Academy Sports and Outdoors, Inc. (ASO) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Academy Sports and Outdoors first-quarter 2026 earnings conference call. This call is being recorded. (Operator Instructions) I will now turn the call over to your host, Dan Aldridge, Vice President, Investor Relations for Academy Sports and Outdoors.

早安，歡迎參加 Academy Sports and Outdoors 2026 年第一季財報電話會議。本通話將被錄音。(接線員指示) 現在我將把電話交給本次會議主持人——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 first-quarter fiscal 2026 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 2026 會計年度第一季財務結果電話會議。今天與會的有執行長 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 could cause our actual results to differ materially from our expectations and projections.

提醒各位，今日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。這些陳述受風險與不確定性影響，可能導致我們的實際結果與預期及預測出現重大差異。

These risks and uncertainties include, but are not limited to, the factors identified in today's earnings release and in our most recent Form 10-K and Form 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今日財報新聞稿，以及我們最近提交的 Form 10-K 與 Form 10-Q 文件中所識別的因素。本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 on our website at investors.academy.com.

今日的發言亦將提及若干非 GAAP 財務衡量指標。與最可比 GAAP 指標的調節表已包含於今日的財報新聞稿中，並可於我們網站 investors.academy.com 取得。

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

今天上午，我們將回顧 2026 會計年度第一季的財務結果，更新我們的策略性計畫進展，並討論本年度展望。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 Steve.

接下來，我把電話交給 Steve。

Good morning, everyone, and welcome to our first-quarter 2026 earnings call. Our plan this morning is to discuss our Q1 results, while also updating you on the progress we're making against our long-term growth initiatives.

各位早安，歡迎參加我們 2026 年第一季財報電話會議。今天我們的安排是討論第一季（Q1）業績，同時向各位更新我們在長期成長計畫上的推進進度。

Turning to our first-quarter results. We were pleased to move back to comp store growth in Q1, with sales coming in at $1.44 billion, which was up 6.7% in total sales and translated into a 2.9% comp increase. Both the comp and total sales were on the high side of the range we communicated in our press release issued on April 7, 2026, and in advance of our Analyst Day where we gave an update to our long-range plan and goals.

先看第一季業績。我們很高興在第一季回到同店成長軌道，銷售額達 14.4 億美元，總銷售年增 6.7%，折合為同店成長 2.9%。同店與總銷售表現皆高於我們在 2026 年 4 月 7 日發布的新聞稿中所溝通的區間上緣，且是在我們分析師日（Analyst Day）之前；當時我們也更新了長期計畫與目標。

These results were driven by a combination of a low single-digit positive traffic, coupled with a high single-digit AUR increase. Units per transaction were down slightly, which we would attribute to the increased AUR. Positive results were broad-based with our dot-com business comping up 17% and all four of our divisions running increases for the quarter.

這些結果來自低個位數的正向來客數成長，加上高個位數的平均單價（AUR）提升。每筆交易件數略有下降，我們認為主要是因 AUR 上升所致。正向表現相當全面：我們的電商（dot-com）業務同店成長 17%，且四個事業部門本季皆呈現成長。

Outdoor was our best performing category at up 12%, driven by strength in fishing and shooting sports categories. Meet the surface, our ammo business, which was a headwind for us most of last year, turned positive in February and accelerated after the contemplate in the Middle East began. Our firearms business also continues to be a bright spot and utilizing mix checks data as a proxy, we have grown market share in this category for eight consecutive quarters.

戶外（Outdoor）是表現最佳的品類，成長 12%，主要由釣魚與射擊運動品類的強勁表現帶動。值得一提的是，我們的彈藥（ammo）業務在去年大部分時間對我們形成逆風，但在 2 月轉為正成長，並在中東局勢升溫後加速成長。我們的槍械（firearms）業務也持續是亮點；以 mix checks 數據作為代理指標，我們在該品類已連續八個季度提升市占率。

To help build on the momentum in the shooting sports business, we launched the suppressors category into a limited door count during the first quarter with a gold rolled amount to over 100 stores by the end of the year. This is a rapidly growing category in the industry with a strong attachment rate to firearms and high EURs. Since suppressors are totally new to our assortment, this business should be 100% accretive and provide an additional tailwind for the shooting sports category throughout the remainder of this year and next.

為了延續射擊運動業務的動能，我們在第一季於有限門店數推出消音器（suppressors）品類，目標在年底前擴展至超過 100 家門店。這是產業中快速成長的品類，與槍械具有很高的連帶購買率，且單位收益（EURs）較高。由於消音器對我們的商品組合而言是全新品類，該業務預期將 100% 增厚（accretive），並在今年剩餘期間及明年為射擊運動品類帶來額外順風。

Sports & Recreation was our second-best business at plus 6%, with the increase driven by solid gains in baseball, which fueled our team sports business during the first quarter. We also saw a double-digit growth in our front-end business. Normally, we don't call out front end, but we're seeing rapid growth in this area driven by the collectible trading card business, which has benefited from our increased investment in its category.

運動與休閒（Sports & Recreation）是第二佳的業務，成長 6%；增長主要由棒球的穩健提升所帶動，並在第一季推動了我們的團隊運動業務。我們也看到前端（front-end）業務達到雙位數成長。通常我們不會特別提及前端，但我們看到該領域快速成長，主要由收藏型集換式卡牌（collectible trading card）業務帶動，而這也受益於我們對該品類加大投資。

In addition, we continue to see solid improvements in our outdoor speakers business, driven by the leadership position we've taken in [internal bonds]. Apparel sales were also positive at plus 5%, with particular strength in our outdoor and work businesses, supported by expanded assortments from Carhartt, BURLEBO, Levi's, and our own Magellan Outdoors brand. We will continue to lean into the work western lifestyle trend with the addition of roughly 100 Ariat shops in the back half of the year.

此外，我們的戶外喇叭（outdoor speakers）業務也持續出現明顯改善，主要受惠於我們在[internal bonds]所取得的領導地位。服飾（Apparel）銷售亦為正成長、增加 5%，其中戶外與工作（work）業務表現尤為強勁，並由 Carhartt、BURLEBO、Levi's 以及我們自有品牌 Magellan Outdoors 擴大商品組合所支撐。我們將持續把握工作與西部生活風格（work western lifestyle）趨勢，在下半年新增約 100 個 Ariat 專區（shops）。

On the athletic side of the business, gains were driven by continued momentum in the Nike and Jordan brand, coupled with double-digit increases in our better private brands of freely enrolled. In the second quarter, we plan to add 55 Jordan brand shops on our apparel pads, which will take our Jordan Brand shop count to 200 stores and continue to fuel the growth in this business.

在運動（athletic）端，成長動能來自 Nike 與 Jordan 品牌的持續走強，並搭配我們較高端的自有品牌（better private brands）出現雙位數成長（freely enrolled）。在第二季，我們計畫在服飾區新增 55 個 Jordan 品牌專區，將 Jordan Brand 專區門店數提升至 200 家，並持續推動該業務成長。

Footwear sales were up 3% for the quarter. Key drivers of growth in Q1 were our cleated business driven by baseball along with our summer seasonal businesses, driven by Crocs and Birkenstock. We also remain encouraged by the momentum we're seeing in the performance running category fueled by key platforms such as the Nike Vomero, the Adidas EVO SL, the New Balance Ellipse and the Brooks Glycerin. Our plan is to continue to build out our assortment and space devoted to this category as we progress throughout the remainder of the year.

鞋類（Footwear）本季銷售成長 3%。第一季的主要成長動能來自釘鞋（cleated）業務（受棒球帶動），以及夏季季節性業務（由 Crocs 與 Birkenstock 帶動）。我們也持續對性能跑鞋（performance running）品類的動能感到鼓舞，主要由 Nike Vomero、Adidas EVO SL、New Balance Ellipse 與 Brooks Glycerin 等關鍵平台帶動。我們的計畫是在今年剩餘期間持續擴充該品類的商品組合與陳列空間。

Based on the solid start to the year, we saw growth in market share across all of our businesses, both for the quarter and on a rolling 12-month basis. We've also driven a positive comp over that same 12-month period. We would attribute the momentum we're building in the business, and the market share gains to the continued progress we're making against our three core growth strategies, which I'll now give you a brief update on.

基於今年良好的開局，我們在所有業務上都看到市占率成長，無論是本季表現或以過去 12 個月滾動基礎來看皆是如此。在同一個 12 個月期間內，我們也實現了正向同店成長。我們認為目前業務動能的累積與市占提升，來自我們在三大核心成長策略上的持續進展；接下來我將簡要更新。

New store expansion remains our number one growth lever, and we're starting to build critical mass behind the strategy. We began the year with 39 stores from our 2022 through 2024 vintages in our comp base. This tranche of stores continues to perform well with sales comping in the high single digits. We anticipate this tailwind should accelerate as the 24 stores from our 2025 in start to flow into the comp base as we crossed through the year.

新店擴張仍是我們第一大成長槓桿，而我們正開始在此策略上建立關鍵規模。今年年初，我們的同店基礎中包含 2022 至 2024 年開出的 39 家門店。這批門店持續表現良好，銷售同店成長達高個位數。隨著 2025 年開出的 24 家門店在今年逐步納入同店基礎，我們預期這股順風將進一步加速。

During the first quarter, we opened up two new stores in Canton, Ohio and Muskogee, Oklahoma, both of which support our strategy to grow in midsized markets. These are underserved communities and tend to over index with our core customer the Always Game Family. During second quarter, we will open up three more stores with locations in Altoona, Pennsylvania; North Knoxville, Tennessee; and Morristown, Tennessee.

第一季期間，我們在俄亥俄州 Canton 與奧克拉荷馬州 Muskogee 各開出一家新店，兩者皆支持我們在中型市場擴張的策略。這些社區的零售供給相對不足，且往往更符合我們的核心客群——Always Game Family。第二季，我們將再開出三家門店，地點分別位於賓夕法尼亞州 Altoona、田納西州 North Knoxville，以及田納西州 Morristown。

The remaining 15 to 20 stores are expected to open in the back half of the year with a heavy focus in legacy and existing markets. As we head into 2027 and beyond, we'd expect to have a more balanced mix of openings between the first half and the second half of each year.

其餘 15 至 20 家門店預計在下半年開出，並將重點放在既有核心市場與現有市場。展望 2027 年及之後，我們預期每年上半年與下半年的開店節奏將更為均衡。

Our second growth strategy is to improve the productivity of our existing businesses. There are multiple initiatives focused on driving comps in our legacy stores and improving the core business during the second quarter. Initiatives that will have the biggest impact on our comp sales through the remainder of the year with the relaunch of our myAcademy Rewards program, which is being integrated into our loyalty ecosystem.

