Grocery Outlet Holding Corp (GO) 2025 Q2 法說會逐字稿

Greetings and welcome to the Grocery Outlets second quarter 2025 earnings results conference call. (Operator Instructions) As a reminder, this conference is being recorded. It is now my pleasure to introduce your host Ian Ferry, Vice President of Treasury and Investor Relations. Thank you. You may begin.

問候並歡迎參加 Grocery Outlets 2025 年第二季收益結果電話會議。（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、財務和投資者關係副總裁 Ian Ferry。謝謝。你可以開始了。

Good afternoon and welcome to Grocery Outlet's call to discuss financial results for the second quarter ended June 28, 2025. Speaking for management on today's call will be Jason Potter, President and Chief Executive Officer; and Chris Miller, Chief Financial Officer.

下午好，歡迎參加 Grocery Outlet 的電話會議，討論截至 2025 年 6 月 28 日的第二季財務業績。在今天的電話會議上代表管理層發言的將是總裁兼執行長 Jason Potter 和財務長 Chris Miller。

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 playback on the investor relations section of the company's website.

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播放。

Participants on this call may make forward-looking statements within the meeting of the Federal Securities laws. All statements that address future operating financial or business performance or the company's strategies or expectations are 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.

本次電話會議的參與者可能會在聯邦證券法會議範圍內做出前瞻性陳述。所有涉及未來經營財務或業務表現或公司策略或預期的陳述均為前瞻性陳述。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。

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.

這些因素的描述可在今天下午的新聞稿以及公司向美國證券交易委員會 (SEC) 提交的定期報告中找到，所有這些報告均可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。

These statements are estimates only and not a guarantee of future performance. 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, on the investors section of the company's website under news and releases and in the company's SEC filings.

這些陳述僅是估計，並不保證未來的表現。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。GAAP 與非 GAAP 指標的對照表以及使用每項指標的描述、限制和理由可在今天下午的新聞稿中的補充財務表、公司網站投資者部分的新聞和發布部分以及公司提交給美國證券交易委員會 (SEC) 的文件中找到。

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

現在我想把發言權交給傑森。

Thanks Ian and welcome everyone. We delivered solid second quarter results that exceeded our outlook. Net sales of $1.18 billion grew 4.5% over last year, while adjusted EBITDA of $68 million and adjusted EPS of $0.23, each of which came in above their respective guidance ranges.

謝謝伊恩，歡迎大家。我們第二季的業績表現穩健，超出了我們的預期。淨銷售額為 11.8 億美元，較去年同期成長 4.5%，調整後 EBITDA 為 6,800 萬美元，調整後 EPS 為 0.23 美元，均高於各自的指導範圍。

We also grew comp store sales 1.1% from last year in line with our guidance and opened nine net new stores, keeping us on pace to achieve our 33 to 35 annual store opening target for this year. We continue to deliver on the profitability front, reporting a 30.6% gross margin. Also ahead of our outlook as we again drove improvements in inventory management and merchandizing.

我們的同店銷售額也比去年增長了 1.1%，符合我們的預期，並開設了 9 家新店，使我們有望實現今年開設 33 至 35 家新店的年度目標。我們持續保持獲利能力，毛利率達到 30.6%。由於我們再次推動了庫存管理和商品銷售的改善，因此這也超出了我們的預期。

From a cost perspective, we managed operating expenses with discipline throughout the quarter as the percentage of net sales, SG&A declined 10 basis points from last year, and we see opportunity to drive further operating leverage.

從成本角度來看，我們整個季度嚴格管理營運費用，因為淨銷售額的百分比、銷售、一般及行政費用比去年下降了 10 個基點，我們看到了進一步提高營運槓桿的機會。

In short, we achieved our objectives for Q2 and as such, we are reaffirming all previous guidance ranges for the full year with the exception of adjusted EPS, which we are increasing due primarily to favorable interest expense. We also made important progress during the past quarter on the four strategic imperatives we outlined on our last update.

簡而言之，我們實現了第二季度的目標，因此，我們重申全年所有先前的指導範圍，但調整後的每股收益除外，我們增加調整後的每股收益主要是由於有利的利息支出。在過去的一個季度，我們也在上次更新中概述的四個策略要點方面取得了重要進展。

One, tackling new store performance; two, securing top talent; three, addressing execution gaps; and four, improving our execution at scale. We have significant white space in front of us which represents multiples of the revenue of our current store base generating today. Executing against these four imperatives will help set the stage to capture that opportunity and drive improving returns on invested capital.

一是提高新店業績；二是確保頂尖人才；三是解決執行上的差距；四是大規模提升執行力。我們面前有大量的空白，這些空白代表著我們目前門市基礎今天創造的收入的數倍。執行這四項要務將有助於為抓住機會奠定基礎，並推動提高投資資本的回報率。

First, tackling new store performance. We're taking deliberate steps to improve performance across our store base. We're rebalancing store growth towards a healthy mix of core versus new markets, adjusting our internal returns framework, developing more robust site selection criteria, and testing several key commercial pilots to drive our performance.

一是抓好新店業績。我們正在採取慎重措施來提高整個門市的績效。我們正在重新平衡門市成長，以實現核心市場與新市場的健康組合，調整我們的內部回報框架，制定更嚴格的選址標準，並測試幾個關鍵的商業試點來推動我們的業績。

Our pilots have included improving our merchandizing, enhancing our IO support, and adjusting and experimenting with marketing to tell our brand story. These efforts have contributed to our 2025 cohort of new stores performing ahead of plan on a year-to-date basis.

我們的試點包括改進我們的商品銷售、加強我們的 IO 支援以及調整和試驗行銷來講述我們的品牌故事。這些努力促使我們 2025 年新開店的業績年初至今超出了計畫。

As we drive improvements in our new stores, we are reviewing our store plans, carefully selecting locations with high potential and the ability to generate store economics that meet or exceed our hurdle rates. Slowing down our store expansion will allow us to dial in the model to find the optimal level of sustainable unit growth that generates solid returns on invested capital.

在我們推動新店改進的同時，我們正在審查我們的店鋪計劃，仔細選擇具有高潛力且能夠產生達到或超過我們的最低收益率的店鋪經濟效益的地點。放慢門市擴張速度將使我們能夠調整模型，找到可持續單位成長的最佳水平，從而為投資資本帶來可觀的回報。

As the result of our disciplined underwriting standards and focused execution, we expect returns to steadily improve. In addition, we expect to deliver cash on cash returns above 20% in year four for the '25 and '26 cohorts on a combined basis. Our second priority is securing top talent.

由於我們嚴格的承保標準和專注的執行，我們預計回報將穩步提高。此外，我們預計第四年 25 和 26 年集團的現金回報率將達到 20% 以上。我們的第二個優先事項是確保頂尖人才。

Over the course of this year, we've made progress on talent and are grateful to welcome several new leaders to our team, including Matt Delly, our new Chief Merchandizing Officer. Matt has a proven track record of strong results across the retail spectrum with more than 20 years of experience spanning merchandizing, supply chain, assortment planning, and product development.

今年，我們在人才方面取得了進步，並很高興歡迎幾位新領導加入我們的團隊，包括新任首席行銷長 Matt Delly。馬特 (Matt) 在零售領域擁有出色的業績記錄，在商品銷售、供應鏈、分類規劃和產品開發方面擁有 20 多年的經驗。

We're very excited to have him on our team, and in a couple of weeks he sees many amazing sets of opportunities to advance our selling capabilities and drive scale advantages throughout this business. Our talent priority also extends to our board. In June, we announced the additions of two new board members with deep experience to steward the company through our next chapter of growth.

我們非常高興他能加入我們的團隊，幾週後，他看到了許多令人驚嘆的機會，可以提升我們的銷售能力並推動整個業務的規模優勢。我們的人才優先考慮也延伸至我們的董事會。6 月，我們宣布增加兩位經驗豐富的新董事會成員，帶領公司開啟新的成長篇章。

Mike Kobayashi brings many years of leadership experience from Ross stores, including driving operational excellence and successful technology transformations. He's going to add valuable perspective as we unlock the powerful potential of our systems implementation.

Mike Kobayashi 擁有 Ross 商店多年的領導經驗，包括推動卓越營運和成功的技術轉型。當我們釋放系統實施的強大潛力時，他將帶來寶貴的觀點。

Chip Malloy's proven financial leadership experience at retailers like Sprout's Farmers Market and PetSmart will complement our team's focus on achieving improved profitability and attractive shareholder returns. These additions bring a fresh perspective, deep experience, and the governance experience to help the organization build on this turnaround.

Chip Malloy 在 Sprout's Farmers Market 和 PetSmart 等零售商擁有豐富的財務領導經驗，這將補充我們團隊對提高盈利能力和實現可觀的股東回報的關注。這些新增成員帶來了全新的視角、豐富的經驗和治理經驗，幫助組織實現這項轉變。

Lastly, I'd like to highlight the many contributions that both Tom Herman and Ken Alterman have made to the company in their 21 and 14 years of respective service to the board. Saying thanks is not enough for all the hard work and their dedication to grocery outlet. They will be missed.

最後，我想強調湯姆·赫爾曼和肯·奧特曼在董事會任職 21 年和 14 年間為公司做出的許多貢獻。僅僅說謝謝不足以表達對他們為雜貨店所付出的辛勤工作和奉獻精神的感謝。我們將會懷念他們。

Our third priority is addressing execution gaps. On the systems work we're undertaking, we've made steady progress during the last two quarters, and this is positioning us to unlock more opportunities across the business. We expect to complete the last major systems update for our IOs by the end of the third quarter.

我們的第三個優先事項是解決執行差距。就我們正在進行的系統工作而言，我們在過去兩個季度取得了穩步進展，這使我們能夠在整個業務範圍內釋放更多機會。我們預計在第三季末完成 IO 的最後一次主要係統更新。

We're continuing to progress by building resilience in our work with better governance and data integrity, process improvement, and selective software simplification. Next year we're going to transition from development to optimization. In Q2, we completed the real-time order guide rollout, leading to improved inventory visibility and in stock within our stores.

我們透過更好的治理和資料完整性、流程改進和選擇性軟體簡化來增強工作彈性，從而不斷取得進步。明年我們將從開發轉向優化。在第二季度，我們完成了即時訂單指南的推出，從而提高了庫存可見性和商店內的庫存。

Feedback from IOs who have used the real-time order guide has been overwhelmingly positive. To illustrate the powerful impact of gains in inventory availability, consider that within our Focus stores we've seen a material in-stock improvement on our top 200 items that's driving roughly 200 basis points of comp lift.

使用過即時訂單指南的 IO 的回饋非常正面。為了說明庫存可用性提高帶來的強大影響，請考慮一下在我們的 Focus 商店中，我們發現前 200 種商品的庫存量大幅增加，從而推動了大約 200 個基點的同店銷售額增長。

We're building on the success of the real-time order guide with the launch of our new arrival guide which we plan to roll out this fall. The new arrival guide will significantly expand the ordering window for both everyday items and opportunistic offerings to our IOs, allowing them to more thoughtfully plan and balance their product mix.

