Academy Sports and Outdoors Inc (ASO) 2025 Q2 法說會逐字稿

Good morning, and welcome to Academy Sports and Outdoors second-quarter fiscal 2025 results conference call. The call is being recorded. (Operator Instructions)

早安，歡迎參加 Academy Sports and Outdoors 2025 財年第二季業績電話會議。通話正在錄音。（操作員指示）

I would now like to turn the call over to Dan Aldridge, Vice President of Investor Relations for Academy Sports and Outdoors. Thank you. You may begin.

現在，我想將電話轉給 Academy Sports and Outdoors 投資者關係副總裁 Dan Aldridge。謝謝。你可以開始了。

Good morning, everyone, and thank you for joining the Academy Sports and Outdoor second 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 Outdoor 2025 年第二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. Today's remarks also refer to certain non-GAAP financial measures.

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陳述的義務。今天的言論也涉及某些非公認會計準則財務指標。

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 second quarter of fiscal 2025, provide an update on strategic initiatives, discuss outlook for the year and share updated guidance for the full year fiscal 2025. After we conclude prepared remarks, there will be time for questions. With that, I'll turn the call over to CEO, Steve Lawrence.

今天的收益報告包含與最具可比性的 GAAP 指標的對賬，可在 investors.academy.com 上取得。今天上午，我們將回顧 2025 財年第二季度的財務業績，提供戰略舉措的最新信息，討論年度展望，並分享 2025 財年全年的最新指引。在我們結束準備好的發言後，將有時間回答問題。說完這些，我將把電話轉給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 addressing the historic flooding event that happened in early July in the Texas Hill Country. While none of our team members or stores were immediately impacted, pretty much everyone who works for us personally knows was connected to someone who was impacted or whose children attending camps in this area.

謝謝，丹，各位電話裡的各位早安。首先我想談談七月初發生在德州丘陵地區的歷史性洪水事件。雖然我們的團隊成員或商店都沒有受到立即影響，但幾乎每個為我們工作的人都認識與受影響的人或其孩子在該地區參加夏令營的人有聯繫。

One of the things I'm most proud of working for Academy is how we show up for our team members and customers in times of need. In response to this disaster, the team quickly reacted with donations of water, sleeping bags, and other supplies to help support first responders as well as families that were displayed during the slides.

在學院工作，我最自豪的事情之一就是我們如何在團隊成員和客戶需要的時候伸出援手。為了應對這場災難，團隊迅速做出反應，捐贈了水、睡袋和其他物資，以幫助支持第一批救援人員以及在滑坡期間遇到的家庭。

We also made a donation to the Kirk County flood relief fund to help with recovery efforts. We're staying close to the situation in the local community and continue to offer aid and assistance as the long rebuilding process continues.

我們也向柯克縣洪水救災基金捐款，以協助復原工作。我們密切關注當地社區的情況，並在漫長的重建過程中繼續提供援助和幫助。

Turning now to our performance in the second quarter. As you saw from our earnings release earlier today, we've seen continued improvement in our business with sales coming in at $1.6 million, which was up 3.3% to last year and translated into a 0.2% comp. These results marked a step change improvement in performance compared to our Q1 results over the best costs we posted in many quarters.

現在來談談我們第二季的表現。正如您從我們今天早些時候發布的收益報告中看到的那樣，我們的業務持續改善，銷售額達到 160 萬美元，比去年增長 3.3%，相當於增長 0.2%。與第一季的業績相比，這些結果標誌著業績有了顯著改善，超過了我們多個季度以來的最佳成本。

After a slow start in May, we saw a steady improvement with sales running positive the last several weeks of the quarter. Another bright spot was our dot-com business, which grew approximately 18% during Q2 and increase in penetration by 120 basis points. This was on top of a 10% increase in the first quarter. It's also good to see that we managed to improve the sales trajectory of the business while also holding our gross margin rate essentially flat to last year at 36%.

在經歷了 5 月的緩慢開局之後，我們看到了穩定的改善，本季最後幾週的銷售額呈現正成長。另一個亮點是我們的互聯網業務，該業務在第二季度增長了約 18%，滲透率提高了 120 個基點。這是在第一季 10% 增幅的基礎上的。我們也很高興看到，我們成功改善了業務的銷售軌跡，同時將毛利率保持在與去年基本持平的 36%。

Breaking the business down by category, we had fairly consistent performance across our major families of business with footwear, apparel, sports and rec, and outdoor all running low single-digit increases. We saw solid results across most of our core categories such as athletic and outdoor apparel and footwear, sporting goods, hunting, camping in our backyard businesses.

按類別細分業務，我們的主要業務系列表現相當一致，其中鞋類、服裝、運動和休閒以及戶外均實現了低個位數增長。我們在大多數核心類別中都取得了穩健的業績，例如運動和戶外服裝及鞋類、體育用品、狩獵、後院露營業務。

One consistent soft spot with seasonal categories such as swim, pools and summer seasonal footwear that got off to a slower start during the first half of the quarter. We attributed this to a cooler and wetter start to the summer. Once we got into late June and July, went back consistently warm across our footprint, all these businesses rebounded.

泳衣、泳池和夏季季節性鞋類等季節性類別一直表現疲軟，在上半季開局較慢。我們認為這是因為夏季開始時氣溫較冷且潮濕。一旦進入六月底和七月，我們的業務範圍就會持續回暖，所有這些業務都會反彈。

We're also pleased to see that beneath the surface, our merchandise margin improved 40 basis points during the quarter. As we manage our business, we remain focused on driving top line sales while also growing market share.

我們也很高興地看到，從表面上看，我們的商品利潤率在本季提高了 40 個基點。在管理業務時，我們始終專注於推動營收成長，同時擴大市場佔有率。

With a business as diverse as ours, we tend to have to track our relative performance across several different data sources. The first place we focus is on traffic data, which we get through place or AI. During our Q1 call, we discussed the customer trade down effect that we first started to see in the back half of last year.

對於像我們這樣多元化的企業，我們往往需要透過幾個不同的資料來源來追蹤我們的相對錶現。我們首先關注的是交通數據，這些數據是我們透過地點或人工智慧取得的。在我們的第一季電話會議上，我們討論了去年下半年首次出現的客戶交易下降效應。

Consumers are clearly looking for ways to navigate the current inflationary environment and are seeking out ways to stretch their spending power. We continue to see strong double-digit growth in foot traffic and share gains from customers in the top two income quintiles, which are households making more than $100,000 a year.

消費者顯然正在尋找應對當前通膨環境的方法，並正在尋求擴大其消費能力的方法。我們繼續看到客流量和來自收入最高的兩個五分之一客戶（即年收入超過 10 萬美元的家庭）的份額強勁增長。

We were flat in traffic share in the middle income consumer whose households make $50,000 to $100,000 a year. And finally, we continue to see traffic erosion in the lower income cohorts to make less than $50,000 a year, but the pace of these declines was less than what we saw in Q1.

在家庭年收入 5 萬至 10 萬美元的中等收入消費者中，我們的流量份額持平。最後，我們繼續看到年收入低於 50,000 美元的低收入群體的流量下降，但下降速度低於第一季的水平。

Another key data source for us is Circana, which provides market share data on roughly 60% to 70% of the categories we carry. We're pleased to see meaningful share gains across almost all of our key businesses such as apparel, footwear, sporting goods, fishing and outdoor cooking.

我們的另一個關鍵數據來源是 Circana，它提供了我們所經營的大約 60% 到 70% 類別的市場份額數據。我們很高興看到幾乎所有主要業務（如服裝、鞋類、體育用品、釣魚和戶外烹飪）的份額都取得了顯著增長。

Finally, we use government background checks for firearms purchases or mix check data as a proxy for firearms market share. Once again, we saw solid growth on this front. To summarize, in looking at all this data, it tells customers are gravitating to our diversified assortment and that our value proposition is resonating with them, all of which resulted in a comp sales increase and solid market share gains during the quarter. We would attribute a lot of the momentum we're starting to build in the business with a solid progress we continue to make against our long-term objectives and goals.

最後，我們使用政府對槍支購買的背景調查或混合檢查數據作為槍支市場份額的代理。我們再次看到了這方面的穩定成長。總而言之，從所有這些數據來看，客戶被我們多樣化的產品組合所吸引，我們的價值主張引起了他們的共鳴，所有這些都導致​​了本季銷售額的成長和市場份額的穩定成長。我們將業務中開始建立的勢頭歸功於我們在實現長期目標方面不斷取得的堅實進展。

I'll now cover a couple of highlights from Q2. First, opening new stores remains our number one growth strategy. And during the quarter, the team successfully opened three new stores with locations in Fort Walton Beach, Florida, in Virginia and Morgantown, West Virginia.

現在我將介紹第二季的幾個亮點。首先，開設新店仍然是我們首要的成長策略。本季度，團隊成功開設了三家新店，分別位於佛羅裡達州沃爾頓堡灘、維吉尼亞州和西維吉尼亞州摩根敦。

With these additions, we ended the quarter with 306 stores in 21 states, with plans to open up a total of 20 to 25 locations in 2025. While opening a new store is always fun, but as exciting as watching new markets mature and become key contributors in driving comps.

加上這些新增門市，截至本季末，我們已在 21 個州擁有 306 家門市，並計劃在 2025 年開設總共 20 至 25 家門市。開設新店總是充滿樂趣，但同樣令人興奮的是看到新市場成熟並成為推動同店銷售的關鍵貢獻者。

We remain very encouraged by the performance of the 2022 and 2023 vintages, which are all now in our comp base. We saw these synergies move from low single-digit comps in Q1, mid-single digits in Q2. Our belief has been that as we see the base business improve, that the new store comps would improve commensurately and that is exactly what we saw happen this quarter.

我們對 2022 和 2023 年份葡萄酒的表現感到非常鼓舞，它們現在都在我們的同類葡萄酒中。我們看到這些協同效應從第一季的低個位數成長到第二季的中等個位數。我們一直相信，隨著基礎業務的改善，新店業績也會隨之改善，而這正是我們本季所看到的情況。

Our second initiative is Cigar.com business at an accelerated pace. The team has taken a back-to-basics approach with a focus on streamlining site navigation and functionality, improving order fulfillment options and speed in offering a greatly expanded endless aisle assortment.

我們的第二個舉措是加速推進Cigar.com業務。團隊採取了回歸本源的方法，重點是簡化網站導航和功能，改善訂單履行選項和速度，以提供大幅擴展的無盡貨架分類。

The efforts the team put in on this front helped have approximately 18% growth in our dot-com business during the quarter. Probably the best indicator that this approach is working, is the improvement we have seen in both online conversion and average order value this year.

團隊在這方面的努力幫助我們的網路業務在本季度成長了約 18%。或許，這種方法有效的最佳指標就是我們今年看到的線上轉換率和平均訂單價值的提升。

As this work continues into the back half of the year, we expect dot-com will continue to drive growth. Our third pillar is improving the productivity of existing stores. We have had several initiatives that we put in place this year to help accomplish this.

