Boot Barn Holdings Inc (BOOT) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to the Boot Barn Holdings, Inc first quarter 2026 earnings conference call. As a reminder, this call is being recorded.

大家好，歡迎參加 Boot Barn Holdings, Inc 2026 年第一季財報電話會議。提醒一下，本次通話正在錄音。

I would now like to turn the conference over to your host, Mr. Mark Dedovesh, Senior Vice President of Investor Relations and Finance. Please go ahead.

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 Mark Dedovesh 先生。請繼續。

Thank you. Good afternoon, everyone. Thank you for joining us today to discuss Boot Barn's first quarter fiscal 2026 earnings results. With me on today's call are John Hazen, Chief Executive Officer; and Jim Watkins, Chief Financial Officer.

謝謝。大家下午好。感謝您今天加入我們討論 Boot Barn 2026 財年第一季的收益結果。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)。

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.

今日新聞稿及補充財務報告的副本可在 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版塊提供 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.

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，實際結果可能與基於影響 Boot Barn 業務的多種因素的當前預期存在重大差異。

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 first quarter fiscal 2026 earnings release as well as our filings with the SEC referenced in that disclaimer. 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.

因此，您不應過度依賴這些前瞻性陳述。為了更深入地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，我們建議您參閱我們 2026 財年第一季度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提交的文件。我們不承擔更新或修改任何前瞻性陳述的義務，無論其是否由於新資訊、未來事件或其他原因。

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 first quarter fiscal '26 results, discuss the progress we have made across each of our four strategic initiatives and provide an update on current business.

謝謝你，馬克，下午好。謝謝大家加入我們。在這次電話會議上，我將回顧我們 26 財年第一季的業績，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 up the call for questions. We are very pleased with our start to fiscal '26 as first quarter results significantly increased compared to the prior year and exceeded our expectations. First quarter revenue increased 19% to $504 million, and consolidated same-store sales increased 9.4%.

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。我們對 26 財年的開局感到非常滿意，因為第一季的業績與前一年相比大幅增長，超出了我們的預期。第一季營收成長 19% 至 5.04 億美元，合併同店銷售額成長 9.4%。

In addition to strong sales growth, merchandise margin rate increased to 180 basis points compared to the prior year period. The strength in sales and margin, combined with solid expense control, resulted in earnings per diluted share of $1.74 during the quarter, which equates to 38% growth compared to the prior year period of $1.26. The team's ability to deliver strong top and bottom line results reflect the execution of our 4 strategic initiatives, which I'll now spend some time discussing.

除了強勁的銷售成長外，商品利潤率與去年同期相比也上升至 180 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1.74美元，較去年同期的1.26美元成長38%。團隊實現強勁營收和淨利潤的能力，體現了我們四項策略舉措的執行力，我現在將花些時間進行討論。

Let's begin with new store growth. We opened 14 stores in the first quarter, ending the period with 473 stores across 49 states. Our new stores continue to exceed expectations across all geographies and are projected to generate approximately $3.2 million in annual revenue and payback in less than two years. We are on track to open 65 to 70 new stores this year in both legacy and new markets.

讓我們從新店成長開始。我們在第一季開設了 14 家門市，至此我們在 49 個州共開設了 473 家門市。我們的新店在所有地區的表現繼續超出預期，預計在不到兩年的時間內將產生約 320 萬美元的年收入和回報。我們計劃今年在傳統市場和新興市場開設 65 至 70 家新店。

In addition to strong revenue in their first year of operation, new stores are also helping drive same-store sales growth once they turn comp. New stores opened over the last six years currently comprise approximately 40% of our comp store count and have outperformed stores opened prior to 2019 by approximately 350 basis points over the last year, resulting in more than a 100 basis point tailwind to consolidated comps.

除了營運第一年取得強勁收入外，新店在恢復營業後還有助於推動同店銷售額的成長。過去六年內開設的新店目前約佔我們可比門市數量的 40%，並且在過去一年中比 2019 年之前開設的門市表現高出約 350 個基點，從而為合併可比門市帶來了超過 100 個基點的順風。

We are very pleased that our new stores are continuing to attract new customers and grow sales after their initial opening, which couples nicely with our sales and customer growth in legacy stores. This underscores the growth potential of our new store initiative, as we believe we have the market potential to double our store count in the US alone over the next several years.

我們非常高興地看到，我們的新店在開業後不斷吸引新客戶並實現銷售成長，這與我們的傳統商店的銷售額和客戶成長相得益彰。這凸顯了我們新店計畫的成長潛力，因為我們相信，光是在美國，未來幾年我們的門市數量就有市場潛力翻倍。

Moving to our second initiative, same-store sales, first quarter consolidated same-store sales grew 9.4% with brick-and-mortar same-store sales increasing 9.5%. Store comp growth was driven by an 8.5% increase in transactions and a 1% increase in units per transaction and flat average unit retail. From a merchandising perspective, we saw broad-based growth across all major merchandise categories in the first quarter, led by the combined ladies' western boots and apparel businesses, which comped positive mid-teens.

談到我們的第二項舉措，即同店銷售額，第一季合併同店銷售額成長 9.4%，其中實體店同店銷售額成長 9.5%。門市同店銷售額成長的推動力包括交易量增加 8.5%、每筆交易單位數增加 1% 以及平均單位零售額持平。從商品銷售角度來看，第一季所有主要商品類別均實現了廣泛增長，其中女士西部靴和服裝業務的合併增長最為顯著，增幅達到十幾歲左右。

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 high teens. Our work boots business comped low single- digit positive, and our work apparel business comped high single-digit positive. We are extremely pleased to see the broad-based growth across categories continue through the first quarter.

其次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）的銷售額達到了積極的高水準。我們的工作靴業務實現了低個位數的正成長，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，第一季各類別產品均持續保持廣泛成長。

From a store operations perspective, I am proud of the team's performance, delivering strong results and best-in-class customer service during an especially busy quarter. In the first quarter, the team was able to open 14 new stores, navigate the complexity of several large-scale remodels and work through labor-intensive re-ticketing on third-party goods. I would like to extend a heartfelt thank you to the entire field organization for their hard work and dedication.

從商店營運的角度來看，我為團隊的表現感到自豪，在特別繁忙的季度裡取得了出色的業績並提供了一流的客戶服務。在第一季度，該團隊成功開設了 14 家新店，解決了幾項大規模改造的複雜問題，並完成了第三方商品的勞動密集型重新貼標工作。我謹向整個現場組織的辛勤工作和奉獻精神表示衷心的感謝。

Moving to our third initiative, omnichannel. In the first quarter, e-commerce comp sales grew 9.3%, and bootbarn.com, which is approximately 75% of our online sales, comped low double-digit profit. We are very pleased with the momentum in our online business and the continued innovation from our omnichannel team. The team is actively advancing its AI initiatives, including the rollout of our new AI-powered search functionality on our websites.

轉向我們的第三個舉措，全通路。第一季度，電子商務銷售額成長了 9.3%，占我們線上銷售額約 75% 的 bootbarn.com 實現了兩位數的利潤。我們對線上業務的發展勢頭以及全通路團隊的持續創新感到非常滿意。該團隊正在積極推進其人工智慧計劃，包括在我們的網站上推出新的人工智慧搜尋功能。

Boot Barn now leverages AI to enhance product copy, support store associates through our Cassidy assistant, develop multimedia training modules and power the new search experience. In addition to improving our technical abilities, the team's focus on being a store's first organization continues to generate benefits.

Boot Barn 現在利用人工智慧來增強產品複製，透過我們的 Cassidy 助理支援店員，開發多媒體培訓模組並提供新的搜尋體驗。除了提高我們的技術能力之外，團隊專注於成為商店的第一組織也不斷產生效益。

More than half of our online orders are being fulfilled by the stores, which helps increase merchandise margin and provides the customer with a broader assortment of merchandise to shop. Buy online pick up in store and ship to store have both reached record levels, which will drive increased traffic to our stores, help to reduce shipping costs and improve customer loyalty as we encourage them to shop both in-store and online.

我們一半以上的線上訂單都是由商店完成的，這有助於提高商品利潤，並為客戶提供更廣泛的商品選擇。網上購買、店內取貨和送貨到店的數量都達到了創紀錄的水平，這將增加我們商店的客流量，有助於降低運輸成本，並提高客戶忠誠度，因為我們鼓勵他們在店內和網上購物。

Now to our fourth strategic initiative, merchandise margin expansion and exclusive brands. During the first quarter, merchandise margin increased 180 basis points compared to the prior year period. Remarkably, merchandise margin rate has increased approximately 630 basis points over the last 6 years or over 100 basis points per year on average.

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。第一季度，商品利潤率較去年同期增加了 180 個基點。值得注意的是，商品利潤率在過去 6 年中增加了約 630 個基點，平均每年增加 100 多個基點。

First quarter exclusive brand penetration increased 250 basis points to 40.6% of sales. I am proud of the team's commitment to drive sales growth while increasing merchandise margin and growing exclusive brands. From a marketing perspective, we are using the creative team's outstanding content to further support our own exclusive brands, starting with our leading work brand, Hawx.

