National Vision Holdings Inc (EYE) 2025 Q2 法說會逐字稿

Good day and thank you for standing by. Welcome to the National Vision Holdings Q2 2025 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 National Vision Holdings 2025 年第二季電話會議。（操作員指示）請注意，今天的會議正在錄音。

I would now like to turn the conference over to your first speaker today, Tamara Gonzalez, Vice President, Investor Relations. Please go ahead.

現在，我想將會議交給今天的第一位發言者，投資者關係副總裁塔瑪拉·岡薩雷斯 (Tamara Gonzalez)。請繼續。

Thank you, and good morning, everyone. Welcome to National Vision's second quarter 2025 earnings call. Joining me on the call today are Alex Wilkes, CEO; 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 年第二季財報電話會議。今天與我一起參加電話會議的還有執行長 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」版塊查看。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.

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》中定義的前瞻性陳述。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。

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. 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.

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。該新聞稿和今天的簡報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。

We would like to draw your attention to slide 2 of 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.

我們希望您注意今天簡報的第 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 Alex. Alex?

我現在將電話轉給亞歷克斯。亞歷克斯？

Thank you, Tamara, and good morning, everyone. Thank you for joining us today to discuss our second quarter results. I'm excited to be speaking with you for the first time as CEO, having officially stepped into this position on August 1.

謝謝你，塔瑪拉，大家早安。感謝您今天加入我們討論我們的第二季業績。我於 8 月 1 日正式擔任執行長一職，很高興能以執行長的身份第一次與您交談。

Before diving into our results, I'd like to express my sincere gratitude to Reade for his tremendous leadership over the past 23 years and for his continued support as Executive Chairman. I feel privileged to lead National Vision at this time of significant transformation and accelerated growth.

在深入了解我們的業績之前，我想向里德表示誠摯的感謝，感謝他在過去 23 年裡的卓越領導以及他作為執行主席的持續支持。我很榮幸能夠在國家願景發生重大轉變和加速成長的時期領導它。

We are thrilled with the continued positive response we are seeing with our customers and throughout our organization to the changes we are making to rapidly modernize the company. Our second quarter results demonstrate that our initiatives are working and progressing at a faster pace than we had planned.

我們很高興看到客戶和整個組織對我們為快速實現公司現代化所做的改變持續做出積極的回應。我們第二季的業績表明，我們的舉措正在發揮作用，並且進展速度比我們計劃的要快。

We attribute this ongoing early success to the commitment of our teams who are enthusiastically delivering results. We have a few exciting initiatives underway for the back half of the year. Last week, we introduced our new National Vision branding and next week, we are launching a transformational campaign for America's Best, every eye deserves better, and we're excited for you to see it.

我們將這一持續的早期成功歸功於我們團隊的熱情投入和成果。我們將在今年下半年實施一些令人興奮的計畫。上週，我們推出了新的 National Vision 品牌，下週，我們將啟動「美國最佳」轉型活動，每隻眼睛都值得擁有更好的眼睛，我們很高興您能看到它。

We believe that this modern positioning of our largest brand, along with implementing a powerful new CRM platform will serve us well to attract new customers and retain our existing customer base. Given our strong year-to-date performance, we are raising our full year outlook while maintaining a prudent view on the remainder of the year against a noisy macro backdrop.

我們相信，我們最大品牌的現代化定位以及強大的新 CRM 平台的實施將有助於我們吸引新客戶並留住現有客戶群。鑑於我們今年迄今為止的強勁表現，我們上調了全年預期，同時在嘈雜的宏觀背景下對今年剩餘時間保持審慎的看法。

And now on to our Q2 results. We delivered the highest second quarter results that we've seen in recent years, including the 10th consecutive quarter of positive comp store sales growth. This quarter, we saw stronger-than-expected top and bottom line results with adjusted comp store sales growth of 5.9% and adjusted EPS of $0.18, supported by a 69% year-over-year growth in adjusted operating income.

現在來看看我們的第二季業績。我們取得了近年來第二季最高的業績，包括連續第 10 個季度實現同店銷售額正成長。本季度，我們的營收和利潤均優於預期，調整後同店銷售額成長 5.9%，調整後每股收益為 0.18 美元，調整後營業收入年增 69%。

This resulted in 180 basis point adjusted operating income margin improvement to 4.9%. Topline performance and adjusted operating income expansion are primarily related to the pricing actions we took earlier in this year, our improved product assortment, continued efforts to improve our customer experience and our focus on driving cost efficiency.

這使得調整後的營業收入利潤率提高了 180 個基點，達到 4.9%。營業收入和調整後營業收入的成長主要與我們今年稍早採取的定價行動、改進的產品組合、持續努力改善客戶體驗以及專注於提高成本效率有關。

These actions drove overall comp store sales growth, offsetting a decrease in average transactions as we anniversaried last year's promotional activity. We continue to see strength within our managed care business, which delivered low double-digit comp growth, bolstered by strong growth in both ticket and traffic.

這些舉措推動了同店銷售額的整體成長，抵銷了去年促銷活動週年紀念期間平均交易量的下降。我們的管理式醫療業務持續保持強勁勢頭，在票務和客流量強勁成長的推動下，實現了低兩位數的複合成長率。

Our cash pay business also continued to deliver positive comp growth in the low single-digit range, driven by ticket, which was similar to cash pay trends seen in Q1 even while anniversarying last year's promotional activity.

在票務的推動下，我們的現金支付業務也持續實現了低個位數的正成長，這與去年促銷活動週年紀念時第一季的現金支付趨勢相似。

Importantly, while we've experienced average ticket gains across the business, we continue to see exam to eyeglass purchase conversion hold steady. In this quarter, we saw our net promoter scores increase. A key to our success is how we deliver exceptional eye care and the strength of our doctor network.

重要的是，雖然我們整個業務的平均票價都在上漲，但我們仍然看到檢查到眼鏡購買的轉換率保持穩定。本季度，我們的淨推薦值有所增加。我們成功的關鍵在於如何提供卓越的眼科護理以及強大的醫生網絡。

Doctor coverage remains healthy. We've continued to expand our doctor coverage and improve appointment availability. And our remote exam technology reached a significant milestone this quarter, surpassing 1 million exams conducted.

醫生覆蓋率依然良好。我們不斷擴大醫生覆蓋範圍並提高預約率。我們的遠距考試技術本季達到了一個重要的里程碑，考試次數超過 100 萬次。

I'm sharing all of this, our brand evolution, enhanced capabilities and strengthened doctor network to underscore the sustainability of the strides we're making as we capitalize on the incredible runway for growth ahead. We shared that our strategy involves heightened segmentation, personalization and digitization in our messaging, product assortment, pricing architecture and consumer experience.

我分享所有這些，包括我們的品牌演變、增強的能力和加強的醫生網絡，以強調我們在利用未來令人難以置信的成長跑道時所取得的進步的可持續性。我們分享了我們的策略，包括加強資訊傳遞、產品分類、定價架構和消費者體驗的細分化、個人化和數位化。

And we've spent a lot of time talking about the great opportunity and progress we have made with expanding our managed care customer cohort, but we're also making strong progress in expanding our addressable market with progressive lens wearers and outside Rx customers, those who bring prescriptions from other providers. This contributed to growth with higher income brackets overall, particularly in the $75,000 to $100,000 range.

我們花了很多時間談論我們在擴大管理式醫療客戶群方面所取得的巨大機會和進展，但我們在擴大漸進鏡片佩戴者和外部 Rx 客戶（從其他供應商處帶來處方的客戶）的潛在市場方面也取得了長足的進步。這促進了整體較高收入階層的成長，特別是 75,000 美元至 100,000 美元範圍內的收入成長。

As we progress, we expect to continue to sharpen our product assortment, in-store experience and marketing approach to better attract and serve these customers. We continue to evolve our product assortment to meet their needs. Managed Care users have benefits allowing for frame purchases that average $130 and yet only 20% of our frames were priced over $99 at the end of last year. That is why we're moving our assortment of frames priced over $99 to approximate 40% this year through the new brands, which we are launching.

隨著我們的進步，我們希望繼續完善我們的產品分類、店內體驗和行銷方法，以更好地吸引和服務這些客戶。我們不斷改進產品種類以滿足他們的需求。管理式醫療用戶享有的福利允許他們以平均 130 美元的價格購買鏡架，但截至去年年底，我們只有 20% 的鏡架價格超過 99 美元。這就是為什麼我們今年要透過推出的新品牌，將售價超過 99 美元的鏡架系列提升至約 40%。

Our recently launched designer partnerships are performing really well with both cash pay and Managed Care customers. The L.A.M.B. and Ted Baker collections are turning at above average rates, validating our strategy of offering designer options.

我們最近建立的設計師合作關係在現金支付和管理式醫療客戶方面都表現良好。L.A.M.B. 和 Ted Baker 系列的周轉率高於平均水平，驗證了我們提供設計師選擇的策略。

And this quarter, we're excited to launch Jimmy Choo, which features high-quality and glamorous styling and HUGO BOSS known for sophisticated and modern designs. Assortment evolution is just one factor contributing to our growth.

本季度，我們很高興推出以高品質和迷人風格為特色的 Jimmy Choo 和以精緻和現代設計而聞名的 HUGO BOSS。品種的演變只是促進我們成長的一個因素。

Another significant component is our approach to the in-store experience. In May, we conducted comprehensive lifestyle training across our entire organization. This wasn't just a training exercise. It was a significant inflection point for our field team. We conducted immersive training for our associates in this new approach, and it's created significant drive and energy throughout the organization.