隨著這項工作持續到下半年，我們預計網路泡沫將繼續推動成長。我們的第三個支柱是提高現有商店的生產力。我們今年已經採取了多項措施來幫助實現這一目標。

Our first focus on this front is to continue to refine and expand our assortment by adding the most requested and desirable brands that will inspire existing customers to shop more frequently at Academy, while also attracting new customers to shop with us.

我們在這方面的首要重點是繼續完善和擴大我們的產品種類，增加最受歡迎和最理想的品牌，以激勵現有客戶更頻繁地在 Academy 購物，同時也吸引新客戶來我們這裡購物。

We've added new brand store mix in the first half of the year, such as Jordan, Converse, and Hydro jug. We've seen strong results from these launches and have plans to extend each of these brands out into more doors.

我們在上半年增加了新的品牌店組合，例如 Jordan、Converse 和 Hydro jug。我們從這些產品的推出中看到了強勁的成果，並計劃將每個品牌擴展到更多的市場。

At the same time, we've also been expanding other brands who are already in our assortment and limited doors out to more doors in the chain. The examples of this would be Ninja Coolers and Birkenstocks all of which performed well this past quarter.

同時，我們也一直在擴大我們產品系列中已有的其他品牌，並將有限的門市擴展到連鎖店中的更多門市。例如 Ninja Coolers 和 Birkenstocks，它們在上個季度都表現良好。

Our second focus was on delivering new technology to stores with the rollout of RFID scanners and new handheld ordering devices, we completed the launch of all these devices during Q2 in advance of the summer selling peak.

我們的第二個重點是透過推出 RFID 掃描器和新的手持訂購設備向商店提供新技術，我們在第二季夏季銷售高峰之前完成了所有這些設備的推出。

At this point, we have Nike, Jordan Brand, Brooks, Adidas, Under Armour, Columbia, Levi's and Puma on a weekly count cycle to have their physical inventories updated. These brands collectively account for roughly 25% of our annual sales. We continue to see improved in-stocks and sales increases as a result of this rollout.

目前，我們每週都會對 Nike、Jordan Brand、Brooks、Adidas、Under Armour、Columbia、Levi's 和 Puma 進行盤點，以更新其實物庫存。這些品牌合計約占我們年銷售額的 25%。此次推出後，我們繼續看到庫存改善和銷售額增加。

Our new handhelds also continue to pay dividends to help stores save the sale on items that, for whatever reason, may not have been in stock in that specific store on a given day. In most cases, we can now seamlessly fulfill customers' needs with our new handheld devices, either by shipping the item to their home for free or if needed, we can schedule a BOPIS pickup at another store if that is more convenient for them.

我們的新手持設備也將繼續發揮作用，幫助商店挽救那些因某種原因在特定日期可能缺貨的商品的銷售額。在大多數情況下，我們現在可以透過新的手持設備無縫滿足客戶的需求，要么免費將商品運送到他們家中，要么如果需要，我們可以安排在另一家商店進行 BOPIS 取貨，如果這對他們來說更方便。

Our third focus is on driving traffic through more affected targeted marketing. To that end, we continue to lean into our new fun camp loose campaign launched in the second quarter. This campaign had a focus on helping our customers maximize their spending power in all of their passions with an emphasis on protecting value and low prices on key summer and back-to-school must-haves.

我們的第三個重點是透過更有影響力的定向行銷來推動流量。為此，我們持續致力於第二季推出的全新趣味營寬鬆活動。活動的重點是幫助我們的客戶最大限度地提高他們在所有興趣愛好上的消費能力，並強調保護夏季和返校必備品的價值和低價。

Additionally, we continue to lean into our myAcademy Rewards program with an expanded discounts and incentives for our best customers. We're still early in the evolution of this initiative and are continuously testing and rolling out use cases that help drive customer loyalty.

此外，我們將繼續依靠 myAcademy 獎勵計劃，為最佳客戶提供更多折扣和獎勵。我們仍處於該計劃發展的早期階段，並且正在不斷測試和推出有助於提高客戶忠誠度的用例。

As an example, we launched a campaign in Q2 targeted to myAcademy members called Summer of savings that included a steady stream of exclusive and early access to deals, targeted offers and bounce backs, which aim to help drive shopping frequency and spend. We saw strong results from this program, which translated into increases in weekly enrollments, higher redemption rates on offers and a sales uplift.

例如，我們在第二季度針對 myAcademy 會員推出了一項名為「夏季省錢」的活動，其中包括源源不斷的獨家和早期優惠、有針對性的優惠和反彈，旨在幫助提高購物頻率和消費。我們從該計劃中看到了強勁的成果，這意味著每週註冊人數的增加、優惠兌換率的提高以及銷售額的提升。

I'm proud of the work the team has done, adding over 12 million customers in the first full year of this program. Our focus here remains on enrolling people in myAcademy, that we can start a dialogue with them and convert them from occasional shoppers to loyal customers who shop with us 2 to 3 times more in a year than an average customer and spend 4 to 5 times more on an annual basis.

我為團隊所做的工作感到自豪，該計劃實施的第一年就增加了超過 1,200 萬名客戶。我們的重點仍然是吸引人們加入 myAcademy，這樣我們就可以與他們展開對話，並將他們從偶爾購物的人轉變為忠實客戶，他們每年在我們這裡的購物量是普通客戶的 2 到 3 倍，每年的消費額是普通客戶的 4 到 5 倍。

Before handing it over to Carl, I want to give a quick update on tariffs and the work our team has put in to mitigate the impact on our business. Teams worked together to deploy multiple tactics, including partnering with factories and vendors to absorb a portion of the incremental expense working with our overseas partners to ship country of origin where it made sense, adjusting unit price where needed, pulling in additional inventory from brands that had available goods in domestic warehouses and utilizing our pricing optimization tools to create a strategy to drive higher average unit retails.

在將其交給卡爾之前，我想快速介紹一下關稅以及我們的團隊為減輕對我們業務的影響所做的工作。團隊齊心協力部署了多種策略，包括與工廠和供應商合作吸收部分增量費用，與我們的海外合作夥伴合作將貨物運送到合理的原產國，根據需要調整單價，從國內倉庫有現貨的品牌那裡調入額外庫存，並利用我們的定價優化工具制定策略來提高平均單位零售額。

As all of you know, this has remained a fluid situation over the summer. At this point, we believe that we have the strategies in place that should mostly offset the impacts of tariffs to our business throughout the remainder of this year while still being able to serve customers and delivering a strong value proposition on all their sports and outdoor needs. Now I'll hand it over to Carl to give you a deeper dive into the financials.

眾所周知，整個夏天，情況一直不穩定。目前，我們相信，我們已經制定了相應的策略，這些策略應該能夠在很大程度上抵消關稅在今年剩餘時間內對我們業務的影響，同時仍然能夠為客戶提供服務，並為他們的所有運動和戶外需求提供強大的價值主張。現在我將把話題交給卡爾，讓他帶您更深入地了解財務狀況。

Carl?

卡爾？

Thanks, Steve. Net sales for the second quarter were approximately $1.6 billion, up 3.3% with a comp increase of 0.2%. As Steve mentioned, we saw sequential comp improvement throughout the quarter and our e-commerce channel had a positive comp of approximately 18%. Breaking down the comp, transactions were down 1.4%, while ticket was up 1.5%. Compared to Q1, we grew comp sales by almost 400 basis points in a tough sales environment.

謝謝，史蒂夫。第二季淨銷售額約 16 億美元，成長 3.3%，年增 0.2%。正如史蒂夫所提到的，我們看到整個季度的環比增長，我們的電子商務管道的環比增長約為 18%。具體來看，交易量下降了 1.4%，而票價上漲了 1.5%。與第一季相比，在艱難的銷售環境下，我們的同店銷售額成長了近 400 個基點。

This contrast to a challenging 2024 where comp sales decreased by 120 basis points from Q1 to Q2, primarily driven by in-stock challenges related to the Georgia Distribution Center WMS implementation as well as Hurricane Barrel and the Derecho that impacted the Houston area.

這與充滿挑戰的 2024 年形成了鮮明對比，2024 年同店銷售額從第一季度到第二季度下降了 120 個基點，主要原因是佐治亞配送中心 WMS 實施相關的庫存挑戰以及影響休斯頓地區的颶風巴雷爾和德雷科。

Our Georgia distribution center has significantly improved over the last 12 months and helped contribute to a meaningful improvement of in-stock for the total company. Gross margin came in at 36%, down 2 basis points to last year.

我們的喬治亞配送中心在過去 12 個月中取得了顯著的進步，並有助於顯著改善整個公司的庫存。毛利率為36%，較去年下降2個基點。

While we saw a margin expansion of 40 basis points, it was offset by shrink and higher e-com shipping costs. SG&A came in at 25.3% of sales for the second quarter, an increase of $36 million or 150 basis points. The increase was driven by initiatives totaling 160 basis points, comprised of 130 basis points of new store growth, 20 basis points of technology investments and 10 basis points of depreciation.

雖然我們的利潤率擴大了 40 個基點，但卻被萎縮和電子商務運輸成本的上升所抵消。第二季銷售、一般及行政費用佔銷售額的 25.3%，增加 3,600 萬美元，即 150 個基點。這一增長是由總計 160 個基點的舉措推動的，其中包括 130 個基點的新店增長、20 個基點的技術投資和 10 個基點的折舊。

Over the last 12 months, we have added 21 new stores to our fleet and all of the new stores in our comp base are leveraging expenses as we would expect. If you strip out the costs attributable to our growth initiatives, all other costs would have leveraged by 10 basis points.

在過去的 12 個月中，我們增加了 21 家新店，並且我們公司基礎中的所有新店都按照我們預期的方式利用了費用。如果剔除成長計畫的成本，所有其他成本將增加 10 個基點。

Operating income was $172 million, and diluted earnings per share was $1.85. Adjusted earnings per share was $1.94. Our inventory per store is elevated with units per store up 4.6% and and dollars per store up 8.2%. We have purposely pulled forward domestic inventory receipts at pre-tariff prices.

營業利潤為1.72億美元，稀釋每股收益為1.85美元。調整後每股收益為1.94美元。我們門市的庫存提升，每店商品數量成長4.6%，每店銷售額成長8.2%。我們特意提前了以關稅前價格收到的國內庫存。

The majority of this is evergreen products such as bicycles or free weights, which have no seasonal or obsolescence risk. These actions positioned us well to support the summer selling season and we will continue to evaluate the environment and take further actions as necessary.

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。這些行動使我們能夠很好地支持夏季銷售旺季，我們將繼續評估環境並在必要時採取進一步行動。

Since the first quarter, we have seen our inventory units per store decreased by approximately 30% or 190 basis points, and we anticipate inventory levels will continue to normalize as we move through the year. We ended the quarter with $301 million in cash and maintained strong liquidity with an undrawn $1 billion revolver.

