Boot Barn Holdings Inc (BOOT) 2026 Q2 法說會逐字稿

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

大家好，歡迎收聽 Boot Barn Holdings, Inc. 2026 年第二季財報。再次提醒，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，我謹將會議交給主持人，投資者關係和財務高級副總裁馬克·德多維什先生。請繼續，先生。

Thank you. Good afternoon, everyone. Thank you for joining us today to discuss Boot Barn's second-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。感謝您今天與我們一起討論 Boot Barn 2026 財年第二季的收益。今天和我一起參加電話會議的有執行長約翰·哈森和財務長吉姆·沃特金斯。

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

今天的新聞稿及補充財務報表可在Boot Barn官網bootbarn.com的投資者關係頁面查閱。本次電話會議結束後不久，會議錄音將在公司官網投資人關係頁面提供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.

我想提醒各位，我們在本次電話會議中所做的某些陳述屬於前瞻性陳述。這些前瞻性聲明僅反映 Boot Barn 截至今日的判斷和分析，實際結果可能因影響 Boot Barn 業務的許多因素而與當前預期有重大差異。因此，您不應過度依賴這些前瞻性陳述。

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

有關本次電話會議和網路直播中將要作出的前瞻性聲明所涉及的風險和不確定性的更深入討論，請參閱我們 2026 財年第二季度收益報告中包含的關於前瞻性聲明的免責聲明，以及該免責聲明中提到的我們向美國證券交易委員會提交的文件。我們不承擔任何更新或修改任何前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

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

現在我將把電話交給 Boot Barn 的執行長 John Hazen。約翰？

Thank you, Mark, and good afternoon. Thank you, everyone, for joining us. On this call, I will review our second-quarter fiscal '26 results, discuss the progress we have made across each of our four strategic initiatives and provide an update on current business. In addition, I will be sharing the outcome of a recent study we completed, resulting in an increase to our estimated total addressable market and our long-term store count potential. Following my remarks, Jim Watkins will review our financial performance in more detail, and then we will open up the call for questions.

謝謝你，馬克，下午好。謝謝大家的參與。在本次電話會議上，我將回顧我們 2026 財年第二季的業績，討論我們在四項策略舉措中取得的進展，並介紹當前的業務狀況。此外，我還將分享我們最近完成的一項研究結果，該研究提高了我們預計的總目標市場規模和長期門市數量潛力。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，然後我們將開放提問環節。

We are very pleased with our second-quarter results, which reflect broad-based strength across all major merchandise categories in stores and online and across all geographies. During the quarter, revenue increased 19% compared to the prior year to $505 million, driven by sales from the 64 new stores opened over the last 12 months and consolidated same store sales growth of 8.4%. In addition to strong sales growth, merchandise margin rate increased 80 basis points compared to the prior year period.

我們對第二季的業績非常滿意，這反映出所有主要商品類別在實體店和線上以及所有地區都呈現全面強勁的成長勢頭。本季度，公司營收較上年同期成長 19%，達到 5.05 億美元，這主要得益於過去 12 個月新開的 64 家門市的銷售額成長以及同店銷售額成長 8.4%。除了強勁的銷售成長外，商品毛利率也比去年同期提高了 80 個基點。

The strength in sales and margin, combined with solid expense control, resulted in earnings per diluted share of $1.37 during the quarter, which equates to 44% growth compared to the prior year period of $0.95. The team's ability to deliver strong top and bottom line results reflects the execution of our four strategic initiatives, which I'll now spend some time discussing.

強勁的銷售額和利潤率，加上有效的費用控制，使得本季稀釋後每股收益達到 1.37 美元，較上年同期的 0.95 美元增長 44%。團隊取得如此優異的營收和利潤業績，反映了我們四項策略舉措的有效執行，接下來我將詳細介紹這些措施。

Let's begin with new store growth. Our new store growth engine continues to exceed expectations while expanding the Boot Barn brand across the country. Halfway through fiscal '26, we have already opened 30 new stores, and we expect to open 40 new stores over the balance of the fiscal year, ending the year with 70 new stores opened. We estimate new stores on average will generate approximately $3.2 million in annual sales and pay back their initial investment in less than two years. Consistent with our comments last quarter, the new stores opened over the last six years are providing an approximately 100 basis point tailwind to consolidated annual comps.

讓我們先從新店成長說起。我們的新門市成長引擎持續超出預期，同時將 Boot Barn 品牌推廣至全國各地。2026 財年過半，我們已經開設了 30 家新店，預計在本財年剩餘時間內將開設 40 家新店，到年底將開設 70 家新店。我們估計，新店平均每年將產生約 320 萬美元的銷售額，並在不到兩年的時間內收回初始投資。與我們上個季度的評論一致，過去六年新開的門市為綜合年度同店銷售額帶來了約 100 個基點的利多。

Now turning to our total addressable market and long-term store count potential. The strong broad-based results we have seen across new store openings, merchandise categories and geographies prompted us to revisit the total market opportunity for Boot Barn. Similar to the study we conducted three years ago, we have combined our internal analysis with a third-party study to understand the future potential of the Boot Barn brand. This work, which is summarized on pages 4 and 5 of our supplemental financial presentation, suggests that the market is substantially larger than our prior estimate, and we now believe that our total addressable market has expanded from $40 billion to $58 billion.

現在來看看我們的潛在市場規模和長期門市數量潛力。我們在新店開幕、商品類別和地理範圍內都看到了強勁的廣泛成果，這促使我們重新審視 Boot Barn 的整體市場機會。與我們三年前進行的研究類似，我們將內部分析與第三方研究相結合，以了解 Boot Barn 品牌的未來潛力。這項工作已在我們的補充財務報告第 4 頁和第 5 頁進行了總結，結果表明市場規模遠大於我們先前的估計，我們現在認為我們的潛在市場規模已從 400 億美元擴大到 580 億美元。

Turning to our long-term store count potential. New stores opened over the last few years have consistently generated strong sales and earnings across all geographies, which has emboldened our approach to be a stores-first organization. We recently reevaluated our store potential across individual US markets and have combined that analysis with a third-party study to support our estimates. We now believe that the US store count can reach 1,200 stores, and we expect to open 12% to 15% new units annually.

接下來，我們來探討一下門市數量的長期潛力。過去幾年新開的門市在各個地區都持續創造了強勁的銷售額和利潤，這更加堅定了我們以門市為先的經營理念。我們最近重新評估了我們在美國各個市場的門市潛力，並將該分析與第三方研究相結合，以支持我們的估計。我們現在相信，美國門市數量可以達到 1200 家，我們預計每年將開設 12% 至 15% 的新門市。

As we look towards fiscal '27, the pipeline remains very strong, including 20 projected openings in the first quarter, which will begin in April. I would like to thank the entire team for their tireless efforts in identifying quality real estate, building and merchandising impressive stores, hiring and training store associates, and operating with best-in-class service.

展望 2027 財年，專案儲備依然非常強勁，包括預計在第一季（4 月開始）將有 20 個專案投產。我要感謝整個團隊為尋找優質房產、建造和銷售令人印象深刻的商店、招聘和培訓商店員工以及提供一流服務所付出的不懈努力。

Moving to our second initiative, same store sales. Second-quarter consolidated same store sales grew 8.4%, with brick-and-mortar same store sales increasing 7.8%. Store comp growth was driven by a 6.8% increase in transactions and increases in both average unit retail and units per transaction of less than 1%. From a merchandising perspective, we saw broad-based growth across all major merchandise categories in the second quarter, led by the ladies business, which comped positive mid-teens. This was followed by the men's business, which comped positive high-single digits.

接下來是我們的第二個舉措，即同店銷售。第二季合併同店銷售額成長 8.4%，其中實體店同店銷售額成長 7.8%。門市同店銷售成長主要得益於交易量成長 6.8%，而平均單價和每筆交易的商品數量均成長不到 1%。從商品銷售的角度來看，第二季所有主要商品類別均實現了全面成長，其中女裝業務表現突出，並實現了兩位數以上的正成長。隨後是男裝業務，其銷售額實現了接近兩位數的正成長。

Our denim business, which is included in the categories just mentioned, comped positive high teens. Our work boots business comped low single-digit positive and our work apparel business comped mid single-digit positive. We were extremely pleased to see the broad-based growth across categories continue from the first quarter into the second quarter.

我們的牛仔布業務（包含在剛才提到的類別中）取得了積極的十幾個百分點的業績。我們的工作靴業務實現了個位數低成長，工作服業務實現了個位數中等成長。我們非常高興地看到，從第一季到第二季度，各品類都實現了全面成長。

From a marketing perspective, Boot Barn proudly sponsors hundreds of rodeo and events every single year. We support a broad array of events across the country from local rodeos to national sponsorships such as Professional Bull Riders and National Finals Rodeo. We also have long-standing partnerships with country music artists, Miranda Lambert and Brad Paisley, and we recently announced a new sponsorship agreement as the official boot retailer for the Stagecoach Music Festival. As the largest Western retailer in the nation, we are thrilled to form a partnership between our brand and the largest country music festival.

從行銷的角度來看，Boot Barn 每年都會自豪地贊助數百場牛仔競技表演和活動。我們支持全國各地各種各樣的賽事，從當地牛仔競技表演到全國性的贊助活動，例如職業鬥牛士大賽和全國總決賽牛仔競技表演。我們還與鄉村音樂藝術家米蘭達·蘭伯特和布拉德·佩斯利建立了長期合作關係，並且最近宣布了一項新的贊助協議，成為 Stagecoach 音樂節的官方靴子零售商。作為全國最大的西部零售商，我們非常高興能與最大的鄉村音樂節建立合作關係。

Moving to our third initiative, omnichannel. In the second quarter, e-commerce comp sales grew 14.4% and bootbarn.com, which is approximately 75% of our online sales, comp positive high teens. We are very pleased with the growth in our online channel and attribute a portion of our strong results online to several recent initiatives. I would like to first touch on the rollout of our new exclusive brand websites, which is one of the early visions I had for the company upon assuming my new role as CEO.

接下來是我們的第三項舉措：全通路。第二季度，電子商務同店銷售額成長了 14.4%，其中 bootbarn.com（約占我們線上銷售額的 75%）的同店銷售額實現了接近 10% 的正成長。我們對線上通路的成長非常滿意，並將線上通路取得的強勁業績部分歸功於最近的幾項舉措。首先，我想談談我們全新專屬品牌網站的推出，這是我擔任執行長之初對公司提出的早期願景之一。

The primary goal of these sites was intended to provide a vehicle for brand storytelling and to market our exclusive brands as stand-alone brands, similar to that of our third-party brands. As part of this initiative, earlier this fiscal year, we launched a new website and marketing campaign for our work brand, Hawx, and we duplicated that approach late in our second quarter for our largest exclusive brand, Cody James. We are pleased with the initial returns on both rollouts, particularly the large number of net new customers to Boot Barn that are visiting each site. In addition to building the brand awareness and authenticity we had hoped for, we are also very pleased with the early sales on these sites.