另一個重要部分是我們對店內體驗的態度。五月份，我們在整個組織內進行了全面的生活方式培訓。這不僅僅是一次訓練演習。對於我們的現場團隊來說，這是一個重要的轉捩點。我們採用這種新方法為員工進行了沉浸式培訓，這為整個組織帶來了巨大的動力和活力。

This training is focused on selling to the lifestyle needs of the consumer while still being an obvious destination for great value. It's a subtle nuance, but a very important one for how we are addressing our business.

這次培訓的重點是滿足消費者的生活方式需求，同時仍是實現巨大價值的明顯目標。這是一個微妙的差別，但對於我們如何處理業務來說卻非常重要。

Together, these initiatives are already showing results as we've seen growth in each target customer cohort group. In addition to these tactical changes, we are also refreshing our branding overall. During the quarter, we made significant progress with the launch of our refreshed branding for National Vision that you see featured in this quarter's earnings presentation.

總之，這些措施已經初見成效，我們看到每個目標客戶群都在成長。除了這些戰術上的變化之外，我們還在全面更新我們的品牌。在本季度，我們取得了重大進展，推出了全新的 National Vision 品牌，您可以在本季度的收益報告中看到這一品牌的展示。

This new identity is more than a visual evolution. It's a powerful expression of our purpose, our people and our momentum as we enter a new chapter for our business. Our new identity reflects the National Vision of today and tomorrow, a modern, agile, purpose-driven company committed to helping people see their best to live their best.

這種新身分不僅僅是視覺上的演變。在我們進入業務新篇章之際，它有力地表達了我們的目標、我們的員工和我們的動力。我們的新形象反映了當今和未來的國家願景，即一家現代化、靈活、目標明確的公司，致力於幫助人們看到自己最好的一面，過上最好的生活。

But I'm especially excited about America's Best fresh new look that you will see launch next week. America's Best was in need of a brand revitalization that speaks to the consumer segments that we are targeting while staying true to our strong value positioning.

但我特別興奮的是，您下週將會看到美國最佳的全新面貌。America's Best 需要品牌復興，以迎合我們所針對的消費者群體，同時保持我們強大的價值定位。

With the brand's new position that Every Eye Deserves Better, we are introducing a new look and feel that's reassuring, modern and joyful. These launches have energized our teams to rise to the occasion and meet our objective to helping people see their best to live their best.

秉承「每隻眼睛都值得更好」的品牌新定位，我們推出了一種令人安心、現代、愉悅的新外觀和新感覺。這些舉措激勵了我們的團隊迎接挑戰，實現了我們的目標，即幫助人們看到最好的自己，並過著最好的生活。

Take a look at our National Vision website to see how we've elevated and modernized National Vision's corporate look and feel and in our second quarter presentation, you'll see a sneak peek at how America's Best fresh look puts customers and their eyes front and center while staying true to our heritage of value.

請造訪我們的 National Vision 網站，了解我們如何提升和現代化 National Vision 的企業外觀和感覺，在我們的第二季度演示中，您將看到美國最佳新面貌如何將客戶和他們的目光放在首位，同時忠於我們的價值傳統。

The work we are doing to redefine our communication and brand platforms is just the beginning, and we're excited with the path we see ahead as we modernize and create a more personalized experience for our customers.

我們為重新定義我們的溝通和品牌平台所做的工作只是個開始，隨著我們實現現代化並為我們的客戶創造更個性化的體驗，我們對未來的道路感到興奮。

To that end, we're making rapid enhancements to our digital marketing and omnichannel capabilities. We are making good progress upgrading our CRM capabilities with the support of our partnership with Adobe. We successfully migrated our customer database, launched all of our pre-existing campaigns in the new system and are actively testing the new journeys being developed with the first launching this quarter.

為此，我們正在迅速增強我們的數位行銷和全通路能力。在與 Adob​​e 合作的支援下，我們在升級 CRM 功能方面取得了良好的進展。我們成功遷移了客戶資料庫，在新系統中啟動了所有現有活動，並正在積極測試正在開發的新旅程，本季首次推出。

This new platform will allow us to create new personalized journeys for all our customers and significantly enhance their experiences online. The new system is designed to greatly improve targeting precision and audience selection. We look forward to updating you further on the progress we make.

這個新平台將使我們能夠為所有客戶創建新的個人化旅程，並顯著增強他們的線上體驗。新系統旨在大幅提高定位精度和受眾選擇。我們期待進一步向您通報我們所取得的進展。

While much of our current work is focused on America's Best, we are driving improvement in Eyeglass World. Earlier this year, we made a leadership change that is bringing the right focus and urgency needed for the brand. Since putting in place the new leadership team, Eyeglass World saw its best first half performance since 2021.

雖然我們目前的大部分工作都集中在「美國最佳」上，但我們正在推動「眼鏡世界」的進步。今年早些時候，我們進行了領導層變動，為品牌帶來了正確的關注和緊迫感。自新領導團隊上任以來，Eyeglass World 取得了自 2021 年以來最好的上半年業績。

We recently made an important strategic decision to modify our doctor model in Florida to enhance the patient experience and provide greater access to care. We are excited about the transformation just beginning at EGW.

我們最近做出了一項重要的策略決策，修改佛羅裡達州的醫生模式，以增強病患體驗並提供更多的醫療服務。我們對 EGW 剛開始的轉型感到興奮。

The second quarter demonstrated meaningful progress across multiple fronts that led to strong and better-than-expected topline and bottom-line results. Our transformation initiatives are gaining traction, and our brand revitalization is energizing associates. Our customers will soon see a fresh and modern America's Best and our strategic focus on key customer segments is driving improvements in our comp sales.

第二季度，公司在多個方面取得了有意義的進展，帶來了強勁且優於預期的營收和利潤表現。我們的轉型舉措正在獲得支持，我們的品牌復興正在激勵員工。我們的客戶很快就會看到全新、現代的 America's Best，而我們對關鍵客戶群的策略重點正在推動我們的同店銷售額的成長。

Before I turn the call over to Chris, I want to thank our team again for their enthusiasm and focus as we deliver on our initiatives. I'm confident in the steps we're taking to rapidly modernize the company and accelerate growth.

在將電話轉給克里斯之前，我想再次感謝我們的團隊在我們實施計劃過程中表現出的熱情和專注。我對我們正在採取的快速實現公司現代化和加速成長的措施充滿信心。

Importantly, we're doing the things our customers want to create a joyful shopping experience with the products they love, and we are just getting started. We have years of runway ahead to continue to evolve the business.

重要的是，我們正在做客戶想要做的事情，透過他們喜愛的產品創造愉快的購物體驗，而我們才剛開始。我們還有數年的時間繼續發展業務。

The investments we're making are phased over the course of this and subsequent years, and we believe we will strengthen our position and increase shareholder value for many years to come. I look forward to unpacking our strategic vision in more detail at our Investor Day on November 17.

我們正在進行的投資將在今年及以後分階段進行，我們相信，我們將在未來許多年內鞏固我們的地位並增加股東價值。我期待在 11 月 17 日的投資者日上更詳細地闡述我們的策略願景。

With that, I'll turn it over to Chris. Chris?

說完這些，我就把麥克風交給克里斯。克里斯？

Thank you, Alex, and good morning, everyone. With a full quarter now under my belt, I am even more energized by the progress we are making and our clear path forward. As a team, we have an unwavering commitment to deliver on our stated objectives, operate the business with enhanced discipline and drive sustainable, profitable growth.

謝謝你，亞歷克斯，大家早安。經過整整一個季​​度的努力，我對於我們所取得的進展和清晰的前進道路感到更加振奮。作為一個團隊，我們堅定不移地致力於實現我們既定的目標，以更嚴格的紀律經營業務，並推動可持續的獲利成長。

As part of this commitment, we are focused on driving efficiencies across the business, leveraging our cost structure and ongoing customer value creation, resulting in ticket expansion that we believe has a multiyear trajectory. As Alex said, we look forward to sharing more on this during our upcoming Investor Day.

作為這項承諾的一部分，我們專注於提高整個業務的效率，利用我們的成本結構和持續的客戶價值創造，從而實現我們認為具有多年發展軌蹟的票務擴張。正如亞歷克斯所說，我們期待在即將到來的投資者日分享更多相關資訊。

Now I'll turn to our second quarter results as compared to the prior year period. Please refer to today's press release for reconciliations of non-GAAP financial measures to their most comparable GAAP financial measures.

現在我將介紹我們第二季的業績與去年同期的比較。請參閱今天的新聞稿，以了解非公認會計準則財務指標與最具可比性的公認會計準則財務指標的對帳情況。

For the second quarter, net revenue increased 7.7%, driven by adjusted comparable store sales growth of 5.9% and growth from new store sales. The timing of unearned revenue benefited revenue in the period by approximately 60 basis points. During the quarter, we opened eight new America's Best stores and closed five America's Best stores. We ended the quarter with a total of 1,240 stores.

第二季度，淨收入成長 7.7%，主要得益於調整後同店銷售額成長 5.9% 以及新店銷售額成長。未賺取收入的時機使本期收入受益約 60 個基點。本季度，我們新開了 8 家 America's Best 商店，同時關閉了 5 家 America's Best 商店。截至本季末，我們的門市總數為 1,240 家。

Adjusted comparable store sales growth in the period was driven by an increase in average ticket of 6.6%, which reflects the impact of price increases implemented in late 2024 and Q1 of this year as well as the benefit from our refreshed merchandising mix and new selling methods. The increase in average ticket was partially offset by a 0.4% decline in overall customer transactions as we anniversaried last year's promotions.

