Academy Sports and Outdoors Inc (ASO) 2024 Q1 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Academy Sports and Outdoors first quarter fiscal 2024 results conference call. At this time, this call is being recorded and all participants are in listen-only mode. (Operator Instructions)

早安，女士們、先生們，歡迎參加學院體育與戶外運動 2024 財年第一季業績電話會議。此時，該通話正在錄音，所有參與者均處於僅聽模式。 （操作員說明）

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

我現在將把電話轉給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 2024 financial results call. Participating on the call are Steve Lawrence, Chief Executive Officer; and Carl Ford, Chief Financial Officer.

大家早安，謝謝您參加學院體育與戶外運動 2024 年第一季財務業績電話會議。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. These statements are subject to risk and uncertainties that could cause our actual results to differ materially from our expectations and projections.

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。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. 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。本公司不承擔修改任何前瞻性陳述的義務。今天的言論也提到了某些非公認會計準則財務指標。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。

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

現在我將把電話轉給史蒂夫勞倫斯聽他的演講。史蒂夫？

Thanks, Matt. Good morning to everyone, and thanks for joining our first quarter 2024 earnings call. As always, we appreciate your interest and support of Academy sports and outdoors. As you saw from our press release this morning, sales for Q1 came in at $1.36 billion which was a 1.4% decline versus the first quarter of last year.

謝謝，馬特。大家早安，感謝您參加我們的 2024 年第一季財報電話會議。一如既往，我們感謝您對學院體育和戶外活動的興趣和支持。正如您從今天早上的新聞稿中看到的，第一季銷售額為 13.6 億美元，比去年第一季下降 1.4%。

As a reminder, we had a 53rd week in 2023 so we're using a shifted comp sales calculation, which compares weeks one throught 13 this year versus weeks two throught 14 last year. Using this methodology, our comparable sales for the first quarter came in at down 5.7%. As we expected, our customer remains challenged by the current macroeconomic environment.

提醒一下，我們 2023 年是第 53 週，因此我們使用的是變化的比較銷售計算，該計算將今年的第 1 週到第 13 週與去年的第 2 週到第 14 週進行比較。使用這種方法，我們第一季的可比銷售額下降了 5.7%。正如我們預期的那樣，我們的客戶仍然面臨當前宏觀經濟環境的挑戰。

Inflation is keeping prices at elevated levels, while personal savings have been depleted, causing our customers to be tight with their discretionary spending trends we've cited in previous calls in terms of customer shopping patterns held true in the first quarter as customer shopping episodically, while gravitating towards the value offerings in our assortment, along with new and innovative items.

通貨膨脹使價格保持在較高水平，而個人儲蓄已經耗盡，導致我們的客戶對其可自由支配的支出趨勢感到緊張，我們在之前的電話會議中就客戶購物模式而言，這一趨勢在第一季是正確的，因為客戶偶爾購物，同時偏向我們品種中的價值產品以及新的和創新的產品。

What was encouraging was that we saw sequential improvement throughout the quarter with April being the best month of Q1. The second quarter represents a good opportunity for us to show continued improvement with several national shopping events still ahead of us, such as Father's Day, July 4, and the beginning of back-to-school.

令人鼓舞的是，我們看到整個季度的業績連續改善，其中 4 月是第一季表現最好的月份。第二季對我們來說是一個展示持續改進的好機會，因為一些全國性的購物活動仍然在前方，例如 7 月 4 日的父親節和返校季的開始。

Beneath the surface, our .com business posted an 8% sales increase over last year and comprised 9% of total merchandise sales versus 8.2% last year. BOPIS and ship-from-store represented more than 80% of total.com sales for Q1, which highlights a true omnichannel approach that we've taken to growing this business.

從表面上看，我們的 .com 業務銷售額比去年增長了 8%，佔商品總銷售額的 9%，而去年為 8.2%。 BOPIS 和商店發貨佔第一季 Total.com 銷售額的 80% 以上，這凸顯了我們為發展這項業務而採取的真正的全通路方法。

As, one of our long-range plan goals is to build a more powerful omni-channel business. We are focused on engaging as many customers as possible across all of our channels because we know that an omnichannel shopper is our most valuable customer. They shop more frequently, spend more per transaction, and are worth 3 times to 4 times more in sales per year and a non-omnichannel customer.

我們的長期計劃目標之一是建立更強大的全通路業務。我們專注於在所有管道中吸引盡可能多的客戶，因為我們知道全通路購物者是我們最有價值的客戶。他們購物更頻繁，每筆交易花費更多，每年的銷售額增加 3 到 4 倍，並且是非全通路客戶。

In terms of sales performance across our different divisions, the hard goods side of the business performed the best during the quarter. On a non-GAAP basis, our strongest category within hard goods remains the outdoor division, which ran a 2% increase. Camping continues to run significant gains driven by Stanley and YETI.

就我們不同部門的銷售業績而言，耐久財業務在本季表現最佳。根據非 GAAP 基準，我們在耐用品領域最強的類別仍然是戶外部門，該部門成長了 2%。在 Stanley 和 Yeti 的推動下，露營業持續取得顯著成長。

Strong field trend we saw in Q4 slowed down a little bit in Q1. We expect this business to activate later in the year. The hunting and fishing categories remain key differentiators for us, and both businesses are in the best inventory position we've been in over the past four years, which sets us up well heading into the summer months for fishing and then the fall for hunting season.

我們在第四季度看到的強勁趨勢在第一季有所放緩。我們預計這項業務將在今年稍後啟動。狩獵和釣魚類別仍然是我們的關鍵差異化因素，這兩項業務都處於過去四年來的最佳庫存狀態，這使我們能夠很好地進入夏季釣魚季節和秋季狩獵季節。

The other portion of the business. We categorize hard goods is sports and recreation, which ran down 4%. We saw strong performance in this division and team sports, which was led by continued growth in pickleball. It also includes our outdoor cooking category, which has been a strong suit for us over the past couple of years, but had a challenging quarter, primarily driven by a crop shortage suppressed sales across the entire Gulf region.

業務的另一部分。我們將耐用品分類為體育和娛樂，下降了 4%。我們在這個部門和團隊運動中看到了強勁的表現，這得益於匹克球的持續成長。它還包括我們的戶外烹飪類別，該類別在過去幾年中一直是我們的強項，但本季度充滿挑戰，主要是由於農作物短缺抑制了整個海灣地區的銷售。

We have seen this business rebound as we exited crossvision cooking season and people started preparing for summer outdoor grilling. To help capitalize on this. We also have a strong marketing plan for the summer to ensure we grow our market share. We offer the broadest and most holistic assortment in the marketplace across cooking types and surfaces, Spices and Rubs, accessories, and premium fuels, making another key differentiator and traffic driver for Academy.

隨著我們退出交叉視覺烹飪季節並且人們開始為夏季戶外燒烤做準備，我們看到了這種業務的反彈。幫助利用這一點。我們還有一個強而有力的夏季行銷計劃，以確保我們擴大市場份額。我們提供市場上最廣泛、最全面的產品組合，涵蓋烹飪類型和表面、香料和磨料、配件以及優質燃料，這是 Academy 的另一個關鍵差異化因素和流量驅動因素。

The most challenged business in sports and recreation remains fitness. We continue to see softness in cardio equipment. We'll talk about some plans to help improve this business a little bit later in my remarks. On the soft goods side of the business, footwear sales were down slightly at negative 1%, which was a solid improvement over our Q4 trends.

體育和娛樂領域最具挑戰性的業務仍然是健身。我們繼續看到有氧運動器材的疲軟。稍後我們將在發言中討論一些幫助改善這項業務的計劃。在軟商品業務方面，鞋類銷售額略有下降，為負 1%，比我們第四季的趨勢有了顯著改善。

Athletic Footwear had the strongest performance for the quarter, driven by increases in performance running brands such as Nike, Brooks and New Balance. Casual footwear was the second best performing category with strong sales in Birkenstock's, Crocs and Skechers, driven by slip-ins.

受Nike、布魯克斯和新百倫等高性能跑步品牌成長的推動，運動鞋類本季表現最強勁。休閒鞋類是表現第二好的鞋類，勃肯鞋 (Birkenstock)、卡駱馳 (Crocs) 和斯凱奇 (Skechers) 的銷售強勁，主要得益於套腳鞋的推動。

We continue to partner with our existing footwear brands to gain expanded access to the innovation pipelines so we can ensure our customers have access to the newest styles. At the same time, we continue to work with relevant brands to gain access to items and categories that are not already part of our current assortment.

我們持續與現有鞋類品牌合作，擴大創新管道，確保我們的客戶能夠獲得最新款式。同時，我們繼續與相關品牌合作，以獲得尚未屬於我們目前產品系列的商品和類別。

Apparel sales were down 3% for the quarter. Within this division, our kids and outdoor apparel business were the top performers. We continue to see strong results from key national brands such as Nike, Carhartt and Levi's, while also seeing solid growth in some of our newer private brands such as freely and R.O.W.

本季服裝銷售額下降 3%。在這個部門中，我們的兒童和戶外服裝業務表現最佳。我們繼續看到 Nike、Carhartt 和 Levi's 等主要國內品牌的強勁業績，同時也看到一些較新的自有品牌（如 free 和 R.O.W.）的穩健增長。

Licensed apparel was the weakest segment of the business as we were lapping the release of the commemorative Astros World Series jerseys that launched last spring, along with the LSU women's basketball national championship from last year.

授權服裝是業務中最薄弱的部分，因為我們正忙於發布去年春天推出的太空人隊世界大賽紀念球衣以及去年的路易斯安那州立大學女子籃球全國錦標賽。

That being said, the majority of this business for us is done during the fall and the team has done a lot of great work around editing the assortment position us well for the kickoff to college and pro football later this year. From a profitability standpoint, our gross margin rate came in at 33.4% for the quarter or a 40 basis points decline versus last year, primarily driven by an 80 basis points decline in merchandise margins.

話雖這麼說，我們的大部分業務都是在秋季完成的，團隊在編輯分類位置方面做了很多出色的工作，為今年晚些時候大學和職業橄欖球的開賽做好準備。從獲利能力的角度來看，我們本季的毛利率為 33.4%，比去年下降 40 個基點，主要是由於商品利潤率下降 80 個基點。

The merchandise margin decline versus last year is primarily caused by sales mixing into lower margin hard goods businesses, coupled with some planned extra promotional activity this year. We remain on track to achieve our full year gross margin rate guidance of 34.3% to 34.7%. Carl will discuss our profitability performance in more detail in his comments later in the call.

商品利潤率較去年下降的主要原因是銷售混入了利潤率較低的耐用品業務，再加上今年計劃進行的一些額外促銷活動。我們仍有望實現 34.3% 至 34.7% 的全年毛利率指引。卡爾將在稍後的電話會議中發表評論，更詳細地討論我們的獲利表現。

As we forecast sales off for the remainder of the year, we expect that our customer base will remain under pressure and continue to moderate their spending combat this believing in the shopping trends, the customers clearly demonstrated over the past year, while also focusing on our long-range plan initiatives.

由於我們預測今年剩餘時間的銷售量將下降，我們預計我們的客戶群將繼續面臨壓力，並繼續減少支出，打擊這種對購物趨勢的信念，客戶在過去的一年中清楚地證明了這一點，同時也關注我們的長期計劃舉措。

In regards to customer behavior for three primary sales drivers, newness, value driving traffic during the key time periods on the calendar. In terms of newness, we continue to look for emerging and innovative brands to add to our assortment is another way to spark customer interest and drive traffic and sales.

關於日曆上關鍵時間內三個主要銷售驅動因素、新穎性、價值驅動流量的客戶行為。在新穎性方面，我們繼續尋找新興和創新品牌來添加到我們的產品中，這是激發客戶興趣並推動流量和銷售的另一種方式。

Several of the new brands that we've added assortment over the last year, such as Birkenstock, NordicTrack and Fitness, and -- in apparel will be available in an expanded number of stores this year. We also continue to bring in well-known brands that previously weren't part of our assortment such as Altra Trail Running Shoes for Chaco sandals.

