Academy Sports and Outdoors, Inc. (ASO) 2025 Q4 法說會逐字稿

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

早安，歡迎參加 Academy Sports and Outdoors 2025 會計年度第四季業績電話會議。本次電話會議將被錄音（接線員指示）

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

現在我想把電話交給 Academy Sports and Outdoors 投資人關係副總裁 Dan Aldridge。

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

各位早安，感謝各位參加 Academy Sports and Outdoors 2025 會計年度第四季與全年財務業績電話會議。今天參與電話會議的有執行長 Steve Lawrence，以及財務長 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 can cause our actual results to differ materially from our expectations and projections.

提醒各位，今天的財報新聞稿以及管理層在本次電話會議中的評論包含前瞻性陳述。這些陳述受到風險與不確定性影響，可能導致我們的實際結果與預期及推估出現重大差異。

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.

這些風險與不確定性包括但不限於財報新聞稿以及我們最新的 10-K 與 10-Q 申報文件中所列示的因素。公司不承擔修訂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.

今天的發言也會提及若干非 GAAP 財務衡量指標。與最可比 GAAP 指標的調節表已包含於今天的財報新聞稿中，可於 investors.academy.com 取得。

This morning, we will review our financial results for the fourth quarter of fiscal 2025 and the full year, provide an update on strategic initiatives, discuss outlook for the year, and share guidance for the full-year fiscal 2026. After we conclude prepared remarks, there will be time for questions.

今天上午，我們將回顧 2025 會計年度第四季與全年財務結果，更新策略性計畫進展，討論年度展望，並提供 2026 會計年度全年指引。在我們完成事先準備的發言後，將保留時間進行問答。

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

接下來，我把電話交給執行長 Steve Lawrence。

Thanks, Dan, and good morning to everyone on the line today. On our call this morning, we plan to cover our fourth quarter and full year results for 2025, along with providing initial guidance for 2026. I will remind you that we also have an Analyst Day planned for April 7 in New York City, which will also be webcast where we'll go into more detail on our long-range plan and how the investments we're making in 2025 and 2026 play into our multiyear strategy.

謝謝你，Dan，也向今天在線上的各位道早安。今天的電話會議，我們將說明 2025 年第四季與全年業績，並提供 2026 年的初步指引。也提醒各位，我們計畫於 4 月 7 日在紐約市舉辦分析師日，並將同步網路直播；屆時我們會更深入說明長期計畫，以及我們在 2025 與 2026 年所做的投資如何融入我們的多年策略。

I'll start with the fourth quarter, which played out largely as we forecasted with sales coming in at $1.7 billion, which is a 2.5% increase versus last year and translated into a negative 1.6% comp decrease. These results were within our implied guidance range for the quarter. As we shared on our last call, sales were strong over the Thanksgiving and Cyber Week time periods.

我先從第四季開始說起；整體表現大致符合我們的預測，銷售額為 17 億美元，較去年成長 2.5%，換算為同店銷售下滑 1.6%。這些結果落在我們對本季所隱含的指引區間內。如同我們在上次電話會議分享的，感恩節與網購週（Cyber Week）期間的銷售表現強勁。

Similar to prior years, we saw customer spending patterns soften in the second and third week of December and then surged during the week leading into Christmas, which continued into the last week of the month. January was softer than we anticipated, primarily driven by the large winter storms in the last 10 days of the month, which caused roughly half of our stores to be partially or fully shut down for two to three days.

與往年類似，我們看到 12 月第二與第三週的顧客支出型態轉弱，接著在聖誕節前一週大幅回升，並延續到該月最後一週。1 月的表現比我們預期更疲弱，主要是因為該月最後 10 天的大型冬季風暴，導致約一半門市部分或完全停業兩到三天。

We saw the business rebound once our stores reopened. As we discussed on prior calls, the big unknown for us this holiday was how the customer was going to react to the inflationary pressures on pricing for goods were imported from overseas. Our forecast was for average unit retails to be up low double digits for the quarter, and we delivered against that by raising our average unit retails up 10% through a combination of promotional optimization, growing sales in the better, best end of our assortment, and some strategic AUR increases.

門市重新開業後，我們看到業務反彈。如同我們在先前電話會議所討論的，這個假期對我們而言最大的未知數，是顧客將如何回應海外進口商品價格所面臨的通膨壓力。我們的預測是本季平均單價（AUR）將呈現低雙位數成長，而我們也達成此目標：透過促銷最佳化、提升「較佳／最佳」價位帶商品組合的銷售占比，以及部分策略性的 AUR 調升，使平均單價提升 10%。

All these efforts helped improve our gross margin by 140 basis points versus last year. Coming back to the full year, I'm proud of how our team executed in a choppy environment. We navigated through all of the challenges in 2025, while still growing top line sales to $6.05 billion or up 2%, which resulted in solid market share gains across our footprint.

上述各項努力協助我們的毛利率較去年提升 140 個基點。回到全年表現，我為團隊在波動環境中的執行力感到自豪。我們在 2025 年克服各項挑戰，同時仍將營收成長至 60.5 億美元、年增 2%，並在我們的營運版圖中取得穩健的市占提升。

We also put in place many foundational building blocks, which should help drive sales in 2026 and beyond, some of which include. First, I'm proud of how the team rallied midyear to mitigate and offset the impact of the incremental tariffs that were levied in late Q1 and Q2 of last year.

我們也建立了許多基礎性建設，應可在 2026 年及之後帶動銷售，其中包括：首先，我為團隊在年中團結一致、緩解並抵銷去年第一季末與第二季新增關稅影響的表現感到自豪。

The team had to react midyear after most of the merchandise was already purchased and managed to offset the increased expense through a combination of sourcing country diversification, inventory pull forward at lower costs and pricing and promotional optimization work. The result of these efforts yielded an annual AUR increase of 6%, which translated into a gross margin rate of 34.8% or plus 90 basis points versus the prior year.

在大部分商品已完成採購後，團隊必須於年中迅速應對，並透過供應來源國多元化、以較低成本提前拉貨，以及定價與促銷最佳化等方式，成功抵銷增加的費用。這些努力使全年 AUR 提升 6%，並帶動毛利率達 34.8%，較前一年增加 90 個基點。

As we embarked on this journey to raise AURs, we've also remained committed to not losing our reputation for having outstanding value by constantly monitoring pricing across the marketplace. What we found through the ongoing customer research work we do is that we've managed to improve average unit retails across the full year, while also improving our value perception with customers relative to key competitors.

在我們推動提高 AUR 的同時，我們也持續承諾不會失去「超值」的口碑，並持續監控市場各處的定價。我們透過持續進行的顧客研究發現，我們在全年提升平均單價的同時，相較主要競爭對手，顧客對我們的價值感知也有所提升。

I can assure you that this was no easy feat. Another key accomplishment was the 13.6% growth we drove in our dot-com business. We put a lot of new players in place late in 2024 and they jumped in and quickly worked to improve core search that experience fundamentals.

我可以向各位保證，這絕非易事。另一項關鍵成果是我們的電商業務成長 13.6%。我們在 2024 年底引進許多新成員，他們迅速投入並著手改善核心搜尋體驗的基本功。

They also showed tremendous agility throughout the year as we incorporated emerging AI capabilities into our site for data enrichment on our items to help improve relevance and search, leveraging image generation capabilities on our private brand apparel, and finally, by introducing a genetic AI onto our site for the first time, the launch of Scout prior to Christmas.

他們在全年也展現出極高的敏捷度：我們將新興 AI 能力導入網站，用於商品資料增豐以提升關聯性與搜尋表現；在自有品牌服飾上運用影像生成能力；最後，在聖誕節前首次於網站導入生成式 AI，推出 Scout。

While we're still in the early innings of these efforts, we're excited about the initial results we're seeing on this front.

雖然這些工作仍在初期階段，但我們對目前在這方面看到的初步成果感到振奮。

Third, New store expansion remains our number one growth opportunity. During the year, we successfully opened up 24 new stores, which in aggregate, are tracking to exceed their year one pro formas. At the same time, stores that opened up in 2022 through 2024, which are now in the comp base, drove mid-single-digit comp increases. We expect this tailwind to grow in 2026 as the 2025 vintage and new stores rolls into the comps as we progress throughout the year.

第三，新店擴張仍是我們第一大成長機會。今年我們成功開出 24 家新店，整體而言，其表現正朝著超越第一年預估（pro forma）的方向發展。同時，於 2022 至 2024 年開出的門市目前已納入同店基期，帶動中個位數的同店成長。隨著 2025 年批次（vintage）門市與新店在年度進程中逐步納入同店比較，我們預期這股順風在 2026 年將進一步增強。

Fourth, the team was laser-focused on improving its stock through a combination of assortment rationalization efforts, coupled with the rollout of RFID scanners to all of our stores in Q2. During the year, we shifted to weekly counts and inventory updates on brands that are RFID-enabled which in aggregate represent roughly 25% of our annual volume. The end result was improvements to our in stocks across the company by 500 basis points, which had a major impact on overall customer satisfaction along with improving conversion.

第四，團隊高度聚焦於提升現貨供應（in-stock），透過精簡商品組合的努力，並在第二季將 RFID 掃描器推廣至所有門市。今年我們改為對已啟用 RFID 的品牌進行每週盤點與庫存更新，這些品牌合計約占我們全年銷售量的 25%。最終成果是全公司現貨供應率提升 500 個基點，對整體顧客滿意度產生重大影響，同時也提升了轉換率。

We also believe that the merchants did a great job of leaning into emerging trends and brands which helped reinforce our position with a key destination during gift giving time periods, such as Father's Day and Christmas, following a stock-up time period such as back-to-school.

我們也相信，商家團隊在順勢切入新興趨勢與品牌方面做得非常出色，這有助於在送禮旺季（例如父親節與聖誕節）強化我們作為關鍵目的地的定位，且這些時點通常緊接在如返校季等補貨期之後。

Adding in-demand brands as Jordan and Converse, for our assortment, coupled with expanding other hot trading items such as Birkenstock, BURLEBO, baseball lifestyle 101. Turtle Box speakers, Ray-Ban Metas helped us drive traffic into our stores during the key moments of our customers' calendars. This is another initiative that we'll continue to push on in 2026.

在我們的商品組合中加入 Jordan 與 Converse 等需求旺盛的品牌，並同步擴充其他熱銷品項，例如 Birkenstock、BURLEBO、baseball lifestyle 101。Turtle Box 喇叭、Ray-Ban Metas 也幫助我們在顧客行事曆的關鍵時刻帶動進店人流。這是我們將在 2026 年持續推進的另一項計畫。

Next, our myAcademy Rewards loyalty program has continued to grow since we kicked it off in mid-2024. We now have over 13 million customers enrolled in this program. This is another initiative that we're still in the early innings on and we have some exciting plans to accelerate growth in this front in 2026 that we'll share in a couple of minutes.

