Academy Sports and Outdoors Inc (ASO) 2024 Q4 法說會逐字稿

Good morning and welcome to the Academy Sports and Outdoors fourth-quarter fiscal 2024 results conference call.

早安，歡迎參加 Academy Sports and Outdoors 2024 財年第四季業績電話會議。

The call is being recorded. (Operator Instructions)

通話正在錄音。（操作員指示）

I will now turn the call over to Dan Aldridge, Vice President of Investor Relations for Academy Sports and Outdoors.

現在我將電話轉給 Academy Sports and Outdoors 公司投資者關係副總裁 Dan Aldridge。

Good morning, everyone and thank you for joining the Academy Sports and Outdoors fourth-quarter 2024 financial results call.

大家早安，感謝您參加 Academy Sports and Outdoors 2024 年第四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.

參加今天電話會議的有執行長史蒂夫勞倫斯 (Steve Lawrence)；以及財務長卡爾福特 (Carl Ford)。

As a reminder, today's earnings release and the comments made by management during this call include 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，今天的收益報告和管理層在電話會議中發表的評論包括前瞻性陳述。這些聲明受風險和不確定性的影響，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 most recent 10-K and 10-Q filings. The company undertakes no obligation to revise any forward-looking statement.

這些風險和不確定性包括但不限於收益報告和我們最近的 10-K 和 10-Q 文件中確定的因素。本公司不承擔修改任何前瞻性聲明的義務。

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. This morning, we will review our financial results for the fourth quarter and full year of fiscal 2024, provide an update on our strategic initiatives, and discuss our outlook for the year and share our guidance for the full year fiscal 2025. After we conclude prepared remarks, there will be time for questions at the end.

今天的言論也涉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 指標的對賬，您可以在 investors.academy.com 上查閱。今天上午，我們將回顧 2024 財年第四季度和全年的財務業績，提供我們戰略舉措的最新信息，討論我們對今年的展望並分享我們對 2025 財年全年的指導。在我們結束準備好的發言後，最後會有時間回答問題。

With that, I'll turn the call over to our CEO, Steve Lawrence.

說完這些，我將把電話轉給我們的執行長史蒂夫勞倫斯。

Thanks, Dan. Good morning to everyone and thank you for joining us today.

謝謝，丹。大家早安，感謝大家今天的參與。

We finished 2024 with the business trending in the right direction. Net sales for the quarter were $1.68 billion which represented a 6.6% decline. As most of you know, we're up against the 53rd week from last year, which means we're comparing 13 weeks of sales this year versus 14 weeks last year.

2024 年結束時，我們的業務正朝著正確的方向發展。本季淨銷售額為 16.8 億美元，下降 6.6%。大多數人都知道，我們今年的銷售額是去年的第 53 週，這意味著我們要比較今年的 13 週銷售額和去年的 14 週銷售額。

Throughout my commentary, any comparisons that I make to last year will remove the extra week and compare 13 weeks this year versus the comparable 13 week time period for last year. Looking at it this way, Q4 net sales were flat in total, and excluding the contributions of our new stores, comp sales ran a 3% decrease.

在我的評論中，我與去年所做的任何比較都會刪除多餘的一周，並將今年的 13 週與去年的 13 週時間段進行比較。從這個角度來看，第四季淨銷售額整體持平，如果不計入新店的貢獻，同店銷售額下降了 3%。

This represented a sequential improvement versus our Q3 and first half trends. These results also exceeded our midpoint guidance for both net sales and adjusted earnings per share in the fourth quarter, quite navigating a compressed holiday calendar that was coupled with consumer whose spending power remained constrained throughout the holiday season.

與我們的第三季和上半年趨勢相比，這代表著連續的改善。這些結果也超過了我們對第四季度淨銷售額和調整後每股收益的中點預期，相當程度地緩解了假期緊湊的局面，而且消費者的消費能力在整個假期期間仍然受到限制。

And I'd like to give you a little color around how the quarter played out. During our last call, we mentioned the first two weeks of November were soft, but then we saw a strong rebound later in the month when we had our largest Black Friday sales event in company history.

我想向大家簡單介紹一下本季的進展。在我們上次電話會議中，我們提到 11 月的前兩週業績疲軟，但當月晚些時候，我們迎來了公司歷史上規模最大的黑色星期五促銷活動，業績出現強勁反彈。

This momentum continued throughout the remainder of the holiday season and into the first half of January. The team did a great job of thoughtfully planning out promotions while also ensuring we're in stock and at the right price on the key items and categories that over-indexed during holiday each year.

這種勢頭在整個假期剩餘時間和 1 月上半月持續存在。團隊在精心策劃促銷活動的同時，也確保每年假期期間主要商品和類別的庫存充足且價格合理。

As a result of this work, every division ran a positive comp sales game in the month of December. We did see a softening in the trend in the last two weeks of the quarter which we would attribute some winter storms moving across our footprint, which suppress sales.

這項工作的成果是，每個部門 12 月的銷售量都呈現積極態勢。我們確實看到本季最後兩週的趨勢有所減弱，我們將其歸因於一些冬季風暴襲擊了我們的業務範圍，從而抑制了銷售。

Looking at the fourth quarter results by division, outdoor was our best performing category, hosting total net sales growth of plus 2% versus last year. We saw solid increases across our hunting, fishing, and camping business.

從各部門第四季的業績來看，戶外用品是我們表現最好的類別，總淨銷售額比去年同期成長了 2%。我們的狩獵、釣魚和露營業務均實現了穩定成長。

The national brands such as YETI and Stanley drove the giftable business for us. Our private brands such as Monarch and Redfield helped deliver strong value messaging. Footwear was our second best performing category with net sales down 1% to last year.

YETI 和 Stanley 等國家品牌推動了我們的禮品業務。我們的自有品牌如 Monarch 和 Redfield 有助於傳遞強大的價值訊息。鞋類是我們表現第二好的類別，淨銷售額較去年下降了 1%。

In our last call, we mentioned that this division was one of our weaker performers in Q3 driven by warmer temps that persisted throughout the quarter which suppressed early sales and fall product. We saw a significant rebound in this business during holiday driven by youth apparel, fleece, and workwear.

在我們上次電話會議中，我們提到該部門是第三季度表現較差的部門之一，原因是整個季度持續的高溫抑制了早期銷售和秋季產品。在青年服裝、羊毛衫和工作服的推動下，我們看到假期期間該業務出現明顯反彈。

Key national brands such as Nike and Carhartt had strong performance for us during holiday. Sports and recreation net sales also improved versus our prior year-to-date trend with Q4 finishing down 1%. We had a well thought out promotional cadence in key giftable categories such as kids' bikes, drills, and ride-ons that really resonated with our consumers.

耐吉和 Carhartt 等主要國家品牌在假期期間表現強勁。與去年同期相比，體育和娛樂淨銷售額也有所改善，第四季下降了 1%。我們對兒童自行車、鑽頭和騎乘玩具等主要禮品類別制定了深思熟慮的促銷節奏，真正引起了消費者的共鳴。

It was also good to see our fitness business improve based on our focus on lower AUR giftable items. We also saw improvement in our footwear business, which had net sales down 2% for the quarter driven by key categories such as men's athletic and work footwear.

我們也很高興看到，由於我們專注於較低 AUR 的禮品，我們的健身業務得到了改善。我們的鞋類業務也有所改善，受男士運動鞋和工作鞋等主要類別的影響，本季鞋類淨銷售額下降了 2%。

From a brand perspective, ASICS New Balance and Crocs all had strong performance for us during holiday. Cutting across all the divisions was a strong growth that we saw in our portfolio of private brands. These brands represent the value end of our assortment, and the customer clearly sought out this product in the fourth quarter as they look to stretch their gift buying budget.

從品牌角度來看，ASICS、New Balance 和 Crocs 在假期期間均表現強勁。在所有部門中，我們都看到了自有品牌組合的強勁成長。這些品牌代表了我們產品系列的價值端，客戶在第四季度顯然會尋找這種產品，因為他們希望擴大禮品購買預算。

Turning to margin. In the fourth quarter, we reported a gross margin rate of 32.2%, a decline of 110 basis points versus last year. On a shifted 13 week basis, our merchandise margins were up 10 basis points. This was a little lower than we'd planned with the main drivers being an increased penetration of hardlines business to the total coupled with some additional markdown actions we took at the end of the quarter to ensure a more aggressive seasonal transition and apparel as we head into the spring season.

轉向保證金。第四季度，我們的毛利率為32.2%，較去年同期下降110個基點。以 13 週計算，我們的商品利潤率上漲了 10 個基點。這比我們計劃的要低一點，主要原因是硬線業務對整體業務的滲透率提高，加上我們在本季度末採取了一些額外的降價措施，以確保在進入春季時更積極的季節性過渡和服裝。

This cleaner transition is important as we free up and allocate the additional space needed to aggressively launch the Jordan brand in Q1 of 2025. More on that in a minute.

這種更清晰的過渡非常重要，因為我們可以釋放並分配所需的額外空間，以便在 2025 年第一季大力推出 Jordan 品牌。稍後將對此進行詳細介紹。

Going back to look at the full year. While we faced several challenges in 2024, I believe that the team effectively navigated through them while simultaneously putting in place the building blocks for future growth for continued investment in the business.

回顧一下全年。雖然我們在 2024 年面臨許多挑戰，但我相信團隊有效地克服了這些挑戰，同時為未來持續的業務投資奠定了基礎。

We made solid progress across our key long range growth initiatives in 2024, and we believe that these investments will better position us to drive top line sales and expand our market share as we move forward. The accomplishments last year included: during the year, we opened up 16 new Academy stores expanding our presence to 19 states.

2024 年，我們在關鍵的長期成長計畫中取得了堅實的進展，我們相信這些投資將使我們在未來更好地推動營收成長並擴大市場份額。去年的成就包括：在這一年中，我們開設了 16 家新的 Academy 商店，將業務擴展到 19 個州。

It was particularly exciting to see the stores reopen in the back half of the year, which was the first vintage fully incorporate a refined site selection model for all trending well ahead of our plans. A great example of this is our Meridian, Mississippi store, which opened in Q4 of 2024.

看到商店在下半年重新開業尤其令人興奮，這是第一次完全採用精緻的選址模型來滿足所有趨勢，這遠遠超出了我們的計劃。一個很好的例子就是我們位於密西西比州默里迪恩的商店，該商店於 2024 年第四季度開業。

We classify the store as a small to mid-size market with a draw of roughly 120,000 customers who did not have a lot of alternatives to shop for sports and outdoors. When you look at the population, they also over-indexed with the always game family who loves to hunt, fish, and play sports.

我們將商店歸類為小型到中型市場，吸引了大約 12 萬名沒有太多選擇來購買運動和戶外用品的顧客。當你觀察人口時，你會發現他們中也有很多熱愛打獵、釣魚和運動的遊戲家庭。

While still early in its lifecycle, this store is significantly outperforming its plan, is tracking towards the high end of our year one expectations for new stores of $12 million to $16 million. And even more exciting, it's picked up roughly 25% of the sports and outdoor traffic share in this market.

雖然該商店仍處於生命週期的早期階段，但其表現已大大超出計劃，並正在朝著我們對第一年新店 1200 萬至 1600 萬美元的高端預期邁進。更令人興奮的是，它佔據了該市場約 25% 的體育和戶外流量。

At the same time, the 2022 vintage stores, which moved into our comp base last year, outperformed our existing store base by running a positive comp. As we head into the new year, the 2023 vintage will now start also feeding into our comp store base, which we believe should help strengthen the tailwind that our new stores provide us.

