National Vision Holdings Inc (EYE) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Q1 2025 National Vision Holdings earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 2025 年第一季 National Vision Holdings 收益電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your first speaker today, Tamara Gonzalez. Please go ahead.

現在，我想將會議交給今天的第一位演講者塔瑪拉·岡薩雷斯 (Tamara Gonzalez)。請繼續。

Thank you, and good morning, everyone. Welcome to National Vision's first-quarter 2025 earnings call. Joining me on the call today are Reade Fahs, CEO; Alex Wilkes, President; and Chris Laden, CFO. Our earnings release issued this morning and the presentation accompanying our call are both available in the Investors section of our website, nationalvision.com. A replay of the audio webcast will be archived in the Investors section after the call.

謝謝大家，早安。歡迎參加 National Vision 2025 年第一季財報電話會議。今天與我一起參加電話會議的還有執行長 Reade Fahs、總裁 Alex Wilkes 和財務長 Chris Laden。我們今天早上發布的收益報告以及電話會議的簡報均可在我們網站 nationalvision.com 的「投資者」版塊找到。電話會議結束後，音訊網路直播的重播將在「投資者」版塊存檔。

Before we begin, let me remind you that our earnings materials and today's presentation include forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. These statements are subject to risks and uncertainties that could cause actual results to differ materially from our expectations and projections. These risks and uncertainties include, but are not limited to, the factors identified in the release and our filings with the Securities and Exchange Commission.

在我們開始之前，請允許我提醒您，我們的收益資料和今天的簡報包括 1995 年《私人證券訴訟改革法案》中定義的前瞻性聲明。這些聲明受風險和不確定性的影響，可能導致實際結果與我們的預期和預測有重大差異。這些風險和不確定性包括但不限於新聞稿和我們向美國證券交易委員會提交的文件中確定的因素。

The release and today's presentation also include certain non-GAAP measures. Reconciliation of these measures is included in our release and the supplemental presentation. We would like to draw your attention to slide 2 in today's presentation for additional information about forward-looking statements and non-GAAP measures. Further, please note that all financial measures in today's commentary are based on a continuing operations basis unless otherwise noted. As a reminder, National Vision provides investor presentations and supplemental materials for investor reference in the Investors section of our website.

該發布和今天的演示還包括某些非公認會計準則指標。這些措施的協調包含在我們的發布和補充報告中。我們希望您注意今天簡報中的第 2 張投影片，以獲取有關前瞻性陳述和非 GAAP 指標的更多資訊。此外，請注意，除非另有說明，今天評論中的所有財務指標均基於持續經營基礎。提醒一下，National Vision 在我們網站的投資者部分提供投資者介紹和補充資料供投資者參考。

I will now turn the call over to Reade. Reade.

現在我將把電話轉給里德。里德。

Thank you, Tamara, and good morning, everyone. Thank you for joining us today. Last week, Alex and I met with over 1,200 store managers, along with our field and optometric leadership to ensure that they were all fully enrolled, engaged and aligned with our transformation strategies and tactics. As so many of the company's leaders were uniquely all in one place, it was an ideal time to share the news of our CEO succession plans live and in person that as of August 1, Alex Wilkes will be succeeding me as CEO, and I will be transitioning to the role of Executive Chair.

謝謝你，塔瑪拉，大家早安。感謝您今天加入我們。上週，亞歷克斯和我會見了 1,200 多名商店經理以及我們的現場和驗光領導層，以確保他們都充分參與、參與並遵守我們的轉型策略和策略。由於公司眾多領導人齊聚一堂，這是一個理想的時機，可以現場親自分享我們的首席執行官繼任計劃的消息：自 8 月 1 日起，亞歷克斯·威爾克斯 (Alex Wilkes) 將接替我擔任首席執行官，而我將轉任執行主席一職。

The Board, Alex and I have done a lot of research and had a lot of mindful conversations about best practices associated with CEO transition. That, combined with Alex' and my natural compatibility and chemistry has helped us to ensure a smooth and orderly transition. As such on this, my last earnings call after 23 years and 30 earnings calls as CEO, I'm pleased to be able to share that the strength of our first quarter results are further evidence that National Vision's transformation is working and should continue to be successful well into the future.

董事會、亞歷克斯和我做了大量研究，並就與執行長過渡相關的最佳實踐進行了大量認真的對話。再加上亞歷克斯和我天生的兼容性和化學反應，幫助我們確保了平穩有序的過渡。因此，這是我擔任執行長 23 年、召開 30 次財報電話會議後的最後一次財報電話會議，我很高興能夠與大家分享，我們第一季業績的強勁表現進一步證明了 National Vision 的轉型正在發揮作用，並且在未來應該會繼續取得成功。

Our entire team's disciplined approach to executing on our strategic initiatives was evident in the strong continued growth we saw this quarter in our three target customer cohorts: Managed care, progressives and outside Rx customers, leading to a return to mid-single-digit comp performance and achieving solid bottom line performance.

我們整個團隊在執行策略計畫時採取的嚴謹態度，體現在我們本季三大目標客戶群（管理式醫療、進步型客戶和外部 Rx 客戶）的強勁持續成長中，從而使公司業績恢復到中等個位數，並實現了穩健的獲利表現。

We are pleased with the ongoing momentum we've seen and are confident we are headed in the right direction. We believe that our value offering positions us well, particularly in this environment, and the results in the quarter reinforce our confidence in the long-term potential of our go-forward strategy and initiatives.

我們對目前所看到的勢頭感到高興，並相信我們正朝著正確的方向前進。我們相信，我們的價值主張使我們處於有利地位，特別是在當前的環境下，本季的業績增強了我們對未來策略和舉措的長期潛力的信心。

Recall that the National Vision transformation began following the many changes in the marketplace and the business that started in 2022. We addressed the emergent optometrist shortage through a variety of efforts, including enhanced flexibility, recruiting improvements and the implementation of remote exam capability. While there remain plenty of opportunities to further optimize the efficiency of the network, we believe we now have a strong foundation of optometric coverage in place.

回想一下，國家願景轉型是在 2022 年開始的市場和業務發生許多變化之後開始的。我們透過多種努力解決了新出現的驗光師短缺問題，包括增強靈活性、改善招募和實施遠端檢查能力。雖然仍有許多機會進一步優化網路效率，但我們相信現在我們已經擁有了強大的驗光覆蓋基礎。

With this foundation, we kicked the transformation into a higher gear last year, which included the recruitment of new leaders with fresh perspectives to help develop and implement a multiyear transformation agenda. That's when we recruited Alex Wilkes, an industry veteran from EssilorLuxottica and CooperVision and Mark Banner, who was new to our industry, but brought enlightened insights from his analogous consultative selling retail experiences with Sleep Number and Zales.

在此基礎上，我們去年將轉型推向了更高的水平，包括招募具有新視角的新領導者來幫助制定和實施多年轉型議程。就在那時，我們招募了來自 EssilorLuxottica 和 CooperVision 的行業資深人士 Alex Wilkes，以及我們行業的新人 Mark Ba​​​​nner，但他從在 Sleep Number 和 Zales 的類似顧問式銷售零售經驗中帶來了啟發性的見解。

A month ago, we also added Chris Laden to the team as CFO. Chris worked alongside Alex as Head of Finance during their transformation of Pearle Vision for EssilorLuxottica. Most recently, he was CFO of Community Veterinary Partners, a business similar to optical given its reliance on medical professionals. Welcome, Chris.

一個月前，我們還聘請了克里斯·拉登 (Chris Laden) 加入團隊，擔任財務長。在 EssilorLuxottica 對 Pearle Vision 進行轉型期間，Chris 與 Alex 一起擔任財務主管。最近，他擔任社區獸醫合作夥伴公司的財務官，該公司的業務類似於眼鏡公司，因為它依賴醫療專業人員。歡迎，克里斯。

Last fall, the new team performed a deep dive analysis on our customer and our business and developed a simple (inaudible) strategy that we shared with you last quarter. Our new strategy involves heightening our attention to segmentation, personalization and digitization in our messaging, product, pricing architecture and customer experience with a special focus on our three target customer cohorts that represent about half of our customers, but a disproportionately large percentage of our sales.

去年秋天，新團隊對我們的客戶和業務進行了深入分析，並製定了一個簡單的（聽不清楚）策略，我們在上個季度與您分享了策略。我們的新策略包括加強對資訊傳遞、產品、定價架構和客戶體驗的細分、個人化和數位化的關注，特別關注我們的三個目標客戶群，他們約占我們客戶的一半，但在我們的銷售額中所佔比例卻非常大。

These segments, while already significant to us and growing faster than the rest of the business, are also segments where we are significantly underdeveloped versus the category. Thus focusing on them should help to expand our addressable market, plus they each in their own way help to insulate us more from the impact of difficult macroeconomic times.

這些細分市場雖然對我​​們來說已經很重要，而且比其他業務成長更快，但也是我們在同類產品中開發程度明顯不足的細分市場。因此，關注它們應該有助於擴大我們的潛在市場，而且它們各自以自己的方式幫助我們免受宏觀經濟困難時期的影響。

We began to see initial evidence of this during the first quarter where America's Best saw positive comp and sales from higher income groups, offsetting negative trends from lower income consumers. This was true with managed care customers and those self-paying in these income brackets.

我們在第一季開始看到這方面的初步證據，美國最佳品牌從高收入群體中看到了積極的競爭和銷售趨勢，抵消了低收入消費者的負面趨勢。對於管理式醫療客戶和這些收入等級的自費客戶來說，情況確實如此。

While these segments are receiving heightened attention, we remain mindful of maintaining focus on the value we provide to our more purely budget-oriented customers, especially in an environment where all consumers, especially cash consumers, are ever more value seeking.

雖然這些細分市場正受到越來越多的關注，但我們仍將重點關注為更純粹注重預算的客戶提供的價值，尤其是在所有消費者（尤其是現金消費者）都越來越追求價值的環境中。

The initial program springing from this new strategy helped us to deliver a strong quarter. After I take you through first quarter results, Alex will provide more details on our ongoing transformation programs and progress.

這項新策略產生的初始計劃幫助我們實現了強勁的季度業績。在我向您介紹第一季的業績之後，亞歷克斯將提供有關我們正在進行的轉型計劃和進展的更多詳細資訊。

With that, I'll turn to the highlights in the first quarter. Sales in the first quarter rose 5.7% to $510 million. Adjusted comparable store sales growth of 5.5% represented the ninth consecutive quarter of positive growth, solidly in the mid-single-digit range, thanks to positive traction on our initiatives with every brand delivering positive comp growth.

