Boot Barn Holdings Inc (BOOT) 2025 Q2 法說會逐字稿

Good day, everyone, and welcome to the Boot Barn Holdings, Inc. Second Quarter 2025 Earnings Call.

大家好，歡迎參加 Boot Barn Holdings, Inc. 2025 年第二季財報電話會議。

As a reminder, this call is being recorded.

提醒一下，此通話正在錄音。

Now I'd like to turn the conference over to your host, Mr. Mark Dedovesh, Senior Vice President of Investor Relations and Finance.

現在我想把會議交給東道主投資者關係和財務高級副總裁馬克·德多維什 (Mark Dedovesh) 先生。

Please go ahead, sir.

請繼續，先生。

Thank you.

謝謝。

Good afternoon, everyone.

大家下午好。

Thank you for joining us today to discuss Boot Barn's Second Quarter Fiscal 2025 Earnings Results.

感謝您今天加入我們討論 Boot Barn 2025 財年第二季獲利結果。

With me on today's call are Jim Conroy, President and Chief Executive Officer; John Hazen, Chief Digital Officer; and Jim Watkins, Chief Financial Officer.

與我一起參加今天電話會議的有總裁兼執行長吉姆康羅伊 (Jim Conroy)；約翰‧哈森 (John Hazen)，首席數位長；吉姆‧沃特金斯，財務長。

A copy of today's press release along with a supplemental financial presentation is available on the Investor Relations section of Boot Barn's website at bootbarn.com. Shortly after we end this call, a recording of the call will be available as a replay for 30 days on the Investor Relations section of the company's website.

今天新聞稿的副本以及補充財務簡報可在 Boot Barn 網站 bootbarn.com 的投資者關係部分取得。在我們結束本次電話會議後不久，該電話會議的錄音將在公司網站的投資者關係部分提供 30 天的重播。

I would like to remind you that certain statements we'll make during this call are forward-looking statements.

我想提醒您，我們在本次電話會議中所做的某些陳述屬於前瞻性陳述。

These forward-looking statements reflect Boot Barn's judgment and analysis only as of today, and actual results may differ materially from current expectations based on a number of factors affecting Boot Barn's business.

這些前瞻性聲明僅反映 Boot Barn 截至目前的判斷和分析，基於影響 Boot Barn 業務的多種因素，實際結果可能與目前預期有重大差異。

Accordingly, you should not place undue reliance on these forward-looking statements.

因此，您不應過度依賴這些前瞻性陳述。

For a more thorough discussion of the risks and uncertainties associated with the forward-looking statements to be made during this conference call and webcast, we refer you to the disclaimer regarding forward-looking statements that is included in our second quarter fiscal 2025 earnings release as well as our filings with the SEC referenced in that disclaimer.

為了更全面地討論與本次電話會議和網路廣播期間做出的前瞻性陳述相關的風險和不確定性，我們建議您參閱我們的2025 財年第二季度收益發布中包含的有關前瞻性陳述的免責聲明：以及該免責聲明中引用的我們向 SEC 提交的文件。

We do not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events, or otherwise.

我們不承擔更新或更改任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

I will now turn the call over to Jim Conroy, Boot Barn's President and Chief Executive Officer.

我現在將把電話轉給 Boot Barn 總裁兼執行長 Jim Conroy。

Jim?

吉姆？

Thank you, Mark, and good afternoon.

謝謝你，馬克，下午好。

Thank you, everyone, for joining us.

謝謝大家加入我們。

As we announced in today's press release, I have made the decision to step down as President and CEO of Boot Barn, to pursue an opportunity as CEO of Ross Stores.

正如我們在今天的新聞稿中所宣布的那樣，我決定辭去 Boot Barn 總裁兼執行長的職務，轉而尋求擔任 Ross Stores 執行長的機會。

I am extremely proud of the accomplishments of the Boot Barn organization during my tenure and will be forever grateful to the team with whom I've shared this amazing journey.

我對 Boot Barn 組織在我任職期間所取得的成就感到非常自豪，並將永遠感謝與我分享這段奇妙旅程的團隊。

John Hazen, our Chief Digital Officer, will assume the role of Interim CEO after my departure on November 22, while the company conducts both an internal and external search before making a permanent decision.

我們的首席數位長 John Hazen 將在我於 11 月 22 日離職後擔任臨時首席執行官，而公司在做出永久決定之前將進行內部和外部搜尋。

John is currently responsible for e-commerce, marketing, and the customer experience.

約翰目前負責電子商務、行銷和客戶體驗。

He has led many of our innovations over recent years and has partnered very closely with both merchandising and store operations, as we've built out the brand and our omnichannel experience.

近年來，他領導了我們的許多創新，並與銷售和商店營運部門密切合作，幫助我們建立了品牌和全通路體驗。

John's prior experience includes running both the stores and e-commerce businesses at True Religion.

John 之前的經驗包括在 True Religion 經營商店和電子商務業務。

Prior to that role, John ran the digital business at Fox Racing, a leading lifestyle action sports brand.

在此之前，John 負責 Fox Racing 的數位業務，Fox Racing 是領先的生活方式極限運動品牌。

John is a very collaborative leader, a solid contributor to the strong culture at Boot Barn and is highly regarded within the organization.

John 是一位非常具有協作精神的領導者，也是 Boot Barn 強大文化的堅定貢獻者，並且在組織內受到高度評價。

Additionally, Peter Starrett, the Chairman of the Board for the past 12 years will transition into the role of Executive Chairman.

此外，過去 12 年擔任董事會主席的 Peter Starrett 將轉任執行主席。

Pete knows the company extremely well and is committed to working through an orderly transition.

皮特非常了解公司，並致力於實現有序過渡。

John will be well supported by the senior management team that includes Jim Watkins, our CFO; Laurie Grove, our Chief Merchandising Officer; and Mike Love, our Chief Retail Officer.

約翰將得到高階管理團隊的大力支持，其中包括我們的財務長吉姆沃特金斯 (Jim Watkins)； Laurie Grove，我們的行銷長；和我們的首席零售官邁克·洛夫（Mike Love）。

This group has worked together for over a decade, and I have a great deal of confidence that the company will operate smoothly going forward despite my absence.

這個團隊已經合作了十多年，我非常有信心，儘管我不在，公司仍將順利運作。

I am confident in John's ability to lead as interim CEO, and I'm pleased to now turn the call over to him.

我對約翰擔任臨時執行長的能力充滿信心，我很高興現在將電話轉交給他。

John?

約翰？

Thank you, Jim.

謝謝你，吉姆。

I appreciate the vote of confidence from you and the Board, and I'm excited to take on this new role.

我感謝您和董事會對我投下的信任票，我很高興能夠擔任這項新職位。

I feel fortunate that the company is healthy, has strong momentum and has a solid team in place that has been working together for a long time.

我感到幸運的是，公司健康、發展勢頭強勁，並擁有一支長期合作的堅實團隊。

At this point, I would like to turn our attention to our second quarter fiscal '25 results, discuss the progress we have made across each of our four strategic initiatives and provide an update on current business.

此刻，我想將我們的注意力轉向我們的 25 財年第二季業績，討論我們在四項策略舉措中所取得的進展，並提供當前業務的最新情況。

Following my remarks, Jim Watkins will review our financial performance in more detail, and then we will open the call for questions.

在我發言之後，吉姆沃特金斯將更詳細地審查我們的財務業績，然後我們將開始提問。

We are very pleased with our second quarter results, which reflect broad-based strength across all major merchandise categories, in-store and online and across all geographies.

我們對第二季的業績感到非常滿意，這反映了所有主要商品類別、店內和網路以及所有地區的廣泛實力。

During the quarter, revenue increased by 14%, including consolidated same-store sales growth of 4.9%.

本季營收成長 14%，其中綜合同店銷售額成長 4.9%。

Same-store sales in both the stores and e-commerce channels were positive and sequentially improved in the quarter with stores increasing 4.3% and e-commerce increasing 10.1%.

本季實體店和電子商務通路的同店銷售均呈正向成長，並較上季成長，其中實體店成長 4.3%，電子商務成長 10.1%。

We believe both our revenue growth and new store expansion have significantly outperformed the industry, resulting in substantial market share gains.

我們相信我們的收入成長和新店擴張都顯著優於產業，帶來了可觀的市佔率成長。

Earnings per diluted share were $0.95 during the quarter compared to the high end of our guidance range of $0.87 and versus the prior year earnings per diluted share of $0.90. I'm extremely pleased with our second quarter results and believe that our team's year-to-date execution will continue into the second half of the fiscal year.

本季稀釋後每股收益為 0.95 美元，而我們指導範圍的上限為 0.87 美元，而去年稀釋後每股收益為 0.90 美元。我對我們第二季的業績非常滿意，並相信我們團隊年初至今的執行力將持續到本財年下半年。

I will now spend some time discussing each of our four strategic initiatives.

我現在將花一些時間討論我們的四項策略舉措。

Let's begin with expanding our store base.

讓我們從擴大我們的商店基礎開始。

We opened 15 stores in the second quarter, ending the period with 425 stores across 46 states.

我們在第二季開設了 15 家商店，截至本季末，我們在 46 個州開設了 425 家商店。

Our new store engine continues to meet our sales, earnings and payback expectations.

我們的新商店引擎繼續滿足我們的銷售、收入和投資回報預期。

As a reminder, we modeled new store performance at $3 million of revenue with a cash-on-cash return on capital of approximately 60% in the first year of operation.

提醒一下，我們以 300 萬美元的收入來模擬新店業績，營運第一年的現金資本回報率約為 60%。

Our new store pipeline remains healthy, and we expect to open 60 new units this year, meeting our commitment of 15% new store growth annually.

