service and productivity, strengthening our merchandising assortment and attracting and engaging customers. In closing, I'd like to thank all of the Academy team members for their dedication and passion in helping deliver an outstanding experience to our customers. Now let's go have fun out there.

提醒一下，這些正在擴大現有新市場的門店基礎，在未來五年內開設 120 至 140 家門店，建立更強大的全渠道業務，並通過改善服務和生產力推動我們現有門店的增長，加強我們的商品分類以及吸引和吸引客戶。最後，我要感謝學院團隊的所有成員，感謝他們在幫助我們的客戶提供出色體驗方面的奉獻精神和熱情。現在我們出去玩吧。

Now we will open up the call for your questions.

現在我們將打開您的問題的電話。

(Operator Instructions) The first question is coming from Brian Nagel of Oppenheimer.

（操作員說明）第一個問題來自 Oppenheimer 的 Brian Nagel。

First off, congratulations on your new roles. So the first question I have, just with regard to sales, I think, Michael, you talked about the weather. I mean, maybe help us understand better the weather impacts here in Q1. Maybe the difference you saw between recognizing your stores are in a relatively tight geography, but weather impacted versus non-weather-impacted markets and then maybe the improvement in the business as weather did turn more spring like?

首先，祝賀你擔任新角色。所以我的第一個問題，關於銷售，我想，邁克爾，你談到了天氣。我的意思是，也許可以幫助我們更好地了解第一季度的天氣影響。也許您在認識到您的商店位於相對狹窄的地理位置、但受天氣影響與不受天氣影響的市場之間看到的差異，以及隨著天氣確實變得更像春天而業務有所改善？

Yeah, this is Steve. I'll jump in and tackle the first question. So when you think back kind of where we've been versus the pandemic, right? We had a big surge 2020, 2021. Last year, we saw as a re-baseline year. This year, we thought we would start to see movement back towards growth. But obviously, we've seen a pullback in early Q1 from the customer. I think it's well-documented out there in terms of some of the issues that the customer is facing out there. So that being said, one of the things I want to make sure that I emphasize first, number one, we're still tracking well ahead of where we were in 2019.

是的，這是史蒂夫。我將跳入並解決第一個問題。因此，當您回想一下我們與大流行病的關係時，對嗎？我們在 2020 年、2021 年實現了大幅增長。去年，我們將其視為重新設定基準的一年。今年，我們認為我們會開始看到恢復增長的趨勢。但顯然，我們在第一季度初看到了客戶的回落。我認為就客戶在那裡面臨的一些問題而言，它有很好的記錄。話雖如此，我首先要強調的一件事是，第一，我們仍然遠遠領先於 2019 年的水平。

We're up about 28%. So we continue to hold on to most market share gains. And we are picking up market share even in the tough time period. But when you look at kind of how the quarter evolved, it -- progressively February was the best quarter we were actually up slightly in February. March was second best and then business trailed off as we got in April. We saw a couple of headwinds emerge. First, we had certainly some headwinds from some of the surge categories. We talked a lot about the Outdoor business being challenging. That was something that we're still up against in Q1 and a little bit in Q2.

我們上漲了約 28%。因此，我們繼續保持大部分市場份額的增長。即使在艱難時期，我們也在增加市場份額。但是當你看看這個季度是如何演變的時候，它 - 2 月份是最好的季度，我們實際上在 2 月份略有上升。三月是第二好的，然後業務隨著我們在四月的到來而下降。我們看到了一些不利因素的出現。首先，我們肯定遇到了一些激增類別的不利因素。我們談了很多關於戶外業務具有挑戰性的問題。這是我們在第一季度和第二季度仍然遇到的問題。

We certainly saw weather be a bit of a factor in some of the seasonal categories we talked about, you think about pools, patio, things like that. That was a little more challenging for us. As we got deeper into the quarter, and we talked about on the call, some of the Florida market, for example, didn't have some of the weather challenges that we saw in part of the central part of our geography. Those categories performed actually very well as they didn't really experience some of the weather challenges. So as we've seen weather open up across the country we've seen some of those categories come back. So that gives us confidence that we're going to see the business start to stabilize.

我們當然看到天氣是我們談到的一些季節性類別的一個因素，你想想游泳池、露台等等。這對我們來說更具挑戰性。隨著我們深入本季度，我們在電話中談到，例如，佛羅里達州的一些市場沒有我們在我們的地理中心部分看到的一些天氣挑戰。這些類別實際上表現非常好，因為他們沒有真正經歷過一些天氣挑戰。因此，當我們看到全國各地的天氣開放時，我們已經看到其中一些類別又回來了。因此，這讓我們有信心看到業務開始穩定下來。

And as we look forward, we talked about initiatives we have coming this year. We've got new brands coming in the back half of the year. We've got our new stores coming online. Certainly, the vintage from 2022 starts to fit into our comps in the year along with the 12 to 14 additional new stores that we opened up this year. We've got our customer data platform that is kicking off in the late part of Q2, which should impact the back half of the year. And then we're reacting to what we're seeing happen in the business right now and applying that to the future. So while weather and some of the things play in our favor, we're confident as the progression of the year, we think the business is going to improve.

當我們展望未來時，我們談到了今年即將推出的舉措。我們在今年下半年推出了新品牌。我們的新店即將上線。當然，2022 年的年份以及我們今年新開的 12 到 14 家新店開始融入我們今年的產品。我們的客戶數據平台將在第二季度末啟動，這應該會影響今年下半年。然後我們對我們現在在業務中看到的情況做出反應，並將其應用到未來。因此，儘管天氣和某些因素對我們有利，但我們對今年的進展充滿信心，我們認為業務將會改善。

Yes. One other thing on the weather, Brian. Certainly, the sales impact, I think, was fairly significant given that we were cooler across the entire footprint for a very long duration. But from a margin standpoint, we were soft in categories that are margin rich, particularly patio and pools and some categories where we just haven't had the sell-through to-date because of the weather. Promotions kind of played out like we thought they would. But from a gross margin standpoint, missing some of the early selling season with those margin-rich seasonal categories certainly suppressed the margin. Outdoor and field really played out like we thought it would, but losing those soft goods sales, frankly a little bit softer in the pools and patio didn't help the margin.

是的。關於天氣的另一件事，布賴恩。當然，我認為銷售影響相當顯著，因為我們在很長一段時間內整個足跡都比較涼爽。但從利潤的角度來看，我們在利潤豐厚的類別中表現疲軟，尤其是露台和泳池，以及一些由於天氣原因我們迄今為止還沒有銷售的類別。促銷活動就像我們想像的那樣進行。但從毛利率的角度來看，那些利潤豐厚的季節性類別錯過了一些早期的銷售季節肯定會抑制利潤率。戶外和野外活動確實像我們想像的那樣發揮了作用，但是失去了那些柔軟的商品銷售，坦率地說，游泳池和露台的銷售量有所下降並沒有幫助提高利潤率。

And that makes actually a perfect segue to my follow-up question, which is on the margin. So obviously, gross margin is weaker here in Q1. The new guidance though makes no changes to gross margins. So is that the -- is what you just said there, the reason for that, Michael, is there some other -- something else at play?

這實際上是我後續問題的完美轉折，該問題處於邊緣。很明顯，第一季度的毛利率較低。不過，新指引並未改變毛利率。那麼，邁克爾，您剛才所說的是什麼原因，是否還有其他原因在起作用？

Yeah, that's part of it. But keep in mind we're starting from a pretty high place, several hundred basis points better than 2019. As you said, our outlook on gross margin hasn't changed. Where we sit today, we're only 20 basis points off our annual guide. The bulk of that miss, again, with some of the seasonal categories that we talked about. The other big part of the miss was in shrink. Shrink was substantially worse than we thought it would be. I think we're certainly going to need some cooperation from law enforcement here at some point. We are in control of our destiny to some degree here. We've implemented a number of tactics, four or five significant things. I really don't want to speak to those publicly because part of this game is out-foxing the bad guys.