第一季獨家品牌滲透率增加 250 個基點，達到銷售額的 40.6%。我為團隊致力於推動銷售成長、提高商品利潤率和發展獨家品牌而感到自豪。從行銷角度來看，我們正在利用創意團隊的優秀內容進一步支持我們自己的獨家品牌，從我們的領先工作品牌 Hawx 開始。

In the first quarter, we launched a new website and marketing campaign for Hawx that focuses on work boots and clothing for blue collar workers across industries. We are encouraged by the early returns, and the positive results give us confidence to move forward with our strategy to market our exclusive brands directly, and we expect to launch a direct marketing campaign later this year to support our leading men's brand, Cody James.

第一季度，我們為 Hawx 推出了一個新網站和行銷活動，重點是各行各業藍領工人的工作靴和服裝。我們對早期的回報感到鼓舞，積極的結果使我們有信心推進直接行銷獨家品牌的策略，我們預計將在今年稍後推出直接行銷活動，以支持我們領先的男裝品牌 Cody James。

I'd now like to provide a recap on our pricing strategy as it relates to tariffs, which remains consistent with what we shared on our call in mid-May. We have received third-party cost increases from our vendor partners, and our field organization has begun re-ticketing these items to reflect the new MSRP. We expect the re-ticketing of third-party items to be completed by the end of August, resulting in maintaining merchandise margin rate.

現在，我想回顧一下與關稅相關的定價策略，這與我們在 5 月中旬電話會議上分享的內容一致。我們的供應商合作夥伴已通知我們第三方成本增加，我們的現場組織已開始重新對這些產品進行定價，以反映新的建議零售價。我們預期第三方商品的重新貼牌工作將於8月底完成，維持商品利潤率。

For exclusive brands, we are planning on hold we plan to hold off on price increases until the fall in order to gauge price elasticity. We will then review exclusive brands by individual style to determine if we should raise or hold price on certain items, which could result in giving up margin rate in order to maintain or gain market share.

對於獨家品牌，我們計劃推遲漲價，直到秋季，以衡量價格彈性。然後，我們將根據個人風格審查獨家品牌，以確定是否應該提高或維持某些商品的價格，這可能會導致放棄利潤率以維持或獲得市場份額。

Now turning to current business. We are four weeks into the second quarter of fiscal '26, and we have continued to see broad-based growth as consolidated same-store sales increased 11.7%, driven by an 11% increase in transactions and a 1% increase in average unit retail.

現在轉向當前業務。26 財年第二季已經過去四周，我們持續看到廣泛的成長，合併同店銷售額成長 11.7%，這得益於交易量成長 11% 和平均零售單位成長 1%。

While we are pleased with the start to our second quarter, we are mindful that July was the softest month of the second quarter last year. We remain cautious of overall consumer sentiment and macro uncertainty, and we'll continue to manage our business prudently.

雖然我們對第二季的開局感到滿意，但我們也注意到，7 月是去年第二季業績最疲軟的月份。我們對整體消費者情緒和宏觀不確定性保持謹慎，並將繼續審慎管理我們的業務。

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

現在我想把電話轉給吉姆。

Thank you, John. In the first quarter, net sales increased 19% to $504 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 9.4% increase in same-store sales is comprised of a 9.5% increase in retail store same-store sales and a 9.3% increase in e-commerce same-store sales.

謝謝你，約翰。第一季度，淨銷售額成長19%，達到5.04億美元。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。同店銷售額成長9.4%包括零售店同店銷售額成長9.5%及電子商務同店銷售額成長9.3%。

Gross profit increased 26% to $197 million compared to gross profit of $157 million in the prior year period. Gross profit rate increased 210 basis points to 39.1% when compared to the prior year period as a result of a 180 basis point increase in merchandise margin rate and 30 basis points of leverage in buying, occupancy and distribution center costs.

毛利成長 26% 至 1.97 億美元，而去年同期的毛利為 1.57 億美元。由於商品利潤率增加 180 個基點，以及採購、佔用和配送中心成本的槓桿增加 30 個基點，毛利率與去年同期相比增加 210 個基點，達到 39.1%。

The increase in merchandise margin rate was primarily the result of better buying economies of scale, lower freight expense and growth in exclusive brand penetration. The leverage in buying, occupancy and distribution center costs was driven by lower incentive- based compensation and lower distribution center labor cost in the current year period, partially offset by the occupancy cost of new stores.

商品利潤率的提高主要是由於採購規模經濟效益的提高、運費的降低以及獨家品牌滲透率的提高。購買、佔用和配送中心成本的槓桿作用是由本年度激勵性薪酬降低和配送中心勞動成本降低所驅動，但被新店的佔用成本部分抵消。

SG&A expenses for the quarter were at $127 million or 25.1% of sales compared to $107 million or 25.2% of sales in the prior year period. SG&A expense as a percentage of net sales decreased by 10 basis points, primarily as a result of lower incentive-based compensation in the current year period, partially offset by higher marketing expenses due to timing.

本季銷售、一般及行政費用為 1.27 億美元，佔銷售額的 25.1%，去年同期為 1.07 億美元，佔銷售額的 25.2%。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，主要原因是本年度激勵性薪酬較低，但因時間原因導致的營銷費用增加部分抵消了這一影響。

Income from operations was $71 million or 14.0% of sales in the quarter compared to $50 million or 11.9% of sales in the prior year period. Net income per diluted share increased 38% to $1.74, which compares to $1.26 per diluted share in the prior year period.

本季營業收入為 7,100 萬美元，佔銷售額的 14.0%，而去年同期為 5,000 萬美元，佔銷售額的 11.9%。每股攤薄淨收益成長 38% 至 1.74 美元，去年同期每股攤薄淨收益為 1.26 美元。

Turning to the balance sheet. On a consolidated basis, inventory increased 23% over the prior year period to $774 million and increased approximately 2.7% on a same-store basis. Total inventory increased as a result of adding 15% new stores and growth in exclusive brands. 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.

轉向資產負債表。綜合來看，庫存較上年同期增加 23%，達到 7.74 億美元，同店庫存增加約 2.7%。由於新增 15% 的門市和獨家品牌的成長，總庫存增加。我們對庫存的健康狀況感到滿意，我們的降價幅度佔庫存的百分比低於去年同期，也低於歷史水準。

During the quarter, we purchased approximately 78,000 shares of our common stock for an aggregate purchase price of $12.5 million as part of our authorized $200 million share repurchase program. We finished the quarter with $95 million in cash and 0 drawn on our $250 million revolving line of credit.

在本季度，作為我們授權的 2 億美元股票回購計畫的一部分，我們以總購買價 1,250 萬美元購買了約 78,000 股普通股。本季末，我們的現金為 9,500 萬美元，2.5 億美元循環信用額度未提取任何金額。

Now turning to our raised outlook for fiscal '26. We are increasing full year guidance due to our first quarter results and the strong start to our second quarter. We are maintaining our original guidance for the second half of the fiscal year, which assumes that the uncertainty around tariffs and the resulting impact on consumer spend will result in flat comps in the second half of the year, and unmitigated tariff expenses will increase our cost of goods sold, resulting in a merchandise margin decline in the second half of the fiscal year.

現在來談談我們對 26 財年的預期。由於第一季業績和第二季開局強勁，我們上調了全年業績預期。我們維持對本財年下半年的原有指引，該指引假設關稅的不確定性及其對消費者支出的影響將導致下半年的銷售額持平，而未減輕的關稅支出將增加我們的銷售成本，從而導致本財年下半年的商品利潤率下降。

The supplemental financial presentation that we released today outlines the low and high end of our guidance range for both the full year and second quarter. I will only be speaking to the high end of the range for both periods in my following remarks.

我們今天發布的補充財務報告概述了全年和第二季的指導範圍的低端和高端。在接下來的評論中，我將只談論這兩個時期的高端範圍。

For the full year, we expect total sales to be $2.18 billion, representing growth of 14% over fiscal '25. We expect same-store sales to increase 3.5% with a retail store same-store sales increase of 3.0% and e-commerce same-store sales growth of 8.5%.

我們預計全年總銷售額將達到 21.8 億美元，比 25 財年成長 14%。我們預計同店銷售額將成長 3.5%，其中零售店同店銷售額將成長 3.0%，電子商務同店銷售額將成長 8.5%。

We expect merchandise margin to be $1.10 billion or approximately 50.3% of sales, a 20 basis point increase over the prior year period, which includes exclusive brand penetration growth of 160 basis points. We expect gross profit to be $812 million or approximately 37.2% of sales. We anticipate 50 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.

