Academy Sports and Outdoors Inc (ASO) 2024 Q2 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the Academy Sports and Outdoors second 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，歡迎參加學院體育和戶外運動 2024 財年第二季業績電話會議。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'll 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投資者關係副總裁 Matt Hodges。適用於學院運動和戶外活動。馬特，請繼續。

Good morning, everyone, and thank you for joining the Academy Sports and Outdoors second 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 年第二季財務業績電話會議。執行長史蒂夫勞倫斯和財務長卡爾福特參加了電話會議。

As a reminder, statements in today's earnings release and the comments made by management during this call may be considered forward-looking statements. These statements are subject to risks and uncertainties that could cause our actual results to differ materially from our expectations and projections.

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.

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 in 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.

該公司沒有義務修改今天的言論中的任何前瞻性陳述，也沒有提及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 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 thank you for joining our second quarter 2024 earnings call. We truly appreciate your interest and support of Academy Sports and Outdoors. Sales for the second quarter came at $1.55 billion, which was down 2.2% versus the second quarter last year and which translated into a negative 6.9% comp on a shifted basis.

謝謝，馬特。大家早安，感謝您參加我們的 2024 年第二季財報電話會議。我們衷心感謝您對學院體育和戶外活動的興趣和支持。第二季銷售額為 15.5 億美元，與去年第二季相比下降 2.2%，以變動計算計算後的綜合收益為負 6.9%。

The active young families that we primarily serve remain under financial pressure. They're struggling with reduced spending power driven by price inflation, coupled with higher credit card debt and delinquencies, both of which remain well above pre-pandemic levels.

我們主要服務的活躍的年輕家庭仍然面臨著財務壓力。他們正在努力應對物價通膨導致的消費能力下降，再加上信用卡債務和拖欠率上升，這兩者都遠高於疫情前的水平。

We continue to see these factors constrain household spending on discretionary goods in the near term. At the same time, we faced a very active storm season during the quarter, which included tornadoes in Houston and Dallas in May and hurricane barrel.

我們繼續看到這些因素在短期內限制了家庭在非必需品上的支出。同時，我們在本季面臨非常活躍的風暴季節，其中包括 5 月休士頓和達拉斯的龍捲風以及颶風桶。

In July, both of which disrupted the business in some of our biggest markets for several weeks. During the quarter, hurricane barrel was particularly impactful and left a few million people without power from multiple days after making certain all of our team members were accounted for and safe.

7 月，這兩起事件都使我們一些最大市場的業務中斷了數週。在本季度，颶風桶的影響特別大，在確保我們所有團隊成員都已下落且安全後，導致數百萬人斷電多日。

And we started reopening stores as quickly as possible and began reaching out within the local communities to provide assistance where we could as part of the recovery effort, Academy donated nearly 200,000 bottles of water to help provide relief from the summer heat to those without power.

我們開始盡快重新開放商店，並開始向當地社區伸出援手，在力所能及的範圍內提供援助，作為恢復工作的一部分，學院捐贈了近 200,000 瓶水，幫助那些沒有電力的人們緩解夏季炎熱。

We also provided financial assistance more than 450 of our associates through our team member assistance program. I'm very proud of the team for their efforts to quickly deploy the supplies to help the communities we serve.

我們也透過團隊成員援助計畫為 450 多名員工提供了經濟援助。我為這個團隊感到非常自豪，他們努力快速部署物資來幫助我們所服務的社區。

We estimate that these events negatively impacted our sales for the quarter at approximately $16 million or roughly 100 basis points in top. The other challenge we face had to do with some of the issues that arose as we converted our Georgia distribution center to our new warehouse management system as we mentioned in our last call, the initial switchover went smoothly.

我們估計這些事件對我們本季的銷售額產生了約 1,600 萬美元的負面影響，即約 100 個基點。我們面臨的另一個挑戰與我們將喬治亞州配送中心轉換為新的倉庫管理系統時出現的一些問題有關，正如我們在上次電話中提到的那樣，最初的轉換進展順利。

The main issue we faced was that the ramp-up in productivity from the system scaling up could not keep pace with the accelerated throughput we needed to keep us fully in stock during the large volume weeks we experienced during the key summer months.

我們面臨的主要問題是，系統擴展帶來的生產力提升無法跟上我們在夏季關鍵月份經歷的大批量週期間保持充足庫存所需的加速吞吐量。

Working through these sorts of issues is part of the course in these types of systems implementations. And at this point, we're now mostly caught up in this facility and believe it will be ready to take on the accelerated volume we'll see as we ramp up for the holiday season. Our estimate is that the out-of-stocks created by this issue cost us approximately $32 million in sales or roughly 200 basis points in comps.

解決此類問題是此類系統實現課程的一部分。目前，我們現在主要關注該設施，並相信它將準備好承擔我們將在假期季節增加時看到的加速銷售。我們估計，此問題造成的缺貨使我們損失了約 3,200 萬美元的銷售額，或比較約 200 個基點。

We intend to apply the learnings from this go live to our to help minimize any impact on our sales. At this point, we believe we will convert our next DC in Cookeville, Tennessee in early 2026.

我們打算將此次上線的經驗教訓應用到我們的產品中，以幫助最大限度地減少對我們銷售的影響。目前，我們相信我們將於 2026 年初在田納西州庫克維爾改造我們的下一個資料中心。

While we're not satisfied with our Q2 results, we recognize that we continue to operate in a challenging retail environment for the Sports and Outdoor categories. Our goal remains to grow market share, and we're pleased that we continue to hold on to the lion's share of the business we picked up over the past five years, Q2 sales running up 25% versus pre-pandemic levels.

雖然我們對第二季的業績不滿意，但我們意識到我們繼續在充滿挑戰的運動和戶外類別零售環境中運作。我們的目標仍然是擴大市場份額，我們很高興能夠繼續保持過去五年中所獲得的業務的最大份額，第二季度銷售額比大流行前的水平增長了 25%。

The trends we've cited in previous calls in terms of customer shopping patterns continue to hold true. We're seeing customers coming out to shop during the key moments on the calendar and then pulling back on spending during the lulls. Sales results during key events such as Memorial Day, Father's Day and the 4 of July were solid and in line with our expectations.

我們在先前的電話會議中提到的關於客戶購物模式的趨勢仍然有效。我們看到顧客在日曆上的關鍵時刻出來購物，然後在淡季減少支出。陣亡將士紀念日、父親節和 7 月 4 日等重要活動期間的銷售業績穩定，符合我們的預期。

The back-to-school business, which straddles Q2 and Q3 for us, was weaker than anticipated at the end of July. As we turn the corner into August, we saw that customers were compressing their shopping closer to the school start dates, which shifted some volume from late July into August. Looking at sales across both months, we're pleased with the overall results for back-to-school and the solid start to Q3 that it gave us.

對我們來說，返校業務橫跨第二季度和第三季度，7 月底的情況比預期弱。當我們進入八月時，我們發現顧客在接近開學日期時壓縮了購物量，這將部分銷售量從七月下旬轉移到了八月。縱觀這兩個月的銷售情況，我們對返校的整體結果以及第三季的良好開端感到滿意。

Business outside of these key time periods was more challenging than anticipated, primarily driven by the aforementioned storms and DC conversion issues. When the customer does come off to shop during the key events on the calendar, we continue to see them gravitate towards value as well as the new and innovative items in our assortment.

這些關鍵時間段之外的業務比預期更具挑戰性，這主要是由上述風暴和直流轉換問題所驅動的。當顧客在日曆上的重要活動期間確實前來購物時，我們繼續看到他們被價值以及我們品種中的新產品和創新產品所吸引。

We will continue to leverage these customer shopping behaviors by leaning into our position as the value leader in our space across all touch points. Our approach is to drive traffic with strong everyday pricing day in and day out while focusing our promotional efforts into the key shopping moments on the customers' calendar.

我們將繼續利用這些客戶的購物行為，在所有接觸點上鞏固我們作為該領域價值領導者的地位。我們的方法是日復一日地透過強勁的日常定價來增加流量，同時將促銷工作重點放在客戶日曆上的關鍵購物時刻。

At the same time, we will continue to incubate new ideas and roll them out aggressively as they resonate to ensure that we're delivering a steady diet of newness to our customer base. In terms of performance across our different businesses, on a non-shifted sales basis, footwear was the best performing division with sales increasing 1% over last year.

同時，我們將繼續孵化新想法，並在產生共鳴時積極推出它們，以確保我們為客戶群提供穩定的新事物。就我們不同業務的表現而言，在不變的銷售基礎上，鞋類是表現最好的部門，銷售額比去年增長了 1%。

Kids and athletic were outperformed for the quarter, driven by increases in leading active brands such as Nike, Brooks, ASICS and New Balance. Work footwear was also a key contributor with strong sales in Ariat and Wolverine. We're also pleased with the momentum we're seeing in our casual business driven Birkenstock, Crocs and SKECHERS.

受Nike、Brooks、ASICS 和 New Balance 等領先活躍品牌成長的推動，兒童和運動用品本季表現優於其他品牌。工作鞋也是 Ariat 和 Wolverine 銷售強勁的主要貢獻者。我們也對休閒商務驅動的勃肯 (Birkenstock)、卡駱馳 (Crocs) 和斯凱奇 (SKECHERS) 的發展勢頭感到滿意。

The outdoor division also ran a 1% increase during the quarter. We continue to see strength in hunting and fishing businesses. Drinkware also remains a strong trending category with YETI, Stanley and Owala, all consistently delivering a strong pipeline of newness.

戶外部門在本季也成長了 1%。我們繼續看到狩獵和漁業業務的強勁勢頭。 YETI、Stanley 和 Owala 等飲料器具仍然是一個強勁的趨勢類別，它們始終如一地提供強大的新產品。

Apparel sales were down 2% for the quarter. Within this division, our kids business were on a solid increase. Our adult outdoor and athletic businesses performed in line with the average for apparel. Across both adult and kids, we continue to see strong results from key national brands, such as Nike, and Levi's, while also seeing solid growth in some of our newer private brands such as Freely and--

本季服裝銷售額下降 2%。在這個部門中，我們的兒童業務穩定成長。我們的成人戶外和運動業務的表現與服裝的平均水平一致。在成人和兒童領域，我們繼續看到耐吉和李維斯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 Freely 和——

Similar to Q1, our licensed team sports business underperformed, primarily driven by slow starts by the key professional baseball teams in our region, including the Rangers and Astros.

與第一季類似，我們的授權團隊運動業務表現不佳，主要是由於我們地區主要職業棒球隊（包括流浪者隊和太空人隊）開局緩慢所致。

As a reminder, the bulk of this business is done in the back half of the year, and we remain optimistic about our ability to turn this business around as we head into college and pro football season.

提醒一下，這項業務的大部分是在今年下半年完成的，我們對在進入大學和職業橄欖球賽季時扭轉這項業務的能力保持樂觀。

Sports and recreation was our most challenged division with sales down 7% versus last year. We're encouraged by our team sports business, which had a modest increase during the quarter, primarily driven by baseball, football and pickleball, but that was not enough to offset the declines we continue to see in several of the big ticket, long replacement cycle businesses.