我們將在即時訂單指南成功的基礎上推出新的到貨指南，計劃於今年秋季推出。新的到貨指南將大大擴展我們 IO 的日常用品和機會性產品的訂購窗口，使他們能夠更周到地規劃和平衡他們的產品組合。

The new arrival order guide had been a critical execution tool that our IOs relied on pre-systems launch for their planning. We're excited about reaching this execution milestone and helping our IOs win guests by improving their ability to plan products with extreme value.

新到貨訂單指南一直是我們的 IO 在系統啟動前規劃所依賴的關鍵執行工具。我們很高興能夠達到這一執行里程碑，並透過提高我們的 IO 規劃極高價值產品的能力來幫助他們贏得客人。

During the 2nd quarter, we've also made progress on our private brands’ efforts. We've introduced our own wine label called second-cheapest. Given the current state of oversupply in the wine industry, we recognized a unique window of opportunity here to launch a compelling selection of wines at under $5 a bottle.

在第二季度，我們的自有品牌工作也取得了進展。我們推出了自己的葡萄酒品牌，名為「第二便宜」。鑑於目前葡萄酒行業供過於求的狀況，我們認識到這是一個獨特的機會，可以推出一系列價格低於每瓶 5 美元的引人注目的葡萄酒。

This item has generated significant buzz and sales. We continue to believe strongly in our unique value proposition. On our supply chain initiatives, I'm also pleased to report that our transition to One DC in the Pacific Northwest has been executed flawlessly by our team, a big win in simplification of operations and improving service levels to our IOs at a lower cost.

該產品已引起廣泛關注並銷售量大增。我們繼續堅信我們獨特的價值主張。關於我們的供應鏈計劃，我很高興地報告，我們的團隊完美地執行了向太平洋西北地區單一配送中心 (One DC) 的過渡，這對於簡化運營和以更低的成本提高我們 IO 的服務水平來說是一個巨大的勝利。

We'll continue to evolve this element of our capability set over time with our next DC conversion in the east to begin in Q4. Our fourth priority is improving execution at scale. When I think about grocery outlet's future, I'm especially energized by how today's efforts should enable us to scale sustainably over the long term for this business.

我們將隨著時間的推移繼續發展我們能力集的這一要素，我們的下一個 DC 轉換將於第四季度在東部開始。我們的第四個優先事項是提高規模執行力。當我思考雜貨店的未來時，我特別想到今天的努力將如何使我們能夠長期可持續地擴大這項業務。

Last quarter, we shared our goal to transform Grocery Outlet into a truly outstanding selling organization. As I mentioned on our last call, we've been working on a model store and sharing best practices with IOs to deliver a winning in-store experience and improved store financial performance.

上個季度，我們分享了將 Grocery Outlet 轉變為真正出色的銷售組織的目標。正如我在上次電話會議中提到的，我們一直在致力於打造一家模範商店，並與 IO 分享最佳實踐，以提供成功的店內體驗並提高商店財務業績。

For example, in our Oakland, California test store, we've made key enhancements to layout to signage and storytelling, merchandizing, and implemented a new fresh category ordering and forecasting tool, all of which have contributed to middle single digit lift in comp versus our control group, and importantly, we believe these improvements can be implemented at other stores at a manageable incremental cost per store.

例如，在我們位於加州奧克蘭的測試店中，我們對佈局、標牌、故事敘述、商品推銷等進行了關鍵改進，並實施了全新的類別訂購和預測工具，所有這些都有助於與對照組相比實現中等個位數的提升，重要的是，我們相信這些改進可以在其他商店以可控的每家商店增量成本實施。

We've begun to roll these improvements out to a pilot group of stores and are accelerating the most impactful of these improvements, particularly our forecasting and ordering tools in fresh to help drive IO success now. By offering our IOs stronger support, tools, and training, we believe we can strengthen the value proposition for our customers and our operators at the same time.

我們已經開始向一組試點商店推出這些改進，並正在加速其中最有影響力的改進，特別是我們的生鮮預測和訂購工具，以幫助推動 IO 的成功。透過為我們的 IO 提供更強大的支援、工具和培訓，我們相信我們可以同時加強對客戶和營運商的價值主張。

I'm very excited about partnering with our IOs to help them drive their success, and I look forward to updating you all on our progress over the next couple of quarters. Since our last earnings report, I've spent more time with our IOs and with our stakeholders to hone in on the large opportunity in front of us.

我很高興能與我們的IO合作，幫助他們取得成功，並期待在接下來的幾季向大家通報我們的進展。自從我們上次發布收益報告以來，我花了更多時間與我們的IO和利害關係人一起研討我們面前的巨大機會。

Everything I've learned continues to strengthen my conviction that the work we're undertaking today will position us to create value for everyone that touches this business. A few comments on customers. We've begun the work to better understand customer perception of our brand to ensure that we're creating an experience that customers love.

我所學到的一切都進一步堅定了我的信念：我們今天所做的工作將使我們能夠為每個參與這項業務的人創造價值。對顧客的一些評論。我們已經開始努力更了解客戶對我們品牌的看法，以確保我們創造客戶喜愛的體驗。

In the research, we've completed so far, we've reaffirmed that our value proposition continues to resonate with our core guests and that the treasure hunt is a strong motivator of trips. We have an opportunity here to better tell our story. On value last quarter, I spoke about our increased focus on known value items or KVIs.

在我們迄今為止完成的研究中，我們重申了我們的價值主張繼續引起我們的核心客人的共鳴，並且尋寶活動是旅行的強大動力。我們在這裡有機會更好地講述我們的故事。關於上個季度的價值，我談到了我們更加關注已知價值項目或 KVI。

Since the start of this year, we've sharpened our KVI positioning while delivering sequential improvements in gross margin by improving shrink and mix. We're pleased with our current positioning on the pricing of KVIs across all markets, and when looking at the whole basket, we continue to see and deliver substantial savings versus our peers.

自今年年初以來，我們強化了 KVI 定位，同時透過改善收縮和組合實現了毛利率的連續提高。我們對目前所有市場上 KVI 的定價定位感到滿意，並且從整個籃子來看，與同行相比，我們繼續看到並實現了大幅節省。

Demonstrating our value positioning consistently will support the building of trust with customers across our network. Our lab's guests have also given us some specific direction on the opportunities to earn their business back. The great news is in the areas that we need to improve, they are primarily execution related.

持續展示我們的價值定位將有助於我們與整個網路的客戶建立信任。我們實驗室的客人也為我們提供了一些具體的指導，告訴我們如何重新贏得他們的業務。好消息是，我們需要改進的領域主要與執行有關。

For one example, customers want more consistency in product availability. To improve our shopping experience, we will continue to focus on execution-related support to ensure greater consistency across our stores. We are doing just that in two important ways.

舉個例子，客戶希望產品供應更一致。為了改善我們的購物體驗，我們將繼續專注於執行相關的支持，以確保我們各商店的一致性。我們正透過兩種重要方式來實現這一點。

First, as I mentioned, the systems progress we are achieving is enabling us to improve our in-stock position and create some positive, modest, sequential improvement in our opportunistic mix versus Q1. We expect this to further strengthen with the rollout of our new arrival guide as we help IOS better understand what's coming. This capability will advance IO's sales planning process.

首先，正如我所提到的，我們正在取得的系統進步使我們能夠改善我們的庫存狀況，並與第一季相比，在我們的機會組合中創造一些積極的、適度的、連續的改善。我們希望隨著新到貨指南的推出，這一點能夠進一步加強，因為我們可以幫助 IOS 更好地了解即將發生的事情。此功能將推進 IO 的銷售規劃流程。

Second, we're now rolling out the new forecasting and ordering capability with tools and training that focus on fresh meat and produce. These improvements and support will help drive sales by being in stock. And this has been an extremely successful part of what we've done in our Oakland pilot by driving sales through in-stock availability and consistency with the added benefits of improved product freshness in both meat and produce.

其次，我們現在正在推出新的預測和訂購功能，並提供專注於新鮮肉類和農產品的工具和培訓。這些改進和支援將有助於透過庫存推動銷售。這是我們在奧克蘭試點中非常成功的一部分，透過庫存供應和一致性來推動銷售，同時也提高了肉類和農產品的新鮮度。

Driving the success of our IOs is critical to our success. Over the last several years we've invested in the success of our IOS. These investments have contributed to low voluntary IO turnover, which remained below 10% last year. However, we need to keep evolving to ensure we have a pipeline of the right mix of experience and quality across all regions and markets.

推動 IO 的成功對我們的成功至關重要。在過去的幾年裡，我們為 IOS 的成功進行了大量的投資。這些投資導致自願投資入股比例較低，去年仍低於 10%。然而，我們需要不斷發展，以確保我們在所有地區和市場都擁有正確的經驗和品質組合。

I've had more time in the field and have enjoyed learning from our IOs and gaining insights on their respective market regarding opportunities and challenges that they face. We have many enthusiastic operators that will be piloting and collaborating on many of the new commercial activities we're testing this quarter, including implementing the successful merchandizing store layout changes, and communication changes that are driving results in our Oakland store.

我在這個領域有更多時間，並且很高興能向我們的 IO 學習，並深入了解他們各自的市場以及他們所面臨的機會和挑戰。我們有許多熱情的運營商，他們將試行和合作我們本季測試的許多新的商業活動，包括實施成功的商品店佈局變化，以及推動我們奧克蘭店業績的溝通變化。

This IO direct involvement should help us to rapidly calibrate our commercial approach for maximum execution capability at scale. To drive IO success going forward, we're strengthening our sourcing model, investing in training and tools, and engaging more closely to share commercial best practices.

這種 IO 直接參與應該可以幫助我們快速校準商業方法，以實現最大規模的執行能力。為了推動 IO 未來的成功，我們正在加強我們的採購模式，投資培訓和工具，並更緊密地參與分享商業最佳實踐。

This work builds on the stronger systems foundation we're establishing, further enhancing visibility into our inventory for IOs to consistently offer a winning experience for their customers. So what does this mean for our shareholders?

這項工作建立在我們正在建立的更強大的系統基礎之上，進一步增強了我們庫存的可見性，以便 IO 能夠始終如一地為其客戶提供成功的體驗。那麼這對我們的股東意味著什麼？

This should mean a higher and more sustainable growth rate as key initiatives begin to drive comp growth back towards historical range. It should mean consistent gross margins, which are benefiting from an increased mix of opportunistic offerings and improvements in our shrink. It should mean operating more efficiently with greater disciplining and keeping costs in check to drive operating leverage as we return to growth.