我們預期商品利潤率為 11 億美元，約佔銷售額的 50.3%，比去年同期增加 20 個基點，其中包括獨家品牌滲透率成長 160 個基點。我們預計毛利為 8.12 億美元，約佔銷售額的 37.2%。我們預計，由於新店的入駐，採購、入住和配送中心成本將去槓桿 50 個基點，銷售、一般和行政費用的槓桿率將上升 50 個基點。

Our income from operations is expected to be $277 million or 12.7% of sales. We expect net income for fiscal '26 to be $206 million and earnings per diluted share to be $6.70. We plan to grow new units by 15%, adding between 65 and 70 new stores during fiscal '26. 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 balance of the year, we expect our effective tax rate to be 26%.

我們的營業收入預計為 2.77 億美元，佔銷售額的 12.7%。我們預計2026財年的淨利為2.06億美元，每股攤薄收益為6.70美元。我們計劃在2026財年將新門市數量增加15%，新增65至70家門市。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。對於今年的剩餘時間，我們預計有效稅率為 26%。

As we look to the second quarter of fiscal '26, we expect total sales at the high end of our guidance range to be $495 million and a consolidated same-store sales increase of 6.5%. We expect the merchandise margin to be $249 million or approximately 50.3% of sales, a 70 basis point increase over the prior year period, which includes a 250 basis point increase in exclusive brand penetration.

展望 26 財年第二季度，我們預期指導範圍高端的總銷售額將達到 4.95 億美元，合併同店銷售額將成長 6.5%。我們預期商品利潤率為 2.49 億美元，約佔銷售額的 50.3%，比去年同期增加 70 個基點，其中包括獨家品牌滲透率增加 250 個基點。

We expect the gross profit to be $178 million or approximately 36.0% of sales, which includes 60 basis points of deleverage in buying, occupancy and distribution center costs. Our income from operations is expected to be $53 million or 10.7% of sales, a 130 basis point increase over the prior year period. We expect earnings per diluted share to increase 34% to $1.27.

我們預計毛利為 1.78 億美元，約佔銷售額的 36.0%，其中包括購買、佔用和配送中心成本的 60 個基點的去槓桿。我們的營業收入預計為 5,300 萬美元，佔銷售額的 10.7%，比去年同期增加 130 個基點。我們預計每股攤薄收益將成長 34% 至 1.27 美元。

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

現在我想把電話轉回給約翰，請他發表一些結束語。

Thank you, Jim. We are very pleased with our first quarter results and the positive momentum that has continued into the current quarter. We continue to be confident in our ability to execute on our four strategic initiatives and drive growth in the current fiscal year and over the long term. I would now like to open the call for questions. Operator?

謝謝你，吉姆。我們對第一季的業績以及延續到本季的正面動能感到非常滿意。我們仍然對我們執行四項策略性舉措以及推動本財年和長期成長的能力充滿信心。現在我想開始提問。操作員？

(Operator Instructions)

（操作員指示）

Matthew Boss, JPMorgan Chase & Co.

摩根大通公司馬修‧博斯

Great. And congrats on the next quarter.

偉大的。並祝賀下個季度。

Thanks, Matt.

謝謝，馬特。

So, John, could you speak to drivers of demand strength in the first quarter and elaborate on the acceleration in July, notably the double-digit transactions? And then, if you could just walk through the bridge math to flat comps in the back half of the year.

那麼，約翰，您能否談談第一季需求強勁的驅動因素，並詳細說明 7 月份的需求加速，特別是兩位數的交易量？然後，如果您能透過橋樑數學來了解下半年的平穩情況。

Yes, absolutely. Yes, as you said, Matt, we went from the transactions went from 8.3% in Q1 to double digit in July, so almost all of that comp growth in July was driven by transactions. AUR was up 1% in July as some of those price increases have started.

是的，絕對是。是的，正如你所說，馬特，我們的交易量從第一季的 8.3% 上升到了 7 月份的兩位數，因此 7 月份幾乎所有的同比增長都是由交易推動的。由於部分價格開始上漲，7 月 AUR 上漲了 1%。

The performance was really broad-based. It was strength across all of our regions. We saw positive comp trends throughout July across all major merchandise categories, but the one worth calling out is denim. We continue to believe that denim is going to be we're going to be a denim destination. It's a standout category for us, especially on the women's side, across both third-party brands that we carry and our own exclusive brands.

這場演出確實影響廣泛。這是我們所有地區都具備的優勢。我們看到整個七月所有主要商品類別都呈現積極的趨勢，但值得一提的是牛仔布。我們始終堅信牛仔布將會成為我們的牛仔布目的地。對我們來說，這是一個突出的類別，特別是在女裝方面，包括我們經營的第三方品牌和我們自己的獨家品牌。

And we delivered double-digit growth in both men's and women's denim during the quarter. But that transaction growth, I have to give credit to our team, both from a store operations side and how they convert those customers in store as well as the marketing team that continues to lean into cultural moments that really resonate with our customer.

本季度，我們的男女牛仔服裝均實現了兩位數的成長。但是，對於交易量的成長，我必須將功勞歸功於我們的團隊，無論是從商店營運方面，還是從他們如何轉化店內顧客，以及行銷團隊，他們都繼續傾向於真正引起顧客共鳴的文化時刻。

Looking to the back half of the year, as we said on our first call, we had applied a haircut to Q3 and Q4 to those flat comps, and we still believe, given all the noise around the macro environment that there will be could be some softening of consumer demand during that time. That flat comp in Q3 and Q4 is not a result of solely mid-single-digit price increases on our third-party brands, but rather the macro environment continued to be somewhat at risk.

展望下半年，正如我們在第一次電話會議上所說的那樣，我們對第三季度和第四季度的業績進行了調整，以應對持平的業績，而且我們仍然相信，考慮到宏觀環境的各種噪音，那段時間的消費需求可能會有所減弱。第三季和第四季的持平並非僅僅是由於我們第三方品牌價格上漲了中等個位數，而是宏觀環境繼續面臨一定風險。

Great. And then maybe, Jim, as a follow-up, could you speak to what you saw on markdown levels relative to a year ago in the first quarter and then here in July? And what's embedded in your merchandise margin outlook as it relates to promotional activity and pricing in the second quarter and back half of the year?

偉大的。那麼，吉姆，作為後續問題，您能否談談與去年第一季和今年 7 月相比，您看到的降價水平如何？那麼，您對商品利潤前景的看法與第二季和下半年的促銷活動和定價有何關係？

Sure, the markdowns have continued to be low, pretty low or very low, I should say, when compared to last year and also historical levels, pre-COVID. They're very low. And so we're expecting that to continue with us, the markdowns to be low. We feel that our inventory is in a very healthy position. It's fresh. We've got the inventory that we want, as we head into the back half of the year and this most upcoming quarter.

當然，與去年以及疫情之前的歷史水準相比，降價幅度一直很低，應該說相當低或非常低。它們非常低。因此，我們預計這種情況將持續下去，降價幅度將保持在較低水平。我們認為我們的庫存處於非常健康的狀態。很新鮮。隨著我們即將進入下半年和即將到來的這個季度，我們已經獲得了我們想要的庫存。

Peter Keith, Piper Sandler & Co.

彼得‧基斯（Peter Keith），Piper Sandler & Co.

John, you had mentioned around Hawx that you're starting to do some marketing and branding around Hawx. And I know I think you did some marketing with Cody James, had some concert activity earlier in the year. So I'm wondering if this is a new initiative around exclusive brand marketing. And could that sort of be an early indicator of distribution of these brands outside of Boot Barn over time?

約翰，你曾提到 Hawx，你開始圍繞 Hawx 做一些行銷和品牌推廣。我知道你和科迪詹姆斯一起做過一些行銷，今年早些時候舉辦過一些音樂會活動。所以我想知道這是否是圍繞獨家品牌行銷的新舉措。這是否可以作為這些品牌在 Boot Barn 以外地區分銷的早期指標？

Yes. Peter, it's when I took the permanent role, we kind of talked about the adjustments I was going to make under the four strategic initiatives, which were the sourcing initiative, our exclusive brands and reinvigorating the work business. And the one that we've made the most progress on thus far is the exclusive brands piece. It's easier to move quickly on some of these marketing initiatives.

是的。彼得，當我擔任這個永久職位時，我們談到了我將根據四項策略舉措做出的調整，即採購舉措、我們的獨家品牌和重振工作業務。到目前為止，我們取得最大進展的是獨家品牌部分。其中一些行銷措施更容易快速推進。

We've been very pleased with the early results around Hawx and our ability to advertise the brand using Meta's tools to target blue collar customers we weren't, otherwise, be able to target and find. And it's been a pretty material spend over the quarter that's resulted in millions of impressions and over 1 million sessions as well to the Hawx site that we launched, a bilingual site in both English and Spanish.