我們的第二項成長策略是提升既有業務的生產力。目前有多項計畫聚焦於推動既有門店的同店成長，並在第二季改善核心業務。在今年剩餘期間，對同店銷售影響最大的計畫將是重新推出 myAcademy Rewards 計畫，並將其整合至我們的會員忠誠生態系中。

The newly integrated program features a three-tiered structure. The base tier is myAcademy Rewards and does not require a credit card to access savings. The key element of the value proposition at this level includes both a $15 welcome offer and birthday reward, the $25 of award at a $500 spend threshold, and pre-shipping on all dot-com orders over $25.

新整合的方案採用三層級架構。基礎層級為 myAcademy Rewards，無需信用卡即可享有省錢優惠。此層級價值主張的關鍵要素包括：15 美元迎新優惠與生日獎勵、消費滿 500 美元可獲得 25 美元獎勵，以及所有 dot-com 訂單滿 25 美元即可享有出貨前（pre-shipping）優惠。

The middle tier myAcademy Rewards requires an Academy private label credit card, which gives you access to 5% off your purchases in Academy. It's important to note that the customer gets these savings instantaneously at point of sale versus having to wait for award certificate that they can redeem against future purchases, which is the case with most of the competitive office in the marketplace. This tier also qualifies for free shipping on all dotcom purchases with no minimum purchase requirement.

中間層級 myAcademy Rewards 需要持有 Academy 自有品牌信用卡，讓您在 Academy 購物可享 5% 折扣。需要特別指出的是，顧客可在結帳時即時獲得這些折扣，而不必等待獎勵憑證再用於未來消費；這與市面上多數競品的做法不同。此層級亦符合所有 dotcom 購物免運資格，且無最低消費門檻。

The top tier is unlocked by our new co-branded myAcademy Rewards Mastercard, which we call the official card of fun. Customers in this tier hit all the benefits from the other tiers while also getting a higher credit limit, coupled with the best in market 2% MAC on all spend outside of the Academy and the former rewards can only be redeemed at Academy.

最高層級由我們全新的聯名 myAcademy Rewards Mastercard 解鎖，我們稱之為「樂趣官方卡」。此層級顧客可享有其他層級的所有福利，同時獲得更高的信用額度，並享有市場上最佳的 Academy 以外消費 2% MAC 回饋；而先前的獎勵僅能在 Academy 兌換。

We're in the process of reaching new cards to all of our current card holders and plan to be complete by the end of June. We're already seeing an uplift in sales from this initiative driven by increased enrollment and in card utilization.

我們正在將新卡寄送給所有現有持卡人，並計畫於 6 月底前完成。我們已看到此項計畫帶動銷售提升，主要由註冊人數增加與用卡使用率提升所驅動。

We believe customers are leveraging our best-in-market value proposition as a way to offset the rising costs we're dealing with in their everyday lives. Enrollment in myAcademy Rewards is up double digits year-over-year, with our goal being to add an additional 2 million new members this year, which will grow our total loyalty program to over 15 million members.

我們相信，顧客正運用我們市場領先的價值主張，來抵銷其日常生活中面臨的成本上升。myAcademy Rewards 的註冊人數年增達雙位數；我們今年的目標是再新增 200 萬名新會員，使整體忠誠度計畫會員總數超過 1,500 萬人。

As we shared before, summer is one of our prime selling season, and we're well positioned this year to help fuel the fund for our customers. Our in-stocks continue to run up over 200 basis points versus last year, driven by our standard utilization of RFID.

如同先前分享，夏季是我們的主要銷售旺季之一，而今年我們已做好充分準備，協助顧客為「樂趣」買單。在 RFID 的常態化運用帶動下，我們的現貨供應（in-stocks）相較去年持續提升逾 200 個基點。

In addition, we have several non-comp tailwinds this year including World Cup being played in venues across our footprint, coupled with America's 250th birthday. We are well stocked at World Cup year, summer essentials and all things red, white, and blue, so we can maximize the opportunities ahead of us in the second quarter.

此外，今年我們還有數項非同店（non-comp）利多，包括世界盃在我們營運版圖內多個場館舉行，以及美國 250 週年紀念。我們已為世界盃年度、夏季必需品以及各式紅白藍商品備足庫存，以便在第二季把握眼前機會、極大化成效。

Shifting gears to our omnichannel business. We continue to make solid progress, which is evidenced by the 17% growth in sales and the 100-basis-point expansion and penetration we experienced in Q1. We have two key focuses during second quarter. First, we're expanding our same-day delivery platforms including Uber Eats and Instacart as a complement to our existing partnership with DoorDash.

接著談談我們的全通路業務。我們持續取得穩健進展，第一季銷售成長 17%，且滲透率擴張 100 個基點即為明證。第二季我們有兩項重點。第一，我們將擴展當日配送平台，包括 Uber Eats 與 Instacart，以補強我們既有與 DoorDash 的合作。

Our research shows there is minimal overlap between the customer bases for each of these services. So expanding our online presence to include these additional same-day delivery platforms should be mostly accretive and expose our brand and product categories to a broader audience.

我們的研究顯示，這些服務之間的客群重疊度很低。因此，將線上觸及擴展至更多當日配送平台，預期多數將具增益效果（accretive），並讓我們的品牌與商品品類觸及更廣泛的受眾。

In addition, we plan to migrate the search platform from our site to be powered by Google's AI Commerce Search and Gemini Enterprise Customer Experience as we turn the corner into back-to-school. We believe customers are increasingly utilizing AI agents to aid them as they shop online so moving our search to be powered by AI is a natural evolution and will be intuitive for them. As we continuously evolve our online capabilities, we expect the sales momentum we've built over the past year in this business will continue to provide a strong comp tailwind to our overall sales.

此外，隨著我們邁入返校季，我們計畫將網站搜尋平台遷移為由 Google 的 AI Commerce Search 與 Gemini Enterprise Customer Experience 驅動。我們相信顧客在網購時愈來愈常使用 AI 代理來協助決策，因此將搜尋改為 AI 驅動是自然的演進，且對他們而言會更直覺。隨著我們持續進化線上能力，我們預期過去一年在此業務累積的銷售動能，將持續為整體銷售帶來強勁的同店（comp）順風。

In summary, our belief is high gas prices and other inflationary pressures will persist and continue to negatively impact discretionary spending for the American consumer throughout the remainder of the year. In the face of this pressure, we are committed to remaining a steward of value for our customers while we methodically execute against our long-range plan and objectives.

總結而言，我們認為高油價與其他通膨壓力將持續存在，並在今年剩餘期間持續對美國消費者的非必需性支出造成負面影響。面對這些壓力，我們承諾持續作為顧客價值的守護者，同時有條不紊地執行我們的長期計畫與目標。

As our strategies mature, and we build critical mass across each of them, we believe this will provide a strong tailwind, which will allow us to sustain the positive momentum we built in the first quarter. Based on the solid start to the year, we're raising our annual sales guidance to be plus 3% to plus 5%, which would translate into a flat to plus 2% comp sales increase for fiscal 2026.

隨著各項策略逐步成熟，並在每一項策略上建立關鍵規模，我們相信這將形成強勁順風，使我們得以延續第一季所建立的正向動能。基於今年良好的開局，我們上調全年銷售指引至成長 3% 至 5%，換算為 2026 會計年度同店銷售將為持平至成長 2%。

Now I will turn it over to Carl, who will give you a deeper dive into the Q1 financial results along with the additional information on our updated 2026 guidance. Carl?

接下來我把時間交給 Carl，他將更深入說明第一季財務結果，並補充我們更新後的 2026 年指引資訊。Carl？

Thanks, Steve. Net sales for the first quarter were $1.44 billion, an increase of 6.7% with comparable sales up 2.9%. eCommerce remained a strength in the quarter with over 17% growth, which accelerated versus fiscal 2025 levels. We expect eCommerce to remain a tailwind throughout the year as we continue to expand our endless aisle, enhance search functionality and expand same-day delivery.

謝謝，Steve。第一季淨銷售額為 14.4 億美元，年增 6.7%，同店銷售成長 2.9%。本季電商仍是亮點，成長超過 17%，且較 2025 會計年度水準進一步加速。我們預期電商全年將持續成為順風，因為我們將持續擴展無限貨架（endless aisle）、強化搜尋功能並擴大當日配送。

As expected, gross margin for the quarter was 33.2%, down 71 basis points year-over-year. The decline was driven by tariffs and was partially offset by favorability in freight and shrink. We expect the first quarter to be the largest tariff impact for the year and for the pressure to subside as we move through 2026.

如預期，本季毛利率為 33.2%，年減 71 個基點。下滑主要由關稅所致，並部分被運費與損耗（shrink）改善所抵銷。我們預期第一季將是全年關稅影響最大的一季，且隨著我們進入 2026 年，相關壓力將逐步緩解。

SG&A was 28.1% of sales, an improvement of 77 basis points, primarily driven by the 2.9% comp. Additionally, we are lapping $7.5 million related to the Nike expansion and Jordan brand rollout from the prior year. The improvement was partially offset by a $3.6 million increase in stock compensation expense year over year.

SG&A 佔銷售比重為 28.1%，改善 77 個基點，主要受 2.9% 同店成長帶動。此外，我們也已度過前一年與 Nike 擴張及 Jordan 品牌導入相關的 750 萬美元費用基期。上述改善部分被股票薪酬費用年增 360 萬美元所抵銷。

Operating income for the quarter was $74.7 million. Diluted earnings per share was $0.80, an increase of 17.6% and adjusted earnings per share, which excludes stock compensation, was $0.93 an increase of 22.4%.

本季營業利益為 7,470 萬美元。稀釋每股盈餘為 0.80 美元，成長 17.6%；調整後每股盈餘（排除股票薪酬）為 0.93 美元，成長 22.4%。

From a balance sheet and cash flow standpoint, we remain in a position of strength. Our inventory has continued to improve versus last year with total inventory dollars per store down 0.8% and units per store down 6.8%.

就資產負債表與現金流而言，我們仍處於強勁態勢。我們的庫存相較去年持續改善：每店庫存金額下降 0.8%，每店庫存件數下降 6.8%。

We ended the quarter with strong liquidity and generated healthy free cash flow of $121.6 million, representing a 14.2% increase year over year. This allows us to continue investing in the business while returning capital to shareholders. Our cash balance was $338 million at the end of the first quarter, and we have an untapped $1 billion revolver.