本期間調整後的可比店銷售成長是由平均票價成長 6.6% 推動的，這反映了 2024 年底和今年第一季實施的價格上漲的影響，以及我們更新的商品組合和新銷售方法帶來的好處。由於我們慶祝去年的促銷活動，平均票價的成長被整體客戶交易量 0.4% 的下降部分抵消。

Overall, eye exam conversion to eyeglass sales remained consistent with prior quarters, signaling customer acceptance of our new merchandising and pricing architecture, and we have continued to see strong results in managed care, supported by both positive ticket and traffic trends.

總體而言，眼科檢查轉化為眼鏡銷售的轉換率與前幾季保持一致，這表明客戶接受了我們新的行銷和定價架構，並且我們在管理式醫療方面繼續取得強勁的業績，這得益於積極的票務和客流量趨勢。

As a percentage of net revenue, costs applicable to revenue decreased approximately 170 basis points. The resulting increase in gross margin reflects growth in average ticket as well as optometrist and tech cost leverage. Given the gross margin expansion we have seen through the first half of the year, we now expect gross margin to expand slightly for fiscal 2025.

作為淨收入的百分比，適用於收入的成本下降了約 170 個基點。由此產生的毛利率成長反映了平均票價的成長以及驗光師和技術成本槓桿的成長。鑑於今年上半年毛利率的擴大，我們預計 2025 財年的毛利率將略有擴大。

Adjusted SG&A was $240 million, an increase from the second quarter of fiscal 2024. We have continued to benefit from the cost actions we took earlier this year. However, the increase in SG&A dollars was primarily driven by higher variable compensation expenses related to revenue and profitability performance during the period as well as higher health care costs.

調整後的銷售、一般及行政費用為 2.4 億美元，較 2024 財年第二季增加。我們繼續受益於今年稍早採取的成本行動。然而，銷售、一般及行政費用的增加主要是由於與本期間收入和盈利表現相關的浮動薪酬費用增加以及醫療保健成本增加所致。

As a percentage of revenue, we leveraged our core expenses, including compensation and benefits. However, total adjusted SG&A deleveraged 20 basis points, largely driven by fewer non-GAAP adjustments taken this year compared to the prior year. For the year, we continue to expect adjusted SG&A to leverage.

作為收入的百分比，我們利用了核心支出，包括薪資和福利。然而，總調整後的銷售、一般及行政費用去槓桿化了 20 個基點，這主要是因為今年進行的非 GAAP 調整與前一年相比有所減少。對於今年，我們繼續預期調整後的銷售、一般及行政開支將發揮槓桿作用。

Adjusted operating income was $23.8 million compared to $14.1 million in the prior year. Adjusted operating margin increased 180 basis points to 4.9% due primarily to the factors mentioned above. Continued margin rate expansion through delivering consumer value remains a primary focus for our team.

調整後的營業收入為 2,380 萬美元，而去年同期為 1,410 萬美元。調整後的營業利益率增加 180 個基點至 4.9%，主要由於上述因素。透過提供消費者價值來持續擴大利潤率仍然是我們團隊的主要關注點。

Net interest expense was $4.2 million compared to $3.2 million in the prior year, driven by lower interest income on our cash balances with the settlement of our convertible notes in May. Adjusted EPS increased to $0.18 per share in the second quarter of 2025 from $0.15 per share a year ago.

淨利息支出為 420 萬美元，而去年同期為 320 萬美元，原因是 5 月我們的可轉換票據結算導致現金餘額的利息收入減少。調整後每股收益從去年同期的每股 0.15 美元增至 2025 年第二季的每股 0.18 美元。

For the first half of fiscal 2025, we delivered adjusted comparable sales growth of 5.7%, adjusted operating income margin expansion of 140 basis points and nearly 20% growth in adjusted EPS compared to the prior year.

2025 財年上半年，我們實現調整後可比銷售額增長 5.7%，調整後營業收入利潤率擴大 140 個基點，調整後每股收益與上年相比增長近 20%。

Turning next to our balance sheet. We ended the period with a cash balance of approximately $48 million and total liquidity of $327 million, including available capacity from our revolving credit facility. In May, we settled the remaining $84.8 million in convertible notes through cash on hand and liquidity from our revolving credit facility.

接下來看看我們的資產負債表。本期間結束時，我們的現金餘額約為 4,800 萬美元，總流動資金為 3.27 億美元，其中包括循環信貸額度的可用容量。5 月份，我們透過庫存現金和循環信貸額度中的流動資金結算了剩餘的 8,480 萬美元可轉換票據。

As of June 28, our total debt outstanding, net of unamortized discounts was $272 million. And for the trailing 12 months, we ended the period with net debt to adjusted EBITDA of 1.3 times. Year-to-date, we generated operating cash flow of $87 million and invested $32 million in capital expenditures, primarily driven by investments in new and existing stores and remote exam technology.

截至 6 月 28 日，扣除未攤銷折扣後，我們的未償還債務總額為 2.72 億美元。在過去的 12 個月中，我們的淨債務與調整後 EBITDA 比率為 1.3 倍。年初至今，我們產生了 8,700 萬美元的營運現金流，並投資了 3,200 萬美元的資本支出，主要來自對新店和現有商店以及遠距考試技術的投資。

We continue to maintain a strong balance sheet and healthy cash flow to support our growth and capital allocation priorities. I am also happy to announce that we successfully implemented the first phase of our new ERP focused on finance and accounting in Q2. The implementation of this platform serves as a proof point of our ability to execute on the modernization of our business.

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。我也很高興地宣布，我們在第二季度成功實施了以財務和會計為重點的新 ERP 的第一階段。該平台的實施證明了我們執行業務現代化的能力。

Moving now to our outlook. Based on the successful execution of our initiatives, we are raising our expectations for the year. We now expect revenue between $1.93 billion and $1.97 billion, adjusted comparable sales growth of 3% to 5%, adjusted operating income between $85 million to $95 million and adjusted EPS of $0.62 to $0.70, which assumes approximately 80 million weighted average diluted shares outstanding.

現在轉到我們的展望。基於我們各項措施的成功實施，我們提高了對今年的期望。我們現在預計收入在 19.3 億美元至 19.7 億美元之間，調整後可比銷售額增長 3% 至 5%，調整後營業收入在 8,500 萬美元至 9,500 萬美元之間，調整後每股收益在 0.62 美元至 0.70 美元之間，假設流通在外的加權平均稀釋股數約為 800 萬股數。

As a reminder, this outlook incorporates the benefit of a 53rd week, which we estimate will add approximately $35 million of net revenue and approximately $3 million of adjusted operating income for the year, though it will not impact adjusted comparable store sales growth, which is calculated on a 52-week basis.

提醒一下，這項展望包含了第 53 週的好處，我們估計這將為全年增加約 3500 萬美元的淨收入和約 300 萬美元的調整後營業收入，但不會影響以 52 週計算的調整後可比店面銷售額增長。

We expect to continue to benefit from our previous pricing actions and have not assumed additional pricing actions in our guidance. We will continue to evaluate the consumer response to our evolving merchandising assortment and selling techniques together with the pricing we've taken and use these insights to inform our next steps.

我們預計將繼續受益於我們先前的定價行動，並且在我們的指導中沒有假設額外的定價行動。我們將繼續評估消費者對我們不斷發展的商品組合和銷售技巧以及我們所採取的定價的反應，並利用這些見解來指導我們的下一步。

As we've mentioned, pricing strategy is an important component of our annual cycle, and we expect to share more on our plans on our next earnings call. Our guidance assumes that second half traffic trends are in line with our Q2 performance, given the continued uncertainty in the macroeconomic environment.

正如我們所提到的，定價策略是我們年度週期的重要組成部分，我們希望在下次財報電話會議上分享更多有關我們計劃的資訊。鑑於宏觀經濟環境的持續不確定性，我們的指導假設下半年的客流量趨勢與我們第二季的業績一致。

We remain optimistic about the launch of our new CRM platform and America's Best brand assets, but we believe it's prudent to wait until we have proof points of their impact on consumer behavior before we incorporate any potential benefit in our guidance.

我們仍然對新 CRM 平台和美國最佳品牌資產的推出持樂觀態度，但我們認為，在將任何潛在利益納入我們的指導之前，應該等到我們有證據證明它們對消費者行為的影響。

With respect to costs, our outlook continues to incorporate $12 million of expense savings from actions taken earlier this year and now incorporates higher expenses related to variable incentive compensation as well as increased health care costs based on updated trends.

關於成本，我們的預測繼續包含今年稍早採取行動節省的 1,200 萬美元費用，現在還包含與可變激勵薪酬相關的更高費用以及基於最新趨勢增加的醫療保健成本。

On our last earnings call, we committed to monitoring the evolving tariff environment and to mitigate the P&L impact created by the new regulatory environment. The latest tariff policies as of August 1 has significantly reduced the anticipated impact on our business from our Q1 estimates, and our raising guidance includes both the anticipated impact of tariffs and our mitigation strategies.

在我們上次的財報電話會議上，我們承諾監控不斷變化的關稅環境，並減輕新監管環境造成的損益影響。截至 8 月 1 日的最新關稅政策已大大降低了我們第一季業務預期受到的影響，我們上調的指引既包括關稅的預期影響，也包括我們的緩解策略。

We are very pleased with the progress our team is making in partnership with Accenture on our cost optimization strategy. We recently completed our initial analysis in identifying key areas of cost opportunity. And as we begin to implement actions in these areas, we will provide a more comprehensive update on the potential savings opportunities we have across the organization.

