Grocery Outlet Holding Corp. (GO) 2025 Q4 法說會逐字稿

Greetings, and welcome to the Grocery Outlet fourth-quarter 2025 earnings results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

各位好，歡迎參加 Grocery Outlet 2025 會計年度第四季財報結果電話會議。(接線員指示) 提醒各位，本次會議將被錄音。

It is now my pleasure to introduce Ian Ferry, Vice President of Strategic Finance and Investor Relations. Please go ahead.

現在我很榮幸介紹策略財務與投資人關係副總裁 Ian Ferry。請開始。

Good afternoon, and welcome to Grocery Outlet call to discuss financial results for the fourth quarter ended January 3, 2026. The Speaking for 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.

各位下午好，歡迎參加 Grocery Outlet 電話會議，討論截至 2026 年 1 月 3 日止第四季的財務結果。今天代表管理團隊發言的是總裁暨執行長 Jason Potter，以及財務長 Chris Miller。在 Jason 與 Chris 的準備發言之後，我們將開放提問。

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. Participants on this call may make forward-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 are forward-looking statements.

請注意，本次電話會議正在進行線上直播，並將於公司網站投資人關係專區提供回放錄音。本次會議的與會者可能會在聯邦證券法的意義下作出前瞻性陳述。所有涉及未來營運、財務或業務表現，或公司策略或預期的陳述，均屬前瞻性陳述。

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.

這些前瞻性陳述受到各種風險與不確定性的影響，可能導致實際結果與這些陳述存在重大差異。相關因素之說明可見於今日下午發布的新聞稿，以及公司向美國證券交易委員會（SEC）提交的定期報告；上述文件可於公司網站投資人關係專區或 sec.gov 查閱。

The company takes no obligation to revise or update any forward-looking statements or information. 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.

公司不承擔修訂或更新任何前瞻性陳述或資訊的義務。這些陳述僅為估計，並非對未來表現的保證。此外，在今天的電話會議中，公司將引用若干非 GAAP 財務資訊，包括調整項目。GAAP 與非 GAAP 指標之調節表，以及各項指標的說明、限制與使用理由，可見於今日下午新聞稿所附的補充財務表（位於公司網站投資人專區的 News and releases），以及公司向 SEC 提交的文件中。

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

現在我想把時間交給 Jason。

Thanks, Ian, and thank you all for joining our call today. I joined Grocery Outlet because I believe in what makes this business special, a uniquely differentiated model that provides tremendous value to customers with opportunities to scale.

謝謝你，Ian，也感謝各位今天加入我們的電話會議。我加入 Grocery Outlet，是因為我相信這門生意的獨特之處：一個高度差異化的商業模式，能為顧客提供極高價值，並具備擴張規模的機會。

One year into my time here I believe in those things more than ever, but I want to be direct with you today. Our fourth quarter results were unacceptable, and our outlook for 2026 reflects a business that has more work to do than we expected. I own this and on fixing the issues.

在這裡滿一年後，我比以往更相信這些優勢，但我今天想直接跟各位說。我們第四季的結果不可接受，而我們對 2026 年的展望反映出，這個業務需要做的工作比我們原先預期的更多。我為此負責，並將致力於解決這些問題。

Today, we plan to provide an explanation of how we got here, where we are and what we're doing about it. First, how we got here. For context, I'd like to walk you through the sequence of events over the last 6 months. This is important because I want you to understand not just what happened, but where our thinking was at each stage, where we have had the course correct and why we remain confident in our ability to achieve the potential we see in our business. When we reported Q2 earnings in August, we had several reasons for cautious optimism.

今天，我們計畫說明我們如何走到這一步、目前的狀況，以及我們將如何應對。首先，談談我們如何走到這裡。為了提供背景，我想帶各位回顧過去 6 個月的事件順序。這很重要，因為我希望各位不僅了解發生了什麼，也了解我們在每個階段的思考、我們在哪些地方需要修正方向，以及為何我們仍對實現我們在業務中看到的潛力充滿信心。當我們在 8 月公布第二季財報時，我們有幾個理由可以審慎樂觀。

We delivered three consecutive months of comp improvement. We've been focused on improving value by sharpening our KPI based pricing, reversing missteps that occurred in '24 and believe that this had been a key driver in holding value back for our customers. Through the same period, we're able to maintain gross margin stability through shrink improvement. Our 25 cohort of new stores was performing ahead of plan, and we've modulated the '26 growth plans to prioritize returns on capital.

我們連續三個月實現同店銷售（comp）改善。我們一直專注於透過強化以 KPI 為基礎的定價來提升價值，並修正 2024 年出現的失誤；我們相信這些失誤一直是抑制顧客價值感的關鍵因素。在同一期間，我們也透過降低耗損（shrink）來維持毛利率的穩定。我們 2025 年新開店的 cohort 表現優於計畫，而我們也調整了 2026 年的成長規劃，以優先考量資本報酬。

And finally, we believe that restoring key operator tools from our systems work like the real-time order guide and new arrival guide would create an immediate tailwind to store productivity. However, as we discussed in our last earnings call, beginning in late September, comp performance began to deteriorate. We shared that some of this was a direct result of decisions we made on marketing that were net negative and we responded by recalibrating our marketing mix and doubling down on in-store execution.

最後，我們相信，透過系統工作恢復關鍵的營運者工具，例如即時訂貨指南（real-time order guide）與新品到貨指南（new arrival guide），將能立即帶動門店生產力。然而，正如我們在上次財報電話會議中所討論的，自 9 月下旬開始，同店表現開始惡化。我們分享過，其中一部分是我們在行銷上的決策直接造成淨負面影響；因此我們重新校準行銷組合，並加倍強化店內執行。

With new leaders across store ops, merchandising and supply chain, we began accelerating our store refresh program based on encouraging early results. Following our Q3 call, November comps were weak. -- driven in part by the timing of EBT distributions that negatively impacted our SNAP business and affordability pressure on our core customer increased more than we'd expected.

隨著門店營運、商品採購（merchandising）與供應鏈的新領導團隊到位，我們基於令人鼓舞的早期成果，加速推動門店翻新計畫。在第三季電話會議之後，11 月同店表現疲弱——部分原因是 EBT 發放時點影響，對我們的 SNAP 業務造成負面衝擊，且核心顧客的負擔能力壓力上升幅度超出我們預期。

Despite fishing Q4 with positive traffic, basket pressure intensified, resulting in a negative comp for Q4. Comp sales continued to decelerate in January, driven by declining units per transactions and slowing traffic growth.

儘管第四季以正向來客數（traffic）收尾，但客單（basket）壓力加劇，導致第四季同店為負。1 月同店銷售持續減速，主要受每筆交易件數（units per transaction）下降以及來客數成長放緩所驅動。

At that point, we took a hard look at the business from end to end, buying and supply chain, pricing and promotions, the customer experience and our store network. We also sourced feedback from our customers and our operators. This deep review surface three fundamental drivers of comp deceleration.

在那個時間點，我們從端到端對業務進行嚴格檢視，包括採購與供應鏈、定價與促銷、顧客體驗以及我們的門店網絡。我們也蒐集了顧客與營運者（operators）的回饋。這次深入檢視揭示了同店減速的三個根本驅動因素。

First, the environment has shifted meaningfully as store and industry data validated that consumer pressure had intensified through the fourth quarter and now into the first quarter.

第一，外部環境已出現顯著變化；門店與產業數據驗證，消費者壓力在第四季加劇，並延續到第一季。

Second, customer survey and third-party research showed that while our base pricing was competitive, our leadership position on value perception had eroded. While we made progress by addressing KPIs, we needed to address value more holistically.

第二，顧客調查與第三方研究顯示，雖然我們的基礎定價具競爭力，但我們在「價值感知」上的領先地位已被削弱。雖然我們透過處理 KPI 取得進展，但我們需要以更全面的方式來改善價值。

Third, our push to improve in-stocks and add assortment to ensure the availability of everyday items squeezed our supply chain impacting our ability to deliver high-quality opportunistic product that drives value in this business.

第三，我們為了提升缺貨率表現（in-stocks）並增加品類，以確保日常商品的可得性，擠壓了供應鏈，影響我們提供高品質「機會型商品」（opportunistic product）的能力；而這類商品正是此業務價值的關鍵驅動。

Shoppers came in looking for the value and the treasure hunt experience they expect from Grocery Outlet but left a few items per trip because we didn't deliver the weight of WOW! items and the breadth of assortment that drives basket size and value. While we made progress over the past year commercially, we've had to take decisive action to drive near-term improvement, and we have more work to do to improve our value proposition for our customers.

顧客走進店裡，期待從 Grocery Outlet 獲得他們所期望的價值與「尋寶式」購物體驗，但每趟購物會少買幾樣，因為我們沒有提供足夠份量的 WOW!商品，以及能帶動客單大小與價值的品類廣度。雖然過去一年我們在商業面取得進展，但我們必須採取果斷行動以推動短期改善；同時，我們仍有更多工作要做，以提升對顧客的價值主張。

Now let me turn to share what we're doing about it. First, on restoring Op mix. Grocery Outlet has historically delivered extreme savings by providing tremendous deals on opportunistic product. Our customers' perception of value is driven by our opportunistic product and they describe these products as great deals or promotions, but discounts up to 60% across an ever-changing and at breadth of branded high-quality assortment.

接下來我來分享我們將如何應對。首先，關於恢復機會型商品組合（Op mix）。Grocery Outlet 過去一向透過提供大量機會型商品的超值交易，帶來極高的節省。顧客對價值的感受主要由我們的機會型商品所驅動；他們將這些商品形容為超值優惠或促銷，折扣最高可達 60%，且涵蓋不斷變化、具廣度的品牌高品質商品組合。

Before I dive into what we're doing differently, let me just say, first off, that we're convinced that Apple opportunistic supply exists. We're in constant contact with our major suppliers, and it's clear to us that many of the drivers of constant supply remain intact.