是的，這是其中的一部分。但請記住，我們的起點很高，比 2019 年好幾百個基點。正如你所說，我們對毛利率的展望沒有改變。我們今天所處的位置，與我們的年度指南僅相差 20 個基點。再次錯過的大部分是我們談到的一些季節性類別。小姐的另一大部分正在收縮。收縮比我們想像的要嚴重得多。我認為我們肯定會在某個時候需要這裡執法部門的一些合作。在這裡，我們在某種程度上掌握著自己的命運。我們已經實施了一些策略，四五件重要的事情。我真的不想公開和那些人說話，因為這個遊戲的一部分是用狐狸打敗壞人。

I think we're making good progress there. Some of what we've piloted is working, and so we think we'll get a benefit there in the back half of the year. The other thing that's really in play here, we anticipated a freight benefit in the back half of the year as we move through the year. We believe that, that benefit for freight in the rest of our supply chain, we understated that, and we think there's more to come there in the back half. So promotions, we've got that baked into the guide going forward. We think there's some other savings that we're going to get and I feel pretty good about ending the year in that 34% to 34.4% range that we initially guided to when we started the year.

我認為我們在那裡取得了很好的進展。我們試點的一些項目正在發揮作用，因此我們認為我們將在今年下半年從中受益。另一件真正在這裡發揮作用的事情是，我們預計在今年下半年會出現運費收益。我們相信，這對我們供應鏈其餘部分的貨運有好處，我們低估了這一點，而且我們認為後半部分會有更多好處。所以促銷活動，我們已經將其融入了未來的指南中。我們認為我們將獲得一些其他的節省，我對今年年底在我們年初時最初指導的 34% 到 34.4% 的範圍內感覺非常好。

The next question is coming from Kate McShane of Goldman Sachs.

下一個問題來自高盛的 Kate McShane。

We just wanted to ask a little bit more about your commentary around the second half top line improving from the first half. You listed a number of reasons, including new initiatives and lesson learned from Q1 as well as new brands. Just wondered if there was any more detail you could walk us through there, especially given that the comp is a little bit harder in the second half?

我們只是想多問一點關於你對下半場頂線比上半場有所改善的評論。您列出了一些原因，包括新舉措和從第一季度吸取的教訓以及新品牌。只是想知道您是否可以向我們介紹更多細節，特別是考慮到下半場比賽有點困難？

Yeah, sure. When you kind of dig down beneath the surface and you look at how the business performed in the first quarter as kind of a tale of two cities. If you look at the soft goods side of the business, apparel footwear, I call that flattish, it performed relatively well. Where we dropped was more on the hard goods side of the business, that would be our Outdoor and Sports Rec correct business, down roughly 10%. There were a couple of things that kind of emerged, what work -- valued customer definitely gravitated towards the value of assortment that could be reflected in a couple of different ways.

好，當然。當你深入挖掘表象時，你會把第一季度的業務表現看成是兩個城市的故事。如果你看一下軟商品方面的業務，服裝鞋類，我稱之為平淡，它表現相對較好。我們下降的地方更多是在硬貨方面，那將是我們的戶外和運動娛樂正確的業務，下降了大約 10%。出現了一些事情，什麼工作——有價值的客戶肯定被分類的價值所吸引，這可以通過幾種不同的方式反映出來。

That could be in our everyday value pricing that we have on our private brands. That could be in the clearance bucket or the promotional bucket of sales that we track. Customers clearly reacted to values. Second was newness and innovation. It's almost -- irregardless of price -- the customer saw something new that was innovative that they wanted, they pay up for it. We saw that. I mentioned some of the bats from DeMarini emerging on the call. You think about YETI where we had some really good seasonal colors or a new launch there called the Yonder, which is a plastic water bottle, customer voted for that or the BOGG BAGS you mentioned. Or the third one was improved in stocks.

這可能是我們對自有品牌的日常價值定價。這可能在我們跟踪的清倉桶或促銷桶中。客戶對價值觀有明確的反應。二是求新求變。這幾乎是——不管價格如何——客戶看到了他們想要的創新的新東西，他們為此付出了代價。我們看到了。我提到了 DeMarini 的一些蝙蝠出現在電話會議上。你想想 YETI，我們有一些非常好的季節性顏色，或者那裡有一個名為 Yonder 的新產品，這是一個塑料水瓶，客戶投票支持那個或你提到的 BOGG BAGS。或者第三個在庫存方面有所改善。

We had some categories like cleats, team sports last year that really were challenged us not having enough inventory. So those businesses all work based off of some of the improvements there. What didn't work, big ticket, long replacement cycle goods. So you think about treadmills or kayaks where if you bought a cardio machine over the past couple of years, [I'm one] in the market to buy a new one. We talked about the spring/summer seasonal categories being impacted by weather. We think that will start to go away as we get deeper into the summer. And then obviously, the surge categories as we mentioned, we're still up against a little bit of that, particularly in Amelon Firearms.

去年我們有一些類別，如防滑釘、團隊運動，這確實給我們帶來了挑戰，因為我們沒有足夠的庫存。所以這些企業都是基於那裡的一些改進而運作的。什麼不行，大票，換貨週期長的貨。所以你想想跑步機或皮划艇，如果你在過去幾年買了一台有氧運動機器，[我是其中之一]在市場上買了一台新的。我們討論了受天氣影響的春季/夏季季節性類別。我們認為隨著我們進入夏季，這種情況將開始消失。然後很明顯，正如我們提到的那樣，我們仍然面臨一些激增類別，特別是在 Amelon Firearms 中。

So as we progress forward, we're going to lean into those things that work. We're going to lean into value and ensure that we solidify our position as a value provider in our space. We'll do that through marketing through our everyday value pricing. We're definitely holding price on those items and categories where we can. And in some cases, we're rolling back prices to make sure we can deliver value and then making sure we get credit for that in marketing. We continue to deliver newness and innovation. And then on the other end of it, making sure we plan those businesses accordingly, those long lead-time replacement cycle businesses, we've got planned down and have that built into our forecast as we move forward.

因此，隨著我們的進步，我們將傾向於那些行之有效的事情。我們將傾向於價值，並確保我們鞏固我們作為我們領域的價值提供者的地位。我們將通過日常價值定價進行營銷來做到這一點。我們絕對會盡可能地對這些項目和類別保持價格。在某些情況下，我們會降低價格以確保我們能夠提供價值，然後確保我們在營銷中獲得讚譽。我們繼續提供新鮮和創新。然後在它的另一端，確保我們相應地計劃這些業務，那些長交貨時間的更換週期業務，我們已經計劃好並在我們前進的過程中將其納入我們的預測中。

In addition to the categories that, again, we can pivot because we've got a diverse assortment, we can lean into categories that are working. We've still been investing in the business to drive sales. I mean we've got several initiatives that are very early stage, one of which we're getting ready to really launch share in earnest, and that's our customer targeted marketing initiative. We're at a point now where we do believe that initiative will start driving value in the back half of the year, continuing to invest in omni-channel so a challenging quarter. We don't like it. Cash flow is still exceptionally strong, which has allowed us to invest and we expect to receive some benefits from those investments from a sales standpoint in the back half.