體育和娛樂是我們面臨最大挑戰的部門，銷售額比去年下降了 7%。我們的團隊體育業務令我們感到鼓舞，該業務在本季度略有增長，主要是由棒球、橄欖球和泡菜球推動的，但這不足以抵消我們繼續看到的一些大額、長期替代業務的下降循環業務。

Certain sports and recreation categories such as pools, tampolines and fitness, along with kayak and power marine in our outdoor division continue to be some of our softer businesses.

某些運動和休閒類別，如泳池、彈跳床和健身，以及我們戶外部門的皮划艇和動力船，仍然是我們的軟業務。

To help manage through these slow sales trends, we've rightsized the inventory, floor space and marketing investments for these businesses to align with our current sales contribution. As I covered on the last earnings call, we also continue to invest in new ideas and brands as a way to spark demand and stabilize the trend lines in these categories.

為了幫助應對這些緩慢的銷售趨勢，我們調整了這些業務的庫存、佔地面積和行銷投資，以與我們當前的銷售貢獻保持一致。正如我在上次財報電話會議上提到的那樣，我們也繼續投資新創意和品牌，以此來刺激需求並穩定這些類別的趨勢線。

We've seen some early encouraging results with some of the new ideas in fitness and has started landing later in the quarter, such as walking pads, and we will need to continue to monitor progress here as we move forward throughout the fall.

我們已經看到一些健身新想法的早期令人鼓舞的成果，並已在本季度晚些時候開始落地，例如步行墊，隨著整個秋季的進展，我們將需要繼續監控這裡的進展。

At this point, we've made it through many of the key selling events for 2024, including a strong finish to back-to-school, which just wrapped up in August, and we're now more than halfway through the fiscal year. Year-to-date sales through August were down 2.9% to last year, which translates into a negative 5.4% comp on a shifted basis. We believe that most of the economic factors suppressing consumer spending on durable goods will continue throughout the remainder of the year.

至此，我們已經完成了 2024 年的許多關鍵銷售活動，包括 8 月剛結束的返校活動的強勁收官，而我們現在已經完成了本財年的一半以上。年初至今，截至 8 月的銷售額比去年同期下降 2.9%，換算下來，銷售額年減 5.4%。我們認為，抑制耐久財消費支出的大多數經濟因素將在今年剩餘時間內持續存在。

Based on this and our year-to-date results, we believe it is prudent to revise and narrow our annual guidance. We now forecast sales for the full year to range from $5.9 billion to $6.07 billion, which would be a negative 4% to negative 1% decline in total sales versus last year and a negative 6% to negative 3% in comp sales. The team is laser-focused on aligning our expenses to see flows and inventory with this revised forecast.

根據這一結果和我們今年迄今的業績，我們認為修改和縮小我們的年度指導是謹慎的做法。我們現在預測全年銷售額為 59 億美元至 60.7 億美元，與去年相比，總銷售額將下降 4% 至 1%，比較銷售額將下降 6% 至 3%。團隊專注於根據修訂後的預測調整我們的支出，以了解流量和庫存。

From a profitability standpoint, our gross margin rate came in at 36.1% for the quarter or a 50 basis point increase versus last year. Despite the softer than anticipated sales trends, we remain focused on our inventory control disciplines, which we believe will enable us to achieve our full year gross margin rate guidance range of 34.3% to 34.7%. Carl will discuss our profitability performance and revised guidance in more detail in his comments later in the call.

從獲利能力的角度來看，我們本季的毛利率為 36.1%，比去年增加了 50 個基點。儘管銷售趨勢低於預期，但我們仍然專注於庫存控制紀律，我們相信這將使我們能夠實現 34.3% 至 34.7% 的全年毛利率指導範圍。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和修訂後的指導。

Beneath the surface, we continue to see some green shoots in our business as our growth strategies for our long-range plan start to take root. As a reminder, those are opening new stores and expanding our store base, building a more powerful omnichannel business and driving greater productivity out of our existing businesses.

在表面之下，隨著我們長期計劃的成長策略開始紮根，我們的業務繼續出現一些萌芽。提醒一下，我們正在開設新店並擴大我們的商店基礎，建立更強大的全通路業務並提高我們現有業務的生產力。

Now I'll give you an update on each. New store growth remains our primary sales driver, and for the second consecutive quarter, our 2022 vintage of new stores posted a positive comp despite the challenging economic backdrop.

現在我將向您介紹每項的最新情況。新店成長仍然是我們的主要銷售驅動力，儘管經濟背景充滿挑戰，但我們 2022 年的新店連續第二個季度實現了積極的業績成長。

At the same time, we're continuously applying learnings from each new store opening to future vintages and we remain pleased with the sales trajectory we're seeing for both the '23 and 2024 vintages of stores. During the quarter, we opened one new location in Zanesville, Ohio, and our from the store is strong. This is our first store in Ohio, expanding the Academy brand to 19 states. As we've discussed previously, our goal is to quickly build density in these new markets after we enter them, so you'll see our second Ohio store open up this fall with several others planned for 2025 and 2026.

同時，我們不斷地將從每家新店開業中學到的知識應用到未來的年份中，我們對 23 年和 2024 年年份商店的銷售軌跡仍然感到滿意。本季度，我們在俄亥俄州曾斯維爾開設了一個新店，我們的店面實力強勁。這是我們在俄亥俄州的第一家商店，將 Academy 品牌擴展到 19 個州。正如我們之前討論的，我們的目標是在進入這些新市場後迅速提高密度，因此您將看到我們的第二家俄亥俄州商店今年秋天開業，其他幾家商店計劃於 2025 年和 2026 年開業。

While we currently only have nine stores from the 2022 vintage in the comp base, as we lap the majority of the '23 stores in the back half of the year and into early next year, we expect the contribution from new stores to increase their impact on the total company comp sales trend. Year-to-date, we've opened up three new stores and are currently on track to hit our goal of 15 to 17 new stores this year.

雖然我們目前在比較庫中只有 9 家 2022 年年份的商店，但由於我們在今年下半年和明年初完成了 23 家商店中的大部分，我們預計新商店的貢獻將增加其影響力關於公司總銷售趨勢。今年迄今為止，我們已經開設了 3 家新店，目前預計將實現今年開設 15 至 17 家新店的目標。

In terms of our second growth initiative, our business ran its third consecutive quarter of positive growth, and our penetration increased to 9.7% of total sales, which is 30 basis points over last year. While it is still early days and the contribution level is still low, we're encouraged by the performance of some of our new capabilities such as same-day delivery powered by Door Dash.

在我們的第二個成長舉措方面，我們的業務連續第三個季度正成長，滲透率提高到總銷售額的9.7%，比去年提高了30個基點。雖然現在還處於早期階段，貢獻水平仍然較低，但我們對一些新功能的表現感到鼓舞，例如由 Door Dash 提供支援的當日送達。

Our initial analysis of the Door Dash data indicates that the business generated through this platform is accretive due to it attracting both a younger customer, along with customers who tend to live in more dense urban city centers where we don't have a large brick-and-mortar presence.

我們對 Door Dash 數據的初步分析表明，透過該平台產生的業務具有增值性，因為它既吸引了年輕客戶，也吸引了往往居住在我們沒有大型磚塊的更密集城市中心的客戶。炮的存在。

The third leg of our growth strategy is to drive greater productivity out of our existing business. We expect that a key contributor to this will be the work we're doing around expanding our customer base while also cultivating a deeper engagement with shoppers who are already in our ecosystem. During Q2, we launched my Academy Rewards, which rolled out to all stores in early July.

我們成長策略的第三步是提高現有業務的生產力。我們預計，對此的關鍵貢獻者將是我們圍繞擴大客戶群所做的工作，同時也與已經在我們的生態系統中的購物者建立更深入的互動。在第二季度，我們推出了學院獎勵計劃，並於 7 月初向所有商店推出。

This is meant to supplement our Academy credit card, which remains the highest tier in our loyalty program. As a reminder, the key value propositions include a welcome offer of up to 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 for both the reward and insider access to personalized offers, deals and products.

這是為了補充我們的學院信用卡，該信用卡仍然是我們忠誠度計劃中的最高級別。提醒一下，關鍵的價值主張包括歡迎優惠，下次購買時可享受高達10% 的優惠，購買金額超過25 美元即可享受高達200 美元的免費送貨服務，而對於未參加該計劃的用戶，則可在網上和我們的網站上更快地結帳。

A great example of this last benefit was in an activation campaign we ran at the start of back-to-school. We worked with Stanley to procure an exclusive limited edition colorway in their iconic Adventure Quencher tumbler. This exclusive color was only available to members of our loyalty program for the first week. We saw it drive strong sign-up and engagement with our myAcademy Rewards program.

最後一個好處的一個很好的例子是我們在返校開始時所進行的活化活動。我們與 Stanley 合作，為其標誌性的 Adventure Quencher 玻璃杯採購了獨家限量版配色。這種獨特的顏色僅在第一周提供給我們的忠誠計劃會員。我們看到它推動了 myAcademy 獎勵計劃的強勁註冊和參與。

We just launched it, we're pleased with how our customers are embracing and actively signing up from myAcademy. To put some numbers around this activity, our daily sign-ups are over three times what we previously saw from customers opting in to create an account with us and or opting into target marketing efforts. Our original goal when we constructed the program was to have over 10 million members enrolled by the end of the year, and based off the early reads, we're confident we'll exceed this goal.

我們剛剛推出它，我們對客戶接受 myAcademy 並積極註冊的方式感到高興。從這個活動的一些數字來看，我們的每日註冊量是我們之前選擇在我們這裡建立帳戶和/或選擇參與目標行銷活動的客戶的三倍多。我們建立該計劃時的最初目標是到今年年底擁有超過 1000 萬會員，根據早期的數據，我們有信心超越這一目標。

While getting customers to sign up is step one, the real value of loyalty will be to migrate customers from occasional shoppers to loyalists. We know that our best customers are omnichannel shoppers and they shop as three times to four times more frequently than a single-channel shopper. And then on an annual basis, they spend four times as much with us.

雖然讓客戶註冊是第一步，但忠誠度的真正價值在於將客戶從偶爾購物者轉變為忠誠者。我們知道，我們最好的客戶是全通路購物者，他們的購物頻率是單通路購物者的三到四倍。然後每年，他們在我們身上花的錢是我們的四倍。

To reiterate, we're not satisfied with the year-to-date results, but are encouraged by our performance during the key shopping moments in the calendar, including the strong finish to back-to-school. The team is moving with urgency across all fronts and is single mindedly focused on improving our top line performance.

重申一下，我們對今年迄今為止的結果並不滿意，但對我們在日曆中關鍵購物時刻（包括返校結束時的強勁表現）的表現感到鼓舞。團隊在各方面都在緊急行動，並一心一意地致力於提高我們的營收績效。

While we cannot control many of the economic factors our customers are dealing with, we can control how we deliver and market value and newness to our customers on a consistent basis, which should lead to improving our top line performance while maintaining our bottom-line profitability. Our focus remains on managing through the short term by growing market share while also planting seeds for the future, executing against our long-range growth platforms.