接下來，我將介紹第一季的亮點。第一季銷售額成長 5.7%，達到 5.1 億美元。調整後可比店面銷售額成長 5.5%，連續第九個季度實現正成長，穩居中等個位數區間，這得益於我們各項舉措的積極推動，每個品牌都實現了正增長。

America's Best comparable store sales were 5.9% on top of 1.2% in last year's first quarter and Eyeglass World comp store sales of 3.1%, its best quarter since 2021. All three of our target customer segments delivered double-digit comps. And while strong comp was due to average ticket, we were encouraged to see traffic turn positive for the quarter.

美國最佳同店銷售額年增 5.9%，高於去年第一季的 1.2%，Eyeglass World 同店銷售額年增 3.1%，為 2021 年以來最好的一個季度。我們所有三個目標客戶群均實現了兩位數的年成長。雖然強勁的業績是由於平均票價上漲，但我們很高興看到本季客流量轉為正值。

Importantly, while we experienced average ticket gains, we continue to see exam to eyeglass purchase conversions hold steady and healthy Net Promoter Scores. This is a confirmation that our pricing actions were accepted by customers.

重要的是，雖然我們經歷了平均票價上漲，但我們仍然看到從檢查到購買眼鏡的轉換率保持穩定和健康的淨推薦值。這證實我們的定價行為已被客戶接受。

Adjusted operating income increased 21.8% to $41.3 million and adjusted diluted earnings per share increased to $0.34. As stated previously, exam capacity remains in good shape. Retention remains healthy, and our recruitment efforts are in line with expectations. Remote technology is enabled in approximately two-thirds of the store base and is now embedded in our operations. We are encouraged that this strong momentum continued as we entered the second quarter, which gives us further confidence in our transformation program.

調整後營業收入成長21.8%，達到4,130萬美元，調整後每股稀釋收益增加至0.34美元。如前所述，考試容量保持良好。留任率仍然很好，我們的招募工作符合預期。大約三分之二的門市都啟用了遠端技術，並且已經融入我們的營運中。我們很高興看到，進入第二季後，這一強勁勢頭依然延續，這讓我們對轉型計畫更有信心。

And with that, let's turn to guidance. The strength of our first quarter results gives us the confidence to raise our guidance for the year. Chris will take you through our outlook in more detail. While we're confident in our strategy and seeing strong response to our initiatives, we believe in this environment, it's hard to predict consumer demand. Thus, our focus on cost efficiency couldn't be timelier. Amidst all this, we feel good about the course we're on and are confident in our future.

有了這些，我們來看看指導。第一季業績的強勁表現讓我們有信心提高全年業績預期。克里斯將向您更詳細地介紹我們的展望。雖然我們對我們的策略充滿信心，並且看到我們的舉措得到了強烈的反響，但我們相信在這種環境下，很難預測消費者的需求。因此，我們對成本效率的關注恰逢其時。面對這一切，我們對自己所走的路感到滿意，對未來充滿信心。

And with that, I'll turn the call over to Alex.

說完這些，我將把電話轉給亞歷克斯。

Thank you, Reade, and thank you for the partnership over these past nine months and going forward. I'll start with saying just how honored I am to be given the opportunity to lead National Vision during this important time of transformation. I've shared that I've always been impressed by the remarkable growth of National Vision by our special culture and by the strength of our brands.

謝謝你，里德，也謝謝你過去九個月以及未來的合作。首先我要說的是，我很榮幸有機會在這個重要的轉型時期領導國家願景。我曾說過，國家願景的獨特文化和品牌實力一直令我印象深刻。

This was especially evident at our store manager, doctor and field leadership meeting last week. I'm privileged to lead the company as we define our next chapter of growth. I also recognize that I am in a unique position to continue to benefit from Reade's involvement in the business as Executive Chairman.

這一點在我們上週的店長、醫生和現場領導會議中表現得特別明顯。我很榮幸能夠帶領公司開啟下一個發展篇章。我還認識到，我處於一個獨特的位置，可以繼續受益於里德作為執行主席參與業務。

These past few months, Reade and I have worked closely to prepare for this next phase of our transformation. With this in mind, I'd like to take a moment to give you a sense for how I'm thinking about National Vision and what my priorities will be as CEO.

過去幾個月，里德和我密切合作，為我們轉型的下一階段做好準備。考慮到這一點，我想花點時間讓您了解我對國家願景的看法以及我作為執行長的首要任務是什麼。

National Vision is uniquely positioned to capitalize on the growing need for value that we see across income demographics, particularly in this environment. National Vision has truly differentiated characteristics. Our fantastic optometry network provides patients with an eye exam experience that we believe is unmatched, including using industry-leading exam technology, both for in-store and remote exams.

國家願景具有獨特的優勢，能夠利用我們在各個收入群體中看到的日益增長的價值需求，尤其是在這種環境下。國家願景確實具有差異化的特徵。我們出色的驗光網絡為患者提供了我們認為無與倫比的眼科檢查體驗，包括使用業界領先的檢查技術，無論是店內檢查還是遠端檢查。

We are unique in how we go to market with our optometrist network and in the phenomenal quality of the exams they provide. When you pair this up with our scale and market recognition as a leading value provider, you have a winning combination. With these characteristics and the strength of the team we have in place, I'm confident in our ability to drive sales and improve our profitability going forward.

我們的獨特之處在於我們利用我們的驗光師網路進入市場，並且他們提供的檢查品質非常出色。當您將其與我們的規模和作為領先價值提供者的市場認可相結合時，您就擁有了成功的組合。憑藉這些特點以及我們現有團隊的實力，我相信我們有能力推動銷售並提高未來的獲利能力。

Over the past two quarters, we've outlined specific initiatives to achieve these goals. The strength of our first quarter results and continued momentum is a proof point of their success. My priority as CEO is to continue the transformation strategy that we've put in place and that has shown success.

在過去兩個季度中，我們概述了實現這些目標的具體舉措。我們第一季業績的強勁和持續的發展勢頭就是他們成功的證明。身為首席執行官，我的首要任務是繼續推行我們已經實施並已取得成功的轉型策略。

This involves heightened segmentation, personalization and digitization across our messaging, assortment and pricing architecture and our in-store experience. Our strategic initiatives are focused on growing our business around this expanded customer view. We're defining value propositions concentrated more on our highest value customers and creating an improved customer and store experience, all while being intently focused on disciplined expense management.

這涉及到我們在資訊傳遞、分類和定價架構以及店內體驗方面加強細分、個人化和數位化。我們的策略舉措專注於圍繞擴大的客戶視野來發展我們的業務。我們正在定義更加集中於最高價值客戶的價值主張，並創造更好的客戶和商店體驗，同時專注於嚴格的費用管理。

This approach places National Vision in a position of strength as we pursue profitable growth. Importantly, the investments we're making are phased over the course of this year, and we believe they have a long runway of future benefits. As we look ahead to the balance of the year, we are on track with the initiatives we laid out for you last quarter.

這種方法使 National Vision 在追求獲利成長的過程中處於優勢地位。重要的是，我們將在今年內分階段進行投資，我們相信這些投資將在未來帶來長遠的利益。展望今年的剩餘時間，我們正在按照上個季度為您制定的計劃進行。

In store, this shift is taking place on a few fronts, most notably in our pricing actions, product offerings and selling approach that are giving us meaningful traction in growing average ticket. We started evolving our pricing structure to better match our customer profile with pricing actions in the fourth quarter. These have been well received by customers as they have grown average ticket with no degradation in conversion or NPS. Pricing is an especially important competency to strengthen in a world of heightened tariffs.

在商店中，這種轉變發生在幾個方面，最顯著的是我們的定價行動、產品供應和銷售方式，這些都為我們在平均票價成長方面帶來了有意義的推動力。我們開始改進我們的定價結構，以便更好地將我們的客戶概況與第四季度的定價行動相匹配。這些產品受到了客戶的歡迎，因為它們提高了平均票價，而轉換率或 NPS 卻沒有下降。在關稅不斷提高的環境下，定價能力是需要加強的一項特別重要的能力。

Over the last two quarters, we've demonstrated runway on ticket with conversion flat to increasing, giving us confidence that we have room as needed to mitigate tariffs. Pricing will be an ongoing and robust capability as we've proven that the pricing we've taken to date is holding strong.

在過去兩個季度中，我們已經證明了機票轉換率從持平到上升的趨勢，這讓我們有信心我們有空間降低關稅。定價將是一項持續而強大的能力，因為我們已經證明，迄今為止我們採取的定價是強勁的。

Average ticket is, of course, a function of both price and mix. So along with pricing actions, we are currently in the process of evolving our product assortment. We are rapidly moving from a focus on a wide selection of lower-priced frames to a wider assortment that attracts a broader customer base.

當然，平均票價是價格和組合的函數。因此，除了定價行動之外，我們目前仍在不斷改進我們的產品組合。我們正在迅速從專注於提供多種低價鏡框轉向提供更廣泛的鏡框種類，以吸引更廣泛的客戶群。

After the second quarter, the percent of our frame mix over $99 will be two times what it was at the end of 2024. We've already started this with a deliberate cadence of new on-trend branded frames that we'll be rolling out throughout the year.

第二季之後，我們售價超過 99 美元的鏡框組合的百分比將是 2024 年底的兩倍。我們已經開始著手推出符合潮流的全新品牌鏡架，並將在全年陸續推出。

At the end of the first quarter, we launched L.A.M.B. and Ted Baker, two highly sought-after brands at appealing price points for our target customers. L.A.M.B. is Gwen Stefani's line of eyewear that reflects a blend of luxury and attitude, styling and fills a market void for edgy and inclusive style.

在第一季末，我們推出了 L.A.M.B. 和 Ted Baker，這兩個品牌對我們的目標客戶來說非常受歡迎，而且價格也很有吸引力。L.A.M.B. 是 Gwen Stefani 的眼鏡系列，體現了奢華與態度、風格的融合，填補了前衛和包容風格的市場空白。

Ted Baker is a global lifestyle brand known for its modern fine tailoring, a great addition to our stores that brings luxury styling without the luxury price point. Additionally, as of the end of April, we began our Ray-Ban Meta pilot in select stores in New York and Atlanta markets. In May, we will begin piloting Nuance audio glasses, an all-in-one vision and hearing solution.

