Boot Barn Holdings Inc (BOOT) 2025 Q3 法說會逐字稿

Good day, everyone and welcome to the Boot Barn Holdings Inc. third-quarter 2025 earnings call.

大家好，歡迎參加 Boot Barn Holdings Inc. 2025 年第三季財報電話會議。

As a reminder, this call is being recorded.

提醒一下，本次通話正在錄音。

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，我想將會議交給主持人、投資者關係和財務高級副總裁馬克·德多維什先生。

Please go ahead, sir.

先生，請繼續。

Thank you.

謝謝。

Good afternoon, everyone.

大家下午好。

Thank you for joining us today to discuss Boot Barn's third-quarter fiscal 2025 earnings results.

感謝您今天加入我們討論 Boot Barn 2025 財年第三季的獲利結果。

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

今天與我一起參加電話會議的還有臨時執行長約翰‧哈森 (John Hazen)；以及財務長 Jim Watkins。

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.

今天的新聞稿副本以及補充財務報告可在 Boot Barn 網站 bootbarn.com 的投資者關係部分找到。我們結束本次電話會議後不久，電話會議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 will 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是前瞻性陳述。

These forward-looking statements reflect Brann's judgment and analysis only as of today.

這些前瞻性陳述僅反映了 Brann 截至今天的判斷和分析。

And actual results may differ materially from current expectations based on a number of factors affecting Bonn's business accordingly.

由於影響波昂業務的多種因素，實際結果可能與當前預期有重大差異。

You should not place undue reliance on these forward-looking statements 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.

您不應過度依賴這些前瞻性陳述，因為在本次電話會議和網路廣播中將對前瞻性陳述相關的風險和不確定性進行更徹底的討論。

We refer you to the disclaimer regarding forward-looking statements that is included in our third-quarter fiscal 2025 earnings release, as well as our filings with the SEC referenced in that disclaimer.

請您參閱我們 2025 財年第三季財報中有關前瞻性陳述的免責聲明，以及該免責聲明中提及的我們向美國證券交易委員會提交的文件。

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.

無論是由於新資訊、未來事件或其他原因，我們均不承擔更新或修改任何前瞻性聲明的義務。

I will now turn the call over to John Hazen, Boot Barn's Interim Chief Executive Officer.

現在我將把電話轉給 Boot Barn 的臨時執行長約翰·哈森 (John Hazen)。

John?

約翰？

Thank you, Mark, and good afternoon.

謝謝你，馬克，下午好。

Thank you everyone for joining us on this call.

感謝大家參加本次電話會議。

I will review our third quarter of fiscal 2025 results discuss the progress we have made across each of our four strategic initiatives and provide an update on current business.

我將回顧我們 2025 財年第三季的業績，討論我們在四項策略舉措中取得的進展，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 up for questions.

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

We are very pleased with our third-quarter results which reflect broad based growth across all major merchandise categories in stores and online and across all geographies.

我們對第三季的業績非常滿意，該業績反映了實體店、網路和所有地區所有主要商品類別的廣泛成長。

During the quarter revenue increased by 17%, including consolidated same store sales growth of 8.6%.

本季營收成長了 17%，其中綜合同店銷售額成長了 8.6%。

Same store sales in both the stores and e-commerce channels were positive with stores increasing 8.2% and e-commerce increasing 11.1%.

實體店和電商通路的同店銷售額均實現正成長，其中實體店成長8.2%，電商成長11.1%。

We also opened 13 new stores in the quarter bringing our year-to-date total to 39 new units from a margin perspective.

我們也在本季開設了 13 家新店，從利潤率角度來看，年初至今的新店總數達到 39 家。

Third quarter, merchandise margin expanded 130 basis points driven by supply chain efficiencies, better buying economies of scale and growth in exclusive brand penetration.

第三季度，受供應鏈效率提高、採購規模經濟改善以及獨家品牌滲透率成長的推動，商品利潤率擴大了 130 個基點。

The strength in sales and margin combined with solid expense control resulted in earnings per diluted share of $2.43 during the quarter, which was $0.36 above the high end of our guidance range and compares to a dollar 81 of earnings per diluted share in the prior year period included in our third quarter, earnings per diluted share is an approximately $0.22 benefit related to the CEO transition.

強勁的銷售額和利潤率，加上堅實的費用控制，使得本季度每股攤薄收益達到 2.43 美元，比我們預期範圍的高位高出 0.36 美元，相比之下，去年同期的每股攤薄收益為 81 美元。

I am extremely pleased with our third quarter results and I am very proud of the entire team's execution and dedicated effort during the critical holiday season and we will now spend some time discussing each of our four strategic initiatives.

我對我們的第三季的業績感到非常滿意，我對整個團隊在關鍵假期期間的執行力和奉獻精神感到非常自豪，現在我們將花一些時間討論我們的四個戰略舉措。

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 13 stores in the third quarter ending the period with 438 stores in 46 states.

我們在第三季開設了 13 家門市，截止本季末，我們在 46 個州共有 438 家門市。

Our new store engine continues to meet our sales earnings and payback expectations throughout all regions of the country.

我們的新店鋪引擎繼續滿足我們在全國各地的銷售收入和回報預期。

As a reminder, we model 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 萬美元的收入為新店績效模型，營運第一年的現金資本回報率約為 60%。

We have 21 planned store openings in the fourth quarter which would bring the fiscal year total to 60 new stores open, meeting our commitment of 15% new store growth annually.

我們計劃在第四季度開設 21 家門市，這將使整個財年新開店總數達到 60 家，實現每年新店成長 15% 的承諾。

We continue to expand our store footprint across the country as we expect to open stores this quarter in Alaska, Vermont and Rhode Island, which would bring our total store presence to 49 states.

我們將繼續擴大我們在全國的門市覆蓋範圍，預計本季將在阿拉斯加、佛蒙特和羅德島開設門市，這將使我們的門市總數達到 49 個州。

Given the consistent success of our new store openings across all geographies.

鑑於我們在各個地區開設新店的持續成功。

We believe that we have the market potential to double our store count in the US alone over the next several years.

我們相信，光是在美國，未來幾年我們的門市數量就具有翻倍的市場潛力。

Moving to our second initiative, driving same store sales, third quarter, consolidated same store sales grew 8.6% with brick and mortar, same store sales increasing 8.2%.

談到我們的第二項舉措，推動同店銷售額，第三季度，綜合同店銷售額成長 8.6%，其中實體店同店銷售額成長 8.2%。

Store comp growth was driven by a 6% increase in transactions plus a 2% increase in UPT which drove a large, a larger average transaction from a merchandise category perspective.

門市同店銷售額的成長得益於交易量增加 6% 以及 UPT 增加 2%，從商品類別的角度來看，這推動了平均交易量的大幅增加。

The third quarter comp sales were positive across all major merchandise categories led by the Combined Ladies Western boots and apparel businesses which comped positive low double digits.

第三季度，所有主要商品類別的同店銷售額均呈正增長，其中，女式西部靴和服裝業務的同店銷售額均呈低兩位數增長。

This was followed by the combined men's Western boots and apparel business which comped positive high single digits, our denim business which is included in the figures just mentioned.

其次是男士西部靴和服裝綜合業務，該業務取得了高個位數的正增長，我們的牛仔布業務也包含在剛才提到的數據中。

Comped low double-digit positive and our combined work boots and apparel business comped low single digit positive in the quarter.

本季度，我們的綜合工作靴和服裝業務的複合年增長率為低個位數正值。

From a store operations perspective, I am very proud of our field organization across the country for contributing to another successful holiday season.

從商店營運的角度來看，我為我們遍布全國的現場組織為另一個成功的假期季節所做的貢獻感到非常自豪。

They continue to provide best in class customer service while driving record sales volume and hiring over 5,000 seasonal store associates from both a supply chain and merchandizing perspective.

他們繼續提供一流的客戶服務，同時推動創紀錄的銷售量，並從供應鏈和商品銷售的角度僱用超過 5,000 名季節性店員。

We were extremely pleased with the smooth flow of inventory through our distribution centers and stores and our overall preparation for the holiday season, which we believe contributed to the strength of our third quarter results during store visits leading up to Black Friday.

我們對配送中心和商店的庫存順暢流動以及我們為節日季節所做的整體準備感到非常滿意，我們相信這有助於我們在黑色星期五之前的門店訪問中實現第三季度的強勁業績。

And throughout the entire holiday season, we consistently received positive feedback from our store associates.

整個假期期間，我們不斷收到店員的正面回饋。

Many of them highlighted how the earlier preparation, particularly advanced floor sets and inventory availability enabled them to better prepare for the anticipated holiday shopping surge, ultimately enhancing their ability to meet customer demand and maximize sales from a marketing perspective.

