Academy Sports and Outdoors Inc (ASO) 2025 Q1 法說會逐字稿

Good morning and welcome to the Academy Sports and Outdoors first quarter fiscal 2025 results conference call. This call is being recorded (Operator Instructions)

早安，歡迎參加 Academy Sports and Outdoors 2025 財年第一季業績電話會議。此通話正在錄音（操作員指示）

I'll now turn the call over to Dan Aldridge, Vice President of Investor Relations for Academy Sports and Outdoors. Please go ahead.

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

Good morning, everyone, and thank you for joining the Academy Sports and Outdoors first quarter 2025 financial results call. Participating on today's call are Steve Lawrence, Chief Executive Officer; and Carl Ford, Chief Financial Officer.

大家早安，感謝您參加 Academy Sports and Outdoors 2025 年第一季財務業績電話會議。參加今天電話會議的有執行長史蒂夫勞倫斯 (Steve Lawrence) 和財務長卡爾福特 (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 statements.

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。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. Reconciliations to the most comparable GAAP measures are included in today's earnings release, which is available at investors.academy.com.

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。

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

今天上午，我們將回顧 2025 財年第一季的財務業績，提供我們戰略舉措的最新信息，並討論我們對今年的展望，並分享我們對 2025 財年全年的最新指導。在我們結束準備好的發言後，最後會有時間提問。

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, and good morning to everyone on the call. I'd like to start by covering the subject that is top of mind for most analysts and investors, and that would be how Academy is navigating through the additional tariffs that have been levied since our last earnings call. We, like most people in our business, have been dealing with a fluid situation that has created a lot of complexity in how we forecast and manage our business on a day-to-day basis.

謝謝，丹，各位電話裡的大家早安。首先我想談談大多數分析師和投資者最關心的問題，那就是學院如何應對自上次財報電話會議以來徵收的額外關稅。就像我們這個行業的大多數人一樣，我們一直在應對不斷變化的情況，這給我們日常業務的預測和管理帶來了巨大的複雜性。

We're fortunate that we have a strong team that has navigated through other periods of rapid change such as the pandemic in 2020, the cotton crisis from 2010 and 2011 and the subprime mortgage crisis in 2008 and 2009. The team has drawn on these past experiences to help strategize how to effectively navigate through the current situation.

我們很幸運，擁有一支強大的團隊，他們曾經歷過其他快速變化的時期，例如 2020 年的疫情、2010 年和 2011 年的棉花危機以及 2008 年和 2009 年的次貸危機。該團隊借鑒了這些過去的經驗來幫助制定如何有效應對當前情況的策略。

Our first step was for the teams to calculate the impact on the business for the 10% reciprocal tariffs on most countries, coupled with the additional tariffs on goods coming out of China, which are currently set at 30% along with the steel and aluminum tariffs.

我們的第一步是讓團隊計算對大多數國家徵收 10% 的互惠關稅以及對中國出口商品徵收的額外關稅（目前與鋼鐵和鋁關稅一起設定為 30%）對業務的影響。

Once this work was completed, we moved to our second step, which was to work with our factories and suppliers to look for tariff offsets by reducing costs on product. Using this approach, we worked with each supplier in a partnership fashion to help share some of the burden of the incremental tariffs.

這項工作完成後，我們進入第二步，即與我們的工廠和供應商合作，透過降低產品成本來尋求關稅抵銷。透過這種方式，我們以合作的方式與每個供應商合作，幫助分擔部分增量關稅的負擔。

From there, we moved to step three, which was to work on strategies to help minimize the impact that these additional costs will have on our customers and our internal P&L. The team has taken the following key actions on this front.

從此，我們進入第三步，即制定策略來幫助最大限度地減少這些額外成本對我們的客戶和內部損益的影響。團隊在此方面採取了以下關鍵行動。

First, we paused shipments out of China during the period that the tariff rate was set at 145%. Once the rate was lowered, we selectively resumed shipments. Second, we've accelerated our focus on reducing our exposure to products made in China.

首先，在關稅稅率設定為145%期間，我們暫停了從中國出貨。一旦費率降低，我們就選擇性地恢復出貨。其次，我們加快了減少對中國製造產品的接觸的力度。

As we covered in our last earnings call, we've been on a journey over the past couple of years to reduce our direct exposure to China imports, and we're pleased that at the start of the year, our exposure products sourced from our private brands from China accounted for roughly 9% of our business, which was down from pre-pandemic levels. We have further accelerated our efforts here and reduced this number down to roughly 6% by the end of the year versus original goal of 8%.

正如我們在上次財報電話會議上所述，過去幾年我們一直在努力減少對中國進口產品的直接敞口，我們很高興看到，在今年年初，來自中國自有品牌的敞口產品約占我們業務的 9%，低於疫情前的水平。我們進一步加快了這方面的努力，到年底將這一數字從原來的 8% 降至約 6%。

We've also leveraged our strong balance sheet to pull in domestic inventory on evergreen product at pre-tariff prices. You can see this pull forward of receipts in our inventory at the end of the quarter, which was up 6.5% on a unit per store basis.

我們也利用我們強大的資產負債表，以關稅前的價格吸收常青產品的國內庫存。您可以看到，本季末我們的庫存收據有所提前，以每家商店的單位計算，增加了 6.5%。

Next, we utilized our pricing optimization engine to look for opportunities to offset cost increases through strategic pricing and promotional adjustments. As we work through these changes, our focus was to ensure that the impact on the customer was minimal while also protecting our position as the value leader in our space.

接下來，我們利用定價優化引擎尋找機會透過策略性定價和促銷調整來抵銷成本增加。在進行這些變革時，我們的重點是確保對客戶的影響最小，同時保持我們在該領域的價值領先地位。

We know that when discretionary spending is under pressure, customers look to maximize their spending power by seeking out value. And we plan to capitalize on this and capture market share by continuing to provide the best value in the sports and outdoor space.

我們知道，當可自由支配的開支面臨壓力時，顧客會尋求價值來最大化他們的消費能力。我們計劃利用這一點，繼續在體育和戶外領域提供最佳價值，從而佔領市場份額。

Finally, each of our branded partners has a different exposure to tariffs based off their unique supply chains. We continue to work with each of them on a case by case basis to develop offset strategies. At this point, we believe we have effectively mitigated the cost of tariffs at the current levels while minimizing the impact on our customers. Moving forward, the team will remain nimble and make adjustments if or when the situation changes.

最後，我們的每個品牌合作夥伴根據其獨特的供應鏈對關稅的影響也不同。我們將繼續根據具體情況與他們合作，制定抵銷策略。目前，我們相信我們已經有效地降低了當前水準的關稅成本，同時最大限度地減少了對客戶的影響。展望未來，團隊將保持靈活，並在情況改變時做出調整。

Before moving off of the tariff topic, I think it is important to point out that as the situation has evolved, we've continued to see an increase in foot traffic from customers, household incomes over $100,000 annually. This is a pattern we've seen emerge over the past couple of quarters and it is starting to accelerate.

在討論關稅話題之前，我認為有必要指出，隨著情況的發展，我們看到顧客客流量不斷增加，家庭年收入超過 10 萬美元。這是我們在過去幾個季度中看到的一種模式，而且它正在開始加速。

We would expect this trend to continue as customers look to stretch their discretionary spending power by seeking out value. Carl will provide more details on tariff impacts and how we think it could influence our customer spending patterns, along with our updated guidance for the remainder of the year later in the call.

我們預計這種趨勢將會持續下去，因為消費者希望透過尋求價值來擴大他們的可自由支配的消費能力。卡爾將在電話會議中提供有關關稅影響的更多細節以及我們認為它將如何影響我們的客戶消費模式，以及我們對今年剩餘時間的最新指導。

Shifting to the first quarter fiscal 2025 results. As you saw from our earnings release earlier this morning, sales came in at $1.35 billion, which was down 0.9% to last year and translated into a negative 3.7% comp. As we shared on our last call, February sales were soft, primarily driven by cold temperatures and winter storms across our footprint. We saw the business sequentially improve in March, and we exited the quarter with momentum with April finishing with a positive comp.

轉向 2025 財年第一季業績。正如您從我們今天早上發布的收益報告中看到的那樣，銷售額為 13.5 億美元，比去年下降 0.9%，相當於同比下降 3.7%。正如我們在上次電話會議上所分享的，二月的銷售疲軟，主要是由於我們業務範圍內的寒冷天氣和冬季風暴所致。我們看到 3 月份的業務連續改善，並且我們以強勁的勢頭結束了本季度，4 月份則取得了積極的業績。

But we're in apparel were the two strongest businesses for the quarter, running roughly flat to last year with sports and recreation closely following. All three of these businesses start to accelerate once we got past the cold weather in February with warmer temperatures in March and April.

但服裝業務是本季最強勁的兩大業務，與去年基本持平，緊隨其後的是體育和休閒業務。二月的寒冷天氣過去，三月和四月氣溫回暖，這三項業務都開始加速發展。

Nike is a key sales driver across all three areas, and as you'd expect, was one of our best-performing brands in the quarter. Outdoor was down low single digits, primarily driven by softer sales in ammo. Fishing, firearms and coolers and drink all posted solid increases for the quarter. We would attribute the momentum we're starting to build in the business to the solid progress we've been making against our long-term objectives and goals.

耐吉是這三個領域的主要銷售驅動力，正如您所期望的，它是我們本季表現最好的品牌之一。戶外用品銷售額下降了個位數，主要原因是彈藥銷售疲軟。本季度，釣魚、槍枝、冷卻器和飲料的銷售量均大幅成長。我們將業務上開始形成的勢頭歸功於我們在實現長期目標方面所取得的堅實進展。

I'd now like to highlight some of the progress we made on our strategic initiatives during the first quarter. New store expansion remains our largest long-term growth engine. We're pleased to see the 2022 and 2023 vintages, which are both not only in the comp base to add positive low single-digit comp growth in Q1.

現在我想強調我們在第一季在策略舉措上取得的一些進展。新店擴張仍然是我們最大的長期成長引擎。我們很高興看到 2022 和 2023 年份的葡萄酒不僅在可比基礎上在第一季度實現了低個位數的正增長。

As we discussed on our last call, we're applying the learnings from each vintage to subsequent openings to continually improve our process. You can see the impact of this in our 2024 vintage, which while not currently in the comp base, is off to a great start, and we expect them to be strong contributors moving forward.

正如我們在上次電話會議上所討論的那樣，我們正在將每一次釀酒的經驗應用到後續的釀酒過程中，以不斷改進我們的流程。您可以在我們 2024 年份葡萄酒中看到這種影響，儘管目前不在同類葡萄酒中，但已經有了良好的開端，我們預計它們將成為未來強有力的貢獻者。

We remain on track to open up 20 to 25 new stores this year and opened five locations in Q1, including our first locations in Pennsylvania and Maryland. Our store count at the end of the first quarter was 303, and we now include 21 states in our footprint.

我們仍計劃今年開設 20 至 25 家新店，並在第一季開設了 5 家新店，其中包括在賓州和馬裡蘭州開設的第一家新店。我們第一季末的門市數量為 303 家，目前業務範圍已覆蓋 21 個州。

While we're not ready to give guidance on our targets for 2026, we've thoughtfully slowed the pace of signing deals to the 2026 new stores. This will allow us to get a better handle on how the current tariff situation will impact construction costs moving forward.

雖然我們還沒有準備好對 2026 年的目標給予指導，但我們已經慎重地放慢了簽署 2026 年新店協議的步伐。這將使我們能夠更好地了解當前的關稅情況將如何影響未來的建築成本。

At this point, we don't expect it to change the overall number of new stores, but it will shift the timing of openings that we originally targeted for Q1 into Q2 or Q3. Our goal is to maintain maximum flexibility as we navigate a rapidly changing landscape.

目前，我們預計它不會改變新店的總數，但它將我們原定在第一季開設新店的時間推遲到第二季或第三季。我們的目標是在快速變化的環境中保持最大的靈活性。

Our second growth pillar is to drive accelerated growth in our e-commerce business. We also made progress here during the quarter with academy.com posting a 10% sales increase and growing in penetration by roughly 100 basis points to over 10%.

