Boot Barn Holdings Inc (BOOT) 2025 Q4 法說會逐字稿

Good day, everyone, and welcome to the Boot Barn Holdings, Inc., fourth-quarter 2025 earnings conference call. As a reminder, this call is being recorded.

大家好，歡迎參加 Boot Barn Holdings, Inc. 2025 年第四季財報電話會議。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. Please go ahead, sir.

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。先生，請繼續。

Thank you. Good afternoon, everyone. Thank you for joining us today to discuss Boot Barn's fourth-quarter and fiscal 2025 earnings results. With me on today's call are John Hazen, Chief Executive Officer; and Jim Watkins, Chief Financial Officer. 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.

謝謝。大家下午好。感謝您今天加入我們討論 Boot Barn 第四季和 2025 財年的收益結果。今天與我一起參加電話會議的還有執行長約翰哈森 (John Hazen) 和財務長吉姆沃特金斯 (Jim Watkins)。今日新聞稿及補充財務報告可於 Boot Barn 網站 bootbarn.com 的「投資者關係」版塊取得。電話會議結束後，錄音將在公司網站的「投資者關係」區塊提供 30 天的回放。

I would like to remind you that certain statements we will make during this call are forward-looking statements. 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. Accordingly, 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, we refer you to the disclaimer regarding forward-looking statements that is included in our fourth-quarter and fiscal 2025 earnings release, as well as our filings with the SEC referenced in that disclaimer.

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。這些前瞻性聲明僅反映 Boot Barn 截至今天的判斷和分析，實際結果可能與當前預期有重大差異，這取決於影響 Boot Barn 業務的多種因素。因此，您不應過度依賴這些前瞻性陳述。為了更深入討論本次電話會議和網路廣播中前瞻性陳述所涉及的風險和不確定性，我們請您參閱我們第四季度和 2025 財年收益報告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 (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.

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更改任何前瞻性聲明的義務。

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

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

Thank you, Mark, and good afternoon. Thank you, everyone, for joining us. On this call, I will review our fourth-quarter and fiscal 2025 results, discuss the progress we have made across each of our four strategic initiatives, and provide an update on current business. Following my remarks, Jim Watkins will review our financial performance in more detail, and then we will open the call for questions.

謝謝你，馬克，下午好。謝謝大家的參與。在這次電話會議上，我將回顧我們第四季度和 2025 財年的業績，討論我們在四項戰略舉措中取得的進展，並提供當前業務的最新情況。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 the fiscal '25 results across all metrics. Our full-year fiscal '25 revenue increased to a record level of $1.9 billion, which equates to $1 billion of sales growth over the last four fiscal years driven by the 186 stores opened during that period and our strong same-store sales growth.

我們對 25 財年各項指標的業績都非常滿意。我們的 25 財年全年營收增至創紀錄的 19 億美元，相當於過去四個財年的 10 億美元銷售額增長，這得益於該期間開設的 186 家門市以及強勁的同店銷售額增長。

During fiscal '25, we opened 60 new stores across all geographies and we expanded our footprint into four new states. During the year, merchandise margin expanded 130 basis points, representing 500 basis points of growth compared to four years ago. For the year, we grew earnings per diluted share by 23% to $5.88, an increase of $1.08 over the prior year. I'm very proud of the team's accomplishments over the past year and their ability to execute at a high level.

在 2025 財年，我們在所有地區開設了 60 家新店，並將業務擴展到四個新州。本年度，商品利潤率擴大了 130 個基點，與四年前相比成長了 500 個基點。本年度，我們的每股攤薄收益成長了 23%，達到 5.88 美元，比前一年增加了 1.08 美元。我為團隊在過去一年中所取得的成就及其高水準的執行能力感到非常自豪。

Turning to our fourth-quarter results. Total revenue increased 17%, and we opened a record 21 new stores. Consolidated same-store sales increased 6%. Same-store sales in both the stores and e-commerce channel were strong, with stores increasing 5.5% and e-commerce increasing 9.8%. From a margin perspective, fourth quarter merchandise margin expanded 210 basis points. The strength in sales and margin, combined with solid expense control, resulted in earnings per diluted share of $1.22 during the quarter, which was within our guidance range and compares to $0.96 of earnings per diluted share in the prior year period.

談談我們第四季的業績。總收入成長了 17%，我們開設了創紀錄的 21 家新店。合併同店銷售額成長6%。門市和電商通路的同店銷售額均表現強勁，其中門市成長 5.5%，電商成長 9.8%。從利潤率來看，第四季商品利潤率擴大了210個基點。強勁的銷售額和利潤率，加上穩健的費用控制，使得本季每股攤薄收益達到 1.22 美元，這在我們的指導範圍內，而去年同期每股攤薄收益為 0.96 美元。

Turning to current business. We are now six weeks into the first quarter of fiscal '26, and we have continued to see broad-based growth as consolidated same-store sales have increased 9%, driven by increased transactions and full price selling. While we are pleased to see the strong trend of the business continuing to fiscal '26, we recognize the ongoing uncertainty with respect to tariffs. I am confident that our team is well prepared to navigate this uncertainty, and I believe the team's strong background and institutional knowledge will be a distinct advantage within our industry. Slide 16 of the supplemental investor presentation that we released today explains our tariff mitigation strategy in detail.

轉向當前業務。2026 財年第一季已經過去六週了，我們繼續看到廣泛的成長，因為受交易量增加和全價銷售的推動，合併同店銷售額成長了 9%。雖然我們很高興看到業務的強勁趨勢持續到26財年，但我們認識到關稅方面仍然存在不確定性。我相信我們的團隊已經做好了充分的準備來應對這種不確定性，我相信團隊的強大背景和機構知識將成為我們行業內的獨特優勢。我們今天發布的補充投資者簡報的第 16 張投影片詳細解釋了我們的關稅減免策略。

In terms of our third-party vendor strategy, we are approaching this with a mix of discipline and agility. While we are prepared to work through the uncertainty with our third-party vendors, we also see a chance to be opportunistic both in terms of market share gains and deeper penetration of our exclusive brands. Many of our third-party vendors have notified us of price increases which will go into effect this summer. We currently expect to raise retail prices at the same level to maintain merchandise margin rate.

就我們的第三方供應商策略而言，我們採用紀律和敏捷性相結合的方式來實現這一目標。雖然我們準備好與第三方供應商共同努力解決不確定性問題，但我們也看到了在市場份額成長和獨家品牌深度滲透方面抓住機會的機會。許多第三方供應商已通知我們價格上漲，並將於今年夏天生效。我們目前預計將在同一水平上調零售價格，以維持商品利潤率。

For exclusive brands, we have been partnering with our factories to manage pricing by reducing costs and resourcing production to countries with lower tariffs. We have been reviewing each individual style by cost, making decisions line by line to determine whether or not we should cancel an order, order more, hold pricing, or raise pricing, all in an effort to maintain the momentum of our exclusive brands.

對於獨家品牌，我們一直與工廠合作，透過降低成本並將生產資源轉移到關稅較低的國家來管理價格。我們一直在根據成本審查每種款式，逐行做出決定，以確定是否應該取消訂單、訂購更多、維持價格或提高價格，所有這些都是為了保持我們獨家品牌的發展勢頭。

While our goal is to maintain merchandise margin rate on exclusive brand products, we do expect to hold price on certain items, giving up some margin rate in order to maintain or gain market share. As our inventory turns less than 2 times per year and we had accelerated some receipts ahead of tariffs, we expect the incremental cost of the tariffs to be approximately $8 million and the impact to the second half of fiscal '26, which is explained on slide 17 of our supplemental presentation.

雖然我們的目標是維持獨家品牌產品的商品利潤率，但我們確實希望維持某些商品的價格，放棄一些利潤率以維持或獲得市場份額。由於我們的庫存週轉率每年不到 2 次，並且我們在關稅之前加速了一些收貨，我們預計關稅的增量成本約為 800 萬美元，對 26 財年下半年的影響，這在我們的補充演示文稿的第 17 張幻燈片中進行了解釋。

Looking at our exclusive brand sourcing. Over the last several years, the team has been focused on reducing risk across our supply chain by diversifying our countries of production. Over five years ago, Chinese factories produced more than half of our exclusive brand product. Thanks to our team's ongoing diversification efforts, as of fiscal '25, this number was reduced to 24%.

查看我們的獨家品牌購買。過去幾年來，團隊一直致力於透過生產國家多元化來降低整個供應鏈的風險。五年多前，中國工廠生產了我們一半以上的獨家品牌產品。感謝我們團隊持續的多元化努力，截至 25 財年，這一數字已降至 24%。

We have accelerated these efforts even further in fiscal '26, resulting in an estimated 12% penetration of goods produced in China for the year. And we are estimating that China will only produce approximately 5% of exclusive brand goods in the second half of fiscal '26 and in fiscal '27. I am confident that our team is equipped to navigate the current challenges facing the retail industry, and I believe the company's foundation is solid, and we are structured for future growth.

我們在 26 財年進一步加快了這些努力，預計當年中國生產的商品滲透率將達到 12%。我們估計，26財年下半年和27財年，中國將只生產約5%的獨家品牌商品。我相信我們的團隊有能力應對零售業當前面臨的挑戰，我相信公司的基礎是堅實的，我們已經為未來的成長做好了準備。

I will now spend some time discussing each of our four strategic initiatives. Let's begin with new store growth.

我現在將花一些時間討論我們的四項策略舉措。讓我們從新店成長開始。

Fiscal '25 marks the third consecutive year that we have opened up 15% new units, and our new store engine continues to meet our sales, earnings and pay back expectations across all geographies. We opened 60 new stores in fiscal '25 and ended the year with 459 stores. The new stores opened in fiscal '25 are projected to generate $3.2 million of revenue and payback in less than two years.

25 財年是我們連續第三年開設 15% 的新門市，我們的新店引擎繼續滿足我們在所有地區的銷售、獲利和回報預期。我們在 25 財年開設了 60 家新店，年底門市總數達到 459 家。預計 25 財年開設的新店將創造 320 萬美元的收入，並在不到兩年的時間內收回成本。

We expanded our national footprint into four new states in fiscal '25, ending the fiscal year with a physical presence in 49 states. We believe our new stores not only generate tremendous returns, but also increased brand awareness as we expand our footprint across the country and elevate Boot Barn to a household name. Looking forward to fiscal '26, we are planning to open 15% new units, which equates to 65 to 70 new stores. We expect to open these stores in both legacy and new markets. Given the consistent performance of our new store openings across all geographies, we believe that we have the market potential to double our store count in the US alone over the next several years.

我們在 25 財年將業務範圍拓展至四個新州，至此，我們在 49 個州擁有實體業務。我們相信，隨著我們在全國擴大業務範圍並將 Boot Barn 提升為家喻戶曉的品牌，我們的新店不僅能帶來巨大的回報，還能提高品牌知名度。展望 26 財年，我們計劃開設 15% 的新門市，相當於 65 至 70 家新店。我們希望在傳統市場和新興市場開設這些商店。鑑於我們在所有地區新店開設的一致表現，我們相信，未來幾年內，僅在美國，我們的門市數量就有市場潛力翻一番。

Moving to our second initiative, same-store sales. Fourth quarter consolidated same-store sales grew 6%, with brick-and-mortar same-store sales increasing 5.5%. Store comp growth was driven by a 6% increase in transactions and an approximately flat basket. From a merchandising perspective, we saw broad-based growth across most merchandise categories in the fourth quarter, led by the combined ladies western boots and apparel businesses, which comped positive mid-teens.

轉到我們的第二項舉措，同店銷售額。第四季綜合同店銷售額成長 6%，其中實體店同店銷售額成長 5.5%。門市同店銷售額的成長得益於交易量 6% 的成長和購物籃基本持平的現象。從商品銷售角度來看，我們看到第四季度大多數商品類別都實現了廣泛增長，其中女士西部靴和服裝業務的合併增長最為顯著，銷售額達到了積極的十幾倍。

This was followed by the combined men's western boots and apparel businesses, which comped positive high-single digits. Our denim business, which is included in the figures just mentioned, comped positive mid-teens. Our work boots business comped low-single-digit negative, and our work apparel business comped high-single-digit positive. We are extremely pleased to see the widespread growth across categories continue into the fourth quarter.