本季末我們的流動性強勁，並產生健康的自由現金流 1.216 億美元，年增 14.2%。這使我們得以在持續投資業務的同時，向股東回饋資本。第一季末現金餘額為 3.38 億美元，且我們尚有 10 億美元的循環信貸額度（revolver）未動用。

Our capital allocation philosophy has not changed. Approximately 50% of cash flow from operations is reinvested back into the business, and we expect to return the remainder to shareholders through dividends and share repurchases.

我們的資本配置理念沒有改變。約 50% 的營運現金流會再投資於業務，我們預期其餘部分將透過股利與庫藏股回購回饋股東。

During the first quarter, we repurchased approximately 1.7 million of our shares, representing about 2.5% of our shares outstanding, paid $9.6 million in dividends and continued to fund strategic investments, including new stores, omnichannel capabilities and technology initiatives. At the end of the first quarter, we had $338 million remaining on our share repurchase authorization.

第一季期間，我們回購約 170 萬股，約占流通在外股數的 2.5%；支付股利 960 萬美元，並持續投入策略性投資，包括新店、全通路能力與科技計畫。第一季末，我們在股票回購授權額度下尚餘 3.38 億美元。

In May, we refinanced our outstanding long-term debt at a 5.875% rate and amended and extended our ABL, which will generate approximately $2.5 million in annual interest savings for the next five years. The maturity date on each is 2031, and additional details were provided in our May 14 press release, which can be found on our Investor Relations site.

5 月，我們以 5.875% 的利率為未償長期債務進行再融資，並修訂與展延我們的 ABL，未來五年每年可節省約 250 萬美元利息費用。兩者到期日皆為 2031 年；更多細節已於 5 月 14 日新聞稿中提供，可在我們的投資人關係網站查閱。

Before getting into guidance, I wanted to share a few thoughts on the consumer and how ongoing trends played into how we think about the shape of the year. The consumer environment remains pressured as high gas prices largely offset the benefit of tax refunds in the first quarter, particularly for lower-income households which continues to weigh on discretionary spending.

在進入財測指引之前，我想先分享幾點對消費者的觀察，以及持續中的趨勢如何影響我們對全年走勢的判斷。由於汽油價格高企在很大程度上抵消了第一季退稅帶來的好處，消費環境仍然承壓，尤其是對低收入家庭而言，這也持續壓抑非必需性支出。

At the same time, we continue to see higher income consumers, which are our largest and fastest-growing cohort trade into Academy in search of value. During the first quarter, trips from consumers who make over $100,000 grew by mid-single digits.

同時，我們持續看到高收入消費者（這是我們最大且成長最快的族群）為了尋求更高性價比而轉向在 Academy 消費。第一季，年收入超過 10 萬美元的消費者來店次數以中個位數成長。

Consumer confidence remains bifurcated with materially higher confidence levels among upper-income households versus lower income cohorts, where there is less optimism about their future financial prospects. This dynamic continues the derisking of our consumer base that began at the end of 2024 and reinforces confidence in Academy's value-driven positioning.

消費者信心仍呈現分化：高收入家庭的信心水準明顯高於低收入族群；後者對未來財務前景的樂觀程度較低。這種態勢延續了我們自 2024 年底開始的消費者結構去風險化，並進一步強化對 Academy 以價值為導向定位的信心。

Turning to guidance. We are updating select elements of our full-year outlook to reflect the first-quarter sales performance while also planning for higher gas and freight prices, tariff dynamics and the timing of new store openings. We now expect sales to be in the range of $6.23 billion to $6.35 billion, or growth of 3% to 5%, and comp sales of flat to up 2%.

接著談指引。我們正在更新全年展望中的部分項目，以反映第一季銷售表現，同時也納入較高的油價與運費、關稅動態，以及新店開幕時點等因素。我們目前預期銷售額將落在 62.3 億至 63.5 億美元之間，成長 3% 至 5%，同店銷售為持平至成長 2%。

We are maintaining our gross margin rate guidance of 34.5% to 35.0% for the year. We are raising the midpoint of our net income guidance and now expect a range of $390 million to $415 million. We expect earnings per share of $5.95 to $6.35 and adjusted earnings per share to be in the range of $6.40 to $6.80.

我們維持全年毛利率指引 34.5% 至 35.0% 不變。我們上調淨利指引的中位數，並預期區間為 3.90 億至 4.15 億美元。我們預期每股盈餘（EPS）為 5.95 至 6.35 美元，調整後每股盈餘為 6.40 至 6.80 美元。

At the midpoint, we expect comp sales to be approximately 1%, gross margin to be roughly flat and modest SG&A leverage for the full year, resulting in EPS growth of over 10% when compared to fiscal year 2025. This EPS guidance does not include any impact from future share repurchases.

以中位數來看，我們預期同店銷售約為 1%，毛利率大致持平，且全年 SG&A 將有小幅槓桿效益，帶動 EPS 相較 2025 會計年度成長超過 10%。此 EPS 指引未包含未來股票回購的任何影響。

Looking at the shape of the year, we expect our strategic initiatives to drive positive sales. As a reminder, we had no IEEPA tariff impact to gross margin in the first quarter of 2025 and costs attributable to tariffs increased throughout the year as we use the weighted average method of inventory accounting with their full impact hitting average unit cost in the fourth quarter of 2025.

就全年節奏而言，我們預期策略性計畫將帶動正向銷售表現。提醒一下，2025 年第一季我們的毛利率未受到 IEEPA 關稅影響；由於我們採用加權平均法進行存貨會計處理，關稅相關成本在全年逐步上升，並在 2025 年第四季完全反映到平均單位成本中。

We continue to expect modest gross margin pressure in the first half of 2026, followed by modest expansion in the back half, resulting in approximately flat gross margin at the midpoint of our full-year guidance. On SG&A, we continue to expect leverage in the first half with potential deleverage in the back half as new store openings accelerate, ultimately arriving at modest leverage for the full year at the midpoint of our outlook.

我們仍預期 2026 年上半年毛利率將面臨溫和壓力，下半年則有溫和擴張，最終在全年指引中位數下，毛利率約為持平。在 SG&A 方面，我們仍預期上半年將有槓桿效益；下半年隨新店開幕加速，可能出現去槓桿，最終在全年展望中位數下呈現小幅槓桿效益。

To close, we continue to operate in a bifurcated consumer environment. Higher income consumers are increasingly trading into Academy in search of value, while lower income consumers remain under pressure. Against this backdrop, we are executing a rock-solid plan with clear growth tactics, supported by our strong balance sheet, disciplined expense management, and relentless focus on value. Together, these position us well to navigate the current environment and drive long-term value for our shareholders.

最後，我們仍在一個消費者明顯分化的環境中營運。高收入消費者為了尋求更高性價比而愈來愈多轉向 Academy，而低收入消費者仍承受壓力。在此背景下，我們正執行一套非常扎實的計畫，具備清晰的成長策略，並由強健的資產負債表、嚴謹的費用管理，以及對價值的持續專注所支撐。這些因素共同使我們能夠良好應對當前環境，並為股東創造長期價值。

With that, we're ready for Q&A. Operator?

接下來，我們準備進入問答。接線員？

(Operator Instructions) Jeff Lick, Stephens.

(接線員指示) Jeff Lick，Stephens。

Congrats on the nice quarter. I guess I'd throw this out to anyone. I'm just curious, since the Analyst Day, maybe you could just comment on what has surprised you in either direction, what's been incremental, and are you -- how are you seeing the gas prices manifest itself and consumption patterns?

恭喜本季表現不錯。我想把問題拋給任何一位都可以。我很好奇，自從分析師日以來，你們有哪些事情在正反兩方面讓你們感到意外？有哪些是新增的增量因素？另外，你們如何看到油價在消費行為與消費模式上的反映？

And then just my follow-up would be, given the World Cup and America 250 is in 2Q. I think you've mentioned previously you were expecting 2Q to be the weakest quarter in terms of comp. Is that still going to be the case?

接著追問一下，考量到世界盃以及 America 250 都在第二季。我記得你們先前提過，預期第二季在同店表現上會是最弱的一季。現在仍然是這樣嗎？

Yeah, I'll start. Thanks for the question. So yeah, gas prices definitely are a headwind for the American consumer. I saw an article, I think, a week or so ago that said, on a monthly basis, it's pulling out about $17.5 million of consumer discretionary spending each month. So that definitely is impacting the consumer.

好，我先回答。謝謝你的提問。沒錯，油價對美國消費者確實是一項逆風。我大概一週左右前看到一篇文章提到，以每月來看，油價大約會每個月抽走消費者約 1,750 萬美元的可自由支配支出。所以這確實正在影響消費者。

I'd say, as we've gotten into Q2, we've seen a little bit of a slowdown from the consumer, which we would attribute to gas prices. That being said, we kind of look at the quarter as three legs of a race. The first leg is getting through Memorial Day, which is our first big event.

我會說，進入第二季後，我們看到消費者有些許放緩，我們將其歸因於油價。不過，我們把這一季看作一場比賽的三個賽段。第一段是撐過陣亡將士紀念日（Memorial Day），這是我們第一個大型檔期。

Total sales for Memorial Day are tracking up low single digits, roughly flat comp. And while we'd like to be playing with the lead, what we're excited about is we still have a lot of the initiatives that we're counting on to drive business ahead of us.

陣亡將士紀念日檔期的總銷售目前追蹤為低個位數成長，同店大致持平。雖然我們當然希望能領先，但讓我們感到振奮的是，接下來還有許多我們仰賴來帶動業績的計畫尚未展開。

We've got the World Cup, as you just said, kicks off on Thursday. We got our credit card relaunch, which is taking place right now. And we're issuing new class to consumers, and that should be in people's hands, and that has a reactivation reward associated with it. So we think that will help drive business for the next leg of the race with Father's Day.

正如你所說，世界盃將在週四開踢。我們的信用卡也正在重新推出。我們正在向消費者發行新卡，應該很快就會送到大家手上，並且搭配一項重新啟用的獎勵。因此我們認為，這將有助於在下一個賽段、也就是父親節期間帶動業績。

And then, of course, we've got Americas 250 ahead of us. So definitely seeing an impact, a little bit of a slowdown from what we saw in Q1 with the consumer, tracking flat through Memorial Day, but optimistic about the opportunity still ahead of us with a lot of initiatives still to play out.