Ted Baker 是一個全球生活風格品牌，以其現代精緻剪裁而聞名，它為我們的商店增添了一個很好的補充，帶來了奢華的風格，而無需奢華的價格。此外，截至 4 月底，我們已開始在紐約和亞特蘭大市場的精選商店中試行 Ray-Ban Meta。五月份，我們將開始試用 Nuance 音訊眼鏡，這是一種一體化視覺和聽覺解決方案。

Key to making pricing actions and branded product launches work is store associate enrollment and training. At the core of this is heightened associate understanding of our consumer segments, heightened personalization and lifestyle selling and heightened focus on overall value and not just price. We started this in the fourth quarter and went a lot deeper at our store manager meetings last week. This work will be ongoing, but clearly, this is already contributing to our improved average ticket.

使定價行動和品牌產品發布發揮作用的關鍵是店員的註冊和培訓。其核心是加強員工對消費者群體的了解、加強個人化和生活方式銷售，並加強對整體價值而不僅僅是價格的關注。我們從第四季開始進行這項工作，並在上週的店長會議上進行了更深入的探討。這項工作將持續進行，但顯然，這已經為我們提高平均票價做出了貢獻。

As the shopping experience is enhanced for the higher-value customer, the experience is enhanced for all customers. We will have more to offer where they have aspirational spend. The key takeaway is that customers are responding to what we're doing. We are seeing strong momentum in our initiatives. To deliver enhanced selling and increased personalization requires new digital tools to demonstrate the benefits of the products we carry.

隨著高價值客戶的購物體驗增強，所有顧客的購物體驗也都增強了。如果他們有消費意願，我們將為他們提供更多服務。關鍵在於客戶對我們所做的事情做出了回應。我們的舉措正呈現強勁勢頭。為了提高銷售量和增強個人化，需要新的數位工具來展示我們所銷售產品的優勢。

At the end of April, we began the rollout of an in-store app that demonstrates the advantages of the latest lens technologies as well as the benefits of advanced progressive lenses. This is an important milestone as we enhance the in-store experience via digital selling tools, and we have other innovations on the horizon to delight our various customer segments with more personalized in-store experiences.

四月底，我們開始推出一款店內應用程序，展示最新鏡片技術的優勢以及先進漸進鏡片的好處。這是一個重要的里程碑，因為我們透過數位銷售工具增強了店內體驗，並且我們即將推出其他創新，以更個人化的店內體驗取悅我們的各個客戶群。

But the digitization of the consumer experience also involves how we attract them and maintain their loyalty. As we discussed on our last call, we're making rapid enhancements to transform our digital marketing and omnichannel capabilities by a partnership with Adobe involving our CRM system and e-commerce platform.

但消費者體驗的數位化也涉及我們如何吸引他們並維持他們的忠誠度。正如我們在上次電話會議上所討論的那樣，我們正在透過與 Adob​​e 合作，在 CRM 系統和電子商務平台方面進行快速改進，以轉變我們的數位行銷和全通路能力。

We're looking forward to our next key milestone with the go-live of our new CRM in the second half of this year. As a reminder, these will allow us to create new personalized journeys for all our customers and significantly enhance how our customers experience us online, particularly when combined with our new marketing approach.

我們期待今年下半年新 CRM 上線的下一個重要里程碑。提醒一下，這些將使我們能夠為所有客戶創建新的個人化旅程，並顯著增強客戶線上體驗，特別是與我們的新行銷方法相結合時。

The work that BML, our new agency of record, is doing to redefine our communication and brand platforms is underway, and we're excited by the early progress to refresh, modernize and create a more personalized experience for our customers.

我們的新代理商 BML 正在重新定義我們的溝通和品牌平台，我們對早期的進展感到非常興奮，這將為我們的客戶帶來更新、現代化和更個人化的體驗。

Before I turn the call over to Chris to take you through our outlook, an important reminder is that while we are focused on our initiatives, we are making significant changes to lower the cost of doing business. This started with $12 million in corporate cost takeout at the beginning of this year. We are working with Accenture on other types of cost savings measures going forward and we look forward to updating you on future calls.

在我將電話轉給克里斯向您介紹我們的前景之前，有一點需要提醒您，那就是，雖然我們專注於我們的計劃，但我們正在進行重大變革以降低營運成本。這項措施始於今年年初 1,200 萬美元的企業成本支出。我們正在與埃森哲合作，探討其他類型的成本節約措施，並期待在未來的電話會議上向您通報最新情況。

And with that, I'll turn the call over to Chris. Chris.

說完這些，我會把電話轉給克里斯。克里斯。

Thank you, Alex, and good morning, everyone. I'm excited to be joining the team and talking with you today. I look forward to meeting many of you in the weeks to come.

謝謝你，亞歷克斯，大家早安。我很高興今天能加入這個團隊並與你們交談。我期待在未來幾週與你們見面。

Over the past months, I've been immersed in the business and getting to know all of our team members. I've admired National Vision and its leadership position in the optical industry for some time, and I'm excited to be joining at such a pivotal time for the organization while also partnering once again with Alex. I am also grateful to be able to continue to work with Reade in his new capacity. Reade, I only have 29 earnings calls to go to catch up to your record with NVI. Let's jump right in.

在過去的幾個月裡，我一直沉浸在業務中並了解我們團隊的所有成員。我一直很欽佩 National Vision 及其在光學產業的領導地位，我很高興能夠在組織如此關鍵的時刻加入，並再次與 Alex 合作。我也很榮幸能夠在新的職位上繼續與里德合作。里德，我只需要參加 29 場收益電話會議就可以趕上你在 NVI 的記錄。讓我們立即開始。

For reference, my comments today will focus on comparisons to the prior year period, unless otherwise noted. For the first quarter, net revenue increased 5.7% to $510 million, driven by adjusted comparable store sales growth of 5.5% and growth from new store sales, partially offset by a 150-basis-point negative impact from the timing of unearned revenue. The spread between net revenue and adjusted comparable sales was impacted by the timing of store activity.

作為參考，除非另有說明，我今天的評論將重點放在與去年同期的比較。第一季度，淨收入增長 5.7% 至 5.1 億美元，這得益於調整後可比店銷售額增長 5.5% 以及新店銷售額的增長，但預收收入時間帶來的 150 個基點的負面影響部分抵消了這一增長。淨收入和調整後可比較銷售額之間的差距受到商店活動時間的影響。

During the quarter, we opened nine new America's Best stores while also executing our fleet optimization plan by closing three America's Best stores and nine Fred Meyer stores to end the quarter with a total of 1,237 stores, reflecting a 3% increase in store count year over year.

在本季度，我們開設了 9 家新的 America's Best 商店，同時也執行了我們的店鋪優化計劃，關閉了 3 家 America's Best 商店和 9 家 Fred Meyer 商店，至本季度末，商店總數為 1,237 家，商店數量同比增長 3%。

Adjusted comparable store sales were driven by an increase in average ticket of 4.5%, supported by our transformation initiatives, including the pricing actions we've taken, modernization of our customer experience and enhanced selling techniques. The positive response to these initiatives from both store teams and customers occurred faster than our original estimates, resulting in a larger impact to average ticket.

調整後的可比店銷售額得益於平均票價增長 4.5%，這得益於我們的轉型舉措，包括我們採取的定價行動、客戶體驗的現代化和銷售技巧的增強。商店團隊和顧客對這些措施的積極回應比我們最初的估計來得更快，從而對平均票價產生了更大的影響。

As we've mentioned, exam-to-purchase conversion rates remained consistent. In addition, customer transactions increased 0.7%, recovering from the February declines we noted when we last reported. And as mentioned, we continue to see strength from our three target customer segments.

正如我們所提到的，考試到購買的轉換率保持一致。此外，客戶交易量增加了 0.7%，從我們上次報告中指出的 2 月的下滑中恢復過來。如前文所述，我們持續看到三個目標客戶群的強勁成長。

As a percentage of net revenue, cost applicable to revenue decreased 30 basis points to 40.2%. The resulting increase in gross margin reflected a higher-than-anticipated growth in average ticket, driven largely by the strong reception to the aforementioned initiatives. This benefit to product margin more than offset the dilution in contact lenses product margins and increase in optometrist-related costs.

作為淨收入的百分比，適用於收入的成本下降了 30 個基點，至 40.2%。由此產生的毛利率成長反映了平均票價成長高於預期，這主要得益於上述舉措的熱烈歡迎。此產品利潤率的提高足以抵銷隱形眼鏡產品利潤率的下降和驗光師相關成本的增加。

Adjusted SG&A expense as a percentage of net revenue decreased 50 basis points compared with the first quarter of 2024. This decrease was primarily driven by lower advertising investments and partially offset by higher compensation expense. Depreciation and amortization expense of $23 million was relatively flat compared to $23.2 million in the prior year period.

調整後的銷售、一般及行政費用佔淨收入的百分比與 2024 年第一季相比下降了 50 個基點。這一下降主要是由於廣告投資減少，但薪酬費用增加部分抵消了這一下降。折舊和攤銷費用為 2,300 萬美元，與去年同期的 2,320 萬美元相比基本持平。

Adjusted operating income increased 21.8% to $41.3 million compared to $33.9 million in the first quarter last year. Adjusted operating margin increased 110 basis points to 8.1% due primarily to the factors mentioned above. The net change in margin on unearned revenue negatively impacted net income from continuing operations by $4.1 million and adjusted operating income by $5.5 million.

調整後營業收入為 4,130 萬美元，較去年第一季的 3,390 萬美元成長 21.8%。調整後的營業利益率增加 110 個基點至 8.1%，主要由於上述因素。未賺取收入利潤率的淨變化對持續經營淨收入產生了 410 萬美元的負面影響，對調整後營業收入產生了 550 萬美元的負面影響。

Net interest expense increased to $4.6 million compared to $4.3 million in the prior year period. Adjusted EPS increased to $0.34 per share in the first quarter of 2025 from $0.29 per share a year ago. Please refer to today's press release for reconciliations of non-GAAP financial measures to their most comparable GAAP financial measures.

淨利息支出從去年同期的 430 萬美元增至 460 萬美元。2025 年第一季調整後每股收益從一年前的每股 0.29 美元增至每股 0.34 美元。請參閱今天的新聞稿，以了解非 GAAP 財務指標與最可比較的 GAAP 財務指標的對帳。

Turning next to our balance sheet, we ended the quarter with a cash balance of approximately $80 million and total liquidity of $374 million, including available capacity from our revolving credit facility. As of March 29, our total debt outstanding, net of unamortized discounts was $346 million. And for the trailing 12 months, our net debt to adjusted EBITDA was 1.6x.