他們中的許多人都強調了早期的準備，特別是提前佈置場地和提供庫存，使他們能夠更好地為預期的假日購物熱潮做好準備，最終增強了他們滿足客戶需求和從營銷角度實現銷售最大化的能力。

The team continues to expand our brand awareness and carefully tailor communication to each of our customer segments.

團隊繼續擴大我們的品牌知名度，並精心定制針對每個客戶群的溝通方式。

We believe the use of radio, direct mail artist collaborations, digital advertising and connected television has expanded our customer reach and driven increased traffic to our stores.

我們相信，使用廣播、直郵藝術家合作、數位廣告和連網電視擴大了我們的客戶範圍並增加了我們商店的客流量。

These efforts have also increased the number of active customers in our loyalty program to 9.4 million, a 15% increase over the prior year period.

這些努力也使我們忠誠度計畫的活躍客戶數量增加到 940 萬，比去年同期增加了 15%。

Moving to our third initiative, strengthening our Omnichannel leadership e-commerce sales grew 11.1% in the third quarter.

我們的第三項措施是加強我們的全通路領導地位，電子商務銷售額在第三季成長了 11.1%。

We are very pleased with the consistent strength of our online business and the team's partnership with the field organization during the critical week between Black Friday and Christmas, we were able to ship approximately half of our online orders from our stores.

我們對線上業務的持續強勁以及團隊與現場組織的合作感到非常高興，在黑色星期五和聖誕節之間的關鍵一周內，我們能夠從我們的商店發出大約一半的線上訂單。

A result of our in store inventory being accessible to online customers from an organizational perspective.

從組織角度來看，這是因為線上客戶可以存取我們的店內庫存。

We are happy to announce that John Kosoff has been hired as our new Chief Digital Officer.

我們很高興地宣布，John Kosoff 已被聘為我們的新首席數位長。

John was previously the Chief Digital Officer at Tilly's and prior to that was the Vice President of e-commerce and Marketing at Taco Bell.

約翰曾擔任 Tilly's 的首席數位官，之前曾擔任 Taco Bell 的電子商務和行銷副總裁。

John brings a wealth of experience to our team and his leadership will allow me to focus on my efforts on my current role.

約翰為我們的團隊帶來了豐富的經驗，他的領導能力使我能夠專注於目前的職位。

Now to our fourth strategic initiative, merchandise margin expansion and exclusive brands during the third quarter, merchandise margin increased by 130 basis points compared to the prior year period driven by supply chain efficiencies and better buying economies of scale exclusive brand penetration increased by 180 basis points, which was on top of 310 basis points of expansion in the prior year period, we continue to believe we can achieve merchandise margin expansion through a combination of supply chain efficiencies that are buying economies of scale and growth in exclusive brand penetration.

現在談談我們的第四個戰略舉措，即第三季度的商品利潤率擴大和獨家品牌，受供應鏈效率和更好的採購規模經濟的推動，商品利潤率比去年同期增加了 130 個基點，獨家品牌滲透率增加了 180 個基點，高於去年同期的 310 個基點的利潤，我們仍然相信，通過供應鏈、實現我們的商業盈利率，我們能夠擴大商品的品牌。

Turning to current business through the four weeks of our fiscal January, we have continued to see broad based growth in same store sales on a consolidated basis.

回顧一月份財政年度四周的當前業務，我們繼續看到合併後同店銷售額普遍成長。

Fiscal January, same store sales have increased 8.3% with our store comp increasing 7.2% and our e-commerce business increasing 17.1%.

1 月財報顯示，同店銷售額成長 8.3%，其中實體店銷售額成長 7.2%，電子商務業務成長 17.1%。

We feel very good about the current tone of the business and the start to our fourth quarter.

我們對目前的業務基調和第四季度的開局感到非常滿意。

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

現在我想將電話轉給吉姆沃特金斯。

Thank you John.

謝謝你，約翰。

In the third quarter, net sales increased 16.9% to $608 million.

第三季度，淨銷售額成長16.9%至6.08億美元。

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

淨銷售額的成長是新店銷售額增量和合併同店銷售額成長的結果。

The 8.6% increase in same store sales is comprised of an increase in retail store, same store sales of 8.2% and an increase in the e-commerce same store sales of 11.1%.

同店銷售額8.6%的成長包括零售店同店銷售額成長8.2%及電子商務同店銷售額成長11.1%。

Gross profit increased 20% to $239 million compared to gross profit of $199 million in the prior year period.

毛利較去年同期的 1.99 億美元成長 20%，至 2.39 億美元。

Gross profit rate increased 100 basis points to 39.3% when compared to the prior year period, as a result of a 130 basis point increase in merchandise margin rate partially offset by 30 basis points of deleverage in buying occupancy and distribution center costs.

與去年同期相比，毛利率增加了 100 個基點，達到 39.3%，這是由於商品利潤率增加了 130 個基點，但購買入住率和配送中心成本的去槓桿率降低了 30 個基點，部分抵消了這一影響。

The increase in merchandise margin rate was primarily the result of supply chain efficiencies, better buying economies of scale and growth in exclusive brand penetration.

商品利潤率的提高主要得益於供應鏈效率的提高、更好的採購規模經濟以及獨家品牌滲透率的成長。

While the deleverage in buying occupancy and distribution center costs was driven by the occupancy costs of new stores selling general and administrative expenses for the quarter were $139 million or 22.9% of sales compared to $124 million or 23.8% of sales in the prior year period.

雖然購買佔用和配送中心成本的去槓桿化是由新店銷售的佔用成本推動的，但本季的一般和行政費用為 1.39 億美元，佔銷售額的 22.9%，而去年同期為 1.24 億美元，佔銷售額的 23.8%。

SG A expense as a percentage of net sales decreased by 90 basis points, primarily as a result of the forfeiture of incentive-based compensation related to the CEO transition.

SG A 費用佔淨銷售額的百分比下降了 90 個基點，主要原因是執行長過渡期間激勵性薪酬的取消。

Income from operations was $99 million or 16.4% of sales in the quarter compared to $75 million or 14.4% of sales in the prior year period.

本季營業收入為 9,900 萬美元，佔銷售額的 16.4%，而去年同期為 7,500 萬美元，佔銷售額的 14.4%。

Net income was $75 million or $2.43 per diluted share compared to $56 million of net income or a $1.81 per diluted share in the prior year period.

淨收入為 7,500 萬美元，即每股攤薄收益 2.43 美元，而去年同期的淨收入為 5,600 萬美元，即每股攤薄收益 1.81 美元。

Turning to the balance sheet.

轉向資產負債表。

On a consolidated basis inventory increased 23% over the prior year period to $690 million and increased approximately 1% on a same store basis.

綜合來看，庫存較上年同期增加 23%，達到 6.9 億美元，同店庫存增加約 1%。

We finished the quarter with $153 million in cash and zero drawn on our $250 million revolving line of credit.

本季結束時，我們的現金餘額為 1.53 億美元，而 2.5 億美元的循環信用額度為零。

Turning to our raised outlook for fiscal 2025.

談到我們對 2025 財年的調漲預期。

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

我們今天發布的補充財務報告概述了全年和第四季度的預期範圍的低端和高端。

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

在接下來的評論中我將討論這兩個時期的高端情況。

As we look to the fourth quarter, we expect total sales at the high end of our guidance range to be $460 million.

展望第四季度，我們預計總銷售額將達到指導範圍的高端 4.6 億美元。

We expect consolidated same store sales to increase 7.8% with a retail store, same store sales increase of 7.2% and an e-commerce same store sales increase of 12.1%.

我們預期綜合同店銷售額將成長 7.8%，其中零售店同店銷售額將成長 7.2%，電子商務同店銷售額將成長 12.1%。

We expect gross profit to be $168 million or approximately 36.5% of sales.

我們預計毛利為 1.68 億美元，約佔銷售額的 36.5%。

Gross profit reflects an estimated 120 basis point increase in merchandise margin, partially offset by 60 basis points of deleverage in buying occupancy and distribution center costs.

毛利反映出商品利潤率預計增加120個基點，但被購買入住率和配送中心成本的60個基點的去槓桿所部分抵銷。

Our income from operations is expected to be $51 million or 11.2% of sales.

我們的營業收入預計為 5,100 萬美元，佔銷售額的 11.2%。

We expect earnings per diluted share in the fourth quarter to be a $1.26. And our effective tax rate is estimated to be 25.4%.

我們預計第四季每股攤薄收益為 1.26 美元。我們的有效稅率預計為25.4%。

Based on our third-quarter performance and fourth-quarter outlook, we are raising our full year guidance for the full fiscal year.

根據我們第三季的業績和第四季的展望，我們上調了整個財年的全年業績預期。

We now expect total sales at the high end of our guidance range to be $1.92 billion, representing growth of 15% over fiscal '24.

