Burlington Stores, Inc. (BURL) 2026 Q1 法說會逐字稿

Good morning and thank you for standing by. My name is John and I will be your conference operator today. At this time, I would like to welcome everyone to the Burlington Stores fiscal 2026 first-quarter operating results. (Operator Instructions)

早安，感謝各位在線等候。我叫 John，今天將擔任本次電話會議的接線員。此刻，我謹代表公司歡迎各位參加 Burlington Stores 2026 財政年度第一季營運業績電話會議。（接線員指示）

I would now like to turn the conference over to David Glick, Group Senior Vice President, Investor Relations and Treasurer for Burlington Stores. Please go ahead.

接下來我想將電話會議交給 Burlington Stores 集團資深副總裁、投資人關係與財務主管 David Glick。請開始。

Thank you, operator, and good morning, everyone. We appreciate everyone's participation in today's conference call to discuss Burlington's fiscal 2026 first-quarter operating results. Our presenters today are Michael O'Sullivan, our Chief Executive Officer; and Kristen Wolfe, our EVP and Chief Financial Officer.

謝謝接線員，各位早安。感謝各位參與今天的電話會議，一同討論 Burlington 2026 財政年度第一季營運業績。今天的簡報人員包括：我們的執行長 Michael O'Sullivan，以及我們的執行副總裁兼財務長 Kristen Wolfe。

Before I turn the call over to Michael, I would like to inform listeners that this call may not be transcribed, recorded, or broadcast without our expressed permission. A replay of the call will be available until June 4, 2026. We take no responsibility for inaccuracies that may appear in transcripts of this call by third parties.

在我把電話交給 Michael 之前，我想提醒各位，未經我們明確許可，本次電話會議不得被轉錄、錄音或播送。本次電話會議的重播將提供至 2026 年 6 月 4 日。對於第三方所製作之本次電話會議逐字稿中可能出現的不準確之處，我們不負任何責任。

Our remarks and the Q&A that follows are copyrighted today by Burlington Stores. Remarks made on this call concerning future expectations, events, strategies, objectives, trends, or projected financial results are subject to certain risks and uncertainties. Actual results may differ materially from those that are projected in such forward-looking statements. Such risks and uncertainties include those that are described in the company's 10-K and in our filings with the SEC, all of which are expressly incorporated herein by reference.

我們今天的發言以及隨後的問答內容，著作權均歸 Burlington Stores 所有。本次電話會議中關於未來預期、事件、策略、目標、趨勢或預估財務結果的陳述，均可能受到特定風險與不確定性影響。實際結果可能與此等前瞻性陳述中所預測者存在重大差異。此等風險與不確定性包括公司 10-K 年報及我們向美國證券交易委員會（SEC）提交之文件中所述者，該等文件均以引用方式明確納入本文。

Please note that the financial results and expectations we discuss today are on a continuing operations basis. Reconciliations of the non-GAAP measures we discuss today to GAAP measures are included in today's press release.

請注意，我們今天討論的財務結果與預期係以持續營運基礎呈列。我們今天討論之非 GAAP 指標與 GAAP 指標之調節表，已包含於今日新聞稿中。

As a reminder, as indicated in this morning's press release, all profitability metrics discussed on this call exclude costs associated with bankruptcy acquired leases. These pretax costs amounted to $7 million and $6 million during the fiscal first quarters of 2026 and 2025, respectively, and $10 million and $35 million for the full fiscal year 2026 and and 2025, respectively.

提醒各位，如同今早新聞稿所示，本次電話會議所討論的所有獲利能力指標均排除與破產收購租約相關的成本。上述稅前成本在 2026 與 2025 財政年度第一季分別為 700 萬美元與 600 萬美元；在 2026 與 2025 全財政年度分別為 1,000 萬美元與 3,500 萬美元。

Now, here's Michael.

接下來請 Michael。

Thank you, David. Good morning, everyone, and thank you for joining us. I would like to cover three topics this morning. Firstly, I will discuss our first-quarter results. Secondly, I will talk about our outlook for the rest of the year. And finally, I will comment on our new store opening program. After that, Kristin will walk through the financial details.

謝謝你，David。各位早安，感謝各位加入我們。今天早上我想涵蓋三個主題。第一，我將討論第一季的業績。第二，我將談談我們對今年剩餘期間的展望。最後，我會評論我們的新店開設計畫。之後，Kristin 將帶各位了解財務細節。

Okay, let's talk about the first quarter. I will start with the headline. We delivered yet another quarter of very strong earnings growth with EPS increasing 26%. This marks our 14th consecutive quarter of double-digit earnings growth. This track record demonstrates our ability to consistently convert higher sales into margin expansion, thereby driving very strong earnings flow-through.

好，讓我們談談第一季。我先從重點開始。我們再次交出非常強勁的獲利成長，本季每股盈餘（EPS）成長 26%。這是我們連續第 14 季達成雙位數獲利成長。這項紀錄展現了我們能夠持續將更高的銷售額轉化為毛利率擴張，進而帶動非常強勁的獲利轉換率。

Moving on to sales, I will start with total sales growth. Of course, total sales is the most obvious and reliable proxy for retail market share. In Q1, we notched up 14% total sales growth. This was on top of 6% total sales growth in 2025 and 11% growth the year before that. This means that cumulatively, our business is now 34% bigger than it was 3 years ago.

接著談銷售，我先從總銷售成長開始。當然，總銷售額是衡量零售市占率最直觀且最可靠的替代指標。第一季我們的總銷售成長達 14%。這是在 2025 年總銷售成長 6% 以及前一年成長 11% 的基礎之上。這表示累計而言，我們的業務規模如今已較 3 年前大了 34%。

We are taking retail market share through new store openings and comp store sales growth. And as I described a moment ago, we are achieving strong and consistent earnings flow-through on these incremental sales. Let's talk about comp stores. Comp store sales increased 6% in Q1, well above our guidance of 2% to 4%. I was very pleased with our flexibility in chasing the sales trend while also managing our liquidity and inventory levels to drive strong merchant margin leverage on this comp growth. Our comp trends were broad-based across businesses and geographies with particular strength in ladies apparel, beauty and accessories.

我們透過新店開設以及同店銷售成長來提升零售市占率。如我剛才所述，我們也在這些新增銷售上實現強勁且一致的獲利轉換率。讓我們談談同店。第一季同店銷售成長 6%，明顯高於我們 2% 至 4% 的指引。我對我們在追隨銷售趨勢的同時，仍能管理流動性與庫存水位、並在此同店成長下推動強勁的商品毛利率槓桿，感到非常滿意。我們的同店趨勢在各業務與各地區均呈現廣泛成長，其中以女裝、美妝與配件表現尤為強勁。

One particular call out was the strength of our warm weather categories. Historically, we have not been happy with our seasonal transitions. Our legacy as an outerwear retailer means that our processes and systems have often been too slow in responding to weather variations, especially in early spring or in the fall. But this year, our upgraded allocation and localization capabilities enabled us to make faster smarter and more precise allocation decisions. This helped drive sales and merchant margin through more efficient use of merchandise receipts and inventory.

其中一個特別值得一提的是我們暖季品類的強勁表現。過去我們對季節轉換的表現一直不甚滿意。我們作為外套零售商的歷史，使得我們的流程與系統在回應天氣變化時往往過於遲緩，尤其是在早春或秋季。但今年，我們升級後的配貨與在地化能力，使我們能更快、更聰明且更精準地做出配貨決策。這透過更有效率地運用到貨與庫存，帶動了銷售與商品毛利率。

Okay. Let me turn to profitability. Our operating margin in Q1 expanded by 20 basis points. This was significantly ahead of our guidance. As a reminder, we had expected a decline of 60 to 100 basis points driven by headwinds specific to Q1.

好。接下來談獲利能力。第一季我們的營業利益率擴張 20 個基點。這顯著優於我們的指引。提醒各位，我們原先預期在第一季會因特定逆風而下滑 60 至 100 個基點。

As it turned out, we rolled right over these headwinds and delivered operating margin expansion that was 100 basis points above the midpoint of our guidance. The drivers of this margin outperformance were higher merchant margin and stronger supply chain productivity. This operating margin expansion, together with the head of plan sales drove an EPS gain of 26%. As I have just described, we faced specific margin headwinds as we lapped Q1 of 2025. We had expected EPS in the quarter to be flat. So 26% growth is an impressive peak. Again, this strong earnings flow-through is a consistent pattern stretching back many quarters.

結果我們成功克服這些逆風，交出較指引中點高出 100 個基點的營業利益率擴張。這次毛利率優於預期的驅動因素是更高的商品毛利率以及更強的供應鏈生產力。這項營業利益率擴張，加上高於計畫的銷售表現，推動 EPS 成長 26%。如我剛才所述，當我們與 2025 年第一季相比時，確實面臨特定的毛利率逆風。我們原先預期本季 EPS 持平。因此，26% 的成長是一個令人印象深刻的高峰。再次強調，這種強勁的獲利轉換率是延續多季的一貫模式。

Now, let's move on to forward guidance. I will start with the full year. We are updating our full-year guidance to pass along the entire sales and earnings favorability from the first quarter. We are now expecting full year comp sales growth of 2% to 4% and EPS growth of 13% to 16%. For the second quarter, we are guiding comp growth of 1% to 3% and with discount growth we expect to drive an EPS increase of 19% to 28%.

