Academy Sports and Outdoors Inc (ASO) 2024 Q3 法說會逐字稿

Good morning, and welcome to Academy Sports and Outdoors Third Quarter Fiscal 2024 Results Conference Call.

早安，歡迎參加學院體育與戶外 2024 財年第三季業績電話會議。

This call is being recorded

此通話正在錄音

(Operator Instructions)

（操作員說明）

I would now like to turn the cxall over to your host, Brad Morris, Director of Strategic Initiatives for Academy Sports and Outdoors.

現在我想將會議交給主持人布拉德莫里斯（Brad Morris），他是學院體育和戶外活動策略計劃總監。

Thank you.

謝謝。

You may begin.

你可以開始了。

Good morning, everyone and thank you for joining the Academy Sports and Outdoors Third Quarter 2024 Financial Results Call.

大家早安，感謝您參加學院體育和戶外運動 2024 年第三季財務業績電話會議。

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

執行長史蒂夫勞倫斯 (Steve Lawrence) 參加了今天的電話會議；和財務長卡爾·福特。

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

提醒一下，今天的收益發布中的聲明以及管理層在本次電話會議中發表的評論可能被視為前瞻性聲明。

These statements are subject to risks and uncertainties that could cause our actual results to differ materially from our expectations and projections.

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

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

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

The company undertakes no obligation to revise any forward-looking statements.

該公司不承擔修改任何前瞻性陳述的義務。

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

今天的言論也提到了某些非公認會計準則財務指標。

Reconciliations most comparable GAAP measures are included in today's earnings release.

今天的收益發布中包含了最具可比性的公認會計準則衡量指標的調節。

The earnings release and an investor presentation are available on our website at investors.academy.com under News and Events.

收益報告和投資者簡報可在我們的網站 Investors.academy.com 的「新聞和活動」下查看。

I'll now turn the call over to Steve for his remarks.

現在我將把電話轉給史蒂夫聽他的講話。

Thanks, Brad.

謝謝，布拉德。

Hello, and thanks to all of you for joining us today.

大家好，感謝大家今天加入我們。

As we look at our third quarter and year-to-date performance, we remain confident in our long-range plan and the business strategies that support it.

當我們審視第三季和年初至今的業績時，我們對我們的長期計劃和支持該計劃的業務策略仍然充滿信心。

In my prepared remarks today, I will cover three topics with a focus on how we're making progress towards our long-range goals with updates on our third quarter results and a view of our near-term macroeconomic environment along with an update on how we're continue to advance our strategic initiatives and make progress towards reaching all of our long-term goals.

在我今天準備好的發言中，我將討論三個主題，重點是我們如何在實現長期目標方面取得進展，包括第三季度業績的最新情況、對我們近期宏觀經濟環境的看法以及如何實現這一目標的最新情況。

Carl will then provide additional details on our financial results and outlook, and we will open up the line for questions.

然後卡爾將提供有關我們財務業績和前景的更多詳細信息，我們將開通提問熱線。

To start with a few highlights.

首先從幾個亮點開始。

Our comp sales results for the third quarter were in line with our previous guidance and an improvement in trend versus the first half of the year.

我們第三季的銷售業績與我們先前的指引一致，並且與上半年相比趨勢有所改善。

We delivered positive adjusted free cash flow for the quarter, our 20th consecutive quarter we have had a strong start to the holiday season, although as we look at our third quarter and year-to-date performance and the consumer environment, we're taking a prudent approach to our outlook and have narrowed the guidance for the full year.

我們在本季度實現了正調整後的自由現金流，這是我們連續第20 個季度在假期季節中取得了良好的開局，儘管在我們審視第三季度和年初至今的業績以及消費者環境時，我們認為我們對前景持謹慎態度，並縮小了全年指導範圍。

Finally, we're pleased to announce last week the Board's authorization of a new $700 million share repurchase program, reflecting our confidence in the business.

最後，我們很高興地宣布上週董事會批准了一項新的 7 億美元股票回購計劃，這反映了我們對業務的信心。

We view returning capital directly to the shareholders as an integral to our capital allocation strategy, along with ongoing investments in our strategic initiatives to drive long-term growth.

我們認為，將資本直接回饋給股東是我們資本配置策略的一個組成部分，同時也是對我們策略性舉措的持續投資，以推動長期成長。

Diving into our results.

深入研究我們的結果。

In the third quarter, comp sales declined 4.9%, which was in line with our previous guidance.

第三季度，公司銷售額下降 4.9%，這與我們先前的指導一致。

As we discussed on our Q2 call, we're encouraged by our positive comp performance during August, and we carried a lot of this momentum deep into the quarter with comps remaining positive, most of the way through September.

正如我們在第二季度電話會議中所討論的那樣，我們對8 月份的積極業績感到鼓舞，並且我們在本季度深處保持了這種勢頭，在整個9 月份的大部分時間裡，業績仍然保持積極。

The decline we ran for the quarter was the result of October, which was a challenging month for us.

我們本季的下滑是十月份的結果，這對我們來說是充滿挑戰的一個月。

During October, we experienced some unseasonably warm temperatures, which persisted throughout the entire month across our footprint, negatively impacting our seasonal businesses and having roughly 140 basis point drag comps.

10 月份，我們經歷了一些異常溫暖的氣溫，這種氣溫在我們的足跡中持續了整個月，對我們的季節性業務產生了負面影響，並導致阻力係數大約下降了 140 個基點。

In addition, we lapped the Rangers World Series run from last year, which also negatively impacted our comp by roughly 120 basis points.

此外，我們在去年的流浪者世界大賽中表現不佳，這也對我們的業績產生了約 120 個基點的負面影響。

We also saw a continued very active storm season during Q3 with Hurricane Helene and Milton hitting in October.

我們還看到第三季度持續非常活躍的風暴季節，颶風海倫和米爾頓於 10 月襲擊。

I'm incredibly impressed by the resilience of our team members and commend them on their tireless efforts navigating these challenging circumstances.

我們團隊成員的韌性給我留下了深刻的印象，並讚揚他們在應對這些充滿挑戰的環境中所做的不懈努力。

Academy takes pride in serving our communities during natural disasters, and I'm especially proud we make sure to get back in times of need for our communities with donations of clean water and other disaster recovery supplies.

學院為在自然災害期間為我們的社區提供服務而感到自豪，我尤其感到自豪的是，我們確保在社區需要時捐贈乾淨的水和其他災難復原用品。

Looking at the results by division on a shifted calendar basis, which is how we manage our business, Outdoor was our best-performing category, posting total sales growth of 4% versus last year, led by continued strength in our camping and hunting businesses.

按照我們管理業務的方式，按部門劃分的結果來看，戶外是我們表現最好的類別，在露營和狩獵業務持續強勁的帶動下，總銷售額比去年增長了 4%。

Footwear was our second best performing category down 2% driven by strength in key brands, such as Nike, Brooks, SKECHERS and Crocs.

鞋類是我們表現第二好的類別，由於 Nike、Brooks、SKECHERS 和 Crocs 等主要品牌的實力，下降了 2%。

Sports & recreation sales were down 3%.

體育和休閒銷售額下降 3%。

We saw strength in team sports driven by football and baseball.

我們看到了由橄欖球和棒球推動的團隊運動的力量。

Conversely, a lot of the fall season categories in this division, such as fire pits and patio heaters, saw sluggish sales caused by the aforementioned much warmer-than-average temperatures across our geography.

相反，該部門的許多秋季類別，例如火坑和庭院取暖器，由於上述整個地區的氣溫遠高於平均水平而導致銷售疲軟。

These much warmer temps also undoubtedly had a major impact on our apparel business, which ran down 9% for the quarter.

這些溫暖的氣溫無疑也對我們的服裝業務產生了重大影響，本季下降了 9%。

While we saw solid increases in warm weather categories such as shorts and tees, these businesses are not large enough in Q3 to offset the softness we saw in the key fall seasonal categories, such as fleece and outwear, as well as the Rangers World Series impact I mentioned earlier.

雖然我們看到短褲和T 恤等溫暖天氣類別的銷量穩步增長，但這些業務在第三季度的規模還不夠大，無法抵消羊毛和外套等關鍵秋季季節性類別的疲軟，以及流浪者隊世界大賽的影響我之前提到過。

Pulling back and looking at the results across the entire company, you can see that our sales performance is not entirely reflective of the strong momentum we saw within our most popular brands and our nonseasonal businesses.

回過頭來看看整個公司的業績，你會發現我們的銷售業績並不能完全反映我們在最受歡迎的品牌和非季節性業務中看到的強勁勢頭。

These pockets of outperformance within each division are proof of our ability to resonate with consumers by offering a compelling assortment featuring new in-demand products across a wide range of price points.

每個部門的這些出色表現證明了我們有能力透過提供引人注目的產品組合來與消費者產生共鳴，這些產品包括各種價位的新需求產品。

We remain focused on leveraging our advantage as the value provider in our space by protecting our everyday value messaging while also offering targeted promotions in key time periods during the year.

我們仍然專注於利用我們作為該領域價值提供者的優勢，保護我們的日常價值訊息，同時在一年中的關鍵時間段提供有針對性的促銷活動。

We remain true to this strategy in Q3, which enabled each division to hold margins versus last year.

我們在第三季度仍然堅持這項策略，這使得每個部門都能維持與去年相比的利潤率。

We did end up with merchandise margins down slightly to last year at negative 30 basis points during the quarter but this was a result of the outperformance in our Outdoor division, which makes us down from a rate perspective.

本季我們的商品利潤率確實較去年略有下降，為負 30 個基點，但這是由於我們的戶外部門表現出色，從利率角度來看，這使我們下降。

Gross margin during the quarter declined 50 basis points versus last year.

本季毛利率較去年下降 50 個基點。

The primary reason for the decline in gross margin was driven by some extra supply chain costs associated with the go-live of our warehouse management system in our Georgia distribution facility, along with some additional freight costs we incurred as we rerouted key elements of our holiday assortment to come in through the West Coast in order to avoid any potential delays from East Coast port strike.

毛利率下降的主要原因是由於喬治亞州配送設施的倉庫管理系統上線而產生的一些額外供應鏈成本，以及我們因改變假期的關鍵要素而產生的一些額外貨運成本品種通過西海岸進入，以避免東海岸港口罷工造成的任何潛在延誤。

Through the first 3 quarters of the year, our margins are down slightly last year at negative 10 basis points.

今年前 3 季度，我們的利潤率比去年略有下降，為負 10 個基點。

So we believe it is prudent that for our full year guidance, we're holding the low end of our range at 34.3%, were flat to last year, but narrowing the top end of the guide to 34.5%, from 34.7% previously.

因此，我們認為，謹慎的做法是，我們將全年指引的下限保持在 34.3%，與去年持平，但將指引的上限從先前的 34.7% 縮小至 34.5%。

Turning to the economy.

轉向經濟。

In the third quarter, we continue to see broad-based consumer backdrop that was characterized by episodic shopping demonstrated by consumers waiting until major events such as back-to-school holiday, while pulling back spending during the fall calendar.

在第三季度，我們繼續看到廣泛的消費背景，其特點是消費者等待返校假期等重大活動，同時在秋季日曆期間縮減支出。

We continue to see strong results during key event periods as evidenced by our positive comps during the first half of the quarter.

我們在關鍵事件期間繼續看到強勁的業績，本季上半段的正面業績證明了這一點。

This gives us optimism as we head into the fourth quarter, which has one of the largest shopping peaks in the entire year.

這讓我們在進入第四季時感到樂觀，第四季是全年最大的購物高峰之一。

Customers also continue to gravitate towards the value offerings in our assortment, which was reflected in the strength we saw during the promotional back-to-school season.