我們現在預計，指導範圍高端的總銷售額將達到 19.2 億美元，比 24 財年成長 15%。

We now expect same store sales to increase 5.9% with a retail store, same store sales increase of 5.4%.

我們現在預計同店銷售額將成長 5.9%，其中零售店同店銷售額將成長 5.4%。

And e-commerce same store sales growth of 10.2%.

其中電子商務同店銷售額成長10.2%。

We now expect a gross profit to be $716 million or approximately 37.4% of sales.

我們現在預計毛利為 7.16 億美元，約佔銷售額的 37.4%。

Gross profit reflects an estimated 110 basis point increase in merchandise margin driven by supply chain efficiencies, better buying economies of scale and growth in our exclusive brand penetration of 100 basis points.

毛利反映了商品利潤率預計增加 110 個基點，這得益於供應鏈效率的提高、更好的採購規模經濟以及獨家品牌滲透率增加 100 個基點。

Our income from operations is expected to be $241 million or 12.6% of sales.

我們的營業收入預計為 2.41 億美元，佔銷售額的 12.6%。

We expect net income for fiscal '25 to be $182 million representing growth of 24% over fiscal '24.

我們預計25財年的淨收入為1.82億美元，比24財年成長24%。

We now expect earnings per diluted share to be $5.9, a 30% increase from our prior guidance of $5.60.

我們現在預計每股攤薄收益為 5.9 美元，比先前預期的 5.60 美元增加 30%。

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

我們繼續預期資本支出為 1.2 億美元。

We expect to open 21 stores in the fourth quarter and 60 new stores this fiscal year or 15% new unit growth.

我們預計第四季將開設 21 家門市，本財年將開設 60 家新店，或新店成長 15%。

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

現在，我想請約翰作一些結束語。

Thank you, Jim.

謝謝你，吉姆。

We are very pleased with our third-quarter results and we believe we are well positioned for a strong finish to our fiscal year.

我們對第三季的業績非常滿意，並相信我們已做好準備，以強勁的成績結束本財年。

I would like to thank the entire team across the country for their dedication to board and our customers.

我要感謝全國全體團隊對董事會和客戶的奉獻。

Now, I would like to open the call for questions.

現在，我想開始提問。

We will now begin the question-and-answer session.

我們現在開始問答環節。

(Operator Instructions)

（操作員指令）

Matthew Boss, JP Morgan.

摩根大通 (JP Morgan) 的馬修‧博斯 (Matthew Boss)。

Great, thanks and congrats on another nice quarter.

太好了，謝謝，恭喜你又度過了一個美好的季度。

Thank you, Matt.

謝謝你，馬特。

Thank you.

謝謝。

So John, maybe to start off, could you elaborate on traffic and demand that you're seeing across categories in January or just any areas of continued momentum, post holiday?

那麼約翰，也許首先，您能否詳細說明您在一月份看到的各個類別的流量和需求，或者假期後持續增長的任何領域？

And then as we think about moving forward, any change in the business as you're thinking about it relative to the historical low to mid single digit comp algorithm.

然後，當我們考慮向前發展時，您會想到業務中相對於歷史低點到中位數個位數的補償演算法發生的任何變化。

Yeah, I'll start with the first part and then, and then get to the second question.

是的，我將從第一部分開始，然後再討論第二個問題。

So as we got into January and we of course, have to start with January is the smallest month of our fourth quarter, four week, you know, post holiday and then we get into February and of course, our five week March, but looking at the specific departments in January, we saw an acceleration in both men's and women's left categories, specifically boots and apparel.

因此，當我們進入一月份時，當然，我們必須從一月份開始，一月份是第四季度最小的月份，你知道，假期後有四周時間，然後我們進入二月份，當然還有五週時間的三月份，但看看一月份的具體部門，我們看到男女左側類別都有所加速，特別是靴子和服裝。

So we saw nice business in those four major merchandise categories.

我們看到這四大商品類別的生意都不錯。

As we look forward to the remainder of the quarter.

我們期待本季度的剩餘部分。

There, there's nothing that, that we're seeing.

在那裡，我們什麼也沒看到。

That makes us feel any different about the business.

這讓我們對這項業務的感覺有所不同。

It was a strong start to our fourth quarter and we think that will continue Easter, of course, has pushed out into our next fiscal year, but that's a very, very small piece of our business.

我們第四季的開局表現強勁，我們認為這種勢頭將持續下去。

So we're not expecting any major impact from that.

因此我們預計這不會產生任何重大影響。

And then as we look to next year again, too early to guide.

當我們再次展望明年時，目前做出指引還為時過早。

But, we always say we like to start with the, with the low mid single digit algorithm and start to build our budget from there.

但是，我們總是說我們喜歡從中低個位數演算法開始，然後從那裡開始製定預算。

But again, we're too early to guide or talk about next fiscal year.

但是，我們現在對下一財年的預測或談論還為時過早。

Great.

偉大的。

And then maybe Jim, just as we think about merchandise margin and multiyear drivers of merchandise margin, could you help break down what remains whether it's private label and just by basically how to think about some of the remaining levers in the merchandise margin?

然後也許吉姆，正如我們考慮商品利潤和商品利潤的多年驅動因素一樣，您能否幫助分解剩下的東西，無論它是否是自有品牌，以及基本上如何考慮商品利潤中剩餘的一些槓桿？

Sure, as we look to Q4 and, and I'll start there and then go bigger picture.

當然，當我們展望第四季時，我將從那裡開始，然後再看更大的圖片。

We expect to see the merch margin driven by the same drivers we've seen in third quarter and much of this year.

我們預計，推動商品利潤率的因素將與第三季以及今年大部分時間的因素相同。

We're guiding that fourth-quarter margin up 120 basis points with a little more than half of that increase driven by supply chain efficiencies and the balance coming from better buying economies of scale vendor discounts and 200 basis points of exclusive brand penetration.

我們預計第四季度利潤率將上漲 120 個基點，其中一半多一點的增幅來自供應鏈效率的提高，其餘部分來自更好的採購規模經濟、供應商折扣和 200 個基點的獨家品牌滲透率。

As we get to next year, the supply chain efficiencies really started about a year ago.

隨著明年的到來，供應鏈效率實際上大約在一年前就開始了。

And so we've seen the benefit of those throughout this year, roughly 70 basis points of improvement on this year.

因此，我們今年全年都看到了這些措施帶來的好處，比去年提高了約 70 個基點。

Those will stay with us, but we're not planning those to continue with us in improving in any significant manner.

這些將會保留下來，但我們不打算以任何重大的方式繼續改進它們。

So right now, I'd strip those out as we look to merchandise margin drivers.

因此現在，當我們尋找商品利潤驅動因素時，我會將這些因素剔除。

Outside of those as we get into next year, we tend to think of the baseline as being 30 or 40 basis points of merchandise margin expansion.

除此之外，進入明年，我們傾向於將基準視為商品利潤率擴大 30 或 40 個基點。

We expect that over the next five years or so, we will average roughly 200 basis points of exclusive brand penetration growth.

我們預計，未來五年左右，獨家品牌滲透率平均將成長約200個基點。

So maybe half of that 30 to 40 basis point comes from continued exclusive brand penetration growth.

因此，這 30 到 40 個基點中的一半可能來自於持續的獨家品牌滲透率成長。

And then the other half coming from better buying economies of scale that we've seen this year.

另一半則來自我們今年看到的更好的購買規模經濟。

It's really partnering with vendors and and continuing to see the volume discounts that they've given us whether that's us taking possession of a full container load of product and getting a better discount or the scale that we've been growing at and the growth our vendors have seen has allowed us to go back and get some some discounts from our vendor partners and they've been really cooperative in that.

這實際上是與供應商合作，並繼續看到他們給我們的批量折扣，無論是我們擁有一整集裝箱的產品並獲得更好的折扣，還是我們不斷增長的規模以及我們供應商所看到的增長使我們能夠回頭從我們的供應商合作夥伴那裡獲得一些折扣，他們在這方面一直非常合作。

And we expect to continue to see those discounts increase as we move over the next five years.

我們預計，未來五年這些折扣將持續增加。

Great congrats again.

再次恭喜。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Thank you.

謝謝。

Good afternoon.

午安.

So John at IC R a couple weeks ago when you were describing fiscal Q3, you talked about it wasn't really a fashion trend or anything.

幾週前，當您在 IC R 描述第三財季財報時，您談到這實際上不是一種時尚趨勢或其他什麼。

You, I think you're attributing a lot of the strength to just execution and and bringing in more inventory.

您，我認為您將很大一部分力量歸功於執行和引入更多庫存。

So I guess the heart of the question is, do those element now continue with January and, and, and the rest of this fiscal Q4 and maybe even in the in the coming quarters, did note inventory does remain elevated?