雖然我們無法控制客戶面臨的許多經濟因素，但我們可以持續控制向客戶提供市場價值和新穎性的方式，這將提高我們的營收績效，同時保持獲利能力。我們的重點仍然是透過增加市場份額來管理短期，同時為未來播下種子，根據我們的長期成長平台執行。

Now I will turn it over to Carl who will give you a deeper dive on our Q2 financials and our updated guidance for the full year. Carl?

現在我將把它交給卡爾，他將為您提供更深入的了解我們第二季度的財務狀況和全年的最新指導。卡爾？

Thanks, Steve, and good morning, everyone. Steve covered some of the numbers, but I am going to walk you through the results in more detail. The second quarter sales of $1.55 billion and comparable sales of negative 6.9% fell short of our expectations, primarily due to a decline in store traffic compared to last year. Our comp transactions declined 7.4%, while comp ticket increased by 0.5% compared to last year.

謝謝史蒂夫，大家早安。史蒂夫介紹了一些數字，但我將向您介紹更詳細的結果。第二季銷售額為 15.5 億美元，可比銷售額為負 6.9%，低於我們的預期，主要是因為商店客流量較去年下降。與去年相比，我們的贈券交易量下降了 7.4%，而贈券票數則增加了 0.5%。

Our primary customers, those with annual incomes of between $50,000 and $150,000, remain very budget conscious and cautious, showing low consumer sentiment for certain discretionary categories. We also see an increase in credit card and buy now pay later's usage in conjunction with household debt continuing to reach multiyear highs.

我們的主要客戶是年收入在 50,000 美元至 150,000 美元之間的客戶，他們仍然非常注重預算和謹慎，對某些非必需品類別表現出較低的消費者信心。我們也看到信用卡和先買後付的使用量增加，同時家庭債務繼續達到多年來的高點。

So while inflation has moderated, prices are still high, and that, along with an increase in personal debt, is impacting spend in our category.

因此，儘管通貨膨脹有所緩和，但價格仍然很高，加上個人債務的增加，正在影響我們類別的支出。

During the quarter, we did see a sales trajectory lift during the major shopping events but it was not enough to offset the slow periods in between. Speaking to the trends of the quarter, May was impacted by tornadoes in our two biggest markets, Houston and Dallas Fort Worth.

在本季度，我們確實看到主要購物活動期間的銷售軌跡有所提升，但這不足以抵消其間的緩慢時期。談到本季的趨勢，五月時我們最大的兩個市場休士頓和達拉斯沃斯堡受到龍捲風的影響。

Sales improved in June but weakened in July due to Hurricane Beryl hitting the Houston area, the impact of temporary outbound inventory issues at our Georgia distribution center and a compressed back-to-school shopping period.

六月的銷售額有所改善，但由於颶風貝裡爾襲擊休士頓地區、喬治亞州配送中心臨時出庫庫存問題以及返校購物期壓縮的影響，銷售額在 7 月有所下降。

Our gross margin rate in the second quarter was 36.1%, a 50 basis point increase compared to Q2 of last year, primarily driven by inventory cost management and lower freight expense. Shrink was 5 basis points better than last year as a percentage of sales.

我們第二季的毛利率為 36.1%，比去年第二季成長 50 個基點，主要是因為庫存成本管理和運費下降。佔銷售額的比例比去年下降了 5 個基點。

Our second quarter SG&A expense of $368.6 million was $16 million or 150 basis points higher than Q2 of last year. All of the increase is attributable to spend on our growth initiatives, primarily for new stores and technology. We are confident in our long-range plan and are committed to investing in it, while also controlling our existing cost structure.

我們第二季的 SG&A 費用為 3.686 億美元，比去年第二季增加了 1,600 萬美元，即 150 個基點。所有成長均歸因於我們的成長計劃支出，主要用於新商店和技術。我們對我們的長期計劃充滿信心，並致力於對其進行投資，同時也控制我們現有的成本結構。

Overall, in the second quarter, Academy had a double-digit EBIT margin rate of 12% and generated net income of $142.6 million and diluted earnings per share of $1.95.

總體而言，第二季度，Academy 的息稅前利潤率為 12%，達到兩位數，淨利潤為 1.426 億美元，攤薄後每股收益為 1.95 美元。

Adjusted net income, which excludes stock-based comp of $8 million, was $148.6 million or $2.03 in adjusted earnings per share.

調整後淨利（不包括 800 萬美元的股票補償）為 1.486 億美元，即調整後每股收益 2.03 美元。

Looking at the balance sheet, we ended the quarter with $325 million in cash. Our inventory balance was $1.37 billion, an increase of 4% compared to last year. Total inventory units were flat, and this includes having an additional 15 stores compared to the end of Q2 2023. On a per store basis, inventory units were down 5%. The merchandising team continues to do a great job of managing our inventory in sync with our sales.

從資產負債表來看，本季末我們的現金為 3.25 億美元。我們的庫存餘額為 13.7 億美元，比去年增加 4%。總庫存單位持平，其中包括與 2023 年第二季末相比增加了 15 家商店。銷售團隊繼續出色地管理我們的庫存與銷售同步。

In terms of capital allocation, our strategy remains the same to execute against our three pillars, which are one, financial stability two, self-funding our growth initiatives and three, increasing shareholder returns through share repurchases and dividends. We believe these priorities will help drive future sales and earnings growth as well as increased shareholder value.

在資本配置方面，我們的策略保持不變，以執行我們的三大支柱，一是財務穩定，二是為我們的成長計劃自籌資金，三是透過股票回購和股利增加股東回報。我們相信這些優先事項將有助於推動未來的銷售和獲利成長以及股東價值的增加。

In Q2, we generated approximately $91 million in cash from operations. We invested $41 million in our growth initiatives, repurchased approximately 1.8 million shares for $99 million and paid out $8 million in dividends. Year-to-date, Academy has generated approximately $217 million of adjusted free cash flow compared to $136 million during the first half of 2023. This is a 60% increase, driven by strong retail operations across Academy.

第二季度，我們從營運中產生了約 9,100 萬美元的現金。我們在成長計畫上投資了 4,100 萬美元，以 9,900 萬美元回購了約 180 萬股股票，並支付了 800 萬美元的股息。今年迄今為止，Academy 已產生約 2.17 億美元的調整後自由現金流，而 2023 年上半年為 1.36 億美元。

Tangible examples include one, disciplined inventory control, leading to a decline in units per store two, managing promotions in a strained economy, resulting in 10 basis points of year-to-date gross margin rate expansion three, controlling expenses while investing in growth initiatives and four, reducing the amount of capital it takes to open new stores.

具體的例子包括：一、嚴格的庫存控制，導致每家商店的銷量下降；二、在經濟緊張的情況下管理促銷活動，導致年初至今的毛利率擴大10 個基點；三、在投資增長計劃的同時控制開支第四，減少開設新店所需的資金量。

Finally, the Board recently approved a dividend of $0.11 per share payable on October 17, 2024, to stockholders of record as of September 19, 2024.

最後，董事會最近批准於 2024 年 10 月 17 日向截至 2024 年 9 月 19 日在冊股東支付每股 0.11 美元的股息。

Now turning to our outlook for the remainder of the year. Based on the current state of the consumer and our year-to-date results, we are revising our previous guidance for fiscal 2024. One note, in addition to GAAP measures and adjusted free cash flow, we are also providing guidance on two non-GAAP measures adjusted net income and adjusted earnings per share.

現在轉向我們對今年剩餘時間的展望。根據消費者的現狀和我們今年迄今為止的業績，我們正在修訂先前的 2024 財年指引。原則衡量調整後淨利和調整後每股盈餘。

Our revised guidance is as follows. Net sales are expected to range from $5.9 billion to $6.07 billion, with comparable sales of negative 6% to negative 3%. Let me provide a bridge between the low end and the high end of the comp range.

我們修訂後的指導如下。淨銷售額預計為 59 億美元至 60.7 億美元，可比銷售額為負 6% 至負 3%。讓我在比較範圍的低端和高端之間架起一座橋樑。

The low end of the range assumes that the economy does not improve meaningfully over the back half of the year and that there is no real change in our customers' behavior. The delta from the low end to the high-end estimates that sales remain on the current August trend, and we benefit from some or all of the plans and tactics we are deploying to drive traffic and sales in our stores and online.

該範圍的下限假設經濟在今年下半年沒有顯著改善，並且我們的客戶行為沒有真正的變化。從低端到高端的增量估計，銷售仍保持當前八月份的趨勢，我們受益於我們正在部署的部分或全部計劃和策略，以推動我們商店和網上的流量和銷售。

These include adding 12 to 14 new stores focusing on promotional efforts around the key shopping events utilizing our customer data platform being more pronounced with our value messaging bringing in more new and innovative products capitalizing on our resurgent outdoor business growing the new myAcademy loyalty program and finally, leveraging Door Dash, especially after the Christmas shipping cutoff dates.

其中包括增加12 至14 家新商店，重點圍繞關鍵購物活動進行促銷活動，利用我們的客戶數據平台更加明顯地傳達我們的價值信息，引入更多新的創新產品，利用我們復甦的戶外業務發展新的myAcademy 忠誠度計劃，最後，利用 Door Dash，特別是在聖誕節運輸截止日期之後。

Our gross margin rate is still expected to range from 34.3% to 34.7%. Our SG&A expense rate is now expected to be approximately 150 basis points higher than in 2023. GAAP net income of between $400 million and $450 million.

我們的毛利率仍預計在34.3%至34.7%之間。目前，我們的 SG&A 費用率預計將比 2023 年高出約 150 個基點。

Adjusted net income, which excludes certain estimated expenses, primarily stock-based compensation of approximately $27 million is forecast to range from $420 million to $480 million. GAAP diluted earnings per share of $5.45 to $6.20. And adjusted diluted earnings per share of $5.75 to $6.50.

調整後淨利潤（不包括某些估計費用，主要是基於股票的薪酬）約為 2,700 萬美元，預計在 4.2 億美元至 4.8 億美元之間。 GAAP 稀釋後每股收益為 5.45 美元至 6.20 美元。調整後的稀釋每股收益為 5.75 美元至 6.50 美元。

The earnings per share estimates are based on a revised share count of 73.5 million diluted weighted average shares outstanding for the full year. This amount does not include any potential future repurchase activity using our remaining $476 million authorization.

每股盈餘預測基於修訂後的全年已發行稀釋加權平均股數 7,350 萬股。該金額不包括使用我們剩餘的 4.76 億美元授權進行的任何未來潛在的回購活動。

We also remain confident in the strength of our cash flows and still expect to generate between $290 million and $340 million of adjusted free cash flow, including $175 million to $225 million of capital expenditures. The reduction in CapEx guidance is primarily from the work of our real estate and construction team finding ways to open stores more efficiently and building those cost savings not only into 2024, but '25 and beyond.