隨著關鍵舉措開始推動同店銷售額成長回到歷史水平，這意味著更高、更永續的成長率。這應該意味著穩定的毛利率，這要歸功於機會性產品組合的增加和收縮的改善。這意味著我們將以更嚴格的紀律更有效率地運營，並在恢復成長的同時控製成本以推動營運槓桿。

I believe this should help us achieve our 6% adjusted EBITDA margin milestone on the way to even stronger margins in the future. It should also translate into stronger returns on invested capital as we underrate new stores with better data, processes, and rigor.

我相信這應該有助於我們實現 6% 的調整後 EBITDA 利潤率里程碑，並在未來實現更高的利潤率。由於我們低估了具有更好的數據、流程和嚴謹性的新店，這也應該轉化為更高的投資資本回報。

In closing, we believe we have a path to stronger organic growth, marginal improvement, and improving returns on capital. By focusing on execution and getting the fundamentals right, we see significant long-term potential for all stakeholders. While we're early in this journey, we are already making solid progress, and I have strong conviction in the power of this model.

最後，我們相信我們有一條實現更強勁的有機成長、邊際改善和提高資本回報率的道路。透過專注於執行並掌握正確的基本原則，我們看到所有利害關係人的巨大長期潛力。雖然我們才剛開始這段旅程，但我們已經取得了紮實的進展，我對這種模式的力量充滿信心。

I want to thank our independent operators, our team members, our suppliers and shareholders for your continued support. Together we will thrive as we position Grocery Outlet for its next stage of growth and prosperity. Before turning the call over to Chris, let me finish with a few thoughts on our mission of touching lives for the better.

我要感謝我們的獨立營運商、我們的團隊成員、我們的供應商和股東的持續支持。我們將共同努力，為 Grocery Outlet 的下一階段成長和繁榮做好準備。在將電話轉給克里斯之前，請容許我先就我們改善生活的使命談幾點看法。

We just completed our annual independence for Hunger campaign and during this event, our IOs partner with local non-profits to provide critical food resources to their communities at a time of the year when they need it most. Our supply partners also contribute by donating food and collaborating on events with our IOs.

我們剛完成了年度「獨立對抗飢餓」運動，在活動期間，我們的國際組織與當地非營利組織合作，在一年中最需要的時候為他們的社區提供關鍵的糧食資源。我們的供應合作夥伴也透過捐贈食物和與我們的IO合作舉辦活動做出了貢獻。

I'm very proud to share that we've raised over $5 million this year, the equivalent of more than $10 million meals benefiting over 500 local organizations. We are equally proud of the $30 million that we've raised over the 15-year history of this program. That is a wow, and we're very proud of it. With that, I'll turn the call over to Chris to take you through our financial results and our outlook. Thank you.

我很自豪地告訴大家，今年我們已經籌集了超過 500 萬美元，相當於為 500 多個當地組織提供價值超過 1000 萬美元的餐點。我們同樣為該計畫 15 年來籌集的 3000 萬美元感到自豪。這真是令人驚嘆，我們對此感到非常自豪。說完這些，我將把電話轉給克里斯，讓他向您介紹我們的財務表現和前景。謝謝。

Thanks, Jason. In the second quarter, we achieved encouraging progress as we began to execute the strategic plans we laid out last quarter. As Jason chaired, our second quarter results exceeded our outlook, and as we deliver on the key initiatives of our strategy, we're beginning to see modest comp improvement.

謝謝，傑森。第二季度，我們開始執行上個季度製定的策略計劃，取得了令人鼓舞的進展。正如傑森主持的那樣，我們的第二季業績超出了我們的預期，並且隨著我們實施策略的關鍵舉措，我們開始看到適度的改善。

At the same time, our focus on achieving operational excellence continued to drive gains and profitability. Looking beyond the quarter, our disciplined approach to store expansion is setting the stage for stronger long-term returns on invested capital.

同時，我們專注於實現卓越運營，繼續推動收益和盈利能力。展望本季之後，我們嚴謹的門市擴張策略將為更強勁的長期投資回報奠定基礎。

These winds bolster our confidence in the achievability of our plans for the year, and as a result, we are reaffirming our 2025 outlook except for adjusted EPS, which we are increasing due primarily to favorable interest expense. I will walk you through our Q2 results before sharing more detail about our outlook.

這些風增強了我們對今年計劃可實現性的信心，因此，我們重申了 2025 年的展望，但調整後的每股收益除外，調整後的每股收益的增加主要由於有利的利息支出。在分享有關我們展望的更多細節之前，我將向您介紹我們的第二季業績。

The comparisons I will provide are on a year over year basis unless noted otherwise. Please also note, that with the closing of our UGO acquisition on April 1, 2024. Our second quarter, 2025 results and their prior year comparisons include UGO for the full quarter.

除非另有說明，我提供的比較都是按年度進行的。另請注意，我們對 UGO 的收購將於 2024 年 4 月 1 日完成。我們的 2025 年第二季業績及其上一年的比較包括整個季度的 UGO。

Net sales increased 4.5% to $1.18 billion driven by a combination of new stores opened in the last 12 months and a 1.1% increase in comparable store sales in the second quarter. Comp growth was driven by a 1.5% increase in transactions partially offset by a 0.4% decrease in average transaction size.

淨銷售額成長 4.5%，達到 11.8 億美元，這得益於過去 12 個月內開設的新店以及第二季可比店銷售額成長 1.1%。交易量成長 1.5%，但平均交易規模下降 0.4%，部分抵銷了這一成長。

We continue to make progress on driving in stocks on everyday items and increasing our mix of opportunistic offerings, all of which are showing initial signs of contributing to comps. In the second quarter, we opened 11 new stores and closed two stores. We remain on track to deliver our annual target for 33 to 35 net new stores for the year, and we ended the second quarter with 552 stores in 16 states.

我們繼續在推動日常用品庫存和增加機會性產品組合方面取得進展，所有這些都顯示出對同店銷售做出貢獻的初步跡象。第二季度，我們開了11家新店，關閉了2家店。我們仍有望實現今年新增 33 至 35 家門市的年度目標，截至第二季度，我們已在 16 個州擁有 552 家門市。

Gross profit increased 3.3% to $360.7 million and we achieved gross margin of 30.6%, which exceeded the high end of our outlook range. Gross margin was down 30 basis points compared to last year, but increased 20 basis points compared to the first quarter of 2025, driven primarily by improvements in inventory management.

毛利成長 3.3% 至 3.607 億美元，毛利率達到 30.6%，超過了我們預期範圍的高端。毛利率與去年同期相比下降了 30 個基點，但與 2025 年第一季相比增加了 20 個基點，這主要得益於庫存管理的改善。

SG&A increased 4.2% to $336.8 million, compared with the second quarter last year and leveraged 10 basis points to 28.5% of net sales. The decline in the year over year SG&A ratio was driven primarily by a decrease in commissions as we are no longer paying elective commission support related to the system's conversion.

與去年第二季相比，銷售、一般及行政費用成長 4.2% 至 3.368 億美元，佔淨銷售額的 10 個基點達到 28.5%。銷售、一般及行政費用比率較去年同期下降的主要原因是佣金減少，因為我們不再支付與系統轉換相關的可選佣金支援。

This was partially offset by growth related costs in stores and corporate support. Relative to Q1 this year, SG&A as percentage of net sales was down 90 basis points due primarily to reductions in salary expense and incentive compensation and other corporate costs. Our cost reduction program is off to a solid start, and we expect to begin realizing significant gross savings in the second half of 2025.

這被商店和公司支持的成長相關成本部分抵消。與今年第一季相比，銷售、一般及行政費用佔淨銷售額的百分比下降了 90 個基點，主要原因是工資支出、獎勵性薪酬和其他公司成本的減少。我們的成本削減計畫已取得良好開端，我們預計在 2025 年下半年開始實現大幅的總成本節約。

While the majority of these savings will be reinvested in the second half to drive growth and support our IOs, we expect substantial net savings from this initiative in 2026. As we discussed on the last call, we are shifting our focus toward clustered store openings with the most attractive market conditions, and as part of that effort, the company incurred $11.2 million in charges during the second quarter related to the previously announced restructuring plan.

雖然這些節省下來的資金大部分將在下半年重新投資，以推動成長並支持我們的IO，但我們預計這項措施將在2026年帶來可觀的淨節省。正如我們在上次電話會議上所討論的那樣，我們正將重點轉向最具吸引力的市場條件下的集群開店，作為這項努力的一部分，公司在第二季度產生了與先前宣布的重組計劃相關的 1,120 萬美元的費用。

The charges related to a combination of impairment and disposal of long-lived assets and lease termination costs. The actions under the restructuring plan are now substantially complete. Net income was $5 million or $0.05 for fully diluted share compared to net income of $14 million or $0.14 per diluted share last year.

這些費用與長期資產減損和處置以及租賃終止成本有關。重組計劃下的各項工作目前已基本完成。淨收入為 500 萬美元，即每股攤薄收益 0.05 美元，而去年淨收入為 1,400 萬美元，即每股攤薄收益 0.14 美元。

Adjusted net income decreased 9.3% to $22.8 million or $0.23 per adjusted diluted share compared to $25.1 million or $0.25 per adjusted diluted share last year. Adjusted EBITDA was $67.7 million for the quarter compared to $67.9 million last year. Adjusted EBITDA margin was 5.7% of net sales, down 30 basis points from the prior year, and up 110 basis points from the first quarter this year.

調整後淨收入下降 9.3% 至 2,280 萬美元或每股調整後攤薄收益 0.23 美元，去年同期為 2,510 萬美元或每股調整後攤薄收益 0.25 美元。本季調整後 EBITDA 為 6,770 萬美元，去年同期為 6,790 萬美元。調整後的 EBITDA 利潤率為淨銷售額的 5.7%，比上年下降 30 個基點，比今年第一季上升 110 個基點。

Net interest expense was $6.5 million up $985,000 year over year. The increase in net interest expense was driven primarily by higher average principal debt, partially offset by a decrease in interest rates. Income tax expense was $1.3 million, down from $6.5 million last year. Our effective tax rate for the quarter was 20.3% compared with 31.9% last year.

淨利息支出為 650 萬美元，較前一年增加 985,000 美元。淨利息支出的增加主要是由於平均本金債務增加，但部分被利率下降所抵銷。所得稅支出為 130 萬美元，低於去年的 650 萬美元。本季我們的有效稅率為 20.3%，去年同期為 31.9%。

The change in our effective tax rate was primarily due to changes in our level of earnings, partially offset by non-deductible executive compensation. Net cash provided by operating activities for the first half of 2025 was $132.6 million compared with $49.4 million last year. The increase was driven primarily by the timing of working capital flows.

我們有效稅率的變化主要是由於我們的收入水準的變化，但被不可扣除的高階主管薪酬部分抵銷。2025 年上半年營運活動提供的淨現金為 1.326 億美元，而去年為 4,940 萬美元。成長主要由營運資金流動時機推動。

In addition to ending the quarter with $55.2 million in cash, we had $205 million of available capacity on our revolver. We remain committed to investing prudently in growth initiatives with a focus on delivering high returns on invested capital. During the second quarter, we invested CapEx of $58.3 million net of tenant allowances, primarily on new stores, supply chain related projects, IT and store maintenance.