接著，我們的 myAcademy Rewards 會員忠誠計畫自 2024 年年中推出以來持續成長。目前已有超過 1,300 萬名顧客加入此計畫。這同樣是一項仍在早期階段的計畫，我們在 2026 年有一些令人振奮的方案，將加速此面向的成長，稍後幾分鐘內會與各位分享。

Finally, all these efforts combined to help us drive new customers in our stores which was evidenced by the 10% growth we saw in consumers whose household income was over $100,000 a year. The increased traffic from this cohort is, in effect, helping us diversify and somewhat derisk our customer base with these higher income consumers now representing our largest and fastest-growing customer cohort.

最後，這些努力合併起來，幫助我們帶動門市新客成長；其證據是家庭年收入超過 10 萬美元的消費者人數成長了 10%。來自此族群的增加人流，實質上正協助我們讓顧客結構更多元並在一定程度上降低風險；目前這些高收入消費者已成為我們最大且成長最快的顧客族群。

To be clear, we remain focused and committed to maintaining our position as the value provider in the sports and outdoor space. That being said, we believe layering on new trending brands and items targeted at the better, best end of the assortment is a good way for us to both expand our share of wallet with existing customers while also attracting new customers to shop with us.

需要說明的是，我們仍專注並致力於維持我們在運動與戶外領域作為「高性價比供應者」的定位。即便如此，我們認為在商品組合的中高端與高端區間疊加導入新的潮流品牌與品項，是一個良好方式：既能提升既有顧客的錢包份額，也能吸引新顧客來我們這裡購物。

Shifting gears to 2026. You saw in our press release earlier this morning that we're providing sales guidance for 2026 of plus 2% to plus 5% total growth, which translates into a negative 1% to plus 2% comp sales. The low end of our guidance contemplates a continued muted backdrop for discretionary consumer spending. Our belief is that most of the macroeconomic pressures that consumer faced in the back half of '25 will carry into the first half of 2026.

接著談 2026 年。各位今天稍早在我們的新聞稿中看到，我們提供 2026 年的銷售指引為總成長 +2% 至 +5%，換算為同店銷售約 -1% 至 +2%。指引下緣假設可選擇性消費支出環境仍然偏疲弱。我們認為，消費者在 2025 年下半年面臨的大部分總體經濟壓力，將延續到 2026 年上半年。

In particular, inflationary pressures on goods sourced outside of the US should continue through the first half of the year. Assuming no additional dramatic changes in trade policy, we believe that as we lap the increased tariff costs in the back half of the year, prices should settle in at their new levels. That being said, there are also several tailwinds that should help us overcome some of these macroeconomic pressures I'll mention our external events that we should benefit from.

特別是，對於美國以外來源商品的通膨壓力，應會持續到上半年。在假設貿易政策沒有額外劇烈變動的情況下，我們認為當我們在下半年消化（比較基期）先前增加的關稅成本後，價格應會在新的水準上趨於穩定。即便如此，也有幾項順風因素可望幫助我們抵消部分總體經濟壓力；我會提到一些我們可望受惠的外部事件。

First, we're still early in the tax return cycle, but we believe consumers should see higher income tax refunds this year. In the past, we've seen categories such as firearms, and work boots benefit from earlier and, or higher refunds during the tax season. It's hard to discern how much of an impact we're currently seeing from retrans, but I'll share with you through the first seven weeks of the quarter, we're running a positive comp, and we believe some portion of these results could be attributed to higher tax refunds.

第一，我們仍處於退稅季的早期階段，但我們認為消費者今年應會拿到更高的所得稅退稅。過去我們看到，像是槍枝與工作靴等品類，會在退稅季因更早與／或更高的退稅而受惠。目前很難判斷我們從退稅中看到的影響有多大，但我可以分享：本季前七週我們的同店表現為正成長，我們認為其中一部分結果可能可歸因於較高的退稅。

Second, as most of you are aware, the World Cup is coming to the US this summer and approximately 30 matches will be played in venues across our footprint. We believe this should translate into increased tourism and foot traffic in the second quarter which should provide a sales lift for a license team in tailgating businesses. Longer term, we've seen events such as this drive increased participation in new soccer, which should help our sales in our sporting goods business in the back half of the year and into 2027.

第二，如各位所知，今年夏天世界盃將在美國舉行，約有 30 場比賽會在我們營運版圖內的場館進行。我們認為這將在第二季帶動觀光與人流增加，進而為授權球隊商品與 tailgating（賽前聚會）相關業務帶來銷售提振。從更長期來看，我們看到這類活動會帶動更多人參與足球運動，這應有助於我們在今年下半年以及 2027 年的運動用品業務銷售。

Finally, 2026 is the 250th anniversary of the United States. We traditionally see strong selling over the summer in patriotic merchandise and we believe this year will be even stronger when coupled with surge in national pride around our 250th birthday with all of the excitement for Team USA this summer. At the same time, we have multiple self-health initiatives we put in place, which should also enable us to drive comp growth.

最後，2026 年是美國建國 250 週年。我們傳統上在夏季的愛國主題商品銷售表現強勁，而我們認為今年在全國對 250 週年誕辰的自豪感升溫、以及今年夏天對美國隊（Team USA）的熱情帶動下，表現將更為強勁。同時，我們已推行多項自助式（self-help）改善措施，亦可望協助我們推動同店成長。

We expect the momentum we started to build on our dot-com results in 2025 will continue to propel the business forward. We're accelerating Academy's digital transformation by building a modern omnichannel business that will deepen engagement with our customers through data-driven personalization.

我們預期 2025 年在 dot-com 業績上開始建立的動能，將持續推動業務向前。我們正透過打造現代化的全通路（omnichannel）業務，加速 Academy 的數位轉型，並以數據驅動的個人化來深化與顧客的互動。

The enhancements for 2026 include, moving to an AI-based semantic search platform on our site in late Q2 to improve relevancy and conversion. We're also working with leading AI platforms such as OpenAI and Google to enable our cataloger products and offer service inside their ecosystems, which will greatly simplify the browsing experience for customers who are using AI as a search engine for shopping.

2026 年的強化項目包括：在第二季末於網站導入以 AI 為基礎的語意搜尋平台，以提升相關性與轉換率。我們也正與 OpenAI、Google 等領先 AI 平台合作，使其在各自生態系中能提供我們的目錄商品並提供服務，這將大幅簡化把 AI 當作購物搜尋引擎之顧客的瀏覽體驗。

We also continue to grow our online assortment through additional drop-ship partnerships. When you combine this push to expand our endless aisles with the new handheld devices we rolled out the stores in conjunction with RFID last year, you can see we're empowering our store team members to take care of their customers' needs in real time by dramatically expanding the assortment available to them well beyond what is physically available in that individual store.

我們也持續透過新增的 drop-ship（代發貨）合作夥伴來擴大線上商品組合。當你把這項擴充「無限貨架」的推進，與我們去年在門市結合 RFID 推出的新型手持裝置一起看，就能理解我們正在賦能門市團隊成員：透過大幅擴充可即時提供給顧客的商品選擇，遠超過單一門市實體可陳列的範圍，以即時滿足顧客需求。

Lastly, we continue to expand our reach our own channels through third-party store fronts on platforms where our customers frequent. Chad Fox, our Chief Customer Officer, presented our Analyst Day on April 7 to give you a deeper dive into many of the topics I just covered along with some of the other initiatives that we have in the works for later in the year and beyond.

最後，我們也持續透過第三方店面，在顧客常使用的平台上，擴大我們自有通路的觸及。我們的首席顧客長 Chad Fox 於 4 月 7 日的分析師日進行簡報，讓各位更深入了解我剛提到的多項主題，以及我們在今年稍晚與更長期規劃中的其他計畫。

Another big landmark for us in 2026 will be the relaunch of the Academy credit card. We launched this program seven years ago and for many years, this served as our only customer loyalty vehicle. In 2024 we introduced myAcademy Rewards as a way to extend loyalty offers to customers who either didn't want and, or qualify for our private label credit card. These programs have worked in parallel to each other, but were not connected.

對我們而言，2026 年另一個重要里程碑將是 Academy 信用卡的重新推出。我們在七年前推出此計畫，多年來它一直是我們唯一的顧客忠誠工具。2024 年我們推出 myAcademy Rewards，目的是將忠誠優惠延伸給不想申辦、和／或不符合我們自有品牌信用卡資格的顧客。這兩個計畫一直並行運作，但彼此並未串接。

With this relaunch in Q2, we have streamlined the sign-up process and are also creating a unified customer loyalty program with expanded ways to provide increased value to our customers. The new program will have three tiers. myAcademy Rewards, which is currently comprised of 13 million members, is the base here and does not require an academy credit card to access.

隨著第二季的重新推出，我們已簡化申辦流程，並且正在打造一個整合式的顧客忠誠計畫，提供更多方式為顧客創造更高價值。新計畫將有三個等級。其中 myAcademy Rewards（目前由 1,300 萬名會員組成）為基礎等級，且不需要 Academy 信用卡即可使用。

The benefits customers get for joining my academy include a sign on first discount of $15 off of their next purchase, birthday rewards, free shipping on dot-com owners over $25 and a $25 award after spending $500 inside of Academy within the first 90 days.

顧客加入 my academy 後可獲得的福利包括：首次註冊後下一筆消費折抵 15 美元、生日禮遇、dot-com 訂單滿 25 美元免運，以及在加入後 90 天內於 Academy 累計消費滿 500 美元可獲得 25 美元獎勵。

The second tier is a private label credit card, which can only be used at Academy. Value proposition for this tier includes all the benefits of joining myAcademy with some additional perks. The sign-up first discount accelerates from $15 off to $30 off, customers get free shipping on all dot-com orders with no minimum. And similar to today, customers receive 5% off of all purchases made in our stores and dot-com site on this card.

第二個層級是自有品牌信用卡，只能在 Academy 使用。此層級的價值主張包含加入 myAcademy 的所有福利，並額外提供一些加碼優惠。首刷折扣由原本的現折 15 美元加速提升至現折 30 美元，且顧客在 dot-com 的所有訂單皆可享免運，無最低消費門檻。此外，與目前類似，顧客使用此卡在我們門市與 dot-com 網站的所有消費可享 5% 折扣。

The third tier is a new myAcademy Rewards Mastercard which can be used as a normal credit card across all purchases. Benefits though this tier include all the ones I listed for the private label credit card, along with a couple of additional incentives. First, they get a higher spending limit than customers traditionally get on a private label credit card.

第三個層級是全新的 myAcademy Rewards Mastercard，可像一般信用卡一樣用於各類消費。此層級的福利包含我為自有品牌信用卡所列的所有項目，並再加上幾項額外誘因。首先，其消費額度將高於顧客在自有品牌信用卡上傳統可獲得的額度。

In addition to the 5% offer spending with us, these customers also get 2% back on all purchases made outside of Academy and rewards they can redeem to shop back at the Academy. Finally, they get an initial $50 reward to shop after they spend their first $500 outside of academy on their card.