自第一季以來，我們發現每家商店的庫存單位減少了約 30% 或 190 個基點，我們預計庫存水準將在今年繼續正常化。本季末，我們擁有 3.01 億美元現金，並憑藉未提取的 10 億美元循環信貸額度保持了強勁的流動性。

Our 7% increase in stores since Q2 of last year is 100% funded from cash flows from operations. Q2 free cash flow was $21.7 million. Turning to capital allocation. We remain committed to balanced and disciplined deployment. During the second quarter, we invested approximately $80 million in inventory-related working capital paid approximately $8.7 million in dividends and invested approximately $60 million in strategic initiatives, including new store openings and omnichannel infrastructure. We did not repurchase any of our shares during the quarter, instead choosing to allocate capital to manage inventory. This decision led to a strong inventory position that helped drive positive comp sales and mitigated tariff exposure.

自去年第二季以來，我們的門市數量增加了 7%，這 100% 全部來自經營現金流。第二季自由現金流為 2,170 萬美元。轉向資本配置。我們仍然致力於平衡和有紀律的部署。在第二季度，我們投資了約 8,000 萬美元的庫存相關營運資金，支付了約 870 萬美元的股息，並投資了約 6,000 萬美元的策略計劃，包括開設新店和全通路基礎設施。我們本季沒有回購任何股票，而是選擇分配資本來管理庫存。這項決定帶來了強勁的庫存狀況，有助於推動積極的同店銷售並減輕關稅風險。

Going forward, our capital allocation philosophy has not changed. We have over $530 million remaining on our current repurchase authorization. Moving to guidance. Sales for the second quarter continued to improve and the green shoots we saw in Q1 are accelerating. We also have additional information into tariff impacts and have taken appropriate actions to mitigate them.

展望未來，我們的資本配置理念並沒有改變。我們目前的回購授權還剩餘超過 5.3 億美元。轉向指導。第二季的銷售情況持續改善，我們在第一季看到的復甦跡象正在加速。我們還掌握了有關關稅影響的更多信息，並已採取適當措施來減輕影響。

Based on the results of the first half of the year and the expectations for the remainder of fiscal 2025, we are tightening the low end of our comp sales guidance from negative 4% to negative 3% with the comp range for the year now being between negative 3% and positive 1%.

根據上半年的業績以及對 2025 財年剩餘時間的預期，我們將同店銷售額預期的低端從負 4% 收緊至負 3%，全年同店銷售額預期範圍目前在負 3% 至正 1% 之間。

To close, our initiatives are starting to bear fruit and are accelerating. We are seeing positive momentum across the business that lends confidence that our strategies are working, while also resonating with current customers and attracting new ones. I am incredibly proud of the work our team has done to get us to this point, but we have a long way to go to reach our goals. I'm excited to see the continued progress as we move forward.

最後，我們的舉措開始取得成果並且正在加速推進。我們看到整個業務呈現積極的勢頭，這讓我們相信我們的策略正在發揮作用，同時也引起了現有客戶的共鳴並吸引了新客戶。我對我們團隊為實現這一目標所做的工作感到無比自豪，但要實現我們的目標我們還有很長的路要走。我很高興看到我們不斷取得進步。

With that, we are now ready for questions.

好了，我們現在可以回答問題了。

(Operator Instructions)

（操作員指示）

Christopher Horvers, JPMorgan Chase.

摩根大通的克里斯多福霍弗斯。

Thanks. Good morning, guys. So my first question is about the consumer. You gave us great detail in terms of the different cohorts. Over the past couple of years, you've seen some pretty episodic shopping in between events, strong memorial days, strong labor days, but the valleys in between tended to be softer. So can you talk a talk about what you've seen sort of post the back-to-school period in the August time frame. Do you think those valleys could actually attenuate as you get later into the year?

謝謝。大家早安。我的第一個問題是關於消費者的。您向我們詳細介紹了不同的群體。在過去的幾年裡，你會看到一些在活動期間出現的相當偶然的購物現象，例如陣亡將士紀念日和勞動節，但其間的低谷往往比較平緩。那麼，您能否談談您在八月開學後所看到的情況？您認為隨著今年稍後這些低谷實際上會減弱嗎？

Yeah, it's a great question. I think we do continue to see that episodic shop and you're talking about, Chris. If you go and look at back-to-school for us, which as you know kind of we have an earlier back-to-school of bridges at late July, early August time period. We ran a positive comp there, which we're excited about. If you remember, August is one of the only two positive comp lines we had last year. So the comp to comp through that part was feeling pretty good.

是的，這是一個很好的問題。我認為我們確實會繼續看到那個情節商店，這就是你所說的，克里斯。如果你去看看我們的返校狀況，你就會知道，我們在七月底、八月初有一個較早的返校橋樑。我們在那裡進行了積極的競爭，對此我們感到非常興奮。如果你還記得的話，八月是我們去年僅有的兩條正面的業績線之一。因此，透過該部分進行比較感覺非常好。

We did see a slight pullback after we got out of back-to-school, we attribute that mainly to West clearance activity this year around Labor Day and a shift to the hunting season starting in September versus in August last year. But we feel pretty good about the momentum that we have in the business, and we feel pretty good about our opportunity and optimistic about the remainder of the quarter as we lap some pretty soft comps in late September and October from last year.

開學季結束後，我們確實看到了輕微的回落，我們認為這主要是因為今年勞動節前後西部的清倉活動以及狩獵季節從去年的 8 月開始轉向 9 月。但我們對我們的業務發展勢頭感到非常滿意，並且對我們的機會感到非常滿意，並且對本季度剩餘時間感到樂觀，因為我們在 9 月底和 10 月份的業績與去年同期相比表現相當疲軟。

Yeah. And then on the ticket front, can you talk about how much of the ticket benefited from tariff pricing. And as you think about you working through this with the brands, and obviously, you have a big private brand penetration in your box. Will that -- will tariff pricing pressures complete in the back half of the year? Or would you expect more pricing in the first half of 2026 as sort of the brands catch up with the costs that they've incurred?

是的。然後關於機票方面，您能談談票價定價為機票帶來了多少好處嗎？當您考慮與品牌合作解決這個問題時，顯然，您的自有品牌在您的領域中佔有很大的份額。關稅定價壓力會在下半年完成嗎？或者您預計 2026 年上半年的定價會更高，因為品牌會彌補其所產生的成本？

Yeah. Thanks. I would say AURs were up low to mid-single digits for the quarter. So that was certainly a chunk of our average ticket being up about 1.5%. We started seeing some price increases create then as we got deeper into the summer.

是的。謝謝。我想說本季的 AUR 成長了低至個位數。因此，這肯定是我們平均票價上漲了約 1.5% 的一部分。隨著夏季的深入，我們開始看到價格上漲。

I think you'll see more of that activity happen in the back half of the year as the tariffs find their way into the cost of goods. Our goal would be to complete most of any price adjustments that need to be completed in the back half of the year in anticipation of next year.

我認為，隨著關稅進入商品成本，你會在今年下半年看到更多這類活動發生。我們的目標是在今年下半年完成大部分需要完成的價格調整，為明年做好準備。

That being said, it's a fluid environment, Chris, this thing changes every day. And we feel pretty good about our ability to mitigate the tariffs so far through all the different levers that we've pulled and it really is now going to be up to the consumer and see how they react to some of the higher prices that kind of experience in the back half of the year. But we think we still have a pretty good value proposition out there and we like where we stand.

話雖如此，這是一個流動的環境，克里斯，這件事每天都在變化。到目前為止，我們對自己採取各種不同手段來降低關稅的能力感到非常滿意，現在真的要由消費者來決定，看看他們對今年下半年經歷的一些更高價格作何反應。但我們認為我們仍然有一個相當不錯的價值主張，並且我們對自己的立場感到滿意。

Simeon Gutman, Morgan Stanley.

西緬古特曼，摩根士丹利。

Good morning. This is Pedro on for Simeon. My first question is about guidance. Your updated guidance implies good operating leverage in the second half of the year. What are the assumptions around SG&A? Is the leverage coming from gross margin or a reduction in the pace of SG&A investments that you have been making during the first half?

早安.這是佩德羅替換西蒙。我的第一個問題是關於指導。您更新後的指引暗示下半年將有良好的經營槓桿。關於銷售、一般及行政費用 (SG&A) 的假設是什麼？槓桿作用是來自毛利率還是來自上半年銷售、一般及行政費用 (SG&A) 投資速度的降低？

And as a follow-up -- as a follow-up, if I could, on tariffs. How is it that you're able to offset most, if not all, of the impact from tariffs while many of your peers are expecting to see pressure on profit margins during the second half.

作為後續問題——如果可以的話，關於關稅問題。當您的許多同行預計下半年利潤率將面臨壓力時，您如何能夠抵消大部分（如果不是全部）關稅的影響？

I think we'll probably tag team it, Pedro. So as it relates to guidance for the year, we're sticking with -- I quoted on previous calls, about 100 basis points of SG&A deleverage for the full year. So we were down 150 basis points. We delevered 150 basis points in the second quarter and more than all of it is driven by our initiatives. So as it relates to guidance for the back half, we've got a range of outcomes associated with the second half of the year.

我想我們可能會組隊，佩德羅。因此，就年度指導而言，我們堅持——我在先前的電話會議上提到，全年銷售、一般和行政費用去槓桿率約為 100 個基點。因此我們下降了 150 個基點。我們在第二季度降低了 150 個基點的槓桿率，其中大部分都是由我們的舉措推動的。因此，就下半年的指導而言，我們已經獲得了一系列與下半年相關的結果。

At the low end, comps would be negative 4% and at the high end, it's about a plus 3.5%. And so from a gross margin standpoint, we still feel good about [34% to 34.5%]. That's up at the low end, 10 basis points the last year where we came in at 33.9%. Some of that 33.9% was impacted by some deleverage that we experienced in one of our distribution centers, primarily in Q2 and Q3. And from an expense standpoint, look, we're very consciously investing in these initiatives.

在低端，可比價格為負 4%，而在高端，可比價格約為正 3.5%。因此從毛利率的角度來看，我們仍然感到滿意[34% 至 34.5%]。這是最低水平，比去年的 33.9% 上漲了 10 個基點。這 33.9% 中的一部分受到了我們其中一個配送中心所經歷的去槓桿的影響，主要發生在第二季和第三季。從費用的角度來看，我們非常有意識地投資這些計劃。

They are performing very, very well. Steve talked a little bit about the acceleration that we saw in e-commerce from Q1 to Q2. The new stores that are in the comp mid-single digits and Nike and Jordan double-digit up over last year. We're investing in these things, and you're going to see more of it. So the base business, we will continue to leverage to bring in the annual guidance.

他們的表現非常非常好。史蒂夫稍微談到了我們從第一季到第二季看到的電子商務的加速發展。與去年相比，新店數量增加了中等個位數，而耐吉和喬丹的新店數量則增加了兩位數。我們正在對這些事情進行投資，你會看到更多。因此，我們將繼續利用基礎業務來提供年度指導。

So from a tariff mitigation perspective, we've been working on this, obviously, from the moment the meeting in the Rose Garden happened. One of the actions we detailed on the call partnering with factories to get them to absorb some portion of the cost, diversifying the sourcing base. Adjusted unit buys were needed, pulling in additional domestic inventory.