去年我們增加了一些新品牌，例如 Birkenstock、NordicTrack 和 Fitness，以及服裝領域的一些新品牌，今年將在更多的商店出售。我們也繼續引進以前不屬於我們產品系列的知名品牌，例如用於 Chaco 涼鞋的 Altra Trail Running Shoes。

In order to highlight our value offering. Another place we've added newness is in our private brand portfolio, where we recently launched MacGregor Golf as a brick and mortar exclusive for Academy. Initially, we're leaning into golf balls and clubs sets, but similar to Redfield on the outdoor side of the business, we think for our category expansion opportunities down the road.

為了突出我們的價值提供。我們增加新內容的另一個地方是我們的自有品牌組合，我們最近推出了 MacGregor Golf，作為學院專屬的實體產品。最初，我們傾向於高爾夫球和球桿套裝，但與雷德菲爾德在戶外業務方面類似，我們認為我們未來的品類擴張機會。

The last, we're leveraging newness is to jump-start sales and lagging categories. I mentioned earlier in my comments about the continued softness in the fitness business and our plan is to lean into newness and innovation as a way to help spark this business.

最後，我們利用新鮮感來啟動銷售和滯後類別。我之前在評論中提到健身業務持續疲軟，我們的計劃是依靠新穎和創新來幫助激發這項業務。

The first focus is to reenergize our cardio equipment assortment by capitalizing on emerging trends. We're also leaning into value with items such as walking pads, which were essentially a simplified treadmill that works well for people who use standing desk or want a low impact aerobic workout at home.

第一個重點是透過利用新興趨勢來重新激活我們的有氧運動設備品種。我們也傾向於使用步行墊等物品的價值，這些物品本質上是一種簡化的跑步機，非常適合使用站立式辦公桌或想要在家中進行低強度有氧運動的人。

Another addition is taking advantage of the CrossFit trend of being the first retailer to add salt fitness store brick and mortar assortment or a digitally native brand that is well known and respected within the CrossFit community. Finally, within cardio, as I briefly mentioned earlier, we're expanding our Nordic Track Assortment out to all doors with additional styles.

另一個補充是利用 CrossFit 趨勢，成為第一家添加鹽健身商店實體品種或在 CrossFit 社群中眾所周知和受尊重的數位原生品牌的零售商。最後，在有氧運動方面，正如我之前簡要提到的，我們正在將北歐軌道系列擴展到所有門類，並提供更多款式。

Another growing fitness trend is focused on recovery or expanding into cold therapy with offerings from LifePRO and Hyperice sports nutrition as the third leg of the stool with several new brands launching in our stores, including Jacko and Podium.

另一個不斷增長的健身趨勢是專注於恢復或擴展到冷療，LifePRO 和 Hyperice 運動營養產品作為第三條腿，我們的商店推出了幾個新品牌，包括 Jacko 和 Podium。

On the value front, we continue to ramp up our focus by distorting the products, brands and categories we have clearly defined everyday value leadership on key private and national brand items. You'll see these items heavily featured in marketing and primary position and signed in our stores and on our website.

在價值方面，我們透過扭曲我們在關鍵私人和國家品牌項目上明確定義的日常價值領導力的產品、品牌和類別，繼續加大我們的關注。您將看到這些商品在行銷和主要位置上佔據重要地位，並在我們的商店和網站上簽名。

While we remain firmly committed to our everyday pricing model. We will also use promotions on seasonal categories as a way to take advantage of customers' episodic shopping patterns and drive traffic during the key milestones in the calendar.

同時我們仍然堅定地致力於我們的日常定價模式。我們還將利用季節性類別的促銷活動來利用客戶的間歇性購物模式並在日曆中的關鍵里程碑期間增加流量。

As I mentioned earlier, we have several natural shopping events in the calendar in the second quarter, including Memorial Day, Father's Day, July 4, and the kickoff to back-to-school and football season with a strong slate of promotions focus in this time period with an emphasis on key summer categories such as grilling, patio furniture pools and fishing help ensure we win the driveway decision.

正如我之前提到的，第二季度的日曆上有幾項自然購物活動，包括陣亡將士紀念日、父親節、7 月 4 日以及返校季和足球賽季的開始，其中有一系列促銷活動重點關注重點關注夏季關鍵類別（例如燒烤、庭院家具泳池和釣魚）的時間段有助於確保我們贏得車道決策。

We also have several initiatives that are incorporated into our long-range plan strategies, which we expect to start paying dividends as we progress through the year. Opening new stores remains the number one growth driver for us. As we previously guided in 2024, we plan to open up 15 to 17 new stores.

我們還有多項舉措已納入我們的長期計劃策略，我們預計這些舉措將隨著我們今年的進展而開始帶來紅利。開設新店仍然是我們的第一大成長動力。正如我們之前的指導，我們計劃在 2024 年開設 15 至 17 家新店。

During the quarter, we opened up two new stores with the first one in Knightdale, North Carolina, which is right outside of Raleigh, and the second in Greenwood, Indiana, which is south of Indianapolis.

本季度，我們開設了兩家新店，第一家位於北卡羅來納州奈特代爾（羅利郊外），第二家位於印第安納州格林伍德（印第安納波利斯以南）。

We're excited that, just a couple of weeks ago, we opened up our third new store for this year in Zanesville, Ohio, expanding our presence from 18 to 19 states in our store count to 285. The remaining 12 to 14 stores will open up in the second half of the year with a good balance of locations between new and existing markets.

令我們感到興奮的是，就在幾週前，我們在俄亥俄州曾斯維爾開設了今年的第三家新店，將我們的門市數量從18 至19 個州擴大到285 家。商店將在下半年開業，新市場和現有市場之間的位置取得了良好的平衡。

During the first quarter, our '22 vintage of new stores ran positive comps, while the 2023 vintages not currently in the comp base are tracking to higher year one volume levels from that of the '22 vintage. Our expectation is that the 2024 stores will be even stronger.

在第一季度，我們的新店 '22 年份酒取得了積極的業績，而目前不在比較基礎中的 2023 年份酒則比 '22 年份酒的第一年銷量水平更高。我們預計2024年的門市將會更加強大。

Our second core strategy is to have our .com business to 15% penetration over the next five years. As I mentioned earlier, our sales in this channel are off to a strong start in Q1. This is the second consecutive quarter of positive comps for the .com business. Our core focus is on this front are to streamline and elevate the omnichannel shopping experience, offer, expanded assortments online and improve our fulfillment speed.

我們的第二個核心策略是在未來五年內讓我們的 .com 業務滲透率達到 15%。正如我之前提到的，我們在該通路的銷售在第一季取得了強勁的開局。這是 .com 業務連續第二個季度實現積極業績。我們在這方面的核心重點是簡化和提升全通路購物體驗、報價、擴大線上品種並提高我們的履行速度。

One key capability that will go live as we head into the remainder of the year as the ability to offer same-day delivery for many of our products, the partner with DoorDash to help us deliver this new level of same-day fulfillment. We'll launch this capability across our entire footprint as we head into back-to-school. Initially, customers will be able to order Academy products through the DoorDash app.

進入今年剩餘時間，一項關鍵功能將上線，即為我們的許多產品提供當日送達服務，與 DoorDash 合作將幫助我們實現當日送達的新水平。當我們重返校園時，我們將在整個覆蓋範圍內啟動此功能。最初，客戶將能夠透過 DoorDash 應用程式訂購 Academy 產品。

The next phase will be to integrate this functionality into our sites where customers can choose same-day delivery is another fulfillment option. We believe that this added capability will help us reach new customers through the DoorDash app and drive incremental sales. This new service, coupled with our strong focus offering, where we will focus on one, our fulfillment guarantee helps further simplify our customer shopping experience and better enable them to have fun out there in all of their sports and outdoor activities.

下一階段將將此功能整合到我們的網站中，客戶可以選擇當日送達是另一種履行選項。我們相信，這項新增功能將有助於我們透過 DoorDash 應用程式吸引新客戶並推動增量銷售。這項新服務，加上我們強大的重點產品（我們將專注於其中一項），我們的履行保證有助於進一步簡化我們的客戶購物體驗，並更好地使他們能夠在所有體育和戶外活動中享受樂趣。

Another focus under the strategy is all the work you've heard us speak to in prior calls from driving a deeper connection with our customer through the use of data and analytics over the summer, we plan to launch our first ever loyalty program, which will be branded as My Academy.

該策略的另一個重點是您在之前的電話中聽到我們談到的所有工作，從夏季通過使用數據和分析來推動與客戶的更深層次的聯繫，我們計劃推出我們的第一個忠誠度計劃，該計劃將命名為“我的學院”。

To be clear, our Academy credit card will remain our primary loyalty tool for 5% off every purchase being the cornerstone of value propositions. That being said, we have many customers who don't either qualify for the card or choose not to apply. We plan to expand how we engage with non Academy credit card customers through My Academy.

需要明確的是，我們的學院信用卡仍將是我們主要的忠誠工具，每次購買均可享有 5% 的折扣，這是價值主張的基石。話雖如此，我們有許多客戶要么不符合該卡的資格，要么選擇不申請。我們計劃透過 My Academy 擴大與非 Academy 信用卡客戶的互動方式。

The goal is to reduce andor eliminate friction for a loyalist while also expanding their buying power by offering targeted offers and promotions. The elements of My Academy will include a welcome offer of 10% off your next purchase of up to $200. Free shipping on purchases over $25 versus $50 for people who aren't in the program. Faster checkout for both online and in our app insider access to personalize offers deals and products and a birthday reward.

目標是減少和/或消除忠誠者的摩擦，同時透過提供有針對性的優惠和促銷來擴大他們的購買力。 My Academy 的元素包括歡迎優惠，您下次購買金額不超過 200 美元即可享受 10% 的折扣。購買金額超過 25 美元可免運費，未參與該計劃的用戶則可免運費；購買超過 50 美元則可免運費。線上和我們的應用程式內部人員可以更快地結帳，獲得個人化優惠和產品以及生日獎勵。

Over time, as we test new features and benefits, our plan is to integrate the ones that resonate with our customers into this loyalty program. At this point, our plan is to have the program fully rolled out prior to back-to-school. Another one of our long-range plan initiatives is to leverage and scale our supply chain.

隨著時間的推移，當我們測試新的功能和優勢時，我們的計劃是將與客戶產生共鳴的功能和優勢整合到這個忠誠度計劃中。目前，我們的計劃是在返校前全面推出該計劃。我們的另一個長期計劃舉措是利用和擴展我們的供應鏈。

The Implementation of our new warehouse management system is one of several supply chain initiatives. We should see increased productivity and service falls out of our Georgia distribution center as we move forward now that it has gone live.

我們新的倉庫管理系統的實施是多項供應鏈措施之一。隨著喬治亞州配送中心投入使用，我們應該看到生產力的提高和服務的下降。

Our management team has collectively been through many of these transitions at other companies, and we were all pleased with how smoothly the changeover to the new WMS has gone. As a reminder, the implementation and rollout of the system is foundational to us achieving our new-store growth targets that we outlined in our long-range plan.

我們的管理團隊曾在其他公司共同經歷過許多此類轉變，我們都對新 WMS 的順利轉換感到滿意。提醒一下，該系統的實施和推出是我們實現長期計畫中概述的新店成長目標的基礎。

First of our three DCs that we will be converting over to the Manhattan WMS. While we can't control the economy, we can control how we deliver value and newness for customers on a regular basis. We can also control how we engage with our customer through marketing and the service levels we provide along with how we execute against the pillars of our long-range plan. And that is what we're going to remain focused on.