除了在我們這裡消費享 5% 優惠外，這些顧客在 Academy 以外的所有消費也可獲得 2% 回饋，並可將回饋兌換為在 Academy 購物的獎勵。最後，當他們使用該卡在 Academy 以外累積消費滿首筆 500 美元後，將獲得一次性 50 美元獎勵可用於購物。

The beauty of this new card is a unique and best-in-class value proposition that helps solve an unmet customer need. Most retailers' cards only give rewards for spending within a brand's four walls or on the website.

這張新卡的亮點在於其獨特且同級最佳的價值主張，有助於解決顧客尚未被滿足的需求。多數零售商的卡片只會針對在品牌門市或網站內的消費提供回饋。

Our myAcademy Rewards Mastercard will allow always game families that we serve to leverage all of their spend on weekly necessities such as groceries and gas, taking the rewards they earn from their spend on redeeming them at Academy to buy all the year they need to fill their families' activities and passions.

我們的 myAcademy Rewards Mastercard 將讓我們服務的「Always Game」家庭，能把每週必需品（如雜貨與汽油）的所有支出都納入回饋累積，並將其消費所賺取的回饋拿到 Academy 兌換，用於購買全年所需的用品，以滿足家人的各項活動與熱情。

We will fully relaunch the program and convert existing cardholders over to the new card in Q2 in advance of Father's Day. All reissued cards will have a reactivation award included with our new credit card, which should help drive a good tailwind heading into the key summer selling time period.

我們將在第二季於父親節前全面重新推出該計畫，並把現有持卡人轉換到新卡。所有補發的新卡都將包含一項重新啟用獎勵，這應可在關鍵的夏季銷售旺季到來前帶來良好的助力。

Similar to last year, we'll continue to add and expand our offering of better and best brands that resonate with our core consumers. For example, while we launched the Jordan brand in 145 doors last spring, some categories such as boys apparel, socks and slides and backpacks are already expanded out to all doors. We'll expand our Jordan brand shop concept this spring out to an additional 55 stores, which will take this integrated presentation to more than 200 doors overall.

與去年類似，我們將持續新增並擴大更好與最佳等級品牌的商品供給，以貼近我們的核心消費者。例如，雖然我們去年春季在 145 家門市導入 Jordan 品牌，但部分品類（如男童服飾、襪子與拖鞋、以及背包）已擴展至所有門市。今年春季我們將把 Jordan 品牌店中店概念再擴展至額外 55 家門市，使這種整合式陳列在總計超過 200 家門市呈現。

At the same time, we also will continue to expand our offering from Nike of higher-level fashion in both footwear and apparel into all stores and online. Another key trend we're rapidly growing is our offering in work in Western wear. We're capitalizing on this growing lifestyle movement by expanding our breadth assortment from key brands such as Wrangler and Ariat while also expanding our vendor matrix test emerging brands such as Hui and Brunt.

同時，我們也將持續把 Nike 更高階的時尚產品（包含鞋類與服飾）擴展至所有門市與線上。另一個我們快速成長的關鍵趨勢，是我們在工作與西部風服飾（Western wear）方面的商品供給。我們正透過擴大 Wrangler、Ariat 等關鍵品牌的品類廣度來掌握這股成長中的生活風格潮流，同時也擴充供應商矩陣，測試如 Hui 與 Brunt 等新興品牌。

On the fitness front, one of the hottest trends out here is Hyrox. For those not familiar with Hyrox, it is a multi-disciplined workout where people train for and participate in over 80 races across the globe. We are their exclusive brick-and-mortar partner in the US and will bring their branded training equipment to over 70 academy doors this spring that people can train at home for the races.

在健身方面，目前最熱門的趨勢之一是 Hyrox。對不熟悉 Hyrox 的人而言，它是一種多項目訓練的運動，人們為此訓練並參加全球超過 80 場賽事。我們是 Hyrox 在美國唯一的實體通路合作夥伴，並將於今年春季把其品牌訓練器材引進至超過 70 家 Academy 門市，讓人們可在家訓練以備賽。

The last big merchandise initiative I will cover today is our continued push into the baseball lifestyle culture. We continue to expand our assortment of the hottest bats and gloves, and have supplemented that with an assortment of apparel and lifestyle accessories from hot new brands such as baseball lifestyle 101, and [Security Mitts] and Bruce Bolt. This area was one of our best-selling categories of our holiday and we expect that the momentum will carry through in the spring and summer selling seasons.

我今天要介紹的最後一項大型商品計畫，是我們持續推進棒球生活風格文化。我們持續擴大最熱門球棒與手套的商品組合，並搭配來自新興熱門品牌（如 Baseball Lifestyle 101、[Security Mitts] 與 Bruce Bolt）的服飾與生活風格配件。這個領域是我們假期期間最暢銷的品類之一，我們預期這股動能將延續至春夏銷售季。

We plan to share more on our other exciting brand launches at our Analyst Day in April. Last self-health initiative I will cover is leaning into and expanding on some of the strategic investments we made over the past couple of years. As I mentioned earlier, rolling out RFID scanners last year was a game changer for us as it helps us improve in-stocks and drive higher conversion rates.

我們計畫在 4 月的分析師日分享更多其他令人振奮的品牌上市資訊。我最後要談的自我健康（self-health）計畫，是加大投入並擴展我們在過去幾年所做的一些策略性投資。如我先前提到，去年導入 RFID 掃描器對我們而言是重大變革，因為它能協助我們提升到貨在架率（in-stocks）並帶動更高的轉換率。

This spring, we're spanning tagging to include our private branded apparel and forward products. This will allow us to facilitate weekly counts and update inventory on roughly one third of our sales base by the end of spring. We also remain committed to our new store expansion plans, and as we shared in our Q3 call, our plan is to open up 20 to 25 new stores in 2026.

今年春季，我們將把貼標範圍擴大，涵蓋我們的自有品牌服飾與前端商品（forward products）。這將使我們能進行每週盤點，並在春季結束前，將約三分之一的銷售基礎完成庫存更新。我們也仍致力於新店擴張計畫；正如我們在第三季電話會議中分享的，我們計畫在 2026 年開設 20 至 25 家新店。

The majority of these stores will be infill within our legacy and existing markets and should be strong performance for us right out of the gates. At the same time, as we move through the year, the 2025 vintage and new stores will start to flow in our comp base. And by the end of the year, we'll have over 50 stores that opened up between 2022 and 2025, impacting our comparable sales growth.

其中多數門市將在我們的傳統與既有市場進行加密（infill）布局，並且預期自開幕起就能為我們帶來強勁表現。同時，隨著年度推進，2025 年批次（vintage）的新店將開始納入我們的同店比較基期（comp base）。到年底，我們將有超過 50 家於 2022 至 2025 年間開設的門市，進而影響我們的同店銷售成長。

We'll give you a deeper dive on how we've refined our real estate strategy during our Analyst Day on April 7. To summarize, we are proud at what the team accomplished in 2025. While we expect the macroeconomic backdrop to be challenging for the lower and middle-income consumer, we believe that there are a combination of external factors that when coupled with our internal initiatives, should allow us to grow top line sales 2% to 5% while also driving margin expansion and earnings per share growth in 2026.

我們將在 4 月 7 日的分析師日更深入說明我們如何精進不動產策略。總結而言，我們對團隊在 2025 年的成果感到自豪。雖然我們預期宏觀經濟環境對中低收入消費者仍具挑戰，但我們相信，若將若干外部因素與我們的內部計畫相結合，將可在 2026 年推動營收（top line）成長 2% 至 5%，同時帶動毛利率擴張與每股盈餘成長。

I will now turn it over to Carl to give you a deeper dive into the Q4 and full year financials for 2025, along with our initial guidance for annual 2026. Carl?

接下來我把時間交給 Carl，請他更深入說明 2025 年第四季與全年財務表現，以及我們對 2026 全年的初步財測指引。Carl？

Thank you, Steve. Fourth quarter net sales were $1.7 billion, up 2.5% and comparable sales were down 1.6%. Breaking down the comp, transactions were down 6.4%, while ticket was up 5.1%. In the fourth quarter, Academy generated net income of $133.7 million and diluted earnings per share of $1.98. Fourth quarter adjusted net income was $132.9 million or $1.97 in adjusted diluted earnings per share.

謝謝你，Steve。第四季淨銷售額為 17 億美元，年增 2.5%，同店銷售下滑 1.6%。拆解同店表現，交易筆數下滑 6.4%，而客單價上升 5.1%。第四季 Academy 產生淨利 1.337 億美元，稀釋後每股盈餘為 1.98 美元。第四季調整後淨利為 1.329 億美元，調整後稀釋每股盈餘為 1.97 美元。

Gross margin of 33.6% in the fourth quarter was up 140 basis points versus last year and exceeded our implied guidance. The majority of the expansion was driven by efficiency gains in our supply chain and the lapping of costs incurred for port disruption from the prior year. Merch margin, inclusive of tariffs, was flat as we manage prices while managing alignment with our value pricing strategy.

第四季毛利率為 33.6%，較去年提升 140 個基點，並高於我們隱含的財測指引。毛利率擴張主要來自供應鏈效率提升，以及去年因港口中斷所產生成本的基期效應。商品毛利（含關稅）持平，因為我們在管理價格的同時，也維持與我們的價值定價策略一致。

SG&A expenses came in at 23.7% of sales for the fourth quarter, an increase of approximately $21 million or 70 basis points. The increase was driven by growth initiatives totaling approximately 135 basis points, comprised of 115 basis points of new store growth as we've opened 24 new stores in the last 12 months and 20 basis points of technology investments to fuel our omnichannel growth. The acceleration in new store growth from 2022 to 2025 has had an outsized impact on SG&A expense growth. But as we move through 2026, the number of new stores at 20 to 25 will be similar to FY25.

第四季的銷售、一般及行政（SG&A）費用占銷售額比重為 23.7%，增加約 2,100 萬美元或 70 個基點。此增幅主要由成長計畫所帶動，合計約 135 個基點，其中包含過去 12 個月我們新開 24 家門市所帶來的 115 個基點新店成長，以及為推動全通路成長而投入的 20 個基點科技投資。2022 年至 2025 年新店成長加速，對 SG&A 費用成長造成了不成比例的影響。但隨著我們進入 2026 年，新店數量 20 至 25 家將與 2025 財年相近。

Looking at the balance sheet. We ended the quarter with $330 million in cash, which was a 14% increase from the prior year. Our inventory balance was $1.5 billion, an increase of 15% compared to last year. On a per store basis, inventory dollars were up 6.3%, while inventory units were flat.

接著看資產負債表。本季末我們持有現金 3.30 億美元，較去年增加 14%。我們的存貨餘額為 15 億美元，較去年增加 15%。以單店計算，存貨金額增加 6.3%，而存貨件數持平。

For the full year, we generated $435 million in cash from operations of which we reinvested $172 million back into the business to drive our growth initiatives. These actions led to approximately $263 million of adjusted free cash flow, of which we returned $234 million to investors through $35 million in dividends and $199 million in share repurchases at an average price of $50.62.