現在，讓我們進入前瞻指引。我先從全年開始。我們正在更新全年指引，以反映並完整傳遞第一季在銷售與獲利方面的有利因素。我們目前預期全年同店銷售成長 2% 至 4%，EPS 成長 13% 至 16%。針對第二季，我們指引同店成長 1% 至 3%，並且在折扣成長的帶動下，我們預期 EPS 將成長 19% 至 28%。

This second quarter guidance signals our confidence in driving strong margin leverage and EPS growth even in a quarter where we are guiding to modest i.e., 1% to 3% comp store sales growth. As a reminder, in Q2, we will be lapping our strongest quarterly comparison versus last year. In terms of the back half, we continue to feel good about the comp outlook that we discussed in our March call. As a reminder, at that point, we called out potential comp upside in Q3 and maybe even in Q4.

第二季的指引顯示我們有信心，即使在同店銷售僅溫和成長（亦即 1% 至 3%）的季度，仍能推動強勁的毛利率槓桿與 EPS 成長。提醒各位，第二季我們將面對去年最強的季度比較基期。至於下半年，我們仍對在 3 月電話會議中所討論的同店展望感到樂觀。同樣提醒各位，當時我們提到第三季、甚至可能第四季存在同店上行空間。

Before I hand over to Kristin, I would like to briefly comment on our new store, our store relocation and our store downsize programs. In Q1, we opened 40 gross new stores. We relocated 6 stores and closed 4 for a net increase of 30 stores. We are very pleased with the pace and quality of these new store openings. For the full year, we now anticipate 135 gross new stores.

在我把電話交給 Kristin 之前，我想簡要評論我們的新店開設、店舖搬遷以及店舖縮小規模計畫。第一季我們新開 40 家店（總數）。我們搬遷 6 家店並關閉 4 家店，淨增加 30 家店。我們對這些新店開設的速度與品質感到非常滿意。就全年而言，我們目前預期新開 135 家店（總數）。

Stripping out relocations and closures, we expect this to yield 115 net new stores. This is slightly ahead of our prior guidance of 110 net new stores for 2026. Aside from our new store program, we are also very pleased with the progress we are making in transforming our legacy store base through relocations and downsizes. Store relocations continue to perform well, typically delivering a sales lift of 5% to 10% as we upgrade the physical store and move into higher traffic centers with stronger cotenancy. Our downsized program is also driving very strong results.

扣除搬遷與關店因素後，我們預期將淨新增 115 家門市。這略高於我們先前對 2026 年淨新增 110 家門市的指引。除了新展店計畫外，我們也對透過搬遷與縮店來改造既有門市基礎所取得的進展感到非常滿意。門市搬遷持續表現良好，通常在我們升級實體門市並移入人流更高、共租戶組合更強的商圈後，可帶來 5% 至 10% 的銷售提升。我們的縮店計畫同樣帶來非常強勁的成果。

This program is targeted at older stores where we like the location, but the store is oversized. As a reminder, we downsized 20 stores in 2025 and and we are ramping this program to about 30 stores this year. In a typical downsize project, we cut the square footage in half, giving the excess space back to the landlord or subleasing to a cotenant. On average, we are seeing a reduction in occupancy costs of about 200 basis points. The financial returns are very attractive and we plan to ramp this program in the years ahead.

此計畫鎖定較老的門市：我們喜歡其地點，但門市面積過大。提醒一下，我們在 2025 年縮編了 20 家門市，今年正將此計畫提升至約 30 家門市。在典型的縮店專案中，我們會將面積減半，將多餘空間交還房東或轉租給共租戶。平均而言，我們看到佔用成本約降低 200 個基點。財務報酬非常具吸引力，我們計畫在未來幾年擴大推動此計畫。

Taken together, new stores, relocations and downsizes have driven a huge step-up in sales productivity. In 2019, our sales per selling square foot was languishing around $220. Fast forward to today, and it is now around $350 per square foot. That's a 55% increase in sales productivity in a 6-year period. We talk a lot about sales growth, but it is important to call out that our sales growth is happening in smaller, more productive stores.

綜合來看，新店、搬遷與縮店大幅推升了銷售生產力。2019 年時，我們每可銷售平方英尺的銷售額仍徘徊在約 220 美元。快轉到今天，已提升至每平方英尺約 350 美元。這代表在 6 年期間銷售生產力提升了 55%。我們經常談銷售成長，但也必須強調：我們的銷售成長是在更小、效率更高的門市中發生的。

This is important because we expect that this higher sales productivity will drive leverage in occupancy expenses as new stores join the comp base and their sales ramp up over time and as we relocate or downsize many more of our existing stores to our smaller store format. Looking ahead, we are on track to exceed 1,500 stores by the end of 2028. Of these, over 80% would have been opened or relocated or downsize since 2019. Our legacy of old oversized and low productivity stores is diminishing.

這點很重要，因為我們預期，隨著新店納入同店比較基礎且其銷售隨時間爬升，以及我們將更多既有門市搬遷或縮編至較小的門市格式，較高的銷售生產力將帶動佔用費用的槓桿效益。展望未來，我們有望在 2028 年底前突破 1,500 家門市。其中，超過 80% 將是自 2019 年以來新開、搬遷或縮編的門市。我們過去那些老舊、面積過大且生產力偏低的門市占比正在下降。

One last point to make. For the last couple of years, we have been retrofitting existing stores to Store Experience 2.0. This program is designed to make our stores feel more exciting, easier to shop and more off-price. Our retrofitted stores have received very positive customer feedback and have seen a nice sales lift. We anticipate completion of the Store Experience 2.0 program across the chain by the end of this year.

最後再補充一點。過去幾年，我們一直在將既有門市改裝為「門市體驗 2.0」。此計畫旨在讓門市更具吸引力、更容易購物，並更符合折扣零售（off-price）的氛圍。改裝後的門市獲得非常正面的顧客回饋，且銷售也有不錯的提升。我們預期在今年底前完成全通路的「門市體驗 2.0」計畫。

I would now like to turn the call over to Kristin to walk through the financial details of our first quarter results and our updated guidance. Kristin?

接下來我想把電話會議交給 Kristin，請她說明第一季業績的財務細節以及我們更新後的指引。Kristin？

Thank you, Michael, and good morning, everyone. I will start with some additional color on our first quarter performance. Then I will share details on our guidance for Q2 and for the full year. Starting with the first quarter. Total sales grew 14%, while comp store sales increased 6%, well above our guidance range of 2% to 4% comp growth.

謝謝你，Michael，各位早安。我將先補充一些第一季表現的細節。接著我會分享我們對第二季以及全年指引的內容。先從第一季開始。總銷售額成長 14%，同店銷售成長 6%，明顯高於我們指引區間的 2% 至 4% 同店成長。

The gross margin rate for the first quarter was 44.1%, an increase of 30 basis points versus last year. This was driven by a 20 basis point increase in merchandise margin and a 10 basis point decrease in freight expenses.

第一季毛利率為 44.1%，較去年增加 30 個基點。主要來自商品毛利提升 20 個基點，以及運費支出下降 10 個基點。

Product sourcing costs were $216 million versus $197 million in the first quarter of 2025. Product sourcing costs decreased 30 basis points as a percentage of sales versus last year as we continue to execute on our supply chain productivity and cost savings initiatives. Adjusted SG&A costs in the first quarter increased 20 basis points versus last year. Q1 adjusted EBIT margin was 6.3% and basis points higher than last year. This was well above our guidance range of down 100 to down 60 basis points.

產品採購成本為 2.16 億美元，去年 2025 年第一季為 1.97 億美元。由於我們持續推動供應鏈生產力與成本節省措施，產品採購成本占銷售比重較去年下降 30 個基點。第一季調整後 SG&A 費用較去年增加 20 個基點。第一季調整後 EBIT 利潤率為 6.3%，較去年提高若干個基點。這明顯優於我們指引的下降 100 至下降 60 個基點區間。

In March, we spoke to a few discrete factors that we expected would pressure Q1 margin. But we were able to more than offset those with stronger-than-anticipated sales disciplined markdown execution and continued supply chain productivity. Our Q1 adjusted earnings per share was $2.10, which also came in well above our guidance range of $1.60 to $1.75. This represents a 26% EPS increase versus Q1 last year and our continued ability to turn strong top line growth into even stronger earnings growth. At the end of the quarter, comparable store inventories increased 11% versus the end of the first quarter of 2025.