這些網站的主要目標是為品牌故事敘述提供平台，並將我們的獨家品牌作為獨立品牌進行推廣，類似於我們的第三方品牌。作為這項計劃的一部分，在本財年早些時候，我們為我們的工作品牌 Hawx 推出了新的網站和行銷活動，並在第二季末為我們最大的專屬品牌 Cody James 複製了這一方法。我們對這兩個網站的初步推廣效果感到滿意，特別是 Boot Barn 在每個網站上都吸引了大量新客戶。除了達到我們預期的品牌知名度和真實性提升目標外，我們對這些網站的早期銷售情況也感到非常滿意。

Another initiative we believe is driving strong results online is the implementation and integration of artificial intelligence. Our omnichannel team has improved the search functionality on our website, utilizing AI, which now offers the customer a wider range of search results and more product recommendations when they browse the site. In addition to the new search experience, Boot Barn is leveraging AI to enhance product copy, support store associates through our Cassidy assistant and develop multimedia training modules. While still in the early stages, we continue to look for opportunities to integrate AI to improve the customer experience and drive efficiencies.

我們認為，人工智慧的實施和整合也在推動線上取得顯著成效。我們的全通路團隊利用人工智慧改進了我們網站的搜尋功能，現在客戶在瀏覽網站時可以獲得更廣泛的搜尋結果和更多的產品推薦。除了全新的搜尋體驗外，Boot Barn 還利用人工智慧來增強產品文案，透過 Cassidy 助理為門市員工提供支持，並開發多媒體培訓模組。雖然仍處於早期階段，但我們將繼續尋找機會將人工智慧融入其中，以改善客戶體驗並提高效率。

Lastly, our strategy to open new stores not only expands our national footprint, but also benefits online sales. When a Boot Barn store opens in a market, we see a noticeable increase in online sales volume in that store's vicinity. A brick-and-mortar location legitimizes the Boot Barn brand for a new customer and many omnichannel offerings provide a seamless shopping experience for our online customers to also find our store, benefiting both sales in-store and online. I am very pleased with the achievements of our omnichannel team and their collaboration with the stores organization to expand the overall business and provide a great customer experience.

最後，我們開設新店的策略不僅擴大了我們的全國業務範圍，而且也有利於線上銷售。當 Boot Barn 門市在某個市場開業時，我們發現該門市附近地區的線上銷售額明顯增加。實體店的開設能夠讓新客戶認可 Boot Barn 品牌，而眾多全通路服務則為我們的線上客戶提供了無縫的購物體驗，讓他們也能找到我們的實體店，從而促進線上線下銷售。我對我們的全通路團隊所取得的成就以及他們與門市組織的合作感到非常滿意，他們共同拓展了整體業務，並提供了良好的客戶體驗。

Now to our fourth strategic initiative, merchandise margin expansion and exclusive brands. During the second quarter, merchandise margin increased 80 basis points compared to the prior year period and exclusive brand penetration increased 290 basis points to 41% of sales. I'm thrilled with our team's continued ability to develop high-quality product to complement the great assortment offered by our branded vendor partners.

現在來談談我們的第四項策略舉措：擴大商品利潤率和打造獨家品牌。第二季度，商品毛利率較上年同期成長 80 個基點，獨家品牌滲透率成長 290 個基點，達到銷售額的 41%。我非常高興我們的團隊能夠持續開發出高品質的產品，以補充我們品牌供應商合作夥伴提供的豐富產品系列。

I'd like to now provide an update on our pricing strategy. As a reminder, third-party price increases of approximately mid-single digits went into effect during the second quarter. As we discussed on our last call, we made a decision to limit exclusive brand price increases in order to evaluate the customers' reaction.

現在我想就我們的定價策略做個最新報告。提醒各位，第三方價格在第二季開始上漲，漲幅約為個位數中段。正如我們在上次電話會議中討論的那樣，我們決定限制獨家品牌的價格上漲，以便評估顧客的反應。

Over the last several months, we have worked closely with our exclusive brand factories in order to mitigate the impact of tariffs to the business. In some instances, we have been able to keep our total product costs relatively unchanged, allowing us to maintain merchandise margin rate without increasing prices. In other instances, we are experiencing increases in product costs as a result of tariffs.

在過去的幾個月裡，我們與我們的專屬品牌工廠密切合作，以減輕關稅對業務的影響。在某些情況下，我們能夠維持產品總成本相對不變，從而在不提高價格的情況下維持商品毛利率。在其他情況下，由於關稅，我們正面臨產品成本上漲的問題。

The combination of partial cost mitigation and our inventory turns have afforded us the opportunity to wait until after the holidays to implement price increases on exclusive brands without adversely affecting our margin rate in the third quarter. The magnitude of price increases will vary product to product based on current costs as well as where tariff rates settle.

部分成本緩解措施和庫存週轉率的結合，使我們有機會等到假期之後再對獨家品牌實施提價，而不會對第三季度的利潤率產生不利影響。價格上漲的幅度將因產品而異，取決於當前成本以及關稅稅率的最終確定情況。

Now turning to current business. We our 4 weeks into the third quarter of fiscal '26, and we have continued to see broad-based growth with a consolidated same store sales increase of 9.3%, driven by an increase in transactions. While we are pleased with the start to our third quarter, as a reminder, October has historically represented 25% of the quarter's revenue with December alone representing half of the third quarter's revenue.

現在轉入目前業務。2026 財年第三季已過 4 週，我們持續看到全面成長，綜合同店銷售額成長 9.3%，這主要得益於交易量的增加。雖然我們對第三季的開局感到滿意，但需要提醒的是，10 月歷來佔該季營收的 25%，而光是 12 月就佔第三季營收的一半。

We remain cautious of overall consumer sentiment and macro uncertainty that will continue to manage -- and continue to manage our business prudently. That said, we feel very good about the current tone of the business, and we believe we are well prepared for a strong holiday season with exciting marketing campaigns, fresh inventory, and a well-prepared field organization ready to provide best-in-class customer service.

我們仍然對整體消費者情緒和宏觀經濟的不確定性保持謹慎，並將繼續審慎地管理我們的業務。儘管如此，我們對目前的業務狀況感到非常滿意，我們相信，憑藉著令人興奮的行銷活動、新鮮的庫存以及準備充分的現場組織，我們已經為強勁的假日季做好了充分的準備，隨時提供一流的客戶服務。

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

現在我想把電話交給吉姆。

Thank you, John. In the second quarter, net sales increased 19% to $505 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 8.4% increase in same store sales is comprised of a 7.8% increase in retail store same store sales and a 14.4% increase in e-commerce same store sales. Gross profit increased 20% to $184 million compared to gross profit of $153 million in the prior year period. Gross profit rate increased 50 basis points to 36.4% when compared to the prior year period as a result of an 80% -- or an 80 basis point increase in merchandise margin rate, partially offset by 30 basis points of deleverage in buying, occupancy and distribution center costs.

謝謝你，約翰。第二季淨銷售額成長19%，達到5.05億美元。淨銷售額的成長是由於新店銷售額的增加和同店銷售額的合併成長所致。同店銷售額成長 8.4%，其中零售店同店銷售額成長 7.8%，電子商務同店銷售額成長 14.4%。毛利成長20%，達到1.84億美元，而去年同期毛利為1.53億美元。由於商品毛利率成長了 80%，即成長了 80 個基點，毛利率較上年同期成長了 50 個基點，達到 36.4%，但採購、租賃和配送中心成本的去槓桿化作用部分抵銷了 30 個基點。

The increase in merchandise margin rate was primarily the result of better buying economies of scale and growth in exclusive brand penetration, partially offset by higher freight expense. The deleverage in buying occupancy and distribution center costs was driven by the occupancy cost of new stores. SG&A expenses for the quarter were $128 million or 25.3% of sales compared to $113 million or 26.5% of sales in the prior year period. SG&A expense as a percentage of net sales decreased by 120 basis points, primarily as a result of lower corporate general and administrative expenses and legal expenses in the current year period.

商品毛利率的提高主要是由於採購規模經濟效益的提高和獨家品牌滲透率的增長，但部分被更高的運費所抵消。購買辦公室和配送中心成本的去槓桿化是由新店的辦公室成本所驅動的。本季銷售、一般及行政費用為 1.28 億美元，佔銷售額的 25.3%，而去年同期為 1.13 億美元，佔銷售額的 26.5%。銷售、一般及行政費用佔淨銷售額的百分比下降了 120 個基點，主要原因是本年度公司一般及行政費用和法律費用減少。

Income from operations was $56 million or 11.2% of sales in the quarter compared to $40 million or 9.4% of sales in the prior year period. Net income per diluted share increased 44% to $1.37 compared to $0.95 per diluted share in the prior year period.

本季營業收入為 5,600 萬美元，佔銷售額的 11.2%，而上年同期為 4,000 萬美元，佔銷售額的 9.4%。每股攤薄淨收益成長 44% 至 1.37 美元，而去年同期為每股攤薄 0.95 美元。

Turning to the balance sheet. On a consolidated basis, inventory increased 20% over the prior year period to $855 million and increased approximately 1% 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 both below last year and historical levels. During the quarter, we purchased approximately 73,000 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 $65 million in cash and $0 drawn on our $250 million revolving line of credit.

接下來看一下資產負債表。合併後的庫存比去年同期成長了 20%，達到 8.55 億美元；同店庫存成長了約 1%。由於新增門市 15% 以及獨家品牌的成長，總庫存增加。我們對庫存狀況感到滿意，降價商品佔庫存的百分比均低於去年同期和歷史水準。本季度，我們根據已獲授權的 2 億美元股票回購計劃，以 1,250 萬美元的總購買價購入了約 73,000 股普通股。本季末，我們擁有 6,500 萬美元現金，且 2.5 億美元的循環信貸額度中沒有動用任何資金。

Now turning to our raised outlook for fiscal '26. Driven by year-to-date results and the strong start to our third quarter, we are increasing full year guidance. The supplemental financial presentation that we released today outlines the low and high end of our guidance range for both the fiscal full year and third quarter. I will only be speaking to the high end of the range for both periods in my following remarks.