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 3.4 億美元的調整後自由現金流，其中包括 1.75 億至 2.25 億美元的資本支出。資本支出指導的減少主要來自我們的房地產和建築團隊的工作，他們尋找更有效地開設商店的方法，並不僅在 2024 年、而且在 25 年及以後實現這些成本節約。

We are proud of the value engineering work Sam Johnson and his real estate team have done in lowering the cost profile of our new stores. When we first restarted opening stores in FY '22, we were far from optimized.

我們為 Sam Johnson 和他的房地產團隊在降低新店成本方面所做的價值工程工作感到自豪。當我們在 22 財年首次重新開店時，我們還遠遠沒有達到最佳狀態。

As we build our capabilities and leverage our scale, we have found a number of ways to optimize costs, inclusive of raw material procurement, construction services and landlord participation. This value engineering is also benefiting our store remodel program, allowing us to better serve our team members and customers for less.

在我們建立能力和利用規模的過程中，我們找到了多種優化成本的方法，包括原料採購、建築服務和業主參與。這種價值工程也有利於我們的商店改造計劃，使我們能夠以更少的成本更好地服務我們的團隊成員和客戶。

Finally, as we focus on our growth strategy, we have elected to pursue fewer technical projects to focus on our biggest projects associated with omnichannel, our customer data platform, and our new WMS system.

最後，當我們專注於我們的成長策略時，我們選擇減少技術項目，轉而專注於與全通路、客戶資料平台和新 WMS 系統相關的最大項目。

Through the first half of the year, our sales were lower than expected, but we have prudently managed expenses, resulting in a double-digit EBIT margin. We also increased our adjusted free cash flow by 60% over last year, which we utilized to repurchase 3.8 million shares or 5% of the outstanding shares of the company. At the same time, we have self-funded the investments in the growth pillars of our long-range plan. We believe the actions we are taking to grow the business will drive future sales and earnings growth.

上半年，我們的銷售額低於預期，但我們審慎管理費用，達到了兩位數的息稅前利潤率。我們還將調整後的自由現金流比去年增加了 60%，用於回購 380 萬股，即公司已發行股票的 5%。同時，我們自籌資金對長期計劃的成長支柱進行投資。我們相信，我們為發展業務而採取的行動將推動未來的銷售和獲利成長。

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

現在，我們將開放提問。

(Operator Instructions)

（操作員說明）

Brian Nagel with Oppenheimer.

布萊恩·內格爾和奧本海默。

The first question I want to ask, it's a bit of a maintenance question, so I apologize. But just to understand better the sales trajectory in the business, and I want to make sure I understood this correctly. So in the prepared comments, you talked about I mean, it's essentially 300 basis points of comp impact from either the weather or the distribution center issues.

我想問的第一個問題是維護問題，所以我很抱歉。但只是為了更好地了解業務的銷售軌跡，我想確保我正確理解了這一點。因此，在準備好的評論中，您談到了，我的意思是，天氣或配送中心問題對公司的影響基本上是 300 個基點。

And then I think you gave us a comp for August of a down five something. So I guess the question I'm asking is, how do we bridge that? Has the business strengthened? Did the business strengthen into August with the benefit of back-to-school kicking in?

然後我想你給了我們八月的補償，大約下降了五分。所以我想我要問的問題是，我們要如何彌補這個問題？業務加強了嗎？到了八月份，由於返校季的到來，業務是否有所加強？

Yes. So in terms of the trajectory, what ended up happening was, we talked about the events being strong, right? So we saw a strong Memorial Day. We saw a strong Father's Day. We saw a strong four of July. Business was impacted in early July with the onset of the Hurricane Beryl, that lasted for about two weeks where we felt that depressed business.

是的。所以就軌跡而言，最終發生的事情是，我們談到事件很強烈，對吧？所以我們看到了一個強烈的陣亡將士紀念日。我們看到了一個濃濃的父親節。我們看到了七月的四強。 7 月初，隨著颶風 Beryl 的爆發，業務受到了影響，颶風持續了大約兩週，我們感到業務低迷。

And then towards the latter part of the month, I would think that's where some of the in-stocks hurt us from our Atlanta facility, right? So that probably suppressed a while a little bit, plus a little bit of trade-off volume in August. Business really rebounded in August.

然後到了這個月的下半月，我認為這就是亞特蘭大工廠的一些庫存對我們造成傷害的地方，對嗎？因此，這可能會抑制一段時間，再加上 8 月的交易量有所減少。八月生意確實回升。

We actually ran a positive comp in the month of August, which we're pretty excited by. It's one month. We don't want to get too far ahead of ourselves. But it kind of bracketed, we had a positive comp for the four of July week, and then we had kind of some disruption in the business and came back to a positive comp in August.

實際上，我們在八月進行了積極的比較，對此我們感到非常興奮。已經一個月了。我們不想走太遠。但它有點括起來，我們在 7 月的第四週獲得了積極的補償，然後我們的業務受到了一些幹擾，並在 8 月恢復了積極的補償。

So it feels like some of the initiatives that we're working on are kicking in. It's still early, right? We still have a lot of the back half ahead of us. The negative 5.4% that we cited was the year-to-date comp through seven months. So not to be confusing, we were down about 6.4% through six months. Through seven months, it was down 5.4%. We wanted to provide that data point because we get questions around, okay, the low end of your guidance is down 6%. We wanted to make sure people understood that we were within the low end of our guidance in that guidance that we gave you.

所以感覺我們正在進行的一些舉措正在發揮作用。我們還有很多後半場的比賽等著我們。我們引用的負 5.4% 是年初至今七個月的比較。因此，不要混淆，六個月內我們下降了約 6.4%。七個月來，下降了 5.4%。我們想要提供該數據點是因為我們收到了一些疑問，好吧，你們指導的下限下降了 6%。我們希望確保人們明白，我們處於我們為您提供的指導的低端範圍內。

Got it. That's very helpful. So just to reemphasize, the comp and in August was positive.

知道了。這非常有幫助。因此，再次強調一下，八月份的業績是正面的。

Correct.

正確的。

Okay. And the second question I have as a follow-up to that. I mean what you're saying today and we're hearing from a lot of other companies, is that consumers are showing up for events. It's just that there's incremental weakness and the lulls between those events.

好的。我的第二個問題是後續問題。我的意思是，您今天所說的話以及我們從許多其他公司聽到的消息是，消費者正在參加活動。只是這些事件之間存在著逐漸的疲軟和間歇期。

So I guess the question I want to ask, you've done a great job of maintaining gross margins, and you're looking at your guidance, you expect that to persist for the balance of the year. But is there any thought, given the state of the consumer, given how the consumer is behaving, to get more selectively promotional here to drive better sales?

所以我想我想問的問題是，你們在維持毛利率方面做得很好，而且你們正在考慮你們的指導，你們預計這種情況將持續到今年的剩餘時間。但是，考慮到消費者的狀況、消費者的行為方式，是否有任何想法可以在這裡進行更有選擇性的促銷以推動更好的銷售？

Yes. We've tried a lot of different things over the past 12 months to try to stimulate sales, particularly in those lulls. And what we found is in those lulls, when the customer is really pulling back on spending, running extra promotions tends to erode our AUR.

是的。在過去 12 個月裡，我們嘗試了很多不同的方法來刺激銷售，尤其是在市場淡季的時候。我們發現，在這些間歇期，當客戶真正減少支出時，進行額外的促銷往往會侵蝕我們的 AUR。

We don't get the unit uplift to offset the AUR erosion and we just give up margin. So the strategy we've landed on that really seems to work for us is draft off our everyday value proposition kind of in the lulls in between because we have really strong everyday value, whether it's in our private brands or national brands that we offer, and then really aggregate those promotions around those muscle in moments. And that really seemed to work for us, and I see that continuing as we move forward through the remainder of this year.

我們沒有獲得單位提升來抵消 AUR 侵蝕，我們只是放棄了利潤。因此，我們制定的似乎真正對我們有用的策略是在中間的間歇期起草我們的日常價值主張，因為我們擁有非常強大的日常價值，無論是我們的自有品牌還是我們提供的國家品牌，然後立即圍繞這些肌肉真正聚合這些促銷活動。這似乎確實對我們有用，而且我認為隨著我們在今年剩餘的時間裡繼續前進，這種情況會繼續下去。

Anthony Chukumba with Loop Capital Markets.

Loop Capital Markets 的 Anthony Chukumba。

What are you seeing in terms of the competitive landscape? I mean particularly, given the fact that as you mentioned, consumers are really kind of in a pressure right now. Is it just getting any more promotional out there? I mean, anything notable that you would point out there?

您對競爭格局有何看法？我的意思是，特別是，正如你所提到的，消費者現在確實面臨壓力。難道只是為了更多的促銷活動嗎？我的意思是，您有什麼值得注意的地方嗎？

Yes, I think we see a continuation of trends that we've talked about on some previous calls where you had an Uber promotional environment, pre-pandemic. A lot of that went away during the pandemic. I think the further we get away from that, I think you see more promotions creep in each event. It's still -- we're nowhere near back to where it was pre-pandemic. Certainly, it felt like there was more promotions and more broad-based promotions during back-to-school, but still not back to where it was pre-pandemic.

是的，我認為我們看到了我們在之前的一些電話會議中討論過的趨勢的延續，在大流行前，你有優步的促銷環境。在大流行期間，其中許多都消失了。我認為我們離這一點越遠，你就會看到每次活動中都會有更多的促銷活動。我們仍然沒有回到大流行前的狀態。當然，感覺返校期間有更多的促銷活動和更廣泛的促銷活動，但仍然沒有回到大流行前的水平。

So we have that modeled in and planned into our promotional cadence for the remainder of the year. We think we've got a pretty good beat on it. I would characterize it as a little more promotional in last year, but certainly not back to where it used to be.

因此，我們已將其納入模型併計劃到今年剩餘時間的促銷節奏中。我們認為我們已經取得了很好的進展。我認為去年的促銷力道更大一些，但肯定不會回到以前的水平。

Anthony, from a competitive landscape standpoint, I think you see promotions spike when retailers don't control their inventory. We feel good about where we are from an inventory discipline standpoint. Units per store were down 5% year-over-year.

安東尼，從競爭格局的角度來看，我認為當零售商不控制庫存時，你會看到促銷活動激增。從庫存紀律的角度來看，我們對自己的現狀感到滿意。每家商店的銷量較去年同期下降 5%。

And looking at a lot of the earnings that I've seen come out thus far, it looks like inventories are relatively well controlled across the channel. That's just my viewpoint. But I think to the extent that people let inventory get out from under them, that will tend to inflect promotionality. And again, we're just going to lean into what Steve said on everyday value in the lulls and then win on the must-win time periods.

從我迄今為止所看到的許多收益來看，整個通路的庫存控制得相對較好。這只是我的觀點。但我認為，如果人們讓庫存從他們的底下消失，這往往會影響促銷活動。再說一次，我們只是要依靠史蒂夫所說的關於平靜時期的日常價值的話，然後在必須獲勝的時期獲勝。

Seth Basham with Wedbush Securities.