在 3 月時，我們提到幾項我們預期會對第一季利潤率造成壓力的特定因素。但我們以強於預期的銷售表現、嚴謹的折價（markdown）執行，以及持續的供應鏈生產力，足以抵銷且超過這些影響。第一季調整後每股盈餘為 2.10 美元，也大幅高於我們 1.60 至 1.75 美元的指引區間。這代表較去年第一季 EPS 成長 26%，並展現我們持續將強勁的營收成長轉化為更強勁獲利成長的能力。季末，同店門市庫存較 2025 年第一季季末增加 11%。

Our reserve inventory was 41% of our total inventory versus 48% of our inventory last year. We are very pleased with the quality of the merchandise and the values that we have in reserve. We ended the quarter with approximately $1.7 billion in total liquidity. This consisted of $747 million in cash and $942 million in availability on our ABL. We had no outstanding borrowings at the end of the quarter on the ABL.

我們的備用庫存占總庫存的 41%，去年為 48%。我們對備用庫存中的商品品質與價值感到非常滿意。我們在季末擁有約 17 億美元的總流動性。其中包括 7.47 億美元現金，以及 ABL 額度下可動用的 9.42 億美元。季末我們在 ABL 項下沒有任何未償借款。

During the quarter, we repurchased $81 million in common stock. At the end of Q1, we had $304 million remaining on our share repurchase authorization. This expired in May of 2027.

本季我們回購了 8,100 萬美元的普通股。第一季末，我們在股票回購授權下尚餘 3.04 億美元可用額度。該授權將於 2027 年 5 月到期。

Staying on capital structure. In March, we completed a repurchase of $111 million of our 2027 convertible notes. This transaction reduced the outstanding balance of the 2027 converts to $186 million. In Q1, as Michael mentioned, we opened 40 gross new stores, relocated 6 stores and closed 4 stores. This resulted in the addition of 30 net new stores in Q1, bringing our store count at the end of the quarter to 1,242 stores.

接著談資本結構。3 月，我們完成回購 1.11 億美元的 2027 年可轉換公司債。此交易將 2027 年可轉債未償餘額降至 1.86 億美元。如 Michael 所提，第一季我們新開 40 家門市（總開店數）、搬遷 6 家門市並關閉 4 家門市。因此第一季淨新增 30 家門市，使季末門市總數達到 1,242 家。

Now moving to our updated fiscal 2026 full year guidance. This guidance excludes approximately $10 million of costs associated with bankruptcy acquired leases versus $35 million in 2025. We are increasing our outlook for the full year 2026, passing through the entire Q1 upside to the full year. Total sales are now expected to increase 9% to 11% versus our original guidance of 8% to 10%. We are now expecting 115 net new store openings this year.

接下來說明我們更新後的 2026 會計年度全年指引。此指引不包含與破產收購租約相關的約 1,000 萬美元成本（2025 年為 3,500 萬美元）。我們上調 2026 全年展望，將第一季的全部上行表現反映到全年。總銷售額目前預期成長 9% 至 11%，高於原先指引的 8% 至 10%。我們目前預期今年淨新增開店 115 家。

This is up from our original outlook of 110 net new stores. We anticipate that the majority of our 2026 new store openings will occur in the first half of the year. For the full-year 2026, we're now forecasting comp store sales to increase in the range of 2% to 4%. And our adjusted EBIT margin to expand by 10 to 30 basis points versus last year. Passing grew the entire Q1 EPS upside, results in adjusted earnings per share guidance in the range of $11.45 to $11.80, up 13% to 16% versus FY25 and well above our initial 2026 full year guidance.

這高於我們原先預估的淨新增 110 家門市。我們預期 2026 年新店開幕多數將發生在上半年。就 2026 全年而言，我們目前預估同店銷售成長區間為 2% 至 4%。調整後 EBIT 利潤率預期較去年擴張 10 至 30 個基點。將第一季 EPS 的全部上行表現納入後，調整後每股盈餘指引為 11.45 至 11.80 美元，較 2025 會計年度成長 13% 至 16%，且明顯高於我們最初的 2026 全年指引。

Moving now to our second quarter guidance, which excludes approximately $3 million of expenses associated with bankruptcy acquired leases versus $11 million in Q2 of 2025. For Q2, we expect comp store sales to be up 1% to 3% and total sales to increase 10% to 12%. We are guiding Q2 operating margin expansion to increase 30 to 60 basis points versus the second quarter of 2025. This translates to an adjusted EPS outlook in the range of $2.05 to $2.20 compared to last year's second quarter EPS and of $1.72. Our sales trend for May month to date is tracking at the high end of our comp sales guidance range.

現在轉到我們第二季的指引，其中不包含與破產取得之租賃相關、約300萬美元的費用，相較之下2025年第二季為1,100萬美元。就第二季而言，我們預期同店銷售將成長1%至3%，總銷售將成長10%至12%。我們預估第二季營業利益率將較2025年第二季擴張30至60個基點。這對應到調整後EPS展望介於2.05至2.20美元，相較去年第二季EPS為1.72美元。我們5月截至目前的銷售趨勢，正落在同店銷售指引區間的高端。

That said, our month-by-month comparisons get more difficult as we move through the quarter. For the back half of fiscal 2026, our outlook remains unchanged. We expect comp store sales to increase 1% to 3%. Total sales to increase 8% to 10%. Adjusted EBIT margins to increase 10 to 30 basis points and earnings per share in the range of $7.30 to $7.50. Capital expenditures, net of landlord allowances, are still expected to be approximately $875 million in fiscal 2026.

話雖如此，隨著我們進入本季，逐月的比較會變得更具挑戰。對於2026會計年度下半年，我們的展望維持不變。我們預期同店銷售將成長1%至3%。總銷售將成長8%至10%。調整後EBIT利潤率將提升10至30個基點，每股盈餘介於7.30至7.50美元。資本支出（扣除房東補助後）在2026會計年度仍預期約為8.75億美元。

I will now turn the call back over to Michael.

我現在把電話交回給Michael。

Thank you, Kristin. Before I hand it back to the operator for your questions, I would like to summarize the main points from this morning's call. Firstly, we are pleased with our Q1 results, 14% sales growth comp growth and an EPS increase of 26%. These results add to an already very impressive track record of consistently converting sales growth into strong margin expansion and earnings flow through. Secondly, we have raised our full-year outlook passing through the entire upside from Q1.

謝謝你，Kristin。在我把電話交回給接線員讓各位提問之前，我想先總結今天早上電話會議的重點。第一，我們對第一季的結果感到滿意：銷售成長14%、同店成長，以及EPS成長26%。這些成果延續了我們一貫令人印象深刻的紀錄：持續將銷售成長轉化為強勁的利潤率擴張與獲利落地。第二，我們上調了全年展望，將第一季的全部上行表現完整反映進去。

Our expectations for the balance of the year remain unchanged from our commentary in our March call, including the potential for upside in Q3 and maybe even in Q4. And lastly, we continue to be very excited about our new store, store relocation and store downsize programs. These programs have contributed to a remarkable growth in our sales productivity.

我們對今年其餘期間的預期，與3月電話會議中的評論一致，包含第三季、甚至可能第四季仍有上行空間。最後，我們對新店、店點搬遷以及縮小店型的計畫仍然非常振奮。這些計畫已促成我們銷售生產力的顯著提升。

I would now like to turn the call over for your questions.

我現在把電話交給各位提問。

(Operator Instructions) Matthew Boss, JPMorgan.

(接線員指示) Matthew Boss，摩根大通。

Congrats on the nice quarter. So, Michael, in March, you said you were bullish about the outlook for 2026. That was pretty much before the outbreak of war in the Middle East and the subsequent run-up in gas prices. So have these factors caused you to feel less bullish on the outlook at all today?

恭喜這一季表現不錯。所以，Michael，3月時你說你對2026年的展望偏樂觀。那幾乎是在中東戰爭爆發以及之後油價上漲之前。那麼，這些因素是否讓你今天對展望的樂觀程度有所降低？

Matt, thank you for the question. You're right, a lot has happened since early March. But the direct answer to your question is we still feel bullish, especially about the back half of the year. As I recall back on that call in March, we described external and internal drivers of optimism. On the external side, we cited the resilience of our customer.

Matt，謝謝你的問題。你說得對，自3月初以來發生了很多事。但直接回答你的問題：我們仍然偏樂觀，尤其是對下半年。我記得在3月那通電話會議上，我們談到樂觀的外部與內部驅動因素。在外部方面，我們提到顧客的韌性。

Well, we just reported 6% comp growth in Q1, well ahead of guidance. And when we look at our underlying customer data, the key indicators continue to look positive across demographics and income bands. By the way, we estimate that higher tax refunds in Q1 were worth about 1.5 to 2 points of comp. So even if you strip those out, our comp growth in Q1 was still mid-single digit. The other external factor that we cited back on the March 5 call was that we expected tariffs to be less disruptive to pricing and supply this year.

