Grocery Outlet Holding Corp (GO) 2025 Q1 法說會逐字稿

Greetings, and welcome to the Grocery Outlet first-quarter 2025 earnings results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Christine Chen, Vice President of Investor Relations. Thank you. You may begin.

您好，歡迎參加 Grocery Outlet 2025 年第一季收益業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。現在我很高興向大家介紹主持人、投資者關係副總裁 Christine Chen。謝謝。你可以開始了。

Good afternoon, and welcome to Grocery Outlet's call to discuss financial results for the first quarter ended March 28, 2025. Speaking from management on today's call will be Jason Potter, President and Chief Executive Officer; and Chris Miller, Chief Financial Officer. Following prepared remarks from Jason and Chris, we will open the call for questions. Please note that this conference call is being webcast live, and a recording will be available via telephone playback on the Investor Relations section of the company's website.

下午好，歡迎參加 Grocery Outlet 的電話會議，討論截至 2025 年 3 月 28 日的第一季財務業績。在今天的電話會議上，管理層發言者是總裁兼執行長 Jason Potter；以及財務長 Chris Miller。在 Jason 和 Chris 發表完準備好的演講後，我們將開始提問。請注意，本次電話會議正在進行網路直播，錄音可透過公司網站的投資者關係部分上的電話重播取得。

Participants on this call may make looking statements within the meaning of the federal securities laws. All statements that address future operating, financial or business performance or the company's strategies or expectations or forward-looking statements. These forward-looking statements are subject to various risks and uncertainties that could cause actual results to differ materially from these statements. Description of these factors can be found in this afternoon's press release as well as in the company's periodic reports filed with the SEC, all of which may be found on the Investor Relations section of the company's website or on sec.gov. The company undertakes no obligation to revise or update any forward-looking statements or information. These statements are estimates only and not a guarantee of future performance.

本次電話會議的參與者可以根據聯邦證券法的規定做出展望性陳述。所有涉及未來營運、財務或業務表現或公司策略或預期或前瞻性的陳述。這些前瞻性陳述受到各種風險和不確定性的影響，可能導致實際結果與這些陳述有重大差異。這些因素的描述可以在今天下午的新聞稿以及公司向美國證券交易委員會提交的定期報告中找到，所有這些報告都可以在公司網站的投資者關係部分或 sec.gov 上找到。本公司不承擔修改或更新任何前瞻性陳述或資訊的義務。這些陳述僅是估計，並不保證未來的表現。

Additionally, during today's call, the company will reference certain non-GAAP financial information, including adjusted items. Reconciliation of GAAP to non-GAAP measures as well as the description limitations and rationale for using each measure may be found in the supplemental financial tables included in this afternoon's press release and the company's SEC filings.

此外，在今天的電話會議中，公司將參考某些非公認會計準則財務信息，包括調整後的項目。在今天下午的新聞稿和公司提交給美國證券交易委員會 (SEC) 的文件中附帶的補充財務表，可以找到 GAAP 指標與非 GAAP 指標的對照表以及使用每項指標的描述限制和理由。

And now I would like to turn it over to Jason.

現在我想把發言權交給傑森。

Thank you, Christine, and welcome, everyone. It's great to be with you on the call today. I'll begin with a brief update on the quarter and then spend much of my time on what I focused on in my first couple of months and how I'm thinking about our priorities. First, we delivered on our first quarter outlook. Comp store sales increased 30 basis points from last year.

謝謝你，克里斯汀，歡迎大家。很高興今天能和您通話。我將首先簡要介紹本季度的情況，然後花大量時間介紹我在頭幾個月關注的重點以及我對我們的優先事項的看法。首先，我們兌現了第一季的預期。同店銷售額較去年同期成長了 30 個基點。

slightly ahead of our guidance for the quarter that we provided. We opened 10 net new stores, positioning us to achieve our annual target for 33 to 35 stores this year. These stores are off to a solid start, performing ahead of expectations. We also exceeded our gross margin outlook by improving our shrink run rate through improved inventory visibility, reporting and execution. Together, these wins enabled us to deliver net sales of $1.13 billion, up 8.5% over last year and report adjusted EBITDA and adjusted EPS above their respective outlook ranges for the first quarter.

略高於我們給出的本季預期。我們新開了 10 家門市，預計今年 33 至 35 家門市的年度目標。這些商店開局良好，業績超乎預期。我們還透過提高庫存可見度、報告和執行來改善收縮運行率，從而超出了我們的毛利率預期。這些勝利使我們實現了 11.3 億美元的淨銷售額，比去年同期增長 8.5%，並且第一季的調整後 EBITDA 和調整後 EPS 均高於各自的預期範圍。

We also reached an important milestone with our systems integration, including the initial Phase 1 rollout of our real-time ordering guide that we plan on having fully rolled out by the end of the second quarter. Chris is going to walk you through the numbers in greater detail, but just having completed my first three months as CEO, I wanted to share some early observations and give everyone on the call a sense for the work we plan to undertake to unlock the tremendous opportunity that I see here in the business.

我們的系統整合也達到了一個重要的里程碑，包括即時訂購指南第一階段的初步推出，我們計劃在第二季末全面推出。克里斯將向你們更詳細地介紹這些數字，但就在我擔任執行長的頭三個月裡，我想分享一些早期的觀察結果，讓電話會議上的每個人都了解我們計劃開展的工作，以釋放我所看到的巨大業務機會。

Now over the first three months, I visited and met with more than 50 of our independent operators, had the opportunity to meet and speak with dozens of suppliers, talked with many of the customers in our stores. I've listened, gained valuable and candid feedback and learn more about what matters to all of them.

現在，在前三個月裡，我拜訪並會見了我們的 50 多名獨立營運商，有機會與數十家供應商會面並交談，並與我們商店的許多客戶交談。我傾聽並獲得了寶貴而坦誠的回饋，並進一步了解了他們所有人關心的問題。

First, our operators care very much about the communities they serve and are motivated to grow a profitable business together and seek more support from us to improve execution and participate in the building of the necessary capabilities to make this business stronger that supports our brand. Our suppliers continue to be a source of strength as we continue to work and grow our opportunistic supply and range of assortment together. We continue to deepen those existing relationships and are actively building new ones to expand our reach and our relevance. The customers I spoke with and the guests in our store are asking for more value with a more consistent experience that helps them complete their weekly shop. They continue to visit our network, and we need to execute better to make filling their basket for their key shopping missions easier.

首先，我們的營運商非常關心他們所服務的社區，並積極共同發展盈利業務，尋求我們的更多支持，以提高執行力，並參與必要能力的建設，使這項支持我們品牌的業務更加強大。隨著我們繼續共同努力並擴大我們的機會供應和產品種類範圍，我們的供應商將繼續成為我們的力量來源。我們將繼續深化現有的關係，並積極建立新的關係，以擴大我們的影響力和相關性。與我交談過的顧客和我們店裡的客人都要求透過更一致的體驗獲得更多價值，以幫助他們完成每週的購物。他們繼續訪問我們的網絡，我們需要更好地執行，以便更輕鬆地填滿他們的購物籃，完成他們的主要購物任務。

In the short time I've been here, it's clear to me that with the right focus and execution, this business can continue its history of leading growth and profitability. We have a highly differentiated offering, one driven by a value-based treasure hunt in a convenient box operated by motivated and engaged independent operators. By sharpening our focus on store experience, and strengthening our support to our operators, suppliers and guests, we can create value for many years to come. I'm bullish on the long-term addressable market and our ability to improve costs and margins as we continue to grow. As I've said, I believe with the right focus on execution, this business can be much larger and much more profitable in the future.

在我加入這家公司的短暫時間裡，我清楚地認識到，只要有正確的重點和執行力，這家公司就能繼續保持領先的成長和獲利能力。我們提供高度差異化的產品，該產品由積極主動、敬業的獨立運營商操作，在便捷的盒子中進行基於價值的尋寶活動。透過更加關注商店體驗，並加強對營運商、供應商和客人的支持，我們可以在未來許多年創造價值。我看好長期目標市場以及我們在持續成長的同時改善成本和利潤的能力。正如我所說，我相信只要正確重視執行，這項業務未來可以發展得更大、獲利更多。

Achieving our potential, however, requires that focused execution. With that as a context, we're pursuing four important strategic imperatives. The first is tackling our new store performance to drive long-term growth and strengthen returns on invested capital; second, securing top talent to activate our strategy; third, addressing execution gaps by continuing to make progress on our systems to improve our performance; and finally, fourth, improve our ability to execute at scale by continuing to strengthen our leadership in opportunistic buying and by becoming a leading selling organization that delivers a winning customer experience by providing our network with world-class training and development, customer-centric data and insight, all supported by new capabilities and merchandising that will drive our performance.