在我深入說明我們將如何做得不同之前，我先說明：我們確信機會型供應是存在的。我們與主要供應商保持持續聯繫，而我們清楚看到，許多支撐持續供應的驅動因素仍然完好。

Over the next several months, our team is intensely focused on ensuring we have the right weight and depth of quality opportunistic branded product flowing into our mix to restore a winning position on value with our customer. To support this, we've made several important changes to how we buy and merchandise.

在接下來幾個月，我們的團隊將高度聚焦，確保有足夠的比重與深度，讓高品質的機會型品牌商品流入我們的商品組合，以恢復在顧客心中「價值」的致勝地位。為了支持這一點，我們已對採購與商品陳列方式做出幾項重要調整。

First, we added DC capacity and improved the flow of goods by reducing inventories across nonproductive categories to ensure we have room for opportunistic product.

首先，我們增加了配送中心（DC）產能，並透過降低非生產性品類的庫存來改善商品流動，以確保我們有空間承接機會型商品。

Second, we've also made improvements to our internal forecasting to maximize opportunistic buying.

第二，我們也改善了內部預測能力，以最大化機會型採購。

Third, we've improved communication and our internal planning horizon to give our operators more time to plan effective op product execution.

第三，我們改善了溝通並延長內部規劃視野，讓營運團隊有更多時間規劃並有效執行機會型商品方案。

And in January, we unified our merchandising and purchasing functions under a strong and experienced leader, Matt Deli, who is focused on delivering stronger collaboration and organizational agility with a specific focus on opportunistic offerings and supplier engagement. These changes are designed to ensure we're consistently doing what we do best, providing extreme value for customers across a wide range, quality branded product that drives comp sales and strong margins.

此外在一月，我們在一位強而有力且經驗豐富的領導者 Matt Deli 之下，將商品企劃與採購職能整合統一；他專注於強化協作與組織敏捷性，並特別聚焦於機會型商品供給與供應商互動。這些變革旨在確保我們能持續發揮所長，為顧客提供涵蓋廣泛、具品質的品牌商品之極致價值，進而帶動同店銷售（comp sales）與強勁毛利。

Our opportunistic pipeline is building. Over the past few weeks, we've seen roughly a 200 basis points increase in the opportunistic sales mix and roughly 150 basis points increase in opportunistic shipment volume driving value with promotion as a bridge.

我們的機會型商品管線正在建立中。過去幾週，我們看到機會型銷售占比約提升 200 個基點，機會型出貨量占比約提升 150 個基點；並以促銷作為橋接來驅動價值。

Over the near term, as we build back our opportunistic product levels to what we believe is necessary to win, we're bridging that gap by investing in promotions on branded and fresh product to generate excitement. We anticipate roughly $20 million of incremental promotional investment this year or approximately 40 basis points of gross margin, the majority of which will be front-loaded in the first half of this year.

短期內，當我們把機會型商品水位補回到我們認為足以致勝的程度時，我們會透過加大品牌與生鮮商品的促銷投資來彌補缺口、創造話題。我們預期今年將新增約 2,000 萬美元的促銷增量投資，約相當於毛利率 40 個基點，其中大部分將集中在今年上半年。

We began these investments in early February and comp performance has improved by roughly 100 basis points month-over-month relative to January. That's an early data point, not a declaration of victory, but it tells us the customer is responding positively.

我們在二月初開始進行這些投資，而同店表現相較一月已月對月改善約 100 個基點。這只是早期數據點，並非宣告勝利，但它告訴我們顧客的反應是正面的。

Now expanding our store refresh program. Value is clearly our number one commercial focus. In the mid and long term, we intend to sharpen our customer experience as well. Our store refresh program is designed to achieve this important goal.

接著是擴大我們的門市翻新計畫。「價值」顯然是我們第一順位的商業重點。在中長期，我們也打算進一步提升顧客體驗。我們的門市翻新計畫正是為了達成這個重要目標而設計。

Operators and customer feedback in recently refreshed stores have been consistently positive and early data from these stores shows encouraging comp lifts versus our control group. As we've scaled our understanding of what's working commercially and operationally is helping us continue to strengthen execution as we expand our rollout.

近期完成翻新的門市中，營運團隊與顧客回饋一貫正面，而這些門市的早期數據也顯示，相較於對照組有令人鼓舞的同店提升。隨著我們擴大推行，我們對哪些作法在商業與營運上有效的理解也在深化，這正協助我們持續強化執行力。

These results give us confidence and conviction to move forward with the 150 store target by the end of this year, making our stores easier to run with tools and support for operators. With much of the system stabilization now behind us, we're supporting our operators by removing barriers and are delivering more effective tools, removing friction in our operations, creating opportunities to drive results.

這些成果讓我們更有信心與決心，朝今年底完成 150 家門市目標邁進，並透過工具與支援讓門市更容易營運。隨著系統穩定化大多已完成，我們正透過移除障礙來支援營運團隊，提供更有效的工具、降低營運摩擦，創造推動成果的機會。

Improvements in item-level inventory management have now been embedded into our proprietary order guide for produce and meat, and we're supporting our operators to better align fresh inventory with demand.

單品層級的庫存管理改善如今已嵌入我們自有的蔬果與肉品訂貨指引中，我們也在支援營運團隊，使生鮮庫存能更貼近需求。

We intend to continue to expand these types of capabilities across categories later this year. Reporting is also improving, and we've made progress in providing our operators with improved comparability and exception reporting to accelerate the identification of opportunities to improve specific underlying business performance.

我們計畫在今年稍晚把這類能力擴展到更多品類。報表也在改善，我們已在提供更佳的可比性分析與例外報表方面取得進展，以加速辨識可提升特定底層業務表現的機會。

Supporting our operators also means we're making investments in field personnel and support to improve forward planning and communication. While these efforts have driven recent improvement in operator engagement, we are yet to see this translate into increased comp growth.

支援營運團隊也意味著我們正在投資外勤人員與支援資源，以改善前瞻規劃與溝通。雖然這些努力已帶動近期營運團隊參與度提升，但我們尚未看到其轉化為更高的同店成長。

However, we remain convinced that as we fine-tune our value perception with customers and our opportunistic mix, improved operator tools and support will serve as a tailwind. Store closures, in addition to the commercial components that are essential to the core business turnaround I just reviewed, we've also taken a hard look at our store portfolio.

然而，我們仍深信，隨著我們微調顧客對價值的感知以及機會型商品占比，改善後的營運工具與支援將成為順風助力。除了我剛回顧、對核心業務扭轉至關重要的商業面措施之外，我們也嚴格檢視了門市組合。

Following a rigorous analysis of the fleet, we identified 36 stores in the network that we concluded did not have a viable path to sustained profitability regardless of the operational support we could provide. We've made the difficult decision to close 36 locations, 24 of which are located in the East, representing roughly 30% of that region's fleet.

在對整體門市群進行嚴謹分析後，我們在網絡中辨識出 36 家門市；我們判定無論能提供多少營運支援，這些門市都沒有通往可持續獲利的可行路徑。我們做出艱難決定，關閉 36 個據點，其中 24 家位於東部，約占該區門市群的 30%。

We are not fully exiting any state, and we believe we have a meaningful opportunity to grow in the East over the long term. However, it's clear now that we expanded too quickly, and these closures are a direct correction. It's important to note that the remaining 51 stores in the East are profitable on a four-wall basis and delivered a positive 3.3% comp in the fourth quarter, which gives us confidence in the core health of the go-forward portfolio.

我們不會完全退出任何一個州，且我們相信長期而言在東部仍有具意義的成長機會。然而，現在很清楚我們擴張過快，而這些關店是直接的修正。重要的是，東部其餘 51 家門市以四牆口徑（four-wall basis）計算皆為獲利，且第四季同店成長為正的 3.3%，這讓我們對未來門市組合的核心健康度更有信心。

We expect these closures will result in an annualized adjusted EBITDA improvement of roughly $12 million and will enable us to operate profitably across each of our markets. Just as importantly, closing these stores will free operational capacity and focus that we will redirect toward our model refresh rollout of the 150 stores this year.

我們預期這些關店將帶來年化調整後 EBITDA 約 1,200 萬美元的改善，並使我們能在各個市場實現獲利營運。同樣重要的是，關閉這些門市將釋放營運產能與管理焦點，我們會把它重新導向今年 150 家門市的模式翻新推行。

These closures do not change our long-term view that ample white space remains ahead of us. And we continue to plan to open another 30 to 33 net new stores in 2026, but they do reflect a more disciplined approach.

這些關店不會改變我們對長期前景的看法：我們前方仍有充足的成長空間（white space）。我們仍計畫在 2026 年淨新增再開 30 至 33 家門市，但這反映出更具紀律的做法。

Going forward, we plan to expand with a more clustered model to improve supply chain efficiency and marketing leverage. We're also adjusting how we go to market. We're piloting new approaches to store openings to strengthen returns on capital.

展望未來，我們計畫以更「群聚式」的模式擴張，以提升供應鏈效率與行銷槓桿。我們也在調整市場進入方式。我們正在試行新的開店方法，以強化資本報酬。

For example, as we launch our stores in Virginia in '26, these locations will start as company run with the intent of bringing them up to profitability before handing them over to independent operators. Once proven, we believe this approach could be applied in more markets as we continue to grow this business.

例如，當我們在 2026 年於維吉尼亞州開設門市時，這些據點將先由公司直營，目標是在達到獲利後再移交給獨立營運者。一旦驗證成功，我們相信這種做法可在我們持續擴張業務時，應用到更多市場。

The decisions we've already made earlier this year to underwrite stricter standards has also strengthened our outlook for our '26 cohort of new stores, which are now projected to deliver an IRR in the 25% range and the '27 cohort is now projected to deliver an IRR of up to 30%, up significantly from our projections just a year ago.