我們剛公布第一季同店成長6%，明顯高於指引。而當我們檢視底層顧客數據時，關鍵指標在各人口結構與收入區間仍持續呈現正向。順帶一提，我們估計第一季較高的退稅金額約貢獻同店1.5到2個百分點。因此即便把這部分扣除，第一季同店成長仍是中個位數。我們在3月5日那通電話會議提到的另一個外部因素是：我們預期今年關稅對定價與供應的干擾會較小。

Well, check, that is what we are seeing. The supply of off-price merchandise is excellent right now. Now on that call, we also talked about internal drivers of optimism. And again, I would say those have not changed. We see potential upside in Q3 and perhaps in Q4 as we lap easier comparisons in Q3 and as we lap tariff-related assortment gaps in both quarters.

沒錯，這正是我們目前看到的情況。目前折扣零售（off-price）商品的供給非常充足。在那通電話會議上，我們也談到內部的樂觀驅動因素。同樣地，我會說這些因素並沒有改變。我們看到第三季、甚至可能第四季仍有上行空間，因為第三季將面對較容易的比較基期，且兩個季度都將跨越（lap）先前因關稅造成的商品組合缺口。

So we continue to be excited about those opportunities. So with all that said, I would acknowledge that we're perhaps a little more wary now than we were in March, based on higher gas prices and the potential impact on inflation. We're watching the trend very closely and looking for any change in consumer behavior, we haven't seen it yet. But as an off-price retailer, that is what we do. We watch to see how the trend changes.

因此我們仍對這些機會感到振奮。綜合而言，我也承認，基於油價上升以及對通膨可能造成的影響，我們現在或許比3月時更為謹慎一些。我們正非常密切地觀察趨勢並留意消費者行為是否有任何改變，目前尚未看到。但作為折扣零售商，這就是我們的工作。我們會觀察趨勢如何變化。

And the benefit of the off-price model, when it's well executed, is that we can tap the brakes or we can hit the accelerator if we need to. The last point I would make is if the external environment does get more difficult and if the consumer becomes more focused on value, then we don't regard that as a bad thing. In fact, as a value retailer, it could turn into an opportunity.

而折扣零售模式的好處在於，只要執行得當，我們可以在需要時踩煞車，也可以踩油門加速。我最後想說的是：如果外部環境變得更艱難、消費者更重視性價比，我們不認為那是壞事。事實上，作為價值型零售商，這可能會轉化為一個機會。

Great color. And then, Kristin, as a follow-up, on your second quarter guidance, even with a relatively modest comp growth, you're projecting earnings growth of over 20% at the midpoint of the forecast. Could you walk through the bottom line drivers and just additional details?

很有幫助的補充。接著，Kristin，追問一下關於你們第二季指引：即便同店成長相對溫和，你們在預測中位數仍預期獲利成長超過20%。你能否說明一下推動淨利的因素，以及更多細節？

Matt, yes, thanks for that question. So for Q2, we're guiding 30 to 60 basis points of operating margin expansion on comps of 1% to 3%. And that translates, as you said in your question, to EPS growth of 19% on the low end and 28% on the high end. A couple of drivers of the margin expansion in Q2. One is higher gross margin we're planning for we're planning for higher merch margin in the quarter.

Matt，好的，謝謝你的問題。第二季我們的指引是在同店成長1%至3%的情況下，營業利益率擴張30至60個基點。而這也如你所說，對應到EPS成長：低端19%、高端28%。第二季利潤率擴張有幾個驅動因素。其中之一是我們規劃的較高毛利率——我們預期本季商品毛利率會更高。

This is driven by anticipated markdown favorability, modestly faster turns and a favorable shortage accrual rate relative to Q2 of last year. Partially offsetting this, the merch margin is some pressure, some modest pressure in freight expenses due to higher fuel rates projected for the quarter. So one driver is in gross margin from higher merch margin. The second is leverage in product sourcing costs driven by supply chain. We're continuing to execute productivity initiatives across all our DCs.

這主要來自預期的降價（markdown）有利、周轉略為加快，以及相較去年第二季更有利的短缺提列率。部分抵銷商品毛利率的，是運費費用的一些壓力，原因是本季預估燃油費率較高。因此第一個驅動因素是在毛利率端，來自較高的商品毛利率。第二個是產品採購成本的槓桿效益，主要由供應鏈帶動。我們持續在所有配送中心（DC）推動生產力提升計畫。

These savings are, of course, pressured slightly by the continued start-up cost of our new distribution center in Savannah, Georgia, which became operational late in the first quarter. There are also some puts and takes in SG&A that we believe will give us some slight leverage in Q2, certainly on the 3 comps. And then I just close by reiterating, we've consistently demonstrated the ability to drive strong earnings growth even on modest comp sales growth and our plan -- our internal plans and our guidance reflect just that.

當然，這些節省會受到一些壓力，因為我們位於喬治亞州薩凡納的新配送中心在第一季末才開始營運，仍有持續的啟動成本。此外，在SG&A方面也有一些此消彼長的因素，我們認為第二季將帶來些微的槓桿效益，尤其是在同店成長3%的情境下。最後我想重申：即便同店銷售成長溫和，我們也一再證明有能力推動強勁的獲利成長；我們的計畫——內部計畫與對外指引——正反映了這一點。

Ike Boruchow, Wells Fargo.

Ike Boruchow，富國銀行。

Michael, I wanted to ask you a bigger picture question. I think -- I guess as you look across retail, off-price and not off price, what do you see happening in terms of major competitive trends, I guess, just bigger picture? And how do any of those trends, or do you see anything -- what are the ramifications of that on Burlington specifically.

Michael，我想問一個更宏觀的問題。我想——當你放眼整個零售業，不論是折扣零售或非折扣零售，你看到在主要競爭趨勢方面正在發生什麼事？我想是更大方向的問題。而這些趨勢對Burlington具體而言有什麼影響？或者你是否看到任何——其影響為何？

Well, thank you for the question. It's actually good to talk about the big picture. Sometimes on these calls, it can get very easy to get caught up in the details of quarterly performance. So again, I appreciate the question. When I look across retail, and this has been true for a long time now, I see a major restructuring going on.

嗯，謝謝你的提問。其實談談整體大局是件好事。有時候在這些電話會議上，很容易陷入季度表現的細節。所以再次感謝你的問題。當我放眼零售業，而且這種情況已經持續很長一段時間了，我看到一場重大的重組正在進行。

And the key driver of that restructuring is the consumers' desire for value. The retailers that can consistently offer great value are winning, and those that cannot offer great value are losing. I think perhaps the strongest evidence to that is the growth of off-price.

而這場重組的關鍵驅動因素，是消費者對「價值」的渴望。能夠持續提供高性價比的零售商正在勝出，而無法提供高性價比的則在失利。我認為最有力的證據，或許就是折扣零售（off-price）的成長。

For Q1, we just reported 14% total sales growth. And this 14% was on top of 6% last year and 11% the year before. And when you look at our off-price peers, they are also driving terrific growth -- the customer is voting for value and off-price is delivering that value. The growth that we and our off-price peers are achieving, of course, is not coming out of 10 air is coming from traditional retail from full-priced retailers, if you like. I don't see any signs of that slowing down.

第一季，我們剛公布總銷售成長14%。而這14%是建立在去年6%、前年11%的基礎之上。而當你看我們的折扣零售同業，他們也在推動非常亮眼的成長——顧客正在用行動投票支持價值，而折扣零售正在提供那樣的價值。當然，我們以及折扣零售同業所取得的成長，不是憑空而來，而是來自傳統零售、如果你願意這麼說的話，也就是全價零售商。我看不出這種趨勢有任何放緩的跡象。

In fact, if the economic environment were to deteriorate in the next few months, I think that could further accelerate the growth of off-price.

事實上，如果未來幾個月經濟環境惡化，我認為這可能會進一步加速折扣零售的成長。

So on the second part of your question, what are the ramifications for Burlington. Well, of course, it means we have a big opportunity. But I would say that for us to take advantage of that opportunity, we have to continue to improve how we execute the off-price model. we're very aware. We have 2 very successful off-price peers.

所以回到你問題的第二部分，這對Burlington有什麼影響。當然，這代表我們有很大的機會。但我會說，若要把握這個機會，我們必須持續提升我們執行折扣零售模式的能力。我們非常清楚。我們有兩家非常成功的折扣零售同業。

We've made a huge amount of progress, but we know that we're behind those companies in some key capabilities, capabilities like localization of the assortment or automation of our supply chain, but I regard that as good news. It means that we have a huge opportunity ahead of us. I think it's also worth calling out that to go after that upside. At Burlington, we do not have to try new and radical things. For our off-price peers, I think it's different.

我們已經取得了巨大的進展，但我們也知道，在一些關鍵能力上，我們仍落後於那些公司，例如商品組合的在地化，或供應鏈自動化；但我把這視為好消息。這意味著我們前方還有巨大的機會。我也認為值得指出的是，為了追求這些上行空間，在Burlington，我們不必去嘗試全新且激進的做法。對我們的折扣零售同業而言，我認為情況不同。

At that stage in development, it makes sense for them to invest in new ideas. That might mean, I don't know, expanding internationally or making big changes to their model.