接下來看看我們的資產負債表，本季結束時我們的現金餘額約為 8,000 萬美元，總流動資金為 3.74 億美元，其中包括循環信貸額度的可用容量。截至 3 月 29 日，我們的未償還債務總額（扣除未攤銷折扣）為 3.46 億美元。過去 12 個月，我們的淨負債與調整後 EBITDA 的比率為 1.6 倍。

During the quarter, we generated operating cash flow of $32.2 million and invested $20.2 million in capital expenditures, primarily driven by investments in remote exam technology and new and existing stores. Additionally, the investments we've made in our new ERP are bearing fruit as we successfully went live with the first phase of our ERP in April.

本季度，我們產生了 3,220 萬美元的營運現金流，並投資了 2,020 萬美元的資本支出，主要來自對遠距考試技術以及新店和現有店的投資。此外，我們對新 ERP 的投資也取得了成果，因為我們在四月成功啟動了 ERP 的第一階段。

We continue to maintain a strong balance sheet and healthy cash flow to support our growth and capital allocation priorities. We have $84.8 million remaining on our convertible notes, which mature on May 15 of this year. We intend to settle those notes with cash on hand and borrowings from our revolving credit facility.

我們繼續保持強勁的資產負債表和健康的現金流，以支持我們的成長和資本配置重點。我們的可轉換票據剩餘金額為 8,480 萬美元，將於今年 5 月 15 日到期。我們打算用手邊的現金和循環信貸額度的借款來償還這些票據。

Moving now to the discussion of 2025 outlook, which includes the 53rd week. We estimate that the 53rd week will add approximately $35 million of net revenue and approximately $3 million of adjusted operating income. As a reminder, adjusted comparable store sales growth is calculated on a 52-week comparable basis to the prior year.

現在討論 2025 年的展望，其中包括第 53 週。我們估計第 53 週將增加約 3,500 萬美元的淨收入和約 300 萬美元的調整後營業收入。提醒一下，調整後的可比較店面銷售額成長是根據與去年同期相比的 52 週可比較基礎計算的。

With respect to tariffs, we have evaluated a variety of scenarios since the April 2 policy announcement. The situation is, of course, highly fluid and there's a potential impact to NVI and our customers. As a result, we have modeled a variety of outcomes. And based on what we know today, we believe that we can mitigate potential higher tariff costs with pricing actions and cost reduction efforts to neutralize the tariff impact on AOI.

關於關稅，自 4 月 2 日政策公告以來，我們已經評估了多種情境。當然，情況非常不穩定，可能會對 NVI 和我們的客戶產生影響。因此，我們模擬了多種結果。根據我們目前所了解的情況，我們相信，我們可以透過定價行動和降低成本的努力來減輕潛在的更高關稅成本，以抵消關稅對 AOI 的影響。

To keep our outlook consistent, we have not included the impact of these tariffs nor our planned mitigation responses in our guidance. That said, we estimate that the tariffs communicated as of May 1 would result in approximately $10 million to $15 million in incremental product costs for the balance of the year.

為了保持我們的展望一致，我們沒有將這些關稅的影響或我們計劃的緩解措施納入我們的指導中。話雖如此，我們估計，5 月 1 日起實施的關稅將導致今年餘下時間的產品成本增加約 1,000 萬至 1,500 萬美元。

For our 2025 fiscal year, while we continue to take a cautious view given the uncertainty with the potential impact policies and tariffs may have on consumer spending, we are raising the low end of our adjusted comparable store sales guidance range to reflect the strength in first quarter results and ongoing momentum through the start of the second quarter.

對於我們的 2025 財年，儘管考慮到政策和關稅可能對消費者支出產生的潛在影響的不確定性，我們仍然持謹慎態度，但我們正在提高調整後的可比店面銷售額指導範圍的低端，以反映第一季度業績的強勁表現以及第二季度初的持續勢頭。

In addition, we are raising our AOI expectations in line with our first quarter results and the performance of our initiatives positively impacting average ticket. Our guidance now assumes that approximately two-thirds of our adjusted comparable store sales growth will come through increases in average ticket, which more closely reflects the composition we saw in the first quarter.

此外，我們根據第一季的業績和對平均票價產生正面影響的措施的表現提高了我們的 AOI 預期。我們的指導現在假設我們調整後的可比店面銷售額增長的約三分之二將來自平均票價的增長，這更接近地反映了我們在第一季看到的組成。

For the year, we currently expect net revenue between $1.919 billion and $1.955 billion, supported by adjusted comparable store sales growth of 1.5% to 3.5% and new store sales based on our expectation to open approximately 30 to 35 new stores this year.

對於今年，我們目前預計淨收入將在 19.19 億美元至 19.55 億美元之間，這得益於調整後的可比店銷售額增長 1.5% 至 3.5%，以及基於我們預計今年將開設約 30 至 35 家新店的新店銷售額。

We expect our new store opening cadence to be relatively equally split across the first and second half of the year with about one-third of the openings currently slated for Q4. We expect to close seven America's Best stores this year, five in the second quarter and two in the fourth quarter as part of our continuous management of our real estate portfolio.

我們預計，新店開幕節奏將在上半年和下半年相對均衡，目前約有三分之一的新店計劃在第四季開業。作為我們持續管理房地產投資組合的一部分，我們預計今年將關閉 7 家 America's Best 商店，其中第二季關閉 5 家，第四季關閉 2 家。

Given the stronger-than-anticipated reception to our initiatives through the start of the year, particularly with respect to the resulting increase in average ticket, we now expect adjusted operating income between $81 million and $92 million, which includes a range for depreciation and amortization of $93 million to $96 million. We expect adjusted diluted EPS to be between $0.59 and $0.67 per share, which assumes approximately 79 million weighted average diluted shares outstanding.

鑑於今年年初我們的措施受到的歡迎程度超出預期，特別是平均票價上漲，我們目前預計調整後的營業收入將在 8,100 萬美元至 9,200 萬美元之間，其中包括 9,300 萬美元至 9,600 萬美元的折舊和攤銷範圍。我們預計調整後的稀釋每股盈餘將在 0.59 美元至 0.67 美元之間，假設流通在外的加權平均稀釋股數約為 7,900 萬股。

This outlook range assumes fiscal 2025 adjusted operating margin to increase approximately 60 to 110 basis points relative to fiscal 2024, entirely driven by SG&A leverage. This reflects the disciplined actions we have taken, including the $12 million in SG&A savings discussed last quarter, the majority of which is expected to benefit the back half of the year. As a reminder, the additional cost savings we are working on with Accenture are not yet quantified and as such, not factored into our outlook.

此展望範圍假設 2025 財年調整後的營業利潤率將比 2024 財年增加約 60 至 110 個基點，完全由銷售、一般及行政費用槓桿推動。這反映了我們採取的嚴謹措施，包括上個季度討論的 1200 萬美元銷售、一般及行政費用 (SG&A) 節省，其中大部分預計將在今年下半年受益。提醒一下，我們與埃森哲合作的額外成本節約尚未量化，因此未計入我們的展望。

For the year, we expect gross margin to be similar to fiscal 2024. We expect improvement in the first half, driven by eyeglass margins to be offset in the second half of the year, primarily due to headwinds expected in the fourth quarter as we lap the benefit we saw last year due to a onetime doctor incentive true-up. We have not changed our expectation with respect to depreciation and amortization, interest expense, tax rate and capital expenditures.

我們預計今年的毛利率將與 2024 財年相似。我們預計上半年業績將有所改善，這主要得益於眼鏡利潤率的推動，但下半年的業績將有所抵消，這主要是由於第四季度預計會出現阻力，因為我們將抵消去年一次性醫生激勵措施帶來的收益。我們沒有改變對折舊和攤提、利息支出、稅率和資本支出的預期。

To summarize, we are operating in a dynamic environment. As Reade and Alex discussed, we are confident in our ability to drive continued success with our transformation initiatives while remaining diligent to respond to changes in external factors.

總而言之，我們在一個動態的環境中運作。正如 Reade 和 Alex 所討論的，我們有信心透過轉型計劃推動持續成功，同時保持警惕，應對外部因素的變化。

I will now turn the call back over to Reade before we open our call for your questions. Reade.

在我們開始回答大家的問題之前，我現在將電話轉回給里德。里德。

Thank you, Alex and Chris. In summary, I hope you took away that we feel our Q1 results are further confirmation that the strategy the new team has developed and is in the early stages of implementing, involving targeting our most valuable segments has put us back on the right course, a course we believe is both durable and sustainable.

謝謝你，亞歷克斯和克里斯。總而言之，我希望您能明白，我們認為第一季度的業績進一步證實了新團隊制定的、目前正處於實施初期的戰略，該戰略涉及瞄準我們最有價值的細分市場，這讓我們回到了正確的軌道上，我們相信這條軌道是持久且可持續的。

I hope you took away that although tariffs may end up being disruptive to the macro, that we have plans at the ready to mitigate their impact, and we believe we are among the best positioned in our category to handle them. I hope you took away that through a methodical study of best practices, coupled with mutual respect and natural chemistry between Alex and I that we are implementing a successful transition of leadership.

我希望你們明白，儘管關稅最終可能會對宏觀經濟造成破壞，但我們已經準備好計劃來減輕其影響，並且我們相信，我們是我們同類企業中，最有能力應對這些影響的企業之一。我希望您能夠明白，透過對最佳實踐的系統研究，加上我和亞歷克斯之間的相互尊重和自然的化學反應，我們正在實現成功的領導過渡。

I'm just so pleased that I'm transitioning the leadership to a person and a team who have proven they can get National Vision back on the sort of long-term growth trajectory that we enjoyed for so long. It feels great to be transitioning during such an upswing. As mentioned previously, this will be my last call as CEO. I would like to sincerely thank our analysts and the entire investment community. When we went public, I was told that you all with your probing questions would make us better, and you did just that. And for that, I'm appreciative.

我很高興將領導權移交給一個已經證明能夠讓國家願景重回我們長期以來享有的長期成長軌道的個人和團隊。在這樣的上升時期進行轉型感覺很棒。正如之前提到的，這將是我作為執行長的最後一次呼籲。我衷心感謝我們的分析師和整個投資界。當我們公開露面時，有人告訴我，你們提出的探索性問題會讓我們變得更好，而你們也確實做到了。對此，我深表感激。

But mostly, I want to end the call by saying that it's been an honor to serve in this role with National Vision for the past 23 years. I leave proud of the millions of patients whose lives and vision have been saved and improved by the thousands of optometrists practicing alongside our stores. Optometry is such an admirable profession, and I'm pleased with the work we do to help enable them to provide the patient care they do.