我們今年稍早已做出的決策——以更嚴格的標準進行投資審核（underwrite）——也強化了我們對 2026 年新開店批次的展望；目前預估其內部報酬率（IRR）約在 25% 區間，而 2027 年批次目前預估 IRR 最高可達 30%，較我們僅在一年前的預估大幅提升。

A strategic review of UGO. Finally, we're scrutinizing every aspect of the business to remove distractions and improve shareholder value. To that end, we've made the decision to implement a strategic review of UGO. In an effort to focus on what's important to returning this business to sustainable growth, we are reevaluating the organizational impact that would be required from a full integration of that business relative to the anticipated benefit.

對 UGO 的策略性檢視。最後，我們正檢視業務的每一個面向，以排除分心事項並提升股東價值。為此，我們已決定對 UGO 啟動策略性檢視。為了聚焦於讓公司回到可持續成長的關鍵事項，我們正在重新評估：相較於預期效益，若要全面整合該業務，組織層面所需承擔的影響與投入。

I want to close by being straightforward about where we stand. We haven't delivered the results that our shareholders, our operators or our customers deserve, and I take responsibility for that. What I can tell you is we have a clear understanding of the commercial challenge, and we're taking decisive action. We're prioritizing restoring value perception for our customers, we're rebuilding the opportunistic pipeline that defines this brand and we're reinvigorating the shopping experience in our stores.

我想以坦率說明我們目前的狀況作結。我們尚未交出股東、營運夥伴或顧客應得的成果，我對此負責。我能告訴各位的是，我們對商業挑戰有清晰的理解，並正在採取果斷行動。我們將優先恢復顧客對價值的感知，重建定義這個品牌的機會型商品管線，並重新振興門市的購物體驗。

We're seeing early tangible signs of progress. And at the same time, we're eliminating distractions, including closing underperforming stores, and reallocating resources to deliver stronger operating results and return on capital.

我們已看到早期且具體的進展跡象。同時，我們也在排除分心事項，包括關閉表現不佳的門市，並重新配置資源，以交付更強的營運成果與資本報酬。

The road ahead will require patience, and we understand this is difficult given the recent results. We will be measured by what we deliver, not by what we promise and we intend to earn back your confidence through execution. We're confident that we have the right plans in place and the right team to execute them, and I look forward to sharing more about the progress we're making in the months ahead.

前方的道路將需要耐心，我們理解鑑於近期的業績表現，這確實很不容易。市場將以我們交付的成果來衡量我們，而不是以我們的承諾來衡量；我們打算透過落實執行來重新贏回各位的信心。我們有信心已具備正確的計畫與合適的團隊來加以執行，並期待在未來幾個月與各位分享我們所取得的更多進展。

Thank you, and I appreciate your time today. I'll now turn it over to Chris to walk through the financials in detail.

謝謝各位，也感謝各位今天撥冗參與。接下來我將把時間交給 Chris，由他詳細說明財務狀況。

Thanks, Jason. In 2025, we made important progress against our key strategic initiatives. However, as Jason shared, in the fourth quarter, we encountered headwinds which impacted our financial results. I will walk you through our Q4 financials before sharing details about our outlook for the year ahead. Please note that the comparisons I will provide for on a year-over-year basis, unless otherwise indicated.

謝謝你，Jason。在 2025 年，我們在關鍵策略性計畫上取得了重要進展。然而，如 Jason 所分享的，在第四季我們遭遇了逆風，影響了我們的財務結果。在分享對未來一年的展望細節之前，我將先帶各位回顧我們第四季的財務表現。請注意，除非另有說明，我所提供的比較皆為年對年基礎。

Starting with the top line. Fourth quarter net sales increased 10.7% to $1.22 billion and included an incremental $82.4 million from a 53 week in 2025. Excluding the extra week, net revenue increased 3.2%, driven by the addition of net new stores, partially offset by an 80 basis points decline in comparable store sales.

先從營收端開始。第四季淨銷售額成長 10.7% 至 12.2 億美元，其中包含 2025 年第 53 週帶來的 8,240 萬美元增量。若排除額外一週，淨營收成長 3.2%，主要由新增淨店數帶動，但部分被同店銷售下滑 80 個基點所抵銷。

The decline in comp, which excludes sales from the extra week, was owed to a 170 basis points decline in average transaction size, offset partially by a 90 basis points increase in traffic. As Jason discussed, we believe several factors contributed to the comp decline, including our emphasis on driving better in-stocks for everyday items, which came at the expense of delivering the compelling value items our customers expect as well as macro factors, including the impact of the US government shutdown on federally funded benefits as well as a more promotional environment.

同店下滑（不含額外一週的銷售）主要源自平均交易金額下滑 170 個基點，但部分被來客數成長 90 個基點所抵銷。如 Jason 所述，我們認為同店下滑有多項因素，包括我們著重提升日常商品的到貨率（in-stocks），但相對犧牲了顧客所期待的具吸引力超值商品；以及總體因素，例如美國政府停擺對聯邦資助福利的影響，以及更具促銷性的市場環境。

In the fourth quarter, we opened seven new stores on both a net and gross basis. In 2025, we added 42 new stores and closed five, ending the year with 570 stores across 16 states. Gross profit increased 11.5% to $361 million, representing a gross margin of 29.7%. Gross margin expanded 20 basis points year-to-year but came in below our outlook as a result of higher seasonal promotions and additional markdowns to clear excess inventory.

第四季我們在淨增與總開店口徑下皆新開 7 家門市。2025 年我們新增 42 家門市並關閉 5 家，年底在 16 個州共計 570 家門市。毛利成長 11.5% 至 3.61 億美元，毛利率為 29.7%。毛利率年對年擴張 20 個基點，但低於我們的展望，原因是季節性促銷增加以及為清理過剩庫存而進行的額外降價（markdown）。

While those markdowns impacted Q4 margins, the helped us start the new year and a healthier inventory position. SG&A was $337.1 million and grew 13.6% in the quarter. As a percentage of net sales, SG&A represented 27.7%, representing a 70 basis points year-to-year increase. The increase was due to lapping a substantial decrease in performance achievement adjustments last year as well as growth in our store network, partially offset by lower severance costs. Jason mentioned our plans to close 36 underperforming stores, which I will touch on in a moment.

雖然這些降價影響了第四季的毛利率，但有助於我們在新年度以更健康的庫存水位起步。SG&A（銷售、一般及行政費用）為 3.371 億美元，本季成長 13.6%。以淨銷售額百分比計，SG&A 為 27.7%，年對年增加 70 個基點。增加主因是去年績效達成調整（performance achievement adjustments）大幅下降的基期效應，以及門市網絡擴張所致，部分被較低的資遣費用所抵銷。Jason 提到我們計畫關閉 36 家表現不佳的門市，我稍後會再說明。

Related to these closures, we incurred $109.8 million of noncash impairment charges for long-lived assets in Q4. Also in Q4, we performed our required annual impairment testing of goodwill, which resulted in the recognition of $149 million noncash goodwill impairment charge.

與這些關店相關，我們在第四季認列 1.098 億美元的長期資產非現金減損費用。此外在第四季，我們也進行了年度必要的商譽減損測試，並因此認列 1.49 億美元的非現金商譽減損費用。

Below the operating line, net interest expense was $7.7 million, up $0.7 million from last year as the average principal debt outstanding increased but was partially offset by a decrease in average borrowing rates. Our effective tax rate for the quarter was 10% compared with 47.4% last year. The year-to-year change was primarily due to the non-deductible goodwill impairment.

在營業利益以下，淨利息費用為 770 萬美元，較去年增加 70 萬美元，原因是平均未償還本金增加，但部分被平均借款利率下降所抵銷。本季有效稅率為 10%，去年同期為 47.4%。年對年變動主要是由於商譽減損不得稅前扣除。

Net loss was $218.2 million or negative $2.22 per fully diluted share compared to net income of $2.3 million or $0.02 per fully diluted share in the prior year. Adjusted net income increased 28.8% to $18.7 million or $0.19 per share.

淨損為 2.182 億美元，或完全稀釋後每股虧損 2.22 美元；去年同期為淨利 230 萬美元，或完全稀釋後每股盈餘 0.02 美元。調整後淨利成長 28.8% 至 1,870 萬美元，或每股 0.19 美元。

Adjusted EBITDA was $68 million for the quarter, up from $57.2 million last year, driven in large part by the benefit of the 53rd week. This also contributed to incremental 40 basis points to adjusted EBITDA margin, which was 5.6% for the quarter compared with 5.2% last year.

本季調整後 EBITDA 為 6,800 萬美元，高於去年同期的 5,720 萬美元，主要受惠於第 53 週的貢獻。這也使調整後 EBITDA 利潤率增加 40 個基點，本季為 5.6%，去年同期為 5.2%。

Turning to the balance sheet and cash flow statement. We ended the year with $69.6 million in cash and approximately $175 million in available capacity on our revolver. Our net cash provided by operating activities during 2025, increased by $110 million to $222.1 million, driven primarily by tighter inventory management and other working capital improvements.

接著看資產負債表與現金流量表。年底我們持有現金 6,960 萬美元，循環信貸（revolver）可用額度約 1.75 億美元。2025 年營業活動提供的淨現金流年增 1.10 億美元至 2.221 億美元，主要由更嚴謹的庫存管理及其他營運資金改善所帶動。

CapEx for fiscal 2025 before tenant improvement allowances was $220.3 million an increase of $13.4 million over fiscal 2024, driven primarily by higher number of net new stores opened in 2025. CapEx, net of tenant improvement allowance for fiscal 2025 was approximately $192 million, $18 million below our outlook of $210 million. Total debt, net of issuance costs was $492.9 million at the end of the fourth quarter, up $15.4 million from the beginning of the year with net leverage of 1.7 times adjusted EBITDA.

2025 會計年度資本支出（CapEx）在扣除租戶裝修補助（tenant improvement allowances）前為 2.203 億美元，較 2024 會計年度增加 1,340 萬美元，主要因 2025 年淨新增開店數較多。2025 會計年度扣除租戶裝修補助後的 CapEx 約為 1.92 億美元，較我們 2.10 億美元的展望低 1,800 萬美元。第四季末總負債（扣除發行成本）為 4.929 億美元，較年初增加 1,540 萬美元；淨槓桿為調整後 EBITDA 的 1.7 倍。

Before turning to guidance, I want to share a little more detail about store closures that Jason discussed. Prudent, disciplined capital management and improved return on investment capital are core priorities for us. We approached the store closure process with rigor. We began by evaluating all stores with negative four-wall adjusted EBITDA, exclusive of TCAP burden.