我們的第二個成長支柱是推動電子商務業務的加速成長。本季我們也取得了進展，academy.com 的銷售額成長了 10%，滲透率成長了約 100 個基點，達到 10% 以上。

Our focus remains on delivering a streamlined experience on our site that is intuitive and inspiring. A lot of the work completed in Q1 was around streamlining and improving the internal search functionality of our site.

我們的重點仍然是在我們的網站上提供直覺且鼓舞人心的簡化體驗。第一季完成的大量工作都圍繞著簡化和改進我們網站的內部搜尋功能。

At the same time, we've also been pushing hard to grow our endless aisle offering with an expanded assortment online supported for drop ship. The team has been making solid headway on both fronts, and you can see it reflected improvements in both conversion rate and average order value during the quarter.

同時，我們也一直在努力擴大我們的無盡貨架產品，擴大在線支持直運的商品種類。團隊在這兩個方面都取得了堅實的進展，您可以看到它在本季度轉換率和平均訂單價值方面都有所提高。

Our third growth pillar is to improve the productivity and drive the business within our existing stores. As we discussed during our last call, we have multiple initiatives targeted achieving this goal. A major tentpole of this strategy is delivering new brands and products that inspire customers to shop more frequently at Academy.

我們的第三個成長支柱是提高生產力並推動現有門市的業務發展。正如我們在上次電話會議上所討論的那樣，我們有多項舉措旨在實現這一目標。這項策略的一個主要支柱是推出新品牌和新產品，以激勵顧客更頻繁地在 Academy 購物。

To this end, on April 23, we launched the Jordan Brand in 145 doors and online. This was the first time that we cross merchandise apparel, footwear and accessories together by gender into a branded shop concept.

為此，4月23日，我們在145家門市和線上推出了Jordan品牌。這是我們第一次將商品服裝、鞋類和配件按性別跨入品牌商店概念。

Our Jordan brand offering is focused on sports products at accessible price points. For example, a key shoe for us is the Luka 77, which is a game shoe, that someone would actually play basketball in that can also work as a casual shoe, and it retail for $99.99. My son who's a sneakerhead can assure that I paid over $100 for his first pair of Jordans. While it's still early days, the initial reaction to customers was strong and the brand is tracking ahead of initial sales plans.

我們提供喬丹品牌的產品主要集中在價格實惠的運動產品上。例如，我們最心儀的一款鞋是Luka 77，它是一款比賽鞋，有人會穿著它打籃球，也可以當作休閒鞋，零售價99.99美元。我兒子是個球鞋迷，我可以肯定地說，我給他的第一雙喬丹鞋花了100多美元。雖然現在還處於早期階段，但客戶的初步反應非常強烈，該品牌的銷售進度也超出了最初的計劃。

Our goal is to expand key items such as cleats for football season into all doors later this summer, and we anticipate the Jordan Brand will be a top 20 brand for us by the end of the year.

我們的目標是在今年夏天晚些時候將足球賽季的鞋釘等關鍵商品推廣到所有門市，我們預計喬丹品牌將在年底前成為我們的前 20 名品牌之一。

Our second tactic under this color is to better leverage technology to improve our customer shopping experience. Our focus this spring has been on rolling out RFID scanners to all stores, coupled with new handheld devices for our team members.

我們在這種顏色下的第二個策略是更好地利用技術來改善我們的客戶購物體驗。今年春季，我們的重點是向所有商店推出 RFID 掃描儀，並為我們的團隊成員提供新的手持設備。

And we just completed the full chain rollout at the end of May. Simplistically, we're leveraging RFID chips already embedded in products from key brands such as Nike, Jordan and adidas, update store inventories on a weekly basis.

我們剛剛在五月底完成了全鏈推廣。簡單來說，我們利用已經嵌入在 Nike、Jordan 和 adidas 等主要品牌產品中的 RFID 晶片，每週更新商店庫存。

When we highlighted this technology in 70 stores last year, it led to a 20% improvement in store level inventory accuracy. Rolling this technology to all stores will help improve our in-stocks, which ultimately will lead to increases in conversion.

去年，當我們在 70 家商店推廣這項技術時，它使商店級庫存準確率提高了 20%。將這項技術推廣到所有商店將有助於改善我們的庫存，最終將提高轉換率。

As we move through 2025, we expect to add more brands to our regular RFID counts such as Levi's, Under Armour, Colombia, Brooks and Puma. Looking into next year, our goal is to embed RFID tags in most of our private label products, along with working with other national brand suppliers to follow suit where it makes sense.

隨著我們進入 2025 年，我們預計將在常規 RFID 計數中添加更多品牌，例如 Levi's、Under Armour、Colombia、Brooks 和 Puma。展望明年，我們的目標是將 RFID 標籤嵌入到我們的大多數自有品牌產品中，同時與其他國家品牌供應商合作，在合理的地方效仿。

The other new piece of new technologies are handheld devices which have POS functionality integrated into them. With this new capability, if a customer cannot find something in a store and we own it somewhere in the chain, we can save the sale and get the customer what they need by shipping it to their home or to their closest store for BOPIS pickup, whichever is most convenient for them. As stores have started to use this new technology, we're seeing their save the sale revenue increased 900% on average per store.

另一項新技術是整合了 POS 功能的手持設備。借助這項新功能，如果客戶在商店中找不到某件商品，而該商品又在我們連鎖店的某個地方擁有，那麼我們可以節省銷售費用，並通過將商品運送到客戶家中或最近的商店進行 BOPIS 提貨的方式，以客戶最方便的方式為準，從而為客戶獲取他們所需的商品。隨著商店開始使用這項新技術，我們發現每家商店的銷售收入平均增加了 900%。

The last thing I'll cover on our long-range plan is the work we've done to improve our marketing reach and effectiveness. In late April, we launched a new campaign which was created by our new agency of record, McGarrah Jessee, and features our new tagline, Fun Can't Lose.

關於我們的長期計劃，我要談的最後一件事是我們為提高行銷覆蓋率和有效性所做的工作。四月下旬，我們發起了一項新活動，由我們的新代理商 McGarrah Jessee 發起，並以我們的新標語“Fun Can’t Lose”為特色。

We believe that this new campaign is authentically Academy and is resonating well with our customers. It serves a dual purpose in both driving top-of-mind brand awareness while also reinforcing our strong value messaging.

我們相信，這項新活動真正體現了學院精神，並且能引起我們客戶的共鳴。它具有雙重目的，既可以提高頂級品牌知名度，又可以強化我們強大的價值訊息。

In addition, we're increasing our advertising spend by 10 basis points this year to 2.7% of sales to support this campaign while also spotlighting our Jordan Brand introduction and our new store rollouts. Another key focus on the marketing front is to leverage our new loyalty program to drive value for the consumer. We're planning to add an additional 2 million customers to myAcademy rewards in 2025, which should take us to over 13 million members by year-end.

此外，今年我們將廣告支出增加 10 個基點，達到銷售額的 2.7%，以支持此次活動，同時重點宣傳我們的 Jordan 品牌介紹和新店開業。行銷的另一個重點是利用我們的新忠誠度計畫為消費者創造價值。我們計劃在 2025 年為 myAcademy 獎勵計劃增加 200 萬名客戶，到年底我們的會員人數將超過 1,300 萬人。

Stronger loyalty program membership will drive growth for us both now and in the long term. Loyal, more engaged customers tend to shop Academy at 2 times to 3 times more in a year than an average customer and spend 4 times to 5 times more on an annual basis.

更強大的忠誠度計劃會員將推動我們現在和長期的成長。忠誠且更投入的顧客每年在 Academy 的購物次數往往比一般顧客多 2 到 3 倍，每年消費金額則多 4 到 5 倍。

While we're excited about the progress we're making against our long-term initiatives and the momentum we're starting to see in the business, we're also sober about the fragile state of the US consumer and the inflationary pressures we could face as the year progresses. As noted in our Q1 fiscal 2025 earnings release, we're widening our comp sales guidance to account for an expanded range of outcomes.

雖然我們對長期計劃所取得的進展以及業務開始呈現的勢頭感到興奮，但我們也對美國消費者的脆弱狀況以及我們在今年可能面臨的通膨壓力保持警惕。正如我們在 2025 財年第一季財報中所述，我們正在擴大同店銷售額預期，以涵蓋更廣泛的結果。

Our balance sheet is strong, and we're confident that we have the right team and strategy in place to effectively navigate through the short-term disruptions for the consumer. On a longer-term basis, we believe our long-range planning strategies and investments are just starting to bear fruit and have a long runway ahead of them and that the future is bright for Academy.

我們的資產負債表強勁，我們相信我們擁有合適的團隊和策略，可以有效地應對消費者面臨的短期混亂。從長遠來看，我們相信我們的長期規劃策略和投資才剛開始取得成果，並且前途光明，學院的未來一片光明。

I'll now turn the call over to Carl to review the financials in more detail and provide an update on our guidance. Carl?

我現在將把電話轉給卡爾，讓他更詳細地審查財務狀況並提供我們指導的最新資訊。卡爾？

Thanks, Steve. Net sales for the first quarter were $1.35 billion with a comp decline of 3.7%. As Steve mentioned, we saw sequential comp improvement throughout the quarter culminating in a positive comp in April, and our e-commerce channel posted a positive 10% comp for the quarter. Breaking down the comp transactions were down 5.2% and ticket was up 1.5%.

謝謝，史蒂夫。第一季淨銷售額為 13.5 億美元，年減 3.7%。正如史蒂夫所提到的，我們看到整個季度的業績連續改善，最終在 4 月實現了正成長，我們的電子商務通路本季的業績實現了 10% 的正成長。具體來看，交易量下降了 5.2%，而票價上漲了 1.5%。

Looking at performance by category. Footwear and apparel continue to perform well and we saw strength in kids apparel, women's athletic apparel and men's athletic footwear. Athletic footwear posted a positive 4.5% comp led by brands like Nike and Brooks.

按類別查看表現。鞋類和服裝繼續表現良好，我們看到兒童服裝、女士運動服裝和男士運動鞋表現強勁。在耐吉和布魯克斯等品牌的帶動下，運動鞋的銷售額年增 4.5%。

To be clear, Jordan Brand products were only in stores for the last two weeks of the quarter, but it beat our internal plan in April and in May. Additionally, over 25% of Jordan Brand sales have come from our e-commerce channel, which you will recall, only has a 10% penetration for the total business.

需要明確的是，喬丹品牌產品僅在本季度的最後兩週在商店上架，但它在 4 月和 5 月超出了我們的內部計劃。此外，喬丹品牌超過 25% 的銷售額來自我們的電子商務管道，而您可能還記得，該管道在整個業務中的滲透率僅為 10%。

Within our sports and recreation category, outdoor cooking and baseball posted positive comps as spring started to materialize across the country, especially in our footprint. While we saw encouraging results in baseball, total team sports underperformed primarily coming from softness in basketball and a slower start to the quarter in golf.

在我們的體育和娛樂類別中，隨著春天在全國各地開始到來，尤其是在我們的足跡中，戶外烹飪和棒球取得了積極的成績。雖然棒球項目取得了令人鼓舞的成績，但整體團隊運動項目表現不佳，主要是因為籃球項目表現疲軟，以及高爾夫項目本季開局較慢。

In outdoors, fishing and firearms performed well, while ammunition, paddle and power marine remain challenged. We continue to deemphasize the marine categories in lieu of more productive additions like Jordan Brand.

在戶外，釣魚和槍械表現良好，而彈藥、槳和動力船仍然面臨挑戰。我們繼續淡化海洋類別，轉而採用喬丹品牌等更具成效的附加產品。

In ammunition, we continue to see industry pressure on AUR, so we're implementing some new tactics like bulk promos to try and offset this impact. Absent these three categories, outdoor is performing very well and in fact would have posted a positive comp.

在彈藥方面，我們繼續看到行業對 AUR 的壓力，因此我們正在實施一些新策略，例如批量促銷，以試圖抵消這種影響。如果沒有這三個類別，戶外用品的表現就會非常好，事實上，戶外用品的銷售量會呈現正成長。

Gross margin came in at 34%, 60 basis points higher than last year, driven by 40 basis points of merch margin expansion and 10 basis points of favorable shrink. The merch margin was impacted by a greater mix of soft goods, and the improvement in shrink is a testament to the work our store and supply chain teams have done to improve inventory accuracy, including the rollout of RFID.