在他們那個發展階段，投資新點子是合理的。那可能意味著，我不知道，拓展國際市場，或對其模式做出重大改變。

But for us, we're at an earlier stage in development. We need to stay focused on the basics of off-price, controlling liquidity, managing inventory, chasing the trend and delivering great value. And I guess I would wrap up my answer by saying that the proof of this strategy for me is in our numbers. For full year 2026, our guidance, our updated guidance is for mid-teens EPS growth, and that's on top of 22% EPS growth last year and 34% the year before that.

但對我們而言，我們仍處於較早的發展階段。我們需要專注於折扣零售的基本功：控制流動性、管理庫存、追趨勢並提供卓越的價值。我想我會用我們的數字來總結我的回答，對我而言，這個策略的證明就在我們的表現上。對2026財年全年，我們的指引、我們更新後的指引，是每股盈餘（EPS）成長中十位數百分比（mid-teens），而這是在去年EPS成長22%、再前一年成長34%的基礎之上。

So I know the phrase focused on the basics does not sound very sexy, especially with the British accent. But it is working for us. Over the last few years, it's driven very strong and consistent earnings growth.

所以我知道「專注基本功」這句話聽起來不太性感，尤其是配上英國口音。但它對我們確實有效。過去幾年，它推動了非常強勁且一致的獲利成長。

And I applaud the (inaudible). But I'll go to Kristin with the follow-up. Maybe, Kristin, just look back at Q1. Just remind us like what were the factors that were supposed to create the headwinds in 1Q for the margin contraction?

我也讚賞（聽不清）。不過我把追問交給Kristin。Kristin，也許回頭看一下第一季。請提醒大家，原本預期在第一季造成毛利率收縮逆風的因素有哪些？

And then what basically happened outside of just the comp being better that was able to offset that and drive the margin expansion you ultimately put up.

然後，除了同店表現（comp）優於預期之外，還有哪些事情基本上發生了，得以抵消那些因素，並推動你們最終交出的毛利率擴張？

Good question. First, let me step back and say, we're very pleased with the flow-through we saw in the first quarter. Operating margin expanded 20 basis points, but that was 100 basis points above the midpoint of our guidance. And when we guided Q1 in March, we embedded a few known headwinds that we expected would pressure operating margin and really disciplined execution coupled with stronger-than-expected sales drove better flow-through than we originally anticipated.

好問題。首先我先退一步說，我們對第一季看到的利潤流轉（flow-through）非常滿意。營業利益率擴張了20個基點，但這比我們指引中點高出100個基點。當我們在3月給出第一季指引時，我們納入了幾項已知逆風，原本預期會對營業利益率造成壓力；而高度紀律的執行，加上銷售強於預期，帶來了比我們原先預估更好的利潤流轉。

Let me call out a few drivers. First, we saw strong merchandise margin performance, up 20 basis points, this was versus our expectation of lower merch margin in the quarter, really driven by disciplined markdown better, markdown execution, which was better than we expected. And also driven by the quality of our buys. This was a meaningful contributor to the upside. Freight also leveraged 10 basis points as we more than offset any fuel pressures in transportation.

我點出幾個驅動因素。第一，我們看到商品毛利率表現強勁，上升20個基點；這與我們原先預期本季商品毛利率會較低相反，主要是因為折價（markdown）管理更有紀律、折價執行比我們預期更好。同時也受惠於我們採購的品質。這對上行表現是重要貢獻。運費方面也槓桿改善10個基點，我們在運輸中不僅抵消了任何燃油壓力。

And then the second major area is we continue to make great progress, really better-than-expected progress on our supply chain productivity initiatives. That drove 30 basis points of leverage in the quarter. And this is all despite start-up costs from our new Savannah DC, and this is what drove the leverage on the product sourcing line.

第二個主要領域是，我們在供應鏈生產力計畫上持續取得很大進展，而且是超出預期的進展。這在本季帶來30個基點的槓桿改善。而這一切是在我們新的Savannah配送中心（DC）仍有啟動成本的情況下達成的，這也推動了產品採購（product sourcing）項目的槓桿改善。

So overall for Q1, merch margin improvement on gross margin and on product sourcing more than offset some slight deleverage we saw in SG&A, and that was really driven by higher incentive comp compared to Q1 last year and higher marketing spend in the quarter.

因此，整體而言，第一季商品毛利率改善帶動的毛利提升，以及產品採購端的改善，足以抵消我們在SG&A上看到的些微去槓桿；而SG&A的去槓桿主要是因為相較去年第一季，激勵性薪酬更高，以及本季行銷支出增加。

And let me just final point, I like to make is that the flow-through we saw here really reflects the strength of the operating model, meaning when we deliver sales above expectations, we expect to see meaningful earnings leverage relative to our guide, and that's what we saw in Q1.

最後我想補充的一點是，我們在這裡看到的利潤流轉，確實反映了營運模式的強度；也就是說，當我們的銷售高於預期時，我們預期相對於指引會出現顯著的獲利槓桿，而這正是我們在第一季所看到的。

Lorraine Hutchinson, Bank of America.

Lorraine Hutchinson，美國銀行。

Michael, over the last 3 years, your EPS growth has typically exceeded 20%. Do you think that by driving earnings, you may have missed some comp growth?

Michael，過去3年，你們的EPS成長通常都超過20%。你是否認為，因為推動獲利，你們可能錯失了一些同店成長（comp growth）？

Good to hear from you. Thank you for the question. It's a great question. And it's actually something that we wrestle with internally all the time.

很高興聽到你的聲音。謝謝你的提問。這是個很好的問題。而且這其實是我們內部一直在反覆權衡的事情。

In our business, the most direct way to drive sales is to turn on receipts and flow more merchandise to stores and then to run with higher inventory levels and more markdowns. Conversely, the way to consistently drive earnings is to carefully control the flow of receipts and to very tightly manage inventory levels. Now I would say that at Burlington, historically, we were not good when it came to controlling receipts and inventory. But in more recent years, we've worked hard at this, and I think we've become very good at it. And the evidence for that is the huge increase in our merchant margin over the last several years.

在我們的業務中，推動銷售最直接的方法，是加大進貨（receipts）並把更多商品導入門市，然後以更高的庫存水位運作，並搭配更多折價（markdown）。相反地，要持續推動獲利的方法，是謹慎控制進貨流量，並非常嚴格地管理庫存水位。我會說，在Burlington，過去我們在控制進貨與庫存方面做得並不好。但近幾年，我們在這方面下了很大功夫，我認為我們已經做得非常好。其證據就是過去幾年我們商品毛利率的大幅提升。

Our inventory turns are much faster now, and our markdowns are much lower. We like those results. But going back to your challenge, I do think that we may have an opportunity to loosen our belts a notch and get slightly more aggressive on sales -- there are some high potential merchandise categories where it might make sense for us to take up purchase commitments and maybe run with a little more inventory, but let me be clear, let me reassure investors, I'm not signaling a major shift here. We are very focused on long-term earnings growth.

我們的庫存周轉現在快得多，而折價也低得多。我們喜歡這些成果。但回到你的挑戰，我確實認為我們可能有機會把腰帶稍微放鬆一格，在銷售上稍微更積極一些——有一些高潛力的商品品類，或許值得我們提高採購承諾，並可能以稍高一點的庫存水位運作；但我要講清楚、也要讓投資人放心，我並不是在暗示一個重大的轉向。我們非常專注於長期的獲利成長。

We strongly believe in discipline of the off-price model, control liquidity, manage inventory and chase the trend. That's the proven model. It works. In fact, it drives terrific earnings leverage 22% EPS growth last year, 34% the year before that.

我們堅信特價（off-price）模式的紀律性：控管流動性、管理庫存並追隨趨勢。這是經過驗證的模式。它行得通。事實上，它帶來了極佳的獲利槓桿——去年每股盈餘（EPS）成長22%，前一年成長34%。

And then, Kristin, sticking with that theme, your comp guidance for the full year of 2% to 4% is below some of your off-price peers, but your EPS growth guidance of 13% to 16% is in line. Can you talk about what's driving this leverage?

接著，Kristin，延續這個主題，你們對全年同店銷售（comp）的指引為2%到4%，低於一些特價同業，但你們的EPS成長指引13%到16%則大致一致。你能談談是什麼在推動這個槓桿效應嗎？

Thanks for the question. I'll walk down the P&L for the full year and really kind of give you the puts and takes on the earnings guidance. First, we're expecting overall leverage in gross margin. Higher merch margin is more than offsetting some slight deleverage in freight costs driven by higher fuel rates that are embedded in our guidance. The anticipated higher merch margin is driven by disciplined control of inventory translating to efficient markdown execution, faster turns and better buying.

謝謝你的提問。我會就全年損益表（P&L）逐項說明，並大致提供獲利指引的利多與不利因素。首先，我們預期毛利率整體會有槓桿提升。更高的商品毛利率，將足以抵銷運費成本因燃油費率上升而帶來的些微去槓桿影響，這些都已納入我們的指引之中。預期較高的商品毛利率，來自於對庫存的紀律性控管，進而轉化為更有效率的折價（markdown）執行、更快的周轉與更好的採購。

And then as I move down the P&L, as I mentioned earlier, I'm really pleased with the leverage we're seeing in product sourcing costs driven by supply chain.