接著，當然還有 America 250 在前方。所以確實看到相較第一季，消費者有些許放緩的影響；截至陣亡將士紀念日同店追蹤為持平，但我們仍對後續機會保持樂觀，因為還有許多計畫將陸續發揮作用。

You asked about what surprised us from our April 7, Analyst Day. I would say this quarter generally came in as expected. We were at the high side of the guidance that we gave from a top-line perspective. We had indicated that we knew that there would be gross margin pressure associated with anniversary-ing last year's Q1 that didn't have that IEEPA-tariff burden in it.

你也問到自 4 月 7 日分析師日以來，有哪些事情讓我們感到意外。我會說，本季整體表現大致符合預期。從營收端來看，我們落在當時給出的指引區間上緣。我們先前也提到，我們知道毛利率會因為去年第一季沒有承受 IEEPA 關稅負擔、而今年第一季需要對比該基期而面臨壓力。

And from an expense management standpoint, we knew that we weren't reanniversary-ing the Jordan launch costs and the Nike expansion cost, that was $7.5 million. So I would generally say that the quarter played out like we thought that it would, but it was towards the high side of the guidance that we put out there.

在費用管理方面，我們也知道今年不需要再對比去年 Jordan 上市成本與 Nike 擴張成本，合計為 750 萬美元。因此我會說，本季大致如我們所預期地發展，只是表現更接近我們所提供指引的上緣。

Kate McShane, Goldman Sachs.

Kate McShane，Goldman Sachs。

We wanted to focus on gross margins. with the strength in ammo just being a lower-margin category., did that contribute at all to some of the pressure or the GPM shortfall that we saw in the quarter? And just how should we think about the cadence of some of the tariff pressures that we saw in the first quarter for the rest of the year?

我們想聚焦在毛利率。由於彈藥（ammo）表現強勁但屬於較低毛利的品類，這是否對本季看到的部分壓力或毛利率（GPM）不如預期有任何貢獻？另外，對於第一季看到的一些關稅壓力，在今年剩餘期間的節奏應該如何看待？

Yeah, I'm going to answer this very directly. So if you look at the 71 basis points of gross margin degradation to Q1 of last year, 110 basis points was driven by tariffs essentially having the full burden of that IEEPA impact in Q1 of this year versus really nothing last year.

好的，我會非常直接地回答。如果你看相較去年第一季毛利率下滑的 71 個基點，其中 110 個基點是由關稅所驅動，基本上是因為今年第一季承擔了 IEEPA 影響的完整負擔，而去年幾乎沒有。

And that 110 basis points of tariff headwind was offset by 20 basis points of good news in shrink and 10 basis points as it relates to shipping. So think of transportation, eComm shipping, things of that nature. That's how you kind of arrive at the big components of it.

而這 110 個基點的關稅逆風，部分被損耗（shrink）帶來的 20 個基點利多，以及運輸相關的 10 個基點所抵消。也就是運輸、電商配送等這類項目。這就是主要構成因素的大致拆解方式。

From an ammo perspective, total field was up 12% during the quarter. And so field carries a lower margin profile. Ammo is certainly in the overall outdoor category. And so it was a headwind as it related to, but I would say it was offset by other puts and takes in the mix.

從彈藥的角度來看，本季整體戶外（field）品類在本季度成長了12%。因此，戶外（field）品類的毛利率結構較低。彈藥當然屬於整體戶外品類的一部分。所以它在某種程度上形成了逆風，但我會說，這被組合中其他因素的此消彼長所抵銷。

Chris Horvers, JPMorgan.

Chris Horvers，摩根大通（JPMorgan）。

So my first question is on Decker's latest earnings call, they talked about planning to continue to selectively expand wholesale distribution with a few thoughtfully chosen tests with new partners this fall. Just curious if you can comment if you're a part of that planned tests?

我第一個問題是關於 Decker 最近一次財報電話會議，他們提到計畫在今年秋季，透過與少數經過審慎挑選的新合作夥伴進行一些測試，來持續有選擇性地擴大批發通路。想請教你是否能評論一下，你們是否會是這些計畫中測試的一部分？

Yeah. I'll give you the same answer I give every time I'd ask this question. If and when we're ready to announce something, you guys aren't going to have to ask us, we'll tell you. Nothing new to announce at this moment in time.

是的。我會給你我每次被問到這個問題時都會給的同一個答案。如果以及當我們準備好宣布某些事情時，你們不需要問，我們會告訴你們。目前沒有新的事項可以宣布。

Got it. And then I guess just stepping back, as you think about how you think about the balance of the year, I guess what changed versus what you initially thought? Is ammo expected to be a continued tailwind for the balance of the year more than you originally thought?

了解。然後我想退一步問，當你們思考今年剩餘期間的走勢時，相較於你們一開始的想法，有哪些改變？彈藥是否預期在今年剩餘期間會比你們原先想的帶來更持續的順風？

What's your read on Memorial Day weekend and what that says about Father's Day and July 4 and the 250th anniversary as well as World Cup? So can you maybe take us through like the puts and takes of maybe how you're more optimistic versus something that's more balanced because you basically kept the balance of the year on the comp side?

你們如何看待陣亡將士紀念日週末的表現，以及這對父親節、7月4日、250週年紀念活動以及世界盃意味著什麼？所以你能否帶我們梳理一下各種此消彼長的因素：哪些讓你們更樂觀、哪些讓你們更趨於平衡？因為你們基本上在同店比較（comp）方面維持了對今年剩餘期間的看法。

Yeah, I would say what we saw happen across through the quarter is I think it's pretty widely documented that increased tax returns were out there feeling consumer spending. And I think that helped kind of mute the impact of gas prices as we got through Q1.

是的，我會說我們在本季度看到的情況是，我想這已被相當廣泛地報導：退稅增加正在推動消費者支出。我認為這在我們度過第一季時，多少緩和了油價上漲的影響。

I think we're kind of past that now. And as we've seen kind of the exit rate coming out of the quarter move from an up 3-ish comp to more of a flat. I think that's kind of what we've seen happen with the health of the consumer.

我想我們現在大致已經過了那個階段。而且我們看到季度結束時的趨勢，從同店約成長3%左右，轉為更接近持平。我認為這大致反映了消費者健康狀況的變化。

What gives us confidence about the remainder of the year is a lot of the initiatives that we have, right? We've talked about our credit card relaunch and kind of integrating that with our loyalty program. We think that's a big deal for us. It's probably going to have the most impact on our business moving forward.

讓我們對今年剩餘期間有信心的是我們正在推動的許多措施，對吧？我們談過信用卡重新推出，以及把它與我們的會員忠誠計畫整合。我們認為這對我們非常重要。它可能會是未來對我們業務影響最大的項目。

We think it's well timed, particularly in an environment where consumer's looking for value, the fact that we're going to give the 5% off every day with the Academy credit card, which we've had before, but now 2% back on upside spend I think, is a big deal.

我們認為時機掌握得很好，特別是在消費者尋求價值的環境下；我們將透過 Academy 信用卡提供每日5%折扣（我們以前也有），但現在對於更高層級的消費還有2%回饋，我認為這很關鍵。

I think we've got other things that we've created, self-created kind of tailwinds like leaning into that work -- western work category, rolling out Ariat shops, leaning into newness with brands like Hyrox and BRUNT coming into the assortment.

我想我們還有其他一些我們自己創造的順風，例如加碼投入西部工作（western work）品類、推出 Ariat 專區店中店，以及在商品組合中引入像 Hyrox 和 BRUNT 這類品牌所帶來的新鮮感。

The dot-com growth we're seeing, I think all those things kind of provide a little bit of a tailwind for us that helps us overcome some of the headwinds. But I think it's going to be a cautious consumer out there. They're clearly being very cautious about when they shop and choiceful about buying more on promotion or in clearance.

我們看到的電商（dot-com）成長，我認為這些因素都為我們提供了一些順風，幫助我們克服部分逆風。但我認為外部仍會是謹慎的消費者。他們顯然在購物時點上非常謹慎，並且更有選擇地在促銷或清倉時購買。

And so that's something we're going to have to think about. Ammo specifically, I think, was a tailwind for us before the conflict with Iran happened, accelerated a little bit in Q2. That's sort of -- or Q1, I'm sorry, that's sort of died off as we've gotten deeper into the conflict. I think it will move from being a pretty good tailwind.

因此這是我們必須納入考量的。就彈藥而言，我認為在伊朗衝突發生之前，它對我們是順風，並在第二季稍微加速——那是——或第一季，抱歉，隨著衝突加深，這股動能已經消退了一些。我認為它將從相當不錯的順風——

It's still being a tailwind throughout the remainder of the year. We're lapping a pretty tough ammo business. What we believe in is that the initiatives we put in place, the self-help initiatives, are going to be the things here to help us continue to drive the business throughout the remainder of the year.

在今年剩餘期間仍然會是順風。我們正在面對一個相當艱難的彈藥業務比較基期。我們相信的是，我們所推動的各項措施、這些自助型（self-help）措施，將會是在今年剩餘期間幫助我們持續推動業務的關鍵。

Jonathan Matuszewski, Jefferies.

Jonathan Matuszewski，Jefferies。

My first question was on Nike and Jordan. I think last year, there were a couple of quarters where kind of that combined business is growing somewhere between high single and maybe low double digits I think we're at maybe a point where we've maybe lapped the initial kind of rollouts of Converse in Jordan.

我第一個問題是關於 Nike 和 Jordan。我想去年有幾個季度，這兩者合計的業務成長大約在高個位數到可能低雙位數之間；我想我們現在可能已經度過了 Converse 與 Jordan 初期導入的比較基期。

So maybe just an update on how your -- the trends you're seeing in that combined business? And what type of growth is embedded for the remainder of the year and the updated guide?

所以想請你更新一下，你們在這個合併業務上看到的趨勢如何？以及在更新後的指引中，對今年剩餘期間內含了什麼樣的成長假設？

Yeah, so we're still in a place. We launched Jordan, if you remember, last year in April. That being said, we did have product on the floor in March. So if you look at the combined Nike, Jordan business for us, that was up mid-single digits. We lapped the launch and ran an increase that week, which we're excited about.

是的，所以我們仍然處在這樣的階段。如果你還記得，我們是在去年4月推出 Jordan。話雖如此，我們在3月就已經有商品上架陳列。因此如果你看我們的 Nike 與 Jordan 合計業務，成長約為中個位數百分比。我們已經度過了上市導入的比較基期，而且那一週我們也實現了成長，這讓我們很振奮。

So it's still healthy for us, and we consider or expect that the trend that we're seeing first quarter to continue throughout the remainder of the year. We think Nike is a growth engine for us. We're really excited about some of the expansion we're going to have in some of the performance running categories like the Merrell, we're going to have that and roughly 150 doors going into back-to-school, which is about double the door count we had last year. And it feels like they're just starting to get their innovation pipeline really moving.