因此，從降低關稅的角度來看，顯然從玫瑰園會議召開的那一刻起，我們就一直在努力解決這個問題。我們在電話中詳細介紹的行動之一是與工廠合作，讓它們承擔部分成本，並實現採購基礎多元化。需要調整單位購買量，以吸引額外的國內庫存。

I don't want to downplay that one. That was a big one for us. And then obviously, as everybody says, the last kind of resort after you do all those things is looking at how do you adjust prices, and we've been working pretty hard on that from a couple of different fronts. First, we use our markdown optimization tool Revionics so that on the back end, we're trying to get a little more money out of our clearance, which helps raise AURs and then where we had to make pricing adjustments.

我不想低估這一點。這對我們來說是一件大事。然後顯然，正如大家所說，在做完所有這些事情之後，最後的辦法就是考慮如何調整價格，我們已經從幾個不同的方面為此做出了相當大的努力。首先，我們使用降價優化工具 Revionics，以便在後端，我們嘗試從清倉中獲得更多收益，這有助於提高 AUR，然後我們必須進行價格調整。

What we feel like is as we've seen the market move on pricing, we still have maintained a pretty good spread on our private brand product where -- that's where we express most of our value. And we're seeing that trade down effect accelerate as we get deeper into the year, and that gives us confidence that in the environment we're living in right now, customers are going to choose the value proposition that we offer which is how we believe we're going to mostly offset or impact the impact of these tariffs.

我們的感覺是，正如我們所看到的市場定價變動一樣，我們的自有品牌產品仍然保持著相當好的價差——這是我們體現大部分價值的地方。我們看到，隨著時間的推移，這種貿易降級效應正在加速，這讓我們有信心，在我們目前所處的環境中，客戶將選擇我們提供的價值主張，我們相信，我們將透過這種方式主要抵消或影響這些關稅的影響。

Got it thank you guys, good luck.

明白了，謝謝大家，祝你好運。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

This is [Kelly] on for Paul. I guess just to get a little bit more granular given the back half comp assumptions are so wise. Any color you could provide 3Q versus 4Q, how you're thinking about that? And then just given SG&A came in much higher than The Street was modeling. And I think 3Q will be a high point for new store openings. So if you could just provide maybe some additional color around the quarterly flow of SG&A guide and how that should look.

這是保羅的[凱利]。我想只是為了更詳細地了解後半部分的假設是如此明智。您能提供 3Q 與 4Q 的任何顏色嗎，您對此有何看法？而且，銷售、一般和行政費用 (SG&A) 比華爾街預測的要高得多。我認為第三季將成為新店開幕的高峰。因此，如果您可以提供一些有關銷售、一般和行政費用季度流量指南的額外資訊以及它應該是什麼樣子的話。

Yeah. So we don't give quarterly guidance, but I'm happy to give a little bit of color as it relates to SG&A. I think you'll see a continued moderation of the deleverage. So in first quarter, I think we delevered 290 basis points. We were at 150 basis points in the second quarter.

是的。因此，我們不提供季度指導，但我很樂意提供一些與銷售、一般和行政費用 (SG&A) 相關的資訊。我認為你會看到去槓桿的進程持續放緩。因此，我認為在第一季度，我們降低了 290 個基點的槓桿率。第二季我們的利率為 150 個基點。

I think you'll continue to see that tapering for the overall year at approximately at the midpoint, down 100 basis points. And from a comp standpoint.

我認為，你將繼續看到全年的縮減幅度大約在中點，下降 100 個基點。從公司的角度來看。

Yeah, if you think about last year, we had two positive comps in the year there, both in the back half of the year. One was in August, one was in December and what you had was a pretty big trough that happened late September, October, early November. And then once we got in December, with compressed calendar last year, if you remember, we saw the comps inflect positive there.

是的，如果你想想去年，我們當年有兩次正面的比較，都是在下半年。一次是在八月，一次是在十二月，而一次相當大的低谷發生在九月底、十月和十一月初。然後，當我們進入 12 月時，由於去年日曆緊湊，如果您還記得的話，我們看到同期業績出現了積極的變化。

So we expect that as we start lapping some pretty tough comps in late September, early October, we'll see the business inflect that we expect that to continue through early November. And then obviously, Christmas is going to be what it is.

因此，我們預計，隨著我們在 9 月底、10 月初開始應對一些相當艱難的比賽，我們將看到業務的變化，我們預計這種情況將持續到 11 月初。那麼顯然，聖誕節將會是現在的樣子。

I think even in tough times, people always come out and shop with Christmas. So I'm optimistic about that episodic shopping is still happening. And I believe that we've got some softer comps in the middle part of the quarter, which is going to allow us to have a better, candidly, back half of the year than the first half of the year. That's how we're thinking about it.

我認為即使在困難時期，人們總是會出來購買聖誕節的禮物。因此，我對偶發性購物現象的持續存在持樂觀態度。我相信，我們在本季中期會有一些較為疲軟的業績，坦白說，這將使我們下半年的業績比上半年更好。我們就是這樣想的。

And just a follow-up on those two. I mean, the deleverage rate is dependent on the top line. So I guess, how much flexibility do you have to sort of achieve that 100 basis points of deleverage in the back half, like you could spend more at a quarter or just even if you could just speak to it on an SG&A dollar growth would be helpful.

這只是對這兩個問題的後續跟進。我的意思是，去槓桿率取決於營業收入。所以我想，您有多大的靈活性來實現下半年 100 個基點的去槓桿，例如您可以在一個季度內增加支出，或者即使您只是談論銷售、一般和行政費用的增長，這都會有所幫助。

Yeah. I'm quoting at the midpoint. So between the high and the low case is at 100 basis points. I think we have flexibility associated with many of the variable items. And I would tell you that at the low end of our guidance range, incentive comp would be impacted, which we're baking into the overall kind of on the low side.

是的。我引用的是中間點。因此，最高和最低情況之間的差異為 100 個基點。我認為我們在許多可變項目方面都具有靈活性。我想告訴你，在我們的指導範圍的低端，激勵薪酬會受到影響，我們將其納入到整體的低端。

Got it. Thanks guys.

知道了。謝謝大家。

Greg Melich, Evercore ISI.

格雷格·梅利奇 (Greg Melich)，Evercore ISI。

I wanted to follow up on the gross margins in the quarter. You mentioned shrink and the cost of e-commerce, I think being a headwind of 40 or 50 bps. How do you see that playing out in the back half? And then second, my follow-up was just, could you level set us given all the things you've done to mitigate on tariffs? What percentage of your COGS now are imported from various countries?

我想追蹤本季的毛利率。您提到了萎縮和電子商務的成本，我認為這是一個 40 或 50 個基點的逆風。您認為後半段的比賽會如何發展？其次，我的後續問題是，考慮到你們為降低關稅所採取的所有措施，你們能否為我們設定一個平衡點？貴公司現在的銷貨成本中有多少比例是從各國進口的？

Absolutely. Yes. So as it relates to being down 2 basis points in the quarter, merchandise margin was a tailwind of 40 basis points. shrink was a headwind of 20. E-commerce shipping was a headwind of 10. There were some miscellaneous things.

絕對地。是的。因此，相對於本季下降 2 個基點而言，商品利潤率是 40 個基點的順風，而收縮則是 20 個基點的逆風。電子商務運輸遭遇 10% 的逆風。還有一些雜事。

There was a couple of extra basis points. If you look at shrink, not just in the quarter, but for the full year, we're down 5 basis points for last year, I think that's about in the range of what you would expect it to be for the year. there's puts and takes as we take physical inventories throughout the year. And we've taken almost 190 of our stores already.

有幾個額外的基點。如果你看一下縮水情況，不僅是本季度，而是全年，我們去年下降了 5 個基點，我認為這大約在你預期的全年範圍內。由於我們全年都會進行實體盤點，因此存在看跌和看漲的情況。我們已經接管了近 190 家商店。

So I think we've got a good feel for the trends that are going on there. As it relates to e-commerce, deleverage look, being up 18% in e-comm, we're pleased about that. We think we're starting to see the benefits of what we've been investing in. And so I'll take 10 basis points of headwinds, but I think that's pretty much what you should expect for the year.

所以我認為我們對那裡正在發生的趨勢有了很好的了解。就電子商務而言，去槓桿率看起來，電子商務成長了 18%，我們對此感到高興。我們認為我們開始看到我們所投資的成果。因此，我將承受 10 個基點的不利因素，但我認為這基本上就是您對今年的預期。

So from a sourcing diversification perspective, it's kind of a moving target, to be honest with you. I think we started off when we got the initial first kind of read on the tariffs and China looked to be the epicenter for this.

因此，從採購多樣化的角度來看，老實說，這是一個不斷變化的目標。我認為，當我們最初了解到有關關稅的情況時，中國似乎是這個問題的中心。

And so we spend a lot of time talking about how we're diversifying our exposure in China, where last year, it was in the teens to under 10% with the goal of being in the mid-single digits by the end of the year. That's still on track. But candidly, as this thing has evolved, what we found as other countries are actually now, in some cases, a higher tariff rates and goods out of China.

因此，我們花了很多時間討論如何實現在中國的投資多元化，去年，我們的投資比例在十幾到 10% 之間，我們的目標是到今年年底達到個位數的中等水平。這仍然在正軌上。但坦白說，隨著事情的發展，我們發現其他國家實際上現在在某些情況下對中國商品徵收了更高的關稅。

And so what we've decided to do moving forward is if the business is diverse as ours, we need to have a really diversified sourcing base, number one. So we're trying not to add too many eggs in any one basket. And then second, we're trying to partner with factories and vendors that have multiple countries where they make products so that they can flex and move goods around as the tariffs ebb and flow.

因此，我們決定繼續前進，如果業務像我們一樣多樣化，那麼我們需要擁有一個真正多樣化的採購基礎，這是第一點。因此，我們盡量不要把太多雞蛋放在同一個籃子裡。其次，我們正在嘗試與在多個國家生產產品的工廠和供應商合作，以便他們可以隨著關稅的起伏靈活地調運貨物。

So I feel really good about the work the team has done on diversifying the sourcing base and not really having too many eggs in any one basket. And I think that's going to be the best approach moving forward, it's going to serve us well.

因此，我對團隊在多元化採購基礎以及不把太多雞蛋放在一個籃子裡所做的工作感到非常滿意。我認為這將是向前邁進的最佳方法，它將對我們大有裨益。

As it relates to the goods that we manufacture, we've got about -- from a total COGS standpoint, about 6% to 7% exposure for total COGS, but that's what we manufacture. So think about that as private label as -- just to what Steve said about the dynamic environment, our national brand partners are changing up. It feels like daily associated with where their base is. So it would be hard to quote national brand by country, just given the dynamic nature of it. But from our private brands looking at 6%, 7% for the year.

就我們生產的商品而言，從總 COGS 的角度來看，我們的總 COGS 風險敞口約為 6% 到 7%，但這就是我們生產的商品。因此，將其視為自有品牌——正如史蒂夫所說的動態環境，我們的國家品牌合作夥伴正在改變。感覺就像每天都與他們的基地所在的地方聯繫在一起。因此，考慮到品牌的動態特性，很難以國家列舉國家品牌。但從我們的自有品牌來看，今年的成長率為 6% 至 7%。

Got it. And if I could follow up on just that one particular point. I think in inventory, you said AUR was up around 8%. So should we think of that as a proxy of what would happen to ticket AUR in the coming quarters? Is that flows through? Is that a fair way to think about it?