然而，要發揮我們的潛力，就需要集中精力執行。在此背景下，我們正在推行四項重要的戰略要務。首先是解決新店業績問題，以推動長期成長並提高投資回報率；第二，確保頂尖人才來啟動我們的策略；第三，透過不斷改進我們的系統來提高我們的績效，彌補執行方面的差距；最後，第四，透過繼續加強我們在機會性購買方面的領導地位，並成為領先的銷售組織，透過為我們的網路提供世界一流的培訓和發展、以客戶為中心的數據和洞察力，提供成功的客戶體驗，提高我們大規模執行的能力，所有這些都由新的能力和商品支持，這將推動我們的業績。

First, on tackling our new store performance. We're carefully calibrating our approach to grow to ensure we have the winning conditions in place before expanding more aggressively. We are in the process of piloting a new commercial execution playbook to drive year one sales at a higher starting point. We're also clustering stores in new markets and calibrating our mix of new stores to incorporate approximately 50% infill in markets where our brand awareness is high. This is going to continue into 2026, during which we plan to open between 30 and 35 net new stores.

首先，解決我們的新店業績問題。我們正在仔細調整我們的成長方式，以確保在更積極地擴張之前我們已經具備了成功的條件。我們正在試行新的商業執行方案，以更高的起點推動第一年的銷售。我們也在新市場中聚集商店，並調整新店組合，將我們品牌知名度較高的市場的商店填充率提高約 50%。這一趨勢將持續到 2026 年，在此期間我們計劃開設 30 至 35 家新店。

We also plan to execute a series of lower CapEx store pilots to address inflation in labor, materials and equipment that's occurred over the last couple of years. These store pilots are going to incorporate modifying our electricity demand footprint optimizing store size and implementing sourcing strategies to improve ROIC.

我們還計劃執行一系列降低資本支出的商店試點，以解決過去幾年出現的勞動力、材料和設備通貨膨脹問題。這些商店試點將包括修改我們的電力需求足跡、優化商店規模和實施採購策略以提高投資回報率。

We're also taking a systematic and data-driven approach to real estate selection in new markets to help improve returns. By standardizing and scaling the best aspects of our stores, we should be positioned to deliver stronger and more consistent returns for this company, our IOs and our shareholders. I'm very excited about the tremendous amount of white space available for us to grow. And I believe that by first slowing the pace and calibrating the business now to optimize our ROIC, we can earn the opportunity to accelerate the pace later.

我們也採取系統化、數據驅動的方法來選擇新市場的房地產，以幫助提高回報。透過標準化和擴大我們商店的最佳方面，我們應該能夠為這家公司、我們的 IO 和我們的股東帶來更強勁、更穩定的回報。我對於我們擁有的巨大發展空間感到非常興奮。我相信，透過先放慢步伐並調整業務以優化我們的投資報酬率，我們可以贏得以後加快步伐的機會。

Second, another critical component of our future success is securing top talent. Our talented new CIO, Kumar Mishra, has gotten right to work in just a few months into the role. He's already made significant progress getting our systems integration on the right track. We've started the search for merchandising talent to help us become a stronger selling organization and we're in the process of identifying a leader of store development as well as a head of supply chain to take our business to the next stage of development. As we look toward adding these critical leadership capabilities, today, we also announced the retirement of our Chief Operations Officer; Ramesh Chikkala, this June, and our Chief Store Officer, Pam Burke later this year.

其次，我們未來成功的另一個關鍵因素是確保頂尖人才。我們才華橫溢的新任首席資訊長 Kumar Mishra 上任僅幾個月就投入了工作。他已經取得了重大進展，使我們的系統整合步入正軌。我們已經開始尋找銷售人才來幫助我們成為一個更強大的銷售組織，並且我們正在尋找商店開發的領導者以及供應鏈負責人來將我們的業務帶入下一個發展階段。在我們期待增加這些關鍵領導能力的同時，今天我們也宣布了首席營運長退休；今年 6 月，Ramesh Chikkala 將出席，今年晚些時候，我們的首席商店長 Pam Burke 將出席。

We appreciate the many important contributions to the business, both have made. Ramesh has helped stabilize and build leadership teams to drive systems improvements with an effective handoff to Kumar as our CIO while also strengthening our supply chain and the team.

我們感謝兩人為公司所做的許多重要貢獻。Ramesh 協助穩定和建立領導團隊，推動系統改進，並有效地將權力移交給 Kumar 作為我們的首席資訊官，同時加強我們的供應鏈和團隊。

Pam has led a number of functions and forged strong relationships with our IOS during her decade with the company. Pam's going to continue to help us ensure a seamless transition within store operations over the coming months. I want to thank them both for their dedication, their commitment and hard work, and of course, congratulate them. We wish them all the best in their retirements.

在公司工作的十年間，Pam 領導了多項職能並與我們的 IOS 建立了牢固的關係。在接下來的幾個月裡，帕姆將繼續幫助我們確保商店營運的無縫過渡。我要感謝他們的奉獻、承諾和辛勤工作，當然，也要向他們表示祝賀。我們祝福他們退休後一切順利。

Next, on addressing execution gaps, progress on our systems integration is key. For operations, successfully completing our systems integration is critical to ensure that we have the tools and the systems in place to be fully functional, getting the operational data we need to deliver high levels of execution in this business. In April, we began the first phase of our proprietary real-time order guide rollout, which is now up and running in all SKUs and in both our East Coast and California DCs.

接下來，在解決執行差距方面，系統整合的進展是關鍵。對於營運而言，成功完成我們的系統整合至關重要，以確保我們擁有能夠充分發揮作用的工具和系統，並獲得實現高水準業務執行所需的營運數據。今年 4 月，我們開始了專有即時訂單指南推出的第一階段，目前該指南已在所有 SKU 以及我們的東海岸和加州配送中心啟動並運行。

Our IOs in the East and in California, about 75% of our stores now have real-time inventory visibility for what's available at the D.C. what capacity is available to fully fill out what's on your truck and improving our ability to plan and manage inventory collectively. Our planners also have full real-time inventory visibility into the DC, which enables them to drive the flow of opportunistic product through the system.

我們在東部和加州的IO，大約75％的商店現在可以即時查看庫存，了解DC的可用庫存，了解可用的容量以完全填滿卡車上的貨物，並提高我們集體規劃和管理庫存的能力。我們的規劃人員還可以全面且即時地查看 DC 的庫存，從而能夠推動機會性產品在系統中的流動。

All of this makes it far easier to match supply and demand. We're also on track to roll out the real-time order guide to the rest of our regions by the end of the second quarter. The next phase will include the new arrivals guide later this year, which is a further feature to health planning and merchandising. We've made progress here and have line of sight in improving our ability to execute. Finally, we need to improve our ability to execute at scale. And we've been focused on improving our merchandising efforts to get the right mix in our stores to promote the health of our basket to drive our comp store sales.

所有這些都使得匹配供需變得更加容易。我們也計劃在第二季末向其他地區推出即時訂單指南。下一階段將包括今年稍後的新品指南，這是健康規劃和行銷的另一個特色。我們在這裡取得了進展，並且在提高執行能力方面有遠大的前景。最後，我們需要提高大規模執行的能力。我們一直致力於改善我們的商品推銷工作，以便在我們的商店中獲得正確的商品組合，以促進我們的購物籃的健康，從而推動我們的同店銷售。

Commercially, we've made some initial efforts across 3 key elements of the guest experience. Price, quality and service. First, we continue to strengthen our value. We've continued to tighten our gapping of KPIs across several MSAs and while also promoting a stronger mix of high-margin value-driving opportunistic products and private label. We've also begun to experiment with some new in-store communication tools to make our value messaging work harder.

從商業角度來看，我們已經針對賓客體驗的三個關鍵要素做出了一些初步努力。價格、品質和服務。第一，我們不斷強化自己的價值。我們繼續縮小多個 MSA 中的 KPI 差距，同時也推廣高利潤價值驅動機會產品和自有品牌的更強大的組合。我們也開始嘗試一些新的店內溝通工具，以使我們的價值訊息發揮更大的作用。

It's important that we're consistently building trust with our guests and creating a sense of law in their treasure hunt. Second, we've also made some changes to our standards in the quality profile of key produce items ensuring they're ripe and ready to eat. Starting with everyday items like bananas and avocados, builds the basket on profitable everyday items that matter most to our guests, making their shopping experience easier. On service, we believe that our real-time order guide rollout will assist our teams in better planning, driving in-stock improvements throughout the network. This is very helpful, especially to newer IOs and their team members.