我們將把三個 DC 中的第一個轉換為曼哈頓 WMS。雖然我們無法控制經濟，但我們可以控制如何定期為客戶提供價值和新鮮感。我們還可以控制如何透過行銷和我們提供的服務水準與客戶互動，以及我們如何執行長期計劃的支柱。這就是我們將繼續關注的重點。

With that, I'll turn it over to Carl, who give you a deeper dive into our Q1 financials. Carl?

接下來，我將把它交給卡爾，他將帶您更深入地了解我們第一季的財務狀況。卡爾？

Thanks, Steve. Good morning, everyone. Our top line in the first quarter did not meet our expectations given this, we work to manage our inventory levels and control our operating costs, resulting in Academy generating $200 million in cash from operations during the quarter.

謝謝，史蒂夫。大家，早安。有鑑於此，我們第一季的營收沒有達到我們的預期，我們努力管理我們的庫存水準並控制我們的營運成本，導致學院在本季從營運中產生了 2 億美元的現金。

Now let's walk through the details of our first quarter results. Net sales came in at $1.36 billion, a 1.4% decline compared to the first quarter of last year. With a comp of negative 5.7%. Our comp ticket size decreased by 1%, while comp transactions declined by 5%.

現在讓我們詳細了解第一季業績。淨銷售額為 13.6 億美元，比去年第一季下降 1.4%。對比為負 5.7%。我們的贈券規模減少了 1%，贈券交易量下降了 5%。

Our omnichannel sales were 9% of total merchandise sales compared to 8.2% in the first quarter of 2023. The investments we have made over the past couple of years upgrading the technical aspects of our website and the connectivity to the stores have solidified the back-end infrastructure to improve the customer checkout experience.

我們的全通路銷售額佔商品總銷售額的 9%，而 2023 年第一季為 8.2%。終端基礎設施，以改善客戶結帳體驗。

We are now focused on investing in new customer acquisition and driving more traffic to the site. The gross margin rate in the first quarter was 33.4%, a 40 basis points decrease compared to Q1 of last year. Merchandise margins declined by 80 basis points, primarily due to a higher sales mix of hard goods and more promotional activity versus last year.

我們現在專注於投資新客戶獲取並增加網站流量。一季毛利率為33.4%，較去年第一季下降40個基點。商品利潤率下降 80 個基點，主要是因為與去年相比，耐久財銷售組合增加以及促銷活動增加。

This decline was partially offset by a 40 basis points improvement in freight costs and a 20 basis points improvement in shrink compared to Q1 of last year. We remain on track to achieve our full year gross margin guidance of 34.3% to 34.7%. Our SG&A dollars as a percentage of sales increased by 130 basis points or $12.5 million compared to Q1 of last year. We deleveraged 30 basis points on existing store operations, primarily due to the decline in sales volume.

與去年第一季相比，貨運成本提高了 40 個基點，損耗率提高了 20 個基點，部分抵消了這一下降。我們仍有望實現 34.3% 至 34.7% 的全年毛利率指引。與去年第一季相比，我們的 SG&A 美元佔銷售額的百分比增加了 130 個基點，即 1,250 萬美元。我們對現有門市營運進行了 30 個基點的去槓桿化，主要是因為銷售量下降。

The other 100 basis points of deleverage was a result of Academy, investing in its primary growth initiatives, opening new stores, growing omnichannel scaling and leveraging our customer data platform and modernizing our supply chain. We believe in our long-range plan and are committed to investing in it while also managing our existing cost structure.

另外 100 個基點的去槓桿化是 Academy 投資其主要成長計畫、開設新店、擴大全通路規模、利用我們的客戶資料平台以及供應鏈現代化的結果。我們相信我們的長期計劃，並致力於對其進行投資，同時管理我們現有的成本結構。

Overall, in the first quarter, Academy generated net income of $76.5 million and diluted earnings per share of $1.01. Adjusted net income, which excludes stock-based compensation of $6.1 million and $449,000 of deferred loan costs was $81.6 million or $1.08 in adjusted earnings per share.

總體而言，第一季度，Academy 淨利潤為 7,650 萬美元，攤薄後每股收益為 1.01 美元。調整後淨利潤（不包括 610 萬美元的股票薪酬和 449,000 美元的遞延貸款成本）為 8,160 萬美元，即調整後每股收益 1.08 美元。

Looking at the balance sheet, we ended the quarter with $378 million in cash. Our inventory balance was $1.36 billion, a decrease of 2% compared to Q1 of 2023. Total inventory units were down 11%, and this includes having an additional 15 stores compared to the end of Q1 2023. On a per-store basis, inventory units were down 11.5%.

從資產負債表來看，本季末我們的現金為 3.78 億美元。我們的庫存餘額為13.6 億美元，與2023 年第一季相比下降了2%。商店計算，庫存單位數量下降 11.5%。

In terms of capital allocation we continue to execute a balanced capital allocation strategy, focused on our three priorities. One, maintaining adequate liquidity for financial stability to self-funding our growth initiatives, and three, increasing shareholder return through share repurchases and dividends.

在資本配置方面，我們繼續執行平衡的資本配置策略，並專注於三個重點。第一，保持充足的流動性以實現財務穩定，為我們的成長計畫自籌資金；第三，透過股票回購和股利增加股東回報。

In Q1, we generated approximately $200 million of cash from operations. We invested $32 million in our growth initiatives, repurchased [124 million] worth of shares or 2.7% of the total outstanding shares of the company and paid out $8 million in dividends. We are investing in future growth as well as shareholder value, particularly when it is discounted relative to the company's long-term growth potential.

第一季度，我們從營運中產生了約 2 億美元的現金。我們在成長計畫上投資了 3,200 萬美元，回購了價值 [1.24 億] 的股票，占公司已發行股票總數的 2.7%，並支付了 800 萬美元的股息。我們投資於未來成長和股東價值，特別是當它相對於公司的長期成長潛力打折時。

Academy had $574 million remaining on its share repurchase authorization at the end of Q1. Lastly, a couple of other notes. Up from the quarter, we amended and extended our $1 billion credit facility through March of 2029 and the Board recently approved a dividend of $0.11 per share payable on July 18, 2024, to stockholders of record as of June 20, 2024.

截至第一季末，Academy 的股票回購授權剩餘 5.74 億美元。最後，還有一些其他注意事項。自本季以來，我們修改並延長了10 億美元的信貸額度，直至2029 年3 月，董事會最近批准了每股0.11 美元的股息，將於2024 年7 月18 日支付給截至2024 年6 月20日登記在冊的股東。

Turning to guidance, we expect the economic environment to remain challenging. Therefore, we will continue to efficiently run the business while also making investments to support our long term strategic opportunities.

談到指引，我們預期經濟環境仍充滿挑戰。因此，我們將繼續有效率地經營業務，同時進行投資以支持我們的長期策略機會。

We are reiterating our previous sales and net income guidance for fiscal 2024, while updating our EPS forecast to reflect the shares repurchased in the first quarter, net sales are still expected to range from $6.07 billion to $6.35 billion, with comparable sales of negative 4% to positive 1%.

我們重申先前對2024 財年的銷售和淨利潤指引，同時更新每股收益預測以反映第一季回購的股票，淨銷售額仍預計在60.7 億美元至63.5 億美元之間，可比銷售額負4%至正1%。

Our gross margin rate is still expected to range from 34.3% to 34.7% and GAAP net income between $455 million and $530,000 million dollars. GAAP diluted earnings are now expected to range from $6.05 per share to $7.05 per share based on our revised share count of approximately 75 million diluted weighted average shares outstanding for the full year.

我們的毛利率仍預計在 34.3% 至 34.7% 之間，GAAP 淨利潤在 4.55 億美元至 5300 億美元之間。根據我們修訂後的全年已發行股數約為 7,500 萬股攤薄加權平均股數，GAAP 攤薄收益目前預計為每股 6.05 美元至 7.05 美元。

This amount does not include any potential future repurchase activity. SG&A expenses are still expected to be approximately 100 basis points higher than in 2023. As a reminder, SG&A includes stock-based compensation expense of $30 million or approximately $0.30 of earnings per share.

該金額不包括任何未來潛在的回購活動。 SG&A 費用預計仍將比 2023 年高出約 100 個基點。

We also remain confident in the strength of our cash flows and still expect to generate between $290 million to $375 million of free cash flow, including $225 million to $275 million of capital expenditures.

我們對現金流的實力仍然充滿信心，並仍預計產生 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。

With that, we will now open it up for questions.

現在，我們將開放提問。

Thank you. (Operator Instructions) Seth Basham, Wedbush Securities.

謝謝。 （操作員指示）Seth Basham，Wedbush 證券公司。

Thanks a lot and good morning. My first question is just thinking about the balance of the year for your maintained full year guidance implies a material improvement in both the top line as well as gross margins. Can you reiterate or help us better understand the key drivers of that improvement in the second quarter and beyond?

非常感謝，早安。我的第一個問題是，考慮您維持的全年指導的年度餘額意味著營收和毛利率都有實質改善。您能否重申或幫助我們更好地理解第二季及以後改善的關鍵驅動因素？

Yes. So I'll start with when we talked in the last call, the how we described the kind of the sequence of the quarters and progression was that we thought Q1 would be the most challenging quarter for us. We saw sequential improvement coming in Q2. We saw the back half getting better than the first half of the year. So that was how we described. And we're sticking with that as kind of our thoughts on our quarterly progression goes.

是的。因此，我將從我們在上次電話會議中交談時開始，我們如何描述季度順序和進展的方式是，我們認為第一季對我們來說將是最具挑戰性的季度。我們看到第二季度出現連續改善。我們看到下半年比上半年好。這就是我們所描述的。我們將堅持這一點，就像我們對季度進展的想法一樣。

In terms of the things that we have within our control that we're using to trying to drive the business in and start moving the needle. Obviously, we talked about the customer behavior, right? We said the customers clearly demonstrated in past years of focus on value newness and episodic shopping around those key moments in the calendar. And so we've really aligned our assortments, our marketing and all of our promotions around that.

就我們所控制的事情而言，我們正在利用這些事情來嘗試推動業務並開始取得進展。顯然，我們討論了客戶行為，對嗎？我們說，顧客在過去幾年中清楚地表現出了對價值新穎性的關注，並圍繞日曆中的關鍵時刻進行間歇性購物。因此，我們確實圍繞著這一點調整了我們的產品種類、行銷和所有促銷活動。

So you'll see very aggressive pushes for us across all fronts during this key time periods in the calendar, such as Father's Day, July 4, back-to-school and holiday. And then I think you'll see us pull back a little different promotions on the gas with. And so we've got a good a good game plan from that perspective.

因此，在日曆中的這個關鍵時間段（例如父親節、7 月 4 日、返校和假期），您會看到我們在各個方面都受到非常積極的推動。然後我想你會看到我們取消了一些不同的汽油促銷活動。因此，從這個角度來看，我們已經制定了一個很好的遊戲計劃。

We've got a couple of categories that are resurgent our outdoor business has been positive now for two quarters in a row. So we're excited about that. That had been a drag on the business for at least a couple of years going back to '22 and early part of '23. So we feel good about that.

我們有幾個類別正在復甦，我們的戶外業務現已連續兩個季度保持積極勢頭。所以我們對此感到興奮。從 22 世紀到 23 年初，這至少在幾年內一直拖累了這項業務。所以我們對此感覺良好。

The .com business has had two back-to-back quarters positive growth as well. We expect that continues to move through the year as we get deeper in the year.

.com 業務也連續兩季實現正成長。我們預計，隨著今年的深入，這種情況將在今年繼續發展。

Some of the other initiatives start to kick in and obviously we talked about the '22 vintage of new stores are running a positive comp for Q1. We expect those to continue to positive comp for us. And then as the '23 vintages start feeding into the comps we believe that those that also inflected positive and then we start building up our 24 stores.

