Academy Sports and Outdoors Inc (ASO) 2023 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Academy Sports and Outdoors fourth quarter and fiscal year end 2023 results conference call.

早安，女士們、先生們，歡迎參加學院體育與戶外運動第四季和 2023 財年末業績電話會議。

(Operator Instructions)

（操作員說明）

I would now like to turn the conference over to Matt Hodges, Vice President of Investor Relations for Academy Sports and Outdoors.

現在我想將會議交給學院體育和戶外投資者關係副總裁 Matt Hodges。

Matt, please go ahead.

馬特，請繼續。

Good morning, everyone, and thank you for joining the Academy Sports and Outdoors fourth quarter and fiscal 2023 financial results call.

大家早安，感謝您參加學院體育與戶外運動第四季和 2023 財年財務業績電話會議。

Participating on the call are Steve Lawrence, Chief Executive Officer; and Carl Ford, Chief Financial Officer.

執行長 Steve Lawrence 參加了電話會議；和財務長卡爾·福特。

As a reminder, statements in today's earnings release and the comments made by management during this call may be considered forward-looking statements.

提醒一下，今天的收益發布中的聲明以及管理層在本次電話會議中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.

這些陳述存在風險和不確定性，可能導致我們的實際結果與我們的預期和預測有重大差異。

These risks and uncertainties include, but are not limited to, the factors identified in the earnings release and in our SEC filings.

這些風險和不確定性包括但不限於收益報告和我們向 SEC 提交的文件中確定的因素。

The Company undertakes no obligation to revise any forward looking statements.

本公司不承擔修改任何前瞻性陳述的義務。

Today's remarks also referring to certain non-GAAP financial measures.

今天的言論也提到了某些非公認會計準則財務指標。

Reconciliations to the most comparable GAAP measures are included in today's earnings release, which is available at investors.academy.com. Please note that we have posted a supplemental slide presentation on our website to accompany today's earnings release.

今天的收益報告中包含了與最具可比性的公認會計原則（GAAP）衡量標準的對賬，該報告可在 Investors.academy.com 上取得。請注意，我們已在網站上發布了補充幻燈片演示文稿，以配合今天的收益發布。

I will now turn the call over to Steve Lawrence for his remarks.

現在我將把電話轉給史蒂夫勞倫斯聽他的演講。

Steve?

史蒂夫？

Thanks, Matt.

謝謝，馬特。

Good morning to everyone, and thank you for joining us on our fourth quarter earnings call.

大家早安，感謝您參加我們的第四季財報電話會議。

During our call today will provide details on the results for both Q4 and 2023 full Year.

在今天的電話會議中，我們將提供有關第四季度和 2023 年全年業績的詳細資訊。

We'll also share a progress update on achieving our long-range goals and our thoughts on initial guidance for 2024.

我們還將分享實現長期目標的最新進展以及我們對 2024 年初步指導的想法。

First, I'd like to start with our Q4 performance.

首先，我想從我們第四季的表現開始。

As you saw from the results we announced earlier this morning, we had an improvement in our trend during the fourth quarter with sales coming in at $1.8 billion, which was up 2.8% in total and translated into a negative 3.6% comp.

正如您從我們今天早上早些時候公佈的業績中看到的，我們第四季度的趨勢有所改善，銷售額達到 18 億美元，總計增長 2.8%，同比下降 3.6%。

This was a 400 basis point improvement in comp sales trend versus the negative 7.6% we ran during the first three quarters of the year.

與今年前三個季度 7.6% 的負成長相比，公司銷售趨勢提高了 400 個基點。

Our adjusted earnings per share for the fourth quarter came in at $2.21, an increase of 8% versus last year.

第四季調整後每股收益為 2.21 美元，比去年增長 8%。

We would characterize the cadence of the quarter as reverting back to the traffic patterns and volume progression than we traditionally saw pre pandemic.

我們將本季的節奏描述為恢復到疫情前的交通模式和流量成長。

There was less pull forward of demand in early November and we'd experienced over the last couple of years when customers shop early based on scarcity of supply.

11 月初的需求拉動較小，過去幾年我們經歷過顧客因供應稀缺而提早購物的經驗。

We then saw the traditional acceleration in business during Thanksgiving and Cyber Week, followed by a lull in traffic during the middle part of December.

然後，我們在感恩節和網路週期間看到了傳統的業務加速，隨後在 12 月中旬出現了流量平靜。

We finished holiday with a strong surge of sales and traffic week leading up to Christmas was sustained into the post-Christmas time period.

我們以銷售量的強勁增長結束了假期，聖誕節前一周的客流量一直持續到聖誕節後的一段時間。

And early January, the sales increase we ran in December made it the strongest month of both the quarter and the past year.

1 月初，我們 12 月的銷售額成長使其成為本季和去年最強勁的月份。

Based on these results, when you pull back and look at the full year 2023 sales, we came in at $6.2 billion or negative 6.5% comp.

根據這些結果，當你回過頭來看看 2023 年全年銷售額時，我們的銷售額為 62 億美元，即負 6.5% 的淨利潤。

These results were at the high end of our annual guidance and on a 52-week basis remain roughly up 25% versus pre-pandemic levels.

這些結果處於我們年度指導的高端，並且在 52 週的基礎上仍比疫情前的水平上升約 25%。

Moving on to gross margin for the quarter came in at 33.3%, which is a 50 basis point improvement above last year.

至於本季的毛利率，為 33.3%，比去年提高了 50 個基點。

This increase was primarily driven by inventory and freight savings, partially offset by merchandise margins.

這一增長主要是由庫存和運費節省推動的，部分被商品利潤所抵消。

Holiday season played out as we anticipated.

假期正如我們預期的那樣進行。

It was more promotional than the past couple of Christmases, but still not back to the discount levels that were common pre-pandemic for the full year, our gross margin rate came in at 34.3% were 30 basis points below last year, which was at the high end of our guidance, remains roughly 500 basis points higher than the margins we ran pre-pandemic combination of sales and margin performance allowed us to generate adjusted earnings per share for the full year of $6.96.

比前幾個聖誕節促銷力度更大，但仍然沒有回到疫情前全年常見的折扣水平，我們的毛利率為 34.3%，比去年低了 30 個基點。我們指導的上限仍然比我們在大流行前的利潤率高出約500 個基點，銷售額和利潤率表現的結合使我們能夠產生6.96 美元的全年調整後每股收益。

Now I'd like to give you an update on our progress against the long-range plan goals we issued in April 2023 and our path towards achieving them as we move forward. 2023 was a busy year for us, and we made progress across multiple fronts.

現在，我想向您介紹我們在 2023 年 4 月發布的長期計劃目標方面的最新進展，以及我們在前進過程中實現這些目標的道路。 2023 年對我們來說是忙碌的一年，我們在許多方面都取得了進展。

We opened 14 new stores, which is five more stores than we opened in 2022.

我們新開了 14 家門市，比 2022 年新開的店多了 5 家。

The team is applying learnings from the prior year's openings and as a result, these stores are projected to have a higher year one volumes than the ['22] vintage.

該團隊正在應用前一年開業的經驗教訓，因此，預計這些商店第一年的銷售量將高於 ['22] 年份。

We also installed our new customer data platform, which is going to be a huge unlock for us moving forward as we gain greater insights in our customer shopping patterns.

我們還安裝了新的客戶數據平台，隨著我們對客戶購物模式獲得更深入的了解，這將成為我們前進的巨大助力。

This new tool allows us to increase our targeted marketing capabilities, which we believe will drive more store visits and greater sales through our conversion rates.

這個新工具使我們能夠提高有針對性的行銷能力，我們相信這將透過我們的轉換率推動更多的商店訪問和更大的銷售額。

The team also laid the groundwork for the launch of our new warehouse management system for WNS for short, which will be rolling out to all of our distribution centers over the next 18 to 24 months.

該團隊也為推出新的倉庫管理系統（簡稱 WNS）奠定了基礎，該系統將在未來 18 至 24 個月內推廣到我們所有的配送中心。

We're also proud to get back to the communities we serve.

我們也很自豪能夠回到我們所服務的社區。

2023 through direct giving partnerships support merchandise discounts, various organizations Academy distributed over $30 million of our customers and local and national charities.

到 2023 年，透過直接捐贈合作夥伴關係支持商品折扣，學院向我們的客戶以及當地和國家慈善機構捐贈了超過 3000 萬美元。

Another important accomplishment for us was the strengthening of our executive team with the addition of Chad Fox as our new Chief Customer Officer and Rob Howell as our Chief Supply Chain Officer.

我們的另一項重要成就是，查德·福克斯 (Chad Fox) 擔任我們的新首席客戶官，羅布·豪厄爾 (Rob Howell) 擔任我們的首席供應鏈官，從而加強了我們的執行團隊。

The addition of these two talented and experienced executives coupled with combining supply chain and stores under our President Sam Johnson provides the right structure and team to help accelerate our progress against our long-range goals.

這兩位才華橫溢、經驗豐富的高管的加入，加上我們總裁 Sam Johnson 領導下的供應鏈和商店的合併，提供了正確的結構和團隊，有助於加快我們實現長期目標的進度。

While we made good headway across multiple fronts, one place we failed to make progress with growing our top line sales.

雖然我們在多個方面取得了良好進展，但在一個方面我們未能在增加營收方面取得進展。

We believe that the primary driver of our sales decline was underlying weakness in our consumer spending on durable goods due to a weakening in overall consumer health.

我們認為，銷售下降的主要原因是由於整體消費者健康狀況的惡化，耐用品消費者支出的潛在疲軟。

Matters, we're increasing our focus around delivering an outstanding value proposition to our customers in order to help them stretch their wallet is the outfit their family for all their sports and outdoor activities.

重要的是，我們正在更加重視為客戶提供卓越的價值主張，以幫助他們節省開支，為他們的家人提供適合所有運動和戶外活動的服裝。

A great example of this is a promotion we just ran to kickoff baseball in early March.

一個很好的例子是我們剛剛在三月初為棒球開球而舉辦的促銷活動。

The team created a package where we provided a parent all the gear, their child would need to start Tegal, including a glove that settlement Anson bag all for under $100.

團隊創建了一個套餐，我們向家長提供所有裝備，他們的孩子需要啟動 Tegal，其中包括安森 (Anson) 打包的手套，全部價格不到 100 美元。

In other cases, we'll be lowering prices in key categories such as bikes and grills as we head into the summer months.

在其他情況下，隨著夏季的到來，我們將降低自行車和烤架等關鍵類別的價格。

Turning to slide 5 of the supplemental deck, while we continue to manage through the short-term choppiness in the business, we remain focused on delivering against the long-range goals that we articulated last spring.

轉向補充幻燈片的第 5 張幻燈片，在我們繼續應對業務的短期波動的同時，我們仍然專注於實現我們去年春天闡明的長期目標。

To reiterate a few of the key metrics.

重申一些關鍵指標。

Our plan is to grow top line sales to $10 billion plus, generate earnings of 10% or greater.

我們的計劃是將營收成長到 100 億美元以上，產生 10% 或更高的利潤。

To the 13.5% adjusted EBIT margin rate, .com penetration to 15% of total revenue or greater and thoughtfully invest in our cash flows into initiatives to drive a 30% ROIC.

調整後的息稅前利潤率為 13.5%，.com 滲透率達到總收入的 15% 或更高，並精心投資我們的現金流，推動 30% 的投資回報率 (ROIC) 提高。

We've learned a lot over the past year and as we move forward, we will continue to refine our tactics for us achieving our long-range goals.

在過去的一年裡，我們學到了很多東西，隨著我們的前進，我們將繼續完善我們的策略，以實現我們的長期目標。

We've done a deep dive on the 23 stores, and we opened up in 2022 and 2023.

我們對 23 家商店進行了深入研究，並於 2022 年和 2023 年開業。

We are applying the lessons we've learned from these two vintages for our new store opening plans moving forward.

我們正在將從這兩個年份中學到的經驗教訓應用於我們未來的新店開業計劃。

Page 7 of the supplemental deck details how we're fine tuning our forecast for new store openings.

補充資料的第 7 頁詳細介紹了我們如何微調新店開幕的預測。

Initially remodeled 120 to 140 stores a year one volume target of $18 million that will mature over five years.