同時，去年遷入我們同店的 2022 家古董店的業績表現優於我們現有的門市，實現了正成長。隨著我們進入新的一年，2023 年份的葡萄酒也將開始進入我們的同店銷售，我們相信這將有助於增強新店為我們帶來的順風。

We also rolled out our new warehouse management system to our Georgia distribution facility. While the integration presented its challenges, improving the productivity across our supply chain is a critical enabler to our long-term expansion plans.

我們也將新的倉庫管理系統推廣到喬治亞州的配送中心。雖然整合帶來了挑戰，但提高整個供應鏈的生產力是我們長期擴張計畫的關鍵推動因素。

We're mostly past the integration challenges and believe we should see a tailwind from this facility moving forward. While we are still in early innings on our customer journey, we made tremendous progress last year, including a massive identity resolution project that almost doubled our addressable customer count.

我們基本上已經克服了整合挑戰，並相信我們應該看到工廠向前發展的順風。雖然我們的客戶旅程仍處於早期階段，但我們去年取得了巨大進展，包括一項大規模的身份識別項目，該項目使我們的可尋址客戶數量幾乎翻了一番。

At the same time, we launched myAcademy Rewards and enrolled over 11 million customers during the year. Over the holidays, we saw a strong uplift in the spend from these loyalty members. We believe this should also be an additional tailwind for us moving forward.

同時，我們推出了 myAcademy Rewards，並在當年吸引了超過 1,100 萬名客戶。假期期間，我們看到這些忠誠會員的消費大幅增加。我們相信這也會成為我們前進的額外順風。

Finally, we drove continued growth in our private brands, which for 2024 came in at roughly 23% of total net sales versus 22% in fiscal '23. We expect this growth to carry forward into 2025 as our core customer continues to gravitate towards value.

最後，我們推動了自有品牌的持續成長，到 2024 年，自有品牌的銷售額約佔總淨銷售額的 23%，而 23 財年為 22%。隨著我們的核心客戶繼續專注於價值，我們預計這種成長將持續到 2025 年。

Our consistent operational execution in 2024 also drove strong free cash flow for the 21st consecutive quarter. This strong cash generation continues to support our growth initiatives and also highlights the health of our business model.

我們在 2024 年的一貫營運執行也連續第 21 個季度推動了強勁的自由現金流。強勁的現金創造能力持續支持我們的成長計劃，同時也凸顯了我們商業模式的健康狀況。

In 2024, we strategically invested an additional $140 million to our growth initiatives and returned over $396 million to shareholders for dividends and share repurchases. These investments are expected to yield strong returns for years to come.

2024 年，我們策略性地向成長計畫額外投資了 1.4 億美元，並以股息和股票回購的形式向股東返還了超過 3.96 億美元。預計這些投資將在未來幾年產生豐厚的回報。

Looking ahead to 2025, we're focused on both near term goals and long term objectives. As we've stated before, we have three major growth engines for our business.

展望 2025 年，我們既關注近期目標，也關注長期目標。正如我們之前所說，我們的業務有三大成長引擎。

I'd like to now walk you through each one of them and highlight the opportunity that we see ahead of us this year. First new stores. Our plan is to open up 20 to 25 new stores this year. Earlier this month, we opened our first three with two in Pennsylvania, in York, and East Harrisburg, along with one in Hagerstown, Maryland.

現在我想向大家介紹每一個，並強調我們今年面臨的機會。第一家新店。我們的計畫是今年開設20至25家新店。本月初，我們開設了前三家門市，其中兩家位於賓州、約克和東哈里斯堡，另一家位於馬裡蘭州黑格斯敦。

These stores took us to a couple of key milestones as we now have over 300 stores that have expanded our footprint from 19 to 21 states. More importantly, it's the first time over the past four years where we have opened up three stores in close geographic proximity to each other on a single weekend.

這些商店使我們達到了幾個重要的里程碑，因為我們現在擁有 300 多家商店，業務範圍從 19 個州擴展到 21 個州。更重要的是，這是我們四年來第一次在一個週末開設三家地理位置相近的商店。

This allowed us to better leverage our marketing assets in order to more broadly generate excitement and traffic for these grand openings. If you look on our investor site after this call, we've posted some content that was created during the grand opening at York, PA which marked store number 300 for us.

這使我們能夠更好地利用我們的行銷資產，以便更廣泛地為這些盛大開幕活動創造興奮和流量。如果您在本次電話會議後查看我們的投資者網站，您會發現我們發布了在賓州約克盛大開幕期間創建的一些內容，這標誌著我們的門市數量為 300 家。

Another key element of the strategy is to create better balance in our store openings across the year as well as by geography. We've made good progress on both fronts with roughly half our new stores being infills in our existing footprint and the other half coming in new markets.

該策略的另一個關鍵要素是實現全年和按地區開設新店的更平衡。我們在這兩方面都取得了良好的進展，大約有一半的新店是在我們現有門市內開設的，另一半則來自新市場。

While not quite at a 50/-50 mix, we plan to have roughly one-third of the new stores opening in the first half of the year versus prior years where store openings were primarily back half weighted. As we've covered before, most of these stores will be located in suburbs and exurbs of larger population centers along with mid-sized markets, both of which are target rich with our core customer.

雖然不是完全 50/50 的比例，但我們計劃在上半年開設大約三分之一的新店，而前幾年的開店比例主要集中在後半部分。正如我們之前提到的，這些商店中的大多數將位於人口較多的中心郊區和遠郊區以及中型市場，這兩個地區都是我們的核心客戶的目標市場。

One of our key long term growth drivers is getting our new store flywheel going with each successive vantage adding to the momentum. As we mentioned previously, the nine stores from the 2022 vintage were the first vintage to enter comp base last year, and these stores in aggregate comp positive for the full year, outperforming our existing store base.

我們長期成長的關鍵動力之一是讓新店飛輪不斷運轉，並不斷增強其發展勢頭。正如我們之前提到的，2022 年份的 9 家門市是去年第一批進入同店銷售的門市，這些門市全年整體業績為正，超過了我們現有的門市基數。

We expect to continue to benefit from this in 2025 as we now add the 14 new stores that we opened up in 2023 to the total. By the end of the year, we'll also start seeing several of the 2024 vintage contributing to accounts as well.

我們預計 2025 年將繼續受益於此，因為我們現在將 2023 年開設的 14 家新店添加到總數中。到今年年底，我們也將開始看到幾瓶 2024 年份的葡萄酒也為帳戶做出貢獻。

Shifting to our dotcom business. We remain bullish in the opportunities here. We did not make as much progress on this front as we hoped in 2024, with our penetration running flat versus the prior year at roughly 11%.

轉向我們的網路業務。我們仍然看好這裡的機會。2024 年，我們在這方面的進展不如我們所希望的那樣，滲透率與前一年持平，約為 11%。

As we head into 2025, we have a three pronged plan to attack to grow sales. First, we're going through a deep dive into site fundamentals, prioritizing an intuitive, inspiring, and engaging online experience. The team is focused on dramatically improving the internal search and navigation on our site in order to offer a more enhanced personalized experience.

邁入 2025 年，我們制定了三管齊下的計畫來增加銷售額。首先，我們將深入研究網站的基本原理，優先提供直覺、鼓舞人心且引人入勝的線上體驗。該團隊致力於大幅改善我們網站的內部搜尋和導航，以提供更個人化的體驗。

We're also leveraging RFID more aggressively to improve inventory availability for bocos as well as to improve fulfillment rates on ship to home orders that originate from our stores. More on that in a minute. A second component of this growth pillar will be a continued expansion of the endless aisle concepts driving significant SKU growth online, particularly in categories such as firearms, footwear, and licensed apparel.

我們也更積極地利用 RFID 來提高 bocos 的庫存可用性，並提高從我們的商店發出的送貨上門訂單的履行率。稍後將對此進行詳細介紹。這一增長支柱的第二個組成部分是繼續擴大無盡貨架概念，推動網上 SKU 的顯著增長，特別是在槍支、鞋類和授權服裝等類別。

Finally, we plan to continue to expand fulfilment options and shorten our time to fill orders as we continue to focus on reducing friction and improving customer experience in our omnichannel ecosystem. The introduction of same day delivery last year through both the DoorDash app and our own site helped us tap into customers who previously would not have shopped with us because we have lacked this capability.

最後，我們計劃繼續擴大履行選項並縮短完成訂單的時間，因為我們將繼續專注於減少摩擦並改善全通路生態系統中的客戶體驗。去年，我們透過 DoorDash 應用程式和我們自己的網站推出了當日送達服務，這幫助我們吸引了以前不會在我們這裡購物的客戶，因為我們缺乏這種能力。

This was particularly helpful in the last four to five days heading into Christmas where traditional shipping methods could not have gotten some items in the customer's hands in time for a holiday.

這在聖誕節前最後四到五天特別有用，因為傳統的運輸方式無法在假期前及時將一些物品送到客戶手中。

Moving over to the third leg of our growth strategy. We're laser focused on improving the performance and productivity of our existing store base. We know that strong execution on this front is foundational to moving back to comp store growth.

轉向我們成長策略的第三階段。我們專注於提高現有門市的績效和生產力。我們知道，在這方面的強力執行是恢復同店成長的基礎。

Now I'd like to run through the key drivers of the strategy that we plan to bring to bear in 2025. First, the customer has repeatedly demonstrated over the past couple of years a strong appetite for newness, and our plan is to dramatically accelerate the flow of new items and brands in 2025.

現在我想介紹我們計劃在 2025 年實施的策略的關鍵驅動因素。首先，過去幾年來，顧客不斷表現出對新事物的強烈需求，我們的計劃是在 2025 年大幅加快新產品和新品牌的流通。

We're expanding our partnership with Nike, and in April of this year, we'll do our biggest new brand launch in the company's history with the introduction of Jordan brand into 145 stores and online. We plan to launch the brand in late April with shops in men's, women's, and kids that integrate apparel, shoes, and accessories into a cross merchandise shop.

我們正在擴大與耐吉的合作關係，今年 4 月，我們將推出公司歷史上最大的新品牌發布活動，將喬丹品牌引入 145 家商店和線上平台。我們計劃在四月下旬推出該品牌，開設男裝、女裝和童裝商店，將服裝、鞋子和配件整合為跨商品商店。

Our focus will be on sport product with the goal of extending the reach of the brand into underserved markets. Historically, this has been one of the most requested brands in both our stores and online. We're excited that we can now bring the Jordan brand to the Academy customer.

我們的重點將放在體育產品上，目標是將品牌影響力擴展到服務不足的市場。從歷史上看，這一直是我們商店和網路上最受歡迎的品牌之一。我們很高興現在可以將喬丹品牌帶給學院客戶。

If you look at our investor site after this call, you'll see our first commercial for Jordan that teases the launch. In addition to Jordan, we're increasing our investments with Nike and expanding our assortments into lifestyle and performance running shoes coupled with additional fashion apparel.