除了我們可以再次調整的類別之外，因為我們有多種多樣的分類，我們可以傾斜到有效的類別。我們仍在投資業務以推動銷售。我的意思是，我們有幾項處於早期階段的計劃，其中一項我們正準備真正認真地推出份額，那就是我們以客戶為目標的營銷計劃。我們現在正處於這樣一個時刻，我們確實相信該計劃將在今年下半年開始推動價值，繼續投資全渠道，這是一個充滿挑戰的季度。我們不喜歡它。現金流仍然異常強勁，這使我們能夠進行投資，我們預計從下半年的銷售角度來看，這些投資會帶來一些好處。

And if I could just follow up just on your view of some of the big ticket long replacement goods that you mentioned, is there any prediction when you would maybe think that category could stabilize or inflect?

而且，如果我可以跟進您對您提到的一些大件長期更換商品的看法，是否有任何預測您認為該類別何時會穩定或變化？

I think as we get through the remainder of this year, some of the headwinds fall off a little bit. We were still up against some pretty good demand there, early part of last year. We think as we get closer to holiday, we'll see that start to level off a little bit.

我認為隨著今年剩餘時間的推移，一些不利因素會有所減弱。去年年初，我們在那裡仍然遇到了一些相當不錯的需求。我們認為隨著假期的臨近，我們會看到這種情況開始趨於平穩。

But we're not taking a victor mentality here. We have a lot of big-ticket categories that are working. I think we're taking meaningful share in outdoor cooking. And when you have a category that you merchandise thoughtfully and you present it well and you offer good value, customers are still -- will still accept it. We've got to take learnings from that category and apply in which we're doing, but there's a lot we can do there to drive the needle in big tickets.

但我們並不是在這裡採取勝利者的心態。我們有很多有效的高價類別。我認為我們在戶外烹飪方面佔有重要地位。當你有一個經過深思熟慮的商品類別並且你很好地展示它並提供良好的價值時，客戶仍然 - 仍然會接受它。我們必須從該類別中吸取教訓並應用我們正在做的事情，但我們可以做很多事情來推動大票的發展。

And we also are seeing some categories -- the big tickets that are starting to come back, like paddle marine is -- appears to be leveling off. And as it gets more seasonal, that customer is coming out and buying that product.

我們也看到一些類別——開始回歸的大票，比如明輪船——似乎正在趨於平穩。隨著它變得更具季節性，該客戶會出來購買該產品。

The next question is coming from Robbie Ohmes of Bank of America.

下一個問題來自美國銀行的 Robbie Ohmes。

First, Ken, Steve, Michael, I haven't had a chance to congratulate all three of you on your new roles. So I think it's great and congrats on what you guys have done together as a team since the IPO. I have two questions. The first question is can we talk about 2Q a little bit, maybe a little more color. I think the -- it sounds like the April comps had to have been worse than minus 7%. So heading into 2Q, should we be -- and given that a lot of the initiatives hit in the back half, should we be thinking that same-store sales in the second quarter could be down more than what you guys saw in the first quarter? And any other thoughts about back half versus 2Q would be helpful. And then I have a follow-up.

首先，Ken、Steve 和 Michael，我還沒有機會祝賀你們三個擔任新角色。所以我認為這很棒，並祝賀你們自 IPO 以來作為一個團隊共同完成的工作。我有兩個問題。第一個問題是我們可以談談 2Q 一點點，也許多一點顏色。我認為 - 聽起來 4 月份的業績肯定比負 7% 還差。那麼進入第二季度，我們是否應該 - 考慮到後半段有很多舉措，我們是否應該認為第二季度的同店銷售額下降幅度可能超過你們在第一季度看到的？ ？關於後半部分與 2Q 的任何其他想法都會有所幫助。然後我有一個後續行動。

Yeah, I'll start, and I'm sure we'll kind of chime in. Certainly, we stay away from giving it a quarter color guidance. That being said, we definitely saw a deceleration in the business as we guide into that April time period. That certainly continued into May, and that's reflected in the guidance that we've given of down 7.5% to down 4.5%. But as we talked about, as we got into the summer and see the weather and temperature shift, we see some of the seasonal headwinds dying off. And then we see some of those other initiatives we talked about, such as the CDP, the new brand initiatives, the new store initiatives and launches that we have out there starting to level off. And then obviously, some of the surge activity, I don't want to oversell this, but we were still up against some pretty big surges in a couple of categories last year and the first half of the year. But once we get past Q2, those start to fall off a little bit.

是的，我會開始，我相信我們會插話。當然，我們不會給它四分之一的顏色指導。話雖這麼說，但隨著我們進入 4 月份的這段時間，我們確實看到了業務的減速。這肯定會持續到 5 月份，這反映在我們給出的下降 7.5% 至下降 4.5% 的指導中。但正如我們所說，當我們進入夏季並看到天氣和溫度發生變化時，我們看到一些季節性逆風逐漸消失。然後我們看到我們談到的其他一些舉措，例如 CDP、新品牌舉措、新店舉措和我們在那裡開始趨於平穩的發布。然後很明顯，一些激增活動，我不想誇大其詞，但我們仍然在去年和今年上半年的幾個類別中遇到了一些相當大的激增。但是一旦我們過了第二季度，這些就會開始下降一點。

We think we've got a plan (inaudible) Robbie. At the high end of the guide, it would assume that things get a little bit better at the low end would assume the consumer continues to soften. I think we've hit a point now we've got a good read on the forecast. In April, the deceleration was so rapid, honestly, we couldn't adjust our expenses appropriately. And we've been able to do that now comparing again for the back half of the year.

我們認為我們有一個計劃（聽不清）羅比。在指南的高端，它會假設情況會有所好轉，在低端會假設消費者繼續疲軟。我認為我們已經達到了一個點，現在我們已經很好地閱讀了預測。 4月份減速的太快了，老實說，我們沒法適當調整開支。我們已經能夠做到這一點，現在再次比較今年下半年。

Got you. And then can you maybe give us a little more color on -- you mentioned introduction of new brands, plural -- like anything you can call out here, even categories that we should be thinking about?

明白了然後你能不能給我們更多的顏色——你提到了新品牌的介紹，複數——就像你在這裡可以說的任何東西，甚至是我們應該考慮的類別？

Yeah, we tease that a little bit. We're going to hold off and probably announce that during our next -- our Q2 earnings call. We always try to announce those closer in certainly from a customer-facing perspective, they pick up on the news sometimes and expect it to be in the store immediately. So we'll give you more color on that as we get closer in. But a couple of things we've got coming are primarily apparel and footwear during the back half of the year.

是的，我們取笑了一下。我們將推遲並可能在我們的下一個 - 我們的第二季度財報電話會議上宣布。我們總是試圖從面向客戶的角度向那些更近距離的人宣布，他們有時會收到新聞並希望它立即出現在商店裡。因此，當我們越來越接近時，我們會給你更多的顏色。但我們已經推出的一些東西主要是今年下半年的服裝和鞋類。

I'm going to squeeze in one more real quick. Nike.

我要再擠一個真正的快速。耐克。

Exciting though, I will tell you that.

雖然令人興奮，但我會告訴你。

Nike, reopening Macy's, how do you guys think about that?

耐克，重新開放梅西百貨，你們怎麼看？

That's an interesting one. We talked a lot about over the last couple of years the vendors taking control of distribution and that being a tailwind for us. I mean, certainly, we still believe that, that's true. That being said, I don't think we're terribly surprised that Nike decided to go back into Macy's. Candidly, they're on-mall, all of our locations are off-mall. So we really don't see it impacting our business as much as maybe other mall-based retailers.

這是一個有趣的。在過去的幾年裡，我們談了很多關於供應商控制分銷的事情，這對我們來說是一個順風。我的意思是，當然，我們仍然相信，那是真的。話雖這麼說，我認為我們對耐克決定重返梅西百貨並不感到非常驚訝。坦率地說，他們在商場內，我們所有的地點都在商場外。因此，我們真的認為它對我們業務的影響不如其他購物中心零售商那麼大。

The next question is coming from Michael Lasser of UBS.