接著往下看損益表，如我先前提到的，我對供應鏈帶動的產品採購成本槓桿改善感到非常滿意。

We anticipate supply chain cost levering in 2026 and this is all despite the opening of a brand-new distribution center in the year. In SG&A, there are also a couple of puts and takes, but one line item I want to call out is on occupancy. We expect occupancy costs to lever this year as we continue to drive up sales productivity, and we're starting to see some of the benefits of downsizing stores and reducing occupancy expenses.

我們預期供應鏈成本在2026年將出現槓桿效益，儘管當年我們還會啟用一座全新的配送中心。在SG&A方面，也有幾項利多與不利因素，但我想特別點出其中一項：店舖占用成本（occupancy）。我們預期今年占用成本將出現槓桿改善，因為我們持續提升銷售生產力，並開始看到縮小店型與降低占用費用所帶來的一些效益。

And then the last point I'll make on the full year is that we expect 10 to 15 basis points of incremental leverage for every additional point of comp.

最後我想補充的是，全年而言，我們預期同店銷售每額外增加1個百分點，將帶來約10到15個基點的額外槓桿效益。

Brook Roach, Goldman Sachs.

Brook Roach，高盛。

Michael, in your opening statement, you talked about the increase in sales per square foot as you've opened new stores and relocated or downsized older stores. How much more opportunity do you see to drive the sales productivity ahead?

Michael，你在開場發言中提到，隨著你們開新店、以及搬遷或縮小較舊店舖，單位面積銷售額（sales per square foot）有所提升。你認為在提升銷售生產力方面，未來還有多少空間？

Well, Brook, thank you for the question. The direct answer is that we still have huge opportunity on sales productivity. And my goal over the next few years is to further significantly drive up sales productivity in terms of sales per square feet. As you said, in the prepared remarks, I talked about that, and I quoted the data. In 2019, we had sales productivity that was down in the $200 to $220 per square foot range.

Brook，謝謝你的提問。直接的答案是：我們在銷售生產力方面仍有巨大的機會。我未來幾年的目標，是在每平方英尺銷售額上進一步大幅提升銷售生產力。如你所說，我在事先準備的發言中提到並引用了數據。2019年，我們的銷售生產力大約在每平方英尺200到220美元的區間。

And we're now up around $350 per square foot. And I should add that with a lot of new stores in the base.

而我們現在大約提升到每平方英尺350美元左右。我也要補充的是，這是在基期中包含了許多新店的情況下達成的。

Now as with many key performance indicators, I think we've made huge progress, but when you look at our competitive benchmarks, it's still -- it's clear that we still have plenty of opportunity ahead of us. Now of course, part of that opportunity will come naturally from comp growth across all stores in the chain.

現在，就像許多關鍵績效指標一樣，我認為我們已取得巨大進展，但當你對照同業的基準來看，仍然——很明顯——我們前方還有相當多的提升空間。當然，其中一部分機會會自然來自全連鎖店的同店成長。

But at Burlington, we have a lot of new stores that have opened in the last few years that are going to ramp up over the next several years. So those stores are smaller format, 25,000 square foot boxes. And as those new stores ramp up, they'll have an outsized impact on our sales productivity. Now add to that, the other programs, our downside and our relocation programs, they have a direct impact on sales productivity of older existing stores. These are large stores with existing sales volumes and essentially what we're doing is moving them into a smaller format location.

但在Burlington，我們過去幾年開了很多新店，這些店在未來幾年會逐步爬坡（ramp up）。這些店是較小的店型，約25,000平方英尺的店舖。隨著這些新店爬坡，它們將對我們的銷售生產力帶來更顯著的影響。此外，我們的縮店與搬遷計畫，也會直接影響既有老店的銷售生產力。這些是原本銷售量已存在的大型店舖，而我們基本上是在把它們搬到較小店型的地點。

So there are several reasons to think that our sales productivity is going to continue to move up. Now of course, the reason that, that is important is occupancy expenses are a big part of our cost base. And by continuing to drive up sales productivity over the next few years, we should be able to leverage that expense and that should provide a nice tailwind to our operating margin over the next few years.

因此，有幾個理由讓我們相信，銷售生產力將會持續提升。當然，這之所以重要，是因為占用費用在我們的成本結構中占比很大。而在未來幾年持續提升銷售生產力，我們應能對這項費用形成槓桿，並為未來幾年的營業利益率帶來不錯的順風。

Great. And then as a follow-up, you mentioned the strength of the warm weather businesses in 1Q. Can you talk a little bit more about those businesses? I'd also be interested in hearing more about how your new allocation systems helped to drive the comp trend in those businesses this quarter.

很好。接著追問，你提到第一季暖天氣相關業務表現強勁。你能再多談一些這些業務嗎？我也想更了解你們新的配貨（allocation）系統如何在本季幫助推動這些業務的同店趨勢。

Good. Yes. Thank you for that question. Warm weather categories account for about 25% of our sales in the first quarter, so very significant. And those businesses include all the categories you might expect, short sleeve tops, swimwear, sandals, sunglasses, and so on.

好的。是的。謝謝你的提問。暖天氣品類在第一季約占我們銷售的25%，所以非常重要。這些業務包含你所預期的各品類：短袖上衣、泳裝、涼鞋、太陽眼鏡等等。

In Q1, those categories achieved double-digit comp growth, so well ahead of the chain.

在第一季，這些品類的同店成長達到雙位數，明顯領先整體連鎖表現。

Now weather was a piece of that early in the quarter. But overall, the impact of weather in Q1 was somewhat mixed. It was helpful in February and March, but then it was unsettled and less favorable through April. Anyway, I'm very happy with how we were able to navigate those trends and drive our warm weather businesses in the first quarter. Over the last couple of years, we've begun to roll out more sophisticated localization tools and processes.

天氣在本季初期確實是其中一個因素。但整體而言，第一季天氣的影響有些混合。2月與3月有利，但到了4月天氣不穩定、較不理想。不過，我對我們能夠因應這些趨勢並在第一季推動暖天氣業務的表現感到非常滿意。過去幾年，我們開始導入更精密的在地化（localization）工具與流程。

And that meant that in Q1, we were able to plan and allocate receipts between different regions in a much more granular and intentional way. and we were able to respond much more effectively in more detail to performance variations across regions. Now that helped drive sales, but it also helped drive merchant margin.

這意味著在第一季，我們能以更細緻且更有目的性的方式，在不同區域之間規劃並分配到貨（receipts），也能更有效、更細部地回應各區域之間的績效差異。這不僅有助於帶動銷售，也有助於提升商品毛利率。

Now, stepping back, I know that many investors have heard me say this before. We have terrific consistency when it comes to driving quarterly earnings growth, but we have -- we're much less consistent when it comes to quarterly comp growth.

再退一步來看，我知道很多投資人以前聽我說過。我們在推動季度獲利成長方面具有很好的穩定性，但在季度同店成長方面——我們的穩定性要差得多。

And that's especially true or it has been especially true in the first and the third quarters when weather variations tend to be the most impactful.

這點尤其明顯，或過去尤其明顯地出現在第一季與第三季，因為天氣變化往往在這兩個季度影響最大。

Our coat factory heritage means that our seasonal transitions historically just haven't been nimble enough. We know that we're never going to be able to control the weather, but we can get better at responding to it. And our localization initiative is going to be an important piece of that.

我們源自外套工廠（coat factory）的傳統，意味著我們在季節轉換上，歷來並不夠靈活敏捷。我們知道永遠無法控制天氣，但我們可以更擅長因應它。而我們的在地化計畫將是其中重要的一環。

Adrienne Yih, Barclays.

Adrienne Yih，巴克萊。

Congrats on quarter, it full through. Michael, I was wondering if you can talk about some of the demographic trends that you're seeing by segment. Historically, you've made a little bit of comments on sort of the sub 40,000 category versus above category. So wondering if you can help us out with any changes that you're seeing there? Typically, we see sort of that inflationary pressure of gas, in particular sort of.

恭喜本季表現，整體都很到位。Michael，我想請你談談你們按客群區隔所觀察到的一些人口結構趨勢。過去你們曾稍微評論過年收入4萬美元以下的族群相較於以上族群的情況。所以想請你協助我們了解，你們在這方面看到哪些變化？通常我們會看到汽油等通膨壓力，特別是……

It's a good question. you say it's something that we look at all the time and often comment on. I would say the good news is that there's not a lot to call out in the data. I would say the only real headline is that our stores that are in lower income trade areas continue to outperform the rest of the chain. And I don't want to overstate it, but it is real.