我們對 Hawx 的早期成果感到非常滿意，並且能夠利用 Meta 的工具來宣傳該品牌，瞄準我們原本無法瞄準和找到的藍領客戶。本季我們投入了大量的資金，為我們推出的英語和西班牙語雙語網站 Hawx 帶來了數百萬次展示和超過 100 萬次會話。

Cody James at the Morgan Wallen Festival in Gulf Shores, Alabama was a great success. We got a lot of coverage, again, millions of impressions and reels views around that concert. And it was the first time we sponsored a stage at a concert with one of our exclusive brands. So that was exciting as well.

科迪詹姆斯 (Cody James) 在阿拉巴馬州格爾夫肖爾斯的摩根沃倫音樂節上取得了巨大成功。我們獲得了大量報道，再次，那場音樂會的曝光量和觀看次數達到數百萬。這也是我們第一次與我們的獨家品牌之一一起贊助音樂會舞台。所以這也非常令人興奮。

We're going to I've directed the team to take Cody James and mimic or copy paste what we have done with Hawx and launch a dedicated site for Cody as well and implement many of the same marketing techniques that we used with Meta's tools, along with some other initiatives, specifically for Cody James.

我們將指示團隊模仿或複製貼上我們對 Hawx 所做的事情，並為 Cody 推出一個專門的網站，並實施許多我們在 Meta 工具中使用的相同行銷技術，以及一些其他舉措，專門針對 Cody James。

So I'm very encouraged by the early results. There are no plans currently to sell the brands at wholesale to other companies and other retailers, not to say it couldn't happen one day. But for now, we're going to focus on driving these brands at Boot Barn.

因此我對早期的結果感到非常鼓舞。目前還沒有計劃將這些品牌批發給其他公司和其他零售商，但這並不意味著將來不會發生這種情況。但目前，我們將專注於在 Boot Barn 推動這些品牌的發展。

Okay. Very good. And on the tariff-related price increases, are the supplier price increases kind of the same as when you updated us three months ago? I think China and various tariffs have moved around quite a bit. Is it still kind of at that mid-single-digit level. And then it's probably early, but any read on products where prices have gone up, if there's been any demand shifts?

好的。非常好。關於與關稅相關的價格上漲，供應商的價格上漲是否與您三個月前更新時的情況相同？我認為中國和各種關稅已經發生了很大變化。它是否仍處於中等個位數水平？現在可能還為時過早，但是有沒有讀到哪些產品價格上漲，哪些產品的需求改變了？

Yes, it is still that mid-single-digit price increase. We're roughly halfway through the ticket the re-tickets in stores. We will be completed by the end of August. And so all the third-party price increases will be completed, as I said, at the end of August, and we're going to hold lower for longer on exclusive brands and see what that price elasticity looks like.

是的，價格漲幅仍處於中等個位數。我們大約已經完成了商店中重新售票的一半工作。我們將在八月底完成。因此，正如我所說，所有第三方價格上漲都將在 8 月底完成，我們將在獨家品牌上保持更長的低價，看看價格彈性如何。

It's too early to see if there's been we haven't seen any slowdown in any particular brand because of price increases. You can see that the July we had was quite nice. And while excessive brands performed nicely in Q1, that was prior to any of the price increases. So it's still too early to see the impact of those price increases.

現在判斷是否出現這種情況還為時過早，我們還沒有看到任何特定品牌因價格上漲而放緩。可以看出，我們度過的七月相當愉快。儘管高端品牌在第一季表現良好，但那是在任何價格上漲之前。因此，現在判斷價格上漲的影響還為時過早。

Steven Zaccone from Citigroup Inc.

花旗集團的 Steven Zaccone

I want to stick on the exclusive brand questions for a moment. So could you talk a little bit more about the strategy for that lower for longer pricing? Will you kind of take it month by month to measure elasticity? And then just bigger picture, right, how much bigger can exclusive brand penetration be? It seems like a year where there's a lot of disruption from tariffs. Could we start to see exclusive brand penetration stay above this 40% threshold for some time?

我想暫時停留在獨家品牌議題上。那麼，您能否再多談長期低價策略呢？您會逐月測量彈性嗎？那麼從更大的角度來看，獨家品牌的滲透率能有多大？今年似乎是關稅造成許多擾亂的一年。我們是否會看到獨家品牌滲透率在一段時間內保持在這個 40% 的門檻之上？

Yes, it was above 40% for Q1, and we expect it to stay in that range throughout the rest and slightly higher than that for the remainder of this fiscal year. We've said publicly that we'd like to get I'd like to get exclusive brands to 50% penetration over the next five to six years, so 100 to 200 basis points of improvement a year.

是的，第一季的比例超過了 40%，我們預計整個財年剩餘時間這一比例將保持在這個範圍內，並且在本財年剩餘時間內將略高於這一比例。我們曾公開表示，我們希望在未來五到六年內讓獨家品牌的滲透率達到 50%，即每年提高 100 到 200 個基點。

There may be a larger increase this year with some of the lower-for-longer strategy that we are testing. That window is October pre- holiday, or those re-tickets or price increases on exclusive brands would have to happen post-holiday.

由於我們正在測試一些長期低利率策略，今年可能會出現更大的成長。這個時間窗口是十月假期前，否則獨家品牌的重新售票或漲價就必須在假期後進行。

So if you think of the windows where we either hold or increase prices on some items or many items on the exclusive brand side, it's really October or January, are the two windows for those price increases.

因此，如果您想想我們對獨家品牌方面的某些商品或許多商品保持或提高價格的窗口期，那麼實際上 10 月或 1 月是這些價格上漲的兩個窗口期。

Okay. Understood. And then I guess the follow-up I had, just as we think, maybe, Jim, on the cost side of the business, focusing on SG&A, has anything changed in your thinking around the year in terms of hurdle rate for SG&A through the balance of the year?

好的。明白了。然後我想我的後續行動，正如我們所想，也許，吉姆，在業務的成本方面，專注於銷售、一般和行政費用，就全年餘額的銷售、一般和行政費用的最低利率而言，你的想法在今年有什麼變化嗎？

No. The hurdle rates still remain where they were when we guided them a couple of months ago. Just a reminder, that we could leverage this year SG&A at a flat comp. And so we've got some leverage modeled in for the year. And at the margin side of things on the EBIT, we expect to leverage that at a 3% comp for the year. And maybe that comes down just slightly because the merchandise margin guide for the year has gone up just slightly.

不。最低收益率仍然保持在我們幾個月前指導時的水平。提醒一下，我們可以利用今年的銷售、一般及行政費用 (SG&A) 來保持穩定。因此，我們對今年的槓桿進行了建模。在息稅前利潤的利潤方面，我們預計今年的利潤率將達到 3%。也許這一數字只是略有下降，因為今年的商品利潤指南略有上升。

Jay Sole from UBS Investment Bank.

瑞銀投資銀行的 Jay Sole。

It was an interesting stat you gave on the prepared remarks about how the newer stores are comping better as they mature. And I guess the consumers in those local markets get more aware of them. I think you talked about the stores opened in the last six years, but do you see any nuances between, say, stores opened like last year or the year before versus stores that are open maybe four or five, six years ago? And if you do, can you talk about those?

您在準備好的評論中給出了一個有趣的統計數據，關於新商店如何隨著成熟而變得更好。我想這些當地市場的消費者對它們的了解會更多。我想您談到了過去六年開設的商店，但是您是否看到去年或前年開設的商店與四五年或六年前開設的商店之間有什麼細微差別？如果有的話，您能談談這些嗎？

Sure. We haven't seen significant differences between the different class years and kind of talked about that a little bit on the most recent call or the last call about how the early opened stores in that six year period are outperforming the stores in the more recent periods and so that they continue to gain momentum as they age.

當然。我們沒有看到不同年級之間存在顯著差異，並且在最近一次電話會議或上次電話會議上談到了這一點，即六年期間早期開設的商店的表現如何優於最近時期的商店，因此它們隨著年齡的增長繼續獲得發展動力。

And as we look at each of those class years, it's a very consistent behavior and improving and really driving comp waterfall, but then also looking at those legacy stores and seeing that those older stores are still adding good volume despite all the new stores that we're adding.

當我們回顧每一年時，我們都會發現這是一種非常一致的行為，並且不斷改進，真正推動瀑布式增長，但同時我們也觀察了那些傳統商店，發現儘管我們增加了許多新店，但那些老店的銷量仍然很好。

Got it. And I guess just thinking about what the productivity per store should be given just a huge growth during the post-COVID period and then sort of normalization and then now where we are today. I mean, do you feel like it's sort of smoothed out to where you're seeing consistent trends. And if so, what should the average store, like a mature store deliver in terms of sales per store in a given year?

知道了。我想，只要思考一下，在後疫情時代，每家商店的生產力應該會有巨大的成長，然後恢復正常，然後就到了我們現在的水平。我的意思是，您是否覺得它已經趨於平穩，並且呈現出一致的趨勢。如果是這樣，那麼普通商店（例如成熟商店）在特定年份的每家商店的銷售額應該是多少？

Yes. We haven't put a target number out there. We've talked about it in the past that the new stores open at 75% of a mature store. And so if you do the math, you'd get to roughly $3.2 million as the sales volume in year 1 for a new store. It's roughly $4.2 million for a more mature store or legacy store. But we plan on growing the comps in those legacy stores into the future. And so that number will continue to go up in the way we're thinking about the business.