重要的是，我們要不斷與客人建立信任，並在尋寶過程中培養他們的法律意識。其次，我們也對主要農產品的品質標準做了一些改變，確保它們成熟並可以食用。從香蕉和酪梨等日常用品開始，將購物籃建立在對我們的客人最重要的有利可圖的日常用品上，使他們的購物體驗更加輕鬆。在服務方面，我們相信即時訂單指南的推出將幫助我們的團隊進行更好的規劃，推動整個網路的庫存改善。這非常有幫助，特別是對於較新的 IO 及其團隊成員。

And the company is in the early stages of sharing impactful data and insights to better support our IOs in delivering a more consistent guest experience. While we make progress to improve our commercial execution with 1 foot on the gas, it's important at this stage of this turnaround, we have one foot on the break. We're being intentional about making meaningful progress on addressing the cost side of this business. Chris Miller, our new and very experienced CFO is leading a program on indirect procurement to create fuel to enhance the profitability and provide the space for the team to drive performance improvement through reinvestment. And finally, to improve our ability to execute at scale, we continue to advance our supply chain.

該公司正處於分享有影響力的數據和見解的早期階段，以便更好地支援我們的 IO 提供更一致的客戶體驗。雖然我們一腳踩油門，在改善商業執行方面取得了進展，但重要的是，在這一轉變階段，我們一隻腳已經踩剎車。我們有意在解決該業務的成本方面取得有意義的進展。我們新任且經驗豐富的財務長 Chris Miller 正在領導一項間接採購計劃，旨在為提高盈利能力創造動力，並為團隊提供透過再投資來推動績效改進的空間。最後，為了提高我們的規模執行能力，我們持續推進我們的供應鏈。

We'll complete our consolidation from five DCs in the Pacific Northwest to one DC at the end of this month, which will drive greater efficiency and better levels of service to our stores. Later this year, we plan to activate our new DC in the East region at relatively low CapEx, which we expect to improve execution and expand our capacity for opportunistic supply. We're also honing our approach to implementing scalable practices. I'm a firm believer in test and learn, and we will pilot test and gauge our network to develop repeatable cost-effective standards.

我們將在本月底完成將太平洋西北地區五個配送中心合併為一個配送中心的工作，這將提高我們門市的效率並改善其服務水準。今年晚些時候，我們計劃以相對較低的資本支出在東部地區啟動新的配送中心，我們希望此舉能提高執行力並擴大我們的機會供應能力。我們也正在完善實施可擴展實踐的方法。我堅信測試和學習的重要性，我們將對我們的網路進行試點測試和評估，以製定可重複的、具有成本效益的標準。

We're developing a new model store to support our goals of implementing more uniform merchandising and help provide effective and efficient operational SOPs to help our IOs drive more consistent customer experiences at lower cost. Creating impecable partnerships with RIOs continues to be an essential element of the differentiation of this business, and we intend to continue to strengthen our support.

我們正在開發一種新的示範店，以支援我們實施更統一的商品銷售的目標，並幫助提供有效、高效的營運標準作業程序，以幫助我們的 IO 以更低的成本提供更一致的客戶體驗。與 RIO 建立無可挑剔的合作夥伴關係仍然是這項業務差異化的重要因素，我們打算繼續加強我們的支持。

With our systems progress, we're working toward providing more data, analytics, training and best-in-class operational tools that will enable our IOs to deliver better service to their guests and drive performance. Building our brand's reputation for our winning customer experience is the key to our shared success.

隨著系統的進步，我們正在努力提供更多的數據、分析、培訓和一流的營運工具，使我們的 IO 能夠為客人提供更好的服務並提高績效。透過我們成功的客戶體驗來打造我們品牌的聲譽是我們共同成功的關鍵。

Now on guidance. Before I turn it over to Chris, I want to touch on our outlook for the balance of the year. While we achieved our financial objectives for the first quarter and are making progress ramping our initiatives to deliver sustainable growth or moderating our outlook for annual comp store sales growth reflecting current trends in the business as well as uncertainty given the macroeconomic environment.

現在進行指導。在將時間交給克里斯之前，我想談談我們對今年剩餘時間的展望。雖然我們實現了第一季的財務目標，並且在加強實現永續成長方面取得了進展，但我們還是調整了對年度同店銷售額成長的預期，以反映當前的業務趨勢以及宏觀經濟環境的不確定性。

The progress the team has made in yielding strong gross margin, while containing expenses gives us confidence in the outlook for gross margin, and adjusted EBITDA and adjusted EPS that we all shared previously. We believe the continued execution of the initiatives we outlined today should build momentum as we move through the year, positioning us for profitable long-term growth.

團隊在控制開支的同時實現強勁毛利率方面取得的進展使我們對毛利率前景以及我們先前分享的調整後 EBITDA 和調整後 EPS 充滿信心。我們相信，繼續執行今天概述的舉措應該會在新的一年裡積聚動力，為我們實現長期盈利增長做好準備。

We believe the initiatives underway should strengthen our competitive moat by emphasizing and executing what has made the grocery outlet, a unique and special destination. The focus we're making on in-store experience should improve the treasure hunt, and we intend to ramp up our focus on opportunistic products that delight our guests and keep them coming back. We have a powerful brand and a tremendous value proposition to work from.

我們相信，正在進行的舉措應該透過強調和執行使雜貨店成為獨特和特殊目的地的舉措來加強我們的競爭力。我們對店內體驗的關注應該會改善尋寶活動，我們打算加大對機會性產品的關注，以取悅我們的客人並讓他們再次光臨。我們擁有強大的品牌和巨大的價值主張。

We know this work is vital for our shareholders as well. We've said it before, but it's worth emphasizing that the foundational work we're undertaking we're making decisions with a determined focus on optimizing returns on invested capital with the goal of returning Grocery Outlet the performance levels our model supports and driving shareholder value creation that our shareholders deserve. I'm very excited to lead this business into a bright future.

我們知道這項工作對我們的股東也至關重要。我們之前已經說過，但值得強調的是，我們正在進行的基礎工作是堅定地專注於優化投資資本回報率，目標是讓 Grocery Outlet 達到我們模型支持的績效水平，並推動股東應得的股東價值創造。我很高興能夠帶領這個企業走向光明的未來。

Our vision is to become one of the country's most loved brands. as we move forward, we will build trust, consistency, excitement amongst our key stakeholders, including our guests, our IOs, our suppliers, our teams and our shareholders. I look forward to getting to know many of you better and sharing more about the progress we're achieving against the plans I've laid out today. Thank you to our IOs, to our suppliers and team members across this organization. Your support is invaluable and we look forward to rewarding that support.

我們的願景是成為全國最受歡迎的品牌之一。隨著我們繼續前進，我們將在我們的主要利害關係人之間建立信任、一致性和熱情，包括我們的客人、我們的 IO、我們的供應商、我們的團隊和我們的股東。我期待著更了解你們，並分享更多關於我們今天制定的計劃所取得的進展。感謝我們的 IO、供應商和整個組織的團隊成員。您的支持非常寶貴，我們期待回報您的支持。

Now I'll turn it over to Chris to take you through the results and our outlook. Thank you.

現在我將把時間交給克里斯，讓他向您介紹結果和我們的展望。謝謝。

Thanks, Jason, and good afternoon, everyone. Our first quarter results highlight improved execution in a dynamic environment. We delivered on the key value metrics that are driving store traffic as our buyers continue to deliver value for both operators and customers reinforcing the relevance of our model with consumers.

謝謝傑森，大家下午好。我們第一季的業績凸顯了我們在動態環境中執行力的提升。我們實現了推動商店流量的關鍵價值指標，因為我們的買家繼續為營運商和客戶提供價值，從而加強了我們的模型與消費者的相關性。

We also continue to operate the business with discipline, enabling us to exceed our outlook for gross margin and deliver adjusted EBITDA and EPS above the top of our outlook range. As Jason noted, while first quarter results exceeded our outlook, we are making a modest adjustment to our comp store sales outlook for the balance of the year, reflecting our updated expectations for consumer trends, given the uncertainty of the macro environment.