我們的新店通路保持健康，預計今年將開設 60 家新店，實現每年新店成長 15% 的承諾。

Given the ongoing success of our new store openings, we believe that we have the market potential to open an additional 500 stores in the US alone, more than doubling our current store count.

鑑於我們新店開幕的持續成功，我們相信我們有市場潛力，光是在美國就可以再開設 500 家門市，使目前的門市數量增加一倍以上。

Moving to our second initiative, driving same-store sales growth.

轉向我們的第二項舉措，推動同店銷售成長。

Second quarter consolidated same-store sales grew 4.9% with brick-and-mortar same-store sales increasing 4.3%.

第二季綜合同店銷售額成長 4.9%，其中實體同店銷售額成長 4.3%。

Store comp growth was driven by an increase in transactions, plus an increase in AUR and UPT which drove a larger average transaction.

商店銷售額的成長是由交易量的增加以及 AUR 和 UPT 的增加所推動的，這推動了平均交易量的增加。

From a merchandise category perspective, we experienced broad-based growth during the quarter as all major merchandise categories comp positive, led by the combined men's western boots and apparel business, which comped positive high single digits.

從商品類別的角度來看，我們在本季度經歷了廣泛的增長，所有主要商品類別均實現正值增長，其中男士西部靴子和服裝業務合併後實現了高個位數的正值增長。

The largest sequential improvement was ladies Western boots in apparel, which collectively comped positive mid-single digits in the second quarter, approximately 500 basis points better than the first quarter.

最大的環比改善是服裝中的女式西部靴子，第二季整體實現中個位數正成長，比第一季提高約 500 個基點。

Included in the men's and ladies comps is our denim business, which together comped nearly double-digit positive in the quarter.

男裝和女裝業務中包括我們的牛仔布業務，該業務在本季的綜合業績接近兩位數。

Our combined work boots in apparel business also comped low single-digit positive in the flare.

我們在服裝業務中的綜合工作靴也取得了低個位數的成長。

Moving to our third initiative, strengthening our omnichannel leadership.

轉向我們的第三項舉措，加強我們的全通路領導。

E-commerce comp sales grew 10% in the second quarter, led by our bootbarn.com site, which posted sales growth of approximately 15%.

在我們的 bootbarn.com 網站的帶動下，第二季電子商務銷售額成長了 10%，該網站的銷售額成長了約 15%。

We are very pleased with the momentum of our online business and the innovation from the omnichannel team, which continues to make progress on several fronts.

我們對線上業務的勢頭和全通路團隊的創新感到非常滿意，該團隊在多個方面繼續取得進展。

The Boot Barn app that we launched 2 years ago has experienced solid growth and now comprises approximately 10% of Boot Barn's online sales.

我們 2 年前推出的 Boot Barn 應用程式經歷了穩健的成長，目前約佔 Boot Barn 線上銷售額的 10%。

Additionally, we are beginning to test an in-store consumer-driven AI solution named Cassidy, which we believe has the potential to help build transaction size through sales conversion and train new store associates.

此外，我們開始測試名為 Cassidy 的店內消費者驅動的人工智慧解決方案，我們相信該解決方案有潛力透過銷售轉換來幫助擴大交易規模並培訓新店員。

The Cassidy experience is tailored to each unique customer in the specific store they visit.

Cassidy 體驗是針對他們造訪的特定商店中的每位獨特客戶量身定制的。

Now to our fourth strategic initiative, merchandise margin expansion and exclusive brands.

現在我們來談談我們的第四個策略舉措：商品利潤擴張和獨家品牌。

During the second quarter, merchandise margin increased by 70 basis points compared to the prior year period, driven by supply chain efficiencies.

第二季度，在供應鏈效率的推動下，商品利潤率比去年同期成長了 70 個基點。

Exclusive brand penetration decreased by 50 basis points, which was in line with guidance as it wrapped over 600 basis points of growth in the prior year period.

獨家品牌滲透率下降了 50 個基點，符合預期，因為去年同期成長超過 600 個基點。

Looking at the second half of the year, we expect to grow exclusive brand penetration at a normal pace of approximately 200 basis points over the prior year period, contributing to substantial merchandise margin growth.

展望今年下半年，我們預計獨家品牌滲透率將比去年同期正常成長約 200 個基點，從而推動商品利潤率大幅成長。

We continue to believe we can achieve merchandise margin expansion through a combination of supply chain efficiencies, better buying economies of scale and growth in exclusive brand penetration.

我們仍然相信，我們可以透過供應鏈效率、更好的購買規模經濟和獨家品牌滲透率的成長相結合來實現商品利潤率的擴張。

Turning to current business.

轉向當前的業務。

Through October, we continued to generate broad-based growth in same-store sales.

整個十月，我們的同店銷售額持續實現廣泛成長。

On a consolidated basis, October same-store sales were 5.1%, with our store comp increasing 4.3% and our e-commerce business increasing 12.5%.

綜合來看，10 月同店銷售額成長 5.1%，其中門市銷售額成長 4.3%，電子商務業務成長 12.5%。

While we are pleased with the start to our third quarter, October historically represents 25% of the quarter's revenue with December alone representing half of the third quarter's business and even more disproportionate share of the quarter's earnings.

雖然我們對第三季的開局感到滿意，但從歷史上看，10 月就佔該季度收入的25%，僅12 月就佔了第三季業務的一半，甚至佔該季度收益的比例更不成比例。

We feel very good about the current tone of the business and believe we are well prepared for a successful holiday season with exciting marketing campaigns, fresh inventory, and a well-prepared field organization ready to provide best-in-class customer service.

我們對當前的業務基調感到非常滿意，並相信我們已經為成功的假期做好了充分準備，包括激動人心的營銷活動、新鮮的庫存以及準備充分的現場組織，隨時準備提供一流的客戶服務。

I'd like to now turn the call over to Jim Watkins.

我現在想把電話轉給吉姆·沃特金斯。

Thank you, John.

謝謝你，約翰。

In the second quarter, net sales increased 13.7% to $426 million.

第二季淨銷售額成長 13.7%，達到 4.26 億美元。

The increase in net sales was the result of the incremental sales from new stores and the increase in consolidated same-store sales.

淨銷售額的成長是由於新店銷售額增加以及綜合同店銷售額增加的結果。

The 4.9% increase in same-store sales is comprised of an increase in retail store same-store sales of 4.3% and an increase in e-commerce same-store sales of 10.1%.

同店銷售額成長4.9%，其中零售店同店銷售額成長4.3%，電子商務同店銷售額成長10.1%。

Gross profit increased 14% to $153 million compared to gross profit of $134 million in the prior year period.

與去年同期的毛利 1.34 億美元相比，毛利成長了 14%，達到 1.53 億美元。

Gross profit rate increased 10 basis points to 35.9% when compared to the prior year period as a result of a 70 basis point increase in merchandise margin rate partially offset by 60 basis points of deleverage in buying, occupancy, and distribution center costs.

毛利率較上年同期成長 10 個基點，達到 35.9%，這是由於商品利潤率提高 70 個基點，部分抵消了購買、佔用和配送中心成本去槓桿化 60 個基點的影響。

The increase in merchandise margin rate was primarily the result of supply chain efficiencies, while the deleverage and buying, occupancy and distribution center costs was driven by the occupancy cost of new stores.

商品利潤率的成長主要是供應鏈效率的結果，而去槓桿化以及購買、佔用和配送中心成本則是由新店的佔用成本所驅動的。

Selling, general, and administrative expenses for the quarter were $113 million or 26.5% of sales compared to $95 million or 25.5% of sales in the prior year period.

本季的銷售、一般和管理費用為 1.13 億美元，佔銷售額的 26.5%，而去年同期為 9,500 萬美元，佔銷售額的 25.5%。

SG&A as a percentage of net sales increased by 100 basis points, primarily as a result of higher incentive-based compensation, legal expenses, and marketing expenses in the current year, partially offset by lower store payroll expenses.

SG&A 佔淨銷售額的百分比增加了 100 個基點，主要是由於本年度基於激勵的薪酬、法律費用和營銷費用增加，部分被商店工資費用減少所抵消。

Income from operations was $40 million or 9.4% of sales in the quarter compared to $39 million or 10.3% of sales in the prior year period.

本季營運收入為 4,000 萬美元，佔銷售額的 9.4%，而去年同期為 3,900 萬美元，佔銷售額的 10.3%。

Net income was $29 million or $0.95 per diluted share compared to $28 million of net income or $0.90 per diluted share in the prior year period.

淨利潤為 2,900 萬美元，即稀釋後每股收益 0.95 美元，而上年同期淨利潤為 2,800 萬美元，即稀釋後每股收益 0.90 美元。

Turning to the balance sheet.

轉向資產負債表。

On a consolidated basis, inventory increased 22% over the prior year period to $713 million and increased approximately 10% on a same-store basis.

綜合來看，庫存比去年同期成長 22%，達到 7.13 億美元，同店庫存成長約 10%。

We finished the quarter with $37 million in cash and 0 drawn on our $250 million revolving line of credit.

本季末，我們的現金為 3,700 萬美元，2.5 億美元的循環信貸額度為 0。

Turning to our raised outlook for fiscal 2025.

轉向我們上調的 2025 財年展望。

The supplemental financial presentation that we released today lays out the low and high end of our guidance range for both the full year and third quarter.

我們今天發布的補充財務報告列出了全年和第三季指導範圍的低端和高端。

I will be speaking to the high end of the range for both periods in my following remarks.

在接下來的演講中，我將討論這兩個時期範圍的高端。

Please note that our guidance excludes any benefits and costs related to the CEO transition.

請注意，我們的指導不包括與執行長過渡相關的任何收益和成本。

As we look to the third quarter, we expect total sales at the high end of our guidance range to be $595 million.