全年而言，我們由營運活動產生 4.35 億美元現金，其中再投入 1.72 億美元回到業務中，以推動成長計畫。這些行動帶來約 2.63 億美元的調整後自由現金流，其中我們透過 3,500 萬美元股利與以平均價格 50.62 美元回購 1.99 億美元股票，合計向投資人返還 2.34 億美元。

In terms of capital allocation, our strategy remains focused on generating cash flow to reinvest into our growth initiatives for the business and to return the majority of our free cash flow back to investors through dividends and stock repurchases.

在資本配置方面，我們的策略仍聚焦於產生現金流，以再投資於公司的成長計畫，並透過股利與股票回購將大部分自由現金流返還給投資人。

During the fourth quarter, we paid $8.6 million in dividends and repurchased approximately $100 million of our shares at an average share price of $54.03. We are pleased to announce the Board recently approved a 15% increase in our dividend, resulting in $0.15 per share, payable on April 10, 2026, to stockholders of record as of March 20, 2025.

第四季期間，我們支付 860 萬美元股利，並以平均股價 54.03 美元回購約 1.00 億美元自家股票。我們很高興宣布，董事會近日核准將股利提高 15%，使每股股利達 0.15 美元，將於 2026 年 4 月 10 日支付給截至 2025 年 3 月 20 日登記在冊的股東。

Our guidance for 2026 is as follows, net sales are expected to range from $6.18 billion to $6.36 billion, an increase of 2% to 5% with comparable sales of negative 1% to positive 2% with a midpoint of positive 0.5%. I'd like to share the assumptions that influence our 2026 guidance.

我們對 2026 年的指引如下：淨銷售額預期介於 61.8 億至 63.6 億美元，成長 2% 至 5%；同店銷售介於負 1% 至正 2%，中位數為正 0.5%。我想分享影響我們 2026 年指引的假設。

As we head into 2026, we expect the consumer to continue to face a challenging economic backdrop, but we are confident that our internal initiatives alone support the midpoint of our guidance. The low end of our sales guidance contemplates a continued muted backdrop in discretionary consumer spending. And the high end represents an improvement in consumer health aided by the macro events already mentioned. We also expect traffic to improve as our internal initiatives continue to resonate and prices stabilize throughout the year.

展望 2026 年，我們預期消費者仍將面臨具挑戰性的經濟環境，但我們有信心，僅靠內部計畫就足以支撐指引中位數。我們銷售指引的低端假設可選擇性消費支出環境持續低迷。高端則代表在前述總體事件的助益下，消費者健康狀況改善。我們也預期，隨著內部計畫持續獲得共鳴且全年價格趨於穩定，來客數將有所改善。

Our gross margin rate is expected to range from 34.5% to 35.0%. GAAP net income is between $380 million and $415 million. Adjusted net income, which excludes stock-based compensation of approximately $37 million, is forecasted to range from $410 million to $445 million.

毛利率預期介於 34.5% 至 35.0%。GAAP 淨利介於 3.80 億至 4.15 億美元。調整後淨利（排除約 3,700 萬美元的股份基礎給付）預估介於 4.10 億至 4.45 億美元。

Our gross margin gains for the full year of 2025 were primarily driven from merch margin expansion as we expanded Nike and launched the Jordan brand and while we don't anticipate the same level of expansion, we do see growth as we expand the Jordan brand shop concept into 55 more doors and expand softline brands like BURLEBO.

2025 年全年毛利率的提升主要來自商品毛利擴張，因我們擴大 Nike 並推出 Jordan 品牌；雖然我們不預期同等幅度的擴張，但隨著我們將 Jordan 品牌店中店概念再擴展至另外 55 家門市，並擴大如 BURLEBO 等軟性商品品牌，我們仍看見成長。

This, of course, will be partially offset by the impact of continued tariffs, especially in the first half of the year. In addition, we expect shrink to be a tailwind as we continue to roll out RFID to more national brands and private label apparel and footwear.

當然，這將部分被持續關稅的影響所抵銷，尤其是在上半年。此外，隨著我們持續將 RFID 推廣至更多全國性品牌以及自有品牌服飾與鞋類，我們預期損耗（shrink）將成為利多因素。

We expect GAAP diluted earnings per share of $5.65 to $6.15 and adjusted diluted earnings per share of $6.10 to $6.60. The earnings per share estimates are based on an expected share count of 67 million diluted weighted average shares outstanding for the full year. These amounts do not include potential future repurchase activity.

我們預期 GAAP 稀釋每股盈餘為 5.65 至 6.15 美元，調整後稀釋每股盈餘為 6.10 至 6.60 美元。每股盈餘估計係以全年預期 6,700 萬股稀釋加權平均流通股數為基礎。上述金額未包含未來可能的回購活動。

Our current authorization had $437 million remaining at the end of fiscal 2025. We are also confident in the strength of our cash flows and expect to generate between $250 million and $300 million of adjusted free cash flow after investing $200 million to $240 million back into the business in the form of capital expenditures, primarily for our strategic growth initiatives.

截至 2025 財年末，我們現行回購授權尚餘 4.37 億美元。我們也對現金流的強勁表現充滿信心，並預期在以資本支出形式、主要用於策略性成長計畫，向業務再投資 2.00 億至 2.40 億美元後，可產生 2.50 億至 3.00 億美元的調整後自由現金流。

Looking at the anticipated shape of the year, our Q1 performance through the first 7 weeks is off to a positive comp sales start and we expect it to be our strongest quarter as we lap a negative 3.7% comp from 2025.

就全年走勢而言，我們第一季前 7 週的表現以同店銷售正成長開局，我們預期第一季將是最強的一季，因為我們將對比 2025 年負 3.7% 的同店基期。

On the surface, the second quarter could appear the most challenging as we lap a positive comp, the launch of Jordan brand and the subsequent Nike assortment expansion. However, we're optimistic as we expect to see tailwinds from the launch of the new myAcademy Rewards Mastercard as well as the continued rollout of the Jordan brand shop concepts into 55 doors this spring.

表面上看，第二季可能最具挑戰，因為我們將對比正同店基期、Jordan 品牌的推出，以及隨後的 Nike 商品組合擴張。然而，我們仍保持樂觀，因為我們預期將受惠於全新 myAcademy Rewards Mastercard 的推出，以及今年春季持續將 Jordan 品牌店中店概念推廣至 55 家門市所帶來的利多。

Additionally, we expect to see a tailwind from the World Cup, increased tax refunds and America's 250th anniversary. We expect the positive momentum in the first half to carry over into the second half of the year. But we're mindful that tariffs and any prolonged impact to gas prices could have a negative impact on the US consumer.

此外，我們預期將受惠於世界盃、退稅增加以及美國建國 250 週年所帶來的利多。我們預期上半年的正向動能將延續至下半年。但我們也留意，關稅以及汽油價格若出現任何長期影響，可能對美國消費者造成負面衝擊。

It's also important to remember that the 20 to 25 new store openings in 2026 will be more back half weighted when compared to fiscal 2025 due to the initial pausing of signing new leases for 2026 when tariffs caused uncertainty in construction prices. We will provide updates to our guidance each quarter as conditions warrant.

同時也要記得，2026 年 20 至 25 家新店開幕相較 2025 財年將更偏向下半年，原因是當關稅導致建築成本不確定時，我們一開始暫停簽訂 2026 年的新租約。我們將視情況需要於每一季更新指引。

To conclude, we're optimistic as we head into the new fiscal year and believe we have made the right investments and strategic decisions. I look forward to speaking with you again during our Analyst Day on April 7 about our long range plan.

最後，展望新的財政年度，我們保持樂觀，並相信我們已做出正確的投資與策略決策。我期待在 4 月 7 日的分析師日再次與各位交流我們的長期計畫。

Operator, please open the line for questions.

接線員，請開放提問。

(Operator Instructions)

（接線員指示）

Christopher Horvers, JPMorgan.

Christopher Horvers，摩根大通。

So my first question is on sales. You mentioned a large number of store closures at the end of January. Can you quantify how much of a headwind that was to your overall performance in the fourth quarter? And then as we try to parse out what the right underlying trend in the business is, where are you any specificity on where you're running quarter-to-date? You did have weather headwinds that you lapped last year in February and then March wasn't that much better.

我第一個問題是關於銷售。你提到 1 月底有大量門市關閉。你能量化一下，這對第四季整體表現造成了多大的逆風嗎？另外，當我們試著釐清公司業務的正確基本趨勢時，你能否更具體說明截至目前本季（quarter-to-date）的表現如何？你們去年 2 月有天氣逆風，而今年 3 月也沒有好到哪裡去。

And then you've had the war recently, which I think historically, when these events happen, it does drive some sort of run on the Ammo business as well. So how do you think about like the puts and takes of what the right underlying trend is? And have you seen that impact from what's going on in Iran?

然後你們最近也經歷了戰爭，我認為從歷史上看，當這些事件發生時，也會在某種程度上帶動彈藥業務出現一波搶購潮。那你如何看待影響因素的此消彼長，判斷正確的底層趨勢應該是什麼？以及你是否看到伊朗局勢對你們造成的影響？

Yes, sure. I'll start. So Chris, we saw trends coming through Christmas pretty strong the last week leading up to Christmas and even the week after Christmas. January is actually running positive for us. We had roughly half of our stores closed for about three days.

是的，當然。我先開始。所以 Chris，我們看到在聖誕節前一週到聖誕節前夕的趨勢相當強勁，甚至聖誕節後一週也很強。一月實際上對我們來說是正成長。我們大約有一半的門市關閉了大概三天。

It was over a weekend this year versus last year. We had some other it was during the week. If you took those three days out, where we had roughly half of our stores running or shut down, we're running a positive comp in the mid-single-digit range. We estimate that it's probably worth about 100 basis points in comp of a headwind for us within Q4.

今年那段時間是在週末，而去年是在平日。我們還有一些其他情況——去年是發生在週間。如果把那三天扣除（當時大約有一半門市在營運或停業），我們的同店銷售其實是中個位數的正成長。我們估計這大概對第四季的同店銷售造成約100個基點的不利影響。

And we're pleased to see, though, that once the stores reopened. as we said, the business resumed. February was strong. We were happy with the positive comps. We had a positive comps across every division. That's continued into early March.

不過我們也很高興看到，門市一旦重新開張，如我們所說，業務就恢復了。二月表現強勁。我們對同店銷售轉正感到滿意。每個事業部的同店銷售都是正成長。這個趨勢延續到三月初。

So it feels pretty broad-based. I would tell you that Ammo, the category you just mentioned, got better during the quarter in Q4. So we were -- we talked, I think, in the previous call about how we're up against the run-up part of the election in Q3, and we saw that business start to stabilize in Q4, started off running down high single digits by the end of the quarter. It was running down low single digits. It's running positive comp -- was running positive comps in February before the work kicked off a couple of weeks ago.