最初每年改造 120 至 140 家商店，銷售額目標為 1,800 萬美元，目標將在五年內實現。

The majority of the stores that we've opened up over the past few years have been in newer markets.

過去幾年我們開設的大多數商店都位於較新的市場。

As we've discussed previously, we're seeing faster ramps stores opened in existing markets, We have higher brand awareness and slow ramps of stores opened in newer markets.

正如我們之前所討論的，我們看到在現有市場中開設的商店速度更快，我們擁有更高的品牌知名度，而在新市場中開設的商店速度緩慢。

So the customers are less familiar with Academy.

所以客戶對Academy不太熟悉。

Based on this revising our new-store forecast for year one sales volume to be between $12 million to $16 million with a five year ramp maturity.

在此基礎上，我們將新店第一年銷售額預測調整為 1,200 萬美元至 1,600 萬美元，並有五年的增長期。

Second change is how we're building out and sequencing our new store pipeline.

第二個變化是我們如何建立和排序我們的新商店管道。

Moving forward will strive for a better balance each year with roughly half of new stores being opened in existing markets and the other half in new or adjacent markets.

展望未來，每年將努力實現更好的平衡，大約一半新店在現有市場開設，另一半在新市場或鄰近市場開設。

It's also important for us to announce our openings by time of year.

對我們來說，在一年中的某個時間宣布我們的開幕也很重要。

We've learned to stores opened in the first half of the year, get out of the gate faster than stores opened up in Q3 and Q4.

我們了解到，上半年新開的商店比第三季和第四季新開的商店走出大門的速度更快。

Based on this, starting in 2025 and forward, we're building our new-store pipeline to support roughly 50% of the stores for each year to open up first and second quarters.

基於此，從 2025 年及以後開始，我們正在建造新店通路，以支持每年第一季和第二季開設約 50% 的門市。

Another win is that we've seen strong results in smaller and mid-sized markets.

另一個勝利是我們在中小型市場看到了強勁的業績。

While these stores may have slightly lower volume potential, the favorable expense structure it takes to run these stores helps ensure the profitable investments include our ROIC hurdles.

雖然這些商店的銷售潛力可能略低，但經營這些商店所需的有利費用結構有助於確保獲利投資包括我們的投資報酬率障礙。

As we build out our future pipeline, we're opening the aperture of our consideration set include board single or two-store markets versus focusing primarily on large multi-store markets, once again, will be a balanced approach between various market sizes.

當我們建立未來的通路時，我們正在開放考慮範圍，包括單店或兩店市場，而不是主要關注大型多店市場，這將是不同市場規模之間的平衡方法。

Finally, over the past 18 months, we've opened up four new stores in Southern and Central Indiana.

最後，在過去 18 個月裡，我們在印第安納州南部和中部開設了四家新店。

While they did not all open in the same, we can having a cluster of stores that opened in relative close time proximity to each other helps us gain greater efficiencies across multiple fronts with the clear when being and driving greater marketing synergy.

雖然它們並非都在同一時間開業，但我們可以擁有一組在相對較近的時間開業的商店，幫助我們在多個方面獲得更高的效率，並在明確的時間和推動更大的營銷協同作用。

As we move into 2025 and beyond, our goal will be to go into new markets with a greater density of new store openings around the same time.

進入 2025 年及以後，我們的目標是進入新市場，並在同一時間開設更高密度的新店。

The end result of all this work is that we believe we have an opportunity to open up even more stores than we initially modeled in our long-range plan.

所有這些工作的最終結果是，我們相信我們有機會開設比我們最初在長期計劃中模擬的更多的商店。

As you can see on slide number seven provides new store growth plan.

正如您在第七張投影片上看到的，提供了新的商店成長計劃。

Our projects 160 to 180 stores over the next five years with a target of 15 to 17 of them opening up in 2024.

我們計劃在未來五年內開設 160 至 180 家商店，目標是在 2024 年開設 15 至 17 家商店。

Second pillar of our growth strategy is to drive our .com penetration to 15% of total revenue.

我們成長策略的第二個支柱是將我們的 .com 滲透率提高到總收入的 15%。

On the surface, this doesn't seem like an overly ambitious goal when you consider that many other retailers are already at or above this level of penetration.

從表面上看，當您考慮到許多其他零售商已經達到或高於這一滲透水平時，這似乎並不是一個過於雄心勃勃的目標。

However, when you consider that we're expanding our store base by greater than 50% during the same time period, it means that we'll have to double our dot-com sales over the next five years in order to hit this goal, which we would characterize as challenging but achievable.

然而，當您考慮到我們在同一時期內將商店數量擴大了 50% 以上時，這意味著我們必須在未來五年內將我們的網路銷售額翻一番才能實現這一目標，我們將其描述為具有挑戰性但可以實現的。

The major driver of this strategy will be to have a laser focus on the customer with a mission to seamlessly streamline the shopping experience across all touch points.

這項策略的主要驅動力將是高度關注客戶，其使命是無縫簡化所有接觸點的購物體驗。

This was the primary reason we recently created our new Chief Customer Officer position and hired Chad.

這是我們最近設立新的首席客戶官職位並聘請乍得的主要原因。

Chad Fox until this role, we combined our marketing, customer analytics and e-commerce teams into one organization make us more nimble while also driving greater synergies across the organization.

在 Chad Fox 擔任這項職務之前，我們將行銷、客戶分析和電子商務團隊合併為一個組織，使我們更加靈活，同時也推動整個組織產生更大的協同效應。

Chad is a seasoned executive who has helped other large retailers such as Walmart and Dollar General accomplish.

查德是一位經驗豐富的高階主管，曾幫助沃爾瑪和 Dollar General 等其他大型零售商取得成功。

The same goals is a data-driven merchant who's going to help us lever our new customer data platform, drive greater customer engagement and new customer acquisition.

同樣的目標是建立一個數據驅動的商家，他將幫助我們利用新的客戶數據平台，推動更大的客戶參與度和新客戶獲取。

Key focuses for Chad over the next year, will be driving increased traffic to our physical and digital stores dramatically improving the site experience and both Academy.com and our mobile app, an improving customer identification engagement with the rollout of an expanded love program.

乍得明年的重點將是增加我們實體店和數位商店的流量，大幅改善網站體驗以及 Academy.com 和我們的行動應用程序，透過推出擴大的愛心計劃來提高客戶識別參與度。

The third leg of our growth plan is to drive greater productivity out of our existing businesses and assets.

我們成長計畫的第三步是提高現有業務和資產的生產力。

We've made a lot of progress in upgrading our merchandising processes and procedures along with our store execution over the past several years, which has resulted in the volume and margin gains that we've made.

過去幾年，我們在升級銷售流程和程序以及商店執行方面取得了很大進展，這導致了我們的銷售和利潤成長。

While these initiatives are in the middle to later innings, we believe there's still opportunity for improvement on both these fronts.

雖然這些舉措處於中後期，但我們相信在這兩個方面仍有改進的機會。

Ford and Chad and his team are focused on will also help accelerate growth from these initiatives.

福特和查德及其團隊所關注的重點也將有助於加速這些舉措的成長。

Where we believe we have the most untapped opportunity to improve efficiency is the work we're undertaking to strengthen our supply chain infrastructure and capabilities.

我們認為，我們在提高效率方面最有待開發的機會是我們正在進行的加強供應鏈基礎設施和能力的工作。

Hiring, Rob, how our new Chief Supply Chain Officer will be a huge unlock for us as we build out our supply chain capabilities.

羅布，聘用新任首席供應鏈長將為我們打造供應鏈能力提供巨大幫助。

He's a skilled strategist and helped develop a world-class supply chain for Sysco.

他是一位熟練的策略家，幫助 Sysco 開發了世界一流的供應鏈。

His deep experience in working with Manhattan but also help us ensure that the WMS rollout we're embarking on over the next 18 to 24 months goes as smoothly as possible.

他在與曼哈頓合作方面擁有豐富的經驗，同時也幫助我們確保我們在未來 18 到 24 個月內著手的 WMS 部署盡可能順利。

In the short term, we're focused on improving our cross-dock receipt flow and speeding up the pace at which we ceased move out to the stores.

短期內，我們的重點是改善跨站台收貨流程，並加快停止轉移到商店的步伐。

This will allow us to reduce the average inventory we carry resulting in increased turnover, also freeing up cash flow.

這將使我們能夠減少平均庫存，從而增加營業額，同時釋放現金流。

Rob will also be reviewing the current assumptions in our long-range plan, identify ways to drive greater efficiencies across all of our existing assets.

羅布還將審查我們長期計劃中的當前假設，找出提高我們所有現有資產效率的方法。

One preliminary outcome from this review that we now believe we can deliver improved utilization of our existing DC network.

此次審查的一個初步結果是，我們現在相信我們可以提高現有資料中心網路的使用率。

A result of this is that our forecasted needs of a fourth distribution center will move May 2026, go live, 2027 or 2028.

因此，我們預測第四個配送中心的需求將移至 2026 年 5 月，並於 2027 年或 2028 年投入使用。

As you can see, we're making solid progress across multiple fronts.

正如您所看到的，我們在多個方面都取得了紮實的進展。

That being said, as we turn our focus to 2024 guidance, the short term economic outlook remains cloudy.

話雖如此，當我們將注意力轉向 2024 年指引時，短期經濟前景仍然陰雲密佈。

The customer continues to be under pressure and is being very thoughtful about when and how they will spend their money.

客戶仍然面臨壓力，對於何時以及如何花錢非常謹慎。

The upcoming election, coupled with the compressed holiday calendar also adds a degree of uncertainty to the outlook for the year.

即將到來的選舉，加上假期日曆的壓縮，也為今年的前景增添了一定程度的不確定性。

Based on these factors, we are conservatively modeling a negative 4% plus 1% comp for next year, which would translate into a negative 1.5% plus 3% total sales growth for the year.

基於這些因素，我們保守預測明年的複合成長率為負 4% 加 1%，這將轉化為今年的總銷售額成長為負 1.5% 加 3%。

We believe this is a prudent base to billers from receipt plans off of knowing that we can chase the business.

我們相信，這對開票人來說是一個謹慎的基礎，因為他們知道我們可以追逐業務。

If we see the headwinds abate, they'll start trending upward.

如果我們看到逆風減弱，它們將開始呈上升趨勢。

I'm now going to turn it over to Carl Ford, our CFO, to walk you through a deeper dive on our Q4 and full year financial performance, along with an expanded look at our 2024 guidance.

我現在將把它交給我們的財務長卡爾福特，帶您深入了解我們的第四季度和全年財務業績，以及對我們 2024 年指導的擴展了解。

Carl?

卡爾？

Thanks, Steve.

謝謝，史蒂夫。

Good morning, everyone.

大家，早安。

While our top line in Q4 and full year was impacted by our customer being financially pressured, we diligently controlled inventory and operating costs, which enabled us to generate healthy cash flows and profits as well as invest in future growth drivers.

儘管我們第四季和全年的營收受到客戶財務壓力的影響，但我們努力控制庫存和營運成本，這使我們能夠產生健康的現金流和利潤，並投資於未來的成長動力。

I will now walk you through the details of our fourth quarter and full year results.

現在，我將向您介紹我們第四季度和全年業績的詳細資訊。

Our fourth-quarter net sales came in at $1.8 billion with a comp of negative 3.6%.

我們第四季的淨銷售額為 18 億美元，年減 3.6%。

This was at the upper end of our expectations, led by December sales that were higher than last year.

這處於我們預期的上限，主要是 12 月的銷售額高於去年。

So we were pleased with the trajectory change from prior quarters.

因此，我們對前幾個季度的軌跡變化感到滿意。

While customers were financially stressed, they responded to our strong value message across a broad assortment of products.

儘管客戶面臨財務壓力，但他們對我們在各種產品中傳達的強烈價值訊息做出了回應。

For the quarter, ticket size increased by 1%, while transactions declined by 5%.

本季度，門票規模增加了 1%，而交易量下降了 5%。

E-commerce sales were 14.7% of total merchandise sales compared to 13.5% in the fourth quarter of 2022.