展望第三季度，我們預計總銷售額將達到指導範圍的上限，達到 5.95 億美元。

We expect consolidated same-store sales to increase 6% with the retail store same-store sales increase of 5% and an e-commerce same-store sales increase of 10%.

我們預期綜合同店銷售額將成長 6%，其中零售店同店銷售額成長 5%，電子商務同店銷售額將成長 10%。

We expect gross profit to be $232 million or approximately 38.9% of sales.

我們預計毛利為 2.32 億美元，約佔銷售額的 38.9%。

Gross profit reflects an estimated 100 basis point increase in merchandise margin, partially offset by 30 basis points of deleverage in buying, occupancy and distribution center costs.

毛利反映了商品利潤率預計增加 100 個基點，部分被購買、佔用和配送中心成本去槓桿化 30 個基點所抵銷。

Our income from operations is expected to be $87 million or 14.7% of sales.

我們的營運收入預計為 8,700 萬美元，佔銷售額的 14.7%。

And we expect earnings per diluted share to be $2.07. As a result of our second quarter performance and our updated outlook for the remainder of the fiscal year, we are raising our full year guidance.

我們預計稀釋後每股收益為 2.07 美元。由於我們第二季的業績以及我們對本財年剩餘時間的最新展望，我們正在提高全年指引。

For the full fiscal year, we now expect total sales at the high end of our guidance range to be $1.91 billion, representing growth of 14% over fiscal '24.

對於整個財年，我們現在預計總銷售額將達到指導範圍的上限，達到 19.1 億美元，比 2024 財年增長 14%。

This is a $57 million increase over our previous sales guide of $1.85 billion.

這比我們先前的銷售指引值 18.5 億美元增加了 5,700 萬美元。

We now expect same-store sales to increase 5% with the retail store same-store sales increase of 4.5% and e-commerce same-store sales growth of 9.5%.

我們目前預計同店銷售將成長 5%，其中零售店同店銷售成長 4.5%，電子商務同店銷售成長 9.5%。

This is an increase from our previous guidance of consolidated same-store sales growth of 1.2%.

這比我們之前的綜合同店銷售額增長 1.2% 的指導有所提高。

We now expect gross profit to be $713 million or approximately 37.4% of sales.

我們現在預計毛利為 7.13 億美元，約佔銷售額的 37.4%。

Gross profit continues to reflect an estimated 110 basis point increase in merchandise margins driven by supply chain efficiencies, better buying economies of scale, and growth in exclusive brand penetration of 110 basis points.

毛利繼續反映出由於供應鏈效率、更好的購買規模經濟以及獨家品牌滲透率增長 110 個基點的推動，商品利潤率預計將增長 110 個基點。

Our income from operations is expected to be $233 million or 12.2% of sales.

我們的營運收入預計為 2.33 億美元，佔銷售額的 12.2%。

We expect net income for fiscal '25 to be $174 million and earnings per diluted share to be $5.60, a $0.25 increase from our prior guidance of $5.35.

我們預計 25 財年淨利為 1.74 億美元，稀釋後每股收益為 5.60 美元，比我們先前指引的 5.35 美元增加 0.25 美元。

We continue to expect our capital expenditures to be $120 million.

我們仍然預計資本支出為 1.2 億美元。

And for the remaining six months of the fiscal year, our effective tax rate is estimated to be 26.6%.

在本財年剩餘六個月中，我們的有效稅率預計為 26.6%。

We remain committed to our plan to grow new units by 15%, adding a total of 60 new stores during the year.

我們仍致力於將新店增加 15% 的計劃，年內總共增加 60 家新店。

We anticipate opening 14 stores in the third quarter and 21 stores in the fourth quarter.

我們預計第三季將開設 14 家門市，第四季將開設 21 家門市。

I'd like to now take a moment to thank Jim for his contributions to Boot Barn and to all of us who have worked with him during the past 12 years.

現在我想花點時間感謝 Jim 對 Boot Barn 的貢獻以及過去 12 年中與他一起工作的所有人。

Jim's vision, passion, hard work, and leadership style have not only grown Boot Barn into the company it is today, but have made Boot Barn a truly special place to work.

Jim 的遠見、熱情、辛勤工作和領導風格不僅使 Boot Barn 發展成為今天的公司，而且使 Boot Barn 成為一個真正特別的工作場所。

From a personal standpoint, I can't say enough about what he has done for me.

從個人角度來看，我無法形容他為我所做的一切。

Jim has been an incredible mentor, partner and friend.

吉姆是一位令人難以置信的導師、合作夥伴和朋友。

Thank you, Jim.

謝謝你，吉姆。

I've had the pleasure of working with John for the last six years.

在過去的六年裡，我很高興與約翰一起工作。

He is an incredible leader with tremendous vision, and I'm looking forward to working with him in his new role.

他是一位令人難以置信的領導者，擁有遠大的遠見，我期待在他的新職位上與他合作。

Now I would like to turn the call back to John for some closing remarks.

現在我想把電話轉回給約翰，讓他發表一些結束語。

Thank you, Jim.

謝謝你，吉姆。

We are very pleased with our year-to-date performance and the continued momentum of the business, and we believe we are well prepared for a successful holiday season.

我們對今年迄今為止的業績和業務的持續成長勢頭感到非常滿意，我們相信我們已經為成功的假期做好了充分的準備。

I would also like to extend my gratitude to the team across our stores, distribution centers, call centers, and corporate offices for their hard work and dedication.

我還要感謝我們商店、配送中心、呼叫中心和公司辦公室的團隊的辛勤工作和奉獻精神。

Now I would like to open the call for questions.

現在我想開始提問。

Operator?

操作員？

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Great thanks and congrats on the news, Jim.

非常感謝並祝賀這個消息，吉姆。

Thank you.

謝謝。

So Jim or John, could you elaborate on the material inflection in comps that you saw as the second quarter progressed?

那麼吉姆或約翰，您能詳細說明一下您在第二季度的進展中看到的業績變化嗎？

And maybe if you could just walk through trends that you've seen in October as we look across categories or just any notable outliers by region?

也許您可以回顧一下 10 月我們跨類別或按地區查看任何顯著異常值時所看到的趨勢？

Very good.

非常好。

Matt, I'm not sure if Jim or John, this is Jim Conroy, I'll take that one.

馬特，我不確定是吉姆還是約翰，這是吉姆康羅伊，我選那個。

The -- as you know, the story has been unfolding over the last several quarters where we've had broad-based sequential improvement across categories and channels and regions within the stores organization.

如您所知，這個故事在過去幾個季度中一直在展開，我們在商店組織內的各個類別、管道和區域中進行了廣泛的連續改進。

And as we guide from the first quarter into the second quarter, we just continued to see that sequential improvement carry forward.

當我們從第一季進入第二季時，我們繼續看到這種連續的改善得以延續。

Essentially, every single department got better between Q1 and Q2.

本質上，每個部門在第一季和第二季之間都得到了改善。

The other really nice fact for the second quarter was every major merchandise department that we track had positive same-store sales growth and every region of the country had positive same-store sales growth.

第二季的另一個非常好的事實是，我們追蹤的每個主要商品部門都實現了同店銷售的正成長，並且該國每個地區的同店銷售都實現了正成長。

So we feel very good about that improvement.

所以我們對這項改進感到非常滿意。

And October is very much in line with the second quarter.

十月與第二季非常吻合。

There's -- most of the quarter is still ahead of us, of course, with December, but we think we're off to a very solid start with a plus [5] October.

當然，本季的大部分時間仍然在 12 月，但我們認為我們已經有了一個非常堅實的開端，10 月有一個+ [5] 的時間。

We feel great about the way the inventory is positioned and looking forward to a strong third quarter for us.

我們對庫存的定位方式感到滿意，並期待第三季的強勁表現。

Great.

偉大的。

And then maybe just a follow-up on the margin side.

然後也許只是邊際方面的後續行動。

Could you elaborate on the drivers of merchandise margin expansion that you've embedded in the 3Q gross margin outlook and just runway you see remaining for gross margin multiyear?

您能否詳細說明您在第三季毛利率展望中所包含的商品利潤率擴張的驅動因素以及您認為多年毛利率剩餘的跑道？

Sure.

當然。

So we expect merchandise margin to improve 100 basis points in the third quarter, a little more of half of that coming from supply chain efficiencies that we've been seeing for the last couple of quarters.

因此，我們預計第三季商品利潤率將提高 100 個基點，其中一半多來自我們過去幾季看到的供應鏈效率。

And then about, call it, 40 basis points coming from better buying economies of scale, including expectations of exclusive brand penetration improving to 200 basis points.

然後，大約 40 個基點來自更好的購買規模經濟，包括對獨家品牌滲透率提高至 200 個基點的預期。

And then as we get into the fourth quarter, things will look pretty similar to that as well as we look at the merchandise margin, seeing continued expansion from supply chain efficiencies as well as better economies -- buying economies of scale and exclusive brand penetration that should be in the similar ballpark of 200 basis points in Q4.

然後，當我們進入第四季度時，情況將與此非常相似，我們將關注商品利潤率，看到供應鏈效率的持續擴張以及更好的經濟——購買規模經濟和獨家品牌滲透率第四季度的利率應該在200 個基點的類似範圍內。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Jim, it's been great working with you.

吉姆，和你一起工作真是太好了。

And I know you guys are coming right up on 10 years as a public company.

我知道你們作為一家上市公司即將迎來 10 週年。

So you've done a great job under your tenure.

所以你在任期內做得很好。

We'll miss you.