知道了。我是否可以就這一特定問題進行跟進。我認為在庫存方面，您說 AUR 上漲了約 8%。那麼，我們是否應該將其視為未來幾季票房 AUR 變化的代表？那是流過的嗎？這樣思考是否公平？

No, we did not say that AUR was up 8%. It was up in the mid-single-digit range. We expect that to accelerate in the back half of the year. I think we will see AURs creep up in the high single, low double digits for us and for industry candidly in the back half of the year.

不，我們沒有說 AUR 上漲了 8%。它上漲了中等個位數。我們預計這一成長速度將在下半年加速。我認為，對於我們和整個產業來說，今年下半年的 AUR 將以高個位數、低兩位數的速度緩慢成長。

All right, thanks and good luck.

好的，謝謝，祝你好運。

Thank you.

謝謝。

Brian Nagel, Oppenheimer.

布萊恩·納格爾，奧本海默。

So when -- well, congrats the positive comp. I know we've been talking about things is for a while. So congrats. The question I want to ask is -- and this is somewhat repetitive, but as you look at particularly as the comps have strengthened through this year and even in the quarter, is there any -- what's the reason why that momentum would not continue through the back half there?

那麼當——好吧，祝賀積極的競爭。我知道我們已經談論這件事有一段時間了。恭喜你。我想問的問題是——這有點重複，但是當你看到今年甚至本季度同店銷售額都有所增長時，有沒有——為什麼這種勢頭在下半年不會繼續下去？

I mean recognizing you're probably actually conservative with the guidance. But you're looking at the business, is there any reason why that momentum should not continue?

我的意思是認識到你可能實際上對指導持保守態度。但從業務角度來看，有什麼理由不讓這種勢頭持續下去嗎？

Not really, Brian. I mean, when you look at it, you hit on it. I mean, we see our dot-com business accelerating. It was up, I think, 10% in Q1. It was up almost 18% in Q2. You see the new stores contribution that are in the comp accelerate from the low single digits to mid-single digits. You see our investments in technology, whether it's RFID or the handheld scanners, we sent out to say the sale really start to contribute.

不是的，布萊恩。我的意思是，當你看到它時，你就發現了它。我的意思是，我們看到我們的網路業務正在加速發展。我認為第一季上漲了 10%。第二季上漲了近 18%。您會看到，新店對公司業績的貢獻從低個位數加速到中個位數。您可以看到我們在技術方面的投資，無論是 RFID 還是手持式掃描儀，我們都表示銷售確實開始有所貢獻。

We see the new brands work, and we haven't had a chance to really talk about the investment we made with Jordan or Nike, but those two brands in aggregate are driving meaningful double-digit growth for us right now. You see our loyalty program, where we have over 12 million people in it right now, and we're adding almost 500,000 or 0.5 million people every quarter grow and customers really resonate there. and we're picking up market share all this.

我們看到了新品牌的運作，我們還沒有機會真正談論我們對喬丹或耐吉的投資，但這兩個品牌總體上正在為我們帶來有意義的兩位數成長。您可以看到我們的忠誠度計劃，目前已有超過 1200 萬人加入，並且每個季度都會增加近 50 萬或 50 萬人，客戶確實對此產生了共鳴。我們正在透過這些方式提升市場佔有率。

So we really don't see any reason why that would stop in the back half of the year. I think the wildcard candidly, is just the consumer health and how they deal with the external macroeconomic environment, but we like our strategy, and we feel like it's gaining momentum, and we expect it to carry forward not only through the remainder of this year, but end of the next year.

所以我們真的看不出有什麼理由導致這種情況在下半年停止。坦白說，我認為不確定因素只是消費者健康狀況以及他們如何應對外部宏觀經濟環境，但我們喜歡我們的策略，我們感覺它正在獲得動力，我們預計它不僅會在今年剩餘時間內繼續下去，而且會持續到明年年底。

That's very helpful. My follow-up question just on tariffs. I think you mentioned, this is probably in response to another question, but you're starting to adjust prices here. Are you seeing any impacts upon demand as these higher prices are starting to roll through?

這非常有幫助。我的後續問題僅涉及關稅。我想您提到過，這可能是對另一個問題的回答，但您開始在這裡調整價格。隨著價格開始上漲，您是否看到對需求產生了任何影響？

It's funny. We kind of look at it. And as you'd expect, there are like three different buckets. There are some categories, I'd say like front end, where we sell soda and chips and things like that, that are highly inelastic. So the unit demand has not at all been impacted by the AUR increases.

這很有趣。我們稍微看一下它。正如您所料，有三個不同的桶。我想說的是，有些類別，像是前端，我們銷售蘇打水、薯片等商品，這些類別的彈性非常小。因此，單位需求根本沒有受到 AUR 增加的影響。

You got a second bucket of goods where you're seeing some AUR increases and the unit demand is roughly in line. And then you had a couple of bigger ticket categories where we started nudging some pricing up, you saw some demand erosion there from a unit perspective, greater than the AUR increase so we've made adjustments there. It's very fluid, but definitely kind of three different behaviors depending upon the category and the price point.

您獲得了第二批商品，其中您看到 AUR 有所增加，並且單位需求大致一致。然後，我們開始對幾個較大的票種進行一些價格上調，從單位角度來看，你會看到一些需求下降，大於 AUR 的增長，所以我們在那裡做出了調整。它非常不穩定，但根據類別和價格點，肯定有三種不同的行為。

I appreciate it. Thank you.

我很感激。謝謝。

Eric Cohen, Gordon Haskett.

艾瑞克·科恩、戈登·哈斯凱特。

I think it's a question. I was wonder if you can just talk about the promotional environment. You said that consumers are continuing to be very conscious in shopping during events. I'm just curious what you're seeing in the promotional environment. And just on the merchandise margin, is some of that benefiting from the merchandise mix as you have the Jordan and Nike expansion assortment since those are naturally higher-margin products?

我認為這是一個疑問。我想知道您是否可以談談促銷環境。您說消費者在活動期間購物時仍然非常謹慎。我只是好奇你在促銷環境中看到了什麼。就商品利潤而言，其中是否有一部分受益於商品組合，因為你們擁有喬丹和耐吉的擴展品種，因為它們自然是利潤率較高的產品？

So from a promotional environment perspective, Eric, I would say that it's about how we've described it in the past, right? I mean each year feels like it's a little more promotional than the year before, but not anywhere near what we were seeing kind of pre-pandemic.

因此，埃里克，從促銷環境的角度來看，我想說的是，這與我們過去描述的方式有關，對嗎？我的意思是，每年的促銷力道都比前一年大一些，但遠不及疫情前那樣。

And I expect that will continue through the remainder of the year. We have seen, on a year-over-year basis, if we run roughly the same promos, we're seeing a higher take rate from the customer where they're aggregating more of their purchases into those promos during the windows that we're running them. So that certainly is an acceleration in terms of the take rate on the promos.

我預計這種情況將持續到今年剩餘時間。我們發現，與去年同期相比，如果我們進行大致相同的促銷活動，客戶的接受率就會更高，因為他們會在我們進行促銷活動的時間內將更多的購買量集中到這些促銷活動中。因此，就促銷活動的接受率而言，這無疑會加速。

In terms of margin mix, the goal and belief is that having growth in the apparel category, which tends to be higher margin for us for footwear, that will mix us up. I would say we really didn't experience that as much in Q2. We had a pretty tight range of performance between all the businesses, they were all in about 120 basis points of each other. So we didn't see dramatic mix one way or the other in terms of hard goods or soft goods. But moving forward, that would be the goal in the plan.

在利潤組合方面，我們的目標和信念是服裝類別的成長，這往往為我們帶來鞋類更高的利潤，這將使我們的利潤組合更加均衡。我想說我們在第二季確實沒有經​​歷那麼多。我們所有業務的業績差距相當小，彼此之間相差約 120 個基點。因此，我們並沒有看到硬商品或軟商品出現顯著的混合。但展望未來，這將是該計劃的目標。

Great. And then just on the cohorts. It sounds like the upper income consumer -- high-end consumer is continuing to post positive comps. Has that accelerated? And do you expect the higher income consumer to drive the comp growth in the back half of the year? Or do you think that the middle income consumer can inflect positive in the back half?

偉大的。然後只針對同夥。聽起來高收入消費者——高端消費者正在繼續發布積極的業績。速度加快了嗎？您是否預期高收入消費者將推動今年下半年的銷售成長？或者您認為中等收入消費者會在下半年產生正面影響？

Yeah. So it has accelerated. If you look at the top two quintiles 100,000 and up, they were up double digits in terms of traffic for us within the quarter, which is an acceleration versus Q1. We held share in that middle income quintile, 50,000 to 100,000. And then we lost a little bit of share in the lower income [quintile], although it was less than what we saw in the previous quarters.

是的。所以它已經加速了。如果你看一下排名前五分之一的 10 萬及以上客戶，你會發現本季他們的流量成長了兩位數，與第一季相比有所加速。我們在中等收入五分之一人群中佔有一席之地，即 5 萬到 10 萬人。然後，我們在低收入（五分之一）群體中的份額有所下降，儘管比前幾季的下降幅度要小。

And so at the higher end, it's more than offsetting the lower end income consumers. So I do believe that, that should continue and accelerate as we move through the back half of the year.

因此，在高端市場，它足以抵消低端收入消費者的損失。因此，我確實相信，隨著我們進入下半年，這種情況將會持續下去並加速發展。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

Hi, good morning. Thanks for taking our question. Our question just was going to be focused on Nike and Jordan. Just any more detail that you could give around the performance, I believe you said up double digit, but any more detail there? And can you talk about the exclusivity of both the Nike and Jordan product as you continue to see increased points of distribution by the brand?

嗨，早安。感謝您回答我們的問題。我們的問題只是集中在耐吉和喬丹身上。您能否提供更多關於業績的細節，我相信您說的是兩位數，但還有其他細節嗎？隨著您不斷看到該品牌的分銷點不斷增加，您能否談談耐吉和喬丹產品的獨特性？

Yeah. So we're very excited about what we're seeing or early reads in terms of Nike and Jordan. As you remember, we launched Jordan in late Q1, kind of the back half of April. And we've seen that business build, particularly at back-to-school. We had our biggest weeks of the year during back to school as we expected.

是的。因此，我們對耐吉和喬丹的所見所聞或早期解讀感到非常興奮。大家還記得，我們​​在第一季末，也就是四月下半月推出了 Jordan。我們已經看到業務的成長，特別是在開學期間。正如我們預期的那樣，開學期間我們度過了一年中最重要的幾週。

We expect that to continue particularly on the footwear side as we move in the basketball season, we also think it's going to be a big gift-giving category for us this year is all for holiday. So I really expect that to continue to be a tailwind for us. And then on the other side, from a Nike perspective, we've made a big investment there as well.