所以感覺是相當廣泛的成長。我會告訴你，你剛提到的彈藥（Ammo）品類在第四季（Q4）期間變得更好。所以我們——我想在上一通電話會議中談到，我們在第三季（Q3）面臨選舉前搶購潮的高基期，而第四季我們看到那項業務開始穩定：季初仍是高個位數下滑，到季末已降到低個位數下滑。當時是低個位數下滑。在幾週前工作（事件）開始之前，二月該品類同店銷售是正成長——當時就已經在跑正同店。

And then since then, it's obviously accelerated a little bit. But it's also been a solid business for us, it probably aided a little bit by the current events.

而從那之後，顯然又加速了一些。但這對我們來說一直也是一門穩健的生意，可能也因為當前事件而得到一些助益。

Understood. And then my follow-up question, Carl, is on the SG&A side. You mentioned that you're going to annualize you'll have two back-to-back years of similar kind of unit growth. As you look at what's happened ex the lapping -- you'll lap Jordan, the Jordan rollout and some of the costs that you put in on the advertising and the updates there. But you've been running 6%, 7%, it looks like.

了解。那我追問一個問題，Carl，是關於SG&A（銷售、一般及行政費用）。你提到你們會年化，連續兩年都有類似的門市單位成長。當你看剔除基期因素——你們將會跨過（lap）Jordan、Jordan上架推廣，以及你們在廣告與相關更新上投入的一些成本。但你們一直在跑6%、7%，看起來是這樣。

We were thinking that was the right trend here in 2026, but the guidance seems to imply about 2% to 3% SG&A growth this year. Is there anything -- like how much of that is the annualization of a similar number of store opens? Is there some investments that are being dialed back or anything unique to get down to that math? I know you mentioned the cadence of the year and how the stores are going to be weighted. So any additional detail on that would be helpful as well.

我們原本認為這會是2026年正確的趨勢，但你們的指引似乎暗示今年SG&A只成長約2%到3%。這裡面有什麼因素——例如有多少是因為相近數量的開店所帶來的年化效應？是否有一些投資被下調，或有任何特殊因素讓數字降到那樣的水準？我知道你提到年度節奏以及門市開設在年度中的權重分布。所以如果能補充更多細節也會很有幫助。

Yes. So the main driver of our SG&A growth has been the store increases. And so as we move from 16 in 2024 to 24 in FY25, that had an outsized impact. We're guiding 20 to 25. We think that's the right number for us next year.

是的。所以我們SG&A成長的主要驅動因素一直是門市數增加。因此當我們從2024年的16家增加到FY25的24家時，對SG&A的影響相對更大。我們目前指引是20到25家。我們認為這是明年對我們來說合適的數量。

We feel good about all the openings. Simply not having the growth in the number of units, it will be about an 8% unit growth for us, provides a good level of leverage.

我們對所有開店都很有信心。單純因為門市單位數的成長沒有再加速（對我們來說約8%的單位成長），就能帶來不錯的槓桿效益。

As it relates to next year's guidance, at the midpoint, what's implied is modest leverage from an SG&A standpoint, I will remind you that in Q1 of last -- of 2025, we had $7.5 million in the Jordan launch cost that was associated with primarily the 145 shop doors. That's going to be less this year, and it will be in Q2, not Q1, and then overall, like, look, we're looking for ways to leverage in the business and so doing things smarter and more efficiently. We found some automation opportunities that's helpful and we're going to have modest leverage next year at the midpoint.

就明年的指引而言，在中位數所隱含的是從SG&A角度來看有溫和的槓桿改善。我提醒你，去年——2025年的第一季（Q1），我們有750萬美元的Jordan上市（launch）成本，主要與145個店中店（shop doors）相關。今年這部分會更少，而且會落在第二季（Q2）而不是第一季；另外，整體來說，我們也在尋找讓業務產生槓桿的方法，因此會用更聰明、更有效率的方式做事。我們找到一些自動化機會，這很有幫助，而在明年中位數情境下我們將有溫和的槓桿改善。

Have a great spring.

祝你春季愉快。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

So if you look at '25 -- 2025 in the rearview mirror, discretionary spend was fairly light across the board for most end markets. but you were lapping easier compares and you did add a few initiatives which are working, still seem promising.

如果你回頭看'25——2025年，整體而言多數終端市場的非必需性支出都相當疲弱。但你們面對的是較容易的比較基期，而且也新增了幾項正在發揮作用、看起來仍然很有前景的措施。

So looking at the following year, and I appreciate the range and it's early and there's a lot of geopolitical things brewing, but big picture, the return to positive comps, why do you think it's taking as long as it is given the initiatives and the drivers and the confidence of landing may be in the higher end of that range for this year?

所以展望下一年，我理解你們給了區間，而且現在還早、也有很多地緣政治因素正在醞釀，但從大方向來看，同店銷售回到正成長，為什麼你認為會花這麼久？考量到這些措施、驅動因素，以及你們對今年可能落在區間較高端的信心？

Yes. I think when we talked about guidance, Simeon, we were looking at the puts and the takes. And I'd say from a headwind perspective, I think that the consumer was under pressure, as you noted last year, I think that persisted throughout most of the year. And I think that was probably the one thing that stopped us from getting all the way across the line to get to a positive comp.

是的。Simeon，我想我們在談指引時，是在權衡各種利多與利空。我會說從逆風的角度來看，正如你提到的，去年消費者承受壓力，我認為這種情況在一年中的大部分時間都持續存在。而我認為這可能就是讓我們沒能完全跨過那條線、達成同店轉正的主要因素。

I will note that we actually grew the top line last year, which is the first time since 2021 that we've grown the top line. So that's a good starting point, but we know delivering consecutive positive comps is the key moving forward. So that's why we really talked about some of the growth initiatives we have, both self-help as well as some external.

我也要指出，我們去年其實實現了營收成長，這是自2021年以來第一次營收成長。所以這是一個不錯的起點，但我們知道，未來的關鍵是要連續交出正的同店銷售。因此我們才會重點談到一些成長計畫，包含自助改善（self-help）以及一些外部機會。

You look at our dot-com business. That's been surging. It was up almost 14% last year. I think we've got a really good foundational base there. We're going to continue to lean into that.

你看看我們的電商（dot-com）業務。那一直在快速成長。去年成長了將近14%。我認為我們在那裡已經建立了非常好的基礎。我們會持續加大投入。

I think some of the teams making and leaning into AI are really going to help out there. The new stores continue to get stronger, right? We mentioned that our new stores that opened up from 22 to 24 ran a mid-single-digit positive comp and we had roughly 25, 26 that we're feeling that last year.

我認為一些團隊在導入並加大運用AI，會在那方面帶來很大幫助。新店的表現也持續變強，對吧？我們提到，22到24年開出的新店同店銷售是中個位數的正成長，而去年我們大約有25、26家門市，我們對那個表現也很有信心。

That number doubles this year as more stores filling the top base that becomes an increasing tailwind. I can't underestimate the impact of this loyalty credit card relaunch and integration. That's a big, big deal for us. It was -- ran as kind of two separate programs based off when we launched them, I think integrating it, I think, is really going to allow us to start delivering the value to the consumer.

隨著更多門市填補上方基礎、並逐步形成更強的順風助力，今年這個數字將會翻倍。我不能低估這次忠誠度信用卡重新推出並完成整合所帶來的影響。這對我們而言是非常、非常重要的一件事。過去——它有點像是依據我們各自推出的時間點而以兩個相對獨立的方案在運作；我認為把它整合起來，真的會讓我們開始把價值更有效地交付給消費者。

And then you think about other things. We've got some outsized growth in some categories we're carrying like work and western, where those are training lifestyle initiatives out there that we're really doubling down on this year. We continue to lean in newness with all the things we mentioned on the call. And then you've got the external tailwinds like the tax refunds, World Cup and then obviously, the 250th anniversary of United States.

接著你再想想其他事情。我們在一些品類上出現了超預期的成長，例如我們經營的工作與西部風格（work and western）品類；這些都是我們在市場上推動的訓練與生活風格（training lifestyle）倡議，而我們今年會加倍投入。我們也持續在「新品」上加碼，正如我們在電話會議中提到的各項內容。此外，還有外部順風因素，例如退稅、世界盃，當然還有美國建國250週年。

So we feel like we've got a really good point of view around what we think the headwinds are. We think we've got a lot of self-help as well as external tailwinds that allow us to get back to positive comps. We think this is there that happens.

因此，我們覺得自己對於可能面臨的逆風因素有相當清晰且良好的觀點。我們認為我們既有很多可透過自身改善（self-help）帶來的動能，也有外部順風因素，能讓我們回到同店銷售（comps）轉正。我們認為這件事會發生。

And a follow-up, the store economic model, if you step back, how is the profitability ramp of the newer stores? And then given the lighter comp backdrop, how do you think of the year two, year three stores or the economic model with the returns producing the way you thought?

再追問一下，關於門市經濟模型：如果你退一步看，新開門市的獲利爬坡情況如何？另外，在同店比較基期較為溫和的背景下，你們如何看待第二年、第三年的門市表現，或是整體經濟模型的報酬是否如你們原先預期地實現？

Yes. Thanks for asking. So our stores in year one are performing a little bit better than what we anticipated and with mid-single-digit comps for those that are in the comp set and that's after the 14th month that they entered the comp set. They're performing well. So we're pretty pleased with it.

是的。謝謝你的提問。我們第一年的門市表現比我們原先預期略好；對於已納入同店比較集合（comp set）的門市，在進入comp set後第14個月起，其同店表現約為中個位數成長。它們表現得很好。所以我們對此相當滿意。

We've seen some opportunities to infill in legacy and existing markets. Those typically perform a little bit better than those in our newer markets where we're establishing brand awareness from an economic model standpoint, from a CapEx standpoint, it's $2.5 million to $3.5 million of net CapEx and then we invest in incremental inventory there, too, we expect a 20% ROIC from a multiyear standpoint, from a growth trajectory, what we're seeing is that they continue to grow.

我們也看到在既有（legacy）與現有市場中進行補點（infill）的機會。這類門市通常會比我們在新市場（需要建立品牌認知）的門市表現更好。就經濟模型而言、就資本支出（CapEx）而言，淨資本支出約為250萬至350萬美元；此外我們也會投入額外的庫存。我們從多年期角度預期可達到20%的投資資本報酬率（ROIC）。從成長軌跡來看，我們看到它們仍在持續成長。

In the legacy markets, it's pretty steady growth. And then in the new markets, when you look at those that are in the comp set, they're growing well into years two and three as well. So again, we like what we're seeing. We've learned a ton over time since we started launching in 2022, and we feel really good about the 2026 cohort.

在既有市場，成長相當穩健。而在新市場方面，當你看那些已納入comp set的門市，它們在第二年、第三年也仍然成長得很好。所以再次強調，我們喜歡我們所看到的結果。自從我們在2022年開始展店以來，我們一路學到很多，我們對2026年的那一批（cohort）也感到非常有信心。

John Heinbockel, Guggenheim Securities.

John Heinbockel，Guggenheim Securities。

Wanted to start with this year, the waterfall effect of new stores, it looks like that could be, I don't know, 60 or 70 basis points or something like that at a mid-single digit. Is that fair? Does that sort of suggest mature stores you think will be flattish? And then the impact of loyalty and the Mastercard launch, could that be as impactful as the waterfall? How would you sort of compare the two?