我們會想念你的。

One thing that we've noticed with the last quarter, the categories or the sort of the pharma ranch sector it sells a lot of the same products you do not getting better with apparel footwear, you guys are getting better, so it suggests some market share acceleration. you have opinions on where -- what categories your market share might be picking up the strongest and what might be the drivers for that?

我們在上個季度注意到的一件事是，製藥牧場部門銷售的許多相同產品的類別或類型，你在服裝鞋類方面沒有變得更好，你們正在變得更好，所以這表明一些市場共享加速。您對哪些類別的市場份額可能會變得最強以及驅動力可能是什麼有自己的看法？

Sure.

當然。

Yes.

是的。

I report that you put out, I think had footwear and apparel at minus 9% in the most recent quarter for Farm & Ranch.

我報告說，您發布的 Farm & Ranch 最近一個季度的鞋類和服裝價格為負 9%。

I think there is a couple of things that may benefit us a little bit more than them because they -- that group is a pretty formidable group of companies.

我認為有幾件事可能比他們更讓我們受益，因為他們——這個集團是一個非常強大的公司集團。

We have seen some very nice sequential improvement in the lady's businesses, particularly ladies western catway boots, which were better than company average, not wildly better, but doesn't the company average.

我們看到女士業務取得了一些非常好的連續改善，特別是女士西部時裝靴，這比公司的平均水平要好，不是特別好，但也不是公司的平均水平。

So we skew a little bit more balanced where they tend to be extremely focused on functional product only.

因此，我們傾向於更加平衡，他們往往只專注於功能性產品。

So I think that, coupled with the fact that -- I do think our brand is resonating more.

所以我認為，再加上這一事實——我確實認為我們的品牌引起了更多共鳴。

We've been very actively connecting with Country Music Stars and feel like we're benefiting from that.

我們一直非常積極地與鄉村音樂明星建立聯繫，並感覺到我們正在從中受益。

So yes, I think your -- the setup of the question was spot on, which is I do think we're taking market share based on the fact that we're out comping many of the other competitors in our space.

所以，是的，我認為你的問題的設定是正確的，我確實認為我們正在佔據市場份額，因為我們正在與我們領域的許多其他競爭對手進行比較。

And if we were to add the additional sales that we're getting from new stores, on top of the outperformance in comp, we're clearly taking share.

如果我們要加上從新店獲得的額外銷售額，除了業績出色之外，我們顯然正在搶佔份額。

So we feel great about that, and I think we're well positioned going forward.

所以我們對此感覺很好，我認為我們已經做好了前進的準備。

Okay.

好的。

Great.

偉大的。

And then you did reference the Country Music Stars.

然後你確實提到了鄉村音樂明星。

I know we've talked in the past around the Morgan Wallin towards sponsorship.

我知道我們過去曾就摩根沃林的贊助問題進行過討論。

And it looks like there's been a few others that have been added.

看起來還添加了其他一些內容。

Maybe could you highlight what other stores you added?

也許您能強調一下您還添加了哪些其他商店嗎？

Or are there sort of demographic audiences that you're targeting with those?

或是您的目標受眾群體是哪些？

And how might those relationships evolve?

這些關係將如何發展？

Sure.

當然。

Well, we've had long-standing relationships on the product side with all Brad Paisley and Miranda Lambert and they have been just fabulous partners for us.

嗯，我們在產品方面與布拉德·佩斯利和米蘭達·蘭伯特都有長期的合作關係，他們對我們來說是極好的合作夥伴。

You're right to call out the more recent sponsorship for Morgan Wallin.

你提到最近對 Morgan Wallin 的贊助是正確的。

But now we're doing a bit more with artists that are rifle shots for a specific target customer segment.

但現在我們正在與藝術家合作，為特定的目標客戶群進行步槍射擊。

So we've done some work with [Corrine Leone] -- we over-index with a Mexican American customer and leaning into Hispanic music, we believe, is a good place for us to prospect for a larger customer base.

因此，我們與 [Corrine Leone] 進行了一些合作——我們對墨西哥裔美國客戶進行了過度索引，並傾向於西班牙音樂，我們相信，這是我們尋找更大客戶群的好地方。

We're doing some exciting things over the next month or so with an artist that's a bit of a bridge to country music Jelly Roll.

在接下來的一個月左右的時間裡，我們將與藝術家一起做一些令人興奮的事情，他是鄉村音樂 Jelly Roll 的橋樑。

And that is part and parcel with our strategy to continue to try to expand our customer demographic in concentric circles around sort of a pure western customer.

這是我們策略的重要組成部分，即繼續嘗試以純西方客戶為中心，以同心圓擴大我們的客戶群。

And that strategy has been serving us well.

這項策略一直為我們提供了良好的服務。

Thanks so much, Jim.

非常感謝，吉姆。

Steven Zaccone, Citi.

史蒂文·扎科內，花旗銀行。

Great.

偉大的。

Jim, to see you go, congrats on the success here and best wishes in the next step.

吉姆，送你走，祝賀你在這裡取得的成功，並祝你下一步一切順利。

I wanted to ask around the comps inflection follow-up-on Matt's question.

我想問馬特問題的後續變化。

When you look at the business, what's been the biggest driver of upside?

當您審視該業務時，最大的上漲動力是什麼？

Clearly, you've beaten expectations in the first half of the year here.

顯然，今年上半年你的表現超出了預期。

Is it better transactions?

是不是交易比較好？

Is it basket size?

籃子尺寸是多少？

Like what are you seeing from the customer?

例如您從客戶那裡看到了什麼？

And as you think about what's the incremental upside?

當你思考增量的好處是什麼？

Where are there areas in the assortment that are still a drag or where can business get a little bit better?

品種中哪些領域仍然受到拖累，或哪些領域業務可以改善一點？

Sure.

當然。

From that perspective, the biggest change has been in transactions.

從這個角度來看，最大的變化是交易。

So in the first quarter, transactions on an average store basis was down very slightly.

因此，第一季度，平均商店交易量略有下降。

But in the second quarter, that turned positive.

但到了第二季度，情況轉好。

And that was the first time transactions were positive for us in eight quarters.

這是八個季度以來我們第一次出現交易正面的情況。

The other thing that was great.

另一件事很棒。

So transactions were up about 2%.

因此交易量增加了約 2%。

And the basket size was up about 2%.

籃子尺寸增加了約 2%。

And you put those two together and you get to the -- because this is a storage number, you get to that 4.3% same-store sales in the stores.

你把這兩個放在一起，你就得到了——因為這是一個存儲數字，你就得到了商店中 4.3% 的同店銷售額。

The other really great thing is both AUR and UPT were up.

另一件真正偉大的事情是 AUR 和 UPT 都上漲了。

So sort of all four components of the store transaction were up in the quarter.

因此，本季商店交易的所有四個組成部分均有所上升。

I think -- from a merchandise category standpoint, again, we saw sequential improvement in virtually every part of the business.

我認為，從商品類別的角度來看，我們再次看到業務的幾乎每個部分都在連續改善。

A couple of the businesses that had been slight drags on our same-store sales, meaning they were negative, have turned to positive.

一些對我們同店銷售造成輕微拖累（即負值）的業務現已轉為正值。

So it's nice to see the work apparel business turned positive.

因此，很高興看到工作服裝業務轉好。

The work boot business turned slightly positive.

工作靴業務略有改善。

We talked about that on the last call being slightly negative.

我們在上次電話會議上談到了這一點，這有點消極。

Ladies Western apparel turned slightly positive, low single digits and was slightly negative in the last quarter.

西方女裝在上個季度略有正轉，低個位數，並略有負轉。

So a few of the drags on our business turned to the positive side.

因此，對我們業務的一些拖累變成了積極的一面。

And we just feel great about how that whole quarter came together.

我們對整個季度的進展感到非常高興。

Okay.

好的。

Thanks for that.

謝謝你。

The follow-up I had is just as you in the category or maybe your own business start to do better, are there differences in performance some of the newer stores versus some of your legacy boxes?

我的後續行動就像您在該類別中一樣，或者您自己的企業開始做得更好，一些新商店與一些舊商店的表現是否存在差異？

Like is there anything to call out there?

好像有什麼值得呼籲的嗎？

Because some of the newer stores have been opening much larger sizes and more in the Mid-Atlantic and Northeast, anything to call out there in differences in performance?

因為一些新開的商店在大西洋中部和東北部開設了更大的尺寸和更多的商店，所以有什麼值得指出的業績差異嗎？

Steve, this is Jim Watkins.

史蒂夫，這是吉姆沃特金斯。

The new stores continue to perform extremely well across the country, whether that's in the West, the South, the East, the North.

新店在全國範圍內繼續表現出色，無論是在西部、南部、東部還是北部。

And so I wouldn't say that between geographies, there's much of a difference.

所以我不會說不同地區之間有很大差異。

I think your question was more around versus legacy stores.

我認為你的問題更多的是關於傳統商店。

And the new stores open at a lower volume than the legacy stores, as you know.

如您所知，新店的開張量低於舊店。

And we talked about this a little bit last quarter.

上個季度我們對此進行了一些討論。

We continue to see that as we get to the second year of comp, that we are seeing a little bit more of an outperformance in same-store sales when compared to the mature stores.

我們繼續看到，當我們進入比較的第二年時，與成熟商店相比，我們看到同店銷售的表現要好一些。

And I would say that, that's not necessarily tied to a geography, but more just the class.

我想說的是，這不一定與地理位置有關，而是與班級有關。

And so year one, the stores are -- year one of comps -- the stores have opened so big in their first year that their kind of in line with the chain average comp, but then that second comp year is when we're seeing that outperformance against the more mature stores.

因此，第一年，這些商店——比較的第一年——商店在第一年開得如此之大，以至於它們與連鎖店的平均比較一致，但是第二個比較年是我們看到的與較成熟的商店相比，表現優於其他商店。

Okay.