電子商務銷售額佔商品總銷售額的 14.7%，而 2022 年第四季為 13.5%。

Our fourth quarter 2023 had an extra week of sales.

我們 2023 年第四季的銷售額多了一週。

So when discussing divisional sales to last year, we are providing comparable sales by division instead of total sales for a more accurate comparison.

因此，在討論去年的部門銷售額時，我們提供的是按部門劃分的可比較銷售額，而不是總銷售額，以便進行更準確的比較。

The best-performing division was outdoor whose sales increased 6.3% compared to Q4 of last year driven by strength in hunting and camping.

表現最好的部門是戶外產品，在狩獵和露營業務強勁的推動下，其銷售額與去年第四季相比成長了 6.3%。

Within camping, the standouts for Stanley and YETI.

在露營領域，史丹利（Stanley）和雪人（YETI）最為出色。

Both brands did an outstanding job of driving newness through color and product extensions such as the bar wear collection that YETI rolled out prior to holiday.

這兩個品牌都在透過色彩和產品延伸（例如 YETI 在假期前推出的酒吧服裝系列）推動新穎性方面表現出色。

Apparel was our second best division with a 6% sales decrease.

服裝是我們第二好的部門，銷售額下降了 6%。

We saw growth in work apparel and fleece, driven by car heart and Nike, offset by declines in outdoor and athletic apparel.

在汽車之心和耐吉的推動下，我們看到工作服和羊毛衫的增長，但被戶外和運動服裝的下降所抵消。

Footwear sales declined 8.8%.

鞋類銷售額下降 8.8%。

We continue to see outperformance in key brands such as Brooks, hey, dude and Nike.

我們繼續看到 Brooks、hey, dude 和 Nike 等主要品牌表現出色。

One area that struggled was our cleated business.

一個陷入困境的領域是我們的防滑業務。

Fleece was one of our last businesses to fully get back in stock.

Fleece 是我們最後完全恢復庫存的業務之一。

And we faced strong sales from Q4 of last year that were still being driven by some scarcity in the marketplace and the World Cup.

去年第四季我們面臨強勁的銷售，而這種銷售仍然受到市場稀缺和世界盃的推動。

Last, sports and recreation sales decreased 8.9%.

最後，體育和娛樂銷售額下降了8.9%。

Growth in outdoor Cooking and Games was offset by continued weakness in fitness and bikes.

戶外烹飪和遊戲的成長被健身和自行車的持續疲軟所抵消。

For the full year, net sales were $6.2 billion with comparable sales of negative 6.5%.

全年淨銷售額為 62 億美元，可比銷售額負 6.5%。

E-commerce sales were 10.7% of total merchandise sales, which was the same as last year.

電子商務銷售額佔商品銷售總額的10.7%，與去年持平。

Looking at gross margins, the gross margin rate in the fourth quarter was 33.3%, a 50 basis point increase compared to Q4 of last year.

從毛利率來看，第四季毛利率為33.3%，較去年第四季提升50個基點。

Merchandise margins declined by 40 basis points and shrink was 37 basis points worse than Q4 of last year.

商品利潤率下降40個基點，比去年第四季縮水幅度更嚴重37個基點。

These declines were offset by inventory and freight savings.

這些下降被庫存和運費節省所抵消。

For the full year, our gross margin rate was 34.3%.

全年毛利率為34.3%。

Freight savings were offset by merchandise margin and shrink declines, leading to a 30 basis point decline compared to last year.

運費節省被商品利潤率和損耗下降所抵消，導致與去年相比下降了 30 個基點。

This is the third consecutive year that our gross margin rate has exceeded 34%

這是我們的毛利率連續第三年超過34%

This demonstrates that the merchandising and operational changes made over the last few years, such as the investments made in price optimization and planning and allocation as well as better clearance and promotions management and disciplined inventory management are now reflected in the long-term margin structure of Academy.

這表明過去幾年的商品銷售和運營變化，例如在價格優化、規劃和分配方面的投資，以及更好的清倉和促銷管理以及嚴格的庫存管理，現已反映在長期利潤結構中。學院。

We continue to find opportunities in these areas to drive margin improvement through technology enhancements in stronger processes during the fourth quarter, our SG&A delevered by 80 basis points.

我們繼續在這些領域尋找機會，透過第四季度更強大流程中的技術增強來推動利潤率提高，我們的銷售、管理及行政費用降低了 80 個基點。

We are focused on managing our cost structure while investing in the pillars of our long-term growth strategy.

我們專注於管理成本結構，同時投資長期成長策略的支柱。

More than 75% of the dollars spent above last year were for investments in our growth initiatives, new stores, omnichannel customer data and supply chain for the full year over 90% of the SG&A dollar growth was spent on our growth initiatives.

去年以上支出的 75% 以上用於全年成長計劃、新店、全通路客戶數據和供應鏈的投資。SG&A 美元 成長的 90% 以上用於我們的成長計畫。

Overall, we controlled inventory promotions and expense to deliver net income during the fourth quarter of $168.2 million, a 6.7% increase over last year.

總體而言，我們控制了庫存促銷和費用，第四季度淨利潤達到 1.682 億美元，比去年增長 6.7%。

GAAP diluted earnings per share was $2.21 for the fourth quarter and $6.70 for fiscal 2023.

第四季 GAAP 攤薄後每股收益為 2.21 美元，2023 財年攤薄後每股收益為 6.70 美元。

Adjusted diluted earnings per share was also $2.21 for Q4 and $6.96 for fiscal 2023.

第四季調整後攤薄每股收益也為 2.21 美元，2023 財年為 6.96 美元。

Looking at the balance sheet, our inventory at year end was $1.2 billion, a decrease of 7% compared to fiscal 2022.

從資產負債表來看，我們年底的庫存為 12 億美元，比 2022 財年減少了 7%。

Total inventory units were down 7.2%, and this includes having an additional 14 stores compared to fiscal 2022.

與 2022 財年相比，總庫存量下降了 7.2%，其中包括增加了 14 家商店。

On a per store basis, inventory units were down 11.8%.

以每家商店計算，庫存量下降了 11.8%。

We have had a balanced approach to capital allocation since going public in October of 2020.

自 2020 年 10 月上市以來，我們一直採取平衡的資本配置方法。

The three pillars of our strategy are maintaining adequate liquidity for financial stability, self-funding our growth initiatives and increasing shareholder return.

我們策略的三大支柱是保持充足的流動性以實現金融穩定、為我們的成長計劃自籌資金以及提高股東回報。

Our cumulative shareholder return over this time period is more than 500%, driven by operational execution and more than $1 billion of share repurchases.

在營運執行和超過 10 億美元的股票回購的推動下，我們在此期間的累積股東回報率超過 500%。

We have also reduced our debt by almost $1 billion and paid more than $50 million in dividends.

我們還減少了近 10 億美元的債務，並支付了超過 5,000 萬美元的股息。

As a result of these actions, Academy is one of the highest returning stocks from the class of 2020 IPOs.

由於這些行動，Academy 成為 2020 年 IPO 類別中回報率最高的股票之一。

During Q4 and fiscal 2023, Academy continue to generate positive net cash from operations.

在第四季和 2023 財年，學院繼續從營運中產生正的淨現金。

In Q4, we generated approximately $235 million and $536 million.

第四季度，我們的營收約為 2.35 億美元和 5.36 億美元。

For the full year, we utilized the cash to pay down $100 million of the Company's term loan reducing the outstanding balance to $91.8 million.

全年，我們利用現金償還了公司 1 億美元的定期貸款，將未償餘額減少到 9,180 萬美元。

After the paydown, we have $348 million in cash, $484.6 million of total debt and no outstanding borrowings on our $1 billion credit facility, which was recently amended and extended through March of 2029.

還款後，我們的 10 億美元信貸安排中擁有 3.48 億美元現金、4.846 億美元總債務，並且沒有未償還借款，該信貸安排最近經過修訂並延長至 2029 年 3 月。

During Q4, we repurchased approximately $3 million worth of shares.

第四季度，我們回購了價值約 300 萬美元的股票。

For all of fiscal 2023, we decreased our net share count by $3.7 million through $204 million in share repurchases.

在 2023 財年全年，我們透過 2.04 億美元的股票回購減少了 370 萬美元的淨股票數量。

As of the end of the fiscal year, Academy has $697 million remaining on its share repurchase authorization.

截至本財年末，Academy 的股票回購授權剩餘 6.97 億美元。

In addition, the Board recently approved a 22% dividend increase to $0.11 per share payable on April 18, 2024, as stockholders of record as of March 26, 2024.

此外，董事會最近批准將截至 2024 年 3 月 26 日登記在冊的股東於 2024 年 4 月 18 日支付的股息增加 22%，至每股 0.11 美元。

Heading into 2024 we have the cash to fund our growth initiatives and to continue to execute our capital allocation plan.

進入 2024 年，我們有足夠的現金來資助我們的成長計劃並繼續執行我們的資本分配計劃。

Turning to 2024 guidance and slide 8 of the deck, we expect to operate in a challenging economic environment.

轉向 2024 年指導和幻燈片 8，我們預計將在充滿挑戰的經濟環境中運作。

As the current macro dynamics are still impacting our customers, we are going to run the business as efficiently as possible while also making investments to support our long term strategic opportunities as outlined on slide 6 opening new stores, growing our omnichannel business, leveraging our customer data platform and modernizing and scaling our supply chain.

由於目前的宏觀動態仍在影響我們的客戶，我們將盡可能有效率地經營業務，同時進行投資以支持我們的長期策略機會，如投影片6 所述，開設新店、發展我們的全通路業務、利用我們的客戶數據平台以及現代化和擴展我們的供應鏈。

Based on this Academy is providing the following initial guidance for fiscal 2024.

在此基礎上，學院為 2024 財年提供以下初步指導。

Net sales ranging from $6.07 billion to $6.35 billion.

淨銷售額從 60.7 億美元到 63.5 億美元不等。

At the midpoint, this is 2% growth compared to fiscal 2023 when excluding the $73 million in sales related to the 53rd week.

與 2023 財年相比，如果不包括與第 53 週相關的 7,300 萬美元銷售額，則中位數成長 2%。

Comparable sales of negative 4% to positive 1%, gross margin rate between 34.3% and 34.7%.

可比銷售額負4%至正1%，毛利率在34.3%至34.7%之間。

GAAP net income between $455 million and $530 million dollars, resulting in GAAP diluted earnings ranging from $5.90 per share, $6.90 per share.

GAAP 淨利潤在 4.55 億美元至 5.3 億美元之間，導致 GAAP 攤薄收益在每股 5.90 美元至 6.90 美元之間。

The earnings per share estimates are calculated on a share count of approximately 77 million diluted weighted average shares outstanding for the full year and do not include any potential repurchase activity.

每股盈餘預估是根據全年約 7,700 萬股稀釋加權平均流通股計算的，不包括任何潛在的回購活動。

In 2024, we will no longer be guiding to adjusted net income or adjusted earnings per share.

2024 年，我們將不再指導調整後淨利或調整後每股盈餘。

Any adjustments such as stock compensation will be provided in the quarterly results.

股票補償等任何調整都將在季度業績中提供。

SG&A expenses, which includes stock-based compensation expense of $30 million or approximately $0.3 of earnings per share are expected to be approximately 100 basis points higher than in 2023.

SG&A 費用（包括 3,000 萬美元的股票薪資費用或約 0.3 美元的每股盈餘）預計將比 2023 年高出約 100 個基點。

Interest expense is expected to be $38 million, down from $46 million in fiscal '23 due to our reduced debt levels.

由於債務水準降低，利息支出預計為 3,800 萬美元，低於 23 財年的 4,600 萬美元。

We expect to generate $290 million to $375 million of free cash flow, including $225 million to $275 million of capital expenditures.

我們預計將產生 2.9 億至 3.75 億美元的自由現金流，其中包括 2.25 億至 2.75 億美元的資本支出。

As we begin a new year we are focused on addressing our opportunities to return to growth and delivering long-term value to our customers and stakeholders.

在新的一年開始之際，我們的重點是抓住恢復成長的機會，並為客戶和利害關係人提供長期價值。

I will now turn the call back over to Steve.

我現在將把電話轉回給史蒂夫。

Thanks, Carl.