其他一些舉措開始生效，顯然我們談到了 22 年的新店正在為第一季帶來積極的回報。我們預計這些將繼續為我們帶來正面的回報。然後，隨著 23 年的年份開始進入比較，我們相信那些也產生了積極的影響，然後我們開始建立我們的 24 家商店。

We only have three stores so far we opened up. We guided 15 to 17 for the back end of the years where most of those stores are going to open up and start contributing. So that's another driver for us.

到目前為止，我們只開了三家店。我們指導了 15 到 17 年的後期，其中大多數商店將開業並開始做出貢獻。這是我們的另一個驅動力。

Couple of the things you know, we've talked a lot about loyalty and our new CDP on the last couple of calls. So I think as we're about a year into now, having that customer data platform in place. We're getting smarter about how we how we leverage that in terms of targeted marketing to our customer.

您知道的一些事情，我們在過去幾次電話會議中討論了很多關於忠誠度和新 CDP 的問題。所以我認為我們已經建立了大約一年的客戶數據平台。我們在如何利用這一點向客戶進行有針對性的行銷方面變得越來越聰明。

I think the New Myer Academy Award that we're rolling out is an outgrowth of that and it gives us another tool to interact and engage with our customers, particularly those who haven't been using our credit card.

我認為我們推出的新邁爾學院獎就是這一目標的產物，它為我們提供了另一種與客戶互動和互動的工具，特別是那些尚未使用我們信用卡的客戶。

And then lastly, we've got an improving apparel and footwear business. Both of those businesses were better in Q1 than they were in Q4, so we got those businesses moving in the right direction. So those are all the reasons why we believe that we're going to start seeing steady improvement throughout the remainder of the year.

最後，我們的服裝和鞋類業務正在改善。這兩項業務在第一季都比第四季更好，因此我們讓這些業務朝著正確的方向發展。因此，這些都是我們相信我們將在今年剩餘時間內開始看到穩定改善的原因。

That's really helpful. And as a follow-up on that last point apparel and footwear. It's still lagging as categories seems like industry wise, they're doing better. So opposite for you on other key initiatives are key brands that will help drive improvement in that business as we move through the year?

這真的很有幫助。作為最後一點服裝和鞋類的後續行動。它仍然落後，因為從行業角度來看，它們的表現似乎更好。那麼，在其他關鍵舉措上，與您相反的是關鍵品牌將有助於在我們度過這一年的過程中推動該業務的改進？

Yes. So footwear for us was it was a drag in Q4. It was actually one of the better businesses for us in Q1 there's certainly things going on in the performance running sector that we don't have access to a couple of those brands. That being said, we're working with our core suppliers, the Nikes, the New Balance, the Adidas, the World, continues to get expanded access to premium footwear there.

是的。因此，鞋類對我們來說是第四季的一個拖累。這實際上是我們第一季更好的業務之一，性能跑步領域確實發生了一些事情，我們無法接觸其中的幾個品牌。話雖這麼說，我們正在與我們的核心供應商耐吉、新百倫、阿迪達斯、世界合作，繼續擴大在那裡獲得優質鞋類的機會。

We're also working with our other brands where, one of the things that's good about our businesses. It's not just on active footwear, right? We have a work boot business. We have a casual shoe business are working with brands like Skechers to really drive the slip in case that working with our work with vendors to drive that piece of it.

我們也與其他品牌合作，這對我們的業務來說是一件好事。不僅僅是運動鞋，對吧？我們有工作靴業務。我們有一家休閒鞋業務正在與 Skechers 等品牌合作，以真正推動這一發展，以防我們與供應商合作來推動這一發展。

And we continue to add new brands such as Park and stock, which has only been in the store about a year, we expanded the presentation and that amount into more doors. We just added Ultra trail running shoes on for Q1, as well as Chaco sandal. So it's a mixture of working with our existing brands to get access to the things that we currently haven't had access to for layering on new brands and expanding new brands rapidly as they prove successful, and that's how we're going to drive growth in flow work.

我們繼續增加 Park 和 Stock 等新品牌，這些品牌只在店裡上市了大約一年，我們將展示範圍擴大到更多的門。我們剛剛在第一季度添加了 Ultra 越野跑鞋以及 Chaco 涼鞋。因此，這是與我們現有品牌合作的混合體，以獲得我們目前無法獲得的東西，以便對新品牌進行分層，並在新品牌被證明成功時迅速擴展它們，這就是我們推動增長的方式在流動工作中。

Thank you.

謝謝。

Justin Kleber, Baird.

賈斯汀·克萊伯，貝爾德。

Hey, good morning, everyone. Thanks for taking the questions. Steve, you mentioned the positive comp and new stores and hoping you could expand on that a bit. How did the '22 vintage comp in aggregate, how does that compare to what you would anticipate from normal maturation?

嘿，大家早安。感謝您提出問題。史蒂夫，你提到了積極的補償和新商店，並希望你能對此進行一些擴展。 22 年年份酒的整體表現如何？ 與您對正常成熟期的預期相比如何？

Just trying to understand the comp benefit from new store maturation versus how your mature stores are performing.

只是想了解新店成熟所帶來的競爭優勢與成熟商店的表現如何。

Yeah, I would say it was in line with how we modeled it based off of. If you remember, we talked a little bit about how on when we initially came forward with our forecast, and we were kind of looking at stores that had some influence from the pandemic. So we went back and looked at stores in the '14, '15, '16 vintages to kind of get a sense of the year to look like and that's how we modeled it.

是的，我想說這與我們建模的方式是一致的。如果您還記得的話，我們在最初提出預測時討論了一些情況，我們正在研究受疫情影響的商店。因此，我們回去查看了 14、15、16 年份的商店，以了解該年份的外觀，這就是我們的建模方式。

So I would say that they were in, mid single digits from a comp mid to low single digits. From a comp perspective, it was significantly better than the remainder of the stores. So we definitely saw an inflection there and our expectation would be that as the '23 then just start to mature and feet and we'd see similar behavior.

所以我想說，他們處於中個位數，從中個位數到低個位數。從比較的角度來看，它明顯優於其他商店。因此，我們確實看到了那裡的變化，我們的期望是，隨著 23 年開始成熟和發展，我們將看到類似的行為。

As a reminder, the '22 vintage was somewhat opportunistic and tested a lot of different things. We applied those tests to the '23 vintage. And as we've been tracking and they're tracking to a higher year, one volumes in the '22 vintage did and our expectation is we'll see the same thing with the '24 vintage.

提醒一下，22 年的年份有點機會主義，測試了很多不同的東西。我們將這些測試應用於 23 年份。正如我們一直在跟踪的那樣，他們正在跟踪更高的年份，'22 年份的一卷做到了這一點，我們的期望是我們會在 '24 年份看到同樣的情況。

So this is something that's going to take a while to build a little bit of that flywheel is we're trying to get it going. It's encouraging to see the '22 vintages perform much better than the rest of the chain. And as we get more of these vintages '23 and '24 feeding into that, I think it's just going to help accelerate our comps.

因此，這將需要一段時間來建造一些飛輪，我們正在努力讓它運作。看到 22 年年份酒的表現比該系列的其他年份好得多，真是令人鼓舞。隨著我們獲得更多 23 和 24 年份的葡萄酒，我認為這將有助於加速我們的比賽。

That's helpful. Thanks. And then maybe a question for Carl, just on gross margin. Curious how 1Q came in relative to your expectations and if you just help us bridge the gap between the 1Q gross margin rate to the full year guide? I know 2Q, 3Q historically have higher of our historically higher margin rate quarters, but just how you envision merch margins evolving over the balance of the year and what your assumptions are for freight within the full year guide? Thanks.

這很有幫助。謝謝。然後也許是卡爾的一個問題，只是關於毛利率。想知道第一季的毛利率與您的預期相比如何？我知道第二季、第三季的利潤率在歷史上較高的季度中較高，但您對今年餘下時間的商品利潤率的變化有何設想，以及您對全年指南中貨運的假設是什麼？謝謝。

Yeah. So last year came in at 34.3% gross margin. We guided to 34.3% to 34.7%. So on the high side, 40 basis points of growth where we thought that would come from would be two to real places. One would be on distribution center operations. Steve mentioned that we went live with the Manhattan Active Product in our Twin County or Georgia distribution center, which is our least productive.

是的。因此去年的毛利率為 34.3%。我們指導為34.3%至34.7%。因此，從較高的角度來看，我們認為 40 個基點的成長將是實際成長的兩個基點。其中之一是配送中心營運。史蒂夫提到，我們在雙縣或喬治亞州的配送中心使用了曼哈頓活性產品，這是我們生產力最低的。

We're happy with what we're seeing coming out of there in terms of productivity. And so we think that getting out of the end of the quarter of implementation, if you will, that there's upside potential associated with DC operations.

我們對在生產力方面所看到的結果感到滿意。因此，我們認為，如果願意的話，在實施季度末結束後，DC 營運將具有上升潛力。

Second would be around merchandise margins of, call it, 20 basis points of upside potential associated with that. Our inventories are pretty clean guys. We're proud of how we manage inventory. We're proud of how we manage promotions. So clean inventory balance don't need to promote into things.

其次是商品利潤率，即與之相關的 20 個基點的上行潛力。我們的庫存非常乾淨。我們對庫存管理方式感到自豪。我們對促銷管理方式感到自豪。所以乾淨的庫存平衡不需要推廣成東西。

To clear it's what we would promote is on this key traffic driving time periods where we want to incentivize the customer to come in. And as it relates specifically to Q1 gross margin was down 40 basis points. That was 80 basis points of merch margin decline, 40 basis points of freight improvement year over year and 20 basis points of shrink improvement.

需要明確的是，我們要在這個關鍵的流量驅動時段進行促銷，我們希望激勵客戶進入。商品利潤率年減 80 個基點，運費年減 40 個基點，收縮改善 20 個基點。

I would really expect on shrink to be flat for the year over year. I think we've got opportunity areas and we're focused on it have come out of the gate 20 basis points better than last year on the inventories that we did, and I'm pleased with it. But I would tell you to think about it as a flat opportunity.

我真的希望收縮率與去年同期持平。我認為我們有機會領域，我們專注於它，我們的庫存比去年好 20 個基點，我對此感到滿意。但我會告訴你將其視為一個平坦的機會。

And then freight overall, I think it will generally be flat for the year within our guidance. We'll have some pressure associated with import. We've got opportunities on the outbound side from a from a DC to store standpoint, I think diesel will generally be flat to upside potentials. Our DC operations and March margin.

然後，總體而言，我認為今年的貨運量將在我們的指導範圍內基本持平。我們將面臨一些與進口相關的壓力。從配送中心到商店的角度來看，我們在出境方面有機會，我認為柴油價格總體上將持平至上行潛力。我們的 DC 業務和 3 月份利潤率。

Yes, I would jump in and just say that the March margin coming in lower than last year, I think was really the effect of two things. First, we talked about how outdoor performed better within the quarter, and that certainly has a lower margin profile.

是的，我想說的是，三月的利潤率低於去年，我認為這實際上是兩件事的影響。首先，我們討論了戶外產品在本季的表現如何更好，而且其利潤率肯定較低。

Cement mixers is down a little bit now. And then I'd also say that we're talking about the customers being under pressure and they're gravitating towards value early in the season. One of the number one ways we deliver value is clearance. And so we certainly saw a higher take rate on some of the clearance promotions that we ran early in the season, customer gravitating towards those.

水泥攪拌機現在有點下降。然後我還要說，我們正在談論處於壓力之下的客戶，他們在季節初期傾向於價值。我們提供價值的首要方式之一就是清關。因此，我們確實看到了我們在本季初期開展的一些清倉促銷活動的接受率較高，客戶對此很感興趣。

That being said, I think we've got a solid plan and visibility to the gross margin and we think merch margins over the course would be roughly flattish, is how we're thinking about it.