現在來談談我們上調後的 2026 財年業績展望。受年初至今的業績以及第三季強勁開局的推動，我們上調了全年業績預期。我們今天發布的補充財務報告概述了我們對整個財年和第三季業績指引範圍的下限和上限。接下來，我將只談這兩個時期的高端情況。

For the full fiscal year, we expect total sales to be $2.235 billion, representing growth of 17% over fiscal '25. We expect same store sales to increase 6%, with a retail store same store sales increase of 5.3% and e-commerce same store sales growth of 13%. We expect merchandise margin to be approximately 50.6% of sales, a 50 basis point increase over the prior year period and includes exclusive brand penetration growth of 240 basis points. We expect gross profit to be approximately 37.7% of sales. We anticipate 30 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.

本財年總銷售額預計將達到 22.35 億美元，比 2025 財年成長 17%。我們預計同店銷售額將成長 6%，其中零售店同店銷售額將成長 5.3%，電子商務同店銷售額將成長 13%。我們預計商品毛利率約為銷售額的 50.6%，比上年同期成長 50 個基點，其中包括獨家品牌滲透率成長 240 個基點。我們預計毛利約為銷售額的37.7%。我們預計，由於新店的入駐，採購、租賃和配送中心成本將下降 30 個基點，銷售、一般及行政費用將下降 50 個基點。

Our income from operations is expected to be $294 million or 13.2% of sales. We expect net income for fiscal '26 to be $219.6 million and earnings per diluted share to be $7.15. We plan to grow new units by 15%, adding 70 new stores during fiscal '26. We expect our capital expenditures to be between $125 million and $130 million, which is net of estimated tenant allowances of $39 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 2.94 億美元，佔銷售額的 13.2%。我們預計2026財年淨利為2.196億美元，稀釋後每股收益為7.15美元。我們計劃在2026財年新增門市70家，增幅達15%。我們預計資本支出將在 1.25 億美元至 1.3 億美元之間，扣除預計的租戶補貼 3,900 萬美元。今年剩餘時間裡，我們預計實際稅率為 26%。

For the third quarter, we expect total sales at the high end of our guidance range to be $700 million and a consolidated same store sales increase of 4.5%. We expect merchandise margin to be approximately 49.7% of sales, a 30 basis point increase from the prior year period, which includes a 200 basis point increase in exclusive brand penetration. We expect gross profit to be approximately 38.8% of sales, which includes 70 basis points of deleverage in buying, occupancy and distribution center costs.

第三季度，我們預期總銷售額將達到預期範圍的上限 7 億美元，合併同店銷售額將成長 4.5%。我們預計商品毛利率將達到銷售額的 49.7% 左右，比上年同期成長 30 個基點，其中包括獨家品牌滲透率成長 200 個基點。我們預計毛利約為銷售額的 38.8%，其中包括採購、租賃和配送中心成本 70 個基點的去槓桿化。

Our income from operations is expected to be $107 million, or 15.3% of sales, a 100 basis point deleverage compared to the prior year period. We expect earnings per diluted share to be $2.59. As a reminder, income from operations in the third quarter last year benefited by approximately $6.7 million, primarily related to the former Chief Executive Officer's forfeiture of unvested long-term equity incentive compensation and the reversal of cash incentive bonus expense as a result of his resignation. We estimate in the third quarter last year that this was a 110 basis point benefit to SG&A and income from operations and a $0.22 benefit to earnings per share.

我們的營業收入預計為 1.07 億美元，佔銷售額的 15.3%，與去年同期相比，槓桿率下降了 100 個基點。我們預計稀釋後每股收益為 2.59 美元。需要提醒的是，去年第三季的營業收入受益約 670 萬美元，主要與前執行長因辭職而放棄未歸屬的長期股權激勵補償以及衝回現金激勵獎金支出有關。我們估計，去年第三季度，這將使銷售、一般及行政費用和營業收入增加 110 個基點，每股收益增加 0.22 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，請他做些總結發言。

Thank you, Jim. We are very pleased with our second-quarter and year-to-date results and the positive momentum of the business as we head into the holiday season. I would like to thank the entire team for their hard work and dedication. The company's culture and teamwork are truly remarkable and over the past decade have built Boot Barn into the national retailer it is today. I'm excited about the future growth potential of the Boot Barn brand as we target 1,200 stores across the US, and I believe we have the foundation and team in place to achieve this goal.

謝謝你，吉姆。我們對第二季和年初至今的業績以及公司在假日季到來之際的積極發展勢頭感到非常滿意。我要感謝整個團隊的辛勤工作和奉獻精神。公司文化和團隊合作精神非常出色，在過去的十年裡，他們將 Boot Barn 打造成瞭如今的全國性零售商。我非常看好 Boot Barn 品牌的未來發展潛力，我們的目標是在美國開設 1200 家門市，我相信我們已經具備了實現這一目標的基礎和團隊。

Now I would like to open the call for questions.

現在我來接受提問。

(Operator Instructions)

（操作說明）

Matthew Boss, JPMorgan.

馬修‧博斯，摩根大通。

Congrats on a great quarter.

恭喜你本季表現出色。

Thanks, Matt.

謝謝你，馬特。

So John, could you elaborate on the drivers of October's further comp acceleration? And then on the more than 30% increase to your long-term store target today, does this embed any moderation in unit economics? And maybe if you could speak to regions of largest white space opportunity?

約翰，你能詳細說說十月比賽成績進一步加速提升的驅動因素嗎？那麼，對於今天您長期門市目標超過 30% 的成長，這是否會對單位經濟效益產生任何抑製作用？或許您可以和那些擁有最大市場空白機會的地區談談？

Yes, absolutely. Starting with the October business, it was very much in line with the major merchandise categories that we saw in Q2. The one exception being a nice build or acceleration in work boots from a low single-digit comp to a mid-single-digit comp. But otherwise, if we look at women's -- men's and women's boots, men's and women's apparel, it was very much in line with the performance and the comps that we saw in Q2.

是的，絕對的。從 10 月的業務來看，它與我們在第二季度看到的主要商品類別非常一致。唯一的例外是工作靴的良好結構或加速性能，從個位數的低壓縮比提升到個位數的中等壓縮比。但除此之外，如果我們看一下女裝——男士和女士靴子、男士和女士服裝，它與我們在第二季度看到的表現和同業比較非常一致。

As we look at the 1,200 store count across the country, our average store right now is a $3.2 million door. And we think that the 1,200 stores will be on average with those stores. We have stores today that do a little bit less than that. We have stores who do a lot more than that. So the 1,200 store count is within the algorithm we have for the current stores that we are building.

從全國 1200 家門市的數量來看，我們目前平均每家門市的價值為 320 萬美元。我們認為這 1200 家門市的平均水準將與這些門市相當。如今有些店家的經營狀況比這略遜一籌。我們有些門市提供的服務遠不止這些。所以，1200 家門市的數量在我們目前正在建造的門市的演算法範圍內。

Yes. And just to clarify on that, the $3.2 million being the new store economics, our average stores, as you guys know, are higher than that.

是的。需要澄清的是，320萬美元是新店的經濟效益，你們也知道，我們一般門市的經濟效益都高於這個數字。

And then maybe, Jim, as a follow-up, could you just walk through the bridge between roughly 2% comps forecasted for the second half of the year relative to the October performance, 9% plus. Just maybe how much of this is prudent macro haircut versus anything specific to the business?

然後，吉姆，作為後續問題，您能否解釋一下，下半年預計的同店銷售額增長約 2%，而 10 月份的業績增長超過 9%，這之間的差距是如何產生的？或許，這其中有多少是審慎的宏觀調整，又有多少是與業務相關的具體調整？

Absolutely. So similar to what we normally do, Matt, we looked at the most recent sales volume. In this case, it was the last three months, August through October. And similar to what we had starting the year, given that macro uncertainty, including the potential for the softening of consumer sentiment in the second half of the year, we applied roughly a 3% haircut on top of that model to arrive at a plus 2% same store sales growth in the stores, right? So that's the stores methodology.

絕對地。所以，和我們通常的做法類似，馬特，我們查看了最近的銷售量。這次指的是最後三個月，也就是八月到十月。與年初的情況類似，考慮到宏觀經濟的不確定性，包括下半年消費者信心可能疲軟，我們在該模型的基礎上進行了大約 3% 的調整，從而得出門市同店銷售額增長 2% 的預期，對吧？這就是門市的經營模式。

So if you look at November -- each of the months, November through March, that's kind of how the guidance rolls out a pretty even plus 2% comp in each of those months with a similar haircut as to what we had at the beginning of the year.

所以，如果你看 11 月——從 11 月到 3 月的每個月，業績指引大致如此，每個月都實現了相當均衡的 2% 的同業收益增長，但與年初的情況類似，也出現了類似的折價。

Peter Keith, Piper Sandler.

彼得·基思，派珀·桑德勒。

Great results, guys. The TAM increase is pretty impressive from $40 billion to $58 billion, so a 45% increase. I was hoping if you could just unpack that a little bit. And is it specific categories, age demographics, the proliferation of Western wear? Like what's driving this large increase just after taking up about three years ago?

成績很棒，夥伴們。TAM 從 400 億美元成長到 580 億美元，增幅高達 45%，這一數字相當驚人。我希望你能稍微解釋一下。是特定類別、年齡層人口統計還是西式服裝的普及？是什麼原因導致這種在三年前開始實施後不久就出現如此大的成長？

Sure. So Peter, we partnered with a third party that looked at the demographics, of course, across the country, anyone older than 18. We surveyed roughly 8,000 consumers, looked at the familiarity they had with different brands, eliminated categories that should not be part of the TAM for obvious reasons, looked at the trend of casualization of wearing occasions in the United States, asked some questions about how likely they were to wear certain products. Were they aware of certain types of stores and kind of combined all that information to come up with the new TAM that admittedly included a portion of mainstream denim, by no means all of mainstream denim. But we acknowledge that we've become a little more of a denim destination over the last few years, and that was incorporated into the TAM as well.

當然。所以彼得，我們與第三方合作，研究了全國範圍內的人口統計數據，當然，研究對像是18歲以上的所有人。我們調查了大約 8,000 名消費者，了解了他們對不同品牌的熟悉程度，剔除了出於顯而易見的原因不應納入 TAM 的類別，研究了美國穿著場合休閒化的趨勢，並詢問了他們穿著某些產品的可能性。他們是否了解某些類型的商店，並將所有這些資訊結合起來，得出新的TAM（市場規模），其中確實包含了一部分主流牛仔布，但絕不是全部主流牛仔布。但我們承認，在過去的幾年裡，我們已經逐漸成為一個以牛仔服飾聞名的目的地，這也反映在了TAM中。

Okay. Very interesting. And then you were referencing on the tariffs with price increases, and I just want to make sure we're understanding it. So the branded prices have gone up. You have not taken exclusive brand pricing yet, but you now plan to take exclusive brand pricing up after the holiday. So does that imply you're not really seeing the mix shift that you were hoping to into exclusive brands?