下一個問題來自瑞銀的 Michael Lasser。

So we can pair Academy's results from 1Q really for the last several quarters. And even if we account for differences in business mix and compared to some of your larger competitors, it would seem like Academy is losing market share. Why is that the case? And if it's different assortment or different customer mix, what can Academy do to address those factors that are driving underperformance?

因此，我們可以將 Academy 在過去幾個季度的第一季度的結果配對。即使我們考慮到業務組合的差異，並且與您的一些較大的競爭對手相比，Academy 似乎正在失去市場份額。為什麼會這樣？如果是不同的分類或不同的客戶組合，Academy 可以做些什麼來解決導致業績不佳的因素？

Well, I'll start with kind of the question itself. We actually do track market share across multiple categories. We work with Circana, which is firmly known as NPD, that's where we get a lot of our market share data. But we look at other resources as well. And definitively, we are picking up market share in broad-based across almost every category. So I'll start with -- we're not losing market share. When you look at our mix of business, depending upon who you compare us to, we have a different mix of business, right?

好吧，我將從問題本身開始。我們實際上確實在跟踪多個類別的市場份額。我們與被稱為 NPD 的 Circana 合作，這是我們獲得大量市場份額數據的地方。但我們也關注其他資源。最終，我們在幾乎所有類別中都獲得了廣泛的市場份額。所以我會開始 - 我們不會失去市場份額。當您查看我們的業務組合時，根據您將我們與誰進行比較，我們有不同的業務組合，對嗎？

We're about 54% hard goods, 46% soft goods versus some of our competition is much more weighted towards the soft goods side of the business, the apparel footwear piece of the business or the team sports piece of the business. Those certainly have been the healthier pieces of our business as well. So one of the things we believe, though, is having a diversified assortment, having the outdoor customer, having the sports and rec customer, they all complement each other. And that longer term, we're going to win by having a diversified assortment versus doubling down to be overly focused in one or two categories.

我們大約有 54% 的硬貨，46% 的軟貨，而我們的一些競爭對手更側重於軟貨業務、服裝鞋類業務或團隊運動業務。這些當然也是我們業務中更健康的部分。因此，我們相信的一件事是擁有多樣化的產品組合，擁有戶外客戶、運動和休閒客戶，它們相互補充。從長遠來看，我們將通過多樣化的分類而不是加倍過度專注於一兩個類別來取勝。

My follow-up question is on what have you assumed for promotions and shrink for the back half of the year understanding that you're going to get a freight benefit that is going to offset that? But if you need to step up the promotions in order to improve sales, doesn't that get worse before it gets better and shrink that tends to have a longer tail associated with it as well.

我的後續問題是，您對今年下半年的促銷和收縮有何假設，您是否理解您將獲得運費收益來抵消這一點？但是，如果您需要加大促銷力度以提高銷量，那麼在情況好轉之前情況會不會變得更糟，並且縮水往往還會帶來更長的尾巴。

I'd say from a promotions perspective, I think we've got a pretty good beat on the level of promotion in the marketplace. If you go back and look at our Q4 commentary, we talked about our merch margins being down about 100 basis points during that time period, primarily because of the additional promotions that have added back in. Our Q1 merch margin was down about 110 basis points, so very much in line with that. We've got a couple of quarters now where we've seen kind of what the lay of the land is promotionally. I would say it's more promotional than where it was a year ago, certainly not back to where it was prior to the pandemic. And I think we've got that appropriately plan for baked into the guidance that we shared today. In terms of shrink, Michael, do you have any thoughts on that?

我想說，從促銷的角度來看，我認為我們在市場促銷水平上取得了很好的成績。如果你回頭看看我們的第四季度評論，我們談到我們的商品利潤率在那個時期下降了大約 100 個基點，這主要是因為增加了額外的促銷活動。我們的第一季度商品利潤率下降了大約 110 個基點，非常符合這一點。我們現在有幾個季度，我們已經看到了這片土地的促銷情況。我會說它比一年前更具促銷性，當然不會回到大流行之前的狀態。我認為我們已經將適當的計劃融入到我們今天分享的指南中。在收縮方面，邁克爾，你對此有什麼想法嗎？

Yeah. Shrink, we assume, frankly, will remain about the same. I mean we're taking actions to improve that. We've taken most of our inventories for the year, and there won't be a lot that will move the needle there one way or the other.

是的。收縮，我們假設，坦率地說，將保持不變。我的意思是我們正在採取行動來改善這一點。我們已經清點了這一年的大部分庫存，不會有太多的庫存可以左右移動。

The next question is coming from Christopher Horvers of J.P. Morgan.

下一個問題來自摩根大通的克里斯托弗霍弗斯。

So a couple of questions on the margin front. So you talked about reacting as the business slowed in and cutting expenses. I guess where are you finding those expense cuts considering that you are ramping up new store openings and as well as executing supply chain initiative?

所以有幾個關於利潤率的問題。所以你談到了在業務放緩和削減開支時做出反應。考慮到您正在增加新店開張以及執行供應鏈計劃，我想您在哪裡找到這些開支削減？

Well, look, there are -- this is a team that's been through a lot of cycles in retail, and it's time to tighten the belt. (inaudible) came out of his hole. He saw his shadow, and he told us winter is going to be a little bit longer than we thought. And I think we've got a lot of experience managing where we need to. There's a lot of nice to haves in our business, and we've been able to trim those nice to haves.

嗯，看，有——這是一個經歷了很多零售週期的團隊，現在是勒緊腰帶的時候了。 （聽不清）從他的洞裡出來。他看到了自己的影子，他告訴我們冬天會比我們想像的要長一點。而且我認為我們在需要管理的地方有很多經驗。在我們的業務中有很多值得擁有的東西，我們已經能夠削減那些值得擁有的東西。

And I think as we look forward, we feel pretty good about coming in here a lot lower than we thought from an expense standpoint. Things like pulling back task labor in stores. There's still opportunity to do that, fewer planogram resets -- skinnying up and being more thoughtful around how we do our remodels, we found some opportunities there. You always have things you can do. And we've been able to get there through that, still invest in the business. Again, cash flow is still very strong. But this is a year now. The way it's shaping up, it does nice to haves. You have to cut them out, and that's what we've done.

而且我認為，當我們展望未來時，從費用的角度來看，我們對來到這裡的費用比我們想像的要低得多感到非常高興。諸如減少商店中的任務勞動力之類的事情。仍然有機會做到這一點，更少的貨架圖重置——在我們如何進行改造的過程中瘦身並更加周到，我們在那裡找到了一些機會。你總是有你能做的事情。我們已經能夠通過那個實現目標，仍然投資於業務。同樣，現金流仍然非常強勁。但現在已經一年了。它的形成方式，擁有它確實不錯。你必須把它們剪掉，這就是我們所做的。

I just -- I want to reiterate, we're very focused on managing through the short-term environment, right? I mean it's bumpy out there. We're going to be very thoughtful how we manage the expense. At the same time, we're going to lean into and protect the long-range investments that we need to make to support our growth strategies. So its equal parts, controlling the controllables right now, making sure we're sober about the environment we're operating in, but at the same time, continue to invest in the business for the long term.