我們也將繼續嚴格遵守業務經營紀律，使我們能夠超越預期的毛利率，並實現高於預期範圍的調整後 EBITDA 和 EPS。正如傑森所指出的，雖然第一季的業績超出了我們的預期，但考慮到宏觀環境的不確定性，我們對今年剩餘時間的同店銷售額預期進行了適度調整，以反映我們對消費趨勢的最新預期。

Despite this adjustment, we remain confident in our ability to manage the factors within our control and deliver the gross margin, adjusted EBITDA and adjusted EPS outlook we shared with you in February.

儘管進行了這樣的調整，我們仍然有信心能夠管理我們控制範圍內的因素，並實現我們在二月份與您分享的毛利率、調整後的 EBITDA 和調整後的 EPS 前景。

We also remain committed to improving same-store sales growth as we progress through the year with a sound strategy in place, as Jason shared. We believe the initiatives we are undertaking will not only drive meaningful near-term improvement, but also drive sustainable, long-term growth and return on invested capital for years to come.

正如 Jason 所說，隨著我們全年的進展，我們將繼續致力於透過制定完善的策略來提高同店銷售額的成長。我們相信，我們正在採取的舉措不僅將推動有意義的短期改善，而且還將推動未來幾年可持續的長期成長和投資資本回報。

I will walk you through our first quarter results and then turn to our outlook. The comparisons I will provide are on a year-over-year basis, unless noted otherwise. Net sales increased 8.5% to $1.13 billion driven by a combination of new stores opened in the last 12 months, the addition of UGO in April last year as well as a 30 basis point increase in comparable store sales.

我將向您介紹我們的第一季業績，然後談談我們的展望。我將提供的比較是基於去年同期的，除非另有說明。淨銷售額成長 8.5%，達到 11.3 億美元，這得益於過去 12 個月內開設的新店、去年 4 月新增的 UGO 以及可比店銷售額增長 30 個基點。

Comp growth was driven by a 2.3% increase in the number of transactions, partially offset by a 2% decrease in average transaction size. Our first quarter comp was impacted by the shift of the Easter holiday into the second quarter this year versus the first quarter last year.

交易數量增加 2.3% 推動了同店銷售額的成長，但平均交易規模下降 2% 卻部分抵銷了這一成長。與去年第一季相比，今年復活節假期轉移到第二季度，對我們的第一季業績產生了影響。

During the first quarter, we opened 11 new stores and closed 1 store putting us on track to achieve our annual target for 33 to 35 net new stores for the year. We ended the first quarter with 543 stores in 16 states. Gross profit increased 12.7% to $342.4 million. Gross margin increased by 110 basis points to 30.4%, exceeding the high end of our outlook driven primarily by improvements in inventory management, which contributed to lower inventory shrinkage. As Jason highlighted, we are also focusing on keeping our everyday items in stock and improving our assortment, including more fresh and opportunistic product, which drives increased traffic and our newly launched private label items, which all help complete and build baskets at accretive margins.

第一季度，我們開設了 11 家新店，關閉了 1 家店，使我們有望實現全年淨增 33 至 35 家新店的年度目標。截至第一季度，我們在 16 個州擁有 543 家門市。毛利成長12.7%至3.424億美元。毛利率增加了 110 個基點，達到 30.4%，超過了我們預期的高端，這主要得益於庫存管理的改善，從而降低了庫存損耗。正如傑森所強調的，我們還專注於保持日常用品的庫存並改善我們的產品種類，包括更多新鮮和機會性產品，這可以增加流量，以及我們新推出的自有品牌商品，所有這些都有助於完成和建立購物籃並增加利潤。

SG&A increased 9.1% to $333.1 million and increased 10 basis points to 29.4% of net sales. The increase in SG&A was driven primarily by additional personnel costs from company-owned UGO stores and was partially offset by a decrease in commissions as we are no longer paying elective commission support. We've embarked on a cost efficiency program, as Jason mentioned, that is aimed at finding procurement and efficiency-related savings that we will balance between driving enhanced profitability and reallocating toward growth investments. During the first quarter, the company incurred $33.9 million in restructuring charges, which included $29.1 million in lease termination costs $1.7 million in noncash impairment and disposal of long-lived assets, $1.5 million in employee severance and benefit costs and $1.5 million in legal, professional and other costs related to the previously announced restructuring plan.

銷售、一般及行政費用成長 9.1% 至 3.331 億美元，增加 10 個基點至淨銷售額的 29.4%。銷售、一般及行政費用的增加主要是由於公司自有 UGO 商店的額外人員成本所致，但由於我們不再支付選擇性佣金支持，佣金減少部分抵消了這一增加。正如傑森所提到的，我們已經啟動了一項成本效益計劃，旨在尋找與採購和效率相關的節約，我們將在提高獲利能力和重新分配成長投資之間取得平衡。第一季度，該公司發生了 3,390 萬美元的重組費用，其中包括 2,910 萬美元的租賃終止費用、170 萬美元的非現金減值和長期資產處置、150 萬美元的員工遣散費和福利費用以及 150 萬美元的與先前宣布的重組計劃相關的法律、專業和其他費用。

As we look at potential new store performance, cash flow and return on invested capital, we took one more pass through to new stores for 2026 and '27 and identified five additional stores that did not fit our revised approach for clustered openings with the most attractive market conditions. With these additional lease terminations, we still expect the total restructuring costs to come in within the range that we originally estimated and that the work related to the restructuring will be substantially completed by the end of the second quarter.

當我們考察潛在的新店業績、現金流和投資資本回報率時，我們又一次審查了 2026 年和 2027 年的新店，並確定了另外五家不符合我們修訂後的在最具吸引力的市場條件下進行集群開業的方法的商店。由於這些額外的租約終止，我們仍然預計總重組成本將在我們最初估計的範圍內，並且重組相關工作將在第二季末基本完成。

Net loss was $23.3 million or negative $0.24 per diluted share compared to net loss of $1 million or negative $0.01 per diluted share last year. Adjusted net income increased to $13 million or $0.13 per diluted adjusted share from $8.8 million or $0.09 per adjusted diluted share last year.

淨虧損為 2,330 萬美元，即每股攤薄虧損 0.24 美元，而去年淨虧損為 100 萬美元，即每股攤薄虧損 0.01 美元。調整後淨收入從去年的 880 萬美元或每股攤薄收益 0.09 美元增至 1300 萬美元或每股攤薄收益 0.13 美元。

Adjusted EBITDA increased 31.7% to $51.9 million compared to $39.4 million last year, and adjusted EBITDA margin was 4.6% of net sales, up 80 basis points from the prior year. Net interest expense was $6.5 million, an increase of $3.3 million over the first quarter last year. The increase in net interest expense was driven primarily by higher average principal debt outstanding due largely to support share repurchases and the acquisition of United Grocery Outlet last year and cash expenditures related to the restructuring plan.

調整後的 EBITDA 較去年的 3,940 萬美元成長 31.7% 至 5,190 萬美元，調整後的 EBITDA 利潤率為淨銷售額的 4.6%，比上年增長 80 個基點。淨利息支出為 650 萬美元，比去年第一季增加 330 萬美元。淨利息支出的增加主要是由於平均未償還本金債務增加，這主要歸因於去年支持股票回購和收購 United Grocery Outlet 以及與重組計劃相關的現金支出。

Our effective tax rate for the quarter was 19.7% compared with 60.8% for the first quarter last year. The change in our effective tax rate was driven primarily by excess tax expense from this exercise investing of stock compensation awards compared to excess tax benefits during the first quarter of last year.

本季我們的有效稅率為 19.7%，而去年第一季為 60.8%。我們有效稅率的變化主要是由於本次股票薪酬獎勵投資產生的超額稅費與去年第一季的超額稅收優惠相比有所增加。

Turning to cash flow. Net cash provided by operating activities during the first quarter of 2025 was $58.9 million compared with $7.8 million last year. The increase was driven primarily by improvements in working capital. Capital expenditures were $65.3 million in the first quarter, invested primarily in new stores, store maintenance, and infrastructure-related projects. In addition, we invested $4.8 million in system enhancements and improvements.