如果您在本次電話會議後查看我們的投資者網站，您將看到我們為喬丹推出的第一部廣告，其中預告了產品的發布。除了喬丹之外，我們還增加了對耐吉的投資，並將我們的產品系列擴展到生活方式和性能跑鞋以及其他時尚服裝。

To support both the addition of the Jordan brand and the expansion of Nike assortments, we're freeing up space by downsizing and/or eliminating underperforming brands and categories. Other brand additions for 2025 include key national brands such as Converse, which landed in all stores just after a holiday and was off to a fast start, along with Osprey and backpacks.

為了支持喬丹品牌的加入和耐吉品種的擴大，我們正在透過縮小規模和/或淘汰表現不佳的品牌和類別來釋放空間。2025 年新增的其他品牌包括匡威 (Converse) 等主要國家品牌，該品牌在假期剛過就登陸所有商店，並且開局良好，同時新增的還有 Osprey 和背包。

We're also taking brands that perform well in limited doors last year and expanding them out deeper into the chain. Customers will see brands like BURLEBO who we've been incubating for the past 24 months and into all doors.

我們還將挑選去年在限量店中表現良好的品牌，並將它們進一步擴展到連鎖店的更深層。顧客將會在所有門市看到我們在過去 24 個月中精心培育的 BURLEBO 等品牌。

Other brands that will see an acceleration in the door count include more established brands like Ariat and Birkenstock, along with emerging brands such as Waggle and Golf Apparel or Ninja and coolers and grills. Another key focus for us is to ensure that we're leaning into our position as the value leader in our space.

其他門市數量也將加速成長的品牌包括 Ariat 和 Birkenstock 等較成熟的品牌，以及 Waggle 和 Golf Apparel 或 Ninja 和冷卻器和烤架等新興品牌。我們的另一個重點是確保我們成為所在領域的價值領導者。

The macroeconomic data we see heading into 2025 indicates that the lower to middle income consumer is under pressure, and our goal remains to ensure that our customers get the best prices from us on a daily basis.

我們看到的 2025 年宏觀經濟數據表明，中低收入消費者面臨壓力，我們的目標仍然是確保我們的客戶每天從我們這裡獲得最優惠的價格。

Our plan is to hold prices across most of the large key items across our assortment to deliver deep value at an outstanding quality to our customers. As we navigate through the increased tariffs that have been levied, we're using our regular price optimization tool coupled with a portfolio approach to help recommend places where we can offset cost increases and negate the margin impact while not raising prices on the big key items that drive large amounts of traffic and volume for the company.

我們的計劃是維持我們產品系列中大多數主要商品的價格，以便為我們的客戶提供優質且具有深厚價值的商品。在我們應對已徵收的增加的關稅時，我們正在使用常規價格優化工具結合投資組合方法來幫助推薦可以抵消成本增加和消除利潤影響的地方，同時不提高為公司帶來大量流量和銷量的大型關鍵商品的價格。

Our portfolio of proprietary brands remains one of the main ways we deliver on value. We also plan to grow private brands at a faster pace than the average over the next year for new brand extensions. One key focus will be growing our Brazos brand, which has traditionally been focused on work boots with an expanded offering of year-round workwear apparel and strong values relative to national brand alternatives.

我們的專有品牌組合仍然是我們實現價值的主要方式之一。我們也計劃在未來一年內以高於平均的速度發展自有品牌，以拓展新的品牌。一個重點是發展我們的 Brazos 品牌，該品牌傳統上專注於工作靴，並擴大了全年工作服的供應，相對於國家品牌替代品具有強大的價值。

We also recently launched an exclusive Jacob Wheeler line with Magellan Outdoors. For those of you not familiar with Jacob, he is the GOAT of bass fishing. It's been an outstanding partner for us for many years. The product will be positioned at slightly higher prices than our current Magellan Outdoors assortment, but with the added features and benefits that we built into the line, it will be at a much sharper price versus similar product in the marketplace.

我們最近也與 Magellan Outdoors 合作推出了獨家 Jacob Wheeler 系列。對於那些不熟悉雅各的人來說，他是鱸魚釣魚界的 GOAT。多年來，它一直是我們出色的合作夥伴。該產品的定價將略高於我們目前的 Magellan Outdoors 系列產品，但由於我們在該系列產品中加入了新功能和優勢，因此與市場上的同類產品相比，其價格將更具競爭力。

The third major driver of productivity in our existing store base is to leverage all the work we've done over the past year on our customer file. As I previously mentioned, we launched our myAcademy loyalty program over the summer last year, and I'm proud of the work the team did to enroll over 11 million customers.

我們現有門市生產力的第三個主要驅動力是利用我們過去一年在客戶檔案上所做的所有工作。正如我之前提到的，我們在去年夏天推出了 myAcademy 忠誠度計劃，我為團隊為吸引超過 1,100 萬客戶所做的工作感到自豪。

While we're still in the early innings on this initiative, we saw a strong engagement with the program over holiday and we expect this to be a powerful driver of new customer acquisition and retention moving forward.

雖然我們仍處於該計劃的早期階段，但我們看到假期期間該計劃的參與度很高，我們預計這將成為未來新客戶獲取和保留的強大動力。

But also call out the work the team has done with our new customer data platform on improving customer identity resolution. Through this work, we've almost doubled our addressable customer file, which translates into more targeted communications moving forward.

但同時也要強調團隊利用我們的新客戶資料平台在改善客戶識別方面所做的工作。透過這項工作，我們可尋址的客戶檔案幾乎增加了一倍，這意味著未來溝通將更有針對性。

At the same time, we're getting better at leveraging customer insights coming from our CDP and loyalty program help personalize and improve customer shopping experiences both online and in store. The end result of all this work is that we're seeing improvements in both our marketing reach and effectiveness.

同時，我們正在更好地利用來自 CDP 和忠誠度計劃的客戶洞察來幫助個人化和改善客戶在線上和店內購物體驗。所有這些工作的最終結果是，我們看到行銷範圍和成效都有所提高。

To help fuel this improved marketing efficiency, we're partnering with a new advertising agency, McGarrah Jessee, based out of Austin with deep experience in marketing outdoor brands such as YETI and Costa, coupled with helping regional brands such as Whataburger and Shiner Beer expand the region into new territories.

為了提高行銷效率，我們與一家新的廣告公司 McGarrah Jessee 合作，該公司總部位於奧斯汀，在行銷 YETI 和 Costa 等戶外品牌方面擁有豐富的經驗，同時也幫助 Whataburger 和 Shiner Beer 等區域品牌將區域拓展到新的領域。

We believe their work will help our brand to continue to resonate in our core geography, while also helping us build our brand awareness faster as we head into newer markets. The first tranche of work is the Jordan introduction, and then you will see a larger fully integrated campaign launch as we head into the summer months, which will lean into our position as the center of fun for all of the always game families we serve.

我們相信他們的工作將有助於我們的品牌繼續在核心地區產生共鳴，同時也幫助我們在進入新市場時更快建立品牌知名度。工作的第一步是介紹喬丹，然後，隨著我們進入夏季，您將看到更大規模、更全面整合的活動啟動，這將使我們成為我們服務的所有遊戲家庭的樂趣中心。

The last driver of productivity for us that I'll cover today is around new technology that we plan to roll out into our stores and distribution centers. With the continued acceleration in the blending of physical stores with the online business, customers continue to raise their expectations around inventory visibility and availability across channels.

我今天要介紹的最後一個生產力驅動因素是我們計劃在商店和配送中心推廣的新技術。隨著實體店與線上業務整合的不斷加速，客戶對跨通路庫存可見性和可用性的期望不斷提高。

We've been piloting some use cases for RFID over the past couple of years and are now ready to roll it out more broadly. The plan is to have handheld scanners sent out to all stores during the first half of the year. We use these scanners to update counts weekly on national brands who currently RFID tag their products such as Nike, Under Armour, Adidas, and Columbia.

過去幾年，我們一直在試行 RFID 的一些用例，現在準備更廣泛地推廣它。計劃是在今年上半年向所有商店發送手持式掃描器。我們每週使用這些掃描器來更新目前使用 RFID 標籤標記其產品的全國性品牌的數量，例如 Nike、Under Armour、Adidas 和 Columbia。

Based on our pilots, we expect to see a 20% to 25% improvement in inventory accuracy with RFID. We anticipate that this rollout will be a huge unlock in our ability to improve conversion both in stores and online.

根據我們的試點，我們預計使用 RFID 後庫存準確率將提高 20% 至 25%。我們預計，此次推出的產品將大大提升我們提高實體店和線上轉換率的能力。

We're pairing our RFID expansion with the role of new handheld devices for store associates with all stores being fully rolled out this spring. These devices will have integrated point of sale functionality which will greatly improve our ability to save the sale with the customer who cannot find the item they're looking for in the store they're currently shopping in.

我們將把 RFID 擴充功能與店員使用的新型手持裝置結合起來，並將於今年春季在所有商店全面推出。這些設備將具有整合的銷售點功能，這將極大地提高我們為那些在當前購物商店中找不到所需商品的顧客挽救銷售的能力。

We've also invested in the implementation of a new warehouse management system in our distribution centers that will allow us to improve labor management and continuously evaluate new capabilities. Having worked in retail for over 35 years, over that time, I've encountered several truisms that I keep returning to.

我們也投資在配送中心實施了新的倉庫管理系統，這將使我們能夠改善勞動力管理並持續評估新的能力。我從事零售業已有 35 年，在此期間，我遇到了一些我不斷回想起的真理。

The one that comes to mind this morning is that hope is not a plan. I know that I covered a lot of ground this morning, but that was purposeful. The team has been diligently working on a comprehensive multi-prong plan with Academy back to top line growth in 2025.

今天早上我想到的是，希望不是一個計劃。我知道我今天早上講了很多內容，但這是有目的的。該團隊一直在努力製定一項全面的多管齊下的計劃，以使學院在 2025 年恢復營收成長。

We identified and are aggressively putting in place strategies to support and deliver against each of our growth pillars. These tactics have been tested and validated, and we're excited about what 2025 holds for us.

我們確定並積極實施策略來支持和實現我們的每一個成長支柱。這些策略已經過測試和驗證，我們對 2025 年的前景充滿期待。

Now I'd like to turn it over to our CFO, Carl Ford, who will give you more color on how Q4 played out for us along with providing guidance for 2025.

現在，我想將時間交給我們的財務長卡爾福特 (Carl Ford)，他將向您詳細介紹我們第四季度的業績，並為 2025 年提供指導。

Thank you, Steve.

謝謝你，史蒂夫。

Fourth quarter net sales of $1.68 billion and comparable sales of negative 3% came in at the high end of our guidance.

第四季淨銷售額為 16.8 億美元，可比銷售額為負 3%，處於我們預期的高點。

For the 13 weeks ended February 1, 2025 compared to the 13 weeks ended February 3, 2024, sales were down 0.2%. Our fourth quarter comp transactions declined 5.9% while comp ticket increased by 3.1% compared to last year.

截至 2025 年 2 月 1 日的 13 週與截至 2024 年 2 月 3 日的 13 週相比，銷售額下降了 0.2%。與去年相比，我們第四季的同店交易量下降了 5.9%，而同店票價上漲了 3.1%。

Overall, in the fourth quarter, Academy generated net income of $133.6 million and diluted earnings per share of $1.89. Fourth quarter adjusted net income, which excludes stock-based compensation of $6 million was $139 million or $1.96 in adjusted diluted earnings per share.

