Citi Trends Inc (CTRN) 2025 Q1 法說會逐字稿

Greetings and welcome to the Citi Trends first quarter 2025 earnings call. (Operator Instructions) I would now like to turn the conference over to your host, Nitza McKee, Senior Associate at ICR. Thank you and may again.

問候並歡迎參加花旗趨勢 2025 年第一季財報電話會議。（操作員指示）現在，我想將會議交給主持人、ICR 高級助理 Nitza McKee。再次感謝您。

Thank you and good morning everyone. Thank you for joining us on Citi Trends first quarter 2025 earnings call. On our call today is Chief Executive Officer, Ken Seipel and Chief Financial Officer, Heather Plutino. Our earnings release was sent out this morning at 6:45 A.M. Eastern time. If you have not received a copy of the release, it's available on the company's website under the Investor Relations section at www.cititrends.com.

謝謝大家，早安。感謝您參加花旗趨勢 2025 年第一季財報電話會議。今天參加我們電話會議的是執行長 Ken Seipel 和財務長 Heather Plutino。我們的收益報告於今天早上東部時間 6:45 發出。如果您尚未收到該新聞稿的副本，您可以在公司網站 www.cititrends.com 的投資者關係部分找到它。

You should be aware that prepared remarks today made during this call may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Management may make additional forward-looking statements in response to your questions. These statements do not guarantee future performance.

您應該知道，今天在本次電話會議中發表的準備好的評論可能包含《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。管理層可能會針對您的問題做出更多前瞻性陳述。這些聲明並不保證未來的表現。

Therefore, you should not place undue reliance on these statements. We refer you to the company's most recent report on Form 10-K and other subsequent filings within the Securities and Exchange Commission for more detailed discussion of the factors that can cause actual results to differ materially from those described in the forward-looking statements. I will now turn the call over to our Chief Executive Officer, Ken Seipel. Ken.

因此，您不應過度依賴這些聲明。我們請您參閱本公司最新的 10-K 表格報告以及隨後向美國證券交易委員會提交的其他文件，以便更詳細地討論可能導致實際結果與前瞻性陳述中描述的結果存在重大差異的因素。現在我將把電話轉給我們的執行長肯·塞佩爾 (Ken Seipel)。肯。

Thank you and good morning everyone. Thanks for joining us today for our first quarter earnings call. I'm happy to report it. Citi Trends were gaining traction on our strategic transformation. Pleased to report that our first quarter progress, in which total sales grew $15.4 million, or 8.3% over the prior year, and our adjusted EBITDA increased $6.2 million, representing a sales to profit flow through of 40%.

謝謝大家，早安。感謝您今天參加我們的第一季財報電話會議。我很高興報告此事。花旗趨勢正在推動我們的策略轉型。很高興地報告，我們第一季取得了進展，總銷售額比上年增長 1540 萬美元，即 8.3%，調整後的 EBITDA 增加了 620 萬美元，銷售額與利潤流轉率達到 40%。

Our strong profit flow through was driven by gross margin expansion of 90 basis points and meaningful operating expense leverage of 220 basis points, demonstrating our ability to leverage the cost structure as we grow the top line.

我們強勁的利潤流是由毛利率擴大 90 個基點和營業費用槓桿顯著增加 220 個基點所推動的，這表明我們在增加營業收入的同時有能力利用成本結構。

The highlight of our first quarter performance was our comparable store sales growth of 9.9%. Over the prior year, which is a two year stack of 13%. These metrics demonstrate that we're clearly gaining market share.

我們第一季業績的亮點是同店銷售額成長了 9.9%。與前一年相比，兩年累計成長了 13%。這些指標顯示我們的市佔率正在大幅增加。

Before I provide a comprehensive review of our first quarter wins, as well as areas in which we see opportunity to improve, I'd also like to take a moment to recap the three strategic phases of our business journey. This is the framework on which we are building a high performance company position for long term sustainable and profit growth.

在我全面回顧我們第一季所取得的成就以及我們認為有待改進的領域之前，我還想花點時間回顧一下我們業務歷程的三個策略階段。這是我們建構高績效公司地位以實現長期永續發展和利潤成長的框架。

So Phase 1 is the repair phase. In this phase, we focused on reestablishing fundamental practices and foundational improvements. So this includes implementing the three-tiered product plan with opening price points, core value products, and familiar brands, while also developing our extreme value product capabilities, which enables us to offer well-known brands at amazing prices.

所以第一階段是修復階段。在這個階段，我們專注於重建基本實踐和基礎改進。因此，這包括實施開放價格點、核心價值產品和熟悉品牌的三層產品計劃，同時開發我們的極值產品能力，使我們能夠以驚人的價格提供知名品牌。

The repair Phase also included building and improving foundational retail processes across the organization from merchandise allocation and planning along with standardization of our reporting and our metrics.

修復階段還包括建立和改善整個組織的基礎零售流程，包括商品分配和規劃以及報告和指標的標準化。

So in Phase 2, the execute phase, we're focused on developing consistent execution capabilities and best practices. During this phase, we're improving our core product selection and value creation, as well as our supply chain speed, which will measurably reduce our working capital requirements and improve our inventory returns.

因此，在第二階段，即執行階段，我們專注於發展一致的執行能力和最佳實踐。在此階段，我們正在改進核心產品選擇和價值創造以及供應鏈速度，這將顯著減少我們的營運資金需求並提高我們的庫存回報。

And we're leveraging SG&A extensions across all areas of the business to ensure sufficient sales to profit flow theory. And finally, Phase 3, the optimization phase. This phase will prepare us for business acceleration. This means leveraging new systems and processes, fueling efficient sales to even all flow through, while simultaneously developing our new story expansion capabilities.

我們正在利用銷售、一般及行政費用 (SG&A) 擴展涵蓋所有業務領域，以確保足夠的銷售額來達到利潤流理論。最後是第三階段，即最佳化階段。此階段將為我們的業務加速做好準備。這意味著利用新的系統和流程，促進高效銷售，同時開發我們新的故事擴展能力。

The combination of these three phases, repair, execute, and optimize, creates the foundation for accelerated growth and positions Citi Trends to capitalize on the significant market opportunity ahead of us as we expand into both existing and new markets. So with that backdrop, let me walk you through what worked in the 1st quarter, what the opportunities are, and what's next in our journey.