是的。我們還沒有設定目標數字。我們過去曾談到，新店的開幕率是成熟店的 75%。如果你算一下，你會發現新店第一年的銷售額大約是 320 萬美元。對於更成熟的商店或傳統商店來說，其成本約為 420 萬美元。但我們計劃在未來擴大這些傳統商店的銷售額。因此，從我們對業務的思考來看，這個數字將會持續上升。

Max Rakhlenko with TD Cowen.

馬克斯·拉赫倫科 (Max Rakhlenko) 和 TD Cowen。

Nice job on all the momentum. So first question is on exclusive brands. Can you walk us through the journey of how you're thinking about where product margins can go over time? I think previous comments make it sound like you think that the opportunity to drive upside is quite large. And I think that you do have a new VP of Sourcing. So just curious how we should think about that on a multiyear basis?

一切進展順利，幹得好。所以第一個問題是關於獨家品牌。您能否向我們介紹一下您是如何思考產品利潤率會隨著時間的推移而增長到何種程度的？我認為之前的評論聽起來你認為推動上漲的機會相當大。我認為你們確實有一位新的採購副總裁。所以我只是好奇我們該如何從多年的角度來看這個問題？

Yes. The new Head of Sourcing is on board. Jennifer started a few months back. She's been amazing and a great add to the team, and she's in the process of hiring a full sourcing team here, 10 to 12 folks that we're going to be hiring on the sourcing team. That being said, the gains from sourcing are going to be into mid-'27. And for a full year, it's going to be fiscal '28 by the time we see the gains on the sourcing side.

是的。新任採購主管已上任。詹妮弗幾個月前就開始了。她非常出色，為團隊做出了巨大貢獻，她正在招募一個完整的採購團隊，我們將招募 10 到 12 名員工加入採購團隊。話雖如此，採購帶來的收益將會持續到 27 年中期。就全年而言，到 28 財年我們才能看到採購方面的收益。

We do think it's going to be over 100 or 200 bps. We think there's an opportunity there, but we are but that is could be multiyear to get there. She's meeting with all the factories. The team is going through re-costing exercises with many of the factories. So we're not ready to guide nor commit to what those sourcing margin gains will be, but we still believe that there is opportunity there, and that's why we're building out this team.

我們確實認為它將超過 100 或 200 個基點。我們認為那裡有機會，但可能需要多年時間才能實現。她正在與所有工廠會面。團隊正在與許多工廠進行重新成本會計練習。因此，我們還沒有準備好指導或承諾這些採購利潤收益將會是多少，但我們仍然相信那裡有機會，這就是我們組建這支團隊的原因。

Got it. That's helpful. And then, on the work side, so with that now flipping positive on both sides of that business, do you think that you can maintain that? And do you think some of the challenges are now behind? Or is it more about just easier compares? And then how do you dissect what happened to that business as it used to be pretty steady pre-pandemic?

知道了。這很有幫助。然後，在工作方面，現在業務的雙方都出現了積極的變化，您認為您可以保持這種狀態嗎？您是否認為一些挑戰已經過去了？還是只是為了更容易比較？那麼，您該如何分析該業務在疫情前相當穩定的現況呢？

Yes. If we look at all the way back to Q1 of last year, we were a negative one in work boots. And in this particular quarter, we were a plus 1 in work boots. It has been very steady. Admittedly, Q4 of last year was the toughest comp at a negative 3.1%.

是的。如果我們回顧去年第一季，我們會發現工作靴的銷售量是負數。在這個特定季度，我們的工作靴銷售表現優異。一直非常穩定。無可否認，去年第四季的年增幅最為艱難，為負 3.1%。

But in general, it's a steady business. I'm not ready to declare victory on work boots by any means yet. It is still comping well below the rest of the business. It traditionally does. It doesn't go up or down as much as some of the other merchandise categories. But I still think there's work to be done on no pun intended, on the work boot side.

但總體來說，這是一項穩定的業務。我還沒有準備好以任何方式宣布工作靴的勝利。其業績仍遠低於其他企業。傳統上確實如此。它的價格不像其他一些商品類別那樣有大幅的上漲或下跌。但我仍然認為，在工作靴方面還有很多工作要做，這不是雙關語。

And again, early days of the Hawx's initiative. The Cody James marketing will be around the work, the western and the 1978. So there'll be another hit of Boot Barn work marketing coming as we get into September.

再次，這是 Hawx 計劃的早期階段。科迪詹姆斯 (Cody James) 的行銷將圍繞著作品、西部片和 1978 年。因此，進入九月份，Boot Barn 工作行銷將迎來另一個熱潮。

And hope to have another good update for you guys next quarter. But I don't think it's going to there's nothing to indicate that it's going to fall off, but I'm not ready to declare victory that we've gotten work boots back to where they should be in a low single-digit comp for the quarter.

希望下個季度能為大家帶來另一個好消息。但我不認為它會下降，沒有任何跡象表明它會下降，但我還沒有準備好宣布勝利，我們已經讓工作靴回到了本季度低個位數的水平。

Janine Hoffman Stichter from BTIG.

來自 BTIG 的 Janine Hoffman Stichter。

Question first for John. Just want to hear your thoughts on the competitive landscape. I know when we were initially going through all this tariff volatility, it seemed like there was going to be a lot of disruption with some of the independents in the market. I'm curious anecdotally what you're seeing in a broader market and if you still see a share gain opportunity from some of this volatility?

首先問約翰。只是想聽聽您對競爭格局的看法。我知道，當我們最初經歷所有這些關稅波動時，似乎市場上的一些獨立企業將受到很大的干擾。我很好奇，您在更廣闊的市場中看到了什麼，以及您是否仍然認為這種波動會帶來股票收益機會？

Yes. I think we're not uniquely disadvantaged as we look at what's happening with tariffs in the market. Everyone will be facing into the same MSRP increases, and I think our exclusive brands and the inventory position that we are in heading into our Q3 or the holiday season, puts us in a nice place relative to the competition.

是的。我認為，從市場關稅的情況來看，我們並不是唯一處於不利地位的國家。每個人都將面臨相同的建議零售價上漲，我認為我們的獨家品牌和我們進入第三季或假期季節的庫存狀況使我們在競爭中處於有利地位。

Again, this industry, one of the great things about it is it's very rational from a promotional standpoint. And I respect all of our competitors greatly, but you do see some of the smaller mom and pops kind of regress and take less risk when they run into these disruptive situation. So I do think we are in a better position than most, if not all, as we head into the holiday season, given our exclusive brands and given how we've approached the last few months.

再說一次，這個行業的一大優點是從促銷的角度來看它非常理性。我非常尊重我們所有的競爭對手，但你確實看到一些規模較小的夫妻店在遇到這些破壞性局面時會退縮並降低風險。因此，我確實認為，考慮到我們的獨家品牌以及我們過去幾個月的經營方式，在進入假日季之際，我們比大多數公司（如果不是全部公司）處於更有利的地位。

Great. And then maybe for Jim, on the gross margin, I just want to clarify when does tariff inventory actually start to hit the gross margin? I'm wondering if we have a period here in Q2 when you have ticket increases, but you're not yet flowing through the higher tariffs then.

偉大的。然後也許對於吉姆來說，關於毛利率，我只想澄清一下關稅庫存何時真正開始影響毛利率？我想知道我們在第二季是否會遇到票價上漲的時期，但那時的票價還沒有上漲。

Yes, that's a correct assumption. So as the price increases go into place on the cost side of things, we're purchasing those goods, but we'll have goods that are in the store that are still purchased at the lower price. And so as we're raising the MSRP that we've been given by the third-party vendors that come along with those cost increases, there is a period of time that kind of in the middle of the second quarter here, where we will have a little bit better of a margin opportunity.

是的，這是一個正確的假設。因此，隨著成本方面價格上漲，我們會購買這些商品，但商店中的商品仍會以較低的價格購買。因此，隨著我們提高第三方供應商給予的建議零售價，成本也會隨之增加，在第二季中期的一段時間內，我們的利潤機會會稍微好一點。

And you're seeing that in our guide for the quarter, as we've got our merchandise margin up 70 basis points. That stays with us, maybe to a lesser degree, in the third quarter, but a little bit as we head into the third quarter.

您可以在我們的季度指南中看到，我們的商品利潤率上升了 70 個基點。在第三季度，這種現象可能還會持續，只是程度較輕，但隨著我們進入第三季度，這種現象會逐漸顯現。

Jonathan Komp from Robert W. Baird.