總體而言，第四季度學院淨收入為 1.336 億美元，每股攤薄收益為 1.89 美元。第四季調整後淨收入（不包括 600 萬美元的股票薪酬）為 1.39 億美元，即調整後每股攤薄收益 1.96 美元。

Throughout my following commentary, any comparison I make is comparing the fourth quarter and fiscal year 2024 versus the fourth quarter and fiscal year 2023 respectively. Gross margin of 32.2% in the fourth quarter was down 110 basis points versus last year, driven by higher freight and distribution costs during the quarter and lower merchandise margins.

在接下來的評論中，我所做的任何比較都是將 2024 財年第四季與 2023 財年第四季進行比較。第四季毛利率為 32.2%，較去年同期下降 110 個基點，原因是本季運費和配送成本增加，而商品利潤率下降。

90 basis points of the decrease was driven by higher import freight expenses driven by a strategic decision to mitigate potential port strikes and tariff risks, as well as elevated distribution costs due to the remaining costs from our third quarter cleanup at the Georgia distribution facility.

下降的 90 個基點是由於為減輕潛在的港口罷工和關稅風險而做出的戰略決策導致進口運費增加，以及由於我們在第三季度清理佐治亞配送設施所產生的剩餘成本導致的配送成本上升。

Our SG&A dollars as a percentage of sales increased by 110 basis points, while SG&A in total was down $7.5 million compared to the fourth quarter of last year. Excluding the $17 million in expense from the extra week last year, fourth quarter SG&A expenses increased $10 million of which all was related to strategic investments that were partially offset by base expense control.

我們的銷售、一般及行政費用佔銷售額的百分比增加了 110 個基點，而銷售、一般及行政費用總額與去年第四季相比下降了 750 萬美元。除去去年額外一周的 1700 萬美元支出，第四季度銷售、一般及行政費用增加了 1000 萬美元，其中全部與戰略投資有關，但基本費用控制部分抵消了這一影響。

Deleverage during the quarter was a result of investing in our growth initiatives, opening new stores, investing in the omnichannel business, maturing our customer data platform, and scaling and leveraging our supply chain.

本季的去槓桿化是我們投資成長計畫、開設新店、投資全通路業務、完善客戶資料平台以及擴大和利用供應鏈的結果。

We remain confident in our continued investment in these areas as part of our long range plan, as we expect them to be instrumental to growing our business over the long term. Q4 total SG&A per store was down modestly after adjusting for the extra week last year.

作為我們長期計劃的一部分，我們對這些領域的持續投資充滿信心，因為我們預計它們將有助於我們業務的長期成長。經過去年額外一週的調整後，第四季每家門市的銷售、一般及行政費用總額略有下降。

The decrease in SG&A per store is driven from our relentless focus on expense control. To put our SG&A results into perspective, every incremental dollar we spend will be on growth initiatives, and we will continue to tighten our core expenses.

每家店銷售、一般及行政費用的下降得益於我們堅持不懈地註重費用控制。從銷售、一般及行政開支 (SG&A) 的角度看，我們花費的每一分增量資金都將用於成長計劃，我們將繼續縮減核心支出。

As Steve mentioned earlier in the call, we were pleased with our performance throughout the holiday shopping season despite challenging weather to start and end the quarter. While our total fourth quarter store traffic decreased by low single digits, our performance during key shopping periods throughout December and the beginning of January are a testament to customers' perception of our compelling value proposition and robust assortment.

正如史蒂夫早些時候在電話會議中提到的那樣，儘管本季開始和結束時天氣都很艱難，但我們對整個假期購物季的表現感到滿意。雖然我們第四季的門市總客流量下降了個位數，但我們在 12 月和 1 月初關鍵購物期的表現證明了顧客對我們引人注目的價值主張和豐富產品組合的認知。

During the month of December, traffic growth accelerated by 700 basis points versus our October exit rate which was supported by our ability to capture customers trading down and becoming more value conscious during the holiday shopping season amidst the continued challenging macro backdrop.

12 月份，客流量成長率與 10 月份的退出率相比加快了 700 個基點，這得益於我們在持續充滿挑戰的宏觀背景下，在假日購物季期間，我們能夠吸引到消費水平較低且更加註重價值的客戶。

In December, Academy gained roughly 40 basis points of store traffic share among households earning greater than $100,000 of annual income, with monthly traffic increasing by mid single digits amongst this customer cohort versus last year.

12 月份，Academy 在年收入超過 10 萬美元的家庭中的門店客流量份額增加了約 40 個基點，與去年相比，該客戶群的月客流量增長了中等個位數。

This trend continued throughout the month of January as we gained another roughly 20 basis points of store traffic share within this customer demographic. Throughout both periods, customers in the top quintile of household income drove outsized sales growth of high single digits.

這一趨勢在整個一月份持續，我們在這一客戶群中的門店客流量份額又獲得了大約 20 個基點。在這兩個時期，家庭收入最高的五分之一的顧客推動了高個位數的超額銷售額成長。

These data points clearly show that we're beginning to see an uptick in traffic and our assortment and value is resonating not only with our core customer, but customers in the upper income quintiles as well.

這些數據點清楚地表明，我們開始看到流量上升，我們的產品種類和價值不僅引起了核心客戶的共鳴，也引起了高收入五分之一客戶的共鳴。

Looking at the balance sheet. We ended the quarter with $289 million in cash. Our inventory balance was $1.3 billion, an increase of 9.6% compared to last year. Total inventory units increased by 2.6%, which includes an additional 16 stores compared to the end of Q4 2023.

查看資產負債表。本季末我們的現金為 2.89 億美元。我們的庫存餘額為13億美元，比去年增長9.6%。總庫存單位增加了 2.6%，與 2023 年第四季末相比增加了 16 家門市。

On a per store basis, inventory units were down 2.9% and inventory dollars were up 3.7%. For the full year, we generated $528 million in cash from operations. We invested approximately $200 million back into ourselves.

以每家商店計算，庫存單位下降 2.9%，庫存金額上漲 3.7%。全年我們的經營活動產生了 5.28 億美元的現金。我們又投資了約 2 億美元。

We purchased approximately 6.5 million shares for $365 million and paid out $31 million in dividends. In 2024, Academy generated approximately $342 million of adjusted free cash flow compared to $330 million in 2023.

我們以 3.65 億美元購買了約 650 萬股股票，並支付了 3,100 萬美元的股息。2024 年，學院產生的調整後自由現金流約為 3.42 億美元，而 2023 年為 3.3 億美元。

On a per share basis, this represents a year over year increase of approximately 10% versus 2023. 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.

以每股計算，與 2023 年相比，年增約 10%。在資本配置方面，我們的策略仍專注於三大支柱，即金融穩定。二、自籌資金成長舉措。第三，透過股票回購和股利增加股東報酬。

We believe these priorities will help drive future sales and earnings growth as well as increase shareholder value. Fourth quarter dividends paid resulted in a dividend yield of approximately 84 basis points, and share repurchases represented a total of 3% of our market cap.

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增加股東價值。第四季支付的股息使股息殖利率達到約 84 個基點，股票回購總額占我們市值的 3%。

Combined, we have returned a total yield of approximately 3.8% to our shareholders in the fourth quarter. Following the $91 million of share repurchases in the fourth quarter and subsequent repurchases, we now have approximately $566 million remaining on the repurchase authorization.

總體而言，我們在第四季度為股東帶來了約 3.8% 的總收益率。繼第四季回購 9,100 萬美元股票以及後續回購之後，我們現在還剩下約 5.66 億美元的回購授權。

Finally, we are pleased to announce the Board recently approved an 18% increase in our dividend, resulting in $0.13 per share payable on April 17, 2024, to stockholders of record as of March 25, 2025.

最後，我們很高興地宣布，董事會最近批准將股息提高 18%，即每股 0.13 美元，將於 2024 年 4 月 17 日支付給截至 2025 年 3 月 25 日登記在冊的股東。

As I wrap up, let me provide a little more detail on our 2025 guidance expectations. As mentioned earlier in the call, we are in a unique position among retailers with the current growth opportunities in front of our team, and we believe our path to returning to sales growth is clear and achievable.

最後，請容許我更詳細地介紹我們對 2025 年的指導預期。如同先前在電話會議中所提到的，我們在零售商中處於獨特的地位，我們的團隊面前有當前的成長機會，我們相信恢復銷售成長的道路是清晰且可實現的。

I'd like to share a few data points and assumptions that influence our 2025 guidance. Net sales came in at the high side of guidance during the fourth quarter, but we did see softness in the shoulder months driven by weather, and we feel macro uncertainty will persist during 2025.

我想分享一些影響我們 2025 年指導的數據點和假設。第四季的淨銷售額達到了預期的高位，但我們確實看到受天氣影響，在肩部月份出現了疲軟，我們認為宏觀不確定性將在 2025 年持續存在。

In addition, our gross margin rate declines for the full year were primarily driven from disruptions in our supply chain that we expect to become tailwinds throughout 2025. While the current macro environment makes it difficult to predict when the external pressures on our business will subside, we believe we have appropriately positioned our merchandise offering, marketing strategy, and inventory levels to manage through the current cycle.

此外，我們全年毛利率的下降主要是由於供應鏈中斷，我們預計這將成為 2025 年的順風。雖然當前的宏觀環境使得我們很難預測業務面臨的外部壓力何時會消退，但我們相信我們已經適當地定位了我們的商品供應、行銷策略和庫存水平，以應對當前的週期。

We continue to prudently invest in our business for long term growth and to create value for our shareholders.

我們將繼續審慎地投資於我們的業務，以實現長期成長並為股東創造價值。

With that said, we are taking a measured view of the sales environment, which assumes the continuation of the consumer behavior we saw in Q4 coupled with the internal initiatives within our business. Our guidance for 2025 is as follows. Net sales are expected to range from $6.1 billion to $6.3 billion with comparable sales of negative 2% to positive 1%.

話雖如此，我們對銷售環境還是採取了一種審慎的看法，即假設我們在第四季度看到的消費者行為將持續下去，同時我們業務內部也將採取一些舉措。我們對 2025 年的指導如下。預計淨銷售額將在 61 億美元至 63 億美元之間，可比銷售額將在負 2% 至正 1% 之間。

Our gross margin rate is expected to range from 34.0% to 34.5%. Contemplated within this guidance is the impact of two 10% tariffs placed on China in February and March and the 25% tariff on steel and aluminum. As we mentioned on the last call, our direct import exposure to China was 10%.

我們的毛利率預計在34.0%至34.5%之間。該指南考慮了2月和3月對中國徵收10%關稅以及對鋼鐵和鋁徵收25%關稅的影響。正如我們在上次電話會議上提到的，我們對中國的直接進口曝險為 10%。

And as we sit today, it is under 9% and trending towards 8% as we continue to diversify our sourcing base. We have virtually zero exposure to Canada and Mexico. We have mitigated the pressure from the announced tariffs and we'll continue to work with our vendors and our price optimization teams to ensure we remain a valued leader for our customers.

而今天，隨著我們繼續實現採購基礎的多樣化，這一比例已低於 9%，並趨向於 8%。我們對加拿大和墨西哥幾乎沒有任何接觸。我們已經減輕了已宣布的關稅帶來的壓力，我們將繼續與我們的供應商和價格優化團隊合作，以確保我們仍然是客戶所信賴的領導者。

GAAP net income is between $375 million and $410 million. Adjusted net income, which excludes certain estimated expenses, primarily stock-based compensation of approximately $25 million is forecasted to range from $400 million to $435 million.