毛利率達到 34%，比去年高出 60 個基點，這得益於商品利潤率擴大 40 個基點和有利利潤率縮減 10 個基點。商品利潤率受到軟商品組合增加的影響，而損耗的改善證明了我們的商店和供應鏈團隊為提高庫存準確性所做的工作，包括 RFID 的推出。

SG&A came in at 28.8% of sales for the first quarter, an increase of $36 million or 290 basis points. The increase was primarily driven by growth initiatives for new store support, higher labor in key markets to support the Jordan Brand launch and Nike assortment expansion and investments in digital and supply chain technologies.

第一季銷售、一般及行政費用佔銷售額的 28.8%，增加 3,600 萬美元，即 290 個基點。這一成長主要得益於新店支持的成長計畫、主要市場為支持喬丹品牌的推出和耐吉產品系列的擴張而增加的勞動力以及對數位和供應鏈技術的投資。

150 basis points were attributable to new store growth, and 60 basis points went to support Jordan Brand's launch and the Nike expansion. To put that into perspective, we invested over $7 million into the launch and expansion that included resetting half of the stores in our fleet.

150 個基點歸因於新店成長，60 個基點用於支持喬丹品牌的推出和耐吉的擴張。為了更好地理解這一點，我們投資了超過 700 萬美元來啟動和擴張，其中包括重置我們旗下一半的商店。

20 basis points was related to technology investments in digital and supply chain. As mentioned on the last call, these strategic growth investments would most heavily impact the first quarter and the associated revenue would not be realized until the following quarters. We expect SG&A to normalize as we head through the year and the investments are completed.

20個基點與數位和供應鏈技術投資有關。正如上次電話會議中所提到的，這些策略性成長投資將對第一季產生最嚴重的影響，相關收入要到接下來的幾季才能實現。我們預計，隨著今年的到來和投資的完成，銷售、一般及行政費用將恢復正常。

Operating income was $69.3 million and diluted EPS was $0.68. Adjusted EPS was $0.76. Our inventory per store is elevated with units per store up 6.5% and dollars per store up 7.8%. This is an example of using the strength of our balance sheet to invest in the business.

營業利潤為6,930萬美元，稀釋每股收益為0.68美元。調整後每股收益為0.76美元。我們的每家店庫存有所提升，每家店庫存量增長6.5%，每家店庫存金額增長7.8%。這是利用我們的資產負債表優勢來投資業務的一個例子。

We have purposefully made decisions to manage inventory as tightly as possible and have taken the following strategic actions to mitigate tariff impacts and ensure we have value-priced products for our customers.

我們特意決定盡可能嚴格地管理庫存，並採取以下策略行動來減輕關稅的影響並確保我們為客戶提供物有所值的產品。

One, we pulled forward $85 million in domestic inventory receipts in the first quarter at pre-tariff prices. The majority of this is evergreen products such as bicycles or free weights, which have no seasonal or obsolescence risk.

第一，我們以關稅前的價格提前收回了第一季 8,500 萬美元的國內庫存收入。其中大部分是常青產品，例如自行車或自由重量器材，它們沒有季節性或過時的風險。

Two, partnered with factories and overseas suppliers to reduce cost. Three, reduced over $120 million in inventory receipts to maintain maximum flexibility to respond to evolving landscapes. Four, shifted products out of China to alternative countries of origin like Cambodia and Bangladesh and finally, reduced fiscal year 2025 capital expenditures and expenses.

二、與工廠、海外供應商合作，降低成本。三、減少超過1.2億美元的庫存收貨，以保持最大的彈性來應對不斷變化的情況。第四，將產品從中國轉移到柬埔寨和孟加拉等其他原產國，最後減少2025財年的資本支出和費用。

These actions have positioned us well to support the spring selling season, and we will continue to evaluate the environment and take further actions as deemed necessary. We anticipate our inventory levels will normalize as we move through the year.

這些行動使我們為春季銷售旺季做好了充分準備，我們將繼續評估環境並根據需要採取進一步行動。我們預計，隨著時間的推移，我們的庫存水準將會恢復正常。

We ended the quarter with $285 million in cash and maintained strong liquidity with an untapped $1 billion revolver. Despite the challenged sales environment, we have been able to deliver approximately 8% in free cash flow as a rate of sales, which allows us to make continued investments and return capital to shareholders. In fact, we returned over $100 million of our free cash flow to investors in the first quarter.

本季末，我們持有 2.85 億美元現金，並憑藉尚未動用的 10 億美元循環信貸保持了強勁的流動性。儘管銷售環境充滿挑戰，我們仍能實現約 8% 的自由現金流作為銷售率，這使我們能夠持續投資並向股東返還資本。事實上，我們在第一季向投資者返還了超過 1 億美元的自由現金流。

Turning to capital allocation. We remain committed to balanced and disciplined deployment. During the quarter, we repurchased approximately $99 million in our shares under our current repurchase program, paid approximately $8.7 million in dividends and invested over $50 million in strategic initiatives including store openings, RFID rollouts and omnichannel infrastructure.

轉向資本配置。我們仍然致力於平衡和有紀律的部署。在本季度，我們根據目前的回購計劃回購了約 9,900 萬美元的股票，支付了約 870 萬美元的股息，並投資了超過 5,000 萬美元用於戰略計劃，包括開設商店、RFID 推廣和全通路基礎設施。

We have the flexibility to adjust our capital allocation priorities during periods of disruption and uncertainty, allowing us to either redirect cash to other strategic initiatives or retain it for financial stability. The cost of materials and construction in our 2025 new store plan are already accounted for. And as Steve mentioned, we have slowed the pace of signing new store leases for 2026. This allows us to better assess the environment and any impacts on construction costs.

在混亂和不確定的時期，我們可以靈活地調整資本配置優先級，從而可以將現金重新用於其他策略計劃或保留現金以保持財務穩定。我們2025年新店計畫中的材料和建築成本已經計算在內。正如史蒂夫所提到的，我們已經放慢了簽署 2026 年新店租約的速度。這使我們能夠更好地評估環境及其對建築成本的影響。

Moving to guidance. We are updating our guidance range to account for multiple tariff scenarios as we move forward in this uncertain demand environment. Our base case, which is reflected by the midpoint of the range, is that tariffs remain at current levels for the remainder of the year.

轉向指導。隨著我們在這個不確定的需求環境中前進，我們正在更新我們的指導範圍，以考慮多種關稅情境。我們的基本情況（反映在範圍的中點）是，今年剩餘時間內關稅將維持在當前水準。

The high end of the range assumes reciprocal tariffs at 10% for all other countries, including China. The low end of the range assumes China reverts to 145% and the original reciprocal tariffs announced on April 2 remain.

該範圍的高端假設對包括中國在內的所有其他國家徵收 10% 的互惠關稅。該範圍的低端假設中國恢復到 145%，並且 4 月 2 日宣布的原始互惠關稅保持不變。

We now expect sales in the range of $5.97 billion to $6.26 billion and comp sales of negative 4% to positive 1%. We expect gross margin to be unchanged and earnings per share of $5.10 to $5.90. We expect adjusted earnings per share to be in the range of $5.45 to $6.25.

我們現在預計銷售額將在 59.7 億美元至 62.6 億美元之間，同店銷售額將在負 4% 至正 1% 之間。我們預期毛利率維持不變，每股盈餘為5.10美元至5.90美元。我們預計調整後每股盈餘將在5.45美元至6.25美元之間。

We are also partnering with our national branded vendors to help mitigate costs for the consumer. In the case of price increases from these vendors, we will remain a steward of value for our customers and look to maintain our best-in-market pricing on key items while using our price optimization tool to offset these initiatives.

我們也與國家品牌供應商合作，幫助降低消費者的成本。如果這些供應商提高價格，我們將繼續為客戶提供價值管理，並在使用價格優化工具來抵銷這些措施的同時，努力維持關鍵產品的市場最佳定價。

To close, I also wanted to touch on the customer shift opportunity Steve mentioned. We continue to see an acceleration in trade down from the upper income customer tiers as they discover the value offered by Academy.

最後，我還想談談史蒂夫提到的客戶轉變機會。隨著高收入客戶發現學院所提供的價值，我們繼續看到他們的消費升級速度加快。

During the first quarter, we saw growth in store traffic by customers earning over $100,000 increase by double digits. We believe these trends will continue to grow as new customers discover the value offered by Academy.

在第一季度，我們看到收入超過 10 萬美元的顧客的店內客流量增加了兩位數。我們相信，隨著新客戶發現 Academy 所提供的價值，這些趨勢將持續成長。

(Operator Instructions)

（操作員指示）

Jonathan Matuszewski, Jefferies.

喬納森·馬圖謝夫斯基，傑弗里斯。

Great, good morning and thanks for taking my questions. The first one was on the higher income consumer. Nice to hear about the ongoing traffic flows from that cohort. I think you started to observe that dynamic maybe two quarters ago.

太好了，早安，謝謝您回答我的問題。第一個是針對高收入消費者。很高興聽到該群體的持續流量。我想你大概在兩個季度前就開始觀察到這種動態了。

So curious if you could comment on the retention of those higher income consumers that you initially maybe welcomed 6 months-plus ago. And anything you're seeing from a repeat shopping behavior perspective with that cohort? That's my first question. Thanks.

我很好奇，您是否可以評論一下那些您在 6 個多月前最初歡迎的高收入消費者的保留。從該群體的重複購物行為角度來看，您看到了什麼？這是我的第一個問題。謝謝。

Yeah. Jonathan, thanks for the question. It's Carl. Yeah, we started to see a customer demographic shift beginning in the third quarter of 2024 and we were really focused on quintiles four and five, so customers above $100,000. It accelerated into Q4 and it accelerated even more into Q1.

是的。喬納森，謝謝你的提問。是卡爾。是的，我們從 2024 年第三季開始看到客戶人口結構的變化，我們真正關注的是第四和第五個五分位數，即收入超過 10 萬美元的客戶。進入第四季後，這一成長速度加快，而進入第一季後，這一速度甚至加快了不少。

From a retention -- it's a mix of new customers as well as customers that just make more money that are shopping more frequently with us. And from a retention standpoint, they're sticking with us. They're shopping across the store. They're not just there for national brands. They're experiencing our private brand value as well.

從保留的角度來看——它是新客戶和更頻繁地在我們這裡購物並賺更多錢的客戶的組合。從保留的角度來看，他們會繼續與我們合作。他們正在商店裡購物。他們並不只是為了國家品牌。他們也體驗到了我們的自有品牌價值。

That's helpful. And then nice to hear about the positive comp in April. I think you mentioned the Jordan outperformance versus internal expectations continued into May. Curious if that implies the first couple of weeks of 2Q is also showing that positive comp. Thanks for any color.

這很有幫助。很高興聽到四月份的正面業績。我認為您提到喬丹的表現超出內部預期，這種情況持續到了五月。好奇這是否意味著第二季的前幾週也顯示出積極的成長。感謝任何顏色。

Yeah. So Jordan continues to perform very well relative to our expectations. We're very excited about it. In terms of May, I would tell you we've seen a pretty choppy shopping environment during the first half of this year. We talked a lot about that in our Q1 results.

是的。因此，喬丹的表現仍然符合我們的預期。我們對此感到非常興奮。就五月而言，我想說的是，今年上半年的購物環境相當不穩定。我們在第一季業績中對此進行了大量討論。

May right now ran down low single digits. It's trending better than first quarter did, but it is down slightly. That being said, we're still very optimistic about Q1 -- or I'm sorry, Q2 being a very strong quarter for us.

五月的失業率目前處於個位數低點。其趨勢比第一季好，但略有下降。話雖如此，我們仍然對第一季非常樂觀——或者很抱歉，第二季對我們來說是一個非常強勁的季度。

Customers [showing a predilection to] come out and shop during the big moments on the calendar. We've got some of those big moments still ahead of us this week. It's Father's Day week, it's the biggest week of the year for us prior to Black Friday.