緊隨其後的是合併後的男士西部靴和服裝業務，其銷售額實現了高個位數的正成長。我們的牛仔布業務（包括在剛才提到的數據中）的營收達到了正十幾個百分點。我們的工作靴業務實現了低個位數的負成長，而我們的工作服裝業務實現了高個位數的正成長。我們非常高興地看到，各類別的廣泛成長持續到第四季度。

Our customer loyalty database grew 14% year over year, reaching 9.6 million total active customers as of the end of fiscal '25. This growth represents more than 1 million customers being added to the program each year for the past four fiscal years. We continue to harness the power of this information to assist with planning our media spending, tailoring our customer communications and modifying our merchandise assortment by store based on local demographics.

我們的客戶忠誠度資料庫年增 14%，截至 25 財年末，活躍客戶總數達到 960 萬人。這一成長意味著過去四個財年每年都有超過 100 萬名客戶加入該計畫。我們將繼續利用這些資訊的力量來協助規劃我們的媒體支出、客製化我們的客戶溝通方式以及根據當地人口統計數據按商店修改我們的商品分類。

From a store operations perspective, I am very proud of our field organization's performance throughout the fourth quarter. Visiting more than 40 stores over the last six months, I have seen the team's dedication firsthand, and I have been consistently impressed by their enthusiasm and dedication to our customers and to Boot Barn. Witnessing their hard work and connection to the customer, it's truly an inspiration to me, and I am confident we will continue to grow the brand by following their example.

從商店運營的角度來看，我對我們現場組織在整個第四季度的表現感到非常自豪。在過去的六個月裡，我參觀了 40 多家商店，親眼目睹了團隊的奉獻精神，他們對客戶和 Boot Barn 的熱情和奉獻精神一直給我留下了深刻的印象。見證他們的辛勤工作和與客戶的聯繫，這對我來說真的是一種鼓舞，我相信我們將以他們為榜樣繼續發展品牌。

We will continue to be a store-first organization, and we will invest in the store experience for our customers. This includes investments in remodels, design, and technology. One of the initiatives that I'm especially excited about is the introduction of traffic counters to our stores. We believe the addition of traffic counters will allow us to focus more on converting traffic into sales and providing the best customer service in the industry.

我們將繼續成為以商店為先的組織，並將投資於客戶的商店體驗。這包括對改造、設計和技術的投資。令我特別興奮的一項舉措是在我們的商店引入客流量計數器。我們相信，增加客流量計數器將使我們能夠更專注於將客流量轉化為銷售額，並提供業界最好的客戶服務。

Moving to our third initiative, omnichannel. E-commerce comp sales grew 9.8% in the fourth quarter, and the online business had positive comps in all four quarters of fiscal '25. Our digital flagship bootbarn.com makes up approximately 75% of our online sales and comped low double-digit positive for the fiscal year. We believe this is a reflection of the strength of our brand as we continue to increase our national awareness through marketing and new store openings. We also believe the online business benefits from our store growth as we see online demand increase almost immediately when a new store opens in the market.

轉向我們的第三個舉措，全通路。第四季電子商務同店銷售額成長 9.8%，25 財年四季的線上業務同店銷售額均實現正成長。我們的數位旗艦 bootbarn.com 約占我們線上銷售額的 75%，並在本財年實現了低兩位數的正成長。我們相信，這體現了我們的品牌實力，因為我們透過行銷和開設新店不斷提高我們的全國知名度。我們也相信，線上業務將從我們門市的成長中受益，因為我們看到，當市場上開設新店時，線上需求幾乎會立即增加。

Now to our fourth strategic initiative, merchandise margin expansion and exclusive brands. During the fourth quarter, merchandise margin increased 210 basis points compared to the prior-year period. And for the full year, fiscal '25 merchandise margin increased 130 basis points compared to the prior-year period. Over the last four fiscal years, merchandise margin has increased 500 basis points, with approximately one-third of that growth driven by exclusive brands and the remaining two-thirds due to increased full price selling, buying economies of scale and supply chain efficiencies. Exclusive brand penetration increased 190 points in the fourth quarter and 90 basis points for the full year.

現在談談我們的第四個策略舉措，即擴大商品利潤和獨家品牌。第四季度，商品利潤率較去年同期增加了210個基點。就全年而言，25 財年的商品利潤率與去年同期相比增加了 130 個基點。在過去四個財年中，商品利潤率增加了 500 個基點，其中約三分之一的成長來自獨家品牌，其餘三分之二則歸功於全價銷售的增加、採購規模經濟和供應鏈效率的提高。獨家品牌滲透率在第四季度增加了 190 點，全年增加了 90 個基點。

Fiscal '25 exclusive brand penetration of 38.6 equates to 1,500 basis points of exclusive brand growth over the last four fiscal years. I am pleased with the team's ability to balance expanding exclusive brands while driving growth within our third-party partners.

25 財年獨家品牌滲透率為 38.6，相當於過去四個財年獨家品牌成長了 1,500 個基點。我很高興看到團隊能夠在擴大獨家品牌的同時推動第三方合作夥伴的成長。

For fiscal '26, we expect to grow exclusive brand penetration 100 basis points, and we expect merchandise margin rate to be flat. Given the uncertain tariff environment, we have attempted to reflect the appropriate impact on the first and second half of fiscal '26. We expect merchandise margin growth in the first half of the year as we sell through untariffed goods in stores and online.

對於 26 財年，我們預計獨家品牌滲透率將成長 100 個基點，並且我們預計商品利潤率將保持穩定。鑑於不確定的關稅環境，我們試圖反映對26財年上半年和下半年的適當影響。由於我們在商店和網路上銷售非關稅商品，我們預計上半年商品利潤率將會成長。

As we move to the second half of fiscal '26, we expect to see merchandise margin pressure as we begin to sell tariffed goods. Our strategy is to maintain merchandise margin rate, but we may not raise prices on certain items, give up some margin rate in order to maintain or gain market share.

隨著我們進入 26 財年下半年，隨著我們開始銷售關稅商品，我們預計商品利潤率將面臨壓力。我們的策略是維持商品利潤率，但我們可能不會提高某些商品的價格，放棄某些利潤率以維持或獲得市場份額。

We are confident in the team's ability to design and develop compelling product assortments to drive the business forward, and we believe we can expand merchandise margin in the future through multiple growth levers.

我們相信團隊有能力設計和開發引人注目的產品組合來推動業務發展，我們相信未來我們可以透過多種成長槓桿來擴大商品利潤率。

I would like to now turn the call over to Jim.

現在我想把電話轉給吉姆。

Thank you, John. In the fourth quarter, net sales increased 16.8% to $454 million. The increase in net sales was the result of the incremental sales from new stores and the increase in consolidated same-store sales. The 6% increase in same-store sales is comprised of a 5.5% increase in retail store same-store sales and a 9.8% increase in e-commerce same-store sales. Gross profit increased 21% to $169 million compared to gross profit of $139 million in the prior year period.

謝謝你，約翰。第四季度，淨銷售額成長16.8%，達到4.54億美元。淨銷售額的成長是新店銷售額增加和合併同店銷售額增加的結果。同店銷售額6%的成長包括零售店同店銷售額成長5.5%及電子商務同店銷售額成長9.8%。毛利較去年同期的 1.39 億美元成長 21%，達到 1.69 億美元。

Gross profit rate increased 130 basis points to 37.1% when compared to the prior-year period as a result of a 210 basis point increase in merchandise margin rate, partially offset by 80 basis points of deleverage in buying, occupancy and distribution center costs. The increase in merchandise margin rate was primarily the result of supply chain efficiencies, lower shrink expense, better buying economies of scale, and growth in exclusive brand penetration, while the deleverage in buying occupancy and distribution center costs was driven by the occupancy costs of new stores.

與去年同期相比，毛利率增加了 130 個基點，達到 37.1%，這是由於商品利潤率增加了 210 個基點，但被採購、佔用和配送中心成本的 80 個基點的去槓桿作用部分抵消。商品利潤率的提高主要得益於供應鏈效率的提高、損耗費用的降低、採購規模經濟的改善以及獨家品牌滲透率的增長，而採購佔用率和配送中心成本的去槓桿則受到新店佔用成本的推動。

Selling, general, and administrative expenses for the quarter were $119 million or 26.2% of sales compared to $101 million or 26.1% of sales in the prior year period. SG&A expense as a percentage of net sales deleveraged by 10 basis points, primarily as a result of higher legal expenses and store payroll, partially offset by lower marketing expenses.

本季銷售、一般及管理費用為 1.19 億美元，佔銷售額的 26.2%，去年同期為 1.01 億美元，佔銷售額的 26.1%。銷售、一般及行政費用佔淨銷售額的百分比下降了 10 個基點，這主要是由於法律費用和商店工資增加，但被行銷費用降低部分抵消。

Income from operations was $50 million or 11% of sales in the quarter compared to $38 million or 9.8% of sales in the prior-year period. Net income per diluted share was $1.22 compared to $0.96 per diluted share in the prior-year period.

本季營業收入為 5,000 萬美元，佔銷售額的 11%，而去年同期為 3,800 萬美元，佔銷售額的 9.8%。每股攤薄淨收益為 1.22 美元，去年同期每股攤薄淨收益為 0.96 美元。

Turning to the balance sheet. On a consolidated basis, inventory increased 25% over the prior year period to $747 million and increased approximately 5.7% on a same-store basis. Total inventory increased as a result of adding 15% new stores, growth in exclusive brands, and the proactive pull forward of shipments in anticipation of tariffs. We feel good about the health of our inventory and our markdowns as a percentage of inventory are below last year and below historical levels. We finished the quarter with $70 million in cash and zero drawn on our $250 million revolving line of credit.

轉向資產負債表。綜合來看，庫存較上年同期增加 25%，達到 7.47 億美元，同店庫存增加約 5.7%。由於新增 15% 的門市、獨家品牌的成長以及預期關稅而主動提前出貨，總庫存有所增加。我們對庫存的健康狀況感到滿意，庫存降價百分比低於去年同期，也低於歷史水準。本季結束時，我們的現金為 7,000 萬美元，2.5 億美元的循環信用額度為零。

Turning to our outlook for fiscal 2026. Due to the continued uncertainty around tariffs and the resulting impact on consumer spend, we are providing guidance with wider ranges than we have historically. The supplemental financial presentation we released today lays out the low and high end of our guidance ranges for both the full year and first quarter. Both the low- and high-end scenarios of our fiscal '26 guidance contemplate increased tariffs resulting in price increases this summer, which we believe could lead to softer consumer demand.

談談我們對 2026 財年的展望。由於關稅的持續不確定性及其對消費者支出的影響，我們提供的指導範圍比歷史上更為廣泛。我們今天發布的補充財務報告列出了全年和第一季的指導範圍的低端和高端。我們 26 財年指引中的低端和高端情景都考慮到了關稅上調導致今年夏天價格上漲，我們認為這可能會導致消費者需求疲軟。

Also included is a merchandise margin decline in the second half of the fiscal year due to unmitigated tariff costs. The difference between the low- and high-end scenarios reflects varying degrees of both softer consumer demand and merchandise margin decline in the second half of the fiscal year. Both scenarios also contemplated a 30% tariff on China, 10% global tariff rate, and 0% tariff on goods from Mexico for the balance of this fiscal year.

此外，由於關稅成本未緩解，本財年下半年商品利潤率也出現下降。低端和高端情境之間的差異反映了財年下半年消費者需求疲軟和商品利潤率下降的不同程度。兩個方案也設想，在本財政年度剩餘時間內，對中國商品徵收 30% 的關稅，全球關稅稅率為 10%，對來自墨西哥的商品徵收 0% 的關稅。

For the full year, at the high end of our guidance range, we expect total sales to be $2.15 billion, representing growth of 13% over fiscal '25. We expect same-store sales to increase 2%, with a retail store same-store sales increase of 1.5% and e-commerce same-store sales growth of 7.5%. We expect merchandise margin to be $1.08 billion or approximately 50.1% of sales, which would be flat to the prior-year period and includes exclusive brand penetration growth of 100 basis points.