韋德布希證券公司的塞思‧巴沙姆 (Seth Basham)。

My first question is just thinking about the improving trend in August and expectations for the back half of the year. You gave some good color on the low end versus high end of the comp outlook. But if we think about some of the other drivers of potential improvement, perhaps you could give us some more color on things like contribution from new stores that are coming in the comp base? And how much do you expect from the loyalty program?

我的第一個問題只是想一下8月的改善趨勢以及對下半年的預期。您對比較前景的低端與高端進行了一些很好的描述。但是，如果我們考慮一些潛在改進的其他驅動因素，也許您可以給我們更多關於補償基礎中新商店的貢獻等方面的資訊？您對忠誠度計劃的期望是多少？

Sure. So when you think about the guidance that we gave, the low end contemplates that we see kind of the trends through the first seven months of the year continuing forward. So the down 5.4%, the down 6% kind of brackets, that we don't see it getting much better. And I will add that, that down 5.4% through the first seven months has some pretty tough weather events in it along with the slowdown in our Atlanta facility, which we believe mostly passed at this point. So hopefully, we don't have to deal with those going forward.

當然。因此，當您考慮我們給出的指導時，低端認為我們看到今年前七個月的趨勢仍在繼續。因此，下降 5.4%、下降 6% 之類的括號，我們認為情況並沒有變得更好。我要補充的是，前 7 個月下降 5.4% 的原因是一些相當惡劣的天氣事件，以及我們亞特蘭大工廠的經濟放緩，我們認為此時大部分情況已經過去。所以希望我們以後不必處理這些問題。

The high end implies that the trends that we saw in August continue to a certain degree through the remainder of the year. And there's a lot of things that we think would help contribute to keeping that trend sustaining.

高端意味著我們在 8 月看到的趨勢在今年剩餘時間內將在一定程度上持續下去。我們認為有很多事情將有助於保持這一趨勢的持續。

First, we've talked about leaning into customer behavior, focusing on value and making sure we got the right prices during the key promotional time periods, and we need to win market share, winning in the newness and innovation as the customer really is buying that, almost agnostic of price.

首先，我們談到了要深入了解客戶行為，專注於價值並確保我們在關鍵促銷時間段獲得合適的價格，並且我們需要贏得市場份額，在客戶真正購買時贏得新穎性和創新性這幾乎與價格無關。

We've got to resurge in outdoor business, and we've seen an improving footwear and apparel business. One of the things that was really encouraging to see out of August was it wasn't just the back-to-school category. Certainly, we saw strength in our kids business in footwear and apparel, but we also saw adult apparel and footwear business would be strong. We also saw our outdoor business to be pretty strong.

我們必須重振戶外業務，我們看到鞋類和服裝業務正在改善。八月份真正令人鼓舞的事情之一是，這不僅僅是返校類別。當然，我們看到了兒童鞋類和服裝業務的強勁勢頭，但我們也看到成人服裝和鞋類業務也將強勁。我們也看到我們的戶外業務非常強勁。

We see new stores coming into the base. We talked about how the '22 vintage stores now have two back-to-back quarters of positive comps. And as we get deeper into this year, several of the 2023 stores start leaning into that base as well.

我們看到新的商店即將進駐基地。我們討論了 22 年的復古商店現在如何連續兩個季度實現積極業績。隨著今年的深入，2023 年的幾家商店也開始傾向於這個基礎。

We've got our new loyalty program, which is early days, but we're seeing sign-ups there. people signing up about 3 time faster than they did in the past for an account sign-up, and the more people we can get into that program, the more targeted marketing we can do. We can get that flywheel going. So we're pretty excited about that. And we're well on pace to be north of 10 million customers there by the end of the year and exceeding our goal there. So we're pretty excited.

我們已經有了新的忠誠度計劃，雖然還處於早期階段，但我們已經看到了註冊人數。人們註冊帳戶的速度比過去快了大約 3 倍，而且我們參與該計劃的人越多，我們就能進行更有針對性的行銷。我們可以讓飛輪運轉起來。所以我們對此感到非常興奮。我們預計在今年年底前擁有超過 1000 萬客戶，並超越我們的目標。所以我們非常興奮。

You've got an election year that is always a wild card. So that could stimulate certain businesses, could also maybe impact other businesses to the negative. We got dotcom that is three quarters in a row of positive growth.

選舉年總是充滿變數。因此，這可能會刺激某些業務，也可能對其他業務產生負面影響。我們的網路公司連續三個季度實現正成長。

And then new capabilities. We've got the same-day delivery that's powered by Door Dash that we talked about in the last call, and I touched on some of it in the prepared remarks. I mean that's a new capability for us where we didn't have that ability. And you think about, it's helping us reach people more in inner cities. So it's a new customer that's mostly accretive.

然後是新的功能。我們已經實現了由 Door Dash 提供支援的當日送達服務，我們在上次電話會議中談到了這一點，我在準備好的演講中談到了其中的一些內容。我的意思是，這對我們來說是一種新能力，而我們沒有這種能力。你想一想，它正在幫助我們更多地接觸內城區的人們。因此，新客戶主要是增值性的。

And what I think we're really excited about is if you think about that holiday time period, you've been into that 18 or 19 of December, where people stop trying to ship those because they're not they're afraid that it's not going to get delivered on time. We now have the capability to offer same-day delivery on that. And I think it's really going to help us in those last five to six days heading into Christmas.

我認為我們真正感到興奮的是，如果你想想那個假期時期，你已經進入了 12 月 18 日或 19 日，人們不再嘗試運送這些東西，因為他們不這樣做，他們擔心它會發生變化。不會準時交貨。我們現在有能力提供當日送達服務。我認為這確實會對我們在聖誕節前的最後五到六天有所幫助。

So those are the initiatives that I think get us from the low end of the guidance to the higher end of the guidance.

我認為這些舉措使我們從指導的低端走向指導的高端。

That's really helpful color. And maybe just a follow-up on new stores. Could you provide some more information on how the 2023 class is performing relative to your expectations? And as you look to 2025, do you plan to materially accelerate the number of stores you're opening that year relative to 2024 to hit your medium-term guidance?

這真是有用的顏色。也許只是新店的後續行動。您能否提供更多關於 2023 年班級的表現與您的期望相比如何的資訊？展望 2025 年，您是否計劃相對 2024 年大幅增加當年開設的商店數量，以達到中期指導目標？

Yes. So I'll start with -- we're excited to see the '22 vintage stores post positive comps. We've taken the learnings from each vintage, applying it to the next vintage. So I will tell you that the '23 stores, although most of them are not in the comps at this point, they're performing better out of the gate than the '22 vintage did. And the three stores. We just opened up our fourth by the way, this past week and soft opening in Beckley, West Virginia. We expect those to be better than the '23 vintages. So we're seeing them steadily get better as we open up each vintage.

是的。首先，我們很高興看到 '22 復古商店發布正面的對比。我們從每個年份汲取經驗教訓，並將其應用到下一個年份。因此，我會告訴您，'23 商店雖然其中大多數目前尚未納入比較中，但它們的表現比 '22 年份的要好。還有三店。順便說一句，我們剛剛在上週在西維吉尼亞州貝克利開業了第四家店並進行了試營運。我們預計這些年份會比 23 年份的更好。因此，當我們打開每個年份時，我們看到它們穩定變得更好。

This year, our plan is to open up 15 to 17 new stores. Over the next five years, 160 to 180. That does imply an acceleration next year. So our plan right now, we haven't given a guidance on what the exact number will be, it would be to be more stores than the 15 to 17 we're opening up this year.

今年，我們的計劃是開設15至17家新店。未來五年，從 160 增加到 180。所以我們現在的計劃，我們還沒有給出具體的數量指導，這將是比我們今年開設的 15 到 17 家商店更多的商店。

Simeon Gutman with Morgan Stanley.

摩根士丹利的西蒙古特曼。

Following up on the prior question. Steve, if you look at the holistic spread between the comps of new stores and mature stores, however way you can segment them, is that spread roughly holding? Did it narrow, did it widen if you look first to second quarter?

繼續之前的問題。史蒂夫，如果你看看新商店和成熟商店之間的整體差距，無論你如何細分它們，這個差距是否大致保持不變？如果你從第一季開始看第二季度，它是否縮小了，是否擴大了？

I would say that the comp between new stores and existing stores was about the same first quarter to second quarter. The thing we're pleased by is when you think about our growth strategies, I mean, we talked about, obviously, new store growth is one platform for growth, and that's where we're going to get the biggest bang for our buck.

我想說，新店和現有店之間的比較在第一季和第二季大致相同。我們感到高興的是，當你考慮我們的成長策略時，我的意思是，我們談到，顯然，新店成長是一個成長平台，這就是我們將獲得最大收益的地方。

The second one is dotcom. But implied in our long-range plan is to have flattish to slight comp increases in the base. We haven't had that. So the fact that the new stores are comping positive, that's a much bigger spread than we initially modeled between the base and the new stores.

第二個是網路公司。但我們的長期計畫中隱含的是基數持平或小幅成長。我們還沒有這樣過。因此，事實上，新店的業績比較積極，這比我們最初在基地店和新店之間建立的模型要大得多。

And our hope and belief is that as we see the base business starts to come back, that we'll see an even greater acceleration in the comp on a new store waterfall because if we can hold that same delta, that would be really, really a strong outcome for us.

我們的希望和信念是，當我們看到基礎業務開始復甦時，我們將看到新商店瀑布的競爭更加加速，因為如果我們能夠保持相同的增量，那將是非常非常好的對我們來說是一個強而有力的結果。

Okay. And then a quick follow-up. The gross margin performance and guidance looks good in light of what's happening in the backdrop. Does any of this year's gross margin gains preclude how it flows in '25? How much you can improve next year? I don't know if on DC side or inventory. Is there anything that you're kind of I don't know if you pull forward in any way, but how to think about that?

好的。然後快速跟進。鑑於當前情況，毛利率表現和指導看起來不錯。今年的毛利率成長是否會妨礙其在 25 年的流動？明年你能進步多少？我不知道是在DC方面還是庫存方面。我不知道你是否以任何方式向前推進了一些事情，但如何思考？

No. I would tell you no, it doesn't. In fact, I think with the Georgia distribution center as a bit of a headwind. I think we'll see improved performance from a distribution center standpoint. Reminder that, that DC productivity is housed within gross margin.

不，我會告訴你不，事實並非如此。事實上，我認為喬治亞州的配送中心有點不利。我認為從配送中心的角度來看，我們將會看到效能的提升。請注意，DC 生產力包含在毛利率內。

And as we think about the longer-term five year plan, we had supply chain benefits in there. We had growth of about 150 basis points in gross margins there's nothing that we're seeing that makes us feel otherwise about that. So no, I don't think what we're -- the 50 basis points that were up in Q2 of this year, I don't think that takes away anything associated with the trajectory of 2025.