羅伯特·W·貝爾德 (Robert W. Baird) 的喬納森·科普 (Jonathan Komp)。

I want to ask about inventory. It looks like quarter end, it was up less than 3% on a comp store basis. And just given that you're guiding to flat comps in the back half, is there a risk that you could actually run to lean or run out of goods that you need based on how you're aligning your buying plans?

我想問一下庫存。看起來，季度末，與同店相比，漲幅不到 3%。鑑於您預測下半年的銷售將持平，根據您調整採購計劃的方式，是否存在您真正需要的商品短缺或用完的風險？

It's a great question, John. We feel very good about the inventory flow that we've got. If you think about the positive comps that we've got guided here in the second quarter, you're right. Normally, you would see a little bit higher inventory heading into that period, but we've looked at the inventory that we've got, the inventory that's in transit and on order and feel that we've got enough inventory to handle the guide that we've put out there, but also some upside if we needed to yes, if we have the good fortune of beating the guide that we put out there, we think that we'll be in a good spot.

這是一個很好的問題，約翰。我們對現有的庫存流感到非常滿意。如果您想想我們在第二季所引導的正面業績，那麼您是對的。通常情況下，您會看到進入該時期的庫存會稍微高一些，但我們已經查看了我們擁有的庫存、在途的庫存和已訂購的庫存，並認為我們有足夠的庫存來處理我們發布的指南，但如果需要的話，也會有一些上行空間，是的，如果我們有幸擊敗我們發布的指南，我們認為我們會處於有利位置。

Okay. That's very helpful. And then, John, maybe a bigger picture question. You're clearly putting your own stamp on the four strategic priorities. Just as you approach in a few months one year your interim leadership and permanent leadership, are there any new entirely kind of entirely new initiatives or new priorities that you're considering? Or just any other thoughts you have on sort of next frontier of growth opportunities?

好的。這非常有幫助。然後，約翰，也許這是一個更大的問題。您顯然在這四個戰略重點上打上了自己的烙印。就在您幾個月或一年後即將接替臨時領導職務和正式領導職務之際，您是否正在考慮採取一些全新的舉措或新的優先事項？或者您對下一個成長機會領域還有什麼其他想法？

Yes, absolutely. No, I'm comfortable with the big three adjustments that we are making now; the sourcing, the exclusive brand marketing and really treating those brands truly as real brands and then reinvigorating the work, both how we merchandise the work boots in stores, how we talk about work in general and approach the blue collar customer and the tradesmen.

是的，絕對是。不，我對我們現在正在進行的三大調整感到滿意；採購、獨家品牌行銷以及真正將這些品牌視為真正的品牌，然後重振工作，包括我們如何在商店中銷售工作靴，我們如何談論一般工作以及如何接近藍領客戶和商人。

So I catch myself. I think often about different things that we might want to do over time, but it's a lot harder to maintain simplicity and focus than a complexity trap. So I'm sticking with these three for the foreseeable future. And yes, there's other things that I think about perhaps as we go into next year. But I think sourcing the marketing piece and work are enough adjustments for the team at this point in time.

所以我抓住了自己。我經常思考我們可能想隨著時間的推移所做的不同的事情，但保持簡單和專注比複雜性陷阱要困難得多。因此在可預見的未來我會堅持這三種。是的，當我們進入明年時，我也許還會考慮其他事情。但我認為，目前尋找行銷素材和工作對團隊來說已經足夠調整了。

Christopher Nardone with BofA Securities.

美國銀行證券公司的 Christopher Nardone。

So just looking at the 2Q guide, can you just remind us what drove the inflection last August in your business? And just whether you're comfortable with the category mix that's driving the momentum as it relates to fashion product versus your core products?

那麼，僅從第二季度指南來看，您能否提醒我們去年 8 月導致您的業務出現轉折的原因是什麼？您是否對推動時尚產品與核心產品發展動能的類別組合感到滿意？

Yes. So as we went back to go back to last year, we saw a kind of a steady increase as we started the year, and really, if you look at May, things turned positive in May, and then, we June was positive again, July was general softness in retail. And if you go back and look at our last year transcript, we talked about some toughness in the business from hurricanes and some hot weather out west and different things.

是的。因此，當我們回顧去年時，我們看到年初出現了一種穩定增長，實際上，如果你看一下五月份，五月份情況變得積極，然後，六月份又恢復了積極態勢，七月份零售業總體疲軟。如果你回顧我們去年的成績單，我們談到了颶風、西部炎熱天氣和其他一些因素對業務帶來的一些困難。

And then the business strengthened in August, and we were seeing some broad-based category growth as we look back a year ago in August. And so since August, the business has been in that mid- to high single-digit range really for 12 months now. We had a couple of exceptions, February being the most notable. And so as we head into the month of August, we've got the business guided.

八月業務有所加強，回顧去年八月的情況，我們看到了廣泛的類別成長。因此，自 8 月以來，該業務的 12 個月來一直處於中高個位數成長範圍內。我們有幾個例外，其中最值得注意的是二月。因此，當我們進入八月時，我們已經有了業務指導。

And we think accordingly, it's more in that mid-single digit or low to mid-single-digit comp range for August and September to reflect some of the stronger comps that we had beginning a year ago, but we like where the business is positioned.

因此，我們認為，8 月份和 9 月份的銷售額增長幅度將更多地處於中等個位數或低至中等個位數的範圍內，以反映出我們一年前開始的一些更強勁的銷售額，但我們喜歡目前的業務定位。

We think the consumer is pretty healthy. They're shopping with us well. And I think we can carry this momentum at least for the next couple of months. And then, John talked earlier about how we're thinking about the back half of the year beyond that and with some of the pressure that tariffs and consumer sentiment may pose for us.

我們認為消費者狀況相當健康。他們和我們一起購物很愉快。我認為我們至少可以在接下來的幾個月裡保持這種勢頭。然後，約翰早些時候談到了我們如何考慮下半年的情況，以及關稅和消費者情緒可能給我們帶來的一些壓力。

As we look at and I'll just add in, as we look at the fashion side of the business, as you mentioned, the penetration of women's apparel is up slightly versus Q1 of last year, but that's entirely driven by our denim business. And I do believe we're becoming a jeans destination. And so it's not anything kind of truly fashion or apparel that driven outside of jeans or denim that is driving that business.

正如我們所看到的（我還要補充一點），當我們看一下業務的時尚方面時，正如您所提到的，女裝的滲透率與去年第一季相比略有上升，但這完全是由我們的牛仔布業務推動的。我確實相信我們正在成為牛仔褲的目的地。因此，除了牛仔褲或牛仔布之外，推動這項業務的並不是任何真正的時尚或服裝。

Got it. That's very clear. And I was just looking to follow-up. I was curious how big your denim business is today? And then, is that pretty well rounded across men's, women's different styles? If you can just elaborate on the denim strength, that would be really helpful.

知道了。這很清楚。我只是想跟進一下。我很好奇，你們的牛仔布生意現在有多大？那麼，這是否很好地涵蓋了男性和女性的不同風格？如果您能詳細說明牛仔布的強度，那將會非常有幫助。

Yes. The denim businesses sorry, as we look at the penetration of denim, it's roughly half the men's apparel business and less than that on the women's side. I don't think we share the total penetration of denim typically here, but it's, call it, half of the men's apparel business and slightly less than that on the women's side.

是的。抱歉，牛仔布業務，從牛仔布的滲透率來看，它大約佔男裝業務的一半，而女裝業務的滲透率則更低。我認為我們通常不會在這裡分享牛仔布的總滲透率，但它佔男裝業務的一半，而女裝業務的滲透率則略低。

Jeremy Hamblin from Craig-Hallum Capital Group

Craig-Hallum Capital Group 的 Jeremy Hamblin

And congrats on the strength of the business. I wanted to come to the store openings. You've seen some of the best kind of new unit productivity, opened 14 in the quarter. I wanted to get a sense for the cadence of the 65 to 70 guidance for the remainder of the year. Do you expect that to be evenly split? Or any color you might be able to share on that here for the last three quarters?

並祝賀公司業務實力雄厚。我想參加商店開幕典禮。您已經看到了一些最佳的新單位生產力，本季開設了 14 個。我想了解今年剩餘時間內 65 至 70 指導的節奏。您認為這一比例會平均分配嗎？或者您可以在這裡分享過去三個季度的任何顏色嗎？

Yes, absolutely. We yes, so we opened 14 stores in Q1. We plan on opening 16 in Q2, which would get us to 30. And the remaining of the stores, the remaining stores will open over the back half, and we haven't mapped out exactly how many in Q3 and Q4. So call it the 35 to 40 stores will open in the back half of the year.

是的，絕對是。是的，所以我們在第一季開設了 14 家商店。我們計劃在第二季開設 16 家門市，這樣門市總數將達到 30 家。剩下的商店將在下半年開業，我們還沒有確定第三季和第四季的具體數量。因此，今年下半年將有 35 至 40 家商店開業。

Great. And just to dig in a little bit deeper on where you're opening the new stores in that kind of outsized AUV, you're getting at $3.2 million. Is this going to inform how you're thinking about where to put stores in FY27 and beyond? And have you considered at all even potentially taking a slightly higher unit growth opportunity given how well the business is performing.