修復、執行和優化這三個階段的結合為加速成長奠定了基礎，並使 Citi Trends 能夠在我們擴展到現有市場和新市場時利用我們面臨的重大市場機會。因此，在這樣的背景下，讓我向您介紹第一季所取得的成果、存在的機會以及我們下一步的發展方向。

So during the first quarter, we made significant progress on our strategic product initiatives. We took another meaningful step toward offering price deals and an extreme value branded product. Our enhanced focus on delivering exceptional value merchandise continued to resonate strongly with our customers across all of our categories.

因此，在第一季度，我們的策略產品計劃取得了重大進展。我們朝著提供價格優惠和極高價值的品牌產品邁出了重要的一步。我們更加重視提供超值商品，這在我們所有類別的顧客中繼續引起強烈共鳴。

We see strong first quarter performance across all apparel and home categories, and many of our focus categories experienced double digit growth. Plus size business, which we flagged as a growth opportunity, showed meaningful improvement in the first quarter. As you might recall from prior calls, we've been focused on rebuilding our footwear business, and the shift off prices enabled us to generate consistent top line improvements in this category as well.

我們看到第一季所有服裝和家居類別都表現強勁，我們的許多重點類別都實現了兩位數的成長。我們將大尺碼業務視為成長機會，該業務在第一季表現出顯著的改善。您可能還記得，在先前的電話會議中，我們一直致力於重建我們的鞋類業務，而價格的下調也使我們能夠在這一類別中實現持續的收入成長。

In all categories, our merchants continue to improve the product value equation, adding several new brands to the assortment at exceptional prices while enhancing the style and quality of the overall assortment. On the opportunity side, the accessory business is currently in transition and was slightly below plan for the quarter.

在所有類別中，我們的商家不斷提高產品價值等式，以優惠的價格在產品系列中添加幾個新品牌，同時增強整體產品的風格和品質。從機會方面來看，配件業務目前正處於轉型期，本季業績略低於計畫。

We're actively refining this assortment to better meet our customer needs. Our merchants are in the midst of adjusting our offering of handbags, jewelry, and beauty to be more consumer relevant, and I look forward to updating you on their progress here in the future.

我們正在積極改進這項產品組合，以更好地滿足客戶的需求。我們的商家正在調整我們提供的手袋、珠寶和美容產品，以使其更貼近消費者，我期待著將來在這裡向您通報他們的進展。

Looking ahead, we have several initiatives underway to further strengthen our product offering. We're specifically focused on product intensification areas that offer significant growth potential. This includes a broader, more consistent assortment of plus sizes for women and extended sizes for big men.

展望未來，我們正在採取多項措施來進一步加強我們的產品供應。我們特別關注具有巨大成長潛力的產品集約化領域。這包括更廣泛、更一致的大尺碼女性服裝和大尺碼男性服裝。

We're improving trend relevancy for our juniors and young men's offering alongside continual development of our women's accessories and family footwear. And as we're nearing the important back to school season, our children's team is laser focused on building on the strength that they've developed in the market by executing an enhanced assortment of branded and core product.

我們正在不斷改進青少年和年輕男士產品的趨勢相關性，同時不斷發展女士配件和家庭鞋類。隨著重要的返校季節即將到來，我們的兒童團隊正專注於透過增強品牌和核心產品的種類來鞏固他們在市場上已經發展的優勢。

Our comprehensive product strategy combining our three-tiered approach of opening prices, value products, and familiar brands with our expanding extreme value capabilities, positions us well to serve customers across all income levels while driving both traffic and basket growth.

我們的綜合產品策略將開盤價、超值產品和熟悉品牌的三層模式與我們不斷擴展的超值能力相結合，使我們能夠為各個收入水平的客戶提供服務，同時推動客流量和購物籃的成長。

As we also mentioned in the Q4 call, we have leveraged extensive consumer research to sharpen our focus on understanding both the demographics and ethnography of our African American customer base. This research revealed that we have a significant group of average and higher income customers, which creates a tremendous opportunity for us expanding our product assortment to continue to meet their fashion needs.

正如我們在第四季度電話會議上提到的那樣，我們利用廣泛的消費者研究來更加專注於了解非裔美國客戶群的人口統計和人種學。這項研究表明，我們擁有大量中等收入和高收入客戶，這為我們擴大產品種類以繼續滿足他們的時尚需求創造了巨大的機會。

Our customers have responded very positively to recognizable brands at amazing prices, as many of our brands have quickly become some of our best selling products. As we advance our assortment relevancy, we expect to add a large number of new brands to our product offering this year with a longer term goal of ensuring that most desired brands are available to our customers at a strong value.

我們的客戶對價格驚人的知名品牌反應非常積極，因為我們的許多品牌已迅速成為我們最暢銷的產品。隨著我們不斷提升產品組合的相關性，我們預計今年將在我們的產品系列中增加大量新品牌，而我們的長期目標是確保以優惠的價格向客戶提供最受歡迎的品牌。

As we've moved deeper into the execute phase of the transformation, a notable highlight has been our sustainability, excuse me, our substantially improved preseason product planning and in-season execution capabilities. Our detailed focus on planning combined with enhanced product allocation practices has allowed us to maximize sales opportunities while operating on a leaner inventory base.

隨著我們深入轉型的執行階段，一個值得注意的亮點是我們的可持續性，對不起，我們的季前產品規劃和季內執行能力得到了大幅提高。我們對規劃的詳細關注與增強的產品分配實踐相結合，使我們能夠在精簡庫存的基礎上最大限度地提高銷售機會。

As I mentioned, we registered a first quarter comparable store sales increase of 9.9%, and that was with average in-store inventories down roughly 5%. This achievement reflects our disciplined approach to inventory management, our continued focus on maximizing productivity across all areas of the business, and position positions us well for continued working capital optimization.

正如我所提到的，我們第一季同店銷售額成長了 9.9%，而平均店內庫存下降了約 5%。這項成就反映了我們對庫存管理的嚴謹態度、我們對最大限度提高所有業務領域生產力的持續關注，以及我們為持續優化營運資本所做的良好準備。

Regarding our stores, we've made meaningful strides in consistently executing neat, clean, and organized shopping experiences for our customers. We've implemented new wayfinding signing systems to improve in-store navigation, making it easier for customers to find what they're looking for and enhancing their overall shopping experience.

關於我們的商店，我們在為顧客持續提供整潔、乾淨、有序的購物體驗方面取得了有意義的進展。我們實施了新的尋路標誌系統來改善店內導航，使顧客更容易找到他們想要的東西並增強他們的整體購物體驗。

These improvements support our strategy of creating a welcoming environment that encourages both traffic and basket growth. And while we're pleased with our store level operational improvements, distribution center performance was below expectations for this quarter.