話雖這麼說，我認為我們已經有了一個可靠的計劃和對毛利率的可見性，我們認為整個過程中的商品利潤率將大致持平，這就是我們的想法。

Hi, guys. Thanks for all the color and best of luck.

嗨，大家好。感謝所有的顏色，祝你好運。

Thank you.

謝謝。

Michael Lasser, UBS.

麥可拉瑟，瑞銀集團。

Good morning. Thank you so much for taking my question. So it sounds like the consumer has been responding to some of the promotional activity and discounting that the Academy has been doing. How aggressive is the Academy willing to be with it gross margin in order to drive sales, given what's happening in this environment?

早安.非常感謝您回答我的問題。因此，聽起來消費者一直在響應學院一直在進行的一些促銷活動和折扣。考慮到當前環境下發生的情況，學院願意在多大程度上提高毛利率以推動銷售？

Yeah, so Michael, I think what we shared with you in the past, and I think it's held true candidly, in terms of the behavior we've seen in the first quarter and the in periods where there's not a reason for the customer to shop promoting aggressively has not really driven incremental traffic. It's just basically been an AUR erosion. And so what our game plan has been and will remain is we know that the customers coming out shopping during those key moments on the calendar.

是的，所以邁克爾，我認為我們過去與您分享的內容，而且我認為坦率地說，就我們在第一季度以及客戶沒有理由這樣做的時期所看到的行為而言，這是正確的商店的積極促銷並沒有真正帶動客流量的成長。這基本上就是 AUR 的侵蝕。因此，我們的遊戲計劃已經並將繼續是，我們知道顧客會在日曆上的關鍵時刻出來購物。

So we've got a couple of the big ones ahead of us. I mean, we really activate over the summer, as you well know. And as we get into Father's Day, which, as one of the larger weeks of the year for us and July 4, and back-to-school, we have promotions lined up and will be more promotional than last year. That being said, it's an anticipated in our gross margin forecast.

所以我們前面有幾個大的。我的意思是，正如你所知，我們在整個夏天都非常活躍。當我們進入父親節（對我們來說是一年中最重要的一周之一）和 7 月 4 日以及返校時，我們會安排促銷活動，並且促銷力度會比去年更多。話雖如此，這是我們毛利率預測中的預期。

We pulled back on kind of the gaps in between when the customer isn't showing as much on willingness to shop based off the discounts. We've got it modeled in there, but you're going to see us be promotional during those key time periods and then pull back on the gaps in between. And that's worked for us over the past 6, 12 months, and you're going to see us lean more into that.

當顧客沒有表現出太多基於折扣的購物意願時，我們就縮小了兩者之間的差距。我們已經在那裡進行了建模，但是您會看到我們在這些關鍵時間段進行促銷，然後縮小中間的間隙。在過去的 6、12 個月裡，這對我們來說很有效，你會看到我們更傾向於這一點。

My follow-up question is on the momentum you talked about in April, has that continued into the current quarter? And Steve, there's a lot of skepticism on Academy's ability to hit it at the least the low end of the guidance for the rest of the year. What's implied in that is that comps do make a meaningful improvement?

我的後續問題是關於您在四月份談到的勢頭，這種勢頭是否持續到本季度？史蒂夫，人們對學院能否在今年剩餘時間內至少達到指導的低端水平存在許多懷疑。這意味著什麼是比較確實做出了有意義的改進？

You outlined several factors that and you think will drive the improvement, if you don't see that improvement, what actions are you going to take in order to preserve the profitability and manage the business? Thank you.

您概述了幾個您認為將推動改進的因素，如果您沒有看到這種改進，您將採取哪些行動來保持盈利能力並管理業務？謝謝。

Yes. So yes, I would have to tell you is that? Yes, you're right. If you look at the guidance, I mean, obviously, Q1 is down 5.7. It's outside the low end of the guidance so it does imply that we see improvement as we move forward. The thing I'll point out is, and we really haven't had any of those major kind of customer shopping moments on the calendar in Q1.

是的。所以是的，我必須告訴你是這樣嗎？你是對的。如果你看一下指導，我的意思是，很明顯，第一季下降了 5.7。它超出了指導的低端，因此它確實意味著我們在前進過程中看到了進步。我要指出的是，我們在第一季的日曆上確實沒有任何主要的客戶購物時刻。

We're not obviously a big Easter business. There's not a lot of outdoor activities going on during that time period, et cetera. So really our sweet spot. And we've described this, I think in a lot of different venues is that kind of Memorial Day through back-to-school time period.

顯然我們不是大型復活節企業。在那段時間裡沒有很多戶外活動，等等。這確實是我們的最佳選擇。我們已經描述過這一點，我認為在很多不同的場所都有這樣的陣亡將士紀念日到返校時間。

That 13-week period is very big time period for us that's we've lined up a lot of our marketing initiatives that we've lined up a lot of our promotions. That's why we're launching a lot of new capabilities such as our new loyalty program, same-day delivery with DoorDash, things like that around that time period to really take advantage of that. So our belief is we're going to see that inflection during that time period.

這 13 週的時間對我們來說是非常重要的一段時間，我們已經安排了很多行銷活動，我們已經安排了很多促銷活動。這就是為什麼我們推出了許多新功能，例如新的忠誠度計劃、DoorDash 的當日送達，以及在這段時間內的類似功能，以真正利用這一點。所以我們相信我們會在那段時間看到這種轉變。

Back to the start of your question, I would tell you that the start of May was a little softer than we wanted. I think it's been pretty well documented our that we had some pretty tough weather in a lot of our geographies with a lot of stores shut down for periods of time. That being said, when we got to Memorial Day, and we've got some clean kind of weather. We actually saw Memorial.

回到你問題的開頭，我想告訴你，五月初的情況比我們想要的要溫和一些。我認為有充分的證據表明，我們的許多地區都經歷了相當惡劣的天氣，許多商店都關門了一段時間。話雖這麼說，當我們到了陣亡將士紀念日時，天氣晴朗。我們實際上看到了紀念館。

They behave as we thought it should. And we were pretty happy with how Memorial Day inflected happening. So we have a lot of volume still out of this. This is a big week for us with the July is a big week for us. And obviously back-to-school is a big week for us. So we're going to lean into those things. And then after we get through those time periods, we're going to assess where we're at and call Audible's based off what we're reading in the business from that point forward.

他們的行為正如我們所認為的。我們對亡將士紀念日的發生感到非常高興。所以我們還有大量的交易量沒有完成。這對我們來說是重要的一周，七月對我們來說也是重要的一周。顯然，重返校園對我們來說是重要的一週。所以我們將重點放在這些事情上。然後，在我們度過這些時間段之後，我們將評估我們所處的位置，並根據我們從那時起在業務中所讀到的內容來稱呼 Audible。

Thank you very much and good luck.

非常感謝，祝你好運。

Thanks, Michael.

謝謝，麥可。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Good morning, everyone. My first question is on the new stores. Can you talk about and like the newness in terms of the you said new vintages are comping positive. Does that include all stores? And then can you assess why the '24 class is or the '23 class, is comping well ahead or at higher levels like what how do you diagnose that? And is there any is there any cannibalization happening across neighboring stores?

大家，早安。我的第一個問題是關於新店的。您能否談談並喜歡這種新穎性，即您所說的新年份酒的競爭積極。包括所有商店嗎？然後你能評估為什麼'24級或'23級在競爭中遙遙領先或處於更高水平嗎？鄰近商店之間是否有蠶食現象？

So first off, I want to be clear, we're talking about new stores comping positive. The only ones we're referencing right now of the '22 vintages because the '23 vintage, candidly, most of them opened up in the back half of the year standing and lap themselves yet. And so we're pleased that the '22 vintage, which are the first vintage seating and the comps are comping positive.

首先，我想澄清一下，我們談論的是新店的正面表現。我們現在唯一提到的 22 年份酒是因為 23 年份酒，坦白說，它們中的大多數在今年下半年就已經開始站穩腳跟了。因此，我們很高興 '22 復古座椅，這是第一個復古座椅，並且比較表現積極。

We've commented on as we've seen the '23, then just start off to a higher year one volume trajectory than the year two vintage. And we would attribute that to the fact that and we took a lot of the learnings from the '22 vintage and apply them to the '23 vintage in terms of how we grand open RAN, the marketing cadence, a longer period upfront of seeding those stores longer sustainment time period.

我們已經評論了 23 年的情況，然後就開始了比第二年更高的第一年銷售軌跡。我們將其歸因於這樣一個事實：我們從 22 年份中吸取了很多經驗教訓，並將它們應用到 23 年份中，包括我們如何盛大開放 RAN、營銷節奏、更長的前期播種時間等。長的維持時間段。

Those kind of things have better localized merchandising, better staffing model. So we just took the learnings, apply them. We're seeing the payoff in that. Our anticipation is that '24 is going to be off to a good start. We've had three stores. We've opened up this year. One of the things we're really pleased with is two of them. I think I called out in the comments at night, they'll North Carolina and same.

這類事情有更好的在地化行銷、更好的人員配置模式。所以我們只是吸取教訓，應用它們。我們看到了其中的回報。我們的預期是 '24 將有一個好的開始。我們已經開了三家店了。我們今年已經開幕了。我們真正滿意的事情之一是其中的兩件事。我想我晚上在評論中喊道，他們會是北卡羅來納州，也是一樣。

So which are, I would characterize as not in our current footprint. Those are relatively new markets for us are both doing very well. So I think it's taking some of those appliances. Some of those learnings we've had as we've gone in new markets and applying most came off to a good start on. And our belief is that the '24 vintages going to be off to a higher in volume in the '23 vintages.

我認為哪些不在我們目前的足跡中。這些對我們來說都是相對較新的市場，都表現得很好。所以我認為它正在拿走其中一些設備。我們在進入新市場時所學到的一些知識並得到了應用，大部分都取得了良好的開端。我們相信 24 年份的產量將會比 23 年份的產量更高。

And then a follow up regarding the cadence for the rest of the year, you said the customers being more discerning and you talked about promotion and then you have more newness and activities, I guess, initiatives as it goes on. So I guess the question is, how do you balance the more discerning maybe more value oriented customer with the I guess, the slope now that's implied for the rest of the year to drive the events or to drive the comp?

然後是關於今年剩餘時間的節奏的後續行動，你說客戶更加挑剔，你談到了促銷，然後你有更多的新鮮事和活動，我想，隨著它的繼續，舉措。所以我想問題是，你如何平衡更有洞察力、也許更注重價值的客戶與我猜的，現在暗示今年剩餘時間推動活動或推動競爭的斜率？

So I would say a couple of things. You're going to see us lean into value a couple of different ways. First, we view ourselves as an everyday value price retailer, about 75% of what we sell is at regular price, right? We've got great everyday value on our private label. We've got everyday value in a lot of our national brand offerings.

所以我想說幾件事。你會看到我們透過幾種不同的方式來體現價值。首先，我們將自己視為日常超值零售商，我們銷售的商品中約 75% 是以正常價格銷售的，對嗎？我們的自有品牌具有巨大的日常價值。我們的許多民族品牌產品都具有日常價值。

And sometimes we're not sure we're being as overt as we should about that. So you're going to see us really lean into that from a marketing message. You're going to see us sign it more aggressively in stores, you're going to see it more prominently featured in our website and our marketing.

有時我們不確定我們對此是否足夠公開。所以你會看到我們從行銷訊息中真正傾向於這一點。您將看到我們在商店中更積極地簽署它，您將看到它在我們的網站和行銷中更加突出。

So you're going to you're going to see it across every touch point at the same time, we also use promotions strategically during those key moments in the calendar like a Father's Day, like a back to school to drive traffic. And so during those time periods, we're going to have a more a broader base promotions and somewhat deeper promotions in certain key categories to drive traffic and win the Driveway decision.