所以對我們而言仍然很健康，我們認為或預期第一季看到的趨勢會延續到今年剩餘期間。我們認為 Nike 是我們的成長引擎。我們也非常期待在一些性能跑步品類上的擴張，例如 Merrell；我們會在約150家門市導入，進入返校季，這大約是去年門市數的兩倍。而且感覺他們的創新產品管線才正開始真正加速。

Great. That's helpful. And then just a follow-up. I guess just regional trends, NBA Championship, Spurs, maybe if you could give some commentary on kind of related fan wear, implications for demand and maybe kind of dispersion you're seeing in Texas versus other markets would be great.

很好。這很有幫助。接著追問一下。我想問區域性趨勢、NBA 總冠軍賽、馬刺隊；如果你能評論一下相關球迷服飾（fan wear）的情況、對需求的影響，以及你們在德州相較於其他市場看到的差異分布，那就太好了。

Yeah. I would say the licensed team business for us has been a tailwind for us, and will probably be a tailwind throughout the summer. That's where a lot of the World Cup product lives, and we expect that obviously to continue into July as the World Cup plays out.

是的。我會說，授權球隊商品業務對我們一直是順風，而且很可能整個夏天都會是順風。很多世界盃商品也在這個品類裡，我們預期隨著世界盃賽事進行，這股動能顯然會延續到7月。

The Spurs is certainly a little bit of a tailwind force. You got to remember, though, we're also up against last year, the Thunder winning the championship, and so that's in our geography. And while we have fewer stores in Oklahoma City, kind of a whole state act of [8/21], so it's pretty similar to what we're seeing with the Spurs.

馬刺隊當然也帶來一些順風。不過你要記得，我們同時也面對去年雷霆隊奪冠的比較基期，而那是在我們的地理覆蓋範圍內。雖然我們在奧克拉荷馬市的門市較少，但整個州的影響——有點像[8/21]——所以和我們在馬刺隊這邊看到的情況相當類似。

Certainly, we hope that Spurs win. We don't have any stores in the New York area, so the next winning wouldn't be a good thing for us. But we're pretty happy so far with the license business and expect it to be a tailwind, primarily driven by the World Cup throughout the remainder of the quarter.

當然，我們希望馬刺隊能贏。我們在紐約地區沒有任何門市，所以如果下一個奪冠的是那邊的球隊，對我們就不是好事。但到目前為止，我們對授權商品業務相當滿意，並預期它會是順風，主要由世界盃在本季度剩餘期間所帶動。

Joseph Civello, Truist Securities.

Joseph Civello，Truist Securities。

I just wanted to see if you could provide any color on early June post-Memorial Day? And if anything, in recent trends, like you mentioned with the gas prices has impacted your view on what the World Cup might deliver?

我想看看你是否能提供一些關於6月初、陣亡將士紀念日之後的早期情況的補充說明？以及最近的趨勢中，例如你提到的油價，是否影響了你們對世界盃可能帶來的表現的看法？

Yeah. So the World Cup, it's still early. We just set that at the start of -- or at the front of our stores in the markets where the World Cup matches are being played. It's hanging at roughly 40 doors. And we've seen an acceleration in that product once we set it. We set it right after Memorial Day weekend. So I think it's still early, but initial signs are pretty good.

是的。所以世界盃方面，現在還算早。我們只是把那個在有舉辦世界盃賽事的市場，把它擺在門市的起始位置——也就是店頭最前面。目前大約掛在 40 家門市。而且我們看到一旦上架後，該產品的銷售有加速。我們是在陣亡將士紀念日週末之後立刻上架。所以我認為現在還早，但初步跡象相當不錯。

In terms of trends, I'll stick with what I told you, we kind of are looking at Q2 as kind of a three-legged race, right? First leg is Memorial Day. We came out of that running flat comps up low single digits. The next one is Father's Day. Father's Day is a week later on the calendar. So we're still kind of in the middle of that. And then from there, we move into Fourth of July with kind of back-to-school at the tail end of the quarter. So far, so good; lots still ahead of us.

就趨勢而言，我會延續我之前跟你說的，我們把第二季看作是一場「三段式賽跑」，對吧？第一段是陣亡將士紀念日。我們從那段出來時，同店銷售大致持平到低個位數成長。下一段是父親節。父親節在行事曆上晚了一週。所以我們現在仍算在那段的中間。接著我們會進入七月四日檔期，並在季度尾端帶到一些返校季。目前為止都還不錯；後面還有很多要跑。

Yeah, from a fuel-specific standpoint, we think that fuel prices at an elevated level are going to be persistent throughout the majority of this year. We talked a little bit about the sensitization that we did about that on our last call. So I would now say that we've encapsulated that within our gross margin guidance.

是的，從燃油的角度來看，我們認為燃油價格維持在高檔的情況，會在今年大部分時間持續。我們在上一次電話會議中也稍微談到我們對此做的敏感度分析。所以我現在會說，我們已把這點納入我們的毛利率指引之中。

As it relates to it weighing on the consumer, $4-plus gas, what we think being a steward of value is a really good thing in times like these, and we continue to see customers, the upper income levels, quintiles four and five transacting more with us year-over-year, that trend has been consistent since the back part of 2024, and we saw a lessening of that somewhat in Q1, which we think could be a turning point.

至於它對消費者的壓力，也就是每加侖 4 美元以上的油價，我們認為在這種時候扮演「價值守門人」是非常好的做法；而且我們持續看到高收入族群——第四與第五收入五分位——與我們的交易量年增更多。這個趨勢自 2024 年後段以來一直一致；而我們在第一季看到這個趨勢稍微減弱，我們認為這可能是一個轉折點。

Got it. And then just a follow-up on the tariff assumptions that are in for the guidance. How should we think about rates and refunds and stuff like that through the rest of the year, what's baked in?

了解。那再追問一下，關於你們指引中納入的關稅假設。今年剩下的時間，關於稅率、退稅（退款）之類的，我們應該怎麼看？你們已經把哪些因素算進去了？

Yeah. From a tariff perspective, we have disclosed to you guys that we sold our right to a refund for a portion of the IEEPA tariffs from last year. We disclosed it in the 10-K last year as well as in the third quarter. And so that -- we monetized about $10.5 million included in our guidance for this year is recognition of that $10.5 million. There's also -- for the portion that we did not sell the rights to, we have included that in our tariff guidance, and that's what's included.

好的。就關稅而言，我們已向各位揭露，我們把去年部分 IEEPA 關稅的退稅權利出售了。我們去年在 10-K 以及第三季也都有揭露。因此——我們把大約 1,050 萬美元變現；而今年指引中包含的，就是認列這 1,050 萬美元。另外——對於我們沒有出售退稅權利的那一部分，我們也已把它納入我們的關稅指引中，這就是目前包含的內容。

So the portion that you didn't sell is also embedded? Got it. Okay.

所以你們沒有出售的那一部分也已經內含在內？了解。好。

I guess just for clarity there, we did not receive any tariff refunds in the first quarter. There is nothing associated with refunds in the first quarter. We have started to see those flow in the second quarter. And so what's embedded in our guidance is what we monetize as well as what we expect to receive.

我想再澄清一下：第一季我們沒有收到任何關稅退稅。第一季沒有任何與退稅相關的項目。我們在第二季開始看到這些款項流入。因此，我們指引中內含的是我們已變現的部分，以及我們預期將收到的部分。

Paul Lejuez, Citi.

Paul Lejuez，花旗。

Just to clarify on the last tariff point, did you guys record a receivable that is flowing through the P&L? And I guess, does this represent a change versus what you had baked in the guidance as of last quarter?

針對剛才最後那點關稅再確認一下，你們是否認列了一筆應收款，並且透過損益表（P&L）流轉？另外，這是否代表相較於上季你們在指引中納入的內容有所改變？

No. In order to book a receivable from an accounting standpoint, we would have had to recognize that. Last year, we did not. We put it on our balance sheet essentially as a contingent liability, pending clarification from the administration associated with how refunds will play out.

沒有。從會計角度，要入帳一筆應收款，我們必須先予以認列。去年我們沒有這麼做。我們基本上把它放在資產負債表上，作為一項或有負債，等待政府就退稅將如何執行提供更明確的說法。

I think we're seeing some clarity in that. So the $10.5 million that was in our cash flow and our balance sheet and spoken to at year-end within our 10-K, we are anticipating that being recognized this year versus recognizing it last year with the receivable, if that makes sense?

我認為我們現在看到一些明確性。所以那 1,050 萬美元——它在我們的現金流量與資產負債表上，並且在年末的 10-K 中也有提到——我們預期今年會予以認列，而不是去年就以應收款方式認列；這樣說有清楚嗎？

Yeah. And which quarter is benefiting from that $10.5 million running through the P&L?

有。那這 1,050 萬美元透過損益表（P&L）入帳，是哪一個季度受益？

We don't give quarterly guidance. I will tell you that there was no recognition in the first quarter, but it is in our annual guidance that $10.5 million.

我們不提供季度指引。我可以告訴你，第一季沒有任何認列，但我們的年度指引中包含這 1,050 萬美元。

Got it. And then just relative to the updated comp guidance range that you gave today, can you just talk about where you expect each quarter to fall relative to that range? Specifically interested in how you're thinking about 2Q, but would love to hear your thoughts on each quarter relative to the full-year range.

了解。另外，關於你們今天更新的同店指引區間，你能談談你們預期各季度會落在該區間的哪個位置嗎？我特別想了解你們對第二季的看法，但也希望聽到你們對每一季相對於全年區間的想法。

Yeah. We don't -- obviously, as Carl just said, we don't give quarterly guidance. As was noted earlier, I think by somebody, Q2 is our best quarter last year. We're up against a modest comp gain. I think it was up 0.2% last year.

好的。我們不——如 Carl 剛才所說，我們不提供季度指引。如先前有人提到的，第二季是我們去年表現最好的季度。我們面對的是一個溫和的同店成長基期。我記得去年是成長 0.2%。

As we mentioned earlier, we're tracking flat through Memorial Day. We still got a lot ahead of us. We're optimistic that the remainder of the year, we're going to be somewhere between that flat to up 2% comp, and that would be inclusive of what we think is going to happen in Q2.

如我們先前提到的，截至陣亡將士紀念日我們的追蹤表現大致持平。我們後面還有很多檔期。我們對今年剩餘時間保持樂觀，認為同店會落在持平到成長 2% 之間，而這也包含我們對第二季的預期。

Got it. And then just last one on World Cup-related product, do you view those sales as incremental? Or do you feel that that's a substitute for something else in the store?