好的。

Thanks for that detail.

謝謝你的詳細資料。

No problem.

沒問題。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科，TD·考恩。

Great.

偉大的。

Thanks a lot for taking my questions.

非常感謝您回答我的問題。

And Jim, congratulations.

吉姆，恭喜你。

It's been a pleasure working with you.

很高興與您合作。

Thank you.

謝謝。

I appreciate that.

我很欣賞這一點。

First question, maybe just actually following up on the last one.

第一個問題，也許只是在跟進最後一個問題。

But as we think about the new store waterfall over the course, say, comps year 1, year 2, year 3.

但當我們考慮整個過程中的新商店瀑布時，例如第一年、第二年、第三年的比較。

How should we think about the lift to the overall business that you're seeing now as trends appear to be stabilizing?

隨著趨勢似乎趨於穩定，我們應該如何看待您現在看到的整體業務的提升？

And then just bigger picture, historically, you've always -- historically for a while, you've been able to outperform what the algo is.

然後從更大的角度來看，從歷史上看，你總是——從歷史上看，有一段時間，你一直能夠超越演算法。

So how do you think about that moving ahead?

那麼您如何看待這項進展？

Sure.

當然。

So it's still a little bit early to say what the year 3 comp is going to be with the new stores picking up volume over the last couple of years and how they're opening.

因此，隨著過去幾年新店數量的增加以及它們的開業情況，現在判斷第三年的業績還為時過早。

What I would say is the second-year comp or that store that is starting to get the outsized lift that I was just talking about.

我想說的是第二年的公司或那家商店開始獲得我剛才談到的巨大提升。

We're talking about 3, 4 or 5 basis points of outperformance -- points of outperformance on the chain average, not 10 points of comp.

我們談論的是 3、4 或 5 個基點的優異表現——環比平均的優異表現點，而不是 10 個基點的比較。

And so again, it's still early to call that a tailwind and to include that in our out-years model with any specificity.

因此，現在將其稱為順風並將其具體納入我們的未來幾年模型中還為時過早。

But as we get through the next couple of quarters Max, I imagine as we outlined next year's sales guidance that we'll have some more detail around how those new stores are opening and waterfalling and providing a little bit of a lift to the comp.

但當我們度過接下來的幾個季度時，我想當我們概述明年的銷售指導時，我們將有更多關於這些新商店如何開業和瀑布式增長的細節，並為公司提供一點提升。

As far as the long-term algorithm -- again, it's nice to see the comp sales for the year to get to that 5% comp that has been kind of the high end of our long-term sales target and to see the earnings per share growth pretty close to the 20%.

就長期演算法而言——再次，很高興看到今年的比較銷售額達到了 5% 的比較，這已經是我們長期銷售目標的高端，並且看到了每季度的收益份額增長相當接近20%。

And so I think as we look forward into next year, again, we'll give you next year's guidance in a couple of quarters, but I think the components of what we've laid out over the years are coming back and are still intact and we see no meaningful changes to that at this time.

因此，我認為，當我們展望明年時，我們將在幾個季度內為您提供明年的指導，但我認為我們多年來製定的內容正在回歸並且仍然完好無損目前我們認為沒有任何有意義的改變。

Got it.

知道了。

Okay.

好的。

And then earlier this year, I think that you made a change to the ladies' merchant team.

今年早些時候，我認為你們對女士商人團隊進行了調整。

So how would you assess how the assortment has evolved, if any, or if it's too soon?

那麼，您如何評估該品種的演變（如果有的話），或者是否為時過早？

And then just how are you thinking about the right balance of fashion verse function and whether we should expect any changes ahead?

那麼您如何考慮時尚與功能的正確平衡以及我們是否應該期待未來的任何變化？

Sure.

當然。

Yes.

是的。

I wouldn't try to tie it back to a specific person, but we did make some changes to the ladies' Western boot assortment mostly.

我不會試圖將它與特定的人聯繫起來，但我們確實對女士西部靴子的分類做了一些改變。

And we had leaned a little bit too heavily into the fashion side of the business.

我們對時尚業務的關注有點過分了。

We're looking at price points in terms of good, better, best and felt like because we had a couple of years of inflation year-over-year, we had eroded sort of the -- I think good, better, best, we had probably vacated some of the good price points.

我們正在從好、更好、最好的角度來看待價格點，感覺因為我們逐年經歷了幾年的通貨膨脹，我們已經侵蝕了某種——我認為好、更好、最好，我們可能已經騰出了一些好的價格點。

So we took another hard look at and sort of reset the assortment leaning more into more functional and performance-based, Ladies Western Boots and that's probably the -- or is the strongest part of our Ladies Western Boots business now.

因此，我們再次認真審視並重新調整了產品類別，更傾向於更具功能性和性能的女士西部靴子，這可能是——或者說是我們目前女士西部靴子業務中最強大的部分。

And we were also able to bring in some lower price points between, call it, $149 and $179 that have done quite well for us.

我們還能夠在 149 美元和 179 美元之間引入一些較低的價格點，這對我們來說非常好。

So I think it was just getting that assortment rightsized.

所以我認為這只是為了調整品種規模。

On the apparel side, the apparel business has also turned positive.

服裝方面，服裝業務也轉正。

That's really been driven by denim.

這確實是由牛仔布推動的。

Our denim business is quite strong on the ladies side and the men's side for that matter.

我們的牛仔布業務在女裝和男裝方面都相當強勁。

Great.

偉大的。

Thanks a lot in the best regards.

非常感謝，致上最誠摯的問候。

Of course.

當然。

Thank you.

謝謝。

Janine Stichter, BTIG.

珍妮‧史蒂克特 (Janine Stichter)，BTIG。

Hi, thanks for taking my question and Jim we'll miss you.

你好，謝謝你提出我的問題，吉姆，我們會想念你的。

Thanks Janine.

謝謝珍妮。

So just wanted to ask about the inventory down 10.5% on a same-store basis.

所以只是想問同店庫存下降 10.5% 的情況。

It seems like it might be running a little bit lean.

看起來它可能運行得有點精益。

Just wanted to hear how you think about it if there's any areas where you feel like maybe you're missing some sales or if that has anything to do with the mix of private brands versus third-party brands?

只是想聽聽您的想法，如果您覺得在某些領域可能缺少一些銷售，或者這是否與自有品牌與第三方品牌的混合有關？

Yes, Janine, if I said it was down 10.5%, I misspoke, I apologize, that the inventory on the same-store basis...

是的，Janine，如果我說下降了 10.5%，我說錯了，我道歉，同店庫存...

My mistake.

我的錯誤。

Yeah, up 10.5%.

是的，上漲了10.5%。

So since we're on the topic, we do feel great about the inventory heading into the holiday shopping period.

因此，既然我們談到了這個話題，我們確實對進入假日購物​​期的庫存感到滿意。

We've grown our inventory very intentionally, and we believe we're bought into the right categories markdowns as a percentage of inventory are down from a year ago.

我們非常有意識地增加了庫存，我們相信我們購買了正確的類別降價產品，因為庫存百分比比一年前有所下降。

Weeks of supply is down year-over-year.

供應週數較去年同期下降。

So we really feel like we're in a great spot as we head into these couple of busy months.

因此，當我們進入這忙碌的幾個月時，我們真的感覺自己處於一個很好的位置。

Perfect.

完美的。

And then just as we're heading into the election, can you remind us of your exposure to China on both the third-party brand side and on the exclusive brand and just how you're thinking about additional tariff risk potential?

然後，就在我們即將進入選舉之際，您能否提醒我們您在第三方品牌方面和獨家品牌方面對中國的接觸，以及您如何考慮額外的關稅風險潛力？

Sure.

當然。

So we used to be north of about 50% on our exclusive brand product coming out of China.

因此，我們的獨家品牌產品來自中國的比例超過了 50%。

I think we said on the last call that this last fiscal year, we were about 37% of our product comes out of China or came out last year.

我想我們在上次電話會議上說過，上一財年，我們大約 37% 的產品來自中國或去年推出。

And what we have on order is approximately 30% coming out of China.

我們訂購的產品大約有 30% 來自中國。

So we have derisked our exposure to China.

因此，我們規避了與中國的接觸風險。

And again, there are a lot of benefits to staying in China.

再說一遍，留在中國有很多好處。

I don't think that we'll move completely out of China regardless of what tariff situation happens, but I feel like we've done a nice job of balancing our exposure while limiting the risk to product and quality and deliverability of the product.

我不認為無論關稅情況如何，我們都會完全撤出中國，但我覺得我們在平衡我們的風險敞口方面做得很好，同時限制了產品風險以及產品的品質和交付能力。

Great, thanks so much.

太好了，非常感謝。

Jay Sole, UBS.

傑伊·索爾，瑞銀集團。

Great.

偉大的。

Thank you so much.

太感謝了。

Jim, just love to just dig into the change.

吉姆，只是喜歡深入研究改變。

Just talk about why now, what was it?

現在就說說為什麼，是什麼？

Is this any change in strategy at Boot Barn?

Boot Barn 的策略是否有任何變化？

Any insight you can elaborate on to give us a sense of why you made this choice would be helpful.

您能詳細闡述的任何見解都會讓我們了解您做出此選擇的原因。

Sure.

當然。

This was more of a personal decision for me and the family.

對我和家人來說，這更多的是個人決定。

In terms of Boot Barn's strategy going forward, well, we've had the same four strategies for 12 years.

就 Boot Barn 的未來策略而言，12 年來我們一直採用相同的四種策略。

We've had the same senior team working on them and I think have performed pretty well.

我們有相同的高階團隊在處理這些問題，我認為表現得相當不錯。

So I would -- yeah, as we've discussed this transition, I think I can safely say it's going to be a lot of continuity from what we've been doing for the last decade and John will hopefully take us forward for the next decade.