客戶也繼續被我們產品系列中的超值產品所吸引，這反映在我們在返校季促銷期間看到的實力上。

Our large private brands, which are one of the best articulations of our everyday value proposition also continue to perform during the quarter.

我們的大型自有品牌是我們日常價值主張的最佳體現之一，在本季也持續表現優異。

To capitalize on the customer's focus on value during the holiday peak, we're supplementing our strong slate of everyday values, some compelling promotions, which range from $4.99 sleep pants to $39.99 kids' bikes, all the way up to $99.99 gas and charcoal grills.

為了充分利用客戶在假期高峰期間對價值的關注，我們補充了一系列日常價值，以及一些引人注目的促銷活動，從4.99 美元的睡褲到39.99 美元的兒童自行車，一直到99.99 美元的燃氣和木炭烤架。

Newness continues to resonate with customers as we navigate through 2024.

2024 年，新鮮感將繼續引起客戶的共鳴。

For Q4, we've dramatically expanded our offering of new must-have product with strong statements from brands such as YETI, Stanley in a wall and drinkware, Koolaburra by UGG and boots and slippers and reintroducing Converse back in our assortments in outdoors.

第四季度，我們大幅擴展了新的必備產品的供應範圍，其中包括YETI、Stanley 牆裝和飲具、Koolaburra by UGG 以及靴子和拖鞋等品牌的強烈聲明，並將Converse 重新引入我們的戶外產品系列中。

At this point, we're past the traditional kickoff to the holiday season, and we're pleased with our Thanksgiving weekend results where we have the largest day in the company's history on Black Friday.

至此，我們已經過了傳統的假期季節，我們對感恩節週末的業績感到滿意，黑色星期五是公司歷史上最重要的一天。

As most of you are aware, we do have a compressed holiday calendar this year with 5 fewer days between Thanksgiving and Christmas, which means we'll have to maintain a high level of momentum to help offset this truncated shopping calendar.

正如你們大多數人所知，我們今年的假期日曆確實被壓縮了，感恩節和聖誕節之間的天數減少了5 天，這意味著我們必須保持高水平的動力來幫助抵消購物日曆被縮短的影響。

Turning to our long-range initiatives.

轉向我們的長期舉措。

Academy has a strong foundation with multiple growth engines that continue to add value and will drive our performance in the long term.

學院擁有堅實的基礎和多個成長引擎，這些成長引擎不斷增加價值，並將長期推動我們的表現。

I'd like to provide further context on some of the green shoots we continue to see in our business which have been driven by investments in our strategic initiatives.

我想提供更多背景信息，介紹我們在業務中不斷看到的一些萌芽，這些萌芽是由我們的戰略舉措投資推動的。

We remain encouraged improvement of our comps versus the first half of the year and by the fact that we've held on to most of the market share gains we've made since pre-pandemic.

與上半年相比，我們仍然對我們的業績有所改善感到鼓舞，而且我們保住了自大流行前以來所取得的大部分市場份額增長。

As you might remember, we have three strategic growth pillars.

您可能還記得，我們​​擁有三個策略成長支柱。

And as we look ahead, we have several exciting new initiatives that we've been working on, which should help drive our business moving forward.

展望未來，我們一直在努力實施幾項令人興奮的新舉措，這將有助於推動我們的業務向前發展。

Now I'd like to give you a quick update on each growth initiative.

現在我想向您簡要介紹每項成長計畫的最新情況。

Opening new stores and expanding our footprint remains our largest opportunity for growth and is one of our top priorities as we execute against our long-range plan.

開設新店和擴大業務範圍仍然是我們最大的成長機會，也是我們執行長期計畫時的首要任務之一。

During 2024, we successfully opened up 16 stores which equates to roughly 6% unit growth, bringing our total count to 39 new stores opened since we began this journey in fiscal 2022, and it takes our total store count to 298.

2024 年，我們成功開設了 16 家門市，相當於單位數量增加約 6%，自 2022 財年開始這一歷程以來，我們新開的門市總數達到 39 家，門市總數達到 298 家。

Our strategic expansion has yielded strong results which is a testament to our dedication, ingenuity and hard work.

我們的策略擴張取得了豐碩的成果，證明了我們的奉獻精神、聰明才智和辛勤工作。

This achievement continues to propel us from a regional retailer, becoming a national brand, delivering key milestones such as an expansion into our 19 state in Ohio where we look forward to serving local communities.

這項成就繼續推動我們從一個區域零售商發展成為一個全國性品牌，實現了重要的里程碑，例如擴展到俄亥俄州的第 19 個州，我們期待為當地社區提供服務。

We continue to see positive comps out of our 22 vintage stores and have been very encouraged by our 2024 vintages stores, which have gotten out of the gates with a fast start and are overachieving their plans.

我們繼續看到我們的 22 家復古商店取得了積極的業績，並且我們的 2024 年復古商店深受鼓舞，這些商店起步很快，並且超額完成了他們的計劃。

Our commitment to new store growth remains fundamental to Academy's long-term success, and we'll continue to refine our approach as we gain additional learnings as we move into new markets.

我們對新店成長的承諾仍然是學院長期成功的基礎，隨著我們進入新市場，我們將獲得更多的經驗教訓，繼續完善我們的方法。

Our real estate team is continually analyzing and including additional data points such as mobility traffic data and improve demographic profiling into our site selection model.

我們的房地產團隊不斷分析並納入額外的數據點，例如行動交通數據，並將人口統計分析改進到我們的選址模型中。

The end result is that we've dramatically improved our hit rate on new locations as we've gotten deeper into this journey.

最終的結果是，隨著我們對這趟旅程的深入，我們大大提高了新地點的命中率。

In prior calls, we've discussed focusing more on the suburbs, exurbs and underserved medium-sized markets.

在先前的電話會議中，我們討論了更多關注郊區、遠郊和服務不足的中型市場。

The reasoning behind this is simple.

這背後的原因很簡單。

After analyzing the data, these types of markets are target rich with our core customer demographic.

分析數據後，這些類型的市場目標豐富，富含我們的核心客戶群。

Our plan is to continue to position new stores in these locations and to steadily build critical density and brand awareness over time.

我們的計劃是繼續在這些地點開設新店，並隨著時間的推移穩步建立關鍵密度和品牌知名度。

Based on the results of the recent new stores in these types of markets, we're excited by the range of new store expansion possibilities in front of us.

根據這些類型市場最近新店的業績，我們對擺在我們面前的一系列新店擴張可能性感到興奮。

Back to this point, we've built out our new store pipeline, utilizing our improved modeling.

回到這一點，我們已經利用改進的建模建立了新的商店管道。

Our plan is to open up 20 to 25 new stores in 2025, which will increase our unit count by approximately 7.5% with our 300 stores slated to open up in Q1.

我們的計劃是在 2025 年開設 20 至 25 家新店，這將使我們的門市數量增加約 7.5%，預計第一季將開設 300 家門市。

While our long-term goal of opening up 160 to 180 stores over the next five years remains unchanged, we're acting thoughtfully and prudently to achieve these goals as we continue to navigate a challenging short-term macroeconomic backdrop.

雖然我們在未來五年內開設 160 至 180 家門市的長期目標保持不變，但在我們繼續應對充滿挑戰的短期宏觀經濟背景的同時，我們正在深思熟慮、謹慎行事，以實現這些目標。

To illustrate this point, we're moderating the slope of the new store curve in the short term with the 20 to 25 new stores next year being below the original model we built back in 2022, which called for 30 to 35 stores in 2025.

為了說明這一點，我們正在短期內緩和新店曲線的斜率，明年開設 20 至 25 家新店，低於我們在 2022 年建立的原始模型，即 2025 年開設 30 至 35 家店。

We're also excited that in 2025, we're starting to achieve the balanced approach we have discussed on previous calls, which roughly half of these stores currently slated to open in spring with the remainder opening up in the back half of the year.

我們還很高興的是，到 2025 年，我們將開始實現我們在之前的電話會議中討論過的平衡方法，其中大約一半的商店目前計劃在春季開業，其餘的將在今年下半年開業。

We're also on track to open up five new stores in Q1, which is more stores than we've ever opened up in the first quarter since we began this journey.

我們還計劃在第一季開設 5 家新店，比我們開始這趟旅程以來第一季開設的門市數量還要多。

This is further evidence that we're improving execution of our new stores.

這進一步證明我們正在改善新店的執行情況。

We're excited about expanding our store footprint into new markets and states as we start to fill in Ohio and open up our 20th state with Pennsylvania.

隨著我們開始在俄亥俄州開設門市，並在賓州開設我們的第 20 個州，我們很高興能夠將我們的商店足跡擴展到新的市場和州。

The remaining store will help us infill underserved markets in core geographies such as Texas, Oklahoma, Louisiana, Arkansas and Tennessee.

剩下的商店將幫助我們填補德克薩斯州、俄克拉荷馬州、路易斯安那州、阿肯色州和田納西州等核心地區服務不足的市場。

As a reminder, we expect new stores to generate between $12 million and $16 million in year one sales depending upon whether it is a new or existing market as well as other factors such as size and market and population demographics.

提醒一下，我們預計新店第一年的銷售額將在 1,200 萬美元至 1,600 萬美元之間，具體取決於它是新市場還是現有市場以及規模、市場和人口統計等其他因素。

Additionally, we hold all of our new positive 4-wall EBITDA contribution in year one, leading to returns on invested capital in excess of 20% over the life of these investments.

此外，我們在第一年就持有所有新的正 4 層 EBITDA 貢獻，從而在這些投資的整個生命週期內投資資本回報率超過 20%。

Now I'd like to move to our second growth initiative, building a more powerful omnichannel business.

現在我想轉向我們的第二個成長計劃，建立更強大的全通路業務。

We found that the number 1 way for us to build our dot-com business is through store growth, particularly in new markets.

我們發現，我們建立網路業務的首要方法是透過商店成長，特別是在新市場。

The first reason for this is that the new store openings and the associated marketing campaigns help build brand awareness for Academy.

第一個原因是新店的開設和相關的行銷活動有助於提高學院的品牌知名度。

Second, roughly 50% of our dot-com is filled through BOPIS.

其次，我們的網路中大約 50% 是透過 BOPIS 填充的。

Customers have consistently demonstrated over time that the preferred method of fulfillment for many of the bulky big ticket categories we carry such as kayaks, gun safes or fitness equipment, is for them to pick it up themselves.

隨著時間的推移，客戶不斷證明，對於我們提供的許多大件大件商品（例如皮划艇、槍支保險箱或健身器材），他們的首選履行方式是自行提貨。

The need to have a physical store to act as a distribution hub inexorably links our dot-com growth to our new store expansions.

擁有實體店作為分銷中心的需求將我們的網路成長與新店擴張緊密地聯繫在一起。

As mentioned during the last quarterly call, we continue to look for ways to eliminate friction and make it seamless for customers to shop between our website and physical stores.

正如上一季電話會議中所提到的，我們將繼續尋找消除摩擦的方法，讓客戶能夠在我們的網站和實體店之間無縫購物。

We've seen positive results from our partnership with DoorDash during our first full quarter with the service in place.

在服務到位的第一個完整季度中，我們與 DoorDash 的合作取得了積極成果。

Phase 1 of our DoorDash partnership with fulfillment through their app, and we saw strong growth in unique customers as well as omnichannel sales from this new service.

我們的 DoorDash 合作夥伴關係的第一階段是透過他們的應用程式進行履行，我們看到了獨特客戶的強勁成長以及這項新服務的全通路銷售。

As we head into holiday, we've expanded partnership to allow for same-day delivery options on academy.com, which is also powered by DoorDash.