好的。很有意思。然後您提到了關稅和價格上漲的問題，我只是想確認我們是否理解正確。所以品牌商品的價格上漲了。您尚未採用獨家品牌定價，但您計劃在假期後採用獨家品牌定價。所以這是否意味著你並沒有真正看到你所希望的轉變為獨家品牌的組合趨勢？

Yes, that's correct. We've seen a slight tick up in exclusive brands, and we're at 41% exclusive brand penetration. And there was -- we wanted to see if that penetration could get higher than that. We have not seen consumer behavior change. They're continuing to buy third-party brands, which is good as well. And as we got through the six-week kind of test period, we took a moment and we realized that the goods that we're going to sell during Christmas, during the holiday season, there are a few components to the cost structure of those goods.

是的，沒錯。我們看到獨家品牌略有成長，目前獨家品牌滲透率達到 41%。而且，我們也想看看滲透率是否能更高。我們尚未看到消費者行為改變。他們還在持續收購第三方品牌，這也不錯。在經歷了六週的測試期後，我們停下來思考了一會兒，意識到我們將在聖誕節和假期期間銷售的商品，其成本結構包含幾個組成部分。

One, some of them were brought in pre-tariff. Two, exclusive brands turn a little bit slower than third party given how much we purchase. And three, we had gotten some onetime concessions from our factories overseas that allowed us to have more margin to support holding prices through that lower -- through the holiday season.

其中一部分是在關稅實施前引進的。第二，考慮到我們的購買量，獨家品牌的周轉速度通常比第三方品牌慢一些。第三，我們從海外工廠獲得了一些一次性優惠，這使我們能夠有更大的利潤空間來維持較低的價格，尤其是在假期期間。

As we get out of the holiday season and the tariff situation has not abated and in some countries such as India, as you guys well know, gotten a little bit worse, we are going to pivot to preserving margin on exclusive brands, either by mitigation of tariffs with our factories who have been fairly cooperative or in cases where we need to raising prices on exclusive brands, and we will be doing this style by style to preserve the rate for exclusive brands as we get into our fourth quarter and into next year.

隨著假期結束，關稅情況並未好轉，而且正如大家所知，在某些國家（例如印度）情況甚至有所惡化。因此，我們將調整策略，以維持獨家品牌的利潤率。具體措施包括：與一直相當配合的工廠協商降低關稅；或在需要提高獨家品牌價格的情況下，採取相應措施。我們將逐步調整策略，以在第四季度和明年維持獨家品牌的價格。

Jay Sole, UBS.

Jay Sole，瑞銀集團。

John, I want to ask you about your comments about the success of the websites for Hawx and Cody James. Given the momentum that you've seen in the success of those plans, what's your vision now for where you can take the exclusive brands? Like what can they become beyond just brands in the Boot Barn store?

約翰，我想問你對霍克斯和科迪詹姆斯的網站成功有何評價。鑑於這些計劃的成功勢頭，您現在對這些獨家品牌的未來發展有何展望？除了在 Boot Barn 商店銷售品牌之外，它們還能發展成什麼樣子？

Can they become bigger? And how would you do that now that you've seen that new websites have been successful?

它們還能長得更大嗎？既然你已經看到一些新網站取得了成功，那你打算怎麼做呢？

Yes. We're going to continue to focus on making them big as their own brands, which means they're selling kind of pseudo direct-to-consumer on codyjames.com and hawxwork.com. And then -- but the real goal of these sites is to drive the customer into Boot Barn stores. So there's no plans to sell them wholesale or international at the moment.

是的。我們將繼續專注於將它們打造成為獨立的品牌，這意味著它們會在 codyjames.com 和 hawxwork.com 上以類似直銷的方式銷售。但這些網站的真正目標是引導顧客前往 Boot Barn 實體店。所以目前還沒有批發或國際銷售的計畫。

But looking at the number -- the spend that we've put out, the number of impressions we've had on the sites, the number of folks more importantly, that have clicked through to the sites and then again, this was never about driving sales, but it's been a nice additional sales driver. In Q2, it was a couple of points of comp on the e-comm business. And we weren't expecting much, if anything, from a sales standpoint. It was about the storytelling.

但看看這些數字——我們投入的資金、我們在網站上獲得的曝光量，更重要的是，點擊進入網站的人數，再說一遍，這從來都不是為了促進銷售，但它確實是一個不錯的額外銷售驅動因素。第二季度，電商業務的年增幅只有幾個百分點。從銷售角度來看，我們並沒有抱太大期望，甚至可以說沒有期望。關鍵在於說故事。

So if I think about the goal going forward for the next 12 to 18 months, it's to make the customer excited about Cody James and Hawx and Cheyenne and Idyllwind and then realized the best place to buy those brands is inside of the Boot Barn store.

所以，如果我展望未來 12 到 18 個月的目標，那就是讓顧客對 Cody James、Hawx、Cheyenne 和 Idyllwind 這些品牌感到興奮，然後讓他們意識到購買這些品牌的最佳地點是 Boot Barn 商店。

So that's helpful. If I could just follow up with one. Do you plan on expanding the assortment, in other words, offering more categories on those websites and maybe you have room for in the Boot Barn stores just as a way to dimensionalize those brands?

那很有幫助。如果我能再補充一個就好了。換句話說，您是否計劃擴大產品種類，在這些網站上提供更多類別？或許 Boot Barn 商店也有空間容納這些產品，以豐富這些品牌的內涵？

Yes. Those sites will carry the kind of full-throated assortment of each of those brands, which I couldn't think of a store that would have the assortment that we have on Cody James or Hawx. We're not going to develop any more product for those sites. But if you want to see the full assortment of Cody James Western and Cody James Work and then our Cody James 1978, which is our higher-end line of denim and boots, that's the place to do it. It's -- we just at an average of 12,000 square feet, could never storytell nor represent the assortment in the way that we can on those sites.

是的。這些網站將提供這些品牌的全系列產品，我想不出有哪家商店能像 Cody James 或 Hawx 一樣提供如此豐富的產品系列。我們將不再為這些網站開發任何產品。但如果您想查看 Cody James Western 和 Cody James Work 的全系列產品，以及我們的 Cody James 1978 系列（我們的高端牛仔褲和靴子系列），那就去那裡吧。我們平均只有 12,000 平方英尺的空間，根本無法像在這些網站上那樣講述故事或展示商品種類。

And just one other note, it is so much more powerful to tell those stories on the individual sites. You can imagine on bootbarn.com, it becomes a little more difficult as the product is all kind of wrapped in with other exotic boots or other denim. So having a dedicated site where we can tell that dedicated story and show the full assortment, we think, is going to be extremely beneficial.

還有一點要說明，在各個網站上講述這些故事會更有效果。你可以想像，在 bootbarn.com 上，情況會變得有點複雜，因為產品都和其他異國情調的靴子或其他牛仔布混雜在一起。因此，我們認為，擁有一個專門的網站來講述這個專屬故事並展示全部產品系列，將會非常有益。

Steven Zaccone, Citi.

史蒂文‧扎科內，花旗集團。

Congrats on a nice quarter. To follow up on pricing, can you help us think through the second half? What should AUR be up in the second half relative to some of the commentary you gave?

恭喜你本季業績出色。關於定價方面，您能否幫我們考慮下半年的定價方案？結合您之前的一些評論，AUR在下半場應該有哪些發展方向？

And then I guess a bigger picture of question, why do you think pricing elasticity has performed better than planned? You seem to be bucking the consumer backdrop and transactions are still strong. How much of this is fashion being a tailwind and you kind of positioning yourself as more of a denim destination?

然後我想提出一個更宏觀的問題：你認為價格彈性為何表現優於預期？你們似乎逆勢而上，交易量依然強勁。這其中有多少是時尚潮流帶來的順風，而你又在努力將自己定位為牛仔服飾的首選之地？

Yes. Starting with the AUR portion, we think AUR in the back half of the year will be up 2% to 3% with slowing transactions. And we think that will -- that the slowing of the transactions, as Jim said, will be more about the macro than the AUR being up 2% to 3%. We've raised the price on third-party brands by mid-single digits. And as I said, as we went through this test, we never really saw a change in consumer behavior, and they continue to buy both exclusive brands and the third-party brands, which is a good thing in some ways.

是的。先來看AUR部分，我們認為隨著交易放緩，下半年AUR將成長2%至3%。我們認為，正如吉姆所說，交易放緩更多的是宏觀因素造成的，而不是AUR上漲2%到3%。我們已將第三方品牌的價格提高了個位數百分比。正如我所說，在我們進行這項測試的過程中，我們並沒有真正看到消費者行為改變，他們仍然會購買獨家品牌和第三方品牌，這在某些方面是一件好事。

So I think our customer, as we look at -- and I know there's been a lot of discussion in the market about the bifurcation between the higher-income customer and the lower-income customer. We're not seeing that. We've been looking at our income brackets, and it is incredibly consistent, almost identical to last year in terms of the penetration of the lower-end brackets and the higher-end brackets.

所以我認為我們的客戶，正如我們所看到的——我知道市場上有很多關於高收入客戶和低收入客戶之間分化的討論。我們沒有看到這種情況。我們一直在研究我們的收入階層，結果非常穩定，低收入階層和高收入階層的滲透率幾乎與去年完全相同。

So our customer is need-based, more so perhaps than others. I don't think it's driven by a fashion trend. If I had to point to one difference in our business than perhaps others out there is the needs-based component of it.

所以我們的客戶是以需求為導向的，或許比其他客戶更甚。我認為這並非受時尚潮流驅動。如果非要指出我們公司與其他公司最大的不同之處，那就是它以客戶需求為導向。

Okay. That's helpful. The follow-up question I had was on buying and occupancy. So can you help us think through the buying and occupancy leverage point for the second half of the year? And then with the 12% to 15% growth rate on an annual basis for stores, do you see the buying and occupancy point coming down at some point? Or what should we think is the right leverage point at that elevated store growth target?

好的。那很有幫助。我的後續問題是關於購買和入住的。那麼，您能否幫助我們思考一下下半年購買和入住率的槓桿作用？鑑於商店每年 12% 至 15% 的成長率，您認為購買和入住率會在某個時候下降嗎？或者，我們認為在實現更高的門市成長目標時，合適的槓桿點在哪裡？

Yes. Great question. So the buying and occupancy leverage point that we identified at the beginning of the year of a plus 7% comp needed to leverage that remains a place that it's probably inched up a little bit higher really due to new store opening timing and our ability to open some of these stores a little bit sooner into this year. And then as we look out to the first quarter of next year, we've got a really strong pipeline with 20 stores in it. And those have actually moved up further within the first quarter. And so we've got some preopening rent that we'll be expensing in our fourth quarter that we didn't anticipate.