顧客們傾向於在日曆上的重要時刻出來購物。本週我們仍將迎來一些重要時刻。這是父親節週，對我們來說，這是黑色星期五之前一年中最重要的一周。

So a lot riding on this weekend. And then obviously, we've got back-to-school kicking off at the tail end of July. So still very optimistic about the quarter, although the customers being very choppy in terms of their shopping patterns right now.

所以這個週末要騎很多車。顯然，我們將在七月底開始返校。因此，儘管目前顧客的購物模式非常不穩定，但對本季仍然非常樂觀。

Thanks and best of luck.

謝謝，祝你好運。

Thank you.

謝謝。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

Good morning. Thank you for having me. This is Pedro Gil on for Simeon. Maybe just a follow-up on that last question. That's my first question. If you could double-click on May and maybe talk a little bit about the health of the consumer. If you could sort of parse out the cadence of the quarter, the impact of weather, the Easter shift and then what the development is in May as far as the category mix and --

早安.謝謝你的邀請。這是西蒙 (Simeon) 替補上場的佩德羅吉爾 (Pedro Gil)。也許只是最後一個問題的後續回答。這是我的第一個問題。如果您可以雙擊五月並稍微談論一下消費者的健康狀況。如果你能分析本季的節奏、天氣的影響、復活節的變化，以及 5 月份的品類組合發展情況，--

Yeah. So in terms of the quarter, I'll talk about the first quarter, and I think we covered this in the prepared remarks, the early part of the quarter was down in February. We think that was a lot of storm impact, cold weather moving across the geography. March improved was still negative. But April inflected the positive, as we said on the call. I think the things that drove April to positive were the Jordan launch, the Nike expansion and somewhat the Easter shift out of March into April.

是的。因此，就本季度而言，我將談論第一季度，我想我們在準備好的發言中已經涵蓋了這一點，本季度初期 2 月份的銷售額有所下降。我們認為這是由於風暴造成的巨大影響，寒冷天氣席捲了整個地區。3月份改善仍為負值。但正如我們在電話中所說的那樣，四月出現了積極的變化。我認為推動四月表現積極的因素包括喬丹的發布、耐吉的擴張以及復活節從三月轉移到四月。

I think as we got into the early part of Q2, with the month of May, you have Mother's Day. We're not a big Mother's Day store. Business started off a little soft. I think there are still some cooler temperatures we're dealing with in there, although I wouldn't describe too much to weather. I think it's just choppiness from a consumer perspective.

我認為，隨著我們進入第二季度初期，即五月份，就會迎來母親節。我們並不是一家大型的母親節商店。一開始生意有些不景氣。我認為那裡的溫度仍然比較低，儘管我不會描述太多的天氣狀況。我認為從消費者的角度來看這只是一種不穩定現象。

I think the consumer is under pressure right now. I think that they are being very careful when and how they shop and spend their money. I think they're waiting to see kind of how this whole tariff situation, trade war situation plays out.

我認為消費者現在面臨壓力。我認為他們在購物和花錢時非常謹慎，而且非常謹慎。我認為他們正在等待觀察整個關稅局勢和貿易戰局勢如何發展。

And I think they're gravitating towards value, which is why we're excited to start seeing some trade down from those higher income consumers. That's something we've been waiting to see for a long time and we really started seeing happen last year and saw it accelerate into this quarter, Q1 and into Q2. And our expectation is that, that will continue as we move forward.

我認為他們正在傾向於價值，這就是為什麼我們很高興看到高收入消費者開始減少消費。這是我們期待已久的事情，去年我們確實開始看到它發生，並看到它在本季、第一季和第二季加速發展。我們的期望是，隨著我們不斷前進，這種情況將會持續下去。

As we go throughout the remainder of Q2, we've got -- obviously, this is the first quarter we're going to be fully leveraging the benefit of Jordan and the Nike expansion, the rollout that we had on the new technology we talked about, whether it's the handheld devices for our store associates or RFID. Those were not really fully rolled out until, honestly, last week. So they're now in all stores, and we really should start seeing some benefit from that in all stores.

在第二季度剩餘時間裡，我們顯然是第一個充分利用喬丹和耐吉擴張帶來的優勢的季度，我們推出了我們談到的新技術，無論是店員使用的手持設備還是 RFID。說實話，直到上週這些才真正全面推出。現在它們已經出現在所有商店中，我們確實應該開始看到它們在所有商店中帶來的好處。

Moving forward, we're excited about the momentum we have in our dot-com business. We're excited about the momentum we're seeing in our new stores. So there's a lot of positive kind of green shoots beneath the surface. That's being counteracted a little bit by choppy consumer shopping patterns, but we believe we've got a lot of opportunities still ahead of us in the quarter.

展望未來，我們對網路業務的發展動能感到非常興奮。我們對新店的發展動能感到非常興奮。因此，表面之下存在著許多積極的綠芽。雖然消費者購物模式的波動在一定程度上抵消了這一影響，但我們相信本季我們仍有許多機會。

Got it. That's helpful. And my follow-up is on your gross margin guidance, which you kept -- gross margin rate guidance kept unchanged. I'm a little surprised in the low-end scenario for guidance where you're factoring in the full 145% tariff on China and the full reciprocal tariff as was initially announced on April 2 on all the other countries.

知道了。這很有幫助。我的後續問題是有關您的毛利率指引，您維持了毛利率指引不變。我對低端情景的指導感到有些驚訝，因為其中考慮到了對中國徵收 145% 的全額關稅以及 4 月 2 日首次宣布的針對所有其他國家徵收的全額互惠關稅。

Yet you're keeping the gross margin rate assumption unchanged to 34.0% relative to what you gave on March 20. Could you elaborate a little bit your thinking there and what are the puts and takes?

然而，您維持毛利率假設不變，仍為 3 月 20 日給出的 34.0%。您能否稍微闡述一下您的想法以及優缺點？

Absolutely. Yes, so last year, we were at 33.9% gross margin rate. Guidance for this year is 34% and below 34.5%. Q1 was up 60 basis points. The bulk of it was merch margin. We did shrink, but there are some other things around the edges. I think the risk for tariffs, I'm going to start really broadly, is on how much money consumers have to spend.

絕對地。是的，去年我們的毛利率是 33.9%。今年的指導值為 34%，低於 34.5%。Q1上漲了60個基點。其中大部分是商品利潤。我們確實縮小了，但邊緣還存在一些其他的東西。我認為關稅的風險，我將從廣泛角度開始，在於消費者需要花多少錢。

So there's been so much pressure -- there's so much discussion about the pressure being put on gross margin rates. The pressure the American consumer is going to feel is on how much money they have to spend on things.

因此，壓力非常大——關於毛利率壓力的討論很多。美國消費者將感受到的壓力在於他們必須在物品上花多少錢。

So we've pulled forward inventory. I feel really proud of the work that the teams did in the thinking that in July and August, we don't know what these expirations are going to do, what happens on the back of those expirations. We've shifted out of China.

因此，我們已提前庫存。我為團隊所做的工作感到非常自豪，因為在七月和八月，我們不知道這些到期日會帶來什麼後果，也不知道這些到期日之後會發生什麼事。我們已經遷出中國。

We talked a little bit about our path that we started many years ago on that. It's obviously accelerating with what's going on this year. And we feel confident in our gross margin guidance given the tactics that the merchants are really employing primarily related to inventory positioning.

我們稍微談論了我們多年前開始的這條路。隨著今年的情況發展，這一趨勢顯然正在加速。考慮到商家實際採用的策略主要與庫存定位有關，我們對我們的毛利率指導充滿信心。

Okay. Got it. Wouldn't we be seeing perhaps a lower gross margin rate if we went to buying at 145% and all the other countries are higher?

好的。知道了。如果我們以 145% 的價格購買，而其他國家的價格都更高，那麼我們是不是會看到更低的毛利率？

Yes. -- Yeah. I mean, if China goes back to 145%, a lot of things in America are going to change. And so we pulled forward inventory and we've shifted out of it, and that's our focus area. We're pulling inventory out of China. And we feel good about the inventory that we're carrying at those pre-tariff pricing.

是的。 ——是的。我的意思是，如果中國回到145%，美國的很多事情都會改變。因此，我們將庫存提前並轉移出去，這是我們的重點領域。我們正在將庫存撤出中國。我們對我們所持有的處於關稅前定價的庫存感到滿意。

But to be clear, the gross margin guidance that we gave anticipates -- we gave you more of a sales-based scenario based off a different tariff exposure. So at the high end, it assumes world goes to 10%. Base case that we're operating the business off of assumes kind of steady state from where we're at today. The low end of the guidance scenario anticipates the pauses that were put on reciprocal tariffs and things go back to kind of what they originally planned at for both China and the rest of the world.

但需要明確的是，我們給出的毛利率預期——我們根據不同的關稅風險給出了更多基於銷售額的情境。因此，在高端，它假設世界將達到 10%。我們經營業務的基本情況是假設我們目前所處的穩定狀態。指導情景的低端預計對等關稅將暫停，事情將恢復到最初為中國和世界其他國家計劃的狀態。

That being said, in all those scenarios, we built in different offsets in terms of pricing and inventory management to deal with the gross margin impact. But I think what Carl is trying to highlight is that we see the impact probably more on the sales side and how the customer would react to more of an inflationary environment if those tariffs go back into place because I have to believe candidly that if those reciprocal tariffs go back into place at 145%, prices are going up virtually and everything.

話雖如此，在所有這些情況下，我們都在定價和庫存管理方面建立了不同的抵銷措施來應對毛利率的影響。但我認為卡爾試圖強調的是，我們看到的影響可能更多地體現在銷售方面，以及如果這些關稅恢復實施，客戶將如何應對通膨環境，因為我必須坦率地相信，如果這些互惠關稅恢復到 145%，幾乎所有東西的價格都會上漲。

And our goal would be to maintain our value positioning in the space and make sure we've got the best value on products. But we would expect that there would be some price increases there that would offset margin erosion.

我們的目標是保持我們在該領域的價值定位，並確保我們的產品具有最佳價值。但我們預期價格會上漲，以抵銷利潤率的下降。

Christopher Horvers, JP Morgan.

摩根大通的克里斯多福霍弗斯。

This is Jolie Wasserman on for Chris. Our first question is about the April benefit from Easter when you're looking at March and April together. And just how are you looking at the business given the March to May with the Easter trend combined with your weather commentary? And on top of that, was there any lift from Nike built into that in terms of how you're thinking about it?

我是朱莉·瓦瑟曼 (Jolie Wasserman)，為克里斯 (Chris) 主持節目。我們的第一個問題是，當您一起看三月和四月時，四月從復活節獲得的好處。那麼，結合復活節趨勢和天氣評論，您如何看待 3 月至 5 月的業務？除此之外，從您的角度來看，耐吉是否對此有所提升？

Yeah. So if you look at [Marpil], combined, I think it was down like low, low single digits. But in aggregate, we think that what we really saw benefit April was the combination of Easter shift. But I would also lean more into the Nike, Jordan launch. That was a big boost for us.

是的。因此，如果你看一下 [Marpil]，綜合起來，我認為它下降了很低的個位數。但總體而言，我們認為四月真正受益的是復活節轉變的結合。但我也比較傾向關注耐吉、喬丹的記者會。這對我們來說是一個很大的鼓舞。

Traditionally, after we get out of the holiday, we kind of had a lull. And we really didn't hit that all this year because we had the Nike expansion and Jordan was positioned right after Easter, and I think that kind of helped us avoid that lull.

按照慣例，假期結束後，我們會有一段時間。但今年我們並沒有真正達到這個目標，因為我們有耐吉的擴張，而喬丹的定位是在復活節之後，我認為這有助於我們避免這種低迷。

So we would attribute a lot of the comp positive in April to that launch. As we move in, I kind of highlighted this earlier, we only really got the benefit of that for about two weeks in April. And if you go back to March, one of the things that also probably impacted us a little bit in March was our floors are pretty disruptive.