這些改進支持了我們的策略，創造一個既能促進客流量又能促進購物籃成長的溫馨環境。雖然我們對商店層級的營運改善感到滿意，但本季配送中心的表現低於預期。

Although our DCs still remain very stable and functional, we recognize that there's significant room for improvement in this critical area. We're actively making personnel and process changes to drive improved second half performance, as efficient distribution capabilities are essential to our long-term success.

儘管我們的資料中心仍然非常穩定且功能齊全，但我們認識到這一關鍵領域還有很大的改進空間。我們正在積極進行人員和流程變革，以推動下半年業績的改善，因為高效的分銷能力對於我們的長期成功至關重要。

And we're also in the final stages right now of testing our new AI-based allocation system, and I am excited to report that test performance has exceeded our expectations. We're currently planning for a full chain rollout following the back to school season and prior to the holiday period.

目前，我們也正處於測試新的基於人工智慧的分配系統的最後階段，我很高興地報告，測試效能已經超出了我們的預期。我們目前正計劃在開學季之後和假期之前全面推出連鎖店。

This technology will be a game changer for our inventory efficiency and represents a significant step forward in our operational capabilities. As part of our execute phase, we've implemented comprehensive KPIs and performance dashboards across all key functions.

這項技術將徹底改變我們的庫存效率，並代表我們營運能力的重大進步。作為執行階段的一部分，我們在所有關鍵功能中實作了全面的 KPI 和效能儀表板。

This enhanced visibility into performance metrics combined with standard operating procedures gives us confidence in our ability to drive continual operational improvement through the balance of the year. These systems create the accountability and transparency necessary to achieve our operational excellence goals and support our path to sustainable profitability.

這種對績效指標的增強可見性與標準作業程序相結合，使我們有信心在全年持續推動營運改善。這些系統創造了實現我們卓越營運目標所需的責任制和透明度，並支持我們邁向永續獲利。

Our growth initiatives continue to gain momentum as we build the foundation for expansion. During the quarter, we maintained our disciplined approach to fleet optimization and enhancement, continuing our remodel program with 36 store refreshes completed year-to-date.

隨著我們為擴張奠定基礎，我們的成長計畫繼續獲得動力。在本季度，我們保持了嚴謹的車隊優化和增強方法，繼續進行改造計劃，年初至今已完成 36 家門市的翻新。

These investments are showing solid returns, and we're seeing strong customer response to our refreshed store environments, which aligns with our strategy of maximizing market share in existing locations. We're taking a data-driven approach to our expansion strategy that positions us for intelligent, profitable growth.

這些投資顯示出了豐厚的回報，我們也看到顧客對我們煥然一新的店鋪環境的強烈反響，這符合我們最大化現有店鋪市場份額的策略。我們採用數據驅動的方法來實施擴張策略，以實現智慧、獲利的成長。

We've engaged a third party expert to help develop company specific site selection tools tailored to our unique customer base and market positioning. This partnership represents a significant investment in our growth capabilities and will provide us with sophisticated analytics to guide our real estate expansion decisions.

我們聘請了第三方專家來協助開發適合我們獨特的客戶群和市場定位的公司特定的選址工具。此次合作代表我們對成長能力的重大投資，並將為我們提供複雜的分析來指導我們的房地產擴張決策。

We've leveraged actual transaction data from the past three years across every single store location and recently completed a comprehensive fleetwide geolocation study to complement the [share] data set. This combination of transactional and geographical intelligence gives us unprecedented insight into our customer behavior patterns and market dynamics.

我們利用了過去三年中每個商店的實際交易數據，並且最近完成了全面的全車隊地理位置研究，以補充[共享]數據集。交易和地理情報的結合使我們對客戶行為模式和市場動態有了前所未有的了解。

In the near future, we'll have detailed stores specific profiles of our shoppers and their shopping habits which will enable us to more accurately identify and duplicate our most successful locations. This analytical approach is crucial to our strategy of both backfilling existing markets with new locations and entering new select markets. By understanding the specific characteristics that drive success in our current locations, we can minimize your risk and maximize probability of success as we expand our footprint.

在不久的將來，我們將擁有關於購物者及其購物習慣的詳細商店資料，這將使我們能夠更準確地識別和複製我們最成功的地點。這種分析方法對於我們利用新地點填補現有市場和進入新的精選市場的策略至關重要。透過了解推動我們當前位置成功的具體特徵，我們可以在擴大業務範圍的同時最大限度地降低您的風險並最大限度地提高成功的可能性。

And finally, we're working closely with our Board of Directors to develop a comprehensive plan that will guide our growth strategy for the next three years. As I previously stated, we have a clear path to achieving a target of $40 million to $50 million of EBITDA, and this plan will provide the detailed initiatives roadmap to achieve that goal.

最後，我們正在與董事會密切合作，制定一項全面的計劃，指導我們未來三年的成長策略。正如我之前所說，我們有明確的途徑來實現 4000 萬至 5000 萬美元的 EBITDA 目標，並且該計劃將提供實現該目標的詳細舉措路線圖。

The strategic planning process ensures that our growth initiatives are aligned with our financial objectives and that we have the operational capabilities to support sustainable expansion while maintaining our focus on profitability and shareholder returns.

策略規劃流程確保我們的成長計畫與財務目標保持一致，並確保我們擁有支援永續擴張的營運能力，同時保持對獲利能力和股東回報的關注。

And now a few comments if I may, regarding the current tariff environment. As we discussed on our last call, we're maintaining an aggressive approach to business growth while ensuring that we have adequate flexibility to react and adjust to the evolving macro environment.

現在，如果可以的話，我想就當前的關稅環境發表幾點評論。正如我們在上次電話會議上討論的那樣，我們將保持積極的業務成長方式，同時確保我們有足夠的靈活性來應對和適應不斷變化的宏觀環境。

The new administration's introduction of potential changes in tariffs continues to create uncertainty for business, but our teams have demonstrated remarkable agility in navigating these challenges. I'd like to specifically recognize our entire merchant team for their outstanding work over the last couple of months in this unpredictable tariff environment.

新政府可能引入的關稅變化繼續為企業帶來不確定性，但我們的團隊在應對這些挑戰方面展現了非凡的靈活性。我要特別表揚我們整個商家團隊在過去幾個月在這個不可預測的關稅環境中所做的出色工作。

They have successfully navigated the ever-changing landscape and have been able to hold overall product costs flat. Identify alternative sourcing opportunities when needed and position us to take advantage of off price opportunities presented by this disrupted environment.