在進入財測指引之前，我想就 Jason 提到的關店計畫補充一些細節。審慎、紀律性的資本管理以及提升投資資本報酬率是我們的核心優先事項。我們以嚴謹方式推進關店流程。我們首先評估所有四牆調整後 EBITDA（four-wall adjusted EBITDA）為負的門市，且不包含 TCAP 負擔。

We developed a rating system based on real estate quality, competitive dynamics, operational execution and recent trends and applied those ratings across the portfolio. From there, we modeled store-level NPVs and compare those to estimated lease breakage costs. We also ensure that any closures align with our long-term strategic plans.

我們建立了一套評分系統，依據不動產品質、競爭態勢、營運執行與近期趨勢，並將該評分套用至整體門市組合。接著，我們建立門市層級的淨現值（NPV）模型，並與預估的租約解約成本進行比較。我們也確保任何關店決策都與我們的長期策略規劃一致。

After that thorough review, we decided to close 36 stores that were not meeting our performance standards. Once completed, we expect these closures will result in annualized adjusted EBITDA improvement of approximately $12 million. This should enable us to operate more profitably across our markets going forward while focusing our financial and operating resources where they can earn the strongest returns.

在完成上述全面審查後，我們決定關閉 36 家未達我們績效標準的門市。完成後，我們預期這些關店將帶來約 1,200 萬美元的年化調整後 EBITDA 改善。這將使我們未來能在各市場更具獲利能力地營運，同時把財務與營運資源聚焦在可取得最佳報酬的領域。

We expect to complete these store closures during the second quarter and anticipate that we will incur cash charges of approximately $57 million, bad debt expense of approximately $12 million partially offset by net noncash write-offs of lease liabilities of approximately $52 million over the course of this year as we exit the leases associated with these stores.

我們預期將於第二季完成這些門市關閉，並預估在今年退出與這些門市相關的租約過程中，將產生約 5,700 萬美元的現金費用、約 1,200 萬美元的壞帳費用，並由約 5,200 萬美元的租賃負債淨額非現金沖銷部分抵銷。

As Jason noted, we've established stringent underwriting standards for 2026 and 2027, new store cohorts and the relative performance of our refreshed stores gives us confidence in the stores we plan to open moving forward.

如 Jason 所指出，我們已為 2026 年與 2027 年的新店批次建立嚴格的承作（underwriting）標準，而新店批次以及我們翻新門市的相對表現，讓我們對未來計畫開設的門市更具信心。

Now on to our outlook. We are starting the year by taking deliberate actions that are designed to strengthen operating performance and position the company to deliver improved financial results. However, as you might expect, some of these actions will impact our 2026 results. The store closures will moderate revenue growth and the promotional investments we're making will be reflected in near-term gross margins.

現在來談談我們的展望。我們以審慎且有意識的行動展開新年度，這些行動旨在強化營運表現，並使公司具備交出更佳財務成果的條件。不過，如各位所預期，其中部分行動將會影響我們 2026 年的業績。門市關閉將使營收成長趨緩，而我們所投入的促銷投資將反映在短期毛利率上。

Specifically, with respect to the store closures, we expect to see roughly 40 basis points or approximately $4 million of gross margin pressure in the first quarter this year from the inventory liquidation impact from the closures. It's also important to note that 2025 53 week contributed $82.4 million in sales and $9 million in adjusted EBITDA. These benefits will not carry over into 2026.

具體而言，就門市關閉而言，我們預期今年第一季將因關店所帶來的庫存清算影響，毛利率承受約 40 個基點、或約 400 萬美元的壓力。同時也必須注意，2025 年的第 53 週貢獻了 8,240 萬美元的銷售額以及 900 萬美元的調整後 EBITDA。這些效益不會延續到 2026 年。

For the full year, we expect comp store sales growth to be between negative 2% to flat. For the first quarter, we expect comparable store sales to be between negative 2.5% to negative 1.5%. Aside from the store optimization plan closures, we expect to add between 30 and 33 net new stores for this year, fairly evenly distributed across the quarters.

就全年而言，我們預期同店銷售成長介於負 2% 至持平。就第一季而言，我們預期同店銷售介於負 2.5% 至負 1.5%。除門市優化計畫的關店之外，我們預期今年將新增 30 至 33 家淨新店，且在各季度之間分布相對平均。

We expect total net sales for our fiscal 2026 of between $4.6 billion to $4.72 billion. We expect the closure of the 36 stores will impact top line growth by approximately 2%. For the full year, we expect gross margins to be in the range of 29.7% to 30%, reflecting promotional investment to drive sales in the first half and the inventory liquidation impact from the closures. We expect first quarter gross margins in the range of 29.6% to 29.8% or 30% to 30.2%, excluding the previously mentioned inventory liquidation impact from our store closure plan.

我們預期 2026 會計年度的總淨銷售額介於 46 億至 47.2 億美元。我們預期關閉 36 家門市將使營收（top line）成長約減少 2%。就全年而言，我們預期毛利率落在 29.7% 至 30% 的區間，反映上半年為帶動銷售而進行的促銷投資，以及關店所帶來的庫存清算影響。我們預期第一季毛利率介於 29.6% 至 29.8%，或在排除前述門市關閉計畫所造成的庫存清算影響後為 30% 至 30.2%。

For the full fiscal year, we expect adjusted EBITDA to be in the range of $220 million to $235 million, and we expect first quarter adjusted EBITDA to be between $39 million to $43 million. For the year, we expect depreciation and amortization of about $136 million driven primarily by CapEx spending, net of tenant allowances of approximately $170 million. This includes investments in store openings and remodels, our distribution centers and systems as well as store maintenance projects.

就整個會計年度而言，我們預期調整後 EBITDA 介於 2.20 億至 2.35 億美元，並預期第一季調整後 EBITDA 介於 3,900 萬至 4,300 萬美元。就全年而言，我們預期折舊與攤銷約為 1.36 億美元，主要由資本支出（CapEx）所驅動，並扣除約 1.70 億美元的承租人補助（tenant allowances）。其中包含門市開店與改裝、配送中心與系統，以及門市維護專案的投資。

For the year, we expect net interest expense to be approximately $27 million. We expect to generate meaningful cash flow from operations in 2026 and which will be used to grow and maintain the business and fund cash requirements related to the store closures between $51 million and $63 million.

就全年而言，我們預期淨利息費用約為 2,700 萬美元。我們預期 2026 年將產生可觀的營運現金流，並將用於擴張與維持業務，以及支應與門市關閉相關、介於 5,100 萬至 6,300 萬美元的現金需求。

We expect share-based compensation of approximately $18 million, a normalized tax rate of 28% and average fully diluted shares outstanding for the year of approximately $99 million. Thus, we expect full year adjusted EPS to be in the range of $0.45 to $0.55 per fully diluted share and first quarter adjusted EPS of approximately $0.01 to $0.04.

我們預期股份基礎給付（share-based compensation）約為 1,800 萬美元、常態化稅率為 28%，以及全年平均完全稀釋流通股數約為 9,900 萬股。因此，我們預期全年調整後 EPS 介於每股完全稀釋後 0.45 至 0.55 美元，第一季調整後 EPS 約為 0.01 至 0.04 美元。

In conclusion, while we're disappointed with our Q4 results, we're clear and confident on the steps to return the business to a position of strength, and we are taking decisive action to deliver on the promise and potential of our business. This work will take time, but by driving our key strategic priorities and focusing on execution, we believe we will strengthen our value proposition and store experience in support of sustainably stronger results for years to come.

總結來說，雖然我們對第四季的結果感到失望，但我們對於讓業務回到更強勢位置所需採取的步驟有清楚的方向與信心，並正採取果斷行動，以兌現我們業務的承諾與潛力。這項工作需要時間，但透過推動關鍵策略優先事項並聚焦執行，我們相信將強化我們的價值主張與門市體驗，以支持未來多年更具持續性的強勁成果。

And with that, we'll open it up for questions.

接下來我們開放提問。

(Operator Instructions) Jeremy Hamblin, Craig Hallum.

(接線員指示) Jeremy Hamblin，Craig Hallum。

I thought, I would just start with getting an understanding of the same-store sales trends. And you noted that you've seen a 100 basis points improvement in February versus January. I wanted to see if you could put some context behind that. And how both traffic and basket have kind of shifted here as we've entered 2026.

我想我先從了解同店銷售趨勢開始。你提到 2 月相較 1 月改善了 100 個基點。我想請你補充一些背景脈絡。以及在進入 2026 年之後，來客數（traffic）與客單（basket）各自出現了哪些變化。

Jeremy, it's Chris. So yes, so in the third quarter last year, as you may recall, we started to see a little bit of a softening as we exited the quarter. And then when we went into the fourth quarter, of course, we had the government shutdown, which we talked about and the impact of that on SNAP and EBT, which impacted both October and November, and we were expecting to see December come back and be more normal comp.

Jeremy，我是 Chris。是的，如你所記得，去年第三季我們在季度末開始看到些微走弱。接著進入第四季，當然遇到政府關門事件，我們也談過其對 SNAP 與 EBT 的影響，這影響了 10 月與 11 月，而我們原本預期 12 月會回升並回到較正常的同店表現。

However, we didn't quite see that. We actually continue to decelerate into December. It was highly promotional and really the environment, we feel got a little bit worse externally. And then that flowed into January where we kind of bottomed out.