GAAP淨收入在3.75億美元至4.1億美元之間。調整後的淨收入（不包括某些估計費用，主要是約 2,500 萬美元的股票薪酬）預計在 4 億美元至 4.35 億美元之間。

It's important to note that earnings in the fourth quarter of 2024 included approximately $22 million that we do not anticipate will reoccur in 2025. We have provided additional detail in the earnings release we issued this morning.

值得注意的是，2024 年第四季的收益約為 2,200 萬美元，我們預計 2025 年不會再次出現。我們在今天早上發布的收益報告中提供了更多細節。

GAAP diluted earnings per share of $5.40 to $5.85 and adjusted diluted earnings per share of $5.75 to $6.20. The earnings per share estimates are based on a revised share count of 70 million diluted weighted average shares outstanding for the full year.

GAAP 稀釋每股收益為 5.40 美元至 5.85 美元，調整後稀釋每股收益為 5.75 美元至 6.20 美元。每股盈餘估計是基於全年流通股數 7,000 萬股稀釋加權平均股數的修正。

These amounts do not include any potential future repurchase activity using our remaining $566 million authorization. We also remain confident in the strength of our cash flows and expect to generate between $290 million and $320 million adjusted free cash flow, including $220 million to $250 million of capital expenditures.

這些金額不包括使用我們剩餘的 5.66 億美元授權進行的任何潛在未來回購活動。我們對現金流的強度仍然充滿信心，預計將產生 2.9 億至 3.2 億美元的調整後自由現金流，其中包括 2.2 億至 2.5 億美元的資本支出。

Looking at the shape of the year, we expect Q1 to be our most challenging quarter from a comp sales and earnings per share perspective and Q2 to be the strongest. The first quarter will be impacted by the opening of five new stores and the cost of the merchandizing execution work to launch the Jordan brand in our stores as well as the expansion of Nike.

從今年的情況來看，我們預計第一季從銷售額和每股收益的角度來看將是最具挑戰性的季度，而第二季度將是表現最強勁的季度。第一季將受到五家新店開業、在我們的門市推出喬丹品牌的商品銷售執行工作成本以及耐吉擴張的影響。

The benefits of these investments and our additional internal initiatives will not start to bear fruit until the second quarter. So we also expect the back half of the year to be better than the first half. The delta from the low end to the high end of the annual comp guidance will depend on the growth engines Steve outlined.

這些投資和我們額外的內部措施的效益要到第二季才會開始顯現。因此，我們也預期下半年的表現會比上半年更好。年度業績指引的低端到高端之間的差異將取決於史蒂夫所概述的成長引擎。

One, drive new store growth. The 22 to 24 store vintages will continue to be a bigger contributor as they mature. Two, invest in e-commerce to focus on user experience, search and fulfillment options. Three, implement new technologies like RFID and our associate handhelds that will increase accuracy, speed, and conversion.

一、推動新店成長。隨著 22 至 24 年陳釀的葡萄酒逐漸成熟，它們將繼續發揮更大的貢獻作用。二、投資電子商務，注重使用者體驗、搜尋及履行選項。第三，實施 RFID 和我們的相關手持設備等新技術，以提高準確性、速度和轉換率。

Four, introduce new brands with compelling assortments like Jordan, Converse, and Osprey. Five, grow private brands at a faster pace through new brand extensions like Magellan Outdoor Pro by Jacob Wheeler. And finally, grow our myAcademy loyalty program to reach more customers.

第四，推出 Jordan、Converse、Osprey 等具有引人注目的系列新品牌。第五，透過 Jacob Wheeler 推出的 Magellan Outdoor Pro 等新品牌延伸，以更快的速度發展自有品牌。最後，擴大我們的 myAcademy 忠誠度計劃以覆蓋更多客戶。

We also expect to see continued growth in the upper income quintiles of the consumer as they continue to trade into value.

我們也預計，隨著高收入五分之一消費者繼續以價值進行交易，他們的消費將持續成長。

To conclude, we're cautiously optimistic as we head into 2025 and believe these initiatives and our relentless focus on marching towards positive comps will position us nicely.

總而言之，我們對 2025 年持謹慎樂觀的態度，並相信這些舉措以及我們堅持不懈地致力於實現積極的業績增長將使我們處於有利地位。

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

好了，我們現在就可以回答你們可能提出的任何問題了。

Operator, please open the line for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions)

（操作員指示）

Anthony Chukumba, Loop Capital.

安東尼·楚昆巴，Loop Capital。

A lot of good information shared on the call. So I guess my question was on your gross margin guidance for 2025. Specifically, I guess I was a little surprised given the tariff impact that you are expecting that to be up 40 basis points at the midpoint.

通話中分享了很多有用的信息。所以我想我的問題是關於您對 2025 年毛利率的預測。具體來說，考慮到關稅的影響，我有點驚訝於您預計中間價將上漲 40 個基點。

So I guess I was just wondering, what are expected to be the drivers of gross margin expansion in 2025?

所以我想我只是想知道，預計 2025 年毛利率擴張的驅動因素是什麼？

It's Carl. Yeah, I think some of it is recapturing the supply chain headwinds that we experienced in 2024, specifically around the Georgia distribution facility, but also some investments that we made associated with where we're bringing in import freight.

是卡爾。是的，我認為其中一些是重新奪回我們在 2024 年經歷的供應鏈逆風，特別是在喬治亞州配送設施周圍，但也包括我們在進口貨運方面進行的一些投資。

That was a 30 basis point headwind in FY24. If you go beyond that, we expect soft lines to penetrate higher in 2025. That will be supported by Jordan and Nike. That will not be the only thing. But soft lines mixed and then promotion effectiveness.

這是 2024 財年的 30 個基點的不利因素。如果進一步發展，我們預計軟線的滲透率將在 2025 年進一步提高。這將得到喬丹和耐吉的支持。這不會是唯一的事情。但柔和的線條混合後又能提升功效。

We've got some tools that we're using on our pricing engine to be a little bit more scientific associated with promo effectiveness. And we think all of that taken in together would drive the midpoint guidance range that we put out there.

我們在定價引擎上使用了一些工具，以便使促銷效果更科學。我們認為，所有這些因素綜合起來將決定我們提出的中點指導範圍。

Christopher Horvers, JPMorgan.

摩根大通的克里斯多福霍弗斯。

So my first question is as you think about the consumer, the great debate of how much is this weather versus how much is uncertainty weighing on the consumer, can you share what you're seeing sort of quarter to date how that makes you think about the whether it's a weather issue versus a consumer?

因此，我的第一個問題是，當您考慮消費者時，關於天氣對消費者的影響有多大以及不確定性對消費者的影響有多大這一問題存在很大爭議，您能否分享一下本季度迄今為止您所看到的情況，這讓您如何看待這是天氣問題還是消費者問題？

And would you expect the first quarter to be below the lower end of the annual comp guide range?

您是否預期第一季的業績將低於年度業績指引範圍的下限？

So it's an interesting question. I would tell you that as we talked about in the prepared remarks, we saw kind of a softening in the business at the tail end of January. We saw that continue into the start of February, and at the time we were asking ourselves the same question is this weather or is this more macro pull back?

這是一個有趣的問題。我想告訴你們，正如我們在準備好的發言中談到的，我們看到 1 月底業務有所疲軟。我們看到這種情況一直持續到二月初，當時我們都在問自己同樣的問題，這是天氣原因還是宏觀回調？

I'll tell you a couple of things we did. We transitioned the floor much more cleanly this year to spring goods which we're very happy we did. Of course, that hit right as the temperatures got really cold at the tail end of January and February.

我會告訴你我們做的幾件事。今年，我們將地板更加整潔地換成了春季商品，我們很高興我們這樣做了。當然，這發生在一月底和二月底氣溫變得非常寒冷的時候。

But what we saw as we got past kind of that clearance cycle and the cooler temps as the weather warmed up, we've seen the business rebound and stabilize. We're pretty happy with the trend we saw coming out at the end of February and through the first couple of weeks of March.

但我們看到，隨著我們度過了那種清理週期，隨著天氣轉暖，氣溫也隨之下降，業務開始反彈並趨於穩定。我們對二月底和三月頭幾週出現的趨勢感到非常滿意。

Obviously we still have the majority of the quarters still ahead of us from a time period and from a volume perspective. But we really like the trend we've seen in the business which would indicate that while the consumer is out there is still being cautious and we have that model into our guidance for this year, we also recognize that some of the strategies that we have in place in the value position we have in the space I think is going to allow us to win this year.

顯然，從時間段和數量的角度來看，我們仍然有大部分季度的時間。但我們真的很喜歡我們在業務中看到的趨勢，這表明雖然消費者仍然保持謹慎，並且我們將該模型納入了今年的指導，但我們也認識到，我們在該領域的價值地位中實施的一些策略，我認為將使我們在今年取得勝利。

So when you think about the year, I think we have encompassed in that guidance a continued softening or softness in the middle income to lower income consumer. That being said, we also believe that the initiatives that we have in place, whether it's the new brand introductions, the technology rollouts that we're putting out in stores, the new store growth, we think all those things are going to be things that are going to help us counteract some of that softness in the economy.

因此，當你考慮今年的情況時，我認為我們已經在指導意見中涵蓋了中等收入到低收入消費者的持續疲軟或疲軟。話雖如此，我們也相信，我們所採取的舉措，無論是新品牌的推出、我們在商店中推出的技術推廣、新店的成長，我們認為所有這些都將幫助我們抵消經濟疲軟的影響。

And move back to growth as we go through the year. From a sequencing, I think Carl said this in his commentary, we expect Q1 to be the most challenged. We expect Q2 to be probably the best quarter candidly of the year as we see a lot of these initiatives really kick in.

隨著時間的流逝，我們將恢復成長。從排序來看，我認為卡爾在他的評論中說過，我們預計第一季將是最具挑戰性的。我們預計第二季度可能是今年最好的季度，因為我們看到很多舉措確實發揮了作用。

I mean we talked about on the call of the Jordan launch. It really doesn't happen until the end of April. So most of the impact that you're going to see in Q2. We also have five new stores. A lot of the technology rollouts are fully rolled out by the time we get to Father's Day.

我的意思是我們在電話會議上討論了喬丹的發布會。這實際上要到四月底才會發生。因此，大部分影響將在第二季顯現。我們還有五家新店。到父親節時，許多技術已經全面推出。

And then that's when we start lapping our distribution conversion from last year, we saw kind of softness in those stores. So all those things lead us to believe that we're going to see Q2 be the best quarter probably of the year for us. And we see the back half of the year being weighted than the first half of the year.

然後，當我們開始回顧去年的分銷轉換情況時，我們發現這些商店有些疲軟。因此，所有這些因素都讓我們相信，第二季可能是我們今年最好的季度。我們認為下半年的權重將高於上半年。

And then on the snow in Houston and Dallas is quite unusual. Just think about January and February. As you think about like the what's embedded in the comp, it's sort of a two part question. One is on the new stores. You talked about the 2022 vintage comping positively, I guess, normally, year one, year two stores comp sort of in the double digit range.