他們成功地應對了不斷變化的環境，並能夠保持整體產品成本穩定。在需要時確定替代採購機會，並使我們能夠利用這種混亂的環境所提供的折扣機會。

Their expertise and quick adaption have been instrumental in protecting our margin profile while maintaining our competitive price advantage. So while the tariff situation has introduced many challenges, it's also created a good deal of opportunity. As an off price extreme value retailer, we're well positioned to capitalize on tariff related disruptions in the market.

他們的專業知識和快速適應能力對於保護我們的利潤狀況並維持我們的競爭價格優勢至關重要。因此，雖然關稅狀況帶來了許多挑戰，但也創造了大量機會。作為一家折扣超值零售商，我們有能力利用與關稅相關的市場波動。

In fact, we're currently reviewing a large amount of extreme value deal flow and expect that deal flow to increase as the fall progresses. In the end, my direction to the team is in addition to being aggressive and flexible. Also, stay focused on our strategy. Let's play our game. And let's win at our game. So with that, I was turned over to Heather for a review of the first quarter results. Heather.

事實上，我們目前正在審查大量極值交易流，並預期隨著下跌的推進，交易流將會增加。最後，我對球隊的指導除了積極進取之外，還要靈活變通。另外，請繼續關注我們的策略。讓我們玩我們的遊戲吧。讓我們在比賽中取得勝利。因此，我被交給 Heather 來檢視第一季的業績。希瑟。

Thank you, Ken, and good morning everyone. I'm excited to have the opportunity to walk you through our first quarter results and how we're thinking about the balance of the year. Before I dive in, let me set the stage by stating that we remain encouraged by the broad positive trends we are seeing across the business as we gain market share thanks to the strategic and foundational improvements implemented over the last few quarters by our Citi Trends teams.

謝謝你，肯，大家早安。我很高興有機會向您介紹我們的第一季業績以及我們對今年平衡的思考。在深入探討之前，我首先要說明的是，由於我們的花旗趨勢團隊在過去幾季實施的策略和基礎改進，我們的市場份額不斷增加，我們對整個業務中看到的廣泛積極趨勢感到鼓舞。

Now the details of the first quarter. Starting with the top line, Q1 sales were $201.7 million up $15.4 million or 8.3% compared to Q1, 2024. Comparable store sales grew 9.9%. Our third quarter of sequential comp improvement, and we delivered a two year stack of 13%.

現在介紹第一季的詳細資訊。從營業收入開始，第一季銷售額為 2.017 億美元，與 2024 年第一季相比成長 1,540 萬美元，增幅為 8.3%。同店銷售額成長9.9%。我們的第三季業績連續改善，兩年來累積成長了 13%。

Comp sales were positive each month of the quarter, starting with low single digit comps in February, impacted by weather and delayed tax refunds, then significantly improving to low double digit comps in March and April as tax refunds caught up and the Easter selling season kicked in.

本季每個月的同店銷售額都呈正增長，2 月份受天氣和退稅延遲的影響，銷售額處於低個位數水平，而隨著退稅到位和復活節銷售旺季的到來，3 月和 4 月的銷售額顯著改善，達到低兩位數水平。

Importantly, improvement to last year was fairly consistent across climate zones and store volumes with broad-based strength across most product categories. We delivered strong results across our retail metrics in the quarter with increased traffic, mid single digit transaction count growth, and strong and improved conversion rates.

重要的是，與去年相比，各個氣候區和商店數量的改善相當一致，大多數產品類別都表現出廣泛的優勢。本季度，我們的零售指標取得了強勁的成績，客流量增加，交易數量實現中等個位數成長，轉換率強勁提升。

We also saw an increase in baskets as customers showed a willingness to add units while trading into higher ticket extreme value products procured as part of our strategy shift. Gross margin was 39.6% in the quarter, a 90 basis points expansion compared to last year.

我們也看到購物籃數量增加，因為作為我們策略轉變的一部分，客戶在交易更高價位的極值產品時表現出增加單位的意願。本季毛利率為39.6%，較去年同期成長90個基點。

The primary drivers of the year over year increase were higher initial markup and lower freight, partially offset by higher markdowns as we followed our updated approach to take more in-season markdowns, keeping our inventory fresh.

同比增長的主要驅動因素是初始加價較高和運費較低，但由於我們遵循更新的方法，採取更多季節性降價，保持庫存新鮮，因此降價幅度較高部分抵消了這一增長。

Gross margin was also helped by a 70 basis point improvement and shrink as we continue to make notable progress again this quarter, evidenced by improved results from the [$179] physical inventory counts taken in the quarter.

毛利率也因 70 個基點的改善和收縮而有所提高，因為我們本季繼續取得顯著進展，這從本季 [$179] 實體庫存盤點結果的改善就可以看出。

Adjusted SG&A expense totaled $74.4 million or 36.9% of revenue compared to $72.8 million or 39.1% in the prior period. The 220 basis point improvement in SG&A rate was driven largely by disciplined cost control and the impact of improved top line results, demonstrating our ability to leverage the cost structure as we grow the top line.

調整後的銷售、一般及行政費用總計 7,440 萬美元，佔收入的 36.9%，而上一期間為 7,280 萬美元，佔收入的 39.1%。銷售、一般及行政費用率 (SG&A) 提高 220 個基點，主要得益於嚴格的成本控制和營業收入改善的影響，顯示我們有能力在增加營業收入的同時利用成本結構。

Adjusted EBITDA for the quarter was $5.4 million an increase of $6.2 million versus Q1, 2024 result. Sales to EBITA flow through, as Ken mentioned, was 40%, well above our goal of 20% to 25%. Diluted earnings per share were $0.11 or $0.17 as adjusted compared to a loss per share of $0.42 or $0.32 as adjusted in the first quarter of 2024.

本季調整後 EBITDA 為 540 萬美元，較 2024 年第一季增加 620 萬美元。正如 Ken 所提到的，銷售額與 EBITA 之比為 40%，遠高於我們 20% 至 25% 的目標。稀釋每股收益為 0.11 美元或調整後每股 0.17 美元，而 2024 年第一季每股虧損為 0.42 美元或調整後每股 0.32 美元。

During Q1, we remodeled 19 stores, ending the quarter with 25% of the fleet in an updated format. Second quarter to date, we've completed an additional 17 remodels getting us to the year-to-date remodel count of 36 stores Ken spoke of in his remarks.