我只是 - 我想重申，我們非常專注於通過短期環境進行管理，對嗎？我的意思是那裡很顛簸。我們將非常周到地管理費用。與此同時，我們將投入並保護我們需要進行的長期投資，以支持我們的增長戰略。所以它的平等部分，現在控制可控因素，確保我們對我們所處的環境保持清醒，但與此同時，繼續長期投資於業務。

Got it. And then on the advertising side for the back half of the year, like I guess what's turning on? Can you maybe talk about what that -- what exactly that is? I'm assuming are you eliminating circulars and starting to send more direct mails and marking down that way? What's enabling that? Like what turns on and what's different from what you're doing now versus what you anticipate being able to do in the back half?

知道了。然後在今年下半年的廣告方面，就像我猜想發生了什麼？你能談談那是什麼——那到底是什麼？我假設您是否正在取消通告並開始發送更多直接郵件並以這種方式進行標記？是什麼使它成為可能？比如什麼會開啟，你現在正在做的事情與你預期在後半段能做的事情有什麼不同？

Yeah. I'll tell you that -- we pull back a lot. There's not a lot of circulars left out there to cut to reinvest candidly. There's a few, but not many. Really, the big unlock for us is we're putting in place a new customer data platform. In the past, our customer data had lived in multiple databases that didn't speak very well to each other. It wasn't real-time, and it made it very tricky for us to target market to our consumer. So we recognize this as an opportunity for us. We've invested in putting in place that technology that will come online at the tail end of Q2.

是的。我會告訴你——我們退縮了很多。沒有太多的通告可以削減以坦率地進行再投資。有一些，但不是很多。真的，對我們來說最大的解鎖是我們正在建立一個新的客戶數據平台。過去，我們的客戶數據保存在多個數據庫中，彼此之間的交流不是很好。它不是實時的，這讓我們很難將市場定位到我們的消費者。所以我們認為這對我們來說是一個機會。我們已經投資部署將在第二季度末上線的技術。

And I think you're going to see us much more nimble in terms of how we can retarget customers based off of our browsing behavior, triggered -- better triggered e-mails based off card (inaudible). You're going to see us be able to be much more nimble in terms of creating customer profiles and lists, file segmentation. There's a lot of unlocks we get with is that we just candidly didn't have before. A lot of our messaging was pretty broad blasted out there, via e-mail, via broadcast media, and I think you're going to see a lot more targeted based off customer shopping patterns.

而且我認為你會看到我們在如何根據我們的瀏覽行為重新定位客戶方面更加靈活，觸發 - 更好地觸發基於卡外的電子郵件（聽不清）。您將看到我們在創建客戶資料和列表、文件細分方面變得更加靈活。我們獲得了很多解鎖，坦率地說，我們以前沒有。我們的很多信息都通過電子郵件、廣播媒體進行了廣泛的傳播，我認為你會看到更多基於客戶購物模式的針對性信息。

And again, some of those investments will help us on the expense side, too. I mean flowing inventory better with better utilization of our trucks, RFID in our stores to help with inventory. So there's a lot, both on the sales and the expense side. Again, the guidance contemplates a number of different scenarios and feel pretty feel comfortable with where we sit today based on what we're seeing. And the ability to pivot early in the year is certainly helpful to that.

同樣，其中一些投資也將在費用方面幫助我們。我的意思是更好地利用我們的卡車和商店中的 RFID 來幫助庫存，從而更好地流動庫存。所以在銷售和費用方面都有很多。同樣，該指南考慮了許多不同的場景，並根據我們所看到的情況對我們今天所處的位置感到非常自在。而在今年年初進行調整的能力肯定對此有所幫助。

Yeah. I mean we never want to see a business slowdown, but as Michael and I were talking the other day, the fact that this happened in Q1 gives us time to react and make sure that we get everything lined up for the remainder of the year.

是的。我的意思是，我們永遠不想看到業務放緩，但正如邁克爾和我前幾天所說，這發生在第一季度的事實讓我們有時間做出反應，並確保我們在今年餘下的時間裡做好一切準備。

The next question is coming from Greg Melich of Evercore ISI.

下一個問題來自 Evercore ISI 的 Greg Melich。

My first question is on the ticket decline and the transaction count declines. Is that went through the quarter presumably it was both traffic and average ticket size that went down? And was it all promotions that hit ticket or was there deflation or do items come out of the basket?

我的第一個問題是關於門票下降和交易數量下降的問題。這是否貫穿了整個季度，大概是流量和平均門票大小都下降了？是所有的促銷活動都成功了，還是出現了通貨緊縮，或者商品是否從籃子裡掉出來了？

So if you look at kind of the way the transactions broke down over the course of the quarter, traffic transactions were our biggest challenge. If you look at AUR, UPT, they're more flattish. In terms of the overall basket decline, it's more of a reflection of the big ticket pullback in some of those long lead time big ticket categories and selling more lower-priced AUR apparel, footwear, things like that.

因此，如果您查看本季度交易中斷的方式，流量交易是我們最大的挑戰。如果你看一下 AUR、UPT，它們會更平淡。就整體籃子下降而言，這更多地反映了一些交貨期較長的大件商品價格大幅回落，以及銷售更多低價 AUR 服裝、鞋類等商品。

On the transaction side, I think it's the softness of the consumer, coupled with some of the surge activity we had that extended into the first quarter last year on (inaudible).

在交易方面，我認為這是消費者的疲軟，加上我們在去年第一季度延續的一些激增活動（聽不清）。

Got it. And then second, as a follow-up on SG&A. I know you're taking cost action. I want to make sure I have it right here. SG&A dollars were up 8% in the first quarter. If I look at your guide, it looks like SG&A dollars would be up slightly, but that includes the extra week this year. Is that -- am I backing into that right?

知道了。其次，作為 SG&A 的後續行動。我知道你正在採取成本行動。我想確保它就在這裡。第一季度的 SG&A 美元增長了 8%。如果我查看您的指南，似乎 SG&A 美元會略有上漲，但這包括今年的額外一周。那是——我支持那個嗎？

Yeah. From a dollar standpoint, they were higher in the quarter. Advertising was up, new store growth, fueled some of that. The phenomenon that we're seeing is our open rate corporately is lower from a job standpoint. So that's why the dollars were higher in the quarter. Again, we've got a lot of times the pivot in the back half. And from a rate standpoint, we're going to come in on rate for the back half of the year based on the guide. So again, flexing down those variable expenses we've got time to adjust that along with some of the other takeouts that I discussed in the prior question.

是的。從美元的角度來看，它們在本季度更高。廣告增加，新店增長，推動了其中的一些。我們看到的現像是，從工作的角度來看，我們公司的開放率較低。這就是本季度美元走高的原因。同樣，我們在後半場有很多次支點。從利率的角度來看，我們將根據指南計算下半年的利率。因此，再次降低這些可變費用，我們有時間調整它以及我在上一個問題中討論的其他一些外賣。

The next question is coming from Simeon Gutman of Morgan Stanley.

下一個問題來自摩根士丹利的 Simeon Gutman。

This is [Jackie] on for Simeon. I guess just first on the top line, how are each merchandising category holding up versus 2019, especially those more durables categories such as fitness equipment? I guess piggybacking off of that -- just with sales coming in lower this year, does that impact how you guys are thinking about next year kind of inflecting off of this new baseline?

這是 Simeon 的 [Jackie]。我想最重要的是，與 2019 年相比，每個商品類別的表現如何，尤其是健身器材等耐用品類別？我猜想順帶一提——今年的銷售額有所下降，這是否會影響你們對明年這種新基線的看法？

So I'll start with, on average, we're up about 28% versus '19. That's pretty much in line with where we were Q4 and pretty much in line with where we were Q3 candidly. Across the business, most of them are sticking pretty -- most of the business is sticking pretty close to that. Apparel is up 27%. Sports and Rec is up a little more than that 36%, Outdoor is up 29%. So on average, they're all kind of covering in around that same benchmark. We talked about on the call, category like [Amos] actually up over 100% versus '19 so some of the categories are even much higher than that.