偉大的。再深入一點了解一下，在這種超大規模的 AUV 中開設新店，您將獲得 320 萬美元。這是否會讓您了解在 2027 財年及以後將商店開在哪裡的想法？考慮到業務表現良好，您是否考慮過甚至可能抓住略高的單位成長機會？

Yes. Great question, Jeremy. We're thrilled with how well the new units are opening. I think the 15% growth or new unit openings that we've been doing in the last three or four years now, it seems to be working pretty well for us.

是的。很好的問題，傑瑞米。我們對新單位的開幕情況感到非常高興。我認為，過去三、四年來，我們新開門店的數量一直保持著 15% 的成長，這對我們來說似乎效果很好。

As you know, that number continue that results in a higher number of stores we have to open each year. And so I don't see us expanding that beyond what we've already got stated, the 15% new units, just to make sure that we're getting the right locations, we're being patient and not trying to rush those new units.

如您所知，這個數字持續成長導致我們每年必須開設更多的商店。因此，我認為我們不會將這一比例擴大到我們已經聲明的 15% 的新單位，只是為了確保我們獲得正確的位置，我們會保持耐心，而不會急於推出這些新單位。

And then also operationally, making sure that we're not taxing the field team too much, the distribution center folks and just we're doing it prudently. So I think that, that probably stays where it is for right now and doesn't expand beyond 15%.

然後從營運角度來看，我們要確保不會給現場團隊和配送中心人員帶來過多負擔，我們會謹慎行事。所以我認為，目前這個數字可能會維持現狀，不會超過 15%。

But just to clarify, as you look into FY27 and beyond, you feel comfortable with that roughly 15% unit growth even as the base gets larger.

但需要澄清的是，當您展望 27 財年及以後時，即使基數變大，您也會對大約 15% 的單位成長率感到滿意。

Yes. I think we're comfortable with that. It's something that we're always looking at. We haven't guided next year yet. And so we can't give you an exact number of the stores that we're going to put out there, but the 15% is something that we've stated and we've done that for four years and feel good about for right now.

是的。我想我們對此感到滿意。這是我們一直在關注的事情。我們還沒有指導明年。因此，我們無法告訴您我們將要開設的商店的具體數量，但 15% 是我們已經聲明的目標，我們已經這樣做了四年，現在感覺很好。

Samuel Poser from Williams Trading.

來自 Williams Trading 的 Samuel Poser。

One, how much have you narrowed the assortment within the stores? And if so, how much is a narrow and deeper assortments, may be helping you? Or how do you foresee that driving sales and margins going forward?

第一，你們將商店內的商品種類減少了多少？如果是這樣，那麼狹窄而深入的分類可能對您有多大幫助？或者您如何預見未來銷售和利潤的成長？

It's yes, I think we have gone deeper for sure in denim. We I've been in many stores over the last several months, and I've heard from store partners and managers across the country how much happier they are with the depth of our denim inventory, and people can come in and buy make multi-unit purchases in the same size at once, which they struggled with in the past. So I think the place that, that has happened the most really is denim.

是的，我認為我們在牛仔布方面肯定已經走得更遠了。過去幾個月，我去過很多家商店，我從全國各地的商店合作夥伴和經理那裡聽說，他們對我們的牛仔布庫存深度感到非常滿意，人們可以進來一次購買多件相同尺寸的商品，而這在過去是他們遇到的難題。所以我認為，這種情況最常發生的地方就是牛仔布。

I think we're pretty steady state as we look at men's and women's apparel. We do have our tried and true, our top styles, that drive a disproportionate amount of business that we're always focusing on the top 3% of styles that drive almost 40%, 50% of the business depending on the quarter.

我認為，就男裝和女裝而言，我們的狀態相當穩定。我們確實擁有久經考驗的頂級款式，它們推動了不成比例的業務量，我們始終專注於前 3% 的款式，根據季度不同，這些款式推動了近 40% 甚至 50% 的業務量。

So we are always focusing on those tried and trues, but I think the biggest difference is on the denim side and how well inventoried we are, both in third-party denim and in our own exclusive brands.

因此，我們始終專注於那些經過驗證的可靠產品，但我認為最大的區別在於牛仔布方面以及我們的庫存情況，包括第三方牛仔布和我們自己的獨家品牌。

And then, within the flat comps in the back half of the year, is that flat in Q3 and Q4? Or do you foresee how would you flow that?

那麼，在下半年持平的比較中，第三季和第四季是否持平？或者您是否預見到您將如何實現這一目標？

Yes. We have it flat in both Q3 and Q4. We stated on the last call that if not for tariffs and macro uncertainty, those would have been plus 3% in Q3 and Q4. And given everything that's going on in the macro environment, we are holding that guidance, and we'll update it as we get to the next call.

是的。第三季和第四季均持平。我們在上次電話會議上表示，如果不是因為關稅和宏觀不確定性，第三季和第四季的成長率將達到 3%。考慮到宏觀環境中發生的一切，我們堅持這項指導，並將在下次電話會議時更新它。

Corey Tarlowe from Jefferies.

來自 Jefferies 的 Corey Tarlowe。

I just wanted to ask on price increases. Is there perhaps like a timeline that you could give in terms of when you're expecting to see these price increases come through?

我只是想問價格上漲的情況。您能否給出一個時間表，說明您預計何時會出現價格上漲？

And then just on the exclusive brand penetration, has that changed at all as you've tweaked the pricing across the other brands that you sell in your store?

那麼，就獨家品牌滲透率而言，隨著您調整商店中銷售的其他品牌的定價，情況是否有所改變？

Yes. So as we said a little bit earlier, I'll just walk through that timeline one more time. We have received price increases from many third-party partners or vendors. We've started to re-ticket those items in stores. We're about halfway done with the re-ticketing process, and the re-ticketing will be complete by the end of August. So the price increases, which are mid-single digit that we've received from third-party vendors will be done end of August.

是的。正如我們之前所說的那樣，我將再一次回顧這個時間表。我們收到了許多第三方合作夥伴或供應商的漲價通知。我們已經開始在商店中重新標示這些商品。我們的重新售票流程已完成一半，並將於 8 月底完成。因此，我們從第三方供應商收到的價格上漲幅度約為個位數中段，並將於 8 月底完成。

We are holding lower for longer on our exclusive brands, and we really have two windows where we can increase price on exclusive brands as well to preserve rate. And those windows are October and then into January, post-holiday.

我們的獨家品牌價格將維持較低水平，而且我們確實有兩個窗口可以提高獨家品牌的價格以保持價格穩定。這些時間段是十月，然後是假期後的一月。

You, obviously, can't do in November or December. So we're going to see how exclusive brand penetration performed against third-party vendors over the course of September and probably the first week or October 2, and make the call style by style on what we keep lower and maintain pricing on versus what we increase prices on to preserve margin rate.

顯然，你無法在十一月或十二月做到這一點。因此，我們將觀察 9 月以及可能是第一周或 10 月 2 日期間獨家品牌相對於第三方供應商的滲透情況，並根據具體情況決定哪些產品應保持低價並維持價格，哪些產品應提高價格以保持利潤率。

Understood. Just no color as of yet based on reactions.

明白了。根據反應，目前還沒有顏色。

No, it's still early days. With half of these items, roughly half of the styles being re-ticketed and that was really completed within a week or two of where we are right now at the time of this call, it's still too early and haven't seen any change. We had nice EB penetration throughout Q1. So the penetration we talked about was not driven by some dislocation between pricing of EB and third- party brands.

不，現在還為時過早。其中有一半的商品、大約一半的款式都經過了重新包裝，而且這些工作實際上是在我們接到電話後一兩週內完成的，現在還為時過早，還沒有看到任何變化。我們在第一季的 EB 滲透率很高。因此，我們談論的滲透率並不是 EB 和第三方品牌之間的定價錯置所驅動的。

Ashley Owens from KeyBanc Capital Markets.

KeyBanc Capital Markets 的 Ashley Owens。

So to follow-up on the exclusive brands questions a bit. I would be curious at all how you plan to communicate or market some of that pricing differential to consumers over the next couple of months. What levers you have in place to drive incremental sales to exclusive brands by choosing to hold those prices, and if it could carry on further past January?

因此，請稍微跟進一下獨家品牌的問題。我很好奇，在接下來的幾個月裡，您計劃如何向消費者傳達或推銷這些價格差異。透過選擇維持這些價格，您採取了哪些手段來推動獨家品牌的增量銷售，以及這種趨勢是否可以持續到一月份之後？

Yes. We generally don't talk about price. We've never been a very promotional retailer, very full-priced business. And I'm personally, especially from some past experience in other positions I've had at other companies, I'm very careful about being promotional or talking about pricing because it's hard to walk back from that. So we know that many of our customers come to bootbarn.com, and they browse the product on bootbarn.com before going into stores.