因此，您會同時在每個接觸點上看到它，我們也會在日曆中的關鍵時刻（例如父親節，例如回到學校）策略性地使用促銷活動來增加流量。因此，在這些時間段內，我們將在某些關鍵類別中進行更廣泛的基礎促銷和更深層的促銷，以增加流量並贏得車道決策。

And of course, we've got that modeled into our margin. And one of the things that's really been helpful with new customer data platform that we have is we can start seeing customer behavior. So we know within our customers who the more value-based customers, and we're targeting a lot of that marketing towards that customer.

當然，我們已將此模型納入我們的利潤中。我們擁有的新客戶數據平台真正有幫助的事情之一是我們可以開始看到客戶行為。因此，我們知道我們的客戶中誰是更注重價值的客戶，並且我們將大量行銷活動瞄準了該客戶。

Conversely, we also have a customer who we can tell is more triggered by our activated by newness. And so we're using our CDP. to really target them with more of the new offerings and some of the new brands that we're launching. So that's really how we're going about it using CDP as a way to kind of target of those messaging and making sure we've got good fuel from a promotional perspective or a newness perspective to and to center those customers based off of what they're gravitating towards.

相反，我們也有一個客戶，我們可以看出他更多是由我們的新鮮感所觸發的。所以我們正在使用我們的 CDP。透過我們正在推出的更多新產品和一些新品牌真正針對他們。因此，這就是我們真正要做的事情，使用 CDP 作為這些訊息傳遞目標的一種方式，並確保我們從促銷角度或新穎角度獲得良好的動力，並根據客戶的需求將其集中起來。 。

Thank you. Good luck.

謝謝。祝你好運。

Thank you.

謝謝。

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

Thanks. Good morning. So in terms of the improvement in the back half, can you talk a little more specifically about the categories and that you expect to turn positive. To what extent is a MIX going to play out in the gross margin as it relates to that? And to what extent are you still expecting maybe the hunt category to see some lift around the election.

謝謝。早安.因此，就後半部分的改進而言，您能否更具體地談談類別以及您期望轉為積極的方面。 MIX 會在多大程度上影響與此相關的毛利率？您在多大程度上仍然期望狩獵類別在選舉期間會有所提升。

Yes. So you hit on the first one where you're asking which categories we expect to continue to drive for us drive sales. I think certainly outdoors one of those, it's lapped itself in terms of some really tough comps and it's been now two quarters of pretty good performance and we'd expect that to continue through the year. I think that would be broad based.

是的。因此，您談到了第一個問題，即我們希望繼續推動哪些類別推動銷售。我認為當然除了其中一個之外，它在一些非常艱難的比賽中已經超越了自己，現在已經有兩個季度表現相當不錯，我們預計這種情況將持續到今年。我認為這將具有廣泛的基礎。

One of the things on the call we called out was done the camping category really fueled by Stanley and YETI. We think that's going to continue through. We also expect that the hunt business will be good as we turn the quarter into hunting, and we expect fishing to be good over the summer. And so I think all those categories should continue to be drivers for us.

我們在電話會議上呼籲的一件事是由 Stanley 和 Yeti 真正推動的露營類別。我們認為這種情況將會持續下去。我們也預計，當我們將本季轉變為狩獵時，狩獵業務將會良好，並且我們預計夏季的捕魚情況將會良好。因此，我認為所有這些類別都應該繼續成為我們的驅動力。

The impact of the election on. It's hard to tell at this point in time, we really haven't modeled a ton of activity off of that. We didn't know when we go back and look at election years that we see that business activate around those time periods, but we're not really banking on that. If it happens, that would certainly be a positive. I would expect the .com business continue to be positive and we expect the apparel and footwear business to steadily improve at the low end of our guidance.

選舉的影響。目前還很難說，我們確實還沒有據此建模大量活動。我們不知道當我們回過頭來看看選舉年時，我們會發現業務在這些時期活躍起來，但我們並沒有真正指望這一點。如果發生的話，那肯定是正面的。我預計 .com 業務將繼續保持積極態勢，我們預計服裝和鞋類業務將在我們指引的低端穩步改善。

So down four comp that include imply the customer remains under pressure and doesn't really improve in terms of how they're shopping and us leaning into our activities and focuses from a newness, value experience perspective, kind of get us below into the guidance if we can see some inflection from the hunting category based off election.

因此，下降四個比較，包括暗示客戶仍然面臨壓力，並且在購物方式方面並沒有真正改善，我們傾向於我們的活動，並從新鮮感、價值體驗的角度關注，有點讓我們進入以下指導如果我們可以看到基於選舉的狩獵類別的一些變化。

And we can see some of the newness in and value offerings really kick in from a pro forma perspective and those with deposits, that's how we get line of our guidance. So that's why we didn't we didn't narrow the range at this point of time, where only 25% of the way through the year, we think we still have a lot of outcomes out of us that are undetermined. And as we get deeper in the year. We'll certainly share what we're seeing in the business once we get through Q2 because we've got a lot of key events right now in front of us.

我們可以看到，從準備考試的角度來看，一些新穎和有價值的產品確實發揮了作用，而那些有存款的產品，這就是我們獲得指導的方式。所以這就是為什麼我們沒有在這個時間點縮小範圍，在這一年只有 25% 的時間裡，我們認為我們仍然有很多結果尚未確定。隨著這一年的深入。一旦我們度過第二季度，我們肯定會分享我們在業務中看到的情況，因為我們現在面臨著許多關鍵事件。

And then just to clarify, so in the gross margin as supply chains or tailwinds shrinks flat, merchandise margin is flat, is that right? Am I am I missing pieces and then that merch margin, are you expecting mix to be a positive and then essentially offset more promotions year-on-year?

然後澄清一下，所以毛利率隨著供應鏈或順風的收縮而持平，商品利潤率也持平，是這樣嗎？我是否缺少一些東西，然後是商品利潤，您是否期望混合是積極的，然後基本上抵消同比更多的促銷活動？

So we're expecting I think you have the puts and takes, right. We're expecting a flat merch margin. We've modeled in some deleverage from the in the hard goods, big ticket side of the business, particularly outdoor, which has a lower margin profile. But we expect that certainly the footwear and apparel margins going to be strong as we progress through the year.

所以我們期待我認為你有看跌期權，對吧。我們預計商品利潤率持平。我們在硬商品、大宗商品業務方面進行了一些去槓桿化，特別是利潤率較低的戶外業務。但我們預計，隨著今年的進展，鞋類和服裝的利潤率肯定會強勁。

Got it. Thanks very much.

知道了。非常感謝。

Thank you.

謝謝。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

Hi, good morning. Thanks for taking our question. Our first question was just on the My Academy loyalty program. I just wondered if you could give us a little bit more detail on the timing of the rollout of that and end the guidance capturing any kind of upside potential from that or any kind of margin implications as a result of the promotions and offerings that go along with it?

早安.感謝您提出我們的問題。我們的第一個問題是關於 My Academy 忠誠度計劃的。我只是想知道您是否可以向我們提供有關推出該產品的時間的更多詳細信息，並結束指導，以捕獲由此帶來的任何上行潛力或因促銷和優惠而產生的任何利潤影響用它？

Sure. Good morning, Kate. So I'd start with that from a timing perspective, it's going to roll out over the summer. We want to have it in place prior to back to school. As our back-to-school starts a little earlier. So it starts kind of at the tail end of July. So I'd expect we'll have it fully rolled out to all stores by the first or second week of July.

當然。早安，凱特。因此，我從時間角度開始，它將在夏季推出。我們希望在返回學校之前將其安裝到位。因為我們的返校開始得更早。所以它從七月底開始。因此，我預計我們將在七月的第一周或第二週之前將其全面推廣到所有商店。

Really, the goal is we have a we have a pretty powerful loyalty program right now with our credit card. On that being said, we have we have several customers who either don't want another credit card, or B, maybe in some cases, don't qualify for the credit card. And so we wanted to offer them a lot of the same sort of values. And so we talked on the call, that's the initial sign-up discount of 10% of all up to $200. That's free shipping over $25. That's targeted discounts.

事實上，我們的目標是我們現在有一個非常強大的信用卡忠誠度計劃。話雖這麼說，我們有幾個客戶要么不想再使用信用卡，要么可能在某些情況下沒有資格獲得信用卡。因此，我們想為他們提供許多相同的價值觀。所以我們在電話中談到，這是 10% 的初始註冊折扣，最高 200 美元。滿 25 美元免運費。這就是有針對性的折扣。

So all those things that are kind of an endemic to a lot of little programs. We're going to have the only thing you don't get with my Academy that you do give the credit card primarily the 5% off every day. And we certainly believe that's going to be a sales driver for us. We have that modeled in as part of our improvement.

所以這一切都是很多小程式所特有的。我們將擁有您在我的學院無法獲得的唯一東西，您每天主要為信用卡提供 5% 的折扣。我們當然相信這將成為我們的銷售動力。我們將其作為改進的一部分進行建模。

That's one of the ways we see getting from the negative [5.7%] we had in Q1 to our guidance range of down four to up one from a margin erosion perspective, we've repurposed other discounts that we've been running towards this. So it's not really from our perspective going to be initially gross margin accretive because we've offset other promotions to fund it.

從利潤侵蝕的角度來看，這是我們從第一季的負值 [5.7%] 轉向下降 4 到上升 1 的指導範圍的方法之一，我們已經重新調整了我們一直在實現的其他折扣。因此，從我們的角度來看，最初並不會增加毛利率，因為我們已經抵消了其他促銷活動來為其提供資金。

And certainly over time, we're going to test how targeted offers work. And if certain offers resonate more than others, we might add those into benefits hard benefits that will run going forward. But we started off a little light and our goal would be to add to this over time as we test our way into offers to the customers responds.

當然，隨著時間的推移，我們將測試定向優惠的運作方式。如果某些優惠比其他優惠更能引起共鳴，我們可能會將這些優惠添加到未來持續運行的硬性福利中。但我們一開始就比較輕鬆，我們的目標是隨著時間的推移，隨著我們測試向客戶提供服務的方式，進一步完善這一點。

Thank you. And our second question just was around your comments around some of the key brands that you aren't currently carrying in footwear. How much do you think this specifically is challenging traffic to the store?

謝謝。我們的第二個問題是關於您對目前尚未在鞋類產品中銷售的一些主要品牌的評論。您認為這對商店的客流量有多大的挑戰？

Well, we certainly pay a lot of attention to market share data and what's going on in the brands. We've been most questioned about on this call last time and certainly in other calls is there on Hoganon. And if you look at those two brands, they've more than tripled their market share over the past two years.

嗯，我們當然非常關注市場佔有率數據以及品牌的動態。上次我們在這次電話會議中受到最多的質疑，當然在其他電話會議中也有關於霍加農的問題。如果你看看這兩個品牌，他們的市佔率在過去兩年增加了兩倍多。

So I think it's a meaningful driver out there for running footwear and not having it. I think it's certainly something that we would love to have as part of our assortments that could help drive traffic for us. That being said, we're not sitting around waiting for them to open us up. We certainly are having dialogues with them and believe at some point we'll get access to that.

所以我認為對於跑鞋和不穿鞋來說，這是一個有意義的驅動因素。我認為這肯定是我們希望將其作為我們產品組合的一部分，以幫助我們增加流量。話雖這麼說，我們不會坐等他們向我們開放。我們當然正在與他們進行對話，並相信在某個時候我們會接觸到這一點。

But it's all the work we're doing with our existing brands to get access to things we currently don't have access to that are more premium for them. It's adding in new brands that help us complement our assortment. It's all those things that we're going to be focused on. While we also simultaneously work with those brands, we don't have to gain access to them.

但這是我們與現有品牌所做的所有工作，以獲得我們目前無法獲得的對他們來說更優質的東西。它增加了新品牌，幫助我們補充我們的品種。這就是我們要關注的所有這些事情。雖然我們也同時與這些品牌合作，但我們不必獲得它們的存取權限。

Thank you.