但最重要的是，我想在通話結束時說，過去 23 年來，我很榮幸能夠在 National Vision 擔任這個職位。我為數百萬患者感到自豪，他們的生活和視力因我們商店附近數千名驗光師的執業而得到拯救和改善。驗光師是一個令人欽佩的職業，我很高興我們所做的工作能夠幫助他們提供病患照護。

I leave proud of the tens of millions of customers who we have helped save money while improving their lives and self-images with great eyeglasses and contacts. I leave proud of the tens of thousands of associates who have found life-giving fulfillment working here and advanced up our career ladder, thus helping them to have happier, more successful lives.

我為數千萬顧客感到自豪，我們幫助他們節省了開支，同時透過優質的眼鏡和隱形眼鏡改善了他們的生活和自我形象。我為數以萬計的員工感到驕傲，他們在這裡工作，找到了人生的滿足感，並在我們的職業階梯上不斷進步，從而幫助他們過上更幸福、更成功的生活。

And I leave proud of the millions of ultra-low-income people in America and abroad who we have helped to see again philanthropically. I've witnessed the multiple ways this has improved their lives, their family's life and their communities.

我為透過慈善幫助美國和國外數百萬超低收入者重獲新生而感到自豪。我親眼目睹了這如何多方面改善了他們的生活、他們的家庭生活和他們的社區。

Over the years, I am delighted in saying that National Vision is a people business. We just happen to be selling eye exams, eyeglasses and contact lenses. Our people make the business successful and the people we serve and care for are what makes it life giving for all of us. I move on in my new role, pleased and confident in the knowledge that all this and more will continue in National Vision's future chapters. And with that, I'll turn it over for questions.

多年來，我很高興地說，National Vision 是一家以人為本的事業。我們恰好銷售眼科檢查、眼鏡和隱形眼鏡。我們的員工使企業成功，我們所服務和關心的人為我們所有人帶來了生機。我在新的職位上繼續前進，我很高興並且充滿信心地知道，這一切以及更多的事情將在國家願景的未來篇章中繼續發生。好了，現在我來回答大家的提問。

(Operator Instructions) Simeon Gutman, Morgan Stanley.

（操作員指示） 西緬古特曼，摩根士丹利。

Reade and Alex, congratulations. My first question is, if you assume no conversion degradation, like you said, like you're getting the ticket, is the run rate for what ticket can become in the next couple of quarters? Is it -- are we seeing it or it should accelerate given the mix changes that are still occurring?

里德和亞歷克斯，祝賀你們。我的第一個問題是，如果您假設轉換率沒有下降，就像您說的那樣，就像您拿到票一樣，那麼在接下來的幾個季度裡，票的運行率會是多少？是嗎——我們看到它了嗎？或者考慮到仍在發生的混合變化，它應該加速嗎？

Yes, Simeon. Thanks for the question. Thanks for the congratulations. Certainly, a big day for all of us at National Vision. Yes, look, we're super happy with the ticket acceleration that we've seen in both the fourth quarter and the first quarter.

是的，西緬。謝謝你的提問。謝謝你們的祝賀。毫無疑問，對於我們 National Vision 的所有人來說，這都是重要的一天。是的，看，我們對第四季和第一季的票務成長感到非常高興。

And logically, if you look at the things that we're going to do go forward, we said that pricing is an ongoing muscle, and we have not yet kind of achieved the point on the elasticity curve where we're seeing degradation in conversion. So we think there's runway. Ticket expansion has been fairly proliferated across the category over the last several years. We have not necessarily kept up with the market. Now I think we're leveraging our strength, and we're seeing positive response.

從邏輯上講，如果你看看我們接下來要做的事情，我們說定價是一個持續的力量，我們還沒有達到彈性曲線上轉換率下降的點。所以我們認為有跑道。在過去的幾年中，整個類別的票務擴展已經相當普及。我們不一定能跟上市場步伐。現在我認為我們正在發揮我們的優勢，我們看到了積極的反應。

Again, super proud of the fact that we're seeing ticket grow without degradation, not only in conversion but also in the NPS rate. So our customers are saying, guys, we appreciate what you're doing. We like the stuff that you're introducing, and we're seeing a high take rate on it. So yes, we absolutely think we have runway left.

再次，我們非常自豪地看到票務量不僅在轉換率方面而且在 NPS 率方面都沒有下降地增長。所以我們的客戶說，夥計們，我們感謝你們所做的一切。我們喜歡您介紹的東西，而且我們看到它的接受率很高。所以是的，我們絕對認為我們還有跑道。

And as a follow-up, if you decompose the revenue growth between managed care and customer pay, are you now optimizing some of the managed care budgets that you just weren't fully optimizing before or is it customer pay side that's driving it as the customer has more choice and potentially higher price points to choose from?

作為後續問題，如果您分解管理式醫療和客戶支付之間的收入增長，您現在是否正在優化一些以前未完全優化的管理式醫療預算，還是客戶支付方面在推動它，因為客戶有更多選擇和潛在的更高價格點可供選擇？

Yes, I think it's actually a bit of both. So certainly, by introducing some more premium product, it's product that the managed care customer is hungry for. And introducing those products and those capabilities is actually raising the experience for the totality of our customer base.

是的，我認為實際上兩者都有一點。因此，透過推出一些更優質的產品，這些產品正是管理式醫療客戶所渴望的。推出這些產品和功能實際上提高了我們整個客戶群的體驗。

So we know that the managed care customer has a higher degree of spending power, and that's giving us the right to introduce some products that really benefits our customer base in totality, the progressive customer, the outside Rx customer and those three segments that we know have a higher resiliency in the market. And frankly, again, we're seeing great response there.

因此，我們知道管理式醫療客戶的消費能力更高，這使我們有權推出一些真正有利於我們整個客戶群的產品，包括進步型客戶、外部 Rx 客戶以及我們知道的在市場上具有更高彈性的三個細分市場。坦白說，我們再次看到了正面的迴響。

Zachary Fadem, Wells Fargo.

富國銀行的紮卡里‧法德姆 (Zachary Fadem)。

Reade, first of all, it's been a pleasure wishing you all the best. Alex and Chris, congrats to you. So first of all, as you think through all the drivers of your Q1 comp, particularly the nearly 6% at America's Best. First of all, could you walk us through the cadence in the quarter? And then perhaps any color on income demographics and whether the gap between your cash pay customers and managed care customers widened or narrowed in the quarter?

里德，首先，我很高興祝你一切順利。亞歷克斯和克里斯，祝賀你們。因此，首先，當您思考 Q1 競爭對手的所有驅動因素時，尤其是美國最佳的近 6% 的成長。首先，您能向我們介紹一下本季的節奏嗎？那麼，也許收入人口統計方面有什麼不同，以及本季現金支付客戶和管理式醫療客戶之間的差距是擴大了還是縮小了？

Yes. So thank you for that, Zach. So first of all, the quarter was a strong January, and then we had that two weeks in February that were particularly peculiar, which happened to be right before our call. And so on that, we said that, that made us cautious on our last call and then March came back strong. So we had a weird anomaly of two weeks in February that just happened to coincide with our last earnings call.

是的。所以謝謝你，扎克。首先，一月份的季度表現強勁，然後二月的兩週表現特別特殊，這恰好發生在我們打電話之前。等等，我們說過，這讓我們在最後一次通話時保持謹慎，然後三月形勢強勁回升。因此，我們在二月遇到了一個奇怪的異常現象，恰好與我們上次的收益電話會議相吻合。

And as we've suggested, healthy trends have continued into April. In terms of the demographic side, we did see a trade into us of higher income customers, so sort of more higher income customers and some of the lower income customers dropping out, which happens in tough economic times. We've seen that before, but it was very much offsetting and the key thing is we are providing great value to all. If they -- this is the moment when people are seeking value, and that's who we are, and that's what our brand has always been known for.

正如我們所說，健康的趨勢一直持續到四月。從人口統計角度來看，我們確實看到高收入客戶轉向我們，因此，在經濟困難時期，高收入客戶越來越多，而一些低收入客戶則退出。我們以前也見過這種情況，但它的作用非常大，關鍵是我們為所有人提供了巨大的價值。如果他們——這是人們尋求價值的時刻，這就是我們，這就是我們的品牌一直以來所為人所知的。

We had always talked about, Reade, how the value segment of the industry was an outperformer in terms of growth relative to the rest of the industry. And as you think about all the opportunities across the business today, how would you compare industry growth rates across some of the new buckets like managed care, progressive, et cetera, relative to your core value offering?

里德，我們一直在談論，相對於其他行業，該行業的價值部分在成長方面表現如何優於其他部分。當您思考當今整個業務中的所有機會時，您會如何比較一些新領域（如管理式醫療、漸進式醫療等）的行業增長率與您的核心價值產品之間的差異？

So the key thing about our three segments, the managed care, the progressives and the outside Rx is we are underdeveloped to the category in all of those. We do think that sort of when we hit 40% last year, it was sort of a tipping point and thus having sort of designing things a bit more for that managed care customer made a lot of sense. And a lot of things Alex and the team are doing to bring in new products to make sure that people are getting their full benefits worth is helping us, and we see that continuing to help us going forward. So overall, one, yes, value should continue to be an ever more important trend as the macro gets more uncertain. And two, we have picked the right segments where we're underdeveloped and are showing great growth with them and great success.

因此，我們的三個領域（管理式醫療、進步醫療和外部 Rx）的關鍵在於，我們在所有這些領域都還未充分開發。我們確實認為，當我們去年達到 40% 時，這是一個轉捩點，因此為管理式醫療客戶設計更多的東西是很有意義的。亞歷克斯和他的團隊正在做很多事情來引進新產品，以確保人們獲得全部利益，這對我們很有幫助，我們看到這將繼續幫助我們前進。因此總體而言，隨著宏觀經濟變得更加不確定，價值應該繼續成為更重要的趨勢。其次，我們選擇了尚未開發的正確領域，並在這些領域取得了巨大的成長和成功。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

This is Brandon Cheatham on for Paul. Reade, I'll add my congratulations. It's been great working with you. And Alex, also congratulations on your new role. I was wondering if you could share where your private label product is made and how much of your third-party product might be exposed to China tariffs?

這是布蘭登·奇瑟姆 (Brandon Cheatham) 代替保羅上場。里德，我要向你表示祝賀。和你一起工作很愉快。亞歷克斯，也祝賀你擔任新職務。我想知道您是否可以分享您的自有品牌產品的產地以及有多少第三方產品可能會受到中國關稅的影響？

Depending on what happens, do you have the ability to switch away from third-party frames that might be made in China and carry something else? And then the product cost increases you mentioned, the $10 million to $15 million, how much of that is private label versus third-party frames?