我們預計，隨著籃球賽季的到來，這種趨勢將持續下去，尤其是在鞋類方面，我們也認為，今年這將成為我們節日送禮的一大亮點。所以我真的希望這能繼續成為我們的順風。另一方面，從耐吉的角度來看，我們也在那裡進行了大量投資。

I wouldn't say we have exclusive product per se. I would say we're getting access to better premium products. So for example, within footwear, we have the 18 on the floor as well as the (inaudible). We have a few 6,000 out there that's doing very well. We've got 270s out in almost every door at this point. And those aren't cheap shoes. Those are $165, $180 shoes in a lot of cases, doing very well for us.

我不會說我們本身擁有獨家產品。我想說我們正在獲得更好的優質產品。例如，在鞋類產品中，我們有 18 個地板以及（聽不清楚）。我們有 6,000 多人在那裡，表現得非常好。目前，我們幾乎在每扇門上都安裝了 270 台。而且這些鞋子並不便宜。這些鞋子的價格很多都是 165 美元、180 美元，對我們來說非常划算。

So we feel really good about that. On the apparel side, we've got things like the Phoenix lease, which in the past would have had limited access to we now have in more doors. So it's less about exclusivity for us. It's more about having higher-end product, more broadly distributed throughout the chain, and that is working for us.

所以我們對此感到非常高興。在服裝方面，我們有像 Phoenix 租賃這樣的服務，過去這項服務的訪問權限有限，但現在我們擁有了更多的訪問權限。因此，對我們來說，這不太關乎排他性。這更多的是為了擁有更高端的產品，並在整個鏈條中更廣泛地分銷，這對我們很有幫助。

Thank you.

謝謝。

Anthony Trauma, Loop Capital Markets.

安東尼·特拉馬 (Anthony Trauma)，Loop Capital Markets。

Morning, thanks for taking my question. Also I wanted to just kind of follow up on Kate's question. I guess how does your Jordan brand assortment, just in terms of the overall size of the assortment, compared now to when you first launched it? And then how much more assortment expense do you anticipate over the remainder of the year?

早上好，感謝您回答我的問題。我也想繼續回答凱特的問題。我想問一下，就產品系列的整體規模而言，現在與首次推出時相比，您的 Jordan 品牌產品系列有何不同？那麼，您預計今年剩餘時間內的分類費用還會增加多少？

Thank you.

謝謝。

Yes. So I would take a category like footwear, we're dramatically expanded. I think we launched with two shoes. If you remember, we're kind of at the tail end of basketball season. So now you'll see a much more expanded basketball assortment out there, I would say, from the SKU count is probably more than tripled.

是的。因此，我會以鞋類這樣的類別為例，我們的業務得到了極大的擴展。我認為我們推出了兩款鞋。如果你還記得的話，我們現在已經到了籃球賽季的尾聲。所以現在你會看到市場上籃球產品的種類更加豐富，我想說，從 SKU 數量來看，可能增加了兩倍以上。

We've also taken things like football cleats, which weren't in the assortment initially. Those are out in all doors right now. Categories like backpacks have also expanded out in all doors. Apparel as we get in the back half of the year is going to get obviously expanded from more fleets, things like that.

我們也拿走了足球鞋之類的東西，這些東西原本並不在我們的產品系列中。現在所有門上都已經裝好了。背包等類別也已擴展到所有門類。今年下半年，服裝業務顯然會從更多的車隊中擴展，諸如此類。

So the assortment will continue to expand both from a expanded from a door count perspective as well as the SKU count throughout the back half of the year. And then obviously, as we go into next year, the goal is to expand those shops out into more doors. And we haven't given guidance on that, but we're working with them right now what that plan looks like, but it will be a more doors for us next spring.

因此，從門市數量和 SKU 數量來看，下半年商品種類將持續擴大。顯然，進入明年，我們的目標是將這些商店擴展到更多的商店。我們還沒有就此給予指導，但我們目前正在與他們合作制定計劃，但明年春天這將為我們帶來更多機會。

That's helpful. Thank you.

這很有幫助。謝謝。

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 just spending by customer cohorts. I think you talked about the lower-income consumer a bit, but hoping you could zero in on any disparities in shopping patterns across different ethnicities, including the Hispanic consumer. Is the underperformance there widening, narrowing or consistent versus prior periods? That's my first question.

太好了，早安，謝謝您回答我的問題。第一個是關於客戶群的支出。我認為您談到了一些低收入消費者的問題，但希望您能夠集中討論不同種族（包括西班牙裔消費者）的購物模式差異。與前期相比，業績不佳的現像是擴大了、縮小了還是保持一致了？這是我的第一個問題。

Yes. So all the data that we get or that I'm going to about to talk about is from Placer. So it used to be that Academy over-indexed in consumers making below 50,000. But what we've seen since, I don't know, like third quarter of last year is that the growth in Quintiles 4 and 5 is more than offsetting that degradation in those consumers in Quintiles 1 and 2. And so it's been very steady, and I'm anticipating it to continue.

是的。因此，我們獲得的所有數據或我將要談論的所有數據都來自 Placer。因此，學院過去對收入低於 50,000 美元的消費者的指數過高。但自去年第三季以來，我們看到第四和第五季消費者的成長遠遠超過了第一季和第二季消費者的下降。所以它一直非常穩定，我預計它會繼續下去。

As it relates to ethnicity, again, through Placer, place or I would tell you that the Hispanic consumer in our markets is up year-over-year. We were very concerned associated with the health of that demographic. The other black, white, Asian, it gives you all different cuts of it. Overall, I would say there's no real significant outliers.

至於種族，再次透過 Placer 或我會告訴你，我們市場中的西班牙裔消費者數量同比增長。我們非常關心該族群的健康狀況。其他黑人、白人、亞洲人，都有不同的剪裁方式。總的來說，我認為沒有真正顯著的異常值。

One thing I would comment on, though, is we've got about 30-sub-odd stores that over-indexed towards the Hispanic consumer. Many of those are on the border of Texas and Mexico. And we're seeing those stores do a little bit worse than the trend overall as it relates to Texas or as it relates to the balance of the chain.

不過，我想評論的一件事是，我們大約有 30 家商店過度依賴西班牙裔消費者。其中許多位於德克薩斯州和墨西哥邊境。我們發現這些商店的表現比德克薩斯州或整個連鎖店的總體趨勢要差一些。

And so we do think there's some impact associated with people who are coming across the border to shop for the day. I think there's been disruption associated with that. It doesn't show up as pronounced in the data from Placer, but we are seeing it in the individual the store performance that overindexed on the Hispanic population.

因此，我們確實認為，跨境購物的人們會受到一些影響。我認為與此相關的混亂已經出現。雖然在 Placer 的數據中並沒有明顯反映這一點，但我們從個別商店的業績中看到了西班牙裔人口的過度增長。

That's helpful. And then a quick follow-up. You mentioned improved in stocks from the RFID initiative. And I think just the Georgia DC. Is there a way to dimensionalize maybe the frequency of out-of-stocks you're seeing today versus the magnitude of potential improvement in conversion in the quarters ahead?

這很有幫助。然後進行快速跟進。您提到 RFID 計劃提高了庫存。我認為僅限於喬治亞州的華盛頓特區。有沒有辦法將您今天看到的缺貨頻率與未來幾季轉換率的潛在改善幅度進行量化？

So what we shared publicly is that we see about a 20-point improvement in terms of inventory accuracy in goods that are counted on RFID on a weekly basis versus goods that are not. That's improved our in-stocks by 400 basis points to 500 basis points overall. And having goods in the right sizes certainly helps us from a conversion perspective. That's what we shared publicly.

因此，我們公開分享的是，我們發現每週使用 RFID 進行盤點的商品的庫存準確率比未使用 RFID 進行盤點的商品提高了約 20 個百分點。這使得我們的庫存總體提高了 400 個基點至 500 個基點。從轉換率的角度來看，擁有合適尺寸的商品無疑對我們有幫助。這就是我們公開分享的內容。

John Heinbockel, Guggenheim Securities.

古根漢證券公司的約翰·海因博克爾。

Hey Steve, first question, can you frame the size of those three cohorts that you referenced, right? Because I don't think it's [one-third, one-third, one-third] and then do you think structurally going forward, I know you've added best product. But is there more to be done on the marketing front, the targeted marketing front to go after the 100 plus, whether it's CRM or or social to try to deleverage even more to that group.

嘿，史蒂夫，第一個問題，你能概括一下你提到的三個群體的規模嗎？因為我不認為它是[三分之一，三分之一，三分之一]，然後你認為從結構上講，我知道你已經添加了最好的產品。但在行銷方面，是否有更多工作要做，針對 100 多個目標客戶的行銷方面，無論是 CRM 還是社交，都試圖進一步降低該群體的槓桿率。

Yes. So I'll start and I think Steve will finish. As it relates to the size or the penetration percentage, so it literally is almost [one-third, one-third, one-third] So one-third quintiles 1 and 2, so making below 50,000, quintile 350 to 100, approximately one-third and then above 100,000, quintiles 4 and 5, about one-third.

是的。所以，我先開始，我想史蒂夫會完成。由於它與規模或滲透率有關，因此它實際上幾乎是 [三分之一、三分之一、三分之一] 因此三分之一是 1 和 2 的五分位數，因此低於 50,000 的五分位數是 350 到 100，大約是三分之一，而高於 100,000 的五分位數是 4 和 5，大約是三分之一。

I would tell you, even over the last year, there's been a radical shift in that as quintiles 1 and 2 frequent us less. And quintiles 4 and 5 are significantly growing trading into Academy. So I think at some point, I'll maybe provide a little bit more color related to that. But generally speaking, 30% to 33% for each of those three cohorts.

我想告訴你，即使在過去的一年裡，這種情況也發生了根本性的變化，因為第一五分位數和第二五分位數出現的頻率降低了。而第四和第五個五分位數在學院的交易中顯著成長。所以我想在某個時候，我可能會提供更多與此相關的顏色。但總體而言，這三個群體的比例分別為 30% 至 33%。

And then from a marketing perspective, you're spot on correct, right? I mean, obviously, having the new CDP, having done all the data resolution as we get more of these people shopping with Academy, they're getting added to our customer file. They're high-value customers who are coming in and shopping for the first time. Our goal is certainly to turn them in from casual shoppers into Academy loyalists. We have a ton of plays we're working on.

那麼從行銷角度來看，您說得完全正確，對嗎？我的意思是，顯然，有了新的 CDP，我們完成了所有資料解析，隨著越來越多的人透過 Academy 購物，他們被添加到我們的客戶檔案中。他們是首次前來購物的高價值顧客。我們的目標當然是讓他們從普通購物者轉變為學院的忠實粉絲。我們正在籌備大量的戲劇。

One of the things I was just talking to our Chief Customer Officer about last week is we got some of these people who come in and shop either through one channel or the other, whether they're dot-com shopper or a brick-and-mortar shop or -- primarily. So what we would expect is when you look at the combination of the two, the kind of the customer shops across both, those are our most valuable customers.