謝謝。

Robbie Ohmes, Bank of America.

羅比·歐姆斯，美國銀行。

Well, hey, thanks for taking my question. Maybe for Carl, just some on the store opening cadence for the year. Any thing you can tell us about how that may or may not pressure certain quarters pre-opening expense or just timing of store openings being back half weighted?

嗯，嘿，謝謝你回答我的問題。也許對卡爾來說，只是了解今年新店開幕的節奏。您能告訴我們這可能會或不會對某些季度的開業前費用或商店開業時間造成的壓力進行一半加權嗎？

Yes. So the balance of our stores that were opened are going to be in the second half of the year as you think about preopening costs, we really modeled those into the 100 basis points of deleverage that we that we put in the SG&A guide.

是的。因此，當你考慮開業前的成本時，我們開設的商店的餘額將在今年下半年實現，我們確實將這些模型納入了 SG&A 指南中的 100 個基點的去槓桿化中。

So that's really what's driving the year-over-year deleverage is our investments into new stores. And we like the way that they're starting off. We like the way they're comping once they get past that 14 month and we think this is a big driver for the long-range plan. So we're going to continue to do that. It will deleverage us in our average store to $22 million in sales volume last year. And these new stores were guiding $12 million to $16 million in year one. So there's deleverage associated with it, but that's what's essentially baked into the 100 basis points of deleverage that's embedded within our guidance.

因此，推動逐年去槓桿化的真正原因是我們對新店的投資。我們喜歡他們開始的方式。我們喜歡他們在 14 個月後的表現，我們認為這是長期計劃的重要推動力。所以我們將繼續這樣做。去年，這將使我們平均商店的銷售額降低至 2,200 萬美元。這些新店第一年的指導收入為 1,200 萬至 1,600 萬美元。因此，存在與之相關的去槓桿化，但這本質上是納入我們指導中的 100 個去槓桿化基點的內容。

Got it. And then, Tom, can you walk us through the economics of the DoorDash deal? Was that is very favorable to you guys? How is that structured?

知道了。然後，湯姆，您能給我們介紹一下 DoorDash 交易的經濟效益嗎？這對你們非常有利嗎？其結構如何？

I can't obviously to divulge all the details of that, obviously from a contractual perspective, but basically they have a couple of different ways to model it in the initial phase for us. The way it works is the customer can shop through the DoorDash app and find Academy product, a DoorDash or will actually physically come into store, find the product purchase it and we pay commission our after the fact on that.

我顯然不能透露其中的所有細節，顯然是從合約的角度來看，但基本上他們有幾種不同的方法在初始階段為我們建模。它的工作原理是，客戶可以透過 DoorDash 應用程式購物並找到 Academy 產品、DoorDash，或實際進入商店，找到產品併購買，我們會在事後支付佣金。

Over time, we see this probably going to a model where it looks more like a bogus order for us where we pick the goods and deliver to the DoorDash person outside. It has a slightly different rate associated with it. And then longer term, the goal would be to on integrated, as we talked about in the call, into our into our website. So you can take that as an option.

隨著時間的推移，我們發現這可能會變成一種模式，對我們來說，它看起來更像是一個虛假訂單，我們挑選貨物並將其交付給外面的 DoorDash 人員。它的相關速率略有不同。從長遠來看，我們的目標是整合到我們的網站中，正如我們在電話中談到的那樣。所以你可以把它當作一個選擇。

One of the things that that is we've been studying the customer behavior and seeing what's what they're reacting to what they're not reacting to all the time is one of those things. They are voting for convenience and us not having this as an option.

我們一直在研究客戶行為並了解他們對他們一直沒有反應的事情的反應就是其中之一。他們投票是為了方便，而我們沒有這個選擇。

I mean, we had both as we could pick it up, but think about the use case where customers at the field and they forgot their cleats for them off guard and they want to have it delivered to them while they're at the time that we can, we can now do that.

我的意思是，我們都有，因為我們可以拿起它，但想想這樣的用例：現場的客戶，他們在措手不及的情況下忘記了他們的防滑釘，他們希望在他們當時將其交付給他們。

We couldn't do that before we looked at the customer overlap between their file in our file, mostly accretive. There's not a lot of overlap there. And so for all those reasons, we've decided to add this capability. We think it's going to be a nice add for us. Of course, DoorDash makes the delivery fee that that's embedded in their fee structure.

在我們查看客戶文件與我們文件之間的重疊（大部分是累加性）之前，我們無法做到這一點。那裡沒有太多重疊。因此，出於所有這些原因，我們決定添加此功能。我們認為這對我們來說將是一個很好的補充。當然，DoorDash 會收取包含在其費用結構中的送貨費。

But like I said, we're pretty happy with it so far, it's really early days as we roll it out and we think it's going to help us reach across from what we haven't been reaching before.

但就像我說的，到目前為止我們對此非常滿意，我們推出它還為時過早，我們認為它將幫助我們超越以前從未達到的目標。

Robbie, the only thing that I would add to that is obviously somebody is not going to DoorDash and guns for a tieback or some of these bigger ticket items that tend to be lower in margin rate. So there is a there is a royalty and commission associated with it. But the margin profile, the goods being sold should be elevated based off our holistic product assortments.

羅比，我唯一要補充的是，顯然有人不會去 DoorDash 和槍支進行回扣或某些保證金率較低的較大門票項目。因此，有與之相關的版稅和佣金。但是，根據我們的整體產品種類，銷售的商品的利潤率應該會有所提高。

Got it. Thank you.

知道了。謝謝。

Greg Melich, Evercore ISI.

格雷格·梅里奇，Evercore ISI。

Let's move to the next one.

讓我們轉到下一個。

Anthony Chukumba, Loop Capital Markets LLC.

Anthony Chukumba，Loop Capital Markets LLC。

Good morning. Thank you so much for taking my question. I want to add my I want to give my usual on and how quick question, given you've already been and cover. So I guess I have to come up something else. I guess my question and just on the competitive promotional environment. I mean, you've been talking now for a while about the fact that you're not promoting, much if at all between big sale events, which makes a lot of sense.

早安.非常感謝您回答我的問題。我想添加我的我想提出我平常的問題以及多快的問題，因為你已經去過了並涵蓋了。所以我想我必須想出別的辦法。我猜我的問題只是關於競爭性的促銷環境。我的意思是，您現在已經談論了一段時間，因為您沒有在大型促銷活動之間進行促銷，如果有的話，這很有意義。

And what are you seeing from your competitors? I mean our competitors, are they doing a similar thing in terms of the timing of their promotions? And how would you just sort of compare maybe just year over year or maybe now versus pre-pandemic, just kind of the all the overall competitive promotional environment. Thank you.

您從競爭對手身上看到了什麼？我的意思是我們的競爭對手，他們在促銷時間方面是否做了類似的事情？你會如何比較，也許只是逐年比較，或者現在與大流行前的比較，就像所有整體的競爭性促銷環境一樣。謝謝。

Yeah, so I would I would characterize it similar to how we talked about in previous quarters, I mean, it's certainly not back to where it was pre-pandemic. It seems that each year it's getting a little more promotional on that. As I mentioned earlier, we don't have a ton of big events for us in the first half of the first quarter of the year.

是的，所以我會像我們在前幾季談論的那樣來描述它，我的意思是，它肯定不會回到大流行前的狀態。似乎每年都會有更多的促銷活動。正如我之前提到的，今年第一季上半年我們沒有太多大型活動。

We really start hitting that that time trade right around now Memorial Day, Father's Day, July 4, back-to-school early read so far is that it seems like it's a little more promotional last year, but certainly not crazy, not irrational.

我們確實開始在陣亡將士紀念日、父親節、7 月4 日、返校日等時間進行交易，到目前為止，我們看到去年的促銷活動似乎更多一些，但肯定不是瘋狂的，也不是非理性的。

It feels like people are promoting the categories, you'd expect them promote right now, a lot of the summer categories growing out of pools, things like that. So I would characterize it as still very rational. And candidly, I would say Q1, it wasn't terribly promotional outside of the current cycle that I think everybody went through.

感覺就像人們正在推廣這些類別，你希望他們現在就推廣，很多夏季類別都是從池中生長出來的，諸如此類。所以我認為它仍然是非常理性的。坦白說，我想說第一季度，我認為每個人都經歷過當前週期之外的促銷活動。

Got it. And then just one quick follow-up on you mentioned that your shrink was down 20 basis points year over year. Is there anything in particular that that was driving that? And do you expect continued shrink improvement over the remainder of the year?

知道了。然後，您的一次快速跟進提到您的收縮率比去年同期下降了 20 個基點。有什麼特別的因素推動了這個趨勢嗎？您預計今年剩餘時間收縮率會持續改善嗎？

Yes. So shrink was just to be clear, shrink was up last year and so being 20 basis points off of 20 basis points better than being up year over year. It's better. The things that we're doing is we've deployed some technology solutions around license plate readers or dwell sensors, things that are in store that kind of give us a heads up on when something is not going well.

是的。因此，需要明確的是，收縮率去年有所上升，因此 20 個基點中的 20 個基點比同比上升要好。好多了。我們正在做的事情是，我們已經圍繞車牌讀取器或駐留感測器部署了一些技術解決方案，這些技術解決方案可以在出現問題時讓我們有所了解。

In certain cases where the product has been stolen and it's not available for sale or we're doing precautions like backing out product and putting a customer service button right there to help the customer. And we partner closely with local law enforcement. And we keep a bead on this overall cycle counts in April and physical inventories throughout the year.

在某些情況下，產品被盜並且無法出售，或者我們正在採取預防措施，例如退回產品並在那裡放置客戶服務按鈕來幫助客戶。我們與當地執法部門密切合作。我們密切注意四月份的整體週期計數和全年的實際庫存。

The things that are driving it, I think fast is still up across the market. I think this is a big retail issue. I think you were taking issues to correct it, but you haven't addressed it, but it's not like it's suddenly dropped off of a cliff. I would tell you that the Manhattan system within the distribution center space is a lot more methodical than our previous warehouse management system, and we do carry a fair amount of inventory in our distribution centers.

我認為推動它發展的因素仍然是整個市場的快速發展。我認為這是零售業的一個大問題。我認為你正在採取問題來糾正它，但你還沒有解決它，但這並不像它突然從懸崖上掉下來。我想告訴您，配送中心空間內的曼哈頓系統比我們以前的倉庫管理系統更有條理，而且我們的配送中心確實擁有相當數量的庫存。

And so accounting for that correctly, that was a little bit of a source of goodness over of year-over-year, but 20 basis points, we're probably halfway through our physical inventories for the year now we feel like we've kind of been on where it's going. We're happy with 20 basis points, but I would guide you that flat for the year got into up demand of the year.

因此，正確地考慮到這一點，這是同比的一點好處，但是 20 個基點，我們今年的實體庫存可能已經過半了，現在我們覺得我們已經很不錯了。我們對 20 個基點感到滿意，但我會指導您，今年的公寓已經進入了今年的需求上升階段。

Thanks.

謝謝。

John Kernan, TD Cowen.

約翰·克南，TD·考恩。

Good morning. Thanks for taking my question. So Carl, just on the SG&A rate, looks like SG&A dollars were up about 4% in the first quarter. And how should we think about SG&A dollars and rate into the back half of the year and in the different scenarios of comps that you laid out, that is a fairly wide range yet down Florida up once. I'm just thinking how that rate might trend given the on the high and low end of the comp guide?

早安.感謝您提出我的問題。因此，卡爾僅從 SG&A 率來看，第一季的 SG&A 美元上漲了約 4%。我們應該如何考慮下半年的 SG&A 美元和利率，以及您制定的不同情況下的比較，這是一個相當寬的範圍，但佛羅裡達州下降了一次。我只是在想，考慮到比較指南的高端和低端，該比率可能會如何變化？

Yes. It's a good question, and it's one that I'm kind of proud of the team on. So SG&A dollars quarter over quarter, up $12.5 million or 130 basis points, and this is for Q4. And as it relates to $12.5 million more than all of that was associated with the investment in new stores primarily but also some technology solutions around the customer database platform, e-com user experience and now the go live of the WMS system.