我們對我們的團隊與埃森哲合作在成本優化策略方面的進展感到非常高興。我們最近完成了初步分析，確定了成本機會的關鍵領域。當我們開始在這些領域採取行動時，我們將更全面地更新整個組織的潛在節約機會。

Now turning to our expectations for capital expenditures. As you will see in our press release, CapEx has come down a bit to a range of $87 million to $90 million. This change is largely driven by our expectation that we will now open approximately 32 new stores this year as certain projects have shifted into fiscal 2026.

現在來談談我們對資本支出的預期。正如您在我們的新聞稿中看到的，資本支出略有下降，達到 8700 萬美元至 9000 萬美元之間。這項改變主要是因為我們預計今年我們將開設約 32 家新店，因為某些項目已轉移到 2026 財年。

Considering planned closures for the year, we expect to open 12 net new stores. This includes 17 America's Best stores opened through the end of Q2 and an expected remaining 15 openings to be largely weighted in Q4.

考慮到今年計劃關閉的門市，我們預計將淨開設 12 家新店。其中包括截至第二季末新開的 17 家美國最佳商店，預計剩餘 15 家新店將主要在第四季開業。

In addition to these new stores, we expect to close 20 stores in total this year. This includes 3 store closures expected in Q4. For all other details regarding our outlook, please refer to today's press release. And with that, I would like to thank you for your participation in today's call.

除了這些新店之外，我們預計今年還將關閉20家門市。其中包括預計第四季度關閉的 3 家門市。有關我們展望的所有其他詳細信息，請參閱今天的新聞稿。最後，我要感謝您參加今天的電話會議。

Operator, we are now ready for questions.

接線員，我們現在可以回答問題了。

(Operator Instructions) Simeon Goodman, Morgan Stanley.

（操作員指示）西蒙·古德曼，摩根士丹利。

Hey, good morning, guys. A good quarter. My first question is on the managed care expansion. Can you talk about, is there a visibility in the number or the percentage of new plans that you could get into as we go through contract renewal season, maybe that's done?

嘿，大家早安。一個好的季度。我的第一個問題是關於管理式醫療擴展。您能否談談，在我們經歷合約續約季節時，您可以獲得的新計劃的數量或百分比是否有可見性，也許已經完成了？

And any framework of number of plans or percentage new plans and then where you are in penetration by plan so we can get a sense of what the runway looks like in managed care? Thanks.

是否有任何計劃數量或新計劃百分比的框架，然後按計劃滲透到哪裡，以便我們了解管理式醫療的運作情況？謝謝。

Hey, Simeon. Thanks for the question. Yes, again, we're really happy with our managed care growth in the quarter. We grew managed care up in the low double-digit range. So continue to see nice traction there.

嘿，西緬。謝謝你的提問。是的，我們對本季管理式醫療的成長感到非常滿意。我們的管理式醫療服務實現了兩位數的低點成長。因此，繼續看到那裡的良好發展勢頭。

We haven't really talked, and we won't talk specifically about individual plans and plan participation. I will say that we are continuing on our North Star of managed care growth and mix is around the 50% range, and we're continuing to push right along that path.

我們還沒有真正談論過，我們也不會具體談論個人計劃和計劃參與。我想說的是，我們將繼續朝著管理式醫療成長的北極星前進，並且組合比例在 50% 左右，我們將繼續沿著這條道路前進。

Okay. And then thinking about the cash customer, is there a line of sight on getting volumes to positive, not just ticket -- I'm sorry, traffic, not just ticket? How do you think about that?

好的。然後考慮一下現金客戶，是否有辦法讓交易量變成正值，而不僅僅是票數——對不起，是流量，而不僅僅是票數？您對此有何看法？

Yeah. No, great question. So there's a couple of dynamics to think about here. One is the cash pay cohort is continuing to shrink as more cash pay consumers become managed care customers. So our data would suggest there was about a 2% mix shift from the cash pay cohort into managed care year-over-year. So that's one dynamic to think about.

是的。不，這個問題問得好。這裡有幾個動態因素要考慮。一是隨著越來越多的現金支付消費者成為管理式醫療客戶，現金支付群體持續縮小。因此，我們的數據表明，與去年同期相比，從現金支付群體向管理式醫療的轉變約為 2%。這是一個值得思考的動態。

So that being said, we're looking to control our own destiny with the cash pay cohort. It's primarily one of the reasons we're reinventing our America's Best approach to marketing, both our campaign assets and our approach to CRM is really rooted in this idea that we're going to control our own destiny on the cash pay consumer that has not been as resilient as the managed care customer in the post-COVID period.

所以，話雖如此，我們希望透過現金支付群體來掌握自己的命運。這主要是我們重塑美國最佳行銷方法的原因之一，我們的行銷活動資產和 CRM 方法都植根於這樣一種理念：我們將掌控自己的命運，而現金支付消費者的韌性不如後疫情時期的管理式醫療客戶。

So we're pleased with what's occurring. We're pleased that the cohort of cash pay is comping positive once you aggregate both traffic and ticket. And we're looking to drive, like I said, drive our own destiny as it pertains to that cohort through our marketing activities.

因此，我們對正在發生的事情感到滿意。我們很高興看到，一旦您匯總了流量和票務，現金支付群體就會產生積極的影響。正如我所說，我們希望透過行銷活動來掌控這群人的命運。

Michael Lasser, UBS.

瑞銀集團的麥可拉瑟。

Good morning. Thank you so much for taking my question. As you unpack the America's Best comp from the second quarter, how much of the growth came from like-for-like price increases on same SKUs? How much came from elevating the assortment to a greater percentage of your SKUs above $100? And did the first two factors contribute to the traffic decline that was experienced in the second quarter? Thank you very much.

早安.非常感謝您回答我的問題。當您分析第二季度美國最佳公司的業績時，有多少成長來自於相同 SKU 的同類價格上漲？將 SKU 的種類增加到 100 美元以上的比例，帶來了多少收益？前兩個因素是否導致了第二季客流量的下降？非常感謝。

Hey, good morning. So as we look at both Q2 and year-to-date results, we're seeing improvements in ticket driven by both the price actions we've taken and mix. The majority of the impact was driven by price actions. But keep in mind that we're continually refreshing our assortment. So we haven't had a lot of these frame board assortments in place for the entire quarter.

嘿，早安。因此，當我們查看第二季和年初至今的結果時，我們看到票價有所改善，這得益於我們採取的價格行動和組合。大部分的影響是由價格行為所驅動。但請記住，我們正在不斷更新我們的產品種類。因此，整個季度我們還沒有部署很多此類框架板組合。

As we think through the second half of the year, we expect to see a continued evolution of that mix. In terms of the traffic impact, what we're -- the interesting that we're seeing both on managed care and on cash pay is that consumers are actually trading up into these more premium frame assortments as well as some of our more premium lens assortment.

當我們展望下半年時，我們預計這種組合將繼續演變。就流量影響而言，有趣的是，我們在管理式醫療和現金支付方面看到的是，消費者實際上正在購買這些更高端的鏡架系列以及一些更高端的鏡片系列。

So what's telling us is the changes we're making are resonating with both cash pay and managed care consumers, and we don't have any reason to believe that the assortment changes we're making are getting cash pay customers to opt out.

所以，這告訴我們，我們所做的改變引起了現金支付和管理式醫療消費者的共鳴，我們沒有任何理由相信我們所做的分類改變會讓現金支付客戶選擇退出。

Okay. My follow-up question is on the margin outlook for the business. National Vision's operating margin is on track to be 4.5% to 5% this year. Historically, the company has achieved an operating margin in the 6.5% to 7% range. So how quickly do you think you can recapture that 200 basis points of gap between what you're expecting this year and where it's been historically?

好的。我的後續問題是關於該業務的利潤前景。National Vision 今年的營業利益率預計將達到 4.5% 至 5%。從歷史上看，該公司的營業利潤率在 6.5% 至 7% 之間。那麼您認為多久可以彌補今年預期與歷史水準之間的 200 個基點的差距？

And should we think about the historic peak as an upward bound of where National Vision's margin can go? Or alternatively, just given all the actions that have been taken along with the elevated assortment, there can be a new peak margin opportunity on the horizon. Thank you very much.

我們是否應該將歷史高峰視為國家願景利潤上升的界線？或者，僅僅考慮到已經採取的所有行動以及增加的品種，就可能出現新的高峰利潤機會。非常感謝。

Thank you. Look, I think margin expansion is a primary focus for this management team. We're really excited about the margin expansion we saw through the first half and what we're guiding to. Without speaking to kind of multiyear outlook, what I can say is that we'll provide a little more context in our Investor Day coming up here in a few months.

謝謝。看，我認為利潤率的擴大是這個管理團隊的主要關注點。我們對上半年的利潤率擴張以及我們的預期感到非常興奮。我不談論多年的展望，但我可以說的是，我們將在幾個月後舉行的投資者日上提供更多背景資訊。

But the actions we're taking both on the assortment changes on some of the CRM activity, on the cost controls that we're implementing in our partnership with Accenture are all hyper focused on expanding our operating margin rate.

但是，我們在部分 CRM 活動的組合變化以及與埃森哲合作實施的成本控制方面採取的行動都高度集中於提高我們的營業利潤率。

Paul Lejuez, Citi.

花旗銀行的 Paul Lejuez。

Hey, thanks, guys. A couple of questions. Can you talk about what your actual average price point is to the cash paying customer and what it is for the managed care customer and how each has changed year-over-year, what you're seeing this quarter?