所以我想問題的核心是，這些因素是否會延續到 1 月份，以及本財年第四季的剩餘時間，甚至在接下來的幾個季度，庫存是否仍然保持高位？

Not thinking about it as a mark down risk, but is this an investment that you think will continue to drive same store sales growth?

不認為這是一種降價風險，但您認為這項投資將繼續推動同店銷售成長嗎？

Yeah, Peter, I do looking at January as we came out of Q3 from an inventory standpoint, we're, we're very happy where we ended the quarter and began our fourth quarter.

是的，彼得，我確實從庫存的角度回顧了 1 月份第三季度的表現，我們對本季的結束和第四季的開始感到非常滿意。

Our markdown inventory is lower than it was last year and lower than, than pre COVID times.

我們的降價庫存低於去年，也低於疫情之前。

So I feel that we're in a very good inventory position without a fashion risk.

因此，我認為我們的庫存狀況非常好，而且不存在時尚風險。

As I talked about when we were at IC R, I took another peek at, the top 200 products selling, which make up a disproportionate amount of our sales and, nothing stood out as high fashion.

正如我在 IC R 時所說的那樣，我再次查看了銷量排名前 200 位的產品，這些產品占我們銷售額的很大一部分，並且沒有什麼能像高級時裝那樣脫穎而出。

So we feel that it's not a fashion business.

因此我們認為這不是時尚生意。

We are in a good position, inventory wise, not seeing any supply chain disruptions.

從庫存來看，我們的狀況良好，沒有看到任何供應鏈中斷的情況。

So feel quite good about the inventory position and the type of inventory as we go into this fourth quarter into next year.

因此，當我們進入明年第四季時，對庫存狀況和庫存類型感覺相當良好。

Okay.

好的。

Very good.

非常好。

And, and, and maybe just following up on the last question with the merch margin expansion remaining quite impressive.

而且，而且，也許只是跟進最後一個問題，商品利潤率的擴張仍然相當令人印象深刻。

The supply chain efficiencies, Jim could, could you speak to that?

吉姆，您能談談供應鏈效率嗎？

It seems like there's both a combination of lower rates and then you're leveraging a more centralized distribution center deliveries to the store.

看起來似乎是既可以降低費用，又可以利用更集中的配送中心將貨物運送到商店。

Are, are those dynamics going to get lapped or is that something that you'll continue to try to leverage for several years?

這些動力會被重疊嗎？

Yes, we will continue to focus on finding efficiencies and leveraging those.

是的，我們將繼續致力於尋找效率並加以利用。

I just don't want people to, to put in their models another year like we had this year as far as efficiencies as we get to May, we'll fine tune that.

我只是不希望人們在另一年將他們的模型放進像今年一樣的效率模型中，到五月時我們會對其進行微調。

And as we, as we build those, those up from really the bottom bottoms up, we'll, we'll really be able to give you a better number on that.

當我們從底層開始建立這些內容時，我們將能夠為您提供一個更好的數字。

But it's probably going to be in that 10 basis point, maybe increase next year, not 70 or 60 basis points.

但很可能是在 10 個基點左右，也許明年會增加，而不是 70 或 60 個基點。

And, and just to give you some more detail on that as you call that it wasn't negotiated rates or renegotiated rates with the shipping logistics partners and we'll continue to work with them.

並且，只是為了向您提供更多細節，正如您所說，這不是與航運物流合作夥伴協商的價格或重新協商的價格，我們將繼續與他們合作。

And as we get scale, we expect to see better rates with them.

隨著我們規模的擴大，我們期望看到更好的利率。

The Kansas City Distribution Center that went live over a year ago.

堪薩斯城配送中心於一年前投入營運。

We really have been seeing some nice efficiencies there.

我們確實已經看到了一些良好的效率。

Our folks in Fontana have continued to operate at a very high level and helped with efficiencies.

我們在豐塔納的員工繼續保持高水準的工作狀態並幫助提高了工作效率。

And so we don't expect those to, to top out at this point and expect to see some more efficiency there, but it's not going to be in the same tune of what we saw this year.

因此，我們預計這些不會在此時達到頂峰，並希望看到那裡有更多的效率，但它不會與我們今年看到的一樣。

Okay.

好的。

Very helpful.

非常有幫助。

Thanks so much guys.

非常感謝大家。

Thanks Peter.

謝謝彼得。

Thanks Peter.

謝謝彼得。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)

Great.

偉大的。

Good afternoon.

午安.

Thanks very much for taking my question.

非常感謝您回答我的問題。

First question was on the top line.

第一個問題在第一行。

You know, clearly the business is seeing a lot of strength.

你知道，顯然我們的業務正在蓬勃發展。

Are there areas where you'd like to see incremental improvement over the course of calendar 2025 whether that's by channel or product category and then along those same lines, what gives you confidence you can comp the comp in some of these, categories where you've seen improvement already.

您是否希望在 2025 年看到某些領域取得逐步改善，無論是透過管道還是產品類別，然後沿著相同的思路，什麼讓您有信心可以在其中一些您已經看到改善的類別中進行比較。

Like ladies and men's western.

就像女士和男士的西部片。

Yeah, I'll jump in with where we'd like to see some improvement as we talked about this sequential improvement in January over Q3 in men's western boots and apparel, women's western boots and apparel.

是的，我想談談我們希望看到的改進，正如我們討論的那樣，1 月份男士西部靴及服裝、女士西部靴及服裝的銷量較第三季度有所改善。

Of course, something had to have a, more of a struggle and that was work boots.

當然，有些東西必須經歷更艱辛的努力，那就是工作靴。

So, there's no crisis in work boots by any means.

所以，從任何角度來說，工作靴並不存在危機。

But we'd like to see our work boots perform better and we're doing some work around each brand lace up versus pullon to figure out what more we could do on the work boot side.

但我們希望我們的工作靴表現更好，並且我們正在針對每個品牌的繫帶靴和套靴進行一些研究，以找出我們在工作靴方面還能做些什麼。

So work boots is the one place I'd like to see some improvement in the business.

因此，我希望看到工作靴業務有所改善。

And while not guiding next year by a category or guiding next year at all.

儘管不是透過某個類別來指導明年，或者根本沒有指導明年。

At this point, the strength we have seen in denim, we expect that to continue to, to be with us.

目前，我們已經看到了牛仔布的強勢，我們預計這種勢頭將持續下去。

We also have some easier comps in the ladies business early on in the year and we have some really nice momentum in that business.

今年年初，我們在女裝業務方面也取得了一些較為輕鬆的成績，並且我們在該業務方面取得了良好的發展勢頭。

And so we would expect to see that carry forward.

因此我們希望看到這一點繼續下去。

And, and, and the men's business has been really strong all year and really for longer than a year, we expect that momentum to continue with us.

而且，而且，男裝業務全年都非常強勁，而且實際上已經持續了一年多的時間，我們預計這種勢頭將繼續下去。

But the ladies have a little bit easier path to comping the comp.

但是女士們參加比賽的途徑要容易一些。

Okay.

好的。

That's very helpful.

這非常有幫助。

And then I hate to be the guy that asked the tariff question, but just given some of the headlines, can you just help us understand your current exposure to Mexico?

然後我不想成為提出關稅問題的人，但只是給出一些標題，您能否幫助我們了解您目前對墨西哥的風險敞口？

Maybe how you're reacting to some of these headlines?

也許您對其中一些標題有何反應？

And then remind us what happened the last time when tariffs were put into place.

然後回想上次徵收關稅時發生了什麼事。

You know, how did you go about negotiating some of that pricing with vendors versus passing it on to the consumer?

您知道嗎，您是如何與供應商協商部分定價而不是將其轉嫁給消費者的？

Yeah, we're as a reminder, we're 30% on order with China, 25% on order with Mexico.

是的，我們提醒一下，我們的訂單中有 30% 來自中國，25% 來自墨西哥。

China's more rubber soled performance boots and apparel, of course.

當然是中國更多的橡膠底高性能靴子和服裝。

And then Mexico is where we make our leather soled cowboy boots and, and we're the, some of the best leather sold cowboy boots or most of the leather sold cowboy boots are made.

墨西哥是我們生產皮底牛仔靴的地方，我們是生產一些最好的皮革牛仔靴的地方，或者說，大多數的皮革牛仔靴都是在這裡生產的。

We are testing other countries, but we're not going to overreact right now.

我們正在對其他國家進行測試，但現在我們不會反應過度。

There are great boots made in Mexico and there's, supply chain efficiencies we're looking at in terms of how we bring those boots up and how we go about manufacturing those boots and then putting some pressure on our vendors and then, we will maintain margin.