就全年而言，按照我們指導範圍的高端，我們預計總銷售額將達到 21.5 億美元，比 25 財年增長 13%。我們預計同店銷售額將成長 2%，其中零售店同店銷售額將成長 1.5%，電子商務同店銷售額將成長 7.5%。我們預期商品利潤率為 10.8 億美元，約佔銷售額的 50.1%，與去年同期持平，其中包括獨家品牌滲透率成長 100 個基點。

We expect gross profit to be $793 million or approximately 36.9% of sales. We anticipate 60 basis points of deleverage in buying, occupancy and distribution center costs due to the occupancy of new stores and 50 basis points of leverage in SG&A. Our income from operations is expected to be $266 million or 12.4% of sales. We expect net income for fiscal '26 to be $197 million and earnings per diluted share to be $6.40.

我們預計毛利為 7.93 億美元，約佔銷售額的 36.9%。我們預計，由於新店的入駐，採購、入住和配送中心成本的去槓桿率將下降 60 個基點，而銷售、一般和行政費用的槓桿率將下降 50 個基點。我們的營業收入預計為 2.66 億美元，佔銷售額的 12.4%。我們預計 26 財年的淨收入為 1.97 億美元，每股稀釋收益為 6.40 美元。

I would now like to provide some guidance around estimated leverage points. With flat merchandise margin rate at the high end of our guidance range, we expect to leverage EBIT at 3% of consolidated same-store sales growth. We expect to leverage buying, occupancy, and distribution center costs in fiscal '26 with 7% comp increase, and we expect to leverage SG&A with a flat comp.

我現在想就估計的槓桿點提供一些指導。由於商品利潤率維持在我們指導範圍的高端，我們預計息稅前利潤將達到合併同店銷售額成長的 3%。我們預計在 26 財年，採購、佔用和配送中心成本將達到 7% 的年增幅，同時，我們預期銷售、一般及行政費用將保持穩定。

Turning to the low end of our guidance range for the full year. The low end of our guidance range assumes softer consumer demand than the high end, resulting in total sales volume of $2.07 billion, representing growth of 8% over fiscal '25 and a full-year same-store sales decline of 2%. The low end also assumes 30 basis points of merchandise margin decline, 140 basis points of gross profit deleverage, and 10 basis points of SG&A deleverage compared to the prior-year period. These assumptions result in income from operations of $228 million, or 11% of sales, and earnings per diluted share of $5.50. In both the low and high-end scenarios, we plan to grow new units by 15%, adding between 65 and 70 new stores during fiscal '26.

轉向我們全年指導範圍的低端。我們的指導範圍的低端假設消費者需求比高端更疲軟，導致總銷售額為 20.7 億美元，比 25 財年增長 8%，全年同店銷售額下降 2%。低端也假設與去年同期相比，商品利潤率下降 30 個基點，毛利去槓桿率下降 140 個基點，銷售、一般及行政費用去槓桿率下降 10 個基點。這些假設導致營業利潤為2.28億美元，佔銷售額的11%，每股稀釋收益為5.50美元。無論在低端或高端情境下，我們都計劃在26財年將新門市數量增加15%，新增65至70家門市。

We expect our capital expenditures to be between $115 million to $120 million, which is net of estimated tenant allowances of $35 million. And for the year, we expect our effective tax rate to be 26%.

我們預計資本支出將在 1.15 億美元至 1.2 億美元之間，扣除預計的 3,500 萬美元租戶津貼。我們預計今年的有效稅率為 26%。

As we look to the first quarter of fiscal '26, we expect total sales at the high end of our guidance range to be $491 million and a consolidated same-store sales increase of 6%. We expect merchandise margin to be $254 million or approximately 51.7% of sales, a 140-basis-point increase over the prior year period, which includes a 190-basis-point increase in exclusive brand penetration.

展望 26 財年第一季度，我們預期總銷售額將達到指引範圍的高端 4.91 億美元，合併同店銷售額將成長 6%。我們預期商品利潤率為 2.54 億美元，約佔銷售額的 51.7%，比去年同期增加 140 個基點，其中包括獨家品牌滲透率增加 190 個基點。

We expect gross profit to be $188 million or approximately 38.2% of sales, which includes 20 basis points of deleverage in buying, occupancy and distribution center costs. Our income from operations is expected to be $64 million or 13% of sales. We expect earnings per diluted share to be $1.52.

我們預計毛利為 1.88 億美元，約佔銷售額的 38.2%，其中包括購買、入住和配送中心成本的 20 個基點的去槓桿。我們的營業收入預計為 6,400 萬美元，佔銷售額的 13%。我們預計每股攤薄收益為 1.52 美元。

Turning to our share repurchase program. As announced in our earnings release, the Board of Directors has authorized a share repurchase program to buy up to $200 million of our common stock. We plan to execute a quarter of the total authorization this fiscal year, with the spend roughly consistent by quarter, which has been factored into our guidance. With our fiscal '26 outlook, we expect to generate cash from operations that is more than sufficient to fund new store growth, other capital expenditures and buy back shares.

談談我們的股票回購計劃。正如我們在收益報告中宣布的那樣，董事會已批准一項股票回購計劃，以購買價值高達 2 億美元的普通股。我們計劃在本財年執行總授權的四分之一，支出大致與季度一致，這已計入我們的指導中。根據我們對 26 財年的展望，我們預期營運產生的現金足以支持新店擴張、其他資本支出和回購股票。

Today's announcement reflects confidence in our strong cash flow generation and allows us the opportunity to deliver additional value to our shareholders.

今天的公告反映了對我們強勁現金流產生的信心，並使我們有機會為股東創造更多價值。

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

現在，我想請約翰作最後發言。

Thank you, Jim. We are very pleased with fiscal '25 results, and the entire team's effort resulted in strong results across the board and further strengthened the brand and customer loyalty. I am grateful to the entire organization for their commitment, and I look forward to the opportunity to grow the business in fiscal '26 and beyond.

謝謝你，吉姆。我們對 25 財年的業績非常滿意，整個團隊的努力帶來了全面的強勁業績，並進一步加強了品牌和客戶忠誠度。我感謝整個組織的承諾，並期待有機會在 26 財年及以後發展業務。

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

現在，我想開始提問。操作員？

(Operator Instructions) Matthew Boss, JPMorgan.

（操作員指示）摩根大通的馬修·博斯。

Great. It's Amanda Douglas on for Matt. And congrats on the role, John.

偉大的。阿曼達·道格拉斯 (Amanda Douglas) 取代馬特 (Matt)。恭喜你獲得這個角色，約翰。

Thank you.

謝謝。

So maybe to start, John, can you elaborate on April and May same-store sales? And what do you think is driving the acceleration despite tougher comparisons? And given the no slowing to date, what are you embedding to change in your initial comp guidance for this year?

那麼首先，約翰，您能詳細說明一下 4 月和 5 月的同店銷售額嗎？儘管比較起來更加嚴格，您認為是什麼推動了這種加速？鑑於迄今為止沒有放緩的跡象，您會在今年的初始業績指引中做出哪些改變？

Thanks, Amanda, for the question. Yes, if we look at -- so if we look at all of Q1 at the high end of the guidance, we're guiding a plus 6%, which is in line with Q4, which was also, of course, a plus 6%. So we're not contemplating a guidance for the entire quarter or an acceleration for the entire quarter. But you're absolutely right.

謝謝阿曼達提出這個問題。是的，如果我們看一下——如果我們將第一季的全部數據放在指導的高端，我們預計第一季將成長 6%，這與第四季一致，當然，第四季也成長了 6%。因此，我們不會考慮對整個季度做出指導或加速。但你完全正確。

In the first six weeks, we've seen a strong sales trend as we moved into that first quarter. And that momentum has been consistent across all major merchandise categories across geographies, both men's and women's footwear, both men's and women apparel. So it really, I think, shows the health of our customer and business overall. We feel good about sustaining positive comp growth, especially in the first half of the year as we've contemplated in the guide of plus 6%, of plus 3% for that first half. And we do expect, given what we know today, and we know the situation with tariffs is very fluid that we expect comps to flat -- flatten in the second half as price increases start to weigh on consumer demand.

在進入第一季的前六週內，我們看到了強勁的銷售趨勢。這一勢頭在各個地區的所有主要商品類別中都保持一致，包括男鞋和女鞋、男服裝和女服裝。所以我認為這確實反映了我們客戶和業務的整體健康狀況。我們對保持正面的成長感到滿意，特別是今年上半年，正如我們預期的上半年成長 6% 至 3%。根據我們目前所了解的情況，我們知道關稅的情況非常不穩定，我們確實預計下半年可比價格將持平——因為價格上漲開始對消費者需求造成壓力。

That's helpful. And Jim, can you elaborate on pricing power you see for the Boot Barn brand today? Maybe looking back relative to 2018 or '19? And then can you quantify the tariff headwind to margins or earnings in the outlook? And any mitigation efforts that you've already included?

這很有幫助。吉姆，您能詳細說明一下您目前看到的 Boot Barn 品牌的定價能力嗎？或許回顧一下 2018 年或 2019 年？那麼，您能否量化關稅阻力對利潤率或收益的影響呢？您已經採取了哪些緩解措施？

I'll start with the second part of the question or the second question. If you turn to slide 16 and then further on 17, we've quantified the tariff impact on the year to be around $8 million. And I would remind you that tariffs are fluid, and our goal is to give you our best thinking today on how we're mitigating those. But we've really separated this into an exclusive brand strategy, which we've quantified here at $8 million.

我將從問題的第二部分或第二個問題開始。如果您翻到投影片 16，然後再翻到投影片 17，我們已將關稅對今年的影響量化為約 800 萬美元。我想提醒大家，關稅是不斷變化的，我們今天的目標是向大家提供如何降低關稅的最佳思路。但我們實際上將其分為獨家品牌策略，我們將其量化為 800 萬美元。

And then the third-party product that we're purchasing is not included in the $8 million, but is embedded in the price increases that we're anticipating to come in the summer -- or that we've been notified will come in this summer. And those price increases are around that mid-single-digit increase.

然後，我們購買的第三方產品不包含在 800 萬美元中，而是包含在我們預計今年夏天出現的價格上漲中——或者我們已經收到通知將在今年夏天出現的價格上漲中。這些價格漲幅都在個位數的中等水準左右。

And so back to now, your first question on pricing power of Boot Barn and what we've seen over the years. We've seen pretty good pricing power. Normally, we'll have price increases that are 2% or 3% company-wide, and our customers have been able to absorb those okay price increases that are in that 5% range. We expect to see some elasticity of demand and some softening of demand, and that's what we've embedded in with a flat comp in the third quarter and the fourth quarter.

回到現在，您的第一個問題是關於 Boot Barn 的定價能力以及我們多年來所看到的情況。我們已經看到了相當不錯的定價能力。通常情況下，我們公司範圍內的價格會上漲 2% 或 3%，而我們的客戶能夠承受 5% 左右的價格上漲。我們預計需求將出現一定彈性，但同時也會出現一定程度的疲軟，這就是我們在第三季和第四季保持平穩所體現的原因。

The one other thing I would add, just so everyone is clear. The way we've guided this year has been very consistent with what we've done in the past. We used the last four months of sales volume and projected sales using this historical seasonality of the business. What we did after that is we adjusted the sales down in the second half of the year to factor in some of that pricing power not being there to the full extent. So that's really a reflection in the second half of the year.

我還要補充一點，好讓每個人都清楚。我們今年的指導方式與過去的指導方式非常一致。我們利用了過去四個月的銷售量，並根據業務的歷史季節性預測了銷售額。此後，我們下調了下半年的銷售額，以將部分定價權未能完全發揮的情況考慮在內。所以這其實是下半年的一個反映。

Peter Keith, Piper Sandler.