嘿，謝謝大家。有幾個問題。您能否談談現金支付客戶的實際平均價格是多少，以及管理式醫療客戶的實際平均價格是多少，以及這兩個價格與去年同期相比有何變化，以及您在本季度看到了什麼？

And I guess even bigger picture, do you think the cash pay customer is pushing off purchases? Or are they shopping somewhere else? Curious if you think you might be losing share to someone in that demographic. And then last, just if you can talk about any regional differences, strengths, weaknesses?

我想從更大的角度來看，您是否認為現金支付客戶正在推遲購買？還是他們正在其他地方購物？我很好奇您是否認為您可能會失去該人群中的某個人的市場份額。最後，您能談談地區差異、優勢和劣勢嗎？

Yeah. Hey, Paul. Good morning. So yeah, first and foremost, we do see that the managed care transaction is generally a higher transaction than the cash pay transaction, right? I mean these are folks that generally have a higher degree of benefit that also points them to leverage their benefit and use it against some higher-quality lenses and some higher quality frames.

是的。嘿，保羅。早安.是的，首先，我們確實看到管理式醫療交易通常比現金支付交易更高，對嗎？我的意思是，這些人通常具有更高程度的利益，這也引導他們利用自己的利益，並將其用於一些更高品質的鏡片和一些更高品質的鏡框。

So yeah, so the ticket on the managed care consumer generally outstrips that of the cash pay customer. And certainly, we think that's a significant tailwind in our business. And again, one of the reasons that we're so focused on that managed care consumer cohort.

是的，管理式醫療消費者的票價通常高於現金支付客戶的票價。當然，我們認為這對我們的業務來說是一個巨大的推動力。這也是我們如此關注管理式醫療消費者群體的原因之一。

One of the things as it relates to the cash pay consumer, and Chris touched on this a little bit, this last quarter, we actually chose not to anniversary our promotion from last year, which was really a promotion focused at a heavily value-seeking cash pay consumer.

其中一件事與現金支付消費者有關，克里斯稍微談到了這一點，上個季度，我們實際上選擇不紀念去年的促銷活動，這實際上是一次針對高度追求價值的現金支付消費者的促銷活動。

So with our small decline in traffic, we're actually really pleased with that result, given the choice to not chase that really low-end cash pay consumer with a really sharp promotional message that we had last year. So I think, all in all, a really nice result there.

因此，儘管我們的流量略有下降，但我們對這個結果感到非常滿意，因為我們選擇不再像去年那樣用非常尖銳的促銷信息來追逐那些低端現金支付消費者。所以我認為，總的來說，這是一個非常好的結果。

That being said, we still see, like I mentioned, a little bit less resiliency on the cash pay consumer from a purchase cycle perspective. It hasn't changed markedly from previous quarters. But again, this is why we're making the investments we are in marketing and acquisition to once again control our own destiny and reactivate that consumer that has been a bit more latent.

話雖如此，正如我所提到的，從購買週期的角度來看，我們仍然看到現金支付消費者的彈性稍差一些。與前幾季相比，並沒有明顯變化。但同樣，這就是我們在行銷和收購方面進行投資的原因，以便再次掌控自己的命運並重新激活那些潛在的消費者。

And then just the regional differences to call out?

然後只需要指出地區差異嗎？

No. We don't see really any significant regional differences. I said this before related to seasonality in this business. We see moguls not mountains. I think the same thing holds true for geographic differences. I mean there's some minor differences related to different managed vision care plan participation, different kind of socioeconomic factors to consider.

不。我們確實沒有看到任何顯著的地區差異。我之前說過這與這個行業的季節性有關。我們看到的是雪丘，而不是山峰。我認為地理差異也存在同樣的情況。我的意思是，不同的管理視力保健計劃參與度存在一些細微的差別，需要考慮不同類型的社會經濟因素。

But generally, we don't see any major regional differences in strength or weaknesses. That being said, I've talked about this previously, one of the reasons that we are going to continue to invest in our tech stack, specifically around merchandising ERP is to take advantage of nuances in the market where there could be different desires for different assortments.

但整體而言，我們並未發現地區間在優勢或劣勢上有任何重大差異。話雖如此，我之前已經談過這個問題，我們將繼續投資於我們的技術堆疊的原因之一，特別是在商品 ERP 方面，是為了利用市場中的細微差別，因為市場對不同商品可能有不同的需求。

Again, we're not there today, but we do anticipate to be there in the back half of '26, where we can do some tailor market assortment of product by market, and we do think that will play. Again, not really a strength or weakness by geography, but I think it certainly speaks to our opportunity to be a bit more hyper segmented to where individual consumer wants and desires lie.

再說一次，我們今天還沒有達到這個目標，但我們確實預計在 26 年下半年能夠達到這個目標，屆時我們可以根據市場對產品進行一些定制市場分類，我們確實認為這會發揮作用。再說一次，這並不是地理上的優勢或劣勢，但我認為這確實說明了我們有機會進一步細分，以滿足個人消費者的需求和願望。

Yeah. Just one follow-up. You mentioned a $130, I think, spending power when you're talking about the managed care customers. Did I hear that right? And I was just trying to understand where your average ticket is with that customer relative to that number.

是的。僅需一次跟進。當您談論管理式醫療客戶時，我認為您提到了 130 美元的消費能力。我沒聽錯吧？我只是想了解相對於這個數字，該客戶的平均票價是多少。

Yeah. So the $130 is the average mark of what plans pay for -- allow managed care consumers to get where there's zero out-of-pocket on the frame component of the transaction. And again, I mean, the math on this is pretty straightforward, right?

是的。因此，130 美元是計劃支付的平均金額——允許管理式醫療消費者在交易框架部分無需自掏腰包。再說一次，我的意思是，這方面的數學計算非常簡單，對吧？

The average plan pays $130. The 20% of our mix was $99 and above, and we're moving to 40% of our mix being $99 and above to more closely match our mix of managed care consumers and basically serve them better frames at a price point to let them take better advantage of what their plans allow them to enjoy.

平均計劃支付 130 美元。我們的產品組合中 20% 的價格為 99 美元及以上，而我們將把產品組合中 40% 的價格提高到 99 美元及以上，以更緊密地匹配我們的管理式醫療消費者組合，並以合適的價格為他們提供更好的服務，讓他們能夠更好地享受他們的計劃所能提供的服務。

Adrienne Yih, Barclays.

巴克萊銀行的 Adrienne Yih。

Great. Thank you very much and congratulations on the great start to the year. My question is, typically, the eye care, the vision care on an annual or biannual basis is pretty sticky. You get kind of people who have their doctor or wherever they go. How are you actually targeting and marketing the [$75,000 to $100,000] cohort? Where are you doing it?

偉大的。非常感謝，並祝賀您今年有了一個良好的開端。我的問題是，通常情況下，每年或每兩年進行一次的眼睛護理、視力護理是相當棘手的。你會遇到這樣的人，他們有自己的醫生或無論去哪裡。您實際上是如何瞄準和行銷 [75,000 美元至 100,000 美元] 群體的？你在哪裡做這件事？

How are you reaching out to them? And how easy, I'll put that in quotes, is it to kind of get them to transact to move kind of the records and all that stuff to kind of America's Best? And then secondarily, can you comment on like the dark, dim locations, how you've been able to incorporate the telehealth and increase the capacity utilization of the optometrists? Thank you so much.

您如何與他們取得聯繫？那麼，讓他們透過交易將唱片和所有這些東西轉移到美國最佳唱片公司有多容易呢？我會用引號引起來。其次，您能否評論一下，在黑暗、昏暗的地方，您是如何結合遠距醫療並提高驗光師的產能利用率的？太感謝了。

You got it. And Adrienne, thanks so much for the commentary. Yes, I mean, your point is spot on. It's one of the reasons we are significantly reinventing how we approach marketing within the company. Historically, we have done really, really well at advertising on linear TV and pumping a bunch of money into search marketing.

你明白了。艾德麗安，非常感謝你的評論。是的，我的意思是，你的觀點很正確。這也是我們徹底改變公司內部行銷方式的原因之一。從歷史上看，我們在線性電視廣告和搜尋引擎行銷方面投入了大量資金，做得非常出色。

And that was a good strategy for a time when we were chasing the cash pay consumer and when a large majority of our customer was not in that cohort group that we're chasing today. So as we shift our campaign strategy to be a bit more elevated, to be a bit sharper, to be more joyful, to be more modern, we're also going to be shifting our approach to media.

在我們追逐現金支付消費者的時代，這是一個很好的策略，因為我們的大多數客戶並不屬於我們今天追逐的群體。因此，當我們改變競選策略，使其更加高貴、更加敏銳、更加快樂、更加現代化時，我們也將改變我們的媒體方式。

So where historically, we've spent -- I'd like to talk about the marketing funnel, historically, we invested in the shape of a barbell, right? So a lot in upper funnel and a lot in lower funnel, and we didn't do a whole bunch in mid. This new campaign is going to allow us to do more in social.

那麼從歷史上看，我們花了多少錢——我想談談行銷漏斗，從歷史上看，我們投資的是槓鈴的形狀，對嗎？因此，上部漏斗中有很多，下部漏斗中也有很多，而我們在中間沒有做很多事情。這項新活動將使我們在社交方面做更多的事情。

It's going to allow us to do more in digital, and that's specifically the channels that we believe those consumers cohorts sit. So new campaign will allow us to be better, sharper in mid-funnel marketing, which we haven't historically been. So that's one component to it.

它將使我們能夠在數位領域做更多的事情，而這正是我們認為那些消費者群體所處的管道。因此，新的活動將使我們在漏斗中部行銷方面做得更好、更敏銳，這是我們過去從未做到過的。這是它的一個組成部分。

The second piece is around -- when I talk about CRM and the evolution that it's going to allow us to take, historically, our CRM messages have been one to many. If we have 10 consumers step foot in our door, historically, those 10 consumers were getting the same message when they were kind of due to be in the repurchase cycle.