當我們考慮長期五年計劃時，我們有供應鏈優勢。我們的毛利率成長了約 150 個基點，我們沒有看到任何讓我們對此有不同看法的事情。所以不，我不認為今年第二季上升了 50 個基點，我不認為這會消除與 2025 年軌跡相關的任何東西。

Justin Kleber with Baird.

賈斯汀·克萊伯和貝爾德。

First, just on gross margin. Steve and Carl, you mentioned inventory cost management. Can you comment just on how merchandise margins performed during 2Q and what your guidance assumes for merch margins across the back half of the year? .

首先，僅就毛利率而言。史蒂夫和卡爾，你們提到了庫存成本管理。您能否評論一下第二季商品利潤率的表現以及您對下半年商品利潤率的指導假設？ 。

Yes. So just in review, 50 basis points of gross margin in Q2, year-to-date up 10 basis points. My comments are on Q2. So that 50 basis points is a composition of about 20 basis points from a merchandising margin tailwind, slight tailwind associated with freight. Shrink was 5 basis points better. So nothing much to speak of there.

是的。因此，回顧一下，第二季的毛利率為 50 個基點，年初至今上升了 10 個基點。我的評論是關於第二季的。因此，50 個基點是由商品利潤順風和與貨運相關的輕微順風帶來的約 20 個基點組成。收縮幅度好5個基點。所以沒什麼好說的。

I think it's good old-fashioned like inventory management, to be honest with you, and leaning into promotions only during those key time periods and then leveraging Edv during the lulls. That's a bit of a composition.

老實說，我認為像庫存管理這樣的老式做法很好，只在關鍵時間段進行促銷，然後在淡季期間利用 Edv。這有點組合。

So from a guidance perspective, we held guidance at 34.3% to 34.7%, implied in that is roughly a 40 basis point spread. That 40 basis points would be driven primarily by merchandise margin if we achieve the high side of that guidance.

因此，從指導角度來看，我們將指導意見維持在 34.3% 至 34.7%，這意味著大約有 40 個基點的利差。如果我們實現該指導的較高水平，那麼 40 個基點將主要由商品利潤率推動。

Got it. Okay. Very helpful. And then just given last year's extra week and the fact each quarter this year starts one week later, what was the sales and EPS benefit here in 2Q? And can you provide just any color on what that calendar shift headwind will look like as it reverses across the back half of the year, just so we have our models calibrated appropriately?

知道了。好的。非常有幫助。然後考慮到去年的額外一周以及今年每個季度晚一周開始的事實，第二季度的銷售額和每股收益是多少？您能否提供有關日曆轉換逆風在今年下半年逆轉時的任何顏色，以便我們對模型進行適當校準？

Yes. For Q2, it was about $35 million benefit to the second quarter. So that's how I comment a bit on the shift. That will reverse the bulk of that in third quarter, the remainder in fourth. I've heard a lot of commentary in the marketplace associated with that cadence. It's applicable to us. The magnitude is just a bit different based on our size and scale.

是的。對於第二季度，第二季度的收益約為 3500 萬美元。這就是我對這一轉變的一些評論。這將在第三季扭轉大部分局面，其餘的則在第四季扭轉。我在市場上聽到了很多與這種節奏相關的評論。它適用於我們。根據我們的體型和規模，其大小略有不同。

Just to be clear, that impacts the total number that we're reporting. The comp number is on a shifted basis. That's also a good way to think about the businesses that we have shifted and are comparing weeks one through 52 this year against weeks two through 53 of last year. So that does take into account any of these shifts when we report that number.

需要明確的是，這會影響我們報告的總數。補償編號是在變化的基礎上進行的。這也是思考我們已經轉移的業務的好方法，並將今年的第一周到第 52 週與去年的第二週到第 53 週進行比較。因此，當我們報告該數字時，確實考慮了這些變化。

Cristina Fernández with Telsey Advisory Group.

特爾西諮詢小組的克里斯蒂娜·費爾南德斯。

I wanted to ask about the improvement you saw in August. Were there specific categories that had more of a benefit? And can you talk about what the improvement mostly in traffic or conversion, just to understand what led to the better trend?

我想問一下您在八月看到的改善情況。是否有特定類別有更多好處？您能否談談流量或轉換率方面的改善，以了解是什麼導致了更好的趨勢？

Yes, the primary improvement came through traffic. We also had some AUR uplift during the month as well. In terms of the performance, it was fairly broad-based. I would say initially, the first part of the month, it was more back-to-school driven. Obviously, footwear, apparel driving that.

是的，主要的改善來自於交通。本月我們的 AUR 也有所提升。從表現來看，它的基礎相當廣泛。我想說，最初，這個月的上半月，更多的是返校驅動的。顯然，鞋類和服裝推動了這一趨勢。

But that being said, our back-to-school is earlier. We don't have a lot of school districts in our geographies to draw back-to-school closer to Labor Day.

但話雖這麼說，我們返校的時間更早了。我們所在地區沒有很多學區可以在勞動節臨近時返校。

So really back-to-school for us kind of straddles that last week or two of July into the first week or two of August. And we saw continued strength once we got past those first two weeks all the way through into Labor Day. And it was broad-based. It was apparel, it was footwear and it was our outdoor division.

因此，對我們來說，返校確實是從七月的最後一兩週到八月的第一週或第二週。一旦我們度過了前兩週，一直到勞動節，我們就看到了持續的強勁勢頭。而且它的基礎廣泛。這是服裝、鞋類和我們的戶外部門。

So, I think certainly, we saw an increased traffic from back-to-school, but it felt like it kind of sustained as we move through the month, which was encouraging to us.

所以，我認為當然，我們看到返校後的流量有所增加，但感覺隨著我們整個月的持續，這對我們來說是令人鼓舞的。

And then my second question is on the private brands. Can you talk in more detail around the performance in are you seeing the consumer gravitate to those brands? Are you seeing trade down within categories? Just wanted to see the how is the consumer responding to your value offering? Are you seeing kind of like a shift from bigger ticket items to lower ticket within categories?

我的第二個問題是關於自有品牌的。您能否更詳細地談談您是否看到消費者被這些品牌所吸引？您是否看到類別內的貿易下降？只是想看看消費者對您提供的價值有何反應？您是否看到某種類別內從高價商品轉向低價商品的轉變？

Yes. I mean we definitely do see that, particularly during some of the lulls in the calendar. When we talk about our everyday value proposition, the place where that's best expressed candidly is in our private brands, where we ticket these goods, we price them day in and day out at really sharp prices.

是的。我的意思是我們確實看到了這一點，特別是在日曆中的一些間歇期。當我們談論我們的日常價值主張時，最能坦率地表達這一點的是我們的自有品牌，我們對這些商品進行售票，我們日復一日地以非常高的價格對它們進行定價。

One of the ones we're most proud of, we talk a lot about is our holding share that we saw for $5.99. It's been at that price now for going on five to six years and haven't raised price there. Customers certainly find those items in our assortment, and we see growth in those items and categories.

我們最引以為傲、經常談論的事情之一是我們以 5.99 美元的價格持有的股票。現在這個價格已經持續了五、六年了，而且還沒有漲價。客戶肯定會在我們的品種中找到這些商品，並且我們看到這些商品和類別的成長。

Private brand has been in growth for us over the past couple of years. Our goal ultimately is to get from around 20% pre-pandemic to around 25%. We're kind of in the mid 22%, 23% range from penetration. So we're making good progress there. I definitely think you do see some trade down there in the private brand, and we're very proud of the value proposition we offer there.

在過去的幾年裡，我們的自有品牌一直在成長。我們的最終目標是從疫情大流行前的 20% 左右降至 25% 左右。我們的滲透率大約在 22% 到 23% 之間。所以我們在那裡取得了良好的進展。我絕對認為您確實在自有品牌中看到了一些貿易，我們對我們在那裡提供的價值主張感到非常自豪。

Christopher Horvers with JPMorgan.

摩根大通的克里斯多福霍弗斯。

So just wanted to follow up on the August comment. Can you maybe, back into like maybe a slightly positive comp. Like to what degree was August positive? And do you have an estimate of maybe how much the back-to-school shift helped August?

所以只是想跟進八月的評論。也許你能回到一個稍微正面的競爭中嗎？例如八月的陽性程度如何？您是否估計過返校班次對八月有多大幫助？

I'm not going to get into the quarterly comp progression. It was positive. We're excited about that. It was a significant trajectory change from what we saw obviously in July. I think some of it, you're probably right. We thought that at least the first week or two, it was some compression of back-to-school timing where people are buying closer to need.

我不打算討論季度薪資進展。這是積極的。我們對此感到興奮。與我們在 7 月看到的情況相比，這是一個重大的軌跡變化。我認為其中一些，你可能是對的。我們認為至少在第一週或第二週，返校時間會有所壓縮，人們會在更接近需求的時候購買商品。

We certainly have seen that happen even if you go back to 4 of July or Memorial Day, where it used to be maybe a five to seven day event, maybe it's a three-to-four-day event now. So, we see that compressed shopping pattern happen.

我們當然已經看到這種情況發生，即使你回到 7 月 4 日或陣亡將士紀念日，過去可能是一個為期五到七天的活動，現在可能是一個為期三到四天的活動。因此，我們看到壓縮的購物模式正在發生。

And that's what we initially thought was happening in August. But the fact that it's sustained throughout the entire month, and we also saw a really strong Labor Day and that it was more broad-based outside of just the back-to-school categories, was encouraging.

這就是我們最初認為八月會發生的情況。但事實是，它持續了整個月，而且我們還看到了一個非常強勁的勞動節，而且除了返校類別之外，它的基礎更廣泛，這一點令人鼓舞。

That being said, we still have nine weeks ahead of us throughout the quarter, so we don't want to get too far ahead of ourselves. It was an encouraging early sign to see kind of that sales trajectory flip during the back-to-school time period.

話雖這麼說，整個季度我們還有九週的時間，所以我們不想提前太多。這是一個令人鼓舞的早期跡象，在返校期間看到銷售軌跡發生逆轉。

Got it. Makes sense. And then just broadly, you mentioned the calendar shift as to the impact of sales. Any other cadence items just to think about in the balance of the year, whether it's timing of opens, maybe how gross margin, those gross margin drivers perhaps play out in the back half?

知道了。有道理。然後，概括地說，您提到了日曆變化對銷售的影響。在今年剩下的時間裡，是否有其他節奏項目需要考慮，是否是開業時間，也許毛利率是多少，這些毛利率驅動因素可能會在下半年發揮作用？

I think we'll tag team this one. I mean, certainly, we've got nine stores that we've announced that are going to open up in Q3. The remainder of the new stores will open up early Q4, generally in early November.

我想我們會給這個團隊貼上標籤。我的意思是，當然，我們已經宣布將在第三季開設九家商店。其餘新店將於第四季初開業，一般在 11 月初。

The only other really big shift that's still ahead of us is that compressed holiday count. I know you guys are well aware of that. There's five fewer days between Thanksgiving and Christmas this year. So that certainly is going to be something we're going to have to navigate as we get into Q4, but everybody is faced with that challenge. And certainly, that's well documented out there.