因此，我們將 4 月份的許多正面業績歸功於該產品的發布。當我們搬進來時，我之前已經強調過這一點，我們實際上只在四月份的大約兩週內享受了這種好處。如果你回顧三月份，三月可能對我們造成一定影響的一件事就是我們的地板相當混亂。

We were resetting the Nike shops, clearing out room for Jordan. We did this on a rolling basis across almost 150 stores on a week-by-week basis, but the stores were pretty kind of disrupted during this time period. And so I think that probably had a little bit more impact on March than we initially anticipated, but we're pleased with the rebound that we saw coming on of that in April.

我們正在重新佈置耐吉商店，為喬丹騰出空間。我們每週在近 150 家商店滾動實施此操作，但在此期間商店的狀況相當混亂。因此，我認為這對 3 月的影響可能比我們最初預期的要大一些，但我們對 4 月的反彈感到滿意。

Got it. That makes sense. And just moving to the promotion side. I think you touched on it a little bit earlier. We noticed that Q-to-date promotions did tick up a bit year over year. We saw an additional $20 off, $100 coupons that also got extended, some additional e-gift card promotions, et cetera. Also, we saw several promotions like a 25% off Under Armour.

知道了。這很有道理。現在轉到促銷方面。我認為您剛才已經提到過這一點。我們注意到，Q 迄今為止的促銷活動確實比去年同期有所增加。我們看到了額外的 20 美元折扣、100 美元優惠券的延期、一些額外的電子禮品卡促銷等等。此外，我們還看到了一些促銷活動，例如 Under Armour 的 25% 折扣。

So is it fair to say like net-net that quarter-to-date promotions are higher year over year? And how much of that is for clearing out for the newness of Nike and Jordan? And how much of that is just related to an overall weaker Academy consumer since a lot of these incremental promotions are entire basket?

那麼，可以說本季迄今的促銷活動比去年同期增加嗎？其中有多少是為了給耐吉和喬丹的新品清理空間？由於許多增量促銷活動都是針對整個購物籃的，這在多大程度上與學院消費者整體較弱有關？

And just a quick aside on promotions. We also saw the infamous Stanley water bottle was about 40% off. So when exactly did that begin? And speaking to the broader impact of hydration promotions would be great.

簡單談談促銷事宜。我們還看到臭名昭著的史丹利水瓶打了大約 40% 的折扣。那麼這究竟是什麼時候開始的呢？談論補水促銷的更廣泛影響將會很棒。

Yeah, sure. There's a lot wrapped in that question. I'll do my best to answer it. I would characterize promotions candidly quarter-to-date is fairly consistent with last year. I mean, we're an everyday value-based retailer.

是的，當然。這個問題包含很多內容。我會盡力回答。坦白說，本季迄今的促銷活動與去年同期相當一致。我的意思是，我們是一家基於日常價值的零售商。

And we've cited multiple times, that means about 75% of what we sell is at our everyday price. We do have promotions. Those promotions generally happen around the big holiday events on the calendar. So that for us is Memorial Day, that for us is Father's Day, Fourth of July and back-to-school.

我們已經多次提到，這意味著我們銷售的商品中約有 75% 是以日常價格出售的。我們確實有促銷活動。這些促銷活動通常在日曆上的重大節日活動期間進行。對我們來說，那是陣亡將士紀念日、父親節、獨立紀念日和開學日。

So you will see promotional activity during those time periods. And when we looked at it, I would tell you it's fairly consistent with last year. In regards to some of the global offers I think you're citing, those may be more driven either through our app or through our site.

因此您會在這些時段看到促銷活動。當我們查看它時，我會告訴你它與去年相當一致。關於您提到的一些全球優惠，我認為這些優惠可能更多是透過我們的應用程式或網站來推動的。

We're certainly focused very hard on getting people to join our loyalty program. The reason we're focused on that is because we know that we can get somebody into our ecosystem, and we can start target marketing to them and getting them to shop with us more frequently.

我們確實非常致力於吸引人們加入我們的忠誠度計劃。我們之所以專注於此，是因為我們知道我們可以吸引某些人加入我們的生態系統，我們可以開始針對他們進行有針對性的行銷，讓他們更頻繁地在我們這裡購物。

A more loyal customer shops with us 2 times to 3 times more a year. They shop and buy a bigger basket. They tend to be more profitable customers for us and spend almost [4x to 5x that's] what a normal customer does. So one of the things you're seeing us test into a little bit is trying to offer some good promotions to get people to kind of embed themselves into our ecosystem.

更忠誠的顧客每年會來我們這裡購物 2 到 3 次。他們購物併購買了更大的籃子。他們往往是我們更有利可圖的客戶，他們的消費金額幾乎是普通客戶的 4 到 5 倍。因此，您看到我們正在進行的一些測試是嘗試提供一些好的促銷活動，以吸引人們融入我們的生態系統。

And that, when you look at it, we're looking at the price of that onetime discount relative to the lifetime value of the customer more than pays for itself. So I wouldn't read too much into that.

而且，當您查看它時，我們會發現一次性折扣的價格相對於客戶的終身價值而言是物超所值的。所以我不會對此進行過多的解讀。

In regards to Stanley, Stanley has been on a run for obviously a couple of years now, and I think they have been in a place -- very verified place where they haven't had to take any markdowns and discontinued colors. I think they're starting to have to deal with some colors that are moving out of the assortment moving forward.

就史丹利 (Stanley) 而言，顯然史丹利已經連續運營了好幾年，我認為他們已經達到了一個非常可靠的水平，無需進行任何降價或停產顏色。我認為他們開始必須處理一些正在逐漸從產品系列中消失的顏色。

And so they had a map break on some discontinued colors that we along with, I think, everybody who carried to colors participated in. That's been going on for about a week now. And I think this is just part of a normal course of the evolution of the business that as the business gets bigger and matures, they have to deal with the obsolete colors. And I think that's what you're seeing there.

因此，他們在地圖上劃分了一些停用的顏色，我想我們和所有使用過這些顏色的人都參與其中。這種情況已經持續了大約一週了。我認為這只是業務發展正常過程的一部分，隨著業務規模越來越大、越來越成熟，他們必須處理過時的顏色。我想這就是你所看到的。

Thank you.

謝謝。

Paul Lejuez, Citigroup.

花旗集團的保羅‧勒胡埃斯 (Paul Lejuez)。

Hey guys, This is Kelly on for Paul. Thanks for taking a question. Just want to follow up on the tariff commentary. It sounds like the pull forward of tariffs is accounted for quite a bit of the mitigation this year. So how do we think about the impact of tariffs as we look to F '26? And then I have a follow-up. Thanks.

嘿，大家好，我是凱利，代替保羅。感謝您提出問題。只是想跟進關稅評論。聽起來，今年關稅的提前實施對緩解影響起了相當大的作用。那麼，展望 2026 年，我們又該如何看待關稅的影響呢？然後我有一個後續問題。謝謝。

I'd love to answer that question. I mean this thing changes so rapidly. I feel like we've done a really good job of getting this year mitigated and having a good handle on it. What's going to happen between now and the end of the year I think is anybody's guess. We're not going to speculate on that.

我很樂意回答這個問題。我的意思是這個事情變化太快了。我覺得我們今年在緩解和處理這個問題上做得很好。我認為從現在到年底會發生什麼，誰也說不準。我們不會對此進行推測。

I think the strategies that we're focused on in terms of diversifying our sourcing base, reducing our exposure to China, and candidly, making sure that we don't have too much in any one basket, I think, is -- in any one country's basket, I think, is going to be important moving forward because you never know what the next country that's going to be kind of focused on.

我認為，我們所關注的策略是實現採購基礎多元化，減少對中國的依賴，坦白說，確保我們不會在任何一個國家的籃子裡放太多東西，我認為，在任何一個國家的籃子裡，這在未來都將非常重要，因為你永遠不知道下一個國家會關注什麼。

So I think gone are the days where you can just say, hey, we're going to get out of China and not worry about it. Vietnam had a pretty high reciprocal tariff put on them as well as other countries.

所以我認為，那種你可以直接說『嘿，我們要離開中國』而不用擔心的日子已經一去不復返了。越南對他們以及其他國家徵收了相當高的互惠關稅。

And so I think having a more diversified sourcing base is what our focus is there. As we move forward though into next year, we really believe that leaning into who we are, our value proposition in this space and making sure the value leader, leaning into our growth initiatives in terms of new store growth, leaning into our dot-com opportunities we have, I think all those things make us optimistic about the back half of this year and next year. But I can't tell you what the tariff situation is going to be next year at this time.

因此我認為，擁有更多樣化的採購基礎是我們的重點。隨著我們進入明年，我們真的相信，依靠我們是誰，我們在這個領域的價值主張，確保價值領先，依靠我們在新店增長方面的增長計劃，依靠我們擁有的網絡機會，我認為所有這些都讓我們對今年下半年和明年充滿樂觀。但我現在無法告訴你明年的關稅情況會是如何。

Okay. Got it. And then just want to follow up on the gross margin guidance. So is the current guidance, I guess, is that assuming all merchandise margin improvement driven? And then, I guess, within that pricing assumptions, what sort of ticket increases are you embedding in that guide? Thank you.

好的。知道了。然後只是想跟進毛利率指導。那麼，我猜當前的指導是否假設所有商品的利潤率都提高？然後，我想，在定價假設的範圍內，您會在指南中嵌入什麼樣的票價上漲？謝謝。

I think we'll probably tag team this one. I'll take the first part of that. So our guidance on top line as well as all the way down the P&L kind of models in three different scenarios. The midpoint you can think of as the tariffs that are in place right now on the high end, it's basically every country at 10%, and then on the low end, it's everything that was paused reverts back in July and August upon those expiration dates.

我想我們可能會組隊一起玩這個。我將討論第一部分。因此，我們對收入以及整個損益模型的指導涵蓋三種不同的情況。你可以把中間點想像成目前實施的關稅，高端基本上是每個國家都徵收 10%，低端是所有暫停的商品在 7 月和 8 月到期後恢復徵收。

And so we pulled forward inventory. We feel good about carrying that inventory at pre-tariff pricing. We have no regrets associated with that inventory position. It's going to serve us well throughout.

因此我們提前了庫存。我們很高興能以關稅前的價格持有這些庫存。我們對庫存狀況沒有任何遺憾。它將始終為我們帶來良好的服務。

Yeah, I'd say -- so embedded in this, I mean, I don't think it's all going to translate into price increases. So first, we talked about partnering with our factories. So they're bearing some of the brunt of this. And where we have a national brand partner, in a lot of cases, they're bearing some of the brunt of this, right? We're looking at how we're pricing and approaching this from a pricing offset perspective.

是的，我想說——因此，我的意思是，我認為這一切都不會轉化為價格上漲。首先，我們談談與工廠的合作。因此他們承受了部分衝擊。而當我們有一個國家品牌合作夥伴時，在許多情況下，他們會承受一些衝擊，對嗎？我們正在研究如何定價，並從定價抵銷的角度來解決這個問題。

We've got a pretty sophisticated pricing optimization engine called Revionics. And there's multiple ways to get at AUR increases to offset this. First, through promotional optimization. We're looking at how long we ran promotions last year versus this year and maybe looking at shorter windows. We're looking at the depth of promotions during those windows. Another way to get at it is through markdown optimization.

我們有一個相當複雜的定價優化引擎，稱為 Revionics。並且有多種方法可以增加 AUR 來抵消這種影響。第一，透過促銷優化。我們正在研究去年與今年促銷活動的時間長度，並可能考慮縮短促銷時間。我們正在關注這些窗口期內促銷活動的深度。另一種方法是透過 markdown 來優化。

We take goods and mark them down at the end of their life cycle, leveraging that as a way to maybe gain some AURs. And really so overall pricing increases, ticket increases, is kind of the last resort. And if and when we have to do that, our goal is a couple of things.

我們在商品生命週期結束時對其進行降價，以此來獲得一些 AUR。因此，整體價格上漲、票價上漲確實是最後的手段。如果我們必須這樣做，我們的目標有以下幾點。

First, we know that there are some key price points on our private brands, national brands that really drive traffic, protect those to make sure that the customers aren't seeing price increases there. So if we have to take price increases, it would be on ancillary categories that are less obvious to the consumer.