在第一季度，我們改造了 19 家門市，本季結束時，25% 的門市已採用更新的模式。截至目前，第二季我們又完成了 17 家門市的改造，使今年迄今的改造門市數量達到了 36 家，Ken 在演講中提到了這一點。

Now turning to the balance sheet. Total inventory dollars at quarter end decreased 7.6% compared to last year, with average in-store inventory down 4.9%. Importantly, Q1 inventory was significantly fresher than last year, with a 45% reduction in product aged seven months or more, reflecting the impact of our 2024 markdown of aged goods, plus our dedication to taking timely in-season markdowns.

現在轉向資產負債表。本季末的總庫存金額與去年同期相比下降了 7.6%，其中平均店內庫存下降了 4.9%。重要的是，第一季的庫存比去年明顯新鮮，陳釀七個月或更長時間的產品減少了 45%，這反映了我們 2024 年對陳釀商品降價的影響，以及我們致力於及時進行季節性降價。

We are pleased with our current inventory level, composition, and freshness. At the end of the quarter, we remained in a healthy financial position with a strong balance sheet, including no debt, no drawings on our $75 million revolver, and $42 million in cash.

我們對目前的庫存水準、組成和新鮮度感到滿意。截至本季末，我們的財務狀況依然健康，資產負債表強勁，沒有債務，沒有動用 7,500 萬美元的循環信貸額度，並且擁有 4,200 萬美元的現金。

With liquidity of approximately $117 million we remain able to more than sufficiently fund our business initiatives, building on our foundational strengths for future profitable growth. In the first quarter, we repurchased approximately $251,000 shares for a total spend of $6.3 million ending the quarter with $40 million remaining on our repurchase authorization.

憑藉約 1.17 億美元的流動資金，我們仍然能夠為我們的業務計劃提供充足的資金，並為未來的獲利成長奠定基礎。在第一季度，我們回購了約 251,000 美元的股票，本季末的總支出為 630 萬美元，我們的回購授權剩餘金額為 4,000 萬美元。

Now turning to our fiscal 2025 outlook. Based on our first quarter results and our confidence in the continued effectiveness of our turnaround plan, along with recognition that there is a significant degree of uncertainty in the macroeconomic environment, we are pleased to update our outlook for 2025 as follows.

現在來談談我們的 2025 財年展望。根據我們第一季的業績以及我們對扭虧為盈計畫持續有效的信心，同時認識到宏觀經濟環境存在很大程度的不確定性，我們很高興更新我們對 2025 年的展望，如下所示。

With the strength of our first quarter sales, we now expect full year comp store sales growth of mid-single digits on the high end of our previous outlook of low to mid-single digit growth. We now expect full year gross margin expansion of approximately 200 basis points versus 2024, slightly below previous outlook due to an extended timeline for the repair phase of our supply chain transformation.

鑑於第一季銷售的強勁表現，我們現在預計全年同店銷售額成長率將達到中等個位數，高於我們先前預測的低至中等個位數成長率。我們現在預計全年毛利率將比 2024 年擴大約 200 個基點，略低於先前的預期，原因是我們的供應鏈轉型修復階段的時間延長。

SG&A is now expected to leverage in the range of 60 basis points to 80 basis points versus 2024, above our previous outlook of 30 basis points to 50 basis points. The improvement is driven by leverage from higher sales and includes the build of our incentive compensation accrual.

目前預計，與 2024 年相比，銷售、一般及行政費用的槓桿率將在 60 至 80 個基點之間，高於我們先前預測的 30 至 50 個基點。這項改善是由銷售增加帶來的槓桿作用所推動的，其中包括我們激勵薪酬累積的建立。

I want to share a few comments on the incentive comp accrual to keep in mind for modeling purposes. Bonus expense accrual was reinstated in the first quarter of 2025 after no accrual in the last three quarters of 2024. As a result, sales to EBITDA flow through, particularly in the second half of 2025, will be lower than what we delivered this quarter.

我想分享一些關於激勵補償累積的評論，以便在建模時牢記這一點。2024 年最後三個季度沒有提列獎金費用，2025 年第一季恢復提列獎金費用。因此，銷售額與 EBITDA 流動（尤其是 2025 年下半年）將低於本季的水平。

We anticipate returning to an EBITDA flow through rate that meets or exceeds our goal of 20% to 25% once this period of bonus to no bonus comparison is behind us. Turning back to Outlook. With these updates, we now expect full year EBITDA to be in the range of $6 million to $10 million a $20 to $24 million improvement versus fiscal 2024.

我們預計，一旦獎金與無獎金對比期結束，EBITDA 流通率將恢復到達到或超過我們 20% 至 25% 的目標。回到 Outlook。有了這些更新，我們現在預計全年 EBITDA 將在 600 萬至 1000 萬美元之間，與 2024 財年相比增加 2,000 萬至 2,400 萬美元。

There is no change to our expected effective tax rate of approximately 0% for the year. We continue to plan to open up to 5 new stores, to close up to five stores, and to remodel approximately 50 locations in the year. And finally, expected full year capital expenditures remain in the range of $18 to $22 million.

我們預期本年度有效稅率約為 0%，沒有變動。我們繼續計劃在今年開設最多 5 家新店、關閉最多 5 家店，並改造約 50 家門市。最後，預計全年資本支出仍將在 1,800 萬至 2,200 萬美元之間。

Before I turn the call back to Ken, I want to emphasize how pleased we are with our first quarter results and the improving trends we've seen over the past three quarters. There is a new level of energy at Citi Trends, and we're getting used to the idea of winning. We're committed and we're focused.

在我將電話轉回給肯之前，我想強調一下，我們對第一季的業績以及過去三個季度看到的改善趨勢感到非常滿意。Citi Trends 的活力已上升到一個新的水平，我們也逐漸習慣勝利的理念。我們全心投入，全神貫注。

The foundational enhancements we've already made and the improvements we are continuing to make are setting this company up for sustainable, profitable growth. I'm confident that our strategic initiatives plus our disciplined execution will continue to deliver meaningful value to our shareholders. With that, I'll turn the call back to Ken, Ken.

我們已經做出的基礎改進和正在繼續做出的改進將為公司實現可持續的獲利成長奠定基礎。我相信，我們的策略性舉措加上嚴格的執行將繼續為我們的股東帶來有意義的價值。說完這些，我就把電話轉回給肯，肯。

Thanks, Heather. So, before we open the call for questions, I do want to take a minute and express my sincere gratitude to our entire Citi Trends team for their exceptional hard work during this quarter. I'm particularly impressed by the willingness to embrace our strategic initiatives and execute them in a clear, focused, and consistent manner.