第二部分是——當我談論 CRM 及其將允許我們實現的演變時，從歷史上看，我們的 CRM 資訊一直是一對多的。如果有 10 位消費者踏進我們的門，從歷史上看，當這 10 位消費者即將進入回購週期時，他們都會收到相同的訊息。

Go forward, we will have better information about customer demographic, their income demographic, their purchases to allow us to be much more targeted and personalized to their specific needs to their purchase history and to their individual segments. So at the macro level, if you can think about what we're doing, we're moving from a company that marketed one to many more to a one-to-one marketing engine across our platform.

展望未來，我們將獲得有關客戶人口統計、收入人口統計、購買情況的更詳細信息，以便我們能夠更有針對性地個性化滿足他們的特定需求、購買歷史和個人細分市場。因此，從宏觀層面來看，如果你能想想我們正在做什麼，我們正從一家透過一對多行銷的公司轉變為透過我們的平台進行一對一行銷的公司。

So that's a little bit more of a probably deep dive than you were maybe even expecting. And in November, we're going to have a much deeper dive and share campaign assets and a bit more of a deep dive into our tech stack that's going to enable us to accomplish all of those things.

因此，這可能比您預期的要深入一些。11 月，我們將進行更深入的研究，分享競選資產，並更深入地研究我們的技術堆棧，這將使我們能夠完成所有這些事情。

In regards to dark, dim locations, we're super happy with the progress that we've made there. Our dark and dim is within the prior range what it was in Q1. From a doctor recruiting perspective, we, as in previous years, are recruiting over 10% of the graduating class.

對於黑暗、昏暗的地方，我們對在那裡的進展感到非常滿意。我們的暗淡程度與第一季持平，處於先前的範圍內。從醫師招募角度來看，我們與往年一樣，招募了超過10％的畢業生。

And as it pertains to doctor retention, actually, our doctor retention numbers this last quarter were the best in recent memories. So from an OD perspective, we think we're in a really, really good spot, and we're confident where we sit.

至於醫生保留率，實際上，我們上個季度的醫生保留率是近年來最好的。因此，從 OD 的角度來看，我們認為我們處於一個非常非常好的位置，我們對自己的現狀充滿信心。

Right. And then one follow-up for Chris. You said that, obviously, the new tariff regime, meaning the China 145% to 30%, I think that happened right after you reported like a week after. So previously, you had said $10 million to $15 million of unmitigated, and it was not included in the outlook. Now that it's at 30%, is this now -- I guess it's kind of inconsequential. Is that a fair way to think about it?

正確的。然後是克里斯的後續問題。您說，顯然，新的關稅制度，即對中國的關稅從 145% 降至 30%，我認為這是在您報告一周後就發生的。所以之前您說過未減免的金額為 1000 萬至 1500 萬美元，但這並沒有包括在展望中。現在這個比例已經是 30% 了，我想這已經不重要了。這樣思考是否公平？

Yeah. That's exactly right. Between updates in the regulatory environment as well as, frankly, conversations with our strategic partners about what tariff impact on our supplies that we would or would not be willing to accept.

是的。完全正確。在監管環境的更新以及與我們的策略夥伴坦率地討論我們願意或不願意接受的關稅對我們的供應的影響之間。

It's really something that we've incorporated in the guidance. It's fractional compared to our last estimate, and we've put in place a few cost mitigation strategies in our outlook to offset any impact of the incremental tariffs.

這確實是我們在指南中納入的內容。與我們上次的估計相比，這只是一小部分，我們在展望中製定了一些成本緩解策略，以抵消增量關稅的影響。

Kate McShane, Goldman Sachs.

高盛的凱特·麥克沙恩。

Hi. Good morning. Thanks for taking our question. We wanted to ask about Eyeglass World. I know it's a smaller part of the business, but you mentioned in the prepared comments, there's been some new leadership changes there. And we're just wondering how you think about this banner in the context of the transformational strategy and what goals you have set for that banner?

你好。早安.感謝您回答我們的問題。我們想詢問有關眼鏡世界的情況。我知道這只是業務中較小的一部分，但您在準備好的評論中提到，那裡發生了一些新的領導層變動。我們只是想知道，在轉型策略的背景下，您如何看待這個橫幅，以及您為這個橫幅設定了什麼目標？

No. Great question, Kate. And again, I'll reemphasize how we couldn't be more pleased with the change in direction we're seeing in Eyeglass World. Our new leader of that brand has just working with an incredible urgency, has the team rallied and is making the significant changes and has a great road map for the next couple of years to drive improved results.

不。很好的問題，凱特。我要再次強調，我們對《眼鏡世界》的發展方向的改變感到非常高興。我們品牌的新領導者剛剛以令人難以置信的緊迫感開展工作，團結團隊並做出重大改變，並為未來幾年制定了出色的路線圖，以推動業績的改善。

So second quarter positive comps at 2.8% at Eyeglass World. It's the best first half of Eyeglass World that we've seen since 2021. Again, I think a proof point that it's working. We've recently made a significant shift and change to our doctor model in Florida.

因此，Eyeglass World 第二季的銷售額年增 2.8%。這是自 2021 年以來我們看到的最好的眼鏡世界上半場。再次，我認為這是它正在發揮作用的證明點。我們最近對佛羅裡達州的醫生模式進行了重大轉變和改變。

So Florida is about 40 of our 120 or so Eyeglass World locations where we had a doctor model concentrated with kind of one master sublease, and we've changed that doctor model to more closely mimic what we do at America's Best in terms of having an employee structure. So we think all of those things have really positioned Eyeglass World well.

因此，在佛羅裡達州，我們的 Eyeglass World 共有 120 家門市，其中 40 家位於佛羅裡達州，我們之前採用的是一種集中式醫生模式，採用一種主轉租的方式，而我們已經改變了這種醫生模式，使其在員工結構方面更接近我們在 America's Best 的做法。因此，我們認為，所有這些因素都為 Eyeglass World 奠定了良好的地位。

As I said, we're launching new America's Best campaign next week. And once we kind of get that under our belt and stabilize, and we feel good about all of our creative assets and our brand direction there, we've asked the agency to their next remit is to look at Eyeglass World and think about the brand, think about how do we modernize Eyeglass World, how do we think about our positioning? How do we think about where we invest our media dollars at EGW.

正如我所說，我們將於下週啟動新的“美國最佳”活動。一旦我們掌握了這些並穩定下來，並且對我們所有的創意資產和品牌方向感到滿意，我們就會要求該機構的下一個任務是研究 Eyeglass World 並思考品牌，思考我們如何使 Eyeglass World 現代化，我們如何考慮我們的定位？我們如何考慮在 EGW 投資媒體資金？

So again, really nice progress, great kind of early innings results, super happy with what we've seen in the first half of the year and with layering on additional investments and additional thought into how the brand evolves, just feel great about the direction that Eyeglass World has.

所以，再次說一下，進展確實不錯，初期取得了很好的成績，我們對上半年看到的情況非常滿意，並且隨著額外投資和對品牌如何發展的額外思考，我們對 Eyeglass World 的發展方向感到非常滿意。

Thank you. And as a second question, we just wanted to ask about going forward real estate strategy. Just as you think about moving your business more towards a managed care customer, can we expect any kind of meaningful change in terms of how you source your real estate locations versus what you have already built out today?

謝謝。第二個問題，我們只是想問未來的房地產策略。正如您考慮將您的業務更多地轉向管理式醫療客戶一樣，我們是否可以期待您在選擇房地產地點方面發生任何有意義的變化，而不是您目前已經建成的房地產地點？

Yeah. So I wouldn't say it's going to inform a wholesale shift in our real estate strategy. Certainly, I think we will be including data points go forward that we might not have in the past around like concentration of managed care lives as an input into our real estate model.

是的。因此，我不會說這會影響我們房地產策略的全面轉變。當然，我認為我們將把過去可能沒有的資料點（例如管理式醫療生活的集中度）作為我們房地產模型的輸入。

That's something that historically hasn't been considered as much as it will be go forward. But in terms of types of real estate and where we look to invest, we're still focused on regional power centers anchored by strong national retail brands. That will not change.

從歷史上看，這個問題還沒有被充分考慮過，但未來將會受到重視。但就房地產類型和投資方向而言，我們仍然專注於以強大的全國零售品牌為基礎的區域實力中心。這一點不會改變。

We think, obviously, those are great centers to be co-located in. But in terms of where we might expand into markets and additional geographies, certainly, we will be considering concentration of managed care lives as one of the factors in our decision criteria.

我們認為，顯然，這些都是非常適合共置的中心。但就我們可能擴展到哪些市場和其他地區而言，我們肯定會將管理式醫療保健的集中度作為我們決策標準的因素之一。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

Thank you. Two for me. One, just curious on the closures, kind of what kind of stores you're closing and the strategy there as far as how many more in the fleet you think you can rationalize? And the demand environment, where you think we are in the repurchase cycle? Has that recovered?

謝謝。對我來說是兩個。首先，我只是對關閉商店的情況感到好奇，您關閉的是哪種類型的商店，以及您認為可以合理化關閉多少家商店的策略？就需求環境而言，您認為我們處於再購買週期的哪個階段？已經恢復了嗎？

And I guess the context for that question is I feel like there either is confusion or risk of confusion as to whether or not you're walking away from kind of the core lower income consumer. And it sounds like there's more deliberate action in which you're keeping that consumer, maybe yielding them up to some capacity. Anything there would help. Thank you.