首先，我們知道我們的自有品牌、真正推動流量的全國性品牌有一些關鍵的價格點，保護這些品牌以確保客戶不會看到價格上漲。因此，如果我們必須提高價格，那麼我們將提高那些對消費者來說不太明顯的輔助類別的價格。

I think one of the examples we use in the last call was if a bike is kind of the razor, the razor blade might be the bike seat, the bike pump or the bike lock, can we take some pricing up on some of the ancillary categories around it so it was obvious for the customer, and they still can find a great price on that key item they're coming in for.

我認為我們在上次通話中使用的一個例子是，如果自行車是剃須刀，那麼剃須刀片可能是自行車座椅、自行車打氣筒或自行車鎖，我們是否可以對周圍的一些輔助類別進行一些定價，以便客戶能夠一目了然，他們仍然可以以優惠的價格購買他們想要購買的關鍵商品。

And you can take that same example and spread it across grills and fitness equipment and all those other big type of things as well. So I think it's a combination of ways that we're getting at mitigating this and how we're getting at price increases with kind of the last resort being physically raising prices.

您也可以採用相同的例子並將其擴展到烤架、健身器材以及所有其他大型物品。所以我認為，我們要採取多種方法來緩解這種情況，並提高價格，最後的手段就是實際提高價格。

Got it. And if I could just squeeze in one more. Could you just tell us what the April comp was at the Easter shift?

知道了。如果我能再擠進一個就好了。您能告訴我們復活節班次四月份的薪水是多少嗎？

We don't have that broken out. I can tell you it was mid to low single digits in total.

我們還沒有發生這樣的事情。我可以告訴你，總數是中低個位數。

Mid to low single digits in the total --

總數中低個位數--

In comp.

在公司中

For April, including the Easter shift?

四月份，含復活節輪班？

Yes. I mean, Easter was in the month of April this year, correct?

是的。我的意思是，今年的復活節是在四月，對嗎？

Okay. I'll follow up later. Thanks.

好的。我稍後會跟進。謝謝。

Robert Ohmes, Bank of America.

美國銀行的羅伯特‧奧姆斯 (Robert Ohmes)。

Hey, good morning guys, thanks for taking my question. Really just two, one quick one and maybe the other one might be quick as well. Just the softness in basketball and golf that you called out, was that all weather? Or was there anything else there?

嘿，大家早安，感謝你們回答我的問題。其實只有兩個，一個很快，另一個可能也很快。您剛才提到的籃球和高爾夫的柔和度，都是天氣原因嗎？或者那裡還有別的東西嗎？

And then my other question is I know it's early days, but would love to get initial thoughts on the DICK'S Foot Locker merger. And if that might create some opportunities for you or how you guys are thinking about that competitively, but I would love to get your thoughts on that.

然後我的另一個問題是，我知道現在還為時過早，但我很想了解對 DICK'S Foot Locker 合併的初步想法。如果這能為你們創造一些機會，或者你們如何看待競爭，我很想聽聽你們對此的看法。

Yeah. The first question, I would say, you're right. It was probably more weather-related than anything. In terms of the DICK's Foot Locker merger listen, DICK's is a great company. They're great competitors of ours. We're not going to comment on the rationale for their strategy or what they're doing. We're more focused on what we think our opportunities are.

是的。關於第一個問題，我想說，你是對的。這可能更多地與天氣有關。就 DICK's Foot Locker 合併而言，DICK's 是一家很棒的公司。他們是我們強大的競爭對手。我們不會評論他們的戰略理由或他們所做的事情。我們更加關注我們認為的機會。

And as we look at this year, we're excited about the trade down we're seeing in higher-end traffic. We're excited about the performance of the new stores. We're excited about the growth we're seeing in our dot-com business.

回顧今年，我們對高端流量的下降感到興奮。我們對新店的表現感到非常興奮。我們對我們的網路業務的成長感到非常興奮。

And we really see an opportunity the remainder of this year in executing our strategy. We're a full-line sports and outdoor retailer and are pretty different than a lot of our competition. We focus on not only sporting goods as well as shoes and apparel. We have a big outdoor business that really resonates with our consumer.

我們確實看到了今年剩餘時間執行我們策略的機會。我們是一家全系列運動和戶外產品零售商，與許多競爭對手有很大不同。我們不僅關注體育用品，還關注鞋子和服裝。我們的戶外業務規模龐大，確實引起了消費者的共鳴。

We also, I think, attract a slightly different customer, younger family that's really again and starting out their journey through sport. And so we're going to focus on serving our customers and executing our strategy. And I'm sure they're going to focus on theirs and be very successful executing what they're doing.

我認為，我們也吸引了一些略有不同的客戶，即年輕的家庭，他們剛開始透過運動踏上旅程。因此，我們將專注於服務客戶和執行我們的策略。我相信他們會專注於自己的工作，並且會非常成功地完成他們正在做的事情。

Sounds great. Thank you.

聽起來很棒。謝謝。

Thanks.

謝謝。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

Hi, this is Emily Ghosh on for Kate. We were wondering, is your tariff outlook incorporating any elasticity impact from you raising prices? And then how does your outlook take into account the overall health of the consumer in a higher-priced environment? Thank you.

大家好，我是 Emily Ghosh，為妳播報 Kate 的故事。我們想知道，您的關稅前景是否考慮了您提高價格所帶來的彈性影響？那麼，您的展望如何考慮到高價環境下消費者的整體健康狀況？謝謝。

Yeah, I'm sure Carl and I will tag team this. I would first say that if -- in a world where prices are going up, we use our pricing tool to measure elasticity. So certainly, I think there's some assumption that if AURs go up, there is some erosion in unit demand.

是的，我相信卡爾和我會合作完成這個任務。首先我想說的是，如果──在一個價格上漲的世界裡，我們使用定價工具來衡量彈性。因此，我當然認為，如果 AUR 上升，單位需求就會受到一定程度的侵蝕。

And so one of the things Carl talked about in his prepared remarks was getting out in front of and canceling some receipts, some of that to cover the inventory pull forward that we did, but some of it give us some dry powder so that we can react to what's happening in the marketplace maybe to take advantage of off-price opportunities.

因此，卡爾在準備好的發言中談到的一件事就是提前取消一些收據，其中一些是為了彌補我們所做的庫存提前拉動，但其中一些給我們一些乾粉，以便我們能夠對市場正在發生的事情做出反應，也許可以利用折扣機會。

I would say, second, though, in terms of how does this impact the consumer and what is the health of the consumer. I think the consumer is a little skittish right now and I think we've seen that in choppy traffic. But as we think about the remainder of this year and you think about a world where inflation is probably realistic to think about, you break it down between discretionary and nondiscretionary spend. From a nondiscretionary spend perspective, you've got food. About 85% of what Americans eat is produced here.

其次，我想說的是，這會對消費者產生什麼影響，以及消費者的健康狀況如何。我認為消費者現在有點緊張，我想我們在交通不暢時已經看到了這一點。但是，當我們考慮今年剩餘的時間，並考慮通貨膨脹可能成為現實的世界時，我們將其分為可自由支配的支出和非可自由支配的支出。從非自由支配支出的角度來看，你得到的是食物。大約85%的美國人吃的食物都是這裡生產的。

And so we think that, that part of nondiscretionary is going to be somewhat insulated from tariffs. I mean, obviously, I saw some articles yesterday about like price of steel impacting canned food. But we think that food prices should feel -- not feel as big a brunt as the rest of kind of merchandise -- general merchandise in American fields.

因此我們認為，非自由支配的部分將在某種程度上不受關稅的影響。我的意思是，顯然，我昨天看到了一些關於鋼鐵價格影響罐頭的文章。但我們認為，食品價格受到的衝擊不會像美國其他商品（一般商品）那麼大。

On gas front, you've got the industry very -- I'm sorry, the administration very focused on holding down pricing there. So I think on the nondiscretionary spend, I think the customer is going to be okay. So what that puts you in a place of is on the discretionary side, the customer is going to really hopefully have the same amount of money but want to maximize their spending power.

在天然氣方面，該行業非常——對不起，政府非常注重控制天然氣價格。因此，我認為對於非自由支配的支出，客戶是不會介意的。因此，從可自由支配的角度來說，客戶確實希望擁有相同數量的錢，但希望最大限度地提高他們的消費能力。

And we think when they do that, they're going to trade into value. And we think that by remaining true to who we are, being the value provider in our space, we think we're going to benefit from that and have more people trade into Academy. And so that's really how we're thinking about the health of the customer and how this all plays out for the remainder of the year.

我們認為，當他們這樣做時，他們的交易就會變得有價值。我們認為，透過堅持我們的本性，成為我們領域的價值提供者，我們認為我們將從中受益，並吸引更多人加入學院。這就是我們真正考慮客戶健康狀況以及今年剩餘時間的走勢的方式。

Thank you.

謝謝。

Thank you.

謝謝。

Greg Melich, Evercore ISI.

格雷格·梅利奇（Greg Melich），Evercore ISI。

Hi, I had a question really on margins in sort of two parts. First, on the gross margin, I just want to make sure I get the cadence right here. With the up 60 in the first quarter and I think the midpoint of your guide being up 25 bps or something, with that inventory that you bought, does that give you one, two or three quarters before we'd start to see some of the -- you basically get through that inventory and then we could see some pressure in gross margin offsetting the benefits from mix?

你好，我有一個關於利潤的問題，分成兩個部分。首先，關於毛利率，我只想確保我的節奏正確。第一季上漲了 60%，我認為您的指導中點上漲了 25 個基點左右，考慮到您購買的庫存，我們是否需要一、二或三個季度才能開始看到一些 - 您基本上用完了這些庫存，然後我們可以看到毛利率受到一些壓力，抵消了組合帶來的好處？

Yeah. I think the $85 million that we pulled forward was in very strategic categories. I think we think that, that's going to get us to the other side of July and August expirations. I think at that point, look, we're going to have to see what the administration does associated with it. But we feel good about holding onto the value proposition through all of this. I really want to underscore that is what's driving these upper quintile customers to us.

是的。我認為我們提前撥付的 8500 萬美元屬於非常具有戰略意義的類別。我認為我們認為這將使我們到達七月和八月到期的另一邊。我認為，到那時，我們將必須看看政府將採取什麼相關措施。但我們很高興能夠透過這一切堅持價值主張。我真正想強調的是，這就是吸引這些上五分之一客戶選擇我們的原因。

But just to be clear, the character of this merchandise that we pulled in, we described it as evergreen. It is things that, by definition, don't have a markdown liability generally associated with them. Bikes don't go obsolete. Free weights don't go obsolete. Fitness equipment generally doesn't go obsolete. So it's a pull forward of goods that we would have received in the back half of this year, it's on product that is not seasonal in nature and it's at prices that are pre-tariff.

但需要明確的是，我們引入的這種商品的特性，我們將其描述為常青的。從定義上來說，這些東西通常不具有降價責任。自行車不會過時。自由重量不會過時。健身器材一般不會過時。因此，這是我們在今年下半年收到的商品的提前到來，這些商品本質上不是季節性的，而且價格是關稅前的價格。

So it should allow us to maintain and hold our value proposition as we go into the third and even fourth quarter in some cases for some of these categories. So I don't think you have to worry about this inventory having some sort of a markdown or margin impact down the road. It will not and should not.

因此，在某些情況下，當我們進入第三季甚至第四季時，它應該使我們能夠維持和維持我們的價值主張。因此，我認為您不必擔心這些庫存將來會對價格下降或利潤產生影響。這不會也不應該。

Got it. That's very helpful. And then on SG&A, I just want to make sure I got it right. The $7 million on the Jordan launch, is that the portion of the pressure in 1Q that we can just assume that goes away going forward? And that -- but the other things, the new stores and the other investments sort of stick around?