休士頓和達拉斯的降雪相當不尋常。想想一月和二月。當您思考計算機中嵌入了什麼內容時，這是一個由兩部分組成的問題。一是有關新店。您談到了 2022 年份的銷售額成長情況，我想，通常情況下，第一年、第二年的商店銷售額都會在兩位數的範圍內。

So how are you thinking about like how much did they contribute? What's your expectation on what new stores contribute to the comps in '25? And then related to that, any commentary on what's embedded for the Nike launch?

那麼您認為他們貢獻了多少呢？您對 25 年新店將為同店銷售額帶來什麼貢獻有何預期？與此相關，對於耐吉新品發表會嵌入的內容，您有何評論？

Sure. So you're correct that we expect to see growth candidly in the first five years of the new store's lifecycle. For the last year, the 22 vintage stores comped significantly better than the base stores did. So the spread relative to the base stores was about what we expected.

當然。所以您說得對，我們預計新店生命週期的前五年將實現成長。去年，這 22 家古董店的業績明顯優於基礎店。因此，相對於基礎商店的傳播是符合我們預期的。

I think what we didn't plan on obviously was the challenges of the base stores in terms of the negative trend they ran. That being said, the impact, and we have nine of them that impacted the comps last year. This year, we have 14 stores from 2023 that start adding to that.

我認為我們顯然沒有預料到的是，基礎商店在經營過程中會面臨負面趨勢帶來的挑戰。話雖如此，但影響是存在的，其中有九個對去年的同類產品產生了影響。今年，我們將有 14 家門市，從 2023 年開始增加。

So now we've got 23 stores filling that base. And obviously, as we get deeper into the year, some of the 24 vintage stores really start kicking in as well. And what was really exciting, we called this out in the call was the stores we opened up in the back half of '24 under this kind of new site selection criteria are performing very, very well.

所以現在我們有 23 家商店來填補這個基礎。顯然，隨著時間的流逝，24 家古董店中的一些也開始活躍起來。真正令人興奮的是，我們在電話會議中提到，我們在 24 年下半年按照這種新的選址標準開設的商店表現非常非常好。

And so we think as we get more of those in the base, we're going to see a continued acceleration. And so it's -- we just got to get this waterfall going. So far, nine stores hasn't moved the needle. 23 should start moving the needle. And as we move forward, this is just going to gain steam as we evolve these stores and they mature.

因此我們認為，隨著基礎中這些內容的增多，我們將看到持續的加速。所以——我們只需要讓這個瀑布流動起來。到目前為止，九家商店還沒有任何進展。 23 應該開始移動指針。隨著我們不斷前進，隨著這些商店的發展和成熟，這一趨勢將會越來越強勁。

In terms of Jordan and the impact on the comps, we haven't disclosed that. I will tell you that it's going to launch, as I said at the tail end of April. So we're going to only have about three quarters of business on our belt this year.

至於喬丹及其對同類產品的影響，我們尚未透露。我會告訴你它將會推出，正如我在四月底所說的那樣。因此，我們今年只能完成大約四分之三的業務。

That being said, even for three quarters, it's going to be a top 20 brand for us. And candidly, as we go into '26 and beyond and have a full year of it and we see expansion there, it will probably be a top 10 brand for us.

話雖如此，即使只持續三個季度，它仍將是我們的前 20 名品牌之一。坦白說，隨著我們進入 26 年及以後，並擁有整整一年的時間，我們看到了擴張，它可能會成為我們的十大品牌之一。

So it's a meaningful growth driver for us moving forward.

因此，這對我們未來發展來說是一個有意義的成長動力。

Brian Nagel, Oppenheimer.

奧本海默的布萊恩·納格爾。

So the first question I want to follow up a bit is on the launch of Jordan in your stores. So clearly, I mean the way you're talking about this is a significant move for Academy. Is there any more color you can give us on just the number of products that are launching?

所以我想問的第一個問題是關於喬丹在你們商店的推出情況。所以很明顯，我的意思是，你談論這件事的方式對學院來說是一個重大舉措。您能否透露更多關於即將推出的產品數量的資訊？

Is it totally incremental? Are you replacing some product with Jordan? Has Academy sold Jordan in any way in the past? And then I think you touched on this in your prepared comments, but just with Nike in general, is this -- should we really view this launch of Jordan as a indication of just an overall strengthen relationship with Nike and expect more and more Nike products in your stores over time?

它是完全增量的嗎？您要用 Jordan 取代某些產品嗎？學院過去是否以任何方式推銷喬丹？然後我想您在準備好的評論中提到了這一點，但就耐吉總體而言，我們是否應該將喬丹的這次發布視為與耐吉全面加強關係的標誌，並期待隨著時間的推移，你們的商店裡會出現越來越多的耐吉產品？

Yeah. I'll start. The answer is yes. It's to both. So I'll start with Jordan.

是的。我先開始。答案是肯定的。對雙方都是如此。我先從喬丹開始。

Previously, we had not had access to Jordan in any categories. And so this is the first time we'll have it available to sell both in our stores and online. We're launching it in 145 stores plus online at the tail end of April.

在此之前，我們還沒有在任何類別中接觸過喬丹。這是我們第一次在實體店和網路上銷售它。我們將於 4 月底在 145 家商店和線上推出該產品。

We're going to set up shops within men's, women's, and kids that will cross merchandise categories together. So you're going to see apparel, footwear, accessories, sporting goods, merchandise together. We'll also have sporting goods outposted within sporting goods. So basketball, things like that, with the rest of the goods you'd expect to find them with socks, slides, all those kind of things are part of this launch.

我們將開設男裝、女裝和童裝商店，跨商品類別。因此，您會看到服裝、鞋類、配件、體育用品和商品。我們也將在體育用品中推出體育用品。因此籃球之類的東西，以及您期望找到的其他商品，如襪子、拖鞋，所有這些東西都是這次發布的一部分。

And we're really excited about it. It's been the most requested brand on our website and our stores from customers. And really the angle we're taking with Jordan is sport. So when you think about it, we have -- we talk about our entry points of sport and how the youth sports players really start with us just kind of getting their gear and then how we take them through that journey through sport.

我們對此感到非常興奮。它是我們網站和商店中顧客要求最多的品牌。而我們與喬丹的真正角度就是運動。所以當你想到這一點時，我們——我們談論我們的運動的切入點，以及青少年運動員如何真正從我們這裡開始，只是獲得他們的裝備，然後我們如何帶領他們完成體育運動的旅程。

We're going to be the place where you're going to buy your Jordan jumpman cleats or basketball shoes. We're not going to have some of the kind of retro limited edition release that drives some of the TRUE sporting goods -- or TRUE shoe retailers. But we're going to have the sport product.

我們將成為您購買 Jordan jumpman 鞋釘或籃球鞋的地方。我們不會推出一些像推動一些真正的體育用品或真正的鞋類零售商那樣的復古限量版產品。但我們將會推出運動產品。

And we think that's a great place for us to be and we're going to help them take this brand out to underserved communities that currently they really weren't reaching with their current distribution. On the second piece of it from a Nike perspective, yeah, it's two parts.

我們認為這對我們來說是一個很好的地方，我們將幫助他們將這個品牌推廣到他們目前的分銷管道無法覆蓋的服務不足的社區。從耐吉的角度來看，第二點是，它分為兩個部分。

So it's the launch of Jordan, but we're also expanding our footprint with Nike as well as access to more premium products there. So you're going to see like the 270s, which is a hot shoe for them over the past couple years, expand out more rapidly into door count.

因此，這是喬丹品牌的推出，但我們也在擴大與耐吉的合作範圍，並在那裡獲得更多優質產品。因此，你會看到像 270 這樣的產品，這是過去幾年他們的熱門產品，在門數方面擴張得更快。

We're going to have some new fashion and apparel. And so when you walk into our stores at the end of March, you're going to see an expanded Nike footprint in adjacent to Jordan's shop. To free up that space, we're eliminating some underperforming brands and categories.

我們將推出一些新的時裝和服飾。因此，當您在三月底走進我們的商店時，您會看到毗鄰喬丹商店的耐吉店的規模擴大了。為了釋放這些空間，我們正在淘汰一些表現不佳的品牌和類別。

One of the categories we're downsizing, not that you guys would really care, it's called power marine. It's productive for us about three months out of the year. We're downsizing that and freeing up some space to create a seasonal pad on the perimeter which ultimately takes pressure off the apparel pad.

我們正在縮減的類別之一，並不是你們真正關心的，它被稱為動力船。一年中大約有三個月的時間我們都是富有成效的。我們正在縮小尺寸並釋放一些空間以在周邊創建季節性墊，最終減輕服裝墊的壓力。

So I would tell you our partnership with Nike has never been stronger. And the Jordan launch coupled with the expansion we're getting, we're really excited about what that holds for us this year.

所以我想告訴你，我們與耐吉的合作關係從未如此牢固。喬丹的推出加上我們的擴張，我們對今年將會發生什麼感到非常興奮。

Just a follow up question. With regard to tariffs, just given the focus of all of us on this topic. So it sounds the comments you've made, your exposure to China is limited and getting more limited. We have no exposure to Mexico and Canada. So those are the countries that have been discussed most, but I guess the question I have is if you look at that, the rest of the business, is there anything hidden in there maybe from a just from a component standpoint that we could see some tariff impact that's not captured that China number of the commentary around Mexico and Canada?

這只是一個後續問題。關於關稅，剛才大家關注的都是這個話題。所以聽起來您所說的評論表明您對中國的了解是有限的，而且越來越有限。我們沒有接觸墨西哥和加拿大。這些是討論最多的國家，但我想我的問題是，如果你看一下其餘的業務，其中是否存在隱藏的東西，也許從組件的角度來看，我們可以看到一些關稅影響，而這些影響並沒有反映出中國對墨西哥和加拿大的評論數字？

Yeah. So at this point what we've given color commentary around is the stuff that we're imported records on, right? So obviously, we have a pretty diversified sourcing base of people that we do business with from a national brand perspective.

是的。所以現在我們給的彩色評論就是我們導入記錄的內容，對嗎？因此，顯然，從國家品牌的角度來看，我們擁有一個相當多樣化的採購基礎，我們可以與這些採購基礎客戶開展業務。

They make products all over the world. And so in some cases, they may be impacted by some of this. And what we know will happen is if they decide to pass costs along, it's not going to be just to us, it'll be to everybody.

他們在世界各地生產產品。因此在某些情況下，他們可能會受到其中一些影響。我們知道，如果他們決定轉嫁成本，那麼承擔成本的將不只是我們，而是所有人。

So far, I've seen most of the vendors try to hold costs as much as humanly possible. We've had a couple of places here and there. We've seen some prices nudge up. But I believe that as we move forward, the national brands are taking the same approach we do, right?

到目前為止，我看到大多數供應商都盡可能地控製成本。我們在這裡和那裡去過幾個地方。我們看到一些價格有所上漲。但我相信，隨著我們不斷前進，民族品牌也會採取與我們相同的方法，對嗎？

Our first step when we saw these tariffs come across is work with our factory partners and see if they'll absorb some of that. And then second, you start looking for places where you might be able to offset some of the costs but not make it overt or noticeable to customers.

當我們看到這些關稅時，我們的第一步就是與我們的工廠合作夥伴合作，看看他們是否願意承擔其中的一些關稅。其次，你開始尋找可以抵銷部分成本但又不讓客戶明顯察覺的地方。

So one of the things I think Carl mentioned on his prepared remarks is we're the value provider in our space. We offer great items and a great everyday value. And we know certain categories over the summer months like grills that we sell at $99.99 or kids' bikes that we sell at $49.99.