我們面前唯一另一個真正重大的轉變是假期數量的壓縮。我知道你們很清楚這一點。今年感恩節和聖誕節之間的天數減少了五天。因此，這肯定是我們進入第四季時必須解決的問題，但每個人都面臨著這項挑戰。當然，這已經有詳細記錄了。

Yes. The only other thing that I would talk about is with our -- some of the categories that we sell, the election does tend to have a bit of an impact on what a normalized like quarterly build would look like. So depending upon what people are talking about in the press and whatnot, that's a little bit different than what you would have seen looks like last year or the year before.

是的。我要談論的唯一另一件事是我們銷售的一些類別，選舉確實會對正常化的季度建設產生一些影響。因此，根據人們在媒體上談論的內容以及其他內容，這與您去年或前年看到的情況有些不同。

And then as it relates to the margin cadence, the only thing I would add is it really does start and end with inventory discipline. We're very comfortable with where we are, and we're beginning to see a little bit of inflection in the August sales. I think we pair both of those together and that makes for some margin opportunity.

然後，由於它與保證金節奏相關，我唯一要補充的是，它確實以庫存紀律開始和結束。我們對目前的狀況感到非常滿意，我們開始看到八月的銷售出現了一些變化。我認為我們將兩者結合在一起，這會帶來一些利潤機會。

Yes. I did leave one thing off the calendar, too. We're up against the Rangers That obviously impacts one week. It tends to be a one-week event for us. It does based off the calendar shift this year, fall in the tail end of Q3 versus last year. It was the first week of Q4. That would be the only other thing I can think of.

是的。我也確實從日曆上漏掉了一件事。我們將對陣流浪者隊，這顯然會影響一周。對我們來說，這往往是一個為期一周的活動。它確實基於今年的日曆變化，與去年相比，落在第三季末。這是第四季的第一周。這是我能想到的唯一的其他事情。

Meaning that would affect the comp for 3Q because your report shifted?

這意味著這會影響第三季的業績，因為您的報告發生了變化？

It could. It could. Depending now. Look like the Astros are looking pretty strong right now. So we don't really we take those out of the plans each year when we make the plans, but that definitely is something that we're up against the last week of the quarter.

可以的。可以的。取決於現在。看起來太空人隊現在看起來相當強大。因此，我們每年制定計劃時並不會真正將這些內容從計劃中刪除，但這絕對是我們在本季度最後一周面臨的問題。

Michael Lasser with UBS.

瑞銀集團的麥可·拉塞爾。

This is Henery on for Michael Lasser. I just want to clear up, so the $16 million headwind from the storms and the $32 million headwind from the out-of-stocks both occurred in 2Q and the out-of-stock issue isn't expected to impact in 4Q? Answer

這是亨利替麥可·拉塞爾發言。我只想澄清一下，那麼風暴帶來的 1600 萬美元的逆風和缺貨帶來的 3200 萬美元的逆風都發生在第二季度，缺貨問題預計不會影響第四季度？回答

Yes, that's correct. I mean the statement is we're mostly caught up. What ended up happening there is we actually had anticipated some slowdown and we put goods into the stores and service providers. You see extra goods to help them get through the month of May all the way into Father's Day. The ramp-up of productivity was a little slower than we anticipated. So it did create some out-of-stocks as we got past Father's Day and the summer months.

是的，這是正確的。我的意思是，聲明說我們基本上都陷入困境了。最終發生的事情是，我們實際上已經預料到會出現一些放緩，因此我們將商品放入商店和服務提供者。您將看到額外的商品可以幫助他們度過五月一直到父親節。生產力的提升比我們預期的要慢一些。因此，隨著父親節和夏季的過去，確實造成了一些缺貨。

The team, now that we'll pass that back-to-school surge, is chipping away at the backlog. And as I characterize it, we're mostly caught up at this point. It actually did impact us a little bit in August, but we offset that with the strength of the rest of the business.

現在我們將度過返校高峰期，該團隊正在減少積壓的工作。正如我所描述的，我們現在基本上已經陷入困境了。實際上，它確實在 8 月對我們產生了一點影響，但我們用其他業務的實力抵消了這一影響。

So positive comp that we had did have some impact to that. But as we move into September and beyond, we're kind of in a lull for the next probably 30 to 45 days until we see start to ramp up heading into holiday. So we don't anticipate it having any impact on our business heading into holiday.

我們的積極補償確實對此產生了一些影響。但隨著進入 9 月及以後，我們在接下來的 30 到 45 天裡會處於平靜狀態，直到假期開始增加。因此，我們預計這不會對我們進入假期的業務產生任何影響。

Okay. And just as a follow-up. So the gross margin was driven -- the strong performance in 2Q was driven by inventory management despite this out-of-stock headwind?

好的。並且只是作為後續行動。那麼毛利率是受到推動的——儘管存在缺貨的逆風，但第二季度的強勁表現是由庫存管理推動的？

Yes, that's right. Yes. So when we quote like inventory per store or units per store, we're quoting the total inventory divided by the number of stores. Some of that inventory does happen to be in the distribution center at any given time.

是的，沒錯。是的。因此，當我們引用每家商店的庫存或每家商店的單位數量時，我們引用的是總庫存除以商店數量。在任何給定時間，其中一些庫存確實恰好位於配送中心。

But yes, inventory management, units per store are down 5%. We like where that's at. Launching nine new stores. So there was a little bit of inventory in there associated with stores that haven't opened yet. And then, yes, the composition of the gross margin, call it, 20 basis points, merchandising margin, a little bit of good news from a shrink, from a freight standpoint, a mix of other things.

但是，庫存管理方面，每家商店的銷售量下降了 5%。我們喜歡那個地方。開設九家新店。因此，那裡有一些與尚未開業的商店相關的庫存。然後，是的，毛利率的組成，稱之為20個基點，商品利潤率，從運費的角度來看，來自收縮的一點好消息，以及其他因素的混合。

We feel good about the composition of the margin. As we mentioned, I think this is a bit of a surprise to the external user because our gross margins were down 40 basis points in the first quarter. it was that over penetration to clearance.

我們對利潤率的組成感覺良好。正如我們所提到的，我認為這對外部用戶來說有點意外，因為我們第一季的毛利率下降了 40 個基點。這就是從滲透到間隙的過程。

We feel like right now, with what we've got going on from an inventory composition standpoint, the newness, the freshness, the per store efficiencies, that's what's driving gross margin, and we feel good about that going into fall.

我們覺得現在，從庫存組成的角度來看，新奇、新鮮、每家商店的效率，這就是推動毛利率的因素，我們對進入秋季感到滿意。

Robby Ohmes with Bank of America.

美國銀行的羅比·歐姆斯。

As you guys look to the back half year and especially the holiday, can you talk a little bit about how you feel about the merchandising setup for the back half? Are you looking for better allocations from some of the key brands? Are you feeling like the YETI, the Stanley drinkware, et cetera? I mean, is that do you think you're going to have even a better setup for the back half than you did for the first half from Nike?

展望下半年，尤其是假期，您能談談對下半年的銷售安排有何看法嗎？您是否正在尋找一些主要品牌的更好配置？您是否喜歡 YETI、Stanley 飲具等？我的意思是，你認為耐吉的後半場設定會比上半場更好嗎？

Are there any other footwear brands that might be coming in for the back half that weren't there in the front half? Any kind of thoughts on that would be great.

是否有其他鞋類品牌可能會出現在前半部而沒有出現在後半部？任何對此的想法都會很棒。

Yes. So, I'll say, in general, we feel very good about where we're positioned for holiday. I think that the team is really leaning into kind of both ends of that barbell we talk about. There's a ton of newness coming in. You're correct in your assumption that we're getting a lot better allocation of both Stanley and YETI. And candidly, Owala is coming up as a strong kind of third contender in that mix.

是的。所以，我想說，總的來說，我們對假期的定位非常滿意。我認為團隊確實傾向於我們談論的槓鈴的兩端。進來了很多新鮮事。坦白說，奧瓦拉正在成為這組合中強有力的第三個競爭者。

And we feel really good about the inventory we have positioned in all of those brands. And the interesting thing is all three of them are performing very well for us. I think they're generating a steady diet of newness across all three of the brands. And I think that's going to really help us heading into holiday.

我們對所有這些品牌的庫存感到非常滿意。有趣的是，他們三個人都為我們表現得非常好。我認為他們正在為這三個品牌帶來穩定的新鮮感。我認為這將真正幫助我們進入假期。

We continue to work with our existing vendors to get greater access to product. We continue to get expanded access, particularly within Nike, as you mentioned. Shoes like the 270 works in more doors, they add more colors.

我們將繼續與現有供應商合作，以更好地獲取產品。正如您所提到的，我們繼續擴大訪問範圍，特別是在耐吉內部。像 270 這樣的鞋子適用於更多門，它們增加了更多顏色。

And so we're excited about that. We're taking some ideas we tested last year, and we talked about this on a previous call, where Birkenstock has done really well. We've expanded our distribution and our door count there was having them on last holiday. We carry. That's going to be an expanded door count.

所以我們對此感到興奮。我們採用了去年測試過的一些想法，我們在之前的電話會議上討論了這一點，勃肯在這方面做得非常好。我們擴大了我們的分銷範圍，並在上個假期擴大了我們的門數。我們攜帶。這將是一個擴大的門數。

So we feel really good about on one end, the newness component and then the team is loaded for better on value. I mean, we've gone after a lot of these key categories. We saw a really strong trend in opening price point drilling over the summer. And so we're going to lean into that kind of an idea as we head into holiday. So we feel like we're well positioned. The only wild part really is just the compressed holiday calendar we're dealing with.

因此，一方面，我們對新鮮感感到非常滿意，然後團隊就獲得了更好的價值。我的意思是，我們已經關注了許多關鍵類別。我們看到夏季開盤價鑽探的趨勢非常強勁。因此，當我們進入假期時，我們將傾向於這種想法。所以我們覺得我們處於有利位置。唯一瘋狂的部分實際上就是我們正在處理的壓縮的假期日曆。

Got you. That's helpful. And then a quick follow-up. Did you guys give the digital percent of sales for the quarter? And also related to that, is Door Dash expected to drive up digital penetration, the trajectory there for the back half?

明白你了。這很有幫助。然後快速跟進。你們給了該季度銷售額的數字百分比嗎？與此相關的是，Door Dash 是否有望提高數位滲透率，即後半部的軌跡？

So dotcom penetration was up 30 basis points for the quarter. Right now, Door Dash is not feeding into the dotcom number, that's done externally through Door Dash. We will -- as we integrate Phase 2, which is having same-day delivery on our site, that will start powering into the dotcom console. So far, right now, it's not actually feeding into it.

因此，本季網路公司的滲透率上升了 30 個基點。目前，Door Dash 並未輸入網路號碼，而是透過 Door Dash 在外部完成。當我們整合第二階段（即在我們的網站上提供當天交付）時，我們將開始為網路控制台提供支援。到目前為止，現在它還沒有真正投入其中。

John Kernan with TD Cowen.