謝謝，希瑟。因此，在我們開始提問之前，我想花一點時間向我們整個花旗趨勢團隊在本季度的出色努力表示誠摯的感謝。我對大家願意接受我們的策略性舉措並以清晰、專注和一致的方式執行這些舉措印象特別深刻。

The progress we're seeing today is a direct result of their dedication and commitment to our transformation journey. And also speaking on behalf of our team, we are very pleased with the meaningful progress we've made.

我們今天所看到的進步是他們對我們的轉型之旅的奉獻和承諾的直接結果。並且代表我們的團隊，我們對所取得的有意義的進展感到非常高興。

But collectively, we remain humbly aware of the need for continual business improvement. We understand that we're still in early stages of the turnaround, with significant opportunity ahead of us as we continue to strengthen our foundation and build toward our long-term objectives.

但總體而言，我們仍然謙虛地意識到持續改善業務的必要性。我們明白，我們仍處於轉型的早期階段，隨著我們繼續加強基礎並朝著長期目標邁進，我們面前還有巨大的機會。

Our strategic plan remains crystal clear. Maintain an unwavering focus on our core African American customer. Deliver compelling product to value proposition that features trendy fashions, great brands, and extreme value treasures that our customers can't find anywhere else execute our business model with consistency and precision. Drive a attractive profit flow through as we leverage our cost structure and position ourselves for long-term square footage expansion as we capitalize on the substantial opportunities ahead of us.

我們的策略計劃依然非常清晰。始終堅定不移地關注我們的核心非裔美國客戶。提供引人注目的產品，以實現具有流行時尚、優秀品牌和極高價值珍品的價值主張，這些是我們的客戶在其他任何地方都找不到的，以一致性和精確性執行我們的商業模式。透過利用我們的成本結構並利用我們面前的巨大機會為長期擴張面積做好準備，推動可觀的利潤流。

The combination of our highly differentiated market position, our strengthened operational capabilities, and our healthy balance sheet position Citi Trends to generate meaningful free cash flow and drive significant shareholder returns. We have a clear line of sight to our targeted EBITDA range of $40 million to $50 million, and we are excited about the upside potential as we continue to execute our strategy.

我們高度差異化的市場地位、增強的營運能力以及健康的資產負債表相結合，使花旗趨勢能夠產生有意義的自由現金流並推動可觀的股東回報。我們清楚地看到了 4000 萬美元至 5000 萬美元的目標 EBITDA 範圍，並且隨著我們繼續執行我們的策略，我們對上行潛力感到興奮。

So I'd like to thank everyone for your continued interest and support of Citi Trends. And with that, I'd like to turn it over to the operator to open up the lines for questions, operator.

因此，我要感謝大家對花旗趨勢的持續關注與支持。現在，我想將時間交給接線員，接線員，請打開提問專線。

Thank you. (Operator Instructions)

謝謝。（操作員指示）

Michael Baker, D.A. Davidson.

麥可貝克、D.A.戴維森。

Okay, hi, can you hear me okay?

好的，嗨，你聽得到我說話嗎？

Yeah, we got.

是的，我們明白了。

Great, awesome. I wanted to focus on the merchandizing and and the closeout aspect if I could. Can you just remind us where you are in that process? I think in the past you did some level of closeouts, more end of season, and as I understand it, this is more in season sort of treasure hunt type stuff. So can you just articulate, the change in your closeout strategy and then to the extent that you can quantify what closeouts were in the past, what they are now in season versus end of season, what it could be over time, just a little bit more context and color on that whole closeout opportunity would be great. Thanks.

太棒了，太棒了。如果可以的話，我想專注於商品銷售和清倉方面。您能否提醒我們您目前處於這個過程的哪個階段？我認為過去你們做過一定程度的清倉活動，更多的是在季末，而據我所知，這更像是一種季節性的尋寶活動。那麼，您能否清楚地說明一下，您的清倉策略發生了哪些變化，然後您可以量化過去的清倉情況，現在本季和季末的清倉情況如何，隨著時間的推移可能會如何，只要對整個清倉機會有更多的背景和細節就好了。謝謝。

Yeah, for my, good question. I think probably best to kind of dimensionalize the word off price, which gets tossed around quite a bit and and really does mean a lot of different things to different retailers. So very specifically, when you think about off prices releases to Citi Trends, it really falls in a couple different buckets.

是的，對我來說，這是個好問題。我認為最好將“折扣價”一詞進行維度化，這個詞經常被提及，並且對不同的零售商來說確實意味著很多不同的東西。因此，具體來說，當您考慮向 Citi Trends 發布的折扣價格時，它實際上屬於幾個不同的類別。

So there is an end of season closeout opportunity as you described, which the company over the years had participated in from time to time. So there were certain points of it. I actually don't have a specific number of what the company had done historically. There was some of that in the assortment in many of our categories.

因此，正如您所描述的，存在季末清倉機會，多年來公司曾不時參與其中。因此它有一定的要點。我實際上並不掌握該公司歷史上所做事情的具體數字。我們許多類別的商品中都有一些這樣的商品。

So that's that typical end of season by a good deal and you can bring it in, type of close out. Then the other side of this, which is then where we have been focusing in addition to is adding what I call what I tapped extreme value product, and that is a little different in as much as it quite often is either current or just past season product, but the qualification on this is a little bit different. It has to have a high brand cachet, meaning well-known brand, and we have to buy it at a significantly discounted rate.

所以這就是典型的賽季末的一筆好交易，你可以把它帶進來，作為一種結束。然後，另一方面，也就是我們一直關注的重點是添加我所謂的極值產品，這有點不同，因為它通常是當前或剛過去的季節產品，但對此的資格有點不同。它必須具有很高的品牌聲望，也就是知名品牌，而且我們必須以大幅折扣的價格購買它。

The goal here would be to have a brand that's offered at least 50% off, and in many cases in the 70% off the manufacturer suggested retail. It's a little different discipline to buy. These deals sometimes are a little bit messy. They're oftentimes, you have to require a lot of levels of negotiation to get to and the processing is a little bit more difficult, but the market, the value, and the resident of the consumer is very strong.

這裡的目標是讓品牌提供至少 50% 的折扣，在許多情況下甚至提供製造商建議零售價的 70% 折扣。購買的紀律有點不同。這些交易有時有點混亂。通常情況下，你需要經過多層級的談判才能達成協議，而且處理起來也稍微困難一些，但市場、價值和消費者的忠誠度都非常高。

So that portion is what I would say we're trying to bring a renewed emphasis on in Citi Trends. And I think I've stated perhaps in one of my I think actually in January I rolled this out, but long term, our goal would be to make this extreme value portion of the off-price segment.