我想，提出這個問題的背景是，我覺得有混淆或混淆的風險，也就是你是否正在遠離核心低收入消費者。聽起來，你們正在採取更謹慎的行動來留住這些消費者，甚至可能讓他們發揮出一定的潛力。那裡的任何東西都會有幫助。謝謝。

Yeah. Great question. Thanks, Dylan. Look, when we think about our store closures, we're rationalizing the fleet, looking at a couple of areas, A, just overall ability to generate profitability and whether that profit is accretive to the portfolio in general. B, as demographics are shifting, as populations are shifting, we're looking at are we able to recruit a doctor in that location to provide the best experience possible.

是的。好問題。謝謝，迪倫。你看，當我們考慮關閉門市時，我們正在對門市隊伍進行合理化調整，考慮幾個方面，A，整體盈利能力以及該利潤是否對整個投資組合有增值作用。B，隨著人口結構的變化，隨著人口的變化，我們正在研究是否能夠在該地區招募醫生以提供盡可能最好的體驗。

And then, C, I mean, we're really just looking at where do we want to be from a concentration perspective in the future. So opportunistically, as leases are renewing, we're taking a look at is this a place that we want to continue to operate in the long term. And if it's not solving for being part of what we see as aligned to our future initiatives, then we'll take the action to close the store.

然後，C，我的意思是，我們實際上只是在考慮從未來集中度的角度來看我們想要達到什麼水平。因此，隨著租約的續約，我們正在考慮這是否是我們想要長期繼續經營的地方。如果該解決方案不符合我們未來的計劃，那麼我們將採取行動關閉該商店。

These are all largely aligned to what we communicated in Q4 of 2024 in terms of our rationalization strategy. We still feel great about the footprint that we have. So I wouldn't expect any massive changes or significant upticks in the pace of our closures. We still feel like the overall balance of the portfolio is very healthy.

這些都與我們在 2024 年第四季就合理化策略所傳達的內容基本一致。我們仍然對自己所擁有的足跡感到十分滿意。因此，我預計我們的關閉速度不會發生任何重大變化或顯著加快。我們仍然覺得投資組合的整體平衡非常健康。

Yeah. Hey. And Dylan, I'll take the one on the demand environment. So from a cash pay perspective, again, we're still not seeing that return to pre-COVID purchase cycle that we all love. But that being said, our cash pay -- everything we're doing is related to lifestyle selling, assortment, pricing is also having a strong benefit on the cash pay consumer.

是的。嘿。迪倫，我將討論需求環境。因此，從現金支付的角度來看，我們仍然沒有看到我們都喜歡的恢復到 COVID 之前的購買週期。但話雖如此，我們的現金支付——我們所做的一切都與生活方式銷售、分類、定價有關，也為現金支付消費者帶來了巨大的利益。

We've seen the cash pay customers raise their hands and opt into better product, better frames, better lenses and better lens attachment, all coming through our kind of lifestyle selling approach. So your point and your question around are we generating additional yield out of that cash pay consumer? The answer is absolutely yes. And we're really pleased that, that cash pay consumer is migrating along with theholistic strategy that we put in place.

我們看到現金支付的顧客紛紛舉手選擇更好的產品、更好的鏡架、更好的鏡片和更好的鏡頭配件，而這一切都源自於我們這種生活方式的銷售方式。那麼您的觀點和問題是，我們是否從現金支付消費者那裡獲得了額外的收益？答案是肯定的。我們非常高興，現金支付消費者正在隨著我們實施的整體策略而遷移。

Brian Tanquilut, Jefferies.

布萊恩·坦奎魯特（Brian Tanquilut），傑富瑞集團。

Hi. This is [Cameron Harbilas] on for Brian Tanquilut. I guess the question I had was your comps growth guidance, you pulled up for the second half. But after two quarters of comps growth in excess of 5%, it seems like you're guiding towards a bit of a slowdown. Can you talk about like what the back half looks like for comps growth and just what the driving factor there is?

你好。我是 [Cameron Harbilas]，為 Brian Tanquilut 報道。我想我的問題是關於你的同店成長指引，你為下半年做出了貢獻。但在兩個季度的同店銷售額成長率超過 5% 之後，似乎你們正在引導經濟放緩。您能否談談下半年同店銷售成長如何以及驅動因素是什麼？

Yeah. I'd say two main driving factors. First, we want to be prudent as there's still, I believe, a lot of noise in the macroeconomic environment and how that may impact consumer behavior. I mean, look, we feel confident that we've got a right to win when the economy is strong, and we feel great that we've got the right to win when the economy is not strong.

是的。我認為有兩個主要驅動因素。首先，我們要謹慎行事，因為我認為宏觀經濟環境中仍然存在著許多噪音，這可能會影響消費者行為。我的意思是，看，當經濟強勁時，我們有信心我們有權獲勝，當經濟不強勁時，我們感到非常高興我們有權獲勝。

But at this point, we just want to be very prudent about our expectations for the second half. On the demand side, trying to be pragmatic, we are really excited about our new CRM capabilities that are coming online in the second half of the year. We're very excited about the new America's Best brand assets.

但目前，我們只想對下半年的預期保持非常謹慎。在需求方面，我們力求務實，對即將於今年下半年上線的新 CRM 功能感到非常興奮。我們對新的美國最佳品牌資產感到非常興奮。

And frankly, I want to see proof points that those are driving consumer impact before we take the step of rolling a potential benefit into the guide. On the second piece on the ticket perspective, we took our price increases largely Q4 and Q1 of this year. Our guide currently does not assume that we're taking any incremental price actions in Q4 as we anniversary the timing of last year's price increases.

坦白說，在我們採取措施將潛在利益納入指南之前，我希望看到這些因素正在推動消費者影響的證據點。從票務角度來看，我們的第二部分價格上漲主要發生在今年第四季和第一季。由於我們正在紀念去年價格上漲的時間，我們的指南目前並不假設我們在第四季採取任何增量價格行動。

We're going to sit tight and evaluate how our new merchandising mix and how our pricing architecture to date has been impacting consumer behavior. And as we have a few more months of data under our belt, we'll take a decision as to when the next step is for additional pricing actions.

我們將坐下來評估我們的新商品組合以及迄今為止的定價架構如何影響消費者行為。由於我們掌握了幾個月的數據，我們將決定下一步何時採取額外的定價行動。

Thank you. And then as a follow-up on the comps growth, it sounded like America's Best comps growth was mostly price increases, but you saw low double-digits on managed care, and it was positive both from volumes and pricing. Can you talk about the split there on the managed care book and comps growth?

謝謝。然後，作為對可比增長的後續關注，聽起來美國最佳可比增長主要是價格上漲，但您看到管理式醫療的增長幅度達到兩位數，而且從數量和定價來看都是積極的。您能談談管理式醫療帳簿和同店銷售成長之間的差異嗎？

Yeah. So no, you're exactly right. The managed care cohort grew both from a footsteps basis and from a ticket basis. So again, nice growth there. Again, if you break it down further, obviously, then that leaves us to the cash pay consumer that from a ticket perspective was up and then from a traffic perspective was down.

是的。所以不，你完全正確。管理式醫療群的成長既來自於腳步基礎，也來自於票據基礎。所以，那裡再次出現了良好的成長。再說一遍，如果進一步細分，顯然，從票務角度來看，現金支付消費者的數量上升了，但從流量角度來看，現金支付消費者的數量下降了。

So again, I don't think we're going to break out specifics regarding the composition of that. But directionally, that's absolutely right. Traffic growth on the managed care consumer, ticket expansion on the managed care consumer, ticket expansion on cash pay and the footsteps on cash pay remain largely in line with what we saw in Q1.

因此，我再次強調，我們不會透露有關其組成細節。但從方向上看，這是絕對正確的。管理式醫療消費者的流量成長、管理式醫療消費者的票據擴張、現金支付的票據擴張以及現金支付的腳步與我們在第一季度看到的情況基本一致。

Matt Koranda, Roth Capital.

馬特‧科蘭達 (Matt Koranda)，羅斯資本 (Roth Capital)。

Hey, guys. Thanks. So just curious to get a little bit of a deeper dive on the pricing discussion you guys have had so far. You mentioned the optimized assortment and the goal of getting to 40% of the mix of frames priced above $99. I guess our checks would suggest you're already there at America's Best.

嘿，大家好。謝謝。所以我只是好奇想更深入地了解你們迄今為止的定價討論。您提到了優化產品組合以及將售價超過 99 美元的鏡架組合比例提高到 40% 的目標。我想我們的檢查會表明您已經到達了美國最佳酒店。

So maybe just curious about is there further iteration at the other banners that needs to happen? Maybe a little bit more there. And then how do we think about lens pricing optimization and other avenues for price over time?

所以也許只是好奇其他橫幅是否需要進一步迭代？或許那裡還有更多一點。那我們該如何看待鏡頭定價優化和其他價格途徑呢？

Yeah. No, I appreciate that, Matt. And we've made a considerable amount of change to our assortment really throughout Q1 and really as we are closing out Q2. So some of the frame brands that we introduced were late in the quarter, and this is a little bit to Chris' point earlier that super early stages and seeing how it actually pulls through. But obviously, we think the strategy is sound, and we have a great degree of optimism there.

是的。不，我很感激，馬特。在第一季以及第二季末，我們對我們的產品組合進行了相當大的調整。因此，我們在本季末推出的一些車架品牌，這有點符合克里斯先前的觀點，即超早期階段，看看它實際上是如何實現的。但顯然，我們認為該戰略是合理的，我們對此非常樂觀。

That being said, we do believe that there is further room to go here, especially with the encouraging signs that our cash pay consumers are opting into these products. The fact that the products we're introducing at a higher AUR are turning at a higher rate than our historical inventory norms.