墨西哥生產優質靴子，我們正在研究供應鏈效率，包括如何生產這些靴子以及如何製造這些靴子，然後給我們的供應商施加一些壓力，這樣我們就能保持利潤。

So we'll have to pass if there is a significant tariff, we're going to have to work on getting better pricing some economies of scale on the supply chain and perhaps passing some of that price increase on to the customer to maintain our margin.

因此，如果存在高關稅，我們必須努力在供應鏈上獲得更好的定價，實現規模經濟，或許將部分價格上漲轉嫁給客戶，以維持我們的利潤率。

Profile.

輪廓。

It really kind of depends, Steve, what the, what the tariff number is, right?

這確實有點取決於史蒂夫，關稅號碼是多少，對吧？

That the 1st 10% or so is a little easier to navigate through than, than the 2nd 10% if it goes up higher than that.

如果第一個 10% 左右的比例高於第二個 10% 的比例，那麼導航會稍微容易一些。

And our, our last time we were able to get some concessions on pricing from our, our, our third party vendors as well as our, our factories on the exclusive brands.

上次，我們從第三方供應商以及獨家品牌的工廠獲得了一些價格優惠。

We would expect to see that again.

我們希望再次看到這一幕。

And there were some price increases that we did pass through last time and, and that's as John mentioned, that's, that's what we'd be looking at as well.

上次我們確實經歷了一些價格上漲，正如約翰所提到的那樣，這也是我們正在關注的。

Okay, thanks for that detail.

好的，謝謝你的詳細說明。

Best of luck during rodeo season.

祝你在牛仔競技季節好運。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科（Max Rakhlenko），TD Cowen。

Hey, thanks a lot guys and congrats on the continued momentum.

嘿，非常感謝你們，並祝賀你們繼續保持這樣的勢頭。

So first question is, how are you guys thinking about density and cannibalization?

所以第一個問題是，你們是如何考慮密度和蠶食的？

How close can you get some, some stores near one another?

有些商店彼此之間距離可以有多近？

And what do you see happening with mature stores when a new store does open nearby and then separately, how do you think about taking share from peers versus growing the entire market when you continue to grow penetration in various cities?

當附近開設新店時，您認為成熟的商店會發生什麼情況？ 然後，當您繼續擴大在各個城市的滲透率時，您如何考慮從同行中奪取份額，而不是擴大整個市場？

Sure, I'll jump in on that one max.

當然，我最多會參加那個活動。

As far as the density and, and cannibalization, it really depends on the market.

至於密度和蠶食，這實際上取決於市場。

If it's a, a more rural or even a, a suburban market, we tend to put those stores farther apart, obviously than, than if we're in a densely populated area, think Houston, and, and Dallas, Southern California, Phoenix area, we've been able to put stores, within 10 miles of each other and still see some really nice success as we go into our approval meetings and looking at real estate, we'll factor in any cannibalization into the payback.

如果是農村市場，甚至是郊區市場，我們傾向於將商店建得相距較遠，顯然，如果我們在人口稠密的地區，比如休斯頓、達拉斯、南加州、菲尼克斯地區，我們可以將商店建在彼此相距 10 英里以內的地方，而且仍然看到一些非常好的成功，當我們進入審批會議並考慮房地產時，我們會將任何蠶食都計入回報中。

So we've got a clear that the new store that's being proposed has to clear the hurdle of the cannibalization from the store that it has.

因此，我們很清楚，擬議的新店必須克服現有店面蠶食的障礙。

We have not seen a as much cannibalization as we would have thought we would have seen going back several years.

我們並沒有看到像幾年前我們想像的那樣嚴重的蠶食現象。

We are approving deals that have some level of cannibalization and we factor that in and they're paying back nicely.

我們批准了存在一定程度蠶食效應的交易，並將這一因素考慮在內，而他們也給予了豐厚的回報。

And so it's a long answer to the first part of your question max, but it really depends on the market and how rural it is in determining the density.

因此，對於你問題的第一部分，答案很長，但這實際上取決於市場以及它在確定密度時的鄉村程度。

Your second question was around or second part of the question was around mature stores.

您的第二個問題或問題的第二部分是關於成熟商店的。

And, and what we're seeing around mature stores, the new stores are on a nice path to get up to that mature store level.

而且，我們看到，在成熟的商店中，新店正順利達到成熟商店的水平。

The waterfall we've talked about over the last couple of quarters is starting to plan for everybody's benefit on this call.

我們在過去幾季中討論過的瀑布流程在這次電話會議上開始為每個人的利益進行規劃。

Stores used to open at you know, $1.7 million when we first went public with our, with our target, about 75% of what a mature store does and waterfall up to maturity over the course of five or six or seven years.

我們首次上市時，這些商店的開店成本為 170 萬美元，我們的目標是，達到成熟商店營業額的 75% 左右，並在五、六或七年內逐步成熟。

It looks like we're seeing that since the stores that we've opened over the last three years or so, have been opening at $3 million or north of $3 million.

看起來，我們看到，過去三年左右我們開設的商店的開業成本都在 300 萬美元或 300 萬美元以上。

We're seeing that 2nd year of comp, outperform the chain average by about five points.

我們看到，第二年的業績比連鎖平均高出約 5 個百分點。

And while still a little bit early, that 3rd year of comp is also outperforming not as, not as much as that 2nd year comp, but outperforming the chain average.

雖然還為時過早，但第三年的業績表現雖不及第二年的業績表現，但優於連鎖平均水準。

One interesting thing that, that came up this morning when we were going through some, some reports is we went back and looked at stores that had opened 6 to 8 years ago and in year one, those stores averaged $1.9 million in sales.

今天早上，當我們瀏覽一些報告時，發現了一件有趣的事情，我們回顧了 6 至 8 年前開業的商店，發現第一年這些商店的平均銷售額為 190 萬美元。

And today, on average, those three years of of stores are doing $3.8 million.

如今，這 3 家門市的平均營業額為 380 萬美元。

So they've doubled their sales volume over the last, since they've opened in that six to eight year period.

自從他們開業以來的六到八年間，他們的銷售額翻了一番。

And then as far as the third part of your question, taking share from local competitors, Yeah, we, we've put out some surveys in the past and, and some of our slide decks and talked about how we're, we're taking share from others in the trade area.

至於你問題的第三部分，從當地競爭對手手中奪取市場份額，是的，我們過去曾進行過一些調查，並且在一些幻燈片中談到了我們如何從貿易領域的其他公司手中奪取市場份額。

And we're also seeing some nice improvement from existing customers that have been with us for, for quite a while and growth and what they're, they're purchasing.

我們也看到與我們合作了一段時間的現有客戶取得了一些不錯的進步，他們的購買量也有所成長。

And so whether that's them purchasing more, more of the product, is probably taking some share from where they used to purchase these additional items.

因此，無論他們是否購買更多的產品，都可能奪走他們過去購買這些額外物品的份額。

Years ago.

幾年前。

Got it.

知道了。

And then John, are there any changes or pivots that you'd like to see made to the product assortment either on the Western or work side, including fashion versus function and just any other areas where the business could evolve on the product side now?

那麼約翰，您是否希望看到產品組合在西方或工作方面做出任何改變或調整，包括時尚與功能，以及現在業務在產品方面可以發展的任何其他領域？

No, I mean the no, we're very happy with our assortment.

不，我的意思是，我們對我們的產品組合非常滿意。

We're not going to lean in, of course, more fashion.

當然，我們不會更傾向於時尚。

I talked about some of the small challenges we're facing on the work side.

我談到了我們在工作上面臨的一些小挑戰。

So those are worth calling out, probably the, and this isn't a large change at all, but a small tweak might be the, as we open this aperture to the just country customer and increase the TAM by $15 billion.

因此，這些都值得一提，可能，這根本不是一個很大的變化，而是一個小小的調整可能是，因為我們向公正的國家客戶開放了這個機會，並將 TAM 增加了 150 億美元。

As part of that, we could go after that.

作為其中的一部分，我們可以去追求它。

Just country customer a little more.

只是鄉村顧客多一點。

That's perhaps more folks who weren't going to wear a cowboy hat.

這也許意味著更多的人不會戴牛仔帽。

Now they're wearing a baseball hat, maybe it's some different denim shirts that don't always have a traditional Western Yoke, those sorts of things.

現在他們戴著棒球帽，也許穿著不同的牛仔襯衫，這些牛仔襯衫並不總是帶有傳統的西式軛，諸如此類的東西。

But in general, we're quite happy with the four segments and the product assortment we have for those four segments.

但總的來說，我們對這四個細分市場以及針對這四個細分市場的產品組合感到非常滿意。

Got it.

知道了。

Things like guys and best of luck in fourth quarter.

祝大家在第四節好運。

Exactly.