我想先從今年談起：新店帶來的瀑布效應（waterfall effect），看起來可能是——我不知道——在中個位數的情境下，大概有60或70個基點之類的貢獻。這樣的理解合理嗎？這是否某種程度暗示你們認為成熟門市會大致持平？另外，忠誠度計畫以及Mastercard推出的影響，是否可能和這個瀑布效應一樣顯著？你會如何比較這兩者？

I think you're in the right range, John. I think that we saw mid-single-digit growth last year in the 22 to 24 vintage stores and you multiply that times the percentage they contribute, it was probably about a 30 basis point tailwind last year, that will probably come close to doubling this year.

John，我認為你的估計落在正確的區間。我認為去年22到24年開出的那批門市呈現中個位數成長；你把這個成長乘上它們的貢獻占比，去年大概帶來約30個基點的順風，今年應該會接近翻倍。

And I think you can assume a very similar sort of lift for the loyalty relaunch. And remind you, that's only for about half a year because we're really kind of kicking the full relaunch off heading into Father's Day. So we'll also get the benefit of that as we lap the first half of next year as well. So we're really excited about both those initiatives.

而我認為你也可以假設忠誠度計畫重新推出會帶來非常類似的拉抬效果。提醒一下，那今年只會反映大約半年的影響，因為我們真正全面重新啟動會在父親節前後。因此，當我們明年上半年進入對比基期（lap）時，也會再享受到這項效益。所以我們對這兩項計畫都非常興奮。

And then maybe as a follow-up, the -- I know there's been a lot of opportunity with regard to supply chain, which is, I guess, been pushed out a little bit. What's the current update on, I guess, all of the initiatives and some of it, right, is technology, some of it is throughput. But where are we on that? Where are we tracking?

再追問一下——我知道供應鏈方面有很多機會，但我想這些似乎被稍微往後推了。目前關於各項計畫的最新進度是什麼？其中一部分是技術，一部分是處理量（throughput）。但我們現在進展到哪裡了？目前的追蹤狀況如何？

Yes. So from a supply chain standpoint, I'll get to the future facing in a second, but we did see the majority of our gross margin gains in the fourth quarter through the supply chain. Some was from lapping. I don't even know if people remember this, but in Q3 and Q4, there was proposed East Coast port strikes, and we took some mitigating activities. We were up against those, the efficiencies that we saw in Q4 of 2025 was more than just the lapping.

是的。就供應鏈而言，我先談未來之前，第四季我們的大部分毛利率提升其實是透過供應鏈帶來的。其中一部分來自於對比基期因素（lapping）。我甚至不確定大家是否還記得，但在第三季與第四季，當時曾有美東港口罷工的提案，我們採取了一些緩解措施。因此，我們在2025年第四季看到的效率提升，不只是單純的對比基期效應。

And I think Rob Howell, our Chief Supply Chain Officer, is doing a great job as it relates to driving efficiencies out of transportation as well as DC efficiency. So moving forward, I think I'd like to couch the majority of the ongoing benefit because we're going to contextualize that in the Analyst Day on April 7, but we have rolled out one of our distribution centers on the Manhattan Active Warehouse Management program.

我認為我們的供應鏈長（Chief Supply Chain Officer）Rob Howell在推動運輸效率以及配送中心（DC）效率方面做得非常出色。展望未來，我想把持續效益的大部分內容先保留，因為我們會在4月7日的分析師日（Analyst Day）進一步脈絡化說明；但我們已在其中一座配送中心導入Manhattan Active Warehouse Management（倉儲管理）系統。

We are looking to slate the Katy distribution center and the Cookville distribution center later. It will not be in 2026. We've got some pretty good efficiencies that are going on there right now based on the unitary management there, and that is implied within the guidance.

我們計畫之後再把Katy配送中心與Cookville配送中心排入導入時程。但不會是在2026年。目前基於那邊的單一化管理（unitary management），我們已經看到一些相當不錯的效率提升，而這些也已反映在財測指引之中。

As it relates to beyond that, I still feel really good about the supply chain efficiencies that we spoke about previously, but I'd like to give you more color, if you don't mind, I'd like to wait until April 7 to speak to beyond 2026.

至於2026年之後的部分，我對我們先前談到的供應鏈效率提升仍然很有信心，但如果你不介意的話，我想等到4月7日再提供更多細節，並談及2026年以後的規劃。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

So I want to -- look, a lot of questions and a lot of focus on just this path towards consistent positive comps at Academy. So the way I want to frame the question is, today, we're hearing on the last few quarters, I mean, it seems as though the tools, if you will, to get there are taking shape. You've got the new stores and the new product launches, e-commerce effort, et cetera.

我想——你看，大家有很多問題、也很聚焦在Academy如何走向同店銷售（comps）穩定且持續轉正的路徑。所以我想用這樣的方式來提問：就今天而言，從最近幾個季度聽起來，達成目標的「工具」似乎正在逐步成形。你們有新店、新品上市、電商投入等等。

So -- but we're still kind of not there yet. The question was, is there something in the business maybe a more difficult macro backdrop. But is there something in the business that is kind of offsetting all those positives that are taking shape that is becoming a bigger headwind for Academy and it's pushed towards positive comps?

所以——但我們似乎仍然還沒有完全到達那個狀態。問題是：是否有一些因素，例如更具挑戰的總體環境（macro backdrop）。但是否在業務本身存在某些正在抵銷這些逐步成形的正面因素、並且成為Academy更大的逆風，導致同店轉正的進程被推遲？

I would say if you go back and look at 2025 in a vacuum, probably one of the bigger headwinds we faced was Ammo. That's a big business for us. It does move the needle. And there were a lot of events that kind of drove that business in '24 that weren't there in '25 but outside of that, I would say there's nothing I would point to outside of just getting these initiatives and strategies really mature and starting to contribute fully.

我會說，如果你把 2025 年單獨拿出來回頭看，我們面臨的較大逆風之一可能是彈藥（Ammo）。那對我們來說是一門大生意。它確實會對業績產生實質影響。而在 2024 年有很多事件在某種程度上推動了那門生意，但在 2025 年並沒有出現；除此之外，我會說我沒有什麼特別要指出的，除了就是讓這些計畫與策略真正成熟，並開始全面貢獻。

I think that's the thing that's going to allow us to break through and post positive comps. And that's why we're excited about all the different initiatives put together. We're seeing really good green shoots beneath the surface on all the initiatives we talked about. And we think this is the year where all those things kind of culminate and pull together and get us across the line.

我認為這就是能讓我們突破並繳出正向同店成長（comps）的關鍵。這也是為什麼我們對把各項不同的計畫整合在一起感到興奮。我們在我們談到的所有計畫上，都看到表面之下非常好的初步跡象（green shoots）。我們認為今年就是這些事情逐步達到高峰、匯聚在一起，並讓我們跨過終點線的一年。

So we're seeing momentum in the business coming out of Christmas into the first part of this year. We want to be very muted about what we see from a consumer backdrop out there. But we're encouraged by what we're seeing and we think that the culmination of all those initiatives is what it's going to take to get us there.

因此，我們看到業務動能從聖誕節之後延續到今年前段。對於外部消費者環境，我們希望表態非常保守。但我們對目前看到的情況感到鼓舞，也認為所有這些計畫的匯聚，正是讓我們達成目標所需要的。

I just want to -- I agree with everything Steve said. The primary headwind is the economic health, the financial health of the American consumer. That is what is moving against e-com being up 13.6%, new stores, mid-single-digit comps. Nike and Jordan taken together because we didn't have a Jordan the previous year, up high single digits. That headwind, except for the category of Ammo that Steve spoke to, is the financial health of the American consumer.

我只是想說——我同意 Steve 說的每一點。主要逆風是美國消費者的經濟健康狀況、財務健康狀況。這就是在對抗電商成長 13.6%、新店開出、同店中個位數成長（mid-single-digit comps）的因素。Nike 和 Jordan 合併來看，因為前一年我們沒有 Jordan，所以合計成長高個位數。除了 Steve 提到的彈藥（Ammo）品類之外，那個逆風就是美國消費者的財務健康狀況。

And that's embedded within our guidance. So our -- we feel great about the initiatives moving forward. But look, I'm seeing credit card delinquencies at double what they were at the end of 2024. I feel job growth in America is not going to be strong in 2026. I think that gas staying high, we're just really conscious of a headwind associated with financial health.

而這已經反映在我們的財測指引（guidance）之中。所以我們——我們對接下來推進的各項計畫感覺非常好。但你看，我看到信用卡逾期率是 2024 年底的兩倍。我覺得 2026 年美國的就業成長不會強勁。我認為油價維持高檔，我們就會非常留意與財務健康狀況相關的逆風。

That's very helpful. And so Carl, I guess my follow-up will be I noticed you made the comment just a second ago about gas prices. So obviously, a very big focus right now for the market. I mean a lot of questions of how high and the duration.

這非常有幫助。那麼 Carl，我想追問的是，我注意到你剛剛提到了油價。所以很明顯，這是目前市場非常關注的焦點。我的意思是，大家有很多問題在問會有多高、以及會持續多久。

But given the nature of your business, the consumer and give them where your stores are generally located, historically, have you seen a higher -- or elevated oil or gas price is more of a friend or foe for your consumers?

但考量你們業務的性質、你們的消費者，以及你們門市一般所在的位置，從歷史經驗來看，你們是否看到較高——或偏高的油價或汽油價格，對你們的消費者而言更像是朋友還是敵人？

Yes, I'll jump in here, Brian. I would tell you that, obviously, gas prices being high is not good for discretionary spending in America, right? I mean that's not a good thing for us or for any of our competitors because it just takes more share of wallet from the consumer.

好的，Brian，我先回應。我會告訴你，顯然，汽油價格偏高對美國的非必需性支出（discretionary spending）不是好事，對吧？我的意思是，這對我們或任何競爭對手都不是好事，因為它只會從消費者那裡拿走更多可支配預算（share of wallet）。

On the flip side, to the point I think you're alluding to, I mean, we have a big base of stores in Texas and higher oil prices lead to higher rig count, higher rig count leads to higher employment in the oil patch, and that sometimes can be a tailwind for us. So we're not going to prognosticate along how long this is going to take or how long this is going to play out. But there are definitely puts and takes with what's going on in the world today.

但另一方面，就像我想你在暗示的那點，我們在德州有很大的門市基礎；油價較高會帶來更高的鑽井數（rig count），鑽井數更高會帶來油田地帶（oil patch）更高的就業，而那有時候會成為我們的順風。所以我們不會去預測這會持續多久、或會如何發展。但就當今世界正在發生的事情而言，確實有利有弊（puts and takes）。

I mean, we got a question earlier about the impact on some of our categories. ammo tends to be one with categories that reacts positively when we have events like this happen. So we're watching it closely. We're not trying to prognosticate about what's going to happen in the war. But we think we've got a really good balanced approach based off of the backdrop that Carl mentioned as well as the self-help initiatives that we have internally to help us overcome those headwinds.