彼得·基思、派珀·桑德勒。

Sorry about that, guys. Good afternoon, everyone. John, congrats on the CEO role, well deserved. There's been some concern about product coming out of China that there could be some product shortages. And I'm wondering if that is a possibility that maybe certain suppliers choose not to pull in product? Is that a scenario, and maybe even is that something you can capitalize on with some of your buying power?

很抱歉，各位。大家下午好。約翰，祝賀你擔任執行長一職，這是當之無愧的。人們擔心中國出口的產品可能會短缺。我想知道是否有可能某些供應商選擇不引進產品？這是一種情景嗎？或者說，這是您可以利用自己的購買力來獲利的嗎？

There might be an opportunity there, Peter. It's a great question. As we look at what we've already bought from an EB standpoint for fiscal '26, the second half, as you see on slide 16 in the investor presentation is we're only going to have 5% on order from China, and we moved much of that product to other countries such as Cambodia, India, Vietnam.

那裡可能有機會，彼得。這是一個很好的問題。從 EB 的角度來看，我們在 26 財年下半年已經購買了哪些產品，正如您在投資者簡報的第 16 張投影片上看到的那樣，我們從中國訂購的產品只有 5%，而且我們將大部分產品轉移到了柬埔寨、印度、越南等其他國家。

So if something really opportunistic comes up in China, not to say that we wouldn't look at it, but we're comfortable that our China exclusive brand product is roughly $2.3 million of tariffable product for the remainder of fiscal '26. It's 5% of on order.

因此，如果中國出現一些真正機會主義的現象，並不是說我們不會關注它，但我們確信，在 2026 財年剩餘時間內，我們的中國獨家品牌產品約佔應稅產品價值 230 萬美元。這是訂單的 5%。

And we think we can take that number down. That is the fully loaded number, and we haven't finished negotiating with our factories. So it's going to be some number less than that.

我們認為我們可以降低這個數字。這是滿載數量，我們還沒有與工廠完成談判。所以它會是比這個小一點的數字。

So there may be additional opportunities, but where we sit today, 5% of remaining fiscal '26 for exclusive brands coming out of China, tariffs at 30% and negotiations still ongoing. We feel like we're already in a pretty good spot.

因此，可能還有其他機會，但就目前情況而言，26財年剩餘的5%的稅收將用於來自中國的獨家品牌，關稅為30%，談判仍在進行中。我們感覺我們已經處於一個相當不錯的位置。

And I would just add to that, Peter, the team has done a nice job anticipating tariffs. And so they were purchasing product even before we got to the end of the fiscal year, pre-tariff. And we have about $20 million, more or less, it was brought in advance of the end of last fiscal year, so end of March to try to beat the tariffs included in there is some product from China. Even over the last couple of weeks, the team, I think, has done a nice job of getting ahead of the curve and keeping orders fluid and coming. So I think we'll have a little bit of an advantage just in first mover advantage in some of the things we've done already.

彼得，我還要補充一點，團隊在預測關稅方面做得很好。因此，在財政年度結束前、關稅之前，他們就開始購買產品了。我們有大約 2000 萬美元，或多或少，這是在上一財年結束前提前到位的，所以在 3 月底，我們試圖避開包含在中國產品中的關稅。即使在過去幾週，我認為團隊在領先於情況和保持訂單流暢度方面做得很好。所以我認為，在我們已經做過的一些事情上，我們會有一點先發優勢。

Okay. Very good. And I just want to clarify some of the price increases. Is it just on kind of the tariff impact items where you're going to see a mid-single-digit price increase? And then I guess, does guidance imply that demand goes down by more than mid-single digit on those items?

好的。非常好。我只是想澄清一些價格上漲的原因。是否僅受關稅影響的商品會出現中等個位數的價格上漲？然後我想，指導是否意味著這些產品的需求下降幅度超過個位數？

Yes. So as you know, Peter, we don't pay tariffs on products we buy from third-party vendors. There are just price increases that we started to receive probably two, three weeks ago at this point. Those price increases were when the China tariffs were at 145%. And I have to say I'd be disappointed if some of those price increases don't come down a little bit. They were mid-single digits.

是的。所以，正如你所知，彼得，我們從第三方供應商購買的產品無需支付關稅。大概兩三週前我們就開始收到價格上漲的消息了。這些價格上漲是在中國關稅達到 145% 的時候發生的。我必須說，如果價格上漲幅度不稍微下降的話，我會感到失望。他們都是中等個位數。

That being said, we have a very -- we have great partners, very, very good partners we've worked with for many years. Every year, they have price increases of low single digits, and we -- our strategy always has been to preserve margin. These mid 5%, 6% price increases from those vendors that then have to carry through to preserve rate at retail, along with larger price increases outside of our strategy outside of Boot Barn and more at a macro level, we think is going to soften consumer demand overall in that second half. So it's really a combination of those mid-single-digit price increases from third-party vendors and what's happening externally.

話雖如此，我們擁有非常優秀的合作夥伴，非常非常好的合作夥伴，我們已經合作了很多年。每年，他們的價格都會有低個位數的上漲，而我們的策略一直是維持利潤率。這些供應商必須繼續保持 5% 到 6% 的中間價漲幅才能維持零售價格，再加上 Boot Barn 之外我們戰略之外以及宏觀層面的更大幅度價格上漲，我們認為，下半年整體消費需求將會減弱。因此，這實際上是第三方供應商的中位數價格上漲和外部因素共同作用的結果。

And just to help quantify the haircut that we took on the second half of the year. Have we not been experiencing the tariff and the expected softening of demand in the second half as price increases come into effect, we would have been at a consolidated plus 3% in Q3 and Q4, more or less. And so it really was shaping up to be kind of that algorithm a year with a low to mid-single-digit same-store sales growth, merchandise margin and the up 40-basis-point range. And were it not for the price increases that we're foreseeing because of tariffs has kind of brought that guidance down.

這只是幫助我們量化下半年的損失。如果我們沒有經歷關稅以及下半年價格上漲帶來的預期需求疲軟，那麼第三季和第四季的綜合成長率或多或少會達到 3%。因此，它確實形成了那種演算法，一年下來，同店銷售額成長率、商品利潤率和上漲幅度都在低到中等個位數之間。如果不是我們預見關稅會導致價格上漲，這項預期就會下降。

Very helpful. I appreciate the detail.

非常有幫助。我很欣賞這個細節。

Steven Zaccone, Citi.

花旗銀行的史蒂文‧扎科內 (Steven Zaccone)。

I'll add my congrats as well, John, on the CEO role. I'm going to stick on the second half guidance because it seems like it's conservative in the sense of if these price increases in the past, you've been able to kind of pass it on to the consumer. And then from a standpoint of the momentum in the business network transactions, I think, up 6% in the fourth quarter. I guess when you think about the ability to pass on price, can you just talk a bit more about the strategy? Because seems like there's some opportunity here where you can take a little bit of this price up.

我還要對約翰擔任執行長表示祝賀。我將堅持下半年的指導方針，因為它似乎是保守的，因為如果過去這些價格上漲，你就能夠將其轉嫁給消費者。從商業網路交易的勢頭來看，我認為第四季度增長了 6%。我想當您考慮轉嫁價格的能力時，您能否再多談一下該策略？因為看起來這裡有一些機會可以讓你稍微提高一點價格。

And if it's passed on to the consumer and you hold margin rate, that would be potential upside versus how you're thinking about the second half. Is that a correct assumption?

如果將其轉嫁給消費者並且您保持利潤率，那麼與您對下半年的設想相比，這將是潛在的上升空間。這是一個正確的假設嗎？

Yes. I think that's a fair assumption. I would just reiterate this is a very fluid situation. And so as we receive the price increases or the cost increases wholesale, we're looking product by product, style by style and we will test and learn and do different things to see kind of where the consumer is. The goal would be to keep our pricing increases as low as we can. But if we are receiving those price increases from our vendors, we will raise the pricing. So it's fluid, Steve.

是的。我認為這是一個合理的假設。我只想重申，這是一個非常不穩定的情況。因此，當我們收到批發價格上漲或成本上漲的消息時，我們會逐一產品、逐個款式地進行調查，我們會進行測試、學習並採取不同的措施來了解消費者的喜好。我們的目標是盡可能降低價格漲幅。但如果我們收到供應商的價格上漲通知，我們也會提高價格。所以它是流動的，史蒂夫。

I wish we had all the answers, but it's going to be something that does have some potential upside to the guide in the second half -- back to your question, but we will have to wait and see. So I think what we've put out there is a guidance that is -- barring tariffs and the price increases related to those and elasticity of demand, then it would be -- seem conservative.

我希望我們能得到所有答案，但這確實會對下半年的指南產生一些潛在的好處——回到你的問題，但我們還得拭目以待。因此，我認為我們提出的指導意見是——除非關稅和與之相關的價格上漲以及需求彈性，否則它似乎是保守的。

Yeah. Okay. Go ahead, John, sorry.

是的。好的。繼續吧，約翰，對不起。

No worries. The one -- or two pieces I think I would add to it is, Jim said it correctly. We've been -- I've been spending a lot of time with the omnichannel team, exploring ways we can test that price elasticity and optimize pricing on our exclusive brands.

不用擔心。我想補充的一兩點是，吉姆說得對。我花了很多時間與全通路團隊一起探索測試價格彈性和優化獨家品牌定價的方法。

But when it comes to third-party products, there's a complicating factor with their MAP pricing, their minimized advertised pricing. One of the things we're -- I'm quite proud of that we've done here at Boot Barn is bootbarn.com as our digital flagship always matches the price in Boot Barn stores, and that becomes difficult if we try to be opportunistic in pricing and then not preserve margin, which has always been our strategy on those third-party brands.

但對於第三方產品來說，其 MAP 定價（即最低廣告定價）存在一個複雜因素。我們在 Boot Barn 所做的事情之一就是——我很自豪我們在 Boot Barn 所做的事情就是 bootbarn.com，因為我們的數位旗艦店始終與 Boot Barn 商店的價格一致，如果我們試圖在定價上投機取巧，然後不保留利潤，那就很難做到這一點，而利潤一直是我們對那些第三方品牌的策略。

So I think our strategy does differ quite a bit between how we're approaching the third-party brands versus being more opportunistic with exclusive brands.

因此，我認為我們的策略在對待第三方品牌的方式與對待獨家品牌的機會主義的方式上確實有很大不同。

Okay. Understood. And then my second question was just merchandise margin was very strong in the fourth quarter, kind of outpaced expectations. Can you just talk a little bit more about that in detail and maybe how you feel about the run rate of the business from a full price selling perspective?

好的。明白了。我的第二個問題是，第四季的商品利潤率非常強勁，超出了預期。您能否詳細談談這個問題，並從全價銷售的角度談談您對業務運作率的看法？

Yes. You're talking about in the fourth quarter, our merch margin being higher than expectations?

是的。您說的是第四季我們的商品利潤率高於預期嗎？

Correct. Yes.

正確的。是的。

Yes. It was primarily due to the supply chain efficiencies that we've been seeing all of last year. We did see some good news on shrink when we did our annual physical inventory, that was better than what we had anticipated. Continued to see this better buying economies of scale, volume discounts and that sort of thing and a little bit of exclusive brand penetration growth.

是的。這主要是因為我們去年看到的供應鏈效率。當我們進行年度實物盤點時，我們確實看到了一些關於收縮的好消息，這比我們預期的要好。繼續看到更好的購買規模經濟、批量折扣和諸如此類的事情以及一點獨家品牌滲透的增長。

And so what I would say is as we look to fiscal '26, the margin does continue to be strong. It's not going to be what we saw this last year. And the -- just to give you some color on the halves of the year, the merchandise margin rate in the first half of the year, we expect to be very strong, nearly 100 basis points of expansion in the first half of the year, driven by continued buying economies of scale, a little bit of freight improvement in the first quarter and some exclusive brand penetration growth as we're selling untariffed product through the system.

因此我想說的是，當我們展望 26 財年時，利潤率確實會繼續保持強勁。這不會是我們去年看到的情況。為了讓您對今年上半年的情況有個大致的了解，我們預計上半年的商品利潤率將非常強勁，將增長近 100 個基點，這得益於持續的購買規模經濟、第一季度貨運量的略有改善以及我們透過系統銷售非關稅產品帶來的一些獨家品牌滲透率的增長。

As we get to the second half, that's when we expect the tariff expenses will put some pressure on the margin as we don't raise prices on all of our products to maintain the margin rate. So I think the underlying environment around margins continues to be very strong at the company.