謝謝，卡爾。

As we turn our focus to 2024 and beyond, we remain committed to our long-range targets.

當我們將重點轉向 2024 年及以後時，我們仍然致力於實現我們的長期目標。

We've taken the lessons we've learned over the past year and have leveraged them help improve our go-forward strategies.

我們吸取了過去一年中學到的教訓，並利用它們來幫助改善我們的前進策略。

We believe that this refined approach to new store openings, coupled with an increased focus on improving customer experience and driving more productivity of our supply chain with the keys to driving growth and unlocking value for our shareholders.

我們相信，這種新店開幕的精緻方法，再加上對改善客戶體驗和提高供應鏈生產力的關注，是推動成長和為股東釋放價值的關鍵。

We've put in place a strong, talented team to help guide the company through our next phase of growth.

我們已經組建了一支強大、才華橫溢的團隊來幫助指導公司實現下一階段的成長。

We're energized and optimistic about the future for Academy.

我們對學院的未來充滿活力和樂觀。

With that, we'll now open it up for questions.

現在，我們將開放提問。

Thank you.

謝謝。

(Operator Instructions)

（操作員說明）

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Hey, guys, thanks for the question.

嘿，夥計們，謝謝你的提問。

My first question is on thinking about the normalized comp rate for the business in three years sort of post COVID.

我的第一個問題是考慮新冠疫情後三年內企業的標準化薪資。

The business did really well.

生意確實做得很好。

It's but it is still comping negative.

是的，但它仍然是負面的。

And I don't know if it's taking longer in your mind to turn the corner or not, but because it is, does that affect the normalized comp rate going forward, especially since you're adding more stores?

我不知道您是否需要更長的時間才能扭轉困境，但因為它是，這是否會影響未來的標準化補償率，特別是因為您正在增加更多商店？

Yes.

是的。

Thanks for the question.

謝謝你的提問。

So how we would characterize it is we have a challenged customer, not necessarily a challenge strategy.

因此，我們如何描述它是我們有一個充滿挑戰的客戶，而不一定是挑戰策略。

We really believe and obviously the long-range goals that we put forward out there.

我們確實相信並且顯然相信我們所提出的長期目標。

If you go back, as you pointed out, we obviously had a pretty strong growth in 2020 and 2021.

如果你回顧一下，正如你所指出的，我們顯然在 2020 年和 2021 年實現了相當強勁的成長。

We saw a pullback in '22 we think that was a start-up of rebaselining coming out of COVID that continued into '23.

我們在 22 年看到了回調，我們認為這是由於新冠疫情而開始的重新基線，一直持續到 23 年。

I think as we got through '23, that's why we put some commentary in there around.

我認為當我們經歷了 23 年後，這就是我們在其中發表一些評論的原因。

We're starting to see the kind of the builds on a weekly monthly basis return to pre-COVID time periods.

我們開始看到每週、每月的建造類型回到了新冠疫情之前的時期。

We feel like we're past a lot of that rebaseline.

我們覺得我們已經超越了許多重新設定的基準。

What we're dealing with right now is primarily challenge customer and I think that's pretty well documented them.

我們現在處理的主要是挑戰客戶，我認為這已經得到了很好的記錄。

Obviously, inflation continues to be pretty high.

顯然，通貨膨脹仍然很高。

Consumer debt is pretty high.

消費者債務相當高。

And what that's really translating into is a customer who's behaving in a specific way.

這真正轉化為以特定方式行為的客戶。

They're shopping for newness.

他們購買新鮮事物。

They're shopping for value and they're coming out and shopping at key time periods during the year when they need to shop, whether it's a replacement cycle as a kid starts a new sport season or gift-giving time.

他們購物是為了物有所值，他們會在一年中需要購物的關鍵時段出來購物，無論是孩子開始新的運動季節時的更換週期還是送禮時間。

And so that's really how we've modeled our business and built it moving forward.

這就是我們塑造業務並推動其向前發展的方式。

And then the one follow-up related is, I think, just to clarify what you said, the stores that you're opening in existing markets, those are performing better relative to either new space productivity or a comp waterfall second, third year, then you thought it's the stores that are in markets in which you don't have a presence that have been ramping slowly more slowly.

然後，我認為，與後續相關的一個只是為了澄清您所說的，您在現有市場中開設的商店，相對於新的空間生產力或第二年、第三年的競爭瀑布而言，這些商店的表現更好，然後你認為是那些你沒有業務的市場中的商店一直在緩慢地成長。

Is that a fair characterization?

這是一個公平的描述嗎？

Yeah, that's correct.

是的，這是正確的。

I mean and that's why I went into some pretty good detail on that.

我的意思是，這就是為什麼我對此進行了一些非常詳細的介紹。

I mean, it stands to reason where we've got high brand awareness from, we're seeing those stores start out very, very strong in some of these smaller markets where we're going in with one or two stores at a time, it's taking a little longer to build brand awareness week.

我的意思是，按理說，我們獲得了很高的品牌知名度，我們看到這些商店在一些較小的市場中起步非常非常強大，我們一次只開設一到兩家商店，建立品牌知名度週需要更長的時間。

\Changing kind of how we think about modeling these new stores going forward and billing performance, which we detailed in the call as well as on the supplemental material that we provided.

改變我們對這些新商店的未來建模和計費績效的思考方式，我們在電話會議以及我們提供的補充資料中詳細介紹了這一點。

But over time, I mean, we the expectation is that these stores are going to have a five year ramp with outsized growth in the first five years and over the next 5 to 10 years, beyond that, we would accept them to continue to grow maybe slightly faster than the chain and settling around the average of what an average store volume does for us.

但隨著時間的推移，我的意思是，我們的預期是，這些商店將有五年的增長，前五年將出現大幅增長，而在接下來的5 到10 年裡，我們將接受它們繼續成長也許比連鎖店稍微快一點，並且大約是平均商店數量為我們帶來的平均水平。

But new stores, new markets, low brand awareness are definitely a little more slow to start out than stores in existing markets, high brand awareness.

但新店、新市場、品牌知名度低的店家起步肯定比現有市場、品牌知名度高的店要慢一些。

Makes sense.

說得通。

Okay, thanks.

好的謝謝。

Good luck.

祝你好運。

Thanks.

謝謝。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

Hi, good morning.

早安.

Thanks for taking our question.

感謝您提出我們的問題。

You mentioned in the prepared comments that you're going to focus on value and price.

您在準備好的評論中提到您將專注於價值和價格。

And I know that pretty much always where you've been focused on but do you think that you've got a little bit away from where you've been historically and that could be part of the reason why you've seen some pressure on the comps and how should we think about just a renewed emphasis on value going forward in '24?

我知道這幾乎總是你一直關注的地方，但你是否認為你已經偏離了你歷史上的位置，這可能是你看到一些壓力的部分原因比較以及我們應該如何考慮在 24 世紀重新強調價值？

I think you said it best in your question, Kate.

我認為你在問題中說得最好，凱特。

It's not a renewed focus it's always a focus for us, and we see ourselves and our customers see us as the value provider in our space and we deliver value on a multitude of fronts.

這不是一個新的焦點，它始終是我們的焦點，我們將自己和我們的客戶視為我們領域的價值提供者，我們在多個方面提供價值。

A lot of that's driven by our private label, which is about 22% of our total business.

其中很大一部分是由我們的自有品牌推動的，該品牌約占我們總業務的 22%。

We have strong value in those items, and they're priced every day at really low prices compared to like items in the marketplace.

我們的這些商品具有很高的價值，而且與市場上的同類商品相比，它們每天的定價都非常低。

At the same time, we also deliver value on a lot of well-known national brands where we provide a price split ticket price on there where we're selling that at a at a slightly lower price than competitors are selling at an MSRP.

同時，我們也為許多知名的全國品牌提供價值，我們在那裡提供價格分割票價，我們的銷售價格略低於競爭對手的建議零售價。

And then thirdly, we develop or deliver value is promotions, right?

第三，我們開發或提供價值就是促銷，對吧？

And so we generally aren't a promotional retailer, but we certainly do promote during key time periods during the year.

因此，我們通常不是促銷零售商，但我們當然會在一年中的關鍵時段進行促銷。

Certainly holiday being one of the biggest one of those.

當然，假期是其中最大的假期之一。

And I think we leaned into those three different ways to deliver value for holiday.

我認為我們傾向於採用這三種不同的方式來為假期提供價值。

And we think that's what we saw an inflection point.

我們認為這就是我們看到的拐點。

During Q4, we saw negative 3%, 6% comp versus a negative 7%, 6% that were running through the first few quarters here.

在第四季度，我們看到了負 3%、6% 的複合成長率，而前幾季的複合成長率為負 7%、6%。

So we think that that really kind of broke through during that time period.

所以我們認為在那段時間裡這確實取得了突破。

So I would say is as much renewed focus, it's just a continued focus and then looking for ways to expand it.

所以我想說的是，重新關注，只是持續關注，然後尋找擴展它的方法。

I mean, that's what the customer's telling us you're voting on.

我的意思是，這就是客戶告訴我們你要投票的內容。

So you're going to look at ways that we're going to add some more color on key value items.

因此，您將考慮如何在關鍵值項上添加更多顏色。

So really no sharp items on well-known categories like bikes and grills, really sharp prices.

因此，在自行車和烤架等知名類別中，確實沒有鋒利的商品，價格非常優惠。

We're expanding some of the offerings there.

我們正在擴大那裡的一些產品。

And I think you're going to see us continue to lean into promotions during those key moments on the calendar when the customers really shop.

我想你會看到我們在客戶真正購物的關鍵時刻繼續進行促銷活動。

If I could just ask a quick follow up on the promotions.

如果我能要求快速跟進促銷活動就好了。

I know there's been a lot of vendor support for promotions over the last year or so.

我知道在過去一年左右的時間裡，有很多供應商對促銷活動提供了支持。

Are you expecting the same level of vendor support in '24, what you saw in '23?

您是否期望在 24 年獲得與 23 年相同水準的供應商支援？

Yes.

是的。

I mean, obviously, we had really strong partnerships with our vendors.

我的意思是，顯然我們與供應商有著非常牢固的合作關係。

I don't see any reason why they wouldn't support.

我看不出他們有什麼理由不支持。

So the degree that they've supported us in '23 and beyond.

他們在 23 年及以後對我們的支持程度。

I think that, candidly, some we're seeing more vendor support on a multitude of fronts, not just obviously margin and price support on marketing and other initiatives because they look at us as a growth partner.

坦白說，我認為，我們在許多方面看到了更多供應商的支持，而不僅僅是行銷和其他舉措方面的明顯利潤和價格支持，因為他們將我們視為成長合作夥伴。

And that means we're getting access to more products and newer products and more innovative products means better support on the marketing front.

這意味著我們將獲得更多的產品和更新的產品，更多的創新產品意味著在行銷方面得到更好的支援。

So we actually see our vendor support growing in the future, not declining or maintaining.

因此，我們實際上看到我們的供應商支援在未來會不斷成長，而不是下降或維持。

Thank you.

謝謝。

Thank you.

謝謝。

Greg Melich, Evercore ISI.

格雷格·梅里奇，Evercore ISI。

Thanks.

謝謝。

Maybe just to help us on the what's driving the growth or that inflection you talked about, Steve, the in the fourth quarter, ticket was still positive in transactions running down five.

也許只是為了幫助我們了解推動成長的因素或您談到的拐點，史蒂夫，在第四季度，交易量仍然呈正數，減少了五筆。

If you look at the guide this year, I would you expect that all the improvement to be on transactions and transaction growth if we get back to a 0% comp actually being positive this year?

如果您查看今年的指南，您是否認為如果我們今年回到 0% 的實際收益，所有改善都將體現在交易和交易成長上？

Yes, I'll take it, Greg.

是的，我會接受的，格雷格。

This is Carl.

這是卡爾.

In embedded within the '24 guidance if you just kind of look at the midpoint, how we see it is ticket slightly up and traffic slightly down.

在 24 年的指導中，如果你只看中點，我們會發現門票略有上升，流量略有下降。

And while we're very aware that the consumer is challenged, we're going to monitor it throughout the year, but at the midpoint, that's how we would model it.