是的。問得好。因此，我們在年初確定的購買和入住率槓桿點（需要 7% 的同店銷售額才能實現）仍然是一個略微上升的點，這主要是由於新店開業的時間安排以及我們能夠在今年早些時候開設其中一些門店。展望明年第一季度，我們擁有非常強勁的擴張計劃，其中包括 20 家門市。而這些數字在第一季其實還進一步上升了。因此，我們有一些開業前的租金，這些租金是我們之前沒有預料到的，我們將在第四季度將其計入費用。

So that's kind of the leverage point. So call it a 7.5% this year higher than we would like, but for all good reasons of being able to get some really good stores in the queue and ready to be opened up.

所以這就是關鍵所在。所以今年的成長率定在 7.5% 左右，比我們預期的要高，但這完全是出於好意，因為我們能夠讓一些非常好的店舖排隊等候開業。

As far as the 12% to 15%, we've talked over the last few years of how we -- when we accelerated from a 10% to a 15% new unit opening pace that did create a higher leverage point. I think we're about at the point where those are into the system, and we're kind of at this 15% run rate. We're finishing our fourth year of 15% new units. And so in the next year or two, I could see that coming down a little bit, maybe it goes down to a plus 6% comp. And then after that, we'll just kind of have to see where we land.

至於 12% 到 15% 的成長，過去幾年我們一直在討論，當我們把新單位的開設速度從 10% 加快到 15% 時，確實創造了更高的槓桿點。我認為我們基本上已經將這些內容融入系統中，目前我們的運作率大概在 15% 左右。我們即將迎來連續第四年新增單元數量成長15%的目標。因此，在未來一兩年內，我預計這個數字會略有下降，也許會降到 6% 的薪資漲幅。然後，之後我們就只能走一步看一步了。

But with strong openings of 12% to 15% in the future, even after the next couple of years, I don't see that going down much more just because of the volume of stores we will continue to open up, we will put some pressure on that. But stay tuned. We try to keep you updated every year on what we're looking at for the upcoming year.

但即便在未來幾年，新店開業率仍能保持在 12% 到 15% 的強勁水平，我認為也不會大幅下降，因為我們將繼續開設大量新店，這將給新店開業帶來一些壓力。敬請期待。我們每年都會盡量讓您了解我們對來年的研究方向。

Max Rakhlenko, TD Cowen.

馬克斯·拉赫連科，TD Cowen。

Congrats on all the momentum. So first, in your TAM and store analysis, can you speak to where you see the bigger opportunities for growth ahead regionally? And then as you think about store growth, could we see stores potentially get a little bit bigger? I think that that's what you did a few years ago. So just curious how you think about the right store size to generate the strongest productivity?

恭喜你們取得如此佳績。首先，在您的TAM和門市分析中，您能否談談您認為未來區域內哪些方面有更大的成長機會？那麼，在考慮門市擴張時，我們是否會看到門市規模變得更大一些呢？我想你幾年前就是這麼做的。所以，我很好奇您認為怎樣的店鋪規模才能帶來最高的生產力？

Yes. As we look at the 1,200-store opportunity, we're going to continue to open stores across the country broadly. We've learned much in the last few years about where we've opened stores and what has worked best. But for competitive reasons, we're not going to go into what we've learned on the call, but we feel very, very good about that road map to open those 1,200 stores.

是的。展望未來 1200 家門市的發展機遇，我們將繼續在全國各地廣泛開設門市。過去幾年，我們從開設門市的地點以及哪些做法最有效等方面學到了很多。但出於競爭原因，我們不會透露我們在電話會議上了解到的具體內容，但我們對開設這 1200 家門市的路線圖感到非常非常有信心。

And to the question on size, it's going to be real-estate dependent. If you saw what happened with Party City, maybe there were some bigger boxes that became available. So it's going to be more about location than anything. So we're going to continue to be flexible in the size of the box, more so about where it is and its location than the actual size itself.

至於面積大小的問題，這將取決於房地產狀況。如果你了解Party City的遭遇，或許就能明白為什麼會有更大包裝的盒子上市了。所以，地理位置比其他任何因素都更重要。因此，我們將繼續保持對箱子尺寸的靈活性，更多的是對其位置和用途的靈活調整，而不是對箱子實際尺寸的調整。

Got it. Okay. That's helpful. And then, Jim, you previously discussed an opportunity to reach a mid-teens EBIT margin over the longer term. With some of the changes that you've made to sourcing, exclusive brand mix as well as exclusive brand margins, the improvement that's still to come there over the next couple of years.

知道了。好的。那很有幫助。吉姆，你之前討論過，從長遠來看，有機會實現十幾個百分點的息稅前利潤率。鑑於您在採購、獨家品牌組合以及獨家品牌利潤方面做出的一些改變，未來幾年內這方面還有很大的改進空間。

Do you see an opportunity to reach that sooner than you previously expected internally? And then just what's the latest thinking about the margin level that the business can generate as you do get closer to this 1,200-store target?

您是否認為公司內部有機會比您之前預期的更快實現這一目標？那麼，隨著門市數量接近 1200 家，企業能夠產生的利潤率水準的最新想法是什麼？

Yes. Great question, Max. You're right. We've talked about that 15% target. It used to be 10%. We moved past that, and now it's been 15% for a couple of years now, the target operating margin. We had said probably two or three years ago that it'd be about five years to get to that 15%. We've -- at the high end of our range this year, we will -- assuming we achieve that, we will have grown operating margin 120 basis points over a two-year period.

是的。問得好，Max。你說得對。我們已經討論過15%的目標。以前是10%。我們已經克服了這個問題，現在目標營業利益率已經維持在 15% 好幾年了。我們大概在兩、三年前就說過，要達到 15% 的目標大約需要五年。今年，我們——在我們預期範圍的高端——假設我們實現了這一目標，那麼在兩年內，我們的營業利潤率將增加 120 個基點。

So I would say we're ahead of schedule on that operating margin goal. I think we're going to have to see how we guide next year and the impact of tariffs and the macro and what that does for us. But the opportunity to continue to build new stores in great locations is encouraging. I would say the sourcing strategy that John has talked about for a couple of quarters that were in the early days of implementing. I think there's some really good opportunity to grow margin from that.

所以我認為，我們在實現營業利潤率目標方面已經提前完成了計劃。我認為我們需要看看明年的發展方向，以及關稅和宏觀經濟的影響，以及這些因素會對我們產生什麼影響。但有機會繼續在優越的地段開設新店，這令人鼓舞。我認為約翰在過去幾季一直在談論的採購策略，目前還處於實施初期。我認為這方面存在著提升利潤率的絕佳機會。

But as I talked about in the previous question about the buying and occupancy, we do need pretty solid comps to kind of cover that side of it. So I think, long answer to your short question, I think there's opportunity to get to 15% maybe a little faster than we thought, but I don't want to promise anything beyond that at this point.

但正如我在上一個關於購買和入住率的問題中提到的那樣，我們需要相當可靠的比較數據來涵蓋這方面的情況。所以，長話短說，我認為我們有機會比預期更快達到 15% 的目標，但目前我不想做出任何超出這個範圍的承諾。

Janine Stichter, BTIG.

Janine Stichter，BTIG。

I wanted to ask a bit about the geographic performance. Curious if you're seeing anything different regionally. And then anything you've seen in terms of weakness with the Hispanic consumer. It doesn't seem like in the results, but something other companies have called out. So just wanted to see if you were seeing it as well?

我想問一下關於地理表現方面的問題。很好奇你那邊在不同地區是否觀察到什麼差異。然後還有你所看到的西班牙裔消費者群體的弱點。雖然結果上似乎沒有體現出來，但其他公司已經指出了這一點。所以就想看看你是否也看到了？

Yes. We did mention, Janine, the geographic kind of commented, and I think it was the script that we're seeing nice growth across all geographies. Similar to what John said earlier about for competitive reasons, I don't want to get too far into the detail on which geographies are performing better. But I would say we saw pretty widespread growth across the country.

是的。珍妮，我們確實提到了地理位置方面的情況，我認為劇本裡寫到，我們看到所有地區都實現了良好的成長。正如約翰之前所說，出於競爭原因，我不想過度深入探討哪些地區的表現較好。但我認為，我們看到全國各地都出現了相當普遍的成長。

And then as far as the Hispanic customer goes, we have looked at the demographic information that we have, and we really haven't seen much of a change in the shopping behavior of that customer.

至於西班牙裔顧客，我們查看了我們掌握的人口統計信息，發現該顧客的購物行為並沒有發生太大變化。

Great. And then just a quick one on tariffs. I think earlier in the year, you had said $8 million of tariff headwinds. And since then there's been some changes in rate, but it also sounds like you're maybe taking a little bit more price on the exclusive brands after the holiday. Just where does that number shake out now relative to the initial forecast?

偉大的。最後簡單談談關稅問題。我記得今年早些時候，你曾說過會有 800 萬美元的關稅阻力。從那以後，價格發生了一些變化，但聽起來你們在假期後可能會對獨家品牌收取更高的價格。目前這個數字與最初的預測相比究竟如何？

Yes. I think it's still -- the purpose of the $8 million number was to kind of size up where tariffs were kind of big picture. We've been seeing some really big numbers and wanted to bring that into perspective. And at the time, talked about there being a lot of moving parts, a fluid environment. The tariffs that we spend on inventory don't necessarily get expensed to the P&L until it gets sold, which may be six or nine months later. And so that's not a number we're going to provide an update to at this time.

是的。我認為，800萬美元這個數字的目的仍然是為了從宏觀角度評估關稅的影響。我們看到了一些非常大的數字，想藉此機會分析這些數字。當時，他們談到有很多環節在變化，環境瞬息萬變。我們為庫存支付的關稅不一定會在庫存售出之前計入損益表，而這可能要等到六個月或九個月之後。因此，目前我們不會提供該數字的更新資訊。

The other piece of it is with the mitigation strategies that our team has been taking and working with the factories, we're able to get the cost of our -- of the manufactured goods down, they're willing to negotiate that down knowing that we have to pay a higher tariff. And so you have a little bit of a blend between what's tariff and what's really lower cost and how that works. So it becomes a little bit difficult to quantify that number as well.

另一方面，透過我們團隊採取的緩解策略以及與工廠的合作，我們能夠降低製成品的成本，他們也願意就此進行談判，因為他們知道我們必須支付更高的關稅。所以，關稅和實際的低成本之間有點混合，這就是它運作的方式。因此，要量化這個數字也變得有些困難。

So what I would say is that we've factored in tariffs into the margin guide that you see for the balance of the year, and we feel pretty good about that.