隨著假期的臨近，我們擴大了合作夥伴關係，在 academy.com 上提供當日送達選項，該網站也由 DoorDash 提供支援。

We expect this to be a big unlock the last four to five days leading up to Christmas.

我們預計這將在聖誕節前的最後四到五天內實現重大解鎖。

Our commitment to our customers is clear.

我們對客戶的承諾是明確的。

We want to demonetize access sports and outdoor activities for all customers by providing the gear they need at great prices, however they choose to shop.

我們希望透過以優惠的價格提供他們所需的裝備（無論他們選擇如何購物），為所有客戶取消體育和戶外活動的貨幣化。

We look forward to the benefits of this approach will drive during the fourth quarter holiday season and into 2025 and beyond.

我們期待這種方法的好處將在第四季度假期期間以及 2025 年及以後發揮作用。

Now I'd like to touch on our third growth initiative, which is driving comp growth in our core business across our existing store base.

現在我想談談我們的第三個成長計劃，該計劃正在推動我們現有商店基礎核心業務的競爭成長。

While opening new stores and rapidly expanding our dot-com business are huge growth drivers for us, our number 1 focus is to move our base business back to positive comp growth moving forward.

雖然開設新店和快速擴展我們的網路業務是我們巨大的成長動力，但我們的首要重點是使我們的基礎業務恢復到正向的複合成長。

We believe that many of the initiatives we've been working on over the past year are the keys to moving back to comp growth and unlocking long-term value for our shareholders.

我們相信，過去一年我們一直在努力的許多舉措是恢復公司成長並為股東釋放長期價值的關鍵。

As mentioned earlier, our customer continues to vote for newness in our assortment, we have a lot of new items and brands coming this holiday.

正如前面提到的，我們的顧客繼續投票支持我們品種的新穎性，這個假期我們有很多新商品和品牌。

With that in mind, I'm excited to announce that in Q1 of 2025, we'll have one of the most meaningful launches in Academy's history with the addition of an expanded offering of Nike product in 140-plus stores.

考慮到這一點，我很高興地宣布，在 2025 年第一季度，我們將推出 Academy 歷史上最有意義的產品之一，在 140 多家商店中增加更多耐吉產品。

The plan is to launch in April with full assortments in men's, women's and kids across footwear, apparel and accessories, along with a strong statement of sporting goods.

該計劃將於四月推出，涵蓋男士、女士和兒童鞋類、服裝和配件的全系列產品，以及體育用品。

We plan to follow up with more details on this exciting addition during our Q4 call in March.

我們計劃在 3 月的第四季度電話會議上跟進有關這項令人興奮的新增功能的更多細節。

A second major initiative for us under this growth pillar is all of the work we've done over the past year around our customer file and getting a deeper understanding of their shopping behavior.

在這成長支柱下，我們的第二個主要舉措是我們在過去一年中圍繞客戶檔案所做的所有工作，並更深入地了解他們的購物行為。

During the third quarter, we completed an ID resolution process which is an important step as we continue to develop and refine our targeted marketing capabilities.

在第三季度，我們完成了 ID 解析流程，這是我們繼續發展和完善目標行銷能力的重要一步。

The end result of all this work is that we have nearly doubled our identified addressable customer count which unlocks new opportunities for us to reengage with customers who might have lapsed over recent years with improved targeted marketing efforts.

所有這些工作的最終結果是，我們已確定的可尋址客戶數量幾乎增加了一倍，這為我們透過改進有針對性的行銷工作來重新吸引近年來可能流失的客戶提供了新的機會。

You can see some of the benefits of this working with the Q3 customer traffic data that Carl will share with you shortly.

您可以看到卡爾很快就會與您分享的第三季客戶流量資料的一些好處。

Another key element of our work on this front is the rollout of myAcademy rewards.

我們在這方面工作的另一個關鍵要素是推出 myAcademy 獎勵。

In our last call, we had cited that our goal was to get 10 million customers signed up by the end of the year.

在上次電話會議中，我們提到我們的目標是在年底前讓 1000 萬客戶註冊。

At this point, we're tracking to beat this number and expect to head into 2025 with over 11 million customers in this program.

目前，我們正在努力打破這一數字，預計到 2025 年，該計劃的客戶數量將超過 1,100 萬人。

We expect this number will only grow moving forward, and it gives us a powerful tool to build a deeper connection and understanding of our customers.

我們預計這個數字只會繼續成長，它為我們提供了一個強大的工具來與客戶建立更深入的聯繫和了解。

I'd like to add that none of the work we've been doing would be possible without our stores, DCs and home office team members who continue to embody our values and deliver a positive experience for our customers.

我想補充一點，如果沒有我們的商店、配送中心和家庭辦公室團隊成員繼續體現我們的價值觀並為我們的客戶提供積極的體驗，我們所做的所有工作都是不可能的。

We're proud of their efforts and want to acknowledge our appreciation of the critical role they play in our success.

我們為他們的努力感到自豪，並感謝他們在我們的成功中發揮的關鍵作用。

Carl will now walk you through a deeper dive into our third quarter financials and updated guidance for the full year.

卡爾現在將帶您更深入地了解我們第三季的財務狀況和全年的最新指導。

Carl?

卡爾？

Thank you, Steve.

謝謝你，史蒂夫。

Third quarter sales of $1.34 billion and comparable sales of negative 4.9% fell in line with our expectations.

第三季銷售額為 13.4 億美元，可比銷售額為負 4.9%，下降符合我們的預期。

Our comp transactions declined by 7.1%, while comp ticket increased by 2.4% compared to last year.

與去年相比，我們的贈券交易量下降了 7.1%，而贈券票數則增加了 2.4%。

Our gross margin rate in the third quarter was 34.0%, a 50 basis point decrease compared to the third quarter of last year primarily driven by increased supply chain costs associated with international freight and labor expenses in our Georgia distribution facility, coupled with a mix shift in our outdoor merchandise penetration.

我們第三季的毛利率為 34.0%，與去年第三季相比下降了 50 個基點，主要是由於喬治亞州分銷設施的國際貨運和勞動力費用相關的供應鏈成本增加，以及混合轉移在我們的戶外商品滲透率方面。

Overall, in the third quarter, we generated GAAP net income of $65.8 million and GAAP diluted earnings per share of $0.92.

總體而言，第三季我們的 GAAP 淨利潤為 6,580 萬美元，GAAP 攤薄後每股收益為 0.92 美元。

Adjusted net income, which excludes stock-based compensation of $6.3 million was $70.5 million or $0.98 in adjusted earnings per share.

調整後淨利（不包括 630 萬美元的股票薪酬）為 7,050 萬美元，即調整後每股收益 0.98 美元。

Despite negative comparable sales in the third quarter, we were pleased to see favorable traffic trends which drove the sequential improvement in our comp sales trajectory reflecting the strengthening of our core business as we head into the holiday season.

儘管第三季的可比銷售額為負，但我們很高興看到有利的流量趨勢，這推動了我們的可比銷售軌蹟的連續改善，反映出我們的核心業務在進入假期季節時得到加強。

We experienced an increase of 250 basis points store foot traffic versus the first half of the year.

與上半年相比，我們的商店客流量增加了 250 個基點。

Additionally, foot traffic during key shopping events in the third quarter increased 3.8% versus last year.

此外，第三季主要購物活動期間的人流比去年增加了 3.8%。

Both of these data points as well as our start to the holiday season give us confidence in a stabilizing consumer environment as we enter the fourth quarter.

這兩個數據點以及假期季節的開始讓我們對進入第四季時消費環境趨於穩定充滿信心。

As we exited the Labor Day selling period, our quarter-to-date comparable sales were positive, which were offset in the back half of the quarter due to lapping the Texas Rangers World Series sales as well as a decline in fleece and outerwear sales due to warmer-than-normal weather patterns.

隨著我們退出勞動節銷售期，我們的季度至今可比銷售額為正，但由於德克薩斯遊騎兵隊世界職業棒球大賽的銷售額以及羊毛和外套銷售額的下降，該銷售額在本季度後半段被抵消。

As a result, these drove approximately 260 basis points of combined impact on the overall comp for the quarter.

因此，這些因素對該季度的整體業績產生了約 260 個基點的綜合影響。

Our comparable sales improvement during the first half of the quarter was attributable to all of our divisions with outdoor leading the way, primarily driven by strong fishing, camping and hunting sales.

本季上半季我們的可比較銷售成長歸功於我們所有戶外部門的領先，這主要是由強勁的釣魚、露營和狩獵銷售所推動的。

While overall comp sales for the quarter were negative 4.9%, we were encouraged by the performance of our business in August and September and the October decline in sales was atypical to historical builds.

雖然本季的整體銷售額為負 4.9%，但我們對 8 月和 9 月的業務表現感到鼓舞，而且 10 月的銷售額下降與歷史銷量不同尋常。

Gross margin of 34.0% in the third quarter was down 50 basis points versus last year, driven by several factors, including lower merchandise margins as well as higher costs associated with freight and distribution center labor costs.

第三季的毛利率為 34.0%，較去年下降 50 個基點，這是由多種因素推動的，包括商品利潤率下降以及與貨運和配送中心勞動力成本相關的成本上升。

Furthermore, the decline in margins were driven by 2 key factors during the quarter.

此外，本季利潤率下降是由兩個關鍵因素造成的。

First, headwinds associated with the backlog cleanup of our Georgia distribution center, which we discussed on the second quarter call drove inefficiencies in our productivity as we increase the resources needed to ensure we were for the holiday shopping season of which the majority of these costs were recognized in the third quarter.

首先，我們在第二季的電話會議上討論了與喬治亞州配送中心的積壓清理相關的不利因素，這導致我們的生產力效率低下，因為我們增加了確保假日購物季所需的資源，而假日購物季的大部分成本是第三季得到認可。

Additionally, cost increase in the international freight associated with accelerating merchandise ahead of the October port strike.

此外，國際貨運成本增加與 10 月港口罷工前的商品運輸加速有關。

Second, our merchandise margins were down 30 basis points versus last year.

其次，我們的商品利潤率比去年下降了 30 個基點。

The primary driver of this was outperformance in our Outdoor division, which was up 7% versus last year.

其主要驅動力是我們戶外部門的出色表現，該部門比去年增長了 7%。

We're now fully caught up in the Georgia distribution center in time for the holiday shopping season, and we'll continue to leverage the scale of our supply chain throughout our business, especially as we scale operations in our Georgia facility.

我們現在在喬治亞州配送中心完全趕上了假日購物季，我們將繼續在整個業務中利用供應鏈的規模，特別是在我們擴大喬治亞州工廠的營運規模時。

In the third quarter, SG&A increased by $19.3 million versus last year, which was primarily driven by our investments in our growing store base as we increased our footprint by 18 new stores versus the third quarter of last year.

第三季度，SG&A 比去年增加了 1,930 萬美元，這主要是由於我們對不斷增長的門市基礎的投資推動的，與去年第三季度相比，我們增加了 18 家新店。

Unpacking that further, over 90% of the increase was driven by our investments in strategic initiatives related to new stores, omnichannel improvements and our customer data platform.

進一步分析，超過 90% 的成長是由我們對新店、全通路改善和客戶數據平台相關策略舉措的投資所推動的。

We remain confident in our continued investment in these areas as part of our long-range plan and are essential to positioning our business for sustainable long-term growth.

作為我們長期計劃的一部分，我們對在這些領域的持續投資仍然充滿信心，這對我們的業務實現可持續長期成長至關重要。

Looking at the balance sheet.