我的意思是，我們先前收到一個問題，問到對我們某些品類的影響；彈藥往往是其中一個在發生這類事件時會正向反應的品類。所以我們正密切關注。我們不打算去預測戰爭會怎麼發展。但我們認為，基於 Carl 提到的外部環境，以及我們內部的自助型（self-help）計畫來幫助我們克服那些逆風，我們有一個非常好的平衡做法。

Michael Lasser, UBS.

Michael Lasser，瑞銀（UBS）。

I wanted to mention some of the puts and takes on your sales outlook for this year. Carl, in your remarks, you talked about a 200 to 300 basis point swing from the low end to the high end of the guide based on macro factors and yet you're also pointing to some good guys from the macro, whether it's tax refunds, the World Cup or the 250th anniversary celebration.

我想談談你們今年銷售展望中的一些利弊因素（puts and takes）。Carl，在你的談話中，你提到在指引區間的低端到高端之間，基於總體因素（macro factors）可能有 200 到 300 個基點的擺動；但同時你也指出一些來自宏觀面的利多，例如退稅（tax refunds）、世界盃或美國 250 週年慶祝活動。

So are you factoring in around 200 to 300 basis points of a contribution from those factors because a year from now, when we are having this conversation, we're going to have to dimension how much of your performance in 2026 is based on what Academy is doing versus how much was based on the macro and it will be very helpful to understand what you assumed within your outlook.

所以，你是否把這些因素大約 200 到 300 個基點的貢獻納入考量？因為一年後，當我們再進行這段對話時，我們將需要衡量 2026 年你們表現中有多少是 Academy 自身作為所帶來的、又有多少是宏觀環境所帶來的；了解你們在展望中做了哪些假設會非常有幫助。

Yes. So we started with what our plan is, and it's not a range. It's what we think we're going to deliver. And so our self-help initiatives. So the things that we're talking to you about new stores, e-commerce, aided by all the things that Steve said, the loyalty program, these things that we're launching and, in some cases, building upon, it gets us to the midpoint of that 2% to 5% guidance range.

是的。所以我們是從我們的計畫開始的，而且那不是一個區間。那是我們認為我們將交付的結果。也就是我們的自助型（self-help）計畫。因此，我們跟你們談到的新店、電商，再加上 Steve 提到的所有事情、會員忠誠計畫（loyalty program）、以及我們正在推出、在某些情況下也在既有基礎上持續建設的這些事情，會把我們帶到 2% 到 5% 指引區間的中點。

And so I think at the low end, we anticipate that macroeconomic factors stay the same and that the tailwinds associated with those three big events that you just mentioned, World Cup, 250th and elevated tax refunds, are completely negated by a macro headwinds at the top end, the 5%, those macro events, those three things outweigh the headwind associated with financial pressure on the consumer and that they give us a little bit of a net tailwind, if you will.

因此，我認為在低端，我們預期總體經濟因素維持不變，而你剛提到的三個大型事件——世界盃、250 週年，以及較高的退稅——所帶來的順風，會被宏觀逆風完全抵消。

So our self-help initiatives, midpoints, the three things that are macro drivers are either going to be overwhelmed by financial pressure on the consumer or we'll gain some from, and that was really what differentiates the 2% to 5% low high guidance.

所以，我們的自助型（self-help）計畫對應的是中點；而那三個宏觀驅動因素，要嘛會被消費者的財務壓力所淹沒，要嘛我們會從中獲得一些助益——這就是 2% 到 5% 低端與高端指引之間的主要差異。

I'll tag on to this question, Michael. The other thing I would say is that when you think about the value of the external tailwinds versus the self-help, self-help are much greater than the external. We think the World Cup is probably worth about 30 basis points for the year. That being said, we think that just the loyalty credit card alone is equal to that this year with having a half year next year.

Michael，我補充一下這個問題。我還想說的是，當你思考外部順風的價值相對於自助型（self-help）時，自助型的影響要大得多。我們認為世界盃全年大概值 30 個基點。話雖如此，我們認為光是會員聯名信用卡（loyalty credit card）今年的貢獻就相當於那個水準，而明年則會有半年的貢獻。

So that should mute or overcome whatever we'd be up against from a World Cup perspective. Tax refunds will be repeated. I don't think those are going to be lower next year. And so then you come back to 250th anniversary of the United States. That's helpful. I mean it certainly can drive a surge in patriotism and help us with red, white and blue.

所以，從世界盃的角度來看，這應該會淡化或抵消我們可能面臨的任何影響。退稅會重複出現。我不認為明年會更低。然後你再回到美國 250 週年。那是有幫助的。我的意思是，它當然可能帶動一波愛國情緒，並在紅、白、藍相關商品上幫到我們。

But it's not as big as the impact of the new store comp waterfall or the impact of dot-com in our business. So I would say that the majority of what gives us confidence this year about being able to bend the curve and get back to a positive comp and the self-help initiatives are going to drive it.

但它的影響不如新店同店銷售（comp）瀑布效應，或我們業務中的電商（dot-com）影響那麼大。所以我會說，今年讓我們有信心能夠扭轉趨勢、讓同店銷售回到正成長的主要因素，以及這些自助式（self-help）措施，都將會推動這件事發生。

Got you. Very helpful. My follow-up question is the changing nature of the Academy model pivoting to maybe a slightly higher income and a slightly higher vendor base that might have a higher expectation for how you showcase their products.

了解。非常有幫助。我接下來的問題是，Academy 模式的性質正在改變，可能轉向收入略高、供應商基礎略高的一群，而他們對你如何展示其產品的期待可能也更高。

So as a result, is that driving increase in your operating expenses because if we look at your results in the fourth quarter, the gross profit dollars actually exceeded the consensus forecast, but operating income was a bit short and it really all came down to SG&A. And the question is, are you seeing less visibility in your SG&A dollars as you pivot to maybe a more -- a higher operating cost model as a result of these changes.

因此，這是否正在推動你們營運費用上升？因為如果我們看你們第四季的結果，毛利金額其實超過市場一致預期，但營業利益略低，主要都出在 SG&A。問題是，當你們轉向可能更——更高營運成本的模式以因應這些變化時，你們是否在 SG&A 金額上看到更低的可見度（更難預測）？

Yes. I don't think there's an elevated operating cost model. Again, there are some launch costs, which I walked through for Jordan associated with rolling out the shops -- and then we do have a Jordan enthusiast that staffs on key time periods for that. But I really wouldn't point to elevated operating costs as the issue.

是的。我不認為存在一個更高的營運成本模式。再說一次，確實有一些啟動成本，我先前也向 Jordan 說明過，與店中店（shops）的推行相關——另外我們也有一位 Jordan 愛好者在關鍵時段負責人力配置。但我真的不會把問題指向營運成本上升。

I think in looking at the consensus for the fourth quarter from an SG&A rate standpoint, we do still pay people when we close our stores. So if that was a 100 basis point headwind to the fourth quarter comp, we still did incur some of those costs without having the sales that they provide.

我認為，從 SG&A 比率角度看第四季的市場一致預期，我們在關店時仍然要付薪給員工。所以如果那對第四季同店銷售造成 100 個基點的逆風，我們仍然承擔了部分成本，但沒有獲得他們原本能帶來的銷售。

But the majority -- I mean, almost twice as much of the deleverage, 135 basis points in the fourth quarter was because of our growth initiatives that we're pretty committed to, those will normalize as it relates to the number of stores year-over-year into 2026, which is why we're guiding to modest leverage in SG&A in 2026.

但大部分——我的意思是，幾乎是兩倍的去槓桿（deleverage），第四季的 135 個基點，是因為我們相當投入的成長計畫；隨著門市數在 2026 年相較前一年趨於正常化，這些會回歸常態，這也是為什麼我們在 2026 年指引 SG&A 會有溫和的槓桿效益（leverage）。

Yes. The thing I'd add on to Carl's point, I agree with everything he said is that, at our core, listen, we're a value retailer. We're not getting away from that. I want to make sure that we don't leave any doubt in anybody's mind that we're losing focus on that. I think we're in an environment where the lower end consumer under $50,000 is really under pressure, is opting out or trading down.

是的。我想在 Carl 的觀點上補充一點，我同意他說的所有內容：就我們的核心而言，聽著，我們是一家主打價值的零售商。我們不會偏離這一點。我想確保不會讓任何人對我們是否失去焦點產生疑慮。我認為我們正處在一個環境中，年收入低於 50,000 美元的低端消費者確實承受很大壓力，正在退出或轉向更低價位。

We still actively market to them, we want them to shop with us. And I think we see them come back during times of deep value like when we run clearance events or when we're in a promotional time period, we see them come back and shop with us. We see this layering on at better best brands, the way to somewhat diversify and de-risk our assortment a little bit from twofold.

我們仍然積極向他們行銷，我們希望他們來我們這裡購物。而且我認為我們看到，在深度價值的時候——例如我們做清倉活動或在促銷期間——他們會回來並在我們這裡購物。我們也看到，導入更好、更佳（better best）的品牌，是一種在兩個面向上稍微分散並降低我們商品組合風險的方法。

Number one, it helps customers who maybe couldn't find those brands in our stores previously stay with us and shop when they had to leave. And on the other side of it, I think it's helping us bring in a new customer. So we're still a value-based retailer. We think these new brands help us diversify and derisk our customers, bring in slightly more elevated customer, but we don't want you to think in any way, shape or form that we're losing focus on the value base customer as well.

第一，它能幫助那些過去可能在我們店裡找不到這些品牌的顧客，在他們原本必須離開時仍能留在我們這裡購物。另一方面，我認為這也在幫助我們帶來新客。所以我們仍然是以價值為導向的零售商。我們認為這些新品牌能幫助我們分散並降低客群風險，帶來層級略高的顧客，但我們不希望你以任何方式、任何形式認為我們也失去了對價值型客群的聚焦。

Kate McShane, Goldman Sachs.

Kate McShane，高盛。

We're just curious if we could get a little bit more detail about how each business segment performed during the quarter? And then just as a second unrelated follow-up question. When you are thinking about the loyalty program or this new iteration of the loyalty program, what is being incorporated into the margin implications of that in 2026?

我們只是想了解，是否可以更詳細說明一下各業務部門在本季的表現？然後第二個不相關的追問是：當你們在思考會員忠誠計畫或這個忠誠計畫的新版本時，對於 2026 年的毛利影響（margin implications），你們納入了哪些因素？

Yes. So from a -- how the category has worked out for Q4, we saw strength across a lot of our core businesses, bikes, fishing, outdoor cooking, apparel, electronics and athletic footwear were all strong. Some of the softer businesses for us during the quarter were more seasonal in nature, so seasonal footwear, I think boots and outerwear. I already mentioned a little soft. I would say that camping was a little soft, primarily driven by lapping some really big numbers from the year before in Drinkware.