但我們並沒有完全看到那樣的情況。實際上，我們在 12 月持續放緩。當時促銷力度很高，而且我們認為外部環境確實變得更差了一些。接著延續到 1 月，我們大致在那時觸底。

But all along the way, their customer count remains positive. It did decel as well, but it was positive all the way through into January. And then as we -- as Jason pointed out, in February when we started to invest in doing some promotions, we did see some recovery of about 100 basis points in February and expect that to improve in March as well as we continue to promote. So --

不過一路走來，顧客數仍維持正成長。雖然也有放緩，但一直到 1 月都仍為正。然後如 Jason 所指出，2 月當我們開始投入一些促銷時，2 月確實看到約 100 個基點的回升，並且隨著我們持續促銷，也預期 3 月會進一步改善。所以--

Got it. So fair to assume that you're kind of solidly negative here in the March quarter?

了解。所以可以合理假設 3 月這一季你們仍是明顯負成長？

Yes. I mean that's our guidance, right. It was minus 2.5% to minus 1.5%.

是的。我的意思是，這就是我們的指引，對吧。是負 2.5% 到負 1.5%。

Yes. Okay. And just coming back to understanding the core issue, where you've identified the value and kind of value proposition because it sounds like you're struggling with basket. Is it that you don't have the right goods that your customer set is looking for? Or is this really about competition and competition that has just been a lot more aggressive or closer in value to your price points?

是的。好的。再回到核心問題的理解：你們已辨識到「價值」與價值主張方面的問題，因為聽起來你們在客單上遇到壓力。是因為你們沒有提供顧客族群想要的正確商品嗎？還是這其實是競爭因素——競爭對手變得更具侵略性，或在價值上更接近你們的價格帶？

It's Jason, here. I'll answer the question. We can see clearly that value slipped because of the gap that was created in December, January time period on the weight -- the breadth and weight of our op mix, in particular. -- and we know that restoring that will drive improved perception ultimately, comps.

我是 Jason，我來回答。我們可以很清楚看到，價值感下滑是因為 12 月、1 月期間在我們的 op mix（特別是其廣度與比重）上出現了缺口。 -- 而我們也知道，恢復這一點最終將帶動認知改善，進而改善同店表現。

Customer -- our customers talk about op as great deals or promotions, and that's absolutely critical for us to drive value perception. In this time period, we've been looking at, obviously, we're monitoring this closely. Momentum is building our op mix is now up about 200 bps month-on-month over the last month from January and shipments up about 150 bps.

顧客——我們的顧客把 op 視為很划算的交易或促銷，而這對我們建立價值感知至關重要。在這段期間，我們一直在觀察，當然也在密切監控。動能正在建立：我們的 op mix 目前相較 1 月、在最近一個月月對月提升約 200 個基點，出貨量也提升約 150 個基點。

And we can see that your question about basket it directly relates to op. And so the drop in our units per transaction there are addressable based on our plan. And we've got the whole team focused on supporting on driving improvements on the buy side to drive that supply chain on opportunistic product.

我們也看得出來，你提到的客單問題與 op 直接相關。因此，每筆交易件數（units per transaction）的下滑是可以透過我們的計畫來解決的。而我們已讓整個團隊聚焦在支援採購端的改善，以推動機會型商品（opportunistic product）的供應鏈供給。

Kylie Cohu, Jefferies.

Kylie Cohu，Jefferies。

I'm on for Corey Tarlowe today. I was curious about SNAP benefit specifically, I wanted to ask about the February reductions that kind of just rolled out? And then any other color you could give around what you're seeing to consumer responses to the step changes. Thank you.

我今天代替 Corey Tarlowe 提問。我特別想了解 SNAP 補助，我想問一下 2 月份剛推出的削減措施？另外，您能否補充一些觀察，關於消費者對這些階段性變動的反應。謝謝。

Yes. Maybe I'll just take you back to November. I know there was a lot of conversation about that at that time. What we eventually did experience in November was a double-digit decrease and EBT sales, given the SNAP benefit being interrupted that created some noise for us. We did see a recovery in December, but not to the level we were perhaps expecting and it's something we continue to monitor. But in Q4, that's basically what happened. So November disruption and that roughly just under 10% of our sales with a double-digit increase during that period.

是的。也許我先帶你回到 11 月。我知道當時有很多討論。我們在 11 月最終確實經歷了 EBT 銷售的兩位數下滑，因為 SNAP 補助中斷，對我們造成了一些雜訊。我們在 12 月看到回升，但沒有回到我們可能預期的水準，這也是我們持續在監控的事情。但在第四季，基本上就是這樣的情況。所以是 11 月的干擾，而在那段期間，我們約略不到 10% 的銷售出現了兩位數的增加。

Got you. So nothing -- I guess I'm kind of curious, is there anything baked in for the recent. Is that reflected in the guidance?

了解。所以沒有——我想我有點好奇，最近的情況是否有納入考量。這有反映在指引裡嗎？

Yes. February has recovered if that was something just to mention. And yes, it's in the guide.

有的。如果要特別提一下的話，2 月已經回復了。而且是的，已經納入指引。

Oliver Chen, TD Cowen.

Oliver Chen，TD Cowen。

On your opening comments, what would you say as earlier or faster in terms of fixing an opportunity versus longer term? And then you do have a lot of new leaders as you mentioned, across ops, merchandising and supply chain. How could you get us comfortable in terms of that new leadership and the right testing to make sure that things are optimized for go forward.

就你在開場談到的內容，你會怎麼說哪些是較早或較快、屬於修正機會的項目，哪些則是較長期的？另外，如你所提到，你們在營運、商品與供應鏈方面都有很多新任領導者。你能否讓我們更放心，說明這些新領導團隊以及適當的測試機制，如何確保未來的運作能被最佳化？

And lastly, it's probably related, but the value perception on consumer is perceiving value versus what you're going to correct opportunistic. Like in other words, will it take a while for consumers to come back? Or how are you thinking about customers' perception versus what you're offering and timing around that?

最後，這可能也相關，但關於消費者的價值感知：消費者如何感知價值，對比你們要修正的機會性（opportunistic）供給。換句話說，消費者回流是否需要一段時間？你們如何看待客戶的感知、你們提供的內容，以及其中的時間節奏？

Yes. Thanks, Oliver. Maybe I'll answer the second question first. So when we're looking at the business, we can see clearly that opportunistic is we have a gap right now internally and what we've delivered for supply and mix and value is directly related to the weight of that category of products, if you will, you can think of it like promotional wage. We think that restoring that pipeline is a three to six month piece.

是的。謝謝，Oliver。也許我先回答第二個問題。當我們檢視這個業務時，我們可以清楚看到，在機會性（opportunistic）商品上，我們目前內部存在缺口；而我們在供給、組合與價值上的交付，與該類產品的比重直接相關，你可以把它想成促銷權重。我們認為把這條供應管線恢復，需要三到六個月。

The promotions that we're implementing, the synthetic promotions we're creating are basically a bridge in the time period it's going to take for us to get that in the right place. And value is definitely driven -- perception is driven in our business by the depth and breadth of opportunistic product. And we're still comfortable there's plenty of supply. We don't think it's a gating factor to ambition, but we have some work to do there to deliver that. We've got a number of things that we've put in place to make sure that that happens.

我們正在推行的促銷、以及我們創造的「合成式促銷」（synthetic promotions），基本上是在我們把它調整到位所需的時間內，作為一個過渡橋樑。而價值——在我們的業務中，價值的感知確實是由機會性商品的深度與廣度所驅動。我們仍然有信心供應是充足的。我們不認為這會成為達成目標的限制因素，但我們確實需要做一些工作來把交付做出來。我們已經採取多項措施來確保這會發生。

Number one, we've unified the buying team under one leader, Matt Deli. He's got experience in that business. We feel good about the support we're providing for that team. We've added some resources there. We've got momentum, as I mentioned, on shipments and mix.

第一，我們已將採購團隊統一由一位領導者帶領，也就是 Matt Deli。他在這個業務領域有經驗。我們對於提供給團隊的支援感到放心。我們也在那裡增加了一些資源。如我提到的，在出貨與組合方面我們已有動能。

We've made some changes in our supply chain with new leadership to create capacity to ensure that as becomes available, we can flow that product through the system. We did burn off some less productive inventory in GM and about, we think is going to be very helpful. There's lots of opportunity for us to continue to expand on what we're doing there on the upfront. So that's the value perception piece.

我們也在供應鏈端做了一些調整，引進新的領導團隊來創造產能，確保一旦供給到位，我們能把商品順利在系統中流轉。我們確實在 GM 端清掉了一些較不具生產力的庫存，我們認為這會非常有幫助。在前端（upfront）我們還有很多機會可以持續擴大目前正在做的事情。所以這就是價值感知的部分。

On the piece with new leadership, clearly, there's always a learning curve in any business. I mean, I'm still learning. I think I've learned a lot in this business in the first year. We're going to apply those learnings to improve the business at every stage we go I'm highly confident in the team we've brought on. They're very confident. We've got a lot of great feedback from peers as well as operators on their level of engagement and understanding of the business and what they're going to deliver here over time.

至於新領導團隊這一塊，顯然任何企業都會有學習曲線。我的意思是，我自己也還在學。我想我在第一年已經在這個業務上學到很多。我們會把這些學習應用到每一個階段，持續改善業務；我對我們引進的團隊非常有信心。他們也非常有信心。我們也從同業以及同層級的營運者那裡得到很多正面回饋，認為他們的投入程度、對業務的理解，以及未來將交付的成果都很到位。

Simeon Gutman, Morgan Stanley.

Simeon Gutman，Morgan Stanley。

This is Pedro Gil on for Simeon. For the first question, I wanted to ask you about the $40 million in promotional investments that you've talked about for the year. Can I ask you, is there any specific categories or types of merchandise that they're touching. Do they stay in place? Do they become permanent? Or can you get some of it back over time? And are there any offsets? Can you lean on vendors or work with vendors, suppliers, look for efficiencies to try to mitigate some of the impact on the bottom line?