除了本季末擁有 5,520 萬美元的現金外，我們的循環信貸可用容量還有 2.05 億美元。我們將繼續致力於審慎投資成長計劃，重點是實現高投資回報。第二季度，我們投資了 5,830 萬美元的資本支出（扣除租戶補貼），主要用於新店、供應鏈相關項目、IT 和店面維護。

Total debt net of issuance costs was $474 million at the end of the second quarter, down $3.5 million from year end, with net leverage at 1.7 times adjusted EBITDA. Now turning to our guidance for the third quarter and the rest of 2025. As a reminder, this year is a 53 week year. Sales from the 53rd week will be excluded from our same store sales calculation.

第二季末扣除發行成本後的總債務為 4.74 億美元，比年底減少 350 萬美元，淨槓桿率為調整後 EBITDA 的 1.7 倍。現在談談我們對第三季和 2025 年剩餘時間的指導。提醒一下，今年有 53 週。第 53 週的銷售額將不計入我們的同店銷售額計算。

As Jason and I shared, we are affirming our outlook for the year except for adjusted EPS, which we are increasing due primarily to favorable interest expense. Our outlook for the year assumes the following. Compto sales growth of between 1% and 2%. The addition of 33 to 35 net new stores, gross margins in the range of 30% to 30.5%. Adjusted EBITDA of $260 million to $270 million.

正如傑森和我所分享的，我們確認了今年的前景，但調整後的每股盈餘除外，調整後的每股盈餘有所增加，這主要是由於有利的利息支出。我們對今年的展望如下。Compto 的銷售額成長率介於 1% 至 2% 之間。淨增新店33至35家，毛利率在30%至30.5%之間。調整後的 EBITDA 為 2.6 億美元至 2.7 億美元。

Adjusted EPS in the range of $0.75 to $0.80 per fully diluted share compared with $0.70 to $0.75 previously. In addition, we are updating the following assumptions for the year. Restructuring charges of $63 million versus $59 to $61 million previously. Net interest expense of approximately $27 million versus $32 million previously.

調整後每股收益在 0.75 美元至 0.80 美元之間，而之前為 0.70 美元至 0.75 美元。此外，我們正在更新今年的以下假設。重組費用為 6,300 萬美元，而之前為 5,900 萬至 6,100 萬美元。淨利息支出約 2,700 萬美元，而之前為 3,200 萬美元。

The reduction in interest expense versus our previous view is due primarily to lower anticipated interest rates. Share-based compensation of approximately $17 million versus $25 million previously. For the third quarter this year, we expect comp store sales between 1.5% and 2%.

與我們先前的觀點相比，利息支出的減少主要是由於預期利率下降。股票薪酬約為 1700 萬美元，而之前為 2500 萬美元。今年第三季度，我們預計同店銷售額將成長 1.5% 至 2%。

The addition of nine net new stores, gross margin between 30% and 30.5%, adjusted EBITDA in the range of $63 million to $67 million and diluted adjusted earnings per share between $0.17 and $0.19. In closing, we have a tremendous opportunity and ample white space in front of us.

新增9家店，毛利率在30%至30.5%之間，調整後息稅折舊攤提前利潤（EBITDA）在6,300萬美元至6,700萬美元之間，稀釋後每股收益在0.17美元至0.19美元之間。總而言之，我們面前有巨大的機會和充足的市場空白。

By executing our strategic initiatives, we believe we will unlock value and potential in the business while generating meaningful growth, profitability, and returns on capital on behalf of our customers, our IOs, and our shareholders. And with that we'll open it up for questions.

透過執行我們的策略性舉措，我們相信我們將釋放業務的價值和潛力，同時為我們的客戶、我們的IO和我們的股東創造有意義的成長、獲利能力和資本回報。接下來我們將開始回答問題。

(Operator Instructions)

（操作員指示）

Anthony Bonadio, Wells Fargo Securities, LLC

安東尼·博納迪奧（Anthony Bonadio），富國證券有限責任公司

Yeah. Hey guys, thanks for taking our questions. So I just wanted to ask about the comp guidance. You reiterated guidance implies a pretty healthy acceleration in the back half. I realize compares you somewhat, but can you just talk, a little bit more about your confidence level there at this point, given what you've seen into July and August, and just talk us through some of the underlying drivers there.

是的。嘿夥計們，感謝你們回答我們的問題。所以我只是想問一下薪酬指導。您重申的指導意味著後半段將出現相當健康的加速。我意識到這在某種程度上與您進行了比較，但是您能否根據 7 月和 8 月的情況，再多談一下您目前的信心水平，並向我們介紹一下其中的一些潛在驅動因素。

Hey Anthony, it's Jason here. Thanks for the question. Yeah, we're feeling good about where we're going right now. We're seeing, green shoots from initiatives we believe will build momentum in the back half of the year. I've talked about value, sharpening our KVIs, the dragon value perception there. We think that works now significantly complete.

嘿，安東尼，我是傑森。謝謝你的提問。是的，我們對現在的去向感到很滿意。我們看到，各項措施正在出現新的進展，我們相信這些進展將在今年下半年累積動力。我已經談到了價值，磨練我們的 KVI，即龍的價值認知。我們認為這項工作現已基本完成。

We know that there's no storytelling to do there. We're going to be doing some experimenting there, but feel good about the pricing. The pricing studies we've also done, when we look at the total basket, we're in a good spot there now, 15% to 20%, lower than peer, and I feel strongly that's going to help us as time goes on. We're also seeing improvements in our in stock.

我們知道那裡沒有故事可講。我們將在那裡做一些實驗，但對定價感到滿意。我們還進行了定價研究，當我們查看整個籃子時，我們現在處於一個很好的位置，比同行低 15％ 到 20％，我強烈感覺到隨著時間的推移這將對我們有所幫助。我們的庫存也有所改善。

So, I know we've talked a lot about that with tools, but we're seeing specifically improvements on our fastest selling 20% of SKUs in the stores as our operation team creates focus and collaborates with IOS. As one example, we're seeing 150 to 200 basis points of comp improvement just on that portion of the business.

所以，我知道我們已經就工具問題進行了很多討論，但隨著我們的營運團隊集中精力並與 IOS 合作，我們看到商店中銷售最快的 20% SKU 得到了特別的改善。舉個例子，我們看到光是這部分業務的表現就提高了 150 到 200 個基點。

So really helpful there. The implementation of our new arrival guide this fall will supplement what we've already rolled out in Q2. And this is something that IOS have given us a lot of feedback on. They're really excited about what that will mean. It's going to help with their forward planning, so their ability to book, see, and secure product will help two things.

所以真的很有幫助。今年秋季我們將實施新的到貨指南，以補充我們在第二季已經推出的指南。IOS 已經向我們回饋了許多這方面的資訊。他們對這意味著什麼感到非常興奮。這將有助於他們的前瞻性規劃，因此他們預訂、查看和確保產品的能力將有助於兩件事。

One in stock and the second piece, it really will help them with their opportunistic selection of SKUs. They're going to be able to book those products outside their ordering windows, and we believe those things will contribute positively to sales. Some other points are consolidation in the Pacific Northwest.

一個有庫存，第二個，它確實會幫助他們機會主義地選擇 SKU。他們將能夠在訂購窗口之外預訂這些產品，我們相信這些將對銷售產生積極的影響。其他一些點是太平洋西北地區的鞏固。

I mentioned in my opening comments that's helping that region with better in stock for service levels and variety. So, two really important points there. All of that, in addition to probably a really important point here is we are rolling out a forecasting tool, ordering tool we've never had in meat and produce specifically.

我在開場白中提到，這有助於該地區提高庫存服務水準和品種。所以，這裡有兩個非常重要的點。所有這些，除了可能真正重要的一點之外，我們正在推出我們從未在肉類和農產品領域使用過的預測工具和訂購工具。

And so this is not a systems dependent tool, but it works very effectively. I've done it in my past and other organizations. We're seeing double digit increases in sales in those two departments in our test stores, and so we're now rolling that out to the entirety of the business. So for all of those reasons, we feel that the business will, the forecast, the guidance we're giving, we're feeling good about it.

因此，這不是一個依賴系統的工具，但它非常有效。我過去和其他組織都這樣做過。我們在測試商店中看到這兩個部門的銷售額實現了兩位數成長，因此我們現在將這一做法推廣到整個業務部門。因此，基於所有這些原因，我們認為，對於業務、預測以及我們給予的指導，我們感到很滿意。

Helpful. Thanks guys.

很有幫助。謝謝大家。

Corey Tarlowe, Jefferies

科里·塔洛，傑富瑞

Please proceed with your question.

請繼續您的問題。

Great. Thanks. Just wanted to talk about Jason, one of the comments you made about the newer cohorts of stores sounds like they're performing a little bit better. Was just curious maybe if you could unpack some of the drivers there and secondarily, it seems like a lot of the changes that you're making are very sensible number one and also very trackable, given the comp lift that you were seeing and we're hearing like 150 basis to 200 basis points or mid-single digits.

偉大的。謝謝。只是想談談傑森，你對新一批商店的評論之一聽起來它們的表現要好一些。我只是好奇，也許您能解釋一下其中的一些驅動因素，其次，考慮到您所看到的競爭提升，您所做的許多改變似乎都非常合理，而且非常可追踪，我們聽到的提升幅度是 150 個基點到 200 個基點或中等個位數。

I mean how do you think about the opportunity based on what you're seeing in your test stores as you continue to roll out some of these initiatives across the broader fleet.

我的意思是，當您繼續在更廣泛的車隊中推出這些舉措時，根據您在測試商店中看到的情況，您如何看待這個機會。

Yeah, it's a great question. I, I'm really excited about it, to be honest. The pilot work that we're doing in Oakland, we've just introduced, we're almost done in Marin City. RIO there, you have to talk to her. I mean, she's levitating off the ground. She's so excited about what she's seeing with her guests and the results.

是的，這是一個很好的問題。說實話，我對此感到非常興奮。我們剛在奧克蘭進行的試點工作，在馬林市也快完成了。RIO，你必須和她談談。我的意思是，她懸浮在地面上。她對客人的所見所聞和所取得的成果感到非常興奮。

We're going to obviously roll, anything that works and resonates with guests. That's what we're going to put into this business. So, all of the things we're learning about what we're doing here are going to go into the new store executions. In the near term, we've talked about the store count, we've talked about the mix.

顯然，我們會推出任何有效且能引起客人共鳴的方案。這就是我們要投入這項事業的東西。因此，我們在這裡所學到的所有知識都將應用到新店的執行中。在短期內，我們討論了商店數量，討論了組合。

So when we think about the mix here, we have adjusted the mix of stores infill versus new markets. That is important to note, more than just a little hair north of 50% of the stores we've opened this year are infill. We are spending a lot of time on site selection criteria, making sure that our volume underwriting makes sense and that we're spending a lot of time on site strength.