了解。最後一題，關於世界盃相關商品，你們認為這些銷售是增量的嗎？還是你們覺得它是在店內替代了其他商品的銷售？

I think it's mainly incremental. Obviously, having the world's largest soccer tournament in the US soil and having people cheer for their team that they do once every four years come in and celebrate that, I think that's mostly incremental. I don't see that as a trade-off from a college or a pro football fan, I think it's incremental.

我認為主要是增量。很明顯，世界上最大的足球賽事在美國本土舉辦，人們每四年一次為自己的球隊加油，進來一起慶祝，我認為這大多是增量。我不認為這是從大學或職業美式足球迷那邊「挪走」的消費，我認為是增量。

Ike Boruchow, Wells Fargo.

Ike Boruchow，富國銀行。

Two from us. the gross margins inflecting in the back half, can you just comment on the drivers there? Is that just effectively the tariff headwinds kind of rolling off or getting less bad? Or is there something else within the model that's kind of shifting as you kind of move through the year?

我們這邊兩題。後半年毛利率出現拐點上升，你能談談背後的驅動因素嗎？這基本上只是關稅逆風逐步消退或變得沒那麼糟嗎？還是模型裡還有其他因素，隨著你們走過今年而在變動？

That is absolutely the main thing that you should be thinking about. We bore the full burden of that weighted average cost impact of the IEEPA tariffs towards the back part of last year. Q1 was -- you're up against something where there was none of that. You'll see that tariff burden moderate throughout the year.

這絕對是你應該主要思考的因素。去年後段我們承擔了 IEEPA 關稅加權平均成本影響的全部負擔。第一季則是——你面對的是一個當時完全沒有這種影響的比較基期。你會看到這個關稅負擔在全年逐步緩和。

And so I think -- my hope is that the shrink improvement that we saw in the first quarter will continue. I think fuel will be a headwind for the year, is what it's looking like. But I think the main driver of that inflection will be the diminishment of the Q1 tariff headwind that we experienced in Q1 of '26.

因此我想——我希望我們在第一季看到的損耗（shrink）改善能夠延續。我認為燃油今年看起來會是逆風。但我認為那個拐點的主要驅動因素，會是我們在 2026 年第一季所經歷的第一季關稅逆風逐步減弱。

Got it. On the store -- just two more. The store count, the ramp through the year, I think it's three in the second quarter. Can you just give us 3Q versus 4Q, the plan for the 15 to 20?

了解。再兩題，關於門市——門市數量在全年逐步拉升，我想第二季是 3 家。你能否提供第三季相對於第四季的規劃，也就是全年 15 到 20 家的開店計畫分布？可以說明一下嗎？

We haven't broken that down. We're a little more back weighted this year than we wanted to be. If you remember, when we were kind of looking at the class of 2026 stores is right when the whole tariff situation kind of changed. And we weren't sure what the impact was going to be in terms of steel, construction costs, et cetera. So we're more back half weighted.

我們尚未把它細分。今年我們的進度比原本希望的更偏向下半年。如果你還記得，當我們在看 2026 年那一批門市時，正好整個關稅情勢出現變化。而且我們不確定對鋼材、營建成本等等的影響會是什麼。所以我們的比重更偏向下半年。

Our goal is obviously to get all the new stores opened up prior to Thanksgiving, but it will be fairly balanced across both quarters, more back half weighted than we initially would like. Next year, expect it to be more balanced.

我們的目標很明確，是在感恩節之前把所有新店都開出來，但兩個季度之間會相對平均分布，只是比我們一開始希望的更偏向下半年。明年預期會更平均。

Got it. And then last one from us, just the commentary on the flat comp to Memorial Day, I understand that. But can you just comment the last two weeks, I assume they've slowed a little more considering your comments on the consumer. But can you just give us either the last two weeks or the quarter-to-date in totality? I'm sorry to harp on it, but I feel like it's relevant.

了解。那我們最後一個問題，關於到國殤日為止同店持平的評論，我理解。但你能不能評論一下最近兩週？我猜考量你對消費者的看法，最近兩週可能又更放緩了一點。但你能否提供最近兩週的情況，或是截至目前本季累計的整體表現？抱歉一直追問，但我覺得這很相關。

Well, we're in a period right now where father says a week later, so it's a little murky, but we're happy with the trends we're seeing, and we're still optimistic about being somewhere between that flat to up 2% for the year.

嗯，我們現在正處在一個父親節晚了一週的期間，所以有點不太清楚，但我們對目前看到的趨勢感到滿意，而且我們仍然樂觀，認為全年會落在同店持平到成長 2% 之間。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，摩根士丹利。

This is Pedro Gil on for Simeon. Nice quarter. I wanted to ask you about the comp guidance for the rest of the year and the shape of the quarter. Should we expect the second quarter to be sort of the strongest quarter in the year as you have World Cup and the 250th anniversary and the rollout of the loyalty program? Or is it more of an even cadence for the remaining three quarters in the year?

我是代 Simeon 提問的 Pedro Gil。本季表現不錯。我想問一下你們對今年剩餘期間的同店指引，以及季度走勢。我們是否應該預期第二季會是全年最強的一季，因為有世界盃、250 週年紀念，以及會員忠誠計畫的推出？還是說今年剩下三個季度會是比較平均的節奏？

Pedro, sitting where I'm at today, I think the 2.9% comp that we experienced in the first quarter, it's obviously outside the range of the 0% to 2%. I think it's going to be the strongest quarter. I think we've got a difference in the year-over-year base related to Q1 versus Q2 of last year.

Pedro，以我今天所掌握的情況來看，我們第一季的同店成長 2.9%，顯然超出了 0% 到 2% 的區間。我認為這會是最強的一季。我想這也跟去年第一季與第二季的年對年基期差異有關。

We're excited about the credit card relaunch. We're excited about the World Cup and the 250th, and some of the new brand launches that we have. But I think the rest of the quarters will be within those navigational beacons.

我們對信用卡重新推出感到興奮。我們也對世界盃與 250 週年紀念感到興奮，還有一些新的品牌上市。但我認為其餘各季會落在那些指引範圍之內。

Okay. That's helpful. As a follow-up, I wanted to ask you about the work you're doing in supply chain. Can you give us an update on the efficiencies you're driving? And how should we think about transportation cost for the rest of the year?

好的。這很有幫助。追問一下，我想問你們在供應鏈方面所做的工作。你能否更新一下你們正在推動的效率提升？以及我們應該如何看待今年剩餘期間的運輸成本？

Yeah. So we brought in a new Chief Supply Chain Officer, Rob Howell, who had a background with Sysco Foods. How long ago was that now? About two years ago. I think he's doing (inaudible) work. I think he's balancing capacity. If you look at our store count growing by 8% last year, it will probably be in that 7% this year.

好的。我們引進了一位新的供應鏈長（Chief Supply Chain Officer）Rob Howell，他之前在 Sysco Foods 有相關背景。那是多久以前的事了？大概兩年前。我認為他做了（聽不清）很好的工作。我認為他在平衡產能。如果你看我們去年門市數成長 8%，今年大概會在 7% 左右。

He's got to make a lot of room in the distribution center. He's got a factor in the type of units that we're flowing. We're continuing to see unit per hour productivity and cost per productivity as it relates to distribution center operations. I don't expect that to change.

他必須在配送中心騰出很多空間。他也必須把我們出貨的品項類型納入考量。就配送中心營運而言，我們持續看到每小時處理件數（units per hour）的生產力，以及與配送中心作業相關的單位成本生產力改善。我不預期這會改變。

I think as it relates to transportation, net transportation was a 10-basis-point tailwind improvement year over year from Q1 this year versus Q1 of last year. That reflects freight and sort of inbound supply chain, if you will, as well as eCommerce shipping.

至於運輸方面，今年第一季相較去年第一季，淨運輸成本改善了 10 個基點，形成順風。這反映了運費以及你可以說是入境供應鏈的部分，還有電商配送。

And so I think that fuel will be a bigger headwind as it relates to Q2 and perhaps Q3 and beyond. But I think the team is doing great work, and they're increasing their productivity year over year, and that's what we expect, and that's what we're seeing.

因此我認為燃油成本在第二季、也可能在第三季及之後，會成為更大的逆風。但我認為團隊做得很棒，他們的生產力年對年持續提升，這也是我們的預期，也是我們目前看到的情況。

John Heinbockel, Guggenheim Partners.

John Heinbockel，Guggenheim Partners。

Steve, why don't we start with -- given what's going on with gas prices and just macro in general, do you think that amplifies the peaks and valleys around holidays and maybe deeper valleys? And is that -- if you think that's true, is that sort of -- have you made tactical adjustments when you think about how you want to spend promotional dollars and communicate with the customer for the rest of the year?

Steve，我們先從這個開始——考量油價以及整體總經環境，你是否認為這會放大節假日前後的高峰與低谷，甚至讓低谷更深？如果你認為是這樣，那麼在思考今年剩餘期間要如何投入促銷預算、以及如何與顧客溝通時，你們是否做了戰術性的調整？

Yeah. I think your instincts are spot on. I mean we definitely have seen that play out a little bit as we progress through Q2, and I expect that's going to happen. And customers are looking for value, right? And I think they're looking for ways to offset higher gas prices.

是的。我覺得你的直覺非常準確。我們確實看到在第二季推進的過程中，這種情況有些上演，我也預期會持續發生。而顧客在尋找價值，對吧？我認為他們也在找方法來抵消更高的油價。

And I think we've seen them, and this happened a little bit in Q1, and we've seen it continue into Q2 where they're amplifying purchases during the promotional windows that we have on the calendar or pulling back a little bit in the walls. We have definitely adjusted our forecast and our plans moving forward to account for that.

我認為我們看到他們——這在第一季就有一點，且延續到第二季——他們會在我們行事曆上的促銷檔期放大購買，或是在非促銷期間稍微收手一些。我們確實已經調整了我們接下來的預測與計畫，以反映這點。

All right. And secondly, I think you want to add, when you look at the membership, and I think you said you want to add 2 million members in I think get to 15 million by year-end. When we think about how that breaks down between rewards members, proprietary credit card, Mastercard, relative sizes of that, and do you think will all -- will most of the growth come from the new Mastercard offering?