我是代替 Simeon 的 Pedro Gil。第一個問題，我想問你們提到今年將投入 4,000 萬美元的促銷投資。我可以請教，這些投資會觸及哪些特定品類或商品類型嗎？它們會維持下去嗎？會變成永久性的嗎？還是你們可以隨時間把其中一部分收回？另外，有沒有任何抵銷措施？你們能否向供應商施力或與供應商合作、尋找效率提升，以減輕對損益底線的影響？

Thanks for the question. It's a quantum of about $20 million, just to clarify. And what we're doing is we're using fresh products, in some cases, direct-to-store branded quality product as a bridge -- this is not a permanent part of our P&L. We think that the way we've approached this is by waiting the promotions based on the gap we have with opportunistic product is how we've sized what we think is necessary.

謝謝你的問題。先澄清一下，規模大約是 2,000 萬美元。我們正在做的是使用生鮮產品，在某些情況下也使用直送門市（direct-to-store）的品牌優質商品作為過渡——這不是我們損益表中的永久性項目。我們認為，我們採取的方法是依據我們在機會性商品上的缺口來配置促銷權重，並以此來衡量我們認為所需的規模。

And so not a permanent part. Part of what makes up such an important part of our business is it drives margins as well as value. And on the flip side, we are not a traditional promotional company, nor do we intend to be a traditional promotional company. And so when you promote those kinds of products, the margins are typically lower, but we are endeavouring to make sure that we are providing value for our customers in the short term as we work to close that gap.

因此這不是永久性的。我們業務中很重要的一部分在於，它同時驅動毛利與價值。另一方面，我們不是傳統的促銷型公司，也不打算成為傳統的促銷型公司。因此當你促銷這類商品時，毛利通常會較低，但我們正努力確保在短期內為客戶提供價值，同時我們也在縮小那個缺口。

Great. As a follow-up, if I could ask you about the marketing mix is one of the elements you mentioned last quarter that sort of drove some of the weakness towards the end of the third quarter. Could you give us an update how that developed over the fourth quarter and how you're thinking about it into 2026?

很好。我想追問一下，行銷組合（marketing mix）是你們上季提到的因素之一，似乎導致第三季末的部分疲弱。你能否更新一下第四季的發展情況，以及你們如何看待一路到 2026 年？

No, that's a great question. We did calibrate our marketing post that September time period. both in weight and channel. We've seen a nice result in the -- especially in Q1 so far year-to-date in the way we're executing our marketing spend we reoriented more to outdoor and search and a little less on some of the smaller items as well as some broad-based marketing that we were doing that we didn't think was hitting the right target groups had the spend per value that we were looking for. So that, we think we've dialled in the right location at this point.

不，這是個很好的問題。在 9 月那段期間之後，我們確實校準了行銷策略，包括投放權重與渠道。我們看到不錯的成果——尤其是今年截至目前的第一季——在行銷支出的執行方式上；我們把重心更多轉向戶外與搜尋，並在一些較小項目以及某些我們先前進行的廣泛型行銷上減少投入，因為我們認為那些沒有打到正確的目標族群，也沒有達到我們想要的「每一分支出所帶來的價值」。所以我們認為，目前已經把它調整到合適的位置。

John Heinbockel, Guggenheim Partners.

John Heinbockel，Guggenheim Partners。

Jason, I wanted to start with, can you talk about the connection between the everyday product and opportunistic, right, and every -- the focus on everyday hurting opportunistic. Is that just capacity in the warehouse? And then does it take -- you referenced three to six months pipeline. I'm curious how long you think it takes to get opportunistic bought again, I would think that would be fail quick, right, to buy that, get it in warehouse and into stores. Maybe talk about why it takes that long to get where you want to get to?

Jason，我想先從這點開始，你能談談日常商品與機會型（opportunistic）之間的關聯嗎？對吧，還有——把重點放在日常商品會不會傷害到機會型。那只是倉庫的產能問題嗎？然後這需要——你提到三到六個月的管線期。我很好奇你認為要花多久才能把機會型商品再買回來；我原本以為那應該是快速試錯，對吧，把它買下來、進倉、再上架到門市。能否談談為什麼要花那麼久才能達到你想要的狀態？

Yes. I think what I'm looking for, John, what I expect to see in the next 90 days is a two or three things. By creating this bridge as well as what we're working on an opportunistic product, we expect to see a 200 basis points improvement in flow, a 200 basis points improvement in our mix on op. I also expect to see some value perception scores improving and then on the sales line, a traffic number that's north of two and stability in our basket on UPT. And when we're looking at the business at the tail end of Q4 and into the first part of Q1 that UPT piece is under pressure comes really all from op.

是的。John，我在找的、我預期未來90天會看到的是兩到三件事。透過建立這座橋樑，以及我們在機會型商品上所做的工作，我們預期流量（flow）會改善200個基點，機會型（op）商品的組合（mix）也會改善200個基點。我也預期會看到一些價值感知（value perception）分數提升，另外在銷售端，客流（traffic）數字會高於2，且我們的每筆交易件數（UPT）購物籃表現趨於穩定。而當我們看Q4尾端到Q1前段的業務時，UPT那一塊承壓幾乎都來自op。

On your question about every day, every day is for us, we're just trying to meet a minimum standard. So that is not the main event. The majority of our product is opportunistic in our stores and will remain that way. I think that what we're doing right now is calibrating those assortments to make sure that treasure hunt is the main event. That's what our customers care about, and that's our differentiator, and that's our future.

關於你問的日常商品，對我們而言，日常商品只是要達到一個最低標準。所以那不是主秀。我們門市裡大多數商品都是機會型，且會維持如此。我認為我們現在在做的是校準那些商品組合，確保「尋寶式購物」（treasure hunt）才是主秀。那是我們顧客在乎的，也是我們的差異化所在，更是我們的未來。

And then as a follow-up, the 24 closures in the East, at least maybe I'm wrong, do not include I mean how do you think about that review? Do you think there'll be UGO closings? And you job is company-owned, sort of your thought process on -- do they stay company-owned? Do you transition them? Where do you think that review ends up?

接著追問一下，東部的24家關店，至少也許我搞錯了，並不包含——我是說你怎麼看待那項檢視？你認為會有UGO的關店嗎？還有你們的job是公司自營的，你對——它們會維持公司自營嗎？你會把它們轉換嗎？你覺得那項檢視最後會走向什麼結果？

Yes. I mean our effort to execute a turnaround here and narrow our focus as we come to the conclusion we'd like to conduct a strategic review of that business. A couple of things to say. We have confidence in the business, the team there, the market, it continues to be profitable and stable. But given our priorities and the trend in the core business, we want to make sure we're evaluating our options.

是的。我的意思是，我們在這裡推動轉型、並收斂聚焦的努力，讓我們得出結論：希望對那項業務進行策略性檢視（strategic review）。有幾點要說。我們對那項業務、那裡的團隊與市場有信心；它持續獲利且穩定。但考量我們的優先事項以及核心業務的趨勢，我們想確保正在評估各種選項。

I don't know what the outcome of that will be at this point. John, but we're -- there's a range of possible outcomes there from full integration to a potential sale, but we're going to evaluate each one of those on its individual merits and we'll keep you up to date on that progress over time.

我目前還不知道結果會是什麼，John，但我們——可能的結果範圍很廣，從全面整合到潛在出售都有；不過我們會就每一個選項的個別優點逐一評估，並會隨時間推進向你更新進度。

Edward Kelly, Wells Fargo.

Edward Kelly，Wells Fargo。

So taking a step back, if we sort of think about the business before you got there and where things are moving currently, there's been the systems issues, which have been disruptive and then some of the things you mentioned about marketing and the Snap stuff and then obviously, the environment seems to be more promotional.

所以退一步看，如果我們回想你到任之前的業務狀況，以及目前的走向，曾有系統問題，造成干擾；然後還有你提到的一些事情，像是行銷以及Snap相關的事；再來很明顯地，外部環境似乎變得更偏促銷。

You're adjusting to this, but how does this impact the way that you're thinking about the long-term margin structure of the business? And then as you think about things like store growth, you're still opening stores next year, those leases probably signed. Are you still signing leases beyond that? Just how do we think about what all this means for the business bigger picture and longer term?

你正在做調整，但這會如何影響你對公司長期毛利率結構的思考？另外當你思考像是展店，你們明年仍會開店，那些租約可能都已簽了。你們還會在那之後繼續簽租約嗎？我們該如何理解這一切對公司更宏觀、以及更長期的意義？

Yes. I mean, bigger picture on the margin structure, confident that we're going to be able to expand margins over time. What we're doing right now, as I mentioned, is a temporary bridge Op is a driver, accretive margins, attractive on the value front for customers. I think when you talk about systems, we're only going to get better at running the business as we extract ourselves from that period, there's a whole host of things that we're going to be able to do there, including something I mentioned in my opening remarks, which is giving support to our operators to get even better at what they do best.

是的。就毛利率結構的大方向而言，我有信心我們能隨時間推進擴大利潤率。我們現在做的，如我提到的，是一個暫時性的橋接；op是驅動因素，對利潤率有增益（accretive margins），在價值面對顧客也很有吸引力。我認為談到系統，我們只會在走出那段期間後更擅長經營業務；我們能做的事情很多，包括我在開場談到的一點：給予我們的營運團隊更多支援，讓他們在最擅長的事情上做得更好。

And then on the store closure front, just a couple of things I just want to take a minute to talk about because I think it's really important given where the company has come from. First of all, we're not going through another restructure. This is it. If you kind of play back the last year on that front, Q1, the company made the decision to slow unit growth the past practice, I guess, of really promoting a high unit growth -- high single-digit unit growth created some challenges and some dysfunction.

然後在關店方面，我想花一點時間談談幾點，因為考量公司一路走來，我認為這非常重要。首先，我們不會再進行另一輪重整（restructure）。就到這裡為止。如果你回顧過去一年在這方面的情況，Q1公司決定放緩展店速度；過去那種大力推動高展店——高個位數展店成長的做法，造成了一些挑戰與失序。

Clearly, there's white space for us there, but we need to make sure we have the winning conditions in place for sustainable growth. I think that's really important. And as we kind of entered the new year in January, we wanted to make sure that we spent time reviewing every part of the business and the store network was part of that.