是的。我們通常不談價格。我們從來都不是一個熱衷於促銷的零售商，也不是一個以全價銷售商品的企業。就我個人而言，特別是根據我在其他公司擔任過的其他職位的一些經驗，我對促銷或談論定價非常謹慎，因為很難改變這種情況。因此，我們知道許多客戶都會造訪 bootbarn.com，並且在進入商店之前會在 bootbarn.com 上瀏覽產品。

And as you filter and look at different products and different price buckets, they'll be able to see that price differential there, but I don't see a world where we're going to be screaming it from the rooftop and putting it in e-mails that we're still pre-tariff pricing like you see in the automotive industry and things of that sort. So I don't think we're going to take the approach that you perhaps have seen in other businesses.

當你篩選並查看不同的產品和不同的價格區間時，他們將能夠看到那裡的價格差異，但我不認為我們會像汽車行業和諸如此類的東西那樣，大聲宣揚並在電子郵件中聲明我們仍處於關稅前定價。因此我認為我們不會採取您可能在其他企業中看到的方法。

That being said, a lot of these prices, especially on the boots side of things, there are psychological price barriers that have been breached with some of these mid-single-digit price increases, where now, we have a boot that's under $200 and other boots are now above $200.

話雖如此，許多價格，尤其是靴子方面，都存在心理價格障礙，這些障礙已經被一些中等個位數的價格上漲所突破，現在，我們有一種靴子的價格低於 200 美元，而其他靴子的價格則高於 200 美元。

So I think that will work in our favor. But I don't think we're going to have kind of a pre-tariff pricing marketing campaign in any way around this. And we'll let the consumer choose, and they'll see the pricing, whether they be in stores or they're doing their research at home on bootbarn.com before coming in.

所以我認為這對我們有利。但我認為我們不會以任何方式進行關稅前定價行銷活動。我們會讓消費者自己選擇，他們會看到價格，無論他們是在商店還是在進店前在家裡透過 bootbarn.com 進行研究。

Okay. Got you. And then just as a follow-up. We know you're performing really well in denim. It's been seen by some other brands in apparel are really trying to capitalize in on this in some of the denim tailwinds. We've seen this over the past week. Just any plans to lean into additional marketing there?

好的。明白了。然後只是作為後續行動。我們知道您在牛仔服裝方面表現非常出色。我們已經看到，一些其他服裝品牌正試圖利用牛仔布的順風來獲利。我們在過去一周已經看到了這一點。有任何計劃在那裡進行額外的營銷嗎？

We're doing things in stores. So we're focusing on fit guides and talking about denim in stores and making sure our partners are educated on the different fits and the different rises, especially on the women's side. So denim guides that each store partner will have are going out as we speak. I think they landed in all stores over the last week or so, and they look great. So we're going to be educating partners on denim. .

我們在商店裡做一些事情。因此，我們專注於合身指南並在商店中討論牛仔布，並確保我們的合作夥伴了解不同的合身度和不同的腰圍，特別是女裝方面。因此，正如我們所說，每個商店合作夥伴的牛仔布指南都已發布。我認為它們在過去一周左右就已經登陸所有商店，而且看起來很棒。因此，我們將對合作夥伴進行牛仔布的教育。。

And our denim continues to be very much our boot-cut silhouette, as you would imagine, given our business and given the footwear or the boots that we sell. And so it really comes down to the rise, the stretch, the different types of boot cuts that continues to sell very well for us.

正如您所想像的，考慮到我們的業務以及我們銷售的鞋類或靴子，我們的牛仔布仍然非常具有靴型剪裁風格。所以，這其實歸結於靴型、彈性和不同類型的靴型剪裁，這些因素讓我們的銷售持續很好。

I don't think we're going to have any real kind of denim or jean campaign like others have seen over the last couple of weeks with American Eagle and some others. I think we'll continue to market who Boot Barn is and our broad assortment of product that includes denim, but no large, dedicated denim campaign in the works right now.

我認為我們不會像過去幾週 American Eagle 和其他一些品牌那樣開展任何真正的牛仔布或牛仔褲宣傳活動。我認為我們會繼續推銷 Boot Barn 和包括牛仔佈在內的各種產品，但目前還沒有籌備大型的、專門的牛仔布宣傳活動。

Jeffrey Lick from Stephens.

來自史蒂芬斯的傑弗裡·利克。

And congrats on a great quarter. John or Jim, I was just wondering, what is typically the spread between exclusive brands and the national third-party brands? And how much will it widen here in this interim period?

恭喜本季取得優異成績。約翰或吉姆，我只是想知道，獨家品牌和國家第三方品牌之間的差距通常是多少？那麼在這段過渡期內，它會擴大多少呢？

And I'm curious, does your research indicate like just how much does exclusive brand adoption kind of revolve around price or and or once you try it, you get a lot of repeat customers because it seems like you're running an interesting little test tube here with pricing.

我很好奇，您的研究是否表明獨家品牌的採用在多大程度上與價格有關，或者一旦您嘗試了，您就會獲得很多回頭客，因為這似乎就像您在定價方面進行一個有趣的小試管。

Yes. The spread between exclusive brands and third-party brands, and we've said this publicly for several quarters, is generally 1,000 basis points, is what we've seen up until now. The honest answer is we don't know how much price and especially the psychological price barriers are going to play into the customer's choice. And that's why we're running this kind of large-scale elasticity test. We have the opportunity to stay lower for longer.

是的。獨家品牌和第三方品牌之間的價差，我們已經公開表示過幾個季度了，通常是 1,000 個基點，這是我們迄今為止看到的。誠實的回答是，我們不知道價格，尤其是心理價格障礙會對客戶的選擇產生多大影響。這就是我們進行這種大規模彈性測試的原因。我們有機會在更長時間內保持較低水平。

And EB penetration, while we want to get to 50% over the next five to six years, 100 to 200 basis points increase per year, it's been our experience that sometimes that isn't a straight line kind of growth, and there has been step function jumps in the past. And let's see if this can be one of them, and we don't know how the customer will react to holding these prices.

至於電子銀行滲透率，雖然​​我們希望在未來五到六年內達到 50%，即每年增加 100 到 200 個基點，但根據我們的經驗，有時這並不是直線增長，過去曾出現過階梯式增長。讓我們看看這是否可以成為其中之一，我們不知道客戶對保持這些價格會如何反應。

If everything else has gone up and people seem to absorb inflation quite well, as they have overall the last four, five years, it may not be a factor. But if a boot starts with a [$200] and our starts with a $199 or a $189, it may make a difference. But that's why we're running this test, and that's why we're going to decide style-by-style where we hold and where we increase price to preserve margin rate.

如果其他一切都上漲了，而且人們似乎能夠很好地吸收通貨膨脹，就像過去四、五年來的情況一樣，那麼這可能不是一個因素。但如果一雙靴子的起價是 [200 美元]，而我們的靴子的起價是 199 美元或 189 美元，情況可能會有所不同。但這就是我們進行這項測試的原因，也是我們要逐一決定在哪些款式上保持不變以及在哪些款式上調價格以保持保證金率的原因。

I'm just curious, did you have kind of detailed conversations with different vendors about, hey, this is kind of what we're doing and did any vendors say, You know what, I'll keep the prices same. I don't want to go through that test and want to lose share.

我只是好奇，您是否與不同的供應商進行過詳細的對話，嘿，這就是我們正在做的事情，有沒有供應商說過，你知道嗎，我會保持價格不變。我不想經歷那個考驗並且不想失去份額。

No. The vendors have been look, they are dealing with a very difficult situation, a very fluid, a very dynamic situation, and especially today on tariff day eve, I suppose, it's almost impossible for them to do this style by style. Many of the vendors have put these mid-single-digit price increases across the Board to kind of insulate them against these increased costs and tariffs.

不。供應商已經看到，他們正在處理一個非常困難的局面，一個非常不穩定、非常動態的局面，特別是在今天關稅日前夕，我想，他們幾乎不可能以這種方式來做。許多供應商都全面提高了中等個位數的價格，以免受成本和關稅上漲的影響。

And so they had to do it across the board, and they couldn't. They're not going product by product or style by style. And so for them to back off of that across the entire industry, I think, would be difficult them to do.

因此他們必須全面採取這項措施，但他們做不到。他們不會逐一介紹產品或風格。因此，我認為，讓他們在整個行業中放棄這種做法將會非常困難。

But we said it on the last call, and I think most of them are aware that we're taking this tact, if they've listened to the call, but we haven't had any of them come back and say, Hey, we're going to rewind some of those price increases or rescind them. That has not happened.

但我們在上次電話會議上說過，我想如果他們聽了電話會議的話，大多數人都知道我們正在採取這種策略，但我們還沒有聽到任何人回來說，嘿，我們將撤回部分價格上漲或撤銷它們。但那並沒有發生。

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。