所以我想說，我們正試圖在花旗趨勢中重新強調這部分。我想我可能在一月份就推出了這個產品，但從長遠來看，我們的目標是讓這個折扣產品成為極具價值的部分。

Incremental about 10% top line and that's going to take us a little bit of time to grow into that. We're not quite there yet. We're still testing and learning as we go but as I, as we go forward, I see incremental 10% relative to that particular portion of the business.

增量約為 10% 的頂線，我們需要一點時間才能實現這一目標。我們還沒有到達那裡。我們仍在不斷測試和學習，但隨著我們繼續前進，我看到該特定業務部分的成長幅度為 10%。

And we will continue to do in season and closeouts, we still are actually and that's a key part of what our merchants do on a regular basis. So I hope that helps dimensionalise what's in the, in our core of history versus where we're headed in terms of the future.

我們將繼續進行季節性清倉促銷，實際上我們仍然在這樣做，這是我們商家定期進行的重要工作之一。所以我希望這有助於使我們了解歷史的核心以及我們未來的發展方向。

Yeah, sure, it absolutely does. If I could ask, I suppose a related follow up, all seems like it's going well. I suppose it's maybe an obvious question and the answer is probably just being conservative, but you just comped up 9.9%, current quarter, at least a month through is mid to upper single digits, your full year guidance is below that. Is that tougher comparisons, just being conservative, or is there something else that, we should know about as to why, com trends would decelerate so much in the back half of the year implicit in that outlook?

是的，確實如此。如果我可以問的話，我想進行相關的跟進，一切似乎都很順利。我想這可能是一個顯而易見的問題，答案可能只是保守的，但你剛剛上漲了 9.9%，當前季度，至少一個月是中上個位數，你的全年指導低於這個數字。這是更嚴格的比較，還是只是保守的比較，或者還有其他什麼我們應該知道的，為什麼在下半年，網路趨勢會放緩這麼多？

Yeah, a couple of things happening there, Mike. Thank you again for that question. We are, as in the back half of the year, we had a [5.3], I think it was in Q3 and a little over a [6] in Q4, so we are going up against more difficult compares in the back half.

是的，那裡發生了幾件事，麥克。再次感謝您的提問。我們在下半年的戰績是[5.3]，我想是在第三季度，在第四季度略高於[6]，所以我們在下半年將面臨更艱難的比較。

We're looking at our business, probably more collectively on a two year stack comp basis, and we're coming off of a very strong [13] two year stack. We have a double digit stack planned for Q2, and then we're bringing that. Your stacked down to upper single digits as we go into the back half.

我們正在審視我們的業務，可能更多地是基於兩年期堆疊補償的總體情況，而且我們剛剛擺脫了非常強勁的[13]兩年期堆疊。我們計劃在第二季度實現兩位數的成長，然後我們就會實現這一點。當我們進入後半部分時，您的排名已下降至個位數。

So, I don't know if it's conservative or not, but as I mentioned earlier, there's enough uncertainty in the macro world right now around product flow and things of that nature. So we wanted to make sure that we don't get our forecasting, too aggressive to the point where, we invest too much expenses or anything in the business.

所以，我不知道這是否保守，但正如我之前提到的，目前宏觀世界在產品流動和諸如此類的事情上有足夠的不確定性。因此，我們希望確保我們的預測不會過於激進，以至於在業務上投入過多的費用或其他任何東西。

So maybe there's a slight amount of conservativism in it, but I think the better way to look at our comp base going forward would be on a two year stack basis, and that's how we're thinking about it.

因此，其中可能有些保守，但我認為，看待我們未來薪酬基礎的更好方法是以兩年為基礎，這就是我們的想法。

Perfect, fair enough. I'll turn it over to someone else.

完美，夠公平。我會把它轉交給其他人。

Thanks bye.

謝謝再見。

Thank you. Jeremy Hamblin, Craig-Hallum Capital Group.

謝謝。克雷格-哈勒姆資本集團的傑里米·漢布林。

Hey, this is, [Will] on for Jeremy. Congrats on strong results and thanks for taking my question. Just wanted to follow up here on sales trends, maybe specifically if you could share any more color on specific category performance and maybe what you're seeing quarter to date. Sounds like plus size and footwear were strong, I guess are you seeing these trends continue in Q2 and then maybe which categories you'd like to see the most improvement.

嘿，這是傑里米的[威爾]。恭喜您取得優異的成績，感謝您回答我的問題。只是想跟進一下銷售趨勢，具體來說，您是否可以分享更多關於特定類別表現的詳細信息，以及您在本季度迄今為止看到的情況。聽起來大尺碼和鞋類表現強勁，我想您是否會看到這些趨勢在第二季度繼續延續，然後也許您希望看到哪些類別出現最大的改善。

Yeah, I'm happy to comment on that and certainly Heather can add some additional detail if I miss. Yeah, as I'm some of my remarks and it absolutely is true, literally every single category had a tremendous Q1, really across the Board. We had many of them in to mid single upper single digits, we had five or six categories that got into low double digit growth, so very strong and it's hard to kind of distinguish if there was one category that that drove the business.

是的，我很高興對此發表評論，如果我錯過了，希瑟當然可以添加一些額外的細節。是的，正如我的一些評論所說，這絕對是真的，實際上每個類別在第一季都有巨大的成長，確實是全面的。其中許多類別的成長率都達到了中高個位數，有五六個類別的成長率更是達到了低兩位數，因此非常強勁，很難區分是否有一個類別推動了業務的成長。

It was really a combination of all of our categories working well together. Which is why we didn't really talk about it, but in our market basket, we saw our consumers actually adding to the units per transaction, which just means they're finding a better selection to shop, right.

這實際上是我們所有類別良好協作的結合。這就是為什麼我們並沒有真正談論它，但在我們的市場籃子中，我們看到我們的消費者實際上增加了每筆交易的單位數，這意味著他們正在尋找更好的購物選擇，對吧。

And so big credit to the merchant team across the Board. And I mentioned that accessory business was a little bit off plan, but, for them, they were still pretty much flat to oh why and performing okay. So there's really no standouts one way or the other. Truly the tide is rising.