雖然我們非常清楚消費者面臨挑戰，但我們將全年對其進行監控，但在中期，我們將採用這種方式進行建模。

And in terms of a progression, just given how it sounds like, it's the first quarter would be the weakest and then we'll get slowly better over time or do the comparisons get harder by the end of the year, given how December was strong.

就進展而言，就聽起來而言，第一季將是最弱的，然後隨著時間的推移我們會慢慢好轉，或者考慮到 12 月的強勁表現，到年底比較會變得更加困難。

I think you stated it correctly.

我認為你說得對。

First of all, you said it the way we see the quarter progressing or the year progressing is obviously customer is still under pressure that didn't change as we turn the page to 2024.

首先，你說的是，我們看到季度進展或年度進展的方式顯然是客戶仍然面臨壓力，當我們翻到 2024 年時，這種壓力並沒有改變。

So we think that's going to continue into the first part of 2024.

因此，我們認為這種情況將持續到 2024 年上半年。

So we do expect Q1 to be the softest quarter.

因此，我們確實預計第一季將是最疲軟的季度。

And that's how we model that.

這就是我們建模的方式。

We expect Q2 to build upon that.

我們預計第二季將以此為基礎。

We expect the back half of the year to be better than the first half of the year.

我們預計下半年會好於上半年。

And just to clarify that the SG&A that now including the stock comp and thanks for that, it's nice to make it clean.

只是為了澄清一下，SG&A 現在包括了股票補償，並為此表示感謝，很高興將其清理乾淨。

Is that that 100 bps increase that you flagged, is that a new run rate that we should think of in terms of stock-based comp or was there something about this year that sort of steps it up versus last year?

這是您標記的 100 個基點的成長嗎？這是我們應該在基於股票的比較方面考慮的新運行率，還是今年與去年相比有所提高？

No, that I think the $30 million is fair to say it's fair to use going forward.

不，我認為這 3000 萬美元可以公平地說，可以公平地繼續使用。

But I do want to kind of speak to what's embedded within FY24 holistic SG&A.

但我確實想談談 2024 財年整體 SG&A 中包含的內容。

It's about at the midpoint.

大約在中點。

It's about 100 basis points of deleverage in expense.

費用去槓桿化約為 100 個基點。

And I want to take you back to our long-range plan where we said, we anticipate 200 basis points of expense deleverage offset by about 150 basis points of supply chain.

我想帶大家回到我們的長期計劃，我們曾說過，我們預計 200 個基點的費用去槓桿化將被供應鏈約 150 個基點所抵消。

And overall, like gross margin benefits, which is inclusive of private brands and whatnot.

整體而言，就像毛利率收益一樣，其中包括自有品牌等。

So the deleverage that that we're seeing is from a dollar perspective, what we anticipated, what is causing the deleverage from a rate perspective is running at a negative 6.5% comp.

因此，我們看到的去槓桿化是從美元角度來看的，正如我們所預期的那樣，從利率角度來看，導致去槓桿化的原因是負利率為 6.5%。

But to Steve's earlier point, and I think it's been very well discussed in the retail industry this year.

但對於史蒂夫早些時候的觀點，我認為今年零售業對此進行了很好的討論。

The consumer is under pressure, so that is what we are experiencing.

消費者面臨壓力，這就是我們正在經歷的。

That does not make us second gas, the strategies that we're building this long-range plan on, we're going to continue to open stores.

這並不會讓我們成為第二天然氣，我們正在製定這個長期計劃的策略，我們將繼續開設商店。

We're going to continue to invest in omnichannel.

我們將繼續投資全通路。

We're going to continue to invest in customer data and supply chain, but specific to stock compensation and $30 million in the next year is a fine run rate to think about, but we'll obviously update you year by year.

我們將繼續投資於客戶數據和供應鏈，但具體到股票薪酬和明年的 3000 萬美元是一個值得考慮的良好運行率，但我們顯然會逐年更新您的資訊。

That's great.

那太棒了。

Thanks and good luck.

謝謝，祝你好運。

And thanks.

謝謝。

Appreciate it.

欣賞它。

Chris Horvers, JPMorgan.

克里斯霍弗斯，摩根大通。

Thanks, and good morning, guys.

謝謝，大家早安。

So a couple of follow-ups there.

所以有一些後續行動。

So first, on the comp, do you expect the first quarter to be within the range of the year and sort of are you are you essentially expecting 1Q look like and the quarter to date trend on?

首先，在比較方面，您是否預計第一季會在今年的範圍內？您是否基本上預計第一季的情況以及季度迄今的趨勢？

And then as you think about it, can you can you talk about like the gross margin puts and takes you?

然後當你想一想時，你能談談毛利率的變化嗎？

You mentioned rolling out WIMS. over the next 18 months.

您提到推出 WIMS。在接下來的 18 個月裡。

You talked about some efficiencies that the new head of supply chain has seen.

您談到了新任供應鏈負責人所看到的一些效率提升。

How are you thinking about the gross margin good guys in 2024?

您如何看待2024年的毛利率？

And what are the offsets?

偏移量是多少？

Yes.

是的。

So I will probably tag team this one in terms of the comp progression, I think it plays out exactly, as I said before, where we see the first quarter being the weakest.

所以我可能會根據比賽進展來標記這支球隊，我認為它的表現完全正確，正如我之前所說，我們看到第一季是最弱的。

You know, I certainly we're coming out of Q4 last year with the down 3%, 6% trend.

你知道，我當然會以下降 3%、6% 的趨勢走出去年第四季。

If you look at our low end of our guidance, it's negative four, which is basically in line with that and as we progress forward through the year, we expect the Q2 to be better and then obviously, the fall will be better and that's you can kind of model it based off of that feedback in terms of margin puts and takes there several right.

如果你看我們指導的低端，它是負四，這基本上與此一致，隨著我們在今年的進展，我們預計第二季度會更好，然後顯然，秋季會更好，這就是你可以根據保證金看跌期權方面的反饋對其進行建模，並採取一些正確的做法。

And Carl's got a long list here.

卡爾這裡有一個很長的清單。

A couple I just hit on is private brand continues to be a tailwind for us.

我剛剛偶然發現的兩個問題是，自有品牌仍然是我們的推動力。

They're mixing into a higher margin mix.

他們正在融入利潤率更高的組合。

And private brand is a big tailwind for us.

自有品牌對我們來說是一個很大的推動力。

Promotional on intensity is kind of settling into a more normalized state moving forward.

促銷強度正在進入一種更正常化的狀態。

So I don't expect that we're going to see a tremendous uptick in promotions.

因此，我預計促銷活動不會大幅增加。

Carl, I know you've got a couple of you want to add on as well.

卡爾，我知道您也有一些想要補充的內容。

Yeah, from a gross margin going forward standpoint, we're seeing what's going on with international shipping.

是的，從未來毛利率的角度來看，我們正在觀察國際航運的情況。

We don't put quite as much through the Red Sea as perhaps others do.

我們在紅海中投入的資源可能不像其他國家那麼多。

But there is a delay coming around Africa and kind of the equipment that's being used.

但非洲各地以及正在使用的設備類型出現了延遲。

And so there might be modest deleverage there.

因此，那裡可能會出現適度的去槓桿化。

But we've got it's we've talked about like outbound transportation and how we run our trucks between our distribution centers and our stores.

但我們已經討論過出境運輸以及我們如何在配送中心和商店之間運行卡車。

We've got opportunity there associated with WMS, just keeping up with trucks and doing multi-stop shuttles, which we don't really do in any large way now the second would be just in that broader supply chain space.

我們在那裡有與 WMS 相關的機會，只是跟上卡車和做多站班車，我們現在並沒有真正做任何大的事情，第二個將只是在更廣泛的供應鏈空間中。

If you think about kind of the labor management aspect associated with what we're doing within the distribution centers, yes, we get a new tool Entavio mask that is there a lot more sophisticated than almost 30-year Accipiter system that we're using now just from an overall labor management standpoint.

如果您考慮一下與我們在配送中心所做的工作相關的勞動力管理方面，是的，我們有一個新工具 Entavio mask，它比我們使用的近 30 年的 Accipiter 系統要復雜得多現在僅從整體勞動力管理的角度來看。

I would say that merchants are really leaning into this as well as we think about cross-dock penetration or how much stuff does it need to be put away in separately Republic, and that's a big opportunity at the company and not in the play, the Chief Merchant And Rob, the new Rob, how the new Chief Supply Chain Officer are in lock step on this.

我想說的是，商家確實傾向於這一點，我們也考慮跨碼頭滲透或需要將多少東西單獨存放在Republic中，這對公司來說是一個很大的機會，而不是在遊戲中，首席商人和羅布，新的羅布，新的首席供應鏈官如何在這方面步調一致。

We've seen that there's betterment there and we started executing on that.

我們已經看到那裡有改進，我們開始執行它。

Yes, I won't reiterate kind of the merchandising stuff, but I am excited about our private brands offering freely and we are doing are doing well and we're seeing customers resonate with that value opportunity.

是的，我不會重申某種推銷的東西，但我對我們的自有品牌免費提供感到興奮，我們做得很好，我們看到客戶對這個價值機會產生了共鳴。

The last thing I would say as it relates to is specific to FY24.

我要說的最後一件事是針對 2024 財年的。

I want to be clear, we did not make our sales plan for FY23, although we ended with an inventory that was down 7% and we feel was well managed and the merchants really did a Herculean effort at bringing that in where they wanted to.

我想澄清的是，我們沒有製定2023 財年的銷售計劃，儘管我們最終的庫存下降了7%，而且我們覺得管理得很好，而且商家確實付出了巨大的努力，將其帶到了他們想要的地方。

There was some promotional activity associated with pockets of inventory where when you're planning on something a little bit higher and it comes in after we reguided in Q1, they took some actions and we're ending clean.

有一些與庫存相關的促銷活動，當你計劃一些更高一點的東西並且在我們在第一季重新指導後出現時，他們採取了一些行動，我們就乾淨了。

Now we like our inventory position.

現在我們喜歡我們的庫存狀況。

And so we don't think that we'll have to kind of execute in that manner for FY24.

因此，我們認為 2024 財年我們不必以這種方式執行。

Got it.

知道了。

And then my follow-up, just on the new store maturity ramp.

然後是我的後續行動，就在新店成熟度的提升上。

You lowered the year one given the new market mix.

鑑於新的市場組合，您降低了第一年的價格。

But as you think about like where can you remind us what you said about where did they get in year five because it sounds like you said there's this very steep ramp to year five in that over the next five years that will get to the average on the average of the chain 10 years out.

但是，當您思考「在哪裡」時，您可以提醒我們您說過他們在第五年取得了哪些成績，因為聽起來您說在接下來的五年中，到第五年的坡道將達到平均10年後環比的平均值。

So can you maybe just provide some more color because typically we think of, you know, double digit comps in year one and then by year five, you're floating with the overall business?

那麼你能否提供更多的色彩，因為通常我們會想到，你知道，第一年的業績達到兩位數，然後到第五年，你的整體業務就會浮動？

Yeah.

是的。

So we you know, in our long-range plan, we initially modeled this.

所以你知道，在我們的長期計劃中，我們最初對此進行了建模。

We said $80 million in year one and then their brand five years from there.

我們說第一年8000萬美元，然後是五年後他們的品牌。

We didn't put an endpoint associated with where we think they matured over time.

我們沒有將一個終點與我們認為它們隨著時間的推移而成熟的位置相關聯。

We said it would come in close to where the average store volume is we don't think that that necessarily changes is starting from a lower base.

我們說它將接近平均商店數量，但我們認為這種變化不一定是從較低的基數開始的。

Right.

正確的。

So obviously, you know, the $12 million to $16 million is meant to encompass a couple of different types of stores, right?

很明顯，您知道，1200 萬至 1600 萬美元意味著涵蓋幾種不同類型的商店，對嗎？

Smaller stores and smaller markets where we have less brand awareness probably would be towards the low end of that $12 million versus new stores in the existing geography where you have high brand awareness, probably to the high end of that range.

較小的商店和較小的市場（品牌知名度較低）可能會接近 1200 萬美元的低端，而現有地區的新商店（品牌知名度較高）可能會達到該範圍的高端。

We would expect them to grow at a faster rate, you know, at least two times faster than the Company growth during the first five years of that wouldn't get them all the way to the average for the new store.