看資產負債表。

We ended the quarter with $296 million in cash.

本季結束時，我們的現金為 2.96 億美元。

Our inventory balance was $1.52 billion, an increase of 2.2% compared to last year.

我們的庫存餘額為 15.2 億美元，比去年增長 2.2%。

Total inventory units were flat.

總庫存單位持平。

This includes an additional 18 stores compared to the end of Q3 2023.

與 2023 年第三季末相比，這包括新增 18 家商店。

On a per store basis, inventory units were down 7% and inventory dollars were down 4%.

以每家商店計算，庫存量下降了 7%，庫存金額下降了 4%。

Our inventory management remains a focus, especially as we grow the store base.

我們的庫存管理仍然是一個重點，特別是當我們擴大商店基礎時。

In the third quarter, we generated approximately $97 million in cash from operations.

第三季度，我們從營運中產生了約 9,700 萬美元的現金。

We invested $63 million in our growth initiatives, repurchased approximately 1 million shares for $53 million and paid out $8 million in dividends.

我們在成長計畫上投資了 6,300 萬美元，以 5,300 萬美元回購了約 100 萬股股票，並支付了 800 萬美元的股息。

Year-to-date, Academy has generated approximately $252 million of adjusted free cash flow compared to $150 million year-to-date 2023.

今年迄今，學院已產生約 2.52 億美元的調整後自由現金流，而 2023 年迄今為 1.5 億美元。

On a per share basis, this represents a third quarter year-over-year increase of 140% and an increase of 76% versus year-to-date 2023.

以每股計算，第三季年增 140%，與 2023 年迄今相比成長 76%。

In terms of capital allocation, our strategy remains focused on executing against three pillars, which are: one, financial stability; two, self-funding growth initiatives; and three, increasing shareholder return through share repurchases and dividends.

在資本配置方面，我們的策略仍聚焦於三大支柱，即：一是金融穩定；二、自籌資金成長舉措；第三是透過股票回購和分紅增加股東回報。

We believe these priorities will drive future sales and earnings growth as well as increased shareholder value.

我們相信這些優先事項將推動未來的銷售和獲利成長以及股東價值的增加。

Third quarter dividends paid of $7.7 million or $0.11 per share resulted in a quarterly dividend yield of 22 basis points. share repurchases in the third quarter represented a total of 1.5% of our market cap.

第三季支付的股息為 770 萬美元，即每股 0.11 美元，季度股息收益率為 22 個基點。第三季的股票回購總計占我們市值的 1.5%。

Combined, we have returned a total of 1.7% to our shareholders in the third quarter and a total of 8.2% year-to-date.

合併後，我們第三季向股東的回報率為 1.7%，今年迄今總計為 8.2%。

On that note, earlier this month, our Board of Directors authorized a new share repurchase program of $700 million over the next three years increasing our prior remaining authorization by approximately $300 million.

有鑑於此，本月早些時候，我們的董事會授權在未來三年內實施一項 7 億美元的新股票回購計劃，使我們先前的剩餘授權增加約 3 億美元。

At current pricing, our available authorization represents over 20% of our market cap and is currently one of the largest remaining share repurchase authorizations among sporting goods retailers as a percentage of market capitalization.

按照目前的定價，我們的可用授權占我們市值的 20% 以上，並且是目前體育用品零售商中佔市值百分比最大的剩餘股票回購授權之一。

Additionally, the Board recently approved a dividend of $0.11 per share payable on January 15, 2025, to stockholders of record as of December 18, 2024.

此外，董事會最近批准於 2025 年 1 月 15 日向截至 2024 年 12 月 18 日在冊股東支付每股 0.11 美元的股息。

We are excited by the long-term growth potential of our business, driven by continued investment in new stores, we opened a total of eight new stores in the third quarter and five new stores in November, bringing our total new store opening 16 year-to-date.

我們對業務的長期成長潛力感到興奮，在新店持續投資的推動下，我們在第三季度總共開設了 8 家新店，11 月份新開了 5 家新店，使我們的新店開業總數達到 16 年-迄今為止。

We continue to leverage our value engineering capabilities, including cost optimization of raw materials, construction services and landlord participation.

我們繼續利用我們的價值工程能力，包括原材料、建築服務和業主參與的成本優化。

Currently, in Academy's new store pipeline, there are over 80 sites in various stages of the new store site selection process, which will support our 20 to 25 planned new store openings in fiscal 2025.

目前，在 Academy 的新店儲備中，有 80 多個地點處於新店選址流程的各個階段，這將支持我們計劃在 2025 財年開設 20 至 25 家新店。

We are excited about the learnings and insights from previous new store openings and look forward to the 2025 vintage being the best yet.

我們對之前新店開業的經驗和見解感到興奮，並期待 2025 年的年份成為迄今為止最好的年份。

Now turning to our outlook for the remainder of the year.

現在轉向我們對今年剩餘時間的展望。

We are narrowing our previous guidance for fiscal 2024.

我們正在縮小先前對 2024 財年的指導範圍。

Our revised guidance is as follows, net sales are expected to range from $5.89 billion to $5.94 billion with comparable sales of negative 6% to negative 5%.

我們修訂後的指引如下，淨銷售額預計在 58.9 億美元至 59.4 億美元之間，可比銷售額負 6% 至負 5%。

Our gross margin rate is expected to range from 34.3% to 34.5%.

我們的毛利率預計在34.3%至34.5%之間。

GAAP net income is expected to be between $400 million and $425 million.

GAAP 淨利潤預計在 4 億至 4.25 億美元之間。

Adjusted net income, which excludes certain estimated expenses, primarily stock-based compensation of approximately $27 million is forecasted to range from $420 million to $445 million.

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 4.45 億美元之間。

GAAP diluted earnings per share is expected to be $5.50 to $5.80 and adjusted diluted earnings per share is forecasted to range from $5.80 to $6.10.

GAAP 稀釋每股收益預計為 5.50 美元至 5.80 美元，調整後稀釋每股收益預計為 5.80 美元至 6.10 美元。

The earnings per share estimates are based on a revised share count of 73.1 million diluted weighted average shares outstanding for the full year.

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 7,310 萬股。

This amount does not include any potential future repurchase activity using our new $700 million authorization.

該金額不包括使用我們新的 7 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 expect to generate between $310 million and $350 million of adjusted free cash flow, which includes $185 million to $210 million of capital expenditures.

我們對現金流的實力仍然充滿信心，預計將產生 3.1 億至 3.5 億美元的調整後自由現金流，其中包括 1.85 億至 2.1 億美元的資本支出。

Additionally, we would like to discuss potential impacts to our business from the outcome of the recent election and the potential increase in tariffs.

此外，我們想討論最近的選舉結果和關稅的潛在增加對我們業務的潛在影響。

While the magnitude and timing of impacts are uncertain, we are actively monitoring news surrounding potential trade policy and corporate tax changes from the next administration.

雖然影響的程度和時間尚不確定，但我們正在積極關注下一屆政府有關潛在貿易政策和公司稅變化的消息。

Over the last several years, as part of our normal course of business, we have taken proactive steps diversifying our sourcing base to reduce our direct import exposure from a single country, which we believe best positions our business in 2025 and beyond.

在過去的幾年裡，作為我們正常業務過程的一部分，我們採取了積極主動的措施，使我們的採購基地多樣化，以減少我們從單一國家的直接進口風險，我們相信這最有利於我們在2025 年及以後的業務。

First, sales of our private brands represent roughly 21% of our total business.

首先，我們自有品牌的銷售額約占我們總業務的21%。

As I mentioned earlier, we have steadily been diversifying our supplier base over the past several years and have moved the percentage of goods we directly source from out of China from over 70% in 2019 to roughly 50% today, and we have an exposure to Mexico or Canada.

正如我之前提到的，過去幾年我們一直在穩步實現供應商基礎的多元化，並將我們直接從中國境外採購的商品比例從2019 年的70% 以上提高到今天的約50%，並且我們接觸墨西哥或加拿大。

This translates to approximately 10% of exposure to potential elevated tariffs on which we are the importer of record.

這意味著我們作為記錄在案的進口商將面臨約 10% 的潛在關稅上漲風險。

We will continue this diversification strategy moving forward and continue to look for ways to further mitigate any risk.

我們將繼續推動這種多元化策略，並繼續尋找進一步減輕風險的方法。

Second, similar to other companies who import goods, we have also accelerated some spring receipts to ship pre-Chinese New Year.

其次，與其他進口貨物的公司類似，我們也加快了部分春季收貨在春節前的出貨速度。

This should have a twofold benefit in that it could help avoid any increase in tariffs while at the same time, avoiding key elements of our spring set getting caught up in a potential East Coast port strike.

這應該有雙重好處，因為它可以幫助避免關稅增加，同時避免我們春季產品的關鍵要素陷入潛在的東海岸港口罷工。

Third, the large national brands that partner with us have been on a similar journey to diversify their sourcing bases and our exposure to potential price increases with these brands is similar to what other retailers who share the same brand portfolio would be.

第三，與我們合作的大型全國品牌也經歷了類似的多元化採購基地的旅程，我們對這些品牌潛在價格上漲的風險與共享相同品牌組合的其他零售商相似。

One exception to this is that a large portion of firearms and ammunition business is manufactured domestically, which could help insulate this important category from price disruptions.

一個例外是，槍械和彈藥業務的很大一部分是在國內製造的，這可能有助於使這個重要類別免受價格波動的影響。

If and when changes occur, we will take the appropriate actions to serve our customers and preserve the profitability of the company while continuing to deliver everyday value.

如果發生變化，我們將採取適當的行動來服務我們的客戶並保持公司的盈利能力，同時繼續提供日常價值。

In closing, I would like to address three important points that are central to our forward business outlook.

最後，我想談談對我們未來業務前景至關重要的三個要點。

First, how Academy is positioned to catalyze on our growth opportunities.

首先，學院如何定位以促進我們的成長機會。

Second, our continued investment in our strategic initiatives given recent performance.

其次，考慮到最近的表現，我們對策略性舉措的持續投資。

And third, our expectation of generating strong operating profits and cash flow following these investments.

第三，我們預期在這些投資後產生強勁的營業利潤和現金流。

Today, approximately 80% of Americans do not live within a 10-mile radius of an Academy, implying a large untapped white space for growth.

如今，大約 80% 的美國人並不居住在學院方圓 10 英里的範圍內，這意味著還有大量未開發的發展空間。

We've demonstrated our right to win in the category by offering customers compelling value, coupled with industry-leading assortment.

我們透過為客戶提供令人信服的價值以及業界領先的產品組合，證明了我們在該類別中獲勝的權利。

And we remain confident in our ability to deliver Academy's unique value proposition on a national scale.

我們對在全國範圍內提供學院獨特價值主張的能力充滿信心。

As such, our strategic investments reflect our long-term vision for the business.

因此，我們的策略投資反映了我們對業務的長期願景。

Recognizing short-term business headwinds as seen in recent quarters, could change the trajectory and pace at which we achieve these goals.

認識到最近幾季出現的短期業務逆風可能會改變我們實現這些目標的軌跡和步伐。

These investments are paramount to long-term success, driving growth in new markets via geographic expansion and penetration as well as growth within our existing business through powerful organic growth initiatives.

這些投資對於長期成功至關重要，透過地理擴張和滲透推動新市場的成長，並透過強大的有機成長計畫推動我們現有業務的成長。

As one of the key tenets of our capital allocation strategy, we have never sacrificed our ability to return capital directly to our shareholders at the cost of investing in growth.