轉向現金流。2025 年第一季經營活動提供的淨現金為 5,890 萬美元，而去年為 780 萬美元。成長主要得益於營運資金的改善。第一季資本支出為 6,530 萬美元，主要用於新店建設、店鋪維護以及基礎設施相關項目。此外，我們還投資了 480 萬美元用於系統增強和改進。

Total debt, net of issuance costs was $458.9 million at the end of the first quarter, down $3.6 million from the end of 2024. And we exited the first quarter with $205.5 million of availability under our credit agreement. Our liquidity position remains strong, and we are focused on investing prudently in growth initiatives with an emphasis on driving high return on invested capital.

第一季末，扣除發行成本後的總債務為 4.589 億美元，比 2024 年底減少 360 萬美元。第一季結束時，我們根據信貸協議擁有 2.055 億美元的可用資金。我們的流動性狀況依然強勁，我們專注於審慎投資成長計劃，重點是推動投資資本的高回報。

Now turning to our guidance. We are reiterating our previous full year outlook for total net sales, net new stores, gross margin, adjusted EBITDA and adjusted EPS. We are updating guidance for comp sales, restructuring charges and interest expense. Despite continued strength in traffic, we are updating our comp store sales guide for the year given pressure on the basket and broader softening of macroeconomic trends. As Jason mentioned, we have plans in place to drive basket, but this will take time to execute as the year progresses.

現在轉向我們的指導。我們重申先前對全年淨銷售額、淨新店、毛利率、調整後 EBITDA 和調整後 EPS 的預測。我們正在更新同店銷售額、重組費用和利息支出的指導。儘管客流量持續強勁，但考慮到購物籃的壓力和宏觀經濟趨勢的普遍疲軟，我們仍在更新今年的同店銷售指南。正如傑森所提到的，我們已經制定了推動籃球運動的計劃，但隨著時間的推移，這將需要時間來實施。

For the full year, we now expect comp store sales growth to be between 1% and 2%, with slight sequential improvement in comps quarter-over-quarter as the year progresses. We now expect charges related to our restructuring plan to be in the range of $59 million to $61 million.

就全年而言，我們目前預計同店銷售額成長率將在 1% 至 2% 之間，隨著時間的推移，同店銷售額將較上季略有改善。我們現在預計與重組計劃相關的費用將在 5,900 萬美元至 6,100 萬美元之間。

This includes approximately $49 million to $51 million from exiting store leases, which includes the five additional store closures mentioned earlier and remains within the previously announced range. This includes approximately $9 million to $11 million in the second quarter related to the restructuring. For the year, we now expect net interest expense to be approximately $32 million, down from $38 million previously announced subject to the pace and degree of interest rate changes.

其中包括來自退出商店租約的約 4,900 萬至 5,100 萬美元，其中包括前面提到的另外五家商店的關閉，並且仍在先前宣布的範圍內。其中包括第二季與重組相關的約 900 萬至 1,100 萬美元。對於今年，我們目前預計淨利息支出約為 3,200 萬美元，低於先前宣布的 3,800 萬美元，具體取決於利率變化的速度和程度。

For the second quarter, we expect comparable store sales to be approximately 1%, reflecting current trends in the business as well as uncertainty given macroeconomic trends. We expect gross margin of between 30% and 30.5% for the second quarter. Adjusted EBITDA between $62 million to $65 million and diluted EPS of $0.16 to $0.18 per share.

對於第二季度，我們預計可比店銷售額約為 1%，這反映了當前的業務趨勢以及宏觀經濟趨勢的不確定性。我們預計第二季的毛利率在30%至30.5%之間。調整後的 EBITDA 在 6,200 萬美元至 6,500 萬美元之間，稀釋每股收益在 0.16 美元至 0.18 美元之間。

In closing, we delivered solid first quarter results. We are highly focused on execution in the near term with the objective of driving value and excellent in-store experiences for our customers and IOs. We believe our strategic plan will enable us to harness the many exciting opportunities in front of us and unlock value within the business while generating meaningful profitability and returns on capital over the long term. We will now open the call up to your questions. Operator?

最後，我們取得了穩健的第一季業績。我們高度重視短期執行，目標是為我們的客戶和 IO 創造價值並帶來卓越的店內體驗。我們相信，我們的策略計劃將使我們能夠利用我們面前的許多令人興奮的機會並釋放業務價值，同時在長期內產生有意義的獲利能力和資本回報。我們現在開始回答大家的提問。操作員？

(Operator Instructions) Anthony Bonadio, Wells Fargo.

（操作員指示）安東尼·博納迪奧，富國銀行。

So as you've got settled into your new seats, can you maybe just talk high level about how you're thinking about the appropriate strategy and growth level for the business? And then maybe anything you're thinking about differently versus what we've seen from management historically?

那麼，既然您已經適應了新的職位，您能否從高層次談談您如何考慮適合公司的策略和成長水平？那麼，也許您的想法與我們過去所見的管理方式相比有什麼不同？

Thanks for the question. It's Jason here. Clearly, I believe the business is we're going to focus on execution here. Creating a loved brand is essential. And so the priorities we have are the capabilities that we're going to build against that to deliver that experience for customers that is going to drive loyalty and performance in the business over time.

謝謝你的提問。我是傑森。顯然，我相信我們將把重點放在業務的執行上。創造一個受人喜愛的品牌至關重要。因此，我們的優先事項是我們要在此基礎上建立的能力，以便為客戶提供這種體驗，從而隨著時間的推移提高企業的忠誠度和績效。

So the four key things I mentioned earlier, tackling new store performance matching talent for the strategy we're going to execute, continuing to improve our system execution and executing at scale as we move this business to a selling organization are all essential capabilities we're building against this focused execution, again, to deliver a brand reputation with a winning customer experience is going to be the key to our success. So happy to follow that on with another question.

因此，我之前提到的四個關鍵事項，即解決新店業績、為我們將要執行的戰略匹配人才、繼續改進我們的系統執行以及在將這項業務轉移到銷售組織時進行大規模執行，都是我們針對這一重點執行而構建的基本能力，再次強調，通過成功的客戶體驗來打造品牌聲譽將是我們成功的關鍵。很高興能繼續提出另一個問題。

Corey Tarlowe, Jefferies.

傑富瑞 (Jefferies) 的科里‧塔洛 (Corey Tarlowe)。

I appreciate all the color, Jay. I was wondering if you could talk a little bit more about the second quarter guide and the full year outlook and how we should be thinking about the change in the comp trajectory that you outlined? If I think you had used two things, it was basket and macro. Could you maybe unpack that a little bit more for us?

我很欣賞所有的色彩，傑伊。我想知道您是否可以再多談談第二季指南和全年展望，以及我們應該如何看待您所概述的競爭軌蹟的變化？如果我認為你使用了兩樣東西，那就是籃子和宏。您能為我們進一步解釋一下嗎？

Sure. Maybe I'll take the first part here. The work we're doing right now includes commercial and execution-related activity. And it's a little harder for me to predict the short term here, but I think we're working on the right things. I know we are.

當然。也許我會在這裡討論第一部分。我們目前正在做的工作包括商業和執行相關的活動。雖然我很難預測短期內的情況，但我認為我們正在做正確的事情。我知道我們是。

So we're doing several things on the commercial side. First, I mentioned earlier that we're tightening our gapping on KPIs. We're working on the mix and pushing our opportunistic opportunities through the network as well as promoting private label. Those elements are going to absolutely help value. We also have addressed some quality-related standards that I mentioned delivering that every day for guests is critical for their everyday shop.

因此我們在商業方面做了幾件事。首先，我之前提到過，我們正在縮小 KPI 之間的差距。我們正在努力進行整合，透過網路推動我們的機會並推廣自有品牌。這些因素絕對有助於提升價值。我們也討論了一些與品質相關的標準，我提到，每天為客人提供這些標準對於他們的日常購物至關重要。

And then execution-related activities, like the work we're doing on our DCs in the Pacific Northwest, and the progress we've made on the real-time order guide to help our in-stock and our fill rates, all of that will help the business tremendously. And I believe we'll add sales as this year goes on. It's more of a timing question for me. maybe I'll have Chris just a little more color to how the numbers flow.

然後是與執行相關的活動，例如我們在太平洋西北地區的 DC 上所做的工作，以及我們在即時訂單指南方面取得的進展，以幫助我們的庫存和填充率，所有這些都將極大地幫助業務。我相信，隨著時間的推移，我們的銷售額今年會增加。對我來說這更多的是一個時間問題。也許我會讓克里斯更詳細地解釋數字的流動方式。

Yes, sure. So just given what we saw in the first quarter, we -- our traffic is strong. a 2.3% growth, our basket was down 2%. And those trends are somewhat continuing, especially the softer basket into Q2. We're still seeing very strong traffic.