因此，當我們考慮這裡的組合時，我們已經調整了商店填充與新市場的組合。值得注意的是，我們今年開設的商店中，超過 50% 都是填充式的。我們花了大量的時間在場地選擇標準上，確保我們的承保量合理，並且我們花了大量的時間在場地實力上。

These are kind of fundamental good practices when you're thinking about growth. The work that's already begun on clustering and how we think about IO support in those markets, the supply chain support, the marketing, all helpful pieces and we, see healthy returns building in '25 and '26 as a result of that work and work and effort to come.

當你考慮成長時，這些都是基本的良好做法。我們已經開始了集群方面的工作，以及我們如何看待這些市場中的 IO 支援、供應鏈支援、行銷等所有有用的部分，我們看到，由於這些工作以及未來的努力，25 年和 26 年將獲得健康的回報。

That's great and then just Chris on the sort of the shape or the timeline of gross margin evolution, how should we be thinking about some of the puts and takes, from the transition into the new DC and then I believe there's a new conversion coming, as well as the pricing that you've been injecting into the business to help to drive sales. So curious how to think about the gross margin as well as we look ahead. Thank you.

這很好，然後請克里斯談談毛利率演變的形式或時間表，我們應該如何考慮從過渡到新的 DC 的一些利弊，然後我相信會有一個新的轉換即將到來，以及您為幫助推動銷售而注入業務的定價。所以我們很好奇如何看待毛利率以及展望未來。謝謝。

Yeah, sure. So, we feel good about where our gross margin guidance is at, for the year. We obviously, we've talked about some improvements in shrink, and we think there's more there, but just given the various initiatives and pilots that were, Jason mentioned some of them, but we just want to have some flexibility in the margins. So I'd say, at this point, the 30 to 30.5 is a good range for the margin.

是的，當然。因此，我們對今年的毛利率預期感到滿意。顯然，我們已經討論了收縮方面的一些改進，我們認為還有更多改進，但考慮到各種舉措和試點，傑森提到了其中的一些，但我們只是希望在利潤率上有一定的靈活性。所以我想說，目前，30 到 30.5 是一個不錯的利潤範圍。

Okay. Thank you very much, best of luck I'll pass it on.

好的。非常感謝，祝你好運，我會傳達的。

Thanks Corey.

謝謝科里。

Mark Carden , UBS.

瑞銀的馬克卡登。

Good afternoon. Thanks.

午安.謝謝。

So much for taking the questions. So to start, just what are you seeing recently with respect to the health of the consumer? Any incremental changes to the shopping habits over the course of the past few months, and then just related, how are you thinking about potential impacts from SNAP changes going forward? Thanks.

關於回答的問題就這麼多。那麼首先，您最近看到消費者健康狀況如何？在過去的幾個月中，購物習慣有什麼改變嗎？然後相關的是，您如何看待未來 SNAP 變化的潛在影響？謝謝。

Hey Mark, we aren't seeing anything as of yet on customer. We know that there's lots of talk about recession and those kinds of potential things. This business historically wins during periods of recession and in the past high, kind of peak inflation.

嘿，馬克，我們還沒有看到有關客戶的任何消息。我們知道，人們經常談論經濟衰退和諸如此類的潛在問題。從歷史上看，這項業務在經濟衰退時期以及過去的高通膨時期都取得了成功。

What you know we're doing here is really readying the business for any kind of eventuality in the market. So we're really focused on what the customer is looking for and what we think the opportunities are to improve our execution and obviously the experience. And so that's our focus, again, not seeing a lot that would tell us that the customer is changing at this point.

您知道我們在這裡所做的實際上是為市場中可能發生的任何情況做好準備。因此，我們真正關注的是客戶的需求，以及我們認為有哪些機會可以改善我們的執行和體驗。這就是我們的重點，同樣，我們沒有看到太多跡象表明客戶此時正在發生變化。

SNAP should drive that, whenever you see some of those changes, people are looking for value. And the folks that are on those programs, definitely we would be a choice for them, a selection of choice for them, and we expect to take advantage of that.

SNAP 應該推動這一點，每當你看到這些變化時，人們都在尋找價值。對於參加這些計畫的人來說，我們肯定會成為他們的一個選擇，一個選擇集，我們希望利用這一點。

That's great. And then as a follow up, Jason, it sounds like some productive meetings with your IOs. How would you describe the current health of your IO base? Is your pipeline seeing much of an impact from any of the macro uncertainties or any lingering concerns about some of the prior execution challenges? Just what's shaping up in general on that front?

那太棒了。然後作為後續問題，傑森，這聽起來像是與您的 IO 進行的一些富有成效的會議。您如何描述目前 IO 基地的健康狀況？您的管道是否受到宏觀不確定性或對某些先前執行挑戰的揮之不去的擔憂的影響？整體來說，這方面的情況如何？

Yeah, sure, we see a healthy balance between supply and the demand when it comes to IO engagement. We are, I am actively, engaging with our IO network. I think communication is an essential ingredient in building trust. And so we've introduced a number of new ways to increase the frequency and depth of communication. I think that's very helpful.

是的，當然，我們看到在 IO 參與方面供給和需求之間存在著健康的平衡。我們正在積極參與我們的 IO 網路。我認為溝通是建立信任的重要因素。因此，我們引入了許多新方法來增加溝通的頻率和深度。我認為這非常有幫助。

When we think of the health of the network, I know I mentioned in my remarks, voluntary attrition is less than 10%, this last year on year. So we're feeling good about where we are. It doesn't mean that there isn't room to improve, and clearly, the business has been through some challenges the systems that made some of those their day to day work very challenging.

當我們考慮網路的健康狀況時，我知道我在我的評論中提到過，去年自願離職率不到 10%。我們對目前的狀況感到很滿意。這並不意味著沒有改進的空間，顯然，企業已經經歷了一些挑戰，這些挑戰使他們的日常工作變得非常具有挑戰性。

I'm very committed to our IO network making both the business stronger, which obviously leads to higher profits, but also easier to run. And so, I think we're on the same page with our IOs on, what's required and what that roadmap might look like.

我非常致力於我們的 IO 網絡，使業務更加強大，這顯然會帶來更高的利潤，而且更容易運作。因此，我認為我們對 IO 的要求以及路線圖可能會是什麼樣子達成了一致。

Great thanks so much good luck guys. Thank you.

非常感謝，祝大家好運。謝謝。

Robert Ohmes, BofA Global Research.

羅伯特‧歐姆斯（Robert Ohmes），美國銀行全球研究部。

Oh hey Jason. My question, my first question is on the new arrivals guide and also the order guide. Can you just kind of give us some color on, the new arrivals guide like what how these systems are for the IOS versus what was going on pre the VSAS roll out?

哦，嘿，傑森。我的問題，我的第一個問題是關於新品指南和訂單指南。您能否向我們詳細介紹一下新到貨指南，例如這些系統對於 IOS 來說如何，以及與 VSAS 推出之前相比如何？

Sure, Robbie, yeah, great question. So we, the new order guide has come out that went very successfully. The feedback's been very good. We were actually able to make some enhancements to pre GOT implementation. The speed of the system, is actually faster than it was before. Feedback's been great.

當然，羅比，是的，很好的問題。因此，我們發布了新的訂單指南，並且非常成功。反饋非常好。我們實際上能夠對 GOT 實施之前做出一些改進。系統的速度，實際上比以前更快了。反饋非常好。

I guess the difference, the subtle difference between what we talked about with the order guide and the new arrival guide is. The notion that our operators can reserve product, they can see what's coming and reserve product outside of their ordering window. So really what it does is it helps them build their merchandizing plan and their execution for their team.

我想，我們在訂購指南和新品指南中討論的差別，就是細微的差別。我們的操作員可以保留產品，他們可以查看即將發生的事情並在訂購窗口之外保留產品。所以它實際上的作用是幫助他們為團隊制定商品銷售計劃並執行。

And so they'll go in and they'll review what's coming. This is how it worked in the past over a period of time as they go to execute and so when we're meeting with IOS, this is something they're very excited about and, we're making good progress on the development on that front and expect to have that rolled out, between Q3 and Q4. So, right before our key selling season, and again, we're excited about that progress from our team.

所以他們會進去並審查即將發生的事情。這就是他們過去在執行過程中一段時間的工作方式，因此當我們與 IOS 會面時，他們對此感到非常興奮，而且我們在這方面的開發取得了良好的進展，並有望在第三季度和第四季度之間推出。因此，就在我們的關鍵銷售季節之前，我們再次對我們團隊的進展感到興奮。

That sounds great. And Chris, maybe for you, just the, can you remind us the where you guys are on the curve on the SG&A commission support. That was a, less support was a benefit this quarter. Is it a tailwind? How many more quarters is that a tailwind for you guys?

聽起來不錯。克里斯，也許對你來說，你能否提醒我們你們在銷售、一般和行政管理委員會支持曲線上處於什麼位置。這對本季來說是一個好處，減少支持也是一種好處。這是順風嗎？對你們來說，這還要幾季才會是順風呢？

No, it's not. I mean, it's, there's no more commission support, we're providing.

不，不是的。我的意思是，我們不再提供佣金支持。

Right. So like versus last year, when did you when did you stop the commission support? Maybe just remind us, is that was this the last quarter where you were getting a benefit from no longer providing the support?

正確的。那麼與去年相比，您什麼時候停止了委員會支持？也許只是提醒我們，這是您因不再提供支援而獲得利益的最後一個季度嗎？

Yes, that's correct. So going forward it'll be, year over year comparisons will be the same. Perfect. Thanks so much.

是的，正確。因此，展望未來，逐年比較將是相同的。完美的。非常感謝。

Thanks Robbie.

謝謝羅比。

Jeremy Hamblin, Craig Hallum.

傑里米·漢布林、克雷格·哈勒姆。

Thanks for taking the questions and wanted to start with your new unit development. Kind of moving forward, you talked about the plans, I think you said nine in the third quarter, and that you're mostly or slightly over 50% infill markets.

感謝您回答問題，我想先談談您的新部門發展。稍微向前看，您談到了計劃，我想您說的是第三季的九個計劃，而且您的填充市場大部分或略超過 50%。

If you look ahead and you think about how to plan the business to continue growing, moving into '26 and beyond, are you looking to go to 70% infill markets? Can you give us a little visibility on what you're thinking in terms of the future on that?

如果您展望未來並思考如何規劃業務以繼續成長，進入 26 年及以後，您是否希望進入 70% 的填充市場？您能否向我們稍微透露一下您對未來的看法？

Sure, happy to. So, again, from the last calls we talked about slowing down, working the model. In the near term, the points I've gone through are helpful to get those returns up over 20. We feel good about that. My aspiration is to improve those returns actually over 30, and we're going to do that over time.