根據發生的情況，您是否有能力放棄可能在中國製造的第三方框架並攜帶其他產品？然後您提到的產品成本增加了 1000 萬美元到 1500 萬美元，其中有多少是自有品牌的，有多少是第三方鏡架的？

Yes. So we said that less than 10% of our cost of goods is exposed to China. And we've done, I think, a really nice job over the last several years to reduce our reliance on China and move our supply chain around some of the rest of Asia to mitigate some of the risk that we're now seeing. So I think a great job by the team having the foresight to work on this over a number of years.

是的。所以我們說，我們的商品成本中只有不到 10% 受到中國的影響。我認為，過去幾年我們做得非常好，減少了對中國的依賴，並將我們的供應鏈轉移到亞洲其他地區，以減輕我們現在看到的一些風險。所以我認為團隊有遠見，多年來一直致力於這項工作，這是一項偉大的工作。

In terms of the mix, that's something we really don't go into a huge degree of detail publicly. But we do have, as we've shown historically, we have flexibility to move, especially as it pertains to private label. That is where we have made the majority of our sourcing shifts over the last several years.

就混合而言，我們確實不會公開談論太多細節。但正如我們過去所表明的那樣，我們確實具有行動的靈活性，特別是在涉及自有品牌方面。在過去幾年裡，我們的大部分採購轉移都在這裡進行。

And as I said, we're (inaudible) several countries, which gives us a bit of diversity.

正如我所說，我們（聽不清楚）來自多個國家，這讓我們具有一定的多樣性。

Okay. Got it. And then I know this might be hard to parse out, but the ticket performance during the quarter, how much of that is driven by some of the pricing actions you've taken, better frames kind of going up that value ladder versus like the selling practices that you've implemented and being able to kind of cater more to that managed care customer? And if you could kind of expand on where you think you are in kind of getting your sales force up that curve of approaching that managed care customer with better selling practices?

好的。知道了。然後我知道這可能很難分析，但是本季度的票務表現有多少是由您採取的一些定價行動推動的，更好的框架是如何提升價值階梯，而不是像您實施的銷售實踐那樣，能夠更好地滿足管理式醫療客戶的需求？您是否可以進一步說明一下，您認為在讓您的銷售人員以更好的銷售方式接近管理式醫療客戶方面您處於什麼位置？

Yes. Brandon, actually, we're quite pleased that all the actions that we put in place are contributing to the expansion of ticket. Approximately two-thirds of the ticket increase is attributable to the no regrets pricing decisions that we introduced in Q4 and Q1 that I talked about a bit more in detail last quarter. And the remaining one-third is coming from assortment changes and through the selling behaviors and the selling techniques that we're introducing at the store level. So again, we're super pleased that really, it's all of those things pulling in the right direction and delivering, frankly, as expected.

是的。布蘭登，實際上，我們很高興看到我們採取的所有行動都有助於擴大票務業務。大約三分之二的票價成長歸因於我們在第四季和第一季推出的無悔定價決策，我在上個季度對此進行了更詳細的討論。剩下的三分之一來自於商品組合的變化以及我們在商店層級引入的銷售行為和銷售技巧。因此，我們再次感到非常高興，因為所有的事情都在朝著正確的方向發展，而且坦白說，一切都如預期的那樣順利。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

I just wanted to clarify one thing on the tariff commentary. I think you had mentioned $10 million to $15 million in incremental product costs for the year as of today or May 1 tariffs. And I also think you said this is not in guidance. But is it right to think that this would be fully mitigated based on what your earlier comments were before?

我只是想澄清有關關稅評論的一件事。我想您提到過，截至今天或 5 月 1 日的關稅，今年的產品成本增量為 1000 萬至 1500 萬美元。而且我還認為您說的這不屬於指導範圍。但是，根據您先前的評論，您是否認為這種情況會完全緩解？

Kate, this is Chris Laden. Yes, confirming that your commentary is accurate. The tariff guidance is based off of the May 1 tariff policies that are in place and the impact for the balance of the year largely in the second half. And we do believe that we can offset the incremental costs there either with additional actions to increase average ticket as well as other cost mitigation efforts. And none of those are in guidance.

凱特，這是克里斯拉登。是的，確認你的評論是準確的。關稅指導是基於現行的 5 月 1 日關稅政策，對今年下半年剩餘時間的影響很大。我們確實相信，我們可以透過採取額外措施來提高平均票價以及其他降低成本的措施來抵消那裡的增量成本。但這些都不是指導原則。

Okay. And then unrelated, we wanted to ask about remote exams. We wondered if there was a way to quantify how remote exams did during the quarter or how they comped relative to the company comp. It sounds like profitability there, too, is still lower. So how much of a headwind is that from a mix standpoint? And does that improve at all as you grow that business?

好的。然後無關的是，我們想問有關遠距考試的問題。我們想知道是否有辦法量化遠距考試在本季的表現，或是相對於公司薪資而言的表現。聽起來那裡的獲利能力仍然較低。那麼從混合的角度來看，這會帶來多大的阻力呢？隨著業務的成長，這種情況是否有所改善？

Yes. Remote is now -- thank you, Kate, by the way. Remote is now sort of an ongoing part of how we do business. And in terms of percentage of exams, it was roughly the same as it was in Q4. And it is just part of how we do things now.

是的。遠程現在是——順便說一句，謝謝你，凱特。遠端現今已成為我們開展業務的持續組成部分。從考試比例來看，與第四季大致相同。這只是我們現在做事方式的一部分。

We do think -- so what we're trying to communicate is we think we've got our coverage under control, and you're not going to be hearing us talk about being hurt by exam coverage. We have less than 5 stores are totally dark right now. So it's really a small number. We use remote as needed throughout the system. But what we're saying is we do think over time, there is going to be an opportunity for greater efficiency in the entire exam ecosystem.

我們確實認為——所以我們試圖傳達的是，我們認為我們已經控制了我們的覆蓋範圍，並且您不會聽到我們談論受到考試覆蓋範圍的傷害。目前，我們只有不到 5 家商店完全關閉。所以這確實是一個小數目。我們在整個系統中根據需要使用遠端。但我們所說的是，我們確實認為隨著時間的推移，整個考試生態系統將有機會提高效率。

So that's just going to be improvement overall, but we think we've got the base coverage we need, and we think we can just make it more cost efficient over time as we leverage the various tools we have, live, remote, hybrid remote and a few other things we're trying here and there.

所以這只是整體上的改進，但我們認為我們已經獲得了所需的基本覆蓋範圍，並且我們認為隨著我們利用現有的各種工具，包括現場、遠端、混合遠端以及我們正在嘗試的其他一些方法，我們可以隨著時間的推移提高成本效益。

Robert Ohmes, Bank of America.

美國銀行的羅伯特‧奧姆斯 (Robert Ohmes)。

Reade, congrats on just an unbelievable career in the industry in 23 years at National Vision. And I hope you have a great happy birthday next week. And we have the same birthday. That's why I always remember your birthday. And Chris and Alex, welcome.

里德，祝賀你在 National Vision 23 年的職業生涯中取得了令人難以置信的成就。我希望你下週過一個快樂的生日。而且我們的生日是同一天。這就是為什麼我總是記得你的生日。歡迎克里斯和亞歷克斯。

A couple of questions. Just the first question is just on the low-income consumer weakness. I mean, obviously, it's the position they're in, but are they going somewhere else or are they just deferring? And in general, are you seeing any change in replacement or exam cycles across different demographics?

有幾個問題。第一個問題是關於低收入消費者的弱點。我的意思是，顯然這是他們所處的境地，但他們是要去其他地方還是只是推遲？總體而言，您是否看到不同人口統計資料的替換或考試週期有任何變化？

So a few things. One, Robbie, I will have a happy birthday because we're paying off our convertible loans on that day. So that will be a real nice milestone. I don't know what you're doing to celebrate, we're paying off $85 million in debt. That's great.

有幾件事。第一，羅比，我的生日會很快樂，因為我們會在那天還清可轉換貸款。所以這將會是一個真正美好的里程碑。我不知道你們在做什麼來慶祝，我們正在償還 8500 萬美元的債務。那太棒了。

And Robbie, thank you. You've been with us since the beginning in 2017, our very first roadshow in Salt Lake City, which was a really great and exciting time for us. So thank you for that. The low-income consumer is tighter and more strapped in this environment than ever more. We do believe that there are increasing trends in terms of the number of people who are insured in terms of total insured lives out there.

還有羅比，謝謝你。您從 2017 年初就一直與我們在一起，那是我們在鹽湖城的第一次路演，那對我們來說真是一段美好而激動人心的時光。謝謝你。在這種環境下，低收入消費者的生活壓力比以往任何時候都更大、更拮据。我們確實相信，就總受保人數而言，受保人數呈現成長趨勢。

So it's a shift into managed care part of a broader trend that actually is just another proof point as to why insured customers are a great target for us. And the managed care purchase cycle remains quite normal along the way. But again, even managed care customers are seeking value, and we provide great value for them, which is why we've had a steady ongoing increase there.

因此，向管理式醫療的轉變是更廣泛趨勢的一部分，這實際上只是另一個證據，說明了為什麼投保客戶是我們的重要目標。並且管理式醫療購買週期在過程中保持相當正常。但同樣，即使是管理式醫療客戶也在尋求價值，而我們為他們提供了巨大的價值，這就是我們在那裡持續穩定成長的原因。

That's helpful. And maybe for Alex, can you just talk a little bit more about the recruitment and retention things you're doing and maybe weave into that how the optometrist cost outlook looks from here?

這很有幫助。對於 Alex，您能否再多談一下您正在做的招聘和保留工作，並結合目前的驗光師成本前景如何？

I've been sort of focused a bit on that. Retention is really healthy now. We do oftentimes find when times of economic uncertainty, retention is healthy, and we also think we are doing a number of things just to make it an ever better place to practice optometry. Our recruitment is also quite healthy, and we're pleased with that, especially in the student arena. That's going very well.

我對此有點關注。現在的保留率確實很高。我們確實經常發現，在經濟不確定時期，保留​​率是健康的，我們也認為我們正在做一些事情只是為了使其成為一個更好的驗光實踐場所。我們的招募也相當健康，我們對此感到滿意，特別是在學生領域。一切進展順利。

So both those are good along the way and costs are in line, and we aren't seeing increases there.