這是個好問題。你說的確實是我們一直在看的事情，也常常會評論。我會說好消息是，數據上沒有太多需要特別指出的地方。我認為唯一真正的重點是：位於較低收入商圈的門市，持續優於連鎖其他門市的表現。我不想誇大，但這確實存在。

In the first quarter, stores in trade areas with lower median household income had comp growth that was clearly above the chain. And now that said, stores in higher income areas still achieved mid-single-digit comp growth, but the key takeaway from that data for me is that we continue to see resilience among lower-income shoppers despite higher gas prices despite inflation creeping up.

在第一季，位於家庭收入中位數較低商圈的門市，其同店成長明顯高於整體連鎖。而話雖如此，位於較高收入地區的門市仍達成中個位數的同店成長，但對我而言，這些數據的關鍵重點是：儘管油價上漲、儘管通膨逐步升溫，我們仍持續看到低收入消費者展現韌性。

Now, as for other demographic factors, again, not much to call out. We pay very close attention, as you know, to trends among Hispanic shoppers. And in Q1, stores in high Hispanic areas had mid-single-digit comp growth. So more or less in line with the chain. So again, we continue to feel good about that important demographic.

至於其他人口統計因素，再次強調，沒有太多特別需要指出的。如你所知，我們非常密切關注西語裔消費者的趨勢。而在第一季，高西語裔占比地區的門市同店成長為中個位數。因此大致與整體連鎖一致。所以再次，我們對這個重要族群仍然感到樂觀。

Fantastic. And then my follow-up for Kristin. The topic of the year, I suppose, is tariffs and now tariff refunds. Can you talk about kind of how you are treating those throughout the rest of the year's guidance? I assume that you filed for them, so just any color or commentary on where they are and what you're assuming for the rest of the year?

太好了。接著我有一個給Kristin的追問。我想今年的話題是關稅，以及現在的關稅退稅。你能談談你們在今年剩餘期間的指引中，如何處理這些事項嗎？我假設你們已經提出申請，所以想請你補充一些背景或評論，說明目前進度以及你們對今年剩餘期間的假設？

Great. Adrian, yes, very topical. As you've heard from many other retailers, we have also filed for tariff refund it's really -- it's highly uncertain how much we will receive and when we could receive the refunds. So we have not factored any of that into our guidance.

好的。Adrian，是的，這確實是很熱門的議題。如同你從許多其他零售商那裡聽到的，我們也已申請關稅退稅——但我們能收到多少、以及何時能收到退稅，都高度不確定。因此我們沒有把任何相關影響納入我們的指引。

Okay. And the assumption for current is the incremental 10%, I assume?

了解。那目前的假設是額外的10%，我想是這樣？

Correct.

正確。

Dana Telsey, Telsey Group.

Dana Telsey，Telsey Group。

Congratulations on the progress. Kristin, can you expand a little bit on the new store pipeline, how you're thinking about what is the smaller size of the box you're looking at regional growth and what the pipeline could look like and also along with that, the new store performance? And then I have a quick follow-up.

恭喜你們的進展。Kristin，你能再多談一點新店開發的儲備（pipeline）嗎？包括你們如何看待店型縮小、區域性成長的規劃、以及儲備可能呈現的樣貌，並且也談談新店的表現？然後我還有一個簡短的追問。

Great. Thanks, Dana. So for '26, for the full year, we now expect 135 gross new stores. And then once you strip out relocations and closures, we expect to yield 115 net new stores in '26. This is slightly ahead of the prior guidance we gave of 110 net new stores for we were able to pull forward the openings of several stores that were borderline 2026 openings, and we feel good about opening these additional 5 new stores by the end of the third quarter this year.

好的。謝謝你，Dana。就2026年而言，全年我們目前預期新開門市總數（gross）為135家。接著扣除搬遷與關店後，我們預期2026年淨新增（net）門市為115家。這比我們先前給出的指引（淨新增110家）略為超前，因為我們得以把幾家原本可能落在2026年邊緣的門市開幕時程提前，我們也對在今年第三季末前額外開出這5家新店感到有把握。

Given the timing of these additional new store openings did not really move the needle on the overall total sales growth guidance. Now turning to your question on the pipeline, we continue to feel very good about 2027 new store pipeline. And the 2028 pipeline is also robust. -- we are comfortable opening at least 110 net new stores in '27 and in '28, and we are well on our way to hitting or likely exceeding that 1,500 store mark by the end -- and I think you had -- in the last part of your question on new store performance, we continue to be pleased with the performance of new stores. We continue to see stores open at about $7 million of sales in our first year -- full year and achieve a payback in just under 2 years. And lastly, after these new stores enter the comp base, we see them meaningfully outcome the chain for several years.

由於這些額外新店開幕的時點，並未真正改變我們整體總銷售成長指引的幅度。接著談到你對儲備的問題，我們對2027年的新店儲備仍然非常有信心。而2028年的儲備也同樣強勁——我們有把握在2027年與2028年各至少開出110家淨新增門市，而且我們正穩步朝著在年底達到、甚至很可能超過1,500家門市的目標前進——至於你問題最後一部分關於新店表現，我們仍對新店表現感到滿意。我們持續看到新店在第一個完整年度的銷售額約為700萬美元，且回收期不到2年。最後，當這些新店納入同店基期後，我們看到它們在接下來數年都能顯著優於整體連鎖表現。

Got it. And then just higher freight and fuel costs, what are you seeing and how are you planning?

了解。另外，關於較高的運費與燃料成本，你們看到什麼情況？又打算如何規劃？

Yes, great question. We are, of course, seeing higher fuel costs and surcharges, driven by the higher diesel costs. In the first quarter, we were able to lever overall freight cost as transportation cost savings initiatives offset those higher fuel rates. The higher fuel and those incremental surcharges are baked into our full year guidance.

是的，這是個好問題。我們當然看到燃料成本與附加費上升，主要是由柴油成本上升所帶動。在第一季，我們仍能讓整體運費成本產生槓桿效益，因為運輸成本節省措施抵銷了較高的燃料費率。較高的燃料成本以及新增的附加費都已納入我們全年指引。

As I mentioned, I think in an earlier question on full year 2016 guidance, we are expecting modest deleverage in freight for the year, driven by higher fuel costs. We strive to -- or strive to manage the P&L proactively, and we found offsets to these surcharges, and that's all incorporated into our guidance.

如我先前在一個關於2016年全年指引的問題中提到的，我們預期今年運費會出現小幅去槓桿，原因是燃料成本較高。我們致力於——或說努力主動管理損益表（P&L），並且已找到可抵銷這些附加費的對沖措施，這些都已反映在我們的指引中。

Let me also call out kind of in the same vein. We recently locked in our ocean and domestic contracts for the next year at favorable rates. We've got great partnerships here, and this should help us control freight costs in 2026. And I guess, of course, if diesel fuel prices go up further from here and where they're projected, that could be an additional risk to our guidance.

我也想補充一點，算是同一脈絡。我們最近以有利的費率鎖定了未來一年的海運與國內運輸合約。我們在這方面有很好的合作夥伴關係，這應能幫助我們在2026年控制運費成本。當然，如果柴油價格從現在起進一步上漲、且高於目前的預測水準，那可能會對我們的指引帶來額外風險。

Mark Altschwager, Baird.

Mark Altschwager，Baird。

Michael, first, I was hoping you could give us an update on the elevation strategy, just where you are in the rollout and what's working?

Michael，首先我希望你能更新一下「提升（elevation）」策略的進展：目前推行到哪個階段？以及哪些做法有效？

Sure. Well, Mark, thank you for the question. Yes. The elevation strategy has been a major strategy for us for the last couple of years, elevating the assortment to offer better more recognizable brands, higher quality and more fashion, all at great values within a good, better, best assortment. Now our internal data shows that by elevating our assortments we've been able to drive higher customer perception scores, stronger comp growth in higher-priced buckets and ultimately, a higher average basket and unit retail I've said this before, but I'm especially pleased with how we've been able to successfully pursue this elevation strategy without hurting margins.

當然。Mark，謝謝你的提問。是的。提升策略在過去幾年一直是我們的重要策略，透過提升商品組合，提供更好、更具辨識度的品牌、更高品質與更具時尚感的商品，同時在「好、更好、最好」的商品組合架構下，維持很好的價值。我們的內部數據顯示，透過提升商品組合，我們得以帶動更高的顧客認知評分、在較高價格帶取得更強的同店成長，最終也帶來更高的平均客單與單位零售額。我之前說過，但我特別滿意的是：我們能成功推動這項提升策略，同時不傷害毛利率。

When you increase the mix of better brands, that can really pressure your merchant margin through lower markup or higher markdowns or higher shortage. So it's remarkable that over the last two years, we've increased the mix of better and recognizable brands in our assortment. But at the same time, we've actually increased our merchant margin. It takes a lot of skill to pull that off. The fact that we've been able to elevate the assortment at the same time, actually expand margins, demonstrates the strength and talent of our merchant teams.