確切地。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

Hi, you got Ethan Saghi on Janine.

你好，Ethan Saghi 飾演 Janine。

Thanks for taking my questions.

感謝您回答我的問題。

Could you provide some more detail on the opportunities you see going forward in private label, particularly for men's and work?

您能否詳細介紹一下您認為自有品牌未來發展的機遇，尤其是男裝和工作品牌？

Yeah, we, so we have our Hawks exclusive brand and Cody James.

是的，我們有老鷹隊獨家品牌和科迪詹姆斯。

Cody James has always leaned a little more Western.

科迪詹姆斯 (Cody James) 一直更偏向西方化。

I think oil workers pull on work boots and then, and then we've had Hawks which has been more competitive with what you, what most folks probably think of as traditional Western brands with lace up work boots.

我認為石油工人會穿工作靴，然後，我們有了 Hawks，它的競爭力更強，大多數人可能認為它是傳統的西方品牌的繫帶工作靴。

The lace up work boot is probably the one we see more opportunity with on the work site.

繫帶工作靴可能是我們在工作現場看到更多機會的靴子。

Hawks has turned into a really nice business for us and we think there's more upside in Hawks as it's a newer business in the B barn portfolio.

Hawks 對我們來說已經成為一項非常好的業務，而且我們認為 Hawks 還有更多上升空間，因為它是 B 倉投資組合中較新的業務。

Cody James is not mature by any means, but that kind of more traditional work assortment when you think work that Hawks is, I think has some nice potential for us.

科迪詹姆斯 (Cody James) 無論如何都還不成熟，但是當你想到霍克斯 (Hawks) 的工作時，那種更傳統的工作組合，我認為對我們來說具有很好的潛力。

Got it.

知道了。

That's helpful.

這很有幫助。

And then just one more for me.

然後對我來說再來一個。

You previously talked about some of the temporary factors impacting expense leverage this year.

您之前談到了今年影響費用槓桿的一些暫時性因素。

And I know you laid out some of the groundwork for merch margin expansion next year.

我知道你為明年擴大商品利潤做了一些基礎工作。

But could you talk about some of the other margin drivers you see for next year and where you see some of the leverage points shaping up for certain line items.

但是，您能否談談您認為明年的其他一些利潤驅動因素，以及您認為某些項目的一些槓桿點將會在哪裡形成。

Yeah, it's a little early to talk too much about the detail of next year and, and how the things are going to roll up different expense line items in SGNA.

是的，現在談論明年的細節以及如何在 SGNA 中匯總不同的費用項目還為時過早。

But a couple of things, I'll point you to this year, we had some outsized increases in our, in our lease expense related to our new corporate headquarters.

但我要指出的是，今年有幾件事，我們與新公司總部相關的租賃費用大幅增加。

And so we saw a step up in that and that should be flat next year to maybe a little bit of a benefit as we've talked about that on the call.

因此，我們看到了這方面的進步，明年這一數字應該會持平，甚至可能帶來一點好處，正如我們在電話會議上所討論的那樣。

So that should be a help to SG&A This year, we also were up against a pretty low incentive based compensation given, given the performance of the company a year ago on the growth level anyway.

因此，這應該會對銷售、一般及行政開支有所幫助。

And, and so this year, we've built back some of that incentive based compensation that's been a drag on the business even with the reversal that we talked about.

因此，今年我們恢復了部分基於激勵的薪酬，即使如我們所談論的逆轉，這些薪酬仍然對業務造成了拖累。

You know, with Jim leaving last quarter and, and some of the expense reversal we had with that, it's still a headwind this year compared to last year.

你知道，由於吉姆上個季度的離職，以及由此帶來的部分費用逆轉，與去年相比，今年的情況仍然不利。

Despite the tailwinds of Jim's departure.

儘管吉姆的離開帶來了順風。

And so next year, as we get into the planning around the incentive based comp that should be a little bit of a positive for us.

因此，明年，當我們開始製定以激勵為基礎的薪酬規劃時，這對我們來說應該會有點正面的影響。

Other line items in there around insurance and that sort of thing.

其中的其他項目涉及保險和類似的事情。

We'll have to work through the renewals and see where, where those are, those are coming and build that up.

我們必須努力進行更新，看看這些更新在哪裡，它們將如何到來，然後將其建立起來。

We also had a legal settlement charge this year that shouldn't repeat with us next year.

我們今年還承擔了一項法律和解費用，明年應該不會再發生這種事了。

That was pretty sizable.

那真是相當大。

So those are some of the things that we're starting to think about as we look into next year, but not anything significant or meaningful that we see on our radar that we need to expense besides just some normal growth in the business, adding some additional head count to support the, 60 to 70 stores that will open next year, 65 to 70.

因此，這些是我們在展望明年時開始考慮的一些事情，但我們認為除了業務的一些正常增長、增加一些員工來支持明年將開設的 60 至 70 家門店（65 至 70 家）之外，我們不需要花費任何重大或有意義的費用。

I should say that, that we plan to open next year.

我應該說，我們計劃明年開業。

You know, new regional Vice President District Manager, some of the support team that we need to support that growth, but nothing in that I think would be meaningful on the on the P&L SG&A.

您知道，新的區域副總裁區域經理，我們需要一些支援團隊來支持這種成長，但我認為這對損益表銷售、行政和管理費用沒有任何意義。

Got it really appreciate all the color.

得到了它，真正欣賞所有的色彩。

I'll pass it on.

我會傳達的。

Yeah, thank you then.

好的，那謝謝你。

Cory Tarlowe, Jeffries.

科里·塔洛，杰弗里斯。

Great thanks and, and good afternoon.

非常感謝，下午好。

John, I just wanted to ask on the increase in transactions that you've seen.

約翰，我只是想問一下你所看到的交易量的增加。

It obviously speaks to the really continued health of the business in my view.

在我看來，這顯然表明該公司的業務持續健康發展。

Could you just talk about if there's any sort of behaviors that you're seeing that are changing.

您能否談談您所看到的某些行為是否正在改變。

I think your customer visits you twice a year on average.

我認為您的客戶平均每年拜訪您兩次。

But is that new customers, is it existing customer visiting more frequently?

但這是新客戶嗎？

Would just be curious to get a little bit more flavor around the health of the transactions that you've seen?

您是否只是好奇想進一步了解您所看到的交易的健康狀況？

Yeah, so yeah, the plus eight and change for the quarter six points of that coming from transactions, which is our proxy for traffic.

是的，所以是的，加上 8 個百分點，其中 6 個百分點的變化來自交易，這是我們的流量代理。

I hate to give a boring answer but we spend a lot of time looking at our customers by income demographic, by customer segment and the health of our customer and the frequency that our customers shopping is very consistent across the income brackets.

我不想給出一個無聊的答案，但是我們花了很多時間根據收入人口統計、客戶群體和客戶健康狀況來觀察我們的客戶，而我們的客戶購物的頻率在各個收入階層都非常一致。

It's also very consistent between the penetration of Western work wonderwest fashion and just country.

西方作品和時尚的滲透與鄉村的融合也十分一致。

So we haven't seen any real swings we have reassorted over the last year.

因此，我們在過去的一年裡沒有看到任何真正的波動。

Our kind of good, better best and feel that we are, we are nicely positioned and you know, at the best level with exotic boots and seven for all mankind jeans.

我們的優勢是，更好，最好，我們的感覺是，我們處於良好的定位，你知道，我們擁有異國情調的靴子和適合全人類的七款牛仔褲，處於最佳水平。

And then at the at the good level, we've got some new Western shirts that are performing very well and we feel good about the level of product and inventory we have in our stores for the customer that might be at that lower income bracket.

在良好的水平上，我們有一些新的西式襯衫表現非常好，我們對我們商店中針對可能處於較低收入階層的客戶的產品和庫存水平感到滿意。

So all that to say it's been incredibly consistent and I think part of that is full credit to the merchandizing team for having the product at each level of good, better and best to meet those customers' needs.

總而言之，我們的產品始終保持一致，我認為這部分要歸功於銷售團隊，他們讓產品達到好、更好、最好等各個層次，以滿足客戶的需求。

Understood, very helpful.

明白了，很有幫助。

And then I guess for, for Jim, you talked about in response to a prior question, I think it was 30 to 40 basis points of merchandise margin expansion.

然後我想對於吉姆來說，您在回答先前的問題時談到，我認為商品利潤率擴大了 30 到 40 個基點。

Long term.

長期。

Is there any way to also think about as you continue to add these new stores, what the B and OD leverage component would be?

當您繼續添加這些新店時，有沒有辦法考慮一下 B 和 OD 槓桿成分會是什麼？

And theoretically, I would think that should lessen over time as you continue to scale and build out the infrastructure.