因此，這兩項都進展順利，成本也保持在合理範圍內，我們沒有看到成本上漲。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

This is Angus Kelleher on for Adrian Yih. Congrats Reade and Alex and Chris, congrats on your first joint call. My question is given the testing of smaller format America's Best stores and learnings from the fleet review, what early insights can you share about optimal store economics and potential changes to store growth trajectory and the penetration of remote-enabled capabilities at these smaller locations?

這是 Adrian Yih 的 Angus Kelleher。恭喜 Reade、Alex 和 Chris，恭喜你們第一次聯合通話。我的問題是，鑑於對小型美國最佳商店的測試以及從車隊審查中獲得的經驗，您可以分享哪些關於最佳商店經濟效益、商店增長軌蹟的潛在變化以及遠程功能在這些較小地點的滲透的早期見解？

Yes. So we shared last call that we have a couple new prototype stores we're testing smaller square foot design. We look to understand the results of that better as the year plays out. One of the things that we are currently evaluating is our store design and our store kind of build in totality. So we have signed an agreement with a world-class design firm to help us review our store design, store footprint of the future.

是的。因此，我們在最後一次通話中表示，我們有幾個新的原型商店，我們正在測試較小平方英尺的設計。我們希望隨著時間的推移能夠更好地了解其結果。我們目前正在評估的事情之一是我們的商店設計和商店的整體建設。因此，我們與一家世界級的設計公司簽署了協議，以幫助我們審查未來的商店設計和商店佈局。

Again, that's a more forward-looking statement than something impacting '25. But certainly, our working hypothesis is that there is opportunity for a smaller store footprint than what we have historically built.

再次強調，這是一個更具前瞻性的聲明，而不是影響 25 年的事情。但可以肯定的是，我們的工作假設是，我們有機會建造比過去更小的商店。

Got it. Great. And then I think you touched on this in the prepared remarks, but what's been the feedback from doctors regarding the shift to target managed care customers? And how do you see this playing out over time and at scale?

知道了。偉大的。然後我想您在準備好的發言中提到了這一點，但是醫生對於轉向針對管理式醫療客戶的回饋是什麼？您認為隨著時間的推移和規模的擴大，這現象將如何發展？

Yes. I mean I think our doctors are super excited about the direction that we're going in general. And the ability to see more managed care patients that also have an insurance benefit for that allows them to visit us more frequently. The managed care consumer purchase cycle is generally shorter than the cash pay consumer. They tend to be more compliant patients, which is something doctors love, right?

是的。我的意思是，我認為我們的醫生對於我們整體的發展方向感到非常興奮。而且，我們還能為更多享有保險福利的受管理醫療病患看診，使他們能夠更頻繁地來我們這裡就診。管理式醫療消費者的購買週期一般比現金支付消費者的購買週期短。他們往往是更順從的患者，這也是醫生喜歡的，對吧？

I mean doctors love the idea of patients that believe in an annual eye exam. And the managed care plans are architected around that. So there's really great alignment between what the managed care providers are allowing in terms of benefit and the beliefs that doctors have of just how important an annual eye exam is.

我的意思是，醫生喜歡病人相信每年進行一次眼科檢查的想法。管理式醫療計劃就是圍繞著這一點制定的。因此，管理式醫療保健提供者在福利方面提供的服務與醫生對年度眼科檢查重要性的認識之間存在很大一致性。

Simeon Siegel, BMO.

西蒙·西格爾（Simeon Siegel），BMO。

This is Jon Elias on for Simeon. Also adding our congratulations to Reade, Alex, and Chris. Can you elaborate on the improved product margins from eyeglass frames and lenses? How much of the benefit was mix shift versus like-for-like improvements? And how do you think about product margins going forward?

我是喬恩·埃利亞斯 (Jon Elias)，為西緬 (Simeon) 表演。我們也向 Reade、Alex 和 Chris 表示祝賀。能詳細說明一下眼鏡框和鏡片的產品利潤率是如何提高的嗎？與同類改進相比，混合轉變帶來的好處有多少？您如何看待未來的產品利潤率？

Yes. It's really a combination of both. The ticket impact that we saw in the first quarter, as Alex said, about two-thirds overall was driven by price increases, about one-third mix. as we've introduced new products into the assortment and mix has shifted there a bit driving ticket, all those mix shifts have been at a minimal margin percentage neutral, if not accretive. So we feel good about the trajectory there.

是的。這確實是兩者的結合。正如亞歷克斯所說，我們在第一季看到的票價影響大約有三分之二是由價格上漲引起的，約有三分之一是由組合引起的。由於我們在產品組合中引入了新產品，並且組合發生了一些變化，推動了票價上漲，所有這些組合變化都對最低利潤率百分比產生了中性影響，甚至產生了增值作用。因此我們對那裡的發展軌跡感到滿意。

What we are going to be comping in the back half of this year is a onetime nonrecurring event in Q4, which is why our outlook for the total year is flat. But we are seeing the benefit we expected through the first quarter and expect to see through the first half.

我們在今年下半年要完成的是第四季度的一次性非經常性事件，這就是我們對全年業績的展望持平的原因。但我們在第一季看到了預期的收益，並預計在上半年也能看到。

Great. And then for my follow-up, how are you thinking about advertising expense for the rest of the year?

偉大的。然後我的後續問題是，您如何考慮今年剩餘時間的廣告費用？

Yes. So as previously shared, we're super excited about having a new agency of record to bring a fresh perspective on our creative platform. We generally aren't making any plans to reduce or accelerate our advertising investment.

是的。如同先前所分享的，我們非常高興有一家新的代理商為我們的創意平台帶來全新的視野。我們通常不會制定任何減少或增加廣告投資的計劃。

That being said, we are in the process of creating new creative, creating new campaigns, and we are certainly looking at ways to have our marketing investment be more efficient. We are strongly going to consider ways to evolve our media mix to become more efficient purchasers of media and point our marketing investment to the channels that are yielding the highest return.

話雖如此，我們正在創造新的創意，開展新的活動，我們當然在尋找讓我們的行銷投資更有效率的方法。我們將認真考慮改進媒體組合的方法，以成為更有效率的媒體購買者，並將行銷投資集中在產生最高回報的管道上。

Historically, we haven't talked much about this, but we are also taking a harder look at our media mix model and really making decisions on how we're going to invest across linear, how we're going to invest across digital and search and continuously optimizing.

從歷史上看，我們對此討論得併不多，但我們也在更仔細地審視我們的媒體組合模型，並真正決定如何進行線性投資、如何進行數位和搜尋投資以及持續優化。

Also from a channel mix perspective, we do know that once we have our CRM platform go live second half of the year, that's really going to make all of our marketing investment just work so much harder for us. So again, we feel great about what we're doing from a marketing strategy perspective. And as we evolve our media mix go forward, given that we're going to have stronger capabilities to help us drive consumer acquisition and loyalty.

此外，從通路組合的角度來看，我們確實知道，一旦我們的 CRM 平台在今年下半年上線，這確實會讓我們所有的行銷投資更有效地發揮作用。因此，從行銷策略的角度來看，我們對自己所做的事情感到非常滿意。隨著我們媒體組合的不斷發展，我們將擁有更強大的能力來幫助我們推動消費者的獲取和忠誠度。

Anthony Chukumba, Loop Capital.

安東尼·楚昆巴，Loop Capital。

Congrats on the strong start to the year. And Alex and Chris, welcome to the party. And obviously, Reade, thank you for everything that you've done over the last 23 years for the company. So my first question, as I looked at your comps, obviously, the average ticket -- increase in average ticket, very encouraging. But I was pleasantly surprised by the increase in traffic, right, the 0.7% increase in traffic. What do you attribute that to? What was the driver there?

恭喜您今年取得了良好的開端。歡迎亞歷克斯和克里斯參加聚會。當然，里德，感謝您在過去 23 年為公司所做的一切。所以我的第一個問題是，當我查看你們的比較時，顯然，平均票價 - 平均票價增加，非常令人鼓舞。但我對流量的成長感到驚喜，對，流量增加了 0.7%。您認為這是什麼原因造成的？那裡的司機是誰？

Yes. So I think it's a combination of things. I think it is really leaning into these customer segments that we spoke of. We're doing a better job being a place of consumption for the managed care customer, for the outside Rx customer and for the progressive customers. So seeing the growth in those segments is frankly contributing to that overall traffic or that overall customer count number.

是的。所以我認為這是多種因素的綜合作用。我認為它確實傾向於我們談到的這些客戶群。我們正在更好地成為管理式醫療客戶、外部 Rx 客戶和進步客戶的消費場所。因此，坦白說，這些細分市場的成長有助於提高整體流量或整體客戶數量。

So really first step was around how do we become more relevant to that consumer that as we've talked about, we've been attracting that consumer anyway. But now that we're distorting some effort against them, we think we have a right to win.

因此，真正的第一步是圍繞如何與消費者建立更緊密的聯繫，正如我們所討論的，無論如何，我們一直在吸引消費者。但現在我們正在對他們做出一些努力，我們認為我們有權獲勝。

And I think that is exactly showing up in that 0.7% increase in traffic during which time, which we all know it's an uncertain time with a lot of macro headwinds. So, Anthony, I really do appreciate you calling out on that. We're incredibly proud of that 0.7% customer increase, especially given the uncertainty that we live in today.

我認為這恰恰體現在流量成長 0.7% 上，我們都知道，這是一個充滿不確定性的時期，存在著許多宏觀阻力。所以，安東尼，我真的很感謝你提出這一點。我們對客戶數量增加 0.7% 感到無比自豪，尤其是考慮到我們今天所處的不確定性。

Also last point here, our value offering and our value messaging resonates across customer types. And again, we think that, that is something that in this particular moment matters a lot.

最後一點是，我們提供的價值和價值資訊能引起不同類型客戶的共鳴。我們再次認為，這是在當前特定時刻非常重要的事情。

Got it. That's very helpful perspective. And then just one follow-up. I know in the past, you sort of at least directionally talked about the difference between your managed vision care comp versus your cash pay comp. I was just wondering if you had any commentary in terms of first quarter.

知道了。這是一個非常有用的觀點。然後只需進行一次跟進。我知道，過去您至少有方向性地談論過管理視力保健補償和現金支付補償之間的差異。我只是想知道您對第一季有何評論。

Yes. Like I said before, the cash pay has not quite shown the resiliency of the other customer segments. Managed care continues to grow at or above the high single-digit range that we've talked about in the past and the cash pay consumer is certainly more strapped. But again, that is a bit of a dynamic, too, of the managed care ecosystem has grown year over year by a good margin as well.