當然，我很樂意。因此，再次強調，從上次通話開始我們就談到了放慢速度、完善模型。短期來看，我所經歷的要點有助於將這些回報提高到 20 以上。我們對此感到很高興。我的願望是將這些回報提高 30% 以上，我們會隨著時間的推移實現這一目標。

And that's all about making sure that we open stores at higher starting sales rates. That means the brand awareness has to be there. Our storytelling is going to be strong. We want to make sure that IO strength and execution is there and that we're localizing stores and markets.

這一切都是為了確保我們以更高的起始銷售率開設商店。這意味著必須有品牌知名度。我們的故事將會非常精彩。我們希望確保 IO 實力和執行力，並且我們正在實現商店和市場的在地化。

And all that will lead to decisions about, how what the mix is. But in the kind of 26, 27 range, we're in the zone around 50% or better on infill, and we feel that we've got at least 20 to 25 opportunities per year to continue to infill, infill-based opportunities, with high returns that will help us with the mix as we work the model.

所有這些都將導致關於如何混合的決定。但在 26、27 這一範圍內，我們的填充率在 50% 左右或更高，而且我們認為每年至少有 20 到 25 個機會可以繼續填充，基於填充的機會，高回報將有助於我們在運作模式時進行組合。

Got it. And then just stepping back, so you've got the real-time order guide in place. You have, new arrivals, which sounds like an exciting initiative. What do the IOs tell you, now that you've got real-time order guide done? What do they tell you, they want or need the most to really get the business back to where it should be?

知道了。然後退一步，這樣你就有了即時訂單指南。你們有新來者，這聽起來像是一個令人興奮的舉措。現在您已經完成了即時訂單指南，IO 會告訴您什麼？他們告訴您，他們最想要或最需要什麼才能真正讓業務恢復到應有的水平？

Yeah, I've had a number of IOs tell me that the number one thing they've been waiting for is the new arrival guide. So there's a fair bit of excitement around the rollout of that this fall. That's the number one piece. Clearly there's other small components.

是的，許多 IO 告訴我，他們最期待的就是新品指南。因此，人們對今年秋季推出的這項服務感到非常興奮。這是第一件。顯然還有其他小部件。

We want to make sure that our stores are easy to run and so the systems they use, the processes that we provide, the support we give, we want to make sure that's as frictionless as possible so that our IOs are able to focus on their communities, their teams, and obviously their customers.

我們希望確保我們的商店易於運營，因此他們使用的系統、我們提供的流程、我們提供的支持，我們希望確保盡可能順暢，以便我們的 IO 能夠專注於他們的社區、他們的團隊，當然還有他們的客戶。

And I can't understate the distraction that happened with the system implementation that's made the IOS very, have to be very inward focused and kind of the day to day running of the business has been challenged. So, those are the two kind of themes I would say I've been kind of most shared with me as far as that on that front. So, new arrival guide, lots of excitement.

我不能低估系統實施過程中產生的干擾，它使 IOS 必須非常注重內部，並且對日常業務運作造成了挑戰。因此，就這方面而言，我想說的是，這是我與大家分享最多的兩個主題。因此，新到貨指南，令人興奮不已。

We'll continue to make progress on the little things that are important to our IOs to make the stores easier to run. Those are the two things that on the system front that our IOs have given feedback on.

我們將繼續在對我們的 IO 來說很重要的小事上取得進展，以使商店更容易運作。這是我們的 IO 在系統方面給予回饋的兩件事。

Just a clarifying question on the comment about the new arrival guide, and I think you said a double digit lift in in meat and produce. Is that just on the test location in Oakland?

我只是想就新到貨指南的評論提出一個澄清問題，我認為您說的是肉類和農產品的銷量出現了兩數的增長。那隻是在奧克蘭的測試地點嗎？

Yeah. Thanks for the clarity there. Importantly, that is a new capability. So it's called product movement record just in time ordering, and it's for meat and produce, and it's actually not linked to the new order guide, so or new item arrival guide. Those capabilities in the business were really grocery focused, packaged good focused in the past, and they continue to be.

是的。感謝您的澄清。重要的是，這是一種新的能力。因此，它被稱為準時訂購的產品移動記錄，它適用於肉類和農產品，它實際上與新訂單指南或新商品到貨指南無關。該業務的這些能力過去確實主要集中在食品雜貨和包裝食品上，現在仍然如此。

We do have meat and produce in our order guides, obviously, but this will help our stores very specifically in the way they think about forecasting for demand and the fulfillment of fresh produce and meat. And what we, what we've seen so far in the two stores we've got this in is double digit sales increases for both meat and produce.

顯然，我們的訂單指南中確實包含肉類和農產品，但這將非常具體地幫助我們的商店預測需求以及新鮮農產品和肉類的供應。到目前為止，我們看到兩家商店的肉類和農產品銷售額都實現了兩位數的成長。

This has a lot of spin-off benefits. Obviously, being in stock is one of the most important things that customers have given us feedback on how we can earn their business back. And clearly being in stock on the things you sell is very profitable to do.

這會帶來很多附帶好處。顯然，有庫存是客戶向我們反饋的關於我們如何贏回他們的業務的最重要的事情之一。顯然，擁有所售商品的庫存是非常有利可圖的。

And so, I'm personally extremely excited about the prospects of seeing that rolled out, and I know that the IOs that are going through the training right now are also equally excited about the simplicity of that and what that means for their business.

因此，我個人對於看到這項技術的推廣前景感到非常興奮，而且我知道，目前正在接受培訓的 IO 也同樣對它的簡單性以及這對他們的業務意味著什麼感到興奮。

Great. Thanks for taking the questions and best wishes.

偉大的。感謝您回答問題並致以最良好的祝愿。

Thank you.

謝謝。

Michael Baker, D.A. Davidson & Company.

麥可貝克，D.A.戴維森公司。

Hey, did.

嘿，是的。

You guys, thanks, did you guys talk about the pace? I don't think I heard it, but the pace, throughout the second quarter, how the months progressed, and then I guess related to that. If my math is right, I'm sorry I'm doing it on the fly here, it might not be correct, but it seems like the if you look at the four year guidance, and then we have the third quarter guidance so you can sort of back into the fourth quarter.

你們，謝謝，你們談論了節奏嗎？我認為我沒有聽到，但是整個第二季度的步伐，以及幾個月來的進展，我想都與此有關。如果我的數學正確，很抱歉，我在這裡即興計算，它可能不正確，但似乎如果你看一下四年指導，然後我們有第三季度指導，那麼你就可以回到第四季度。

It seems like a much better sort of ramp or comp and growth margins, etc. on basically all line items in the fourth quarter versus the third quarter, even adjusting for the extra week. Any particular reason for that is that right? And any particular reason for that? Thanks.

與第三季相比，第四季度所有項目的增幅、年比和成長利潤率等似乎都有所改善，即使考慮到額外一周的時間也是如此。有什麼特別的原因嗎？有什麼特別的原因嗎？謝謝。

Yeah. I think just to make sure I understand your question, are you asking about the improvement in run rate on comp sales, Mike, is that what you're --

是的。我想確保我理解你的問題，你問的是同店銷售額的運作率提高嗎？麥克，這是你--

Yeah -- it is really two different questions. First, within the second quarter, can you talk about the pacing throughout the second quarter and then stop, then full stop. The second question is, if you look at the implied guidance for the third quarter versus the fourth quarter, the fourth quarter looks like it's better comps, better margin growth, better EBITDA growth, etc. than does the third quarter, even adjusting for the extra week. All that's on a year to year basis.

是的——這實際上是兩個不同的問題。首先，在第二季度內，您能否談談整個第二季度的節奏，然後停下來，然後完全停止。第二個問題是，如果你對比第三季和第四季的隱含指引，你會發現第四季的業績表現、利潤率成長、EBITDA 成長等都比第三季更好，即使考慮到多出的一周時間也一樣。所有這些都是逐年發生的。

Yeah, sure. So on the first question, we do expect to see improvement in comps, and that's what we're seeing right now. So our guidance right now is consistent with our experience. And just to make sure that it's clear, we do have a 53rd week included in our guidance for Q4 and so there is the benefit of the leverage, if you will, for that last week of the year just to make sure that's clear.

是的，當然。因此，關於第一個問題，我們確實希望看到業績有所改善，而這正是我們現在所看到的。因此，我們現在的指導與我們的經驗一致。為了確保清楚起見，我們在第四季度的指導中確實包含了第 53 週，因此，如果你願意的話，可以利用今年最後一周的槓桿優勢，以確保這一點清楚。

Right, I get that. But again, maybe my math is off, but even taking out $75 million sales and I think you said $5 million EBITDA and what we think that means for EPS, it seems better in the fourth quarter, but okay. But again, I was referring to the first part of the question was in the second quarter, talk about April versus May versus June and what you're seeing in early July if you could, or in July and early August.

好的，我明白了。但是，也許我的計算有誤，但即使拿出 7500 萬美元的銷售額，我想您說的是 500 萬美元的 EBITDA，以及我們認為這對 EPS 意味著什麼，第四季度的情況似乎會更好，但好吧。但是，我再次提到問題的第一部分是第二季度，請談談 4 月與 5 月和 6 月的情況，以及如果可以的話 7 月初或 7 月和 8 月初的情況。

Yeah. It's consistent with the guidance. So we're seeing an improvement in run rate and clearly we feel strongly that the initiatives that we've begun to roll out and implement in the business are going to have more and more momentum as the year goes on. That's our thinking. Understood. Okay.

是的。這與指導意見一致。因此，我們看到了運行率的提高，我們清楚地感覺到，隨著時間的推移，我們在業務中開始推出和實施的舉措將會越來越有動力。這就是我們的想法。明白了。好的。

Understood. Okay. That makes sense. I appreciate it.

明白了。好的。這很有道理。我很感激。

You bet. Thanks, Mike.

當然。謝謝，麥克。

Oliver Chen, TD Cowen.

奧利弗·陳（Oliver Chen），TD Cowen。

Hi, thanks a lot. We're excited about the private label innovation you've been doing. What are your thoughts on what's happening there in medium term in terms of plans and mix and how it may interplay? Also, as you think about key value items as well, how will that manifest in terms of improving the comps over time or what are your thoughts about that as part of the portfolio and what you're seeing in elasticity.

你好，非常感謝。我們對您一直在進行的自有品牌創新感到非常興奮。就計劃和組合而言，您對中期發生的事情有何看法，以及它們將如何相互作用？此外，當您考慮關鍵價值項目時，這將如何體現在隨著時間的推移改善比較方面，或者您對此有何看法，作為投資組合的一部分，以及您在彈性方面看到了什麼。

And lastly, the question on opportunistic supply. I just would love your updated thoughts on how that looks right now in the marketplace. Thank you.