知道了。這非常有幫助。然後關於銷售、一般和行政費用 (SG&A)，我只是想確保我做對了。喬丹鞋的發布會花費了 700 萬美元，這是我們第一季面臨的壓力的一部分，我們可以假設這些壓力在未來會消失嗎？那麼——但是其他的事情，新店和其他投資會保留嗎？

Yeah, absolutely. It was $7.5 million, the precise amount that hit Q1. You should not think about that as impacting Q2 and later. If you look at the composition of the $36 million in gross, about $20 million of it was new stores. We've got 19 new stores Q1 compared to Q1. We talked about the $7.5 million, which is really just centric to Q1 and launching something that we're very proud of associated with the Jordan and the Nike expansion.

是的，絕對是如此。這筆金額為 750 萬美元，與第一季的金額完全一致。您不應該認為這會影響第二季及以後的情況。如果你看一下 3600 萬美元總收入的組成，其中約 2000 萬美元是新店收入。與第一季相比，我們第一季新增了 19 家門市。我們談到了 750 萬美元，這筆錢實際上只是第一季的核心，用於推出一些與喬丹和耐吉擴張相關的讓我們感到非常自豪的產品。

And then there was a little bit of technology costs. We quoted supply chain. We quoted omni. But it's also some like customer -- some of the solutions that we're using to help us identify that customer and target them better. I think the first and the third ones of those, you should expect to continue.

然後還有一點技術成本。我們引用了供應鏈。我們引用了 omni。但它也像客戶一樣——我們正在使用一些解決方案來幫助我們識別客戶並更好地定位他們。我認為其中的第一個和第三個，你應該期待繼續下去。

The guidance that we put out there still contemplates 100 basis points of deleverage for the year. And I think what you guys have seen from us over the last couple of years is we manage inventory well and we manage costs pretty well.

我們發布的指導意見仍考慮今年實現 100 個基點的去槓桿。我想大家在過去幾年看到的是，我們管理庫存很好，成本管理也很好。

But we're proud of the fact that we're investing in these initiatives, these things that we've told you that we were going to stand for. So where you can look for us to continue to invest and where all of that deleverage will come from is the strategies that are embedded within our long-range plan.

但我們很自豪，我們正在投資這些舉措，這些我們告訴你們我們要支持的事情。因此，您可以看到我們將繼續投資，而所有去槓桿的來源都是我們長期計劃中所包含的策略。

That's great. Thanks and good luck, guys.

那太棒了。謝謝大家，祝你們好運。

Thanks appreciate it.

謝謝讚賞。

John Heinbockel, Guggenheim Partners.

古根漢合夥公司的約翰·海因博克爾。

Hey Steve, why don't I start with I think you've got, right now, I think, 80 or 90, Jordan item SKUs, something like that. Where do you think that ultimately shakes out? You had cleats and maybe some other categories. Is it 2x that, and that's where it stays and then you freshen it up? And then the other part of that was when you think about the comp lift, do you think having Jordan drives traffic that benefits other categories? Or that's hard to tell?

嘿，史蒂夫，我先說一下，我認為你現在有 80 或 90 個喬丹商品 SKU，諸如此類。您認為最終結果會如何？您有防滑釘鞋，也許還有其他一些類別。它是 2 倍嗎？它就保留在那裡，然後您再刷新它嗎？另一部分是，當您考慮銷售額的提升時，您是否認為喬丹帶來的流量有利於其他類別？或者說很難說？

So I'll start with the first part. So we expect the assortment to continue to grow as we go through this year and into next year. I don't have off the top of my head a number that it's going to be 2x or whatever the current size is.

所以我將從第一部分開始。因此，我們預計今年和明年的品種將繼續增加。我還不知道它會是目前大小的 2 倍還是其他什麼數字。

You're going to see -- I think we said in the prepared remarks, as we gain in new categories like football cleats, backpacks things like that for back-to-school, you're going to see those expand beyond the 145 doors that the core assortments.

您將會看到——我想我們在準備好的發言中說過，隨著我們獲得新的類別，如足球鞋、背包等返校用品，您將看到這些產品的範圍超出了核心分類的 145 個門類。

But obviously, we will continue to grow. I think the footwear assortment has already more than doubled since we launched. And you'll see that continue to grow. You'll see the apparel continue to grow. And I think you'll see it extend into new categories.

但顯然，我們將繼續成長。我認為自從我們推出以來，鞋類品種已經增加了一倍以上。你會看到它繼續增長。您會看到服裝繼續增長。我認為你會看到它擴展到新的類別。

And we think this is not just a once and done. We expect that to continue into next year. I think the Jordan Brand is going to offer us a growth platform for several years to come candidly as we expand in more categories and into more stores in the next year.

我們認為這不僅僅是一次性的事情。我們預計這種情況將持續到明年。坦白說，我認為隨著我們明年拓展更多類別並開設更多商店，喬丹品牌將在未來幾年為我們提供一個成長平台。

I do believe that it helps bring in a different customer for us. I mean, we certainly picked it up because it was the number one most requested brand on our site that we didn't have access to. So there was some internal searches for it, and that was probably customers who are shopping and certainly had to go other places to find it.

我確實相信它有助於為我們帶來不同的客戶。我的意思是，我們當然會選擇它，因為它是我們網站上訪問量最大的品牌，而我們卻無法訪問它。因此對其進行了一些內部搜索，這可能是因為顧客正在購物，他們肯定必須去其他地方才能找到它。

But from looking at the traffic data that we're getting through place, we believe it's bringing in an incremental new customer. And we think that's evidenced by that acceleration and kind of trade across what we're seeing at the higher-end consumers.

但從我們獲得的客流量數據來看，我們相信它正在帶來越來越多的新客戶。我們認為，高端消費者的加速成長和貿易成長就是明證。

We're seeing more new consumers who didn't shop with us before making north of $100,000 a year finding us and bringing their dollars to spend with us. And we think a chunk of that is because of Jordan.

我們看到越來越多的新消費者找到我們並帶著他們的錢來我們這裡消費，他們以前沒有在我們這裡購物，而現在他們的年收入已經超過 10 萬美元。我們認為這很大程度上要歸功於喬丹。

And just secondly, how do you think about -- I know seasonally you want to be careful with the receipts. How do you think about chasing in the back half of the year and the ability to do that? Or you just -- the prudent thing is to leave some sales on the table if you have to?

其次，您如何看待——我知道從季節角度來說，您需要小心處理收據。您如何看待下半年的追逐以及實現這一目標的能力？或者你只是——如果必須的話，謹慎的做法是放棄一些銷售？

I think we have done a good job. The merchants have done a really good job of keeping our powder dry and maintaining liquidity. So if we see a trend happen and there's inventory available and we think it's at the right price, we will definitely chase it if we think it's going to convert into sales. We're not going to -- I think one of the things that Carl said earlier that I would agree with is I think inventory management is probably one of the strong suits of the Academy over the past five or six years.

我認為我們做得很好。商家在確保我們的資金安全以及維持流動性方面做得非常出色。因此，如果我們看到某種趨勢發生，並且有庫存，而且我們認為價格合適，那麼如果我們認為它會轉化為銷售，我們肯定會追逐它。我們不會——我認為卡爾之前說過的我同意的一點是，庫存管理可能是學院過去五、六年來的強項之一。

And so we're going to be good stewards of the inventory, but we're not going to be so focused on that we ignore opportunities. I mean, I think a great example of that is what we did in Q1. Normally, we would not have inventory up almost 15% in dollars, 6.5% units per store.

因此，我們要妥善管理庫存，但我們不會過度關注而忽視機會。我的意思是，我認為我們在第一季所做的事情就是一個很好的例子。通常情況下，我們的庫存不會增加近 15%（以美元計算），每家商店的庫存不會增加 6.5%。

But we saw an opportunity to leverage our balance sheet to grab some good inventory that didn't have a markdown liability attached to it at pre-tariff prices and we took it. I think you're going to see us continue that kind of mindset as it progress throughout the remainder of the year.

但我們看到了利用資產負債表來獲得一些優質庫存的機會，這些庫存在關稅前的價格下沒有附帶降價責任，我們抓住了這個機會。我想你會看到我們在今年剩餘的時間裡繼續保持這種心態。

Yeah. I haven't gotten any overt questions on inventory, so I kind of want to double-click on that just a little bit. Inventory up 15% on the face of the balance sheet, that's $200 million. If you look at it on a per store standpoint, plus 7.8%, that $85 million pull forward which I'm proud of, like I think the merchants did a great job of identifying domestic products and not paying 10% to 30% more for this in the back half of the year. If you back that out, cost per store is up like 2%.

是的。我還沒有收到任何關於庫存的明確問題，所以我想稍微重複一下這個問題。資產負債表上的庫存增加了 15%，即 2 億美元。如果從每家商店的角度來看，再加上 7.8%，那麼 8500 萬美元的銷售額就讓我感到自豪，因為我認為商家在識別國貨方面做得很好，沒有在下半年為此多支付 10% 到 30% 的費用。如果你推翻這個假設，每家商店的成本將上漲約 2%。

And then I do want to highlight tariffs in an effect on February 4, I think that's a was when the first announcement was. We've got about $30 million embedded within that inventory on the balance sheet. That's a year over year growth over last year.

然後我確實想強調一下 2 月 4 日關稅的影響，我想那是第一次宣布這一消息。我們的資產負債表上顯示該庫存中嵌入了約 3000 萬美元。與去年相比，這是一個同比增長。

If you adjust for those two things, I think our inventory is tracking down negative 0.5%, which is pretty -- per store with where we are from an overall sales perspective at down 0.9%. So I'm proud of the team for inventory management, and I think it's going to be an asset, a strength for ours during the balance of this year.

如果根據這兩點進行調整，我認為我們的庫存將下降 0.5%，這與每家商店的整體銷售下降 0.9% 的情況相當。因此，我為庫存管理團隊感到自豪，我認為這將成為我們今年的財富和優勢。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good morning. Thank you so much for taking my question. So quarter-to-date, the comp, negative. Yet Jordan has outperformed what you would expected it to be. Does this suggest that assortment excluding Jordan has actually gotten a little bit worse such that Jordan may not be as incremental as anticipated?

早安.非常感謝您回答我的問題。因此本季迄今為止，業績表現為負面。然而喬丹的表現已經超出了你的預期。這是否意味著，喬丹以外的品種實際上已經變得有點糟糕，以至於喬丹可能不會像預期的那樣增加？

And does this not beg the question of if the second quarter is negative despite the Jordan launch, what will it take for Academy to now produce a positive comp? And then I have a follow-up.

這是否引出了一個問題：如果儘管推出了 Jordan 產品，第二季的業績仍為負數，那麼 Academy 需要做些什麼才能實現正成長？然後我有一個後續問題。

Yeah. So no, I don't think it implies some weakness in the overall assortment. Certainly, Jordan is a lift for us, but it's only in half the doors at this point. And it's not dramatically moving the needle yet. I think the Nike expansion that we put out there is right now driving a bigger comp increase for us because it's just a bigger vendor for us.

是的。所以，我不認為這意味著整體產品系列存在一些弱點。毫無疑問，喬丹對我們來說是一個鼓舞，但目前為止，只有一半的人對此有所了解。但目前為止，情況還沒有顯著變化。我認為，我們推出的耐吉擴張計畫目前正在為我們帶來更大的收益成長，因為它對我們來說是一個更大的供應商。

I think some of the softness we saw in the first quarter in terms of episodic shopping and the customer kind of contracting back when there's not a reason to spend, I think continues into Q2. And I think that's going to continue all the way throughout the remainder of this year, and we planned that in. I think some of the categories we called out that were soft, particularly ammo, that was soft in the first quarter continued into Q2.

我認為，我們在第一季看到的偶發性購物和顧客在沒有理由消費時減少消費的現象會持續到第二季​​。我認為這種情況將在今年剩餘時間持續下去，我們也計劃這麼做。我認為，我們提到的一些疲軟類別，特別是彈藥，在第一季的疲軟持續到了第二季。

I think what moves us to positive comps throughout this year is leaning into the strategies that we've articulated. And I think we're also, as we get in later into this quarter, up against some pretty big slowdown from last year post Father's Day where we were bringing in a new warehouse management system that impact our ability to fulfil a chunk of our stores down in the Atlanta area, a couple with some storms.