約翰·克南 (John Kernan) 和 TD Cowen。

Helpful commentary on quarter-to-date and outlook for the back half of the year. I think 12 of the stores from the 2023 cohort are going to jump into the comp base pretty soon, and you had pretty bullish commentary on how they're performing versus the '22 cohort. How should we think about new store productivity as you start to ramp openings? It sounds like even beyond the 16 or the 15 to 17 you're doing this year?

本季至今和下半年前景的有用評論。我認為 2023 年隊列中的 12 家商店很快就會進入競爭基礎，並且您對它們與 22 年隊列相比的表現非常樂觀。當您開始增加新店開張數量時，我們該如何考慮新店的生產力？聽起來甚至超出了你今年要做的16或15到17？

Yes. From a new store productivity standpoint, we're still kind of operating within the framework of what we put out there, $12 million to $16 million year one sales, it's going to be towards the low end in the newer markets where brand awareness is lower. It's going to be at the higher end on existing markets or where there already is a brand awareness of what an Academy Sports and Outdoors is. Committed to 20% ROIC is a hurdle rate. Payback is typically in year four on a cash-on-cash basis.

是的。從新店生產力的角度來看，我們仍然在我們推出的框架內運營，第一年銷售額為 1200 萬至 1600 萬美元，它將面向品牌知名度較低的新市場的低端市場。它將處於現有市場的高端，或已經有學院體育和戶外品牌意識的市場。承諾 20% 的 ROIC 是一個門檻率。以現金支付的方式通常在第四年收回投資。

We put out there $4 million to $5 million from a CapEx standpoint. I gave a little bit of commentary about what the real estate team is doing there. I think as we begin to scale this program more, they're finding more efficiencies, not only with how we're working with landlords, but also like raw materials and whatnot.

從資本支出的角度來看，我們投入了 400 萬至 500 萬美元。我對房地產團隊在那裡所做的事情做了一些評論。我認為，當我們開始擴大該計劃的規模時，他們會發現效率更高，不僅包括我們與房東的合作方式，還包括原材料等方面。

Yes, positive comp in second quarter row from a '22 standpoint. I think our first new store from 2023 has just entered the comp set. We're not going to speak on kind of like individual onesie, twosie stores. But obviously, from a comp waterfall standpoint, the more stores that we get into that waterfall that are in the aggregate providing comp sales, obviously, that lifts all boats from a comp trajectory standpoint.

是的，從 22 年的角度來看，第二季的表現是正面的。我認為我們 2023 年的第一家新店剛剛進入競爭集。我們不會談論諸如個人連身衣、雙人衣商店之類的話題。但顯然，從競爭瀑布的角度來看，我們進入該瀑布的商店越多，提供競爭銷售的總和就越多，顯然，從競爭軌蹟的角度來看，這會提升所有船隻。

But with only nine in there right now from '22 and the first one from '23 standpoint. Again, we'll kind of talk about all of our initiatives as we move forward, but we're pleased with what we're seeing, and it's operating within the framework that we put out there for you guys.

但從 22 年的角度來看，現在只有 9 個，而從 23 年的角度來看，只有第一個。再次，我們將在前進過程中討論我們的所有舉措，但我們對所看到的感到滿意，並且它在我們為你們提供的框架內運行。

That's helpful. Shifting gears a little bit to SG&A. You've obviously given us very specific guidance about the back half of the year. There are the new stores are obviously ramping in the back half, which brings some more expenses on to the income statement.

這很有幫助。稍微轉向 SG&A。顯然，您已經為我們提供了有關今年下半年的非常具體的指導。下半年新店數量明顯增加，這為損益表帶來了更多的支出。

As you shift to more to a faster unit growth perspective, maybe in 2025, how does that affect the overall SG&A rate? How we should be thinking about modeling SG&A dollars?

當您轉向更快的單位成長視角時（也許是在 2025 年），這對整體 SG&A 率有何影響？我們應該如何考慮 SG&A 美元建模？

Yes, the LRP had 200 basis points of deleverage. It also had low single-digit comps, which we're not experiencing right now year-to-date. So, I do want to brag on the team just a little bit, Q2 SG&A expense was up $16 million quarter-over-quarter, more than all of that was related to new stores and some technology stuff that we're doing with CDP omnichannel and WMS.

是的，LRP 有 200 個基點的去槓桿化。它還具有低個位數的比較，這是我們今年迄今為止還沒有遇到的。因此，我確實想向團隊吹噓一下，第二季的 SG&A 費用環比增長了 1600 萬美元，其中所有費用都與新商店和我們與 CDP 全通路合作的一些技術相關和倉庫管理系統。

So, the only incrementality that we're spending is on these initiatives and the strategies that we really talked with you guys about. It's not fancy strategies. It's not building out something that's never been done before. We're just slowly and methodically doing this.

因此，我們唯一的增量支出是在我們與你們真正討論過的這些舉措和策略上。這不是花俏的策略。它並不是構建以前從未做過的事情。我們只是慢慢地、有條不紊地做這件事。

I think what you should expect from us is to continue to see incrementality associated with growth in those strategic initiatives. So an inflection in new store growth is going to drive more rent, more payroll. I think what the difference is, is those longer-term aspirations and what we're seeing with the consumer when that base stores begins to have that comp trajectory that we're expecting, I think you'll see leverage associated with that.

我認為您應該對我們期望的是繼續看到與這些策略舉措的成長相關的增量。因此，新店成長的變化將推動更高的租金和工資。我認為區別在於，這些長期願望以及當基礎商店開始具有我們預期的競爭軌跡時我們在消費者中看到的情況，我認為您會看到與之相關的槓桿作用。

So again, the 150 basis points that we're talking about, I think it's within the framework of an LRP that is focused on 200 basis points of deleverage from an expense perspective, still getting to that 13.5% EBIT rate. But I think the difference will be not the strategies that we invest in, but the trajectory of the base comp stores.

因此，我們再次討論的 150 個基點，我認為它是在 LRP 的框架內的，該框架側重於從費用角度去槓桿化 200 個基點，但仍達到 13.5% 的息稅前利潤率。但我認為差異不在於我們投資的策略，而是基礎比較商店的軌跡。

We have time for one more question, which will come from the line of John Heinbockel with Guggenheim Securities.

我們還有時間再問一個問題，該問題將由古根漢證券公司的約翰·海因博克爾 (John Heinbockel) 提出。

This is Anders Meyer on for John. Just one from me. Now that Robert has had more time with the company, can you provide an update on the timing of the realization of the 100 basis points in supply chain savings? And have you been able to identify any incremental opportunities?

我是約翰的安德斯·邁耶。只有我的一份。既然 Robert 已經在公司工作了更多時間，您能否提供有關實現供應鏈節省 100 個基點的時間的最新資訊？您是否能夠發現任何增量機會？

Yes. So, Rob Howell, he's been with us since January or February.

是的。 Rob Howell，他從一月或二月起就和我們在一起了。

He's been with us February.

二月他一直和我們在一起。

Yes, February. He's great. I love working with him. I think he's been instrumental in jumping on top of what we're seeing coming out of. We talked about on the call, our next distribution center, we're targeting early calendar 2026.

是的，二月。他很棒。我喜歡和他一起工作。我認為他在超越我們所看到的結果方面發揮了重要作用。我們在電話中談到了我們的下一個配送中心，我們的目標是 2026 年初。

We just want to make sure that we digest all the learnings associated with the Georgia distribution facility and make sure that similar to kind of what we're doing with our stores, we're getting better based on the learnings that we're providing.

我們只是想確保消化與喬治亞州分銷設施相關的所有知識，並確保與我們在商店中所做的類似，我們根據我們提供的知識變得更好。

Yes, he is seeing other opportunities within the broader supply chain. I've talked previously about an existing state from an outbound transportation standpoint. We have one DC store, one DC door dedicated to one truck that services one store.

是的，他在更廣泛的供應鏈中看到了其他機會。我之前從出境交通的角度討論過現有狀態。我們有一家 DC 商店，一扇 DC 門專用於為一家商店提供服務的一輛卡車。

That is not the norm in retail. It's more normal to have multi-stop deliveries, especially in a city where you have some level of synergies, like think about Houston or Dallas or Atlanta or Charlotte, we should be doing loops with those trucks. The WMS aids us in that and building out in advance the stores. There's opportunities there.

這不是零售業的常態。多站送貨更為正常，尤其是在具有一定程度綜效的城市，例如休士頓、達拉斯、亞特蘭大或夏洛特，我們應該用這些卡車進行循環運輸。 WMS 可以幫助我們提前建立商店。那裡有機會。

And I think overall, as you look at the DCs, how we have them set up and how we operate with it, there's stuff outside of just the WMS that he's got his eye on.

我認為總的來說，當你觀察 DC，我們如何設定它們以及我們如何使用它時，除了 WMS 之外，還有一些東西是他所關注的。

Very pleased with him as a new add to the team, very pleased with some of the opportunities that he's going to bring to bear. I don't have any trepidation of 100 basis points of leverage along this long-range plan associated with the supply chain.

對他作為團隊的新成員非常滿意，對他將帶來的一些機會也非常滿意。對於這個與供應鏈相關的長期計劃，我並不擔心 100 個基點的槓桿作用。

As we move into the back half of the year, we remain deeply committed to helping the active young families to serve have fun out there by expanding their spending power to providing a compelling assortment at an outstanding value. At the same time, we're also laser-focused on delivering value to our shareholders across multiple fronts, including our quarterly dividend while strategically repurchasing shares.

進入下半年，我們仍然堅定地致力於幫助活躍的年輕家庭擴大消費能力，以卓越的價值提供令人信服的產品組合，讓他們享受服務的樂趣。同時，我們也專注於在多個方面為股東創造價值，包括在策略性回購股票的同時發放季度股利。

On a longer-term basis, we think Academy is one of the most compelling growth opportunities in retail, and we'll continue to thoughtfully invest in our long-term growth initiatives. Ultimately, we believe that remaining true to these strategies will allow us to break through the current short-term consumer malaise and deliver against our vision to be the best sport operator and retailer in the country.

從長遠來看，我們認為學院是零售業最引人注目的成長機會之一，我們將繼續深思熟慮地投資於我們的長期成長計畫。最終，我們相信，堅持這些策略將使我們能夠突破當前的短期消費者困境，並實現我們成為全國最好的運動營運商和零售商的願景。

I want to thank all 22,000 of our Academy team members for all the hard work and effort they put in so far during 2024. I know we have the right team in place to allow us to enter in the back half of the year, and the future for Academy is bright. Thanks, everybody, for joining us this morning, and have a great rest of your day.

我要感謝我們學院的所有 22,000 名團隊成員在 2024 年迄今為止所付出的辛勤工作和努力。謝謝大家今天早上加入我們，祝您今天休息愉快。

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

女士們、先生們，通話現已結束。感謝您的參與。您現在可以斷開連線。