所以我認為卡爾在他的準備好的發言中提到的一件事就是我們是我們領域的價值提供者。我們提供優質商品和超值的日常用品。我們知道夏季某些類別的商品價格較高，例如以 99.99 美元的價格出售的烤架或以 49.99 美元的價格出售的兒童自行車。

Customer looks to us for those. And we're going to protect prices on those things and look for places for assets where maybe the customer may not notice.

客戶向我們尋求這些。我們將保護這些產品的價格，並尋找客戶可能不會注意到的資產所在地。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

We wondered if we could ask for a little bit more context around the numbers you provided on the higher income cohort that is shopping Academy. We wondered if this was a meaningful change from what you were seeing in previous quarters.

我們想知道是否可以就您提供的有關購物學院高收入群體的數據提供更多背景資訊。我們想知道這是否與您在前幾個季度看到的情況相比發生了有意義的變化。

It sounds like maybe it was. And what do you think the driver of this -- what the driver of this is and now? And is there any insight you can give around the basket size and what that looks like with that customer versus your core customer?

聽起來也許是這樣。您認為造成這現象的因素是什麼？目前是什麼因素？您能否提供有關購物籃規模的見解，以及該客戶與核心客戶相比的情況？

Yeah. So we started to see this in the third quarter and we commented on it then quintiles 4 and 5, we are starting to see transact more with us. And we're taking market share there. I would say it accelerated in the fourth quarter. It's pretty pronounced.

是的。因此，我們在第三季度開始看到這種情況，並對其進行了評論，然後是第四個五分位數和第五個五分位數，我們開始看到與我們進行更多的交易。我們正在那裡佔領市場份額。我想說它在第四季加速了。它非常明顯。

What does it mean? I think they're seeking value. I think if you look at a households that are generally making above $100,000 per year, they're seeking value. They're trying to afford a lifestyle that includes sports and outdoors. And they need that from a value provider and they're turning to us.

這是什麼意思？我認為他們正在尋求價值。我認為，如果你看看那些年收入普遍超過 10 萬美元的家庭，他們追求的是價值。他們試圖追求一種包括運動和戶外活動的生活方式。他們需要價值提供者來提供這些，所以他們向我們尋求幫助。

We thought that's what should have been happening all along. We really didn't start to see it until the third quarter. And it has accelerated. As it relates to basket composition, we're seeing them transact with higher baskets, not just in those quintiles 4 and 5, but overall, like there was a lot of discussion about big ticket items, things of that nature.

我們一直認為這應該是發生的事情。我們直到第三季才真正開始看到它。而這一進程還在加速。就籃子組成而言，我們看到他們使用更高的籃子進行交易，不僅僅是在第 4 和第 5 個五分位數中，而且總體而言，就像對大件商品進行了大量討論，諸如此類的事情。

Like we're seeing tickets over $200 tickets. Larger tickets for us are up and really it's just in that like $50 to $100 ticket. That we're seeing the decline that drives those overall year over year sales down 0.2% in the fourth quarter. So it's real. It's accelerating.

就像我們看到的票價超過 200 美元的門票一樣。對我們來說，大額票的價格上漲了，實際上只有 50 到 100 美元的票。我們看到，第四季整體銷售額較去年同期下降了 0.2%。所以這是真的。它正在加速。

I like what I see. It's what I thought should have been happening before. Didn't start to see it until the third quarter.

我喜歡我所看到的。我以為這早就該發生了。直到第三季才開始看到它。

Greg Melich, Evercore.

格雷格·梅利奇（Greg Melich），Evercore。

I have two questions. I want to start with a tariff follow up and then get into the categories. On the tariffs, is it fair to think about the direct sourcing, the 8% would be -- it's roughly a third of your private label of 23% if we were trying to think about what percentage of your product is coming -- is imported from China? Is that a fair ratio?

我有兩個問題。我想先從關稅跟進開始，然後再進入分類。關於關稅，如果我們考慮一下您的產品中有多少比例是從中國進口的，那麼直接採購的 8% 關稅是否公平？這大約佔您自有品牌 23% 關稅的三分之一。這個比例公平嗎？

Yeah. That's correct. And by the way, we started trying to diversify our sourcing base candidly pre-pandemic, right, when the first round of tariffs happened, I think it was in 2019. And we started on this journey. I think everybody did, right? And at the time, what really kind of stopped us or caused us was the pandemic.

是的。沒錯。順便說一句，我們在疫情爆發前就開始嘗試實現採購基礎多元化，當時第一輪關稅就發生了，我想那是在 2019 年。我們開始了這趟旅程。我想每個人都這麼認為，對吧？當時，真正阻止我們或導致我們前進的是疫情。

And then just getting access to product was one of our goal was. I think we like a lot of other people resume that journey post pandemic and have been working this number down. That's why 10% last year is going to be closer to 8% this year.

那麼，取得產品使用權就是我們的目標之一。我想我們和許多其他人一樣，在疫情後重新開始了這段旅程，並且一直在努力減少這個數字。這就是為什麼去年的 10% 今年將更接近 8%。

And we're going to continue to do that. I think the thing that you have to think about also though as these tariffs are getting levied is they're not all against China. So for example, the 25% that's on steel and aluminum is against any country, right?

我們將繼續這樣做。我認為，在徵收這些關稅時你還必須考慮的是，它們並非全部針對中國。例如，對鋼鐵和鋁徵收 25% 的關稅對任何國家都是不利的，對嗎？

And so I think where in the past maybe we thought having less exposure to China was the answer, I think having a diversified base is probably ultimately going to be the better answer because you never know who is going to get hit with the next round of tariffs.

因此，我認為，過去我們可能認為減少對中國的依賴是答案，而我認為擁有多元化的基礎最終可能是更好的答案，因為你永遠不知道誰會受到下一輪關稅的打擊。

And then second, I'd love to go deeper into some of the categories where you started to see a turn, particularly outdoor. I think you mentioned some of these bigger ticket areas are starting to pick up. I'm just curious, are we fully down and have cycled the pull forward of COVID demand in a lot of those categories? Are we starting to see that in what, would it be fitness or grills or you name it?

其次，我想更深入地探討一些開始看到轉變的類別，特別是戶外。我想您提到過，一些票務較大的地區正在開始回升。我只是好奇，我們是否已經完全陷入困境，並且已經在許多類別中循環了 COVID 需求的提前？我們是否開始在哪些方面看到這一點，是健身還是燒烤，或是其他什麼？

Yeah. We believe so. I'll tell you. A category like drills that you just mentioned was strong all the way through. We never saw a kind of a pullback on that. But certainly fitness has had a rough couple of years, since 2022, '23, '24 were all negative comps for us.

是的。我們相信如此。我會告訴你的。您剛才提到的演習等類別一直都很強大。我們從未看到過這種回調。但健身方面確實經歷了幾年的艱難時期，因為 2022、23、24 年對我們來說都是負面的。

We saw that stabilize as we got into Q4. I think it was two pronged. I think first, maybe we're past a little bit of that pull forward. And then second, we really focused on some really sharp pricing and giftable items. Still a big ticket, maybe over $200 but really great value for what it was.

進入第四季後，我們看到情況趨於穩定。我認為這是雙管齊下的。我認為首先，也許我們已經過了一點向前的階段。其次，我們真正關注的是一些真正合理的定價和適合贈送的物品。仍然是一筆不小的開支，可能超過 200 美元，但確實物有所值。

And we saw that stabilized. Bikes was another business that had been really challenging. For the past couple of years, we saw that business really inflect back to positive. In Q4, we had a really good Christmas with kids' bikes in particular.

我們看到情況已經穩定下來。自行車是另一個真正具有挑戰性的行業。在過去的幾年裡，我們看到業務確實恢復了積極態勢。在第四季度，我們度過了一個非常愉快的聖誕節，尤其是兒童自行車。

Categories like fishing, which also saw a surge during the pandemic, really started coming back last year in the back half of the year. And outdoor has been one of our better performing businesses candidly all year. The firearms business has been pretty strong as well as the fishing business that I just mentioned, camping, which camping is a little more driven by some of the drinks or trends that are out there.

釣魚等類別在疫情期間也出現了激增，但實際上在去年下半年才開始回升。坦白說，戶外用品是我們全年表現較好的業務之一。槍支生意一直很強勁，我剛才提到的釣魚生意和露營生意也相當強勁，而露營更多的是受到一些飲料或流行趨勢的推動。

But we're definitely starting to see some of these categories of surge during COVID start to come back.

但我們確實開始看到 COVID 期間激增的一些類別開始回升。

Good luck.

祝你好運。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Understanding that it is a very uncertain time right now, the midpoint of your guidance embeds the expectation that you -- that Academy is going to comp negative this year despite all the initiatives that are at play, including the launch of Jordan, the trade down you're already starting to see. And the contribution from the ramp of the new stores.

了解現在是一個非常不確定的時期，您的指導中點嵌入了這樣的預期——儘管採取了所有舉措，包括推出喬丹，但今年學院的業績仍將為負，您已經開始看到交易下滑。以及新店擴張帶來的貢獻。

So this begs the question, what type of environment, macro or backdrop for the sporting goods industry would be necessary for Academy to drive a positive full year comp? And then I have a follow up.

那麼這就引出了一個問題：學院需要什麼樣的環境、宏觀或體育用品產業背景才能推動全年業績的正成長？然後我有一個後續行動。

Yeah. I'll take that one. So we've seen sequential comp improvement since starting in the second quarter of 2024. Third quarter was a little better than second. Fourth quarter was a little better. We're expecting that to continue.

是的。我要那個。因此，自 2024 年第二季開始以來，我們看到了連續的業績改善。第三節比第二節稍好。第四季的情況稍好。我們期待這種情況能夠持續下去。

And that's kind of inflected or represented in that low point. I think those initiatives that we talked about self-help initiatives, if you will, that Steve and I ran through, Nike, Jordan, the handheld, RFID is a big deal for us and some of the e-commerce foundational and user experience types of things, those are real.

這在某種程度上是低谷的一種體現。我認為，我們談論的那些自助舉措，如果你願意的話，史蒂夫和我討論過的耐吉、喬丹、手持設備、RFID 對我們來說意義重大，一些電子商務基礎和用戶體驗類型的東西，這些都是真實的。

We put a business case on those and we track against that. That's embedded within our guidance. But in terms of macro headwinds when we looked at the Circana data for our -- for the categories that they cover in our footprint for the year, down about 2.5%.

我們針對這些情況提出了商業案例，並據此進行追蹤。這已包含在我們的指導中。但就宏觀逆風而言，當我們查看 Circana 數據時——對於他們今年在業務範圍內涵蓋的類別，下降了約 2.5%。

And so we're not expecting that to magically increase. We actually think tariffs will impose more pressure on consumers, not just in Academy's business, but overall. So we're really optimistic on our initiatives. We're really realistic associated with the macro environment that the consumer, there's health, if you will, at the top quintiles.

因此我們並不期望它會神奇地增加。我們實際上認為關稅將給消費者帶來更大的壓力，不僅是在學院的業務方面，而是在整體方面。所以我們對我們的舉措非常樂觀。我們非常現實地看待宏觀環境，也就是消費者、健康，如果你願意的話，處於前五分之一。

They're seeking value more. We see that. But we don't think it's a rosy economic outlook for 2025.