作為我們資本配置策略的關鍵原則之一，我們從未以投資成長為代價，犧牲直接向股東返還資本的能力。

Academy has generated positive free cash flow for the last 20 consecutive quarters alongside our strategic investments in the business, allowing us to consistently pursue share repurchases and issue dividends to amplify shareholder value.

學院在過去連續 20 個季度產生了正的自由現金流，同時我們對業務進行了戰略投資，使我們能夠持續進行股票回購和發放股息，以擴大股東價值。

Since our IPO in October of 2020, we have consistently deployed our free cash flow into share repurchases and resulting in the repurchase of 35% of the company while paying down debt by $945 million to derisk the balance sheet.

自 2020 年 10 月首次公開發行以來，我們一直將自由現金流用於股票回購，回購了公司 35% 的股份，同時償還了 9.45 億美元的債務，以降低資產負債表風險。

We plan to operate under the same paradigm moving forward, generating ample free cash to facilitate our capital allocation strategy while simultaneously investing in the business to plant seeds that will generate sustainable growth over the long term.

我們計劃繼續在相同的範式下運營，產生充足的自由現金以促進我們的資本配置策略，同時投資業務以播下將產生長期可持續增長的種子。

With that, we will now open it up for any questions you might have.

至此，我們現在將開放它來回答您可能有的任何問題。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions)

（操作員說明）

Christopher Horvers, JPMorgan.

克里斯多福‧霍弗斯，摩根大通。

This is Jolie on for Chris.

這是朱莉為克里斯代言的節目。

So you mentioned that Black Friday was the largest selling day ever this year.

所以你提到黑色星期五是今年有史以來銷售最大的一天。

So was there any quarter-to-date commentary you can provide on Black Friday holiday and just Cyber Week overall and how this compares to the down 5% midpoint guide and how you're modeling the balance of the quarter?

那麼，您是否可以就黑色星期五假期和整個網路週提供任何季度至今的評論，以及與下降 5% 的中點指南相比如何，以及您如何對本季度的平衡進行建模？

And also just kind of piggybacking off of that with the 5 fewer selling days this year, can you just remind us what you saw the last time the calendar turned this way?

今年銷售天數減少了 5 天，您能提醒我們上次日曆如此轉動時您看到了什麼嗎？

Yes, there's a lot wrapped up in that question, Carl and I will probably tag team that.

是的，這個問題包含了很多內容，卡爾和我可能會標記團隊。

What I would tell you is that if you see how the quarter played out, A lot of the trends we saw that kind of continued out at the end of October, bled into the first part of November, weather was continuing to be warm, suppressing early seasonal selling on fleece, outwear things like that.

我要告訴你的是，如果你看看這個季度的表現，我們看到的許多趨勢在 10 月底持續存在，並滲透到 11 月初，天氣繼續溫暖，抑制了早期季節性銷售的羊毛、外套之類的東西。

But from about the third week forward, we definitely saw an acceleration in the business with our Black Friday event.

但從大約第三週開始，我們確實看到了黑色星期五活動的業務加速成長。

What was really exciting, we also got a burst of cold weather.

真正令人興奮的是，我們還遇到了一陣寒冷的天氣。

So not only was Black Friday, the day itself, the largest in the company history, the weekend was the largest weekend in our history as well.

因此，不僅黑色星期五本身是公司歷史上最大的周末，而且這個週末也是我們歷史上最大的週末。

When you think about the shifted calendar that you brought up, there's five fewer days in the calendar this year that's getting moved from the November 23 last year to the November 28 this year.

當你想到你提到的行動日曆時，今年日曆中的天數從去年的 11 月 23 日移至今年的 11 月 28 日，減少了 5 天。

So the whole compression that five fewer days is really felt in November, you basically trade out Cyber Week, which this year fell in December last year have fall in the November calendar for pre Thanksgiving week.

因此，11 月確實感受到了少 5 天的壓縮，你基本上可以將今年 12 月的網路週換成感恩節前的 11 月日曆。

So it puts a little pressure on November.

所以對11月來說還是有一點壓力的。

That being said, as we move into December, it looks in our favor, and there's actually two extra days of shopping in December before Christmas.

話雖這麼說，隨著我們進入 12 月，情況看起來對我們有利，而且 12 月在聖誕節前實際上還有兩天的購物時間。

So we've got some momentum.

所以我們有一些動力。

We're making our forecast.

我們正在做出預測。

We use the 2019 builds to your point, as a way to kind of model out how this year is playing out.

我們使用 2019 年的版本來表達您的觀點，作為對今年的情況進行建模的一種方式。

We're tracking at or ahead of our forecast on a daily basis.

我們每天都在追蹤或提前於我們的預測。

We're excited about that.

我們對此感到興奮。

We want to be mindful though that there's still a lot of business ahead of us in the next three weeks or so, three of the four largest weeks of the entire year for us.

但我們要注意的是，在接下來的三週左右的時間裡，我們仍然有很多業務要做，這對我們來說是全年四個星期中最重要的三週。

So we've got a lot of business to do.

所以我們有很多事情要做。

But we're really pleased with the momentum we saw coming out of Black Friday that carried into Cyber Week.

但我們對黑色星期五帶來的網路週的勢頭感到非常高興。

Yes, Jolie, I'll speak to kind of Q4 guidance at the midpoint.

是的，朱莉，我將在中點談到第四季的指導。

So it's about a negative 4.5% comp gross margin rate of about 33.8%.

因此，毛利率約為負 4.5%，約為 33.8%。

That's up 50 basis points to last year.

比去年上漲了 50 個基點。

I don't want to give you a little bit of color on that.

我不想給你一點色彩。

One is we're really clean from an inventory perspective.

一是從庫存角度來看我們真的很乾淨。

Units per store down seven, costs down four.

每家商店的單位數量減少了 7 個，成本減少了 4 個。

And so I don't think we're going to need to promote due to an excess buildup of inventory.

因此，我認為我們不需要因為庫存過多而進行促銷。

We feel good about the inventory position.

我們對庫存狀況感覺良好。

Two, I told you that third quarter mixed down from a margin rate because of outdoor penetration.

第二，我告訴過你，由於戶外滲透率，第三季的利潤率有所下降。

We were proud of the plus 7% in outdoor.

我們為戶外的 7% 感到自豪。

But the fourth quarter kind of pivots a little bit more to here, and that's what we're seeing at the start of holiday.

但第四季的情況有點偏向於此，這就是我們在假期開始時看到的情況。

And then last, with five less promotional days between Thanksgiving and Christmas, that's -- we're an everyday kind of value retailer.

最後，感恩節和聖誕節之間的促銷日減少了五個，那就是——我們是一家日常價值零售商。

We do play with promotions.

我們確實玩促銷活動。

We play in the promotion name during key holidays definitely between Thanksgiving and Christmas is a time period where we do that with fewer days, it kind of penetrates a little bit lower.

我們在感恩節和聖誕節之間的關鍵假期期間以促銷名稱進行宣傳，這是我們用較少的天數進行的時間段，它的滲透率有點低。

So those are the SG&A pretty much flat Q4 over Q4 and then net income, call it, $130 million.

因此，第四季度的 SG&A 與第四季度相比幾乎持平，然後是淨利潤，稱之為 1.3 億美元。

That's kind of how the midpoint of the guidance plays out that was embedded between the updated or the narrowed guidance that we put out there.

這就是嵌入在我們發布的更新或縮小的指導之間的指導中點的表現方式。

Got it.

知道了。

And a follow-up question.

還有一個後續問題。

Switching to the gross margin side.

切換到毛利率方面。

If you could list the drivers of gross margin decline in orders, so like the Georgia distribution that are freight higher outdoor mix and quantify them?

您是否可以列出訂單毛利率下降的驅動因素（例如喬治亞州的分銷，運費較高的戶外組合）並對其進行量化？

And looking to 4Q, how the freight impact is expected to differ from what we just saw in the third quarter?

展望第四季度，貨運影響預計與我們剛剛看到的第三季度有何不同？

Yes.

是的。

So 50 basis point decline in gross margin rate in the third quarter, 30 basis points of that was merchandise margin.

因此，第三季毛利率下降了50個基點，其中30個基點是商品利潤率。

More than all of that 30 basis points was due to the mix shift associated with outdoor up 7%.

其中 30 個基點主要是因為與戶外相關的混合變化增加了 7%。

All of the other categories actually grew their margin rate year over year.

所有其他類別的利潤率實際上都在逐年增長。

To round out the 20 basis points, and this is the one that you'll see in the 10-Q later on today.

對 20 個基點進行四捨五入，您將在今天稍後的 10-Q 報告中看到這一點。

It was really a combination of a little bit of international freight associated with -- we just didn't know what was going to happen in October with that East Coast port strike.

這實際上是與一些國際貨運相關的組合——我們只是不知道十月份東海岸港口罷工會發生什麼。

So we made the decision proactively to rent that stuff to the West Coast.

所以我們主動決定把這些東西租到西岸。

We spent a little bit of extra money there.

我們在那裡花了一點額外的錢。

We don't have regrets associated with it.

我們對此沒有任何遺憾。

And then from the Georgia facility standpoint, we threw a lot and get them caught up.

然後從喬治亞工廠的角度來看，我們付出了很多努力並讓他們趕上了。

We wanted to make sure that we were ready for holiday.

我們想確保我們為假期做好了準備。

And so when you spend that money, you basically recognize those costs when you sell the product, and so we sold a lot of that product in the third quarter and that rounded out basically the additional 20 basis points that got to an overall 50 basis point decline year over year.

因此，當你花這筆錢時，你在銷售產品時基本上會認識到這些成本，因此我們在第三季度銷售了很多該產品，這基本上使額外的 20 個基點達到了 50 個基點逐年下降。

Just to build on one thing Carl said, we feel like we're caught up now in the store service side of the Georgia facility.

只是為了建立卡爾所說的一件事，我們覺得我們現在陷入了佐治亞州工廠的商店服務。

It is certainly a headwind for us in Q2.

這對我們第二季來說無疑是個阻力。

We called that out on our Q2 call, we've been mentioned in our Q2 call that it impacted us holding in Q3 early on, but the strength of the business and other categories offset that.

我們在第二季的電話會議上指出了這一點，我們在第二季的電話會議中提到，它影響了我們早期在第三季的持股，但業務和其他類別的實力抵消了這一點。

It actually flipped where those stores that were serviced out of the Georgia facility where actually some of the best performing stores of a Black Friday weekend.

它實際上翻轉了那些在喬治亞州工廠提供服務的商店，這些商店實際上是黑色星期五週末表現最好的一些商店。

So hopefully, less pain there.

所以希望那裡的疼痛能少一點。

And from here forward, it's at least neutral, if not a tailwind moving forward.

從現在開始，即使不是順風前進，至少也是中性的。

Jolie, first, for the fourth quarter, I gave you a little bit of a color on why we think gross margins are going to be up 50 basis points at the mid, 33.8% inventory is clean, apparel is mixing higher, less promotion days as it relates to some of the supply chain headwinds to expect that level in the fourth quarter.

朱莉，首先，對於第四季度，我給了你一些解釋，為什麼我們認為中期毛利率將上升 50 個基點，33.8% 的庫存是乾淨的，服裝混合度更高，促銷日更少因為這與預計第四季達到這一水準的供應鏈不利因素有關。

Some of that was just a catch-up to get right before holiday.

其中一些只是在假期前趕上的。

Got it.

知道了。

Thank you.

謝謝。

Happy holidays.

節日快樂。

Thank you.

謝謝。

Happy holidays.

節日快樂。

Kate McShane, Goldman Sachs.

凱特麥克肖恩，高盛。

This is Emily Ghosh on for Kate.