最後，關於機會主義供應的問題。我只是想了解一下您對目前市場現狀的最新看法。謝謝。

Thanks, Oliver. Okay, I'll take the middle, I think the second question first. On KVIs, it's just important to note that it's the, you need to be priced right in a real way for customers as they come into the door, and they need to see that over time. So there's a frequency part of this. There's a lag in perception versus reality. And so the work we've done, we feel great about.

謝謝，奧利佛。好的，我選中間那個，我想先問第二個問題。在 KVIs 上，重要的是要注意，當顧客進門時，你需要以真實的方式為他們提供正確的價格，並且他們需要隨著時間的推移看到這一點。這其中有一個頻率部分。感知與現實之間存在滯後。因此，我們對所做的工作感到非常滿意。

So we're in good shape there. I think we've got some opportunity to tell our story in a stronger way through our marketing, and we're going to, we've got some experiments going on with that. So, that's part of the comp story.

所以我們的情況很好。我認為我們有機會透過行銷以更有力的方式講述我們的故事，而且我們將會在這方面進行一些實驗。這就是公司故事的一部分。

So you're, we're seeing some improvement in run rate on comp on KVI items, nothing dramatic, but we're starting to see some of that on private label. We definitely have opportunity to continue to dial in our assortment strategies and ranges, and so that's some work in play some of the piloting work we've done will lead us to certain decisions, but clearly opening price point quality private label is a positive contributor in the mix.

所以，我們看到 KVI 產品的運作率有所提高，雖然沒有什麼顯著的提高，但我們開始在自有品牌上看到一些這樣的提高。我們絕對有機會繼續完善我們的產品分類策略和範圍，因此，這需要我們進行一些工作，我們所做的一些試點工作將引導我們做出某些決定，但顯然，開放價格點質量自有品牌是組合中的積極貢獻者。

It's a positive and a creative margin play. It can help you with brand related loyalty. And so, the example of the second cheapest wine rollout, we just got a tremendous amount of credit from our guests on having a product like that under $5 a bottle, with a fairly high quality profile, and so good feedback ther, that work will continue.

這是一種積極且富有創意的利潤遊戲。它可以幫助您建立與品牌相關的忠誠度。以第二便宜的葡萄酒為例，我們剛剛從客人那裡獲得了巨大的讚譽，因為我們推出了每瓶不到 5 美元的產品，而且品質相當高，反饋也很好，這項工作將繼續下去。

And then on the opt mix, third question you had, there's, our buying teams continue to have lots of opportunity and we're not seeing a problem or an issue as far as finding the product. It's, as we continue to improve what we're doing here, we did see a slight improvement, a modest improvement in our mix and op, and I think that again, as we work with our IOs and give them new information, it's helping us, we'll drive results that show up in comp store sales as well as, I think, improved margins, and that clearly op does a number of things for us, including drive a lot of value for customers.

然後關於選擇組合，您提出的第三個問題是，我們的採購團隊繼續有很多機會，而且在尋找產品方面我們沒有發現任何問題。隨著我們不斷改進我們所做的事情，我們確實看到了輕微的改善，我們的產品組合和運營有了適度的改善，而且我認為，當我們與我們的 IO 合作並向他們提供新信息時，它會幫助我們，我們將推動在同店銷售額中體現出來的成果，我認為，利潤率也會提高，而且顯然為我們做了很多價值，包括為我們做了很多價值。

So we're excited about what's ahead there.

因此，我們對未來充滿期待。

Okay, thanks. One follow up, you gave a lot of great details about the new store, environment and strategies. What are, what are the harder parts of what you're endeavouring and or why weren't some of these principles in place prior? Thank you.

好的，謝謝。在後續跟進中，您提供了許多有關新店、新環境和新策略的詳細資訊。您正在努力實現的目標中，哪些部分最難？或者為什麼之前沒有實施這些原則？謝謝。

There's a lot of execution to do. So in any of these things, it's there's just a tremendous amount of execution to do. There's process work to do. I think if we think about the business and the challenges with systems, we're very distracting here.

還有很多工作要做。因此，對於任何這些事情來說，都需要進行大量的執行工作。還有流程工作要做。我認為，如果我們考慮業務和系統所面臨的挑戰，我們會發現這裡非常分散注意力。

And so I think a lot of what's happened here has just been a tremendous drag on the organization's focus. And so as we come out of that darkness, so to speak, we're going to open up a lot of opportunity for ourselves to be focused on the customer and improving our business.

因此我認為這裡發生的許多事情都極大地阻礙了該組織的注意力。因此，當我們走出黑暗時，我們就會為自己開闢許多機會，讓我們專注於客戶並改善我們的業務。

Thanks a lot. Best regards.

多謝。此致。

Leah Jordan, Goldman Sachs.

高盛的利亞喬丹 (Leah Jordan)。

Thank you. Good afternoon. At the beginning of the call, Jason, you highlighted an opportunity to drive further leverage of SG&A over time, and this has been a main investor concern for a long time. So seeing if you could provide more detail on that, what are the areas that you could optimize over time and any color on the potential timeline there.

謝謝。午安.傑森，在電話會議開始時，您強調了隨著時間的推移進一步提高銷售、一般和行政費用槓桿的機會，而這長期以來一直是投資者關注的主要問題。因此，看看您是否可以提供更多細節，您可以隨著時間的推移優化哪些領域，以及潛在時間線上的任何顏色。

Sure. Chris has done some, a little bit of an outline on that, but we do see opportunity on a number of fronts. We'll probably give a little more color on that maybe in the next call, but one of the things that we is kind of obvious, I guess, to everybody is the systems work.

當然。克里斯對此做了一些概述，但我們確實在許多方面看到了機會。我們可能會在下次電話會議中對此進行更詳細的說明，但我想，對每個人來說，顯而易見的一件事就是系統的工作。

We do believe that as we move through the stabilized phase into more of an optimized phase, there's going to be opportunities for us to improve the tools we provide to stores and our business, but also simplification work that will happen, and there will be spin-off effects on costs, whether it's CapEx and some OpEx.

我們確實相信，隨著我們從穩定階段進入更加優化的階段，我們將有機會改善我們為商店和業務提供的工具，同時也會進行簡化工作，並且會對成本產生附帶影響，無論是資本支出還是一些營運支出。

Those things will come and then the work we've already engaged with goods not for resale, the continued work on shrink improvement, all of these things are going to be helpful for us as we continue to grow the business in a profitable way and take costs out over time. That's how we've been thinking about it.

這些事情都會發生，然後我們已經從事的非轉售商品的工作，繼續進行的收縮改進工作，所有這些都將對我們有所幫助，因為我們將繼續以有利可圖的方式發展業務，並隨著時間的推移降低成本。我們一直都是這麼想的。

Yeah, and just Chris, just to add to that, we're very focused on G&A for sure, and I'm very pleased with the progress that we've made thus far. We're also, as part of it, looking at all areas including supply chain, freight, and other costs that we can be more efficient on. And again, there's some progress made on there.

是的，克里斯，補充一下，我們非常關注 G&A，我對我們迄今為止的進展感到非常滿意。作為其中的一部分，我們也正在研究所有可以提高效率的領域，包括供應鏈、貨運和其他成本。並且，我們在這方面取得了一些進展。

So, the savings will be meaningful and we'll contribute to leverage. We may reinvest some of that to help drive, sales and comps with our IOs, but I do expect for 2026 that it will be a meaningful contribution overall.

因此，節省的資金將是有意義的，並且我們將為槓桿做出貢獻。我們可能會對其中的一部分進行再投資，以幫助推動銷售並與我們的 IO 進行競爭，但我確實希望到 2026 年，這將是總體上有意義的貢獻。

Very helpful. Thank you.

非常有幫助。謝謝。

John Heinbockel, Guggenheim Securities LLC.

古根漢證券有限責任公司的約翰‧海因博克爾 (John Heinbockel)。

Hey guys. Good, Jason. One thing I want to start with, I think you said in the test stores right, meat and produce are up double digit. I mean, I take that to mean, somewhat north of 10%, but I think you also said that, maybe total comp was up mid single digit.

嘿，大家好。很好，傑森。首先我想說的是，我想您說得對，在測試商店中，肉類和農產品的銷售量上漲了兩位數。我的意思是，我認為這意味著略高於 10%，但我認為你也說過，也許整體收入成長了中等個位數。

So I'm curious, I don't think meat and protein are not or meat and produce are not huge percentages. So you're getting a lift, sizable lift beyond meat and produce is that fair? And then how representative do you think that is as you roll this out?

所以我很好奇，我不認為肉類和蛋白質或肉類和農產品比例不大。所以，除了肉類和農產品之外，您還獲得了相當大的提升，這公平嗎？那麼，當您推出這項服務時，您認為這有多大的代表性？

Yeah, I think that's absolutely the case, John. It's across many categories, so we're seeing nice improvement across the business. I want to make sure I underline something here. We did not reduce prices, beyond what we've talked about kind of globally, so that's important to note, and we didn't add any marketing to the test stores. So this is purely merchandizing related customer reaction.

是的，我認為確實如此，約翰。它涉及許多類別，因此我們看到整個業務都得到了良好的改善。我想確保我在這裡強調了一些東西。除了我們在全球範圍內談論的降價之外，我們並沒有降低價格，這一點值得注意，而且我們也沒有在測試店增加任何行銷活動。所以這純粹是與商品銷售相關的顧客反應。

Nothing that, we didn't stimulate it in any way, so I want to make sure that's clear. And some of the benefits we're getting at customers are by making the stores easier to shop, frankly. The feedback we're getting is that guests can see the product more clearly. They are telling us we have better assortments in addition to better in stock.

沒什麼，我們沒有以任何方式刺激它，所以我想確保這一點清楚。坦白說，我們為顧客帶來的一些好處就是讓商店購物變得更加容易。我們得到的回饋是，客人可以更清楚地看到產品。他們告訴我們，除了庫存充足之外，我們的品種也更加豐富。

And so, what we're seeing in the test stores is customer count increasing, but also really nice basket growth across categories. So a really healthy mix of kind of opportunity, and I see that being something that's transferable right across the business. So, you kind of wait until you have six or eight stores, which is what we're doing next.

因此，我們在測試店看到的是顧客數量在增加，而且各個類別的購物籃也都有了很好的成長。因此，這是一個非常健康的機會組合，而且我認為這是可以在整個業務範圍內轉移的。所以，你要等到擁有六家或八家商店，這就是我們下一步要做的事情。

We've got a number of IOs who have signed up and are excited. They've been, the local stores come in and they see what we're up to, and we've got a group of those that are going to be rolling these things into some stores in this quarter. But I think those things are very transferable to the entirety of the business. So we're very excited about what we're seeing so far, John.