所以我首先說，平均而言，我們比 19 年增長了約 28%。這與我們在第四季度的情況非常一致，並且與我們在第三季度的坦率情況非常一致。在整個企業中，他們中的大多數都堅持得很好——大多數企業都非常接近這一點。服裝上漲了 27%。 Sports and Rec 的漲幅略高於 36%，Outdoor 的漲幅為 29%。因此，平均而言，它們都在同一個基準附近。我們在電話會議上談到，像 [Amos] 這樣的類別實際上比 19 年增長了 100% 以上，所以有些類別甚至比這高得多。

There's been a couple of categories a little softer versus '19 -- fishing, maybe not as many people sticking with fishing as a hobby that they picked up during the time period, still tracking closer to '19, it's not below '19, but that would be one place where we've seen a little bit of fall off. As you think about 2024, we need to get through 2023 first before we give any sort of thoughts around 2024.

與 19 年相比，有幾個類別要溫和一些——釣魚，可能沒有那麼多的人堅持釣魚作為他們在這段時間裡養成的愛好，但仍然接近 19 年，不低於 19 年，但是那將是我們看到一點點下降的地方。當你想到 2024 年時，我們需要先度過 2023 年，然後再給出 2024 年左右的任何想法。

Understood. And I guess just a quick follow-up. Are you guys seeing any signs of trade down within your good, better and best mix?

明白了。我想只是快速跟進。你們是否看到在您的好、更好和最好的組合中有任何交易下降的跡象？

Yeah. We talked about customer gravitating towards value, the places we saw that most impacted was private label or private brands were actually better performing than our national brand business. We assume a little bit of that is trade down. We saw customers gravitating more towards clearance, more towards promotions. We had weeks where we run the same promotion as we did a year ago, and more customers took advantage of this year. So we took that as a flight to value. So certainly seen that. But as I mentioned, we also, on the other end of it, saw customers gravitating to newness and innovation. And so that's really what we're focused on as we move forward is delivering against both of those things, making sure that we've got the value out there the customer wants and make sure we're delivering newness and innovation. What the customer is not voting for is paying more for the same that they had last year.

是的。我們談到了客戶被價值所吸引，我們看到受影響最大的地方是自有品牌或自有品牌實際上比我們的民族品牌業務表現更好。我們假設其中有一部分是降價交易。我們看到客戶更傾向於清關，更傾向於促銷。我們有幾週的時間進行與一年前相同的促銷活動，今年有更多的客戶參與其中。因此，我們將其視為價值的飛躍。所以肯定看到了。但正如我所提到的，在它的另一端，我們也看到客戶被新鮮和創新所吸引。因此，在我們前進的過程中，我們真正關注的是針對這兩件事提供服務，確保我們獲得客戶想要的價值，並確保我們提供新穎性和創新性。客戶沒有投票的是為與去年相同的產品支付更多費用。

The next question is coming from Kate Fitzsimons of Wells Fargo.

下一個問題來自富國銀行的凱特菲茨西蒙斯。

Congratulations, everyone, on the elevations of your role. I guess my question, just on footage growth, right? You guys alluded to 13 to 15 stores this year. You sound very confident in that 120 to 140 stores in the next few years pacing. And I hear that you're pleased with the 2022 vintages. This year is obviously shaking out a little tougher than what you would have hoped. What are the KPIs that you're evaluating or just how are you looking at the path for footage growth looking out to 2024, 2025, 2026, just with the pacing, right? To the extent that this year maybe remains tougher, should we think maybe 13% to 15% again next year? Just with the acceleration implied, I just want to know kind of your philosophy around footage just given what you're seeing in the business today? And then I have one follow-up.

恭喜大家，你們的角色得到提升。我想我的問題，只是關於鏡頭的增長，對吧？你們今年提到了 13 到 15 家商店。您聽起來對未來幾年 120 到 140 家門店的步伐非常有信心。我聽說您對 2022 年的葡萄酒感到滿意。今年顯然比您希望的要艱難一些。您正在評估的 KPI 是什麼，或者您如何看待 2024 年、2025 年、2026 年的鏡頭增長路徑，以及節奏，對嗎？就今年可能仍然更艱難而言，我們是否應該考慮明年再增加 13% 到 15%？就隱含的加速而言，我只想知道您在今天的業務中看到的關於鏡頭的哲學？然後我有一個跟進。

Yeah. I think the important thing to keep in mind is we plan to fund all of this growth from cash flow from our operations. And the cash flow is still incredibly strong. It's incredibly strong compared to our peers. And the 2022 vintage, I'd say, on average, about 8 months old, it's already accretive to cash flow. And so this is clearly an investment that we should continue to drive. We're very pleased with the progress of the new store program. As we mentioned, it was a test and learn year, and we paced it out specifically for this reason. We wanted to set a few stores up early and learn from them, build the capability.

是的。我認為要牢記的重要一點是，我們計劃從我們的運營現金流中為所有這些增長提供資金。而且現金流仍然非常強勁。與我們的同行相比，它非常強大。而 2022 年份，我想說，平均而言，大約 8 個月大，它已經增加了現金流。因此，這顯然是一項我們應該繼續推動的投資。我們對新店計劃的進展感到非常滿意。正如我們所提到的，這是一個測試和學習的一年，我們為此專門安排了節奏。我們想早點開幾家店，向他們學習，建立能力。

The next group of stores was really to challenge us with new formats and new layouts and new markets. And this is a year to apply those learnings. You apply them with a few stores to make sure they're working, which we've done. In the initial read on Lafayette, and we'll find that with (inaudible) here very soon. Lafayette was one of the better store openings we've ever had, which is in a brand-new market for us and so in a very tough environment. So we're very encouraged with it. And again, we're looking at the ROIC, the ramp of the stores. And we think this is the right thing to do. We're very, very bullish on our new store opening program.

下一組商店真的是用新的形式、新的佈局和新的市場來挑戰我們。今年是應用這些知識的一年。您將它們應用於幾家商店以確保它們有效，我們已經做到了。在對 Lafayette 的初步閱讀中，我們很快就會發現（聽不清）。 Lafayette 是我們開過的最好的門店之一，對我們來說這是一個全新的市場，因此在一個非常艱難的環境中。所以我們對此感到非常鼓舞。再一次，我們正在研究 ROIC，即商店的增長。我們認為這是正確的做法。我們非常非常看好我們的新店開業計劃。

And when we look at the '22 vintage from a (inaudible) perspective (inaudible).

當我們從（聽不清）的角度（聽不清）看 22 年份時。

Okay. Very helpful. I guess piggybacking off that, Michael, obviously, you alluded to the cash flow several times. From a buyback perspective, you guys bought back stock here in Q1. But I'd say at a lesser pace than what we have seen. I certainly can appreciate that with all the volatility. But can you just speak to your appetite on buybacks go forward just given the reset expectations on the top line this year?

好的。很有幫助。邁克爾，我想順便說一句，顯然，你多次提到現金流量。從回購的角度來看，你們在第一季度在這裡回購了股票。但我想說的速度比我們所看到的要慢。我當然可以理解所有的波動。但是，鑑於今年頂線的重置預期，你能否談談你對未來回購的胃口？

Yeah, again, I'd say our philosophy hasn't changed on that. Our first priority is to maintain a strong balance sheet. We will be cautious in this environment. At the same time, we want to be nimble and flexible. We do have a capital structure that I think can withstand a variety of economic cycles. Again, funding growth is important to the extent that we feel comfortable and have some cash left over, we'll return it to shareholders. We've done that consistently. The first quarter is, in general, it's not where we generate a ton of our cash. And we returned to what we generated and felt comfortable with in the first quarter. We obviously thought stock was a great value where it was, and we think that buybacks will remain an important part of our capital allocation policy going forward.