是的，當然。因此，根據我們在第一季看到的情況，我們的流量非常強勁。成長了2.3%，而我們的籃子貨幣卻下降了2%。而且這些趨勢在某種程度上還在持續，尤其是第二季的購物籃表現較弱。我們仍然看到非常強勁的流量。

And then just given the uncertainty that's out there from a macro lens, we thought it was prudent to lower the top line or comparable line store sales growth. But I would just say, as Jason mentioned, we believe we're doing the right things to drive the basket and comp making sure we're in stock on our top selling items and having very good produce, et cetera. There's a lot of things that we're doing right now, and we expect to see those help drive comps in the back half of the year. So what I'd say is that we expect modest sequential improvement in the back half in our comps.

然後，考慮到宏觀角度存在的不確定性，我們認為降低營業額或同店銷售成長是明智之舉。但我只想說，正如傑森所提到的，我們相信我們正在做正確的事情來推動購物籃和公司的發展，確保我們有足夠的暢銷商品庫存，並擁有非常好的產品等等。我們目前正在做很多事情，我們期望這些事情能幫助推動下半年的業績成長。所以我想說的是，我們預計下半年我們的業績將會出現適度的連續改善。

Robbie Ohmes, Bank of America.

羅比‧奧姆斯 (Robbie Ohmes)，美國銀行。

My first question is with the real-time order guide in place now in the East Coast stores in California. I'm surprised. have you seen any improvement in comps related to that?

我的第一個問題是加州東海岸商店目前是否已實施即時訂單指南。我很驚訝。您是否看到與此相關的公司業績有任何改善？

What we're seeing initially is clearly, first of all, the feedback we're getting from our as is really positive. They're able to see what's available and how to take advantage of putting the right things on their truck. And so what we've really seen to start with is an improvement in our fill rates. So the fill rates have jumped the 93% range to over 99%. And so that doesn't always translate immediately into sales.

我們最初看到的是，首先，我們從我們這裡得到的回饋非常積極。他們能夠看到有哪些可用的東西，以及如何將正確的東西放在卡車上。因此，我們首先真正看到的是填充率的提高。因此填充率已從 93% 躍升至 99% 以上。因此這並不總是能立即轉化為銷售額。

But clearly, as you match the ability to match demand and your planning with supply, you should see an improvement, and we expect one, again, feeling really good about that work and that progress. And Robbie, like I mentioned, we'll have that all complete by the end of the second quarter. So the better in stock you have, the more sales you get and around it goes.

但顯然，當你將需求匹配能力和計劃與供應相匹配時，你會看到進步，我們也期望人們再次對這項工作和進展感到非常滿意。羅比，正如我所提到的，我們將在第二季末完成所有工作。因此，庫存越多，銷售額就越大。

Mark Carden, UBS.

瑞銀的馬克卡登。

This is Mathew Rothway on for Mark Carden. I was hoping you could unpack the gross margin performance in the quarter, obviously, coming in much better than expectations. What drove that outperformance? I know last quarter, there was some negative impact from the egg shortage and pricing. Did you see any of that this quarter?

這是 Mathew Rothway 為 Mark Carden 主持的節目。我希望您能解釋一下本季的毛利率表現，顯然，表現比預期好得多。是什麼推動了這種優異表現？我知道上個季度，雞蛋短缺和價格帶來了一些負面影響。您在本季看到了這些嗎？

And then it looks like it's -- you're not expecting this progress to quite carry through for the rest of the year. So what are your expectations as we look at the balance of the year?

然後看起來——你並不指望這一進展能夠在今年剩餘時間內持續下去。那麼，當我們展望今年的收支平衡時，您有何期望？

Yes. Sure. It's Chris. So yes, Q1, we definitely saw improvement in shrinkage, which I mentioned in my remarks, and that's a result of a lot of the work we're doing with our system as well as process around that. So we do expect that, that is sustainable as we go through the year.

是的。當然。是克里斯。是的，在第一季度，我們確實看到了收縮方面的改善，正如我在發言中提到的那樣，這是我們在系統和流程方面所做的大量工作的結果。因此，我們確實預計，這一情況在今年內是可持續的。

And I would just say for the full year margins, yes, there's potentially more shrink there as well as improvement in assortment, whether that's opportunistic, mix, private label, those are all things that could influence the margin. It's just a little early at this point to know what impact that's going to be. But we are definitely working on those things to also drive margin in the back half of the year.

我想說的是，就全年利潤率而言，確實可能會有更大的縮水，但產品種類也會有所改善，無論是機會主義、混合還是自有品牌，這些都可能影響利潤率。現在判斷這將會產生什麼影響還為時過早。但我們肯定會努力實現這些目標，以便在下半年提高利潤率。

Oliver Chen, TD Cowen.

奧利弗·陳（Oliver Chen），TD Cowen。

This is Tom Nass on for Oliver Chen. I wanted to ask for any color around any trends you've been seeing on opportunistic sourcing given the current environment. And then secondly, any details you can share around independent operator profitability trends year-to-date so far?

我是 Tom Nass，為 Oliver Chen 播報。我想問一下，在當前環境下，您所看到的機會主義採購趨勢是怎麼樣的。其次，您能分享今年迄今為止獨立運營商盈利趨勢的任何細節嗎？

Yes. Thanks, Tom, for the question. Opportunistic supply continues to be there. We've got very strong supplier relationships. I had a great opportunity in my first 90 days or so to meet a lot of them talk to a lot of them.

是的。謝謝湯姆提出這個問題。機會性供應仍然存在。我們與供應商建立了非常牢固的關係。在最初的 90 天左右的時間裡，我有幸與他們中的許多人見面並交談。

That continues to be a source of strength. I think that part of our opportunity here, some of the upside in this business as I look at all the different opportunities is tools and visibility into what's available. And so I know the feedback we got from our IOs, they're very pleased to see and be able to see what's available and opportunistic. The unique part of this business, there's literally tens of thousands of SKUs that go through this business that are unique and the ability for our IOs to be able to see it, understand what it is, what the savings are, the value, and helping them plan and then execute that is tremendous.

這將繼續成為我們的力量來源。我認為，我們在這裡的機會的一部分，當我審視所有不同的機會時，這個業務的一些優勢在於工具和對可用資源的可見性。因此，我知道我們從 IO 那裡得到的回饋是，他們非常高興看到並能夠看到可用的和機會性的資源。這個業務的獨特之處在於，實際上有數以萬計的 SKU 經過這個業務，這些 SKU 都是獨一無二的，我們的 IO 能夠看到它，了解它是什麼，節省的是什麼，價值是什麼，並幫助他們規劃並執行這些，這是非常了不起的。

So we've also recently started to share specific scan data related to mix to help our IOs understand the opportunities and increase our level of communication on that front. So for us, it's the opportunity to execute at a higher level. It's not a question of supply. But obviously, that's something we want to double down on and continue to build those supply relationships and grow the business as quickly as we can on that front.

因此，我們最近也開始分享與混合相關的特定掃描數據，以幫助我們的 IO 了解機會並提高我們在這方面的溝通水平。因此對我們來說，這是一個在更高層次上執行的機會。這不是供應的問題。但顯然，這是我們希望加倍努力並繼續建立供應關係並儘快發展業務的事情。

John Heinbockel, Guggenheim Securities.

古根漢證券公司的約翰·海因博克爾。

Jason, two related questions. So when you talk about the KPIs, is your thought you sort of look at every day versus the treasury -- close out treasure hunt? Where do you think there's the bigger opportunity? I know treasure hunt, maybe you got away from that a little bit last year. So that's number one.

傑森，兩個相關問題。因此，當您談論 KPI 時，您的想法是每天都要查看財務狀況，而不是進行尋寶活動嗎？您認為哪裡有更大的機會？我知道尋寶，也許去年你已經有點遠離它了。這是第一點。

And then number two, when you talk about execution, what's your thought on sort of field organization, right? Because I think the field organization has been historically by design maybe a little bit lean. Is that an area of potential investment?

第二，當您談到執行時，您對現場組織有什麼看法，對嗎？因為我認為從歷史上看，該領域的組織設計可能有點精簡。這是一個有潛在投資的領域嗎？

Thanks, John, for the question. So I think the -- in the early days here, and this is work that Eric had really begun in the late fall last year was to tighten up on KPIs. I think that's a regular thing that you do. We're in the process of continuing to improve our monitoring of that. We've made some adjustments in my time here.