我是艾米莉·戈什 (Emily Ghosh) 為凱特代言。

We were wondering on consumer trends, were there any behavioral differences in the third quarter versus the first half of the year that you would call out?

我們想知道消費者趨勢，您認為第三季與上半年相比是否有任何行為差異？

And then also, you had mentioned an increase in credit card and buy now pay later usage earlier this year, is that something that you saw in the third quarter as well?

另外，您在今年早些時候提到了信用卡和「先買後付」使用量的增加，這也是您在第三季度看到的嗎？

Thank you.

謝謝。

Yes.

是的。

This is Steve.

這是史蒂夫。

I'll take the first part.

我將採取第一部分。

In terms of change in credit -- I'm sorry, change in customer behavior, we do see is a couple of changes.

就信用變化而言——抱歉，客戶行為的變化，我們確實看到了一些變化。

One of the most notable ones is we've gotten questions in the past on these calls.

最值得注意的問題之一是我們過去曾收到過有關這些電話的問題。

We've seen trade down in terms of customer.

我們看到客戶數量下降。

We haven't really seen that.

我們還沒有真正看到這一點。

I would tell you in Q3, we actually started to see that.

我會在第三季告訴你，我們實際上開始看到這一點。

When we look at market share, gains or losses within customers making over $100,000, we actually picked up share there.

當我們查看收入超過 100,000 美元的客戶的市場份額、收益或損失時，我們實際上獲得了那裡的份額。

So we're starting to see some evidence of trade down.

因此，我們開始看到一些貿易下降的證據。

So I would say that would be a new behavior.

所以我想說這將是一種新的行為。

I would say we also saw a continuation of behavior of the episodic shopping in terms of the customer coming out during those key moments on the calendar.

我想說的是，我們也看到了間歇性購物行為的延續，也就是顧客在行事曆上的關鍵時刻出現。

We certainly saw that for back-to-school.

我們當然在返校時看到了這一點。

That continued into September, as we entered hunting season and tailgating season.

這種情況一直持續到九月，我們進入了狩獵季節和車尾聚會季節。

You get to that October time period, there's really not a reason for the customer to come out and shop unless it's a change in weather or in our case, sometimes we have a hot market in baseball that certainly helps we have either of those.

到了十月份的時間段，顧客真的沒有理由出來購物，除非天氣發生變化，或者就我們而言，有時我們的棒球市場很火爆，這肯定有助於我們擁有其中任何一個。

But we've seen that customer come back has gotten the holiday.

但我們看到顧客回來已經享受了假期。

So we're pretty excited about kind of the resilience we're seeing and how they're coming out during these key moments and certainly shopping aggressively to holiday.

因此，我們對我們所看到的復原力以及他們在這些關鍵時刻的表現感到非常興奮，當然也對假期期間的積極購物感到興奮。

In terms of buy now, pay later, Carl?

就先買後付款而言，卡爾？

Yes.

是的。

Emily, I would tell you, we're still seeing people funding their lifestyle on credit and credit products.

艾米麗，我想告訴你，我們仍然看到人們透過信貸和信貸產品來維持他們的生活方式。

We're continuing to see credit card penetration paired with buy now, pay later as a percentage of our overall tender up year-over-year, and that's amplified at those kind of lower 3 quintiles , if you will.

我們繼續看到信用卡滲透率與「先買後付」相結合，占我們總體投標的百分比逐年上升，如果你願意的話，這種滲透率在較低的三分之五中會被放大。

And for buy now, pay later specifically, yes, we are seeing more of that.

對於現在購買，稍後付款，是的，我們看到了更多這樣的情況。

We have a couple of different options it really over-indexes online.

我們有幾個不同的選項，它確實在網上過度索引。

Our online average order value was up healthily in the third quarter, and it was really all from buy now, pay later transactions where people are basically financing that over a couple of months to afford their wants right now.

我們的線上平均訂單價值在第三季健康成長，這實際上全部來自「先買後付」交易，人們基本上在幾個月內融資來滿足他們現在的需求。

So a little bit of a continuation of the same and that's the color.

所以有一點延續，那就是顏色。

Thank you.

謝謝。

Robbie Ohmes, Bank of America.

羅比·歐姆斯，美國銀行。

Oh, hey, good morning guys.

哦，嘿，大家早安。

My first question is, can you give us a little more color on the Nike product that's going to be coming in, in April?

我的第一個問題是，你能給我們更多關於四月即將推出的耐吉產品的資訊嗎？

Is it a lot more $100-plus sneakers?

100多美元的運動鞋是不是更多？

Is it a lot more premium apparel?

是不是有更多的高級服裝？

Any more color you can give on what's happening there?

您還能對那裡發生的事情提供更多的資訊嗎？

That would be my first question.

這是我的第一個問題。

Thanks, Robbie.

謝謝，羅比。

I honestly would love to give you more color.

老實說，我很想給你更多的色彩。

I've got to stick with what we shared in the prepared remarks.

我必須堅持我們在準備好的發言中所分享的內容。

It's going to be the most meaningful launch in our company's history, 140-plus stores broad-based across men's, women's and kids apparel, footwear sporting goods.

這將是我們公司歷史上最有意義的新品發布會，我們擁有 140 多家商店，涵蓋男士、女士和兒童服裝、鞋類和體育用品。

We're really excited about it, and we're going to share more details than what we can, but I just can't give you more details at this moment in time.

我們對此感到非常興奮，我們將分享更多的細節，但目前我無法及時向您提供更多細節。

Got you.

明白你了。

And then just in terms of what you've seen playing out versus last year, how would you say the competitive pressures versus Walmart or DICK'S are this year compared to last year as you go into holiday here?

然後，就您所看到的與去年相比的情況而言，當您在這裡度假時，與去年相比，您認為今年與沃爾瑪或迪克的競爭壓力如何？

And also be curious how digital is playing out versus in-store compared to last year?

還想知道與去年相比，數位化與實體店內的表現如何？

Yes.

是的。

I would say that the promotional environment, it seems at least we're early days till in the holiday is a little more elevated than last year, but in line with where we thought it was going to be.

我想說的是，促銷環境似乎至少在假期之前比去年高一些，但與我們預期的情況一致。

We're seeing competitors probably include a few more items or categories in the promotions in a couple of places, maybe taking them down one click.

我們發現競爭對手可能會在幾個地方的促銷活動中添加更多的商品或類別，也許會一鍵將其下架。

But I would say it's right where we kind of expected it to be.

但我想說，這正是我們所期望的。

And as I've characterized before, it's more than last year, but it's certainly not back to where it was pre-pandemic.

正如我之前所描述的，這一數字比去年有所增加，但肯定還沒有回到大流行前的水平。

I'd also say we've seen maybe a pullback a little bit from some of the brands direct sites, direct-to-consumer sites where those were very promotional a year ago at this time.

我還想說，我們可能會看到一些品牌直接網站、直接面向消費者的網站有所回落，這些網站一年前的這個時候非常促銷。

So I would say it's kind of where we expected it to be.

所以我想說這就是我們所期望的。

And then just digital versus in-store versus your expectations?

然後只是數字與店內與您的期望？

Yes.

是的。

So digital is performing at our expectations.

所以數位化的表現符合我們的預期。

It's hard to read because, obviously, we had a shift in Cyber Week moving out a week, but it's performing in line with our expectations and kind of the trends in the stores.

這很難讀，因為顯然，我們將網路週推遲了一周，但它的表現符合我們的預期和商店的趨勢。

So it's right where we thought it would be.

所以它就在我們想像的地方。

Got you.

明白你了。

Thanks.

謝謝。

Good luck for the rest of the holidays.

祝福剩下的假期一切順利。

Thank you.

謝謝。

Michael Lasser with UBS.

瑞銀集團的麥可·拉塞爾。

Good morning.

早安.

Thank you so much for taking my questions.

非常感謝您回答我的問題。

If you start to see your sales inflect -- your same-store sales inflect.

如果您開始看到銷售額發生變化，那麼您的同店銷售額就會改變。

How is your SG&A going to flex as well?

您的 SG&A 也將如何調整？

Will you have to add back some labor expenses in order to sustain the customer experience.

為了維持客戶體驗，您是否需要增加一些人力成本？

So if you were to comp up two to three next year, what was your SG&A leverage look?

因此，如果您明年要增加兩到三份，那麼您的 SG&A 槓桿情況如何？

Yes.

是的。

I think inventory management is one of our strong skills.

我認為庫存管理是我們的強項之一。

I think expense management.

我認為費用管理。

I would also put in that same category.

我也會將其歸入同一類別。

So just to recap in the third quarter, of the $19 million growth in SG&A, $17.5 million of it, basically a little over 90% was on these initiatives that we speak about and that we have a lot of conviction around.

因此，回顧一下第三季度，在 SG&A 的 1900 萬美元增長中，其中 1750 萬美元，基本上超過 90% 都來自於我們談論的這些舉措，而且我們對此充滿信心。

As it relates to when we inflect from a comp sales standpoint, you'll see us be very judicious associated with getting some leverage out of that, and we're going to continue to spend the dollars on the initiatives.

當我們從比較銷售的角度來看時，你會發現我們非常明智地從中獲得一些槓桿作用，並且我們將繼續在這些舉措上投入資金。

The biggest consumer of those dollars, if you will, is the new stores.

如果你願意的話，這些資金的最大消耗者就是新店。

We have 18 new stores if you compare Q3 of this year to Q3 of last year, we went ahead and gave you guidance on 20 to 25 next year.

如果你將今年第三季和去年第三季進行比較，我們有 18 家新店，我們繼續為你提供明年 20 到 25 家新店的指導。

I think you're going to continue to see elevated SG&A spend it will deleverage because of the initiatives, and it will leverage when we positive comp inflect on that kind of that base spend if you will.

我認為，由於這些舉措，您將繼續看到SG&A支出增加，它將去槓桿化，並且當我們對這種基本支出進行積極補償時，如果您願意的話，它將發揮作用。

And understanding your current guidance is for 20 to 25 new stores next year, if we play out the other scenario where your same-store sales do not inflect, how would that influence your willingness and ability to continue to open stores at this current pace, not only in next year, but over the next few years?

了解您目前的指導是明年開設 20 至 25 家新店，如果我們設想您的同店銷售額不發生變化的另一種情況，這將如何影響您繼續以當前速度開設商店的意願和能力，不僅是明年，而是未來幾年？

Yes.

是的。

So Michael, thanks for the question.

邁克爾，謝謝你的提問。

I would share with you that as we talked about in the script, the biggest and best way we can grow the company is through new store growth, and it has impact on both our brick-and-mortar sales as well as the influence it has on our dot-com business.

我想跟大家分享的是，正如我們在劇本中談到的，我們公司發展的最大、最好的方式是透過新店的成長，它對我們的實體銷售以及它所產生的影響力都有影響。關於我們的網路業務。

And so it's a core part of our strategy.

因此，這是我們策略的核心部分。

And as we share all the time, there's a lot of white space.

正如我們一直在分享的那樣，有很多空白。

We're right now in 19 states, 298 stores, lots of white space for us to put new stores.

我們現在在 19 個州擁有 298 家商店，有大量的空白空間可供我們開設新商店。

So we're committed to that as a growth engine.

因此，我們致力於將其作為成長引擎。

We did want to give some color around next year, generally, we don't give guidance at this point in time around what our next year growth count is, but we thought it was important to share the 20 to 25.

我們確實想在明年左右提供一些信息，一般來說，我們目前不會就明年的增長數量給出指導，但我們認為分享 20 到 25 的增長數據很重要。

As we mentioned in the prepared remarks, it is a little bit of a slowdown or we changed kind of the ramp of the curve versus what we initially put forward when we did our initial plan back in just acknowledge that we're operating in a tough environment.