從理論上來說，我認為隨著基礎設施的不斷擴大和建設，這種情況會隨著時間的推移而減少。

So I'm curious what that aspect might look like over time if you have any color on that.

因此，如果您對此有任何了解，我很好奇隨著時間的推移，這一方面會是什麼樣子。

On the buying and occupancy, deleverage, it's really a function of growing 15% new units a year and then the next two years or so, we'll, we'll have the hurdle on rate of having increased our store openings from 10% new units a year to 15% new units a year.

在購買和入住率、去槓桿方面，這實際上是每年增加 15% 新單位的功能，然後在接下來的兩年左右，我們將面臨店鋪開設率從每年 10% 新單位增加到 15% 新單位的障礙。

And so that puts some pressure on that.

所以這會帶來一些壓力。

I'm not going to provide a, a guide on what the leverage points will be for for the next few years.

我不會提供未來幾年槓桿點的指南。

We talked about roughly 6% same store sales growth in order to leverage buying and occupancy was the number we put out there this year.

我們談論的是大約 6% 的同店銷售額成長，以便利用購買力和入住率，這是我們今年公佈的數字。

It's, it's probably a good baseline for next year to put in your, in your model, but we'll give you an update on that when we get to the May call the, as we start to cycle the 15% new units opening.

這可能是為您明年的車型設定的一個很好的基準，但當我們開始循環 15% 的新單位開業時，我們會在 5 月電話會議時向您提供最新資訊。

And we're seeing the new stores that we've opened at these higher volumes at the higher flip waterfall over the next couple of years that does help that leverage point a little bit, but I don't think that comes down to a three or four comp, it maybe comes down a half point or point as far as the comp needed to leverage that the fastest thing we could do to leverage buying and occupancy and distribution center costs would be to stop opening new stores.

我們看到，在未來幾年中，我們開設的新店的銷量會更高，週轉率也會更高，這確實會對槓桿點有所幫助，但我不認為這會下降到三到四個點，就槓桿點所需的槓桿而言，它可能會下降半個點或一個點，我們可以做的最快的事情就是停止開設新店，以利用購買和占用率以及配送中心的成本。

That would help the rate it would hurt the earnings dollars.

這將有助於提高利率，但也會損害收益。

And so that's something that we're not looking at.

所以這是我們沒有考慮到的事情。

So it's, it's something that will be with us for a while as we continue to open at this clip.

所以，隨著我們繼續以這種速度開放，它會伴隨我們一段時間。

So that's, that's how we're looking at it.

這就是我們看待此事的方式。

Got it.

知道了。

Thank you much, very much.

非常感謝。

Very helpful.

非常有幫助。

Correct.

正確的。

Jeremy Hamblin, Craig Hallam Capital Group.

傑里米·漢布林 (Jeremy Hamblin)，克雷格·哈勒姆資本集團 (Craig

Thanks and congrats on the strong results.

謝謝並恭喜您取得的優異成績。

I first wanted to just come back to making sure I understood, you know, some puts and takes here and thinking about SG&A on a on a go forward basis.

我首先想回過頭來確保我了解這裡的一些利弊，並考慮了銷售、一般和行政費用 (SG&A) 的未來發展。

So I think just the math on a pre tax basis on the CEO transition benefit in the quarter, I think works out to about $9 million pre tax.

因此，我認為僅以稅前基礎計算本季的執行長過渡福利，就可得出稅前約為 900 萬美元。

I wanted to get confirmation that and, and also just confirmation that all of that falls just in the third quarter.

我想得到確認的是，並且也只是確認所有這些都發生在第三季。

The $6.7 million.

670萬美元。

It is -- is the SG&A number.

它是 - 銷售、一般及行政費用數字。

It's not a $9 million number, Jeremy.

傑里米，這不是一個 900 萬美元的數字。

It's, it, and it's really a function that the, those costs or those, the reversal of the of expenses were not tax deductible.

它，它，它實際上是一個功能，那些成本或那些費用的逆轉是不能免稅的。

And so they flow completely to the bottom line into, into net income.

因此，這些收入完全流入了底線，即淨收入。

So it was a $6.7 million reversal of that expense in the quarter.

因此本季該支出的沖銷金額為 670 萬美元。

And yes, that was a one time that was with us that you reverse the multiyear incentive based stock comp and then any, any annual incentive award that was being accrued thus far this year.

是的，這是我們一次性發生的事情，您可以撤銷多年期激勵性股票補償，然後撤銷今年迄今為止累積的任何年度激勵獎勵。

So that, that will not be a benefit as we go forward as far as there won't be any more to reverse out of the piano.

所以，這不會有什麼好處，因為我們繼續前進，因為不會再有鋼琴可以逆轉了。

Great, thanks for the color and then I just switching gears here to thinking about you know, merchandizing product assortment.

太好了，謝謝你的顏色，然後我就轉換話題來思考商品化產品組合。

As we look forward, you've had a, tremendous amount of success here.

展望未來，您在這裡已經取得了巨大的成功。

You know, and a lot of momentum recently, you mentioned what you're seeing in men's and women's and in the western side.

您知道，最近出現了很大的發展勢頭，您提到了您在男裝、女裝和西方看到的情況。

But as we look ahead, I wanted to get a sense, John, what, what you were thinking in terms of, specific categories that you feel there's real opportunities here as we get into FY26.

但當我們展望未來時，約翰，我想了解一下，在進入 26 財年時，您在考慮哪些具體類別，您認為這裡存在哪些真正的機會。

Where do you, where do you kind of the best opportunities?

您在哪裡，您認為最好的機會在哪裡？

Maybe something that you didn't execute as well on in FY25 or you know, other specific categories where you feel like maybe there's opportunity, exclusive brands or otherwise.

也許是您在 25 財年執行得不好，或者您覺得其他特定類別可能有機會、獨家品牌或其他。

Yeah, I think that the biggest one that comes to mind is continuing what we accomplished in the third quarter there.

是的，我認為我想到最重要的一點就是繼續我們在第三季的成就。

I mentioned it in my opening comments, but it was very eye opening to see the commentary from the store partners or associates as we visited 20 plus stores during the holiday season, about the level of inventory, the freshness of the inventory being in stock in denim, those things weren't necessarily true the entire year.

我在開場白中提到了這一點，但當我們在節日期間訪問了 20 多家商店時，看到商店合作夥伴或同事對庫存水平、牛仔布庫存新鮮度的評論，感到非常大開眼界，因為這些情況並不一定在全年都如此。

So I think the holiday season and how well the merchandizing and planning teams and the store operations teams executed that holiday season is something that has reenergized how we're going to approach inventory and assortment planning as we get into.

因此，我認為假期季節以及商品銷售和規劃團隊以及商店營運團隊在假期季節的執行情況為我們在進入假期季節時如何處理庫存和分類規劃注入了新的活力。

As we get into next fiscal year or so, in terms of trends, if that's where you're going, we're not seeing any big shifts in trends, we're not seeing, a move, much deeper into, flannels or Western yokes, anything of that sort.

當我們進入下一個財政年度左右時，就趨勢而言，如果這就是你要去的地方，我們不會看到趨勢有任何大的轉變，我們沒有看到更深入的趨勢，法蘭絨或西式軛，任何諸如此類的東西。

Our denim continues to be mostly bootcut.

我們的牛仔布仍以靴型褲為主。

We're not seeing, you know, contemporary silhouettes like, barrel jeans and things of that selling in our store.

您知道，我們沒有看到在我們的商店裡銷售像筒形牛仔褲這樣的現代款式的服裝。

We've tested a couple.

我們已經測試了幾個。

So I think it's pretty steady in terms of the aesthetic and what we sell.

因此我認為從美學和銷售產品的角度來看它是相當穩定的。

It's really how we prepare for the, for some of the larger selling seasons like rodeo season as we get into it, we feel very energized by the performance from the holiday season.

這實際上是我們為一些較大的銷售季節（如牛仔競技季節）做準備的方式，當我們進入這個季節時，我們會對假日季節的表現感到非常有活力。

Great.

偉大的。

Thanks for taking the questions and best wishes.

感謝您回答這些問題並致以最良好的祝愿。

Thank you.

謝謝。

Ashley Owens, KeyBanc Capital Markets.

KeyBanc 資本市場公司的 Ashley Owens。

Thanks for taking the question just, just one quick for me here, but we kind of wanted to talk about the A TV and maybe some of the decline you're seeing there quarter to date in the fourth quarter.

感謝您回答這個問題，我在這裡只想快速問您一個問題，我們想談談 A 電視，以及您在第四季度迄今為止看到的一些下滑情況。

Just any big change in trend that you're noticing, maybe pricing or just a mix shift, any color you could provide, there would be helpful.