是的，我想說我們的理念在這方面沒有改變。我們的首要任務是保持強勁的資產負債表。我們將在這種環境中保持謹慎。同時，我們要靈活機動。我們確實有一個我認為可以承受各種經濟周期的資本結構。同樣，資金增長很重要，只要我們感到舒服並有一些現金剩餘，我們就會將其返還給股東。我們一直這樣做。一般來說，第一季度不是我們產生大量現金的地方。我們回到了我們在第一季度產生並感到滿意的東西。我們顯然認為股票的價值很高，我們認為回購仍將是我們未來資本配置政策的重要組成部分。

The next question is coming from Anthony Chukumba of Loop Capital.

下一個問題來自 Loop Capital 的 Anthony Chukumba。

So first question, you talked about the headwinds that you saw in the first quarter. We know that U.S. income tax returns were down -- refunds were down about 10% this year. Do you think that was a headwind at all?

所以第一個問題，你談到了你在第一季度看到的逆風。我們知道美國所得稅申報表有所下降——今年退稅下降了約 10%。你認為這是逆風嗎？

Yeah, I was going to say, we didn't lean into what all we thought the headwinds -- contribute to those headwinds. But certainly, tax refund is probably one of them, customer -- consumer debts at an all-time high. Credit card balances are pretty high out there. So there's a lot of different things, I think, playing into it. And you got to remember also the threat of the debt ceiling, which they just saw. So certainly, I think those all played in the psyche. It's hard to parse out the weighting of which one impacted it the most, but that was part of it for sure.

是的，我要說的是，我們沒有依靠我們認為的所有逆風——助長了這些逆風。但可以肯定的是，退稅可能是其中之一，客戶 - 消費者債務處於歷史最高水平。那裡的信用卡餘額相當高。所以我認為有很多不同的東西在起作用。你還必須記住他們剛剛看到的債務上限的威脅。所以當然，我認為那些都在心理上發揮作用。很難分析出哪個影響最大的權重，但這肯定是其中的一部分。

Got it. Got it. Understood. And then just a follow-up and it's kind of a continuation on your last -- on the last question that you received. With your updated guidance, if I take the midpoint of the free cash flow, that's more than 10% of your current market cap. So let me, I guess, ask a question in a different way. I mean does your reduced guidance make you any less likely to buy back stock over the remainder of the year? I guess, yeah, that's basically my follow-up.

知道了。知道了。明白了。然後只是一個跟進，它是你最後一個問題的延續——關於你收到的最後一個問題。根據您更新後的指導，如果我取自由現金流的中點，那將超過您當前市值的 10%。所以我想，讓我以不同的方式問一個問題。我的意思是，你減少的指引是否會讓你在今年剩餘時間內回購股票的可能性降低？我想，是的，這基本上就是我的後續行動。

Anthony, to your point, the business generates a lot of cash. We're going to execute the strategy to the extent we've got cash to return, we will do that. We're going to make prioritized stability and being nimble. We're going to fuel our investments, which we can do. And after that, if we have something to return, we'll do that. (inaudible) And just one more thing on the stores that I think it's lost in the story. We don't want to do this, but we can run profitable stores in the $11 million range. I don't have any stores in the $11 million range. They're all well above that. So this business even in a challenging environment can generate a lot of cash in your point. I think we've got a demonstrated history of returning it, and we're going to continue to do that.

安東尼，就你的觀點而言，這項業務產生了大量現金。我們將在我們有現金回報的範圍內執行該戰略，我們會這樣做。我們將優先考慮穩定性和靈活性。我們將推動我們的投資，我們可以做到。在那之後，如果我們有什麼要回報的，我們就會這樣做。 （聽不清）商店裡還有一件事，我認為它在故事中丟失了。我們不想這樣做，但我們可以在 1100 萬美元的範圍內經營盈利的商店。我在 1100 萬美元的範圍內沒有任何商店。他們都遠高於此。因此，這項業務即使在充滿挑戰的環境中也能為您帶來大量現金。我認為我們已經證明了退貨的歷史，我們將繼續這樣做。

The next question is coming from Daniel Imbro of Stephens Inc.

下一個問題來自 Stephens Inc. 的 Daniel Imbro。

I want to start on the supply chain, Michael, we talked a little bit about inventory, but as you look at it today, is there anywhere inventory is heavy or given the sales underperformance, is there anywhere the inventories may be too light? And then we look at the West Coast, some of the port delays that have cropped up over the last seven days, does that present a new risk to the supply chain and in-stock levels as we get into the back half of the year or how does that impact your business today?

我想從供應鏈開始，邁克爾，我們談了一點庫存，但正如你今天所看到的，是否有任何地方庫存過多或考慮到銷售表現不佳，是否有任何地方庫存可能太少？然後我們看看西海岸，過去 7 天出現的一些港口延誤，這是否會給供應鍊和庫存水平帶來新的風險，因為我們進入今年下半年或這對您今天的業務有何影響？

Michael and I will probably tag team this one. So certainly, I would say we're back in stock broadly across virtually every category. So that's not a problem that we certainly faced over the last couple of years. There are a couple of places where the seasonal slowdown that we saw early on, we're watching those pretty closely. In most cases, though, it's not inventory that goes bad, its inventory that we can keep and flow out as we need to. Think about water sports, things like that. We saw some of those categories almost year around in some of our geography. In terms of the impact of the West Coast and the supply chain, I'll tell you with all the disruption over the past couple of years, I think we, along with everybody has gotten pretty diversified in terms of the number of ports we bring goods into, etcetera. So we haven't seen really any impact to that.

Michael 和我可能會標記這個團隊。所以可以肯定的是，我會說我們幾乎在每個類別中都恢復了庫存。所以這不是我們在過去幾年中肯定面臨的問題。我們在早期看到的季節性放緩有幾個地方，我們正在密切關注這些地方。但是，在大多數情況下，變壞的不是庫存，而是我們可以保留並根據需要流出的庫存。想想水上運動之類的事情。我們幾乎每年都會在我們的某些地區看到其中一些類別。就西海岸和供應鏈的影響而言，我會告訴你過去幾年的所有中斷，我認為我們和每個人在我們帶來的港口數量方面已經變得相當多樣化貨進等等。所以我們還沒有看到任何影響。

Yeah. I don't think anybody likes the disruptions on the West Coast. But I think vis-a-vis competition, we maintain a substantial competitive advantage when there are disruptions in the West Coast. We don't bring in a lot through the West Coast. Now the entire industry can get impacted, but we do a lot through Port of Galveston on the East Coast, and we may have some indirect impact, but not a direct impact -- as a direct impact as others. One more thing on the inventory, I believe Steve put it in his prepared remarks, on a unit basis per store we're actually down in inventory compared to LY with no significant holes.

是的。我認為沒有人喜歡西海岸的中斷。但我認為相對於競爭，當西海岸出現中斷時，我們仍保持著巨大的競爭優勢。我們從西海岸進口的東西不多。現在整個行業都會受到影響，但我們通過東海岸的加爾維斯頓港做了很多，我們可能會產生一些間接影響，但不是直接影響——與其他影響一樣直接。關於庫存的另一件事，我相信史蒂夫在他準備好的評論中說過，與 LY 相比，我們實際上在每個商店的單位基礎上減少了庫存，沒有明顯的漏洞。

I appreciate that color. And then not to belabor the point, but to follow up on SG&A guidance, Michael, you mentioned you've changed the nice to haves. But can you maybe quantify just what the cost savings these changes in the outlook? And as you look at the outlook, you talked about the dollar growth, but does that incorporate just the changes you've made so far or does that assume you continue to find more cost to take out to hit that guidance through the year? Just trying to get a sense of how aggressive or conservative that cost outlook could be?