很明顯，我們仍有可拓展的空間（white space），但我們必須確保具備可持續成長的致勝條件。我認為那非常重要。而當我們在一月進入新年度時，我們希望確保花時間檢視業務的每個部分，門市網絡也包含在內。

So we did come to the conclusion to close 36 locations that didn't have a viable path of profitability. And we want to make sure that resources are focused on the key priorities of the business. So those are some of the things that we had thought through. Our process over the last year on the network and growing is very much focused on sustainable growth and returns on invested capital.

因此我們確實得出結論，要關閉36個沒有可行獲利路徑的據點。我們也希望確保資源聚焦在業務的關鍵優先事項上。以上是我們思考過的一些事情。過去一年我們在門市網絡與成長上的流程，非常聚焦於可持續成長以及投入資本報酬（returns on invested capital）。

And key ingredients to that include site selection quality making sure sales productivity potential is there. Those things, I think, there's a lot of real estate in the 36 that's very challenged. We're underwriting stores now, locations that have more potential. We spent time on lowering our CapEx costs the conversations we've had over the last couple of quarters include clustering, waiting to core markets, leveraging marketing, brand strength, supply chain and obviously, the operators are key.

其中的關鍵要素包括選址品質，確保具備銷售生產力的潛力。我認為在這36家裡，有很多不動產條件非常具挑戰。我們現在在評估（underwriting）門市時，會選擇更有潛力的地點。我們也花時間降低資本支出（CapEx）成本；過去幾季我們的討論包括群聚（clustering）、回到核心市場、運用行銷、品牌力、供應鏈，當然營運團隊也很關鍵。

And so we look at our outlook for the underwriting we have this year on the 30% to 33% we made decisions last year as well on that portfolio and feeling much better about the 25% IRR and the following year with that cohort of stores in the 30% range. So clearly, we -- growth is important, but we want to make sure that we're improving the strength of the company as we do that.

因此我們看今年對這些門市的評估展望，投報率在30%到33%；去年我們也對那個組合做了決策，並且對25%的內部報酬率（IRR）更有信心，而隔年那一批門市的IRR可達30%左右。所以很明顯，我們——成長很重要，但我們也要確保在成長的同時提升公司的體質。

Okay. And then just a follow-up. You mentioned the highly promotional external environment that began in December. Could you maybe provide a little bit more color there in terms of where that promotional activity has been coming from and how broad that is?

好的。再追問一下。你提到從12月開始外部環境高度促銷。你能否提供更多細節，例如那些促銷活動主要來自哪些地方，以及其涵蓋範圍有多廣？

Yes. We cover a lot of different states in the country, and we saw pick your promotion far deeper promotions starting actually around the Thanksgiving time period that ran right through December, early January with some pretty aggressive high low out in the marketplace. And we just see continued aggression across a host of commodities crossover competition that we have.

是的。我們覆蓋全國許多不同州，我們看到「自選促銷」的促銷力度更深，實際上從感恩節前後就開始，一路延續到12月、1月初；市場上出現了一些相當激進的高低價促銷。而且我們也看到在多種商品上、以及跨品類競爭方面，持續存在激烈的競爭態勢。

So we would just describe it as more promotional. And our customers in store and so on, we're seeing challenges with affordability there. And I think that our gap there on op through December and the New Year has obviously affected the business, and we need to double down and make sure that we're able to deliver in a significant way.

所以我們會把它描述為促銷更頻繁。而且我們的顧客在門店等場景下，確實在可負擔性方面面臨挑戰。我認為我們在12月以及新年前後在相關差距上的表現，顯然已經影響了業務，我們需要加倍努力，確保能以顯著的方式交付成果。

Joe Feldman, Telsey Advisory Group.

Joe Feldman，Telsey Advisory Group。

I guess my first one, I also wanted to ask on stores. Can you, I guess why would you open 30 new stores or so this year before you get the format right for the existing stores. It feels like we're not fully there yet on the format, and maybe I'm wrong, but that's my interpretation of what I'm hearing. And yet we're going to keep opening stores without knowing what's the right and best format. So maybe you could address that first.

我想先問第一個問題，我也想問一下門店方面。在你們還沒有把現有門店的業態/店型調整到位之前，為什麼今年還要新開大約30家門店？感覺我們在店型上還沒有完全到位，也許我理解錯了，但這是我從你們的表述中聽到的解讀。但我們卻要在還不確定什麼是正確且最佳的店型時繼續開店。所以也許你們可以先回應一下這點。

Sure, Joe. I think that the stores that we have in the portfolio for this year, first of all, are highly weighted to core markets. So I think West Coast. And that's a big part of what we've calibrated to. The -- we've cut some of the locations out that we didn't feel were high potential, and we're confident that that approach is a much more attractive way to open stores.

當然可以，Joe。我認為首先，今年我們儲備要開的門店組合高度偏向核心市場。也就是我認為以西海岸為主。這是我們校準策略的一個重要部分。我們已經剔除了一些我們認為潛力不高的點位，我們有信心，這種做法會是更具吸引力的開店方式。

The following year, we have a smaller cohort of stores that we've obviously signed leases for. There's -- but after scrutinizing and going through the network work that we did, it was quite rigorous, we still feel comfortable that, that is the right thing to do for the business.

下一年，我們有一個更小規模的門店批次，這些門店我們顯然已經簽了租約。雖然——但在審視並完成我們所做的網絡規劃工作後（過程相當嚴謹），我們仍然覺得這對業務而言是正確的做法。

Okay. Got it. And then -- if I heard you guys correctly, I think in your prepared remarks, Jason, you mentioned you're going to open stores -- new company-owned stores, I guess, and then you'll come back later within IO. That seems like a pretty big change in strategy. And maybe you could help us understand that.

好的。明白了。然後——如果我沒聽錯的話，我想在你們的事先準備發言中，Jason，你提到你們會先開門店——我理解是新開公司自營門店，然後之後再在IO體系內回轉。這看起來是策略上的一個相當大的變化。也許你們可以幫我們理解一下。

Yes. Maybe I'll talk about the company has done in the past, which has been successful. So in places like California where we've opened a lot of stores over a long period of time. Operators -- strong operators would typically open new locations. And there is a competency, skill set, and understanding of the business it's very extremely important in a new store.

是的。也許我先談談公司過去做過且行之有效的做法。例如在加州，我們長期以來開了很多門店。營運商——強勢的營運商——通常會去開新店。而在新店經營上，具備相應的能力、技能組合以及對業務的理解，是極其重要的。

New stores are generally difficult to run, volumes tend to be lower as your ramping up. And so when we look to places like the east, where we have much fewer stores, the network is relatively new. The experience of the team is obviously at a different place than it is in a place like California.

新店一般都比較難經營，因為在爬坡期銷量往往較低。因此當我們看向東部這些我們門店更少、網絡相對較新的地區時，團隊的經驗水平顯然與加州這樣的市場不同。

We think that number one, obviously, site selection, strength of the site is key, but that first year sales productivity number is critical. We do want all of our operators to have an opportunity to make money. And attracting highly skilled people to the business is a very important part of what we're doing. And so we're taking some of the risk by driving that year one sales productivity with the idea that we'll hand that off in a more stable way to our operators post year one. And we think that, that approach might be an interesting thing for us to understand in a place like the East part of the country.

我們認為第一，當然選址、點位的強度是關鍵，但第一年的銷售生產力指標至關重要。我們確實希望所有營運商都有機會賺到錢。吸引高技能人才加入這項業務，是我們正在做的非常重要的一部分。因此我們會承擔一部分風險，透過推動第一年的銷售生產力，並以在第一年之後把門店以更穩定的狀態交接給營運商為目標。我們認為，這種做法在美國東部這樣的地區，可能是一個值得我們去理解與驗證的方向。

And just one quick on that one, sorry. But does that mean you're going to have, like, say, a really successful IO in the West Coast going on the East Coast store for you?

就這點再快速追問一下，抱歉。這是否意味著你們會讓西海岸一位非常成功的IO去接手你們在東海岸的門店？

Yes, we have had that happen. So that's not -- it's happened before, but it's not -- clearly, as you think about moving across country there's only a handful of individuals that are sort of up for that kind of challenge. So you typically are recruiting from a geography, right? And that's also helpful.

是的，我們確實發生過這種情況。所以這不是——以前發生過，但也不是——顯然，當你考慮跨越全國搬遷時，只有少數人願意接受這種挑戰。因此你通常會在某個地理區域內招募，對吧？這也會有所幫助。

So as we build that team and as we build that market, that will get easier. But we do think that it's essential to get stores up to speed, so to speak, on a sales productivity standpoint. And we'd like to see if this is one of the ways we can improve our performance long term.

隨著我們建立團隊、建立市場，這會變得更容易。但我們確實認為，從銷售生產力的角度來看，讓門店盡快「上軌道」是至關重要的。我們也希望看看這是否是我們能在長期改善表現的方法之一。

Mark Carden, UBS.

Mark Carden，UBS。

So I want to start with the IOs. Going forward, what steps can you take to help for reinsure your IOs as a long-term opportunity of the company just especially when considering the exits you guys are making. You guys talked about support. Are you planning to offer additional incentives in the near term? Or has IO demand and retention has been pretty consistent with what you guys have seen in the past?

我想先從IO談起。展望未來，你們可以採取哪些措施，來幫助重新向IO們保證/強化：這是一個公司的長期機會——尤其是在考慮到你們正在進行的退出（關店）動作時。你們提到了支持。短期內是否計劃提供額外激勵？或者IO的需求與留任，是否一直與你們過去看到的情況相當一致？

Yes, that's a great question. So a couple of points here. The restructuring with the 36 locations closing is a result of these operations not having a viable path to profit, as we talked about -- we do want to make sure -- ensure that our operators are healthy and they have a legitimate opportunity to profit from the skill and effort they bring to our business and their community.