我上週剛與我們的首席客戶長談到的一件事是，我們有一些顧客，他們透過一個管道或另一個管道來購物，無論他們是網路購物者還是實體店購物者——主要是。因此，我們期望的是，當您將兩者結合起來時，在這兩家商店購物的客戶就是我們最有價值的客戶。

And so we're really doing some targeted market and try to convert store-only shoppers to the omnichannel shoppers or online shoppers to be omnichannel shoppers. And there's a lot of really good work the team is doing that candidly, we couldn't have done several years ago because we didn't have CDP, we did not have all the information at our fingertips that we do now have.

因此，我們確實在做一些有針對性的市場，並嘗試將僅在商店購物的購物者轉變為全通路購物者，或將線上購物者轉變為全通路購物者。坦白說，我們的團隊做了很多非常好的工作，幾年前我們不可能做到這一點，因為我們沒有 CDP，我們無法像現在這樣隨時掌握所有資訊。

And then just a quick follow-up. I know you guys have talked about 100 basis points of supply chain opportunity. What's the cadence of that? And now that you're accelerating stores and using the capacity more, is the opportunity greater than 100 with that or you don't think so?

然後只是快速的跟進。我知道你們已經談論了 100 個基點的供應鏈機會。它的節奏是怎樣的？現在您正在加速門市擴張並更多地利用產能，那麼機會是否會超過 100 個，還是您不這麼認為？

I think the 100 basis points is still live. I think we invested some basis points last year, and we'll get them back this year related to twigs. When we talk about our long-range plan, five years, I think 100 basis points is the right cadence. Some of that will be related to the rollout of the WMS to the other two distribution centers. But some of it is we brought in a new Chief Supply Chain Officer last year.

我認為 100 個基點仍然有效。我認為我們去年投資了一些基點，今年我們將透過樹枝收回它們。當我們談論我們的長期計劃時，五年，我認為 100 個基點是正確的節奏。其中一些將與 WMS 向其他兩個配送中心的推廣有關。但部分原因是我們去年聘請了一位新的首席供應鏈長。

And similar to when Steve and I got here coming from like more of the department store space and just looking at how the distribution centers operate from a retail as well as a DTC standpoint. There's just some upside opportunities related to just what normal looks like. And I would say, Rob, Howell is doing a good job at getting after those. So I think the 100 basis points is alive and well. I wouldn't take it up at this point in time because I want to prove it out before we talk what may be some out-year opportunities are.

這與史蒂夫和我來到這裡時的情況類似，我們當時更關注的是百貨公司領域，只是從零售和 DTC 的角度觀察配送中心的運作方式。有一些與正常情況相關的上行機會。我想說，羅布，豪厄爾在解決這些問題上做得很好。所以我認為 100 個基點仍然有效。我現在不會接受這個問題，因為我想在討論未來幾年可能出現的機會之前先證明這一點。

Thank you.

謝謝。

Robby Ohmes, Bank of America.

羅比‧奧姆斯 (Robby Ohmes)，美國銀行。

Hi, This is [Matti Check] on for Robby Ohmes. Maybe first, what should we expect in terms of inventory growth in the second half? And then second, you called out that all categories were up low single digits in the second quarter. Could you provide any more color on the performance of each apparel and footwear versus outdoor? And maybe how the ammo business performed versus the first quarter? Thank you.

大家好，我是 Robby Ohmes 的 [Matti Check]。或許首先，我們對下半年的庫存成長應該有何預期？其次，您指出第二季所有類別的增幅都低於個位數。您能否提供更多關於每種服裝和鞋類與戶外產品相比的性能的資訊？與第一季相比，彈藥業務表現如何？謝謝。

Yeah. So if you look at inventory, and we're having to look a lot of inventory on a unit basis -- on a unit per store basis. A, because of the tariffs and the impact that it's having on cost; b, the fact that we're opening up new stores. So if you look at it, we're up about 6.5% in Q1 on units per store basis, we're up, I think, 4.6% in Q2. We'd expect that number to continue to come down as we progress through the year and sell through the inventory that we pulled forward kind of normalizing by the end of the year.

是的。因此，如果你查看庫存，我們必須以單位為基礎（以每家商店的單位為基礎）查看大量庫存。A、因為關稅及其對成本的影響；b、我們正在開設新店。所以如果你看一下，我們在第一季每家商店的單位數量增加了約 6.5%，我認為在第二季增加了 4.6%。我們預計，隨著我們全年的進展以及庫存的銷售，這一數字將繼續下降，到年底將趨於正常化。

So we feel like we've got a good beat on inventory, particularly on a unit and per store basis and feel like we're in a really good position there. Repeat the second part of your question -- Oh, division of performance. So if you look at performance by division, apparel and footwear were the two strongest performing businesses, both were up almost equal to each other from a comp and an absolute basis.

因此，我們覺得我們在庫存方面取得了良好的成績，特別是在單位和每家商店的基礎上，我們感覺我們處於非常有利的地位。重複你問題的第二部分——哦，績效劃分。因此，如果按部門查看業績，服裝和鞋類是表現最強勁的兩個業務，從比較和絕對基礎來看，兩者的增幅幾乎相同。

But once again, there was only like 120 basis points spread between outdoor and apparel, which was the best business on an absolute basis. Beneath the surface you asked about ammo. Ame continues to be tough, although the trend was a little better in Q2 than it was in Q1. I think that's a business that goes through ebbs and flows as there's demand cycle pulling more goods out there. Right now, there's a lot of supply.

但再一次，戶外和服裝之間的差距只有 120 個基點，從絕對意義上來說，這是最好的業務。你問的是有關彈藥的問題。儘管第二季的趨勢比第一季略有好轉，但 Ame 仍然很艱難。我認為這是一個隨著需求週期拉動更多商品而經歷起伏的行業。目前，供應量很大。

So it's become more of a price-sensitive business. We're certainly monitoring and making sure we have the best price on a daily basis. And we're going to continue to monitor the business. We've had some success with bulk packs as a way to drive higher average unit tickets there. So we're going to continue to work on that. But I would say the ammo business, of all the businesses, probably one of more challenged businesses.

因此，它已成為一個對價格更加敏感的業務。我們當然會每天監控並確保我們擁有最優惠的價格。我們將繼續監控業務。我們透過批量包裝取得了一些成功，從而提高了平均單價。因此我們將繼續努力。但我想說，在所有行業中，彈藥行業可能是面臨挑戰最多的行業之一。

Yeah, Maddy, you'll get the 10 -- all of you guys will get the 10-Q later today, so I'll go ahead and lay out the numbers that you'll see in the footnote. On the softlines standpoint, footwear and apparel were each up 3.7%, 3.8% in total, and outdoor was up 2.5%. So three of our four divisions, positive comp during the quarter. It wasn't just regionally focused.

是的，瑪蒂，你們會得到 10——今天晚些時候你們所有人都會得到 10-Q，所以我會繼續列出你們會在腳註中看到的數字。從軟性產品方面來看，鞋類和服裝分別上漲 3.7%，整體上漲 3.8%，戶外用品上漲 2.5%。因此，我們四個部門中有三個部門在本季度實現了正成長。它並不只關注地區。

There was good health across the business, but our fall forecast contemplates a range of outcomes that I think is less centric to the acceleration of our initiatives and it's more focused on the health of the overall consumers. I do want to reiterate with where tariffs are, we envision all retailers taking AURs up. And on a weekly standpoint, we scrape active pricing via the Internet on like-to-like products.

整個業務的健康狀況良好，但我們的秋季預測考慮了一系列結果，我認為這些結果與加速我們的計劃不太相關，而更側重於整體消費者的健康狀況。我確實想重申一下關稅，我們預計所有零售商都會提高 AUR。從每週的角度來看，我們透過網路蒐集同類產品的現行定價。

And we also do it on our private brands. So nobody else sells an academy sports and outdoors share that you put on the soccer field, but lots of other folks have their own private brands. Every week, we're looking at where prices are and if there's any place where we don't represent value as an everyday value retailer, we take adjustments that very next week. So yes, really, really tight performance across the various categories, initiatives are going to continue to perform. Health of the American consumer is the primary headwind.

我們也對我們的自有品牌這樣做。因此，沒有其他人出售您在足球場上放置的學院運動和戶外份額，但許多其他人都有自己的私人品牌。每週，我們都會關注價格，如果發現任何我們作為日常價值零售商沒有體現出價值的地方，我們會在下週進行調整。所以是的，各類別的表現確實非常緊密，各項措施將繼續發揮作用。美國消費者的健康是主要的阻力。

Very helpful, thank you.

非常有幫助，謝謝。

Justin Kleber, Baird.

賈斯汀·克萊伯，貝爾德。

Hey, good morning, guys. Thanks for taking the questions. First one for me, just around future brand access. Specifically, if you started to see the launch of Jordan and the expanded Nike assortment, is that helping break down any historical barriers and allowing you to gain access or at least you have new conversations with brands that previously would not sell to you?

嘿，大家早安。感謝您回答這些問題。對我來說，第一個是關於未來品牌訪問的問題。具體來說，如果您開始看到喬丹的推出和耐吉產品系列的擴大，這是否有助於打破任何歷史障礙並讓您獲得准入，或者至少讓您與以前不會向您銷售產品的品牌進行新的對話？

I would say it certainly helps, right? I mean, obviously, when you look at the investment we made, bring Jordan to life in our stores on our site. I think we -- the team did a really good job. I'm really proud of the work they did on this front. I think Nike is very happy with the partnership and what we've managed to do there.

我想說這肯定有幫助，對吧？我的意思是，顯然，當你看到我們所做的投資時，我們就會在我們的網站上的商店中讓喬丹煥發生機。我認為我們——團隊做得非常好。我為他們在這方面所做的工作感到非常自豪。我認為耐吉對這次合作以及我們所取得的成果感到非常滿意。

And I think it definitely has helped us continue to gain access to brands. And we have a couple of new brands. They're not all footwear. I mean, we brought in converse this year, which we didn't have before, but brands like Hydro jug coming into the assortment are a big win for us. We've got other higher-end brands.

我認為這確實幫助我們繼續獲得品牌的青睞。我們還有多個新品牌。它們並不全是鞋類。我的意思是，我們今年引進了匡威，這是我們以前沒有的，但像 Hydro jug 這樣的品牌加入到我們的產品系列中對我們來說是一個巨大的勝利。我們還有其他高端品牌。

One we talked a lot about is called Berlabo, it's kind of the younger men's outdoor brand, pretty high AUR candidly, doing really, really well for us. That's out in outdoors. The younger golf brand called WAGL that we now have in a meaningful count of doors doing very well for us.

我們經常談論的一個品牌是 Berlabo，它是年輕男士的戶外品牌，坦白說，其 AUR 相當高，對我們來說非常非常好。那是在戶外。我們擁有的年輕高爾夫品牌 WAGL 目前已擁有多家門市，經營狀況非常好。

We talked about Ninja, coolers and grills also doing really well for us. So we continue to get access to brands. We continue to have dialogues with brands that we want to have access to. I think that the way we launched Jordan, I think, definitely helps our case as we make it get access to those brands.