當你提高較佳品牌的占比時，可能會因為加價率較低、或折扣（markdown）較高、或損耗較高，而對商品毛利率造成壓力。因此很值得注意的是，在過去兩年，我們提高了商品組合中較佳且具辨識度品牌的占比。但同時，我們實際上也提升了商品毛利率。要做到這點需要很高的能力。我們能在提升商品組合的同時擴大毛利率，展現了我們採購團隊的實力與人才。

That's great. And just a follow-up, Michael, on the consumer, you spoke to some of the demographic trends earlier. But I guess, have you seen any correlation between gas prices and the comp trends on a week-to-week, month-to-month basis? Just any insight there?

很好。另外一個追問，Michael，關於消費者面向，你先前談到一些人口統計趨勢。但我想問的是：你們是否看到油價與同店趨勢在每週、每月之間有任何相關性？有沒有什麼洞見可以分享？

Thanks, Mark. Yes, it's a very good question. It's something that we've we've sliced and diced many different ways. In the past, actually, we've analyzed this, looking at, for example, we've looked at what's happened to comp growth historically when gas prices have gone up or down. We've also looked at what's happened to comp growth by region or market.

謝謝你，Mark。是的，這是個非常好的問題。我們已用許多不同方式把資料切分分析。過去我們其實做過這類分析，例如我們看過在油價上漲或下跌時，歷史上的同店成長發生了什麼變化。我們也看過按區域或市場來看，同店成長的表現。

Where gas prices have hit different levels in different parts of the country or gone up at different rates in different parts of the country. The bottom line is that none of those analyses show any correlation. And similarly, in the first quarter, we saw no clear pattern. And we looked very, very closely. That said, we all understand that if gas prices remain high for a sustained period of time. And if that feeds into a higher general cost of living, then that's not good.

在全國不同地區油價達到不同水準、或在不同地區以不同速度上升的情況下。結論是：這些分析都沒有顯示任何相關性。同樣地，在第一季我們也沒有看到明確的模式。而且我們看得非常、非常仔細。不過，我們都理解，如果油價在一段長時間內維持高檔，而且進一步推升整體生活成本，那就不是好事。

We saw what happened a few years ago when inflation went up, it squeezed the discretionary spending of shoppers, and that had a particularly negative impact on lower-income shoppers. So as I said earlier, we're watching the trends very closely for any change in consumer behavior, but we just haven't seen it.

我們看到幾年前通膨上升時發生的情況：它擠壓了消費者的可支配支出，並且對低收入消費者造成了特別負面的影響。因此，如我先前所說，我們正非常密切地觀察趨勢，以留意消費者行為是否有任何變化，但我們確實尚未看到。

Michael Binetti, Evercore.

Michael Binetti，Evercore。

Krisitin, let me start with one. Could you just expand on the callouts you gave in the prepared remarks on some of the category performance metrics and any regional callouts? And then I'm also curious, any color you can provide on first quarter comp metrics like transactions versus basket AUR, UPT, -- anything on the build that would be helpful.

Krisitin，我先從一個問題開始。你能否就你在事先準備的發言中提到的一些品類表現指標，以及任何區域性的重點，再多做一些說明？另外我也想了解，你能否提供一些第一季同店（comp）指標的細節，例如交易筆數相較於客單價（basket）AUR、UPT——任何有助於理解拆解（build）的資訊都會很有幫助。

Yes. Great. Michael, Okay. Let me start regional performance. In terms of regional performance, the Northeast and Midwest were the top-performing regions.

可以。很好。Michael，好。我先從區域表現談起。就區域表現而言，東北部與中西部是表現最好的區域。

The Southeast and West were in line with the chain comps and the Southwest trailed the chain -- on category trends, Michael spoke to this -- some of this in the prepared remarks. It was really broad-based across businesses. We had particular strength in ladies apparel, beauty and accessories. We also did particularly well in warm weather categories in Q1.

東南部與西部與全連鎖同店（chain comps）一致，而西南部落後於全連鎖——在品類趨勢方面，Michael在事先準備的發言中也提到了一些。整體而言，各業務線的表現都相當廣泛且均衡。我們在女裝、美妝與配件方面表現特別強勁。第一季我們在暖季品類也表現得特別好。

We're really pleased with that transition. Those categories include sort sweep tops, swimwear, sandals, sunglasses, et cetera. So those are the call-out in the category. And then the last part of your question, components of the comp. So our first quarter comp was driven by both an increase in the number of transactions and by a higher basket size due to higher AUR. Those two drivers, transaction volume and higher basket were about equal in terms of their contribution to our comp in the quarter.

我們對這次轉換非常滿意。這些品類包括各式上衣、泳裝、涼鞋、太陽眼鏡等等。以上就是品類方面的重點。接著是你問題的最後一部分：同店（comp）的構成。我們第一季同店成長同時來自交易筆數增加，以及因AUR較高而帶動的客單價（basket size）提升。這兩個驅動因素——交易量與較高的客單——在本季對同店的貢獻大致相當。

Okay. And then, Michael, if I could just ask one. Really nice to see the SoHo store open earlier in the quarter, a nice store. Could you mind giving us an update on -- you touched on the store experience 2.0 in the prepared remarks, but just a little bit of an update on that initiative, what we'll see as we go on to the checks the rest of the year here.

好的。然後，Michael，如果我可以再問一個問題。很高興看到SoHo門市在本季較早時開幕，是一家很棒的店。你能否就——你在事先準備的發言中提到店內體驗2.0（store experience 2.0），但能否再更新一下這項計畫？以及在今年剩餘時間我們在各次檢視（checks）中會看到什麼？

Yes. Well, thank you for the question. Yes. You've heard me say this before. Historically, at Burlington, our store environment was quite undifferentiated. When you walked into our stores, it was just a sea of racks. It really hasn't changed since the company was founded in the 1970s. So a few years ago, we launched our store experience 2.0 initiative. And the goal was to reimagine the store environment to make it more exciting, more off-price, easier to shop, and more Burlington 2.0, if you like.

可以。謝謝你的提問。是的。你以前也聽我說過。過去在Burlington，我們的店內環境相當缺乏差異化。走進我們的店裡，映入眼簾的就是一片衣架海。自公司在1970年代成立以來，這點幾乎沒有改變。因此在幾年前，我們啟動了店內體驗2.0計畫。目標是重新想像店內環境，使其更令人興奮、更符合折扣零售（off-price）、更容易購物，也更像你所說的Burlington 2.0。

Now in 2024, we rolled that program out to new stores and we retrofitted approximately 120 existing stores. And we saw very good feedback from shoppers and from associates, and we also saw a nice sales lift in retrofitted stores. So last year, we rolled the program out to -- I think it was about 350 or so additional stores, and we'll complete the full chain rollout this year.

在2024年，我們將該計畫導入新店，並對約120家既有門市進行改裝。我們從消費者與門市同仁那裡都獲得非常好的回饋，同時也看到改裝門市的銷售有不錯的提升。因此去年我們把計畫推廣到——我想大約又多了350家左右的門市，而我們將在今年完成全連鎖的全面導入。

Now, again, we continue to see a nice sales lift on retrofitted stores. That said, we also believe that the benefits of Store Experience 2.0 will grow over time. By the end of 2026, all stores will have been fitted with store experience 2.0, and that's important. We know from research that many shoppers have an outdated perception of Burton. Maybe they came into the store with their mother to buy a coat 20 years ago. Well, when they walk into our stores now, they tell us it feels completely different, fresh, more exciting and more off-price.

目前我們仍持續看到改裝門市帶來不錯的銷售提升。不過我們也相信，店內體驗2.0的效益會隨時間推移而擴大。到2026年底，所有門市都將完成店內體驗2.0的配置，這點很重要。我們從研究得知，許多消費者對Burlington仍有過時的印象。也許他們20年前曾跟母親一起進店買過一件外套。但當他們現在走進我們的門市時，他們告訴我們感覺完全不同：更清新、更令人興奮，也更符合折扣零售（off-price）。

Thank you. And at this time, that concludes our Q&A session. I will now turn the call back over to Michael for closing remarks.

謝謝。那麼此刻，我們的問答環節到此結束。我現在把電話交回給Michael作結語。

Before we close, I am very pleased to announce that Marissa Shake has recently joined Burlington as Senior Vice President of Investor Relations and Treasury. Marissa has tremendous experience and a strong track record of success in banking, consulting and retail, including off-price. We are very excited to have Marissa as part of our Investor Relations team. With that, let me close by thanking everyone on this call for your interest in Burlington Stores. We look forward to talking to you again in August to discuss our second-quarter 2026 results. Thank you for your time today.

在結束之前，我很高興宣布Marissa Shake近期已加入Burlington，擔任投資人關係與財資（Treasury）資深副總裁。Marissa在銀行、顧問與零售（包含折扣零售off-price）領域擁有豐富經驗，並具備卓越的成功實績。我們非常期待Marissa加入我們的投資人關係團隊。最後，讓我感謝所有參與本次電話會議、並關注Burlington Stores的各位。我們期待在8月再次與各位交流，討論我們2026年第二季的業績結果。感謝各位今天撥冗參與。

Ladies and gentlemen, that concludes today's conference call. You may now disconnect your lines.

各位女士、先生，今天的電話會議到此結束。您現在可以掛斷電話。