所以我想說的是，我們已經將關稅因素納入了您在今年剩餘時間裡看到的利潤率預期中，我們對此感到非常滿意。

Dylan Carden, William Blair.

迪倫卡登，威廉布萊爾。

Curious now that you're sort of rethinking longer-term TAM store opportunity, where does online penetration kind of net out in your estimate? It seems like with the growth in AI initiatives, it could be higher, if not meaningfully so. And if that's any sort of -- if there's any repercussions from that from a margin standpoint. I think historically, online has run slightly below retail.

既然您現在似乎在重新思考長期的TAM門市機會，我很好奇，在您的估計中，線上滲透率最終會達到什麼程度？隨著人工智慧專案的不斷發展，這一數字似乎可能會更高，即使不會顯著提高。如果這真的會——如果從利潤率的角度來看，這會有任何影響的話。我認為從歷史數據來看，線上銷售一直略低於線下零售。

Yes, Dylan, the online business and the omnichannel team is doing a great job. As you saw in the release, we had a plus 24% in October. The business is doing very, very well. They're investing in technology. They're investing in AI.

是的，迪倫，線上業務和全通路團隊做得非常出色。正如您在新聞稿中看到的，我們10月份的成長率為24%。這家公司經營得非常好。他們正在投資科技領域。他們正在投資人工智慧。

The very nice challenge they have is we're going to open 70 stores with an AUV of $3.2 million, and that's the equivalent of a bootbarn.com every year. So we think it's going to continue to hover around 10%. I don't see any tectonic shift in that penetration anytime soon.

他們面臨的挑戰非常嚴峻，我們要開設 70 家門市，平均單店銷售額為 320 萬美元，相當於 bootbarn.com 每年的銷售額。所以我們認為它會繼續在 10% 左右徘徊。我認為這種滲透現象短期內不會有任何重大變化。

Jonathan Komp, Baird.

喬納森康普，貝爾德。

I want to ask, John, if you could talk a little bit more about some of the merchandising initiatives that you're pursuing and the effectiveness, whether it's across some of your third-party brands or categories? And maybe within that, specifically for denim, I know denim accelerated Q2 last year and you're, I believe, you're cycling double-digit performance now and looking forward. So any thoughts on the ability to sustain some of the momentum there would be great.

約翰，我想請你再詳細談談你正在推行的一些商品銷售舉措及其效果，無論是在你的第三方品牌還是品類方面？或許就牛仔布而言，我知道牛仔布去年第二季加速成長，我相信，你們現在正處於兩位數成長的周期，並且展望未來。所以，如果您能分享如何保持這種發展勢頭，那就太好了。

Yes, absolutely. The buying team, the merchants -- the visual merchants in the store, they've all done -- and I've been in a lot of stores recently have done an incredible job from a merchandising standpoint. Our inventory levels of full-price seasonal merchandise are in a great place. We're at very, very low levels from a clearance standpoint, and we really have become more of a denim destination.

是的，絕對的。採購團隊、店員——店裡的視覺陳列師，他們都做得非常出色——我最近去過很多商店，他們在商品陳列方面都做得非常出色。我們當季正價商品的庫存水準非常充足。從清倉的角度來看，我們的庫存水準非常非常低，我們已經真正成為了一家牛仔服飾專賣店。

So when we started to cycle that -- those strong denim numbers from last year, those were stronger on the men's side. So we still have a little bit of room to grow on the women's side. And as we come into holiday, we're going to be pushing both third-party and exclusive brand denim more so to the front of the store and having better merchandising of that denim.

所以當我們開始循環銷售時——去年強勁的牛仔服裝銷量，男裝銷量更強勁。所以，我們在女子方面還有一些發展空間。隨著假期的臨近，我們將把第三方品牌和獨家品牌的牛仔服裝更多地推到商店的顯眼位置，並更好地進行牛仔服裝的陳列。

I've said it before, and I'll say it again on this call, as I look at the top 10 styles in women's denim or men's denim, it is almost exclusively boot cut jeans. It continues to be while folks are coming to Boot Barn to buy their denim. It is very still a traditional silhouette in most cases with a nice mix between third-party and our exclusive brands. We do skew a little more exclusive brands in women's denim.

我以前說過，這次通話我還要再說一遍，當我查看男女牛仔褲十大流行款式時，幾乎全是靴型牛仔褲。這種情況一直持續到人們來到 Boot Barn 購買牛仔褲為止。大多數情況下，它仍然保持著非常傳統的廓形，並巧妙地融合了第三方品牌和我們獨家品牌。我們在女式牛仔服飾方面確實更偏愛一些高端品牌。

But as we go into holiday, denim is absolutely a focus. And we weren't quite where we needed to be last year from a women's standpoint. We are, to your point, comping the men's side of it, and that will be kind of a comp business, but we feel great about denim going into Christmas and the holiday season.

但隨著假期的臨近，牛仔服絕對是關注的焦點。從女子方面來看，我們去年還沒有達到應有的水準。正如您所說，我們正在對男裝部分進行競爭，這將是一項競爭性業務，但我們對牛仔服裝在聖誕節和假期季節的銷售前景感到非常樂觀。

Okay. Great. And then, Jim, if I could follow up just as you're thinking about setting guidance here for the second half comps, I think you had some helpful color.

好的。偉大的。吉姆，如果你正在考慮為下半年的比賽制定指導方針，我想補充一點，你之前的一些見解很有幫助。

Is there a way to think about sort of the range of outcomes you've thought into the second half? I know it sounds like a haircut for macro, but have you contemplated any potential tailwinds from stimulus or just any other context around a range of outcomes that you see given the recent momentum here?

有沒有辦法思考一下你在後半部設想的各種結果？我知道這聽起來像是對宏觀經濟的一次小修小補，但鑑於最近的發展勢頭，您是否考慮過刺激措施或其他因素可能帶來的任何利好？

Yes. Yes. No problem, Jon. It is a wide range of outcomes, right? I mean we would love it if there wasn't an impact from the macro and the haircut that we put in there was not necessary. And I know many will ask us about how strong the October business is. And while it's four weeks of business and the slower month of the quarter, it's exciting to see how strong the comps are and how well the business is doing.

是的。是的。沒問題，喬恩。結果多種多樣，對吧？我的意思是，我們當然希望宏觀因素沒有影響，我們加入的髮型調整也是不必要的。我知道很多人會問我們10月的業務狀況如何。雖然目前只過了四周的營業時間，而且是季度中較為淡季的月份，但看到同店銷售額如此強勁，公司業績如此出色，仍然令人興奮。

We haven't contemplated or included in there a tailwind from stimulus or any of these bills that come through that might drive some construction or infrastructure build or any of that. It's just too hard to figure out what quarter that would come into. And so that is not included in there. But we feel good about the full-year 4% to 6% same store sales guide and kind of how we've built that. I don't know if I have anything else to add there.

我們沒有考慮或將刺激經濟的法案或任何其他可能推動建築或基礎設施建設的法案帶來的利多因素納入考量。很難確定它應該歸入哪個季度。所以這部分內容沒有包含在內。但我們對全年 4% 至 6% 的同店銷售成長預期以及我們實現這一目標的方式感到滿意。我不知道我是否還有什麼要補充的。

Sam Poser, Williams Trading.

Sam Poser，威廉斯貿易公司。

I just got a couple. One, just -- how many stores by quarter for the balance of the year? I mean, how should we think about that just as a housekeeping. How many stores you opened in Q3 and how many in Q4?

我剛買了幾個。一、僅需說明一下——今年剩餘時間裡，每季將有多少家店？我的意思是，我們該如何看待這件事，僅僅把它當作一件家務事嗎？第三季和第四季分別開設了多少家店？

We've got 25 stores in Q3 and 15 in Q4.

第三季我們開設了 25 家門市，第四季開設了 15 家。

And then secondly, one of the things you talked about on the last call in regard to denim was how you narrowed and went deep into the assortment. I'm wondering how you're applying that same concept or if you're applying that, to what degree you're applying that same concept to other categories, especially in boots across the company and where you are in that, if that is something you're working on?

其次，你在上次通話中談到牛仔布時，提到了你如何縮小範圍並深入研究各種牛仔布。我想知道您是如何應用這個概念的，或者如果您正在應用這個概念，您在多大程度上將這個概念應用到其他類別，特別是公司內的靴子產品，以及您在這方面進展如何，如果這是您正在努力的方向的話？

Absolutely, Sam. It's a great call. We have a group of styles that we call tried and true. It's the top 3% to 4% of styles that make up a disproportionate portion of our sales, and there has been a focus from the merchant team to ensure that we're always in stock on those styles. And I'm proud to say that the team is at 90% in stock on those very small number of styles, roughly 1,000 styles, that make up a much larger portion of sales.

當然，薩姆。這是個明智的決定。我們有一系列我們稱之為久經考驗的經典風格。銷售排名前 3% 到 4% 的款式占我們銷售額的很大一部分，因此，採購團隊一直致力於確保這些款式始終有貨。我很自豪地說，對於數量很少的款式（大約 1000 種款式），團隊的庫存已達到 90%，而這些款式在銷售額中所佔的比例要大得多。

So that focus that started with that kind of aha moment with denim a year ago has carried through to the rest of the business. There's always more work to be done for sure, but we are absolutely pursuing tried and true or that going deeper on those tried-and-true styles.

所以，一年前在牛仔布領域產生的那種頓悟時刻所開啟的專注，已經延續到了業務的其他方面。當然，還有很多工作要做，但我們絕對會追求行之有效的方法，或者在這些行之有效的方法上進行更深入的研究。

And are you -- we talked about this before. Are you doing that by region? Like are you getting into the sort of into the weeds with it down to region and district levels? Or is that part of the opportunity? And given -- and where were you last year in stock on those tried and trues as a comparison?

你——我們之前討論過這個問題。你們是按地區劃分的嗎？你是打算深入到地區和縣級層級去研究嗎？或者，這本身也是機會的一部分？有鑑於此——作為對比，去年你們在這些久經考驗的經典產品上的庫存情況如何？

Yes. The -- I don't have the percentage in front of me for last year on the tried and trues, it definitely was not at 90%. And I think, to your question on the weeds, I think there is opportunity there. I think what we do is we get down, and this is a function of spending a lot of time in stores. We get all the way down to individual store levels, but what we're not teasing out, I think, is perhaps how we approach it at the district or even the region level. I'll be in stores and go, why do we have X, Y, and Z here or we don't have this there. And this happens with all of us visiting stores.