是的。這是一個很好的問題，我為這個團隊感到自豪。因此，SG&A 美元環比增長 1,250 萬美元或 130 個基點，這是第四季度的情況。因為它涉及 1250 萬美元，這比所有與新商店投資相關的資金都多，主要是與客戶資料庫平台、電子商務用戶體驗以及現在 WMS 系統上線相關的一些技術解決方案。

So that's what's driving more than all of the dollars and almost all of the leverage, I think we de-leverage and you're pretty modestly on the negative comp base the negative 5.7%. And what John, what that shows is our responsiveness by the team. We understand how to pull levers inside the quarter, and we're very responsive to what we're going to do and not do and how that plays out.

因此，這比所有的美元和幾乎所有的槓桿都更重要，我認為我們去槓桿化了，你對負補償基數（負 5.7%）相當溫和。約翰，這顯示我們團隊的反應能力。我們了解如何在本季度內拉動槓桿，並且我們對我們將要做什麼、不做什麼以及結果如何做出非常敏感的反應。

I would tell you customer satisfaction has never been higher. The polls that we get, the overall satisfaction, the customer. So we think, we're flexing with things that the customer still perceives that they're really getting good service as it relates to the balance of the year was really in the full year guide?

我想告訴您，客戶滿意度從未如此高。我們得到的民調、整體滿意度、客戶滿意度。因此，我們認為，我們正在調整客戶仍然認為他們確實獲得了良好服務的事情，因為這與全年指南中的年度餘額有關？

Yes, 100 basis points is how I would counsel you on the high end allow if we if we hit the low. There'll be some more give-back associated with incentive comp and things of that nature. And Hon Hai, we flex pretty well. But as it relates to controlling promotions, controlling inventory and controlling the expense profile of the company. The team is really United here what we are investing in as these new stores. And we're offsetting internally in a way that the customer is not displeased with.

是的，如果我們觸及低點，我會建議您考慮 100 個基點的上限。將會有更多與激勵補償和類似性質的事情相關的回饋。而鴻海，我們的彈性非常好。但因為它涉及控制促銷、控制庫存和控制公司的費用狀況。我們投資的這些新店的團隊非常團結。我們正在以客戶不滿意的方式進行內部抵銷。

And Steve, just on the merchandising front, I think footwear has been the big driver of one of your big biggest peers. Our comps recently what are you doing in terms of working with the vendors working with the in-store presentation within footwear? Because it's the category that obviously has a lot of momentum right now on it's not all just with Avon and hope you have a big Nike business, New Balance and other. So just what are you doing in terms of allocations as we get into the back half of the year?

史蒂夫，就商品銷售而言，我認為鞋類一直是你們最大的同行之一的主要推動力。我們最近在與鞋類店內展示的供應商合作方面您正在做什麼？因為這個類別現在顯然有很大的動力，不僅僅是雅芳，希望你能擁有耐吉、新百倫等公司的大業務。那麼，當我們進入下半年時，你們在分配方面做了什麼？

Yes. No, that's a good question. So we continue to work with our existing partners. Certainly Nike is our biggest vendor in the store to a large center in footwear and working with them to get access to better footwear. So example 270s, within a limited door count last year. It's going to be in over 150 doors this year. We've done an elevated presentation for it in our store.

是的。不，這是個好問題。因此，我們將繼續與現有合作夥伴合作。當然，Nike是我們在大型鞋類中心商店中最大的供應商，並與他們合作以獲得更好的鞋類。例如去年門數有限的 270 輛。今年它將出現在 150 多個門中。我們在我們的商店裡為它做了一個高級的展示。

We're working with them on other footwear as they move forward to get access to that same conversations, candidly, with the union do balancing to do this as well. But the thing that I want to also make sure that our land the point is it athletic is a big chunk of our business, but it's winning in the other categories, too.

我們正在與他們合作開發其他鞋類，坦白說，他們將繼續進行同樣的對話，而工會也為此做出了平衡。但我還想確保我們的土地重點是運動是我們業務的很大一部分，但它也在其他類別中獲勝。

Like I said, we do have big work boot business. We did a big seasonal footwear business. We did the casual business, so leaning into things like Birkin stock, which is an expanded door count for us this year, taking a brand last year like Coolibar and, that we had in a very limited door count, expanding that out more broadly this fall.

就像我說的，我們確實有很大的工作靴業務。我們做了很大的季節性鞋類業務。我們做的是休閒業務，所以傾向於Birkin 庫存之類的東西，今年我們的門數量有所增加，去年我們採用了像Coolibar 這樣的品牌，而且我們的門數量非常有限，今年我們將其擴大到更廣泛的範圍。

I think there are a lot of ways for us to win in footwear. The team is really working broadly with the broad-based vendors to make sure we can do that. And I'm optimistic about our opportunities in footwear as we move forward with all the newness that we're driving there.

我認為我們有很多方法可以在鞋類領域獲勝。該團隊正在與基礎廣泛的供應商進行廣泛合作，以確保我們能夠做到這一點。我對我們在鞋類領域的機會感到樂觀，因為我們正在推動所有新事物的發展。

That's great. Thank you.

那太棒了。謝謝。

(Operator Instructions) John Heinbockel, Guggenheim.

（操作員說明）約翰·海因博克爾，古根漢。

It's due to tremendous related questions, right? We've talked a lot about driving business in the episodic periods, but in the periods in between right, when you think about using CDP to go after heavy users for either whether it's sufficient or outdoor cooking, what do you see as that opportunity in those periods?

這是由於巨大的相關問題，對吧？我們已經討論了很多關於在間歇期推動業務的問題，但是在中間的時期，當您考慮使用 CDP 來追隨大量用戶的需求時，無論是充足的還是戶外烹飪，您認為這個機會是什麼？ ？

And then during the promotional periods you have to do, are you getting a better sense of promotional elasticity by customer, right such that your promotions are more effective than they were a year or two ago?

然後，在促銷期間，您是否能更好地感受到客戶的促銷彈性，從而使您的促銷比一兩年前更有效？

Yeah, I'll start with the first part of your question. So one of the one of the new use cases we really started leaning into is we've done our traditional customer segmentation. And so one of the customer segments that we've identified, for example, is a high value first time purchaser. So think about somebody who came in and purchased a grill or an elliptical or something like that with their first purchase.

是的，我將從你問題的第一部分開始。因此，我們真正開始關注的新用例之一是我們已經完成了傳統的客戶細分。例如，我們確定的客戶群之一是高價值的首次購買者。因此，想像一下有人在第一次購買時購買了烤架或橢圓機或類似的東西。

And we haven't really seen them shopped us before. So we're using kind of those loans where we're targeting those types of customers to come in and drive whatever the attachment is. In the case of the Grille, maybe is more fuel, some of the spices and herbs we sell or cover and turning those customers into kind of high value one-time shoppers into loyalists over time.

我們之前還沒有真正見過他們買東西給我們。因此，我們正在使用此類貸款，我們的目標是這些類型的客戶進來並驅動任何配件。就 Grille 而言，也許是更多的燃料，我們銷售或覆蓋的一些香料和草藥，隨著時間的推移，將這些顧客變成高價值的一次性購物者，變成忠誠者。

And so really leading the office during those time periods has been one of the things that use the CDP for. I think your second question kind of observation is spot on as we've gotten deeper into the use cases on RCDP, I think we are getting a better sense of which types of promotions resonate with which customers.

因此，在這些時期真正領導辦公室一直是 CDP 的用途之一。我認為你的第二個問題的觀察是正確的，因為我們已經深入研究了 RCDP 的用例，我認為我們正在更好地了解哪些類型的促銷活動與哪些客戶產生共鳴。

And so I think that's something that we're just going to continue to refine and be sharper and sharper on in terms of are the types of promotions we deliver to the customers, delivering the right ones to the customers who activate against them. As I mentioned earlier, some customers really gravitate towards value.

因此，我認為我們將繼續完善並在我們向客戶提供的促銷類型方面變得越來越敏銳，為針對他們進行激活的客戶提供正確的促銷。正如我之前提到的，有些客戶確實被價值所吸引。

So leaning into promotions with them versus the customers who really more about newness. So we maybe can be a little shallower with those customers in terms of the discounts we offer, but really focus and feature newness in those. So it's still we're a year into this.

因此，傾向於與他們一起進行促銷活動，而不是與真正更注重新鮮感的顧客一起進行促銷。因此，在我們提供的折扣方面，我們可能可以對這些客戶稍微膚淺，但真正關注並強調這些折扣的新穎性。所以我們仍然需要一年的時間。

I think we're a lot smarter today than we were a year ago, we still have a lot of opportunities to continue to bring this out. And I think that My Academy rewards program that we're launching is going to help us get even deeper and match with our customer in terms of them engaging with us and us engaging with them in ways that they really wanted the engagement.

我認為我們今天比一年前聰明得多，我們仍然有很多機會繼續實現這一點。我認為，我們正在推出的「我的學院」獎勵計劃將幫助我們更深入地與我們的客戶進行匹配，讓他們與我們互動，我們也以他們真正想要的方式與他們互動。

Thank you.

謝謝。

Thank you. Appreciate it. Okay. First, I want to say that I think the team has done a really good job of managing through the current economic environment while steadily executing against our long-range plan objectives. We're committed to helping active young families that are under financial pressure, stretch their dollars and have fun out there by providing compelling assortments, coupled with an outstanding value proposition.

謝謝。欣賞它。好的。首先，我想說，我認為團隊在應對當前經濟環境方面做得非常好，同時穩步執行我們的長期計畫目標。我們致力於透過提供引人注目的產品組合和卓越的價值主張，幫助面臨經濟壓力的活躍年輕家庭，節省開支並享受樂趣。

We still have three quarters of the year and most in our most important shopping seasons ahead of us. We remain optimistic about the opportunities in front of us throughout the remainder of the year.

一年中還有四分之三的時間，以及最重要的購物季節中的大部分時間。我們對今年剩餘時間面臨的機會保持樂觀。

Beyond 2024, we're also investing in the business to drive long-term shareholder value. These critical investments are linked to the strategies of our long-range plan, which are opening new stores growing omnichannel, driving our existing business by improving our connection to customers through improved merchandising and marketing and leveraging scale in our supply chain.

2024 年之後，我們也將對該業務進行投資，以推動長期股東價值。這些關鍵投資與我們的長期計劃的策略相關，這些策略正在開設新店，發展全通路，透過改善銷售和行銷來改善我們與客戶的聯繫以及利用供應鏈的規模來推動我們現有的業務。

We believe that remaining true to this strategy will allow us to break through and deliver against our vision to be the best sports and outdoor retailer in the country. In closing, I want to thank all 22,000 of our Academy team members for the hard work and effort we put in over the past quarter.

我們相信，堅持這項策略將使我們能夠突破並實現成為全國最好的體育和戶外零售商的願景。最後，我要感謝我們學院 22,000 名團隊成員在過去一個季度所付出的辛勤工作和努力。

We continue to believe that our associates are the key ingredient to our secret sauce. And I know that every one of them is committed to delivering an outstanding shopping experience to all of our customers. Thanks for joining today and have a great rest of your day.

我們仍然相信我們的員工是我們秘密武器的關鍵成分。我知道他們每個人都致力於為我們所有的顧客提供卓越的購物體驗。感謝您今天加入，祝您有個愉快的一天。

Ladies and gentlemen, and the call is now concluded. Thank you for your participation. You may now disconnect.

女士們、先生們，通話現在結束。感謝您的參與。您現在可以斷開連線。