好的。第二個問題，我想補充一下：談到會員，你剛才提到你們想新增 200 萬名會員，並在年底達到 1,500 萬名。當我們思考這個數字如何在獎勵會員、自有品牌信用卡、Mastercard 之間拆分，各自的相對規模如何？你認為——所有的成長是否——大部分的成長會來自新的 Mastercard 方案？

Yeah. We haven't broken it down between credit loyalty, et cetera, like that. What I will tell you is that we're seeing a meaningful acceleration in take rate on the new credit card. We rolled that out in advance of issuing new plastics. So new customers apply for the credit card pretty much since the middle of March, I would say, have been eligible for either the private label credit card or the co-branded Mastercard.

是的。我們尚未在信用卡、忠誠度等之間做那樣的拆分。但我可以告訴你的是，我們看到新信用卡的申辦轉換率（take rate）有顯著加速。我們在發放新卡片之前就先推出了這個方案。所以我會說，大概從 3 月中旬起申請信用卡的新客戶，基本上就可以選擇自有品牌信用卡或聯名 Mastercard。

We've seen applications up double digits pretty much since we've done that. We expect that to continue. And we think it's a great value proposition, and it's a great way for customers to stretch their spending power. And so I think the 15 million we set as a goal by the end of the year, I'm fairly confident we're going to beat that number this year.

自從我們這麼做以來，申請量幾乎一直維持雙位數成長。我們預期這會持續。我們認為這是很好的價值主張，也是一個讓顧客延展其消費能力的好方法。因此，對於我們設定年底達到 1,500 萬的目標，我相當有信心今年會超過這個數字。

Anna Glaessgen, B. Riley Securities.

Anna Glaessgen，B. Riley Securities。

I'd like to follow up on the Jordan, Nike performance. Nice to see that you're expanding into more stores. I guess could you comment on if there's any structural reason that it wouldn't be able to be expanded through the whole suite?

我想追問 Jordan、Nike 的表現。很高興看到你們正在擴展到更多門市。我想問的是，是否有任何結構性的原因，使得它無法擴展到整個門市組合？

And then a follow-up on, I think you said you expected mid-single-digit growth through the year following the 1Q performance. Was that on a comp store sales basis because given the expansion, I just want to understand better the terms of the thing.

另外追問一下，我想你提到在第一季表現之後，你們預期全年會有中個位數成長。那是以同店銷售為基礎的成長嗎？因為考量到擴店，我只是想更清楚理解這個說法的口徑。

So I'll start with we do have elements of Jordan in all stores right now. We've expanded out things like slides and backpacks and sports equipment out to all stores. The shop concept is going out to an additional 55 stores, taking us to 200, which is about two-thirds of the store base, which is obviously a meaningful chunk of our volume. I think you'll see us continue to expand that methodically over time.

所以我先從這點開始：我們目前在所有門市都已經有 Jordan 的一些元素。我們已把像是拖鞋、後背包與運動器材等品類擴展到所有門市。店中店（shop）概念將再擴展到額外 55 家門市，使總數達到 200 家，約占整體門市基礎的三分之二，這顯然是我們銷售量中相當有意義的一部分。我想你會看到我們隨著時間推移，持續有計畫、循序漸進地擴展這個模式。

And I don't see any reason why ultimately, we won't have all elements of Jordan in all stores at some point, but it's just more of a methodical rollout. The growth we're seeing in terms of mid-single-digit comp with Jordan and Nike combined, we do expect that to continue forward. I believe that's a comp number that I'm citing. So I don't see any reason why we're going to see that slow in the back half, but that's the trend we saw in the first half of the year based on how we plan the business.

而且我看不出有任何理由，最終我們不會在某個時間點讓所有門市都具備 Jordan 的所有元素；只是這會是一個更有步驟的推廣。就我們看到的成長而言，Jordan 與 Nike 合計的同店成長為中個位數，我們確實預期這個趨勢會延續。我相信我引用的是同店（comp）數字。所以我不認為下半年會看到它放緩；這就是我們在規劃業務時，根據上半年所看到的趨勢。

Anna, do you want to take the opportunity to -- you'll recall in Q1 of last year, we expanded Nike and then rolled that shop concept out to 135 doors in Q1 of last year. It's 55 doors, but the timing, obviously, is not Q1, it's Q2. So there's some costs associated with that.

Anna，你要不要把握機會補充一下——你會記得去年第一季，我們擴大了 Nike，並在去年第一季把那個店中店概念推廣到 135 家門市。這次是 55 家門市，但時點顯然不是第一季，而是第二季。所以這裡會有一些相關成本。

But we saw enough benefits in the shop concept versus just having the Jordan elements and disperse them up of the store that we wanted to roll out those additional 55 doors this year. There's some costs that will hit in Q2 there.

但我們看到店中店概念相較於只是把 Jordan 元素分散陳列在店內各處，帶來的效益足夠明顯，因此我們希望今年再推廣這額外的 55 家門市。其中有一些成本會在第二季反映出來。

Great. That's super helpful. And then I wanted to follow up on the introduction of suppressors. I guess, why historically have you not had the category? And what signals were you seeing that gave us the confidence to expand as a lot of competitors are exiting or diminishing the category?

很好。這非常有幫助。接著我想追問一下消音器（suppressors）的導入。我想問的是，為什麼過去你們一直沒有這個品類？以及當許多競爭對手正在退出或縮減這個品類時，你們看到了哪些訊號，讓你們有信心擴張？

So I would tell you that suppressors has been a change in law, and it's a little easier to procure than it used to be. It's still a pretty arduous process, but the industry has seen an expansion in suppressors since the laws have changed really at the start of the new year.

我會告訴你，消音器主要是因為法律變更，取得比以前更容易一些。流程仍然相當繁瑣，但自從法律在新年開始時變更後，整個產業的消音器品類確實出現擴張。

We've got it in roughly, I think, 30, 35 stores right now. We're going to roll it out to over 100 stores throughout the remainder of this year. It's as we said on the call, it's really for hearing protection for the person who enjoys shooting sports going to the range, et cetera. It's a little quieter and a little safer for them to use.

我們目前大約在 30 到 35 家門市有販售。今年剩餘時間我們會把它推廣到超過 100 家門市。如同我們在電話會議上所說，這主要是為了聽力防護，提供給喜歡射擊運動、去靶場等的消費者。使用起來更安靜一些，也更安全一些。

We see a high attachment rate. It's not just a suppressor. It's all the cleaning equipment and other things you need to purchase when you buy. Suppressor also has tailwinds into ammo because it requires a different type of ammo that you shoot.

我們看到很高的連帶購買率（attachment rate）。不只是買消音器本身。還包括你在購買時需要一併購買的清潔設備和其他用品。消音器也會對彈藥帶來順風，因為它需要使用不同類型的彈藥。

So we think that this is a good non-comp thing for us that we're going to see expansion in fueling the shooting sports category for us throughout the remainder of this year and the next as we expanded into doors. And we're excited about it. I think it's a growing part of the shooting sports category, and we're participating in it.

所以我們認為，這對我們來說是一個不屬於同店（non-comp）的良好機會；隨著今年剩餘時間以及明年我們擴大到更多門市，將推動我們射擊運動品類的成長。我們對此感到興奮。我認為這是射擊運動品類中正在成長的一部分，而我們正在參與其中。

Brian Nagel, Oppenheimer.

Brian Nagel，Oppenheimer。

This is Andrew [Chasinov] on for Brian Nagel. Just the first one, Q1 comp was driven by both ticket and traffic, which is a sharp reversal from the Q4 transaction decline. And so just given your commentary about the $50,000 and under cohort remaining under pressure, just trying to understand how dependent full-year comp guidance is on the lower income cohort improving versus just continued outperformance by the higher income cohorts?

我是 Andrew [Chasinov]，代替 Brian Nagel 發問。第一個問題，第一季同店是由客單價與來客數共同帶動，這與第四季交易量下滑形成明顯反轉。因此，考量到你們提到年收入 50,000 美元及以下的族群仍承受壓力，我想了解全年同店指引在多大程度上依賴低收入族群改善， versus 只是高收入族群持續表現優於整體？

Yeah. Look, so going back to Q3 of 2024, we saw quintiles four and five, so households above $100,000 in flex. But it was being offset by less transactions by $50,000 and below. That trend continued in 2025. But what we saw in Q1 of 2026 is those above $100,000 customers up mid-single digits, but the below $50,000 were only down low single digits.

是的。你看，回到 2024 年第三季，我們看到第四與第五分位，也就是家庭收入 100,000 美元以上的客群表現有彈性。但這被 50,000 美元及以下客群交易量較少所抵消。這個趨勢在 2025 年持續。但我們在 2026 年第一季看到的是：100,000 美元以上客群成長中個位數，而 50,000 美元以下客群僅下滑低個位數。

So I'll say it was less bad. Some of that may have been rebates on taxes -- tax refunds, excuse me. But we do see that those were offset by higher fuel. What I'm interested to look at is how does that lower income cohort -- does it go -- does it stay at low single digits? Does it go to zero? Does it go back to being a more meaningful full down?

所以我會說情況「沒那麼糟」。其中一部分可能來自退稅——更正，是所得稅退稅。但我們也看到這被較高的油價所抵消。我想觀察的是，這個低收入族群接下來會如何——會不會維持在低個位數下滑？會不會回到零？還是會不會又回到更明顯、更大幅的下滑？

Our highest and fastest growing customer cohort is at above $100,000. I think that is going to continue, and that is what is embedded within the go-forward guidance. I think some of the differentiation between the low and high end is -- of our guidance range is how that lower income cohort. We saw something less bad in Q1 of 2026. TBD on whether that continues into Q3 and beyond -- or Q2 and beyond.

我們最高、也是成長最快的客群是年收入 100,000 美元以上。我認為這會持續下去，而這也已反映在我們未來的指引之中。我認為我們指引區間低端與高端之間的一些差異，取決於那個低收入族群的表現。我們在 2026 年第一季看到情況沒那麼糟。至於這是否會延續到第三季及以後——或第二季及以後——仍有待觀察（TBD）。

That's really helpful. I appreciate that. And if I could just get a follow-up. Just how you're thinking about some of the halo effects around World Cup. I know you've talked a lot about stores where the games are going to be in market. But I just wanted to get your thinking on potential traffic uplift for stores that are in markets where games are not necessarily being played.

這真的很有幫助。謝謝你。如果可以我再追問一題。你們如何看待世界盃周邊所帶來的一些光環效應（halo effects）？我知道你們談了很多關於比賽會在當地舉行的市場中的門市。但我想了解你們對於那些不一定有比賽進行的市場之門市，可能帶來的來客數提升（traffic uplift）有何看法？

Yeah. So we have World Cup products in all stores, right? We moved it to the front of our stores at the entrance in the markets where the games are being played. But if you go into our any other stores or outside those markets, you'll see a meaningful presentation at World Cup jerseys, USA, Mexico, couple other teams depending upon where -- which region those teams are playing in on the license team pad.