我們已經有許多 IO 簽約並且感到興奮。他們去過當地的商店，他們看到了我們在做什麼，我們有一群人將在本季將這些東西推廣到一些商店。但我認為這些東西可以轉移到整個業務。所以我們對目前所看到的一切感到非常興奮，約翰。

And then quick follow up, the, I know it's still early in your tenure, but. Have you started a form of view on company owned stores and because I know you've got UGO. Is there a place for company owned stores in certain regions or where you don't think so?

然後快速跟進，我知道您任職還很早，但是。您是否已經開始對公司自有商店形成一種看法，因為我知道您有 UGO。在某些地區或您認為沒有的地方，是否有公司直營商店的立足之地？

Yeah, it's an interesting conversation to have, I believe in the IO model. I think what's really important is to make sure the company or not, that you have a very high quality individual that's running the operation. And so, that's how I think about it.

是的，這是一次有趣的對話，我相信 IO 模型。我認為真正重要的是確保公司是否有一個高素質的人才來管理營運。這就是我的想法。

So what we're going to do here is everything we can do to support having the most talented individual or individuals owning or operating our stores and we do have a handful of corporate stores already. The same kind of thinking would apply. I don't have a program that says we're going to open 50 corporate stores or anything like that. That's not in my thinking at this point.

因此，我們要做的是盡一切努力支持最有才華的個人擁有或經營我們的商店，而我們確實已經擁有一些公司商店。同樣的思考方式也適用。我並沒有製定什麼要開設 50 家公司商店或類似計劃。我現在還沒有這樣想。

Thank you.

謝謝。

Simeon Gutman, Morgan Stanley

古特曼（Simeon Gutman），摩根士丹利

Hey, good afternoon. So, one of the comments was about consistency, keeping the same products on the shelf, some of the customers like that. Do you have a view on the mix between close out and everyday, and if you have to increase everyday, does the math of the model change in any way? It doesn't sound like it, but curious how you think about that?

嘿，下午好。因此，其中一條評論是關於一致性，將相同的產品保持在貨架上，一些顧客喜歡這樣。您對平倉和日常的組合有何看法？如果您必須每天增加，那麼模型的數學是否會有所改變？聽起來不像，但很好奇你是怎麼想的？

Yeah, no, there are a few 100 products you want to carry every day, but the vast majority, thousands of products would be opportunistic. So when you think of what's interesting about retail is there is a small number, several 100.

是的，不，你每天想要攜帶幾百種產品，但絕大多數，數千種產品都是機會主義的。因此，當您想到零售業的有趣之處時，您會發現其數量很少，只有幾百個。

It represents a fairly large portion of sales that almost everyone buys universally. But beyond that, there are literally thousands and thousands of products in our stores and will continue to be and are in the test stores that provide this model with a unique mix, and profit profile.

它佔據了幾乎每個人都會購買的銷售額的相當大的一部分。但除此之外，我們的商店裡有成千上萬種產品，並且將繼續在測試商店中提供這種模式，提供獨特的組合和利潤概況。

Okay. And then related to something you said earlier. You said in the test stores, you haven't touched price, or I don't know if I missed that missed that comment or you haven't lowered price in any capacity. If you think about what's going to drive stronger comps in general, I don't know if you put your finger on it, is value a component of it or value should still be there even with consistency in the same breath.

好的。然後與您之前所說的內容相關。您說在測試商店中，您沒有調價，或者我​​不知道我是否錯過了那條評論，或者您沒有以任何方式降低價格。如果你思考一下整體上什麼會推動公司業績更強勁，我不知道你是否能準確指出，價值是其中的一個組成部分，還是即使在保持一致性的情況下價值仍應存在。

Yeah, value generally for customers, they define it, it's value equals and just everybody has a different formula, price plus quality over service. And so it's very important to get those components in the right mix. It's very important to communicate those components in the right way, and it's very important to deliver that consistently over time.

是的，價值通常由客戶定義，它的價值是相等的，只是每個人都有不同的公式，價格加上品質而不是服務。因此，正確組合這些組件非常重要。以正確的方式傳達這些組件非常重要，並且隨著時間的推移一致地傳遞這些組件也非常重要。

And so, value for sure is pricing, it's promotion. It's the total basket. It's also how you communicate it and merchandise it. And so the point I was trying to make was just to let you all know this wasn't a, hey, let's lower prices and drive com sales. This is really about what do customers enjoy and appreciate in a shopping experience?

所以，價值一定是定價，是促銷。這是整個籃子。這也是您傳達和推銷它的方式。所以我想表達的觀點是，讓大家知道，這並不是「嘿，讓我們降低價格，推動銷售」的做法。這實際上是關於顧客在購物體驗中享受和欣賞什麼？

What are they telling us and how do we merchandise the stores to increase sales and increase our bottom line? And so, the two objectives here are to make something relevant for the customer, so they come and they're loyal. And the second is to improve our profitability profile. And so we've been able to achieve that, and that's something that's going to be an important component of everything we do here.

他們告訴了我們什麼？我們如何推銷商店以增加銷售額並提高我們的利潤？因此，這裡的兩個目標是提供與顧客相關的東西，這樣他們就會來並且忠誠。第二是提高我們的獲利狀況。所以我們能夠實現這一目標，這將成為我們在這裡所做的一切的重要組成部分。

Thanks. Good luck.

謝謝。祝你好運。

Joe Feldman, Telsey Advisory Group.

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

Yeah, hey guys. Thanks for taking my question. So, wanted to ask about transactions and ticket. You talked about transactions definitely being up, ticket being down a little bit. Is that a reflection of the consumer or the pricing environment or the number of items in the basket? I'm just curious what you're from that standpoint.

是的，嘿，大家好。感謝您回答我的問題。所以，想詢問有關交易和票的情況。您談到交易量肯定上升了，而票數則略有下降。這是消費者、定價環境還是購物籃中商品數量的反映？我只是好奇從這個角度來看你是怎麼樣的。

Yeah. It's a bit of a trend the company's been on for some time is, pretty healthy customer count but some weakness in the basket, and, in the last quarter we saw some improvement in the basket, and we're going to keep working that.

是的。該公司一段時間以來一直呈現這樣的趨勢：客戶數量相當健康，但購物籃方面卻存在一些弱點，而在上個季度，我們看到購物籃方面有所改善，我們將繼續努力。

So, I don't think it has, there isn't anything macro that I can see yet that would tell me that that's what's driving it, not in a significant enough way that I could give you a conclusion. I do know that making the stores, the experience better. We're going to get bigger baskets, and we saw that in our test store in Oakland.

所以，我認為它沒有，目前我還沒有看到任何宏觀因素可以告訴我是什麼在推動它，而且它的影響還不夠顯著，不足以讓我得出結論。我確實知道如何讓商店的體驗變得更好。我們將會購買更大的籃子，我們在奧克蘭的測試店看到了這一點。

The baskets very healthy there, well above kind of company norm and growing. And so, we're getting, what you always love is more items in the basket, larger baskets, and customer growth, and we're getting all those things in the test environment.

那裡的籃子非常健康，遠遠超出公司標準並且還在不斷增長。因此，我們得到的是，您總是喜歡的購物籃中的更多商品、更大的購物籃和客戶成長，而我們正在測試環境中獲得所有這些東西。

That that's great to hear, yeah, because that, that's kind of where I was heading with that. I'm glad you answered that. Thank you. And then my other quick question, I know it's probably a little further afield at the moment, but on digital or e-commerce, like, what are your view of that now you've been there, half a year or so? Any thoughts on the strategy from that standpoint?

是的，聽到這個消息真是太好了，因為這正是我要說的。我很高興你回答了這個問題。謝謝。然後我的另一個快速問題是，我知道目前這可能有點遙遠，但是對於數位或電子商務，您現在對此有何看法，您已經在那裡呆了半年左右？從這個角度來看，您對該策略有什麼想法嗎？

Yeah, we've got a, some digital execution. I do think that there's an opportunity for us to make some improvements there. We're not ready to share anything there. That has not been our first focus, so we're focused on the core. Obviously, many retailers are doing really well on that front, and I think we have some room to grow absolutely.

是的，我們有一些數位化執行。我確實認為我們有機會在那裡做出一些改進。我們還沒有準備好在那裡分享任何東西。這不是我們的首要關注點，所以我們專注於核心。顯然，許多零售商在這方面做得非常好，我認為我們絕對有一定的成長空間。

Got it. That's helpful. Thank you. Good luck with this quarter.

知道了。這很有幫助。謝謝。祝本季好運。

Thanks very much.

非常感謝。

Will Kirk, Roth Capital Partners

羅斯資本合夥公司（Roth Capital Partners）的威爾·柯克（Will Kirk）

Good evening, everybody. Jason, as you've spent more time with the IOs, have you given any consideration to allowing more scale at the IO level and maybe for the best operators to have more stores?

大家晚上好。傑森，由於您在 IO 上花費了更多時間，您是否考慮過允許 IO 級別擴大規模，並讓最佳運營商擁有更多商店？

Yeah. We've, I think there's been a history here, and then something we've continued with is IOS having, one or two stores. We did add in this quarter some of our most competent, successful IOs additional stores, and, when you see like anything else you want to make sure that you're providing opportunity and I think that's something that, we feel good about.

是的。我認為這裡有一段歷史，然後我們繼續做的就是在 IOS 上開設一兩家商店。本季度，我們確實增加了一些最有能力、最成功的 IO 附加商店，而且，當你看到其他任何事情時，你都想確保你正在提供機會，我認為這是讓我們感到高興的事情。

Okay, and then a, I don't know, I guess more housekeeping question on the Easter shift that was in the period, did you mention how big that was the comp and does the shift, does it impact more the transactions or the transaction size?

好的，然後，我不知道，我想更多關於復活節輪班期間的內部問題，您是否提到過這個補償的規模有多大，以及輪班對交易或交易規模的影響更大嗎？

Yeah. I think last quarter we talked about the quantum on the shift. We did recognize that we, the guidance we gave for the quarter was 1%, and that's about what we hit. And so all those components from the last quarter's call basically showed up in the number.

是的。我想上個季度我們討論了轉變的量子。我們確實認識到，我們給出的本季預期是 1%，而這正是我們所達到的目標。因此，上個季度電話會議中的所有組成部分基本上都體現在數字中。

Okay, thank you.

好的，謝謝。

You're welcome.

不客氣。

We have reached the end of the question-and-answer session. I would now like to turn the call back over to management for closing comments.

問答環節已結束。現在我想將電話轉回給管理階層，請他們發表最後評論。

Thank you very much everyone for joining. I know we have some follow-up calls. I look forward to keeping you up to date on the business. We're excited about what's happening here at [Grocery], and thank you for your attention this afternoon.

非常感謝大家的參與。我知道我們有一些後續電話。我期待著向您通報業務的最新進展。我們對 [Grocery] 發生的事情感到非常興奮，感謝您今天下午的關注。

This concludes today's conference. You may disconnect your lines at this time, and we thank you for your participation.

今天的會議到此結束。現在您可以斷開線路，感謝您的參與。