正如我們在準備好的評論中提到的，這有點放緩，或者我們改變了曲線的坡度，而不是我們在製定最初計劃時最初提出的，只是承認我們正在艱難地運營環境。

And I think you're going to see us continue to be very thoughtful and judicious about when and how we open up these stores.

我想你會看到我們在何時以及如何開設這些商店方面繼續非常深思熟慮和明智。

We're making sure that all these stores are hitting the profit targets, hitting the productivity targets.

我們確保所有這些商店都達到利潤目標，並達到生產力目標。

I said it in the prepared remarks as well, but we're really excited.

我在準備好的發言中也說過，但我們真的很興奮。

We made this pivot and we talked about in our Q4 call at the start of the year around how we changed kind of the dynamics of the new store opening and where we're looking for these stores in more midsized markets that are underserved.

我們做出了這一轉變，並在今年年初的第四季度電話會議中討論了我們如何改變新店開業的動態，以及我們在服務不足的中型市場中尋找這些商店的地方。

And those stores are off to a really fast start.

這些商店的起步非常快。

It's giving us more confidence that we really zeroed in on what the right mix is.

這讓我們更有信心，我們真正專注於正確的組合。

So I can't give you guidance beyond 2025.

所以我無法為您提供 2025 年後的指導。

We'll acknowledge that it's a little bit lower ramp than we initially planned. but it's something we're continuing to focus on moving forward because it is our number 1 growth engine.

我們承認，坡道比我們最初計劃的要低一些。但這是我們繼續關注的事情，因為它是我們的第一個成長引擎。

And Michael, I'll share that we cash flow well.

邁克爾，我會分享我們的現金流狀況良好。

You guys see that.

你們看到了。

We talked about the 20 consecutive quarters of positive comps -- excuse me, positive cash flow, and that's with the last 11 quarters of negative comps.

我們討論了連續 20 個季度的正比較 - 對不起，正現金流，這還是過去 11 個季度的負比較。

So we positive cash flow in good top line environment as well as bad.

因此，無論營收環境好壞，我們的現金流都是正的。

In terms of the capital allocation philosophy, stability, you should expect that with us, still $1 billion of untapped ABL and almost $300 million of cash on the balance sheet, invest into ourselves and then the capital allocation that we talked about with share repurchases and a pretty nominal dividend.

就資本配置理念、穩定性而言，您應該預期我們還有10 億美元未開發的ABL 和資產負債表上近3 億美元的現金，投資於我們自己，然後是我們透過股票回購和資本配置討論的資本配置。

Look, I don't think anything is going to change that commitment to planning seeds in the future.

聽著，我認為任何事情都不會改變對未來計畫種子的承諾。

And as long as we're cash flowing like we are in good and bad times, we're very committed to that and these projects are getting better and better.

只要我們的現金流像順境和逆境一樣，我們就會非常致力於這一點，而這些項目會變得越來越好。

Thank you very much and have a good holiday.

非常感謝，祝您假期愉快。

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴 (Anthony Chukumba)，Loop 資本市場。

Good morning.

早安.

Thanks for taking my question.

感謝您提出我的問題。

So just wanted to kind of circle back on Nike.

所以我想回顧一下耐吉。

It sounds like there's a lot of excitement around this launch.

聽起來這次發布有很多令人興奮的事情。

I understand there's somewhat limited in terms of what you can say.

我知道您能說的內容有些有限。

But I guess my question is, are you envisioning that product would just be in line?

但我想我的問題是，您是否認為該產品會符合要求？

Or are you planning on doing any sort of like incremental special kind of Nike fixturing or displays for that product?

或者您是否計劃為該產品做任何類型的增量特殊耐吉固定裝置或展示？

It's not going to just be mixed in with the current Nike product.

它不會僅僅與當前的耐吉產品混合在一起。

We'll merchandise it as kind of a separate statement.

我們將把它作為一種單獨的聲明進行銷售。

It will be very visible, and there will be some investment made in terms of how we bring this to life in store.

它將非常明顯，並且我們將在如何將其變為現實方面進行一些投資。

We're pretty excited about it, but we also want to be sensitive to -- we committed to how much we're going to share on this call, and I don't want to go much beyond what I've said.

我們對此感到非常興奮，但我們也希望對這一點保持敏感——我們承諾在這次電話會議上分享多少內容，我不想超出我所說的範圍。

Got it.

知道了。

Okay.

好的。

So my follow-up question, it's sort of an oblique question.

所以我的後續問題是一個間接的問題。

So I guess I always ask about companies that rhyme with [non and ROCA] and I guess my question is, do you think that in any way you perform getting this incremental Nike product could help to get other brands that are currently not in your stores that might rhyme with

所以我想我總是問與 [non 和 ROCA] 押韻的公司，我想我的問題是，您認為以任何方式獲得這種增量耐吉產品可以幫助獲得目前不在您商店中的其他品牌這可能押韻

[non and ROCA].

【非與ROCA】。

Well, that's a pretty subtle code you got there, Anthony.

嗯，這是一個非常微妙的代碼，安東尼。

Yes, listen, I think the more we continue to upgrade our assortments and bring in new brands.

是的，聽著，我認為我們會繼續升級我們的產品種類並引入新品牌。

It opens the door for complementary brands to want to come in as well.

這也為互補品牌的加入打開了大門。

So it's certainly a step in the right direction.

所以這肯定是朝著正確方向邁出的一步。

We continue to have dialogue with those two brands that you're mentioning.

我們將繼續與您提到的這兩個品牌進行對話。

Nothing to share at this moment in time but obviously, our goal would be to get access to them because our customer wants access to them, and it's a way for us to better serve our customers.

目前沒有什麼可分享的，但顯然，我們的目標是訪問它們，因為我們的客戶希望訪問它們，這是我們更好地服務客戶的一種方式。

So I think it could be a step in the right direction, but we'll have to see how it all plays out.

所以我認為這可能是朝著正確方向邁出的一步，但我們必須看看這一切會如何發展。

Got it.

知道了。

Thanks so much.

非常感謝。

Thanks Anthony.

謝謝安東尼。

Simeon Gutman, Morgan Stanley.

西蒙古特曼，摩根士丹利。

Good morning, everyone.

大家早安。

My first question is a follow-up on the quarter-to-date commentary.

我的第一個問題是對最新季度評論的後續。

You talked about being pleased and then the shape of the holiday season.

你談到了高興，然後談到了假期的情況。

Can I ask just how you set the guide for the fourth quarter where you're pleased or do you have enough sort of runway or pleased enough where even accounting for the calendar you can end up hitting either middle or better than the range or certain events have to take place?

我可以問一下，你是如何為第四季度設定你滿意的指南，或者你是否有足夠的跑道或足夠滿意，即使考慮到日曆，你最終也可以達到中間或優於範圍或某些事件的水平必鬚髮生嗎？

I know there's a lot of important weeks left.

我知道還剩下很多重要的幾週。

But just curious how you set it up, whether you said, Hey, first -- good first start, but then we still have to account for the fewer days in order to get back to that guidance.

但只是好奇你是如何設置的，你是否說，嘿，首先——很好的開始，但我們仍然必須考慮到更少的天數才能回到那個指導。

We're highly aware of fewer days.

我們非常清楚天數的減少。

It's contemplated within our forecast.

這是我們的預測中考慮到的。

Our Q4 guidance for mid is negative 4.5% the way we set that as we come up with actually a definitive forecast, and then we set some guardrails around that from high and low.

我們對第四季度中期的指導是負 4.5%，正如我們設定的那樣，因為我們實際上提出了一個明確的預測，然後我們圍繞該預測從高到低設置了一些護欄。

We saw this on this end or if we saw that on that end.

我們在這一端看到了這一點，或者我們在另一端看到了這一點。

And as Steve said in his earlier reply on one of them, we're kind of tracking -- we're tracking in line with that forecast.

正如史蒂夫在之前對其中一個問題的回應中所說，我們正在追蹤——我們正在按照該預測進行追蹤。

I'm really, really proud of the team on the way that they operated on Black Friday, things were working well on all fronts.

我真的非常為團隊在黑色星期五的運作方式感到自豪，各方面都進展順利。

I think it's a continuation of what we see with our customers where they're under financial pressure, but when it comes time for that shopping occasion, they turn to Academy, and we saw that from a foot trick acceleration, looking at Placer, kind of looking more broadly across our footprint, using Placer and specific to those holiday really show up, and it was more of the same.

我認為這是我們在客戶身上看到的情況的延續，他們面臨著財務壓力，但是當到了購物場合時，他們轉向學院，我們從腳部特技加速中看到了這一點，看看普萊瑟，更廣泛地審視我們的足跡，使用Placer 並針對那些假期確實出現了，而且更多的是相同的。

Thanks for that.

謝謝你。

And then following up on stores and new stores.

然後跟進商店和新商店。

You may have mentioned this in the prepared and I missed it. you gave us some commentary on prior quarters on the stores that are just entering into comp base.

你可能在準備中提到過這一點，但我錯過了。您給了我們一些關於剛進入比較基礎的商店的前幾季的評論。

And then I think the two-year-old like -- the stores that are now two years into the comp base, can you talk about their spread relative to the rest of the chain, where they should be?

然後我認為那些兩歲的商店，現在已經進入競爭基礎兩年了，你能談談它們相對於連鎖店其他部分的分佈，它們應該在哪裡嗎？

Are they ebbing and flowing with the comp?

它們會隨著比賽的進行而起起落落嗎？

Or are they saying, they're keeping the spread that they had, I think, over the last couple of quarters?

或者他們是說，我認為他們正在保持過去幾季的利差？

I would tell you that as we shared in previous quarters and the commentary we shared was that the 22 vintage stores, and we really try to talk about these entirely as a vintage.

我想告訴你，正如我們在前幾季分享的那樣，我們分享的評論是 22 家復古商店，我們真的嘗試將這些完全作為復古商店來討論。

And that's the only group of stores that's wholly in the comp, continue to comp positive.

這是唯一一組完全參與競爭的商店，繼續保持積極的競爭。

And I would say that the delta or the spread between their performance and the total is about the same where it's been.

我想說的是，他們的表現與整體表現之間的差異或差距與之前的情況大致相同。

So the belief and hope is that as we start to inflect the comp base, we see these stores, hold that spread and bubble up at a faster rate of growth.

因此，我們的信念和希望是，當我們開始改變競爭基礎時，我們會看到這些商店，保持這種傳播並以更快的速度成長。

So that's our current plan.

這就是我們目前的計劃。

And just to reiterate something I said earlier, the revised forecasting and tools and how we're picking locations going forward that we shared with you guys is really starting to pay dividends.

重申我之前說過的話，我們與你們分享的修訂後的預測和工具以及我們如何選擇未來的地點確實開始帶來紅利。

We're pretty excited about the 6 or 7 new stores that opened in the back half of the year. they're doing very well versus our initial forecast.

我們對下半年開設的 6 到 7 家新店感到非常興奮。與我們最初的預測相比，他們的表現非常好。

Thanks guys.

謝謝你們。

Good luck.

祝你好運。

Happy holidays.

節日快樂。

Thanks, Simeon.

謝謝，西蒙。

Anna Glaessgen, B. Riley.

安娜·格拉斯根，B.萊利。

Hi, good morning guys.

嗨，大家早安。

Thank you for my questions.

謝謝你提出我的問題。

I'd like to start with another follow-up on the quarter debate trend, taking a little bit of a different stab at it.

我想從季度辯論趨勢的另一個後續行動開始，對此採取一些不同的嘗試。

Apparel was impacted during the most recent quarter.