只要您注意到趨勢的任何重大變化，可能是價格或只是混合變化，您提供的任何顏色都會有所幫助。

So sorry, I don't know if you cut out what you, you're asking if the average transaction value.

非常抱歉，我不知道您是否刪除了您詢問的平均交易價值。

Was that what you're asking if that declined during the quarter?

您想問的是，該數字是否在本季有所下降？

Sorry if I missed that.

如果我錯過了，很抱歉。

Yeah, and more.

是的，還有更多。

So on quarter to date.

本季度迄今的情況如此。

And four too.

還有四個。

Yeah.

是的。

So looking at the comps for the, for the third quarter, we comped up, 8.6%.

因此，從第三季的業績來看，我們的業績成長了 8.6%。

We've guided the fourth quarter, 7.8% so far in January, we're up 8.3%.

我們對第四季的預期是，1 月迄今為止，成長 7.8%，實際成長 8.3%。

So we, we've seen some really nice continued growth in the, and those are all transaction based numbers.

因此，我們看到了一些非常好的持續成長，這些都是基於交易的數字。

And, and the, if you look at the basket size or the, you know, that, which is a mix between the units per transaction that was up to during this last quarter.

而且，如果您看一下購物籃大小，或者，您知道，這是上個季度每筆交易的單位數的混合。

And the aur was kind of flat for us in the third quarter.

第三季我們的業績表現比較平淡。

We would expect to see the growth that we're seeing in January.

我們預計將看到一月份所看到的成長。

I guess January has followed a consistent pattern as far as the aur being flat as up to being up a little bit and really being led by transactions, the, as we get through the rest of the quarter, we expect that trend to continue as far as the maybe where you're going with this, this question is on the same store sales and that the fourth quarter guide is a little bit below the third quarter guide, despite January still being a plus eight.

我認為 1 月份的銷售額一直遵循著一個一致的模式，即銷售額從持平到略有上漲，並且真正受到交易的推動，隨著本季度剩餘時間的到來，我們預計這種趨勢將持續下去，也許您要問的是，這個問題是關於同店銷售額的，儘管 1 月份的銷售額仍為正 8%，但第四季度的指引略低於第三季度的指引略低於第三季度的指引。

And we, we've looked at the, trends over the last four months, you know, third quarter and in January and we looked at historical seasonality and how that rolls out into February and March.

我們研究了過去四個月的趨勢，也就是第三季和一月的趨勢，我們也研究了歷史季節性以及其在二月和三月的影響。

And that's really how we've guided that quarter, which while down just a little bit from a deceleration from a plus 8, 6, a plus 7, 8 is a -- is we feel a very, a strong guide and, and reflective of what the recent trends in the business is part of that in March.

這就是我們對該季度的預期，雖然從正 8、6 到正 7、8 的增速略有下降，但我們感覺這是一個非常強勁的預期，反映了 3 月份業務的近期趨勢。

We do have a little bit tougher comp than we have in January and February.

與一月和二月相比，我們面臨的競爭確實更激烈一些。

But didn't feel like like guiding something above a 78 was was appropriate.

但感覺指導 78 以上的東西並不合適。

Great.

偉大的。

Thank you.

謝謝。

Thanks, Ashley.

謝謝，阿什利。

(Operator Instructions)

（操作員指令）

Jonathan Komp, Baird.

喬納森康普，貝爾德。

Yeah.

是的。

Hi, good afternoon.

嗨，下午好。

Thank you.

謝謝。

I'm sorry if you touched on this already, but I'm I'm curious if you could share more light on the e-commerce acceleration, the performance looks very good there.

如果您已經談及這一點，我很抱歉，但我很好奇您是否可以分享更多有關電子商務加速的信息，那裡的性能看起來非常好。

And I'm wondering if there's anything specific that, that you'd highlight in terms of the execution or, or other drivers?

我想知道在執行或其他驅動因素方面您是否有特別要強調的？

Yeah, the ecom business is driven, of course mostly by barn dotcom.

是的，電子商務業務當然主要由 Barn Dotcom 推動。

More than 75% of our ecommerce business is from bootbarn.com. She's Amazon business and country Outfitter are nice businesses, but all those together make up the remainder of the business.

我們的電子商務業務有 75% 以上來自 bootbarn.com。她的亞馬遜業務和鄉村戶外用品店都是不錯的業務，但所有這些加在一起構成了業務的剩餘部分。

The ecommerce business is driven by transactions and and of course, we know traffic on site.

電子商務業務由交易驅動，當然，我們也了解網站的流量。

So it is a traffic driven business which is, which is the best answer in Q3.

因此，這是一個流量驅動的業務，這是第三季的最佳答案。

For example, we had over a million people visit our store locator page on bar dotcom.

例如，有超過一百萬人造訪了我們在 bar dotcom 上的商店定位器頁面。

Our goal is always to take an ecommerce customer and turn them into a stores customer.

我們的目標始終是將電子商務客戶轉變為商店客戶。

But we're seeing nice business on ecommerce driven by traffic and some of the gains we're seeing on the Google paid side, it's called PMAX for those who care.

但我們看到，在流量的推動下，電子商務業務表現良好，而且我們看到Google付費方面的一些收益，對於那些關心的人來說，這被稱為 PMAX。

But Google has a tool that has been very good at finding us new customers.

但Google有一個非常擅長為我們尋找新客戶的工具。

And we, we'll never chase an unprofitable transaction from an e-commerce standpoint.

而且我們，從電子商務的角度來說，我們永遠不會追逐無利可圖的交易。

We hold ourselves above a four on return on advertising spend.

我們的廣告支出報酬率達到四級以上。

And we've been able to find more customers that match that gate that we put on ourselves.

而我們已經能夠找到更多符合我們設定的門檻的客戶。

So we've had better luck finding new customers and prospecting customers online.

因此，我們在網路上尋找新客戶和潛在客戶方面更為順利。

It's driven a lot of traffic to the site and conversion has been relatively steady.

它為網站帶來了大量流量，轉換率也相對穩定。

Of course, it came down in January versus the holiday quarter, but it is flat in January year over year and it really is a traffic story.

當然，與假期季節相比，1 月份的銷量有所下降，但與去年同期相比，1 月份的銷量持平，這確實是個交通問題。

Yeah, that sounds encouraging.

是的，聽起來令人鼓舞。

And then just as we think about the stores, I know, you're not a promotional driven business, but just a few of the, your typical campaigns and, and things that run during the year.

然後，當我們想到商店時，我知道，你們不是一家以促銷為主導的企業，而只是開展一些典型的活動和在一年內開展的活動。

Any, are you thinking any differently as you look ahead?

您對未來有什麼不同的想法嗎？

You know, the next few quarters about any of the plans there?

您知道接下來幾季有什麼計畫嗎？

Thanks again.

再次感謝。

I think one of the only small tweaks we'd make is we've been happy with how connected TV has performed and we've been very happy with some of our artist collaborations.

我認為我們所做的唯一小調整是，我們對連網電視的表現感到滿意，我們對一些藝術家的合作感到非常滿意。

So we're going to, we had Jelly Roll Morgan Wallen, Kin Leone last year and we feel good about continuing to look for opportunities with different artists.

所以我們會繼續合作，去年我們有 Jelly Roll Morgan Wallen、Kin Leone，我們很高興能繼續尋找與不同藝術家合作的機會。

And of course, we have the long term relationships with Miranda and Brad that have been incredibly successful.

當然，我們與米蘭達和布拉德保持了長期的合作關係，並且取得了巨大的成功。

So we will continue to lean into artist collaborations, sponsoring Morgan's Festival down in Gulf Shores of Alabama.

因此，我們將繼續傾向藝術家合作，贊助阿拉巴馬州格爾夫肖爾斯的摩根音樂節。

Coming up this spring, I send in my boots.

今年春天來臨，我寄出了我的靴子。

We it will be the boot barn stage that is going very well and continue to use traditional radio.

我們將進入進展順利的 Boot Barn 階段並繼續使用傳統廣播。

So we're not a big fan of connected radio.

所以我們不太喜歡連網廣播。

We're a bigger fan of connected TV, allows to, allows us to get into markets that would otherwise be too expensive for some of our media buys.

我們更喜歡連網電視，這讓我們能夠進入那些對我們的一些媒體購買來說太昂貴的市場。

So that's a quick summary of how we're thinking about next year.

以上就是我們對明年計劃的簡要總結。

Yeah, that's great.

是的，太棒了。

Thanks again.

再次感謝。

Thanks John.

謝謝約翰。

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 any closing remarks.

我想將會議交還給約翰·哈森 (John Hazen) 做最後發言。

Thank you everyone for joining the call today.

感謝大家今天參加電話會議。

We look forward to speaking with you on our fourth quarter earnings call.

我們期待在第四季財報電話會議上與您交談。

Take care.

小心。

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。