是的，這是個很好的問題。這裡有幾點。關閉36個據點的重組，是因為這些營運在盈利方面沒有可行的路徑；正如我們所說——我們確實希望確保我們的營運商是健康的，並且他們能夠憑藉帶給我們業務與其社區的技能與努力，獲得真正的獲利機會。

We're very focused on providing improving levels of support for our operators in terms of tools, reporting and reducing friction in the business to help them build sales, improve their profit make the business easier to run and obviously, together strengthen the brand.

我們非常專注於在工具、報表以及降低業務摩擦等方面，為營運商提供更高水平的支持，幫助他們提升銷售、改善利潤，讓業務更容易經營，並且顯然與我們一起強化品牌。

And so where we are right now, comps are critical, as they accelerate the P&L follows and our operators are -- we've obviously spent quite a bit of time over the last number of weeks before this call sharing this plan with them, decided about it, they're supportive.

因此就我們目前的情況而言，同店銷售（comps）至關重要；當同店加速時，損益表（P&L）就會隨之改善，而我們的營運商——我們顯然在這次電話會議前的數週花了不少時間與他們分享這個計畫、與他們討論，他們是支持的。

And people are -- we're all rowing in the boat here together. So one of the things that we brought to operators to help with some of this, call it, profit potential in the business is there's some real opportunity for them to improve bottom line, their bottom lines with some of the things we've recently rolled out, including the inventory management system that's now embedded for fresh meat and produce in our order guide.

而且大家——我們都在同一條船上同心協力。因此我們帶給營運商、用以提升業務「獲利潛力」的一件事是：他們在改善利潤（底線）方面有一些實質機會，來自我們最近推出的一些措施，包括目前已嵌入我們訂貨指南中的庫存管理系統，涵蓋新鮮肉類與生鮮蔬果。

We've also introduced peer group comparability and exception reporting on things like shrink. All of these things provide immediate and obvious opportunity for them to address improving their profits and health right now. So that's the way we thought about it is -- but we haven't considered anything else at this point, but the whole company, including our operators are focused on driving comps.

我們也引入了同儕群組可比性分析，以及針對例如損耗（shrink）等項目的例外報表。所有這些都為他們在當下改善利潤與經營健康狀況，提供了立即且明顯的機會。所以我們的思路是——目前我們還沒有考慮其他措施，但整個公司（包括我們的營運商）都專注於推動同店銷售（comps）。

That's helpful. And then as a follow-up, you talked about the 36 closures being more heavily weighted towards the East, but that you remain committed to the region and aren't fully exiting any state -- how do you think about the pace of growth in that region going forward? Just as broke as deemphasized over the next few years, given store densities will presumably be lower out East? Just how are you thinking about that?

這很有幫助。接著追問一下，你提到這 36 家關店更偏向東部，但你們仍致力於該區域，並未完全退出任何州——你如何看待未來該區域的成長節奏？未來幾年是否會像你所說的那樣被拆解、被弱化，因為東部的門店密度推測會更低？你們具體是怎麼思考的？

Yes. No, it's a great point. The -- a couple of things to say there. We believe that growth will be extendable in those kinds of areas where returns are disappointed in the East in particular. We're, as I mentioned, putting winning conditions in place for that business, including the way we launch we just talked about in Virginia, how we underwrite in select locations is important.

是的。不，這點說得很好。這裡有幾件事要說。我們相信，在這類區域——尤其是東部回報令人失望的地方——成長是可以延展的。如我提到的，我們正在為這項業務建立勝出條件，包括我們剛談到在維吉尼亞的開店方式，以及我們在特定地點如何進行投資評估（underwrite）都很重要。

We've modulated already the kind of mix of stores in core markets versus new, and we've done that over the last couple of quarters, which reflects some of the returns that we've indicated. In the East, in particular, the 51 stores that we have remain are all four-wall profitable, and they were comping over 3% in the last quarter.

我們已經調整了核心市場與新市場的門店組合，而且在過去幾個季度就已經這麼做了，這反映了我們所提到的一些回報表現。特別是在東部，我們目前保留的 51 家門店全部都是四牆獲利（four-wall profitable），而且上一季同店成長超過 3%。

We think that the DC we just opened in the East, which was opened flawlessly by the team will greatly support the improved product availability that we need for those stores. And the work will continue there, but we're probably going to go in a more measured pace in a place like the East than for sure what's happened over the last five years.

我們認為，我們剛在東部開設的配送中心（DC），由團隊無懈可擊地完成啟用，將大幅支援這些門店所需的產品供應可得性改善。那邊的工作會持續推進，但我們在像東部這樣的地方，成長步伐可能會更為審慎，肯定不同於過去五年的節奏。

Robert Ohmes, Bank of America.

美國銀行（Bank of America）的 Robert Ohmes。

I wanted to follow up on the IO questions. Just are the IOs -- are they still having any lingering execution issues related to systems? And is that part of the headwind here? And another question is just on the promotions you're doing, are the IOs sharing in the promotional funding? And is that going to be sort of a headwind for them and was any of the value slipping that's been going on related to IO decisions on what they're highlighting in their stores or what they're buying from an off-price basket? Any thoughts on that would be really helpful.

我想延續一下關於 IO 的問題。IO 是否仍有任何與系統相關、遺留的執行問題？這是否是目前逆風的一部分？另外一個問題是，關於你們正在做的促銷，IO 是否也有分攤促銷資金？這是否會對他們形成某種逆風？以及目前發生的價值流失（value slipping）是否有任何部分與 IO 在店內主推什麼、或他們從折扣（off-price）商品組合中採購什麼的決策有關？對此若能分享一些看法會很有幫助。

Good to talk to you. So on the systems piece, our orientation this year is there's four buckets that we want to support our operators with. First is when we interact with them in any way, shape or form, we want to add value by helping them improve their sales. We want to help them improve their profits we want to make the business easier to run. And obviously, all of this work together is to improve the brand strength, which creates loyalty for customers.

很高興和你交流。就系統這塊而言，我們今年的方向是有四個面向要支援我們的營運者。第一是，無論以任何方式與他們互動，我們都希望透過協助他們提升銷售來創造價值。我們希望幫助他們提升獲利，讓業務更容易經營。而且很明顯，這些工作合在一起就是為了提升品牌力，進而為顧客創造忠誠度。

On your question on systems, we had a, I'd say, a very long laundry list of things that we're getting in their way, making -- creating friction in the stores. We still have some work to do that we're going to clean up kind of right around the end of Q1. We've made progress there. It's not perfect, but we clearly -- when we talk to the operators, we've restored tools. We've made changes, and we continue to make progress there.

針對你問的系統，我們之前有一份很長的清單，列出那些在阻礙他們、在門店造成摩擦的事項。我們仍有一些工作要做，預計在第一季末左右把它清理完成。我們已經取得進展。還不完美，但很明顯——當我們和營運者溝通時——我們已恢復了一些工具。我們做了調整，而且仍在持續改善。

I'd like and I've told the operators this we want to make the stores as easy to run as humanly possible. We want them focused on their customer and improving their business and working with their teams. And they had -- as you kind of noted, a fair amount of distraction over the last couple of years related to that.

我想——而且我也跟營運者說過——我們希望讓門店在可行範圍內變得盡可能容易經營。我們希望他們把重心放在顧客、提升業務表現，以及與團隊一起工作。而如你所指出的，過去幾年他們在這方面確實受到不少干擾。

On the promotion front, there is some sharing that goes on. Obviously, the model here is to share profitability, but we've also made some decisions about what that looks like in the short term. We obviously are always keeping a very close eye on the margins and m asking sure that we're doing everything possible to ensure that the operators are profitable and healthy.

在促銷方面，確實存在一定程度的分攤。很明顯，這個模式是共享獲利能力，但我們也對短期內的做法做了一些決策。我們當然一直非常密切地關注毛利，並確保我們竭盡所能讓營運者維持獲利與健康的經營狀態。

Those are two of the questions. Maybe Robbie, if you had the third point that you -- ?

這是其中兩個問題。也許 Robbie，你剛才提到的第三點是你——？

Yes, maybe a way to phrase it me. So for example, the percent of opportunistic product declining, I guess, a bit in the stores. Was that something that happened because IO has lost flexibility? Or was it sort of aggregate decisions by IOs to reduce opportunistic product? Or was that something centrally done?

是的，也許我換個方式表達。例如，門店中機會型商品（opportunistic product）的占比似乎有些下降。這是因為 IO 失去了彈性而發生的嗎？還是說，這是 IO 們整體上做出的決策，去降低機會型商品？或者這是由總部集中決定的？

No. The operators are very, very focused on opportunistic product. They are absolutely motivated to grow sales and drive margins, and that's one of the first things they review, look at, try to understand. I think that if you kind of go back in time, one of the things that happened here was with the implementation of the new systems in '23, we did see a substantial reduction in the mix on op just generally. And some of that we thought was related to tools and visibility.

不是。營運者非常、非常專注於機會型商品。他們絕對有動機去提升銷售並帶動毛利，而這也是他們最先檢視、最先關注並試圖理解的事項之一。我想如果你回頭看，這裡發生的一件事是：在 2023 年導入新系統時，我們確實看到機會型商品的組合占比在整體上大幅下降。其中一部分我們認為與工具與可視性（visibility）有關。

Some of it's related to work of expanding things like made to order products or, in some cases, some of own brands implementation. But operators are game to drive that. And what we're doing now is just making sure we've done everything possible to increase the supply and the quality of those choices for our operators to make sure that they can fully take advantage of that. And the customer wins and so do we, on the margin side on sales.

其中一部分也與擴大例如客製化下單（made to order）產品的工作有關，或在某些情況下與自有品牌導入有關。但營運者也願意推動這件事。而我們現在在做的，就是確保我們已盡一切可能提升供給量與這些選項的品質，讓營運者能充分加以利用。如此一來，顧客受益，我們也會在毛利與銷售端受益。

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

謝謝。今天的電話會議到此結束。您現在可以掛斷電話線。再次感謝各位的參與。