是的。——我手頭上沒有去年那些久經考驗的措施的具體百分比數據，但肯定不是 90%。至於你提到的雜草問題，我認為那裡蘊藏著機會。我認為我們這樣做是為了讓自己放鬆下來，而這與我們花很多時間在商店裡有關。我們已經深入到單一門市層面，但我認為，我們還沒有弄清楚的是，我們是如何看待區域甚至地區層面的問題的。我會在商店裡問，為什麼這裡有 X、Y 和 Z，或者為什麼那裡沒有這個。這種情況在我們所有人逛商店時都會發生。

So we get perhaps too far down into the weeds at the store level and also need to do that a little bit further up at the district or the region level.

所以，我們可能在門市層級過於注重細節，也需要在地區或區域層級進行更深入的探討。

Chris Nardone, Bank of America.

克里斯·納爾多內，美國銀行。

So just going back to the price elasticity part of the conversation. Just curious if you're seeing more elasticity in certain categories when compared to others? Maybe is like work showing less elasticity versus fashion?

所以，讓我們回到價格彈性這個主題。我只是好奇，與其他類別相比，你是否發現某些類別的彈性更大？也許就像工作與時尚相比，彈性較小一樣？

We really haven't seen a change in consumer behavior outside of -- there was one particular brand that raised prices by close to 15%, and we saw a drop. It was a small brand, but we saw a change in their business. When you think about AUR increases, the mid-single-digit increases really did not change the consumer behavior anywhere with the exception of this one particular brand that had a much higher increase in their MSRPs, and we saw a demand drop off.

除了某個品牌將價格提高了近 15% 之外，我們並沒有看到消費者行為發生真正的變化，而該品牌的價格卻出現了下降。雖然品牌規模不大，但我們看到了他們業務的變化。當你考慮 AUR 的成長時，除了某個特定品牌的建議零售價漲幅更大之外，個位數的中段漲幅實際上並沒有改變任何地方的消費者行為，而該品牌的建議零售價漲幅更大，我們看到需求下降了。

Got it. Okay. And then just as a follow-up. Overall, are you starting to see some more new emerging competition in the Western category given the recent strength? And do you also suspect the holidays will be more promotional relative to last year if you take into account some of the pricing actions from third-party brands?

知道了。好的。然後，作為後續。總體而言，鑑於近期的強勁勢頭，您是否開始看到西方市場出現更多新的競爭對手？考慮到一些第三方品牌的定價策略，您是否也認為今年的假期促銷活動會比去年更多？

I'll start with the promotion piece. I don't think it will be more promotional than last year. Our promotional cadence is almost identical to what we had last holiday season. This has always been a very rational industry when it comes to promotions. And I think and I believe it will continue to be so. So we are going to have a promotional schedule very similar to last year.

我先從宣傳部分開始。我認為今年的宣傳力道不會比去年更大。我們的促銷節奏與上個假期季節幾乎完全相同。在促銷方面，這個行業一直都非常理性。而且我認為，我相信這種情況還會持續下去。所以，我們的促銷活動安排將會與去年非常相似。

And we haven't really seen any new recent emerging brands come forth. There are always new entrants into the market. I think at times when, in particular, like ladies Western boots become a little bit more in style or fashionable than some of the more mainstream fashionable department stores and others will sell that, and then they'll get out of it if it slows down. But we haven't really seen any significant sizable entrants into the market.

而且我們最近也沒有看到任何新興品牌出現。市場總會有新的競爭者進入。我認為，有時候，特別是像女士西部靴子這樣的靴子，比一些主流時尚百貨公司和其他商店更流行一些，這些靴子就會被出售，但如果這種趨勢減弱，他們就會停止銷售。但我們還沒有真正看到任何規模較大的企業進入這個市場。

Jeremy Hamblin, Craig-Hallum Group.

傑里米·漢布林，克雷格·哈勒姆集團。

And I'll add my congratulations to the team. I wanted to ask a question on just some of the margin dynamics that you're seeing. So last year, fiscal '25, we knew that there was some catch-up on incentive compensation, and you saw pretty nice gross margin expansion. This year, you've got headwinds, obviously, related to tariffs. And yet your gross margin looks like it's going to be flattish. You're getting nice leverage on SG&A. And this is all kind of with comps roughly similar to what you did in FY25.

我還要向團隊表示祝賀。我想問一下您觀察到的一些利潤率動態問題。所以去年，也就是 2025 財年，我們知道激勵性薪酬方面需要進行一些調整，而且你們也看到了相當不錯的毛利率成長。今年，你們顯然面臨關稅相關的逆風。然而，你的毛利率看起來會比較平穩。你在銷售、一般及行政費用方面獲得了不錯的優勢。而這一切都與你們在 2025 財年所做的工作大致相同。

As we look ahead, I wanted to see if there were other dynamics that we need to think about in FY27, not that you're guiding, but are there other dynamics that we should be considering here as we look ahead into calendar '26, either on the gross margin or the SG&A side? Or do you think that the leverage points here, all else being equal, meaning no meaningful changes in tariffs, would you suspect that, that's going to play out similarly?

展望未來，我想了解在 2027 財年是否還有其他需要考慮的因素，這並非您的指導意見，而是我們在展望 2026 年日曆年時，在毛利率或銷售、管理及行政費用方面是否還有其他需要考慮的因素？或者，在其他條件相同的情況下（即關稅沒有實質變化），您是否認為這裡的槓桿點會是類似的結果？

I would expect it to play out pretty similarly. The leverage points that we laid out at the beginning of this year, the buying and occupancy at 7%, that probably stays within the range, maybe comes down a little bit. SG&A probably comes up this year, we just need to be at flat and that probably goes back up to 1.5% or 2%. So I think those things stay pretty similar.

我預期事情的發展也會大同小異。今年年初我們設定的槓桿點，購買率和入住率達到 7%，可能會維持在預期範圍內，甚至可能略有下降。銷售、一般及行政費用（SG&A）今年可能會上漲，我們只需要保持持平，然後可能會回升到 1.5% 或 2%。所以我覺得這些方面基本上都保持不變。

We do have a little bit of quarter-to-quarter noise. I called out in my prepared remarks about lapping the reversal of incentive-based compensation in the third quarter that we're up against. But on the full year, I think that it should look pretty similar. There's not anything that we know of now that would be -- throw that out of whack.

我們的確存在著一些季度間的波動。我在事先準備好的演講稿中指出，我們正面臨第三季激勵性薪資政策逆轉的挑戰。但就全年而言，我認為情況應該大同小異。目前我們所知，沒有任何事情會——破壞這種平衡。

Great. And then just as a follow-up question on exclusive brands. So you did some testing here over a six-week period. You're taking a little bit of price to offset some of the tariff implications. But as you think about penetration of that going forward now with the rollout, very successful with codyjames.com, do you suspect that you're going to get a similar type of step-up in your exclusives? Or do you think the combination of maybe price increases potentially limits the amount of growth that you see in that?

偉大的。然後，我想就獨家品牌問一​​個後續問題。所以你們在這裡進行了為期六週的測試。你稍微提高了一些價格，以抵消部分關稅影響。但考慮到 codyjames.com 的成功推廣，您認為未來在獨家內容方面也會有類似的成長嗎？或者您認為價格上漲等因素可能會限制您預期的成長幅度？

I don't think the price increases made a big difference in either direction. Again, that's what we were testing for the six weeks and the consumer continued to buy what they wanted to buy, which was third-party or exclusive brands. And so we will pivot post-holiday to preserve margin. I think longer term, we still are comfortable with getting to 50% exclusive brand penetration, 100 to 200 basis points a year over the next several years.

我認為價格上漲並沒有對價格走向造成太大影響。同樣，我們在六週內測試的就是這個，而消費者仍然購買他們想買的東西，也就是第三方品牌或獨家品牌。因此，我們將在節後調整策略以保持利潤率。我認為從長遠來看，我們仍然可以接受在未來幾年內每年實現 100 到 200 個基點的獨家品牌滲透率達到 50%。

And again, the codyjames.com site, while I'm thrilled with the launch of it and the reaction we've had to it, it launched in the last two weeks of the quarter. So it's still very, very early days in terms of what it will do for promoting the entire Cody James brand. So more to come there. But for right now, we're still tracking or looking to that 50% EV penetration over the next four to five years and 100 to 200 basis points of growth a year. So kind of more back to normal versus where we've been testing over that six weeks of lower for longer.

還有，雖然我對 codyjames.com 網站的上線以及我們收到的反饋感到非常興奮，但它是在本季度的最後兩週上線的。所以，就其對提升整個科迪詹姆斯品牌的作用而言，現在還處於非常非常早期的階段。所以，後續還會有更多內容。但就目前而言，我們仍在追蹤或展望未來四到五年內電動車滲透率達到 50%，以及每年增長 100 到 200 個基點的目標。所以情況比之前六週測試期間持續較長時間的低水平要好一些，現在更接近正常水平了。

Corey Tarlowe, Jefferies.

科里·塔洛，傑富瑞。

Great. I wanted to ask about the store count updated analysis. How do you think about the new stores and where the opportunity is in new versus existing markets that you have line of sight to?

偉大的。我想詢問一下門市數量更新後的分析情況。您如何看待新店？在您能夠預見的現有市場和新市場中，哪些方面有機會？

Sure. It's really going to be -- I guess the last time we updated this, Corey, we had more of the new and existing market opportunity as far as there are states we hadn't been in yet or markets we hadn't been in. And now that we've gone across the entire country and open stores, we'll continue to open stores across the entire country. We're not going to get into details on which markets we're going to go heavier into versus others just for obvious competitive reasons, but we do feel very confident in the road map we have.

當然。確實會是——我想上次我們更新這個的時候，Corey，我們更多地關注了新的和現有的市場機會，因為我們還沒有進入過某些州或市場。現在我們已經在全國各地開設了分店，我們將繼續在全國各地開設分店。出於顯而易見的競爭原因，我們不會詳細說明我們將重點投入哪些市場，但我們對我們所製定的發展路線圖非常有信心。

Okay. Got it. And then just on the updated TAM analysis as well. When you updated the TAM analysis a few years ago post doing it for the first time around the IPO, it felt like the positioning around that update was like, hey, we're actually penetrating this whole new customer base called Just Country, and there's this whole opportunity there.

好的。知道了。然後，也包括更新後的TAM分析。幾年前，在公司上市前後，你們第一次更新了 TAM 分析，當時的定位是，嘿，我們實際上正在打入一個名為 Just Country 的全新客戶群，那裡蘊藏著巨大的機會。

And now you've just upped it by another roughly $20 billion, $18 billion. Is there another kind of customer that you're going after? Or what do you see is driving that next leg of growth in the total addressable market?

現在你們又增加了約 200 億美元，180 億美元。你們的目標客戶群還有其他類型嗎？或者，您認為推動潛在市場總量下一階段成長的因素是什麼？

Sure. It's really the country lifestyle, the Western and the work have all expanded in the size of the TAM. So we didn't provide that in the prepared remarks, but in the analysis that those expanded. And then John mentioned that mainstream denim has become more of what we sell. And so that's given us part of that increase in the TAM also.