所以我會- 是的，正如我們已經討論過的這種轉變，我想我可以有把握地說，這將與我們過去十年所做的事情有很大的連續性，約翰希望能夠帶領我們在下一個階段繼續前進十年。

So I wouldn't expect any significant changes in the traffic.

因此，我預計交通不會有任何重大變化。

We are stamping out a working model.

我們正在淘汰一個工作模式。

We have 425-ish stores.

我們有大約 425 家商店。

We can more than double the store count.

我們可以將商店數量增加一倍以上。

We've been able to find opportunities for same-store sales growth on a consistent basis.

我們已經能夠找到持續成長同店銷售的機會。

So I think you could expect more of the same.

所以我認為你可以期待更多相同的事情。

I will certainly miss this place and be able to speak more to potential opportunities at my next role, but I don't think this is the proper form for that.

我肯定會想念這個地方，並且能夠更多地談論我下一個角色的潛在機會，但我認為這不是合適的形式。

Okay.

好的。

Understood.

明白了。

If I can just add in one more.

如果我可以再加一個的話。

Just like any updates on how the Cody James Black 1978 root is going?

就像關於 Cody James Black 1978 根源的任何更新一樣嗎？

I think last quarter, you think you said 100 stores.

我想上個季度，你認為你說的是 100 家商店。

Just talk about where it is today and how did that brand perform in the quarter relative to the full assortment?

只要談談品牌目前的狀況以及品牌在本季相對於全品類的表現如何？

It's performing quite well.

它的表現相當不錯。

It's now in 300 stores.

現在有 300 家商店。

It is the highest price point in the store.

這是商店裡最高的價格點。

And one of the questions that we often get is, are we seeing a difference in spend by customer income or price point and we haven't seen that.

我們經常遇到的問題之一是，我們是否看到客戶收入或價格點的支出有差異，但我們還沒有看到這一點。

And part of that on the boot side is because the Cody James Black brand is outperforming, and it's one of the more expensive products in the store, partly because it's an elevated brand and partly because it tends to skew more towards exotic skin versus plain leather.

靴子方面的部分原因是 Cody James Black 品牌表現出色，並且它是商店中較昂貴的產品之一，部分原因是它是一個高端品牌，部分原因是它更傾向於異國情調的皮革而不是普通皮革。

That said, sort of harkening back to the last call, we're excited about it.

這就是說，有點回想起上次通話，我們對此感到興奮。

It adds some real exitement in the business.

它增加了業務中的一些真正的興奮感。

Hopefully, it will be a great part of our gift giving for holiday.

希望這將成為我們節日禮物的重要組成部分。

But just in terms of quantifying it, it's not multiple points of same-store sales.

但僅僅從量化來看，它並不是同店銷售的多個點。

It's a relatively small piece of our overall business.

這是我們整體業務中相對較小的一部分。

And I don't want to diminish the excitement of it or the work that's gone into it, but it's not comprising 4 or 5 points of comp.

我不想削弱它的興奮感或減少它所付出的努力，但它不包含 4 或 5 點補償。

Okay.

好的。

Jim.

吉姆.

That's helpful.

這很有幫助。

Thank you so much.

太感謝了。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

This is Alex Conway on for John.

我是亞歷克斯·康威（Alex Conway）替約翰發言。

Jim Watkins, just looking at the comp guidance for Q2 there seems to be a bit of a range if you just take October, some of the upside, some to the downside.

吉姆·沃特金斯（Jim Watkins），只要看看第二季度的比較指導，如果你只看十月，似乎有一個範圍，有些是上行的，有些是下行的。

Could you just walk through maybe a bit of some of the assumptions you have on either side of that?

您能否簡單介紹一下您對此雙方的一些假設？

And what really you think the swing factors could be for holiday?

您認為假期的波動因素到底是什麼？

Sure.

當然。

Yes.

是的。

So on the third quarter guidance, really, what we did is a similar approach that we've taken in the last few quarters where we looked at the July, August and September sales, and we rolled that forward applying historical seasonality across several years to see how that would play out in November, December and then through the balance of the year and set our guide accordingly.

因此，在第三季的指導中，實際上，我們所做的是與過去幾季我們採取的類似方法，我們研究了7 月、8 月和9 月的銷售情況，並且我們將這一方法向前推了幾年，應用歷史季節性因素來預測看看這將如何在 11 月、12 月以及今年的剩餘時間內發揮作用，並相應地制定我們的指南。

As we rolled up those numbers, we then took a haircut for Q3, really all months, October, November and December to take into consideration the impact of the election and that shortened holiday period.

當我們匯總這些數字時，我們對第三季度（實際上是所有月份，即 10 月、11 月和 12 月）進行了削減，以考慮到選舉和縮短的假期的影響。

And then we also took a little bit of a haircut in Q4 around some macro uncertainty.

然後，由於一些宏觀不確定性，我們在第四季度也進行了一些削減。

And so as far as the different ranges and how those can play out.

至於不同的範圍以及這些範圍如何發揮作用。

October is behind us -- our fiscal October is behind us.

十月已經過去了——我們的財政十月已經過去了。

As we look at November, we've got a nice range in there for those exact reasons depending on how the holiday shopping season plays out the election and how big of a distraction that is for our customers.

當我們觀察 11 月時，我們有一個不錯的範圍，具體原因取決於假期購物季對選舉的影響以及對我們客戶的干擾有多大。

And sometimes weather can play into things as you get into November and December and January, especially.

有時，尤其是進入 11 月、12 月和 1 月時，天氣會產生影響。

And so I think there are a range of outcomes depending on how the consumer is feeling financially and also the amount of time they have to shop.

因此，我認為會產生一系列結果，這取決於消費者的經濟感受以及他們購物的時間。

But what we've seen over the last couple of quarters, is really encouraging and how resilient our customer is.

但我們在過去幾季所看到的情況確實令人鼓舞，我們的客戶具有很強的彈性。

Again, we have a needs-based product that our customer is visiting our stores to shop for and they continue to need that product.

同樣，我們有一種基於需求的產品，我們的客戶正在我們的商店購買，並且他們仍然需要該產品。

And so we're very optimistic and confident in the guidance that we put out there while considering that there are a few distractions and a few nuances coming our way over the next couple months.

因此，我們對我們提出的指導非常樂觀和充滿信心，同時考慮到在接下來的幾個月裡我們會遇到一些幹擾和一些細微差別。

That's helpful.

這很有幫助。

And then maybe a bit longer term as you go through this leadership transition, can you -- maybe it's a little early, but at least any qualities that you might be looking for in the permanent CEO?

然後，也許從長遠來看，當你經歷這次領導層過渡時，你能——也許現在有點早，但至少有你可能在永久執行長身上尋找的任何品質？

Well, this is Jim Conroy, and I don't want to speak for the Board, but I can give you a couple of pieces having spoken with them through -- over the last few years over just our normal succession planning process.

好吧，我是吉姆·康羅伊，我不想代表董事會發言，但我可以向您提供一些在過去幾年中我們正常的繼任計劃流程中與他們交談過的內容。

John was the number one choice a couple of years ago as the person that would succeed me.

幾年前，約翰是接替我的第一人選。

We didn't know the timing would be this quarter.

我們不知道時間是在本季。

So he certainly has all of the qualities that we move on in a go-forward leader.

因此，他當然具備我們作為一個積極進取的領導者所具備的所有特質。

And I think the Board, given changes like this happen in a very short order, they want to do their due diligence, make a considered choice and potentially look outside for other candidates, but I think John is extremely well positioned to potentially just take the company going forward.

我認為，鑑於此類變化在很短的時間內發生，他們希望進行盡職調查，做出深思熟慮的選擇，並可能在外部尋找其他候選人，但我認為約翰處於非常有利的位置，有可能只接受公司前進。

So while I don't want to speak for the Board, I think I am accurately conveying their thought process to the investment community.

因此，雖然我不想代表董事會發言，但我認為我正在向投資界準確地傳達他們的思考過程。

And in terms of qualities and traits, I mean, we have a very, very strong and defined culture here of all of the six core values that we have, the one that always rises to the top is one of collaboration.

就品質和特質而言，我的意思是，我們擁有一種非常非常強大且明確的文化，其中包含我們擁有的所有六個核心價值觀，其中始終排在首位的是協作之一。

So one of the reasons I feel very strongly that the company will continue forward successfully when I step away is that we already operate as a very solid team.

因此，我強烈認為，當我離開時，公司將繼續成功前進，原因之一是我們已經作為一個非常堅實的團隊運作。

And I'm just one member of that team.

我只是該團隊的一員。

And as I step away, the other 10,000 people on the team will move forward without me at the helm and do quite well.

當我離開時，團隊中的其他 10,000 人將在沒有我掌舵的情況下繼續前進，並且做得很好。

So I think that's how the best I can answer the question.

所以我認為這就是我能回答這個問題的最好方式。

Yeah, thanks again and best of luck in your new role, Jim.

是的，再次感謝，祝你在新角色中好運，吉姆。

Thank you.

謝謝。

Sam Poser, Williams.

山姆·波塞爾，威廉斯。

Congratulations, Jim.

恭喜你，吉姆。

I guess my question is what like within the stronger transactions and everything, do you have one -- what was your penetration on exclusive brands this year versus last year?

我想我的問題是，在更強勁的交易和一切中，您是否有一個 - 今年與去年相比，您對獨家品牌的滲透率是多少？

Number two, can you track sort of your return customers versus new customers within?

第二，你能追蹤你的回頭客和新客戶的情況嗎？

Can you give us some breakdown on what you're seeing there with that drove these strong comps and appear to be continuing to drive?