是的。就第四季各品類的表現而言，我們在許多核心業務上看到強勁表現：自行車、釣魚、戶外烹飪、服飾、電子產品以及運動鞋都很強。本季較疲弱的業務則更具季節性，例如季節性鞋類，我想是靴子和外套。我剛才也提到有點偏弱。我會說露營品類有點偏弱，主要是因為去年飲具（Drinkware）基期很高。

And then ride-ons was a little tougher for us this holiday and when we went back and looked at it, we had to kind of cobble together an assortment there based off of the tariff environment trying to find the right goods out there. What's exciting is as we've crossed over into spring and moved to a positive comp, all the businesses are performing pretty well right now.

另外，這個假期季 ride-ons（可乘騎玩具）對我們來說比較吃力；回頭檢視後，我們必須在關稅環境下，為了找到合適的商品而有點「拼湊」出那邊的商品組合。令人振奮的是，隨著我們進入春季並轉為同店正成長，目前所有業務的表現都相當不錯。

So we're seeing pretty broad-based solid business across all the different businesses. Could you repeat the second part of your question, Kate? I was writing something down and I missed the second part.

所以我們看到各個不同業務線都呈現相當廣泛且穩健的表現。Kate，你可以重複一下你問題的第二部分嗎？我剛才在記一些東西，漏聽了第二部分。

Yes. Just any kind of cost implications, yes, from the launch.

好的。就是啟動（launch）帶來的任何成本影響。

Yes. So on the loyalty, what we did is we went back -- we always have done different sometimes targeted discounts through various loyalty programs that we have. We basically pulled those all together in our bundling and from a rewards perspective. So we don't expect it to really impact the overall gross margin. It's going to be more a repurposing of discounts that we were using in the past for other purposes that we're going to repurpose the loyalty to be much more targeted.

是的。關於忠誠計畫，我們做的是回頭檢視——我們一直以來都會透過各種忠誠計畫做不同、且有時是針對性的折扣。我們基本上把這些從組合（bundling）與獎勵（rewards）的角度整合在一起。因此我們不預期它會對整體毛利率造成實質影響。它更像是把過去用於其他目的的折扣重新配置，並把忠誠計畫改造成更具針對性。

So rather than kind of broadly based giving out coupons on certain events or certain time periods, it's going to be really targeted at loyalty members, which we think is going to really help us activate against them.

所以與其在某些活動或某些期間廣泛發放優惠券，現在會更聚焦於忠誠會員，我們認為這將真正幫助我們去啟動（activate）這些會員。

Jonathan, are you muted?

Jonathan，你有靜音嗎？

Can you hear me okay?

你們聽得到我嗎？

Yes, we can.

是的，聽得到。

Great. Carl, you mentioned plans for traffic to improve in 2026 versus 2025. So maybe just at the midpoint of your comp range, what's embedded for traffic versus ticket? And how does that change at the lower and upper bounds of the range?

很好。Carl，你提到 2026 年的來客數（traffic）計畫會比 2025 年改善。所以以你們同店區間的中位數來看，來客數與客單（ticket）各自隱含了多少？在區間的下緣與上緣，這又會如何變化？

We don't really guide based off of traffic. So I don't think I can directly answer your question. But I will say as it relates to all of the context that we've given around sales growth, all of those are traffic drivers. So new stores, positive comping, existing stores launching and annualizing gross traffic e-commerce, we look at a couple of different ways to understand share.

我們不太會以來客數為基礎提供指引。所以我想我無法直接回答你的問題。但我會說，就我們針對銷售成長所提供的所有背景脈絡而言，那些都是來客數的驅動因素。所以新店、同店轉正、既有門市的啟動與年化、電商帶來的總來客數成長，我們會用幾種不同方式來理解市占。

We look at similar web information associated with session growth, and we see that we're taking share there. We think that some of the Agentic search and I don't know if you guys have looked at our website at Scout, the little assistant that helps you with kind of like large language searches. That's going to get better, quicker, faster, stronger, additional Jordan shops, those are traffic drivers. So we haven't overly guided towards the basket or traffic, but I know that traffic will be improved from what we saw in 2025.

我們查看與工作階段成長相關的類似網站資訊，看到我們在那方面正在取得市占。我們認為部分的 Agentic 搜尋——我不知道各位是否看過我們 Scout 網站上的功能，那個小助理能協助你進行類似大型語言搜尋。那會變得更好、更快、更迅速、更強，另外增加 Jordan 專區門店，這些都是帶動流量的驅動因素。因此我們並沒有過度去引導到購物籃或流量，但我知道流量會比我們在 2025 年看到的情況有所改善。

Okay. And then just a quick follow-up. Just looking for more color in terms of the traffic decline this quarter. I don't know if you can share any details in terms of by income cohort and understand maybe how kind of the lower income quintiles are reacting to the AURs versus the other cohort.

好的。接著快速追問一下。我想更了解本季流量下滑的原因。不知道你能否分享一些細節，例如按收入族群來看，並了解較低收入五分位的消費者對 AUR 的反應，與其他族群相比如何。

Yes. So we -- the traffic trends we saw by income cohort kind of mirror what we saw all year that we talked about in previous calls. At the high end, we continue to see a double-digit increase in traffic count, low double-digit increase from customers making over $100,000 a year or households making over $100,000 a year. At the lower end, we continue to see probably a high single-digit decline in those lower-income consumers and the middle kind of is holding its own.

可以。所以——我們按收入族群看到的流量趨勢，大致反映了我們全年所看到、也在先前電話會議中談到的情況。在高端，我們持續看到來客數呈現雙位數成長；年收入超過 10 萬美元的顧客或家庭，來客數呈現低雙位數成長。在低端，我們持續看到較低收入消費者大概是高個位數的下滑，而中間族群大致持平。

And that's kind of the behavior we've seen all year, and it continued into Q4. So once again, I don't think that the AUR increases in the assortment mix are what's really driving the traffic declines in the lower income consumer, I think they're just under pressure and are opting out or trading down. And as I mentioned earlier, we do have some different time periods and strategies and tactics that we have to try to engage with them.

這就是我們全年看到的行為模式，並延續到第四季。所以再說一次，我不認為商品組合中 AUR 的提高才是真正驅動低收入消費者流量下滑的原因；我認為他們只是承受壓力，選擇不消費或改買更低價位。如我先前提到的，我們確實有一些不同的時間檔期、策略與戰術，來嘗試與他們互動並吸引他們。

We're pretty pleased with some of the reaction we saw during February around our clearance event and we think that was a lowering consumer coming back in and really taking advantage of the values there. And once again, as we run other promotional windows during -- later in the year or clearance events, we think we're going to get that customer to come back, but they're definitely under pressure.

我們對二月清倉活動期間看到的一些反應相當滿意，我們認為那是較低收入的消費者回流，並真正把握了其中的價值。同樣地，當我們在今年稍晚推出其他促銷檔期或清倉活動時，我們認為能讓那位顧客回來，但他們確實承受很大壓力。

Anthony Chukumba, Loop Capital Markets.

Anthony Chukumba，Loop Capital Markets。

So I guess I just have one question in two parts. I guess it's on the Jordan brand, just in terms of how has the brand -- it's been, I guess, six to seven months. So how has the brand performed relative to your initial expectations?

我想我只有一個問題、分成兩個部分。關於 Jordan 品牌，我想就品牌表現來問——大概已經六到七個月了。那麼這個品牌的表現相較於你們最初的預期如何？

And then also, do you think that that's going to help with bring in some other high-profile brands that currently don't have in your merchant assortment? And Steve, I think you know what brands I'm referring to.

另外，你是否認為這將有助於引進一些目前你們商品組合中尚未有的其他高知名度品牌？Steve，我想你知道我指的是哪些品牌。

I do, Anthony. Thank you for the question. Listen, we're very pleased with the relationship that we have with Nike and the Jordan brand. We don't have a last year for Jordan. So what we can say is if you combine Nike and Jordan together, they grew high single digits, which we were very pleased with.

我知道，Anthony。謝謝你的提問。聽著，我們對與 Nike 以及 Jordan 品牌的合作關係非常滿意。Jordan 沒有去年的可比基期。所以我們能說的是，如果把 Nike 和 Jordan 合併來看，它們成長了高個位數，我們對此非常滿意。

And we're going to continue to expand and grow the Nike and Jordan footprint. We're getting more access to more premium footwear that we're pushing deeper into the chain.

我們將持續擴大並成長 Nike 與 Jordan 的據點版圖。我們正獲得更多高端鞋款的供貨與進入權，並把它更深入地推進到整個連鎖體系。

You take a performance running shoe like and last year, we got it at launch, and you're going to se that probably go out to roughly 150 doors as we head into back-to-school. So I think how we brought the Jordan brand to life really, I think, showed the Nike team as well as vendors across the spectrum what we can do when we launch a new brand, and we certainly use that as a proof point as we're talking to new brands.

以一款性能跑鞋為例，去年我們在上市時就拿到首發供貨，而當我們進入返校季時，你會看到它大概會擴展到約 150 家門店。所以我認為，我們把 Jordan 品牌具體落地的方式，確實向 Nike 團隊以及各類供應商展示了：當我們推出新品牌時能做到什麼；而我們也確實把這當作與新品牌洽談時的實證案例。

And we will share some information around some new brands in the April 7 update and obviously, if we get to a place where we're ready to announce or can announce some of the brands you've asked about in the past, trust me, you will not have to ask us the questions. We'll probably tell you before you ask us.

我們會在 4 月 7 日的更新中分享一些新品牌的資訊；當然，如果我們到了準備好宣布、或能宣布你過去問過的那些品牌的階段，相信我，你就不必再問我們了。我們可能會在你提問之前就先告訴你。

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.

我們已到達問答環節的結束。現在我想把電話交回給 Steve Lawrence，請他做結語。

Thanks. In closing, we made a lot of progress across numerous fronts in 2025, which allowed us to both grow top line sales for the first time in a couple of years as well as continue to gain market share. We believe that we have the strategies and tactics in place to continue this growth in 2026 and move back to comp store growth as well.

謝謝。總結來說，2025 年我們在多個面向都取得了很大進展，這讓我們不僅在幾年來首次實現營收成長，也持續提升市占率。我們相信我們已具備在 2026 年延續這項成長、並回到同店成長的策略與戰術。

As always, I'd like to thank our 22,000 plus team members for their hard work and efforts, which are helping make Academy the best sports and outdoor retailer in the country. We look forward to meeting with most of you on April 7 and sharing how we plan to build on the initiatives we outlined today in 2026 and beyond.

一如既往，我要感謝我們超過 22,000 名團隊成員的辛勤工作與努力，正是你們的付出，協助讓 Academy 成為全美最好的運動與戶外用品零售商。我們期待在 4 月 7 日與各位多數人見面，並分享我們計畫如何在 2026 年及更長遠的未來，延續並深化今天所概述的各項倡議。

Thank you all for joining our call today and have a great rest of your day and happy St. Patrick's Day.

感謝各位今天加入我們的電話會議，祝各位今天剩餘時間愉快，也祝聖派翠克節快樂。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。您現在可以掛斷電話線，感謝您的參與。