謝謝約翰提出這個問題。所以我認為——在早期，埃里克在去年秋末真正開始的工作是加強 KPI。我認為這是你經常做的事情。我們正在繼續改進對此的監控。我們對我在這裡的時間做了一些調整。

We're going to continue to make adjustments as we go, where we think it's necessary. It's important to stay tight on that front. It helps value perception tremendously. So it's very important, as you know. And the opportunistic is really with our real-time order guide unlock really helping our IOC and understand what's there and that ability to flow supply through the system is going to be very helpful for us.

我們將繼續在我們認為必要的方面做出調整。保持這方面的緊密聯繫非常重要。它對價值感知有極大的幫助。如你所知，這非常重要。機會主義的真正之處在於，我們的即時訂單指南解鎖確實幫助我們的 IOC 了解那裡的情況，並且透過系統流動供應的能力對我們來說非常有幫助。

So both things are very important when you're building value. It's also important to communicate well in store. And so we've been experimenting with some marketing materials. We think that's a nice opportunity. And I guess the second part of your question is clearly, whatever we can do to improve the support for stores, we'll consider.

因此，當你創造價值時，這兩件事都非常重要。在店內進行良好的溝通也很重要。因此我們一直在嘗試一些行銷資料。我們認為這是一個很好的機會。我想你問題的第二部分顯然是，無論我們能做什麼來改善對商店的支持，我們都會考慮。

I think it's a little early on that front. But as I spend more time with the operations team and our IO group, we want to make sure that we're doing everything we can to help them be successful. So at least that's the way I think about it.

我認為現在談論這個還為時過早。但隨著我花更多時間與營運團隊和 IO 小組在一起，我們希望確保盡一切努力幫助他們取得成功。至少我是這麼認為的。

Joe Feldman, Telsey Advisory Group.

喬‧費爾德曼 (Joe Feldman)，特爾西顧問集團 (Telsey Advisory Group)。

I wanted to go back to the basket size for a minute. Is it -- can you share a little more color like what you're seeing with the basket? Like is it lower mix of -- is it lower units, fewer units in the basket? Is it the pricing? Is it because the inventory issues that we're still dealing with, maybe that's why there's just not the items people want when they come in. I was just hoping you could get a little more color there.

我想暫時回到籃子尺寸的問題。是嗎——您能分享一下您在籃子裡看到的更多顏色嗎？例如，它的混合度是否較低——單位是否較低，籃子中的單位是否較少？是定價嗎？是因為我們仍在處理庫存問題，也許這就是為什麼進來的商品中沒有人們想要的商品。我只是希望你能在那裡得到更多一點的色彩。

Sure. Sure. Well, the great news is the hardest part in any of these businesses is the traffic. Traffic has been quite good, it remains solid. I think that's usually the most difficult thing to achieve.

當然。當然。好消息是，這些業務中最困難的部分就是流量。交通狀況一直很好，並且保持穩定。我認為這通常是最難實現的事情。

And we've got the people coming in. This business has a tremendous value delivery system to it. And forever in a day, people are going to be looking for value. So we feel good from the work that's been done on both KPIs and the opportunistic mix efforts that we're making. In the basket in particular, when we look at it, it's items per basket.

我們已經讓人們進來了。這項業務擁有龐大的價值交付系統。人們永遠都會在尋找價值。因此，我們對在 KPI 方面所做的工作以及我們所做的機會主義組合努力感到滿意。特別是在籃子裡，當我們看它時，它是每個籃子的物品數。

So there is an opportunity for us on a couple of fronts there to do some work. And the work we've done early on ensuring that we're making sure that commercially, we're in the right place. Some of the things I mentioned on base quality, things like bananas and avocados as small as that might sound, are critical for day-to-day shopping.

因此，我們有機會在幾個方面進行一些工作。我們早期所做的工作確保了我們在商業上處於正確的位置。我提到的一些關於基本品質的東西，例如香蕉和酪梨，雖然聽起來很小，但對於日常購物來說卻至關重要。

Again, having make sure the fill rates are in the right place so that our stores are able to fulfill the customer shop, all important elements to building the basket. So our focus and our conversations here and the communication that we're providing and the work we're doing is really to help build those baskets. That's going to be a focus.

再次，確保填充率處於正確的位置，以便我們的商店能夠滿足顧客購物需求，這是建立購物籃的重要元素。因此，我們的重點、我們的對話、我們提供的溝通以及我們正在做的工作實際上都是為了幫助建立這些籃子。這將成為焦點。

Michael Baker, D.A. Davidson.

麥可貝克，地方檢察官戴維森。

Okay. I wanted to ask you if you could quantify the Easter shift because I'm a little surprised that April -- it doesn't sound at least as if April is off to a great start, given the Easter shift. So I wonder if you think you're seeing any impact already from the uncertainty from Liberation Day on April 2. Did you -- maybe it might be hard to tease out because of the Easter shift, but have you seen any kind of downshift in how the consumer is reacting since then?

好的。我想問您是否可以量化復活節的變化，因為我對四月感到有點驚訝——考慮到復活節的變化，四月至少聽起來不像是一個好的開始。所以我想知道您是否認為已經看到了 4 月 2 日解放日帶來的不確定性的影響。您是否——也許由於復活節的變化而很難弄清楚，但自那時以來，您是否看到消費者的反應有任何下降？

Yes, I would say we thought it was a little soft for sure. It's difficult to sort of pin it to what. But clearly, there's a shift there and with some other, I guess, lot of news out there, changes for the customer. There's clearly some uncertainty for them. But that's probably part of our thinking here at April was a little softer than I'd like.

是的，我想說我們確實認為它有點軟。很難將其歸結為什麼。但顯然，那裡發生了轉變，我想，還有其他一些新聞，對客戶來說也改變了。他們顯然面臨一些不確定性。但這可能是我們在四月的想法比我希望的要溫和一些的原因之一。

Okay. Makes sense. And if I could ask a follow-up, when you talk about the KPIs, can you talk about where -- do you think your price gaps, I know that the previous management team had some -- knew that they need to get a little bit sharper and close some of those price gaps with competitors. Where do you think you stand now? You said you always need to focus on the value, but do you feel like you need to get specifically catch up with some other guys who are being more price promotional?

好的。有道理。如果我可以問一個後續問題，當您談到 KPI 時，您能否談談——您認為您的價格差距在哪裡，我知道之前的管理團隊有一些——知道他們需要更加敏銳，並縮小與競爭對手的一些價格差距。您認為現在處於什麼位置？您說過您始終需要專注於價值，但您是否覺得需要特別追趕那些更注重價格促銷的人？

I think we're in a good spot as we sit here today. There clearly has been some work done over the last couple of quarters. And whenever there's -- that gets a little bit out of the pocket, so to speak, you can lose some perception. I think maybe that's part of the story here. And so ensuring that you're tight, you stay tight, make sure you're on top of that every day is critical.

我認為我們今天坐在這裡處於一個很好的位置。過去幾個季度顯然已經完成了一些工作。每當有一點錢從口袋裡流出，你就會失去一些感知。我想這也許就是故事的一部分。因此，確保自己緊張、保持緊張、確保每天處於最佳狀態至關重要。

And that's just an ongoing piece of work. So I feel good about where we are right now. It doesn't mean that you're ever done. And you want to be strategic about those things. Clearly, part of our work here as you think about customer -- the consumer today, and maybe there's some uncertainty out there is we want to be in their corner fighting hard for them to deliver value. So being fit and ready commercially and execution-wise are critical. And KBIs are just part of that equation.

這只是一項正在進行的工作。所以我對我們目前的狀況感到很滿意。這並不意味著你已經完成了。您希望對這些事情採取策略性的態度。顯然，當您考慮客戶——當今的消費者時，我們的部分工作就是，也許存在一些不確定性，我們希望站在他們這一邊，努力為他們提供價值。因此，在商業和執行方面做好準備至關重要。KBI 只是這個等式的一部分。

Anthony Chukumba, Loop Capital Markets.

安東尼·楚昆巴（Anthony Chukumba），Loop 資本市場。

So you talked about seeking indirect cost reduction opportunities. I was just wondering if you can -- if you can just sort of highlight some of the potential areas for cost reductions and sort of order of magnitude that you're targeting?

所以您談到了尋求間接降低成本的機會。我只是想知道您是否可以——您是否可以強調一些潛在的成本削減領域以及您所針對的成本削減數量級？

Yes. Sure, Anthony. It's Chris. So there's a couple of things on the cost efficiency program I mentioned. The first is, as you called out is indirect procurement.