您能否向我們詳細介紹一下您所看到的推動這些強勁競爭並似乎繼續推動的因素？

Sure.

當然。

So exclusive brands is up about -- do you want to take that?

獨家品牌即將面世——你想接受嗎？

Yes.

是的。

Yes, I'll take it.

是的，我會接受的。

For the quarter, Sam, I'm not sure if that was what you were asking about.

對於本季度，Sam，我不確定這是否是您所問的問題。

We were down 50 basis points.

我們下跌了 50 個基點。

That was up against 620 basis points of growth last year.

這比去年增長了 620 個基點。

And -- for the year, we're expecting that to be up 110 basis points.

今年，我們預計這一數字將上升 110 個基點。

So the next two quarters up about 200 basis points for each quarter.

所以接下來的兩個季度每季都會上漲約200個基點。

As a lot of that coming out of the big strength in denim that you're seeing, which is probably more branded than not.

正如您所看到的牛仔布的強大力量所帶來的，這可能比沒有品牌的產品更多。

We are seeing some nice growth from our exclusive brand denim.

我們看到我們的獨家品牌牛仔布取得了良好的成長。

We're in stock on that.

我們對此有庫存。

And I think as we get through the next couple of quarters, that will be a driver on the exclusive brand growth.

我認為，隨著我們度過接下來的幾個季度，這將成為獨家品牌成長的驅動力。

Also, the ladies business, in general, has seen a nice improvement and that tends to penetrate a little more heavily on exclusive brands.

此外，總體而言，女裝業務有了很大的改善，而且往往更多地滲透到獨家品牌上。

So that's also a driver.

所以這也是一個司機。

But I think that as we look at the last couple of quarters, just being up against some really big numbers last year, and taking some time to adjust through our assortment with the third-party vendors that have had some nice product improvements across categories, getting those in the store.

但我認為，當我們回顧過去幾個季度時，去年我們面對了一些非常大的數字，並花了一些時間透過我們與第三方供應商的分類進行調整，這些供應商在各個類別上都有一些不錯的產品改進，在商店裡買這些。

I think we're at a spot now where we've got a great assortment from our third-party vendors.

我認為我們現在已經從第三方供應商那裡獲得了各種各樣的產品。

We've got some really nice product coming in from our exclusive brand team, and we'll be back to kind of our long-term target of growing exclusive brands in that 200 basis points to 300 basis points of penetration range, not like the outsized growth that we've seen over the last few years that was much higher than that.

我們的獨家品牌團隊推出了一些非常好的產品，我們將回到我們的長期目標，即在 200 個基點到 300 個基點的滲透範圍內發展獨家品牌，而不是像過去幾年我們看到的超額成長遠高於這個數字。

Got you.

明白你了。

And then on customers?

那麼對於客戶呢？

Sure.

當然。

The customer count is up again year-over-year.

客戶數量較去年同期再次增加。

We reached about 8.9 million customers, up 14% versus last year.

我們的客戶數量約為 890 萬，比去年增長 14%。

We feel really good about the retention of customers and the addition of new customers.

我們對保留客戶和增加新客戶感到非常滿意。

As new customers get introduced to the brand, as you know, Sam, our average number of transactions per customer is really only about twice a year, do they shop with us.

隨著新客戶被介紹到該品牌，正如您所知，Sam，我們每個客戶的平均交易次數實際上每年大約只有兩次，他們是否在我們這裡購物。

And we're seeing a behavior pretty similar -- being pretty similar for legacy customers and for newly added customers.

我們看到了一種非常相似的行為——對於舊客戶和新添加的客戶來說非常相似。

Their basket size is pretty similar.

他們的籃子大小非常相似。

We feel really good.

我們感覺真的很好。

You've asked in the past about our ladies business.

您過去曾詢問過我們的女士業務。

We feel really good about the ladies customer, really reengaging with us and seeing growth in both ladies boots and ladies apparel as that part of our business is now when I put those together, almost 23% of total sales.

我們對女士顧客感覺非常好，真正重新與我們互動，並看到女士靴子和女士服裝的增長，因為當我把它們加在一起時，我們業務的一部分現在幾乎佔總銷售額的 23%。

And prior to the pandemic, it was 18% of total sales.

在疫情爆發之前，這一比例佔總銷售額的 18%。

So we feel really good about how we've been able to add more female customers, younger female customers that hold on to them.

因此，我們對如何吸引更多女性客戶、留住她們的年輕女性客戶感到非常滿意。

Thank you and congratulations again.

再次感謝並恭喜。

Thanks Sam.

謝謝薩姆。

Jeremy Hamblin, Craig-Hallum Capital Group.

傑里米·漢布林 (Jeremy Hamblin)，克雷格·哈勒姆資本集團。

And I'll add my congratulations on a fantastic tenure.

我還要祝賀您出色的任期。

I wanted to come back to just some questions around the election potential implications.

我想回到一些關於選舉潛在影響的問題。

Just had a sense for as you look back 2016, 2020, kind of the time period, you've noted before that there's some distraction that happens and a bit of disruption on the typical trends.

當你回顧 2016 年、2020 年，你之前註意到這段時間發生了一些幹擾，並對典型趨勢產生了一些幹擾。

I wanted to understand, a, the magnitude of that; b, the length of period where you think there might be some distraction?

我想了解，a，其重要性； b，您認為可能會出現一些幹擾的時間長度是多少？

And then also just related to the potential tariff stuff, what portion of your business or your products are produced in Mexico?

然後也與潛在的關稅相關，您的業務或產品的哪一部分是在墨西哥生產的？

Yeah.

是的。

Sure.

當然。

So the last election in 2020 is a little bit difficult to gain a lot of information from -- given that we're coming out of COVID.

因此，考慮到我們即將擺脫新冠疫情，從 2020 年的最後一次選舉中獲取大量資訊有點困難。

And so to quantify that was a little tricky.

因此量化這一點有點棘手。

In 2016, we had called out in a slide in our January, I think it was Jim's presentation in January of the following year that we had a negative impact.

2016年，我們在一月份的幻燈片中呼籲，我認為是吉姆在第二年一月份的演講給我們帶來了負面影響。

We didn't quantify it.

我們沒有量化它。

It was probably a couple of points of comp.

這可能是幾個比較點。

If you look at the chart on the quarter, probably not 10 points of comp, maybe closer to 3 to 5 points of comp, but there's also some weather noise that was hurting us that quarter.

如果你看一下本季的圖表，可能不是 10 點的比較，可能接近 3 到 5 點的比較，但也有一些天氣噪音對該季度的我們造成了傷害。

So long-winded answer there.

如此冗長的答案。

I think the time period that, that does tend to impact us is really now until the election.

我認為，這確實會影響我們的時間段實際上是現在，直到選舉為止。

So I think we'll see over the next couple of weeks how big of a distraction that ends up being for us.

所以我想我們會在接下來的幾週內看到這最終會給我們帶來多大的干擾。

And then as far as the Mexico question, about 25% of our exclusive brands comes out of Mexico.

至於墨西哥問題，我們大約 25% 的獨家品牌來自墨西哥。

Got it.

知道了。

And then just one other follow-up here on -- I want to come back to -- you had really strong comps in the quarter and a strong start to the current quarter.

然後是另一個後續行動——我想回過頭來——本季度的業績非常強勁，並且本季度有一個強勁的開局。

In terms of just thinking about -- you noted buying occupancy costs some deleverage there in the quarter, I think, maybe about 60 basis points.

就想想而言——您指出，本季購買入住需要一些去槓桿化成本，我認為，可能約為 60 個基點。

And I just wanted to get a sense in terms of that drag on a plus 5 comp quarter.

我只是想了解一下對 plus 5 季度業績的拖累。

Is that just the real estate costs in some of the markets that you're getting into are a bit higher on a relative basis?

這只是您進入的某些市場的房地產成本相對較高嗎？

Or just additional color you might be able to share on that.

或只是您可以分享的額外顏色。

Sure.

當然。

Really, it's not so much that we're seeing more expensive real estate, but just that we're having new stores that we're opening in new stores even at a similar real estate cost as existing stores are more mature stores, they have a lower sales volume.

事實上，並不是說我們看到了更昂貴的房地產，而是我們在新商店中開設了新商店，即使房地產成本相似，因為現有商店是更成熟的商店，他們有銷售量較低。

And so you have a higher rate of occupancy or occupancy at the rate of sales.

因此，您的入住率或入住率與銷售率相比會更高。

Also, Q2 is a smaller quarter than what we see in Q3 and even Q4.

此外，第二季的季度規模比我們在第三季甚至第四季看到的要小。

And so when we talk about deleverage, we like to look at it more on a full year basis when we provide leverage points.

因此，當我們談論去槓桿時，當我們提供槓桿點時，我們更喜歡以全年為基礎來看待它。

But I think your question was really around Q2 and why that was deleverage.

但我認為你的問題實際上是圍繞著第二季度以及為什麼是去槓桿化的。

There's also a little bit of utilities.

還有一些實用程式。

I think I talked about that on the last call that we tend to see higher utilities in the second quarter that hit that occupancy line.

我想我在上次電話會議上談過，我們往往會在第二季看到更高的公用事業費，達到入住率線。

Got it.

知道了。

Thanks for taking the questions and best wishes on continued success.

感謝您提出問題，並祝福您繼續取得成功。

Dylan Carden, William Blair.

迪倫卡登，威廉布萊爾。

This is Alex on for Dylan.

這是亞歷克斯為迪倫辯護。

Jim, congrats on the news and good luck with your move.

吉姆，恭喜這個消息，祝你搬家好運。

So just one on the macro.

所以只是宏觀方面的一件事。

In light of the current macro and early start to the holiday season, what have you observed at your competitors?