話雖如此，我們確實相信這裡還有進一步的發展空間，尤其是有令人鼓舞的跡象表明我們的現金支付消費者正在選擇這些產品。事實上，我們以更高的 AUR 推出的產品的周轉率高於我們的歷史庫存標準。

Again, we think those are all really good signs that we're on to something here, and that is that we can continue to expand our assortment, both from a raw price-taking perspective and from skewing our assortment a bit more premium.

再次，我們認為這些都是非常好的跡象，表明我們正在做一些事情，那就是我們可以繼續擴大我們的產品種類，無論是從原始價格的角度還是從使我們的產品種類更加高端的角度。

All of those things are working together, lifestyle training, frame evolution and the consumer is raising their hand and saying, yes, this makes sense. This makes sense for me. So again, super, super encouraging there. As it pertains to lens pricing, frankly, we're just scratching the surface there. There is a lot of opportunity in lens pricing.

所有這些事情都在協同作用，生活方式的訓練，框架的演變，消費者舉手說，是的，這是有道理的。這對我來說很有意義。所以，這又令人非常非常鼓舞。至於鏡頭定價，坦白說，我們只是觸及了皮毛。鏡頭定價方面存在著許多機會。

Lens pricing is not as straightforward. It's a much more complicated endeavor than frames, but we do believe we have opportunity there. And when we talk about long-term growth for evolution of mix and price, it certainly includes our aspirations for what we're going to do in lens as well. And that's something we anticipate that we'll unpack more in future quarters.

鏡頭定價沒那麼簡單。這是一個比框架複雜得多的努力，但我們確實相信我們有機會。當我們談論產品組合和價格演變的長期成長時，當然也包括了我們對鏡頭領域的期望。我們預計在未來幾季我們會進一步揭示這一點。

Okay. I appreciate all that detail. And then maybe just as my follow-up, on store productivity, I'm curious how much runway you guys think we have for improvement there? I assume the majority of it is going to come from the pricing optimization exercise we're going through. But how much benefit could you also get from trimming some of the underperforming stores in the base?

好的。我很欣賞所有這些細節。然後也許只是作為我的後續問題，關於商店生產力，我很好奇你們認為我們在那裡有多少改進的空間？我認為其中大部分將來自我們正在進行的價格優化練習。但是，削減基地中一些表現不佳的商店又能帶來多少好處呢？

Yeah. Look, I think there's still some runway ahead in terms of optimizing our fleet, both in terms of some additional closures as well as just reinvesting and gaining leverage in the stores that we have. The price changes are definitely going to help drive four-wall store operating profit for us.

是的。看起來，我認為在優化我們的車隊方面仍有一些發展空間，包括關閉一些額外的門市以及對現有門市進行再投資並獲得槓桿作用。價格變化肯定會幫助我們提高四壁商店的營業利潤。

And look, as we continue to -- we've spoken quite a bit about our remote exam capabilities. We just celebrated our [1 millionth] remote exam. We feel great about where we're at, and we still feel like there's runway ahead in terms of improving the productivity of how we leverage that technology and ultimately see that flow through the P&L.

瞧，隨著我們繼續——我們已經談論了很多關於我們的遠距考試能力的事情。我們剛剛慶祝了我們的[第 100 萬次]遠距考試。我們對目前的狀況感到非常滿意，我們仍然覺得在提高如何利用該技術的生產力以及最終看到其在損益表中的流動方面還有很大的進步空間。

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴（Anthony Chukumba），Loop 資本市場。

Good morning. Thanks for taking my question. I guess my first question is on the Ray-Ban and the Nuance, the pilots. I was just wondering what the early results have been and if based on the early results, you're thinking about rolling those products out to additional stores.

早安.感謝您回答我的問題。我想我的第一個問題是關於雷朋 (Ray-Ban) 和 Nuance 飛行員系列的。我只是想知道早期的結果是什麼，以及根據早期的結果，您是否考慮將這些產品推廣到其他商店。

Yeah. Hey, Anthony. Great question. And so far, I think we are live with these products in about 50 or so locations. And what we're seeing so far is super encouraging. Our associates are excited about the product. Our customers are excited about the product. And from our data, we believe that we are selling at the same average rate that the category is even in these early innings.

是的。嘿，安東尼。好問題。到目前為止，我認為我們已經在大約 50 個地點推出了這些產品。到目前為止，我們看到的情況非常令人鼓舞。我們的同事對該產品感到非常興奮。我們的客戶對該產品感到非常興奮。從我們的數據來看，我們相信，我們目前的銷售平均值與該類別在初期的銷售水準相同。

That being said, this is a completely different category of product to sell. And before we take it to scale, we want to ensure that we have the right training, the right talk track, the right ability for our team members to articulate the benefit to the consumer.

話雖如此，這是一個完全不同的產品類別。在擴大規模之前，我們要確保我們的團隊成員擁有正確的訓練、正確的談話方式和正確的能力，能夠清楚地向消費者傳達我們的利益。

Again, as you can imagine, it's a completely new product category with new requirements, new approaches of sales to the consumer. And think about this first 50 really is not -- this is not a pilot of are we going to. It is a pilot of how do we figure out how to best take it to scale. We will absolutely be playing in this category. We believe in this category.

再次，正如您所想像的，這是一個全新的產品類別，具有新的要求和新的面向消費者的銷售方式。想想看，這前 50 個真的不是——這不是我們要進行的試點。這是一個試點，旨在讓我們了解如何最好地將其擴大規模。我們絕對會參加這個組別的比賽。我們相信這個類別。

Early innings suggest that we can win here. So we're using this as a test bed to understand how do we best take this to scale and what can we learn to make that as smooth and easy for our 14,000 team members as possible.

早期的局面表明我們可以獲勝。因此，我們將以此為試驗台，了解如何最好地擴大規模，以及我們可以學到什麼，以便讓我們的 14,000 名團隊成員盡可能順利、輕鬆地完成這項工作。

Got it. That's helpful. And then just a quick follow-up. So you mentioned not anniversarying a promotion. I guess two related questions. One, can you just remind us what that promotion was? And then secondly, do you think -- obviously, kind of a counterfactual, but do you think that if you had anniversaried that promotion, your traffic would have been positive this quarter?

知道了。這很有幫助。然後只是快速的跟進。所以你提到不慶祝晉升週年。我猜是兩個相關的問題。首先，您能提醒我們一下那次促銷是什麼嗎？其次，您是否認為——顯然，這是一種反事實，但您是否認為，如果您慶祝該促銷活動的周年紀念日，那麼本季度的流量就會是正數？

Yeah. It was the Wise Buys promotion from last year where we had dropped the intro combo offer by approximately $10. And we know that was traffic driving in 2024. However, it was traffic driving of that kind of consumer cohort that was coming in shopping exclusively for that two pair for $69 and the free eye exam offer. So from a profit contribution perspective, it just wasn't that strong.

是的。這是去年的 Wise Buys 促銷活動，我們將組合優惠價格降低了約 10 美元。我們知道這是 2024 年的交通動力。然而，正是這類消費者群體的流量驅動著他們前來購物，只為購買兩副售價 69 美元的眼鏡並享受免費眼科檢查的優惠。因此，從利潤貢獻的角度來看，它並不是那麼強勁。

So we do believe that it drove traffic in '24. We intentionally chose not to repeat it based on the marginality of the incrementality of traffic that it generated in '24. And again, we think that's also part of the recipe of our success for the quarter and why we saw such strong basis points accretion at the EBIT line.

所以我們確實相信它在 24 年推動了流量的成長。我們有意選擇不再重複它，因為它在 24 年產生的流量增量的邊際性。我們再次認為這也是我們本季成功的秘訣之一，也是我們看到息稅前利潤 (EBIT) 基點大幅成長的原因。

Got it. By the way, I love the new logo and looking forward to the Analyst Day. Keep up the good work guys.

知道了。順便說一句，我喜歡新的標誌並期待分析師日。大家繼續努力。

We do as well. I think, Anthony, honestly, thank you for that. And if you could just see the level of enthusiasm and excitement not just you have, but really the entire organization has about the new mark for National Vision and where we're going with America's Best. It is a super energizing time for our team members really embracing this kind of new visual identity and the direction that we're headed. So thank you, Anthony.

我們也一樣。我認為，安東尼，說實話，我感謝你。如果您能看到，不僅您，而且整個組織都對國家願景的新標誌以及我們與美國最佳標誌的合作充滿了熱情和興奮。對於我們的團隊成員來說，這是一個充滿活力的時刻，他們真正接受了這個新的視覺形象和我們前進的方向。所以謝謝你，安東尼。

And this concludes the question-and-answer session. I would now like to turn it back to Alex for closing remarks.

問答環節到此結束。現在我想請亞歷克斯做最後發言。

Thanks so much, and thanks, everyone, for your time this morning. As you can probably tell, we're really excited about the momentum we have within the company. We think there's lots and lots of runway over the next several years as we layer in initiatives that will drive continued performance of our store base and of our brands. I want to thank everyone again for their time, and we'll talk to you next quarter. Thanks so much.

非常感謝，也感謝大家今天早上抽出時間。您可能已經看出來了，我們對公司內部的發展勢頭感到非常興奮。我們認為，隨著我們逐步推出舉措來推動我們的門市基礎和品牌的持續表現，未來幾年我們將擁有巨大的發展空間。我想再次感謝大家的時間，我們將在下個季度與大家交談。非常感謝。

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

也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。