他們更追求價值。我們看到了。但我們並不認為2025年的經濟前景樂觀。

My follow-up question is on your gross margin outlook for the year. You laid out that the majority of your gross margin recapture will be driven by some of the supply chain and other factors that impacted your gross margin in 2024.

我的後續問題是關於您對今年毛利率的展望。您指出，毛利率的回升主要將受到供應鏈和其他影響 2024 年毛利率的因素的影響。

With that being said, you do have what would probably be a lower margin vendor coming deeper into your assortment and the potential that tariffs will weigh on the profitability of the overall sector. So how did you incorporate those factors along with what is likely to be a very promotional environment if the consumer does take a step down into your gross margin expectations for the year?

話雖如此，你確實可能會遇到利潤率較低的供應商深入你的產品組合，而且關稅可能會影響整個行業的盈利能力。那麼，您如何將這些因素與可能出現的促銷環境（如果消費者確實降低）結合起來，以達到您對今年毛利率的預期呢？

And can you also isolate how much exposure you have to reciprocal tariffs such that as those come in around April 2, that could create a little bit more pressure on Academy's profitability in 2025?

您能否單獨說明一下，在 4 月 2 日左右實施的互惠關稅對學院 2025 年盈利能力造成多大壓力？

That's a multi-pronged question. We'll try to tackle. When you bring up the margin from the incoming vendor, I'm assuming you're talking about Jordan. Jordan actually would be accretive from a margin perspective. Apparel carries the highest margin mix of our business across the footprint.

這是一個多方面的問題。我們會盡力解決。當您提到來自新供應商的利潤時，我假設您說的是喬丹。從利潤率的角度來看，喬丹實際上會實現增值。服裝是我們整個業務範圍內利潤最高的業務。

So having a bigger better apparel business mixes up and provides a margin tailwind. The other thing you have to think about is, and you've been doing this a while, you understand this, Michael, the first, 6 to 12 months you have a new brand on the floor. There's not a lot of clean up markdowns, right?

因此，擁有更大、更好的服裝業務將帶來利潤成長。您必須考慮的另一件事是，您已經做了一段時間了，您明白這一點，邁克爾，首先，6 到 12 個月，您將推出一個新品牌。沒有太多的清理降價，對嗎？

So we took a lot of those markdowns on the other side of the year. As you turn the page into this year, we're very clean from an inventory perspective. We're going to have all this new product that's going to sell primarily at higher prices at full margin.

因此，我們在年底前進行了大量降價。當您翻到今年這一頁時，從庫存角度來看，我們的庫存非常乾淨。我們將推出所有這些新產品，主要以更高的價格和全額利潤出售。

And so we think it'll actually provide a bit of a margin tailwind for us as we progress throughout the year. Other things that can also be offsets are, I think Carl brought up we see apparel growing at a faster rate this year. That's a margin tailwind for us.

因此，我們認為，隨著我們全年的進展，它實際上會為我們提供一點利潤順風。其他可以抵消的因素是，我認為卡爾提到我們看到今年服裝的成長速度更快。這對我們來說是一個利潤順風。

We've done some regular price optimization which we think will help offset a lot of the tariff impact. So we feel like we've got it appropriately modeled into our guidance as we move forward. Reciprocal tariffs. I think this is going to be a fluid situation.

我們已經做了一些常規的價格優化，我們認為這將有助於抵消許多關稅的影響。因此，我們覺得我們已經將其適當地融入我們前進的指導中。互惠關稅。我認為這將是一個不穩定的局面。

I think as we progress through the year, anybody who says they have a really good idea of how this is going to play out probably isn't being realistic, right? So what we've done is put in place a process where each month, we get together. We see what the latest rounds of tariffs have been.

我認為，隨著時間的流逝，任何聲稱自己對事情將如何發展有很好想法的人可能都不現實，對嗎？因此，我們所做的就是建立一個流程，讓我們每個月都聚在一起。我們看到了最新一輪的關稅情況。

We start looking at ways to offset them or deal with them. And then we put that pricing action into place for the subsequent month. And I think that's how we're going to approach this all the way through. And I think that's how we have to approach it.

我們開始尋找抵消或處理它們的方法。然後，我們將在接下來的一個月內實施該定價措施。我認為這就是我們一直要處理這個問題的方法。我認為這就是我們要處理的問題。

Welcome to Dan Aldridge. Good luck to you all.

歡迎丹·奧爾德里奇。祝大家好運。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

My first question, Carl, you mentioned SG&A per store, I think in the fourth quarter being well managed. Can you give us the 52 to 52 week what's implied for SG&A per store for 2025? And then I have one follow up.

我的第一個問題是卡爾，您提到了每家商店的銷售、一般及行政費用，我認為第四季度的管理很好。您能否告訴我們 2025 年 52 週內每家商店的銷售、一般及行政費用 (SG&A) 隱含是多少？然後我還有一個後續問題。

Yeah. It's deleverage at the midpoint. It's a little under 100 basis points. But I just want to reemphasize that deleverage is all from 20 to 25 new stores, getting more into customer data, growing the dotcom business. It's not going to be on what we would consider base expenses. It's going to be on those seats for the future, but it's a little below 100 basis points implied within the midpoint of the '25 guidance.

是的。這是中間點的去槓桿。它略低於100個基點。但我只是想再次強調，去槓桿就是開設 20 到 25 家新店，獲取更多客戶數據，發展網路業務。這不會是我們所認為的基本開支。未來它仍將佔據這些席位，但略低於 25 年指導中點隱含的 100 個基點。

And then the follow up, it's also on the new stores or I guess I think Steve mentioned the base stores. Because if you take the estimated benefit from new classes of stores, I think you could get to something like a 1 point contribution of comp. That's rough math. It could be even higher, it could be a little lower.

然後是後續事宜，也是關於新店，或者我想史蒂夫提到了基礎店。因為如果您從新類別的商店中獲得預期的收益，我認為您可以獲得類似 1 點的貢獻。這是粗略的計算。它可能更高，也可能更低。

But it's certainly positive, which means the base is still implied to be negative. My question is on the base stores, mature stores. What's happening to the trend line there? Does it look similar to the ramping stores? And then what's happening to cash flows?

但它肯定是正數，這意味著基數仍然暗示為負數。我的問題是關於基礎商店和成熟商店。那裡的趨勢線發生了什麼事？它看起來和斜坡商店相似嗎？那麼現金流會發生什麼變化呢？

Are cash flows stable, growing, or deteriorating in some of these base stores that have had negative comps for a couple of years?

對於那些連續幾年業績為負的基層商店來說，現金流是穩定、成長還是惡化？

I think Carl and I will tag team this one. So in terms of the base stores, I mean obviously, they've been comping negative, but as we've seen the trend improve sequentially quarter over quarter during the back half of the year, we've seen the same thing happen with the base stores.

我想卡爾和我會組隊參加這個比賽。因此，就基礎商店而言，我的意思是，顯然它們一直在呈現負面對比，但隨著我們看到下半年趨勢逐季改善，我們也看到基礎商店也出現了同樣的情況。

And candidly, when we went through the prepared remarks, obviously, new stores, I think we understand the economics and know the value of those. And it's our best way to grow market share and to grow our brand.

坦白說，當我們討論準備好的演講稿時，顯然，關於新店，我認為我們了解其經濟效益，也知道其價值。這是我們擴大市場份額和發展品牌的最佳方式。

But we know that we've got to get the base stores moving back. And that's why we spent the most time talking about the initiatives we have there, the new brand launches, the new technology rolling out the stores. The work we've done around marketing to drive increased traffic.

但我們知道我們必須讓基地商店重新運作。這就是為什麼我們花了最多的時間討論我們在那裡採取的舉措、新品牌的推出以及商店中推出的新技術。我們圍繞行銷所做的工作是為了增加流量。

I would tell you the preponderance of the strategies that we're banking on and working towards in 2026 -- '25 and '26, I'm sorry, are really focused on turning the base store comp around.

我想告訴你，我們所依賴的和為之努力的 2026 年（對不起，是 25 年和 26 年）的大部分戰略都集中在扭轉基礎商店的局面上。

Yeah. And then I would say cash flow. I'm proud of our cash flow. If you look at cash flow from operations as a rate of sales, I think we're top quartile in retail. And I do that because I benchmark it all the time. Cash flow, we're managing well. We're managing inventory in those base stores well.

是的。然後我想說的是現金流。我對我們的現金流感到自豪。如果將經營現金流視為銷售率，我認為我們在零售業中處於前四分之一。我這樣做是因為我一直在對其進行基準測試。現金流，我們管理得很好。我們正在很好地管理這些基地商店的庫存。

If you look at free cash flow, if you will, it was up year over year on a negative 5% comp -- negative 5.1% comp for the year. That is not happenstance. We're pretty proud of how we're managing through this.

如果你看一下自由現金流，你會發現它比去年同期增加了 5%，全年為負 5.1%。這並不是偶然事件。我們對於我們處理此事的方式感到非常自豪。

Good luck.

祝你好運。

As Carl and I outlined today, we remain confident in our long range plan and business strategies. For the past 20 months, we've strengthened and simplified our management team, and I was pleased to welcome our new EVP and Chief Information Officer, Sumit Anand earlier this month.

正如卡爾和我今天所概述的，我們對我們的長期計劃和商業策略仍然充滿信心。在過去的 20 個月裡，我們加強並精簡了我們的管理團隊，我很高興在本月初歡迎我們的新任執行副總裁兼首席資訊長 Sumit Anand。

We've also augmented our long range plan pillars with a strong tactical plan that we believe should move us back to top line growth in 2025. We've got multiple pathways to grow and a strong operating model that allows us to fund our growth investments while also consistently returning value to our shareholders.

我們也透過強而有力的戰術計畫增強了我們的長期計畫支柱，我們相信這將使我們在 2025 年恢復營收成長。我們擁有多種發展途徑和強大的營運模式，使我們能夠為成長投資提供資金，同時持續為股東帶來價值回報。

Finally, we have a beloved brand in our core geography with a lot of white space for expansion. The opportunity before us is clear, and we're excited to pursue it. We believe that by staying true to our strategy, we can achieve our vision of becoming the best sports and outdoor retailer in the country.

最後，我們在核心地區擁有深受喜愛的品牌，並且擁有大量的擴展空間。我們面前的機會是顯而易見的，我們很高興能夠抓住它。我們相信，只要堅持我們的策略，我們就能實現成為國內最佳體育和戶外零售商的願景。

Before ending the call today, I want to thank our investors and analysts for joining us on the call. I also want to take a moment to acknowledge and recognize the 22,000 plus team members and their incredible efforts in consistently exceeding customer expectations during 2024.

在今天結束電話會議之前，我要感謝我們的投資人和分析師參加我們的電話會議。我還想藉此機會感謝並表彰 22,000 多名團隊成員，以及他們在 2024 年期間為不斷超越客戶期望所做的傑出努力。

Our associates remain the key ingredient in our secret sauce and I believe they're going to deliver a strong result in 2025. Have a great rest of your day.

我們的員工仍然是我們秘密武器的關鍵因素，我相信他們將在 2025 年取得強勁的業績。祝您今天剩餘的時間過得愉快。

The call is now concluded. You may now disconnect. Thank you.

通話現已結束。您現在可以斷開連線。謝謝。