鑑於當前的宏觀情況和假期提前開始，您對競爭對手有何觀察？

Is promotional activity tracking to similar levels relative to historical?

促銷活動是否追蹤到與歷史水準相似的水準？

Are you expecting heading into the holidays?

你期待著假期的到來嗎？

What do those look like?

那些看起來像什麼？

And what are your thoughts for projections on promotional activity in the quarter?

您對本季促銷活動的預測有何看法？

Thanks.

謝謝。

I think it's been much of the same across the competitive set, maybe a slight increase in promotional activity, but certainly nothing we would react to.

我認為整個競爭環境都大致相同，也許促銷活動略有增加，但我們肯定不會對此做出反應。

We have -- our strategy, we are an everyday low price model, and we'll continue to follow a very similar cadence for the very few and pretty light promotions that we will do during the holiday season, they'll be pretty similar to last year.

我們有——我們的策略，我們是每天的低價模式，我們將繼續遵循非常相似的節奏，在假期期間進行很少且相當輕微的促銷活動，它們將非常類似於去年。

I don't expect anything -- we haven't planned any increases in terms of leaning into deeper discounts or more promotions.

我不期待任何事情——我們沒有計劃在傾向於更大的折扣或更多的促銷方面增加任何費用。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just one on margin.

然後只剩下一筆保證金。

Higher level, can you speak to your longer-term margin recovery efforts?

更高層次，您能談談您的長期利潤恢復努力嗎？

Specifically, what initiatives have you prioritized of late?

具體來說，您最近優先考慮了哪些措施？

And how are those trending to drive the business back towards your prior target of EBIT margin in the mid-teens?

這些趨勢如何推動業務回到您之前的 15% 左右的息稅前利潤目標？

I know a few on the gross margin side, you've spoken to supply chain efficiencies, buying economies of scale that stuff.

我知道一些毛利率的問題，您談到了供應鏈效率、購買規模經濟等議題。

Is there anything else you would call out on that front?

在這方面您還有什麼要說的嗎？

Yes.

是的。

I think you called those out in the merchandise margin arena, really, we've worked hard to renegotiate contracts with suppliers, more than one supplier driving that improvement, and we're seeing that come to fruition now.

我認為您在商品利潤領域指出了這些問題，實際上，我們一直在努力與供應商重新談判合同，推動這一改進的供應商不止一家，我們現在看到這一點正在取得成果。

We've also -- we also continue to ramp up our activity in our Kansas City distribution center, and that's helping us get some efficiencies in the quarter, and we'll continue to drive more and more of those efficiencies as we get through this year and having 2 distribution centers that are up and running really allows us a lot of flexibility in how we support the stores and support the e-commerce business.

我們也—我們也繼續加強在堪薩斯城配送中心的活動，這幫助我們在本季度提高了一些效率，隨著我們度過這個時期，我們將繼續提高越來越多的效率年，擁有2 個已啟動並運作的配送中心，確實使我們在支援商店和電子商務業務方面具有很大的靈活性。

And as we get into the out years, a couple of years down the road, we'll several years down the road will likely open up a third facility, and that will drive continued long-term efficiencies.

當我們進入最後幾年時，幾年後，我們可能會開設第三個設施，這將推動持續的長期效率。

We also, on the SG&A side of things, we're constantly negotiating with our vendors and our providers recently saw some nice improvement in our corporate and general liability and property insurance and as we came up on renewals.

此外，在SG&A方面，我們不斷與我們的供應商進行談判，我們的供應商最近在我們的企業和一般責任和財產保險方面看到了一些不錯的改進，並且我們進行了續保。

And so that's something that we're looking at and have -- are expecting to see some improvement on as we get through the balance of this year and is included in our guidance, but we'll carry on with us as we get into next year.

因此，這是我們正在考慮並擁有的東西- 預計在我們度過今年的剩餘時間後會看到一些改進，並將其納入我們的指導中，但當我們進入下一個階段時，我們將繼續我們的工作年。

So it's really at every turn that we can try to renegotiate and drive the cost down.

因此，我們確實可以在每個環節嘗試重新談判並降低成本。

Last call, we talked about something we've been doing for years that continues to grow and scale, and that's the taking possession of full container loads of product from our third-party vendors and getting a discount there and distributing that ourselves where we're able to pick up some additional margins.

在上次通話中，我們談到了我們多年來一直在做的事情，這些事情不斷增長和規模化，那就是從我們的第三方供應商那裡獲得整箱的產品，在那裡獲得折扣，然後自己在我們的地方分銷。

So we're not out of ideas.

所以我們並不是沒有想法。

The team has done a fantastic job of working with our suppliers and our vendors to get back the cost down as we move forward and march back towards that 15% EBIT margin.

團隊在與我們的供應商和供應商合作方面做得非常出色，在我們向前邁進並朝著 15% 的息稅前利潤率邁進的過程中，我們降低了成本。

Got it super helpful.

得到它超級有幫助。

I'll pass it on.

我會把它傳遞下去。

Thanks.

謝謝。

Sam Poser.

薩姆·波塞爾.

Yes.

是的。

There's a follow-up on the margins.

邊緣有後續行動。

On the SG&A, you had said as that if you run a 6 comp that, that should be a leverage point.

關於 SG&A，您曾說過，如果您運行 6 個比較，那應該是一個槓桿點。

Why see as -- at the high end, why see as much deleverage in the third quarter as we're seeing?

為什麼在高端，為什麼第三季的去槓桿化程度與我們所看到的一樣多？

Or are you thinking about the full year the same way?

或者你也以同樣的方式思考全年？

Yes.

是的。

No, it's a great -- it's a fair question, Sam.

不，這是一個很好的問題——這是一個公平的問題，山姆。

We had a couple -- we did say that -- just backing up, we did say that our -- at a 2% comp, we would get SG&A leverage on the year and we're about flat on a 5% comp guide.

我們有幾個 - 我們確實說過 - 只是支持一下，我們確實說過 - 以 2% 的比較，我們將獲得當年的 SG&A 槓桿，而我們與 5% 的比較指南持平。

And I think a couple of things happened.

我認為發生了一些事情。

One, the we saw in the second quarter, and it will be with us the rest of the year, the incentive-based compensation was higher than anticipated.

第一，我們在第二季看到，今年餘下的時間裡，基於激勵的薪酬高於預期。

And that was really the result of accelerated sales the last two quarters and adjustments that were required to make and primarily relating to performance-based stock compensation, which would base it off of a 3-year EPS projection, some from the annual bonus calculation as well.

這實際上是過去兩個季度銷售加速以及需要進行的調整的結果，這些調整主要與基於績效的股票補償有關，這將基於 3 年每股收益預測，其中一些來自年度獎金計算：出色地。

And then we had some elevated legal expenses during the quarter that were unforeseen related to -- primarily to settle dispute we had with one of our properties.

然後，我們在本季出現了一些無法預見的法律費用增加，主要是為了解決我們與其中一處房產之間的糾紛。

And so there are a couple of things that we probably could have modeled a little bit better, but we also weren't anticipating the sales guide that we had at the beginning of the year being a minus 1.6% comp at the high end of the range, accelerating as quickly to a 5% comp and that creates some additional expense that prove to make our leverage points not exactly accurate.

因此，有幾件事我們可能可以更好地建模，但我們也沒有預料到今年年初的銷售指南在高端市場的銷售指導值為-1.6%範圍內，加速到5% 的補償，這會產生一些額外的費用，事實證明我們的槓桿點並不完全準確。

So

所以

--

--

And in the third quarter, though, you're talking about deleverage again on a stronger comp?

不過，在第三季度，您在更強勁的競爭中再次談論去槓桿化？

Yes.

是的。

Again, like my previous comment, we tend to look at the leverage points on a full year basis.

再次，就像我之前的評論一樣，我們傾向於查看全年的槓桿點。

And so there's some timing that's in there, and it's again, we'll focus on the full year and what we're guiding there.

因此，這裡有一些時間安排，我們將再次關注全年以及我們在那裡的指導。

All right.

好的。

Thank you very much.

非常感謝。

This concludes our question-and-answer session.

我們的問答環節到此結束。

I would like to turn the conference back over to John Hazen for closing remarks.

我想將會議轉回約翰·黑森 (John Hazen) 致閉幕詞。

Thank you, everyone, for joining the call today.

謝謝大家今天加入電話會議。

I would like to give Jim Conroy the opportunity to make some closing remarks before we wrap up.

在我們結束之前，我想給吉姆·康羅伊一個機會做總結發言。

Thank you, John.

謝謝你，約翰。

After 12 incredible years at Boot Barn, I'm filled with immense gratitude for this company and the extraordinary partners who have been by my side throughout this journey.

在 Boot Barn 度過了令人難以置信的 12 年後，我對這家公司以及在整個旅程中一直陪伴在我身邊的傑出合作夥伴充滿了無限的感激之情。

Together, we've built something truly special and will forever change the shared successes, challenges and memories that we created, I will step away from Boot Barn knowing that the company is incredibly healthy. in very good hands and poised for future growth.

我們共同打造了一些真正特別的東西，並將永遠改變我們所創造的共同成功、挑戰和記憶，我將離開 Boot Barn，因為我知道這家公司非常健康。掌握在非常好的手中，並為未來的成長做好了準備。

I would like to wish the entire Boot Barn family a heartfelt thank you.

我謹向整個 Boot Barn 家族致以衷心的感謝。

And with that, we will conclude today's call.

我們就這樣結束今天的電話會議。

Thank you and take care.

謝謝你，保重。

The conference has now concluded.

會議現已結束。

Thank you for attending today's presentation.

感謝您參加今天的演講。

You may now disconnect.

您現在可以斷開連線。