是的。所以我們所有門市都有世界盃商品，對吧？在比賽舉行的市場，我們把它移到門市入口的前方位置。但如果你走進我們其他任何門市或那些市場以外的門市，你也會看到相當有份量的世界盃球衣陳列，包括美國、墨西哥，以及其他幾支球隊——視哪些地區、哪些球隊在該區域比賽而定——在授權球隊陳列區（license team pad）上呈現。

So we expect to see growth not just in those stores, but broadly across the chain. I think we'd see that persist through the summer months. I also think there's probably a generic red, white, and blue opportunity out there as people chair for Team USA that maybe is a little less license driven.

因此我們預期不只是那些門市會成長，而是整個連鎖體系都會普遍成長。我認為這會在夏季月份持續。我也認為，當大家為美國隊加油時，市場上可能還有一個更通用的紅、白、藍配色機會，這可能比較不那麼依賴授權。

And then longer term, what we've seen in the past is kind of a halo effect of this in terms of driving new participation in soccer well past the event itself. So we're expecting and believe we'll see more new soccer participation in the back half of this year and into the spring of 2027.

然後從更長期來看，我們過去看到的是，這類活動會帶來某種光環效應，推動足球的新參與者在活動結束後很長一段時間仍持續增加。所以我們預期並相信，今年下半年到 2027 年春季，會看到更多新的足球參與者。

Michael Lasser, UBS.

Michael Lasser，UBS。

I'm curious what you think happened in the first quarter that may not necessarily repeat over the course of the year? So if we take your 2.9% same-store sales increase in 1Q, and if we want to get to the midpoint of the guide, it would imply it's somewhere in the neighborhood of 50 to 100 basis points comp for 2Q, 3Q and 4Q, understanding that the comparison is a little tougher in 2Q, but you will have the benefit of the World Cup during this time.

我很好奇，你認為第一季發生了哪些事情，可能不一定會在今年其餘時間重複？也就是說，如果我們看你們第一季同店銷售成長 2.9%，而若要達到指引中點，則意味著第二季、第三季與第四季的同店大約會落在 50 到 100 個基點左右；我理解第二季的比較基期稍微更具挑戰，但同時你們在這段期間也會受惠於世界盃。

So should we assume that the difference between a nearly 3% comp in 1Q and, call it, a 50- to 100-basis-point comp for the rest of the year would simply be a function of, a, the tax refunds; and b, the macro getting a little bit more difficult such that if it doesn't get more difficult, you could do better than what's embedded in your guidance?

那麼我們是否可以假設，第一季接近 3% 的同店成長與今年其餘時間約 50 到 100 個基點的同店成長差異，單純是由於：a，退稅；以及 b，總體環境變得稍微更具挑戰，因此如果宏觀環境沒有變得更困難，你們的表現可能會優於指引中所隱含的水準？

I think there's a lot wrapped up in that question. Simplistically, what we saw happen in the first quarter was increased tax returns blunting the impact of much higher gas prices. I think as we've gotten further away from that, we've seen the business move to more of a flattish comp, up low single digits in total. So that's where we kind of feel the natural run rate of the business is sitting today.

我認為這個問題包含了很多層面。簡單來說，我們在第一季看到的是，退稅增加抵消了汽油價格大幅上漲的影響。我想隨著時間拉長、離那段時間更遠，我們看到業務走向較為持平的同店表現，整體落在低個位數的成長。所以這就是我們目前認為業務自然運行速度（run rate）所在的位置。

What gets us from that flattish to that up 1% or up 2% implied in our guidance for the remainder of the year are the impact of the initiatives and how well they're received, and how well they impact the consumer. So that's really what we're seeing in the business, Michael.

讓我們從這種較為持平的狀態，走到我們指引所隱含的今年剩餘期間約成長 1% 或 2% 的，是各項計畫（initiatives）的影響、它們被市場接受的程度，以及它們對消費者的影響效果。所以，Michael，這就是我們在業務中真正看到的情況。

We've got a lot of initiatives that we think will play out. A lot of them are targeted at activating consumers who are under pressure with the new credit card rollout and the value delivery that we're giving there. That's the thing that's going to take us somewhere between the flat top to up 2%.

我們有很多我們認為會逐步發揮效果的計畫。其中很多是針對在壓力下的消費者，透過新信用卡的推出以及我們提供的價值回饋來帶動他們的活躍度。這將把我們從大致持平推進到約 2% 的成長區間。

Yeah. And you explained it to Michael, but I do want to be specific. Last year's Q1 comp of negative 3.7% was the easiest compare. Q2 of last year was up 0.2%. Q3 was down 0.9%. Q4 was down 1.6%. So I would encourage you to look at two-year stacks as you think through the modeling aspect of it. I agree with everything that Steve said, but the prior year compares do weigh in on how we guide for the current year.

是的。你已經向 Michael 解釋了，但我想更具體一點。去年第一季同店為負 3.7%，是最容易的比較基期。去年第二季成長 0.2%。第三季下滑 0.9%。第四季下滑 1.6%。因此，在思考建模時，我會建議你看兩年疊加（two-year stacks）。我同意 Steve 說的一切，但前一年的比較基期確實會影響我們對當年度的指引。

Those points are all very helpful. So it sounds like in addition to the two-year stacks, you are expecting about 200 basis points of same-store sales contribution from your initiatives. And to the extent that you would comp below that over the next few quarters, that would simply be a function of either the compare or the macro getting a little tougher. So, a, that's fair.

這些重點都非常有幫助。所以聽起來，除了兩年疊加之外，你們預期各項計畫將為同店銷售貢獻約 200 個基點。而如果接下來幾季的同店表現低於這個水準，那就只是比較基期或宏觀環境變得更具挑戰所致。所以，a，這樣理解是合理的。

And just to clarify on your full-year guidance, you took up the low end of the profit outlook, the profit dollar outlook by about $5 million. What drove that change? Was it simply incorporating the updated expectation around tax tariff rebate into your guidance? Or was there -- is there something else that you're seeing that drove that change?

另外，針對你們全年指引，我注意到你們把獲利展望的低端、也就是獲利金額展望的低端，上調了大約 500 萬美元。是什麼驅動了這個變化？是否只是把對稅務關稅退稅（tax tariff rebate）的最新預期納入指引？還是——你們還看到其他因素促成了這個調整？

Yeah. So as I would speak to initiatives. They get us to the midpoint of the comp guidance. So a plus 1% comp halfway between 0% and 2% for the full year is all initiatives. We think eComm is going to be a tailwind. I am very pleasantly pleased associated with the new stores when they get in the comp base. I'm liking that high single-digit comp that is above how we model them when we additionally -- when we did their pro forma. I think the credit card relaunch; we baked in growth associated with that.

是的。就計畫（initiatives）而言，它們會把我們帶到同店指引的中點。所以全年同店成長 +1%（介於 0% 到 2% 的中間）完全來自這些計畫。我們認為電商（eComm）會成為順風。而且我對新店在納入同店基期後的表現感到非常、非常滿意。我喜歡那個高個位數的同店成長，這高於我們在做其備考（pro forma）時的模型假設。我認為信用卡重新推出；我們也已把相關的成長納入預估。

So our initiatives alone get us to the midpoint. I think the delineation between what drags us down to the low of a flat comp or the high of the 2%, I think some of that relates to the magnitude of these external events, World Cup 250th, things of that nature and the health of the overall consumer.

所以單靠我們的計畫就能達到中點。我認為，讓我們被拉到低端的持平同店，或推到高端的 2% 之間的差異，有一部分與這些外部事件的影響幅度有關，例如世界盃、250 週年等類似因素，以及整體消費者的健康狀況。

Do we see that low? And I'm really focused primarily on that below $50,000 customer. Do they -- are we at an inflection point there? Is it moderating? Are we at a trough? I think there is the delineation between the high and the low point of the guidance. But I do want you to come away thinking that our initiatives alone get us to the midpoint.

我們是否會看到落在低端？我主要聚焦在年收入低於 50,000 美元的客群。他們——那裡是否正處於一個拐點？是否正在趨緩？是否已到谷底？我認為這就是指引高低端之間的分界。但我確實希望你帶走的重點是：單靠我們的計畫就能達到中點。

As it relates to the low end, I think the easiest way to think about why did we take the low end of the annual guidance up and why is that low end of profit. It's because Q1 came in towards the high side versus the low side. So we're taking that Q1 low side off the table and keeping Q2, three and four ranges exactly how we had them contemplated it when we guided the full year.

至於低端，我認為最容易理解我們為什麼上調全年指引的低端、以及為什麼是獲利低端上調的方式是：因為第一季的結果更偏向區間的高端，而不是低端。因此我們把第一季的低端情境排除掉，並且讓第二、第三與第四季的區間維持不變，完全按照我們在提供全年指引時原先所設想的方式。

We've 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.

問答環節到此結束。接下來我想把電話會議交回給 Steve Lawrence 作結語。

Thanks. We started to see momentum shift in the business last year, which continued to build into the first quarter and resulted in a positive comp. While inflationary pressures persist, we're confident in our ability to execute through a range of environments.

謝謝。我們去年開始看到業務動能轉變，這股動能延續並在第一季持續增強，最終帶來正向的同店成長。雖然通膨壓力仍在，我們對於在各種環境下的執行能力充滿信心。

We have a thoughtful, straightforward strategy. Our goal is to continue to build momentum in the business by methodically executing against this strategy while also providing our customers with compelling assortments at a strong value. We know that if we do this, our key stakeholders will be pleased with the results.

我們有一套周全且清晰的策略。我們的目標是在有條不紊地執行這套策略的同時，持續為業務累積動能，並以強勁的價值提供給顧客具吸引力的商品組合。我們知道，只要做到這些，我們的關鍵利害關係人就會對成果感到滿意。

I'd like to close with a heartfelt thanks to our 22,000-plus Academy team members who delivered a solid start to the year. I'm confident our team will keep the momentum rolling as we head into the remainder of 2026. Thanks for joining our call today, and have a good rest your day.

最後，我想由衷感謝我們超過 22,000 名 Academy 團隊成員，為今年帶來穩健的開局。我有信心，當我們邁向 2026 年剩餘時間時，我們的團隊會持續推動這股動能。感謝各位今天參與我們的電話會議，祝各位今天剩餘時間愉快。

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

今天的電話會議到此結束。您現在可以掛斷電話線，感謝您的參與。