是的。當然，安東尼。是克里斯。關於成本效益計劃，我提到了幾件事。首先，正如你所說，是間接採購。

And look, I've done a few of these before in my career, and we think there's definitely meaningful cost there. But we have to work through it. It's a kind of a methodical intentional approach that we're taking. And maybe some of the -- I'll give you a couple of examples. One is in the supply chain area, looking at freight, looking at buying supplies, pallets, simple things like that.

看看吧，我以前在職業生涯中做過一些這樣的事，我們認為這肯定是有重大成本的。但我們必須努力解決這個問題。我們正在採取一種有條不紊的有意方法。也許有一些——我會給你舉幾個例子。一個是在供應鏈領域，負責查看貨運、查看購買物資、托盤等簡單的東西。

In our IT organization, looking at different spend there as well as professional fees, et cetera. So that's a piece of work we started. And as I said, it's going to -- we'll progress through that. And then the other piece that's worth mentioning is just overall efficiencies that we expect to get. And one example of that is in our -- again, in our supply chain, a little bit different though with the opening of our new facility in the Pacific Northwest. We're able to consolidate several warehouses into one and really capture efficiencies in transportation, warehousing, just all across the supply chain.

在我們的 IT 組織中，我們會考慮不同的支出以及專業費用等等。這就是我們開始的一項工作。正如我所說的，我們會取得進展。然後值得一提的另一點是我們期望獲得的整體效率。其中一個例子就是我們的供應鏈，儘管隨著我們在太平洋西北地區新工廠的開業，情況略有不同。我們能夠將多個倉庫合併為一個，真正提高整個供應鏈的運輸、倉儲效率。

And we have other initiatives that we're working on just to drive cost out as well. So that's what I'd say about where we're at with our program.

我們也正在實施其他舉措，以降低成本。這就是我要說的關於我們目前計劃的進展。

Simeon Gutman, Morgan Stanley.

摩根士丹利的西蒙古特曼。

So just to go back on the April trend line, was the traffic something that's lower or the consumer got afraid with their basket. And I ask because the premise we would have is that if the backdrop does get weaker, you think that maybe trade down should help this business. This is part one. So it's a question and the thought. And then the second, it looks like some of the language with restructuring plan changed maybe the cash expenditures, if that's right. Does it impact the guidance in any way?

那麼，回到四月的趨勢線，是流量較低還是消費者對他們的購物籃感到害怕。我之所以問這個問題，是因為我們的前提是，如果背景確實變弱，您認為貿易下滑或許會對這項業務有所幫助。這是第一部分。所以這是一個問題，也是一個想法。其次，看起來重組計劃中的一些措辭可能改變了現金支出，如果這是正確的話。這會對指導產生任何影響嗎？

First part of the question, we're -- yes, I mentioned it was a little softer than I'd like. We're not -- we haven't seen any evidence of things like trading down and so on that you typically see. But clearly, we've got some softness in the basket, and that's something we think is more execution related, and we're monitoring that, obviously. And I think the second part of the question is a cash question. I'll pass to Chris.

問題的第一部分，我們——是的，我提到它比我想要的要軟一點。我們沒有看到任何像您通常會看到的那樣出現交易量下降等現象的證據。但顯然，我們的籃框有些疲軟，我們認為這與執行力有關，顯然我們正在監控這一點。我認為問題的第二部分是現金問題。我會傳給克里斯。

Yes. So on the restructuring, what we said was or what I said was that we're going to be within the original range, which we said. 50 to 60 initially, we tightened that up to 59 to 61 is where we're landing with the 5 additional stores. So there's really no impact to the profitability guidance for the year, the adjusted profitability numbers, if that's what you're asking.

是的。因此，關於重組，我們說的是，或者我說的是，我們將在原來的範圍內，我們也說過了。最初是 50 到 60，隨著另外 5 家商店的開業，我們將範圍縮小到 59 到 61。因此，如果您問的是這個的話，這對年度盈利預測和調整後的盈利數字實際上沒有影響。

Leah Jordan, Goldman Sachs.

高盛的利亞喬丹 (Leah Jordan)。

Your gross margin improved nicely in the quarter, but you're still losing market share. So I just wanted to see if you could talk through how you're thinking about the trade-offs between defending share and maintaining margins in the current environment. I guess just given the lower comp outlook, how are you thinking about reinvestment of any margin upside as you go throughout the year? Or just given the softer April, how quickly can you react on pricing when you see a behavior shift?

本季你們的毛利率大幅提高，但市佔率仍在下降。所以我只是想看看您是否可以談談在當前環境下您如何考慮捍衛份額和維持利潤率之間的權衡。我想，鑑於較低的競爭前景，您如何考慮在全年對任何利潤上漲進行再投資？或者考慮到四月的疲軟，當您看到行為轉變時，您能多快對定價做出反應？

Thanks, Leah, I think the idea of one foot on the gas and one foot on the break is how I'm thinking about it. Clearly, we want to create room for ourselves to create the optionality to be more aggressive. And we think with the improvements that are naturally coming in the business from some of the capabilities we're unlocking as well as the future work that we think will help us improve our cost base. Those things are very helpful for us to be fit and make adjustments in the business as we go. The commercial and execution related things we've begun here from here and no regret moves.

謝謝，利亞，我想我就是這麼想的：一腳踩油門，一腳踩煞車。顯然，我們希望為自己創造空間，以創造更具侵略性的選擇。我們認為，我們正在解鎖的一些功能以及未來的工作將自然地為業務帶來改進，這些改進將有助於我們改善成本基礎。這些事情對於我們保持健康並在業務發展過程中做出調整非常有幫助。我們從這裡開始了與商業和執行相關的事情，並且沒有後悔的舉動。

So those things are going to add sales, and we'll do the job on balancing the margins for sales. Clearly, comps are an essential part, probably the number one metric that I look at. And so we have some work to do there, but good about what's going to come later.

所以這些東西會增加銷售額，我們會努力平衡銷售利潤。顯然，比較是重要部分，可能是我關注的首要指標。因此，我們還有一些工作要做，但對於接下來要做的事情，我們會感到很高興。

Jeremy Hamblin, Craig-Hallum Capital Group.

克雷格-哈勒姆資本集團的傑里米·漢布林。

Just shifting gears a bit here. I wanted to ask about United Grocery Outlet as you get your first few months in here, and I don't know how much time you spent on those locations, but I wanted to get a sense for how you feel like they're performing. And I know that not a lot is going to be done with them in 2025, but just getting a sense for the time frame on how you think you might integrate that portion of the business a bit more with the total company.

這裡只是稍微改變一下話題。我想問您在這裡的頭幾個月對 United Grocery Outlet 的情況，我不知道您在這些地方花了多少時間，但我想了解一下您覺得它們的表現如何。我知道到 2025 年不會對他們採取太多措施，但只是想了解一下時間框架，看看您認為如何將這部分業務與整個公司進一步整合。

Yes. I think the basic headline there is we're growing sales. It's in line with expectation and it's something we're going to integrate '26, late '26 is probably the time frame. So that's what I would share today.

是的。我認為基本要點是我們的銷售額正在成長。這符合預期，我們將在 26 年完成整合，時間大概是 26 年末。這就是我今天要分享的內容。

This concludes the question-and-answer session. I'd like to turn the floor back to management for any closing comments.

問答環節到此結束。我想將發言權交還給管理階層，請他們發表最後的評論。

Can you repeat again? Sorry, what was that, operator?

你能再說一次嗎？抱歉，接線員，剛才說什麼？

I just had our last question now. Would you have any closing comments to close out the call?

我現在剛剛問了最後一個問題。您在電話會議結束時還有什麼總結嗎？

Oh, yes. Thank you very much for your interest today. I'm very excited to be here. This is an incredible business to be a part of. I'm excited about the future.

哦是的。非常感謝您今天的關注。我很高興來到這裡。這是一項令人難以置信的事業。我對未來充滿期待。

We've got lots of execution opportunity here. We're going to get that back on track. We've got a great model, motivated people. And we look forward to sharing exciting wins as we go here and thank you for your attention today.

我們這裡有很多執行機會。我們會讓它回到正軌。我們擁有偉大的榜樣和積極進取的人民。我們期待在這裡分享令人興奮的勝利，並感謝您今天的關注。

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

今天的電話會議到此結束。現在您可以斷開線路。再次感謝您的參與。