隨著進入下半年，我們預計關稅支出將對利潤率造成一定壓力，因為我們不會提高所有產品的價格來維持利潤率。因此我認為公司的利潤率基本環境仍然非常強勁。

Jay Sole, UBS.

瑞銀的傑伊·索爾。

Two questions for me. Number one, can you talk a little bit more about SG&A? I think, within the fiscal '26 guidance that you gave, it looks like you're going to be able to leverage SG&A on a flat comp. Maybe just tell us a little bit around the mechanics about that, how you're going to achieve that because that's a nice target? And then secondly, you're talking about the $8 million in expense because of the tariff impact, and that sounds like it's for the second half of fiscal '26.

我有兩個問題。第一，您能否再多談談銷售、一般和行政費用 (SG&A) 的問題？我認為，在您給出的 26 財年指導範圍內，您似乎能夠​​在持平的比較基礎上利用銷售、一般及行政費用。也許您可以稍微告訴我們有關這個機制的信息，以及您將如何實現這個目標，因為這是一個很好的目標？其次，您說的是由於關稅影響而產生的 800 萬美元的費用，這聽起來像是 26 財年下半年的費用。

But just to peek into fiscal '27 for a second, would you expect essentially another $8 million cost for the first half of fiscal '27? And does that $8 million in the second half of '26 continue in the second half of '27? Or do you think there's some progress so eventually, you sort of can either find a way to minimize those costs or at least raise price, so you get back to the regular merchandise margins that you're used to over time?

但是，讓我們稍微看一下 27 財年的情況，您是否預期 27 財年上半年的成本還會增加 800 萬美元？26 年下半年的 800 萬美元會在 27 年下半年繼續發放嗎？或者您認為已經取得了一些進展，所以最終您可以找到一種方法來盡量降低這些成本，或者至少提高價格，這樣您就可以隨著時間的推移回到習慣的常規商品利潤率？

Yeah. Great questions, Jay. I'll start with the $8 million expense one. It's a little early to guide fiscal '27. And I know we're the ones who put a fiscal '27 country of origin, it's a slide in there.

是的。很好的問題，傑伊。我先從 800 萬美元的支出說起。現在預測 27 財年還為時過早。我知道我們是製定 27 年財政年度原產國標準的人，這是一張幻燈片。

But you're right, we will have some of that expense carry with us into the next year. We would expect if the $8 million of tariff expense that we're seeing in fiscal '26 is really flowing through the P&L, primarily from the second half of the year and the continued tariff environment, so the tariff expense that we'll pay will likely be more than the $8 million because we'll have a full year of tariffs into next fiscal year. It's week-to-week. It's a little tricky to tell what the tariff rates are going to be. I think it's probably really early to tell for fiscal '27.

但您說得對，我們的部分開支將會延續到明年。我們預計，如果 26 財年 800 萬美元的關稅費用確實流入損益表，主要來自下半年和持續的關稅環境，那麼我們支付的關稅費用可能會超過 800 萬美元，因為我們將在下一個財政年度支付全年的關稅。這是每週一次的。很難說關稅稅率是多少。我認為現在談論 27 財年可能還為時過早。

But I think that is a correct assumption, that those will continue with us. We'll look at tariff mitigation strategies over the next year as we plan fiscal '27 and start buying inventory and placing orders for fiscal '27. But I don't think that that goes away. And then there's a question of pricing around that that we'll have to work through.

但我認為這是一個正確的假設，這些將繼續伴隨我們。在規劃 27 財年並開始購買庫存和下訂單時，我們將研究明年的關稅減免策略。但我不認為這種情況會消失。然後我們就需要解決定價問題。

As far as SG&A for fiscal '26, we expect to see some nice leverage on store payroll. And really, as we look at the last year SG&A expense, we're planning on a more normalized incentive-based compensation, more normalized legal expenses. We had a handful of things that pushed our legal expenses up in this last year. So we don't expect those to continue. So that will be some -- a nice driver there.

就 26 財年的銷售、一般及行政費用而言，我們預計商店薪資將出現一些不錯的槓桿作用。實際上，當我們回顧去年的銷售、一般和行政費用時，我們計劃實現更標準化的激勵性薪酬和更標準化的法律費用。去年，我們遇到了一些事情，導致法律費用增加。所以我們不希望這種情況繼續下去。所以那會是一個不錯的司機。

And the team is continuing to work really hard to keep expenses low and run lean. As we add new stores that generate positive EBITDA, that helps cover some of the fixed costs that we have in SG&A. And so we're really starting to see the benefit of having more stores come into the chain. And just a reminder that this also assumes us absorbing some of the incentive-based comp reversal that we had last year. And so despite that, we're still planning on some nice SG&A leverage.

團隊正在繼續努力保持低開支和精簡運作。隨著我們增加能夠產生正 EBITDA 的新店，這有助於彌補銷售、一般及行政費用 (SG&A) 中的部分固定成本。因此，我們真正開始看到更多商店加入連鎖店的好處。需要提醒的是，這也假設我們吸收了去年的一些基於激勵的薪酬逆轉。儘管如此，我們仍然計劃利用一些不錯的銷售、一般和行政費用槓桿。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫倫科 (Max Rakhlenko)，TD Cowen。

Congrats on the nice start to the quarter. So first, how are you thinking about wood products or categories on the EB side, where you will either increase, decrease or maintain prices? Because it sounds like you're leaving all three options on the table for now.

恭喜本季有一個好的開始。那麼首先，您如何看待 EB 方面的木製品或類別，您會提高、降低還是維持價格？因為這聽起來好像你現在把這三個選項都放在一邊了。

Yes, this is John. I'll take that one. We're looking at it from a psychological price carrier standpoint. So we're looking at it product by product. It's not at the category level.

是的，這是約翰。我要那個。我們是從心理價格載體的角度來看這個問題的。因此，我們正在逐一產品地進行研究。它不屬於類別等級。

I'll give you one specific example. We've got a -- one of our top selling women's western boots is a Cheyenne boot. It sells for $199.99. We'd likely leave a boot such as that at its current price, given it would obviously go into the 200s. So it's going to be based on styles that we're deep in, styles that are hitting psychological breakpoints from a pricing standpoint, categories where we think we can grow exclusive brand penetration and be opportunistic.

我給你舉一個具體的例子。我們最暢銷的女士西部靴之一是夏延靴。它的售價為199.99美元。考慮到它的價格肯定會漲到200多美元，我們很可能會以現在的價格買下這樣一雙靴子。因此，我們將基於我們深入研究的風格，從定價角度來看達到心理臨界點的風格，以及我們認為可以增加獨家品牌滲透率並抓住機會的類別。

So I think it's -- the consumer is going to vote on what they're willing to digest from a price increase standpoint. But at the same time, we -- if those price increases continue to be mid-single digits or a bit higher, we've seen opportunities to increase our exclusive brand penetration and allow more consumers to find our exclusive brands as they're shopping for their next western or work boot.

所以我認為——消費者將從價格上漲的角度來投票決定他們願意接受什麼。但同時，如果價格繼續保持中等個位數或略高一點的漲幅，我們就有機會提高獨家品牌的滲透率，讓更多的消費者在購買下雙西部靴或工作靴時找到我們的獨家品牌。

Got it. So it's not necessarily purely just on the elasticity of sort of products or categories? There's more that goes into it?

知道了。所以它不一定純粹只是產品或類別的彈性？還有更多內容嗎？

No. Absolutely.

不。絕對地。

Got it. Okay. And then as a follow-up, can you speak to what you're seeing in the competitive set? Is it behaving rationally? Do you sense that their health is deteriorating?

知道了。好的。然後作為後續問題，您能談談您在競爭中看到的情況嗎？它的行為是理性的嗎？您是否感覺到他們的健康狀況正在惡化？

As you do mostly compete against the mom and pops that are probably starting to feel more distressed. And then ultimately, as we think about the other side of this, whenever that may be, are you thinking and positioning the business to come out with potentially a step change in your market share?

因為你主要在與那些可能開始感到更苦惱的夫妻店競爭。最後，當我們考慮這個問題的另一面時，無論它是什麼，您是否在考慮和定位業務，以便可能在市場份額上發生重大變化？

We haven't seen anything as of late. Again, the price increases have just started to come across our proverbial desk in the last couple of weeks. I'm sure most other retailers in the space are seeing the same thing. Their ability to preserve rate versus deal with a slowdown in consumer demand at the mom-and-pop level may be very different. The promotional cadence among our larger competitors who are all very rational and always have been very rational in the space.

到目前為止我們還沒有看到任何東西。再次，價格上漲在過去幾週才剛開始出現在我們的辦公桌上。我確信該領域的大多數其他零售商也看到了同樣的情況。他們在維持利率和應對小型企業層面的消費需求放緩的能力可能非常不同。我們的較大競爭對手的促銷節奏都非常理性，並且在該領域一直非常理性。

We haven't seen anything that would suggest that is shifting today. But if these price increases stick regardless of tariffs coming down from 145 to 30 in China, I could see some challenges for the mom and pops. But again, the situation is very fluid. We have not seen anything to that effect as of yet. And the larger competitors all seem still very rational.

我們今天還沒有看到任何跡象表明這種情況正在改變。但如果無論中國的關稅從 145 降至 30，這些價格上漲趨勢仍然持續，那麼我認為這些小店將面臨一些挑戰。但情況仍然非常不穩定。到目前為止我們還沒有看到任何這樣的事情。而規模較大的競爭對手似乎都仍然非常理性。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

I was hoping you could talk a bit about the new markets versus legacy markets, how they're performing? Any difference in split this year with the 65 to 70 new stores? And then I think this is the first time I've heard you speak to an increase in online demand with a new store opening on kind of that halo effect that we sometimes see to the e-commerce business. Can you elaborate a little bit on that, how much it is and how you typically see it evolve?

我希望您能談談新市場與傳統市場，它們的表現如何？今年新開 65 至 70 家門市，分成比例有何不同？我想這是我第一次聽到您談到新店開業會導致在線需求增加，就像我們有時在電子商務中看到的那種光環效應。您能否詳細說明一下，它有多少，以及您通常如何看待它的發展？

Yes, absolutely. We -- as we look at the new store openings for this year, it's going to be across legacy markets and new markets. We've opened stores in Rhode Island. We've opened stores in Alaska, we -- 8th store in Alaska. We've opened a store in Vermont this past year.

是的，絕對是。我們—當我們回顧今年的新店開幕時，它將遍布傳統市場和新市場。我們在羅德島開設了商店。我們在阿拉斯加開設了商店，這是阿拉斯加第 8 家商店。去年我們在佛蒙特州開了一家商店。

And again, Alaska and Vermont are very small markets, but we would see that e-commerce business jump quite a bit. I think the most notable example of e-commerce increasing nicely as we open stores is the state of New York. I think we're up to 12 stores in the state of New York now. And we have a report in the e-commerce group that looks at sales by state e-commerce, and I've been watching it for years, and New York continues to climb that list. And I don't think that would be happening if we were not opening stores in New York.

再說一次，阿拉斯加和佛蒙特州是非常小的市場，但我們會看到電子商務業務大幅成長。我認為，隨著我們開設商店，電子商務蓬勃發展的最顯著例子就是紐約州。我認為我們現在在紐約州已經有 12 家商店了。我們的電子商務小組有一份報告，研究各州電子商務的銷售情況，我已經關注這個報告好幾年了，紐約在這個名單上的排名一直在不斷攀升。我認為如果我們不在紐約開店的話，這種情況就不會發生。

I don't have the numbers in front of me of exactly. I mean, I used the last for Vermont, the online business quintuples, right, the second we opened those stores. But again, very, very small markets, the New York and New Jersey numbers, I'd have to take a closer look at. But we've been watching them continue to move up our list of top states year after year as we've increased the number of stores in Pennsylvania, New York, New Jersey.