服裝在最近一個季度受到了影響。

Notably by the unseasonable weather.

尤其是反季節的天氣。

As you've moved into this quarter and the weather turned a bit.

當你進入這個季度時，天氣發生了一些變化。

Have you seen an improvement in apparel?

你看到服裝方面有進步了嗎？

Yes, absolutely.

是的，絕對是。

So as we said a little bit earlier, the trend in apparel was pretty tough in October.

正如我們之前所說，十月份的服裝趨勢相當嚴峻。

That was where the majority of the decline for the quarter came out of, and it was twofold.

這是本季大部分下降的原因，而且是雙重的。

It was the weather and Rangers, obviously, as we got past October and got into November, Rangers became less than -- and it was purely weather.

顯然，這是天氣和流浪者隊的原因，當我們過了十月並進入十一月時，流浪者隊的表現變得不那麼好——這純粹是天氣的原因。

We saw that new in the first week or two, but we got a weather snap right as the Black Friday promotions started kicking in, and we saw apparel really take off.

我們在第一週或第二週就看到了這種新情況，但隨著黑色星期五促銷活動開始，我們看到了天氣變化，我們看到服裝真正起飛。

Apparel led the way for Black Friday.

服裝引領了黑色星期五的趨勢。

And it also was very strong last week for Cyber Week.

上週網絡週的表現也非常強勁。

So it gives us confidence that our assortments are right.

因此，它讓我們相信我們的產品組合是正確的。

It's what the customer is looking for.

這就是客戶正在尋找的。

We're investing in the right things and that the softness we saw in late October, maybe early part of the number is more just weather based.

我們正在投資正確的事情，我們在十月底看到的疲軟，也許早期的部分數字更多是基於天氣。

So apparel right now is leading.

所以現在服裝處於領先地位。

Great.

偉大的。

And then shifting gears, the negative comps you guys have been running has gotten a lot of attention as people comp it to the larger public peer.

然後換檔，隨著人們將其與更大的公眾同行進行比較，你們一直在進行的負面比較引起了很多關注。

But I think missed in conversation is smaller specialty players that are likely running below the comps that you guys have been putting up as we've seen a little bit of consolidation in the space.

但我認為談話中忽略的是較小的專業玩家，他們的表現可能低於你們所提出的比較，因為我們已經看到了該領域的一些整合。

How do you -- what's your outlook for the potential share opportunity as you look to '25 and beyond?

當您展望 25 年及以後時，您對潛在的股票機會有何看法？

Well, I think our goal, as we've stated it multiple times, is to be the best sports and outdoor retailer in the country.

嗯，我認為我們的目標，正如我們多次聲明的那樣，是成為全國最好的體育和戶外零售商。

So growing our store base and growing our footprint is key to our growth and implied in that is gaining market share.

因此，擴大我們的商店基礎和擴大我們的足跡是我們成長的關鍵，這意味著獲得市場份額。

And I think you're dead on in your question, your comment that I think sometimes we get wrapped up that market share is binary.

我認為你的問題和評論完全正確，我認為有時我們會認為市場佔有率是二元的。

It's really not, right?

確實不是，對吧？

I mean, when you look at who we are and the different companies we compete against.

我的意思是，當你看看我們是誰以及我們競爭的不同公司。

I mean, it really varies by category.

我的意思是，它確實因類別而異。

You take a category like outdoor grilling.

您選擇了戶外燒烤等類別。

It's probably the home improvement you guys compete against.

這可能是你們競爭的居家裝潢。

You take a category like fishing maybe a company like Bass Pro or hunting maybe at the Cabela's and/or sports' warehouse.

您可以選擇像釣魚這樣的類別，可能是像 Bass Pro 這樣的公司，或者狩獵可能是在 Cabela's 和/或體育倉庫。

So depending upon the category, we have different competitive set.

因此，根據類別的不同，我們有不同的競爭組合。

We look at market share broadly across a lot of different categories we use Circana, who is kind of the gold standard that used to be NPD, we track market share for the categories they cover through that.

我們廣泛地檢視了我們使用 Circana 的許多不同類別的市場份額，Circana 是曾經的 NPD 的黃金標準，我們透過它來追蹤它們所涵蓋的類別的市場份額。

We use mixed checks data for firearms in some places like ammo where there's not market share data we use, vendor sources.

我們在某些​​地方使用槍支的混合檢查數據，例如彈藥，這些地方沒有我們使用的市場份額數據、供應商來源。

And what we hear and see in all of that is that, if you look back on a long-term basis in the past 5 years, we picked up a lot of market share.

我們在所有這一切中聽到和看到的是，如果你長期回顧過去五年，我們獲得了很大的市場份額。

We're running at about 22%, 23% versus where we were in 2019 at this point in time.

與 2019 年此時相比，我們的運行速度約為 22%、23%。

So we've picked up a lot of market share.

所以我們已經獲得了很多市場份額。

We continue to hold on to it.

我們繼續堅持下去。

We also look at it on an annualized on a quarterly basis.

我們也按季度對其進行年化分析。

And in both those metrics.

在這兩個指標中。

We look at market shares flat to up slightly, depending on the category.

我們認為市場佔有率持平或略有上升，具體取決於類別。

There's a couple of categories where maybe it's down.

有幾個類別可能有所下降。

Apparel was down slightly, I think, within Q3, but we'd attribute that more to kind of the distortion we have in the Rangers product.

我認為，在第三季度，服裝略有下降，但我們將其更多地歸因於流浪者隊產品中的扭曲。

But our goal is to continue to take market share.

但我們的目標是繼續佔據市場份額。

It's going to change and vary by the category we carry.

它會根據我們所經營的類別而改變和改變。

But we feel really good about our opportunity to do that, not only in 2025 but in the future as well.

但我們對有機會做到這一點感到非常高興，不僅是在 2025 年，而且在未來也是如此。

I just want to add just a little bit more color to that.

我只是想為此添加一點色彩。

The biggest share opportunity that we have is 80% of Americans that are not living within 10 miles of an Academy.

我們擁有的最大的分享機會是 80% 的美國人居住在學院 10 英里之外。

And so look at the state of Ohio.

看看俄亥俄州。

We have a 0% market share there last year, and now we have two stores kind of in suburbs outside of Columbus, and the stores are performing well.

去年我們在那裡的市佔率為0%，現在我們在哥倫布以外的郊區有兩家商店，而且商店表現良好。

They are exceeding our expectations.

他們超出了我們的預期。

And so now we're capturing market share there.

所以現在我們正在爭奪那裡的市場份額。

There's a lot of white space associated with that.

有很多與之相關的空白。

If you look at our other growth initiatives, e-commerce penetration of 11%.

如果你看看我們的其他成長舉措，電子商務滲透率為 11%。

Look, I would tell you, I think retail average is closer to 20% and good omnichannel retailers do it at 30%.

我想告訴你，我認為零售平均接近 20%，而優秀的全通路零售商則達到 30%。

We brought in Chad Fox, our Chief Customer Officer.

我們聘請了首席客戶長查德·福克斯(Chad Fox)。

He's been there and done that.

他去過那裡並做到了這一點。

We think that we've got some really easy ways to elevate there.

我們認為我們有一些非常簡單的方法來提升那裡的水平。

We talked about DoorDash, same-day delivery, things like that, that optimize the user experience are big for us.

我們討論了 DoorDash、當日送達等優化用戶體驗的事情對我們來說很重要。

And then lastly, from a customer data standpoint, launched the platform last year, launched our first-ever loyalty program this year going to be at 11 million myAcademy members.

最後，從客戶數據的角度來看，去年推出了該平台，今年推出了我們的首個忠誠度計劃，myAcademy 會員數量將達到 1,100 萬。

These are really powerful long-term growth engines that yes, we think will take share.

這些都是非常強大的長期成長引擎，是的，我們認為它們會佔據份額。

We say internally, we do not have a challenged strategy.

我們在內部表示，我們沒有受到挑戰的策略。

We have a challenged customer right now and we're trying to unveil those things to improve the base while all these other things can help them outside.

我們現在有一個充滿挑戰的客戶，我們正在嘗試推出這些東西來改善基礎，而所有其他東西都可以在外面幫助他們。

But we see a lot of opportunity in the future, and that's why we're continuing to invest in these strategic investments.

但我們看到未來有很多機會，這就是我們繼續投資這些策略投資的原因。

Great, thanks and good luck with the rest of the holiday.

太好了，謝謝，祝你假期愉快。

Thank you.

謝謝。

Happy holidays.

節日快樂。

We have reached the end of the question-and-answer session.

我們的問答環節已經結束。

I'd now like to turn the call back over to Steve Lawrence for closing remarks.

現在我想將電話轉回給史蒂夫勞倫斯 (Steve Lawrence)，讓其致閉幕詞。

Thanks, operator, and thanks to everyone for listening to our call.

謝謝接線員，也謝謝大家收聽我們的電話。

As we've outlined today, we remain confident in our long-range plan and business strategies and have been working hard to put in place the building blocks for growth in the future.

正如我們今天所概述的，我們對我們的長期計劃和業務策略仍然充滿信心，並一直在努力為未來的成長奠定基礎。

Over the past year, we've consistently seen the customer come out and shop with us during key moments on the calendar.

在過去的一年裡，我們不斷看到顧客在日曆上的關鍵時刻來到我們這裡購物。

This demonstrates the strength of our position as the value leader in our space, coupled with the credit customers give us for extensive and differentiated assortment of categories and items.

這證明了我們作為該領域價值領導者的地位的實力，以及客戶對我們廣泛且差異化的類別和商品的信任。

Despite some of the headwinds we've experienced this past year, the fundamentals of our business and long-term growth trajectory remain intact.

儘管我們在過去的一年中遇到了一些阻力，但我們業務的基本面和長期成長軌跡仍然完好無損。

Our investment back into the business for our strategic initiatives is a testament to our belief in the long-term future of Academy.

我們對策略性舉措的商業投資證明了我們對學院長遠未來的信念。

In the short term, we'll continue to take a proactive approach into managing the business, protecting margins and cash flow while also ensuring that we're the best positioned to capitalize when customers spending returns to normalized levels.

短期內，我們將繼續採取積極主動的方法來管理業務，保護利潤和現金流，同時確保當客戶支出恢復到正常水平時，我們處於最佳的資本利用地位。

The opportunity is clear to us.

我們很清楚這個機會。

As we've said multiple times on this call, over 80% of Americans do not live within 10 miles in the academy.

正如我們在這次電話會議上多次說過的那樣，超過 80% 的美國人並不住在學院 10 英里範圍內。

So there's plenty of white space for expansion opportunities.

因此，有大量的空白空間可供擴展機會。

We have a much beloved brand with high awareness in our core geography, we have the opportunity to bring this brand to new customers who are not yet familiar with Academy.

我們擁有一個深受喜愛的品牌，在我們的核心地區具有很高的知名度，我們有機會將品牌帶給還不熟悉學院的新客戶。

Finally, our value-based and broad and complete assortment helps us fill a void that no other retailer fully addresses.

最後，我們基於價值的廣泛而完整的品種幫助我們填補了其他零售商無法完全解決的空白。

We believe 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.

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。

Thanks for joining us today.

感謝您今天加入我們。

And if I don't speak to you before then, I'd like to say have a Merry Christmas and happy holidays to all our team members, vendors and investors.

如果在那之前我沒有和你們說話，我想說祝我們所有的團隊成員、供應商和投資者聖誕快樂、節日快樂。

The call has now concluded.

通話現已結束。

You may disconnect your lines, and thank you for your participation.

您可以斷開線路，感謝您的參與。