當然。鄉村生活方式、西部風情和工作都在 TAM 的規模上擴大了。所以我們在準備好的發言稿中沒有提到這一點，而是在後續的分析中進行了闡述。然後約翰提到，主流牛仔布已經成為我們銷售的更多產品。因此，這也為TAM的成長做出了一部分貢獻。

Mitch Kummetz, Seaport Research.

米奇‧庫梅茨，海港研究公司。

Can you guys elaborate on the recent strength of the e-comm business? I mean, John, you referenced the 24% gain in October. What you didn't say is that on top of a 14% (technical difficulty) a year ago, and you've got now (technical difficulty) on top of double digits. So is there anything more you can say about that? What's driving that?

各位能否詳細說說近期電子商務產業的強勁表現？約翰，我的意思是，你提到了10月24%的漲幅。你沒說的是，一年前的技術難度是 14%，而現在的技術難度達到了兩位數。關於這一點，您還有什麼要補充的嗎？是什麼原因導致這種情況？

Yes. There's a few different components. We took a look at where that 24% comp was coming from. And one of the new Chief Digital Officer and his team, they've made some nice enhancements around search and other things on the site. We're thinking that's driving north of 100 basis points of that comp.

是的。它由幾個不同的部分組成。我們調查了一下這 24% 的薪資成長來自哪裡。其中一位新任首席數位長和他的團隊，對網站的搜尋和其他方面進行了一些不錯的改進。我們認為這將使該數據比同業數據高出 100 個基點以上。

But the biggest pieces are the new channels, so the additional sites, Cody James and Hawx, as well as our ability to spend more in the paid space. So there has been -- and I'm sure you see this in your own life, there has been a change in the paid algorithms, both with Meta and with Google over the last several months, and we just have an ability to continue to attain the ROAS we're always looking for, which is north of a 4 and spend into those sales more so than we were able to do in the past.

但最重要的部分是新頻道，也就是新增的網站 Cody James 和 Hawx，以及我們在付費領域投入更多資金的能力。所以，過去幾個月裡，無論是 Meta 還是 Google 的付費演算法都發生了變化——我相信你在自己的生活中也看到了這一點——我們現在有能力繼續獲得我們一直追求的 ROAS（廣告支出回報率），也就是 4 以上，並且比過去投入到這些銷售中的資金更多。

So the new channels are a piece of it, the paid -- and the paid social are a piece of it. And then organic is also a piece, which is, I think, a reflection of the strength of the brand. We see 400 basis points of that growth coming from additional organic traffic coming from the site. So it's people who know the Boot Barn brand. So it's not one particular thing. It is across new channels, paid traffic, site enhancements and organic.

所以，新管道是其中的一部分，付費管道——以及付費社群媒體也是其中的一部分。此外，有機產品也是其中的一部分，我認為這體現了品牌的實力。我們看到，這 400 個基點的成長來自網站帶來的額外自然流量。所以都是了解 Boot Barn 品牌的人。所以這不是某件具體的事。它涵蓋了新管道、付費流量、網站優化和自然流量。

Great. Appreciate that color. And then my follow-up, just on the dedicated exclusive brand websites, is there opportunity for you to do that for other EVs? Or -- and if so, kind of what rollout might you be looking at?

偉大的。欣賞這種顏色。那麼，我的後續問題是，就專門的專屬品牌網站而言，你們是否有機會為其他電動車也這樣做呢？或者──如果是這樣的話，你們可能會考慮怎樣的推廣方案？

There is. We have one for Idyllwind, and we've always had one for Idyllwind since we started that relationship with Miranda Lambert. But we will be rolling out post holiday a site for Cheyenne, which is our other large women's Western brand, and we'll keep going from there. These have gone very well. We like the ability to tell stories in a very different way than we can on bootbarn.com. And so Cheyenne will be launching post holiday.

有。我們為 Idyllwind 樂團創作了一首歌曲，自從我們與 Miranda Lambert 建立合作關係以來，我們就一直為 Idyllwind 樂團創作歌曲。但我們將在假期後推出 Cheyenne 網站，這是我們另一個大型女性西部品牌，我們將繼續從那裡開始。這些進展都非常順利。我們喜歡用與 bootbarn.com 截然不同的方式講述故事。因此，Cheyenne 將在節後上線。

Ashley Owens, KeyBanc Capital Markets.

Ashley Owens，KeyBanc Capital Markets。

Just wanted to start off really quickly with work. I think it comped similarly to what we saw in the first quarter. Would be curious as to if your view on that category has evolved at all, particularly around whether some of the prior headwinds have fully normalized, if there's still more recovery to go.

只想盡快開始工作。我認為它與第一季的情況類似。我很想知道您對這一類別的看法是否有所改變，特別是關於之前的一些不利因素是否已經完全恢復正常，以及是否還有進一步復甦的空間。

And then I know you've highlighted that comp trends tend to be lower than the rest of the business, but just anything from an opportunity standpoint to further accelerate this comp, especially seeing as work has expanded under this new identified TAM you've outlined?

我知道您曾強調，薪酬趨勢往往低於公司其他部門，但從機會的角度來看，是否有任何方法可以進一步加快薪酬增長，尤其是在您概述的這個新確定的TAM（目標市場）下，工作量已經擴大？

Yes. We are -- I am definitely not ready to declare victory on work. We've seen a nice acceleration in comps in October, again, small month, four weeks of the quarter. But work boots is doing better. It has comped positive for two quarters in a row now. And now the first month of this third quarter, it's comped a mid-single-digit positive. And work apparel has continued to comp mid-single digits now for at least six quarters. So we're doing quite well on work apparel. This has been a work boot issue.

是的。我們現在——我絕對還沒準備好宣布工作上的勝利。我們看到 10 月的同店銷售額出現了不錯的成長，但 10 月畢竟是季度中的小月份，只有 4 週。但工裝靴的銷售情況好一些。它已經連續兩個季度實現正成長。而現在，第三季的第一個月，年比實現了個位數成長。工作服銷售額已連續至少六個季度維持個位數中段的成長率。所以，我們在工作服方面做得相當不錯。這是工作啟動問題。

The relay of our work boots that we talked about on the last call is complete -- has only been complete. I'll caveat this for two to three weeks at this point. But anecdotally, we're hearing from store managers, from district managers, from customers that it is much, much easier to shop work boots by size and by style. So I'm encouraged by the first few weeks of this. It's been hard to -- or difficult to tease out some of the rainy or cold weather of October versus the work boot relay to figure out what drove that mid-single-digit comp.

我們在上次通話中提到的工作靴接力已經完成——也只是完成了。目前我暫且將此情況延後兩到三週。但從商店經理、區域經理和顧客那裡我們了解到，以尺寸和款式購買工作靴要容易得多。所以，我對這幾週的進展感到鼓舞。要區分十月份多雨寒冷的天氣和工作靴接力賽是導致中個位數競爭的原因，一直很困難。

But the early read is October is -- did do better than Q1 or Q2, which were both positive. So we're heading in the right direction with work boots. We are not ready to declare victory.

但初步數據顯示，10 月的表現確實比第一季和第二季好，而第一季和第二季的表現均為正值。所以，我們在工作靴方面正朝著正確的方向發展。我們還沒準備好宣布勝利。

Okay. Got it. That's super helpful. And then just one follow-up on the stores. Count has effectively doubled or essentially going to double from the 301 in '22 to crossing over 600 next year potentially. You've now outlined this new long-term opportunity to double again towards 1,200.

好的。知道了。這太有幫助了。然後，門店進行了一次後續跟進。計數實際上已經翻了一番，或者說基本上會翻一番，從 2022 年的 301 到明年可能會突破 600。您現在已經概述了這一新的長期機遇，即再次翻番，達到 1,200。

Would just be curious as the base continues to scale that quickly while you're managing the added operational complexity that comes with a larger fleet while protecting that culture and some of the in-store standards that have really helped to set you apart?

我很好奇，在你們管理規模不斷快速擴大的同時，如何應對車隊規模擴大帶來的營運複雜性增加，同時還要保護你們的企業文化和一些真正讓你們脫穎而出的店內標準？

Yes. No, it's a great question, and it's a challenge. And I think we've done a few things to help manage that. I think for starters, the store operations team has done a really nice job of getting these stores opened and they're working extremely hard. And as we grow the store base, we add districts.

是的。不，這是一個很好的問題，也是一個挑戰。我認為我們已經採取了一些措施來幫助解決這個問題。首先，我認為門市營運團隊在門市開業方面做得非常出色，他們工作非常努力。隨著門市數量的增長，我們會增加區域。

Each district has roughly 10 stores in it. And so we have a district manager over each of those districts, and they're able to help with those store openings. And we continue to train new store managers, whether they're an internal promotion or a transfer, they need less training. And if they come from outside, we'll train those store managers in an existing store to try to help them develop the culture and learn the process operationally.

每個區域大約有 10 家商店。因此，我們為每個地區都配備了一名地區經理，他們可以協助這些門市的開幕。我們繼續培訓新的門市經理，無論是內部晉升還是調任，他們需要的培訓都比較少。如果他們來自外部，我們會安排他們在現有門市接受培訓，幫助他們建立企業文化並學習營運流程。

Opening the new stores is heavily reliant on our real estate department and the team that we've got there and identifying these locations and managing the leases and the updates and all different kinds of things that are involved in that, the construction of these stores. They've proven to be just incredible at getting these done, and they will expand as we have more stores that need to be opened, and then the folks in the DCs and managing the product flow and the merchant teams.

新店的開設很大程度上依賴我們的房地產部門和團隊，包括確定店址、管理租賃、更新以及與這些店鋪建設相關的各種事宜。事實證明，他們在完成這些工作方面非常出色，隨著我們需要開設更多門市，他們的規模也會擴大，此外還有配送中心的人員、產品流管理人員和商家團隊。

I could go on, but we are careful in how we expand headcount in the company, but we're also very careful in who we hire and making sure that the culture fit works well so that we don't lose the magic that we've got here at Boot Barn.

我還可以繼續說下去，但我們在公司擴大員工規模方面非常謹慎，在招聘方面也非常謹慎，確保員工與公司文化契合，這樣我們就不會失去 Boot Barn 所擁有的獨特魅力。

This concludes our question-and-answer session and the Boot Barn Holdings, Inc. second-quarter fiscal 2026 earnings call. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節和 Boot Barn Holdings, Inc. 2026 財年第二季財報電話會議到此結束。感謝各位參加今天的報告會。您現在可以斷開連線了。