我們預計他們的成長速度會更快，你知道，至少比公司前五年的成長速度快兩倍，但這不會讓他們一路達到新店的平均水平。

That's why when you look at it over a 10 to 15-year time horizon, we expect them to get there.

這就是為什麼當你從 10 到 15 年的時間範圍來看時，我們期望他們能夠實現這一目標。

And we've really seen this play out over time.

隨著時間的推移，我們確實看到了這種情況的發生。

If you go back 10, 15 years, Northern Florida was a new market for us.

如果你回顧 10 年、15 年，北佛羅裡達對我們來說是一個新市場。

And when we looked at those stores initially, they started off with lower volumes because it was a new market.

當我們最初查看這些商店時，他們一開始的銷售量較低，因為這是一個新市場。

And as we look at them today, we've been in that market now over 10 years.

當我們今天審視它們時，我們已經進入這個市場十多年了。

Those stores are doing on average store volumes.

這些商店的平均商店銷售量。

So that's how we're looking at it over time.

這就是我們隨著時間的推移看待它的方式。

But it's up a five-year faster ramp and then 5 to 10 year after that, but it's settling it at the Company average.

但它的成長速度更快，五年後又成長了五到十年，但最終穩定在公司平均值。

Thank you very much.

非常感謝。

Robbie Ohmes, Bank of America.

羅比·歐姆斯，美國銀行。

Hey, good morning, guys.

嘿，早上好，夥計們。

Can you talk a little more about you've mentioned how well the private label is doing.

能多談談您提到的自有品牌的表現嗎？

How are you thinking about getting the athletic apparel, the outdoor apparel, some of the branded athletic footwear, are there things you can do to get those businesses to be a little stronger or any initiatives underway?

您如何考慮購買運動服裝、戶外服裝和一些品牌運動鞋？您可以做些什麼來讓這些業務變得更強大，或者正在採取任何舉措？

How are things like LBL being doing?

像LBL這樣的事情進展得怎麼樣？

I'd love to get some color on that.

我很想對此有所了解。

Yes.

是的。

So I would say, in general, the theme we've seen happen over the past couple of years as new ideas have done very well.

所以我想說，總的來說，我們在過去幾年中看到的主題發生了，因為新想法做得很好。

So a lot of the new brands you've heard us mention like L.L. Bean or bought bags continue to do very well, and we're expanding a lot of these categories.

因此，您聽到我們提到的許多新品牌（例如 L.L. Bean 或買來的包包）仍然表現出色，我們正在擴展許多此類類別。

You think last year we had broken stocks in a small number of doors for us and a small number of doors.

你認為去年我們有少量門和少量門的庫存破損。

We're expanding those very rapidly.

我們正在非常迅速地擴大這些範圍。

We've got new brands we're introducing this year like crush city base that's already off to a fast start.

我們今年推出了一些新品牌，例如已經快速啟動的 CRUSH CITY BASE。

So new brands are working for us, and we're scaling them out very rapidly in terms of some of these larger legacy brands where they're a little more challenged.

因此，新品牌正在為我們服務，我們正在非常迅速地將它們擴展到一些較大的傳統品牌，這些品牌面臨更大的挑戰。

We're partnering with them around making sure we've got a strong pipeline of innovation flowing out to our stores.

我們正在與他們合作，確保我們有強大的創新管道流入我們的商店。

And we're optimistic as we partner with our large brands that we're going to start seeing that turn the tide as we move through 2024.

當我們與大品牌合作時，我們樂觀地認為，隨著 2024 年的到來，我們將開始看到扭轉局勢的趨勢。

We've got great partnerships.

我們有很好的合作關係。

I think Carl called out on the call, Nike, that's been one of our stronger businesses that certainly our largest business having that work has been a really good thing for us and where we've got some brands are a little softer.

我認為卡爾在電話會議上大聲疾呼，耐克，這是我們最強大的業務之一，當然我們最大的業務擁有這項工作對我們來說確實是一件好事，而我們擁有的一些品牌則有點軟。

I think we've got good plans in place with those teams to turn them around and get it moving in the right direction.

我認為我們已經與這些團隊制定了良好的計劃來扭轉局面並使其朝著正確的方向發展。

Thanks.

謝謝。

And then my follow-up is I actually want to follow-up on Kate's question.

然後我的後續行動是我實際上想跟進凱特的問題。

When you look at the vendor community, are you seeing prices coming down?

當您查看供應商社群時，您是否看到價格下降了？

I wouldn't say we've seen prices coming down.

我不會說我們已經看到價格下降。

Certainly, there are places where we've negotiated better deals on things, but we haven't seen as freight settled in that necessarily translate through a ton of cost reduction so far, but we continue to work and negotiate with vendors on that front.

當然，在某些地方，我們已經就一些事情達成了更好的協議，但到目前為止，我們還沒有看到運費的解決必然會導致成本的大量降低，但我們將繼續在這方面與供應商合作和談判。

Got it.

知道了。

Thanks.

謝謝。

Thank you.

謝謝。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good morning.

早安.

Thanks a lot for taking my question.

非常感謝您提出我的問題。

Steve, when we compare Academy's results to especially in the footwear and apparel categories to several other retailers, especially those retailers that also index for lower income segments.

史蒂夫，當我們將學院的結果（特別是鞋類和服裝類別）與其他幾家零售商進行比較時，尤其是那些也針對較低收入群體進行指數化的零售商。

The footwear and apparel categories in particular seem to be it's doing worse that Academy than many other players out there suggesting it's seeding market share.

特別是鞋類和服裝類別，學院的表現似乎比許多其他參與者更糟糕，這表明它正在擴大市場份額。

A, why do you think that is the case and B outside of some of the factors that you pointed to, what do you think is the principal and strategy that's going to allow Academy to stabilize its market share because is it simply a function of its core customer base getting healthier that might prove to be elusive for us?

A，您認為為什麼會發生這種情況；B 除了您指出的一些因素之外，您認為能夠讓 Academy 穩定其市場份額的原則和策略是什麼，因為這僅僅是其市場份額的函數嗎？核心客戶群組變得更健康，這對我們來說可能是難以捉摸的？

Yes, I'd start with I'm not sure I agree with the premise of the question.

是的，我首先要說的是我不確定我是否同意這個問題的前提。

We can tell you, we look at market share on a monthly quarterly annual basis we use Cercon is primary source for that.

我們可以告訴您，我們按月、季度、年度來查看市場份額，我們使用 Cercon 作為主要來源。

And if you look at some kind of data, they will tell you that we picked up market share broadly across business and in 2023, we'd also say that we picked up market share over a four year stack pretty aggressively considering the fact we're still up about 25% versus where we were in 2019.

如果你查看某種數據，他們會告訴你，我們在整個業務領域廣泛提高了市場份額，並且在 2023 年，我們還會說，考慮到我們的事實，我們在四年內相當積極地提高了市場份額與2019 年相比，仍成長約25%。

And I would also say when we look at our comparison in footwear and apparel to other retailers in general, the results I've seen as others have called out and gone through the earnings cycle for the most part are at or maybe a little better than broad-based retail.

我還想說，當我們將鞋類和服裝與其他零售商進行比較時，我看到的結果是，其他人已經呼籲並經歷了大部分盈利週期，結果是或可能比基礎廣泛的零售業。

I mean, we do have a competitor who is outperforming us right now.

我的意思是，我們現在確實有一個比我們表現更好的競爭對手。

I think we have a different customer than they have.

我認為我們的客戶與他們不同。

I think we've got a more middle-income consumer versus a high end consumer.

我認為我們有更多的中等收入消費者而不是高端消費者。

We've certainly seen the high end consumer continue to spend a little bit more, then the middle or lower income consumers a little more pressured.

我們當然看到高端消費者繼續多花一點錢，然後中等或低收入消費者的壓力更大一些。

So one of the ways we combat that is continuing to build out the better best end of our assortment and get access to a more premium product from our existing vendor base like Nike, like a new balance.

因此，我們應對這一問題的方法之一是繼續打造我們產品系列中最好的產品，並從我們現有的供應商基礎（例如耐吉）獲得更優質的產品，例如新百倫。

And we've had some really good success on those fronts.

我們在這些方面取得了一些非常好的成功。

We continue to bring in new brands so that we're ahead of the curve there and have them in some cases, first to market.

我們不斷引入新品牌，以便在該領域處於領先地位，並在某些情況下將它們率先推向市場。

And it's going to be a journey for us as we move forward.

這將是我們前進的一段旅程。

But we are not losing market share.

但我們並沒有失去市場佔有率。

The data doesn't really support that.

數據並不真正支持這一點。

And we actually feel like we're picking up market share from every data point we see.

事實上，我們感覺我們正在從我們看到的每個數據點中獲得市場份額。

My follow-up question is on the gross margin in the last 50 years seem to any investment you might be making either promotions or price would you would you see how much would you see and improvement in sales if you are willing to sacrifice some of the gross margin gains that you've achieved is a quick housekeeping note and how much will SG&A grew?

我的後續問題是關於過去 50 年的毛利率，對於您可能進行的任何投資，無論是促銷還是價格，您會看到如果您願意犧牲一些您所實現的毛利率增長是一個快速的內務記錄， SG&A 將成長多少？

How much will SG&A dollars grow this year and due to investments that you might be making in wages or labor within the store?

由於您可能在商店內的工資或勞動力方面進行的投資，今年的 SG&A 美元將增長多少？

Thank you very much.

非常感謝。

Carla are going to tag team this one.

卡拉將標記這一團隊。

I'll start on the margin front.

我將從邊緣開始。

It's a it's a question that I think every retailer ask themselves on a regular basis.

我認為每個零售商都會定期問自己這個問題。

If I promoted more what I would I see a higher sales trend and you certainly understand the My math is Michael, that if you sell at a discount of 25% off, you got to sell 33% more units to offset that.

如果我推廣更多的東西，我會看到更高的銷售趨勢，你當然明白我的數學是邁克爾，如果你以 25% 的折扣出售，你必須多售出 33% 的單位來抵消這一點。

So what we've seen, candidly, throughout the course of 2023 and part of '22 is when we've leaned into promotions during kind of non-peak time periods when the customer is not willing to shop, we've seen a trade down in AUR and we haven't seen an offset in terms of unit growth to offset the sales decline.

因此，坦白說，我們在 2023 年整個過程和 22 年的部分時間裡看到的是，當我們在非高峰時段客戶不願意購物時傾向於促銷，我們看到了一種交易AUR 下降，而且我們還沒看到單位成長可以抵銷銷售額下降的影響。

So we've been very thoughtful about where we plan our promotions.

因此，我們對促銷活動的策劃地點進行了深思熟慮。

As we talked about, we plan them around the big market share moments on the calendar like a Mother's Day, like a Father's Day, like an Easter like a back-to-school like a holiday.

正如我們所說，我們圍繞著日曆上的大市場份額時刻來規劃它們，例如母親節、父親節、復活節、返校節假日。

And that strategy has worked for us.

這個策略對我們來說很有效。

I mean, if you look at our margin or merch margin for Q4, it was down about 50 basis points.

我的意思是，如果你看看我們第四季的利潤率或商品利潤率，你會發現它下降了約 50 個基點。

We had offsets in other lines to help pull the total gross profit up.

我們在其他業務中進行了抵消，以幫助提高總毛利。

But um, we did certainly lean into promotion a little bit during Q4.

但是，嗯，我們在第四季確實有點傾向促銷。

And I think that that definitely helped us.

我認為這絕對對我們有幫助。

I think you'll see us continue to run those plays as we move forward.

我想你會看到我們在前進的過程中繼續進行這些戲劇。

But broadly promoting all the time we don't think is the pathway to success.

但我們認為一直廣泛推廣並不是成功之路。

And I'll take it from an SG&A standpoint.

我將從 SG&A 的角度來看。

Michael, I said 90% of what we invested in this year from a SG&A rate standpoint was the investments.

邁克爾，我說從 SG&A 率的角度來看，我們今年的投資 90% 都是投資。

I also said expect at the midpoint 100% growth in SG&A of rate next year.