因此，整個商人團隊都獲得了巨大的榮譽。我提到配件業務有點偏離計劃，但對於他們來說，他們的表現仍然基本平穩，表現還不錯。因此，無論哪種方式，都沒有什麼突出之處。潮流確實正在上漲。

When you think about category growth, and that kind of continues going forward. And I'm quite pleased with that actually, because it just means that all of our teams are really working hard to deliver a better product value equation, and our customers are finding a much more balanced shopping experience inside of our stores, and we're not over reliant on one category or the other.

當你考慮類別成長時，這種成長會持續下去。事實上，我對此感到非常高興，因為這意味著我們所有的團隊都在努力提供更好的產品價值等式，我們的客戶在我們的商店內找到了更均衡的購物體驗，而且我們不會過度依賴某一類別。

Now, to your question about how we're emphasizing going forward, and also, as I called out, there are some categories that we believe we've underserved our customer. Plus sizes and big men are a couple that are obvious. And there's the assortments need to be broadened a little bit more. We need to be more consistent with how we offer those assortments.

現在，回答您關於我們未來將如何強調的問題，而且，正如我所說的，我們認為有些類別的客戶服務不足。大尺碼和大號男士是顯而易見的一對。而且品種還需要進一步擴大。我們需要更一致地提供這些商品。

So there's clearly an opportunity, as the majority of our, well, not the majority, but a large portion of our consumer does need plus size and big men apparel. So we see real opportunity there. And then the other thing I mentioned was also in trend.

所以這顯然是一個機會，因為我們的大多數，嗯，不是大多數，但是很大一部分消費者確實需要大尺碼和大尺碼男士服裝。因此，我們看到了真正的機會。然後我提到的另一件事也是趨勢。

Particularly in our young men's categories and our juniors. Again, both good businesses for us. This is about really fine tuning and taking it to the next level and being a little bit more trend relevant and really offering some of those trends that would really distinguish us in the marketplace.

特別是在我們年輕男子組和青少年組。再次強調，這對我們來說都是好生意。這是為了進行真正的微調，並將其提升到一個新的水平，使其更加貼近潮流，並真正提供一些讓我們在市場上真正脫穎而出的趨勢。

So, then beyond those categories, we're working to include, grow our consumables business, our home business continues to do well, and See opportunities there for them to be traffic drivers and basket builders of our assortment, and I would be remiss if I didn't talk about kids. It just has a tremendous history with the company in this past year and continues to perform well.

因此，除了這些類別之外，我們還在努力發展我們的消費品業務，我們的家庭業務繼續表現良好，並看到他們有機會成為我們產品組合的流量驅動者和購物籃建造者，如果我不談論孩子，那我就失職了。它在過去的一年裡與公司一起創造了輝煌的歷史，並且繼續表現良好。

So I guess in answering your question, I'm basically saying all of the above, but we are quite pleased with how everything's working. Heather, would you want to further clarify my generic answer there?

所以我想在回答你的問題時，我基本上說了以上所有內容，但我們對一切的進展感到非常滿意。希瑟，你想進一步澄清我的一般性答案嗎？

So honestly, I would double down on it, Ken, and say, well, one of my favorite things of the many great stats of this quarter is the broad-based improvement, right. So, apparel was up significantly to last year, non apparel was up significantly to last year.

所以說實話，肯，我會加倍努力，並且說，嗯，本季度的眾多重要數據中我最喜歡的一件事就是廣泛的改善，對吧。因此，服裝價格較去年大幅上漲，非服飾價格較去年大幅上漲。

Our store, our stores were up across the Board by region, by volume, by, the market in which they sit. I mean, it was like all boats rise. And that I think is the strongest statement we can make about the quarter. It was broad-based.

我們的商店，我們的商店在地區、數量和所在市場方面都有所增長。我的意思是，就像所有的船都會升起來一樣。我認為這是我們對本季能夠做出的最有力的聲明。它是廣泛性的。

So, are there areas where we're leaning in yes, Ken has walked you through that, right. Plus big men, young men, juniors, making sure our trend is right, and that we're showing up in the sizes that our customer is looking for. But it's working across the Board and that to me is the most exciting part.

那麼，我們有哪些方面需要關注呢？是的，肯已經向您介紹了這些方面，對吧。此外，還有大個子男士、年輕男士、青少年，確保我們的潮流正確，並且我們提供的尺寸符合客戶的需求。但它在各個方面都發揮作用，對我來說這是最令人興奮的部分。

If I may just add one additional thought to that too, because we're talking about categories, but it's also important to understand that across our store fleet, Heather in made this comment in her remarks, literally every single region, every single zone is actually improving at about the same rate, and whether regardless of demography. So we are happy to see that, this thing is really resonating across all lines and all customers in all markets right now.

我還可以補充一點，因為我們正在討論類別，但同樣重要的是要了解，在我們的門市範圍內，希瑟在她的評論中提到，實際上每個地區、每個區域都在以大致相同的速度改善，無論人口結構如何。因此，我們很高興地看到，這項產品目前在所有市場的所有產品線和所有客戶中引起了共鳴。

Great, that is, that's super helpful, and then I guess just to follow up there, shifting over to the remodels, so [36] year date I guess I'm wondering if you're able to quantify what you've seen in terms of performance uplift from the recently remodeled units.

太好了，這非常有幫助，然後我想繼續跟進，轉到改造上，所以[36] 年的日期，我想知道您是否能夠量化您所看到的最近改造的單位在性能提升方面的情況。

It's early yet. Well, I mean, we did our first round of remodels in February, so it's, we've only had a couple of months under our belt. But I will tell you that we're happy with the performance and it's not inconsistent with prior classes of remodeled stores.

時間還早。嗯，我的意思是，我們在二月進行了第一輪改造，所以我們只進行了幾個月的工作。但我會告訴你，我們對業績感到滿意，而且它與之前改造後的商店的表現並不矛盾。

Got it. Thank you guys.

知道了。謝謝你們。

Thanks, Will.

謝謝，威爾。

Thank you, ladies and gentlemen, that concludes our question-and-answer session. I'll turn the floor back to Mr. Seipel for any final comments.

謝謝各位，女士們、先生們，我們的問答環節到此結束。我將把發言權交還給 Seipel 先生，請他發表最後的評論。

All right, well, again, thank you, everybody. We do appreciate your continued interest in our business, and we look forward to updating you on more results in our next call. Thank you very much.

好的，再次感謝大家。我們非常感謝您對我們業務的持續關注，我們期待在下次電話會議中向您通報更多結果。非常感謝。

Thank you. This concludes today's conference call. You may disconnect your lines at this time. Thank you for your participation.

謝謝。今天的電話會議到此結束。現在您可以斷開線路。感謝您的參與。