是的。正如我之前所說，現金支付還沒有完全反映出其他客戶群的彈性。管理式醫療繼續以我們過去談到的較高個位數或更高的速度成長，而現金支付消費者肯定更加拮据。但同樣，這也是一種動態，管理式醫療生態系統也逐年大幅成長。

So there is some degree of the cash pay consumer pool shrinking, the managed care pool increasing. But we still have seen even on the ticket side, the cash pay consumer has also traded up, and we're seeing some of the ticket benefit with our cash pay consumers as well.

因此，現金支付消費者群體在一定程度上正在縮小，而管理式醫療消費者群體則在增加。但我們仍然看到，即使在購票方面，現金支付的消費者也進行了升級，我們也看到現金支付的消費者獲得了一些購票優惠。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Best of luck to everybody. You raised the midpoint of your top line guidance by $9 million. You raised your operating income outlook by $6 million. Is it reasonable and realistic for us to expect that type of flow-through moving forward? And at what point does National Vision need to make further investments, especially as it attracts this new customer base that arguably is going to have higher expectations that will need to be met?

祝大家好運。您將營業收入預期中位數提高了 900 萬美元。您將營業收入預期提高了 600 萬美元。我們期望這種類型的流通向前發展是否合理且現實？那麼，National Vision 什麼時候需要進一步投資，特別是當它吸引到這個可能具有更高期望且需要滿足的新客戶群時？

Thanks for that question. We did raise our guidance on AOI for the balance of the year. That was largely attributed to the performance we saw in the first quarter. The initiatives that were put in place in Q4, super happy to report that they actually were adopted both by our store teams and our consumers at a faster pace than we had initially projected. So a lot of what you're seeing in the AOI guidance increase is driven by that accelerated performance.

謝謝你的提問。我們確實提高了今年剩餘時間的 AOI 指導。這主要歸功於我們在第一季看到的表現。我們非常高興地報告，第四季度實施的措施實際上已被我們的商店團隊和消費者採用，而且採用速度比我們最初預計的要快。因此，您在 AOI 指導增加中看到的許多內容都是由加速效能所驅動的。

I think you're absolutely right as we think through the balance of the year from a capital investment perspective, we're going to continue to contemplate what initiatives we have on the table that are going to drive the highest ROI and are certainly open as we introduce our new CRM activity in the second half to invest more if we're seeing the results drive out of it.

我認為您說得完全正確，當我們從資本投資的角度考慮今年的平衡時，我們將繼續考慮我們有哪些舉措可以帶來最高的投資回報率，並且當我們在下半年推出新的 CRM 活動時，如果我們看到結果，我們肯定會投入更多資金。

On the flip side, right, we're operating in an uncertain environment. So we want to make sure that we're balancing the positive momentum we've seen with the uncertainty in the second half of the year.

另一方面，我們正處於一個不確定的環境。因此，我們希望確保我們所看到的正面動能與下半年的不確定性之間取得平衡。

My follow-up question is the pattern you described on how the quarter played out is not dissimilar to what many other retailers have experienced over the last few months. So the question is, is there any evidence that you're seeing that the consumer is trying to go in and get a pair of eyeglasses ahead of what could be a more inflationary environment as the tariffs take hold. And when would you expect to see that play out if indeed there is some pull forward?

我的後續問題是，您所描述的本季的模式與許多其他零售商在過去幾個月所經歷的情況並無不同。所以問題是，是否有證據表明，隨著關稅的實施，消費者正試圖在通膨加劇的環境到來之前購買一副眼鏡。如果確實存在某種推動作用，您預期什麼時候會看到這種現象發生？

It's a great question, and we look at that internally as well. I mean the short answer is no. We haven't seen a change in the customer purchase cycle, and we don't believe that our first quarter traffic change was driven by any pull forward of purchase cycle.

這是一個很好的問題，我們內部也在研究這個問題。我的意思是，簡短的回答是「不」。我們沒有看到客戶購買週期的變化，我們也不認為第一季的流量變化是由購買週期的提前所驅動的。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

Kind of, I guess, a related question. The 5.5% comp in the first quarter relative to the full year guide, albeit raised, can you sort of speak to the conservatism that seems to be embedded over the next three quarters? Is that just the environment we're in? Or is there something else that's sort of nuanced there?

我想，這是一個相關的問題。第一季相對於全年指引的 5.5% 的同比增幅雖然有所提高，但您能否談談未來三個季度似乎根深蒂固的保守主義？這就是我們所處的環境嗎？或者那裡還有其他微妙的東西嗎？

No, that's exactly -- it's really largely attributable to just the uncertainty in the environment. Consumer confidence has been reported down month-over-month, and we just want to make sure that we are being prudent about our expectations for the second half given a lot of uncertainty from a macro perspective.

不，確實如此——這很大程度上歸因於環境的不確定性。據報道，消費者信心環比下降，鑑於宏觀角度存在許多不確定性，我們只是想確保對下半年的預期保持謹慎。

Fair. And the new store openings this year, are you closer to understanding maybe what the cadence would be go forward?

公平的。今年新開的店，您是否更了解未來的節奏？

Yes. Look, we've said that we believe about half of the stores will be opened in the first half of the year, half the new store to be in the second half. We typically see Q4 a little bit heavier in the second half, but we're still guiding to 30 to 35 new stores opening in the year.

是的。你看，我們已經說過，我們相信大約一半的商店將在上半年開業，一半的新店將在下半年開業。我們通常認為下半年第四季的業績會稍微好一些，但我們仍預計今年將開設 30 至 35 家新店。

Sorry, I was unclear. I meant sort of go forward in the sort of coming years, what you might open per year.

抱歉，我說得不清楚。我的意思是，在未來幾年裡，你每年可能會開什麼店。

I apologize, misunderstanding your question. No, we don't have guidance yet in terms of '26 forward in terms of new store openings.

抱歉，我誤解了你的問題。不，我們還沒有關於 26 年以後新店開業情況的指導。

Brian Tanquilut, Jefferies.

傑富瑞的布萊恩‧坦奎魯特 (Brian Tanquilut)。

This is Meghan Holtz on for Brian. I'd like to reiterate our congratulations to Reade and Alex as well. Just for our first question, as the tariff situation likely put some pressure on some of your peers, do you think there's opportunity for you guys to capture some additional market share?

我是 Meghan Holtz，為 Brian 報道。我也想再次向里德和亞歷克斯表示祝賀。就我們的第一個問題而言，由於關稅情況可能會給你們的一些同行帶來一些壓力，你們認為您有機會獲得一些額外的市場份額嗎？

Yes. So we've said that we believe that we are very well positioned in terms of the market from a tariff perspective. And again, I think that goes to the decisions that we've taken over a multiyear time horizon to shift our country of origin and country of sourcing and not be so heavily reliant on one market. So we're very, very thankful for that approach that we took. So yes, I mean, we absolutely think the work that we've done best positions us to potentially take advantage of the coming tariffs.

是的。因此，我們說過，我們相信從關稅角度來看，我們在市場上處於非常有利的地位。再說一次，我認為這與我們多年來所做的決定有關，即轉移我們的原產國和採購國，不再過度依賴一個市場。因此，我們非常非常感謝我們採取的這種方法。所以是的，我的意思是，我們絕對認為我們所做的工作最有可能讓我們利用即將到來的關稅。

And then just as a follow-up on the labor commentary. Some jobs data has pointed to a little bit of elevated wages in the mid-single-digit range for optometry. Is that similar to the labor wage rate that you guys are seeing with internally?

然後只是對勞工評論的後續報導。一些就業數據顯示，驗光師的薪資略有上漲，達到個位數中段。這與你們內部看到的勞動工資率相似嗎？

Yes. I'll -- just a quick comment here. I don't think we have any excessive concerns about any wage rate compression on optometrists. And again, I'll reiterate something we shared earlier. Reade shared this.

是的。我只是在這裡做一個簡短的評論。我認為我們不會過度擔心驗光師的工資率壓縮。我再次重申我們之前分享的內容。Reade 分享了此內容。

We're super happy with the fact that we've driven our dark stores down to really just a handful of stores. So we're always managing doctor pay and incentives. Of course, it's a balance to make sure that we're attracting the best doctors to join our company. And we think that strategy is working. And again, as evident by seeing the dark stores be reduced to a handful.

我們非常高興我們已經將幕後商店數量減少到只有少數幾家。因此我們始終在管理醫師的薪酬和獎勵。當然，我們需要保持平衡，以確保吸引最優秀的醫生加入我們的公司。我們認為這項策略正在發揮作用。再次，從黑暗商店數量減少到屈指可數就可以看出。

Again, I think it speaks to the offering that we have to doctors that they can practice in a hybrid world. They can practice in a remote world and they can practice in store, and we provide them great opportunities for career advancement

再次，我認為這表明我們為醫生提供了在混合世界中行醫的機會。他們可以在遠距世界練習，也可以在店內練習，我們為他們提供職業發展的絕佳機會

One thing, and I'll just share this -- and sorry, I'll share this on Reade's behalf. Last week when we were at our meeting with all of our Eyeglass World and Vista and Military and America's Best Associates, Reade was able to share the team how great is it that in this organization, we have a doctor who is now the General Manager of one of our brands. So talk about a great place for optometrists to build their career.

有一件事，我只想分享這一點——抱歉，我代表里德分享這一點。上週，當我們與 Eyeglass World、Vista、Military 和 America's Best Associates 的所有員工開會時，Reade 向團隊分享了這家公司有多棒，我們有一位醫生現在是我們其中一個品牌的總經理。所以，這裡是驗光師職涯發展的絕佳場所。

We allow them to practice in the mode that they want to practice, and we provide opportunities for them to sit at the executive table and to lead one of our biggest brands in the company. So I think it's just a testament to how we feel about doctors within our organization.

我們允許他們以自己想要的方式進行練習，並為他們提供機會坐在高階主管席上，領導公司最大的品牌之一。所以我認為這只是證明了我們對組織內醫生的感受。

Congrats on a good quarter.

恭喜本季取得良好業績。

Thank you. I'm showing no further questions at this time. I would now like to turn it back to Reade Fahs for closing remarks.

謝謝。我目前沒有其他問題。現在我想請雷德法赫斯作最後發言。

Thank you. Hope, and thank you all for your ongoing support over the years. Alex, Chris, and Tamara, we'll be back with you -- to you in August. Thank you all. Bye-bye.

謝謝。希望並感謝大家多年來的持續支持。亞歷克斯、克里斯和塔瑪拉，我們將於八月再次與你們見面。謝謝大家。再見。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝大家參加今天的會議。該計劃確實就此結束。您現在可以斷開連線。