我們談到了 Ninja，冷卻器和烤架也為我們帶來了非常好的效果。因此我們持續獲得品牌的青睞。我們繼續與我們想要接觸的品牌進行對話。我認為我們推出 Jordan 的方式肯定有助於我們獲得這些品牌的青睞。

Yeah, that's helpful. Thanks, Steve. And then a question for Carl on the gross margin guide. It seems about 50 basis points of expansion in the back half at the midpoint, which is a bit stronger than the first half. So obviously, tariffs, I think, are going to have a bigger impact as we move deeper into the year.

是的，這很有幫助。謝謝，史蒂夫。然後向卡爾詢問有關毛利率指南的問題。從中點來看，後半部似乎擴張了約 50 個基點，比前半部略強。因此，我認為，隨著今年的深入，關稅顯然將產生更大的影響。

So can you just outline the drivers of expansion you see in the back half, thinking about your view on merch margins versus cycling over some of these elevated freight and supply chain costs that you referenced?

那麼，您能否簡單概括一下您在下半年看到的擴張驅動因素，思考一下您對商品利潤率的看法，還是考慮您提到的一些上漲的運費和供應鏈成本的影響？

Yes. I mean at the low end, we're going up 10 basis points from last year, and we invested margin rate in some of the distribution center standpoint. So 34.0% at the low end compared to 33.9% last year. To get to that upper end, we would need merch margin to continue to perform like we're seeing it. I think there is some mix shift things that are in play there associated with Jordan, Nike performing so well.

是的。我的意思是，在低端，我們比去年上漲了 10 個基點，並且我們從配送中心的角度投資了部分保證金率。因此，最低值為 34.0%，而去年為 33.9%。為了達到這個上限，我們需要商品利潤率來繼續保持我們現在看到的表現。我認為，喬丹和耐吉的出色表現與一些混合轉變因素有關。

As it relates to shrink, I think it's -- it might round to 10 basis points. It's not a huge headwind. As I said, it's running down -- or it's running up 5 basis points last year as a headwind of 5 basis points year-over-year year-to-date. And then some of the e-comm shipping, I think, is some of the price of associated with driving such what I consider to be an awesome comp at plus 17.7% in the quarter.

至於收縮，我認為——它可能會四捨五入到 10 個基點。這並不是什麼巨大的逆風。正如我所說，它正在下降——或者說，去年它上漲了 5 個基點，而今年迄今為止，它比去年同期下降了 5 個基點。然後，我認為，電子商務運輸是與駕駛相關的一些價格，我認為本季的同比增長率為 17.7%，這是一個很棒的成績。

I'll take that. As it relates to other shipping things, Rob and his team are doing a great job. We pulled forward a lot of inventories. So we've seen a lot of the shipping costs associated with that. And then basically, those just play out as we sell the goods. So I think you get to a midpoint, we would continue to see year-over-year improvement. I think we're up 30 basis points year-to-date in gross margin. And at the low end, we're up 10, at the high end, we're up 60.

我會接受的。至於其他運輸事宜，Rob 和他的團隊做得非常出色。我們提前了很多庫存。因此，我們看到了許多與此相關的運輸成本。基本上，這些只是在我們銷售商品時發生的。所以我認為當你達到一個中間點時，我們將繼續看到逐年改善。我認為今年迄今為止我們的毛利率上升了 30 個基點。最低端我們上漲了 10%，最高端我們上漲了 60%。

All right, thanks for the call guys. Best of luck.

好的，謝謝大家的來電。祝你好運。

John Kernan, TD Cowen.

約翰‧科南 (John Kernan)，TD Cowen。

Good morning guys, thanks for taking the question. Carl, can you talk to new store productivity the productivity from the new boxes, it looks like omnichannel sales per foot is still under some pressure here. I'm just curious what your assumptions are as you ramp store openings in the back half of the year. And I got a quick follow-up for Steve.

大家早安，謝謝你們回答這個問題。卡爾，您能談談新店生產力嗎？新箱子的生產力看起來每英尺的全通路銷售額仍然面臨一些壓力。我只是好奇，當您在今年下半年增加商店開設數量時，您的假設是什麼。我很快就跟進了史蒂夫的情況。

Yes. I mean the productivity of the boxes is pretty much coming in exactly like we said it would. So $12 million to $16 million year one EBITDA positive, but deleverage to the total company with, I think, average is about $21 million per store. 20% ROIC four-year kind of cash-on-cash payback look, it's different by market. And so in those new markets where our brand awareness is low, and we're having to invest in like educating the consumer on what is Academy Sports and Outdoors.

是的。我的意思是，這些盒子的生產力幾乎和我們所說的完全一樣。因此，第一年的 EBITDA 為正值 1,200 萬至 1,600 萬美元，但對整個公司而言，我認為平均每家店的去槓桿約為 2,100 萬美元。20% ROIC 四年現金回報看起來因市場而異。因此，在那些我們的品牌知名度較低的新市場中，我們必須進行投資，例如向消費者介紹什麼是 Academy Sports and Outdoors。

What do they sell? How do I break into that shopping cycle that they're already involved with. It's coming in closer to the $12 million in the legacy markets where brand awareness is high. They just don't drive routinely like an hour to where an Academy is. It's coming in really close to that $16 million.

他們賣什麼？我要如何打入他們已經參與的購物循環？在品牌知名度較高的傳統市場中，這一數字接近 1,200 萬美元。他們只是不會定期開車一個小時去學院所在地。它確實接近 1600 萬美元。

We're pretty pleased. I think once you get past that first year, we've shown a propensity to be able to kind of estimate what that year one is, their positive comping. And I can't say enough about going from mid-singles -- or excuse me, from low single-digit comps. And again, this is once they've reached their 14th month, they're in the comp set, going from low single digits to mid-single digits.

我們非常高興。我認為，一旦度過第一年，我們就會表現出一種傾向，能夠估計第一年的情況，也就是他們的正面表現。我無法充分錶達我對從中單打開始——或者對不起，從低個位數開始——的感受。再說一次，一旦他們進入第 14 個月，他們就會進入競爭組，從低個位數成長到中等個位數。

I think it's 26 stores that are now in the comp set for some portion of the second quarter. Like that's meaningful to me. I'm really excited about the comp waterfall long term as we continue to roll out these stores. If there's a level of predictability on where they're going to come in on year one and then they're banging out mid-singles from a growth algorithm standpoint, I like that as it relates to some of the broader goals that we're trying to achieve.

我認為目前有 26 家商店在第二季度的某個時間段內處於競爭狀態。這對我來說很有意義。隨著我們繼續推出這些商店，我對長期的瀑布效應感到非常興奮。如果對他們第一年的發展有一定程度的可預測性，然後從成長演算法的角度來看，他們能夠取得中等單打成績，我喜歡這樣，因為這與我們試圖實現的一些更廣泛的目標相關。

That's helpful. Thanks. And then, Steve, you talked about some pretty significant AUR increases in some categories in the back half of the year. I'm just curious how you're planning for that within the comp guidance given the middle to lower income consumers under a little bit more pressure here?

這很有幫助。謝謝。然後，史蒂夫，您談到了今年下半年某些類別的 AUR 出現了相當顯著的成長。我只是好奇，考慮到中低收入消費者面臨的壓力更大，您如何在競爭指導範圍內制定計劃？

Yes. I think we expect the behavior we've seen throughout Canada the last several quarters of the lower-end consumer being under pressure to not change, right? I mean I think those people making under 50,000, they're struggling. And I think they're continuing to either hop out or trade down. And so I think that's going to continue, although we've seen the rate of those trading slow each quarter.

是的。我認為，我們預計過去幾季加拿大各地的低端消費者將面臨不願改變的壓力，對嗎？我的意思是，我認為那些收入低於 50,000 的人正在苦苦掙扎。我認為他們要么繼續退出，要么繼續降低價格。因此我認為這種情況將會持續下去，儘管我們看到每季的交易速度都在放緩。

And so hopefully, that trend will continue. But we're really excited about the middle and higher income quintiles trading into us, and we think that's going to more than offset any erosion, we feel on the low end because once again, it's not relative value. And I think Carl mentioned this earlier.

所以希望這種趨勢能夠持續下去。但我們真的很高興看到中高收入五分之一的人與我們進行交易，我們認為這將足以抵消任何侵蝕，我們感覺處於低端，因為再一次，這不是相對價值。我認為卡爾之前提到過這一點。

As prices go up, one of the things we're very focused on is making sure that we still have the best value on like-to-like items out there in the marketplace and all the work we do on a daily, weekly basis continues to reinforce that. And the fact that consumer is accelerating at that higher end tells us they're noticing it as well, and they're trading in and picking Academy for the value that we offer.

隨著價格上漲，我們非常關注的事情之一是確保我們在市場上仍然擁有同類商品的最佳價值，並且我們每天、每週所做的所有工作都在不斷強化這一點。而消費者在高端領域加速成長的事實告訴我們，他們也注意到了這一點，並且他們正在以我們提供的價值進行交易並選擇 Academy。

That's helpful, thanks.

這很有幫助，謝謝。

We have reached the end of the question-and-answer session. I'd now like to turn the call back over to Steve Lawrence for closing comments.

問答環節已經結束。現在我想將電話轉回給史蒂夫勞倫斯，請他發表最後評論。

Thanks. I want to close by thanking you all for joining our call. I'd also like to express gratitude to our 23,000-plus associates who work tirelessly to provide our customers with an outstanding experience when they shop at Academy. You guys are truly the secret sauce and makes Academy a great company. I'd also like to welcome Brandy Treadway as our new Executive Vice President and Chief Legal Officer.

謝謝。最後，我要感謝大家參加我們的電話會議。我還要向我們 23,000 多名員工表示感謝，他們不知疲倦地工作，為我們的客戶在 Academy 購物時提供卓越的體驗。你們確實是學院的秘密武器，讓學院成為了一家偉大的公司。我還要歡迎 Brandy Treadway 擔任我們的新任執行副總裁兼首席法律長。

Brandy joined us last month and brings nearly 25 years of retail and legal experience. She oversees our legal, compliance and risk management teams will play a meaningful role in our continued growth. At this point, we've made it through August are encouraged by the continued momentum we saw during the back-to-school selling season.

布蘭迪上個月加入我們，擁有近 25 年的零售和法律經驗。她負責監督我們的法律、合規和風險管理團隊，並將在我們的持續發展中發揮重要作用。到目前為止，我們已經度過了八月，我們對返校銷售季節的持續勢頭感到鼓舞。

It gives us confidence as we head into the back half of the year that we have the right strategies in place and that our assortments are resonating with our core consumers. We remain focused on helping our customers navigate the current economic backdrop by enabling them to maximize their spending power at Academy. We also believe that we'll come out of this year better position than ever to serve our customers and ensure long-term growth. Thanks, and have a great rest of your day.

這讓我們在進入下半年時充滿信心，因為我們制定了正確的策略，而我們的產品系列引起了核心消費者的共鳴。我們始終致力於幫助客戶應對當前的經濟狀況，使他們能夠最大限度地發揮學院的消費能力。我們也相信，今年我們將比以往更好地服務我們的客戶並確保長期成長。謝謝，祝您今天剩餘時間過得愉快。

The call has 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。