我認為，促使我們今年取得積極業績的因素是依靠我們所闡明的策略。而且我認為，隨著本季的後期，我們還會面臨比去年父親節後更大的放緩，當時我們引入了一個新的倉庫管理系統，這影響了我們在亞特蘭大地區部分門市的配送能力，其中還受到了一些風暴的影響。

So I think we're still optimistic about the remainder of the quarter and don't feel like there's some underlying softness there that we haven't accounted for in our forecasts and projections.

因此，我認為我們仍然對本季剩餘時間持樂觀態度，並且不認為存在一些我們在預測和預期中未考慮到的潛在疲軟因素。

Okay. My follow-up question is Academy is now looking at a broader sporting goods retail landscape, where not only is there a potential combination of two of its larger competitors, but also a key vendor that is rapidly growing its wholesale distribution footprint again across the online-only players as well as some entry price point players.

好的。我的後續問題是，Academy 目前正在關注更廣泛的體育用品零售領域，其中不僅有兩個較大的競爭對手的潛在組合，而且還有一個關鍵供應商，該供應商正在迅速擴大其在純在線參與者以及一些入門級價格點參與者中的批發分銷足跡。

Does this not suggest that Academy should proactively lower its margins to drive sales before the market forces it to do so as a result of increased competition over time? Thank you very much.

這是否意味著 Academy 應該在市場因競爭加劇而被迫降低利潤率之前，主動降低利潤率來推動銷售？非常感謝。

Well, I mean it's -- you're kind of bailing your question there. But I mean, I guess what I would say is the combination of two competitors that already existed in the marketplace I don't think changes the dynamic that much for us. I mean, Michael, I said this earlier. We're more broad-based than just footwear and apparel. We sell certainly footwear and apparel as a chunk of our business, but big outdoor business, hunting, fishing, camping.

嗯，我的意思是——你正在試圖提出你的問題。但我的意思是，我想說的是，市場上已經存在的兩個競爭對手的結合，我認為不會為我們帶來太大的改變。我的意思是，邁克爾，我之前就說過這件事。我們的業務範圍不僅限於鞋類和服裝。我們的業務主要包括銷售鞋類和服裝，但我們的戶外業務也很大，包括狩獵、釣魚和露營。

We do a big recreation business, backyard, grilling, et cetera, that I think puts us in a pretty unique space in the marketplace in terms of the breadth of our assortment. And we're going to continue to lean into those things that we're good at and make us different and set us apart.

我們經營大型休閒業務，包括後院、燒烤等，我認為，就產品種類的廣度而言，這使我們在市場上佔據了相當獨特的地位。我們將繼續專注於我們擅長的事情，讓我們與眾不同、脫穎而出。

At the same time, I think we already do offer a really good value relative to, I think, both competitors you mentioned. And we're not going to lose sight of that. We're going to continue to maintain our value and our value positioning in the space to make sure that any kind of pricing increases that creep their way into the marketplace that we're still very focused on maintaining our relative value to competition. So I don't see this changing the dynamic that much for us.

同時，我認為我們已經提供了相對於您提到的兩個競爭對手而言非常好的價值。我們不會忽視這一點。我們將繼續保持我們在該領域的價值和價值定位，以確保任何類型的價格上漲都會悄悄進入市場，我們仍然非常注重保持我們相對於競爭對手的價值。所以我認為這不會為我們帶來太大的改變。

We're off mall. A lot of the stores we're talking about are on mall. So we're attacking a different customer. We're in more midsized markets outside of Texas versus large markets. So I think there's plenty of room for both to coexist.

我們離開商場了。我們談論的很多商店都在購物中心裡。所以我們正在攻擊不同的客戶。與大型市場相比，我們在德克薩斯州以外的中型市場更多。所以我認為兩者有足夠的共存空間。

And at the heart of your question, if we thought lowering margins would drive more market share and more top line sales on the whole margin dollars, we'd certainly look at that. We haven't seen anything to indicate that, that would actually play out yet.

而你問題的核心是，如果我們認為降低利潤率會帶來更多的市場份額和更多的整體利潤銷售額，我們肯定會考慮這一點。我們還沒有看到任何跡象表明這種情況會真正發生。

Understood. Good luck the rest of the second quarter. Thank you very much.

明白了。祝第二季剩餘時間一切順利。非常感謝。

Thanks, Michael. I think we got time for one more question.

謝謝，麥可。我想我們還有時間再問一個問題。

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴（Anthony Chukumba），Loop 資本市場。

Thanks for squeezing me in. I appreciate it. So you talked about the strength in higher income cohorts, which is certainly encouraging. How would you characterize the traffic with more of your -- kind of your core customer? Because I'm just thinking that if you had strong growth with the higher income customers and you sort of net out at mid-single digits for traffic decline, I'm just trying to see what that implies for your lower income customers. Thanks.

謝謝你把我擠進來。我很感激。所以您談到了高收入群體的實力，這當然是令人鼓舞的。您如何描述您的核心客戶的流量？因為我只是在想，如果你的高收入客戶實現了強勁增長，而你的流量下降幅度卻達到了中等個位數，我只是想知道這對你的低收入客戶意味著什麼。謝謝。

Yeah. I mean we look at it the same way that what you're asking. So basically, a third of our customers are in quintiles four and five. They're growing. A third of our customers are in quintiles one and two, so basically households that make less than $50,000. They're shrinking. But the growth in Q4 and five is outpacing the shrinking in quintiles one and two.

是的。我的意思是我們以和你問的一樣的方式看待它。因此基本上，我們的三分之一的客戶處於第四和第五個五分位數。它們正在成長。我們的三分之一的客戶屬於第一五分位數和第二五分位數，基本上是家庭收入低於 50,000 美元的家庭。它們正在縮小。但第四季和第五季的成長速度超過了第一和第二個五分之一的萎縮速度。

And then a third makes about $50,000 to $100,000, which is kind of our sweet spot, our core. We saw that quintile three, what you call the core customer or those that make $50,000 to $100,000 inflect positive in April.

第三個收入約為 5 萬至 10 萬美元，這是我們的最佳收入點，也是我們的核心。我們看到，第三組（即所謂的核心客戶或收入在 50,000 美元至 100,000 美元之間的客戶）的收入在 4 月份出現了正增長。

I think we're going to continue to see quintiles four and five growing at an outpaced rate to what we're losing at below $50,000. And I think making sure that we have initiatives that are in our base markets that attract those $50,000 to $100,000 customers to us or to shop more frequently is really important.

我認為，我們將繼續看到第四和第五個五分位數的成長速度超過我們在 50,000 美元以下的損失。我認為，確保我們在基礎市場採取舉措，吸引那些價值 5 萬至 10 萬美元的顧客光顧或讓他們更頻繁地購物，這一點非常重要。

I think the stuff that we're doing with customer and customer targeting, we've come a long way there. I think e-commerce lifts all boats. I'm really excited about kind of these technology rollouts that we're doing in stores.

我認為我們在客戶和客戶定位方面所做的事情已經取得了長足的進步。我認為電子商務能為所有人帶來好處。我對我們在商店中推出的這些技術感到非常興奮。

We're seeing a lot of lift associated with the sale to sale kind of associate handheld device and RFID things that we're doing, and then Jordan. I think these are things that kind of are in that $50,000 to $100,000. And I think that's -- if we get three of those quintiles, I think that's a really good outcome.

我們看到，我們正在進行的銷售與銷售類手持設備和 RFID 產品相關的提升非常顯著，喬丹也是如此。我認為這些東西的價值都在 5 萬到 10 萬美元之間。我認為——如果我們能達到這五分之一的水平，那將是一個非常好的結果。

Got it. That's helpful. And then just one quick follow-up. So you mentioned -- and I just wanted to kind of clarification. We're opening 20 to 25 stores this year. And I'm just trying to think about what's the reasonable expectation for next year, particularly given your commentary on potentially kind of moving back store openings because of potential tariff impact.

知道了。這很有幫助。然後只需快速跟進一次。所以你提到了——我只是想澄清一下。我們今年將開設 20 至 25 家商店。我只是在思考明年的合理預期是什麼，特別是考慮到您關於由於潛在的關稅影響而可能推遲開店時間的評論。

Yeah. So what we're trying to signal there is we're not giving guidance for next year. But if you go back and look at our original long-range plan, I mean, there was an acceleration from year to year. I will tell you this year, I think we scaled that number back. I think we're supposed to be 30 to 35, and we're like 20 to 25.

是的。因此，我們試圖表明的是，我們不會提供明年的指導。但如果你回顧我們最初的長期計劃，你會發現，我們的進度逐年加快。今年我會告訴你，我想我們縮減了這個數字。我認為我們應該是 30 到 35 歲，但我們是 20 到 25 歲。

So I think you could imply probably something accelerating based off what we're thinking about this year. But right now, what we've done is just hit pause on signing a lot of new leases until we can get a beat on what the construction costs are going to be. At this point, we would see what we initially would open up in Q1 moving into Q2. So we'll give you more details on that as we get more color on it.

因此，我認為根據我們對今年的思考，您可能會暗示某些事情正在加速。但目前，我們所做的只是暫停簽署大量新租約，直到我們能夠確定建造成本。此時，我們將看到我們最初在第一季開放的內容將進入第二季。因此，當我們對此有更多了解時，我們會向您提供更多詳細資訊。

But I don't see a change in the overall number for next year. I think it's just maybe shifting a little bit more out of Q1 into Q2. And as you know, we try to move more up in the front part of the year. So we just wanted to signal that, that may be a little more Q2 weighted make sure that we'd hope for, just based off of trying to make sure we get a good view on what's happening from a costing for those stores.

但我認為明年的總體數字不會改變。我認為它可能只是從第一季稍微轉移到第二季。如你所知，我們試圖在今年上半年取得更多進展。因此，我們只是想表明，這可能會對第二季產生更大的影響，以確保我們所希望的，只是基於試圖確保我們從這些商店的成本核算中很好地了解正在發生的事情。

Got it. Thank you.

知道了。謝謝。

Thank you.

謝謝。

Thank you. Ladies and gentlemen, that concludes our time allowed for questions. I'll turn the floor back to Mr. Lawrence for any final comments.

謝謝。女士們、先生們，我們的提問時間到此結束。我將把發言權交還給勞倫斯先生，請他發表最後的評論。

Thanks. As I always do, I want to sincerely thank our 22,000-plus Academy team members who tirelessly work to give our customers an outstanding shopping experience. I also want to thank our analysts, investors and vendors for listening to our call today.

謝謝。一如既往，我要真誠感謝我們 22,000 多名學院團隊成員，他們孜孜不倦地努力為我們的客戶提供卓越的購物體驗。我還要感謝我們的分析師、投資者和供應商今天聆聽我們的電話會議。

Despite the uncertainty we all face, we feel very confident in our strategy and believe that we're well positioned to not only meet the current challenges, but come out of this year better position than ever to serve our customers and deliver long-term growth.

儘管我們都面臨著不確定性，但我們對我們的策略非常有信心，並相信我們不僅有能力應對當前的挑戰，而且今年我們將比以往任何時候都更有能力為客戶服務並實現長期成長。

I want to leave you by reiterating a few proof points that give us confidence that our strategies are starting to take hold. First, all the work we put in has helped our e-commerce business run a 10% increase during Q1. Second, the 2022 and 2023 vintages of stores continue to comp positive.

最後，我想重申幾個證據點，這些證據點讓我們相信我們的策略正在開始發揮作用。首先，我們所做的一切工作幫助我們的電子商務業務在第一季實現了 10% 的成長。其次，2022 年和 2023 年各商店的銷售額持續保持正成長。

Third, we're gaining market share in the face of a challenged consumer environment driven by an acceleration in customer traffic and consumers whose households make $100,000 and greater. And fourth, our Jordan Brand launch and Nike expansion plans are just starting to bear fruit and should provide a tailwind in the remainder of the year. Thanks for joining us today, and have a great rest here.

第三，由於客戶流量加速成長以及家庭收入 10 萬美元及以上的消費者不斷增加，我們的消費環境面臨挑戰，但我們的市場份額仍在不斷擴大。第四，我們的喬丹品牌發布和耐吉擴張計畫剛開始取得成果，並將在今年剩餘時間內帶來順風。感謝您今天加入我們，祝您在這裡好好休息。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。