我很欣賞那種顏色。然後不要強調這一點，而是要跟進 SG&A 指南，邁克爾，你提到你已經改變了擁有的美好。但是，您能否量化這些前景變化所節省的成本？當你看前景時，你談到了美元的增長，但這是否只包含你迄今為止所做的改變，或者假設你繼續尋找更多的成本來實現這一年的指導？只是想了解一下成本前景可能有多激進或保守？

Yeah. I think we've identified that. We wouldn't put it in the guidance if we didn't identify it, and we'll leave it there. But we're not -- again, we've got a very seasoned team that's been through a number of these cycles and can pivot where necessary. And from a rate perspective, I believe, will come in where we thought we'd start the year on a lower sales outlook, and that's where we'll leave that one for today.

是的。我想我們已經確定了這一點。如果我們不識別它，我們就不會把它放在指南中，我們會把它留在那裡。但我們不是——再一次，我們有一支經驗豐富的團隊，他們經歷了很多這樣的周期，可以在必要時進行調整。我相信，從利率的角度來看，我們認為我們會以較低的銷售前景開始新的一年，而這就是我們今天要離開的地方。

We're showing time for one last question. Today's final question is coming from Seth Basham of Wedbush Securities.

我們正在顯示最後一個問題的時間。今天的最後一個問題來自 Wedbush Securities 的 Seth Basham。

My question is around gross merchandise margins. If you could provide some more color as to the moving pieces in the quarter. You mentioned that overall were down 110 basis points and shrink with a 76 basis point headwind. How much was promos, how much was freight to offset and any other moving pieces?

我的問題是關於商品毛利率。如果你能為本季度的移動部分提供更多顏色。你提到整體下跌 110 個基點，逆風下跌 76 個基點。促銷費用是多少，運費是多少以抵消以及任何其他移動部分？

So we don't break it down to that granular level. A couple of things that impacted it. We mentioned, if you look at the promotions as a bucket of sales, they were an increase for the quarter. Clearance sales were up a little bit too. Both of those [mixes] down from a margin perspective. So that definitely impacted us. Freight doesn't find its way into our merch margin. That's below the line there. So -- but it certainly is in our gross profit as we calculate it.

所以我們不會將其分解到那個粒度級別。有幾件事影響了它。我們提到，如果您將促銷視為一桶銷售額，那麼它們是本季度的增長。清倉銷售也略有上升。從保證金的角度來看，這兩者都[混合]了。所以這肯定影響了我們。運費不會計入我們的商品利潤。那是在那條線的下方。所以 - 但它肯定在我們計算的毛利潤中。

Okay. To be clear, promos were larger in terms of the headwind to merch margins than [shrink list]?

好的。需要明確的是，就商品利潤率的逆風而言，促銷比 [shrink list] 更大？

Well, yes, but we planned it that way. I'd say to our plan, promos have played out the way we thought they would where merchandise margin was a little off of the way we planned it was due to the mix down, fewer seasonal sales from the outdoor pools and water sports and rec and some of the soft goods.

嗯，是的，但我們是那樣計劃的。我想對我們的計劃說，促銷活動已經按照我們的預期進行，商品利潤率與我們計劃的方式有點不同，這是由於混合，室外游泳池和水上運動和娛樂的季節性銷售減少和一些軟商品。

The other thing you've got to remember also is that -- we're primarily in everyday value-based retailer. Promotions and clearance make up, on average, less than 25% of our business so 75% of its stable baseline of everyday value price.

你還必須記住的另一件事是——我們主要是在日常基於價值的零售商中。促銷和清倉平均占我們業務的不到 25%，因此佔其每日價值價格穩定基線的 75%。

At this time, I'd like to turn the floor back over to Mr. Hicks for closing comments.

現在，我想把發言權交還給 Hicks 先生，讓他發表最後的評論。

I'll start, and then I'll pass it over to Ken. I just wanted to reiterate, we're certainly not satisfied with the results. The start of the year has been a little more challenging than we anticipated, but we're on the balls of our feet. We're reacting to what's going on. So we're laser-focused on navigating the short term and making sure that we deliver against all of our goals in this guidance that we put out today for the remainder of the year.

我先開始，然後再交給 Ken。我只是想重申，我們當然對結果不滿意。今年年初比我們預期的更具挑戰性，但我們已經站穩了腳跟。我們正在對正在發生的事情做出反應。因此，我們非常專注於短期內的導航，並確保我們在今年剩餘時間裡實現我們今天發布的本指南中的所有目標。

And then simultaneously, we're not going to take our eye off the ball in terms of the long term. We've got a long-range strategy that we believe in. We've got a model that -- an operating model that the customers like that we think is scalable and transportable and our goal is to bring Academy to as many towns as we can. So we're going to stay focused on the long term at the same time. With that, I want to give Ken the chance to do a couple of closing remarks on this call.

同時，從長遠來看，我們不會把目光從球上移開。我們有一個我們相信的長期戰略。我們有一個模型 - 一個我們認為可擴展和可移動的客戶喜歡的運營模型，我們的目標是將學院帶到盡可能多的城鎮能。因此，我們將同時關注長期。說到這裡，我想給 Ken 機會在這次電話會議上做幾句結束語。

Thanks, Steve. And it's a tough quarter to pass the baton on. But that said this is a very experienced strong team with a clear plan and a solid foundation to move forward. Our strategy is to grow the company primarily through the growth of new stores, which -- most of which will be in new markets and new areas that will provide volume for us and will not cannibalize our existing markets and will provide the opportunity for us to increase the breadth of Academy's purview. We also see our omni-channel business strengthening with investments in it to make it easier to shop and better to target our consumers and working to make sure that the existing stores continue to contribute to the foundation and strength of the company.

謝謝，史蒂夫。這是傳遞接力棒的艱難時刻。但話雖如此，這是一支經驗豐富的強大團隊，擁有清晰的計劃和堅實的前進基礎。我們的戰略是主要通過新店的增長來發展公司，其中大部分將位於新市場和新區域，這將為我們提供銷量，不會蠶食我們現有的市場，並將為我們提供機會增加學院權限的廣度。我們還看到我們的全渠道業務通過投資得到加強，使購物更容易，更好地瞄准我們的消費者，並努力確保現有商店繼續為公司的基礎和實力做出貢獻。

I believe that the team we have here is up to the challenge. I look forward to working with them in our new role. I want to thank all of the Academy team members for all they've done to put us in the position where we are and the great job that they're doing and taking care of our customers. And also thank our investors for having confidence in us as we go forward and pursue our mission and our vision of being the best sports and outdoors retailer in the country. But I want to thank everybody and wish you all well.

我相信我們這裡的團隊能夠迎接挑戰。我期待著在我們的新角色中與他們合作。我要感謝學院團隊的所有成員，感謝他們為使我們處於現在的位置所做的一切，以及他們所做的出色工作和對我們客戶的照顧。還要感謝我們的投資者對我們的信任，因為我們繼續前進，追求我們的使命和我們成為該國最好的運動和戶外用品零售商的願景。但我要感謝大家，祝你們一切順利。

Thank you, guys.

感謝你們。

Ladies and gentlemen, thank you for your participation. This concludes today's conference. You may disconnect your phone lines at this time or log off the webcast, and enjoy the rest of your

女士們，先生們，感謝你們的參與。今天的會議到此結束。您此時可以斷開電話線或退出網絡直播，並享受您的剩餘時間