我面前沒有確切的數字。我的意思是，我在佛蒙特州使用了最後一個，在線業務增長了五倍，對，就在我們開設這些商店的那一刻。但是，對於非常非常小的市場，紐約和新澤西的數據，我必須仔細研究。但隨著我們在賓州、紐約州和新澤西州的門市數量的增加，我們看到它們在我們排名靠前的州名單中逐年上升。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

I want to ask first, your same-store sales, when you look on a two-year basis, really have accelerated here in the last few months. Just as you step back and look at the trend, anything stand out in terms of what's driving the recent performance here?

首先我想問一下，從兩年來看，你們的同店銷售額在過去幾個月確實有所加速。只要您回顧一下趨勢，就會發現有什麼因素在推動近期的表現，並且引人注目嗎？

I think one category that I have to call out is denim. We saw a real shift in our men's and women's denim performance as we got into holiday last year and we were in stock much more than we had been. So if I had -- and we've seen nice increases in women's. Western boots, men's western boots, work apparel is doing nicely, cowboy hats. But if I look at one place where we have seen a real shift more so than the others, it is that denim business.

我認為必須要提到的一個類別是牛仔布。去年進入假期後，我們的男女牛仔布業績發生了真正的變化，庫存量比以前多得多。所以如果我有——我們已經看到女性人數有了很大的增長。西部靴、男士西部靴、工作服裝、牛仔帽銷售量不錯。但如果我看一個比其他地方更大真正轉變的領域，那就是牛仔布業務。

And John, I would just add on that, the -- as you look at our deck on slide 8, the annual same-store sales chart that we've got there. And just the consistent growth that we've seen over the years of a low to mid-single digit, it does feel like we're back to that underlying strength in the business, back to that algorithm, maybe even exceeding it a little bit. And then business has been very strong, just on a one-year basis, looking back since August, with the exception of February, where a lot of other retailers had some softness in their business. We've had that nice strong mid- to high-single-digit growth on a monthly basis.

約翰，我想補充一點，正如你看到的第 8 張投影片中所顯示的，我們提供了年度同店銷售額圖表。而我們看到這些年來一直保持著低到中等個位數的持續成長，感覺我們又回到了業務的潛在優勢，回到了那個演算法，甚至可能略微超過了它。從一年來的情況來看，自 8 月份以來，業務一直非常強勁，除了 2 月份，當時許多其他零售商的業務都有些疲軟。我們每月都實現了強勁的中高個位數成長。

And so we have done the work. We've looked at the current volumes, and we've rolled that forward. And so not to get everyone over their skis, we do feel like the guidance is laid out in the best way possible, given what we're facing and -- with around price increases and tariffs and that sort of thing. But the underlying strength is strong.

這樣我們就完成工作了。我們已經查看了當前的數量，並且已經將其向前推進。為了不讓每個人都感到意外，我們確實認為，考慮到我們所面臨的情況以及價格上漲和關稅等問題，這份指導方針已經是最好的了。但其潛在實力是強大的。

Yes. Great. That's really encouraging. And then a bigger picture question on margin. You're at the high end of the guidance this year.

是的。偉大的。這真是令人鼓舞。然後是關於保證金的更大問題。您今年的業績已達到預期的最高水準。

You're almost assuming holding operating margin. As you step back and think about the headwinds and uncertainties this year, the time you'll have to help try mitigation strategies after this year, how do you think about sort of the broader context of getting back to mid-teens operating margin over time?

您幾乎假設維持營業利潤率。當您退一步思考今年的阻力和不確定性，以及今年之後您將需要嘗試緩解策略的時間時，您如何看待隨著時間的推移將營業利潤率恢復到十幾歲的更廣泛的背景？

Yeah. We feel great about it. Hitting back to that 15%, I think, is still within our sight and within our reach this year. You're right, we are holding that margin roughly flat, and it's seen some nice SG&A leverage that's helping offset some of that new store occupancy rate that puts some pressure on the buying and occupancy.

是的。我們對此感到十分高興。我認為，今年重回 15% 這個目標仍然是我們能夠實現的。您說得對，我們的利潤率基本上保持不變，而且銷售、一般及行政費用 (SG&A) 槓桿率也不錯，這有助於抵消部分新店入住率對購買和入住率造成的壓力。

But assuming this were a normal year, Jon, and we didn't have the back half pressured at the top line and maybe a little bit in the merchandise margin line, it would be a nice year to build back some of that EBIT rate, tens of basis points, not 100 basis points. And so if you look at the next five or six years after this, we get through this year, I think we're right back in and progressing towards that.

但假設這是正常的一年，喬恩，我們的下半年沒有在收入方面承受壓力，商品利潤率可能有點小壓力，那麼這將是恢復部分息稅前利潤率的好一年，幾十個基點，而不是 100 個基點。因此，如果你展望接下來的五、六年，我們度過了今年，我認為我們將回到原來的狀態並朝著這個目標前進。

That's great. Very helpful.

那太棒了。非常有幫助。

Chris Nardone, Bank of America.

克里斯·納爾多內，美國銀行。

So John, now that you're settling into the role on a permanent basis, what changes, if any, can we expect in terms of how you're planning to run the business relative to the prior regime? And then outside of tariffs, what portion of the company's strategy are you most focused on today?

那麼約翰，既然您已經正式擔任這一職務，那麼與前任相比，您在經營業務的方式上會有什麼變化嗎？那麼，除了關稅之外，目前最關注公司策略的哪一部分？

Yes. Great question. So as I've said on the last call and I'll continue to say, the four strategic initiatives remain unchanged. We've had them for close to 12 years, and adjustments I will be making will be under those, the current and future four strategic initiatives. If I could just call out a couple of them that have been my focus and now that I have the role permanently, continue to be my focus.

是的。好問題。因此，正如我在上次電話會議上所說的那樣，我將繼續說，四項策略舉措保持不變。我們已經擁有這些戰略近12年了，我將根據這些戰略、當前和未來的四項戰略舉措做出調整。如果我可以說出其中幾個一直是我關注的焦點，並且現在我永久擔任這個角色，那麼他們將繼續成為我的焦點。

The first one is sourcing. Our exclusive brand team, as we've just talked about with the tariff situation, has done an incredible job lowering our exposure to China, diversifying which countries we're in from a supply chain standpoint. And I think the next opportunity within that is to use the size and scale of our exclusive brand business to drive better costing. So focusing on the margin structure of EB.

第一個是採購。正如我們剛才談到的關稅情況一樣，我們的獨家品牌團隊在降低我們對中國的敞口、從供應鏈的角度實現我們所在國家多元化方面做得非常出色。我認為下一個機會是利用我們獨家品牌業務的規模來推動更好的成本控制。因此重點關注 EB 的利潤結構。

And to that effect, we've recently hired a new Vice President of Sourcing who just started on Monday, and that will be her area of focus. So margin structure on exclusive brands is absolutely one of my focuses.

為此，我們最近聘請了一位新的採購副總裁，她於週一剛上任，這將是她主要負責的領域。因此，獨家品牌的利潤結構絕對是我關注的重點之一。

A couple of other ones are exclusive brands and focusing on the big brands, the ones that really resonate deeply with our customer base: Cody James, Cheyenne, Idyllwind, having some separate marketing campaigns around those brands themselves, not only around Boot Barn. So putting more muscle behind our best exclusive brands.

其他幾個是獨家品牌，專注於大品牌，這些品牌真正與我們的客戶群產生了深刻的共鳴：Cody James、Cheyenne、Idyllwind，我們圍繞這些品牌本身開展一些單獨的營銷活動，而不僅僅是圍繞 Boot Barn。因此，我們將加大力度支持我們最好的獨家品牌。

And then the last one is reinvigorating work. So we know we've been challenged in the work boot business, work apparel doing a little bit better, but work boots have been flattish for the past several quarters. And we're going to put a spotlight and some real marketing dollars behind the work boot business with the major marketing campaigns that cover search, social, video, blue collar influencers, really driving home the message that used to be proud of working in the trades, and that will be both Cody and Hawx based. So we're going to push hard on the work boot business, both talking to the customer and then talking to our store partners using some of our AI tools, Cassidy, namely, to help our store partners better understand how to sell a functional work boot.

最後一個是重振工作。因此，我們知道我們在工作靴業務方面面臨挑戰，工作服裝的表現稍好一些，但工作靴在過去幾季一直表現平平。我們將透過涵蓋搜尋、社交、影片、藍領影響者的大型行銷活動，將焦點放在工作靴業務上，並投入一些真正的行銷資金，真正傳達出人們曾經為在行業中工作而感到自豪的信息，而這將以 Cody 和 Hawx 為基礎。因此，我們將大力推動工作靴業務，既與客戶交談，又使用我們的一些人工智慧工具 Cassidy 與我們的商店合作夥伴交談，以幫助我們的商店合作夥伴更好地了解如何銷售功能性工作靴。

Great. That was very helpful. And then just a quick modeling follow-up. Just on SG&A, do you think we can see greater leverage if sales do come in better than your base case? Or do you foresee other factors that could temper the potential upside to that line item?

偉大的。這非常有幫助。然後只是快速的建模跟進。僅就銷售、一般及行政費用而言，如果銷售額確實好於您的基準情況，您是否認為我們可以看到更大的槓桿率？或者您是否預見到其他因素可能會削弱該項目的潛在上行空間？

No, I think if sales do exceed the high end of the range that we expect to see some leverage on the SG&A rate -- SG&A rate above and beyond what we guided there at 50 basis points.

不，我認為如果銷售額確實超過了預期範圍的高端，我們預計銷售、一般及行政費用率將出現一定程度的槓桿作用——銷售、一般及行政費用率將高於我們預期的 50 個基點。

Jeremy Hamblin, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的傑里米·漢布林。

Congrats, John, and the team on the momentum. I wanted to first ask about the e-commerce business, which has been a little bit more volatile, I think, for a variety of reasons. If you look at February, softer retail store performance, but solid e-com performance. More recently, some weakness in April, followed by -- it's only a couple of weeks, but a pretty big bounce back here in May. Just wanted to get a sense for why you think you might be seeing a bit more volatility in that business? Is that kind of promotional-driven, competitive promotion-driven, or a little bit more color just on that and kind of your outlook there on building that business back up in terms of a percent of sales?

祝賀約翰和團隊的良好進展。我想先問電子商務業務，我認為由於各種原因，該業務變得更加不穩定。如果你看二月份，你會發現零售店的業績較弱，但電子商務的業績卻很穩健。最近，4 月出現了一些疲軟，但儘管只有幾週時間，但 5 月卻出現了相當大的反彈。只是想了解為什麼您認為該業務可能會出現更多的波動？這是促銷驅動、競爭性促銷驅動，還是只是稍微有點色彩，以及您對以銷售額百分比的形式重建該業務的展望？

Absolutely. Yes. If we -- again, I always focus, of course, on bootbarn.com. It makes up north of 75% of our business, and that business has been double-digit comp positive. Little bit of a drag from some of the other businesses, Sheplers, Country Outfitter and our Amazon business.

絕對地。是的。當然，我始終關注的是 bootbarn.com。它占我們業務的 75% 以上，而且該業務一直保持著兩位數的正成長。其他一些業務，如 Sheplers、Country Outfitter 和我們的亞馬遜業務，都為我們帶來了一些拖累。

But February, of course, there was softness across all of retail that -- from what I've been able to tell and what we've heard from others, no one ever really teased out what happened in February. It was a little puzzling, and we saw some of that. But that's not really what carried through as you look at April. We had two things going on in April. One, we -- at the end of our last fiscal year two years ago, we had a promotion that carried over into last fiscal year into April that we did not repeat this year.

但二月份，整個零售業都表現疲軟——從我所了解的情況以及我們從其他人那裡聽到的情況來看，沒有人真正弄清楚二月份發生了什麼。這有點令人費解，我們也看到了一些。但從四月的情況來看，情況並非如此。四月我們有兩件事要做。首先，我們在兩年前的上一個財政年度末進行了一次促銷活動，該促銷活動延續到了上一個財政年度的四月份，但今年沒有再進行促銷。

So we have more full-price selling, a healthier e-commerce business from a gross margin dollar EBIT rate contribution standpoint in April. So that April number is a result of an aggressive promotion that we had the year prior.