我還說過，預計明年 SG&A 成長率將達到 100% 的中點。

It's really all investments like 100% of it.

這實際上是100%的所有投資。

I'm actually pretty proud of the team when anything incremental that was over and above launching new stores, investing in omnichannel, making investments on the customer data platform that we implemented last year were all really offset dollar for dollar with incremental savings.

事實上，我為這個團隊感到非常自豪，因為除了開設新店、投資全通路、對我們去年實施的客戶數據平台進行投資之外，任何增量都確實透過增量節省抵消了美元的損失。

So if you think about how that it's going to manifest itself on a more detailed P&L.

因此，如果您考慮它將如何在更詳細的損益表上反映出來。

We now have 15 to 17 stores versus 14 this year.

我們現在有 15 到 17 家商店，而今年則是 14 家。

We'd like to start a little bit earlier in the year.

我們想在今年早一點開始。

So there's a little bit of capital investment made in '24 that all that will get us out of the gate good in FY25.

因此，24 年進行了一些資本投資，所有這些都將使我們在 25 財年取得良好的表現。

And that represents the wages that we pay to our associates and managers in those facilities, the rents, property taxes, the seeding of the market.

這代表了我們向這些設施中的員工和經理支付的工資、租金、財產稅和市場培養。

Steve talked about where there's low brand awareness and now we've got a new tool with the customer database platform and some other tactics investing in advertising associated with those new markets.

史蒂夫談到了品牌知名度較低的地方，現在我們有了一個帶有客戶資料庫平台的新工具以及一些其他策略來投資與這些新市場相關的廣告。

And the and the other thing would be just the technology and comp costs associated with you know the WMS is a SaaS-based system.

另一件事是與您知道 WMS 是基於 SaaS 的系統相關的技術和補償成本。

There's going to be tech expense associated with that.

將會有與此相關的技術費用。

The Treasure Data customer data platform has a cost to it.

Treasure Data 客戶資料平台是有成本的。

And obviously, omnichannel from the user experience investments that we're making there.

顯然，我們在那裡進行的用戶體驗投資是全通路的。

So in short, the 100 basis points of expense deleverage that you should expect for next year, and that was embedded within our long-range plan.

簡而言之，明年的費用去槓桿化將達到 100 個基點，這已包含在我們的長期計劃中。

It's all of the investment.

這就是全部投資。

That's the totality of the investment costs.

這就是投資成本的總和。

Thanks very much.

非常感謝。

Thanks

謝謝

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴 (Anthony Chukumba)，Loop 資本市場。

Good morning and thanks for taking my questions.

早安，感謝您提出我的問題。

So I just want to kind of tie a couple of things together.

所以我只是想把一些事情連結在一起。

In terms of my question, you talked about some of the outperformance in certain footwear brands, you specifically brought up, Brooks, you also talked about the fact that you're definitely counting on some new products to drive growth in 2024 to help in 2024.

就我的問題而言，您談到了某些鞋類品牌的一些出色表現，您特別提到了布魯克斯，您還談到了這樣一個事實，即您肯定指望一些新產品來推動2024 年的增長，以幫助2024 年。

So kind of tying those two together, any insights in terms of some of the sort of hot running brands, US specifically Hogan on any insights in terms of whether what your expectations in terms of whether you can get one or either or both of those brands, particularly given the fact you've had success with Brooks, which is a relatively, you know, what sort of high ticket footwear brand?

因此，將這兩者聯繫在一起，對某些熱門品牌的任何見解，特別是美國霍根，對您是否可以獲得這些品牌中的一個或其中一個或兩個品牌的期望有何見解，特別是考慮到您在Brooks 上取得了成功，您知道，這是一個相對高價的鞋類品牌嗎？

Thank you.

謝謝。

Yes.

是的。

No, I think you asked us this question last time, too, because we don't have any updates on that front?

不，我想您上次也問過我們這個問題，因為我們沒有這方面的任何更新？

I mean, as you know that you're right, those are two of the hottest brands that are out there.

我的意思是，正如您所知，您是對的，這是兩個最熱門的品牌。

We would love to have access to those.

我們很樂意獲得這些。

And as I've said before, I don't think it's a matter of if it's when we continue to have dialogue and we'll continue to put our assets out there right now.

正如我之前所說，我認為這不是我們是否繼續進行對話以及我們現在是否會繼續投入資產的問題。

We don't have access those.

我們無權訪問這些。

And so our mission and our plan is to win with the brands we have access to.

因此，我們的使命和計劃是透過我們擁有的品牌贏得勝利。

And I think you're seeing that play out and some of the successes call called out with Nike, particularly some of the higher end running shoes that we've gotten from them.

我想你已經看到了這種情況的發生，一些成功是耐吉的功勞，特別是我們從他們那裡得到的一些高端跑鞋。

Brooks, a great call out there.

布魯克斯，這是一個偉大的呼籲。

Brooks has since then absolutely on fire for us.

從那時起，布魯克斯就對我們充滿熱情。

You know, we're seeing great success in brands like New Balance and other running brands.

您知道，我們看到 New Balance 等品牌和其他跑步品牌取得了巨大成功。

So we're going to win with the brands we currently have.

因此，我們將以我們現有的品牌獲勝。

We're going to continue to drive to get the brands.

我們將繼續努力爭取品牌。

We don't have access to that.

我們無權存取該內容。

The customers telling us they want, and we're going to continue to seek out more brands and incubate new brands earlier in the cycle so that we're not trying to catch them when they're hot, we're going to have them at the moment they start to turn.

客戶告訴我們他們想要什麼，我們將繼續尋找更多品牌，並在周期的早期孵化新品牌，這樣我們就不會試圖在它們熱門時抓住它們，我們會擁有它們此刻他們開始轉動。

So you'll see that and that's not just for conversation.

所以你會看到這一點，這不僅僅是為了談話。

I think that's broadly across the store.

我認為這在整個商店都是如此。

We've got it.

我們已經做到了。

We've got to get better at getting newness in the stores.

我們必須更好地在商店中推出新產品。

And I think the teams really rallied around that.

我認為團隊確實圍繞著這一點團結起來。

And you see that in a lot of the new brand initiatives we called out and we're going to we're going to scale them very quickly and make them big and important so that we don't have to have a conversation about why we don't have access will all come in on going forward.

你會看到，在我們提出的許多新品牌計劃中，我們將非常迅速地擴大規模，使它們變得更大、更重要，這樣我們就不必討論為什麼我們要這樣做。沒有訪問權限的人都將在以後進入。

Yes, at the risk of double dip.

是的，面臨二次探底的風險。

And I will so we've got 282 stores in 18 states and we talk with our vendors about what's on the horizon.

我會的，所以我們在 18 個州擁有 282 家商店，我們與我們的供應商討論即將發生的事情。

And we talk to a lot 160 to 180 stores over the next five years.

未來五年我們將與 160 至 180 家商店進行洽談。

But longer term, we see runway to be an 800 plus our store location.

但從長遠來看，我們預計跑道將成為 800+ 店面的所在地。

That's nationwide and partnering with us and what has been unitary growth on potential of an academy.

這是全國性的，與我們合作，以及學院潛力的統一成長。

So we definitely talk to them about the here and now and how we're happy about 25% sales growth from pre pandemic and all the things that we talk about here, but we talk with the more about the future, what's over the mid-term and a longer term horizon.

因此，我們肯定會與他們談論此時此地的情況，以及我們對大流行前 25% 的銷售增長感到高興以及我們在這裡談論的所有事情，但我們更多地談論未來，以及中期的情況。期限和更長期的視野。

And I think it really resonates the growth potential associated with the company.

我認為這確實與公司的成長潛力產生了共鳴。

Got it.

知道了。

And apologies for asking the same question, I mean, nothing if not consistent.

很抱歉問同樣的問題，我的意思是，如果不一致就沒有什麼。

I'm just you all everyone quick follow-up.

我只是大家快速跟進。

You talked about the stock-based compensation that's like $0.3. So when they look at this initial guide and so on and kind of apples to apples like adjusted basis, that would say the guidance was really more like kind of $6.20 to $7.20 on an adjusted basis, is it is there also the potential for there to be other add backs over the course.

您談到了 0.3 美元左右的股票薪酬。因此，當他們查看這個初始指南等以及調整後的基礎上的同類情況時，會說該指導實際上更像是調整後的 6.20 至 7.20 美元，是否也有可能是課程中的其他補充。

I mean, I know it's obviously hard to hard to say that you want to stick with the with the gap.

我的意思是，我知道顯然很難說你想堅持這個差距。

And I'm just I'm just trying to make sure I'm thinking about this apples to apples.

我只是想確保我正在同等地考慮這個問題。

I mean, could there be other potential add-backs to gap as the year progresses?

我的意思是，隨著時間的推移，差距是否會有其他潛在的回補？

Thanks.

謝謝。

So I'm going to say that as we think about add-backs, we actually pride ourselves on the simplicity of our P&L.

所以我要說的是，當我們考慮回加時，我們實際上為損益表的簡單性感到自豪。

And since stock-based comp is the one.

因為基於股票的比較就是這樣的。

And for the last three years, there's been a small add-back for, you know, early extinguishment of debt, which we think is the right thing to do for our business and we're not going to we disclose to you in the in the 10-K what preopening store costs are, but the SEC frowned upon a lot of add-backs.

在過去的三年裡，有一個小的補充，你知道，提前消除債務，我們認為這對我們的業務來說是正確的事情，我們不會在報告中向您透露。10-K 商店開業前的成本是多少，但SEC 不贊成大量的額外費用。

And so we're really vanilla because our business makes sense without the add-backs.

所以我們真的很普通，因為我們的業務在沒有附加費用的情況下也有意義。

If you think about the guidance for next year from an adjusted EBIT standpoint, at the midpoint, it's about a negative 70 basis point decline.

如果您從調整後息稅前利潤的角度考慮明年的指導，則中間值約為負 70 個基點下降。

At the pretax income standpoint, it's about negative 60 basis points to FY23.

從稅前收入的角度來看，它比 2023 財政年度大約負 60 個基點。

And net income is about 50 basis points of degradation at the at the midpoint.

淨利潤中點下降約 50 個基點。

And literally all of it is related to our strategic initiatives that we have confidence and that are getting better with each vintage.

從字面上看，所有這些都與我們的策略性舉措有關，我們有信心，並且隨著每個年份的發展而變得更好。

And so yes, we're not there's probably I mean who knows what comes, but we're not thinking about any new adjusting items.

所以，是的，我們可能不知道會發生什麼，但我們沒有考慮任何新的調整項目。

Anthony, I just want to say you don't have to apologize for asking the question.

安東尼，我只是想說你不必為問這個問題道歉。

It's a fair question.

這是一個公平的問題。

We always look forward to challenging questions you posed to us.

我們始終期待您向我們提出具有挑戰性的問題。

Thanks for the kind words.

感謝您的客氣話。

Good luck with us fiscal 2024.

祝我們 2024 財年好運。

Thank you.

謝謝。

John Heinbockel, Guggenheim Securities.

約翰·海因博克爾，古根漢證券公司。

Steve, can you just walk through our CRM initiatives this year right now that you've stood that up, whether it's reactivating customers, wallet share and how you're going to lean into that?

Steve，既然你已經站出來了，你能簡單介紹一下我們今年的 CRM 計畫嗎？無論是重新啟動客戶、錢包份額還是你將如何實施？

And then the thought of about personalized promotions, right you talked about this pricing on bikes and fitness and stuff like that.

然後是關於個人化促銷的想法，你談到了自行車和健身之類的定價。

Do you see an opportunity to do personalized promotions where you're not blasting that out to the marketplace, but being very surgical in how you attack that?

您是否看到了進行個人化促銷的機會，您不是將其推向市場，而是以非常精確的方式進行攻擊？

Yes, it's a good question.

是的，這是一個好問題。

So I would say a couple of things.

所以我想說幾件事。

First, we installed the new CDP. last summer.

首先，我們安裝了新的 CDP。上個夏天。

We spent the back half of last year testing a lot of different use cases in terms of customer acquisition, customer acquisition.

去年下半年，我們在客戶獲取方面測試了許多不同的用例。

And I think as you move forward, you're going to see us lean into a couple of focuses.

我認為，當你向前邁進時，你會看到我們傾向於幾個重點。

First, traffic is a challenge.

首先，交通是一個挑戰。

I mean, you know, the traffic for transactions for Q4 were down mid-single digits.

我的意思是，你知道，第四季的交易流量下降了中個位數。

Our goal is to drive more customers coming into our store and drive traffic.

我們的目標是吸引更多顧客進入我們的商店並增加客流量。

So I think you're going to see us use the CDP and working with our various agencies and partners to generate more look-alike audiences and to really start filling the top of the funnel.

因此，我認為您將看到我們使用 CDP 並與我們的各個機構和合作夥伴合作，以產生更多相似的受眾，並真正開始填充漏斗的頂部。

That's going to be a big focus for us.

這將成為我們的一大焦點。

I think you're going to also see us then look at our high-value customers and look at ways to get them to shop with us more frequently and move people up the identity ladder and have them become have some customers who are more occasional shoppers become more loyal shoppers and move them off.

我想您也會看到我們關注我們的高價值客戶，尋找方法讓他們更頻繁地在我們這裡購物，提升人們的身份階梯，讓他們成為偶爾購物的客戶。成為更忠實的購物者並吸引他們。

So I think you're going to see a multi-prong focus there.

所以我認為你會看到一個多管齊下的焦點。

But new customer acquisition and driving traffic is number one.

但新客戶獲取和增加流量是第一位的。

And then moving customers up that identity letter to shop with us more be the second focus in terms of more personalized promotions?

然後，讓顧客透過身分證明信來與我們一起購物是更個人化促銷的第二個重點嗎？

I think you're dead on.

我想你已經死定了。

I mean that is the future.

我的意思是，這就是未來。

And that's where I think we're ultimately headed.

我認為這就是我們最終的發展方向。

We're probably a little behind on this one.

我們在這方面可能有點落後了。

That being said, it's an opportunity for us, and I think you're going to see us as we learn more of our customers have more one-to-one marketing and to have more targeted promotions.

話雖這麼說，這對我們來說是一個機會，我想當我們了解更多的客戶時，您會看到我們有更多的一對一行銷和更有針對性的促銷活動。

I think that will allow us to pull back on some of the more global promotions that we do run, and that will be a journey as we move forward.

我認為這將使我們能夠取消一些我們正在進行的全球性促銷活動，這將是我們前進的旅程。

But there's definitely an opportunity for that, and it's something we're looking at very closely.

但這肯定是有機會的，而且我們正在密切關注這一點。

And then just quickly last thing.

然後就是最後一件事。

When do you think when do you launch the new loyalty program?

您認為什麼時候推出新的忠誠度計畫？

Is that still pretty holiday here?

這裡的假期還好嗎？

Our goal is to have it in place sometime this year.

我們的目標是在今年某個時候將其落實到位。

So preholiday, definitely for sure if we can get it in place before back-to-school, we'd like to.

因此，在假期前，如果我們能在返校前將其落實到位，我們肯定會這麼做。

But I want to make sure whatever we rollout is fully vetted and we're very comfortable with that being said.

但我想確保我們推出的任何內容都經過充分審查，我們對此感到非常滿意。

And what I want to make sure you understand is we see this loyalty program as being a long-term build over time.

我想確保您理解的是，我們認為這個忠誠度計劃是一個隨著時間的推移而建立的長期計劃。

This is not something we don't want to come out with a bunch of benefits.

這不是我們不想帶來的一系列好處。

The customer may or may not want.

客戶可能想要也可能不要。

We want to make sure whatever we include in the initial rollout is something the customers told us, it's a value.

我們希望確保我們在最初的推出中包含的任何內容都是客戶告訴我們的，它是一種價值。

And so you'll probably see us take some things that have resonated well with our credit card customer, which is kind of the basis of our loyalty program and extend that more broadly to a broader range of customers and then test into new capabilities on as we progress forward.

因此，您可能會看到我們採取了一些與我們的信用卡客戶產生良好共鳴的東西，這是我們忠誠度計劃的基礎，並將其更廣泛地擴展到更廣泛的客戶，然後測試新功能我們不斷前進。

So it will be a slow burn and an add over time, but we definitely want to get something out in the marketplace before holiday.

因此，這將是一個緩慢的過程，並隨著時間的推移而增加，但我們絕對希望在假期前在市場上推出一些東西。

Thank you.

謝謝。

Thank you.

謝謝。

Will Gaertner, Wells Fargo.

威爾·加特納，富國銀行。

Hey, guys, thanks for squeezing me in here.

嘿，夥計們，謝謝你們把我擠在這裡。

So if we just talk about the new stores on, can you just talk a little bit about lowering the guide for the new stores, new, where where's the drag coming from?

因此，如果我們只談論新店，您能否稍微談談降低新店的指導，新的阻力來自哪裡？

And then secondly, are all the all the new stores that you're opening?

其次，你們要開的新店都是嗎？

Are they all EBITDA positive, is it vary by News new store or new markets versus new versus existing?

它們的 EBITDA 是否均為正數？新店或新市場與新市場與現有市場之間的差異是否有所不同？

And then what gives you confidence in increasing your store footprint, particularly as comps remain negative?

那麼是什麼讓您有信心增加商店足跡，特別是在競爭仍然為負的情況下？

Yes.

是的。

So I go back to the to answered probably last question first.

所以我先回到可能回答的最後一個問題。

I mean, we're investing in opening new stores because it's critical to our future and so on.

我的意思是，我們正在投資開設新店，因為這對我們的未來等至關重要。

We are going to keep pushing forward on this pace.

我們將繼續按照這個步伐前進。

Now that being said, we're moderating it a little bit, right?

話雖這麼說，我們正在稍微緩和一下，對吧？

So this year, candidly, we guided 15 to 17 new stores.

所以今年，坦白說，我們指導了15到17家新店。

We probably could have opened a few more stores this year, probably push some out of Q4 into Q1 of next year so that we can get more density who will go into a new market.

我們今年可能會再開幾家商店，可能會將一些商店從第四季度推遲到明年第一季度，這樣我們就可以增加進入新市場的密度。

And so we're trying to be very deliberate and thoughtful about how we pace out.

因此，我們正在努力非常謹慎和深思熟慮地考慮我們的節奏。

These new stores is kind of going slow so you can go fast in the future in terms of the volume expectation, I think it's really driven by what we described in the call.

這些新店的發展速度很慢，因此未來的銷售預期可以加快，我認為這實際上是由我們在電話中描述的內容所驅動的。

You know, obviously the stores that are newer markets, it's taking a little longer to build brand awareness.

您知道，顯然，新市場的商店需要更長的時間來建立品牌知名度。

So those would be at the lower end of that $12 million range versus stores in existing markets being in or in larger markets being in the higher end of that volume range of $16 million.

因此，這些銷售額將處於 1,200 萬美元範圍的較低端，而現有市場或更大市場中的商店則處於 1,600 萬美元銷售額範圍的較高端。

I think the key is in terms of the number of stores, I'm looking at more midsized markets.

我認為關鍵在於商店的數量，我正在尋找更多的中型市場。

I would say initially we were focused primarily on going into large metro markets.

我想說，最初我們主要專注於進入大型地鐵市場。

And I think as we've had some stores and more mid-sized markets be very successful, we've got now store and Christian Virginia, that's done very well for us or Harlingen, Texas.

我認為，由於我們的一些商店和更多中型市場非常成功，我們現在有了商店和克里斯蒂安弗吉尼亞州，這對我們或德克薩斯州哈林根來說做得很好。

And so I think we look at those stores and say, okay, there's an appetite for a sporting goods store such as ours, sports and outdoor stores such as ours to go into those markets and really take care of an underserved customer CCs kind of opening the window a little bit in terms of our consideration set.

所以我認為我們看看這些商店並說，好吧，像我們這樣的體育用品商店、像我們這樣的體育和戶外商店有興趣進入這些市場並真正照顧服務不足的客戶CCs 的開業就我們的考慮而言，窗口有點小。

And that's what's really driving more stores that will be more stores, maybe a slightly lower volume, but because they're in smaller markets, the operating cost to run those stores are very favorable and more than offset the slightly lower volume targets.

這才是真正推動更多商店的原因，商店數量可能會略低，但由於它們位於較小的市場，經營這些商店的營運成本非常有利，足以抵消略低的銷售目標。

And well, I'll hit the last kind of two parts of your question.

好吧，我將回答你問題的最後兩部分。

As you think about, I think you said, like slowing new store growth and the headwinds of negative comps on a negative 6%, 5% comp this year, we generated $536 million in cash flow from operations.

正如你所想，我想你說過，就像新店成長放緩以及今年負競爭 6%、5% 的不利因素一樣，我們從營運中產生了 5.36 億美元的現金流。

We invested that $208 million into capital, $203 million into share repurchases, $103 million into debt service and $27 million into dividends and ended with $10 million more in cash than we did the year before, and that's on a negative 6%, 5% comp.

我們將2.08 億美元投資於資本，2.03 億美元用於股票回購，1.03 億美元用於償債，2700 萬美元用於股息，最終現金比前一年多了1000 萬美元，這是在負6 %、5% 的情況下進行的。

So I give all the credit to the merchants for their inventory management.

所以我把所有的功勞都歸功於商家的庫存管理。

But negative comps are not going to come cause us to come off of this strategy.

但負面補償不會導致我們放棄這個策略。

We have so much whitespace.

我們有太多的空白。

We want to open great stores and we're going to methodically do that over our long-range plan.

我們希望開設出色的商店，並且我們將在長期計劃中有條不紊地實現這一目標。

So as it relates to EBITDA, as you know, by vintage, they're all positive.

因此，如您所知，與 EBITDA 相關時，從年份來看，它們都是正面的。

I would tell you at $12 million.

我會告訴你 1200 萬美元。

You know, we're EBITDA positive depending upon the location that you know, if it's in the city or something like that, below that, it gets tough to be EBITDA positive and that's why we're just being really discerning specifically with these new markets that we're going into.

你知道，我們的EBITDA 為正值取決於你所知道的位置，如果是在城市或類似的地方，低於此，很難實現EBITDA 為正值，這就是為什麼我們對這些新產品非常有辨別力。我們要進入的市場。

Okay.

好的。

So with that, I'll

這樣一來，我就

(multiple speakers)

（多個發言者）

No, Thank you.

不，謝謝。

Appreciate it.

欣賞它。

Okay.

好的。

I appreciate it.

我很感激。

I appreciate everybody joining us on the call today.

我感謝今天大家加入我們的電話會議。

Just in closing our goal over the next years to move back to top line growth while continuing to make investments will drive returns in future years, allow us to achieve our long-term objectives.

只要完成我們在未來幾年恢復收入成長的目標，同時繼續進行投資，就會推動未來幾年的回報，使我們能夠實現我們的長期目標。

We believe that we have a unique concept that resonates with a wide range of consumers and a scalable and transportable.

我們相信，我們擁有能夠引起廣泛消費者共鳴的獨特概念，並且具有可擴展性和可運輸性。

While our long-range plan encompasses targets we plan to achieve over the next five years, our ultimate long-term goal is to be the best sports and outdoor retailer in the country store stretching across the continent.

雖然我們的長期計劃包含了我們計劃在未來五年內實現的目標，但我們的最終長期目標是成為遍布整個非洲大陸的鄉村商店中最好的運動和戶外零售商。

And that is what we remain focused.

這就是我們仍然關注的重點。

On closing, I want to thank all 22,000 of our Academy associates for all the hard work and effort they put in over the past year.

最後，我要感謝學院所有 22,000 名員工在過去一年中所付出的辛勤工作和努力。

We continue to believe that our employees are the key ingredient to our secret sauce, and I know that every one of our team members is going to give it their best effort out there and help more people have fun out there in 2024.

我們仍然相信，我們的員工是我們秘密武器的關鍵要素，我知道我們的每位團隊成員都會盡最大努力，幫助更多的人在 2024 年享受樂趣。

Thanks for joining us today and have a great rest of your day.

感謝您今天加入我們，祝您有個愉快的一天。

Ladies and gentlemen, the call is now concluded.

女士們、先生們，通話現已結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect your lines.

現在您可以斷開線路。