因此，從 4 月份毛利率和息稅前利潤率貢獻的角度來看，我們的全價銷售有所增加，電子商務業務也更加健康。因此，四月份的數字是我們前一年大力促銷的結果。

The second piece that deserves a call out is we've got a major third-party vendor that is in the middle of some systems upgrades, and we do some drop ship with them. And that makes up more than a couple of points of the e-commerce comp, given that drop ship inventory was not available to us during that time.

值得一提的第二件事是，我們有一個主要的第三方供應商，該供應商正在進行一些系統升級，我們與他們進行一些直運業務。考慮到當時我們沒有直運庫存，這佔了電子商務公司的幾個多點。

Great color. And then just one other one here on the cadence of openings on the 65 to 70 stores that you're expecting. I wasn't sure if you actually gave a percentage of openings in legacy markets versus new markets?

顏色很棒。然後這裡還有另一個問題，關於您預期的 65 到 70 家商店的開業節奏。我不確定您是否實際上給出了傳統市場和新市場的空缺百分比？

Yeah. The first quarter will be in that 10 to 12 store range, and then the balance of the year should be spread out pretty well between the three quarters. As far as legacy markets, new markets, we're going to be opening all across the country, filling in existing markets and opening in some brand-new markets. So it's going to be pretty broad-based across the country.

是的。第一季的門市數量將在 10 到 12 家之間，而全年的剩餘門市數量將很好地分佈在三個季度之間。就傳統市場和新市場而言，我們將在全國各地開拓市場，填補現有市場並開拓一些全新的市場。因此，它將在全國範圍內具有相當廣泛的影響。

Great. Thank you.

偉大的。謝謝。

Sam Poser, Williams Trading.

威廉斯貿易公司的 Sam Poser。

I guess my first question is, do you think within the recent strength that there has been a -- that your consumer is aware of the potential tariffs and the potential price increases and some of the -- what's going on right now, maybe just some pull forward, especially for your -- the work folks that will buy, know what they'll need and when they'll need it?

我想我的第一個問題是，您是否認為在最近的強勁勢頭中——您的消費者是否意識到了潛在的關稅和潛在的價格上漲以及一些——現在正在發生的事情，也許只是一些提前，特別是對於您的——那些將要購買的工薪階層，他們知道他們需要什麼以及何時需要？

Hey, Sam. It's John. Yes, we do not see that. So we have the -- it's a great question. We had a similar hypothesis, and we thought that could have been happening.

嘿，山姆。是約翰。是的，我們沒有看到這一點。所以我們有——這是一個很好的問題。我們有一個類似的假設，我們認為這可能會發生。

We had our data science team and CRM team go back and look at our customers and look at frequency and see if there was any change in basket size in a number of transactions over the last six months, over the last nine months, especially as we got into the noise -- the more recent noise of tariffs. And we just can't find any data that would suggest that we are seeing any pull forward of demand or people buying product ahead of when they need it.

我們讓資料科學團隊和 CRM 團隊回顧我們的客戶，查看頻率，看看過去六個月、過去九個月內交易量中的購物籃規模是否有任何變化，特別是當我們陷入噪音——最近的關稅噪音時。我們只是找不到任何數據表明我們看到需求提前或人們在需要之前購買產品。

And then to follow up on one of the earlier questions regarding how long. Assuming your assumptions are correct, how long the headwinds last? And -- by the time we get to the beginning of next year, you'll still have -- I mean, you'll actually have more goods with the tariff impact. So theoretically, you won't clear these headwinds. I just want to -- you won't clear these headwinds just because of your product mix until we get to the end of Q2 '27.

然後跟進之前關於多長時間的一個問題。假設你的假設正確，逆風會持續多久？而且——到明年年初的時候，你仍然會有——我的意思是，你實際上會有更多受到關稅影響的商品。所以從理論上來說，你無法克服這些阻力。我只是想——直到我們到達 2027 年第二季末，你才會因為產品組合而消除這些阻力。

I mean, is that just the way to think about it because of -- you have so much inventory at the old prices now, that will start to flow through -- slowly flow through by the end of the calendar year or the end of late Q3? At the end of Q3, you'll have mostly all the higher tariff goods, but then that will just keep on going until you lap it completely, September?

我的意思是，這只是因為——你現在有這麼多以舊價格計算的庫存，這些庫存將開始流通——到今年年底或第三季末慢慢流通？到第三季末，幾乎所有高關稅商品都會被徵收，但這種情況會一直持續下去，直到九月完全消除？

Yes. I mean we turn our inventory around two times a year, a little bit less than that. And so you're right, Sam, as we buy the tariffed inventory and the tariffed goods and we work that into the system, it will be into next year, the beginning part of next year before we see everything that's in the system being -- having been purchased with the tariff. So yes, you're thinking about that the right way.

是的。我的意思是我們每年的庫存週轉次數是兩次，比這要少一點。所以你說得對，山姆，當我們購買有關稅的庫存和有關稅的商品並將其納入系統時，要到明年，也就是明年年初，我們才能看到系統中的所有東西都是用關稅購買的。是的，你的想法是正確的。

And then lastly, you talked about the -- you talked about the breakdown of where you're buying your products from and how that's going to evolve, especially out of China. I'm sort of -- I mean, western boots make up what percentage of your total business -- of your total private -- or your exclusive brand business?

最後，您談到了——您談到了您從哪裡購買產品的細目以及這種情況將如何發展，尤其是從中國購買產品的情況。我有點——我的意思是，西部靴佔你們全部業務——全部私人品牌業務——或獨家品牌業務的百分之多少？

The western boots for exclusive brands is similar to what it is for the overall company. And so it's roughly 30% of the penetration.

專賣品牌的西部靴與整體公司的西部靴類似。因此滲透率約為 30%。

Of your exclusive -- within your exclusive brand? I'm just surprised that Mexico sourcing doesn't go up more within the mix?

屬於您的獨家－在您的獨家品牌內？我只是很驚訝墨西哥的採購量沒有進一步增加？

Yeah. So if you think about the Mexico sourcing exclusive brand leather soled cowboy boots, the majority -- almost all of them are made in Mexico today. You're right, there is opportunity to further increase the Mexico production. And what we've sourced there in the past have also been some rubber soled Western boots. And so there's opportunity immediately to bring some of that back, and the team has done a nice job of starting to look for ways to bring more of that production back into Mexico.

是的。因此，如果您考慮從墨西哥購買獨家品牌皮底牛仔靴，現在大多數——幾乎所有的牛仔靴都是在墨西哥製造的。你說得對，墨西哥的產量還有機會進一步提高。我們過去也在那裡採購過一些橡膠底的西部靴。因此，現在就有機會將其中一部分帶回墨西哥，而且團隊已經很好地開始尋找方法將更多的產品帶回墨西哥。

And so you're right, if you look at the numbers on this piece of paper or on the slide, there isn't much of an increase to Mexico. We have increased already in that late in that fiscal '25 number in fiscal '26 from we talked about before being in the upper 20s. But there is opportunity for us to do more in Mexico, and maybe that number goes up.

所以你是對的，如果你看看這張紙或幻燈片上的數字，你會發現墨西哥的成長並不多。我們在 25 財年末和 26 財年已經將這個數字從我們之前談論的 20 多歲提高了。但我們有機會在墨西哥做更多的事情，也許這個數字還會上升。

Great. Thank you. Continued success.

偉大的。謝謝。持續取得成功。

Ashley Owens with KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Ashley Owens。

So maybe just to start off, since we've been discussing exclusive brands pretty in detail in this call. I know that you mentioned you're aiming a whole price in certain items within the portfolio. We've talked about the current assortment, but would be curious, does that dynamic create an opportunity to expand exclusive offerings into new styles with what you're seeing with the third party? Any color you could provide on maybe new style categories or price points to potentially capture some more share from some of those more elastic consumers who maybe aren't willing to pay up the expected price increases and just how opportunistic you want to be there?

因此，也許這只是開始，因為我們在這次電話會議中已經非常詳細地討論了獨家品牌。我知道您提到過，您的目標是對投資組合中的某些項目設定整體價格。我們已經討論過當前的產品組合，但我很好奇，這種動態是否創造了一個機會，將獨家產品擴展到新的風格，就像您在第三方看到的那樣？您能否提供一些新的款式類別或價格點，以便從那些可能不願意支付預期價格上漲的更有彈性的消費者中獲得更多份額，以及您希望在那裡獲得多大的機會？

It's a great question. We haven't really explored that as of yet. One of the things we've always been very cautious of is we want to make sure that our exclusive brands have the same quality and build as the third-party brands. And we don't want too much of an entry-level boot, I suppose, is one way I could put it.

這是一個很好的問題。我們目前還沒有真正探索過這一點。我們一直非常謹慎的事情之一是，我們希望確保我們的獨家品牌具有與第三方品牌相同的品質和結構。我想，我們不需要太多的入門級靴子，這就是我可以說的。

But we will -- there are boots that are, as I'm looking down a list of our bestsellers, there are exclusive brand boots that as these price increases go into effect with third parties and that kind of disseminates across all western and work retailers, that they will look very attractive from a price point standpoint. So maybe not an entry-level point, but more attractive most certainly than everybody else. And we've always assorted our exclusive brands, especially from a boot standpoint with good, better, best. So we -- and maybe it's not an entry-level price point. But good, better, best.

但是我們會——當我查看我們的暢銷產品清單時，我們會推出一些靴子，有一些獨家品牌靴子，隨著這些價格上漲對第三方生效，並且這種上漲會在所有西方和工作零售商中傳播開來，從價格的角度來看，它們會非常有吸引力。因此，也許這不是一個入門級的點，但肯定比其他的更有吸引力。我們始終致力於對獨家品牌進行分類，特別是從靴子的角度來看，有好、更好、最好之分。所以我們——也許這不是入門級的價格點。但是好，更好，最好。

So there are boots currently today that are competitive from a price standpoint, and they will be even more competitive, price-wise, as third-party brands raise retails across the rest of the western space.

因此，從價格角度來看，目前的靴子具有競爭力，而且隨著第三方品牌在西方其他地區提高零售額，它們的價格競爭力將更加增強。

Okay. Got it.

好的。知道了。

Mitch Kummetz, Seaport Research.

海港研究公司的米奇‧庫梅茲 (Mitch Kummetz)

I guess kind of a two-parter on exclusive or kind of a follow-up. So I guess my first question is, you talked about maybe taking some price, maybe not taking some price, but I'm curious, what's embedded in the merch margin guide. You've given us the $8 million on COGS. You're also giving us a merch margin range. Are -- is any -- taking a price embedded in that, or is that merch margin all unmitigated on the tariff cost?

我想這有點像是獨家的兩首曲，或是一種後續作品。所以我想我的第一個問題是，您談到了可能收取一些價格，也可能不收取一些價格，但我很好奇，商品利潤指南中包含了什麼。您已為我們提供了 800 萬美元的 COGS。您也向我們提供了商品利潤範圍。其中是否包含價格，或商品利潤是否全部被關稅成本抵銷？

Yes. So the -- to make sure I'm understanding your question correctly, Mitch, I'll restate it a little bit in my answer. So the merchandise margin rate flat for the full year embeds us absorbing some of the tariff expense ourselves and not passing price along completely to our customers. And where we wouldn't be passing on the price increases would be in -- primarily in the exclusive brand area of the product assortment. Is that -- did I understand the question correctly?

是的。所以——為了確保我正確理解了你的問題，米奇，我將在我的回答中稍微重申。因此，全年商品利潤率保持不變意味著我們自己吸收了部分關稅費用，而不是將價格完全轉嫁給我們的客戶。我們不會轉嫁價格上漲的部分主要是在產品組合中的獨家品牌領域。那是——我理解這個問題正確嗎？

I guess kind of my question is what's actually embedded in that merch margin rate, some mitigation, no mitigation?

我想我的問題是，商品利潤率實際上包含什麼，是一些緩解，還是沒有緩解？

Yes. We will have some mitigation. I think if we had full mitigation, our merchandise margin rate for the year would probably be closer to the 40 basis points, and that's absorbing the entire $8 million. And we feel really good about the numbers we put out there, Mitch, but I just would remind you, this is a very fluid situation, and we've got 10 months ahead of us to really work through this. But I feel like the team has done a really nice job of capturing this at the product level. And -- but there will be decisions that have not yet been made product by product to get there.

是的。我們會採取一些緩解措施。我認為，如果我們採取全面緩解措施，我們今年的商品利潤率可能會接近 40 個基點，這將吸收全部 800 萬美元。米奇，我們對公佈的數字感到非常滿意，但我只是想提醒你，這是一個非常不穩定的情況，我們還有 10 個月的時間來真正解決這個問題。但我覺得團隊在產品層面上已經很好地實現了這一點。並且——但為了實現這一目標，還需要對各個產品做出一些尚未做出的決定。

And then the EB penetration, it's 100 basis points for the year. How does that break out first half, second half? If I heard correctly, I think you said that the penetration will be up like 180 bps in 1Q. It would stand to reason that maybe the penetration could be even higher in the back half, just given that the EB might look more compelling to the consumer if you don't take price? Can you kind of break that out a little bit?

然後是 EB 滲透率，今年是 100 個基點。上半場和下半場如何區分？如果我沒聽錯的話，我想您說的是第一季滲透率將上升 180 個基點。照理說，如果不考慮價格因素，EB 可能對消費者更有吸引力，因此下半年的滲透率可能會更高？你能稍微解釋一下嗎？

Yes, it's a great question and a fair assumption. The first quarter, we have 190 basis points of EB or exclusive brand penetration growth. The second quarter is also above the 100 basis points, and then the second half, it gets a little bit lower. So there is opportunity to the extent that customers gravitate towards our exclusive brands, whether that's via price or style or high quality, there is opportunity for that to grow further.

是的，這是一個很好的問題和一個合理的假設。第一季度，我們的 EB 或獨家品牌滲透率成長了 190 個基點。第二季也超過了100個基點，下半年則略有下降。因此，只要顧客傾向於我們的獨家品牌，無論是透過價格、款式或高品質，就有機會進一步成長。

Okay. And then I guess, lastly, on the SG&A leverage. Jim, I think you said the leverage point is flat. I want to say previously that was at 2%. Maybe I'm wrong about that. But if that has changed, what has sort of changed in the -- in maybe the overhead structure to kind of bring it down a couple of hundred basis points?

好的。最後我想談談銷售、一般及行政費用槓桿。吉姆，我認為你說過槓桿點是平的。我想說的是，之前這個數字是 2%。也許我錯了。但如果情況發生了變化，那麼在間接費用結構方面可能發生了什麼變化，導致成本下降了幾百個基點？

Yes. I would remind you, that's a fiscal '26 number. I would anticipate as we get into the next year, maybe that goes up, probably not back up to a 2%. And really for the current year, it's some of the high costs that we had last year that we're not expecting to repeat, maybe some more one-off type items.

是的。我要提醒你，這是 26 財年的數字。我預計，進入明年，這一數字可能會上升，但可能不會回升至 2%。就今年而言，我們預計不會重複去年產生的一些高成本，或許是一些一次性項目。

And then the second piece to that is as we've opened the number of stores, 60 stores this year and they're generating nice cash flow and EBITDA, we're able to cover more of the fixed cost company-wide by more sales volume, and that helps bring that leverage point down just a little bit.

第二點是，隨著我們開設更多門市，今年共有 60 家門市，它們產生了良好的現金流和 EBITDA，我們能夠透過增加銷售量來覆蓋更多的全公司固定成本，這有助於稍微降低槓桿點。

Jeff Lick, Stephens, Inc.

傑夫·利克（Jeff Lick），史蒂芬斯公司

Thanks for running the call a little later and taking my question. Congrats, John. The problem -- Jim, I was just wondering, you did a good job of educating everybody at the ICR conference about the -- just the kind of shift in year two and year three vintage stores and how that influences the comp. I wonder if you could just maybe comment on how that's progressing? Because it does look like you'll have a greater composition of year two and year three stores in the comp base.

感謝您稍後接聽電話並回答我的問題。恭喜，約翰。問題是——吉姆，我只是想知道，你在 ICR 會議上很好地向大家介紹了——第二年和第三年的古董店發生了怎樣的變化，以及這對公司有何影響。我想知道您是否可以評論一下事情的進展？因為看起來，在同類企業中，第二年和第三年的商店數量會更多。

Yes. Thank you, Jeff. The -- we're -- you're right. The new store waterfall continues to look nicely. Just a reminder that the first year store goes comp, it comps roughly in line with the chain average.

是的。謝謝你，傑夫。我們——你是對的。新店的瀑布看起來仍然很漂亮。需要提醒的是，該商店第一年的銷售額大致與連鎖店的平均銷售額一致。

And that second year comp is where we're really seeing some nice outperformance in the chain average. Third year, it's still a little too early to tell. It depends a little bit by class of stores. Sometimes it's a nice tailwind, sometimes it's less so.

而在第二年的比較中，我們確實看到了連鎖平均值的良好表現。第三年，現在說還太早。這有點取決於商店的類別。有時這是一種很好的順風，有時則不然。

What I would say is that we did do some work and we looked at the average annual sales volume for the most recent year, fiscal '25 that we just finished up in stores that opened in fiscal '21 averaged higher volumes and those open in '22, and those in fiscal '22 performed better than those in '23, and then '23 better than '24. So we are seeing a nice result with how those stores are continuing to add volume as the years progress.

我想說的是，我們確實做了一些工作，我們查看了最近一年的 25 財年平均年銷售量，我們剛剛完成的 21 財年開業的商店的平均銷售量更高，22 財年開業的商店的平均銷售量更高，22 財年開業的商店的表現優於 23 財年，而 23 財年開業的商店的表現優於 24 財年。因此，我們看到了一個很好的結果，隨著時間的推移，這些商店的銷售量不斷增加。

And then just a quick follow-up. As you guys look at the summer calendar this year, any call outs in terms of headwinds or tailwinds? And then maybe even if you could comment on any new acts? I know you kind of getting some great traction with [Dorren Leone]. Anyone new to call out there?

然後只是快速的跟進。當你們看今年夏季日曆時，有任何關於逆風或順風的說法嗎？那麼也許您甚至可以對任何新行為發表評論？我知道你對[多倫·利昂]。有新人可以打電話嗎？

The concert lineup to summer looks decent. It doesn't look spectacular. It doesn't look bad in any way. It looks like a summer of probably less stadium tours than last year, but more festivals. We actually have a festival this weekend in Gulf Shores, Alabama with Morgan Wallen, the Sand In My Boots festival.

夏季的音樂會陣容看起來不錯。看上去並不引人注目。不管怎樣，它看起來都不錯。看起來今年夏天體育場巡迴的次數可能比去年少，但音樂節卻增加了。事實上，本週末我們將與摩根沃倫 (Morgan Wallen) 一起在阿拉巴馬州的格爾夫肖爾斯舉辦一場名為“Sand In My Boots”的音樂節。

We're going to have a stage, we're going to be -- the main stage is the Boot Barn stage. The secondary stage is going to be the Cody James stage, which is something new that we haven't done before.

我們將有一個舞台，我們將—主舞台是 Boot Barn 舞台。第二階段將是科迪詹姆斯階段，這是我們以前從未做過的新事情。

We're going to continue to sponsor close to 1,000 rodeos this year. So the rodeo sponsorship market still looks great. And the celebrity tie-ins there, Riley Green has been the big one right now, and we spent some time with Riley at the ACMs just the other day, and we're continuing to kind of not by the upfront as I call them, when it comes to these music sponsorships and wait for some of the remnant opportunities, which has worked well for us in the past.

今年我們將繼續贊助近 1,000 場牛仔競技表演。因此牛仔競技贊助市場前景仍然很好。那裡的名人合作，萊利·格林 (Riley Green) 目前是最重要的一個，前幾天我們在 ACM 與萊利一起度過了一段時間，當談到這些音樂贊助時，我們繼續以我所說的不預先付款的方式等待一些剩餘的機會，這在過去對我們來說很有效。

Awesome. Well, congrats on the next quarter and look forward to catching up soon.

驚人的。好吧，祝賀下個季度，並期待很快趕上。

Corey Tarlowe, Jefferies.

科里‧塔洛 (Corey Tarlowe)，傑富瑞 (Jefferies)。

Great. Thanks. Jim, I was just wondering if you could talk a little bit about the comp guide and maybe just unpack for us how you think about the drivers of that, what's traffic, what's ticket, how much promotion is embedded, how much tariff is embedded in there in terms of price? And then what does that shape look like throughout the year?

偉大的。謝謝。吉姆，我只是想知道您是否可以稍微談一下補償指南，也許可以為我們解釋一下您如何看待它的驅動因素，什麼是流量，什麼是票，嵌入了多少促銷，在價格方面嵌入了多少關稅？那麼全年來看，這個形狀是什麼樣的呢？

Yes. So great question. We expect -- let me just back up. The nice comp growth that we've seen over the last few quarters has been driven by an increase in transactions, with the basket being roughly flat. As we are looking at Q1 and Q2, we expect to continue to see that driven by increase in transactions.

是的。這個問題問得真好。我們期望——讓我回顧一下。過去幾季我們看到的良好的成長是由交易量的增加所推動的，而購物籃則基本上持平。當我們展望第一季和第二季時，我們預計交易量將繼續增加。

As we get into the second half of the year, we would expect to see the price increases impacting the transactions and as transactions come down, AUR coming up. And so that being -- those two kind of offsetting a little bit in the second half of the year.

隨著進入下半年，我們預計價格上漲將影響交易，而隨著交易量的下降，AUR 將會上升。因此，這兩種情況在下半年會稍微抵銷一點。

Okay. Got it. That's really helpful. And then just on your overall capital allocation strategy. I saw the repurchase announcement of $200 million. Would just be curious in terms of kind of what you view as the best approach for capital allocation, returning excess cash to shareholders and how you prioritize and rank the different levers that you have to pull for that?

好的。知道了。這真的很有幫助。然後是關於您的整體資本配置策略。我看到了2億美元的回購公告。我只是好奇，您認為最佳的資本配置方法是什麼，將多餘的現金回饋給股東，以及如何對為此必須採取的不同手段進行優先排序？

Sure. So I think our number one focus is to generate cash, fund new stores that have a tremendous payback. And then this new piece of it is we've continued to generate more cash than necessary to operate those stores and we've paid off our debt. We have a nice capacity on our line of credit, is to give some back to the shareholders. And really, our thought around this is for it to be a very methodical repurchase program.

當然。因此，我認為我們的首要任務是創造現金，為能夠帶來巨大回報的新店提供資金。然後這個新的部分是我們繼續產生比經營這些商店所需的更多的現金，並且我們已經還清了債務。我們的信用額度充足，可以回饋股東。實際上，我們的想法是使其成為一個非常有條理的回購計劃。

Maybe there'd be an occasional opportunistic buy, but really just every quarter, buy back a certain level of shares. And it's not a huge amount if we did roughly $50 million a year. We're not committing to that on this call. We've authorized $200 million, but to have something where it's really methodical every quarter. And we have the flexibility to increase or decrease that depending on what's going on with the business.

也許偶爾會有投機性買入，但實際上每季都會回購一定數量的股票。如果我們每年的收入大約是 5,000 萬美元，那麼這並不是什麼大數目。我們在這次通話中不會做出這樣的承諾。我們已經批准了 2 億美元，但每季都要有條不紊地進行。我們可以根據業務的進展靈活地增加或減少這筆金額。

This concludes our question-and-answer session. I would like to turn the conference back over to John Hazen for any closing remarks.

我們的問答環節到此結束。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. We look forward to speaking with you all on our first quarter earnings call. Take care.

感謝大家今天參加電話會議。我們期待在第一季財報電話會議上與大家交談。小心。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。